01283 高升集团控股 财务报表/环境、社会及管治资料：2025年年报
ANUAL REPORT
年报
CONTENTS
目录
02Corporate Information
公司资料
04Glosary
词汇
08Financial Sumary
财务概要
09Chairman’s Statement
主席报告
11Management Discusion and Analysis
管理层讨论及分析
24Biographies of Directors and
Senior Management
董事及高级管理人员履历
30Directors’ Report
董事会报告
52Corporate Governance Report
企业管治报告
71Independent Auditor’s Report
独立核数师报告
78Consolidated Statement of Profit or Los
and Other Comprehensive Income
综合损益及其他全面收益表
79Consolidated Statement of
Financial Position
综合财务状况表
81Consolidated Statement of
Changes in Equity
综合权益变动表
82Consolidated Statement of Cash Flows
综合现金流量表
84Notes to the Consolidated
Financial Statements
综合财务报表附注
Acel Group Holdings Limited Anual Report 2025
CORPORATE INFORMATION
公司资料
董事会
执行董事
高黎雄博士
（主席兼行政总裁）
张美兰女士
非执行董事
高俊杰先生
独立非执行董事
陈昌达先生
谢嘉颖女士
何志诚先生
审核委员会
谢嘉颖女士（主席）
陈昌达先生
高俊杰先生
薪酬委员会
何志诚先生（主席）
陈昌达先生
高黎雄博士
提名委员会
陈昌达先生（主席）
何志诚先生
高黎雄博士
谢嘉颖女士（于2025年7月1日获委任）
授权代表
高黎雄博士
郑志伟先生
合规主任
郑志伟先生
公司秘书
郑志伟先生
主要往来银行
中国银行（香港）有限公司
交通银行（香港）有限公司
渣打银行（香港）有限公司
独立核数师
德勤•关黄陈方会计师行
注册公众利益实体核数师
香港
金钟道88号
太古广场1期
35楼
BOARD OF DIRECTORS
Executive Directors
Dr. Ko Lai Hung
(Chairman and Chief Executive Oficer)
Ms. Cheung Mei Lan
Non-executive Director
Mr. Ko Angus Chun Kit
Independent Non-executive Directors
Mr. Chan Cheong Tat
Ms. Tse Ka Wing
Mr. Ho Chi Shing
AUDIT COMITE
Ms. Tse Ka Wing (Chairperson)
Mr. Chan Cheong Tat
Mr. Ko Angus Chun Kit
REMUNERATION COMITE
Mr. Ho Chi Shing (Chairperson)
Mr. Chan Cheong Tat
Dr. Ko Lai Hung
NOMINATION COMITE
Mr. Chan Cheong Tat (Chairperson)
Mr. Ho Chi Shing
Dr. Ko Lai Hung
Ms. Tse Ka Wing (apointed on 1 July 2025)
AUTHORISED REPRESENTATIVES
Dr. Ko Lai Hung
Mr. Cheng Chi Wai
COMPLIANCE OFICER
Mr. Cheng Chi Wai
COMPANY SECRETARY
Mr. Cheng Chi Wai
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited
Bank of Comunications (Hong Kong) Limited
Standard Chartered Bank (HK) Limited
INDEPENDENT AUDITOR
Deloite Touche Tohmatsu
Registered Public Interest Entity Auditors
35th Flor
One Pacific Place
88 Quensway
Hong Kong
高升集团控股有限公司 2025年报
CORPORATE INFORMATION 公司资料
香港法律顾问
刘林陈律师行
香港
干诺道中21–22号
华商会所大厦
5楼至7楼
注册办事处
Windward 3, Regata Ofice Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
总部及香港主要营业地点
香港新界
荃湾
海盛路3号
TML广场
19楼A室
开曼群岛主要股份过户登记处
Ocorian Trust (Cayman) Limited
Windward 3, Regata Ofice Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
香港股份过户登记分处
卓佳证券登记有限公司
香港
夏悫道16号
远东金融中心17楼
股份代号
公司网站
htp:/w.chitathk.com
投资者关系
Email: acel@financialpr.hk
LEGAL ADVISERS AS TO HONG KONG LAW
KEITH LAM LAU & CHAN
5th–7th Flors
The Chinese Club Building
21–22 Conaught Road Central
Hong Kong
REGISTERED OFICE
Windward 3, Regata Ofice Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
HEAD OFICE AND PRINCIPAL PLACE OF
BUSINES IN HONG KONG
Unit A, 19/F
TML Tower
No. 3 Hoi Shing Road
Tsuen Wan
New Teritories, Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFICE IN THE CAYMAN ISLANDS
Ocorian Trust (Cayman) Limited
Windward 3, Regata Ofice Park
PO Box 1350
Grand Cayman KY1-1108
Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR
AND TRANSFER OFICE
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
STOCK CODE
COMPANY’S WEBSITE
htp:/w.chitathk.com
INVESTOR RELATIONS
Email: acel@financialpr.hk
Acel Group Holdings Limited Anual Report 2025
GLOSARY
词汇
于本年报内，除文义另有所指外，下列词汇具有
以下涵义。
In this anual report, unles the context otherwise requires, the
folowing terms shal have the meanings set out below.
“2024 Policy Adres”the 2024 Policy Adres of the Chief Executive of the Hong Kong Government
「2024年施政报告」香港政府特首2024年施政报告
“2025 AGM”the AGM to be held on Thursday, 18 September 2025
「2025年股东周年大会」将于2025年9月18日（星期四）举行的股东周年大会
“AGD”Acel Development Limited, an indirect wholy-owned subsidiary of the Company
「高升地产发展」高升地产发展有限公司，本公司的间接全资附属公司
“AGM”the anual general meting of the Company
「股东周年大会」本公司股东周年大会
“AGT”Acel Inovations Limited, an indirect wholy-owned subsidiary of the Company
「高升创科」高升创科有限公司，本公司的间接全资附属公司
“Articles of Asociation”the articles of asociation of the Company, as amended from time to time
「组织章程细则」本公司组织章程细则，经不时修订
“Ascend”Ascend Group Holdings Limited, a direct wholy-owned subsidiary of the Company
「Ascend」Ascend Group Holdings Limited，本公司的直接全资附属公司
“Audit Comite”the audit comite of the Board
「审核委员会」董事会审核委员会
“Board”the board of Directors
「董事会」董事会
“busines day”any day (other than a Saturday, Sunday or public holiday in Hong Kong) on which
licensed banks in Hong Kong are generaly open for busines
「营业日」香港持牌银行一般开门营业的任何日子（星期六、星期日或香港公众假期除外）
“BVI”the British Virgin Islands
「英属处女群岛」英属处女群岛
“CEO”the chief executive oficer of the Company
「行政总裁」本公司行政总裁
“CG Code”the Corporate Governance Code as set out in Apendix C1 to the Listing Rules
「企业管治守则」上市规则附录C1载列的企业管治守则
“Chairman”the chairman of the Board
「主席」董事会主席
“Chit Tat”Chit Tat Electrical Enginering Limited, an indirect wholy-owned subsidiary of the
Company
「捷达」捷达机电工程有限公司，本公司的间接全资附属公司
高升集团控股有限公司 2025年报
GLOSARY 词汇
“close asociates”has the meaning ascribed to it under the Listing Rules
「紧密联系人」具有上市规则所赋予的涵义
“code provision(s)”code provision(s) as set out in the CG Code
「守则条文」企业管治守则载列的守则条文
“Company”Acel Group Holdings Limited, a company incorporated in the Cayman Islands with
limited liability, the shares of which are listed on the Stock Exchange (stock code: 1283)
「本公司」高升集团控股有限公司，于开曼群岛注册成立的有限公司，其股份于联交所上市（股份
代号：1283）
“Company Secretary”the company secretary of the Company
「公司秘书」本公司的公司秘书
“conected person(s)”has the meaning ascribed to it under the Listing Rules
「关连人士」具有上市规则所赋予的涵义
“Controling Shareholder(s)”has the meaning ascribed to it under the Listing Rules, and in the context of the
Company, means Dr. Ko, Ms. Cheung and Lightsped Limited, or any one of them
「控股东」具有上市规则所赋予的涵义，就本公司而言指高博士、张女士及Lightsped Limited，
或任何其中一名人士
“Coresponding Year”the year ended 31 March 2024
「去年」截至2024年3月31日止年度
“Director(s)”the director(s) of the Company
「董事」本公司董事
“Dr. Ko”Dr. Ko Lai Hung, the Chairman, an executive Director, the CEO, one of the Controling
Shareholders, the spouse of Ms. Cheung and the father of Mr. CK Ko
「高博士」高黎雄博士，主席、执行董事、行政总裁、控股东之一、张女士之配偶及高俊杰先
生的父亲
“E&M”electrical and mechanical
「机电」机电
“Group” or “our” or “Acel”
or “us” or “we”
the Company and its subsidiaries
「本集团」或「我们」或「高升」本公司及其附属公司
“HK$” or “HKD” or
“HK cents”
Hong Kong dolars or cents, the lawful curency of Hong Kong
「港元」或「港仙」香港法定货币港元或港仙
“Hong Kong”the Hong Kong Special Administrative Region of the People’s Republic of China
「香港」中华人民共和国香港特别行政区
“INED(s)”the independent non-executive Director(s)
「独立非执行董事」独立非执行董事
Acel Group Holdings Limited Anual Report 2025
GLOSARY 词汇
“Lightsped”Lightsped Limited, a company incorporated in BVI and the holding company of the
Company
「Lightsped」Lightsped Limited，一间于英属处女群岛注册成立的公司，为本公司的控股公司
“Listing”the listing of the Shares on the Main Board
「上市」股份于主板上市
“Listing Rules”the Rules Governing the Listing of Securities on the Stock Exchange, as amended from
time to time
「上市规则」联交所证券上市规则，经不时修订
“Main Board”the stock market operated by the Stock Exchange
「主板」联交所运作的股票市场
“Memorandum of
Asociation”
the memorandum of asociation of the Company, as amended from time to time
「组织章程大纲」本公司不时修订的组织章程大纲
“Model Code”the Model Code for Securities Transactions by Directors of Listed Isuers as set out in
Apendix C3 to the Listing Rules
「标准守则」上市规则附录C3所载列上市发行人的董事进行证券交易的标准守则
“Mr. CK Ko”Mr. Ko Angus Chun Kit, a non-executive Director and a son of Dr. Ko and Ms. Cheung
「高俊杰先生」高俊杰先生，非执行董事及高博士与张女士之儿子
“Ms. Cheung”Ms. Cheung Mei Lan, an executive Director, one of the Controling Shareholders, the
spouse of Dr. Ko and the mother of Mr. CK Ko
「张女士」张美兰女士，执行董事、控股东之一、高博士之配偶及高俊杰先生的母亲
“MVAC”mechanical ventilation and air-conditioning
「机械通风及空气调节」机械通风及空气调节
“Nomination Comite”the nomination comite of the Board
「提名委员会」董事会提名委员会
“Register of Members”the register of members of the Company
「股东名册」本公司股东名册
“Remuneration Comite”the remuneration comite of the Board
「薪酬委员会」董事会薪酬委员会
“SFC”the Securities and Futures Comision of Hong Kong
「证监会」香港证券及期货事务监察委员会
“SFO”the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong
「证券及期货条例」香港法例第571章证券及期货条例
“Share(s)”share(s) of nominal value of HK$0.01 each in the share capital of the Company
「股份」本公司股本中每股面值0.01港元之股份
高升集团控股有限公司 2025年报
GLOSARY 词汇
“Shareholder(s)”the holder(s) of Share(s)
「股东」股份持有人
“Stock Exchange”The Stock Exchange of Hong Kong Limited
「联交所」香港联合交易所有限公司
“Year”the year ended 31 March 2025
「本年度」截至2025年3月31日止年度
| For the year ended 31 March | ||||||
|---|---|---|---|---|---|---|
| 截至3月31日止年度 | ||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| 2025年 | 2024年 | 2023年 | 2022年 | 2021年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| As at 31 March | ||||||
|---|---|---|---|---|---|---|
| 于3月31日 | ||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| 2025年 | 2024年 | 2023年 | 2022年 | 2021年 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
Acel Group Holdings Limited Anual Report 2025
FINANCIAL SUMARY
财务概要
业绩RESULTS
Revenue收入556,417553,537538,492547,315508,904
Profit before taxation除税前溢利57,05748,80065,97781,70986,462
Income tax expense所得税开支(10,037)(8,381)(10,078)(13,729)(13,159)
Profit for the year年内溢利47,02040,41955,89967,98073,303
Profit atributable to
equity shareholders of
the Company
本公司权益股东应
占溢利
46,25340,79256,47768,18173,303
FINANCIAL POSITIONS
Curent asets流动资产509,812427,420459,451430,033436,502
Non-curent asets非流动资产78,53398,75492,55013,87930,105
Curent liabilities流动负债135,55999,229146,31271,735112,476
Non-curent liabilities非流动负债1,6545,2508,2771,0651,410
Net asets资产净值451,132421,695397,412371,112352,721
Total equity atributable
to equity shareholders
of the Company
本公司权益股东应
占权益总额
451,456422,835398,179371,302352,721
Non-controling interests非控股权益(324)(1,140)(767)(190)–
Total equity权益总额451,132421,695397,412371,112352,721
财务状况
高升集团控股有限公司 2025年报
CHAIRMAN’S STATEMENT
主席报告
致各股东：
本人谨此代表本公司董事会，欣然提呈本集团本
年度的年度报告。
作为一家总部设于香港的领先电力工程公司，我
们在全球形势日新月异的情况下，继续彰显韧性
及适应性。尽管面临地缘政治紧张局势以及高
利率环境带来的挑战，我们依旧保持稳步增长的
势头，凭借在电力工程及项目管理领域的专业知
识，优化成本效率，并成功执行大型项目。
年内，我们强化成本控制，提升质量管理，并战
略性地拓展我们的业务范畴。我们的业务重心已
从主要面向住宅电力安装，拓展至涵盖住宅及公
共工程的更广领域。参与重建医院电力工程系统
成为本公司的里程碑，有助于缓解香港楼市疲软
的相关风险。该等医疗项目，连同政府基建发展
及商业建筑翻新工程，巩固了本集团的长期稳定
及可持续发展。我们的项目管理能力仍受到高度
认可，未完成合约总额超八亿港元，足以证明对
我们精准执行复杂项目的信赖。
除核心电力工程业务外，我们亦持续推动多元化
增长。为配合香港经济战略，我们将业务拓展至
移民咨询服务，支持香港「抢人才，留人才」措
施，促进人才注入及经济发展。同时，我们与香
港理工大学合作成立「元宇宙+联合实验室」，在
科技及创新领域取得重大突破，此次合作获捐赠
一千万港元，推动智慧城市方案研发，包括智慧
健康技术的前沿应用。首批合作项目之一是开发
智慧手环，并配备跌倒警示及服药提醒，用于监
测建筑工人及老年人的健康状况。该设备有望提
高公众健康和工作场所安全。该实验室的目标为
在六个月内取得初步成果，并将应用拓展至学术
研究及商业部署。
Dear Shareholders,
On behalf of the Board of the Company, I am pleased to present the
anual report of the Group for the Year.
As a leading electrical enginering company based in Hong Kong,
we continue to demonstrate resilience and adaptability in an
evolving global landscape. Despite chalenges posed by geopolitical
tensions and a high-interest rate environment, we have sustained
steady growth, leveraging our expertise in electrical enginering and
project management to optimize cost eficiency and sucesfuly
executed large-scale projects.
Throughout the year, we strengthened cost control, enhanced
quality management, and strategicaly expanded our portfolio. Our
busines focus has evolved from predominantly residential electrical
instalations to a broader scope including both residential and public
works. Our involvement in the rebuilding of hospitals’ electrical
enginering systems represent the Company’s milestones, which
helps mitigating risks asociated with the slowdown in Hong Kong’s
property market. These healthcare projects, alongside government
infrastructure developments and comercial building renovations,
reinforce long-term stability and sustainable growth of the Group.
Our project management capabilities remain highly regarded, with a
strong pipeline of unfinished contracts totaling more than HKD800
milion – an afirmation of the trust placed in our ability to execute
complex projects with precision.
Beyond our core electrical enginering busines, we continue to
drive diversified growth. In alignment with Hong Kong’s economic
strategy, we expanded our busines into imigration consulting
services, suporting the city’s “Atract and Retain talents” initiative
to facilitate talent integration and economic development.
Meanwhile, we have made significant advancements in technology
and inovation, as demonstrated by our colaboration with Hong
Kong Polytechnic University in establishing the “Metaverse+ Joint
Laboratory” which suports the research and development of smart
city solutions, including cuting-edge aplications in smart health
technology by way of a donation of HKD10 milion. One of the
first colaborated projects is the development of a smart wristband
equiped with fal detection alerts and medication reminders
designed to monitor health conditions for construction workers
and the elderly. This device is poised to enhance public health and
workplace safety. The laboratory aims to achieve initial results within
six months, and extending its aplication to both academic research
and comercial deployment.
Acel Group Holdings Limited Anual Report 2025
CHAIRMAN’S STATEMENT 主席报告
In adition to smart city initiatives, we have expanded our focus
on gren building technology through our subsidiary. We are
comited to the development of solar clean power, energy-saving
solutions, and carbon reduction projects, aligning with China’s
dual-carbon goals and the promotion of sustainable development.
Furthermore, our Group have ben actively developing IoT-based
smart building solutions that integrate energy conservation, air
purification, and environmental protection technologies. The Group
has established a gren building and IoT joint laboratory with a local
university for gren building and IoT research, aiming to advance
studies in new gren building materials and smart city aplications.
These initiatives position us as a leader in sustainable infrastructure,
reinforcing our comitment to technological advancement and
environmental responsibility.
Moving forward, we anticipate ongoing global macroeconomic
chalenges, including geopolitical uncertainties and our past
tightening financial conditions. In response, we wil integrate the
prudent strategies aproach with an agile and forward-thinking,
refining our operational model and expanding our expertise to
secure new contracts and drive sustainable growth.
By remaining comited to excelence, technological advancement,
and economic development, we are wel-positioned to navigate
future chalenges while delivering outstanding service to our clients
and making meaningful contributions to society.
Ko Lai Hung
Chairman
Hong Kong, 26 June 2025
除智慧城市措施外，我们已通过附属公司，将中
心拓展至绿色建筑技术。我们致力于开发太阳能
清洁电力、节能解决方案及减碳项目，与中国的
双碳目标及可持续发展倡议一致。此外，本集团
积极打造基于物联网的智慧建筑解决方案，融合
节能、净化空气及环保技术。本集团与当地大学
建立绿色建筑及物联网联合实验室，旨在研发新
型绿色建筑材料及智能城市应用。该等举措使我
们成为可持续基础设施领域的领跑者，彰显我们
对技术进步及环境责任的承诺。
展望未来，我们预计全球宏观经济将持续面临挑
战，包括地缘政治局面的不确定性及我们过去紧
缩的财务状况。为此，我们将审慎的策略方法与
灵活且具前瞻性的思维相结合，完善营运模式，
扩大专业能力，以获取新的合约并推动可持续增
长。
通过始终秉持卓越、技术进步及经济发展的承
诺，我们已做好充分准备应对未来挑战，同时为
客户提供卓越的服务，为社会做出有意义的贡
献。
主席
高黎雄
香港，2025年6月26日
高升集团控股有限公司 2025年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
业务概况
本集团是一间历史悠久的机电工程服务供应商。
本集团的主要业务为供应、安装及保养机械通风
及空气调节系统、排水系统、供水、泳池及喷水
池系统、电力和电控系统及楼宇智能化系统等。
业务回顾
在面对全球通胀及不断演变的行业动态，本集团
在维持稳健增长的同时，亦成功应对重大挑战。
透过采取务实的风险管理方法、优化项目监督以
及强化成本控制措施，我们已为长期可持续发展
奠定坚实基础。
于本年度内，本集团已策略性地从主要专注于住
宅项目，转型至包含住宅发展及公共工程的更均
衡组合。此策略性转变使我们能够多元化专业知
识并提升市场定位。值得注意的是，本集团已取
得多份关键公营界别合约，包括一项医院的大型
机电项目，以及一项政府综合大楼的机电安装项
目，均强化我们在大型基础设施项目上的能力。
除核心工程服务外，本集团持续扩展其在科技创
新领域的业务。在2025年香港国际创科展上，
我们展示若干与香港理工大学合作开发的突破性
人工智能驱动解决方案，包括人工智能智慧健康
管理系统和安心泳智能溺水监测系统。此两项系
统均利用先进的人工智能及感应技术，以提升公
共安全和健康管理。成功将人工智能应用整合到
我们的业务中，不仅符合我们对数码转型的承
诺，更为未来拓展智能建筑系统和智能基础设施
解决方案奠定基础。
为响应2024年施政报告中提出的「大湾区青年就
业计划」及优化「高端人才通行证计划」，本集团
已扩展其入境顾问服务，专注协助内地学生来港
升学。随著政府政策继续支持香港在大湾区的教
育枢纽地位，本集团协助学生应对申请流程、确
保彼等获得顶尖大学的录取，并在毕业后获得职
业发展机会。透过提供学术路径、奖学金选择以
及毕业后就业前景的指导，本集团在支持跨境教
育和人才发展方面发挥著关键作用。
BUSINES PROFILE
The Group is an established E&M enginering services provider.
The Group’s major busines involves the suply, instalation and
maintenance of MVAC systems, drainage systems, water suply,
swiming pol and fountain systems, electrical and control systems
as wel as smart electrical control systems in buildings.
BUSINES REVIEW
Amidst global inflation and evolving industry dynamics, the Group
has navigated significant chalenges while maintaining steady
growth. By adopting a pragmatic aproach to risk management,
optimizing project oversight, and reinforcing cost control measures,
we have strengthened our foundation for long-term sustainability.
During the Year, the Group has strategicaly transitioned from
a predominant focus on residential projects to a more balanced
portfolio that integrates both residential developments and
public works. The strategic shift has enabled us to diversify our
expertise and improve market positioning. Notably, the Group has
secured several key public sector contracts, including an extensive
E&M project for a hospital and an E&M instalation project for a
government complex, which reinforced our capability in large-scale
infrastructure projects.
Beyond our core enginering services, the Group continues to
expand its presence in technological inovation. At the Hong Kong
International InoEX 2025, we showcased certain groundbreaking
AI-driven solutions developed in colaboration with Hong Kong
Polytechnic University including the AI Smart Health Management
System and the Swiming Safety Inteligent Drowning Monitoring
System, both of which leverage the advanced AI and sensor
technology to enhance public safety and health management. The
sucesful integration of AI aplications into our busines not only
aligns our comitment to digital transformation but also paves the
way for future expansion into smart building systems and inteligent
infrastructure solutions.
In response to the Greater Bay Area Youth Employment Scheme
and the enhanced Top Talent Pas Scheme outlined in the 2024
Policy Adres, the Group has expanded its imigration consulting
services with a dedicated focus on asisting mainland students
to pursue their studies in Hong Kong. As the government policy
continues to suport Hong Kong’s position as an education hub
within the Greater Bay Area, the Group asists students to navigate
the aplication proces, secure placements in top universities, and
aces carer development oportunities upon graduation. By
providing guidance on academic pathways, scholarship options, and
post-study employment prospects, the Group plays a pivotal role in
suporting cros-border education and talent development.
Acel Group Holdings Limited Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
展望未来，本集团将继续致力于平衡住宅和公营
界别项目，同时整合科技进步。透过利用可持续
发展实践、人工智能驱动解决方案以及政府资助
人才计划，我们力求巩固行业领先地位，并为持
份者创造持久价值。
财务回顾
收益
本集团收益由去年的约553,537,000港元增
加约2,880,000港元或0.5%至本年度的约
556,417,000港元。本集团成功维持其收益，同
时由专注住宅项目过渡至更平衡的方法，于本年
度纳入越来越多的公共工程。此转变反映本集团
对宏观环境的策略适应和及时稳健的执行力，能
够确保变更期间的财务稳定。
服务成本
本集团的服务成本主要指(i)材料成本，包括机
械通风及空气调节系统，例如空调、通风扇
以及如喉管及配件等部件；及(i)完成现场工程
的分包费。服务成本由去年的约465,703,000港
元增加约2,189,000港元或0.5%至本年度的约
467,892,000港元。
毛利及毛利率
本集团的毛利由去年的约87,834,000港元增加约
691,000港元或0.8%至本年度的约88,525,000港
元。
本集团本年度的毛利率与去年相比维持在
15.9%，乃由于毛利率较高的项目于本年度竣
工，以及预期公共工程的毛利率较低。
行政开支
行政开支主要包括员工成本、差旅及交通费、
租金及楼宇管理费、专业费用、办公室开支、
折旧开支及其他开支。行政开支由去年的约
40,670,000港元减少约5,793,000港元或14.2%
至本年度的约34,877,000港元。本集团行政开支
减少主要由于本年度捐款及使用权资产折旧减少
所致。
Moving forward, the Group remains comited to balancing
projects in both residential and public sector while integrating
technological advancements. By leveraging sustainable practices, AI-
driven solutions and the Government suported talent programs, we
strive to strengthen our leading position in the industry and create
lasting values for stakeholders.
FINANCIAL REVIEW
Revenue
The Group’s revenue increased by aproximately HK$2,880,000 or
0.5% from aproximately HK$553,537,000 for the Coresponding
Year to aproximately HK$556,417,000 for the Year. The Group
has sucesfuly maintained its revenue while transitioning from
its residential project focus to a more balanced aproach which
incorporates an increasing number of public works throughout the
Year. This transition reflects the Group’s strategic adaptation to
the macroenvironment and a timely and steady execution, with the
ability to ensure a financial stability during the change.
Cost of services
The Group’s cost of services mainly represented (i) cost of materials
including MVAC systems such as air conditioners, ventilation fans
and acesories such as pipes and fitings; and (i) subcontracting
fes for completing on-site works. The cost of services increased
by aproximately HK$2,189,000 or 0.5% from aproximately
HK$465,703,000 for the Coresponding Year to aproximately
HK$467,892,000 for the Year.
Gros profit and gros profit margin
The Group’s gros profit increased by aproximately HK$691,000 or
0.8% from aproximately HK$87,834,000 for the Coresponding
Year to aproximately HK$88,525,000 for the Year.
The Group’s gros profit margin maintained at 15.9% for the Year
as compared with the Coresponding Year as projects with higher
gros profit margin were completed in the Year, and a lower gros
profit margin was expected for public works.
Administrative expenses
Administrative expenses mainly comprised staf costs, traveling and
transportation expenses, rental and building management fes,
profesional fes, ofice expenses, depreciation expenses and other
expenses. Administrative expenses decreased by aproximately
HK$5,793,000 or 14.2% from aproximately HK$40,670,000 for
the Coresponding Year to aproximately HK$34,877,000 for the
Year. The decrease in administrative expenses of the Group was
mainly due to the drop in the donation and depreciation of rights of
use asets during the Year.
高升集团控股有限公司 2025年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
其他全面开支
于本年度，本集团已作为基石投资者进行策略性
投资，专注于长期合作及协同效应，而非短期市
场波动。鉴于此方法，董事已将投资分类为按公
平值计入其他全面收益，确保公平值波动于其他
全面收益确认，而非影响损益。
所得税开支
所得税开支由去年约为8,381,000港元增加约
1,656,000港元或19.8%至本年度约10,037,000
港元。所得税开支增加与本集团本年度整体盈利
能力增加一致。
本公司拥有人应占溢利及全面收益总额
于本年度及去年，本公司拥有人应占本集团溢
利及全面收益总额分别约为42,113,000港元及
40,792,000港元。本公司拥有人应占溢利及全面
收益总额轻微增加主要由于上述本年度溢利增加
以及本集团作为基石投资者的投资公平值变动的
净影响。
贸易及其他应收款项、按金及预付款项
贸易及其他应收款项、按金及预付款项由
2024年3月31日的约85,879,000港元增加约
36,285,000港元或42.3%至2025年3月31日的约
122,164,000港元。
贸易应收款项（扣除信贷亏损拨备）由2024年3月
31日的约70,592,000港元增加约36,954,000港
元或52.3%至2025年3月31日的约107,546,000
港元。该增加主要由于本年度启德住宅发展项
目、医院机械通风及空气调节安装项目的施工进
度加快以及若干代表性项目完工所致。大部分工
程已于年终日期前获建筑师核证，并于其后结
算。
购买材料的预付款项及分包费由2024年3月31
日的约7,170,000港元增加约1,838,000港元或
25.6%至2025年3月31日的约9,008,000港元。
结余大幅增加乃由于为获得其服务而向我们的分
包商支付的预付款项。就获得承包服务的预付款
项将按项目进度用作下一财政年度的服务成本。
Other comprehensive expenses
The Group has strategicaly invested as a cornerstone investor
during the Year, focusing on long-term colaboration and synergies
rather than short-term market volatility. Given this aproach, the
Directors have clasified the investment as Fair Value Through Other
Comprehensive Income (FVTOCI), ensuring that fluctuations in fair
value are recognized in other comprehensive income rather than
afecting profit or los.
Income Tax Expense
The income tax expense increased by aproximately HK$1,656,000
or 19.8% to aproximately HK$10,037,000 for the Year from
aproximately HK$8,381,000 for the Coresponding Year. The
increase in income tax expense aligned with the increase in overal
profitability of the Group for the Year.
Profit and Total Comprehensive Income
Atributable to Owners of the Company
The Group’s profit and total comprehensive income atributable to
owners of the Company was aproximately HK$42,113,000 for the
Year and HK$40,792,000 for the Coresponding Year. The slight
increase in profit and total comprehensive income atributable to
owners of the Company was mainly due to the net efect of the
increase in the profit for the Year aforementioned and the changes
in the fair value of the Group’s investment as cornerstone investor.
Trade and other receivables, deposits and
prepayments
Trade and other receivables, deposits and prepayments increased
by aproximately HK$36,285,000 or 42.3% from aproximately
HK$85,879,000 as at 31 March 2024 to aproximately
HK$122,164,000 as at 31 March 2025.
Trade receivables (net of alowance for credit loses) increased
by aproximately HK$36,954,000 or 52.3% from aproximately
HK$70,592,000 as at 31 March 2024 to aproximately
HK$107,546,000 as at 31 March 2025. The increase was primarily
atributable to the advancement of construction progres in a Kai
Tak residential development project and the MVAC instalation
project at a hospital, and the completion of certain iconic projects
during the Year. A substantial portion of the work was certified by
the architects prior to the year-end date and subsequently setled
thereafter.
Prepayments for purchase of materials and subcontracting fes
increased by aproximately HK$1,838,000 or 25.6% from
aproximately HK$7,170,000 as at 31 March 2024 to aproximately
HK$9,008,000 as at 31 March 2025. The significant increase in
balance is due to the prepayments paid to our subcontractors for
securing their services. The prepayments for securing the contracting
services wil be utilised as service costs as projects progres in the
coming financial year.
Acel Group Holdings Limited Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
物业、厂房及设备
物业、厂房及设备由2024年3月31日的约
68,227,000港元减少约6,081,000港元或8.9%至
2025年3月31日的约62,146,000港元。物业、厂
房及设备的减少主要由于本集团本年度出售一辆
汽车。
合约资产及负债
合约资产指本集团就提供机电工程服务而向客户
收取代价的权利，其于以下情况下产生：(i)本集
团已根据有关合约完成有关服务，但尚未经客户
委任的建筑师、测量师或其他代表的认证；及(i)
客户扣留应付予本集团的若干经认证款项作为保
固金（即应收保固金），以确保合约妥为履行。合
约负债指本集团将机电工程服务提供予本集团已
从客户收取预付款项的客户之责任。
合约资产由2024年3月31日的约242,049,000港
元增加约20,262,000港元或8.4%至2025年3月
31日的约262,311,000港元。合约资产增加乃主
要由于仍处于开工阶段及于报告期末未经客户所
委任的建筑师、测量师或其他代表核证的新受理
合约工程数量增加，以及启德及天水围若干住宅
项目的进度提升。
合约负债由2024年3月31日的约6,791,000港元
增加约8,015,000港元或118.0%至2025年3月31
日的约14,806,000港元。合约负债增加主要由于
建筑师于本年度内认证的若干代表性项目完工所
致。
已抵押银行结余以及现金及现金等价物
本集团之已抵押银行结余乃由若干银行向本集团
授出的融资作抵押。已抵押银行结余以及现金及
现金等价物由2024年3月31日的约98,933,000港
元增加约13,464,000港元或13.6%至2025年3月
31日的约112,397,000港元。该增加乃主要由于
本集团为通过改善银行结余将财务风险降至最低
而实施的强化应收款项控制措施以及若干重大项
目于本年度内结算。
Property, plant and equipment
Property, plant and equipment decreased by aproximately
HK$6,081,000 or 8.9% to aproximately HK$62,146,000 as at 31
March 2025 from aproximately HK$68,227,000 as at 31 March
2024. The decrease of the property, plant and equipment is mainly
due to a disposal of motor vehicle by the Group during the Year.
Contract asets and liabilities
Contract asets represent the Group’s rights to considerations from
customers for the provision of E&M enginering services, which
arise when: (i) the Group completes the relevant services under
such contracts but not yet certified by architects, surveyors or other
representatives apointed by the customers; and (i) the customers
withold certain certified amounts payable to the Group as retention
money (i.e. retention receivables) to secure the due performance of
the contracts. Contract liabilities represent the Group’s obligation to
provide E&M enginering services to customers for which the Group
has received advance payments from the customers.
Contract asets increased by aproximately HK$20,262,000 or
8.4% from aproximately HK$242,049,000 as at 31 March 2024 to
aproximately HK$262,311,000 as at 31 March 2025. The increase
in contract asets was mainly due to increase in the amount of newly
acepted contract works of which are stil at the comencement
stage but has not yet ben certified by architects, surveyors or other
representatives apointed by the customers and the enhanced
progres in certain residential projects located in Kai Tak and Tin
Shui Wai at the end of the reporting period.
Contract liabilities increased by aproximately HK$8,015,000 or
118.0% from aproximately HK$6,791,000 as at 31 March 2024 to
aproximately HK$14,806,000 as at 31 March 2025. The increase in
contract liabilities was mainly due to the completion of certain iconic
projects which have ben certified by the architects during the Year.
Pledged bank balances and cash and cash
equivalents
The Group’s pledged bank balances were to secure the grant
of facilities to the Group by certain banks. The pledged bank
balances and cash and cash equivalents increased by aproximately
HK$13,464,000 or 13.6% from aproximately HK$98,933,000 as at
31 March 2024 to aproximately HK$112,397,000 as at 31 March
2025. The increase was mainly due to the enhanced receivable
control measures imposed by the Group in order to minimise the
financial risks by improving the bank balances and the setlement of
certain significant projects during the Year.
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
已抵押银行结余以及现金及现金等价物按港元计
值并主要产生自本集团的日常营运。本集团财政
状况雄厚，能够于有需要时为本集团现有承担、
营运资金需要及进一步扩展本集团业务提供充裕
财务资源。
贸易应付款项及应付保固金以及应计费
用
贸易应付款项及应付保固金以及应计费用由
2024年3月31日的约58,683,000港元增加约
24,160,000港元或41.2%至2025年3月31日的约
82,843,000港元。
贸易应付款项由2024年3月31日的约29,403,000
港元增加约20,985,000港元或71.4%至2025年
3月31日的约50,388,000港元，主要指应付我们
主要供应商及承建商的款项。结余增加乃由于临
近报告期末项目进度加快，因此于报告期末所用
的材料及分包服务增加。
应付保固金由2024年3月31日的约15,200,000港
元增加约4,628,000港元或30.4%至2025年3月
31日的约19,828,000港元。应付保固金增加主
要由于本集团分包商位于启德及天水围安装机械
通风及空气调节系统之项目进度加快所致。
银行贷款
银行贷款由2024年3月31日的约23,594,000港元
增加约3,041,000港元或12.9%至2025年3月31
日的约26,635,000港元。银行贷款增加乃主要由
于本年度为增强流动性取得一笔短期贷款。本集
团银行贷款并无季节性，结余以港元计值。
The pledged bank balances and cash and cash equivalents were
denominated in HKD and were mainly generated from the Group’s
daily operations. With a strong financial position, the Group is able
to provide suficient financial resources for the Group’s curent
comitments, working capital requirements and further expansion
of the Group’s busines, as and when required.
Trade and retention payables and acruals
Trade and retention payables and acruals increased by
aproximately HK$24,160,000 or 41.2% from aproximately
HK$58,683,000 as at 31 March 2024 to aproximately
HK$82,843,000 as at 31 March 2025.
Trade payables increased by aproximately HK$20,985,000 or
71.4% from aproximately HK$29,403,000 as at 31 March 2024 to
aproximately HK$50,388,000 as at 31 March 2025 which mainly
represents the amount due to our major supliers and contractors.
The increase in the balance is due to the enhanced project progres
close to the end of reporting period and therefore more materials
and sub-contracting services were used at the end of the reporting
period.
Retention payables increased by aproximately HK$4,628,000 or
30.4% from aproximately HK$15,200,000 as at 31 March 2024 to
aproximately HK$19,828,000 as at 31 March 2025. The increase
in the retention payable was mainly due to the enhanced project
progres by the Group’s sub-contractors for the instalation of the
MVAC systems in the projects located in Kai Tak and Tin Shui Wai.
Bank loans
Bank loans increased by aproximately HK$3,041,000 or 12.9%
from aproximately HK$23,594,000 as at 31 March 2024 to
aproximately HK$26,635,000 as at 31 March 2025. The increase in
the bank loans was mainly due to a short term loan obtained during
the Year to enhance our liquidity. There is no seasonality on the
Group’s bank loans and the balances were denominated in HKD.
Bank loans, secured and guaranted银行贷款，有抵押及有担保26,63523,594
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
于2025年3月31日，银行贷款是由银行根据授予
本集团的银行融资发出，而该等银行融资由本集
团的两个停车位、一个办公室物业以及本公司向
银行提供的一项公司担保作抵押（2024年：两个
停车位、一个办公室物业及一项公司担保）。
尽管上述银行融资列明规定，银行可能于全权决
定而毋须事先通知下随时修订、取消或暂停银行
融资，包括但不限于取消任何未动用融资及宣
布任何未偿还金额即时到期及应付。因此，于
2025年及2024年3月31日，上述银行贷款分类
为流动负债。
于2025年3月31日的银行贷款包括银行贷款
21,635,000港元（2024年：23,594,000港元），
按相关银行所报香港最优惠利率减2.85%的浮动
年利率（2024年：按相关银行所报香港最优惠利
率减介乎2.75%至2.85%的浮动年利率）计息。
余下银行贷款5,000,000港元（2024年：无）按一
个月香港银行同业拆息加浮动年利率1.75%计
息。
Acording to the relevant bank facilities leters, details of the bank
loans of the Group in acordance with the scheduled repayment
dates as at 31 March 2025 are as folows:
The carying amounts of the above
bank loans that contain a repayable on
demand clause (shown under curent
liabilities) but repayable:
上述含有按要求偿还条款之
银行贷款账面值（于流动负债
项下列示）但须偿还：
Within one year一年内6,4681,934
Within a period of more than one year
but not exceding two years
一年以上但不超过两年期内
1,5041,413
Within a period of more than two years
but not exceding five years
两年以上但不超过五年期内
4,7336,100
More than five years五年以上13,93014,147
26,63523,594
The bank loans as at 31 March 2025 were lent by banks under the
bank facilities granted to the Group and such bank facilities were
secured by the Group’s two carpark spaces, an ofice premise and
a corporate guarante given by the Company in favour of the bank
(2024: two carpark spaces, an ofice premise, and a corporate
guarante).
Notwithstanding the provisions stated in the aforesaid bank
facilities, the bank may at any time without prior notice, modify,
cancel or suspend the banking facilities, at the sole discretion of
such bank; including, without limitation, canceling any unutilised
facilities and declaring any outstanding amount to be imediately
due and payable. Acordingly, the above bank loans were clasified as
curent liabilities as at 31 March 2025 and 2024.
Included in the bank loans as at 31 March 2025 were bank loans
of HK$21,635,000 (2024: HK$23,594,000), which bore variable
interest rate at 2.85% per anum below Hong Kong Prime Rate
quoted by the relevant bank (2024: variable interest rate from 2.75%
to 2.85% per anum below Hong Kong Prime Rate quoted by the
relevant bank). The remaining bank loans of HK$5,000,000 (2024:
Nil) bore variable interest rate at 1.75% per anum above one-
month Hong Kong Inter-bank Ofered Rate.
根据相关银行融资函件，截至2025年3月31日，
本集团银行贷款按预定还款日期详情如下：
高升集团控股有限公司 2025年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
未来前景
本集团带著明确的战略愿景迈入2025年，透过
卓越工程、科技创新及人才发展，巩固本集团在
塑造香港城市转型中的角色。
诚如2024年施政报告所概述，随著政府于北部
都会区及周边海湾地区的持续投资，香港正加
速发展成为充满活力、宜居且以创新为导向的地
区。政策包括新房屋、跨境基础设施及智慧社区
设施的兴建，需要精密的机电工程解决方案。
本集团已做足准备，为本次转型贡献力量。凭借
其在机械通风及空气调节、电力系统、管道工程
及智能建筑技术方面久经考验的能力，本集团将
积极寻求北部都会区及新界北的公共工程及基础
设施项目机遇，包括医院、政府综合大楼及智慧
城市发展项目，均要求具备高性能、可持续且数
字化整合的机电系统。
与此同时，本集团将继续投资于人工智能驱动的
工程应用，并在本集团于人工智能智慧健康管理
系统和安心泳智能溺水监测系统取得成功的基础
上进一步发展。该等创新乃与香港理工大学合作
开发，并在2025年香港国际创科展上展示，体
现了本集团将先进技术整合至其服务中的承诺。
未来应用可能涵盖智慧园区系统、节能建筑控制
及预测性维护平台，与政府推动绿色基础设施及
数字化转型的目标一致。
FUTURE PROSPECTS
The Group enters 2025 with a clear strategic vision – to depen
its role in shaping Hong Kong’s urban transformation through
enginering excelence, technological inovation, and talent
development.
With the government’s continued investment in the Northern
Metropolis and surounding bay area as outlined in the 2024 Policy
Adres, Hong Kong is acelerating its development into a vibrant,
livable, and inovation-led region. The Policy includes the creation of
new housing, cros-boundary infrastructure, and smart comunity
facilities that require sophisticated E&M enginering solutions.
The Group is wel-positioned to contribute to this transformation.
Leveraging its proven capabilities in MVAC, electrical systems,
plumbing and inteligent building technologies, the Group wil
actively pursue oportunities in public works and infrastructure
projects acros the Northern Metropolis and New Teritories
North including hospitals, government complexes and smart city
developments which demand high-performance, sustainable, and
digitaly integrated E&M systems.
In paralel, the Group wil continue to invest in AI-driven enginering
aplications, building on the suces of its AI Smart Health
Management System and Swiming Safety Inteligent Drowning
Monitoring System. These inovations, developed in colaboration
with Hong Kong Polytechnic University and showcased at InoEX
2025, reflect the Group’s comitment to integrating advanced
technology into its service oferings. Future aplications may include
smart campus systems, energy-eficient building controls, and
predictive maintenance platforms – aligning with the government’s
push for gren infrastructure and digital transformation.
Acel Group Holdings Limited Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
在人才方面，本集团将扩展其教育及入境顾问服
务，专注于协助内地学生来港升学。此举直接支
持政府吸引年轻人才到北部都会区并培育知识型
经济的努力。透过指导学生完成学术课程、大学
申请及毕业后的职业规划，本集团正在协助建设
一支面向未来、能为香港长远发展作出贡献的人
才队伍。
凭借以工程专业知识、创新及区域一体化为基础
的前瞻性策略，本集团对其把握新机遇、为香港
于大湾区发展中发挥重要作用提供支持，并为客
户、合作伙伴、广大社区及所有利益相关者提供
可持续价值的能力充满信心。
流动资金及财务资源
于本年度，本集团的营运资金由内部资源及银行
贷款融资拨付。于2025年3月31日，本集团的流
动比率（按流动资产除以流动负债计算）约为3.76
倍（2024年3月31日：约4.31倍）。本集团一般透
过内部产生的现金流量及外部借款为其日常营运
提供资金。本集团透过平衡融资来源，致力维持
稳健的财务状况，以支援业务发展。
财务政策
本集团承受有关结算贸易应付款项及应付保固
金、银行贷款及租赁负债的流动资金风险。本集
团的政策为定期监控现时及预期的流动资金需
要，以确保维持足够现金储备，从而满足其短期
及长期的流动资金需要。
On the talent front, the Group wil expand its education and
imigration consulting services, with a dedicated focus on
suporting mainland Chinese students pursuing studies in Hong
Kong. This initiative directly suports the government’s eforts
to atract young talent to the Northern Metropolis and foster a
knowledge-based economy. By guiding students through academic
pathways, university aplications, and post-study carer planing,
the Group is helping to build a future-ready workforce that can
contribute to Hong Kong’s long-term development.
With a forward-loking strategy anchored in enginering expertise,
inovation, and regional integration, the Group is confident in its
ability to seize new oportunities, suport Hong Kong to play an
important role in the Greater Bay Area development, and deliver
sustainable value to clients, partners, the broader comunity and al
relevant stakeholders.
LIQUIDITY AND FINANCIAL RESOURCES
During the Year, the Group’s working capital was financed by
internal resources and loan facilities from banks. The curent ratio of
the Group, which is calculated based on the curent asets divided
by curent liabilities, was aproximately 3.76 times as at 31 March
2025 (31 March 2024: aproximately 4.31 times). The Group
generaly financed its daily operations by cash flows generated
internaly and external borowings. The Group strikes to maintain
a healthy financial position to suport the busines growth by
balancing the source of financing.
FINANCIAL POLICIES
The Group is exposed to liquidity risk in respect of setlement of the
trade and retention payables, bank loans and lease liabilities. The
Group’s policy is to regularly monitor curent and expected liquidity
requirements to ensure that it maintains suficient reserves of cash
to met its liquidity requirements in the short and long term.
高升集团控股有限公司 2025年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
资产负债比率
于2025年3月31日，本集团的资产负债比率（按
计息负债总额除以权益总额（界定为各年度末的
银行贷款及租赁负债的总额除以各年度末的权
益总额）计算）约为6.8%（2024年3月31日：约
8.5%）。
资本开支
于本年度，本集团产生现金流出约52,000港元于
租赁物业装修、家私、装置及设备以及汽车及游
艇（2024年：13,022,000港元于租赁物业装修及
家私、装置及设备）。
资本承担
于2025年3月31日，本集团并无重大资本承担
（2024年3月31日：353,000港元）。
或然负债
于2025年3月31日，96,486,000港元（2024年：
94,428,000港元）的履约保证金由银行以本集团
客户为受益人作出，作为本集团妥善履行及遵守
本集团与其客户之间订立的合约项下责任的担
保。
于2025年3月31日，履约保证金乃根据多间银行
向本集团授出的银行融资予以发行，而有关银行
融资由本集团两个停车位、办公室物业及本公司
向银行提供的一项公司担保（2024年：两个停车
位、办公室物业、已抵押银行结余及一项公司担
保）作担保。
除本公告所披露者外，于2025年3月31日，本集
团并无重大或然负债（2024年3月31日：无）。
GEARING RATIO
The Group’s gearing ratio, which is calculated based on the total
interest-bearing liabilities divided by the total equity (defined as
the sum of bank loans and lease liabilities as at the respective
year end divided by total equity as at the respective year end),
was aproximately 6.8% as at 31 March 2025 (31 March 2024:
aproximately 8.5%).
CAPITAL EXPENDITURE
During the Year, the Group incured cash outflows of aproximately
HK$52,000 in leasehold improvements, furniture, fixtures and
equipment, and motor vehicles and yacht (2024: HK$13,022,000 in
leasehold improvements and furniture, fixtures and equipment).
CAPITAL COMITMENT
As at 31 March 2025, the Group had no significant capital
comitments (31 March 2024: HK$353,000).
CONTINGENT LIABILITIES
As at 31 March 2025, performance bonds of HK$96,486,000 (2024:
HK$94,428,000) were given by banks in favour of the Group’s
customers as security for the due performance and observance of
the Group’s obligations under the contracts entered into betwen
the Group and its customers.
The performance bonds as at 31 March 2025 were isued under the
bank facilities granted by banks to the Group and such bank facilities
were secured by the Group’s two carpark spaces, ofice premises,
and a corporate guarante given by the Company in favour of the
bank (2024: two carpark spaces, ofice premises, pledged bank
balances and a corporate guarante).
Save as disclosed herein, the Group had no material contingent
liabilities as at 31 March 2025 (31 March 2024: Nil).
