ANUAL REPORT

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1怡康泰工程集团控股有限公司二零二五年度报告

CHARACTERISTICS OF GEM OF THE STOCK

EXCHANGE OF HONG KONG LIMITED (THE

“STOCK EXCHANGE”)

GEM has ben positioned as a market designed to acomodate

smal and mid-sized companies to which a higher investment risk

may be atached than other companies listed on the Stock Exchange.

Prospective investors should be aware of the potential risks of investing

in such companies and should make the decision to invest only after due

and careful consideration.

Given that the companies listed on GEM are generaly smal and mid-

sized companies, there is a risk that securities traded on GEM may be

more susceptible to high market volatility than securities traded on the

Main Board and no asurance is given that there wil be a liquid market

in the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no

responsibility for the contents of this report, make no representation as to its

acuracy or completenes and expresly disclaim any liability whatsoever for

any los howsoever arising from or in reliance upon the whole or any part of the

contents of this report.

This report, for which the Directors (the “Directors”) of Noble Enginering

Group Holdings Limited (the “Company” and together with its subsidiaries,

the “Group”) colectively and individualy acept ful responsibility, includes

particulars given in compliance with the Rules Governing the Listing of Securities

on GEM (the “GEM Listing Rules”) of the Stock Exchange for the purpose of

giving information with regard to the Company. The Directors, having made

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

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

respects and not misleading or deceptive, and there are no other maters the

omision of which would make any statement in this report misleading.

香港联合交易所有限公司（「联交

所」）GEM的特色

GEM的定位，乃为中小型公司提供一个上市的市场，此等

公司相比起其他在联交所上市的公司带有较高投资风险。

有意投资的人士应了解投资于该等公司的潜在风险，并应

经过审慎周详的考虑后方作出投资决定。

由于GEM上市公司普遍为中小型公司，在GEM买卖的证券

可能会较于主板买卖之证券承受较大的市场波动风险，同

时无法保证在GEM买卖的证券会有高流通量的市场。

香港交易及结算所有限公司及联交所对本报告的内容概不

负责，对其准确性或完整性亦不发表任何声明，并明确表

示概不就因本报告全部或任何部分内容而产生或因倚赖该

等内容而引致之任何损失承担任何责任。

本报告乃遵照联交所GEM证券上市规则（「GEM上市规则」）

而刊载，旨在提供有关怡康泰工程集团控股有限公司（「本

公司」，连同其附属公司称「本集团」）的资料，本公司董事

（「董事」）对此共同及个别承担全部责任。董事于作出一切

合理查询后确认就其所知及所信，本报告所载资料在各重

要方面均属准确完备，没有误导或欺诈成分，且并无遗漏

任何事项，足以令致本报告或其所载任何陈述产生误导。

2NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Information公司资料3

Chairman’s Statement主席报告5

Management Discusion and Analysis管理层讨论及分析6

Directors and Senior Management董事及高级管理层12

Corporate Governance Report企业管治报告17

Environmental, Social and Governance Report环境、社会及管治报告35

Directors’ Report董事会报告53

Independent Auditor’s Report独立核数师报告65

Consolidated Statement of Profit or Los and Other Comprehensive Income综合损益及其他全面收益表71

Consolidated Statement of Financial Position综合财务状况表72

Consolidated Statement of Changes in Equity综合权益变动表73

Consolidated Statement of Cash Flows综合现金流量表74

Notes to the Consolidated Financial Statements综合财务报表附注75

Financial Sumary财务概要128

3怡康泰工程集团控股有限公司二零二五年度报告

Corporate Information

公司资料

BOARD OF DIRECTORS

Executive Directors

Mr. Tse Chun Yuen (Chairman)

Mr. Tse Chun Kuen (Chief Executive Oficer)

Non-executive Director

Ms. Dang Hongying

Independent non-executive Directors

Mr. Wong Yiu Kwong Kenji

Ms. Chung Lai Ling

Mr. Tang Chi Wai

AUDIT COMITE

Mr. Tang Chi Wai (Chairman)

Mr. Wong Yiu Kwong Kenji

Ms. Chung Lai Ling

NOMINATION COMITE

Mr. Tse Chun Yuen (Chairman)

Mr. Wong Yiu Kwong Kenji

Ms. Chung Lai Ling

REMUNERATION COMITE

Ms. Chung Lai Ling (Chairman)

Mr. Tang Chi Wai

Mr. Tse Chun Kuen

COMPLIANCE OFICER

Mr. Tse Chun Yuen

COMPANY SECRETARY

Mr. Tsoi Chi Hei

AUTHORISED REPRESENTATIVES

Mr. Tse Chun Yuen

Mr. Tsoi Chi Hei

AUDITOR

Beijing Xinghua Caplegend CPA Limited

1/F, GR8 Ino Tech Centre

No. 46 Tsun Yip Stret

Kwun Tong

Hong Kong

董事会

执行董事

谢振源先生（主席）

谢振干先生（行政总裁）

非执行董事

党鸿英女士

独立非执行董事

黄耀光先生

钟丽玲女士

邓智伟先生

审核委员会

邓智伟先生（主席）

黄耀光先生

钟丽玲女士

提名委员会

谢振源先生（主席）

黄耀光先生

钟丽玲女士

薪酬委员会

钟丽玲女士（主席）

邓智伟先生

谢振干先生

合规主任

谢振源先生

公司秘书

蔡志熙先生

授权代表

谢振源先生

蔡志熙先生

核数师

北京兴华鼎丰会计师事务所有限公司

香港

观塘

骏业街46号

广域创科中心1楼

4NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Information

公司资料

法律顾问

有关香港法例

ZM Lawyers

香港律师

香港

中环

德辅道中88–98号

中环88，20楼

开曼群岛注册办事处

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

总部及香港主要营业地点

香港九龙

长沙湾

长沙湾道889号

华创中心25楼9室

开曼群岛股份过户登记总处

Ocorian Trust (Cayman) Limited

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

主要往来银行

星展银行（香港）有限公司

香港中环

皇后大道中99号

中环中心11楼

公司网站

w.noblenginering.com.hk

股份代号

LEGAL ADVISOR

As to Hong Kong Law

ZM Lawyers

Solicitors, Hong Kong

20/F, Central 88

Nos. 88–98 Des Voeux Road Central

Central

Hong Kong

REGISTERED OFICE IN THE CAYMAN

ISLANDS

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

HEADQUARTERS AND PRINCIPAL PLACE

OF BUSINES IN HONG KONG

Rom 9, 25/F, CRE Centre

889 Cheung Sha Wan Road

Cheung Sha Wan

Kowlon, Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE IN THE CAYMAN

ISLANDS

Ocorian Trust (Cayman) Limited

Windward 3, Regata Ofice Park

P.O. Box 1350

Grand Cayman KY1-1108

Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

PRINCIPAL BANKER

DBS Bank (Hong Kong) Limited

11/F, The Center

99 Quen’s Road Central

Central, Hong Kong

COMPANY’S WEBSITE

w.noblenginering.com.hk

STOCK CODE

5怡康泰工程集团控股有限公司二零二五年度报告

Chairman’s Statement

主席报告

Dear Shareholders,

On behalf of the board (the “Board”) of Directors (the “Directors”) of Noble

Enginering Group Holdings Limited (the “Company”) and its subsidiaries

(colectively refered to as the “Group”), I am pleased to present our anual

report for the year ended 31 March 2025.

The Group performs wet trades works as a subcontractor in Hong Kong.

For the year ended 31 March 2025, the Group recorded a total revenue of

aproximately HK$325.6 milion, representing an increase of aproximately

1.5% as compared to aproximately HK$320.7 milion for the year ended 31

March 2024. For the year ended 31 March 2025, the Group recorded a net los

of aproximately HK$9.5 milion as compared to a net los of aproximately

HK$11.8 milion for the year ended 31 March 2024. The Directors are of the view

that the decrease of net los was mainly atributable to the increase in gros

profit and the decrease in administrative and other operating expenses for the

year ended 31 March 2025.

The Group wil implement a prudent aproach in project selection in the

upcoming year; that is to say, the Group wil selectively place tenders to wel-

established contractors and wel-known busines partners to ensure projects on

hand remain steady and receivables are sound.

The Group wil continue to improve our operating eficiency and profitability

of our busines and expand our flet of machinery and equipment, which wil

enhance the basis of our technical capability to bid for future projects. The

Group wil also proactively sek oportunities to expand our customer base and

market share and undertake more wet trades projects which wil enhance value

to the shareholders and stakeholders of the Company.

The Group has ben exploring other busines oportunities and/or expanding

the geographical coverage of the principal busines of the Group beyond

the Hong Kong market in order to enhance our future development and to

strengthen the revenue bases of the Group. We wil be ready to dive into

any oportunities as they arise or come to our atention. We expect that

diversification of our busines wil provide a beter return to the shareholders of

the Company.

The Board believes that the Group’s busines strategy and industry expertise

could generate and contribute greater value to the Company’s shareholders and

investors.

On behalf of the Board

Tse Chun Yuen

Chairman

Hong Kong, 26 June 2025

尊敬的各位股东：

本人谨代表怡康泰工程集团控股有限公司（「本公司」）及其

附属公司（统称为「本集团」）的董事（「董事」）会（「董事会」）欣

然列报本集团截至二零二五年三月三十一日止年度之年度

报告。

本集团主要于香港从事泥水工程分包商业务。

截至二零二五年三月三十一日止年度，本集团录得总收益

约325.6百万港元，较截至二零二四年三月三十一日止年

度约320.7百万港元增加约1.5%。截至二零二五年三月三十

一日止年度，本集团录得净亏损约9.5百万港元，而截至

二零二四年三月三十一日止年度则录得净亏损约11.8百万

港元。董事认为，净亏损减少主要可归因于截至二零二五

年三月三十一日止年度之毛利增加及行政及其他经营开支

减少。

本集团将于来年在项目选择上实施审慎的举措；换言之，

本集团将在招标中选择成熟的承建商及知名的业务合作伙

伴，以确保手头项目稳定及应收款项健康。

本集团将继续提高本集团的营运效率及本集团业务的盈利

能力并扩充其机器及设备机组，为竞标未来项目提升本集

团的技术实力水准。本集团亦会积极物色可扩充本集团的

客户群及市场份额的商机，并承接更多泥水工程项目以提

升本公司股东及利益相关者的价值。

本集团一直致力探索其他商机及╱或扩大本集团主营业务

于香港市场以外的地域版图，从而提升我们的未来发展，

巩固本集团收益基础。我们会密切留意任何机会的出现以

令我们可以及时把握。我们预期业务多元化将为本公司股

东带来更丰厚的回报。

董事会相信本集团的业务策略及行业专长可为本公司股东

及投资者带来及贡献更大的价值。

代表董事会

主席

谢振源

香港，二零二五年六月二十六日

6NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Management Discusion and Analysis

管理层讨论及分析

BUSINES REVIEW

The Group performs wet trades works as a subcontractor in Hong Kong.

For the year ended 31 March 2025, the Group recorded a net los of

aproximately HK$9.5 milion as compared to a net los of aproximately

HK$11.8 milion for the year ended 31 March 2024.

OUTLOK

The intense market competition may lead to smaler number of sucesful

tenders and quotations and lower value of contracts awarded to the Group.

The Group’s gros profit margin is also under presure from competitive project

pricing on tenders and quotations, which in turn afects financial performance of

the Group.

In order to maintain its market share in the wet trades works industry, the

Group wil continue to closely monitor the market and respond to changes in

market conditions. The Directors are confident that with the Group’s reputation

in the wet trades works industry and its experienced management team, the

Group is in a god position to compete with its competitors. The Group wil

continue to improve its competitivenes in the market by continuing to provide

quality works to its customers. The Group wil also continue to proactively sek

oportunities to expand its customer base and its market share and undertake

more wet trades projects which wil enhance value to the shareholders.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors believe that there are potential risks and uncertainties involved

in the operations, some of which are beyond the Group’s control. The Directors

believe that the more significant risks relating to the busines are as folows:

• Our revenue is mainly derived from projects which are non-recuring in

nature and any failure of our Group to secure tender contracts would

afect our operations and financial results;

• Eror or inacuracy in estimation of project duration or costs when

determining the tender price may result in substantial los incured by us;

• If progres payment or retention money is not paid to us in ful as a result

of disputes over our work done, our liquidity position may be adversely

afected; and

• Our performance depends on trends and developments in the wet trades

industry.

A detailed discusion of the risk factors is set out in the section headed “Risk

Factors” in the prospectus of the Company dated 19 September 2017 (the

“Prospectus”).

业务回顾

本集团主要于香港从事泥水工程分包商业务。

截至二零二五年三月三十一日止年度，本集团录得净亏损

约9.5百万港元，而截至二零二四年三月三十一日止年度录

得净亏损约11.8百万港元。

展望

市场竞争激烈有机会导致成功竞投及报价的数量减少，以

及本集团获批的合约价值较低。竞投及报价中的竞争性项

目定价亦使本集团的毛利率受压，继而影响本集团的财务

表现。

为维持本集团于泥水工程行业的市场份额，本集团将继续

密切监察市场并对市况变动作出回应。凭借本集团于泥水

工程行业的声誉及其经验丰富的管理团队，董事有信心本

集团在与其竞争对手的竞争之间处于有利地位。本集团将

透过持续向客户提供高质量工程以持续提高市场竞争力。

本集团亦会继续积极寻求机会扩充我们的客户群及市场份

额，并承接更多泥水工程项目，提升股东价值。

主要风险及不确定性

董事相信，我们的业务涉及潜在风险及不确定性，其中有

一些是本集团无法控制的。董事相信与业务相关的较显著

风险如下：

，而本集

团未能获得任何投标合约可能影响我们的经营及财

务业绩；

• 厘定投标价时对项目期限或成本的错误或不准确估

计可能导致我们蒙受重大损失；

• 倘因我们所完成工程的纠纷而未获全额支付进度款

或保固金，则我们的流动资金状况可能会受到不利

影响；及

有关风险因素的详细讨论载于本公司日期为二零一七年九

月十九日之招股章程（「招股章程」）「风险因素」一节。

7怡康泰工程集团控股有限公司二零二五年度报告

Management Discusion and Analysis

管理层讨论及分析

遵守法律及法规

就董事于作出一切合理查询后所知、所悉及所信，本集团

在重大方面已遵守对本集团的业务及营运拥有重大影响

的相关法律及法规。于截至二零二五年三月三十一日止年

度，本集团概无严重违反或不遵守适用法律及法规。

环保政策及表现

董事会全面负责本集团之环境、社会及管治（「环境、社会

及管治」）策略及报告。董事会负责本集团的环境、社会及

管治风险管理及内部监控系统，以确保符合环境、社会及

管治策略及报告要求。

本集团有关环境、社会及管治的表现详情载于本报告第35

至52页的环境、社会及管治报告。

与客户、供应商、分包商及雇员

的关系

本集团与其雇员保持良好关系，并实施若干政策以确保其

员工获得富竞争力的薪酬、良好的福利待遇及持续的专

业培训。本集团亦与其客户、供应商及分包商维持良好关

系，如没有彼等的支持，会对本集团的生产及运营取得成

功构成风险。

财务回顾

收益

截至二零二五年三月三十一日止年度，本集团收益约325.6

百万港元，较截至二零二四年三月三十一日止年度增加约

1.5%。收益增加乃主要由于获批项目增加。

毛利及毛利率

本集团于截至二零二五年三月三十一日止年度的毛利约为

2.5百万港元，相较截至二零二四年三月三十一日止年度的

约1.6百万港元的毛利增加约56.3%。截至二零二五年三月

三十一日止年度的毛利率约为0.8%，而截至二零二四年三

月三十一日止年度的毛利率约为0.5%。截至二零二五年及

二零二四年三月三十一日止年度，毛利率维持稳定。

COMPLIANCE WITH LAWS AND

REGULATIONS

To the best of the Directors’ knowledge, information and belief, having made

al reasonable enquiries, the Group has complied in material respects with

relevant laws and regulations that have a significant impact on the busines and

operation of the Group. During the year ended 31 March 2025, there was no

material breach of or non-compliance with aplicable laws and regulations by

the Group.

ENVIRONMENTAL POLICIES AND

PERFORMANCE

The Board has overal responsibility for the Group’s environmental, social and

governance (“ESG”) strategy and reporting. The Board is responsible for the

Group’s ESG risk management and internal control systems to ensure that the

ESG strategies and reporting requirements are met.

The details of the ESG performance of the Group are set out in the ESG Report

on pages 35 to 52 of this report.

RELATIONSHIP WITH CUSTOMERS,

SUPLIERS, SUBCONTRACTORS AND

EMPLOYES

The Group maintains a god relationship with its employes and certain

policies have ben implemented to ensure that its employes are provided with

competitive remuneration, god welfare benefits and continuous profesional

training. The Group also maintains god relationships with its customers,

supliers and subcontractors, without whom suces in the Group’s production

and operation would be at risk.

FINANCIAL REVIEW

Revenue

For the year ended 31 March 2025, the Group’s revenue amounted to

aproximately HK$325.6 milion, which increased by aproximately 1.5% as

compared to the year ended 31 March 2024. The increase in revenue was

primarily atributable to increase in projects awarded.

Gros profit and gros profit margin

The gros profit of the Group for the year ended 31 March 2025 amounted

to aproximately HK$2.5 milion, which increased by aproximately 56.3% as

compared to a gros profit of aproximately HK$1.6 milion for the year ended

31 March 2024. The gros profit margin for the year ended 31 March 2025 was

aproximately 0.8%, compared to the gros profit margin for the year ended 31

March 2024 of aproximately 0.5%. The gros profit margin remained stable for

the years ended 31 March 2025 and 2024.

8NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Management Discusion and Analysis

管理层讨论及分析

其他收入及收益

其他收入及收益由截至二零二四年三月三十一日止年度的

约258,000港元减少约84,000港元至截至二零二五年三月三

十一日止年度约174,000港元。该减少乃主要由于截至二零

二五年三月三十一日止年度银行利息收入及政府补助金减

少所致。

行政及其他经营开支

行政及其他经营开支由截至二零二四年三月三十一日止年

度约12.5百万港元减少约1.0百万港元或约8%至截至二零二

五年三月三十一日止年度约11.5百万港元。该减少主要由

于截至二零二五年三月三十一日止年度员工成本减少所

致。

融资成本

融资成本由截至二零二四年三月三十一日止年度的约

27,000港元减少约37%至截至二零二五年三月三十一日止年

度约17,000港元，乃主要由于截至二零二五年三月三十一

日止年度之租赁利息减少。

年内亏损

截至二零二五年三月三十一日止年度，本集团录得本公司

拥有人应占亏损约9.5百万港元，而截至二零二四年三月三

十一日止年度则为约11.8百万港元。该减少主要归因于截

至二零二五年三月三十一日止年度之收益增加及行政及其

他经营开支减少。

末期股息

董事并不建议派付截至二零二五年三月三十一日止年度之

末期股息（二零二四年：零）。

股本架构

于二零二五年三月三十一日，本公司已发行股本总额为

13,819,000港元，分为276,380,000股每股面值0.05港元的

普通股。

本公司的股本仅包括普通股。

Other income and gain

Other income and gain decreased by aproximately HK$84,000 from

aproximately HK$258,000 for the year ended 31 March 2024 to aproximately

HK$174,000 for the year ended 31 March 2025. The decrease was mainly due to

the decrease of bank interest income and government grants for the year ended

31 March 2025.

Administrative and other operating expenses

Administrative and other operating expenses decreased by aproximately

HK$1.0 milion or aproximately 8% from aproximately HK$12.5 milion for the

year ended 31 March 2024 to aproximately HK$11.5 milion for the year ended

31 March 2025. The decrease was mainly due to the decrease in staf costs

during the year ended 31 March 2025.

Finance costs

Finance costs decreased by aproximately 37% to aproximately HK$17,000 for

the year ended 31 March 2025 from aproximately HK$27,000 for the year ended

31 March 2024, which was mainly due to the decrease in lease interests for the

year ended 31 March 2025.

Los for the year

For the year ended 31 March 2025, the Group recorded los atributed to owners

of the Company of aproximately HK$9.5 milion as compared to the year ended

31 March 2024 of aproximately HK$11.8 milion. The decrease was mainly

atributable to the increase in revenue and the decrease in administrative and

other operating expenses for the year ended 31 March 2025.

Final dividend

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

ended 31 March 2025 (2024: nil).

Capital structure

As at 31 March 2025, the total isued share capital of the Company was

HK$13,819,000 divided into 276,380,000 ordinary shares of HK$0.05 each.

The share capital of the Company only comprises ordinary shares.

Planned use of net proceeds as stated in the prospectus dated 12 May 2021	Actual use of proceeds up to 31 March 2024	Amount utilised during the year ended 31 March 2025	Unutilised net proceeds up to 31 March 2025
日期为二零二一年五月十二日之供股章程所载所得款项净额计划用途	截至二零二四年三月三十一日之所得款项实际用途	截至二零二五年三月三十一日止年度动用金额	截至二零二五年三月三十一日之未动用所得款项净额
HK$ million	HK$ million	HK$ million	HK$ million
百万港元	百万港元	百万港元	百万港元

9怡康泰工程集团控股有限公司二零二五年度报告

Management Discusion and Analysis

管理层讨论及分析

根据供股发行股份

诚如本公司日期为二零二一年三月二十四日的公布及日期

为二零二一年五月十二日的供股章程所披露，本公司建议

按于二零二一年五月十一日每持有两(2)股合并股份可获发

一(1)股供股份之基准进行供股（「供股」），认购价为每股

供股份0.215港元。

于二零二一年六月十一日，本公司于供股完成后发

行69,800,000股普通股。因此，本公司的股份数目由

139,600,000股增加至209,400,000股。供股的所得款项总额为

约15.0百万港元。经扣除相关开支约1.2百万港元后，所得

款项净额为约13.8百万港元。

供股条款之详情及结果分别载于本公司日期为二零二一

年五月十二日之供股章程及二零二一年六月十日之结果

公布。

于二零二五年三月三十一日，供股所得款项净额之实际用

途如下：

于二零二五年三月三十一日，供股所得款项净额约为8.8百

万港元经已使用。于二零二五年三月三十一日余下尚未动

用的所得款项净额作为存款存放于香港多间持牌银行。现

时拟以与日期为二零二一年五月十二日的供股章程所载建

议分配一致的方式动用。余下尚未动用的所得款项净额预

计将于二零二六年三月三十一日前动用。

Isue of shares under Rights Isue

As disclosed in the Company’s anouncement dated 24 March 2021 and the

prospectus dated 12 May 2021, the Company proposed to implement a rights

isue (the “Rights Isue”) on the basis of one (1) rights share for every two (2)

consolidated shares held on 11 May 2021 at a subscription price of HK$0.215 per

rights share.

On 11 June 2021, the Company isued 69,800,000 ordinary shares upon

completion of the Rights Isue. Acordingly, the number of shares of the

Company increased from 139,600,000 shares to 209,400,000 shares. The gros

proceds from the Rights Isue were aproximately HK$15.0 milion. The net

proceds after deducting related expenses of aproximately HK$1.2 milion were

aproximately HK$13.8 milion.

Detailed terms of the Rights Isue and its results were set out in the Company’s

prospectus dated 12 May 2021 and the results anouncement dated 10 June

2021, respectively.

As at 31 March 2025, the actual use of the net proceds of the Rights Isue are as

folows:

Expansion and development of

the existing busineses

扩展及发展现有业务

7.27.2–

Future investment oportunities未来投资机会5.50.5–5.0

General working capital一般营运资金1.11.1–

As at 31 March 2025, aproximately HK$8.8 milion out of the net proceds from

the Rights Isue had ben used. The remaining unutilised net proceds as at 31

March 2025 were placed as deposits with licensed banks in Hong Kong and are

curently intended to be aplied in the maner consistent with the proposed

alocations as set out in the prospectus dated 12 May 2021. The remaining

unutilised net proceds are expected to be utilised by 31 March 2026.

10NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Management Discusion and Analysis

管理层讨论及分析

流动资金及财务资源

本集团主要透过经营及财务活动产生的现金拨付业务经营

所需资金。于截至二零二五年三月三十一日止年度，本集

团概无任何银行借贷（二零二四年：无）。于二零二五年三

月三十一日，本集团的现金及现金等价物约13.0百万港元

（二零二四年：29.7百万港元）及已抵押银行存款约5.5百万

港元（二零二四年：5.4百万港元）。

本集团现金及现金等价物的主要用途已经并预期将继续作

为经营费用及资本支出。

负债比率

本集团于二零二五年三月三十一日的负债比率为零（二零

二四年：零），乃按各报告期末的银行借贷总额除以股本

总额再乘以100%计算。

库务政策

董事将继续依循审慎的政策管理本集团的银行结余及维持

稳健的流动资金，以确保本集团作好准备把握未来的增长

机遇。

持有重大投资、对附属公司、联营公司及合营

企业的重大收购及出售事项

除本报告所披露者外，本集团于截至二零二五年三月三十

一日止年度并无任何重大投资、重大收购或出售附属公

司、联营公司或合营企业事项。

重大投资及资本资产的未来计划

除本报告所披露者外，本集团于截至二零二五年三月三十

一日并无其他重大投资或资本资产计划。

外汇风险

本集团大部分交易以港元计值，而港元为本集团功能及呈

列货币。因此，董事认为，本集团并无重大外汇风险。本

集团目前并无外币对冲政策。

本集团资产的抵押

于二零二五年三月三十一日，除已抵押银行存款约5.5百万

港元（二零二四年：5.4百万港元）外，本集团概无抵押资产

作为银行借贷或任何其他融资信贷的担保。

Liquidity and financial resource

The Group finances the operations primarily through cash generated from the

operating and financing activities. During the year ended 31 March 2025, the

Group did not have any bank borowings (2024: nil). As at 31 March 2025, the

Group had cash and cash equivalents of aproximately HK$13.0 milion (2024:

HK$29.7 milion) and a pledged bank deposit of aproximately HK$5.5 milion

(2024: HK$5.4 milion).

The Group’s primary uses of cash and cash equivalents have ben and are

expected to continue to be operating costs and capital expenditure.

Gearing ratio

The gearing ratio for the Group as at 31 March 2025 was nil (2024: nil). It was

calculated by dividing total obligations under total bank borowings by total

equity as at the end of each reporting period multiplied by 100%.

Treasury policy

The Directors wil continue to folow a prudent policy in managing the Group’s

bank balances and maintain strong and healthy liquidity to ensure that the

Group is wel placed to take advantage of future growth oportunities.

Significant investments held, material acquisitions and

disposals of subsidiaries, asociated companies and joint

ventures

Save as disclosed in this report, the Group did not have any significant

investments, material acquisitions or disposals of subsidiaries, asociated

companies or joint ventures during the year ended 31 March 2025.

Future plans for material investments and capital asets

Save as disclosed in this report, the Group did not have other plans for material

investments or capital asets as of 31 March 2025.

Foreign exchange exposure

Most of the Group’s transactions are denominated in Hong Kong dolars which

is the functional and presentation curency of the Group. As such, the Directors

are of the view that the Group does not have significant exposure to foreign

exchange risk. The Group curently does not have a foreign curency hedging

policy.

Charge of Group asets

As at 31 March 2025, aside from a pledged bank deposit of aproximately HK$5.5

milion (2024: HK$5.4 milion), no aset of the Group was pledged as security for

bank borowing or any other financing facilities.

11怡康泰工程集团控股有限公司二零二五年度报告

Management Discusion and Analysis

管理层讨论及分析

资本开支

截至二零二五年三月三十一日止年度，本集团并无资本开

支（二零二四年：约1.1百万港元）。

或然负债

于二零二五年三月三十一日，本集团并无重大或然负债。

资本承担

于二零二五年三月三十一日，本集团并无重大资本承担。

分部资料

管理层认为本集团只有一个经营分部，详情载于综合财务

报表附注6。

雇员资料

于二零二五年三月三十一日，本集团于香港工作的全职雇

员共42人（二零二四年：67人）。于截至二零二五年三月三

十一日止年度的员工成本总额（包括董事薪酬）约19.6百万

港元（二零二四年：23.3百万港元）。

雇员薪酬乃根据彼等的资历、职位及表现而定。给予雇员

的薪酬一般包括薪金、津贴及酌情花红。本集团向雇员提

供各类培训。

本公司购股权计划的详情载于综合财务报表附注27。

报告期后事项

除本报告所披露者外，本集团自报告期末起及直至本报告

日期并无发生任何重大事件。

Capital expenditure

For the year ended 31 March 2025, the Group had no capital expenditure (2024:

aproximately 1.1 milion).

Contingent liabilities

As at 31 March 2025, the Group had no material contingent liabilities.

Capital comitments

As at 31 March 2025, the Group had no material capital comitments.

Segment information

Management considers that the Group had only one operating segment which

is mentioned in Note 6 to the consolidated financial statements.

Information of employes

As at 31 March 2025, the Group had 42 ful-time employes working in Hong

Kong (2024: 67). The total staf costs, including Directors’ emoluments incured

during the year ended 31 March 2025 were aproximately HK$19.6 milion (2024:

HK$23.3 milion).

Employes are remunerated based on their qualifications, position and

performance. The remuneration ofered to employes generaly includes salaries,

alowances and discretionary bonus. Various types of training were provided to

the employes.

Details of the Company’s share option schemes is set out in Note 27 to the

consolidated financial statements.

EVENTS AFTER THE REPORTING PERIOD

Saved as disclosed in this report, the Group had no significant events from the

end of the reporting period and up to the date of this report.

12NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors and Senior Management

董事及高级管理层

Biographical details of the Directors and the senior management of the Group

for the year ended 31 March 2025 and up to the date of this report are set out as

folows:

EXECUTIVE DIRECTORS

Mr. Tse Chun Yuen (谢振源) (“Mr. Eric Tse”), aged 75, is the chairman of the

Board, an executive Director, compliance oficer, authorised representative

and one of our controling shareholders. He was apointed as a Director on

12 April 2017 and redesignated as an executive Director and apointed as the

chairman of the Board on 14 September 2017. Mr. Eric Tse is the co-founder

of Eric Tse Cement Works Company Limited (“Eric Tse Cement Works”), a

principal operating and wholy owned subsidiary of the Company, and has ben

a Director of that company since 9 October 1997. He is also the chairman of the

nomination comite of the Company (the “Nomination Comite”). Mr.

Eric Tse is responsible for the overal strategic planing, busines development,

and corporate management, sales and marketing and quality control of our

Group. Mr. Eric Tse is a Director of Land Noble Holdings Limited, a controling

shareholder of the Company.

Mr. Eric Tse has over 41 years of experience in the wet trades industry. Mr. Eric

Tse obtained a plasterer trade certificate, tiler trade certificate and bricklayer

trade certificate in 1996 from the Construction Industry Training Authority.

Mr. Eric Tse is the founding president of Hong Kong Construction Sub-

Contractors Asociation Limited (香港建造业分包商联会有限公司) and

had acted as the president of the asociation until he retired in 2011. Mr. Eric

Tse was named permanent honorary president of Hong Kong Construction

Sub- Contractors Asociation Limited in 2011. Mr. Tse was a course instructor

of bricklaying, plastering and tiling course organised by Construction Industry

Training Authority from 1977 to 1978. Mr. Eric Tse has ben the president of

Asociation of Plastering Sub-Contractors Limited (泥水商协会有限公司) since

1997 and has held the role of founding president since 2015.

Mr. Eric Tse is the elder brother of Mr. Tse Chun Kuen.

Mr. Tse Chun Kuen (谢振干) (“Mr. CK Tse”), aged 73, is an executive Director,

chief executive oficer, a member of the remuneration comite of the

Company (the “Remuneration Comite”) and one of our controling

shareholders. He was apointed as a Director on 12 April 2017 and redesignated

as an executive Director of our Company on 14 September 2017. Mr. CK Tse

is the co-founder of Eric Tse Cement Works and has ben a Director of that

company since 9 October 1997. Mr. CK Tse is responsible for formulating

corporate and busines strategies and making major operation decisions of our

Group. Mr. CK Tse is a Director of Land Noble Holdings Limited, a controling

shareholder of the Company.

于截至二零二五年三月三十一日止年度内及至本报告日期

董事及本集团高级管理层的履历详情载列如下：

执行董事

谢振源先生（「谢振源先生」），75岁，为董事会主席、执行

董事、合规主任、授权代表及我们其中一位控股东。彼

于二零一七年四月十二日获委任为董事并于二零一七年九

月十四日获调任为执行董事及获委任为董事会主席。谢振

源先生为振源泥水工程有限公司（「振源泥水工程」，本公

司全资拥有的主要经营附属公司）的创始人之一，并自一

九七年十月九日起担任该公司的董事。彼亦是本公司提

名委员会（「提名委员会」）主席。谢振源先生负责本集团整

体策略性规划、业务发展、企业管理、营销活动及质量控

制。谢振源先生是高地控股有限公司（本公司的控股东）

的其中一位董事。

谢振源先生在泥水工程行业拥有超过41年经验。彼于一九

九六年从建造业训练局取得批荡工技能证书、铺瓦工技能

证书及砌砖工技能证书。

谢振源先生为香港建造业分包商联会有限公司的创始主席

并担任该会的会长直至彼于二零一年退任。谢振源先生

于二零一年获得香港建造业分包商联会有限公司永远荣

誉会长头衔。谢振源先生从一九七年至一九七八年间担

任建造业训练局开办的铺瓦、批荡及砌砖课程的课程导

师。谢振源先生自一九七年起担任泥水商协会有限公司

主席并由二零一五年起为其创会长。

谢振源先生为谢振干先生的兄长。

谢振干先生（「谢振干先生」），73岁，为本公司执行董事、

行政总裁、本公司薪酬委员会（「薪酬委员会」）成员及其中一

位控股东。彼于二零一七年四月十二日获委任为董事并

于二零一七年九月十四日获调任为本公司执行董事。谢振

干先生为振源泥水工程的创始人之一，并自一九七年十

月九日起担任该公司的董事。谢振干先生负责制定本集团

企业及业务策略，以及作出主要营运决策。谢振干先生是

高地控股有限公司（本公司的控股东）的其中一位董事。

13怡康泰工程集团控股有限公司二零二五年度报告

Directors and Senior Management

董事及高级管理层

谢振干先生在泥水工程行业拥有逾41年经验。谢振干先生

于一九年五月取得由建造业训练局及香港职业训练局

颁授的铺瓦工技能证书。

谢振干先生为谢振源先生之弟。

非执行董事

党鸿英女士（「党女士」），79岁，于二零二年八月八日获

委任为本集团独立非执行董事。党女士目前为联合国经社

理事会特别咨商地位非政府组织亚太地区高级顾问及亚太

事务高级顾问。

独立非执行董事

黄耀光先生（「黄先生」），44岁，于二零一七年九月十一日

获委任为本集团独立非执行董事。彼为本公司审核委员

会（「审核委员会」）及提名委员会成员。彼负责提供独立判

断，并就本集团的策略、表现、资源及行为准则问题提供

意见。

黄先生于商业管理及营运监督范畴上拥有丰富经验。黄先

生自二零五年十一月起于倡威科技有限公司工作，并自

二零一三年一月起成为其营运总监。自二零五年十一月

至二零一二年十二月，黄先生于倡威科技有限公司担任技

术经理，负责多个项目。自二零六年至二零八年，

黄先生监察一间生化柴油试验厂的日常运作、品质监控及

研发。自二零八年至二零一零年，黄先生负责设计一间

工业规模的生化柴油炼油厂，彼负责采购设备，以及与承

包商、卖家及顾问协调。此外，于二零一零年至二零一二

年期间，黄先生负责带领生产团队进行生化柴油厂的测试

及试运行以及于完成测试及试运行后进行日常生产运行，

并负责维持有关生产的牌照。黄先生现为营运总监，负责

监察日常运作、车队监督、本地生化柴油推广以及与政

府机构联络及其他外部通讯。此外，黄先生现为Fai Yeung

Trading Company Limited的唯一董事。

Mr. CK Tse has over 41 years of experience in wet trades industry. Mr. CK Tse

obtained the tiler trade certificate (铺瓦工技能证书) granted by Construction

Industry Training Authority (建造业训练局) and Vocational Training Council

Hong Kong (香港职业训练局) in May 1999.

Mr. CK Tse is the younger brother of Mr. Eric Tse.

NON-EXECUTIVE DIRECTOR

Ms. Dang Hongying (“Ms. Dang”), aged 79, was apointed as our non-

executive Director on 8 August 2022. Ms. Dang is presently a senior consultant

of Asia-Pacific Region and senior advisor of Asia-Pacific Afairs of NGO in Special

Consultative Status, United Nations Economic and Social Council.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Wong Yiu Kwong Kenji (黄耀光) (“Mr. Wong”), aged 44, was apointed

as our independent non-executive Director on 11 September 2017. He is a

member of the audit comite of the Company (the “Audit Comite”)

and the Nomination Comite. He is responsible for providing independent

judgement and advising on the isues of strategy, performance, resources and

standard of conduct of the Group.

Mr. Wong has extensive experience in busines management and operation

supervision. Mr. Wong has ben employed by Champway Technology Ltd. since

November 2005 and became its operation Director since January 2013. Mr.

Wong was a technical manager in Champway Technology Ltd. from November

2005 to December 2012 where he was in charge of various projects. Mr. Wong

oversaw the daily operation, quality control and research development of a

biodiesel pilot plant from 2006 to 2008. Mr. Wong was in charge of designing

an industrial scale biodiesel refinery plant from 2008 to 2010 and he was

responsible for sourcing equipment, cordinating with contractors, vendors and

consultants. Furthermore, in the period of 2010 to 2012, Mr. Wong was in charge

of leading the production team in carying out testing and comisioning of the

biodiesel plant and the daily production operation after finishing the testing and

comisioning and was responsible for maintaining production related licenses.

In his curent position as the operation Director, Mr. Wong is responsible for

overseing the daily operation, flet supervision, local biodiesel promotion and

liaison with government bodies and other external comunications. Also, Mr.

Wong is curently the sole Director of Fai Yeung Trading Company Limited.

14NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors and Senior Management

董事及高级管理层

黄先生于二零三年五月于香港中文大学毕业，取得理学

学士学位，并于二零二年至二零三年学年获列入院

长嘉许名单。彼其后于二零五年十二月取得哲学硕士学

位。黄先生亦于二零六年三月取得由职业安全健康局颁

授的危险化学品的安全管理合资格人士证书。

钟丽玲女士（「钟女士」），63岁，于二零一七年九月十一日

获委任为本集团的独立非执行董事。彼作为薪酬委员会主

席及审核委员会及提名委员会成员。彼负责提供独立判

断，并就本集团的策略、表现、资源及行为准则问题提供

意见。

钟女士于二零一年四月至二零六年六月在茂盛（亚洲）

工程顾问有限公司（现为艾奕康有限公司）担任行政主任。

钟女士由二零六年七月至二零一七年二月于康而健有限

公司（兴胜创建控股有限公司（股份代号：896，其股份于联

交所主板上市）的附属公司）的健康产品部工作超过十年，

彼最后的职位为该公司的董事。

钟女士于一九八七年六月于加拿大约克大学取得文学士

学位。

邓智伟先生（「邓先生」），51岁，于二零一七年九月十一日

获委任为本集团独立非执行董事。彼为审核委员会主席及

薪酬委员会成员。彼负责提供独立判断，并就本集团的策

略、表现、资源及行为准则问题提供意见。

邓先生在审计及会计范畴上拥有逾20年经验。邓先生自二

零八年六月起担任环球实业科技控股有限公司（股份代

号：1026，其股份于联交所主板上市）的财务总监、公司秘

书及授权代表。邓先生负责该公司的财务及会计工作以及

与公司秘书及合规事宜相关的事务。

邓先生(1)于二零一六年九月至二零二一年十月期间担任世

纪集团国际控股有限公司（前称东盈控股有限公司）（股份代

号：2113，其股份于联交所主板上市）、(2)自二零一七年六

月起担任信邦控股有限公司（股份代号：1571，其股份于

联交所主板上市）及(3)自二零一七年十二月起担任ISP Global

Limited（股份代号：8487，其股份于GEM上市）的独立非执

行董事。

Mr. Wong graduated from The Chinese University of Hong Kong with a bachelor

of science degre in May 2003 and was placed on the Dean’s List for the

academic year 2002/2003. He then obtained a master of philosophy degre in

December 2005. Mr. Wong also obtained a Certificate of Competence in Safety

Management of Dangerous Substances from the Ocupational Safety & Health

Council in March 2006.

Ms. Chung Lai Ling (钟丽玲) (“Ms. Chung”), aged 63, was apointed as our

independent non-executive Director on 11 September 2017. She is the chairman

of the Remuneration Comite and a member of the Audit Comite and

the Nomination Comite. She is responsible for providing independent

judgement and advising on the isues of strategy, performance, resources and

standard of conduct of the Group.

