09879 米高集团 财务报表/环境、社会及管治资料：2024 / 2025年度报告
(incorporated in the Cayman Islands with limited liability)
米高集团控股有限公司
MIGAO GROUP HOLDINGS LIMITED
股份代号
（于开曼群岛注册成立的有限公司）
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年度报告
ANUAL REPORT
2024/2025
Stock Code : 9879
CONTENTS目录
2公司资料
Corporate Information
4财务摘要
Financial Highlights
5经营摘要
Operational Highlights
6主席报告
Chairperson’s Statement
8管理层讨论与分析
Management Discusion and Analysis
19董事会报告
Directors’ Report
39董事及高级管理层履历
Profiles of Directors and Senior Management
46企业管治报告
Corporate Governance Report
73独立核数师报告
Independent Auditor’s Report
80综合损益及其他全面收益表
Consolidated Statement of Profit or Los and Other Comprehensive
Income
81综合财务状况表
Consolidated Statement of Financial Position
83综合权益变动表
Consolidated Statement of Changes In Equity
85综合现金流量表
Consolidated Statement of Cash Flows
88综合财务报表附注
Notes to the Consolidated Financial Statements
205五年财务资料
Five-year Financial Information
206释义
Definitions
02年报 2024/2025米高集团控股有限公司
公司资料
CORPORATE INFORMATION
BOARD OF DIRECTORS
Executive Directors
Mr. Liu Guocai
(Chairperson and chief executive oficer)
Mr. Sun Pingfu
(Research and development director)
Mr. Dong Benzi
(Internal control director)
Independent Non-executive Directors
Mr. Chen Guofu
Ms. Huang Shasha
Ms. Qing Meyerson
AUDIT COMITE
Ms. Qing Meyerson (Chairperson)
Mr. Chen Guofu
Ms. Huang Shasha
REMUNERATION COMITE
Ms. Huang Shasha (Chairperson)
Mr. Chen Guofu
Mr. Dong Benzi
NOMINATION COMITE
Mr. Liu Guocai (Chairperson)
Mr. Chen Guofu
Ms. Huang Shasha
COMPANY SECRETARY
Ms. Fung Wai Sum
AUTHORIZED REPRESENTATIVES
Mr. Liu Guocai
Ms. Fung Wai Sum
HONG KONG LEGAL ADVISERS
Morgan, Lewis & Bockius
19th Flor
Edinburgh Tower, The Landmark
15 Quen’s Road Central
Hong Kong
董事会
执行董事
刘国才先生
（主席兼行政总裁）
孙平福先生
（研发总监）
董本梓先生
（内部控制总监）
独立非执行董事
陈国福先生
黄莎女士
Qing Meyerson女士
审核委员会
Qing Meyerson女士（主席）
陈国福先生
黄莎女士
薪酬委员会
黄莎女士（主席）
陈国福先生
董本梓先生
提名委员会
刘国才先生（主席）
陈国福先生
黄莎女士
公司秘书
冯慧森女士
授权代表
刘国才先生
冯慧森女士
香港法律顾问
摩根路易斯律师事务所
香港
皇后大道中15号
置地广场公爵大厦
19楼
MIGAO GROUP HOLDINGS LIMITED03Anual Report 2024/2025
公司资料
CORPORATE INFORMATION
AUDITORS
Deloite Touche Tohmatsu (Registered Public Interest
Entity Auditor)
35/F, One Pacific Place
88 Quensway
Hong Kong
REGISTERED OFICE
4th Flor, Harbour Place
103 South Church Stret, P.O. Box 10240
Grand Cayman KY1-1002
Cayman Islands
PRINCIPAL PLACE OF BUSINES IN THE
PRC
Qingzhou Development Zone
East Park, Cangjiang Industrial Park
Gaoming District
Foshan City
China
PRINCIPAL PLACE OF BUSINES IN
HONG KONG
Rom 801, 8/F, COFCO Tower
262 Gloucester Road
Causeway Bay
Hong Kong
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFICE
Harneys Fiduciary (Cayman) Limited
4th Flor, Harbour Place
103 South Church Stret
P.O. Box 10240, Grand Cayman KY1-1002
Cayman Islands
HONG KONG SHARE REGISTRAR
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
PRINCIPAL BANKER
Bank of China Foshan Gaoming Sub-branch
COMPANY WEBSITE
w.migaogroup.com
STOCK CODE
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
注册办事处
4th Flor, Harbour Place
103 South Church Stret, P.O. Box 10240
Grand Cayman KY1-1002
Cayman Islands
中国主要营业地点
中国
佛山市
高明区
沧江工业园东园
庆洲开发区
香港主要营业地点
香港
铜锣湾
告士打道262号
中粮大厦8楼801室
主要股份过户登记处
Harneys Fiduciary (Cayman) Limited
4th Flor, Harbour Place
103 South Church Stret
P.O. Box 10240, Grand Cayman KY1-1002
Cayman Islands
香港证券登记处
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
主要往来银行
中国银行佛山高明支行
公司网站
w.migaogroup.com
股份代号
04年报 2024/2025米高集团控股有限公司
财务摘要
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOS AND
OTHER COMPREHENSIVE INCOME
2024财年2025财年
FY2024FY2025
人民币千元人民币千元
RMB’000RMB’000
收益Revenue3,770,5434,965,954
毛利Gros Profit536,504642,047
除税前溢利Profit before tax333,604413,373
年内溢利Profit for the year276,194339,484
CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
于3月31日
As at 31 March
2024年2025年
人民币千元人民币千元
RMB’000RMB’000
总资产Total asets4,605,5295,246,476
总负债Total liabilities1,989,8372,329,731
权益总额Total equity2,615,6922,916,745
FINANCIAL HIGHLIGHTS
• Total revenue for FY2025 of aproximately
RMB4,966.0 milion (FY2024: aproximately
RMB3,770.5 milion), year-on-year increase of
aproximately 31.7%
• Profit for FY2025 of aproximately RMB339.5 milion
(FY2024: aproximately RMB276.2 milion), year-on-
year increase of aproximately 22.9%
• Basic earnings per Share for FY2025 of
aproximately RMB0.34 (FY2024: aproximately
RMB0.37), year-on-year decrease of aproximately
8.1%
• The Board recomended the payment of the final
dividend of RMB0.075 per Share
简明综合损益及其他全面收益表
简明综合财务状况表
财务摘要
- ,966.0
百万元（2024财年：约人民币3,770.5百
万元），同比上升约31.7%
• 2025财年的溢利约为人民币339.5百
万元（2024财年：约人民币276.2百万
元），同比上升约22.9%
• 2025财年的每股基本盈利约为人民币
0.34元（2024财年：约人民币0.37元），
同比下降约8.1%
• 董事会建议派发末期股息每股人民币
0.075元
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED05
经营摘要
OPERATIONAL HIGHLIGHTS
OPERATIONAL HIGHLIGHTS
截至3月31日止年度
For the year ended 31 March同比变动*
2025年2024年Year-on-year
20252024change*
（千吨）（千吨）
(Tone ’000)(Tone ’000)
整体销量Overal Sales volume2,3451,73435.2%
• Year-on-year change represents a comparison
betwen the curent year and the last year
经营摘要
* 同比变动指本年度与去年的比较
06年报 2024/2025米高集团控股有限公司
主席报告
CHAIRPERSON’S STATEMENT
On behalf of the Board, I am pleased to present the anual
report of the Group for FY2025.
Despite ongoing volatility in global market prices of
potash fertilizers, the Group achieved significant growth
performance in FY2025 with its prudent busines
strategies and eficient suply chain management. In
FY2025, the Group’s total revenue was aproximately
RMB4,970 milion, representing an increase of
aproximately 31.7% as compared to the same period
of last year; the Group’s net profit was aproximately
RMB340 milion, representing an increase of aproximately
22.9% as compared to the same period of last year; and
the overal sales volume of the Group’s products was
aproximately 2.3 milion tones, representing an increase
of aproximately 35.2% as compared to the same period
of last year.
In FY2025, the Group has made important strides in
its strategic planing. The construction of the modern
warehousing and production centre in Tongjiang City,
Heilongjiang Province, is progresing smothly. Upon
completion, it is expected to significantly enhance
the Group’s suply chain eficiency and market
responsivenes in the Northeast China, injecting strong
momentum into regional economic development.
Meanwhile, the Group is proceding with the planing and
preparation works of the construction of its production
facility in Vietnam (the “Vietnam Facility”), marking its
oficial entry into emerging markets such as Southeast
Asia. The Vietnam Facility wil serve as a key hub for the
Group to conect to the global market, laying a solid
foundation for the further advancement of the Group’s
global strategy.
In the field of sustainable development, the Group
has consistently adhered to the national ‘dual carbon’
strategy, systematicaly optimising energy structures and
inovating emision reduction technologies to establish a
gren and low-carbon production and operations system.
In FY2025, the Group saw a significant improvement in
energy eficiency, with total carbon emisions decreasing
by aproximately 9.0% as compared to the same period
of last year, sucesfuly achieving the environmental
protection targets set in the last fiscal year. Loking
ahead, the Group wil continue to promote gren
production, fulfil its corporate social responsibilities,
contribute to the sustainable development of the industry,
and make gren the halmark of the Group’s development.
本人谨代表董事会欣然呈报本集团2025财年的
年度报告。
尽管全球钾肥市场价格波动持续，本集团凭借
稳健的经营策略和高效的供应链管理，于2025
财年实现了业绩的显著增长。2025财年，本
集团总收入约为49.7亿元人民币，较上年同期
增长约31.7%；本集团净利润为约3.4亿元人
民币，较上年同期增长约22.9%；本集团整体
产品销量为约2.3百万吨，较上年同期增长约
35.2%。
2025财年，本集团在战略布局上迈出了重要步
伐。位于黑龙江省同江市的现代化仓储及生产
中心建设进展顺利，预计投产后将显著提升本
集团在中国东北地区的供应链效率和市场响应
能力，为区域经济发展注入强劲动力。与此同
时，本集团正在有序推进越南生产设施（「越南
设施」）的规划与筹建工作，这不仅标志著本集
团正式进军东南亚等新兴市场，越南设施更将
成为本集团连接全球市场的重要枢纽，为国际
化战略的深入推进奠定坚实基础。
在可持续发展领域，本集团始终以国家「双碳」
战略为指引，通过系统性优化能源结构和创新
减排技术，构建绿色低碳的生产运营体系。
2025财年，本集团的能源利用效率显著提升，
其中，本集团碳排放总量较上年同期下降约
9.0%，完成了上个财年的既定环保目标。展望
未来，本集团将继续推动绿色生产，履行企业
社会责任，为行业可持续发展贡献力量，让绿
色成为本集团发展的鲜明底色。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED07
主席报告
CHAIRPERSON’S STATEMENT
站在新的发展起点上，本集团将始终秉持以客
户为中心的理念，在深耕国内市场的沃土同
时，以更开放的姿态拥抱全球机遇。本集团将
以技术创新为引擎，以产能升级为基础，以
市场多元化为路径，持续锻造企业的核心竞争
力。在追求高质量发展的征程中，本集团将坚
持审慎稳健的财务策略，不断优化资本结构，
为股东创造可持续的价值回报。本集团期待继
续与各位伙伴同心同行，在充满希望的未来，
共同写下更加辉煌的篇章。
本人谨代表董事会，向全体股东、客户、合作
伙伴及社会各界长期的信任和大力支持表示衷
心感谢，亦衷心感谢所有为公司发展作出贡献
的员工。
刘国才
主席、行政总裁兼执行董事
香港，2025年6月26日
Standing at a new starting point for development,
the Group wil always adhere to the customer-centric
philosophy, cultivate the fertile soil of the domestic
market, and embrace global oportunities with a more
open atitude. The Group wil continuously forge its core
competitivenes with technological inovation as the
engine, capacity upgrading as the foundation, and market
diversification as the path. In the pursuit of high-quality
development, the Group wil adhere to a prudent and
stable financial strategy, continuously optimise the capital
structure, and create sustainable value returns for the
Shareholders. The Group loks forward to continuing to
work hand in hand with al partners to jointly write a more
glorious chapter in the promising future.
On behalf of the Board, I would like to expres my sincere
gratitude to al our Shareholders, customers, partners
and al sectors of society for their long-term trust and
unwavering suport. I also wish to expres my sincere
apreciation to al employes who have contributed to the
Company’s development.
Liu Guocai
Chairperson, Chief Executive Oficer and Executive Director
Hong Kong, 26 June 2025
08年报 2024/2025米高集团控股有限公司
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
BUSINES REVIEW
In FY2025, the Group continued to strengthen its position
as a leading potash fertilizer company in China, achieving
an increase of aproximately 35.2% in overal sales
volume of the products and the provision of production
services, from aproximately 1.7 milion tones in
FY2024 to aproximately 2.3 milion tones in FY2025.
This growth was primarily atributable to the Group’s
unwavering comitment to product quality and a profound
understanding of its customers’ neds.
In line with the increase in sales volume, the Group’s
purchase volume of major raw material of KCL increased
from aproximately 1.5 milion tones in FY2024 to
aproximately 1.9 milion tones in FY2025. Having ben
in China’s potash fertilizer busines for more than 20
years, the Group has established comprehensive KCL
procurement chanels, enabling it to secure a stable
suply of KCL at competitive costs and the Group is
continuously expanding its market share to enhance its
leadership in potash market.
Furthermore, in FY2025, the Group’s revenue and profit for
the year increased by 31.7% and 22.9% to aproximately
RMB4,966.0 milion and aproximately RMB339.5 milion,
respectively, as compared to that of FY2024 due to the
increase in overal sales volume of the products of the
Group and the provision of production services.
业务概览
于2025财年，本集团继续加强其作为中国领先
钾肥企业的地位，产品的整体销售量及提供的
生产服务实现约35.2%的增长，由2024财年的
约1.7百万吨增至2025财年的约2.3百万吨。
该增长主要归因于本集团对产品质量的坚定承
诺，以及对其客户需求的深刻理解。
随著销量的增加，本集团主要原材料氯化钾的
采购量由2024财年的约1.5百万吨增至2025财
年的约1.9百万吨。本集团在中国经营钾肥业务
逾20年，建立了完善的氯化钾采购渠道，能够
以具竞争力的成本取得稳定的氯化钾供应，本
集团持续扩大市场份额，以提升其在钾肥市场
的领导地位。
此外，由于本集团产品的整体销售量及提供的
生产服务增加，相比2024财年，本集团2025财
年的收入及年内溢利分别增长31.7%及22.9%
至约人民币4,966.0百万元及约人民币339.5百
万元。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED09
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
FUTURE PROSPECTS
Loking ahead, the Group aims to navigate market
fluctuations by driving growth through inovation and
expanding the Group’s product oferings. The Group
wil continue exploring new markets to suport the
increasing global demand for high-eficiency fertilizers,
while maintaining its focus on operational eficiency and
customer satisfaction. The Group’s strategic investments
in new facilities and technologies are expected to enhance
its suply capacity and bolster its position as a reliable
partner in the agricultural industry. In line with these goals,
the Group wil continue to explore diferent investment
oportunities, improve production capacity and bring
values to the Group’s customers in the PRC as wel as in
Asia, the Midle East and Europe.
The Group is planing to establish a subsidiary in Vietnam,
which wil operate the Vietnam Facility. The Vietnam
Facility is expected to cover the aforesaid emerging
Asia markets. The Group has signed a memorandum
of understanding for the Vietnam Facility to sublease
the site and the Group is curently pursuing necesary
local aprovals and is adresing fedback from local
authorities. In adition, the Group is evaluating and
considering strategic busines development oportunities
in the Midle East. Such initiatives align with the Group’s
long-term global growth strategy, focusing on taping
into the overseas dynamic market potential, improving
continuous technology utilization and inovation and
fostering mutualy beneficial colaborations.
未来前景
展望未来，本集团的目标是通过创新及扩大产
品供应来推动增长，从而应对市场波动。本集
团将继续开拓新市场，以支持全球对高效肥料
日益增长的需求，同时继续关注运营效率及客
户满意度。本集团对新设施及新技术的战略投
资有望提高其供应能力，并巩固其作为农业行
业可靠合作伙伴的地位。为实现该等目标，本
集团将继续在中国以及亚洲、中东及欧洲探索
不同的投资机会，提高产能并为本集团客户带
来价值。
本集团计划在越南成立附属公司，经营越南设
施。越南设施有望满足上述新兴亚洲市场需
求。本集团已就越南设施订立谅解备忘录，以
分租场地，本集团目前正在寻求必要的当地批
准，及正在处理地方当局的反馈。此外，本集
团正在评估及考虑中东地区的战略性业务发展
机会。该等措施与本集团的长期全球增长策略
一致，专注于发掘海外动态市场潜力、提升持
续技术应用及创新以及促进互惠合作。
10年报 2024/2025米高集团控股有限公司
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
FINANCIAL REVIEW
Revenue
The Group’s revenue for FY2025 consisted of sales
of products and provision of production services. The
folowing table sets forth a breakdown of the Group’s
revenue by (i) sales of each type of products and the
provision of production services; (i) types of customers;
and (i) sales volume, respectively, for the years indicated:
截至3月31日止年度
For the year ended 31 March同比变动
2025年2024年Year-on-year
20252024change
人民币千元人民币千元
RMB’000RMB’000
产品销售Sales of products
氯化钾KCL4,372,9413,166,13038.1%
硫酸钾SOP464,500438,1906.0%
硝酸钾NOP7,1382,348204.0%
复合肥Compound fertilizer65,76753,44623.1%
其他
(1)
Others
(1)
32,87186,444(62.0)%
4,943,2173,746,55831.9%
提供生产服务
Provision of production
services22,73723,985(5.2)%
总计Total4,965,9543,770,54331.7%
财务回顾
收入
本集团2025财年的收入包括销售产品及提供生
产服务。下表载列本集团于所示年度分别按(i)
销售各类产品及提供生产服务；(i)客户类别；
及(i)销量划分的收入明细：
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED11
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
截至3月31日止年度
For the year ended 31 March同比变动
2025年2024年Year-on-year
20252024change
人民币千元人民币千元
RMB’000RMB’000
客户类别Types of customers
国有企业（「国有企业」）State-owned entities (“SOE”)2,950,9092,017,63646.3%
非国有企业Non-SOE2,015,0451,752,90715.0%
总计Total4,965,9543,770,54331.7%
截至3月31日止年度
For the year ended 31 March同比变动
2025年2024年Year-on-year
20252024change
千吨千吨
Tone’000Tone’000
销量Sales volume
钾肥
(2)
Potash-based fertilizers
(2)
2,0611,39547.7%
复合肥
(3)
Compound fertilizers
(3)
83830.0%
其他
(1)
Others
(1)
201256(21.5)%
总计Total2,3451,73435.2%
Notes:
(1) Others mainly consist of HCL and fertilizer aditive.
- , SOP and NOP.
(3) The sales volume of compound fertilizers includes both
direct sales and volumes produced under production
services arangement.
附注：
- 。
- 、硫酸钾及硝酸钾。
(3) 复合肥销量包括直接销量及生产服务安排项下
所产生销量。
12年报 2024/2025米高集团控股有限公司
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
During FY2025, the sales of KCL and SOP contributed the
top two portions of the revenue of the Group, acounting
for aproximately 88.1% and 9.4%, respectively, of the
total revenue of the Group (FY2024: aproximately 84.0%
and 11.6%, respectively). During FY2025, the sales to
agribusines companies and agricultural reclamation
companies contributed aproximately 82.2% and
14.0%, respectively, to the total revenue of the Group
(FY2024: aproximately 78.4% and 16.6%, respectively).
The Group’s revenue for FY2025 was aproximately
RMB4,966.0 milion, representing an increase of
aproximately 31.7% from aproximately RMB3,770.5
milion for FY2024. The increase in revenue was primarily
atributable to the increase of aproximately 35.2% in
overal sales volume of the Group.
于2025财年，氯化钾及硫酸钾的销售占本集
团收入的前两部分，分别占本集团总收入的
约88.1%及9.4%（2024财年：分别约84.0%
及11.6%）。于2025财年，向农业综合服务
公司及农垦公司的销售分别占本集团总收入
约82.2%及14.0%（2024财年：分别约78.4%
及16.6%）。本集团2025财年的收入约为人民
币4,966.0百万元，比2024财年的约人民币
3,770.5百万元增加约31.7%。收入增加主要归
因于本集团整体销售量增加约35.2%。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED13
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
Cost of Gods Sold
For FY2025, the cost of gods of the Group sold was
aproximately RMB4,323.9 milion, representing an
increase of aproximately 33.7% from aproximately
RMB3,234.0 milion for FY2024. This increase was primarily
consistent with the increase in overal sales volume of the
products and the provision of production services.
Gros Profit and Gros Profit Margin
Gros profit of the Group increased by aproximately
19.7% from aproximately RMB536.5 milion for FY2024 to
aproximately RMB642.0 milion for FY2025. Gros profit
margin decreased from aproximately 14.2% for FY2024
to aproximately 12.9% for FY2025. The decrease in gros
profit margin was primarily due to lower market price for
most period of FY2025 as compared to the average seling
price in FY2024.
销货成本
于2025财年，本集团销货成本约为人民币
4,323.9百万元，比2024财年的约人民币
3,234.0百万元增加约33.7%。该增加主要与产
品的整体销售量及提供生产服务增加相一致。
毛利及毛利率
本集团的毛利由2024财年的约人民币536.5
百万元增加约19.7%至2025财年的约人民币
642.0百万元。毛利率由2024财年的约14.2%
下降至2025财年的约12.9%。毛利率下降主要
是由于2025财年多数时期市场价格较2024财年
的平均销售价格低。
14年报 2024/2025米高集团控股有限公司
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
Other Income
Other income of the Group increased by aproximately
121.7% from aproximately RMB9.2 milion for FY2024
to aproximately RMB20.4 milion for FY2025. This
increase was primarily due to an extra deduction of input
value-aded tax, which increased by aproximately
RMB13.9 milion in FY2025.
Other Gains and Loses
Other gains and loses, net of reversal of the Group
remained relatively stable from a gain of aproximately
RMB5.6 milion for FY2024 to a gain of aproximately
RMB5.5 milion for FY2025.
Impairment Loses under Expected Credit
Los Model, Net of Reversal
The Group recognised an impairment los of
aproximately RMB4.0 milion for FY2025, primarily
atributable to the increase in trade and unbiled
receivables resulting from increased revenue during
FY2025. The Group recognised a reversal of impairment
los, net, of aproximately RMB2.6 milion for FY2024 due
to the decrease in trade receivables balances in FY2024.
Distribution and Seling Expenses
Distribution and seling expenses of the Group slightly
increased to aproximately RMB32.0 milion for FY2025,
compared to aproximately RMB30.1 milion for FY2024,
due to the increase in revenue of the Group.
其他收入
本集团的其他收入由2024财年的约人民币9.2
百万元增加约121.7%至2025财年的约人民币
20.4百万元。该增加主要是由于额外扣减增值
税进项税额，于2025财年增加约人民币13.9百
万元。
其他收益及亏损
本集团的其他收益及亏损（扣除拨回）保持相对
稳定，于2024财年的收益约为人民币5.6百万
元，于2025财年的收益约为人民币5.5百万元。
预期信贷亏损模式下的减值亏损（扣除
拨回）
本集团于2025财年确认减值亏损约人民币4.0
百万元，主要归因于2025财年收入增加导致贸
易应收款项及未开票应收款项增加。本集团于
2024财年确认减值亏损拨回净额约人民币2.6百
万元，原因是2024财年的贸易应收款项结余减
少。
分销及销售开支
本集团2025财年的分销及销售开支略微增至约
人民币32.0百万元，而2024财年约为人民币
30.1百万元，原因是本集团收入增加。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED15
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
General and Administrative Expenses
General and administrative expenses of the Group
increased by aproximately 46.7% from aproximately
RMB93.4 milion for FY2024 to aproximately RMB137.0
milion for FY2025, primarily due to the increase in
busines traveling expenses, payrol and welfare and
profesional fes, which were in line with the busines
development of the Group.
Research and Development Expenses
Research and development expenses of the Group
increased by aproximately 12.6% from aproximately
RMB30.9 milion for FY2024 to aproximately RMB34.8
milion for FY2025 as the Group continued to invest in
research and development activities.
Listing Expenses
The Group incured no listing expenses for FY2025
compared to aproximately RMB40.3 milion for FY2024
upon the Group’s listing in March 2024.
Share of Result of A Joint Venture
The Group’s share of results of a joint venture increased
by aproximately 345.6%, increasing the los from
aproximately RMB6.0 milion for FY2024 to aproximately
RMB26.7 milion for FY2025, primarily due to a decrease in
sales volume of fertilizer products of the joint venture and
an increase in the share of los of aproximately RMB17.4
milion arising from an impairment los made on plant and
equipment recognized by its joint venture.
Finance Costs
Finance costs of the Group increased by aproximately
2.0% from aproximately RMB19.6 milion for FY2024
to aproximately RMB20.0 milion for FY2025, primarily
due to an increase in overal borowings of the Group in
FY2025.
Income Tax Expense
The income tax expenses of the Group increased by
aproximately 28.7% from aproximately RMB57.4 milion
for FY2024 to aproximately RMB73.9 milion for FY2025,
mainly atributable to (i) an increase in profit before tax;
and (i) a consistent efective tax rate.
一般及行政开支
本集团的一般及行政开支由2024财年的约人民
币93.4百万元增加约46.7%至2025财年的约人
民币137.0百万元，主要由于商务差旅开支、薪
金及福利以及专业费用增加，这与本集团业务
发展情况相符。
研发开支
由于本集团持续投资研发活动，本集团的研发
开支由2024财年的约人民币30.9百万元增加约
12.6%至2025财年的约人民币34.8百万元。
上市开支
本集团于2025财年并无产生上市开支，而2024
财年于本集团在2024年3月上市后产生上市开
支约人民币40.3百万元。
应占合营企业绩
本集团应占合营企业绩由2024财年的亏损约
人民币6.0百万元增加约345.6%至2025财年的
亏损约人民币26.7百万元，主要是由于合营企
业化肥产品销量减少及应占其合营企业已确认
厂房及设备减值亏损产生的亏损增加约人民币
17.4百万元所致。
财务成本
本集团的财务成本由2024财年的约人民币19.6
百万元增加约2.0%至2025财年的约人民币20.0
百万元，主要是由于本集团2025财年整体借款
增加所致。
所得税开支
本集团的所得税开支由2024财年的约人民币
57.4百万元增加约28.7%至2025财年的约人
民币73.9百万元，主要归因于(i)除税前溢利增
加；及(i)固定的实际税率。
16年报 2024/2025米高集团控股有限公司
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
Profit for FY2025
The net profit of the Group for FY2025 was aproximately
RMB339.5 milion, representing an increase of
aproximately 22.9% as compared with aproximately
RMB276.2 milion for FY2024. This increase was mainly
due to the folowing reasons: (i) an increase in the
Group’s revenue and gros profit; (i) a decrease in
listing expenses after the Group’s listing in March 2024;
and partialy ofset by (i) an increase in general and
administrative expenses related to busines development;
and (iv) an increase in share of los of a joint venture.
Liquidity and Capital Resources
The Group’s total cash and restricted cash balances
increased from aproximately RMB964.5 milion as at
31 March 2024 to aproximately RMB973.6 milion as at
31 March 2025. The Group maintained suficient bank
balances and cash to met its operational neds.
As at 31 March 2025, the curent asets of the Group
amounted to aproximately RMB4,447.7 milion, primarily
consisting of trade and other receivables and prepayments
of aproximately RMB3,180.4 milion, and cash and
restricted cash balances of aproximately RMB973.6
milion. As at 31 March 2025, the curent liabilities of the
Group amounted to aproximately RMB2,161.9 milion,
primarily consisting of contract liabilities of aproximately
RMB764.8 milion and trade and other payables of
aproximately RMB734.2 milion. As at 31 March 2025,
the curent ratio (the curent asets to curent liabilities
ratio) of the Group was aproximately 2.1 (31 March 2024:
aproximately 2.1).
2025财年的利润
本集团2025财年的净利润约为人民币339.5百
万元，较2024财年的约人民币276.2百万元增
加约22.9%。增加乃主要由于以下原因：(i)本
集团收入及毛利增加；(i)本集团于2024年3月
上市后上市开支减少；并部分被(i)与业务发展
有关的一般及行政开支增加；及(iv)应占合营企
业亏损增加所抵销。
流动资金及资本资源
本集团的现金及受限制现金结余总额由2024年
3月31日的约人民币964.5百万元增加至2025年
3月31日的约人民币973.6百万元。本集团维持
充足的银行结余及现金以满足其营运需求。
于2025年3月31日，本集团的流动资产约为人
民币4,447.7百万元，主要包括贸易及其他应收
款项以及预付款项约人民币3,180.4百万元，以
及现金及受限制现金结余约人民币973.6百万
元。于2025年3月31日，本集团的流动负债约
为人民币2,161.9百万元，主要包括合约负债约
人民币764.8百万元，以及贸易及其他应付款项
约人民币734.2百万元。于2025年3月31日，本
集团的流动比率（流动资产与流动负债比率）约
为2.1（2024年3月31日：约2.1）。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED17
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
As at 31 March 2025, the borowings of the Group
amounted to aproximately RMB582.3 milion (31 March
2024: aproximately RMB545.2 milion). The increase in
borowings was mainly atributable to an increase in other
borowings from sale and leaseback arangements in
relation to machinery leases. During FY2025, the Group
newly obtained and repaid bank loans and other loans
of aproximately RMB469.9 milion and aproximately
RMB316.8 milion, respectively (FY2024: aproximately
RMB545.0 milion and aproximately RMB264.2 milion,
respectively).
As at 31 March 2025, the gearing ratio of the Group, which
was calculated on the basis of the amount of total debt as
a percentage of the total equity atributable to owners of
the Company, was aproximately 21.3% (31 March 2024:
22.3%). The Group maintained a stable gearing ratio
to balance its financial leverage and suport busines
development.
Capital Expenditures
For FY2025, the capital expenditures of the Group
amounted to aproximately RMB119.8 milion, which
were primarily used for construction and development
of a warehousing and production centre of the Group in
Heilongjiang Province, the PRC.
Contingent Liabilities
The Group had no material contingent liabilities as at 31
March 2025.
Pledge of Asets
As at 31 March 2025, the agregate carying value of the
plant and equipment, right-of-use asets and restricted
cash of the Group pledged for the Group’s bils payables
and/or deposits for leter of credits and/or the sale and
leaseback transactions was aproximately RMB451.3
milion (31 March 2024: aproximately RMB258.9 milion).
于2025年3月31日，本集团的借款约为人民
币582.3百万元（2024年3月31日：约人民币
545.2百万元）。借款增加主要归因于与机器
租赁有关的售后租回安排所产生的其他借款增
加。于2025财年，本集团新获得及偿还银行贷
款及其他贷款分别约人民币469.9百万元及约
人民币316.8百万元（2024财年：分别约人民币
545.0百万元及约人民币264.2百万元）。
于2025年3月31日，本集团的资产负债比率（该
比率按债务总额占本公司拥有人应占权益总额
的百分比计算）约为21.3%（2024年3月31日：
22.3%）。本集团维持稳定的资产负债比率，以
平衡其财务杠杆并支持业务发展。
资本开支
于2025财年，本集团资本开支约为人民币
119.8百万元，主要用于建设开发本集团于中国
黑龙江省的仓储及生产中心。
或有负债
于2025年3月31日，本集团并无重大或有负债。
资产抵押
于2025年3月31日，本集团为本集团应付票据
及╱或信用证按金及╱或售后租回交易而抵押
的厂房及设备、使用权资产及受限制现金资产
的账面总值约为人民币451.3百万元（2024年3
月31日：约人民币258.9百万元）。
18年报 2024/2025米高集团控股有限公司
管理层讨论与分析
MANAGEMENT DISCUSION AND ANALYSIS
Future Plan for Material Investments and
Capital Asets
Save as disclosed in the Prospectus and this anual
report, the Group did not have other plans for material
investments and capital asets.
The Group wil continue to explore diferent investment
oportunities that wil ad value, with future plans focused
on enhancing production capacity and operational
eficiency. In the event that the Group makes material
investments in the future, further anouncement(s) wil
be made by the Company as and when apropriate and
necesary.
Significant Investments, Material
Acquisitions and Disposals
Save as disclosed in this anual report, there were no
significant investments held, no material acquisitions or
disposals of subsidiaries, asociates and joint ventures,
nor was there any plan authorised by the Board for other
material investments or aditions of capital asets during
FY2025.
Foreign Exchange Risk Management
The functional curency of the Group is RMB. The majority
of the Group’s revenue and expenditures are denominated
in RMB. The Group also has certain cash and bank
balances and financial asets at FVTPL denominated in
United State dolars and Hong Kong dolars, which would
expose the Group to foreign exchange risk. The Group
curently does not have any foreign curency hedging
policies. The management wil continue to monitor the
Group’s foreign exchange risk exposure and consider
adopting prudent measures as apropriate.
重大投资及资本资产的未来计划
除招股章程及本年报所披露者外，本集团并无
重大投资及资本资产的其他计划。
本集团将继续探索不同的增值投资机会，以及
专注于提高产能及运营效率的未来计划。倘本
集团未来进行重大投资，本公司将在适当及必
要时发布进一步公告。
重大投资、重要收购及出售
于2025财年，除本年报所披露者外，概无持有
重大投资，亦无附属公司、联营公司及合资企
业的重大收购或出售，董事会并无批准其他重
大投资或添置资本资产的计划。
外汇风险管理
本集团的功能货币为人民币，且大部分收入与
开支以人民币计值。本集团亦拥有若干现金及
银行结余以及按公平值计量且其变动计入当期
损益的金融资产以美元及港元计值，令本集团
面临外汇风险。本集团目前并无任何外币对冲
政策。管理层将持续监察本集团面对的外汇风
险并在适当情况下考虑采取审慎措施。
MIGAO GROUP HOLDINGS LIMITED19Anual Report 2024/2025
董事会报告
DIRECTORS’ REPORT
The Board is pleased to present its report together with
the audited consolidated financial statements of the Group
for FY2025.
PRINCIPAL ACTIVITIES
The Company was incorporated in the Cayman Islands on
21 November 2017 as an exempted company with limited
liability under the Cayman Companies Act. The Group is a
national potash fertilizer company in China with sourcing
and procurement, and procesing and manufacturing
capacities seling various potash fertilizer products,
including KCL, SOP, NOP and compound fertilizers.
Details of the principal activities of the subsidiaries of
the Company are set out in note 38 to the consolidated
financial statements.
BUSINES REVIEW
A review of the Group’s busines for FY2025 and a
discusion on the Group’s future busines development
are set out in the sections headed “Chairperson’s
Statement” and “Management Discusion and Analysis”
on pages 6 to 18 of this anual report. Discusion and
information therein form part of this Directors’ Report.
RESULTS, DIVIDEND AND DIVIDEND
POLICY
The consolidation results of the Group for FY2025 are
set out in the consolidated statement of profit or los and
other comprehensive income on page 80 of this anual
report.
The Board has resolved to recomend the payment of a
final dividend of RMB0.075 per Share for FY2025. The total
amount is aproximately RMB68.2 milion. The Company
has adopted a dividend policy on payment of dividends.
The Company does not have any pre-determined dividend
payout ratio. Any amount of dividends the Company pays
wil be at the discretion of the Directors and wil depend
on the Group’s future operations and earnings, capital
requirements and surplus, general financial conditions,
contractual restrictions and any other factors that the
Board may dem relevant.
董事会欣然提呈其报告，连同本集团2025财年
的经审核综合财务报表。
主要业务
本公司于2017年11月21日根据开曼公司法于开
曼群岛注册成立为获豁免有限公司。本集团是
一家中国内钾肥公司，拥有采购、加工及制
造能力，销售各类钾肥产品，包括氯化钾、硫
酸钾、硝酸钾以及复合肥。本公司附属公司的
主要业务详情载于综合财务报表附注38。
业务回顾
本集团2025财年的业务回顾及有关本集团未来
业务发展的讨论载于本年报第6至18页「主席报
告」及「管理层讨论与分析」章节。讨论及资料
构成本董事会报告之一部分。
业绩、股息及股息政策
本集团2025财年的综合业绩载于本年报第80页
之综合损益及其他全面收益表。
董事会决议建议派发2025财年末期股息每股人
民币0.075元。总金额约为人民币68.2百万元。
本公司已就支付股息采取股息政策。本公司并
无任何预先厘定的股息支付率。本公司支付的
任何股息金额将由董事酌情决定，并将取决于
本集团的未来营运及盈利、资本需求及盈余、
一般财务状况、合约限制以及董事会可能视为
相关的任何其他因素。
20年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
暂停办理股东登记手续
为确定股东有权出席股东周年大会及于会上投
票，本公司股东登记手续将于2025年8月19日
（星期二）至2025年8月22日（星期五）（包括首
尾两日）暂停办理，期内本公司不会办理股份转
让登记，而记录日期将为2025年8月22日（星
期五）。所有股份过户文件及有关股票须不迟于
2025年8月18日（星期一）下午四时三十分送交
本公司香港证券登记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）。
为确定股东有权获得建议末期股息（须待股东于
股东周年大会批准后方可作实），本公司股东登
记手续将于2025年8月28日（星期四）至2025年
9月2日（星期二）（包括首尾两日）暂停办理，期
内本公司不会办理股份转让登记，而记录日期
将为2025年9月2日（星期二）。所有股份过户文
件及有关股票须不迟于2025年8月27日（星期
三）下午四时三十分送交本公司香港证券登记处
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。
财务概要
本集团过去五个财政年度的经营业绩、资产及
负债概要载于本年报第205页。本概要不构成经
审核综合财务报表的一部分。
股本
2025财年期间本公司的股本变动详情载于综合
财务报表附注28。
储备
本集团及本公司于2025财年的储备变动详情载
于综合权益变动表及综合财务报表附注37。
CLOSURE OF THE REGISTER OF
MEMBERS
In order to ascertain the Shareholders’ entitlements to
atend and vote at the AGM, the register of members of the
Company wil be closed from Tuesday, 19 August 2025 to
Friday, 22 August 2025, both days inclusive, during which
period no transfer of Shares wil be registered and the
record date wil be on Friday, 22 August 2025. Al Share
transfer documents acompanied by the relevant Share
certificates must be lodged with the Company’s Hong
Kong share registrar, Tricor Investor Services Limited, at
17/F, Far East Finance Centre, 16 Harcourt Road, Hong
Kong, not later than 4:30 p.m. on Monday, 18 August
2025.
In order to ascertain the Shareholders’ entitlements to
the proposed final dividend (subject to aproval by the
Shareholders at the AGM), the register of members of the
Company wil be closed from Thursday, 28 August 2025 to
Tuesday, 2 September 2025, both days inclusive, during
which period no transfer of Shares wil be registered and
the record date wil be on Tuesday, 2 September 2025. Al
Share transfer documents acompanied by the relevant
Share certificates must be lodged with the Company’s
Hong Kong share registrar, Tricor Investor Services
Limited, 17/F, Far East Finance Centre, 16 Harcourt Road,
Hong Kong for registration not later than 4:30 p.m. on
Wednesday, 27 August 2025.
FINANCIAL SUMARY
A sumary of the Group’s operating results, asets and
liabilities for the last five financial years is set out on page
205 of this anual report. This sumary does not form part
of the audited consolidated financial statements.
SHARE CAPITAL
Details of the movements in share capital of the Company
during FY2025 are set out in note 28 to the consolidated
financial statements.
RESERVES
Details of the movement in the reserves of the Group
and of the Company during FY2025 are set out in the
consolidated statement of changes in equity and in note
37 to the consolidated financial statements.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED21
董事会报告
DIRECTORS’ REPORT
可分派储备
于2025年3月31日，根据开曼公司法计算，本
公司的可供分派储备（包括股份溢价账及累计亏
损）约为人民币592.7百万元。
环境政策及表现
本集团清楚知道环境保护的重要性，且在所有
与其业务有关的相关法律法规并无发现有任何
重大不合规，包括健康及安全、工作场所条
件、就业及环境。本集团已实施环保措施，并
鼓励员工以环保方式工作，根据实际需要消耗
水电，以减少能源消耗及尽量减少不必要的浪
费。
本集团环境政策及表现的详情披露于本公司的
环境、社会及管治报告，其与本年报同时发布。
借款
于2025年3月31日，本集团的借款约为人民币
582.3百万元（2024年3月31日：人民币545.2
百万元）。本集团于2025年3月31日的借款详情
载于综合财务报表附注26。
购买、出售或赎回本公司之上市证
券
本公司或其任何附属公司于2025财年概无购
买、出售或赎回本公司任何上市证券（包括出售
库存股份（定义见上市规则），如有）。于2025
年3月31日，本公司并未持有任何库存股份（定
义见上市规则）。
慈善捐赠
于2025财年，本集团合共捐款约人民币1.8百万
元（2024财年：人民币3.1百万元）。
DISTRIBUTABLE RESERVES
As at 31 March 2025, the Company’s reserves, including
the share premium acount and acumulated loses,
available for distribution, calculated in acordance with
the Cayman Companies Act, amounted to aproximately
RMB592.7 milion.
ENVIRONMENTAL POLICIES AND
PERFORMANCE
The Group is highly aware of the importance of
environment protection and has not noted any material
incompliance with al relevant laws and regulations
in relation to its busines including health and safety,
workplace conditions, employment and the environment.
The Group has implemented environmental protection
measures and has also encouraged staf to be
environmentaly friendly at work by consuming the
electricity and water acording to actual neds, so as to
reduce energy consumption and minimize unecesary
waste.
Details of the Group’s environmental policies and
performance are disclosed in the environmental, social
and governance report of the Company which is published
simultaneously with this anual report.
BOROWINGS
As at 31 March 2025, the borowings of the Group
amounted to aproximately RMB582.3 milion (31 March
2024: RMB545.2 milion). Details of borowings of the
Group as at 31 March 2025 are set out in note 26 to the
consolidated financial statements.
PURCHASE, SALE OR REDEMPTION OF
THE COMPANY’S LISTED SECURITIES
Neither the Company nor any of its subsidiaries has
purchased, sold or redemed any of the Company’s
listed securities (including the sale of treasury shares (as
defined under the Listing Rules), if any) for FY2025. As at
31 March 2025, the Company did not hold any treasury
shares (as defined under the Listing Rules).
CHARITABLE DONATIONS
The Group made donations totaling aproximately RMB1.8
milion in FY2025 (FY2024: RMB3.1 milion).
22年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
税项减免及豁免
本公司并不知悉股东因持有本公司的证券而可
获得任何税务减免或豁免。
厂房及设备
本集团于2025财年的厂房及设备变动详情载于
综合财务报表附注14。
资产抵押
于2025年3月31日，本集团为本集团设施及╱
或售后租回交易而抵押的厂房及设备、土地使
用权资产及受限制现金的账面总值约为人民币
451.3百万元（2024年3月31日：人民币258.9
百万元）。
优先购买权
根据组织章程细则或开曼群岛法律并无有关优
先购买权的条文，规定本公司须按比例向现有
股东提呈发售新股份。
股权挂钩协议
于2025财年，本集团并无订立任何股权挂钩协
议。
主要供应商及客户
于2025财年，本集团向最大供应商及五大供
应商的采购额百分比分别约为24.3%及73.0%
（2024财年：分别约为36.6%及68.0%）。本
集团最大客户及五大客户占销售额的百分比分
别约为11.7%及40.4%（2024财年：分别约为
12.7%及45.6%）。
北大荒集团（于2025财年及2024财年内为本集
团主要客户）为本集团关连人士，因其附属公司
黑龙江北大荒为安达米高及宝清米高的主要股
东。
据董事所知，董事、其紧密联系人（定义见上市
规则）或任何主要股东均未于本集团的五大供应
商或客户中拥有任何实益权益。
TAX RELIEF AND EXEMPTION
The Company is not aware of any tax relief or exemption
available to the Shareholders by reason of their holding of
the Company’s securities.
PLANT AND EQUIPMENT
Details of the movements in plant and equipment of
the Group during FY2025 are set out in note 14 to the
consolidated financial statements.
PLEDGE OF ASETS
As at 31 March 2025, the agregate carying value of the
plant and equipment, land-of-use asets and restricted
cash of the Group pledged for the Group’s facilities and/or
the sales and leaseback transactions was aproximately
RMB451.3 milion (31 March 2024: RMB258.9 milion).
PRE-EMPTIVE RIGHTS
There are no provisions for pre-emptive rights under the
Articles of Asociation, or the laws of Cayman Islands,
which would oblige the Company to ofer new Shares on a
pro-rata basis to its existing Shareholders.
EQUITY-LINKED AGREMENTS
The Group did not enter into any equity-linked agrements
for FY2025.
MAJOR SUPLIERS AND CUSTOMERS
During FY2025, the percentages of purchases from
the Group’s largest suplier and five largest supliers
were aproximately 24.3% and 73.0%, respectively
(FY2024: aproximately 36.6% and 68.0%, respectively).
The percentages of sales atributable to the Group’s
largest customer and the five largest customers were
aproximately 11.7% and 40.4%, respectively (FY2024:
aproximately 12.7% and 45.6%, respectively).
Beidahuang Group, a major customer of the Group
during FY2025 and FY2024, is a conected person of the
Group since its subsidiary, Heilongjiang Beidahuang, is
a substantial shareholder of Anda Migao and Baoqing
Migao.
As far as the Directors are aware, none of the Directors,
their close asociates (as defined under the Listing Rules)
nor any substantial Shareholders have any beneficial
interest in the five largest supliers or customers of the
Group.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED23
董事会报告
DIRECTORS’ REPORT
遵守法律及法规
于2025财年及直至本年报日期，本集团已于重
大方面遵守对本公司有重大影响的相关法律及
法规。
年末后重大事项
本集团于2025年3月31日后直至本年报日期概
无发生任何其他重大事项。
上市所得款项用途
于2024年3月21日，股份在联交所上市，
225,000,000股份按发售价每股份4.08港元
发行。于2024年4月17日，因部分行使超额配
股权，按相同价格增发8,940,000股份。股份
于联交所上市所得款项净额及部分行使超额配
股权的所得款项净额（扣除包销费及其他相关开
支后）约为798.6百万港元（「所得款项净额」）。
诚如本公司日期为2024年10月22日的公告及日
期为2024年11月8日的补充公告所披露，考虑
到建立新四川生产设施的原计划不可行、本集
团在亚洲扩展的需要和策略以及本集团科研成
果的产业化问题，为更有效地利用所得款项净
额及促进本集团发展，董事会于2024年10月22
日决议更改所得款项净额用途。特别是，原拨
作「新四川生产设施」的资金拨作「越南扩张」，
而「升级及更换设备和机器」的范围已扩宽至涵
盖本集团除越南设施外的所有生产设施的升级。
COMPLIANCE WITH LAWS AND
REGULATIONS
During FY2025 and up to the date of this anual report, the
Group has complied with the relevant laws and regulations
that have a significant impact on the Company in material
respects.
SIGNIFICANT EVENTS AFTER THE YEAR
END
The Group did not have any significant events after 31
March 2025 and up to the date of this anual report.
USE OF PROCEDS FROM THE LISTING
On 21 March 2024, the Shares were listed on the Stock
Exchange, with 225,000,000 Shares isued at an ofer
price of HK$4.08 per Share. An aditional 8,940,000
Shares were isued at the same price pursuant to the
partial exercise of the over-alotment option on 17 April
2024. The net proceds from the listing of the Shares on
the Stock Exchange and the net proceds from the partial
exercise of the over-alotment option (after deducting
underwriting fes and other related expenses) amounted
to aproximately HK$798.6 milion (the “Net Proceds”).
As disclosed in the Company’s anouncement dated
22 October 2024 and the suplemental anouncement
dated 8 November 2024, to utilize the Net Proceds
more eficiently and facilitate the Group’s development,
the Board resolved on 22 October 2024 to change the
use of the Net Proceds, considering the infeasibility
of the original plan to establish the New Sichuan
Production Facility, the Group’s ned and strategy to
expand in Asia and the industrialization of the Group’s
research achievements. In particular, the funds originaly
designated for the “New Sichuan Production Facility”
were alocated to the “Vietnam Expansion”, and the scope
of the “Upgrading and Replacement of Equipment and
Machinery” was broadened to cover upgrades of and for
al production facilities of the Group other than the Vietnam
Facility.
24年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
下表载列截至2025年3月31日的所得款项净额
使用情况概要：
The folowing table sets forth a sumary of the utilization
of the Net Proceds as at 31 March 2025:
所得款项净额拟定用途使用目的
修订后的所得
款项净额分配
所得款项净额
概约百分比
上市日期至
2024年财年末
所动用金额
2025财年
所动用金额
于2025年
3月31日的
未动用金额
动用预期
时间表
Intended Use of Net
ProcedsPurpose for Which They Are Used
Revised
Alocation of
Net Proceds
Aproximate
Percentage of
Net Proceds
Utilized
Amount from
the Listing
Date to end of
FY2024
Utilized
Amount
For FY2025
Unutilized
Amount
as at 31
March 2025
Expected
Timeline for
Utilization
千港元%千港元千港元千港元
HK$’000%HK$’000HK$’000HK$’000
黑龙江仓储及生产中心建设黑龙江仓储及生产中心，包括购置土地、建造铁路连接线、
建设施、购置设备和机器以及安装及杂项成本
2026年
3月31日之前
Heilongjiang Warehousing
and Production Centre
Construction of the Heilongjiang Warehousing and Production
Centre, including land acquisition, railway conecting lines
construction, facilities construction, equipment and machinery
acquisition and instalation, and miscelaneous costs
360,97545.2–114,285246,690By 31 March
2026
越南扩张建设及开发越南设施，包括购置土地、建设施、购置设备和
机器以及安装
2027年
3月31日之前
Vietnam ExpansionConstruction and development of the Vietnam Facility, including
land acquisition, facilities construction, and equipment and
machinery acquisition and instalation
196,45924.6–5,882190,577By 31 March
2027
研发中心出资建立本集团位于四川省的研发中心，包括购置土地、
建设成本以及购置设备和机器
2026年
3月31日之前
Research and
Development Centre
Funding for establishing the Group’s R&D Centre in Sichuan
Province, including land acquisition, construction costs and
equipment and machinery acquisition
113,40314.2–113,403By 31 March
2026
升级及更换设备和机器升级本集团除越南设施之外的所有生产设施2026年
3月31日之前
Upgrading and
Replacement of
Equipment and Machinery
Upgrading of and for al production facilities of the
Group other than the Vietnam Facility
47,9176.0–23,54624,371By 31 March
2026
一般营运资金用作额外营运资金及其他一般企业用途不适用
General Working CapitalAlocation for aditional working capital and other general
corporate purposes
79,86210.0–79,862–Not
Aplicable
总计
Total798,616100.0–223,575575,041
The expected timeline to use the Net Proceds is based
on the Directors’ best estimation, baring any unforesen
circumstances, and it may be subject to change based on
the future development of market conditions.
除非出现任何不可预见的情况，否则使用所得
款项净额的预期时间表乃基于董事的最佳估
计，并可根据市场状况的未来发展而变动。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED25
董事会报告
DIRECTORS’ REPORT
董事
本公司2025财年及直至本年报日期董事为：
执行董事
刘国才先生（主席兼行政总裁）
孙平福先生（研发总监）
董本梓先生（内部控制总监）
独立非执行董事
陈国福先生
黄莎女士
Qing Meyerson女士
董事及本集团高级管理层的履历详情载于本年
报第39至45页。
董事及最高行政人员资料变更
于2025财年及直至本年报日期，除本年报「董
事及高级管理层履历」一节所披露者外，本公司
并不知悉任何其他根据上市规则第13.51B(1)条
规定须予披露的董事或最高行政人员资料变更。
DIRECTORS
The Directors of the Company for FY2025 and up to the
date of this anual report were:
Executive Directors
Mr. Liu Guocai (chairperson and chief executive oficer)
Mr. Sun Pingfu (research and development director)
Mr. Dong Benzi (internal control director)
Independent Non-executive Directors
Mr. Chen Guofu
Ms. Huang Shasha
Ms. Qing Meyerson
Biographical details of the Directors and the senior
management of the Group are set out on pages 39 to 45
in this anual report.
CHANGE OF INFORMATION OF
DIRECTORS AND CHIEF EXECUTIVE
Save as disclosed in the section headed “Profiles of
Directors and Senior Management” of this anual report,
the Company is not aware of any other changes to the
Directors’ or chief executive’s information as required to
be disclosed pursuant to Rule 13.51B(1) of the Listing
Rules for FY2025 and up to the date of this anual report.
