Annual Report 2025 年报

Anual Report

（于百慕达注册成立之有限公司）

（股份代号：00674）

年度报告

---

目录

CONTENTS

ANUAL REPORT 2025 二零二五年报

Pages

页次

Corporate Information公司资料2

Five Years Financial Sumary五年财务摘要4

Management Discusion and Analysis管理层讨论及分析5

Directors’ Report董事会报告书10

Corporate Governance Report企业管治报告49

Independent Auditor’s Report独立核数师报告74

Consolidated Statement of Comprehensive Income综合全面收益表85

Consolidated Statement of Financial Position综合财务状况表87

Consolidated Statement of Changes in Equity综合权益变动表90

Consolidated Statement of Cash Flows综合现金流量表91

Notes to the Consolidated Financial Statements综合财务报表附注93

---

公司资料

CORPORATE INFORMATION

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

DIRECTORS

Executive Directors

Mr. Chen Weiwu (Chairman)

Mr. Zhou Houjie

Mr. Jiang Ruowenhao (Acting Chief Executive Oficer)

Independent Non-executive Directors

Mr. Chen Youchun

Ms. Lui Mei Ka

Mr. Zhou Xin

AUDITOR

CTH CPA Limited

Certified Public Acountants

COMPANY SECRETARY

Ms. Kwong Oi Man Paty

PRINCIPAL BANKERS

Hang Seng Bank Limited

Bank of Donguan Company Limited

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

HEAD OFICE

Rom 1102, 11/F.,

Park Tower, 15 Austin Road,

Tsim Sha Tsui, Kowlon,

Hong Kong

董事

执行董事

陈伟武先生（主席）

周厚杰先生

江若文豪先生（署理行政总裁）

独立非执行董事

陈友春先生

雷美嘉女士

周新先生

核数师

中正天恒会计师有限公司

执业会计师

公司秘书

邝蔼文女士

主要往来银行

恒生银行有限公司

东莞银行股份有限公司

注册办事处

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

总办事处

香港

九龙尖沙咀

柯士甸道15号百达行

11楼1102室

---

公司资料

CORPORATE INFORMATION

ANUAL REPORT 2025 二零二五年报

PRINCIPAL REGISTRAR

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

HONG KONG SHARE REGISTRAR AND

TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Financial Centre,

16 Harcourt Road, Hong Kong

主要过户登记处

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

香港股份过户登记处

卓佳证券登记有限公司

香港夏悫道16号

远东金融中心17楼

---

五年财务摘要

FIVE YEARS FINANCIAL SUMARY

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Results业绩

Year ended

31 March

截至三月三十一日

止年度

(Los)/profit

atributable to

owners of the

Company

本公司拥有人应占

（亏损）╱溢利

(89,056)(115,061)30,3668,021(13,347)

Asets and

liabilities

资产及负债

At 31 March于三月三十一日

Total asets资产总值2,295,6093,115,0754,289,0961,958,3181,896,678

Total liabilities负债总额(1,472,538)(2,211,443)(3,247,574)(1,357,946)(1,334,566)

Total equity权益总额823,071903,6321,041,522600,372562,112

---

ANUAL REPORT 2025 二零二五年报

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

BUSINES REVIEW AND OUTLOK

Financial Review

Consolidated results

For the year ended 31 March 2025, the Group recorded

revenue of aproximately HK$580.8 milion compared

to aproximately HK$877.5 milion from continuing

operations for the last financial year, representing a

decrease of about 33.8%, and los for the year ended 31

March 2025 of aproximately HK$72.3 milion compared

to aproximately a los of HK$113.5 milion for the last

financial year, representing a decrease of los of about

36.4%. The decrease in los was primarily resulted from

1) implementation of various measures on cost control

and on reduction of expenditures; and 2) decrease in

recognition on revenue of property development busines

and property sub-leasing and investment busines during

the year.

The Board considers that the fair value los on

investment properties are non-cash items and has no

efect on the cash flow of the Group’s operations.

Busines Review

Property sub-leasing and investment busines

For the year ended 31 March 2025, this busines

segment recorded revenue of aproximately HK$45.5

milion compared to aproximately HK$53.5 milion for

the last financial year, representing a decrease of about

15.0%, this busines segment recorded los for the year

ended 31 March 2025 of aproximately HK$89.7 milion

as compared to los of aproximately HK$27.9 milion for

the last financial year. The increase in los was mainly

resulted from the decrease in rental income and increase

in fair value los on investment properties.

The completed properties held for investment is located

in No. 109 Jinghaisanlu, Beijing Economic Technological

Development Area, Beijing. The existing usage is for

ofice, research and development and the properties are

held for long term leases which are sub-leasing from

landlord.

业务回顾及前景

财务回顾

综合业绩

截至二零二五年三月三十一日止年度，本集

团录得收益约580,800,000港元，较上一个财

政年度来自持续经营业务约877,500,000港

元减少约33.8%，同时于截至二零二五年三

月三十一日止年度录得亏损约72,300,000港

元，较上一个财政年度之亏损约113,500,000

港元亏损减少约36.4%。亏损减少乃主要由

于1）实施各项成本控制及削减开支措施；及

2）于本年度确认的物业发展业务、物业分租

及投资业务收益减少。

董事会认为，投资物业的公平价值亏损为非

现金项目，对本集团经营的现金流量并无影

响。

业务回顾

物业分租及投资业务

截至二零二五年三月三十一日止年度，本

业务分类录得收益约45,500,000港元，较

上一个财政年度约53,500,000港元减少约

15.0%，于截至二零二五年三月三十一日止

年度，该业务分类录得亏损约89,700,000

港元，而上一个财政年度录得亏损约

27,900,000港元。亏损增加主要由于租金收

入减少及投资物业公平价值所产生亏损增加

所致。

持作投资的已竣工物业位于北京市北京经济

技术开发区经海三路109号院。现有用途为办

公、研究及开发，而该物业持作长期租赁，

即从业主处分租。

---

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

BUSINES REVIEW AND OUTLOK

(Continued)

Busines Review (Continued)

Property development busines

During the year ended 31 March 2025, the property

development busines in the PRC contributed revenue

of aproximately HK$535.4 milion compare to

aproximately HK$824.0 milion for the last financial year,

and segment recorded los of aproximately HK$7.6

milion (2024: los of aproximately HK$124.7 milion)

to the Group. The decrease in segment revenue was

atributable to two development projects, namely (i)

Tangshang Hanlin Mansion* （唐商翰林居） in Donguan

land situates at Caole Vilage, Xiegang Town, Donguan

City, the PRC designated for urban residential use and

busines service use (R2 Clas I residential land（R2

二类居住用地）) and (i) Puning Tangshang Zhongyang

Garden* （普宁唐商中央花园） in Beihuan Avenue, Puning,

Jieyang, Guangdong Province, the PRC. The construction

of the properties was completed in December 2021

and October 2022, respectively. The existing use in the

properties held for sale/lease is mainly residential, car

parks and comercial shops. The site area of Tangshang

Hanlin Mansion is aproximately 30,000 sq.m and Puning

Tangshang Zhongyang Garden is aproximately 45,000

sq.m, and the gros flor area (“GFA”) of Tangshang

Hanlin Mansion is aproximately 88,000 sq.m and Puning

Tangshang Zhongyang Garden is aproximately 216,000

sq.m. There were aproximately 55,000 sq.m. boked

GFA delivered and recognised into the revenue during

the year.

The Group had indirect acquisition of the 35% equity

interest of the Huachuangwen Land by the Company

from Mr. Chen Weiwu in acordance with the equity sale

and purchase agrement signed on 9 April 2020. It had

acquired 55% equity interest of Huachuangwen Land by

the Company from Shenzhen Yaoling in acordance with

the equity sale and purchase agrement signed on 30

July 2021. At as 31 March 2025, the Group holds 90%

of the equity interest in Huachuangwen Land. In 2023,

the Group had acquired the total isued share capital of

Reach Glory Holdings Limited, a company is indirectly

holding 70% equity interest in the project company

Puning Huachuangwen Industrial Development Co.,

Ltd., and completed the very substantial acquisition and

conected transaction on 10 March 2023.

业务回顾及前景（续）

业务回顾（续）

物业发展业务

截至二零二五年三月三十一日止年度，

中国物业发展业务为本集团贡献收益约

535,400,000港元，而上一个财政年度则

约为824,000,000港元，分类录得亏损

约7,600,000港元（二零二四年：亏损约

124,700,000港元）。分类收益减少乃由于两

项开发项目，即(i)位于中国东莞市谢岗镇曹

乐村的东莞土地的唐商翰林居，其指定作城

市住宅及商业服务用途（R2二类居住用地）

及(i)位于中国广东省揭阳市普宁市北环大道

的普宁唐商中央花园。该等物业的建设已分

别于二零二一年十二月及二零二年十月竣

工。持作出售╱租赁物业的现有用途主要为

住宅、停车场及商业店舖。唐商翰林居的地

盘面积约为30,000平方米及普宁唐商中央

花园的地盘面积约为45,000平方米，唐商

翰林居的建筑面积（「建筑面积」）约为88,000

平方米及普宁唐商中央花园的建筑面积约为

216,000平方米。于本年度，已累计交付约

55,000平方米的已入账建筑面积并确认为收

入。

本集团根据于二零二零年四月九日签订的股

权买卖协议，由本公司间接收购陈伟武先生

持有的华创文置地35%股权。本公司根据

日期为二零二一年七月三十日之股权买卖协

议，从深圳耀领收购华创文置地55%股权。

于二零二五年三月三十一日，本集团持有华

创文置地90%股权。于二零二三年，本集

团已收购致荣控股有限公司之全部已发行股

本，该公司间接持有项目公司普宁华创文产

业发展有限公司70%股权，并于二零二三年

三月十日完成非常重大收购及关连交易。

---

ANUAL REPORT 2025 二零二五年报

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

BUSINES REVIEW AND OUTLOK

(Continued)

Busines Review (Continued)

Property development busines (Continued)

As at 31 March 2025, the Group’s completed properties

held for sale/lease and investment properties amounted

to HK$1,475.9 milion (64.3% of the total asets) and

HK$99.7 milion (4.3% of total asets) respectively. The

completed properties are held for sale/lease and the

management expects part of the remaining GFA wil

recognise in future.

Financial Services Busines

Money lending

During the year ended 31 March 2025, no interest

income was recognised (2024: nil). The management

would continue to find new oportunity for this segment.

Securities, futures and aset management

The Group returned its Type 1 (dealing in securities),

Type 2 (dealing in futures contracts), Type 4 (advising on

securities) and Type 9 (aset management) licenses to

Securities and Futures Comision in November 2020 as

no suitable busines oportunities have ben identified.

The management would like to focus more on the other

busines segments of the Group.

业务回顾及前景（续）

业务回顾（续）

物业发展业务（续）

于二零二五年三月三十一日，本集团持作出

售╱租赁的已竣工物业及投资物业分别为

1,475,900,000港元（占总资产的64.3%）及

99,700,000港元（占总资产的4.3%）。已竣工

物业乃持作出售╱租赁，管理层预期部分余

下建筑面积将于未来确认。

金融服务业务

放债

截至二零二五年三月三十一日止年度，概无

确认利息收入（二零二四年：无）。管理层将

继续为本分类寻找新机遇。

证券、期货及资产管理

由于尚未识别到合适商机，故本集团于二零

二零年十一月将第1类（证券交易）、第2类

（期货合约交易）、第4类（就证券提供意见）及

第9类（提供资产管理）牌照交还予证券及期货

事务监察委员会。管理层希望更侧重于本集

团之其他业务分类。

---

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

BUSINES REVIEW AND OUTLOK

(Continued)

Outlok

Despite persistent headwinds in the Chinese economy –

including a prolonged property sector downturn, subdued

domestic consumption, and geopolitical uncertainties,

which continue to moderate the pace of recovery and

growth – the Group anticipates robust government

intervention. The PRC authorities are expected to

implement decisive policies, alongside suportive

monetary and fiscal measures, aimed at stabilising the

property market and stering the economy towards

high-quality development. This transition is expected

to be significantly driven by capital expenditure in

infrastructure, manufacturing, and the burgeoning digital

economy. Amid prolonged pandemic disruptions and

persistent weaknes in the property development and

property sub-leasing market, the Group proactively

diversified into tourism as a new growth engine.

Within this context, we continue adapting strategies to

navigate chalenges and capitalise on oportunities. This

strategic pivot leveraged underutilized property asets

to establish experiential travel oferings, creating an

imediate revenue stream while reducing reliance on

traditional property cycles. The tourism expansion not

only generated new revenue but also revitalized our real

estate portfolio: increased visitor trafic enhanced the

value of adjacent retail and hospitality properties, while

tourism-driven infrastructure development unlocked

oportunities for future residential projects–turning

market chalenges into cros-sector growth catalysts.

业务回顾及前景（续）

前景

中国经济面临持续的不利因素，包括房地产

行业长期低迷、国内消费疲弱及地缘政治的

不确定性，该等因素继续减慢复苏和增长步

伐。尽管如此，本集团预期政府将采取有力

的干预措施。预期中国政府将实施果断的政

策，并推出支持性的货币及财政措施，以稳

定房地产市场及引导经济迈向高质素发展。

基建、制造业及迅速发展的数字经济的资本

开支预计将大推动经济转型。在疫情持续

影响、房地产开发及物业分租市场持续疲软

的背景下，本集团积极拓展旅游业，将其视

为新的增长引擎。

在此背景下，为了应对挑战及把握机遇，我

们持续调整策略。该项策略重点利用未充分

利用的房地产资产，缔造体验式旅游产品，

创造直接收入来源，同时减少对传统房地产

周期的依赖。旅游业的扩展不仅创造新的收

益，亦重振我们的房地产投资组合：游客流

量的增加提升周边零售及酒店物业的价值，

而旅游驱动的基础设施建设则为未来的住宅

项目释放机遇—将市场挑战转化为跨行业

增长的催化剂。

---

ANUAL REPORT 2025 二零二五年报

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

BUSINES REVIEW AND OUTLOK

(Continued)

Outlok (Continued)

Concurently, we are refining leasing and marketing

aproaches to atract a more diverse tenant base and

expand service oferings, aligning with increasingly varied

consumer demands. We maintain a prudent operational

stance, focusing on enhancing management eficiency,

strengthening internal controls, and intensifying sales

initiatives to underpin sustainable growth within the

property development sector. The Group remains

comited to consolidating and realigning its core

busineses, particularly in property development, to

improve its financial position and achieve performance

objectives. Furthermore, we are actively exploring and

evaluating suitable new investment oportunities within

the PRC to diversify revenue streams and enhance

overal earnings potential.

The Board expects management to remain vigilant while

actively seking new projects within China that can

strengthen the Group’s financial profitability. We have ful

confidence in the capability of our highly experienced and

profesional management team and Board of Directors.

Their dep industry expertise, extensive resources, and

wel-established networks acros China constitute a

significant competitive advantage. This solid foundation

is crucial for leveraging future growth oportunities

in property development, sub-leasing, and strategic

investments within the PRC market.

The Group’s unwavering comitment is to achieve

sustainable growth, maximise shareholder value, and

solidify its market position for long-term suces.

业务回顾及前景（续）

前景（续）

目前，我们正优化租赁及市场推广方式，以

吸引更多元化的租户及扩展服务范畴，配合

消费者日趋多元化的需求。我们维持审慎的

营运方针，专注于提升管理效率、加强内部

监控及加大销售力度，以巩固物业发展行业

的可持续增长。本集团将继续致力巩固及重

整核心业务，特别是地产发展业务，务求改

善财务状况及达致绩效目标。此外，我们正

积极探讨及评估国内合适的新投资机遇，令

收入来源多元化及提升整体盈利潜力。

董事会预计管理层将保持警觉，同时在中国

积极物色一些能加强本集团财务盈利能力的

新项目。我们对管理团队及董事会的实力充

满信心。彼等深厚的行业知识、广泛的资源

及完善的中国网络构成重要的竞争优势。这

种牢固的业务基础对我们在中国市场把握物

业发展、分租及策略性投资的未来增长机遇

至关重要。

本集团坚定不移地致力于实现可持续增长、

股东价值最大化，以及巩固其市场地位以取

得长远成功。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

The Directors of the Company present their report

together with the audited consolidated financial

statements of the Group for the year ended 31 March

2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. The

curent and continuing principal activities of the Group

are mainly engaging in (i) property sub-leasing and

investment busines, (i) property development; and (i)

money lending busines. The activities of its principal

subsidiaries are set out in note 43 to the consolidated

financial statements.

An analysis of the Group’s performance for the year

under review by busines segment is set out in note 6

to the consolidated financial statements.

BUSINES REVIEW

The busines objectives of the Group are to develop its

busines and achieve sustainable growth of its busines.

The Group aims to achieve such objectives by pursuing

the folowing growth-oriented strategies: (i) investing in

more property sub-leasing and investments projects in

China; (i) further diversifying the busines of the Group

by taping into the property development busines and

travel busines; and (i) closely monitoring the cost and

continue to impose cost-cuting measures in the Group.

A review of the busineses of the Group during the year

using the financial indicators and a discusion on the

Group’s future busines development are provided in the

sections headed “Management Discusion and Analysis”

and “Financial Review” in this report.

Principal Risks and Uncertainties

The Group’s financial condition, results of operations,

busineses and prospects may be afected by a number

of risks and uncertainties. The folowings are the key

risks and uncertainties identified by the Group. There

may be other risks and uncertainties in adition to those

shown below which are not known to the Group or

which may not be material now but could turn out to be

material in the future.

本公司董事呈列其报告连同本集团截至二零

二五年三月三十一日止年度之经审核综合财

务报表。

主要业务

本公司为一间投资控股公司。本集团目前及

持续主要活动为(i)物业分租及投资业务；(i)

物业发展；及(i)放债业务。其主要附属公司

之业务载于综合财务报表附注43。

本集团于回顾年度内按业务分类划分之业绩

分析载于综合财务报表附注6。

业务回顾

本集团之业务目标为发展其业务及达致其业

务有持续增长。透过实行下列增长为本之策

略，本集团矢志达到有关目标：(i)于中国投

资更多物业分租及投资项目；(i)透过涉足物

业发展业务及旅游业务以进一步多元化本集

团之业务；及(i)密切监察成本并继续实施本

集团节省成本之措施。

本集团采用财务指标之年内业务回顾及就本

集团未来业务发展之讨论载于本报告「管理层

讨论及分析」及「财务回顾」章节。

主要风险及不确定性

本集团之财务状况、经营业绩、业务及前景

可能受多项风险及不确定性影响。以下为本

集团识别之主要风险及不确定性。除以下所

述者外，可能有不为本集团所知或目前来看

尚不重大而可能于未来属重大之其他风险及

不确定性。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

BUSINES REVIEW (Continued)

Principal Risks and Uncertainties (Continued)

Busines Risk

Certain of the busines segments to which the Group

operates are subject to changes in consumer perception,

preferences and tastes, in particular, for the property

sub-leasing and investment busines and the property

development busines. The Group’s busines and

financial performance depends on factors which may

afect the level and patern of consumer spending in

China and in Hong Kong.

Market Risk

The busines and operation of certain busines segments

of the Group, in particular, property sub-leasing and

investment busines and property development busines,

are basicaly conducted in the PRC, and therefore the

Group’s operation, revenue and profit margin are highly

impacting by the economies of the PRC and the measures

implemented by the PRC government. Any changes

of the measures may penetrate into overal national

economic conditions, and influence changes in consumer

confidence, consumption spending and preferences

in property sub-leasing and investment and property

development market in the PRC.

Operational Risk

Operational risk is the risk of los resulting from

inadequate or failed internal proceses, people and

systems or from external events. Responsibility for

managing operational risks basicaly rests with every

function at divisional and departmental levels. The Group

recognises that operational risks canot be eliminated

completely and that it may not always be cost efective

to do so.

Key functions in the Group are guided by their operating

procedures, limits of authority and reporting framework.

The Group wil identify and ases key operational

exposures from time to time and report such risk isues

to senior management as early as posible so that

apropriate risk response can be taken.

业务回顾（续）

主要风险及不确定性（续）

业务风险

本集团营运之若干业务分类受限于消费者感

知、偏好及审美变化，尤其是物业分租及投

资业务以及物业发展业务。本集团业务及财

务表现取决于可能影响消费者于中国及香港

消费水平及方式之因素。

市场风险

本集团若干业务分类之业务及营运，尤其是

物业分租及投资业务以及物业发展业务基本

上于中国进行，故本集团营运、收益及利润

率深受中国经济及中国政府所实施措施之影

响。任何措施更改可能对整体国家经济状况

造成影响，继而导致中国消费者信心、消费

支出以及物业分租及投资及物业发展市场之

偏好转变。

营运风险

营运风险为因内部程序、人为、制度不足或

失当或外在事件导致损失之风险。管理营运

风险之责任基本上取决于部门及分部能够

恪尽职守。本集团承认营运风险不能完全消

除，且消除该风险不具成本效益。

本集团之主要职能由其营运程序、权限及汇

报框架指引。本集团将不时识别及评估主要

营运风险，并尽早将有关风险问题向高级管

理层汇报，从而采纳适当之风险应对措施。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

业务回顾（续）

主要风险及不确定性（续）

财务风险

本集团之财务风险管理载于综合财务报表附

注42。

法律风险

法律风险指因不可执行合约、诉讼或不利判

决而可能使本集团运营或财务状况出现混乱

或负面影响之风险。

业绩及分派

本集团截至二零二五年三月三十一日止年度

之业绩载于第83至84页之综合全面收益表。

董事不建议就截至二零二五年三月三十一日

止年度派付任何股息（二零二四年：无）。资

本将保留作本集团扩张业务之用和抓紧日后

出现之投资机遇。本公司股东概无任何安排

放弃或同意放弃任何股息。

物业、厂房及设备

本集团之物业、厂房及设备于回顾年度内之

变动详情载于综合财务报表附注17。

股本

本公司之股本变动详情载于综合财务报表附

注32。

储备

本集团及本公司于回顾年度内之储备之变动

分别载于第88页之综合权益变动表及综合财

务报表附注33。

BUSINES REVIEW (Continued)

Principal Risks and Uncertainties (Continued)

Financial Risk

The financial risk management of the Group are set out

in note 42 to the consolidated financial statements.

Legal Risk

Legal risk is the risk that unenforceable contracts,

lawsuits or adverse judgments may disrupt or otherwise

negatively afect the operations or financial conditions of

the Group.

RESULTS AND APROPRIATIONS

The results of the Group for the year ended 31 March

2025 are set out in the consolidated statement of

comprehensive income on pages 83 to 84.

The Directors do not recomend the payment of any

dividend in respect of the year ended 31 March 2025

(2024: Nil). Capital wil be reserved for the expansion

of the Group’s busines and to capture investment

oportunities arising in the future. There is no

arangement that a shareholder of the Company has

waived or agred to waive any dividend.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in property, plant and equipment

of the Group during the year under review are set out in

notes 17 to the consolidated financial statements.

SHARE CAPITAL

Details of movement in the share capital of the Company

are set out in note 32 to the consolidated financial

statements.

RESERVES

Movements in the reserves of the Group and the

Company during the year under review are set out in the

consolidated statement of changes in equity on page 88

and note 33 to the consolidated financial statements,

respectively.

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

可供分派储备

本公司于二零二五年三月三十一日之可供分

派储备详情载于综合财务报表附注33。

关连人士交易

于截至二零二五年三月三十一日止年度内，

本集团与根据适用会计准则界定为「关连人

士」之人士订立若干交易。该等关连人士交易

详情载于综合财务报表附注36。该交易根据

联交所证券上市规则（「上市规则」）被视为关

连交易，将于下文「关连交易」一节中进一步

披露。

优先认股权

本公司之公司细则（「公司细则」）项下并无优

先认股权条文，而百慕达法例并无限制此等

权利。

五年财务摘要

本集团于最近五个财政年度之业绩以及资产

及负债摘要载于本年报第4页。

慈善捐款

截至二零二四年及二零二五年三月三十一日

止两个年度，本公司并无作出任何慈善捐款。

退休福利计划

退休福利计划详情载于综合财务报表附注

4(l)。

DISTRIBUTABLE RESERVES

Details of the distributable reserves of the Company

as at 31 March 2025 are set out in note 33 to the

consolidated financial statements.

RELATED PARTY TRANSACTIONS

During the year ended 31 March 2025, the Group had

entered into certain transactions with parties which

were regarded as “Related Parties” under the aplicable

acounting principles. Details of those related party

transactions are set out in note 36 to the consolidated

financial statements. The transaction which is considered

as a conected transaction under the Rules Governing

the Listing of Securities on the Stock Exchange (the

“Listing Rules”) is further disclosed in the section

headed “Conected Transactions” below.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the

Company’s bye-laws (the “Bye-laws”) and there is

no restriction against such rights under the laws of

Bermuda.

FIVE YEARS FINANCIAL SUMARY

A sumary of the results and of the asets and liabilities

of the Group for the last five financial years is set out on

page 4 of the anual report.

CHARITABLE DONATIONS

The Company did not make any charitable donation for

the two years ended 31 March 2024 and 2025.

RETIREMENT BENEFIT SCHEMES

Details of the retirement benefit schemes are set out in

note 4(l) to the consolidated financial statements.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

SHARE OPTION SCHEME

The Company has adopted the share option scheme

(the “Share Option Scheme”) on 30 August 2012

under which the Directors may grant options to eligible

persons, including directors and employes of the Group,

to subscribe for shares of the Company.

The folowing is a sumary of the principal terms of the

Share Option Scheme:

1. Purpose of the Share Option Scheme

The Share Option Scheme is set up for the

purposes of atracting and retaining quality

personel and other persons to provide incentive to

them to contribute to the busines and operation of

the Group.

2. Participants of the Share Option Scheme

The Directors may at their discretion grant options

to (i) any director, employe or consultant of the

Group or a company in which the Group holds an

equity interest or a subsidiary of such company

(“Afiliate”); or (i) any discretionary trust whose

discretionary objects include any director, employe

or consultant of the Group or an Afiliate; or (i)

a company beneficialy owned by any director,

employe or consultant of the Group or an Afiliate;

or (iv) any customer, suplier or adviser whose

service to the Group or busines with the Group

contributes or is expected to contribute to the

busines or operation of the Group as may be

determined by the Directors from time to time to

subscribe for shares of the Company.

认股权计划

本公司已于二零一二年八月三十日采纳认股

权计划（「认股权计划」），据此，董事可向合

资格人士（包括本集团董事及雇员）授出认股

权，以供认购本公司股份。

认股权计划之主要条款之概要如下：

1. 认股权计划目的

认股权计划之设立目的为吸引及挽留优

秀员工及其他人士，以奖励彼等为本集

团之业务及营运作出贡献。

2. 认股权计划参与者

董事可酌情决定授出认股权予(i)本集

团或本集团拥有股权之公司或其附属公

司（「联属公司」）之任何董事、雇员或顾

问；或(i)以本集团或联属公司之任何

董事、雇员或顾问为全权托管对象之任

何全权信托；或(i)本集团或联属公司

之任何董事、雇员或顾问实益拥有之公

司；或(iv)董事不时认为本集团或本

集团之业务服务而曾经或将会对本集团

之业务或营运有贡献之任何客户、供应

商或顾问，以认购本公司股份。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

SHARE OPTION SCHEME (Continued)

3. Total number of shares available for isue under

the Share Option Scheme and percentage of the

number of isued shares as at the date of this

report

The maximum number of ordinary shares which

may be isued upon exercise of al outstanding

options granted and yet to be exercised under

the Share Option Scheme was nil as it lapsed

in 22 December 2023, which was in agregate

27,942,462 shares as at 31 March 2023

(representing aproximately 0.8% of the number of

isued shares as at the date of this report).

4. Maximum entitlement of each participant under

the Share Option Scheme

The maximum number of the shares of the

Company (isued and to be isued) in respect of

which options may be granted under the Share

Option Scheme to any one grante in any 12-month

period shal not exced 1 per cent. of the share

capital of the Company in isue on the last date

of such 12-month period unles aproval of the

shareholders of the Company has ben obtained in

acordance with Rule 17.03(4) of the Listing Rules.

5. The period within which the options must

be exercised under Share Option Scheme to

subscribe for shares

The holder of an option may subscribe for the

shares of the Company during such period as

may be determined by the Directors (which shal

be les than ten years from the date of grant of

the relevant option and may include the minimum

period, if any, for which an option must be held

before it can be exercised).

认股权计划（续）

3. 根据认股权计划可供发行之股份总数及

于本报告日期之已发行股份数目之百分

比

于二零二三年三月三十一日，因行使根

据认股权计划所有已授出但未行使之认

股权及尚未行使之认股权可能发行之最

高普通股数目总额为零，因其于二零

二三年十二月二十二日失效，总额为

27,942,462股份（占于本报告日期已

发行股份数目约0.8%）。

4. 根据认股权计划每名参与者最多可享有

之权利

除非已根据上市规则第17.03(4)条取得

本公司股东之批准，否则根据认股权计

划于任何12个月期间向任何一位承授人

可能授出之认股权有关之本公司最高股

份总数（已发行及将予发行）不得超过本

公司于该12个月期间最后一日已发行股

本之1%。

5. 根据认股权计划必须行使认股权以认购

股份之期限

认股权持有人可于董事确定之期间（自

有关认股权授出日期起计不超过十年及

可包括认股权行使之前必须持有的最短

期限（如有）认购本公司股份。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

认股权计划（续）

6. 行使认股权前必须持有之最短期限

除非董事另有规定，否则已授出之认股

权于行使前并无指定持有之最短期限。

7. 接纳已授出认股权之期限

已授出之认股权必须于授出日期（包括

该日）起计21日内接纳。

8. 厘定行使价之基准

认股权将毋须任何初步付款而获授出，

其行使价格（可按认股权计划之规定予

以调整）将为(i)本公司股份面值；(i)本

公司股份于认股权授出当日（其必须是

一个营业日）在联交所每日报价表所报

之每股收市价；及(i)本公司股份于紧

接认股权授出当日前五个营业日在联交

所每日报价表所报每股平均收市价，三

者中之最高者。

９. 认股权计划之余下年期

认股权计划将自二零一二年八月三十日

起计十年内有效。

认股权计划已于二零二三年十二月二十二日

失效，认股权计划之详情（包括认股权之授出

及失效）于综合财务报表附注34披露。

SHARE OPTION SCHEME (Continued)

6. The minimum period for which an option must

be held before it can be exercised

There is no minimum period for which an option

granted must be held before it can be exercised

unles otherwise imposed by the Directors.

7. The period within which the options granted

must be taken up

Options granted must be taken up within 21 days

inclusive of, and from the date of grant.

8. The basis of determining the exercise price

Options may be granted without any initial payment

for the options at an exercise price (subject to

adjustments as provided therein) equal to the

highest of (i) the nominal value of the shares of

the Company; (i) the closing price per share of the

Company as stated in the Stock Exchange’s daily

quotations shet on the date of the grant of the

option, which must be a busines day; and (i) the

average closing price per share of the Company

as stated in the Stock Exchange’s daily quotations

shets for the five busines days imediately

preceding the date of the grant of the option.

9. The remaining life of the Share Option Scheme

The Share Option Scheme wil remain in force for

a period of 10 years comencing from 30 August

2012.

The Share Option Scheme had ben lapsed in 22

December 2023, details of the Share Option Scheme,

including grant and lapse of options, are disclosed in

note 34 to the consolidated financial statements.

