年

报

2024/2025

ANUAL REPORT 年报

2Corporate Information公司资料

4Financial Highlights财务概要

6Information for Investors给投资者的资料

7Chairman’s Statement主席报告

9Management Discusion and Analysis管理层讨论与分析

20Biographical Details of Directors and Senior Management董事及高级管理层履历详情

25Report of the Directors董事会报告书

42Corporate Governance Report企业管治报告

70Environmental, Social and Governance Report环境、社会及管治报告

112Independent Auditor’s Report独立核数师报告

118Consolidated Statement of Profit or Los and

Other Comprehensive Income

综合损益及其他全面收益表

120Consolidated Statement of Financial Position综合财务状况表

122Consolidated Statement of Changes in Equity综合权益变动表

123Consolidated Statement of Cash Flows综合现金流量表

125Notes to the Consolidated Financial Statements综合财务报表附注

219Particulars of Properties物业详情

220Financial Sumary财务概要

For the year ended 31 March
截至三月三十一日止年度
	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
199,918
5,130
205,048

Name of Director	Capacity/Nature	Nature of interests	Number of shares held(1)	Approximate percentage of interest in the Company’s issued share capital*
董事姓名	身份╱性质	权益性质	所持股份数目(1)	于本公司已发行股本权益的概约百分比*

Names of Shareholders	Capacity/Nature	Nature of interests	Number of shares held(1)	Approximate percentage of interest in the Company’s issued share capital*
股东姓名╱名称	身份╱性质	权益性质	所持股份数目(1)	于本公司已发行股本权益的概约百分比*

Training on corporate governance, regulatory development and other relevant topics
Directors	董事	企业管治、监管发展及其他相关课题培训

Attendance/Number of meetings during the Directors’ tenure of office
出席次数╱董事任期内会议次数

Attendance/No. of meetings during the members tenure of office
Name of members	成员姓名	出席次数╱ 成员任期内会议次数

Attendance/No. of meetings during the members tenure of office
Name of members	成员姓名	出席次数╱ 成员任期内会议次数

Number of individuals
Remuneration to the senior management by bands	按范围划分之高级管理层薪酬	人数

Attendance/No. of meetings during the members tenure of office
Name of members	成员姓名	出席次数╱ 成员任期内会议次数

Fees paid/ payable
Type of services provided by the external auditor	外聘核数师提供之服务类别	已付╱应付费用
HK$’000
千港元

Stakeholders	Requirements and Expectations	Responses Management/ Communication Channels
持份者	要求与期望	回应管理╱沟通渠道

Stakeholders	Requirements and Expectations	Responses Management/ Communication Channels
持份者	要求与期望	回应管理╱沟通渠道

		2024/25	2023/24
Employee Turnover Rate	员工流失率	二零二四╱二五年度	二零二三╱二四年度
58%
30%
29%
47%
26%
35%

	Average training hours per employee (hrs)		Percentage of employee trained (%)1
	每名雇员平均受训时数（小时）		受训雇员百分比(%)1
	2024/25	2023/24	2024/25	2023/24
	二零二四╱二五年度	二零二三╱二四年度	二零二四╱二五年度	二零二三╱二四年度
1.39 2.06
	二零二四╱二五年度	2.87		9%
	3.12		91%
100%
2.48 1.92 0.91 3.81
	0.57		2%
	1.00		2%
	7.83		14%
	7.20		82%
100%

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司83

附注：

《如何编备环境、社会及

管治报告》中附录三《社会关键绩效指标汇报指引》重

新计算，以计算受训雇员的百分比。重列所用公式如

下：相关类别受训雇员百分比 = T(x)/T x 100，T(x) =

参加指定类别培训的雇员人数，T = 参加培训的总雇

员人数。

教育及培训是员工进步的基石，而晋升机会则给

予员工在本集团奋斗的动力，使员工与本集团携

手长期发展。我们会进行年度绩效评估，评核员

工的专业能力、工作表现及效率、独立能力、个

人质素及态度，以及学习与团队合作能力，让优

秀的员工能享有晋升机会。我们盼望各位员工在

本集团内都能找到属于自己的定位及方向。

Note:

1. The relevant data is recalculated acording to Apendix 3 “Reporting Guidance on Social

KPIs” to “How to prepare an ESG Report” isued by the Stock Exchange to calculate

percentage of employes trained. The formula used for the restatement is as folows:

Percentage of employes trained in the relevant categories = T(x)/T x 100, T(x) = Number

of employes who tok part in training in the specified category, T = Number of total

employes who tok part in training.

While education and training act as the foundation for improvement of employes,

the various oportunities of promotion provide motivation to employes to strive

for the Group and enable a long-term development of employes together with

the Group. Anual performance apraisal is conducted based on employes’

profesional skils, work performance and eficiency, independence, personal

quality and atitude, as wel as learning and coperation ability so that employes

who have outstanding performance wil be taken into consideration for promotion.

We hope that every employe wil be able to find their position and future by

working in the Group.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报84

薪酬及福利

本集团提供具吸引力的薪酬及不同类型的福利与

待遇予员工，借此表达我们对员工的关怀，同时

刺激他们的工作意欲。本集团会每年检讨薪酬结

构，以确保能根据外部和内部基准向员工提供公

平和有竞争力的薪酬。为确保我们的员工能拥有

充分休息时间，本集团对办公室员工实施五天工

作周，员工享有一系列的法定假期及特别假期，

例如生日假和进修假。其他福利包括酌情奖金、

医疗保险及牙科保险、产假薪酬及本集团产品员

工购物折扣。此外，我们亦举办员工聚会，如午

餐聚会、中秋节聚会、圣诞派对及团年饭，为员

工提供放松和交流的时间。本集团致力建立愉快

的工作环境，提升员工的工作快乐水平。

企业营运优化

由于本集团主要从事保健和美容补品及产品的制

造及销售，因此研发价格相宜的创新保健产品、

同时提高亚洲消费者对保健产品的购买力是我们

的长远目标。为实现此目标，保持产品及服务的

高质量、妥善管理供应链及保持良好的市场操守

以优化企业营运对我们尤其重要。另一方面，我

们的服务型业务亦致力为客户提供满意的服务。

REMUNERATION AND BENEFITS

As a way to deliver care to employes, and at the same time stimulate their

working initiative, the Group ofers al employes atractive remuneration and

a wide range of welfare and benefits. The Group’s salary structure is reviewed

anualy to ensure that fair and competitive remuneration is ofered to employes

acording to external and internal benchmark. To asure employes of suficient

time to rest, the Group adopts five-day working weks to ofice staf and our

employes are entitled to a number of statutory leaves and special leaves such as

birthday leave and study leave. Other fringe benefits also include discretionary

bonuses, medical and dental insurance, maternity leave pay and price discounts

on of the Group’s products. Besides, we also organise employe gatherings, such

as lunch parties, Mid-Autumn Festival gatherings, Christmas parties, and Spring

Festival celebrations, so as to provide employes with time for relaxation as wel as

foster beter comunication betwen each other. The Group endeavours to create a

hapy working environment, so as to raise the hapines-at-work of the employes.

BUSINES OPTIMISATION

As the Group is principaly engaged in the manufacture and sales of health and

beauty suplements and products, it is our long-term goal to develop inovative

health products that are afordable and improve the acesibility of health

suplements for consumers in Asia. To achieve this goal, it is vital to optimise our

operation to maintain the high quality of products and services, to properly manage

our suply chain and to behave ethicaly in the market. On the other hand, we also

endeavour to achieve a high customer satisfaction in terms of our service-based

busineses.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司85

维护产品质量

由于我们的保健和美容产品直接牵涉到大众健

康，故此我们力臻完美，追求卓越产品质，确

保所有产品健康及安全。本集团严格遵守所有相

关法律、法规及标准的规定，包括但不限于香港

的《公众卫生及市政条例》（香港法例第132章）及

《货品售卖条例》（香港法例第26章），并建立及实

行质量管理系统，以监管与检查产品质及包装

工场的环境与卫生。我们成立了一支拥有丰富经

验的质量管理团队，负责监督一系列产品质量控

制流程，包括：

、半成品及制成品的质量

控制程序，当中列明需要检查的项目、合资

格产品的准则以及因应不同样本数量之可接

受及不能接受的质量标准等；

，确保其获

正确接收、储存及交付以防止原材料受污

染；

╱半成品给本集团

时，提供相关化验证书及╱或由所在相关司

法权区的独立测试中心编制的实验室测试报

告；

，对产品进行

检测及认证（如临床试验），以确保产品的安

全及有功效；

5. 委任获香港实验所认可计划认证的第三方独

立检测机构在传统中药及保健产品推出市面

前对其进行安全检测，例如重金属、农药残

留及微生物总量检测等；

，确保生产环境

符合有关安全标准；

7. 应用及外判最新的测试及技术以提高质量控

制，如高效液相色谱、草本植物基因指纹图

谱及薄层色谱。

SAFEGUARDING PRODUCT QUALITY

Since our health and beauty products are directly related to people’s health, we

spare no efort in the pursuit of excelence in product quality and the health and

safety of al our products. The Group strictly complies with al the requirements

of relevant laws, regulations and standards, including but not limited to the Public

Health and Municipal Services Ordinance (Chapter 132 of the Laws of Hong

Kong) and Sale of Gods Ordinance (Chapter 26 of the Laws of Hong Kong)

of Hong Kong, by establishing and implementing a quality management system

to monitor and inspect the quality of products, as wel as the environment and

hygiene of our packaging plant. An experienced quality management team has

ben set up responsible for overseing the implementation of a number of quality

control measures, including:

1. Formulating a series of quality check procedures for raw materials,

intermediates and finished products, which set out the items to be checked,

criteria for qualified products, as wel as the aceptable quality level and

reject level for diferent sample sizes, etc.;

2. Formulating standard operation guidelines for handling raw materials to

ensure their proper receipt, storage and delivery and hence the prevention of

contamination;

3. Requesting supliers to provide certificates of analysis and/or lab test

reports prepared by independent testing centers in the relevant jurisdiction

when delivering raw materials/intermediates to the Group;

4. Coperating with wel-known universities or their authorised organisations

to conduct testing and acreditation on products, such as clinical trials, to

ensure the safety and efectivenes of products;

5. Apointing third-party independent testing agencies acredited under the

Hong Kong Laboratory Acreditation Scheme to perform safety testing on

traditional Chinese medicine and health suplement products, such as heavy

metals, pesticide residues and microbial counts, etc., before launching into

the market;

6. Conducting microbiological tests in the packaging plant to ensure that the

production environment mets the relevant safety standards;

7. Aplying and outsourcing the latest testing and technologies to enhance

quality control, such as High Performance Liquid Chromatography, DNA

fingerprinting for herbs and Thin-Layer Chromatography.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报86

若发生大型产品安全事故，我们将启动产品回收

程序，以减低产品带来的影响。我们亦会迅速向

大众及顾客作出交代。若我们的产品发现健康及

安全问题，我们的食品安全小组将通知香港食物

环境卫生署及公众进行产品回收，并立即停止销

售不合格产品。仍在生产或在贮存中的不合格产

品将被隔离，并进行现场检查以核对可疑材料或

产品的数量。食品安全小组负责确保所有核对的

准确性，及在事后进行不合格材料或产品的处

理。不合格原因将通过彻底的调查和数据分析进

行辨认。我们将采取相应的纠正措施以防止再次

发生健康和安全问题。为了使产品召回团队熟悉

产品回收程序，每年将至少进行一次产品召回演

习。于报告期间，本集团并未因安全及健康理由

而进行任何产品回收。

本集团的包装工场已获得ISO 22000食品安全管

理体系和危害分析和关键控制点的认证，反映本

集团对最高质量标准的承诺。我们致力研发新产

品，满足顾客需求。

于报告期间，我们并无接报任何个案，指我们违

反与所提供产品及服务的健康及安全有关的法律

及法规。

In case of large-scale product safety isues, procedures for product recal wil

be trigered to minimise the impacts brought by the products and to respond

to the public and our customers in a timely maner. Our fod safety team wil

inform the Fod and Environmental Hygiene Department of Hong Kong and

the public of product recal once health and safety isues are discovered in our

products, and we wil stop seling the nonconforming product imediately. The

nonconforming product which is stil in production or storage wil be segregated

and on site inspection wil be conducted to reconcile the quantity of suspected

material or product. The fod safety team is responsible for ensuring the acuracy

of al reconciliation and cary out the handling of the nonconforming materials or

product afterwards. The reason of nonconformity wil be identified via thorough

investigation and data analysis. Corective actions wil be taken acordingly to

prevent the recurence of health and safety isues. In order to make the product

recal team conversant with the product recal procedures, a product recal dril is

conducted at least once per year. During the Reporting Period, the Group was not

subjected to any cases of product recal due to safety and health reasons.

The Group’s comitment to the highest quality standard has ben reflected by

the acreditation of ISO 22000 Fod Safety Management System and Hazard

Analysis and Critical Control Points certification for its packaging plant. To satisfy

customers’ demand, we are devoted to developing new products.

During the Reporting Period, there was no reported case of non-compliance of

relevant laws and regulations relating to health and safety of products and services

provided.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司87

提供优质服务

本集团高度重视客户满意度，因此致力为客户提

供专业、客制化、快速及贴心的服务，以满足客

户的需求。我们的客户服务部门或销售和编辑团

队负责与客户保持续沟通，以了解他们对产品

或服务的反馈。该部门的工作人员亦负责处理客

户的投诉，以满足他们的需求并提供及时的回

覆。本集团已为各业务部门制定清晰的客户投诉

处理程序，清楚记录投诉个案及处理结果，同时

保证客户的投诉得到专业优质处理。若收到相关

投诉，负责员工将立刻调查事件，并作适当及适

时解决。客户也可以通过服务热线或电子邮件联

系客服人员，安排产品退货和退款。于报告期

间，本集团共接获12宗产品及服务相关投诉（二零

二三╱二四年度：7宗）。

广告及标签

广告及标签对保健及美容产品尤其重要。不准确

的资讯及信息有机会对客户造成重大影响。因

此，本集团时刻确保产品的广告及标签符合香港

相关法律及法规，包括但不限于《商品说明条例》

（香港法例第362章）、《不良广告（医药）条例》（香

港法例第231章）、《食物及药物（成分组合及标签）

规例》（香港法例第132W章）及《中医药条例》（香港

法例第549章），以及与海外相等和相关法律。我

们承诺如实向客户显示所有必要的产品资料，尤

其是成分，以提高产品透明度并给予顾客充分的

产品资讯。另外，我们亦会确保所有广告及标签

材料在产品上市前通过质量保证团队及法律顾问

的审查。与此同时，我们会不断留意相关法律及

法规的更新或发展，确保我们正在遵守最新的法

律规定。

于报告期间，本集团并无出现违反与广告及标签

有关法律及法规的个案。

PROVISION OF QUALITY SERVICES

The Group places high priority on customers’ satisfaction and hence endeavours to

adres the neds of customers by providing profesional, customised, responsive

and caring services. Our customer service departments or sales and editorial teams

are responsible for maintaining a constant comunication with clients in order to

understand their fedback about our products or services. Staf in the department

is also responsible for handling complaints from customers so as to adres their

neds and provide suitable responses timely. A clear set of procedures for handling

customer complaints have ben set out for various busines divisions of the Group,

in order to kep clear record of the complaints and its outcome after handling, as

wel as ensuring that customer complaints are handled profesionaly and with

high quality. Once relevant complaints are received, the responsible staf wil

investigate the cases and help work out the solutions in an apropriate and timely

maner. Customers can also contact our customer service staf via service hotline

or email to arange for product returns and refund. During the Reporting Period,

the Group received a total of 12 (2023/24: 7) cases of product and service related

complaints.

ADVERTISING AND LABELING

Advertising and labeling are particularly important to health and beauty products

as impacts can be critical if inacurate information and mesages are conveyed

to customers. Therefore, the Group always ensures that the advertisements and

labels of our products are in compliance with the requirements of relevant laws

and regulations of Hong Kong, including but not limited to the Trade Descriptions

Ordinance (Chapter 362 of the Laws of Hong Kong), the Undesirable Medical

Advertisements Ordinance (Chapter 231 of the Laws of Hong Kong), the Fod and

Drugs (Composition and Labeling) Regulations (Chapter 132W of the Laws of

Hong Kong), the Chinese Medicine Ordinance (Chapter 549 of the Laws of Hong

Kong), and the equivalent and relevant laws overseas. We undertake to truthfuly

present al necesary product information, especialy ingredients information, to

customers in order to achieve transparency and provide customers with suficient

knowledge on our products. Also, we ensure al advertising and labeling materials

are checked by the quality asurance team and legal advisers before releasing

to the market. In the meantime, we kep abreast of any updates or development

of relevant laws and regulations to ensure the compliance with latest legal

requirements.

During the Reporting Period, there was no reported case of non-compliance of

relevant laws and regulations relating to advertising and labeling.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报88

保护客户私隐

客户私隐方面，本集团遵守相关法律及法规，包

括但不限于香港《个人资料（私隐）条例》（香港法例

第486章），并致力保护所有客户的个人资料。我

们亦已就客户私隐及资料保护制定政策，并只会

收集客户少量的个人资料用作正常商业用途，例

如货物交付、进行客户满意度调查和匿名数据分

析，有助我们改善业务关系。在未经相关人士同

意的情况下，所收集的资料并不会作其他用途。

为确保客户的个人资料或其他机密信息得到妥善

保存，我们制定了资讯科技系统管理协议，以规

管信息的储存，并只有相关人员才能读取机密信

息。另外，员工亦须时刻保持警惕，明白保护客

户机密资料的重要性，尤其是储存在手提电子设

备中的资料。此外，我们的雇佣合约中明确列出

了保密条款，禁止所有员工在雇用期间或离职后

向任何一方泄露任何受管制的信息，包括客户的

个人资料。

于报告期间，我们并无接报任何个案，指我们违

反与私隐事宜有关的法律及法规。

保护知识产权

本集团一直透过与数所大学合作进行创新产品研

究，身体力行支持创新中药产品，其中一项已

推出的产品为与香港中文大学合作研发的「骨质

保」。尽管我们的产品大多为非专利商品，但我们

依然致力于在不侵犯他方的权利下，保护我们品

牌和产品的独特性并与其他类似产品区分。本集

团积极为新产品及产品系列申请商标，以更完善

地保护本集团之产品发明及创新，防止抄袭并保

护本集团之利益。

我们已制定营销及广告政策，该政策会监察产品

及广告有否构成侵犯知识产权，并严禁违规之产

品于线上平台作广告宣传。

于报告期间，本集团概无与违反知识产权有关的

法律及法规相关的个案。

CUSTOMER PRIVACY PROTECTION

With regard to customer privacy, the Group is comited to protecting the personal

data of al our customers by complying with relevant laws and regulations,

including but not limited to the Personal Data (Privacy) Ordinance (Chapter 486

of the Laws of Hong Kong) of Hong Kong. We have also formulated policy on

customer privacy and data protection. Minimal personal data of customers are

colected only for normal busines operation, such as gods delivery, conducting

customer surveys and anonymous data analysis, which may help us improve our

busines relationships. The colected data wil not be used without the consent of

the related persons.

To ensure the personal data or other confidential information of our customers are

properly stored, we have a management protocol of IT system in place to regulate

the storage of information, under which only related staf can have the aces to

confidential information. Also, employes are required to be at al times alert to

the importance of protecting customer confidential data, especialy those stored in

portable electronic devices. Besides, terms of confidentiality are clearly listed in

our employment contract that al employes are prohibited to divulge any restricted

information, including the personal data of our customers, to any parties during or

after employment.

During the Reporting Period, there was no reported case of non-compliance of

relevant laws and regulations relating to privacy maters.

PROTECTING INTELECTUAL PROPERTY

RIGHTS

The Group has shown continuous suport for inovative Chinese medicine by

colaborating with several universities to cary out researches on inovative

products. One of the launched products is “Bone Enhancement” developed together

with the Chinese University of Hong Kong. Although a number of our products

are generic, we strive to protect our brand and products’ uniquenes from other

similar products while not infringing the rights of others. In order to beter protect

our product inventions and inovations from potential plagiarism and protect the

benefit of the Group, the Group actively aplies for trademarks for our newly

developed products and product lines.

We have established the policy on marketing and advertising. It monitors whether

the products and advertisements have caused infringements of intelectual property

rights, and forbids those in violation to advertise on online platforms.

During the Reporting Period, there was no reported case of infringement of

relevant laws and regulations relating to intelectual property rights.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司89

反贿赂及腐败

不道德行为是风险的潜在来源，这类行为不但会

破坏企业形象，更会削弱企业的稳定性。本集团

之所以拥有稳定及健康的发展主要倚赖人才的廉

洁，故此我们严格遵守包括但不限于香港《防止贿

赂条例》（香港法例第201章）等反腐败相关法律及

法规。

本集团致力打击贿赂贪污，就个人利益、利益冲

突及与供应商和承包商的关系等方面，制定《道

德守则》，作为员工行为的内部指引。《道德守则》

亦就处理违反《道德守则》的行为提供指引，包括

纪律处分、终止雇佣合约及向廉政公署（「廉政公

署」）举报。此外，本集团设有举报政策，鼓励员

工举报任何现存或怀疑违反《道德守则》的行为及

可疑的不当行为，作为互相监察机制，杜绝任何

贪污行为。

于报告期间，本集团积极地透过电邮传阅与董事

分享相关机构提供的反贪污资讯。该等培训材

料来自廉政公署。为加强员工对廉洁合规的认识

和理解，我们将持续传达相关最新资讯和培训机

会。于报告期间，10名员工完成了一小时的反贪

污培训课程。

于报告期间，本集团并不知悉任何违反关于贿

赂、贪污、敲诈、舞弊及洗黑钱的法律及法规个

案，本集团或其员工亦未有因贪污行为、勒索及

洗黑钱而遭提起任何法律诉讼。

ANTI-BRIBERY AND CORUPTION

Unethical behaviour is a potential source of risk that not only tarnishes the image

of an enterprise, but also weakens the stability of its busines. A stable and healthy

development of the Group depends on the integrity of our employes, thus we

strictly comply with the laws and regulations related to anti-coruption behaviour,

including but not limited to the Prevention of Bribery Ordinance (Chapter 201 of

the Laws of Hong Kong) of Hong Kong.

In view of the Group’s focus on anti-bribery and coruption behaviour, we have

subsequently formulated the Code of Ethics as internal guidelines for guiding

employes’ behaviour regarding various aspects such as personal benefits, conflicts

of interest and relations with supliers and contractors. The Code of Ethics has also

provided guidelines to the methods for handling any breach of the Code of Ethics,

which includes disciplinary actions, termination of employment and reporting to

the Independent Comision Against Coruption (“ICAC”). The Group has also

implemented a Whistleblowing Policy where employes are encouraged to report

any existing or potential breach of the Code of Ethics and suspected misconduct.

The policy acts as a per-monitoring mechanism to prevent any coruptive

behaviour.

During the Reporting Period, the Group actively shared the anti-coruption

information from relevant authorities with directors through email circulations.

These training materials were sourced from ICAC. To strengthen awarenes and

understanding around integrity and compliance among staf, we wil kep relaying

relevant updates and training oportunities. During the Reporting Period, 10 staf

members completed a one-hour training sesion on anti-coruption.

During the Reporting Period, the Group was not aware of any breach of laws

and regulations on the Group in relation to bribery, coruption, extortion, fraud

and money laundering, and there was no legal case regarding corupt practices,

extortion and money laundering brought against the Group or its employes.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报90

负责任的供应链管理

完善及负责任的供应链管理对于维持产品的高质

量及稳定性、以及本集团的可持续发展十分重

要。在保健和美容补品业务方面，本集团的原材

料主要由供应商提供。为确保产品质量，我们已

建立一个完善的机制，以公平及合理方式挑选

适合的供应商，并会考虑世界各地如新西兰、澳

洲、马来西亚、台湾、日本、美国、中国及香港

等的供应商。按地区划分的主要供应商分布如下：

在挑选供应商及分包制造商时，我们会基于各种

考虑因素作出决定，包括其业务规模、财务状

况、生产能力、生产过程及环境、质量管理系

统、产品安全及产品送付表现。原材料╱半成品出

货之前，我们要求供应商提供质量检验证书及╱或

产品分析报告或寄发样品进行实验室测试。我们

优先考虑已取得认证如危害分析和关键控制点、

生产质量管理规范及国际标准化组织等的供应

商。于报告期间，本集团有61名（二零二三╱二四

年度：53名）报告范围内的主要供应商，彼等均受

供应商委聘实务约束。

RESPONSIBLE SUPLY CHAIN MANAGEMENT

A proper and responsible management of the suply chain is esential for

maintaining the high quality and stability of products as wel as the sustainable

development of the Group. In the health and beauty suplements busines, the

Group mainly engages supliers to provide us with raw materials. In order to

ensure product quality, we have established a comprehensive mechanism for

selecting suitable supliers in a fair and reasonable way and we consider supliers

from al over the world, such as New Zealand, Australia, Malaysia, Taiwan, Japan,

USA, PRC and Hong Kong. The major supliers by geographical location is as

folow:

其他

Others

(21%)

台湾

Taiwan

(15%)

中国

PRC

(19%)

Major Supliers by Geographical Location in 2024

二零二四年按地区划分的主要供应商

香港

Hong Kong

(45%)

其他

Others

(20%)

台湾

Taiwan

(16%)

中国

PRC

(18%)

Major Supliers by Geographical Location in 2025

二零二五年按地区划分的主要供应商

香港

Hong Kong

(46%)

During the selection of supliers and subcontracting manufacturers, factors in a

variety of aspects are taken into acount including busines scale, financial status,

production capacity, production proces and environment, quality control system,

product safety and delivery performance. Supliers are required to provide quality

check certificates and/or product analysis reports, or provide samples for laboratory

testing, before the delivery of raw materials/intermediates. Preference is usualy

given to supliers who have obtained certifications such as Hazard Analysis

and Critical Control Point, God Manufacturing Practices and International

Organization for Standardization. During the Reporting Period, the Group had 61

(2023/24: 53) major supliers within the reporting scope, which are al subject to

suplier engagement practice.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司91

本集团时刻关注供应链当中的环境及社会风险。

我们会优先选择符合国家、地区及行业环境标

准，或跟从国际认可标准的供应商。我们亦重视

供应商的雇佣合规。为确保供应商已实行充足的

职业健康与安全的政策，我们会考虑供应商有

无遵守所有本地与国家关于健康与安全之法律法

规。一旦发现供应商违反有关反贿赂、反贪污或

其他不当商业行为之法律法规，我们会立刻中止

合作。

选定供应商后，我们的采购团队将与质量保证团

队合作，根据采购程序、售后服务及产品安全对

供应商进行评估。此外，我们亦会对选定的供应

商进行定期现场审核，确保其产品符合承诺的质

量标准。同时，我们致力采购对环境友善的产品

及服务。例如，我们优先选择本地供应商以减少

因采购而造成的碳足迹，且会优先选择有高能源

效益，或者由可回收材料制造的环保产品，例如

可换芯的笔及再造纸。

我们的环境

随著大众对商业引起之环境议题的意识及关注日

渐提升，尽管本集团的业务营运并没有对环境造

成严重损害，但我们亦意识到其一定的影响，因

此我们非常重视环保政策的落实。作为负责任的

企业，我们严格遵照相关法律及法规，包括但不

限于香港《空气污染管制条例》（香港法例第311章）

及《废物处置条例》（香港法例第354章），采取有关

排放物控制、废物管理以及资源节约的一系列措

施。于报告期间，本集团并无知悉任何不遵守与

环境保护相关的法律及法规事宜。

Environmental and social risks along the suply chain are always considered

by the Group. We give priority to supliers that comply with national, regional

and industrial environmental standards, and folow internationaly recognised

standards. We also value the employment compliance of supliers. To ensure that

supliers have adopted suficient ocupational health and safety policies, we take

into consideration whether supliers comply with al relevant local and national

health and safety laws and regulations. We wil terminate the coperation at once

with supliers who are found to be incompliant with relevant laws and regulations

regarding anti-bribery, anti-coruption and any other unethical busines practices.

Upon engagement, our procurement team wil coperate with the quality asurance

team to evaluate the supliers based on the procurement procedures, after-sales

services and product safety. Moreover, site audits on selected supliers should be

also conducted regularly in an efort to ensure their comited quality standards

are maintained. Furthermore, we endeavor to select environmentaly-friendly

products and services during procurement. For example, we prioritise local

supliers to reduce the carbon fotprint caused by procurement, and prefer eco-

friendly products which are energy-eficient or made of recyclable materials such as

refilable pens and recycled paper.

OUR ENVIRONMENT

Along with the rising awarenes of and concern over environmental isues

trigered by busineses nowadays, the Group has recognised the environmental

impacts, which are not seriously detrimental though, resulted from our

busines operations and has atached great importance to the implementation

of environmental protection policies. As a responsible corporation, we have

caried out measures covering emision control, waste management and resources

conservation by folowing relevant laws and regulations, including but not limited

to the Air Polution Control Ordinance (Chapter 311 of the Laws of Hong Kong)

and the Waste Disposal Ordinance (Chapter 354 of the Laws of Hong Kong) of

Hong Kong. During the Reporting Period, the Group was not aware of any non-

compliance with relevant laws and regulations relating to environmental isues.

		2024/25	2023/24
Types of emission1	排放物种类1	二零二四╱二五年度	二零二三╱二四年度
		183.52
		0.3
		15.42

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报92

空气排放物控制

由于我们的运作主要集中在办公室，仓库和包装

工场，因此我们的业务并不会产生严重的空气和

水污染。大部分的空气污染物，包括氮氧化物、

硫氧化物和颗粒物，均是使用轻型货车以维持日

常运作的过程中产生。因此本集团会定期对车辆

进行维护和修理，作为控制污染物排放的措施，

同时保持车辆使用的高效率。

于报告期间及相应期间由使用车辆产生的空气污

染物排放量：

附注：

《环境关键绩效指标

汇报指引》计算所得。

，氮氧化物和颗粒物的增加源于运行中的

轻型货车数量增加，导致排放量上升。

气候变化议题近年在全球引发热烈讨论，亦引起

了各个企业的关注。本集团亦不例外地提升其有

关气候变化之成因及影响的意识。我们的温室气

体排放主要来自车辆燃料燃烧、外购电力使用、

水及污水处理的电力耗用、员工商务差旅及弃置

到堆填区的废纸。本集团计划在未来数年以电动

车取代现有车辆，借此实现环境友善。而本集团

已透过实施一连串措施，如废纸回收、节约能源

及资源（详情请参阅「节约资源」部份），竭力控制

温室气体排放。

AIR EMISION CONTROL

As our operation is mainly concentrated in ofices, warehouses and the packaging

plant, no heavy air and water polution are asociated with our busines. The

majority of air polutants, including nitrogen oxides, sulphur oxides and particulate

mater, are produced during the use of light gods vehicles for suporting our daily

operation. As a measure to control the emision of polutants, the Group performs

maintenance and repairs on the vehicles so that high eficiency can be maintained.

Emision of air polutants from the use of vehicles during the Reporting Period and

the coresponding period:

Notes:

1. The calculation of polutant emisions is based on the “Reporting Guidance on

Environmental KPIs” isued by the Stock Exchange.

2. The increase in nitrogen oxides and particulate mater emisions during the Reporting Period

is atributed to a higher number of light gods vehicles in operation, leading to elevated

emisions.

The topic of climate change has sparked heated discusions in recent years acros

the globe and has drawn the atention of enterprises. The Group is no exception

and has increased its awarenes towards the causes and impacts of climate change

ever since. The sources of our grenhouse gas emision include combustion of

fuels in vehicles, use of purchased electricity, electricity used for water and sewage

treatment, busines air travel by employes and disposal of waste paper to landfils.

The Group has planed to replace existing vehicles with electric vehicles in the

coming years to achieve environmental friendlines. Also, eforts have ben put on

the control of grenhouse gas emision by exerting ourselves in the implementation

of a series of measures such as paper recycling, energy saving and resources

conservation (for details, please refer to “Resources Conservation”).