26年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
董事服务合约
执行董事刘国才先生、孙平福先生及董本梓先
生已各自与本公司订立服务合约，据此，彼等
已同意担任执行董事，初步固定任期由上市日
期起计为三年，其后将继续生效，直至任何一
方向另一方发出不少于三个月的书面通知终止
为止，而该通知将于固定任期届满后方告失效。
独立非执行董事陈国福先生、黄莎女士及
Qing Meyerson女士已各自与本公司订立委任
函，据此，彼等已同意担任独立非执行董事，
初步固定任期由上市日期起计为三年，其后将
继续生效，直至一方向另一方发出不少于三个
月的书面通知终止为止。
董事的委任须遵守组织章程细则中关于董事退
任及轮值退任的规定。
概无董事与本公司或其任何附属公司订立本集
团不可于一年内免付赔偿（法定赔偿除外）而终
止的任何服务合约。
DIRECTORS’ SERVICE CONTRACTS
Each of Mr. Liu Guocai, Mr. Sun Pingfu and Mr. Dong
Benzi, being the executive Director, has entered into a
service contract with the Company, pursuant to which they
have agred to act as the executive Directors for an initial
fixed term of thre years comencing from the Listing
Date and wil continue thereafter until terminated by not
les than thre months’ notice in writing served by either
party on the other, which notice shal not expire until after
the fixed term.
Each of Mr. Chen Guofu, Ms. Huang Shasha and Ms.
Qing Meyerson, being the independent non-executive
Director, has entered into a leter of apointment with the
Company, pursuant to which they have agred to act as
the independent non-executive Directors for an initial fixed
term of thre years comencing from the Listing Date and
wil continue thereafter until terminated by not les than
thre months’ notice in writing served by either party on
the other.
The apointments of the Directors are subject to the
provisions of retirement and rotation of Directors under the
Articles of Asociation.
None of the Directors has entered into any service
contract with the Company or any of its subsidiaries
which is not determinable by the Group within one year
without payment of compensation other than statutory
compensation.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED27
董事会报告
DIRECTORS’ REPORT
控股东合约
本公司或其任何附属公司与本公司或其任何附
属公司的控股东于2025财年并无订立任何重
要合约或于该年末仍有效，而本公司或其任何
附属公司的控股东于2025财年亦无订立任何
向本公司或其任何附属公司提供服务的重要合
约或于年末有效。
董事于重大交易、安排及合约中拥
有的权益
除本年报所披露者外，于2025财年期间或年
末，董事或与彼等有关的任何实体并无在本公
司、其控股公司或其任何附属公司或同系附属
公司所参与的有重大影响的任何交易、安排或
合约中直接或间接拥有重大权益。
董事及高级管理层的薪酬
本集团董事及高级管理层的酬金由董事会参考
薪酬委员会的建议，并经考虑本集团的经营业
绩、个人表现及可比的市场统计资料后决定。
董事酬金及本集团五名最高薪酬人士的酬金详
情载于综合财务报表附注12。
于2025财年，本集团并无向任何董事或任何五
名最高薪酬人士支付酬金，作为加入本集团或
加入本集团后的奖励或作为离职补偿。于2025
财年，并无任何董事放弃任何酬金。
除上文所披露者外，于2025财年，本集团并无
已付或应付董事其他款项或代表董事的已付或
应付其他款项。
CONTRACT WITH CONTROLING
SHAREHOLDERS
No contract of significance was entered into betwen the
Company or any of its subsidiaries and the controling
shareholders of the Company or any of its subsidiaries
during FY2025 or subsisted at the end of the year and
no contract of significance for the provision of services
to the Company or any of its subsidiaries by a controling
shareholder of the Company or any of its subsidiaries was
entered into during FY2025 or subsisted at the end of the
year.
DIRECTOR’S INTEREST IN
TRANSACTIONS, ARANGEMENT OR
CONTRACT OF SIGNIFICANCE
Save as disclosed in this anual report, none of the
Directors nor any entity conected with the Directors
had a material interest, either directly or indirectly, in any
transactions, arangements or contracts of significance
to which the Company, its holding company, or any of its
subsidiaries or felow subsidiaries was a party subsisting
during or at the end of FY2025.
REMUNERATION OF DIRECTORS AND
SENIOR MANAGEMENT
The emoluments of the Directors and senior management
of the Group are decided by the Board with reference
to the recomendation given by the Remuneration
Comite, having regard to the Group’s operating results,
individual performance and comparable market statistics.
Details of the Directors’ emoluments and emoluments of
the five highest paid individuals in the Group are set out in
note 12 to the consolidated financial statements.
For FY2025, no emoluments were paid by the Group to
any Director or any of the five highest paid individuals
as an inducement to join or upon joining the Group or as
compensation for los of ofice. None of the Directors has
waived any emoluments for FY2025.
Save as disclosed above, no other payments have ben
made or are payable, for FY2025, by the Group to or on
behalf of any of the Directors.
28年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
董事于竞争业务的权益
于2025财年，除于本公司及╱或其附属公司担
任董事外，董事或彼等的紧密联系人（定义见上
市规则）于与本集团的业务直接或间接构成竞争
或可能构成竞争的业务中并无拥有任何权益。
上市规则规定的持续披露义务
除本年报所披露者外，本公司并无任何上市规
则第13.20、13.21及13.22条规定的披露义务。
管理合约
除董事服务合约及委任函外，于2025财年末或
2025财年期间任何时候，本集团并无就全盘业
务或其中部分签订或存有任何管理及行政合约。
贷款及担保
于2025财年期间，本集团并无直接或间接向本
公司董事、高级管理层、控股东或彼等各自
关连人士提供任何贷款或贷款担保。
董事及最高行政人员于股份、相关
股份及债权证的权益及淡仓
于2025年3月31日，本公司董事及最高行政人
员于本公司及其任何相联法团（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
拥有根据证券及期货条例第XV部第7及第8分部
条文须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有关条文彼等被当作或视
为拥有的权益及淡仓），或记录于根据证券及期
DIRECTORS’ INTERESTS IN COMPETING
BUSINES
During FY2025, none of the Directors or their respective
asociates (as defined in the Listing Rules) had any
interest in a busines that competed or was likely to
compete, either directly or indirectly, with the busines
of the Group, other than being a director of the Company
and/or its subsidiaries.
CONTINUING DISCLOSURE
OBLIGATIONS PURSUANT TO THE
LISTING RULES
Save as disclosed in this anual report, the Company does
not have any disclosure obligations under Rules 13.20,
13.21 and 13.22 of the Listing Rules.
MANAGEMENT CONTRACTS
Other than the Directors’ service contracts and leters of
apointment, no contract concerning the management and
administration of the whole or any substantial part of the
busines of the Group was entered into or in existence as
at the end of FY2025 or at any time during FY2025.
LOAN AND GUARANTE
During FY2025, the Group had not made any loan or
provided any guarante for loan, directly or indirectly, to
the Directors, senior management of the Company, the
controling Shareholders or their respective conected
persons.
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN
SHARES, UNDERLYING SHARES AND
DEBENTURES
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 or any of its asociated corporations (within the
meaning of Part XV of the SFO) which have ben notified
to the Company and the Stock Exchange pursuant to
Divisions 7 and 8 of Part XV of the SFO (including interests
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED29
董事会报告
DIRECTORS’ REPORT
货条例第352条须存置的登记册内的权益及淡仓
或根据上市规则附录C3所载标准守则须另行知
会本公司及联交所的权益及淡仓如下：
and short positions which they were taken or demed to
have taken under such provisions of the SFO), or which
were recorded in the register required to be kept pursuant
to section 352 of the SFO or as otherwise notified to the
Company and the Stock Exchange pursuant to the Model
Code as set out in Apendix C3 to the Listing Rules were
as folows:
姓名身份╱权益性质股份数目
(1)
占本公司股权
概约百分比
(3)
NameCapacity/Nature of interest
Number of
Shares
(1)
Aproximate
percentage of
shareholding in
the Company
(3)
刘国才先生
(2)
于受控法团之权益675,000,000 (L)74.26%
Mr. Liu Guocai
(2)
Interest in controled corporation
Notes:
- “L” denotes long position in the Shares.
(2) As al the isued shares of Migao BVI is held by Migao
Barbados which in turn is held by Mr. Liu Guocai, each
of Mr. Liu Guocai and Migao Barbados is demed to be
interested in the Shares held by Migao BVI by virtue of the
SFO.
(3) The percentages were calculated based on the total
number of 908,940,000 isued Shares as at 31 March
2025.
Save as disclosed above, as at 31 March 2025, none of
the Directors or the chief executive of the Company had or
was demed to have any interest or short position in the
Shares, underlying Shares or debentures of the Company
or its asociated corporations (within the meaning of Part
XV of the SFO) that was required to be 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
taken under such provisions of the SFO), or required to be
recorded in the register required to be kept under Section
352 of the SFO, or as otherwise notified to the Company
and the Stock Exchange pursuant to the Model Code.
附注：
- 「L」指于本公司股份之好仓。
(2) 由于Migao BVI的所有已发行股份由Migao
Barbados持有，而Migao Barbados则由刘
国才先生持有，故根据证券及期货条例，刘国
才先生及Migao Barbados均被视为于Migao
BVI持有的股份中拥有权益。
(3) 百分比根据于2025年3月31日已发行股份总
数908,940,000股计算。
除上文所披露者外，于2025年3月31日，本公
司董事或最高行政人员概无于本公司或其相联
法团（定义见证券及期货条例第XV部）的股份、
相关股份或债券中，拥有或被视为拥有根据证
券及期货条例第XV部第7及8分部须知会本公司
及联交所的任何权益或淡仓（包括根据证券及期
货条例有关条文彼等被当作或视为拥有的权益
及淡仓）或拥有根据证券及期货条例第352条须
记录于登记册内的权益或淡仓，或拥有根据标
准守则须知会本公司及联交所的权益或淡仓。
30年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
主要股东于股份及相关股份的权益
及淡仓
主要股东于本公司股份及相关股份的权
益及淡仓
于2025年3月31日，据董事所知，如本公司根
据证券及期货条例第336条须予存置的登记册所
记录，下列人士（本公司董事或最高行政人员除
外）于股份或相关股份中拥有须根据证券及期货
条例第XV部第2及第3分部的规定向本公司披露
的权益或淡仓：
SUBSTANTIAL SHAREHOLDERS’
INTERESTS AND SHORT POSITIONS IN
SHARES AND UNDERLYING SHARES
Interests and short positions of the
substantial Shareholders in the Shares and
underlying Shares of the Company
As at 31 March 2025, to the best knowledge of the
Directors, the folowing persons (other than being a
Director or chief executive of the Company) had interests
or short positions in the Shares or underlying Shares which
fal to be disclosed to the Company under the provisions
of Divisions 2 and 3 of Part XV of the SFO as recorded in
the register required to be kept by the Company pursuant
to section 336 of the SFO:
主要股东名称身份╱权益性质股份数目
(1)
占本公司股权
概约百分比
(3)
Name of Substantial
ShareholdersCapacity/Nature of interestNumber of Shares
(1)
Aproximate
percentage of
shareholding in
the Company
(3)
Migao Barbados
(2)
于受控法团之权益675,000,000 (L)74.26%
Migao Barbados
(2)
Interest in controled corporation
Migao BVI
(2)
实益拥有人675,000,000 (L)74.26%
Migao BVI
(2)
Beneficial owner
Notes:
- “L” denotes long position in the Shares.
(2) As al the isued shares of Migao BVI is held by Migao
Barbados which in turn is held by Mr. Liu Guocai, each
of Mr. Liu Guocai and Migao Barbados is demed to be
interested in the Shares held by Migao BVI by virtue of the
SFO.
(3) The percentages were calculated based on the total
number of 908,940,000 isued Shares as at 31 March
2025.
附注：
- 「L」指于本公司股份之好仓。
(2) 由于Migao BVI的所有已发行股份由Migao
Barbados持有，而Migao Barbados则由刘
国才先生持有，故根据证券及期货条例，刘国
才先生及Migao Barbados均被视为于Migao
BVI持有的股份中拥有权益。
(3) 百分比根据于2025年3月31日已发行股份总
数908,940,000股计算。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED31
董事会报告
DIRECTORS’ REPORT
股份计划
本公司于2022年3月23日有条件采纳首次公开
发售前购股权计划，其后于2023年4月18日根
据董事书面决议案终止。本公司并无根据首次
公开发售前购股权计划授出或同意授出任何购
股权。于本年报日期，本公司并无采纳其他股
份计划。
购买股份或债权证的安排
本公司、其控股公司或其任何附属公司概无于
2025财年任何时间内参与任何安排，致使董事
通过收购本公司或任何其他法团的股份或债务
证券（包括债权证）而获得利益。
雇员薪酬及关系
于2025年3月31日，本集团共有428名雇员。
2025财年的雇员成本总额约为人民币84.9百万
元，而2024财年约为人民币66.3百万元。本集
团雇员的薪酬待遇乃参考个人资历、经验、表
现、对本集团的贡献及现行市场水平厘定。本
集团向雇员支付基本薪金及绩效花红。本集团
为其雇员参与由中国地方政府管理的多项社会
保障计划，包括住房、养老、医疗保险及失业
保险，并按照地方当局的要求，于所有重大方
面根据适用中国法律法规为其雇员向雇员福利
计划供款。
SHARE SCHEMES
The Company conditionaly adopted a Pre-IPO Share
Option Scheme on 23 March 2022 and it was subsequently
terminated pursuant to the writen resolution of the
Directors on 18 April 2023. No option had ben granted
or agred to be granted by the Company pursuant to the
Pre-IPO Share Option Scheme. No other share schemes
has ben adopted by the Company as at the date of this
anual report.
ARANGEMENTS TO PURCHASE
SHARES OR DEBENTURES
At no time during FY2025 was the Company, its holding
company, or any of its subsidiaries, a party to any
arangement to enable the Directors to acquire benefits by
means of the acquisition of Shares in, or debt securities
including debentures of, the Company or any other body
corporate.
EMPLOYE REMUNERATION AND
RELATIONS
As at 31 March 2025, the Group had a total of 428
employes. The total staf cost for FY2025 was
aproximately RMB84.9 milion, as compared to
aproximately RMB66.3 milion for FY2024. The
remuneration packages of the Group’s employes are
determined with reference to individual qualification,
experience, performance, contribution to the Group
and prevailing market rate. The Group remunerates
its employes with basic salaries as wel as
performance-based bonuses. The Group participates in a
variety of social security plans for its employes that are
administered by the PRC local governments, including
housing, pension, medical insurance and unemployment
insurance, and the Group made contributions to employe
benefit plans for its employes as required by local
authorities in acordance with aplicable PRC laws and
regulations in al material respects.
32年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
为确保本集团所有雇员享有平等机会，本集团
已实施择优晋升机制。本集团定期考核雇员的
表现，并根据雇员的工作表现晋升雇员。本集
团亦为雇员提供各种针对各工作职能及一系列
职责的培训，以改善其绩效。此外，本集团亦
成立了雇员工会，各生产设施均设有工会负责
人，负责收集当地雇员的反馈。
本集团认为，本集团与雇员保持著良好的工作
关系，于2025财年期间，本集团并无发生任何
重大劳资纠纷。
退休福利计划
本集团在中国的雇员为中国政府管理的国家管
理退休福利计划的成员。中国雇员须按其工资
的一定比例向退休福利计划供款，以支付福利
金。本集团对该等退休福利计划的唯一义务为
根据该计划的要求进行供款。
To ensure equal oportunities for al the Group’s
employes, the Group has implemented merit-based
promotion mechanism. The Group examines its employes’
performance regularly and promote its employes based
on their job performance. The Group also provides its
employes with a variety of trainings, which are tailored to
each job functions and a set of responsibilities to enhance
performance. Furthermore, the Group have established a
labor union for its employes, and each production facility
has a labor union head to colect fedback from local
employes.
The Group believes that it maintains a god working
relationship with the Group’s employes, and the Group
has not experienced any material labor disputes during
FY2025.
RETIREMENT BENEFITS SCHEME
The Group’s employes in the PRC are members of the
state-managed retirement benefits scheme operated by
the PRC government. The PRC employes are required
to contribute a certain percentage of their payrol to the
retirement benefits scheme to fund the benefits. The only
obligation of the Group with respect to these retirement
benefits schemes is to make the required contributions
under the scheme.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED33
董事会报告
DIRECTORS’ REPORT
本集团在香港的雇员参加一项强制性公积金计
划（「强积金计划」），强积金计划的资产与本
集团的资产分开，由独立受托人控制的基金持
有。根据强积金计划，供款按参与员工在本集
团的相关收入的某个百分比计算，本集团对强
积金计划的唯一义务为根据强积金计划作出所
需供款。
本公司的退休金责任详情载于本年报综合财务
报表附注29。
关连交易
除下文所述北大荒框架销售协议（定义见下文）
项下拟进行的交易外，于2025财年期间，本集
团未进行任何未获上市规则第14A章年度申报
规定的豁免的关连交易或持续关连交易。本公
司已遵守上市规则第14A章规定的披露要求。
北大荒框架销售协议
于2024年2月29日，本公司与北大荒现代农
业服务订立框架销售协议（「北大荒框架销售协
议」），据此，本集团将向北大荒集团提供钾肥
产品供应。
The Group’s employes in Hong Kong participate in a
Mandatory Provident Fund Scheme (the “MPF Scheme”)
which the asets of the MPF Scheme are held separately
from those of the Group in funds under the control
of independent trustes. Under the MPF Scheme,
contributions are made based on a percentage of the
participating employes’ relevant income from the Group
and the only obligation of the Group with respect to the
MPF Scheme is to make the required contributions under
the MPF Scheme.
Details of the pension obligations of the Company are set
out in note 29 to the consolidated financial statements in
this anual report.
CONECTED TRANSACTIONS
Save as the transactions contemplated under the
Beidahuang Framework Sales Agrement (as defined
below) as set out below, during FY2025, the Group had
not entered into any conected transaction or continuing
conected transaction that are not exempt from anual
reporting requirement in Chapter 14A of the Listing
Rules. The Company has complied with the disclosure
requirements set out in Chapter 14A of the Listing Rules.
Beidahuang Framework Sale Agrement
On 29 February 2024, the Company and Beidahuang
Modern Agricultural Services entered into a framework sale
agrement (“Beidahuang Framework Sale Agrement”),
pursuant to which, the Group wil provide suply of the
potash fertilizer products to Beidahuang Group.
34年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
该协议的主要条款概述如下：
Major terms of such agrement are sumarised below:
期限：北大荒框架销售协议自上市日期起至2026年12月31日有效
Term:The Beidahuang Framework Sale Agrement shal comence from the Listing Date to
31 December 2026
钾肥产品供应：本集团同意将其钾肥产品售予北大荒集团
Suply of potash
fertilizer products:
The Group agres to sel the Group’s potash fertilizer products to Beidahuang Group
定价：本集团出售其钾肥产品的价格，须参考(i)本集团类似钾肥产品的历史售价；(i)同期我们向
独立第三方（本集团及北大荒集团除外）销售类似钾肥产品的价格；(i)类似钾肥产品的国内
市价；及(iv)适用法律法规及上市规则的规定（如有）而厘定
为免生疑问，我们的钾肥产品的售价属公平合理，于本集团日常及一般业务过程中按正常
或更佳商业条款订立，且符合本集团及股东的整体利益
Pricing:The price at which the Group wil sel its potash fertilizer products shal be determined
with reference to (i) the Group’s historical seling price of similar potash fertilizer
products; (i) its seling price of similar potash fertilizer products to independent third
parties other than the Group and Beidahuang Group during the same period; (i) the
domestic market price of similar potash fertilizer products; and (iv) the requirements
of the aplicable laws and regulations and the Listing Rules (if any)
For the avoidance of doubt, the seling price of the potash fertilizer products shal
be fair and reasonable, on normal comercial terms or beter and in the ordinary
and usual course of busines of the Group, and in the interests of the Group and the
Shareholders as a whole
支付条款：根据北大荒框架销售协议，与销售本集团钾肥产品有关的所有付款应根据就各项交易订立
的独立合同条款支付
Payment terms:Al payments in relation to the sale of the Group’s potash fertilizer products pursuant
to the Beidahuang Framework Sale Agrement shal be payable in acordance to
terms of the individual contracts entered into for each transaction
终止：北大荒框架销售协议将继续有效，直至(i)北大荒框架销售协议届满；(i)经双方书面同意终
止；(i)依照法律法规或主管法院或仲裁机构决定终止；(iv)联交所对北大荒框架销售协议
项下持续关连交易的豁免失效、撤回或撤销；或(v)北大荒框架销售协议及其中的持续关连
交易未能符合上市规则的规定
Termination:The Beidahuang Framework Sale Agrement shal continue to be in force until (i)
the expiry of the Beidahuang Framework Sale Agrement; (i) termination by mutual
agrement of the parties in writing; (i) termination by laws, regulations, or the
determination of a competent court or arbitration institution; (iv) the waiver from
the Stock Exchange in relation to the continuing conected transactions under
the Beidahuang Framework Sale Agrement having ben invalidated, withdrawn
or revoked; or (v) the Beidahuang Framework Sale Agrement and the continuing
conected transactions therein failed to satisfy the requirements under the Listing
Rules
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED35
董事会报告
DIRECTORS’ REPORT
交易理由
订立北大荒框架销售协议有利，因为其中拟进
行的交易已促进并将继续促进本集团业务的整
体营运及增长。预期北大荒框架销售协议项下
拟进行的交易亦将进一步深化本集团的合作，
并确保本集团与北大荒集团之间的高效合作。
与北大荒集团的长期框架销售安排确保本集团
钾肥产品的稳定需求，为本集团的业务增长以
及未来的战略及营运计划提供很大的保证。
估计年度上限
本集团于2025财年根据北大荒框架销售协议向
北大荒集团的年度销售总额为人民币582.0百
万元，不超过2025财年的估计年度上限人民币
879.0百万元。于2026财年，本集团根据北大
荒框架销售协议向北大荒集团的估计年度销售
总额将分别不超过人民币923.0百万元。
上市规则的涵义及联交所豁免
北大荒现代农业服务为黑龙江北大荒的直接控
股公司，而黑龙江北大荒则为本集团附属公司
的主要股东，因此，根据上市规则，北大荒现
代农业服务及其附属公司为本公司的关连人
士。因此，北大荒框架销售协议项下拟进行交
易于上市后将构成本公司于上市规则第十四A章
项下的持续关连交易。因此，本集团已就北大
荒框架销售协议的相关交易向联交所申请，而
联交所已豁免严格遵守第14A.105条的公告规
定，基于(i)董事（包括独立非执行董事）认为(a)
Reasons for the Transactions
It is beneficial to enter into the Beidahuang Framework
Sale Agrement as the transactions contemplated therein
have facilitated, and wil continue to facilitate, the overal
operations and growth of the Group’s busines. It is
also expected that the transactions contemplated under
the Beidahuang Framework Sale Agrement wil further
depen the Group’s colaboration and ensure eficient
coperation betwen the Group and Beidahuang Group.
A long-term framework sale arangement with Beidahuang
Group ensures a stable demand of the Group’s potash
fertilizer products, which provides a great level of certainty
in the Group’s busines growth and future strategic and
operational planing.
Estimated Anual Caps
The total anual sale amount to Beidahuang Group by the
Group under the Beidahuang Framework Sale Agrement
for FY2025 was RMB582.0 milion, which did not exced
the estimated anual cap of RMB879.0 milion for FY2025.
The estimated total anual sale amount to Beidahuang
Group by the Group under the Beidahuang Framework
Sale Agrement wil not exced RMB923.0 milion for
FY2026.
Listing Rule Implications and Waivers from the Stock
Exchange
Beidahuang Modern Agricultural Services is the imediate
holding company of Heilongjiang Beidahuang, which is in
turn a substantial shareholder of the Group’s subsidiaries,
and therefore, Beidahuang Modern Agricultural
Services and its subsidiaries are conected persons
of the Company under the Listing Rules. Acordingly,
the transactions contemplated under the Beidahuang
Framework Sale Agrement wil constitute continuing
conected transactions for the Company under Chapter
14A of the Listing Rules upon Listing. As such, the
Group has aplied to the Stock Exchange, and the Stock
Exchange has granted, a waiver from strict compliance
with the anouncement requirement under Rule 14A.105
in respect of the transactions underlying the Beidahuang
Framework Sale Agrement, on the basis that (i) the
Directors (including the independent non-executive
Directors) are of the view that (a) the transactions have
ben and wil be entered into in the ordinary and usual
36年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
该等交易已经及将于本公司日常及一般业务过
程中订立，按正常或更佳商业条款进行，且条
款属公平合理，并符合本公司及其股东的整体
利益；及(b)交易的年度上限属公平合理，并符
合本公司及其股东的整体利益；及(i)除寻求豁
免的公告规定外，本公司将遵守上市规则第14A
章的相关规定。
独立非执行董事及核数师的年度审阅
独立非执行董事已审阅北大荒框架销售协议，
并确认：
(1). 于2025财年期间进行的交易乃根据北大
荒框架销售协议的有关条文订立；
(2). 除北大荒框架销售协议外，本集团与北
大荒现代农业服务于2025财年内并无订
立、续订及╱或复制新合约；及
(3). 北大荒框架销售协议乃于本集团日常及
一般业务过程中订立，按正常商业条款
订立，就本集团而言属公平合理，并符
合本公司及其股东的整体利益。
本公司之核数师已被委任按照香港会计师公会
颁布的香港鉴证业务准则第3000号（经修订）
「历史财务资料审核或审阅以外之鉴证工作」及
参考实务说明第740号（经修订）「香港上市规
则规定的持续关连交易的核数师函件」，报告本
集团之持续关连交易。根据上市规则第14A.56
条，核数师已就上文所载持续关连交易之审查
结果及结论出具无保留函件。
course of the Company’s busines, are conducted on
normal comercial terms or beter, and the terms of
which are fair and reasonable and in the interests of the
Company and its Shareholders as a whole; and (b) the
anual caps for the transactions are fair and reasonable
and in the interests of the Company and its Shareholders
as a whole; and (i) the Company wil comply with the
relevant requirements under Chapter 14A of the Listing
Rules apart from the anouncement requirement for which
the waiver has ben sought.
Anual Review by the Independent Non-Executive
Directors and Auditor
The independent non-executive Directors have reviewed
the Beidahuang Framework Sale Agrement and confirmed
that:
(1). the transactions caried out during FY2025 had
ben entered into in acordance with the relevant
provisions of the Beidahuang Framework Sale
Agrement;
(2). other than the Beidahuang Framework Sale
Agrement, no new contracts had ben entered
into, renewed and/or reproduced betwen the
Group and Beidahuang Modern Agricultural
Services during FY2025; and
(3). the Beidahuang Framework Sale Agrement had
ben entered into in the ordinary and usual course
of busines of the Group, are on normal comercial
terms and are fair and reasonable so far as the
Group is concerned, and in the interest of the
Company and its Shareholders as a whole.
The Company’s auditors were engaged to report on the
Group’s continuing conected transactions in acordance
with the Hong Kong Standard on Asurance Engagements
3000 (Revised) “Asurance Engagements Other Than
Audits or Reviews of Historical Financial Information” and
with reference to Practice Note 740 (Revised) “Auditor’s
Leter on continuing conected transactions under the
Hong Kong Listing Rules” isued by the Hong Kong
Institute of Certified Public Acountants. The auditors
have isued its unqualified leter containing its findings
and conclusions in respect of the continuing conected
transactions set out above in acordance with Rule 14A.56
of the Listing Rules.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED37
董事会报告
DIRECTORS’ REPORT
关联方交易
本集团于2025财年的关联方交易详情载于本年
报综合财务报表附注22。
于2025财年，大兴米高与寰太洋遵义订立租赁
协议，据之拟进行的交易构成获豁免遵守上市
规则第14A.76(1)条项下关连交易规定的关连交
易。除本年报「关连交易」一节所披露者外，关
联方交易不构成关连交易或持续关连交易，惟
须经独立股东批准、年度审查及上市规则第14A
章的所有披露规定。
充足的公众持股量
根据本公司公开所得资料及据董事会所知，于
本年报日期，本公司已发行股本总额中至少
25%已根据上市规则之规定由公众持有。
董事弥偿
组织章程细则规定，董事可就彼等因执行彼等
各自的职务因此而将会或可能承担或蒙受的所
有诉讼、成本、押记、亏损、损害及开支获得
以本公司资产及溢利作出的弥偿及免受损害，
惟此弥偿并不包括与该董事可能涉及的任何欺
诈或不诚实行为有关的任何事项。于2025财年
期间，本公司已投购及设立董事责任保险，为
董事提供适当保障。
企业管治守则
本公司采纳的主要企业管治常规载于第46至72
页的企业管治报告。
RELATED PARTY TRANSACTIONS
Details of the related party transactions of the Group for
FY2025 are set out in note 22 to the consolidated financial
statements contained in this anual report.
During FY2025, Daxing Migao entered into a lease
agrement with Huantaiyang Zunyi, the transaction
comtemplated under which constituted a conected
transaction exempt from the conected transaction
requirements under Rule 14A.76(1) of the Listing Rules.
Save as disclosed in the section headed “Conected
Transactions” in this anual report, none of the related
party transactions constituted a conected transaction or
continuing conected transaction subject to independent
Shareholders’ aproval, anual review and al disclosure
requirements in Chapter 14A of the Listing Rules.
SUFICIENCY OF PUBLIC FLOAT
Acording to the information that is publicly available
to the Company and within the knowledge of the Board,
as at the date of this anual report, the Company has
maintained at least 25% of the Company’s total isued
share capital held by the public as required under the
Listing Rules.
INDEMNITY OF DIRECTORS
The Articles of Asociation provide that the Directors
are entitled to be indemnified and secured harmles
out of the asets and profits of the Company from and
against al actions, costs, charges, loses, damages and
expenses which they shal or may incur or sustain in or
about the execution of their duty in their respective ofices,
provided that this indemnity shal not extend to any mater
in respect of any fraud or dishonesty which may atach
to such Director. The Company has purchased and
maintained Directors’ liability insurance during FY2025,
which provides apropriate coverage for the Directors.
CORPORATE GOVERNANCE CODE
Principal corporate governance practices as adopted by
the Company are set out in the Corporate Governance
Report on pages 46 to 72.
38年报 2024/2025米高集团控股有限公司
董事会报告
DIRECTORS’ REPORT
上市发行人董事进行证券交易的标
准守则
本公司已采纳标准守则作为董事进行证券交易
的行为守则。经向全体董事作出具体查询后，
全体董事确认，彼等于2025财年一直遵守标准
守则所载的规定标准。
核数师
自上市日期起，核数师概无任何变动。2025财
年的综合财务报表已由执业会计师德勤•关黄陈
方会计师行审核，彼拟于应届股东周年大会上
膺选连任。
代表董事会
刘国才
主席、行政总裁兼执行董事
香港，2025年6月26日
MODEL CODE FOR SECURITIES
TRANSACTIONS BY DIRECTORS OF
LISTED ISUERS
The Company has adopted the Model Code as its code
of conduct regarding securities transactions by the
Directors. Having made specific enquiry with al Directors,
al Directors confirmed that they have complied with the
required standard set out in the Model Code throughout
FY2025.
AUDITOR
There has ben no change in auditors since the Listing
Date. The consolidated financial statements for FY2025
have ben audited by Mesrs. Deloite Touche Tohmatsu,
Certified Public Acountants, who are proposed for
reapointment at the forthcoming AGM.
On behalf of the Board
Liu Guocai
Chairperson, Chief Executive Oficer and Executive
Director
Hong Kong, 26 June 2025
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED39
董事及高级管理层履历
PROFILES OF DIRECTORS AND SENIOR MANAGEMENT
Below are the brief profiles of the curent Directors and
senior management of the Group.
DIRECTORS
The Board curently comprises six Directors, of which
thre are executive Directors and thre are independent
non-executive Directors. The folowing table sets forth
information regarding the Directors.
姓名年龄职位获委任为董事日期
NameAgePositionDate of Apointment as Director
执行董事
Executive Directors
刘国才先生60岁董事会主席、行政总裁兼执行董事2017年11月21日
Mr. Liu Guocai60Chairperson, chief executive oficer
and executive Director
21 November 2017
孙平福先生60岁执行董事兼研发总监2022年3月23日
Mr. Sun Pingfu60Executive Director and research and
development director
23 March 2022
董本梓先生35岁执行董事兼内部控制总监2022年3月23日
Mr. Dong Benzi35Executive Director and internal
control director
23 March 2022
独立非执行董事
Independent non-executive Directors
陈国福先生74岁独立非执行董事2024年2月28日
Mr. Chen Guofu74Independent non-executive Director28 February 2024
黄莎女士47岁独立非执行董事2024年2月28日
Ms. Huang Shasha47Independent non-executive Director28 February 2024
Qing Meyerson女士59岁独立非执行董事2024年2月28日
Ms. Qing Meyerson59Independent non-executive Director28 February 2024
本集团目前董事及高级管理层简历如下。
董事
董事会目前由六名董事组成，包括三名执行董
事和三名独立非执行董事。下表列示有关董事
资料。
40年报 2024/2025米高集团控股有限公司
董事及高级管理层履历
PROFILES OF DIRECTORS AND SENIOR MANAGEMENT
执行董事
刘国才先生，60岁，为执行董事、董事会主席
及本集团行政总裁，负责本集团的整体战略规
划及日常业务运营。刘先生亦为提名委员会主
席。
刘先生担任马来西亚米高、Malaysia Migao
International、香港米高、Migao Overseas
Holdings及MG DMC的董事。刘先生亦担任
新加坡米高的董事总经理。刘先生在生产、买
卖、研发化肥及相关项目方面拥有超过20年的
经验。在刘先生于2003年成立本集团之前，于
1993年9月至2003年6月，彼担任辽宁省化学
工业进出口公司沈阳分公司（一家主要从事化工
产品进出口的公司）总经理。
刘先生于1987年7月取得江汉石油学院（现称长
江大学）工业与民用建筑专业大学文凭，并于
1999年6月取得辽宁大学经济学专业研究生文
凭。彼亦于2002年1月自加州美国大学获得工
商管理硕士学位。彼于1992年8月获中国辽宁
省人事厅颁发建筑工程师证书。刘先生于2025
年4月获委任为中国无机盐工业协会钾盐钾肥行
业分会第五届理事会副会长。
孙平福先生，60岁，为执行董事兼本集团研发
总监，负责监督国内及国际研究合作，以及带
领技术开发。
孙先生担任马来西亚米高、Malaysia Migao
International、米高世纪成都、Migao
Overseas Holdings及Migao Overseas
Industry的董事。孙先生亦担任米高世纪成都
的总经理。孙先生在化学行业的技术开发、生
产管理及项目管理方面拥有超过31年的经验。
在加入本集团之前，彼于1984年7月至2007年
3月担任洛阳市经济技术研究中心的研究分析
师，并任职于四川化工总厂等多家化工厂及其
EXECUTIVE DIRECTORS
Mr. Liu Guocai (刘国才), aged 60, is an executive
Director, the chairperson of the Board and the chief
executive oficer of the Group, responsible for the overal
strategic planing and day-to-day busines operation
of the Group. Mr. Liu is also the chairperson of the
Nomination Comite.
Mr. Liu serves as a director of Malaysia Migao, Malaysia
Migao International, HK Migao, Migao Overseas Holdings
and MG DMC. Mr. Liu also serves as the managing
director of Singapore Migao. Mr. Liu has over 20 years
of experience in the production, trading, research and
development of chemical fertilizers and related projects.
Prior to founding the Group in 2003, from September
1993 to June 2003, he served as the general manager of
Liaoning Chemical Industry Import and Export Corporation
of the Shenyang Branch (辽宁省化学工业进出口公司沈阳分
公司), a company principaly engaged in the import and
export of chemical products.
Mr. Liu obtained a university diploma in industrial and civil
architecture from Jianghan Petroleum Institute (now known
as Yangtze University) in July 1987, and a post-graduate
diploma in economics from Liaoning University in
June 1999. He also obtained a Master of Busines
Administration at California American University in January
2002. He was certified as a construction enginer by the
Personel Department of Liaoning Province (辽宁省人事
厅) of the PRC in August 1992. Mr. Liu was apointed
as the vice president of the Fifth Council of Potasium
Industry Sub-council of the China Inorganic Salts Industry
Asociation (中国无机盐工业协会钾盐钾肥行业分会第五届理
事会) in April 2025.
Mr. Sun Pingfu (孙平福), aged 60, is an executive Director
and the research and development director of the Group,
responsible for supervising domestic and international
research colaborations and leading technological
development eforts.
Mr. Sun serves as a director of Malaysia Migao, Malaysia
Migao International, Migao Century (Chengdu), Migao
Overseas Holdings and Migao Overseas Industry. Mr.
Sun also serves as the general manager of Migao Century
(Chengdu). Mr. Sun has over 31 years of experience in
technology development, production management and
project management in the chemical industry. Prior to
joining our Group, from July 1984 to March 2007, he
worked as a research analyst at the Luoyang Economic
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED41
董事及高级管理层履历
PROFILES OF DIRECTORS AND SENIOR MANAGEMENT
他主要从事生产化肥产品的公司，包括川化味
之素有限公司及绵阳崴尼达化工有限公司。孙
先生自2007年9月至2015年12月担任四川米高
的技术研发部主管。
孙先生于1984年7月毕业于成都科技大学（现称
四川大学），获得化学工程学士学位。孙先生于
1993年1月从四川省人事厅获得化学工程师资
格。
董本梓先生，35岁，为执行董事兼本集团内部
控制总监，负责管理本集团的内部控制事宜。
董先生亦为薪酬委员会成员。
董先生亦担任大兴米高的财务主管。彼于2010
年7月加入本集团，担任四川米高的会计师兼内
部控制员。于2013年5月至2016年9月，彼担
任寰太洋遵义的财务主管兼内部控制总监。
董先生于2011年6月取得西华大学会计学文凭。
独立非执行董事
陈国福先生，74岁，为独立非执行董事，负责
监督董事会并向其提供独立判断。陈先生亦为
审核委员会、薪酬委员会及提名委员会的成员。
陈先生于化工行业拥有逾41年经验。自1984年
11月至1999年9月，陈先生在多个政府部门和
国有企业工作，包括担任中华人民共和国化学
工业部（现称中华人民共和国家石油和化学工
业局）秘书处副处长、办公室主任、中国化学工
程总公司（现称中国化学工程集团有限公司）中
共党委（「党委」）副书记以及青海省海西蒙古族
藏族自治州副州长。自1999年9月至2009年12
月，陈先生亦担任中国石化集团物资装备公司
and Technological Research Centre (洛阳市经济技术
研究中心), and has worked at chemical plants such as
Sichuan General Chemical Plant (四川化工总厂) and
other companies principaly engaged in the production
of fertilizer products, including Chuanhua Weizhisu Co.,
Ltd. (川化味之素有限公司) and Mianyang Vaneta Chemical
Industrial Co., Ltd. (绵阳崴尼达化工有限公司). From
September 2007 to December 2015, Mr. Sun served as
the head of the technology research and development
department of Sichuan Migao.
Mr. Sun graduated from the University of Science
and Technology of Chengdu (now known as Sichuan
University) with an undergraduate degre in chemical
enginering in July 1984. Mr. Sun obtained his chemical
enginer qualification from the Personel Department of
Sichuan Province in January 1993.
Mr. Dong Benzi (董本梓), aged 35, is an executive
Director and the internal control director of the Group,
responsible for the management of the internal controls of
the Group. Mr. Dong is also a member of the Remuneration
Comite.
Mr. Dong also serves as the head of finance at Daxing
Migao. Mr. Dong joined the Group in July 2010, where he
served as an acountant and internal control oficer of
Sichuan Migao. From May 2013 to September 2016, he
served as the head of finance and internal control director
at Huantaiyang Zunyi.
Mr. Dong obtained a diploma in acounting from Xihua
University in June 2011.
INDEPENDENT NON-EXECUTIVE
DIRECTORS
Mr. Chen Guofu (陈国福), aged 74, is an independent
non-executive Director, responsible for supervising and
providing independent judgement to the Board. Mr. Chen
is also a member of the Audit Comite, Remuneration
Comite and Nomination Comite.
Mr. Chen has over 41 years of experience in chemical
industry. From November 1984 to September 1999, Mr.
Chen served at several government departments and
state-owned enterprises, including as the deputy director
of the secretariat, the director of the general ofice of the
Ministry of Chemical Industry of the PRC (中华人民共和国
化学工业部), now known as the State Bureau of Petroleum
and Chemical Industry of the PRC (中华人民共和国家石
油和化学工业局), the deputy secretary of the Comite of
the Comunist Party of China (the “CPC Comite”) of
China Chemical Enginering Corporation (中国化学工程总
公司), now known as China National Chemical Enginering
42年报 2024/2025米高集团控股有限公司
董事及高级管理层履历
PROFILES OF DIRECTORS AND SENIOR MANAGEMENT
党委副书记及副总经理。陈先生自2013年8月
起于中国无机盐工业协会（「中国无机盐工业协
会」）任职。自2014年6月至2025年4月，彼担
任中国无机盐工业协会钾盐钾肥行业分会秘书
长，自2017年7月至2025年4月，担任中国无
机盐工业协会钾盐钾肥行业分会的驻会副会长
兼秘书长。自2015年9月起，彼担任中国无机
盐工业协会的驻会副会长兼秘书长，并于2021
年12月获选为中国无机盐工业协会的名誉会长。
自2020年2月起，陈先生担任金正大生态工程
集团股份有限公司（一家在深圳证券交易所上市
的公司，证券代码：002470）的独立董事。
陈先生于1977年1月自华东化工学院（现称华东
理工大学）获得工程学士学位。彼于1995年12
月获当时的中华人民共和国化学工业部认证为
高级工程师。
黄莎女士，47岁，为独立非执行董事，负责
监督董事会并向其提供独立判断。黄女士亦为
薪酬委员会主席，及审核委员会及提名委员会
成员。
黄女士在股权投资及资本市场方面拥有丰富经
验。自2009年11月至2018年10月，黄女士
受雇于工银国际控股有限公司，其最后职位为
企业融资及资本市场服务科股本市场部执行董
事。自2018年11月起，黄女士一直担任未来资
产证券株式会社（于韩国证券交易所上市，股票
代码：6800.KS）的附属公司未来资产证券（香
港）有限公司投资银行部董事总经理。自2024
年4月起，黄女士一直担任未来资产证券（香
港）有限公司的执行董事。
黄女士于2003年1月在荷兰莱瓦顿北方学院
(Nordelijke Hogeschol Leuwarden)获得工
商管理学士学位，于2004年6月在荷兰特文特
大学获得环境工商管理硕士学位，以及于2009
年6月在牛津大学获得工商管理硕士学位。
Group Corporation Ltd. (中国化学工程集团有限公司) and
the deputy head of the Haixi Mongol Tibetan Autonomous
Prefecture of Qinghai Province (青海省海西蒙古族藏族自治
州). From September 1999 to December 2009, Mr. Chen
also served as the deputy secretary of the CPC Comite
and the deputy general manager of the Sinopec Group
Material Equipment Co., Ltd. (中国石化集团物资装备公司).
Mr. Chen has ben working in the China Inorganic Salts
Industry Asociation (中国无机盐工业协会) (“CISIA”) since
August 2013. He served as the secretary general of the
Potasium Industry Sub-council of CISIA (中国无机盐工业
协会钾盐钾肥行业分会) from June 2014 to April 2025, and
the on-site vice president and secretary general of the
Potasium Industry Sub-council of CISIA from July 2017
to April 2025. He has ben the on-site vice president and
secretary general of CISIA since September 2015 and
was also elected as the honorary president of CISIA in
December 2021.
Mr. Chen has ben serving as an independent director
of Kingenta Ecological Enginering Group Co., Ltd., a
company listed on the Shenzhen stock exchange (stock
code: 002470), since February 2020.
Mr. Chen obtained a bachelor of enginering from the
East China Institute of Chemical Enginering (华东化工
学院), now known as East China University of Science
and Technology (华东理工大学) in January 1977. He is
qualified as a senior enginer in December 1995 by the
then Ministry of Chemical Industry of the PRC (中华人民共
和国化学工业部).
Ms. Huang Shasha (黄莎), aged 47, is an independent
non-executive Director, responsible for supervising and
providing independent judgement to the Board. Ms. Huang
is also the chairperson of the Remuneration Comite,
and a member of the Audit Comite and Nomination
Comite.
Ms. Huang has substantial experience in equity
investments and capital markets. From November 2009
to October 2018, Ms. Huang was employed by ICBC
International Holdings Limited and her last position
was executive director in the equity capital markets
department of the corporate finance and capital market
services division. Since November 2018, Ms. Huang has
ben serving as the managing director of the investments
bank department of Mirae Aset Securities (HK) Limited,
a subsidiary of Mirae Aset Securities Co., Ltd which is
listed on the Korea Stock Exchange (stock code: 6800.
KS). Since April 2024, Ms. Huang has ben serving as an
executive director of Mirae Aset Securities (HK) Limited.
Ms. Huang obtained a bachelor of busines administration
at the Nordelijke Hogeschol Leuwarden in the
Netherlands in January 2003, a master of environmental
busines administration MBA at the University of Twente
in the Netherlands in June 2004, and a master of busines
administration at the University of Oxford in June 2009.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED43
董事及高级管理层履历
PROFILES OF DIRECTORS AND SENIOR MANAGEMENT
Qing Meyerson女士，59岁，为独立非执行
董事，负责监督董事会并向其提供独立判断。
Meyerson女士亦为审核委员会主席。
Meyerson女士在多个行业（包括公共会计、制
药及汽车行业）的策略规划、财务报告及营运
管理方面拥有超过26年经验。于1999年9月至
2008年9月及于2008年10月至2011年5月，
Meyerson女士曾任职于美国KPMG LP及中国
毕马威华振会计师事务所，最后职位为审计部
高级经理。Meyerson女士随后加入通用汽车公
司（「通用汽车」），最后职位为一汽通用（通用
汽车与中国一汽的合营企业）的总裁兼首席财务
官，任期为2011年6月至2017年6月。于2017
年6月至2020年4月，Meyerson女士曾任一家
跨国制药公司必治妥施贵宝中国及香港分公司
的财务及行政主管，而于2020年4月至2021年
8月，彼担任必治妥施贵宝－新基收购整合团
队的全球财务负责人。自2022年12月至2024
年1月，Meyerson女士担任一家中国生物制
药初创公司海森生物医药有限公司的首席财务
官。自2024年2月起，Meyerson女士一直担任
The Planting Hope Company Inc.（一家于加
拿大多伦多创业交易所（股票代码：MYLK）及
OTCQB创业市场（股票代码：MYLKF）上市的
食品技术创新公司）独立非执行董事。自2024
年3月起，Meyerson女士一直担任上海迈而胜
商务咨询有限公司的执行董事。自2025年4月
起，彼亦一直担任亚洲最大的医疗保健专用资
产管理公司CBC Group的运营合伙人。
Meyerson女士于1999年1月获得美国蒙茅斯大
学会计理学士学位。Meyerson女士自2001年3
月起为新泽西州会计委员会的注册会计师，并
自2002年12月起为美国注册会计师协会员。
Ms. Qing Meyerson, aged 59, is an independent
non-executive Director, responsible for supervising
and providing independent judgment to the Board. Ms.
Meyerson is also the chairperson of the Audit Comite.
Ms. Meyerson has over 26 years of experience in
strategic planing, financial reporting and operation
management in various industries, including public
acounting, pharmaceutical and automotive industries.
From September 1999 to September 2008 and from
October 2008 to May 2011, Ms. Meyerson was employed
by KPMG LP in the U.S. and KPMG Huazhen in the PRC,
respectively, and her last position was senior manager in
the audit department. Ms. Meyerson then joined General
Motors Company (“GM”) with her last position being the
president and chief financial oficer of FAW-GM, a joint
venture betwen GM and First Automobile Works, from
June 2011 to June 2017. From June 2017 to April 2020,
Ms. Meyerson was the head of finance and administration
of the PRC and Hong Kong arms of Bristol-Myers Squib,
a multinational pharmaceutical company and she was
the global finance leader of Bristol-Myers Squib –
Celgene acquisition integration team from April 2020 to
August 2021. From December 2022 to January 2024, Ms.
Meyerson served as the chief financial oficer of Hasten
Biopharmaceutical Co., Ltd., a biopharmaceutical start-up
in the PRC. Since February 2024, Ms. Meyerson has ben
serving as an independent non-executive director of
The Planting Hope Company Inc., a fodtech inovation
company listed on TSX Venture Exchange (stock code:
MYLK) and the OTCQB Venture Market (stock code:
MYLKF). Ms. Meyerson has ben serving as an executive
director of Shanghai Maiersheng Busines Consulting
Co., Ltd. (上海迈而胜商务咨询有限公司) since March 2024.
She has also ben serving as an operating partner of
CBC Group, Asia’s largest healthcare-dedicated aset
management firm, since April 2025.
Ms. Meyerson obtained a bachelor of science in
acounting at Monmouth University in the U.S. in
January 1999. Ms. Meyerson has ben a certified public
acountant of the New Jersey State Board of Acountancy
since March 2001, and a member of the American Institute
of Certified Public Acountants since December 2002.
44年报 2024/2025米高集团控股有限公司
董事及高级管理层履历
PROFILES OF DIRECTORS AND SENIOR MANAGEMENT
高级管理层
刘雅琴女士，70岁，为本集团的首席财务官且
负责本集团的整体财务及资本管理。刘女士亦
负责本集团的财务报告、内部审计及内部控制
管理。
刘女士担任长春米高的董事，以及安达米高及
宝清米高的监事。彼亦担任广东米高的副总经
理及财务主管、长春米高的副总经理及财务主
管。刘女士在会计及财务管理方面拥有超过35
年的经验。在加入本集团之前，刘女士于2000
年6月至2004年5月担任辽宁永成经贸发展有限
公司（一家主要从事化学品及化肥进出口业务的
公司）的会计主管。
刘女士于1988年4月取得辽宁省财政厅及人事
厅发出的助理会计师资格证。
付扬美先生，60岁，为本集团销售总监，负责
本集团钾产品的国内销售。
付先生担任大兴米高的董事及大兴米高的董事
会副主席。付先生于2004年6月加入本集团并
担任四川米高的销售部副总经理。自2010年6
月至2021年10月，彼担任寰太洋遵义的总经
理。于2018年8月至2020年6月，彼担任云南
欧罗汉姆的董事，负责产品销售。付先生在化
肥行业拥有超过12年经验。在加入本集团之
前，付先生自1983年9月至2003年12月在贵州
省遵义碱厂筑城化工厂（一间从事化工产品生产
的工厂）担任多个职位，包括担任销售部经理。
付先生于2000年6月自贵州大学获得行政管理
学文凭。
SENIOR MANAGEMENT
Ms. Liu Yaqin (刘雅琴), aged 70, is the chief financial
oficer of the Group, responsible for the overal financial
and capital management of the Group. Ms. Liu is also
responsible for the financial reporting, internal audit and
internal control management of the Group.
Ms. Liu serves as a director of Changchun Migao, and a
supervisor of Anda Migao and Baoqing Migao. She also
serves as the deputy general manager and the head of
finance of Guangdong Migao, deputy general manager
and the head of finance of Changchun Migao. Ms. Liu has
over 35 years of experience in acounting and financial
management. Prior to joining our Group, Ms. Liu was the
head of acounting of Liaoning Yongcheng Economy &
Trade Development Co., Ltd. (辽宁永成经贸发展有限公司),
a company principaly engaged in the import and export
of chemicals and fertilizers, from June 2000 to May 2004.
Ms. Liu obtained an asistant acountant qualification
certificate isued by the Liaoning Province of the
Department of Finance and the Ofice of Personel in April
1988.
Mr. Fu Yangmei (付扬美), aged 60, is the sales director of
the Group responsible for the domestic sales of the potash
products of the Group.
Mr. Fu serves as a director of Daxing Migao, and a vice
chairperson of the board at Daxing Migao. Mr. Fu joined
the Group in June 2004 where he served as a deputy
general manager of the sales department of Sichuan
Migao. From June 2010 to October 2021, he served
as the general manager of Huantaiyang Zunyi. From
August 2018 to June 2020, he served as a director of
Yunan EuroChem, where he was responsible for the
product sales. Mr. Fu has over 12 years of experience
in the fertilizer industry. Prior to joining our Group, Mr.
Fu served various positions including manager of the
sales department of Guizhou Zunyi Soda Plant Zhucheng
Chemical Factory (贵州省遵义碱厂筑城化工厂), a factory
engaged in the production of chemical products, from
September 1983 to December 2003.