Ms. Chung worked as an administration oficer at Maunsel Consultants Asia

Limited (curently known as AECOM Asia Company Limited) from April 2001 to

June 2006. Ms. Chung worked in Care & Health Limited, a subsidiary of Hanison

Construction Holdings Limited (Stock code: 896, the shares of which are listed on

the main board of the Stock Exchange) in its health care busines over 10 years

from July 2006 to February 2017, with the last position as Director.

Ms. Chung obtained a bachelor of arts degre from York University in Canada in

June 1987.

Mr. Tang Chi Wai (邓智伟) (“Mr. Tang”), aged 51, was apointed as our

independent non-executive Director on 11 September 2017. He is chairman

of the Audit Comite and a member of the Remuneration Comite. He is

responsible for providing independent judgement and advising on the isues of

strategy, performance, resources and standard of conduct of the Group.

Mr. Tang has over 20 years of experience in auditing and acounting. Mr. Tang

has ben serving as a financial controler, company secretary and authorised

representative of Universal Technologies Holdings Limited (stock code: 1026, the

shares of which are listed on the main board of the Stock Exchange) since June

2008. Mr. Tang has ben responsible for financial and acounting functions as

wel as secretarial and compliance related maters of the aforesaid company.

Mr. Tang has ben an independent non-executive Director of (1) Century Group

International Holdings Limited (formerly known as CHerish Holdings Limited)

(stock code: 2113, the shares of which are listed on the main board of the Stock

Exchange) for the period from September 2016 to October 2021, (2) Xin Point

Holdings Limited (stock code: 1571, the shares of which are listed on the main

board of the Stock Exchange) since June 2017 and (3) ISP Global Limited (stock

code: 8487, the shares of which are listed on GEM) since December 2017.

Professional qualifications	Dates of admission
专业资格	专业资格加入日期

15怡康泰工程集团控股有限公司二零二五年度报告

Directors and Senior Management

董事及高级管理层

邓先生于二零一九年六月获委任为香港童军总会北葵涌区

区务委员会名誉会长。

邓先生在一九六年十一月毕业于香港理工大学，取得会

计学（荣誉）文学士学位。彼自二零一年四月起成为香港

会计师公会的执业会计师，并自二零一五年十一月起成为

国际内部审计师协会的国际注册内部审计师。邓先生亦自

二零一五年八月起取得香港公司治理公会（前称香港特许

秘书公会）的执业者认可证明。

多年来，邓先生亦获得以下不同专业资格及会员身份：

除上文所披露者外，各名董事(i)过去三年并无于证券在香

港或海外任何证券市场上市之公众公司担任何董事职

务；(i)并无其他主要委任及专业资历；(i)与本公司其他董

事高级管理层、主要股东或控股东并无任何关系；及(iv)

并无于股份中拥有任何根据证券及期货条例第XV部须予披

露的权益。

Mr. Tang was apointed as the honorary president of North Kwai Chung District

Scout Council of Scout Asociation of Hong Kong in June 2019.

Mr. Tang graduated from The Hong Kong Polytechnic University with a bachelor

of arts (honours) degre in acountancy in November 1996. He has ben a

practising Certified Public Acountant of the Hong Kong Institute of Certified

Public Acountants since April 2001 and a Certified Internal Auditor of the

Institute of Internal Auditors since November 2015. Mr. Tang has also ben

a holder of the Practitioner’s Endorsement from The Hong Kong Chartered

Governance Institute (formerly known as The Hong Kong Institute of Chartered

Secretaries) since August 2015.

Over the years, Mr. Tang has also obtained various profesional qualifications and

memberships including the folowing:

Member of Chinese Institute of Certified Public AcountantsSeptember 2003

中国注册会计师协会员二零三年九月

Felow of The Asociation of Chartered Certified AcountantsJanuary 2005

特许公认会计师公会资深会员二零五年一月

Felow of The Hong Kong Institute of Certified Public AcountantsSeptember 2009

香港会计师公会资深会员二零九年九月

Felow of The Taxation Institute of Hong KongJuly 2010

香港税务学会资深会员二零一零年七月

Felow of The Chartered Governance Institute (formerly known as

The Institute of Chartered Secretaries and Administrators)

July 2015

英国特许公司治理公会(前称英国特许秘书及行政人员公会)资深会员二零一五年七月

Felow of The Hong Kong Chartered Governance Institute (formerly known as

The Hong Kong Institute of Chartered Secretaries)

July 2015

香港公司治理公会(前称香港特许秘书公会)资深会员二零一五年七月

Felow of The Hong Kong Institute of DirectorsApril 2015

香港董事学会资深会员二零一五年四月

Save as disclosed above, each of the Director (i) has not held any directorship

in the last thre years in public companies the securities of which are listed on

any securities market in Hong Kong or overseas; (i) has not have other major

apointments and profesional qualifications; (i) does not have relationship

with any Directors, senior management, substantial shareholders or controling

shareholders of the Company; and (iv) does not have any interests in the Shares

which are required to be disclosed pursuant to Part XV of the Securities and

Futures Ordinance.

16NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors and Senior Management

董事及高级管理层

除上文所披露者外，截至二零二五年三月三十一日止年

度，并无根据GEM上市规则第17.50(2)(a)至(e)及(g)条须予披

露的有关任何董事之任何资料变动。此外，董事会并不知

悉任何根据GEM上市规则第17.50(2)(h)至(v)条须予披露的资

料，亦无任何其他须促请股东垂注或与该等人士的能力或

诚信有关的事宜。

高级管理层

蔡志熙先生（「蔡先生」），37岁，为本集团公司秘书。彼负

责本集团的整体公司秘书事宜。

蔡先生在审计、会计及财务管理范畴上拥有逾15年经验。

蔡先生与本公司任何董事、高级管理层、主要或控股东

概无关连，亦无于股份中拥有任何根据证券及期货条例第

XV部须予披露的权益。

Save as disclosed above, there was no change to any information required to

be disclosed in relation to any Director pursuant to Rule 17.50(2)(a) to (e) and

(g) of the GEM Listing Rules during the year ended 31 March 2025. The Board

is not aware of any information that ought to be disclosed pursuant to the

requirements under Rule 17.50(2)(h) to (v) of the GEM Listing Rules, nor are there

any other maters that ought to be brought to the atention of the Shareholders

or is pertaining to the ability or integrity of such persons.

SENIOR MANAGEMENT

Mr. Tsoi Chi Hei (蔡志熙) (“Mr. Tsoi”), aged 37, is our Group’s company

secretary. He is responsible for the overal company secretarial maters of our

Group.

Mr. Tsoi has over 15 years of experience in auditing, acounting and financial

management.

Mr. Tsoi is not conected with any Directors, senior management, substantial or

controling shareholders of the Company, nor does he have any interests in the

Shares, which are required to be disclosed pursuant to Part XV of the Securities

and Futures Ordinance.

17怡康泰工程集团控股有限公司二零二五年度报告

Corporate Governance Report

企业管治报告

绪言

本公司致力维持良好的企业管治常规及程序。本公司相

信，良好的企业管治能为有效的管理、健全的企业文化、

成功的业务发展以及在提升股东价值方面提供一个不可

或缺的框架。本公司的企业管治原则著重高质素的董事

会、有效的内部监控，以及对全体股东而言均具透明度及

问责性。

企业管治常规

本公司确信企业管治是为股东创造价值之必要及重要元素

之一，而本公司亦致力达至高水平之企业管治，以保障及

提升全体股东利益，透过遵守良好企业管治的原则，提高

企业价值与本公司之问责性。就企业管治目的而言，本公

司已采纳GEM上市规则附录C1所载的企业管治守则（「企管

守则」）。于截至二零二五年三月三十一日止年度内，就董

事会所知，本公司已遵守企管守则之守则条文。

董事进行证券交易

本公司已采纳GEM上市规则第5.48条至第5.67条所载交易的

规定标准，作为董事就本公司股份进行证券交易的行为守

则（「规定交易标准」）。经向全体董事作出特定查询后，全

体董事已确认，于截至二零二五年三月三十一日止年度，

彼等一直遵守规定交易标准及企管守则，以及概无不合规

事件。

董事的责任

董事会的职责为监督本公司所有重大事宜，包括但不限于

制定及批准本公司的整体策略及业务表现，监察财务表

现及内部监控，同时监督本公司之风险管理系统，编制账

目，以及监督高级行政人员的表现。

INTRODUCTION

The Company is comited to the maintenance of god corporate governance

practices and procedures. The Company believes that god corporate

governance provides a framework that is esential for efective management,

a healthy corporate culture, sucesful busines growth and enhancing

shareholder value. The corporate governance principles of the Company

emphasize a quality Board, sound internal controls, and transparency and

acountability to al shareholders.

CORPORATE GOVERNANCE PRACTICE

The Company acknowledges the ned and importance of corporate governance

as one of the key elements in creating shareholder value. The Company is

also comited to achieving high standard of corporate governance that can

protect and promote the interests of al shareholders and to enhance corporate

value and acountability of the Company by adhering to the principles of god

corporate governance. For corporate governance purpose, the Company has

adopted the Corporate Governance Code (the “CG Code”) set out in Apendix

C1 of the GEM Listing Rules. During the year ended 31 March 2025, to the best

knowledge of the Board, the Company had complied with the code provisions

of the CG Code.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the required standard of dealing, as set out in

Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for securities

transactions by the Directors in respect of the shares of the Company (the

“Required Standard of Dealing”). Having made specific enquiry of al

Directors, al Directors have confirmed that they have complied with the

Required Standard of Dealing and the CG Code and there was no event of non-

compliance during the year ended 31 March 2025.

DIRECTORS’ RESPONSIBILITIES

The Board takes the responsibility to overse al major maters of the Company,

including but not limited to formulating and aproving the overal strategies and

busines performance of the Company, monitoring the financial performance

and internal control as wel as overseing the risk management system of the

Company preparing the acounts and monitoring the performance of senior

executives.

18NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Governance Report

企业管治报告

The Board is also responsible for performing the corporate governance duties

including:

(a) to develop and review an isuer’s policies and practices on corporate

governance and make recomendations to the board;

(b) to review and monitor the training and continuous profesional

development of directors and senior management;

with legal and regulatory requirements;

(d) to develop, review and monitor the code of conduct and compliance

manual (if any) aplicable to employes and directors; and

(e) to review the isuer’s compliance with the CG Code and disclosure in the

Corporate Governance Report.

Liability insurance for Directors and senior management oficers of the Company

was maintained by the Company with coverage for any legal liabilities which

may arise in the course of performing their duties.

DELEGATION BY THE BOARD

Daily operation and busines management of the Group, inter alia, the

implementation of strategies are delegated to the executive Directors along

with other senior executives. Executions of operational maters and the powers

thereof are delegated to the management by the Board with clear directions.

They report periodicaly to the Board of their work and busines decisions.

董事会亦负责履行企业管治职能的责任，包括：

(a) 制定及检讨发行人对企业管治的政策及常规，并向

董事会作出建议；

(b) 检讨及监察董事及高级管理层的培训及持续专业发

展；

规；

(d) 制定、检讨及监察适用于雇员及董事的操守则及

遵例手册（如有）；及

(e) 检讨发行人是否遵照企业管治守则及企业管治报告

的披露规定。

本公司已为董事及本公司高级管理人员购买责任保险，保

障彼等在履行职务过程中可能引发的任何法律责任。

董事会授权

本集团业务之日常营运及管理，其中包括策略之落实，已

授权执行董事联同其他高级行政人员负责。董事会向管理

层给予明确指示授权其执行营运事宜及相关权力。彼等定

期向董事会汇报工作及业务上的决定。

19怡康泰工程集团控股有限公司二零二五年度报告

Corporate Governance Report

企业管治报告

BOARD COMPOSITION

The composition of the Board during the year ended 31 March 2025 and up to

the date of this report is set out as folows:

Executive Directors

Mr. Tse Chun Yuen (Chairman)

Mr. Tse Chun Kuen (Chief Executive Oficer)

Non-executive Director

Ms. Dang Hongying

Independent non-executive Directors

Mr. Wong Yiu Kwong Kenji

Ms. Chung Lai Ling

Mr. Tang Chi Wai

Biographical details of the Directors and the relationships among the members

of the Board are set out in “Directors and Senior Management” on pages 12 to 16

of this report.

The proportion of which is higher than what is required by Rule 5.05A, 5.05(1)

and (2) of the GEM Listing Rules whereby independent non-executive Directors

of a listed isuer must represent at least one-third of an isuer’s board. The thre

independent non-executive Directors represent more than one-third of the

Board and at least one of whom has apropriate profesional qualifications,

or acounting or related financial management expertise. With the various

experience of both the executive Directors and the independent non-executive

Directors, including wet trade, busines management, auditing and operation,

and the nature of the Group’s busines, the Board considered that the Directors

have a balance of skils and experience for the busines of the Group.

The independent non-executive Directors play a significant role in the Board

as they bring an impartial view on the Company’s strategies, performance and

control, as wel as ensure that the interests of al shareholders are taken into

acount. Al independent non-executive Directors poses apropriate academic,

profesional qualifications or related financial management experience. None

of the independent non-executive Directors held any other ofices in the

Company or any of its subsidiaries or is interested in any shares of the Company.

The Company has received from each independent non-executive Director an

anual confirmation of his or her independence, and the Company considers

such Directors to be independent in acordance with the criteria set out in Rule

5.09 of the GEM Listing Rules.

董事会组成

于截至二零二五年三月三十一日年度内及至本报告日期，

董事会组成载列如下：

执行董事

谢振源先生（主席）

谢振干先生（行政总裁）

非执行董事

党鸿英女士

独立非执行董事

黄耀光先生

钟丽玲女士

邓智伟先生

董事履历及各董事会成员之间关系载于本报告第12至16页

的「董事及高级管理层」。

比例高于GEM上市规则第5.05A、5.05(1)及(2)条所规定的上

市发行人之独立非执行董事须占发行人董事会至少三分之

一成员人数。三名独立非执行董事占董事会多于三分之一

成员人数，且当中至少有一名具有合适的专业资格，或会

计或相关财务管理专长。鉴于执行董事及独立非执行董事

的各种经验（包括泥水贸易、业务管理、审计及营运）及本

集团之业务性质，董事会认为董事于本集团的经营技术与

经验方面取得适当平衡。

独立非执行董事于董事会扮演重大角色，原因为彼等为公

司的策略、业绩及监控问题提供公正意见，并顾及全体股

东的利益。全体独立非执行董事均具备合适学历、专业资

格或相关财务管理经验。独立非执行董事概无于本公司或

其任何附属公司担任何其他职位，亦无于本公司任何股

份中拥有权益。本公司已接获各独立非执行董事之年度确

认书，确认其独立性，本公司根据GEM上市规则第5.09条

所载准则，认为该等董事均为独立人士。

20NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Governance Report

企业管治报告

BOARD DIVERSITY POLICY

The Board has adopted a board diversity policy (the “Board Diversity Policy”)

which sets out the basis to achieve diversity on the Board. Details of this policy is

disclosed as below.

1. Purpose

The Board Diversity Policy aims to set out the aproach to achieve

diversity on the Board.

2. Vision

The Company recognizes and embraces the benefits of having a diverse

Board to enhance the quality of its performance.

3. Policy

When determining the composition of the Board, the Company wil

consider board diversity in terms of, among other things, gender, age,

experience, cultural and educational background, expertise, skil and

know-how and other factors that the Board may consider relevant and

aplicable from time to time taking into acount the Company’s busines

model and specific neds. Al Board apointments wil be based on merit,

and candidates wil be considered against objective criteria, having due

regard for the benefits of diversity to the Board.

4. Measurable Objectives

Selection of candidates for Board membership wil be based on a range

of diversity perspectives, including but not limited to gender, age,

experience, cultural and educational background, expertise, skils and

know-how.

5. Monitoring and Reporting

The Nomination Comite wil disclose the composition of the

Board anualy in the corporate governance report and monitor the

implementation of the Board Diversity Policy.

6. Review of the Board Diversity Policy

The Nomination Comite wil review the Board Diversity Policy, as

apropriate, to ensure the efectivenes of the Board Diversity Policy. The

Nomination Comite wil discus any revisions that may be required,

and recomend any such revisions to the Board for consideration and

aproval.

董事会成员多元化政策

董事会采纳董事会多元化政策（「董事会成员多元化政

策」），为董事会实现多元化奠定基础。该政策的细节披露

如下。

1. 目的

董事会成员多元化政策旨在列载董事会为达致成员

多元化而采取的方针。

2. 愿景

本公司明白并深信董事会成员多元化对提升其表现

素质裨益良多。

3. 政策

于厘定董事会成员组成时，本公司将从多个方面

考虑董事会成员多元化，包括（其中包括）性别、年

龄、经验、文化及教育背景、专业经验、技能及知

识以及董事会于计及本公司的业务模式及特定需要

后可能认为不时相关及适用的其他因素。董事会所

有委任均以用人唯才为基础，并在考虑候选人时以

客观条件顾及董事会成员多元化之益处。

4. 可计量目标

甄选董事会人选将按一系列多元化范畴为基准，包

括但不限于性别、年龄、经验、文化及教育背景、

专业经验、技能及知识。

5. 监察及报告

提名委员会将按年于企业管治报告中披露董事会的

组成并监督董事会成员多元化政策的实施。

6. 检讨董事会成员多元化政策

提名委员会将于适当时候检讨董事会成员多元化政

策，以确保董事会成员多元化政策的有效性。提名

委员会将会讨论任何可能需作出的修订，并向董事

会提出修订建议以供董事会审批。

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7. 董事会成员多元化政策的披露

董事会成员多元化政策概要及为执行董事会成员多

元化政策而制定的可计量目标及达标进度将于本公

司之年度企业管治报告内披露。

8. 董事会组成

于本年报日期，董事会由六名董事组成。非执行董

事及其中一名独立非执行董事为女性，使女性在董

事会中的比例达到约33%。三名董事为独立非执行

董事，借此可促进管理程序的严格审核及控制。

9. 员工多元化

于二零二五年三月三十一日，本集团的总员工包括

16%女性及84%男性。由于本集团的业务性质为高度

劳动密集型，故大部分员工皆为男性。本集团一直

致力确保工作场所的平等机会，包括根据所有雇员

的知识、经验及个人表现，不论其性别，为其提供

招聘、雇用、薪酬、培训及晋升机会。

考虑到董事会多元化政策的目标已经实现，董事会

认为无需为实施董事会多元化政策设定可衡量的目

标。本公司将继续执行及检讨我们的董事会多元化

政策，以采取措施，于员工层面推动多元化，包括

性别多元化。

提名政策

董事会采纳提名政策（「提名政策」），其中载列指引提名委

员会就董事的甄选、委任及重新委任的方法。提名政策的

细节披露如下。

1. 目的

1.1 提名政策旨在载列指引提名委员会有关甄

选、委任及重新委任董事的方法。

1.2 提名政策旨在确保董事会具备适合本公司业

务所需的平衡技巧、经验、知识及多元化观

点。

7. Disclosure of the Board Diversity Policy

A Sumary of the Board Diversity Policy together with the measurable

objectives set for implementing the Board Diversity Policy, and the

progres made towards achieving those objectives wil be disclosed in

the Company’s anual corporate governance report.

8. Board Composition

As at the date of this anual report, the Board comprises six Directors.

Our non-executive Director and one of the independent non-executive

Directors are female, bringing the female representation to about 33%

of the Board. Thre of the Directors are independent non- executive

Directors, thereby promoting critical review and control of the

management proces.

9. Diversity in Workforce

As at 31 March 2025, the Group’s total workforce comprised of 16%

female and 84% male. Since our busines nature is highly labour intensive,

majority of our staf members are male. The Group continualy strives to

ensure equal oportunity acros the workplace, including recruitment,

hiring, compensation, training and promotion for al employes based on

their knowledge, experience and individual performance, regardles of

their gender.

Considering that the objective of the Board Diversity Policy had ben

met, the Board considered that no measurable objective for the

implementation of the Board Diversity Policy is required to be set.

The Company wil continue to enforce and review our Board Diversity

Policy to take steps to promote diversity, including gender diversity, at

workforce levels.

NOMINATION POLICY

The Board has adopted a nomination policy (the “Nomination Policy”) which

sets out the aproach to guide the Nomination Comite in relation to the

selection, apointment and re-apointment of the Directors. Details of the

Nomination Policy is disclosed as below.

1. Purpose

1.1 The Nomination Policy aims to set out the aproach to guide the

Nomination Comite in relation to the selection, apointment

and re-apointment of the Directors.

1.2 The Nomination Policy aims to ensure that the Board has a balance

of skils, experience, knowledge and diversity of perspectives

apropriate to the requirements of the Company’s busines.

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2. Criteria

The Nomination Comite wil evaluate, select and recomend

candidate(s) for directorships to the Board by giving due consideration to

criteria including but not limited to (colectively, the “Criteria”):

(a) Diversity in aspects including but not limited to gender, age,

experience, cultural and educational background, expertise, skils

and know-how;

(b) Suficient time to efectively cary out duties; service on other

listed and non-listed companies should be limited to a reasonable

number;

relevant industries the Company’s busines is involved in;

(d) Independence;

(e) Reputation for integrity;

(f) Potential contributions to be brought to the Board; and

(g) Comitment to enhance and maximize shareholders’ value.

3. Re-election of Director at general meting

3.1 The Nomination Comite wil evaluate and recomend

retiring Director(s) to the Board for re-apointment by giving due

consideration to the Criteria including but not limited to:

(a) the overal contribution and service to the Company of the

retiring Director including his or her atendance of Board

metings and, where aplicable, general metings, and the

level of participation and performance on the Board; and

(b) whether the retiring Director(s) continue(s) to satisfy the

Criteria in section 2.

3.2 The Nomination Comite and/or the Board shal then make

recomendation to shareholders in respect of the proposed re-

election of Director at the general meting.

2. 准则

提名委员会将评估、选择及向董事会建议董事候选

人，并适当考虑包括但不限于以下准则（统称为「准

则」）：

(a) 多个方面之多元化，包括但不限于性别、年

龄、经验、文化及教育背景、专业经验、技

巧及知识；

(b) 有效履行职责的充足时间，彼等于其他上市

及非上市公司的服务应限于合理数量；

就及经验；

(d) 独立性；

(e) 诚信誉；

(f) 为董事会带来的潜在贡献；及

(g) 提升及最大化股东价值之承诺。

3. 于股东大会上重选董事

3.1 提名委员会将妥为考虑以下标准，以评估退

任董事并向董事会建议彼等之重新委任，准

则包括但不限于：

(a) 退任董事对本公司的整体贡献及服务，

包括出席董事会议及股东大会（如适

用），以及于董事会的参与程度及表

现；及

(b) 退任董事是否继续符合第2节内准则。

3.2 提名委员会及╱或董事会将于股东大会上就

拟进行重选董事向股东提出建议。

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4. Nomination proces

The Nomination Comite wil recomend to the Board for the

apointment of a Director in acordance with the folowing procedures

and proces:

(a) The Nomination Comite wil, giving due consideration to

the curent composition and size of the Board, develop a list of

desirable skils, perspectives and experience at the outset to focus

the search efort;

(b) The Nomination Comite may consult any source it dems

apropriate in identifying or selecting suitable candidates, such

as referals from existing Directors, advertising, recomendations

from an independent agency firm and proposals from

shareholders of the Company with due consideration given to the

Criteria;

apropriate in evaluating the suitability of the candidates, such

as interviews, background checks, presentations and third-party

reference checks;

(d) Upon considering a candidate suitable for the directorship, the

Nomination Comite wil hold a meting and/or by way of

writen resolutions to, if thought fit, aprove the recomendation

to the Board for apointment;

(e) The Nomination Comite wil thereafter make the

recomendation to the Board in relation to the proposed

apointment and the proposed remuneration package; and

(f) The Board wil have the final authority on determining the

selection of nomines and al apointment of Directors wil be

confirmed by the filing of the consent to act as Director of the

relevant Director (or any other similar filings requiring the relevant

Director to acknowledge or acept the apointment as Director,

as the case may be) to be filed with the Companies Registry of

Hong Kong.

5. Responsibility

The Board wil be ultimately responsible for the selection, apointment

and re-apointment of Directors.

6. Monitoring and Reporting

The Nomination Comite wil ases and report anualy, in the

Company’s corporate governance report, on the composition of the

Board, and launch a formal proces to monitor the implementation of the

Nomination Policy as apropriate.

4. 提名流程

提名委员会将根据以下程序与流程向董事会建议委

任董事：

(a) 经周详考虑董事会目前的组成及规模后，提

名委员会将编制有关所需技能、观点及经验

清单，以集中物色人选；

(b) 提名委员会可咨询其认为适当的任何来源以

识别或甄选合适的候选人，例如现有董事的

转介、广告、独立代理公司的建议及本公司

股东的建议，并适当考虑准则；

估候选人的适合性，例如面试、背景调查、

演示及第三方参考检查；

(d) 在考虑适合担任董事职位的候选人后，提名

委员会将举行会议及╱或以决议书方式（如认

为合适）批准向董事会作出委任建议；

(e) 此后，提名委员会将向董事会就建议委任及

建议薪酬方案提供意见；及

(f) 董事会将拥有决定选择提名人的最终权力，

所有董事的任命将透过提交相关董事担任董

事的同意书（或任何其他要求有关董事确认或

接受委任为董事（视情况而定）的类似文件）予

香港公司注册处而确定。

5. 责任

董事会将最终负责董事的甄选、委任及重新委任。

6. 监察及报告

提名委员会将于本公司之企业管治报告中每年评估

及报告董事会的组成，并酌情启动正式程序以监察

提名政策的实施。

24NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

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企业管治报告

7. Review of the Nomination Policy

The Nomination Comite wil launch a formal proces to review

the Nomination Policy periodicaly to ensure that it is transparent and

fair, remains relevant to the Company’s neds and reflects the curent

regulatory requirements and god corporate governance practice. The

Nomination Comite wil discus any revisions that may be required

and recomend any such revisions to the Board for consideration and

aproval.

8. Disclosure of the Nomination Policy

8.1 A sumary of the Nomination Policy including the nomination

procedures and the proces and Criteria adopted by the

Nomination Comite to select and recomend candidates for

directorship during the year wil be disclosed in the Company’s

anual corporate governance report.

8.2 In the circular to shareholders for proposing a candidate as an

independent non-executive Director, it should also set out:

• the proces used for identifying the candidate and why the

Board believes the candidate should be elected and the

reason why it considers the candidate to be independent;

• if the proposed independent non-executive Director

wil be holding their seventh (or more) listed company

directorship, the reason the Board believes the candidate

would stil be able to devote suficient time to the Board;

, skils and experience that the candidate

can bring to the Board; and

• how the candidate can contribute to the diversity of the

Board.

INDEPENDENT NON-EXECUTIVE DIRECTORS

The independent non-executive Directors play a significant role in the Board

as they bring an impartial view on the Company’s strategies, performance

and control, as wel as ensure that the interests of al shareholders are taken

into acount. Al independent non-executive Directors poses suitable

and apropriate academic, profesional qualifications or related financial

management experience. None of the independent non-executive Directors

held any other ofices in the Company or any of its subsidiaries or is interested in

any shares of the Company.

The Company has received from each independent non-executive Director an

anual confirmation of his or her independence, and the Company considers

such Directors to be independent in acordance with the criteria set out in Rule

5.09 of the GEM Listing Rules.

7. 检讨提名政策

提名委员会将启动正式程序，定期检讨提名政策，

以确保其透明、公平、与公司的需求相关并反映当

前的监管要求及良好企业管治常规。提名委员会将

讨论可能需要的任何修订，并建议任何此类修订以

供董事会审批。

8. 披露提名政策

8.1 本公司之年度企业管治报告将披露提名政策

的摘要，包括提名流程以及提名委员会在年

内选择及推荐董事候选人的程序及准则。

8.2 在向股东发出通函，提议担任独立非执行董

事之候选人时，也应列明：

• 识别候选人的流程以及董事会认为应该

选出该候选人的原因以及考虑候选人为

独立之原因；

• 如果候任独立非执行董事将出任第七家

（或以上）上市公司的董事，董事会认为

该名人士仍可于董事会投入足够时间的

原因；

、技能及

经验；及

• 候选人可为董事会的多元化做出贡献的

方式。

独立非执行董事

独立非执行董事于董事会扮演重要角色，原因是彼等为本

公司的策略、业绩及监控提供公正意见，并顾及全体股东

的利益。全体独立非执行董事均具备合适及适当学历、专

业资格或相关财务管理经验。概无独立非执行董事于本公

司或其任何附属公司担任何其他职位，亦无于本公司任

何股份中拥有权益。

本公司已接获各独立非执行董事之年度独立性确认书，本

公司根据GEM上市规则第5.09条所载准则，认为该等董事

均为独立人士。

25怡康泰工程集团控股有限公司二零二五年度报告

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APOINTMENT AND RE-ELECTION OF

DIRECTORS

Each of the executive Directors has entered into a service contract with the

Company for an initial term ranged from one to thre years which may be

terminated by not les than one month’s notice in writing served by either

party on the other and is subject to retirement by rotation and re-election in

acordance with the memorandum and articles of asociation of the Company.

Pursuant to the leter of apointment betwen the Company and each of

the independent non-executive Directors and non-executive Director, the

independent non-executive Directors and non-executive Director have ben

apointed for an initial term of one year which may be terminated by either

party by giving no les than one month’s writen notice.

The service contracts may be renewed in acordance with the amended and

restated memorandum and articles of asociation of the Company and the

aplicable GEM Listing Rules.

Acording to Article 108 of the amended and restated articles of asociation

of the Company, one-third of the Directors for the time being shal retire from

ofice by rotation at every anual general meting of the Company, provided

that every Director shal retire from ofice by rotation and are subject to re-

election at anual general meting at least once every thre years. Article 112 of

the amended and restated articles of asociation of the Company provides that

Directors who are apointed to fil casual vacancies shal hold ofice only until

the next folowing general meting after their apointment, and are subject to

re-election by shareholders of the Company.

Mr. Tse Chun Yuen and Mr. Wong Yiu Kwong Kenji wil retire from ofice at

the forthcoming anual general meting of the Company to be held on 30

September 2025. Mr. Tse Chun Yuen and Mr. Wong Yiu Kwong Kenji, being

eligible, wil ofer themselves for re-election.

At the forthcoming anual general meting of the Company, separate ordinary

resolutions wil be put forward to the shareholders of the Company in relation to

the proposed re-election of Mr. Tse Chun Yuen and Mr. Wong Yiu Kwong Kenji.

委任及重选董事

各执行董事与本公司订立服务合约，初步为期一至三年，

可由一方向另一方发出不少于一个月的书面通知予以终

止，及须根据本公司组织章程大纲及细则轮值退任及重选

连任。

根据本公司与各独立非执行董事及非执行董事订立的委任

函，独立非执行董事及非执行董事初步任期为一年，可由

一方向另一方发出不少于一个月的书面通知予以终止。

服务合约可根据本公司经修订及重列之组织章程大纲及细

则以及适用之GEM上市规则予以续期。

根据本公司经修订及重列的组织章程细则第108条，当时

在任的三分之一董事须在本公司每届股东周年大会上轮值

退任，惟每位董事须最少每三年一次在股东周年大会上轮

值退任并膺选连任。本公司经修订及重列的组织章程细则

第112条规定，获委任以填补临时空缺的董事，任期仅至

其获委任后的下届股东大会止，并须经本公司股东重选后

方可连任。

谢振源先生及黄耀光先生将于本公司谨定于二零二五年九

月三十日举行之应届股东周年大会上退任。谢振源先生及

黄耀光先生符合资格膺选连任。

于本公司应届股东周年大会上，将向本公司股东提呈有关

建议重选谢振源先生及黄耀光先生的独立普通决议案。

		Attending seminars/ conferences/forums	Reading newspapers, journals and updates relating to the economy, general business, corporate governance and directors’ duties and responsibilities	Total number of hours of continuous professional development completed
		出席研讨会╱ 会议╱论坛	阅读与经济、一般业务、公司治理及董事职责有关的报章╱刊物及更新资料	完成的持续专业发展总时数

26NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

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企业管治报告

DIRECTORS’ TRAINING AND PROFESIONAL

DEVELOPMENT

The Group acknowledges the importance of adequate and ample continuing

profesional development for the Directors for a sound and efective internal

control system and corporate governance. In this regard, the Group has always

encouraged the Directors to atend relevant training courses to receive the latest

news and knowledge regarding corporate governance.

During the year ended 31 March 2025, the Company has provided and al

Directors have atended training courses on the updates of the GEM Listing

Rules concerning god corporate governance practices. The Company wil, if

necesary, provide timely and regular training to the Directors to ensure that

they kep abreast with the curent requirements under the GEM Listing Rules.

The individual training record of each Director received for the year ended 31

March 2025 is sumarised below:

Mr. Tse Chun Yuen谢振源先生✓15

Mr. Tse Chun Kuen谢振干先生✓15

Ms. Dang Hongying党鸿英女士✓15

Ms. Chung Lai Ling钟丽玲女士✓15

Mr. Tang Chi Wai邓智伟先生✓15

Mr. Wong Yiu Kwong Kenji黄耀光先生✓15

董事的培训及专业发展

本集团认同董事获得足够及充份的持续专业发展，对健全

而及有效的内部监控系统与企业管治的重要性。为此，本

集团一直鼓励董事出席相关培训课程，以获取有关企业管

治的最新消息及知识。

于截至二零二五年三月三十一日止年度，本公司已提供而

全体董事亦已出席有关GEM上市规则中良好企业管治常规

之更新资料的培训课程。如有必要，本公司将为董事提供

适时及定期的培训，以确保彼等紧贴GEM上市规则的现行

规定。

于截至二零二五年三月三十一日止年度，各董事接受的个

人训练纪录概述如下：

27怡康泰工程集团控股有限公司二零二五年度报告

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BOARD COMITES

The Board has established thre Board comites, namely, the Remuneration

Comite, the Nomination Comite and the Audit Comite, for

overseing particular aspects of the Company’s afairs. Al Board comites

have ben established with defined writen terms of reference, which are posted

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

website at w.noblenginering.com.hk. Al the Board comites responsibly

report to the Board on their decisions or recomendations made.

The practices, procedures and arangements in conducting metings of Board

comites folow in line with, so far as practicable, those of the Board metings

set out above.

Al Board comites are provided with suficient resources to perform their

duties and, upon reasonable request, are able to sek independent profesional

advice in apropriate circumstance, at the Company’s expense.

The Board is responsible for performing the corporate governance duties set out

in the CG Code which include developing and reviewing the Company’s policies

and practices on corporate governance, training and continuous profesional

development of Directors, and reviewing the Company’s compliance with the

code provision in the CG Code and disclosures in this report.

REMUNERATION COMITE

The Remuneration Comite was established on 29 September 2017. The

chairman of the Remuneration Comite is Ms. Chung Lai Ling, an independent

non-executive Director, and other members include Mr. Tang Chi Wai, an

independent non-executive Directors and Mr. Tse Chun Kuen, an executive

Director. The writen terms of reference of the Remuneration Comite are

posted on the website of the Stock Exchange and the Company’s website.

董事委员会

董事会已成立三个董事委员会，分别为薪酬委员会、提名

委员会及审核委员会，以监察本公司特定范畴的事务。所

有董事委员会于成立当时均具有明确的书面职权范围，该

等范围刊载于联交所网站w.hkexnews.hk及本公司网站

w.noblenginering.com.hk。所有董事委员会尽责地向董

事会汇报其所作出的决定或推荐意见。

在实际可行情况下，董事委员会举行会议的常规、程序及

安排均与上文所载董事会议的常规、程序及安排一致。

所有董事委员会均获提供充足资源以履行其职务，并可应

合理要求于适当情况下征询独立专业意见，费用由本公司

支付。

董事会负责履行企管守则所载之企业管治职务，当中包括

制定及检讨本公司之企业管治政策及常规、董事的培训及

持续专业发展，以及检讨本公司有否遵守企管守则的守则

条文及本报告所作的披露。

薪酬委员会

薪酬委员会已于二零一七年九月二十九日成立。薪酬委员

会主席为独立非执行董事钟丽玲女士，其他成员包括独立

非执行董事邓智伟先生及执行董事谢振干先生。薪酬委员

会的书面职权范围刊载于联交所网站及本公司网站。

28NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Governance Report

企业管治报告

The Remuneration Comite has ben charged with the responsibility

of making recomendations to the Board on the apropriated policy and

structures for al aspects of Directors’ and senior management’s remuneration.

The Remuneration Comite considers factors such as salaries paid by

comparable companies, time comitment and responsibilities of the Directors,

employment conditions elsewhere in the Group and desirability of performance-

based remuneration.

The Remuneration Comite has held one meting to review the remuneration

packages and emoluments of Directors and senior management and considered

that they are fair and reasonable during the year ended 31 March 2025. No

Director or any of his or her asociates is involved in deciding his or her own

remuneration.

The Remuneration Comite also review the Scheme and other share schemes

(if any) of the Company on an anual basis. During the year ended 31 March

2025, since there was no share option granted under the Scheme, no material

mater relating to the Scheme has ben reviewed by the Remuneration

Comite.

NOMINATION COMITE

The Nomination Comite was established on 29 September 2017. The

chairman of the Nomination Comite is Mr. Tse Chun Yuen, the chairman

and executive Director, and other members include Mr. Wong Yiu Kwong Kenji

and Ms. Chung Lai Ling, both independent non-executive Directors. The writen

terms of reference of the Nomination Comite are posted on the website of

the Stock Exchange and on the Company’s website.

The primary duties of the Nomination Comite are to: (i) review and ases the

composition of the Board; (i) independence of the independent non-executive

Directors; (i) ases each Director’s time comitment and contribution to the

Board; and (iv) make recomendations to the Board on apointment of new

Directors of the Company. In recomending candidates for apointment to the

Board, the Nomination Comite considers the merit of the candidates against

objective criteria and with due regard to the benefits of diversity on the Board.

In designing the Board’s composition, Board diversity is considered from

a number of perspectives in acordance with the Board Diversity Policy.

The Nomination Comite wil also take into acount factors relating to

the Company’s own busines model and specific neds from time to time.

The ultimate decision is based on merit and contribution that the selected

candidates wil bring to the Board.

During the year ended 31 March 2025, the Nomination Comite held one

meting to review and recomend the re-election of Directors.

薪酬委员会的职责为就董事及高级管理层薪酬各个方面的

适当政策及架构向董事会提出建议。薪酬委员会考虑的因

素包括可资比较公司之薪金、付出时间、董事职责、本集

团内其他职位之雇用条件及按表现发放薪酬的可取性。

于截至二零二五年三月三十一日止年度，薪酬委员会举行

一次会议以审阅董事及高级管理层的薪酬待遇及酬金，并

认为属公平合理。概无董事或其任何联系人参与决定其本

身的薪酬。

薪酬委员会亦按年审阅计划及本公司其他股份计划（如

有）。于截至二零二五年三月三十一日止年度，由于概无

根据计划授出购股权，故薪酬委员会并无审阅计划相关的

重大事项。

提名委员会

提名委员会于二零一七年九月二十九日成立。提名委员会

主席为主席兼执行董事谢振源先生，其他成员包括独立非

执行董事黄耀光先生及钟丽玲女士。提名委员会的书面职

权范围刊载于联交所网站及本公司网站。

提名委员会的主要职责为；(i)审查及评估董事会的组成；

(i)独立非执行董事的独立性；(i)评估各自董事投入董事会

的时间及贡献；及(iv)就有关本公司新董事的委任向董事会

作出推荐建议。向董事会推荐委任候选人时，提名委员会

根据客观标准考虑候选人的长处，并顾及董事会多样性的

裨益。

董事会作出成员甄选时根据董事会成员多元化政策从多方

面观点考虑董事会的多样性。提名委员会亦会考虑有关本

公司本身业务模式及不时的特殊需求之因素。最终决定乃

基于选定候选人将带给董事会的裨益及贡献。

于截至二零二五年三月三十一日止年度，提名委员会已举

行一次会议以审阅并建议重选董事。

29怡康泰工程集团控股有限公司二零二五年度报告

Corporate Governance Report

企业管治报告

审核委员会

审核委员会于二零一七年九月二十九日成立。审核委员会

主席为独立非执行董事邓智伟先生，其他成员包括独立非

执行董事黄耀光先生及钟丽玲女士。审核委员会的书面职

权范围刊载于联交所网站及本公司网站。

本公司已遵守GEM上市规则第5.28条，即审核委员会（须由

最少三名成员组成，且主席须为独立非执行董事）至少须

有一名成员为具备适当专业资格或会计相关财务管理专长

的独立非执行董事。

审核委员会的基本职务为检讨半年度及年度财务资料及申

报程序、内部监控程序及风险管理制度、审计划及与外

部核数师的关系，以及检讨相关安排，令本公司雇员可以

保密形式提出本公司财务汇报、内部监控或其他方面可能

发生之不正当行为。

于截至二零二五年三月三十一日止年度，审核委员会举行

七次会议以检讨及评论本公司核数师变动及本公司全年

业绩及中期业绩，以及本公司内部监控程序及风险管理制

度。

本集团截至二零二五年三月三十一日止年度的综合财务报

表已经由审核委员会审阅。审核委员会认为，本集团截至

二零二五年三月三十一日止年度的综合财务报表符合适用

会计准则及GEM上市规则，并已作出充足的披露。

AUDIT COMITE

The Audit Comite was established on 29 September 2017. The chairman

of the Audit Comite is Mr. Tang Chi Wai, an independent non-executive

Director, and other members include Mr. Wong Yiu Kwong Kenji and Ms.