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

董事及高级管理层

年内及截至本报告日期之董事如下：

陈伟武先生（主席）

周厚杰先生

江若文豪先生（署理行政总裁）

陈友春先生

雷美嘉女士

周新先生

根据公司细则第84(1)条之规定，当时三分之

一之董事（或倘其人数并非三之倍数，则最接

近但不少于三分之一人数）须轮席退任，因此

各董事须至少每三年退任一次。

董事及高级管理层之履历详情

执行董事

陈伟武先生（「陈伟武先生」），现年四十二

岁，为本公司之执行董事、董事会主席兼提

名委员会主席。彼于二零一六年十二月八日

获委任加入董事会。彼为一名企业家并于房

地产行业拥有丰富经验。陈伟武先生为在中

国成立之房地产发展公司北京天安科创置业

有限公司（「天安科创」）主席兼最终实益拥有

人。其最新物业发展项目为天骥•智谷，位

于中华人民共和国北京经济技术开发区，总

占地面积约130,000平方米。

DIRECTORS AND SENIOR MANAGEMENT

The Directors during the year and up to the date of this

report are as folows:

Mr. Chen Weiwu (Chairman)

Mr. Zhou Houjie

Mr. Jiang Ruowenhao (Acting Chief Executive Oficer)

Mr. Chen Youchun

Ms. Lui Mei Ka

Mr. Zhou Xin

In acordance with bye-law 84(1) of the Bye-laws, one-

third of the Directors for the time being, (or if their

number is not a multiple of thre, the number nearest

to but not les than one-third) shal retire from ofice

by rotation so that each Director shal be subject to

retirement at least once every thre years.

Biographical details of Directors and senior

management

Executive Directors

Mr. Chen Weiwu (“Mr. W Chen”), aged 42, is an

Executive Director, the Chairman of the Board and a

chairman of the Nomination Comite of the Company.

He was apointed to the Board on 8 December 2016. He

is a busines entrepreneur and has extensive experience

in the real estate industry. Mr. W Chen is the chairman

and ultimate beneficial owner of 北京天安科创置业有限

公司 (Beijing Tian’an Inovation Technology and Estates

Limited*) (“BTIT”), a real estate development company

established in the PRC. Its latest property development

project is 天骥•智谷, located at 中华人民共和国北京

经济技术开发区 (Beijing Economic and Technological

Development Area, PRC*), with a total land area of

aproximately 130,000 square meters.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

董事及高级管理层（续）

董事及高级管理层之履历详情（续）

执行董事（续）

周厚杰先生（「周厚杰先生」），现年四十三

岁，为本公司执行董事。周厚杰先生毕业于

西南交通大学，并取得工商管理专业学位。

彼于二零一六年十二月八日获委任加入董事

会。周厚杰先生现时为天安科创副总裁。

江若文豪先生（「江先生」），现年三十二岁，

为本公司执行董事、薪酬委员会成员及合规

委员会主席。江先生于二零一五年毕业于广

东警官学院，并取得法学士学位，亦于二

零一五年取得中华人民共和国法律职业资格

证书及于二零一八年取得律师执业证，曾为

上海市建纬（深圳）律师事务所执业律师。江

先生于城市更新、房地产开发、公司治理、

投融资运作等方面具有丰富经验。

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Biographical details of Directors and senior

management (Continued)

Executive Directors (Continued)

Mr. Zhou Houjie (“Mr. HJ Zhou”), aged 43, is an

Executive Director of the Company. Mr. HJ Zhou was

graduated from 西南交通大学 (Southwest Jiaotong

University*) and obtained a profesional degre in

busines administration. He was apointed to the Board

on 8 December 2016. Mr. HJ Zhou is curently the vice

president of BTIT.

Mr. Jiang Ruowenhao (“Mr. Jiang”), aged 32, is an

Executive Director, a member of the remuneration

comite and a chairman of regulation comite of the

Company. Mr. Jiang graduated from Guangdong Police

Colege with a bachelor degre in law in 2015. He also

obtained the Legal Profesional Qualification Certificate

of People’s Republic of China in 2015 and Lawyer’s

Practice License in 2018. He was a certified lawyer

in Shanghai City Development (Shenzhen) Law Firm.

Mr. Jiang has extensive experience in city renovation,

real estate development, corporate governance, and

investment and financing operation.

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

董事及高级管理层（续）

董事及高级管理层之履历详情（续）

独立非执行董事

陈友春先生（「陈友春先生」），现年四十九

岁，为独立非执行董事、本公司审核委员会

及薪酬委员会主席及本公司提名委员会成

员。陈友春先生于二零一六年十二月八日

加入本公司。彼分别于二零年及二零

一年毕业于西南政法大学及诺森比亚大学

(University of Northumbria)，并分别取得法

学士学位。彼亦于二零七年取得武汉大

学民商法硕士学位，及于二零一八年取得西

南政法大学国际法学博士学位。彼为香港律

师会注册外地律师及君泽君律师事务所深圳

分所之合伙人。陈友春先生于企业融资、首

次公开发售以及并购方面具有丰富经验。

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Biographical details of Directors and senior

management (Continued)

Independent Non-executive Directors

Mr. Chen Youchun (“Mr. YC Chen”), aged 49, is an

Independent Non-Executive Director, the Chairman of

the Audit Comite and the Remuneration Comite

of the Company and a member of the Nomination

Comite of the Company. Mr. YC Chen joined the

Company on 8 December 2016. He was graduated from

Southwest University of Political Science & Law in 2000

with a degre in Bachelor of Laws and the University

of Northumbria in 2011 with a degre in Bachelor of

Laws. He also obtained a Master’s Degre in Civil and

Comercial Law from Wuhan University in 2007, and a

Ph.D in International Law from Southwest University of

Political Science & Law in 2018. He is a foreign lawyer

registered with The Law Society of Hong Kong and is a

partner in Shenzhen Ofice of Junzejun Law Ofices. Mr.

YC Chen has extensive experience in corporate finance,

initial public oferings and mergers and acquisitions.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

董事及高级管理层（续）

董事及高级管理层之履历详情（续）

独立非执行董事（续）

雷美嘉女士（「雷女士」），现年四十岁，为本

公司独立非执行董事、审核委员会及提名委

员会成员。雷女士于二零一七年四月二十一

日加入本公司。彼毕业于香港中文大学，取

得工商管理学士学位，现为香港会计师公会

会员。自二零一八年九月二十七日起，雷女

士一直担任飞鱼科技国际有限公司（一间于

联交所主板上市之公司，股份代号：1022）

之首席财务官兼联席公司秘书。雷女士亦自

二零二三年九月十九日及二零二四年十月一

日起分别担任国富量子创新有限公司（股份代

号：290）及中国通天酒业集团有限公司（股份

代号：389）之独立非执行董事，该等公司均

于联交所主板上市。雷女士于财务管理及企

业融资领域积逾17年经验。于二零一六年十

月至二零一八年七月，彼曾担任国锐生活有

限公司（前称国锐地产有限公司）（股份代号：

108）之首席财务官兼公司秘书，该公司于联

交所主板上市并从事物业开发及投资。于二

零一四年三月至二零一六年五月，彼曾担任

勒泰商业地产有限公司（股份代号：112）之公

司秘书兼财务总监，该公司先前曾于联交所

主板上市，从事物业开发及投资。

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Biographical details of Directors and senior

management (Continued)

Independent Non-executive Directors (Continued)

Ms. Lui Mei Ka (“Ms. Lui”), aged 40, is an Independent

Non-executive Director, a member of Audit Comite

and Nomination Comite of the Company. Ms. Lui

joined the Company on 21 April 2017. She graduated

from The Chinese University of Hong Kong with a

degre in Bachelor of Busines Administration and

is curently a member of the Hong Kong Institute of

Certified Public Acountants. Since 27 September 2018,

Ms. Lui has ben the chief financial oficer and a joint

company secretary of Feiyu Technology International

Company Limited (stock code: 1022), a company listed

on the Main Board of the Stock Exchange. Ms. Lui has

also ben an independent non-executive director of

GoFintech Quantum Inovation Limited (stock code: 290)

and China Tontine Wines Group Limited (stock code:

389), companies listed on the Main Board of the Stock

Exchange, since 19 September 2023 and 1 October 2024

respectively. Ms. Lui has over 17 years of experience

in financial management and corporate finance. From

October 2016 to July 2018, she was the chief financial

oficer and company secretary of GR Life Style Company

Limited (formerly known as GR Properties Limited)

(stock code: 108), a company listed on the Main Board

of the Stock Exchange and which is engaged in property

development and investment. From March 2014 to May

2016, she was the company secretary and financial

controler of LT Comercial Real Estate Limited, a

company previously listed on the Main Board of the

Stock Exchange under the stock code 112, which was

engaged in property development and investment.

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Biographical details of Directors and senior

management (Continued)

Independent Non-executive Directors (Continued)

Mr. Zhou Xin (“Mr. X Zhou”), aged 45, is an

Independent Non-executive Director and a member of

the Audit Comite, the Remuneration Comite

and the Nomination Comite of the Company. Mr.

X Zhou joined the Company in 13 December 2019.

He graduated from schol of law in Wuhan University

with a juris doctoral degre in criminal law. He also

obtained a post-doctoral degre from Renmin University

of China Law Schol (majoring in criminal litigation law,

the post-doctoral degre programe co-organised by

Renmin University of China Law Schol and National

Prosecutors Colege of P.R.C.) and EMBA degre from

Hong Kong Polytechnic University. He curently serves

as an asociate profesor in schol of law at Guangdong

University of Foreign Studies, a Yunshan Young Scholar,

a director of China Asociation of Criminal Procedure Law

and a researcher of Litigation System and Law Reform

Research Centre* of Renmin University of China. In

October 2003 and September 2006, Mr. X Zhou obtained

certifications of Cisco Certified Internetwork Expert in

Route and Switching and Service Provider respectively,

with a global uniform certification number CIE#12384.

Mr. X Zhou is mainly engaged in researches on criminal

procedure law, evidence law, judicial system, digital

evidence, internet crime etc., teaches programes

of criminal litigation law and legal work ethic for

undergraduates, and teaches programes of frontier

problems of criminal litigation law, court prosecution and

defense skils, court simulation training and study of legal

work ethic for postgraduate students.

董事及高级管理层（续）

董事及高级管理层之履历详情（续）

独立非执行董事（续）

周新先生（「周新先生」），现年四十五岁，

为本公司独立非执行董事兼审核委员会、薪

酬委员会及提名委员会成员。周新先生于二

零一九年十二月十三日加入本公司。彼毕业

于武汉大学法学院刑法专业，法学博士研

究生学历，中国人民大学法学院博士后（刑

事诉讼法方向，中国人民大学法学院与国家

检察官学院联合培养博士后）及香港理工大

学EMBA。彼现为广东外语外贸大学法学

院教授、云山青年学者，兼任中国刑事诉讼

法学研究会理事，中国人民大学诉讼制度与

司法改革研究中心研究员。周新先生于二零

零三年十月和二零六年九月先后获得美国

思科公司网络认证专家路由交换方向和服务

提供商方向的双认证，全球统一认证编号

CIE#12384。

周新先生主要从事刑事诉讼法、证据法、司

法制度、电子证据、网络犯罪等方向研究，

为本科生讲授《刑事诉讼法学》及《法律职业伦

理》课程，硕士研究生讲授《刑事诉讼法前沿

问题》、《法庭控辩技能》、《模拟法庭训练》及

《法律职业伦理研究》课程。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Biographical details of Directors and senior

management (Continued)

Independent Non-executive Directors (Continued)

He has published various articles in core journals of legal

science, including Social Science in China, China Legal

Science, Peking University Law Journal, Studies in Law

and Busines, Science of Law, Law Review, Tribune

of Political Science and Law, Political Science and

Law, Contemporary Law Review, Academic Research,

Social Scientist and Legal Daily, many of which were

reproduced in Chinese Social Sciences Digest and

Reprinted In Information Center for Social Science

of Renmin University Of China (procedural law and

judicial system), and nominated in the Sixth Dong Biwu

Achievement Award for Young Jurists.

董事及高级管理层（续）

董事及高级管理层之履历详情（续）

独立非执行董事（续）

彼于《中国社会科学》、《中国法学》、《中外法

学》、《法商研究》、《法学》、《法学评论》、

《政法论坛》、《政治与法律》、《当代法学》、

《学术研究》、《社会科学家》及《法制日报》等

法学核心刊物上发表论文多篇，其中多篇文

章被《中国社会科学文摘》及《人大复印资料

（诉讼法学、司法制度）》转载，并荣获第六届

董必武青年法学成果奖提名奖。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

董事及高级管理层（续）

董事及高级管理层之履历详情（续）

高级管理层

邝蔼文女士（「邝女士」）于二零二一年三月

三十一日根据联交所证券上市规则（「上市规

则」）第3.05条之规定获委任为本公司之公司

秘书。邝女士持有澳洲蒙纳殊大学之商学士

学位，现为香港会计师公会及澳洲会计师公

会员。彼于二零一七年四月加入本公司，

并负责本公司之财务申报、财务管理、投资

者关系及企业秘书事宜。邝女士在审计、会

计及公司秘书实务方面拥有超过16年经验。

邝女士亦为于联交所主板上市之华盛国际控

股有限公司（股份代号：1323）及中国通天酒

业集团有限公司（股份代号：389）的公司秘

书。

除另行披露者外，董事会任何成员或高级管

理层之间并无任何关系（包括财务、业务、家

庭或其他重大╱相关系），且概无有关董事

之资料须根据上市规则第13.51B(1)条予以披

露。

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Biographical details of Directors and senior

management (Continued)

Senior management

Ms. Kwong Oi Man Paty (“Ms. Kwong”) was apointed

as company secretary of the Company on 31 March

2021 under Rule 3.05 of the Rule Governing the Listing

of Securities on the Stock Exchange (“Listing Rules”).

Ms. Kwong holds a bachelor’s degre of Comerce

from Monash University in Australia and she is curently

a member of Hong Kong Institute of Certified Public

Acountants and CPA Australia. She joined the Company

in April 2017 and is responsible for the Company’s

financial reporting, financial management, investor

relations and corporate secretarial maters. Ms. Kwong

has over 16 years of experience in auditing, acounting

and company secretarial practice. Ms. Kwong is also a

company secretary of Huasheng International Holding

Limited (stock code: 1323) and China Tontine Wines

Group Limited (stock code: 389) which are listed on the

Main Board of the Stock Exchange.

Save as otherwise disclosed, there is no relationship

(including financial, busines, family or other material/

relevant relationship) betwen any members of the Board

or the senior management, and no information relating to

the Directors which is required to be disclosed pursuant

to Rule 13.51B(1) of the Listing Rules.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Directors’ service contracts

None of the Directors has service contract with the

Company which is not determinable within one year

without payment of compensation, other than statutory

compensation.

Directors’ interests in transactions, arangements and

contracts

Save as disclosed in the section headed “Conected

Transactions” below, no transactions, arangements

and contracts of significance in relation to the Group’s

busines to which the Company, its subsidiaries, holding

company and any of their subsidiaries was a party and

in which a Director or his/her conected entity had a

material interest, whether directly or indirectly, subsisted

at the end of the year or at any time during the year.

Directors’ right to acquire shares or debentures

Save as the share option scheme as disclosed in this

report, at no time during the year ended 31 March 2025

was the Company, its subsidiaries, holding companies or

felow subsidiaries a party to any arangements to enable

Directors to acquire benefits by means of the acquisition

of shares in, or debentures of, the Company or any other

body corporate.

董事及高级管理层（续）

董事之服务合约

概无董事与本公司订立不可于一年内免付赔

偿（法定赔偿除外）而终止之服务合约。

董事于交易、安排及合约之权益

除下文「关连交易」一节所披露者外，概无本

公司、其附属公司、控股公司及彼等之任何

附属公司为订约方且董事或其关连实体于当

中直接或间接拥有重大权益而与本集团业务

有关之重大交易、安排及合约于年末或年内

之任何时间存续。

董事收购股份或债权证之权利

除本报告所披露之认股权计划外，截至二零

二五年三月三十一日止年度之任何时间，概

无本公司、其附属公司、控股公司或同系附

属公司为任何安排之一方使董事通过收购本

公司或任何其他法人团体之股份或债权证而

获取利益。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

董事及高级管理层（续）

董事及主要行政人员于证券之权益及淡仓

于二零二五年三月三十一日，董事及本公司

主要行政人员于本公司或其任何相联法团（定

义见证券及期货条例（「证券及期货条例」）第

XV部）普通股、相关股份及债权证中拥有记录

须根据证券及期货条例第352条规定存置之

登记册或须根据上市规则附录C3所载上市发

行人董事进行证券交易之标准守则（「标准守

则」）另行知会本公司及联交所之权益及淡仓

如下：

(a) 股份之好仓

附注：

该等股份由陈先生全资实益拥有之华丽国际

有限公司（「华丽」）拥有。根据证券及期货

条例（香港法例第571章）（「证券及期货条

例」），陈先生被视为于合共1,985,654,977

股份中拥有权益，占本公司于二零二五年

三月三十一日之已发行股本约57.92%。

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Directors’ and Chief Executives’ interests and short

positions in securities

As at 31 March 2025, the interests and short positions

of the Directors and chief executive of the Company in

the ordinary shares, underlying share and debentures of

the Company or any of its asociated corporations (within

the meaning of Part XV of the Securities and Futures

Ordinance (the “SFO”) as recorded in the register

required to be kept under section 352 of the SFO or

as otherwise notified to the Company and the Stock

Exchange pursuant to the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model

Code”) as set forth under Apendix C3 of the Listing

Rules were as folows:

(a) Long position in the shares

Name of DirectorNature of interest

Number of shares

held as at

31 March

Aproximate

percentage of

shareholding

in the

Company

董事姓名权益性质

于二零二五年

三月三十一日之

所持股份数目

占本公司

持股量之

概约百分比

Mr. Chen Weiwu (Note)Beneficial owner1,405,848,00041.01%

陈伟武先生（附注）实益拥有人

Interest of controled corporation579,806,97716.91%

受控制法团权益(Note)

（附注）

Note:

These shares are owned by Grand Nice International

Limited (“Grand Nice”) which is wholy and beneficialy

owned by Mr. Chen. By virtue of the Securities and

Futures Ordinance (Chapter 571 of the Laws of Hong

Kong) (the “SFO”), Mr. Chen is demed to be interested

in an agregate of 1,985,654,977 Shares, representing

aproximately 57.92% of the isued share capital of the

Company as at 31 March 2025.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

DIRECTORS AND SENIOR MANAGEMENT

(Continued)

Directors’ and Chief Executives’ interests and short

positions in securities (Continued)

(b) Underlying shares of the Company

Details of the Directors’ interest in share options

are disclosed in the paragraph headed “Share

Option Scheme” in this report.

Save as disclosed herein, as at 31 March 2025,

none of the Director and the chief executives of

the Company had any interests or short positions

in the shares, underlying shares or debentures of

the Company or any of its asociated corporations

(within the meaning of Part XV of the SFO) (i) which

were required to be notified to the Company and

the Stock Exchange pursuant to Divisions 7 and 8

of Part XV of the SFO (including interest or short

positions which they were demed or taken to

have under such provisions of the SFO); (i) which

were required, pursuant to section 352 of the SFO,

to be entered in the register refered to therein,

or (i) which were otherwise required to notify the

Company or the Stock Exchange pursuant to the

Model Code for Securities Transactions by Directors

of Listed Isuers as set out in Apendix C3 of the

Listing Rules.

CONTRACT OF SIGNIFICANCE

Save as disclosed in note 36 to the consolidated financial

statements in relation controling shareholder of the

Company to the Group and the transactions set out under

sections headed “Related Party Transactions”, there was

no contract of significance betwen the Company or any

of its subsidiaries, and a controling shareholder of the

Company or any of its subsidiaries at the end of the year

or at any time during the Year.

董事及高级管理层（续）

董事及主要行政人员于证券之权益及淡仓

（续）

(b) 本公司相关股份

有关董事于认股权益详情于本报告

「认股权计划」一段中披露。

除本报告所披露者外，于二零二五年三

月三十一日，概无董事或本公司主要行

政人员于本公司或其任何相联法团（定

义见证券及期货条例第XV部）之股份、

相关股份或债权证中，拥有(i)须根据证

券及期货条例第XV部第7及8分部知会

本公司及联交所之任何权益或淡仓（包

括根据证券及期货条例之有关条文而被

视为或当作拥有之权益或淡仓）；(i)须

根据证券及期货条例第352条规定记录

于有关规定所述之登记册之任何权益或

淡仓；或(i)须根据上市规则附录C3所

载之上市发行人董事进行证券交易的标

准守则另行知会本公司或联交所之任何

权益或淡仓。

重大合约

除综合财务报表附注36所披露有关本集团之

本公司控股东及载于「关连人士交易」一节

之交易外，本公司或其任何附属公司与本公

司控股东或其任何附属公司于年末或年内

任何时间概无订有任何重大合约。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

主要股东

于二零二五年三月三十一日，除上文「董事及

主要行政人员于股份之权益及淡仓」一段所披

露之董事及本公司主要行政人员之权益外，

根据本公司按证券及期货条例第336条之规定

存置之权益登记册所记录，以下人士于股份

或相关股份中拥有权益或淡仓：

附注：

1. 华丽由本公司执行董事兼主席陈伟武先生全

资及实益拥有。

2. 深圳市耀领投资有限公司为深圳市唐商实业

集团有限公司（由江鼎威先生拥有60%权益）

之全资附属公司。其已就收购事项以每股

份0.2港元发行及配发450,000,000股本公司

股份。其已行使于二零二年七月六日发行

的本金额为27,120,000港元的可换股债券所

附带的转换权。有关详情，请参阅本公司日

期为二零二年七月十八日的公布。

SUBSTANTIAL SHAREHOLDERS

As at 31 March 2025, other than the interests of

the Directors and chief executive of the Company

disclosed in the paragraph headed “Directors’ and Chief

Executives’ interests and short positions in shares”

above, the folowing persons had interests or short

position in the shares and underlying Shares as recorded

in the register of interests required to be kept by the

Company under section 336 of the SFO:

Name of shareholderNature of interest

Number of

shares held

as at

31 March 2025

Aproximate

percentage of

shareholding

in the Company

股东名称╱姓名权益性质

于二零二五年

三月三十一日

之所持股份数目

占本公司

持股量之

概约百分比

Grand Nice International Limited

(“Grand Nice”) (Note 1)

Beneficial owner579,806,97716.91%

华丽国际有限公司（「华丽」）（附注1）实益拥有人

Jiang Dingwei (Note 2)Interest of controled

corporation

585,600,00017.08%

江鼎威（附注2）受控制法团权益

Shenzhen Tangshang Industrial Group

Co., Ltd (Note 2)

Interest of controled

corporation

585,600,00017.08%

深圳市唐商实业集团有限公司（附注2）受控制法团权益

Shenzhen Yaoling Investment Company

Limited (Note 2)

Beneficial owner585,600,00017.08%

深圳市耀领投资有限公司（附注2）实益拥有人

Notes:

1. Grand Nice is wholy and beneficialy owned by Mr. Chen

Weiwu who is an Executive Director and the Chairman of

the Company.

2. Shenzhen Yaoling Investment Company Limited is a

wholy-owned subsidiary of Shenzhen Tangshang Industrial

Group Co., Ltd, which is 60% owned by Mr. Jiang

Dingwei. It had isued and aloted 450,000,000 shares

of the Company by HK$0.2 per share for the Acquisition.

It had exercised the conversion rights atached to the

convertible bonds in the principal sum of HK$27,120,000

isued on 6 July 2022. For details, please refer to the

anouncement of the Company dated 18 July 2022.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

Save as disclosed above, as at 31 March 2025, acording

to the register of interests required to be kept by the

Company under section 336 of the SFO, there was no

person who had any interest or short position in the

shares or underlying shares of the Company which would

fal to be disclosed to the Company under the provisions

of Divisions 2 and 3 of Part XV of the SFO.

EQUITY-LINKED AGREMENTS

Other than the Share Option Scheme as disclosed in

this report, no equity-linked agrements that wil or may

result in the Company isuing Shares, or that require the

Company to enter into any agrements that wil or may

result in the Company isuing Shares, were entered into

by the Company during the year or subsisted at the end

of the year.

PERMITED INDEMNITY PROVISION

Under the Bye-laws, every Director or other oficers of

the Company acting in relation to any of the afairs of

the Company shal be indemnified and secured harmles

out of the asets and profits of the Company from and

against al actions, costs, charges, loses, damages and

expenses which they or any of them, their or any of their

heirs, executors or administrators, shal or may incur

or sustain by or by reason of any act done, concured

in or omited in or about the execution of their duty, or

suposed duty, in their respective ofices, or trusts. The

Company has aranged apropriate insurance cover in

respect of legal action against its Directors and oficers.

MANAGEMENT CONTRACTS

No contracts concerning the management and

administration of the whole or any substantial part of the

busines of the Company were entered into or existed

during the year.

除上文所披露者外，于二零二五年三月

三十一日，按照本公司须根据证券及期货条

例第336条存置之权益登记册，概无人士于本

公司之股份或相关股份中拥有根据证券及期

货条例第XV部第2及3分部之条文须向本公

司披露之任何权益或淡仓。

股权挂钩协议

除本报告所披露之认股权计划外，概无将会

或可能会导致本公司发行股份之股权挂钩协

议，或要求本公司订立将会或可能会导致本

公司发行股份之任何协议由本公司于年内订

立或于年末存续。

获准许之弥偿条文

根据公司细则，各董事或其他就本公司任何

事务行事之本公司高级职员均可从本公司之

资产及利润获得弥偿，该等人士或任何该

等人士、该等人士之任何继承人、遗嘱执行

人或遗产管理人就各自之职务或信托执行其

职责或假定职责时因所作出、发生之作为或

不作为而招致或蒙受之所有诉讼、费用、收

费、损失、损害及开支，可获确保免就此受

任何损害。本公司已安排购买涵盖针对董事

及高级职员提起之法律诉讼之适当保险。

管理合约

年内概无订立或存有关于本公司全部或任何

重大部分业务之管理及行政事宜之合约。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

环境政策及表现

本集团高度重视环保及节能，以提升可持续

发展之能力及承担相关社会责任。通过设立

不断完善之管理制度，大力推进节能环保，

从而就环境管理取得显著成就。

本公司将根据上市规则附录C2所规定之环

境、社会及管治报告指引另行刊发环境、社

会及管治报告。

遵守相关法律及法规以及向一间实

体垫款

设有合规程序以确保遵守适用法律、规则及

法规，尤其是对本集团有重大影响者。除另

行披露者外及就董事会及管理层所知，本集

团已于回顾年度内于所有重大方面遵守可能

严重影响本集团业务及营运之所有相关法律

法规。

本公司之全资附属公司普宁华创文产业发展

有限公司于二零二三年四月一日与独立第三

方深圳市慧通创建材有限公司（「深圳慧通」）

订立一份不具法律约束力之意向书（「意向

书」）。普宁华创文同意支付可退还保证金合

共人民币400,000,000元，以确保潜在投资机

会。截至本报告日期，约人民币362,000,000

元已分期支付予深圳慧通。

有关详情载于本报告「向一间实体垫款」一段。

ENVIRONMENTAL POLICY AND

PERFORMANCE

The Group puts great emphasis in environmental

protection and energy conservation to enhance the

capacity of sustainable development and undertake

relative social responsibility. Through the establishment

of an ever-improving management system, energy

conservation and environment protection were strongly

promoted, leading to the remarkable achievement of

environmental management.

The Company wil isue separately an Environmental,

Social and Governance Report under Environmental,

Social and Governance Reporting Guide as specified in

Apendix C2 of the Listing Rules.

COMPLIANCE WITH RELATED LAWS AND

REGULATIONS AND ADVANCE TO AN

ENTITY

Compliance procedures are in place to ensure adherence

to aplicable laws, rules and regulations, in particular,

those have a significant impact on the Group. Save

as otherwise disclosed and as far as the Board and

management are aware, the Group has complied with

al related laws and regulations in al material aspects

which may have significant impact on the busines and

operation of the Group during the year under review.

On April 1, 2023, Puning Huachuangwen Industrial

Development Co., Ltd., a wholy-owned subsidiary of

the Company, entered into a non– legaly binding Leter

of Intent (“LOI”) with Shenzhen Huitong Chuangchuang

Materials Co., Ltd. (“Shenzhen Huitong”), an

independent third party. Puning Huachuangwen agred to

pay refundable security deposits totaling RMB400 milion

to secure the potential investment oportunity. As of the

date of this report, aproximately RMB362 milion has

already ben paid in instalments to Shenzhen Huitong.

Details of which is set out in the paragraph headed

“Advance to an entity” in this report.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

RELATIONSHIP OF STAKEHOLDERS

The Company believes that employes, customers

and busines partners are the key to have continuous

sustainable development. The Company is comited to

be people-oriented and build up god relationship with its

employes. The Group provides on-the-job training and

development oportunities to enhance its employes’

carer progresion. Through diferent trainings, staf’s

profesional knowledge in corporate operations,

ocupational and management skils are enhanced. The

Group also values the health and wel-being of its staf.

In order to provide employes with health coverage, its

employes are entitled to medical insurance benefits.

The Group also works together with its busines partners

to provide high quality products and services to achieve

the goal of sustainable development and contribution to

the society.

Save as otherwise disclosed, there was no material and

significant dispute betwen the Group and its distributors

and/or customers during the year under review.

MAJOR CUSTOMERS AND SUPLIERS

During the year under review, the agregated sales

atributable to the Group’s five largest customers

acounted for aproximately 4% while the largest

customer acounted for aproximately 2% of its total

revenue.

During the year under review, the agregate purchases

atributable to the Group’s five largest supliers

acounted for aproximately 90% while the largest

suplier acounted for aproximately 67% of its total

purchases.

None of the Directors, their close asociates, or any

shareholder (which to the knowledge of the Directors

owned more than 5% of the Company’s isued shares)

had an interest in the five largest supliers or customers

noted above.

持份者之关系

本公司认为，雇员、客户及业务伙伴为持续

稳定发展之关键。本公司致力于以人为本，

与其雇员建立良好关系。本集团提供在职培

训及发展机会以促进员工之职业晋升。通过

不同培训，员工于公司营运之专业知识、职

业及管理技能得到提升。本集团亦珍视员工

之健康及福利。为向员工提供健康保险，其

员工有权享有医疗保险福利。本集团亦与其

业务伙伴同心协力，为顾客提供优质产品及

服务，以达致可持续发展及为社会作出贡献

之目的。

除另行披露者外，于回顾年度内，本集团与

其分销商及╱或客户之间并无重大且明显之

纠纷。

主要客户及供应商

于回顾年度内，本集团五大客户应占销售总

额约4%，而最大客户则占其总收益约2%。

于回顾年度内，本集团五大供应商应占采购

总额约90%，而最大供应商则占其采购总额

约67%。

概无董事、彼等之紧密联系人士或任何股东

（据董事所知拥有本公司已发行股份5%以上

者）于上述五大供应商或客户当中拥有权益。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

CONECTED TRANSACTIONS

The related party transactions for the year as disclosed

in note 36 to the consolidated financial statements also

constituted conected transaction under the Listing

Rules, which are required to be disclosed in this report

in acordance with Chapter 14A of the Listing Rules.

Details of such conected transaction (as defined under

the Listing Rules) are set out below in acordance with

the requirements of the Listing Rules:

During the year ended 31 March 2020, the Group, as

lese, entered into several Leases Contracts (“Lease

Contracts 2020”) with Beijing Tian’an Inovation

technology and Estates Limited*（北京天安科创置业有限

公司）(“BTIT”), as landlord, a conected person of the

Group. 100% equity interest in BTIT is indirectly held

by Mr. Chen Weiwu, Mr. Chen Weiwu is therefore a

conected person of the Company under the Listing

Rules. Set out below is a sumary of the principal terms

of the Lease Contracts 2020.