Mr. Fu obtained a diploma in administration management
from Guizhou University in June 2000.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED45
董事及高级管理层履历
PROFILES OF DIRECTORS AND SENIOR MANAGEMENT
刘学彬先生，51岁，为本集团生产主管（华北地
区），负责华北地区的整体生产管理。
刘先生担任长春米高的总经理。于2006年1月
加入本集团担任广东米高的生产部主管，并自
2007年12月至2008年4月担任长春米高的生产
部主管。刘先生在化肥生产、运营及项目管理
方面拥有超过21年经验。在加入本集团之前，
彼自1991年8月至2000年7月在黑龙江省齐化
氯碱厂担任生产车间主任，并自2000年7月至
2006年6月在黑龙江省齐化硫酸钾厂担任生产
车间主任，在该厂参与了硫酸钾工厂建设及设
备安装，负责制定硫酸钾生产的运营计划及工
序。
刘先生于1992年7月自黑龙江齐哈尔劳动局
技校获得化工仪表专业文凭，并于1992年8月
自黑龙江齐哈尔电视广播大学获得化工技术
专业文凭。
石闻国先生，54岁，为本集团生产主管（华南地
区），负责华南地区的整体生产管理。
石先生担任云南欧罗汉姆总经理。石先生在生
产化肥产品方面拥有超过20年经验。于1993年
9月至2015年12月，彼于陆良龙海化工有限责
任公司（「龙海化工」，一间主要从事生产及销售
化肥产品的公司）担任氮肥厂长、副总经理、
总经理及搬迁建设部副主任等多个职位。石先
生于2016年1月加入本集团，并被调派至云南
欧罗汉姆担任总工程师，其后担任制造部副经
理。
石先生于1993年7月在云南广播电视大学（现
称云南开放大学）获得机电工程文凭。彼亦于
2004年7月获曲靖市人事局授予工程师资格。
Mr. Liu Xuebin (刘学彬), aged 51, is the head of
production (Northern region of China) of the Group,
responsible for the overal production management in the
Northern region of China.
Mr. Liu serves as the general manager of Changchun
Migao. He joined the Group in January 2006 as the head
of production of Guangdong Migao and was the head of
production of Changchun Migao from December 2007
to April 2008. Mr. Liu has over 21 years of experience
in the production, operation and project management of
chemical fertilizers. Prior to joining the Group, he was
a production workshop leader of Heilongjiang Qihua
Chlor-alkali Plant (黑龙江省齐化氯碱厂) from August
1991 to July 2000, and a production workshop leader
of Heilongjiang Qihua Potasium Sulphate Plant (黑龙江
省齐化硫酸钾厂) from July 2000 to June 2006 where he
participated in the construction of potasium sulphate
plant and equipment instalation, and was responsible
for formulating the operational plan and procedures of
potasium sulphate production.
Mr. Liu obtained an instrument profesional diploma (仪
表专业文凭) in chemical instrument from Heilongjiang
Qiqihar Labour Bureau Technical Schol (黑龙江齐哈
尔劳动局技校) in July 1992 and a profesional diploma in
chemical technology from Heilongjiang Qiqihar Television
Broadcasting University (黑龙江齐哈尔电视广播大学) in
August 1992.
Mr. Shi Wenguo (石闻国), aged 54, is the head of
production (Southern region of China) of the Group,
responsible for the overal production management in the
Southern region of China.
Mr. Shi serves as the general manger of Yunan
EuroChem. Mr. Shi has over 20 years of experience in the
production of fertilizer products. From September 1993
to December 2015, he served various position at Luliang
Longhai Chemical Co., Ltd. (陆良龙海化工有限责任公司)
(“Longhai Chemical”), a company principaly engaged
in production and sale of fertilizer products, such as
the plant manager of a nitrogen fertilizer plant, deputy
general manager, general manager and deputy chief of
the relocation and construction department. Mr. Shi joined
the Group in January 2016 and was seconded to Yunan
EuroChem where he served as the chief enginer and later
as the deputy manager of the manufacture department.
Mr. Shi obtained a diploma in mechanical and electrical
enginering from Yunan Radio and Television University
(云南广播电视大学) (now known as Yunan Open University
(云南开放大学) in July 1993. He also obtained an enginer
qualification from the Personel Department of Qujing city
in July 2004.
46年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
The Board is pleased to report to the Shareholders on the
corporate governance of the Company for FY2025.
The Company is comited to ensuring that its afairs are
conducted in acordance with high ethical standards. This
reflects its belief that, in the achievement of its long-term
objectives, it is imperative to act with probity, transparency
and acountability. By so acting, the Company believes
that Shareholder wealth wil be maximized in the long term
and that its employes, those with whom it does busines
and the comunities in which it operates wil al benefit.
Corporate governance is the proces by which the Board
instructs management of the Group to conduct its afairs
with a view to ensuring that its objectives are met. The
Board is comited to maintaining and developing robust
corporate governance practices that are intended to
ensure:
– satisfactory and sustainable returns to
Shareholders;
– that the interests of those who deal with the
Company are safeguarded; and
– that high standards of ethics are maintained.
CORPORATE GOVERNANCE PRACTICES
The Board is comited to maintaining high corporate
governance standards.
The Board believes that high corporate governance
standards are esential in providing a framework for the
Company to safeguard the interests of Shareholders,
enhance corporate value, formulate its busines
strategies and policies, and enhance its transparency and
acountability.
The Company has adopted the principles and code
provisions of the Corporate Governance Code contained
in Apendix C1 to the Listing Rules as the basis of the
Company’s corporate governance practices during
FY2025.
董事会欣然向股东报告本公司2025财年的企业
管治情况。
本公司致力确保以崇高的商业道德标准营运业
务，反映其坚信如要达到长远的业务目标，必
须以诚信、透明和负责的态度行事。本公司相
信恪守此理念长远可为股东取得最大的回报，
而雇员、业务伙伴及公司营运业务的社区亦可
受惠。
企业管治是董事会指导本集团管理层如何营运
业务以实现业务目标的过程。董事会致力维持
及建立完善的企业管治常规，以确保：
－ 为股东带来满意及可持续的回报；
－ 保障与公司有业务往来者的利益；及
－ 维持崇高的道德标准。
企业管治常规
董事会致力维持高水平的企业管治标准。
董事会相信，高水平企业管治标准对为本公司
提供框架，以保障股东利益、提升企业价值、
制定业务策略及政策，以及增强其透明度及问
责制而言至关重要。
本公司已采纳上市规则附录C1所载企业管治守
则中的原则及守则条文，作为本公司2025财年
企业管治常规的基础。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED47
企业管治报告
CORPORATE GOVERNANCE REPORT
董事会认为，于2025财年，除本企业管治报告
所披露偏离守则条文第C.2.1条关于本集团董事
会主席与行政总裁角色区分的规定外，本公司
已遵守企业管治守则所载相关守则条文。董事
会将继续检讨及监察本公司的常规，以维持高
水准的企业管治。
根据企业管治守则的守则条文第C.2.1条，主
席与行政总裁的职责应有区分且不应由同一人
兼任。本集团并无独立主席及行政总裁，因刘
国才先生目前同时兼任此两个职务。董事会
认为，由同一人兼任主席与行政总裁有利于
确保本集团内部领导一致，并为本集团提供更
有效及高效的整体策略规划。董事会认为，鉴
于(i)董事会作出的决策须经至少大多数董事批
准，且董事会六名董事中有三名为独立非执行
董事，而本集团认为董事会拥有足够的权力制
衡；(i)刘国才先生及其他董事知悉并承诺履行
其作为董事的受信责任，有关责任要求（其中包
括）其应为本公司的利益及以符合本公司最佳利
益的方式行事，并据此为本集团作出决策；及
(i)董事会由经验丰富的优质人才组成，确保董
事会运作的权责平衡，这些人才会定期会面以
讨论影响本集团营运的事宜，目前安排的权力
及职权平衡不会受到损害，而此结构将使本公
司能够迅速有效制定及实施决策。董事会将继
续进行检讨，并会在计及本集团整体情况后考
虑于适当时候将董事会主席与本公司行政总裁
的角色分开。
The Board is of the view that throughout FY2025, the
Company has complied with the code provisions as
set out in the Corporate Governance Code, save for
deviation from Code C.2.1 as disclosed in this Corporate
Governance Report regarding the segregation of the
roles of the chairperson of the Board and chief executive
oficer of the Group. The Board wil continue to review
and monitor the practices of the Company with an aim of
maintaining a high standard of corporate governance.
Pursuant to Code Provision C.2.1 of the Corporate
Governance Code, the responsibilities betwen the
chairperson and the chief executive oficer should
be segregated and should not be performed by the
same individual. The Group does not have a separate
chairperson and chief executive oficer as Mr. Liu Guocai
curently performs these two roles. The Board believes that
vesting the roles of both chairperson and chief executive
oficer in the same person has the benefit of ensuring
consistent leadership within the Group and enables more
efective and eficient overal strategic planing for the
Group. The Board considers that the balance of power and
authority for the present arangement wil not be impaired
and this structure wil enable the Company to make and
implement decisions promptly and efectively given that
(i) decisions to be made by the Board requires aproval
by at least a majority of the Directors and that the Board
comprises thre independent non-executive Directors out
of six Directors and the Group believes there is suficient
check and balance on the Board; (i) Mr. Liu Guocai and
the other Directors are aware of and undertake to fulfil
their fiduciary duties as Directors, which require, among
other things, that he/she acts for the benefit and in the
best interests of the Company and wil make decisions of
the Group acordingly; and (i) the balance of power and
authority is ensured by the operations of the Board which
comprises experienced and high calibre individuals who
met regularly to discus isues afecting the operations
of the Group. The Board wil continue to review and
consider spliting the roles of chairperson of the Board
and chief executive oficer of the Company at a time when
it is apropriate and suitable by taking into acount the
circumstances of the Group as a whole.
48年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
董事会
本公司由行之有效的董事会领导，董事会肩负
领导及监控本公司的责任，并共同负责指导及
监督本公司事务以促使本公司成功。董事客观
地作出符合本公司最佳利益的决策。
董事会就适合本公司业务所需之技能、经验及
多元化方面取得平衡，并定期检讨董事向本公
司履行其职责所需付出的贡献，以及董事是否
投入足够时间履行其职责及董事会职责。董事
会中执行董事及独立非执行董事的组合均衡，
使董事会具备强大的独立元素，能够有效地作
出独立判断。
董事会组成
董事会目前由6名董事组成，包括3名执行董事
及3名独立非执行董事。董事会的组成如下：
执行董事
刘国才先生（主席兼行政总裁）
孙平福先生（研发总监）
董本梓先生（内部控制总监）
独立非执行董事
陈国福先生
黄莎女士
Qing Meyerson女士
董事履历载于2025财年报第39页至第45页
「董事及高级管理层履历」一节。
除本年报所披露者外，董事及高级管理人员概
无与任何其他董事或高级管理人员有任何财
务、商业、家族或其他重大或相关系。
BOARD OF DIRECTORS
The Company is headed by an efective Board which
asumes responsibility for its leadership and control and
be colectively responsibility for promoting the Company’s
suces by directing and supervising the Company’s
afairs. Directors take decisions objectively in the best
interests of the Company.
The Board has a balance of skils, experience and diversity
of perspectives apropriate to the requirements of the
Company’s busines and regularly reviews the contribution
required from a Director to perform his/her responsibilities
to the Company and whether the Director is spending
suficient time performing them that are comensurate
with their role and the Board responsibilities. The Board
includes a balanced composition of executive Directors
and independent non-executive Directors so that there is
a strong independent element on the Board, which can
efectively exercise independent judgement.
Board Composition
The Board curently comprises six Directors, consisting
of thre executive Directors, and thre independent
non-executive Directors. The composition of the Board is
as folows:
Executive Directors
Mr. Liu Guocai (chairperson and chief executive oficer)
Mr. Sun Pingfu (research and development director)
Mr. Dong Benzi (internal control director)
Independent Non-executive Directors
Mr. Chen Guofu
Ms. Huang Shasha
Ms. Qing Meyerson
The biographical information of the Directors is set out
in the section headed “Profiles of Directors and Senior
Management” on pages 39 to 45 of this anual report for
FY2025.
Save as disclosed in this anual report, none of the
Directors and members of senior management has any
financial, busines, family or other material or relevant
relationship with any other Directors or members of senior
management.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED49
企业管治报告
CORPORATE GOVERNANCE REPORT
Board Metings and Directors’ Atendance
Records
The Board mets regularly either in person or through
electronic means of comunication to discus the overal
strategy as wel as the operation and financial performance
of the Group. During the year ended 31 March 2025,
(i) five Board metings was held and aproved, among
others, the anual results and report for FY2024; (i) four
Audit Comite metings were held and reviewed, among
others, the anual results and report for FY2024 and the
internal control and risk management systems; (i) one
Nomination Comite meting was held and asesed the
independence of the independent non-executive Directors,
considered the re-election of Directors and reviewed the
structure, size and composition of the Board; (iv) one
Remuneration Comite meting was held and reviewed
the remuneration packages of the executive Directors and
senior management; and (v) two ESG Comite metings
were held and reviewed, among others, the environmental,
social, and governance (“ESG”) policy and ESG-related
performance. The atendance record of each Director
at the Board metings, Board comites metings and
general meting for the year ended 31 March 2025 is set
out as folows:
会议出席╱有资格出席次数
Number of Meting Atended/Eligible Atended
董事会成员董事会审核委员会薪酬委员会提名委员会
环境、社会
及管治委员会股东大会
Board MembersBoard
Audit
Comite
Remuneration
Comite
Nomination
Comite
ESG
Comite
General
Meting
刘国才先生5/5不适用不适用1/12/21/1
Mr. Liu Guocai5/5N/AN/A1/12/21/1
孙平福先生4/5不适用不适用不适用2/21/1
Mr. Sun Pingfu4/5N/AN/AN/A2/21/1
董本梓先生5/5不适用1/1不适用不适用1/1
Mr. Dong Benzi5/5N/A1/1N/AN/A1/1
陈国福先生4/54/41/11/1不适用1/1
（附注）
Mr. Chen Guofu4/54/41/11/1N/A1/1
(Note)
黄莎女士4/54/41/11/1不适用1/1
（附注）
Ms. Huang Shasha4/54/41/11/1N/A1/1
(Note)
Qing Meyerson女士4/54/4不适用不适用不适用1/1
（附注）
Ms. Qing Meyerson4/54/4N/AN/AN/A1/1
(Note)
董事会议及董事出勤记录
董事会定期通过现场或电子通信手段等方式讨
论本集团的整体策略、运营及财务表现。截至
2025年3月31日止年度，(i)举行了五次董事会
会议，并批准（其中包括）2024财年的年度业
绩及报告；(i)举行了四次审核委员会议，并
审阅（其中包括）2024财年的年度业绩及报告以
及内部控制及风险管理系统；(i)举行了一次提
名委员会议，评估了独立非执行董事的独立
性，考虑董事的重选及审阅董事会的架构、规
模及组成；(iv)举行了一次薪酬委员会议，并
审阅执行董事及高级管理人员的薪酬待遇；及
(v)举行了两次环境、社会及管治委员会议，
并审阅环境、社会及管治政策和环境、社会及
管治相关表现等。各董事截至2025年3月31日
止年度之董事会议、董事委员会议及股东
大会的出席情况载列如下：
50年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
附注： 陈国福先生、黄莎女士及Qing Meyerson
女士以电话会议方式出席2024年9月2日举行
的股东周年大会。
所有董事均可与联席公司秘书保持联系，而联
席公司秘书负责确保董事会之运作符合程序及
遵守所有适用规则及规例。
于2025财年，董事会主席亦在其他董事未出席
的情况下与独立非执行董事举行一次会议。
展望将来，董事会将定期举行会议，每年至少
举行四次董事会议，大约每季度一次。常规
董事会议通知均至少提前14日送交所有董
事。就其他董事会及董事委员会议而言，一
般将给予合理通知。会议记录由本公司之公司
秘书存置，而副本则于会议日期后合理时间内
向全体董事或董事委员会成员传阅，以供参考
及记录。与决议案有利益冲突的董事须放弃投
票。
Note: Mr. Chen Guofu, Ms. Huang Shasha and Ms. Qing
Meyerson atended the anual general meting held on 2
September 2024 by way of teleconference.
Al Directors have aces to the joint company secretaries
who are responsible for ensuring that the Board
procedures are complied and al aplicable rules and
regulations are folowed.
During FY2025, the chairperson of the Board also held a
meting with independent non-executive Directors without
the presence of other Directors.
Going forward, the Board wil met regularly and board
metings wil be held at least four times a year at
aproximately quarterly intervals. Notices of regular Board
metings are served to al of the Directors at least 14 days
before the metings. For other Board and Board comite
metings, reasonable notices were generaly given.
Minutes of metings are kept by the company secretary
of the Company with copies circulated to al Directors or
Board comite members for information and records
within a reasonable time after the date of the meting.
Directors who have conflicts of interest in a resolution are
required to abstain from voting.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED51
企业管治报告
CORPORATE GOVERNANCE REPORT
独立非执行董事
于2025财年，董事会已于任何时间遵守上市规
则有关委任最少三名独立非执行董事（占多于董
事会人数三分之一）的规定，其中一人拥有适当
的专业资格或会计或相关财务管理专业知识。
所有独立非执行董事的任期为三年，须依照组
织章程细则进行轮值告退及合资格重选连任。
本公司已就独立非执行董事根据上市规则第
3.13条载列的独立性指引自各独立非执行董事
接获年度书面确认。根据上市规则第3.13条，
本公司确认，并认为全体独立非执行董事均属
独立人士。
董事会独立性评估
本公司已建立董事会独立性评估机制，以确保
透过程及程序使董事会拥有强大的独立元
素，使董事会能够有效作出独立判断，从而更
妥善地保障股东利益。评估之目的乃为改善董
事会效率、尽量提升实力、以及识别需要改进
或进一步发展之领域。根据董事会独立性评估
机制，董事会将对其独立性进行年度审阅。董
事会已对2025财年机制的实施及成效进行年度
检讨并对结果满意。
委任及重选董事
企业管治守则第B.2.2条规定，每名董事（包括
有特定任期的董事）应至少每三年轮值退任一
次。组织章程细则规定了董事的任命、重选及
罢免程序及过程。
Independent Non-executive Directors
During FY2025, the Board at al times met the requirements
of the Listing Rules relating to the apointment of at least
thre independent non-executive Directors representing
more than one third of the Board with one of whom
posesing apropriate profesional qualifications or
acounting or related financial management expertise.
Al independent non-executive Directors are apointed
for a term of thre years and are subject to retirement by
rotation and eligible for re-election in acordance with the
Articles of Asociation.
The Company has received writen anual confirmation
from each of the independent non-executive Directors
in respect of his independence in acordance with the
independence guidelines set out in Rule 3.13 of the Listing
Rules. The Company confirms that it considers al of its
independent non-executive Directors to be independent in
acordance with Rule 3.13 of the Listing Rules.
Board Independence Evaluation
The Company established a Board independence
evaluation mechanism which sets out the proceses and
procedures to ensure a strong independent element on
the Board, which alows the Board efectively exercises
independent judgment to beter safeguard Shareholders’
interests. The objectives of the evaluation are to improve
Board efectivenes, maximize strengths, and identify
the areas that ned improvement or further development.
Pursuant to the Board independence evaluation
mechanism, the Board wil conduct anual review on
its independence. The Board has conducted an anual
review of the implementation and efectivenes of the
mechanism for FY2025 and is satisfied with the results.
Apointment and Re-election of Directors
Code B.2.2 of the Corporate Governance Code stipulates
that every director, including those apointed for a specific
term, should be subject to retirement by rotation at least
once every thre years. The procedures and proces of
apointment, re-election and removal of Directors are set
out in the Articles of Asociation.
52年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
根据组织章程细则第15条，于每届股东周年大
会上，按当时在任董事人数计三分之一（或倘董
事人数并非三(3)的倍数，则最接近但不少于三
分之一的数目）的董事须轮值退任，惟每位董事
须至少每三年于股东周年大会轮值告退一次。
卸任的董事的任期直至股东周年大会结束时，
彼于该大会退任并合资格重选连任。因此，董
本梓先生及陈国福先生将于股东周年大会上轮
值退休，并合资格且愿意应选连任。
董事会及管理层的责任、义务及贡献
董事会应负有领导及监控本公司的责任，并应
集体负责督导及监管本公司事务。
董事会直接及透过辖下委员会间接领导及指导
管理层，包括制定策略及监察策略执行、监督
本集团营运及财务表现，确保建立健全的内部
监控及风险管理系统。
全体董事（包括执行董事及独立非执行董事）为
董事会带来广泛且宝贵的业务经验、知识及专
业技术，使其能高效及有效地运作。独立非执
行董事负责确保本公司监管报告维持高水平，
并平衡董事会成员组成，使董事会能在企业行
动及营运方面作出有效的独立判断。
全体董事均可全面并及时获得本公司所有资
料，并可应要求在适当情况下寻求独立专业意
见以向本公司履行其职责。
董事须向本公司披露彼等所任其他职位的详情。
In acordance with Article 15 of the Articles of Asociation,
at each anual general meting, one-third of the Directors
for the time being (or, if their number is not a multiple of
thre (3), then the number nearest to but not les than
one-third) shal retire from ofice by rotation, provided that
every Director shal be subject to retirement at an anual
general meting at least once every thre years. A retiring
Director shal retain ofice until the close of the anual
general meting at which he retires and shal be eligible
for re-election at such meting. Acordingly, Mr. Dong
Benzi and Mr. Chen Guofu retired from ofice by rotation
at the AGM, and being eligible, ofered themselves for
re-election.
Responsibilities, Acountabilities and
Contributions of the Board and Management
The Board should asume responsibility for leadership and
control of the Company and is colectively responsible for
directing and supervising the Company’s afairs.
The Board directly, and indirectly through its comites,
leads and provides direction to management by laying
down strategies and overseing their implementation,
monitors the Group’s operational and financial
performance, and ensures that sound internal control and
risk management systems are in place.
Al Directors, including executive Directors and
independent non-executive Directors, have brought a wide
spectrum of valuable busines experience, knowledge and
profesionalism to the Board for its eficient and efective
functioning. The independent non-executive Directors are
responsible for ensuring a high standard of regulatory
reporting of the Company and providing a balance in the
Board for bringing efective independent judgement on
corporate actions and operations.
Al Directors have ful and timely aces to al the
information of the Company and may, upon request,
sek independent profesional advice in apropriate
circumstances for discharging their duties to the
Company.
The Directors shal disclose to the Company details of
other ofices held by them.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED53
企业管治报告
CORPORATE GOVERNANCE REPORT
The Board reserves for its decision al major maters
relating to policy maters, strategies and budgets, internal
control and risk management, material transactions (in
particular those that may involve conflict of interests),
financial information, apointment of directors and
other significant operational maters of the Company.
Responsibilities relating to implementing decisions of
the Board, directing and cordinating the daily operation
and management of the Company are delegated to the
management.
The Company has aranged apropriate insurance
coverage on Directors’ and oficers’ liabilities in respect
of any legal actions taken against Directors and senior
management arising out of corporate activities. The
insurance coverage would be reviewed on an anual
basis.
Continuous Profesional Development of
Directors
Directors shal kep abreast of regulatory developments
and changes in order to efectively perform their
responsibilities and to ensure that their contribution to the
Board remains informed and relevant.
Every newly apointed Director shal receive a formal
and comprehensive induction on the first ocasion of his/
her apointment to ensure apropriate understanding
of the busines and operations of the Company
and ful awarenes of Director’s responsibilities and
obligations under the Listing Rules and relevant statutory
requirements.
Directors should participate in apropriate continuous
profesional development to develop and refresh their
knowledge and skils.
董事会保留涉及政策事宜、策略及预算、内部
监控和风险管理、重大交易（特别是可能涉及利
益冲突者）、财务资料、委任董事及本公司其他
重大营运事宜等所有重大事项的决定权。有关
执行董事会决策、指导及协调本公司日常运作
及管理的职责转授予管理层。
本公司已就董事及高级职员因企业活动针对董
事及高级管理层提起的任何法律行动而承担的
责任安排适当的投保。保险承保范围将会每年
进行审核。
董事的持续专业发展
董事应不断留意监管规例的发展及变动，以便
有效地履行职责，并确保在知情况下对董事
会作出切合需要的贡献。
每名新任董事于首次获委任时均应获提供正式
及全面的入职培训，以确保其对本公司业务及
营运均有适当了解，并充分知悉上市规则及有
关法律规定下须承担的董事职责及责任。
董事应参与适当的持续专业发展以建立和更新
自身的知识及技能。
54年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
截至2025年3月31日止年度，本公司安排了由
香港法律顾问作出的有关企业管治、关连交易
及须披露交易的培训，培训记录概述如下：
During the year ended 31 March 2025, the Company
aranged a training on topics relating to corporate
governance, conected transactions and discloseable
transactions given by its Hong Kong legal advisers, the
training records of which are sumarized as folows:
参加培训阅读监管材料
董事姓名Name of Directors
Atending training
sesion
Reading regulatory
materials
执行董事Executive Directors
刘国才先生Mr. Liu Guocai✔
孙平福先生Mr. Sun Pingfu✔
董本梓先生Mr. Dong Benzi✔
独立非执行董事Independent non-executive Directors
陈国福先生Mr. Chen Guofu✔
黄莎女士Ms. Huang Shasha✔
Qing Meyerson女士Ms. Qing Meyerson✔
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED55
企业管治报告
CORPORATE GOVERNANCE REPORT
董事委员会
董事会已成立四个委员会，即审核委员会、薪
酬委员会、提名委员会及环境、社会及管治委
员会，以监管本公司特定方面的事务。本公司
所有董事委员会均已订明书面职权范围，清晰
阐明有关权力及职责。审核委员会、薪酬委员
会及提名委员会之职权范围刊登于本公司网站
及联交所网站，并可应要求时供股东查阅。
各董事委员会的主席及成员名单载于本年度报
告第2页「公司资料」内。
BOARD COMITES
The Board has established four comites, namely, the
Audit Comite, Remuneration Comite, Nomination
Comite and ESG Comite, for overseing particular
aspects of the Company’s afairs. Al Board comites of
the Company are established with specific writen terms
of reference which deal clearly with their authority and
duties. The terms of reference of the Audit Comite,
Remuneration Comite and Nomination Comite
are posted on the Company’s website and the Stock
Exchange’s website and are available to the Shareholders
upon request.
The list of the chairperson and members of each Board
comite is set out under “Corporate Information” on
page 2 of this anual report.
56年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
审核委员会
审核委员会包括三名独立非执行董事，即Qing
Meyerson女士、陈国福先生及黄莎女士。
Qing Meyerson女士为审核委员会主席。
审核委员会的职权范围不较企业管治守则所载
条款宽松。审核委员会的主要职务为协助董事
会审阅财务资料及报告程序、风险管理及内部
监控制度、内部审核职能有效性、审核范围及
与委任外聘核数师，以及让本公司雇员能够就
本公司在财务报告、内部监控或其他事宜方面
存在的不当行为提出疑虑。
于2025财年，审核委员会已审阅（其中包括）
2024财年的年度业绩及报告、截至2024年9月
30日止六个月的中期业绩及报告、本公司内部
审核职能的有效性，其内部控制及风险管理系
统的有效性及履行其职权范围内的其他职责。
薪酬委员会
薪酬委员会包括三名成员，即两名独立非执行
董事黄莎女士及陈国福先生以及一名执行董
事董本梓先生。黄莎女士为薪酬委员会的主
席。
薪酬委员会的职权范围不较企业管治守则所载
条款宽松。薪酬委员会的主要职责包括向董事
会建议各执行董事及高级管理层的薪酬待遇；
评估执行董事的表现并全体董事及高级管理层
的薪酬政策及结构；根据上市规则第17章审阅
及╱或批准与股份计划有关的事项；及建立透
明程序以制定该等薪酬政策及结构，确保并无
董事及其任何联系人参与厘定自身薪酬。
Audit Comite
The Audit Comite consists of thre independent
non-executive Directors, namely Ms. Qing Meyerson, Mr.
Chen Guofu and Ms. Huang Shasha. Ms. Qing Meyerson
is the chairperson of the Audit Comite.
The terms of reference of the Audit Comite are of no
les exacting terms than those set out in the Corporate
Governance Code. The main duties of the Audit Comite
are to asist the Board in reviewing the financial
information and reporting proces, risk management and
internal control systems, efectivenes of the internal
audit function, scope of audit and apointment of external
auditors, and arangements to enable employes of the
Company to raise concerns about posible improprieties
in financial reporting, internal control or other maters of
the Company.
For FY2025, the Audit Comite has reviewed, among
others, the anual results and report for FY2024, the
interim results and report for the six months ended 30
September 2024, the efectivenes of the Company’s
internal audit function, the efectivenes of its internal
control and risk management systems, and performed its
other duties under its terms of reference.
Remuneration Comite
The Remuneration Comite consists of thre members,
namely two independent non-executive Directors,
being Ms. Huang Shasha and Mr. Chen Guofu, and one
executive Director, being Mr. Dong Benzi. Ms. Huang
Shasha is the chairperson of the Remuneration Comite.
The terms of reference of the Remuneration Comite
are of no les exacting terms than those set out in the
Corporate Governance Code. The primary functions of the
Remuneration Comite include making recomendations
to the Board on the remuneration packages of individual
executive Directors and senior management; asesing
performance of executive Directors and reviewing the
remuneration policy and structure for al Directors and
senior management; reviewing and/or aproving maters
relating to share schemes under Chapter 17 of the
Listing Rules; and establishing transparent procedures
for developing such remuneration policy and structure to
ensure that no Director or any of his/her asociates wil
participate in deciding his/her own remuneration.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED57
企业管治报告
CORPORATE GOVERNANCE REPORT
本公司已采纳其薪酬政策，旨在确保雇员（包括
董事及高级管理层）之薪酬乃根据雇员之技能、
知识、对本公司事务之责任及投入程度而厘
定。本集团的薪酬政策旨在提供公平的市场薪
酬水平，以挽留及激励高质素的董事、高级管
理层及雇员，并吸引有经验的优秀人才监督本
集团的业务及发展。
董事薪酬乃薪酬委员会经考虑本公司的经营业
绩、个人表现、经验、责任、工作量及投入本
公司的时间和可比较的市场统计数字后提出建
议。执行董事的薪酬待遇应包括与个人及本集
团表现及与同类公司的薪酬待遇挂钩的固定及
浮动待遇。非执行董事（包括独立非执行董事）
应收取的固定薪酬╱酬金应参考其相关投入时
间，设定在适当水平，以吸引及挽留一流的非
执行人才。各执行董事有权获得每年180,000港
元的基本薪金，而各独立非执行董事有权获得
每年360,000港元的基本薪金，且可由董事会于
日后决定根据薪酬委员会的建议作出修订。
此外，各执行董事可获得董事会建议的酌情花
红。该金额须由薪酬委员会批准。薪酬待遇亦
包括其他津贴、实物利益及定额供款。
The Company has adopted its remuneration policy to
ensure that the remuneration ofered to employes,
including Directors and senior management, is based on
skil, knowledge, responsibilities and involvement in the
Company’s afairs. The Group’s remuneration policy aims
to provide a fair market level of remuneration to retain and
motivate high quality directors, senior management and
employes, and atract experienced people of high calibre
to overse the busines and development of the Group.
The emolument of the Directors is recomended by
the Remuneration Comite, having regard to the
Company’s operating results, individual performance,
experience, responsibility, workload and time devoted to
the Company and comparable market statistics. Executive
Directors’ remuneration packages shal comprise fixed
and variable components linking to individual and the
Group’s performance and the remuneration packages
of comparable companies. Non-executive Directors
(including independent non-executive Directors) shal
receive fixed remuneration/fe to be set at an apropriate
level to atract and retain first-clas non-executive talent
by reference to the relevant time comitment. Each of
the executive Directors is entitled to a basic salary of
HKD180,000 per anum and each of the independent
non-executive Directors is entitled to a basic salary of
HKD360,000 per anum, which are al subject to revision
in future by the decision of the Board based on the
recomendation of the Remuneration Comite.
In adition, each of the executive Directors may receive
a discretionary bonus as the Board may recomend.
Such amount has to be aproved by the Remuneration
Comite. The remuneration package further includes
other alowances, benefits in kind and defined
contributions.
58年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
于2025财年，薪酬委员会对执行董事及高级管
理层的表现、薪酬政策及薪酬待遇进行评估及
检讨，并向董事会提出相关建议。
2025财年董事及高级管理层的薪酬范围载列如
下：
For FY2025, the Remuneration Comite has evaluated
and reviewed the performance, the remuneration policy
and the remuneration packages of executive Directors and
senior management and made relevant recomendations
to the Board.
The remuneration of the Directors and the senior
management by band for FY2025 is set out below:
人数
年收入Anual IncomeNumber of Persons
1百万港元以下Below HK$1 milion9
1百万港元以上Over HK$1 milion1
Nomination Comite
The Nomination Comite consists of thre members,
namely one executive Director, being Mr. Liu Guocai,
and two independent non-executive Directors, being Mr.
Chen Guofu and Ms. Huang Shasha. Mr. Liu Guocai is the
chairperson of the Nomination Comite.
The terms of reference of the Nomination Comite
are of no les exacting terms than those set out in the
Corporate Governance Code. The principal duties of
the Nomination Comite include reviewing the Board
composition, making recomendations to the Board
on the apointment and sucesion planing of the
Directors, asesing the independence of independent
non-executive Directors and reviewing the Board Diversity
Policy (as defined below). In asesing the Board
composition, the Nomination Comite would take into
acount, including without limitation, gender, age, cultural
and educational background, ethnicity, profesional
experience, skils, knowledge and length of service and
make recomendations on any proposed changes to the
Board to complement the Company’s corporate strategy.
In identifying and selecting suitable candidates for
directorships, the Nomination Comite would consider
candidates on merit and against the objective criteria, with
due regard for the benefits diversity on the Board.
提名委员会
提名委员会包括三名成员，即一名执行董事刘
国才先生及两名独立非执行董事陈国福先生及
黄莎女士。刘国才先生为提名委员会的主席。
提名委员会的书面职权范围不较企业管治守则
所载条款宽松。提名委员会的主要职责包括检
讨董事会组成、就董事的委任及继任计划向董
事会提出建议、评估独立非执行董事的独立性
及检讨董事会多元化政策（定义见下文）。评估
董事会组成时，提名委员会将考虑（包括但不限
于）性别、年龄、文化及教育背景、道德、专业
经验、技能、知识及服务年期，并就任何拟作
出的变更向董事会提出建议以完善本公司企业
策略。于物色及选择合适的董事人选时，提名
委员会将根据候选人的能力及客观标准考虑候
选人，同时充分考虑董事会利益的多元化。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED59
企业管治报告
CORPORATE GOVERNANCE REPORT
于2025财年，提名委员会已评估独立非执行董
事的独立性，已考虑董事之重选及审阅董事会
的架构、规模及组成，并对董事会多元化政策
进行年度审阅，认定现时的董事会组成足够多
元化。
环境、社会及管治委员会
环境、社会及管治委员会由两名执行董事刘国
才先生及孙平福先生以及高级管理层刘学彬先
生组成。刘国才先生为环境、社会及管治委员
会的主席。环境、社会及管治委员会的主要职
责为协助董事会监督环境、社会及管治的治
理，确保环境、社会及管治政策的实施，监察
环境、社会及管治相关的表现及目标，适当调
整环境、社会及管治策略，以及监督环境、社
会及管治报告的编制。
于2025财年，环境、社会及管治委员会已审查
本公司环境、社会及管治风险、策略、目标及
企业管治，确保董事会遵守环境、社会及管治
披露规定，与本公司的环境、社会及管治顾问
讨论及评估温室气体排放及资源使用，并检讨
本公司温室气体减排计划的进展情况。
董事会多元化政策
本公司采纳的董事会多元化政策（「董事会多元
化政策」）载有实现董事会多元化的方法，可于
本公司网站查阅。本公司认可董事会多元化的
重要性，因为该政策可提高董事会效率，减少
群体思维的风险，作出更好的决策。
根据董事会多元化政策，提名委员会主要负责
为董事会物色适当的董事候选人，在筛选董事
会候选人时须充分考虑董事会多元化政策。董
事会的提名及委任在考虑多元化的同时，仍将
根据其不时的业务需求沿才授职。
For FY2025, the Nomination Comite has asesed the
independence of the independent non-executive Directors,
considered the re-election of Directors and reviewed
the structure, size and composition of the Board, and
has conducted an anual review of the Board Diversity
Policy and concluded the curent Board composition is
suficiently diverse.
ESG Comite
The ESG Comite consist of two executive Directors,
Mr. Liu Guocai and Mr. Sun Pingfu, and a senior
management, Mr. Liu Xuebin. Mr. Liu Guocai is the
chairperson of the ESG Comite. The main duties of
the ESG Comite are to asist the Board to overse
ESG governance, ensure implementation of ESG policies,
monitor ESG-related performance and targets, adjust ESG
strategies as apropriate and overse the preparation of
the ESG report.
For FY2025, the ESG Comite has reviewed the
Company’s ESG risks, strategies, goals and corporate
governance, ensured the Board’s compliance with
ESG disclosure regulations, discused and asesed
grenhouse gas emisions and resources consumption
with the Company’s ESG consultant, and reviewed the
progres of the Company’s grenhouse gas reduction
plan.
Board Diversity Policy
The Company has adopted a board diversity policy (the
“Board Diversity Policy”) which sets out the aproach
to achieve diversity of the Board and is available on the
website of the Company. The Company recognizes the
importance of diversity of the Board as it promotes board
efectivenes and enable beter decisions to be made due
to the lesened risk of group thinking.
Pursuant to the board diversity policy, the Nomination
Comite has primary responsibility for identifying
suitably qualified candidates to become members of the
Board and shal give adequate consideration to the board
diversity policy in selection of Board candidates. Board
nomination and apointments wil continue to be made on
merit basis based on its busines neds from time to time
while taking into acount diversity.
60年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
本公司旨在维持技能、经验及观点多元化之间
的适当平衡，以提高董事会的效率，维持高标
准企业管治。
目前，提名委员会认为董事会已充分多元化，
筛选董事会候选人可在多元化的基础上参考本
公司的业务模式及具体需求，包括但不限于性
别、种族、语言、文化背景、教育背景、行业
经验及专业经验。
提名委员会及董事会认为现时的董事会之组成
已达致董事会多元化政策所载之目标。
性别多元化
本公司重视本集团各层面的性别多元化。目
前，董事会由两名女性董事及四名男性董事组
成，而本集团的行政总裁为男性。考虑到董事
会满意目前的性别多元化，董事会的目标为至
少有一名女性董事，并已实现该目标。董事会
将继续在未来的委任中优先考虑性别多元化，
但尚未设定具体目标或时间表，因为其认为在
遴选董事时应考虑多元化的所有方面。该性别
多元化的方式亦适用于本集团的雇员队伍，包
括高级管理层。
The Company aims to maintain an apropriate balance of
skils, experience and diversity of perspectives necesary
to enhance the efectivenes of the Board to maintain high
standards of corporate governance.
At present, the Nomination Comite considered that
the Board is suficiently diverse and selection of board
candidates shal be based on a range of diversity
perspectives with reference to the Company’s busines
model and specific neds, including but not limited to
gender, race, language, cultural background, educational
background, industry experience and profesional
experience.
The Nomination Comite and the Board are of the view
that the curent composition of the Board has achieved the
objectives set in the Board Diversity Policy.
Gender Diversity
The Company values gender diversity acros al levels
of the Group. Curently, the Board consists of two female
Directors and four male Directors, and the Group’s chief
executive oficer is male. The Board aimed to have at
least one female Director and has achieved this target,
considering the curent gender diversity on the Board
satisfactory. The Board wil continue to prioritize gender
diversity in future apointments but has not set specific
targets or timelines, as it believes that al aspects of
diversity should be considered when selecting Directors.
This aproach to gender diversity also aplies to the
Group’s workforce, including senior management.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED61
企业管治报告
CORPORATE GOVERNANCE REPORT
下表载列于2025年3月31日，本集团包括董事
会及高级管理层在内的雇员性别比例：
The folowing table sets out the gender ratio in the Group’s
workforce, including the Board and senior management,
as at 31 March 2025:
女性百分比男性百分比
Female percentageMale Percentage
（数目）（数目）
(number)(number)
董事会Board33.3%
(2)
66.7%
(4)
高级管理层Senior Management25.0%
(1)
75.0%
(3)
其他雇员Other employes34.2%
(144)
65.8%
(277)
总计Total34.1%
(147)
65.9%
(284)
The Group wil implement policies to ensure gender
diversity when recruiting staf, aiming to develop a pipeline
of female senior management. The Group wil strive to
enhance female representation and achieve a balanced
gender diversity, considering stakeholders’ expectations
and best practices. The Group focuses on identifying and
training female staf with leadership potential for promotion
to senior management. However, the Group does not
curently set specific gender target for its workforce.
As an equal oportunity employer, the Group considers
other relevant factors in hiring decisions, believing the
curent gender ratio is suitable for the Group’s busines
model and operational neds. Details on the gender ratio
of the Group can be found in the ESG report published
concurently with this anual report.
本集团将在招募雇员时实施确保性别多元化的
政策，旨在培养女性高级管理层。本集团将考
虑持份者的期望及最佳做法，努力提高女性成
员的比例并实现平衡的性别多元化。本集团专
注于物色及培训具有领导潜力的女性雇员，以
晋升至高级管理层。然而，本集团目前并未为
其雇员设定具体的性别目标。作为一个提供平
等机会的雇主，本集团在招募决策时会考虑其
他相关因素，并认为目前的性别比例适合本集
团的业务模式及营运需求。有关本集团性别比
例的详情，请参阅与本年报同时刊发的环境、
社会及管治报告。
62年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
董事提名政策
董事会将甄选及委任董事的责任及权力授予本
公司提名委员会。
本公司采纳的董事提名政策载列提名及委任董
事的甄选准则及提名程序以及董事会继任计
划，旨在确保董事会具备切合本公司业务所需
的技巧、经验及多元观点，以及维持董事会的
持续性及其适当的领导角色。
董事提名政策载列（包括但不限于）下列因素评
估获提名候选人是否合适及可能会对董事会作
出的贡献：
(1). 品格与诚信；
(2). 资质，包括专业资格、技能、知识及经
验；
(3). 董事会多元化政策各方面的多样性；
(4). 董事会对独立非执行董事的要求，以及
上市规则规定的建议独立非执行董事的
独立性；及
(5). 就履行本公司董事会及╱或董事委员会
成员的职责所承诺的时间投入及相关权
益。
董事提名政策亦规定于股东大会选拔及委任新
董事及重选董事的程序。
Director Nomination Policy
The Board has delegated its responsibilities and authority
for selection and apointment of the Directors to the
Nomination Comite of the Company.
The Company has adopted a director nomination
policy which sets out the selection criteria and
nomination proces and the Board sucesion planing
considerations in relation to nomination and apointment
of Directors and aims to ensure that the Board has a
balance of skils, experience and diversity of perspectives
apropriate to the Company and the continuity of the
Board and apropriate leadership at Board level.
The director nomination policy sets out the factors for
asesing the suitability and the potential contribution
to the Board of a proposed candidate, including but not
limited to the folowing:
(1). Character and integrity;
(2). Qualifications including profesional qualifications,
skils, knowledge and experience;
(3). Diversity in al aspects as set out in the Board
Diversity Policy;
(4). Requirements of independent non-executive
Directors on the Board and independence of the
proposed independent non-executive Directors in
acordance with the Listing Rules; and
(5). Comitment in respect of available time and
relevant interest to discharge duties as a member
of the Board and/or Board comite(s) of the
Company.
The director nomination policy also sets out the
procedures for the selection and apointment of new
Directors and re-election of the Directors at general
metings.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED63
企业管治报告
CORPORATE GOVERNANCE REPORT
董事提名政策载列的提名程序如下：
(1). 评估相关候选人的资历、技能、知识、
能力及经验，以及履行董事职责的潜在
时间投入及关注；
(2). 评估相关候选人的个人道德、诚信及声
誉（包括但不限于对该候选人开展适当背
景调查及其他核实程序）；
(3). 经参考本公司董事会多元化政策（经董事
会不时采纳及修订），考虑董事会当时现
行架构、规模及构成以及本公司的企业
策略，并充分顾及董事会适当多元化的
裨益及有关候选人对此的潜在贡献；
(4). 就独立非执行董事候选人而言，将予评
估：(i)有关候选人的独立性（参考（其中
包括）上市规则第3.13条所载的独立性标
准）；及(i)董事会及董事企业管治守则及
企业管治指引所载的有关独立非执行董
事之指引及规定；及
(5). 考虑提名委员会可能认为适当的任何其
他因素及事项。
提名委员会将适时检讨董事提名政策，以确保
有效性。
企业管治职能
董事会负责履行企业管治守则所载之职能，例
如本公司的企业管治政策及常规、董事及高级
管理层的培训及持续专业发展、本公司在遵守
法律法规定方面的政策及常规、遵守标准守
则及雇员书面指引的情况以及本公司遵守企业
管治守则及企业管治报告披露规定的情况。
The nomination proces set out in the director nomination
policy is as folows:
(1). to ases such candidate’s qualifications, skils,
knowledge, ability and experience and also
potential time comitment and atention to perform
the Director’s duties;
(2). to ases such candidate’s personal ethics, integrity
and reputation (including without limitation to
conduct apropriate background checks and other
verification proceses against such candidate);
(3). with reference to the Company’s Board Diversity
Policy (as adopted and amended by the Board
from time to time), to take into acount the then
curent structure, size and composition of the Board
and the Company’s corporate strategy, with due
regard for the benefits of the apropriate diversity
of the Board and also such candidate’s potential
contributions thereto;
(4). in case of a candidate for an independent non-
executive Director, to ases: (i) the independence
of such candidate with reference to, among other
things, the independence criteria as set out in Rule
3.13 of the Listing Rules; and (i) the guidance and
requirements relating to independent non-executive
Directors set out in Corporate Governance Code
and Corporate Governance Guide for Boards and
Directors; and
(5). to consider any other factors and maters as the
Nomination Comite may consider apropriate.
The Nomination Comite wil review the director
nomination policy, as apropriate, to ensure its
efectivenes.
Corporate Governance Functions
The Board is responsible for performing the functions
set out in the Corporate Governance Code, such as the
Company’s corporate governance policies and practices,
training and continuous profesional development of
Directors and senior management, the Company’s policies
and practices on compliance with legal and regulatory
requirements, the compliance of the Model Code and
Employes Writen Guidelines, and the Company’s
compliance with the Corporate Governance Code and
disclosure in this Corporate Governance Report.
64年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
风险管理及内部控制
董事会负责风险管理及内部控制系统并检讨其
有效性。该等系统用于管理而非消除未能实现
业务目标的风险，仅可合理保证而非绝对保证
概无重大不实陈述或损失。
董事会总体负责评估及确定为实现本公司战略
目标、建立及维持合适且有效的风险管理和内
部控制系统，董事会将承担的风险性质及程度。
审核委员会协助董事会主导风险管理及内部控
制系统的设计、实施及监察工作。
本公司已制定及采纳多项风险管理程序及指
引，按主要业务流程及办公职能（包括研发管
理、销售及营销、财务报告、人力资源及信息
系统管理）予以明确的实施授权。
根据本公司风险管理及内部控制系统，本公司
的所有业务部门负责收集信息、分析相应风险
并根据风险制订相应的内部控制系统。本集团
的内部审核部门（「内部审核部」）及审核委员会
负责每年评估风险管理的影响。
所有分部╱部门定期进行内部控制评估，以识
别可能影响本集团业务的风险，以及主要经营
及财务流程、监管合规及信息安全等方面的风
险。各分部╱部门每年进行自评，以确保妥善
遵守有关控制政策。
RISK MANAGEMENT AND INTERNAL
CONTROLS
The Board acknowledges its responsibility for the risk
management and internal control systems and reviewing
their efectivenes. Such systems are designed to manage
rather than eliminate the risk of failure to achieve busines
objectives, and can only provide reasonable and not
absolute asurance against material mistatement or los.
The Board has the overal responsibility for evaluating and
determining the nature and extent of the risks it is wiling
to take in achieving the Company’s strategic objectives,
and establishing and maintaining apropriate and efective
risk management and internal control systems.
The Audit Comite asists the Board in leading the
management and overseing their design, implementation
and monitoring of the risk management and internal
control systems.
The Company has developed and adopted various risk
management procedures and guidelines with defined
authority for implementation by key busines proceses
and ofice functions, including research and development
management, sales and marketing, financial reporting,
human resources and information system management.
Under the Company’s risk management and internal
control systems, al busines departments of the Company
are responsible to colect information, analyze the
coresponding risks and formulate the coresponding
internal control system acording to the risks. The internal
audit department of the Group (the “Internal Audit
Department”) and the Audit Comite are responsible for
evaluating the efect of risk management anualy.
Al divisions/departments conducted internal control
asesment regularly to identify risks that potentialy
impact the busines of the Group and various aspects
including key operational and financial proceses,
regulatory compliance and information security.
Self-evaluation has ben conducted anualy to confirm
that control policies are properly complied with by each
division/department.
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED65
企业管治报告
CORPORATE GOVERNANCE REPORT
管理层与分部╱部门主管协作评估风险发生的
可能性以及风险影响程度，提供处理方案，监
察风险管理进程，并向审核委员会及董事会报
告所有发现及系统有效性。
于2025财年，管理层已向董事会及审核委员会
确认风险管理及内部控制系统的有效性。内部
审核部负责独立审核风险管理及内部控制系统
是否完备及有效，调查涉及欺诈风险的主要事
宜，并向审核委员会报告调查结果。
董事会在管理层报告及内部审核结果的支持
下，经审核风险管理及内部控制系统（包括
2025财年的财务、运营及合规控制）后认为，
该等系统有效且完备。风险管理及内部控制系
统的年度审核亦涵盖财务报告、雇员资质、经
历及相关资源。本公司设有检举程序，雇员可
匿名检举本公司的贿赂、财务不当行为等问题。
本公司亦制定了反贪污政策以防止本公司内部
出现贪污及贿赂行为。本公司设有内部举报渠
道，为雇员公开提供举报任何涉嫌贪污及贿赂
行为的途径。雇员亦可向内部反贪污部门╱内
部审计部门进行举报，有关部门将负责调查经
举报事项并采取适当措施。本公司持续开展反
贪污及反贿赂活动，培养廉洁文化，确保反贪
污及反贿赂的有效性。
本公司已制定披露政策，为本公司董事、高级
管理层及相关雇员提供处理机密资料、监控资
料披露及回应查询的一般指引。控制程序已获
实施，以确保严格禁止未经授权存取及使用内
幕资料。
The management, in cordination with division/department
heads, asesed the likelihod of risk ocurence and
degre of risk impact, provided treatment plans, and
monitored the risk management progres, and reported to
the Audit Comite and the Board on al findings and the
efectivenes of the systems.
The management has confirmed to the Board and
the Audit Comite on the efectivenes of the risk
management and internal control systems for FY2025. The
Internal Audit Department is responsible for performing
independent review of the adequacy and efectivenes
of the risk management and internal control systems. The
Internal Audit Department examined key isues in relation
to the fraud risk and provided its findings to the Audit
Comite.
The Board, as suported by the management report and
the internal audit findings, reviewed the risk management
and internal control systems, including the financial,
operational and compliance controls, for FY2025, and
considered that such systems are efective and adequate.
The anual review on risk management and internal
control systems also covered the financial reporting and
staf qualifications, experiences and relevant resources.
Whistleblowing procedures are in place to facilitate
employes of the Company to raise, in confidence,
concerns such as bribery, financial impropriety or other
maters of the Company.
The Company has also in place the anti-coruption
policy to safeguard against coruption and bribery within
the Company. The Company has an internal reporting
chanel that is open and available for employes of
the Company to report any suspected coruption and
bribery. Employes can also make reports to the internal
anti-coruption department/internal audit function, which
is responsible for investigating the reported incidents and
taking apropriate measures. The Company continues
to cary out anticoruption and anti-bribery activities to
cultivate a culture of integrity and ensure the efectivenes
of anti-coruption and anti-bribery.
The Company has developed its disclosure policy which
provides a general guide to the Company’s Directors,
senior management and relevant employes in handling
confidential information, monitoring information disclosure
and responding to enquiries. Control procedures have
ben implemented to ensure that unauthorized aces and
use of inside information are strictly prohibited.