Acel Group Holdings Limited Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
报告期后事项
自2025年3月31日起直至本年报日期并无发生须
予以披露的重大期后事件。
本集团资产抵押
于2025年3月31日，以本集团之一个办公室物
业、若干汽车、可退还租金按金、两个停车位及
已抵押银行结余作为租赁负债及银行融资的抵押
品（2024年3月31日：以一个办公室物业、若干
汽车、可退还租金按金、两个停车位及已抵押银
行结余作抵押）。
附属公司、联营公司及合营企业的
重大投资、重大收购及出售
于本年度，除本公告所披露者外，本集团并无就
附属公司、联营公司及合营企业作出任何其他重
大投资、重大收购或出售。
重大投资及资本资产的未来计划
于2025年3月31日，除本公告所披露者外，本集
团并无任何其他重大投资或资本资产的计划。
外汇风险管理
本集团的货币资产、负债及交易主要以港元计
值。本集团并无承受以各集团实体功能货币以外
的货币计值的货币资产及负债所产生的重大外币
风险。
本集团目前并无外币对冲政策，乃由于外币风险
被视为不重大。然而，管理层将继续密切监察本
集团的外汇风险，并将于有需要时考虑对冲重大
外汇风险。
EVENTS AFTER THE REPORTING PERIOD
There was no material subsequent event ocured since 31 March
2025 and up to the date of this anual report which requires
disclosure.
CHARGES ON THE GROUP’S ASETS
As at 31 March 2025, an ofice premise, certain motor vehicles,
refundable rental deposits, two carpark spaces and pledged bank
balances of the Group were pledged for the lease liabilities and the
bank facilities (31 March 2024: secured by an ofice premise, certain
motor vehicles, refundable rental deposits, two carpark spaces and
pledged bank balances).
SIGNIFICANT INVESTMENTS, MATERIAL
ACQUISITIONS AND DISPOSALS OF
SUBSIDIARIES, ASOCIATES AND JOINT
VENTURES
During the Year, save as disclosed herein, the Group did not make
any other significant investments, material acquisitions or disposals
of its subsidiaries, asociates and joint ventures.
FUTURE PLANS FOR SIGNIFICANT
INVESTMENTS AND CAPITAL ASETS
As at 31 March 2025, save as disclosed herein, the Group did not
have any other plans for significant investments or capital asets.
FOREIGN EXCHANGE RISK MANAGEMENT
The Group’s monetary asets, liabilities and transactions are
principaly denominated in HKD. The Group is not significantly
exposed to foreign curency risk arising from monetary asets
and liabilities that are denominated in curencies other than the
functional curencies of the respective group entities.
The Group curently does not have a foreign curency hedging
policy as the foreign curency risk is considered to be insignificant.
However, the management wil continue to closely monitor the
Group’s foreign exchange risk exposure and wil consider hedging
significant foreign exchange exposure when necesary.
高升集团控股有限公司 2025年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
信贷风险
本集团主要客户包括知名物业发展商及主要承建
商。于本年度，本集团已密切监察并强化其收款
措施，并已采纳谨慎的信贷政策减轻信贷风险。
本集团于本年度并无面临任何重大信贷风险。本
集团管理层不时审视贸易应收款项的可收回程
度，并密切监察客户的财务状况，旨在将本集团
的信贷风险保持在合理的低水平。
雇员及薪酬政策
于2025年3月31日，本集团雇用238名雇员
（2024年3月31日：197名雇员），而本年度
的员工成本总额（包括直接劳工成本）约为
101,439,000港元（去年：约94,084,000港元）。
为吸引及挽留优秀员工和让本集团内部顺畅运
作，本集团的雇员薪酬政策及待遇会定期检讨。
本集团雇员的薪酬福利水平具竞争力（经参考市
况及个人资质和经验）。本集团为雇员提供充足
的工作培训，让彼等掌握实践知识及技能。除强
制性公积金及工作培训计划外，雇员亦可根据个
人表现的评估和市场情况获得加薪、酌情花红及
购股权。
本公司已于2019年9月18日采纳一项购股权计
划，以向合资格参与者对本集团作出之贡献或潜
在贡献给予奖励或奖赏。该计划已于2019年10
月18日生效。于2025年3月31日，计划项下概无
授出购股权。
此外，本集团已于2023年9月15日举行的本公司
股东周年大会上采纳股份奖励计划（「股份奖励计
划」），旨在提供激励措施以吸引、挽留及激励合
资格参与者，以持续为本集团的增长及发展作出
贡献。
就股份奖励计划及本公司任何其他计划项下将予
授出的所有购股权及奖励而可能发行的股份总
数（「计划授权限额」）为80,000,000股（相当于本
公司于采纳股份奖励计划日期已发行股份总数的
10%）。
CREDIT RISK EXPOSURE
The Group’s major customers include reputable property developers
and main contractors. During the Year, the Group has closely
monitored and strengthened its colection measures, and has
adopted prudent credit policies to mitigate credit risk exposure.
The Group was not exposed to any significant credit risk during
the Year. The Group’s management reviews the recoverability of
trade receivables and closely monitors the financial position of the
customers from time to time with a view of keping the Group’s
credit risk exposure at a reasonably low level.
EMPLOYES AND REMUNERATION POLICIES
As at 31 March 2025, the Group employed 238 employes (31
March 2024: 197 employes) with total staf costs (including direct
labour costs) of aproximately HK$101,439,000 incured for the
Year (Coresponding Year: aproximately HK$94,084,000). In
order to atract and retain high quality staf and to enable smoth
operation within the Group, the remuneration policy and package
of the Group’s employes are periodicaly reviewed. The salary
and benefit levels of the employes of the Group are competitive
(with reference to market conditions and individual qualifications
and experience). The Group provides adequate job training to the
employes to equip them with practical knowledge and skils. Apart
from mandatory provident fund and job training programs, salaries
increment, discretionary bonuses and share options may be awarded
to employes acording to the asesment of individual performance
and market situation.
The Company has adopted a share option scheme on 18 September
2019 for the purpose of providing incentives or rewards to eligible
participants for their contributions or potential contributions to the
Group. Such scheme became efective on 18 October 2019. As
at 31 March 2025, there was no share option granted under the
scheme.
In adition, the Group has adopted a share award scheme in the
anual general meting of the Company held on 15 September
2023 (“Share Award Scheme”), for the purpose of providing
incentives to atract, retain and motivate eligible participants, for
their continual contribution to the growth and development of the
Group.
The total number of shares which may be isued in respect of
al options and awards to be granted under the Share Award
Scheme and any other schemes of the Company (the “Scheme
Mandate Limit”) was 80,000,000 shares (representing 10% of the
Company’s total number of isued shares as at the date of adoption
of the Share Award Scheme).
Acel Group Holdings Limited Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
As at 1 April 2024 and 31 March 2025, the Scheme Mandate Limit
and the maximum number of shares available for grant under
the Share Award Scheme was 69,173,000 shares (representing
aproximately 8.53% of the total number of the isued shares as at
31 March 2025).
During the Year, 1,025,910 awarded shares were vested and
699,600 unvested awarded shares were lapsed under the Share
Award Scheme due to the grantes ceased to be the employe
of the Group in acordance with the terms of the Share Award
Scheme.
As at 31 March 2025, the total number of shares available for isue
under the Share Award Scheme was 77,191,790 shares (representing
aproximately 9.52% of the total number of isued shares as at
31 March 2025), being the total number of (i) 69,173,000 shares
available for grant under the Share Award Scheme; and (i) 8,018,790
awarded shares which were granted (but not yet vested) under the
Share Award Scheme.
No awarded shares were granted and canceled during the Year.
CORPORATE RECOGNITION
In the area of corporate social responsibility, the Group is
being recognised as Hong Kong Gren Organisation from the
Environmental Campaign Comite. The Group has also received
the EcoPartner Award and EcoPioner Award of BOCHK Corporate
Low-Carbon Environmental Leadership Awards from Federation of
Hong Kong Industries in recognition of the Group’s performance
in the field of energy conservation and environmental protection.
The Group wil continue to improve its service quality, adhere to the
required safety and environmental standards, and take the Group’s
corporate social responsibilities comitment to the next level in
order to deliver excelent E&M services to the Group’s customers.
COMPETING INTEREST
During the Year, none of the Directors or the Controling
Shareholders or their close asociates was interested in any busines
which competed or might compete, either directly or indirectly, with
the busines of the Group nor had or might have with the Group
any conflicts of interest.
于2024年4月1日及2025年3月31日，计划授权
限额及股份奖励计划项下可供授出的最高股份数
目为69,173,000股（相当于2025年3月31日已发
行股份总数的约8.53%）。
于本年度，根据股份奖励计划的条款，由于承授
人不再为本集团雇员，1,025,910股奖励股份已
归属及699,600股尚未归属的奖励股份已根据股
份奖励计划失效。
于2025年3月31日，根据股份奖励计划可供发
行的股份总数为77,191,790股（相当于2025年
3月31日已发行股份总数的约9.52%），即(i)
69,173,000股根据股份奖励计划可供授出的股
份；及(i) 8,018,790股根据股份奖励计划已授出
（但尚未归属）的奖励股份的总数。
本年度并无授出及注销任何奖励股份。
企业认可
于企业社会责任方面，本集团获环境运动委员会
认可为香港绿色机构。本集团亦于香港工业总会
的中银香港企业低碳环保领先大奖荣获环保杰出
伙伴奖及环保先驱奖双料殊荣，以肯定本集团于
节约能源及环境保护领域上的表现。本集团将继
续提升服务质量；贯彻安全与环境标准，并持续
提升本集团之企业社会责任，为本集团客户提供
优质的机电服务。
竞争权益
于本年度，概无董事或控股东或彼等的紧密联
系人于任何直接或间接与本集团业务构成竞争或
可能构成竞争的业务中拥有权益，或与本集团有
或可能有任何利益冲突。
高升集团控股有限公司 2025年报
MANAGEMENT DISCUSION AND ANALYSIS 管理层讨论及分析
末期股息
董事会已决议建议向于2025年9月29日（星期一）
名列股东名册的股东派发本年度末期股息每股
1.4港仙（「末期股息」）（2024年：每股1.3港仙），
金额约为11,352,000港元（2024年：10,541,000
港元）。待有关决议案于本公司将于2025年股东
周年大会上获通过后，预计将于2025年10月20
日（星期一）或前后向股东支付末期股息。
暂停办理股份过户登记手续
有关2025年股东周年大会
由2025年9月15日（星期一）至2025年9月18日
（星期四）（包括首尾两日）暂停办理股份过户登记
手续，期内不会办理股份过户。出席2025年股
东周年大会并于会上投票的记录日期为2025年9
月18日（星期四）。为符合出席2025年股东周年
大会及于会上投票的资格，所有股份过户文件连
同相关股票及过户表格，最迟须于2025年9月12
日（星期五）下午四时三十分前，交回本公司香港
股份过户登记分处卓佳证券登记有限公司，地址
为香港夏悫道16号远东金融中心17楼，以办理
登记。
有关建议末期股息
待股东于2025年股东周年大会上通过决议批准
宣派末期股息后，由2025年9月25日（星期四）至
2025年9月29日（星期一）（包括首尾两日）暂停办
理股份过户登记，期内不会办理股份过户。厘定
收取末期股息的权利的记录日期为2025年9月29
日（星期一）。为符合资格获派末期股息，所有股
份过户文件连同相关股票及过户表格，最迟须于
2025年9月24日（星期三）下午四时三十分前，交
回本公司香港股份过户登记分处卓佳证券登记有
限公司，地址为香港夏悫道16号远东金融中心
17楼，以办理登记。
FINAL DIVIDEND
The Board has resolved to recomend the payment of a final
dividend of HK1.4 cents per Share (2024: HK1.3 cents per Share) for
the Year (the “Final Dividend”) to the Shareholders whose names
apear on the Register of Members on Monday, 29 September
2025, which amount to aproximately HK$11,352,000 (2024:
HK$10,541,000). Subject to the pasing of the relevant resolution
at the 2025 AGM, the Final Dividend is expected to be paid to the
Shareholders on or around Monday, 20 October 2025.
CLOSURE OF REGISTER OF MEMBERS
In relation to 2025 AGM
The Register of Members wil be closed from Monday, 15 September
2025 to Thursday, 18 September 2025, both days inclusive, during
which period no transfers of Shares shal be registered. The record
date for atending and voting at the 2025 AGM is Thursday, 18
September 2025. In order to qualify for atending and voting at the
2025 AGM, al transfers of Shares, acompanied by the relevant
share certificates and transfer forms, must be lodged for registration
with the Hong Kong branch share registrar and transfer ofice of the
Company, Tricor Investor Services Limited at 17/F, Far East Finance
Centre, 16 Harcourt Road, Hong Kong no later than 4:30 p.m. on
Friday, 12 September 2025.
In relation to the proposed Final Dividend
Conditional on the pasing of the resolution aproving the
declaration of the Final Dividend by the Shareholders at the 2025
AGM, the Register of Members wil be closed from Thursday,
25 September 2025 to Monday, 29 September 2025, both days
inclusive, during which period no transfers of Shares shal be
registered. The record date for determining the entitlement to the
final dividend is Monday, 29 September 2025. In order to qualify
for the Final Dividend, al transfers of Shares, acompanied by the
relevant share certificates and transfer forms, must be lodged for
registration with the Hong Kong branch share registrar and transfer
ofice of the Company, Tricor Investor Services Limited at 17/F, Far
East Finance Centre, 16 Harcourt Road, Hong Kong no later than
4:30 p.m. on Wednesday, 24 September 2025.
Acel Group Holdings Limited Anual Report 2025
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT
董事及高级管理人员履历
董事
执行董事
高黎雄博士，55岁，为本集团的创办人、主
席、执行董事、行政总裁兼控股东之一。彼于
2000年2月18日加入本集团，并于2018年9月20
日获委任为董事。彼亦为提名委员会及薪酬委员
会成员。彼负责本集团业务营运的整体策略性规
划、管理及行政。高博士现任本公司若干附属公
司的董事。高博士为执行董事张女士之配偶及非
执行董事高俊杰先生之父亲，高博士亦为控股
东Lightsped Limited之董事及股东。
高博士担任多项重要社会职务，包括中国人民政
治协商会议福建省委员会委员及香港福建社团联
会副主席。高博士于2021年3月获维斯特克里夫
大学颁授工商管理荣誉博士，以肯定彼于机电工
程行业的管理及专业经验及彼之社会贡献。高博
士获委任为大湾区碳中和协会副主席及中国节能
协会碳中和专业委员会副主任，以表扬其对中国
应对气候变化的决心、目标、措施及成效所作出
的贡献。
高博士于香港机电工程行业累积逾30年经验。
于创办本集团前，彼于1995年至2006年为捷达
工程公司（主要涉及在香港提供机电工程服务）的
老板。2018年6月，高博士凭借丰富的行业经验
与其他行业参与者一同创办非牟利机构香港空调
建设商会有限公司，旨在加强香港空调承办商之
间的联系及沟通。彼自创办该商会起领导该商
会，担任商会长及其中一名董事。捷达亦为该
商会员。
DIRECTORS
Executive Directors
Dr. Ko Lai Hung (高黎雄), aged 55, is the founder of our Group,
the Chairman, an executive Director, our CEO and one of our
Controling Shareholders. He joined our Group on 18 February
2000 and was apointed as a Director on 20 September 2018. He
is also a member of our Nomination Comite and Remuneration
Comite. He is responsible for the overal strategic planing,
management and administration of our Group’s busines operations.
Dr. Ko is curently a director of certain subsidiaries of the Company.
Dr. Ko is the spouse of Ms. Cheung, an executive Director, and
the father of Mr. CK Ko, the non-executive Director. Dr. Ko is also
a director and shareholder of Lightsped Limited, a Controling
Shareholder.
Dr. Ko holds a number of important social positions, including
member of Fujian Comite of the Chinese People’s Political
Consultative Conference and deputy chairman of Hong Kong
Federation of Fujian Asociations. Dr. Ko obtained an honorary
degre of doctor of busines administration from the Westclif
University in March 2021 in recognising his managerial and
profesional experience in the E&M enginering industry, as wel
as his comunity contribution. Dr. Ko has ben apointed as
vice president of the GBA Carbon Neutrality Asociation and the
deputy director of Carbon Neutrality Comite of China Energy
Conversation Asociation for his contribution to the China’s
determination, goals, initiatives and efectivenes in combating
climate change.
Dr. Ko has acumulated over 30 years of experience in the E&M
enginering industry in Hong Kong. Prior to founding the Group,
he was the proprietor of Chit Tat Enginering Co, which was mainly
involved in the provision of electrical enginering services in Hong
Kong, from 1995 to 2006. With his extensive industry experience,
Dr. Ko founded, together with other industry players, Hong Kong
Air Conditioning Construction Asociation Limited (香港空调建设
商会有限公司), a non-profit-making organisation with a mision
of strengthening the conection and comunication among air
conditioning contractors in Hong Kong in June 2018. He has ben
leading the asociation as the president and one of the directors
of the asociation since founding the asociation. Chit Tat is also a
member of this asociation.
高升集团控股有限公司 2025年报
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理人员履历
张美兰女士，55岁，为执行董事兼控股东
之一。彼于2000年2月18日加入本集团，并于
2018年9月20日获委任为董事。彼负责本集团业
务营运的整体策略性规划、管理及行政。张女
士现任Ascend及捷达的董事。彼为执行董事高
博士之配偶及非执行董事高俊杰先生之母亲，张
女士亦为控股东Lightsped Limited之董事及股
东。
自捷达注册成立起，张女士在香港机电工程行业
积累逾18年经验。彼自2000年起一直担任捷达
董事。
非执行董事
高俊杰先生，31岁，于2019年1月24日获委任为
非执行董事。彼为审核委员会成员。高俊杰先生
负责就本集团的业务发展及规划提供意见。高俊
杰先生为高博士及张女士之儿子，两者均为执行
董事。
高俊杰先生分别于2016年12月毕业于美国罗彻
斯特大学并获得金融学硕士学位，及于2015年
11月毕业于香港大学并获得经济及金融学士学
位。彼于2017年11月成为特许另类投资分析
师协会员。高俊杰先生自2022年5月起担任
Everest Ventures Group (EVG)的资本市场总监，
其为一间专注于Web 3.0的香港投资工作室。在
加入EVG前，高俊杰先生于博隽资本有限公司担
任香港第一类（证券交易）受规管活动的证监会持
牌负责人员及第九类（提供资产管理）受规管活动
的证监会持牌代表。
Ms. Cheung Mei Lan (张美兰), aged 55, is an executive Director
and one of our Controling Shareholders. She joined our Group on
18 February 2000 and was apointed as a Director on 20 September
2018. She is responsible for the overal strategic planing,
management and administration of our Group’s busines operations.
Ms. Cheung is curently a director of Ascend and Chit Tat. She is the
spouse of Dr. Ko, an executive Director and the mother of Mr. CK
Ko, the non-executive Director. Ms. Cheung is also a director and
shareholder of Lightsped Limited, a Controling Shareholder.
Since the incorporation of Chit Tat, Ms. Cheung has acumulated
more than 18 years of experience in the E&M enginering industry
in Hong Kong. She has ben a director of Chit Tat since 2000.
Non-executive Director
Mr. Ko Angus Chun Kit (高俊杰), aged 31, was apointed as the
non-executive Director on 24 January 2019. He is a member of our
Audit Comite. Mr. CK Ko is responsible for advising on busines
development and planing of our Group. Mr. CK Ko is a son of Dr.
Ko and Ms. Cheung, both being executive Directors.
Mr. CK Ko graduated from the University of Rochester in the United
States with a master’s degre in finance and The University of
Hong Kong with a bachelor’s degre in economics and finance in
December 2016 and November 2015, respectively. He became a
member of the Chartered Alternative Investment Analyst Asociation
in November 2017. Mr. CK Ko is the Director of Capital Markets at
Everest Ventures Group (EVG), a Hong Kong-based Web 3.0-focused
venture studio, since May 2022. Prior to joining EVG, Mr. CK Ko was
a SFC licensed Responsible Oficer of Type 1 (dealing in securities)
and representative of Type 9 (aset management) regulated activities
in Hong Kong at Bright Minds Capital Limited.
Acel Group Holdings Limited Anual Report 2025
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理人员履历
独立非执行董事
陈昌达先生（「陈昌达先生」），75岁，于2019年
9月18日获委任为独立非执行董事。彼为提名委
员会主席以及审核委员会及薪酬委员会成员。陈
昌达先生负责向我们董事会提供独立意见。
陈昌达先生于税务局工作逾33年。彼于2005年
退任前的最后职位为助理局长。陈昌达先生通过
远程教育于1995年10月毕业于澳洲中央昆士兰
大学，取得金融管理硕士学位。彼分别自1974
年3月及1994年8月起成为英国伦敦特许公司治
理公会及香港特许公司治理公会的会员。陈昌达
先生亦分别自1986年3月、1983年11月及1990
年6月起成为香港会计师公会、英国特许公认会
计师公会及澳洲会计师公会的资深会员。
陈昌达先生自2006年8月起一直担任税务咨询公
司昌达税务顾问有限公司的唯一董事。此外，
陈昌达先生分别自2014年12月、2018年6月、
2018年9月、2020年2月及2020年6月起一直担
任密迪斯肌控股有限公司（股份代号：8307）、
凯富善集团控股有限公司（股份代号：8512）、
创辉珠宝集团控股有限公司（股份代号：8537）、
烨星集团控股有限公司（股份代号：1941）及威
胜控股有限公司（股份代号：3393）的独立非执
行董事。
Independent Non-executive Directors
Mr. Chan Cheong Tat (陈昌达) (“Mr. CT Chan”), aged 75, was
apointed as an INED on 18 September 2019. He is the chairperson
of our Nomination Comite and a member of our Audit
Comite and our Remuneration Comite. Mr. CT Chan is
responsible for providing independent advice to our Board.
Mr. CT Chan has over 33 years of work experience in the Inland
Revenue Department. His last position was asistant comisioner
before he retired in 2005. Mr. CT Chan graduated from the Central
Quensland University in Australia with a master’s degre in financial
management in October 1995 through distance learning. He has
ben an asociate of The Chartered Governance Institute of London,
the United Kingdom and The Hong Kong Chartered Governance
Institute since March 1974 and August 1994, respectively. Mr. CT
Chan has also ben a felow of the Hong Kong Institute of Certified
Public Acountants since March 1986; a felow of the Asociation of
Chartered Certified Acountants since November 1983; and a felow
of CPA Australia since June 1990.
Mr. CT Chan has ben the sole director of C T Tax Consultants
Limited, a tax consultancy, since August 2006. Further, Mr. CT
Chan has ben an independent non-executive director of each of
Medicskin Holdings Limited (Stock Code: 8307), Hyfusin Group
Holdings Limited (Stock Code: 8512), Chong Fai Jewelery Group
Holdings Company Limited (Stock Code: 8537), Ye Xing Group
Holdings Limited (Stock Code: 1941) and Wasion Holdings Limited
(Stock Code: 3393) since December 2014, June 2018, September
2018, February 2020 and June 2020, respectively.
高升集团控股有限公司 2025年报
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理人员履历
谢嘉颖女士，41岁，于2019年9月18日获委任为
独立非执行董事。彼为审核委员会主席。谢女士
自2025年7月1日起获委任为提名委员会成员。
谢女士负责向我们董事会提供独立意见。
谢女士分别于2004年11月及2006年11月获得香
港城市大学工商管理副学士（会计）学位及工商管
理学士（会计）学位。彼亦于2018年9月获得香港
理工大学公司管治硕士学位。彼自2018年11月
起成为香港特许公司治理公会的会员及香港特许
秘书公会员。此外，谢女士分别自2011年1月
及2014年3月起成为香港会计师公会的会员及执
业会计师。
加入本集团前，谢女士已累积逾19年的金融及
会计经验。彼于2006年9月至2008年2月在谢市
民会计师行任职核数师。其后，彼于2008年2月
至2013年11月在香港立信德豪会计师事务所有
限公司服务五年，其最后职位为副经理（保证）。
于2013年11月，谢女士加入联信国际企业有限
公司担任会计副经理，其后于2014年11月至
2016年3月任职于香港环球教育集团有限公司，
其最后职位为财务总监。其后，谢女士于2016
年3月至2017年12月担任邝文记集团有限公司
（股份代号：8023）的财务总监及公司秘书。谢
女士于2018年3月至2021年1月于联合天威有限
公司任职，最后任职财务总监及公司秘书。彼于
2021年2月至2023年1月在雍熙国际金融控股有
限公司任职，最后职位为财务总监及公司秘书。
彼自2023年1月起担任保盈会计师事务所有限公
司董事。于年内及直至2025年7月，谢女士为荣
利营造控股有限公司（股份代号：9639）的执行
董事，该公司于联交所主板上市。
Ms. Tse Ka Wing (谢嘉颖), aged 41, was apointed as an INED on
18 September 2019. She is the chairperson of our Audit Comite.
Ms. Tse has ben apointed as a member of the Nomination
Comite since 1 July 2025. Ms. Tse is responsible for providing
independent advice to our Board.
Ms. Tse obtained an asociate of busines administration degre in
acountancy and a bachelor of busines administration degre in
acountancy from the City University of Hong Kong in November
2004 and November 2006, respectively. She also obtained a master
of corporate governance degre from The Hong Kong Polytechnic
University in September 2018. She has ben a member of The
Hong Kong Chartered Governance Institute and an asociate of
the Hong Kong Institute of Chartered Secretaries since November
2018. In adition, Ms. Tse has ben a member and a certified public
acountant (practising) of the Hong Kong Institute of Certified Public
Acountants since January 2011 and March 2014, respectively.
Prior to joining our Group, Ms. Tse has acumulated over 19 years
of financial and acounting experience. She worked as an auditor in
Andrew Tse & Company from September 2006 to February 2008.
Thereafter, she served BDO Limited for five years with her last
position as asistant manager (asurance) from February 2008 to
November 2013. In November 2013, Ms. Tse joined Union Honor
International Enterprise Limited as an asistant acounting manager,
and then worked in HKUE Limited from November 2014 to March
2016 with her last position as financial controler. Subsequently,
Ms. Tse served as the financial controler and company secretary at
Kwong Man Ke Group Limited (Stock Code: 8023) from March
2016 to December 2017. Ms. Tse worked in Skyway United Limited
from March 2018 to January 2021 and her last position was chief
financial oficer and company secretary. She worked in YONXI
International Finance Holdings Limited from February 2021 to
January 2023 and her last position was chief financial oficer and
company secretary. She is curently a practising director of PY CPA
Company Limited since January 2023. During the Year and until July
2025, Ms. Tse was the executive director of Wing Le Development
Construction Holdings Limited (Stock Code: 9639), a company listed
on Main Board of the Stock Exchange.
Acel Group Holdings Limited Anual Report 2025
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理人员履历
何志诚先生，73岁，于2019年9月18日获委任为
独立非执行董事。彼为薪酬委员会主席及提名委
员会成员。何先生负责向我们董事会提供独立意
见。
何先生毕业于香港大学，并分别于1976年11
月、1989年1月、1991年11月及2011年6月获得
工程学理学士学位、软件工程学深造文凭、工商
管理硕士学位及法律学深造证书。彼亦分别于
2008年7月及2009年7月取得曼彻斯特都会大学
的英国及香港法律（专业共同试）本科文凭及法律
学士学位。何先生于1981年11月成为英国机
电工程师学会员。彼(i)自1982年2月起成为英
国工程师学会议会的特许工程师；(i)自1985年
7月起成为香港工程师学会员；及(i)自1982
年4月起成为特许屋宇装备工程师学会员及自
2004年3月起成为其资深会员。彼于2012年10
月至2014年12月担任大律师。
何先生在香港建造业拥有逾30年经验。彼于
1976年9月至1979年10月任职于中华电力有限
公司，其最后职位为变电站设计部二级工程师。
彼于1979年10月至2011年9月曾在香港房屋委
员会任职约32年，其最后职位为总屋宇装备工
程师。彼于2011年10月至2016年10月曾担任香
港应用科技研究院有限公司荣誉顾问。何先生于
2005年成为香港品质保证局董事局成员，并于
2011年11月担任副主席职务，2019年11月担任
主席。何先生自2014年3月起一直任职于建筑环
保评估协会有限公司担任总经理。彼自2011年
至2016年获委任为深圳清华大学研究院兼职讲
师，彼亦于2018年于深圳南特商学院担任兼职
讲师。彼自2010年代中期起担任香港大学电机
电子工程系的名誉首席讲师，并自2019年起至
今担任香港大学的客席助理教授。
Mr. Ho Chi Shing (何志诚), aged 73, was apointed as an INED
on 18 September 2019. He is the chairperson of our Remuneration
Comite and a member of our Nomination Comite. Mr. Ho is
responsible for providing independent advice to our Board.
Mr. Ho graduated from The University of Hong Kong with a bachelor
of science degre in enginering, a postgraduate diploma in software
enginering, a master of busines administration and a postgraduate
certificate in laws in November 1976, January 1989, November 1991
and June 2011, respectively. He also obtained a graduate diploma
in English and Hong Kong law (comon profesional examination)
and a bachelor of laws from The Manchester Metropolitan University
in July 2008 and July 2009, respectively. Mr. Ho was admited as a
member of the Institution of Electrical Enginers in November 1981.
He has ben: (i) a Chartered Enginer of the Council of Enginering
Institutions since February 1982; (i) a member of the Hong Kong
Institution of Enginers since July 1985; and (i) a member of the
Chartered Institution of Building Services Enginers since April 1982
and a felow of it since March 2004. He practised as a Barister-at-
law from October 2012 to December 2014.
Mr. Ho has over 30 years of experience in the construction industry
in Hong Kong. He worked in China Light & Power Company Limited
from September 1976 to October 1979 with his last position as
a second enginer of the sub-station design department. He had
served the Hong Kong Housing Authority for about 32 years from
October 1979 to September 2011 with his last position held as the
chief building services enginer. He had ben an honorary advisor
for Hong Kong Aplied Science and Technology Research Institute
Company Limited from October 2011 to October 2016. Mr. Ho
became a member of the Hong Kong Quality Asurance Agency’s
governing council in 2005, and was apointed as deputy chairman
in November 2011 and chairman in November 2019. Mr. Ho has
ben working at BEAM Society Limited as a general manager since
March 2014. He had ben apointed as a part-time lecturer of
Tsinghua Research Institute Shenzhen from 2011 to 2016, and he
also served in Shenzhen Audencia Busines Schol in 2018 as part-
time lecturer. He is curently an Adjunct Asociate Profesor of The
University of Hong Kong, a post he tok up since 2019 after serving
as an honorary principal lecturer since mid-2010’s in the Department
of Electrical and Electronic Enginering of The University of Hong
Kong.
高升集团控股有限公司 2025年报
BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理人员履历
高级管理层
郑志伟先生，39岁，为我们的首席财务官兼公
司秘书。彼于2019年8月加入本集团，负责监督
本集团的财务营运及本集团的整体企业管治。
郑先生持有来自香港理工大学工商管理硕士学
位、爱丁堡纳皮尔大学的会计学文学士学位及
特许金融分析师协会的环境、社会及管治投资
格证书。彼为香港会计师公会资深会员及英国皇
家特许管理会计师公会员。
郑先生于财务及审计、企业管治及香港上市公
司合规事宜方面有约15年经验。于加入本集团
前，彼于2011年至2013年于石志成会计师事务
所担任核数师。于2013年至2015年，彼于香港
立信德豪会计师事务所有限公司担任高级审计
员，并于2015年至2019年于德勤•关黄陈方会计
师行工作，最后职位为审计经理。
林家得先生，56岁，为本集团项目总监。彼于
2015年12月加入本集团担任项目经理，其后分
别于2017年2月及2019年1月晋升为高级项目经
理及项目总监。林先生主要负责本集团机电工程
项目的整体管理。
林先生于1994年11月取得香港理工大学的机械
工程高级文凭。彼于建造业拥有逾20年经验。
于加入本集团之前，林先生于1993年10月至
2012年11月任职于乐信工程有限公司，其最后
职位为项目经理。彼亦于2012年12月至2015年
10月担任衞安冷气电器工程有限公司的项目经
理。
SENIOR MANAGEMENT
Mr. Cheng Chi Wai (郑志伟), aged 39, is our chief financial oficer
and Company Secretary. He joined our Group in August 2019 and is
responsible for overseing our Group’s financial operations and the
overal corporate governance of our Group.
Mr. Cheng holds a Master of Busines Administration degre
from The Hong Kong Polytechnic University, a Bachelor of Arts
degre in Acountancy from the Edinburgh Napier University and
the Certificate in ESG Investing from CFA Institute. He is a felow
certified public acountant of the Hong Kong Institute of Certified
Public Acountants and an Asociate of the Chartered Institute of
Management Acountants.
Mr. Cheng has around 15 years of experience in finance and
auditing, corporate governance and compliance maters for
companies listed in Hong Kong. Prior to joining the Group, he
worked at Rocky Shek & Co. from 2011 to 2013 as an auditor. From
2013 to 2015, he worked at BDO Limited as senior asociate and
worked at Deloite Touche Tohmatsu from 2015 to 2019 with his
last position as an audit manager.
Mr. Lam Ka Tak (林家得), aged 56 is a project director of our Group.
He joined our Group in December 2015 as a project manager and
was subsequently promoted to senior project manager and project
director in February 2017 and January 2019, respectively. Mr. Lam
is primarily responsible for the overal management of our Group’s
E&M enginering projects.
Mr. Lam obtained a higher diploma in mechanical enginering from
The Hong Kong Polytechnic University in November 1994. He has
over 20 years of experience in the construction industry. Before
joining our Group, Mr. Lam worked in Kervin Enginering Co., Ltd.
from October 1993 to November 2012 with his last position held as
project manager. He also served as the project manager of Pyrofoe
Air-Conditioning & Electrical Co., Ltd. from December 2012 to
October 2015.
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT
董事会报告
董事会欣然提呈本年度的本集团年报及经审核综
合财务报表。
主要业务
本公司为一间投资控股公司。其附属公司的主要
业务载于综合财务报表附注37。
业绩及分配
本集团本年度的业绩载于本年报第78页的综合
损益及其他全面收益表。
董事会已决议建议向于2025年9月29日（星期一）
名列股东名册的股东派发本年度末期股息每股
1.4港仙，合共金额约为11,352,000港元（2024
年：每股1.3港仙，合共金额约为10,541,000港
元）。
业务回顾
本集团本年度的业务回顾与其未来业务发展的讨
论载于「主席报告」及「管理层讨论及分析」各节，
而主要财务表现指标则载于「管理层讨论及分析」
一节。本集团的财务风险管理目标及政策载于综
合财务报表附注35。自本年度末及直至曾重大
影响本集团的经营及财务表现的本年报日期止，
概无发生影响本集团的重大事件。此外，本集团
与其主要持份者的关系、环境政策及表现、对本
集团有重大影响的相关法律及法规的遵守情况以
及本集团面临的主要风险及不明朗因素的阐述如
下：
与主要持份者的关系
本集团的成功亦建基于主要持份者（包括雇员、
客户以及分包商及供应商）的支持。
雇员
雇员是我们重要及具价值的资产。我们人力资源
管理的目标乃透过提供具竞争力的薪酬待遇及推
行适当奖励的绩效考核制度，以奖励及嘉许表现
良好的员工，并透过提供适当的培训及机会协助
员工在本集团内发展事业及晋升。
The Directors are pleased to present their anual report and the
audited consolidated financial statements of the Group for the Year.
PRINCIPAL ACTIVITIES
The Company is an investment holding company. The principal
activities of its subsidiaries are set out in note 37 to the consolidated
financial statements.
RESULTS AND APROPRIATIONS
The results of the Group for the Year are set out in the consolidated
statement of profit or los and other comprehensive income on page
78 of this anual report.
The Board has resolved to recomend the payment of a final
dividend of HK1.4 cents per Share for the Year to the Shareholders
whose names apear on the Register of Members on Monday, 29
September 2025, amounting to aproximately HK$11,352,000
(2024: HK1.3 cents per Share, amounting to aproximately
HK$10,541,000).
BUSINES REVIEW
The review of the busines of the Group during the Year and
the discusion on the Group’s future busines development are
set out in the sections headed “Chairman’s Statement” and
“Management Discusion and Analysis”, and the descriptions
of key financial performance indicators are set out in the section
headed “Management Discusion and Analysis”. The financial risk
management objectives and policies of the Group are set out in note
35 to the consolidated financial statements. There was no significant
event afecting the Group that ocured since the end of the Year
and up to the date of this anual report which had materialy
afected the Group’s operations and financial performance.
In adition, discusions on the Group’s relationships with key
stakeholders, environmental policies and performance, compliance
with relevant laws and regulations which have a significant impact
on the Group and the principal risks and uncertainties faced by the
Group are as folows:
Relationships with key stakeholders
The Group’s suces also depends on the suport from key
stakeholders which comprise employes, customers and
subcontractors and supliers.
Employes
Employes are regarded as our important and valuable asets. The
objectives of our human resources management is to reward and
recognise performing staf by providing a competitive remuneration
package and implementing a performance apraisal system with
apropriate incentives, and to promote carer development and
progresion by providing apropriate trainings and oportunities
within the Group for carer advancement.
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
我们以法例、行业惯例、市场状况及个人与本集
团的表现为考量，定期审视人力资源及薪酬政
策，提升员工对工作的满意度。
客户
我们的主要客户为香港的物业发展商及主要承建
商。我们于供应、安装及保养机械通风及空气调
节系统方面提供专业及优质服务，致力维持长远
盈利能力、业务及资产增长。
分包商及供应商
我们坚信分包商及供应商于成本控制及提升彼等
于采购材料的议价能力上同样重要，于投标时更
可进一步巩固我们的竞争力。我们积极与分包
商及供应商沟通以确保彼等承诺交付高质量及源
源不绝的产品和服务。除非客户要求我们委聘其
指定的分包商及供应商，否则我们将于通过我们
认可的分包商及供应商名单中拣选分包商及供应
商。此外，与分包商续约时，我们将向彼等提供
我们的内部安全及环境事宜指引并要求彼等遵
循。我们透过定期实地巡视、评估合约及其他措
施的表现，有效执行分包商评估程序，以监察分
包商的表现。
环境政策及表现
我们相信业务是否成功亦取决于我们能否满足客
户在安全、质量及环境方面的要求。为满足上述
要求，我们建立安全、质量及环境管理制度。透
过对业务营运的系统化及有效监控，我们得以进
一步确保遵守安全、质量及环境要求。我们已全
面贯彻减碳计划，以推行绿色生产。我们为大湾
区碳中和协会的创会成员，且已获香港工业总会
颁发企业环保领袖奖，表扬我们在减碳方面的贡
献。
本年度我们的环境政策及表现评估之详情将于本
公司环境、社会及管治报告披露，将分别适时于
本公司网站及联交所网站刊发。
We regularly review our human resources and remuneration policies
in the light of legislation, industry practice, market conditions and
the performance of individuals and the Group in order to enhance
the job satisfaction of our staf.
Customers
Our principal customers are property developers and main
contractors in Hong Kong. We provide profesional and quality
services in suply, instalation and maintenance of MVAC systems,
whilst maintaining long term profitability, busines and aset growth.
Subcontractors and supliers
We firmly believe that our subcontractors and supliers are equaly
important in cost control and increasing their bargaining power on
procurement of materials, which further secures our competitivenes
when biding for tenders. We proactively comunicate with our
subcontractors and supliers to ensure that they are comited to
delivering high-quality and sustainable products and services. Unles
the customers require us to engage subcontractors and supliers
nominated by them, we shal select subcontractors and supliers
from our aproved lists of subcontractors and supliers. In adition,
during the continuance of the contracts with the subcontractors,
we wil provide them with our internal guidelines on safety and
environmental isues and require their compliance. We efectively
implement the subcontractor asesment proces to monitor the
performance of our subcontractors by conducting regular site visits,
evaluation on the performance of the contract and other measures.
Environmental policies and performance
We believe that our busines’ suces also depends on our ability to
met the customers’ requirements in respect of safety, quality and
environmental aspects. To met the aforesaid requirements, we have
established safety, quality and environmental management systems.
Through the systematic and efective control of its operations,
compliance with safety, quality and environmental requirements can
be further asured. We are fuly engaged in the carbon reduction
programe in order to promote gren production. We are a
founding member of Greater Bay Area Carbon Neutrality Asociation
and have ben awarded the Corporate Environmental Leadership
Awards from the Federation of Hong Kong Industries in recognition
of our contribution in carbon reduction.
The detailed environmental policies and performance evaluation of
us during the Year wil be disclosed in the Environmental, Social and
Governance Report of the Company, which wil be published on the
Company’s website and the Stock Exchange’s website separately in
due course.
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
遵守相关法律及法规
我们主要于香港承接机电工程服务。董事确认，
于本年度，本集团已获取其业务及营运所需的所
有登记及认证，并已于所有重大方面遵守香港的
适用法律及法规。
主要风险及不确定因素
本集团的业务营运涉及风险及不确定因素，可能
会影响本集团的财务状况及前景。本集团一直专
注于控制风险及不确定因素，借此了解及消除持
份者的忧虑。本集团面对的主要风险及不确定因
素载列如下：
－ 收入主要来自非经常性机电工程项目，而
本集团未能取得新项目将影响我们的营运
及财务业绩；
－ 错误或不正确估计项目执行时间表或项目
成本可能导致成本超支并可能对我们的收
入及盈利能力造成不利影响；
－ 对主要客户的依赖；
－ 收入及利润率受各种因素（如工程变更指令
及合约资产的可收回性）所引起的波动影
响，过往收入及利润率不一定为未来财务
表现的指标；及
－ 未必能够结算及收回全部贸易应收款项、
应收保固金及合约资产金额。倘我们未能
按时悉数支付进度款或保留金，流动资金
状况或会受到不利影响。
五年财务概要
本集团过往五个财政年度的业绩、资产及负债概
要载于本年报第8页。
股本
本公司股本于本年度的变动详情载于综合财务报
表附注39。
Compliance with relevant laws and regulations
We mainly undertake E&M enginering services in Hong Kong, the
Directors confirmed that during the Year, the Group had obtained
al the registrations and certifications required for its busines
and operations and had complied with the aplicable laws and
regulations in Hong Kong, in al material respects.
Principal risks and uncertainties
Risks and uncertainties involved in the busines operations of the
Group may afect the Group’s financial position and prospects. The
Group has ben focusing on the control of risks and uncertainties
with the aim of understanding and adresing the concerns of
stakeholders. Key risks and uncertainties faced by the Group are
listed below:
– the revenue is mainly derived from E&M enginering projects
which are non-recurent in nature and any failure of our
Group to secure new projects would afect our operations and
financial results;
– eror or inacurate estimation of project execution timeframe
or project costs may result in cost overuns and may adversely
afect our revenue and profitability;
– reliance on the major customers;
– the revenue and profit margin are subject to fluctuations
driven by various factors such as variation orders and the
recoverability of contract asets, and the past revenue and
profit margin may not be indicative of our future financial
performance; and
– may not be able to bil and receive the ful amount of trade
receivables, retention receivables and contract asets, if
progres payment or retention money is not paid in ful and on
time, the liquidity position may be adversely afected.
FIVE-YEAR FINANCIAL SUMARY
A sumary of the results, asets and liabilities of the Group for the
past five financial years is set out on page 8 of this anual report.
SHARE CAPITAL
Details of movements during the Year in the share capital of the
Company are set out in note 39 to the consolidated financial
statements.
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
可供分派储备
于2025年3月31日，根据开曼群岛适用法律及法
规之规定计算，本公司可供分派予股东的储备达
273,582,000港元（计及可供分派之股份溢价及保
留溢利分别为195,606,000港元及82,116,000港
元，不包括投资重估储备4,140,000港元）。
本集团及本公司储备于本年度的变动详情分别载
于本年报第81页的综合权益变动表及综合财务
报表附注39。
概无股东已放弃或同意放弃任何股息之安排。
董事
本年度及直至本年报日期，董事如下：
执行董事
高黎雄博士
（主席兼行政总裁）
张美兰女士
非执行董事
高俊杰先生
独立非执行董事
陈昌达先生
谢嘉颖女士
何志诚先生
根据组织章程大纲及组织章程细则，陈昌达先
生及何志诚先生应于2025年股东周年大会上退
任，并符合资格且愿意重选连任。
有关董事及最高行政人员的酬金资料载于综合财
务报表附注9。
董事履历
有关董事履历的详情，请参阅本年报「董事及高
级管理人员履历」一节。
DISTRIBUTABLE RESERVES
As at 31 March 2025, the Company’s reserves available for
distribution to the Shareholders, calculated in acordance with the
provisions of the aplicable laws and regulations of the Cayman
Islands, amounted to HK$273,582,000 (taking into acount the
share premium and retained profits available for distribution
amounting to HK$195,606,000 and HK$82,116,000 respectively,
excluding the investment revaluation reserve amounting to
HK$4,140,000).
Details of movements in the reserves of the Group and the Company
during the Year are set out in the consolidated statement of changes
in equity on page 81 of this anual report and note 39 to the
consolidated financial statements, respectively.
There is no arangement pursuant to which a Shareholder has
waived or agred to waive any dividends.
DIRECTORS
The Directors during the Year and up to the date of this anual
report were:
Executive Directors
Dr. Ko Lai Hung
(Chairman and Chief Executive Oficer)
Ms. Cheung Mei Lan
Non-executive Director
Mr. Ko Angus Chun Kit
Independent Non-executive Directors
Mr. Chan Cheong Tat
Ms. Tse Ka Wing
Mr. Ho Chi Shing
Pursuant to the Memorandum of Asociation and Articles of
Asociation, Mr. Chan Cheong Tat and Mr. Ho Chi Shing shal retire
at the 2025 AGM and, being eligible, shal ofer themselves for
re-election.
Information regarding the Directors’ and chief executive’s
emoluments are set out in note 9 to the consolidated financial
statements.
DIRECTORS’ PROFILES
For details of the Directors’ profiles, please se the section headed
“Biographies of Directors and Senior Management” in this anual
report.
| Name of Directors | Capacity | Nature of interests | Number of Shares held | Percentage of shareholding |
|---|---|---|---|---|
| 董事姓名 | 身份 | 权益性质 | 所持股份数目 | 股权百分比 |
| (Note 2) | ||||
| （附注2） | ||||
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
确认独立身份
本公司已收到各独立非执行董事根据上市规则第
3.13条作出的年度独立身份确认书，并充分审阅
各独立非执行董事的独立身份确认书。根据该等
确认书，本公司认为所有独立非执行董事继续为
独立人士。
董事服务合约
非执行董事（包括独立非执行董事）各自已与本
公司签订委任函，任期自2022年9月18日起为期
三年。概无于2025年股东周年大会上提呈参选
或重选的董事与本公司订立不可由本公司于一年
内免付赔偿（法定赔偿除外）而予以终止的服务合
约。
董事及最高行政人员于本公司及其
相联法团的股份、相关股份及债权
证中的权益及淡仓
于2025年3月31日，各董事及本公司最高行政人
员于本公司及其相联法团（定义见证券及期货条
例第XV部）的股份、相关股份及债权证中，拥有
须(a)根据证券及期货条例第XV部第7及8分部知
会本公司及联交所的权益及淡仓（包括根据证券
及期货条例的有关规定被当作或被视为拥有的权
益及淡仓）；(b)记录于本公司根据证券及期货条
例第352条存置的登记册之权益及淡仓；或(c)根
据标准守则知会本公司及联交所的权益及淡仓载
列如下：
于股份的好仓
CONFIRMATION OF INDEPENDENCE
The Company has received from each of the INEDs an anual
confirmation of his/her independence pursuant to Rule 3.13
of the Listing Rules and has duly reviewed the confirmation of
independence of each of the INEDs. The Company, based on
such confirmations, considers that al of the INEDs continue to be
independent.
DIRECTORS’ SERVICE CONTRACTS
The non-executive Directors (including the INEDs) have each entered
into a leter of apointment with the Company with a term of 3
years, comencing from 18 September 2022. None of the Directors
who are proposed for election or re-election at the 2025 AGM has a
service contract with the Company which is not determinable by the
Company within one year without payment of compensation, other
than statutory compensation.
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN SHARES,
UNDERLYING SHARES AND DEBENTURES
OF THE COMPANY AND ITS ASOCIATED
CORPORATIONS
As at 31 March 2025, the interests and short positions of the
Directors and the chief executive of the Company in the shares,
underlying shares and debentures of the Company and its asociated
corporations (within the meaning of Part XV of the SFO) which were
required to be (a) notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO (including
interests and short positions which they were taken or demed to
have under such provisions of the SFO); (b) recorded in the register
required to be kept by the Company pursuant to section 352 of
the SFO; or (c) notified to the Company and the Stock Exchange
pursuant to the Model Code were as folows:
Long position in the Shares
Dr. Ko (Note 1)Interest in controled corporationCorporate interest597,000,00073.62%
高博士（附注1）受控制法团权益法团权益
Ms. Cheung (Note 1)Interest of spouseFamily interest597,000,00073.62%
张女士（附注1）配偶权益家族权益
| Name of Directors | Name of associated corporation | Capacity | Nature of interests | Number of shares held | Percentage of shareholding |
|---|---|---|---|---|---|
| 董事姓名 | 相联法团名称 | 身份 | 权益性质 | 所持股份数目 | 股权百分比 |
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
附注： Lightsped为本公司之控股公司及证券及期货条
例第XV部所界定的相联法团。Lightsped由高博
士及张女士（高博士之配偶）分别实益拥有70%
及30%。
除上文所披露外，于2025年3月31日，概无董事
或本公司最高行政人员于本公司及其相联法团
（定义见证券及期货条例第XV部）的股份、相关
股份或债权证中，拥有任何须(a)根据证券及期货
条例第XV部第7及8分部知会本公司及联交所的
权益或淡仓（包括根据证券及期货条例的有关规
定被当作或被视为拥有的权益及淡仓）；(b)记录
于本公司根据证券及期货条例第352条存置的登
记册之权益或淡仓；或(c)根据标准守则知会本公
司及联交所的权益或淡仓。
附注：
- ,000,000股份乃由Lightsped持有，该
公司由高博士及张女士分别实益拥有70%及
30%。根据证券及期货条例，高博士被视为于
Lightsped持有之股份中拥有权益及张女士（高
博士之配偶）被视为于高博士被视为持有之股份
中拥有权益。
2. 百分比指拥有权益之股份数目除以于截至2025
年3月31日之已发行股份数目（即810,827,000股
股份）。
于相联法团之普通股的好仓
Notes:
1. The 597,000,000 Shares are held by Lightsped, which is beneficialy
owned as to 70% by Dr. Ko and 30% by Ms. Cheung. Under the SFO,
Dr. Ko is demed to be interested in the Shares held by Lightsped
and Ms. Cheung, spouse of Dr. Ko, is demed to be interested in the
Shares demed to be held by Dr. Ko.