The Property:Building 15, Building 32, Building 38,

Building 41, Building 54, Building 62

and Building 63

Lease term:10 years

Rental:Ranging from RMB1.51 to RMB1.69

per sq.m. per day for the first year.

Such rental rates wil be increased

by 3% for each year thereafter. The

rent shal be pre-paid by Beijing

Mingchuang to BTIT on a quarterly

basis.

关连交易

于综合财务报表附注36披露的年内关连人

士交易亦构成上市规则项下的关连交易，而

该交易根据上市规则第14A章须于本报告披

露。按照上市规则的规定，该关连交易（定义

见上市规则）的详情载列如下：

于截至二零二零年三月三十一日止年度，本

集团（作为承租人）与本集团之关连人士北京

天安科创置业有限公司（「天安科创」）（作为

业主）订立数份租赁合同（「二零二零年租赁

合同」）。由于陈伟武先生间接持有天安科创

100%股权，故此，根据上市规则，陈伟武先

生为本公司的关连人士。下文载列有关二零

二零年租赁合同之主要条款摘要。

该物业：15号楼、32号楼、38号楼、

41号楼、54号楼、62号楼及

63号楼

租期：10年

租金：第一年为介乎每天每平方

米人民币1.51元至人民币

1.69元，其后的租金费率每

一年增加3%。北京名创每

季向天安科创预付租金。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

Rental deposit:Beijing Mingchuang shal pay a

deposit equivalent to 90-day rental

to BTIT not later than thre working

days before the comencement of

the lease term.

After the lease term expires or the

contract is terminated, if there is

damage to the leased property,

ancilary equipment and facilities, and

the items in the handover receipt

of the Property, BTIT has the right

to deduct the coresponding repair

expense for the damaged part from

the rental deposit.

Other expenses:The tenants shal be responsible for

the utility’s charges, air-conditioning

charges, water charges and

renovation service fes (if any).

Use of the

Property:

Research centers and ancilary ofices

Condition:The transactions contemplated

under the Lease Contracts are

subject to the obtaining of aproval

of the Independent Shareholders

in acordance with the aplicable

regulations (including the Listing

Rules) by the Company.

Sublet:Beijing Mingchuang may sublet the

Property provided that the consent of

BTIT is obtained.

Please refer to the anouncement of the Company dated

27 December 2019 and the circular of the Company

dated 25 February 2020 for further details.

租赁按金：租期开始不迟于三个工作日

前，北京名创向天安科创支

付相等于90日租金的按金。

租赁期满或合同解除后，若

租赁房屋、附属设备设施、

该物业交接单内的物品存在

受损情况，天安科创有权在

租赁按金中扣除受损部分相

应的维修费用。

其他费用：租户将承担公共服务费、空

调电费、水费及装修服务费

（如有）。

该物业用途：研究中心及附属办公室

条件：该等租赁合同项下拟进行的

交易须待本公司根据适用法

规（包括上市规则）获得独立

股东批准后，方可作实。

转租：在获得天安科创同意的前提

下，北京名创可转租该物

业。

有关进一步详情，请参阅本公司日期为二零

一九年十二月二十七日之公布及本公司日期

为二零二零年二月二十五日之通函。

CONECTED TRANSACTIONS (Continued)关连交易（续）

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

CONECTED TRANSACTIONS (Continued)

During the year ended 31 March 2022, the Group, as

lese, entered into several Leases Contracts (“Lease

Contracts 2021”) with Beijing Tian’an Inovation

Technology and Estates Limited*（北京天安科创置业有

限公司）(“BTIT”), as landlord, a conected person of

the Group. 100% equity interest in BTIT is indirectly

held by Mr. Chen Weiwu, Mr. Chen Weiwu is therefore

a conected person of the Company under the Listing

Rules. Set out below is a sumary of the principal terms

of the Lease Contracts 2021.

The Property:Building 52, Building 58, Building 59,

Building 60, Building 61 and Building 69

Lease term:Ranging from 10 years to 16 years

Rental:From RMB1.5 to RMB5.05 per sq.m.

per day for the first year. Such rental

rates wil be increased by 3% for

each year thereafter. The rent shal

be pre-paid by Beijing Mingchuang to

BTIT on a quarterly basis.

Rental deposit:Beijing Mingchuang shal pay a

deposit equivalent to 90-day rental

to BTIT not later than thre working

days before the comencement

of the lease term. After the lease

term expires or the contract is

terminated, if there is damage to the

leased property, ancilary equipment

and facilities, and the items in the

handover receipt of the Property,

BTIT has the right to deduct the

coresponding repair expense for

the damaged part from the rental

deposit.

Other expenses:The lese shal pay management

fe to landlord.

关连交易（续）

于截至二零二年三月三十一日止年度，本

集团（作为承租人）与本集团之关连人士北京

天安科创置业有限公司（「天安科创」）（作为

业主）订立数份租赁合同（「二零二一年租赁

合同」）。由于陈伟武先生间接持有天安科创

100%股权，故此，根据上市规则，陈伟武先

生为本公司的关连人士。下文载列有关二零

二一年租赁合同之主要条款摘要。

该物业：52号楼、58号楼、 59号楼、

60号楼、61号楼及69号楼

租期：介乎10年至16年

租金：第一年为每天每平方米人民

币1.5元至人民币5.05元。

该等租金率将于其后每年增

加3%。北京名创应每季向

天安科创预付租金。

租赁按金：于租期开始前不多于三个工

作日，北京名创应向天安科

创支付相当于90天租金之

按金。租期届满或合同解除

后，若租赁房屋、附属设备

设施、该物业交接单内之物

品存在受损情况，天安科创

有权在租赁按金中扣除受损

部分相应之维修费用。

其他费用：承租人应向业主支付管理

费。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

Use of the

Property:

Research centers, ancilary ofices

and others.

Condition:The transactions contemplated

under the Lease Contracts are

subject to the obtaining of aproval

of the Independent Shareholders

in acordance with the aplicable

regulations (including the Listing

Rules) by the Company.

Sublet:Beijing Mingchuang may sublet the

Property provided that the consent of

BTIT is obtained.

Please refer to the anouncement of the Company dated

11 December 2020 and the circular of the Company

dated 25 January 2021 for further details.

During the year ended 31 March 2025, total rental paid

or payable by the Group under the Lease Contracts

amounted to RMB53,287,000.

On 31 October 2022, the Company entered into the

Equity Sale and Purchase Agrement with Mr. Chen

Weiwu (“Mr. Chen”), pursuant to which the Company

had agred conditionaly to acquire, and Mr. Chen

had agred conditionaly to sel, the Sale Shares at

the Consideration of RMB315,000,000 (equivalent to

HK$355,950,000). The Consideration shal be setled

by way of (i) the isue and alotment of 534,000,000

Consideration Shares at an isue price of HK$0.2

per Consideration Share, resulting in the total value

of the Consideration Shares being HK$106,800,000

(equivalent to aproximately RMB94,513,274) and (i)

the isue of Convertible Bonds in the principal amount

of HK$249,150,000 (equivalent to aproximately

RMB220,486,726).

该物业之用途：研究中心、附属办公室及其

他。

条件：该等租赁合同项下拟进行之

交易须待本公司根据适用法

规（包括上市规则）获得独立

股东批准后，方可作实。

转租：在获得天安科创同意之前提

下，北京名创可转租该物

业。

有关进一步详情，请参阅本公司日期为二零

二零年十二月十一日之公布及本公司日期为

二零二一年一月二十五日之通函。

于截至二零二五年三月三十一日止年度内，

本集团根据该等租赁合同已付或应付的租金

总额为人民币53,287,000元。

于二零二年十月三十一日，本公司与陈伟

武先生（「陈先生」）订立股权买卖协议，据

此，本公司已同意以人民币315,000,000元

（相等于355,950,000港元）之代价有条件收

购及陈先生已有条件同意出售销售股份。

代价将透过(i)按发行价每股代价股份0.2港

元发行及配发534,000,000股代价股份，

导致代价股份总值为106,800,000港元（相

等于约人民币94,513,274元）及(i)发行本

金额为249,150,000港元（相等于约人民币

220,486,726元）之可换股债券。

CONECTED TRANSACTIONS (Continued)关连交易（续）

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

CONECTED TRANSACTIONS (Continued)

As at 31 October 2022, Mr. Chen, being the executive

Director of the Company, was interested in aproximately

50.15% of the shares of the Company. Mr. Chen was the

controling shareholder and therefore a conected person

of the Company under Chapter 14A of the Listing Rules.

Acordingly, the Acquisition also constituted a conected

transaction of the Company and was subject to the

reporting, anouncement and Independent Shareholders’

aproval requirements under Chapter 14A of the Listing

Rules.

Please refer to the anouncement of the Company dated

31 October 2022 and the circular of the Company dated

20 January 2023 for further details.

During the year under review, save as disclosed above,

the Group did not conduct any other non-exempt

conected transaction or any continuing conected

transaction under Chapter 14A of the Listing Rules.

EMOLUMENT POLICY

As at 31 March 2025, the Group employed a total

number of 16 (2024: 30) employes. The remuneration

of the employes of the Group is amounted to

aproximately HK$8.4 milion for the year ended

31 March 2025 (2024: HK$10.5 milion). The Group

remunerates its employes based on their performance,

experience and prevailing industry practices. The

emoluments of the Directors and senior management

of the Company are decided by the remuneration

comite of the Company, having regard to the

Company’s operating results, individual performance and

comparable market statistics.

The Group periodicaly reviews its remuneration package

in order to atract, motivate and retain its employes.

Discretionary bonuses may be rewarded to the Directors

and employes depending on the Group’s operating

results and their performance.

关连交易（续）

于二零二年十月三十一日，本公司执行董

事陈先生于本公司约50.15%的股份中拥有权

益。陈先生为控股东，因此根据上市规则

第14A章为本公司之关连人士。因此，收购

事项亦构成本公司之关连交易，并须遵守上

市规则第14A章项下之申报、公布及独立股

东批准规定。

有关进一步详情，请参阅本公司日期为二零

二年十月三十一日之公布及本公司日期为

二零二三年一月二十日之通函。

于回顾年度内，除上文所披露者外，本集团

并无根据上巿规则第14A章进行任何其他不

获豁免之关连交易或任何持续关连交易。

薪酬政策

于二零二五年三月三十一日，本集团雇用合

共16名（二零二四年：30名）雇员。截至二

零二五年三月三十一日止年度，本集团员工

之薪酬约为8,400,000港元（二零二四年：

10,500,000港元）。本集团按其雇员之表现、

经验及当前行业惯例向彼等支薪。董事及本

公司高级管理层之薪酬乃由本公司薪酬委员

会经考虑本公司之经营业绩、个别表现及可

资比较市场统计数字后决定。

本集团定期检讨其薪酬待遇，以吸引、激励

及留聘其雇员。酌情花红可视乎本集团之经

营业绩以及董事及雇员之表现向彼等发放。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

EMOLUMENT POLICY (Continued)

Further, the Company has also adopted a share option

scheme for the primary purpose of providing incentives

or rewards to any the Director, employe and other

eligible participant who made significant contribution

to the Group. The Group also provides external training

courses to its staf to improve their skils and services

on an ongoing basis.

DIVIDEND POLICY

The Company has adopted a dividend policy (“Dividend

Policy”). The Company considers stable and sustainable

returns to the shareholders of the Company to be its

goal. Acording to the Dividend Policy, in deciding

whether to propose a dividend and in determining the

dividend amount, the Board shal take into acount, inter

alia:–

(i) the general financial condition of the Group;

(i) the Group’s actual and future operations and

liquidity position;

(i) the Group’s expected working capital requirements

and future expansion plans;

(iv) the Group’s debt to equity ratios and the debt level;

(v) the retained earnings and distributable reserves

of the Company and each of the members of the

Group;

(vi) the shareholders’ and the investors’ expectation

and industry’s norm;

(vi) the general market conditions; and

(vi) any other factors that the Board dems apropriate.

The declaration and payment of dividend by the Company

is also subject to any restrictions under the Companies

Ordinance (Chapter 622 of the Laws of Hong Kong) and

the Company’s articles of asociation and any other

aplicable laws and regulations.

薪酬政策（续）

此外，本公司亦已采纳认股权计划，主要目

的为向任何对本集团作出重大贡献之董事、

雇员及其他合资格参与者提供激励或奖励。

本集团亦持续为其员工提供外部培训课程，

以改善彼等之技能及服务。

股息政策

本公司已采纳股息政策（「股息政策」）。本公

司认为本公司股东带来稳定及持续的回报

乃公司的目标。根据股息政策，于决定是否

派发股息及厘定股息之金额时，董事会应计

及（其中包括）：–

(i) 本集团的一般财务状况；

(i) 本集团的实际及未来经营及流动性状

况；

(i) 本集团的预期营运资金要求及未来扩展

计划；

(iv) 本集团的债务股本比及债务水平；

(v) 本公司及本集团各成员公司的保留盈利

及可分配储备；

(vi) 股东及投资者的预期及行业准则；

(vi) 一般市况；及

(vi) 董事会认为合适的任何其他因素。

本公司股息的宣布及派付亦受香港法例第622

章公司条例及本公司组织章程细则以及任何

其他适用法律及法规之限制。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

DIVIDEND POLICY (Continued)

The Board wil continualy review the Dividend Policy and

reserves the right in its sole and absolute discretion to

update, amend, modify and/or cancel the Dividend Policy

at any time.

The Dividend Policy shal in no way constitute a legaly

binding comitment by the Group in respect of its future

dividend and/or in no way obligate the Group to declare a

dividend at any time or from time to time.

DIRECTORS’ INTERESTS IN COMPETING

BUSINESES

As at 31 March 2025, none of the Directors was

interested in any busines, which competed or was

likely to compete, either directly or indirectly, with the

Group’s busineses except that Mr. Chen Weiwu is an

ultimate beneficiary owner of BTIT which is engaged in

construction, property development and related busines

in the PRC.

As the Board is independent of the boards of BTIT, the

Company has therefore ben capable of carying on its

busineses independently of, and at arm’s length from,

the above busineses.

FINANCIAL REVIEW

Curent asets

As at 31 March 2025, curent asets primarily consist of

(i) completed properties held for sale; (i) trade and other

receivables; and (i) cash and cash equivalents. The

decrease in curent asets by aproximately HK$635.1

milion or 23.4% compared to last year was mainly

resulted from: (i) decrease in completed properties held

for sale which is aproximately HK$482.8 milion or

24.6% compared to last year due to the acquisition of

the total isued share capital of Reach Glory Holdings

Limited, a company is indirectly hold 70% equity interest

in the Project Company Puning Huachuangwen Industrial

Development Co., Ltd., which had completed the project

in October 2022 and recognised the sale during the year

ended 31 March 2025; (i) aproximately HK$38.6 milion

or 73.0% compared to last year decrease in finance

lease receivables; and (i) decrease in cash and cash

equivalents by aproximately HK$100.0 milion or 71.9%

compared to last year.

股息政策（续）

董事会将持续检讨股息政策，并享有绝对酌

情权随时更新、修订、修改及╱或取消股息

政策。

股息政策绝不构成本集团就未来股息所作出

具法律约束力的承诺，及╱或绝不会令本集

团必须于任何时间或不时宣派股息。

董事于竞争性业务的权益

于二零二五年三月三十一日，概无董事于任

何直接或间接与本集团业务构成竞争或可能

构成竞争的业务中拥有权益，惟陈伟武先生

则除外，其为天安科创之最终实益拥有人，

该公司于中国从事建设、物业发展及相关业

务。

由于董事会乃独立于天安科创之董事会，因

此，本公司有能力独立于上述业务之情况下

按公平基准进行其本身业务。

财务回顾

流动资产

于二零二五年三月三十一日，流动资产主要

包括(i)持有待售竣工物业；(i)应收货款及其

他应收款项；及(i)现金及现金等值项目。

流动资产较去年减少约635,100,000港元或

23.4%，主要由于：(i)持有待售竣工物业较

去年减少约482,800,000港元或24.6%，由

于收购致荣控股有限公司（一间接持有项

目公司普宁华创文实业开发有限公司70%股

权的公司）全部已发行股本，而该项目已于二

零二年十月完成并于截至二零二五年三月

三十一日止年度确认该销售所致；(i)应收融

资租赁款项较去年减少约38,600,000港元或

73.0%；及(i)现金及现金等值项目较去年减

少约100,000,000港元或71.9%。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

FINANCIAL REVIEW (Continued)

Non-curent asets

As at 31 March 2025, non-curent asets primarily

consist of investment properties and finance lease

receivables. The decrease in investment properties by

aproximately HK$87.9 milion or 46.8% compared to

last year and the decrease in finance lease receivables

by aproximately HK$95.1 milion or 45.7%, due to lease

payment of lease contracts during the year.

Curent liabilities

As at 31 March 2025, curent liabilities primarily consist

of (i) trade and other payables; (i) contract liabilities;

(i) amounts due to non-controling shareholders of

subsidiaries and (iv) lease liabilities. The decrease in

curent liabilities by aproximately HK$596.9 milion

or 40.4% compared to last year was mainly resulted

from: (i) decrease in contract liabilities by aproximately

HK$494.8 milion or 39.0% compared to last year was

mainly because of the recognised the sales during the

year properties in Puning Huachuangwen Industrial

Development Co., Ltd. (i) no bank borowings for the

property development busines during this year; (i)

decrease in lease liabilities by aproximately HK$34.7

milion or 50.0% compared to last year; and (iv) decrease

in trade and other payables by aproximately 66.8 milion

or 64.5% due to the setlement of construction contract

in Puning, PRC.

Liquidity and financial resources

As at 31 March 2025, no bank borowings were incured

by the Group (2024: nil).

财务回顾（续）

非流动资产

于二零二五年三月三十一日，非流动资产

主要包括投资物业及应收融资租赁款项。

投资物业较去年减少约87,900,000港元

或46.8%，而应收融资租赁款项则减少约

95,100,000港元或45.7%，此乃由于年内租

赁合约的租赁付款所致。

流动负债

于二零二五年三月三十一日，流动负债主

要包括(i)应付货款及其他应付款项；(i)合

约负债；(i)应付附属公司之非控股东款

项及(iv)租赁负债。流动负债较去年减少约

596,900,000港元或40.4%，主要由于：(i)

合约负债较去年减少约494,800,000港元或

39.0%，主要由于年内确认销售普宁华创文

实业开发有限公司物业所致；(i)本年度并无

物业发展业务之银行借款；(i)租赁负债较去

年减少约34,700,000港元或50.0%；及(iv)

应付货款及其他应付款项减少约66,800,000

港元或64.5%，此乃由于在中国普宁的建筑

合约已结算所致。

流动资金及财务资源

于二零二五年三月三十一日，本集团并无产

生银行借款（二零二四年：无）。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

FINANCIAL REVIEW (Continued)

Liquidity and financial resources (Continued)

The gearing ratio of the Group as at 31 March 2025 was

28.0% compared with 6.8% as at 31 March 2024. Such

ratio was calculated with reference to the convertible

bonds deduction of cash and bank balances over the

Company’s equity atributable to owners of the Company.

As at 31 March 2025, the Group had net curent asets

of aproximately HK$1,201.0 milion as compared

with the net curent asets as at 31 March 2024 of

aproximately HK$1,239.3 milion. The curent ratio of

the Group as at 31 March 2025 was 2.4 compared with

1.8 as at 31 March 2024.

The revenue of the Group, being mostly denominated in

Renminbi and Hong Kong dolar, matches the curency

requirement of the Group’s expenses while other foreign

curencies were imaterial. During the year ended 31

March 2025, no financial instrument was entered into by

the Group used for hedging purpose. The Group was not

exposed to any exchange rate risk or any related hedges.

财务回顾（续）

流动资金及财务资源（续）

本集团于二零二五年三月三十一日之资本

负债比率为28.0%，而于二零二四年三月

三十一日则为6.8%。该比率乃经参考可换

股债券扣减现金及银行结余除以本公司拥有

人应占本公司之权益计算得出。于二零二五

年三月三十一日，本集团之流动资产净值约

为1,201,000,000港元，而二零二四年三月

三十一日则为流动资产净值约1,239,300,000

港元。本集团于二零二五年三月三十一日之

流动比率为2.4，而二零二四年三月三十一日

则为1.8。

本集团之大部份收益以人民币及港元计值，

符合本集团开支之货币要求，而其他外币并

不重大。截至二零二五年三月三十一日止年

度，本集团概无财务工具用作对冲用途。本

集团并无面临任何汇率风险或任何相关对冲。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

FINANCIAL REVIEW (Continued)

Fund raising activities

In 2023, convertible bonds in the agregate principal

amount of aproximately HK$249.2 milion were isued

to Mr. Chen Weiwu for part of the consideration of

RMB315 milion for the acquisition of the entire isued

share capital of Reach Glory Holdings Limited. For

the year ended 31 March 2025, no repayment for and

conversion of the convertible bonds tok place.

In 2022, convertible bonds in the agregate principal

amount of aproximately HK$27.1 milion were isued

to Shenzhen Yaoling Investment Company Ltd.*（深

圳市耀领投资有限公司）for part of the consideration of

RMB137,300,000 for the acquisition of the 55% of the

isued share capital of Donguan Huachuangwen Land

Ltd.*（东莞市华创文置地有限公司）(“Huachuangwen

Land”). Shenzhen Yaoling Investment Company Ltd. had

converted the convertible bonds to ordinary shares on 21

July 2022.

财务回顾（续）

集资活动

于二零二三年，向陈伟武先生发行本金总额

约为249,200,000港元之可换股债券，作为收

购致荣控股有限公司全部已发行股本部分代

价，总代价为人民币315,000,000元。截至二

零二五年三月三十一日止年度，并无可换股

债券的偿还及转换事项发生。

于二零二年，已向深圳市耀领投资有限公

司发行本金总额约为27,100,000港元之可换

股债券，作为收购东莞市华创文置地有限公

司（「华创文置地」）55%已发行股本部分代

价之用，代价为人民币137,300,000元。深

圳市耀领投资有限公司已于二零二年七月

二十一日将可换股债券转换为普通股。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

FINANCIAL REVIEW (Continued)

Fund raising activities (Continued)

In 2018, the Group completed the folowing fund raising

exercise to strengthen its financial position and raised

the gros proceds of aproximately HK$42.0 milion,

with the net proceds of aproximately HK$41.8 milion

after deduction of isuance expenses. Details of which

are set out as folows:

Date of

anouncement

Description of fund

raising activitiesIntended Use of Proceds

Amount of

Net Proceds

Brought

Forward to the

year ended

31 March 2024

Amount

utilized up to

31 March 2024

Amount of

Net Proceds

Brought

Forward to

the year

ended 31 March

Amount

utilized up to

31 March 2025

Amount of

unutilized

proceds

Expected

timeline/

Intended use

of unutilized

proceds

公布日期集资活动之详情所得款项之拟定用途

结转至截至

二零二四年三月

三十一日止年度

之所得款项

净额金额

截至

二零二四年三月

三十一日

之已动用金额

结转至截至

二零二五年三月

三十一日止年度

之所得款项

净额金额

截至

二零二五年

三月三十一日

之已动用金额

尚未动用

所得款项之金额

预期时间表╱

尚未动用所得

款项之拟定用途

31 August 2018Isue of convertible bonds in an

agregate principal amount of

HK$42,031,080, which has ben

converted into ordinary shares of

the Company on 30 July 2020

Money lending busines

of the Group in Hong

Kong: aproximately

HK$27.2 milion (as per

the anouncement of the

Company dated 25 August

2021, the use of proceds

have ben realocated to

general working capital)

nilnilnilnilnilN/A

二零一八年

八月三十一日

发行本金总额为42,031,080港元之可换

股债券，其已于二零二零年七月三十

日获转换为本公司之普通股

本集团于香港之

放债业务：

约27,200,000港元

（根据本公司日期为二零

二一年八月二十五日之公

布，所得款项用途已重新

分配为一般营运资金）

零不适用

General working capital of

the Group: aproximately

HK$14.6 milion

nilnilnilnilnilN/A

本集团之

一般营运资金：约

14,600,000港元

零不适用

财务回顾（续）

集资活动（续）

于二零一八年，本集团完成以下集资活动，

以增强其财务状况及募得所得款项总额约

42,000,000港元，而经扣除发行开支后，所

得款项净额约为41,800,000港元。其详情载

列如下：

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

FINANCIAL REVIEW (Continued)

Fund raising activities (Continued)

In 2017, convertible bonds in the agregate principal

amount of aproximately HK$46.3 milion were isued,

with the net proceds of aproximately HK$46.1 milion

after deduction of isuance expenses. Details of which

are set out as folows:

Date of

anouncement

Description of fund

raising activitiesIntended Use of Proceds

Amount of

Net Proceds

Brought

Forward to the

year ended

31 March 2024

Amount

utilized up to

31 March 2024

Amount of

Net Proceds

Brought

Forward to

the year

ended 31 March

Amount

utilized up to

31 March 2025

Amount of

unutilized

proceds

Expected

timeline/

Intended use

of unutilized

proceds

公布日期集资活动之详情所得款项之拟定用途

结转至截至

二零二四年三月

三十一日止年度

之所得款项

净额金额

截至

二零二四年三月

三十一日

之已动用金额

结转至截至

二零二五年三月

三十一日止年度

之所得款项

净额金额

截至

二零二五年

三月三十一日

之已动用金额

尚未动用

所得款项之金额

预期时间表╱

尚未动用所得

款项之拟定用途

26 July 2017Isue of convertible bonds in an

agregate principal amount of

HK$46,341,960, which has ben

converted into ordinary shares of

the Company on 30 July 2020

Potential acquisition (Note 1)

aproximately HK$32.1

milion

nilnilnilnilnilN/A

二零一七年

七月二十六日

发行本金总额为46,341,960港元之可换

股债券，其已于二零二零年七月三十

日获转换为本公司之普通股

潜在收购事项（附注1）

约32,100,000港元

零不适用

General working capital of

the Group: aproximately

HK$14.0 milion

nilnilnilnilnilN/A

本集团之

一般营运资金：约

14,000,000港元

零不适用

Note 1:

The proceds of aproximately HK$32.1 milion was utilized to

setle the consideration of an acquisition in July 2020.

财务回顾（续）

集资活动（续）

于二零一七年，已发行本金总额约为

46,300,000港元之可换股债券，而经扣除发

行开支后，所得款项净额约为46,100,000港

元。有关详情载列如下：

附注1：

所得款项约32,100,000港元已于二零二零年七月用

于支付收购代价。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

财务回顾（续）

抵押

于二零二五年及二零二四年三月三十一日，

本集团并无产生银行借贷，亦无抵押及担保。

有关详情载于本报告「向一间实体垫款」一段。

除上文所披露者外，本集团于二零二五年三

月三十一日并无任何其他资产抵押。

或然负债

有关本集团于二零二五年三月三十一日之重

大或然负债，请参阅本报告附注40。

持有之重大投资、附属公司、联营公司及合

营公司之重大收购及出售事项以及重大投资

或资本资产之未来计划

兹提述本公司日期为二零二年十月三十一

日之公布及日期为二零二三年一月二十日之

通函（「通函」），内容有关收购目标集团之非

常重大收购事项及关连交易，以及本公司日

期为二零二三年二月十六日之公布，内容有

关于二零二三年二月十六日举行之股东特别

大会之投票表决结果。除文义另有所指外，

本报告所用词汇与通函所界定者具有相同涵

义。

FINANCIAL REVIEW (Continued)

Charges

As at 31 March 2025 and 2024, no bank borowings were

incured by the Group and no charges and guarantes

were secured.

Details of which is set out in the paragraph headed

“Advance to an entity” in this report.

Save as disclosed above, the Group did not have any

other charges on asets as at 31 March 2025.

Contingent liabilities

Please refer to note 40 of this report for material

contingent liabilities of the Group as at 31 March 2025.

Significant investments held, material acquisitions

and disposals of subsidiaries, asociates and joint

ventures, and future plans for material investments or

capital asets

Reference is made to the anouncement of the

Company’s anouncement dated 31 October 2022

and circular (the “Circular”) dated 20 January 2023

regarding the very substantial acquisition and conected

transaction in relation to the acquisition of the Target

Group, as wel as the anouncement of the Company

dated 16 February 2023 regarding the pol results of

the special general meting held on 16 February 2023.

Capitalised terms used in this report shal have the same

meanings as defined in the Circular unles the context

requires otherwise.

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

FINANCIAL REVIEW (Continued)

Significant investments held, material acquisitions

and disposals of subsidiaries, asociates and joint

ventures, and future plans for material investments or

capital asets (Continued)

On 31 October 2022, the Company entered into the

Equity Sale and Purchase Agrement with Mr. Chen,

pursuant to which the Company has agred conditionaly

to acquire, and Mr. Chen has agred conditionaly to sel

the total isued share capital in Reach Glory Holdings

Limited (the “Acquisition”). Upon the completion

of the Acquisition on 10 March 2023, the Company

indirectly wholy holds 70% of the equity interest in

the Puning Huachuangwen Industrial Development Co.,

Ltd*（普宁华创文实业开发有限公司）through Reach Glory

Holdings Limited. The Consideration has ben setled

by way of (i) the isue and alotment of 534,000,000

Consideration Shares at an isue price of HK$0.2

per Consideration Share, resulting in the total value

of the Consideration Shares being HK$106,800,000

(equivalent to aproximately RMB94,513,274) and (i)

the isue of Convertible Bonds in the principal amount

of HK$249,150,000 (equivalent to aproximately

RMB220,486,726).

Reference is made to the Company’s anouncement

dated 30 July 2021 and circular dated 30 September

2021 in relation to, among other things, a very

substantial acquisition and conected transaction.

Capitalised terms used under this sub-heading shal

have the same meaning as in the said report and circular

unles otherwise defined in this report.

财务回顾（续）

持有之重大投资、附属公司、联营公司及合

营公司之重大收购及出售事项以及重大投资

或资本资产之未来计划（续）

于二零二年十月三十一日，本公司与陈先

生订立股权买卖协议，据此，本公司同意有

条件收购而陈先生同意有条件出售致荣控股

有限公司的全部已发行股本（「收购事项」）。

于二零二三年三月十日收购事项完成后，本

公司透过致荣控股有限公司间接全资持有普

宁华创文实业开发有限公司的70%股权。

代价已以(i)按发行价每股代价股份0.2港元

发行及配发534,000,000股代价股份，使

代价股份的总价值为106,800,000港元（相

当于约人民币94,513,274元）及(i)发行本

金额为249,150,000港元（相当于约人民币

220,486,726元）的可换股债券之方式支付。

兹提述本公司日期为二零二一年七月三十日

之公布及日期为二零二一年九月三十日之通

函，内容有关（其中包括）非常重大收购事项

及关连交易。除本报告另有界定者外，本分

节所用词汇与上述报告及通函所述者具有相

同涵义。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

FINANCIAL REVIEW (Continued)

Significant investments held, material acquisitions

and disposals of subsidiaries, asociates and joint

ventures, and future plans for material investments or

capital asets (Continued)

On 30 July 2021, the Company entered into the equity

sale and purchase agrement (the “Equity Sale

and Purchase Agrement”) with Shenzhen Yaoling

Investment Company Limited*（深圳市耀领投资有限

公司）(“Shenzhen Yaoling”) to acquire 55% equity

interest of Donguan Huachuangwen Land Limited*（东

莞市华创文置地有限公司）(“Huachuangwen Land”) (the

“Acquisition”). Upon the completion of the Acquisition,

the Company wil hold 90% of the equity interest in

Huachuangwen Land and the financial statements of

Huachuangwen Land wil continue to be consolidated

into the consolidated financial statements of the

Group. The consideration shal be setled by way of (i)

cash of RMB40,000,000 (equivalent to aproximately

HK$48,000,000); (i) isue and alotment of 450,000,000

shares of the Company at an isue price of HK$0.2

per share, resulting in a total value of HK$90,000,000

of shares and (i) isue of convertible bonds of the

Company in the principal amount of HK$27,120,000

(equivalent to aproximately RMB22,600,000). Details

of the Acquisition were disclosed in the Company’s

anouncement dated 30 July 2021 and the Company’s

circular dated 30 September 2021.