Chung Lai Ling, both independent non-executive Directors. The writen terms

of reference of the Audit Comite are posted on the website of the Stock

Exchange and on the Company’s website.

The Company has complied with Rule 5.28 of the GEM Listing Rules in that

at least one of the members of the Audit Comite (which must comprise

a minimum of thre members and must be chaired by an independent non-

executive Director) is an independent non-executive Director who poseses

apropriate profesional qualifications or acounting related financial

management expertise.

The primary duties of the Audit Comite are to review the half-yearly and

anual financial information and reporting proces, internal control procedures

and risk management system, audit plan and relationship with external auditors

and arangements to enable employes of the Company to raise, in confidence,

concerns about posible improprieties in financial reporting, internal control or

other maters of the Company.

During the year ended 31 March 2025, the Audit Comite held seven

metings to review and coment on the changes of the Company’s auditor,

Company’s anual results and interim results as wel as the Company’s internal

control procedures and risk management system.

The Group’s consolidated financial statements for the year ended 31 March

2025 have ben reviewed by the Audit Comite. The Audit Comite is of

the opinion that the consolidated financial statements of the Group for the year

ended 31 March 2025 comply with aplicable acounting standards, GEM Listing

Rules and that adequate disclosures have ben made.

	Board Meeting	Audit Committee Meeting	Remuneration Committee Meeting	Nomination Committee Meeting	2024 Annual General Meeting
	董事会会议	审核委员会会议	薪酬委员会会议	提名委员会会议	二零二四年股东周年大会
Number of Meeting Attended/Held
出席次数╱会议次数

30NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Governance Report

企业管治报告

会议出席记录

董事会定期召开会议，以考虑、审阅及╱或批准有关（其

中包括）本公司财务及营运表现，以及整体策略及方针。

当需要讨论及解决重大事项或重要事件时，本公司将另行

举行会议。

于年内，主席在执行董事不在场的情况下，与独立非执行

董事举行了一次会议。

于截至二零二五年三月三十一日止年度全体董事出席董事

会议及董事委员会议的详情如下：

公司秘书

本公司之公司秘书（「公司秘书」）协助董事会确保董事会的

政策及程序得到奉行。公司秘书亦负责向董事会提出有关

企业管治事宜的建议。

本公司已委任蔡志熙先生为其公司秘书。蔡先生之履历载

于本报告「董事及高级管理层」一节。

截至二零二五年三月三十一日止年度，蔡先生已进行不少

于15小时的相关专业培训以更新他的技能及知识。

ATENDANCE RECORDS OF METINGS

The Board mets regularly for considering, reviewing and/or aproving maters

relating to, among others, the financial and operating performance, as wel as

the overal strategies and policies of the Company. Aditional metings are held

when significant events or important isues are required to be discused and

resolved.

During the year, the Chairman held a meting with the independent non-

executive Directors without the executive Directors present.

Details of al Directors’ atendance at Board metings and Board comite

metings held during the year ended 31 March 2025 are as folows:

Executive Directors执行董事

Mr. Tse Chun Yuen谢振源先生3/3–1/11/1

Mr. Tse Chun Kuen谢振干先生3/3–1/1–1/1

Non-executive Director非执行董事

Ms. Dang Hongying党鸿英女士3/3–1/1

Independent non-executive Directors独立非执行董事

Mr. Wong Yiu Kwong Kenji黄耀光先生3/37/7–1/11/1

Ms. Chung Lai Ling钟丽玲女士3/37/71/11/11/1

Mr. Tang Chi Wai邓智伟先生3/37/71/1–1/1

COMPANY SECRETARY

The company secretary of the Company (the “Company Secretary”) asists the

Board by ensuring that Board policy and procedures are folowed. The Company

Secretary is also responsible for advising the Board on corporate governance

maters.

The Company has apointed Mr. Tsoi Chi Hei as its Company Secretary. The

biography of Mr. Tsoi is set out in the section headed “Directors and Senior

Management” of this report.

For the year ended 31 March 2025, Mr. Tsoi undertok no les than 15 hours of

relevant profesional training to update his skil and knowledge.

31怡康泰工程集团控股有限公司二零二五年度报告

Corporate Governance Report

企业管治报告

独立核数师酬金

北京兴华鼎丰会计师事务所有限公司获委任为本公司外部

核数师。截至二零二五年三月三十一日止年度，就审计服

务已付或应付之酬金为280,000港元。

截至二零二五年三月三十一日止年度，并无已付或应付之

非审计服务酬金。

股东权利

于股东大会上就各项重大议题（包括推选个别董事）提呈个

别决议案以供股东考虑及表决，乃保障股东利益及权利的

措施之一。根据GEM上市规则，于股东大会上提呈的所有

决议案将以按投票方式表决，而投票表决结果将于相关股

东大会结束后刊载于联交所网站及本公司网站。

根据本公司经修订及重列的组织章程细则第64条，股东特

别大会可由董事会按持有不少于本公司缴足股本十分之

一的股东所提出的呈请，或由提出呈请的股东（「呈请人」）

（视情况而定）召开。有关呈请须列明大会上须予处理的事

务，由呈请人签署，并交回本公司注册办事处或本公司于

香港的主要营业地点。股东须遵守有关细则所载召开股东

特别大会的规定及程序。股东可于本公司股东大会上提呈

动议，有关动议须送交本公司之香港主要办事处。

股东可将彼等向董事会提出的任何查询以书面形式邮寄至

本公司。股东可将有关其权利的查询或要求邮寄至本公司

于香港的主要营业地点。

INDEPENDENT AUDITORS’ REMUNERATION

Beijing Xinghua Caplegend CPA Limited has ben apointed as the external

auditors of the Company. The fe paid and payable in respect of audit services

amounted to HK$280,000 for the year ended 31 March 2025.

No non-audit services fe was paid or payable for the year ended 31 March 2025.

SHAREHOLDERS’ RIGHT

As one of the measures to safeguard shareholders’ interest and rights, separate

resolutions are proposed at shareholders’ metings on each substantial isue,

including the election of individual Directors, for shareholders’ consideration and

voting. Al resolutions put forward at shareholders’ meting wil be voted by pol

pursuant to the GEM Listing Rules and the pol voting results wil be posted on

the website of the Stock Exchange and the Company’s website after the relevant

shareholders’ meting.

Extraordinary general metings may be convened by the Board on requisition

of shareholders holding not les than one-tenth of the paid up capital

of the Company or by such shareholders who made the requisition (the

“Requisitionists”) (as the case may be) pursuant to Article 64 of the amended

and restated articles of asociation of the Company. Such requisition must state

the object of busines to be transacted at the meting and must be signed by

the Requisitionists and deposited at the registered ofice of the Company or

the Company’s principal place of busines in Hong Kong. Shareholders should

folow the requirements and procedures as set out in such article for convening

an extraordinary general meting. Shareholders may put forward proposals with

general meting of the Company by sending the same to the Company at the

principal ofice of the Company in Hong Kong.

For puting forward any enquiries to the Board, shareholders may send writen

enquiries to the Company. Shareholders may send their enquiries or requests

in respect of their rights to the Company’s principal place of busines in

Hong Kong.

32NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Governance Report

企业管治报告

风险管理及内部监控

董事明白彼等有全盘责任监督本公司内部监控、财务监控

及风险管理系统，并须持续监察其有效性。董事会已对

风险管理及内部监控系统（特别考虑本公司的资源、员工

资历及经验、培训课程和会计、内部审计及财务汇报职

能方面之有关预算）的有效性进行审查，且至少每年审查

一次。

本公司著力提供合理保证，避免出现重大错误、损失或造

假，为此已成立风险管理程序，包括以下步骤：

：识别可能影响达成本集团目标之主要及

重大风险；

：根据已识别风险的预料影响及出现之可

能性作出评估及评核；

：策划有效的监管活动，务求纾缓风险。

每年进行或更新风险识别及评估，风险评估、评核的结果

及各功能或营运之纾缓措施会详细记录在本公司的风险资

料册内，以供董事会及管理层审阅。

然而，本集团之风险管理及内部监控系统之设计旨在管理

而非消除未能达成业务目标之风险，仅可就重大失实声明

或损失提供合理而非绝对保证。

独立顾问公司内具有相关专业知识进行独立审阅的员工，

对本公司的内部监控系统（包括财务、营运及合规监控及

风险管理职能）进行审阅。

截至二零二五年三月三十一日止年度，本公司委聘外部独

立顾问公司以检讨本集团若干风险管理及内部监控系统是

否有效。本集团已分阶段实施顾问提供的相关建议以进一

步加强其内部监控政策、程序及常规。截至二零二五年三

月三十一日止年度，(i)本公司的风险评估（包括ESG风险）；

及(i)风险管理及内部监控系统并无重大变动。董事会认为

本集团截至二零二五年三月三十一日止年度的风险管理及

内部监控系统就企管守则原则D2所载之目的而言为适当、

有效及充份。

RISK MANAGEMENT AND INTERNAL

CONTROL

The Directors acknowledge that they have overal responsibility for overseing

the Company’s internal control, financial control and risk management system

and shal monitor its efectivenes on an ongoing basis. A review of the

efectivenes of the risk management and internal control systems (particularly

concerning the adequacy of resources, staf qualifications and experience,

training programes and budget of the Company acounting, internal audit

and financial reporting functions) has ben conducted by the Board and is

conducted at least anualy.

Aimed at providing reasonable asurance against material erors, loses or fraud,

the Company has established risk management procedures which comprise the

folowing steps:

: Identify major and significant risks that could afect the

achievement of goals of the Group;

: Ases and evaluate the identified risk acording to its

likely impact and the likelihod of ocurence;

: Develop efective control activities to mitigate the risks.

Risk identification and asesment is performed or updated anualy, and

the results of risk asesment, evaluation and mitigation of each function or

operation is documented in the risk registry of the Company to comunicate to

the Board and management for reviews.

The Group’s risk management and internal control systems are, however,

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.

A review on the internal control systems of the Company, including financial,

operational and compliance controls and risk management functions has ben

caried out by an independent consultancy company with staf in posesion of

relevant expertise to conduct an independent review.

During the year ended 31 March 2025, the Company engaged an external

independent consulting firm to review the efectivenes of certain of the Group’s

risk management and internal controls systems. Relevant recomendations

made by the consultant have already ben implemented in stages by the

Group to further enhance its internal control policies, procedures and practices.

There are no significant changes during the year ended 31 March 2025 in (i) the

Company’s asesment of risks (including ESG risks) and (i) the risk management

and internal control system. The Board considered that the Group’s risk

management and internal control systems were apropriate, efective and

adequate for the purposes set out in principle D2 of the CG Code during the

year ended 31 March 2025.

33怡康泰工程集团控股有限公司二零二五年度报告

Corporate Governance Report

企业管治报告

Under Code Provision D.2.5, the Company should have an internal audit

function. The Company has no internal audit function because the Company

has maintained an internal control system and its implementation has ben

considered efective by the Audit Comite and the Board. In adition, the

Audit Comite has comunicated with external auditors of the Company to

understand if there is any material control deficiency. Nevertheles, the Company

wil review the ned for one on an anual basis.

DISCLOSURE OF INSIDE INFORMATION

The Group has in place a policy on disclosure of inside information which sets

out the procedures and internal controls for handling and disemination of

inside information.

The policy provides guidelines to the Directors, oficers and al relevant

employes of the Group to ensure proper safeguards exist to prevent the

Company from breaching the statutory disclosure requirements. It also includes

apropriate internal control and reporting systems to identify and ases

potential inside information.

Key procedures in place include:

• define the requirements of periodic financial and operational reporting

to the Board and the Company Secretary to enable them to ases inside

information and make timely disclosures, if necesary;

• control the aces to inside information by employes on a ned- to-

know basis, and safeguarding the confidentiality of the inside information

before it is properly disclosed to public;

’s stakeholders, including

shareholders, investors, analysts, etc. in ways which are in compliance

with the Listing Rules.

The Group has also established and implemented procedures to handle

enquiries from external parties related to the market rumours and other Group’s

afairs.

To avoid uneven disemination of inside information, the disemination of inside

information of the Company shal be conducted by publishing the relevant

information on the Stock Exchange’s website and the Company’s website.

根据守则条文D.2.5，本公司须设有内部审核职能。本公司

并无内部审核职能，因为本公司设有内部监控系统，而其

推行经审核委员会及董事会审阅后认为行之有效。此外，

审核委员会已与本公司外部核数师沟通，以了解有否出现

任何重大监控缺陷。尽管如此，本公司仍会每年检讨是否

需要成立内部审核职能。

披露内幕消息

本集团备有内幕消息披露政策，列载处理及发放内幕消息

的程序及内部监控。

政策为向董事、本集团职员及所有关雇员提供指引，确

保具恰当的保护措施，以免本公司违反法定披露要求。政

策亦包括适当的内部监控及申报系统，以辨别及评估潜在

的内幕消息。

已设有的主要步骤包括：

• 向董事会及公司秘书界定期财务及经营申报的规

定，致使彼等可评估内幕消息及（如有需要）作适时

披露；

，向公众

恰当披露时前确保内幕消息绝对保密；

（包括股东、投资者、分析师等）沟

通步骤，方式均遵从上市规则。

涉及市场传言及其他本集团事务，本集团已设立及实行处

理外部人士的查询的程序。

为免出现不公平发放内幕消息，本公司发放内幕消息时，

会于联交所网站及本公司网站刊载有关资料。

34NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Corporate Governance Report

企业管治报告

COMUNICATION WITH SHAREHOLDERS

AND INVESTOR RELATIONS

The Company has adopted a shareholders comunication policy with the

objective of ensuring that shareholders and potential investors are provided with

ready, equal and timely aces to balanced and understandable information

about the Company.

The Company has established several chanels to comunicate with

shareholders as folows:

, quarterly reports,

interim reports and circulars are isued in printed form and are available

on the website of the Stock Exchange at w.hkexnews.hk and the

Company’s website at w.noblenginering.com.hk;

i. Periodic anouncements are made through the Stock Exchange and

published on the respective websites of the Stock Exchange and the

Company;

i. Corporate information is made available on the Company’s website;

iv. Anual and extraordinary general metings provide a forum for the

shareholders to make coments and exchange views with the Directors

and senior management; and

v. The Hong Kong share registrar of the Company provides services to the

shareholders in respect of share registration, dividend payment and

related maters.

In light of the availability of various chanels to comunicate with the

shareholders, the Board considered the implementation and efectivenes of the

shareholders comunication policy to be efective and adequate during the

year.

The Company keps on promoting investor relations and enhancing

comunication with the existing shareholders and potential investors. It

welcomes sugestions from investors, stakeholders and the public. Enquires

to the Board or the Company may be sent by post to the Company’s principal

place of busines in Hong Kong.

There has ben no change to the amended and restated memorandum and

articles of asociation of the Company during the year ended 31 March 2025.

与股东的沟通及投资者关系

本公司已采纳一项股东沟通政策，目标乃确保股东及有意

投资者可便利、平等及时地获得均衡及易于理解的本公

司资料。

本公司已设立以下多个途径与股东沟通：

、季度报告、中期

报告及通函均以印刷形式刊发，同时于

联交所网站w.hkexnews.hk及本公司网站

w.noblenginering.com.hk可供浏览；

i. 定期透过联交所作出公告，并将公告分别刊载于联

交所及本公司的网站；

i. 于本公司网站提供企业资料；

iv. 股东周年大会及股东特别大会为股东提供平台，向

董事及高级管理层反映意见及交流观点；及

v. 本公司的香港股份过户登记处可为股东提供股份过

户登记、股息派付及相关事宜的服务。

鉴于已有多种渠道与股东沟通，董事会认为股东沟通政策

于年内的实施及成效为有效及足够。

本公司不断促进与投资者的关系，并加强与现有股东及有

意投资者的沟通。本公司欢迎投资者、权益持有人及公众

人士提供意见。向董事会或本公司作出的查询可邮寄至本

公司之香港主要营业地点。

于截至二零二五年三月三十一日止年度，本公司经修订及

重列的组织章程大纲及细则概无任何变动。

35怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

INTRODUCTION

The Board of the Company is pleased to present the Environmental, Social,

and Governance (“ESG”) Report (“this Report”) of Noble Enginering Group

Holdings Limited and its subsidiaries (colectively, “the Group”, “we” or

“our”) for the year ended 31 March 2025 (the “Year”) in acordance with the

Environmental, Social and Governance Reporting Guide set out in Apendix

C2 to the Rules Governing the Listing of Securities on the GEM of The Stock

Exchange of Hong Kong Limited, which analyses the Group’s strategy, policies

and measures in environmental management, social and governance, and

sustainable development.

The Company is an experienced provider of wet trade works in Hong Kong.

We are dedicated to providing our customers with the best services posible.

While balancing the interests of various stakeholders and delivering valuable

service to customers, we are comited to operating in a way that is socialy and

environmentaly sustainable. We have established standardised management

system in relation to ocupational health and safety, quality management and

environmental management. We also value nurturing and retaining our team

and giving back to the comunity.

REPORTING PRINCIPLES AND BOUNDARY

This Report mainly covers the major operation of the Group in Hong Kong

which is the provision of wet trade work service. Information in this Report was

sourced from the oficial documents, statistical data and operational information

of the Group. We adhered to the reporting principles of the ESG Guide, namely

“Materiality”, “Quantitative”, “Balance” and “Consistency” principles that are

described below.

Materiality: The Group has identified key ESG isues through its anual materiality

asesment. Topics that are relevant and important to the stakeholder and the

Group are covered in this Report.

Quantitative: Key performance indicators (KPIs) in this Report explained its

purpose and are aplicable for comparisons.

Balance: An unbiased picture of the Group’s performance is provided in this

Report.

Consistency: Consistent methodologies are adopted over time to alow

meaningful comparisons of ESG data.

BOARD STATEMENT

The Group’s internal strategies, policies and procedures are designed with the

objective of creating sustainable values for its stakeholders and minimising the

Group’s unavoidable environmental impacts generated from operation. The

Board has ultimate responsibility for ensuring the efectivenes of the Group’s

ESG management.

绪言

本公司董事会欣然提呈怡康泰工程集团控股有限公司及

其附属公司（统称「本集团」或「我们」）截至二零二五年三月

三十一日止年度（「本年度」）根据香港联合交易所有限公司

GEM证券上市规则附录C2所载环境、社会及管治报告指引

编制的环境、社会及管治（「环境、社会及管治」）报告（「本

报告」），当中分析本集团在环境管理、社会及管治以及可

持续发展方面的策略、政策及措施。

本公司为香港一家经验丰富的泥水工程提供商。我们致力

为客户提供最佳服务。在平衡各利益相关者利益与为客户

提供物有所值服务的同时，我们矢志促进业务在社会及环

境方面实现可持续发展。我们已制定职业健康安全、品质

管控及环境管理方面的标准管理制度。我们亦重视培养及

留住人才队伍，并积极回馈社会。

报告原则及界限

本报告主要涵盖本集团于香港的主要业务营运，即提供泥

水工程服务。本报告所载资料来源自本集团的官方文件、

统计数字及经营资料。我们遵守环境、社会及管治指引的

报告原则，即下文所述的「重要性」、「定量」、「平衡」及「一

致性」原则。

重要性：本集团已通过每年重要性评估识别关键环境、社

会及管治问题。本报告涵盖与利益相关者及本集团相关的

重要议题。

定量：本报告中的关键绩效指标(KPI)解释其目的并适用于

比较。

平衡：本报告不偏不倚地呈报本集团的表现。

一致性：随著时间推移采用一致的方法，以允许对环境、

社会及管治数据进行有意义的比较。

董事会声明

本集团的内部策略、政策及议程旨在为利益相关者创造可

持续价值及降低本集团营运对环境的不可避免影响。董事

会对确保本集团环境、社会及管治方面的管理成效负有最

终责任。

36NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

董事会声明（续）

本集团实行董事会制的企业管治架构，并将有关权力及权

限授权予本集团管理层。本集团管理层已将环境、社会及

管治议题纳入本集团的整体方向及策略，由营运部门主要

人员（「环境、社会及管治工作组」）协助制定环境、社会及

管治策略、维持风险管理及监管更新。环境、社会及管治

工作组负责识别业务相关的环境、社会及管治问题，确定

本集团的环境、社会及管治目标及指标，监控环境、社会

及管治表现并向管理层报告。本集团风险管治架构及风险

管理流程涵盖所有业务实体及部门。

董事会、管理层及环境、社会及管治工作组按季组织及举

行环境、社会及管治管理会议，以检讨及落实环境、社会

及管治工作、订立政策及策略的内容以及目标及指标，确

保实行适当政策及有效环境、社会及管治管理。

利益相关者沟通

与利益相关者的沟通对本集团至关重要，我们致力持续寻

求促进沟通的机会。我们透过日常沟通、本集团官方网

站、电邮及其他渠道全面了解不同利益相关者的需要及诉

求。本集团就利益相关者的诉求及关切制定沟通机制，积

极建立互信关系。对本集团业务造成重大影响或受本集团

业务重大影响的人士及群体，构成我们的关键利益相关者

群体。

重要性评估

本集团每年进行重要性评估以识别重要的环境、社会及管

治因素。董事会及环境、社会及管治工作组已参与评估，

成为关键利益相关者之一，就重要环境、社会及管治因素

的选择提供意见。

在进行重要性评估时，我们首先确定潜在环境、社会及管

治报告事宜，然后对有关事宜展开分析，以厘定在本集团

策略、市场开发及利益相关者关切等方面对本集团利益相

关者及业务重要性。其后，我们编制确定环境、社会及管

治事宜的清单，并就此展开讨论及进行排序。最后，管理

层会对有关清单进行评估及审批。

BOARD STATEMENT (Continued)

The governance structure is led by the Board while power and authority are

delegated to the management of the Group. The management of the Group

has embeded ESG isues in the Group’s overal direction and strategies, and is

responsible for establishing an ESG strategy, managing risk management, and

keping updated on regulatory updates with asistance from key members

of the operational department (the “ESG workgroup”). The ESG workgroup

is responsible for identifying busines related ESG isues, determining the

Group’s ESG goals and targets, monitoring ESG performance and reporting to

the management. Al busines entities and departments are covered by the risk

governance structure and risk management proces of the Group.

The Board, the management and the ESG workgroup organise and hold an ESG

management meting quarterly to review the implementation of ESG work, the

content of policies and strategies established, and the goals and targets set so

as to ensure that apropriate policies and efective ESG risk management are in

place.

STAKEHOLDER COMUNICATION

Comunication with stakeholders is extremely crucial to our Group, we

insist on continualy seking oportunities to do so. We work to thoroughly

understand the neds and expectations of various stakeholders through daily

comunication, the Group’s oficial website, e-mail, and other chanels and

respond to them. The Group has established a comunication mechanism for

stakeholders expectations and concerns and proactively builds a relationship

of mutual trust. The people and groups that significantly influence the

Group’s activities or are significantly afected by its operations serve as our key

stakeholder group.

MATERIALITY ASESMENT

The Group conducts materiality asesment anualy to identify the material ESG

factors. The Board and the ESG workgroup have taken part in the asesment to

be one of the key stakeholders to provide opinions on the selection of material

ESG factors.

In the materiality asesment, we first identify potential ESG reporting isues.

The isues are then being analysed to determine the importance to the Group’s

stakeholders and busines in aspects such as the Group’s strategies, market

development and stakeholders’ concerns. Folowing this, the identified ESG

isues are listed, discused and given priority. Finaly, it is evaluated and aproved

by the management.

37怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 环境

I.1 健康、安全、环保及品质政策

秉持促进集团业务可持续发展及履行企业社

会责任的宗旨，本集团已制定「健康、安全、

环保及品质政策」（「该政策」）。该政策载列原

则以确保本集团营运实现零意外及减轻环境

影响的目标以及遵守适用标准、法律及其他

规定。

为维持向客户提供专业服务，该政策阐明旨

在调配合理资源以达成持续改善的相关目的

及目标、采购符合专业标准的产品及服务以

及提高公司及员工于相关工程的素质及效

率。本集团定期覆核整合性管理制度的成效

及确保员工、客户及利益相关方之间的有效

沟通。

本集团特别就下列关注领域设计标准程序：

– 空气污染管制：确保在包括「建筑粉尘」

及「露天焚烧」在内的各个方面严格遵守

空气污染管制条例。

已设立程序以减少及管制粉尘或空气污

染物排放。该等程序涵盖与存放、处理

及运输建材、使用工具及车辆以及使用

生态友好燃料有关的各个领域。

– 废物管制：确保在处理「一般废物」、

「建筑垃圾」及「化学废物」过程中严格遵

守废物处置（化学废物）（一般）。

已设立程序以处理及处置废物、设置及

保持废物存放条件以及规管处理不同类

别废物的人员的保护装置。

I. ENVIRONMENTAL

I.1 Health, Safety, Environmental and Quality

Policy

To uphold our comitment to sustainable development and

corporate social responsibility acros our busines, a “Health,

Safety, Environmental, and Quality Policy” (the “Policy”) was

established. The Policy sets out the principles to ensure that the

Group operates with targets of having zero acident and minimal

environmental impact and folowing aplicable standards, legal

and other requirements.

To maintain the provision of profesional services for customers,

the Policy ilustrates objectives to employ reasonable resources

to achieve the objectives and targets relevant to continual

improvement, to acquire products and services ataining

profesional standards and to enhance company and staf

competence and eficiency in related works. The Group regularly

reviews the efectivenes of the integrated management system

and ensure efective comunication among staf, customers and

interested parties.

Specificaly, we devised standard procedures for the folowing

areas of concern:

– Air polution control: ensure strict compliance with

the Air Polution Control Ordinance in areas including

“construction dust” and “open burning”.

Procedures are set up to mitigate and control dust or air

polutants emision. The procedures cover areas relevant to

storing, handling and transporting construction materials,

using tols and vehicles, and using eco-friendly fuel.

– Waste control: ensure strict compliance with the Waste

Disposal (Chemical Waste) (General) in the handling of

“general waste”, “construction waste” and “chemical waste”.

Procedures are set up to handling and disposing wastes,

seting up and maintaining waste storage conditions, and

regulating protective gear for personel handling diferent

types of wastes.

38NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 环境（续）

I.1 健康、安全、环保及品质政策（续）

– 噪音污染管制：确保「建筑时间调整」及

「建筑噪音缓解及管制」方面严格遵守噪

音管制条例。

已设立程序以规管可以进行撞击式打桩

工程的时间及特定类型的设备。减轻噪

音污染影响的措施，例如挑选发出较小

噪音的工具、安排嘈杂工作更加远离居

住区、学校及医院以及在预计会发出较

大噪音的设备周围安装降噪屏。

– 水污染管制：对于因混凝土工程、洗

车、其他施工艺以及地盘饮食及厕所

而将产生的污水，确保严格遵守水污染

管制条例。

已设立程序以规管向指定排放点排放废

水。指示管工防止废水向非指定排放点

泄漏的措施以控制废水对相邻社区的

影响。

I. ENVIRONMENTAL (Continued)

I.1 Health, Safety, Environmental and Quality

Policy (Continued)

– Noise polution control: ensure strict compliance with

the Noise Control Ordinance in terms of “construction

time regulation” and “construction noise mitigation and

control”.

Procedures are set up to regulate the alowable time and

the specific types of equipment for conducting percusive

piling works. Measures to mitigate the impact of noise

polution such as chosing tols that would emit les

noise, scheduling noisy works to be further away from

residential areas, schols and hospitals, and instaling noise

shield around equipment that is expected to emit a lot of

noise.

– Water polution control: ensure strict compliance with the

Water Polution Control Ordinance concerning sewage

that would result from concrete works, vehicle cleaning,

other construction procedures, and site canten and toilet

facilities.

Procedures are set up to regulate the discharge of

wastewater into designated wastewater discharge point.

Measures to prevent leakage of wastewater into non-

designated discharge point are instructed to foremen to

control the impact of wastewater to the neighbouring

comunities.

Aspects 1.1	Unit: gram	2025	2024
层面1.1	单位：克	二零二五年	二零二四年
		1,349.38
		66.39
		99.35

Aspects 1.2	Unit: kg (CO equivalent)	2025	2024
层面1.2	2 单位：千克（二氧化碳当量）	二零二五年	二零二四年
		24,384.69
		24.00
		104.81

39怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 环境（续）

I.2 温室气体（「温室气体」）排放

由于本集团主要从事泥水工程业务，无需使

用重型机械。用车及用电是本集团主要的温

室气体排放来源。

以下呈列于本年度我们的温室气体排放

情况：

使用汽车产生的温室气体排放

移动燃烧源产生的温室气体排放

于本年度，由于鼓励乘搭公共交通工具，员

工的汽车使用量减少，导致温室气体排放量

减少。此外，本集团采用无铅汽油，借此提

高燃料使用效益，减少温室气体排放量。

I. ENVIRONMENTAL (Continued)

I.2 Grenhouse gas (“GHG”) emisions

As the Group principaly engages in wet trade works which does

not require usage of heavy machineries. The usage of motor

vehicles and the consumption of electricity are the Group’s main

sources of GHG emisions.

The folowing presents our GHG emisions for the Year:

GHG emisions from vehicles

呼吸悬浮粒子克

GHG emisions from mobile combustion sources

氧化亚氮千克

During the Year, the decrease in GHG emisions was atributed to

our staf members using fewer motor vehicles as a result of our

encouragement to take public transportation. Aditionaly, the

Group used unleaded gasoline, which provides more efective fuel

eficiency and generates fewer GHG emisions.

Aspects 1.2	Unit: kg (CO equivalent) 2	2025	2024
层面1.2	单位：千克（二氧化碳当量）	二零二五年	二零二四年
层面1.2	单位：千克（二氧化碳当量）	5,361.30

Aspects 1.2	Unit: kg (CO equivalent) 2	2025	2024
层面1.2	单位：千克（二氧化碳当量）	二零二五年	二零二四年
		29,874.79
		678.97

40NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 环境（续）

I.2 温室气体（「温室气体」）排放（续）

所购能源产生的间接温室气体排放

附注：

。根

据全球暖化潜值（「GWP」），将甲烷及氧化亚

氮排放转换为二氧化碳排放。

2. 上述温室气体排放报告所采用的方法基于联

交所刊发的「如何编备环境、社会及管治报告

– 附录二：环境关键绩效指标汇报指引」。

我们已达致二零二三年所载总温室气体排放

强度降低3–7%的目标。未来，我们的目标是

维持低于本年度的温室气体排放强度。

由于本年度内本集团并无城市燃气消耗，披

露有关排放数据并不适用于本集团。此外，

本集团营运并无产生任何有害废弃物，包括

化工废弃物或医疗废弃物。本集团将委聘合

资格废物收集商处理所产生的任何有害废弃

物，以符合相关环保法规。

本集团营运产生的大部分无害废弃物为一般

办公耗材，主要为办公用纸，并无对环境造

成重大影响。

I. ENVIRONMENTAL (Continued)

I.2 Grenhouse gas (“GHG”) emisions (Continued)

Indirect GHG emision from generation of purchased

energy

间接温室气体排放千克

总温室气体排放强度千克╱项目数量

Notes:

1. GHG emisions data is presented in terms of carbon dioxide

equivalent. Methane and nitrous oxide emisions were converted

into carbon dioxide emisions based on global warming potential

(“GWP”).

2. The methodology adopted for reporting on GHG emisions set out

above was based on “How to prepare an ESG Report – Apendix

I: Reporting Guidance on Environmental KPIs” isued by the Stock

Exchange.

We have achieved the target to reduce 3-7% of total GHG

emisions intensity which was set in 2023. In the future, we target

maintaining lower GHG emisions intensity than the Year.

Since the Group did not have town gas consumption during the

Year, the disclosure of such emision data is not aplicable to

us. In adition, the Group did not produce any hazardous waste

including chemical waste or clinical waste from our operations.

The Group wil engage a qualified waste colector to handle

any hazardous waste that is produced to adhere to relevant

environmental regulations.

Majority of the non-hazardous waste generated by the Group’s

operations are general ofice consumables, mostly ofice paper,

which do not have significant environmental impact.

Aspects 1.4	Unit	2025	2024
层面1.4	单位	二零二五年	二零二四年
层面1.4	单位	0.48

41怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 环境（续）

I.2 温室气体（「温室气体」）排放（续）

无害废料

由于并无有害废料，且本集团维持日常营运

的最低纸张用量，因此减量目标不适用于本

集团。

于本年度，本集团并无知悉任何有关空气及

温室气体排放、向水及土地的排放、以及产

生危险及无害废物的相关法律及法规的违规

行为，包括但不限于对本集团有重大影响的

空气污染管制条例及水污染管制条例。

I.3 资源利用

透过于工作场所实行环保实务，本公司致力

降低业务对环境的负面影响。

本公司施行多项节约资源措施，诸如以下

所列：

– 在夏季将空调室温设为摄氏25度的环保

水平以节约能源；

– 于下班时或空转时关闭所有电器；

– 尽量安排电话或视像会议替代面对

面会；

– 尽可能采用双面打印，及回收打印机旁

所设置回收箱里的旧纸；

– 鼓励员工自备午餐盒以减少使用发泡胶

或一次性午餐会。

I. ENVIRONMENTAL (Continued)

I.2 Grenhouse gas (“GHG”) emisions (Continued)

Non-hazardous wastes

办公用纸吨

As there is no hazardous wastes and the Group is maintaining a

minimum level of paper usage for daily operations, the reduction

target was not aplicable to the Group.

During the Year, the Group was not aware of any non-compliance

of relevant laws and regulations in relation to air and GHG

emisions, discharges into water and land, and the generation of

hazardous and non-hazardous wastes. Including but not limited

to the Air Polution Control Ordinance, Water Polution Control

Ordinance that would have a significant impact on the Group.

I.3 Use of Resources

By implementing eco-friendly practices in the workplace, the

Company is comited to minimizing the adverse impacts of

busineses on the environment.

In terms of resources saving measures, we have implemented a

number of practices as exampled below:

– To set the rom temperature of the air conditioning at an

eco-friendly level of 25 degre Celsius in sumer to save

energy;

– To turn of al electric apliances before leaving for the day

or when they are in idle;

– To arange conference cals or video conferences instead

of face-to-face metings where posible;

– To implement double-sided printing to the greatest extent,

and recycle used paper in the recycling bins placed beside

the printer;

– To encourage staf to use their own lunch box to reduce

the use of foam or disposable lunch boxes.

Aspects 2.1	Unit	2025	2024
层面2.1	单位	二零二五年	二零二四年
		14,490
		14,490

42NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 环境（续）

I.3 资源利用（续）

已消耗购电主要用于办公用途。以下呈列于

本年度我们的间接用电量：

间接能源消耗总量及密度

为鼓励持续的节能意识，在二零二三年我们

的目标为将用电量强度降低2–3%。有赖全体

员工的努力，我们已于本年度达成此目标。

来年，我们将继续努力较本年度进一步降低

用电强度。

本集团的用水量相对有限。本年度本集团用

水量为59立方米（二零二四年：69立方米），主

要为卫生用水，因此效率目标被认为不适用

于我们。本集团于寻求适合用途的水方面并

无遇到任何重大问题。此外，由于本集团的

业务性质，成品并无消耗包装材料。

二零二四年地球一小时

我们矢志保护自然，并积极践行有关理念。

于本年度，本集团继续支持由世界自然基金

会（「WF」）举办的「地球一小时」活动，于晚

上8时30分关闭所有非必要灯光一小时。「地

球一小时」活动旨在鼓励民众改变生活方式、

关注气候变化及关爱地球。我们承诺改进生

活方式，为下一代打造可持续发展的环境。

I. ENVIRONMENTAL (Continued)

I.3 Use of Resources (Continued)

The purchased electricity consumed was mainly for ofice use. The

folowing presents our indirect electricity consumption for the

Year:

Indirect energy consumption in total and intensity

用电密度千瓦时╱办公室数目

To encourage continuous awarenes of energy saving, we

set the target to reduce electricity usage intensity by 2–3% in

2023. Thanks to the contributions and dedications of every staf

member, we have achieved the target in the Year. In the coming

year, we wil continue to target achieving a lower electricity

intensity when compared to this Year.

The Group uses a relatively limited amount of water. The Group

consumed 59 m

(2024: 69 m

) of water throughout the Year. The

water consumption is mainly used for sanitation and therefore,

eficiency target is considered not aplicable to us. The Group did

not encounter any significant isue in sourcing water that is fit for

purpose. Also, due to the Group’s busines nature, no packaging

material was consumed for finished products.

Earth Hour 2024

We believe we can play a part in safeguarding nature and put

this belief into action. During the Year, the Group continues to

suport the Earth Hour, organised by World Wildlife Fund (“WF”),

by turning of al non-esential lights for an hour at 8:30 p.m. The

purpose of Earth Hour is to encourage people to change their

lifestyles, think about climate change, and show our cherish to our

planet. We pledged to change the way we live that can create a

sustainable environment for our future generations.

43怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 环境（续）

I.4 环境与自然资源

尽管本集团的核心活动对环境与自然资源并

无重大影响，但本集团继续大力采取措施尽

量减低对其造成的任何重大影响。本集团定

期评估营运的环境风险，并采取预防措施降

低该等风险。自我们的运营时间开始，可能

会产生噪音并对环境产生影响。

本集团营运过程中采用若干噪音控制措施，

包括(i)安装必要的隔音屏障；(i)所有设备使用

前须进行检查及维护以符合准许的噪音水平

及(i)根据各个项目指定的准许作业时间进行

工程作业。

I.5 气候变化

由于日益频繁的暴雨、洪水、热浪及台风等

不利极端天气，气候变化或会导致集团业务

中断。我们提供与气候变化相关的规则及指

引，以促进采取新措施，增强气候适应能

力。气候变化对本集团的潜在风险，可分为

实体风险及过渡风险。董事会和环境、社会

及管治工作组已定期监察及评估有关风险。

严重实体风险，暴雨、台风及热浪等极端天

气可能对地盘作业工人造成损害。为管理有

关风险，本集团已制定标准政策，为台风及

暴雨下的工作安排提供指引。工人仅在安全

工作环境下作业。此外，在持续高温下，我

们提供阴凉区及足够饮用水以供工人休憩。

未来，我们将致力于实行劳工处发布的《预防

工作时中暑指引》中所提出的建议。

环境相关法规、规定、规例或客户偏好的变

动可能导致过渡风险。由于我们的营运并无

产生大量废气或废水，我们预期过渡风险不

会对我们造成重大营运或财务影响。董事会

和环境、社会及管治工作组将继续监控及评

估潜在风险，及不断更新的法律法规，以

尽量减轻气候变化对本集团的潜在影响，并

确保本集团满足客户预期。

I. ENVIRONMENTAL (Continued)

I.4 The Environment and Natural Resources

Although the Group’s core activities have no significant impact on

the environment and natural resources, the Group has continued

to take considerable steps to minimize any significant impact on

it. The Group regularly aseses the environmental risks of our

operation and adopts preventive measures to reduce such risks.

Noise may be generated and have impact on the environment

from our operation time.

The Group adopts certain noise control measures in its operations,

which include (i) instalation of acoustic bariers as required,

(i) inspection and maintenance of al equipment before use

for compliance of permited noise level and (i) works to be

undertaken in acordance with the permited work hours as

specified by each project.

I.5 Climate change

Climate change may cause disruption to our busines due to

adverse and extreme weather such as increasingly frequent

rainstorm, floding, heatwave and typhons. We provide rules and

guidelines about climate change to facilitate new measures for

becoming more climate resilient. The posible risks, which can be

divided into physical risks and transition risks, caused by climate

change to the Group have ben examined and evaluated by the

Board and the ESG workgroup regularly.