2. The percentage represents the number of Shares interested divided
by the number of the isued Shares as at 31 March 2025 (i.e.
810,827,000 Shares).
Long position in the ordinary shares of an
asociated corporation
Dr. Ko (Note)LightspedBeneficial owner and interest
of spouse
Personal interest and family
interest
200100%
高博士（附注）Lightsped实益拥有人及配偶权益个人权益及家族权益
Ms. Cheung (Note)LightspedBeneficial owner and interest
of spouse
Personal interest and family
interest
200100%
张女士（附注）Lightsped实益拥有人及配偶权益个人权益及家族权益
Note: Lightsped is the holding company of the Company and is an
asociated corporation within the meaning of Part XV of the SFO.
Lightsped is beneficialy owned as to 70% by Dr. Ko and 30% by Ms.
Cheung, spouse of Dr. Ko, respectively.
Save as disclosed above, as at 31 March 2025, none of the Directors
or the chief executive of the Company had any interests or short
positions in the shares, underlying shares or debentures of the
Company and its asociated corporations (within the meaning of
Part XV of the SFO) which were required to be (a) notified to the
Company and the Stock Exchange pursuant to Divisions 7 and 8 of
Part XV of the SFO (including interests and short positions which he/
she was taken or demed to have under such provisions of the SFO);
(b) recorded in the register required to be kept by the Company
pursuant to section 352 of the SFO; or (c) notified to the Company
and the Stock Exchange pursuant to the Model Code.
| Name of Shareholder | Capacity | Nature of interests | Number of Shares held | Percentage of shareholding |
|---|---|---|---|---|
| 股东名称 | 身份 | 权益性质 | 所持股份数目 | 股权百分比 |
| (Note 2) | ||||
| （附注2） | ||||
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
主要股东于股份及相关股份中的权
益及淡仓
于2025年3月31日，就我们的董事目前所悉，以
下实体╱人士（董事或本公司最高行政人员除外）
已拥有、或被当作或被视为于股份或相关股份拥
有根据证券及期货条例第XV部第2及3分部条文
须向本公司及联交所披露，或记录于本公司根据
证券及期货条例第336条存置的登记册之权益或
淡仓：
于股份中的好仓
SUBSTANTIAL SHAREHOLDERS’ INTERESTS
AND SHORT POSITIONS IN SHARES AND
UNDERLYING SHARES
As at 31 March 2025, so far as our Directors are aware, the
folowing entity(ies) which/person(s) (other than a Director or the
chief executive of the Company) who had, or were taken or demed
to have interests or short positions in the Shares or underlying
Shares which were required to be disclosed to the Company and the
Stock Exchange under the provisions of Divisions 2 and 3 of Part XV
of the SFO, or which were recorded in the register required to be
kept by the Company pursuant to section 336 of the SFO:
Long position in the Shares
Lightsped (Note 1)Beneficial ownerPersonal interest597,000,00073.62%
Lightsped（附注1）实益拥有人个人权益
Notes:
1. Lightsped is beneficialy owned as to 70% by Dr. Ko and 30% by Ms.
Cheung, spouse of Dr. Ko, respectively.
2. The percentage represents the number of Shares interested divided
by the number of the isued Shares as at 31 March 2025 (i.e.
810,827,000 Shares).
Save as disclosed above, as at 31 March 2025, the Company had
not ben notified by any other entity(ies) which/person(s) (other than
a Director or the chief executive of the Company) who had interests
or short positions in the Shares or underlying Shares which were
required to be disclosed to the Company and the Stock Exchange
under the provisions of Divisions 2 and 3 of Part XV of the SFO,
or which were recorded in the register required to be kept by the
Company pursuant to section 336 of the SFO.
附注：
1. Lightsped由高博士及张女士（高博士之配偶）分
别实益拥有70%及30%。
2. 百分比指拥有权益之股份数目除以于截至2025
年3月31日之已发行股份数目（即810,827,000股
股份）。
除上文所披露者外，于2025年3月31日，概无任
何其他实体╱人士（董事或本公司最高行政人员
除外）通知本公司彼等于股份或相关股份拥有根
据证券及期货条例第XV部第2及3分部条文须向
本公司及联交所披露，或记录于本公司根据证
券及期货条例第336条存置的登记册之权益或淡
仓。
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
购股权计划
本公司之现有购股权计划（「购股权计划」）已于
2019年9月18日根据前唯一股东通过之书面决议
案获批准采纳，旨在向合资格参与者提供激励或
奖励，以表扬彼等对本集团所作的贡献或潜在贡
献。
1. 购股权计划的参与者及厘定参与者
资格的基准
董事会有权根据购股权计划于任何时间及
不时向本公司或其任何附属公司任何全职
或兼职雇员、咨询人或潜在雇员、咨询
人、执行人员或高级职员（包括执行董事、
非执行董事及独立非执行董事）、董事会全
权认为已对或将对本公司及╱或其任何附
属公司作出贡献的任何供应商、客户、咨
询人、代理、顾问、业务合伙人或服务提
供商授出购股权。
2. 授出购股权
董事获准授出购股权以认购股份，并根据
购股权计划项下所授出购股权获行使而配
发、发行及处置股份，以及采取对执行及
落实购股权计划而言可能属必需及╱或适
宜的所有关行动。
3. 可供认购的股份最高数目及计划上
限
根据购股权计划及本公司任何其他股份计
划可能授出的购股权所涉及的股份最高数
目，合共不得超过于紧随股份发售及资本
化发行（如招股章程中所定义）完成后已发
行股份总数的10%，且购股权计划上限为
80,000,000股份，相当于本年报日期已
发行股份总数的9.87%。购股权计划并无
设定服务提供商分项限额。
SHARE OPTION SCHEME
The existing share option scheme (the “Share Option Scheme”)
of the Company was aproved for adoption pursuant to a writen
resolution of the then sole shareholder pased on 18 September
2019 for the purpose of providing an incentive or reward to the
eligible participants for their contribution or potential contribution to
the Group.
1. Participants of the Share Option Scheme and
the Basis of Determining the Eligibility of the
Participants
The Board is entitled at any time and from time to time grant
options pursuant to the Share Option Scheme to any ful-time
or part-time employes, consultants or potential employes,
consultants, executives or oficers (including executive
directors, non-executive directors and independent non-
executive directors) of the Company or any of its subsidiaries,
and any supliers, customers, consultants, agents, advisers,
busines partner or service providers who, in the sole opinion
of the Board has contributed or wil contribute to the
Company and/or any of its subsidiaries.
2. Grant of Options
The Directors were authorised to grant options to subscribe for
Shares and to alot, isue and deal with the Shares pursuant
to the exercise of options granted under the Share Option
Scheme and to take al such steps as may be necesary and/
or desirable to implement and give efect to the Share Option
Scheme.
3. Maximum Number of Shares Available for
Subscription and Scheme Limit
The maximum number of Shares in respect of which options
may be granted under the Share Option Scheme and under
any other share schemes of the Company must not, in
agregate, exced 10% of the total number of Shares in isue
imediately folowing completion of the Share Ofer and
the Capitalisation Isue (as defined in the Prospectus), and
the Share Option Scheme limit is 80,000,000 Shares, which
represented 9.87% of total number of isued Shares as at the
date of this anual report. No service provider sublimit was set
under the Share Option Scheme.
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
4. 购股权计划的有效期间
购股权计划应保持有效及生效直至2019年
10月18日（即上市日期）十周年（即2029年
10月18日）。
5. 承授人之最高持股量
除另获股东于股东大会所批准外，于任何
12个月期间内根据购股权计划及本公司任
何其他购股权计划向合资格参与者授出的
所有购股权（包括已行使及尚未行使购股
权）获行使后已发行及将予发行的股份总
数，不得超过已发行股份的总数1%。向董
事、本公司主要行政人员或主要股东（定义
见上市规则）或彼等各自的任何联系人（定
义见上市规则）授出任何购股权须获独立非
执行董事批准。
6. 向主要股东及独立非执行董事授出
除另获股东于股东大会及╱或上市规则规
定的有关其他要求所批准外，根据购股权
计划及本公司任何其他购股权计划向主要
股东或任何独立非执行董事或彼等各自的
联系人授出或建议授出的所有购股权（包括
已行使、注销及尚未行使购股权）获行使后
已发行及将予发行之股份，不得超过已发
行股份的0.1%。
7. 购股权的行使
董事会可酌情厘定可行使购股权前须持有
购股权的最短归属期限及可行使购股权的
期限。然而，购股权不得于授出购股权后
十年行使。
4. Life of the Share Option Scheme
The Share Option Scheme shal remain valid and efective until
the tenth aniversary of the 18 October 2019, being the date
of Listing (i.e. 18 October 2029).
5. Grante’s Maximum Holding
Unles otherwise aproved by the shareholders in a general
meting, the total number of Shares isued and to be
isued upon the exercise of al options granted to an eligible
participant under the Share Option Scheme and any other
share option schemes of the Company (including both
exercised and outstanding options) shal not exced 1% of
total number of the Shares in isue within any 12-month
period. Any grant of options to a Director, chief executive or
substantial shareholder (as defined in the Listing Rules) of the
Company or any of their respective asociates (as defined in
the Listing Rules) is required to be aproved by the INEDs.
6. Grant to Substantial Shareholders and INEDs
Unles otherwise aproved by the shareholders in a general
meting and/or such other requirements prescribed under the
Listing Rules, the Shares isued and to be isued upon exercise
of al options already granted and proposed to be granted
to a substantial shareholder or any INEDs or their respective
asociates under the Share Option Scheme and any other
share option schemes of the Company (including exercised,
canceled and outstanding options) shal not exced 0.1% of
the Shares in isue.
7. Exercise of Options
The Board may, at its discretion, determine the minimum
vesting period for which the option has to be held before it
can be exercised, and the period during which an option may
be exercised. However, no options shal be exercised ten years
after they have ben granted.
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
8. 行使价
特定购股权所涉及的股份认购价不得少于
以下三项的最高者：(i)股份于购股权授出
日期（必须为交易日）在联交所每日报价表
所示的收市价；(i)股份于紧接购股权授出
日期前五个交易日在联交所每日报价表所
示的平均收市价；及(i)股份面值。
9. 接纳要约
要约应透过董事会可不时决定的要约文件
的形式向购股权计划的任何合资格参与者
作出，要求有关参与者承诺根据其授出的
条款及购股权计划所约束的条文持有购股
权。承授人须于载列于有关要约文件的最
后接纳日当日或之前支付1港元之代价以接
纳任何本公司授出的购股权。
自购股权计划获采纳日期起及直至本年报日期，
概无根据购股权计划授出、行使、归属、注销或
失效的购股权。
于2024年4月1日及2025年3月31日，根据购股
权计划限额可授出及根据购股权计划可发行之购
股权总数为80,000,000份。
8. Exercise Price
The subscription price of a Share in respect of a particular
option shal be at least the highest of (i) the closing price of
the Shares as stated in the Stock Exchange’s daily quotations
shets on the date of the grant of the option, which must be
a trading day; (i) the average closing price of the Shares as
stated in the Stock Exchange’s daily quotations shets for the
five trading days imediately preceding the date of the grant
of the option; and (i) the nominal value of a Share.
9. Aceptance of Ofer
An ofer shal be made to any eligible participants of the
Share Option Scheme by an ofer document in such form as
the Board may from time to time determine, requiring such
participant to undertake to hold the option on the terms on
which it is to be granted and to be bound by the provisions of
the Share Option Scheme. To acept any options granted by
the Company, the grante is required to pay a consideration
of HK$1 on or before the last day of aceptance set out in the
relevant ofer document.
Since the date of adoption of the Share Option Scheme and up
to the date of this anual report, no share options were granted,
exercised, vested, canceled or lapsed under the Share Option
Scheme.
As at 1 April 2024 and 31 March 2025, the total number of share
options available for grant under the Share Option Scheme limit and
available for isue under the Share Option Scheme were 80,000,000.
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
股份奖励计划
本公司已于2023年9月15日（「采纳日期」）举行的
股东周年大会上采纳股份奖励计划（「股份奖励计
划」），旨在为选定参与者提供机会收购本公司
所有权益，鼓励选定参与者努力提高本公司及
其股份的价值，以造福本公司及其股东的整体利
益；以及为本公司提供挽留、激励、奖励、报
酬、补偿及╱或向选定参与者提供福利的灵活方
式。
1. 股份奖励计划的合资格参与者
只有雇员参与者才有资格参加股份奖励计
划（「合资格参与者」）。雇员参与者指本集
团任何董事（不包括任何独立非执行董事）
及雇员（包括根据本股份奖励计划而被授予
股份奖励以作为与该等公司订立雇佣合约
的诱因的人士）。
2. 授予奖励
薪酬委员会及董事会可全权酌情决定授予
股份奖励计划下选定参与者相关奖励股份
（「奖励股份」），惟须遵守薪酬委员会及董
事会酌情认为适当的条款及条件。
3. 授出股份的最高数量
就股份奖励计划及本公司任何其他计划授
出的所有购股权及奖励而可能发行的奖励
股份总数（「计划授权限额」）为80,000,000
股（占于采纳日期本公司已发行股份总数的
10%）。计划授权限额及根据股份奖励计
划可供授出的最高股份数量为69,173,000
股，约占本年度报告日期已发行股份总数
的8.53%。股份奖励计划并无设定服务提
供商分项限额。
SHARE AWARD SCHEME
The Company has adopted the share award scheme (the “Share
Award Scheme”) at the AGM held on 15 September 2023 (the
“Adoption Date”) for the purpose of providing the selected
participants with the oportunity to acquire proprietary interests
in the Company, encouraging the selected participants to work
towards enhancing the value of the Company and its Shares for
the benefit of the Company and its Shareholders as a whole; and
providing the Company with a flexible means of either retaining,
incentivizing, rewarding, remunerating, compensating and/or
providing benefits to the selected participants.
1. Eligible Participants of the Share Award
Scheme
Only employe participants shal be eligible for the Share
Award Scheme (the “Eligible Participant”). Employe
participants refer to any Director (excluding any independent
non-executive directors) and employe of the Group (including
persons who are granted share awards under this Share Award
Scheme as inducement to enter into employment contacts
with these companies).
2. Grant of Award
The Remuneration Comite and the Board may, at its sole
discretion make the relevant grant of awarded shares (the
“Award Shares”) to the selected participants under the
Share Award Scheme subject to such terms and conditions
as the Remuneration Comite and the Board may dem
apropriate at its discretion.
3. Maximum Number of Shares to be Granted
The total number of the Award Shares which may be isued
in respect of al options and awards to be granted under the
Share Award Scheme and any other schemes of the Company
(the “Scheme Mandate Limit”) was 80,000,000 Shares
(representing 10% of the Company’s total number of isued
Shares as at the Adoption Date). The Scheme Mandate Limit
and the maximum number of shares available for grant under
the Share Award Scheme are 69,173,000, representing
aproximately 8.53% of the total number of isued Shares as
at the date of this anual report. No service provider sublimit
was set under the Share Award Scheme.
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
4. 每位参与者的最高权利
不得授予任何合资格参与者任何奖励，使
得截至最近一次授予日期的任何12个月期
间，授予该人士的所有购股权和奖励（不包
括根据股份奖励计划条款失效的任何购股
权和奖励）的已发行及将发行的股份总数超
过不时已发行股份的1%，惟该授予在股东
大会上单独获得股东批准除外。
5. 奖励股份的归属
合资格参与者所持有的新股奖励的归属期
必须至少为12个月。在股份奖励计划规定
的某些情况下，董事会可全权酌情决定向
合资格参与者授予较短的归属期。
6. 厘定奖励股份购买价格的依据
奖励股份的购买价格（如有）应由董事会根
据股份现行收市价（即股份在联交所交易的
授予日期之前五个营业日的平均收市价）、
奖励的目的以及选定参与者的特征和概况
等因素不时厘定。
7. 股份奖励计划的有效期限
股份奖励计划自采纳日期起开始，并一直
有效及生效，除非并直至自该日期起十
(10)年期限（即2033年9月15日）届满时终
止。
于2024年4月1日及2025年3月31日，根据计划
授权限额可供授出及根据股份奖励计划可供发行
的股份最高数目为69,173,000股。
自采纳日期起及直至2025年3月31日，已根据股
份奖励计划授出合共10,827,000股奖励股份（分
别占本公司于2025年3月31日及本报告日期已发
行股份数目约1.34%及1.34%），其中2,108,610
股已归属、699,600股已失效及8,018,790股仍未
归属。
4. Maximum Entitlement of Each Participant
No award may be granted to any one Eligible Participant
such that the total number of Shares isued and to be isued
in respect of al options and awards granted to such person
(excluding any options and awards lapsed in acordance
with the terms of the Share Award Scheme) in any 12-month
period up to the date of the latest grant exceds 1% of the
isued Shares from time to time, unles such grant is separately
aproved by the Shareholders in general meting.
5. Vesting of Awarded Shares
The vesting period of an Award for new Shares held by the
Eligible Participant must be at least 12 months. A shorter
vesting period may be granted to an Eligible Participant at the
Board’s sole and absolute discretion in certain circumstances
prescribed in the Share Award Scheme.
6. Basis of Determining the Purchase Price of
Awarded Shares
The purchase price of the awarded shares (if any) shal be such
price which shal be determined by the Board from time to
time based on considerations such as the prevailing closing
price of the Shares (being the average closing market price for
the five busines days preceding the date of grant on which
the Shares are traded on the Stock Exchange), the purpose of
the Award and the characteristics and profile of the Selected
Participant.
7. Life of the Share Award Scheme
The Share Award Scheme comences on the Adoption
Date and remains valid and efective unles and until being
terminated upon the expiry of the period of ten (10) years
from such date (i.e. 15 September 2033).
As at 1 April 2024 and 31 March 2025, the maximum number of
Shares that available for grant under the Scheme Mandate Limit and
available for isue under the Share Award Scheme were 69,173,000
Shares.
Since the Adoption Date and up to 31 March 2025, a total of
10,827,000 Awarded Shares have ben granted under the Share
Award Scheme (representing aproximately 1.34% and 1.34% of
the number of isued shares of the Company as at 31 March 2025
and the date of this report, respectively), of which 2,108,610 have
vested, 699,600 have lapsed and 8,018,790 remain unvested.
| Name of participant | Date of Grant | Purchase Price | Unvested as at 1 April 2024 | Granted during the Year | Vested during the Year | Cancelled during the Year | Lapsed during the Year | Unvested as at 31 March 2025 |
|---|---|---|---|---|---|---|---|---|
| 参与者姓名 | 授出日期 | 购买价 | 于2024年 4月1日 未归属 | 本年度授出 | 本年度归属 | 本年度取消 | 本年度失效 | 于2025年 3月31日 未归属 |
| (Note 4) | ||||||||
| (附注4) | ||||||||
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
于2025年3月31日，根据股份奖励计划可供发
行之股份总数为77,191,790股（占于本报告日
期已发行股份总数约9.52%），即(i)69,173,000
股根据股份奖励计划可供授出之股份；及(i)
8,018,790股根据股份奖励计划已授出（但尚未归
属）之奖励股份之总数。
本年度并无授出及注销奖励股份。
本年度股份奖励计划的奖励股份变动情况如下：
As at 31 March 2025, the total number of shares available for isue
under the Share Award Scheme was 77,191,790 Shares (representing
aproximately 9.52% of the total number of isued Shares as at the
date of this report), being the total number of (i) 69,173,000 Shares
available for grant under the Share Award Scheme; and (i) 8,018,790
Awarded Shares which were granted (but not yet vested) under the
Share Award Scheme.
No Awarded Shares were granted and canceled during the Year.
Movements of the Awarded Shares under the Share Award Scheme
for the Year are as folows:
Ms. Wong Hoi Yan15/09/2023
(Notes 1, 2, 3)
N/A450,000–(50,000)–400,000
黄凯茵女士15/09/2023
（附注1、2、3）
不适用
Ms. Wong Hoi Ki15/09/2023
(Notes 1, 2, 3)
N/A198,000–(22,000)–176,000
黄海琪女士15/09/2023
（附注1、2、3）
不适用
Ms. Ko Karlie15/09/2023
(Notes 1, 2, 3)
N/A270,000–(30,000)–240,000
高嘉励女士15/09/2023
（附注1、2、3）
不适用
Mr. Wong Hau Wai15/09/2023
(Notes 1, 2, 3)
N/A720,000–(80,000)–640,000
黄后伟先生15/09/2023
（附注1、2、3）
不适用
Mr. Cheung Choi On15/09/2023
(Note 1, 2, 3)
N/A181,800–(20,200)–161,600
张在安先生15/09/2023
（附注1、2、3）
不适用
Employes –
In agregate
15/09/2023
(Notes 1, 2, 3)
N/A7,924,500–(823,710)–(699,600)6,401,190
雇员－总数15/09/2023
（附注1、2、3）
不适用
Total9,744,300–(1,025,910)–(699,600)8,018,790
总计
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
附注：
1. 归属将于2024年起至2033年止的每年3月31日
进行，并应分10次等额归属。奖励股份并无附
带绩效目标。
- （即2023年9月14日）前股
份收市价为每股1.01港元。
3. 于2023年9月15日授出之奖励股份之估计公平值
约为9,282,000港元。授出的奖励股份的估计公
平值乃基于授出日期的价格计量，并于必要服
务期内按适用的无风险利率贴现进行除息调整。
- ，由于承授人根据股份奖励计划的条款
不再为本集团的雇员，699,600股未归属奖励股
份根据股份奖励计划失效（但仍留存）。
紧接1,025,910股奖励股份归属前股份于2025年
3月31日的收市价为0.81港元。紧接奖励股份归
属日期前股份的加权平均收市价为0.82港元。
董事购买股份或债权证的权利
于本年度任何时候或于2025年3月31日，本公
司、其控股公司、或其任何附属公司或同系附属
公司并无订立任何安排，致使董事藉购买本公司
或任何其他法人团体的股份或债权证而获益，且
本年度概无董事或其配偶或十八岁以下的子女拥
有任何权利以认购本公司证券或已行使任何该等
权利。
股票挂钩协议
本集团于本年度概无订立或于年终概无存在任何
股票挂钩协议。
Notes:
1. The vesting wil take place on 31 March of each year begining in
2024 and ending in 2033 and shal be vested in 10 equal tranches.
There is no performance target atached to the Awarded Shares.
2. The closing price of the shares imediately before the date on which
the share awards were granted (i.e. 14 September 2023) was HK$1.01
per share.
3. The estimate fair value of the Awarded Shares granted on 15
September 2023 was aproximately HK$9,282,000. The estimated
fair value of the Awarded Shares granted was measured based on the
grant date price with the adjustment of ex-dividend discounted at the
apropriate risk-fre interest rate during the requisite service period.
4. During the Year, 699,600 unvested Award Shares were lapsed (but
stil remained) under the Share Award Scheme due to the Grantes
ceased to be the employes of the Group in acordance with the
terms of the Share Award Scheme.
The closing price of the shares imediately before 1,025,910
Awarded Shares were vested was HK$0.81 on 31 March 2025. The
weighted average closing price of the shares imediately before the
date on which the Awarded Shares were vested was HK$0.82.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES
At no time during the Year or as at 31 March 2025 was the
Company, its holding company, or any of its subsidiaries or felow
subsidiaries, a party to any arangement to enable the Directors
to acquire benefits by means of the acquisition of shares in, or
debentures of, the Company or any other body corporate and none
of the Directors, or their spouses or children under the age of 18,
had any rights to subscribe for the securities of the Company, or had
exercised any such right during the Year.
EQUITY-LINKED AGREMENTS
No equity-linked agrements were entered into by the Group during
the Year or subsisted at the end of the Year.
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
关连交易
持续关连交易
于本年度，本集团已进行以下根据上市规则第
14A章项下的持续关连交易。
本集团与关连雇员的雇佣协议
上市后，捷达继续雇用若干本公司之关连人士的
雇员。
诚如本公司刊发的日期为2022年3月31日的公
告（「3月公告」）所披露，捷达终止雇用张在安先
生、黄启周先生、高嘉励女士、黄后伟先生、黄
凯茵女士及黄海琪女士（「关连雇员」）自2022年
3月31日起生效，并与各关连雇员订立新雇佣协
议（「新雇佣协议」）。根据新雇佣协议，各关连雇
员均按新条款受雇。根据新雇佣协议，自2022
年4月1日起计三年，关连雇员将继续以彼等各
自于上市前担任的职能受雇于本集团。
诚如本公司刊发的日期为2022年11月1日的公
告（「11月公告」）所披露，高升绿建有限公司与
高俊熙先生（「高俊熙先生」）（高博士及张女士之
儿子以及高俊杰先生之兄╱弟）就其受雇于本集
团之事宜订立雇佣合约（「雇佣合约」），任期自
2022年11月1日起至2025年10月31日止为期3
年。
CONECTED TRANSACTIONS
Continuing conected transactions
During the Year, the Group has conducted the folowing continuing
conected transactions under Chapter 14A of the Listing Rules.
Employment agrements betwen the Group and
conected employes
Chit Tat continues to employ certain employes who are conected
persons of the Company folowing the Listing.
As disclosed in the anouncement published by the Company
dated 31 March 2022 (the “March Anouncement”), Chit Tat
terminated the employment of each of Mr. Cheung Choi On, Mr.
Wong Kai Chau, Ms. Ko Karlie, Mr. Wong Hau Wai, Ms. Wong Hoi
Yan and Ms. Wong Hoi Ki (the “Conected Employes”) with
efect from 31 March 2022 and entered into new employment
agrements (the “New Employment Agrements”) with each
of the Conected Employes. Pursuant to the New Employment
Agrements, each of the Conected Employes is employed
under new terms. Under the New Employment Agrements, the
Conected Employes wil continue to take up employment at their
respective role in the Group, which they tok up prior to the Listing,
for a term of thre years from 1 April 2022.
As disclosed in the anouncement published by the Company dated
1 November 2022 (the “November Anouncement”), Acel
Gren Building Limited has entered into the employment contract
(the “Employment Contract”) with Mr. Ko Chun Hei Rand (高俊熙),
the son of Dr. Ko and Ms. Cheung and the brother of Mr. CK Ko
(“Mr. CH Ko”) in relation to his employment with the Group for a
term of 3 years comencing from 1 November 2022 to 31 October
2025.
| Name | Connected relationship |
|---|---|
| 名称 | 关连关系 |
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
高俊熙先生及关连雇员为三名董事（即高博士、
张女士及高俊杰先生）的兄弟姐妹或亲戚。彼等
与董事的关系详情载列如下：
Mr. CH Ko and the Conected Employes are either siblings or
relatives of the thre Directors, Dr. Ko, Ms. Cheung and Mr. CK Ko.
The details of their relationships with the Directors are set out as
folows:
Mr. Cheung Choi OnMr. Cheung Choi On is a brother of Ms. Cheung, a brother-in-law of Dr. Ko
and an uncle of Mr. CK Ko.
张在安先生张在安先生为张女士之胞兄╱弟、高博士之内兄╱弟及高俊杰先生之叔
伯。
Mr. Wong Kai ChauMr. Wong Kai Chau is a brother-in-law of Ms. Cheung and an uncle of
Mr. CK Ko.
黄启周先生黄启周先生为张女士之内兄╱弟及高俊杰先生之叔伯。
Mr. Ko Chun Hei RandMr. Ko Chun Hei Rand is a son of Dr. Ko and Ms. Cheung and the brother
of Mr. CK Ko.
高俊熙先生高俊熙先生为高博士及张女士之儿子以及高俊杰先生之兄╱弟。
Ms. Ko KarlieMs. Ko Karlie is a niece of Dr. Ko and a cousin of Mr. CK Ko.
高嘉励女士高嘉励女士为高博士之姪女╱外甥女及高俊杰先生之堂姊╱妹。
Mr. Wong Hau WaiMr. Wong Hau Wai is a nephew of Ms. Cheung and a cousin of Mr. CK Ko.
黄后伟先生黄后伟先生为张女士之姪儿╱外甥及高俊杰先生之表兄╱弟。
Ms. Wong Hoi YanMs. Wong Hoi Yan is a niece of Ms. Cheung and a cousin of Mr. CK Ko.
黄凯茵女士黄凯茵女士为张女士之姪女╱外甥女及高俊杰先生之表姊╱妹。
Ms. Wong Hoi KiMs. Wong Hoi Ki is a niece of Ms. Cheung and a cousin of Mr. CK Ko.
黄海琪女士黄海琪女士为张女士之姪女╱外甥女及高俊杰先生之表姊╱妹。
Each of Mr. CH Ko and the Conected Employes is a conected
person of the Company. Therefore, the transactions contemplated
under the New Employment Agrements and the Employment
Contract constitute continuing conected transactions of the
Company under Chapter 14A of the Listing Rules. As (i) Mr. CH Ko
and the Conected Employes are either siblings or relatives of the
thre Directors, Ms. Cheung, Dr. Ko and Mr. CK Ko; and (i) the
nature of the New Employment Agrements and the Employment
Contract are the same, such transactions shal be agregated in
acordance with Rule 14A.81 of the Listing Rules.
高俊熙先生及各关连雇员皆为本公司之一名关连
人士。因此，根据上市规则第14A章，新雇佣协
议及雇佣合约项下拟进行的交易构成本公司的持
续关连交易。由于(i)高俊熙先生及关连雇员为三
名董事（即张女士、高博士及高俊杰先生）的兄弟
姐妹或亲戚；及(i)新雇佣协议及雇佣合约性质属
相同，根据上市规则第14A.81条，有关交易将
合并计算。
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
有关新雇佣协议及雇佣合约的详情，请分别参阅
2022年3月公告及2022年11月公告。
诚如2022年11月公告所披露，年度上限（即应付
关连雇员及高俊熙先生的薪酬总额）已修订，截
至2023年3月31日、2024年3月31日及2025年3
月31日止年度将分别不会超过4,500,000港元、
5,000,000港元及5,500,000港元（「经修订年度上
限」）。经修订年度上限乃经参考(i)向关连雇员发
放薪酬总额的过往金额；(i)根据新雇佣协议及雇
佣合约应付的合约金额；(i)高俊熙先生及关连
雇员于相关合约期内的预期薪金调整；及(iv)于
相关合约期内可能应付高俊熙先生及关连雇员的
酌情花红及加班费的预期金额而厘定。
所有独立非执行董事已审阅上述持续关连交易，
并确认该等交易是否于下列情况下订立：
(i) 于本集团日常及一般业务过程中；
(i) 按一般或更佳商业条款；及
(i) 根据规管该等交易的相关协议属公平合理
且符合股东整体利益的条款。
For details in relation to the New Employment Agrements
and the Employment Contract, please refer to the March 2022
Anouncement and the November 2022 Anouncement,
respectively.
As disclosed in the November 2022 Anouncement, the anual
caps, being the total remuneration payable to the Conected
Employes and Mr. CH Ko, had ben revised and wil not exced
HK$4,500,000, HK$5,000,000 and HK$5,500,000 for the years
ended 31 March 2023, 31 March 2024, and 31 March 2025,
respectively (the “Revised Anual Caps”). The Revised Anual
Caps were determined with reference to (i) the historical amounts
of the total remuneration paid to the Conected Employes; (i)
the contractual amounts payable under the New Employment
Agrements and the Employment Contract; (i) the expected
adjustments in the salaries of Mr. CH Ko and the Conected
Employes during the relevant contractual period; and (iv) the
expected amount of discretionary bonus and overtime pay that may
be payable to Mr. CH Ko and the Conected Employes during the
relevant contractual period.
Al the INEDs have reviewed the above continuing conected
transactions and confirmed that such transactions were entered into:
(i) in the ordinary and usual course of busines of the Group;
(i) on normal comercial terms or beter; and
(i) acording to the respective agrements governing them on
terms that are fair and reasonable and in the interests of the
Shareholders as a whole.
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
参考香港会计师公会发布的实务说明第740号
「香港上市规则规定的持续关连交易的核数师函
件」，核数师已于彼等之函件向董事会确认，并
无发现任何事项致令彼等相信该等持续关连交
易：
(i) 尚未获董事会批准；
(i) 在所有重大方面未有根据规管该等交易之
有关协议进行；及
(i) 有关该等持续关连交易的由本集团支付的
总金额超出11月公告所披露之截至2025年
3月31日止年度之年度上限。
关联方交易
本集团的关联方交易的详情于综合财务报表附注
33中披露。
除(i)附注33(a)(1)、(4)及(5)(b)指明的交易；及(i)
本集团高级管理层成员薪酬构成附注33(b)所述
「主要管理人员报酬」的一部分外，所有载列于综
合财务报表附注33的其他交易构成本集团关连
交易或持续关连交易。
综合财务报表附注33(a)(5)(a)所述交易，指本节
上文披露的有关新雇佣协议及雇佣合约的持续
关连交易。除上文所述者外，综合财务报表附注
33披露的所有其他关连交易或持续关连交易获
全面豁免遵守上市规则第14A章的申报、年度审
阅、公告、通函及独立股东批准规定。
就本年报所披露的本集团进行的关连交易或持续
关连交易而言，本公司已遵守上市规则第14A章
的规定。
With reference to Practice Note 740 “Auditor’s Leter on Continuing
Conected Transactions under the Hong Kong Listing Rules” isued
by the Hong Kong Institute of Certified Public Acountants, the
auditor has confirmed in their leter to the Board that nothing has
come to their atention which caused them to believe that such
continuing conected transactions:
(i) have not ben aproved by the Board;
(i) were not entered into, in al material respects, in acordance
with the relevant agrements governing such transactions; and
(i) the agregate amount paid by the Group in respect of such
continuing conected transactions has exceded the anual
cap for the year ended 31 March 2025 as disclosed in the
November Anouncement.
Related party transactions
Details of the Group’s related party transactions are disclosed in note
33 to the consolidated financial statements.
Save and except (i) the transactions specified in note 33(a)(1), (4)
and (5)(b); and (i) the remuneration of the senior management
members of the Group forming part of the “Compensation of
key management personel” described in note 33(b), al other
transactions stated in note 33 to the consolidated financial
statements constituted conected transactions or continuing
conected transactions of the Group.
The transaction described in note 33(a)(5)(a) to the consolidated
financial statements refers to the continuing conected transactions
regarding the New Employment Agrements and the Employment
Contract as disclosed above in this section. Save as aforesaid, al
other conected transactions or continuing conected transactions
disclosed in note 33 to the consolidated financial statements are
fuly exempted from reporting, anual review, anouncement,
circular and independent shareholders’ aproval requirements under
Chapter 14A of the Listing Rules.
The Company has complied with the requirements under Chapter
14A of the Listing Rules in respect of the conected transactions
or continuing conected transactions conducted by the Group as
disclosed in this anual report.
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
董事及控股东于交易、安排及重
大合约中的权益
除综合财务报表附注33所披露者外，(i)概无由本
公司或其控股公司或其任何附属公司订立，而董
事或董事的关连实体于其中直接或间接拥有重大
利益之有关本集团业务的重大其他交易、安排及
合约于本年度末或本年度内任何时间存续；及(i)
本年度本公司或其任何附属公司与控股东或其
任何附属公司之间亦概无其他重大合约（不论是
否为向本集团提供服务）。
管理合约
本年度，本集团就本公司整体或任何重要业务环
节方面并无订立或仍然有效的管理及行政合约。
竞争业务
本年度，概无董事或控股东及其各自的联系人
士于与本集团业务直接或间接构成竞争或可能构
成竞争的业务（本集团业务除外）中拥有任何权
益，亦无拥有任何其他与本集团存在利益冲突而
根据上市规则第8.10条须予以披露的权益。
不竞争承诺
为避免本集团及各控股东之间存在任何潜在未
来竞争，各控股东作为契诺人（「契诺人」）以本
公司（为其本身及作为其附属公司各自的受托人）
为受益人签订不竞争契据（「契据」），据此，各契
诺人承诺，（其中包括）其将不会并将尽力促使其
紧密联系人（本集团成员公司除外）不会（无论直
接或间接及无论是否为牟利）参与或从事直接或
间接对本集团业务构成竞争或可能构成竞争的任
何业务。有关详情，请参阅本公司日期为2019
年9月27日的招股章程。
INTERESTS OF DIRECTORS AND CONTROLING
SHAREHOLDERS IN TRANSACTIONS,
ARANGEMENTS AND CONTRACTS OF
SIGNIFICANCE
Save as disclosed in note 33 to the consolidated financial statements,
(i) there was no other transactions, arangements and contracts of
significance in relation to the busines of the Group to which the
Company, or its holding company, or any of its subsidiaries was a
party and in which a Director or an entity conected with a Director
had a material interest, whether directly or indirectly, subsisted at
the end of the Year or at any time during the Year; and (i) there
was no other contracts of significance (whether for the provision of
services to the Group or not) entered into betwen the Company or
any of its subsidiaries and the Controling Shareholders or any of its
subsidiaries during the Year.
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the
whole or any substantial part of the busines of the Company were
entered into by the Group or existed during the Year.
COMPETING BUSINES
During the Year, none of the Directors or the Controling
Shareholders and their respective asociates had any interests in a
busines, apart from the busines of the Group, which competes or
may compete, either directly or indirectly, with the busines of the
Group or has any other conflict of interest with the Group which
would be required to be disclosed under Rule 8.10 of the Listing
Rules.
Non-competition undertaking
In order to avoid any posible future competition betwen the Group
and each of the Controling Shareholders, each of the Controling
Shareholders as a covenantor (the “Covenantor”) has executed a
ded of non-competition (the ”Ded”) in favour of the Company
(for itself and as truste for each of its subsidiaries), pursuant to
which, each of the Covenantors undertakes, inter alia, that it/he/she
wil not, and wil use its/his/her best endeavours to procure, its/his/
her close asociates (other than any member of the Group) not to,
whether directly or indirectly, whether for profit or not, participate
in or engage in any busines which, directly or indirectly, competes
or may compete with the Group’s busines. For details, please refer
to the prospectus of the Company dated 27 September 2019.
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
于本年度，各契诺人已向本公司确认，其已遵守
根据契据项下的不竞争承诺。独立非执行董事已
检讨其遵守契据的情况并确认(i)彼等并不知悉各
契诺人就不竞争契据项下不竞争承诺的任何不遵
守情况；及(i)各契诺人于本年度已切实执行及遵
守有关承诺。
税项宽免
本公司并不知悉有关股东因彼等持有之股份而享
有任何税项宽免。倘股东不确定有关购买、持
有、出售、买卖或行使有关股份之任何权利的税
项含义，建议彼等咨询彼等之专业顾问。
获准许的弥偿条文
根据组织章程大纲及组织章程细则，各董事有权
从本公司的资产中获得弥偿，以弥偿其作为董事
在执行职务或有关其他与执行职务有关的事宜
时可能招致或蒙受的一切诉讼、成本、费用、损
失、损害赔偿及开支。
本公司已投购适当的董事及高级职员责任保险，
为其董事及高级职员提供保障。组织章程细则之
有关条文已于本年度及于本年报日期生效。
薪酬政策
本集团雇员的薪酬政策由董事会根据薪酬委员会
的建议按雇员的功绩、资历及能力订定。董事酬
金由董事会根据薪酬委员会的建议厘定，当中会
考虑本公司经营业绩、个人表现及可比较的市场
统计数据。
本公司已采纳购股权计划及股份奖励计划作为对
合资格人士的激励，有关详情分别载于上文「购
股权计划」及「股份奖励计划」各段。
退休福利计划
本集团的退休福利计划详情载于综合财务报表附
注32。
Each of the Covenantors has confirmed to the Company that he/she/
it has complied with the non-competition undertakings under the
Ded during the Year. The INEDs have reviewed on their compliance
with the Ded and confirmed that (i) they were not aware of any
non-compliance of the non-competition undertakings under the
Ded by each of the Covenantors; and (i) such undertakings had
ben duly enforced and complied with by each of the Covenantors
during the Year.
TAX RELIEF
The Company is not aware of any relief on taxation available to
the Shareholders by reason of their holdings of the Shares. If
the Shareholders are unsure about the taxation implications of
purchasing, holding, disposing of, dealing in or exercising of any
rights in relation to the Shares, they are advised to consult their
profesional advisers.
PERMITED INDEMNITY PROVISION
Pursuant to the Memorandum of Asociation and Articles of
Asociation, every Director shal be entitled to be indemnified out
of the asets of the Company against al actions, costs, charges,
loses, damages and expenses which he/she may sustain or incur in
or about the execution of the duties of his/her ofice or otherwise in
relation thereto.
The Company has aranged apropriate directors’ and oficers’
liability insurance coverage for its Directors and oficers. The relevant
provisions in the Articles of Asociation were in force during the
Year and as at the date of this anual report.
EMOLUMENT POLICY
The emolument policy of the employes of the Group was set
up by the Board upon the recomendation of the Remuneration
Comite on the basis of their merit, qualifications and
competence. The emolument of the Directors are determined by the
Board based on recomendation of the Remuneration Comite,
having regard to the Company’s operating results, individual
performance and comparable market statistics.
The Company has adopted the Share Option Scheme and the Share
Award Scheme as incentives to eligible persons, details of which are
set out under the paragraphs headed “Share Option Scheme” and
“Share Award Scheme” above respectively.
RETIREMENT BENEFIT SCHEME
Details of the Group’s retirement benefit schemes are set out in note
32 to the consolidated financial statements.
Acel Group Holdings Limited Anual Report 2025
DIRECTORS’ REPORT 董事会报告
优先认股权
根据组织章程大纲及组织章程细则或本公司注册
成立地开曼群岛的适用法律，概无优先认股权条
文导致本公司有责任向现有股东按比例发售新股
份。
充足公众持股量
于本年报日期，根据本公司公开可得的资料及据
董事所知，本公司于本年度及直至本年报日期已
维持上市规则规定之充足公众持股量。
慈善捐款
本集团本年度作出慈善捐款1,420,000港元
（2024年：3,667,000港元）。
主要客户及供应商
本年度，本集团的五大客户应占收益总额占本集
团总收益的58.0%，而本集团来自最大客户的收
益占总收益的12.8%。
此外，本集团的五大供应商应占的采购占本集团
总采购的56.3%，而来自其最大供应商的采购占
其总采购的15.8%。
本年度，概无董事、彼等的紧密联系人或任何股
东（据董事所深知拥有已发行股份总数5%以上）
于本集团任何五大客户或本集团任何五大供应商
中拥有任何权益。
购买、出售或赎回本公司上市证券
本公司或其任何附属公司于本年度概无购买、出
售或赎回任何股份（包括出售库存股份）。
企业管治
企业管治报告详情载于本年报第52至70页。
审阅年度业绩
审核委员会已审阅本集团截至2025年3月31日止
年度的年度业绩。
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the
Memorandum of Asociation and Articles of Asociation or
aplicable laws of the Cayman Islands where the Company is
incorporated, which would oblige the Company to ofer new Shares
on a pro-rata basis to existing Shareholders.
SUFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company and
within the knowledge of the Directors as at the date of this anual
report, the Company has maintained a suficient public float as
required under the Listing Rules throughout the Year and up to the
date of this anual report.
CHARITABLE DONATIONS
Charitable donations made by the Group during the Year amounted
to HK$1,420,000 (2024: HK$3,667,000).
MAJOR CUSTOMERS AND SUPLIERS
For the Year, the agregate amount of revenue atributable to the
Group’s five largest customers acounted for 58.0% of the Group’s
total revenue and the revenue from its largest customer acounted
for 12.8% of its total revenue.
In adition, the Group’s purchases atributable to its five largest
supliers acounted for 56.3% of the Group’s total purchases and
the purchases from its largest suplier acounted for 15.8% of its
total purchases.
During the Year, none of the Directors, their close asociates or any
Shareholders (which, to the best of the knowledge of the Directors,
own more than 5% of the total number of isued Shares) had any
interests in any of the Group’s five largest customers or the Group’s
five largest supliers.
PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES
Neither the Company nor any of its subsidiaries purchased, sold or
redemed any Shares (including sale of treasury shares) during the
Year.
CORPORATE GOVERNANCE
Details of corporate governance report are set out on pages 52 to
70 of this anual report.
REVIEW OF ANUAL RESULTS
The Audit Comite has reviewed the anual results of the Group
for the year ended 31 March 2025.
高升集团控股有限公司 2025年报
DIRECTORS’ REPORT 董事会报告
独立核数师
本集团于截至2023年、2024年及2025年3月31
日止年度的综合财务报表已由获委任为本集团独
立核数师的德勤•关黄陈方会计师行审核，德勤
将于2025年股东周年大会退任，惟其符合资格
并愿意获续聘。本公司的独立核数师于过往三年
并无变动。
代表董事会
主席、行政总裁兼执行董事
高黎雄
香港，2025年6月26日
INDEPENDENT AUDITOR
The consolidated financial statements of the Group for the years
ended 31 March 2023, 2024 and 2025 were audited by Deloite
Touche Tohmatsu, the independent auditor engaged by the Group,
who wil retire and, being eligible, ofer itself for re-apointment
at the 2025 AGM. There has ben no change in the independent
auditor of the Company in the preceding thre years.
On behalf of the Board
Ko Lai Hung
Chairman, Chief Executive Oficer and Executive Director
Hong Kong, 26 June 2025
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
本公司致力于履行对其股东肩负的责任，以及通
过良好企业管治保障及提高股东价值。董事认
为，为实现有效问责，将良好企业管治元素纳入
本集团的管理架构、内部监控及风险管理程序十
分重要。
企业管治常规
于本年度，本公司已采纳并遵守企业管治守则所
载的所有适用守则条文，惟如本年报所披露偏离
企业管治守则守则条文第C.2.1条除外。
企业管治守则守则条文第C.2.1条，其订明主席
与行政总裁的职责须互相独立，不应由同一位个
别人士履行。
高黎雄博士为董事会主席（「主席」）兼行政总裁。
彼自2000年起管理本集团的业务，并监督本集
团的整体营运。董事会认为高博士兼任主席与行
政总裁角色有利于本集团的管理及业务发展以及
将为本集团提供强大而一贯的领导。董事会共有
六名董事，其中三名为独立非执行董事，彼等皆
为合格的专业人士及╱或经验丰富的人士。由于
所有重大决策均与定期召开会议以检讨本集团营
运情况的所有董事会成员协商后作出，并须经董
事会多数批准通过，董事会中的三名独立非执行
董事审查重大决策并提供独立的观点，因此董事
会相信有充分保障确保董事会内有足够的权力平
衡。董事会将继续进行检讨，并会在计及本集团
整体情况后考虑于适当及合适时候将主席与行政
总裁的角色分开。
董事进行的证券交易
本公司已采纳标准守则，作为其本身监管董事进
行证券交易的行为守则。本公司向各董事作出具
体查询而彼等已确认，彼等于本年度内至本年报
日期一直遵守标准守则所载的规定标准。
The Company is comited to fulfiling its responsibilities to its
Shareholders and protecting and enhancing Shareholders’ values
through god corporate governance. The Directors recognise the
importance of incorporating elements of god corporate governance
in the management structures, internal control and risk management
procedures of the Group so as to achieve efective acountability.
CORPORATE GOVERNANCE PRACTICES
The Company has adopted and, save for the deviation from code
provision C.2.1 of the CG Code as disclosed in this anual report,
has complied with al aplicable code provisions as set out in the CG
Code during the Year.
Code provision C.2.1 of the CG Code states that the roles of
chairman and chief executive oficer should be separate and should
not be performed by the same individual.
Dr. Ko Lai Hung is the chairman of the Board (the “Chairman”)
and the CEO. He has ben managing the Group’s busines and
supervising the overal operations of the Group since 2000. The
Board considers that vesting the roles of the Chairman and the CEO
in Dr. Ko is beneficial to the management and busines development
of the Group and wil provide a strong and consistent leadership
to the Group. The Board has a total of six Directors and thre of
them are INEDs who are qualified profesionals and/or experienced
individuals. As al major decisions are made in consultation with
al the Board members who met on a regular basis to review the
operations of the Group, and shal be aproved by majority aproval
of the Board, with the thre INEDs on the Board scrutinising
important decisions and ofering independent perspectives, the
Board believes that there are adequate safeguards in place to
ensure suficient balance of powers within the Board. The Board wil
continue to review and consider spliting the roles of the Chairman
and the CEO at a time when it is apropriate and suitable by taking
into acount the circumstances of the Group as a whole.