Subsequently, the Acquisition was aproved at the

special general meting of the Company on 20 October

2021. On 29 October 2021, the Company anounced that

as aditional time is required for the fulfilment of the

conditions precedent to the Equity Sale and Purchase

Agrement, the Company and Shenzhen Yaoling agred

in writing to extend the long stop date from 31 October

2021 to 31 December 2021 (or such other date as the

parties may agre in writing).

财务回顾（续）

持有之重大投资、附属公司、联营公司及合

营公司之重大收购及出售事项以及重大投资

或资本资产之未来计划（续）

于二零二一年七月三十日，本公司与深圳市

耀领投资有限公司（「深圳耀领」）订立股权买

卖协议（「股权买卖协议」），以收购东莞市华

创文置地有限公司（「华创文置地」）之55%股

权（「收购事项」）。收购事项完成后，本公司

将持有华创文置地90%股权，而华创文置

地之财务报表将继续并入本集团综合财务报

表。代价将以(i)现金人民币40,000,000元

（相当于约48,000,000港元）；(i)按发行价每

股0.2港元发行及配发450,000,000股本公司

股份，使股份之总价值为90,000,000港元；

及(i)发行本金额为27,120,000港元（相当于

约人民币22,600,000元）之本公司可换股债券

之方式支付。有关收购事项之详情于本公司

日期为二零二一年七月三十日之公布及本公

司日期为二零二一年九月三十日之通函内披

露。

其后，收购事项已于二零二一年十月二十日

举行之本公司股东特别大会上获批准。于二

零二一年十月二十九日，本公司宣布，由

于需要更多时间达成股权买卖协议之先决条

件，故本公司与深圳耀领书面协定，将最后

截止日期由二零二一年十月三十一日延长至

二零二一年十二月三十一日（或订约方可能书

面协定之其他日期）。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

FINANCIAL REVIEW (Continued)

Significant investments held, material acquisitions

and disposals of subsidiaries, asociates and joint

ventures, and future plans for material investments or

capital asets (Continued)

On 31 December 2021, the Company anounced that

aditional time is required for the fulfilment of the

conditions precedent to the Equity Sale and Purchase

Agrement the Company and Shenzhen Yaoling agred in

writing to extend the Long Stop Date from 31 December

2021 to 31 January 2022 (or such other date as the

parties may agre in writing). On 31 January 2022, the

Company anounced that as aditional time is required

for the fulfilment of the conditions precedent to the

Equity Sale and Purchase Agrement, the Company and

Shenzhen Yaoling agred in writing to extend the long

stop date from 31 January 2022 to 31 March 2022 (or

such other date as the parties may agre in writing).

On 31 March 2022, the Company anounced that as

aditional time is required for the fulfilment of the

conditions precedent to the Equity Sale and Purchase

Agrement, the Company and Shenzhen Yaoling agred

in writing to extend the long stop date from 31 March

2022 to 30 June 2022 (or such other date as the parties

may agre in writing).

On 6 July 2022, the Acquisition has ben completed, the

Company holds 90% equity interest in Huachuangwen

Land, the Consideration Shares and Convertible Bonds

were isued to Shenzhen Yaoling in setlement of

the Consideration pursuant to the Equity Sale and

Purchasing Agrement. On 18 July 2022, the Company

received a conversion notice from Shenzhen Yaoling

for exercise of the conversion rights atached to the

Convertible Bonds in respect of the entire principal

amount of HK$27,120,000 at conversion price of HK$0.2

per conversion share, a total number of 135,600,000

conversion share shal be isued to Shenzhen Yaoling.

For further details, please refer to the Company’s

anouncement dated 6 July 2022 and 18 July 2022,

respectively.

Save as disclosed above, there was no significant

investments held, no material acquisitions or disposals of

subsidiaries, asociates or joint ventures during the year

ended 31 March 2025.

财务回顾（续）

持有之重大投资、附属公司、联营公司及合

营公司之重大收购及出售事项以及重大投资

或资本资产之未来计划（续）

于二零二一年十二月三十一日，本公司宣

布，由于需要更多时间达成股权买卖协议之

先决条件，本公司与深圳耀领书面协定，将

最后截止日期由二零二一年十二月三十一日

延长至二零二年一月三十一日（或订约方可

能书面协定之其他日期）。于二零二年一月

三十一日，本公司宣布，由于需要更多时间

达成股权买卖协议之先决条件，故本公司与

深圳耀领书面协定，将最后截止日期由二零

二年一月三十一日延长至二零二年三月

三十一日（或订约方可能书面协定之其他日

期）。

于二零二年三月三十一日，本公司宣布，

由于需要更多时间达成股权买卖协议之先决

条件，故本公司与深圳耀领书面协定，将最

后截止日期由二零二年三月三十一日延长

至二零二年六月三十日（或订约方可能书面

协定之其他日期）。

于二零二年七月六日，收购事项已完成，

本公司持有华创文置地90%股权，代价股份

及可换股债券已根据股权买卖协议发行予深

圳耀领以偿付代价。于二零二年七月十八

日，本公司接获深圳耀领的转换通知，以按

换股价每股转换股份0.2港元行使全部本金额

27,120,000港元的可换股债券所附带的转换

权，故须向深圳耀领发行合共135,600,000股

转换股份。有关进一步详情，请参阅本公司

日期分别为二零二年七月六日及二零二

年七月十八日的公布。

除上文所披露者外，于截至二零二五年三月

三十一日止年度，概无持有之重大投资、附

属公司、联营公司或合营公司之重大收购或

出售事项。

---

董事会报告书

DIRECTORS’ REPORT

ANUAL REPORT 2025 二零二五年报

FINANCIAL REVIEW (Continued)

Advance to an entity

On April 1, 2023, Puning Huachuangwen Industrial

Development Co., Ltd., a wholy-owned subsidiary,

entered into a non-legaly binding Leter of Intent (“LOI”)

with Shenzhen Huitong Chuangchuang Materials Co.,

Ltd., an independent third party, which is authorized to

cordinate an urban renewal project in Xintan Vilage,

Puning City, Guangdong. To secure the potential

investment oportunity, Puning Huachuangwen agred

to pay refundable security deposits totaling RMB400

milion (RMB300 milion by end-2023, RMB400 milion by

end-2024). As of the date of this report, aproximately

RMB362 milion has already ben paid in instalments to

Shenzhen Huitong.

The Project aims to develop a 53,000 sqm mixed-use

complex featuring residential, comercial, tourism, and

cultural facilities, folowing demolition and relocation.

Its preliminary plan is stil under government review,

crucialy, the deposit is unsecured, interest-fre, and fuly

refundable if Puning Huachuangwen ultimately declines

to invest or if government aproval isn’t secured within 3

years of the LOI. If the investment proceds, the deposit

converts to project capital.

The Group is principaly engaged in property development

busines in the PRC, facing a market downturn, views

this large-scale, government-suported urban renewal

project as a rare, potentialy profitable oportunity.

The deposit demonstrates serious intent for a project

requiring masive future investment. The final decision

to invest wil only be made after government data

and aprovals are received, a proces expected to be

lengthy. While awaiting this, the deposit safeguards the

Group’s option without comitment. Directors dem

the LOI and deposit terms comercialy normal and in

shareholders’ interests. For further details, please refer

to the anouncement date 12 November 2024.

财务回顾（续）

向一间实体垫款

于二零二三年四月一日，普宁华创文产业发

展有限公司（全资附属公司）与深圳市慧通创

建材有限公司（独立第三方，获授权协调广东

省普宁市新坛村的城市更新项目）订立一份

不具法律约束力的意向书（「意向书」）。为确

保潜在投资机会，普宁华创文同意支付可退

还保证金共计人民币400,000,000元（于二零

二三年底前支付人民币300,000,000元，于二

零二四年底前支付人民币400,000,000元）。

截至本报告日期，约人民币362,000,000元已

分期支付予深圳慧通。

该项目旨在拆迁及搬迁后发展一个占地

53,000平方米的综合用途建筑群，设有住

宅、商业、旅游及文化设施。其初步规划仍

由政府审核中，关键是，倘若普宁华创文最

终拒绝投资，或意向书签署后三年内未能获

得政府批准，则该笔按金为无抵押、免息及

可全数退还。倘投资有进展，则该笔按金会

转为项目资本。

本集团主要于中国从事物业开发业务，面对

市场低迷，我们视此大型、获政府支持的城

市更新项目为一个难得且可能获利的机会。

该按金显示对需要大量未来投资的项目有认

真意图。最终投资决定将于收到政府数据及

批准后方可作出，而该过程预期将会漫长。

在等待期间，该按金保障本集团的选择权而

无须承担承诺。董事认为意向书及按金条款

符合商业惯例并符合股东利益。有关进一步

详情，请参阅日期为二零二四年十一月十二

日的公布。

---

董事会报告书

DIRECTORS’ REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

董事及高级管理层之酬金

本集团于截至二零二五年三月三十一日止年

度向本公司董事和本集团高级管理层支付之

酬金详情载于综合财务报表附注11及36。

购买、出售或赎回本公司之上市证

券

本公司或其任何附属公司于截至二零二五年

三月三十一日止年度内并无购买、出售或赎

回本公司之上市证券。

公众持股量

基于本公司公开取得的资料及据其董事所

知，本公司于截至二零二五年三月三十一日

止年度内及本报告日期维持上巿规则所规定

之足够公众持股量。

核数师

本年度之综合财务报表已由中正天恒会计师

有限公司审核，中正天恒会计师有限公司将

于应届股东周年大会上退任，惟符合资格并

愿意膺选连任。

代表董事会

主席

陈伟武

香港，二零二五年六月二十六日

* 仅供识别

REMUNERATION OF DIRECTORS AND

SENIOR MANAGEMENT

Details of the remuneration paid by the Group to the

Directors of the Company and senior management of the

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

notes 11 and 36 to the consolidated financial statements.

PURCHASE, SALE OR REDEMPTION OF

THE COMPANY’S LISTED SECURITIES

Neither the Company nor its subsidiaries purchased, sold

or redemed the Company’s listed securities during the

year ended 31 March 2025.

PUBLIC FLOAT

Based on information publicly available to the Company

and within the knowledge of its Directors, the Company

has maintained suficient public float in acordance with

the Listing Rules throughout the year ended 31 March

2025 and as at the date of this report.

AUDITOR

The consolidated financial statements for the year have

ben audited by CTH CPA Limited which wil retire and

being eligible, after themselves for reapointment at the

forthcoming anual general meting.

On behalf of the Board

Chen Weiwu

Chairman

Hong Kong, 26 June 2025

* For identification only

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

绪言

董事会及本公司高级管理层致力建立良好企

业管治常规及程序。维持高水平之商业操守

及企业管治常规一直为本集团的目标之一。

本公司相信，良好企业管治所提供之架构，

对有效管理、业务成功发展及建立良好企业

文化至关重要，可借此提高股东价值。

企业管治守则

于截至二零二五年三月三十一日止整个年度

内，本公司一直遵守载于上市规则附录C1

之企业管治守则（「企业管治守则」）之所有守

则条文，惟下列企业管治守则之守则条文第

C5.1条除外：

根据企业管治守则之守则条文第C5.1条，董

事会每年应至少举行四次会议，大概每季度

举行一次。尽管于本年度内仅举行两次常规

董事会议，惟由于业务营运由执行董事负

责管理及监督，故董事会认为已举行足够会

议。此外，本集团之高级管理层不时向董事

提供有关本集团业务发展及活动之资料，并

将于需要时举行特设董事会议。

INTRODUCTION

The Board and the senior management of the Company

are comited to establishing god corporate governance

practices and procedures. The maintenance of high

standard of busines ethics and corporate governance

practices has always ben one of the Group’s goals.

The Company believes that god corporate governance

provides a framework that is esential for efective

management, sucesful busines growth and a healthy

corporate culture, thereby leading to the enhancement of

shareholders’ value.

CODE OF CORPORATE GOVERNANCE

Throughout the year ended 31 March 2025, the Company

has complied with al the code provisions of the

Corporate Governance Code (the “CG Code”) contained

in Apendix C1 to the Listing Rules except for the code

provision C5.1 of the CG Code below:

Pursuant to code provision C5.1 of the CG Code, Board

metings should be held at least four times a year at

aproximately quarterly internals. Although only two

regular Board metings were held during the year, the

Board considered that suficient metings had ben held

as busines operations were under the management

and the supervision of the executive Directors. In

adition, senior management of the Group provided to

the Directors the information in respect of the Group’s

busines development and activities from time to time

and, when required, ad hoc Board metings wil be held.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

董事会

职责

董事会负责本公司之领导及监控工作，并监

察本集团之业务、策略性决策及表现，以及

藉指导及监督本公司事务，共同负责引领

本公司迈向成功。实际上，董事会负责就本

公司所有主要事项作出决策，包括：审批及

监控所有政策事宜、制定目标、年度预算及

整体策略、订立重大交易、委任董事、检讨

风险管理及内部监控系统之有效性及其他重

大财务及营运事宜。本公司之日常管理、行

政及营运均转授予高级行政人员及管理层执

行。彼等之职责包括实行董事会作出之决

策、根据董事会审批之管理策略及计划协调

及指导本公司日常营运及管理。董事会获得

高级行政人员之全力支持履行其职责。在订

立任何重大交易前均须获得董事会预先批

准。有关本公司核数师对综合财务报表之呈

报责任之声明载于本报告第72至82页之独立

核数师报告。

THE BOARD

Responsibilities

The Board is responsible for the leadership and control

of the Company and overses the Group’s busines,

strategic decisions and performances and is colectively

responsible for promoting the suces of the Company

by directing and supervising its afairs. In practice, the

Board takes responsibility for decision making in al

major maters of the Company including the aproval and

monitoring of al policy maters, the seting of objectives,

anual budgets and overal strategies, the entering

into material transactions, apointment of Directors,

reviewing the efectivenes of the risk management and

internal control systems and other significant financial

and operational maters. The day-to-day management,

administration and operation of the Company are

delegated to the senior executives and the management.

Their responsibilities include the implementation of

decisions made by the Board, the co-ordination and

direction of day-to-day operation and management of the

Company in acordance with the management strategies

and plans aproved by the Board. The Board receives

ful suport from senior executives to discharge its

responsibility. Prior aproval has to be obtained from

the Board before entering into any material transactions.

The statement of the auditors of the Company in relation

to their reporting responsibilities for the consolidated

financial statements is set out in the Independent

Auditor’s Report on pages 72 to 82 of this report.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

董事会（续）

组成

于本报告日期，董事会由五名董事组成，

包括两名执行董事，分别为陈伟武先生（主

席）、周厚杰先生及江若文豪先生（署理行政

总裁），以及三名独立非执行董事，分别为陈

友春先生、雷美嘉女士及周新先生。

其中一名独立非执行董事具备适当会计及财

务管理专业知识。独立非执行董事占董事会

人数超过三分之一。主席及其他董事之履历

详情载于本报告第17至23页「董事及高级管

理层」一段内。

董事会认为，董事会包括三名独立非执行董

事，可于执行董事与非执行董事间达致合理

制衡。董事会认为，此制衡能为保障股东

及本集团利益提供充份之核查及制衡。独立

非执行董事向本集团提供广泛专业知识及经

验，从而可有效地作出独立判断。彼等亦出

席董事会议及股东大会、处理潜在利益冲

突、出任本公司审核委员会、薪酬委员会及

提名委员会成员，以及监察本集团之表现及

呈报。透过彼等之积极参与，本公司之管理

程序可获得审慎检讨及监控。

THE BOARD (Continued)

Composition

As at the date of this report, the Board comprises five

Directors, including two Executive Directors, namely,

Mr. Chen Weiwu (Chairman), Mr. Zhou Houjie and Mr.

Jiang Ruowenhao (Acting Chief Executive Oficer) and

thre Independent Non-executive Directors, namely, Mr.

Chen Youchun, Ms. Lui Mei Ka and Mr. Zhou Xin.

One of the Independent Non-executive Directors has

apropriate acounting and financial management

expertise. The number of Independent Non-executive

Directors is more than one-third of the Board.

Biographical details of the Chairman and other Directors

are set out in the paragraph headed “Directors and

senior management” on pages 17 to 23 of this report.

The presence of thre Independent Non-executive

Directors is considered by the Board to be a reasonable

balance betwen Executive Directors and Non-executive

Directors. The Board is of the opinion that such balance

can provide adequate checks and balances to safeguard

the interests of shareholders and of the Group. The

Independent Non-executive Directors provide to the

Group with a wide range of expertise and experience so

that independent judgment can be exercised efectively.

They have also participated in Board metings and

general metings, dealt with potential conflicts of

interest, served on Audit Comite, Remuneration

Comite and Nomination Comite of the Company

and scrutinised the Group’s performance and reporting.

Through their active participation, the management

proces of the Company can be criticaly reviewed and

controled.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

董事会（续）

组成（续）

董事在本身之专业范围均为杰出人士，并展

示出高水平之个人及专业操守和诚信。全体

董事均已就本公司事务付出充足时间及关

注。每名董事于接受委任时均会向本公司披

露其于其他上市公司或公众组织所担任之职

位，以及其他重大承担，并需于该等情况发

生重大变化时，及时通知本公司。董事会相

信，执行董事与独立非执行董事间之比率诚

属合理，并足以对董事会之决策过程发挥互

相核查及制衡之作用。

董事会参与新董事之甄选及批准。独立非执

行董事以特定任期委任。根据公司细则，所

有董事均须轮席退任，并最少每三年重选一

次。

遵循企业管治守则之守则条文第B.1.2条，明

列董事角色与职能之更新名单将可于本公司

网站(htp:/w.ts674.com)及联交所网站

(w.hkex.com.hk)浏览。本公司将不时审

阅董事会之组成，以确保董事会拥有适切及

必要之专业能力、技能及经验，以满足本集

团业务之需求及提升股东价值。

THE BOARD (Continued)

Composition (Continued)

The Directors have distinguished themselves in their

field of expertise, and have exhibited high standards

of personal and profesional ethics and integrity. Al

Directors have given suficient time and atention to the

Company’s afairs. Each Director shal disclosed to the

Company at the time of his/her apointment the positions

held in other listed companies or public organisation

and other significant comitment, and is required to

provide any change on such situation in a timely maner.

The Board believes that the ratio betwen Executive

Directors and Independent Non-executive Directors is

reasonable and adequate to perform check and balance

function over the Board in the decision making proces.

The Board participates in the selection and aproval of

new Director. Independent Non-executive Directors are

apointed for a specific term. Under the Bye-laws, al

the Directors are required to retire and be re-selected by

rotation at least once every thre years.

In compliance with Code Provision B.1.2 of the CG Code,

an updated list of the Directors identifying their role and

function are available on the websites of the Company

(htp:/w.ts674.com) and the Stock Exchange (w.

hkex.com.hk). The Company wil review the composition

of the Board from time to time to ensure that the Board

poseses the apropriate and necesary expertise,

skil and experience to met the neds of the Group’s

busines and to enhance the Shareholders’ value.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

独立性

本公司已收到各独立非执行董事按照上市规

则第3.13条发出表明其独立性之年度确认

书，且彼等各自均声明已符合所有根据上市

规则第3.13条有关独立性之指引。因此，本

公司认为全体独立非执行董事均为独立人士。

所有载有董事姓名之公司通讯中，均已说明

全体独立非执行董事之身份。此外，董事会

成员之间概无重大关系。

董事会议及股东大会

董事会通常每年至少召开四次会议，约每季

度一次。董事亲身出席或透过其他电子通讯

方式举行董事会议以厘定整体策略方向及

目标以及审批中期业绩、年度业绩或其他重

大事项。例会之草拟通知及议程已于会议前

至少14天前向全体董事提供，以供彼等提出

意见，并载入任何于大会上商议之事宜。除

举行例会外，高级管理层亦不时向董事提供

有关本集团业务活动及发展之资料。公司秘

书协助主席编制会议程，并确保已遵守及

遵从有关会议之所有适用规则及规例。议程

及董事会文件随后于举行会议前最少三日发

送予全体董事。公司秘书于会上亦会作出详

尽会议记录，并对讨论事项及议决定保留

记录。

INDEPENDENCE

The Company has received an anual confirmation

of independence from each of the Independent Non-

executive Director in acordance with Rule 3.13 of the

Listing Rules and each of them has declared fulfilment

of al the guidelines for asesing independence

in acordance with Rule 3.13 of the Listing Rules.

Acordingly, the Company considers that al the

Independent Non-executive Directors are independent.

Al Independent Non-executive Directors are identified

as such in al corporate comunications containing the

names of the Directors. In adition, there is no material

relationship betwen Board members.

BOARD METINGS AND SHAREHOLDERS’

METINGS

The Board regularly mets at least four times a year,

aproximately quarterly intervals. Directors atend

metings in person or through other electronic means

of comunication to determine the overal strategic

direction, objectives and to aprove interim results,

anual results or other significant maters. Draft notice

and agenda for regular metings are provided to al

Directors for coments and inclusion of any maters for

deliberation at the metings at least 14 days before the

metings. Apart from holding regular metings, senior

management from time to time provides to the Directors

information on activities and development of the

busines of the Group. The Company Secretary asists

the Chairman in preparing agenda for the metings

and ensures that al aplicable rules and regulations in

conection with the metings are observed and complied

with. The agenda and Board papers are then sent to

al Directors at least 3 days prior to the meting. The

Company Secretary also takes detailed minutes, keps

records of maters discused and decision resolved at

the metings.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

董事会议及股东大会（续）

于年内，董事出席以下会议之详情载列如下：

BOARD METINGS AND SHAREHOLDERS’

METINGS (Continued)

During the year, details of the Directors’ atendance in

the folowing metings are set out below:

Name of Directors

Board

Meting

atended/

Eligible

atended

Audit

Comite

Meting

atended/

Eligible

atended

Remuneration

Comite

Meting

atended/

Eligible

atended

Nomination

Comite

Meting

atended/

Eligible

atended

Anual

General

Meting

atended/

Eligible

atended

Special

General

Meting

atended/

Eligible

atended

董事姓名

出席╱

合资格出席

董事会

会议

出席╱

合资格出席

审核委员会

会议

出席╱

合资格出席

薪酬委员会

会议

出席╱

合资格出席

提名委员会

会议

出席╱

合资格

出席股东

周年大会

出席╱

合资格

出席股东

特别大会

Executive Director

执行董事

Mr. Chen Weiwu3/3—1/11/1—

陈伟武先生

Mr. Zhou Houjie3/3—1/1—1/1—

周厚杰先生

Mr. Jiang Ruowenhao3/3—1/1—

江若文豪先生

Independent Non-executive Director

独立非执行董事

Mr. Chen Youchun3/32/21/11/11/1—

陈友春先生

Ms. Lui Mei Ka3/32/2—1/1—

雷美嘉女士

Mr. Zhou Xin3/32/21/11/11/1—

周新先生

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

董事会议及股东大会（续）

于董事会之定期会议中，董事商讨及制定本

集团之整体策略、监察财务表现、审阅年度

及中期业绩，及为其他重大事宜作出决策。

日常营运事务已转授予本集团高级行政人员

执行。

公司秘书就各董事会议之议事程序作详细

之会议记录，包括记录董事会所议决之所有

决定，以及所提出之关注事宜及表达之反对

意见（如有）。董事会议记录之初稿须于会

议结束后，于切实可行之情况下尽快发送予

全体董事，以供彼等给予意见及审批。任何

董事均可在任何合理时间要求查阅所有会议

记录。

全体董事均可在任何时间取得相关最新资

料，而彼等于需要时均可作出进一步查询。

彼等亦可不受限制地取得公司秘书之意见及

服务，公司秘书负责向董事提供董事会文件

及其他相关材料。公司秘书亦确保遵循正

确董事会程序，以及遵守一切适用法律及法

规。如董事认为有需要及适当时，彼等可聘

用独立专业顾问提供服务，费用由本集团支

付。

倘一名主要股东或董事存有利益冲突，有关

事项将于现场会议上议决，而非通过书面决

议案议决。并无利益冲突之独立非执行董事

将会出席会议以处理该等冲突事宜。

BOARD METINGS AND SHAREHOLDERS’

METINGS (Continued)

During regular metings of the Board, the Directors

discus and formulate the overal strategies of the Group,

monitor financial performances, review the anual and

interim results, and make decisions on other significant

maters. The execution of daily operational maters is

delegated to the senior executives of the Group.

The Company Secretary records the procedings of each

Board meting in detail by keping minutes, including the

record of al decisions resolved by the Board together

with concerns raised and disenting views expresed (if

any). Draft Board minutes are circulated to al Directors

for coment and aproval as son as practicable after

the meting. Al minutes are open for inspection at any

reasonable time upon request by any Director.

Al Directors have aces to relevant and timely

information at al times and they may make further

enquiries if it is necesary to do so.

They also have unrestricted aces to the advice

and services of the Company Secretary, who is held

responsible for providing Directors with Board papers

and other related materials. The Company Secretary

also ensures that proper Board procedures are folowed

and that al aplicable laws and regulations are complied

with. If the Directors consider necesary and apropriate,

they may retain the service of independent profesional

advisers at the Group’s expense.

In case where a conflict of interest arises involving a

substantial shareholder or a Director, such mater wil be

resolved in a physical meting instead of pasing writen

resolutions. Independent Non-executive Directors with

no conflict of interest wil be present at metings to deal

with such conflict isues.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

董事会议及股东大会（续）

董事委员会（包括审核委员会、薪酬委员会及

提名委员会）均已采纳董事会议沿用之适用

常规及程序。

本公司之股东周年大会及其他股东大会乃与

其股东间沟通之主要平台，亦供股东参与。

本公司鼓励全体股东出席股东大会或委派代

表代其出席大会并于会上投票（如彼等未能出

席）。

于截至二零二五年三月三十一日止年度内，

本公司于二零二四年九月二十日举行其股东

周年大会。于股东周年大会进行商讨之主要

项目详情载于本公司日期为二零二四年八月

十六日之通函。

董事之培训及支援

全体董事（包括独立非执行董事）必须密切

了解其作为董事之共同责任以及本集团之业

务。因此，本集团于每名新获委任的董事获

委任时均会向彼等提供全面及正式指导，并

会提供简介会及迎新介绍，以确保新董事熟

悉董事会之角色、彼等作为董事之法律及其

他职责，以及本集团之业务及管治常规。该

等计划乃经考虑各董事之背景及专业知识而

为彼等度身制定。

BOARD METINGS AND SHAREHOLDERS’

METINGS (Continued)

The Board comites, including the Audit Comite,

the Remuneration Comite and the Nomination

Comite, have al adopted the aplicable practices and

procedures used in Board metings.

The anual general meting and other special

general metings of the Company are the primary

forum for comunication with its shareholders and

for shareholders’ participation. Al shareholders are

encouraged to atend the general metings or to apoint

proxies to atend and vote at metings on their behalves

if they are unable to atend.

During the year ended 31 March 2025, the Company

held its anual general meting on 20 September 2024.

Details of major items discused in the anual general

meting are set out in the circulars of the Company

dated 16 August 2024.

TRAINING AND SUPORT FOR

DIRECTORS

Al Directors, including Independent Non-executive

Directors, must kep abreast of their colective

responsibilities as Directors and of the busines of the

Group. As such, the Group provides a comprehensive

and formal induction to each newly apointed Director

upon his/her apointment. Briefings and orientations are

provided so as to ensure that new Directors are familiar

with the role of the Board, their legal and other duties

as a Director as wel as the busines and governance

practices of the Group. Such programes are tailor-made

for each Director taking into acount their background

and expertise.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

董事之培训及支援（续）

鼓励全体董事参与持续专业培训，以发展及

重温董事之知识及技能，并确保彼等对董事

会持续作出知情及其适切之贡献。

于截至二零二五年三月三十一日止年度内，

董事曾参与下列培训：

A： 出席研讨会、简介会、会议及╱或论坛

B： 阅览有关经济及╱或一般业务等方面之

报章、期刊及更新资料

各董事将于其首次获委任及随后每年向本集

团披露该董事于公众公司及组织所担任之职

位数目及性质，以及其他重大承担。

TRAINING AND SUPORT FOR

DIRECTORS (Continued)

Al Directors are encouraged to participate in continuous

profesional training so as to develop and refresh

directors’ knowledge and skils and to ensure that their

contribution to the Board remains informed and relevant.

During the year ended 31 March 2025, the Directors

participated in the folowing training:

Type of training

Name of Director董事姓名培训类别

Executive Directors执行董事

Mr. Chen Weiwu陈伟武先生A, B

Mr. Zhou Houjie周厚杰先生A, B

Mr. Jiang Ruowenhao江若文豪先生A, B

Independent Non-executive Directors独立非执行董事

Mr. Chen Youchun陈友春先生A, B

Ms. Lui Mei Ka雷美嘉女士A, B

Mr. Zhou Xin周新先生A, B

A: atending seminars, briefing sesions, conferences

and/or forums

B: reading newspapers, journals and updates relating

to the economy and/or general busines etc.

Each Director wil, upon his/her first apointment and

thereafter on a yearly basis, disclose to the Group the

number and nature of ofices held by such Director in

public companies and organisations and other significant

comitments.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

薪酬委员会

薪酬委员会现时由一名执行董事及两名独立

非执行董事组成，即陈友春先生（主席）、江

若文豪先生及周新先生。

薪酬委员会负责（其中包括）就整体薪酬政

策、董事及本集团高级管理层之薪酬、认股

权计划、花红架构、公积金及其他薪酬相关

事宜向董事会提出推荐建议。此委员会就其

建议及推荐建议咨询主席及╱或行政总裁，

如有必要，亦可寻求专业意见。薪酬委员会

已获充足资源以履行及执行其职责。

薪酬委员会之具体职权范围刊载于本公司网

站。薪酬委员会每年最少举行一次会议。

于回顾年度内，薪酬委员会已举行一次会

议，以检讨全体董事及高级管理层之薪酬待

遇并就此向董事会提出推荐建议。

根据于二零二三年一月一日生效的上市规则

第十七章的延伸，薪酬委员会的职权范围于

二零二年十二月经董事会修订及批准。

概括而言，薪酬委员会完成之工作包括厘定

执行董事的薪酬政策及对执行董事服务合约

的履行情况作评估。

REMUNERATION COMITE

The Remuneration Comite curently consists of one

Executive Director and two Independent Non-executive

Directors, namely, Mr. Chen Youchun (Chairman), Mr.

Jiang Ruowenhao and Mr. Zhou Xin.

The Remuneration Comite is responsible for, among

other things, making recomendations to the Board

regarding the overal remuneration policy, remuneration

of Directors and senior management of the Group,

share option scheme, bonus structure, provident fund

and other compensation-related isues. This comite

consults with the Chairman and/or Chief Executive oficer

on its proposals and recomendations and has aces

to profesional advice, if necesary. The Remuneration

Comite is provided with suficient resources to

discharge and perform its duties.