66年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
DIRECTORS’ RESPONSIBILITY
IN RESPECT OF THE FINANCIAL
STATEMENTS
The Directors acknowledge their responsibility for preparing
the financial statements of the Company for FY2025.
The Directors have prepared the financial statements in
acordance with the HKFRS isued by the Hong Kong
Institute of Certified Public Acountants. Apropriate
acounting policies have also ben used and aplied
consistently except the adoption of revised standards,
amendments to standards and interpretation.
The Directors are 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. The statement of the independent auditors of
the Company about their reporting responsibilities on the
financial statements is set out in the Independent Auditors’
Report on pages 73 to 79 of this anual report.
AUDITORS’ REMUNERATION
The external auditors, Mesrs. Deloite Touche Tohmatsu,
provided audit and review services for the Group. In
adition, they performed non-audit services, primarily
comprising interim review and ESG-related asurance,
as wel as internal control asesment and other related
services.
A breakdown of the remuneration payable to the external
auditors of the Company, Mesrs. Deloite Touche
Tohmatsu, in respect of relevant services for FY2025 is set
out below:
已付╱应付费用
服务种类Service CategoryFes paid/payable
（人民币千元）
(RMB’000)
核数服务Audit Services2,850
非核数服务
（附注）
Non-audit Services
(Note)
1,277
总计Total4,127
Note: The non-audit service fes for FY2025 primarily comprise
charges for interim review and ESG-related asurance
services, as wel as internal control asesment and other
related services.
董事对财务报表的责任
董事确认彼等负有责任编制本公司2025财年的
财务报表。
董事已根据香港会计师公会颁布的香港财务报
告准则编制财务报表，并一直贯彻使用及应用
合适的会计政策（采用经修订准则、准则及注释
修订除外）。
董事并不知悉任何有关可能会令本公司持续经
营能力受到重大质疑的事件或情况的重大不明
确因素。关于本公司独立核数师对财务报表汇
报职责的声明载于本年报独立核数师报告第73
至79页。
核数师的酬金
外部核数师德勤•关黄陈方会计师行为本集团提
供核数及审阅服务。此外，彼等开展非核数服
务，主要包括中期审阅以及环境、社会及管治
相关保证，以及内部控制评估及其他相关服务。
于2025财年，就相关服务应付本公司外聘核数
师德勤•关黄陈方会计师行的薪酬明细如下：
附注： 2025财年的非核数服务费主要包括中期审阅
以及环境、社会及管治相关保证服务费用，以
及内部控制评估及其他相关服务费用。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED67
企业管治报告
CORPORATE GOVERNANCE REPORT
COMPANY SECRETARY
Ms. Fung Wai Sum (冯慧森) was apointed as the
company secretary of the Company on 23 March 2022.
Ms. Fung is a senior manager of Company Secretarial
Services of Tricor Services Limited (a member of
Vistra Group), a global profesional services provider
specializing in integrated busines, corporate and
investor services. She has over 20 years of experience in
the corporate secretarial field in providing profesional
corporate services to Hong Kong listed companies as wel
as multinational, private and ofshore companies.
Ms. Fung is curently the company secretary of listed
companies on the Stock Exchange, namely, FriendTimes
Inc. (友谊时光股份有限公司) (stock code: 6820), Tongdao
Liepin Group (同道猎聘集团) (stock code: 6100),
Grenland Hong Kong Holdings Limited (绿地香港控
股有限公司) (stock code: 337), ClouDr Group Limited
(stock code: 9955) and China ZhengTong Auto Services
Holdings Limited (中国正通汽车服务控股有限公司) (stock
code: 1728), and the joint company secretary of listed
companies on the Stock Exchange, namely, Shenzhen
Neptunus Interlong Bio-technique Company Limited (深
圳市海王英特龙生物技术股份有限公司) (stock code: 8329)
and YSB Inc. (药师帮股份有限公司) (stock code: 9885).
Ms. Fung is a Chartered Secretary, a Chartered
Governance Profesional and an Asociate of both The
Hong Kong Chartered Governance Institute (formerly
known as The Hong Kong Institute of Chartered
Secretaries) and The Chartered Governance Institute in the
United Kingdom. Ms. Fung obtained her master’s degre
in profesional acounting and corporate governance from
City University of Hong Kong in November 2008.
Al Directors have aces to the advice and services of
Ms. Fung on corporate governance and board practices
and maters. During FY2025, Ms. Fung has taken more
than 15 hours of relevant profesional training acording
to Rule 3.29 of the Listing Rules. Mr. Ma Chun Lung, the
financial controler of HK Migao, is the primary corporate
contact person of Ms. Fung.
MODEL CODE
The Company has adopted the Model Code as its code
of conduct regarding securities transactions by the
Directors. Having made specific enquiry with al Directors,
al Directors confirmed that they have complied with the
required standard set out in the Model Code throughout
FY2025.
公司秘书
冯慧森女士于2022年3月23日获委任为本公司
的公司秘书。
冯女士为Vistra集团成员公司卓佳专业商务有限
公司（专门提供整合业务、企业及投资者服务的
全球专业服务提供商）企业服务部高级经理。彼
于企业秘书领域拥有逾20年经验，一直为香港
上市公司以及跨国、私人及境外公司提供专业
企业服务。
冯女士现时为联交所多家上市公司的公司秘
书，该等公司包括友谊时光股份有限公司（股
份代号：6820）、同道猎聘集团（股份代号：
6100）、绿地香港控股有限公司（股份代号：
337）、ClouDr Group Limited（股份代号：
9955）及中国正通汽车服务控股有限公司（股
份代号：1728），并为联交所上市公司深圳
市海王英特龙生物技术股份有限公司（股份代
号：8329）及药师帮股份有限公司（股份代号：
9885）的联席公司秘书。
冯女士为香港公司治理公会（前称香港特许秘书
公会）及英国特许公司治理公会的特许秘书、公
司治理师兼会员。冯女士于2008年11月取得香
港城市大学的专业会计和公司治理硕士学位。
所有董事均可获得冯女士于企业管治及董事会
惯例及事务方面的建议及服务。于2025财年，
冯女士根据上市规则第3.29条参加了超过15小
时的相关专业培训。香港米高财务总监马俊龙
先生为冯女士的主要公司联络人。
标准守则
本公司已采纳标准守则作为董事进行证券交易
的行为守则。经向全体董事作出具体查询后，
全体董事确认，彼等于2025财年一直遵守标准
守则所载的规定标准。
68年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
SHAREHOLDERS’ RIGHTS
The Company engages with the Shareholders through
various comunication chanels.
To safeguard the Shareholder interests and rights,
separate resolution should be proposed for each
substantialy separate isue at general metings, including
the election of individual Director. Al resolutions put
forward at general metings wil be voted on by pol
pursuant to the Listing Rules and pol results wil be
posted on the websites of the Company and of the Stock
Exchange after each general meting.
Convening an Extraordinary General Meting
Pursuant to Article 9.3 of the Articles of Asociation, the
Board may, whenever it thinks fit, convene an extraordinary
general meting. One or more members holding, at the
date of deposit of the requisition, in agregate not les
than one-tenth of the voting rights in the share capital of
the Company may also make a requisition to convene an
extraordinary general meting, by writen requisition to
the Board or the secretary of the Company for purpose of
requiring an extraordinary general meting to be caled by
the Board for the consideration of any busines specified
in such requisition; and such meting shal be held within
two (2) months after the deposit of such requisition. If
within twenty-one (21) days of such deposit, the Board fails
to proced to convene such meting, the requisitionist(s)
himself (themselves) may do so in the same maner, and
al reasonable expenses incured by the requisitionist(s)
as a result of the failure of the Board shal be reimbursed
to the requisitionist(s) by the Company.
Shareholders should folow the requirements and
procedures as set out in the Articles of Asociation for
convening a general meting.
Puting Forward Proposals at General
Metings
There is no provision alowing Shareholders to move
new resolutions at general metings under the Cayman
Companies Act or the Articles of Asociation. Members
who wish to move a resolution may request the Company
to convene a general meting folowing the procedures set
out in the preceding paragraph.
股东权利
本公司透过多种通讯渠道与股东沟通。
为保障股东权益及权利，须就各实质独立的事
项（包括选举个人股东）于股东大会上单独提呈
决议案。所有提呈股东大会的决议案将根据上
市规则投票表决，投票结果须于各股东大会后
于本公司及联交所网站上公布。
召开股东特别大会
根据组织章程细则第9.3条，董事会可在其认为
适当的任何时候召开股东特别大会。任何一位
或以上于递呈要求当日持有不少于合共于本公
司股本之投票权十分之一的股东亦可透过向本
公司董事会或秘书发出书面要求，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；且该大会应于递呈该要求后两(2)个月
内举行。若于递呈当日起二十一(21)日内，董
事会未著手召开有关大会，则提请要求人士可
自发以同样方式作出此举，而提请要求人士因
董事会未召开大会而产生的所有合理开支应由
本公司向递呈要求人偿付。
股东应遵循组织章程细则所载有关召开股东大
会的规定及程序。
在股东大会上提出议案
开曼公司法或组织章程细则并无载列任何有关
股东在股东大会上提呈新决议案的条文。股东
如欲动议决议案，可根据上段所载程序要求本
公司召开股东大会。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED69
企业管治报告
CORPORATE GOVERNANCE REPORT
Puting Forward Enquiries to the Board
For puting forward any enquiries to the Board,
Shareholders may send writen enquiries to the Company.
The Company wil not normaly deal with verbal or
anonymous enquiries.
Contact Details
Shareholders may send their enquiries or requests as
mentioned above to the folowing:
Adres: Rom 801, 8/F, COFCO Tower, 262 Gloucester
Road, Causeway Bay, Hong Kong (To the Board of
Directors)
Email: ir@migaogroup.com
For the avoidance of doubt, Shareholder(s) must deposit
and send the original duly signed writen requisition, notice
or statement, or enquiry (as the case may be) to the above
adres, and provide their ful name, contact details and
identification in order to give efect thereto. Shareholders’
information may be disclosed as required by law.
CHANGE IN CONSTITUTIONAL
DOCUMENTS
Acording to the writen resolutions pased by the then
Shareholders on 28 February 2024, the amended and
restated memorandum of asociation and the articles of
asociation has ben adopted with efect from the Listing
Date. There was no change in the amended and restated
memorandum and articles of asociation during the period
from 28 February 2024 to the date of this anual report.
The Board proposes to amend the Existing Articles and to
adopt the New Memorandum and Articles of Asociation,
in order to, among others, (a) reflect and align with the
legal and regulatory requirements, including the relevant
requirements of the Listing Rules and the Companies
Ordinance; (b) modernize and provide flexibility to the
Company in relation to the conduct of general metings;
and (c) make certain other housekeping changes
(colectively, the “Proposed Amendments”).
向董事会提出查询
就向董事会提出任何查询而言，股东可寄发书
面查询至本公司。本公司一般不会处理口头或
匿名查询。
联络资料
股东可透过以下方式发送查询或上述要求：
地址：香港铜锣湾告士打道262号中粮大厦8楼
801室（致董事会）
电邮：ir@migaogroup.com
为免生疑问，股东必须递呈及寄送正式签署的
书面要求、通知或声明或查询（视情况而定）的
正本至上述地址，并提供全名、联络详情及身
份证明文件，方可生效。股东资料可根据法律
规定而予以披露。
章程文件变动
根据当时股东于2024年2月28日通过的书面决
议案，经修订及重述组织章程大纲及组织章程
细则已获采纳，并自上市日期起生效。自2024
年2月28日至本年报日期止期间，经修订及重述
组织章程大纲及细则概无任何变动。
董事会建议修订现有细则，并采纳新组织章程
大纲及细则，以（其中包括）(a)反映及配合法律
及监管规定，包括上市规则及公司条例的相关
规定；(b)使举行股东大会方面本公司能够与时
并进并能灵活处理事宜；及(c)作出若干其他行
文上变动（统称「建议修订」）。
70年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
The Board proposes to put forward to the Shareholders
a special resolution to amend the Existing Articles
by adopting the New Memorandum and Articles of
Asociation with the Proposed Amendments incorporated
in substitution for, and to the exclusion of, the Existing
Articles. The major areas of the Proposed Amendments
include: (i) to expresly alow the Company to hold
general metings as hybrid metings, provide E-voting,
and improve the eficiency of electronic disemination
of corporate comunications to maintain the New
Articles’ consistency with the expansions of the Stock
Exchange’s paperles listing regime and amendments to
the Companies Ordinance; (i) to bring the New Articles
up-to-date and enhance of clarity and flexibility in line
with the Listing Rules and the Companies Ordinance; and
(i) to update and tidy up definitions and other references
and make other housekeping amendments, including
consequential amendments in line with the above
amendments.
The Proposed Amendments by way of the adoption of the
New Memorandum and Articles of Asociation is subject
to the aproval of the Shareholders by way of special
resolution to be considered and, if thought fit, pased at
the AGM.
A circular containing, among other things, further
details of the Proposed Amendments, together with a
notice convening the AGM and the proxy form, wil be
despatched to the Shareholders in due course.
COMUNICATION WITH SHAREHOLDERS
AND INVESTORS/INVESTOR RELATIONS
The Company considers that efective comunication with
Shareholders is esential for enhancing investor relations
and investor understanding of the Group’s busines
performance and strategies. The Company endeavours
to maintain an on-going dialogue with Shareholders
and in particular, through anual general metings and
other general metings. At the anual general metings,
directors (or their delegates as apropriate) are available
to met Shareholders and answer their enquiries.
董事会建议向股东提呈一项特别决议案，通过
采纳新组织章程大纲及细则以修订现有细则，
并将建议修订纳入以取代及废除现有细则。建
议修订的主要范畴包括：(i)明确允许本公司以
混合会议形式举行股东大会、提供电子投票及
提高以电子方式发放公司通讯的效率，以维持
新细则与联交所扩大无纸化上市机制及对公司
条例的修订一致；(i)使新细则与时俱进，提
高清晰度及灵活性，以符合上市规则及公司条
例；及(i)更新及整理定义及其他参考资料并作
出其他行文上修订，包括与上述修订一致的相
应修订。
以采纳新组织章程大纲及细则的方式之建议修
订须待股东于股东周年大会上以特别决议案批
准及酌情通过后，方可作实。
一份载有（其中包括）建议修订的进一步详情的
通函，连同召开股东周年大会的通告及代表委
任表格，将适时寄发予股东。
与股东及投资者的沟通╱投资者关
系
本公司认为，与股东建立有效的沟通对强化投
资者关系及加深投资者对本集团业务表现及策
略的了解攸关重要。本公司致力（特别是透过股
东周年大会及其他股东大会）与股东持续对话。
董事（或彼等的代表（视情况而定）会出席股东
周年大会见股东，解答股东的提问。
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED71
企业管治报告
CORPORATE GOVERNANCE REPORT
有关股东的政策
本公司已制定股东沟通政策，确保妥善处理股
东的意见及关切。董事会对股东沟通政策进行
年度审阅，并认为该政策已通过「与股东及投资
者的沟通╱投资者关系」一段中披露的措施得
到有效实施。
(a) 公司通讯
上市规则项下的「公司通讯」将以中英文
版本提供予股东及本公司证券的非登记
持有人。股东及本公司证券的非登记持
有人有权选择公司通讯的语言（英文或中
文）或接收方式（印刷形式或电子方式）。
(b) 有关持股的查询
股东可向本公司之股份过户登记处卓佳
证券登记有限公司直接查询彼等之持股
情况。
(c) 公司网站
任何登载于联交所网站的本公司资料
或文件亦将登载于本公司的网站( w.
migaogroup.com )。本公司将不时更新
本公司网站资料。
(d) 股东大会
本公司鼓励股东参与股东大会或在彼等
未能出席大会时委任代表出席及于会上
代其投票。在合适或需要的情况下，董
事会主席、其他董事会成员、董事会辖
下委员会的主席或其委任的代表，以及
外聘核数师应出席本公司的股东大会并
在会上回答股东提问（如有）。
Policies relating to Shareholders
The Company has in place a Shareholders’ comunication
policy to ensure that Shareholders’ views and concerns
are apropriately adresed. The Board has conducted
an anual review on the Shareholders’ comunication
policy and considered that the policy was efectively
implemented with the measures as disclosed under the
paragraph headed “Comunication with Shareholders and
Investors/Investor Relations”.
(a) Corporate Comunication
“Corporate Comunication” as defined under the
Listing Rules wil be provided to Shareholders and
non-registered holders of the Company’s securities
in both English and Chinese versions. Shareholders
and non-registered holders of the Company’s
securities shal have the right to chose the
language (either English or Chinese) or means of
receipt of the Corporate Comunication (in printed
form or through electronic means).
(b) Enquiries about Shareholdings
Shareholders should direct their enquiries about
their shareholdings to the Company’s share
registrar, Tricor Investor Services Limited.
(c) Corporate Website
Any information or documents of the Company
posted on the Stock Exchange’s website wil
also be published on the Company’s website
(w.migaogroup.com). Company shal update
information on the Company’s website from time to
time.
(d) Shareholders’ Metings
Shareholders are encouraged to participate in
general metings or to apoint proxies to atend
and vote at the metings for and on their behalf
if they are unable to atend the metings. Where
apropriate or required, the chairperson of the
Board and other Board members, the chairpersons
of board comites or their delegates, and the
external auditors should atend general metings of
the Company to answer Shareholders’ questions (if
any).
72年报 2024/2025米高集团控股有限公司
企业管治报告
CORPORATE GOVERNANCE REPORT
(e) 其他投资者关系通讯平台
本公司会按需要举办投资者╱分析员推
介会、本地及国际路演、传媒访问、投
资者推广活动及专题论坛等。
股息政策
本公司已就股息派付采纳一项股息政策。本公
司并无任何预设股息派付比率。董事会可能会
于财政年度内根据股息政策内载列的本公司及
本集团之财务状况、营运需求、资本需求及因
素建议及╱或宣派股息。
(e) Other Investor Relations Comunication Platforms
Investor/analysts briefings, roadshows (both
domestic and international), media interviews,
marketing activities for investors and specialist
industry forums etc. wil be launched on a required
basis.
DIVIDEND POLICY
The Company adopted a dividend policy on payment
of dividends. The Company does not have any
pre-determined dividend payout ratio. Depending on
the financial conditions, operational neds, capital
requirements and factors of the Company and the Group
as set out in the dividend policy, dividends may be
proposed and/or declared by the Board during a financial
year.
| 独立核数师报告 INDEPENDENT AUDITOR’S REPORT 致米高集团控股有限公司各股东 TO THE SHAREHOLDERS OF MIGAO GROUP HOLDINGS LIMITED (米高集团控股有限公司) （于开曼群岛注册成立的有限公司） (incorporated in the Cayman Islands with limited liability) 意见 OPINION 我们已审核载列于第80页至第204页米高集团 We have audited the consolidated financial statements of 控股有限公司（「贵公司」）及其附属公司（统称 Migao Group Holdings Limited (the “Company”) and its 「贵集团」）的综合财务报表，此等财务报表包括 subsidiaries (collectively referred to as the “Group”) set 于2025年3月31日的综合财务状况表以及截至 out on pages 80 to 204, which comprise the consolidated 该日止年度的综合损益及其他全面收益表、综 statement of financial position as at 31 March 2025, 合权益变动表及综合现金流量表以及综合财务 and the consolidated statement of profit or loss and 报表附注，包括主要会计政策资料及其他说明 other comprehensive income, consolidated statement 资料。 of changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information and other explanatory information. 我们认为，综合财务报表已根据香港会计师公 In our opinion, the consolidated financial statements give 会（「香港会计师公会」）颁布的香港财务报告准 a true and fair view of the consolidated financial position 则会计准则真实而公平地反映贵集团于2025年 of the Group as at 31 March 2025, and of its consolidated 3月31日的综合财务状况以及其截至该日止年度 financial performance and its consolidated cash flows 的综合财务表现及综合现金流量，并已遵照香 for the year then ended in accordance with HKFRS 港公司条例妥为编制。 Accounting Standards as issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”) and have been properly prepared in compliance with the Hong Kong Companies Ordinance. 意见的基础 BASIS FOR OPINION 我们已根据香港会计师公会颁布的香港审计准 We conducted our audit in accordance with Hong Kong 则（「香港审计准则」）进行审核。我们于该等准 Standards on Auditing (“HKSAs”) as issued by the 则下承担的责任已在本报告「核数师就审核综合 HKICPA. Our responsibilities under those standards 财务报表须承担的责任」一节作进一步阐述。根 are further described in the Auditor’s Responsibilities 据香港会计师公会颁布的专业会计师道德守则 for the Audit of the Consolidated Financial Statements （「守则」），我们独立于贵集团，且我们已履行 section of our report. We are independent of the Group 守则中的其他道德责任。我们相信，我们所获 in accordance with the HKICPA’s Code of Ethics for 得的审核凭证能充足及适当地为我们的意见提 Professional Accountants (the “Code”), and we have 供基础。 fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 73 |
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| 独立核数师报告 INDEPENDENT AUDITOR’S REPORT 关键审核事项 KEY AUDIT MATTERS 关键审核事项是根据我们的专业判断，认为对 Key audit matters are those matters that, in our 本期内综合财务报表的审核最为重要的事项。 professional judgment, were of most significance in 该等事项是在我们审核整体综合财务报表及就 our audit of the consolidated financial statements of 此出具意见时予以处理。我们不会对该等事项 the current period. These matters were addressed in 提供单独的意见。 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 matters. 关键审核事项 我们的审核如何处理关键审核事项 Key audit matter How our audit addressed the key audit matter 贸易及未开票应收款项减值评估 Impairment assessment of trade and unbilled receivables 我们已将贸易及未开票应收款项减值评估识别为一项关键 有关我们贸易及未开票应收款项减值评估的程序包括： 审核事项，原因为贸易及未开票应收款项对贵集团综合财 务状况而言属重大，且预期信贷亏损（「预期信贷亏损」）评 Our procedures in relation to the impairment 估涉及估计不确定性。 assessment of trade and unbilled receivables included: We identified the impairment assessment of trade and unbilled receivables as a key audit matter due to • 理解有关贸易及未开票应收款项信贷亏损拨备的流 the significance of trade and unbilled receivables to 程； the Group’s consolidated financial position and the • Obtaining an understanding of the process assessment of expected credit loss (“ECL”) involved of relating to the allowance for credit losses of estimation uncertainty. trade and unbilled receivables; 贵集团为个别不重大的贸易及未开票应收款项使用集体评 • 评估厘定内部信贷评级的主要判断及假设的合理 估计算预期信贷亏损。预期信贷亏损比率乃基于内部信用 性，该等判断及假设与计算历史违约率以及于预期 评级，为具有相似亏损模式的不同债务人分组。集体评估 信贷亏损模式中作出的前瞻性因素有关； 是基于贵集团的历史违约率，并考虑合理、有理据支持及 • Evaluating the reasonableness of the key 可以合理的成本或努力取得的前瞻性资料而厘定。此外， judgments and assumptions determine the 具重大结余及出现信贷减值的贸易及未开票应收款项就预 internal credit ratings, relating to calculation of 期信贷亏损单独评估。 historical default rates and forward-looking factor The Group uses collective assessment to calculate made in the ECL model; ECL for the trade and unbilled receivables which are individually insignificant. The ECL rates are based on internal credit ratings as groupings of various debtors that have similar loss patterns. The collective assessment is based on the Group’s historical default rates taking into consideration forward-looking information that is reasonable and supportable and available without undue costs or effort. In addition, trade and unbilled receivables with significant balances and credit impaired are assessed for ECL individually. 74 米高集团控股有限公司 年报 2024/2025 |
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| 独立核数师报告 INDEPENDENT AUDITOR’S REPORT 关键审核事项（续） KEY AUDIT MATTERS (CONTINUED) 关键审核事项 我们的审核如何处理关键审核事项 Key audit matter How our audit addressed the key audit matter 贸易及未开票应收款项减值评估 Impairment assessment of trade and unbilled receivables 诚如综合财务报表附注4所披露，于2025年3月31日， • 评估预期信贷亏损模型中所用数据的完整性、准确 贸易及未开票应收款项账面值约为人民币312,322,000 性及相关性及检查计算的算术准确性；及 元，扣除信贷亏损拨备约为人民币18,796,000元。 • Evaluating the completeness, accuracy and As disclosed in Note 4 to the consolidated financial relevance of data used in the ECL model statements, as at 31 March 2025, the carrying amount and checking the arithmetic accuracy of the of trade and unbilled receivables was approximately calculations; and RMB312,322,000, net of allowance for credit losses of approximately RMB18,796,000. • 取得用于计算历史违约率的贸易及未开票应收款项 的账龄报告，并透过抽查选定发票或交付单据的账 龄测试准确性。 • Obtaining the aging reports of trade and unbilled receivables used to calculate the historical default rates and testing the accuracy by checking the aging of selected invoices or delivery documents on a sample basis. 其他资料 OTHER INFORMATION 贵公司董事须对其他资料承担责任。其他资料 The directors of the Company are responsible for the 包括载于年报的资料，惟不包括综合财务报表 other information. The other information comprises the 及我们的核数师报告。 information included in the annual report, but does not include the consolidated financial statements and our auditor’s report thereon. 我们对综合财务报表作出的意见并无涵盖其他 Our opinion on the consolidated financial statements does 资料，而我们不会对其他资料发表任何形式的 not cover the other information and we do not express any 核证结论。 form of assurance conclusion thereon. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 75 |
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| 独立核数师报告 INDEPENDENT AUDITOR’S REPORT 其他资料（续） OTHER INFORMATION (CONTINUED) 就我们审核综合财务报表而言，我们的责任为 In connection with our audit of the consolidated financial 阅读其他资料，从而考虑其他资料是否与综合 statements, our responsibility is to read the other 财务报表或我们在审核过程中获悉的资料存在 information and, in doing so, consider whether the other 重大不符，或似乎存在重大错误陈述。倘若我 information is materially inconsistent with the consolidated 们基于已进行的工作认为其他资料出现重大错 financial statements or our knowledge obtained in the 误陈述，我们须报告有关事实。就此，我们毋 audit or otherwise appears to be materially misstated. If, 须作出报告。 based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 董事及肩负管治责任者就综合财务 RESPONSIBILITIES OF DIRECTORS AND 报表须承担的责任 THOSE CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED FINANCIAL STATEMENTS 贵公司董事须负责根据香港会计师公会颁布的 The directors of the Company are responsible for the 香港财务报告准则会计准则及香港公司条例编 preparation of the consolidated financial statements 制真实而公平地反映情况的综合财务报表，及 that give a true and fair view in accordance with HKFRS 董事厘定对编制综合财务报表属必要的有关内 Accounting Standard as issued by the HKICPA and the 部监控，以使该等综合财务报表不会存在由于 Hong Kong Companies Ordinance, and for such internal 欺诈或错误而导致的重大错误陈述。 control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 在编制综合财务报表时，董事须负责评估贵集 In preparing the consolidated financial statements, the 团持续经营的能力，并披露与持续经营有关的 directors are responsible for assessing the Group’s ability 事项（如适用）。除非董事拟将贵集团清盘或 to continue as a going concern, disclosing, as applicable, 停止营运，或除此之外并无其他实际可行的办 matters related to going concern and using the going 法，否则须采用以持续经营为基础的会计法。 concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. 该等肩负管治责任者负责监督贵集团的财务报 Those charged with governance are responsible for 告流程。 overseeing the Group’s financial reporting process. 76 米高集团控股有限公司 年报 2024/2025 |
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| 独立核数师报告 INDEPENDENT AUDITOR’S REPORT 核数师就审核综合财务报表须承担 AUDITOR’S RESPONSIBILITIES FOR 的责任 THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS 我们的目标为合理确定综合财务报表整体而言 Our objectives are to obtain reasonable assurance about 是否不会存在由于欺诈或错误而导致的重大错 whether the consolidated financial statements as a whole 误陈述，并发出载有我们意见的核数师报告。 are free from material misstatement, whether due to fraud 我们根据我们议定的委聘条款仅向全体股东报 or error, and to issue an auditor’s report that includes our 告，不作其他用途。我们并不就本报告之内容 opinion solely to you, as a body, in accordance with our 对任何其他人士承担任何责任或接受任何责 agreed terms of engagement, and for no other purpose. 任。合理确定属高层次的核证，惟根据香港审 We do not assume responsibility towards or accept 计准则进行的审核工作不能保证总能察觉所存 liability to any other person for the contents of this report. 在的重大错误陈述。错误陈述可因欺诈或错误 Reasonable assurance is a high level of assurance, but 产生，倘个别或整体在合理预期情况下可影响 is not a guarantee that an audit conducted in accordance 使用者根据此等综合财务报表作出的经济决定 with HKSAs will always detect a material misstatement 时，则被视为重大错误陈述。 when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 在根据香港审计准则进行审计的过程中，我们 As part of an audit in accordance with HKSAs, we 运用专业判断，保持专业怀疑态度。我们亦： exercise professional judgment and maintain professional skepticism throughout the audit. We also: • 识别及评估由于欺诈或错误而导致综合 • Identify and assess the risks of material 财务报表存在重大错误陈述的风险、设 misstatement of the consolidated financial 计及执行审计程序以应对该等风险，以 statements, whether due to fraud or error, design 及获取充足和适当的审计凭证，作为我 and perform audit procedures responsive to those 们意见的基础。由于欺诈可能涉及串 risks, and obtain audit evidence that is sufficient 谋、伪造、蓄意遗漏、虚假陈述或凌驾 and appropriate to provide a basis for our opinion. 内部监控的情况，因此未能发现因欺诈 The risk of not detecting a material misstatement 而导致的重大错误陈述的风险高于未能 resulting from fraud is higher than for one resulting 发现因错误而导致的重大错误陈述的风 from error, as fraud may involve collusion, forgery, 险。 intentional omissions, misrepresentations, or the override of internal control. • 了解与审计相关的内部监控，以设计适 • Obtain an understanding of internal control relevant 当的审计程序，惟并非旨在对贵集团内 to the audit in order to design audit procedures 部监控的有效性发表意见。 that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • 评估董事所采用会计政策的恰当性及作 • Evaluate the appropriateness of accounting policies 出会计估计和相关披露的合理性。 used and the reasonableness of accounting estimates and related disclosures made by the directors. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 77 |
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| 独立核数师报告 INDEPENDENT AUDITOR’S REPORT 核数师就审核综合财务报表须承担 AUDITOR’S RESPONSIBILITIES FOR 的责任（续） THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) • 对董事采用持续经营为基础的会计法的 • Conclude on the appropriateness of the directors’ 恰当性作出结论，并根据所获取的审计 use of the going concern basis of accounting and, 凭证，确定是否存在与事项或情况有关 based on the audit evidence obtained, whether 的重大不确定性，从而可能导致对贵集 a material uncertainty exists related to events or 团的持续经营能力产生重大疑虑。倘我 conditions that may cast significant doubt on the 们认为存在重大不确定性，则有必要在 Group’s ability to continue as a going concern. 核数师报告中提请使用者注意综合财务 If we conclude that a material uncertainty exists, 报表中的相关披露。倘有关披露不足， we are required to draw attention in our auditor’s 则修订我们意见。我们的结论乃基于截 report to the related disclosures in the consolidated 至核数师报告日期止所取得的审计凭 financial statements or, if such disclosures are 证。然而，未来事项或情况可能导致贵 inadequate, to modify our opinion. Our conclusions 集团无法持续经营。 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. • 评估综合财务报表的整体呈报方式、结 • Evaluate the overall presentation, structure and 构及内容，包括披露资料，以及综合财 content of the consolidated financial statements, 务报表是否中肯反映相关交易和事项。 including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • 计划和执行集团审计，以获取关于集团 • Plan and perform the group audit to obtain sufficient 内实体或业务单位财务信息的充足和适 appropriate audit evidence regarding the financial 当的审计凭证，为对集团财务报表形成 information of the entities or business units within 意见提供基础。我们负责指导、监督和 the group as a basis for forming an opinion on the 检讨为集团审计而执行的审计工作。我 group financial statements. We are responsible for 们为审核意见承担全部责任。 the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. 78 米高集团控股有限公司 年报 2024/2025 |
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| 独立核数师报告 INDEPENDENT AUDITOR’S REPORT 核数师就审核综合财务报表须承担 AUDITOR’S RESPONSIBILITIES FOR 的责任（续） THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 我们与肩负管治责任者就（其中包括）审计的计 We communicate with those charged with governance 划范围、时间安排及重大审计发现进行沟通， regarding, among other matters, the planned scope and 其中包括我们在审计过程中识别的内部监控的 timing of the audit and significant audit findings, including 任何重大缺失。 any significant deficiencies in internal control that we identify during our audit. 我们亦向肩负管治责任者作出声明，指出我们 We also provide those charged with governance 已符合有关独立性的相关道德要求，并与彼等 with a statement that we have complied with relevant 沟通可能被合理认为会影响我们独立性的所有 ethical requirements regarding independence, and 关系及其他事宜，以及为消除威胁所采取的行 to communicate with them all relationships and other 动或所采用的保障措施（如适用）。 matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. 从与肩负管治责任者沟通的事项中，我们厘定 From the matters communicated with those charged with 对本期间的综合财务报表的审计至关重要的事 governance, we determine those matters that were of 项，因而构成关键审核事项。我们在核数师报 most significance in the audit of the consolidated financial 告中描述该等事项，除非法律或法规不允许公 statements of the current period and are therefore the key 开披露该等事项，在极端罕见的情况下，倘合 audit matters. We describe these matters in our auditor’s 理预期在我们报告中沟通某事项造成的负面后 report unless law or regulation precludes public disclosure 果超出产生的公众利益，则我们决定不应在报 about the matter or when, in extremely rare circumstances, 告中传达该事项。 we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 出具本独立核数师报告的审计项目合伙人为李 The engagement partner on the audit resulting in this 风暾（执业证书编号：P07302）。 independent auditor’s report is Li Fung Tun (practising certificate number: P07302). 德勤•关黄陈方会计师行 Deloitte Touche Tohmatsu 执业会计师 Certified Public Accountants 香港 Hong Kong 2025年6月26日 26 June 2025 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 79 |
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| 综合损益及其他全面收益表 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 截至2025年3月31日止年度 For the year ended 31 March 2025 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 附注 人民币千元 人民币千元 NOTES RMB’000 RMB’000 收益 Revenue 5 4,965,954 3,770,543 销货成本 Cost of goods sold (4,323,907) (3,234,039) 毛利 Gross profit 642,047 536,504 其他收入 Other income 6 20,400 9,218 其他收益及亏损 Other gains and losses 7 5,526 5,593 预期信贷亏损模式下的 Impairment losses under expected 减值亏损，扣除拨回 credit loss model, net of reversal 35 (3,993) 2,600 分销及销售开支 Distribution and selling expenses (32,049) (30,105) 一般及行政开支 General and administrative expenses (137,045) (93,398) 研发开支 Research and development expenses (34,831) (30,932) 上市开支 Listing expenses – (40,287) 应占合营企业业绩 Share of result of a joint venture 18 (26,702) (5,992) 财务成本 Finance costs 8 (19,980) (19,597) 除税前溢利 Profit before tax 413,373 333,604 所得税开支 Income tax expense 9 (73,889) (57,410) 年内溢利 Profit for the year 10 339,484 276,194 其他全面开支 Other comprehensive expense 其后可重新分类至损益的 Item that may be reclassified 项目： subsequently to profit or loss: －换算一项海外业务产生之 – Exchange difference arising on 汇兑差额 translation of a foreign operation (1,827) (4,589) 年内全面收益总额 Total comprehensive income for the year 337,657 271,605 以下人士应占年内溢利： Profit for the year attributable to: －本公司拥有人 – Owners of the Company 307,471 252,479 －非控股权益 – Non-controlling interests 32,013 23,715 339,484 276,194 以下人士应占年内全面收益 Total comprehensive income for the 总额： year attributable to: －本公司拥有人 – Owners of the Company 305,644 247,890 －非控股权益 – Non-controlling interests 32,013 23,715 337,657 271,605 每股盈利 Earnings per share 13 －基本（人民币元） – Basic (RMB) 0.34 0.37 －摊薄（人民币元） – Diluted (RMB) 0.34 0.37 80 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | |||
|---|---|---|---|---|
| 2025 | 2024 |
| 4,965,954 |
|---|
| (4,323,907) |
| 642,047 |
| 20,400 |
| 5,526 |
| (3,993) |
| (32,049) |
| (137,045) |
| (34,831) |
| – |
| (26,702) |
| (19,980) |
| 413,373 |
| (73,889) |
| 339,484 |
| (1,827) |
| 337,657 |
| 307,471 |
| 32,013 |
| 339,484 |
| 305,644 |
| 32,013 |
| 337,657 |
| 0.34 |
| 0.34 |
| 综合财务状况表 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 于2025年3月31日 as at 31 March 2025 于3月31日 As at 31 March 2025年 2024年 2025 2024 附注 人民币千元 人民币千元 NOTES RMB’000 RMB’000 非流动资产 Non-current assets 厂房及设备 Plant and equipment 14 474,018 455,092 使用权资产 Right-of-use assets 15 156,745 144,004 预付款项及按金 Prepayments and deposits 21 59,248 9,851 商誉 Goodwill 16 12,069 12,069 无形资产 Intangible asset 17 2,377 3,962 于合营企业之权益 Interest in a joint venture 18 89,605 116,307 递延税项资产 Deferred tax assets 19 4,697 3,699 798,759 744,984 流动资产 Current assets 存货 Inventories 20 183,157 449,326 贸易及其他应收款项以及预付Trade and other receivables and 款项 prepayments 21 3,180,445 2,428,151 应收合营企业款项 Amounts due from joint ventures 22 19,412 18,520 按公平值计量且其变动计入当 Financial assets at fair value through 期损益的金融资产 profit or loss (“FVTPL”) 32 82,758 – 受限制现金 Restricted cash 23 222,785 152,205 银行结余及现金 Bank balances and cash 23 750,804 812,343 4,439,361 3,860,545 分类为持作出售之资产 Assets classified as held for sale 14 8,356 – 4,447,717 3,860,545 流动负债 Current liabilities 贸易及其他应付款项 Trade and other payables 24 734,213 519,515 合同负债 Contract liabilities 25 764,789 745,120 税项负债 Tax liabilities 231,683 171,881 借款 Borrowings 26 428,010 380,736 租赁负债 Lease liabilities 27 3,232 4,841 2,161,927 1,822,093 流动资产净值 Net current assets 2,285,790 2,038,452 总资产减流动负债 Total assets less current liabilities 3,084,549 2,783,436 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 81 |
|---|
| 2025年 | 2024年 | |||
|---|---|---|---|---|
| 2025 | 2024 |
| 474,018 |
|---|
| 156,745 |
| 59,248 |
| 12,069 |
| 2,377 |
| 89,605 |
| 4,697 |
| 798,759 |
| 183,157 |
| 3,180,445 |
| 19,412 |
| 82,758 |
| 222,785 |
| 750,804 |
| 4,439,361 |
| 8,356 |
| 4,447,717 |
| 734,213 |
| 764,789 |
| 231,683 |
| 428,010 |
| 3,232 |
| 2,161,927 |
| 2,285,790 |
| 3,084,549 |
| 综合财务状况表 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 于3月31日 As at 31 March 2025年 2024年 2025 2024 附注 人民币千元 人民币千元 NOTES RMB’000 RMB’000 资本及储备 Capital and reserves 股本 Share capital 28 64,496 63,861 储备 Reserves 2,666,211 2,384,415 Equity attributable to owners of the 本公司拥有人应占权益 Company 2,730,707 2,448,276 非控股权益 Non-controlling interests 186,038 167,416 权益总额 Total equity 2,916,745 2,615,692 非流动负债 Non-current liabilities 递延税项负债 Deferred tax liabilities 19 2,400 2,783 借款 Borrowings 26 154,334 164,427 租赁负债 Lease liabilities 27 11,070 534 167,804 167,744 3,084,549 2,783,436 载于第80至204页之综合财务报表已于2025年 The consolidated financial statements on pages 80 to 204 6月26日获董事会批准及授权刊发，并由以下董 were approved and authorised for issue by the board of 事代表签署： directors on 26 June 2025 and are signed on its behalf by: 刘国才 董本梓 LIU GUOCAI DONG BENZI 董事 董事 DIRECTOR DIRECTOR 82 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | |||
|---|---|---|---|---|
| 2025 | 2024 |
| 64,496 |
|---|
| 2,666,211 |
| 2,730,707 |
| 186,038 |
| 2,916,745 |
| 2,400 |
| 154,334 |
| 11,070 |
| 167,804 |
| 3,084,549 |
| 综合权益变动表 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 截至2025年3月31日止年度 For the year ended 31 March 2025 本公司拥有人应占 Attributable to owners of the Company 股本 股份溢价 法定储备 换算储备 其他储备 保留盈利 小计 非控股权益 总计 Non- Share Share Statutory Translation Other Retained controlling capital premium reserve reserve reserve earnings Subtotal interests Total 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 （附注a） （附注b） (note a) (note b) 于2023年4月1日 At 1 April 2023 66 – 142,046 (2,937) (1,167,398) 2,449,035 1,420,812 155,081 1,575,893 年内溢利 Profit for the year – – – – – 252,479 252,479 23,715 276,194 Other comprehensive expense 年内其他全面开支 for the year – – – (4,589) – – (4,589) – (4,589) Total comprehensive (expense) 年内全面（开支）收益总额 income for the year – – – (4,589) – 252,479 247,890 23,715 271,605 转至法定储备 Transfer to statutory reserve – – 5,818 – – (5,818) – – – Dividends paid to 支付予非控股权益的股息 non-controlling interests – – – – – – – (11,380) (11,380) Capitalisation issue 资本化发行（详见附注28(iii)） (as detailed in Note 28 (iii)) 47,832 (47,832) – – – – – – – Issue of new shares upon the 于首次公开发售 initial public offerings （「首次公开发售」）时发行 (the “IPO”) (as detailed in 新股（详见附注28(iv)） Note 28 (iv)) 15,963 816,755 – – – – 832,718 – 832,718 Transaction costs attributable to 发行新股应占交易成本 issue of new shares – (53,144) – – – – (53,144) – (53,144) 于2024年3月31日 At 31 March 2024 63,861 715,779 147,864 (7,526) (1,167,398) 2,695,696 2,448,276 167,416 2,615,692 年内溢利 Profit for the year – – – – – 307,471 307,471 32,013 339,484 Other comprehensive 年内其他全面开支 expense for the year – – – (1,827) – – (1,827) – (1,827) Total comprehensive (expense) 年内全面（开支）收益总额 income for the year – – – (1,827) – 307,471 305,644 32,013 337,657 转至法定储备 Transfer to statutory reserve – – 5,541 – – (5,541) – – – 行使超额配股权 Exercise of over-allotment options （详见附注28(v)） (as detailed in Note 28 (v)) 635 32,445 – – – – 33,080 – 33,080 Transaction costs attributable to exercise of over- 行使超额配股权应占交易成本 allotment options – (848) – – – – (848) – (848) Dividends paid to 支付予非控股权益的股息 non-controlling interests – – – – – – – (13,391) (13,391) Dividends recognized as 确认为分派的股息 distribution （详见附注11） (as detailed in note 11) – (55,445) – – – – (55,445) – (55,445) 于2025年3月31日 At 31 March 2025 64,496 691,931 153,405 (9,353) (1,167,398) 2,997,626 2,730,707 186,038 2,916,745 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 83 |
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| 股本 | 股份溢价 | 法定储备 | 换算储备 | 其他储备 | 保留盈利 | 小计 | 非控股权益 | 总计 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | Share premium | Statutory reserve | Translation reserve | Other reserve | Retained earnings | Subtotal | Non- controlling interests | Total |
| 综合权益变动表 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 附注： Notes: (a) 如有关在中华人民共和国（「中国」）成立的企 (a) As stipulated by the relevant laws and regulations for 业的法律法规所规定，本集团的中国附属公司 enterprises established in the People’s Republic of China 须维持法定盈余储备金。相关中国附属公司须 (“PRC”), the Group’s PRC subsidiaries are required to 从其法定财务报表所反映的除税后溢利中至少 maintain a statutory surplus reserve fund. Appropriation 拨出10%至有关储备，而有关金额及拨款由 to such reserve is made out of at least 10% of profit after 其董事会每年决定。倘法定盈余储备的结余已 taxation as reflected in the statutory financial statements 达到相关中国附属公司注册资本的50%，则 of the relevant PRC subsidiaries while the amounts and 可停止拨至法定盈余储备。法定盈余储备可用 appropriation are decided by their board of directors 于补足过往年度亏损（如有）并可通过资本化 annually. The appropriation to statutory surplus reserve 发行的方式用于转换为资本。 may cease if the balance of the statutory surplus reserve has reached 50% of the relevant PRC subsidiaries’ registered capital. The statutory surplus reserves can be used to make up prior year losses, if any, and can be applied in conversion into capital by means of capitalisation issue. (b) 于2023年4月1日的其他储备主要指视作向 (b) Other reserve as at 1 April 2023 mainly represented 米高集团控股有限公司（「本公司」）控股股东 deemed distribution to Mr. Liu Guocai (“Mr. Liu”), the 刘国才先生（「刘先生」）作出的分派，该分派 controlling shareholder of Migao Group Holdings Limited 乃源于(i)应收刘先生所控制的关联公司免息 (“the Company”), arising from (i) interest-free amounts 款项；(ii)本集团先前将其于四家全资附属公 due from related companies controlled by Mr. Liu, (ii) re- 司的全部股权出售予亚太钾肥控股有限公司 determination of consideration in relation to the Group’s （「亚太钾肥控股」，刘先生全资拥有的关联公 previous disposal of its entire equity interest in four wholly- 司）所涉及代价的重新厘定；(iii)对于2020年 owned subsidiaries, to Asia Pacific Potash Holdings 3月31日应收刘先生所控制关联公司款项净额 Limited (“APPH”), a related company wholly-owned by 的豁免；及(iv)集团重组项下香港米高实业有 Mr. Liu, (iii) the waiver of net amount due from related 限公司（「香港米高」）的收购代价与于收购日 companies controlled by Mr. Liu as at 31 March 2020, and 期香港米高的缴足股本之差额。 (iv) difference between the acquisition considerations of H.K. Migao Industry Limited (“H.K. Migao”) under group reorganisation and the paid-up capital of H.K. Migao at the date of acquisition. 84 米高集团控股有限公司 年报 2024/2025 |
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| 综合现金流量表 CONSOLIDATED STATEMENT OF CASH FLOWS 截至2025年3月31日止年度 For the year ended 31 March 2025 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 经营活动 OPERATING ACTIVITIES 除税前溢利 Profit before tax 413,373 333,604 就以下各项作出调整： Adjustments for: 厂房及设备折旧 Depreciation of plant and equipment 9,092 7,409 无形资产摊销 Amortisation of intangible asset 1,585 1,585 使用权资产折旧 Depreciation of right-of-use assets 8,283 9,073 应占合营企业业绩 Share of result of a joint venture 26,702 5,992 减值亏损拨回净额 Impairment losses, net of reversal 3,993 (2,600) 财务成本 Finance costs 19,980 19,597 利息收入 Interest income (2,055) (4,473) 按公平值计量且其变动 计入当期损益的金融资产的 Gain from changes in fair value of financial 公平值变动收益 assets at FVTPL (7,988) – Loss (gain) on disposal of plant and 出售厂房及设备亏损（收益） equipment 49 (170) Operating cash flows before movements 营运资金变动前经营现金流量 in working capital 473,014 370,017 贸易及其他应收款项以及 Increase in trade and other receivables and 预付款项增加 prepayments (873,566) (763,846) 存货减少（增加） Decrease (increase) in inventories 302,914 (260,502) 贸易及其他应付款项 Increase (decrease) in trade and other 增加（减少） payables 212,351 (41,762) 合同负债增加 Increase in contract liabilities 19,669 295,514 应收一家合营企业款项（增加） (Increase) decrease in amounts due from a 减少 joint venture (686) 396 经营所得（所用）现金 Cash generated from (used in) operations 133,696 (400,183) 已付所得税 Income taxes paid (15,468) (39,951) NET CASH FROM (USED IN) OPERATING 经营活动所得（所用）现金净额 ACTIVITIES 118,228 (440,134) Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 85 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 413,373 |
|---|
| 9,092 |
| 1,585 |
| 8,283 |
| 26,702 |
| 3,993 |
| 19,980 |
| (2,055) |
| (7,988) |
| 49 |
| 473,014 |
| (873,566) |
| 302,914 |
| 212,351 |
| 19,669 |
| (686) |
| 133,696 |
| (15,468) |
| 118,228 |
| 综合现金流量表 CONSOLIDATED STATEMENT OF CASH FLOWS 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 投资活动 INVESTING ACTIVITIES 存放受限制现金 Placement of restricted cash (551,492) (509,565) Payment of deposits in relation to sales and 有关出售及租回安排之按金付款 leaseback arrangement (8,000) (8,000) 购买按公平值计量且其变动计入 当期损益的金融资产 Purchases of financial assets at FVTPL (298,330) – 赎回按公平值计量且其变动计入 Proceeds of redemption of financial assets at 当期损益的金融资产之所得款项 FVTPL 223,560 – 来自一名股东的还款 Repayment from a shareholder – 274 向关联公司垫款 Advance to a related company – (4,760) 购买厂房及设备 Purchase of plant and equipment (59,412) (10,681) 使用权资产之预付款项 Upfront payment for right-of-use assets (11,029) – Deposits paid for acquisition of plant and 收购厂房及设备之已付按金 equipment (49,397) – 提取受限制现金 Withdrawal of restricted cash 480,912 527,844 已收利息收入 Interest income received 2,055 4,473 来自合营企业之还款 Repayments from a joint venture – 8,574 Proceeds from disposal of plant and 出售厂房及设备所得款项 equipment 116 412 NET CASH (USED IN) FROM INVESTING 投资活动（所用）所得现金净额 ACTIVITIES (271,017) 8,571 融资活动 FINANCING ACTIVITIES 借款还款 Repayments of borrowings (316,846) (264,178) 已付利息 Interest paid (19,849) (19,167) 租赁负债还款 Repayments of lease liabilities (5,239) (5,682) 支付予非控股权益股息 Dividends paid to non-controlling interests (13,391) (11,380) Dividends paid to shareholders of the 支付予本公司股东股息 Company (55,445) – 向关联公司还款 Repayments to related companies – (204,019) 来自一家关联公司之借贷还款 Repayment of loan from a related company – (105,000) 发行股份所得款项 Proceeds from issue of shares – 832,718 Proceeds from exercise of over-allotment 行使超额配股权所得款项 options 33,080 – 筹集新借款 New borrowings raised 469,911 545,023 来自关联公司之垫款 Advances from a related company 7,755 18,524 来自一家关联公司之新借贷 New loan from a related company – 120,750 已付股份发行成本 Share issue cost paid (6,685) (33,823) 86 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| (551,492) |
|---|
| (8,000) |
| (298,330) |
| 223,560 |
| – |
| – |
| (59,412) |
| (11,029) |
| (49,397) |
| 480,912 |
| 2,055 |
| – |
| 116 |
| (271,017) |
| (316,846) |
| (19,849) |
| (5,239) |
| (13,391) |
| (55,445) |
| – |
| – |
| – |
| 33,080 |
| 469,911 |
| 7,755 |
| – |
| (6,685) |
| 综合现金流量表 CONSOLIDATED STATEMENT OF CASH FLOWS 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 融资活动所得现金净额 NET CASH FROM FINANCING ACTIVITIES 93,291 873,766 现金及现金等价物（减少） NET (DECREASE) INCREASE IN CASH AND 增加净额 CASH EQUIVALENTS (59,498) 442,203 CASH AND CASH EQUIVALENTS AT THE 年初现金及现金等价物 BEGINNING OF THE YEAR 812,343 365,731 外汇汇率变动之影响 Effect of foreign exchange rate changes (2,041) 4,409 CASH AND CASH EQUIVALENTS AT THE END 年末现金及现金等价物 OF THE YEAR, 即银行结余及现金 represented by bank balances and cash 750,804 812,343 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 87 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 93,291 |
|---|
| (59,498) |
| 812,343 |
| (2,041) |