SECURITIES TRANSACTIONS BY DIRECTORS
The Company has adopted the Model Code as its own code of
conduct governing the securities transactions by the Directors. The
Company made specific enquiry of al Directors and they confirmed
that they had complied with the required standard set out in the
Model Code throughout the Year and up to the date of this anual
report.
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会
责任
董事会主要负责指导及监督本集团事务及整体表
现的管理。董事会设定本集团的价值及标准，确
保本集团在达成其目标时具备所需的财务及人
力资源支援。董事会履行的职能包括但不限于制
订本集团的业务及投资计划及策略，决定所有重
大财务（包括重大资本支出）及营运事宜，制订、
监察及检讨本集团的企业管治常规，以及根据组
织章程大纲及组织章程细则保留董事会的所有其
他职能。董事会已成立多个董事委员会，并向该
等董事委员会委派其各自职权范围所载的不同责
任。该等董事委员会的责任包括监察本集团的营
运及财务表现，以及确保落实适当的内部监控及
风险管理系统。董事会可不时在其认为适当的情
况及时间向本集团管理层委派若干职能。管理层
主要负责执行经董事会采纳的业务计划、策略及
政策以及不时获派的其他职责。
董事可全面接触本集团的资料，而管理层有义务
及时向董事提供充分资料，让董事能够履行其责
任。董事有权在适当情况下征询独立专业意见，
费用由本公司承担。
组成
本公司致力维持董事会包括执行董事、非执行董
事及独立非执行董事的均衡组成，使董事会具备
坚强有力的独立元素，能有效行使独立判断。
于本年报日期，董事会包括以下六名董事，当中
独立非执行董事合共占董事会成员的50%：
执行董事
高黎雄博士（主席兼行政总裁）
张美兰女士
非执行董事
高俊杰先生
独立非执行董事
陈昌达先生
谢嘉颖女士
何志诚先生
BOARD OF DIRECTORS
Responsibilities
The Board is primarily responsible for overseing and supervising the
management of the busines afairs and the overal performance of
the Group. The Board sets the Group’s values and standards and
ensures that the requisite financial and human resources suport
is in place for the Group to achieve its objectives. The functions
performed by the Board include but are not limited to formulating
the Group’s busines and investment plans and strategies, deciding
al significant financial (including major capital expenditure) and
operational isues, developing, monitoring and reviewing the
Group’s corporate governance practices and al other functions
reserved to the Board under the Memorandum of Asociation
and Articles of Asociation. The Board has established Board
comites and has delegated to these Board comites various
responsibilities as set out in their respective terms of reference. The
responsibilities of these Board comites include monitoring the
Group’s operational and financial performance, and ensuring that
apropriate internal control and risk management systems are in
place. The Board may from time to time delegate certain functions to
the management of the Group if and when considered apropriate.
The management is mainly responsible for the execution of the
busines plans, strategies and policies adopted by the Board and
other duties asigned to it from time to time.
The Directors have ful aces to information of the Group and
the management has an obligation to suply the Directors with
adequate information in a timely maner to enable the Directors
to perform their responsibilities. The Directors are entitled to sek
independent profesional advice in apropriate circumstances at the
Company’s expense.
Composition
The Company is comited to holding the view that the Board
should include a balanced composition of executive Directors, non-
executive Director and INEDs so that there is a strong independent
element on the Board, which can efectively exercise independent
judgement.
As at the date of this anual report, the Board comprises the
folowing six Directors, of which the INEDs in agregate represent
50% of the Board members:
Executive Directors
Dr. Ko Lai Hung (Chairman and CEO)
Ms. Cheung Mei Lan
Non-executive Director
Mr. Ko Angus Chun Kit
INEDs
Mr. Chan Cheong Tat
Ms. Tse Ka Wing
Mr. Ho Chi Shing
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
各董事的履历详情载于本年报「董事及高级管理
人员履历」一节。
主席、执行董事兼行政总裁高博士乃执行董事张
女士的配偶。高博士及张女士为非执行董事高俊
杰先生的父母。除上文所披露者外，各董事之间
于本年度内并无财务、业务、家族或其他重要关
系。
独立非执行董事为董事会注入多方面的业务及财
务专长、经验及独立判断。透过积极参与董事会
会议及供职于不同董事委员会，全体独立非执行
董事将不断为本公司作出不同贡献。
于本年度，本公司一直设有三名独立非执行董
事，符合上市规则的规定，即董事会必须包括至
少三名独立非执行董事及独立非执行董事必须占
董事会成员人数至少三分之一，以及其中至少一
名独立非执行董事必须具备适当的专业资格，或
具备适当的会计或相关的财务管理专长。
本公司已收到独立非执行董事各自根据上市规则
第3.13条发出有关独立性的年度书面确认。基于
有关确认及在不知悉任何不利事项下，本公司认
为全体独立非执行董事均为独立，并符合上市规
则第3.13条所载的独立指引。
董事会独立性
董事会已建立机制，确保董事会在履行职责时可
获取独立观点及意见。该等机制包括：
1. 对每名董事于财政年度内参与的培训课程
进行年度评估；
- ，获取外部顾问的建议；
- 、安排及其他建议中有重大利益的
董事（包括独立非执行董事）须就批准该等
合约、安排或其他建议的董事会决议放弃
投票或计入法定人数；及
4. 董事会主席每年与独立非执行董事在执行
董事及非执行董事不在场的情况下举行会
议。
The biographical details of each of the Directors are set out in the
section headed “Biographies of Directors and Senior Management”
of this anual report.
Dr. Ko, the Chairman, an executive Director and the CEO, is the
spouse of Ms. Cheung who is an executive Director. Dr. Ko and Ms.
Cheung are the parents of Mr. CK Ko, the non-executive Director.
Save as disclosed above, there was no financial, busines, family or
other material relationship among the Directors during the Year.
The INEDs have brought in a wide range of busines and financial
expertise, experience and independent judgement to the Board.
Through active participation in the Board metings and serving on
various Board comites, al INEDs wil continue to make various
contributions to the Company.
Throughout the Year, the Company had thre INEDs, meting the
requirements of the Listing Rules that the Board must include at
least thre INEDs and the number of INEDs must represent at least
one-third of the Board members, and that at least one of the INEDs
has apropriate profesional qualifications or acounting or related
financial management expertise.
The Company has received an anual confirmation of independence
in writing from each of the INEDs pursuant to Rule 3.13 of the
Listing Rules. Based on such confirmation and not aware of any
adverse event, the Company considers that al the INEDs are
independent and have met the independence guidelines as set out
in Rule 3.13 of the Listing Rules.
Board Independence
The Board has established mechanisms to ensure independent views
and inputs are available to the Board when it discharges its duties.
Such mechanisms include:
1. Anual evaluation of training sesions undertaken by each of
the Director during the financial year;
2. Obtaining advice from external advisers when and where
required;
3. A Director (including an independent non-executive Director)
who has a material interest in a contract, arangement or
other proposal shal abstain from voting or be counted in the
quorum on any Board resolution aproving the same; and
4. The chairman of the Board mets with the independent non-
executive Directors anualy without the presence of the
executive Director and non-executive Directors.
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事就职及持续专业发展
董事于首次获委任时均将获得正式、全面及度身
订制的就职指引，以确保彼对本公司的营运及业
务有适当的理解，且彼已完全知悉董事在成文法
及普通法、上市规则、其他法律及监管规定以及
本公司的业务及管治政策下的责任。
本公司不时为全体董事斥资安排合适培训，以发
展及更新彼等有关彼等职责及责任之知识及技
巧，从而在知情况下为董事会作出切合需要的
贡献。本公司亦鼓励全体董事参加相关培训课
程，费用由本公司承担，且全体董事已被要求向
本公司提供其培训记录。根据本公司存置之培训
记录，所有董事，即高博士、张女士、高俊杰先
生、陈昌达先生、谢嘉颖女士及何志诚先生，均
于本年度通过阅读有关经济、一般业务、企业管
治及董事职责和责任的报章、期刊和最新消息
及╱或参加由香港专业团体组织的培训课程，参
加了持续专业发展。
会议及董事出席记录
董事会预定每年举行四次会议，大约每季举行一
次，并最少于会议十四天前向董事发出通知。有
关所有其他董事会议，将事先于合理时间内发
出通知。董事获准于议程内提出任何须于董事会
会议上讨论及议决之事宜。为使董事适当知悉每
次董事会议提出之事宜并作出知情决定，最少
于董事会议预定日期三天前或其他协定期间前
向全体董事发出议程及随附董事会文件。公司秘
书负责保管所有董事会议记录。于每次董事会
会议后合理期间内提供董事会议记录稿本及最
终定稿予董事传阅，以便董事给予意见并进行记
录，而最终版本可公开供董事查阅。
Directors’ Induction and Continuous Profesional
Development
Directors wil receive a formal, comprehensive and tailored induction
on the first ocasion of his/her apointment to ensure that
he/she has a proper understanding of the Company’s operations
and busines and is fuly aware of the director’s responsibilities
under statute and comon law, the Listing Rules, other legal
and regulatory requirements and the Company’s busines and
governance policies.
The Company from time to time fund and arange suitable
training to al Directors to develop and refresh their knowledge
and skils in relation to their duties and responsibilities, such that
their contribution to the Board remains informed and relevant. Al
Directors are also encouraged to atend relevant training courses at
the Company’s expense and they have ben requested to provide
the Company with their training records. Acording to the training
records maintained by the Company, al Directors, namely Dr. Ko,
Ms. Cheung, Mr. CK Ko, Mr. Chan Cheong Tat, Ms. Tse Ka Wing
and Mr. Ho Chi Shing, had participated in continuous profesional
development during the Year by reading newspapers, journals
and updates relating to the economy, general busines, corporate
governance and directors’ duties and responsibilities and/or
atending training sesions organised by profesional bodies in Hong
Kong.
Metings and Directors’ Atendance Records
The Board is scheduled to met four times a year at aproximately
quarterly intervals with notice given to the Directors at least 14 days
in advance. For al other Board metings, notice wil be given in a
reasonable time in advance. The Directors are alowed to include any
mater in the agenda that is required for discusion and resolution at
the Board meting. To enable the Directors to be properly briefed on
isues arising at each of the Board metings and to make informed
decisions, an agenda and the acompanying Board papers wil be
sent to al Directors at least thre days before the intended date of
the Board meting, or such other period as agred. The Company
Secretary is responsible for keping al Board metings’ minutes.
Draft and final versions of the Board metings’ minutes wil be
circulated to the Directors for their coment and record respectively
within a reasonable time after each Board meting and the final
version is open for the Directors’ inspection.
| Name of Directors | 董事姓名 | No. of Attendance/ No. of Board Meetings 出席次数╱ 董事会 会议次数 | No. of Attendance/ No. of General Meeting 出席次数╱ 股东大会次数 |
|---|
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会于本年度内共举行四次会议，内容有关
（其中包括）考虑及批准本集团截至2024年3月31
日止年度之经审核综合财务报表及本集团截至
2024年9月30日止六个月之未经审核简明综合财
务报表。
本公司于本年度内举行了一次股东大会。
于本年度，各董事的董事会议及已举行股东大
会出席记录如下：
The Board held four metings during the Year and, amongst other
maters, considered and aproved the audited consolidated financial
statements of the Group for the year ended 31 March 2024 and
the unaudited condensed consolidated financial statements of the
Group for the six months ended 30 September 2024.
One general meting of the Company was held during the Year.
The atendance of each Director at the Board metings and the
general meting held during the Year is as folows:
Dr. Ko高博士4/41/1
Ms. Cheung张女士4/41/1
Mr. CK Ko高俊杰先生4/41/1
Mr. Chan Cheong Tat陈昌达先生4/41/1
Ms. Tse Ka Wing谢嘉颖女士4/41/1
Mr. Ho Chi Shing何志诚先生4/41/1
Board Diversity Policy
The Board has adopted a policy relating to Board diversity and
discused al measurable objectives set for implementing the same.
The Company recognises and embraces the benefits of a diversity
of Board members. It endeavours to ensure that the Board
has a balance of skils, experience and diversity of perspectives
apropriate to the requirements of the Company’s busines. Al the
apointments of the Board members shal be based on the positive
contribution to be brought by the proposed candidate to the
Company, its subsidiaries and/or its afiliated companies. Selection
of candidates wil be based on a range of diversity perspectives,
including but not limited to gender, age, cultural and educational
background, ethnicity, profesional experience, skils, knowledge and
length of service. The ultimate decision wil be based on merit and
contribution that the selected candidates wil bring to the Board.
董事会多元化政策
董事会已采纳有关董事会多元化的政策并讨论为
实施该政策所设立的所有可计量目标。
本公司明白并深信董事会成员多元化之利益，并
致力确保董事会具备适合本公司业务需求的均衡
技巧、经验及多元化观点。董事会成员的所有
委任均应根据建议候选人对本公司、其附属公司
及╱或其联属公司的积极贡献作出。甄选候选人
将按一系列多元化范畴为基准，包括但不限于性
别、年龄、文化及教育背景、种族、专业经验、
技能、知识及服务年期。最终决定将视乎入选候
选人将为董事会带来的益处和贡献。
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
董事会目前由六名董事组成，其中两名为女性。
我们的多元化理念旨在避免董事会性别单一。一
名董事的年龄组别属30至39岁，一名董事的年
龄组别属40至49岁，两名董事的年龄组别属50
至59岁，两名董事的年龄组别属70至79岁。董
事背景包括工商管理、机电工程、经济金融、财
务管理、税务、会计、工程及法律。有鉴于此，
提名委员会认为董事会由具有多元化性别、年
龄、文化及教育背景、专业╱业务经验、技能及
知识的成员所组成。董事会认为已实现性别多元
化。
本集团的性别多元化
目前，本集团共有员工238名，其中男性190名
（约占79.8%），女性48名（约占20.2%）。由于本
集团的主要业务为提供机电工程服务，属劳动密
集型行业，因此本集团认为实现劳动力性别多元
化具有挑战性。尽管如此，通过本集团的招聘体
系，我们将努力在未来五年内实现女性员工达至
35%的性别多元化。
本集团目前高级管理人员共2人，均为男性。这
主要是由于本集团女性员工仅占约20.2%。未来
五年，本集团将继续在本集团内外物色优秀人
才，努力实现高级管理层的性别多元化。
主席及行政总裁
企业管治守则第C.2.1条之守则条文规定主席与
行政总裁的角色应予分开而不应由一人兼任。高
博士为主席兼行政总裁。彼自2000年起一直管
理本集团的业务并监督本集团的整体营运。董事
会认为由高博士身兼主席及行政总裁之职对本集
团的管理及业务发展有利，并将为本集团带来强
大而一贯的领导。董事会共有六名董事，其中三
名为独立非执行董事，彼等皆为合格的专业人士
及╱或经验丰富的人士。由于所有重大决策均与
定期召开会议以检讨本集团营运情况的所有董事
会成员协商后作出，并须经董事会多数批准通
过，董事会中的三名独立非执行董事审查重大决
策并提供独立的观点，因此董事会相信有充分保
障确保董事会内有足够的权力平衡。董事会将继
续于考虑本集团的整体状况后在认为适当及合适
的时候检讨及考虑分拆主席及行政总裁之职。
The Board curently comprises of six Directors, two of which are
female. Our diversity philosophy is to avoid a single gender Board.
One is in the age group of 30–39, one is in the age group of
40–49, two are in the age group of 50–59 and two in the age
group of 70–79. The background of our Directors includes busines
administration, E&M enginering, economics and finance, financial
management, tax, acountancy, enginering and law. In view of
these, the Nomination Comite was of the opinion that the Board
consisted of members with diversified gender, age, cultural and
education background, profesional/busines experience, skils and
knowledge. The Board is of the view that it has achieved gender
diversity.
GENDER DIVERSITY OF THE GROUP
The workforce of the Group curently comprises a total of 238
employes, of which 190 are male (aproximately 79.8%) and 48
are female (aproximately 20.2%). As the principal busines of the
Group is the provision of E&M enginering services, which is labour
intensive, the Group is of the view that it is chalenging to achieve
gender diversity in the workforce. Nevertheles, with the Group’s
recruitment system, we wil strive to achieve a gender diversity of
35% female employes in the coming five years.
The senior management of the Group curently comprises a total of
2 people, both of which are male. This is principaly due to the fact
that there are only aproximately 20.2% female employes in the
Group. The Group wil continue to source outstanding talents both
within and outside the Group to strive and achieve gender diversity
in the senior management level in the coming five years.
CHAIRMAN AND CHIEF EXECUTIVE
Code provision C.2.1 of the CG Code stipulates that the roles of
chairman and chief executive should be separate and should not be
performed by the same individual. Dr. Ko is the Chairman and the
CEO. He has ben managing the Group’s busines and supervising
the overal operations of the Group since 2000. The Board considers
that vesting the roles of the Chairman and the CEO in Dr. Ko is
beneficial to the management and busines development of the
Group and wil provide a strong and consistent leadership to the
Group. The Board has a total of six Directors and thre of them are
INEDs who are qualified profesionals and/or experienced individuals.
As al major decisions are made in consultation with al the Board
members who met on a regularly basis to review the operations of
the Group, and shal be aproved by majority aproval of the Board,
with the thre INEDs on the Board scrutinising important decisions
and ofering independent perspectives, the Board believes that
there are adequate safeguards in place to ensure suficient balance
of powers within the Board. The Board wil continue to review
and consider spliting the roles of the Chairman and the CEO at a
time when it is apropriate and suitable by taking into acount the
circumstances of the Group as a whole.
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
董事委员会
董事会已设立三个董事委员会，即审核委员会、
薪酬委员会及提名委员会，以监管本公司指定方
面之事务。董事委员会均获提供履行其职责之充
分资源。
审核委员会
审核委员会已设立，并遵照企业管治守则订立书
面职权范围。审核委员会的书面职权范围登载于
联交所及本公司各自的网站上。审核委员会由两
名独立非执行董事谢嘉颖女士及陈昌达先生以及
非执行董事高俊杰先生组成。谢女士为审核委员
会主席。
审核委员会的主要角色及职能包括但不限于：
- 、重新委任及罢免向
董事会提供建议，批准外聘核数师的薪酬
及聘用条款、及处理任何有关该核数师辞
职或辞退该核数师的问题；
• 按适用的标准检讨及监察外聘核数师是否
独立客观及核数程序是否有效；
• 于核数工作开始前先与核数师讨论核数性
质及范畴及有关申报责任；
• 就委聘外聘核数师提供非核数服务制定政
策，并予以执行；
- 、年度报告及账
目、半年度报告及（若拟刊发）季度报告的
完整性，并审阅报表及报告所载有关财务
申报的重大判断；
• 与本公司管理层讨论风险管理及内部监控
系统，确保管理层已履行职责建立有效的
系统。讨论内容应包括资源是否充足、员
工资历及经验是否足够，以及员工所接受
的培训课程及本集团在会计、内部审核及
财务申报职能方面的预算又是否充足；
BOARD COMITES
The Board has established thre Board comites, namely the Audit
Comite, the Remuneration Comite and the Nomination
Comite, to overse particular aspects of the Company’s afairs.
The Board comites are provided with suficient resources to
discharge their duties.
Audit Comite
The Audit Comite was established with writen terms of
reference in compliance with the CG Code. The writen terms of
reference of the Audit Comite are published on the respective
websites of the Stock Exchange and the Company. The Audit
Comite comprises two INEDs, namely Ms. Tse Ka Wing and Mr.
Chan Cheong Tat, and the non-executive Director Mr. CK Ko. Ms. Tse
is the chairperson of the Audit Comite.
The principal roles and functions of the Audit Comite include
but are not limited to:
‧ making recomendations to the Board on the apointment,
re-apointment and removal of the external auditor, and
aproving the remuneration and terms of engagement of the
external auditor, and handling any questions of resignation or
dismisal of that auditor;
‧ reviewing and monitoring the external auditor’s independence
and objectivity and the efectivenes of the audit proces in
acordance with aplicable standards;
‧ discusing with the auditors the nature and scope of the audit
and reporting obligations before the audit comences;
‧ developing and implementing a policy on the engagement of
an external auditor to suply non-audit services;
‧ monitoring the integrity of the Group’s financial statements,
anual report and acounts, half-year report and, if prepared
for publication, quarterly reports, and reviewing significant
financial reporting judgements contained in them;
‧ discusing the risk management and internal control systems
with the Company’s management to ensure that management
has performed its duty to have efective systems. This
discusion should include the adequacy of resources, staf
qualifications and experience, training programes and
budget of the Group’s acounting, internal audit and financial
reporting function;
| Name of Directors | 董事姓名 | No. of Attendance/ No. of Meetings 出席次数╱会议次数 |
|---|
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
- ；及
- ：本集团雇员
及该等与本集团有来往的人士（例如客户及
供应商）可暗中就财务申报、内部监控或其
他方面可能发生的不正当行为提出关注。
于本年度，审核委员会举行3次会议并考虑及批
准（其中包括）呈报予董事会以供其考虑及批准的
本集团截至2024年3月31日止年度之草拟经审核
综合财务报表及本集团截至2024年9月30日止六
个月之草拟未经审核简明综合财务报表，以及检
讨本集团的风险管理及内部监控系统、员工经验
是否充足、资历、本公司会计及财务汇报部门资
源、培训项目及预算以及重新委任外聘核数师。
于本年度，各董事以审核委员会成员身份出席会
议之记录如下：
‧ reviewing the Group’s financial and acounting policies and
practices; and
‧ reviewing arangements employes of the Group and those
who deal with the Group (e.g. customers and supliers)
can use, in confidence, to raise concerns about posible
improprieties in financial reporting, internal control or other
maters.
During the Year, thre Audit Comite metings were held and,
amongst other maters, considered and aproved for presentation
to the Board for consideration and aproval the draft audited
consolidated financial statements of the Group for the year ended
31 March 2024 and the draft unaudited condensed consolidated
financial statements of the Group for the six months ended 30
September 2024, as wel as reviewed the risk management and
internal control systems of the Group , adequacy of staf experience,
qualifications, resources of the Company’s acounting and
financial reporting departments, training programs and budget and
re-apointment of external auditor.
The atendance of each Director in the capacity of a member of the
Audit Comite at the metings held during the Year is as folows:
Ms. Tse Ka Wing谢嘉颖女士3/3
Mr. Chan Cheong Tat陈昌达先生3/3
Mr. CK Ko高俊杰先生3/3
Remuneration Comite
The Remuneration Comite was established with writen terms
of reference in compliance with the CG Code. The writen terms
of reference of the Remuneration Comite are published on the
respective websites of the Stock Exchange and the Company. The
Remuneration Comite comprises two INEDs, namely Mr. Ho Chi
Shing and Mr. Chan Cheong Tat, and an executive Director Dr. Ko.
Mr. Ho is the chairperson of the Remuneration Comite.
The principal roles and functions of the Remuneration Comite
include but are not limited to:
‧ making recomendations to the Board on the Company’s
policy and structure for al Directors’ and senior management’s
remuneration and on the establishment of a formal and
transparent procedure for developing a remuneration policy;
‧ reviewing and aproving the management’s remuneration
proposals by reference to the Board’s corporate goals and
objectives;
薪酬委员会
薪酬委员会已设立，并遵照企业管治守则订立其
书面职权范围。薪酬委员会书面职权范围刊载于
联交所及本公司各自的网站。薪酬委员会由两
名独立非执行董事何志诚先生及陈昌达先生及一
名执行董事高博士组成。何先生为薪酬委员会主
席。
薪酬委员会的主要角色及职能包括但不限于：
• 就本公司全体董事及高级管理人员的薪酬
政策及架构，及就设立正规而具透明度的
程序制订薪酬政策，向董事会提出建议；
• 因应董事会所订企业方针及目标而检讨及
批准管理层的薪酬建议；
| Name of Directors | 董事姓名 | No. of Attendance/ No. of Meetings 出席次数╱会议次数 |
|---|
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
提名委员会
提名委员会已设立，并遵照企业管治守则订立其
书面职权范围。提名委员会书面职权范围刊载于
联交所及本公司各自的网站。提名委员会由三名
独立非执行董事陈昌达先生、何志诚先生及谢嘉
颖女士（于2025年7月1日获委任）以及一名执行
董事高博士组成。陈先生为提名委员会主席。
‧ making recomendations to the Board on the remuneration
packages of individual executive Directors and senior
management. This should include benefits in kind,
pension rights and compensation payments, including any
compensation payable for los or termination of their ofice or
apointment;
‧ making recomendations to the Board on the remuneration
of non-executive Directors;
‧ ensuring that no Director or any of his/her asociates is
involved in deciding his/her own remuneration; and
‧ reviewing and/or aproving maters relating to the share
schemes under Chapter 17 of the Listing Rules.
During the Year, one Remuneration Comite meting was held
and, amongst other maters, made recomendations to the Board
on (i) the remuneration packages of individual executive Directors
and senior management; and (i) the remuneration of non-executive
Directors (including the INEDs).
The atendance of each Director in the capacity of a member of the
Remuneration Comite at the metings held during the Year is as
folows:
Mr. Ho Chi Shing何志诚先生1/1
Mr. Chan Cheong Tat陈昌达先生1/1
Dr. Ko高博士1/1
Nomination Comite
The Nomination Comite was established with writen terms
of reference in compliance with the CG Code. The writen terms
of reference of the Nomination Comite are published on the
respective websites of the Stock Exchange and the Company. The
Nomination Comite comprises thre INEDs, namely Mr. Chan
Cheong Tat, Mr. Ho Chi Shing and Ms. Tse Ka Wing (apointed
on 1 July 2025), and an executive Director, Dr. Ko. Mr. Chan is the
chairperson of the Nomination Comite.
• 向董事会建议个别执行董事及高级管理层
的薪酬待遇。此应包括非金钱利益、退休
金权利及赔偿金额（包括丧失或终止职务或
委任的赔偿）；
- ；
• 确保任何董事或其任何联系人不得参与厘
定其本身的薪酬；及
- ╱或批准有
关股份计划的事宜。
于本年度，薪酬委员会已召开1次会议，（其中包
括）向董事会就(i)个别执行董事及高级管理人员
的薪酬待遇；及(i)非执行董事（包括独立非执行
董事）的薪酬提出建议。
于本年度，各董事以薪酬委员会成员身份出席会
议之记录如下：
| Name of Directors | 董事姓名 | No. of Attendance/ No. of Meeting 出席次数╱会议次数 |
|---|
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
提名委员会的主要角色及职能包括但不限于：
- 、规模、组成
（包括技能、知识及经验）及成员多元化（包
括但不限于性别、年龄、文化及教育背景
或专业经验）一次，并就任何配合本集团的
企业策略而拟对董事会作出的变动提出建
议；
• 物色具备适合资格可担任董事会成员的人
士，并就甄选获提名担任董事的人士向董
事会提出建议；
• 评核独立非执行董事的独立性并审阅独立
非执行董事就其独立性作出的年度确认
书，并在本公司企业管治报告内披露其审
阅结果；
- （尤其是主席
及本集团行政总裁）的继任计划向董事会提
出建议；及
• 定期检讨董事会多元化政策并每年于本公
司企业管治报告内作出政策或政策概要的
披露。
于本年度，提名委员会已召开1次会议，（其中包
括）(i)检讨董事会的架构、规模、组成及多样性；
(i)检讨董事会多元化政策及提名政策；(i)评估
独立非执行董事的独立性；及(iv)检讨董事会于
股东周年大会上重新委任退任董事并就此提供建
议。
于本年度，各董事以提名委员会成员身份出席会
议之记录如下：
The principal roles and functions of the Nomination Comite
include but are not limited to:
‧ reviewing the structure, size, composition (including the skils,
knowledge and experience) and diversity (including but not
limited to gender, age, cultural and educational background
or profesional experience) of the Board at least anualy and
making recomendations on any proposed changes to the
Board to complement the Group’s corporate strategy;
‧ identifying individuals suitably qualified to become members
of the Board and making recomendations to the Board on
the selection of individuals nominated for directorships;
‧ asesing the independence of the INEDs and reviewing
the INEDs’ anual confirmations on their independence,
and making disclosure of its review results in the corporate
governance report of the Company;
‧ making recomendations to the Board on the apointment
or re-apointment of Directors and sucesion planing for
Directors, in particular the Chairman and the chief executive of
the Group; and
‧ reviewing the Board diversity policy periodicaly and making
disclosure of the policy or a sumary of the policy in the
corporate governance report of the Company anualy.
During the Year, one Nomination Comite meting was held and,
amongst other maters, (i) reviewed the structure, size, composition
and diversity of the Board; (i) reviewed the Board Diversity Policy
and Nomination Policy; (i) asesed the independence of the INEDs;
and (iv) reviewed and made recomendation to the Board on the
re-apointment of the retiring Directors at the AGM.
The atendance of each Director in the capacity of a member of the
Nomination Comite at the meting held during the Year is as
folows:
Mr. Chan Cheong Tat 陈昌达先生1/1
Mr. Ho Chi Shing 何志诚先生1/1
Dr. Ko高博士1/1
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
提名政策
提名程序
- ，并邀请董
事会成员提名的候选人（如有）供提名委员
会考虑。提名委员会亦可提名候选人供其
考虑。
- ，提
名委员会应对有关人士进行充分的尽职调
查，并提出建议，供董事会审议和批准。
- ，提
名委员会须提交建议供董事会考虑及作出
推荐，让建议候选人可于股东大会上膺选
连任。
(4) 董事会在一切关于推荐候选人在股东大会
参选的事宜上，拥有最后决定权。
股东可根据组织章程细则及适用的法律及规例于
股东大会上提名一名人士出选董事。有关此等建
议的程序于联交所及本公司网站刊载。
甄选标准
于就委任何建议候选人加入董事会或重新委任
任何董事会现有成员作出建议时，提名委员会考
虑多项因素评估建议候选人的合适性，包括（但
不限于）以下各项：
(a) 诚信；
(b) 于机电工程行业及其他相关领域的成就、
经验及声誉；
(c) 承诺就本公司的业务投入足够时间、兴趣
及关注；
(d) 董事会各方面的多元化，包括但不限于性
别、年龄、文化及教育背景、专业经验、
技能、知识和经验；
(e) 有能力协助和支持管理层，并对本公司的
成功作出重大贡献；
Nomination Policy
Nomination Procedures
(1) The secretary of the Nomination Comite shal convene a
meting, and invite nominations of candidates from Board
members (if any), for consideration by the Nomination
Comite. The Nomination Comite may also nominate
candidates for its consideration.
(2) In the context of apointment of any proposed candidate
to the Board, the Nomination Comite shal undertake
adequate due diligence in respect of such individual and make
recomendations for the Board’s consideration and aproval.
(3) In the context of re-apointment of any existing member(s)
of the Board, the Nomination Comite shal make
recomendations to the Board for its consideration and
recomendation, for the proposed candidates to stand for re-
election at a general meting.
(4) The Board shal have the final decision on al maters relating
to its recomendation of candidates to stand for election at a
general meting.
Shareholders may also nominate a person to stand for election as
a Director at a general meting in acordance with the Articles of
Asociation and aplicable laws and regulations. The procedures for
such proposal are posted on the respective websites of the Stock
Exchange and the Company.
Selection Criteria
When making recomendations regarding the apointment of any
proposed candidate to the Board or re-apointment of any existing
member(s) of the Board, the Nomination Comite shal consider
a variety of factors including without limitation the folowing in
asesing the suitability of the proposed candidate:
(a) reputation for integrity;
(b) acomplishment, experience and reputation in the E&M
enginering industry and other relevant sectors;
(c) comitment in respect of suficient time, interest and
atention to the Company’s busines;
(d) diversity in al aspects, including but not limited to gender,
age, cultural and educational background, profesional
experience, skils, knowledge and experience;
(e) the ability to asist and suport management and make
significant contributions to the Company’s suces;
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
(f) 符合上市规则第3.13条就委任独立非执行
董事所规定的独立性准则；及
(g) 提名委员会或董事会不时决定的任何其他
相关因素。
企业管治职能
审核委员会负责履行企业管治守则守则条文所载
的企业管治职能，其中包括：
• 制定及审阅本公司的企业管治政策及常
规，并向董事会提出建议；
• 审阅及监察董事及高级管理人员的培训及
持续专业发展；
• 审阅及监察本公司于遵守法律及监管规定
方面的政策及常规；
- 、审阅及监察适用于雇员及董事的行
为守则及合规手册（如有）；及
• 审阅本公司遵守企业管治守则的情况以及
本报告内的披露事项。
董事委任及重选
各执行董事已与本公司订立服务合约，任期自
2022年9月18日起为期三年。各独立非执行董事
及非执行董事已与本公司签订委任函，任期自
2022年9月18日起为期三年。
概无董事与本公司订有不可由本公司于一年内终
止而毋须赔偿（法定赔偿除外）的任何服务合约或
委任函。
(f) compliance with the criteria of independence as prescribed
under Rule 3.13 of the Listing Rules for the apointment of an
INED; and
(g) any other relevant factors as may be determined by the
Nomination Comite or the Board from time to time.
CORPORATE GOVERNANCE FUNCTIONS
The Audit Comite is responsible for performing the corporate
governance functions as set out in code provision of the CG Code,
which include:
‧ developing and reviewing the Company’s policies and practices
on corporate governance and making recomendations to the
Board;
‧ reviewing and monitoring the training and continuous
profesional development of the Directors and senior
management;
‧ reviewing and monitoring the Company’s policies and practices
on compliance with legal and regulatory requirements;
‧ developing, reviewing and monitoring the code of conduct
and compliance manual (if any) aplicable to employes and
the Directors; and
‧ reviewing the Company’s compliance with the CG Code and
disclosure in this report.
APOINTMENT AND RE-ELECTION OF
DIRECTORS
Each of the executive Directors has entered into a service contract
with the Company for a term of thre years with efect from 18
September 2022. Each of the INEDs and the non-executive Director
has entered into a leter of apointment with the Company for a
term of thre years comencing on 18 September 2022.
None of the Directors has a service contract or leter of apointment
with the Company which is not determinable by the Company
within one year without payment of compensation (other than
statutory compensation).
| Remuneration band (in HK$) | 薪酬范围（以港元计） | Number of individuals 人数 |
|---|
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
根据组织章程大纲及组织章程细则，所有董事
（包括独立非执行董事）均须轮席退任，惟符合资
格膺选连任。于每届股东周年大会上，三分之一
的现任董事（或如董事人数并非三或三的倍数，
则最接近但不少于三分之一的人数）须轮席退
任，惟每位董事（包括按特定任期委任之董事）须
最少每三年于股东周年大会上退任一次。退任董
事符合资格膺选连任。轮席退任的董事须包括
（就确定轮席退任的董事人数而言属必须）愿意退
任且不再参与膺选连任的任何董事。按此退任的
任何其他董事乃自彼等上次连任或委任起计任期
最长的董事，倘有多位人士于同日出任或连任董
事，则将予退任的董事（除非彼等之间另行协定）
须以抽签决定。
任何获董事会委任以填补临时空缺的董事仅可任
职至其委任后的本公司首次股东大会为止，并可
于有关大会上膺选连任。任何获董事会委任作
为增补现有董事会的董事，任期将仅直至本公司
下届股东周年大会，并合资格于该大会上重选连
任。
董事及高级管理人员薪酬
于本年度，董事之薪酬详情载于综合财务报表附
注9。
根据企业管治守则之守则条文第E.1.5条，本年
度高级管理层成员（董事除外）（有关详情载于年
度报告「董事及高级管理人员履历」一节内）的薪
酬范围载列如下：
Al the Directors, including INEDs, are subject to retirement
by rotation and eligible for re-election in acordance with the
Memorandum of Asociation and Articles of Asociation. At each
AGM, one-third of the Directors for the time being (or, if their
number is not thre or a multiple of thre, then the number nearest
to but not les than one-third) shal retire from ofice by rotation
provided that every Director (including those apointed for a specific
term) shal be subject to retirement by rotation at least once every
thre years. A retiring Director shal be eligible for re-election. The
Directors to retire by rotation shal include (so far as necesary to
obtain the number required) any Director who wishes to retire and
not to ofer himself/herself for re-election. Any further Directors so
to retire shal be those who have ben the longest in ofice since
their last re-election or apointment and so that as betwen persons
who became or were last re-elected Directors on the same day,
those to retire shal (unles they otherwise agre among themselves)
be determined by lot.
Any Director apointed by the Board to fil a casual vacancy shal
hold ofice only until the first general meting of the Company
after his/her apointment and shal be subject to re-election at such
meting. Any Director apointed by the Board as an adition to the
existing Board shal hold ofice only until the next folowing AGM
and shal then be eligible for re-election.
REMUNERATION OF DIRECTORS AND SENIOR
MANAGEMENT
Particulars of the Directors’ remuneration for the Year are set out in
note 9 to the consolidated financial statements.
Pursuant to code provision E.1.5 of the CG Code, the remuneration
of the members of the senior management (other than the Directors)
whose particulars are contained in the section headed “Biographies
of Directors and Senior Management” of this anual report for the
Year by band is set out below:
1,000,001 to 1,500,0001,000,001至1,500,0002
INDEPENDENT AUDITOR’S REMUNERATION
For the Year, Deloite Touche Tohmatsu (“Deloite”) was engaged as
the Group’s independent auditor.
独立核数师薪酬
于本年度，德勤•关黄陈方会计师行（「德勤」）获
委任为本集团独立核数师。
| Services | 服务 | Fee paid/payable 已付╱应付费用 HK$’000 千港元 |
|---|
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
于本年度，就审计及非审计服务已付╱应付德勤
的酬金载列如下：
The remuneration paid/payable to Deloite for audit and non-audit
services in respect of the Year is set out below:
Audit services – Anual audit审计服务－年度审计550
Non-audit services非审计服务
– Tax services fe－税务服务费61
– Interim review－中期审阅150
Total总计761
DIRECTORS’ RESPONSIBILITY FOR THE
FINANCIAL STATEMENTS
The Directors acknowledge their responsibility for the preparation of
the consolidated financial statements of the Group for the Year.
The Directors were not aware of any material uncertainties relating
to events or conditions that may cast significant doubt upon the
Company’s ability to continue as a going concern.
In adition, Deloite has stated in the independent auditor’s report
its reporting responsibilities on the Group’s consolidated financial
statements for the Year.
RISK MANAGEMENT AND INTERNAL CONTROL
The Board is responsible for evaluating and determining the nature
and extent of the risks that the Company is wiling to take in
achieving the Company’s strategic objectives, and ensuring that
the Company establishes and maintains apropriate and efective
risk management and internal control systems. The Board overses
management in the design, implementation and monitoring of
the risk management and internal control systems. The Board
acknowledges that such risk management and internal control
systems are designed to manage, rather than eliminate the risks
of failure to achieve busines objectives, and can only provide
reasonable but not absolute asurance against material mistatement
or los. The Group has established an enterprise risk management
policy in order to provide sound and efective risk management.
This sets out a framework for the identification, analysis, evaluation,
treatment, monitoring and reporting of the Group’s key risks,
with a view to suporting the achievement of the Group’s overal
strategic objectives. The Company does not have an internal audit
department. The Board has reviewed the ned for an internal audit
function and curently takes the view that there is no imediate
ned to set up an internal audit function in light of the size, nature
and complexity of the Group’s busines. The ned for an internal
audit function wil be reviewed from time to time.
董事对财务报表的责任
董事深知彼等有责任编制本集团于本年度之综合
财务报表。
董事并不知悉有关可能引致对本集团持续经营的
能力产生重大怀疑的事项或情况的任何重大不确
定性。
此外，德勤已于独立核数师报告述明对本集团于
本年度之综合财务报表之申报责任。
风险管理及内部监控
董事会负责评估及厘定本公司达成战略目标时所
愿意承担的风险性质及程度，并确保本公司建立
及维持适当及有效的风险管理及内部监控系统。
董事会监督管理层对风险管理及内部监控系统的
设计、实施及监察。董事会知悉有关风险管理及
内部监控系统旨在管理而非消除未能达成业务
目标的风险，且仅可就重大失实陈述或亏损作出
合理而非绝对的保证。本集团已制定企业风险管
理政策，以提供完善及有效的风险管理。这为确
定、分析、评估、处理、监控及汇报本集团的关
键风险建立了框架，协助实现本集团整体战略目
标。本公司并无设立内部审核部门。鉴于本集团
的业务规模、性质及复杂性，董事会已审查内部
审计职能的必要性，且目前认为并无设立内部审
核职能的即时需要。设立内部审核职能的需要将
不时予以检讨。
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
鉴于本集团业务及营运规模，为采纳最具成本效
益的方法对本集团内部监控及风险管理系统进行
定期检讨，董事会已委聘独立顾问公司以执行内
部审核职能。独立顾问已对本年度本集团风险管
理及财务申报程序、系统及监控的有效性进行检
讨。独立顾问公司发出的报告已经审核委员会及
董事会审阅，并无提出需改进的重大事宜。
董事会透过审核委员会，检讨本集团风险管理及
内部监控系统的成效，涵盖所有重大监控措施，
包括财务、营运、策略及合规监控，并已考虑本
公司在会计及财务申报职能方面的资源、员工资
历及经验是否足够，以及员工所接受的培训课程
及有关预算是否充足。董事会认为本集团之风险
管理及内部监控系统属充足及有效。董事预计将
每年对风险管理及内部监控系统进行检讨。
内幕消息披露
本集团知悉其根据证券及期货条例及上市规则所
应履行的责任，整体原则是凡涉及内幕消息，必
须在有所决定后即时公布。处理及发布内幕消息
的程序及内部监控措施如下：
• 本集团处理事务时会充分考虑上市规则下
的披露规定以及证监会于2012年6月颁布
的「内幕消息披露指引」；
- 、公告及本公司网
站等途径向公众披露广泛及非独家资料，
以实施并披露其公平披露政策；
• 本集团已严格禁止未经授权使用机密或内
幕消息；及
• 本集团已就外界查询本集团事务建立及执
行回应程序，据此，只有执行董事、公司
秘书及本公司首席财务官方获授权与本集
团外部人士沟通。
In view of the Group’s busines and scale of operations, and in order
to adopt the most cost-efective method of conducting periodic
reviews of the Group’s internal control and risk management
systems, the Board has engaged an independent consultant firm
to execute the internal audit function. Independent consultant
has conducted a review of the efectivenes of the Group’s
risk management and financial reporting procedures, systems
and control for the Year. The report isued by the independent
consultant firm was reviewed by the Audit Comite and the
Board and no major isue was raised for improvement.
The Board, through the Audit Comite, has conducted a review
of the efectivenes of the risk management and internal control
systems of the Group covering al material controls, including
financial, operational, strategic and compliance controls and has
considered the adequacy of resources, staf qualifications and
experience, training programes and budget of the Company’s
acounting and financial reporting functions. The Board considers
that the Group’s risk management and internal control systems
are adequate and efective. The Board expects that a review of the
risk management and internal control systems wil be performed
anualy.
DISCLOSURE OF INSIDE INFORMATION
The Group acknowledges its responsibilities under the SFO and the
Listing Rules and the overiding principle that inside information
should be anounced promptly when it is the subject of a decision.
The procedures and internal controls for the handling and
disemination of inside information are as folows:
‧ the Group conducts its afairs with close regard to the
disclosure requirement under the Listing Rules as wel as the
“Guidelines on Disclosure of Inside Information” published by
the SFC in June 2012;
‧ the Group has implemented and disclosed its policy on fair
disclosure by pursuing broad, non-exclusive distribution of
information to the public through chanels such as financial
reporting, public anouncements and the Company’s website;
‧ the Group has strictly prohibited unauthorised use of
confidential or inside information; and
‧ the Group has established and implemented procedures for
responding to external enquiries about the Group’s afairs, so
that only the executive Directors, the Company Secretary and
the chief financial oficer of the Company are authorised to
comunicate with parties outside the Group.
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
公司秘书
公司秘书为郑志伟先生（「郑先生」）。郑先生的履
历详情载于本年报「董事及高级管理人员履历」一
节。
于本年度，郑先生已遵守上市规则第3.29条接受
不少于15小时的相关专业培训。
全体董事会成员均可取得公司秘书的意见及服
务。委任及罢免公司秘书须经董事会批准。
股东权利
在股东大会上提呈议案的程序
欢迎股东就本集团的营运、策略及╱或管理提出
议案以于股东大会上讨论。有关议案可透过书面
要求向董事会或公司秘书发出。然而，有意提出
议案或动议决议案的股东可按照下文所载「由股
东召开股东特别大会的程序」召开股东特别大会
（「股东特别大会」）。
由股东召开股东特别大会的程序
任何一位或以上于递呈要求当日持有不少于本公
司缴足股本（具本公司股东大会之投票权）十分之
一的股东（「合资格股东」）于任何时候有权透过向
董事会或公司秘书发出书面要求，要求董事会召
开股东特别大会，以处理该要求中指明的任何事
务，包括于股东特别大会上提出议案或动议决议
案。
有意召开股东特别大会以于股东特别大会上提出
议案或动议决议案的合资格股东必须向本公司于
香港的主要营业地点递呈经相关合资格股东（「递
呈要求人士」）签署的书面要求（「要求」），注明由
公司秘书收。
要求必须列明相关递呈要求人士的姓名或名称、
其于本公司的持股量、召开股东特别大会的理由
及所建议的议程。
COMPANY SECRETARY
The Company Secretary is Mr. Cheng Chi Wai (“Mr. Cheng”).
Details of the biography of Mr. Cheng are set out in the section
headed “Biographies of Directors and Senior Management” in this
anual report.
Mr. Cheng has taken no les than 15 hours of relevant profesional
training during the Year pursuant to Rule 3.29 of the Listing Rules.
Al members of the Board can have aces to the advice and services
of the Company Secretary. The apointment and removal of the
Company Secretary has ben/wil be subject to the Board’s aproval.
SHAREHOLDERS’ RIGHTS
Procedures for Puting Forward Proposals at
Shareholders’ Metings
Shareholders are welcome to sugest proposals relating to the
operations, strategy and/or management of the Group to be
discused at Shareholders’ meting. Proposals may be sent to the
Board or the Company Secretary by writen requisition. Shareholders
who wish to make proposals or move a resolution may, however,
convene an extraordinary general meting (the “EGM”) in
acordance with the “Procedures for Shareholders to Convene an
EGM” set out below.
Procedures for Shareholders to Convene an EGM
Any one or more Shareholders holding at the date of deposit of the
requisition not les than 10% of the paid-up capital of the Company
carying the right of voting at general metings of the Company
(the “Eligible Shareholder(s)”) shal at al times have the right,
by writen requisition to the Board or the Company Secretary, to
require an EGM to be caled by the Board for the transaction of any
busines specified in such requisition, including making proposals or
moving a resolution at the EGM.
Eligible Shareholder(s) who wish(es) to convene an EGM for the
purpose of making proposals or moving a resolution at the EGM
must deposit a writen requisition (the “Requisition”) signed by the
Eligible Shareholder(s) concerned (the “Requisitionist(s)”) at the
principal place of busines of the Company in Hong Kong for the
atention of the Company Secretary.
The Requisition must state clearly the name(s) of the Requisitionist(s)
concerned, his/her/their shareholding in the Company, the reason(s)
to convene an EGM and the proposed agenda.
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
本公司将检查要求，并向本公司的香港股份过户
登记分处核实递呈要求人士的身份及持股量。若
要求属适当及妥当，则公司秘书将请求董事会于
递呈要求日期后2个月内召开股东特别大会及╱
或将递呈要求人士所提出的议案或所提呈的决议
案列入股东特别大会的议程。相反，若要求被核
实为不妥当，则递呈要求人士将获告知有关结
果，且董事会或公司秘书因此不会召开股东特别
大会或将递呈要求人士所提出的议案或所提呈的
决议案列入股东特别大会的议程。
若于递呈要求当日起21日内，董事会或公司秘
书没有开展召开股东特别大会的程序，则递呈要
求人士可自发以同样方式作出此举，而递呈要求
人士因董事会或公司秘书未有召开股东特别大会
而产生的所有合理开支应由本公司向递呈要求人
士偿付。
股东向董事会提出查询的程序
股东可向本公司的香港股份过户登记分处卓佳证
券登记有限公司（地址为香港夏悫道16号远东金
融中心17楼）提出有关其持股量的查询、发出更
改通讯地址的通知或作出股息╱分派指示。
股东可向本公司的香港主要营业地点香港新界荃
湾海盛路3号TML广场19楼A室邮递其向董事会
提出的查询及关注，注明由公司秘书收。
若接获查询，公司秘书将按以下方式转交通讯：
1. 向执行董事转交在董事会职权范围内的事
宜；
2. 向相关董事委员会的主席转交在该委员会
职责范围内的事宜；及
3. 向本公司的相关管理人员转交日常业务事
宜，例如建议、查询及顾客投诉。
The Company wil check the Requisition and the identity and
shareholding of the Requisitionist(s) wil be verified with the
Company’s branch share registrar in Hong Kong. If the Requisition
is found to be proper and in order, the Company Secretary wil
ask the Board to convene an EGM and/or include the proposal(s)
made or the resolution(s) proposed by the Requisitionist(s) at the
EGM within 2 months after the deposit of the Requisition. On the
contrary, if the Requisition has ben verified as not in order, the
Requisitionist(s) wil be advised of the outcome and acordingly,
the Board or the Company Secretary wil not cal for an EGM nor
include the proposal(s) made or the resolution(s) proposed by the
Requisitionist(s) at the EGM.