		2024/25	2023/24
Greenhouse gas emissions1	温室气体排放1	二零二四╱二五年度	二零二三╱二四年度
		196
		59
		137
		0.4
		0.79

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司93

于报告期间及相应期间的温室气体排放量：

附注：

、甲烷及一氧化

二氮。为便于阅读及理解，温室气体排放数据以二氧

化碳当量列示。温室气体排放乃基于联交所刊发的

《环境关键绩效指标汇报指引》的报告规定计算。

。计算排

放所使用的排放因子乃基于联交所刊发的《环境关键

绩效指标汇报指引》。增加主要源于运行中的轻型货

车数量增加。

。计算排放所

使用的排放因子乃基于联交所刊发的《环境关键绩效

指标汇报指引》。于报告期间，电力消耗量减少乃因

节能措施的实施。

、水及污水处理的电

力耗用及员工商务差旅产生的其他间接排放。废纸弃

置产生的温室气体排放乃基于联交所刊发的《环境关

键绩效指标汇报指引》计算。由于本集团认为该项目

对我们于报告期间之业务营运并不重要，故本集团并

无存取废纸弃置数据之记录。计算水及污水处理所使

用的排放因子由香港水务署及渠务署提供。员工商务

差旅产生的温室气体排放乃基于国际民航组织碳排放

计算器计算。

Grenhouse gas emisions during the Reporting Period and the coresponding

period:

Notes:

1. The Group’s grenhouse gas inventory includes carbon dioxide, methane and nitrous oxide,

and the grenhouse gas emisions data is presented in carbon dioxide equivalent. The

calculation of grenhouse gas emisions is based on the reporting requirements of “Reporting

Guidance on Environmental KPIs” isued by the Stock Exchange.

2. Scope 1 includes direct emisions from the consumption of vehicle fuels of the Group.

The emision factors used for calculating emision is based on the “Reporting Guidance

on Environmental KPIs” isued by the Stock Exchange. The increase was mainly due to a

higher number of light gods vehicles in operation.

3. Scope 2 includes indirect emisions from purchased electricity of the Group. The emision

factors used for calculating emision is based on the “Reporting Guidance on Environmental

KPIs” isued by the Stock Exchange. The decrease in electricity consumption during the

Reporting Period resulted from the implementation of energy-saving measures.

4. Scope 3 includes other indirect emisions from waste paper disposal to landfils, electricity

used for water and sewage treatment and busines air travel by employes. The calculation

of grenhouse gas emisions from waste paper disposal is based on the “Reporting Guidance

on Environmental KPIs” isued by the Stock Exchange. The Group does not have record in

acesing the data of waste paper disposal due to the item is determined by the Group to be

insignificant to our busines operation during the Reporting Period. The emision factor used

for calculating water and sewage treatment is provided by the Water Suplies Department

and Drainage Services Department of Hong Kong. The calculation of grenhouse gas

emisions from busines air travel by employes is based on the International Civil Aviation

Organisation Carbon Emisions Calculator.

		2024/25	2023/24
Waste disposal	废弃物弃置	二零二四╱二五年度	二零二三╱二四年度
		–
		–
		9,0132
		36.05

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报94

废弃物管理

除控制空气污染物排放外，本集团亦重视废弃物

的妥善处理。于报告期间，本集团并无发现有任

何严重不遵守废弃物管理相关法律及法规并会对

本集团造成重大影响的事件，包括但不限于《废物

处置条例》（香港法例第354章）及《有毒化学品管制

条例》（香港法例第595章）。

于报告期间并无产生有害废弃物。本集团一直努

力确保所有害废弃物是以合法及适当的方式处

理及处置，以避免对环境造成负面影响。

大多数的无害废弃物是来自过期废弃食品。所有

无害废弃物由办公室大厦管理处安排的合资格机

构收集。

本集团积极推出尺寸更薄的新包装，并取消不必

要的材料，如产品插页，以尽量减少纸张和塑胶

废弃物的产生。

于报告期间及相应期间产生的废弃物：

附注：

，源于由于过期而变得无法

使用的保健和美容补品。

，无害废弃物

增加。

WASTE MANAGEMENT

Proper handling of waste is another aspect the Group has laid emphasis on, ading

to air emision control. During the Reporting Period, the Group was not aware of

any material non-compliance with waste management related laws and regulations

including but not limited to the Waste Disposal Ordinance (Chapter 354 of the

Laws of Hong Kong) and the Hazardous Chemicals Control Ordinance (Chapter

595 of the Laws of Hong Kong), that would have a significant impact on the

Group.

During the Reporting Period, no hazardous waste was generated. The Group is

always ken to ensure that al hazardous waste is handled and treated in a legal and

apropriate way so as to avoid negative impacts on the environment.

The vast majority of non-hazardous waste is generated from expired fod waste.

Al non-hazardous waste is colected by qualified parties aranged by the ofice

building management.

The Group is ken to launch new package with thiner size and cancel unecesary

materials such as product insert, so as to minimize the generation of paper and

plastic waste.

Waste generated during the Reporting Period and the coresponding period:

Notes:

1. Emisions data related to non-hazardous waste results from health and beauty suplements

that have become unusable due to expiration.

2. Non-hazardous waste was increased due to a higher volumes of expired health and beauty

suplements and products.

		2024/25	2023/24
Packaging materials usage	包装物料使用	二零二四╱二五年度	二零二三╱二四年度
		94.9
		30.9
		0.5
		64.95
		21.14
		0.33

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司95

本集团以「减少使用，物尽其用，循环再造，替代

使用」为原则，积极推行各项措施，以减少废物产

生。纸张消耗方面，我们尽可能通过电子方式传

送信息，例如电子账单或电子海报等，以减少纸

张的使用。我们亦将影印机和电脑预设为双面和

节能模式，并鼓励员工在弃置纸张之前使用纸张

的两面。在可行的情况下，员工应尽量避免使用

和采购一次性物品，并以可重用的物料及包装代

替低耐久性物品和过度包装的物品。我们鼓励员

工回收所有废纸，金属和塑胶，并购买能有效地

重复使用、回收或修理的产品，以减少浪费。我

们亦会定期评估材料的使用情况，以避免存货过

多和浪费。

节约资源

由于本集团的保健和美容补品及产品分部正营运

小型包装工场，包装材料如纸制品、塑胶和铝纸

无疑是本集团使用的主要资源。为减少使用包装

物料，本集团提倡采用简单包装方式及鼓励批量

购入六至二十四瓶的综合包装以节约资源。与此

同时，我们亦采取措施以减少不必要的包装物

料，例如减少在产品中加入使用说明书及使用通

用包装盒以提高材料效益及减少废弃物。

于报告期间及相应期间的包装物料使用量：

附注：

1. 纸制品及塑胶的消耗量减少主要是由于报告期间产品

总销量下降所致。

In order to uphold and underpin the principle of “Reduce, Reuse, Recycle and

Replace”, the Group has actively pushed forward various measures to reduce

waste generation. In terms of paper consumption, we diseminate information

by electronic means, such as electronic bils, electronic posters, etc., whenever

posible to reduce the usage of paper. We have also set the printers and computers

to default duplex and economical modes and encourage our staf to use both sides

of paper before disposal. The use and procurement of disposable items, items with

low durability and items with excesive packaging are avoided and replaced with

ones that could be reused as far as practicable. Our employes are encouraged

to recycle al waste paper, metal and plastic, and purchase products that can be

efectively reused, recycled or repaired to reduce waste. We also evaluate the usage

of material on a regular basis to avoid overstock and wastage.

RESOURCES CONSERVATION

As the Group is operating a smal-scale packaging plant under our health and

beauty suplements and products segment, packaging materials, which can be

clasified into paper products, plastic and aluminum paper, are beyond dispute the

major resources used by the Group. To reduce the use of packaging materials, the

Group advocates the adoption of simple packaging and encourages consolidated

package for bulk purchase of 6 to 24 botles of our products. In the meantime, we

also take measures to reduce unecesary packaging materials, such as reducing

the use of manuals inserted into products and using generic boxes to improve

material eficiency and reduce waste.

Packaging materials used during the Reporting Period and the coresponding

period:

Notes:

1. The decrease in consumption of paper products and plastic was mainly due to the decrease in

the total number of products sold during the Reporting Period.

		2024/25	2023/24
Energy and water consumption	能源及水的消耗量	二零二四╱二五年度	二零二三╱二四年度
		597
		228
		369
		2.39
		285
		1.14

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报96

除包装物料外，水及能源亦是本集团消耗的资

源。于报告期间及相应期间，水及能源的消耗量

如下：

附注：

《环境关键绩效指

标汇报指引》提供的能源转换因子计算得出。

。于报

告期间，电力消耗量减少乃因节能措施的实施。

本集团意识到能源使用引致的潜在影响，如排放

温室气体及其他空气污染物。有见及此，我们愿

意承担减排的重要责任、致力减少办公室营运中

的能源消耗。为达成能源消耗目标，本集团采取

措施以购买具有更高生产力的新机器。此外，我

们在不需使用照明时将其关闭，并在可行情况下

尽可能善用自然光。我们亦已安装节能光管以节

省能源。此外，我们要求员工不使用电子设备时

彻底关掉电源，以免浪费能源。在空调系统方

面，我们会定期清洁空调以维持其效能，并确保

室内温度被控制于摄氏24–26度之间。为加强我们

的减碳措施，我们鼓励员工使用视像会议取代外

出公干。若有无可避免的公干，员工应选择直航

及经济客位以减少碳排放。

In adition to packaging materials, water and energy are also resources consumed

by the Group. The energy and water consumption during the Reporting Period and

the coresponding period are as folows:

Notes:

1. The consumption of vehicle fuels is calculated based on the energy conversion factor from

the “Reporting Guidance on Environmental KPIs” isued by the Stock Exchange.

2. The consumption of purchased electricity is calculated based on the actual amount of

purchased electricity. The decrease in electricity consumption during the Reporting Period

resulted from the implementation of energy-saving measures.

3. The water consumption is calculated based on the actual amount of water consumption.

The Group is aware of the posible impacts resulted from the use of energy such as

the emision of grenhouse gases and other air polutants, therefore we shoulder the

burden of emision reduction and have dedicated considerable eforts to reducing

energy consumption in our ofice operation. To met the energy consumption

target, the Group tok measures of purchasing new machines with higher

productivity. In adition, we turn of lighting when not in use and maximise the

use of natural light to the greatest extent wherever posible. We have also instaled

energy-eficient light tubes to conserve energy. Besides, employes are required to

turn of electronic apliances completely when not in use in order to avoid energy

wastage. For the air-conditioning system, we cary out cleaning regularly so as to

maintain its eficiency, and ensure that the air-conditioned rom temperature is

maintained at 24–26 degres Celsius. To reinforce our carbon-reduction initiatives,

we encourage our employes to use video conferencing to substitute busines trips.

For unavoidable trips, direct flights and economy clas are prefered to minimise

carbon emision.

Environmental KPI	Reduction Target	Baseline Year	Status
环境关键绩效指标	减排目标	基线年	进度

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司97

水亦是本集团使用的一种资源。本集团仍致力尽

量减少日常用水量。我们经常鼓励员工尽可能节

约用水及避免浪费。于报告期间在求取适用水源

方面并没有问题。

减排减耗目标

认识到可持续发展问题的重要性，本集团制定了

ESG绩效目标，以评估我们ESG政策及措施的成

效。我们已将能源、水及废弃物确定为我们的关

键ESG领域，制定了相应的绩效目标。详情如下：

气候变化

气候变化正迅速成为不同国家之最重要议题之

一，与各行各业息相关。本集团亦无例外，考

虑气候变化所带来的风险对本集团的潜在影响。

本集团已识别几项与气候相关，并会对本集团之

营运及保健及美容补品及产品业务发展带来负面

影响的风险。

Water is also a type of resources used by the Group. The Group endeavours to

reduce water consumption in daily usage as far as posible. We always encourage

our employes to save water and avoid wastage wherever posible. During the

Reporting Period, there was no isue in sourcing water that is fit for purpose.

REDUCTION TARGET

Recognising the importance of sustainability isues, the Group has set ESG

performance targets to evaluate the efectivenes of our ESG policies and

measures. We have identified energy, water, and waste as our key ESG areas by

seting performance targets acordingly. Details are as folow:

Air Polutant IntensityReduce 1% by Year 2025/26Year 2020/21In progres

空气污染物密度二零二五╱二六年度前减少1%二零二零╱二一年度进行中

Grenhouse Gas Emision IntensityReduce 1% by Year 2025/26Year 2021/22In progres

温室气体排放密度二零二五╱二六年度前减少1%二零二一╱二年度进行中

Hazardous Waste IntensityReduce 2% by Year 2025/26Year 2022/23In progres

有害废弃物密度二零二五╱二六年度前减少2%二零二╱二三年度进行中

Non-Hazardous Waste IntensityReduce 2% by Year 2025/26Year 2022/23In progres

无害废弃物密度二零二五╱二六年度前减少2%二零二╱二三年度进行中

Energy Consumption IntensityReduce 1% by Year 2025/26Year 2021/22In progres

能源消耗密度二零二五╱二六年度前减少1%二零二一╱二年度进行中

Water Consumption IntensityReduce 1% by Year 2025/26Year 2020/21In progres

耗水密度二零二五╱二六年度前减少1%二零二零╱二一年度进行中

CLIMATE CHANGE

Climate change is rapidly emerging as one of the most significant isues acros

countries and is closely related to al busineses regardles of their nature. The

Group is no exception, taking into consideration the potential impacts on the

Group from risks brought by the changing climate. The Group has identified

several climate-related risks that may adversely impact the Group’s operations and

development of the health and beauty suplements and products busines.

Physical Acute Risk
实体急性风险
Extreme weather	Preventative and mitigation measures
极端天气	预防及缓解措施

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报98

实体急性风险

本集团已识别可能造成实体急性风险的极端天

气，例如台风、暴雨、雷暴及闪电和水灾。该等

极端天气影响我们生产设备的正常运作，窒碍及

损害员工的健康和安全，并干扰本集团的供应

链，从而扰乱甚至中断本集团的营运，并损坏本

集团的资产。

以上潜在后果将导致经济损失及加重本集团的经

营成本。

本集团已制定以下不同的措施，以防止及尽量减

少极端天气的负面影响。

Physical Acute Risk

The Group has identified extreme weather such as typhons, heavy rain, thunder

and lightning and floding that can cause physical acute risk. These extreme

weathers afect the normal operation of our production equipment, hinder and

harm our employes’ health and safety and disrupt the Group’s suply chain,

thereby disrupting or even interupting the operations of the Group and damaging

the Group’s asets.

The above potential consequences wil cause economic loses and increase

operating costs to the Group.

The Group has established diferent measures as below to prevent and minimize

the negative efect of extreme weather.

Typhons, Heavy rain and Floding

Thunder and Lightning

台风、暴雨及水灾、雷暴和闪电

– Monitor local weather conditions

– 监察本地天气状况

– Move materials and equipment to safety areas in advance, or covered with a tarp

– 预先将材料及设备移到安全的地方，或以帆布覆盖

– Reinforce equipment and components that may be blown/washed away

– 加固可能被吹走╱冲走的设备及部件

– Control travel and outdor work before the arival of lightning

– 在闪电前控制出行及户外工作

– Provide flexible work arangements with precautionary measures in place

– 实施预防措施，提供弹性的工作安排

– Remind employes to save data and turn of computers

– 提醒员工储存数据及关上电脑

– Clean up trash and make sure drains unblocked

– 清理垃圾，确保渠道畅通

– Kep god conditions of earthing devices

– 保持接地装置运作良好

– Improve emergency plans and upgrade equipment

– 改善应急计划及升级设备

Physical Chronic Risk
实体慢性风险
Extreme weather	Preventative and mitigation measures
极端天气	预防及缓解措施

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司99

实体慢性风险

本集团已识别可导致实体慢性风险的极端天气（如

极端炎热天气）。可能产生的后果包括在户外或工

场工作的员工中暑的可能性增加、流失率及工伤

上升。工作环境降温的需求将会增加，从而可能

导致本集团的电力需求及经营成本增加。

为预防及尽量减少极端天气的不利影响，本集团

已制定以下各种措施。

过渡风险

本集团亦可能面临过渡风险，例如由于政策日益

严格及排放呈报义务加强而产生的政策风险，这

可能导致更高的合规成本、更高的索赔及诉讼风

险，以及为降低温室气体排放而增加的气候相关

资本投资需求。此外，倘我们未能满足气候变化

的合规要求，或不能过渡成为更可持续及环保的

公司，企业声誉可能会下降，继而导致对我们产

品的需求减少。

Physical Chronic Risk

The Group has identified extreme weather such as extremely hot weather can cause

physical chronic risk. The potential consequences include an increased chance of

geting heatstroke for employes working outdor or in the workshop, increasing

turnover rate and work-related injuries. The demand for coling for the working

environment wil be increased, which may lead to an increase in power demand

and operating costs to the Group.

The Group has established diferent measures as below to prevent and minimize

the negative efect of extreme weather.

Extremely hot weather

极端炎热天气

– Arange outdor work time wisely

– 明智地安排户外工作时间

– Open windows to alow the air to circulate

– 打开窗户，让空气流通

– Kep a First-aid kit convenient

– 备妥急救箱

– First aid training for heat stroke or other relevant conditions

– 针对中暑或其他相关情况的急救培训

– Kep cold water available 24 hours a day

– 全天24小时供应冷水

Transition Risks

The Group may also face transition risks such as policy risks due to increasingly

stringent policies and enhanced emisions-reporting obligations, which may result

in higher compliance costs, higher risks of claims and lawsuits and increasing neds

of climate-related capital investment to lower grenhouse gas emisions. Besides,

corporate reputation may decline if we fail to met the compliance requirements

for climate change or transit to a more sustainable and environmentaly friendly

corporation, which in turns leading to a decreased demand of our products.

Transition Risk
过渡风险
Climate-related risks description	Preventative and mitigation measures
气候相关的风险描述	预防及缓解措施

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报100

本集团已经制定以下不同措施以预防及尽可能减

少过渡风险的负面影响。

为减轻上述气候相关风险，本集团顺从气候相关

风险的市场趋势，跟贴气候相关事宜的最新发

展，从而识别及评估本集团的气候相关风险。

我们的社区

作为具有社会责任的企业，本集团意识到社区福

祉的重要性，并期望与当地社区合作，壮大我们

的业务。我们致力参与慈善活动及义工服务，帮

助社会上有需要人士。

The Group has established diferent measures as below to prevent and minimize

the negative efects of transition risk.

Legal risk

法律风险

– Regularly review the Group’s climate-related policies and

measures to ensure that we stay up to date with the latest

government policies, regulatory updates

– 定期审查本集团的气候相关政策及措施，以确保与最新的政

府政策、监管更新保持同步

Exposure to litigation risk. We have to adapt the tightened law

and regulations imposed by the local government due to climate

change, as wel as bear the risk of potential litigation once we

fail to obligate the new regulations

面临诉讼风险。我们须适应地方政府因气候变化而实施的收

紧的法律法规，并承担一旦我们未能履行新法规的义务而可

能产生的诉讼风险

– Continue monitoring of the ESG reporting standards of the Hong

Kong Listing Rules

– 继续监察香港上市规则的ESG报告标准

– Inform relevant departments about the regulatory updates relevant

to climate change in time, where necesary, to be prepared to

comply with new policies

– 于需要时及时向相关部门通报与气候变化相关的法规更新，

以便为遵守新政策做好准备

Suply Chain risk– Regularly review the condition of suply chain

供应链风险– 定期审查供应链状况

Climate change may cause species to decline or become extinct,

especialy Chinese herbal plants, which may afect the suply of

raw materials for related products

气候变化可能导致物种减少或灭绝，特别是中草药植物，这

可能影响相关产品的原材料供应

– Make alternative plans in advance for raw materials and

coresponding products that are significantly afected by climate

change

– 对受气候变化影响较大的原材料及相应产品提前做好替代计

划

To mitigate the aforementioned climate-related risks, the Group folows market

trends regarding climate-related risks to kep itself up to date with the latest

development in climate-related isues, so as to identify and evaluate the Group’s

climate-related risks.

OUR COMUNITY

As a socialy responsible organization, the Group recognises the importance of

comunity wel-being and loks forward to growing our busines in partnership

with local comunities. We are dedicated to participating in charitable activities

and volunter services in order to provide suport to the nedy in society.

Awarded Subsidiary	Awarding Organisation	Award and Recognition
获奖附属公司	颁奖机构	奖项和认可

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司101

本集团通过组织及参与不同的志愿服务积极致力

于关爱社会长者及弱势群体。于报告期间，我们

合共捐赠52件铁锅、446件汤匙予神召会华人同工

联会基督教华禧（金马）护老院，100盒口罩、80件

玩具盒及一箱手摇扇予香港圣公会福利协会恩泽

膳，并赞助150盒护眼产品予圣士提反女子中学附

属小学作探访长者之用。我们旨在帮助长者及残

疾人士，同时在社区中建立关爱文化。

为表彰我们对社区参与所付出的努力及对企业社

会责任所作出的奉献，我们的附属公司于报告期

间荣获以下奖项和认可：

The Group actively puts great efort into caring for the elderly and the vulnerable

groups in society by organising and participating in diferent voluntering services.

During the Reporting Period, we have donated a total of 52 pieces of iron pans,

446 pieces of spons to Chinese Christian Workers’ Felowship Limited Wah Hei

Elderly Home (Comet Mansion), 100 boxes of masks, 80 pieces of toy boxes and a

carton of hand fans to Hong Kong Sheng Kung Hui Welfare Council Blesed Fod,

and sponsored 150 boxes eye health suplements to St. Stephen’s Girls’ Primary

Schol for elderly visits. We aim to help the elderly and the people with disabilities

as wel as cultivating a caring culture in the comunity.

In apreciation of our eforts put into comunity involvement and dedication to

corporate social responsibility, our subsidiaries have received the folowing awards

and recognition during the Reporting Period:

CULegend Company LimitedHong Kong Brand Development Council Hong Kong Top Brand Mark (Top Mark) under

Hong Kong Top Brand Mark Scheme

御药堂中大中药传承有限公司香港品牌发展局香港名牌标识计划香港名牌标识（TOP唛）

Royal Medic (Holdings) LimitedHong Kong Brand Development CouncilHong Kong Top Brand Mark (Top Mark) –

Ordinary & Premier Mark under Hong Kong

Top Brand Mark Scheme

御药堂（控股）有限公司香港品牌发展局香港名牌标识计划香港名牌标识（TOP唛） —

普通标识、卓越标识

RM Group Holdings LimitedThe Hong Kong Council of Social Service10 Year Plus Caring Company

御药堂集团控股有限公司香港社会服务联会连续10年或以上获颁「商界展关怀」

Royal Medic (Holdings) LimitedGS1 Hong Kong10+ Years Award under Consumer Caring Scheme

御药堂（控股）有限公司香港货品编码协会贴心企业嘉许计划10年+赏

Royal Medic (Holdings) LimitedHong Kong Consortium for Medical,

Nursing and Healthcare Development

Medical Choice – Health Brand Achievement

Award 2024

御药堂（控股）有限公司香港医疗护理发展协会医护之选－健康品牌成就大奖2024

Royal Medic (Holdings) LimitedFocus Media Hong Kong15th your choice @ focus award 2024 – Most

Prefered “Cordyceps Health Suplement” Brand

Award Among Hong Kong White-colar workers

御药堂（控股）有限公司第十五届香港白领最喜爱品牌大奖2024 —

香港白领最喜爱「虫草保健品」品牌大奖

Royal Medic (Holdings) LimitedHK01 Company LimitedPopular NMN Brand Award 2024 by HK01

御药堂（控股）有限公司香港01有限公司香港01好生活品牌及服务大奖2024 —

人气NMN品牌

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报102

附录：《环境、社会及管治报告指

引》的内容索引

APENDIX: CONTENT INDEX OF ENVIRONMENTAL,

SOCIAL AND GOVERNANCE REPORTING GUIDE

Environment

环境

A1 Emisions

A1 排放物

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations

that have a significant impact on the isuer

relating to air and grenhouse gas emisions,

discharges into water and land, and generation of

hazardous and non-hazardous waste.

Our Environment91

一般披露有关废气及温室气体排放、向水及土地的排污、

有害及无害废弃物的产生等的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例

的资料。

我们的环境91

KPI A1.1The types of emisions and respective emisions

data.

Air Emision Control92–93

KPI A1.1排放物类型及相关排放物数据。空气排放物控制92–93

KPI A1.2Direct (Scope 1) and energy indirect (Scope 2)

grenhouse gas emisions and, where apropriate,

intensity.

Air Emision Control93

KPI A1.2直接（范围1）及能源间接（范围2）温室气体排放量

及（如适用）密度。

空气排放物控制93

KPI A1.3Total hazardous waste produced and, where

apropriate, intensity.

Waste Management94–95

KPI A1.3所产生有害废弃物总量及（如适用）密度。废弃物管理94–95

KPI A1.4Total non-hazardous waste produced and, where

apropriate, intensity.

Waste Management94–95

KPI A1.4所产生无害废弃物总量及（如适用）密度。废弃物管理94–95

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司103

KPI A1.5Description of emisions target(s) set and steps

taken to achieve them.

Air Emision Control

Resources Conservation

92–97

KPI A1.5描述所订立的排放量目标及为达到这些目标所采

取的步骤。

空气排放物控制

节约资源

92–97

KPI A1.6Description of how hazardous and non-hazardous

wastes are handled, and a description of reduction

target(s) set and steps taken to achieve them.

Waste Management94–95

KPI A1.6描述处理有害及无害废弃物的方法，及描述所订

立的减废目标及为达到这些目标所采取的步骤。

废弃物管理94–95

A2 Use of Resources

A2 资源使用

General DisclosurePolicies on the eficient use of resources, including

energy, water and other raw materials.

Resources Conservation95–97

一般披露有效使用资源（包括能源、水及其他原材料）的政

策。

节约资源95–97

KPI A2.1Direct and/or indirect energy consumption by type

in total and intensity.

Resources Conservation96

KPI A2.1按类型划分的直接及╱或间接能源总耗量及密

度。

节约资源96

KPI A2.2Water consumption in total and intensity.Resources Conservation96

KPI A2.2总耗水量及密度。节约资源96

KPI A2.3Description of energy use eficiency target(s) set

and steps taken to achieve them.

Resources Conservation96–97

KPI A2.3描述所订立的能源使用效益目标及为达到这些目

标所采取的步骤。

节约资源96–97

KPI A2.4Description of whether there is any isue in sourcing

water that is fit for purpose, water eficiency

target(s) set and steps taken to achieve them.

Resources Conservation97

KPI A2.4描述求取适用水源上可有任何问题，以及所订立

的用水效益目标及为达到这些目标所采取的步

骤。

节约资源97

KPI A2.5Total packaging material used for finished products

and, if aplicable, with reference to per unit

produced.

Resources Conservation95

KPI A2.5制成品所用包装材料的总量及（如适用）每生产单

位占量。

节约资源95

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报104

A3 The Environment and Natural Resources

A3 环境及天然资源

General DisclosurePolicies on minimising the isuer’s significant

impact on the environment and natural resources.

Our Environment92

一般披露减低发行人对环境及天然资源造成重大影响的政

策。

我们的环境92

KPI A3.1Description of the significant impacts of activities

on the environment and natural resources and the

actions taken to manage them.

Our Environment92

KPI A3.1描述业务活动对环境及天然资源的重大影响及已

采取管理有关影响的行动。

我们的环境92

A4 Climate Change

A4 气候变化

General DisclosurePolicies on identification and mitigation of

significant climate-related isues which have

impacted, and those which may impact, the isuer.

Climate Change97–100

一般披露识别及应对已经及可能会对发行人产生影响的重

大气候相关事宜的政策。

气候变化97–100

KPI A4.1Description of the significant climate-related isues

which have impacted, and those which may impact,

the isuer, and the actions taken to manage them.

Climate Change97–100

KPI A4.1描述已经及可能会对发行人产生影响的重大气候

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司105

Social

社会

Employment and Labour Practices

雇佣及劳工常规

B1 Employment

B1 雇佣

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations

that have a significant impact on the isuer

relating to compensation and dismisal, recruitment

and promotion, working hours, rest periods, equal

oportunity, diversity, anti-discrimination, and other

benefits and welfare.

Our Talent77–80

一般披露有关薪酬及解雇、招聘及晋升、工作时数、假

期、平等机会、多元化、反歧视以及其他待遇及

福利的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例

的资料。

我们的人才78–80

KPI B1.1Total workforce by gender, employment type, age

group and geographical region.

Our Talent78–79

KPI B1.1按性别、雇佣类型、年龄组别及地区划分的雇员

总数。

我们的人才78–79

KPI B1.2Employe turnover rate by gender, age group and

geographical region.

Our Talent80

KPI B1.2按性别、年龄组别及地区划分的雇员流失比率。我们的人才80

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报106

B2 Health and Safety

B2 健康与安全

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations

that have a significant impact on the isuer

relating to providing a safe working environment

and protecting employes from ocupational

hazards.

Health and Safety81

一般披露有关提供安全工作环境及保障雇员避免职业性危

害的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例

的资料。

健康与安全81

KPI B2.1Number and rate of work-related fatalities ocured

in each of the past thre years including the

reporting year.

Health and Safety81

KPI B2.1过去三年（包括汇报年度）每年因工亡故的人数及

比率。

健康与安全81

KPI B2.2Lost days due to work injury.Health and Safety81

KPI B2.2因工伤损失工作日数。健康与安全81

KPI B2.3Description of ocupational health and safety

measures adopted, and how they are implemented

and monitored.

Health and Safety81

KPI B2.3描述所采纳的职业健康与安全措施，以及相关执

行及监察方法。

健康与安全81

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司107

B3 Development and Training

B3 发展及培训

General DisclosurePolicies on improving employes’ knowledge and

skils for discharging duties at work. Description of

training activities.

Training and Development82–83

一般披露有关提升雇员履行工作职责的知识及技能的政

策。描述培训活动。

培训与发展82–83

KPI B3.1The percentage of employes trained by gender and

employe category.

Training and Development83

KPI B3.1按性别及雇员类别划分的受训雇员百分比。培训与发展83

KPI B3.2The average training hours completed per employe

by gender and employe category.

Training and Development83

KPI B3.2按性别及雇员类别划分，每名雇员完成受训的平

均时数。

培训与发展83

B4 Labour Standards

B4 劳工准则

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations

that have a significant impact on the isuer

relating to preventing child and forced labour.

Employment and Labour Practices80–81

一般披露有关防止童工或强制劳工的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例

的资料。

雇佣及劳工常规80–81

KPI B4.1Description of measures to review employment

practices to avoid child and forced labour.

Employment and Labour Practices80

KPI B4.1描述检讨招聘惯例的措施以避免童工及强制劳

工。

雇佣及劳工常规80

KPI B4.2Description of steps taken to eliminate such

practices when discovered.

Employment and Labour Practices80

KPI B4.2描述在发现违规情况时消除有关情况所采取的步

骤。

雇佣及劳工常规80

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报108

Operating Practices

营运惯例

B5 Suply Chain Management

B5 供应链管理

General DisclosurePolicies on managing environmental and social risks

of the suply chain.

Responsible Suply Chain

Management

90–91

一般披露管理供应链的环境及社会风险政策。负责任的供应链管理90–91

KPI B5.1Number of supliers by geographical region.Responsible Suply Chain

Management

KPI B5.1按地区划分的供应商数目。负责任的供应链管理90

KPI B5.2Description of practices relating to engaging

supliers, number of supliers where the practices

are being implemented, and how they are

implemented and monitored.

Responsible Suply Chain

Management

KPI B5.2描述有关聘用供应商的惯例，向其执行有关惯例

的供应商数目，以及相关执行及监察方法。

负责任的供应链管理91

KPI B5.3Description of practices used to identify environmental

and social risks along the suply chain, and how

they are implemented and monitored.