With regard to the acute physical risk, extreme weather conditions

such as rainstorms, typhons and heatwaves may cause harm to

our workers on site. To manage the risk, the Group has established

a standard policy to provide guidelines on the arangements for

work under typhons and rainstorms. Workers are only neded

to work in a safe working environment. Also, we provide shaded

areas to rest and ofer enough water for workers to drink when

sustaining high temperatures. In the future, we wil make every

efort to implement the sugestions made in the Guidance Notes

on Prevention of Heat Stroke at Work, which were isued by the

Labour Department.

Changes in environmental-related legislation, requirements,

regulations, or customer preferences may result in transition risk.

Since our operation does not produce a significant amount of

emisions or waste, we do not expect the transition risks to have

a substantial operational or financial impact on us. The Board

and the ESG workgroup would continue to monitor and ases

the potential risks and kep themselves updated on new laws

and regulations so as to minimize the potential impact of climate

change on the Group and ensure the Group mets customer

expectations.

Breakdown by gender	2025	2024
性别划分	二零二五年	二零二四年
84%
16%

Breakdown by employee category		2025	2024
按雇员类别划分		二零二五年	二零二四年
100%

Breakdown by age group	2025	2024
按年龄组别划分	二零二五年	二零二四年
10%
57%
33%

44NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会

I.1 雇佣及劳工常规

员工

本集团秉持以人为本的企业文化，重视雇员

权利，尊重雇员需求，并平等对待全体人

员。本集团制定员工手册及雇佣条例，当中

涵盖招聘、薪酬、评核、晋升、解雇、休息

时间及其他福利。我们要求雇员遵守员工手

册所载的本集团行为守则。

由于我们的业务属高度劳动密集性质，绝大

多数雇员为男性。尽管如此，本集团于招

聘、薪酬及晋升方面致力提供平等机会。本

集团亦适当重视制定人力资源及生产安全政

策。于二零二五年三月三十一日，本集团有

61（二零二四年：67）名员工，包括后台及建筑

工地，均位于香港，详情如下：

I. SOCIAL

I.1 Employment and Labour Practices

Our people

The Group adheres to a people-oriented corporate culture,

places a high value on employe rights, respects their neds, and

treats every employe equitably. The Group establishes a staf

handbok and employment regulations that cover recruitment,

compensation, apraisal, promotion, dismisal, rest periods and

other benefits. We require our employes to abide to the Group’s

code of conduct as stated in our staf handbok.

Since our busines nature is highly labour intensive, majority of our

staf members are male. However, the Group adheres to providing

equal oportunities in the recruitment, compensation and

promotion proceses. The Group also pays due regard to seting

its human resources and work safety policies. As at 31 March 2025,

the Group employed 61 (2024: 67) staf including back ofice and

construction sites, al of them are located in Hong Kong, which as

details below:

45怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.1 雇佣及劳工常规（续）

员工（续）

于招聘过程中，我们采取公平及公正的招聘

程序，仅根据经验、技能及资格评价员工，

以打造平等的工作场所。我们努力施行严格

的招聘程序，认真核实求职者身份、资质及

性别，确保彼等可合法受聘。求职者的性

别、宗教信仰、年龄或肤色将完全不会影响

其获录用的机会。招聘过程收集的所有资料

仅作招聘用途，且仅可由授权员工取得，以

保障敏感个人资料安全。员工评价及辅导采

用相同的原则。

为就员工对本集团成功所作贡献给予其奖

励，本集团为员工提供与其职位、职责、资

格及经验相称的具竞争力的薪酬待遇。本集

团执行董事具备广博的行业经验，将直接参

与员工薪酬待遇的预算过程。这有助于确保

所提供的薪酬待遇处于具竞争力的水平并可

为本集团的发展挽留人才。

本集团致力营造友好合作的工作氛围，同时

欢迎员工向其直属上级或集团管理层沟通其

关切事宜及面临的困难。为更合理地督导本

集团员工的职业发展过程，会进行适当的评

定。本集团将为杰出员工提供升职及加薪以

资嘉奖，而同时，本集团亦会向需要进一步

改善表现的员工提供辅导。此外，本集团禁

止任何形式的工作场所歧视。为防止任何侵

犯雇员合法权利，雇员可透过举报系统就相

关事件进行投诉。

于本年度，雇员的总流失率为31%（二零二四

年：19%），按性别及年龄组别划分的资料如

下。由于所有雇员均位于香港，因此并未披

露地理资料。

I. SOCIAL (Continued)

I.1 Employment and Labour Practices (Continued)

Our people (Continued)

In recruitment proces, we build an equitable workplace through

a fair and just recruitment proces in which we ases people

based solely on their experience, skils, and qualifications. We strive

to cary out a stringent recruitment procedure to verify aplicants’

identity, qualification and gender which is lawfuly employable. An

aplicant’s gender, religion, age, or skin colour would not in any

degre afect his or her chance of being recruited. Al information

colected during the recruitment proces is only used for

recruitment purpose and acesible by authorized staf in order to

secure sensitive personal information. The same principle aplies

to our staf apraisals and counseling.

We ofer competitive remuneration packages to staf which are

comensurate with their positions, duties, qualifications, and

experience to reward them for their contributions to our suces.

Our executive Directors who have vast experience in the industry

would directly participate in the budgeting proces of staf

remuneration packages. This helps to ensure the packages ofered

are at a competitive level and can retain talents for the Group’s

development.

The Group strives to creating a friendly and colaborative

atmosphere at work. Staf is also welcomed to comunicate

their concerns and dificulties with their direct supervisor or our

management. To beter monitor our staf’s carer development

progres, adequate apraisals are conducted. We would ofer

promotions and salary increment as rewards to outstanding

staf, while at the same time we would counsel staf who require

further improvements in their performance. In adition, the Group

prohibits any form of discrimination at workplace. To prevent

any violation of their legal rights, employes are sugested to

lodge complaints about the relevant events through our whistle-

blowing system.

During the Year, the total turnover rate of employes is 31%

(2024: 19%) with below information by gender and age group.

Geographic information was not disclosed as al of the employes

are located in Hong Kong.

Turnover rate by gender	2025	2024
按性别划分的流失率	二零二五年	二零二四年
33%
20%

Turnover rate by age group	2025	2024
按年龄组别划分的流失率	二零二五年	二零二四年
50%
26%
35%

46NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.1 雇佣及劳工常规（续）

员工（续）

于本年度，本集团并无发现任何违反有关薪

酬及解雇、招聘及晋升、工作时间、休息时

间、机会均等、多元化、反歧视及其他福利

及福祉的法律法规，包括但不限于性别歧视

条例、种族歧视条例及残疾歧视条例。

劳工标准

本集团禁止强迫劳工或童工。作为建筑行业

的一员，本集团充分意识到非法移民在建筑

地盘工作将带来的问题并对此完全反对。本

集团的人力资源及行政部已在招聘过程中采

取严格的内部监控措施以降低雇佣童工或非

法移民的风险。如发现任何强迫劳工或童

工，本集团将立即终止与可疑劳工的雇佣关

系。本集团将进行调查，以确定招聘过程的

不足之处。

于本年度，本集团并无知悉任何违反有关防

止童工及强迫劳动的法律及法规。

I. SOCIAL (Continued)

I.1 Employment and Labour Practices (Continued)

Our people (Continued)

During the Year, the Group was not aware of any non-compliance

of relevant laws and regulations in relation to compensation and

dismisal, recruitment and promotion, working hours, rest periods,

equal oportunity, diversity, anti-discrimination and other benefits

and welfares including but not limited to the Sex Discrimination

Ordinance, the Race Discrimination Ordinance, and the Disability

Discrimination Ordinance.

Labour standards

Forced or child labour is prohibited by the Group. As a member

of the construction industry, we are wel aware of the problem

of ilegal imigrants working at construction sites and are fuly

against it. Our HR & Administration Department had adopted

stringent internal controls in the recruitment proces to mitigate

the risk of hiring child labour or ilegal imigrants. In case any

forced or child labour is discovered, the employment betwen the

Group and the suspected labour wil be imediately terminated.

Investigation wil be conducted to identify the weaknes in

recruitment progres.

During the Year, the Group was not aware of any non-compliance

of relevant laws and regulations in relation to preventing child and

forced labour.

47怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.1 雇佣及劳工常规（续）

保障员工的健康与安全

本集团重视其员工，故严格遵守有关职业健

康安全的法律法规，并为其工人提供舒适安

全的工作环境。本集团已制定一系列生产安

全操守，以解决应急预案、管理有害废弃

物、禁烟及消防等问题。所有雇员须严格遵

守该等生产安全操守。

于各个项目开始施工前，所有工人（包括分包

商所雇用者）须参加地盘安全入门简介会，以

确保彼等了解地盘的潜在风险地区以正确方

式作业。本集团亦每月为地盘工人提供工具

箱训练，更新其相关知识及保障工人安全。

透过（其中包括）建立安全公布及详尽的事故

记录、定期举行内部及外部安全会议、藉编

制安全报告及训练记录将各个建设项目的安

全措施及已识别问题记录在案，以便有效地

推广及宣传安全程序。

本集团在公司层级及建筑地盘层级均设立安

全委员会。安全委员会每月与执行董事举行

会议，以制定执行本集团与其业务经营有关

的职业健康及安全措施的战略方针并监察本

集团的安全管理措施是否有效。

在建筑地盘层级，本集团亦按项目基准成立

地盘安全委员会以执行现场安全措施，包括

定期进行安全检验以保持安全的生产环境、

覆核工程的安全计划并更新其风险评估、覆

核安全事故及跟进任何不安全的做法。本集

团的安全督导员每周至少进行一次实地视

察，以确保严格遵守法定职业健康及安全法

例、规则及规例。

I. SOCIAL (Continued)

I.1 Employment and Labour Practices (Continued)

Protecting staf’s health and safety

The Group values it staf so we strictly comply with the law and

regulations relating to ocupational health and safety and provides

its workers with a pleasant and safe working environment. The

Group has established a set of work safety practices that adres

isues such as emergency response, managing hazardous waste,

smoking bans, and fire prevention. Al employes are required to

strictly comply with these work safety practices.

Al workers, including those employed by subcontractors, are

required to atend site safety induction briefing sesions prior to

the start of each project’s work to make sure they are aware of

potential risk areas on the site and the proper way to complete

the work. Tolbox trainings are also provided monthly for workers

on site to refresh their knowledge and to kep their safety in

check.

Efective promotion and comunication of safety procedures are

maintained through, among others, establishing safety buletin

and detailed record of acident, holding regular internal and

external safety metings, documenting safety measures and

isues identified for each construction project by preparing safety

reports and training records.

At both the corporate level and the level of the construction site,

the Group establishes safety comites. In order to provide

strategic guidelines for the implementation of our ocupational

health and safety measures related to our operation and to

monitor the efectivenes of our safety management measures,

the safety comite mets monthly with the executive Directors.

At the construction site level, site safety comite is also

established on project basis to implement on-site safety measures

including regular safety inspections to maintain safe working

environment, review of safety plan, update of risk asesment

for the works, review of safety incidents, and folow up of any

unsafe practices. Site inspections are caried out at least once a

wek by our safety supervisors to ensure strict compliance with

the statutory ocupational health and safety laws, rules, and

regulations.

Breakdown by gender	2025	2024
按性别划分	二零二五年	二零二四年
84%
16%

Breakdown by employment category	2025	2024
按雇佣类别划分	二零二五年	二零二四年
16%
68%
16%

48NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.1 雇佣及劳工常规（续）

保障员工的健康与安全（续）

于过往三年（包括本年度），本集团的总部或

建筑地盘均未发生任何意外死亡事故，对此

本集团深感欣慰。于本年度合共发生七宗工

伤事故。本年度因工伤而引起的缺勤天数为

2,665天（二零二四年：四宗事故，缺勤天数为

1,621天）。

本集团继续提供保护面罩等消毒产品供员工

使用。于本年度，本集团并不知悉任何有关

提供安全工作环境及保护雇员免受职业危害

的相关法律法规的违规行为。

培训及发展

本集团为雇员提供各种培训项目，旨在促进

其长远发展，以及更新其知识及能力，以维

持其专业技能。举例而言，除上述地盘安全

入门简介会及工具箱培训外，本集团为地盘

工人提供工艺技能及职业安全培训，而后台

员工则会参加合约评估及供应商甄选培训。

除内部组织的培训外，本集团亦赞助安全培

训，包括安全会议及培训、本集团注册安全

主任的持续专业发展以及安全督导员培训课

程。我们有41%（二零二四年：30%）的雇员参

加培训，具体情况如下：

I. SOCIAL (Continued)

I.1 Employment and Labour Practices (Continued)

Protecting staf’s health and safety (Continued)

We are pleased that there were no fatalities at either our head

ofice or construction sites in the thre years prior, including the

Year. There were 7 cases of work-related injuries throughout the

Year. The lost man-day due to work injuries for the Year was 2,665

days (2024: 4 cases with 1,621 man-day lost).

The Group continues to provide disinfection gods for staf use,

such as protective face masks. During the Year, the Group did not

aware of any non-compliance of relevant laws and regulations in

relation to providing a safe working environment and protecting

employes from ocupational hazards.

Training and development

The Group ofers a variety of training programs to employes for

long-term development and updates to their knowledge and

abilities to maintain their profesional competence. For example,

apart from above mentioned site safety induction briefing sesions

and tolbox trainings, we provide technical skil and ocupational

safety training to our site workers while the back ofice staf

atends training for contract asesment and suplier selection. In

adition to our internaly organised training, the Group has also

sponsored safety trainings including safety metings and training,

continuing profesional development for the Group’s registered

safety oficer, and training courses for safety supervisors. There

were 41% (2024: 30%) of our employes who tok part in training

with below breakdown:

Average training hours by employment category	2025	2024
按雇佣类别划分的平均培训时数	二零二五年	二零二四年
7.00
7.53
6.00

49怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.1 雇佣及劳工常规（续）

培训及发展（续）

年内每位雇员的平均培训时长为7.20小时（二

零二四年：6.15小时），而男性及女性雇员的

平均培训时长分别为7.38小时及6.25小时（二零

二四年：6.06小时及6.67小时）。按雇佣类别划

分的平均培训时数如下：

I.2 营运常规

供应链管理

有效的供应链管理可降低机构可能面临的社

会或环境风险。本集团与多家供应商及分包

商建立并维持长期合作关系。于二零二五年

三月三十一日，本集团有29（二零二四年：29）

家获批供应商及869（二零二四年：857）家获批

分包商，均位于香港，借此减少交通运输，

从而降低碳排放量。

我们在甄选分包商时会展开全面评估。除背

景、声誉、成本及能力外，考虑的重点亦包

括分包商是否已获得环境管理相关的ISO认证

及分包商过往是否牵涉环境、职业健康及安

全或雇佣诉讼或投诉。优先考虑获得环境及

社会管理证书及并无违反相关法律法规的分

包商。无论何时我们需要物色新供应商，我

们会进行公平客观的招标流程。甄选标准包

括供应商的报价以及有关产品及服务品质以

及服务支援能力能否符合我们的要求。酌情

获得产品质量、环境及社会证书以供考虑。

所有供应商均经过相同的筛选程序。选定供

应商及分包商其后将纳入我们的获准服务商

名单。本集团将仅考虑获认可供应商及分包

商提供的产品及服务。

I. SOCIAL (Continued)

I.1 Employment and Labour Practices (Continued)

Training and development (Continued)

The average training hours per employe during the year was 7.20

hours (2024: 6.15 hours) while average training hours for male

and female employes are 7.38 hours and 6.25 hours respectively

(2024: 6.06 hours and 6.67 hours) respectively. The average

training hours by employment category was as below:

I.2 Operating Practices

Suply chain management

Efective suply chain management can mitigate social or

environmental risks that an organization may encounter. The

Group has established and maintained long-term relationships

with a number of supliers and subcontractors. As at 31 March

2025, the Group has 29 (2024: 29) aproved supliers and 869

(2024: 857) aproved subcontractors, al of which are located in

Hong Kong to use les transportation and consequently cause les

carbon emisions.

We conduct a thorough asesment proces in the selection of

our subcontractors. Apart from background, reputation, cost,

and ability, important considerations also include whether the

subcontractor has an aplicable ISO certificate for environmental

management and whether they have ever ben involved in

environmental, ocupational health and safety or employment

litigation or complaints. Preference wil be given to those

subcontractors who are certified with an environmental and social

management certificate and have no violations of related laws

and regulations. Whenever we ned to source a new suplier, we

wil conduct a fair and objective tendering procedure. Selection

criteria includes the price ofered by the supliers, their capabilities

to met our requirements in terms of product and service quality,

as wel as service suport. Product quality, environmental and

social certificate wil be obtained for consideration if apropriate.

Every suplier goes through the same proces of selection. The

selected supliers and subcontractors are then included in our list

of aproved vendors. The Group wil only consider products and

services from recognized supliers and subcontractors.

50NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.2 营运常规（续）

供应链管理（续）

除规范集团雇员在环境方面的表现外，供应

商及分包商必须遵守本集团的严格规定，藉

此履行企业社会责任。在项目地盘，指定人

员负责监督分包商进行的工程。分包商的任

何工程如未能符合集团规定，指定人员将会

指出有关问题。分包商须即刻纠正有关情况

直至符合我们的规定为止。同时，指定人士

对工作时间、休息时间及分包商采取的环保

措施进行监督。一旦分包商获得委聘，将每

半年对分包商在环境方面的表现进行评估以

确保一贯的环境表现。本集团亦将定期对供

应商进行评估，评定其在产品质量、包装材

料、稳定性、价格及交付时间方面的表现满

意程度。

客户服务承诺

本集团实行严格及贯彻一致的质量管控程

序，致力于维持高水平服务质量。例如，本

集团委派指定人士在项目现场监督全体工人

及承包商。指定人士需不时检查项目状况，

确保工程进度达致项目里程碑且可控。编制

场地记录旨在对工人及承包商所完成工作的

描述进行准确记录。管理层检讨及评估相关

记录，以确保所进行的工作符合本集团要

求。本集团会应客户要求举行进度会议，以

报告现有项目的进展情况。项目完成后，我

们的工作需接受客户检查，以确保工作已完

成且符合预期。

我们已建立客户沟通渠道，包括总部热线及

建筑地盘代表，以处理客户查询及投诉。我

们承诺处理一切查询及投诉，使客户满意，

并尽可能提供最佳的建筑服务。于本年度，

我们未收到客户对服务的投诉。鉴于我们的

业务性质，召回程序、因安全及健康原因

而被召回的已售或发货产品的百分比并不

适用。

I. SOCIAL (Continued)

I.2 Operating Practices (Continued)

Suply chain management (Continued)

Apart from regulating our employes on environmental

aspects, supliers and subcontractors must adhere to our

strict requirements in order to demonstrate corporate social

responsibility. On project sites, a designated person is in charge

of supervising the work done by subcontractors. Any work

performed by subcontractors that fals below the Group’s

requirements would be pointed out by the designated staf. The

subcontractor has to rectify the situation imediately until it

satisfies our requirements. The designated staf also monitors the

work hours, rest periods, and environmental measures taken by

the subcontractor. Once engaged, asesment on subcontractor’s

performance over environmental aspects would be conducted

half yearly to ensure consistent environmental performance. The

Group also evaluates supliers on a regular basis to evaluate how

satisfactorily they perform in terms of product quality, packaging

materials, stability, price, and delivery time.

Service pledge to our customer

The Group is dedicated to maintaining high service quality

through the aplication of stringent and thorough quality control

procedures. For instance, the Group has asigned designated

personel to supervise al workers and subcontractors at the

project site. The designated personel are required to check from

time to time the project status and ensure that the work schedule

can achieve project milestones and is under control. Site record

is prepared to acurately record the description of the work

done by the workers and the subcontractors. Such records are

reviewed and evaluated by the management to ensure that the

work performed are in acordance with the Group’s requirements.

Progres metings are held upon the customer’s request to report

the progres of the existing projects. Upon completion of projects,

our work is subject to inspection by customers to ensure it is

completed and mets their expectations.

We had set up customer comunication chanels, including

headquarter hotline and construction site representatives, for

handling customers enquiries and complaints. We pledge to

resolve any enquiries and complaints to the satisfaction of our

customers and deliver the best construction service we can ofer.

During the Year, there was no significant complains against the

services provided. Regarding our busines nature, recal procedure,

percentage of products sold or shiped subject to recals for safety

and health reasons is not aplicable.

51怡康泰工程集团控股有限公司二零二五年度报告

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.2 营运常规（续）

客户服务承诺（续）

资料私隐方面，本集团已严格要求任何于竞

标过程中接触到敏感客户资料的雇员对其保

密。我们亦限制资料的使用目的，未经客户

同意，不会向任何第三方披露敏感资料。

此外，本集团根据《个人资料（私隐）条例》等

相关法律法规管理客户、雇员及业务伙伴提

供的所有资料，以确保有关资料受到妥善

保护。

本集团深知我们有责任保护知识产权。我们

透过不侵犯他人的知识产权及自授权供应商

处购买许可软件以保护知识产权。

于本年度，本集团并无知悉任何与所提供服

务有关的健康及安全、广告、标签及私隐事

宜的相关法律及法规的违规行为。

反贪污

本集团预期全体雇员秉持高道德行为标准。

本集团严禁各种形式之欺诈、贿赂及贪污行

为。本集团已于内部手册中订明反贪污政策

及采购惯例。于任何采购、合约洽谈或其他

业务交往过程中，严令禁止收受回扣、佣金

或任何形式的利益。内部手册中的餽赠政

策列明处理及收受礼物及利益的必要程序及

手续。

本集团已设立举报机制，为利益相关者提供

平台，以匿名方式向本集团举报任何不当行

为及违规行为。于任何情况下，所呈报案件

将由高级管理层以迅速、公平及保密的方式

进行调查，并严格保密。

I. SOCIAL (Continued)

I.2 Operating Practices (Continued)

Service pledge to our customer (Continued)

With regards to data privacy, the Group has strictly required

that any employe who comes into contact with sensitive

customer information during the tendering proces shal kep it

confidentialy. We would also restrict the use of the information

for its purpose and would not disclose the sensitive information

to any third party without the customer’s consent. Meanwhile, the

Group manages al information provided by clients, employes

and busines partner in acordance with the related laws and

regulations such as Personal Data (Privacy) Ordinance to ensure

that information is under proper protection.

The Group acknowledge our responsibility in protecting

intelectual rights. We protect intelectual property rights by

not infringing other’s intelectual right and purchasing licensed

software from authorised supliers.

During the Year, the Group was not aware of any non-compliance

of relevant laws and regulations in relation to health and safety,

advertising, labeling and privacy maters relating to services

provided.

Anti-coruption

The Group expects al employes uphold a high standard of

ethical behaviour. The Group strongly prohibits al forms of fraud,

bribery, and coruption. The Group has formulated anti-coruption

policies and procurement practices in our internal manuals.

Aceptance of kickbacks, comisions or any forms of benefits are

strictly prohibited during any procurement, contract negotiation

or other busines dealing. Gift policy in our internal manuals

clearly states the required proces and procedure for handling and

acepting gifts and advantages.

The Group has established a whistle-blowing system which

created a platform for stakeholders to report any misconduct and

iregularity to the Group anonymously. The reported cases wil be

investigated in a prompt, fair and confidential maner with strict

confidentiality by senior management under any circumstances.

52NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Environmental, Social and Governance Report

环境、社会及管治报告

I. 社会（续）

I.2 营运常规（续）

反贪污（续）

该等手册亦载列有关利益冲突、知识产权、

私隐及资料保密、贿赂及贪腐以及平等机会

的指引。除编制手册外，本集团亦安排董事

及员工进行反贪污培训，向全体董事及高级

管理层传阅相关资料。我们亦于例会上发布

有关反腐败问题的最新资料。

我们并无发现本集团内发生任何涉嫌或实际

贿赂、勒索、欺诈及洗钱活动。与以往一

样，本集团于本年度并不知悉任何有关贿

赂、敲诈勒索、欺诈及洗钱的相关法律法规

的违规行为。此外，本年度内概无针对本集

团的已审结的贪污诉讼案件。

I.3 社区参与

本集团积极参与慈善活动，并鼓励员工利用

闲暇时间参与慈善活动，是本集团一贯政

策。于本年度，我们分别向中国星火基金会

捐款10,000港元、向啬色园捐款1,000港元、向

香港弱能儿童护助会捐款10,000港元，以及向

协盛营造有限公司捐款10,000港元，以支持上

述机构举办的活动。

未来可持续发展的方式

作为负责任雇主及优质服务提供商，本集团矢志持续积极

履行企业社会责任。我们将继续提供优质服务、维持环境

保护、坚持我们高标准的职业健康及安全、重视及关爱雇

员以及培养更多业内专业人士及青年人，向香港社会作出

贡献。

I. SOCIAL (Continued)

I.2 Operating Practices (Continued)

Anti-coruption (Continued)

The manuals also outline guidance over conflicts of interest,

intelectual property rights, privacy and information confidentiality,

bribery and coruption, and equal oportunities. Apart from the

manuals set up, the Group has also aranged anti-coruption

trainings to Directors and staf by circulating the related materials

to al Directors and senior management. We have also delivered

the updates of anti-coruption isues in our regular meting.

We have not observed any cases of bribery, extortion, fraud, or

money laundering activities within the Group, either actual or

suspected. Same as before, the Group did not aware of any non-

compliance of relevant laws and regulations in relation to bribery,

extortion, fraud and money laundering during the Year. Also, there

is no concluded legal cases regarding corupt practices brought

against us during the Year.

I.3 Comunity Involvement

It is the Group’s policy to actively participate in charitable activities

while also encouraging staf to participate during their leisure

time. During the Year, we have made donation of HK$10,000 to

China Star Light Charity Fund Asociation, HK$1,000 to Sik Sik

Yuen, HK$10,000 the Society of the Relief of Disabled Children and

HK$10,000 to Hip Seng Contracting Company Limited, to suport

activities held by these organisation.

FUTURE APROACH TOWARDS

SUSTAINABLE DEVELOPMENT

Being a responsible employer and quality service provider, the Group is

comited to consistently loking for ways to met the corporate social

responsibilities. We wil continue our eforts in providing high quality service,

maintaining environmental protection, upholding our high standard of

ocupational health and safety, valuing and being kind to our employe and

nurturing more and more industry profesionals and youth to contribute to the

Hong Kong society.

53怡康泰工程集团控股有限公司二零二五年度报告

Directors’ Report

董事会报告

董事谨此提呈截至二零二五年三月三十一日止年度本公司

之董事会报告连同经审核财务报表以及本集团之经审核综

合财务报表。

主要业务

本公司为一间投资控股公司，而其附属公司的主要业务为

提供泥水工程服务。其附属公司的主要业务之详情载于综

合财务报表附注16。

业务回顾

本集团截至二零二五年三月三十一日止年度的业务回顾载

于本报告「主席报告」及「管理层讨论及分析」中。

股息政策

董事会采纳股息政策（「股息政策」）。股息政策的详情披露

如下。

本公司采纳一般股息政策，旨在于任何财政年度自股东

应占本集团溢利向本公司股东提供股息，惟须遵守下列

准则。

股息的宣派及派付由董事会酌情决定，惟须遵守本公司经

修订及重列的组织章程大纲及细则下所有适用规定（包括

但不限于股息宣派及派付的限制）。

于提出任何股息支付时，董事会亦应考虑到（其中包括）：

• 本公司及本集团各其他成员公司之保留盈利及可分

派储备；

、股本回报率及本集团所

涉及的财务契诺的水平；

The Directors present their report together with the audited financial statements

of the Company and the audited consolidated financial statements of the Group

for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company, and its subsidiaries are

principaly engaged in the provision of wet trade works services. Details of the

principal activities of its subsidiaries are set out in Note 16 to the consolidated

financial statements.

BUSINES REVIEW

The busines review of the Group for the year ended 31 March 2025 is set out in

the “Chairman’s Statement” and “Management Discusion and Analysis” of this

report.

DIVIDEND POLICY

The Board has adopted a dividend policy (the “Dividend Policy”). Details of the

Dividend Policy is disclosed as below.

The Company adopts a general dividend policy that aims to provide shareholders

of the Company out of the Group’s profit atributable to shareholders in any

financial year, subject to the criteria set out below.

Such declaration and payment of dividends shal be determined at the discretion

of the Board and subject to al aplicable requirements (including without

limitation restrictions on dividend declaration and payment) under the amended

and restated memorandum and articles of asociation of the Company.

In proposing any dividend payout, the Board shal also take into acount, inter

alia:

’s actual and expected financial performance;

’ interests;

• retained earnings and distributable reserves of the Company and each of

the other members of the Group;

’s debt to equity ratio, return on equity and financial

covenants to which the Group is subject;

’s creditworthines;

• any restrictions on payment of dividends that may be imposed by the

Group’s lenders;

54NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors’ Report

董事会报告

’s expected working capital requirements and future expansion

plans;

• liquidity position and future comitments at the time of declaration of

dividend;

;

;

;

, busines cycle of the Group’s busines and

other internal or external factors that may have an impact on the busines

or financial performance and position of the Company; and

• other factors that the Board dems apropriate.

The Board may propose the payment of dividends, if any, with respect to the

Company’s shares on a per share basis.

In adition to cash, dividends may be distributed in the form of shares subject to

and in acordance with the procedures set out in the Company’s amended and

restated memorandum and articles of asociation.

Except for interim dividend, any dividends declared by the Company must be

aproved by an ordinary resolution of shareholders at the general meting and

must not exced the amount recomended by the Board. The Board may from

time to time pay to the shareholders such interim dividends as apear to the

Directors to be justified by the profits of the Company available for distribution.

The Company wil continualy review the Dividend Policy and reserves the

right in its sole and absolute discretion to update, amend and/or modify the

Dividend Policy at any time, and this Dividend Policy shal in no way constitute a

legaly binding comitment by the Company that dividends wil be paid in any

particular amount and/or in no way obligate the Company to declare a dividend

at any time or from time to time.

Pursuant to the Code Provision F.1.1 under Apendix C1 Corporate Governance

Code and Corporate Governance Report, the Company should disclose the

policy on payment of dividend in the anual report.

RESULTS AND DIVIDENDS

The results of the Group for the year ended 31 March 2025 are set out in the

consolidated statement of profit or los and other comprehensive income of this

report. The financial position of the Group and the Company as at 31 March 2025

are set out in the consolidated statement of financial position and Note 25 to the

consolidated financial statements respectively. The Directors do not recomend

the payment of a final dividend for the year ended 31 March 2025.

、本集团业务的商业周期及对本公司

业务或财务表现及状况可能有影响的其他内部或外

部因素；及

董事会可建议就本公司股份派付每股份的股息（如有）。

除现金外，股息可以股份形式分配，并按照本公司经修订

及重列的组织章程大纲及细则所载的程序进行。

除中期股息外，本公司宣派的任何股息必须经股东于股东

大会以普通决议案批准，且不得超过董事会建议之金额。

董事会可不时向股东派付董事基于本公司可供分派溢利认

为适当的中期股息。

本公司将不断检讨本股息政策并保留随时全权酌情决定更

新、修订及╱或修改本股息政策的权利，本股息政策绝不

构成本公司具有法律约束力的承诺，即股息将以任何特定

金额支付及╱或不以任何方式强制本公司于任何时间或不

时宣布股息。

根据附录C1所载的企业管治守则及企业管治报告之守则

条文第F.1.1条，本公司应于年报中披露有关派付股息的政

策。

业绩及股息

本集团截至二零二五年三月三十一日止年度的业绩载于本

报告的综合损益及其他全面收益表。本集团与本公司于二

零二五年三月三十一日的财务状况分别载于综合财务状况

表及综合财务报表附注25。董事不建议就截至二零二五年

三月三十一日止年度派付末期股息。

55怡康泰工程集团控股有限公司二零二五年度报告

Directors’ Report

董事会报告

CLOSURE OF THE REGISTER OF MEMBERS

The forthcoming anual general meting is scheduled to be held on 30

September 2025 (the “AGM”). For determining eligibility to atend and vote

at the AGM, the register of members of the Company wil be closed from 25

September 2025 to 30 September 2025, both days inclusive, during which

period no transfer of shares of the Company wil be registered. In order to atend

and vote at the AGM, al share transfer documents acompanied by the relevant

share certificates must be lodged with the share registrar of the Company in

Hong Kong, 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 24

September 2025. The record date for determining the eligibility of shareholders

to atend and vote at the AGM wil be 30 September 2025.

FINANCIAL SUMARY

A sumary of the results, asets and liabilities of the Group for the last five

financial years is set out on page 128 in this report. This sumary does not form

part of the audited consolidated financial statements of the Group.

PLANT AND EQUIPMENT

Details of movements in the plant and equipment of the Group during the

year ended 31 March 2025 are set out in Note 14 to the consolidated financial

statements.

DONATION

Charitable donations made by the Group during the year ended 31 March 2025

amounted to HK$31,000 (2024: nil).

SHARE CAPITAL

Details of movements in the Company’s share capital during the year ended

31 March 2025, together with the reasons thereof, are set out in Note 24 to the

consolidated financial statements.

RESERVES

Details of movements in the reserves of the Group and the Company during the

year ended 31 March 2025 are set out in consolidated statement of changes in

equity and Note 26 to the consolidated financial statements respectively.

SHARE OPTION SCHEME

The Company conditionaly adopted a share option scheme on 14 September

2017 (the “Scheme”). The terms of the Scheme are in acordance with the

provisions of Chapter 23 of the GEM Listing Rules. A sumary of the particulars

of the Scheme as required under Rule 23.09 of the GEM Listing Rules is set out in

Note 27 to the consolidated financial statements.

暂停办理股份过户登记手续

本公司预定于二零二五年九月三十日举行应届股东周年大

会（「股东周年大会」）。为厘定出席股东周年大会并于会上

投票的资格，本公司将由二零二五年九月二十五日至二零

二五年九月三十日（包括首尾两日）期间暂停办理股东登记

手续，期间不会进行本公司的股份过户登记。为出席股东

周年大会及于会上投票，所有股份过户文件连同相关股票

必须最迟于二零二五年九月二十四日下午四时三十分前交

回本公司香港股份过户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）。厘定股东出席

股东周年大会并于会上投票资格的记录日期为二零二五年

九月三十日。

财务概要

本集团最近五个财政年度的业绩、资产及负债概要载于本

报告第128页。本概要并不构成本集团经审核综合财务报

表的一部分。

厂房及设备

有关本集团于截至二零二五年三月三十一日止年度之厂房

及设备变动的详情载于综合财务报表附注14。

捐款

本集团于截至二零二五年三月三十一日止年度作出的慈善

捐款为31,000港元（二零二四年：零）。

股本

有关本公司于截至二零二五年三月三十一日止年度之股本

变动的详情及其原因载于综合财务报表附注24。

储备

有关本集团及本公司于截至二零二五年三月三十一日止年

度之储备变动的详情分别载于综合权益变动表及综合财务

报表附注26。

购股权计划

本公司已于二零一七年九月十四日有条件地采纳购股权计

划（「计划」）。计划的条款符合GEM上市规则第二十三章的

条文。根据GEM上市规则第23.09条规定的计划详情概要载

于综合财务报表附注27。

56NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors’ Report

董事会报告

The number of options available for grant under the Share Option Scheme as

at 1 April 2024 and 31 March 2025 was 12,000,000 and 12,000,000 respectively,

representing aproximately 4.78% and 4.78% the Shares in isue as at 1 April

2024 and 31 March 2025 respectively.

The number of Shares available for isue under the Share Option Scheme as at

the date of this report is 12,000,000, representing aproximately 4.78% of the

Shares in isue as at the date of this report.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the amended and restated

memorandum and articles of asociation of the Company or the laws of the

Cayman Islands, being the jurisdiction in which the Company is incorporated,

which would oblige the Company to ofer new shares on a pro rata basis to

existing shareholders.

RELATED PARTY TRANSACTIONS AND

CONECTED TRANSACTIONS

Details of the significant related party transactions of the Group for the year

ended 31 March 2025 are set out in Note 29 to the consolidated financial

statements. Al of the Group’s related party transactions are fuly exempted

from the independent shareholders’ aproval, anual review and al disclosure

requirements pursuant to the GEM Listing Rules.

To the best knowledge of the Directors, the Company has complied with the

aplicable disclosure requirements under the GEM Listing Rules in relation to

any conected transactions and continuing conected transactions.

DISTRIBUTABLE RESERVES

As at 31 March 2025, the Company’s reserves available for distribution to owners

amounted to aproximately HK$54.4 milion.

MAJOR CUSTOMERS AND SUPLIERS AND

SUBCONTRACTORS

During the year ended 31 March 2025, the percentage of the Group’s agregate

revenue atributable to the Group’s largest customer was aproximately 35.4%,

while the percentage of the Group’s total revenue atributable to the five largest

customers in agregate was aproximately 94.9%.

During the year ended 31 March 2025, the percentage of purchases atributable

to the Group’s largest suplier was aproximately 3.4% of the total direct costs

paid for the period, while the percentage of purchases atributable to the

Group’s five largest subcontractors and supliers acounted for aproximately

11.5% of the total direct costs paid.

于二零二四年四月一日及二零二五年三月三十一日，根据

购股权计划可供授出的购股权数目分别为12,000,000份及

12,000,000份，分别占于二零二四年四月一日及二零二五年

三月三十一日已发行股份约4.78%及4.78%。

于本报告日期，根据购股权计划可供发行的股份数目为

12,000,000股，占于本报告日期已发行股份约4.78%。

优先购买权

本公司经修订及重列的组织章程大纲及细则或开曼群岛

（即本公司注册成立的司法权区）法例并无载列优先购买权

条文，以规定本公司须按比例向现有股东发售新股份。

关联方交易及关连交易

截至二零二五年三月三十一日止年度，本集团重大关连方

交易详情载于综合财务报表附注29。根据GEM上市规则，

本集团所有关联方交易均全面获豁免遵守独立股东批准、

年度审核及所有披露规定。

就董事所深知，本公司已遵守GEM上市规则就任何关连交

易及持续关连交易的适用披露规定。

可供分派储备

于二零二五年三月三十一日，本公司可供分派予拥有人的

储备为约54.4百万港元。

主要客户以及供应商及分包商

于截至二零二五年三月三十一日止年度，本集团最大客户

应占本集团总收益百分比约为35.4%，而本集团五大客户

总计应占总收益百分比约为94.9%。

于截至二零二五年三月三十一日止年度，向本集团最大供

应商采购额占期内已付直接总成本的百分比约为3.4%，而

向本集团五大分包商及供应商采购额占已付直接总成本的

百分比约为11.5%。

57怡康泰工程集团控股有限公司二零二五年度报告

Directors’ Report

董事会报告

None of the Directors, or any of their close asociates or shareholders (which,

to the best knowledge of the Directors, own more than 5% of the Company’s

isued share capital) has any beneficial interest in the Group’s five largest

customers or supliers.

DIRECTORS

The composition of the Board during the year ended 31 March 2025 and up to

date of this report is set out as folows:

Executive Directors

Mr. Tse Chun Yuen (Chairman)

Mr. Tse Chun Kuen (Chief Executive Oficer)

Non-executive Director

Ms. Dang Hongying

Independent non-executive Directors

Mr. Wong Yiu Kwong Kenji

Ms. Chung Lai Ling

Mr. Tang Chi Wai

In acordance with the amended and restated articles of asociation of the

Company, at each anual general meting one third of the Directors for the

time being shal retire from ofice by rotation and every Director shal be subject

to retirement by rotation at least once every thre years. Such retiring Directors

may, being eligible, ofer themselves for re-election at the anual general

meting. Al Directors apointed by the Board to fil a casual vacancy shal hold

ofice until the first general meting of Shareholders after their apointment

and be subject to re-election at such meting and al Directors apointed by the

Board as an adition to the existing Board shal hold ofice only until the next

folowing anual general meting and shal then be eligible for re-election.

Any Director who has not ben subject to retirement by rotation in the thre

years preceding the anual general meting shal retire by rotation at such

anual general meting.

PERMITED INDEMNITY PROVISION

Pursuant to the amended and restated memorandum and articles of asociation

of the Company, the aplicable laws and regulations, every Director shal be

indemnified and secured harmles out of the asets and profits of the Company

against al actions, costs, charges, loses, damages and expenses which they or

any of them may incur or sustain in the execution of their duties in their ofices.

The Company has aranged liability insurance for Directors’ liabilities in respect

of legal actions against Directors arising out of corporate activities.