If within 21 days of the deposit of the Requisition, the Board or
the Company Secretary fails to proced to convene an EGM, the
Requisitionist(s) himself/herself/themselves may do so in the same
maner, and al reasonable expenses incured by the Requisitionist(s)
as a result of the failure of the Board or the Company Secretary to
convene the EGM shal be reimbursed to the Requisitionist(s) by the
Company.
Procedures for Shareholders to Send Enquiries to
the Board
Shareholders may direct their enquiries about their shareholdings
or their notification of change of corespondence adres or their
dividend/distribution instructions to the Company’s branch share
registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far
East Finance Centre, 16 Harcourt Road, Hong Kong.
Shareholders may send their enquiries and concerns to the Board
by post to the principal place of busines of the Company in Hong
Kong at Unit A, 19/F, TML Tower, No. 3 Hoi Shing Road, Tsuen
Wan, New Teritories, Hong Kong, for the atention of the Company
Secretary.
Upon receipt of the enquiries, the Company Secretary wil forward
the comunications relating to:
- ’s purview to the executive
Directors;
- ’s area of responsibility
to the chairperson of the apropriate comite; and
- , such as sugestions, enquiries and
customer complaints to the apropriate management of the
Company.
高升集团控股有限公司 2025年报
CORPORATE GOVERNANCE REPORT 企业管治报告
股息政策
于建议或宣派股息时，董事会已采纳股息政策，
且根据组织章程大纲及组织章程细则以及所有适
用法律法规及下列因素的规定，董事会有权宣派
及分派股息予股东。
董事会在考虑宣派或建议股息时，应同时考虑下
列有关本集团的因素：
(a) 盈利及财务状况；
(b) 财务业绩；
(c) 现金流量状况；
(d) 业务状况及策略；
(e) 未来营运要求；
(f) 资本要求及支出计划；
(g) 股东利益；
(h) 总体经济状况、政治状况及其他或会影响
本集团未来业务及财务表现的其他外部因
素；
(i) 对派息施加的任何限制；及
(j) 董事会可能认为相关的其他因素。
视乎本集团的财务状况以及上述条件及因素，董
事会可于财政年度或期间建议及╱或宣派股息作
为：
(a) 中期股息；
(b) 末期股息；
(c) 特别股息；及
(d) 任何董事会认为合适之纯利之任何分派。
DIVIDEND POLICY
The Board has adopted a dividend policy that in recomending or
declaring dividends and has the discretion to declare and distribute
dividends to the Shareholders, subject to the Memorandum of
Asociation and Articles of Asociation and al aplicable laws and
regulations and the factors set out below.
The Board shal also take into acount the folowing factors of the
Group when considering the declaration or recomendation of
dividends:
(a) earnings and financial condition;
(b) financial results;
(c) cash flow situation;
(d) busines conditions and strategies;
(e) future operations requirements;
(f) capital requirements and expenditure plans;
(g) interests of Shareholders;
(h) the general economic and political conditions and other
external factors that may have an impact on the future
busines and financial performance of the Group;
(i) any restrictions on payment of dividends; and
(j) any other factors that the Board may consider relevant.
Depending on the financial conditions of the Group and the
conditions and factors as set out above, dividends may be proposed
and/or declared by the Board for a financial year or period:
(a) interim dividend;
(b) final dividend;
(c) special dividend; and
(d) any distribution of net profits that the Board may dem
apropriate.
Acel Group Holdings Limited Anual Report 2025
CORPORATE GOVERNANCE REPORT 企业管治报告
任何财政年度的末期股息均须由股东批准。本公
司可以董事会认为合适的形式宣派及派付股息，
包括现金或代息股份或其他形式。任何未领取的
股息应被没收及应根据组织章程大纲及组织章程
细则复归本公司。概不保证于各年度或任何年度
将宣派或派付相应金额或任何金额的股息。
与股东的沟通
本公司已采纳一项股东沟通政策，以确保股东平
等和及时地取得有关本公司的资料，从而让股东
以知情的方式行使其权利，同时积极参与本公司
的事务。
本公司将透过财务报告、通函、可能召开的股东
周年大会及股东特别大会以及所有向联交所提交
并发表的披露资料向股东提供资料。
于本年度，本公司已检讨股东沟通政策的实施及
成效，并认为其有效。
组织章程文件
截至2025年3月31日止年度，本公司并无对其组
织章程文件作出任何修订。组织章程大纲及组织
章程细则于联交所及本公司各自的网站上可供查
阅。
董事会建议修订现有组织章程细则，以（其中包
括）使组织章程细则符合上市规则中关于进一步
扩大无纸化上市机制及库存股份的相关修订；并
对组织章程细则进行其他内务及杂项修订。
Any final dividend for a financial year wil be subject to Shareholders’
aproval. The Company may declare and pay dividends by way of
cash or scrip or by other means that the Board considers apropriate.
Any dividend unclaimed shal be forfeited and shal revert to the
Company in acordance with the Memorandum of Asociation and
Articles of Asociation. There can be no asurance that dividends
of such amount or any amount wil be declared or distributed each
year or in any year.
COMUNICATION WITH THE SHAREHOLDERS
The Company has adopted a Shareholders comunication policy
with the objective of ensuring that the Shareholders wil have equal
and timely aces to information about the Company in order to
enable the Shareholders to exercise their rights in an informed
maner and alow them to engage actively with the Company.
Information wil be comunicated to the Shareholders through the
Company’s financial reports, circulars, AGMs and EGMs that may be
convened as wel as al the published disclosures submited to the
Stock Exchange.
During the Year, the Company reviewed the implementation
and efectivenes of the Shareholders comunication policy and
considered it to be efective.
CONSTITUTIONAL DOCUMENTS
During the year ended 31 March 2025, the Company has not made
any changes to its constitutional documents. The Memorandum of
Asociation and Articles of Asociation is available on the respective
websites of the Stock Exchange and the Company.
The Board proposes to amend the existing Articles of Asociation for
the purposes of, among others, bringing the Articles of Asociation
in line with the relevant amendments of the Listing Rules in relation
to the further expansion of the paperles listing regime and treasury
shares; and make other housekeping and miscelaneous amendments
to the Articles of Asociation.
高升集团控股有限公司 2025年报
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
致高升集团控股有限公司股东
（于开曼群岛注册成立的有限公司）
意见
我们已审核载于第78至160页的高升集团控股有
限公司（「贵公司」）及其附属公司（统称「贵集团」）
之综合财务报表，此综合财务报表包括于2025
年3月31日之综合财务状况表与截至该日止年度
之综合损益及其他全面收益表、综合权益变动表
及综合现金流量表，以及综合财务报表附注（包
括重大会计政策资料及其他说明资料）。
我们认为，综合财务报表已根据香港会计师公会
（「香港会计师公会」）颁布之香港财务报告会计准
则对 贵集团于2025年3月31日的综合财务状况
以及截至该日止年度之综合财务表现及综合现金
流量作出真实而公平的反映，并已根据香港公司
条例的披露规定妥为编制。
意见基准
我们根据香港会计师公会颁布之香港核数准则
（「香港核数准则」）进行审核。我们于该等准则项
下之责任于本报告「核数师就审核综合财务报表
须承担之责任」一节详述。我们根据香港会计师
公会之专业会计师道德守则（「守则」）独立于 贵
集团，我们已遵照守则履行我们的其他道德责
任。我们相信我们所获得的审核凭证乃充足和适
当地为我们的意见提供基础。
关键审核事项
关键审核事项是根据我们的专业判断，认为于审
核当期综合财务报表时最重要的事项。该等事项
于我们审核整份综合财务报表并就此形成我们的
意见的情况下处理，而我们概不会就该等事项提
供单独意见。
TO THE MEMBERS OF
ACEL GROUP HOLDINGS LIMITED
(incorporated in the Cayman Islands with limited liability)
OPINION
We have audited the consolidated financial statements of Acel
Group Holdings Limited (the “Company”) and its subsidiaries
(colectively refered to as the “Group”) set out on pages 78 to 160,
which comprise the consolidated statement of financial position
as at 31 March 2025, and the consolidated statement of profit or
los and other comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the
year then ended, and notes to the consolidated financial statements,
including material acounting policy information and other
explanatory information.
In our opinion, the consolidated financial statements give a true and
fair view of the consolidated financial position of the Group as at 31
March 2025, and of its consolidated financial performance and its
consolidated cash flows for the year then ended in acordance with
HKFRS Acounting Standards as isued by the Hong Kong Institute
of Certified Public Acountants (“HKICPA”) and have ben properly
prepared in compliance with the disclosure requirements of the
Hong Kong Companies Ordinance.
BASIS FOR OPINION
We conducted our audit in acordance with Hong Kong
Standards on Auditing (“HKSAs”) as isued by the HKICPA. Our
responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the Group
in acordance with the HKICPA’s Code of Ethics for Profesional
Acountants (the “Code”), and we have fulfiled our other ethical
responsibilities in acordance with the Code. We believe that the
audit evidence we have obtained is suficient and apropriate to
provide a basis for our opinion.
KEY AUDIT MATERS
Key audit maters are those maters that, in our profesional
judgment, were of most significance in our audit of the consolidated
financial statements of the curent period. These maters were
adresed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these maters.
| Key audit matter | How our audit addressed the key audit matter |
|---|---|
| 关键审核事项 | 我们的审计如何解决关键审计事项 |
| Revenue recognition from provision of electrical and mechanical (“E&M”) engineering services | |
| 来自提供机电（「机电」）工程服务的收益确认 | |
Acel Group Holdings Limited Anual Report 2025
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
关键审核事项（续）KEY AUDIT MATERS (continued)
We identified the revenue recognition from provision of
E&M enginering services as a key audit mater due to its
significance to the consolidated financial statements as a
whole and management’s estimate is involved in determining
the revenue when contracts progres.
我们将来自提供机电工程服务的收益确认识别为关键审核事
项，原因是其对综合财务报表整体意义重大且厘定合约进度
收益时会涉及管理层的估计。
As set out in notes 5 and 21 to the consolidated financial
statements, the Group derived its revenue from provision
of E&M enginering services over time and recognised
HK$556,417,000 for the year ended 31 March 2025.
Revenue from provision of such services is recognised over
time using input method, i.e. based on actual costs incured
by the Group to date compared with total budgeted costs
for the projects to estimate the revenue recognised during
the year.
如综合财务报表附注5及21所载， 贵集团收益源自随著时
间的推移所提供的机电工程服务，并于截至2025年3月31日
止年度确认556,417,000港元。来自提供此类服务所得收益
会随著时间的推移使用输入法确认，即根据 贵集团迄今为
止已发生的实际成本与项目的总预算成本进行比较，以估计
本年度确认的收益。
Our procedures in relation to the revenue recognition
for provision of E&M enginering services included:
我们有关提供机电工程服务的收益确认的程序包括以
下各项：
• Obtaining an understanding on how the
management recognises the revenue from the
provision of E&M enginering services and how
the total budget costs are determined;
• 了解管理层确认来自提供机电工程服务收益的方
法以及总预算成本厘定的方式；
• Agreing the project contract sum and values of
variation orders, where aplicable, to the relevant
signed contracts and the corespondence with
customers on a sample basis;
- （如适用）与
相关已签合约及与客户的通讯进行抽样核对；
• Asesing the acuracy of actual total costs
incured for the year by checking against the
suporting documents including the payment
certificates or invoices isued by the major
subcontractors, supliers or vendors, on a sample
basis;
- 、供应商或卖家出具的支持
性文件（包括付款证明或发票）以评估本年度已产
生总实际成本的准确性；
• Checking the total budget costs against the
underlying contracts, quotation and other
corespondence with subcontractors, supliers or
vendors of individual projects on a sample basis;
and
- 、报价及与分包商、供
应商或卖家的其他通讯，抽样核对预算成本总
额；及
• Asesing the acuracy of revenue recognised
for the year by recalculating the revenue based
on the percentage of completion of the contract
based on the input method.
• 透过根据输入法重新计算基于合约完成百分比的
收益，评估年度确认收益的准确性。
| Key audit matter | How our audit addressed the key audit matter |
|---|---|
| 关键审核事项 | 我们的审计如何解决关键审计事项 |
| Impairment assessment of trade receivables and contract assets | |
| 贸易应收款项及合约资产之减值评估 | |
高升集团控股有限公司 2025年报
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
关键审核事项（续）KEY AUDIT MATERS (continued)
We identified impairment asesment of trade receivables and
contract asets as a key audit mater due to the significance
of trade receivables and contract asets to the Group’s
consolidated financial statements and the involvement of
subjective judgment and management estimates in asigning
internal credit ratings to trade receivables and contract asets
and calculating the expected credit loses (“ECL”) rates for
the impairment asesment.
我们将贸易应收款项及合约资产之减值评估视为一项关键审
核事项，乃由于贸易应收款项及合约资产对 贵集团的综合
财务报表影响重大且就贸易应收款项及合约资产分配内部信
贷评级并计算减值评估的预期信贷亏损（「预期信贷亏损」）率
时涉及主观判断及管理层估计。
As set out in notes 20 and 21 to the consolidated financial
statements, the Group’s trade receivables and contract
asets amounting to aproximately HK$107,546,000 and
HK$262,311,000, which represented aproximately 18.3%
and 44.6%, respectively, of total asets of the Group as at
31 March 2025.
如综合财务报表附注20及21所载， 贵集团的贸易应收款项
及合约资产约为107,546,000港元及262,311,000港元，分别
占 贵集团于2025年3月31日总资产的约18.3%及44.6%。
Our procedures in relation to impairment asesment
of trade receivables and contract asets included:
我们有关贸易应收款项及合约资产之减值评估程序包
括：
• Understanding the proces on how the
management asigns internal credit ratings
on trade receivables and contract asets and
calculates the ECL rates;
• 了解管理层就贸易应收款项及合约资产分配内部
信贷评级并计算预期信贷亏损率方式的流程；
| Key audit matter | How our audit addressed the key audit matter |
|---|---|
| 关键审核事项 | 我们的审计如何解决关键审计事项 |
| Impairment assessment of trade receivables and contract assets | |
| 贸易应收款项及合约资产之减值评估 | |
Acel Group Holdings Limited Anual Report 2025
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
As disclosed in notes 4 and 35 to the consolidated financial
statements, the management of the Group performs
impairment asesment on individual debtor basis to
estimate the amount of lifetime ECL of trade receivables and
contract asets based on asigned internal credit ratings and
calculated ECL rates with adjustment for forward-loking
information which are estimated based on external sources
of data.
如综合财务报表附注4及35所披露， 贵集团管理层根据指
定内部信贷评级及计算预期信贷亏损率，并对基于外部数据
来源估计的前瞻性资料进行调整，按个别应收账款基准进行
减值评估，以估计贸易应收款项及合约资产的全期预期信贷
亏损金额。
As disclosed in note 35 to the consolidated financial
statements, alowance for credit loses of trade receivables
and contract asets were HK$1,219,000 and HK$2,000,000
respectively as at 31 March 2025.
诚如综合财务报表附注35所述，于2025年3月31日，贸易应
收款项及合约资产的信贷亏损拨备分别为1,219,000港元及
2,000,000港元。
- ’s basis and judgment
in asigning the internal credit rating on each
debtor related to trade receivable and contract
aset balances with reference to repayment
history, past due status, size and/or creditability
of respective debtors as at 31 March 2025; and
- 、
逾期状况、规模及╱或信用状况，评估管理层对
与贸易应收款项及合约资产结余有关的每项应收
账款分配内部信贷评级的基础及判断；及
• Testing the calculations of ECL rates with
adjustment for forward-loking information by
checking to the external sources of data used in
the calculations to se if the data is apropriately
and consistently aplied in the ECL model.
- ，测试对前
瞻性资料进行调整的预期信贷亏损率的计算，以
查看数据是否适当且一致地应用于预期信贷亏损
模型中。
KEY AUDIT MATERS (continued)关键审核事项（续）
高升集团控股有限公司 2025年报
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
其他资料
贵公司董事负责编制其他资料。其他资料包括年
报所载之资料，惟不包括综合财务报表及我们就
此作出之核数师报告。
我们有关综合财务报表之意见并不涵盖其他资
料，我们亦不就此发表任何形式之核证结论。
就我们对综合财务报表之审核而言，我们之责任
是阅读其他资料，在此过程中，考虑其他资料是
否与综合财务报表或我们在审核过程中获悉的资
料存在重大不符，或可能存在重大错误陈述。倘
若我们基于已完成其他资料的工作认为其他资料
出现重大错误陈述，我们须报告有关事实。我们
就此并无须报告之事项。
董事及管治层就综合财务报表须承
担之责任
贵公司董事负责根据香港会计师公会颁布之香港
财务报告会计准则及香港公司条例之披露规定编
制综合财务报表，以作出真实而公平的反映，以
及负责董事确定所需之内部监控，以使编制综合
财务报表时不存在由于欺诈或错误而导致之重大
错误陈述。
于编制综合财务报表时，董事负责评估 贵集团
持续经营的能力，并披露与持续经营有关的事项
（如适用）。除非董事拟将 贵集团清盘或停止营
运，或除此之外并无其他实际可行的办法，否则
董事采用以持续经营为基础的会计法。
管治层负责监督 贵集团的财务报告流程。
OTHER INFORMATION
The directors of the Company are responsible for the other
information. The other information comprises the information
included in the anual report, but does not include the consolidated
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover
the other information and we do not expres any form of asurance
conclusion thereon.
In conection with our audit of the consolidated financial
statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materialy
inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise apears to be
materialy mistated. If, based on the work we have performed,
we conclude that there is a material mistatement of this other
information, we are required to report that fact. We have nothing to
report in this regard.
RESPONSIBILITIES OF DIRECTORS AND THOSE
CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation
of the consolidated financial statements that give a true and fair
view in acordance with HKFRS Acounting Standards as isued
by the HKICPA and the disclosure requirements of the Hong Kong
Companies Ordinance, and for such internal control as the directors
determine is necesary to enable the preparation of consolidated
financial statements that are fre from material mistatement,
whether due to fraud or eror.
In preparing the consolidated financial statements, the directors are
responsible for asesing the Group’s ability to continue as a going
concern, disclosing, as aplicable, maters related to going concern
and using the going concern basis of acounting unles the directors
either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
Those charged with governance are responsible for overseing the
Group’s financial reporting proces.
Acel Group Holdings Limited Anual Report 2025
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
核数师就审核综合财务报表须承担
之责任
我们的目标，是对整体综合财务报表是否不存在
由于欺诈或错误而导致的重大错误陈述取得合理
保证，并出具包括我们意见的核数师报告。本
报告根据我们的协定委聘条款仅向 阁下（作为
整体）作出，除此以外，不作其他用途。我们概
不就本报告之内容向任何其他人士负责或承担责
任。合理保证是高水平的保证，但不能保证按照
香港核数准则进行的审核总能发现所有存在的重
大错误陈述。错误陈述可以由欺诈或错误引起，
倘合理预期彼等个别或汇总起来可能影响该等综
合财务报表使用者所作出的经济决策，则有关的
错误陈述可被视作重大。
作为根据香港核数准则进行审核工作的一部分，
我们运用专业判断，于整个审核过程中抱持专业
怀疑态度。我们亦：
• 识别和评估由于欺诈或错误而导致综合财
务报表存在重大错误陈述的风险，就该等
风险设计及执行相应的审核程序，以及取
得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因错误而导致的重大
错误陈述的风险。
- ，以设计适当
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。
• 评估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资料的合理性。
• 对董事采用持续经营会计基础的恰当性作
出结论，并根据所得的审核凭证决定是否
存在对 贵集团持续经营的能力构成重大
疑问的事件或情况的相关重大不确定性。
倘我们认为存在重大不确定性，则有必要
在核数师报告中提请注意综合财务报表
中的相关披露资料。倘有关的披露资料不
足，则我们应当发表非无保留意见。我们
的结论乃基于截至核数师报告日期止所取
得的审核凭证。然而，未来事件或情况可
能导致 贵集团不能继续持续经营。
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable asurance about whether the
consolidated financial statements as a whole are fre from material
mistatement, whether due to fraud or eror, and to isue an
auditor’s report that includes our opinion solely to you, as a body, in
acordance with our agred terms of engagement, and for no other
purpose. We do not asume responsibility towards or acept liability
to any other person for the contents of this report. Reasonable
asurance is a high level of asurance, but is not a guarante that
an audit conducted in acordance with HKSAs wil always detect
a material mistatement when it exists. Mistatements can arise
from fraud or eror and are considered material if, individualy or in
the agregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated
financial statements.
As part of an audit in acordance with HKSAs, we exercise
profesional judgment and maintain profesional skepticism
throughout the audit. We also:
• Identify and ases the risks of material mistatement of the
consolidated financial statements, whether due to fraud or
eror, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is suficient and
apropriate to provide a basis for our opinion. The risk of
not detecting a material mistatement resulting from fraud is
higher than for one resulting from eror, as fraud may involve
colusion, forgery, intentional omisions, misrepresentations,
or the overide of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are apropriate
in the circumstances, but not for the purpose of expresing an
opinion on the efectivenes of the Group’s internal control.
• Evaluate the apropriatenes of acounting policies used
and the reasonablenes of acounting estimates and related
disclosures made by the directors.
- ’ 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.
高升集团控股有限公司 2025年报
INDEPENDENT AUDITOR’S REPORT 独立核数师报告
核数师就审核综合财务报表须承担
之责任（续）
- （包括披露资料）的整体
列报方式、结构及内容，以及综合财务报
表是否公允反映有关交易和事项。
- ，以就集团中实体或
业务单位的财务资料获取充分适当的审核
证据，作为对集团财务报表发表意见的基
础。我们负责指导、监督及检讨就集团审
核进行的审核工作。我们对我们的审核意
见承担全部责任。
我们与管治层沟通（其中包括）审核工作的计划范
围及时间安排以及重大审核发现，包括我们在审
核期间识别出内部监控的任何重大缺陷。
我们亦向管治层提交声明，说明我们已符合有关
独立性的相关道德要求，并与彼等沟通所有可能
合理地被认为会影响我们独立性的关系及其他事
项，以及为消除威胁所采取的行动或所采用的防
范措施（倘适用）。
从与管治层沟通的事项中，我们决定哪些事项对
本期间综合财务报表的审核最为重要，因而构成
关键审核事项。除非法律或法规不容许公开披露
此事项，或于极罕有的情况下，我们认为披露此
事项可合理预期的不良后果将超过公众知悉此等
事项的利益而不应于报告中披露，否则我们会于
核数师报告中描述此等事项。
出具本独立核数师报告的审核工作合伙人是何善
莹（执业证书编号：P08228）。
德勤•关黄陈方会计师行
执业会计师
香港
2025年6月26日
AUDITOR’S RESPONSIBILITIES FOR THE
AUDIT OF THE CONSOLIDATED FINANCIAL
STATEMENTS (continued)
- , 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 those charged with governance regarding,
among other maters, the planed scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to comunicate with them al relationships
and other maters that may reasonably be thought to bear on our
independence, and where aplicable, actions taken to eliminate
threats or safeguards aplied.
From the maters comunicated with those charged with
governance, we determine those maters that were of most
significance in the audit of the consolidated financial statements
of the curent period and are therefore the key audit maters.
We describe these maters in our auditor’s report unles law or
regulation precludes public disclosure about the mater or when, in
extremely rare circumstances, we determine that a mater should not
be comunicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public
interest benefits of such comunication.
The engagement partner on the audit resulting in this independent
auditor’s report is Ho Sin Ying (practicing certificate no. P08228).
Deloite Touche Tohmatsu
Certified Public Acountants
Hong Kong
26 June 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| 2025年 | 2024年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
For the year ended 31 March 2025
截至2025年3月31日止年度
Revenue收益5556,417553,537
Cost of services服务成本(467,892)(465,703)
Gros profit毛利88,52587,834
Other income, gains and loses, net其他收入、收益及亏损净额66,0094,064
Impairment loses under expected credit
los model, net of reversal
预期信贷亏损模式下之减值
亏损，扣除拨回(1,482)(706)
Administrative expenses行政开支(34,877)(40,670)
Finance costs财务成本7(1,118)(1,722)
Profit before taxation除税前溢利857,05748,800
Income tax expense所得税开支10(10,037)(8,381)
Profit for the year年内溢利47,02040,419
Profit for the year atributable to:年内应占溢利：
Owners of the Company本公司拥有人46,25340,792
Non-controling interests非控股权益767(373)
47,02040,419
Other comprehensive expense其他全面开支
Item that wil not be reclasified to profit
or los
将不会重新分类至损益的项
目
Los on fair value changes of financial
aset designated at fair value through
other comprehensive income
(“FVTOCI”)
指定按公平值计入其他全面
收益（「按公平值计入其他
全面收益」）的金融资产的
公平值变动亏损(4,140)–
Other comprehensive expense for the year年内其他全面开支(4,140)–
Total comprehensive income for the
year
年内全面收益总额
42,88040,419
Total comprehensive income for the
year atributable to:
年内应占全面收益总额：
Owners of the Company本公司拥有人42,11340,792
Non-controling interests非控股权益767(373)
42,88040,419
HK centsHK cents
港仙港仙
Earnings per share每股盈利12
– Basic－基本5.775.10
– Diluted－摊薄5.755.09
| 2025 | 2024 | |||
|---|---|---|---|---|
| 2025年 | 2024年 | |||
| Notes | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 |
高升集团控股有限公司 2025年报
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
As at 31 March 2025
于2025年3月31日
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备1562,14668,227
Right-of-use asets使用权资产163,8709,390
Investment property投资物业175,2315,452
Investment under equity method以权益法核算的投资184–
Payments for life insurance支付寿险金19–7,098
Defered tax asets递延税项资产27996859
Financial aset at fair value through
profit or los (“FVTPL”)
按公平值计入损益（「按公
平值计入损益」）的金融
资产13–5,000
Financial aset at FVTOCI按公平值计入其他全面收
益的金融资产145,957–
Finance lease receivable融资租赁应收款项–1,266
Deposits and prepayments按金及预付款项203291,462
78,53398,754
Curent asets流动资产
Trade and other receivables,
deposits and prepayments
贸易及其他应收款项、按
金及预付款项20121,83584,417
Finance lease receivable应收融资租赁–1,095
Financial aset at FVTPL按公平值计入损益的金融
资产135,540–
Payments for life insurance支付寿险金197,729–
Contract asets合约资产21262,311242,049
Tax recoverable可回收税项–926
Pledged bank balances已抵押银行结余225,000505
Cash and cash equivalents现金及现金等价物22107,39798,428
509,812427,420
Curent liabilities流动负债
Trade and retention payables and
acruals
贸易应付款项、应付保固
金及应计费用2382,84358,683
Contract liabilities合约负债2114,8066,791
Tax payable应付税项8,8822,971
Bank loans银行贷款2426,63523,594
Lease liabilities租赁负债252,3937,190
135,55999,229
Net curent asets流动资产净值374,253328,191
Total asets les curent liabilities总资产减流动负债452,786426,945
Non-curent liability非流动负债
Lease liabilities租赁负债251,6545,250
Net asets资产净值451,132421,695
| 2025 | 2024 | |||
|---|---|---|---|---|
| 2025年 | 2024年 | |||
| Note | HK$’000 | HK$’000 | ||
| 附注 | 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 综合财务状况表
As at 31 March 2025
于2025年3月31日
Capital and reserves资本及储备
Share capital股本268,1088,108
Reserves储备443,348414,727
Equity atributable to owners of the
Company
本公司拥有人应占权益
451,456422,835
Non-controling interests非控股权益(324)(1,140)
Total equity总权益451,132421,695
The consolidated financial statements on pages 78 to 160 were
aproved and authorised for isue by the board of directors on 26
June 2025 and are signed on its behalf by:
Dr. Ko Lai HungMs. Cheung Mei Lan
高黎雄博士张美兰女士
DIRECTORDIRECTOR
董事董事
第78至160页的综合财务报表已于2025年6月26
日获董事会批准及授权刊发并由以下董事代表签
署：
| Equity attributable to owners of the Company | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 本公司拥有人应占权益 | |||||||||||
| Share capital | Share premium | Treasury shares | Share award reserve | Investment revaluation reserve | Other reserve | Retained profits | Total | Non- controlling interests– | Total equity | ||
| 股本 | 股份溢价 | 库存股份 | 股份奖励 储备 | 投资重估 储备 | 其他储备 | 保留溢利 | 总计 | 非控股 权益 | 资本总额 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
| (Note) | |||||||||||
| （附注） | |||||||||||
高升集团控股有限公司 2025年报
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
For the year ended 31 March 2025
截至2025年3月31日止年度
At 31 March 2023于2023年3月31日8,000195,606–(72,580)267,153398,179(767)397,412
Profit (los) and total comprehensive
income (expense) for the year
年内溢利（亏损）及全面收益
（开支）总额–40,79240,792(373)40,419
Recognition of equity-setled
share-based payment (note 28)
确认以权益结算以股份为基础
的付款（附注28）–2,264–2,264–2,264
Isuance of shares in conection with
the 2023 Share Award Scheme
(as defined in note 28)
就2023年股份奖励计划发行
股份（定义见附注28）
108–(108)–
Shares vested under the 2023 Share
Award Scheme
(as defined in note 28)
根据2023年股份奖励计划已
归属的股份（定义见附注
28）–11(1,094)–1,083–
Dividends recognised as distribution
(note 11)
确认为分派的股息（附注11）
–(18,400)(18,400)–(18,400)
At 31 March 2024于2024年3月31日8,108195,606(97)1,170–(72,580)290,628422,835(1,140)421,695
Profit for the year年内溢利–46,25346,25376747,020
Los on fair value changes of financial
aset at FVTOCI
按公平值计入其他全面收益的
金融资产的公平值变动亏
损–(4,140)–(4,140)–(4,140)
Total comprehensive (expense) income
for the year
年内全面（开支）收益总额
–(4,140)–46,25342,11376742,880
Recognition of equity-setled
share-based payment (note 28)
确认以权益结算以股份为基础
的付款（附注28）–1,914–1,914–1,914
Capital contribution from
non-controling interest of a subsidiary
一间附属公司非控股权益注资
–4949
Shares vested under the 2023 Share
Award Scheme (as defined in note 28)
根据2023年股份奖励计划已
归属的股份（定义见
附注28）–11(1,037)–1,026–
Dividends recognised as distribution
(note 11)
确认为分派的股息（附注11）
–(15,406)(15,406)–(15,406)
At 31 March 2025于2025年3月31日8,108195,606(86)2,047(4,140)(72,580)322,501451,456(324)451,132
Note: The other reserve arose from: (i) demed distribution arising from the
imputed interest income on non-curent interest-fre advances to
a shareholder of the Company (as defined in note 1) amounting to
HK$10,190,000 in prior years; (i) isuance of ordinary shares of the
Company for the reorganisation of the Group for the listing of the
Company’s ordinary shares on the Main Board of The Stock Exchange
(as defined in note 1) completed on 30 November 2018 amounting to
HK$72,266,000; and (i) demed contribution arising from the waiver
of an amount due to a shareholder of the Company amounting to
HK$9,876,000.
附注： 其他储备来自：(i)视为过往年度来自向一名本
公司股东（定义见附注1）作出非即期免息垫款
的估算利息收入的分派10,190,000港元；(i)就
2018年11月30日本公司的普通股于香港联合交
易所有限公司主板上市（定义见附注1）的本集团
重组发行本公司普通股72,266,000港元；及(i)
视为来自豁免应付一名本公司股东款项的供款
9,876,000港元。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
For the year ended 31 March 2025
截至2025年3月31日止年度
OPERATING ACTIVITIES经营活动
Profit before taxation除税前溢利57,05748,800
Adjustments for:就下列项目作出调整：
Depreciation of property, plant and
equipment
物业、厂房及设备折旧
5,6585,663
Depreciation of right-of-use asets使用权资产折旧4,0615,139
Depreciation of investment property投资物业折旧221221
Gain on disposal of property, plant
and equipment, net
出售物业、厂房及设备之净收益
(645)(20)
Gain on derecognition of right-of-use
asets
终止确认使用权资产收益
(135)(33)
Impairment loses under expected
credit los model, net of reversal
预期信贷亏损模式下的减值亏
损，扣除拨回1,482706
Los (gain) on early termination of
finance lease
提前终止融资租赁的亏损
（收益）110(32)
Interest income利息收入(1,472)(839)
Fair value gain on financial aset at
FVTPL
按公平值计入损益之金融资产之
公平值收益(540)–
Adjustment of carying value of
payments for life insurance
支付寿险金的账面值调整
(543)–
Gain on waiver of amount due to
a non-controling interest of
a subsidiary
豁免应付一家附属公司非控股
权益款项收益
(1,205)–
Finance costs财务成本1,1181,722
Share-based payments expenses以股份为基础支付之开支1,9142,264
Operating cash flows before movements
in working capital
营运资金变动前的经营现金流量
67,08163,591
(Increase) decrease in trade and other
receivables, deposits and prepayments
贸易及其他应收款项、按金及预付款
项（增加）减少
(36,070)37,714
(Increase) decrease in contract asets合约资产（增加）减少(20,311)16,183
Increase (decrease) in trade and retention
payables and acruals
贸易应付款项、应付保固金及应计费
用增加（减少）26,297(19,523)
Increase (decrease) in contract liabilities合约负债增加（减少）8,015(9,541)
Cash generated from operations经营所得现金45,01288,424
Hong Kong Profits Tax paid已付香港利得税(3,337)(3,902)
NET CASH FROM OPERATING
ACTIVITIES
经营活动所得之净现金
41,67584,522
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
CONSOLIDATED STATEMENT OF CASH FLOWS 综合现金流量表
For the year ended 31 March 2025
截至2025年3月31日止年度
INVESTING ACTIVITIES投资活动
Purchases of property, plant and
equipment
购买物业、厂房及设备
(52)(13,022)
Proceds from disposal of property,
plant and equipment
出售物业、厂房及设备所得款项
1,12020
Purchase of financial aset at FVTOCI购买按公平值计入其他全面收益的
金融资产(10,097)–
Placement of pledged bank balances存入已抵押银行结余(5,000)–
Release of pledged bank balances已抵押银行结余解除50511,995
Payment received from finance lease已收融资租赁的付款–187
Advances to non-controling interests of
subsidiaries
向附属公司非控股权益的垫款
–(1,210)
Repayments from non-controling
interest of a subsidiary
来自一间附属公司非控股权益还款
–1,199
Interest received已收利息1,384717
Advance to a related party向一名关联方垫款(750)–
NET CASH USED IN INVESTING
ACTIVITIES
用于投资活动之净现金
(12,890)(114)
FINANCING ACTIVITIES融资活动
New bank loans raised新筹集的银行贷款22,00010,000
Repayments of bank loans偿还银行贷款(18,959)(33,956)
Repayments of lease liabilities偿还租赁负债(5,397)(4,701)
(Repayment to) advances from
non-controling interest of a subsidiary
（向一间附属公司非控股权益还款）
来自一间附属公司非控股权益垫
款(936)940
Dividends paid已付股息(15,406)(18,400)
Interest paid已付利息(1,118)(1,722)
NET CASH USED IN FINANCING
ACTIVITIES
用于融资活动之净现金
(19,816)(47,839)
NET INCREASE IN CASH AND
CASH EQUIVALENTS
现金及现金等价物的净增加
8,96936,569
CASH AND CASH EQUIVALENTS
AT BEGINING OF THE YEAR
年初的现金及现金等价物
98,42861,859
CASH AND CASH EQUIVALENTS
AT END OF THE YEAR,
represented by bank balances and
cash
年末的现金及现金等价物，
即银行结余及现金
107,39798,428
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
1. GENERAL INFORMATION
Acel Group Holdings Limited (the “Company”) was
incorporated in the Cayman Islands as an exempted
company in the Cayman Islands with limited liability under
the Companies Act (as revised) of the Cayman Islands on 20
September 2018, and its shares have ben listed on the Main
Board of The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”) since 18 October 2019. The adreses of
the registered ofice and the principal place of busines of the
Company are Windward 3, Regata Ofice Park, PO Box 1350,
Grand Cayman KY1-1108, Cayman Islands and Rom A, 19/F,
TML Tower, 3 Hoi Shing Road, Tsuen Wan, New Teritories,
Hong Kong, respectively. In the opinion of the directors of the
Company, the ultimate controling parties are Dr. Ko Lai Hung
(“Dr. Ko”) and Ms. Cheung Mei Lan (“Ms. Cheung”, who
is the wife of Dr. Ko). The imediate and ultimate holding
company of the Company is Lightsped Limited, a company
incorporated in the British Virgin Islands (“BVI”).
The Company is an investment holding company. The
Company and its subsidiaries (colectively refered to as the
“Group”) is principaly engaged in provision of electrical and
mechanical (“E&M”) enginering services typicaly involving
suply, instalation and maintenance of mechanical ventilation
and air-conditioning systems.
The consolidated financial statements are presented in Hong
Kong Dolar (“HK$”), which is the same as the functional
curency of the Company and its subsidiaries.
1. 一般资料
高升集团控股有限公司（「本公司」）于2018
年9月20日根据开曼群岛公司法（经修订）
注册成立为开曼群岛获豁免有限公司及其
股份自2019年10月18日起于香港联合交
易所有限公司（「联交所」）主板上市。本
公司注册办事处及主要营业地点分别为
Windward 3, Regata Ofice Park, PO Box
1350, Grand Cayman KY1-1108, Cayman
Islands及香港新界荃湾海盛路3号TML广场
19楼A室。本公司董事认为，最终控股人
士为高黎雄博士（「高博士」）及张美兰女士
（「张女士」，高博士之妻子）。本公司的直
接及最终控股公司为Lightsped Limited，
是一家在英属处女群岛（「英属处女群岛」）
注册成立的公司。
本公司为一间投资控股公司。本公司及其
附属公司（统称「本集团」）主要从事提供通
常涉及供应、安装及保养机械通风及空气
调节系统的机电（「机电」）工程服务。
综合财务报表以港元（「港元」）列示，而港
元亦为本公司及其附属公司的功能货币。
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2. 应用新订香港财务报告会计准
则及其修订本
于本年度强制生效的香港财务报告
会计准则修订本
于本年度，本集团首次应用由香港会计师
公会（「香港会计师公会」）颁布之于2024年
4月1日开始之年度期间强制生效之下列香
港财务报告会计准则修订本，以编制综合
财务报表：
香港财务报告准则第16号
修订本
售后租回的租赁负债
香港会计准则第1号修订本将负债分类为流动或非
流动及香港诠释第5号
（2020年）相关修订本
香港会计准则第1号修订本附带契诺的非流动负债
香港会计准则第7号及
香港财务报告准则第7号
修订本
供应商融资安排
于本年度应用所有香港财务报告会计准则
修订本并无对本集团于本年度及过往年度
的财务状况及表现及╱或综合财务报表所
载披露事项构成重大影响。
2. APLICATION OF NEW AND AMENDMENTS
TO HKFRS ACOUNTING STANDARDS
Amendments to HKFRS Acounting Standards
that are mandatorily efective for the curent
year
In the curent year, the Group has aplied the folowing
amendments to HKFRS Acounting Standards as isued by
the Hong Kong Institute of Certified Public Acountants
(“HKICPA”) for the first time, which are mandatorily efective
for the anual period begining on 1 April 2024 for the
preparation of the consolidated financial statements:
Amendments to HKFRS 16Lease Liability in a Sale and Leaseback
Amendments to HKAS 1Clasification of Liabilities as Curent or
Non-curent and related amendments
to Hong Kong Interpretation 5 (2020)
Amendments to HKAS 1Non-curent Liabilities with Covenants
Amendments to HKAS 7
and HKFRS 7
Suplier Finance Arangements
The aplication of al the amendments to HKFRS Acounting
Standards in the curent year has had no material impact
on the Group’s financial positions and performance for the
curent and prior years and/or on the disclosures set out in
these consolidated financial statements.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2. 应用新订香港财务报告会计准
则及其修订本（续）
已颁布但尚未生效的新订香港财务
报告会计准则及其修订本
本集团并未提早应用以下已颁布但尚未生
效的新订香港财务报告会计准则及其修订
本：
香港财务报告准则第9号及
香港财务报告准则第7号
修订本
金融工具之分类及计量
之修订本
香港财务报告准则第9号及
香港财务报告准则第7号
修订本
涉及依赖自然能源生产
电力的合约
香港财务报告准则第10号
及香港会计准则第28号
修订本
投资者与其联营公司或
合营企业之间的资产
出售或注入
香港财务报告会计准则
修订本
香港财务报告会计准则
年度改进－第11卷
香港会计准则第21号
修订本
缺乏可兑换性
香港财务报告准则第18号财务报表之呈列及披露
于待确定日期或之后开始的年度期间生
效。
于2025年1月1日或之后开始的年度期间
生效。
于2026年1月1日或之后开始的年度期间
生效。
于2027年1月1日或之后开始的年度期间
生效。
除下文所述者外，本公司董事预期应用所
有其他新订香港财务报告会计准则及其修
订本于可见将来将不会对综合财务报表造
成重大影响。
2. APLICATION OF NEW AND AMENDMENTS
TO HKFRS ACOUNTING STANDARDS
(continued)
New and amendments to HKFRS Acounting
Standards in isue but not yet efective
The Group has not early aplied the folowing new and
amendments to HKFRS Acounting Standards that have ben
isued but are not yet efective:
Amendments to HKFRS 9
and HKFRS 7
Amendments to the Clasification and
Measurement of Financial Instruments
Amendments to HKFRS 9
and HKFRS 7
Contracts Referencing Nature-dependent
Electricity
Amendments to HKFRS 10
and HKAS 28
Sale or Contribution of Asets betwen
an Investor and its Asociate or Joint
Venture
Amendments to HKFRS
Acounting Standards
Anual Improvements to HKFRS
Acounting Standards – Volume 11
Amendments to HKAS 21Lack of Exchangeability
HKFRS 18Presentation and Disclosure in Financial
Statements
Efective for anual periods begining on or after a date to be
determined.
Efective for anual periods begining on or after 1 January
2025.
Efective for anual periods begining on or after 1 January
2026.
Efective for anual periods begining on or after 1 January
2027.
Except as described below, the directors of the Company
anticipate that the aplication of al other new and
amendments to HKFRS Acounting Standards wil have no
material impact on the consolidated financial statements in the
foreseable future.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2. 应用新订香港财务报告会计准
则及其修订本（续）
已颁布但尚未生效的新订香港财务
报告会计准则及其修订本（续）
香港财务报告准则第9号及香港财务报
告准则第7号修订本金融工具之分类及
计量之修订本
香港财务报告准则第9号修订本厘定金融资
产及金融负债之确认及终止确认，并增加
一项例外情况，即当且仅当符合若干条件
时，允许实体可将使用电子付款系统以现
金结算之金融负债视为于结算日期之前偿
付。
香港财务报告准则第7号有关指定为按公平
值计入其他全面收益之权益工具的投资之
披露规定已予修订。尤其是，实体须披露
于期内其他全面收益内呈列之公平值收益
或亏损，分别列示与于报告期内已终止确
认之投资相关者及与于报告期末持有之投
资相关者。实体亦须披露于报告期内已终
止确认投资相关之权益内累计收益或亏损
之任何转拨。此外，该等修订本引进对可
能影响基于或然事件（即使与基本借贷风险
及成本不直接相关）之合约现金流量之合约
条款进行定性及定量披露之要求。
该等修订本于2026年1月1日或之后开始之
年度报告期间生效，并允许提早应用。应
用该等修订本预期不会对本集团财务状况
及表现造成重大影响。
2. APLICATION OF NEW AND AMENDMENTS
TO HKFRS ACOUNTING STANDARDS
(continued)
New and amendments to HKFRS Acounting
Standards in isue but not yet efective
(continued)
Amendments to HKFRS 9 and HKFRS 7
Amendments to the Clasification and
Measurement of Financial Instruments
The amendments to HKFRS 9 clarify the recognition and
derecognition for financial aset and financial liability and
ad an exception which permits an entity to dem a financial
liability to be discharged before the setlement date if it is
setled in cash using an electronic payment system if, and only
if certain conditions are met.
The disclosure requirements in HKFRS 7 in respect of
investments in equity instruments designated at fair value
through other comprehensive income are amended. In
particular, entities are required to disclose the fair value gain
or los presented in other comprehensive income during
the period, showing separately those related to investments
derecognised during the reporting period and those related to
investments held at the end of the reporting period. An entity
is also required to disclose any transfers of the cumulative gain
or los within equity related to the investments derecognised
during the reporting period. In adition, the amendments
introduce the requirements of qualitative and quantitative
disclosure of contractual terms that could afect the
contractual cash flow based on a contingent event not directly
relating to basic lending risks and cost.
The amendments are efective for anual reporting periods
begining on or after 1 January 2026, with early aplication
permited. The aplication of the amendments is not expected
to have significant impact on the financial position and
performance of the Group.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
2. 应用新订香港财务报告会计准
则及其修订本（续）
已颁布但尚未生效的新订香港财务
报告会计准则及其修订本（续）
香港财务报告准则第18号财务报表之
呈列及披露
香港财务报告准则第18号财务报表之呈列
及披露载列财务报表之呈列及披露规定，
将取代香港会计准则第1号财务报表之呈
列。本新订香港财务报告会计准则在延续
香港会计准则第1号中众多规定之同时，引
入于损益表中呈列指定类别及定义小计之
新规定；就财务报表附注中管理层界定之
表现计量提供披露及改进于财务报表中将
予披露之合并及分类资料。此外，香港会
计准则第1号之部分段落已移至香港会计准
则第8号会计政策、会计估计变动及错误及
香港财务报告准则第7号金融工具：披露。
香港会计准则第7号现金流量表及香港会计
准则第33号每股盈利亦作出细微修订。
香港财务报告准则第18号及其他准则修订
本将于2027年1月1日或之后开始之年度期
间生效，并允许提早应用。应用新准则预
期将影响损益表之呈列以及未来财务报表
之披露。本集团正在评估香港财务报告准
则第18号对本集团综合财务报表之详细影
响。
2. APLICATION OF NEW AND AMENDMENTS
TO HKFRS ACOUNTING STANDARDS
(continued)
New and amendments to HKFRS Acounting
Standards in isue but not yet efective
(continued)
HKFRS 18 Presentation and Disclosure in Financial
Statements
HKFRS 18 Presentation and Disclosure in Financial Statements,
which sets out requirements on presentation and disclosures
in financial statements, wil replace HKAS 1 Presentation of
Financial Statements. This new HKFRS Acounting Standard,
while carying forward many of the requirements in HKAS 1,
introduces new requirements to present specified categories
and defined subtotals in the statement of profit or los;
provide disclosures on management-defined performance
measures in the notes to the financial statements and improve
agregation and disagregation of information to be disclosed
in the financial statements. In adition, some HKAS 1
paragraphs have ben moved to HKAS 8 Acounting Policies,
Changes in Acounting Estimates and Erors and HKFRS 7
Financial Instruments: Disclosures. Minor amendments to
HKAS 7 Statement of Cash Flows and HKAS 33 Earnings per
Share are also made.
HKFRS 18, and amendments to other standards, wil be
efective for anual periods begining on or after 1 January
2027, with early aplication permited. The aplication of
the new standard is expected to afect the presentation of
the statement of profit or los and disclosures in the future
financial statements. The Group is in the proces of asesing
the detailed impact of HKFRS 18 on the Group’s consolidated
financial statements.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION
3.1 Basis of preparation of consolidated
financial statements
The consolidated financial statements have ben
prepared in acordance with the HKFRS Acounting
Standards isued by the HKICPA. For the purpose of
preparation of the consolidated financial statements,
information is considered material if such information
is reasonably expected to influence decisions made by
primary users. In adition, the consolidated financial
statements includes aplicable disclosures required by
the Rules Governing the Listing of Securities on the Stock
Exchange and by the Hong Kong Companies Ordinance.
The directors of the Company have, at the time of
aproving the consolidated financial statements, a
reasonable expectation that the Group has adequate
resources to continue in operational existence for the
foreseable future. Thus, they continue to adopt the
going concern basis of acounting in preparing the
consolidated financial statements.
The consolidated financial statements have ben
prepared on the historical cost basis, except for certain
financial instruments, which are measured at fair value
at the end of each reporting period, as explained in the
acounting policies set out below.
3.2 Material acounting policy information
Basis of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and entities
controled by the Company and its subsidiaries.
Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the
Group loses control of the subsidiary. Specificaly, income
and expenses of a subsidiary acquired or disposed
of during the year are included in the consolidated
statement of profit or los and other comprehensive
income from the date the Group gains control until the
date when the Group ceases to control the subsidiary.