Responsible Suply Chain

Management

90–91

KPI B5.3描述有关识别供应链每个环节的环境及社会风险

的惯例，以及相关执行及监察方法。

负责任的供应链管理90–91

KPI B5.4Description of practices used to promote

environmentaly preferable products and services

when selecting supliers, and how they are

implemented and monitored.

Responsible Suply Chain

Management

90–91

KPI B5.4描述在拣选供应商时促使多用环保产品及服务的

惯例，以及相关执行及监察方法。

负责任的供应链管理90–91

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司109

B6 Product Responsibility

B6 产品责任

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations

that have a significant impact on the isuer

relating to health and safety, advertising, labeling

and privacy maters relating to products and services

provided and methods of redres.

Safeguarding Product Quality

Provision of Quality Services

Advertising and Labeling

Protecting Intelectual Property

Rights

Customer Privacy Protection

85–88

一般披露有关所提供产品和服务的健康与安全、广告、标

签及私隐事宜以及补救方法的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例

的资料。

维护产品质量

提供优质服务

广告及标签

保护知识产权

保护客户私隐

85–88

KPI B6.1Percentage of total products sold or shiped subject

to recals for safety and health reasons.

Safeguarding Product Quality85–86

KPI B6.1已售或已运送产品总数中因安全与健康理由而须

回收的百分比。

维护产品质量85–86

KPI B6.2Number of products and service related complaints

received and how they are dealt with.

Provision of Quality Services87

KPI B6.2接获关于产品及服务的投诉数目以及应对方法。提供优质服务87

KPI B6.3Description of practices relating to observing and

protecting intelectual property rights.

Protecting Intelectual Property

Rights

KPI B6.3描述与维护及保障知识产权有关的惯例。保护知识产权88

KPI B6.4Description of quality asurance proces and recal

procedures.

Safeguarding Product Quality

Provision of Quality Services

85–87

KPI B6.4描述质量检定过程及产品回收程序。维护产品质量

提供优质服务

85–87

KPI B6.5Description of consumer data protection and

privacy policies, and how they are implemented and

monitored.

Customer Privacy Protection88

KPI B6.5描述消费者资料保障及私隐政策，以及相关执行

及监察方法。

保护客户私隐88

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report 2024/2025 年报110

B7 Anti-coruption

B7 反贪污

General DisclosureInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations

that have a significant impact on the isuer

relating to bribery, extortion, fraud and money

laundering.

Anti-Bribery and Coruption89

一般披露有关防止贿赂、勒索、欺诈及洗黑钱的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例

的资料。

反贿赂及腐败89

KPI B7.1Number of concluded legal cases regarding corupt

practices brought against the isuer or its employes

during the reporting period and the outcomes of the

cases.

Anti-Bribery and Coruption89

KPI B7.1于报告期间对发行人或其雇员提出并已审结的贪

污诉讼案件的数目及诉讼结果。

反贿赂及腐败89

KPI B7.2Description of preventive measures and whistle-

blowing procedures, and how they are implemented

and monitored.

Anti-Bribery and Coruption89

KPI B7.2描述防范措施及举报程序，以及相关执行及监察

方法。

反贿赂及腐败89

KPI B7.3Description of anti-coruption training provided to

directors and staf.

Anti-Bribery and Coruption89

KPI B7.3描述向董事及员工提供的反贪污培训。反贿赂及腐败89

ESG Indicators	Summary	Sections	Page
ESG指标	概述	章节	页次

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司111

Comunity

社区

B8 Comunity Investment

B8 社区投资

General DisclosurePolicies on comunity engagement to understand

the neds of the comunities where the isuer

operates and to ensure its activities take into

consideration the comunities’ interests.

Our Comunity100–101

一般披露有关以社区参与来了解营运所在社区需要和确保

其业务活动会考虑社区利益的政策。

我们的社区100–101

KPI B8.1Focus areas of contribution.Our Comunity100–101

KPI B8.1专注贡献范畴。我们的社区100–101

KPI B8.2Resources contributed to the focus area.Our Comunity100–101

KPI B8.2在专注范畴所动用资源。我们的社区100–101

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Anual Report 2024/2025 年报112

TO THE SHAREHOLDERS OF SHUNTEN INTERNATIONAL

(HOLDINGS) LIMITED

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Shunten International

(Holdings) Limited (the “Company”) and its subsidiaries (colective refered to

as “the Group”) set out on pages 118 to 218, which comprise the consolidated

statement of financial position as at 31 March 2025, and 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 a sumary of material

acounting policy information and other explanatory information.

In our opinion, the consolidated financial statements give a true and fair view of

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

consolidated financial performance and its consolidated cash flows for the year

then ended in acordance with HKFRS Acounting Standards isued by the Hong

Kong Institute of Certified Public Acountants (“HKICPA”) and have ben

properly prepared in compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on Auditing

(“HKSAs”) 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.

致顺腾国际（控股）有限公司股东

（于开曼群岛注册成立的有限公司）

意见

本核数师（以下简称「我们」）已审计列载于第118

至218页顺腾国际（控股）有限公司（以下统称「贵

公司」）及其附属公司（统称「贵集团」）的综合财务

报表，此综合财务报表包括于二零二五年三月

三十一日的综合财务状况表及截至该日止年度的

综合损益及其他全面收益表、综合权益变动表及

综合现金流量表，以及综合财务报表附注，包括

重大会计政策资料及其他阐释资料。

我们认为，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会

计准则真实而中肯地反映了贵集团于二零二五年

三月三十一日的综合财务状况及截至该日止年度

的综合财务表现及综合现金流量，并已遵照香港

《公司条例》的披露要求妥为拟备。

意见基础

我们已根据香港会计师公会颁布的《香港审计准

则》（「香港审计准则」）进行审计。我们在该等准则

下承担的责任已在本报告「核数师就审计综合财务

报表承担的责任」部分中作进一步阐述。根据香

港会计师公会颁布的《专业会计师道德守则》（「守

则」），我们独立于贵集团，并已履行守则中的其

他专业道德责任。我们相信，我们所获得的审计

凭证能充足及适当地为我们的意见提供基础。

Key audit matter	How our audit addressed the key audit matter
关键审计事项	我们的审计如何对关键审计事项进行处理

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司113

关键审计事项

关键审计事项是根据我们的专业判断，认为对本

期综合财务报表的审计最为重要的事项。这些事

项是在我们审计整体综合财务报表及出具意见时

进行处理的。我们不会对这些事项提供单独的意

见。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional 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.

Valuation of investment properties

投资物业估值

We identified the valuation of investment properties as a key audit mater

due to the key source of estimation uncertainty and the significant asumptions

and judgments involved in the valuation.

我们识别投资物估值为关键审计事宜，原因为该估值为估计不确定性的

主要来源，并且涉及重大假设及判断。

The fair value of the Group’s investment properties were determined by

adopting the valuation techniques with significant unobservable inputs,

asumptions of market conditions and judgments on apropriate valuation

techniques and inputs adopted. The Group also worked closely with the

independent qualified valuer, to establish and determine the apropriate

valuation techniques.

贵集团投资物业的公平值乃通过采用具有重大不可观察输入数据的估值

技术、市况假设和对所采用的适当估值技术和输入数据的判断来厘定。

本集团亦与独立合资格的估值师通力合作，以建立和厘定适当的估值技

术。

As disclosed in the consolidated statement of financial position, the Group’s

investment properties as at 31 March 2025 amounting to HK$176,700,000.

诚如综合财务状况表所披露，贵集团于二零二五年三月三十一日的投资

物业的金额达176,700,000港元。

Our procedures in relation to valuation of investment

properties included:

我们就投资物业估值的程序包括：

• Reviewing the valuation report from external

independent qualified valuer and holding discusion

with management and external independent qualified

valuer to understand the valuation basis, methodology

used and underlying asumptions aplied;

，并与管

理层和外聘独立合资格估值师讨论，了解所使用

的估值基准、方法和基本假设；

’s proces

in respect of reviewing the valuation performed by

external independent qualified valuer;

• 了解及评估管理层对外部独立合资格估值师进行

估值的审查过程；

, capabilities and

objectivity of external independent qualified valuer;

and

、能力和客观

性；及

• Obtaining the underlying data including comparables

of market transactions and capitalisation rate being

used by the external independent qualified valuer and

asesing whether they are apropriate.

，包括外聘独立合资格估值师所使

用的可资比较市场交易及资本化率，并评估有关

资料是否适当。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Anual Report 2024/2025 年报114

其他信息

贵公司董事需对其他信息负责。其他信息包括刊

载于年报内的全部信息，但不包括综合财务报表

及我们列载于其中的核数师报告。

我们对综合财务报表的意见并不涵盖其他信息，

我们亦不对该等其他信息发表任何形式的鉴证结

论。

结合我们对综合财务报表的审计，我们的责任是

阅读其他信息，在此过程中，考虑其他信息是否

与综合财务报表或我们在审计过程中所了解的情

况存在重大抵触或者似乎存在重大错误陈述的情

况。基于我们已执行的工作，如果我们认为其他

信息存在重大错误陈述，我们需要报告该事实。

在这方面，我们没有任何报告。

董事及治理层就综合财务报表须承

担的责任

贵公司董事须负责根据香港会计师公会颁布的香

港财务报告会计准则及香港《公司条例》的披露要

求拟备真实而中肯的综合财务报表，并对其认为

为使综合财务报表的拟备不存在由于欺诈或错误

而导致的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，董事负责评估贵集团持

续经营的能力，并在适用情况下披露与持续经营

有关的事项，以及使用持续经营为会计基础，除

非董事有意将贵集团清盘或停止经营，或别无其

他实际的替代方案。

治理层须负责监督贵集团的财务报告过程。

OTHER INFORMATION

The directors of the Company are responsible for the other information. The other

information comprises al the information included in the anual report, but does

not include the consolidated financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the other

information and we do not expres any form of asurance conclusion thereon.

In conection with our audit of the consolidated financial statements, our

responsibility is to read the other information and, in doing so, consider whether

the other information is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or otherwise apears to be

materialy mistated. If, based on the work we have performed, we conclude that

there is a material mistatement of this other information, we are required to report

that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND THOSE

CHARGED WITH GOVERNANCE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of the

consolidated financial statements that give a true and fair view in acordance

with HKFRS Acounting Standards isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance, and for such internal

control as the directors determine is necesary to enable the preparation of

consolidated financial statements that are fre from material mistatement, whether

due to fraud or eror.

In preparing the consolidated financial statements, the directors are responsible

for asesing the Group’s ability to continue as a going concern, disclosing, as

aplicable, maters related to going concern and using the going concern basis

of acounting unles the directors either intend to liquidate the Group or to cease

operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseing the Group’s

financial reporting proces.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司115

核数师就审计综合财务报表承担的

责任

我们的目标，是对综合财务报表整体是否不存在

由于欺诈或错误而导致的重大错误陈述取得合理

保证，并按照我们商定的业务约定条款仅向阁下

（作为整体）出具包括我们意见的核数师报告。除

此之外，我们的报告不可用作其他用途。我们不

会就本报告的内容向任何其他人士承担任何责任

或接受任何义务。合理保证是高水平的保证，但

不能保证按照《香港审计准则》进行的审计，在某

一重大错误陈述存在时总能发现。错误陈述可以

由欺诈或错误引起，如果合理预期它们单独或汇

总起来可能影响综合财务报表使用者依赖综合财

务报表所作出的经济决定，则有关的错误陈述可

被视作重大。

在根据《香港审计准则》进行审计的过程中，我们

运用了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财务

报表存在重大错误陈述的风险，设计及执行

审计程序以应对这些风险，以及获取充足和

适当的审计凭证，作为我们意见的基础。由

于欺诈可能涉及串谋、伪造、蓄意遗漏、虚

假陈述，或凌驾于内部控制之上，因此未能

发现因欺诈而导致的重大错误陈述的风险高

于未能发现因错误而导致的重大错误陈述的

风险。

，以设计适当的

审计程序，但目的并非对贵集团内部控制的

有效性发表意见。

• 评价董事所采用会计政策的恰当性及作出会

计估计和相关披露的合理性。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the consolidated

financial statements as a whole are fre from material mistatement, whether due

to fraud or eror, and to isue an auditor’s report that includes our opinion solely

to you, as a body, in acordance with our agred terms of engagement, and for no

other purpose. We do not asume responsibility towards or acept liability to any

other person for the contents of this report. Reasonable asurance is a high level

of asurance, but is not a guarante that an audit conducted in acordance with

HKSAs wil always detect a material mistatement when it exists. Mistatements

can arise from fraud or eror and are considered material if, individualy or in the

agregate, they could reasonably be expected to influence the economic decisions

of users taken on the basis of these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional judgment

and maintain profesional skepticism throughout the audit. We also:

• Identify and ases the risks of material mistatement of the consolidated

financial statements, whether due to fraud or eror, design and perform

audit procedures responsive to those risks, and obtain audit evidence that

is suficient and apropriate to provide a basis for our opinion. The risk of

not detecting a material mistatement resulting from fraud is higher than for

one resulting from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit in order to

design audit procedures that are apropriate in the circumstances, but not

for the purpose of expresing an opinion on the efectivenes of the Group’s

internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made by the

directors.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Anual Report 2024/2025 年报116

核数师就审计综合财务报表承担的

责任（续）

• 对董事采用持续经营会计基础的恰当性作出

结论。根据所获取的审计凭证，确定是否存

在与事项或情况有关的重大不确定性，从而

可能导致对贵集团的持续经营能力产生重大

疑虑。如果我们认为存在重大不确定性，则

有必要在核数师报告中提请使用者注意综合

财务报表中的相关披露。假若有关的披露不

足，则我们应当发表非无保留意见。我们的

结论是基于核数师报告日止所取得的审计凭

证。然而，未来事项或情况可能导致贵集团

不能持续经营。

、结构和

内容，包括披露，以及综合财务报表是否中

肯反映交易和事项。

，以就贵集团内实体或

业务单位的财务信息获取充足、适当的审计

凭证，为形成集团财务报表意见提供依据。

我们负责指导、监督和覆核就集团审计目的

而执行的审计工作。我们为审计意见承担全

部责任。

除其他事项外，我们与治理层沟通了计划的审计

范围、时间安排、重大审计发现等，包括我们在

审计中识别出内部控制的任何重大缺陷。

我们还向治理层提交声明，说明我们已符合有关

独立性的相关专业道德要求，并与他们沟通有可

能合理地被认为会影响我们独立性的所有关系和

其他事项，以及为消除对独立性的威胁所采取的

行动或防范措施（若适用）。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (CONTINUED)

’ use of the going concern

basis of acounting and, based on the audit evidence obtained, whether a

material uncertainty exists related to events or conditions that may cast

significant doubt on the Group’s ability to continue as a going concern.

If we conclude that a material uncertainty exists, we are required to draw

atention in our auditor’s report to the related disclosures in the consolidated

financial statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained up to the

date of our auditor’s report. However, future events or conditions may cause

the Group to cease to continue as a going concern.

, structure and content of the consolidated

financial statements, including the disclosures, and whether the consolidated

financial statements represent the underlying transactions and events in a

maner that achieves fair presentation.

• Plan and perform the group audit to obtain suficient apropriate audit

evidence regarding the financial information of the entities or busines units

within the Group as a basis for forming an opinion on the group financial

statements. We are responsible for the direction, supervision and review of

the audit work performed for purposes of the group audit. We remain solely

responsible for our audit opinion.

We comunicate with those charged with governance regarding, among other

maters, the planed scope and timing of the audit and significant audit findings,

including any significant deficiencies in internal control that we identify during our

audit.

We also provide those charged with governance with a statement that we have

complied with relevant ethical requirements regarding independence, and to

comunicate with them al relationships and other maters that may reasonably

be thought to bear on our independence, and where aplicable, actions taken to

eliminate threats or safeguards aplied.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司117

核数师就审计综合财务报表承担的

责任（续）

从与治理层沟通的事项中，我们确定哪些事项对

本期综合财务报表的审计最为重要，因而构成

关键审计事项。我们在核数师报告中描述这些事

项，除非法律法规不允许公开披露这些事项，或

在极端罕见的情况下，如果合理预期在我们报告

中沟通某事项造成的负面后果超过产生的公众利

益，我们决定不应在报告中沟通该事项。

大华马施云会计师事务所有限公司

执业会计师

注册公众利益实体核数师

江少峰

执业证书编号：P07996

香港，二零二五年六月二十六日

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (CONTINUED)

From the maters comunicated with those charged with governance, we determine

those maters that were of most significance in the audit of the consolidated

financial statements of the curent period and are therefore the key audit maters.

We describe these maters in our auditor’s report unles law or regulation precludes

public disclosure about the mater or when, in extremely rare circumstances, we

determine that a mater should not be comunicated in our report because the

adverse consequences of doing so would reasonably be expected to outweigh the

public interest benefits of such comunication.

More CPA Limited

Certified Public Acountants

Registered Public Interest Entity Auditors

Kong Shao Fung

Practising Certificate Number: P07996

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
205,048
(47,095)
157,953
941
(53,131)
(102,002)
202
(30,400)
(6,931)
(33,368)
(2,875)
(36,243)
–
(20)
(20)
(36,263)

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报118

(

		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
(36,243)
–
(36,243)
(36,263)
–
(36,263)
(1.17)

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司119

		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
176,700
10,961
9,362
19,345
2,358
62
218,788
24,893
37,100
2,591
5,532
70,116
20,930
51
–
118,955
4,234
1,339
48
145,557
(75,441)
143,347

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025 于二零二五年三月三十一日

Anual Report 2024/2025 年报120

		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
5,730
2,272
8,002
135,345
7,770
128,854
136,624
(1,279)
135,345

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025 于二零二五年三月三十一日

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司121

The consolidated financial statements on pages 118 to 218 were aproved and

authorised for isue by the Board of Directors (the “Board”) on 26 June 2025 and

are signed on its behalf by:

第118至218页的综合财务报表于二零二五年六月

二十六日经由董事会批准及授权刊发，并由下列

董事代表签署：

Cheung Siu FaiSo Tsz Kwan

张少辉苏芷君

DirectorDirector

董事董事

Attributable to owners of the Company
本公司拥有人应占
	Share capital	Share premium	Merger reserve	Statutory reserve	Translation reserve	Property revaluation reserve	Accumulated losses	Total	Non- controlling interests	Total Equity
	股本	股份溢价	合并储备	法定储备	换算储备	物业重估储备	累计亏损	总计	非控股权益	权益总额
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
			(note a)	(note b)
			（附注a）	（附注b）

–	–	–	–	–	–	(36,243)	(36,243)	–	(36,243)
–	–	–	–	(20)	–	–	(20)	–	(20)
–	–	–	–	(20)	–	(36,243)	(36,263)	–	(36,263)
7,770	424,497	(10)	770	607	27,770	(324,780)	136,624	(1,279)	135,345

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报122

At 31 March 2023于二零二三年三月三十一日7,770424,497(10)462584–(287,296)146,007(2,597)143,410

Profit for the year年内溢利–571571(53)518

Other comprehensive income/(expense):其他全面收益╱（开支）：

Change in fair value of investment

properties through other comprehensive

income

计入其他全面收益的投资物

业的公平值变动

–27,770–27,770–27,770

Exchange diferences on translation of

financial statements of foreign operations

换算外国业务财务报表时的

汇兑差额–(197)–(197)56(141)

Total comprehensive income/(expense)

for the year

年内全面收益╱（开支）总额

–(197)27,77057128,144328,147

Increase in subsidiary interest through capital

injection

透过注资使附属公司的权益

增加–308240–(1,863)(1,315)1,315–

Disposal of subsidiaries出售附属公司–5151–51

At 31 March 2024于二零二四年三月三十一日7,770424,497(10)77062727,770(288,537)172,887(1,279)171,608

Los for the year年内亏损

Other comprehensive (expense)/income:其他全面（开支）╱收益：

Exchange diferences on translation of

financial statements of foreign operations

换算外国业务财务报表时的

汇兑差额

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

Notes:

(a) Merger reserve represents the diference betwen the nominal values of the ordinary shares

isued by the Company and the share capital of subsidiaries acquired through an exchange

of shares pursuant to the group reorganisation prior to the listing of the Company’s shares on

GEM of The Stock Exchange of Hong Kong Limited.

(b) Pursuant to the Articles of Asociation of the Company’s subsidiaries established in the

People’s Republic of China (the “PRC”) and relevant PRC laws and regulations, these

subsidiaries are required to transfer at least 10% of their profit after taxation, which is

determined in acordance with the PRC acounting rules and regulations, to a statutory

reserve fund (including the general reserve fund and enterprise expansion fund, where

apropriate). Transfer to this statutory reserve fund is subject to the aproval of the

respective board of directors, and is discretionary when the balance of such fund has reached

50% of the registered capital of the respective company. Statutory reserve fund can only be

used to ofset acumulated loses or to increase capital.

附注：

(a) 合并储备指本公司已发行普通股之面值与透过根据本

公司股份于香港联合交易所有限公司GEM上市前之

集团重组交换股份收购附属公司之股本之差额。

(b) 根据于中华人民共和国（「中国」）成立的本公司之附属

公司之组织章程细则及中国有关法律及规定，该等附

属公司须按中国会计规则及规定，转拨不少于除税后

溢利的10%作为法定储备基金(当中包括一般储备及

企业发展基金，如适用)，直至该法定储备余额已达

到个别公司注册资本的50%时可酌情处理。转拨至此

法定储备基金需经个别公司董事会之批准。法定储备

基金只可用于抵销累计亏损或增加资本。

		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
(33,368)
6,931
85
2,112
5,899
3,780
(202)
(12)
–
–
30,400
15,625
902
9,630
868
15
79
27,119
2,576
(5,677)
24,018

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司123

		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
(354)
–
12
(342)
(24,610)
–
(25,909)
32,600
(5,459)
(7,464)
(30,842)
(7,166)
(2)
12,700
5,532

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报124

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司125

1.GENERAL INFORMATION

Shunten International (Holdings) Limited (the “Company”) is a public

limited company incorporated and domiciled in the Cayman Islands as an

exempted company with limited liability on 5 December 2011 under the

Companies Act of the Cayman Islands. The Company’s shares are listed on

the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”). The adreses of the registered ofice and principal place of

busines of the Company are disclosed in the Corporate Information section

of the anual report.

The Company is an investment holding company and its subsidiaries

(colectively refered to as, the “Group”) are principaly engaged in the sale,

marketing and distribution of health and beauty suplements and products

and property investment in Hong Kong.

The consolidated financial statements are presented in Hong Kong dolars

(“HK$”), which is also the functional curency of the Company.

2.APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year

In the curent year, the Group has aplied the folowing amendments

to HKFRS Acounting Standards isued by the Hong Kong Institute of

Certified Public Acountants (the “HKICPA”) for the first time, which are

mandatorily efective for the Group’s anual period begining on 1 April

2024 for the preparation of the consolidated financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and Leaseback

Amendments to HKAS 1Clasification of Liabilities as Curent or

Non-curent and related amendments to

Hong Kong Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The aplication of the amendments to HKFRS Acounting Standards in the

curent year has had no material impact on the Group’s financial positions

and performance for the curent and prior years and/or on the disclosures set

out in these consolidated financial statements.

1.一般资料

顺腾国际（控股）有限公司（「本公司」）为一间

于二零一年十二月五日根据开曼群岛公司

法在开曼群岛注册成立并以开曼群岛为居驻

地之获豁免公众有限公司。本公司之股份在

香港联合交易所有限公司（「联交所」）主板上

市。本公司之注册办事处及主要营业地点的

地址披露于本年报公司资料一节。

本公司为投资控股公司及其附属公司（统称

为「本集团」）主要于香港从事销售、推销及

分销保健及美容补品及产品以及物业投资。

综合财务报表以港元（「港元」）呈列，此亦为

本公司的功能货币。

2.应用新订及经修订香港财务报

告会计准则

于本年度强制生效的经修订香港财务

报告会计准则

于本年度，本集团于编制综合财务报表时已

首次应用以下由香港会计师公会（「香港会计

师公会」）颁布的香港财务报告会计准则之修

订本，该等修订本于本集团于二零二四年四

月一日或之后开始的年度期间强制生效：

香港财务报告准则

第16号（修订本）

售后回租的租赁负债

香港会计准则

第1号（修订本）

负债分类为流动或

非流动及相关香港

诠释第5号的修订

（2020年）

香港会计准则

第1号（修订本）

附有契约的非流动

负债

香港会计准则第7号及

香港财务报告准则

第7号（修订本）

供应商融资安排

于本年度应用经修订香港财务报告会计准则

对本集团本年度及过往年度的财务状况及表

现及╱或该等综合财务报表所载的披露并无

重大影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报126

2. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(CONTINUED)

New and amendments to HKFRS Acounting Standards in

isue but not yet efective

The Group has not early aplied the folowing new and amendments

to HKFRS Acounting Standards that have ben isued but are not yet

efective:

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing Nature-dependent

Electricity

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets betwen an

Investor and its Asociate or Joint Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS Acounting

Standards – Volume 11

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in Financial

Statements

Efective for anual periods begining on or after a date to be determined.

Efective for anual periods begining on or after 1 January 2025.

Efective for anual periods begining on or after 1 January 2026.

Efective for anual periods begining on or after 1 January 2027.

Except for the new HKFRS Acounting Standard mentioned below,

the directors of the Company anticipate that the aplication of al other

amendments to HKFRS Acounting Standards wil have no material impact

on the consolidated financial statements in the foreseable future.

2. 应用新订及经修订香港财务报

告会计准则（续）

已颁布但尚未生效的新订及经修订香

港财务报告会计准则

本集团并未提早应用以下已颁布但尚未生效

的新订及经修订香港财务报告会计准则：

香港财务报告准则

第9号及香港财务报告

准则第7号（修订本）

金融工具的分类及

计量（修订本）

香港财务报告准则

第9号及香港财务报告

准则第7号（修订本）

涉及依赖自然能源的

电力的合约

香港财务报告准则

第10号及香港会计准

则第28号（修订本）

投资者与其联营公司

或合营企业之间的

资产出售或注资

香港财务报告会计

准则（修订本）

香港财务报告会计

准则的年度

改进－第11册

香港会计准则第21号

（修订本）

缺乏可兑换性

香港财务报告准则

第18号

财务报表之呈列及

披露

于一个待定日期或之后开始的年度期间生效。

于二零二五年一月一日或之后开始的年度期

间生效。

于二零二六年一月一日或之后开始的年度期

间生效。

于二零二七年一月一日或之后开始的年度期

间生效。

除下文所述之新订香港财务报告会计准则

外，本公司董事预期应用所有其他香港财务

报告会计准则将不会于可见将来对综合财务

报表造成重大影响。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司127

2. 应用新订及经修订香港财务报

告会计准则（续）

已颁布但尚未生效的新订及经修订香

港财务报告会计准则（续）

香港财务报告准则第18号「财务报表之呈列

及披露」

香港财务报告准则第18号「财务报表之呈列

及披露」载列财务报表之呈列及披露规定，

将取代香港会计准则第1号「财务报表之呈

列」。本新订香港财务报告会计准则在延续

香港会计准则第1号中众多规定之同时，引

入于损益表中呈列指定类别及定义小计之新

规定；就财务报表附注中管理层界定之表现

计量提供披露及改进于财务报表中将予披露

之合并及分类资料。此外，香港会计准则第

1号之部分段落已移至香港会计准则第8号

「会计政策、会计估计变动及错误」及香港财

务报告准则第7号「金融工具：披露」。香港

会计准则第7号「现金流量表」及香港会计准

则第33号「每股盈利」亦作出细微修订。

香港财务报告准则第18号及其他准则之修订

将于二零二七年一月一日或之后开始之年度

期间生效，并允许提早应用。应用新准则预

期将会影响损益表之呈列以及未来财务报表

之披露。本集团正在评估香港财务报告准则

第18号对本集团综合财务报表之详细影响。

3. 编制综合财务报表基准及重大

会计政策资料

3.1 编制综合财务报表基准

综合财务报表乃根据香港会计师公会

颁布之香港财务报告会计准则编制。

就编制综合财务报表而言，倘合理预

期资料会影响主要使用者作出的决

定，则有关资料被视为重大。此外，

综合财务报表包括联交所证券上市规

则（「上市规则」）及香港公司条例规定

之适用披露。

2. APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(CONTINUED)

New and amendments to HKFRS Acounting Standards in

isue but not yet efective (Continued)

HKFRS 18 “Presentation and Disclosure in Financial Statements”

HKFRS 18 “Presentation and Disclosure in Financial Statements”,

which sets out requirements on presentation and disclosures in financial

statements, wil replace HKAS 1 “Presentation of Financial Statements”.

This new HKFRS Acounting Standard, while carying forward many of the

requirements in HKAS 1, introduces new requirements to present specified

categories and defined subtotals in the statement of profit or los; provide

disclosures on management-defined performance measures in the notes to

the financial statements and improve agregation and disagregation of

information to be disclosed in the financial statements. In adition, some

HKAS 1 paragraphs have ben moved to HKAS 8 “Acounting Policies,

Changes in Acounting Estimates and Erors” and HKFRS 7 “Financial

Instruments: Disclosures”. Minor amendments to HKAS 7 “Statement of

Cash Flows” and HKAS 33 “Earnings per Share” are also made.

HKFRS 18, and amendments to other standards, wil be efective for

anual periods begining on or after 1 January 2027, with early aplication

permited. The aplication of the new standard is expected to afect the

presentation of the statement of profit or los and disclosures in the future

financial statements. The Group is in the proces of asesing the detailed

impact of HKFRS 18 on the Group’s consolidated financial statements.

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION

3.1 Basis of preparation of consolidated financial

statements

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards isued by the

HKICPA. For the purpose of preparation of the consolidated financial

statements, information is considered material if such information is

reasonably expected to influence decisions made by primary users.

In adition, the consolidated financial statements include aplicable

disclosures required by the Rules Governing the Listing of Securities

on the Stock Exchange (the “Listing Rules”) and by the Hong Kong

Companies Ordinance.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报128

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.1 编制综合财务报表基准（续）

除按报告期末之公平值计量之投资物

业外，综合财务报表乃根据历史成本

基准编制（于附注3.2所载会计政策解

释）。

截至二零二五年三月三十一日止年

度，本集团产生净亏损约36,243,000

港元，及截至该日，本集团录得流动

负债净额约75,441,000港元。于二零

二五年三月三十一日，本集团的银行

结余及现金约为5,532,000港元，而本

集团包含按要求偿还条款的银行及其

他借贷总额约为118,955,000港元。本

公司董事于编制综合财务报表时，已

审慎考虑本集团未来流动资金。考

虑到本集团可持续获得融资，包括(i)

其营运产生的现金流量；(i)本集团

遵守银行借贷契诺（因本集团一直遵

守有关契诺，概无迹象表明银行会

在未来十二个月要求立即偿还尚未偿

还的银行借贷），本集团已就银行借

款质押租赁土地以及楼宇及投资物

业，金额分别为约7,174,000港元及约

176,700,000港元；及(i)本公司一名

股东及执行董事提供的未提取贷款

融资18,000,000港元，本公司董事认

为，本集团将有足够的营运资金，可

全面履行自报告期末起至少未来

十二个月到期的财务责任，因此该等

综合财务报表乃按持续经营基准编

制。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.1 Basis of preparation of consolidated financial

statements (Continued)

The consolidated financial statements have ben prepared on

the historical cost basis except for investment properties that are

measured at fair values at the end of the reporting period, as explained

in the acounting policies set out in Note 3.2.

During the year ended 31 March 2025, the Group incured a net los

of aproximately HK$36,243,000 and, as of that date, the Group

had net curent liabilities of aproximately HK$75,441,000. The

Group’s bank balances and cash as at 31 March 2025 amounted to

aproximately HK$5,532,000 as compared to the Group’s bank and

other borowings of totaling aproximately HK$118,955,000, of

which contained repayable on demand clause. The directors of the

Company have given careful consideration to the future liquidity

of the Group when preparing the consolidated financial statements.