董事或彼等的任何紧密联系人或股东（据董事所深知拥有

本公司5%以上的已发行股本）概无于本集团五大客户或供

应商中拥有任何实益拥益。

董事

于截至二零二五年三月三十一日止年度及直至本报告日

期，董事会成员组成如下：

执行董事

谢振源先生（主席）

谢振干先生（行政总裁）

非执行董事

党鸿英女士

独立非执行董事

黄耀光先生

钟丽玲女士

邓智伟先生

根据本公司经修订及重列的组织章程细则，于每届股东周

年大会上，当时在任的三分之一董事须轮席退任，而所有

董事须最少每三年轮席退任一次。该等退任董事如符合资

格，可于股东周年大会上膺选连任。所有由董事会委任以

填补临时空缺的董事，其任期至获委任后首个股东大会为

止，并可于该大会上膺选连任，而所有获董事会委任作为

现有董事会新增成员的董事，其任期仅至下届股东周年大

会举行为止，届时将符合资格膺选连任。

于股东周年大会前三年并无轮值退任的任何董事须于该股

东周年大会上轮值退任。

获准弥偿条文

根据本公司经修订及重列的组织章程大纲及细则、适用法

律及法规，各董事获准以本公司资产及溢利作为弥偿保

证，以确保其不会因彼等或彼等任何一位于执行彼等于有

关职位的职责时招致或遭受的一切诉讼、成本、收费、损

失、损害及开支而受损。

本公司已就因企业活动而引起针对其董事的法律诉讼产生

的法律责任，为董事安排保险。

58NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors’ Report

董事会报告

DIRECTORS’ SERVICE CONTRACTS

None of the Directors has a service contract with the Company or any of its

subsidiaries which is not terminable by the Group within one year without

payment of compensation, other than statutory compensation.

DIRECTORS’ AND SENIOR MANAGEMENT’S

BIOGRAPHIES

Biographical details of the Directors and the senior management of the Group

are set out on pages 12 to 16 of this report.

EMOLUMENT OF DIRECTORS AND FIVE

HIGHEST PAID INDIVIDUALS

Details of the emoluments of the Directors and five individuals with highest

emoluments are set out in Note 11 to the consolidated financial statements.

The emolument of the highest paid individuals who are not the Directors for the

year ended 31 March 2025 are set out in Note 11 to the consolidated financial

statements. The emoluments of al Directors are covered by service contracts.

EMOLUMENT POLICY

The Company’s remuneration policy comprises primarily a fixed component

(in the form of a base salary) and a variable component (which includes

discretionary bonus and other merit-based payments), taking into acount other

factors such as their experience, level of responsibility, individual performance,

the profitability of our Group and general market conditions.

The Remuneration Comite wil met at least once each year to discus

remuneration related maters (including the remuneration of Directors and

senior management) and review the remuneration policy of the Group. It has

ben decided that Remuneration Comite would determine, with delegated

responsibility, the remuneration packages of individual executive Directors and

senior management.

RETIREMENT BENEFITS PLANS

Particulars of retirement benefits plans of the Group as at 31 March 2025 are set

out in Note 10 to the consolidated financial statements.

DIRECTORS’ INTEREST IN SIGNIFICANT

CONTRACTS

Save as to the related party transactions disclosed in Note 29 to the consolidated

financial statements, no Director had a material interest, either directly or

indirectly, in any transaction, arangement or contract of significance to which

the Company, its holding company or any of its subsidiaries was a party during

the year ended 31 March 2025.

董事服务合约

董事与本公司或其任何附属公司概无订立不作出赔偿（法

定赔偿除外）则不能于一年内由本集团终止的服务合约。

董事及高级管理层履历

有关董事及本集团高级管理层的履历载于本报告第12至16

页。

董事及五名最高薪酬人士的薪酬

有关董事及五名最高薪酬人士酬金的详情载于综合财务报

表附注11。于截至二零二五年三月三十一日止年度并非董

事之最高薪酬人士的酬金载于综合财务报表附注11。全体

董事的酬金均由服务合约涵盖。

薪酬政策

本公司薪酬政策主要有固定部分（以基本薪金形式）及可变

部分（包括酌情花红及其他劳绩奖赏）组成，并计及其他因

素（例如经验、责任水平、个人表现、本集团的盈利能力

及一般市况）。

薪酬委员会将每年至少举行一次会议，以讨论薪酬相关事

宜（包括董事及高级管理层的薪酬）及检讨本集团的薪酬政

策。薪酬委员会获委任负责厘定个别执行董事及高级管理

层的薪酬待遇。

退休福利计划

本集团于二零二五年三月三十一日的退休福利计划细节载

于综合财务报表附注10。

董事于重大合约的权益

除综合财务报表附注29披露的关联方交易外，董事概无在

截至二零二五年三月三十一日止年度以本公司、其控股公

司或其任何附属公司为其中一方且属重大的任何交易、安

排或合约中直接或间接拥有重大权益。

59怡康泰工程集团控股有限公司二零二五年度报告

Directors’ Report

董事会报告

CONTROLING SHAREHOLDERS’ INTERESTS

IN CONTRACTS

Save as disclosed in the section headed “Directors’ Report – Related Party

Transactions and Conected Transactions” above and in the section headed

“Relationship with our Controling Shareholders” in the Prospectus, neither the

Company nor any of its subsidiaries had entered into any contract of significance

with the Company’s controling shareholders (as defined in the GEM Listing

Rules) or their subsidiaries, or any contract of significance for the provision of

services to the Company or any of its subsidiaries by the Company’s controling

shareholders (as defined in the GEM Listing Rules) or their subsidiaries during the

year ended 31 March 2025.

MANAGEMENT CONTRACTS

Save for the service agrements (for executive Directors) and leters of

apointment (for the non-executive Directors and independent non-executive

Directors) with the Company entered into by each of the Directors, no contracts

concerning the management and administration of the whole and any

substantial part of the busines of the Company were entered into or existed

during the year ended 31 March 2025.

COMPETITION AND CONFLICT OF INTERESTS

None of the Directors or the controling shareholders of the Company (the

“Controling Shareholders”) or their respective close asociates (as defined

in the GEM Listing Rules) has engaged in any busines that competes or may

compete, either directly or indirectly, with the busineses of the Group or has or

may have any other conflict of interests with the Group during year ended 31

March 2025.

DIRECTORS’ RIGHT TO ACQUIRE SHARES OR

DEBENTURES

Apart from as disclosed under the paragraph headed “DIRECTORS’ AND CHIEF

EXECUTIVE’S INTEREST AND SHORT POSITION IN SHARES, UNDERLYING SHARES

AND DEBENTURES OF THE COMPANY OR ANY ASOCIATED CORPORATION”

below and the Scheme disclosures in Note 27 to the consolidated financial

statements, at no time during the year ended 31 March 2025 were rights to

acquire benefits by means of the acquisition of shares in the Company granted

to any Director or their respective spouse or children under 18 years of age, or

were any such rights exercised by them, or was the Company, or the Company’s

subsidiary or holding company or a subsidiary of the Company’s holding

company a party to any arangement to enable the Directors to acquire such

rights in any other body corporate.

控股东于合约的权益

除上文「董事会报告 – 关联方交易及关连交易」一节及招股

章程中「与控股东的关系」一节所披露者外，于截至二零

二五年三月三十一日止年度，本公司及其任何附属公司概

无与本公司控股东（定义见GEM上市规则）或其附属公司

订立任何重大合约，或就本公司控股东（定义见GEM上市

规则）或其附属公司向本公司或其任何附属公司提供服务

订立任何重大合约。

管理合约

除本公司与各董事订立的服务协议（执行董事）及委任函（非

执行董事及独立非执行董事）外，于截至二零二五年三月

三十一日止年度，概无订立或存在任何有关本公司全体及

任何主要部分业务的管理及行政合约。

竞争及利益冲突

于截至二零二五年三月三十一日止年度内，董事或本公司

控股东（「控股东」）或彼等各自的紧密联系人（定义见

GEM上市规则）概无从事与本集团业务直接或间接构成竞争

或可能构成竞争的任何业务或与本集团产生或可能产生任

何其他利益冲突。

董事购买股份或债权证的权利

除下文「董事及主要行政人员于本公司或任何相联法团的

股份、相关股份及债权证的权益及淡仓」一段所披露者及

综合财务报表附注27所载的计划披露事项外，于截至二零

二五年三月三十一日止年内任何时间，概无任何董事或彼

等各自的配偶或未满18岁的子女获授权可藉收购本公司股

份而获益、或行使任何该等权利，而本公司或本公司附属

公司或控股公司或本公司控股公司的附属公司亦无作出任

何安排致使董事可于任何其他法人团体获取该等权利。

Name	Capacity/Nature of interest	Total number of Shares	Percentage of shareholding
姓名	身份╱权益性质	股份总数	股权百分比

Name	Name of associated corporation	Capacity/Nature of interest	Number of share(s) held	Percentage of interest
姓名	相联法团名称	身份╱权益性质	所持股份数目	权益百分比

60NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors’ Report

董事会报告

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTEREST AND SHORT POSITION IN SHARES,

UNDERLYING SHARES AND DEBENTURES

OF THE COMPANY OR ANY ASOCIATED

CORPORATION

As at 31 March 2025, the interests and short positions of the Directors and 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 Securities and Futures Ordinance (“SFO”) which were notified to the

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

SFO (including interests or short positions which they were taken or demed to

have under such provisions of the SFO), or which were recorded in the register

required to be kept by the Company pursuant to Section 352 of the SFO, to be

entered in the register refered to therein or which are required to be notified to

the Company and the Stock Exchange pursuant to Rules 5.48 to 5.67 of the GEM

Listing Rules, are as folows:

Long position in ordinary shares of the Company

Mr. Tse Chun Yuen

(Note)

Interest in a controled corporation;

interest held jointly with another person

105,000,00037.99%

谢振源先生

（附注）

受控法团权益；与其他人士共同持有的权益

Mr. Tse Chun Kuen

(Note)

Interest in a controled corporation;

interest held jointly with another person

105,000,00037.99%

谢振干先生

（附注）

受控法团权益；与其他人士共同持有的权益

Note: Land Noble Holdings Limited (“Land Noble”) is beneficialy owned as to 50% by

Mr. Tse Chun Yuen and 50% by Mr. Tse Chun Kuen. On 9 May 2017, Mr. Tse Chun

Yuen and Mr. Tse Chun Kuen entered into the an acting in concert confirmation

to acknowledge and confirm, among other things, that they are parties acting in

concert within the meaning of the Hong Kong Code on Takeovers and Mergers.

By virtue of the SFO, Mr. Tse Chun Yuen and Mr. Tse Chun Kuen are demed to be

interested in the Shares held by Land Noble.

Long position in the ordinary shares of asociated

corporation – Land Noble

Mr. Tse Chun YuenLand NobleBeneficial owner150%

谢振源先生高地实益拥有人

Mr. Tse Chun KuenLand NobleBeneficial owner150%

谢振干先生高地实益拥有人

董事及主要行政人员于本公司或

任何相联法团的股份、相关股份

及债权证的权益及淡仓

于二零二五年三月三十一日，本公司董事及主要行政人员

于本公司或其任何相联法团（定义见证券及期货条例（「证券

及期货条例」）第XV部）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和8分部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条文视为或当作

拥有的权益或淡仓），或根据证券及期货条例第352条须由

本公司存置的登记册内记录，或根据GEM上市规则第5.48

至5.67条须知会本公司及联交所之权益或淡仓如下：

于本公司普通股的好仓

附注：高地控股有限公司（「高地」）分别由谢振源先生及谢振干先

生实益拥有50%及50%。于二零一七年五月九日，谢振源先

生及谢振干先生订立一致行动确认书，以承认及确认（其中

包括）彼等为一致行动人士（定义见香港公司收购及合并守

则）。根据证券及期货条例，谢振源先生及谢振干先生被视

为于高地持有之股份中拥有权益。

于相联法团普通股的好仓 – 高地

Name	Capacity/Nature of interest	Number of share(s) held	Percentage of interest in our Company
姓名╱名称	身份╱权益性质	所持股份数目	占本公司权益百分比

61怡康泰工程集团控股有限公司二零二五年度报告

Directors’ Report

董事会报告

Saved as disclosed above, as at 31 March 2025, none of the Directors nor the

chief executive of the Company had any interests or short positions in any

shares, underlying shares or debentures of the Company or any of its asociated

corporations (within the meaning of Part XV of the SFO) as recorded in the

or which were required, pursuant to Rules 5.48 to 5.67 of the GEM Listing Rules,

to be notified to the Company and the Stock Exchange.

SUBSTANTIAL SHAREHOLDERS’ AND OTHER

PERSONS’ INTEREST AND SHORT POSITIONS

IN SHARES AND UNDERLYING SHARES OF

THE COMPANY

As at 31 March 2025, the folowing person/entity (other than the Directors and

chief executives of the Company) had or were demed to have an interest or

a short position in the Shares or the underlying Shares of the Company which

would be required to be disclosed to the Company under the provisions of

Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register

of the Company required to be kept under Section 336 of the SFO, or who were

directly or indirectly, to be interested in 10% or more of the nominal value of

any clas of share capital carying rights to vote in al circumstances at general

metings of the Company or any other member of the Group:

Land NobleBeneficial owner105,000,00041.79%

高地实益拥有人

Ms. Or So Lan

(Note 1)

Interest of spouse105,000,00041.79%

柯素兰女士

（附注1）

配偶权益

Ms. Yap Ngi Yang

(Note 2)

Interest of spouse105,000,00041.79%

叶仪影女士

（附注2）

配偶权益

Mr. Wang WeBeneficial owner20,940,0007.57%

王伟先生实益拥有人

Mr. Sun YiyunBeneficial owner20,940,0007.57%

孙逸赟先生实益拥有人

Mr. Tse Man LongBeneficial owner14,200,0005.13%

车文龙先生实益拥有人

Notes:

1. Ms. Or So Lan is the spouse of Mr. Tse Chun Yuen. She is demed, or taken to be,

interested in al Shares in which Mr. Tse Chun Yuen is interested in for the purposes

of the SFO.

2. Ms. Yap Ngi Yang is the spouse of Mr. Tse Chun Kuen. She is demed, or taken

to be, interested in al Shares in which Mr. Tse Chun Kuen is interested in for the

purposes of the SFO.

除上文所披露者外，于二零二五年三月三十一日，概无董

事或本公司主要行政人员于本公司或其任何相联法团（定

义见证券及期货条例第XV部）的股份、相关股份或债权证

中拥有任何根据证券及期货条例第352条须登记于由本公

司存置的登记册内或根据GEM上市规则第5.48至5.67条须知

会本公司及联交所的权益或淡仓。

主要股东及其他人士于本公司股

份及相关股份的权益及淡仓

于二零二五年三月三十一日，以下人士╱实体（董事及本

公司主要行政人员除外）于本公司的股份或相关股份中拥

有或被视为拥有根据证券及期货条例第XV部第2及3分部的

条文须向本公司披露的权益或淡仓，或已登记于本公司根

据证券及期货条例第336条须备存的登记册内的权益或淡

仓，或直接或间接持有附有权利可于任何情况下在本公司

或本集团任何其他成员公司股东大会上投票的任何类别股

本面值10%或以上的权益：

附注：

。因此，就证券及期货条

例而言，彼被视为或当作于谢振源先生拥有权益的股份中

拥有权益。

。因此，就证券及期货条

例而言，彼被视为或当作于谢振干先生拥有权益的股份中

拥有权益。

62NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors’ Report

董事会报告

Save as disclosed above, as at 31 March 2025, none of the substantial or

significant shareholders or other persons, other than the Directors and chief

executives of the Company whose interests are set out in the section “Directors’

Report – Directors’ and Chief Executives’ Interests and Short Positions in Shares,

Underlying Shares and Debentures” above, had or was demed to have

an interest or a short position in the shares or the underlying shares of the

Company which would be required to be disclosed to the Company and the

Stock Exchange under the provisions of Division 2 and 3 of Part XV of the SFO, or

which were recorded in the register of the Company remained to be kept under

Section 336 of the SFO, or who were directly or indirectly, interested in 10% or

more of the nominal value of any clas of share capital carying rights to vote in

al circumstances at general metings of the Company or any other members of

the Group.

PURCHASE, SALE OR REDEMPTION OF

LISTED SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries has purchased, sold or redemed

any of the Company’s shares during the year ended 31 March 2025.

NON-COMPETITION UNDERTAKINGS

In order to avoid any posible future competition betwen the Group and the

controling shareholders of the Company (the “Controling Shareholder”), Mr.

Tse Chun Yuen, Mr. Tse Chun Kuen and Land Noble (each a “Covenantor” and

colectively the “Covenantors”) have entered into the ded of non-competition

(the “Ded of Non-competition”) with the Company (for itself and for the

benefit of each other member of the Group) on 14 September 2017. Pursuant

to the Ded of Non-competition, each of the Covenantors has irevocably and

unconditionaly undertaken to the Company (for itself and as truste of its

subsidiaries) that, during the period that the Ded of Non-competition remains

efective, he/it shal not, and shal procure that his/its asociates (other than any

member of the Group) not to develop, acquire, invest in, participate in, cary

on or be engaged, concerned or interested or otherwise be involved, whether

directly or indirectly, in any busines in competition with or likely to be in

competition with the existing busines activity of any member of the Group.

Each of the Covenantors further undertakes that if any of he/it or his/its close

asociates other than any member of the Group is ofered or becomes aware of

any busines oportunity which may compete with the busines of the Group,

he/it shal (and he/it shal procure his/its asociates to) notify the Group in

writing and the Group shal have a right of first refusal to take up such busines

oportunity. The Group shal, within 6 months after receipt of the writen

notice (or such longer period if the Group is required to complete any aproval

procedures as set out under the GEM Listing Rules from time to time), notify the

Covenantor(s) whether the Group wil exercise the right of first refusal or not.

除上文所披露者外，于二零二五年三月三十一日，主要股

东或高持股量股东或其他人士（于上文「董事会报告－董事

及主要行政人员于股份、相关股份及债权证的权益及淡

仓」一节所载拥有权益的董事及本公司主要行政人员除外）

概无于本公司股份或相关股份中，拥有或被视为拥有根据

证券及期货条例第XV部第2及第3分部条文须向本公司及联

交所披露，或登记于本公司根据证券及期货条例第336条

须备存的登记册内的权益或淡仓，或直接或间接于附带权

利于所有情况下于本公司或本集团任何其他成员公司股东

大会上投票的任何类别股本面值10%或以上的权益。

购买、出售或赎回本公司上市证

券

于截至二零二五年三月三十一日止年度，本公司或其任何

附属公司概无购买、出售或赎回任何本公司股份。

不竞争承诺

为免本集团与本公司控股东（「控股东」）之间未来出现

任何可能竞争，谢振源先生、谢振干先生及高地（各自为

「契诺人」，合称「契诺人」）已于二零一七年九月十四日与本

公司（为其本身及本集团其他各成员公司的利益）订立不竞

争契据（「不竞争契据」）。根据不竞争契据，契诺人各自不

可撤回地及无条件地向本公司（就其本身及作为其附属公

司的受托人）承诺，在不竞争契据仍然生效期间，彼将不

会且将促使其联系人（本集团任何成员公司除外）不会（无论

直接或间接）发展、收购、投资、参与、进行、从事、涉

及或有意参与或以其他方式参与任何与本集团任何成员公

司现有业务活动竞争或可能构成竞争的业务，或于其中拥

有权益或以任何其他方式参与其中。

各契诺人进一步承诺，倘本身或其紧密联系人（本集团任

何成员公司除外）获得或获悉任何与本集团业务可能构成

竞争的商机，其会自行及促使其联系人以书面方式知会本

集团，而本集团将拥有获取此类商机的优先购买权。本集

团将在收到书面通知后六个月内（或GEM上市规则不时规定

本集团完成任何审批程序所需的更长时间）通知契诺人本

集团是否会行使优先购买权。

63怡康泰工程集团控股有限公司二零二五年度报告

Directors’ Report

董事会报告

The Group shal only exercise the right of first refusal upon the aproval of al

the independent non-executive Directors (who do not have any interest in such

oportunity). The relevant Covenantor(s) and the other conflicting Directors (if

any) shal abstain from participating in and voting at and shal not be counted

as quorum at al metings of the Board where there is a conflict of interest or

potential conflict of interest including but not limited to the relevant meting

of the independent non-executive Directors for considering whether or not to

exercise the right of first refusal.

Each of the Covenantors also gave certain non-competition undertakings under

the Ded of Non-competition as set out in the paragraph headed “RELATIONSHIP

WITH OUR CONTROLING SHAREHOLDERS – DED OF NON-COMPETITION” in

the Prospectus.

During the year ended 31 March 2025, the Company had not received any

information in writing from any of the Controling Shareholders in respect of

any new busines oportunity which competed or might compete with the

existing and future busines of the Group which were ofered to or came to be

the knowledge of the Controling Shareholders or their asociates (other than

any member of the Group), and the Company has received an anual writen

confirmation from each Controling Shareholder of the Company in respect of

him/it and his/its asociates in compliance with the Ded of Non-competition.

The independent non-executive Directors have also reviewed and were satisfied

that each of the Controling Shareholders had complied with the Ded of Non-

competition.

CORPORATE GOVERNANCE

Details of the Company’s corporate governance practices are set out in the

Corporate Governance Report on pages 17 to 34 of this report.

SUFICIENCY OF PUBLIC FLOAT

As at the date of this report, based on information that is publicly available to

the Company and to the best knowledge of the Directors, the Directors confirm

that the Company maintained the public float as required under the GEM Listing

Rules.

EQUITY-LINKED AGREMENTS

Save as disclosed in this report, there was no equity-linked agrement entered

into by the Company during the year ended 31 March 2025.

本集团仅在获得全体独立非执行董事（彼等于该等商机当

中并无拥有任何权益）之批准后方可行使优先购买权。有

关契诺人及其他有利益冲突的董事（如有）不得参与存在利

益冲突或潜在利益冲突之所有董事会议（包括但不限于

独立非执行董事为考虑是否行使优先购买权的有关会议）

及在会上投票，且不得计入法定人数。

各契诺人亦根据不竞争契据作出若干不竞争承诺，详情载

于招股章程「与控股东的关系－不竞争契据」一段。

于截至二零二五年三月三十一日止年度，本公司并无自任

何控股东以书面形式收取任何有关与本集团现有及未来

业务竞争或可能竞争的任何新业务机遇的资料，而该等资

料乃控股东或其联系人（本集团任何成员公司除外）已获

提供或已知悉，以及本公司已收到本公司各控股东有关

其及其联系人遵守不竞争契据的年度确认书。

独立非执行董事亦已审阅并信纳各控股东已遵守不竞争

契据。

企业管治

有关本公司企业管治常规的详情载于本报告第17至34页的

企业管治报告。

足够公众持股量

于本报告日期，根据本公司可公开取得的资料及据董事所

深知，董事确认本公司已维持GEM上市规则规定的公众持

股量。

股票挂钩协议

除本报告所披露者外，于截至二零二五年三月三十一日止

年度，本公司并无订立股票挂钩协议。

64NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025

Directors’ Report

董事会报告

独立非执行董事的独立性

本公司已接获各独立非执行董事根据GEM上市规则第5.09

条就其独立性所发出的年度确认书，且本公司认为所有独

立非执行董事均为独立人士。

独立核数师

于二零二零年十二月二十二日，国卫会计师事务所有限公

司（「国卫」）辞任本公司核数师，而中汇安达会计师事务所

有限公司获委任为本公司核数师，以填补因国卫辞任而产

生之空缺。

于二零二四年九月十三日，中汇安达会计师事务所有限公

司辞任本公司核数师，而北京兴华鼎丰会计师事务所有限

公司获委任为本公司核数师，以填补因中汇安达会计师事

务所有限公司辞任而产生之空缺。

本集团截至二零二五年三月三十一日止年度的综合财务报

表已经由北京兴华鼎丰会计师事务所有限公司审核。本公

司将于应届股东周年大会上提呈决议案续聘北京兴华鼎丰

会计师事务所有限公司为本公司核数师。

代表董事会

主席及执行董事

谢振源先生

香港，二零二五年六月二十六日

INDEPENDENCE OF INDEPENDENT NON-

EXECUTIVE DIRECTORS

The Company has received from each of the independent non-executive

Directors anual writen confirmation of his or her independence pursuant

to Rule 5.09 of the GEM Listing Rules and the Company considers al the

independent non-executive Directors to be independent.

INDEPENDENT AUDITOR

On 22 December 2020, HLB Hodgson Impey Cheng Limited (“HLB”) resigned as

the auditor of the Company and ZHONGHUI ANDA CPA Limited was apointed

as the auditors of the Company to fil the vacancy folowing the resignation of

HLB.

On 13 September 2024, ZHONGHUI ANDA CPA Limited resigned as the auditor

of the Company and Beijing Xinghua Caplegend CPA Limited was apointed

as the auditors of the Company to fil the vacancy folowing the resignation of

ZHONGHUI ANDA CPA Limited.

The consolidated financial statements of the Group for the year ended 31 March

2025 were audited by Beijing Xinghua Caplegend CPA Limited. A resolution wil

be proposed at the forthcoming anual general meting of the Company to

re-apoint Beijing Xinghua Caplegend CPA Limited Limited as auditors of the

Company.

On Behalf of the Board

Mr. Tse Chun Yuen

Chairman and executive Director

Hong Kong, 26 June 2025

怡康泰工程集团控股有限公司二零二五年度报告65

Independent Auditor’s Report

独立核数师报告

致怡康泰工程集团控股有限公司股东

（于开曼群岛注册成立的有限公司）

意见

我们已审核怡康泰工程集团控股有限公司及其附属公司

（统称为「贵集团」）载于第71至127页之综合财务报表，此

综合财务报表包括于二零二五年三月三十一日之综合财务

状况表、截至该日止年度之综合损益及其他全面收益表、

综合权益变动表及综合现金流量表，以及综合财务报表附

注，包括重大会计政策资料及解说资料。

我们认为，此综合财务报表乃根据香港会计师公会（「香港

会计师公会」）颁布的香港财务报告准则（「香港财务报告准

则」）真实而公平地反映贵集团于二零二四年三月三十一

日之综合财务状况及截至该日止年度之综合财务表现及

综合现金流量，并已按照香港公司条例之披露规定妥为

编制。

意见的基础

我们已根据香港会计师公会颁布的香港审核准则（「香港审

核准则」）进行审核。我们就该等准则承担的责任在本报告

核数师就审核综合财务报表须承担的责任部分中进一步

详述。根据香港会计师公会的职业会计师道德守则（「守

则」），我们独立于贵集团，并已按照守则履行其他道德

责任。我们相信，我们所获得的审核凭证能充足及适当地

为我们的意见提供基础。

关键审核事项

关键审核事项是根据我们的专业判断，对当前期间的综合

财务报表的审核最为重要的事项。该等事项是在我们审核

整体综合财务报表及出具意见时进行处理。我们不会对该

等事项提供单独的意见。

TO THE SHAREHOLDERS OF

NOBLE ENGINERING GROUP HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Noble Enginering

Group Holdings Limited and its subsidiaries (colectively refered to as the

“Group”) set out on pages 71 to 127, which comprise the consolidated

statement of financial position as at 31 March 2025, and the consolidated

statement of profit or los and other comprehensive income, consolidated

statement of changes in equity and consolidated statement of cash flows for the

year then ended, and notes to the consolidated financial statements, including

material acounting policy information and explanatory information.

In our opinion, the consolidated financial statements give a true and fair view

of the consolidated financial position of the Group as at 31 March 2025, and of

its consolidated financial performance and its consolidated cash flows for the

year then ended in acordance with Hong Kong Financial Reporting Standards

(“HKFRSs”) isued by the Hong Kong Institute of Certified Public Acountants

(the “HKICPA”) and have ben properly prepared in compliance with the

disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on Auditing

(“HKSAs”) isued by the HKICPA. Our responsibilities under those standards

are further described in the Auditor’s Responsibilities for the Audit of the

Consolidated Financial Statements section of our report. We are independent

of the Group in acordance with the HKICPA’s Code of Ethics for Profesional

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

in acordance with the Code. We believe that the audit evidence we have

obtained is suficient and apropriate to provide a basis for our opinion.

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgment, were of

most significance in our audit of the consolidated financial statements of the

curent period. These maters were adresed in the context of our audit of

the consolidated financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these maters.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202566

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独立核数师报告

建筑服务收益的确认

兹提述综合财务报表附注6。

贵集团的收益及溢利乃根据承包服务合约总结果及承包服

务工作完成进度的估计确认。该等估计对我们的审核意义

重大，因为截至该日止年度的建筑收益约为325,629,000港

元，对综合财务报表而言属重大。此外，贵集团的估计

涉及行使判断，并可能受到各种不确定因素的影响，而该

等不确定因素取决于未来事件的结果，从而导致整个合约

期间的修订。

我们的审核程序包括（其中包括）：

– 了解管理阶层对收入确认的内部控管与评估程序；

– 以抽样方式选取若干服务合约，针对主要条款进行

合约审阅，并评估管理层就收入确认方法所采用基

准之合理性；

– 以抽样方式针对合约执行下列程序：

– 与项目管理人员讨论，以了解建筑项目的完

工进度；

– 检查证明文件，如完工进度证明等；及

– 测试根据完工进度确认的收入及合约收入的

数学准确性。

– 透过审阅管理层在结算日前后用以确认收入的证明

文件（如完工进度证明等）进行截止性测试，以评估

收入是否已在正确的会计期间确认。

我们认为，贵集团建筑服务收益的确认已获现有凭证支

持。

Recognition of construction service revenue

Refer to Note 6 to the consolidated financial statements.

The Group’s revenue and profit recognised are based on estimates of the

total outcome of the contracting service contracts and the progres towards

completion of contracting service works. These estimates are significant to our

audit because the construction revenue of aproximately HK$325,629,000 for the

year then ended is material to the consolidated financial statements. In adition,

the Group’s estimates involve aplication of judgement and can be afected by a

variety of uncertainties that depend on the outcome of future events resulting in

revisions throughout the contract period.

Our audit procedures included, among others:

– Understanding management’s internal control and asesment proces

of revenue recognition;

– Selecting a number of service contracts on a sample basis, performed

contract reviews on major terms and asesed the reasonablenes of the

basis adopted by management in relation to the revenue recognition

method;

– Performing the folowing procedures for contracts on a sample basis:

– Discusing with project management personel to obtain

an understanding of the progres towards completion of the

construction projects;

– Examining the suporting documents, such as certificate of the

progres towards completion, etc.; and

– Testing the mathematical acuracy of the revenue recognised

based on the progres towards completion and the contract

revenue.

– Performing cut-of tests by examining the suporting documents that

management used to recognise the revenue before and after the balance

shet date, such as certificate of the progres towards completion etc.

to ases whether the revenue had ben recognised in the corect

acounting period.

We consider that the Group’s recognition of construction service revenue is

suported by the available evidence.

怡康泰工程集团控股有限公司二零二五年度报告67

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独立核数师报告

合约资产以及贸易及其他应收款项

兹提述综合财务报表附注18及19。

贵集团测试合约资产以及贸易及其他应收款项金额减值。

该减值测试对我们的审核意义重大，因为于二零二五年三

月三十一日的合约资产以及贸易及其他应收款项结余分别

约为52,223,000港元及21,506,000港元，对综合财务报表而

言属重大。此外，贵集团的减值测试涉及行使判断，并

基于估计。

我们的审核程序包括（其中包括）：

– 了解贵集团的合约资产以及贸易及其他应收款项

的内部控制及减值评估程序；

– 邀请外部评估专家评估计预期信贷亏损时所使用

的重要假设，例如历史违约数据及前瞻性资料；

– 评估贵集团聘用的独立合资格专业估值师的资

质、能力及客观性；

– 评估独立合资格专业估值师采用的估值方法及假设

是否恰当；

– 抽样检查客户的后续结算；及

– 评估综合财务报表所披露事项的适当性与充分性。

我们认为，贵集团就合约资产以及贸易及其他应收款项

所进行之减值测试已获现有凭证支持。

其他事项

贵公司截至二零二四年三月三十一日止年度的财务报表已

由另一核数师审核，该核数师已于二零二四年六月二十八

日对该等报表发表无修订意见。

Contract asets and trade and other receivables

Refer to Notes 18 and 19 to the consolidated financial statements.

The Group tested the amount of contract asets and trade and other receivables

for impairment. This impairment test is significant to our audit because the

balances of contract asets and trade and other receivables of aproximately

HK$52,223,000 and HK$21,506,000 respectively as at 31 March 2025 are material

to the consolidated financial statements. In adition, the Group’s impairment

test involves aplication of judgement and is based on estimates.

Our audit procedures included, among others:

– Understanding of the Group’s internal control and asesment proces of

impairment of contract asets and trade and other receivables;

– Involving external valuation expert in asesing the significant

asumptions used in estimating the expected credit los, such as

historical default data and forward-loking information;

– Evaluating the competence, capabilities and objectivity of the

independent qualified profesional valuer engaged by the Group;

– Asesing the apropriatenes of valuation methodology and

asumptions adopted by the independent qualified profesional valuer;

– Checking subsequent setlements from the customers on a sample basis;

and

– Asesing the apropriatenes and adequacy of the disclosures made in

the consolidated financial statements.

We consider that the Group’s impairment test for contract asets and trade and

other receivables is suported by the available evidence.

OTHER MATER

The financial statements of the Company for the year ended 31 March 2024,

were audited by another auditor who expresed an unmodified opinion on

those statement on 28 June 2024.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202568

Independent Auditor’s Report

独立核数师报告

其他资料

董事须对其他资料负责。其他资料包括贵公司年报内所

载的所有资料，惟不包括综合财务报表及吾等就此发出的

核数师报告。

我们对综合财务报表的意见并不涵盖其他资料，我们亦不

就此发表任何形式的鉴证结论。

于我们审核综合财务报表时，我们的责任为阅读其他资

料，在此过程中，考虑其他资料是否与综合财务报表或我

们在审核过程中所了解的情况有重大不符，或者存在重大

错误陈述。

基于我们已执行的工作，倘我们认为其他资料有重大错误

陈述，则我们需要报告该事实。在此方面，我们并没有任

何报告。

董事及审核委员会就综合财务报

表须承担的责任

董事负责根据香港会计师公会颁布的香港财务报告准则及

香港公司条例的披露规定拟备真实而中肯的综合财务报

表，并对董事认为使综合财务报表的拟备不存在由于欺

诈或错误而导致的重大错误陈述所需的内部控制负责。

在编制综合财务报表时，董事负责评估贵集团持续经营

的能力，并在适用情况下披露与持续经营有关的事项，以

及使用持续经营为会计基础，惟董事有意将贵集团清盘

或停止经营或别无其他实际的替代方案则另作别论。

审核委员会负责监督贵集团的财务报告程序。

OTHER INFORMATION

The directors are responsible for the other information. The other information

comprises al the information in the Company’s anual report, but does not

include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other

information and we do not expres any form of asurance conclusion thereon.

In conection with our audit of the consolidated financial statements, our

responsibility is to read the other information and, in doing so, consider whether

the other information is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or otherwise apears to be

materialy mistated.

If, based on the work we have performed, we conclude that there is a material

mistatement of this other information, we are required to report that fact. We

have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS

AND AUDIT COMITE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated financial

statements that give a true and fair view in acordance with HKFRSs isued by

the HKICPA and the disclosure requirements of the Hong Kong Companies

Ordinance, and for such internal control as the directors determine is necesary

to enable the preparation of consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are responsible

for asesing the Group’s ability to continue as a going concern, disclosing, as

aplicable, maters related to going concern and using the going concern basis

of acounting unles the directors either intend to liquidate the Group or to

cease operations, or have no realistic alternative but to do so.

The Audit Comite are responsible for overseing the Group’s financial

reporting proces.

怡康泰工程集团控股有限公司二零二五年度报告69

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独立核数师报告

核数师就审核综合财务报表须承

担的责任

我们的目标是对综合财务报表整体是否不存在由于欺诈

或错误而导致的重大错误陈述取得合理保证，并出具包

括我们意见的核数师报告。根据协定的委聘条款，吾等

仅向阁下（作为整体）报告，除此之外本报告别无其他目

的。我们不会就本报告的内容向任何其他人士负上或承担

责任。

合理保证是高水平的保证，但不能保证按照香港审核准则

进行的审核总能发现存在的重大错误陈述。错误陈述可以

由欺诈或错误引起，倘合理预期其单独或汇总可能影响使

用者依赖该等综合财务报表所作出的经济决定，则有关错

误陈述被视作重大。

根据香港核数准则进行审核时，我们运用专业判断，于整

个审核过程中保持专业怀疑态度。我们亦：

– 识别及评估综合财务报表由于欺诈或错误而导致的

重大错误陈述风险，因应此等风险设计及执行审核

程序，获得充足及适当审核凭证为我们的意见提供

基础。由于欺诈涉及合谋串通、伪造、故意遗漏、

误导性陈述或凌驾内部控制，因此未能发现由此造

成的重大错误陈述风险较未能发现由于错误而导致

的重大错误陈述风险更高。

– 了解与审核有关的内部控制，以设计恰当的审核程

序，但并非旨在对贵集团内部控制的有效程度发

表意见。

– 评估所用会计政策是否恰当，以及董事所作会计估

算及相关披露是否合理。

– 总结董事采用以持续经营为基础的会计法是否恰

当，并根据已获取的审核凭证，总结是否有对贵

集团持续经营的能力构成重大疑问的事件或情况等

重大不确定因素。倘我们总结认为存在重大不确定

因素，我们需于核数师报告中提请注意综合财务报

表内的相关资料披露，或如果相关披露不足，则修

订我们的意见。我们的结论以截至核数师报告日期

所获得的审核凭证为基础，惟未来事件或情况可能

导致贵集团不再具有持续经营的能力。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s report

that includes our opinion. This report is made solely to you, as a body, and for no

other purpose. We do not asume responsibility towards or acept liability to any

other person for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a guarante that

an audit conducted in acordance with HKSAs wil always detect a material

mistatement when it exists. Mistatements can arise from fraud or eror and are

considered material if, individualy or in the agregate, they could reasonably

be expected to influence the economic decisions of users taken on the basis of

these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgement and maintain profesional skepticism throughout the audit. We also:

– Identify and ases the risks of material mistatement of the consolidated

financial statements, whether due to fraud or eror, design and perform

audit procedures responsive to those risks, and obtain audit evidence that

is suficient and apropriate to provide a basis for our opinion. The risk

of not detecting a material mistatement resulting from fraud is higher

than for one resulting from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the overide of internal

control.

– Obtain an understanding of internal control relevant to the audit in order

to design audit procedures that are apropriate in the circumstances, but

not for the purpose of expresing an opinion on the efectivenes of the

Group’s internal control.

– Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made by

the directors.

– Conclude on the apropriatenes of the directors’ use of the going

concern basis of acounting and, based on the audit evidence obtained,

whether a material uncertainty exists related to events or conditions that

may cast significant doubt on the Group’s ability to continue as a going

concern. If we conclude that a material uncertainty exists, we are required

to draw atention in our auditor’s report to the related disclosures in the

consolidated financial statements or, if such disclosures are inadequate,

to modify our opinion. Our conclusions are based on the audit evidence

obtained up to the date of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a going concern.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202570

Independent Auditor’s Report

独立核数师报告

– 评估综合财务报表（包括资料披露）的整体列报、架

构及内容，以及综合财务报表是否已中肯反映相关

交易及事项。

– 计划并执行集团审核，以就集团旗下实体或业务单

位财务资料获取充足合适的审核凭证，作为构成集

团财务报表意见的基础。就集团审核而言，我们须

负责指导、监督及检讨所进行的审核工作。我们须

为我们的审核意见承担全部责任。

我们就（其中包括）审核工作的计划范围及时间安排及重大

审核发现，包括我们于审核期间识别出内部监控的任何重

大缺陷与审核委员会沟通。

我们亦向审核委员会提交声明，说明我们已遵守有关独立

性的道德要求，并就所有被合理认为可能影响我们的独立

性的关系及其他事宜及为消除威胁而采取的行动或应用的

防范措施（如适用）与审核委员会沟通。

我们从与审核委员会沟通的事项中，决定哪些事项对本期

综合财务报表的审核工作最为重要，因而构成关键审核事

项。除非法律或法规不容许公开披露此等事项，或于极罕

有的情况下，我们认为披露此等事项可合理预期的不良后

果将超越公众知悉此等事项的利益而不应于报告中披露，

否则我们会于核数师报告中描述此等事项。

北京兴华鼎丰会计师事务所有限公司

执业会计师

李师熹

审计项目董事

执业证书编号P07720

香港，二零二五年六月二十六日

– Evaluate the overal presentation, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the underlying

transactions and events in a maner that achieves fair presentation.