3. 综合财务报表编制基准及重大
会计政策资料
3.1 综合财务报表编制基准
综合财务报表乃根据香港会计师公会
颁布的香港财务报告会计准则编制。
就编制综合财务报表而言，倘有关资
料合理预期会影响主要用户作出的决
定，则有关资料被视为重大。此外，
综合财务报表载有联交所证券上市规
则及香港公司条例规定的适用披露。
在审批综合财务报表时，本公司董事
合理预期本集团有足够资源在可见将
来继续营运。因此，彼等继续采用持
续经营会计基准编制综合财务报表。
综合财务报表乃按历史成本基准编
制，惟若干金融工具乃按各报告期末
的公平值计量（如下述会计政策所阐
述）。
3.2 重大会计政策资料
合并基准
综合财务报表包括本公司及本公司所
控制的实体及其附属公司的财务报
表。
当本集团于获得附属公司控制权时，
即开始将附属公司合并，而当本集团
失去附属公司控制权时，即终止合
并。具体而言，于本年度收购或出售
的附属公司的收入及开支，于本集团
获得控制权当日起计入综合损益及其
他全面收益表，直至本集团对附属公
司的控制权终止当日为止。
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
合并基准（续）
损益及其他全面收益中的各项目均分
配至本公司拥有人及非控股权益。附
属公司的全面收益分配至本公司拥有
人及非控股权益，即使此举会导致非
控股权益产生赤字余额。
于必要时，将对附属公司的财务报表
作出调整，以令其会计政策与本集团
会计政策一致。
与本集团成员公司间的交易有关的所
有集团内公司间资产及负债、股本、
收入、开支及现金流量于合并时悉数
对销。
附属公司的非控股权益与本集团于当
中的权益分开呈列，指赋予持有人权
利于清盘时按比例分占相关附属公司
资产净值的现时拥有权益。
客户合约收益
有关本集团有关客户合约会计政策的
资料于附注5及21提供。
金融工具
金融资产及金融负债初步按公平值计
量，惟根据香港财务报告准则第15
号客户合约收益初始计量来自客户合
约的贸易应收款项除外。收购或发行
金融资产及金融负债（按公平值计入
损益的金融资产除外）直接应占的交
易成本，于初步确认时计入金融资产
或金融负债的公平值或自金融资产或
金融负债的公平值中扣除（如适用）。
收购按公平值计入损益的金融资产直
接应占的交易成本即时于损益确认。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Basis of consolidation (continued)
Profit or los and each item of other comprehensive
income are atributed to the owners of the Company
and to the non-controling interests. Total comprehensive
income of subsidiaries is atributed to the owners of
the Company and to the non-controling interests even
if this results in the non-controling interests having a
deficit balance.
When necesary, adjustments are made to the financial
statements of subsidiaries to bring their acounting
policies in line with the Group’s acounting policies.
Al intra-group asets and liabilities, equity, income,
expenses and cash flows relating to transactions
betwen members of the Group are eliminated in ful on
consolidation.
Non-controling interests in subsidiaries are presented
separately from the Group’s equity therein, which
represent present ownership interests entitling their
holders to a proportionate share of net asets of the
relevant subsidiaries upon liquidation.
Revenue from contracts with customers
Information about the Group’s acounting policies
relating to contracts with customers is provided in notes
5 and 21.
Financial instruments
Financial asets and financial liabilities are initialy
measured at fair value except for trade receivables
arising from contracts with customers which are initialy
measured in acordance with HKFRS 15 Revenue
from Contracts with Customers. Transaction costs
that are directly atributable to the acquisition or isue
of financial asets and financial liabilities (other than
financial aset at FVTPL) are aded to or deducted from
the fair value of the financial asets or financial liabilities,
as apropriate, on initial recognition. Transaction costs
directly atributable to the acquisition of financial aset
at FVTPL are recognised imediately in profit or los.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产
金融资产分类及后续计量
满足以下条件的金融资产其后按摊销
成本计量：
• 于一个业务模式内持有金融资
产，而其目的为收取合约现金
流量；及
• 金融资产的合约条款引致于指
定日期的现金流量仅为支付本
金和未偿还的本金利息。
满足以下条件的金融资产其后按公平
值计入其他全面收益（「公平值计入其
他全面收益」）计量：
• 于藉收取合约现金流量及出售
金融资产达到目标的业务模式
内持有的金融资产；及
• 合约条款引致于指定日期的现
金流量仅为支付本金和未偿还
的本金利息。
所有其他金融资产其后按公平值列账
于损益计量，惟于初始确认金融资产
当日，倘股权投资并非持作买卖，亦
非由于收购方在香港财务报告准则第
3号业务合并所适用的业务合并中确
认的或然代价，则本集团可不可撤销
地选择于其他全面收入呈列该股权投
资公平值的其后变动。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets
Clasification and subsequent measurement of
financial asets
Financial asets that met the folowing conditions are
subsequently measured at amortised cost:
• the financial aset is held within a busines model
whose objective is to colect contractual cash
flows; and
• the contractual terms of the financial aset give
rise on specified dates to cash flows that are solely
payments of principal and interest on the principal
amount outstanding.
Financial asets that met the folowing conditions are
subsequently measured at fair value through other
comprehensive income (“FVTOCI”):
• the financial aset is held within a busines model
whose objective is achieved by both colecting
contractual cash flows and seling the financial
asets; and
• the contractual terms give rise on specified dates
to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Al other financial asets are subsequently measured at
FVTPL, except that at initial recognition of a financial aset
the Group may irevocably elect to present subsequent
changes in fair value of an equity investment in other
comprehensive income if that equity investment is
neither held for trading nor contingent consideration
recognised by an acquirer in a busines combination to
which HKFRS 3 Busines Combinations aplies.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产分类及后续计量（续）
(i) 摊销成本及利息收入
利息收入利用金融资产的实际
利率法确认，而金融资产其后
按摊销成本计量。
利息收入透过将实际利率应用
于一项金融资产（其后成为信贷
减值的金融资产（见下文）除外）
的总账面值计算。就其后成为
信贷减值的金融资产而言，利
息收入透过对下一个报告期间
金融资产的摊销成本应用实际
利率予以确认。倘信贷减值金
融工具的信贷风险有所改善，
以致金融资产不再出现信贷减
值，则利息收入透过于资产被
厘定不再信贷减值后对报告期
间开始时金融资产的账面总值
应用实际利率予以确认。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets (continued)
Clasification and subsequent measurement of
financial asets (continued)
(i) Amortised cost and interest income
Interest income is recognised using the efective
interest method for financial asets measured
subsequently at amortised cost.
Interest income is calculated by aplying the
efective interest rate to the gros carying amount
of a financial aset, except for financial asets that
have subsequently become credit-impaired (se
below). For financial asets that have subsequently
become credit-impaired, interest income is
recognised by aplying the efective interest rate
to the amortised cost of the financial aset from
the next reporting period. If the credit risk on the
credit-impaired financial instrument improves so
that the financial aset is no longer credit-impaired,
interest income is recognised by aplying the
efective interest rate to the gros carying amount
of the financial aset from the begining of the
reporting period folowing the determination that
the aset is no longer credit-impaired.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产分类及后续计量（续）
(i) 指定为按公平值计入其他全面
收益之权益工具
按公平值计入其他全面收益之
权益工具投资于其后按公平值
计量，其公平值变动产生的收
益及亏损于其他全面收益确认
及于投资重估储备累计，且无
须作减值评估。该累计收益或
亏损将不会重新分类至出售股
本投资之损益，惟转至保留溢
利。
当本集团收取股息的权利确立
时，该等权益工具投资的股息
于损益中确认，除非股息明确
表示为收回部分投资成本。股
息计入损益之「其他收入、收益
及亏损」项下。
(i) 按公平值计入损益的金融资产
并不符合按摊销成本或按公平
值计入其他全面收益或指定为
按公平值计入其他全面收益计
量的准则的金融资产乃按公平
值计入损益计量。
按公平值计入损益的金融资产
按各报告期末的公平值计量，
任何公平值收益或亏损于损益
中确认。于损益确认的收益或
亏损净额不包括就金融资产赚
取的任何股息或利息，并计入
「其他收入、收益及亏损净额」
一栏。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets (continued)
Clasification and subsequent measurement of
financial asets (continued)
(i) Equity instruments designated as at FVTOCI
Investments in equity instruments at FVTOCI are
subsequently measured at fair value with gains
and loses arising from changes in fair value
recognised in other comprehensive income and
acumulated in the investment revaluation reserve;
and are not subject to impairment asesment. The
cumulative gain or los is not reclasified to profit
or los on disposal of the equity investments, and is
transfered to retained profits.
Dividends from these investments in equity
instruments are recognised in profit or los when
the Group’s right to receive the dividends is
established, unles the dividends clearly represent
a recovery of part of the cost of the investment.
Dividends are included in the “other income, gains
and loses” line item in profit or los.
(i) Financial aset at FVTPL
Financial asets that do not met the criteria for
being measured at amortised cost or FVTOCI or
designated as FVTOCI are measured at FVTPL.
Financial aset at FVTPL is measured at fair value
at the end of each reporting period, with any
fair value gains or loses recognised in profit or
los. The net gain or los recognised in profit or
los excludes any dividend or interest earned on
the financial aset and is included in the “other
income, gains and loses, net” line item.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及其他项目（须根据香
港财务报告准则第9号金融工具
（「香港财务报告准则第9号」）进
行减值评估）之减值
本集团根据金融资产（包括贸易及其
他应收款项、可退回租金按金、应收
附属公司非控股权益款项、融资租赁
应收款项、应收一名关联方款项、已
抵押银行结余及银行结余）的预期信
贷亏损及就根据香港财务报告准则第
9号须进行减值评估的其他项目（即合
约资产）进行减值评估。预期信贷亏
损金额于各报告日期予以更新，以反
映信贷风险自初步确认以来的变动。
全期预期信贷亏损指有关工具的预计
年期内所有可能的违约事件将产生的
预期信贷亏损。相反，12个月预期
信贷亏损（「12个月预期信贷亏损」）
指报告日期后12个月内可能发生违
约事件预期将产生的全期预期信贷亏
损的一部分。本集团已根据其过往信
贷损失经验（对债务人特定因素进行
调整）、整体经济状况及对报告日期
现况及未来情况的预测作出的评估进
行评估。
本集团始终就贸易应收款项及合约资
产确认全期预期信贷亏损。该等资产
的预期信贷亏损将单独评估。
就所有其他工具而言，本集团计量
的亏损拨备等于12个月预期信贷亏
损，除非当信贷风险自初步确认以来
显著上升，则本集团确认全期预期信
贷亏损。评估是否应确认全期预期信
贷亏损乃根据自初步确认以来发生违
约的可能性或风险显著上升。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets and other item
subject to impairment asesment under HKFRS 9
Financial Instruments (“HKFRS 9”)
The Group performs impairment asesment under ECL
on financial asets (including trade and other receivables,
refundable rental deposits, amounts due from non-
controling interests of subsidiaries, finance lease
receivable, amount due from a related party, pledged
bank balances and bank balances) and other item
(i.e. contract asets) which are subject to impairment
asesment under HKFRS 9. The amount of ECL is
updated at each reporting date to reflect changes in
credit risk since initial recognition.
Lifetime ECL represents the ECL that wil result from
al posible default events over the expected life of the
relevant instrument. In contrast, 12-month ECL (“12m
ECL”) represents the portion of lifetime ECL that is
expected to result from default events that are posible
within 12 months after the reporting date. Asesment
are done based on the Group’s historical credit los
experience, adjusted for factors that are specific to the
debtors, general economic conditions and an asesment
of both the curent conditions at the reporting date as
wel as the forecast of future conditions.
The Group always recognises lifetime ECL for trade
receivables and contract asets. The ECL on these asets
are asesed individualy.
For al other instruments, the Group measures the los
alowance equal to 12m ECL, unles when there has
ben a significant increase in credit risk since initial
recognition in which case, the Group recognises lifetime
ECL. The asesment of whether lifetime ECL should
be recognised is based on significant increases in the
likelihod or risk of a default ocuring since initial
recognition.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及其他项目（须根据香
港财务报告准则第9号金融工具
（「香港财务报告准则第9号」）进
行减值评估）之减值（续）
于评估信贷风险是否自初步确认以来
显著上升时，本集团比较金融工具及
合约资产于报告日期出现违约的风险
与该金融工具及合约资产于初步确认
日期出现违约的风险。作此评估时，
本集团会考虑合理及有理据的定量及
定性资料，包括历史经验及毋须花费
不必要成本或精力即可获得的前瞻性
资料。
本集团已推翻当合约付款逾期超过
30天时，信贷风险自初始确认以来
已显著增加的假设。
倘债务工具或合约资产于报告日期厘
定为具有低信贷风险，本集团假设债
务工具或合约资产的信贷风险自初始
确认起并无显著增加。倘(i)其违约风
险偏低；(i)借方有强大能力于短期履
行其合约现金流量责任；及(i)较长
期的经济及业务状况存在不利变动，
惟将未必削弱借方履行其合约现金流
量责任的能力，则债务工具或合约资
产的信贷风险会被厘定为偏低。当债
务工具或合约资产的内部或外部信贷
评级为「投资级别」（按照全球理解的
释义），则本集团会视该债务工具或
合约资产的信贷风险偏低。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets and other item
subject to impairment asesment under HKFRS 9
Financial Instruments (“HKFRS 9”) (continued)
In asesing whether the credit risk has increased
significantly since initial recognition, the Group
compares the risk of a default ocuring on the financial
instrument and contract asets as at the reporting date
with the risk of a default ocuring on the financial
instrument and contract asets as at the date of initial
recognition. In making this asesment, the Group
considers both quantitative and qualitative information
that is reasonable and suportable, including historical
experience and forward-loking information that is
available without undue cost or efort.
The Group has rebuted the presumption that the credit
risk has increased significantly since initial recognition
when contractual payments are more than 30 days past
due.
The Group asumes that the credit risk on a debt
instrument or a contract aset has not increased
significantly since initial recognition if the debt
instrument and the contract aset is determined to have
low credit risk at the reporting date. A debt instrument
or a contract aset is determined to have low credit
risk if (i) it has a low risk of default, (i) the borower
has a strong capacity to met its contractual cash flow
obligations in the near term and (i) adverse changes in
economic and busines conditions in the longer term
may, but wil not necesarily, reduce the ability of the
borower to fulfil its contractual cash flow obligations.
The Group considers a debt instrument or a contract aset
to have low credit risk when it has an internal or external
credit rating of “investment grade” as per globaly
understod definitions.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及其他项目（须根据香
港财务报告准则第9号金融工具
（「香港财务报告准则第9号」）进
行减值评估）之减值（续）
本集团定期监控用于确定信贷风险是
否大幅增加的标准之有效性，并于必
要时进行修订，以确保该标准能够于
款项逾期之前确认信贷风险是否大幅
增加。
本集团已推翻当金融资产或合约资产
逾期超过90天时即发生违约的假设。
当发生对金融资产估计未来现金流量
有不利影响的一项或多项事件时，金
融资产或合约资产发生信贷减值。金
融资产或合约资产出现信贷减值的证
据包括有关下列事件的可观察数据：
(a) 发行人或交易对手方出现严重
财政困难；
(b) 违反合约，如拖欠或逾期事件；
(c) 贷款人因交易对手方出现财务
困难的经济或合约原因，已向
交易对手方授出在其他情形下
不会考虑的特许权；或
(d) 交易对手方有可能破产或进行
其他财务重组。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets and other item
subject to impairment asesment under HKFRS 9
Financial Instruments (“HKFRS 9”) (continued)
The Group regularly monitors the efectivenes of
the criteria used to identify whether there has ben a
significant increase in credit risk and revises them as
apropriate to ensure that the criteria are capable of
identifying significant increase in credit risk before the
amount becomes past due.
The Group has rebuted the presumption that default
has ocured when a financial aset or a contract aset is
more than 90 days past due.
A financial aset or a contract aset is credit-impaired
when one or more events that have a detrimental impact
on the estimated future cash flows of that financial
aset have ocured. Evidence that a financial aset or a
contract aset is credit-impaired includes observable data
about the folowing events:
(a) significant financial dificulty of the isuer or the
counterparty;
(b) a breach of contract, such as a default or past due
event;
(c) the lender(s) of the counterparty, for economic or
contractual reasons relating to the counterparty’s
financial dificulty, having granted to the
counterparty a concesion(s) that the lender(s)
would not otherwise consider; or
(d) it is becoming probable that the counterparty wil
enter bankruptcy or other financial reorganisation.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及其他项目（须根据香
港财务报告准则第9号金融工具
（「香港财务报告准则第9号」）进
行减值评估）之减值（续）
当有资料显示交易对手方有严重财务
困难及无收回款项的实际可能性时，
本集团会撇销该金融资产或合约资
产。任何收回均于损益中确认。
预期信贷亏损的计量随违约概率、违
约损失率（即存在违约时的损失程度）
及违约风险而变动。违约概率及违约
损失率乃基于历史数据及前瞻性资料
评估。预期信贷亏损的估计反映以发
生相关违约风险的金额作为加权数值
而厘定的无偏概率加权金额。
一般而言，预期信贷亏损为本集团根
据合约应收的所有合约现金流量与本
集团预计收取的所有现金流量之间的
差额，并按初步确认时厘定的实际利
率贴现。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets and other item
subject to impairment asesment under HKFRS 9
Financial Instruments (“HKFRS 9”) (continued)
The Group writes of a financial aset or a contract
aset when there is information indicating that the
counterparty is in severe financial dificulty and there is
no realistic prospect of recovery. Any recoveries made
are recognised in profit or los.
The measurement of ECL is a function of the probability
of default, los given default (i.e. the magnitude of the
los if there is a default) and the exposure at default. The
asesment of the probability of default and los given
default is based on historical data and forward-loking
information. Estimation of ECL reflects an unbiased and
probability-weighted amount that is determined with
the respective risks of default ocuring as the weights.
Generaly, the ECL is estimated as the diference
betwen al contractual cash flows that are due to the
Group in acordance with the contract and al the cash
flows that the Group expects to receive, discounted
at the efective interest rate determined at initial
recognition.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产及其他项目（须根据香
港财务报告准则第9号金融工具
（「香港财务报告准则第9号」）进
行减值评估）之减值（续）
本集团通过调整其账面值，于损益确
认所有金融工具之减值收益或亏损，
惟贸易及其他应收款项、融资租赁应
收款项以及合约资产之相应调整则通
过亏损拨备账确认。
终止确认金融资产
于获取资产所产生现金流量的合约权
利到期，本集团方可终止确认金融资
产。
于终止确认按摊销成本计量的金融资
产时，资产账面值与已收及应收代价
之总和间的差额会于损益中确认。
金融负债及股本工具
分类为债务或权益
债务及股本工具按所订立合约安排的
内容及金融负债与股本工具的定义分
类为金融负债或股本。
股本工具
股本工具为证明经扣除其所有负债后
于实体资产的剩余权益的任何合约。
本公司发行的股本工具按已收所得款
项减直接发行成本确认。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial asets (continued)
Impairment of financial asets and other item
subject to impairment asesment under HKFRS 9
Financial Instruments (“HKFRS 9”) (continued)
The Group recognises an impairment gain or los in
profit or los for al financial instruments by adjusting
their carying amount, with the exception of trade and
other receivables, finance lease receivable and contract
asets where the coresponding adjustment is recognised
through a los alowance acount.
Derecognition of financial asets
The Group derecognises a financial aset only when
the contractual rights to the cash flows from the aset
expire.
On derecognition of a financial aset measured at
amortised cost, the diference betwen the aset’s
carying amount and the sum of the consideration
received and receivable is recognised in profit or los.
Financial liabilities and equity instruments
Clasification as debt or equity
Debt and equity instruments are clasified as either
financial liabilities or as equity in acordance with the
substance of the contractual arangements entered into
and the definitions of a financial liability and an equity
instrument.
Equity instruments
An equity instrument is any contract that evidences a
residual interest in the asets of an entity after deducting
al of its liabilities. Equity instruments isued by the
Company are recognised at the proceds received, net
of direct isue costs.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融负债及股本工具（续）
金融负债
金融负债（包括贸易应付款项及应付
保固金、应付一家附属公司非控股权
益款项及银行贷款）其后采用实际利
率法按摊销成本计量。
终止确认金融负债
当且仅当本集团的责任被解除、注销
或已届满时，本集团方会终止确认金
融负债。终止确认金融负债的账面值
与已付及应付代价之间的差额在损益
中确认。
物业、厂房及设备
物业、厂房及设备为持作生产或供应
货品或服务或作行政用途的有形资
产。物业、厂房及设备按成本减其后
累计折旧及累计减值亏损（如有）于综
合财务状况表列账。
折旧乃按资产估计可使用年期以直线
法撇销其成本并扣除其剩余价值确
认。估计可使用年期及折旧方法于报
告期末检讨，并提前将任何估计变动
的影响入账。
物业、厂房及设备项目乃于出售后或
当预期持续使用该资产不会产生未来
经济利益时终止确认。因出售或报废
物业、厂房及设备项目所产生的任何
损益，按有关资产的出售所得款项与
账面值间之差额厘定，并于损益中确
认。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Financial instruments (continued)
Financial liabilities and equity instruments (continued)
Financial liabilities
Financial liabilities (including trade and retention
payables, amount due to a non-controling interest of a
subsidiary and bank loans) are subsequently measured at
amortised cost, using the efective interest method.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and
only when, the Group’s obligations are discharged,
canceled or have expired. The diference betwen the
carying amount of the financial liability derecognised
and the consideration paid and payable is recognised in
profit or los.
Property, plant and equipment
Property, plant and equipment are tangible asets that
are held for use in the production or suply of gods or
services, or for administrative purposes. Property, plant
and equipment are stated in the consolidated statement
of financial position at cost les subsequent acumulated
depreciation and acumulated impairment loses, if any.
Depreciation is recognised so as to write of the cost of
asets les their residual values over their estimated useful
lives, using the straight-line method. The estimated useful
lives and depreciation method are reviewed at the end
of the reporting period, with the efect of any changes
in estimate acounted for on a prospective basis.
An item of property, plant and equipment is
derecognised upon disposal or when no future economic
benefits are expected to arise from the continued use
of the aset. Any gain or los arising on the disposal or
retirement of an item of property, plant and equipment is
determined as the diference betwen the sales proceds
and the carying amount of the aset and is recognised
in profit or los.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Leases
The Group aseses whether a contract is or contains
a lease based on the definition under HKFRS 16 at
inception of the contract. Such contract wil not be
reasesed unles the terms and conditions of the
contract are subsequently changed.
The Group as a lese
Right-of-use asets
The cost of right-of-use aset includes the amount of the
initial measurement of the lease liability.
Right-of-use asets are measured at cost, les any
acumulated depreciation and impairment loses, and
adjusted for any remeasurement of lease liabilities.
Right-of-use asets are depreciated on a straight-line
basis over the shorter of its estimated useful life and the
lease term.
When the Group obtains ownership of the underlying
leased asets at the end of the lease term, upon
exercising purchase options, the cost of the relevant
right-of-use asets and the related acumulated
depreciation and impairment los are transfered to
property, plant and equipment.
The Group presents right-of-use asets as a separate line
item on the consolidated statement of financial position.
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
租赁
本集团根据香港财务报告准则第16
号的定义，评估合约于订定时是否为
租赁或包含租赁。有关合约将不会被
重新评估，除非合约中之条款与条件
其后被改动。
本集团作为承租人
使用权资产
使用权资产的成本包括初始计量租赁
负债的金额。
使用权资产按成本减任何累计折旧及
减值亏损计量，并按租赁负债的任何
重新计量作出调整。
使用权资产可按估计可使用年期与租
期两者之较短者，按直线法折旧。
当本集团于租赁期末获得相关租赁资
产的所有权时，在行使购买权时，相
关使用权资产的成本以及相关的累计
折旧及减值亏损将转移至物业、厂房
及设备。
本集团于综合财务状况表将使用权资
产呈列为单独条目。
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
租赁（续）
本集团作为承租人（续）
可退回租金按金
已付可退回租金按金根据香港财务报
告准则第9号入账，初始按公平值计
量。
租赁负债
于租赁开始日期，本集团按该日未支
付的租赁付款现值确认及计量租赁负
债。计算租赁付款的现值时，本集团
采用租赁开始日期的增量借款利率
（倘租赁内隐含的利率不易厘定）。
租赁付款包括固定付款（包括实质固
定付款）减任何应收租赁优惠。
于开始日期后，租赁负债按利息累加
及租赁付款进行调整。
倘出现以下情况，本集团重新计量租
赁负债（并对相关使用权资产作出相
应调整）：
• 租期有变或有关行使购买权的
评估有变，于此情况下，相关
租赁负债透过使用于重新评估
日期的经修订贴现率贴现经修
订租赁付款而重新计量；或
• 租赁合约作出修改且租赁修改
不作为单独租赁入账。
本集团于综合财务状况表将租赁负债
呈列为单独条目。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Leases (continued)
The Group as a lese (continued)
Refundable rental deposits
Refundable rental deposits paid are acounted under
HKFRS 9 and initialy measured at fair value.
Lease liabilities
At the comencement date of a lease, the Group
recognises and measures the lease liability at the present
value of lease payments that are unpaid at that date.
In calculating the present value of lease payments, the
Group uses the incremental borowing rate at the lease
comencement date if the interest rate implicit in the
lease is not readily determinable.
The lease payments include fixed payments (including
in-substance fixed payments) les any lease incentives
receivable.
After the comencement date, lease liabilities are
adjusted by interest acretion and lease payments.
The Group remeasures lease liabilities (and makes a
coresponding adjustment to the related right-of-use
asets) whenever:
• the lease term has changed or there is a change in
the asesment of exercise of a purchase option, in
which case the related lease liability is remeasured
by discounting the revised lease payments using a
revised discount rate at the date of reasesment;
or
• a lease contract is modified and the lease
modification is not acounted for as a separate
lease.
The Group presents lease liabilities as a separate line
item on the consolidated statement of financial position.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
租赁（续）
本集团作为出租人
租赁分类及计量
本集团为出租人的租赁分类为融资或
经营租赁。倘租赁的条款将相关资产
所有权所产生绝大多数风险及回报转
让予承租人，则合约分类为融资租
赁。所有其他租赁均分类为经营租
赁。
经营租赁之租金收入于相关租赁之租
期内按直线法于损益确认。于磋商及
安排经营租赁产生的初始直接成本计
入租赁资产之账面值，及该等成本于
租赁期内按直线法确认为开支。
投资物业
投资物业乃为赚取租金及╱或资本增
值而持有的物业。
投资物业首次按成本计量，包括任何
直接应占开支。首次确认后，投资物
业按成本减其后累计折旧及任何累计
减值亏损列账。折旧乃确认以于估计
可使用年期并计及其估计剩余价值
后，采用直线法撇销投资物业的成
本。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Leases (continued)
The Group as a lesor
Clasification and measurement of leases
Leases for which the Group is a lesor are clasified as
finance or operating leases. Whenever the terms of
the lease transfer substantialy al the risks and rewards
incidental to ownership of an underlying aset to the
lese, the contract is clasified as a finance lease. Al
other leases are clasified as operating leases.
Rental income from operating leases is recognised in
profit or los on a straight-line basis over the term of the
relevant lease. Initial direct costs incured in negotiating
and aranging an operating lease are aded to the
carying amount of the leased aset, and such costs are
recognised as an expense on a straight-line basis over
the lease term.
Investment properties
Investment properties are properties held to earn rentals
and/or for capital apreciation.
Investment properties are initialy measured at cost,
including any directly atributable expenditure.
Subsequent to initial recognition, investment properties
are stated at cost les subsequent acumulated
depreciation and any acumulated impairment loses.
Depreciation is recognised so as to write of the cost of
investment properties over their estimated useful lives
and after taking into acount of their estimated residual
value, using the straight-line method.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Investment properties (continued)
An investment property is derecognised upon disposal
or when the investment property is permanently
withdrawn from use and no future economic benefits
are expected from its disposal. Any gain or los arising
on derecognition of the property (calculated as the
diference betwen the net disposal proceds and the
carying amount of the aset) is included in profit or los
in the period in which the property is derecognised.
Borowing costs
Al borowing costs not eligible for capitalisation are
recognised in profit or los in the period in which they
are incured.
Short-term employe benefits
Short-term employe benefits are recognised at the
undiscounted amount of the benefits expected to be
paid as and when employes rendered the services.
Al short-term employe benefits are recognised as an
expense unles another HKFRS Acounting Standard
require or permit the inclusion of the benefit in the cost
of an aset.
A liability is recognised for benefits acruing to
employes (such as wages, salaries and anual leave)
after deducting any amount already paid.
Retirement benefits costs
Payments to the Mandatory Provident Fund Scheme (the
“MPF Scheme”) are recognised as an expense when
employes have rendered service entitling them to the
contributions.
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
投资物业（续）
投资物业于出售时或当投资物业不再
可供使用及预期出售投资物业将无法
带来未来经济利益时终止确认。物业
终止确认所产生之任何损益（按出售
所得款项净额与资产账面值之差额计
算）乃于物业终止确认之期间计入损
益。
借款成本
不符合资本化条件的所有借款成本均
于其产生期间在损益中确认。
短期雇员福利
短期雇员福利于雇员提供服务时按预
期支付福利的未贴现金额确认。所有
短期雇员福利均确认为开支，除非有
另一项香港财务报告会计准则规定或
允许将福利计入资产成本则作别论。
雇员累计福利（如工资、薪金及年假）
于扣除任何已付金额后确认为负债。
退休福利成本
强制性公积金计划（「强积金计划」）供
款于雇员提供服务以致彼等有权获得
供款时作开支予以确认。
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
退休福利成本（续）
就长期服务金（「长期服务金」）义务而
言，根据香港会计准则第19号「雇员
福利」第93(a)段，本集团将预计抵销
的雇主强制性公积金（「强积金」）供款
入账作为对长期服务金义务的视作雇
员供款，并以净额基准计量。未来福
利的估计金额乃经扣除本集团已归属
于雇员的强积金供款所产生的应计福
利的负服务成本后厘定，有关供款被
视为来自有关雇员的供款。
以股份为基础的付款
以权益结算以股份为基础的付款
交易
授予雇员的股份
向雇员及提供类似服务的其他人士作
出的以权益结算以股份为基础的付款
按授出日期的股本工具的公平值计
量。
于授出日期厘定以权益结算以股份为
基础的付款的公平值（不计及所有非
市场归属条件）会于归属期内根据本
集团对将会最终归属的股本工具的估
计，按直线法支销，并于权益（股份
奖励储备）中作出相应增加。于各报
告期末，本集团修订其基于对所有相
关非市场归属条件的评估对预期归属
的股本工具数目的估计。修订原定估
计的影响（如有）于损益确认，以使累
计开支反映经修订估计，并对股份奖
励储备作出相应调整。
当已授出股份归属时，先前于股份奖
励储备确认的数额将转拨至保留溢
利。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Retirement benefits costs (continued)
For long service payment (“LSP”) obligation, the
Group acounts for the employer Mandatory Provident
Fund (“MPF”) contributions expected to be ofset
as a demed employe contribution towards the LSP
obligation in terms of paragraph 93(a) of HKAS 19
“Employe Benefits” and it is measure on a net basis.
The estimated amount of future benefit is determined
after deducting the negative service cost arising from
the acrued benefits derived from the Group’s MPF
contributions that have ben vested with employes,
which are demed to be contributions from the relevant
employes.
Share-based payments
Equity-setled share-based payment transactions
Shares granted to employes
Equity-setled share-based payments to employes and
others providing similar services are measured at the fair
value of the equity instruments at the grant date.
The fair value of the equity-setled share-based
payments determined at the grant date without taking
into consideration al non-market vesting conditions is
expensed on a straight-line basis over the vesting period,
based on the Group’s estimate of equity instruments
that wil eventualy vest, with a coresponding increase
in equity (share award reserve). At the end of each
reporting period, the Group revises its estimate of the
number of equity instruments expected to vest based on
asesment of al relevant non-market vesting conditions.
The impact of the revision of the original estimates,
if any, is recognised in profit or los such that the
cumulative expense reflects the revised estimate, with a
coresponding adjustment to the share award reserve.
When shares granted are vested, the amount previously
recognised in share award reserve wil be transfered to
retained profits.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
税项
所得税开支指即期及递延所得税开支
的总和。
即期应付税项乃按本年度应课税溢利
计算。本集团的即期税项负债乃按报
告期末已颁布或实质颁布的税率计
算。
递延税项乃就综合财务报表中资产及
负债的账面值与计算应课税溢利所用
相应税基之间的暂时差额确认。递延
税项负债一般就所有应课税暂时差额
确认。递延税项资产就所有可扣税暂
时差额的确认一般仅限于有可能有应
课税溢利可用以抵销有关可扣税暂时
差额。倘初步确认（业务合并除外）一
项交易的资产及负债所产生的暂时差
额不影响应课税溢利或会计溢利，且
于交易时不会产生相同的应课税及可
扣税暂时性差额，则有关递延税项资
产及负债将不予确认。
递延税项资产的账面值于报告期末进
行检讨，并于不再可能有足够应课税
溢利以收回全部或部分资产时作调
减。
递延税项资产及负债按预期清偿负债
或变现资产期间适用的税率，并根据
于报告期末已颁布或实质颁布的税率
（及税法）计量。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Taxation
Income tax expense represents the sum of curent and
defered income tax expense.
The tax curently payable is based on taxable profit for
the year. The Group’s liability for curent tax is calculated
using tax rates that have ben enacted or substantively
enacted by the end of the reporting period.
Defered tax is recognised on temporary diferences
betwen the carying amounts of asets and liabilities
in the consolidated financial statements and the
coresponding tax base used in the computation of
taxable profit. Defered tax liabilities are generaly
recognised for al taxable temporary diferences.
Defered tax asets are generaly recognised for al
deductible temporary diference to the extent that it is
probable that taxable profits wil be available against
which those deductible temporary diferences can be
utilised. Such defered tax asets and liabilities are not
recognised if the temporary diference arises from the
initial recognition (other than in a busines combination)
of asets and liabilities in a transaction that afects
neither the taxable profit nor the acounting profit and
at the time of the transaction does not give rise to equal
taxable and deductible temporary diferences.
The carying amount of defered tax asets is reviewed
at the end of the reporting period and reduced to the
extent that it is no longer probable that suficient taxable
profits wil be available to alow al or part of the aset to
be recovered.
Defered tax asets and liabilities are measured at the
tax rates that are expected to aply in the period in
which the liability is setled or the aset is realised, based
on tax rate (and tax laws) that have ben enacted or
substantively enacted by the end of the reporting period.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
3. 综合财务报表编制基准及重大
会计政策资料（续）
3.2 重大会计政策资料（续）
税项（续）
递延税项资产及负债只可在有合法执
行权利将即期税项资产及即期税项负
债抵销，以及其与同一课税机关的同
一课税实体征收的所得税有关时，方
予以抵销。
即期及递延税项于损益中确认。
支付寿险金
寿险金的支付于综合财务状况表按成
本呈列，按利息收入及服务费用调整
并减去减值亏损（如有）。
现金及现金等价物
于综合财务状况表呈列的现金及现金
等价物包括：
(a) 现金，其包括手头现金及活期
存款，不包括受监管限制而导
致有关结余不再符合现金定义
的银行结余；及
(b) 现金等价物，其包括短期（通常
原到期日为三个月或更短）、可
随时转换为已知数额现金且价
值变动风险不大的高流动性投
资。现金等价物持作满足短期
现金承担，而非用于投资或其
他目的。
就综合现金流量表而言，现金及现金
等价物包括上述现金及现金等价物。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL STATEMENTS
AND MATERIAL ACOUNTING POLICY
INFORMATION (continued)
3.2 Material acounting policy information
(continued)
Taxation (continued)
Defered tax asets and liabilities are ofset when there
is a legaly enforceable right to set of curent tax asets
against curent tax liabilities and when they relate to
income taxes levied by the same taxable entity by the
same taxation authority.
Curent and defered tax is recognised in profit or los.
Payments for life insurance
Payments for life insurance was stated in the
consolidated statement of financial position at cost
adjusted for interest income and service charges, les
impairment loses, if any.
Cash and cash equivalents
Cash and cash equivalents presented on the consolidated
statement of financial position include:
(a) cash, which comprises of cash on hand and
demand deposits, excluding bank balances that
are subject to regulatory restrictions that result in
such balances no longer meting the definition of
cash; and
(b) cash equivalents, which comprises of short-term
(generaly with original maturity of thre months
or les), highly liquid investments that are readily
convertible to a known amount of cash and which
are subject to an insignificant risk of changes in
value. Cash equivalents are held for the purpose of
meting short-term cash comitments rather than
for investment or other purposes.
For the purposes of the consolidated statement of cash
flows, cash and cash equivalents consist of cash and
cash equivalents as defined above.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4. 关键会计判断及估计不明朗因
素的主要来源
应用本集团会计政策时，本公司董事须就
未能即时轻易从其他来源得知的资产及负
债账面值作出判断、估计及假设。有关估
计及相关假设乃根据过往经验及被视为有
关的其他因素作出。实际结果可能有别于
该等估计。
有关估计及相关假设将持续进行检讨。倘
修订仅影响修订估计的期间，则于该期间
确认会计估计的修订，或倘修订同时影响
现时及未来期间，则于修订期间及未来期
间确认会计估计的修订。
以下为关于未来的主要假设，及于报告期
末时估计不明朗因素的主要来源，很可能
对下一财政年度的资产及负债的账面值造
成重大调整。
来自提供机电工程服务的收益确认
本集团根据管理层对项目总成果的估计及
所计量履约责任中的完成进度按投入法确
认机电工程服务的合约收益及溢利，即根
据本集团迄今产生的实际成本与项目的总
预算成本相比较，以估计年内确认的收
益。尽管理层因应合约进度审阅及修订
机电工程服务的合约收益及成本的估计，
惟就其总收益及成本而言，合约的实际结
果可能高于或低于该等估计，而此将影响
已确认的收益及溢利。
于截至2025年3月31日止年度，本集团
确认收益556,417,000港元（2024年：
553,537,000港元）。
4. CRITICAL ACOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY
In the aplication of the Group’s acounting policies, the
directors of the Company are required to make judgments,
estimates and asumptions about the carying amounts of
asets and liabilities that are not readily aparent from other
sources. The estimates and underlying asumptions are based
on historical experience and other factors that are considered
to be relevant. Actual results may difer from these estimates.
The estimates and underlying asumptions are reviewed on
an on-going basis. Revisions to acounting estimates are
recognised in the period in which the estimate is revised if
the revision afects only that period, or in the period of the
revision and future periods if the revision afects both curent
and future periods.
The folowing are the key asumptions concerning the
future, and key sources of estimation uncertainty at end of
the reporting period, that have a significant risk of causing
a material adjustment to the carying amounts of asets and
liabilities within the next financial year.
Revenue recognition from provision of E&M
enginering services
The Group recognises contract revenue and profit of E&M
enginering services acording to the management’s
estimation of the total outcome of the project as wel as the
progres towards complete satisfaction of a performance
obligation measured based on input method, i.e. based
on actual costs incured by the Group to date compared
with total budgeted costs for the projects to estimate the
revenue recognised during the year. Notwithstanding that
the management reviews and revises the estimates of both
contract revenue and costs for the E&M enginering services
as the contract progreses, the actual outcome of the contract
in terms of its total revenue and costs may be higher or lower
than the estimates and this wil afect the revenue and profit
recognised.
During the year ended 31 March 2025, the Group
recognised revenue amounted to HK$556,417,000 (2024:
HK$553,537,000).
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
4. 关键会计判断及估计不明朗因
素的主要来源（续）
贸易应收款项及合约资产减值估计
本集团管理层根据指定内部信贷评级及计
算预期信贷亏损率，并对基于外部数据来
源估计的前瞻性资料进行调整，按个别应
收账款基准进行减值评估，以估计贸易应
收款项及合约资产的全期预期信贷亏损金
额。前瞻性资料是对香港若干关键经济指
标的市场预测，包括本地生产总值、失业
率、不良贷款率及香港货币供应M2。于每
个报告日期，于估计贸易应收款项及合约
资产的减值时，会重新评估内部信贷评级
并会考虑外部数据来源的变动。
预期信贷亏损拨备对估计变动极为敏感。
有关预期信贷亏损的资料于附注35披露。
于2025年3月31日，就本集团的贸易应收
款项的信贷亏损1,219,000港元（2024年：
434,000港元）及本集团的合约资产的信贷
亏损2,000,000港元（2024年：1,951,000港
元）计提拨备后，贸易应收款项以及合约资
产的账面值分别为107,546,000港元（2024
年：70,592,000港元）及262,311,000港元
（2024年：242,049,000港元）。
4. CRITICAL ACOUNTING JUDGEMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY (continued)
Estimated impairment of trade receivables
and contract asets
The management of the Group performs impairment
asesment on individual debtor basis to estimate the amount
of lifetime ECL of trade receivables and contract asets based
on asigned internal credit ratings and calculated ECL rates
with adjustment for forward-loking information which are
estimated based on external sources of data. The forward-
loking information are market predications of certain key
Hong Kong economy indicators including gros domestic
products, unemployment rate, non-performing loans ratio
and Hong Kong money suply M2. At every reporting date,
the internal credit rating are reasesed and changes in the
external sources of data are considered in estimation of
impairment of trade receivables and contract asets.
The provision of ECL is sensitive to changes in estimates. The
information about the ECL is disclosed in note 35.
As at 31 March 2025, the carying amounts of trade
receivables and contract asets were HK$107,546,000
(2024: HK$70,592,000), and HK$262,311,000 (2024:
HK$242,049,000), respectively, after the alowance for credit
loses of the Group’s trade receivables of HK$1,219,000
(2024: HK$434,000) and the Group’s contract asets of
HK$2,000,000 (2024: HK$1,951,000).
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
5. 收益及分部资料
于本年度，本集团的收益来自通常根据长
期合约在香港提供的机电工程服务，并随
时间确认。
本集团为客户提供机电工程服务，客户主
要为香港私营界别的业主、建筑公司及承
建商。本集团提供的所有机电工程服务均
直接向客户提供。
本集团的合约主要为固定价格，就提供机
电工程服务向本集团作出的付款乃于有关
服务已经履行并获客户委任的建筑师、测
量师或其他代表认证后支付。
于提供机电工程服务时，本集团可要求若
干客户支付预付款。倘本集团在提供机电
工程服务前收到预付款，将产生合约负
债，直至就特定合约确认的收益超过预付
款金额为止。
合约资产（扣除与同一合约有关的合约负
债）于履行提供机电工程服务的期间内确
认，代表本集团对所履行服务享有代价的
权利，因为该等权利是以获得客户委任的
建筑师、测量师或其他代表的相关认证为
条件。
当有关权利于本集团的服务经客户委任的
建筑师、测量师或其他代表认证后成为无
条件时，合约资产转拨至贸易应收款项。
5. REVENUE AND SEGMENT INFORMATION
Revenue of the Group arose from provision of E&M
enginering services typicaly rendered in Hong Kong under
long-term contracts and were recognised over time during the
year.
The Group provides E&M enginering services to customers
which are mainly landlords, construction companies and
contractors in Hong Kong private sector. Al the Group’s
provision of E&M Enginering services is made directly with
the customers.
The Group’s contracts are mainly at fixed-price and payments
are made to the Group over the provision of E&M enginering
services once such services are performed and certified by
architects, surveyors or other representatives apointed by the
customers.
The Group may require certain customers to make advance
payments during the provision of E&M enginering services,
when the Group receives the advance payments before
provision of E&M enginering services, this wil give rise to
contract liabilities, until the revenue recognised on the specific
contract exceds the amount of such advances.
A contract aset, net of contract liability related to the same
contract, is recognised over the period in which the provision
of E&M enginering services are performed representing the
Group’s right to consideration for the services performed
because the rights are conditioned on the relevant certification
by architects, surveyors or other representatives apointed by
the customers.
The contract asets are transfered to trade receivables when
the rights become unconditional upon the Group’s services
certified by architects, surveyors or other representatives
apointed by the customers.
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
本集团与客户的合约通常要求其在一般为
客户发出实际完工证明书后12至24个月的
缺陷责任期内履行合约项下的责任（其中
包括主要为纠正已发现的缺陷）。缺陷责
任期为保证所履行的建筑服务符合约定的
规范，该保证不能单独购买。客户每笔中
期付款的5%至10%通常由客户扣作应收
保固金（计入本集团的合约资产内），其中
50%的应收保固金会在发出实际完工证明
书后转拨至贸易应收款项以供收回，而余
下50%的应收保固金会在相关合约规定的
缺陷责任期届满后转拨至贸易应收款项以
供收回。
分配至剩余履约责任的交易价格
于2025年3月31日分配至有关提供机电工
程服务的剩余履约责任（未履行或部分未履
行）的交易价格为849,196,000港元（2024
年：926,159,000港元），预期将于以下年
度确认为收益：
5. REVENUE AND SEGMENT INFORMATION
(continued)
The Group’s contracts with customers normaly require it to
perform the obligations (including, amongst others, primarily
rectification of defects identified) under the contracts during
the defects liability period generaly for 12 to 24 months after
isuance of practical completion certificates by customers.
The defect liability period serves as an asurance that the
construction services performed comply with agred-upon
specifications and such asurance canot be purchased
separately. 5% to 10% of each interim payment from the
customers is usualy witheld by the customers as retention
receivables (as included in the Group’s contract asets) in
which 50% of the retention receivable is transfered to the
trade receivables for colection upon isuance of practical
completion certificates, and the remaining 50% of the
retention receivable is transfered to the trade receivables for
colection upon expiry of the defects liability period set out in
the relevant contracts.
Transaction price alocated to the remaining
performance obligations
The transaction price alocated to the remaining performance
obligations (unsatisfied or partialy unsatisfied) in respect of
provision of E&M enginering services as at 31 March 2025
amounting to HK$849,196,000 (2024: HK$926,159,000)
which is expected to be recognised as revenue in the folowing
years:
Within one year一年内504,844478,504
More than one year but not
more than two years
一年以上但不超过两年
280,374395,517
More than two years超过两年63,97852,138
849,196926,159
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
分配至剩余履约责任的交易价格
（续）
本公司的执行董事（即主要营运决策者）会
定期审阅就提供机电工程服务所确认的收
益及所产生的成本，因此根据香港财务报
告准则第8号经营分部认为本集团仅有一个
单一报告及经营分部。
本集团的所有收益均来自位于香港的客
户，而其所有非流动资产（金融工具及递延
税项资产除外）均位于香港。
于本年度来自客户占本集团总收益额超过
10%的收益如下：
5. REVENUE AND SEGMENT INFORMATION
(continued)
Transaction price alocated to the remaining
performance obligations (continued)
The executive directors of the Company, being the chief
operating decision maker, regularly review revenue recognised
and costs incured for the provision of E&M enginering
services and, therefore, considered the Group has only one
single reporting and operating segment under HKFRS 8
Operating Segments.
Al the Group’s revenue was earned from customers located in
Hong Kong and al its non-curent asets (other than financial
instruments and defered tax asets) are situated in Hong
Kong.
Revenue from customers for the year contributing over 10%
of the total revenue of the Group are as folows:
Customer A客户AN/A不适用
(Note)（附注）
111,894
Customer B客户BN/A不适用
(Note)（附注）
58,433
Customer C客户CN/A不适用
(Note)（附注）
67,377
Customer D客户DN/A不适用
(Note)（附注）
55,048
Customer E客户E71,320N/A不适用
Note: The revenue incured during the year contribute les than 10%
of the total revenue of the Group.
附注： 年内产生的收入占本集团总收入的10%
以下。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- 、收益及亏损净额6. OTHER INCOME, GAINS AND LOSES, NET
Interest income利息收入1,472839
(Los) gain on early termination of
finance lease
提前终止融资租赁的（亏损）收益
(110)32
Gain on disposal of property, plant and
equipment, net
出售物业、厂房及设备之净收益
Adjustment on carying amount of
payments for life insurance
支付寿险金的账面值调整
543–
Rental income from investment
property
投资物业的租金收入
Gain on derecognition of right-of-use
asets
终止确认使用权资产收益
Fair value gain on financial aset at
FVTPL
按公平值计入损益之金融资产之
公平值收益540–
Gain on waiver of amount due to
a non-controling interest of a
subsidiary
豁免应付一家附属公司非控股权益款
项收益
1,205–
Others其他1,4232,984
6,0094,064
7. FINANCE COSTS
Interest on bank loans银行贷款利息8651,308
Interest on lease liabilities租赁负债利息253414
1,1181,722
7. 财务成本
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
8. 除税前溢利8. PROFIT BEFORE TAXATION
Profit before taxation has ben arived
at after charging (crediting):
除税前溢利乃扣除（抵免）以下各项后
达致：
Depreciation of property, plant and
equipment
物业、厂房及设备折旧
5,6585,663
Depreciation of investment property投资物业折旧221221
Depreciation of right-of-use asets使用权资产折旧4,0615,139
Alowance (reversal of alowance) for
impairment loses (Note):
减值亏损拨备（拨备拨回）（附注）：
– Trade receivables－贸易应收款项785(197)
– Contract asets－合约资产49256
– Other receivables－其他应收款项648647
Auditor’s remuneration核数师薪酬700750
Gros rental income from investment
property
投资物业总租金收入
(156)(156)
Les: direct operating expenses incured
for investment property that
generated rental income during
the year
减：就年内产生租金收入之投资物业
产生之直接经营开支
(144)(144)
Staf costs (including the remuneration
of the directors of the Company as
disclosed as note 9):
员工成本（包括附注9所披露本公司
董事薪酬）：
– Salaries and alowances and
discretionary bonus
－薪金及津贴以及酌情花红
96,83488,902
– Retirement benefit scheme
contributions
－退休福利计划供款
2,6912,918
– Share-based payments expenses－以股份为基础支付之开支1,9142,264
Total staf costs员工成本总额101,43994,084
Donations捐款1,4203,667
Note: Details of impairment asesment for the years ended 31 March
2025 and 2024 are set out in note 35.