Taking into acount the ongoing availability of finance to the Group,

including (i) the cash flows generated from its operations; (i) the

compliance with the bank borowings’ covenants which had no

indication that the bank wil require imediate repayment of the

outstanding bank borowings in the coming twelve months since the

Group has always complied with those covenants with pledged asets

of the Group’s leasehold land and buildings and investment properties

of aproximately HK$7,174,000 and aproximately HK$176,700,000

respectively; together with (i) the undrawn loan facilities provided

by a shareholder and executive director of the Company of

HK$18,000,000, the directors of the Company are of the opinion that

the Group has suficient working capital to met in ful its financial

obligations as they fal due for at least the next twelve months from

the end of the reporting period and acordingly these consolidated

financial statements have ben prepared on a going concern basis.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司129

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料

综合基准

综合财务报表包括本公司及本公司和

其附属公司控制之实体之财务报表。

• 因参与投资对象营运而承受可

变回报之风险或有权获得可变

回报；及

倘事实及状况显示，上文所列三个控

制权部分其中一项或多项有所变动，

则本集团重新评估其是否控制投资对

象。

附属公司之综合入账于本集团取得有

关附属公司之控制权起开始，并于本

集团失去有关附属公司之控制权时终

止。具体而言，于年内所收购或出售

附属公司之收入及支出乃自本集团取

得控制权之日起计入综合损益及其他

全面收益表，直至本集团不再控制有

关附属公司之日为止。

损益及各项其他全面收益项目归属于

本公司拥有人及非控股权益。附属公

司之全面收益总额归属于本公司拥有

人及非控股权益，即使这将导致非控

股权益出现亏绌结余。

倘有需要，将对附属公司之财务报表

作出调整，以使其会计政策与本集团

之会计政策一致。

所有与本集团成员公司间之交易有关

之集团内资产及负债、权益、收入、

开支及现金流量均于综合账目时悉数

对销。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and entities controled by the Company

and its subsidiaries.

;

, or has rights, to variable returns from its

involvement with the investe; and

• has the ability to use its power to afect its returns.

The Group reaseses whether or not it controls an investe if facts

and circumstances indicate that there are changes to one or more of

the thre elements of control listed above.

Consolidation of a subsidiary begins when the Group obtains control

over the subsidiary and ceases when the Group loses control of the

subsidiary. Specificaly, income and expenses of a subsidiary acquired

or disposed of during the year are included in the consolidated

statement of profit or los and other comprehensive income from the

date the Group gains control until the date when the Group ceases to

control the subsidiary.

Profit or los and each item of other comprehensive income are

atributed to the owners of the Company and to the non-controling

interests. Total comprehensive income of subsidiaries is atributed to

the owners of the Company and to the non-controling interests even

if this results in the non-controling interests having a deficit balance.

When necesary, adjustments are made to the financial statements of

subsidiaries to bring their acounting policies in line with the Group’s

acounting policies.

Al intragroup asets and liabilities, equity, income, expenses and

cash flows relating to transactions betwen members of the Group are

eliminated in ful on consolidation.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报130

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

综合基准（续）

于附属公司之非控股权益与本集团于

当中的权益分开呈列，指现时拥有之

权益且赋予持有人权利于清盘时按比

例分占相关附属公司净资产。

本集团于现有附属公司权益之变动

本集团于附属公司的权益变动，如不

会导致本集团丧失对该等附属公司之

控制权，便会按权益交易列账，并调

整本集团相关控股及非控股权益的账

面值，以反映彼等于附属公司的相对

权益的变动，包括将相关储备根据本

集团及非控股权益的权益比例重新归

类。

非控股权益的调整金额与已付或已收

取代价公平值之间的任何差额直接

于权益确认，并归属于本公司权益股

东。

倘本集团失去对附属公司之控制权，

则终止确认附属公司之资产及负债及

非控股权益（如有）。收益或亏损于损

益确认，并按以下两者之差额计算：

(i)所收取代价之公平值及任何保留权

益之公平值之总额与(i)本公司持有

人应占附属公司资产（包括商誉）及负

债之账面值。所有先前于其他全面收

益确认与附属公司相关之金额以犹如

本集团已直接出售附属公司之相关资

产或负债之方式入账（即根据适用香

港财务报告会计准则所订明╱允许而

重新分类至损益或转拨至另一权益类

别）。于失去控制权当日保留于前附

属公司之任何投资之公平值，被视为

香港财务报告准则第9号「金融工具」

项下其后入账之初步确认公平值，或

（如适用）于联营公司或合营公司投资

之初步确认成本。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Basis of consolidation (Continued)

Non-controling interests in subsidiaries are presented separately

from the Group’s equity therein, which represent present ownership

interests entitling their holders to a proportionate share of net asets

of the relevant subsidiaries upon liquidation.

Changes in the Group’s interests in existing subsidiaries

Changes in the Group’s interests in subsidiaries that do not result in

the Group losing control over the subsidiaries are acounted for as

equity transactions. The carying amounts of the Group’s relevant

components of equity and the non-controling interests are adjusted

to reflect the changes in their relative interests in the subsidiaries,

including re-atribution of relevant reserves betwen the Group and

the non-controling interests acording to the Group’s and the non-

controling interests’ proportionate interests.

Any diference betwen the amount by which the non-controling

interests are adjusted, and the fair value of the consideration paid or

received is recognised directly in equity and atributed to owners of

the Company.

When the Group loses control of a subsidiary, the asets and

liabilities of that subsidiary and non-controling interest (if any) are

derecognised. A gain or los is recognised in profit or los and is

calculated as the diference betwen (i) the agregate of the fair value

of the consideration received and the fair value of any retained interest

and (i) the carying amount of the asets (including godwil), and

liabilities of the subsidiary atributable to the owners of the Company.

Al amounts previously recognised in other comprehensive income

in relation to that subsidiary are acounted for as if the Group had

directly disposed of the related asets or liabilities of the subsidiary

(i.e. reclasified to profit or los or transfered to another category

of equity as specified/permited by aplicable HKFRS Acounting

Standards). The fair value of any investment retained in the former

subsidiary at the date when control is lost is regarded as the fair

value on initial recognition for subsequent acounting under HKFRS

9 “Financial Instruments” or, when aplicable, the cost on initial

recognition of an investment in an asociate or a joint venture.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司131

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

客户合约收入

本集团于完成履约责任时（或就此）确

认收入，即于特定履约责任相关之商

品或服务之「控制权」转移予客户时。

履约责任指一项明确的货品或服务

（或一批货品或服务）或一系列大致相

同的明确货品或服务。

倘符合以下其中一项条件，则控制权

随时间转移，而收入则参考相关履约

责任的完成进度随时间确认：

• 客户于本集团履约时同时收取

及消耗本集团履约所提供的利

益；

• 本集团的履约创建及增强客户

于本集团履约时控制的资产；

或

• 本集团的履约未创建对本集团

具有替代用途的资产，而本集

团有强制执行权收取至今已履

约部分的款项。

否则，收入于客户获得明确货品或服

务的控制权时确认。

合约负债指本集团因已向客户收取代

价（或到期的代价金额），而须向客户

转让货品或服务之责任。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Revenue from contracts with customers

The Group recognises revenue when (or as) a performance obligation

is satisfied, i.e. when “control” of the gods or services underlying

the particular performance obligation is transfered to the customer.

A performance obligation represents a god or service (or a bundle

of gods or services) that is distinct or a series of distinct gods or

services that are substantialy the same.

Control is transfered over time and revenue is recognised over time

by reference to the progres towards complete satisfaction of the

relevant performance obligation if one of the folowing criteria is met:

• the customer simultaneously receives and consumes the

benefits provided by the Group’s performance as the Group

performs;

’s performance creates or enhances an aset that the

customer controls as the Group performs; or

’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.

Otherwise, revenue is recognised at a point in time when the customer

obtains control of the distinct god or service.

A contract liability represents the Group’s obligation to transfer

gods or services to a customer for which the Group has received

consideration (or an amount of consideration is due) from the

customer.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报132

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

客户合约收入（续）

附有退货权的销售

对于具退货权的产品销售，本集团确

认以下各项：

(a) 按本集团预计有权收取的代价

金额确认已转让产品的收入（因

此，将不会就预计退回╱交换产

品确认收入）；

(b) 退款负债；及

认资产（及对销售成本的相应调

整），并呈列为退回权资产。

主理人与代理人

当另一方参与向客户提供货物或服务

时，本集团决定其承诺的性质为履

行义务，自己提供特定的货物或服务

（即本集团为主理人）或安排由另一方

提供该等货物或服务（即本集团为代

理人）。

如本集团于特定货品或服务转让予客

户前已控制该货品或服务，则本集团

为主理人。

倘本集团的履约义务是安排另一方提

供特定货物或服务，则本集团为代

理人。在此情况下，本集团在另一方

提供的特定货品或服务转移至客户之

前，并无控制该货品或服务。当本集

团作为代理人时，其确认收入的金额

为其预期有权收取的任何费用或佣

金，以换取另一方安排提供指定货品

或服务。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Revenue from contracts with customers (Continued)

Sale with a right of return

For a sale of products with a right of return, the Group recognises al

of the folowing:

(a) revenue for the transfered products in the amount of

consideration to which the Group expects to be entitled

(therefore, revenue would not be recognised for the products

expected to be returned/exchanged);

(b) a refund liability; and

right to recover products from customers and are presented as

right-of-return asets.

Principal versus agent

When another party is involved in providing gods or services to a

customer, the Group determines whether the nature of its promise is

a performance obligation to provide the specified gods or services

itself (i.e. the Group is a principal) or to arange for those gods or

services to be provided by the other party (i.e. the Group is an agent).

The Group is a principal if it controls the specified god or service

before that god or service is transfered to a customer.

The Group is an agent if its performance obligation is to arange for

the provision of the specified god or service by another party. In

this case, the Group does not control the specified god or service

provided by another party before that god or service is transfered to

the customer. When the Group acts as an agent, it recognises revenue

in the amount of any fe or comision to which it expects to be

entitled in exchange for aranging for the specified gods or services

to be provided by the other party.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司133

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁

本集团于合约开始时根据香港财务报

告准则第16号项下之定义评估合约是

否属租赁或包含租赁。除非该合约中

之条款及条件随后出现变动，否则不

会对该合约进行重新评估。

本集团作为承租人

将代价分配至合约组成部分

就包含租赁组成部分及一项或多项额

外租赁或非租赁组成部分的合约而

言，本集团根据租赁组成部分的相对

独立价格及非租赁组成部分的独立价

格总额将合约代价分配至各租赁组成

部分。

本集团应用可行权宜方法不将非租赁

组成部分与租赁组成部分开，而将

租赁组成部分及任何相关非租赁组成

部分作为单一租赁组成部分入账。

短期租赁

本集团对从租赁日开始日租赁期为12

个月或更短的租赁及不包含购买选择

权的租赁应用短期租赁的确认豁免。

短期租赁和低价值资产租赁的付款额

在租赁期内采用直线法或另一种有系

统基准确认为费用。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Leases

The Group aseses whether a contract is or contains a lease based

on the definition under HKFRS 16 at inception of the contract. Such

contract wil not be reasesed unles the terms and conditions of the

contract are subsequently changed.

The Group as a lese

Alocation of consideration to components of a contract

For a contract that contains a lease component and one or more

aditional lease or non-lease components, the Group alocates the

consideration in the contract to each lease component on the basis

of the relative stand-alone price of the lease component and the

agregate stand-alone price of the non-lease components.

The Group aplies practical expedient not to separate non-lease

components from lease component, and instead acount for the lease

component and any asociated non-lease components as a single lease

component.

Short-term leases

The Group aplies the short-term lease recognition exemption

to leases that have a lease term of 12 months or les from the

comencement date and do not contain a purchase option. Lease

payments on short-term leases are recognised as expense on a

straight-line basis or another systematic basis over the lease term.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报134

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产之成本包括：

；及

• 于开始日期或之前作出之任何

租赁付款，减任何已收租赁优

惠；

使用权资产按成本计量，减去任何累

计折旧及减值亏损，并就租赁负债之

任何重新计量作出调整。折旧以直线

法按其估计可使用年期及租赁期限两

者中较短者确认。

本集团将不符合投资物业定义的使用

权资产作为单独项目于综合财务状况

表中呈列。

可退回租赁按金

已付可退回租赁按金乃根据香港财务

报告准则第9号入账，初步按公平值

计量。首次确认时对公平值作出之调

整被视为额外租赁付款且计入使用权

资产成本。

租赁负债

于租赁开始日期，本集团以于该日期

尚未支付之租赁付款之现值确认并

计量租赁负债。倘租赁隐含之利率不

易厘定，则本集团会使用于租赁开始

日期之增量借贷利率计算租赁付款现

值。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets

The cost of right-of-use aset includes:

; and

les any lease incentives received;

Right-of-use asets are measured at cost, les any acumulated

depreciation and impairment loses, and adjusted for any

remeasurement of lease liabilities. Depreciation is recognised on a

straight-line basis over the shorter of its estimated useful life and the

lease term.

The Group presents right-of-use asets that do not met the definition

of investment property as a separate line item on the consolidated

statement of financial position.

Refundable rental deposits

Refundable rental deposits paid are acounted under HKFRS 9 and

initialy measured at fair value. Adjustments to fair value at initial

recognition are considered as aditional lease payments and included

in the cost of right-of-use asets.

Lease liabilities

At the comencement date of a lease, the Group recognises and

measures the lease liability at the present value of lease payments

that are unpaid at that date. In calculating the present value of lease

payments, the Group uses the incremental borowing rate at the lease

comencement date if the interest rate implicit in the lease is not

readily determinable.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司135

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁负债（续）

租赁付款包括：

（包括实质固定付款）

减任何应收租赁优惠；及

（倘租

期反映本集团正行使权利终止

租赁）。

于开始日期后，租赁负债就应计利息

及租赁付款作出调整。

倘出现以下情况，本集团重新计量租

赁负债（并对相关使用权资产作出相

应调整）：

• 租期变动或行使购买权的评估

变动，于该情况下，相关租赁

负债透过于重新评估当日使用

经修订贴现率贴现经修订租赁

付款而重新计量。

• 租赁付款变动乃由于市场租金

根据市场租金回顾╱担保剩余价

值项下的预期付款的变动，于

该情况下，相关租赁负债透过

使用初始贴现率贴现经修订租

赁付款而重新计量。

，且该租赁

修改不作为一项单独租赁入账

（有关「租赁修改」的会计政策请

参阅下文）。

本集团将租赁负债作为单独项目在综

合财务状况表呈列。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease liabilities (Continued)

The lease payments include:

• fixed payments (including in-substance fixed payments) les

any lease incentives receivable; and

, if the lease term

reflects the Group exercising an option to terminate the lease.

After the comencement date, lease liabilities are adjusted by interest

acretion and lease payments.

The Group remeasures lease liabilities (and makes a coresponding

adjustment to the related right-of-use asets) whenever:

• the lease term has changed or there is a change in the asesment

of exercise of a purchase option, in which case the related

lease liability is remeasured by discounting the revised

lease payments using a revised discount rate at the date of

reasesment.

• the lease payments change due to changes in market rental

rates folowing a market rent review/expected payment

under a guaranted residual value, in which cases the related

lease liability is remeasured by discounting the revised lease

payments using the initial discount rate.

• a lease contract is modified and the lease modification is not

acounted for as a separate lease (se below for the acounting

policy for “lease modifications”).

The Group presents lease liabilities as a separate line item on the

consolidated statement of financial position.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报136

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁修改

倘存在以下情况，则本集团将租赁修

改作为一项单独的租赁进行入账：

• 该项修改通过增加使用一项或

多项相关资产的权利扩大了租

赁范围；及

，增加的金额

相当于范围扩大对应的单独价

格，加上反映特定合约的情况

对单独价格进行的任何适当调

整。

对于不作为一项单独的租赁列账的租

赁修改，本集团根据经修订租赁的租

赁期透过使用于修改当天生效的经修

订贴现率贴现经修订租赁付款而重新

计量租赁负债减任何应收租赁奖励。

本集团通过对相关使用权资产进行相

应调整，对租赁负债的重新计量进行

会计处理。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease modifications

The Group acounts for a lease modification as a separate lease if:

• the modification increases the scope of the lease by ading the

right to use one or more underlying asets; and

• the consideration for the leases increases by an amount

comensurate with the stand-alone price for the increase in

scope and any apropriate adjustments to that stand-alone price

to reflect the circumstances of the particular contract.

For a lease modification that is not acounted for as a separate lease,

the Group remeasures the lease liability, les any lease incentives

receivable, based on the lease term of the modified lease by

discounting the revised lease payments using a revised discount rate

at the efective date of the modification.

The Group acounts for the remeasurement of lease liabilities by

making coresponding adjustments to the relevant right-of-use aset.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司137

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为出租人

租赁的分类及计量

本集团作为出租人的租赁分类为融资

或营业租赁。当租赁条款将相关资

产拥有权涉及之绝大部分风险及回报

转移予承租人，则合约分类为融资租

赁。所有其他租赁均分类为营业租

赁。

营业租赁的租金收入于相关租赁的年

期内，以直线法基准在损益账中确

认。商议及安排营业租赁产生的初始

直接成本乃加入租赁资产的账面值，

而有关成本于租期按直线法基准确认

为开支，惟以公平值模式计量的投资

物业除外。

自本集团的日常业务过程中产生的租

金收入呈列为收益。

可退回租赁按金

已收取的可退回租赁按金乃根据香港

财务报告准则第9号入账，并按公平

值初始计量。于初始确认对公平值的

调整被视为来自承租人的额外租赁付

款。

租赁修改

并非原有条款和条件一部分的租贷合

约代价的变动，乃以租赁修改入账，

包括透过宽免或宽减租金提供的租赁

优惠。

本集团于考虑将涉及原有租赁的任何

预付或应计租赁付款作为新租赁的租

赁付款一部分，自修改生效日期起，

对营业租赁的修改入账列作新租赁。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lesor

Clasification and measurement of leases

Leases for which the Group is a lesor are clasified as finance

or operating leases. Whenever the terms of the lease transfer

substantialy al the risks and rewards incidental to ownership of an

underlying aset to the lese, the contract is clasified as a finance

lease. Al other leases are clasified as operating leases.

Rental income from operating leases is recognised in profit or los on

a straight-line basis over the term of the relevant lease. Initial direct

costs incured in negotiating and aranging an operating lease are

aded to the carying amount of the leased aset, and such costs are

recognised as an expense on a straight-line basis over the lease term

except for investment properties measured under fair value model.

Rental income which are derived from the Group’s ordinary course of

busines are presented as revenue.

Refundable rental deposits

Refundable rental deposits received are acounted for under HKFRS

9 and initialy measured at fair value. Adjustments to fair value at

initial recognition are considered as aditional lease payments from

leses.

Lease modification

Changes in considerations of lease contracts that were not part of the

original terms and conditions are acounted for as lease modifications,

including lease incentives provided through forgivenes or reduction

of rentals.

The Group acounts for a modification to an operating lease as a new

lease from the efective date of the modification, considering any

prepaid or acrued lease payments relating to the original lease as part

of the lease payments for the new lease.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报138

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

外币

编制各集团实体之财务报表时，以该

实体之功能货币以外之货币（外币）进

行的交易乃按于交易日期当时之汇率

确认。于报告期末，以外币列值之货

币项目以当日之汇率重新换算。以外

币计值的按公平值计量非货币项目乃

按公平值厘定当日之汇率换算。以外

币历史成本计算之非货币项目不予重

新换算。

结算货币项目及重新换算货币项目所

产生之汇兑差额会于产生期间在损益

中确认。

就呈列综合财务报表而言，本集团业

务之资产及负债均按于各报告期末之

汇率换算为本集团之呈列货币（即港

元）。收入及开支项目乃按期内平均

汇率换算，除非期内汇率出现重大波

幅，否则于此情况下，将采用交易日

之汇率。所产生汇兑差额（如有）于其

他全面收益中确认并在换算储备项下

权益中累计（归属于非控股权益，如

适用）。

于出售海外业务（即出售本集团于海

外业务的全部权益，或涉及失去对包

括海外业务的附属公司控制权的出

售）时，就本公司拥有人应占该业务

而于权益内累计的所有汇兑差额乃重

新分类至损益。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Foreign curencies

In preparing the financial statements of each individual group entity,

transactions in curencies other than the functional curency of that

entity (foreign curencies) are recognised at the rates of exchanges

prevailing on the dates of the transactions. At the end of the reporting

period, monetary items denominated in foreign curencies are

retranslated at the rates prevailing at that date. Non-monetary items

caried at fair value that are denominated in foreign curencies are

retranslated at the rates prevailing on the date when the fair value

was determined. Non-monetary items that are measured in terms of

historical cost in a foreign curency are not retranslated.

Exchange diferences arising on the setlement of monetary items,

and on the retranslation of monetary items, are recognised in profit or

los in the period in which they arise.

For the purposes of presenting the consolidated financial statements,

the asets and liabilities of the Group’s operations are translated into

the presentation curency of the Group (i.e. Hong Kong Dolar) using

exchange rates prevailing at the end of each reporting period. Income

and expenses items are translated at the average exchange rates for

the period, unles exchange rates fluctuate significantly during that

period, in which case the exchange rates at the date of transactions

are used. Exchange diferences arising, if any, are recognised in

other comprehensive income and acumulated in equity under the

heading of translation reserve (atributed to non-controling interests as

apropriate).

On the disposal of a foreign operation (that is, a disposal of the

Group’s entire interest in a foreign operation, or a disposal involving

los of control over a subsidiary that includes a foreign operation), al

of the exchange diferences acumulated in equity in respect of that

operation atributable to the owners of the Company are reclasified

to profit or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司139

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

借贷成本

并无于合资格资产拨充资本之其他借

贷成本均于产生期间于损益内确认。

政府补助

在合理地保证本集团会遵守政府补助

的附带条件以及将会得到补助后，政

府补助方会予以确认。

与收入相关的政府补助是抵销已产生

的支出或亏损或旨在给予本集团的即

时财务支援（而无未来有关成本），于

有关补助成为应收款项的期间在损益

中确认。有关补助于「其他收入」项下

呈列。

雇员福利

退休福利成本

向界定供款退休福利计划所作供款于

雇员提供服务后有权享有该等供款时

确认为开支。

本集团根据强制性公积金计划条例

（「强积金计划」）为其所有合资格参与

强积金计划的合资格雇员参加界定供

款退休福利计划。供款按雇员基本薪

酬的某个百分比作出。

就长期服务金责任而言，根据香港会

计准则第19.93(a)条，本集团将雇主

强积金供款入账，预期将作为长期服

务金责任之视作雇员供款予以抵销，

并按净额基准计量。未来福利的估计

金额乃经扣除本集团已归属雇员的强

积金供款（被视为相关雇员之供款）所

产生的应计福利所产生的负服务成本

后厘定。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Borowing costs

Borowing costs which are not capitalised to qualifying asets are

recognised in profit or los in the period in which they are incured.

Government grants

Government grants are not recognised until there is reasonable

asurance that the Group wil comply with the conditions ataching to

them and that the grants wil be received.

Government grants related to income that are receivable as

compensation for expenses or loses already incured or for the

purpose of giving imediate financial suport to the Group with no

future related costs are recognised in profit or los in the period in

which they become receivable. Such grants are presented under “other

income”.

Employe benefits

Retirement benefit costs

Payments to defined contribution retirement benefit plans are

recognised as an expense when employes have rendered service

entitling them to the contributions.

The Group operates a defined contribution retirement benefit plan

under the Mandatory Provident Fund Schemes Ordinance (the

“MPF Scheme”) for al of its eligible employes who are eligible to

participate in the MPF Scheme. Contributions are made based on a

percentage of the employes’ basic salaries.

For LSP obligation, the Group acounts for the employer MPF

contributions expected to be ofset as a demed employe contribution

towards the LSP obligation in terms of HKAS 19.93(a) and it is

measure on a net basis. The estimated amount of future benefit is

determined after deducting the negative service cost arising from

the acrued benefits derived from the Group’s MPF contributions

that have ben vested with employes, which are demed to be

contributions from the relevant employes.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报140

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

雇员福利（续）

短期雇员福利

短期雇员福利于雇员提供服务时按预

期支付福利的未折现金额确认。所有

短期雇员福利均确认为开支，除非有

另一项香港财务报告会计准则的规定

或允许将福利计入资产成本则作别论。

雇员累计福利（如工资及薪金、年假

及病假）于扣除已付金额后确认为负

债。

以股份为基础的付款

权益结算以股份为基础的付款交易

授予雇员的购股权

向雇员及其他提供类似服务的人士作

出的权益结算以股份为基础的付款

乃于授出日期按权益工具的公平值计

量。

于授出日期厘定的权益结算以股份为

基础的付款的公平值（并无计及所有

非市场归属条件）乃根据本集团对最

终将归属的权益工具的估计，于归属

期内以直线法支销，而权益（购股权

储备）会相应增加。于各报告期末，

本集团基于对所有相关非市场归属条

件的评估修订预期归属的权益工具数

目的估计。修订原先估计的影响（如

有）于损益中确认，以便累计开支反

映修订估计，并对购股权储备作出相

应调整。对于在授出日期立即归属的

购股权，授出购股权的公平值立即计

入损益。

当购股权获行使时，先前于购股权储

备中确认的款项将转拨至股份溢价。

当购股权于归属日期后被没收或于届

满日仍未获行使，先前于购股权储备

中确认的款项将转拨至累计亏损。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Employe benefits (Continued)

Short-term employe benefits

Short-term employe benefits are recognised at the undiscounted

amount of the benefits expected to be paid as and when employes

rendered the services. Al short-term employe benefits are recognised

as an expense unles another HKFRS Acounting Standards requires

or permits the inclusion of the benefit in the cost of an aset.

A liability is recognised for benefits acruing to employes (such as

wages and salaries, anual leave and sick leave) after deducting any

amount already paid.

Share-based payments

Equity-setled share-based payments transactions

Share options granted to employes

Equity-setled share-based payments to employes and others

providing similar services are measured at the fair value of the equity

instruments at the grant date.

The fair value of the equity-setled share-based payments determined

at the grant date without taking into consideration al non-market

vesting conditions is expensed on a straight-line basis over the vesting

period, based on the Group’s estimate of equity instruments that wil

eventualy vest, with a coresponding increase in equity (share option

reserve). At the end of each reporting period, the Group revises its

estimate of the number of equity instruments expected to vest based

on asesment of al relevant non-market vesting conditions. The

impact of the revision of the original estimates, if any, is recognised

in profit or los such that the cumulative expense reflects the revised

estimate, with a coresponding adjustment to the share option reserve.

For share options that vest imediately at the date of grant, the fair

value of the share options granted is expensed imediately to profit

or los.

When share options are exercised, the amount previously recognised

in share option reserve wil be transfered to share premium. When

the share options are forfeited after the vesting date or are stil not

exercised at the expiry date, the amount previously recognised in

share option reserve wil be transfered to acumulated loses.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司141

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

税项

所得税开支指现时应付税项及递延税

项之总额。

现时应付税项乃按本年度应课税溢利

计算。应课税溢利与除税前（亏损）╱

溢利不同，乃由于不包括在其他年度

应课税收入或可扣税开支，亦不包括

从不课税或可扣税之项目。本集团流

动税项负债按报告期末已生效或实质

上已生效之税率计算。

递延税项按综合财务报表资产及负债

之账面值与计算应课税溢利之相应税

基的暂时性差异确认。递延税项负债

通常会就所有应课税临时差额确认。

递延税项资产一般就所有可扣减暂时

差额予以确认，惟以该等可扣减暂时

差额可用于抵销应课税溢利为限。倘

于一项交易中，因业务合并以外原因

开始确认资产及负债而引致既不影响

应课税溢利亦不影响会计溢利且于交

易时并无产生相等的应课税及可扣减

暂时差额，该等递延税项资产及负债

则不会被确认。此外，若暂时性差异

是源自商誉之首次确认，则不确认递

延税项负债。

递延税项负债乃按因对附属公司投资

而引致之应课税暂时差额而确认，惟

倘本集团可控制回拨暂时差额及该暂

时差额可能不会于可见将来回拨则除

外。由于该投资和权益相关的可扣减

暂时差额所产生的递延税项资产，只

有在可能有足够的应课税溢利的情况

下方可确认，此情况才能利用暂时性

差异的利益，并预期可于预见将来拨

回。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Taxation

Income tax expense represents the sum of the tax curently payable

and defered tax.

The tax curently payable is based on taxable profit for the year.

Taxable profit difers from (los)/profit before taxation because of

income or expense that are taxable or deductible in other years and

items that are never taxable or deductible. The Group’s liability for

curent tax is calculated using tax rates that have ben enacted or

substantively enacted by the end of the reporting period.

Defered tax is recognised on temporary diferences betwen

the carying amounts of asets and liabilities in the consolidated

financial statements and the coresponding tax bases used in the

computation of taxable profit. Defered tax liabilities are generaly

recognised for al taxable temporary diferences. Defered tax asets

are generaly recognised for al deductible temporary diferences

to the extent that it is probable that taxable profits wil be available

against which those deductible temporary diferences can be utilised.

Such defered tax asets and liabilities are not recognised if the

temporary diference arises from the initial recognition (other than

in a busines combination) of asets and liabilities in a transaction

that afects neither the taxable profit nor the acounting profit and

at the time of the transaction does not give rise to equal taxable and

deductible temporary diferences. In adition, defered tax liabilities

are not recognised if the temporary diference arises from the initial

recognition of godwil.

Defered tax liabilities are recognised for taxable temporary

diferences asociated with investments in subsidiaries, except where

the Group is able to control the reversal of the temporary diference

and it is probable that the temporary diference wil not reverse in

the foreseable future. Defered tax asets arising from deductible

temporary diferences asociated with such investments and interests

are only recognised to the extent that it is probable that there wil

be suficient taxable profits against which to utilise the benefits of

the temporary diferences and they are expected to reverse in the

foreseable future.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报142

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

递延税项资产之账面值于每个报告期

末作出检讨，并于不再可能会有足够

应课税溢利收回全部或部分资产时作

出调减。

递延税项资产及负债乃按预期于偿还

负债或变现资产期间适用之税率计算

（按报告期末已生效或实质上已生效

之税率（及税法）计算）。

递延税项负债及资产的计量反映本集

团于报告期末预期将要收回或偿还其

资产及负债的账面值的税务后果。

就采用公平值模式计量投资物业之递

延税项而言，除非有关假定被驳回，

否则该等物业之账面值均假定透过出

售全数收回。当投资物业可折旧且根

据目的为随时间耗用（而非透过出售）

该投资物业内含之绝大部分经济利

益之业务模式持有，则该假定会被驳

回，惟永久产权土地除外，其一直被

假定透过出售全数收回。

为计量本集团确认使用权资产及有关

租赁负债的租赁交易的迟延税项，本

集团首先会厘定税费减免是归属于使

用权资产或租赁负债。

就租赁负债应占税项扣减之租赁交易

而言，本集团分别于租赁负债及相关

资产应用香港会计准则第12号「所得

税」。本集团已确认有关租赁负债的

递延税项资产（在应课税溢利足以用

作抵销可抵税暂时性差额的限度内）

及对所有应课税暂时差额予以确认为

递延税项负债。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

The carying amount of defered tax asets is reviewed at the end of

each reporting period and reduced to the extent that it is no longer

probable that suficient taxable profits wil be available to alow al or

part of the aset to be recovered.

Defered tax asets and liabilities are measured at the tax rates that

are expected to aply in the period in which the liability is setled or

the aset is realised, based on tax rate (and tax laws) that have ben

enacted or substantively enacted by the end of the reporting period.

The measurement of defered tax liabilities and asets reflects the tax

consequences that would folow from the maner in which the Group

expects, at the end of the reporting period, to recover or setle the

carying amount of its asets and liabilities.