– Plan and perform the group audit to obtain suficient apropriate audit

evidence regarding the financial information of the entities or busines

units within the group as a basis for forming an opinion on the group

financial statements. We are responsible for the direction, supervision and

review of the audit work performed for purposes of the group audit. We

remain solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among other maters,

the planed scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that we identify during

our audit.

We also provide the Audit Comite with a statement that we have

complied with relevant ethical requirements regarding independence, and to

comunicate with them al relationships and other maters that may reasonably

be thought to bear on our independence, and where aplicable, actions taken

to eliminate threats or safeguards aplied.

From the maters comunicated with the Audit Comite, we determine

those maters that were of most significance in the audit of the consolidated

financial statements of the curent period and are therefore the key audit

maters. We describe these maters in our auditor’s report unles law or

regulation precludes public disclosure about the mater or when, in extremely

rare circumstances, we determine that a mater should not be comunicated in

our report because the adverse consequences of doing so would reasonably be

expected to outweigh the public interest benefits of such comunication.

Beijing Xinghua Caplegend CPA Limited

Certified Public Acountants

Le Sze Hei

Audit Engagement Director

Practising Certificate Number P07720

Hong Kong, 26 June 2025

	2025	2024
	二零二五年	二零二四年
Notes	HK$’000	HK$’000
附注	千港元	千港元

325,629
(323,127)
2,502
174
(11,455)
(808)
(17)
(9,604)
132
(9,472)
(70)
(9,542)
(0.03)

怡康泰工程集团控股有限公司二零二五年度报告71

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

Revenue收益6320,746

Direct costs直接费用(319,110)

Gros profit毛利 1,636

Other income and gain其他收入及收益7258

Administrative and other operating expenses行政及其他经营开支(12,544)

Net impairment loses of financial asets and

contract asets

金融资产及合约资产之减亏损

净额18, 19(1,298)

Finance costs融资成本8(27)

Los before tax除税前亏损(11,975)

Income tax credit所得税抵免9181

Los for the year年内亏损10(11,794)

Other comprehensive expense, net of tax其他全面亏损，扣除税项

Item that wil not be reclasified to profit or los不会重新分类至损益之项目

Fair value los of equity investment at fair value

through other comprehensive income

按公平值计入其他全面收益的

股本投资之公平值亏损–

Total comprehensive expense for the year

atributable to owners of the Company

本公司拥有人应占年内全面开支

总额(11,794)

Los per share每股亏损13

– Basic and diluted (HK$) – 基本及摊薄（港元）(0.04)

The above consolidated statement of profit or los and other comprehensive

income should be read in conjunction with the acompany notes.

上述综合损益及其他全面收益表应与随附的附注一并阅

读。

	2025	2024
	二零二五年	二零二四年
Notes	HK$’000	HK$’000
附注	千港元	千港元

810
148
–
668
1,626
52,223
21,506
5,518
12,965
92,212
15,510
123
15,633
76,579
78,205
580
28
608
77,597
13,819
63,778
77,597

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202572

As at 31 March 2025 于二零二五年三月三十一日

Consolidated Statement of Financial Position

综合财务状况表

Non-curent asets非流动资产

Plant and equipment厂房及设备141,229

Right-of-use asets使用权资产15345

Equity investment at fair value through other

comprehensive income

按公平值计入其他全面收益之

股本投资1770

Defered tax asets递延税项资产23536

2,180

Curent asets流动资产

Contract asets合约资产1853,868

Trade and other receivables贸易及其他应收款项1922,563

Pledged bank deposits已抵押银行存款205,396

Cash and cash equivalents现金及现金等价物2029,669

111,496

Curent liabilities流动负债

Trade and other payables贸易及其他应付款项2126,184

Lease liabilities租赁负债22313

26,497

Net curent asets流动资产净值84,999

Total asets les curent liabilities总资产减流动负债87,179

Non-curent liabilities非流动负债

Other payables其他应付款项21–

Lease liabilities租赁负债2240

NET ASETS资产净值87,139

Capital and reserves资本及储备

Equity atributable to owners of the Company本公司拥有人应占权益

Share capital股本2413,819

Reserves储备2673,320

TOTAL EQUITY权益总额87,139

The above consolidated statement of financial position should be read in

conjunction with the acompanying notes.

The consolidated financial statements were aproved and authorised for isue

by the board of directors on 26 June 2025 and were signed on its behalf by:

Aproved by:Tse Chun YuenTse Chun Kuen

DirectorDirector

批准：谢振源谢振干

董事董事

上述综合财务状况表应与随附的附注一并阅读。

综合财务报表于二零二五年六月二十六日获董事会批准及

授权刊发，并经以下董事代表董事会签署：

Attributable to owners of the Company
本公司拥有人应占
	Share capital	Share premium#	Other reserve#	Accumulated losses#	Total
	股本	股份溢价 #	其他储备 #	保留盈利╱ （累计亏损） #	总计
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元

13,819	82,951	10,000	(19,631)	87,139
–	–	–	(9,472)	(9,472)
–	–	–	(70)	(70)
–	–	–	(9,542)	(9,542)
13,819	82,951	10,000	(29,173)	77,597

怡康泰工程集团控股有限公司二零二五年度报告73

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Changes in Equity

综合权益变动表

At 1 April 2023于二零二三年

四月一日12,56476,18610,000(7,837)90,913

Los and total comprehensive

expense for the year

年内亏损及

全面开支总额–(11,794)(11,794)

Isuance of shares on placement

(Note 25(i)

配售时发行股份

（附注25(i)）1,2556,765–8,020

At 31 March 2024于二零二四年

三月三十一日13,81982,95110,000(19,631)87,139

At 1 April 2024于二零二四年

四月一日

Los for the year年内亏损

Other comprehensive expense其他全面开支

Total comprehensive expense

for the year

年内全面开支总额

At 31 March 2025于二零二五年

三月三十一日

These reserve acounts comprise the consolidated reserves in the consolidated

statement of financial position.

The above consolidated statement of changes in equity should be read in

conjunction with the acompanying notes.

该等储备账户构成综合财务状况表内的综合储备。

上述综合权益变动表应与随附的附注一并阅读。

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

(9,604)
17
(123)
419
361
–
808
(8,122)
829
1,065
(10,094)
(16,322)
(17)
(16,339)
123
–
–
123
(366)
–
–
(122)
–
(488)
(16,704)
29,669
12,965
12,965

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202574

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Consolidated Statement of Cash Flows

综合现金流量表

上述综合现金流量表应与随附的附注一并阅读。

CASH FLOWS FROM OPERATING ACTIVITIES经营活动现金流量

Los before tax除税前亏损(11,975)

Adjustments for:调整：

Finance costs 融资成本27

Interest income 利息收入(150)

Depreciation of plant and equipment 厂房及设备折旧669

Depreciation of right-of-use asets 使用权资产折旧304

Gain on disposal of plant and equipment 出售厂房及设备收益(16)

Net impairment los of financial asets and contract asets 金融资产及合约资产之减亏损净额1,298

Operating los before working capital changes营运资金变动前的经营亏损(9,843)

Decrease/(increase) in contract asets合约资产减少╱（增加）(5,273)

Decrease/(increase) in trade and other receivables贸易及其他应收款项减少╱（增加）(4,173)

(Decrease)/increase in trade and other payables贸易及其他应付款项（减少）╱增加336

Cash used in operations经营所动用的现金(18,953)

Lease interests paid已付租赁利息(26)

Net cash used in operating activities经营活动所动用的现金净额(18,979)

CASH FLOWS FROM INVESTING ACTIVITIES投资活动现金流量

Interest received已收利息150

Purchases of plant and equipment购置厂房及设备(1,141)

Proceds from disposal of plant and equipment出售厂房及设备的所得款项16

Net cash generated from/(used in) investing activities投资活动所产生╱（动用）现金净额(975)

CASH FLOWS FROM FINANCING ACTIVITIES融资活动现金流量

Repayment of lease liabilities偿还租赁负债(296)

Proceds from isuance of shares发行股份所得款项8,534

Share isue expenses paid已付股份发行开支(514)

Increase in pledged bank deposits已抵押银行存款增加(127)

Interest paid已付利息(1)

Net cash (used in )/generated from financing activities融资活动所（动用）╱产生的现金净额7,596

NET DECREASE IN CASH AND CASH

EQUIVALENTS

现金及现金等价物减少净额

(12,358)

CASH AND CASH EQUIVALENTS AT BEGINING OF

THE YEAR

年初现金及现金等价物

42,027

CASH AND CASH EQUIVALENTS AT END OF THE YEAR年末现金及现金等价物29,669

ANALYSIS OF CASH AND CASH EQUIVALENTS现金及现金等价物分析

Cash and bank balances现金及银行结余29,669

The above consolidated statement of cash flows should be read in conjunction

with the acompanying notes.

怡康泰工程集团控股有限公司二零二五年度报告75

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

1. GENERAL INFORMATION

Noble Enginering Group Holdings Limited (the “Company”) was

incorporated in the Cayman Islands on 12 April 2017 as an exempted

company with limited liability under the Companies Law of the Cayman

Islands and its shares are listed on the GEM of the Stock Exchange

of Hong Kong Limited (the “Stock Exchange”) with efect from 29

September 2017. The adres of its registered ofice is Windward 3,

Regata Ofice Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman

Islands. The adres of its principal place of busines is Rom 9, 25/F.,

CRE Centre, 889 Cheung Sha Wan Road, Cheung Sha Wan, Kowlon,

Hong Kong.

The Company is an investment holding company and its subsidiaries

are principaly engaged in the provision of wet trade works services in

Hong Kong.

In the opinion of the directors of the Company, as at 31 March 2025, Land

Noble Holdings Limited, a company incorporated in the British Virgin

Islands (the “BVI”), is the imediate and ultimate parent; Mr. Tse Chun

Yuen and Mr. Tse Chun Kuen are the ultimate controling parties of the

Company.

The consolidated financial statements are presented in Hong Kong dolars

(“HK$”), which is the same as the functional curency of the Company.

2. STATEMENT OF COMPLIANCE AND

BASIS OF PREPARATION

These consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards isued by the Hong

Kong Institute of Certified Public Acountants (the “HKICPA”) and the

disclosure requirements of the Hong Kong Companies Ordinance Cap.

622. These consolidated financial statements also comply with the

aplicable disclosure provisions of the Rules Governing the Listing of

Securities on The Stock Exchange of Hong Kong Limited.

These consolidated financial statements have ben prepared under the

historical cost convention, as modified by the revaluation of investments

which are caried at their fair values.

1. 一般资料

怡康泰工程集团控股有限公司（「本公司」）于二零一

七年四月十二日根据开曼群岛公司法在开曼群岛注

册成立为一间获豁免有限公司，其股份自二零一七

年九月二十九日起在香港联合交易所有限公司（「联

交所」）GEM上市。其注册办事处地址为Windward 3,

Regata Ofice Park, P.O. Box 1350, Grand Cayman KY1-

1108, Cayman Islands，其主要营业地点为香港九龙长

沙湾长沙湾道889号华创中心25楼9室。

本公司为投资控股公司。其附属公司的主要在香港

从事提供泥水工程服务。

本公司董事认为，于二零二五年三月三十一日，于

英属处女群岛（「英属处女群岛」）注册成立的公司高

地控股有限公司为直接及最终母公司；谢振源先生

及谢振干先生为本公司的最终控制方。

综合财务报表以港元（「港元」，与本公司功能货币相

同）列报。

2. 合规声明及编制基准

该等综合财务报表已根据香港会计师公会（「香港会

计师公会」）颁布的香港财务报告准则会计准则及香

港法例第622章公司条例的披露规定妥为编制。该等

综合财务报表亦符合香港联合交易所有限公司证券

上市规则之适用披露条文规定。

该等综合财务报表乃根据历史成本惯例编制，并经

按其公平值计量之投资重估修订。

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202576

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

2. 合规声明及编制基准（续）

编制符合香港财务报告准则的综合财务报表需要管

理层作出判断、估计和假设，而该等判断、估计和

假设会影响政策的应用以及资产、负债、收入与支

出的汇报数额。该等估计及相关假设根据过往经验

及在该等情况下认为属合理的其他多项因素作出，

其结果构成判断不易从其他途径得知的资产与负债

账面值的基础。实际结果可能有别于该等估计。

该等估计及相关假设按持续经营基准检讨。假如会

计估计的修订仅影响修订作出期间，则于该期间确

认；如有关修订对当期及未来期间均有影响，则在

有关修订作出期间及未来期间确认。

管理层在应用香港财务报告准则会计准则时所作的

对财务报表有重大影响的判断以及估计不确定性的

主要来源见附注4。

本集团采纳之新订及经修订准则

本集团已于二零二四年四月一日开始的年度报告期

间首次应用下列准则、修订及诠释：

– 负债分类为流动或非流动负债及附带契诺的

非流动负债 – 香港会计准则第1号（修订本）；

– 财务报表之呈列 – 借款人对包含按要求偿还

条款之定期贷款分类 – 香港诠释第5号（经修

订）；

– 售后回租的租赁负债 – 香港财务报告准则第

16号（修订本）；及

– 供应商融资安排 – 香港会计准则第7号及香港

财务报告准则第7号（修订本）

上述修订及诠释对过往期间确认的金额并无任何重

大影响，预期亦不会对本期间或未来期间造成重大

影响。

2. STATEMENT OF COMPLIANCE AND

BASIS OF PREPARATION (Continued)

The preparation of the consolidated financial statements in conformity

with HKFRSs requires management to make judgements, estimates and

asumptions that afect the aplication of policies and reported amounts

of asets, liabilities, income and expenses. The estimates and asociated

asumptions are based on historical experience and various other factors

that are believed to be reasonable under the circumstances, the results

of which form the basis of making the judgements about carying values

of asets and liabilities that are not readily aparent from other sources.

Actual results may difer from these estimates.

The estimates and underlying asumptions are reviewed on an ongoing

basis. Revisions to acounting estimates are recognised in the period in

which the estimate is revised if the revision afects only that period, or in

the period of the revision and future periods if the revision afects both

curent and future periods.

Judgements made by management in the aplication of HKFRS

Acounting Standards that have significant efect on the financial

statements and major sources of estimation uncertainty are discused in

Note 4.

New and amended standards adopted by the Group

The Group has aplied the folowing standards, amendments

and interpretation for the first time for its anual reporting period

comencing 1 April 2024:

– Clasification of Liabilities as Curent or Non-curent and Non-

curent Liabilities with Covenants – Amendments to HKAS 1;

– Presentation of Financial Statements – Clasification by the

Borower of a Term Loan that Contains a Repayment on Demand

Clause – Hong Kong Interpretation 5 (Revised);

– Lease Liability in a Sale and Leaseback – Amendments to HKFRS

16; and

– Suplier Finance Arangements – Amendments to HKAS 7 and

HKFRS 7.

The amendments and interpretation listed above did not have any

material impact on the amounts recognised in prior periods and are not

expected to significantly afected the curent or future periods.

怡康泰工程集团控股有限公司二零二五年度报告77

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

2. 合规声明及编制基准（续）

尚未采纳之新订及经修订准则及诠释

若干已颁布的新订会计准则及会计准则（修订本）并

非于二零二五年三月三十一日报告期间强制生效，

而本集团亦无提早采纳。

于下列

日期或

之后开始

的会计期间

起生效

香港会计准则第21号（修订本），汇率

变动的影响 – 缺乏可兑换性

二零二五年

一月一日

香港财务报告准则第9号（修订本），

金融工具及香港财务报告准则第7号

（修订本），金融工具：披露 – 金融工具

的分类及计量

二零二六年

一月一日

香港财务报告准则第9号及香港财务报告

准则第7号（修订本），涉及依赖自然电

力的合约

二零二六年

一月一日

香港财务报告准则第1号、第7号、

第9号、第10号及香港会计准则

第7号–香港财务报告准则会计准则

的年度改进 – 第11册

二零二六年

一月一日

香港财务报告准则第18号，财务报表的

呈列及披露

二零二七年

一月一日

香港财务报告准则第19号，非公共受托

责任附属公司：披露

二零二七年

一月一日

香港诠释第5号（修订本），财务报表之呈

列 – 借款人对包含按要求偿还条款之

定期贷款分类

二零二七年

一月一日

香港财务报告准则第10号及香港会计准

则第28号（修订本），投资者与其联营

公司或合营企业之间的资产出售

或注资

待定

本公司董事现正评估该等发展在首次应用期间的预

期影响。迄今为止，本公司认为采纳该等发展不大

可能对综合财务报表造成重大影响。

2. STATEMENT OF COMPLIANCE AND

BASIS OF PREPARATION (Continued)

New and amended standards and interpretations

not yet adopted

Certain new acounting standards and amendments to acounting

standards have ben published that are not mandatory for 31 March

2025 reporting periods and have not ben early adopted by the Group.

Efective for

acounting

periods

begining

on or after

Amendments to HKAS 21, The efects of changes in foreign

exchange rates – Lack of exchangeability

1 January

Amendments to HKFRS 9, Financial instruments and HKFRS

7, Financial instruments: disclosures – Amendments

to the clasification and measurement of financial

instruments

1 January

Amendments to HKFRS 9 and HKFRS 7, Contracts

Referencing Nature – dependent Electricity

1 January

HKFRS 1, HKFRS 7, HKFRS 9, HKFRS 10 and HKAS 7 – Anual

Improvements to HKFRS Acounting Standards –

Volume 11

1 January

HKFRS 18, Presentation and disclosure in financial

statements

1 January

HKFRS 19, Subsidiaries without public acountability:

disclosures

1 January

Amendments to Hong Kong Interpretation 5, Presentation

of financial statements – Clasification by the borower

of a term loan that contains a repayment on demand

clause

1 January

Amendments to HKFRS 10 and HKAS 28, Sale or

contribution of asets betwen an investor and its

asociate or joint venture

To be

determined

The directors of the Company is in the proces of making an asesment

of what the impact of these developments is expected to be in the

period of initial aplication. So far it has concluded that the adoption of

them is unlikely to have a significant impact on the consolidated financial

statements.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202578

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES

This note provides a list of the acounting policies adopted in the

preparation of these consolidated financial statements. These policies

have ben consistently aplied to al the years presented, unles

otherwise stated.

(a) Subsidiaries

Subsidiaries are al entities (including structured entities) over

which the Group has control. The Group controls an entity where

the Group is exposed to, or has rights to, variable returns from

its involvement with the entity and has the ability to afect those

returns through its power to direct the activities of the entity.

Subsidiaries are fuly consolidated from the date on which control

is transfered to the Group. They are deconsolidated from the date

that control ceases.

Intercompany transactions, balances and unrealised gains on

transactions betwen group companies are eliminated. Unrealised

loses are also eliminated unles the transaction provides evidence

of an impairment of the transfered aset. Acounting policies

of subsidiaries have ben changed where necesary to ensure

consistency with the policies adopted by the Group.

Investments in subsidiaries are acounted for at cost les

impairment. Cost includes direct atributable costs of investment.

The results of subsidiaries are acounted for by the Company on

the basis of dividend received and receivable.

Impairment testing of the investments in subsidiaries is required

upon receiving a dividend from these investments if the dividend

exceds the total comprehensive income of the subsidiary in

the period the dividend is declared or if the carying amount of

the investment in the separate financial statements exceds the

carying amount in the consolidated financial statements of the

investe’s net asets including godwil.

3. 重大会计政策概要

此附注提供编制该等综合财务报表时采用之会计政

策。除非另有说明，否则该等政策在所呈列之所有

年度内贯彻应用。

(a) 附属公司

附属公司（包括结构实体）指本集团控制之所

有实体。当本集团可能取得或有权享有参与

实体之可变回报，并有能力透过其对该实体

之权力影响该等回报时，本集团即控制该实

体。附属公司由其控制权完全转至本集团当

日起综合入账，并由控制权终止当日起停止

综合入账。

集团内公司间的交易、结余及集团公司间之

未变现交易溢利会作对销。未变现亏损亦会

对销，除非该项交易有证据显示所转让资产

出现减值则作别论。附属公司的会计政策会

于必要时作出调整，以确保符合本集团所采

纳的政策。

于附属公司的投资按成本扣除减值入账。成

本包括投资的直接应占成本。附属公司的业

绩由本公司按已收及应收股息入账。

倘收到附属公司投资的股息时，所收股息超

过附属公司于宣派股息期间的全面收益总

额，或倘该投资於单独财务报表内的账面值

超过投资对象净资产（包括商誉）于综合财务

报表内的账面值时，则须对该投资进行减值

测试。

怡康泰工程集团控股有限公司二零二五年度报告79

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(b) Plant and equipment

Plant and equipment are stated at historical cost les acumulated

depreciation and acumulated impairment loses. Historical cost

includes expenditure that is directly atributable to the acquisition

of the items.

Subsequent costs are included in the aset’s carying amount

or recognised as a separate aset, as apropriate, only when it is

probable that future economic benefits asociated with the item

wil flow to the Group and the cost of the item can be measured

reliably. The carying amount of the replaced part is derecognised

when replaced. Al other repairs and maintenance are recognised

in profit or los during the financial period in which they are

incured.

Depreciation of plant and equipment is calculated at rates

suficient to write of their cost les their residual values over the

estimated useful lives on a straight-line basis. The principal anual

rate are as folows:

Ofice equipment 20%

Motor vehicles 25%

Machinery and equipment 25%

The asets’ residual values and useful lives are reviewed, and

adjusted if apropriate, at the end of each reporting period.

Gains and loses on disposals are determined by comparing the

proceds with the carying amounts and are recognised in the

consolidated profit and los and other comprehensive income.

3. 重大会计政策概要（续）

(b) 厂房及设备

所有物业、厂房及设备按历史成本减累计折

旧及累计减值亏损入账。历史成本包括收购

此等项目直接应占开支。

其后成本只有在与该项目有关的未来经济利

益有可能流入本集团，而该项目的成本能可

靠计量时，才包括在资产的账面值内或确认

为独立资产（按适用者）。被更换部分的账面

值在更换时终止确认。所有其他维修及保养

在产生的财政期间内于损益内确认。

厂房及设备的折旧按足以撇销其成本减其剩

余价值的比率，以直线法计算其于估计可使

用年期之折旧。主要年度比率载列如下：

办公设备 20%

汽车 25%

机器及设备 25%

资产之剩余价值及可使用年期在各报告期末

进行检讨，及在适当时候调整。

出售的收益或亏损为出售所得款项与账面值

之间的差额，并于综合损益及其他全面收益

内确认。

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202580

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

Leases are recognised as a right-of-use aset and a coresponding

liability at the date at which the leased aset is available for use by

the Group.

Contracts may contain both lease and non-lease components.

The Group has elected not to separate lease and non-lease

components and instead acounts for these as a single lease

component. However, for leases of real estate for which the

Group is a lese, it has elected not to separate lease and non-

lease components and instead acounts for these as a single lease

component.

Asets and liabilities arising from a lease are initialy measured on a

present value basis. Lease liabilities include the net present value

of the folowing lease payments:

– fixed payments (including in-substance fixed payments),

les any lease incentives receivable;

– variable lease payment that are based on an index or a

rate, initialy measured using the index or rate as at the

comencement date;

– amounts expected to be payable by the Group under

residual value guarantes;

– the exercise price of a purchase option if the Group is

reasonably certain to exercise that option; and

– payments of penalties for terminating the lease, if the lease

term reflects the Group exercising that option.

Lease terms are negotiated on an individual basis and contain

a wide range of diferent terms and conditions. The lease

agrements do not impose any covenants other than the security

interests in the leased asets that are held by the lesor. Leased

asets canot be used as security for borowing purposes.

The lease payments are discounted using the interest rate implicit

in the lease. If that rate canot be readily determined, which is

generaly the case for leases in the Group, the lese’s incremental

borowing rate is used, being the rate that the individual lese

would have to pay to borow the funds necesary to obtain an

aset of similar value to the right-of-use aset in a similar economic

environment with similar terms, security and conditions.

3. 重大会计政策概要（续）

租赁于租赁资产可供本集团使用当日确认为

使用权资产及相应负债。

合约可能包含租赁及非租赁部分。本集团选

择不将租赁及非租赁部分开，而是将其作

为单一租赁部分入账。然而，对于本集团为

承租人的房地产租赁，本集团选择不将租赁

及非租赁部分开，而将其作为单一租赁部

分入账。

租赁产生的资产及负债初步按现值计量。租

赁负债包括以下租赁付款的净现值：

– 固定付款（包括实质固定付款）减任何应

收租赁优惠

– 基于指数或利率的可变租赁付款，于开

始日期使用该指数或利率进行初始计量

– 本集团预期于余值担保下应付的款项

– 采购权的行使价（倘本集团合理地确定

行使该选择权）；及

– 终止租赁所支付的罚款（倘租期反映本

集团行使该选择权）。

租期乃按个别基准协商，且包含各种不同的

条款及条件。除出租人持有租赁资产的抵押

权益外，租赁协议不施加任何契诺。租赁资

产不能用作借款用途的抵押。

租赁付款采用租赁所隐含利率予以贴现。倘

无法厘定该利率（本集团的租赁通常属于此情

况），则使用承租人的增量借款利率，即个别

承租人在类似经济环境中以类似条款、抵押

及条件借入获得价值与使用权资产类似的类

似资产所需资金而须支付的利率。

怡康泰工程集团控股有限公司二零二五年度报告81

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

To determine the incremental borowing rate, the Group:

– where posible, uses recent third-party financing received

by the individual lese as a starting point, adjusted to

reflect changes in financing conditions since third party

financing was received;

– uses a build-up aproach that starts with a risk-fre interest

rate adjusted for credit risk for leases held by the Group,

which does not have recent third-party financing; and

– makes adjustments specific to the lease (for example, term,

country, curency and security.

If a readily observable amortising loan rate is available to the

individual lese (through recent financing or market data) which

has a similar payment profile to the lease, then the Group entities

use that rate as a starting point to determine the incremental

borowing rate.

The Group is exposed to potential future increases in variable

lease payments based on an index or rate, which are not included

in the lease liability until they take efect. When adjustments to

lease payments based on an index or rate take efect, the lease

liability is reasesed and adjusted against the right-of-use aset.

Lease payments are alocated betwen principal and finance

cost. The finance cost is charged to profit or los over the lease

period so as to produce a constant periodic rate of interest on the

remaining balance of the liability for each period.

Right-of-use asets are measured at cost comprising the folowing:

– the amount of the initial measurement of lease liability;

– any lease payments made at or before the comencement

date les any lease incentives received;

– any initial direct costs; and

– restoration costs.

3. 重大会计政策概要（续）

为厘定增量借款利率，本集团：

– 在可能情况下，使用个别承租人最近获

得的第三方融资为出发点作出调整以反

映自获得第三方融资以来融资条件的变

动；

– 使用累加法，首先就本集团所持有租赁

的信贷风险（最近并无第三方融资）调整

无风险利率；及

– 进行特定于租约的调整，例如期限、国

家、货币及抵押。

倘个别承租人（通过近期融资或市场数据）可

以随时观察到摊销贷款利率，而该等承租人

的付款情况与租赁相似，则本集团实体可将

该利率作为厘定增量借贷利率的起点。

本集团未来可能会面临基于指数或利率确定

的可变租赁付款额增加的风险，这部分可变

租赁付款额在实际发生时纳入租赁负债。

当基于指数或利率对租赁付款额进行调整

时，租赁负债应予以重估并根据使用权资产

调整。

租赁付款于本金及财务成本之间作出分配。

财务成本在租期间于损益扣除，借以令各期

间的负债余额的期间利率一致。

使用权资产按成本计量，包括以下各项：

– 初始计量租赁负债的金额；

– 在开始日期或之前作出的任何租赁付款

减任何已收租赁优惠；

– 任何初始直接成本；及

– 复原成本。

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202582

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

Right-of-use asets are generaly depreciated over the shorter of

the aset’s useful life and the lease term on a straight-line basis.

If the Group is reasonably certain to exercise a purchase option,

the right-of-use aset is depreciated over the underlying aset’s

useful life.

Payments asociated with short-term leases of equipment and

vehicles and al leases of low-value asets are recognised on

a straight-line basis as an expense in profit or los. Short-term

leases are leases with a lease term of 12 months or les without a

purchase option.

(d) Investments and other financial asets

Clasification

The Group clasifies its financial asets in the folowing

measurement categories:

– Financial asets at amortised cost; and

– Equity investments at fair value through other

comprehensive income (“FVTOCI”).

The clasification depends on the Group’s busines model for

managing the financial asets and the contractual terms of the

cash flows.

For asets measured at fair value, gains and loses wil be recorded

either in profit or los or in other comprehensive income (“OCI”).

For investments in equity instruments that are not held for trading,

this wil depend on whether the Group has made an irevocable

election at the time of initial recognition to present subsequent

changes in fair value in OCI.

The Group reclasifies debt instruments when and only when its

busines model for managing those asets changes.

3. 重大会计政策概要（续）

使用权资产一般在资产的使用寿命与租赁期

两者较短的期间内按直线法计提折旧。如本

集团合理确定会行使购买权，则在相关资产

的使用寿命期间内对使用权资产计提折旧。

与短期设备及车辆租赁及所有低价值资产租

赁相关的付款额按直线法确认为费用，计入

损益。短期租赁是指租赁期为12个月或者少

于12个月的租赁，且并无购买选择权。

(d) 投资及其他金融资产

分类

本集团将其金融资产分为下列计量类别：

– 按摊销成本列账的金融资产；及

– 按公平值计入其他全面收益（「按公平值

计入其他全面收益」）之股本投资。

该分类取决于本集团管理金融资产的业务模

式以及该资产的合约现金流量特征。

就按公平值计量的资产而言，其收益及亏损

于损益或其他全面收益（「其他全面收益」）列

账。至于并非持作买卖的权益工具投资，则

取决于本集团有否于初始确认时不可撤销

地选择在其他全面收益中呈列其后的公平值

变动。

当且仅当管理该等资产的业务模式有变时，

本集团方重新分类债务工具。

怡康泰工程集团控股有限公司二零二五年度报告83

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(d) Investments and other financial asets (Continued)

Recognition and derecognition

Regular way purchases and sales of financial asets are recognised

on trade-date, the date on which the Group comits to purchase

or sel the aset. Financial asets are derecognised when the rights

to receive cash flows from the financial asets have expired or

have ben transfered and the Group has transfered substantialy

al the risks and rewards of ownership.

Measurement

At initial recognition, the Group measures a financial aset at its

fair value plus, in the case of a financial asets not at fair value

through profit or los (FVTPL), transaction costs that are directly

atributable to the acquisition of the financial aset. Transaction

costs of financial asets caried at FVTPL are expensed in profit or

los.

Debt instruments

Subsequent measurement of debt instruments depends on the

Group’s busines model for managing the aset and the cash

flow characteristics of the aset. The Group clasified its debt

instruments into below categories:

– Amortised cost: Asets that are held for colection of

contractual cash flows where those cash flows represent

solely payments of principal and interest are measured at

amortised cost. Interest income from these financial asets

is included in other income using the efective interest

rate method. Any gain or los arising on derecognition is

recognised directly in the profit or los.

Impairment loses are charged within operating profit in

profit or los.

3. 重大会计政策概要（续）

(d) 投资及其他金融资产（续）

确认及终止确认

金融资产的日常买卖于交易日（即本集团承诺

购买或出售资产当日）确认。当收取金融资产

现金流的权利已届满或已转让及本集团已转

移拥有权的几乎所有风险及回报，则金融资

产终止确认。

计量

于初步确认时，本集团按公平值加上（倘属并

非按公平值计入损益（「按公平值计入损益」）的

金融资产）收购该金融资产直接应占的交易成

本计量金融资产。按公平值计入损益列账的

金融资产，其交易成本于损益支销。

债务工具

其后计量债务工具视乎本集团管理资产及资

产的现金流量特征的业务模式。本集团将其

债务工具分为以下类别：

– 摊销成本：持作收回合约现金流量的资

产按摊销成本计量，有关现金流量纯粹

指本金及利息付款。来自该等金融资产

的利息收入按实际利率法计入「其他收

益」。终止确认产生的收益或亏损于损

益中直接确认。

减值亏损在损益内的经营溢利中扣除。

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202584

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(d) Investments and other financial asets (Continued)

Measurement (Continued)

Debt instruments (Continued)

– FVTOCI: Asets that are held for colection of contractual

cash flows and for seling the financial asets, where the

asets’ cash flows represent solely payments of principal

and interest, are measured at FVTOCI. Movements in

the carying amount are taken through OCI, except for

the recognition of impairment gains or loses, interest

income and foreign exchange gains and loses which

are recognised in profit or los. When the financial aset

is derecognised, the cumulative gain or los previously

recognised in OCI is reclasified from equity to profit or

los. Interest income from these financial asets is included

in other income using the efective interest rate method.

Impairment expenses are presented as separate line item

in the statement of profit or los.

Equity instruments

The Group subsequently measures al equity investments at fair

value. Where the Group’s management has elected to present fair

value gains and loses on equity investments in OCI, there is no

subsequent reclasification of fair value gains and loses to profit

or los folowing the derecognition of the investment. Dividends

from such investments continue to be recognised in profit or los

as other income when the Group’s right to receive payments is

established.

Impairment loses (and reversal of impairment loses) on equity

investments measured at FVTOCI are not reported separately from

other changes in fair value.

3. 重大会计政策概要（续）

(d) 投资及其他金融资产（续）

计量（续）

债务工具（续）

– 按公平值计入其他全面收益：持作收

回合约现金流量及出售金融资产的资

产，倘该等资产现金流量仅指支付本金

及利息，则按公平值计入其他全面收益

计量。账面值的变动乃计入其他全面收

益，惟于损益确认的减值收益或亏损、

利息收入及外汇收益及亏损的确认除

外。金融资产终止确认时，先前于其他

全面收益确认的累计收益或亏损由权益

重新分类至损益。该等金融资产的利息

收入乃按实际利率法计入「其他收入」。

减值亏损于损益表呈列为独立项目。

权益工具

本集团其后按公平值计量全部权益投资。倘

本集团管理层选择于其他综合收益呈列权益

投资的公平值收益及亏损，则在取消确认投

资后，公平值收益及亏损其后将不会重新分

类至损益。当确定本集团有权收取有关投资

的股息，则有关款项继续于损益确认为其他

收入。

以按公平值计入其他全面收益计量的股权投

资的减值亏损（及减值亏损的拨回）不与其他

公平值变动分开呈列。

怡康泰工程集团控股有限公司二零二五年度报告85

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(d) Investments and other financial asets (Continued)

Impairment

The Group aseses on a forward loking basis the expected credit

los (“ECL”) asociated with its asets caried at amortised cost. The

impairment methodology aplied depends on whether there has

ben a significant increase in credit risk.

For trade receivables and contract asets, the Group aplies the

simplified aproach permited by HKFRS 9, which requires lifetime

expected credit loses to be recognised from initial recognition of

the receivables.

For al other financial asets measured at amortised cost, the

Group recognises a impairment equal to 12-month expected

credit los unles there has ben a significant increase in credit

risk of the financial instrument since initial recognition, in which

case the impairment is measured at an amount equal to lifetime

expected credit loses.

When there is a significant increase in credit risk or the proceds

receivables are not setled in acordance with the terms stipulated

in the agrements, management considers these receivables

as under-performing or non-performing and impairment is

measured as lifetime expected credit los.

(e) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows,

cash and cash equivalents includes cash on hand, demand

deposits held at cal with financial institutions, other short-term,

highly liquid investments with original maturities of thre months

or les that are readily convertible to known amounts of cash and

which are subject to an insignificant risk of change in value, and

bank overdrafts.

(f) Trade and other receivables

Trade and other receivables are recognised initialy at the

amount of consideration that is unconditional unles they

contain significant financing components, in which case they

are recognised at fair value. The Group holds the trade and other

receivables with the objective of colecting the contractual cash

flows and therefore measures them subsequently at amortised

cost using the efective interest method.

3. 重大会计政策概要（续）

(d) 投资及其他金融资产（续）

减值

本集团按前瞻性基准评估以摊销成本列账的

资产的预期信贷亏损（「预期信贷亏损」）。减值

方法取决于其信贷风险是否显著增加。

对于贸易应收款项及合约资产，本集团采用

香港财务报告准则第9号允许的简化方法，

在初始确认应收款项时确认全期预期信贷

亏损。

就所有其他以摊销成本计量的金融资产而

言，本集团确认相等于12个月预期信贷亏损

的减值，除非金融工具的信贷风险自初始确

认起显著增加，在此情况下减值会以相等于

全期预期信贷亏损的金额计量。

当信贷风险显著增加或应收所得款项并非根

据协议订明的条款结付，管理层认为此等应

收款项为履约不足或未能履约，会以全期预

期信贷亏损计量减值。

(e) 现金及现金等价物

就呈列现金流量表而言，现金及现金等价物

包括手头现金、于金融机构的活期存款、其

他短期、高流动性投资（原到期日为三个月或

以下及可随时转换为已知金额的现金且所承

受价值变动风险不大）及银行透支。

(f) 贸易及其他应收款项

贸易及其他应收款项按可无条件获得的代价

金额进行初始确认，惟在包含重大融资成分

的情况下，按公平值进行初始确认。本集团

持有的贸易及其他应收款项的目的是收取合

约现金流量，因此后续使用实际利率法按摊

余成本计量应收账款。

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202586

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(g) Share capital

Ordinary shares are clasified as equity. Incremental costs directly

atributable to the isue of new shares or options are shown in

equity as a deduction, net of tax, from the proceds.

(h) Trade and other payables

These amounts represent liabilities for gods or services provided

to the Group prior to the end of financial year which are unpaid.

Trade and other payables are clasified as curent liabilities, unles

payment is not due within 12 months after the reporting period.

They are recognised initialy at their fair value and subsequently

measured at amortised cost using the efective interest method.

(i) Revenue from contracts with customers

Revenue is measured based on the consideration specified in

a contract with a customer with reference to the customary

busines practices and excludes amounts colected on behalf

of third parties. For a contract where the period betwen the

payment by the customer and the transfer of the promised

product or service exceds one year, the consideration is adjusted

for the efect of a significant financing component.

The Group recognises revenue when it satisfies a performance

obligation by transfering control over a product or service to a

customer. Depending on the terms of a contract and the laws

that aply to that contract, a performance obligation can be

satisfied over time or at a point in time. A performance obligation

is satisfied over time if:

– the customer simultaneously receives and consumes the

benefits provided by the Group’s performance;

– the Group’s performance creates or enhances an aset

that the customer controls as the aset is created or

enhanced; or

– the Group’s performance does not create an aset with

an alternative use to the Group and the Group has an

enforceable right to payment for performance completed

to date.

3. 重大会计政策概要（续）

(g) 股本

普通股被分类为权益。直接归属于发行新股

或购股权之新增成本（除税后）在权益内列为

所得款项之扣减。

(h) 贸易及其他应付款项

该等金额指于财政年度结束前向本集团提供

但尚未支付的商品或服务的负债。贸易及其

他应付款项分类为流动负债，除非付款于报

告期后12个月内仍未到期。贸易及其他应付

款项初始按其公平值确认，其后则以实际利

率法按摊销成本计量。

(i) 客户合约收入

收益乃根据与客户订立的合约所指明之代价

经参考惯常业务惯例计量，并不包括代表第

三方收取之金额。就客户支付款项至转让承

诺产品或服务的期间超过一年之合约而言，

有关代价即按重大融资组成部分之影响作出

调整。

本集团透过将产品或服务之控制权转移予客

户而完成其履约责任时确认收益。视乎合约

条款及适用于该合约之法律，履约责任可随

时间或某一个时间点完成。倘属下列情况，

履约责任乃随时间完成：

– 当客户同时收取及消耗本集团履约所提

供之利益时；

– 本集团履约创建或提升一项于创建或提

升时由客户控制的资产；或

– 本集团之履约并无创建对本集团具有替

代用途之资产，且本集团有权就迄今为

止已完成的履约部分强制收回款项。

怡康泰工程集团控股有限公司二零二五年度报告87

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. 重大会计政策概要（续）

(i) 客户合约收入（续）

倘履约责任属于一段时间内完成，收益经参

考完全达成有关履约责任的进度确认。否

则，收益于客户获得产品或服务控制权之时

间点确认。

本集团预期参考客户所发出的进度证明（并作

出必要的额外调整）说明本集团就个别项目向

客户转让已承诺货物或服务控制权的情况，

本集团随著时间履行履约责任，因此根据计

量进度的输出法随著时间确认收入。根据输

出法，收入按合约完成阶段确认，前提是合

约完成阶段及合约工作的总计费值可以可靠

地计量。

合约资产即本集团就本集团已转移予客户的

服务收取相应代价的权利。

合约资产按与按摊销成本列账的金融资产减

值评估所采用的相同方法进行减值评估。

(j) 利息收入

利息收入是用实际利率乘以金融资产账面总

额计算得出，后续已发生信贷减值的金融资

产除外。后续已发生信贷减值的金融资产则

使用实际利率乘以金融资产（经扣除亏损拨

备）的账面净值。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(i) Revenue from contracts with customers

(Continued)

If a performance obligation is satisfied over time, revenue is

recognised by reference to the progres towards complete

satisfaction of that performance obligation. Otherwise, revenue is

recognised at a point in time when the customer obtains control

of the product or service.