| 750,804 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. 一般资料 1. GENERAL INFORMATION 本公司于2017年11月21日根据开曼 The Company was incorporated in the Cayman 群岛公司法第22章（1961年法例三， Islands as an exempted company with limited 经综合及修订）于开曼群岛注册成立 liability on 21 November 2017 under the Companies 为获豁免有限公司。其直接控股公司 Act, Cap. 22 (Law 3 of 1961, as consolidated and 为Migao Holdings Limited（「Migao revised) of the Cayman Islands. Its immediate Holdings」），该公司为一家于2017年 holding company is Migao Holdings Limited (“Migao 11月17日于英属处女群岛（「英属处女群 Holdings”), a company incorporated in the British 岛」）注册成立之公司。其最终控股公司 Virgin Islands (the “BVI”) on 17 November 2017. 为Migao International Holding Limited Its ultimate holding company is Migao International （「Migao Barbados」，一家于2005年8 Holding Limited (“Migao Barbados”), a company 月19日根据英属处女群岛法律注册成立 incorporated under the laws of the BVI with limited 的有限公司，并于2010年1月25日不再 liability on 19 August 2005 and was discontinued as 作为根据英属处女群岛法律存续的公司 a company under the laws of the BVI and continuing 及成为根据巴贝多法律存续的公司）。本 as a company under the laws of Barbados on 25 公司之控股股东为刘先生。本公司股份 January 2010. The controlling shareholder of the 已于2024年3月21日在联交所主板上市 Company is Mr. Liu. The shares of the Company （「上市」）。 had been listed on the Main Board of the Stock Exchange on 21 March 2024 (the “Listing”). 本公司的注册办事处及主要营业地的地 The addresses of the registered office and principal 址载于本公司截至2025年3月31日止年 place of business of the Company are set out in the 度年报的公司资料部分。 corporate information section of the annual report of the Company for the year ended 31 March 2025. 本公司为一家投资控股公司，及其附属 The Company is an investment holding company 公司主要于中国从事特种钾肥的生产及 and its subsidiaries are principally engaged in the 贸易。 manufacturing and trading of specialty potash- based fertilizers in the PRC. 综合财务报表以人民币（「人民币」）呈 The consolidated financial statements are presented 列，人民币亦为本公司功能货币。 in Renminbi (“RMB”), which is also the functional currency of the Company. 88 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. 应用新订香港财务报告准则会 2. APPLICATION OF NEW AND 计准则及其修订本 AMENDMENTS TO HKFRS ACCOUNTING STANDARDS 于本年度强制生效的新订香港财 New and amendments to HKFRS 务报告准则会计准则及其修订本 Accounting Standards that are mandatorily effective for the current year 为编制综合财务报表，于本年度，本集 In the current year, the Group has applied the 团已首次应用由香港会计师公会（「香港 following amendments to HKFRS Accounting 会计师公会」）颁布并于2024年4月1日开 Standards issued by the Hong Kong Institute of 始的本集团年度期间内强制生效的下列 Certified Public Accountants (“HKICPA”) for the 香港财务报告准则会计准则修订本： first time, which are mandatorily effective for the Group’s annual period beginning on 1 April 2024 for the preparation of the consolidated financial statements: 香港财务报告准则 售后租回之租赁负债 Amendments to Lease Liability in a Sale and 第16号（修订本） HKFRS 16 Leaseback 香港会计准则第1号 分类为流动或非流动 Amendments to Classification of Liabilities as （修订本） 负债及香港诠释 HKAS 1 Current or Non-current and 第5号之相关修订 related amendments to Hong （2020年） Kong Interpretation 5 (2020) 香港会计准则第1号 附带契诺的非流动 Amendments to Non-current Liabilities with （修订本） 负债 HKAS 1 Covenants 香港会计准则第7号 供应商融资安排 Amendments Supplier Finance Arrangements 及香港财务报告准 to HKAS 7 and 则第7号（修订本） HKFRS 7 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 89 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. 应用新订香港财务报告准则会 2. APPLICATION OF NEW AND 计准则及其修订本（续） AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (CONTINUED) 于本年度强制生效的新订香港财 New and amendments to HKFRS 务报告准则会计准则及其修订本 Accounting Standards that are （续） mandatorily effective for the current year (Continued) 除下文所述者外，于本年度应用香港财 Except as described below, the application of the 务报告准则会计准则修订本对本集团于 amendments to HKFRS Accounting Standards in 本年度及过往年度的财务状况及表现 the current year has had no material impact on the 及╱或该等综合财务报表所载的披露并 Group’s financial positions and performance for the 无重大影响。 current and prior years and/or on the disclosures set out in these consolidated financial statements. 香港会计准则第1号（修订本）分类为流 Amendments to HKAS 1 Classification of Liabilities 动或非流动负债及香港诠释第5号之相关 as Current or Non-current and related amendments 修订（2020年）（「2020年修订本」）及香 to Hong Kong Interpretation 5 (2020) (the “2020 港会计准则第1号（修订本）附带契诺的 Amendments”) and Amendments to HKAS 1 Non- 非流动负债（「2022年修订本」） current Liabilities with Covenants (the “2022 Amendments”) 本集团已于本年度首次应用该等修订本。 The Group has applied the amendments for the first time in the current year. 该等2020年修订本就评估自报告日期起 The 2020 Amendments provide clarification and 至少十二个月之延迟清偿权利提供澄清 additional guidance on the assessment of right to 及额外指引，以将负债分类为流动或非 defer settlement for at least twelve months from 流动，当中包括： reporting date for classification of liabilities as current or non-current, which: • 指定将负债分类为流动或非流动 • specify that the classification of liabilities 应以报告期末已存在之权利为依 as current or non-current should be based 据。具体而言，分类不应受到管 on rights that are in existence at the end 理层在12个月内清偿负债之意图 of the reporting period. Specifically, the 或期望所影响。 classification should not be affected by management intentions or expectations to settle the liability within 12 months. • 澄清清偿负债可透过向对手方转 • clarify that the settlement of a liability can 移现金、商品或服务，或实体本 be a transfer of cash, goods or services, or 身的权益工具进行结清。倘负债 the entity’s own equity instruments to the 具有可由对手方选择透过转让实 counterparty. If a liability has terms that 体本身的权益工具进行清偿之条 could, at the option of the counterparty, result 款，则仅当实体应用香港会计准 in its settlement by the transfer of the entity’s 则第32号金融工具：呈列将选择 own equity instruments, these terms do not 权单独确认为权益工具时，该等 affect its classification as current or non- 条款方不会影响其分类为流动或 current only if the entity recognizes the option 非流动。 separately as an equity instrument applying HKAS 32 Financial Instruments: Presentation. 90 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. 应用新订香港财务报告准则会 2. APPLICATION OF NEW AND 计准则及其修订本（续） AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (CONTINUED) 于本年度强制生效的新订香港财 New and amendments to HKFRS 务报告准则会计准则及其修订本 Accounting Standards that are （续） mandatorily effective for the current year (Continued) 就以遵守契诺为条件的自报告日期起延 For rights to defer settlement for at least twelve 迟清偿至少十二个月的权利而言，2022 months from reporting date which are conditional 年修订本特别澄清，实体须于报告期末 on the compliance with covenants, the 2022 或之前遵守的契诺方会影响实体于报告 Amendments specifically clarify that only covenants 日期后最少十二个月内延迟清偿负债的 that an entity is required to comply with on or 权利，即使仅于报告日期后方可评估契 before the end of the reporting period affect the 诺的遵守情况。2022年修订本亦订明， entity’s right to defer settlement of a liability for at 实体于报告日期后须遵守的契诺（即未来 least twelve months after the reporting date, even 契诺）并不影响负债于报告日期分类为流 if compliance with the covenant is assessed only 动负债或非流动负债。然而，倘实体延 after the reporting date. The 2022 Amendments 迟清偿负债的权利受限于实体于报告期 also specify that covenants with which an entity 后十二个月内遵守契诺，则实体披露资 must comply after the reporting date (i.e. future 料，使财务报表使用者能够了解负债于 covenants) do not affect the classification of a 报告期后十二个月内应偿还的风险。这 liability as current or non-current at the reporting 将包括有关契诺的资料、相关负债的账 date. However, if the entity’s right to defer 面值以及表明实体可能难以遵守契诺的 settlement of a liability is subject to the entity 事实及情况（如有）。 complying with covenants within twelve months after the reporting period, an entity discloses information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months after the reporting period. This would include information about the covenants, the carrying amount of related liabilities and facts and circumstances, if any, that indicate that the entity may have difficulties complying with the covenants. 根据过渡条文，本集团已对负债分类为 In accordance with the transition provision, the 流动或非流动追溯应用新会计政策。以 Group has applied the new accounting policy to the 下为应用该等修订本之影响： classification of liability as current or non-current retrospectively. The followings are the impact of the application of the amendments: Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 91 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. 应用新订香港财务报告准则会 2. APPLICATION OF NEW AND 计准则及其修订本（续） AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (CONTINUED) 于本年度强制生效的新订香港财 New and amendments to HKFRS 务报告准则会计准则及其修订本 Accounting Standards that are mandatorily effective for the current （续） year (Continued) 须于报告日期起12个月内满足若干契诺 Borrowings which are subject to meeting certain 的借款 covenants within 12 months from reporting date 于2023年4月1日及2024年3月31日， The Group’s right to defer settlement for borrowings 本集团延期偿付人民币120,000,000元及 of RMB120,000,000 and RMB89,900,000 as at 1 人民币89,900,000元借款的权利仅须于 April 2023 and 31 March 2024, respectively are 报告期后分别符合若干财务比率。应用 subject to compliance with certain financial ratios 2022年修订本后，有关借款仍将分类为 only after the reporting period. Upon the application 非流动，因本集团仅须于报告期后符合 of the 2022 Amendments, such borrowings are still 的契诺并不影响该权利在报告日期末是 classified as non-current as the covenants which 否存在。 the Group is required to comply with only after the reporting period do not affect whether that right exists at the end of the reporting date. 除上文所述外，应用2020年及2022年修 Except as described above, the application of the 订本对本集团其他负债的分类并无其他 2020 and 2022 Amendments has no other material 重大影响。 impact on the classification of the Group’s other liabilities. 已颁布但尚未生效之香港财务报告准则 Amendments to HKFRS Accounting Standards in 会计准则修订本 issue but not yet effective 本集团并未提前采纳以下已颁布但尚未 The Group has not early applied the following new 生效之新订香港财务报告准则会计准则 and amendments to HKFRS Accounting Standards 及其修订本： that have been issued but are not yet effective: 香港财务报告准则 金融工具分类及 Amendments to Amendments to the Classification 第9号及香港会计准 计量的修订3 HKFRS 9 and and Measurement of Financial 则第7号（修订本） HKAS 7 Instruments3 香港财务报告准则 涉及依赖自然能源 Amendments to Contracts Referencing 第9号及香港会计准 生产电力的合约3 HKFRS 9 and Nature-dependent Electricity3 则第7号（修订本） HKAS 7 香港财务报告准则 投资者与其联营 Amendments to Sale or Contribution of Assets 第10号及香港会计 公司或合营企业 HKFRS 10 and between an Investor and its 准则第28号 之间的资产出售 HKAS 28 Associate or Joint Venture1 （修订本） 或注资1 香港财务报告准则 香港财务报告准则 Amendments to Annual Improvements to HKFRS 会计准则（修订本） 会计准则之年度 HKFRS Accounting Standards 改进–第11卷3 Accounting – Volume 113 Standards 香港会计准则第21号 缺乏可兑换性2 Amendments to Lack of Exchangeability2 （修订本） HKAS 21 香港财务报告准则 财务报表之呈列 HKFRS 18 Presentation and Disclosure in 第18号 及披露4 Financial Statements4 1 于待定日期或之后开始的年度期间生 1 Effective for annual periods beginning on or after a 效 date to be determined 2 于2025年1月1日或之后开始的年度 2 Effective for annual periods beginning on or after 1 期间生效 January 2025 3 于2026年1月1日或之后开始的年度 3 Effective for annual periods beginning on or after 1 期间生效 January 2026 4 于2027年1月1日或之后开始的年度 4 Effective for annual periods beginning on or after 1 期间生效 January 2027 92 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2. 应用新订香港财务报告准则会 2. APPLICATION OF NEW AND 计准则及其修订本（续） AMENDMENTS TO HKFRS ACCOUNTING STANDARDS (CONTINUED) 于本年度强制生效的新订香港财 New and amendments to HKFRS 务报告准则会计准则及其修订本 Accounting Standards that are （续） mandatorily effective for the current year (Continued) 须于报告日期起12个月内满足若干契诺 Borrowings which are subject to meeting certain 的借款 covenants within 12 months from reporting date (Continued) 已颁布但尚未生效之香港财务报告准则 Amendments to HKFRS Accounting Standards in 会计准则修订本（续） issue but not yet effective (Continued) 除下文所述之新订香港财务报告准则会 Except for the new HKFRS Accounting Standard 计准则外，本公司董事预期应用所有香 mentioned below, the directors of the Company 港财务报告准则会计准则的修订本于可 anticipate that the application of all amendments to 见未来将不会对综合财务报表构成重大 HKFRS Accounting Standards will have no material 影响。 impact on the consolidated financial statements in the foreseeable future. 香港财务报告准则第18号财务报表之呈 HKFRS 18 Presentation and Disclosure in Financial 列及披露 Statements 香港财务报告准则第18号财务报表之呈 HKFRS 18 Presentation and Disclosure in Financial 列及披露载列财务报表之呈列及披露规 Statements, which sets out requirements on 定，将取代香港会计准则第1号财务报表 presentation and disclosures in financial statements, 之呈列。本新订香港财务报告准则会计 will replace HKAS 1 Presentation of Financial 准则在延续香港会计准则第1号中众多规 Statements. This new HKFRS Accounting Standard, 定之同时，引入于损益表中呈列指定类 while carrying forward many of the requirements in 别及定义小计之新规定；就财务报表附 HKAS 1, introduces new requirements to present 注中管理层界定之表现计量提供披露及 specified categories and defined subtotals in the 改进于财务报表中将予披露之合并及分 statement of profit or loss; provide disclosures on 类资料。此外，香港会计准则第1号之部 management-defined performance measures in 分段落已移至香港会计准则第8号会计政 the notes to the financial statements and improve 策、会计估计变动及错误及香港财务报 aggregation and disaggregation of information 告准则第7号金融工具：披露。香港会计 to be disclosed in the financial statements. In 准则第7号现金流量表及香港会计准则第 addition, some HKAS 1 paragraphs have been 33号每股盈利亦作出细微修订。 moved to HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and HKFRS 7 Financial Instruments: Disclosures. Minor amendments to HKAS 7 Statement of Cash Flows and HKAS 33 Earnings per Share are also made. 香港财务报告准则第18号及其他准则之 HKFRS 18, and amendments to other standards, 修订将于2027年1月1日或之后开始之年 will be effective for annual periods beginning on 度期间生效，并允许提早应用。应用新 or after 1 January 2027, with early application 准则预期将影响损益表之呈列以及未来 permitted. The application of the new standard is 财务报表之披露。本集团正在评估香港 expected to affect the presentation of the statement 财务报告准则第18号对本集团综合财务 of profit or loss and disclosures in the future 报表之详细影响。 financial statements. The Group is in the process of assessing the detailed impact of HKFRS 18 on the Group’s consolidated financial statements. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 93 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准 CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION 3.1 编制综合财务报表的基准 3.1 Basis of preparation of consolidated financial statements 综合财务报表已按照香港会计师 The consolidated financial statements have 公会发布的香港财务报告准则会 been prepared in accordance with HKFRS 计准则编制。为编制综合财务报 Accounting Standards issued by the HKICPA. 表之目的，如果合理地预期有关 For the purpose of preparation of the 资料会影响主要使用者的决定， consolidated financial statements, information 则该等资料被视为重大资料。此 is considered material if such information is 外，综合财务报表亦包括香港联 reasonably expected to influence decisions 合交易所有限公司证券上市规则 made by primary users. In addition, the （「上市规则」）及《香港公司条例》 consolidated financial statements include （「公司条例」）所规定的适用披露。 applicable disclosures required by the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (the “Listing Rules”) and by the Hong Kong Companies Ordinance (the “CO”). 本公司董事在批准综合财务报表 The directors of the Company have, at the 时，合理预期本集团有足够的资 time of approving the consolidated financial 源在可预见的未来继续经营。因 statements, a reasonable expectation that the 此，他们在编制综合财务报表时 Group has adequate resources to continue 继续采用持续经营的会计基准。 in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the consolidated financial statements. 94 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料 3.2 Material accounting policy information 合并基准 Basis of consolidation 综合财务报表包括本公司及本公 The consolidated financial statements 司控制之实体及其附属公司之财 incorporate the financial statements of the 务报表。倘属以下情况，则本公 Company and entities controlled by the 司取得控制权： Company and its subsidiaries. Control is achieved when the Company: • 对投资对象行使权力； • has power over the investee; • 因参与投资对象的业务而 • is exposed, or has rights, to variable 获得或有权获得可变回 returns from its involvement with the 报；及 investee; and • 有能力行使其权力影响其 • has the ability to use its power to 回报。 affect its returns. 倘事实及情况表明以上所列控制 The Group reassesses whether or not 权三个要素的一个或多个有所变 it controls an investee if facts and 动时，本公司重估其是否控制投 circumstances indicate that there are 资对象。 changes to one or more of the three elements of control listed above. 本集团于获得附属公司控制权时 Consolidation of a subsidiary begins when 将附属公司综合入账，并于失去 the Group obtains control over the subsidiary 附属公司控制权时终止入账。 and ceases when the Group loses control of the subsidiary. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 95 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 合并基准（续） Basis of consolidation (Continued) 损益及各个其他全面收益项目归 Profit or loss and each item of other 属于本公司拥有人及非控股权 comprehensive income are attributed to 益。附属公司之全面收益总额归 the owners of the Company and to the non- 属于本公司拥有人及非控股权 controlling interests. Total comprehensive 益，即使此举会导致非控股权益 income of subsidiaries is attributed to the 结余为负数。 owners of the Company and to the non- controlling interests even if this results in the non-controlling interests having a deficit balance. 附属公司的财务报表于必要时会 When necessary, adjustments are made to 作出调整，以使其所采用的会计 the financial statements of subsidiaries to 政策与本集团采用者一致。 bring their accounting policies in line with the Group’s accounting policies. 所有集团内与本集团成员公司之 All intragroup assets and liabilities, equity, 间的交易有关的资产及负债、权 income, expenses and cash flows relating to 益、收入、开支及现金流量均于 transactions between members of the Group 合并入账时悉数对销。 are eliminated in full on consolidation. 附属公司之非控股权益与本集团 Non-controlling interests in subsidiaries 之股本权益分开呈列，即现时拥 are presented separately from the Group’s 有权益可于相关附属公司清盘时 equity therein, which represent present 让其持有人有权按比例分占资产 ownership interests entitling their holders to 净值。 a proportionate share of net assets of the relevant subsidiaries upon liquidation. 96 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 商誉 Goodwill 收购业务产生之商誉按于收购业 Goodwill arising on an acquisition of a 务当日所确立之成本减累计减值 business is carried at cost as established at 亏损（如有）列账。 the date of acquisition of the business less accumulated impairment losses, if any. 就减值测试而言，商誉会分配至 For the purposes of impairment testing, 预期可受惠于合并协同效益之本 goodwill is allocated to each of the Group’s 集团各现金产生单位（或现金产生 cash-generating units (“CGUs”) (or groups 单位组别），即就内部管理目的而 of CGUs) that is expected to benefit 言监察商誉之最低层次，但不得 from the synergies of the combination, 超过经营分部。 which represent the lowest level at which the goodwill is monitored for internal management purposes and not larger than an operating segment. 获分配商誉之现金产生单位（或现 A CGU (or group of CGUs) to which goodwill 金产生单位组别）每年或当有迹象 has been allocated is tested for impairment 显示该单位可能出现减值时更频 annually, or more frequently when there is an 密地进行减值测试。 indication that the unit may be impaired. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 97 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 于合营企业之投资 Investment in a joint venture 合营企业指一项联合安排，对安 A joint venture is a joint arrangement 排拥有共同控制权之订约方据此 whereby the parties that have joint control 对联合安排之资产净值拥有权 of the arrangement have rights to the net 利。共同控制是指按照合同约定 assets of the joint arrangement. Joint control 对某项安排所共有的控制，共同 is the contractually agreed sharing of control 控制仅在当相关活动要求共同享 of an arrangement, which exists only when 有控制权之各方作出一致同意之 decisions about the relevant activities require 决定时存在。 unanimous consent of the parties sharing control. 合营企业之业绩及资产与负债以 The results and assets and liabilities of 会计权益法计入综合财务报表。 the joint venture are incorporated in the 就权益会计目的所用的合营企业 consolidated financial statements using the 财务报表乃使用本集团于相似情 equity method of accounting. The financial 况下类似交易及事项所使用之一 statements of the joint venture used for 致会计政策编制。根据权益法， equity accounting purposes are prepared 于合营企业之投资初步按成本于 using uniform accounting policies as those 综合财务状况表确认，并于其后 of the Group for like transactions and events 就确认本集团应占该合营企业之 in similar circumstances. Under the equity 损益及其他全面收益而作出调 method, an investment in a joint venture 整。除损益及其他全面收益外， is initially recognized in the consolidated 合营企业资产净值之变动不会入 statement of financial position at cost 账，除非该等变动导致本集团持 and adjusted thereafter to recognize the 有之所有权权益出现变动。 Group’s share of the profit or loss and other comprehensive income of the joint venture. Changes in net assets of the joint venture other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group. 98 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 于合营企业之投资（续） Investment in a joint venture (Continued) 于一家合营企业之投资乃自投资 An investment in a joint venture is accounted 对象成为合营企业当日起按权益 for using the equity method from the date on 法入账。 which the investee becomes a joint venture. 本集团会评估是否有客观证据表 The Group assesses whether there is an 明于合营企业的权益可能出现减 objective evidence that the interest in a joint 值。当存在任何客观证据时，投 venture may be impaired. When any objective 资（包括商誉）的全部账面值将作 evidence exists, the entire carrying amount of 为单项资产根据香港会计准则第 the investment (including goodwill) is tested 36号资产减值接受减值测试，方 for impairment in accordance with HKAS 36 法是比较其可收回金额（使用价值 Impairment of Assets as a single asset by 与公平值减出售成本的较高者）与 comparing its recoverable amount (higher 其账面值。 of value in use and fair value less costs of disposal) with its carrying amount. 倘集团实体与本集团之合营企业 When a group entity transacts with a joint 进行交易，仅在于合营企业之权 venture of the Group, profits and losses 益与本集团无关之情况下，与合 resulting from the transactions with the joint 营企业进行交易所产生之溢利及 venture are recognized in the consolidated 亏损，方会于综合财务报表中确 financial statements only to the extent of 认。 interest in the joint venture that are not related to the Group. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 99 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 持作出售之非流动资产 Non-current assets held for sale 倘非流动资产的账面值将主要透 Non-current assets are classified as held for 过出售交易而非持续使用予以收 sale if their carrying amount will be recovered 回，则该资产会被分类为持作出 principally through a sale transaction rather 售。只有当该资产在其现状下， than through continuing use. This condition 根据出售此类资产的一般惯例， is regarded as met only when the asset is 可以被立即出售且出售极有可能 available for immediate sale in its present 发生，才会视为满足该条件。管 condition subject only to terms that are usual 理层必须致力进行出售，预计自 and customary for sales of such asset and 分类为持作出售类别起一年内， its sale is highly probable. Management 出售交易能够确认为已完成出售。 must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. 分类为持作出售之非流动资产按 Non-current assets classified as held for sale 其账面值与公平值减去出售成本 are measured at the lower of their carrying 之较低者计量。 amount and fair value less costs to sell. 100 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 来自客户合同之收益 Revenue from contracts with customers 本集团于（或随著）履行履约责任 The Group recognizes revenue when (or as) a 时（即当与特定履约责任有关的货 performance obligation is satisfied, i.e. when 品或服务的「控制权」转移至客户 “control” of the goods or services underlying 时）确认收益。 the particular performance obligation is transferred to the customer. 履约责任指个别的货品或服务（或 A performance obligation represents a good 一组货品或服务）或一系列大致相 or service (or a bundle of goods or services) 同的个别货品或服务。 that is distinct or a series of distinct goods or services that are substantially the same. 控制权随时间转移，倘符合以下 Control is transferred over time and revenue 其中一项条件，收益则参照完全 is recognized over time by reference to the 完成相关履约责任的进展情况而 progress towards complete satisfaction of the 随时间确认： relevant performance obligation if one of the following criteria is met: • 于本集团履约时，客户同 • the customer simultaneously receives 时取得并耗用本集团履约 and consumes the benefits provided 所提供的利益； by the Group’s performance as the Group performs; • 本集团的履约产生或提升 • the Group’s performance creates or 一项资产，而该项资产 enhances an asset that the customer 于本集团履约时由客户控 controls as the Group performs; or 制；或 • 本集团的履约并未产生对 • the Group’s performance does not 本集团有替代用途的资 create an asset with an alternative 产，且本集团有强制执行 use to the Group and the Group has 权收取目前为止已完成履 an enforceable right to payment for 约的款项。 performance completed to date. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 101 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 来自客户合同之收益（续） Revenue from contracts with customers (Continued) 否则，收入于客户取得个别货品 Otherwise, revenue is recognized at a point 或服务之控制权的时间点确认。 in time when the customer obtains control of the distinct good or service. 应收款项指本集团收取代价的无 A receivable represents the Group’s 条件权利（即代价付款到期前仅需 unconditional right to consideration, i.e. 时间推移）。 only the passage of time is required before payment of that consideration is due. 合同负债指本集团因已自客户收 A contract liability represents the Group’s 取代价（或代价金额到期），而须 obligation to transfer goods or services to a 转让货品或服务予客户的义务。 customer for which the Group has received consideration (or an amount of consideration is due) from the customer. 在一段时间内确认收入：已完成 Over time revenue recognition: measurement 履约义务进度的计量 of progress towards complete satisfaction of a performance obligation 产出法 Output method 完全履行履约责任的进度按产出 The progress towards complete satisfaction 法计量，即透过直接计量至今已 of a performance obligation is measured 转移予客户的货品或服务价值， based on output method, which is to 相对该合同项下承诺的余下货品 recognize revenue on the basis of direct 或服务确认收入，此为最能反映 measurements of the value of the goods or 本集团转移货品或服务控制权的 services transferred to the customer to date 履约情况。 relative to the remaining goods or services promised under the contract, that best depict the Group’s performance in transferring control of goods or services. 102 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 租赁 Leases 本集团于订立时根据香港财务报 The Group assesses whether a contract is 告准则第16号租赁下的定义评估 or contains a lease based on the definition 合同是否为租赁或包含租赁。有 under HKFRS 16 Leases at inception. Such 关合同将不会被重新评估，惟合 contract will not be reassessed unless the 同中的条款与条件随后发生变动 terms and conditions of the contract are 除外。 subsequently changed. 本集团作为出租人 The Group as lessor 经营租赁的租赁收入于相关租赁 Rental income from operating leases is 年期按直线法于损益内确认。 recognized in profit or loss on a straight-line basis over the term of the relevant lease. 本集团作为承租人 The Group as lessee 使用权资产 Right-of-use assets 本集团于租赁开始日期（即相关资 The Group recognizes right-of-use assets at 产可供使用日期）确认使用权资 the commencement date of the lease (i.e. 产。使用权资产按成本减任何累 the date the underlying asset is available 计折旧及减值亏损计量，并就任 for use). Right-of-use assets are measured 何重新计量租赁负债作出调整。 at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 103 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 租赁（续） Leases (Continued) 本集团作为承租人（续） The Group as lessee (Continued) 使用权资产（续） Right-of-use assets (Continued) 使用权资产成本包括： The cost of right-of-use assets includes: • 租赁负债的初步计量金 • the amount of the initial measurement 额；及 of the lease liability; and • 于开始日期或之前作出的 • any lease payments made at or before 任何租赁付款，减任何已 the commencement date, less any 收租赁优惠。 lease incentives received. 使用权资产于其估计可使用年期 Right-of-use assets are depreciated on a 及租期的较短者按直线法折旧。 straight-line basis over the shorter of its estimated useful life and the lease term. 本集团于综合财务状况表将使用 The Group presents right-of-use assets as 权资产呈列为独立项目。 a separate line item on the consolidated statement of financial position. 租赁负债 Lease liabilities 于租赁开始日期，本集团按于该 At the commencement date of a lease, 日未支付之租赁付款现值确认及 the Group recognizes and measures the 计量租赁负债。于计算租赁付款 lease liability at the present value of lease 现值时，倘租赁包含的利率并不 payments that are unpaid at that date. 易于厘定，则本集团使用于租赁 In calculating the present value of lease 开始日期的增量借款利率。 payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. 104 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 租赁（续） Leases (Continued) 本集团作为承租人（续） The Group as lessee (Continued) 租赁负债（续） Lease liabilities (Continued) 租赁付款包括定额付款（包括实质 The lease payments include fixed payments 定额付款）减任何应收租赁优惠。 (including in-substance fixed payments) less any lease incentives receivable. 于开始日期后，租赁负债按利息 After the commencement date, lease 增加及租赁付款而调整。 liabilities are adjusted by interest accretion and lease payments. 本集团于综合财务状况表上将租 The Group presents lease liabilities as 赁负债呈列为独立项目。 a separate line item on the consolidated statement of financial position. 售后租回交易 Sale and leaseback transactions 本集团应用香港财务报告准则第 The Group applies the requirements of 15号客户合同收益的要求评估售 HKFRS 15 Revenue from Contracts with 后租回交易是否构成本集团之一 Customers to assess whether sale and 项出售。 leaseback transaction constitutes a sale by the Group. 本集团作为卖方－承租人 The Group as a seller-lessee 就不符合作为销售规定的转让而 For a transfer that does not satisfy the 言，本集团作为卖方承租人继续 requirements as a sale, the Group as a seller- 确认资产，并将转让所得款项入 lessee continues to recognize the assets 账为香港财务报告准则第9号金融 and accounts for the transfer proceeds as 工具范围内借款。 borrowings within the scope of HKFRS 9 Financial Instruments. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 105 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 外币 Foreign currencies 于编制各个别集团实体之财务报 In preparing the financial statements of 表时，以该实体功能货币以外之 each individual group entity, transactions 货币（外币）进行之交易按交易日 in currencies other than the functional 期之汇率确认。于报告期末，以 currency of that entity (foreign currencies) 外币计值之货币项目采用当日之 are recognized at the rates of exchanges 汇率重新换算。以外币按历史成 prevailing on the dates of the transactions. 本计算之非货币项目则毋须重新 At the end of the reporting period, monetary 换算。 items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. 结算货币项目及重新换算货币项 Exchange differences arising on the 目所产生之汇兑差额于其产生期 settlement of monetary items, and on 间在损益确认。 the retranslation of monetary items, are recognized in profit or loss in the period in which they arise. 就呈列综合财务报表而言，本集 For the purposes of presenting the 团业务之资产及负债均使用各报 consolidated financial statements, the assets 告期末汇率换算为本集团之呈列 and liabilities of the Group’s operations are 货币（即人民币）。收支项目按期 translated into the presentation currency 内平均汇率换算，除非该期间内 of the Group (i.e. RMB) using exchange 汇率大幅波动，在此情况下，则 rates prevailing at the end of each reporting 采用交易日期汇率换算。所产生 period. Income and expenses items are 汇兑差额（如有）均于其他全面收 translated at the average exchange rates for 益内确认并于换算储备下之权益 the period, unless exchange rates fluctuate 累计（归属于非控股权益，如适 significantly during that period, in which case 用）。 the exchange rates at the date of transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity under the heading of translation reserve (attributed to non-controlling interests as appropriate). 106 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 借款成本 Borrowing costs 所有与收购、建设或生产合资格 All borrowing costs not directly attributable 资产无直接关联的借款成本乃于 to acquisition, construction or production of 其产生期间于损益内确认。 qualifying assets are recognized in profit or loss in the period in which they are incurred. 退休福利成本 Retirement benefit costs 向定额供款退休福利计划（包括国 Payments to defined contribution retirement 家管理退休福利计划）之付款于雇 benefit plans including state-managed 员提供可令其有权享受供款的服 retirement benefit schemes are recognized as 务时确认为开支。 an expense when employees have rendered services entitling them to the contributions. 短期雇员福利 Short-term employee benefits 短期雇员福利于雇员提供服务时 Short-term employee benefits are recognized 按预计将予支付福利的未贴现金 at the undiscounted amount of the benefits 额确认。所有短期雇员福利均确 expected to be paid as and when employees 认为开支，惟另一项香港财务报 rendered the services. All short-term 告准则会计准则规定或允许将有 employee benefits are recognized as an 关福利计入资产成本，则另作别 expense unless another HKFRS Accounting 论。 Standard requires or permits the inclusion of the benefit in the cost of an asset. 应计雇员福利（例如工资及薪金、 A liability is recognized for benefits accruing 年假及病假）于扣除任何已付金额 to employees (such as wages and salaries, 后确认为负债。 annual leave and sick leave) after deducting any amount already paid. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 107 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 税项 Taxation 所得税开支指即期及递延所得税 Income tax expense represents the sum of 开支的总和。 current and deferred income tax expense. 即期应付税项按年内应课税溢利 The tax currently payable is based on taxable 得出。应课税溢利有别于除税前 profit for the year. Taxable profit differs 溢利，因为于其他年度属应课税 from profit before tax because of income or 或可扣减的收入或开支以及属永 expense that are taxable or deductible in 不课税或永不扣税的项目。本集 other years and items that are never taxable 团的即期税项负债使用于报告期 or deductible. The Group’s liability for current 末已经制定或实质上制定的税率 tax is calculated using tax rates that have 计算。 been enacted or substantively enacted by the end of the reporting period. 递延税项按综合财务报表内资产 Deferred tax is recognized on temporary 及负债的账面值与计算应课税溢 differences between the carrying amounts 利所用的相应税基之间的暂时 of assets and liabilities in the consolidated 性差额确认。递延税项负债一般 financial statements and the corresponding 就所有应课税暂时性差额予以确 tax bases used in the computation of 认。递延税项资产一般按可能会 taxable profit. Deferred tax liabilities 出现可用以抵销相关可扣减暂时 are generally recognized for all taxable 性差额的应课税溢利时就所有可 temporary differences. Deferred tax assets 扣减暂时性差额予以确认。倘暂 are generally recognized for all deductible 时性差额因交易的资产及负债初 temporary differences to the extent that it is 步确认（业务合并除外）时产生， probable that taxable profits will be available 但有关交易不会影响应课税溢利 against which those deductible temporary 或会计溢利，且于交易时并无引 differences can be utilised. Such deferred 致等额应课税及可扣税暂时性差 tax assets and liabilities are not recognized 额，则该等递延税项资产及负债 if the temporary difference arises from the 不会确认入账。此外，倘若暂时 initial recognition (other than in a business 性差额是源自商誉的初步确认， combination) of assets and liabilities in a 则不会确认递延税项负债。 transaction that affects neither the taxable profit nor the accounting profit and at the time of the transaction does not give rise to equal taxable and deductible temporary differences. In addition, deferred tax liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill. 108 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 税项（续） Taxation (Continued) 就与于附属公司及合营企业的投 Deferred tax liabilities are recognized for 资相关的应课税暂时性差额确认 taxable temporary differences associated 递延税项负债，惟倘本集团能 with investments in subsidiaries and a joint 够控制暂时性差额的拨回且暂时 venture, except where the Group is able 性差额将可能不会于可见将来拨 to control the reversal of the temporary 回，则不予确认。自与该等投资 difference and it is probable that the 相关的可扣税暂时性差额产生的 temporary difference will not reverse in the 递延税项资产，仅以可能将会有 foreseeable future. Deferred tax assets 足够的应课税溢利动用以抵销暂 arising from deductible temporary differences 时性差额的利益且预期会于可见 associated with such investments are only 将来拨回为限予以确认。 recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. 递延税项资产的账面值于报告期 The carrying amount of deferred tax assets 末予以检讨，并在不再可能有足 is reviewed at the end of the reporting period 够应课税溢利可用以收回所有或 and reduced to the extent that it is no longer 部分资产时作调减。 probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 递延税项资产及负债基于报告期 Deferred tax assets and liabilities are 末已制定或实质上已制定的税率 measured at the tax rates that are expected （及税法），按负债结算或资产变 to apply in the period in which the liability is 现期间内预期将应用的税率计量。 settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 109 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 税项（续） Taxation (Continued) 递延税项负债及资产的计量反映 The measurement of deferred tax liabilities 本集团于报告期末预期收回或清 and assets reflects the tax consequences 偿其资产及负债的账面值的方式 that would follow from the manner in which 所产生的税务后果。 the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. 当有合法可强制执行权利可将即 Deferred tax assets and liabilities are offset 期税项资产与即期税项负债抵 when there is a legally enforceable right to 销，且与同一税务机关向同一应 set off current tax assets against current tax 课税实体征收之所得税有关时， liabilities and when they relate to income 递延税项资产及负债可互相对销。 taxes levied to the same taxable entity by the same taxation authority. 即期及递延税项于损益内确认。 Current and deferred tax are recognized in profit or loss. 厂房及设备 Plant and equipment 厂房及设备指持用于生产或供应 Plant and equipment are tangible assets 货品或服务或用作行政用途之有 that are held for use in production or supply 形资产（下述在建工程则除外）按 of goods or services, or for administrative 成本减其后累计折旧及其后累计 purposes (other than construction in progress 减值亏损（如有）于综合财务状况 as described below) are stated in the 表列账。 consolidated statement of financial position at cost less subsequent accumulated depreciation and subsequent accumulated impairment losses, if any. 110 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 厂房及设备（续） Plant and equipment (Continued) 作生产、供应或行政用途的在建 Construction in progress for production, 工程按成本减任何已确认之减值 supply or administrative purposes are carried 亏损列账。成本包括使资产达 at cost, less any recognized impairment loss. 到能够按照管理层拟定的方式开 Costs include any costs directly attributable 展经营所必要的位置及条件而直 to bringing the asset to the location and 接产生的任何成本。该等在建工 condition necessary for it to be capable 程在完工并可用于拟定用途时分 of operating in the manner intended by 类至厂房及设备之适当类别。该 management. Such construction in progress 等资产与其他物业资产按相同基 are classified to the appropriate categories 准，在可用作其拟定用途时开始 of plant and equipment when completed and 计算折旧。 ready for intended use. Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready for their intended use. 资产（在建工程除外）按估计可使 Depreciation is recognized so as to write off 用年期以直线法确认折旧以撇销 the cost of assets other than construction in 其成本（扣除剩余价值后）。估计 progress less their residual values over their 可使用年期、剩余价值及折旧方 estimated useful lives, using the straight-line 法会在报告期末检讨，任何估计 method. The estimated useful lives, residual 变动的影响按未来基准入账。 values and depreciation method are reviewed at the end of the reporting period, with the effect of any changes in estimate accounted for on a prospective basis. 厂房及设备项目于出售时或当继 An item of plant and equipment is 续使用该资产预期不会产生任何 derecognized upon disposal or when no 未来经济利益时终止确认。于出 future economic benefits are expected to 售或报废厂房及设备项目时所产 arise from the continued use of the asset. 生的任何损益，会被厘定为该资 Any gain or loss arising on the disposal or 产的出售所得款项与账面值的差 retirement of an item of plant and equipment 额，并于损益中确认。 is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 111 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 研发及发展开支 Research and development expenditure 研究活动的开支于其产生期间确 Expenditure on research activities is 认为开支。 recognized as an expense in the period in which it is incurred. 存货 Inventories 存货以成本与可变现净值两者中 Inventories are stated at the lower of cost and 之较低者列账。存货成本乃以加 net realisable value. Costs of inventories are 权平均法厘定。可变现净值指存 determined on a weighted average method. 货估计售价减所有估计完成成本 Net realisable value represents the estimated 及进行销售所需成本。进行销售 selling price for inventories less all estimated 所需的成本包括销售直接应占增 costs of completion and costs necessary 量成本及本集团为进行销售而须 to make the sale. Costs necessary to make 产生的非增量成本。 the sale include incremental costs directly attributable to the sale and non-incremental costs which the Group must incur to make the sale. 112 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具 Financial instruments 金融资产及金融负债于集团实体 Financial assets and financial liabilities are 成为该工具合同条文的订约方 recognized when a group entity becomes 时，方会确认。 a party to the contractual provisions of the instrument. 金融资产及金融负债初步按公平 Financial assets and financial liabilities are 值计量（与客户签订合同产生的贸 initially measured at fair value except for 易应收款项及与关联方的贸易相 trade receivables and trade related balances 关结余根据香港财务报告准则第 with related parties arising from contracts 15号初步计量除外）。 with customers which are initially measured in accordance with HKFRS 15. 实际利率法乃计算金融资产或金 The effective interest method is a method of 融负债之摊销成本及按有关期间 calculating the amortized cost of a financial 摊分利息收入及利息开支之方 asset or financial liability and of allocating 法。实际利率乃于初步确认时将 interest income and interest expense over 估计日后现金收入及付款（包括所 the relevant period. The effective interest rate 支付或收取构成整体实际利率之 is the rate that exactly discounts estimated 所有费用及点数、交易成本及其 future cash receipts and payments (including 他溢价或折让）按金融资产或金融 all fees and points paid or received that form 负债之预期年期或较短期间（倘适 an integral part of the effective interest rate, 用）准确折现至账面净值之利率。 transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 113 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产 Financial assets 金融资产的分类及后续计量 Classification and subsequent measurement of financial assets 满足以下条件的金融资产其后按 Financial assets that meet the following 摊销成本计量： conditions are subsequently measured at amortized cost: • 以收取合同现金流量为目 • the financial asset is held within a 的之业务模式下持有的金 business model whose objective is to 融资产；及 collect contractual cash flows; and • 合同条款于指定日期产生 • the contractual terms give rise on 之现金流量纯粹为支付本 specified dates to cash flows that 金及未偿还本金之利息。 are solely payments of principal and interest on the principal amount outstanding. 114 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的分类及后续计量（续） Classification and subsequent measurement of financial assets (Continued) 摊销成本及利息收入 Amortized cost and interest income 就其后按摊销成本计量的金融资 Interest income is recognized using the 产而言，利息收入采用实际利率 effective interest method for financial assets 法确认。利息收入透过对金融 measured subsequently at amortized cost. 资产的账面总值应用实际利率计 Interest income is calculated by applying 算，惟其后出现信贷减值的金融 the effective interest rate to the gross 资产除外（见下文）。就其后出现 carrying amount of a financial asset, except 信贷减值的金融资产而言，利息 for financial assets that have subsequently 收入透过自下个报告期起对金融 become credit-impaired (see below). For 资产的摊销成本应用实际利率确 financial assets that have subsequently 认。倘出现信贷减值金融工具的 become credit-impaired, interest income is 信贷风险得以改善，使金融资产 recognized by applying the effective interest 不再出现信贷减值，则利息收入 rate to the amortized cost of the financial 将透过于确定资产不再出现信贷 asset from the next reporting period. If the 减值后的报告期间开始的金融资 credit risk on the credit-impaired financial 产账面总值应用实际利率确认。 instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit-impaired. 按公平值计量且其变动计入当期 Financial assets at FVTPL 损益的金融资产 不符合按摊销成本计量或按公平 Financial assets that do not meet the criteria 值计量且其变动计入其他全面收 for being measured at amortized cost or fair 益或指定为按公平值计量且其变 value through other comprehensive income 动计入其他全面收益的条件的金 (“FVTOCI”) or designated as FVTOCI are 融资产，按公平值计量且其变动 measured at FVTPL. 计入当期损益。 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 115 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的分类及后续计量（续） Classification and subsequent measurement of financial assets (Continued) 按公平值计量且其变动计入当期 Financial assets at FVTPL (Continued) 损益的金融资产（续） 按公平值计量且其变动计入当期 Financial assets at FVTPL are measured 损益的金融资产于各报告期末按 at fair value at the end of each reporting 公平值计量，而任何公平值收益 period, with any fair value gains or losses 或亏损均于损益确认。于损益确 recognized in profit or loss. The net gain or 认的收益或亏损净额包含在「其他 loss recognized in profit or loss is included in 收益及亏损」项目中。 the “other gains and losses” line item. 金融资产的减值 Impairment of financial assets 本集团根据香港财务报告准则第9 The Group performs impairment assessment 号就发生减值之金融资产（包括贸 under expected credit loss (“ECL”) model on 易及其他应收款项、应收合营企 financial assets (including trade and other 业款项、受限制现金及银行结余） receivables, amounts due from joint ventures, 采用预期信贷亏损（「预期信贷亏 restricted cash and bank balances) which are 损」）模型进行减值评估。预期信 subject to impairment under HKFRS 9. The 贷亏损的金额于报告日期更新， amount of ECL is updated at the reporting 以反映自初始确认后信贷风险的 date to reflect changes in credit risk since 变化。 initial recognition. 存续期预期信贷亏损指相关工具 Lifetime ECL represents the ECL that will 的预期年期内所有可能违约事件 result from all possible default events over 所产生之预期信贷亏损。相反， the expected life of the relevant instrument. 12个月预期信贷亏损（「12个月 In contrast, 12-month ECL (“12m ECL”) 预期信贷亏损」）指预期于报告日 represents the portion of lifetime ECL that 期后12个月内可能发生的违约事 is expected to result from default events 件导致之存续期预期信贷亏损部 that are possible within 12 months after 分。评估乃根据本集团的历史信 the reporting date. Assessment are done 贷亏损经验进行，并根据债务人 based on the Group’s historical credit loss 特有的因素、一般经济状况及对 experience, adjusted for factors that are 报告日期当前状况的评估以及对 specific to the debtors, general economic 未来状况的预测作出调整。 conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions. 116 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) 本集团一直就贸易应收款项及与 The Group always recognizes lifetime ECL for 关联方的贸易相关结余确认存续 trade receivables and trade related balances 期预期信贷亏损。 with related parties. 就所有其他工具而言，本集团计 For all other instruments, the Group measures 量的亏损拨备等于12个月预期信 the loss allowance equal to 12m ECL, unless 贷亏损，除非自初始确认以来信 there has been a significant increase in 贷风险显著增加，在此情况下本 credit risk since initial recognition, in which 集团确认存续期预期信贷亏损。 case the Group recognizes lifetime ECL. 是否应确认存续期预期信贷亏损 The assessment of whether lifetime ECL 的评估乃基于自初始确认以来发 should be recognized is based on significant 生违约之可能性或风险的显著增 increases in the likelihood or risk of a default 加而定。 occurring since initial recognition. (i) 信贷风险显著增加 (i) Significant increase in credit risk 于评估自初始确认以来信 In assessing whether the credit risk 贷风险是否显著增加时， has increased significantly since initial 本集团将于报告日期就金 recognition, the Group compares 融工具发生之违约风险与 the risk of a default occurring on the 初始确认日期以来金融工 financial instrument as at the reporting 具发生之违约风险进行比 date with the risk of a default occurring 较。在进行该评估时，本 on the financial instrument as at the 集团会考虑合理及有理据 date of initial recognition. In making 支持的定量和定性资料， this assessment, the Group considers 包括无需付出不必要的成 both quantitative and qualitative 本或努力而可得之历史经 information that is reasonable and 验及前瞻性资料。 supportable, including historical experience and forward-looking information that is available without undue cost or effort. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 117 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (i) 信贷风险显著增加（续） (i) Significant increase in credit risk (Continued) 具体而言，在评估信贷风 In particular, the following information 险是否显著增加时，会考 is taken into account when assessing 虑以下资料： whether credit risk has increased significantly: • 金融工具的外部 • an actual or expected （如有）或内部信贷 significant deterioration in the 评级的实际或预期 financial instrument’s external 显著恶化； (if available) or internal credit rating; • 信贷风险的外部市 • significant deterioration in 场指标显著恶化 external market indicators of （如信贷利差大幅增 credit risk, e.g. a significant 加、债务人的信贷 increase in the credit spread, 违约掉期价格）； the credit default swap prices for the debtor; • 预计会导致债务人 • existing or forecast adverse 偿还债务能力大幅 changes in business, financial 下降的业务、财务 or economic conditions that are 或经济状况的现有 expected to cause a significant 或预测的不利变 decrease in the debtor’s ability 化； to meet its debt obligations; • 债务人经营业绩的 • an actual or expected 实际或预期显著恶 significant deterioration in the 化； operating results of the debtor; 118 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (i) 信贷风险显著增加（续） (i) Significant increase in credit risk (Continued) • 导致债务人偿还债 • an actual or expected 务能力大幅下降的 significant adverse change 债务人监管、经济 in the regulatory, economic, 或技术环境的实际 or technological environment 或预期的重大不利 of the debtor that results in 变化。 a significant decrease in the debtor’s ability to meet its debt obligations. 不论上述评估之结果如 Irrespective of the outcome of 何，本集团假定，当合同 the above assessment, the Group 付款逾期超过30天，则自 presumes that the credit risk has 初始确认以来信贷风险已 increased significantly since initial 显著增加，除非本集团有 recognition when contractual 合理及有理据支持之资料 payments are more than 30 days past 证明事实并非如此，则作 due, unless the Group has reasonable 别论。 and supportable information that demonstrates otherwise. 本集团定期监察用以识别 The Group regularly monitors the 信贷风险有否显著增加的 effectiveness of the criteria used 标准的成效，并于适当时 to identify whether there has been 作出修订，从而确保有关 a significant increase in credit risk 标准能够于款项逾期前识 and revises them as appropriate to 别信贷风险显著增加。 ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 119 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (ii) 违约的定义 (ii) Definition of default 就内部信贷风险管理而 For internal credit risk management, 言，本集团认为，倘内部 the Group considers an event of 编制或自外部来源获得之 default occurs when information 资料显示债务人不太可能 developed internally or obtained from 向其债权人（包括本集团） external sources indicates that the 悉数付款（不计及本集团持 debtor is unlikely to pay its creditors, 有的任何抵押品），则发生 including the Group, in full (without 违约事件。 taking into account any collaterals held by the Group). 不论上述分析结果如何， Irrespective of the above, the Group 倘金融资产逾期超过90 considers that default has occurred 日，本集团将视作已发生 when a financial asset is more than 违约，除非本集团拥有合 90 days past due unless the Group 理及有理据支持之资料证 has reasonable and supportable 明较宽松的违约标准更为 information to demonstrate that a 适用，则作别论。 more lagging default criterion is more appropriate. 120 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (iii) 信贷减值金融资产 (iii) Credit-impaired financial assets 金融资产在一项或多项对 A financial asset is credit-impaired 该金融资产估计未来现金 when one or more events that have a 流量构成不利影响的事件 detrimental impact on the estimated 发生时出现信贷减值。金 future cash flows of that financial 融资产出现信贷减值的证 asset have occurred. Evidence that 据包括有关下列事件的可 a financial asset is credit-impaired 观察数据： includes observable data about the following events: (a) 发行人或借款人出 (a) significant financial difficulty of 现重大财务困难； the issuer or the borrower; (b) 违约（如违约或逾 (b) a breach of contract, such as a 期事件）； default or past due event; (c) 借款人的贷款人出 (c) the lender(s) of the borrower, 于与借款人财务困 for economic or contractual 难相关的经济或合 reasons relating to the 同原因而向借款人 borrower’s financial difficulty, 授予贷款人原应不 having granted to the borrower 会考虑的优惠；或 a concession(s) that the lender(s) would not otherwise consider; or (d) 借款人将有可能面 (d) it is becoming probable that the 临破产或进行其他 borrower will enter bankruptcy 财务重组。 