For the purposes of measuring defered tax for investment properties

that are measured using the fair value model, the carying amounts

of such properties are presumed to be recovered entirely through

sale, unles the presumption is rebuted. The presumption is rebuted

when the investment property is depreciable and is held within a

busines model whose objective is to consume substantialy al of the

economic benefits embodied in the investment property over time,

rather than through sale, except for frehold land, which is always

presumed to be recovered entirely through sale.

For the purposes of measuring defered tax for leasing transactions

in which the Group recognises the right-of-use asets and the related

lease liabilities, the Group first determines whether the tax deductions

are atributable to the right-of-use asets or the lease liabilities.

For leasing transactions in which the tax deductions are atributable

to the lease liabilities, the Group aplies HKAS 12 “Income Taxes”

requirements to the lease liabilities and the related asets separately.

The Group recognises a defered tax aset related to lease liabilities

to the extent that it is probable that taxable profit wil be available

against which the deductible temporary diference can be utilised and

a defered tax liability for al taxable temporary diferences.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司143

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

递延税项资产及负债于有可依法执行

权利抵销即期税项资产与即期税项负

债以及递延税项资产及负债涉及由相

同税务机关向相同应课税实体征收的

所得税时对销。

即期及递延税项于损益确认。

物业、厂房及设备

物业、厂房及设备为持作用于生产或

供应货品或服务或行政用途的有形资

产。物业、厂房及设备于综合财务状

况表内按成本减期后累计折旧及期后

累计减值亏损（如有）列账。

当本集团付款购买的物业拥有权益

包括租赁土地及楼宇部份，总代价于

初始确认时按相对公平值比例于租赁

土地及楼宇部份之间分配。倘相关付

款能可靠分配，则租赁土地权益在综

合财务状况表中列为「使用权资产」。

倘若代价无法于非租赁楼宇部分及相

关租赁土地的不可分割权益之间可靠

分配时，则整项物业分类为物业、厂

房及设备。

折旧乃以直线法按估计可使用年期撇

销有关资产成本减其剩余价值计算。

估计可使用年期、剩余价值及折旧方

法于各报告期末进行审阅，而任何估

计变动的影响按前瞻基准入账。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

Defered tax asets and liabilities are ofset when there is a legaly

enforceable right to set of curent tax asets against curent tax

liabilities and when they relate to income taxes levied to the same

taxable entity by the same taxation authority.

Curent and defered tax are recognised in profit or los.

Property, plant and equipment

Property, plant and equipment are tangible asets that are held for use

in the production or suply of gods or services, or for administrative

purposes. Property, plant and equipment are stated in the consolidated

statement of financial position at cost les subsequent acumulated

depreciation and subsequent acumulated impairment loses, if any.

When the Group makes payments for ownership interests of

properties which includes both leasehold land and building elements,

the entire consideration is alocated betwen the leasehold land and

the building elements in proportion to the relative fair values at initial

recognition. To the extent the alocation of the relevant payments can

be made reliably, interest in leasehold land is presented as “right-of-

use asets” in the consolidated statement of financial position. When

the consideration canot be alocated reliably betwen non-lease

building element and undivided interest in the underlying leasehold

land, the entire properties are clasified as property, plant and

equipment.

Depreciation is recognised so as to write of the cost of asets les

their residual values over their estimated useful lives, using the

straight-line method. The estimated useful lives, residual values

and depreciation method are reviewed at the end of each reporting

period, with the efect of any changes in estimate acounted for on a

prospective basis.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报144

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备（续）

倘一项物业因被证实终止自用及改变

其用途而变为投资物业，该项物业、

机器及设备的账面值与其于转变用途

当日的公平值之任何差额于其他全面

收益中确认（包括分类为使用权物业

的相关租赁土地），并于物业重估储

备中累计。于随后出售或报废该资产

时，相关重估储备将直接转至累计亏

损。

物业、厂房及设备项目乃于出售时或

预期持续使用该资产不会产生未来经

济利益时终止确认。出售或弃用一项

物业、厂房及设备产生的任何收益或

亏损按资产销售所得款项与账面值的

差额厘定，并于损益内确认。

投资物业

投资物业指为赚取租金及╱或资本增

值而持有之物业。

投资物业初步按成本（包括任何直接

应占开支）计量。于初步确认后，投

资物业以公平值计量，调整后，不包

括任何预付或应计经营租赁收入。

投资物业的公平值变动产生的收益或

亏损计入产生期间的损益。

投资物业应于出售时或永久报废而且

在出售后预期不会产生未来经济利益

时予以终止确认。因终止确认物业所

产生之任何收益或亏损（按出售所得

款项净额与资产账面值之差异计算）

于终止确认该物业之期间计入损益

内。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Property, plant and equipment (Continued)

If a property becomes an investment property because its use has

changed as evidenced by end of owner-ocupation, any diference

betwen the carying amount and the fair value of that item (including

the relevant leasehold land clasified as right-of-use asets) at the

date of transfer is recognised in other comprehensive income and

acumulated in property revaluation reserve. On the subsequent sale

or retirement of the property, the relevant revaluation reserve wil be

transfered directly to acumulated loses.

An item of property, plant and equipment is derecognised upon

disposal or when no future economic benefits are expected to arise

from the continued use of the aset. Any gain or los arising on the

disposal or retirement of an item of property, plant and equipment

is determined as the diference betwen the sales proceds and the

carying amount of the aset and is recognised in profit or los.

Investment properties

Investment properties are properties held to earn rentals and/or for

capital apreciation.

Investment properties are initialy measured at cost, including any

directly atributable expenditure. Subsequent to initial recognition,

investment properties are measured at fair value, adjusted to exclude

any prepaid or acrued operating lease income.

Gains or loses arising from changes in the fair value of investment

properties are included in profit or los for the period in which they

arise.

An investment property is derecognised upon disposal or when the

investment property is permanently withdrawn from use and no future

economic benefits are expected from its disposal. Any gain or los

arising on derecognition of the property (calculated as the diference

betwen the net disposal proceds and the carying amount of the

aset) is included in profit or los in the period in which the property is

derecognised.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司145

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

无形资产

独立收购之无形资产

独立收购而具有限可使用年期的无形

资产（即电脑软件）以成本减累计摊

销及任何累计减值亏损计量。具有限

可使用年期的无形资产（即电脑软件）

摊销以直线法按估计可使用年期（即5

年）确认。估计可使用年期及摊销方

法于各报告期末进行审阅，而任何估

计变动的影响按前瞻基准入账。独立

收购的不能确定可使用年期的无形资

产按成本减任何其后累计减值亏损计

量。

内部产生之无形资产－研发支出

研究活动开支于产生期内确认为开

支。

仅当出现所有下列情况时，所有开发

活动（或内部项目的开发阶段）所产生

的内部无形资产始予以确认：

• 完成无形资产以使其可供使用

或出售在技术上可行；

• 有意完成无形资产及使用或出

售该无形资产；

• 无形资产如何产生可能的未来

经济利益；

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Intangible asets

Intangible asets acquired separately

Intangible asets with finite useful lives (i.e. computer software)

that are acquired separately are caried at costs les acumulated

amortisation and any acumulated impairment loses. Amortisation

for intangible asets with finite useful lives (i.e. computer software)

is recognised on a straight-line basis over their estimated useful lives

(i.e. 5 years). The estimated useful life and amortisation method

are reviewed at the end of each reporting period, with the efect

of any changes in estimate being acounted for on a prospective

basis. Intangible asets with indefinite useful lives that are acquired

separately are caried at cost les any subsequent acumulated

impairment loses.

Internaly-generated intangible asets – research and development

expenditure

Expenditure on research activities is recognised as an expense in the

period in which it is incured.

An internaly-generated intangible aset arising from development

activities (or from the development phase of an internal project)

is recognised if, and only if, al of the folowing have ben

demonstrated:

• the technical feasibility of completing the intangible aset so

that it wil be available for use or sale;

;

;

• how the intangible aset wil generate probable future

economic benefits;

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报146

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

无形资产（续）

内部产生之无形资产－研发支出（续）

、财务及其他资

源可用于完成开发及使用或出

售无形资产；及

• 能够可靠计量无形资产于开发

期间应占的开支。

内部产生之无形资产初步确认金额为

该无形资产自首度符合上述确认标准

之日起产生之开支总额。倘未能确认

内部产生之无形资产，则开发支出于

其产生期间确认为损益。

于初步确认后，内部产生之无形资产

以成本减累计摊销及累计减值亏损

（如有）呈报，与独立收购之无形资产

所用基准相同。

无形资产于出售时或当使用或出售预

期不会产生任何日后经济利益时终止

确认。终止确认无形资产所产生的盈

亏，乃按出售所得款项净额与资产账

面值之间的差额计量，并于终止确认

资产时于损益确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Intangible asets (Continued)

Internaly-generated intangible asets – research and development

expenditure (Continued)

, financial and other

resources to complete the development and to use or sel the

intangible aset; and

• the ability to measure reliably the expenditure atributable to

the intangible aset during its development.

The amount initialy recognised for internaly-generated intangible

aset is the sum of the expenditure incured from the date when

the intangible aset first mets the recognition criteria listed above.

Where no internaly-generated intangible aset can be recognised,

development expenditure is recognised in profit or los in the period

in which it is incured.

Subsequent to initial recognition, internaly-generated intangible

asets are reported at cost les acumulated amortisation and

acumulated impairment loses (if any), on the same basis as

intangible asets that are acquired separately.

An intangible aset is derecognised on disposal, or when no future

economic benefits are expected from use or disposal. Gains and

loses arising from derecognition of an intangible aset, measured

as the diference betwen the net disposal proceds and the carying

amount of the aset, are recognised in profit or los when the aset is

derecognised.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司147

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备、使用权资产及无

形资产减值

于报告期末，本集团会检讨可使用年

期有限之物业、机器及设备、使用权

资产及无形资产账面值，以厘定该等

资产是否出现任何减值亏损迹象。倘

存在任何该等迹象，则会估计相关资

产的可收回金额以厘定减值亏损（如

有）金额。具无限可使用年期的无形

资产至少每年及于有迹象显示其可能

减值时进行减值测试。

物业、厂房及设备、使用权资产及无

形资产的可收回金额个别作出估计，

当无法个别估计可收回金额，则本集

团会估计该资产所属现金产生单位的

可收回金额。

于测试现金产生单位的减值时，倘可

设立合理及一致的分配基准，则公司

资产将分配至相关现金产生单位，或

分配至现金产生单位内可设立合理及

一致分配基准的最小组别。可收回金

额乃按公司资产所属现金产生单位或

现金产生单位组别厘定，并与相关现

金产生单位或现金产生单位组别的账

面值比较。

可收回金额为公平值减出售成本与使

用价值两者中的较高者。评估使用价

值时，估计未来现金流量采用除税前

贴现率贴现至其现值，而该除税前贴

现率反映金钱时间价值的现行市场评

估及未来现金流量估计未经调整的资

产（或现金产生单位）的特定风险。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Impairment on property, plant and equipment, right-of-use asets

and intangible asets

At the end of the reporting period, the Group reviews the carying

amounts of its property, plant and equipment, right-of-use asets,

intangible asets with definite useful lives to determine whether there

is any indication that these asets have sufered an impairment los. If

any such indication exists, the recoverable amount of the relevant aset

is estimated in order to determine the extent of the impairment los

(if any). Intangible asets with indefinite useful lives are tested for

impairment at least anualy, and whenever there is an indication that

they may be impaired.

The recoverable amount of property, plant and equipment, right-of-

use asets, and intangible asets are estimated individualy. When it

is not posible to estimate the recoverable amount individualy, the

Group estimates the recoverable amount of the cash-generating unit

to which the aset belongs.

In testing a cash-generating unit for impairment, corporate asets are

alocated to the relevant cash-generating unit when a reasonable and

consistent basis of alocation can be established, or otherwise they

are alocated to the smalest group of cash generating units for which

a reasonable and consistent alocation basis can be established. The

recoverable amount is determined for the cash-generating unit or

group of cash-generating units to which the corporate aset belongs,

and is compared with the carying amount of the relevant cash-

generating unit or group of cash-generating units.

Recoverable amount is the higher of fair value les costs of disposal

and value in use. In asesing value in use, the estimated future cash

flows are discounted to their present value using a pre-tax discount

rate that reflects curent market asesments of the time value of

money and the risks specific to the aset (or a cash-generating unit)

for which the estimates of future cash flows have not ben adjusted.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报148

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备、使用权资产及无

形资产减值（续）

倘估计资产（或现金产生单位）之可收

回金额低于其账面值，则资产（或现

金产生单位）之账面值将减至其可收

回金额。就未能按合理及一致的基准

分配至现金产生单位的公司资产或部

分公司资产而言，本集团会比较一组

现金产生单位的账面值（包括已分配

至该组现金产生单位的公司资产或部

分公司资产）与该组现金产生单位的

可收回金额。于分配减值亏损时，减

值亏损首先分配至削减任何商誉（如

适用）的账面值，然后根据各资产于

单位或一组现金产生单位的账面值按

比例分配至其他资产。资产的账面值

不会削减至低于其公平值减出售成本

（如可计量）、其使用价值（如可厘定）

及「零」三者间的最高者。可能另行分

配至资产的减值亏损金额按比例分配

至单位或一组现金产生单位的其他资

产。减值亏损即时于损益确认。

倘减值亏损其后拨回，则资产（或现

金产生单位或一组现金产生单位）之

账面值增至其经修订之估计可收回金

额，惟所增加之账面值不得超过该资

产（或现金产生单位或一组现金产生

单位）于过往年度并无确认减值亏损

而厘定之账面值。减值亏损拨回即时

于损益确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Impairment on property, plant and equipment, right-of-use asets

and intangible asets (Continued)

If the recoverable amount of an aset (or a cash-generating unit) is

estimated to be les than its carying amount, the carying amount

of the aset (or a cash-generating unit) is reduced to its recoverable

amount. For corporate asets or portion of corporate asets which

canot be alocated on a reasonable and consistent basis to a cash-

generating unit, the Group compares the carying amount of a

group of cash-generating units, including the carying amounts of

the corporate asets or portion of corporate asets alocated to that

group of cash-generating units, with the recoverable amount of the

group of cash-generating units. In alocating the impairment los, the

impairment los is alocated first to reduce the carying amount of

any godwil (if aplicable) and then to the other asets on a pro-rata

basis based on the carying amount of each aset in the unit or the

group of cash-generating units. The carying amount of an aset is not

reduced below the highest of its fair value les costs of disposal (if

measurable), its value in use (if determinable) and zero. The amount

of the impairment los that would otherwise have ben alocated to

the aset is alocated pro rata to the other asets of the unit or the

group of cash-generating units. An impairment los is recognised

imediately in profit or los.

Where an impairment los subsequently reverses, the carying amount

of the aset (or cash-generating unit or a group of cash-generating

units) is increased to the revised estimate of its recoverable amount,

but so that the increased carying amount does not exced the carying

amount that would have ben determined had no impairment los

ben recognised for the aset (or a cash-generating unit or a group of

cash-generating units) in prior years. A reversal of an impairment los

is recognised imediately in profit or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司149

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

现金及现金等价物

现金及现金等价物于综合财务状况表

呈列，包括：

(a) 现金，其包括手头现金及活期

存款，不包括受监管制而导致

有关结余不再符合现金定义的

银行结余；及

(b) 现金等价物，其包括短期（通常

原到期日为三个月或更短）、

可随时转换为己知数额现金且

价值变动风险不大的高流动性

投资。现金等价物持作满足短

期现金承担，而非用于投资或

其他目的。

就综合现金流量表而言，现金及现金

等价物包括上文定义的现金及现金等

价物。

存货

存货以成本值与可变现净值两者中的

较低者列账。存货成本按先进先出法

计算。可变现净值指存货的估计售价

减去所有估计完工成本及成功出售所

需的成本。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Cash and cash equivalents

Cash and cash equivalents presented on the consolidated statement of

financial position include:

(a) cash, which comprises of cash on hand and demand deposits,

excluding bank balances that are subject to regulatory

restrictions that result in such balances no longer meting the

definition of cash; and

(b) cash equivalents, which comprises of short-term (generaly

with original maturity of thre months or les), highly liquid

investments that are readily convertible to a known amount of

cash and which are subject to an insignificant risk of changes

in value. Cash equivalents are held for the purpose of meting

short-term cash comitments rather than for investment or

other purposes.

For the purposes of the consolidated statement of cash flows, cash

and cash equivalents consist of cash and cash equivalents as defined

above.

Inventories

Inventories are stated at the lower of cost and net realisable value.

Costs of inventories are determined on a first-in, first-out method. Net

realisable value represents the estimated seling price for inventories

les al estimated costs of completion and costs necesary to make the

sale.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报150

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具

当一家集团实体成为工具合约条文的

订约方时，金融资产及金融负债须予

以确认。所有以常规方式购买或出售

之金融资产，均按交易日期为基准确

认及终止确认。以常规方式购买或出

售是指按照相关市场中之规则或惯例

通常约定之时间内交付资产之金融资

产买卖。

金融资产及金融负债初步按公平值计

量，惟根据香港财务报告准则第15号

「来自与客户合约的收益」初步计量客

户合约所产生的应收贸易款项除外。

因收购或发行金融资产及金融负债

（按公平值计入损益（「按公平值计入损

益」）的金融资产及金融负债除外）而直

接产生的交易成本于初步确认时计入

或扣自该等金融资产或金融负债（如适

用）的公平值。因收购按公平值计入损

益的金融资产或金融负债而直接产生

的交易成本即时于损益中确认。

实际利率法为计算金融资产或金融负

债之摊销成本及按有关期间摊分利息

收入及利息开支之方法。实际利率乃

于初步确认时按金融资产或金融负债

之预期年期或较短期间（如适用）内确

切贴现估计日后现金收入及支出（包

括构成实际利率整体部分之所有已付

或已收费用及点数、交易成本及其他

溢价或贴现）至账面净值之利率。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments

Financial asets and financial liabilities are recognised when a group

entity becomes a party to the contractual provisions of the instrument.

Al regular way purchases or sales of financial asets are recognised

and derecognised on a trade date basis. Regular way purchases or

sales are purchases or sales of financial asets that require delivery of

asets within the time frame established by regulation or convention

in the market place.

Financial asets and financial liabilities are initialy measured at

fair value except for trade receivables arising from contracts with

customers which are initialy measured in acordance with HKFRS

15 “Revenue from Contracts with Customers”. Transaction costs

that are directly atributable to the acquisition or isue of financial

asets and financial liabilities (other than financial asets or financial

liabilities at fair value through profit or los (“FVTPL”) are aded

to or deducted from the fair value of the financial asets or financial

liabilities, as apropriate, on initial recognition. Transaction costs

directly atributable to the acquisition of financial asets or financial

liabilities at FVTPL are recognised imediately in profit or los.

The efective interest method is a method of calculating the amortised

cost of a financial aset or financial liability and of alocating interest

income and interest expense over the relevant period. The efective

interest rate is the rate that exactly discounts estimated future cash

receipts and payments (including al fes and points paid or received

that form an integral part of the efective interest rate, transaction

costs and other premiums or discounts) through the expected life

of the financial aset or financial liability, or, where apropriate, a

shorter period, to the net carying amount on initial recognition.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司151

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产

金融资产的分类及其后计量

符合以下条件的金融资产其后按摊销

成本计量：

• 持有金融资产的业务模式的目

标为收回合约现金流；及

• 合约条款令于特定日期产生的

现金流纯粹为支付本金及未偿

还本金的利息。

全部其他金融资产其后按公平值计

量。

(i) 摊销成本及利息收入

就其后按摊销成本计量的金融

资产而言，利息收入使用实际

利率法确认。利息收入将实际

利率应用于金融资产账面总值

计算，惟其后成为信贷减值的

金融资产除外。就其后成为信

贷减值的金融资产而言，利息

收入将实际利率应用于自下个

报告期起计的金融资产摊销成

本确认。倘信贷减值金融工具

的信贷风险有所改善，以致金

融资产不再维持信贷减值，则

利息收入在厘定资产不再维持

信贷减值后，将实际利率应用

于自报告期开始起计的金融资

产账面总值确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets

Clasification and subsequent measurement of financial asets

Financial asets that met the folowing conditions are subsequently

measured at amortised cost:

• the financial aset is held within a busines model whose

objective is to colect contractual cash flows; and

• the contractual terms give rise on specified dates to cash

flows that are solely payments of principal and interest on the

principal amount outstanding.

Al other financial asets are subsequently measured at fair value.

(i) Amortised cost and interest income

Interest income is recognised using the efective interest

method for financial asets measured subsequently at amortised

cost. Interest income is calculated by aplying the efective

interest rate to the gros carying amount of a financial aset,

except for financial asets that have subsequently become

credit-impaired. For financial asets that have subsequently

become credit-impaired, interest income is recognised by

aplying the efective interest rate to the amortised cost of the

financial aset from the next reporting period. If the credit risk

on the credit-impaired financial instrument improves so that

the financial aset is no longer credit-impaired, interest income

is recognised by aplying the efective interest rate to the gros

carying amount of the financial aset from the begining of

the reporting period folowing the determination that the aset is

no longer credit-impaired.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报152

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值

本集团就根据香港财务报告准则第9

号须进行减值评估的金融资产（包括

应收账款、其他应收款项及按金以及

银行结余）按预期信贷亏损（「预期信

贷亏损」）模式进行减值评估。预期信

贷亏损金额于各报告日期更新，以反

映信贷风险自初始确认以来的变动。

全期预期信贷亏损指将相关工具的预

期年期内所有可能违约事件产生的预

期信贷亏损。相反，12个月预期信贷

亏损（「12个月预期信贷亏损」）指将预

期于报告日期后12个月内可能发生的

违约事件导致的全期预期信贷亏损其

中一部分。评估乃根据本集团的历史

信贷亏损经验及债务人特有的因素、

一般经济状况以及对报告日期当前状

况的评估以及对未来状况的预测进

行。

本集团一直就应收账款确认全期预期

信贷亏损。

就所有其他工具而言，本集团计量的

亏损拨备相等于12个月预期信贷亏

损，除非信贷风险自初始确认以来大

幅增加，在此情况下，本集团确认全

期预期信贷亏损。应否确认全期预期

信贷亏损乃基于自初始确认以来发生

违约的可能性或风险有否大幅增加而

进行评估。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets

The Group performs impairment asesment under expected credit

los (“ECL”) model on financial asets (including trade receivables,

other receivables and deposits and bank balances) which are subject

to impairment asesment under HKFRS 9. The amount of ECL is

updated at each reporting date to reflect changes in credit risk since

initial recognition.

Lifetime ECL represents the ECL that wil result from al posible

default events over the expected life of the relevant instrument. In

contrast, 12-month ECL (“12m ECL”) represents the portion of

lifetime ECL that is expected to result from default events that are

posible within 12 months after the reporting date. Asesments are

done based on the Group’s historical credit los experience, and

factors that are specific to the debtors, general economic conditions

and an asesment of both the curent conditions at the reporting date

as wel as the forecast of future conditions.

The Group always recognises lifetime ECL for trade receivables.

For al other instruments, the Group measures the los alowance

equal to 12m ECL, unles there has ben a significant increase

in credit risk since initial recognition, in which case the Group

recognises lifetime ECL. The asesment of whether lifetime

ECL should be recognised is based on significant increases in the

likelihod or risk of a default ocuring since initial recognition.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司153

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷风险大幅增加

于评估信贷风险自初始确认以

来是否大幅增加时，本集团将

于报告日期金融工具发生的违

约风险与初始确认日期起金融

工具发生的违约风险进行比

较。于进行该评估时，本集团

考虑合理且具理据的定量及定

性资料，包括无须付出过多成

本或努力即可获得的过往经验

及前瞻性资料。

具体而言，评估信贷风险是否

大幅增加时会考虑以下资料：

（如有）或

内部信贷评级的实际或预

期显著恶化；

• 外部市场信贷风险指标的

显著恶化，例如信贷息差

大幅增加及债务人的信贷

违约掉期价格；

• 预计导致债务人偿还其债

务能力大幅下降的业务、

财务或经济状况的现有或

预测不利变动；

• 债务人经营业绩的实际或

预期显著恶化；

• 导致债务人偿还其债务能

力大幅下降的债务人监

管、经济或技术环境的实

际或预期重大不利变动。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk

In asesing whether the credit risk has increased significantly

since initial recognition, the Group compares the risk of a

default ocuring on the financial instrument as at the reporting

date with the risk of a default ocuring on the financial

instrument as at the date of initial recognition. In making

this asesment, the Group considers both quantitative and

qualitative information that is reasonable and suportable,

including historical experience and forward-loking

information that is available without undue cost or efort.

In particular, the folowing information is taken into acount

when asesing whether credit risk has increased significantly:

• an actual or expected significant deterioration in the

financial instrument’s external (if available) or internal

credit rating;

• significant deterioration in external market indicators

of credit risk, e.g. a significant increase in the credit

spread, the credit default swap prices for the debtor;

financial or economic conditions that are expected to

cause a significant decrease in the debtor’s ability to

met its debt obligations;

• an actual or expected significant deterioration in the

operating results of the debtor;

• an actual or expected significant adverse change in the

regulatory, economic, or technological environment of

the debtor that results in a significant decrease in the

debtor’s ability to met its debt obligations.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报154

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷风险大幅增加（续）

不论上述评估结果如何，当合

约付款逾期超过30日，本集团

即假定信贷风险自初步确认以

来已显著增加，除非本集团另

有合理且有理据之资料证明并

未出现此情况。

本集团定期监察识别信贷风险

有否大幅增加所用标准的效

益，并于适用情况下修订标准

以确保标准能在款项逾期前识

别信贷风险大幅增加。

(i) 违约定义

就内部信贷风险管理而言，本

集团认为，违约事件在内部制

定或取自外界来源的资料显示

债务人不大可能悉数向其债权

人（包括本集团）还款（未计及本

集团所持任何抵押品）时发生。

不论上文所述者，本集团认

为，违约于金融资产逾期超过

90天时发生，除非本集团有合

理且具理据资料显示更加滞后

的违约标准更为恰当。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk (Continued)

Irespective of the outcome of the above asesment, the Group

presumes that the credit risk has increased significantly since

initial recognition when contractual payments are more than 30

days past due, unles the Group has reasonable and suportable

information that demonstrates otherwise.

The Group regularly monitors the efectivenes of the criteria

used to identify whether there has ben a significant increase

in credit risk and revises them as apropriate to ensure that the

criteria are capable of identifying significant increase in credit

risk before the amount becomes past due.

(i) Definition of default

For internal credit risk management, the Group considers an

event of default ocurs when information developed internaly

or obtained from external sources indicates that the debtor

is unlikely to pay its creditors, including the Group, in ful

(without taking into acount any colaterals held by the Group).

Irespective of the above, the Group considers that default has

ocured when a financial aset is more than 90 days past due

unles the Group has reasonable and suportable information

to demonstrate that a more laging default criterion is more

apropriate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司155

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷减值金融资产

金融资产在一项或以上事件（对

该金融资产估计未来现金流量

构成不利影响）发生时出现信贷

减值。金融资产出现信贷减值

的证据包括有关以下事件的可

观察数据：

(a) 发行人或借款人出现重大

财务困难；

(b) 违约，例如拖欠或逾期事

件；

款人出现财务困难的经济

或合约理由而向借款人批

出贷款人不会另行考虑的

优惠；及

(d) 借款人有可能陷入破产或

其他财务重组。

(iv) 撇销政策

当资料显示对手方处于严重财

务困难及无实际收回可能（例

如当对手方清盘或进入破产程

序），本集团撇销金融资产。

经考虑法律意见后（如适用），

已撇销金融资产可能仍须按本

集团收回程序进行强制执行活

动。撇销构成终止确认事项。

任何其后收回在损益内确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more events

that have a detrimental impact on the estimated future cash

flows of that financial aset have ocured. Evidence that a

financial aset is credit-impaired includes observable data

about the folowing events:

(a) significant financial dificulty of the isuer or the

borower;

(b) a breach of contract, such as a default or past due event;

contractual reasons relating to the borower’s

financial dificulty, having granted to the borower a

concesion(s) that the lender(s) would not otherwise

consider; and

(d) it is becoming probable that the borower wil enter

bankruptcy or other financial reorganization.

(iv) Write-of policy

The Group writes of a financial aset when there is information

indicating that the counterparty is in severe financial dificulty

and there is no realistic prospect of recovery, for example,

when the counterparty has ben placed under liquidation or has

entered into bankruptcy procedings. Financial asets writen

of may stil be subject to enforcement activities under the

Group’s recovery procedures, taking into acount legal advice

where apropriate. A write-of constitutes a derecognition

event. Any subsequent recoveries are recognised in profit or

los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报156

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(v) 预期信贷亏损的计量及确认

预期信贷亏损的计量为违约概

率、违约损失率（即违约时的损

失程度）及违约风险的函数。评

估违约概率及违约损失率乃依

据历史数据及前瞻性资料。估

计预期信贷亏损反映无偏概率

加权平均金额，以发生违约的

风险为权重厘定。

一般而言，预期信贷亏损乃为

根据合约应付本集团的所有合

约现金流量与本集团预期收取

的现金流量（按初始确认时厘定

的实际利率折现）之间的差额。

若干应收账款的全期预期信贷

亏损乃经计及逾期资料及前

瞻宏观经济资料等相关信贷资

料，按集体基准得出。

就集体评估而言，本集团在分

组时计及以下特征：

、规模及行

业；及

（如有）。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability of

default, los given default (i.e. the magnitude of the los if

there is a default) and the exposure at default. The asesment

of the probability of default and los given default is based on

historical data and forward-loking information. Estimation

of ECL reflects an unbiased and probability-weighted amount

that is determined with the respective risks of default ocuring

as the weights.

Generaly, the ECL is the diference betwen al contractual

cash flows that are due to the Group in acordance with the

contract and the cash flows that the Group expects to receive,

discounted at the efective interest rate determined at initial

recognition.

Lifetime ECL for certain trade receivables are considered on a

colective basis taking into consideration past due information

and relevant credit information such as forward loking

macroeconomic information.

For colective asesment, the Group takes into consideration

the folowing characteristics when formulating the grouping:

;

, size and industry of debtors; and

• External credit ratings where available.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司157

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产减值（续）

(v) 预期信贷亏损的计量及确认

（续）

管理层定期检讨分组情况，确

保各组别成份继续具备类似的

信贷风险特性。

利息收入乃根据金融资产的账

面总值计算，惟金融资产出现

信贷减值除外，在此情况下，

利息收入乃按金融资产的摊销

成本计算。

本集团透过调整账面值于损益

内确认所有金融工具的减值收

益或亏损，惟应收账款及其他

应收款项之相应调整乃透过亏

损拨备账确认。

剔除确认金融资产

仅当从资产收取现金流量之合约权利

已到期，本集团方会剔除确认金融资

产。

于剔除确认按摊销成本计量的金融资

产时，资产账面值与已收取及应收代

价总和间的差额乃于损益确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL (Continued)

The grouping is regularly reviewed by management to ensure

the constituents of each group continue to share similar credit

risk characteristics.

Interest income is calculated based on the gros carying

amount of the financial aset unles the financial aset is credit-

impaired, in which case interest income is calculated based on

amortised cost of the financial aset.

The Group recognises an impairment gain or los in profit or

los for al financial instruments by adjusting their carying

amount, with the exception of trade and other receivables

where the coresponding adjustment is recognised through a

los alowance acount.

Derecognition of financial asets

The Group derecognises a financial aset only when the contractual rights

to the cash flows from the aset expire.