The Group expects the reference to progres certificates isued

by the customers, with aditional adjustments where necesary,

depicts the Group’s performance in transfering control of

gods or services promised to customers for individual projects,

the Group satisfies the performance obligation over time and

therefore, recognises revenue over time in acordance with the

output method for measuring progres. Under output method,

revenue recognition is based on the stage of completion of the

contracts, provided that the stage of contract completion and the

gros biling value of contracting work can be measured reliably.

A contract aset is the Group’s right to consideration in exchange

for the services that the Group has transfered to a customer.

Contract asets are asesed for impairment under the same

aproach adopted for impairment asesment of financial asets

caried at amortised cost.

(j) Interest income

Interest income is calculated by aplying the efective interest

rate to the gros carying amount of a financial aset except for

financial asets that subsequently become credit-impaired. For

credit-impaired financial asets the efective interest rate is aplied

to the net carying amount of the financial aset (after deduction

of the los alowance).

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202588

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. 重大会计政策概要（续）

(k) 雇员福利

(i) 雇员休假权利

雇员可享有之年假于赋予雇员时确认。

为截至各报告期末雇员已提供之服务而

产生之年假之估计负债作出拨备。

雇员应享有之病假及产假于雇员休假时

方予确认。

(i) 定额福利计划责任

本集团有关香港雇佣条例项下长期服务

金（「长期服务金」）的责任净额乃按雇员

于现时及过往期间所赚取的估计未来收

益并贴现该金额计算。对于长期服务金

责任，未来收益的估计金额乃扣除本集

团已归属雇员的强积金供款之累算权益

所产生的负服务成本后厘定，该等供款

被视为相关雇员的供款。期内利息开支

净额是将报告期初界定福利责任计量所

采用的贴现率应用于当时界定福利负债

净额而厘定，并考虑期内界定福利负债

净额的任何变动。

定额福利责任采用预测单位成本法

计算。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(k) Employe benefits

(i) Employe leave entitlements

Employe entitlements to anual leave are recognised

when they acrue to employes. A provision is made for

the estimated liability for anual leave as a result of services

rendered by employes up to the end of each reporting

period.

Employe entitlements to sick leave and maternity leave

are not recognised until the time of leave.

(i) Defined benefit plan obligation

The Group’s net obligation in respect of Long Service

Payment (“LSP”) under the Hong Kong Employment

Ordinance is calculated by estimating the amount of

future benefit that employes have earned in the curent

and prior periods and discounting that amount. For LSP

obligations, the estimated amount of future benefit is

determined after deducting the negative service cost

arising from the acrued benefits derived from the Group’s

MPF contributions that have ben vested with employes,

which are demed to be contributions from the relevant

employes.

The calculation of defined benefit obligation is performed

by using the projected unit credit method.

怡康泰工程集团控股有限公司二零二五年度报告89

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(k) Employe benefits (Continued)

(i) Defined contribution retirement plan

Retirement benefits to employes are provided through

defined contribution plans. The Group operates a

defined contribution retirement benefit scheme (the

“MPF Scheme”) under the Mandatory Provident Fund

Schemes Ordinance, for al its employes who are eligible

to participate in the MPF Scheme. The MPF Scheme is

administered by independent trustes. Under the MPF

scheme, the employer and its employes are each required

to make contributions to the plan at 5% of the employes’

relevant income, subject to a cap of monthly relevant

income of HK$30,000. The Group has no further payment

obligations once the contributions have ben paid.

Contributions to the MPF Scheme are recognised as an

expense in profit or los when the services are rendered by

the employes.

(iv) Termination benefits

Termination benefits are payable when employment is

terminated by the Group before the normal retirement

date, or whenever an employe acepts voluntary

redundancy in exchange for these benefits. The Group

recognises termination benefits when it is demonstrably

comited to a termination when the entity has a detailed

formal plan to terminate the employment of curent

employes without posibility of withdrawal. In the case

of an ofer made to encourage voluntary redundancy, the

termination benefits are measured based on the number

of employes expected to acept the ofer. Benefits faling

due more than 12 months after the end of each reporting

period are discounted to present value.

(v) Bonus plan

The Group recognises a liability and an expense

for bonuses when the Group has a present legal or

constructive obligation as a result of services rendered by

employes and a reliable estimate of such obligation can

be made.

3. 重大会计政策概要（续）

(k) 雇员福利（续）

(i) 定额供款退休计划

本集团透过定额供款计划为雇员提供退

休福利。本公司根据香港强制性公积金

计划条例为全体合资格参与强制性公积

金计划（「强积金计划」）的雇员设立强积

金计划。强积金计划由独立受托人管

理。根据强积金计划，雇主及雇员各自

均须按雇员有关收入之5%向计划作出

供款，而每月有关收入之上限为30,000

港元。本集团作出供款后，即无进一步

付款责任。强积金计划供款于雇员提供

服务时于损益中确认为开支。

(iv) 离职福利

离职福利于雇员在正常退休日期前被本

集团终止聘用或雇员接受自愿离职以换

取此等福利时支付。本集团在明确承诺

根据一项详细正式计划终止现有雇员的

雇用且没有撤回可能时确认离职福利。

在提出要约以鼓励自愿离职的情况下，

离职福利乃根据预期接受要约的雇员人

数计量。在各报告期末后12个月以后到

期支付的福利应贴现至现值。

(v) 花红计划

本集团因雇员所提供的服务而须承担现

有法定或推定责任并可就有关责任作出

可靠估算时就花红确认负债和支出。

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202590

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(l) Curent and defered income tax

The income tax expense or credit for the period is the tax payable

on the curent period’s taxable income based on the aplicable

income tax rate for each jurisdiction adjusted by changes in

defered tax asets and liabilities atributable to temporary

diferences and to unused tax loses.

Curent income tax

The curent income tax charge is calculated on the basis of the

tax laws enacted or substantively enacted at the end of the

reporting period in the countries where the Company and its

subsidiaries and asociates operate and generate taxable income.

Management periodicaly evaluates positions taken in tax returns

with respect to situations in which aplicable tax regulation is

subject to interpretation and considers whether it is probable that

a taxation authority wil acept an uncertain tax treatment. The

Group measures its tax balances either based on the most likely

amount or the expected value, depending on which method

provides a beter prediction of the resolution of the uncertainty.

Defered income tax

Defered income tax is provided in ful, using the liability method,

on temporary diferences arising betwen the tax bases of asets

and liabilities and their carying amounts in the consolidated

financial statements. However, defered tax liabilities are not

recognised if they arise from the initial recognition of godwil.

Defered income tax is also not acounted for if it arises from initial

recognition of an aset or liability in a transaction other than a

busines combination that at the time of the transaction afects

neither acounting nor taxable profit or los. Defered income tax

is determined using tax rates (and laws) that have ben enacted

or substantively enacted by the end of the reporting period and

are expected to aply when the related defered income tax aset

is realised or the defered income tax liability is setled.

Defered tax asets are recognised only if it is probable that future

taxable amounts wil be available to utilise those temporary

diferences and loses.

3. 重大会计政策概要（续）

(l) 即期及递延所得税

期内所得税开支或抵免为本期间应课税收入

的应付税项，乃基于按暂时性差额及未使用

税项亏损应占的递延税项资产及负债变动而

调整的各司法权区适用所得税率计算。

即期所得税

即期所得税费用按照本公司及其附属公司及

联营公司经营及产生应课税收入所在国家于

报告期末已颁布或已大致颁布的税法计算。

管理层就适用税务法规有待诠译的情况定期

评估报税状况，并考虑税务机关是否可能接

纳不确的税务处理。本集团以最有可能金额

或预期价值计量其税务结余，视乎哪个方法

对解决不确定性提供较佳预测而定。视乎对

解决不确定性提供的预测是否较佳，本集

团以最有可能金额或预期价值计量其税务

结余。

递延所得税

递延所得税利用负债法全数拨备资产及负债

的税基与资产及负债在综合财务报表的账面

值的差额而产生的暂时性差额。然而，若递

延税项负债来自对商誉的初始确认，则递延

税项负债不予确认。倘递延所得税来自在交

易（不包括业务合并）中对资产或负债的初始

确认，而在交易时不影响会计损益或应课税

之损益，则递延所得税亦不入账。递延所得

税采用在各报告期末已颁布或实质上已颁

布，并在有关的递延所得税资产实现或递延

所得税负债结算时预期将会适用的税率（及法

例）而厘定。

递延税项资产于有未来应课税款额可用于该

等暂时差额及亏损时方予确认。

怡康泰工程集团控股有限公司二零二五年度报告91

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. 重大会计政策概要（续）

(l) 即期及递延所得税（续）

递延所得税（续）

当有法定可执行权利将即期税项资产与即期

税项负债抵销，且递延税项结余涉及相同税

务机关，则可将递延税项资产与负债互相抵

销。当本集团拥有法定可执行抵销权且有意

按净值结算或同时变现资产及结清负债，则

将即期税项资产与税项负债抵销。

即期及递延税项于损益中确认，惟其与于其

他全面收益或直接于权益所确认项目有关者

则除外。在此情况下，该税项则于其他全面

收益或直接于权益确认。

(m) 非金融资产减值

资产于有事件出现或情况变动显示账面值可

能无法收回时进行减值测试。就资产账面值

超出其可收回金额的金额确认减值亏损。可

收回金额为资产的公平值扣除出售成本与使

用价值两者的较高者。于评估减值时，资产

将按可独立识别的现金流入的最低层级分

组，该现金流入与其他资产或资产组合（现金

产出单位）的现金流入很大程度的独立开来。

出现减值的非金融资产（商誉除外）会于各报

告期末就拨回减值的可能性进行检讨。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(l) Curent and defered income tax (Continued)

Defered income tax (Continued)

Defered tax asets and liabilities are ofset where there is a legaly

enforceable right to ofset curent tax asets and liabilities and

where the defered tax balances relate to the same taxation

authority. Curent tax asets and tax liabilities are ofset where the

Group has a legaly enforceable right to ofset and intends either

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

simultaneously.

Curent and defered tax is recognised in profit or los, except

to the extent that it relates to items recognised in other

comprehensive income or directly in equity. In this case, the tax is

also recognised in OCI or directly in equity, respectively.

(m) Impairment of non-financial asets

Asets are tested for impairment whenever events or changes in

circumstances indicate that the carying amount might not be

recoverable. An impairment los is recognised for the amount

by which the aset’s carying amount exceds its recoverable

amount. The recoverable amount is the higher of an aset’s fair

value les costs of disposal and value in use. For the purposes of

asesing impairment, asets are grouped at the lowest levels

for which there are separately identifiable cash inflows which

are largely independent of the cash inflows from other asets

or groups of asets (cash-generating units). Non-financial asets

other than godwil that sufered an impairment are reviewed for

posible reversal of the impairment at the end of each reporting

period.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202592

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(n) Related parties

A related party is a person or entity that is related to the Group.

(a) A person or a close member of that person’s family is

related to the Group if that person:

(i) has control or joint control over the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel of

the Group or of a parent of the Group.

(b) An entity is related to the Group if any of the folowing

conditions aplies:

(i) The entity and the Group are members of the same

group (which means that each parent, subsidiaries

and felow subsidiaries is related to the others).

(i) One entity is an asociate or joint venture of the

other entity (or an asociate or joint venture of a

member of a group of which the other entity is a

member).

(i) The entity and the Group are joint ventures of the

same third party.

(iv) One entity is a joint venture of a third entity and the

other entity is an asociate of the third entity.

(v) The entity is a post-employment benefit plan for

the benefit of employes of either the Group or an

entity related to the Group. If the Group is itself such

a plan, the sponsoring employers are also related to

the Group.

(vi) The entity is controled or jointly controled by a

person identified in (a).

3. 重大会计政策概要（续）

(n) 关联方

关联方为与本集团有关连之人士或实体。

(a) 一名人士或其近亲倘符合以下条件，则

与本集团有关联：

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响；或

(i) 为本集团或本集团母公司的主要

管理层成员。

(b) 一间实体倘符合下列任何条件，则与本

集团有关联：

(i) 该实体及本集团属同一集团之成

员公司（即各母公司、附属公司

及同系附属公司相互关联）。

(i) 一间实体为另一实体的联营公司

或合营企业（或另一实体为成员

公司之集团旗下成员公司之联营

公司或合营企业）。

(i) 实体与本集团均为同一第三方的

合营企业。

(iv) 一间实体为第三方实体的合营企

业，而另一实体为该第三方实体

的联营公司。

(v) 该实体为离职后福利计划，该计

划的受益人为本集团或与本集团

有关的实体的雇员；倘本集团本

身为该计划，资助的雇主亦与本

集团相关。

(vi) 该实体由(a)项所述人士控制或共

同控制。

怡康泰工程集团控股有限公司二零二五年度报告93

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. 重大会计政策概要（续）

(n) 关联方（续）

(b) （续）

(vi) (a)(i)项所述人士对该实体有重大

影响或属该实体（或该实体的母

公司）主要管理人员的其中一名

成员。

(vi) 实体、或一间集团之任何成员公

司（为集团之一部分）向本集团或

本集团之母公司提供主要管理人

员服务。

(o) 拨备

当本集团因过往事件承担现有法律或推定责

任，而解除责任很有可能导致资源流出，且

经已可靠估计金额，方会确认拨备。概不会

就未来经营亏损确认拨备。

倘承担若干类似责任，于厘定解除责任会否

导致资源流出时，将考虑整体责任类别。即

使同类责任当中任何一项导致资源流出可能

性甚低，亦会确认拨备。

拨备按管理层于报告期末清偿现有责任所需

开支的最佳估计现值计量。用于确定现值的

贴现率为税前利率，该利率反映当前市场对

货币时间价值及负债特有风险的评估。随著

时间过去而增加的拨备确认为利息开支。

(p) 分部报告

经营分部的报告方式须与主要营运决策者获

提供的内部报告方式一致。负责分配资源及

评估营运分部表现的主要营运决策者已确定

为负责策略决策的执行董事。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (Continued)

(n) Related parties (Continued)

(b) (Continued)

(vi) A person identified in (a)(i) has significant

influence over the entity or is a member of the key

management personel of the entity (or of a parent

of the entity); or

(vi) The entity, or any member of a group of which it is a

part, provides key management personel services

to the Group or to a parent of the Group.

(o) Provisions

Provisions are recognised when the Group has a present legal or

constructive obligation as a result of past events; it is probable that

an outflow of resources wil be required to setle the obligation

and the amount has ben reliably estimated. Provisions are not

recognised for future operating loses.

Where there are a number of similar obligations, the likelihod

that an outflow wil be required in setlement is determined by

considering the clas of obligations as a whole. A provision is

recognised even if the likelihod of an outflow with respect to any

one item included in the same clas of obligations may be smal.

Provisions are measured at the present value of management’s

best estimate of the expenditures required to setle the present

obligation at the end of the reporting period. The discount rate

used to determine the present value is a pretax rate that reflects

curent market asesments of the time value of money and the

risks specific to the obligation. The increase in the provision due to

pasage of time is recognised as interest expense.

(p) Segment reporting

Operating segments are reported in a maner consistent with the

internal reporting provided to the chief operating decision maker.

The chief operation maker, who is responsible for alocating

resources and asesing performance of the operating segments

has ben identified as the executive directors that makes strategic

decision.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202594

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

4. 关键估计

估计不确定因素之主要来源

于报告期末存在重大风险，导致资产与负债的账面

金额于下一财政年度内需要作出重大调整之未来相

关重要假设及估计不确定因素之其他主要来源于下

文论述。

(a) 完成承包服务工程进度

本集团参考于报告期末完全达成履约责任的

进度随时间确认其合约收益，该进度乃根据

对个别合约服务工程迄今为止所完成的工作

相对于合约总价值的调查得出。由于建筑合

约所进行活动的性质，合约工程订立的日期

与工程完成日期一般处于不同会计期间及

实际成本或收益可能高于或低于报告期末所

估计的，可能影响未来年度确认的收益及溢

利，作为对迄今已记录金额的调整。随著合

约进度，本集团检讨及修订就各建筑合约编

制的合约收益、合约成本及更改工程通知单

估计。管理层定期检讨合约进度及合约收益

的相应成本。

(b) 贸易及其他应收款项及合约资产的估计减值

就贸易及其他应收款项及合约资产计量减值

亏损拨备，涉及须使用有关未来经济状况及

信贷行为（即客户违约及导致亏损之可能）之

重大假设。多项重大判断（包括厘定信贷风险

显著增加之标准）亦须应用有关计量减值亏损

之会计规定。有关计量减值亏损所采用判断

及假设之详情载于该等综合财务报表附注5(a)

(i)。该等估计及假设之变动可导致将确认减

值亏损之时间及金额出现重大变动。

4. KEY ESTIMATES

Key sources of estimation uncertainty

The key asumptions concerning the future, and other key sources of

estimation uncertainty at the end of the reporting period, that have a

significant risk of causing a material adjustment to the carying amounts

of asets and liabilities within the next financial year, are discused below.

(a) Progres towards completion of contracting service works

The Group recognises its contract revenue over time by reference

to the progres towards complete satisfaction of a performance

obligation of the end of the reporting period, measured based on

the surveys of work performed to date of the individual contract of

contracting service works relative to total contract value. Because

of the nature of the activity undertaken in construction contracts,

the date at which the contract activity is entered into and the

date when the activity is completed usualy fal into diferent

acounting period and actual cost or revenue may be higher or

lower than estimated at the end of the reporting period, which

could afect the revenue and profit recognised in future years

as an adjustment to the amounts recorded to date. The Group

reviews and revises the estimates of contract revenue, contract

costs and variation orders prepared for each construction contract

as the contract progreses. Management regularly reviews the

progres of the contracts and the coresponding costs of the

contract revenue.

(b) Estimated impairment of trade and other receivables and

contract asets

The measurement of the los alowance for trade and other

receivables and contract asets is an area that requires the use

of significant asumptions about future economic conditions

and credit behaviour (e.g. the likelihod of customers defaulting

and the resulting loses). A number of significant judgments,

including determining the criteria for significant increase in credit

risk, are also required in aplying the acounting requirements for

measuring the los alowance. Details about the judgements and

asumptions used in measuring the los alowance is set out in

note 5(a)(i) to these consolidated financial statements. Changes to

these estimates and asumptions can result in significant changes

to the timing and amount of los alowance to be recognised.

怡康泰工程集团控股有限公司二零二五年度报告95

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

5. 金融风险管理

本集团之业务承受各种金融风险：信贷风险、流动

资金风险及利率风险。本集团整体的风险管理计划

针对金融市场的不可预见性，力求减少对本集团财

务表现的潜在不利影响。

(a) 信贷风险

(i) 风险管理

本集团信贷风险主要来自贸易及其他应

收款项、合约资产、有抵押存款以及现

金及现金等价物。

管理层认为，本集团以主流及具有信誉

银行来减少信贷风险。本集团过往尚未

与此等银行因未能履约而产生重大亏

损，而管理层亦日后不会预期。因此，

有抵押存款以及现金及现金等价物之预

期信贷亏损率，评核为并不重大，于二

零二五年及二零二四年三月三十一日概

无计提拨备。

本集团有既定政策以确保向具有适当财

力、信贷记录及╱或适当的首期付款比

例的知名及信贷良好的客户进行销售。

其亦设有其他监察程序以确保采取跟进

措施收回逾期债项。

本集团于贸易及其他应收款项以及合约

资产方面有集中信贷风险，因4名客户

（二零二四年：4名客户）个别占本集团

贸易及其他应收款项以及合约资产超过

10%。来自该等客户的贸易及其他应收

款项及合约资产总额占本集团于二零二

五年三月三十一日的贸易及其他应收款

项以及合约资产总额的约74.7%（二零二

四年：59.4%）。

5. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: credit risk,

liquidity risk and interest rate risk. The Group’s overal risk management

programe focuses on the unpredictability of financial markets and

seks to minimise potential adverse efects on the Group’s financial

performance.

(a) Credit risk

(i) Risk Management

The credit risk of the Group mainly arises from trade and

other receivables, contract asets, pledged deposits and

cash and cash equivalents.

Management considers that the Group has limited credit

risk with its banks which are leading and reputable.

The Group has not incured significant los from non-

performance by these parties in the past and management

doses not expect so in the future. Therefore, expected

credit los rate of pledged deposits and cash and cash

equivalents are asesed to be imaterial and no provision

was made as at 31st March 2025 and 2024.

The Group has policies in place to ensure that sales are

made to reputable and creditworthy customers with

an apropriate financial strength, credit history and/or

apropriate percentage of down payments. It also has

other monitoring procedures to ensure that folow-up

action is taken to recover overdue debts.

The Group has concentration of credit risk in trade and

other receivables and contract asets as there were

4 customers (2024: 4 customers) which individualy

contributed over 10% of the Group’s trade and other

receivables and contract asets. The agregate amounts

of trade and other receivables and contract asets from

these customers amounted to aproximately 74.7% (2024:

59.4%) of the Group’s total trade and other receivables and

contract asets as at 31 March 2025.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202596

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

5. 金融风险管理（续）

(a) 信贷风险（续）

(i) 金融资产减值

本集团受限于预期信贷亏损模式，具三

种主要金融资产分类：

– 贸易应收款项及合约资产；

– 现金及现金等价物及已抵押银行

存款；及

– 其他几摊销成本计量的金融资产

（包括按金及其他应收款项）

其中现金及现金等价物及已抵押银行

存款亦须遵守香港财务报告准则第9号

之减值规定，惟已识别之减值亏损并不

重大。

贸易应收款项及合约资产

就贸易应收款项及其他应收款项而言，

考虑对手方的财务状况、过往经验、未

来经济环境进行定期信贷评估。

就所有贸易应收款项而言，本集团应用

香港财务报告准则第9号简化方式以计

量预期信贷亏损，该方式规定需在整个

存续期内进行预期亏损拨备。

为计量贸易应收款项及合约资产的预期

信贷亏损，具有类似信贷特征的贸易应

收款项及合约资产按共同信贷风险特征

分组。就贸易应收款项而言，管理层经

计及该等客户组别的坏账亏损历史及行

业信贷亏损率共同评估预期信贷亏损。

透过集体评估，本集团使用香港财务报

告准则第9号简化法计量贸易应收款项

及合约资产之亏损拨备，并根据全期预

期信贷亏损预期信贷亏损。

5. FINANCIAL RISK MANAGEMENT (Continued)

(a) Credit risk (Continued)

(i) Impairment of financial asets

The Group has thre main types of financial asets that are

subject to the expected credit los model:

– trade receivables and contract asets

– cash and cash equivalents and pledged bank

deposits; and

– other financial asets measured at amortised costs

(including deposits and other receivables).

While cash and cash equivalents and pledged bank

deposits are also subject to the impairment requirements

of HKFRS 9, the directors consider that the identified

impairment los was imaterial.

Trade receivables and contract asets

In respect of trade receivables and contract asets,

periodical credit evaluations are performed taking

into acount the counterparty’s financial position, past

experience and future economic environment.

The Group aplies the HKFRS 9 simplified aproach to

measure expected credit loses which uses a lifetime

expected los alowance for al trade receivables.

To measure the expected credit loses of trade receivables

and contract asets, trade receivables and contract asets

having similar credit characteristic were grouped based

on shared credit risk characteristics. For trade receivables,

management colectively asesed the expected credit

loses taking into acount the history of bad debt loses

and industry credit los rate, in respect of those groups of

customers.

The Group measures los alowances for trade receivables

and contract asets using HKFRS 9 simplified aproach and

has calculated ECLs based on lifetime ECLs under colective

asesment.

Current	31 to 60 days past due	61 to 90 days past due	Over 90 days past due	Total
即期	逾期31日至60日	逾期61日至90日	逾期超过 90日	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

0.58%	2.82%	2.97%	74.96%
12,663	4,722	337	603	18,325
74	133	10	452	669

怡康泰工程集团控股有限公司二零二五年度报告97

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

5. 金融风险管理（续）

(a) 信贷风险（续）

(i) 金融资产减值（续）

贸易应收款项及合约资产（续）

本集团已基于本集团历史信贷亏损经验

及金钱之时间价值（如适当）评估预期信

贷亏损，并就客户之特定前瞻性因素及

经济环境作出调整。为计量预期信贷亏

损，贸易应收款项及合约资产已根据共

有信贷风险特点及逾期日数进行分组。

下表载列有关本集团贸易应收款项及合

约资产于报告期末所面临之信贷风险及

预期信贷亏损之资料：

(A) 贸易应收款项

5. FINANCIAL RISK MANAGEMENT (Continued)

(a) Credit risk (Continued)

(i) Impairment of financial asets (Continued)

Trade receivables and contract asets (Continued)

The Group has asesed ECL based on the Group’s

historical credit los experience and time value of money

where apropriate, adjusted for forward-loking factors

specific to the customers and the economic environment.

To measure the ECLs, trade receivables and contract

asets have ben grouped based on shared credit risk

characteristics and the days past due.

The folowing tables provide information about the Group’s

exposure to credit risk and ECLs for trade receivables and

contract asets at the end of the reporting period:

(A) Trade receivables

At 31 March 2025于二零二五年

三月三十一日

Weighted average expected los rate加权平均预期损失率

Receivable amount应收款项

Los alowance亏损拨备

At 31 March 2024于二零二四年

三月三十一日

Weighted average expected los rate加权平均预期损失率0.38%3.70%0.00%62.50%

Receivable amount应收款项14,3742,569–84017,783

Los alowance亏损拨备5595–525675

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

6.41%	4.88%
55,802	56,631
3,579	2,763

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 202598

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

5. 金融风险管理（续）

(a) 信贷风险（续）

(i) 金融资产减值（续）

贸易应收款项及合约资产（续）

(B) 合约资产

预期信贷亏损率乃按客户的过往

信贷亏损经验或参考行业数据计

算。该等比率已作出调整，以反

映收集过往数据期间的经济状况

及当前状况之间的差异。于得出

预期信贷亏损之金额时已考虑金

钱之时间值，并就客户及经济环

境的特定前瞻性因素作出调整。

于二零二五年及二零二四年三月

三十一日，若干贸易应收款项逾

期超过90日。本集团评估相关客

户的逾期记录、交易记录及信贷

评级（如有），结论为逾期超过90

日的贸易应收款项并无违约或信

贷减值。

按摊销成本列账的其他金融资产

参考交易对手的历史违约率及目前的财

务状况，管理层认为其信贷风险自初始

创立以来并无显著增加。减值拨备根据

12个月的预期信贷亏损厘定，而预期信

贷亏损被视为并不重大。

5. FINANCIAL RISK MANAGEMENT (Continued)

(a) Credit risk (Continued)

(i) Impairment of financial asets (Continued)

Measurement of expected credit los on colective basis

(Continued)

(B) Contract asets

ECL rate (average)预期信贷亏损率（平均）

Gros carying amount账面总值

ECL预期信贷亏损

ECLs rates are based on the past credit los

experience of the customers or with reference to

the industry data. These rates are adjusted to reflect

diferences betwen economic conditions during

the period over which the historical data has ben

colected and curent conditions. Time value of

money is considered in ariving at the amount of

ECLs, adjusted for forward-loking factors specific

to the customers and economic environment.

As at 31 March 2025 and 2024, there were certain

trade receivables overdue more than 90 days. The

Group asesed the coresponding customers’ past

due record, trading history and credit rating (if any)

to conclude that those trade receivables overdue

more than 90 days were not default or credit

impaired.

Other financial asets at amortised costs

Management considers that its credit risk has not increase

significantly since initial recognition with reference to the

counterparty historical default rate and curent financial

position. The impairment provision is determined based

on the 12-month expected credit los which is considered

insignificant.

		Less than 1 year	Between 1–2 years	Total
At 31 March 2025	于二零二五年三月三十一日	少于1年	1至2年	总计
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元

15,510	–	15,510
127	29	156
15,637	29	15,666

		Less than 1 year	Between 1–2 years	Total
At 31 March 2024	于二零二四年三月三十一日	少于1年	1至2年	总计
		HK$’000	HK$’000	HK$’000
		千港元	千港元	千港元

怡康泰工程集团控股有限公司二零二五年度报告99

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

5. 金融风险管理（续）

(b) 流动资金风险

本集团政策为定期监控目前及估计流动资金

需求以确保其维持足够现金储备应付短期及

更长期的流动资金需求。

本集团金融负债的到期日基于非贴现金流

量分析如下：

由于本集团并无重大计息资产及负债，故本

集团的经营现金流量几乎不受市场利率波动

影响。

5. FINANCIAL RISK MANAGEMENT (Continued)

(b) Liquidity risk

The Group’s policy is to regularly monitor curent and expected

liquidity requirements to ensure that it maintains suficient

reserves of cash to met its liquidity requirements in the short and

longer term.

The maturity analysis, based on undiscounted cash flows, of the

Group’s financial liabilities is as folows:

Other payables其他应付款项

Lease liabilities租赁负债

Other payables其他应付款项26,184–26,184

Lease liabilities租赁负债32441365

26,5084126,549

As the Group has no significant interest-bearing asets and

liabilities, the Group’s operating cash flows are substantialy

independent of changes in market interest rates.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

–
19,966
5,518
12,965
38,449
151
15,510
15,661

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025100

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

5. 金融风险管理（续）

(d) 金融工具类别

(e) 公平值

于综合财务状况表所反映的本集团金融资

产及金融负债的账面值与其各自的公平值

相若。

5. FINANCIAL RISK MANAGEMENT (Continued)

(d) Categories of financial instruments

Financial asets:金融资产

Equity investment at fair value through other

comprehensive income

按公平值计入其他全面收益的

股本投资70

Financial asets at amortised cost:按摊销成本列账的金融资产：

Trade and other receivables 贸易及其他应收款项19,673

Pledged bank deposits 已抵押银行存款5,396

Cash and cash equivalents 现金及现金等价物29,669

Total 总计54,808

Financial liabilities:金融负债：

Lease Liabilities租赁负债353

Financial liabilities at amortised cost:按摊销成本列账的金融负债：

Other payables 贸易及其他应付款项26,184

Total 总计26,537

(e) Fair value

The carying amounts of the Group’s financial asets and financial

liabilities as reflected in the consolidated statement of financial

position aproximate their respective fair values.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

325,629
325,629

		Wet trades works services business	2025 Total
Segments	分部	泥水工程服务业务	二零二五年总计
		HK$’000	HK$’000
		千港元	千港元

325,629	325,629
325,629	325,629
325,629	325,629

		Wet trades works services business	2024 Total
Segments	分部	泥水工程服务业务	二零二四年总计
		HK$’000	HK$’000
		千港元	千港元

怡康泰工程集团控股有限公司二零二五年度报告101

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

6. 收益及分部资料

分拆客户合约收益：

6. REVENUE AND SEGMENT INFORMATION

Provision of wet trades works services提供泥水工程服务320,746

Revenue from contracts with customers客户合约收益320,746

Disagregation of revenue from contracts with customers:

Geographical markets地域市场

Hong Kong香港

Major products/services主要产品╱服务

Provision of wet trades works services提供泥水工程服务

Timing of revenue recognition收益确认时间

Over time随时间

Geographical markets地域市场

Hong Kong香港320,746320,746

Major products/services主要产品╱服务

Provision of wet trades works services提供泥水工程服务320,746320,746

Timing of revenue recognition收益确认时间

Over time随时间320,746320,746

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025102

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

6. 收益及分部资料（续）

泥水工程服务业务

确认

本集团根据与客户订立的合约提供泥水工程服

务，包括瓷砖铺设、砌砖、抹灰、地板批荡(flor

screding)和云石工程。此类合约于服务开始前订

立。根据合约条款，本集团须根据合约于客户指定

地盘进行工程，致使本集团履约创造或提升客户于

本集团履约时控制的资产。

收益以输出法逐步确认，该方法为按迄今所转移承

诺货品或服务对客户的价值相对根据客户合约所承

诺余下货品或服务的直接计量为基准确认收益。完

全达成合约履约责任的进度基于迄今所完成履约价

值占总交易价的百分比而厘定，以描述向客户转移

货品或服务的控制权。本集团仅于可合理计量其完

全达成履约责任的进度时，方会随时间确认收益。

然而，倘本集团无法可靠计量有关结果，惟预期可

收回达成履约责任所产生成本，则确认的收益以已

产生成本为限。本公司董事认为，输出法可忠实揭

示本集团根据香港财务报告准则第15号完全达成该

等履约责任的履约情况。

可变代价

本集团就厘定各工程项目交易价同时考虑与其客户

订立的合约条款及其惯常业务常规。本集团将交易

价厘定为其预期就向客户转移承诺货品或服务有权

换取的代价金额。估计在建工程项目的交易价时，

本集团确认代价金额将因价格折扣及回扣而有变，

代价金额通常于项目最终验证阶段与客户落实及协

定。尽管客户所承诺代价相关的可变性并未于合约

列明，本集团认为，客户因惯常业务常规而有合理

期望于工程项目结束时，客户会获价格优惠。因

此，除非于与可变代价相关的不确定因素其后获解

决时，所确认的累计收益金额极可能不会有重大拨

回，否则可变代价的估计一般受限制。

6. REVENUE AND SEGMENT INFORMATION

(Continued)

Wet trades works services busines

Recognition

The Group provides wet trades works (including tile laying, brick laying,

plastering, flor screding and marble works) under contracts with

customers. Such contracts are entered into before the services begin.

Under the terms of the contracts, the Group is contractualy required to

perform the works at the customers’ specified sites such that the Group’s

performance creates or enhances an aset that the customer controls as

the Group performs.

Revenue is recognised progresively using output method which

recognises revenue on the basis of direct measurements of the value

to the customer of the promised gods or services transfered to date

relative to the remaining gods or services promised under the contract

with the customer. The progres towards complete satisfaction of

the performance obligations in the contract is determined based on

the value of performance completed to date as a percentage of total

transaction price to depict the transfer of control of the gods or services

to the customer. The Group recognises revenue over time only if it

can reasonably measure its progres toward complete satisfaction of

the performance obligation. However, if the Group canot reasonably

measure the outcome but expects to recover the costs incured in

satisfying the performance obligation, then it recognises revenue to the

extent of the costs incured. The directors of the Company consider that

output method would faithfuly depict the Group’s performance towards

complete satisfaction of these performance obligations under HKFRS 15.

Variable consideration

The Group considers both the terms of the contracts entered into

with its customers and its customary busines practices to determine

the transaction prices for each of its construction projects. The Group

determines the transaction price as the amount of consideration to

which it expects to be entitled in exchange for transfering promised

gods or services to the customer. When estimating transaction prices for

construction projects in progres, the Group recognises that the amounts

of consideration would vary because of price discounts and rebates,

which are usualy finalised and agred with the customers during the final

certification stage of the projects. Although such variability relating to the

consideration promised by the customers are not explicitly stated in the

contracts, the Group considers that the customers have valid expectations

arising from customary busines practices that the price concesions would

be given to the customers at the end of the construction projects. Hence,

the estimates of variable consideration are typicaly constrained to the

extent that it is highly probable that a significant reversal in the amount

of cumulative revenue recognised wil not ocur when the uncertainty

asociated with the variable consideration is subsequently resolved.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

N/A# 不适用
115,433
N/A# 不适用
112,361
33,321

怡康泰工程集团控股有限公司二零二五年度报告103

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

6. 收益及分部资料（续）

主要客户的收益：

各自分别占总收益10%或以上的主要客户的收益载

列如下：

上述客户为同一集团内的多间公司。所有收益均产

生自泥水工程服务业务。

相应收益并无占本集团总收益超过10%。

本公司董事会已确定为主要营运决策者。董事会视

本集团的泥水工程服务业务为一个单一经营分部，

并就分配资源的决定及评估表现定期审阅本集团的

整体经营业绩。此外，本集团只于香港经营其业

务。因此，本集团全部收益均源自于香港进行的业

务，且本集团全部非流动资产均位于香港，故并无

呈列分部资料。

6. REVENUE AND SEGMENT INFORMATION

(Continued)

Revenue from major customers:

Revenue from major customers, each of whom amounted to 10% or

more of the total revenue, is set out below:

Customer A客户A63,377

Customer B客户B151,817

Customer C客户C43,990

Customer D客户D

N/A

不适用

Customer E客户E

N/A

不适用

The above customer represents a colection of companies within a group.

Al the revenue are generated from wet trades works services busines.

The coresponding revenue did not contribute over 10% of total revenue of

the Group.

The chief operating decision-maker has ben identified as the board of

directors of the Company. The board of directors regards the Group’s

wet trades works services busines as a single operating segment and

regularly reviews the operating results of the Group as a whole when

making decisions about resources to be alocated and asesing its

performance. Also, the Group only engages its busines in Hong Kong.

Therefore, al revenue of the Group is derived from operations caried

out in Hong Kong and al non-curent asets of the Group are located in

Hong Kong. Acordingly, no segment information is presented.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

123
–
51
–
174

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

17
–
17

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

132
132

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025104

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

7. 其他收入及收益

附注：

政府补助并无未达成条件，亦无附带其他视条件而定的该

等补贴。本集团并无直接受惠于任何其他形式的政府资

助。

8. 融资成本

9. 所得税抵免

由于本集团于年内并无于香港产生任何应课税溢

利，故并无就截至二零二五年三月三十一日止年度

作出任何香港利得税拨备（二零二四年：无）。

7. OTHER INCOME AND GAIN

Bank interest income银行利息收入150

Gain on disposal of plant and equipment出售厂房及设备的收益16

Government grants (Note)政府补助金（附注）87

Others其他5

Note:

Government grants are under no unfulfiled conditions or other contingencies

ataching to these grants. The Group did not benefit directly from any other forms

of government asistance.

8. FINANCE COSTS

Lease interests租赁利息26

Interest on bank overdrafts银行透支利息1

Total borowing costs借贷成本总额27

9. INCOME TAX CREDIT

Defered tax (Note 23)递延税项（附注23）181

Total tax credit for the year年内税项抵免181

No provision for Hong Kong Profits Tax has ben made for the year ended

31 March 2025 as the Group did not generate any asesable profits

arising in Hong Kong during the year (2024: Nil).

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

(9,604)
(1,585)
156
1,267
30
(132)

	2025	2024
	二零二五年	二零二四年
Notes	HK$’000	HK$’000
附注	千港元	千港元

419
361
590
282,691
808
18,962
642
19,604

怡康泰工程集团控股有限公司二零二五年度报告105

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

9. 所得税抵免（续）

所得税抵免与除税前亏损乘以香港利得税率的乘

积之间的对账如下：

10. 年内亏损

本集团之年内亏损乃经扣除以下各项后呈列：

附注：

截至二零二五年三月三十一日止年度，本集团并无动用有

关定额供款退休计划之已没收供款以减少应付计划供款（二

零二四年：无）。于二零二五年三月三十一日，该等计划并

无已没收供款可供减少未来供款（二零二四年：无）。

9. INCOME TAX CREDIT (Continued)

The reconciliation betwen the income tax credit and the product of los

before tax multiplied by the Hong Kong Profits Tax rate is as folows:

Los before tax除税前亏损(11,975)

Tax at the domestic income tax rate of 16.5%

(2024: 16.5%)

按本地所得税率16.5%计算之税项

（二零二四年：16.5%）(1,976)

Tax efect of income that is not taxable

and expense that is not deductible

毋须课税收入及不可扣减开支的

税务影响201

Tax efect of tax loses not recognised未确认税项亏损的税务影响1,627

Tax efect of temporary diferences not recognised未确认暂时性差额的税务影响(33)

Income tax credit所得税抵免(181)

10. LOS FOR THE YEAR

The Group’s los for the year is stated after charging the folowing:

Depreciation of plant and equipment厂房及设备折旧14669

Depreciation of right-of-use asets使用权资产折旧15304

Auditor’s remuneration核数师酬金700

Subcontracting fe included in direct costs计入直接费用的分包费276,527

Net impairments loses of financial asets and

contract asets

金融资产及合约资产之

减值亏损净额18, 191,298

Staf costs including directors’ emoluments员工成本（包括董事酬金）

Salaries, bonus and alowances 薪金、花红及津贴22,583

Retirement benefits scheme contributions

(Note)

退休福利计划供款

（附注）752

23,335

Note:

For the year ended 31 March 2025, no forfeited contribution in respect of the

defined contribution retirement plans where utilised by the Group to reduce the

contribution payables to the plans (2024: Nil). As as 31 March 2025, no forfeited

contribution under these plans is available to reduce future contribution (2024: Nil).