The specific terms of reference of the Remuneration

Comite is posted on the Company’s website. The

Remuneration Comite mets at least once a year.

During the year under review, the Remuneration

Comite held one meting to review and make

recomendations to the Board on the remuneration

packages of al Directors and senior management.

Pursuant to the extension of Chapter 17 of the Listing

Rules which comes into efect on 1 January 2023, the

terms of reference of the Remuneration Comite were

amended and aproved by the Board in December 2022.

To sumarize, the work done by the Remuneration

Comite included the determination of the policy

for the remuneration of Executive Directors and the

asesment of the Executive Directors’ performance of

their service contracts.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

提名委员会

本公司已成立提名委员会，并订有具体书面

职权范围（已于二零一九年一月一日修订及采

纳）。提名委员会最新版本之书面职权范围可

于本公司及联交所网站浏览。为符合上市规

则自二零二五年七月一日起提名委员会须达

致性别多元化之规定，本公司已委任一名女

性独立非执行董事雷美嘉女士为本公司提名

委员会成员，自二零二五年六月二十四日起

生效。于本报告日期，提名委员会现时由一

名执行董事及三名独立非执行董事组成，即

陈伟武先生（主席）、陈友春先生、雷美嘉女

士及周新先生。

提名委员会之主要职责包括每年检讨董事会

架构、人数及组成、就为补足本公司之企业

策略而拟对董事会作出之任何变更提出推荐

建议、物色具合适资格之人士出任董事会成

员、挑选个别人士提名出任董事、评估独立

非执行董事之独立性以及就委任或重新委任

董事及董事（尤其是主席及行政总裁）继任计

划向董事会提出推荐建议。提名委员会拥有

充足资源以履行及执行其职责。

提名委员会之具体职权范围刊载于本公司网

站。提名委员会每年最少举行一次会议。

于回顾年度内，提名委员会已举行一次会议

以评估独立非执行董事之独立性。其包括提

名委员会采纳的提名程序以及过程及准则，

以遴选及推荐候选人出任董事职务。提名委

员会认为已就董事会多元化维持适当之平衡。

NOMINATION COMITE

The Nomination Comite was established with

specific writen terms of reference which was revised

and adopted on 1 January 2019. The most up-to-date

version of writen terms of reference of the Nomination

Comite is available on the website of the Company

and the Stock Exchange. To comply with the Listing

Rules requiring gender diversity on the Nomination

Comite as from 1 July 2025, the Company has

apointed a female, namely Ms. Lui Mei Ka, an

Independent Non-executive Director as a member of

the nomination comite of the Company, which was

efective on 24 June 2025. As at the date of this report,

the Nomination Comite curently consists of one

Executive Director and thre Independent Non-executive

Directors, namely, Mr. Chen Weiwu (Chairman), Mr.

Chen Youchun, Ms. Lui Mei Ka and Mr. Zhou Xin.

The main duties of the Nomination Comite include

reviewing the structure, size and composition of the

Board anualy, making recomendations on any

proposed changes to the Board to complement the

Company’s corporate strategy, identifying individuals

suitably qualified to become members of the Board,

selecting individuals nominated for directorships,

asesing the independence of the Independent Non-

executive Directors and making recomendations to

the Board on the apointment or re-apointment of

Directors and sucesion planing for Directors, in

particular the Chairman and the Chief Executive Oficer.

The Nomination Comite is provided with suficient

resources to discharge and perform its duties.

The specific terms of reference of the Nomination

Comite is posted on the Company’s website. The

Nomination Comite mets at least once a year.

During the year under review, the Nomination Comite

held one metings to ases the independence of the

Independent Non-executive Directors. This included

the nomination procedures and the proces and criteria

adopted by the Nomination Comite to select and

recomend candidates for directorship. The Nomination

Comite considered that an apropriate balance of

diversity perspectives of the Board is maintained.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

审核委员会

本公司已成立审核委员会，并订有具体书面

职权范围（已于二零一九年一月一日修订及采

纳）。审核委员会最新版本之书面职权范围可

于本公司及联交所网站浏览。审核委员会之

主要职责包括（其中包括）下列各项：

(a) 于财务报表及报告提交董事会前进行审

阅，并考虑本公司负责会计及财务报告

职能之员工或外聘核数师提出之任何重

大或不寻常项目。

(b) 参照核数师进行之工作、其费用及聘用

条款检讨与外聘核数师之关系，并就委

任、重新委任及罢免外聘核数师向董事

会提出推荐建议。

(c) 检讨本公司之财务申报制度、内部监控

制度及风险管理制度以及有关程序是否

足够及有效。

审核委员会已获提供充足资源以履行及执行

其职责。

审核委员会之其他职责载于本公司网站上刊

载之审核委员会具体职权范围内。审核委员

会须每年最少举行两次会议。

AUDIT COMITE

The Company established an Audit Comite with

specific writen terms of reference which was revised

and adopted on 1 January 2019. The most up-to-date

version of the writen terms of reference of the Audit

Comite is available on the website of the Company

and the Stock Exchange. The main duties of the Audit

Comite include, among other things, the folowing:

(a) to review the financial statements and reports and

consider any significant or unusual items raised by

the Company’s staf responsible for the acounting

and financial reporting function or external auditor

before submision to the Board.

(b) to review the relationship with the external auditor

by reference to the work performed by the auditor,

their fes and terms of engagement, and make

recomendation to the Board on the apointment,

re-apointment and removal of external auditor.

(c) to review the adequacy and efectivenes of the

Company’s financial reporting system, internal

control system and risk management system and

asociated procedures.

The Audit Comite is provided with suficient

resources to discharge and perform its duties.

Other duties of the Audit Comite are set out in

its specific terms of reference which is posted on the

Company’s website. The Audit Comite shal met at

least twice a year.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

审核委员会（续）

审核委员会现时由三名独立非执行董事组

成，即陈友春先生（主席）、雷美嘉女士及周

新先生。概无审核委员会成员在其终止为本

公司之现时核数公司合伙人或不再于该核数

公司拥有任何财务利益之日期起计一年内，

为该核数公司之前任合伙人。审核委员会已

审阅本集团所采纳之会计原则及惯例，并与

本公司管理团队讨论审计及财务申报事宜。

于回顾年度内，审核委员会已举行两次会

议，以审阅（其中包括）本公司截至二零二四

年九月三十日止六个月之中期报告以及截至

二零二四年三月三十一日止年度之年度报

告。审核委员会亦已检讨财务申报及合规程

序，并就本公司之内部监控及风险管理检讨

及程序以及重新委任外聘核数师作出汇报。

现时并无任何与可能对本公司能否持续经营

产生重大疑问之事件及情况有关之重大不确

定因素。董事会及审核委员会就甄选、委

任、辞任或罢免外聘核数师并无意见分歧。

审核委员会与董事在外聘核数师的甄选、委

任、辞任或罢免事宜上并无意见分歧。

年内之账目已经由中正天恒会计师事务所有

限公司审核，其任期将于应届股东周年大会

时届满。审核委员会已向董事会建议，于应

届股东周年大会上提名委任中正天恒会计师

事务所有限公司为本公司之核数师。

AUDIT COMITE (Continued)

The Audit Comite curently consists of thre

Independent Non-executive Directors, namely Mr. Chen

Youchun (Chairman), Ms. Lui Mei Ka and Mr. Zhou Xin.

No member of the Audit Comite is a former partner

of the existing auditing firm of the Company within one

year on the date of his ceasing to be a partner or had

any financial interest in the auditing firm. The Audit

Comite has reviewed the acounting principles and

practices adopted by the Group and discused auditing

and financial reporting maters with the management

team of the Company.

During the year under review, the Audit Comite

held two metings to review, among other things, the

Company’s interim report for the six months ended 30

September 2024, anual report for the year ended 31

March 2024. The Audit Comite has also reviewed

the financial reporting and compliance procedures, report

on the Company’s internal control and risk management

review and proceses as wel as the re-apointment of

the external auditor. There is no material uncertainty

relating to events and conditions that may cast

significant doubt on the Company’s ability to continue as

a going concern. There is no disagrement betwen the

Board and the Audit Comite regarding the selection,

apointment, resignation or dismisal of external auditor.

There was no disagrement betwen the Audit

comite and the Directors in respect of mater about

selection, apointment, resignation or dismisal of

external auditor.

The acounts for the year were audited by CTH

CPA Limited, whose term of ofice wil expire upon

the forthcoming anual general meting. The Audit

Comite has recomended to the Board that CTH

CPA Limited be nominated for apointment as the

auditor of the Company at the forthcoming anual

general meting.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

AUDIT COMITE (Continued)

The Company Secretary keps ful minutes of al Audit

Comite metings. In line with practices consistent

with Board metings and other comite metings,

draft and final version of Audit Comite meting

minutes are circulated to al members of the Audit

Comite for coments, aproval and record as son

as practicable after each meting.

BOARD DIVERSITY POLICY

The Board has adopted a board diversity policy seting

out the aproach to achieve diversity on the Board. The

Company considered diversity of board members can be

achieved through consideration of a number of aspects,

including but not limited to gender, age, cultural and

educational background, profesional experience, skils

and knowledge. Al Board apointments wil be based on

meritocracy, and candidates wil be considered against

objective criteria, having due regard for the benefits of

diversity on the Board.

Selection of candidates wil be based on a range of

diversified perspectives, including but not limited to

gender, age, cultural and educational background,

profesional experience, skils, knowledge and length

of service. The ultimate decision wil be made upon the

merits of the selected candidates and their contribution

to the Board. The Board considered the measurable

objectives, including but not limited to skils, knowledge,

profesional experience and cultural and educational

background, and agred that these measurable objectives

were achieved for the diversity of the Board which

contributed to the enhancement of corporate strategy

and the busines development of the Company.

AUDITOR’S REMUNERATION

For the year ended 31 March 2025, the remuneration

in respect of audit services provided by the auditors,

CTH CPA Limited, amounted to HK$830,000

(2024: HK$880,000). For non-audit services included

profesional services in respect of the interim financial

information of the Group for the six months ended 30

September 2024, the services provided by CTH CPA

Limited, amounted to HK$160,000 (2024: HK$168,000

included profesional services in respect of the interim

financial information of the Group for the six months

ended 30 September 2023).

审核委员会（续）

公司秘书须备存所有审核委员会议之完整

会议记录。为符合董事会议及其他委员会

会议之常规，审核委员会之会议记录初稿及

最终定稿须于各会议结束后，于切实可行情

况下尽快发送予审核委员会之全体成员，以

供彼等给予意见、审批及记录。

董事会成员多元化政策

董事会已采纳董事会成员多元化政策，载有

达致董事会成员多元化的方法。本公司认为

董事会成员多元化可透过考虑多方面因素达

致，包括但不限于性别、年龄、文化及教育

背景、专业经验、技能及知识。董事会所有

委任均以用人唯才为原则，并在考虑人选时

以客观条件充分顾及董事会成员多元化之裨

益。

甄选人选将按一系列多元化范畴为基准，包

括但不限于性别、年龄、文化及教育背景、

专业经验、技能、知识及服务年期。最终将

按经甄选人选之优点及可为董事会带来的贡

献作出决定。董事会已考虑可计量目标，包

括但不限于技能、知识、专业经验及文化及

教育背景，并同意该等可计量目标有助实现

董事会多元化，从而改善企业策略及本公司

业务发展。

核数师酬金

截至二零二五年三月三十一日止年度，核数师

中正天恒会计师事务所有限公司提供核数服务

之酬金为830,000港元（二零二四年：880,000

港元），而非核数服务（包括有关本集团截至二

零二四年九月三十日止六个月之中期财务资料

之专业服务、中正天恒会计师事务所有限公司

提供之服务）之费用为160,000港元（二零二四

年：168,000港元，包括有关本集团截至二零

二三年九月三十日止六个月之中期财务资料之

专业服务）。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

遵守标准守则

本公司采纳上市规则附录C3所载上市发行

人董事进行证券交易的标准守则（「标准守

则」），作为其本身董事进行证券交易之行为

守则。经向全体董事作出特定查询后，全体

董事已确认彼等各自于截至二零二五年三月

三十一日止年度一直遵守标准守则所载之必

守准则条文。

董事及核数师各自之责任

董事须负责编制真实而公平地反映本集团财

务状况之财务报表。核数师须负责对经审核

综合财务报表发表独立意见，并向本公司股

东报告。

公司秘书

公司秘书负责协助董事会，确保董事会成员

之间有良好之资讯交流及董事会之政策和程

序得到适当之遵循。公司秘书亦负责筹备举

行本公司股东大会事宜，以及安排董事之入

职培训及专业发展。公司秘书的履历详情已

载于董事会报告书中董事及高级管理层之履

历详情一节中。

截至二零二五年三月三十一日止年度，公司

秘书作为本公司之雇员已参加不少于15小时

之相关专业培训，从而适当遵守上市规则第

3.29条。

COMPLIANCE WITH MODEL CODE

The Company has adopted the Model Code for Securities

Transactions by Directors of the Listed Isuers (the

“Model Code”) as set out in Apendix C3 to the Listing

Rules as its own code of conduct regarding directors’

securities transactions. Specific enquiries have ben

made with al Directors, who have confirmed that,

during the year ended 31 March 2025, each of them has

complied with the required standards as set out in the

Model Code.

RESPECTIVE RESPONSIBILITIES OF

DIRECTORS AND AUDITOR

The Directors are responsible for the preparation of

financial statements, which give a true and fair view

of the financial position of the Group. The auditor is

responsible to form an independent opinion on the

audited consolidated financial statements and report the

same to the shareholders of the Company.

COMPANY SECRETARY

The Company Secretary is responsible for asisting

the Board by ensuring god information flow within

the Board members as wel as the Board policy and

procedures being folowed properly. The Company

Secretary is also responsible for organizing general

metings of the Company and facilitating the induction

and profesional development of the Directors. The

Biographical details of the Company Secretary is included

in the Biographical details of Directors and senior

management of the Directors’ Report.

During the year ended 31 March 2025, the Company

Secretary being an employe of the Company, had duly

complied with Rule 3.29 of the Listing Rules by taking no

les than 15 hours of relevant profesional training.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

CORPORATE GOVERNANCE FUNCTIONS

No corporate governance comite has ben

established and the Board is responsible for performing

the corporate governance functions including but not

limited to:

• ’s policies

and practices on corporate governance and make

recomendations to the Company;

• to review and monitor the training and continuous

profesional development of Directors and senior

management;

• ’s policies and

practices on compliance with legal and regulatory

requirements;

• , review and monitor the code of conduct

and compliance manual (if any) aplicable to

employes and Directors; and

• ’s compliance with the code

provision of Apendix C1 to the Listing Rules and

disclosure in the Corporate Governance Report.

ACOUNTABILITY AND AUDIT

Financial Statements and Financial Reporting

The Directors acknowledge their responsibility for the

preparation of the consolidated financial statements of

the Group that give a true and fair view in acordance

with aplicable acounting standards and Hong Kong

Companies Ordinance. The Directors are not aware of

any material uncertainties relating to events or conditions

that may cast significant doubt upon the Company’s

ability to continue as a going concern.

企业管治职能

本公司概无成立企业管治委员会，而董事会

须负责执行企业管治职能，包括但不限于：

• 制定及检讨本公司之企业管治政策及常

规，并向本公司提出建议；

• 检讨及监察董事及高级管理层之培训及

持续专业发展；

• 检讨及监察本公司在遵守法律及监管规

定方面之政策及常规；

• 、检讨及监察雇员及董事之操守准

则及合规手册（如有）；及

• 检讨本公司遵守上市规则附录C1之守

则条文之情况及在企业管治报告内之披

露。

问责性及审核

财务报表与财务报告

董事知悉彼等有责任编制本集团之综合财务

报表，并根据适用会计准则及香港公司条例

真实而公平地呈列。据董事所知，概无任何

重大不确定事件或条件可能对本公司的持续

经营能力构成重大疑问。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

ACOUNTABILITY AND AUDIT (Continued)

Financial Statements and Financial Reporting

(Continued)

The Directors also acknowledge their responsibilities

to ensure that the consolidated financial statements on

anual and interim results of the Group are published in

a timely maner, within thre months and two months

respectively of the year end and the half-year period end.

The reporting responsibility of the external auditor of the

Company on the consolidated financial statements of the

Group are set out in “Independent Auditor’s Report” on

pages 72 to 82.

RISK MANAGEMENT AND INTERNAL

CONTROL

The Board recognises its overal responsibilities for

maintaining sound and efective risk management

and internal control systems including a review on

their efectivenes for achieving long-term sustainable

development of the Group. The risk management and

internal control systems, under a defined management

structure with limits of authority, are designed for the

Group to identify and manage the significant risks to

pursue its busines objectives, safeguard its asets

against unauthorised use or disposition, enhance

efectivenes and eficiency of its operations, ensure the

maintenance of proper acounting records for reliable

financial reporting, and ensure compliance with relevant

laws and regulations. Such systems are designed to

manage rather than eliminate risks of failure in the

achievement of the Group’s busines objectives and

can only provide reasonable, but not absolute asurance

against material mistatement or los.

问责性及审核（续）

财务报表与财务报告（续）

董事亦知悉彼等有责任确保本集团就全年及

中期业绩之综合财务报表，分别于年结日后

三个月及半年期结束后两个月内尽快刊发。

本公司外聘核数师对本集团之综合财务报表

的申报责任载于第72至82页之「独立核数师

报告」。

风险管理及内部监控

董事会全面负责确保本集团维持健全及有效

之风险管理及内部监控系统，包括对其有效

性作出检讨，有助本集团达致长期持续发

展。于界定管理架构及其权限下，风险管理

及内部监控系统旨在协助本集团识别及管理

于实现业务目标所面对之重大风险、保障资

产免于未经授权使用或处置、提升其经营效

能及效率、确保维持妥当会计记录作为可靠

财务报告，以及确保遵守相关法律及法规。

有关系统旨在管理而非消除未能达致本集团

业务目标之风险，并仅可就避免重大错误陈

述或损失提供合理但并非绝对之保证。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

风险管理及内部监控（续）

董事会负责为本集团就其业务营运上可承受

程度确立风险组合、监督管理层从风险识

别、风险评估、制定合适之风险应对措施至

定期进行风险评估及监察之整体风险管理流

程之设计、实施及监察，确保该系统可有效

地建立及维持。

风险管理流程之架构由本集团各业务功能之

管理层作为执行层面，至董事会（透过及连

同审核委员会）作为决策及监察层面所组成。

本集团管理层通过详细评估程序对现有及潜

在主要风险进行识别、评估及排序，并就已

识别之风险厘定合适降低风险策略及监控方

案。持续对已识别之风险、相应方案及控制

结果进行评估及监察，并定期向董事会作出

汇报。董事会作为决策层面，透过及连同审

核委员会，对风险偏好、风险管理流程及策

略以及内部监控系统进行检讨，及对系统作

出任何改善建议，以确保风险管理之有效性。

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

The Board is responsible for the determination of the

Group’s risk profile within its aceptable tolerance

levels in busines operation, oversight of management

in the design, implementation and monitoring of overal

risk management proces from risk identification, risk

asesment, establishment of apropriate risk responses

and regular risk evaluation and monitoring, so as to

ensure the systems are efectively established and

maintained.

The risk management proces is structured from

management of the Group from respective busines

functions at execution level to the Board, together

asisted with the Audit Comite in decision-making

and monitoring level. Management of the Group

identifies, aseses and prioritises the key existing and

potential risks through a detailed asesment proces

and determines the apropriate mitigation strategies

and control measures in response of the identified risks.

Ongoing evaluation and monitoring of the identified risks,

respective measures, and results are caried out and

reported to the Board regularly. The Board at decision-

making level, asisted with the Audit Comite,

reviews the risk apetite, risk management proces and

strategies and also the internal control systems and

provide recomendations for any improvement on the

systems in an ongoing basis to ensure risk management

efectivenes.

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

The Board has in place an internal audit function within

the Group as required under code provision D.2.5 of

the CG code. The Group conducts review of the risk

management and internal control systems on anual

basis. To strengthen the risk management and internal

control of the Group, the Company has engaged an

independent profesional adviser (the “Adviser”) to

perform independent review of the adequacy and

efectivenes of certain subsidiaries’ risk management

and internal control system for the year ended 31 March

2025. The scope of review was determined and aproved

by the Board, including review of risk management

functions of selected entities of the Group on a rotation

basis. The Adviser caried out the review which involves

the folowing tasks:

1. Conducting interviews with relevant management

and staf members relating to the risk management

and internal controls;

2. Conducting walk-through relating to the risk

management and internal controls review;

3. Reviewing relevant documentation on site relating

to the risk management and internal controls

review;

4. Identifying significant deficiencies in the design of

the risk management and internal controls; and

5. Comunicate the identified control deficiencies, our

recomendations, remediation plan of management

and folow up results to the Audit Comite so

as to facilitate the Board and Audit Comite in

evaluating of the Group’s risk management and

internal control system.

风险管理及内部监控（续）

董事会已根据企业管治守则的守则条文第

D.2.5条于本集团内设立内部审核职能。本

集团按年对风险管理及内部监控系统进行检

讨。为加强本集团的风险管理及内部监控，

截至二零二五年三月三十一日止年度，本公

司已委聘一名独立专业顾问（「顾问」）对若干

附属公司的风险管理及内部监控系统的充足

性及有效性展开独立检讨。检讨范围由董事

会厘定及审批，包括轮流检讨本集团经挑选

实体之风险管理职能。顾问所执行之审核涉

及以下工作：

1. 与风险管理及内部监控之相关管理层及

员工会晤；

2. 对风险管理及内部监控审核进行逐步测

试；

3. 实地查阅风险管理及内部监控检讨之相

关文件；

4. 查找风险管理及内部监控在设计上之重

大缺失；及

1. 、

我们的整改建议、管理层的补救计划以

及有关整改工作的跟进情况，以协助董

事会及审核委员会评估本集团风险管理

和内部监控系统。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

The Board and the Audit Comite are of the view

there are no material risk management and internal

control defeats were identified by the Adviser during

the course of review. With the discusion betwen

management, the Adviser and the Audit Comite, the

Board, with the concurence of the Audit Comite,

considered that the risk management and internal control

systems of the Group are efective and adequate. The

review of the risk management and internal control

systems of the Group is an ongoing proces and the

Board maintains a continuing comitment to strengthen

the Group’s control environment and proceses.

The Company formulated the inside information policy.

The Company regularly reminds the Directors and

employes about due compliance with al policies

regarding the inside information. Also, the Company

keps Directors, senior management and employes

apraised of the latest regulatory updates. The Company

shal prepare or update apropriate guidelines or policies

to ensure the compliance with regulatory requirements.

Procedures for colection, evaluation of information and

the publication maner are in place to ensure timely

reporting of the inside information to the Board and the

stakeholders of the Group.

风险管理及内部监控（续）

董事会及审核委员会均认为顾问于检讨过程

中并无发现重大风险管理及内部监控不足。

经过与管理层、顾问及审核委员会进行讨

论，董事会（与审核委员会一致同意）认为

本集团之风险管理及内部监控系统属有效及

充足。本集团之风险管理及内部监控系统之

检讨为持续过程，董事会致力维持其持续承

诺，加强本集团之监控环境及流程。

本公司已制定内幕消息政策。本公司会定期

提醒董事及雇员审慎遵守所有关内幕消息

之政策。另外，本公司会向董事、高级管理

层及雇员提供最新监管要求。本公司会编制

或更新合适指引或政策，确保符合相关监管

法定要求。本集团对资料收集、评估以及发

布程序均设有既定程序，确保内幕消息能适

时向董事会及本集团之持份者报告。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

DELEGATION BY THE BOARD

The Board is responsible for decisions in relation to the

overal strategic development of the Group’s busines.

Al Directors have formal leters of apointment seting

out key terms and conditions of their apointment. Due

to the diversity and volume of the Group’s busines,

responsibility in relation to the daily operations and

execution of the strategic busines plans are delegated

to management of the Group.

Al comites, namely the Audit Comite, the

Remuneration Comite and the Nomination

Comite, have specific terms of reference seting

out the authorities and responsibilities of the respective

comite. Al comites are required by their terms

of reference to report to the Board in relation to their

decisions, findings or recomendations, and in certain

specific situations, to sek the Board’s aproval before

taking any actions.

The Board wil review, on a yearly basis, al delegations

by the Board to diferent comites to ensure that such

delegations are apropriate and continue to be beneficial

to the Company as a whole.

DIRECTORS’ AND OFICERS’ LIABILITY

INSURANCE

Insurance cover has ben taken out for Directors’

and Oficers’ Liability to provide adequate cover, as

determined by the Board, in respect of the Board

members and senior management of the Company.

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE (“ESG”) REPORT

A separate ESG report wil be published by the Company

on the same date with the publication of this anual

report in acordance with Apendix C2 of the Listing

Rules.

董事会权力之转授

董事会负责就本集团业务之整体策略性发展

作出决策。全体董事均有正式委任书，列明

其委任之主要条款及条件。由于本集团业务

多元化及繁多，有关策略性业务计划之日常

运作及执行之责任已转授予本集团之管理层。

所有委员会（即审核委员会、薪酬委员会及提

名委员会）均有具体职权范围，列明各委员会

之权力及责任。所有委员会均须按其职权范

围之规定就其决定、发现或推荐建议向董事

会报告，并于若干特定情况下，在采取任何

行动前征求董事会批准。

董事会每年检讨董事会转授不同委员会之所

有权力，确保该等转授权力乃属恰当，并持

续对本公司整体有利。

董事及高级职员责任保险

本公司已按照董事会之决定为本公司董事会

成员及高级管理层投购董事及高级职员责任

保险，以提供足够承保范围。

环境、社会及管治（「环境、社会及

管治」）报告

本公司将于刊载本年报当日根据上市规则附

录C2刊载独立的环境、社会及管治报告。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

SHAREHOLDERS RELATIONS

The Company is comited to maintaining a high level

of transparency and employs a policy of open and timely

disclosure of relevant information to its shareholders.

The comitment to fair disclosure and comprehensive

and transparent reporting of the Company’s activities can

be reflected in various aspects.

To maintain an on-going dialogue with shareholders,

the anual general meting provides an oportunity for

shareholders to exchange views with the Board.

The Chairman and the Chief Executive Oficer atended

the anual general meting in 2024 (the “2024 Anual

General Meting”) so as to ensure that shareholders’

views were comunicated to the Board. A separate

resolution was proposed by the Chairman in respect of

each separate isue at the anual general meting.

The procedings of the anual general meting are

reviewed from time to time to ensure that the Company

conforms to the best corporate governance practices.

The circular in relation to the arangement of anual

general meting wil be circulated to al shareholders at

least 20 clear busines days prior to the holding of the

anual general meting, in which it sets out the details of

each resolution proposed and other relevant information.

At the 2024 Anual General Meting, al resolutions

were put to vote by pol. Tricor Secretaries Limited, the

Company’s Hong Kong Branch Share Registrar, was

engaged as scrutiner to ensure votes were properly

counted. The rights of shareholders and the procedures

for demanding a pol on resolutions at general meting

are contained in the Bye-laws. An explanation of the

detailed procedures for conducting a pol is provided to

the shareholders at the comencement of the meting.

The chairman would respond to queries raised by the

shareholders regarding the voting procedures. The pol

results are published in acordance with the relevant

provisions of the Listing Rules.

与股东之关系

本公司承诺维持高水平之透明度，并采纳向

其股东公开及适时披露有关资料之政策。本

公司对公平披露及全面透彻报告本公司活动

之承诺可在多方面得到反映。

股东周年大会提供机会让股东与董事会交流

意见，以维持与股东持续沟通。

主席及行政总裁已出席二零二四年股东周年

大会（「二零二四年股东周年大会」），确保

股东意见可传达至董事会。在股东周年大会

上，主席已就各项个别事宜提呈独立决议案。

股东周年大会之议事程序将获不时检讨，以

确保本公司遵从最佳企业管治常规。有关股

东周年大会安排之通函将于举行股东周年大

会前最少足20个营业日发送予全体股东，当

中载有拟提呈之每项决议案之详情及其他有

关资料。于二零二四年股东周年大会上，所

有决议案均以投票方式表决，而本公司之香

港股份过户登记分处卓佳秘书商务有限公司

乃受聘担任监票员以确保票数妥为点算。股

东之权利及于股东大会上要求就决议案进行

投票表决之程序载于公司细则。于大会开始

时会向股东说明进行投票表决之详细程序。

主席会回应股东所提出有关投票表决程序之

询问。投票结果将根据上市规则之相关条文

予以公布。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

SHAREHOLDERS RELATIONS (Continued)

Pursuant to the Bye-laws, shareholder(s) holding at the

date of deposit of the requisition not les than one-tenth

of the paid up capital of the Company carying the right

of voting at general metings of the Company shal at al

times have the right, by writen requisition to the Board

or the Company Secretary, to require a special general

meting to be caled by the Board for the transaction

of any busines specified in such requisition and such

meting shal be held within two months after the

deposit of such requisition.

If within twenty one days of such deposit the Board fails

to proced to convene such meting the requisitionists

themselves may do so in acordance with the relevant

provisions in the Companies Act of Bermuda.

The Company also comunicates to its shareholders

through its anual and interim reports. The Directors,

Company Secretary or other apropriate members of

senior management also respond promptly to inquiries

from shareholders and investors.

Shareholders may at any time serve their enquiries to the

Board in writing for the atention of Company Secretary

at Rom 1102, 11/F., Park Tower, 15 Austin Road, Tsim

Sha Tsui, Kowlon, Hong Kong.

与股东之关系（续）

根据公司细则，于递呈要求日期持有不少于

附有本公司股东大会表决权之本公司缴足股

本十分之一之股东，于任何时候均有权透过

向董事会或公司秘书发出书面要求，要求董

事会召开股东特别大会，以处理有关要求中

指明之任何业务之交易，且该大会应于递呈

该要求后两个月内举行。

倘在进行有关递呈后二十一日内，董事会未

有召开该大会，则递呈要求人士可自行根据

百慕达公司法之相关条文召开该大会。

本公司亦透过其年报及中期报告与其股东沟

通。董事、公司秘书或其他合适之高级管理

层成员亦会就股东及投资者之问题作出迅速

回应。

股东可于任何时间以书面形式向董事会提出

查询，收件人注明公司秘书，地址为香港九

龙尖沙咀柯士甸道15号百达行11楼1102室。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

PROCEDURES FOR PUTING FORWARD

PROPOSALS AT SHAREHOLDERS’

METINGS

Under Bermuda law, in adition to the right to requisition

a special general meting, any number of shareholders

representing not les than one-twentieth (1/20) of

the total voting rights of al the shareholders having

at the date of the requisition a right to vote at the

general meting; or not les than one hundred (100)

shareholders, shal (unles otherwise resolved by the

Company) at their own expense have the right by writen

requisition:

(a) to require notice of any resolution which may

properly be proposed and is intended to be

proposed at the forthcoming anual general meting

to be given to shareholders; and/or

(b) to request for circulation to shareholders any

statement of not more than one thousand (1,000)

words with respect to the mater refered to in any

proposed resolution or the busines to be dealt

with at any general meting.

A requisition refered to above must be signed by

the requisitionists in a single document or in separate

copies prepared for the purpose. A copy of the signed

requisition, acompanied by a sum reasonably suficient

to met the Company’s expenses, must be deposited at

the Company’s registered ofice in Bermuda:

(a) in the case of a requisition requiring notice of a

resolution, not les than six (6) weks before the

anual general meting unles an anual general

meting is caled for a date six (6) weks or les

after the copy has ben deposited, in which case

the copy shal be demed to have ben properly

deposited though not deposited within the time

required; and

(b) in the case of any other requisition, not les than

one (1) wek before the general meting.