or other financial reorganisation. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 121 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (iv) 撇销政策 (iv) Write-off policy 当有资料显示对手方陷入 The Group writes off a financial asset 严重财务困难且并无实际 when there is information indicating 收回的可能时（例如对手 that the counterparty is in severe 方已清盘或进入破产程序 financial difficulty and there is no 时，或倘为贸易应收款 realistic prospect of recovery, for 项，该等金额逾期超过两 example, when the counterparty has 年时，以较早发生者为 been placed under liquidation or has 准），本集团则撇销金融资 entered into bankruptcy proceedings, 产。于在适当情况下考虑 or in the case of trade receivables, 法律意见后，已撇销的金 when the amounts are over two years 融资产仍可根据本集团的 past due, whichever occurs sooner. 收回程序进行强制执行活 Financial assets written off may still be 动。撇销构成终止确认事 subject to enforcement activities under 项。任何其后收回于损益 the Group’s recovery procedures, 中确认。 taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognized in profit or loss. 122 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (v) 预期信贷亏损之计量及确 (v) Measurement and recognition of ECL 认 预期信贷亏损之计量为违 The measurement of ECL is a function 约概率、违约亏损（即违约 of the probability of default, loss 时亏损大小）及违约时风险 given default (i.e. the magnitude of 敞口之函数。违约概率及 the loss if there is a default) and the 违约亏损之评估乃基于按 exposure at default. The assessment 前瞻性资料进行调整的历 of the probability of default and loss 史数据作出。预期信贷亏 given default is based on historical 损之估计反映无偏颇及概 data adjusted by forward-looking 率加权之金额，以各自发 information. Estimation of ECL reflects 生违约的风险为权重确定。 an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights. 一般而言，预期信贷亏损 Generally, the ECL is the difference 为根据合同应付本集团之 between all contractual cash flows that 所有合同现金流量与本集 are due to the Group in accordance 团预期收取之现金流量之 with the contract and the cash flows 间的差额（按初始确认时厘 that the Group expects to receive, 定之实际利率贴现）。 discounted at the effective interest rate determined at initial recognition. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 123 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (v) 预期信贷亏损之计量及确 (v) Measurement and recognition of ECL 认（续） (Continued) 倘预期信贷亏损按整体基 Where ECL is measured on a collective 准计量或迎合可能不存在 basis or cater for cases where 个别工具层面的证据的情 evidence at the individual instrument 况，则金融工具按以下基 level may not yet be available, the 准分组： financial instruments are grouped on the following basis: • 逾期状况； • Past-due status; • 债务人的性质、规 • Nature, size and industry of 模及行业；及 debtors; and • 外部信贷评级（倘 • External credit ratings where 有）。 available. 管理层会定期检讨分组情 The grouping is regularly reviewed 况，以确保各组别之组成 by management to ensure the 继续拥有类似信贷风险特 constituents of each group continue to 点。 share similar credit risk characteristics. 124 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融资产（续） Financial assets (Continued) 金融资产的减值（续） Impairment of financial assets (Continued) (v) 预期信贷亏损之计量及确 (v) Measurement and recognition of ECL 认（续） (Continued) 利息收入乃根据金融资产 Interest income is calculated based 之账面总值计算，除非金 on the gross carrying amount of the 融资产发生信贷减值，在 financial asset unless the financial 此情况下，利息收入根据 asset is credit-impaired, in which case 金融资产之摊销成本计算。 interest income is calculated based on amortized cost of the financial asset. 本集团透过调整所有金融 The Group recognizes an impairment 工具的账面值于损益确认 gain or loss in profit or loss for all 其减值收益或亏损，惟贸 financial instruments by adjusting 易应收款项透过亏损拨备 their carrying amount, with the 账确认相应调整。 exception of trade receivables where the corresponding adjustment is recognized through a loss allowance account. 终止确认金融资产 Derecognition of financial assets 本集团仅于收取资产现金流量的 The Group derecognizes a financial asset 合同权利到期时，方会终止确认 only when the contractual rights to the cash 金融资产。 flows from the asset expire. 于终止确认按摊销成本计量的金 On derecognition of a financial asset 融资产时，资产账面值与已收及 measured at amortized cost, the difference 应收代价的总和之间的差额于损 between the asset’s carrying amount and 益中确认。 the sum of the consideration received and receivable is recognized in profit or loss. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 125 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融负债及权益 Financial liabilities and equity 分类为债务或权益 Classification as debt or equity 债务及权益工具乃根据所订立合 Debt and equity instruments are classified 同安排之内容及金融负债与权益 as either financial liabilities or as equity 工具之定义分类为金融负债或权 in accordance with the substance of the 益。 contractual arrangements and the definitions of a financial liability and an equity instrument. 权益工具 Equity instruments 权益工具为可证明于实体经扣除 An equity instrument is any contract that 其所有负债后之资产余额权益之 evidences a residual interest in the assets of 任何合同。集团实体发行之权益 an entity after deducting all of its liabilities. 工具按已收取款项扣除直接发行 Equity instruments issued by the group 成本确认。 entities are recognized at the proceeds received, net of direct issue costs. 金融负债 Financial liabilities 所有金融负债其后采用实际利率 All financial liabilities are subsequently 法按摊销成本计量。 measured at amortized cost using the effective interest method. 包括贸易及其他应付款项及借款 Financial liabilities including trade and other 的金融负债其后采用实际利率法 payables and borrowings are subsequently 按摊销成本计量。 measured at amortized costs, using the effective interest method. 126 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 3. 编制综合财务报表和重大会计 3. BASIS OF PREPARATION OF 政策资料的基准（续） CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 3.2 重大会计政策资料（续） 3.2 Material accounting policy information (Continued) 金融工具（续） Financial instruments (Continued) 金融负债及权益（续） Financial liabilities and equity (Continued) 终止确认金融负债 Derecognition of financial liabilities 本集团于且仅于本集团的责任获 The Group derecognizes financial liabilities 解除、取消或届满时终止确认金 when, and only when, the Group’s obligations 融负债。已终止确认的金融负债 are discharged, cancelled or have expired. 账面值与已付及应付代价之间的 The difference between the carrying amount 差额于损益中确认。 of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. 4. 估计不确定因素的主要来源 4. KEY SOURCES OF ESTIMATION UNCERTAINTY 本公司董事于应用本集团的会计政策 In the application of the Group’s accounting 时，须就不能明显从其他来源得知的资 policies, the directors of the Company is required 产及负债的账面值作出判断、估计及假 to make judgements, estimates and assumptions 设。有关估计及相关假设根据过往经验 about the carrying amounts of assets and liabilities 及被视为相关的其他因素作出。实际结 that are not readily apparent from other sources. 果可能有别于该等估计。 The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 有关估计及相关假设将被持续检讨。倘 The estimates and underlying assumptions are 会计估计的修订仅影响修订估计的期 reviewed on an on-going basis. Revisions to 间，修订将于该期间确认。倘修订同时 accounting estimates are recognized in the period 影响本期及未来期间，则于修订期间及 in which the estimate is revised if the revision 未来期间确认。 affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 127 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 4. 估计不确定因素的主要来源 4. KEY SOURCES OF ESTIMATION （续） UNCERTAINTY (CONTINUED) 以下为关于未来的主要假设及于报告期 The following are the key assumptions concerning 末其他估计不确定因素的主要来源，在 the future, and other key sources of estimation 下一个财政年度可能引致资产及负债之 uncertainty at the end of the reporting period, that 账面值须作重大调整的重大风险。 may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 贸易及未开票应收款项估计减值 Estimated impairment of trade and unbilled receivables 本集团为个别不重大的贸易及未开票应 The Group uses collective assessment to calculate 收款项使用集体评估计算预期信贷亏 ECL for the trade and unbilled receivables which 损。预期信贷亏损比率乃基于内部信用 are individually insignificant. The ECL rates are 评级，为具有相似亏损模式的不同债务 based on internal credit ratings as groupings of 人分组。集体评估是基于本集团的历史 various debtors that have similar loss patterns. 违约率，并考虑合理、有理据支持及可 The collective assessment is based on the Group’s 以合理的成本或努力取得的前瞻性资料 historical default rates taking into consideration 而厘定。于每个报告日期，历史可观察 forward-looking information that is reasonable and 的违约率会被重新评估，亦会考虑前瞻 supportable and available without undue costs 性资料的变动。此外，具重大结余及出 or effort. At every reporting date, the historical 现信贷减值的贸易及未开票应收款项就 observed default rates are reassessed and changes 预期信贷亏损单独评估。 in the forward-looking information are considered. In addition, trade and unbilled receivables with significant balances and credit impaired are assessed for ECL individually. 预期信贷亏损拨备对估计的变动敏感。 The provision of ECL is sensitive to changes in 关于本集团贸易及未开票应收款项及预 estimates. The information about the Group’s trade 期信贷亏损的资料分别于附注21及35披 and unbilled receivables and the ECL are disclosed 露。 in Notes 21 and 35, respectively. 于2025年3月31日，贸易及未开 As at 31 March 2025, the carrying amounts of 票应收款项账面值经扣除约为人民 trade and unbilled receivables are approximately 币18,796,000元（2024年：人民币 RMB312,322,000 (2024: RMB159,074,000), net 14,803,000元）的信贷亏损拨备后，约 of allowance for credit losses of approximately 为人民币312,322,000元（2024年：人民 RMB18,796,000 (2024: RMB14,803,000). 币159,074,000元）。 128 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. 收入及分部资料 5. REVENUE AND SEGMENT INFORMATION 本集团主要确认于中国销售特种钾肥所 The Group primarily recognizes revenue from 得收入并于某个时间点确认。本集团自 sales of specialty potash-based fertilizers in the 海外及国内供应商购买氯化钾（「氯化 PRC and recognizes at a point of time. The Group 钾」）。随后，本集团对大部分购买的氯 purchases Potassium Chloride (“KCL”) from both 化钾进行加工，以销售予客户或用作其 overseas and domestic suppliers. The Group 制造活动的原材料。此外，部分氯化钾 then processes majority of the purchased KCL for 会连同其他原材料用来制成硫酸钾（「硫 sales to its customers or use as raw materials for 酸钾」）及复合肥，以销售予客户。此 its manufacturing activities. Besides, part of the 外，本集团亦采购及转售氯化钾、硫酸 KCL, together with other raw materials, are used 钾、硝酸钾（「硝酸钾」）及复合肥予客 to manufacture into Potassium Sulphate (“SOP”) 户，而无进一步制造或加工。 and compound fertilizers for sales to customers. In addition, the Group also sources and resells KCL, SOP, Potassium Nitrate (“NOP”) and compound fertilizers to customers without further manufacturing or processing. 本集团亦向其客户提供生产服务，按客 The Group also provides production services to its 户的产品规格将客户提供的主要原材料 customers for processing the principal raw materials 加工成复合肥。提供生产服务的收入随 provided by customers into compound fertilizers 时间确认。 in accordance with their product specifications. Revenue from provision of production services is recognized over time. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 129 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. 收入及分部资料（续） 5. REVENUE AND SEGMENT INFORMATION (CONTINUED) (i) 来自客户合同收入之细分 (i) Disaggregation of revenue from contracts with customers 按产品或服务类别划分之收入 Revenue by types of products or service 截至3月31日止年度 Year end ed 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 销售产品 Sales of products 氯化钾 KCL 4,372,941 3,166,130 硫酸钾 SOP 464,500 438,190 硝酸钾 NOP 7,138 2,348 复合肥 Compound fertilizers 65,767 53,446 其他 Others 32,871 86,444 4,943,217 3,746,558 提供生产服务 Provision of production services 22,737 23,985 总计 Total 4,965,954 3,770,543 收益确认的时间 Timing of revenue recognition 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 于某个时点确认 At a point in time 4,943,217 3,746,558 随时间确认 Over-time 22,737 23,985 总计 Total 4,965,954 3,770,543 130 米高集团控股有限公司 年报 2024/2025 |
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| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 4,372,941 |
|---|
| 464,500 |
| 7,138 |
| 65,767 |
| 32,871 |
| 4,943,217 |
| 22,737 |
| 4,965,954 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 4,943,217 |
|---|
| 22,737 |
| 4,965,954 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. 收入及分部资料（续） 5. REVENUE AND SEGMENT INFORMATION (CONTINUED) (i) 来自客户合同收入之细分 (i) Disaggregation of revenue （续） from contracts with customers (Continued) 按客户类别划分之收入 Revenue by types of customers 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 国有企业（「国有企业」）State-owned enterprise (“SOE”) 2,950,909 2,017,636 非国有企业 Non-SOE 2,015,045 1,752,907 总计 Total 4,965,954 3,770,543 (ii) 客户合同的履约义务 (ii) Performance obligations for contracts with customers 本集团直接向其客户销售特种钾 The Group sells specialty potash-based 肥。收入在货品控制权转让的时 fertilizers directly to its customers. Revenue 间点（即货品由客户取得或从本集 is recognized at a point in time when control 团库房发货时）确认。 of the goods has transferred, being when the goods have been collected by customers or delivered from the Group’s warehouses. 本集团亦向其客户提供生产服 The Group provides production services to 务。当本集团创造或提升客户于 customers. Such services are recognized as 创造或提升资产时已控制的资 a performance obligation satisfied over time 产，则该等服务因履行履约责任 as the Group creates or enhances an asset 而随时间确认。该等生产服务的 that the customer controls as the asset is 收入乃根据合同完成阶段采用产 created or enhanced. Revenue is recognized 出法确认。 for these production services based on the stage of completion of the contract using output method. 交付的一般信贷期为0至180日。 The normal credit term is 0 to 180 days upon delivery. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 131 |
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| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 2,950,909 |
|---|
| 2,015,045 |
| 4,965,954 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. 收入及分部资料（续） 5. REVENUE AND SEGMENT INFORMATION (CONTINUED) (iii) 分配至客户合同的余下履约 (iii) Transaction price allocated to the 义务之交易价格 remaining performance obligation for contracts with customers 所有客户合同为期均为一年或以 All contracts with customers are for period of 下。按香港财务报告准则第15号 one year or less. As permitted under HKFRS 准许，分配至该等未达成合同之 15, the transaction price allocated to these 交易价格不作披露。 unsatisfied contracts is not disclosed. (iv) 分部资料 (iv) Segment information 就资源分配及表现评估而言，向 Information reported to the executive 本公司执行董事（即主要营运决策 directors of the Company, being the chief 者）呈报之资料为本集团的整体综 operating decision maker, for the purpose 合业绩。本公司董事并无获提供 of resources allocation and performance 独立财务资料。因此，董事认为 assessment, is the consolidated results of 香港财务报告准则第8号经营分部 the Group as a whole. No other discrete 规定项下仅有一个经营分部。就 financial information is provided. Accordingly, 此而言，仅呈列实体范围内的披 the directors of the Company consider 露。 there is only one operating segment under the requirements of HKFRS 8 Operating Segments. In this regard, only entity-wide disclosures are presented. 由于本集团的收入、非流动资产 No geographic information is presented 及业务主要来自其位于中国的活 as the revenue, non-current assets and 动，因此概无呈列地理资料。 operations of the Group are primarily derived from its activities located in the PRC. 132 米高集团控股有限公司 年报 2024/2025 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 5. 收入及分部资料（续） 5. REVENUE AND SEGMENT INFORMATION (CONTINUED) (iv) 分部资料（续） (iv) Segment information (Continued) 主要客户资料 Information about major customers 于相应年度占本集团总收入超过 Revenue from customers of the 10%之来自客户的收入载列如 corresponding years contributing over 10% of 下： the total revenue of the Group are as follows: 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 客户A Customer A 581,972 478,301 客户B Customer B 不适用1 N/A1 446,328 1 于相关年度，相应收入并未占 1 The corresponding revenue did not 本集团总收入的10%以上。 contribute over 10% of total revenue of the Group for the relevant year. 6. 其他收入 6. OTHER INCOME 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 额外扣除进项增值税 Extra deduction of input value-added tax 13,902 – 政府补助（附注） Government grants (Note) 3,233 3,292 银行利息收入 Bank interest income 2,055 4,473 租金收入 Rental income 527 844 其他 Others 683 609 20,400 9,218 附注： 该金额主要指中国政府为鼓励在中国 Note: The amounts mainly represented the incentive 经营业务而提供的奖励性补贴。该等 subsidies provided by the PRC government to 补助并无附带未达成条件且本集团于 encourage business operation in the PRC. There 收到时确认有关补助。 were no unfulfilled conditions attached to these grants and the Group has recognized the grants upon receipts. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 133 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 581,972 |
|---|
| 不适用1 N/A1 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 13,902 |
|---|
| 3,233 |
| 2,055 |
| 527 |
| 683 |
| 20,400 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 7. 其他收益及亏损 7. OTHER GAINS AND LOSSES 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 按公平值计量且其变动计入 当期损益的金融资产的 Gain from changes in fair value of financial 公平值变动收益 assets at FVTPL 7,988 – (Loss) gain on disposal of plant and 出售厂房及设备（亏损）收益 equipment (49) 170 外汇（亏损）收益净额 Net foreign exchange (losses) gains (547) 6,032 捐款 Donation (1,787) – 其他 Others (79) (609) 5,526 5,593 8. 财务成本 8. FINANCE COSTS 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 借款之利息开支 Interest expenses on borrowings 19,805 14,262 关联公司贷款之利息开支 Interest expenses on loan from a related （附注22(b)） company (Note 22 (b)) – 4,865 租赁负债之利息开支 Interest expenses on lease liabilities 175 470 19,980 19,597 134 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 7,988 |
|---|
| (49) |
| (547) |
| (1,787) |
| (79) |
| 5,526 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 19,805 |
|---|
| – |
| 175 |
| 19,980 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9. 所得税开支 9. INCOME TAX EXPENSE 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 所得税开支包括： Income tax expense comprised of: 即期税项： Current tax: 中国企业所得税 （「企业所得税」） PRC Enterprise Income Tax (“EIT”) 75,270 57,048 递延税项（附注19） Deferred tax (Note 19) (1,381) 362 73,889 57,410 根据司法权区法律法规，本集团毋须缴 The Group is not subject to any income tax in the Cayman 纳开曼群岛任何所得税。 Islands pursuant to the rules and regulations in the jurisdiction. 由于两个年度均无应课税溢利须缴纳香 No provision for Hong Kong Profits Tax as there is no 港利得税，故于两个年度并无作出香港 assessable profit subject to Hong Kong Profits Tax for 利得税拨备。 both years. 中国企业所得税按本集团经营所在地的 PRC EIT is calculated at the applicable rates of tax 适用税率并根据现行法规、诠释及惯例 prevailing in the areas in which the Group operates, based 计算。 on the existing legislation, interpretations and practices. 根据中国企业所得税法及其详尽实施细 Pursuant to the PRC EIT law and its detailed 则，标准所得税率为25%。此外，倘附 implementation rules, the standard income tax rate is 属公司符合高新技术企业资格（根据中 25%. Besides, if the subsidiaries are qualified as high- 国企业所得税法），则附属公司有权享有 technology companies (under the PRC EIT law), the 15%的所得税率宽减，而有关资格须每 subsidiaries are entitled to a reduced income tax rate of 三年续新一次。于两个年度，中国的若 15% and such qualification is subject to renewal every 干集团实体有权享有15%的所得税率宽 three years. Certain of group entities in the PRC are 减。 entitled to the reduced income tax rate of 15% for both years. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 135 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 75,270 |
|---|
| (1,381) |
| 73,889 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9. 所得税开支（续） 9. INCOME TAX EXPENSE (CONTINUED) 根据企业所得税法及企业所得税法实施 According to the EIT Law and Implementation 细则，外国投资者于中国成立的公司自 Regulation of the EIT Law, withholding income tax 2008年起赚取的溢利，其相关股息将会 at a rate of 10% would be imposed on dividends 被征收10%的预扣所得税。该等股息预 relating to profits earned in year 2008 onwards to 扣所得税率可能会根据适用的税收协定 foreign investors distributed from the companies 或安排进一步调低，惟在分派时须符合 established in the PRC. Such dividend withholding 特定的资格要求。根据《内地和香港特别 income tax rate may be further reduced under 行政区关于对所得避免双重征税和防止 applicable tax treaties or arrangement subject to 偷漏税的安排》，倘香港居民企业，包括 specific qualification requirements at the time of 但不限于，持有中国居民企业至少25% the distribution. According to the arrangement 股权，由该中国居民企业向香港居民企 between the Mainland China and the Hong Kong 业所支付股息的预扣所得税税率将进一 Special Administrative Region for the Avoidance 步调低至5%，否则有关税率将维持在 of Double Taxation and the Prevention of Fiscal 10%。由于本集团能控制拨回暂时性差 Evasion with respect to Taxes on Income, the 额的时间且于可预见将来可能不会拨回 withholding income tax rate on dividends paid by 有关暂时性差额，故概无于综合财务报 a PRC resident enterprise to a Hong Kong resident 表就中国附属公司于2025年3月31日累 enterprise is further reduced to 5% if the Hong 计溢利约人民币2,752,870,000元（2024 Kong resident enterprise, including but not limited 年：人民币2,413,047,000元）应占的暂 to, holds at least 25% equity interests in the PRC 时性差额作出递延税项拨备。 resident enterprise, and remains at 10% otherwise. Deferred taxation has not been provided for in the consolidated financial statements in respect of temporary differences attributable to accumulated profits of the PRC subsidiaries amounting to approximately RMB2,752,870,000 as at 31 March 2025 (2024: RMB2,413,047,000) as the Group is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. 136 米高集团控股有限公司 年报 2024/2025 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9. 所得税开支（续） 9. INCOME TAX EXPENSE (CONTINUED) 于本年度的所得税开支可与综合损益及 The income tax expense for the year can be 其他全面收益表的除税前溢利对账如下： reconciled to the profit before tax per the consolidated statement of profit or loss and other comprehensive income as follows: 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 除税前溢利 Profit before tax 413,373 333,604 按中国企业所得税税率25% 计算之税项 Tax at PRC EIT rate of 25% 103,343 83,401 Tax effect of expenses not 不可扣税开支之税务影响 deductible for tax purpose 3,802 10,289 Tax effect of income not taxable 毋须课税收入之税务影响 for tax purpose – (18) 研发开支加计扣除之税务 Tax effect of super deduction for research 影响（附注） and development expenses (Note) (394) (3,709) Tax effect of share of result 应占合营企业业绩之税务影响 of a joint venture 6,676 1,498 授予中国附属公司的优惠 Effect of tax concessionary rates granted 税率的影响 to the PRC subsidiaries (39,534) (34,107) 其他 Others (4) 56 73,889 57,410 附注： 合资格开支指于中国产生并自损益扣 Note: The eligible expenditures represent research 除的研发成本，于计算两个年度的所 and development costs incurred in the PRC and 得税开支时享有额外的100%税项扣 charged to profit or loss, which is subject to an 减。 additional 100% tax deduction in the calculation of income tax expense for both years. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 137 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 413,373 |
|---|
| 103,343 |
| 3,802 |
| – |
| (394) |
| 6,676 |
| (39,534) |
| (4) |
| 73,889 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10. 年内溢利 10. PROFIT FOR THE YEAR 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 年内溢利经扣除下列 Profit for the year has been arrived at after 各项后达致 charging Cost of inventories recognized as an 确认为开支之存货成本 expense 4,310,251 3,219,438 无形资产摊销 Amortisation of intangible asset 1,585 1,585 厂房及设备折旧 Depreciation of plant and equipment 45,837 44,644 使用权资产折旧 Depreciation of right-of-use assets 8,283 9,073 折旧及摊销总额 Total depreciation and amortisation 55,705 55,302 减：资本化为存货成本 Less: capitalized as cost of inventories (36,745) (37,235) 18,960 18,067 核数师酬金 Auditor’s remuneration －审核服务 – Audit services 2,850 2,701 －非审核服务 – Non-audit services 1,277 574 4,127 3,275 上市开支 Listing expenses – 40,287 Staff costs (including directors’ 员工成本（包括董事酬金） emoluments) －董事酬金（附注12） – Directors’ emoluments (Note 12) 9,175 6,117 －薪金及其他福利 – Salaries and other benefits 71,876 56,538 －退休福利计划供款 – Retirement benefit scheme contributions （不包括董事） (excluding directors) 3,893 3,666 84,944 66,321 减：资本化为存货成本 Less: capitalized as cost of inventories (22,828) (25,363) 62,116 40,958 11. 股息 11. DIVIDENDS 于报告期内，向本公司拥有人宣派截至 During the reporting period, a final dividend of 2024年3月31日止年度的末期股息每股 RMB0.061 per share in respect of the year ended 人民币0.061元。报告期内宣派的末期 31 March 2024 was declared to owners of the 股息总额为人民币55,445,000元，并已 Company. The aggregate amount of the final 于2024年10月支付予本公司股东。截至 dividend declared during the reporting period 2024年3月31日止年度，概无向本公司 amounted to RMB55,445,000 and was paid to the 股东宣派或派付股息。 shareholders of the Company in October 2024. There was no dividend declared or paid to the shareholders of the Company during the year ended 31 March 2024. 138 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 4,310,251 |
|---|
| 1,585 |
| 45,837 |
| 8,283 |
| 55,705 |
| (36,745) |
| 18,960 |
| 2,850 |
| 1,277 |
| 4,127 |
| – |
| 9,175 |
| 71,876 |
| 3,893 |
| 84,944 |
| (22,828) |
| 62,116 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11. 股息（续） 11. DIVIDENDS (CONTINUED) 于报告期末后，本公司董事建议就截 Subsequent to the end of the reporting period, a 至2025年3月31日止年度派发末期股 final dividend in respect of the year ended 31 March 息每股普通股人民币0.075元（2024 2025 of RMB0.075 (2024: RMB0.061) per ordinary 年：人民币0.061元），总金额约为人 share, in an aggregate amount of approximately 民币68,171,000元（2024年：人民币 RMB68,171,000 (2024: RMB55,445,000), has been 55,445,000元），但须于应届股东周年大 proposed by the directors of the Company and 会上获得股东批准。 is subject to approval by the shareholders in the forthcoming annual general meeting. 12. 董事及最高行政人员之酬金以 12. DIRECTORS’ AND CHIEF 及五名最高薪酬雇员 EXECUTIVE’S EMOLUMENTS AND FIVE HIGHEST PAID EMPLOYEES (a) 董事及最高行政人员之酬金 (a) Directors’ and chief executive’s emoluments 根据适用上市规则及公司条例披 Directors’ and chief executive’s remuneration 露的本年度董事及最高行政人员 for the year, disclosed pursuant to the 之酬金如下： applicable Listing Rules and the CO, is as follows: 薪金及 退休福利 表现 袍金 其他津贴 计划供款 相关花红 总计 Retirement Salaries benefit Performance and other scheme related Fee allowances contributions bonuses Total 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 （附注iii） (Note iii) 截至2025年3月31日止年度 Year ended 31 March 2025 执行董事： Executive directors: 刘先生（附注i） Mr. Liu (Note i) – 7,146 77 – 7,223 孙平福先生 Mr. Sun Pingfu – 564 38 – 602 董本梓先生 Mr. Dong Benzi – 325 35 – 360 Independent 独立非执行董事： non-executive directors: 陈国福先生（附注ii） Mr. Chen Guofu (Note ii) 330 – – – 330 黄莎莎女士（附注ii） Ms. Huang Shasha (Note ii) 330 – – – 330 Qing Meyerson女士（附注ii） Ms. Qing Meyerson (Note ii) 330 – – – 330 总计 Total 990 8,035 150 – 9,175 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 139 |
|---|
| 袍金 | 薪金及 其他津贴 | 退休福利 计划供款 | 表现 相关花红 | 总计 | ||
|---|---|---|---|---|---|---|
| Fee | Salaries and other allowances | Retirement benefit scheme contributions | Performance related bonuses | Total |
| – | 7,146 | 77 | – | 7,223 |
|---|---|---|---|---|
| – | 564 | 38 | – | 602 |
| – | 325 | 35 | – | 360 |
| 330 | – | – | – | 330 |
| 330 | – | – | – | 330 |
| 330 | – | – | – | 330 |
| 990 | 8,035 | 150 | – | 9,175 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12. 董事及最高行政人员之酬金以 12. DIRECTORS’ AND CHIEF 及五名最高薪酬雇员（续） EXECUTIVE’S EMOLUMENTS AND FIVE HIGHEST PAID EMPLOYEES (CONTINUED) (a) 董事及最高行政人员之酬金 (a) Directors’ and chief executive’s （续） emoluments (Continued) 薪金及 退休福利 表现 袍金 其他津贴 计划供款 相关花红 总计 Retirement Salaries benefit Performance and other scheme related Fee allowances contributions bonuses Total 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 （附注iii） (Note iii) 截至2024年3月31日止年度 Year ended 31 March 2024 执行董事： Executive directors: 刘先生（附注i） Mr. Liu (Note i) – 5,278 82 – 5,360 孙平福先生 Mr. Sun Pingfu – 387 83 – 470 董本梓先生 Mr. Dong Benzi – 223 34 – 257 Independent non-executive 独立非执行董事： directors: 陈国福先生（附注ii） Mr. Chen Guofu (Note ii) 10 – – – 10 黄莎莎女士（附注ii） Ms. Huang Shasha (Note ii) 10 – – – 10 Qing Meyerson女士（附注ii） Ms. Qing Meyerson (Note ii) 10 – – – 10 总计 Total 30 5,888 199 – 6,117 附注： Notes: (i) 刘先生于两个年度担任本公司 (i) Mr. Liu served as the chief executive 最高行政人员，而其于上文披 of the Company for both years and his 露的酬金包括其担任最高行政 emoluments disclosed above include those 人员就管理集团实体事务所提 for services rendered by him as the chief 供服务的酬金。 executive in management of the affairs of the group entities. (ii) 陈国福先生、黄莎莎女士及 (ii) Mr. Chen Guofu, Ms. Huang Shasha and Qing Meyerson女士于2024 Ms. Qing Meyerson were appointed as 年2月28日获委任为本公司独 independent non-executive directors of the 立非执行董事，自本公司上市 Company on 28 February 2024 with their 后生效。 appointments becoming effective upon the Listing of the Company. (iii) 表现相关花红乃根据本集团的 (iii) Performance related bonuses are determined 表现及本集团内相关个人的表 based on the Group’s performance and 现厘定。 performance of the relevant individual within the Group. 140 米高集团控股有限公司 年报 2024/2025 |
|---|
| 袍金 | 薪金及 其他津贴 | 退休福利 计划供款 | 表现 相关花红 | 总计 | ||
|---|---|---|---|---|---|---|
| Fee | Salaries and other allowances | Retirement benefit scheme contributions | Performance related bonuses | Total |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12. 董事及最高行政人员之酬金以 12. DIRECTORS’ AND CHIEF 及五名最高薪酬雇员（续） EXECUTIVE’S EMOLUMENTS AND FIVE HIGHEST PAID EMPLOYEES (CONTINUED) (a) 董事及最高行政人员之酬金 (a) Directors’ and chief executive’s （续） emoluments (Continued) 上文所示执行董事之酬金乃关于 The executive directors’ emoluments shown 其就管理本公司及本集团事务而 above were for their services in connection 提供之服务。上述独立非执行董 with the management of the affairs of the 事酬金乃彼等就担任本公司董事 Company and the Group. The independent 提供服务获支付的酬金。 non-executive directors’ emoluments shown above were for their services as directors of the Company. 于两个年度，概无任何董事或最 There was no arrangement under which a 高行政人员可据此放弃或同意放 director or the chief executive waived or 弃任何酬金之安排。 agreed to waive any remuneration during both years. (b) 五名最高薪酬雇员 (b) Five highest paid employees 年内本集团五名最高薪酬人员包 The five highest paid individuals of the Group 括一名（2024年：两名）董事，其 during the year included one (2024: two) 酬金详情载于上文披露中。其余 director, details of whose emoluments are 四名（2024年：三名）非本公司董 included in the disclosure above. Details of 事及最高行政人员之最高薪酬雇 the remuneration for the year of the remaining 员之年内酬金详情如下： four (2024: three) highest paid employees who are neither a director nor chief executive of the Company are as follows: 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 薪金及其他津贴 Salaries and other allowances 6,852 2,943 退休福利计划供款 Retirement benefit scheme contributions 66 93 6,918 3,036 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 141 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 6,852 |
|---|
| 66 |
| 6,918 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12. 董事及最高行政人员之酬金以 12. DIRECTORS’ AND CHIEF 及五名最高薪酬雇员（续） EXECUTIVE’S EMOLUMENTS AND FIVE HIGHEST PAID EMPLOYEES (CONTINUED) (b) 五名最高薪酬雇员（续） (b) Five highest paid employees (Continued) 并非本公司董事且薪酬介于以下 The number of the highest paid employees 范围之最高薪酬雇员人数如下： who are not the directors of the Company whose remuneration fell within the following bands is as follows: 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 Nil to Hong Kong Dollars (“HKD”) 零至1,000,000港元 1,000,000 – 2 1,000,001港元至 1,500,000港元 HKD1,000,001 to HKD1,500,000 2 – 1,500,001港元至 2,000,000港元 HKD1,500,001 to HKD2,000,000 – 1 2,000,001港元至 2,500,000港元 HKD2,000,001 to HKD2,500,000 1 – 2,500,001港元至 3,000,000港元 HKD2,500,001 to HKD3,000,000 1 – 4 3 于两个年度，本集团概无向任何 During both years, no emolument was paid 本公司董事或五名最高薪酬人员 by the Group to any of the directors of the 支付酬金作为加入本集团或加入 Company or the five highest paid individuals 本集团后的奖励或离职补偿。 as an inducement to join or upon joining the Group or as compensation for loss of office. 142 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| – |
|---|
| 2 |
| – |
| 1 |
| 1 |
| 4 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 13. 每股盈利 13. EARNINGS PER SHARE 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 用于计算本公司拥有人 Earnings for the purpose of calculating 应占年内每股基本 basic and diluted earnings per share for 及摊薄盈利的盈利 the year attributable to the owners of the Company 307,471 252,479 股份数目 股份数目 No. of No. of Shares Shares 用于计算每股基本 Weighted average number of ordinary 盈利的普通股 shares for the purpose of calculating 加权平均数 basic earnings per share 908,548,110 681,762,295 普通股潜在摊薄影响： Effect of dilutive potential ordinary shares: 超额配股权 Over-allotment options 30,456 676,230 用于计算每股摊薄 Weighted average number of ordinary 盈利的普通股 shares for the purpose of calculating 加权平均数 diluted earnings per share 908,578,566 682,438,525 用于计算截至2024年3月31日止年度每 The weighted average number of ordinary shares 股基本盈利的普通股加权平均数乃基于 for the purpose of calculating basic earnings per 假设股份拆细及资本化发行（如附注28 share for the year ended 31 March 2024 has been 所述）已于2023年4月1日生效厘定。 determined based on the assumption that the share subdivision and capitalization issue as described in Note 28 had been effective on 1 April 2023. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 143 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 307,471 |
|---|
| 股份数目 | 股份数目 | ||
|---|---|---|---|
| No. of | No. of | ||
| Shares | Shares |
| 908,548,110 |
|---|
| 30,456 |
| 908,578,566 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 14. 厂房及设备 14. PLANT AND EQUIPMENT 在建工程 楼宇 机器及设备 汽车 办公设备（「在建工程」） 总计 Machinery Construction and Office in progress Buildings equipment Vehicles equipment (“CIP”) Total 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 成本 COST 于2023年4月1日 At 1 April 2023 441,077 470,029 10,041 9,084 643 930,874 添置 Additions 155 3,741 492 722 8,405 13,515 自在建工程转拨 Transfer from CIP 837 29 – – (866) – 出售 Disposals (13) (127) (1,146) – – (1,286) 汇兑调整 Exchange realignment 24 – 77 17 – 118 于2024年3月31日 At 31 March 2024 442,080 473,672 9,464 9,823 8,182 943,221 添置 Additions 68 712 3,089 326 64,910 69,105 自在建工程转拨 Transfer from CIP 385 762 – – (1,147) – 出售 Disposals – (1,229) (386) (285) – (1,900) 重新分类为持作出售 Reclassified as held for sale (18,554) – – – – (18,554) 汇兑调整 Exchange realignment 9 – 34 7 – 50 于2025年3月31日 At 31 March 2025 423,988 473,917 12,201 9,871 71,945 991,922 折旧 DEPRECIATION 于2023年4月1日 At 1 April 2023 171,043 260,047 6,757 6,585 – 444,432 年内拨备 Provided for the year 18,154 25,264 837 389 – 44,644 出售时撇除 Eliminated on disposals – (12) (1,032) – – (1,044) 汇兑调整 Exchange realignment 24 – 61 12 – 97 于2024年3月31日 At 31 March 2024 189,221 285,299 6,623 6,986 – 488,129 年内拨备 Provided for the year 18,890 24,920 1,250 777 – 45,837 出售时撇除 Eliminated on disposals – (1,106) (347) (282) – (1,735) 重新分类为持作出售 Reclassified as held for sale (14,369) – – – – (14,369) 汇兑调整 Exchange realignment 9 – 27 6 – 42 于2025年3月31日 At 31 March 2025 193,751 309,113 7,553 7,487 – 517,904 账面值 CARRYING VALUES 于2025年3月31日 At 31 March 2025 230,237 164,804 4,648 2,384 71,945 474,018 于2024年3月31日 At 31 March 2024 252,859 188,373 2,841 2,837 8,182 455,092 144 米高集团控股有限公司 年报 2024/2025 |
|---|
| 楼宇 | 机器及设备 | 汽车 | 办公设备（ | 在建工程 「在建工程」） | 总计 | ||
|---|---|---|---|---|---|---|---|
| Buildings | Machinery and equipment | Vehicles | Office equipment | Construction in progress (“CIP”) | Total |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 14. 厂房及设备（续） 14. PLANT AND EQUIPMENT (CONTINUED) 上述厂房及设备项目（在建工程除外）以 The above items of plant and equipment, except for 直线法按下列年率计算折旧： CIP, are depreciated on a straight-line basis at the following rates per annum: 楼宇 租期或20年，以较短者 Buildings Shorter of the term of the 为准 lease, or 20 years 机器及设备 10年 Machinery and equipment 10 years 汽车 5年 Vehicles 5 years 办公设备 5年 Office equipment 5 years 售后租回交易－卖方－承租人 Sale and leaseback transactions – seller-lessee 为更好地管理本集团的资本结构以及融 To better manage the Group’s capital structure 资需求，本集团订立有关机器租赁之售 and financing needs, the Group enters into 后租回安排及相关机器将于租赁期末以 sale and leaseback arrangements in relation to 人民币600元的代价转回本集团。此等合 machinery leases and the related machinery will be 法转让不符合香港财务报告准则第15号 transferred back to the Group at the end of leases 入账列作机器出售之要求。截至2025年 at consideration of RMB600. These legal transfer 3月31日止年度，本集团已就此等售后 does not satisfy the requirements of HKFRS 15 租回安排筹集借款约人民币88,000,000 to be accounted for as a sale of the machinery. 元（2024年：人民币108,348,000元） During the year ended 31 March 2025, the Group （附注26），并以现金支付（2024年：约 has raised approximately RMB88,000,000 (2024: 人民币88,356,000元以现金支付，余下 RMB108,348,000) (Note 26) borrowings in respect 人民币19,992,000元则透过应收票据支 of such sale and leaseback arrangements, 付）。 and were paid in cash (2024: approximately RMB88,356,000 were paid in cash and the remaining RMB19,992,000 were paid through notes receivables). 分类为持作出售的资产 Assets classified as held for sale 于2024年12月，本集团与中国政府订立 In December 2024, the Group entered into an 协议，以现金代价约人民币52,211,000 agreement with the PRC Government to dispose of 元向中国政府出售其位于中国四川省的 its certain leasehold land and buildings in Sichuan 若干租赁土地及楼宇。于2025年3月31 Province, the PRC to the PRC Government at a cash 日，该出售尚未完成。于2025年3月31 consideration of approximately RMB52,211,000. The 日，租赁土地及楼宇的账面值分别约为 disposal has not been completed as at 31 March 人民币4,171,000元及人民币4,185,000 2025. As at 31 March 2025, the carrying amount 元，预期将于订立协议起计十二个月内 of the leasehold land and buildings amounted to 出售，故已分类为持作出售资产，并于 approximately RMB4,171,000 and RMB4,185,000, 综合财务状况表单独呈列。 respectively, which are expected to be sold within twelve months since the agreement entered, have been classified as assets held for sale and are presented separately in the consolidated statement of financial position. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 145 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. 使用权资产 15. RIGHT-OF-USE ASSETS 本集团租赁多个办公室供其营运。租赁 The Group leases various offices for its operations. 合约按2至5年（2024年：2年）的固定期 Lease contracts are entered into for fixed term of 2 限订立。 to 5 years (2024: 2 years). 此外，为取得中国（其生产设施主要所在 In addition, lump sum payments were made upfront 地）的土地使用权，一笔过付款乃预先作 to acquire the land use rights in the PRC, where its 出。 manufacturing facilities are primarily located. 按使用权资产类别划分的使用权资产于 The carrying amounts of rights-of-use assets at end 报告期末的账面值载列如下： of the reporting period by classes of rights-of-use assets are set out as below: 就报告目的分析如下： Analysed for reporting purposes as: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 账面值 Carrying amounts 租赁土地 Leasehold land 141,755 138,037 办公物业 Office premises 14,990 5,967 156,745 144,004 于2025年3月31日，分别确认约人 As at 31 March 2025, lease liabilities of 民币14,302,000元（2024年：人民币 approximately RMB14,302,000 (2024: 5,375,000元）的租赁负债，相关使用 RMB5,375,000) are recognized with related right-of- 权资产约为人民币14,116,000元（2024 use assets of approximately RMB14,116,000 (2024: 年：人民币5,093,000元）。除出租人持 RMB5,093,000) respectively. The lease agreements 有的租赁资产的担保权益外，租赁协议 do not impose any covenants other than the security 不施加任何契诺。租赁资产不得用作借 interests in the leased assets that are held by the 款担保。 lessor. Leased assets may not be used as security for borrowing purposes. 146 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 141,755 |
|---|
| 14,990 |
| 156,745 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. 使用权资产（续） 15. RIGHT-OF-USE ASSETS (CONTINUED) 综合损益及其他全面收益表包含有关租 The consolidated statement of profit or loss and 赁的金额如下： other comprehensive income contain the following amounts relating to leases: 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 于损益确认的折旧 Deprecation recognized in profit or loss 租赁土地 Leasehold land 3,140 3,048 办公物业 Office premises 5,143 6,025 8,283 9,073 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 短期租赁相关开支 Expense relating to short-term leases 2,903 1,875 租赁现金流出总额 Total cash outflow for leases 19,188 6,152 添置使用权资产 Additions to right-of-use assets 25,195 – Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 147 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 3,140 |
|---|
| 5,143 |
| 8,283 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 2,903 |
|---|
| 19,188 |
| 25,195 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16. 商誉 16. GOODWILL 收购大兴米高 收购宝清米高 总计 Acquisition of Acquisition of Daxing Migao Baoqing Migao Total 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 （附注a） （附注b） (Note a) (Note b) 成本 COST 于2023年4月1日及 2024年及2025年 At 1 April 2023 and 3月31日 31 March 2024 and 2025 2,606 9,463 12,069 账面值 CARRYING VALUES 于2023年4月1日及 2024年及2025年 At 1 April 2023 and 3月31日 31 March 2024 and 2025 2,606 9,463 12,069 附注： Notes: (a) 此商誉于截至2017年3月31日止年 (a) The goodwill was arising from acquisition of Zunyi 度内收购遵义大兴复肥有限责任公司 Daxing Compound Fertilizer Co., Ltd. (“Daxing （「大兴米高」）时产生。 Migao”) during the year ended 31 March 2017. (b) 此商誉于2022年3月31日收购宝清米 (b) The goodwill was arising from acquisition of 高农业科技有限公司（「宝清米高」）时 Baoqing Migao Agricultural Technology Co., Ltd. 产生。 (“Baoqing Migao”) on 31 March 2022. 148 米高集团控股有限公司 年报 2024/2025 |
|---|
| 收购大兴米高 | 收购宝清米高 | 总计 | ||
|---|---|---|---|---|
| Acquisition of Daxing Migao | Acquisition of Baoqing Migao | Total |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16. 商誉（续） 16. GOODWILL (CONTINUED) 为进行减值测试，商誉分配至两个独立 For the purposes of impairment testing, goodwill 现金产生单位（包括两家附属公司大兴米 have been allocated to two individual CGUs, 高及宝清米高）。分配至该两家附属公司 comprising two subsidiaries, Daxing Migao and 的商誉账面值如下： Baoqing Migao. The carrying amounts of goodwill allocated to these two subsidiaries as follows: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 大兴米高 Daxing Migao 2,606 2,606 宝清米高 Baoqing Migao 9,463 9,463 12,069 12,069 该两个现金产生单位的可收回金额乃按 The recoverable amounts of the two CGUs 使用价值计算厘定。该等计算根据管理 have been determined based on value in use 层批准的涵盖五年期间的财务预算使用 calculations. These calculations use cash flow 现金流量预测，除税前贴现率为18% projections based on financial budgets approved （2024年：18%）。五年期间后的现金流 by management covering a 5-year period, and pre- 量使用稳定的2%（2024年：2%）增长率 tax discount rate of 18% (2024: 18%). The cash 推算。该增长率乃基于相关行业增长预 flows beyond the 5-year period are extrapolated 测且并不超过相关行业的平均长期增长 using a steady 2% (2024: 2%) growth rate. This 率。使用价值计算的其他主要假设与包 growth rate is based on the relevant industry growth 括预算销售及毛利率的估计现金流入╱ forecasts and does not exceed the average long- 流出有关，有关估计乃基于现金产生单 term growth rate for the relevant industry. Other key 位的过往表现及管理层对市场发展的预 assumptions for the value in use calculations relate 期作出。于两个年度，本公司董事确定 to the estimation of cash inflows/outflows which 现金产生单位并无减值。 include budgeted sales and gross margin, such estimation is based on the CGU’s past performance and management’s expectations for the market development. During the both years, the directors of the Company determine that there is no impairment on the CGUs. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 149 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 2,606 |
|---|
| 9,463 |
| 12,069 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16. 商誉（续） 16. GOODWILL (CONTINUED) 本公司董事认为，任何该等假设的任何 The directors of the Company believe that any 合理可能变动均不会导致现金产生单位 reasonably possible change in any of these 的账面值超过该现金产生单位的可收回 assumptions would not cause the carrying amount 金额。 of a CGU to exceed the recoverable amount of that CGU. 17. 无形资产 17. INTANGIBLE ASSET 客户关系 Customer relationship 人民币千元 RMB’000 成本 COST 于2023年4月1日、2024年 及2025年3月31日 At 1 April 2023, 31 March 2024 and 2025 15,850 摊销 AMORTISATION 于2023年4月1日 At 1 April 2023 10,303 年内拨备 Provided for the year 1,585 于2024年3月31日 At 31 March 2024 11,888 年内拨备 Provided for the year 1,585 于2025年3月31日 At 31 March 2025 13,473 账面值 CARRYING VALUES 于2025年3月31日 At 31 March 2025 2,377 于2024年3月31日 At 31 March 2024 3,962 150 米高集团控股有限公司 年报 2024/2025 |
|---|
| 客户关系 | ||
|---|---|---|
| Customer | ||
| relationship |
| 13,473 |
|---|
| 2,377 |
| 3,962 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 17. 无形资产（续） 17. INTANGIBLE ASSET (CONTINUED) 大兴米高业务合并中获得的客户关系乃 Customer relationship acquired in the business 识别及确认为无形资产。客户关系总额 combination of Daxing Migao is identified and 按客户关系的可使用年期摊销。经参考 recognized as an intangible asset. The aggregate 大兴米高的行业经验、客户基础及营运 amount of customer relationship is amortized 情况，本公司董事评估客户关系的可使 over the period of the useful lives of the customer 用年期为10年。 relationship. With reference to experience in the industry, customer bases and operation of Daxing Migao, the directors of the Company assessed the useful life of the customer relationship to be 10 years. 18. 于一间合营企业之权益 18. INTEREST IN A JOINT VENTURE 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 于一间合营企业之非上市 权益成本 Cost of unlisted interest in a joint venture 79,847 79,847 Share of post-acquisition profits and other 应占收购后溢利及其他全面 comprehensive income, net of dividends 收益（扣除已收股息） received 9,758 36,460 89,605 116,307 于报告期末，本集团合营企业详情如下： Details of the Group’s joint venture at the end of the reporting period are as follows: 占本集团所持 占本集团所持投 实体名称 注册成立地点 主要营业地点 已发行股本面值之比例 票权之比例 主要业务 Principal Proportion of nominal value Place of place of of issued share capital Proportion of voting rights Principal Name of entity Incorporation operation held by the Group held by the Group activity 于2025 于2024 于2025 于2024 3月31日 3月31日 3月31日 3月31日 At At At At 31 March 31 March 31 March 31 March 2025 2024 2025 2024 香港新农业营养集团有限公司（「NEAN JV」， 前称EuroChem Migao Limited） 香港 中国 50% 50% 50% 50% 投资控股 New Era Agriculture Nutrition Group Limited (“NEAN JV”, Formerly known as Investment EuroChem Migao Limited) Hong Kong The PRC 50% 50% 50% 50% holding Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 151 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 79,847 |
|---|
| 9,758 |
| 89,605 |
| 实体名称 | 注册成立地点 | 主要营业地点 | 占本集团所持 已发行股本面值之比例 | 占本集团所持投 票权之比例 | 主要业务 | ||
|---|---|---|---|---|---|---|---|
| Name of entity | Place of Incorporation | Principal place of operation | Proportion of nominal value of issued share capital held by the Group | Proportion of voting rights held by the Group | Principal activity | ||
| 于2025 3月31日 | 于2024 3月31日 | 于2025 3月31日 | 于2024 3月31日 | ||||
| At | At | At | At | ||||
| 31 March | 31 March | 31 March | 31 March | ||||
| 2025 | 2024 | 2025 | 2024 | ||||
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18. 于一间合营企业之权益（续） 18. INTEREST IN A JOINT VENTURE (CONTINUED) 有关以权益法入账的本集团合营企业的 Summarised financial information in respect of 财务资料概要载列如下。财务资料乃根 the Group’s joint venture which are accounted for 据香港财务报告准则会计准则编制。 using equity method is set out below. The financial information is prepared in accordance with HKFRS Accounting Standards. NEAN JV NEAN JV 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 流动资产 Current assets 400 639 非流动资产（附注） Non-current assets (Note) 178,810 231,975 资产净值 Net assets 179,210 232,614 附注： 结余中包括于一间合营企业（于中国 Note: Included in the balance, there was investment 成立的公司）（「Yunnan JV」）的投 in a joint venture, a company established in the 资，金额约为人民币68,853,000元 PRC (“Yunnan JV”) amounted to approximately （2024年：人民币86,109,000元），乃 RMB68,853,000 (2024: RMB86,109,000), 以权益法入账。截至2025年3月31日 which was accounted for using equity method. 止年度，由于Yunnan JV的营运持续 During the year ended 31 March 2025, due to 产生亏损，已就其物业、厂房及设备 continuous losses were generated by Yunnan JV’s 确认减值亏损约人民币49,700,000元 operation, an impairment loss of approximately （2024年：零）。 RMB49,700,000 (2024: nil) has been recognized on its property, plant and equipment. 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 收益 Revenue – – Loss and total comprehensive 年内亏损及全面开支总额 expense for the year (53,404) (11,984) 152 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 400 |
|---|
| 178,810 |
| 179,210 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| – |
|---|