Fees	Salaries, allowances and benefits in kind	Discretionary bonus	Retirement benefit scheme contributions	Total emoluments
袍金	薪金、津贴及实物利益	酌情花红	退休福利计划供款	薪酬总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

–	600	–	–	600
–	600	–	–	600
–	1,200	–	–	1,200
120	–	–	–	120
120	–	–	–	120
120	–	–	–	120
360	–	–	–	360
90	–	–	–	90
90	–	–	–	90
450	1,200	–	–	1,650

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025106

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

11. 董事及雇员的薪酬

(a) 董事及主要行政人员的薪酬

各董事的薪酬如下：

截至二零二五年三月三十一日止年度

11. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS

(a) Directors’ and chief executive’s emoluments

The emoluments of each director were as folows:

For the year ended 31 March 2025

Executive directors:执行董事：

Mr. Tse Chun Yuen (Note (i) 谢振源先生（附注(i)）

Mr. Tse Chun Kuen (Note (i) 谢振干先生（附注(i)）

Independent non-executive directors:独立非执行董事：

Mr. Tang Chi Wai 邓智伟先生

Ms. Chung Lai Ling 钟丽玲女士

Mr. Wong Yiu Kwong Kenji 黄耀光先生

Non-executive director:非执行董事：

Ms. Dang Hongying 党鸿英女士

Fees	Salaries, allowances and benefits in kind	Discretionary bonus	Retirement benefit scheme contributions	Total emoluments
袍金	薪金、津贴及实物利益	酌情花红	退休福利计划供款	薪酬总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元

怡康泰工程集团控股有限公司二零二五年度报告107

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

11. 董事及雇员的薪酬（续）

(a) 董事及主要行政人员的薪酬（续）

截至二零二四年三月三十一日止年度

11. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (Continued)

(a) Directors’ and chief executive’s emoluments

(Continued)

For the year ended 31 March 2024

Executive directors:执行董事：

Mr. Tse Chun Yuen (Note (i) 谢振源先生（附注(i)）–600–600

Mr. Tse Chun Kuen (Note (i) 谢振干先生（附注(i)）–600–600

Mr. Tam Wing Yuen (Note (i) 谭永元先生（附注(i)）–42–244

Mr. Cao Yaqun (Note (i) 曹雅群先生（附注(i)）–87–87

–1,329–21,331

Independent non-executive directors:独立非执行董事：

Mr. Tang Chi Wai 邓智伟先生120–120

Ms. Chung Lai Ling 钟丽玲女士120–120

Mr. Wong Yiu Kwong Kenji 黄耀光先生120–120

360–360

Non-executive director:非执行董事：

Ms. Dang Hongying 党鸿英女士90–90

90–90

4501,329–21,781

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

1,447
205
30
1,682

Number of employees
雇员人数
	2025	2024
	二零二五年	二零二四年

3

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025108

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

11. 董事及雇员的薪酬（续）

(a) 董事及主要行政人员的薪酬（续）

附注：

(i) 于截至二零二五年及二零二四年三月三十一

日止年度，谢振干先生及谢振源先生亦出任

本公司若干附属公司董事及╱或本集团的雇

员，而本集团以彼等于该等附属公司的董事

及╱或本集团的雇员身份向彼等支付酬金。

(i) .于二零二三年六月二十三日辞任。

(i) 于二零二年七月二十九日获委任，并于二

零二三年九月二十五日辞任。

于年内，并无董事作出已放弃或同意放弃任

何酬金的任何安排。

(b) 五名最高薪酬人士的薪酬

年内，本集团的五名最高薪酬人士包括2名

（二零二四年：2名）董事，其酬金反映于上文

分析。余下3名（二零二四年：3名）最高薪酬人

士的酬金载列如下：

酬金属于下列范围：

于年内，本集团并无向任何董事或最高薪酬

人士支付酬金，作为邀请加入或加入本集团

后的奖励或作为离职补偿。

11. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (Continued)

(a) Directors’ and chief executive’s emoluments

(Continued)

Notes:

(i) Mr. Tse Chun Kuen and Mr. Tse Chun Yuen were also directors

of certain subsidiaries of the Company and/or employes of the

Group for the years ended 31 March 2025 and 2024 and the Group

paid emoluments to them in their capacity as the directors of these

subsidiaries and/or employes of the Group.

(i) Resigned on 23 June 2023.

(i) Apointed on 29 July 2022 and resigned on 25 September 2023.

There was no arangement under which a director waived or

agred to waive any emoluments during the year.

(b) Five highest paid individual emoluments

The five highest paid individuals in the Group during the year

included 2 (2024: 2) directors whose emoluments are reflected in

the analysis presented above. The emoluments of the remaining 3

(2024: 3) individuals are set out below:

Salaries, alowances and benefits in kind薪金、津贴及实物利益1,497

Discretionary bonus酌情花红230

Retirement benefit scheme contributions退休福利计划供款54

1,781

The emoluments fel within the folowing band:

Nil–HK$1,000,000零至1,000,000港元3

During the year, no emoluments were paid by the Group to any

of the directors or the highest paid individuals as an inducement

to join or upon joining the Group or as compensation for los of

ofice.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

9,472

		2025	2024
		二零二五年	二零二四年
		’000	’000
		千港元	千港元

276,380

怡康泰工程集团控股有限公司二零二五年度报告109

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

12. 股息

截至二零二五年三月三十一日止年度，概无向本公

司普通股东派付或建议宣派股息，自报告期末以

来亦无建议宣派任何股息（二零二四年：无）。

13. 每股亏损

本公司拥有人应占每股基本亏损乃按本公司拥有

人应占年度亏损约9,472,000 港元（二零二四年：

11,794,000港元）年内已发行普通股的加权平均股数

约276,380,000股（二零二四年：267,396,000 股）计

算。

本公司于截至二零二五年及二零二四年三月三十一

日止两个年度并无任何发行在外的潜在摊薄普通

股，因此概无呈列每股摊薄盈利。

每股基本及摊薄盈利乃根据下列各项计算：

附注：

截至二零二五年三月三十一日止年度用于计算每股基本及

摊薄亏损的普通股加权平均数。

12. DIVIDENDS

No dividend was paid or proposed for ordinary shareholders of the

Company during the year ended 31 March 2025, nor has any dividend

ben proposed since the end of the reporting period (2024: Nil).

13. LOS PER SHARE

The calculation of basic los per share atributable to owners of the

Company is based on the los for the year atributable to owners of

the Company of aproximately HK$9,472,000 (2024: HK$11,794,000)

and the weighted average number of ordinary shares of aproximately

276,380,000 (2024: 267,396,000) in isue during the year.

No diluted earnings per share are presented as the Company did not

have any potential dilutive ordinary shares outstanding during the two

years ended 31 March 2025 and 2024.

The calculation of the basic and diluted earnings per share is based on

the folowing:

Los亏损

Los for the purpose of calculating basic and diluted

earnings per share

用于计算每股基本及摊薄盈利之

亏损11,794

Number of shares股份数目

Weighted average number of ordinary shares in

isue during the year for the purposes of the basic

and diluted los per share

用于计算每股基本及摊薄亏损之

年内已发行普通股加权平均数

267,396

Note:

The weighted average number of ordinary shares for the year ended 31 March 2025

for the purposes of calculating basic and diluted los per share.

Office equipment	Motor vehicles	Machinery and equipment	Total
办公设备	汽车	机器及设备	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

396	1,548	11,550	13,494
390	1,004	10,871	12,265
4	201	214	419
394	1,205	11,085	12,684
2	343	465	810

Office equipment	Motor vehicles	Machinery and equipment	Total
办公设备	汽车	机器及设备	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025110

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

14. 厂房及设备14. PLANT AND EQUIPMENT

COST:成本：

At 1 April 2024 and 31 March 2025二零二四年四月一日及

二零二五年三月三十一日

ACUMULATED DEPRECIATION:累计折旧：

At 1 April 2024于二零二四年四月一日

Charge for the year年内支出

At 31 March 2025于二零二五年三月三十一日

CARYING AMOUNT:账面值：

At 31 March 2025于二零二五年三月三十一日

COST:成本：

At 1 April 2023于二零二三年四月一日3961,37011,04012,806

Aditions添置–6315101,141

Disposals出售–(453)–(453)

At 31 March 2024于二零二四年三月三十一日3961,54811,55013,494

ACUMULATED DEPRECIATION:累计折旧：

At 1 April 2023于二零二三年四月一日3601,22310,46612,049

Charge for the year年内支出30234405669

Disposals出售–(453)–(453)

At 31 March 2024于二零二四年三月三十一日3901,00410,87112,265

CARYING AMOUNT:账面值：

At 31 March 2024于二零二四年三月三十一日65446791,229

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

148

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

361
17
183
566
164

怡康泰工程集团控股有限公司二零二五年度报告111

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

15. 租赁及使用权资产

本集团租赁物业。租赁协议的固定期限通常为两

年。租赁条款乃个别协商达致，当中包含各种不同

的条款及条件。租赁协议并无施加任何契约，而租

赁资产不得用作借款的担保。

15. RIGHT-OF-USE ASET

At 31 March于三月三十一日

Right-of-use asets使用权资产

– Premises – 物业345

Year ended 31 March:截至三月三十一日止年度：

Depreciation charge of right-of-use asets使用权资产的折旧费用

– Premises – 物业304

Lease interests租赁利息26

Expenses related to short-term leases短期租赁费用252

Total cash outflow for leases租赁现金流出总额574

Adition to right-of-use asets添置使用权资产614

The Group leases premise. Lease agrements are typicaly made for fixed

periods of two years. Lease terms are negotiated on an individual basis

and contain a wide range of diferent terms and conditions. The lease

agrements do not impose any covenants and the leased asets may not

be used as security for borowing purposes.

Name	Place of incorporation/ registration and operation	Issued and paid up capital	Percentage of ownership interest		Principal activities
名称	注册成立╱ 注册及营业地点	已发行及缴足股本	拥有权权益比例		主要业务
			Direct	Indirect
			直接	间接

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

–
–

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025112

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

16. 附属公司

于二零二五年及二零二四年三月三十一日附属公司

之详情如下：

上表载有主要影响本集团业绩、资产或负债的附属

公司的详情。

17. 按公平值计入其他全面收益

之股本投资

上述投资拟中长期持有。将该投资指定为按公平值

计入其他全面收益的股本投资可避免该投资的公平

值变动对损益的波动。

16. SUBSIDIARIES

Particulars of the subsidiaries as at 31 March 2025 and 2024 are as folows:

Noble Wisdom Holdings LimitedBVI4 ordinary shares of US$1 each100%–Investment holding

高智控股有限公司英属处女群岛4股每股面值1美元的普通股100%–投资控股

Noble Crystal (BVI) LimitedBVI1 ordinary shares of US$1 each100%–Inactive

Noble Crystal (BVI) Limited英属处女群岛1股每股面值1美元的普通股100%–不活跃

Eric Tse Cement Works Company LimitedHong KongHK$10,000,000–100%Provision of wet trades works in

Hong Kong

振源泥水工程有限公司香港10,000,000港元–100%于香港提供泥水工程服务

The above list contains the particulars of subsidiaries which principaly

afected the results, asets or liabilities of the Group.

17. EQUITY INVESTMENT AT FAIR VALUE

THROUGH OTHER COMPREHENSIVE

INCOME

Equity security, at fair value按公平值列账的股本证券

Unlisted equity security 非上市股本证券70

Analysed as:分析为：

Non-curent asets 非流动资产70

The above investment is intended to be held for the medium to long-

term. Designation of this investment as equity investment at fair value

through other comprehensive income can avoid the volatility of the fair

value changes of this investment to the profit or los.

As at 31 March 2025	As at 31 March 2024	As at 1 April 2023
于二零二五年三月三十一日	于二零二四年三月三十一日	于二零二三年四月一日
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元

55,802
(3,579)
52,223

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

N/A 不适用
102,932
90,562
193,494

怡康泰工程集团控股有限公司二零二五年度报告113

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

18. 合约资产

收益相关项目的披露：

于年末分配至未达成履约责任并预期于以下年度确

认为收益之交易价：

合约资产减少，原因是本集团在固定价格合约的协

定付款时间表之前提供的服务减少。本集团亦根据

香港财务报告准则第9号确认合约资产亏损拨备，详

情请参阅附注5(a)(i)。

18. CONTRACT ASETS

Disclosures of revenue – related items:

Contract asets – wet trades works services合约资产 – 泥水工程服务56,63151,358

Provision for los alowance计提亏损拨备(2,763)(1,924)

Total contract asets合约资产总额53,86849,434

Transaction prices alocated to performance obligations unsatisfied at

end of year and expected to be recognised as revenue in:

– 2025– 二零二五年219,676

– 2026– 二零二六年100,379

– 2027– 二零二七年

N/A

不适用

320,055

Contract asets have decreased, because the Group has provided fewer

services ahead of the agred payment schedules for fixed-price contracts.

The Group also recognised a los alowance for contract asets in

acordance with HKFRS 9, se note 5(a)(i) for further information.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

20,777
31,446
52,223

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025114

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

18. 合约资产（续）

本集团的合约资产分析如下：

本集团合约资产的账面价值乃以港元计值。

由于本集团自客户收取代价的权利须待工程勘测工

作完成后方可作实，故合约资产初步按合约工程所

获取收益确认。于勘测工作完成后将发出付款单，

其后本集团收取代价的权利将成为无条件，已确认

为合约资产的金额将重新分类至贸易应收款项。就

本集团委聘进行的建筑合约而言，由执行工程至本

集团收取代价的权利成为无条件之间的时间一般介

乎1至12个月不等（二零二四年：1至12个月），惟应

收保固金除外（见下文）。

于二零二五年三月三十一日，合约资产结余包括来

自客户的应收保固金约31,446,000港元（扣除信贷亏

损拨备）（二零二四年：28,408,000港元）。应收保固

金应根据各自合约条款进行结算。

本集团一般预留合约的总合约价的5%至10%（二零二

四年：5%至10%）作为保固金。保固金为无抵押、免

息及可于个别合约的保质期（自各合约完工日期起计

为期介乎12至24个月（二零二四年：12至24个月）届

满时收回。本集团负责纠正有关所进行合约工程于

完工后发现的缺陷或瑕疵。

18. CONTRACT ASETS (Continued)

The Group’s contract asets are analysed as folows:

Contract asets合约资产

Unbiled revenue 未开票收入25,460

Retention monies receivables 应收保固金28,408

53,868

The carying amounts of the Group’s contract aset are denominated

in HK$.

Contract asets are initialy recognised for revenue earned from contract

works as the Group’s rights to receive consideration from its customers

are conditional upon the completion of surveys of works caried out.

Upon completion of the surveys of work, payment certificates would

then be isued, upon which the Group’s right to consideration become

unconditional and the amounts recognised as contract asets are

reclasified to trade receivables. Typicaly, the time interval betwen the

performance of works and the Group’s right to consideration becoming

unconditional range from 1 to 12 months for the construction contracts

engaged by the Group (2024: from 1 to 12 months), except for retention

monies receivables (se below).

As at 31 March 2025, the balance of contract asets included retention

monies receivables from customers amounting to aproximately

HK$31,446,000, net of provision for credit los alowance (2024:

HK$28,408,000). Retention monies receivables were to be setled in

acordance with the terms of respective contract.

The Group generaly alows 5% to 10% of total contract price of its

contracts as retention (2024: 5% to 10%), which are unsecured, interest-

fre and recoverable at the completion of the defect’s liability period of

individual contracts which range from 12 to 24 months from the date of

the completion of the respective contract (2024: 12 to 24 months). The

Group is responsible for rectifying defects or imperfections in relation to

the contract works done which are discovered after completion.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

11,201
20,245
31,446

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

2,763
816
3,579

怡康泰工程集团控股有限公司二零二五年度报告115

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

18. 合约资产（续）

以下为于二零二五年及二零二四年三月三十一日按

保质期届满时结付本集团应收保固金的到期日：

于二零二五年及二零二四年三月三十一日本集团应

收保固金全部结余均尚未到期。本集团并无就有关

结余持有任何抵押品。

合约资产亏损拨备之对账：

18. CONTRACT ASETS (Continued)

The due date for setlement of the Group’s retention monies receivables

are based on the completion of defects liability period as at 31 March

2025 and 2024 as folows:

Due within one year一年内到期5,738

Due more than one year超过一年到期22,670

28,408

The entire balance of the Group’s retention monies receivables as at 31

March 2025 and 2024 were not yet due. The Group does not hold any

colateral over these balances.

Reconciliation of los alowance for contract asets:

At 1 April于四月一日1,924

Provision for the year年内拨备839

At 31 March于三月三十一日2,763

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

18,325
(669)
17,656
3,857
(7)
3,850
21,506

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

12,589
4,589
478
17,656

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025116

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

19. 贸易及其他应收款项

本集团与其他客户之贸易条款以信贷为主。信贷

期一般介乎17日至33日。每名客户均有最高信贷限

额。新客户一般须支付垫款。本集团致力严格控制

其尚未收回之应收款项。董事对逾期结余进行定期

检讨。

贸易应收款项扣除拨备后根据发票日期之账龄分析

如下：

19. TRADE AND OTHER RECEIVABLES

The Group’s trading terms with other customers are mainly on credit.

The credit terms generaly range from 17 to 33 days. Each customer

has a maximum credit limit. For new customers, payment in advance

is normaly required. The Group seks to maintain strict control over its

outstanding receivables. Overdue balances are reviewed regularly by the

directors.

Trade receivables贸易应收款项17,783

Provision for los alowance计提亏损拨备(675)

Carying amounts账面值17,108

Other receivables其他应收款项5,464

Provision for los alowance计提亏损拨备(9)

Carying amounts账面值5,455

22,563

The aging analysis of trade receivables, based on the invoice date, and

net of alowance, is as folows:

0 to 30 days0至30日14,319

31 to 60 days31至60日2,474

Over 90 days超过90日315

17,108

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

675
(6)
669

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

9
(2)
7

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

12,965
5,518
18,483
(5,518)
12,965

怡康泰工程集团控股有限公司二零二五年度报告117

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

19. 贸易及其他应收款项（续）

贸易应收款项亏损拨备之对账：

其他应收款项亏损拨备之对账：

20. 已抵押银行存款以及现金及

现金等价物

19. TRADE AND OTHER RECEIVABLES (Continued)

Reconciliation of los alowance for trade receivables:

At 1 April于四月一日200

(Reversal of)/provision for the year年内（拨回）╱拨备475

At 31 March于三月三十一日675

Reconciliation of los alowance for other receivables:

At 1 April于四月一日25

Reversal of provision for the year年内拨备拨回(16)

At 31 March于三月三十一日9

20. PLEDGED BANK DEPOSITS AND CASH

AND CASH EQUIVALENTS

Cash at banks银行现金29,669

Short-term bank deposits短期银行存款5,396

35,065

Les: Pledged bank deposits减：已抵押银行存款 (5,396)

Cash and cash equivalents现金及现金等价物29,669

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

13,160
2,930
16,090
15,510
580
16,090

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

13,088
72
13,160

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025118

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

20. 已抵押银行存款以及现金及

现金等价物（续）

本集团现金及现金等价物之账面值以港元列值。

本集团之已抵押银行存款为已抵押予银行之存款，

以作为授予本集团银行信贷之抵押。该存款约为

5,518,000港元（二零二四年：5,396,000港元），按固

定利率每季度2.0%（二零二四年：2.5%）计息，因此

面临公平值利率风险。该存款的到期日为93日（二零

二四年：93日）。

21. 贸易及其他应付款项

根据收货日期的贸易应付款项的账龄分析如下：

20. PLEDGED BANK DEPOSITS AND CASH

AND CASH EQUIVALENTS (Continued)

The carying amounts of the Group’s cash and cash equivalents are

denominated in HK$.

The Group’s pledged bank deposits represented deposits pledged to

banks to secure banking facilities granted to the Group. The deposits are

in aproximately HK$5,518,000 (2024: HK$5,396,000) and at fixed interest

rate of 2.0% per quarter (2024: 2.5%) and therefore are subject to fair value

interest rate risk. The maturity of this deposit is 93 days (2024: 93 days).

21. TRADE AND OTHER PAYABLES

Trade payables贸易应付款项23,173

Acruals and other payables应计费用及其他应付款项3,011

26,184

Clasified as:分类为：

– Curent liabilities– 流动负债26,184

– Non-curent liabilities– 非流动负债–

26,184

The aging analysis of trade payables, based on the date of receipt of

gods, is as folows:

0 to 30 days0至30日23,087

31 to 60 days31至60日86

23,173

Lease payments		Present value of lease payments
租赁付款		租赁付款现值
2025	2024	2025	2024
二零二五年	二零二四年	二零二五年	二零二四年
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

127		123
29		28
365 (12)
156
(5)
353
151		151
(123)
28

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

668

怡康泰工程集团控股有限公司二零二五年度报告119

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

22. 租赁负债

于二零二五年三月三十一日，借款平均实际利率为

5.625%（二零二四年：5.75%）。利率乃于合约日期厘

定，故致使本集团面临公平值利率风险。

23. 递延所得税

递延所得税资产于有可依法强制执行权利将即期税

项资产与即期税项负债对销，且递延所得税与同一

财政机关相关时予以抵销

22. LEASE LIABILITIES

Within one year一年内313

In the second to fifth years, inclusive第二至第五年（包括首尾

两年）40

Les: Future finance charges减：未来融资支出

Present value of lease liabilities租赁负债现值353

Les: Amount due for setlement within

12 months (shown under

curent liabilities)

减：于12个月内到期并须

结清之款项（列为

流动负债）(313)

Amount due for setlement after

12 months

于12个月后到期并须结清之

款项40

At 31 March 2025, the average efective borowing rate was 5.625% (2024:

5.75%). Interest rates are fixed at the contract dates and thus expose the

Group to fair value interest rate risk.

23. DEFERED INCOME TAX

Defered income tax asets are ofset when there is a legaly enforceable

right to ofset curent tax asets against curent tax liabilities and when

the defered income taxes relate to the same fiscal authority.

Defered tax asets递延税项资产536

		Loss allowance on financial assets and contract assets	Total
		金融资产及合约资产亏损拨备	总计
		HK$’000	HK$’000
		千港元	千港元

		Accelerated tax depreciation	Total
		加速税项折旧	总计
		HK$’000	HK$’000
		千港元	千港元

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025120

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

23. 递延所得税（续）

年内递延税项资产及负债的变动（未考虑抵销同一税

务管辖区内的结余）如下：

递延税项资产：

递延税项负债：

递延所得税资产乃因应相关税务利益透过未来应课

税溢利变现而就所结转之税项亏损作确认。本集团

并无就可无限期结转的税务亏损约79,973,000港元（二

零二四年：72,291,000港元）确认递延所得税资产约

13,195,000港元（二零二四年：11,928,000港元）。

23. DEFERED INCOME TAX (Continued)

The movements in defered tax asets and liabilities during the year,

without taking into consideration the ofseting of balances within the

same tax jurisdiction, are as folows:

Defered tax asets:

At 1 April 2023于二零二三年四月一日355355

Credited to consolidated profit or los for the year年内自综合损益抵免214214

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日569569

Credited to consolidated profit or los for the year年内自综合损益抵免135135

At 31 March 2025于二零二五年三月三十一日704704

Defered tax liabilities:

At 1 April 2023于二零二三年四月一日–

Charged to consolidated profit or los for the year年内自综合损益抵免(33)(33)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日(33)(33)

Charged to consolidated profit or los for the year年内自综合损益抵免(3)(3)

At 31 March 2025于二零二五年三月三十一日(36)(36)

Defered income tax asets are recognised for tax los cary-forwards

to the extent that the realisation of the related tax benefit through the

future taxable profits is probable. The Group did not recognise defered

income tax asets of aproximately HK$13,195,000 (2024: HK$11,928,000)

in respect of tax loses amount aproximately HK$79,973,000 (2024:

HK$72,291,000) that can be caried forward caried forward indefinitely.

		Number of Shares	Amount
		股份数目	金额
		’000	HK$’000
		千股	千港元

怡康泰工程集团控股有限公司二零二五年度报告121

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

24. 股本

附注：

(i) 于二零二三年六月二十九日，本公司建议透过

增设700,000,000股额外普通股，发行法定股本由

15,000,000港元（分为300,000,000股每股面值0.05港元

之股份）增加至50,000,000港元（分为1,000,000,000股每

股面值0.05港元之普通股），在所有方面与现有股份

享有同等权益。该决议案于二零二三年八月十一日

通过。

(i) 于二零二三年七月二十五日，本公司与一名配售代

理订立配售协议，内容有关预期以每股0.34港元之价

格向不少于六名独立投资者配售48,500,000股每股面

值0.05港元之普通股。于二零二三年八月十日，合共

25,100,00股配售股份已予配售，而发行股份之溢价

约7,279,000港元（扣除股份发行开支约514,000港元）计

入本公司之股份溢价账。

24. SHARE CAPITAL

Authorised:法定：

Ordinary shares of HK$0.05

(2024: HK$0.05) each

每股0.05港元（二零二四年：0.05港元）

之普通股

At 1 April 2023于二零二三年四月一日300,00015,000

Increase in number of authorised shares (Note (i)法定股份数目增加（附注(i)）700,00035,000

At 31 March 2024, 1 April 2024 and 31 March 2025于二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日1,000,00050,000

Isued and fuly paid:已发行及缴足：

Ordinary shares of HK$0.05 (2024: HK$0.05) each每股0.05港元（二零二四年：0.05港元）

之普通股

At 1 April 2023于二零二三年四月一日251,28012,564

Isuance of shares on placement (Note (i)配售时发行股份（附注(i)）25,1001,255

At 31 March 2024, 1 April 2024 and 31 March 2025于二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日276,38013,819

Notes:

(i) On 29 June 2023, the company proposed to isue the authorised share

capital from HK$15,000,000 divided into 300,000,000 shares of HK$0.05 each

to HK$50,000,000 divided into 1,000,000,000 ordinary shares of HK$0.05

each by the creation of an aditional 700,000,000 ordinary shares, ranking

pari pasu in al respects with the existing shares. The resolution pased on

11 August 2023.

(i) On 25 July 2023, the Company entered into a placing agrement with a

placing agent in respect of the placement of 48,500,000 ordinary shares

of HK$0.05 each to expected not les than six independent investors at

a price of HK$0.34 per share. On 10 August 2023, a total of 25,100,000

placing shares have ben placed and the premium on the isue of shares,

amounting to HK$7,279,000, net of share isue expenses of aproximately

HK$514,000, was credited to the Company’s share premium acount.

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

7,014
–
7,014
157
69,772
40
69,969
45
45
69,924
76,938
76,938
13,819
63,119
76,938

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025122

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

25. 本公司之财务状况表 25. STATEMENT OF FINANCIAL POSITION

OF THE COMPANY

Non-curent asets非流动资产

Investments in subsidiaries于附属公司的投资16,082

Equity investment at fair value through other

comprehensive income

按公平值计入其他全面收益之

股本投资70

16,152

Curent asets流动资产

Prepayment预付款项167

Amount due from a subsidiary应收一间附属公司款项70,823

Bank and cash balances银行及现金结余40

71,030

Curent liabilities流动负债

Other payables其他应付款项45

NET CURENT ASETS流动资产净值70,985

TOTAL ASETS LES CURENT LIABILITIES总资产减流动负债87,137

NET ASETS净资产87,137

Capital and reserves资本及储备

Share capital股本13,819

Reserves储备73,318

TOTAL EQUITY权益总额87,137

Share premium	Other reserve	Accumulated losses	Total
股份溢价	其他储备	累计亏损	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

82,951	41,500	(51,133)	73,318
–	–	(10,129)	(10,129)
–	–	(70)	(70)
–	–	(10,199)	(10,199)
82,951	41,500	(61,332)	63,119

怡康泰工程集团控股有限公司二零二五年度报告123

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

26. 储备

(a) 本集团

本集团之储备金额及其变动已列载于综合损

益及其他全面收益表以及综合权益变动表

内。

(b) 本公司

26. RESERVES

(a) Group

The amounts of the Group’s reserves and movements therein are

presented in the consolidated statement of profit or los and other

comprehensive income and consolidated statement of changes

in equity.

(b) Company

At 1 April 2024于二零二四年四月一日76,18641,500(39,357)78,329

Los and total comprehensive

expense for the year

年内亏损及

全面开支总额–(11,776)(11,776)

Isuance of shares on placement

(Note 25(i)

配售时发行股份

（附注25(i)）6,765–6,765

At 31 March 2024 and 1 April 2024于二零二四年

三月三十一日及

二零二四年

四月一日

Los and for the year年内亏损

Other comprehensive expense其他全面开支

Total comprehensive expense

for the year

年内全面开支总额

At 31 March 2025于二零二五年

三月三十一日

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025124

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

26. 储备（续）

股份溢价账

根据开曼群岛公司法，本公司股份溢价之资

金可供分派予本公司股东，惟紧随建议分派

股息日期后，本公司须有能力偿还其于日常

业务过程中到期之债务。

股份溢价指因按超过每股面值之价格发行股

份而产生之溢价，且不得分派，惟可用于缴

足将以缴足红股之形式发行予本公司股东之

本公司未发行股份或用于支付购回股份应付

之溢价。

27. 购股权计划

本公司根据一项于二零一七年九月十四日通过的决

议案采纳购股权计划（「该计划」）。该计划旨在吸引

及挽留最优秀的人员，根据该计划向合资格参与者

提供额外奖励。

根据该计划，本公司董事可全权酌情及根据该计划

的条款向本集团任何雇员（全职或兼职）、董事、咨

询人、顾问、主要股东、分销商、承建商、供应

商、代理、客户、商业伙伴或服务供应商授出购股

权以认购本公司股份。任何参与者获授任何购股权

之资格，将由本公司董事（或视情况而定，为本公司

独立非执行董事）不时厘定，基准为董事对彼等为本

集团发展及增长所作贡献或潜在贡献之意见。

26. RESERVES (Continued)

Share premium acount

Under the Companies Law of the Cayman Islands, the funds in

the share premium acount of the Company are distributable

to the shareholders of the Company provided that imediately

folowing the date on which the dividend is proposed to be

distributed, the Company wil be in a position to pay of its debts

as they fal due in the ordinary course of busines.

Share premium represents premium arising from the isue of

shares at a price in exces of their par value per share and is not

distributable but may be aplied in paying up unisued shares of

the Company to be isued to the shareholders of the Company as

fuly paid bonus shares or in providing for the premiums payable

on repurchase of shares.

27. SHARE OPTION SCHEME

The Company’s share option scheme (the “Scheme”) was adopted

pursuant to a resolution pased on 14 September 2017. The Scheme is to

atract and retain the best personel, to provide aditional incentive to

the eligible participants under the Scheme.

Under the Scheme, the directors of the Company may at their absolute

discretion and subject to the terms of the Scheme, grant options to

any employes (ful-time or part-time), directors, consultants, advisors,

substantial shareholder, distributors, contractors, supliers, agents,

customers, busines partners or service providers of the Group, to

subscribe for shares of the Company. The eligibility of any participants

to the grant of any options shal be determined by the directors of

the Company (or as the case maybe, the independent non-executive

directors of the Company) from time to time on the basis of the directors’

opinion as to their contribution or potential to the development and

growth of the Group.

怡康泰工程集团控股有限公司二零二五年度报告125

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

27. 购股权计划（续）

因行使根据该计划及本公司任何其他购股权计划已

授出但尚未行使的全部尚未行使购股权而可能发行

的本公司股份总数，不得超过本公司不时已发行

股份的30%。如根据该计划或本公司任何其他购股

权计划授出购股权后会超过上限，则不得授出购股

权。自采纳日期起因行使根据该计划及本公司任何

其他购股权计划将予授出的所有购股权而可予发行

的股份数目上限，合共不得超出于股份上市及获准

于联交所买卖当日全部已发行股份的10%。上限10%

可随时经本公司股东在股东大会上批准后更新，惟

因行使根据该计划及本公司任何其他购股权计划将

予授出的全部购股权而可能发行的本公司股份总

数，不得超过批准经更新上限当日本公司已发行股

份的10%。

截至授出日期止任何12个月期间内，因行使根据该

计划或本公司任何其他购股权计划授予各名参与者

之购股权（包括已行使及尚未行使购股权）而已发行

及将予发行之股份总数，不得超出本公司已发行股

份总数之1%。倘向该计划参与者进一步授出购股权

会导致截至该进一步授出日期（包括该日）止12个月

期间内，因行使已授予及将授予该名参与者之所有

购股权（包括已失效或已行使、已注销及尚未行使购

股权）而已发行及将予发行之股份，合共相当于已发

行股份总数1%以上，则有关进一步授出必须经本公

司股东于股东大会上另行批准，而该名参与者及其

紧密联系人必须放弃投票。

27. SHARE OPTION SCHEME (Continued)

The agregate number of the Company’s shares which may be isued

upon exercise of al outstanding options granted and yet to be exercised

under the Scheme and any other share options schemes of the Company

must not exced 30% of the Company’s shares in isue from time to time.

No options may be granted under the Scheme or any other share options

schemes of the Company if this wil result in the limit being exceded.

The maximum number of shares isuable upon exercise of al options to

be granted under the Scheme and any other share option schemes of

the Company as from the adoption date must not in agregate exced

10% of al the shares in isue upon the date on which the shares are listed

and permited to be dealt in the Stock Exchange. The 10% limit may

be refreshed at anytime by aproval of the Company’s shareholders in

general meting provided that the total number of the Company’s shares

which may be isued upon exercise of al options to be granted under the

Scheme and any other share options schemes of the Company must not

exced 10% of the Company’s shares in isue as at the date of aproval of

the refreshed limit.

The total number of shares isued and to be isued upon exercise of

the options granted to each participant (including both exercised and

outstanding options) under the Scheme or any other share option

schemes of the Company in any 12-month period up to date of grant

shal not exced 1% of the total number of shares of the Company in

isue. Where any further grant of options to a participant under the

Scheme would result in the shares isued and to be isued upon exercise

of al options granted and to be granted to such participant (including

lapsed or exercised, canceled and outstanding options) in the 12-month

period up to and including the date of such further grant representing

in agregate over 1% of the total number of shares in isue, such further

grant must be separately aproved by shareholders of the Company

in general meting with such participant and his/her close asociates

abstaining from voting.

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025126

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

27. 购股权计划（续）

向本公司董事、主要行政人员或主要股东或彼等各

自之任何联系人授出任何购股权，均须经本公司独

立非执行董事（不包括身为承授人之任何独立非执行

董事）批准。倘向本公司主要股东或独立非执行董

事或彼等各自之任何紧密联系人授出任何购股权，

导致在截至授出日期（包括该日）止任何12个月期间

内，因行使根据该计划及本公司任何其他购股权计

划已向上述人士授出或将予授出之所有购股权（包括

已行使、已注销及尚未行使购股权）而已发行及将予

发行之股份总数，合共相当于本公司已发行股份之

0.1%以上，且总值超过5百万港元，则须经本公司股

东于本公司股东大会上以投票表决方式批准。

授出购股权之要约须于要约日期起计21日内以书面

接纳。承授人可于董事可能厘定之期间，随时根据

该计划之条款行使购股权，惟不得超过由授出日期

起计十年，并受有关提前终止条文所规限。接纳获

授之购股权时，承授人须于要约可能列明之时间内

（不得迟于由要约日期起计21日）向本公司支付1港元

名义代价。

认购价由本公司董事会全权厘定并通知参与者，认

购价最少须为下列各项中之最高者：(i)联交所每日

报价表所报本公司股份于要约日期之收市价；(i)联

交所每日报价表所报本公司股份于紧接要约日期前

五个营业日之平均收市价；及(i)要约日期之本公司

股份面值。

该计划由二零一七年九月十四日起计十年期间内有

效及生效，并受该计划所载之提前终止条文所规

限。

自采纳该计划以来，概无已授出、已行使、已注销

或已失效的购股权，而于二零二五年及二零二四年

三月三十一日概无尚未行使购股权。

27. SHARE OPTION SCHEME (Continued)

Share options granted to a director, chief executive or substantial

shareholder of the Company, or any of their respective asociates

must be aproved by the independent non-executive directors of the

Company (excluding any independent non-executive director who is the

grante). Where any share options granted to a substantial shareholder or

an independent non-executive director of the Company, or any of their

respective close asociates would result in the total number of shares

isued and to be isued upon exercise of al options already granted and

to be granted (including options exercised, canceled and outstanding)

under the Scheme and any other share option schemes of the Company

to such person in any 12-month period up to and including the date

of such grant representing in agregate over 0.1% of the shares of the

Company in isue and having an agregate value in exces of HK$5

milion must be aproved by the Company’s shareholders at the general

meting of the Company, with voting to be taken by way of pol.

The ofer of a grant of share options might be acepted in writing

within 21 days from the date of the ofer. An option may be exercised in

acordance with the terms of the Scheme at any time during a period

as the directors may determine which shal not exced ten years from

the date of grant subject to the provisions of early termination thereof. A

nominal consideration of HK$1 is payable on aceptance of the grant of

an option with a remitance in favour of the Company within such time

as may be specified in the ofer (which shal not be later than 21 days

from the date of the ofer).

The subscription price shal be a price solely determined by the board

of directors of the Company and notified to a participant and shal be at

least the highest of: (i) the closing price of the Company’s shares as stated

in the Stock Exchange’s daily quotations shet on the ofer date; (i) the

average closing prices of the Company’s shares as stated in the Stock

Exchange’s daily quotations shets for the 5 busines days imediately

preceding the date; and (i) the nominal value of the Company’s share on

the ofer date.

The Scheme shal be valid and efective for a period of ten years

comencing on 14 September 2017, subject to early termination

provisions contained in the Scheme.

No share options were granted, exercised, canceled or lapsed since the

adoption of the Scheme and there were no share option outstanding as

at 31 March 2025 and 2024.

		Lease liabilities	Total liabilities from financing activities
		租赁负债	融资活动产生之总负债
		HK$’000	HK$’000
		千港元	千港元

(383)	(383)
164	164
17	17
151	151

		2025	2024
		二零二五年	二零二四年
		HK$’000	HK$’000
		千港元	千港元

114

怡康泰工程集团控股有限公司二零二五年度报告127

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

28. 综合现金流量表附注

融资活动产生之负债变动

下表列示年内本集团融资活动产生之负债变动：

29. 关连方交易

除该等于综合财务报表其他部分所披露之关连方

交易及结余外，本集团于年内与其关连方之交易

如下：

30. 比较数字

若干比较数字已作调整以符合本年度的呈列方式。

31. 批准刊发综合财务报表

此等综合财务报表获本公司董事会于二零二五年六

月二十六日批准并授权刊发。

28. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

Changes in liabilities arising from financing activities

The folowing table shows the Group’s changes in liabilities arising from

financing activities during the year:

At 1 April 2023于二零二三年四月一日334334

Change in cash flows现金流量变动(322)(322)

Non-cash changes非现金变动

– Aditions – 添置614614

– Interest charges – 利息支出2626

– Termination of a lease contract – 终止一份租赁合约(299)(299)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日353353

Change in cash flows现金流量变动

Non-cash changes非现金变动

– Aditions – 添置

– Interest charges – 利息支出

At 31 March 2025于二零二五年三月三十一日

29. RELATED PARTY TRANSACTION

In adition to those related party transactions and balances disclosed

elsewhere in the consolidated financial statements, the Group had the

folowing transactions with its related parties during the year:

Lease payments paid to directors and their spouses向董事及其配偶已付之租赁付款114

30. COMPARATIVE FIGURES

Certain comparative figures have ben adjusted to conform to curent

year’s presentation.

31. APROVAL OF CONSOLIDATED

FINANCIAL STATEMENTS

These consolidated financial statements were aproved and authorised

for isue by the board of directors of the Company on 26 June 2025.

Year ended 31 March
截至三月三十一日止年度
	2025	2024	2023	2022	2021
	二零二五年	二零二四年	二零二三年	二零二二年	二零二一年
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
325,629
2,502
(9,604)
(9,472)
(9,542)

At 31 March
于三月三十一日
	2025	2024	2023	2022	2021
	二零二五年	二零二四年	二零二三年	二零二二年	二零二一年
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
93,838
(16,241)
77,597

NOBLE ENGINERING GROUP HOLDINGS LIMITED Anual Report 2025128

Financial Sumary

财务概要

The folowing is a sumary of the audited results and of the asets and liabilities

of the Group for the five years ended 31 March 2025.

下列乃截至二零二五年三月三十一日止五年的本集团经审

核业绩以及资产及负债的概要。

ANUAL REPORT

年报

怡

康

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报