附注： 截至2025年及2024年3月31日止年度的
减值评估详情载于附注35。
| Other emoluments | ||||||
|---|---|---|---|---|---|---|
| 其他酬金 | ||||||
| Fees | Salaries and other allowances | Discretionary bonus | Retirement benefit scheme contributions | Total | ||
| 袍金 | 薪金及 其他津贴 | 酌情花红 | 退休福利 计划供款 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
9. DIRECTORS’, CHIEF EXECUTIVE’S AND
EMPLOYES’ EMOLUMENTS
Directors’ emoluments and chief executive’s
emoluments
Details of the emoluments paid to the directors and chief
executive of the Company are as folows:
For the year ended 31 March 2025
Executive directors:执行董事：
Dr. Ko高博士–3,270380183,668
Ms. Cheung张女士–1,380230181,628
Non-executive director:非执行董事：
Mr. Ko Angus Chun Kit
(“Mr. CK Ko”, son of
Dr. Ko and Ms. Cheung)
高俊杰先生（「高俊杰先
生」，高博士与张女士
之儿子）360–360
Independent non-executive
directors:
独立非执行董事：
Mr. Chan Cheong Tat陈昌达先生180–180
Ms. Tse Ka Wing谢嘉颖女士180–180
Mr. Ho Chi Shing何志诚先生180–180
9004,650610366,196
- 、最高行政人员及雇员酬
金
董事酬金及最高行政人员酬金
支付予本公司董事及最高行政人员的酬金
详情如下：
截至2025年3月31日止年度
| Other emoluments | ||||||
|---|---|---|---|---|---|---|
| 其他酬金 | ||||||
| Fees | Salaries and other allowances | Discretionary bonus | Retirement benefit scheme contributions | Total | ||
| 袍金 | 薪金及 其他津贴 | 酌情花红 | 退休福利 计划供款 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | ||
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
除上述雇员福利开支外，本集团亦向董事
提供其他非货币福利（住宿）。截至2025年
3月31日止年度，与该等非货币福利相关
的使用权资产折旧为990,000港元（2024
年：1,891,000港元）。
于本年度，上述本公司执行董事的酬金乃
就彼等因管理本集团事务所提供服务而支
付，而上述本公司非执行董事及独立非执
行董事的酬金乃就彼等担任本公司董事所
提供的服务而支付。此外，上述本公司执
行董事有权获付花红，该等花红乃经参考
相关董事的个人表现厘定。
- 、最高行政人员及雇员酬
金（续）
董事酬金及最高行政人员酬金（续）
截至2024年3月31日止年度
9. DIRECTORS’, CHIEF EXECUTIVE’S AND
EMPLOYES’ EMOLUMENTS (continued)
Directors’ emoluments and chief executive’s
emoluments (continued)
For the year ended 31 March 2024
Executive directors:执行董事：
Dr. Ko高博士–4,260380184,658
Ms. Cheung张女士–1,380230181,628
Non-executive director:非执行董事：
Mr. Ko Angus Chun Kit
(“Mr. CK Ko”, son of
Dr. Ko and Ms. Cheung)
高俊杰先生（「高俊杰先
生」，高博士与张女士
之儿子）360–360
Independent non-executive
directors:
独立非执行董事：
Mr. Chan Cheong Tat陈昌达先生180–180
Ms. Tse Ka Wing谢嘉颖女士180–180
Mr. Ho Chi Shing何志诚先生180–180
9005,640610367,186
In adition to the employe benefits expenses presented
above, the Group also provides other non-monetary benefits
(acomodation) to director. During the year ended 31 March
2025, depreciation of right-of-use asets in relation to these
non-monetary benefits amounted to HK$990,000 (2024:
HK$1,891,000).
The emoluments of the above executive directors of the
Company were paid for their services in conection with
the management of the afairs of the Group whereas
the emoluments of the above non-executive director and
independent non-executive directors of the Company were
paid for their services as directors of the Company during the
year. Besides, the above executive directors of the Company
are entitled to bonus payments which are determined with
reference to individual performance of the relevant directors.
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- 、最高行政人员及雇员酬
金（续）
董事酬金及最高行政人员酬金（续）
高博士亦为本公司最高行政人员（「最高行
政人员」）及上述有关彼之酬金披露包括彼
担任行政总裁提供服务之酬金。
于两个年度，概无本公司董事及行政总裁
放弃或同意放弃任何酬金。
雇员酬金
本年度，本集团的五名最高薪酬人士包括
2名（2024年：2名）本公司董事，其酬金详
情载于上文。余下3名（2024年：3名）最高
薪酬人士的酬金详情如下：
9. DIRECTORS’, CHIEF EXECUTIVE’S AND
EMPLOYES’ EMOLUMENTS (continued)
Directors’ emoluments and chief executive’s
emoluments (continued)
Dr. Ko is also the chief executive oficer of the Company (the
“Chief Executive”) and his emoluments disclosed above
include those for services rendered by him as the Chief
Executive.
None of the directors of the Company nor the Chief Executive
waived or agred to waive any emoluments during both years.
Employes’ emoluments
The five highest paid individuals of the Group for the year
include 2 (2024: 2) directors of the Company, details of whose
emoluments are set out above. Details of the emoluments
of the remaining 3 (2024: 3) highest paid individuals are as
folows:
Employes雇员
– Salaries and alowances－薪金及津贴2,7522,731
– Discretionary bonus (Note)－酌情花红（附注）410761
– Share-based payment expenses－以股份为基础支付之开支238251
– Retirement benefit scheme
contributions
－退休福利计划供款
3,4543,797
Note: The discretionary bonus is determined by reference to
individual performance of the employes and aproved by the
management of the Group.
The emoluments of the remaining highest paid employes
were within the folowing bands:
HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元32
HK$1,500,001 to HK$2,000,0001,500,001 港元至2,000,000港元–1
No emoluments were paid by the Group to any of the
directors of the Company, Chief Executive nor the five highest
paid individuals as an inducement to join or upon joining the
Group or as compensation for los of ofice.
附注： 酌情花红乃经参考雇员的个人表现厘定并
由本集团管理层批准。
余下最高薪酬雇员的酬金范围如下：
本集团并无向任何本公司董事、最高行政
人员或五名最高薪酬人士支付任何酬金作
为加入本集团或加入本集团后的奖励或离
职补偿。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
10. 所得税开支10. INCOME TAX EXPENSE
Hong Kong Profits Tax香港利得税
– Curent year－本年度10,1748,856
– Underprovision in previous years－过往年度拨备不足–21
– Defered tax (note 27)－递延税项（附注27）(137)(496)
10,0378,381
Under the two-tiered profits tax rates regime of Hong Kong
Profits Tax, the first HK$2 milion of profits of the qualifying
group entity is taxed at 8.25%, and profits above HK$2 milion
is taxed at 16.5%. The profits of group entities not qualifying
for the two-tiered profits tax rates regime wil continue to
be taxed at a flat rate of 16.5%. The two-tiered profits tax
rates regime was aplicable to Chit Tat Electrical Enginering
Limited (“Chit Tat”, a wholy-owned subsidiary) for curent
and prior year. Acordingly, the Hong Kong Profits Tax of Chit
Tat is calculated at 8.25% on the first HK$2 milion of the
estimated asesable profits and at 16.5% on the estimated
asesable profits above HK$2 milion for curent and prior
year.
根据香港利得税两级制，合资格集团实体
首2百万港元的溢利按8.25%税率缴纳税
项，而超过2百万港元的溢利按16.5%税率
缴纳税项。不符合利得税两级制资格之集
团实体之溢利将继续按16.5%之统一税率
缴纳税项。于本年度及过往年度，利得税
两级制适用于捷达机电工程有限公司（「捷
达」，一间全资附属公司）。因此，捷达本
年度及过往年度的香港利得税乃按首2百
万港元的估计应课税溢利按8.25%税率，
以及超过2百万港元的估计应课税溢利按
16.5%税率缴纳税项。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
于报告期末，本集团有未动用税项亏损
约5,792,000港元（2024年：4,161,000
港元），可供抵销未来溢利。税项亏损
3,299,000港元（2024年：3,299,000港元）
已确认为递延税项资产。由于未来溢利来
源不可预测，故剩余税项亏损2,493,000港
元（2024年：862,000港元）并未确认为递
延税项资产。所有亏损均可无限期结转。
- （续）
于本年度的所得税开支可与综合损益及其
他全面收益表内的除税前溢利对账如下：
10. INCOME TAX EXPENSE (continued)
The income tax expense for the year can be reconciled to the
profit before taxation per the consolidated statement of profit
or los and other comprehensive income as folows:
Profit before taxation除税前溢利57,05748,800
Tax charge at the aplicable income tax
rate at 16.5% (2024: 16.5%)
按适用所得税率16.5%（2024年：
16.5%）计算的税项支出9,4148,052
Tax efect of expenses not deductible
for tax purpose
不可扣税开支的税务影响
Tax efect of income not taxable for
tax purpose
毋须课税收入的税务影响
(261)(131)
Tax efect of tax loses not recognised未确认的税务亏损的税务影响269157
Utilisation of taxes loses not previously
recognised
动用此前未确认的税务亏损
–(145)
Tax efect of tax deductions for research
and development expenditures
研发支出税项减免的税务影响
(178)(220)
Underprovision in previous years过往年度拨备不足–21
Income tax at concesionary rate按优惠税率计算的所得税(165)(180)
Others其他158(28)
Income tax expense for the year本年度所得税开支10,0378,381
At the end of the reporting period, the Group has unused tax
loses of aproximately HK$5,792,000 (2024: HK$4,161,000)
available for ofset against future profits. Tax loses of
HK$3,299,000 (2024: HK$3,299,000) have ben recognised as
defered tax asets. The remaining tax loses of HK$2,493,000
(2024: HK$862,000) have not ben recognised as defered tax
asets due to the unpredictability of future profit streams. Al
loses may be caried forward indefinitely.
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
11. 股息11. DIVIDENDS
Dividends for ordinary shareholders
of the Company recognised as
distribution during the year:
年内确认为分派的本公司普通股东股
息：
– 2024 final dividend: HK1.3 cents per
share (2024: 2023 final dividend:
HK1.6 cents per share)
－2024年末期股息：每股1.3港仙
（2024年：2023年末期股息：
每股1.6港仙）10,54112,800
– 2025 interim dividend: HK0.6 cent
per share (2024: 2024 interim
dividend: HK0.7 cent per share)
－2025年中期股息：每股0.6港仙
（2024年：2024年中期股息：
每股0.7港仙）4,8655,600
15,40618,400
Subsequent to the end of the reporting period, a final dividend
of HK1.4 cents per ordinary share in respect of the year ended
31 March 2025, in an agregate amount of HK$11,352,000
has ben proposed by the directors of the Company and is
subject to aproval by the shareholders of the Company in the
forthcoming anual general meting.
12. EARNINGS PER SHARE
The calculation of the basic and diluted earnings per share
atributable to owners of the Company is based on the
folowing data:
Earnings for the purpose of basic and
diluted earnings per share (profit for
the year atributable to owners of the
Company)
用于计算每股基本及摊薄盈利的盈利
（本公司拥有人应占本年度溢利）
46,25340,792
于报告期结束后，本公司董事已建议就截
至2025年3月31日止年度派付末期股息每
股普通股1.4港仙，总金额为11,352,000港
元，并须待本公司股东于应届股东周年大
会上批准。
12. 每股盈利
本公司拥有人应占每股基本及摊薄盈利乃
根据以下数据计算：
| Numb shares | er of NNuummbbeerr ooff shares | Number of shares | |
|---|---|---|---|
| 股份数目 | 股份数目 | ||
| ’000 | ’000 | ||
| 千股 | 千股 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
13. 按公平值计入损益之金融资产
于2025年3月31日，结余指为香港一间建
筑公司的建筑项目拨资的项目贷款。该
贷款的年利率为4.8%，本金及利息须于
2025年9月偿还。此外，本集团亦有权获
得建筑项目溢利的52%，并由该建筑公司
保证最低利润率5%。
14. 按公平值计入其他全面收益之
金融资产
于报告期末，上市股本证券按参考活跃市
场所报收市价厘定之公平值列账。
董事已选择将该投资指定为按公平值计入
其他全面收益之金融资产，原因为彼等相
信于损益确认投资公平值之短期波动将不
符合本集团长期持有该投资及实现其长期
表现潜力之策略。
- （续）12. EARNINGS PER SHARE (continued)
Weighted average number of ordinary
shares for the purpose of basic
earnings per share
用于计算每股基本盈利的普通股加权
平均数目
801,082800,001
Efect of dilutive potential ordinary
shares in respect of outstanding
share awards of the Company
本公司未行使股份奖励产生的摊薄潜
在普通股的影响
3,051787
Weighted average number of ordinary
shares for the purpose of diluted
earnings per share
用于计算每股摊薄盈利的加权平均普
通股数目
804,133800,788
13. FINANCIAL ASET AT FVTPL
At 31 March 2025, the balance represents a project loan to
finance a construction project of a construction company
in Hong Kong. The loan bears interest equivalent to 4.8%
per anum and the principal and interest are repayable in
September 2025. Besides, the Group is also entitled to 52%
of the profit from the construction project, with a minimum
profit margin of 5% guaranted by the construction company.
14. FINANCIAL ASET AT FVTOCI
At the end of the reporting period, the listed equity securities
were stated at fair values which have ben determined by
reference to closing prices quoted in the active markets.
The Directors have elected to designate the investment as
financial aset at FVTOCI as they believe that recognising
short-term fluctuations in the investment’s fair value in profit
or los would not be consistent with the Group’s strategy of
holding the investment for long-term purposes and realising
its performance potential in the long run.
| Land and Building | Carpark spaces | Leasehold improvements | Furniture, fixtures and equipment | Motor vehicles and yacht | Total | ||
|---|---|---|---|---|---|---|---|
| 土地及楼宇 | 停车位 | 租赁 物业装修 | 家私、装置 及设备 | 汽车及游艇 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- 、厂房及设备15. PROPERTY, PLANT AND EQUIPMENT
COST成本
At 1 April 2023于2023年4月1日53,9004,4273,3313,8241,28266,764
Aditions添置–82319912,00013,022
Disposals出售–(275)(275)
At 31 March 2024于2024年3月31日53,9004,4274,1544,02313,00779,511
Aditions添置–52–52
Disposals出售–(1,000)(1,000)
Writen of撇销–(256)(1,608)–(1,864)
Transfer from right-of-use
aset
转拨自使用权资产
–357357
At 31 March 2025于2025年3月31日53,9004,4273,8982,46712,36477,056
DEPRECIATION折旧
At 1 April 2023于2023年4月1日1,1944045652,4511,2825,896
Provided for the year本年度拨备2,0481601,8364871,1325,663
Eliminated upon disposals出售时对销–(275)(275)
At 31 March 2024于2024年3月31日3,2425642,4012,9382,13911,284
Provided for the year本年度拨备2,0481601,6324431,3755,658
Eliminated upon disposals出售时对销–(525)(525)
Eliminated on writen of撇销时对销–(256)(1,608)–(1,864)
Transfer from right-of-use
aset
转拨自使用权资产
–357357
At 31 March 2025于2025年3月31日5,2907243,7771,7733,34614,910
CARYING VALUES账面值
At 31 March 2025于2025年3月31日48,6103,7031216949,01862,146
At 31 March 2024于2024年3月31日50,6583,8631,7531,08510,86868,227
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- 、厂房及设备（续）
经考虑剩余价值后，上述物业、厂房及设
备以直线法按以下年利率折旧：
土地及楼宇3%
停车位3%
租赁物业装修租赁期内
家私、装置及设备20%–30%
汽车及游艇10%–30%
本集团的一个停车位及一个办公室物业在
香港，并就其银行贷款作抵押（附注24）。
16. 使用权资产
本集团租用停车位、办公室物业、仓库、
住宿及汽车的租赁安排年期主要为两至五
年。
租用停车位、办公室物业及仓库的租赁安
排通常容许本集团于租赁开始12个月后给
予一个月通知提前终止租赁，否则需缴付
相等于一个月租赁付款的罚款。厘定租期
及评估不可撤销期限的长度时，本集团应
用合约定义并厘定合约可执行的期限。
就租用汽车的租赁安排而言，本集团有权
于租期结束时按名义金额购买汽车，惟无
权提前终止租赁。
15. PROPERTY, PLANT AND EQUIPMENT
(continued)
The above items of property, plant and equipment, after
taking into acount the residual values, are depreciated on a
straight-line basis at the folowing rates per anum:
Land and Building3%
Carpark spaces3%
Leasehold improvementsOver the lease term
Furniture, fixtures and equipment20%–30%
Motor vehicles and yacht10%–30%
The Group’s a carpark space and an ofice premise are situated
in Hong Kong and are pledged to secure bank loans (note 24).
16. RIGHT-OF-USE ASETS
The tenure of the Group’s lease arangements for renting
carpark space, ofice premises, warehouses, acomodation
and motor vehicles is mainly from two to five years.
The lease arangements for renting carpark space, ofice
premises and warehouses usualy alow early termination for
the Group’s giving one-month prior notice after 12 months
from the comencement of the leases, otherwise, penalties,
equivalent to one-month lease payment, is necesary. In
determining the lease term and asesing the length of the
non-cancelable period, the Group aplies the definition of a
contract and determines the period for which the contract is
enforceable.
In respect of the lease arangements for renting motor
vehicles, the Group has options to purchase the motor vehicles
for nominal amounts at the end of the leases and there is no
early termination options.
| Carpark space | Office premises | Warehouses | Accommodation | Motor vehicles | Total | ||
|---|---|---|---|---|---|---|---|
| 停车位 | 办公室物业 | 仓库 | 住宿 | 汽车 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
本集团合理确定于租期结束时将取得相关
租赁资产所有权（主要为汽车）的使用权资
产自开始日期起至可使用年期结束会作折
旧。其他使用权资产于其估计可使用年期
及租期（以较短者为准）按直线法折旧。
于本年度，本集团租赁的总现金流出为
5,650,000港元（2024年：5,115,000港元）。
于本年度，本集团添置使用权资产
1,654,000港元（2024年：4,586,000港元）。
此外，本集团租赁负债4,047,000港元
（2024年：12,440,000港元）连同相关使用
权资产3,870,000港元（2024年：9,390,000
港元）均于2025年3月31日获确认。除出租
人所持租赁资产的抵押权益外，租赁协议
不得施加任何契约。租赁资产不得用作借
款目的担保抵押品。
- （续）
本集团于报告期末就租用停车位、办公室
物业、仓库、住宿及汽车的租赁安排而言
的使用权资产如下：
16. RIGHT-OF-USE ASETS (continued)
The Group’s right-of-use asets in respect of lease
arangements for renting carpark space, ofice premises,
warehouses, acomodation and motor vehicles at the end of
reporting period are as folows:
As at 31 March 2025
Carying amount
于2025年3月31日
账面值208791,838–1,1333,870
As at 31 March 2024
Carying amount
于2024年3月31日
账面值692,3822,1462,8371,9569,390
For the year ended
31 March 2025
Depreciation charge
截至2025年3月31日
止年度折旧费用
491,7425289198234,061
For the year ended
31 March 2024
Depreciation charge
截至2024年3月31日
止年度折旧费用
801,0321,2821,8918545,139
Right-of-use asets in which the Group is reasonably certain
to obtain ownership of the underlying leased asets (mainly
motor vehicles) at the end of the lease term are depreciated
from comencement date to the end of the useful life. Other
right-of-use asets are depreciated on a straight-line basis over
the shorter of its estimated useful life and the lease term.
During the year, the Group had total cash outflows for leases
amounting to HK$5,650,000 (2024: HK$5,115,000).
During the year, the Group had aditions to right-of-use asets
amounting to HK$1,654,000 (2024: HK$4,586,000).
In adition, the Group’s lease liabilities of HK$4,047,000 (2024:
HK$12,440,000) are recognised with related right-of-use asets
of HK$3,870,000 (2024: HK$9,390,000) as at 31 March 2025.
The lease agrements do not impose any covenants other
than the security interests in the leased asets that are held
by the lesors. Leased asets may not be used as security for
borowing purposes.
| HK$’000 | ||
|---|---|---|
| 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
17. INVESTMENT PROPERTY
COST成本
At 1 April 2023, 31 March 2024 and 31 March 2025于2023年4月1日、2024年3月31日及
2025年3月31日5,801
5,801
DEPRECIATION折旧
At 1 April 2023于2023年4月1日128
Provided for the year于本年度拨备221
At 1 April 2024于2024年4月1日349
Provided for the year于本年度拨备221
At 31 March 2025于2025年3月31日570
CARYING VALUES账面值
At 31 March 2025于2025年3月31日5,231
At 31 March 2024于2024年3月31日5,452
The above investment property is depreciated on a straight-
line basis over the term of the lease.
The Group leases out a vehicle parking space under operating
lease with rentals payable monthly. The leases typicaly run for
an initial period of 2 years (2024: 2 years). The vehicle parking
space (2024: vehicle parking space) is pledged to secure bank
loans (note 24).
The Group is not exposed to foreign curency risk as a result
of the lease arangement, as the lease is denominated in the
respective functional curencies of group entities. The lease
contract do not contain residual value guarante and/or
lese’s option to purchase the property at the end of lease
term.
17. 投资物业
上述投资物业于租赁期内按直线法折旧。
本集团根据经营租赁出租车辆停车位，租
金每月支付。租赁的初始期限通常为2年
（2024年：2年）。车辆停车位（2024年：
车辆停车位）已抵押以获授银行贷款（附注
24）。
由于租赁以集团实体各自的功能货币计
值，因此本集团并无因租赁安排而面临外
币风险。租赁合约不包含剩余价值保证
及╱或承租人在租赁期限结束时购买物业
的选择权。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
18. 以权益法核算的投资18. INVESTMENT UNDER EQUITY METHOD
Investment under equity method以权益法核算的投资4–
The Group holds equity interest in NP Enginering Company
Limited, under equity method which is engaging in
construction of buildings in Hong Kong. Particulars regarding
the investment is set out in note 38.
At 31 March 2025, the Group’s investment under equity
method was not individualy material to the Group.
19. PAYMENTS FOR LIFE INSURANCE
In November 2017, the Group paid premium for a life
insurance policy (the “Insurance Policy”) to insure Ms.
Cheung, a director of the Company. Under the Insurance Policy,
the beneficiary and policy holder is the Group. At inception
of the Insurance Policy, the Group paid a gros premium of
HK$6,500,000 by two instalments of HK$3,250,000 each. The
Group can terminate the Insurance Policy at any time and can
receive cash at the date of termination based on the acount
value of the Insurance Policy, which is determined as the gros
premium paid with the acrued returns (as further details set
out below) after neting of the charges (including a surender
charge if the termination of the Insurance Policy is within the
first policy year), if any, in acordance with the terms and
conditions of the Insurance Policy.
The Group shal receive returns (with guaranted minimum
return at rates of 3.75%, 3% and 2% per anum for the first
policy year, second policy year and third to tenth policy years,
respectively) during the efective period of the Insurance Policy.
The directors of the Company have intention to terminate
the Insurance Policy within 12 months after the end of the
reporting period and, therefore, the amount was clasified as
curent aset as at 31 March 2025 (non-curent aset as at 31
March 2024).
In April 2025, the Insurance Policy was terminated and the
Company has received the premium paid and investment
return with an agregate amount of HK$7,729,000.
本集团持有以权益法核算的乐保工程有限
公司股权，该公司于香港从事楼宇建造业
务。有关该投资的详情载于附注38。
于2025年3月31日，本集团以权益法核算
的投资对本集团而言并不重大。
19. 支付寿险金
于2017年11月，本集团就寿险保单（「保
单」）支付保费，以为本公司董事张女士投
保。根据保单，受益人及保单持有人为本
集团。于保单开始时，本集团分两期每
期3,250,000港元支付总保费6,500,000港
元。本集团可随时终止保单，并可于终止
日期根据保单的账户价值收取现金，该账
户价值乃根据保单的条款及条件厘定为扣
除费用后（包括如于首个保单年度终止保单
的退保费用）（如有）与应计回报（进一步详
情载列如下）共同支付的总保费。
本集团将于保单有效期内收取回报（于首
个保单年度、第二个保单年度及第三至第
十个保单年度的保证最低回报年利率分别
为3.75%、3%及2%）。本公司董事有意
于报告期末后12个月内终止保单，因此该
金额于2025年3月31日分类为流动资产（于
2024年3月31日分类为非流动资产）。
于2025年4月，保单已终止，而本公司已
收取合共7,729,000港元的已缴保费及投资
回报。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
附注：
(i) 于2025年3月31日，可退回租金按金包
括分别支付予高博士及张女士45,000港
元（2024年：45,000港元）、20,000港元
（2024年：20,000港元）的款项。于2025
年及2024年3月31日的其他可退回租金按
金支付予独立业主。
(i) 该款项为非贸易性质、无抵押、免息及按
要求偿还。
(i) 该款项为向一名关联方提供的垫款，本集
团以权益法持有该关联方的股权。该款项
为非贸易性质、无抵押、免息及按要求偿
还。
- 、按金及
预付款项
20. TRADE AND OTHER RECEIVABLES,
DEPOSITS AND PREPAYMENTS
Trade receivables贸易应收款项108,76571,026
Les: Alowance for credit loses减：信贷亏损拨备(1,219)(434)
107,54670,592
Other receivables其他应收款项3,9975,930
Les: Alowance for credit loses减：信贷亏损拨备(2,590)(1,942)
1,4073,988
Refundable rental deposits (Note i)可退回租金按金（附注i）521869
Amounts due from non-controling
interests of a subsidiary (Note i)
应收一间附属公司非控股权益款项
（附注i）6011
Amount due from a related party
(Note i)
应收一名关联方款项（附注i）
750–
Prepayments for purchase of materials
and subcontracting fes
购买材料的预付款项及分包费
9,0087,170
Prepaid expenses预付开支2,5952,533
Utilities and other deposits公用事业及其他按金277716
122,16485,879
Analysed as:分析如下：
Curent asets流动资产121,83584,417
Non-curent asets非流动资产3291,462
122,16485,879
Notes:
(i) Included in the refundable rental deposits as at 31 March 2025
were amounts of HK$45,000 (2024: HK$45,000), HK$20,000
(2024: HK$20,000) paid to Dr. Ko and Ms. Cheung respectively.
The other refundable rental deposits as at 31 March 2025 and
2024 were paid to independent landlords.
(i) The amount is non-trade, unsecured, interest-fre and
repayable on demand.
(i) The amount represents advances to a related party, which the
Group holds equity interest under equity method. The amount is
non-trade, unsecured, interest-fre and repayable on demand.
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
于2025年3月31日，本集团贸易应收款
项结余包括总账面金额13,634,000港元
（2024年：11,263,000港元）之应收款项，
该等款项于报告日期已逾期90天或以上但
不被视为违约，原因是有关客户正在进行
内部结算程序，本集团管理层已确认并批
准延长信贷期。
贸易及其他应收款项、可退回租金按金、
应收一名关联方款项及应收一间附属公司
非控股权益款项的减值评估详情载于附注
35 。
- 、按金及
预付款项（续）
贸易应收款项指经扣除保固金后应收已核
证工程款项。于2023年4月1日，本集团的
贸易应收款项总账面值为105,326,000港元
及计提信贷亏损拨备631,000港元。
于接纳任何新客户前，本集团会评估潜在
客户的信贷质素并界别客户的信贷限额。
应收现有客户款项的可收回性会由本公司
董事定期检讨。本集团一般给予其客户7至
90天（2024年：7至90天）的信贷期。
下文为于报告期末根据客户所委任的建筑
师、测量师或其他代表核证工程日期（与发
票日期相若）呈列的本集团贸易应收款项的
账龄分析。
20. TRADE AND OTHER RECEIVABLES,
DEPOSITS AND PREPAYMENTS (continued)
Trade receivables represent amounts receivable for work
certified after deduction of retention money. As at 1 April
2023, the gros carying amount of the Group’s trade
receivables was HK$105,326,000 and HK$631,000 alowance
of credit loses was made.
Before acepting any new customer, the Group aseses the
potential customer’s credit quality and defines credit limits for
customers. Recoverability of the amounts due from existing
customers is reviewed by the directors of the Company
regularly. The Group alows generaly a credit period of 7 to
90 days (2024: 7 to 90 days) to its customers.
The folowing is an aged analysis of trade receivables of
the Group presented based on dates of work certified by
architects, surveyors or other representatives apointed by the
customers, that aproximate to the invoice date at the end of
the reporting period.
0 to 30 days0至30天52,02939,957
31 to 90 days31至90天43,10219,806
91 to 180 days91至180天3,0452,566
Above 180 days180天以上10,5898,697
108,76571,026
Les: Alowance of credit loses减：信贷亏损拨备(1,219)(434)
107,54670,592
As at 31 March 2025, included in the Group’s trade receivables
balances are debtors with agregate gros carying amount of
HK$13,634,000 (2024: HK$11,263,000) which are past due
90 days or more as at the reporting date and is not considered
as in default because these customers are in the proces of
internal setlement procedures that the management of the
Group has acknowledged and aproved the extended credit
period.
Details of impairment asesment of trade and other
receivables, refundable rental deposits, amount due from a
related party and amounts due from non-controling interests
of a subsidiary are set out in note 35.
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
21. 合约资产及负债
于2023年4月1日、2024年3月31日及2025
年3月31日，本集团合约资产的账面值分
别为258,488,000港元、242,049,000港元
及262,311,000港元，指本集团就提供机电
工程服务而向客户收取代价的权利，该等
权利于以下情况产生：(i)本集团根据该等
合约完成相关服务但尚未经客户所委任的
建筑师、测量师或其他代表认证的；及(i)
客户保留应付予本集团的若干核证款项作
为保固金（即应收保固金），以确保妥为履
行合约。
本集团的合约资产分析如下：
21. CONTRACT ASETS AND LIABILITIES
The carying amounts of the Group’s contract asets as at 1
April 2023, 31 March 2024 and 31 March 2025 amounting
to HK$258,488,000, HK$242,049,000 and HK$262,311,000
respectively, represent the Group’s rights to considerations
from customers for the provision of E&M enginering
services, which arise when: (i) the Group completed the
relevant services under such contracts but not yet certified
by architects, surveyors or other representatives apointed
by the customers; and (i) the customers witheld certain
certified amounts payable to the Group as retention money (i.e.
retention receivables) to secure the due performance of the
contracts.
The Group’s contract asets are analysed as folows:
Provision of E&M enginering services机电工程服务拨备264,311244,000
Les: Alowance of credit loses减：信贷亏损拨备(2,000)(1,951)
262,311242,049
The retention receivables included in contract asets are to be
setled at the end of the reporting period as folows:
Within one year一年内62,08759,281
After one year一年后33,57039,090
95,65798,371
Les: Alowance for credit loses减：信贷亏损拨备(334)(844)
95,32397,527
The increases in contract asets during the years ended 31
March 2025 and 2024 were mainly due to changes in the size
of contract works that the relevant services were completed
but yet ben certified by architects, surveyors or other
representatives apointed by the customers at the end of the
reporting periods.
合约资产内的应收保固金将于报告期末结
算如下：
截至2025年及2024年3月31日止年度的合
约资产增加乃主要由于相关服务已完成但
于报告期末尚未经客户所委任的建筑师、
测量师或其他代表核证的合约工程规模变
动。
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
合约资产的减值评估详情载于附注35。
于2023年4月1日、2024年3月31日及2025
年3月31日的合约负债分别为16,332,000
港元、6,791,000港元及14,806,000港元，
指本集团将机电工程服务转让予本集团已
从客户收取预付款项的客户之责任。
于2023年及2024年4月1日的合约负债已分
别于截至2024年及2025年3月31日止年度
确认为收益。
截至2025年3月31日止年度的合约负债增
加（2024年：减少）乃主要由于报告期末
若干新项目于初始阶段来自客户的垫款
（2024年：前一年度的合约负债于本年度
确认为进行中及已完成项目的收益）。
- 、现金及现金
等价物
于2025年3月31日，本集团的已抵押银行
结余为银行固定存款，按固定年利率介
乎0.25%至3.22%（2024年：固定年利率
3.8%）计息并已就银行向本集团所获授的
银行融资（2024年：履约保证金）作抵押。
进一步详情载于附注29。
现金及现金等价物包括活期存款及短期存
款，旨在符合本集团短期现金承担。于
2025年3月31日，本集团的现金及现金等
价物包括一笔存放于银行原始到期日少于
三个月的固定存款，金额为37,005,000港
元（2024年：15,138,000港元），其按固定
年利率介乎2.9%至3.32%计息（2024年：
年利率介乎3.8%至4.3%）。于2025年3
月31日，其他银行结余按现行市场利率
0.25%（2024年：0.75%）计息。
已抵押银行结余及银行结余的减值评估详
情载于附注35。
21. CONTRACT ASETS AND LIABILITIES
(continued)
Details of impairment asesment of contract asets are set out
in note 35.
Contract liabilities as at 1 April 2023, 31 March 2024 and 31
March 2025 amounting to HK$16,332,000, HK$6,791,000
and HK$14,806,000 represent the Group’s obligation to
transfer of E&M enginering services to customers for which
the Group has received advance payments from the customers.
Contract liabilities as at 1 April 2023 and 2024 have ben
recognised as revenue for the years ended 31 March 2024 and
2025 respectively.
The increase in contract liabilities during the year ended 31
March 2025 (2024: decrease) is mainly due to advances by
customers for certain new projects at initial stage at the end
of the reporting period (2024: contract liabilities in prior year
recognised as revenue during the year for the ongoing and
completed projects).
22. PLEDGED BANK BALANCES, CASH AND
CASH EQUIVALENTS
As at 31 March 2025, the Group’s pledged bank balances
were fixed deposits with banks that caried interest at fixed
rates ranging from 0.25% to 3.22% per anum (2024: fixed
rates at 3.8% per anum) and were secured for the banking
facilities granted (2024: performance bonds) to the Group by
the banks. Further details are set out in note 29.
Cash and cash equivalents include demand deposits and short
term deposits for the purpose of meting the Group’s short
term cash comitments. Included in the Group’s cash and
cash equivalents as at 31 March 2025 was fixed deposits with
banks with original maturity les than thre months amounting
to HK$37,005,000 (2024: HK$15,138,000) which caried
interest at fixed rates ranging from 2.9% to 3.32% per anum
(2024: ranging from 3.8% to 4.3% per anum). The other
bank balances caried interest at prevailing market interest rate
at 0.25% (2024: 0.75%) as at 31 March 2025.
Details of the impairment asesment of pledged bank
balances and bank balances are set out in note 35.
| 2024 | 2025 | 2024 | |
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
由本集团供应商授出的贸易应付款项信贷
期通常于30天（2024年：30天）内。
23. 贸易应付款项及应付保固金以
及应计费用
23. TRADE AND RETENTION PAYABLES AND
ACRUALS
Trade payables贸易应付款项50,38829,403
Retention payables应付保固金19,82815,200
Amount due to a non-controling
interest of a subsidiary
应付一家附属公司非控股权益款项
Acruals应计费用12,62313,140
82,84358,683
Included in the Group’s trade and retention payables as at 31
March 2025 are amounts due to related parties amounting
to HK$11,787,000 (2024: HK$6,895,000), in agregate,
which are trade nature, unsecured, interest-fre and repayable
acording to the relevant agrements. The amount due
to a non-controling interest of a subsidiary is non-trade,
unsecured, interest-fre and repayable on demand.
The folowing is an aged analysis of trade payables of the
Group based on the invoice date at the end of the reporting
period:
0 to 30 days0至30天34,05018,128
31 to 90 days31至90天13,36410,220
Over 180 days180天以上2,9741,055
50,38829,403
The credit period of trade payables granted by the Group’s
supliers are usualy within 30 days (2024: 30 days).
于2025年3月31日，本集团贸易应付款项
及应付保固金包括应付关联方款项合共
11,787,000港元（2024年：6,895,000港
元），该等款项为贸易性质、无抵押、免
息及须根据相关协议偿还。应付一家附属
公司非控股权益款项为非贸易性质、无抵
押、免息及按要求偿还。
以下为于报告期末本集团贸易应付款项按
发票日期的账龄分析：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
23. 贸易应付款项及应付保固金以
及应计费用（续）
本集团通常向为本集团提供服务的分包商
保留每笔中期付款的4%至8%作为应付
保固金。根据与该等分包商的相关合约，
50%的应付保固金通常于住宅单位项目发
展商将住宅单位交付予各拥有人及完成其
他项目合约的服务发还，而余下50%的应
付保固金将于首次支付应付保固金后六个
月后发还。于报告期末本集团应付保固金
的结算如下：
23. TRADE AND RETENTION PAYABLES AND
ACRUALS (continued)
The Group usualy retains 4% to 8% of each interim payment
to its subcontractors providing services to the Group as
retention payables. Acording to the relevant contracts
with these subcontractors, 50% of the retention payables is
usualy released upon handing over of the residential units
to respective owners by the developers for residential units
projects and completion of services under contracts for other
projects, with the remaining 50% of the retention payables
to be released after six months of the first payment of the
retention payables. The retention payables of the Group are to
be setled at the end of the reporting period as folows:
Within six months六个月内1,977710
Within a period of more than six
months but not exceding one year
六个月以上但不超过一年期内
2,7035,894
More than one year一年以上15,1488,596
19,82815,200
24. BANK LOANS
Bank loans, secured and guaranted银行贷款，有抵押及有担保26,63523,594
24. 银行贷款
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）24. BANK LOANS (continued)
The carying amounts of the above
bank loans that contain a repayable
on demand clause (shown under
curent liabilities) but repayable:
上述含有按要求偿还条款之银行贷款
账面值（于流动负债项下列示）但须
偿还：
Within one year一年内6,4681,934
Within a period of more than one year
but not exceding two years
一年以上但不超过两年期内
1,5041,413
Within a period of more than two years
but not exceding five years
两年以上但不超过五年期内
4,7336,100
More than five years五年以上13,93014,147
26,63523,594
The Group’s bank loans as at 31 March 2025 were lent by a
bank under its bank facilities granted to the Group. The bank
facilities were guaranted by the corporate guarante given by
the Company (2024: guaranted by the corporate guarante
given by the Company). In adition, the secured bank loans
were secured by the Group’s two carpark spaces and an ofice
premise (2024: two carpark spaces and an ofice premise).
Notwithstanding the provisions stated in the aforesaid
bank facilities, the bank may at any time without prior
notice, modify, cancel or suspend the banking facilities,
at the sole discretion of such bank; including, without
limitation, canceling any unutilised facilities and declaring
any outstanding amount to be imediately due and payable.
Acordingly, the above bank loans were clasified as curent
liabilities as at 31 March 2025 and 2024.
Included in the bank loans as at 31 March 2025 were bank
loans of HK$21,635,000 (2024: HK$23,594,000), which
bore variable interest rate at 2.85% per anum below Hong
Kong Prime Rate quoted by the relevant bank (2024: variable
interest rate from 2.75% to 2.85% per anum below Hong
Kong Prime Rate quoted by the relevant bank). The remaining
bank loans of HK$5,000,000 (2024: nil) bore variable interest
rate at 1.75% per anum above one-month Hong Kong Inter-
bank Ofered Rate (“HIBOR”).
本集团于2025年3月31日的银行贷款乃由
一间银行根据其授予本集团的银行融资借
出。银行融资以本公司提供的公司担保
（2024年：本公司提供的公司担保）作担
保。此外，有抵押银行贷款以本集团的两
个停车位及一个办公室物业（2024年：两
个停车位及一个办公室物业）作抵押。
尽管上述银行融资列明规定，银行可能于
全权决定而毋须事先通知下随时修订、取
消或暂停银行融资，包括但不限于取消任
何未动用融资及宣布任何未偿还金额即时
到期及应付。因此，于2025年及2024年
3月31日，上述银行贷款分类为流动负债。
于2025年3月31日的银行贷款包括银行贷
款21,635,000港元（2024年：23,594,000
港元），按相关银行所报香港最优惠利率
减2.85%的浮动年利率（2024年：按相
关银行所报香港最优惠利率减2.75%至
2.85%的浮动年利率）计息。余下银行贷款
5,000,000港元（2024年：零）按一个月香
港银行同业拆息（「香港银行同业拆息」）加
浮动年利率1.75%计息。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
本集团并无面临与租赁负债相关的重大流
动资金风险。租赁负债于本集团的财资职
能内监控。
适用于租赁负债的加权平均增量借款利率
为3.59%（2024年：3.33%）。
25. 租赁负债25. LEASE LIABILITIES
Non-curent非流动1,6545,250
Curent流动2,3937,190
4,04712,440
Lease liabilities payable:应付租赁负债：
– Within one year－一年内2,3937,190
– Within a period of more than one
year but not exceding two years
－一年以上但不超过两年期内
1,6544,242
– Within a period of more than two
years but not exceding five years
－两年以上但不超过五年期内
–1,008
4,04712,440
The Group does not expose to a significant liquidity risk with
regard to its lease liabilities. Lease liabilities are monitored
within the Group’s treasury function.
The weighted average incremental borowing rates aplied to
lease liabilities was 3.59% (2024: 3.33%).
| Number of shares | HK$’000 | ||
|---|---|---|---|
| 股份数目 | 千港元 |
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
26. 股本
本公司股本之详情如下：
26. SHARE CAPITAL
Details of share capital of the Company are as folows:
Ordinary shares with par value of
HK$0.01 each:
每股面值0.01港元的普通股：
As at 1 April 2023, 31 March 2024 and
31 March 2025
于2023年4月1日、2024年3月31日
及2025年3月31日10,000,000,000100,000
Ordinary shares, isued and fuly paid:已发行及缴足普通股：
As at 1 April 2023于2023年4月1日800,000,0008,000
Isue of ordinary shares (note 28)发行普通股（附注28）10,827,000108
As at 31 March 2024 and
31 March 2025
于2024年3月31日及
2025年3月31日810,827,0008,108
27. DEFERED TAXATION
For the purpose of presentation in the consolidated statement
of financial position, certain defered tax asets and liabilities
have ben ofset. The folowing is the analysis of the defered
tax balances for financial reporting purposes:
Defered tax asets递延税项资产1,075938
Defered tax liabilities递延税项负债(79)(79)
27. 递延税项
为于综合财务状况表中作出呈列，若干递
延税项资产及负债已予抵销。以下为就财
务申报目的而作出的递延税项结余分析：
| Tax losses | Accelerated tax depreciation | ECL provision | Total | ||
|---|---|---|---|---|---|
| 税项亏损 | 加速税项折旧 | 预期信贷 亏损拨备 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
以下为本年度及过往年度已确认的递延税
项资产（负债）及其变动：
27. DEFERED TAXATION (continued)
The folowing is the defered tax aset (liabilities) recognised
and movements thereon during the curent and prior years:
At 1 April 2022 and
31 March 2023
于2022年4月1日及
2023年3月31日–363363
Credit (charge) to profit
or los (note 10)
计入（扣除自）损益
（附注10）544(79)31496
At 31 March 2024于2024年3月31日544(79)394859
Credit to profit or
los (note 10)
计入损益（附注10）
–137137
At 31 March 2025于2025年3月31日544(79)531996
| Number of shares | ||
|---|---|---|
| 股份数目 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
28. 股份奖励计划及购股权计划
股份奖励计划
本公司的购股权计划（「2023年股份奖励
计划」）乃根据2023年9月15日通过的一项
决议案而采纳，主要目的是提供激励、
挽留及奖励符合资格员工。2023年股份
奖励计划自2023年9月15日起生效，有效
期为10年。奖励股份不附带业绩目标，
归属将于2024年起至2033年止的每年3
月31日进行，应分为10等份授予。2024
年3月28日，本公司向受托人配发及发行
10,827,000股新股份以信托持有。
28. SHARE AWARD SCHEME AND SHARE
OPTION SCHEME
Share Award Scheme
The Company’s share option scheme (the “2023 Share
Award Scheme”) was adopted pursuant to a resolution
pased on 15 September 2023 for the primary purpose of
providing incentives, retaining and rewarding the eligible
employes. The 2023 Share Award Scheme is valid and
efective for a period of 10 years comencing from 15
September 2023. There is no performance target atached to
the awarded shares and vesting wil take place on 31 March of
each year begining in 2024 and ending in 2033 and shal be
vested in 10 equal tranches. On 28 March 2024, the Company
aloted and isued 10,827,000 new shares to the truste to
hold on trust.
Outstanding at 1 April 2023于2023年4月1日未偿还–
Granted during the year年内授出10,827,000
Vested during the year年内归属(1,082,700)
Outstanding at 31 March 2024于2024年3月31日未偿还9,744,300
Vested during the year年内归属(1,025,910)
Lapsed during the year年内失效(699,600)
Outstanding at 31 March 2025于2025年3月31日未偿还8,018,790
The closing price of the Company’s shares on the date of
grant is HK$1.05 per share. The estimate fair value of the
awarded shares granted during the year ended 31 March
2024 was aproximately HK$9,282,000. The fair value is
measured based on the grant-date price with the adjustment
of ex-dividend discounted at the apropriate risk-fre interest
rate during the requisite service period. Out of the agregate
10,827,000 awarded shares, 2,022,000 awarded shares are
granted to five employes who are also the conected persons
of Group. Amounts of share-based payment expenses of
HK$1,914,000 (2024: HK$2,264,000) for share awards of the
Company have ben recognised in the profit or los during the
year ended 31 March 2025.
本公司股份于授予日的收市价为每股1.05
港元。截至2024年3月31日止年度所授出
的奖励股份的估计公平值约为9,282,000
港元。该公平值乃基于授出日期的价格计
量，并于必要服务期内按适用的无风险利
率贴现进行除息调整。于合共10,827,000
股奖励股份中，2,022,000股奖励股份授予
五名雇员，彼等亦为本集团关连人士。本
公司股份奖励的以股份为基础支付之开支
1,914,000港元（2024年：2,264,000港元）
已于截至2025年3月31日止年度于损益中
确认。
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
购股权计划
根据于2019年9月18日通过的书面决议
案，本公司采纳一项购股权计划（「购股权
计划」）。购股权计划自2019年9月18日开
始之期间有效及生效，并直至2019年10月
18日本公司股份于联交所上市十周年止届
满。购股权计划之目的是鼓励或报答承授
人对本集团所作之贡献或潜在贡献。
根据购股权计划，本公司董事会可酌情向
本公司或其任何附属公司的任何全职或兼
职雇员、咨询人或潜在雇员、咨询人、行
政人员或高级职员（包括执行董事、非执行
董事及独立非执行董事），及本公司董事会
全权认为已经或将为本集团作出贡献的任
何供应商、客户、咨询人、代理及顾问以
及本公司董事会全权酌情甄选及符合有关
条件之人士授予可认购本公司普通股之购
股权。
于根据购股权计划及本集团采纳的任何其
他购股权计划已授出但待行使的所有尚未
行使购股权获行使时可能发行的股份最高
数目，合共不得超过本公司不时已发行普
通股本的30%。于根据购股权计划及本
集团任何其他购股权计划将予授出的所有
购股权获行使时可予配发及发行的本公司
普通股总数，合共不得超过采纳购股权计
划的相关决议案通过当日已发行普通股的
10%。授予本公司董事、最高行政人员或
主要股东，或彼等任何联系人之购股权，
须事先获得本公司独立非执行董事批准。
此外，在任何十二个月期间授予本公司主
要股东或独立非执行董事、或彼等任何联
系人之任何购股权，在任何时候若超过本
公司已发行普通股的0.1%，及其总值（以
授出当日联交所每日报价表所示之本公司
普通股收市价计算）超过5,000,000港元，
须事先于股东大会上获股东通过。
28. SHARE AWARD SCHEME AND SHARE
OPTION SCHEME (continued)
Share Option Scheme
Pursuant to writen resolutions pased on 18 September 2019,
the Company adopted a share option scheme (the “Share
Option Scheme”). The Share Option Scheme is valid and
efective for a period comencing from 18 September 2019
and ending on the tenth aniversary of the date of listing
of the shares of the Company on the Stock Exchange on 18
October 2019. The purpose of the Share Option Scheme is
to provide an incentive or reward for the grantes for their
contribution or potential contribution to the Group.
Under the Share Option Scheme, the board of directors of the
Company may, at its discretion, grant options to subscribe for
ordinary shares of the Company to any ful-time or part-time
employes, consultants or potential employes, consultants,
executives or oficers (including executive, non-executive and
independent non-executive directors) of the Company or any
of its subsidiaries and any supliers, customers, consultants,
agents, advisers who, in the sole opinion of the board of
directors of the Company, has contributed or wil contribute to
the Group and whom the board of directors of the Company
may in its absolute discretion select and subject to such
conditions as it may think fit.