于股东大会上提呈建议之程序

根据百慕达法律，除有权要求召开股东特别

大会外，于递交请求书日期持有不少于有

权于股东大会上投票之所有股东总投票权

的二十分之一(1/20)之股东；或不少于一百

(100)名股东，有权（除非本公司另行议决）透

过提出书面请求（费用由彼等自行承担）：

(a) 要求向股东发出可适当建议并拟于应届

股东周年大会上建议之任何决议案通

知；及╱或

(b) 要求向股东分发与任何建议决议案所指

事项或于任何股东大会上所处理事宜相

关而不超过一千(1,000)字之任何陈述。

上述请求书必须由请求者在单一文件或以供

签署而编制之独立副本上签署。已签署请求

书之副本，连同一笔合理足够应付本公司开

支之款项必须递交至本公司之百慕达注册办

事处：

(a) 倘为要求发出决议案通知之请求，则于

股东周年大会举行前不少于六(6)周送

达，除非股东周年大会于递交副本后六

(6)周或以下日期召开，于此情况下，尽

管并无于规定时间内递交，该副本将被

视为已适当递交；及

(b) 倘为任何其他请求，则于股东大会前不

少于一(1)周送达。

---

企业管治报告

CORPORATE GOVERNANCE REPORT

ANUAL REPORT 2025 二零二五年报

INVESTOR RELATIONS

The Company is comited to a policy of open and

timely disclosure of corporate information to shareholders

and investors. The Company updates shareholders on its

latest busines developments and financial performance

through its anual and interim reports and notices,

anouncements and circulars. The Company’s website

(htp:/w.ts674.com) provides a comunication

platform to the public and the shareholders.

With a view to bringing the Bye-laws in line with certain

amendments to the Listing Rules and the Companies Act

1981 of Bermuda betwen 2012, 2015 and 2022 and to

modernising and updating the Bye-laws, the amendments

to the Bye-laws were aproved by the shareholders of

the Company in September 2022. Details of which are

set out in the circular of the Company dated 22 August

2022.

The Bye-law is available on both the websites of the

Company and the Stock Exchange.

CONCLUSION

The Company believes that god corporate governance

is significant in strengthening investor confidence and

atracting investment. The management wil devote

considerable efort to strengthening and improving the

standards of the corporate governance of the Group. Any

views and sugestions from the shareholders to promote

and improve our transparency are also welcome.

与投资者之关系

本公司致力采纳向股东及投资者公开及适时

披露企业资料之政策。本公司透过其年报及

中期报告以及通告、公布及通函向股东更

新其最新业务发展及财务表现。本公司网站

(htp:/w.ts674.com)为大众及股东提供

一个沟通平台。

为使公司细则与二零一二年、二零一五年至

二零二年间上市规则及百慕达一九八一年

公司法之若干修订一致，以及现代化及更新

公司细则，本公司股东于二零二年九月批

准修订公司细则。有关详情载于本公司日期

为二零二年八月二十二日之通函。

公司细则于本公司及联交所网站可供查阅。

结论

本公司认为，良好企业管治对巩固投资者信

心及吸纳投资而言诚属重要。管理层将致力

提升及改善本集团之企业管治标准。本公司

亦欢迎股东提出任何意见及建议以促进及改

善本公司之透明度。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

独立核数师报告

致中国唐商控股有限公司股东

（于百慕达注册成立之有限公司）

意见

吾等已审核载于第85至220页中国唐商控股

有限公司（「贵公司」）及其附属公司（统称为

「贵集团」）之综合财务报表，此综合财务报表

包括于二零二五年三月三十一日之综合财务

状况表，与截至该日止年度之综合全面收益

表、综合权益变动表和综合现金流量表，以

及综合财务报表之附注，包括重大会计政策

资料。

吾等认为，此等综合财务报表已根据香港会

计师公会（「香港会计师公会」）颁布之《香港

财务报告准则会计准则》真实而公平地反映了

贵集团于二零二五年三月三十一日之综合财

务状况及其截至该日止年度之综合财务表现

及综合现金流量，并已遵照香港《公司条例》

之披露规定妥为拟备。

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF

CHINA TANGSHANG HOLDINGS LIMITED

（中国唐商控股有限公司）

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements

of China Tangshang Holdings Limited (the “Company”)

and its subsidiaries (together the “Group”) set out

on pages 85 to 220, which comprise the consolidated

statement of financial position as at 31 March 2025,

and the consolidated statement of comprehensive

income, the consolidated statement of changes in

equity and the consolidated statement of cash flows

for the year then ended, and notes to the consolidated

financial statements, including material acounting policy

information.

In our opinion, the consolidated financial statements

give a true and fair view of the consolidated financial

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

consolidated financial performance and its consolidated

cash flows for the year then ended in acordance

with HKFRS Acounting Standards as isued by the

Hong Kong Institute of Certified Public Acountants

(“HKICPA”) and have ben properly prepared in

compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

ANUAL REPORT 2025 二零二五年报

意见之基础

吾等已根据香港会计师公会颁布之《香港审核

准则》（「香港审核准则」）进行审核。吾等在

该等准则下承担之责任已在本报告「核数师对

审核综合财务报表之责任」一节中作进一步阐

述。根据香港会计师公会颁布之《专业会计师

道德守则》（以下简称「守则」），吾等独立于

贵集团，并已履行守则中之其他专业道德责

任。吾等相信，吾等已获得之审核凭证能充

足及适当地为吾等之审核意见提供基础。

关键审核事项

关键审核事项是根据吾等之专业判断，认为

对本期间综合财务报表之审核最为重要事

项。这些事项于吾等审核整体综合财务报表

及出具意见时进行处理，吾等不会对这些事

项提供单独之意见。

关键审核事项

出售已竣工物业之收益确认

请参阅综合财务报表附注7及附注4(i)(i)之会

计政策。

诚如综合财务报表附注7所披露，截至二零

二五年三月三十一日止年度， 贵集团自出售

已竣工物业确认收益535,363,764港元，占

贵集团收益总额约92%。出售已竣工物业之

收益于买卖协议所载向客户转让物业之标准

获达成时确认。鉴于本年度末确认的收益金

额重大，吾等将出售已竣工物业之收益确认

为关键审核事项。

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) isued by the HKICPA.

Our responsibilities under those standards are further

described in the “Auditor’s Responsibilities for the Audit

of the Consolidated Financial Statements” section of our

report. We are independent of the Group in acordance

with the HKICPA’s “Code of Ethics for Profesional

Acountants” (the “Code”), and we have fulfiled our

other ethical responsibilities in acordance with the

Code. We believe that the audit evidence we have

obtained is suficient and apropriate to provide a basis

for our opinion.

KEY AUDIT MATERS

Key audit maters are those maters that, in our

profesional judgment, were of most significance in

our audit of the consolidated financial statements of

the curent period. These maters were adresed in

the context of our audit of the consolidated financial

statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on

these maters.

Key audit mater

Revenue recognition from sale of completed

properties

Refer to note 7 and the acounting policies in note 4(i)(i)

to the consolidated financial statements.

As disclosed in note 7 to the consolidated financial

statements, the Group recognised revenue amounting

to HK$535,363,764 from sale of completed properties,

representing aproximately 92% of the Group’s total

revenue, for the year ended 31 March 2025. Revenue

from sale of completed properties is recognised

when the criteria for the transfer of properties to the

customers set out in the sale and purchase agrement

are fulfiled. We focused the revenue recognition from

sale of completed properties as a key audit mater in

view of the significant amount of revenue recognised for

the curent year end.

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

吾等之审计如何处理关键审核事项：

吾等就出售已竣工物业收益确认之程序包括：

• 吾等了解管理层对在适当时间点确认出

售已竣工物业之收益之控制；

• 吾等抽样审阅 贵集团与其客户订立之

销售协议，以了解向客户交付已竣工物

业以达成履约责任之标准，即于特定履

约责任相关已竣工物业的控制权已转让

予客户时；及

• 吾等透过抽样检查销售协议由客户签署

之交付通知以向客户交付物业及代价的

结算状况，测试已竣工物业转让之标准

是否已获达成。

关键审核事项

投资物业估值

请参阅综合财务报表附注18及附注4(e)的会

计政策。

于二零二五年三月三十一日， 贵集团拥有账

面值99,738,268港元的投资物业。

How our audit adresed the key audit mater:

Our procedures in relation to the revenue recognition

from sale of completed properties included:

• We obtained an understanding of the

management’s controls over the recognition of

revenue from sale of completed properties at

apropriate point of time;

• , on a sample basis, the sale

agrements entered into betwen the Group and

its customers to understand the criteria for the

delivery of completed properties to the customers

through which a performance obligation is satisfied,

i.e. when control of the completed properties

underlying the particular performance obligation has

ben transfered to the customers; and

• We tested whether the criteria for the transfer

of completed properties have ben fulfiled

by checking, on a sample basis, to the sale

agrements, the delivery notices signed by

customers for handover of the properties to

the customers and the setlement status of the

consideration.

Key audit mater

Valuation of investment properties

Refer to note 18 and the acounting policies in note 4(e)

to the consolidated financial statements.

As at 31 March 2025, the Group had investment

properties with the carying amount of HK$99,738,268.

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

ANUAL REPORT 2025 二零二五年报

Al of the Group’s investment properties are caried at

fair value. The fair value valuations, which were caried

out by an external profesional valuer, are determined by

aplying the income aproach based on the estimated

rental value of the properties. Details of the valuation

techniques and significant unobservable inputs used

in the valuations are disclosed in note 18 to the

consolidated financial statements.

We focused on the valuation of investment properties

as a key audit mater due to the significance of the

carying amount to the consolidated financial statements

as a whole, combined with the significant judgments

asociated in the determination of the fair value.

How the mater was adresed in our audit

Our procedures in relation to the valuation of the

investment properties included:

– We obtained an understanding of the valuation

proces and techniques adopted by the independent

valuer engaged by the management to ases if

they are consistent with industry norms;

– We evaluated the independence, competence,

capabilities and objectivity of the independent

valuer engaged by the management; and

– We made enquiry of the independent valuer

engaged by the management to ases the

reasonablenes of the significant unobservable

inputs and validating the acuracy of the source

data adopted by the management and the external

profesional valuer by comparing them, on a

sample basis, to where relevant, publicly available

information of similar comparable properties and

our understanding of the real estate industry.

贵集团所有投资物业均按公平价值列账。公

平价值估值乃由外部专业估值师根据有关物

业之估计租赁价值应用收入法厘定。估值所

用的估值技术及重大不可观察输入值的详情

于综合财务报表附注18披露。

吾等将投资物业的估值作为关键审核事项而

予以关注，是由于有关账面值对整体综合财

务报表而言属重大，加上厘定公平价值涉及

重大判断。

吾等的审计如何处理关键审核事项

吾等就投资物业估值进行的程序包括：

– 吾等暸解管理层委聘的独立估值师的估

值过程及所采用的估值技术，评估独立

估值师的估值是否符合行业常态；

– 吾等评估管理层委聘的独立估值师的独

立性、权限、能力及客观性；及

– 吾等向管理层委聘的独立估值师作出查

询，以抽样方式与（如相关）类似可比

较物业的公开可得资料及吾等对房地产

市场的理解作出比较，以评估管理层及

外部专业估值师采用的主要不可观察输

入数据的合理性及核实数据来源的准确

性。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

Key audit mater

Impairment los on completed properties held for sale

Refer to note 21 and the acounting policies in note 4(h)

to the consolidated financial statements.

The carying amount of completed properties held

for sale was HK$1,475,885,592 as at 31 March 2025,

representing aproximately 64% of total asets of the

Group at that date.

Impairment asesment of these properties held for

sale was based on management judgment of the net

realisable value of the properties which was determined

by reference to the estimated contract prices for the sale

of the properties to customers.

We have identified the impairment of the completed

properties held for sale as a key audit mater due to the

significant carying amount of the properties at 31 March

2025 and the management judgments involved in the

estimation of their net realisable value.

关键审核事项

持有待售竣工物业的减值亏损

请参阅综合财务报表附注21及附注4(h)所载

之会计政策。

于二零二五年三月三十一日，持有待售竣工

物业的账面值为1,475,885,592港元，相当于

贵集团于该日的总资产约64%。

持有待售竣工物业减值评估以管理层对物业

的可变现净值所作判断为基准。其乃参考向

客户销售物业之估计合约价格而厘定。

吾等将持有待售竣工物业减值识别为关键审

核事项，由于该等物业于二零二五年三月

三十一日之账面值重大及估计其可变现净值

所涉及之管理层判断。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

ANUAL REPORT 2025 二零二五年报

How our audit adresed the key audit mater:

Our procedures in relation to the asesment of the

impairment los on completed properties held for sale

included:

• ,

implementation and operating efectivenes of

key internal controls in respect of the property

development cycle with particular focus on controls

over cost budgeting and periodic review, sources

of impairment asesment data and calculation of

impairment provisions.

• We compared the carying amounts of the unsold

completed properties to their respective contract

sale prices as shown in the list of properties

prepared by management of the Group.

• , on a sample selection basis, the

agrements entered into betwen the Group and

its customers for sale of properties and compared

the contract sale prices and other terms stated

in the agrements to those set out in the list of

properties.

• We checked the reasonablenes and calculation of

the net realisable value of the unsold completed

properties prepared by the management and

evaluated as to whether the unsold completed

properties for sale are acounted for at the lower of

cost and net realisable value.

吾等之审计如何处理关键审核事项：

吾等有关评估持有待售竣工物业减值亏损的

程序包括：

• 吾等了解物业发展周期主要内部监控之

设计、执行情况及运作成效，特别专注

监控成本预算及定期检讨、减值评估数

据来源以及减值拨备之计算。

• 吾等已将未出售已竣工物业的账面值与

其各自的合约售价（如 贵集团管理层

编制的物业清单所示）进行比较。

• 吾等按抽样基准选择 贵集团与其客户

订立之物业销售协议，并将协议所载合

约售价及其他条款与物业清单所载者进

行比较。

• 吾等已检查管理层所编制未出售已竣工

物业可变现净值之合理性及计算评估未

出售待售已竣工物业是否按成本与可变

现净值的较低者入账。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

OTHER INFORMATION IN THE ANUAL

REPORT

The directors are responsible for the other information.

The other information comprises the information included

in the Company’s anual report, but does not include the

consolidated financial statements and our auditor’s report

thereon.

Our opinion on the consolidated financial statements

does not cover the other information and we do not

expres any form of asurance conclusion thereon.

In conection with our audit of the consolidated

financial statements, our responsibility is to read the

other information and, in doing so, consider whether

the other information is materialy inconsistent with

the consolidated financial statements or our knowledge

obtained in the audit or otherwise apears to be

materialy mistated. If, based on the work we have

performed, we conclude that there is a material

mistatement of this other information, we are required

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

regard.

年报之其他资料

董事负责其他资料。其他资料包括 贵公司

年报所载资料，但不包括综合财务报表及吾

等之核数师报告。

吾等对综合财务报表之意见并不涵盖其他资

料，吾等亦不对其他资料发表任何形式之鉴

证结论。

审核综合财务报表时，吾等之责任为阅读其

他资料，于此过程中，考虑其他资料是否与

综合财务报表或吾等于审核过程中所了解之

情况存在重大抵触或者可能有重大错误陈述

之情况。基于吾等已执行之工作，倘吾等认

为其他资料有重大错误陈述，吾等须报告该

事实。于此方面，吾等并无任何报告。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

ANUAL REPORT 2025 二零二五年报

DIRECTORS’ RESPONSIBILITIES FOR

THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors are responsible for the preparation of the

consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards

isued by the HKICPA and the disclosure requirements

of the Hong Kong Companies Ordinance, and for such

internal control as the directors determine is necesary

to enable the preparation of consolidated financial

statements that are fre from material mistatement,

whether due to fraud or eror.

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s ability

to continue as a going concern, disclosing, as aplicable,

maters related to going concern and using the going

concern basis of acounting unles the directors either

intend to liquidate the Group or to cease operations, or

have no realistic alternative but to do so.

The directors are also responsible for overseing the

Group’s financial reporting proces. The Audit Comite

asists the directors in discharging their responsibility in

this regard.

董事对综合财务报表之责任

董事须根据香港会计师公会颁布之香港财务

报告准则会计准则及香港公司条例之披露规

定真实而公平地编制综合财务报表，以及董

事必须对编制综合财务报表进行内部监控，

致使不会由于欺诈或错误导致重大错误陈述。

在拟备综合财务报表时，董事负责评估 贵

集团持续经营之能力，并在适用情况下披露

与持续经营有关事项，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，或别无其他实际之替代方案。

董事亦负责监督 贵集团之财务报告过程。

审核委员会协助董事履行有关责任。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a

whole are fre from material mistatement, whether due

to fraud or eror, and to isue an auditor’s report that

includes our opinion. This report is made solely to you,

as a body, in acordance with Section 90 of the Bermuda

Companies Act 1981, 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.

核数师对审核综合财务报表之责任

吾等之目标为合理确定整体综合财务报表是

否不存在由于欺诈或错误而导致之任何重大

错误陈述，并发出载有吾等意见之核数师报

告。吾等仅向 阁下（作为整体）按照百慕达

一九八一年公司法第90条报告，除此之外，

本报告别无其他目的。吾等不会就本报告内

容向任何其他人士负上或承担任何责任。

合理核证属高层次核证，但不能担保根据香

港审核准则进行之审核工作一定能发现所有

存在之重大错误陈述。错误陈述可源于欺诈

或错误，倘个别或整体于合理预期情况下可

影响使用者根据综合财务报表作出之经济决

定时，则被视为重大错误陈述。

根据香港审核准则进行审核时，吾等运用专

业判断，于整个审核过程中抱持专业怀疑态

度。吾等亦：

‧ 识别及评估综合财务报表是否存在因欺

诈或错误而导致之重大错误陈述风险，

因应此等风险设计及执行审核程序，获

得充足及适当审核凭证为吾等之意见提

供基础。由于欺诈涉及合谋串通、伪

造、故意遗漏、误导性陈述或凌驾内部

监控，因此未能发现由此造成之重大错

误陈述风险较未能发现由于错误而导致

之重大错误陈述风险更高。

‧ 了解与审核有关之内部监控，以设计恰

当之审核程序，但并非旨在对 贵集团

内部监控之有效程度发表意见。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

ANUAL REPORT 2025 二零二五年报

• evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting

estimates and related disclosures made by the

directors.

• ’

use of the going concern basis of acounting and,

based on the audit evidence obtained, whether

a material uncertainty exists related to events or

conditions that may cast significant doubt on the

Group’s ability to continue as a going concern. If

we conclude that a material uncertainty exists,

we are required to draw atention in our auditor’s

report to the related disclosures in the consolidated

financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions

are based on the audit evidence obtained up to the

date of our auditor’s report. However, future events

or conditions may cause the Group to cease to

continue as a going concern.

• , 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 consolidated financial statements. We are

responsible for the direction, supervision and review

of the audit work performed for purposes of the

group audit. We remain solely responsible for our

audit opinion.

We comunicate with the Audit Comite regarding,

among other maters, the planed scope and timing of

the audit and significant audit findings, including any

significant deficiencies in internal control that we identify

during our audit.

‧ 评估所用会计政策是否恰当，以及董事

所作会计估算及相关披露是否合理。

‧ 总结董事采用以持续经营为基础之会计

法是否恰当，并根据已获取之审核凭

证，总结是否有对 贵集团持续经营之

能力构成重大疑问之事件或情况等重大

不确定因素。倘吾等总结认为存在重大

不确定因素，吾等需于核数师报告中提

请注意综合财务报表内之相关资料披

露，或如果相关披露不足，则修订吾等

之意见。吾等之结论以截至核数师报告

日期所获得之审核凭证为基础，惟未来

事件或情况可能导致 贵集团不再具有

持续经营之能力。

‧ 评估综合财务报表（包括资料披露）之整

体列报、架构及内容，以及综合财务报

表是否已公允反映及列报相关交易及事

项。

‧ 就 贵集团内实体或业务单位的财务信

息计划及执行集团审计以获取充足、适

当的审计凭证，作为对综合财务报表发

表意见的基础。吾等负责就集团审计进

行的审计工作的方向、监督和检讨。吾

等为审计意见承担全部责任。

吾等与审核委员会就（其中包括）审核工作之

计划范围及时间安排及重大审核发现，包括

吾等于审核期间识别出内部监控之任何重大

缺陷沟通。

---

独立核数师报告

INDEPENDENT AUDITOR’S REPORT

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

吾等亦向审核委员会提交声明，说明吾等已

遵守有关独立身份之道德要求，并就所有被

合理认为可能影响吾等之独立身份之关系及

其他事宜，以及在适用的情况下，采取消除

威胁的行动或所应用的防范措施。

吾等从与董事沟通之事项中，厘定对本期间

综合财务报表之审核工作最为重要事项，并

据此构成关键审核事项。除非法律或法规不

容许公开披露此等事项，或于极罕有之情况

下，吾等认为披露此等事项可合理预期之不

良后果将超越公众知悉此等事项之利益而不

应于报告中披露，否则吾等会于核数师报告

中描述此等事项。

中正天恒会计师有限公司

执业会计师

香港，二零二五年六月二十六日

吴锦辉

执业证书号码：P06573

香港新界

葵涌葵昌路51号

九龙贸易中心

2座15楼1510-1517室

We also provide the Audit Comite with a statement

that we have complied with relevant ethical requirements

regarding independence, and to comunicate with

them al relationships and other maters that may

reasonably be thought to bear on our independence, and

where aplicable, actions taken to eliminate threats or

safeguards aplied.

From the maters comunicated with the directors, 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.

CTH CPA Limited

Certified Public Acountants

Hong Kong, 26 June 2025

Ng Kam Fai

Practising Certificate no.: P06573

Unit 1510-1517, 15/F., Tower 2,

Kowlon Comerce Centre,

No. 51 Kwai Cheong Road, Kwai Chung,

New Teritories, Hong Kong

---

综合全面收益表

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

截至二零二五年三月三十一日止年度

For the year ended 31 March 2025

ANUAL REPORT 2025 二零二五年报

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Revenue收益7580,823,418877,472,298

Other loses, net其他亏损，净额8(118,211,211)(157,676,223)

Cost of completed properties sold已出售已竣工物业之成本(462,998,003)(750,044,185)

Depreciation on property, plant and

equipment

物业、厂房及设备之折旧

(1,674,834)(2,132,587)

Staf costs员工成本10(8,412,998)(10,476,976)

Other operating expenses其他经营开支12(71,464,617)(90,098,554)

Finance costs融资成本13(38,080,710)(43,236,912)

Los before income tax除所得税前亏损9(120,018,955)(176,193,139)

Income tax credit所得税抵免1447,760,74662,668,818

Los for the year本年度亏损(72,258,209)(113,524,321)

Other comprehensive los其他全面亏损

Item that may be reclasified

subsequently to profit or los

其后可能重新分类至损益

之项目

Exchange diferences arising on

translating foreign operations

换算海外业务产生之汇兑

差额(7,874,573)(24,365,804)

Release of foreign exchange reserve

upon deregistration of subsidiaries

撤销注册附属公司后解除

汇兑储备(428,172)–

Other comprehensive los

for the year, net of tax

本年度其他全面亏损

（已扣除税项）(8,302,745)(24,365,804)

Total comprehensive los

for the year

本年度全面亏损

总额(80,560,954)(137,890,125)

---

综合全面收益表

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

截至二零二五年三月三十一日止年度

For the year ended 31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

二零二五年二零二四年

NotesHK$HK$

附注港元港元

(Los)/profit for the year

atributable to:

应占本年度（亏损）╱溢利：

Owners of the Company本公司拥有人16(89,056,166)(115,060,979)

Non-controling interests非控股权益3516,797,9571,536,658

Los for the year 本年度亏损(72,258,209)(113,524,321)

Total comprehensive los

for the year atributable to:

应占本年度全面亏损

总额：

Owners of the Company本公司拥有人(94,883,243)(136,307,704)

Non-controling interests 非控股权益14,322,289(1,582,421)

Total comprehensive los

for the year

本年度全面亏损总额

(80,560,954)(137,890,125)

二零二五年二零二四年

HK centsHK cents

港仙港仙

Los per share atributable to

owners of the Company

本公司拥有人应占之每股

亏损16

Basic基本(2.598)(3.356)

Diluted摊薄NA不适用NA不适用

---

综合财务状况表

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

于二零二五年三月三十一日

As at 31 March 2025

ANUAL REPORT 2025 二零二五年报

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Asets资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备17315,9201,633,641

Investment properties投资物业1899,738,268187,634,438

Godwil商誉19–—

Finance lease receivables应收融资租赁款项20113,192,665208,331,382

Total non-curent asets非流动资产总值213,246,853397,599,461

Curent asets流动资产

Completed properties held

for sale

持有待售已竣工物业

211,475,885,5921,958,703,030

Other receivables其他应收款项22544,659,866553,855,068

Contract costs合约成本267,399,61911,038,525

Finance lease receivables应收融资租赁款项2014,280,79552,847,517

Amounts due from related

parties

应收关连人士款项

231,6171,656

Prepaid tax预付税项1,057,3121,916,016

Cash and bank balances现金及银行结余2439,077,064139,113,234

Total curent asets流动资产总值2,082,361,8652,717,475,046

Total asets资产总值2,295,608,7183,115,074,507

---

综合财务状况表

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

于二零二五年三月三十一日

As at 31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Liabilities负债

Curent liabilities流动负债

Trade and other payables应付货款及其他应付款项2536,763,411103,544,097

Contract liabilities合约负债26773,042,2391,267,819,758

Amounts due to non-

controling shareholders of

subsidiaries

应付附属公司之非控股东

款项

2336,895,47637,556,950

Lease liabilities租赁负债3134,620,12869,285,209

Total curent liabilities流动负债总额881,321,2541,478,206,014

Net curent asets流动资产净值1,201,040,6111,239,269,032

Total asets les curent

liabilities

资产总值减流动负债

1,414,287,4641,636,868,493

Non-curent liabilities非流动负债

Convertible bonds可换股债券27198,643,754183,937,146

Defered tax liabilities递延税项负债30127,917,465183,490,395

Lease liabilities租赁负债31264,655,658365,809,411

Total non-curent liabilities非流动负债总额591,216,877733,236,952

Total liabilities负债总额1,472,538,1312,211,442,966

NET ASETS资产净值823,070,587903,631,541

---

综合财务状况表

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

于二零二五年三月三十一日

As at 31 March 2025

ANUAL REPORT 2025 二零二五年报

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Capital and reserves

atributable to owners of

the Company

本公司拥有人应占之

股本及储备

Share capital股本32171,423,328171,423,328

Reserves储备399,212,999494,096,242

570,636,327665,519,570

Non-controling interests非控股权益35252,434,260238,111,971

TOTAL EQUITY权益总额823,070,587903,631,541

The consolidated financial statements on pages 85 to

220 were aproved and authorised for isue by the Board

on 26 June 2025 and are signed on its behalf by:

Chen WeiwuJiang Ruowenhao

陈伟武江若文豪

ChairmanExecutive Director

主席执行董事

载于第85至220页的综合财务报表于二零

二五年六月二十六日获董事会批准及授权刊

发，并由下列人士代表董事会签署：

---

综合权益变动表

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

截至二零二五年三月三十一日止年度

For the year ended 31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

Atributable to owners of the Company

本公司拥有人应占

Share

capital

Share

premium

Other

reserve

Contributed

surplus

Employe

share-based

compensation

reserve

Convertible

bonds

reserve

Foreign

exchange

reserve

Acumulated

losesSub-total

Non-

controling

interests

Total

equity

股本股份溢价其他储备实缴盈余

以股份支付之

雇员薪酬储备

可换股债券

储备外汇储备累积亏损小计非控股权益权益总额

(note 32)(note 33)(note 33)

（附注32）（附注33）（附注33）

HK$HK$HK$HK$HK$HK$HK$HK$HK$HK$HK$

港元港元港元港元港元港元港元港元港元港元港元

At 1 April 2023于二零二三年四月一日171,423,3282,512,275,300(12,480,557)28,784,0007,292,983128,820,1531,563,152(2,035,851,085)801,827,274239,694,3921,041,521,666

(Los)/profit for the year本年度（亏损）╱溢利—(115,060,979)(115,060,979)1,536,658(113,524,321)

Exchange diferences arising on

translating foreign operations

换算海外业务产生之汇兑

差额—(21,246,725)—(21,246,725)(3,119,079)(24,365,804)

Total comprehensive los全面亏损总额—(21,246,725)(115,060,979)(136,307,704)(1,582,421)(137,890,125)

Share option lapsed认股权失效—(7,292,983)—7,292,983—

At 31 March 2024于二零二四年三月三十一日171,423,3282,512,275,300(12,480,557)28,784,000—128,820,153(19,683,573)(2,143,619,081)665,519,570238,111,971903,631,541

At 1 April 2024于二零二四年四月一日171,423,3282,512,275,300(12,480,557)28,784,000—128,820,153(19,683,573)(2,143,619,081)665,519,570238,111,971903,631,541

(Los)/profit for the year本年度（亏损）╱溢利—(89,056,166)(89,056,166)16,797,957(72,258,209)

Exchange diferences arising on

translating foreign operations

换算海外业务产生之汇兑

差额—(5,398,905)—(5,398,905)(2,475,668)(7,874,573)

Release of foreign exchange

reserve upon deregistration

of subsidiaries

撤销注册附属公司后解除

汇兑储备

—(428,172)—(428,172)—(428,172)

Total comprehensive los全面亏损总额—(5,827,077)(89,056,166)(94,883,243)14,322,289(80,560,954)

At 31 March 2025于二零二五年三月三十一日171,423,3282,512,275,300(12,480,557)28,784,000—128,820,153(25,510,650)(2,232,675,247)570,636,327252,434,260823,070,587

---

综合现金流量表

CONSOLIDATED STATEMENT OF CASH FLOWS

截至二零二五年三月三十一日止年度

For the year ended 31 March 2025

ANUAL REPORT 2025 二零二五年报

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Cash flows from operating

activities

经营业务所得之现金流量

Net cash used in operations经营业务所用之现金净额37(a)(9,519,542)(189,794,620)

Interest received已收利息156,997351,568

Tax paid已付税项(6,981,258)(32,392,928)

Net cash used in operating

activities

经营业务所用之现金净额

(16,343,803)(221,835,980)

Cash flows from investing

activities

投资活动所得之现金流量

Disposal of subsidiaries, net

of cash disposed

出售附属公司，

扣除所出售现金29—(119,199)

Increase in amounts

due to non-controling

shareholders of

subsidiaries

应付附属公司之非控股

股东款项增加

1,10125,779,784

Net cash generated from

investing activities

投资活动产生之现金净额

1,10125,660,585

---

综合现金流量表

CONSOLIDATED STATEMENT OF CASH FLOWS

截至二零二五年三月三十一日止年度

For the year ended 31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Cash flows from financing

activities

融资活动所得之现金流量

Interest paid已付利息(23,374,102)(29,583,220)

Repayment of principal

portion of lease liabilities

偿还租赁负债之本金部分

(63,166,585)(30,386,552)

Net cash used in financing

activities

融资活动所用之现金净额

37(b)(86,540,687)(59,969,772)

Decrease in cash and cash

equivalents

现金及现金等值项目减少

(102,883,389)(256,145,167)

Cash and cash equivalents at

begining of year

于年初之现金及现金等值

项目139,009,068409,345,993

Efect of exchange rate

changes on cash and

cash equivalents

汇率变动对现金及现金等值

项目之影响

2,951,385(14,191,758)

Cash and cash equivalents at

end of year

于年末之现金及现金等值

项目2439,077,064139,009,068

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. GENERAL

The Company is an exempted company incorporated in

Bermuda with limited liability and its isued shares are

listed on The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”). The directors consider the

Company’s imediate and ultimate holding company

to be Grand Nice International Limited (“Grand Nice”),

a company incorporated in the British Virgin Islands

(the “BVI”). The directors also consider the Company’s

ultimate controling party to be Mr. Chen Weiwu who

is the sole shareholder of Grand Nice and is also a

director of the Company.