On derecognition of a financial aset measured at amortised cost, the

diference betwen the aset’s carying amount and the sum of the

consideration received and receivable is recognised in profit or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报158

3. 编制综合财务报表基准及重大

会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及股本

分类为债务或股本

债务及股本工具按合约安排内容以及

金融负债及股本工具之定义而分类为

金融负债或股本。

股本工具

股本工具指任何证明某一实体于扣减

其所有负债后之剩余资产权益的合

约。本公司发行之股权工具乃以已收

款项减去直接发行成本列账。

以摊销成本计量的金融负债

金融负债包括应付账款及其他应付款

项、应付一名股东款项以及银行及其

他借款，随后采用实际利率法按摊销

成本计量。

剔除确认金融负债

本集团仅于其责任解除、取消或到期

时终止确认金融负债。终止确认之金

融负债账面值与已付及应付代价之差

额于损益确认。

就不会导致金融负债终止确认的不重

大修订而言，相关金融负债的账面值

将会按金融负债的原有实际利率贴现

的经修订合约现金流量的现值计算。

产生的交易成本或费用已调整至经修

订金融负债的账面值，并于余下年期

予以摊销。金融负债账面值的任何调

整于修订日期在损益确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (CONTINUED)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either financial liabilities

or as equity in acordance with the substance of the contractual

arangements and the definitions of a financial liability and an equity

instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest

in the asets of an entity after deducting al of its liabilities. Equity

instruments isued by the Company are recognised at the proceds

received, net of direct isue costs.

Financial liabilities at amortised cost

Financial liabilities including trade payables, other payables, amounts

due to a shareholder and bank and other borowings are subsequently

measured at amortised cost, using the efective interest method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when,

the Group’s obligations are discharged, canceled or have expired.

The diference betwen the carying amount of the financial liability

derecognised and the consideration paid and payable is recognised in

profit or los.

For non-substantial modifications of financial liabilities that do not

result in derecognition, the carying amount of the relevant financial

liabilities wil be calculated at the present value of the modified

contractual cash flows discounted at the financial liabilities’ original

efective interest rate. Transaction costs or fes incured are adjusted

to the carying amount of the modified financial liabilities and are

amortised over the remaining term. Any adjustment to the carying

amount of the financial liability is recognised in profit or los at the

date of modification.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司159

4. 估计不确定性因素之主要来源

于应用附注3所述之本集团会计政策时，本

公司董事须对未能从其他资料来源即时得知

之资产及负债账面值作出估计及假设。估计

及相关假设乃以过往经验及被视为相关之其

他因素为依据。实际结果可能有别于该等估

计。

估计及相关假设会持续予以覆核。倘若须对

会计估计作出修订，而有关修订仅影响修订

估计之期间，则于作出修订之期间确认修

订；或倘若修订影响当期及未来期间，则于

修订期间及未来期间确认有关修订。

以下为于报告期末有关未来之关键假设及估

计不确定性之其他主要来源，该等假设可能

存在导致对下个财年之资产之账面值作出重

大调整之重大风险。

投资物业估值

投资物业乃根据与本集团并无关连的独立专

业估值师（「估值师」）进行的估值按公平值列

账。厘定公平值乃涉及若干市况假设。于厘

定公平值时，估值师根据涉及若干不可观察

参数的估值方法包括（其中包括）附注16所载

估值所用的资本化率、每月租金及每平方呎

价格。

于依赖估值报告时，本公司董事已行使其判

断，并信纳估值所用之假设能反映当前市

况。该等假设的变动将导致本集团投资物业

公平值的变动及对综合损益及其他全面收益

表内呈报的损益金额作出相应调整。

于二零二五年三月三十一日，本集团投资

物业的账面值为176,700,000港元（二零二四

年：207,100,000港元），详情于附注16披露。

4. KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies, which are described

in Note 3, the directors of the Company are required to make estimates

and asumptions about the carying amounts of asets and liabilities that

are not readily aparent from other sources. The estimates and underlying

asumptions are based on historical experience and other factors that are

considered to be relevant. Actual results may difer from these estimates.

The estimates and underlying asumptions are reviewed on an on-going

basis. Revisions to acounting estimates are recognised in the period in

which the estimate is revised if the revision afects only that period, or in the

period of the revision and future periods if the revision afects both curent

and future periods.

The folowing is the key asumption concerning the future, and other key

sources of estimation uncertainty at the end of the reporting period that

may have a significant risk of causing a material adjustment to the carying

amounts of asets within the next financial year.

Valuation of investment properties

Investment properties are stated at fair value based on the valuation

performed by an independent profesional valuer (the “Valuer”) not

conected with the Group. The determination of the fair value involves

certain asumptions of market conditions. In determining the fair value,

the Valuer has based on a method of valuation which involves certain

unobservable inputs including, among other factors, capitalisation rate,

monthly market rent and price per square fot used in the valuations as set

out in Note 16.

In relying on the valuation report, the directors of the Company have

exercised their judgements and are satisfied that the asumptions used in

the valuation are reflective of the curent market conditions. Changes to

these asumptions would result in changes in the fair values of the Group’s

investment properties and the coresponding adjustments to the amount of

gain or los reported in the consolidated statement of profit or los and other

comprehensive income.

As at 31 March 2025, the carying amount of the Group’s investment

properties are HK$176,700,000 (2024: HK$207,100,000), and detail of

which is disclosed in Note 16.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
199,918
5,130
205,048

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
199,918
199,918

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报160

5. REVENUE

An analysis of the Group’s revenue is as folows:

Disagregation of revenue from contracts with customers from health and

beauty suplements and products busines are detailed as folows:

5. 收益

本集团的收益分析如下：

来自保健及美容补品及产品业务的客户合约

收益明细如下：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司161

（续）

保健及美容补品及产品业务

来自保健及美容补品及产品业务的收益于资

产控制权转移予客户（一般于交付货品）时确

认。

销售保健及美容补品及产品业务的若干合约

向客户提供退货权。有关退货权会产生可变

代价。对于为客户提供于特定期间内退回货

品权利的合约，预期价值法乃用于估计将不

予退回的货品。倘认为很可能不会于已确认

累计收益出现重大回拨，则会就销售确认收

益。对于预期将予退回的货品，则确认退款

负债。当客户行使退货权时，本集团收回产

品的权利确认为使用权资产及销售成本的相

应调整。

本集团推行客户忠诚计划，客户购买特定产

品可累积奖励积分，以换取特定产品及现金

券。与积分有关的收益的合约负债于销售时

确认。积分收益于积分兑换或到期时确认。

由于积分于每年三月三十一日到期，于二零

二五年及二零二四年三月三十一日并无合约

负债。

本集团提供的所有货品均涉及原始预期限

为一年或以下的合同。根据香港财务报告准

则第15号，分配予该等未满足要求的合同之

交易价格未予披露。

物业投资业务

来自物业投资业务的收益因包含固定租金的

经营租赁而产生。

6. 分部报告

就资源分配及评估分部表现向本公司董事会

（即主要经营决策者（「主要经营决策者」）报

告之资料，著重于所交付或提供之货品或服

务类型。

5. REVENUE (CONTINUED)

Health and beauty suplements and products busines

Revenue from health and beauty suplements and products busines is

recognised at the point in time when control of the aset is transfered to the

customer, generaly on delivery of the gods.

Certain contracts for the sale of health and beauty suplements and products

busines provide customers with rights of return. The rights of return give

rise to variable consideration. For contracts which provide a customer with

a right to return the gods within a specified period, the expected value

method is used to estimate the gods that wil not be returned. Revenue is

recognised for sales which are considered highly probable that a significant

reversal in the cumulative revenue recognised wil not ocur. For gods that

are expected to be returned, a refund liability is recognised. The Group’s

right to recover the product when customers exercise their right to return

products is recognised as right-of-use asets and coresponding adjustment

to cost of sales.

The Group operates a customer loyalty program where customers

acumulate reward points for purchases of certain products which entitle

them to exchange certain products and cash coupons. A contract liability

for revenue relating to the reward points is recognised at the time of sale.

Revenue from the reward points is recognised when the reward points are

redemed or expired. Since the reward points expire on 31 March each year,

there are no contract liabilities as at 31 March 2025 and 2024.

Al gods provided by the Group are for contracts with originaly expected

duration of one year or les. As permited under HKFRS 15, the transaction

price alocated to these unsatisfied contracts is not disclosed.

Property investment busines

Revenue from property investment busines is arisen from the operating

leases with fixed lease payment.

6. SEGMENT REPORTING

Information reported to the Board of the Company, being the Chief

Operating Decision Maker (“CODM”), for the purposes of resource

alocation and asesment of segment performance focuses on types of

gods or services delivered or provided.

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
	Health and beauty supplements and products business	Property investment business	Total
	保健及美容补品及产品业务	物业投资业务	总计
	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元
	199,918	5,130	205,048
	20,142	(29,648)	(9,506)
11
(2,419)
(21,454)
(33,368)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报162

6. SEGMENT REPORTING (CONTINUED)

Specificaly, the Group’s reportable segments under HKFRS 8 “Operating

Segments” are as folows:

: development,

manufacturing and sales of health and beauty suplements and

products.

: leasing of investment properties.

The acounting policies of the operating segments are the same as the

Group’s acounting policies described in Note 3.2.

(a) Segment revenue, results, asets and liabilities

Information regarding the Group’s reportable segments as provided

to the Group’s CODM for the purposes of resource alocation and

asesment of segment performance for the years ended 31 March

2025 and 2024 are set out below:

(i) Segment revenue and results

（续）

具体而言，本集团根据香港财务报告准则第

8号「经营分部」的可呈报分部如下：

：开发、

制造及销售保健及美容补品及产品。

：租赁投资物业。

经营分部的会计政策与附注3.2所述本集团

的会计政策相同。

(a) 分部收益、业绩、资产及负债

截至二零二五年及二零二四年三月

三十一日止年度，就分配资源及评估

分部表现而提供予本集团主要营运决

策者之本集团可呈报分部相关资料载

列如下：

(i) 分部收益及业绩

For the year ended 31 March 2024
截至二零二四年三月三十一日止年度
	Health and beauty supplements and products business	Property investment business	Total
	保健及美容补品及产品业务	物业投资业务	总计
	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司163

6. SEGMENT REPORTING (CONTINUED)

(a) Segment revenue, results, asets and liabilities

(Continued)

(i) Segment revenue and results (Continued)

Segment revenue分部收益：

Revenue from external customers来自外部客户的收益230,5805,006235,586

Segment results分部业绩52,140(15,425)36,715

Unalocated other income, gains or

loses

未分配其他收入、收益

或亏损766

Unalocated finance costs未分配融资成本(3,284)

Unalocated corporate expenses未分配企业开支(29,623)

Profit before taxation除税前溢利4,574

（续）

(a) 分部收益、业绩、资产及负债

（续）

(i) 分部收益及业绩（续）

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
94,708
177,985
272,693
16,211
288,904

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
49,647
46,892
96,539
57,020
153,559

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报164

6. SEGMENT REPORTING (CONTINUED)

(a) Segment revenue, results, asets and liabilities

(Continued)

(i) Segment asets and liabilities

（续）

(a) 分部收益、业绩、资产及负债

（续）

(i) 分部资产及负债

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
	Health and beauty supplements and products business	Property investment business	Unallocated	Total
	保健及美容补品及产品业务	物业投资业务	未分配	总计
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元
	354	–	–	354
	3,710	–	–	3,710
	6,800	–	–	6,800
	1,967	–	145	2,112
	3,000	–	2,899	5,899
	3,780	–	–	3,780
	(198)	–	(4)	(202)
	85	–	–	85
	–	30,400	–	30,400
	1,366	3,146	2,419	6,931

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司165

（续）

(a) 分部收益、业绩、资产及负债

（续）

(i) 分部资产及负债（续）

为监察分部表现及于分部之间

分配资源：

、可收回

税项、未分配物业、厂房

及设备、未分配使用权资

产、未分配无形资产、未

分配现金及现金等价物及

其他未分配企业资产按集

团基准管理外，所有资产

均分配予经营分部。

、应付税

项、未分配银行及其他借

款、应付一名股东款项、

未分配租赁负债及其他未

分配企业负债按集团基准

管理外，所有负债均分配

予经营分部。

(i) 其他分部资料

6. SEGMENT REPORTING (CONTINUED)

(a) Segment revenue, results, asets and liabilities

(Continued)

(i) Segment asets and liabilities (Continued)

For the purposes of monitoring segment performance and

alocating resources betwen segments:

• Al asets are alocated to operating segments other

than defered tax asets, tax recoverable, unalocated

property, plant and equipment, unalocated right-of-use

asets, unalocated intangible asets, unalocated cash

and cash equivalents and other unalocated corporate

asets as these asets are managed on a group basis.

• Al liabilities are alocated to operating segments other

than defered tax liabilities, tax payable, unalocated

bank and other borowings, amount due to a shareholder,

unalocated lease liabilities and other unalocated

corporate liabilities as these liabilities are managed on a

group basis.

(i) Other segment information

For the year ended 31 March 2024
截至二零二四年三月三十一日止年度
	Health and beauty supplements and products business	Property investment business	Unallocated	Total
	保健及美容补品及产品业务	物业投资业务	未分配	总计
	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报166

（续）

(a) 分部收益、业绩、资产及负债

（续）

(i) 其他分部资料（续）

6. SEGMENT REPORTING (CONTINUED)

(a) Segment revenue, results, asets and liabilities

(Continued)

(i) Other segment information (Continued)

Other information其他资料

Aditions of property, plant and equipment添置物业、厂房及设备4,246–7264,972

Adition of right-of-use asets添置使用权资产1,025–7,6478,672

Adition of intangible asets添置无形资产10,000–10,000

Depreciation of property, plant and equipment物业、厂房及设备折旧2,970–1,2024,172

Depreciation of right-of-use asets使用权资产折旧2,921–9223,843

Amortisation of intangible asets无形资产摊销1,100–1,100

Impairment los on trade and other receivables应收账款及其他应收款项

减值亏损203–203

Reversal of impairment los on property, plant and

equipment

物业、厂房及设备之减值

亏损拨回(948)–(948)

Writen down of inventories, net of reversal存货撇销，扣除拨回422–422

Fair value change of investment properties投资物业公平值变动–15,000–15,000

Finance costs融资成本2464,2473,2847,777

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
111,892

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司167

6. SEGMENT REPORTING (CONTINUED)

(b) Geographical information

Analysis of the Group’s revenue and results as wel as analysis of the

Group’s carying amount of segment asets by geographical market

are not presented as the Group’s operations and asets for the years

ended 31 March 2025 and 2024 are mainly located in Hong Kong

(place of domicile).

Revenue from external customer contributing 10% or more of the

total revenue of the Group is as folows:

* The revenue was derived from the health and beauty suplements and

products busines.

（续）

(b) 地区资料

由于本集团截至二零二五年及二零

二四年三月三十一日止年度的业务及

资产主要位于香港（所在地），因此并

无呈列本集团收益及业绩分析以及按

地区市场划分的本集团分部资产账面

值分析。

占本集团总营业额10%或以上的来自

外部客户的收益如下：

* 有关收益乃源自保健及美容补品及产

品业务。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
12
401
608
1,021
–
(80)
–
–
(80)
941

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报168

、收益或亏损

附注：截至二零二五年三月三十一日止年度，本集

团确认香港政府提供的发还产假薪酬计划、

市场推广基金、创新及科技基金－研究人

才库及投资研发现金回赠计划之政府补助

401,000港元。本公司董事认为，本集团已达

成该等补助附带的所有条件。

于截至二零二四年三月三十一日止年度，并

无确认任何有关政府补助。

7. OTHER INCOME, GAINS OR LOSES

Note: For the year ended 31 March 2025, the Group recognised government grants

of HK$401,000 from Reimbursement of Maternity Leave Pay Scheme, Export

Marketing Fund, Inovation and Technology Fund – Research Talent Hub and R&D

Cash Rebate Scheme, provided by the Hong Kong government. In the opinion of

the directors of the Company, the Group has fulfiled al conditions atached to the

grants.

No such government grants are recognised during year ended 31 March 2024.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
5,950
–
457
499
25
6,931

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
73,090
2,410
75,500
1,218
33,264
2,112
5,899
3,780
31,359
85
(4,287)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司169

8. FINANCE COSTS

/PROFIT BEFORE TAXATION

(Los)/profit before taxation is arived at after charging/(crediting) the

folowings:

8. 融资成本

（亏损）╱溢利

除税前（亏损）╱溢利乃经扣除╱（计入）以下

各项后得出：

Fees	Salaries, allowances and other benefits	Discretionary bonuses	Equity-settled share-based payments	Retirement benefits	Total
袍金	薪金、津贴及其他福利	酌情花红	以股权结算以股份支付之开支	退休福利	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
–	240	–	–	12	252
240	–	–	–	–	240
240	–	–	–	–	240
120	–	–	–	–	120
240	–	–	–	–	240
120	–	–	–	–	120
–	1,440	–	–	18	1,458
960	1,680	–	–	30	2,670

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报170

10. 董事及行政总裁酬金

根据适用上市规则及香港公司条例披露的董

事及行政总裁的年内酬金如下：

截至二零二五年三月三十一日止年度

10. DIRECTORS’ AND CHIEF EXECUTIVE

OFICER’S EMOLUMENTS

Directors’ and chief executive oficer’s emoluments for the year, disclosed

pursuant to the aplicable Listing Rules and the Hong Kong Companies

Ordinance, are as folows:

For the year ended 31 March 2025

Fees	Salaries, allowances and other benefits	Discretionary bonuses	Equity-settled share-based payments	Retirement benefits	Total
袍金	薪金、津贴及其他福利	酌情花红	以股权结算以股份支付之开支	退休福利	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司171

10. DIRECTORS’ AND CHIEF EXECUTIVE

OFICER’S EMOLUMENTS (CONTINUED)

For the year ended 31 March 2024

Executive directors执行董事

Mr. Cheung Siu Fai张少辉先生–240–12252

Mr. Lam Wai Tong (Note v)林玮瑭先生（附注v）–2,011–152,026

Non-executive directors非执行董事

Ms. So Tsz Kwan (Note i)苏芷君女士（附注i）124–124

Independent non-executive directors独立非执行董事

Mr. Leung Winson Kwan Yau梁钧滺先生240–240

Mr. Liu Ying Shun (Note i)廖英顺先生（附注i）240–240

Ms. Dong Jian Mei董建美女士240–240

Chief executive oficer行政总裁

Mr. Yeung Wai Lok Raymond (Note iv)杨伟乐先生（附注iv）–286–4290

8442,537–313,412

Notes:

(i) Ms. So Tsz Kwan was apointed as non-executive director of the Company with

efect from 25 September 2023.

(i) Mr. Liu Ying Shun resigned as independent non-executive director of the Company

with efect from 1 October 2024.

(i) Mr. Lam Chik Shun Marcus was apointed as independent non-executive director of

the Company with efect from 1 October 2024.

(iv) Mr. Yeung Wai Lok Raymond was apointed as chief executive oficer of the

Company with efect from 20 January 2024.

(v) Mr. Lam Wai Tong resigned as executive director and chief executive oficer of the

Company with efect from 20 January 2024.

（续）

截至二零二四年三月三十一日止年度

附注：

(i) 苏芷君女士获委任为本公司非执行董事，自

二零二三年九月二十五日起生效。

(i) 廖英顺先生辞任本公司独立非执行董事一

职，自二零二四年十月一日起生效。

(i) 林植信先生获委任为本公司独立非执行董

事，自二零二四年十月一日起生效。

(iv) 杨伟乐先生获委任为本公司行政总裁，自二

零二四年一月二十日起生效。

(v) 林玮瑭先生辞任本公司执行董事及行政总裁

之职务，自二零二四年一月二十日起生效。

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
4,902
72
4,974

	2025	2024
	二零二五年	二零二四年
	Number of individuals	Number of individuals
	人数	人数
4
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报172

（续）

上文所载执行董事酬金涉及彼等就本公司及

本集团的管理事务提供服务，而上文所载非

执行董事及独立非执行董事酬金涉及彼等担

任本公司董事。

截至二零二五年及二零二四年三月三十一日

止年度，本公司董事概无放弃任何酬金，而

本集团亦无向任何董事支付或应付任何酬

金，作为彼等加入本集团或加入本集团时的

奖励或离职补偿。

11. 最高薪人士

于五名最高薪人士中，其中一名（二零二四

年：一名）董事及行政总裁的酬金于附注10

披露。余下四名（二零二四年：四名）人士的

酬金总额如下：

最高薪人士（不包括董事及行政总裁）的酬金

介乎下列组别：

10. DIRECTORS’ AND CHIEF EXECUTIVE

OFICER’S EMOLUMENTS (CONTINUED)

The executive directors’ emoluments shown above were for their services

in conection with the management of the afairs of the Company and the

Group while the non-executive director’s and independent non-executive

directors’ emoluments shown above were for their services as directors of

the Company.

During the years ended 31 March 2025 and 2024, no director of the

Company has waived any emoluments and no emoluments were paid or

payable by the Group to any of the directors as an inducement to join or

upon joining the Group, or as compensation for los of ofice.

11. INDIVIDUALS WITH HIGHEST

EMOLUMENTS

Of the five individuals with the highest emoluments, one (2024: one) of

the directors and chief executive oficer whose emoluments is disclosed in

Note 10. The agregate of the emoluments in respect of the remaining four

individuals (2024: four individuals) are as folows:

The emoluments of individuals other than directors and chief executive

oficer with the highest emoluments are within the folowing bands:

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,373
45
1,457
2,875

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司173

（续）

年内，本集团及本公司概无向本公司董事或

五名最高薪雇员支付任何酬金作为促使加

入或加入本集团时的奖励或离职补偿（二零

二四年：无）。

12. 税项

根据利得税两级制，合资格企业的首

2,000,000港元应评税利润将按8.25%缴税，

而超过2,000,000港元的应评税利润将按

16.5%缴税。

本公司董事认为，实施利得税两级制后涉及

的金额对综合财务报表而言不重大。两个年

度的香港利得税按估计应评税利润的16.5%

计算。

根据中国企业所得税法（「企业所得税法」）及

企业所得税法实施条例，两个年度的中国附

属公司税率为25%。

截至二零二五年及二零二四年三月三十一日

止年度，于综合财务报表并无作出中国企业

所得税拨备，原因为本集团并无企业所得税

应评税利润。

11. INDIVIDUALS WITH HIGHEST

EMOLUMENTS (CONTINUED)

No emoluments have ben paid by the Group and the Company to the

directors of the Company or the top five highest paid employes as an

inducement to join or upon joining the Group or as compensation for los of

ofice during the year (2024: Nil).

12. TAXATION

Under the two-tiered profits tax rates regime, the first HK$2,000,000 of

asesable profits of qualifying corporations wil be taxed at 8.25%, and the

asesable profits above HK$2,000,000 wil be taxed at 16.5%.

The directors of the Company considered the amount involved upon

implementation of the two-tiered profits tax rates regime is insignificant to

the consolidated financial statements. Hong Kong Profits Tax is calculated

at 16.5% of the estimated asesable profits for both years.

Under the Law of the PRC on Enterprise Income Tax (the “EIT Law”)

and Implementation Regulation of the EIT Law, the tax rate of the PRC

subsidiaries is 25% for both years.

For the years ended 31 March 2025 and 2024, no provision for PRC EIT

has ben made in the consolidated financial statements as the Group has no

asesable profits under EIT.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
(33,368)
(5,506)
(101)
5,384
135
(294)
3,426
(41)
45
(24)
(173)
24
2,875

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报174

（续）

源于其他司法权区的税项按有关司法权区的

现行税率计算。

年内税项扣减可与综合损益及其他全面收益

表所载持续经营业务的除税前溢利对账如

下：

12. TAXATION (CONTINUED)

Taxation arising in other jurisdictions is calculated at the rates prevailing in

the relevant jurisdictions.

The tax charge for the year can be reconciled to the profit before taxation

per the consolidated statement of profit or los and other comprehensive

income as folows:

(

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
(36,243)

	2025	2024
	二零二五年	二零二四年
	’000	’000
	千股	千股
3,107,893

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司175

13. 股息

于截至二零二五年及二零二四年三月三十一

日止年度，概无向本公司普通股东支付或

建议股息，自报告期末以来亦无建议任何股

息。

（亏损）╱盈利

本公司拥有人应占每股基本及摊薄（亏损）╱

盈利乃根据以下数据计算：

截至二零二五年及二零二四年三月三十一日

止年度，由于年内并无潜在摊薄普通股，故

并无对计算每股摊薄（亏损）╱盈利时呈列之

每股基本（亏损）╱盈利金额作出调整。

13. DIVIDENDS

No dividend was paid or proposed for ordinary shareholders of the Company

during the years ended 31 March 2025 and 2024, nor has any dividend ben

proposed since the end of the reporting periods.

/EARNINGS PER SHARE

The calculation of the basic and diluted (los)/earnings per share atributable

to the owners of the Company is based on the folowing data:

For the years ended 31 March 2025 and 2024, no adjustment has ben made

to the basic (los)/earnings per share amount presented in the computation of

diluted (los)/earnings per share as there were no potential dilutive ordinary

shares during the years.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
207,100
–
–
(30,400)
176,700

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报176

15. 雇员退休福利

定额供款退休计划

本集团根据香港强制性公积金计划条例为在

香港雇佣条例保障下受聘的全体合资格雇

员参与一项强制性公积金计划（「强积金计

划」）。计划的资产与本集团的资产分开持

有，存放于受托人控制的基金。根据强积金

计划，雇主及其雇员各自须按相关工资费

用的5%向计划供款，最高每月相关收入为

30,000港元。

本公司于中国的附属公司雇员均参与由中国

政府设立的国家管理退休福利计划。该等附

属公司须按薪金的规定百分比向该退休福利

计划供款以支付福利。本集团对该退休福利

计划的唯一责任为作出规定的供款。

16. 投资物业

15. EMPLOYE RETIREMENT BENEFITS

Defined contribution retirement plan

The Group participates a Mandatory Provident Fund Scheme (“the MPF

scheme”) under the Hong Kong Mandatory Provident Fund Schemes

Ordinance for al qualifying employes in Hong Kong. The asets of the

schemes are held separately from those of the Group, in funds under the

control of trustes. Under the MPF scheme, the employer and its employes

are each required to make contributions to the plan at 5% of the relevant

payrol costs, subject to a cap of monthly relevant income of HK$30,000.

The employes of the Group’s subsidiaries in the PRC are members of a

state-managed retirement benefit scheme operated by the government of the

PRC. The subsidiaries are required to contribute a specified percentage of

payrol costs to the retirement benefit scheme to fund the benefits. The only

obligation of the Group with respect to the retirement benefit scheme is to

make the specified contributions.

16. INVESTMENT PROPERTIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司177

（续）

截至二零二四年三月三十一日止年度，本集

团账面值为57,430,000港元的位于香港的工

业物业及住宅物业出租给两名独立第三方及

一名关联方。自租赁协议生效之日期起，租

赁土地及楼宇、租赁装修、家具、装置及设

备的相应部分已从物业、厂房及设备重新分

类为投资物业。该等物业由独立合资格专业

估值师瑞丰环球评估咨询有限公司进行公平

估值，该估值师与本集团并无关连，公平值

增加27,770,000港元已计入物业重估储备。

工业物业的公平值乃根据收入资本化法厘

定，当中物业所有可出租单位的市场租金乃

按投资者所预期有关该类型物业的市场收益

率进行评估及贴现。市场租金乃参考物业可

出租单位所取得的租金以及类似物业的其他

出租情况进行评估。市场收益率乃参考分析

市场上类似物业的销售交易而得出的收益率

厘定。

住宅物业的公平值乃根据直接比较法厘定，

假设在现有状态下销售，并参考相关市场上

可获得的类似性质的物业。

本集团根据经营租约持有以赚取租金或作资

本升值用途之物业权益使用公平值模型计

量，并分类为及入账列作投资物业。

本集团投资物业于二零二五年及二零二四年

三月三十一日的公平值乃根据独立合资格专

业估值师瑞丰环球评估咨询有限公司于该日

进行的估价厘定，估值师与本集团并无关

连。

16. INVESTMENT PROPERTIES (CONTINUED)

During the year ended 31 March 2024, the Group’s industrial properties

and residential premise located in Hong Kong with carying amount of

HK$57,430,000 was leased out to two independent third parties and a related

party. The coresponding portions of the leasehold land and buildings,

leasehold improvements, furniture, fixtures and equipment were reclasified

from property, plant and equipment to investment properties from the date

of comencement of the lease agrements. The properties were fair-valued

by Ravia Global Apraisal Advisory Limited, an independent qualified

profesional valuer, who is not conected to the Group and the resulting

increase in fair value of HK$27,770,000 has ben credited to the property

revaluation reserve.

The fair value of industrial properties was determined based on the income

capitalization aproach, where the market rentals of al letable units of

the properties are asesed and discounted at the market yield expected by

investors for this type of properties. The market rentals are asesed by

reference to the rentals achieved in the letable units of the properties as

wel as other letings of similar properties. The market yield is determined

by reference to the yields derived from analysing the sales transactions of

similar properties in the market.

The fair value of residential property was determined based on the direct

comparison method, asuming sale in its existing state and by making

reference of similar nature properties as available in the relevant market.

The Group’s property interest held under operating leases to earn rentals or

for capital apreciation purpose are measured using the fair value model and

are clasified and acounted for investment properties.

The fair value of the Group’s investment properties as at 31 March 2025

and 2024 has ben arived at on the basis of a valuation caried out on that

date by Ravia Global Apraisal Advisory Limited, an independent qualified

profesional valuer, who is not conected to the Group.

	Valuation technique(s) and key input(s)	Significant unobservable input(s)	Relationship of unobservable inputs to fair value	Sensitivity
	估值方法与主要参数	重大不可观察参数	不可观察参数与公平值的关系	敏感度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报178

（续）

在厘定物业的公平值时，本公司董事厘定公

平值计量的适当估值技术及输入数据。本集

团聘请第三方合资格估值师进行估值。本公

司董事与合资格外部估值师紧密合作，以确

定适当的估值技术及模型输入数据。

于估计物业的公平值时，物业的最高及最佳

用途为其当前用途。

16. INVESTMENT PROPERTIES (CONTINUED)

In determining the fair value of the properties, the directors of the Company

determine the apropriate valuation techniques and inputs for fair value

measurements. The Group engages third party qualified valuers to perform

the valuation. The directors of the Company works closely with the qualified

external valuers to establish the apropriate valuation techniques and inputs

to the model.

In estimating the fair value of the properties, the highest and best use of the

properties is its curent use.