| (53,404) |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 18. 于一间合营企业之权益（续） 18. INTEREST IN A JOINT VENTURE (CONTINUED) NEAN JV (Continued) NEAN JV（续） Reconciliation of the above summarised financial 上述财务资料概要与综合财务报表确认 information to the carrying amount of the interest in 于NEAN JV的权益账面值对账： NEAN JV recognized in the consolidated financial statements: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 NEAN JV的资产净值 Net assets of NEAN JV 179,210 232,614 本集团于NEAN JV的所有权 Proportion of the Group’s ownership 权益比例 interest in NEAN JV 50% 50% 本集团于NEAN JV之权益的 Carrying amount of the Group’s 账面值 interest in NEAN JV 89,605 116,307 19. 递延税项 19. DEFERRED TAXATION 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 递延税项负债 Deferred tax liabilities 2,400 2,783 递延税项资产 Deferred tax assets (4,697) (3,699) (2,297) (916) Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 153 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 179,210 |
|---|
| 50% |
| 89,605 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 2,400 |
|---|
| (4,697) |
| (2,297) |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 19. 递延税项（续） 19. DEFERRED TAXATION (CONTINUED) 本集团于本年度及过往年度确认的递延 Deferred tax (assets) liabilities recognized by the 税项（资产）负债及其变动如下： Group and the movements thereon during the current and prior year are as follows: 预期信贷 业务合并的 税项亏损 亏损拨备 租赁负债 使用权资产 公平值调整 总计 Fair value adjustment ECL Lease Right-of- in business Tax losses provision liabilities use assets consolidation Total 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 于2023年4月1日 At 1 April 2023 (102) (4,349) – – 3,173 (1,278) Charged (credited) to profit 扣除（计入）自损益（附注9） or loss (Note 9) 102 650 – – (390) 362 于2024年3月31日 At 31 March 2024 – (3,699) – – 2,783 (916) (Credited) charged to profit （计入）扣除自损益（附注9） or loss (Note 9) – (998) (2,385) 2,385 (383) (1,381) 于2025年3月31日 At 31 March 2025 – (4,697) (2,385) 2,385 2,400 (2,297) 20. 存货 20. INVENTORIES 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 原材料 Raw materials 132,119 373,258 制成品 Finished goods 45,526 68,983 包装及其他材料 Packing and other materials 3,942 5,371 在运货品 Goods in transit 1,570 1,714 183,157 449,326 154 米高集团控股有限公司 年报 2024/2025 |
|---|
| 税项亏损 | 预期信贷 亏损拨备 | 租赁负债 | 使用权资产 | 业务合并的 公平值调整 | 总计 | ||
|---|---|---|---|---|---|---|---|
| Tax losses | ECL provision | Lease liabilities | Right-of- use assets | Fair value adjustment in business consolidation | Total |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 132,119 |
|---|
| 45,526 |
| 3,942 |
| 1,570 |
| 183,157 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. 贸易及其他应收款项以及预付 21. TRADE AND OTHER RECEIVABLES 款项 AND PREPAYMENTS 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 贸易应收款项 Trade receivables 260,622 32,878 未开票应收款项（附注a） Unbilled receivables (Note a) 70,496 140,999 减：信贷亏损拨备 Less: allowance for credit losses (18,796) (14,803) 312,322 159,074 应收票据 Bills receivables 130,234 422,086 442,556 581,160 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 存货预付款项（附注b） Inventories prepayment (Note b) －第三方 – third parties 2,616,974 1,758,736 －合营企业 – a joint venture 22,487 – 2,639,461 1,758,736 增值税应收款项 Value-added tax receivables 42,799 50,169 厂房及设备预付款项 Prepayments for plant and equipment 49,561 57 其他应收款项、按金 Other receivables, deposits and 及预付款项 prepayments 65,316 47,880 2,797,137 1,856,842 3,239,693 2,438,002 分析如下： Analysed as: 流动 Current 3,180,445 2,428,151 非流动 Non-current 59,248 9,851 3,239,693 2,438,002 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 155 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 260,622 |
|---|
| 70,496 |
| (18,796) |
| 312,322 |
| 130,234 |
| 442,556 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 2,616,974 |
|---|
| 22,487 |
| 2,639,461 |
| 42,799 |
| 49,561 |
| 65,316 |
| 2,797,137 |
| 3,239,693 |
| 3,180,445 |
| 59,248 |
| 3,239,693 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. 贸易及其他应收款项以及预付 21. TRADE AND OTHER RECEIVABLES 款项（续） AND PREPAYMENTS (CONTINUED) 附注： Notes: (a) 未开票应收款项指本集团已交付货品 (a) Unbilled receivables represents accrued sales 但尚未开票的应计销售额。本集团拥 for goods delivered by the Group but yet to bill. 有无条件收取未开票应收款项的权 The Group has unconditional right to the payment 利，该等款项预期将于本年度末起计 of the unbilled receivables which is expected to 180日内开票并于12个月内收取。 be billed within 180 days and received within 12 months from the end of the year. (b) 于2025年3月31日，本集团以背书开 (b) As at 31 March 2025, the Group made inventory 票方式向多家供应商作出存货预付款 prepayment to various suppliers of approximately 项约人民币1,019,000元（2024年： RMB1,019,000 (2024: RMB271,448,000) by 人民币271,448,000元），而应收票据 endorsed billed for which the maturity dates of the 的到期日尚未到期（请参阅附注33）。 bills receivables have not yet fallen due (see Note 33). 于2023年4月1日，来自客户合同的贸易应 As at 1 April 2023, gross trade receivables and 收款项及未开票应收款项总额合共为人民币 unbilled receivables from contracts with customers 200,370,000元。 amount to RMB200,370,000 in aggregate. The Group generally allows credit period ranging 本集团一般容许0至180日的信贷期。本集团 from 0 to 180 days. The Group will assess the credit 将评估各潜在客户的信贷质素并界定各客户的 quality of each potential customer and define rating 评级及信贷限额。 and credit limit for each customer. The following is an analysis of trade receivables by 以下为于报告期末基于发票日期呈列， age, net of allowance for credit losses, presented 经扣除信贷亏损拨备后按账龄划分的贸 based on the invoice date at the end of the 易应收款项分析： reporting period: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 贸易应收款项 Trade receivables 90日内 Within 90 days 111,030 17,784 91至180日 91-180 days 95,369 291 181至365日 181-365 days 35,761 759 1年以上 Over 1 year 1,086 1,784 243,246 20,618 156 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 111,030 |
|---|
| 95,369 |
| 35,761 |
| 1,086 |
| 243,246 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. 贸易及其他应收款项以及预付 21. TRADE AND OTHER RECEIVABLES 款项（续） AND PREPAYMENTS (CONTINUED) 于2025年3月31日，已收票据总额约为 As at 31 March 2025, total bills received amounting 人民币129,937,000元（2024年：人民币 to approximately RMB129,937,000 (2024: 412,307,000元），已进一步由本集团贴 RMB412,307,000), was further discounted or 现或背书。本集团于两个年度末继续确 endorsed by the Group. The Group continues to 认其全部账面值，详情披露于附注33。 recognize their full carrying amounts at the end of 本集团收取的所有票据到期期限均少于 both years and details are disclosed in Note 33. 一年（2024年：一年）。 All bills received by the Group are with a maturity period of less than one year (2024: one year). 于2025年3月31日，账面总值为人民 As at 31 March 2025, included in the Group’s 币132,216,000元（2024年：人民币 trade receivables balance are debtors with 2,834,000元）的应收款项，已计入本 aggregate carrying amount of RMB132,216,000 集团的贸易应收款项结余，该等款项于 (2024: RMB2,834,000) which is past due as at 报告日期已逾期。在该等逾期结余中， the reporting date. Out of the past due balances, 人民币36,847,000元（2024年：人民币 RMB36,847,000 (2024: RMB2,543,000) has been 2,543,000元）已逾期90天或以上，而鉴 past due for 90 days or more and is not considered 于该等客户的良好还款记录，故被视作 as in default based on good repayment records 并无违约。本集团并无就该等结余持有 for those customers. The Group does not hold any 任何抵押品。 collateral over these balances. 本集团应用简化方法就香港财务报告准 The Group applies the simplified approach to 则第9号规定的预期信贷亏损计提拨备 provide for ECL prescribed by HKFRS 9 as （如附注35所披露）。就具重大金额的贸 disclosed in Note 35. For trade receivables with 易应收款项而言，彼等会个别评估减值 significant amounts, they are assessed individually 拨备及根据本集团内部信贷评级、历史 for impairment allowance and collectively for 信贷亏损经验集中评估余下贸易应收款 remaining trade receivables based on the 项，并就债务人特定因素、整体经济环 Group’s internal credit rating, historical credit loss 境及报告日期当前情况及预测动向的评 experience, adjusted for factors that are specific 估作出调整。贸易及其他应收款项的减 to the debtors, general economic conditions and 值评估详情载于附注35。 an assessment of both the current as well as the forecast direction of conditions at the reporting date. Details of impairment assessment of trade and other receivables are set out in Note 35. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 157 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. 关联方结余及交易 22. RELATED PARTY BALANCES AND TRANSACTIONS (a) 本集团拥有以下关联方结 (a) The Group had the following 余： related party balances: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 应收合营企业款项： Amounts due from joint ventures: 贸易性质 Trade nature – Yunnan JV（附注(a)） – Yunnan JV (Note (a)) 14,548 13,862 非贸易性质 Non-trade nature – NEAN JV（附注(b)） – NEAN JV (Note (b)) 4,864 4,658 19,412 18,520 应付一间关联公司之 Lease liabilities to a related 租赁负债 company －寰太洋（遵义）房地产租赁 – Huantaiyang (Zunyi) Real Estate 有限公司（「寰太洋遵义」） Leasing Co., Ltd. (“Huantaiyang （附注(c)） Zunyi”) (Note (c)) – (1,915) 158 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 14,548 |
|---|
| 4,864 |
| 19,412 |
| – |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. 关联方结余及交易（续） 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) (a) 本集团拥有以下关联方结 (a) The Group had the following 余：（续） related party balances: (Continued) 附注： Notes: (a) Yunnan JV是NEAN JV的合 (a) Yunnan JV is the joint venture of NEAN 营企业。与Yunnan JV的贸易 JV. Trade related balances with Yunnan 相关结余来自原材料及制成品 JV arose from sales of raw materials and 销售。一般而言，获容许的信 finished goods. In general, 90 days credit 贷期为90日。该等结余为无 period is allowed. These balances were 抵押及免息。 unsecured and interest-free. 以下为本集团于报告期末按发 The following is an aged analysis of the 票日期呈列与合营企业的贸易 Group’s trade related balances with a joint 相关结余的账龄分析： venture at the end of the reporting period presented based on invoice date: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 0至90日 0 – 90 days 2,611 13,862 1年以上 Over 1 year 11,937 – 14,548 13,862 于2024年3月31日，本集团 As at 31 March 2024, the Group made 以背书票据向合营企业作出采 prepayment for purchase of raw materials 购原材料及制成品的预付款项 and finished goods to the joint venture of 为人民币1,477,000元（2025 RMB1,477,000 (2025: nil) by endorsed 年：零），其应收票据之到期 billed for which the maturity dates of the 日尚未到期（见附注33）。 bills receivables have not yet fallen due (see Note 33). Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 159 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 2,611 |
|---|
| 11,937 |
| 14,548 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. 关联方结余及交易（续） 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) (a) 本集团拥有以下关联方结 (a) The Group had the following 余：（续） related party balances: (Continued) (b) 应收NEAN JV款项主要指本 (b) The amount due from NEAN JV mainly 集团代NEAN JV支付的一般 represents the general and administrative 及行政开支。该等款项为非贸 expenses that the Group paid on behalf 易性质、免息、无抵押及须按 of NEAN JV. The amounts are non-trade 要求偿还。 nature, interest-free, unsecured and repayable on demand. 截至3月31日止年度 最高金额 Maximum amount during the Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 NEAN JV NEAN JV 4,864 13,232 (c) 该实体由刘先生所控制，故其 (c) The entity has been identified as a related 被认定为本集团关联方。 party of the Group as it is controlled by Mr. Liu. (d) 应付一家关联公司款项于附注 (d) The amount due to a related company is 24披露。 disclosed in Note 24. 160 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 4,864 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. 关联方结余及交易（续） 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) (b) 本集团与各关联方订立以下 (b) The Group entered into the 交易： following transactions with related parties: 截至3月31日止年度 Year ended 31 March 关联公司名称 交易性质 2025年 2024年 Name of related companies Nature of transactions 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 合营企业 Joint venture Yunnan JV 销售原材料及制成品 Yunnan JV Sales of raw materials and finished goods 3,932 306,009 购买原材料及制成品 Purchases of raw materials and finished goods 2,538 2,172 关联公司 Related companies 寰太洋遵义 利息开支 Huantaiyang Zunyi Interest expense 40 190 租赁开支 Lease expense 621 – 黑龙江北大荒之直接控股公司* The immediate holding company of Heilongjiang 利息开支 Beidahuang* Interest expense – 4,865 * 黑龙江北大荒现代农业服务集团农资 * Heilongjiang Beidahuang Modern 有限公司（「黑龙江北大荒」）为本集团 Agricultural Services Group Agricultural 非控股股东。 Materials Co., Ltd. (“Heilongjiang Beidahuang”) is a non-controlling shareholder of the Group. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 161 |
|---|
| 关联公司名称 | 交易性质 | 2025年 | 2024年 |
|---|---|---|---|
| Name of related companies | Nature of transactions | 2025 | 2024 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 22. 关联方结余及交易（续） 22. RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED) (b) 本集团与各关联方订立以下 (b) The Group entered into the 交易：（续） following transactions with related parties: (Continued) 于2025年3月31日，本公司关联 As at 31 March 2025, related parties of the 方就授予本集团的银行融资提供 Company provided financial guarantees 财务担保，金额为零（2024年： in respect of bank facilities granted to the 人民币280,000,000元）。 Group was nil (2024: RMB280,000,000). (c) 主要管理人员酬金 (c) Compensation of key management personnel 截至2025年及2024年3月31日止 The remuneration of directors and other 年度，董事及其他主要管理层成 members of key management during the 员之薪酬载于附注12。 years ended 31 March 2025 and 2024 is set out in Note 12. 162 米高集团控股有限公司 年报 2024/2025 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 23. 受限制现金╱银行结余及现金 23. RESTRICTED CASH/BANK BALANCES AND CASH 于2025年及2024年3月31日，本集团就 As at 31 March 2025 and 2024, the Group had 信贷融资质押的受限制现金如下： restricted cash pledged for credit facilities as follows: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 应付票据 Bills payables 134,380 109,975 信用证存款 Deposits for letter of credits 88,405 42,230 222,785 152,205 应付票据为银行就未来付款出具的汇 A bills payable is a draft issued by a bank for 票，其延迟付款至赎回票据的到期日。 payments in future, which defers the payment until 根据与银行订立的应付票据协议，票据 the due date for redeeming the bill. According to the 款项的若干比例须存入银行作为应付票 bills payables agreement with the bank, a certain 据的抵押品，于2025年3月31日，应 percentage of the bills amount is required to be 付票据合共约为人民币485,170,000元 deposited at the bank as security for bills payables （2024年：人民币219,940,000元）。于 which total of approximately RMB485,170,000 as 2025年3月31日，受限制现金利率范 at 31 March 2025 (2024: RMB219,940,000). The 围分别介乎0.05%至2.05%（2024年： interest rate of restricted cash ranged from 0.05% 0.01%至2.25%）。 to 2.05% as at 31 March 2025 (2024: and 0.01% to 2.25%). 本集团的银行结余按现行市场利率计息。 Bank balances of the Group carry interest at prevailing market interest rates. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 163 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 134,380 |
|---|
| 88,405 |
| 222,785 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24. 贸易及其他应付款项 24. TRADE AND OTHER PAYABLES 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 贸易应付款项 Trade payables 47,366 129,991 应付票据 Bills payables 485,170 219,940 其他应付税项 Other tax payables 160,360 128,794 厂房及设备应付款项 Payables for plant and equipment 10,000 307 应付关联公司款项（附注） Amount due to a related company (Note) 7,755 – 应计雇员开支 Accrued employee expense 3,829 4,252 运输成本应付款项 Payables for transportation costs 1,803 1,170 应计发行成本及上市开支 Accrued issue costs and listing expenses – 18,480 其他 Others 17,930 16,581 734,213 519,515 附注： 应付亚太钾肥控股款项为非贸易性 Note: The amount was non-trade, interest-free, 质、免息、无抵押及须按要求偿还。 unsecured and repayable on demand, and due to 由于亚太钾肥控股由刘先生控制，故 APPH, which has been identified as a related party 其被认定为本集团关联方。 of the Group as it is controlled by Mr. Liu. 164 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 47,366 |
|---|
| 485,170 |
| 160,360 |
| 10,000 |
| 7,755 |
| 3,829 |
| 1,803 |
| – |
| 17,930 |
| 734,213 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24. 贸易及其他应付款项（续） 24. TRADE AND OTHER PAYABLES (CONTINUED) 本集团一般自其供应商获得90日至180 The Group normally receives credit terms of 90 日的信贷期。以下为于各报告期末按发 to 180 days from its suppliers. The following is an 票日期呈列按账龄划分的贸易应付款项 analysis of the trade and bills payables by age, 及应付票据分析： presented based on the invoice date at the end of the reporting period: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 贸易应付款项 Trade payables 0至90日 0 – 90 days 30,435 104,530 91至180日 91 – 180 days 9,522 20,924 181至360日 181 – 360 days 2,811 1,621 1年以上 Over 1 year 4,598 2,916 47,366 129,991 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 应付票据 Bills payables 0至90日 0 – 90 days 191,600 171,600 91至180日 91 – 180 days 203,570 48,340 181至360日 181-360 days 90,000 – 485,170 219,940 贸易及其他应付款项中为人民币 Included in the trade and other payables, are 13,618,000元（2024年：人民币 RMB13,618,000 (2024: RMB22,882,000) which 22,882,000元）的金额已结清，该款项 had been settled by endorsed bills for which the 乃以已背书票据偿付，其应收票据之 maturity dates of the bills receivables have not yet 到期日于各报告期末尚未到期（见附注 fallen due as at the end of the reporting period (see 33）。 Note 33). Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 165 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 30,435 |
|---|
| 9,522 |
| 2,811 |
| 4,598 |
| 47,366 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 191,600 |
|---|
| 203,570 |
| 90,000 |
| 485,170 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 25. 合同负债 25. CONTRACT LIABILITIES 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 即期 Current 合同负债 Contract liabilities 764,789 745,120 于2023年4月1日，来自客户合同的合同 As at 1 April 2023, contract liabilities from contracts 负债为人民币335,978,000元。 with customers amounted to RMB335,978,000. 当本集团在货品交付前自客户收到款项 Contract liabilities are recognized when the Group 时，即确认合同负债，这将于合同开始 receives an amount from customers before goods 时产生合同负债，直至相关合同确认的 are delivered, this will give rise to contract liabilities 收益超过收取的款项为止。本集团一般 at the beginning of a contract, until the revenue 在若干客户与本集团订立合同时向其收 recognized on the relevant contract exceeds the 取总代价的20%至100%作为按金。 amount received. The Group typically receives a deposit of 20% – 100% of total consideration from certain customers when they enter into the contracts with the Group. 于年内确认的收益包括于报告期间开始 Revenue recognized during the year included 时的合同负债总额。于年内，概无就过 the whole amount of contract liabilities at the 往年度达成的履约责任确认收益。 beginning of the reporting period. There was no revenue recognized during the year that related to performance obligations that were satisfied in prior years. 166 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 764,789 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26. 借款 26. BORROWINGS 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 银行贷款 Bank loans 314,990 320,800 银行就具全面追索权的 Advance from banks on discounted 已贴现应收票据作出的垫款 bills receivables with full recourse （附注33） (Note 33) 115,271 116,015 其他贷款（附注） Other loans (Note) 152,083 108,348 582,344 545,163 附注： 结余指售后租回安排产生的借款（诚 Note: Balances represented borrowings arising from sale 如附注14所详述）。 and leaseback arrangements as detailed in Note 14. 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 分析如下： Analysed as: 即期 Current 428,010 380,736 非即期 Non-current 154,334 164,427 582,344 545,163 分析如下： Analysed as: 有抵押 Secured 513,594 465,163 无抵押 Unsecured 68,750 80,000 582,344 545,163 流动负债项下所示 Carrying amount repayable* within 须于一年内 one year and 偿还*的账面值 shown under current liabilities 银行贷款 Bank loans 341,511 336,915 其他贷款 Other loans 86,499 43,821 428,010 380,736 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 167 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 314,990 |
|---|
| 115,271 |
| 152,083 |
| 582,344 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 428,010 |
|---|
| 154,334 |
| 582,344 |
| 513,594 |
| 68,750 |
| 582,344 |
| 341,511 |
| 86,499 |
| 428,010 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26. 借款（续） 26. BORROWINGS (CONTINUED) 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 非流动负债项下所示 Carrying amount repayable* within 须于超过一年但不超过 a period of more than one year but not 两年期间内偿还* exceeding two years and shown under 的账面值 non-current liabilities 银行贷款 Bank loans 88,750 99,900 其他贷款 Other loans 26,676 64,527 115,426 164,427 非流动负债项下所示 Carrying amount repayable* within 须于超过 两年但不超过 a period of more than two years but not 五年期间内偿还* exceeding five years and shown under 的账面值 non-current liabilities 其他贷款 Other loans 38,908 – 582,344 545,163 * 到期款项根据贷款协议所载的预定偿 * The amounts due are based on scheduled 还日期计算。 repayment dates set out in the loan agreements. 本集团已质押以下资产予银行或金融机 The Group had pledged the following assets to 构作为本集团于报告期末所获授的银行 banks or a financial institution as securities against 融资或售后租回交易的担保（诚如附注14 the banking facilities granted to the Group or the 所详述）： sales and leaseback transactions as detailed in Note 14 at the end of the reporting period: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 厂房及设备 Plant and equipment 204,644 85,037 使用权资产 Right-of-use assets 23,881 21,682 228,525 106,719 168 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 88,750 |
|---|
| 26,676 |
| 115,426 |
| 38,908 |
| 582,344 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 204,644 |
|---|
| 23,881 |
| 228,525 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 26. 借款（续） 26. BORROWINGS (CONTINUED) 本集团借款及其账面值的实际年利率（亦 The ranges of effective interest rates per annum 等于其合同利率）范围如下： (which are also equal to contractual interest rates) on the Group’s borrowings and their carrying values are as follow: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 固定利率借款： Fixed-rate borrowings: 以人民币计值（于2025年 3月31日介乎3.75%至 Denominated in RMB (ranging from 7.33%（2024年：3.90% 3.75% to 7.33% as at 31 March 2025 至7.33%）） (2024: 3.90% to 7.33%)) 327,004 365,363 浮动利率借款： Variable-rate borrowings: 以人民币计值（于2025年 3月31日介乎2.30%至 Denominated in RMB (ranging from 4.90%（2024年：3.05% 2.30% to 4.90% as at 31 March 2025 至4.75%））（附注） (2024: 3.05% to 4.75%)) (Note) 255,340 179,800 582,344 545,163 附注： 就以人民币计值的浮动利率借款而 Note: For variable-rate borrowings denominated in RMB, 言，浮动利率于2025年3月31日介 the variable rates at range from 77% of Prime to 乎最优惠利率的77%至最优惠利率的 158% of Prime as at 31 March 2025 (2024: range 158%（2024年：介乎最优惠利率的 from 88% of Prime to 138% of Prime). Prime is 88%至最优惠利率的138%）。最优惠 the prime rate in China, which is determined and 利率为中国人民银行厘定及公布的中 announced by the People’s Bank of China. 国最优惠利率。 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 169 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 327,004 |
|---|
| 255,340 |
| 582,344 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 27. 租赁负债 27. LEASE LIABILITIES 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 到期日分析： Maturity analysis: 不超过一年 Less than one year 3,876 4,977 1至2年 1 to 2 years 3,579 536 2至5年 2 to 5 years 9,081 – 16,536 5,513 减：未来融资费用 Less: Future finance charges (2,234) (138) 租赁责任现值 Present value of lease obligations 14,302 5,375 分析如下： Analysed as: 即期 Current 3,232 4,841 非即期 Non-current 11,070 534 14,302 5,375 于2025年3月31日相关集团实体采用的 The weighted average incremental borrowing rates 加权平均增量借款年利率介乎5.25%至 applied by the relevant group entities range from 7.00%（2024年：5.38%至6.30%）。 5.25% to 7.00% per annum as at 31 March 2025 (2024: 5.38% to 6.30%). 170 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 3,876 |
|---|
| 3,579 |
| 9,081 |
| 16,536 |
| (2,234) |
| 14,302 |
| 3,232 |
| 11,070 |
| 14,302 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 28. 股本 28. SHARE CAPITAL 股份数目 股本 呈列为 Number of shares Share capital Presented as 美元 人民币千元 USD RMB’000 法定 Authorised 于2023年4月1日 At 1 April 2023 50,000 50,000 股份拆细(i) Share subdivision (i) 4,950,000 – 增加(ii) Increase (ii) 9,995,000,000 99,950,000 于2024年3月31日 及2025年3月31日 At 31 March 2024 and 31 March 2025 10,000,000,000 100,000,000 已发行及已缴足 Issued and fully paid 于2023年4月1日 At 1 April 2023 10,000 10,000 66 股份拆细(i) Share subdivision (i) 990,000 – – 资本化发行(iii) Capitalisation issue (iii) 674,000,000 6,740,000 47,832 于首次公开发售时 发行新股份(iv) Issue of new shares upon the IPO (iv) 225,000,000 2,250,000 15,963 于2024年3月31日 At 31 March 2024 900,000,000 9,000,000 63,861 行使超额配股权(v) Exercise of over-allotment option (v) 8,940,000 89,400 635 于2025年3月31日 At 31 March 2025 908,940,000 9,089,400 64,496 (i) 于2024年2月28日，本公司法定股本 (i) On 28 February 2024, the authorised share capital 50,000美元由50,000股每股面值1美 of the Company of USD50,000 was subdivided 元的股份拆细至5,000,000股每股面 from 50,000 shares of USD1 each to 5,000,000 值0.01美元的股份。因此，本公司已 shares of USD0.01 each. As a result, the number of 发行及缴足股本数目由10,000股每股 issued and fully paid share capital of the Company 面值1美元的股份增加至1,000,000股 was increased from 10,000 shares of USD1 each 每股面值0.01美元的股份。 to 1,000,000 shares of USD0.01 each. (ii) 于 2024 年 2 月 28 日，本公司 (ii) On 28 February 2024, the authorised share capital 法定股本由 50,000 美元分为 of the Company was increased from USD50,000 5,000,000股每股面值0.01美元的 divided into 5,000,000 shares of USD0.01 each 股份增加至100,000,000美元分为 to USD100,000,000 divided into 10,000,000,000 10,000,000,000股每股面值0.01美元 shares of USD0.01 each. 的股份。 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 171 |
|---|
| 股份数目 | 股本 | 呈列为 | ||
|---|---|---|---|---|
| Number of shares | Share capital | Presented as |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 28. 股本（续） 28. SHARE CAPITAL (CONTINUED) (iii) 根据于2024年2月28日通过的股东 (iii) Pursuant to the written resolutions of the 书面决议案，本公司将本公司股份溢 shareholder passed on 28 February 2024, the 价账进账金额6,740,000美元以拨充 Company capitalized the sum of USD6,740,000 资本的方式向于紧随上市前名列本公 standing to the credit of the share premium 司股东名册的股东悉数配发每股面值 account of the Company and applied the amount 0.01美元的674,000,000股缴足股份。 towards paying up in full 674,000,000 shares of nominal value of USD0.01 each for allotment to the shareholders whose names appear on the register of members of the Company immediately before the Listing. (iv) 于2024年3月21日，本公司于完成发 (iv) On 21 March 2024, the Company was successfully 行225,000,000股每股面值0.01美元 listed on the Main Board of the Stock Exchange 的新股份（发售价为每股股份4.08港 following the completion of issuance of 元，所得款项总额为918,000,000港 225,000,000 new shares of USD0.01 each issued 元（相当于约人民币832,718,000元）） at an offer price of HKD4.08 per share and the 后，成功于联交所主板上市。 total proceed was HKD918,000,000 (equivalent to approximately RMB832,718,000). (v) 于2024年4月17日，本公司因本公司 (v) On 17 April 2024, the Company issued and allotted 股份超额配股权获部分行使按发售价 ordinary shares of 8,940,000 shares to the public 每股股份4.08港元向公众股东发行及 shareholders at an offer price of HK$4.08 per 配发8,940,000股普通股。 share pursuant to the partial exercise of the over- allotment option in the shares of the Company. 29. 退休福利计划 29. RETIREMENT BENEFIT SCHEME 本公司之附属公司雇员为中国政府管理 The employees of the Company’s subsidiaries are 之国营退休福利计划成员。中国附属公 members of a state-managed retirement benefits 司须按薪酬成本之一定百分比向退休福 scheme operated by the PRC government. The PRC 利计划供款，以作为该等福利之资金。 subsidiaries are required to contribute a certain 本集团就退休福利计划之唯一责任为作 percentage of payroll cost to the retirement benefits 出指定供款。 scheme to fund the benefits. The only obligation of the Group with respect to the retirement benefits scheme is to make the specified contributions. 截至2025年3月31日止年度自损益 The total cost of state-managed retirement 扣除的国营退休福利总成本约为人 benefits charged to profit or loss for the year 民币4,043,000元（2024年：人民币 ended 31 March 2025 amounted to approximately 3,865,000元）。 RMB4,043,000 (2024: RMB3,865,000). 172 米高集团控股有限公司 年报 2024/2025 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30. 经营租赁 30. OPERATING LEASES 本集团作为出租人 The Group as lessor 于本年度赚取的物业租金收入为人民币 Property rental income earned during the year was 527,000元（2024年：人民币844,000 RMB527,000 (2024: RMB844,000). 元）。 就租赁应收未贴现租赁付款如下： Undiscounted lease payments receivable on leases are as follows: 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 一年内 Within one year 520 411 第二年 In the second year 520 – 第三年 In the third year 520 – 第四年 In the fourth year 520 – 第五年 In the fifth year 520 – 第五年以后 After the fifth year 130 – 2,730 411 31. 资本承担 31. CAPITAL COMMITMENTS 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 资本开支承担 Commitments for capital expenditure 194,743 165,873 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 173 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 520 |
|---|
| 520 |
| 520 |
| 520 |
| 520 |
| 130 |
| 2,730 |
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 194,743 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 32. 按公平值计量且其变动计入当 32. FINANCIAL ASSETS AT FVTPL 期损益的金融资产 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 非上市投资基金（附注） Unlisted investment funds (Note) 82,758 – 附注： 截至2025年3月31日止期间，本集团 Note: During the year ended 31 March 2025, the Group 为进行短期投资，将投资于非上市投 invested in unlisted investment funds for short-term 资基金。投资基金的回报参照其相关 investment purpose. The return of investment funds 投资的回报厘定。 is determined by reference to the return of their underlying investments. 由于该等金融资产的合同现金流量并非 Since the contractual cash flows of these financial 仅属本金及未偿还本金额之利息付款， assets do not represent solely the payments of 因此金融资产按公平值计量且其变动计 principal and interest on the principal amount 入当期损益计量。以公平值计量金融资 outstanding, the financial assets are measured at 产的详情于附注35披露。 FVTPL. Details of the fair value measurement over the financial assets are disclosed in Note 35. 截至2025年3月31日的结余已随后由本 The balance as at 31 March 2025 has been 集团以接近2025年3月31日公平值的金 subsequently redeemed in full by the Group at an 额全额赎回。 amount approximated to the fair value as at 31 March 2025. 33. 转让金融资产 33. TRANSFER OF FINANCIAL ASSETS 以下为本集团于2025年3月31日及2024 The following were the Group’s financial assets as 年3月31日之金融资产，其乃以全面追 at 31 March 2025 and 31 March 2024 that were 索基准贴现或背书该等应收票据之方式 transferred to banks or suppliers by discounting 转让予银行或供应商。由于本集团未转 or endorsing those bills receivables on a full 让与该等应收款项相关的重大风险及回 recourse basis. As the Group has not transferred 报，故其继续确认应收票据全部账面 the significant risks and rewards relating to these 值，并已就贴现应收票据确认因转让所 receivables, it continues to recognize the full 收现金作为有抵押借款（见附注26）或继 carrying amount of the bills receivables and has 续就背书应收票据确认应收票据的全部 recognized the cash received on the transfer as a 账面值及贸易应付款项的全部账面值（见 secured borrowing (see Note 26) for discounted 附注24）。该等金融资产于本集团之综合 bills receivables or it continues to recognize the full 财务状况表按摊销成本列账。 carrying amount of the bills receivables and the full carrying amount of the trade payables (see Note 24) for endorsed bills receivables. These financial assets are carried at amortized cost in the Group’s consolidated statement of financial position. 174 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 82,758 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 33. 转让金融资产（续） 33. TRANSFER OF FINANCIAL ASSETS (CONTINUED) 于2025年3月31日 As at 31 March 2025 向银行贴现 向供应商背书 向合营企业背书 拥有全面 拥有全面 拥有全面 追索权的 追索权的 追索权的 应收票据 应收票据 应收票据 总计 Bills receivables Bills receivables Bills receivables discounted endorsed to endorsed to to banks suppliers a joint venture with full recourse with full recourse with full recourse Total 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 Carrying amount of transferred 转让资产的账面值 assets 115,300 14,637 – 129,937 Carrying amount of associated 相关负债的账面值 liabilities (115,271) (13,618) – (128,889) 29 1,019 – 1,048 于2024年3月31日 As at 31 March 2024 向银行贴现 向供应商背书 向合营企业背书 拥有全面 拥有全面 拥有全面 追索权的 追索权的 追索权的 应收票据 应收票据 应收票据 总计 Bills receivables Bills receivables Bills receivables discounted endorsed to endorsed to to banks suppliers a joint venture with full recourse with full recourse with full recourse Total 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 Carrying amount of transferred 转让资产的账面值 assets 116,500 294,330 1,477 412,307 Carrying amount of associated 相关负债的账面值 liabilities (116,015) (22,882) – (138,897) 485 271,448 1,477 273,410 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 175 |
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| 向银行贴现 拥有全面 追索权的 应收票据 | 向供应商背书 拥有全面 追索权的 应收票据 | 向合营企业背书 拥有全面 追索权的 应收票据 | 总计 | ||
|---|---|---|---|---|---|
| Bills receivables discounted to banks with full recourse | Bills receivables endorsed to suppliers with full recourse | Bills receivables endorsed to a joint venture with full recourse | Total |
| 向银行贴现 拥有全面 追索权的 应收票据 | 向供应商背书 拥有全面 追索权的 应收票据 | 向合营企业背书 拥有全面 追索权的 应收票据 | 总计 | ||
|---|---|---|---|---|---|
| Bills receivables discounted to banks with full recourse | Bills receivables endorsed to suppliers with full recourse | Bills receivables endorsed to a joint venture with full recourse | Total |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 34. 资本风险管理 34. CAPITAL RISK MANAGEMENT 本集团管理其资本，以确保本集团可持 The Group manages its capital to ensure that the 续经营，同时透过优化债务及股本平衡 Group will be able to be continued as a going 为股东争取最大回报。本集团之整体策 concern while maximising the return to shareholders 略自上一年度保持不变。 through the optimisation of the debt and equity balances. The Group’s overall strategy remains unchanged from prior year. 本集团之资本架构包括附注26所披露的 The capital structure of the Group consists of 借款，扣除现金及现金等价物以及本公 borrowings disclosed in Note 26, net of cash and 司拥有人应占权益（包括已发行股本及储 cash equivalents and equity attributable to owners 备）。 of the Company, comprising issued share capital and reserves. 本公司董事定期检讨资本架构。作为此 The directors of the Company review the capital 项检讨之一部分，本公司董事考虑资本 structure regularly. As part of the review, the 成本及与各类别资本相关的风险。根据 directors of the Company consider the cost of 本公司董事之建议，本集团将透过支付 capital and risks associated with each class of 股息、发行新股、筹措新债务及偿还现 capital. Based on recommendations of the directors 有债务以平衡其整体资本架构。 of the Company, the Group will balance its overall capital structure through payment of dividends, new share issues, raising of new debts and repayment of existing debts. 35. 金融工具 35. FINANCIAL INSTRUMENTS a. 金融工具类别 a. Categories of the financial instruments 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 金融资产： Financial assets: 按摊销成本列账的 金融资产（包括 Financial assets at amortized cost 银行结余及现金） (including bank balances and cash) 1,456,067 1,577,526 按公平值计量且其 变动计入当期 损益的金融资产 Financial assets at FVTPL 82,758 – 1,538,825 1,577,526 金融负债： Financial liabilities: 摊销成本 Amortized cost 1,152,368 931,632 176 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| 1,456,067 |
|---|
| 82,758 |
| 1,538,825 |
| 1,152,368 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management objectives and policies 本集团的主要金融工具包括贸易 The major financial instruments of the Group 及其他应收款项、应收合营企业 include trade and other receivables, amounts 款项、按公平值计量且其变动 due from joint ventures, financial assets at 计入当期损益的金融资产、受限 FVTPL, restricted cash, bank balances and 制现金、银行结余及现金、贸易 cash, trade and other payables, borrowings 及其他应付款项、借款及租赁负 and lease liabilities. Details of these financial 债。有关该等金融工具的详情于 instruments are disclosed in respective 相关附注披露。与该等金融工具 notes. The risks associated with these 有关的风险包括市场风险（货币风 financial instruments include market risk 险及利率风险）、信贷风险及流动 (currency risk and interest rate risk), credit 资金风险。如何减轻该等风险的 risk and liquidity risk. The policies on how to 政策载于下文。管理层管理及监 mitigate these risks are set out below. The 察该等风险敞口，以确保适时及 management manages and monitors these 有效地采取合适措施。 exposures to ensure appropriate measures are implemented on a timely and effective manner. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 177 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 市场风险 Market risk 货币风险 Currency risk 本集团拥有外币银行结余、贸易 The Group has foreign-currency bank 及其他应付款项以及借款，从而 balances, trade and other payables, and 使本集团面临外币风险。本集团 borrowings, which expose the Group to 目前并无外汇对冲政策。然而， foreign currency risk. The Group currently 本集团董事监察外汇风险并将于 does not have a foreign exchange hedging 有需要时考虑对冲重大外汇风险。 policy. However, the directors of the Group monitor foreign exchange exposure and will consider hedging significant foreign exchange exposure should the need arises. 于报告期末，本集团主要以外币 The carrying amounts of the Group’s major 计值的货币资产及货币负债之账 foreign currency denominated monetary 面值如下： assets and monetary liabilities at the end of the reporting period are as follows: 资产 负债 于3月31日 于3月31日 Assets Liabilities As at 31 March As at 31 March 2025年 2024年 2025年 2024年 2025 2024 2025 2024 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 美元 USD 172,774 160,418 2,509 2,509 港元 HKD 1,553 353,933 – – 174,327 514,351 2,509 2,509 178 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | 2025年 | 2024年 | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 |
| 172,774 | 2,509 | |
|---|---|---|
| 1,553 | – | |
| 174,327 | 514,351 | 2,509 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 市场风险（续） Market risk (Continued) 敏感度分析 Sensitivity analysis 本集团面临美元及港元兑人民币 The Group is exposed to fluctuation in USD 波动的风险。 and HKD against RMB. 下表详列于截至2025年3月31日 The following table details the Group’s 止年度本集团对于人民币兑美元 sensitivity to a 5% (2024: 5%) increase and 及港元上升及下跌5%（2024年： decrease in RMB against USD and HKD 5%）的敏感度。5%（2024年： for the year ended 31 March 2025. 5% 5%）乃向主要管理人员内部汇报 (2024: 5%) is the sensitivity rate used when 外币风险时采用的敏感度比率， reporting foreign currency risk internally to 反映管理层对外币汇率合理可能 key management personnel and represents 变动作出之评估。敏感度分析 management’s assessment of the reasonably 仅包括外币计值的未偿还货币项 possible change in foreign exchange 目，并于报告期末以5%外币汇 rates. The sensitivity analysis includes only 率变动调整其换算。下文的负数 outstanding foreign currency denominated 表示在人民币兑相关货币升值5% monetary items and adjusts their translation 时，本年度除税后溢利减少。至 at the end of the reporting period for a 5% 于人民币兑相关货币贬值5%，则 change in foreign currency rates. A negative 会对本年度除税后溢利产生等同 number below indicates an decrease in post- 及相反影响。 tax profit for the year where RMB strengthen 5% against the relevant currency. For a 5% weakening of RMB against the relevant currency, there would be an equal and opposite impact on the post-tax profit for the year. 截至3月31日止年度 Year ended 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 美元 USD (7,293) (6,591) 港元 HKD (65) (14,777) (7,358) (21,368) Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 179 |
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| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| (7,293) |
|---|
| (65) |
| (7,358) |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 市场风险（续） Market risk (Continued) 利率风险 Interest rate risk 本集团的公平值利率风险主要与 The Group’s fair value interest rate risk 固定利率借款有关。 relates primarily to fixed-rate borrowings. 本集团亦面临与浮动利率借款、 The Group is also exposed to cash flow 受限制现金及银行结余有关的现 interest rate risk in relation to variable- 金流利率风险。本集团的政策为 rate borrowings, restricted cash and bank 按现行市场利率维持短期借款以 balances. The Group’s policy is to maintain 尽量降低公平值利率风险。现金 short-term borrowings at prevailing market 流利率风险主要集中于本集团借 rates so as to minimise the fair value interest 款产生的最优惠利率波动。 rate risk. The cash flow interest rate risk is mainly concentrated on the fluctuation in Prime arising from the Group’s borrowings. 本集团目前并无任何利率对冲政 The Group currently does not have an 策。然而，管理层监察利率风险 interest rate hedging policy. However, the 敞口并会在需要时考虑利率对冲。 management monitors interest rate risk exposure and will consider interest rate hedging should the need arises. The management of the Group considers the 本集团管理层认为，受限制现金 exposure of the restricted cash and bank 及银行结余的利率风险并不重 balances to interest rate risk is insignificant 大，因为这些结余均于短期内到 as these balances are within short maturity 期及市场利率波动预期并不重大。 period and the fluctuation of market interest rate is not expected to be significant. 以下敏感度分析乃按于报告期末 The sensitivity analysis below has been 面临的浮息借款的利率风险厘 determined based on the exposure to interest 定。分析乃假设于报告期末未偿 rate risk for variable-rate borrowings at the 还的借款于整个年度仍未偿还而 end of the reporting period. The analysis is 编制。管理层评估利率的合理可 prepared assuming the amount of borrowings 能变动乃使用增加或减少50个基 outstanding at the end of the reporting period 点（2024年：50个基点）作出。 was outstanding for the whole year. A 50 basis points (2024: 50 basis points) increase or decrease representing management’s assessment of the reasonably possible change in interest rate is used. 180 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 市场风险（续） Market risk (Continued) 利率风险（续） Interest rate risk (Continued) 倘利率提高 ╱ 降低50个基点 If interest rate had been 50 basis points （2024年：50个基点）且所有其 (2024: 50 basis points) higher/lower and 他变量保持不变，则本集团截至 all other variables were held constant, the 2025年3月31日止年度的除税 Group’s post-tax profit for the year ended 31 后溢利将会增加╱减少约人民 March 2025 would be increased/decreased 币958,000元（2024年：人民币 by approximately RMB958,000 (2024: 674,000元）。 RMB674,000). 信贷风险及减值评估 Credit risk and impairment assessment 本集团因对手方未能履行责任而 The Group’s maximum exposure to credit risk 将蒙受财务损失之最高信贷风 which will cause a financial loss to the Group 险，乃来自综合财务状况表及财 due to failure to discharge an obligation 务担保合同所载各项已确认金融 by the counterparties is arising from the 资产之账面值。 carrying amount of the respective recognized financial assets as stated in the consolidated statement of financial position and financial guarantee contracts. 为使信贷风险降至最低，本公司 In order to minimise the credit risk, the 董事已指派一个团队负责厘定信 directors of the Company has delegated a 贷限额、信贷批准及其他监察程 team responsible for determination of credit 序，以确保采取跟进行动收回逾 limits, credit approvals and other monitoring 期债项。此外，本集团于报告期 procedures to ensure that follow-up action is 末审阅个别重大贸易债项之可收 taken to recover overdue debts. In addition, 回金额，以确保就不可收回之金 the Group reviews the recoverable amount 额确认充足之减值亏损。就此而 of each individual significant trade debt at 言，本公司董事认为，本集团之 the end of the reporting period to ensure 信贷风险已大幅减少。 that adequate impairment loss is recognized for irrecoverable amount. In this regard, the directors of the Company consider that the Group’s credit risk is significantly reduced. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 181 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 本集团于2025年3月31日就本 The Group is exposed to concentration 集团其中一名最大客户的贸易 of credit risk as at 31 March 2025 on the 应收款项及应收票据约人民币 trade and bills receivables from one of 75,565,000元（2024年：人民币 the Group’s largest customers amounting 47,827,000元）（占本集团贸易应 to approximately RMB75,565,000 (2024: 收款项及应收票据的17%（2024 RMB47,827,000) and accounted for 17% 年：8%））面临集中信贷风险。本 (2024: 8%), of the Group’s trade and 集团管理层认为，该客户为市场 bills receivables. In the opinion of the 上信誉良好的机构，且还款记录 management of the Group, the customer 良好。本集团管理层因此认为该 is reputable organisation in the market 信贷风险有限。 and have good repayment records. The management of the Group considers that the credit risk is limited in this regard. 本集团于2025年3月31日亦就贸 The Group also has concentration of credit 易应收款项及应收票据有集中信 risk on trade and bills receivables as at 31 贷风险，贸易应收款项及应收票 March 2025, 26% of the total trade and bills 据总额有26%（2024年：51%）乃 receivables was due from the Group’s top 应收本集团五大客户之款项。此 five customers (2024: 51%). In addition, the 外，本集团于2025年3月31日就 Group also has concentration of credit risk on 未开票应收款项及应收合营企业 unbilled receivables and amounts due from a 款项亦有集中信贷风险。 joint venture as at 31 March 2025. 182 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 本集团的内部信贷风险等级评估 包括以下类别： The Group’s internal credit risk grading assessment comprises the following categories: 应收合资企业 （贸易性质）款项及 其他金融资产╱ 内部信贷评级 描述 贸易应收款项 其他项目 Amounts due from a joint venture Internal (trade nature) & Other financial credit rating Description trade receivables assets/other items 交 易对手违约风险较低，并无逾期金额且并无重 存续期预期信贷亏损 低风险 大长期账龄未开票应收款项 –并未发生信贷减值 12个月预期信贷亏损 The counterparty has a low risk of default who does not have past due amounts and does not have material Lifetime ECL Low risk long aged unbilled receivables – not credit-impaired 12m ECL 债 务人经常于到期日后偿还，但通常会悉数结清 或有长期账龄的未开票应收款项但通常于开票 存续期预期信贷亏损 观察清单 后悉数结清 –并未发生信贷减值 12个月预期信贷亏损 Debtor frequently repays after due dates but usually settle in full or have long aged unbilled receivables but usually Lifetime ECL Watch list settle in full after billed – not credit-impaired 12m ECL 内 部生成或自外部资源获得之资料显示自初步确 存续期预期信贷亏损 存续期预期信贷亏损 可疑 认起，信贷风险大幅增加 –并未发生信贷减值 –并未发生信贷减值 There have been significant increases in credit risk since initial recognition Lifetime ECL through information developed Lifetime ECL – not credit- Doubtful internally or external resources – not credit-impaired impaired 存续期预期信贷亏损 存续期预期信贷亏损 亏损 有证据表明资产出现信贷减值 －已发生信贷减值 –已发生信贷减值 There is evidence indicating the asset is Lifetime ECL Lifetime ECL Loss credit-impaired – credit-impaired – credit-impaired 有 证据表明债务人有严重财务困难且本集团不认 撇销 为日后可收回有关款项 金额已撇销 金额已撇销 There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect Write-off of recovery Amount is written off Amount is written off Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 183 |
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| 内部信贷评级 | 描述 | 应收合资企业 （贸易性质）款项及 贸易应收款项 | 其他金融资产╱ 其他项目 |
|---|---|---|---|
| Internal credit rating | Description | Amounts due from a joint venture (trade nature) & trade receivables | Other financial assets/other items |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 于厘定其他应收款项及应收合营 In determining the ECL for other receivables, 企业款项的预期信贷亏损时，本 and amounts due from joint ventures the 集团管理层已考虑过往违约经验 management of the Group has taken into 及前瞻性资料（如适合），例如， account the historical default experience and 本集团已考虑与付款有关的持续 forward-looking information, as appropriate, 低违约率，并得出结论本集团的 for example, the Group has considered the 未偿付应收款项的固有信贷风险 consistently low default rate in connection 并不重大。 with payments, and concluded that credit risk inherent in the Group’s outstanding receivables is insignificant. 应收票据、受限制现金及银行结 The credit risks on bills receivables, 余的信贷风险有限，乃由于对手 restricted cash and bank balances are limited 方为国际信贷评级机构指定的具 because the counterparties are banks with 较高信贷评级的银行。 high credit ratings assigned by international credit-rating agencies. 184 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 下表详述本集团金融资产及财务 The tables below detail the credit risk 担保合同于2025年及2024年3月 exposures of the Group’s financial assets 31日面临的信贷风险敞口，并须 and financial guarantee contracts as at 31 进行预期信贷亏损评估： March 2025 and 2024, which are subject to ECL assessment: 外部 内部 12个月或存续期 账面总值 附注 信贷评级 信贷评级 预期信贷亏损 于3月31日 External Internal Gross carrying amount Notes credit rating credit rating 12-month or lifetime ECL As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 按摊销成本列账之金融资产 Financial assets at amortized cost 存续期预期信贷亏损 贸易及未开票应收款项 21 不适用 （附注1） （集体评估） Trade and unbilled receivables 21 N/A (Note 1) Lifetime ECL 203,338 45,648 (collective assessment) 存续期预期信贷亏损 低风险 （个别评估） Low risk Lifetime ECL 115,596 116,385 (individual assessment) 亏损 已发生信贷减值 Loss Credit-impaired 12,184 11,844 331,118 173,877 应收票据 21 Baa3 – Aa3 不适用 12个月预期信贷亏损 Bills receivables 21 Baa3 – Aa3 N/A 12m ECL 130,234 422,086 其他应收款项 21 不适用 低风险 12个月预期信贷亏损 Other receivables 21 N/A Low risk 12m ECL 4,510 5,298 按金 21 不适用 低风险 12个月预期信贷亏损 Deposits 21 N/A Low risk 12m ECL 16,000 8,000 应收合营企业款项 存续期预期信贷亏损 （贸易性质） 22 不适用 低风险 （个别评估） Amounts due from a joint venture 22 N/A Low risk Lifetime ECL 14,548 13,862 (Trade nature) (individual assessment) 应收合营企业款项 22 不适用 低风险 12个月预期信贷亏损 Amounts due from a joint venture 22 N/A Low risk 12m ECL 4,864 4,658 受限制现金 23 Baa3 – Aa3 不适用 12个月预期信贷亏损 Restricted cash 23 Baa3 – Aa3 N/A 12m ECL 222,785 152,205 银行结余及现金 23 Baa3 – Aa3 不适用 12个月预期信贷亏损 Bank balances and cash 23 Baa3 – Aa3 N/A 12m ECL 750,804 812,343 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 185 |