The Company’s registered ofice is located at

Clarendon House, 2 Church Stret, Hamilton HM

11, Bermuda and the Company’s principal place of

busines is at Rom 1102, 11/F, Park Tower, 15

Austin Road, Tsim Sha Tsui, Kowlon, Hong Kong.

The Company is engaged in investment holding.

The principal activities of the Company’s principal

subsidiaries are set out in note 44 to the

consolidated financial statements. The Company

and its subsidiaries are colectively refered to as

the “Group”.

1. 一般资料

本公司为一间于百慕达注册成立之获豁

免有限公司，其已发行股份于香港联合

交易所有限公司（「联交所」）上市。董事

认为本公司之直接及最终控股公司为华

丽国际有限公司（「华丽」），一间于英属

处女群岛（「英属处女群岛」）注册成立之

公司。董事亦认为本公司之最终控制方

为陈伟武先生（其为华丽唯一股东及本

公司一名董事）。

本公司的注册办事处位于Clarendon

House, 2 Church Stret, Hamilton

HM 11, Bermuda，而本公司之主要营

业地点为香港尖沙咀柯士甸道15号百达

行11楼1102室。

本公司从事投资控股。本公司主要附属

公司之主要业务载于综合财务报表附注

44。本公司及其附属公司统称为「本集

团」。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

2. 采纳新订或经修订之香港财务

报告准则会计准则

(a) 采纳经修订香港财务报告准则会计

准则 — 于二零二四年四月一日生

效

香港会计师公会（「香港会计师公

会」）已颁布若干经修订香港财务报

告准则会计准则（其于本集团的本

会计期间首次生效）：

香港财务报告准则第16号（修订本）售后租回的租赁负债

香港会计准则第1号（修订本）负债分类为流动或非流动

及香港诠释第5号（二

零二零年）之相关修订

香港会计准则第1号（修订本）附带契诺的非流动负债

香港会计准则第7号及香港财务报告

准则第7号（修订本）

供应商融资安排

于本年度修订的香港财务报告准则

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

合财务报表所载披露资料并无重大

影响。

2. ADOPTION OF NEW OR AMENDED

HKFRS ACOUNTING STANDARDS

(a) Adoption of amended HKFRS Acounting

Standards – efective 1 April 2024

The Hong Kong Institute of Certified Public

Acountants (“HKICPA”) has isued a number

of amended HKFRS Acounting Standards that

are first efective for the curent acounting

period of the Group:

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 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 disclosure set out in

these consolidated financial statements.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

2. ADOPTION OF NEW OR AMENDED

HKFRS ACOUNTING STANDARDS

(Continued)

(b) New or amended HKFRS Acounting

Standards that have ben isued but are not

yet efective

The folowing amended HKFRS Acounting

Standards, potentialy relevant to the Group’s

consolidated financial statements, have ben

isued, but are not yet efective and have not

ben early adopted by the Group.

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 I

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in Financial

Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

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.

2. 采纳新订或经修订之香港财务

报告准则会计准则（续）

(b) 已颁布但尚未生效之新订或经修订

香港财务报告准则会计准则

以下载列可能与本集团综合财务报

表有关的已颁布但尚未生效的经修

订香港财务报告准则会计准则，而

本集团并未提早采纳有关准则。

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）

金融工具分类及计量之

修订

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

的合同

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

营企业之间的资产销售

或注资

香港财务报告准则会

计准则修订本

香港财务报告准则会计准

则之年度改进 —

第I卷

香港会计准则第21

号（修订本）

缺乏可交换性

香港财务报告准则

第18号

于财务报表之呈报及披露

香港财务报告准则

第19号

非公共受托责任

附属公司：披露

于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。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

2. ADOPTION OF NEW OR AMENDED

HKFRS ACOUNTING STANDARDS

(Continued)

(b) New or amended HKFRS Acounting

Standards that have ben isued but are not

yet efective (Continued)

Except for the new HKFRS Acounting

Standards mentioned below, the directors of

the Company anticipate that the aplication

of al the new and amendments to HKFRS

Acounting Standards not yet efective for the

curent year wil have no material impact on

the consolidated financial statements in the

foreseable future.

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 and HKFRS 7. Minor

amendments to HKAS 7 Statement of Cash

Flows and HKAS 33 Earnings per Share are

also made.

2. 采纳新订或经修订之香港财务

报告准则会计准则（续）

(b) 已颁布但尚未生效之新订或经修订

香港财务报告准则会计准则（续）

除以下所述之新订香港财务报告准

则会计准则外，本公司董事预期，

本年度应用所有新订及经修订尚未

生效之香港财务报告准则会计准则

将不会于可见将来对综合财务报表

构成重大影响。

香港财务报告准则第18号于财务

报表之呈报及披露

香港财务报告准则第18号「于财务

报表之呈报及披露」载列财务报表

之呈报及披露规定，将取代香港会

计准则第1号「财务报表之呈报」。

本新订香港财务报告准则会计准则

在延续香港会计准则第1号中众多

规定的同时，引入于损益表中呈列

指定类别及定义小计的新规定；就

财务报表附注中管理层界定的表现

计量提供披露及改进于财务报表中

将予披露的合并及分类资料。此

外，香港会计准则第1号的部分段

落已移至香港会计准则第8号及香

港财务报告准则第7号。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。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

2. ADOPTION OF NEW OR AMENDED

HKFRS ACOUNTING STANDARDS

(Continued)

(b) New or amended HKFRS Acounting

Standards that have ben isued but are not

yet efective (Continued)

HKFRS 18 Presentation and Disclosure in

Financial Statements (Continued)

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 future financial statements.

The Group is in the proces of asesing the

detailed impact of HKFRS 18 on the Group’s

consolidated financial statements.

2. 采纳新订或经修订之香港财务

报告准则会计准则（续）

(b) 已颁布但尚未生效之新订或经修订

香港财务报告准则会计准则（续）

香港财务报告准则第18号于财务

报表之呈报及披露（续）

香港财务报告准则第18号及其他

准则的修订本将于2027年1月1

日或之后开始的年度期间生效，并

允许提早应用。应用新准则预期将

会影响损益表的呈列以及未来财务

报表的披露。本集团正在评估香港

财务报告准则第18号对本集团综

合财务报表的详细影响。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

3. BASIS OF PREPARATION

(a) Statement of compliance

The consolidated financial statements have

ben prepared in acordance with al HKFRS

Acounting Standards, Hong Kong Acounting

Standards (“HKASs”) and Interpretations

isued by the HKICPA and the disclosure

requirements of Hong Kong Companies

Ordinance. In adition, the consolidated

financial statements include aplicable

disclosures required by the Rules Governing

the Listing of Securities (the “Listing Rules”)

on the Stock Exchange.

(b) Basis of measurement

The consolidated financial statements have

ben prepared under the historical cost basis,

except for the investment properties which are

measured at fair value.

(c) Functional and presentation curency

The Company’s functional curency is

Renminbi (“RMB”) The consolidated financial

statements are presented in Hong Kong Dolar

(“HK$”) as the directors are of the view

that the HK$ is the apropriate presentation

curency for the users of the Group’s financial

statements given that the shares of the

Company are listed on the Stock Exchange.

3. 编制基准

(a) 符合法规声明

综合财务报表乃根据香港会计师公

会颁布之所有香港财务报告准则会

计准则、香港会计准则（「香港会计

准则」）及诠释以及香港《公司条例》

之披露规定编制。此外，综合财务

报表包括联交所证券上巿规则（「上

市规则」）规定之适用披露事宜。

(b) 计量基准

综合财务报表乃根据历史成本基准

编制，惟按公平价值计量之投资物

业除外。

(c) 功能及呈列货币

本公司之功能货币为人民币（「人民

币」）。鉴于本公司的股份于联交所

上市，董事认为港元（「港元」）就

本集团财务报表使用者而言为合适

的呈列货币，故综合财务报表以港

元呈列。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION

The preparation of consolidated financial statements

in conformity with HKFRS Acounting Standards

requires the use of certain critical acounting

estimates. It also requires management to exercise

its judgement in the proces of aplying the

Group’s acounting policies. The areas involving a

higher degre of judgement or complexity, or areas

where asumptions and estimates are significant to

the consolidated financial statements are disclosed

in note 5.

The material acounting policies aplied in

the preparation of these consolidated financial

statements are set out below.

(a) Busines combination and basis of

consolidation

The consolidated financial statements

comprise the financial statements of the

Company and its subsidiaries. Inter-company

transactions and balances betwen group

companies together with unrealised profits are

eliminated in ful in preparing the consolidated

financial statements. Unrealised loses

are also eliminated unles the transaction

provides evidence of impairment on the

aset transfered, in which case the los is

recognised in profit or los.

The results of subsidiaries acquired or

disposed of during the year are included in

the consolidated statement of comprehensive

income from the efective dates of acquisition

or up to the efective dates of disposal, as

apropriate. Where necesary, adjustments

are made to the financial statements of

subsidiaries to bring their acounting policies

into line with those used by other members of

the Group.

4. 重大会计政策资料

综合财务报表乃遵照香港财务报告准则

会计准则编制，当中要求使用若干重要

会计估计。其亦要求管理层于应用本集

团会计政策过程中作出判断。涉及高度

判断或复杂程度的范畴或对综合财务报

表而言属重大假设及估计之范畴乃于附

注5披露。

编制该等综合财务报表时应用的重大会

计政策载列如下。

(a) 业务合并及综合基准

综合财务报表包括本公司及其附属

公司之财务报表。于编制综合财

务报表时，集团内公司之公司间交

易及结余连同未变现溢利均悉数对

销。除非有关交易提供所转让资产

减值之证据，否则未变现亏损亦予

以对销，在此情况下，亏损会于损

益中确认。

在年内购入或售出之附属公司之业

绩，由收购生效日起计或计至出售

生效日止（按适用者）列入综合全

面收益表内。必要时，附属公司之

财务报表将予调整以使其会计政策

与本集团其他成员公司所使用者一

致。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(a) Busines combination and basis of

consolidation (Continued)

The Group acounts for busines combinations

using the acquisition method when the

acquired set of activities and asets mets

the definition of a busines and control is

transfered to the Group. In determining

whether a particular set of activities and

asets is a busines, the Group aseses

whether the set of asets and activities

acquired includes, at a minimum, an input

and substantive proceses and whether the

acquired set has the ability to produce outputs.

The cost of an acquisition is measured at the

agregate of the acquisition-date fair value

of asets transfered, liabilities incured and

equity interests isued by the Group, as the

acquirer. The identifiable asets acquired and

liabilities asumed are principaly measured

at acquisition-date fair value. The Group’s

previously held equity interest in the acquire

is re-measured at acquisition-date fair

value and the resulting gains or loses are

recognised in profit or los. The Group may

elect, on a transaction-by-transaction basis,

to measure the non-controling interests

that represent present ownership interests

in the subsidiary either at fair value or at

the proportionate share of the acquire’s

identifiable net asets. Al other non-controling

interests are measured at fair value unles

another measurement basis is required by

HKFRS Acounting Standards. Acquisition-

related costs incured are expensed unles

they are incured in isuing equity instruments

in which case the costs are deducted from

equity.

1. （续）

(a) 业务合并及综合基准（续）

当该组所收购之活动及资产符合一

项业务之定义，且其控制权转移至

本集团时，该业务合并以收购法入

账。于厘定一组特定活动及资产是

否成其为一项业务时，本集团评估

该组所收购资产及活动是否至少包

含一项输入及实质流程，及该组所

收购资产是否具备输出能力。

收购成本乃按本集团（作为收购方）

所转让资产、所产生负债及所发行

股权于收购当日之公平价值总额计

量。所收购可识别资产及所承担

负债则主要按收购当日之公平价值

计量。本集团先前所持被收购方之

股权按收购当日之公平价值重新计

量，而所产生之收益或亏损则于损

益中确认。本集团可按每宗交易选

择按公平价值或按应占被收购方可

识别资产净值之比例计算非控股权

益（相当于附属公司之现有拥有

权益）。除非香港财务报告准则

会计准则另有计量基准规定外，所

有其他非控股权益乃按公平价值计

量。所产生之收购相关成本乃予以

支销，惟在有关成本乃于发行权益

工具时产生之情况下，则自权益扣

减成本。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(a) Busines combination and basis of

consolidation (Continued)

Any contingent consideration to be transfered

by the acquirer is recognised at acquisition-

date fair value. Subsequent adjustments to

consideration are recognised against godwil

only to the extent that they arise from new

information obtained within the measurement

period (a maximum of 12 months from the

acquisition date) about the fair value at

the acquisition date. Al other subsequent

adjustments to contingent consideration

clasified as an aset or a liability are

recognised in profit or los.

Subsequent to acquisition, the carying

amount of non-controling interests that

represent present ownership interests in the

subsidiary is the amount of those interests

at initial recognition plus such non-controling

interest’s share of subsequent changes in

equity. Non-controling interests are presented

in the consolidated statement of financial

position within equity, separately from equity

atributable to owners of the Company.

Profit or los and each component of other

comprehensive income are atributed to the

owners of the Company and to the non-

controling interests. Total comprehensive

income is atributed to such non-controling

interests even if this results in those non-

controling interests having a deficit balance.

1. （续）

(a) 业务合并及综合基准（续）

由收购方将予转让之任何或然代价

按收购当日之公平价值确认。其后

对代价之调整仅于调整源自于计量

期（最长为收购日期起计12个月）

内所取得有关于收购当日之公平价

值之新资料时方与商誉确认。分类

为资产或负债之或然代价之所有其

他其后调整均于损益中确认。

收购后，非控股权益账面值（相当

于附属公司之现有拥有权益）为

该等权益于初始确认时之金额，另

加有关非控股权益应占其后权益变

动。非控股权益于综合财务状况表

之权益项内列账，惟与本公司拥有

人应占权益分开呈列。损益及其他

全面收益之各组成部分归属于本公

司拥有人及非控股权益。即使全面

收益总额归属于该等非控股权益后

造成该等权益出现亏绌，仍会如此

入账。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(a) Busines combination and basis of

consolidation (Continued)

Changes in the Group’s interests in a

subsidiary that do not result in a los of

control of the subsidiary are acounted for as

equity transactions. The carying amount of

the Group’s interests and the non-controling

interests are adjusted to reflect the changes in

their relative interests in the subsidiaries. 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 the owners of the Company.

When the Group loses control of a subsidiary,

the gain or los on disposal 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 previous carying amount of the

asets (including godwil), and liabilities

of the subsidiary and any non-controling

interests. Amounts previously recognised in

other comprehensive income in relation to

that subsidiary are acounted for on the same

basis as would be required if the relevant

asets or liabilities were disposed of.

1. （续）

(a) 业务合并及综合基准（续）

本集团于附属公司之权益变动倘不

会导致丧失对附属公司之控制权，

便会按权益交易列账。本集团之权

益及非控股权益账面值均予以调

整，以反映其于附属公司相关权益

之变动。非控股权益经调整金额与

已付或已收代价之公平价值之间之

任何差额直接于权益中确认并归属

于本公司拥有人。

当本集团失去附属公司控制权时，

出售所产生之损益为以下两者之差

额：(i)已收代价之公平价值与任何

保留权益之公平价值之总额；及

(i)该附属公司之资产（包括商誉）

及负债与任何非控股权益之过往账

面值。以往于其他全面收益确认与

附属公司有关之金额乃按犹如相关

资产或负债已经出售所规定之相同

基准入账。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(b) Subsidiaries

A subsidiary is an investe over which the

Company is able to exercise control. The

Company controls an investe if al thre of

the folowing elements are present: (i) power

over the investe, (i) exposure, or rights, to

variable returns from the investe, and (i) the

ability to use its power to afect those variable

returns. Control is reasesed whenever facts

and circumstances indicate that there may be

a change in any of these elements of control.

When the Group has les than a majority of

the voting rights of an investe, it has power

over the investe when the voting rights are

suficient to give it the practical ability to

direct the relevant activities of the investe

unilateraly. The Group considers al relevant

facts and circumstances in asesing whether

or not the Group’s voting rights in an investe

are suficient to give it power, including:

• ’s holding of voting

rights relative to the size and dispersion

of holdings of the other vote holders;

• ,

other vote holders or other parties;

• rights arising from other contractual

arangements; and

• any aditional facts and circumstances

that indicate that the Group has, or does

not have, the curent ability to direct

the relevant activities at the time that

decisions ned to be made, including

voting paterns at previous shareholders’

metings.

In the Company’s statement of financial

position, investments in subsidiaries are stated

at cost les impairment los. The results of

subsidiaries are acounted for by the Company

on the basis of dividend received and

receivable.

1. （续）

(b) 附属公司

附属公司为本公司有能力对其行使

控制权之被投资方。倘符合以下全

部三个因素时，则本公司控制被投

资方：(i)对被投资方之权力；(i)

来自被投资方可变回报之风险或权

利；及(i)利用其权力影响该等可

变回报之能力。当有事实或情况显

示任何该等控制因素可能出现变动

时，则控制权会获重新评估。

倘本集团于被投资方之投票权未能

占大多数，则当投票权足以赋予实

际能力以单方面指挥被投资方之相

关活动时，即本集团对被投资方拥

有权力。本集团于评估本集团于被

投资方之投票权是否足以赋予其权

力时会考虑所有相关事实及情况，

包括：

• 本集团持有投票权之程度相

较其他投票权持有人所持投

票权之程度及分散度；

• 、其他投票权持有人

或其他人士持有之潜在投票

权；

• ；

及

• ，

本集团当前能否掌控相关活

动之任何额外事实及情况（包

括于过往股东大会上之投票

方式）。

于本公司之财务状况表内，于附属

公司之投资乃按成本减去减值亏损

列账。附属公司之业绩乃本公司按

已收及应收股息之基准入账。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(c) Godwil and gain on a bargain purchase

Godwil is initialy recognised at cost being

the exces of the agregate of a consideration

transfered and the amount recognised for

non-controling interests over the fair value

of identifiable asets acquired, liabilities and

contingent liabilities asumed.

Where the fair value of identifiable asets and

liabilities exced the agregated of fair value

of consideration paid and the amount of any

non-controling interest in the acquire, the

exces is recognised in profit or los on the

acquisition date, after re-asesment, as gain

on bargain purchase.

Godwil is measured at cost les impairment

loses. For the purpose of impairment testing,

godwil arising from an acquisition is alocated

to each of the relevant cash-generating

units that are expected to benefit from the

synergies of the acquisition. A cash-generating

unit is the smalest identifiable group of asets

that generates cash inflows that are largely

independent of the cash inflows from other

asets or groups of asets. A cash-generating

unit to which godwil has ben alocated is

tested for impairment anualy by comparing

its carying amount with its recoverable

amount (se note 4(n), and whenever there is

an indication that the unit may be impaired.

1. （续）

(c) 商誉及议价购买收益

按成本初始确认之商誉为已转让代

价及已就非控股权益确认之金额之

总和超出所收购可识别资产、所承

担负债及或然负债之公平价值之差

额。

倘可识别资产及负债之公平价值超

过所付代价之公平价值与被收购公

司的任何非控股权益金额之总和，

超出之数额经重新评估后于收购日

期于损益中确认为议价购买收益。

商誉乃按成本减去减值亏损计量。

就减值测试而言，收购所产生之商

誉乃被分配到预期可从收购所产生

之协同效益受惠之各个有关现金产

生单位。现金产生单位是其产生之

现金流入基本上独立于其他资产或

资产组别之现金流入之最小可识别

资产组合。获分配商誉之现金产生

单位须每年进行减值测试，方法为

比较其账面值与其可收回金额（见

附注4(n)），并于有迹象显示该单

位可能出现减值时进行减值测试。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(c) Godwil and gain on a bargain purchase

(Continued)

For godwil arising on an acquisition in a

financial year, the cash-generating unit to

which godwil has ben alocated is tested

for impairment before the end of that financial

year. When the recoverable amount of the

cash-generating unit is les than the carying

amount of the unit, the impairment los is

alocated to reduce the carying amount of

any godwil alocated to the unit first, and

then to the other asets of the unit pro rata

on the basis of the carying amount to each

aset in the unit. However, the los alocated

to each aset wil not reduce the individual

asets carying amount to below its fair value

les cost of disposal (if measurable) or its

value in use (if determinable), whichever is

higher. Any impairment los for godwil is

recognised in profit or los and is not reversed

in subsequent periods.

(d) Property, plant and equipment

Property, plant and equipment are stated

at cost les acumulated depreciation and

acumulated impairment loses.

The cost of property, plant and equipment

includes its purchase price and the costs

directly atributable to the acquisition of the

items.

Subsequent costs are included in the aset’s

carying amount or recognised as a separate

aset, as apropriate, only when it is probable

that future economic benefits asociated

with the item wil flow to the Group and

the cost of the item can be measured

reliably. The carying amount of the replaced

part is derecognised. Al other repairs and

maintenance costs are recognised as an

expense in profit or los during the financial

period in which they are incured.

1. （续）

(c) 商誉及议价购买收益（续）

就于某一财政年度因收购所产生之

商誉而言，获分配商誉之现金产生

单位须于该财政年度完结前进行减

值测试。当现金产生单位之可收回

金额少于该单位之账面值，则减值

亏损获分配以首先削减分配到该单

位之任何商誉账面值，其后以该单

位各资产之账面值为基准按比例分

配到该单位之其他资产之账面值。

然而，分配到各资产之亏损不会减

少单独资产之账面值至低于其公平

价值减出售成本（倘可计量）或其

使用价值（倘可厘定）（以较高者为

准）后之值。商誉之任何减值亏损

均于损益内确认，且于往后期间不

予拨回。

(d) 物业、厂房及设备

物业、厂房及设备均按成本减累积

折旧及累积减值亏损列账。

物业、厂房及设备之成本包括其购

买价及收购该等项目直接应占之成

本。

如项目相关之未来经济利益将可能

流入本集团，而项目成本能可靠地

计算，则其后成本方会计入资产之

账面值或确认为一项独立资产（按

适用者）。重置部分之账面值会被

取消确认。所有其他维修保养费用

均于产生之财政期间内在损益确认

为开支。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(d) Property, plant and equipment (Continued)

Property, plant and equipment are depreciated

so as to write of their cost net of expected

residual value over their estimated useful

lives on a straight-line basis. The useful lives,

residual value and depreciation method are

reviewed, and adjusted if apropriate, at the

end of each reporting period. The useful lives

are as folows:

Leasehold

improvements

Over the shorter of

the lease term

and its useful life

Furniture, fixtures and

equipment

3-5 years

Motor vehicles3-5 years

Right-of-use asets2-3 years

An aset is writen down imediately to its

recoverable amount if its carying amount is

higher than the aset’s estimated recoverable

amount.

The gain or los on disposal of an item of

property, plant and equipment is the diference

betwen the net sale proceds and its carying

amount, and is recognised in profit or los on

disposal.

1. （续）

(d) 物业、厂房及设备（续）

物业、厂房及设备乃折旧，借以于

其估计可使用年期以直线法撇销扣

除预期剩余价值后之成本。可使用

年期、剩余价值及折旧方式均于每

个报告期末审阅，如属恰当，则会

作出调整。可使用年期如下：

租赁物业装修租期与其可使用

年期之较短者内

家具、装置及

设备

3至5年

汽车3至5年

使用权资产2至3年

资产之账面值如高于其估计可收回

金额，则会立即撇减至其可收回金

额。

出售物业、厂房及设备项目之盈亏

乃出售所得款项净额与其账面值

之差额，并会于出售时在损益内确

认。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(e) Investment properties

Investment properties are property held either

to earn rentals or for capital apreciation

or for both, but not held for sale in the

ordinary course of busines, use in the

production or suply of gods or services

or for administrative purposes. Investment

properties also include leased properties which

are being recognised as right-of-use asets

and subleased by the Group under operating

leases. Investment properties are measured at

cost on initial recognition and subsequently at

fair value with any change therein recognised

in profit or los.

(f) Lease

The Group as a lease

Al leases (irespective of they are operating

leases or finance leases) are required to

be capitalised in the statement of financial

position as right-of-use asets and lease

liabilities, but acounting policy choices exist

for an entity to chose not to capitalise (i)

leases which are short-term leases and/

or (i) leases for which the underlying aset

is of low-value. The Group has elected not

to recognise right-of-use asets and lease

liabilities for low-value asets and leases for

which at the comencement date have a

lease term les than 12 months. The lease

payments asociated with those leases have

ben expensed on straight-line basis over the

lease term.

1. （续）

(e) 投资物业

投资物业为持作赚取租金或作资本

升值或作该两种用途而非在日常

业务过程中持作出售、用作生产或

供应货品或服务或作行政用途之物

业。投资物业亦包括确认为使用权

资产并由本集团根据经营租赁分租

的租赁物业。投资物业于初始确认

时按成本及其后按公平价值计量，

而其任何变动均会于损益内确认。

(f) 租赁

本集团作为承租人

所有租约（不论为经营租赁或融资

租赁）均须于财务状况表资本化为

使用权资产及租赁负债，惟会计政

策存在选择，让实体可选择不就(i)

属于短期租约之租约及╱或(i)相

关资产属低价值之租约进行资本

化。本集团已选择不就低价值资产

及于开始日期租期少于12个月之

租约确认使用权资产及租赁负债。

与该等租约相关之租赁付款已于租

期内按直线法支销。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Lease (Continued)

Right-of-use aset

The right-of-use aset should be recognised at

cost and would comprise: (i) the amount of the

initial measurement of the lease liability (se

below for the acounting policy to acount for

lease liability); (i) any lease payments made

at or before the comencement date, les

any lease incentives received; (i) any initial

direct costs incured by the lese; and (iv) an

estimate of costs to be incured by the lese

in dismantling and removing the underlying

aset to the condition required by the terms

and conditions of the lease, unles those

costs are incured to produce inventories.

Except for right-of-use aset that mets

the definition of an investment property,

the Group measures the right-of-use asets

aplying a cost model. Under the cost model,

the Group measures the right-of-use asets at

cost, les any acumulated depreciation and

any impairment loses, and adjusted for any

remeasurement of lease liability. For right-

of-use aset that mets the definition of an

investment property, they are caried at fair

value.

The Group acounts for leasehold land and

buildings that are held for rental or capital

apreciation purpose under HKAS 40 and are

caried at fair value.

1. （续）

(f) 租赁（续）

使用权资产

使用权资产应按成本确认并会包

括：(i)租赁负债之初步计量金额

（见下文将租赁负债入账之会计政

策）；(i)于开始日期或之前作出之

任何租赁付款减任何已收取之租赁

优惠；(i)承租人产生之任何初步

直接成本；及(iv)承租人根据租约

条款及条件规定之情况下拆除及移

除相关资产时将产生之估计成本，

除非该等成本乃因生产存货而产生

则除外。

除使用权资产符合投资物业定义

外，本集团采用成本模式计量使用

权资产。根据成本模式，本集团按

成本减任何累计折旧及任何减值亏

损计量使用权资产，并就租赁负债

之任何重新计量作出调整。符合投

资物业定义之使用权资产按公平价

值列账。

本集团持作租赁或资本增值用途之

租赁土地及楼宇根据香港会计准则

第40号入账及按公平价值列账。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Lease (Continued)

Lease liability

The lease liability is recognised at the present

value of the lease payments that are not paid

at the date of comencement of the lease.

The lease payments are discounted using the

interest rate implicit in the lease, if that rate

can be readily determined. If that rate canot

be readily determined, the Group uses the

Group’s incremental borowing rate.

The folowing payments for the right to use

the underlying aset during the lease term

that are not paid at the comencement

date of the lease are considered to be lease

payments: (i) fixed payments les any lease

incentives receivable; (i) variable lease

payments that depend on an index or a rate,

initialy measured using the index or rate

as at comencement date; (i) amounts

expected to be payable by the lese under

residual value guarantes; (iv) the exercise

price of a purchase option if the lese is

reasonably certain to exercise that option; and

(v) payments of penalties for terminating the

lease, if the lease term reflects the lese

exercising an option to terminate the lease.

1. （续）

(f) 租赁（续）

租赁负债

租赁负债按并非于租约开始日期支

付之租赁付款之现值确认。倘利率

可轻易厘定，租赁付款将使用租赁

隐含之利率贴现。倘利率无法轻易

厘定，本集团将使用本集团之增量

借贷利率。

下列并非于租赁开始日期支付之租

期内就使用相关资产权利支付之款

项被视为租赁付款：(i)固定付款减

任何应收租赁优惠；(i)初步按开

始日期之指数或利率计量之浮动租

赁付款（取决于指数或利率）；(i)

承租人根据剩余价值担保预期应付

之款项；(iv)倘承租人合理确定行

使购买选择权，该选择权之行使

价；及(v)倘租期反映承租人行使

选择权终止租赁，终止租赁之罚款

付款。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Lease (Continued)

Lease liability (Continued)

Subsequent to the comencement date,

the Group measures the lease liability by:

(i) increasing the carying amount to reflect

interest on the lease liability; (i) reducing

the carying amount to reflect the lease

payments made; and (i) remeasuring the

carying amount to reflect any reasesment

or lease modifications, or to reflect revised

in-substance fixed lease payments.

When the Group revises its estimate of the

term of any lease (because, for example, it re-

aseses the probability of a lese extension

or termination option being exercised), it

adjusts the carying amount of the lease

liability to reflect the payments to make over

the revised term, which are discounted using

a revised discount rate. The carying value of

lease liabilities is similarly revised when the

variable element of future lease payments

dependent on a rate or index is revised,

except the discount rate remains unchanged.

In both cases, an equivalent adjustment is

made to the carying value of the right-of-use

aset, with the revised carying amount being

amortised over the remaining (revised) lease

term. If the carying amount of the right-of-use

aset is adjusted to zero, any further reduction

is recognised in profit or los.

1. （续）

(f) 租赁（续）

租赁负债（续）

于开始日期后，本集团按以下方式

计量租赁负债：(i)增加账面值以反

映租赁负债之利息；(i)减少账面

值以反映已作出之租赁付款；及

(i)重新计量账面值以反映任何重

估或租约调整，或反映经修订实质

定额固定租赁付款。

当本集团修订其对任何租赁期限

之估计时（例如，因为其重新评估

承租人行使续期或终止选择权之可

能性），租赁负债之账面值亦会予

以调整，以反映于修订期限所作之

付款，该付款使用经修订贴现率进

行贴现。当取决于某一利率或指数

之未来租赁付款之可变要素获修订

时，租赁负债之账面值同样获修

订，惟贴现率保持不变。于此两种

情况下，使用权资产之账面值均会

进行相应调整，经修订账面值于剩

余（经修订）租赁期内摊销。倘使用

权资产之账面值调整至零，则任何

进一步扣减均于损益中确认。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Lease (Continued)

Lease liability (Continued)

When the Group renegotiates the contractual

terms of a lease with the lesor, if the

renegotiation results in one or more

aditional asets being leased for an amount

comensurate with the standalone price

for the aditional rights-of-use obtained,

the modification is acounted for as a

separate lease, in al other cases, where

the renegotiated increases the scope of the

lease (whether that is an extension to the

lease term, or one or more aditional asets

being leased), the lease liability is remeasured

using the discount rate aplicable on the

modification date, with the right-of-use aset

being adjusted by the same amount.