Investment properties in Hong Kong

于香港之投资物业

– Comercial and residential

building, located in

Sham Shui Po, Kowlon

2025: HK$106,100,000

(2024: HK$124,700,000)

Income Capitalisation

Aproach

The key inputs are:

;

and

(2) Monthly market rent

Capitalisation rate, taking into

acount the capitalisation of rental

income potential, and prevailing

market condition, of which

ranged from 3.5% to 4.1%

(2024: from 3.2% to 4%)

The higher the capitalisation

rate, the lower the fair

value

A slight increase in the

capitalisation rate used

would result in a significant

decrease in fair value of the

property, and vice versa

Monthly market rent per square fot,

taking into acount the location

frontage, size, which ranged

from HK$24 to HK$284

(2024: from HK$23 to HK$323)

The higher the monthly

market rent, the higher the

fair value

A significant increase in the

monthly market rent used

would result in a significant

increase in fair value of the

property, and vice versa

－位于九龙深水埗的商住大厦

二零二五年：106,100,000港元

（二零二四年：124,700,000港元）

收入资本化法

主要参数︰

；及

(2) 每月租金

经计及资本化租金收入潜力及

当前市况，资本化比率为

介乎3.5%至4.1%不等

（二零二四年：3.2%至4%）

资本化比率越高，

公平值越低

所采用资本化比率微升将导

致物业的公平值大幅减

少，反之亦然

每平方呎每月租金（计及位置、

铺面、面积）介乎24港元至

284港元（二零二四年：

23港元至323港元）

每月租金越高，公平值越高所采用每月租金大幅增加将

导致物业的公平值大幅增

加，反之亦然

	Valuation technique(s) and key input(s)	Significant unobservable input(s)	Relationship of unobservable inputs to fair value	Sensitivity
	估值方法与主要参数	重大不可观察参数	不可观察参数与公平值的关系	敏感度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司179

（续）

– Industrial properties located in

Kwai Chung, New Teritories,

Hong Kong

2025: HK$42,600,000

(2024: HK$47,600,000)

Income Capitalisation

Aproach

The key inputs are:

;

and

(2) Monthly market rent

Capitalisation rate, taking into

acount the capitalisation of rental

income potential, and prevailing

market condition, of which

ranged from 4% to 4.5%

(2024: from 3.9% to 4.4%)

The higher the capitalisation

rate, the lower the fair

value

A slight increase in the

capitalisation rate used

would result in a significant

decrease in fair value of the

property, and vice versa

Monthly market rent per square fot,

taking into acount the location

frontage, size, which ranged

from HK$11 to HK$21

(2024: from HK$12 to HK$23)

The higher the monthly

market rent, the higher the

fair value

A significant increase in the

monthly market rent used

would result in a significant

increase in fair value of the

property, and vice versa

－位于香港新界葵涌的工业物业

二零二五年：42,600,000港元

（二零二四年：47,600,000港元）

收入资本化法

主要参数︰

；及

(2) 每月租金

经计及资本化租金收入潜力及

当前市况，资本化比率为介乎

4%至4.5%不等（二零二四年：

3.9%至4.4%）

资本化比率越高，

公平值越低

所采用资本化比率微升将导

致物业的公平值大幅减

少，反之亦然

每平方呎每月租金（计及位置、

铺面、面积）为11港元至

21港元（二零二四年：

12港元至23港元）

每月租金越高，公平值越高所采用每月租金大幅增加将

导致物业的公平值大幅增

加，反之亦然

16. INVESTMENT PROPERTIES (CONTINUED)

	Valuation technique(s) and key input(s)	Significant unobservable input(s)	Relationship of unobservable inputs to fair value	Sensitivity
	估值方法与主要参数	重大不可观察参数	不可观察参数与公平值的关系	敏感度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报180

（续）

于二零二五年三月三十一日，本集团已抵押

其投资物业予银行，公平值为176,700,000港

元（二零二四年：207,100,000港元），作为授

予本集团银行融资的担保。

– Residential premise located in

Mid-levels in Hong Kong

2025: HK$28,000,000

(2024: HK$34,800,000)

Direct comparison

method asuming sale

in its existing state and

by making reference

of similar nature

properties as available

in the relevant market

The key input is:

Price per square fot

Price per square fot, using market

direct comparables and taking

into acount location and other

individual factors such as location,

time, frontage, building age, size,

flor levels and layout, etc., which

is ranging from aproximately

HK$16,000 to HK$21,000 (2024:

from aproximately HK$22,000

to HK$29,000)

A significant increase in the

market transaction prices

used would result in a

significant increase in fair

value, and vice versa.

An increase in the market unit

rate used would result in an

increase in fair value, and

vice versa.

－位于香港半山的住宅物业

二零二五年：28,000,000港元

（二零二四年：34,800,000港元）

直接比较法假设在其现

有状态下出售，并参

考相关市场上可得的

类似性质的物业

主要参数：

每平方呎价格

每平方呎的价格，采用市场直接

可资比较物业，并考虑位置及

其他个别因素，如位置、时

间、铺面、建筑年龄、大小、

楼层及布局等，价格介乎约

16,000港元至21,000港元不等

（二零二四年：约22,000港元至

29,000港元）

所使用的市场交易价格的大

幅增加将导致公平值大幅

增加，反之亦然。

所使用的市场单位比率的增

加将导致公平值增加，反

之亦然。

As at 31 March 2025, the Group has pledged its investment properties with

fair value of HK$176,700,000 (2024: HK$207,100,000) to banks to secure

banking facilities granted to the Group.

16. INVESTMENT PROPERTIES (CONTINUED)

Leasehold land and buildings	Leasehold improvements	Plant and machinery	Furniture, fixtures and equipment	Motor vehicles	Total
租赁土地及楼宇	租赁装修	厂房及机器	家具、装置及设备	汽车	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元

11,773	9,477	6,233	6,573	2,029	36,085
–	–	111	243	–	354
11,773	9,477	6,344	6,816	2,029	36,439

4,277	6,444	5,277	6,017	1,351	23,366
322	997	467	181	145	2,112
4,599	7,441	5,744	6,198	1,496	25,478
7,174	2,036	600	618	533	10,961

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司181

、厂房及设备

附注：截至二零一六年三月三十一日止年度，已就

租赁土地及楼宇计提减值亏损1,271,000港

元。截至二零二四年三月三十一日止年度，

租赁土地及楼宇由物业、厂房及设备转为投

资物业（附注16）后，减值亏损拨回948,000港

元已于损益确认（扣除折旧后以账面价值确

定，未确认减值亏损）。

17. PROPERTY, PLANT AND EQUIPMENT

Cost成本

At 1 April 2023于二零二三年四月一日87,7649,7706,2246,0781,303111,139

Aditions添置–3,656135777264,972

Transfer to investment properties (Note 16)转拨至投资物业（附注16）(75,991)(3,949)–(75)–(80,015)

Writen of撇销–(4)(5)–(9)

Exchange adjustments汇兑调整–(2)–(2)

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

Aditions添置

At 31 March 2025于二零二五年三月三十一日

Acumulated depreciation and impairment

loses

累计折旧及减值亏损

At 1 April 2023于二零二三年四月一日21,6929,1574,8155,8251,24942,738

Charge for the year年内支出2,4559424662071024,172

Transfer to investment properties (Note 16)转拨至投资物业（附注16）(18,922)(3,655)–(8)–(22,585)

Reversal of impairment los (Note)减值亏损拨回（附注）(948)–(948)

Writen of撇销–(4)(5)–(9)

Exchange adjustments汇兑调整–(2)–(2)

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

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

At 31 March 2024于二零二四年三月三十一日7,4963,03395655667812,719

Note: During the year ended 31 March 2016, impairment los of HK$1,271,000 has ben

provided against the leasehold land and building. Upon transfer of the leasehold land

and buildings from property, plant and equipment to investment properties during the

year ended 31 March 2024 (Note 16), reversal of impairment los of HK$948,000

has ben recognised in profit or los (after net of depreciation determined with

carying amount that no impairment los has ben recognised).

Leased properties	Motor vehicle	Total
租赁物业	汽车	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
9,048	314	9,362

5,805	94	5,899

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报182

、厂房及设备（续）

上述物业、机器及设备项目（计及剩余价值

后）利用直线法折旧，所用折旧年率如下：

租赁土地及楼宇租赁期或50年（以较

短者为准）

租赁装修租赁期或3至5年（以

较短者为准）

厂房及机器3至5年

家具、装置及设备3至5年

汽车3至5年

于二零二五年三月三十一日，本集团已抵押

其持作自用账面值约为7,174,000港元（二零

二四年︰7,496,000港元）的租赁土地及楼宇

予银行，作为本集团获授银行融资的抵押

品。

18. 使用权资产

17. PROPERTY, PLANT AND EQUIPMENT

(CONTINUED)

The above items of property, plant and equipment, after taking into acount

the residual values, are depreciated on a straight-line basis at the folowing

rates per anum:

Leasehold land and buildingsOver the shorter of the term of lease,

or 50 years

Leasehold improvementsOver the shorter of the term of lease,

or 3 to 5 years

Plant and machinery3 to 5 years

Furniture, fixtures and equipment3 to 5 years

Motor vehicles3 to 5 years

As at 31 March 2025, the Group has pledged its leasehold land and buildings

held for own use with carying amount of aproximately HK$7,174,000

(2024: HK$7,496,000) to banks to secure banking facilities granted to the

Group.

18. RIGHT-OF-USE ASETS

As at 31 March 2024于二零二四年三月三十一日

Carying amount账面值11,14240911,551

For the year ended 31 March 2025截至二零二五年三月三十一日

止年度

Depreciation charge折旧开支

For the year ended 31 March 2024截至二零二四年三月三十一日

止年度

Depreciation charge折旧开支3,780633,843

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
67
5,526
3,710

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司183

（续）

于该两个年度，本集团为其营运租赁多个办

事处、仓库及汽车。租赁合约所订立的固定

租期为1至4年。租期按个别基准磋商及包含

不同条款及条件。厘定租期及评估不可撤销

期间长度时，本集团使用合约的定义及厘定

可执行合约的期间。

本集团定期订立各办事处的短期租赁。于二

零二五年及二零二四年三月三十一日，短期

租赁组合与上文所披露的短期租赁开支所涉

及的短期租赁组合相类似。

租赁限制或契诺

此外，于二零二五年三月三十一日，确认

租赁负债约9,964,000港元，相关使用权资

产约为9,362,000港元（二零二四年：租赁负

债为11,214,000港元及相关使用权资产为

11,551,000港元）。租赁协议不附带任何契

诺（于出租人持有的租赁资产的抵押权益除

外）。租赁资产不得用作借贷抵押。

18. RIGHT-OF-USE ASETS (CONTINUED)

For both years, the Group leases various ofices, warehouses and motor

vehicle for its operations. Lease contracts are entered into for fixed term of

1 to 4 years. Lease terms are negotiated on an individual basis and contain

diferent terms and conditions. In determining the lease term and asesing

the length of the non-cancelable period, the Group aplies the definition of

a contract and determines the period for which the contract is enforceable.

The Group regularly entered into short-term leases for various ofices. As

at 31 March 2025 and 2024, the portfolio of short-term leases is similar

to the portfolio of short-term leases to which the short-term lease expense

disclosed above.

Restrictions or covenants on leases

In adition, lease liabilities of aproximately HK$9,964,000 are recognised

with related right-of-use asets of aproximately HK$9,362,000 as at 31

March 2025 (2024: lease liabilities of HK$11,214,000 and related right-

of-use asets of HK$11,551,000). 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 may not be used as security for borowing

purposes.

Club membership	Product development rights	Brand name	Sales distribution channel	Computer software	Total
俱乐部会籍	产品开发权	品牌名称	销售分销渠道	电脑软件	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元

2,200	1,000	6,560	6,179	15,500	31,439
–	–	–	–	6,800	6,800
2,200	1,000	6,560	6,179	22,300	38,239

–	1,000	6,560	6,179	1,375	15,114
–	–	–	–	3,780	3,780
–	1,000	6,560	6,179	5,155	18,894
2,200	–	–	–	17,145	19,345

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报184

19. 无形资产19. INTANGIBLE ASETS

Cost成本

At 1 April 2023于二零二三年四月一日2,2001,0006,5606,1795,50021,439

Aditions添置–10,00010,000

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

Aditions添置

At 31 March 2025于二零二五年三月三十一日

Acumulated amortisation

and impairment loses

累计摊销及减值亏损

At 1 April 2023于二零二三年四月一日–1,0006,5606,17927514,014

Charge for the year年内支出–1,1001,100

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

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

At 31 March 2024于二零二四年三月三十一日2,200–14,12516,325

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
20,763
4,130
24,893

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
25,302
(1,304)
23,998
2,591
5,465
7,369
175
(140)
39,458

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司185

（续）

于报告期末，除俱乐部会籍外，上述无形资

产为固定使用年期。有关无形资产在以下期

间内以直线方式摊销：

产品开发权 7年

品牌名称 5年

销售分销渠道 5年

电脑软件 5年

20. 存货

、预

付款项及按金

19. INTANGIBLE ASETS (CONTINUED)

At the end of the reporting period, the above intangible asets other than

club membership have definite useful lives. Such intangible asets are

amortised on a straight-line basis over the folowing period:

Products development rights 7 years

Brand name 5 years

Sales distribution chanel 5 years

Computer software 5 years

20. INVENTORIES

21. TRADE AND OTHER RECEIVABLES,

PREPAYMENTS AND DEPOSITS

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
2,358
37,100
39,458

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报186

、预

付款项及按金（续）

附注：该款项主要预付予独立资讯科技服务供应商

以为本集团开发定制的作业系统。

截至二零二五年三月三十一日止年度，推销

员佣金计算系统及智能售卖机已经完成及实

行，相关成本6,800,000港元已确认为无形

资产，并在五年内在损益中摊销，且已动用

550,000港元为系统支援及维护开支，并已计

入年内损益。于二零二五年三月三十一日，

余额2,555,000港元会用于多个资讯科技服务

或作为资讯科技系统的资本化。

截至二零二四年三月三十一日止年度，客户

关系管理系统及员工假期及考勤系统已经完

成及实行，相关成本10,000,000港元已确认为

无形资产，并在五年内在损益中摊销，且已

动用815,000港元为系统支援及维护开支，并

已计入年内损益。

于二零二三年四月一日，来自客户合约的应

收款项为40,000,000港元（扣除信贷亏损拨备

约1,433,000港元）。

于二零二五年三月三十一日，本集团应收账

款结余包括总账面值约3,442,000港元的应收

账款（二零二四年：3,200,000港元），属已

逾期。逾期结余中并无应收账款（二零二四

年：无）已逾期90日或以上及不视为违约，

因为该等客户的关系长远╱持续、偿还记录

良好及有持续还款。

本集团一般允许介乎0至90日的信贷期。

21. TRADE AND OTHER RECEIVABLES,

PREPAYMENTS AND DEPOSITS (CONTINUED)

Note: The amount mainly prepaid to the independent IT services providers for developing

customised operating systems for the Group.

During the year ended 31 March 2025, promoter comision calculation system

and smart vending machine were completed and implemented, the relevant costs

of HK$6,800,000 were recognised as intangible asets and amortised to profit

and los over five years; and HK$550,000 of expenses for the system suport and

maintenance have ben utilised and charged to profit or los during the year. The

remaining balance of HK$2,555,000 as at 31 March 2025 wil be utilised for various

IT services or captialised as IT systems.

During the year ended 31 March 2024, customer relationship management

system and staf leave and atendance management system were completed and

implemented, the relevant costs of HK$10,000,000 were recognised as intangible

asets and amortised to profit and los over five years; and HK$815,000 of expenses

for the system suport and maintenance have ben utilised and charged to profit or

los during the year.

As at 1 April 2023, trade receivables from contracts with customers

amounted to HK$40,000,000 (net of alowance for credit loses of

aproximately HK$1,433,000).

As at 31 March 2025, included in the Group’s trade receivables balances are

debtors with agregate carying amount of aproximately HK$3,442,000

(2024: HK$3,200,000) which are past due. Out of the past due balances,

no trade receivable (2024: Nil) has ben past due 90 days or more and is

not considered as in default due to long-term/on-going relationship, god

repayment record and continuous repayment from these customers.

The Group generaly alows credit period ranging from 0 to 90 days.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
20,556
3,442
23,998

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
3,856
10,271
2,668
2,961
242
932
–
20,930

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司187

、预

付款项及按金（续）

以下为应收账款（扣除信贷亏损拨备）基于收

益确认日期的账龄分析。

应收账款及其他应收款项的减值评估详情载

于附注35(b)。

22. 现金及现金等价物

现金及现金等价物指银行结余及手头现金。

银行结余按现行市场利率计息。

银行结余的减值评估详情载于附注35(b)。

、其他应付款项及应

计费用

21. TRADE AND OTHER RECEIVABLES,

PREPAYMENTS AND DEPOSITS (CONTINUED)

The folowing is an ageing analysis of trade receivables (net of alowance

for credit loses) based on the date of revenue recognition.

Details of impairment asesment of trade and other receivables are set out

in Note 35(b).

22. CASH AND CASH EQUIVALENTS

Cash and cash equivalents represent bank balances and cash on hand. Bank

balances cary interest at prevailing market rates.

Details of impairment asesment of bank balances are set out in Note 35(b).

23. TRADE PAYABLES, OTHER PAYABLES AND

ACRUALS

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,387
660
1,165
401
–
243
3,856

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报188

、其他应付款项及应

计费用（续）

应付账款的信贷期介乎0至90日。

以下为应付账款基于发票日期的账龄分析。

长期服务金拨备

《2022年雇佣及退休计划法例（抵销安排）（修

订）条例》于二零二年六月颁布，废除了根

据《强制性公积金计划条例》及╱或《职业退

休计划条例》项下使用雇主强制性供款的累

算权益来对冲遣散费及长期服务金（「对冲安

排」）。取消对冲安排将新增国家福利，其对

雇主支付的长期服务金有影响。根据香港会

计准则第19号的规定，管理层已重新计量长

期服务金拨备，以反映取消对冲安排的财务

影响。因此，已于二零二五年三月三十一日

确认非重大金额约740,000港元的长期服务

金拨备（二零二四年：816,000港元），该拨

备计入上文「应付薪金及福利」中。

23. TRADE PAYABLES, OTHER PAYABLES AND

ACRUALS (CONTINUED)

The credit period on trade payable is ranging from 0 to 90 days.

The folowing is an ageing analysis of trade payables based on invoice date.

Provision for long service payment

The Employment and Retirement Schemes Legislation (Ofseting

Arangement) (Amendment) Bil 2022 was enacted in June 2022 which

abolishes the use of the acrued benefits of employers’ mandatory

contributions under the Mandatory Provident Fund Schemes Ordinance

and/or Ocupational Retirement Schemes Ordinance to ofset severance

payment and long service payment (the “Ofseting Arangement”). The

abolishment of the Ofseting Arangement would increase the state benefits

that afect the long service payment payable by the employer. In acordance

with the requirement of HKAS 19, management has re-measured the

provision for long service payment to reflect the financial impact of the

abolishment of the Ofseting Arangement. As a result, a provision for long

service payment in an imaterial amount of aproximately HK$740,000 has

ben recognised at 31 March 2025 (2024: HK$816,000) which is included

in “salary and welfare payables” above.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
51

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
118,955

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司189

24. 合约负债

于二零二三年四月一日，合约负债金额约

84,000港元。

截至二零二五年三月三十一日止年度确认的

收益包括于报告期初合约负债的全部金额约

36,000港元（二零二四年：84,000港元）。

合约负债预期将于未来12个月内确认为收

益。如香港财务报告准则第15号所允许，分

配予原定预期年期为一年或以下的未履行合

约的交易价格并无披露。

25. 应付一名股东款项

于二零二四年三月三十一日，应付一名股东

款项为无抵押，按中国银行（香港）有限公司

港元最优惠利率减每年2%计息且须按要求

偿还。于二零二五年三月三十一日止年度，

应付一名股东款项获悉数偿还。

该名股东亦为本公司截至二零二五年及二零

二四年三月三十一日止年度的执行董事。

26. 银行及其他借款

24. CONTRACT LIABILITIES

As at 1 April 2023, contract liabilities amounted to aproximately

HK$84,000.

Revenue recognised during the year ended 31 March 2025 included the

whole amount of contract liabilities at the begining of the reporting period

amounted to aproximately HK$36,000 (2024: HK$84,000).

The contract liabilities were expected to be recognised as revenue in the next

12 months. As permited under HKFRS 15, the transaction price alocated to

the unsatisfied contract which has an original expected duration of one year

or les is not disclosed.

25. AMOUNTS DUE TO A SHAREHOLDER

As at 31 March 2024, the amounts due to a shareholder were unsecured,

bearing Hong Kong Dolar Prime Rate of Bank of China (Hong Kong)

Limited minus 2% per anum and repayable on demand. The amounts due

to a shareholder were fuly repaid during the year ended 31 March 2025.

The shareholder also is an executive director of the Company during the

years ended 31 March 2025 and 2024.

26. BANK AND OTHER BOROWINGS

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
18,114
16,670
43,098
41,073
118,955
(118,955)
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报190

（续）

附注：截至二零二五年三月三十一日止年度，本集

团的可变利率借款按介乎每年3.95%至6.38%

（二零二四年：4.33%至6.13%）计息。

就于二零二五年三月三十一日账面值为

118,955,000港元的银行借款而言，本集团须

遵守财务契诺。该等财务契诺包括有关本集

团资产净值及银行借款与质押物业的资产净

值及公平值的比率之规定。

截至二零二五年及二零二四年三月三十一日

止年度，本集团一直遵守其借贷融资的财务

契诺。

26. BANK AND OTHER BOROWINGS

(CONTINUED)

Notes: During the year ended 31 March 2025, the Group’s variable-rate borowings cary

interest range from 3.95% to 6.38% (2024: 4.33% to 6.13%) per anum.

In respect of bank borowings with carying amount of HK$118,955,000

as at 31 March 2025, the Group is required to comply with the financial

covenants requirements on the Group’s net aset values and ratios on bank

borowings with the net asets and fair value of the pledged properties.

The Group has complied with the financial covenants of its borowing

facilities during the year ended 31 March 2025 and 2024.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
4,234
4,443
1,287
9.964
(4,234)
5,730

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
1,339

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司191

27. 租赁负债

适用于租赁负债的增量借款利率介乎每

年3.72%至6.06%（二零二四年：3.72%至

6.06%）。

28. 退款负债

退款负债与于指定期间内客户的退货权有

关。本集团凭借其累积的历史经验，使用预

期价值法估计组合层面的退货量。于销售

点，对预期会被退回的产品确认退款负债及

相应收益调整。

27. LEASE LIABILITIES

The incremental borowing rates aplied to lease liabilities range from 3.72%

to 6.06% (2024: 3.72% to 6.06%) per anum.

28. REFUND LIABILITIES

The refund liabilities relate to customer’s right to return products within

a specified period. The Group uses its acumulated historical experience

to estimate the number of returns on a portfolio level using the expected

value method. At the point of sale, a refund liability and a coresponding

adjustment to revenue is recognised for those products expected to be

returned.

Accelerated tax depreciation	Lease liabilities	Right-of-use assets	Total
加速税项折旧	租赁负债	使用权资产	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元

700	(1,786)	1,839	753
1,585	194	(322)	1,457
2,285	(1,592)	1,517	2,210

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
(62)
2,272
2,210

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报192

29. 递延税项资产及负债

以下为本年度及过往年度确认的主要递延税

项（资产）负债及其变动：

递延税项资产及负债的对账

29. DEFERED TAX ASETS AND LIABILITIES

The folowing are the major defered tax (asets) liabilities recognised and

movements thereon during the curent and prior year:

At 1 April 2023于二零二三年四月一日5(1,109)1,1095

Charged/(credited) to profit or los

(Note 12)

扣除自╱（计入）损益

（附注12）695(677)730748

At 31 March 2024于二零二四年三月三十一日

Charged/(credited) to profit or los

(Note 12)

扣除自╱（计入）损益

（附注12）

At 31 March 2025于二零二五年三月三十一日

Reconciliation of defered tax asets and liabilities

Nominal value per share	Number of shares	Share capital
每股面值	股份数目	股本
HK$		HK$’000
港元		千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司193

（续）

递延税项资产及负债的对账（续）

于二零二五年三月三十一日，本集团有未动

用税务亏损74,571,000港元（二零二四年：

55,261,000港元）可用作抵销未来溢利。由于

无法预测未来溢利来源，故并无确认递延

税项。于二零二五年三月三十一日，未确认

税务亏损包括将于产生年度起计五年内届满

的税务亏损约1,953,000港元（二零二四年：

2,579,000港元）。其他税务亏损可无限期结

转。

于报告期末，本集团来自持续经营业务的可

扣减暂时差额为13,649,000港元（二零二四

年：11,128,000港元）。由于不可能有应课

税溢利用以抵销可扣减暂时差额，故并无

就来自持续经营业务的可扣减暂时差额

13,649,000港元（二零二四年：11,128,000港

元）确认递延税项资产。

30. 股本

29. DEFERED TAX ASETS AND LIABILITIES

(CONTINUED)

Reconciliation of defered tax asets and liabilities (Continued)

At 31 March 2025, the Group had unused tax loses of HK$74,571,000

(2024: HK$55,261,000) available to ofset against future profits. No

defered tax has ben recognised due to the unpredictability of future profit

streams. Included in unrecognised tax loses at 31 March 2025 are tax loses

of aproximately HK$1,953,000 (2024: HK$2,579,000) that wil expire

within 5 years from the year of originating. Other tax loses may be caried

forward indefinitely.

At the end of the reporting period, the Group has deductible temporary

diference of HK$13,649,000 (2024: HK$11,128,000). No defered tax aset

has ben recognised in respect of the deductible temporary diference of

HK$13,649,000 (2024: HK$11,128,000) as it is not probable that taxable

profit wil be available against which the deductible temporary diferences

can be utilised.

30. SHARE CAPITAL

Authorised:法定：

At 1 April 2023, 31 March 2024,

and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日0.00254,000,000,00010,000

Isued and fuly paid:已发行及缴足：

At 1 April 2023, 31 March 2024,

and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日0.00253,107,893,4407,770

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
663

	31 March 2025	31 March 2024
	二零二五年三月三十一日	二零二四年三月三十一日
	HK$’000	HK$’000
	千港元	千港元
4,224
2,861
1,859
266
9,210

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报194

31. 资本承担

32. 经营租赁安排

本集团作为出租人

本集团持有作租赁用途之所有投资物业已于

未来一至四年获承租人承诺。

租赁的应收未贴现租赁款项如下：

31. CAPITAL COMITMENTS

32. OPERATING LEASE ARANGEMENTS

The Group as a lesor

Al of the investment properties held by the Group for rental purposes have

comited leses for the next one to fourth years.

Undiscounted lease payments receivable on leases are as folows:

		2025	2024
		二零二五年	二零二四年
	Note	HK$’000	HK$’000
	附注	千港元	千港元
7,174
176,700
183,874

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司195

33. 资产押记

本集团的借款由本集团的资产押记作抵押，

33. PLEDGE OF ASETS

The Group’s borowings had ben secured by the pledge of the Group’s asets

and the carying amounts of the respective asets are as folows:

34. CAPITAL MANAGEMENT

The Group manages its capital to ensure that entities in the Group wil

be able to continue as a going concern while maximising the return to

shareholders through the optimisation of the debt and equity balance. The

Group’s overal strategy remains unchanged from prior year. The capital

structure of the Group consists of bank and other borowings and lease

liabilities disclosed in notes 26 and 27, respectively, net of cash and cash

equivalents and equity atributable to owners of the Company, comprising

isued share capital, acumulated loses and other reserves.

The management reviews the capital structure on a semi-anual basis. As

part of this review, the management considers the cost of capital and the

risks asociated with each clas of capital. Based on recomendations of

the management, the Group wil balance its overal capital structure through

new share isues and share buy-backs as wel as the isue of new debt or the

redemption of existing debt.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
39,350
138,972
9,964

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报196

35. 金融工具

(a) 金融工具分类

(b) 财务风险管理目标及政策

本集团的主要金融工具包括应收账

款、其他应收款项、按金、现金及现

金等价物、应付账款及其他应付款

项、银行及其他借款、退款负债、应

付一名股东款项及租赁负债。金融工

具之详情于相关附注披露。与该等金

融工具有关的风险包括市场风险（货

币风险及利率风险）、信贷风险及流

动资金风险。管理层管理及监控该等

风险，以确保及时有效地采取适当措

施。为减少该等风险而设的措施载列

如下。

市场风险

年内本集团面临的市场风险或其管理

及计量该风险的方式并无变动。

35. FINANCIAL INSTRUMENTS

(a) Categories of financial instruments

(b) Financial risk management objectives and policies

The Group’s major financial instruments include trade receivables,

other receivables, deposits, cash and cash equivalents, trade and other

payables, bank and other borowings, amount due to a shareholder

and lease liabilities. Details of the financial instruments are disclosed

in respective notes. The risks asociated with these financial

instruments include market risk (curency risk and interest rate risk),

credit risk and liquidity risk. The management manages and monitors

these exposures to ensure apropriate measures are implemented in

a timely and efective maner. The policies on how to mitigate these

risks are set out below.

Market risk

There has ben no change to the Group’s exposure to market risks

or the maner in which it manages and measures the risk during the

year.

	Liabilities		Assets
	负债		资产
	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
790 –
	千港元	997		21
	–		208

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司197

（续）

(b) 财务风险管理目标及政策（续）

市场风险（续）

(i) 货币风险

本公司的数间附属公司有外币

销售及购货及银行结余，令本

集团面临外币风险。其主要以

进行买卖的集团实体的功能货

币以外的货币计值，即美元或

人民币。

本集团以外币计值的货币资产

及货币负债于报告期末的账面

值如下：

本集团目前并无外汇对冲政

策。然而，本集团管理层监督

外汇风险，并将于有需要时考

虑对冲重大外汇风险。

本公司董事认为整体货币风险

并不会重大，因美元与港元

挂钩，故美元并无重大外币风

险，而人民币银行结余亦不

多。因此，并无编制及呈列敏

感度分析。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Curency risk

Several subsidiaries of the Company have foreign curency

sales and purchases and bank balances which expose the

Group to foreign curency risk. They are mainly denominated

in curencies other than the functional curency of the group

entity making the sale or purchases, i.e. USD or RMB.

The carying amounts of the Group’s foreign curency

denominated monetary asets and monetary liabilities at the

end of the reporting period are as folows:

The Group curently does not have a foreign exchange

hedging policy. However, the management of the Group

monitors foreign exchange exposure and wil consider hedging

significant foreign exchange exposure should the ned arises.

The directors of the Company consider that the overal

curency risk is not significant as there are no material foreign

curency risk exposure of USD as the USD is peged with the

HKD and the bank balance of RMB is minimal. Acordingly,

no sensitivity analysis is prepared and presented.

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
6,407

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报198

（续）

(b) 财务风险管理目标及政策（续）

市场风险（续）

(i) 利率风险

本集团面临与租赁负债（附注

27）有关的公平值利率风险。本

集团亦面临与可变利率银行结

余（附注22）、可变利率银行借

款（附注26）及应付一名股东款

项（附注25）有关的现金流利率

风险。本集团的现金流利率风

险主要集中在借款利率的波动

及应付一名股东款项。本集团

的目标是保持浮息借款及应付

一名股东款项。本集团透过根

据利率水平及前景评估任何利

率变动产生的潜在影响管理其

利率风险。管理层将审查固定

及浮动利率的借款比例，并确

保其处于合理范围内。

并非按公平值计入损益的金融

负债利息开支：

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Interest rate risk

The Group is exposed to fair value interest rate risk in relation

to lease liabilities (Note 27). The Group is also exposed to cash

flow interest rate risk in relation to variable-rate bank balances

(Note 22), variable-rate bank borowings (Note 26) and

amount due to a shareholder (Note 25). The Group’s cash flow

interest rate risk is mainly concentrated on the fluctuation of

interest rates on borowings and amount due to a shareholder.

The Group aims at keping borowings and amount due to a

shareholder at variable rates. The Group manages its interest

rate exposures by asesing the potential impact arising from

any interest rate movements based on interest rate level and

outlok. The management wil review the proportion of

borowings in fixed and floating rates and ensure they are

within reasonable range.

Interest expense on financial liabilities not at FVTPL:

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司199

（续）

(b) 财务风险管理目标及政策（续）

市场风险（续）

(i) 利率风险（续）

敏感度分析

下列敏感度分析乃根据报告期

末的利率风险厘定。该分析乃

于假设报告期末未偿还金融工

具全年未偿还的情况下进行。

浮动利率银行借款及应付一名

股东款项的100个基点（二零

二四年：100个基点）的增加或

减少代表管理层对利率的合理

可能变化的评估。由于管理层

认为浮动利率银行借款及应付

一名股东款项所产生的现金流

量利率风险并不重大，因此敏

感度分析中不包括银行结余。

如果利率上升╱下降100个基点

（二零二四年：100个基点），而

所有其他变数保持不变，本集

团截至二零二五年三月三十一

日止年度的除税后亏损将增

加╱减少约993,000港元（截至

二零二四年三月三十一日止年

度的除税后溢利减少╱增加约

1,143,000港元）。这主要是由于

本集团的浮动利率银行借款及

应付一名股东款项的利率风险。

于本年度，本集团对利率的敏

感度增加，主要是由于浮息银

行借款增加。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Market risk (Continued)

(i) Interest rate risk (Continued)

Sensitivity analysis

The sensitivity analyses below have ben determined based on

the exposure to interest rates at the end of the reporting period.

The analysis is prepared asuming the financial instruments

outstanding at the end of the reporting period were outstanding

for the whole year. A 100 basis point (2024: 100 basis

points) increase or decrease in variable-rate bank borowings

and amount due to a shareholder represents management’s

asesment of the reasonably posible change in interest rates.