The maximum number of shares which may be isued upon
exercise of al outstanding options granted and yet to be
exercised under the Share Option Scheme and any other share
option schemes adopted by the Group shal not in agregate
exced 30% of the ordinary share capital of the Company in
isue from time to time. The total number of ordinary shares of
the Company which may be aloted and isued upon exercise
of al options to be granted under the Share Option Scheme
and any other share option schemes of the Group must not
in agregate exced 10% of the ordinary shares in isue as
at the date of pasing of the relevant resolution adopting the
Share Option Scheme. Share options granted to a director,
chief executive or substantial shareholder of the Company, or
to any of their asociates, are subject to aproval in advance
by the independent non-executive directors of the Company.
In adition, any share options granted to a substantial
shareholder or an independent non-executive director of the
Company, or to any of their asociates, in exces of 0.1% of
the ordinary shares of the Company in isue at any time and
with an agregate value (based on the closing price of the
Company’s ordinary shares as stated in the daily quotations
shets of the Stock Exchange on the date of the grant) in
exces of HK$5,000,000, within any twelve-month period,
are subject to shareholders’ aproval in advance in a general
meting.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
购股权计划（续）
授出购股权之要约可于要约日期后14日
内，于本公司接获要约文件副本（当中包括
承授人正式签署之购股权接纳文件）连同
1.00港元之代价后接纳。所授出购股权之
行使期间由本公司董事厘定，惟有关期间
自购股权要约日期起计不得超过十年，并
受购股权计划中提前终止条款规定所规限。
除非由本公司董事会全权酌情厘定，否则
并无规定购股权可予行使前须持有购股权
的最短期限。此外，亦无任何购股权可予
行使前须达致的表现目标。
购股权之行使价由本公司董事会厘定，惟
无论如何须至少为以下之最高者：(i)于购
股权要约日期（须为营业日）联交所每日报
价表所示之本公司普通股收市价；(i)紧接
要约日期前五个营业日联交所每日报价表
所示之本公司普通股平均收市价；及(i)本
公司普通股之面值。
自生效日期2019年9月18日起，购股权计
划项下并无任何购股权获授出、行使或注
销，且于2025年及2024年3月31日并无尚
未行使的购股权。
28. SHARE AWARD SCHEME AND SHARE
OPTION SCHEME (continued)
Share Option Scheme (continued)
The ofer of a grant of share options may be acepted within
14 days after the date of the ofer, upon the Company
received the duplicate ofer document comprising aceptance
of the option duly signed by the grante together with
the consideration of HK$1.00. The exercise period of the
share options granted is determined by the directors of the
Company, save that such period shal not be more than ten
years from the date of the ofer of the share options, subject
to the provisions for early termination as set out in the Share
Option Scheme.
Unles otherwise determined by the board of directors of the
Company at its absolute discretion, there is no requirement of
a minimum period for which an option must be held before an
option can be exercised. In adition, there is no performance
target which must be achieved before any of the options can
be exercised.
The exercise price of the share options is determined by the
board of directors of the Company, but in any event shal
be at least the highest of (i) the closing price of the ordinary
shares of the Company as stated in the Stock Exchange’s
daily quotations shets on the date of the ofer of the share
options, which must be a busines day; (i) the average closing
price of the ordinary shares of the company as stated in the
Stock Exchange’s daily quotations shets for the five busines
days imediately preceding the date of the ofer; and (i) the
nominal value of the Company’s ordinary shares.
No option was granted, exercised, nor canceled under the
Share Option Scheme since its efective date on 18 September
2019 and there was no outstanding share option as at 31
March 2025 and 2024.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
29. 履约保函
于2025年3月31日，96,486,000港元
（2024年：94,428,000港元）的履约保证
金由银行以本集团客户为受益人作出，作
为本集团妥善履行及遵守本集团与其客户
之间订立的合约项下责任的担保。倘本集
团未能向作出履约保函的客户提供令人满
意的表现，该等客户可要求银行向彼等支
付有关金额或有关要求规定的金额。本集
团将会承担对该等银行作出相应补偿的责
任。履约保函将于机电工程服务完成时解
除。
于2025年3月31日，履约保证金包括
15,296,000港元（2024年：367,000港元）
根据银行向本集团授出的银行融资予以发
行，而有关银行融资由本公司向银行提供
的企业担保（2024年：本集团的已抵押银
行结余及本公司向银行提供的企业担保）作
担保。于2025年3月31日的余下履约保证
金乃根据多间银行向本集团授出的银行融
资予以发行，而有关银行融资由本集团的
两个停车位、一个办公室物业及本公司向
银行提供的公司担保（2024年：两个停车
位、一个办公室物业及本公司提供的公司
担保）作担保。
29. PERFORMANCE GUARANTES
As at 31 March 2025, performance bonds of HK$96,486,000
(2024: HK$94,428,000) were given by banks in favour of the
Group’s customers as security for the due performance and
observance of the Group’s obligations under the contracts
entered into betwen the Group and its customers. If
the Group fails to provide satisfactory performance to its
customers to whom performance guarantes have ben
given, such customers may demand the banks to pay to them
the sum or sum stipulated in such demand. The Group wil
become liable to compensate such banks acordingly. The
performance guarantes wil be released upon completion of
the E&M enginering services.
Included in the performance bonds as at 31 March 2025 were
HK$15,296,000 (2024: HK$367,000), which were isued
under the bank facilities granted by a bank to the Group and
such bank facilities were secured by corporate guarante given
by the Company in favour of the bank (2024: the Group’s
pledged bank balances and corporate guarante given by the
Company in favour of the bank). The remaining performance
bonds as at 31 March 2025 were isued under the bank
facilities granted by banks to the Group and such bank
facilities were secured by the Group’s two carpark spaces, an
ofice premise and corporate guarante given by the Company
(2024: two carpark spaces, an ofice premise and corporate
guarante given by the Company) in favour of the banks.
| Interest payable | Lease liabilities | Bank loans | Dividend payable | Amount due to a non- controlling interest of a subsidiary | Total | ||
|---|---|---|---|---|---|---|---|
| 应付利息 | 租赁负债 | 银行贷款 | 应付股息 | 应付一家 附属公司 非控股 权益款项 | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
30. 融资活动所产生负债的对账
下表详述本集团融资活动所产生负债的变
动，包括现金及非现金变动。融资活动所
产生负债为曾或将于本集团综合现金流量
表分类为融资活动所用现金流量的现金流
量或未来现金流量。
30. RECONCILIATION OF LIABILITIES ARISING
FROM FINANCING ACTIVITIES
The table below details changes in the Group’s liabilities
arising from financing activities, including both cash and non-
cash changes. Liabilities arising from financing activities are
those for which cash flows were, or future cash flows wil be,
clasified in the Group’s consolidated statement of cash flows
as cash flows used in financing activities.
At 1 April 2023于2023年4月1日–12,87547,550–60,425
Cash changes:现金变动：
Interest paid已付利息(1,308)(414)–(1,722)
Repayments of bank loans偿还银行贷款–(33,956)–(33,956)
Repayments of lease liabilities偿还租赁负债–(4,701)–(4,701)
New bank loan raised新筹集银行贷款–10,000–10,000
Dividend paid已付股息–(18,400)–(18,400)
Advances from non-controling
interest of a subsidiary
来自一家附属公司
非控股权益垫款–940940
Non-cash changes:非现金变动：
Finance costs recognised已确认财务成本1,308414–1,722
Aditions of lease contracts
(note 31)
增添租赁合约（附注31）
–4,586–4,586
Early termination of lease提前终止租赁–(320)–(320)
Dividend declared (note 11)已宣派股息（附注11）–18,400–18,400
At 31 March 2024于2024年3月31日–12,44023,594–94036,974
Cash changes:现金变动：
Interest paid已付利息(865)(253)–(1,118)
Repayments of bank loans偿还银行贷款–(18,959)–(18,959)
Repayments of lease liabilities偿还租赁负债–(5,397)–(5,397)
New bank loan raised新筹集银行贷款–22,000–22,000
Dividend paid已付股息–(15,406)–(15,406)
Repayment to non-controling
interest of a subsidiary
偿还一家附属公司
非控股权益–(936)(936)
Non-cash changes:非现金变动：
Finance costs recognised已确认财务成本865253–1,118
Aditions of lease contracts
(note 31)
增添租赁合约（附注31）
–1,654–1,654
Early termination of lease
(note 31)
提前终止租赁（附注31）
–(4,650)–(4,650)
Dividend declared (note 11)已宣派股息（附注11）–15,406–15,406
At 31 March 2025于2025年3月31日–4,04726,635–430,686
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
31. 主要非现金交易
截至2025年3月31日止年度，本集团订
立租约协议，使其使用权资产及租赁负
债分别增加1,654,000港元（2024年：
4,586,000港元）及1,654,000港元（2024
年：4,586,000港元）。
截至2025年3月31日止年度提前终止租
赁，使其使用权资产及租赁负债分别减少
4,515,000港元及4,650,000港元。因此，
相关融资租赁1,512,000港元已终止。
32. 退休福利计划
本集团已加入根据强制性公积金计划条例
在强制性公积金管理局登记的强积金计
划。强积金计划的资产独立于本集团的资
产，乃受独立受托人控制的基金控制。根
据强积金计划的规则，雇主及雇员均须各
自按规则订明的比率向计划供款。本集团
有关强积金计划的仅有责任为根据计划作
出所需供款。根据强积金计划，将不会有
任何遭没收供款可用作扣减本集团日后应
付供款。
如附注8所载，本集团因强积金计划而作出
的退休福利计划供款自损益中扣除，相当
于本集团按计划规则订明的比率向基金应
付的供款。
31. MAJOR NON-CASH TRANSACTION
During the year ended 31 March 2025, the Group entered
into rental agrements that increases its right-of-use asets
and lease liabilities by HK$1,654,000 (2024: HK$4,586,000)
and HK$1,654,000 (2024: HK$4,586,000) respectively.
During the year ended 31 March 2025, there was an early
termination of lease, which decreases its right-of-use asets
and lease liabilities of HK$4,515,000 and HK$4,650,000
respectively. Acordingly, the relevant finance lease of
HK$1,512,000 was terminated.
32. RETIREMENT BENEFITS SCHEME
The Group has joined the MPF Scheme which is registered
with the Mandatory Provident Fund Schemes Authority under
the Mandatory Provident Fund Schemes Ordinance. The asets
of the MPF Scheme are held separately from those of the
Group in funds under the control of an independent truste.
Under the rules of the MPF Scheme, the employer and the
employes are each required to make contributions to the
scheme at the rates specified in the rules. The only obligation
of the Group with respect to the MPF Scheme is to make the
required contributions under the scheme. Under the MPF
Scheme, there wil not be any forfeited contribution available
to reduce the contribution payable by the Group.
The Group’s retirement benefit scheme contributions arising
from the MPF Scheme charged to profit or los as set out in
note 8 represent contributions payable to the funds by the
Group at the rates specified in the rules of the scheme.
| 2025 | 2024 | |||
|---|---|---|---|---|
| 2025年 | 2024年 | |||
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
33. RELATED PARTY TRANSACTIONS
(a) Other than the transactions and balances with related
parties disclosed elsewhere in the consolidated financial
statements, the Group had the folowing transactions
with related parties as wel as conected person (defined
in the Rules Governing the Listing of Securities on the
Stock Exchange) during the year:
(1)Subcontracting charges and others paid to
Shun Tat Air Conditioning Enginering
Company, a company controled by a
grandson of the uncle of Dr. Ko
向迅达冷气工程公司（一间
受高博士的叔的孙子
控制的公司）支付分包费
及其他4,4043,142
(2)Subcontracting charges paid to Yuk Shing
Advertising & Decoration Enginering
Co., a company controled by a brother of
Dr. Ko
向旭升广告装饰工程公司
（一间受高博士之胞兄╱
弟控制的公司）支付分
包费2,1962,052
(3)Purchases of construction materials from
Mibuka Denki Electrical Controls Limited,
a company controled by Dr. Ko
向万科电控有限公司（一间
受高博士控制的公司）
购买建筑材料72344
(4)Purchases of construction materials and
others from Chit Shing Air Conditioning
Trading Limited, a company controled by
a grandson of the uncle of Dr. Ko
向捷诚空调贸易有限公司
（一间受高博士的叔的
孙子控制的公司）购买
建筑材料及其他31,68134,086
(5)(a) Staf costs paid to employes who are
Mr. Ko Chun Hei Rand, son of Dr. Ko
and Ms. Cheung, a niece of Dr. Ko
and a brother, a brother-in-law, a
nephew and nieces of Ms. Cheung
(a) 向雇员高俊熙先生
（高博士与张女士
之儿子）、高博士
的姪女及张女士的
兄弟、内兄、侄子及
姪女支付员工成本3,5733,753
(b) Share-based payments to these
employes
(b) 向该等雇员作出的以
股份为基础的付款358423
(6)Amounts paid to Milan Development
Limited, a company wholy-owned by
Ms. Cheung (Note i)
就以下事项向米兰发展有限
公司（一间由张女士全资
拥有的公司）支付款项
（附注i）
– Interest expenses on lease liabilities－租赁负债之利息开支1010
– Lease liabilities－租赁负债350185
(7)Amounts paid to Dr. Ko (Note i)向高博士支付金额
（附注i）
– Interest expenses on lease liabilities－租赁负债之利息开支1825
– Lease liabilities－租赁负债250243
(8)Amounts paid to Ms. Cheung (Note i)向张女士支付金额
（附注i）
– Interest expenses on lease liabilities－租赁负债之利息开支811
– Lease liabilities－租赁负债111108
33. 关联方交易
(a) 除综合财务报表其他部分披露的与关
联方的交易及结余外，本集团于年内
与关联方及关连人士（定义见联交所
证券上市规则）订有以下交易：
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
(a) （续）
上述交易乃根据相关协议的条款进
行。
附注：
(i) 于2025年3月31日，相关使用权资
产之账面值为160,000港元（2024
年：510,000港元）以及租赁负债之
账面值为163,000港元（2024年：
514,000港元）。
(i) 于2025年3月31日，相关使用权资
产之账面值为441,000港元（2024
年：693,000港元）以及租赁负债之
账面值为456,000港元（2024年：
706,000港元）。
(i) 于2025年3月31日，相关使用权资
产之账面值为196,000港元（2024
年：308,000港元）以及租赁负债之
账面值为203,000港元（2024年：
314,000港元）。
(b) 主要管理人员报酬
主要管理人员薪酬指本年度本公司董
事及本集团高级管理层的薪酬，如下
所示：
33. RELATED PARTY TRANSACTIONS (continued)
(a) (continued)
The above transactions were conducted in acordance
with the terms of the relevant agrements.
Notes:
(i) As at 31 March 2025, the carying amount of the
relevant right-of-use asets was HK$160,000 (2024:
HK$510,000) and the carying amount of the lease
liabilities was HK$163,000 (2024: HK$514,000).
(i) As at 31 March 2025, the carying amount of the
relevant right-of-use asets was HK$441,000 (2024:
HK$693,000) and the carying amount of the lease
liabilities was HK$456,000 (2024: HK$706,000).
(i) As at 31 March 2025, the carying amount of the
relevant right-of-use asets was HK$196,000 (2024:
HK$308,000) and the carying amount of the lease
liabilities was HK$203,000 (2024: HK$314,000).
(b) Compensation of key management
personel
Compensation of key management personel represents
the remuneration of the directors of the Company and
senior management of the Group during the year were as
folows:
Short-term benefits短期福利8,4229,742
Post-employment benefits离职后福利9090
Share-based payments expenses以股份为基础支付之开支238251
8,75010,083
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
34. 资本风险管理
本集团管理其资本以确保集团实体能够持
续经营，同时通过优化债务及股本平衡，
最大化股东回报。本集团自过往年度的整
体策略维持不变。
本集团的资本结构包括净债务（包括分别
于附注24及25披露的银行贷款及租赁负
债），经扣除已抵押银行结余、银行结余及
现金（如附注22所披露）以及本公司拥有人
应占权益（包括已发行股本、股份溢价、其
他储备及保留盈利）。
本集团毋须受制于任何外界施加的资本规
定。
本集团管理层定期检讨资本结构。作为此
检讨的一部分，本集团管理层会考虑资金
成本及与资本相关的风险。本集团将透过
支付股息、发行新股份及筹集借款或偿还
现有债务平衡其整体资本架构。
35. 金融工具
金融工具类别
34. CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that the group entities
wil be able to continue as a going concern while maximising
the return to shareholders through the optimisation of the
debt and equity balance. The Group’s overal strategy remains
unchanged from prior year.
The capital structure of the Group consists of net debts, which
includes bank loans and lease liabilities disclosed in notes
24 and 25 respectively, net of pledged bank balances, bank
balances and cash disclosed in note 22, and equity atributable
to owners of the Company, comprising isued share capital,
share premium, other reserve and retained profits.
The Group is not subject to any externaly imposed capital
requirements.
The Group’s management reviews the capital structure on a
regular basis. As part of this review, the management of the
Group considers the cost of capital and the risks asociated
with the capital. The Group wil balance its overal capital
structure through the payment of dividends, isuance of new
shares and the raise of borowings or repayment of existing
debts.
35. FINANCIAL INSTRUMENTS
Categories of financial instruments
Financial asets金融资产
Financial aset mandatorily measured
at FVTPL
强制性以公平值计入损益计量之金
融资产5,5405,000
Financial aset voluntarily measured
at FVTOCI
自愿按公平值计入其他全面收益计
量的金融资产5,957–
Financial asets at amortised cost按摊销成本列账的金融资产222,681176,754
Financial liabilities金融负债
Financial liabilities at amortised cost按摊销成本列账的金融负债96,85569,137
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策
本集团的主要金融工具包括贸易及其他应
收款项、可退回租金按金、应收附属公司
非控股权益款项、融资租赁应收款项、应
收一名关联方款项、已抵押银行结余、银
行结余及现金、贸易应付款项及应付保固
金、应付一家附属公司非控股权益款项及
银行贷款。该等金融工具的详情于各附注
披露。与该等金融工具及租赁负债相关的
风险以及如何降低该等风险的政策载于下
文。本集团管理层管理及监控该等风险，
以确保及时有效地实施适用措施。
本集团的业务营运须面临多项财务风险：
主要包括利率风险、信贷风险及流动资金
风险。持续监察该等风险可确保本集团尽
可能及在可预见的情况下免受该等风险所
造成的任何不利影响。
利率风险
本集团因浮息银行结余及银行贷款（有关该
等结余的详情分别见附注22及24）面临现
金流量利率风险。按固定利率计息的固定
银行存款使本集团面临公平值利率风险。
本集团并无就利率风险订有现金流量对冲
政策。然而，管理层监控利率风险，并将
于需要时考虑对冲重大利率风险。
由于本公司董事认为利率的合理可能变动
不会对本集团的除税后溢利造成重大影
响，故并无呈列敏感度分析。
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies
The Group’s major financial instruments include trade and
other receivables, refundable rental deposits, amounts
due from non-controling interests of subsidiaries, finance
lease receivable, amount due from a related party,
pledged bank balances, bank balances and cash, trade
and retention payables, amount due to a non-controling
interest of a subsidiary and bank loans. Details of these
financial instruments are disclosed in respective notes. The
risks asociated with these financial instruments and lease
liabilities and the policies on how to mitigate these risks are
set out below. The management of the Group manages and
monitors these exposures to ensure apropriate measures are
implemented on a timely and efective maner.
The Group’s operations expose it to a number of financial
risks: principaly the interest rate risk, the credit risk and the
liquidity risk. Continuous monitoring of these risks ensures
that the Group is protected against any adverse efects of such
risks so far as it is posible and foreseable.
Interest rate risk
The Group is exposed to cash flow interest rate risk in relation
to variable-rate bank balances and bank loans (se notes 22
and 24, respectively, for details of these balances). Fixed bank
deposits at fixed interest rate exposed the Group of fair value
interest rate risk. The Group does not have a policy on cash
flow hedges of interest rate risk. However, the management
monitors interest rate exposure and wil consider hedging
significant interest rate risk should ned arise.
A sensitivity analysis is not presented because, in the opinion
of the directors of the Company, reasonably posible change
in interest rate would not result in significant impact to the
post-tax profit of the Group.
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估
信贷风险指本集团的交易方违反其合约责
任而导致本集团财务亏损之风险。本集团
的信贷风险主要来自贸易及其他应收款
项、可退回租金按金、应收附属公司非控
股权益款项、融资租赁应收款项、合约资
产、应收一名关联方款项、已抵押银行结
余及银行结余。本集团并无持有任何抵押
品或其他信贷升级以应付其与金融资产及
合约资产相关的信贷风险。
客户合约产生的贸易应收款项及合约
资产
为尽量减低信贷风险，本公司董事已委派
团队，负责厘定信贷限额及监控程序，以
确保采取后续跟进行动收回逾期应收账
款。就此而言，本公司董事认为本集团的
信贷风险已大幅降低。
本集团应用香港财务报告准则第9号的简化
方法计量预期信贷亏损，就所有贸易应收
款项及合约资产使用全期预期信贷亏损。
本集团管理层根据内部信贷评级及计算预
期信贷亏损率，并对基于外部数据来源估
计的前瞻性资料进行调整，按个别应收账
款基准进行减值评估，以估计贸易应收款
项及合约资产的全期预期信贷亏损金额。
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Credit risk and impairment asesment
Credit risk refers to the risk that the Group’s counterparties
default on their contractual obligations resulting in financial
loses to the Group. The Group’s credit risk exposures
are primarily atributable to trade and other receivables,
refundable rental deposits, amounts due from non-controling
interests of subsidiaries, finance lease receivable, contract
asets, amount due from a related party, pledged bank
balances and bank balances. The Group does not hold any
colateral or other credit enhancements to cover its credit risks
asociated with its financial asets and contract asets.
Trade receivables and contract asets arising from
contracts with customers
In order to minimise the credit risk, the directors of the
Company have delegated a team responsible for determination
of credit limits and monitoring procedures to ensure that
folow-up action is taken to recover overdue debtors. In
this regard, the directors of the Company consider that the
Group’s credit risk is significantly reduced.
The Group aplies the HKFRS 9 simplified aproach to
measure ECL which uses a lifetime ECL for al trade receivables
and contract asets. The management of the Group performs
impairment asesment on individual debtor basis to estimate
the amount of lifetime ECL of trade receivables and contract
asets based on internal credit ratings and calculated ECL rates
with adjustment for forward-loking information which are
estimated based on external sources of data.
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
客户合约产生的贸易应收款项及合约
资产（续）
于2025年3月31日，分别已就本集团的贸
易应收款项及合约资产确认预期信贷亏损
模式下减值亏损拨备1,219,000港元（2024
年：434,000港元）及2,000,000港元（2024
年：1,951,000港元），而截至2025年3月
31日止年度已确认贸易应收款项及合约资
产的减值亏损为785,000港元（2024年：
197,000港元）及49,000港元（2024年：
256,000港元）。于2025年3月31日，本集
团的贸易应收款项及合约资产的平均亏损
率分别约为1.1%（2024年：0.6%）及0.8%
（2024年：0.9%）。定量披露详情载于本附
注下文。
融资租赁应收款项、其他应收款项、
可退回租金按金、应收附属公司非控
股权益款项及应收一名关联方款项
本集团管理层根据相关交易对手方的内部
信贷评级、账龄、还款记录及╱或逾期状
况及前瞻性资料，按个别应收账款基准进
行减值评估，以估计融资租赁应收款项、
其他应收款项、可退回租金按金、应收附
属公司非控股权益款项及应收一名关联方
款项预期信贷亏损金额。于2025年3月31
日，除其他应收款项2,590,000港元（2024
年：2,590,000港元）已信贷减值外，本集
团的融资租赁应收款项、其他应收款项、
可退回租金按金、应收附属公司非控股权
益款项及应收一名关联方款项的信贷风
险并无显著增加。于年内确认减值亏损
648,000港元（2024年：647,000港元）。
于2025年3月31日，就其他应收款项确认
减值亏损拨备2,590,000港元（2024年：
1,942,000港元）。
已抵押银行结余及银行结余
本集团管理层评估其已抵押银行结余及银
行结余的信贷风险为低以及于2025年及
2024年3月31日及截至该日止年度概无确
认减值，原因为该等结余存放于具有良好
信誉的高外部信贷评级的银行，故预期信
贷亏损（如有）甚微。
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Credit risk and impairment asesment (continued)
Trade receivables and contract asets arising from
contracts with customers (continued)
Alowance of impairment los under ECL model of
HK$1,219,000 (2024: HK$434,000) and HK$2,000,000
(2024: HK$1,951,000) are recognised for the Group’s
trade receivables and contract asets, respectively, as at 31
March 2025 and impairment loses of HK$785,000 (2024:
HK$197,000) and HK$49,000 (2024: HK$256,000) in respect
of trade receivables and contract asets were recognised
for the year ended 31 March 2025. Average los rates
for the Group’s trade receivables and contract asets are
aproximately 1.1% (2024: 0.6%) and 0.8% (2024: 0.9%),
respectively as at 31 March 2025. Details of the quantitative
disclosure are set out below in this note.
Finance lease receivable, other receivables, refundable
rental deposits, amounts due from non-controling
interests of subsidiaries and amount due from a related
party
The management of the Group performs impairment
asesment on individual debtor basis to estimate the
amount of ECL of finance lease receivable, other receivables,
refundable rental deposits, amounts due from non-controling
interests of subsidiaries and amount due from a related party
based on internal credit ratings, ageing, repayment history
and/or past due status of respective counterparties and
forward-loking information. As at 31 March 2025, except for
the other receivables of HK$2,590,000 (2024: HK$2,590,000)
which is credit-impaired, there has ben no significant increase
in credit risks of the Group’s finance lease receivable, other
receivables, refundable rental deposits, amounts due from
non-controling interests of subsidiaries and amount due from
a related party. An impairment los of HK$648,000 (2024:
HK$647,000) was recognised during the year. As at 31 March
2025, an alowance for impairment loses of HK$2,590,000
(2024: HK$1,942,000) on other receivables was recognised.
Pledged bank balances and bank balances
The management of the Group aseses that the Group’s
pledged bank balances and bank balances are at low credit
risk and no impairment was recognised as at 31 March 2025
and 2024 and for the years then ended because they are
placed with reputable banks with god external credit ratings,
and ECL, if any, is insignificant.
| Internal credit rating | Description | Trade receivables and contract assets | Other financial assets |
|---|---|---|---|
| 内部 信贷评级 | 说明 | 贸易应收款项及 合约资产 | 其他金融资产 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
就评估本集团的金融资产及合约资产的预
期信贷亏损而言，本集团的内部信贷风险
评级评估包括以下类别：
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Credit risk and impairment asesment (continued)
For asesment of the ECL of the Group’s financial asets
and contract asets, the Group’s internal credit risk grading
asesment comprises the folowing categories:
Level 1The counterparty is listed entity with great ability
of repayment, low risk of default and has no
history of impairment los.
Lifetime ECL – not credit-
impaired
12m ECL
第一级对手方为偿还能力良好、违约风险低且无减值
亏损记录的上市实体。
全期预期信贷亏损－并无
信贷减值
12个月预期信贷亏损
Level 2The counterparty has god ability of repayment,
which may be influenced by macro
environment and economic situation.
Lifetime ECL – not credit-
impaired
12m ECL
第二级对手方偿还能力良好，可能受宏观环境及经济
状况影响。
全期预期信贷亏损－并无
信贷减值
12个月预期信贷亏损
Level 3The counterparty has ability of repayment but
usualy setles in ful after due date.
Lifetime ECL – not credit-
impaired
Lifetime ECL – not credit-
impaired
第三级对手方有偿还能力，但通常于到期日后悉数结
算。
全期预期信贷亏损－并无
信贷减值
全期预期信贷亏损－并无信
贷减值
Level 4The counterparty may not have ability of
repayment, and is evidenced to be credit-
impaired.
Lifetime ECL – credit-
impaired
Lifetime ECL – credit-
impaired
第四级对手方可能并无偿还能力，且证明有信贷减值
风险。
全期预期信贷亏损－已信
贷减值
全期预期信贷亏损－已信贷
减值
Level 5The counterparty has no ability to repay its
debts and the receivable is not expected to be
colectable.
Amount is writen ofAmount is writen of
第五级对手方并无偿还债项能力，预期不可收回应收
款项。
金额已撇销金额已撇销
| Gross carrying amount as at 31 March | ||||
|---|---|---|---|---|
| 于3月31日之总账面金额 | ||||
| Items | 12m ECL or lifetime ECL | Internal credit rating | 2025 | 2024 |
| 项目 | 12个月或 全期预期信贷亏损 | 内部 信贷评级 | 2025年 | 2024年 |
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | |||
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
下表详述于2025年及2024年3月31日本集
团的金融资产及合约资产的信贷风险（须进
行预期信贷亏损评估）：
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Credit risk and impairment asesment (continued)
The table below details the credit risk exposures of the Group’s
financial asets and contract asets as at 31 March 2025 and
2024, which are subject to ECL asesment:
Financial asets at
amortised cost:
按摊销成本计值的金融
资产：
Trade receivables
贸易应收款项
Lifetime ECL
(not credit-impaired)
全期预期信贷亏损
（并无信贷减值）
Level 1
第一级
71,61464,388
Level 2
第二级
17,106549
Level 3
第三级
20,0456,089
Other receivables
其他应收款项
12m ECL (not credit-impaired)
12个月预期信贷亏损
（并无信贷减值）
Level 3
第三级
1,4073,340
Lifetime ECL (credit-impaired)
全期预期信贷亏损（信贷减值）
Level 4
第四级
2,5902,590
Refundable rental
deposits
可退回租金按金
12m ECL
12个月预期信贷亏损
Level 2
第二级
Amounts due from non-
controling interests
of subsidiaries
应收附属公司非控股权
益款项
12m ECL
12个月预期信贷亏损
Level 2
第二级
| Gross carrying amount as at 31 March | ||||
|---|---|---|---|---|
| 于3月31日之总账面金额 | ||||
| Items | 12m ECL or lifetime ECL | Internal credit rating | 2025 | 2024 |
| 项目 | 12个月或 全期预期信贷亏损 | 内部 信贷评级 | 2025年 | 2024年 |
| HK$’000 | HK$’000 | |||
| 千港元 | 千港元 | |||
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
Amount due from a
related party
应收一名关联方款项
12m ECL
12个月预期信贷亏损
Level 3
第三级
750–
Finance lease receivable
融资租赁应收款项
12m ECL
12个月预期信贷亏损
Level 2
第二级
–2,361
Pledged bank balances
已抵押银行结余
12m ECL
12个月预期信贷亏损
Level 1
第一级
5,000505
Bank balances
银行结余
12m ECL
12个月预期信贷亏损
Level 1
第一级
107,39798,428
Other item:
其他项目：
Contracts asets
合约资产
Lifetime ECL
(not credit-impaired)
全期预期信贷亏损
（并无信贷减值）
Level 1
第一级
194,296184,196
Level 2
第二级
49,28437,520
Level 3
第三级
20,73122,284
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Credit risk and impairment asesment (continued)
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
| Trade receivables | Contract assets | |||
|---|---|---|---|---|
| 贸易应收 款项 | 合约资产 | |||
| Not credit- impaired (lifetime ECL) | Not credit- impaired (lifetime ECL) | Total | ||
| 非信贷减值 （全期预期 信贷亏损） | 非信贷减值 （全期预期 信贷亏损） | 总计 | ||
| HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | ||
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
由于2025年3月31日贸易应收款项及合约
资产的14%（2024年：36%）来自本集团的
五大客户，本集团有集中信贷风险。本集
团的五大客户为大型且信誉良好的公司。
本集团管理层密切监察客户的后续结算情
况。就此而言，本集团管理层认为本集团
的信贷风险已大幅降低。
- （续）
财务风险管理目标及政策（续）
信贷风险及减值评估（续）
信贷亏损拨备
于本年度，就贸易应收款项及合约资产确
认的信贷亏损拨备变动如下：
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Credit risk and impairment asesment (continued)
Alowance for credit loses
During the curent year, the movements in alowance for
credit loses that has ben recognised for trade receivables
and contract asets were as folows:
At 1 April 2023于2023年4月1日6311,6952,326
Credit loses recognised, net of reversal 信贷亏损确认，扣除拨回(197)25659
At 31 March 2024于2024年3月31日4341,9512,385
Credit loses recognised已确认信贷亏损78549834
At 31 March 2025于2025年3月31日1,2192,0003,219
The Group has concentration of credit risk because 14% of
trade receivables and contract asets as at 31 March 2025
(2024: 36%) were due from the Group’s top five customers.
The Group’s top five customers are sizeable and reputable
companies. The management of the Group closely monitors
the subsequent setlement of the customers. In this regard,
the management of the Group considers the Group’s credit
risk is significantly reduced.
| Weighted average interest rate | On demand or within six months | Six months to one year | More than one year | Total undiscounted cash flows | Carrying amount | ||
|---|---|---|---|---|---|---|---|
| 加权 平均利率 | 按要求或 六个月内 | 六个月 至一年 | 一年以上 | 未贴现现金 流量总额 | 账面值 | ||
| % | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| % | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策（续）
流动资金风险
本集团的目标是透过使用借款（如适用）使
资金的持续性与灵活性之间维持平衡。
下表详述根据相关合约╱协议的条款得出
本集团金融负债的剩余合约到期日。该表
乃按照金融负债的未贴现金流量基于本
集团可能被要求支付的最早日期编制。具
体而言，不论银行选择行使其权利的可能
性，包含按要求偿还条款的银行贷款已包
括在最早时段。其他非衍生金融负债的到
期日则根据协定还款日期厘定。该表包括
利息及本金现金流量。
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Liquidity risk
The Group’s objective is to maintain a balance betwen
continuity of funding and the flexibility through the use of
borowings, as apropriate.
The folowing tables detail the Group’s remaining contractual
maturity for its financial liabilities acording to the terms of the
relevant contracts/agrements. The tables have ben drawn
up based on the undiscounted cash flows of financial liabilities
based on the earliest date on which the Group can be required
to pay. Specificaly, bank loans with a repayment on demand
clause are included in the earliest time regardles of the
probability of the banks chosing to exercise their rights. The
maturity dates for other non-derivative financial liabilities are
based on the agred repayment dates. The tables include both
interest and principal cash flows.
As at 31 March 2025于2025年3月31日
Trade and retention
payables
贸易应付款项及应
付保固金N/A不适用51,5293,53915,14870,21670,216
Amount due to a non-
controling interest of a
subsidiary
应付一家附属公司
非控股权益款项
N/A不适用4–44
Bank loans – variable rate银行贷款－浮息2.9826,635–26,63526,635
78,1683,53915,14896,85596,855
Lease liabilities租赁负债3.591,4021,0951,6864,1834,047
As at 31 March 2024于2024年3月31日
Trade and retention
payables
贸易应付款项及应
付保固金N/A不适用 30,1135,8948,59644,60344,603
Amount due to a non-
controling interest of a
subsidiary
应付一家附属公司
非控股权益款项
N/A不适用 940–940940
Bank loans – variable rate银行贷款－浮息3.0323,594–23,59423,594
54,6475,8948,59669,13769,137
Lease liabilities租赁负债3.333,9643,5637,41414,94112,440
| Less than one year | 1–2 years | 2–5 years | Over 5 years | Total undiscounted cash flows | Carrying amount | ||
|---|---|---|---|---|---|---|---|
| 少于一年 | 1至2年 | 2至5年 | 五年以上 | 未贴现现金 流量总额 | 账面值 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策（续）
流动资金风险（续）
如附注24所披露，本集团银行融资下的银
行贷款，可能会于未经事先通知本集团的
情况下被相关银行要求即时到期偿还。
考虑到本集团的财务状况，本集团管理层
认为银行不太可能行使其酌情权要求即时
还款。本集团管理层相信，该等银行贷款
将按照相关银行融资函件所载的计划还款
日期偿还，详情载于下表：
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Liquidity risk (continued)
As disclosed in note 24, the Group’s bank loans under the
banking facilities of the Group, might be imediately due
and repayable on demand by the relevant bank without prior
notice to the Group.
Taking into acount the Group’s financial position, the
management of the Group does not believe that it is probable
that the bank wil exercise its discretionary right to demand
imediate repayment. The management of the Group
believes that such bank loans wil be repaid in acordance
with the scheduled repayment dates set out in the relevant
bank facilities leters, details of which are set out in the tables
below:
As at 31 March 2025于2025年3月31日
Bank loans – variable rate银行贷款－浮息7,0091,9725,91515,28130,17726,635
As at 31 March 2024于2024年3月31日
Bank loans – variable rate银行贷款－浮息2,6122,0506,14917,94028,75123,594
The amounts included above for variable interest rate
instruments for non-derivative financial liabilities are subject to
changes in variable interest rates difer to those estimates of
interest rates determined at the end of the reporting period.
倘浮息利率的变动有别于报告期末时厘定
的估计利率，上述非衍生金融负债浮息工
具的金额或会出现变动。
| Fair value as at | ||||
|---|---|---|---|---|
| 公平值 | ||||
| Financial assets | 31 March 2025 | 31 March 2024 | Fair value hierarchy | Valuation(s) technique and key input(s) |
| 金融资产 | 2025年3月31日 | 2024年3月31日 | 公平值层级 | 估值技术及主要输入数据 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
财务风险管理目标及政策（续）
按经常性基准以公平值计量之本集团
金融资产之公平值
本集团按公平值计入损益及按公平值计入
其他全面收益的金融资产于各报告期末以
公平值计量。下表提供该等金融资产的公
平值厘定方法（尤其是估值技术及所使用的
输入数据）以及根据公平值计量之输入数据
的可观察程度而将公平值计量分类归入公
平值等级（第一级至第三级）之资料。
估值技术以贴现金流量、使用之贴现率
考虑合约或本集团相关交易方之信贷风
险，如适用。
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Fair value of the Group’s financial asets that are
measured at fair value on a recuring basis
The Group’s financial asets at FVTPL and FVTOCI are
measured at fair value at the end of each reporting period.
The folowing table gives information about how the fair
value of the financial asets are determined (in particular, the
valuation technique and inputs used), as wel as the level of
the fair value hierarchy into which the fair value measurements
are categorised (Levels 1 to 3) based on the degre to which
the inputs to the fair value measurements is observable.
For valuation technique using discounted cash flows, the
discount rate used take into consideration the credit risk of
the relevant counterparties of the contracts or the Group, as
apropriate.
Project loan
项目贷款
Asets –
HK$5,540,000
资产－
5,540,000港元
Asets –
HK$5,000,000
资产－
5,000,000港元
Level 3
第三级
Valuation techniques: Discounted cash
flow
估值技术：贴现金流量
Key inputs: Contracted interest rates,
estimated profit margin and discount
rate.
主要输入数据：合约利率、估计利润
率及贴现率。
The higher the estimated profit margin,
the higher the fair value of project
loan. The higher the discount rate, the
lower the fair value of project loan.
估计利润率越高，项目贷款的公平值
越高。贴现率越高，项目贷款的公平
值越低。
Listed equity
securities
上市股本证券
Asets –
HK$5,957,000
资产－
5,957,000港元
–Level 1
第一级
Quoted market bid prices in an active
market
于活跃市场所报市场买入价
There is no transfer amongst level 1, 2 and 3 for both years.
两年内，第一级、第二级及第三级之间均
无转换。
| Financial assets at FVTPL | ||
|---|---|---|
| 按公平值 计入损益之 金融资产 | ||
| HK$’000 | ||
| 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
35. FINANCIAL INSTRUMENTS (continued)
Financial risk management objectives and
policies (continued)
Fair value of the Group’s financial asets that
are measured at fair value on a recuring basis
(continued)
Reconciliation of Level 3 fair value measurements:
At 1 April 2023 and 31 March 2024于2023年4月1日及2024年3月31日5,000
Adition添置–
Unrealised gains, recognised in:于以下确认之未变现收益：
– profit or los－损益540
At 31 March 2025于2025年3月31日5,540
Fair value measurement of financial instruments
that are not measured at fair value on a recuring
basis
The management of the Group considers that the carying
amounts of financial asets and financial liabilities recorded
at amortised cost in the consolidated financial statements
aproximate their fair values.
- （续）
财务风险管理目标及政策（续）
按经常性基准以公平值计量之本集团
金融资产之公平值（续）
第三级公平值计量之对账：
不按经常性基准以公平值计量之金融
工具公平值计量
本集团管理层认为，于综合财务报表内按
摊销成本入账的金融资产及金融负债的账
面值与其公平值相若。
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
| Equity interest attributable to the Group | ||||||
|---|---|---|---|---|---|---|
| 本集团应占股权 | ||||||
| Name of subsidiaries | Place of incorporation | Place of operations | Issued and fully paid share capital | 2025 | 2024 | Principal activities |
| 附属 公司名称 | 注册成立地点 | 经营地点 | 已发行及 缴足股本 | 2025年 | 2024年 | 主要业务 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
36. CAPITAL COMITMENT
Capital expenditure in respect of the
acquisition of property, plant and
equipment contracted for but not
provided in the consolidated financial
statements
有关收购物业、厂房及设备之已订约
但未于综合财务报表中拨备之资本
开支
–353
37. PARTICULARS OF SUBSIDIARIES OF THE
COMPANY
The Company has direct and indirect shareholdings of the
folowing subsidiaries:
Directly held:
直接持有：
Ascend Group
Holdings Limited
BVIHong KongHK$2100%100%Investment holding
Ascend Group
Holdings Limited
英属处女群岛香港2港元100%100%投资控股
Indirectly held:
间接持有：
Chit TatHong KongHong KongHK$10,000,000
(2024:
HK$5,000,000)
100%100%Provision of E&M
enginering services
捷达香港香港10,000,000港元
（2024年：
5,000,000港元）
100%100%提供机电工程服务
Acel Inovations
Limited
Hong KongHong KongHK$10,000100%100%Sales and production
of disinfection spray
equipment and
acesories
高升创科有限公司香港香港10,000港元100%100%消毒喷雾设备及配件的
销售及生产
36. 资本承担
37. 本公司附属公司的详情
本公司在下列附属公司拥有直接及间接股
权：
| Equity interest attributable to the Group | ||||||
|---|---|---|---|---|---|---|
| 本集团应占股权 | ||||||
| Name of subsidiaries | Place of incorporation | Place of operations | Issued and fully paid share capital | 2025 | 2024 | Principal activities |
| 附属 公司名称 | 注册成立地点 | 经营地点 | 已发行及 缴足股本 | 2025年 | 2024年 | 主要业务 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续） 37. PARTICULARS OF SUBSIDIARIES OF THE
COMPANY (continued)
Acel Development
Limited
Hong KongHong KongHK$1,000,000100%100%Inactive
高升地产发展
有限公司
香港香港1,000,000港元100%100%暂无营业
Acel Gren Building
Limited
Hong KongHong KongHK$10,000100%100%Inactive
高升绿建有限公司香港香港10,000港元100%100%暂无营业
Asure Fintech
Limited
Hong KongHong KongHK$10,00070%70%Inactive
高信金融科技
有限公司
香港香港10,000港元70%70%暂无营业
Acel Education
& Imigration
Center Limited
Hong KongHong KongHK$10,00070%70%Provision of education
consultancy service
高升留学移民中心
有限公司
香港香港10,000港元70%70%提供教育咨询服务
Acel New Energy
Limited
Hong KongHong KongHK$10,00052%52%Inactive
高升新能源有限公司香港香港10,000港元52%52%暂无营业
Acel Construction
Limited
Hong KongHong KongHK$1,000,000100%100%Inactive
高升建筑有限公司香港香港1,000,000港元100%100%暂无营业
Best Investment
Development
Limited
Hong KongHong KongHK$10,000100%100%Properties holding
佳景投资发展有限
公司
香港香港10,000港元100%100%持有物业
Gain Upward LimitedHong KongHong KongHK$1100%100%Investment holding
盈升投资有限公司香港香港1港元100%100%投资控股
| Equity interest attributable to the Group | ||||||
|---|---|---|---|---|---|---|
| 本集团应占股权 | ||||||
| Name of subsidiaries | Place of incorporation | Place of operations | Issued and fully paid share capital | 2025 | 2024 | Principal activities |
| 附属 公司名称 | 注册成立地点 | 经营地点 | 已发行及 缴足股本 | 2025年 | 2024年 | 主要业务 |
| Equity interest attributable to the Group | ||||||
|---|---|---|---|---|---|---|
| 本集团应占股权 | ||||||
| Name of associate | Place of incorporation | Place of operation | Issued and fully paid share capital | 2025 | 2024 | Principal activity |
| 联营公司名称 | 注册成立地点 | 经营地点 | 已发行及 缴足股本 | 2025年 | 2024年 | 主要业务 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- 。
于本年度，并无附属公司已发行任何债务
证券。
38. 以权益法核算的投资详情
本集团以权益法核算的投资于2025年及
2024年3月31日的详情如下：
Acel International
Investment
Limited
Hong KongHong KongHK$10,000100%100%Inactive
高升国际投资有限
公司
香港香港10,000港元100%100%暂无营业
Right Team
Enterprise
Limited*
Hong KongHong KongHK$22,222–55%Recycling busines
正盟企业有限公司香港香港22,222港元–55%回收业务
Acel Vast
Construction
Limited
Hong KongHong KongHK$100,00051%N/AConstruction of
buildings
升瀚建筑有限公司香港香港100,000港元51%不适用楼宇建造
* The subsidiary was disposed during the year.
None of the subsidiaries had isued any debt securities during
the year.
38. PARTICULARS OF INVESTMENT UNDER
EQUITY METHOD
Details of the Group’s investment under equity method at 31
March 2025 and 2024 are set up as below:
NP Enginering
Company Limited
Hong Kong Hong KongHK$4,00040%N/AConstruction of
buildings
乐保工程有限公司香港香港缴足股本40%不适用楼宇建造
37. PARTICULARS OF SUBSIDIARIES OF THE
COMPANY (continued)
- （续）
| 2025 | 2024 | ||
|---|---|---|---|
| 2025年 | 2024年 | ||
| HK$’000 | HK$’000 | ||
| 千港元 | 千港元 |
高升集团控股有限公司 2025年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
39. STATEMENT OF FINANCIAL POSITION AND
RESERVES OF THE COMPANY
Statement of Financial Position of the
Company
Non-curent asets非流动资产
Investment in a subsidiary于一间附属公司的投资77,26677,266
Amounts due from subsidiaries应收附属公司款项172,256164,372
Financial aset at FVTOCI按公平值计入其他全面收益之
金融资产5,957–
255,479241,638
Curent asets流动资产
Amount due from a subsidiary应收一间附属公司款项27,86619,309
Other receivables and prepayments其他应收款项及预付款项5241,338
Cash and cash equivalents现金及现金等价物3,4121,212
31,80221,859
Curent liabilities流动负债
Other payables其他应付款项443–
Tax payable应付税项3,1872,230
3,6302,230
Net curent asets流动资产净额28,17219,629
Net asets资产净值283,651261,267
Capital and reserves资本及储备
Share capital股本8,1088,108
Reserves储备275,543253,159
Total equity总权益283,651261,267
39. 本公司财务状况表及储备
本公司财务状况表
| Share premium | Treasury shares | Share award reserve | Investment revaluation reserve | Retained profits | Total | ||
|---|---|---|---|---|---|---|---|
| 股份溢价 | 库存股份 | 股份奖励储备 | 投资重估储备 | 保留溢利 | 总额 | ||
| HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | HK$’000 | ||
| 千港元 | 千港元 | 千港元 | 千港元 | 千港元 | 千港元 |
Acel Group Holdings Limited Anual Report 2025
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注
(Expresed in Hong Kong dolars unles otherwise indicated)
（除另有注明外，均以港元列示）
- （续）
本公司财务状况表（续）
附注：
本公司储备变动载列如下：
39. STATEMENT OF FINANCIAL POSITION AND
RESERVES OF THE COMPANY (continued)
Statement of Financial Position of the
Company (continued)
Note:
The movement on reserves of the Company are as folows:
At 1 April 2023于2023年4月1日195,606–26,000221,606
Profit and total comprehensive
income for the year
年内溢利及全面收益
总额–47,79747,797
Recognition of equity-setled
share-based payment
确认以权益结算以股份
为基础的付款–2,264–2,264
Isuance of shares in conection
with the 2023 Share Award
Scheme
就2023年股份奖励计划
发行股份
–(108)–(108)
Shares vested under the 2023
Share Award Scheme
根据2023年股份奖励计
划已归属的股份–11(1,094)–1,083–
Dividends recognised as
distribution (note 11)
确认为分派的股息
（附注11）–(18,400)(18,400)
At 31 March 2024于2024年3月31日195,606(97)1,170–56,480253,159
Profit for the year年内溢利–40,01640,016
Los on fair value changes of
financial aset at FVTOCI
按公平值计入其他全面
收益之金融资产公平
值变动亏损–(4,140)–(4,140)
Total comprehensive expense
for the year
年内全面开支总额
–(4,140)40,01635,876
Recognition of equity-setled
share-based payment
确认以权益结算以股份
为基础的付款–1,914–1,914
Shares vested under the 2023
Share Award Scheme
根据2023年股份奖励计
划已归属的股份–11(1,037)–1,026–
Dividends recognised as
distribution (note 11)
确认为分派的股息
（附注11）–(15,406)(15,406)
At 31 March 2025于2025年3月31日195,606(86)2,047(4,140)82,116275,543