|---|
| 2025年 | 2024年 | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 |
| 203,338 |
|---|
| 115,596 |
| 12,184 |
| 331,118 |
| 130,234 |
| 4,510 |
| 16,000 |
| 14,548 |
| 4,864 |
| 222,785 |
| 750,804 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 附注： Note: (1) 就贸易及未开票应收款项而 (1) For trade and unbilled receivables, the 言，本集团已应用香港财务报 Group has applied the simplified approach 告准则第9号的简化方法以计 in HKFRS 9 to measure the loss allowance 量存续期预期信贷亏损的亏损 at lifetime ECL. Except for debtors with 拨备。除具重大未偿还结余或 significant outstanding balances or credit- 已发生信贷减值的债务人以及 impaired and trade related balances with 与关联方的贸易相关结余外， related parties, the Group determines the 本集团使用集体评估厘定该等 ECL on these items by using collective 项目的预期信贷亏损并按内部 assessment, grouped by internal credit 信贷评级分组。 rating. 集体评估－内部信贷评级 Collective assessment – internal credit rating 作为本集团信贷风险管理的一部 As part of the Group’s credit risk 分，本集团对其客户进行内部信 management, the Group applies internal 贷评级。下表提供存续期预期信 credit rating for its customers. The 贷亏损（并未发生信贷减值）根据 following table provides information 集体评估评估的贸易应收款项所 about the exposure to credit risk for trade 面临的信贷风险之资料。于2025 receivables which are assessed based 年3月31日账面总值为人民币 on collective assessment within lifetime 127,780,000元（2024年：人民币 ECL (not credit impaired). Debtors with 128,229,000元）的具重大未偿还 significant outstanding balances or credit- 结余或已发生信贷减值的应收款 impaired with gross carrying amounts of 项乃个别评估。具重大未偿还结 RMB127,780,000 as at 31 March 2025 (2024: 余的债务人的平均亏损率评估为 RMB128,229,000) was assessed individually. 介乎约1%至3%。 The average loss rates for debtors with significant outstanding balances are assessed to be ranging from approximately 1% to 3%. 186 米高集团控股有限公司 年报 2024/2025 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 账面总值 Gross carrying amount 贸易及未开票应收款项 于3月31日 Trade and unbilled receivables As at 31 March 内部信贷评级 平均亏损率 2025年 平均亏损率 2024年 Internal Average Average credit rating loss rate 2025 loss rate 2024 人民币千元 人民币千元 RMB’000 RMB’000 低风险 Low risk 1.96% 96,862 1.79% 37,787 观察清单 Watch list 2.30% 106,476 2.61% 7,861 203,338 45,648 估计亏损率乃基于债务人于预期 The estimated loss rates are estimated based 年期的过往可观察违约率估计， on historical observed default rates over the 并按毋需花费过多成本或精力可 expected life of the debtors and are adjusted 取得的前瞻性资料（如影响行业的 for forward-looking information (for example, 宏观经济条件及可能影响债务人 the macroeconomic conditions affecting 作出付款能力的影响）调整。基 the industry and the impact that may affect 于该等客户良好的还款记录及与 debtor ability to make payments) that is 本集团的长期╱持续业务，本集 available without undue cost or effort. The 团已推翻于预期信贷亏损模型下 Group rebutted the presumption of default 逾期超过90日的贸易应收款项属 under ECL model for trade receivables over 违约的假设。大量小客户会根据 90 days past due based on good repayment 过往信贷亏损经验集体评估，并 records for those customers and long- 就前瞻性估计作出调整。具重大 term/continuous business with the Group. 结余的个别客户会根据其违约可 Large number of small customers are 能性及违约风险个别评估信贷风 assessed collectively based on historical 险。本集团管理层会定期审阅该 credit loss experience adjusted by forward 分组，以确保更新特定债务人之 looking estimates. Individual customers 相关资料。 with significant balances are assessed individually for the credit risk based on their probability of default and exposure of default. The grouping is regularly reviewed by the management of the Group to ensure relevant information about specific debtors is updated. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 187 |
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| 内部信贷评级 | 平均亏损率 | 2025年 | 平均亏损率 | 2024年 | |
|---|---|---|---|---|---|
| Internal credit rating | Average loss rate | 2025 | Average loss rate | 2024 |
| 96,862 |
|---|
| 106,476 |
| 203,338 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 账面总值（续） Gross carrying amount (Continued) 截至2025年3月31日止年度，本 During the year ended 31 March 2025, the 集团根据集体评估就贸易及未开 Group recognized net impairment allowance 票应收款项确认减值拨备净额约 of approximately RMB3,465,000 for trade and 人民币3,465,000元（2024年：已 unbilled receivables, based on the collective 拨回人民币3,446,000元）。 assessment (2024: reversed RMB3,446,000). 截至2025年3月31日止年度， During the year ended 31 March 2025, the 本集团就具重大结余及非信贷减 Group recognized net impairment allowance 值款项确认减值拨备净额约人民 of approximately RMB188,000 for debtors 币188,000元（2024年：人民币 with significant balances and not credit- 742,000元）。 impaired (2024: RMB742,000). 截至2025年3月31日止年度，本 During the year ended 31 March 2025, the 集团就具重大结余的债务人及信 Group recognized net impairment allowance 贷减值债务人确认减值拨备净额 of approximately RMB340,000 (2024: 约人民币340,000元（2024年：人 RMB104,000) for debtors with significant 民币104,000元）。 balances and credit impaired debtors. 下表显示根据简化法已确认的贸 The following table shows the movement in 易及未开票应收款项之存续期预 lifetime ECL that has been recognized for 期信贷亏损变动。 trade and unbilled receivables under the simplified approach. 存续期预期 存续期预期 信贷亏损 信贷亏损 （未发生信贷减值）（已发生信贷减值） 总计 Lifetime ECL Lifetime ECL (not credit- (credit- impaired) impaired) Total 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 于2023年4月1日 As at 1 April 2023 5,663 11,740 17,403 已确认减值亏损 Impairment loss recognized 1,494 206 1,700 已拨回减值亏损 Impairment loss reversed (4,198) (102) (4,300) 于2024年3月31日 As at 31 March 2024 2,959 11,844 14,803 已确认减值亏损 Impairment loss recognized 5,080 340 5,420 已拨回减值亏损 Impairment loss reversed (1,427) – (1,427) 于2025年3月31日 As at 31 March 2025 6,612 12,184 18,796 188 米高集团控股有限公司 年报 2024/2025 |
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| （ | 存续期预期 信贷亏损 未发生信贷减值）（ | 存续期预期 信贷亏损 已发生信贷减值） | 总计 | |
|---|---|---|---|---|
| Lifetime ECL | Lifetime ECL | |||
| (not credit- | (credit- | |||
| impaired) | impaired) | Total | ||
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 信贷风险及减值评估（续） Credit risk and impairment assessment (Continued) 账面总值（续） Gross carrying amount (Continued) 概无已撇销的贸易应收款项受限 None of the trade receivables that have been 于执行活动。 written off is subject to enforcement activities. 流动资金风险 Liquidity risk 为管理流动资金风险，本集团监 In managing the liquidity risk, the Group 察及维持管理层视为足够的现金 monitors and maintains a level of cash and 及现金等价物水平，以为本集团 cash equivalents deemed adequate by 的营运提供资金及降低现金流量 the management to finance the Group’s 波动的影响。 operations and mitigate the effects of fluctuations in cash flows. 本集团依赖经营所得╱所用现金 The Group relies on cash generated from/ 及银行融资为其营运提供资金。 used in operations and banking facilities 于2025年3月31日，本集团拥有 to finance its operation. As at 31 March 可用的未动用银行融资总额约人 2025, the Group had available unutilised 民币306,890,000元（2024年：人 aggregate banking facilities of approximately 民币689,380,000元）。 RMB306,890,000 (2024: RMB689,380,000). 下表详列本集团根据协定还款期 The following tables detail the Group’s 限金融负债之余下合同到期情 remaining contractual maturity for its financial 况。该表乃根据本集团须予支付 liabilities based on the agreed repayment 之最早日期按金融负债之未贴现 terms. The tables have been drawn up based 现金流量编制。该表包括利息及 on the undiscounted cash flows of financial 本金现金流量。倘利息流量按浮 liabilities based on the earliest date on which 动利率计算，则未贴现金额乃基 the Group can be required to pay. The tables 于报告期末的利率。 include both interest and principal cash flows. To the extent that interest flows are at floating rate, the undiscounted amount is derived from interest rate at the end of the reporting period. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 189 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) b. 金融风险管理目标及政策 b. Financial risk management （续） objectives and policies (Continued) 流动资金风险（续） Liquidity risk (Continued) 加权平均 按要求或 未贴现现金 利率 少于1个月 1至3个月 3个月至1年 1至5年 流量总额 账面值 Weighted On demand average or less Total interest than 3 month undiscounted Carrying rate 1 month 1-3 months to 1 year 1-5 years cash flows amount % 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 % RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 于2025年3月31日 As at 31 March 2025 金融负债 Financial liabilities 贸易应付款项 Trade payables – 16,931 27,118 3,317 – 47,366 47,366 应付票据 Bills payables – 111,600 80,000 293,570 – 485,170 485,170 其他应付款项 Other payables – 37,488 – – – 37,488 37,488 借款 Borrowings 2.77 130,058 51,555 249,825 160,202 591,640 582,344 租赁负债 Lease liabilities 6.68 288 576 3,012 12,660 16,536 14,302 总计 Total 296,365 159,249 549,724 172,862 1,178,200 1,166,670 于2024年3月31日 As at 31 March 2024 金融负债 Financial liabilities 贸易应付款项 Trade payables – 25,461 104,530 – – 129,991 129,991 应付票据 Bills payables – 116,600 55,000 48,340 – 219,940 219,940 其他应付款项 Other payables – 36,538 – – – 36,538 36,538 借款 Borrowings 3.80 50,163 195,182 138,829 170,734 554,908 545,163 租赁负债 Lease liabilities 5.89 513 1,025 3,439 536 5,513 5,375 总计 Total 229,275 355,737 190,608 171,270 946,890 937,007 190 米高集团控股有限公司 年报 2024/2025 |
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| 加权平均 利率 | 按要求或 少于1个月 | 1至3个月 | 3个月至1年 | 1至5年 | 未贴现现金 流量总额 | 账面值 | ||
|---|---|---|---|---|---|---|---|---|
| Weighted | On demand | |||||||
| average | or less | Total | ||||||
| interest | than | 3 month | undiscounted | Carrying | ||||
| rate | 1 month | 1-3 months | to 1 year | 1-5 years | cash flows | amount | ||
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) c. 金融工具的公平值计量 c. Fair value measurements of financial instruments 该等金融资产的公平值乃按公平 The fair values of these financial assets 值计量输入数据之可观察程度厘 are determined (in particular, the valuation 定（尤其是所用之估值方法及输入 technique(s) and inputs used), as well as the 数据），且公平值层级乃按公平值 level of the fair value hierarchy into which 计量输入数据之可观察程度划分 the fair value measurements are categorised （第一层级至第三层级）。 (Levels 1 to 3) based on the degree to which the inputs to the fair value measurements is observable. • 第一级公平值计量指以在 • Level 1 fair value measurements are 活跃市场就相同资产或负 based on quoted prices (unadjusted) 债取得之报价（未经调整） in active market for identical assets or 所进行之计量； liabilities; • 第二级公平值计量指以第 • Level 2 fair value measurements are 一级报价以外之资产或负 those derived from inputs other than 债之可观察输入数据，无 quoted prices included within Level 论是直接（即价格）或间接 1 that are observable for the asset or （即按价格推算）所进行之 liability, either directly (i.e. as prices) 计量；及 or indirectly (i.e. derived from prices); and • 第三级公平值计量指以并 • Level 3 fair value measurements 非根据可观察市场数据之 are those derived from valuation 资产或负债的输入数据（不 techniques that include inputs for the 可观察输入数据）之估值方 asset or liability that are not based on 法所进行之计量。 observable market data (unobservable inputs). Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 191 |
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| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) c. 金融工具的公平值计量 c. Fair value measurements of （续） financial instruments (Continued) 按经常性基准以公平值计量的本 Fair values of the Group’s financial assets 集团金融资产的公平值 that are measured at fair value on a recurring basis 本集团的若干金融资产于报告期 Certain of the Group’s financial assets are 末以公平值计量。下表载列有关 measured at fair value at the end of the 如何厘定该等金融资产的公平值 reporting period. The following table gives （尤其是所用估值技术及输入数 information about how the fair values of these 据），以及根据公平值计量输入数 financial assets are determined (in particular, 据的可观察程度对公平值计量进 the valuation technique(s) and inputs used), 行分类时所采用的公平值层级（第 as well as the level of the fair value hierarchy 一层级至第三层级）的信息。 into which the fair value measurements are categorised (levels 1 to 3) based on the degree to which the inputs to the fair value measurements is observable. 于2025年 于2024年 估值技术及 金融资产 3月31日 3月31日 公平值层级 关键输入数据 As at 31 As at 31 Valuation March March Fair value technique Financial asset 2025 2024 hierarchy and key input 人民币千元 人民币千元 RMB’000 RMB’000 未上市的投资基金 82,758 – 第三层级 基金管理人根据 相关投资的公平 值提供的报价 Unlisted investment 82,758 – Level 3 Quoted value funds from fund administrators based on the fair value of underlying investments 192 米高集团控股有限公司 年报 2024/2025 |
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| 金融资产 | 于2025年 3月31日 | 于2024年 3月31日 | 公平值层级 | 估值技术及 关键输入数据 | |
|---|---|---|---|---|---|
| As at 31 March | As at 31 March | Fair value | Valuation technique | ||
| Financial asset | 2025 | 2024 | hierarchy | and key input |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) c. 金融工具的公平值计量 c. Fair value measurements of （续） financial instruments (Continued) 按经常性基准以公平值计量的本 Fair values of the Group’s financial assets 集团金融资产的公平值（续） that are measured at fair value on a recurring basis (Continued) 金融资产第三层级公平值计量的 Reconciliation of Level 3 fair value 对账 measurements of financial assets 按公平值计量且其变动 计入当期损益的金融资产 Financial assets at FVTPL 人民币千元 RMB’000 于2024年4月1日 As at 1 April 2024 – －购买 – purchased 298,330 －赎回 – redeemed (223,560) －公平值变动 – changes in fair value 7,988 于2025年3月31日 As at 31 March 2025 82,758 本集团并非按经常性基准以公平 Fair value of the Group’s financial assets and 值计量之金融资产及金融负债之 financial liabilities that are not measured at 公平值 fair value on recurring basis 金融资产及金融负债之公平值乃 The fair values of financial assets and 根据公认定价模式基于贴现现金 financial liabilities are determined in 流量分析厘定。 accordance with generally accepted pricing models based on discounted cash flow analysis. 本公司董事认为，根据贴现现金 The directors of the Company consider that 流量分析，本集团于综合财务报 the carrying amounts of financial assets and 表内按摊销成本入账之金融资产 financial liabilities of the Group and recorded 及金融负债之账面值与其公平值 at amortized cost in the consolidated 相若。 financial statements approximate to their fair value based on discounted cash flows analysis. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 193 |
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| 按公平值计量且其变动 计入当期损益的金融资产 | ||
|---|---|---|
| Financial assets at FVTPL |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) d. 待抵销、可执行总净额结算 d. Financial assets and financial 安排及类似协议项下之金融 liabilities subject to offsetting, 资产及金融负债 enforceable master netting arrangements and similar agreements 下表披露包括于可执行总净额结 The disclosures set out in the tables below 算安排或类似协议项下之金融资 include financial assets and financial 产及金融负债，并已涵盖类似金 liabilities that are subject to an enforceable 融工具，不论其是否已于本集团 master netting arrangement or similar 综合财务状况表抵销。 agreement that covers similar financial instruments, irrespective of whether they are offset in the Group’s consolidated statement of financial position. 就受限制现金及应付票据确认的 The amounts recognized for the restricted 金额不符合于本集团综合财务状 cash and bills payables do not meet 况表抵销的标准，因为抵销已确 the criteria for offsetting in the Group’s 认金额将仅在本集团拖欠付款的 consolidated statement of financial position 情况下发生。 since the offset of the recognized amounts will only occur upon default of payment by the Group. 194 米高集团控股有限公司 年报 2024/2025 |
|---|
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) d. 待抵销、可执行总净额结算 d. Financial assets and financial 安排及类似协议项下之金融 liabilities subject to offsetting, 资产及金融负债（续） enforceable master netting arrangements and similar agreements (Continued) 于2025年3月31日 As at 31 March 2025 不会于综合财务状况表 抵销的有关款项 于综合财务 状况表呈列的总额 金融工具 净额 Gross amounts Related amounts not set off presented on in the consolidated statement consolidated of financial position statement of Financial financial position instruments Net amount 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 金融资产 Financial asset 受限制现金 Restricted cash 222,785 (134,380) 88,405 金融负债 Financial liability 应付票据 Bills payables (485,170) 134,380 (350,790) 于2024年3月31日 As at 31 March 2024 不会于综合财务状况表 抵销的有关款项 于综合财务 状况表呈列的总额 金融工具 净额 Gross amounts Related amounts not set off presented on in the consolidated statement consolidated of financial position statement of Financial financial position instruments Net amount 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 金融资产 Financial asset 受限制现金 Restricted cash 152,205 (109,975) 42,230 金融负债 Financial liability 应付票据 Bills payables (219,940) 109,975 (109,965) Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 195 |
|---|
| 不会于综合财务状况表 抵销的有关款项 | ||||
|---|---|---|---|---|
| 于综合财务 状况表呈列的总额 | 金融工具 | 净额 | ||
| Gross amounts presented on consolidated statement of financial position | Related amounts not set off in the consolidated statement of financial position | |||
| Financial | ||||
| instruments | Net amount | |||
| 不会于综合财务状况表 抵销的有关款项 | ||||
|---|---|---|---|---|
| 于综合财务 状况表呈列的总额 | 金融工具 | 净额 | ||
| Gross amounts presented on consolidated statement of financial position | Related amounts not set off in the consolidated statement of financial position | |||
| Financial instruments | Net amount | |||
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 35. 金融工具（续） 35. FINANCIAL INSTRUMENTS (CONTINUED) d. 待抵销、可执行总净额结算 d. Financial assets and financial 安排及类似协议项下之金融 liabilities subject to offsetting, 资产及金融负债（续） enforceable master netting arrangements and similar agreements (Continued) 于本集团综合财务状况表中呈列 The gross amounts of the recognized 的已确认金融资产及金融负债总 financial asset and financial liability as 额（均披露于上表）乃按摊销成本 presented in the Group’s consolidated 计量。 statement of financial position, both of which have been disclosed in the above tables, are measured at amortized cost. 36(I). 融资活动所产生负债的对账 36(I). RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES 下表载列本集团因融资活动所产生负债 The table below details changes in the Group’s 的变动详情，包括现金及非现金变动。 liabilities arising from financing activities, including 融资活动产生的负债指其现金流量或未 both cash and non-cash changes. Liabilities arising 来现金流量于本集团的综合现金流量表 from financing activities are those for which cash 中分类为融资活动现金流量的负债。 flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities. 应付关联公司 来自关联公司 借款 款项 之借贷 租赁负债 应付股息 应计发行成本 总计 Amount due Loan from to a related related Lease Dividend Accrued Borrowings company companies liabilities payable issue cost Total 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 于2023年4月1日 At 1 April 2023 244,738 175,716 105,817 11,057 – 2,502 539,830 财务成本 Finance costs 14,262 – 4,865 470 – – 19,597 融资现金流量 Financing cash flow 266,931 (185,495) 10,967 (6,152) (11,380) (33,823) 41,048 已宣派股息 Dividend declared – – – – 11,380 – 11,380 应计发行成本 Issue cost accruals – – – – – 38,405 38,405 汇兑调整 Exchange adjustments (760) 9,779 – – – – 9,019 透过应收票据收取 Received through notes receivables 19,992 – – – – – 19,992 转拨至合同负债 Transfer to contract liabilities – – (121,649) – – – (121,649) 于2024年3月31日 At 31 March 2024 545,163 – – 5,375 – 7,084 557,622 196 米高集团控股有限公司 年报 2024/2025 |
|---|
| 借款 | 应付关联公司 款项 | 来自关联公司 之借贷 | 租赁负债 | 应付股息 | 应计发行成本 | 总计 | ||
|---|---|---|---|---|---|---|---|---|
| Amount due to a related | Loan from | |||||||
| related | Lease | Dividend | Accrued | |||||
| Borrowings | company | companies | liabilities | payable | issue cost | Total | ||
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 36(I). 融资活动所产生负债的对账 36(I). RECONCILIATION OF LIABILITIES （续） ARISING FROM FINANCING ACTIVITIES (CONTINUED) 应付关联公司 来自关联公司 借款 款项 之借贷 租赁负债 应付股息 应计发行成本 总计 Amount due Loan from to a related related Lease Dividend Accrued Borrowings company companies liabilities payable issue cost Total 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 财务成本 Finance costs 19,805 – – 175 – – 19,980 融资现金流量 Financing cash flow 133,391 7,755 – (5,414) (68,836) (6,685) 60,211 已宣派股息 Dividend declared – – – – 68,836 – 68,836 发行成本拨回 Issue cost reversals – – – – – (399) (399) 已订立新租约 New leases entered – – – 14,166 – – 14,166 以应收票据抵销（附注） Offset with bills receivables (Note) (116,015) – – – – – (116,015) 于2025年3月31日 At 31 March 2025 582,344 7,755 – 14,302 – – 604,401 附注： 款项指相关贴现应收票据到期时终止 Note: Amounts represented bank borrowings 确认的银行借款。 derecognized when the related discounted bills receivables were matured. 36(II). 非现金交易 36(II). NON-CASH TRANSACTION 于2024年3月31日，本集团将来自一家 As at 31 March 2024, the Group transferred the loan 关联公司之借贷转拨至合同负债，金额 from a related company to contract liabilities 约为人民币121,649,000元（2025年： amounted to approximately RMB121,649,000 (2025: 零）。 nil). 于2024年3月31日，本集团订立一项 As at 31 March 2024, the Group entered into a 三方协议将应收一名股东款项转拨至应 tripartite agreement to transfer the amount due from 收一家关联公司款项，金额约为人民币 a shareholder to the amount due from a related 3,261,000元（2025年：零）。此外，本 company amounted to approximately RMB3,261,000 集团订立另一项三方协议以抵销合同负 (2025: nil). In addition, the Group entered into 债约人民币8,021,000元（2025年：零） another tripartite agreement to offset the amount 的应收一家关联公司款项。 due from a related company with contract liabilities amounted to approximately RMB8,021,000 (2025: nil). Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 197 |
|---|
| 借款 | 应付关联公司 款项 | 来自关联公司 之借贷 | 租赁负债 | 应付股息 | 应计发行成本 | 总计 | ||
|---|---|---|---|---|---|---|---|---|
| Amount due to a related | Loan from | |||||||
| related | Lease | Dividend | Accrued | |||||
| Borrowings | company | companies | liabilities | payable | issue cost | Total | ||
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 37. 本公司财务状况及储备表 37. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY 于3月31日 As at 31 March 2025年 2024年 2025 2024 人民币千元 人民币千元 RMB’000 RMB’000 非流动资产 Non-current asset 于附属公司的投资 Investments in subsidiaries – – 流动资产 Current assets 其他应收款项及预付款项 Other receivables and prepayments 332 332 应收附属公司款项 Amounts due from subsidiaries 687,490 342,541 银行结余及现金 Bank balances and cash 23,178 353,946 711,000 696,819 流动负债 Current liabilities 其他应付款项 Other payables 28 17,297 应付附属公司款项 Amounts due to subsidiaries 53,779 1,344 53,807 18,641 资产净值 Net assets 657,193 678,178 资本及储备 Capital and reserves 股本 Share capital 64,496 63,861 储备 Reserves 592,697 614,317 657,193 678,178 198 米高集团控股有限公司 年报 2024/2025 |
|---|
| 2025年 | 2024年 | ||
|---|---|---|---|
| 2025 | 2024 |
| – |
|---|
| 332 |
| 687,490 |
| 23,178 |
| 711,000 |
| 28 |
| 53,779 |
| 53,807 |
| 657,193 |
| 64,496 |
| 592,697 |
| 657,193 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 37. 本公司财务状况及储备表（续） 37. STATEMENT OF FINANCIAL POSITION AND RESERVES OF THE COMPANY (CONTINUED) 本公司储备变动如下： Movement in the Company’s reserves is as follows: 股份溢价 累计亏损 总计 Share Accumulated premium losses Total 人民币千元 人民币千元 人民币千元 RMB’000 RMB’000 RMB’000 于2023年4月1日 At 1 April 2023 – (58,036) (58,036) 年内亏损及其他 Loss and other comprehensive 全面开支 expense for the year – (43,426) (43,426) 资本化发行 Capitalisation issue (47,832) – (47,832) 于首次公开发售时 发行新股份 Issue of new shares upon the IPO 816,755 – 816,755 发行新股份应占 Transaction costs attributable to 交易成本 issue of new shares (53,144) – (53,144) 于2024年3月31日 At 31 March 2024 715,779 (101,462) 614,317 年内溢利及其他 Profit and other comprehensive 全面收益 income for the year – 2,228 2,228 行使超额配股权 Exercise of over-allotment options 32,445 – 32,445 行使超额配股权应 Transaction costs attributable to 占交易成本 exercise of over-allotment options (848) – (848) 确认为分派的股息 Dividends recognized as distribution (55,445) – (55,445) 于2025年3月31日 At 31 March 2025 691,931 (99,234) 592,697 Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 199 |
|---|
| 股份溢价 | 累计亏损 | 总计 | ||
|---|---|---|---|---|
| Share | Accumulated | |||
| premium | losses | Total | ||
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 38. 本公司附属公司详情 38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY 本公司直接及间接持有的附属公司详情 Details of the subsidiaries directly and indirectly 载列如下： held by the Company are set out below: 本集团应占的股权比例 注册成立╱成立╱ 已发行及 于3月31日 附属公司名称 经营地点及日期 注册资本 缴足普通股 2025年 2024年 主要活动 Place and date of Proportion of equity interest incorporation/ Issued and attributable to the Group establishment/ Registered fully paid As at 31 March Name of subsidiaries operation capital ordinary share 2025 2024 Principal activities % % 投资控股 香港 提供特种钾肥买卖 香港米高实业有限公司* 2005年8月24日 不适用 60,878,463港元 100 100 相关服务 Investment holding Providing service related to trading of Hong Kong 24 speciality potash- H.K. Migao Industry Limited * August 2005 N/A HKD60,878,463 100 100 based fertilizers Migao Overseas Holdings Limited * 开曼群岛 （附注iii） 2025年1月2日 50,000美元 50,000美元 100 不适用 投资控股 Migao Overseas Holdings Limited * Cayman Islands (Note iii) 2 January 2025 USD50,000 USD50,000 100 N/A Investment holding Migao Overseas Industry Limited 英属处女群岛 （附注iii） 2025年1月14日 50,000美元 1美元 100 不适用 投资控股 Migao Overseas Industry Limited BVI 14 January (Note iii) 2025 USD50,000 USD1 100 N/A Investment holding Migao Resources Holdings Limited * 英属处女群岛 （附注iii） 2025年1月14日 50,000美元 50,000美元 100 不适用 投资控股 Migao Resources Holdings Limited * BVI 14 January (Note iii) 2025 USD50,000 USD50,000 100 N/A Investment holding MG Overseas Commerce Limited 英属处女群岛 （附注iii） 2025年3月12日 50,000美元 1美元 100 不适用 投资控股 MG Overseas Commerce Limited (Note iii) BVI 12 March 2025 USD50,000 USD1 100 N/A Investment holding 200 米高集团控股有限公司 年报 2024/2025 |
|---|
| 附属公司名称 | 注册成立╱成立╱ 经营地点及日期 | 注册资本 | 已发行及 缴足普通股 | 本集团应占的股权比例 于3月31日 | 主要活动 | |
|---|---|---|---|---|---|---|
| 2025年 | 2024年 | |||||
| Name of subsidiaries | Place and date of incorporation/ establishment/ operation | Registered capital | Issued and fully paid ordinary share | Proportion of equity interest attributable to the Group | Principal activities | |
| As at 31 March | ||||||
| 2025 | 2024 | |||||
| 100 |
|---|
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 38. 本公司附属公司详情（续） 38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (CONTINUED) 本集团应占的股权比例 注册成立╱成立╱ 已发行及 于3月31日 附属公司名称 经营地点及日期 注册资本 缴足普通股 2025年 2024年 主要活动 Place and date of Proportion of equity interest incorporation/ Issued and attributable to the Group establishment/ Registered fully paid As at 31 March Name of subsidiaries operation capital ordinary share 2025 2024 Principal activities % % 新加坡 2,800,000 2,800,000 Migao International (Singapore) Pte Ltd. 2010年3月31日 新加坡元 新加坡元 100 100 买卖及提供特种钾肥服务 Trading and providing service of specialty Migao International Singapore potash – based (Singapore) Pte Ltd. 31 March 2010 SGD2,800,000 SGD2,800,000 100 100 fertilizers 中国 广东米高化工有限公司（附注i）. 2004年4月30日 17,000,000加元 不适用 100 100 生产及买卖特种钾肥 Manufacturing and trading of specialty Guangdong Migao Chemical Co., Ltd. The PRC potash-based (Note i) 30 April 2004 CAD17,000,000 N/A 100 100 fertilizers 中国 人民币 四川米高化肥有限公司（附注i） 2003年6月6日 116,480,000元 不适用 100 100 生产及买卖特种钾肥 Manufacturing and trading of specialty Sichuan Migao Chemical Fertilizer The PRC potash-based Co., Ltd. (Note i) 6 June 2003 RMB116,480,000 N/A 100 100 fertilizers 中国 米高化工（长春）有限公司（附注i） 2006年12月5日 13,160,000加元 不适用 100 100 生产及买卖特种钾肥 Manufacturing and trading of specialty Migao Chemical (Changchun) Co., Ltd. The PRC potash-based (Note i) 5 December 2006CAD13,160,000 N/A 100 100 fertilizers Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 201 |
|---|
| 附属公司名称 | 注册成立╱成立╱ 经营地点及日期 | 注册资本 | 已发行及 缴足普通股 | 本集团应占的股权比例 于3月31日 | 主要活动 | |
|---|---|---|---|---|---|---|
| 2025年 | 2024年 | |||||
| Name of subsidiaries | Place and date of incorporation/ establishment/ operation | Registered capital | Issued and fully paid ordinary share | Proportion of equity interest attributable to the Group | Principal activities | |
| As at 31 March | ||||||
| 2025 | 2024 | |||||
| 100 |
|---|
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 38. 本公司附属公司详情（续） 38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (CONTINUED) 本集团应占的股权比例 注册成立╱成立╱ 已发行及 于3月31日 附属公司名称 经营地点及日期 注册资本 缴足普通股 2025年 2024年 主要活动 Place and date of Proportion of equity interest incorporation/ Issued and attributable to the Group establishment/ Registered fully paid As at 31 March Name of subsidiaries operation capital ordinary share 2025 2024 Principal activities % % 中国 人民币 大兴米高（附注ii） 1996年11月5日 50,000,000元 不适用 51 51 生产及买卖特种钾肥 Manufacturing and trading of specialty The PRC potash-based Daxing Migao (Note ii) 5 November 1996RMB50,000,000 N/A 51 51 fertilizers 中国 人民币 宝清米高（附注ii） 2018年5月14日 100,000,000元 不适用 77 77 生产及买卖特种钾肥 Manufacturing and trading of specialty The PRC potash-based Baoqing Migao (Note ii) 14 May 2018 RMB100,000,000 N/A 77 77 fertilizers 中国 人民币 安达米高（附注ii） 2018年6月19日 240,000,000元 不适用 65 65 生产及买卖特种钾肥 Manufacturing and trading of specialty The PRC potash-based Anda Migao (Note ii) 19 June 2018 RMB240,000,000 N/A 65 65 fertilizers Malaysia Holding (Malaysia) Sdn. Bhd. 马来西亚 2令吉 2令吉 100 100 投资控股 2017年11月24日 Malaysia Holding Malaysia RM2 RM2 100 100 Investment holding (Malaysia) Sdn. Bhd. 24 November 2017 202 米高集团控股有限公司 年报 2024/2025 |
|---|
| 附属公司名称 | 注册成立╱成立╱ 经营地点及日期 | 注册资本 | 已发行及 缴足普通股 | 本集团应占的股权比例 于3月31日 | 主要活动 | |
|---|---|---|---|---|---|---|
| 2025年 | 2024年 | |||||
| Name of subsidiaries | Place and date of incorporation/ establishment/ operation | Registered capital | Issued and fully paid ordinary share | Proportion of equity interest attributable to the Group | Principal activities | |
| As at 31 March | ||||||
| 2025 | 2024 | |||||
| 51 |
|---|
| 51 |
| 77 |
| 77 |
| 65 |
| 65 |
| 100 |
| 100 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 38. 本公司附属公司详情（续） 38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (CONTINUED) 本集团应占的股权比例 注册成立╱成立╱ 已发行及 于3月31日 附属公司名称 经营地点及日期 注册资本 缴足普通股 2025年 2024年 主要活动 Place and date of Proportion of equity interest incorporation/ Issued and attributable to the Group establishment/ Registered fully paid As at 31 March Name of subsidiaries operation capital ordinary share 2025 2024 Principal activities % % Migao International (Malaysia) Sdn. Bhd. 马来西亚 2令吉 2令吉 100 100 投资控股 2017年7月10日 Migao International Malaysia RM2 RM2 100 100 Investment holding (Malaysia) Sdn. Bhd. 10 July 2017 米高农业科技（同江）有限公司（附注iv） 中国 人民币 不适用 100 100 仓储及生产中心； 2021年5月27日 200,000,000元 生产及销售肥料 Migao Agricultural Technology The PRC RMB200,000,000 N/A 100 100 Warehousing and (Tongjiang) Co. Ltd. (Note iv) 27 May 2021 production centre; production and sales of fertilizers 米高世纪工程技术 中国 20,000,000美元 不适用 100 100 研发相关活动； （成都）有限公司（附注iv） 2022年8月11日 提供技术及 项目管理服务； 销售肥料 Migao Century Engineering The PRC USD20,000,000 N/A 100 100 Research and Technology (Chengdu) 11 August 2022 development related Co., Ltd (Note iv) activities; provision of technical and project management services; sales of fertilizers * 由本公司直接持有。 * Directly held by the Company. Annual Report 2024/2025 MIGAO GROUP HOLDINGS LIMITED 203 |
|---|
| 附属公司名称 | 注册成立╱成立╱ 经营地点及日期 | 注册资本 | 已发行及 缴足普通股 | 本集团应占的股权比例 于3月31日 | 主要活动 | |
|---|---|---|---|---|---|---|
| 2025年 | 2024年 | |||||
| Name of subsidiaries | Place and date of incorporation/ establishment/ operation | Registered capital | Issued and fully paid ordinary share | Proportion of equity interest attributable to the Group | Principal activities | |
| As at 31 March | ||||||
| 2025 | 2024 | |||||
| 100 |
|---|
| 100 |
| 100 |
| 100 |
| 100 |
| 100 |
| 综合财务报表附注 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 38. 本公司附属公司详情（续） 38. PARTICULARS OF SUBSIDIARIES OF THE COMPANY (CONTINUED) 附注： Notes: (i) 该等实体为全资外国附属公司。 (i) These entities are wholly-owned foreign subsidiaries. (ii) 该等实体为非全资国内附属公司。 (ii) These entities are non-wholly owned domestic subsidiaries. (iii) 该等附属公司由本集团于截至2025年 (iii) These subsidiaries were incorporated by the Group 3月31日止年度注册成立。 during the year ended 31 March 2025. (iv) 该等实体为全资国内附属公司。 (iv) These entities are wholly owned domestic subsidiaries. 本公司持有附属公司的投票权与本公司 The voting power of the subsidiaries held by the 持有的所有权权益相同。 Company are same with the ownership interest held by the Company. 于本年度末，概无附属公司已发行任何 None of the subsidiaries had issued any debt 债务证券。 securities at the end of the year. 39. 报告期后事项 39. EVENTS AFTER THE REPORTING PERIOD 于2025年3月31日之后并无发现任何重 There have been no material subsequent events 大期后事项。 identified subsequent to 31 March 2025. 204 米高集团控股有限公司 年报 2024/2025 |
|---|
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED205
五年财务资料
FIVE-YEAR FINANCIAL INFORMATION
A sumary of the results and of the asets,
liabilities and non-controling interests of the Group
for the last five financial years, as extracted from
the published audited financial statements, is set
out below.
CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOS
AND OTHER COMPREHENSIVE
INCOME
2021财年2022财年2023财年2024财年2025财年
FY2021FY2022FY2023FY2024FY2025
人民币千元人民币千元人民币千元人民币千元人民币千元
RMB’000RMB’000RMB’000RMB’000RMB’000
收益Revenue2,081,5793,841,4004,722,7493,770,5434,965,954
毛利Gros Profit250,741633,423767,533536,504642,047
除税前溢利Profit before tax264,926471,044533,414333,604413,373
年内溢利Profit for the year206,525396,580421,514276,194339,484
以下人士应占溢利Profit atributable to
－本公司拥有人 – Owners of the Company202,294396,337405,089252,479307,471
－非控股权益 – Non-controling interests4,23124316,42523,71532,013
206,525396,580421,514276,194339,484
CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL
POSITION
于3月31日
As at 31 March
2021年2022年2023年2024年2025年
人民币千元人民币千元人民币千元人民币千元人民币千元
RMB’000RMB’000RMB’000RMB’000RMB’000
总资产Total asets2,406,0403,711,7573,238,8154,605,5295,246,476
总负债Total liabilities1,750,2832,536,8391,662,9221,989,8372,329,731
权益总额Total equity655,7571,174,9181,575,8932,615,6922,916,745
本集团过去五个财政年度的业绩及资产、负债及非控股
权益概要（摘录自已刊发经审核财务报表）载列如下。
简明综合损益及其他全面收益表
简明综合财务状况表
206年报 2024/2025米高集团控股有限公司
释义
DEFINITIONS
「股东周年大会」指本公司拟于2025年8月22日（星期五）举行的股东周年大会
“AGM”the anual general meting of the Company proposed to be held on Friday, 22
August 2025
「安达米高」指安达北大荒米高农业科技有限公司，一间于2018年6月19日根据中国法律成立的有
限责任公司，由黑龙江北大荒拥有35%以及长春米高及广东米高拥有65%（长春米高
及广东米高分别拥有34%及31%），并为本公司附属公司
“Anda Migao”Anda Beidahuang Migao Agricultural Technology Co., Ltd. (安达北大荒米高农
业科技有限公司), a company established under the laws of the PRC with limited
liability on 19 June 2018 and is owned as to 35% by Heilongjiang Beidahuang,
and 65% by Changchun Migao (as to 34%) and Guangdong Migao (as to 31%),
and a subsidiary of the Company
「组织章程细则」或「细则」指本公司采纳的组织章程细则（经不时修订及重列）
“Articles of Asociation”
or “Articles”
the articles of asociation of the Company adopted (as amended and restated
from time to time)
「审核委员会」指董事会审核委员会
“Audit Comite”the audit comite of the Board
「宝清米高」指宝清米高农业科技有限公司，一间于2018年5月14日根据中国法律成立的有限责任
公司，由黑龙江北大荒拥有23%以及广东米高及长春米高拥有77%（广东米高及长春
米高分别拥有40%及37%），并为本公司附属公司
“Baoqing Migao”Baoqing Migao Agricultural Technology Co., Ltd. (宝清米高农业科技有限公
司), a company established under the laws of the PRC with limited liability on
14 May 2018 and is owned as to 23% by Heilongjiang Beidahuang, and 77%
by Guangdong Migao (as to 40%) and Changchun Migao (as to 37%), and a
subsidiary of the Company
「北大荒集团」指北大荒现代农业服务及其附属公司
“Beidahuang Group”Beidahuang Modern Agricultural Services and its subsidiaries
「北大荒现代农业服务」指黑龙江北大荒现代农业服务集团有限公司，黑龙江北大荒的直接控股公司
“Beidahuang Modern
Agricultural Services”
Heilongjiang Beidahuang Modern Agricultural Services Group Co., Ltd. (黑
龙江北大荒现代农业服务集团有限公司), the imediate holding company of
Heilongjiang Beidahuang
「董事会」指本公司不时组成的董事会或（按文义所指）出席具法定人数参加的董事会议及投票的
大多数董事
“Board”the board of Directors of the Company as constituted from time to time or
as the context may require the majority of Directors present and voting at a
meting of the Directors at which a quorum is present
「开曼公司法」指开曼群岛公司法第22章（1961年第3号法案，经综合及修订），经不时修订、补充或
以其他方式修改
“Cayman Companies Act”the Companies Act, Cap 22 (Act 3 of 1961, as consolidated and revised) of the
Cayman Islands, as amended, suplemented or otherwise modified from time
to time
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED207
释义
DEFINITIONS
「长春米高」指米高化工（长春）有限公司，一间于2006年12月5日根据中国法律成立的有限责任公
司，并为本公司的全资附属公司
“Changchun Migao”Migao Chemical (Changchun) Co., Ltd. (米高化工(长春)有限公司), a company
established under the laws of the PRC with limited liability on 5 December 2006
and a wholy-owned subsidiary of the Company
「中国」指中华人民共和国，就本年报而言，不包括香港、澳门及台湾
“China” or “PRC”the People’s Republic of China excluding for the purpose of this anual report,
Hong Kong, Macau and Taiwan
「公司条例」指香港法例第622章《公司条例》
“Companies Ordinance”Companies Ordinance (Chapter 622 of the Laws of Hong Kong)
「本公司」指米高集团控股有限公司，一间于2017年11月21日在开曼群岛注册成立的获豁免有限
公司
“Company”Migao Group Holdings Limited (米高集团控股有限公司), an exempted company
incorporated in the Cayman Islands with limited liability on 21 November 2017
「复合肥」指一种提供氮、磷、钾三种成分的肥料。复合肥可均衡施肥，提高肥料利用率
“compound fertilizer”a kind of fertilizer with thre-components, providing nitrogen, phosphorus and
potasium. Compound fertilizer can be used for balanced fertilization and can
increase the utilization rate of fertilizers
「控股东」指具有上市规则所赋予的涵义，除文义另有所指外，指本公司的控股东刘国才先生、
Migao Barbados及Migao BVI
“Controling Shareholder(s)”has the meaning ascribed to it under the Listing Rules and unles the context
requires otherwise, refers to the controling shareholders of the Company,
namely, Mr. Liu Guocai, Migao Barbados and Migao BVI
「企业管治守则」指上市规则附录C1所载企业管治常规守则
“Corporate Governance
Code”
code on corporate governance practices contained in Apendix C1 to the
Listing Rules
「大兴米高」指遵义大兴复肥有限责任公司，一间于1996年11月5日根据中国法律成立的有限责任
公司，由四川米高拥有51%及贵州烟草投资拥有49%，并为本集团的附属公司
“Daxing Migao”Zunyi Daxing Compound Fertilizer Co., Ltd. (遵义大兴复肥有限责任公司),
a company established under the laws of the PRC with limited liability on
5 November 1996 and is owned as to 51% by Sichuan Migao and 49% by
Guizhou Tobaco Investment and a subsidiary of the Group
「董事」指本公司不时在任的董事
“Director(s)”the director(s) of the Company from time to time
「环境、社会及管治委员会」指董事会环境、社会及管治委员会
“ESG Comite”the environmental, social and governance comite of the Board
「现有细则」指经于2024年2月28日通过的特别决议案采纳的本公司的组织章程细则
“Existing Articles”the articles of asociation of the Company as adopted by a special resolution
pased on 28 February 2024
208年报 2024/2025米高集团控股有限公司
释义
DEFINITIONS
「2021财年」指本公司截至2021年3月31日止财政年度
“FY2021”the Company’s financial year ended 31 March 2021
「2022财年」指本公司截至2022年3月31日止财政年度
“FY2022”the Company’s financial year ended 31 March 2022
「2023财年」指本公司截至2023年3月31日止财政年度
“FY2023”the Company’s financial year ended 31 March 2023
「2024财年」指本公司截至2024年3月31日止财政年度
“FY2024”the Company’s financial year ended 31 March 2024
「2025财年」指本公司截至2025年3月31日止财政年度
“FY2025”the Company’s financial year ended 31 March 2025
「本集团」指本公司及其附属公司统称
“Group”colectively, the Company and its subsidiaries
「广东米高」指广东米高化工有限公司，一间于2004年4月30日根据中国法律成立的有限责任公
司，为本公司的全资附属公司
“Guangdong Migao”Guangdong Migao Chemical Co., Ltd. (广东米高化工有限公司), a company
established under the laws of the PRC with limited liability on 30 April 2004 and
is a wholy-owned subsidiary of the Company
「贵州烟草投资」指贵州烟草投资管理有限公司，为独立第三方（除作为大兴米高的主要股东外）
“Guizhou Tobaco
Investment”
Guizhou Tobaco Investment Management Co., Ltd. (贵州烟草投资管理有限公
司), an independent third party (other than being a substantial shareholder of
Daxing Migao)
「盐酸」指盐酸，一种氯化氢水溶液，属於单组分无机强酸，是氯碱工业的重要组成部分，广泛
应用于工业领域
“HCL”hydrochloric acid, an aqueous solution of hydrogen chloride, belonging to one-
component inorganic strong acid, which is an important part the chlor-alkali
industry and is widely used in industrial fields
「黑龙江北大荒」指黑龙江北大荒现代农业服务集团农资有限公司，一间于2008年8月25日根据中国法
律成立的国有限责任公司，为本集团的附属公司安达米高及宝清米高的主要股东，
因此为本公司的关连人士
“Heilongjiang Beidahuang”Heilongjiang Beidahuang Modern Agricultural Services Group Agricultural
Materials Co., Ltd. (黑龙江北大荒现代农业服务集团农资有限公司), a state-
owned company established under the laws of the PRC with limited liability on
25 August 2008 and is a substantial shareholder of the Group’s subsidiaries,
Anda Migao and Baoqing Migao, and is therefore a conected person of the
Company
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED209
释义
DEFINITIONS
「香港财务报告准则」指香港财务报告准则
“HKFRS”Hong Kong Financial Reporting Standards
「香港米高」指香港米高实业有限公司，一间于2005年8月24日在香港注册成立的有限公司，为本
公司的全资附属公司
“HK Migao”H.K. Migao Industry Limited (香港米高实业有限公司), a limited liability company
incorporated in Hong Kong 24 August 2005 and is a wholy-owned subsidiary
of the Company
「港元」及「港仙」指香港法定货币港元及港仙
“HK$”, and “cents”Hong Kong dolars and cents respectively, the lawful curency of Hong Kong
「香港」指中国香港特别行政区
“Hong Kong” or “HK”the Hong Kong Special Administrative Region of the PRC
「氯化钾」指氯化钾，一种化学式为KCl的化合物，含约60%的氧化钾当量，可用作肥料
“KCL”potasium chloride, a compound with the chemical formula KCl containing
around 60% potasium oxide equivalent, which can be used
as a fertilizer
「上市日期」指2024年3月21日
“Listing Date”21 March 2024
「上市规则」指联交所主板证券上市规则
“Listing Rules”the Rules Governing the Listing of Securities on the Main Board of the Stock
Exchange
「马来西亚米高」指Migao Holding (Malaysia) Sdn. Bhd.，一间于2017年11月24日根据马来西亚法律
注册成立的有限公司，并为本集团的全资附属公司
“Malaysia Migao”Migao Holding (Malaysia) Sdn. Bhd., a company incorporated under the laws
of Malaysia with limited liability on 24 November 2017 and is a wholy-owned
subsidiary of the Group
「Malaysia Migao
International」
指Migao International (Malaysia) Sdn. Bhd.，一间于2017年7月10日根据马来西亚
法律注册成立的有限公司，为本集团的全资附属公司
“Malaysia Migao
International”
Migao International (Malaysia) Sdn. Bhd., a company incorporated under the
laws of Malaysia with limited liability on 10 July 2017 and is a wholy-owned
subsidiary of the Group
「Migao Barbados」指Migao International Holding Limited，一间于2005年8月19日根据英属处女群岛法
律注册成立的有限公司，于2010年1月25日根据英属处女群岛法律终止运营并根据
巴多斯法律继续运营，且由刘国才先生全资拥有
“Migao Barbados”Migao International Holding Limited, a company incorporated under the laws
of the BVI with limited liability on 19 August 2005 and was discontinued as a
company under the laws of the BVI and continuing as a company under the
laws of Barbados on 25 January 2010 and is wholy-owned by Mr. Liu Guocai
210年报 2024/2025米高集团控股有限公司
释义
DEFINITIONS
「Migao BVI」指米高控股有限公司，一间于2017年11月17日根据英属处女群岛法律注册成立的英属
处女群岛商业有限公司，并由Migao Barbados全资拥有
“Migao BVI”Migao Holding Limited 米高控股有限公司, a BVI busines company incorporated
under the laws of the BVI with limited liability on 17 November 2017 and is
wholy-owned by Migao Barbados
「米高世纪成都」指米高世纪工程技术（成都）有限公司，一间于2022年8月11日根据中国法律成立的有
限责任公司，为本集团的全资附属公司
“Migao Century (Chengdu)”Migao Century Enginering Technology (Chengdu) Co., Ltd.* (米高世纪工程技术
(成都)有限公司), a company established under the laws of the PRC with limited
liability on 11 August 2022 and is a wholy-owned subsidiary of the Group
「Migao Overseas
Holdings」
指Migao Overseas Holdings Limited，一间于2025年1月2日于开曼群岛注册成立的
获豁免有限责任公司，为本集团的全资附属公司
“Migao Overseas Holdings”Migao Overseas Holdings Limited, an exempted company incorporated in the
Cayman Islands with limited liability on 2 January 2025 and is a wholy-owned
subsidiary of the Group
「Migao Overseas
Industry」
指Migao Overseas Industry Limited，一间于2025年1月14日根据英属处女群岛法律
注册成立的英属处女群岛商业公司，为本集团的全资附属公司
“Migao Overseas Industry”Migao Overseas Industry Limited, a BVI busines company incorporated under
the laws of the BVI on 14 January 2025 and is a wholy-owned subsidiary of the
Group
「MG DMC」指MG International Comerce FZCO，一间于2025年5月15日成立的有限责任公
司，日期为2002年5月1日的2001年命令第(4)号法律及其修订的条文项下有关成立
迪拜多种商品中心管理局(Dubai Multi Comodities Centre Authority)的所有要求
均已获满足，为本集团的全资附属公司
“MG DMC”MG International Comerce FZCO, a company with limited liability formed
on 15 May 2025, with al the requirements under the provisions of law No.(4)
of 2001 order dated 1 May 2002 in respect of Establishing Dubai Multi
Comodities Centre Authority and its amendments satisfied, and is a wholy-
owned subsidiary of the Group
「标准守则」指上市规则附录C3所载上市发行人董事进行证券交易的标准守则
“Model Code”the model code for securities transactions by directors of listed isuers as set
out in Apendix C3 to the Listing Rules
「新细则」指拟经将于股东周年大会上提呈的特别决议案采纳的本公司第二次经修订及重述的组织
章程细则
“New Articles”the second amended and restated articles of asociation of the Company to be
adopted by a special resolution to be proposed at the AGM
Anual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED211
释义
DEFINITIONS
「新农业」指香港新农业营养集团有限公司（曾用名EuroChem Migao Limited），一间于2014年2
月14日在香港注册成立的有限公司，由香港米高拥有50%及第三方拥有50%，并为
本集团的合营企业
“New Era Agriculture”New Era Agriculture Nutrition Group Limited (formerly known as EuroChem
Migao Limited), a limited liability company incorporated in Hong Kong on 14
February 2014 and is owned as to 50% by HK Migao and 50% by a third party
and is the Group’s joint venture
「新组织章程大纲及细则」指拟经将于股东周年大会上提呈的特别决议案采纳的本公司第二次经修订及重述的组织
章程大纲及细则
“New Memorandum and
Articles of Asociation”
the second amended and restated memorandum and articles of asociation of
the Company to be adopted by a special resolution to be proposed at the AGM
「提名委员会」指董事会提名委员会
“Nomination Comite”the nomination comite of the Board
「硝酸钾」指硝酸钾，一种化学式为KNO3的化合物，含钾、氧和氮，可用作肥料
“NOP”potasium nitrate, a compound with the chemical formula KNO3 containing
potasium, oxygen, and nitrogen, which can be used as a fertilizer
「招股章程」指本公司日期为2024年3月13日的招股章程
“Prospectus”the prospectus of the Company dated 13 March 2024
「薪酬委员会」指董事会薪酬委员会
“Remuneration
Comite”
the remuneration comite of the Board
「人民币」指中国法定货币人民币
“RMB”Renminbi, the lawful curency of the PRC
「证券及期货条例」指香港法例第571章《证券及期货条例》，经不时修订或补充
“SFO”Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as
amended or suplemented from time to time
「股份」指本公司股本中每股面值0.01美元的普通股
“Share(s)”ordinary share(s) in the capital of the Company with nominal value of US$0.01
each
212年报 2024/2025米高集团控股有限公司
释义
DEFINITIONS
「股东」指本公司股东
“Shareholder(s)”the shareholder(s) of the Company
「四川米高」指四川米高化肥有限公司，一间于2003年6月6日根据中国法律成立的有限责任公司，
为本公司的全资附属公司
“Sichuan Migao”Sichuan Migao Chemical Fertilizer Co., Ltd. (四川米高化肥有限公司), a company
established under the laws of the PRC with limited liability on 6 June 2003 and
is a wholy-owned subsidiary of the Company
「新加坡米高」指Migao International (Singapore) Pte. Ltd.，一间于2010年3月31日根据新加坡法律
成立的有限责任公司，为本公司的全资附属公司
“Singapore Migao”Migao International (Singapore) Pte. Ltd., a company established under the
laws of Singapore with limited liability on 31 March 2010 and is a wholy-owned
subsidiary of the Company
「硫酸钾」指硫酸钾，一种化学式为K2SO4的化合物，含约50%的氧化钾当量，可用作肥料
“SOP”potasium sulphate, a compound with the chemical formula K2SO4 containing
around 50% potasium oxide equivalent, which can be used as a fertilizer
「联交所」指香港联合交易所有限公司
“Stock Exchange”The Stock Exchange of Hong Kong Limited
「附属公司」指具有上市规则所赋予的涵义
“subsidiary(ies)”has the meaning ascribed to it under the Listing Rules
「云南欧罗汉姆」指云南欧罗汉姆肥业科技有限公司，一间于2013年7月12日根据中国法律成立的有限
责任公司，分别由New Era Agriculture及独立第三方拥有70%及30%的股权，为本
公司的间接合营企业
“Yunan EuroChem”Yunan EuroChem Fertilizer Technology Co., Ltd. (云南欧罗汉姆肥业科技有限公
司), a company established under the laws of the PRC with limited liability on
12 July 2013 and is owned as to 70% by New Era Agriculture and 30% by an
independent third party, an indirect joint venture of the Company
「寰太洋遵义」指寰太洋（遵义）房地产租赁有限公司，一间于2011年2月21日根据中国法律成立的有
限责任公司，由刘先生间接全资拥有
“Huantaiyang Zunyi”Huantaiyang (Zunyi) Real Estate Leasing Co., Ltd. (寰太洋(遵义)房地产租赁有限
公司), a company established under the laws of the PRC with limited liability on
21 February 2011, which is indirectly wholy-owned by Mr. Liu
「%」指百分比
“%”per cent
M
I
G
A
O
G
R
O
U
P
H
O
L
D
I
N
G
S
L
I
M
I
T
E
D
米
高
集
团
控
股
有
限
公
司
/
年
度
报
告
A
N
N
U
A
L
R
E
P
O
R
T