Bank balances are excluded from sensitivity analysis as the

management considers that the exposure of cash flow interest

rate risk arising from variable-rate bank borowings and

amount due to a shareholder is insignificant.

If interest rates had ben 100 basis points (2024: 100 basis

points) higher/lower and al other variables were held constant,

the Group’s post-tax los for the year ended 31 March 2025

would increase/decrease by aproximately HK$993,000

(post-tax profit for the year ended 31 March 2024 would

decrease/increase by aproximately HK$1,143,000). This is

mainly atributable to the Group’s exposure to interest rates

on its variable-rate bank borowings and amount due to a

shareholder.

The Group’s sensitivity to interest rates has increased during

the curent year mainly due to the increase in variable-rate

bank borowings.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报200

（续）

(b) 财务风险管理目标及政策（续）

信贷风险

信贷风险指交易对方违反合约责任而

对本集团构成财务损失的风险。本集

团的信贷风险主要归因于应收账款、

其他应收款项、按金及银行结余。

来自客户合约的应收账款

为了将信贷风险降至最低，已制定监

督程序，确保采取后续行动以收回逾

期债务，且管理层认为本集团的信贷

风险已相应大幅降低。

本集团有集中的信贷风险，因为应收

账款总额的97%（二零二四年：97%）

及97%（二零二四年：97%）分别来自

本集团的最大客户及五大客户。为了

将信贷风险降至最低，本集团管理层

已委派一支团队负责厘定信贷限额及

信贷审批。

此外，本集团按预期信贷亏损模式对

有重大结余的应收账款个别进行减

值评估。除有重大结余的债务人外，

其余应收账款乃根据共同的信贷风险

特征，参照本集团的未偿付结余的账

龄进行分组。本年度确认减值拨回

约180,000港元（二零二四年：减值约

51,000港元）。量化披露资料的详情载

于本附注下文。

银行结余

银行结余的信贷风险有限，乃因对手

方均为信誉良好且获国际信贷机构授

予高信贷评级的银行。本集团经参考

外部信贷评级机构所公布有关各信贷

评级等级的违约概率及违约损失率的

资料后评估银行结余的12个月预期信

贷亏损。根据平均损失率，银行结余

的12个月预期信贷亏损被视为并不重

大，故并无确认亏损拨备。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Credit risk

Credit risk refers to the risk that a counterparty wil default on its

contractual obligations resulting in financial los to the Group. The

Group’s credit risk is primarily atributable to trade receivables, other

receivables, deposits and bank balances.

Trade receivables arising from contract with customers

In order to minimise the credit risk, monitoring procedures are in

place to ensure that folow-up action is taken to recover overdue

debts and the management considers that the Group’s credit risk is

significantly reduced acordingly.

The Group has concentration of credit risk as 97% (2024: 97%) and

97% (2024: 97%) of the total trade receivables was due from the

Group’s largest customer and the five largest customers respectively.

In order to minimise the credit risk, the management of the Group has

delegated a team responsible for determination of credit limits and

credit aprovals.

In adition, the Group performs impairment asesment under ECL

model on trade receivables with significant balances individualy.

Except for debtors with significant balances, the remaining trade

receivables are grouped based on shared credit risk characteristics

by reference to the Group’s aging of outstanding balances. Reserval

of impairment of aproximately HK$180,000 (2024: Impairment of

aproximately HK$51,000) is recognised during the year. Details of

the quantitative disclosures are set out below in this note.

Bank balances

Credit risk on bank balances is limited because the counterparties

are reputable banks with high credit ratings asigned by international

credit agencies. The Group asesed 12m ECL for bank balances

by reference to information relating to probability of default and

los given default of the respective credit rating grades published

by external credit rating agencies. Based on the average los rates,

the 12m ECL on bank balances is considered to be insignificant and

therefore no los alowance was recognised.

Internal credit rating	Description	Trade receivables	Other financial assets
内部信用评级	描述	应收账款	其他金融资产

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司201

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

其他应收款项及按金

就其他应收款项及按金而言，管理层

根据历史结算记录、过往经验，以及

合理的定量及定性资料以及支援性前

瞻性资料，定期对其他应收款项及按

金的可收回性进行单独评估。管理层

认为，自初始确认以来，该等款项的

信贷风险并无因拖欠及无抵押的款项

而显著增加，而本集团根据12个月预

期信贷亏损计提减值拨备。

本集团有关评估的内部信用风险包括

以下类别：

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

Other receivables and deposits

For other receivables and deposits, the management makes periodic

individual asesment on the recoverability of other receivables and

deposits based on historical setlement records, past experience, and

also quantitative and qualitative information that is reasonable and

suportive forward-loking information. The management believes

that there is no significant increase in credit risk of these amounts

since initial recognition due to the amount defaulted and unsecured

and the Group provided impairment based on 12m ECL.

The Group’s internal credit risk grading asesment comprises the

folowing categories:

Low riskThe counterparty has a low risk of default and does not

have any past-due amounts

Lifetime ECL

– not credit-impaired

12m ECL

低风险对手方的违约风险较低，且并无任何逾期款项全期预期信贷亏损

－并无信贷减值

12个月预期信贷亏损

Watch listDebtor frequently repays after due dates but usualy

setle in ful

Lifetime ECL

– not credit-impaired

12m ECL

观察名单债务人经常在到期日后偿还，但通常全数结算全期预期信贷亏损

－并无信贷减值

12个月预期信贷亏损

DoubtfulThere have ben significant increases in credit risk

since initial recognition through information

developed internaly or external resources

Lifetime ECL

– not credit-impaired

Lifetime ECL

– not credit-impaired

可疑自通过内部开发的资料或外部资源初步确认以来，

信用风险显著增加

全期预期信贷亏损

－并无信贷减值

全期预期信贷亏损

－并无信贷减值

LosThere is evidence indicating the aset is credit-impairedLifetime ECL

– credit-impaired

Lifetime ECL

– credit-impaired

亏损有证据显示资产发生信贷减值全期预期信贷亏损

－信贷减值

全期预期信贷亏损

－信贷减值

Write-ofThere is evidence indicating that the debtor is in severe

financial dificulty and the Group has no realistic

prospect of recovery

Amount is writen ofAmount is writen of

撇销有证据显示债务人陷入严重的财务困难且本集团收

回款额的前景渺茫

撇销有关金额撇销有关金额

		2025 二零二五年 Gross carrying amount 账面总值	2024 二零二四年 Gross carrying amount 账面总值
	Notes	HK$’000	HK$’000
	附注	千港元	千港元
24,570
732
25,302
9,960
5,532

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报202

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

下表详述本集团金融资产的信用风

险，须进行预期信贷亏损评估：

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

The tables below detail the credit risk exposures of the Group’s

financial asets, which are subject to ECL asesment:

应

其

银

Average loss rate	Gross carrying amount	Loss allowance
平均亏损率	账面总值	亏损拨备
%	HK$’000	HK$’000
%	千港元	千港元
10.91	3	–
16.91	35	6
–	–	–
100.00	694	694
100.00	732	700

Average loss rate	Gross carrying amount	Loss allowance
平均亏损率	账面总值	亏损拨备
%	HK$’000	HK$’000
%	千港元	千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司203

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

附注：

(i) 就应收账款而言，本集团已采用香港

财务报告准则第9号中的简化方法以衡

量全期预期信贷亏损的亏损拨备。除

有重大结余或信贷减值的债务人（其获

单独评估）外，本集团按逾期状况分

组，综合厘定该等项目的预期信贷亏

损。

作为本集团信贷风险管理的一部分，

本集团使用债务人账龄评估余下客户

的应收账款减值，因为该等客户具有

共同风险特征，代表客户按照合约条

款支付所有到期金额的能力。下表提

供关于本集团应收账款的信贷风险的

资料，该等应收账款乃透过使用全期

预期信贷亏损（并无信贷减值）内的集

体评估。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

Notes:

(i) For trade receivables, the Group has aplied the simplified aproach in

HKFRS 9 to measure the los alowance at lifetime ECL. Except for debtors

with significant balances or credit impaired which are asesed individualy,

the Group determines the expected credit loses on these items colectively,

grouped by past due status.

As part of the Group’s credit risk management, the Group uses debtors’

ageing to ases the impairment of trade receivables from the remaining

customers because these customers share comon risk characteristics

that are representative of the customers’ abilities to pay al amounts due

in acordance with the contractual terms. The folowing table provides

information about the Group’s exposure to credit risk for trade receivables

which are asesed on a colective basis within lifetime ECL (not credit-

impaired).

31 March 2024二零二四年三月三十一日

Curent即期–

Les than 2 months past due逾期少于2个月12.01789

2 to 3 months past due逾期2至3个月–

Over 90 days past due逾期90天以上100.00725725

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报204

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

附注：（续）

(i) （续）

估计亏损率随债务人预期年期按过往

观察违约率及无需付出过多成本或努

力即可获得的前瞻性资料估算。管理

层会定期检讨归类工作，确保特定债

务人的相关资料得以更新。

于截至二零二五年三月三十一日止年

度，本集团基于个别评估确认应收账

款减值拨回约146,000港元（二零二四

年：减值拨回约167,000港元），并基

于共同评估确认应收账款减值拨回约

34,000元（二零二四年：减值约218,000

港元）。

(i) 于厘定预期信贷亏损时，本集团已

酌情考虑历史结付记录、过往违约

经验及前瞻性资料。自初始确认以

来，信贷风险并无显著增加。于截至

二零二五年三月三十一日止年度，确

认其他应收款项及按金的减值拨回

约22,000港元（二零二四年：减值约

152,000港元）。就余下的其他应收账

款结余而言，本集团考虑到与支付有

关的历史违约率一直很低并得出结

论，该等结余的内在信贷风险不大。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

Notes: (Continued)

(i) (Continued)

The estimated los rates are estimated based on historical observed default

rates over the expected life of the debtors and forward-loking information

that is available without undue cost or efort. The grouping is regularly

reviewed by management to ensure relevant information about specific

debtors is updated.

During the year ended 31 March 2025, the Group recognised reversal of

impairment of aproximately HK$146,000 (2024: reversal of impairment

of aproximately HK$167,000) for trade receivables based on individual

asesment and reversal of impairment of aproximately HK$34,000 (2024:

impairment of aproximately HK$218,000) for trade receivables based on

colective asesment respectively.

(i) In determining the ECL, the Group has taken into acount the historical

setlement record, past experience and forward-loking information as

apropriate. There had ben no significant increase in credit risk since initial

recognition. During the year ended 31 March 2025, reversal of impairment

of aproximately HK$22,000 (2024: impairment of aproximately

HK$152,000) is recognised on other receivables and deposits. For the

remaining other receivable balances, the Group has considered the

consistently low historical default rate in conection with payments and

concluded that credit risk inherent in these balances is insignificant.

Lifetime ECL (not credit- impaired)
全期预期信贷亏损（并无信贷减值）
HK$’000
千港元

1,484
(1,484)
1,304
1,304

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司205

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

下表列出已就应收账款按简易方法确

认的亏损拨备对账。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

The folowing table shows the reconciliation of los alowances

that has ben recognised for trade receivables under the simplified

aproach.

As at 1 April 2023于二零二三年四月一日1,433

Changes due to financial instruments recognised

as at 1 April 2023:

于二零二三年四月一日已确认

因金融工具产生的变动：

– Impairment los reversed－已拨回减值亏损(1,433)

New financial asets新金融资产1,484

As 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

Changes due to financial instruments recognised

as at 1 April 2024:

于二零二四年四月一日已确认

因金融工具产生的变动：

– Impairment los reversed－已拨回减值亏损

New financial asets新金融资产

As at 31 March 2025于二零二五年三月三十一日

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报206

（续）

(b) 财务风险管理目标及政策（续）

流动资金风险及按持续经营基准编制

本集团的政策为定期监测当前和预期

的流动资金需求，确保其保持充足现

金储备和从主要贷款人获得足够的承

诺资金额度，满足其短期和长期的流

动资金需求。

截至二零二五年三月三十一日止年

度，本集团的流动负债净额约为

75,441,000港元。本集团于二零二五

年三月三十一日的银行结余及现金约

为5,532,000港元，而本集团的银行及

其他借款约为118,955,000港元，依据

合约偿还日期，其中约18,114,000港

元须于报告期末起计的未来十二个月

内偿还。有鉴于此，本公司董事已仔

细考虑本集团的未来流动性，有关详

情载于附注3.1。

下表载列本集团非衍生金融负债余下

合约期限详情。该表基于本集团贴现

金融负债现金流量编制。具体而言，

无论银行选择行使其权利的可能性有

多大，附有按要求偿还条款的银行借

款均会列入最早的时间范围内。其他

非衍生金融负债的到期日期乃以协定

还款日期为基准。

该表已计入利息及本金现金流量。在

利息流量为浮息的情况下，未贴现金

额按报告期末利率计算。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Liquidity risk and the basis for preparation on a going concern

basis

The Group’s policy is to regularly monitor curent and expected

liquidity requirements to ensure that it maintains suficient reserves

of cash and adequate comited lines of funding from major lenders

to met its liquidity requirements in the short and longer term.

As at 31 March 2025, the Group had net curent liabilities of

aproximately HK$75,441,000. The Group’s bank balances and cash

as at 31 March 2025 amounted to aproximately HK$5,532,000 as

compared to the Group’s bank and other borowings of aproximately

HK$118,955,000, of which aproximately HK$18,114,000 are

repayable within the next twelve months from the end of the reporting

period based on contractual repayment date. In view of this, the

directors of the Company have given careful consideration to the

future liquidity of the Group and details of which are set out in Note

3.1.

The folowing table details the Group’s remaining contractual

maturity for its non-derivative financial liabilities. The table has ben

drawn up based on the undiscounted cash flows of financial liabilities

based on the earliest date on which the Group can be required to pay.

Specificaly, bank borowings with a repayment on demand clause are

included in the earliest time band regardles of the probability of the

banks chosing to exercise their rights. The maturity dates for other

non-derivative financial liabilities are based on the agred repayment

dates.

The table includes both interest and principal cash flows. To the

extent that interest flows are floating rate, the undiscounted amount is

derived from interest rate at the end of the reporting period.

Weighted average interest rate	On demand	Within 1 year	More than 1 year but less than 2 years	More than 2 years but less than 5 years	Total undiscounted cash flows	Carrying amount
加权平均利率	应要求	一年内	超过一年但少于两年	超过两年但少于五年	未贴现现金流量总额	账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
%	千港元	千港元	千港元	千港元	千港元	千港元
–	–	20,017	–	–	20,017	20,017
5.18	118,955	–	–	–	118,955	118,955
5.18	118,955	20,017	–	–	138,972	138,972
5.47	–	4,557	4,628	1,331	10,516	9,964

Weighted average interest rate	On demand	Within 1 year	More than 1 year but less than 2 years	More than 2 years but less than 5 years	Total undiscounted cash flows	Carrying amount
加权平均利率	应要求	一年内	超过一年但少于两年	超过两年但少于五年	未贴现现金流量总额	账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
%	千港元	千港元	千港元	千港元	千港元	千港元

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司207

（续）

(b) 财务风险管理目标及政策（续）

流动资金风险及按持续经营基准编制

（续）

于二零二五年三月三十一日

于二零二四年三月三十一日

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Liquidity risk and the basis for preparation on a going concern

basis (Continued)

As at 31 March 2025

As at 31 March 2024

Financial liabilities included in “trade

and other payables”

计入「应付账款及其他

应付款项」的金融负债–20,273–20,27320,273

Bank and other borowings银行及其他借款5.48110,965–110,965110,965

Amount due to a shareholder应付一名股东款项3.8825,909–25,90925,909

136,87420,273–157,147157,147

Lease liabilities租赁负债5.19–5,2303,6913,12912,05011,214

Within 1 year	More than 1 year but less than 2 years	More than 2 years but less than 5 years	More than 5 years	Total undiscounted cash outflows	Carrying amount
于1年内	超过1年但少于2年	超过2年但少于5年	超过5年	未贴现现金流出总额	账面值
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
22,275	19,879	49,191	44,900	136,245	118,955

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报208

（续）

(b) 财务风险管理目标及政策（续）

流动资金风险及按持续经营基准编制

（续）

附带按要求偿还条款的银行借款计入

上文到期日分析的「按要求」时间范围

内。于二零二五年三月三十一日，该

等银行借款的账面总值为118,955,000

港元（二零二四年：110,965,000港

元）。经考虑本集团的财务状况后，

管理层认为，银行不大可能行使其酌

情权要求立即还款。管理层相信，该

等银行借款将根据贷款协议所载之预

定还款日期，于报告期末后偿还，详

情载于下表：

到期日分析－附带按要求偿还条款的

银行借款（基于计划偿还情况）

本公司董事认为，在综合财务报表中

确认的金融资产及金融负债的账面值

与其公平值相若。

35. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives and policies

(Continued)

Liquidity risk and the basis for preparation on a going concern

basis (Continued)

Bank borowings with a repayment on demand clause are included

in the “on demand” time band in the above maturity analysis. As

at 31 March 2025, the agregate carying amounts of these bank

borowings amounted to HK$118,955,000 (2024: HK$110,965,000).

Taking into acount the Group’s financial position, the management

does not believe that it is probable that the banks wil exercise

their discretionary rights to demand imediate repayment. The

management believes that such bank borowings wil be repaid after

the end of the reporting period in acordance with the scheduled

repayment dates set out in the loan agrements, details of which are

set out in the table below:

Maturity Analysis – Bank borowings with a repayment on demand

clause based on scheduled repayments

31 March 2024二零二四年三月三十一日15,42615,42638,19264,610133,654110,965

The directors of the Company consider that the carying amounts of

financial asets and financial liabilities recognised in the consolidated

financial statements aproximate their fair values.

Bank borrowings	Amount due to a shareholder	Interest payables	Lease liabilities	Total
银行借款	应付一名股东款项	应付利息	租赁负债	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
(Note 26)	(Note 25)	(Note 23)	(Note 27)
（附注26）	（附注25）	（附注23）	（附注27）
110,965	25,909	1,299	11,214	149,387
7,990	(25,909)	(7,464)	(5,459)	(30,842)
–	–	6,407	499	6,906
–	–	–	3,710	3,710
–	–	6,407	4,209	10,616
118,955	–	242	9,964	129,161

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司209

36. 融资活动所产生负债之对账

下表详述本集团融资活动所产生负债之变

动，包括现金及非现金变动。融资活动所产

生负债为现金流量或未来现金流量，将于本

集团之综合现金流量表内分类为融资活动之

现金流量之负债。

截至二零二五年三月三十一日止年度

36. RECONCILIATION OF LIABILITIES ARISING

FROM FINANCING ACTIVITIES

The table below details the changes in the Group’s liabilities from financing

activities, including both cash and non-cash changes. Liabilities arising from

financing activities are liabilities for which cash flows were, or future cash

flows wil be, clasified in the Group’s consolidated statement of cash flows

as cash flows from financing activities.

For the year ended 31 March 2025

Bank borrowings	Other borrowings	Amount due to a shareholder	Interest payables	Lease liabilities	Total
银行借款	其他借款	应付一名股东款项	应付利息	租赁负债	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
(Note 26)	(Note 26)	(Note 25)	(Note 23)	(Note 27)
（附注26）	（附注26）	（附注25）	（附注23）	（附注27）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报210

36. 融资活动所产生负债之对账

（续）

截至二零二四年三月三十一日止年度

36. RECONCILIATION OF LIABILITIES

ARISING FROM FINANCING ACTIVITIES

(CONTINUED)

For the year ended 31 March 2024

At 1 April 2023于二零二三年四月一日61,73718,00079,9096546,768167,068

Financing cash flows融资现金流量49,228(18,000)(54,000)(6,512)(4,815)(34,099)

Non-cash movements非现金变动

Interest expenses利息开支–7,1576207,777

New lease entered已订立新租赁–8,6418,641

Total other changes其他变动总额–7,1579,26116,418

At 31 March 2024于二零二四年三月三十一日110,965–25,9091,29911,214149,387

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
7,773
120
7,893

			2025	2024
Name of related parties	Relationship	Nature of balances/ transactions	二零二五年	二零二四年
Name of related parties	Relationship	Nature of balances/ transactions	HK$’000	HK$’000
关连方名称	关系	结余╱交易性质	千港元	千港元
			46
			480

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司211

37. 关连方交易

除于本财务报表其他部分披露的交易及结余

外，本集团与关连方于年内的交易及结余如

下：

(a) 主要管理人员薪酬

本集团主要管理人员薪酬包括附注10

所披露已付本公司董事及行政总裁以

及本集团其他高级管理层的款项，载

列如下：

(b) 与关连方交易

37. RELATED PARTY TRANSACTIONS

In adition to the transactions and balances disclosed elsewhere in these

financial statements, the Group had the folowing transactions and balances

with its related parties during the year:

(a) Key management personel remuneration

Remuneration for key management personel of the Group, including

amounts paid to the Company’s directors and chief executive oficer as

disclosed in Note 10 and other senior management of the Group are as

folows:

(b) Transactions with related parties

实体

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报212

（续）

及应付款项

年内，就应付一名股东款项产生利

息开支约457,000港元（二零二四年：

1,266,000港元）。

于二零二五年三月三十一日，就应

付一名股东款项并无应付利息（二零

二四年：1,045,000港元），并于附注

23中列为应付利息。

应付一名股东的款项详情于附注25披

露。

(d) 关连方结余

应收租金约6,000港元（二零二四年：

3,000港元）由Palaeontol B.V.于二零

二五年三月三十一日结欠，并于附注

21中列为应收账款。

37. RELATED PARTY TRANSACTIONS

(CONTINUED)

shareholder

During the year, interest expenses amounted to aproximately

HK$457,000 were incured for amount due to a shareholder (2024:

HK$1,266,000).

No interest payable on amount due to a shareholder as at 31 March

2025 (2024: HK$1,045,000) and as included as interest payables in

Note 23.

Details of amounts due to a shareholder is disclosed on Note 25.

(d) Balances with related parties

Rental receivables of aproximately HK$6,000 was due from

Palaeontol B.V. as at 31 March 2025 (2024: HK$3,000) and as

included as trade receivables in Note 21.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司213

38. 以股权结算以股份支付之开支

本公司设有购股权计划，据此，认购本公司

普通股的购股权授予经过甄选的合资格参与

者。

本公司于二零二三年九月十三日举行的股东

周年大会上，本公司股东批准新购股权计划

（「二零二三年购股权计划」），在取得联交

所上市批准后，本公司于二零二三年九月

二十七日采纳二零二三年购股权计划，而于

二零一三年十月十一日采纳的购股权计划

（「二零一三年购股权计划」）于同日终止。当

二零一三年购股权计划终止，且二零二三

年购股权计划于二零二三年九月二十七日起

生效后，截至二零二四年三月三十一日止年

度，概无二零一三年购股权计划下的购股权

已授出、行使、注销、失效或尚未行使。二

零一三年购股权计划终止以后，概无根据其

进一步授出购股权。

购股权变动

二零二三年购股权计划

截至二零二五年及二零二四年三月三十一日止

年度，概无二零二三年购股权计划下的购股权

获授出、行使、注销、失效或尚未行使。

38. EQUITY-SETLED SHARE-BASED

PAYMENTS

The Company operates a share option scheme under which options to

subscribe for ordinary shares in the Company are granted to selected eligible

participants.

At the anual general meting of the Company held on 13 September 2023,

the shareholders of the Company aproved a new share option scheme (the

“2023 Share Option Scheme”) and the 2023 Share Option Scheme was

adopted by the Company on 27 September 2023 upon a listing aproval

from the Stock Exchange, where the share option scheme adopted on 11

October 2013 (the “2013 Share Option Scheme”) was terminated on the

same date. No share option was granted, exercised, canceled, lapsed or

outstanding under the 2013 Share Option Scheme during the year ended 31

March 2024 when it was terminated with efect from the adoption of 2023

Share Option Scheme on 27 September 2023. No further share option could

be granted under the 2013 Share Option Scheme after its termination.

Movements of share options

2023 Share Option Scheme

During the years ended 31 March 2025 and 2024, no share option was

granted, exercised, canceled, lapsed or outstanding under the 2023 Share

Option Scheme.

Name	Place of incorporation/ establishment and operation	Class of shares held	Particulars of issued and paid-up capital	Percentage of equity attributable to the Company				Principal activities
名称	注册成立╱ 创立及营运地点	持有股份类别	已发行及缴足股本详情	本公司应占权益百分比				主要业务
				Direct		Indirect
				直接		间接
				2025	2024	2025	2024
				二零二五年	二零二四年	二零二五年	二零二四年
				%	%	%	%
				–		100
				–		100
				–		100
				–		100
				–		100
				–		100
				–		100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报214

39. 主要附属公司

于二零二五年及二零二四年三月三十一日，

主要附属公司之详情如下：

39. PRINCIPAL SUBSIDIARIES

Particulars of the principal subsidiaries as at 31 March 2025 and 2024 are as

folows:

巨成集团有限公司香港普通1港元物业持有

Name	Place of incorporation/ establishment and operation	Class of shares held	Particulars of issued and paid-up capital	Percentage of equity attributable to the Company				Principal activities
名称	注册成立╱ 创立及营运地点	持有股份类别	已发行及缴足股本详情	本公司应占权益百分比				主要业务
				Direct		Indirect
				直接		间接
				2025	2024	2025	2024
				二零二五年	二零二四年	二零二五年	二零二四年
				%	%	%	%
				–		100
				–		100
				–		100
				–		100
				–		100
				100		–
				–		100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司215

（续）

有限公司

39. PRINCIPAL SUBSIDIARIES (CONTINUED)

Name	Place of incorporation/ establishment and operation	Class of shares held	Particulars of issued and paid-up capital	Percentage of equity attributable to the Company				Principal activities
名称	注册成立╱ 创立及营运地点	持有股份类别	已发行及缴足股本详情	本公司应占权益百分比				主要业务
				Direct		Indirect
				直接		间接
				2025	2024	2025	2024
				二零二五年	二零二四年	二零二五年	二零二四年
				%	%	%	%
				–		100
				–		100
				–		100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报216

（续）

上表列举本公司董事认为会对本集团业绩或

资产有重大影响的本公司附属公司。本公司

董事认为，提供其他附属公司的详情会导致

篇幅过长。

概无附属公司于年结日发行任何债务证券。

概无非全资附属公司的财务资料于综合财务

报表披露，此乃由于非控股权益对本集团并

不重大。

及投资控股

The above table lists the subsidiaries of the Company which, in the opinion

of the director of the Company principaly afected the results or asets of

the Group. To give details of other subsidiaries would, in the opinion of the

director of the Company, result in particulars of excesive length.

None of the subsidiaries had isued any debt securities at the end of the year.

No financial information of the non-wholy owned subsidiary is disclosed

in the consolidated financial statements as the non-controling interest is not

material to the Group.

39. PRINCIPAL SUBSIDIARIES (CONTINUED)

	2025	2024
	二零二五年	二零二四年
	HK$’000	HK$’000
	千港元	千港元
38,561
250,597
289,158
352
208
389
949
2,069
58,306
–
331,219
–
391,594
(390,645)
(101,487)
7,770
(109,257)
(101,487)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司217

40. 本公司的财务状况表40. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

	Share premium	Contributed surplus	Accumulated losses	Total
	股份溢价	缴入盈余	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
(Note a)
（附注a）

424,497	38,541	(531,339)	(68,301)
–	–	(40,956)	(40,956)
424,497	38,541	(572,295)	(109,257)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Anual Report 2024/2025 年报218

（续）

本公司储备变动

附注a：缴入盈余指本公司已发行普通股之面值与透

过根据本公司股份于联交所GEM上市前之

集团重组交换股份收购附属公司之资产净值

之差额。

40. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY (CONTINUED)

Movement in the Company’s reserves

At 1 April 2023于二零二三年四月一日424,49738,541(530,136)(67,098)

Changes in equity for 2024:二零二四年权益变动：

Los and total comprehensive expense

for the year

年内亏损及全面开支总额

–(1,203)(1,203)

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

Changes in equity for 2025:二零二五年权益变动：

Los and total comprehensive expense

for the year

年内亏损及全面开支总额

At 31 March 2025于二零二五年三月三十一日

Note a: Contributed surplus represents the diference betwen the nominal value of the

ordinary shares isued by the Company and the net aset value of subsidiaries

acquired through an exchange of shares pursuant to the group reorganisation prior

to the listing of the Company’s shares on the GEM of the Stock Exchange.

Location	Use	Tenure	Attributable interest of the Group
位置	用途	租期	本集团应占权益

PARTICULARS OF PROPERTIES

物业详情

Shunten International (Holdings) Limited 顺腾国际（控股）有限公司219

INVESTMENT PROPERTIES

No. 127 Kweilin Stret, Kowlon, Hong KongComercial and residentialMedium term lease100%

香港九龙桂林街127号商住中期租约100%

7th Flor of “11 Macdonel Road”,

No. 11 Macdonel Road, Hong Kong

ResidentialMedium term lease100%

香港麦当劳道11号的「麦当劳道11号」 7楼住宅中期租约100%

27th Flor of The Galaxy,

No. 313 Castle Peak Road, Kwai Chung,

Hong Kong

IndustrialMedium term lease100%

香港葵涌青山公路313号天际中心27楼工业中期租约100%

21st Flor of Man Shing Industrial Building,

No. 307–311 Castle Peak Road, Kwai Chung,

Hong Kong

IndustrialMedium term lease100%

香港葵涌青山公路307–311号

万胜工业大厦21楼

工业中期租约100%

投资物业

	2021	2022	2023	2024	2025
	二零二一年	二零二二年	二零二三年	二零二四年	二零二五年
	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
205,048
(33,368)
(2,875)
(36,243)
–
(36,243)
(36,243)
–
(36,243)

	2021	2022	2023	2024	2025
	二零二一年	二零二二年	二零二三年	二零二四年	二零二五年
	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
288,904
(153,559)
135,345
136,624

FINANCIAL SUMARY

财务概要

Anual Report 2024/2025 年报220

RESULTS

ASETS AND LIABILITIES

The comparative information for the year ended 31 March 2021 has not ben

re-presented to separately present the results of Advance Rider Limited and its

subsidiaries as discontinued operations.

截至二零二一年三月三十一日止年度的比较资料

并无重列，以个别呈列Advance Rider Limited及其

附属公司（作为已终止经营业务）的业绩。

业绩

资产与负债

年

报

2024/2025

ANUAL REPORT 年报

Contents

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

FINANCIAL HIGHLIGHTS

财务概要

FINANCIAL HIGHLIGHTS

财务概要

INFORMATION FOR INVESTORS

给投资者的资料

Adres:Unit D, 7/F, KC100, 100 Kwai Cheong Road

Telephone:(852) 3700 7300

Fax:(852) 3700 7301

Website:w.shunten.com.hk

Adres:17/F, Far East Finance Centre

Telephone:(852) 2980 1333

Fax:(852) 2810 8185

Website:htp:/srhk.vistra.com

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

Period: profit of aproximately HK$0.6 milion). Apart from the unrealised item

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

Period: aproximately HK$54.5 milion). The decrease was primarily due to the

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历详情

2013. Prior to founding Hamer Capital Group Limited, he was the director in

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历详情

2022. She has aproximately 26 years of experience in the field of natural resources

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历详情

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历详情

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历详情

REPORT OF THE DIRECTORS

董事会报告书

REPORT OF THE DIRECTORS

董事会报告书

REPORT OF THE DIRECTORS

董事会报告书

1. Purpose of the 2023 Share Option Scheme

2. Participants of the 2023 Share Option Scheme

REPORT OF THE DIRECTORS

董事会报告书

4. Maximum entitlement of each participant under the 2023 Share Option

REPORT OF THE DIRECTORS

董事会报告书

5. Period within which the share option may be exercised by the grante

6. Vesting period of share options granted under the 2023 Share Option

7. Price payable on aplication or aceptance of the share option and the

8. Basis of determining the exercise price of options granted

9. The 2023 Share Option Scheme remains in force for 10 years from 27