The Group as a lesor

Leases are clasified as finance leases

whenever the terms of the lease transfer

substantialy al the risks and rewards of

ownership of the leased asets to the lese.

Al other leases are clasified as operating

leases.

When the Group is an intermediate lesor,

it acounts for the head lease and the sub-

lease as two separate leases. The sub-lease

is clasified as a finance or operating lease

by reference to the right-of-use aset arising

from the head lease. 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 recognised as an expense on the

straight-line basis over the lease term.

1. （续）

(f) 租赁（续）

租赁负债（续）

当本集团与出租人就租赁合约条款

重新磋商时，倘重新磋商导致一个

或以上额外资产获出租，其金额与

所获得之额外使用权资产之单独价

格相当，于所有其他情况下，该修

改作为单独租赁入账。倘重新磋商

扩大租赁范围（不论延长租赁期或

增加一项或以上租赁资产），则使

用修订日期适用之贴现率对租赁负

债进行重新计量，同时对使用权资

产进行相同金额调整。

本集团作为出租人

倘租赁条款将租赁资产所有权绝大

部分风险及回报转移至承租人，则

租赁分类为融资租赁。所有其他租

赁则分类为经营租赁。

当本集团为中介出租人，本集团会

将主租约及分租约入账为两项独立

租赁。分租约乃参照主租约所产生

之使用权资产分类为融资或经营租

赁。经营租赁租金收入按直线法于

有关租期内于损益中确认。磋商及

安排经营租赁时所产生之初始直接

成本附加于租赁资产之账面值，并

按直线法于租期内确认为开支。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(f) Lease (Continued)

The Group as a lesor (Continued)

Amounts due from leses under finance

leases are recorded as receivables at the

amount of the Group’s net investment in the

leases. Finance lease income is alocated to

acounting periods so as to reflect a constant

periodic rate of return on the Group’s net

investment outstanding in respect of the

leases.

Any changes in the scope of the consideration

for a lease that was not part of the original

terms and conditions of the lease are

acounted for as lease modifications. The

Group acounts for a modification to an

operating lease as a new lease from the

efective date of the modification, recognising

the remaining lease payments as income

on a either a straight-line basis or another

systematic basis over the remaining lease

term. The Group aplies the derecognition

requirements of HKFRS 9 to recognise

modification or derecognition gain or los on

the net investment in the finance lease.

1. （续）

(f) 租赁（续）

本集团作为出租人（续）

根据融资租赁应收承租人款项按本

集团之租赁投资净额计入应收款

项。融资租赁收入按会计期间分

配，以反映本集团与租赁相关之尚

余投资净额之固定期回报率。

租赁代价范围之任何变动（非原租

赁条款及条件部分），均作为租赁

修改入账。本集团自修改生效日

期起将经营租赁修改作为新租赁入

账，并于余下租赁期内按直线法或

其他系统性基准将余下租赁付款确

认为收入。本集团应用香港财务报

告准则第9号之取消确认要求，以

于融资租赁确认修改或取消确认投

资净额之盈亏。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments

(i) Financial asets

A financial aset (unles it is a trade

receivable without a significant financing

component) is initialy measured at

fair value plus, for an item not at fair

value through profit or los (“FVTPL”),

transaction costs that are directly

atributable to its acquisition or isue.

A trade receivable without a significant

financing component is initialy measured

at the transaction price.

Al regular way purchases and sales of

financial asets are recognised on the

trade date, that is, the date that the

Group comits to purchase or sel the

aset. Regular way purchases or sales

are purchases or sales of financial asets

that require delivery of asets within the

period generaly established by regulation

or convention in the market place.

Financial asets with embeded

derivatives are considered in their entirely

when determining whether their cash

flows are solely payment of principal and

interest.

Debt instruments

Subsequent measurement of debt

instruments depends on the Group’s

busines model for managing the aset

and the cash flow characteristics of the

aset. There are thre measurement

categories into which the Group clasifies

its debt instruments:

1. （续）

(g) 财务工具

(i) 财务资产

财务资产（并无重大融资成分

的应收货款）初步按公平价值

加上（就并非按公平价值计

入损益（「按公平价值计入损

益」）的项目而言）与其收购或

发行直接相关的交易成本计

量。无重大融资成分之应收

货款初步按交易价格计量。

财务资产的所有常规买卖均

于交易日（即本集团承诺购买

或出售资产的日期）确认。常

规买卖是指要求在市场规则

或惯例规定的期限内交付资

产的财务资产买卖。

附带内含衍生工具的财务资

产于确定其现金流量是否仅

为本金及利息付款时全额计

量。

债务工具

债务工具的后续计量取决于

本集团管理资产的业务模式

及资产的现金流量特征。本

集团将其债务工具分类为三

种计量类别：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Financial asets (Continued)

Debt instruments (Continued)

Amortised cost: Asets that are held

for colection of contractual cash flows

where those cash flows represent

solely payments of principal and

interest are measured at amortised

cost. Financial asets at amortised cost

are subsequently measured using the

efective interest rate method. Interest

income, foreign exchange gains and

loses and impairment are recognised in

profit or los. Any gain on derecognition

is recognised in profit or los.

Financial asets at fair value through

other comprehensive income (“FVOCI”):

Asets that are held for colection of

contractual cash flows and for seling

the financial asets, where the asets’

cash flows represent solely payments

of principal and interest, are measured

at FVOCI. Debt investments at fair

value through other comprehensive

income are subsequently measured at

fair value. Interest income calculated

using the efective interest rate method,

foreign exchange gains and loses and

impairment are recognised in profit or

los. Other net gains and loses are

recognised in other comprehensive

income. On derecognition, gains

and loses acumulated in other

comprehensive income are reclasified to

profit or los.

1. （续）

(g) 财务工具（续）

(i) 财务资产（续）

债务工具（续）

摊销成本：为收取合约现金

流而持有的资产（若有关现金

流仅为本金及利息付款）按摊

销成本计量。按摊销成本计

量的财务资产随后采用实际

利率法计量。利息收入、汇

兑收益及亏损以及减值于损

益内确认。终止确认之任何

收益均于损益内确认。

按公平价值计入其他全面收

益（「按公平价值计入其他全

面收益」）的财务资产：为收

取合约现金流及出售财务资

产而持有的资产（若资产的现

金流仅为本金及利息付款）

乃按公平价值计入其他全面

收益计量。按公平价值计入

其他全面收益的债务投资其

后按公平价值计量。采用实

际利率法计算的利息收入、

汇兑收益及亏损以及减值于

损益内确认。其他收益及亏

损净额于其他全面收益内确

认。终止确认时，其他全面

收益中累计的收益及亏损将

重新分类至损益。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(g) 财务工具（续）

(i) 财务资产（续）

债务工具（续）

按公平价值计入损益：按公

平价值计入损益之财务资产

包括持作买卖的财务资产，

于初始确认时指定按公平价

值计入损益之财务资产，或

强制要求按公平价值计量之

财务资产。倘为于近期出售

或购回而收购财务资产，则

该等财务资产分类为持作买

卖。衍生工具（包括独立嵌入

式衍生工具）亦分类为持作买

卖，惟该等衍生工具被指定

为有效对冲工具则除外。现

金流量并非纯粹支付本金及

利息的财务资产，不论其业

务模式如何，均按公平价值

计入损益分类及计量。尽管

如上文所述债务工具可按摊

销成本或按公平价值计入其

他全面收益分类，但于初始

确认时，倘能够消除或显著

减少会计错配，则债务工具

可指定为按公平价值计入损

益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Financial asets (Continued)

Debt instruments (Continued)

FVTPL: Financial asets at fair value

through profit or los include financial

asets held for trading, financial asets

designated upon initial recognition at

fair value through profit or los, or

financial asets mandatorily required

to be measured at fair value. Financial

asets are clasified as held for trading

if they are acquired for the purpose

of seling or repurchasing in the near

term. Derivatives, including separated

embeded derivatives, are also

clasified as held for trading unles they

are designated as efective hedging

instruments. Financial asets with cash

flows that are not solely payments of

principal and interest are clasified and

measured at fair value through profit

or los, irespective of the busines

model. Notwithstanding the criteria for

debt instruments to be clasified at

amortised cost or at fair value through

other comprehensive income, as

described above, debt instruments may

be designated at fair value through profit

or los on initial recognition if doing so

eliminates, or significantly reduces, an

acounting mismatch.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(g) 财务工具（续）

(i) 财务资产（续）

权益工具

于初次确认并非持作买卖用

途之股本投资时，本集团可

不可撤回地选择于其他全面

收益中呈列投资公平价值之

后续变动。该选择乃按投资

逐项作出。按公平价值计入

其他全面收益之股本投资按

公平价值计量。股息收入于

损益内确认，除非股息收入

明确表示收回部分投资成本

则另作别论。其他收益及亏

损净额于其他全面收益确认

且不会重新分类至损益。所

有其他权益工具被分类为按

公平价值计入损益，据此公

平价值变动、股息及利息收

入均于损益确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Financial asets (Continued)

Equity instruments

On initial recognition of an equity

investment that is not held for trading,

the Group could irevocably elect

to present subsequent changes in

the investment’s fair value in other

comprehensive income. This election is

made on an investment-by-investment

basis. Equity investments at FVOCI are

measured at fair value. Dividend income

are recognised in profit or los unles

the dividend income clearly represents

a recovery of part of the cost of the

investments. Other net gains and loses

are recognised in other comprehensive

income and are not reclasified to profit

or los. Al other equity instruments are

clasified as FVTPL, whereby changes in

fair value, dividends and interest income

are recognised in profit or los.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(g) 财务工具（续）

(i) 财务资产之减值亏损

本集团就应收货款、合约资

产、按摊销成本计量之财务

资产以及按公平价值计入其

他全面收益之债务投资确认

预期信贷亏损（「预期信贷亏

损」）亏损拨备。预期信贷亏

损采用以下其中一项基准计

量：(1)12个月预期信贷亏

损：指报告日期后12个月内

可能发生之违约事件而导致

之预期信贷亏损；及(2)全

期预期信贷亏损：指财务工

具之预计年期内所有可能违

约事件而导致之预期信贷亏

损。估计预期信贷亏损考虑

之最长期间为本集团承受信

贷风险之最长合约期间。

预期信贷亏损为信贷亏损之

概率加权估计。信贷亏损乃

基于根据合约应付本集团之

所有合约现金流量与本集团

预期收取之所有现金流量之

间之差额。该差额其后按资

产原有实际利率相近之利率

贴现。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Impairment los on financial asets

The Group recognises los alowances

for expected credit los (“ECL”) on trade

receivables, contract asets, financial

asets measured at amortised cost and

debt investments measured at FVOCI.

The ECLs are measured on either of the

folowing bases: (1) 12 months ECLs:

these are the ECLs that result from

posible default events within the 12

months after the reporting date; and (2)

lifetime ECLs: these are ECLs that result

from al posible default events over the

expected life of a financial instrument.

The maximum period considered when

estimating ECLs is the maximum

contractual period over which the Group

is exposed to credit risk.

ECLs are a probability-weighted estimate

of credit loses. Credit loses are

measured as the diference betwen al

contractual cash flows that are due to the

Group in acordance with the contract

and al the cash flows that the Group

expects to receive. The shortfal is then

discounted at an aproximation to the

asets’ original efective interest rate.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(g) 财务工具（续）

(i) 财务资产之减值亏损（续）

就其他债务财务资产而言，

预期信贷亏损乃基于12个月

预期信贷亏损计算。然而，

信贷风险自起始后大幅增加

时，拨备将基于全期预期信

贷亏损。

于厘定财务资产之信贷风险

是否自初始确认后大幅增

加，以及于估计预期信贷亏

损时，本集团考虑相关且毋

须不必要成本或工作即可获

得之合理支持资料。此包括

根据本集团过往经验及知情

信贷评估并包括前瞻性资料

之定量及定性资料分析。

本集团假设，倘逾期超过30

日，则该财务资产之信用风

险会大幅增加。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Impairment los on financial asets

(Continued)

For other debt financial asets, the

ECLs are based on the 12-months

ECLs. However, when there has ben a

significant increase in credit risk since

origination, the alowance wil be based

on the lifetime ECLs.

When determining whether the credit

risk of a financial aset has increased

significantly since initial recognition

and when estimating ECL, the Group

considers reasonable and suportable

information that is relevant and

available without undue cost or efort.

This includes both quantitative and

qualitative information analysis, based

on the Group’s historical experience and

informed credit asesment and including

forward-loking information.

The Group asumes that the credit

risk on a financial aset has increased

significantly if it is more than 30 days

past due.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(g) 财务工具（续）

(i) 财务资产之减值亏损（续）

本集团认为财务资产于下列

情况下属信贷减值：(1)在本

集团并无进行追索（例如变现

抵押（如持有）之情况下借款

人不大可能向本集团悉数支

付其信贷责任；或(2)该财务

资产逾期超过90天。

信贷减值财务资产利息收入

乃按财务资产之摊销成本（即

总账面值减亏损拨备）计算。

非信贷减值财务资产利息收

入按总账面值计算。

(i) 财务负债

本集团视乎引致负债之原因

而将其财务负债分类。按公

平价值计入损益的财务负债

初始确认时按公平价值计

量，及按摊销成本计量之财

务负债初始计量时按公平价

值计量，扣除直接相关的已

产生的成本。

按公平价值计入损益之财务

负债

按公平价值计入损益之财务

负债包括持作交易之财务负

债及初始确认时指定为按公

平价值计入损益之财务负债。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Impairment los on financial asets

(Continued)

The Group considers a financial aset to

be credit-impaired when: (1) the borower

is unlikely to pay its credit obligations

to the Group in ful, without recourse by

the Group to actions such as realising

security (if any is held); or (2) the

financial aset is more than 90 days past

due.

Interest income on credit-impaired

financial asets is calculated based

on the amortised cost (i.e. the gros

carying amount les los alowance)

of the financial aset. For non credit-

impaired financial asets interest income

is calculated based on the gros carying

amount.

(i) Financial liabilities

The Group clasifies its financial

liabilities, depending on the purpose

for which the liabilities were incured.

Financial liabilities at fair value through

profit or los are initialy measured at fair

value and financial liabilities at amortised

costs are initialy measured at fair value,

net of directly atributable costs incured.

Financial liabilities at fair value through

profit or los

Financial liabilities at fair value through

profit or los include financial liabilities

held for trading and financial liabilities

designated upon initial recognition as at

fair value through profit or los.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(g) 财务工具（续）

(i) 财务负债（续）

按公平价值计入损益之财务

负债（续）

倘该等财务负债主要为在短

期内出售而购入，可分类为

持作买卖之财务负债。衍生

工具（包括独立嵌入式衍生工

具）亦分类为持作交易用途，

除非其被指定为有效之对冲

工具则另作别论。持作交易

用途之负债之收益或亏损在

损益确认。

倘合约包含一项或多项嵌入

式衍生工具，则整份混合式

合约将列作按公平价值计入

损益之财务负债，除非此嵌

入式衍生工具不会对现金流

产生重大影响或明确禁止将

此嵌入式衍生工具分开处理。

满足以下条件之财务负债会

在初始确认时按公平价值计

入损益：(i)此分类将抵销或

明显减少由不同基准所产生

之计量财务负债或确认财务

负债收益或亏损所导致之不

一致处理；(i)此财务负债

为一系列受管理且其表现根

据存档之风险管理策略按公

平价值计量之负债中之一部

分；或(i)此财务负债包含须

单独入账之嵌入式衍生工具。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Financial liabilities (Continued)

Financial liabilities at fair value through

profit or los (Continued)

Financial liabilities are clasified as held for

trading if they are acquired for the purpose

of sale in the near term. Derivatives,

including separated embeded derivatives,

are also clasified as held for trading

unles they are designated as efective

hedging instruments. Gains or loses on

liabilities held for trading are recognised in

profit or los.

Where a contract contains one or more

embeded derivatives, the entire hybrid

contract may be designated as a financial

liability at fair value through profit or los,

except where the embeded derivative

does not significantly modify the cash

flows or it is clear that separation of the

embeded derivative is prohibited.

Financial liabilities may be designated

upon initial recognition as at fair value

through profit or los if the folowing

criteria are met: (i) the designation

eliminates or significantly reduces

the inconsistent treatment that would

otherwise arise from measuring the

liabilities or recognising gains or loses

on them on a diferent basis; (i) the

liabilities are part of a group of financial

liabilities which are managed and their

performance evaluated on a fair value

basis, in acordance with a documented

risk management strategy; or (i) the

financial liability contains an embeded

derivative that would ned to be

separately recorded.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(g) 财务工具（续）

(i) 财务负债（续）

按公平价值计入损益之财务

负债（续）

财务负债经初始确认其后，

其按公平价值计入损益以公

平价值计量，有关公平价值

变动在其产生期内于损益确

认，惟本集团因自身信用风

险产生之收益或亏损除外，

有关收益或亏损于其他全面

收益中列账，随后亦不会重

新分类至损益。于综合全面

收益表确认之按公平价值计

算之收益或亏损净值不包括

就该等财务负债需缴交的任

何利息。

按摊销成本计量之财务负债

按摊销成本计量之财务负债

（包括应付货款及其他应付款

项、应付附属公司之非控股

股东款项、应付关连人士款

项、银行借贷及租赁负债）随

后使用实际利率法，按摊销

成本计量。有关利息支出于

损益确认。

有关收益或亏损于负债取消

确认及已透过摊销时在损益

中确认入账。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(i) Financial liabilities (Continued)

Financial liabilities at fair value through

profit or los (Continued)

Subsequent to initial recognition, financial

liabilities at fair value through profit or

los are measured at fair value, with

changes in fair value recognised in profit

or los in the period in which they arise,

except for the gains and loses arising

from the Group’s own credit risk which

are presented in other comprehensive

income with no subsequent reclasification

to profit or los. The net fair value gain

or los recognised in the consolidated

statement of comprehensive income

does not include any interest charged on

these financial liabilities.

Financial liabilities at amortised cost

Financial liabilities at amortised cost

including trade and other payables, amounts

due to non-controling shareholders of

subsidiaries, amounts due to related parties,

bank borowings and lease liabilities are

subsequently measured at amortised cost,

using the efective interest method. The

related interest expense is recognised in

profit or los.

Gains or loses are recognised in profit or

los when the liabilities are derecognised

as wel as through the amortisation

proces.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(g) 财务工具（续）

(iv) 可换股债券

本集团发行之可换股债券包

含负债及认股权部分，乃于

初步确认时各自被重新分类

至相关项目。将以固定金额

现金或另一项财务资产交换

固定数目之本公司自身之权

益工具方式结清之认股权将

被分类为权益工具。

于初次确认时，负债部分之

公平价值乃使用类似非换股

债务之现行市场利率厘定。

发行可换股债券之所得款项

与拨至负债部分之公平价值

间之差额（即持有人将债券转

换为权益之权益换股权）计入

权益（可换股贷款票据权益储

备）。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(iv) Convertible bonds

Convertible bonds isued by the

Group that contain both the liability

and conversion option components

are clasified separately into their

respective items on initial recognition.

Conversion option that wil be setled

by the exchange of a fixed amount of

cash or another financial aset for a fixed

number of the Company’s own equity

instruments is clasified as an equity

instrument.

On initial recognition, the fair value of the

liability component is determined using

the prevailing market interest of similar

non-convertible debts. The diference

betwen the proceds of the isue of

the convertible bonds and the fair value

asigned to the liability component,

representing the equity conversion option

for the holder to convert the bonds into

equity, is included in equity (convertible

loan notes equity reserve).

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(g) 财务工具（续）

(iv) 可换股债券（续）

于其后期间，可换股债券之

负债部分乃采用实际权益法

按摊销成本列值。权益部分

乃指将负债部分兑换为本公

司普通股之选择权，将保留

于可换股债券储备内，直至

内含选择权获行使为止，而

在该情况下，可换股债券储

备所列结余将转拨至股本及

股份溢价。倘选择权于届满

日期仍然未获行使，则可换

股债券储备所列结余将拨入

累计亏损。选择权获行使或

届满时并不会确认盈亏。

与发行可换股债券有关之交

易成本乃按所得款项之分配

比例分配至负债及权益部

分。与权益部分有关之交易

成本会直接于权益扣除，而

与负债部分有关之交易成本

则计入负债部分之账面值，

并采用实际权益法按可换股

债券之年期摊销。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(iv) Convertible bonds (Continued)

In subsequent periods, the liability

component of the convertible bonds

is caried at amortised cost using the

efective interest method. The equity

component, represented by the option

to convert the liability component into

ordinary shares of the Company, wil

remain in convertible bonds reserve

until the embeded option is exercised

(in which case the balance stated

in convertible bonds reserve wil be

transfered to share capital and share

premium). Where the option remains

unexercised at the expiry dates,

the balance stated in convertible

bonds reserve wil be released to the

acumulated loses. No gain or los is

recognised upon conversion or expiration

of the option.

Transaction costs that relate to the isue

of the convertible bonds are alocated

to the liability and equity components

in proportion to the alocation of the

proceds. Transaction costs relating

to the equity component are charged

directly to equity. Transaction costs

relating to the liability component are

included in the carying amount of the

liability portion and amortised over the

period of the convertible bonds using the

efective interest method.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(v) Efective interest method

The efective interest method is a

method of calculating the amortised

cost of a financial aset or financial

liability and of alocating interest income

or interest expense over the relevant

period. The efective interest rate is the

rate that exactly discounts estimated

future cash receipts or payments through

the expected life of the financial aset or

liability, or where apropriate, a shorter

period.

(vi) Equity instruments

Equity instruments isued by the

Company are recorded at the proceds

received, net of direct isue costs.

1. （续）

(g) 财务工具（续）

(v) 实际利率法

实际利率法为计算财务资产

或财务负债之摊销成本以及

于有关期间分配利息收入或

利息开支之方法。实际利率

为于财务资产或负债之预计

年期或适用之较短期间内准

确贴现估计未来现金收入或

付款之利率。

(vi) 股本工具

本公司发行之股本工具按已

收所得款项扣除直接发行成

本入账。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(g) 财务工具（续）

(vi) 取消确认

当有关财务资产之未来现金

流量之合约权利届满，或当

财务资产经已转让，而转让

符合香港财务报告准则第9

号规定之取消确认准则，则

本集团取消确认该财务资产。

当有关合约中订明之责任获

解除、注销或届满时，则取

消确认财务负债。

倘本集团因重新磋商负债条

款而向债权人发行本身之股

本工具以偿付全部或部分财

务负债，所发行之股本工具

即所付代价，乃按有关财务

负债（或当中部分）注销当

日之公平价值初始确认及计

量。倘已发行股本工具之公

平价值无法可靠计量，则股

本工具按已注销财务负债之

公平价值计量。已注销财务

负债（或当中部分）之账面值

与所付代价间之差额乃于年

内在损益确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(vi) Derecognition

The Group derecognises a financial aset

when the contractual rights to the future

cash flows in relation to the financial

aset expire or when the financial aset

has ben transfered and the transfer

mets the criteria for derecognition in

acordance with HKFRS 9.

Financial liabilities are derecognised

when the obligation specified in the

relevant contract is discharged, canceled

or expires.

Where the Group isues its own equity

instruments to a creditor to setle a

financial liability in whole or in part as

a result of renegotiating the terms of

that liability, the equity instruments

isued are the consideration paid and are

recognised initialy and measured at their

fair value on the date the financial liability

or part thereof is extinguished. If the fair

value of the equity instruments isued

canot be reliably measured, the equity

instruments are measured to reflect

the fair value of the financial liability

extinguished. The diference betwen the

carying amount of the financial liability

or part thereof extinguished and the

consideration paid is recognised in profit

or los for the year.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(g) 财务工具（续）

(vi) 撇销政策

若日后实际上不可收回款

项，本集团则会撇销（部分或

全部）财务资产、应收租赁款

项或合约资产之总账面值。

该情况通常出现在本集团确

定债务人没有资产或收入来

源可产生足够现金流量来偿

还应撇销之金额。随后收回

先前撇销之资产于收回期间

在损益内确认为减值拨回。

(h) 持有待售竣工物业

持有待售竣工物业按成本与可变现

净值两者的较低者列账。

竣工物业成本包括收购成本、开发

开支、有关物业应占之其他直接成

本及已资本化之借贷成本。附属公

司所持物业之账面值会于综合财务

报表作调整，以反映本集团之实际

收购成本（如适用）。

可变现净值乃参考日常业务过程中

的预期售价减进行销售所需的估计

成本厘定。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(g) Financial Instruments (Continued)

(vi) Write-of policy

The gros carying amount of a financial

aset, lease receivable or contract aset

is writen of (either partialy or in ful)

to the extent that there is no realistic

prospect of recovery. This is generaly

the case when the Group determines

that the debtor does not have asets

or sources of income that could

generate suficient cash flows to repay

the amounts subject to the write-of.

Subsequent recoveries of an aset that

was previously writen of are recognised

as a reversal of impairment in profit or

los in the period in which the recovery

ocurs.

(h) Completed properties held for sale

Completed properties held for sale are stated

at the lower of cost and net realisable value.

Costs of completed properties include

acquisition costs, development expenditure,

other direct costs and borowing costs

capitalised atributable to such properties.

The carying values of properties held by

subsidiaries are adjusted in the consolidated

financial statements to reflect the Group’s

actual acquisition costs, where apropriate.

Net realisable value is determined by

reference to expected seling price in the

ordinary course of busines les the estimated

costs necesary to make the sale.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(i) 收益确认

来自客户合约之收益于货品或服务

之控制权转移至客户时，按反映本

集团预期于该等货品或服务交易中

应得代价之金额（不包括代表第三

方收取的金额）确认。

视乎合约条款及适用于该合约之法

律而定，货品或服务的控制权可随

著时间或于一个时点转移。在本集

团以下履约行为下，货品或服务之

控制权乃随著时间转移：

• 提供由客户同时收取及耗用

之所有好处；

• 随著本集团之履约行为而创

造或提升客户控制的资产；

或

• 并不创造对本集团具有其他

用途的资产，以及本集团拥

有可就截至当日已完成之履

约行为收取付款之可强制执

行权利。

倘货品或服务之控制权随著时间转

移，则收益于合约期间内按照完成

满足该履约责任之进度而确认。否

则，收益于客户取得货品或服务控

制权之时点确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Revenue recognition

Revenue from contracts with customers is

recognised when control of gods or services

is transfered to the customers at an amount

that reflects the consideration to which the

Group expects to be entitled in exchange

for those gods or services, excluding those

amounts colected on behalf of third parties.

Depending on the terms of the contract and

the laws that aply to the contract, control

of the gods or service may be transfered

over time or at a point in time. Control of the

gods or service is transfered over time if the

Group’s performance:

• provides al of the benefits received

and consumed simultaneously by the

customer;

• creates or enhances an aset that

the customer controls as the Group

performs; or

• 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.

If control of the gods or services transfers

over time, revenue is recognised over the

period of the contract by reference to the

progres towards complete satisfaction of that

performance obligation. Otherwise, revenue

is recognised at a point in time when the

customer obtains control of the gods or

service.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(i) 收益确认（续）

当合约包含融资部分，就向客户移

交货品或服务而向客户提供超过一

年融资之重大利益时，收益按应收

款项之现值计量，其使用于合约生

效时反映于本集团与客户之间另行

订立之融资交易内之贴现率贴现。

(i) 待售竣工物业

出售竣工以待在日常业务过

程中销售之物业所产生之收

益于合法转让完成时确认，

即客户有能力直接使用该物

业并获得该物业所有剩余利

益之某个时点确认。

就确认收益日期前所出售物

业收取之按金及分期款项乃

于综合财务状况表内合约负

债项下列账。当预付款项被

视为向本集团提供重大融资

利益时，本集团将在支付

日至合法转让完成日期间累

计因调整货币时间价而产生

之利息开支。该应计费用在

建筑期间增加合约负债之余

额，因此增加已竣工物业之

控制权转移予客户时所确认

之收益金额。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Revenue recognition (Continued)

When the contract contains a financing

component which provides the customer a

significant benefit of financing the transfer of

gods or services to the customer for more

than one year, revenue is measured at the

present value of the amounts receivable,

discounted using the discount rate that would

be reflected in a separate financing transaction

betwen the Group and the customer at

contract inception.

(i) Completed properties for sale

Revenue arising from the sale of

completed properties for sale in the

ordinary course of busines is recognised

when legal asignment is completed,

which is the point in time when the

customer has the ability to direct the use

of the property and obtain substantialy

al of the remaining benefits of the

property.

Deposits and instalments received on

properties sold prior to the date of

revenue recognition are included in

the consolidated statement of financial

position under contract liabilities. When

the advance payments are regarded as

providing a significant financing benefit to

the Group, interest expense arising from

the adjustment of time value of money

wil be acrued by the Group during the

period betwen the payment date and

the completion date of legal asignment.

This acrual increases the balance of

the contract liability during the period

of construction, and therefore increases

the amount of revenue recognised when

control of the completed property is

transfered to the customer.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Revenue recognition (Continued)

(i) Other revenue and income

Rental income under operating leases

is recognised on a straight-line basis

over the term of the relevant lease in

acordance with HKFRS 16.

Finance lease interest income is acrued

on a timely basis, by reference to the

principal outstanding at the efective

interest rate aplicable, which is the date

exactly discounts the estimated future

cash receipts through the repayment

schedule of the finance lease receivable to

net carying amount on initial recognition.

The finance lease interest income is

recognised in acordance to HKFRS 16.

Dividend income is recognised when

the right to receive the dividend is

established.

Interest income from a financial aset is

acrued on a timely basis, by reference

to the principal outstanding and

calculated at the efective interest rate

aplicable, which is the rate that exactly

discounts the estimated future cash

receipts through the expected life of the

financial aset to that aset’s net carying

amount on initial recognition. The interest

income is recognised in acordance to

HKFRS 9.

1. （续）

(i) 收益确认（续）

(i) 其他收益及收入

经营租赁租金收入乃于有关

租约之年期内根据香港财务

报告准则第16号以直线法确

认。

融资租赁利息收入乃按时间

基准，并参考尚余本金按适

用实际利率累计，实际利率

即于首次确认时将应收融资

租赁款项偿还期内估计未来

现金收入准确贴现至账面净

值。融资租赁利息收入乃根

据香港财务报告准则第16号

获确认。

股息收入于收取股息之权利

确立时确认。

财务资产利息收入按照未偿

还的本金和适用实际利率按

时间比例的基础计提。实际

利率是指将财务资产在预计

存续期内估计未来现金收款

贴现至该资产于初步确认时

的账面净值的利率。利息收

入根据香港财务报告准则第

9号获确认。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(i) 收益确认（续）

(i) 合约资产及负债

合约资产指本集团就换取本

集团已向客户转让的服务而

收取代价的权利（尚未成为无

条件）。相反，应收款项指

本集团收取代价的无条件权

利，即代价到期付款前仅需

时间推移。

合约负债指本集团因已向客

户收取代价（或已到期代价金

额）而须向客户转让服务的责

任。

(iv) 合约成本

合约成本为取得客户合约之

增量成本或履行客户合约之

成本，其并无资本化为存

货、物业、厂房及设备或无

形资产。

取得合约之增量成本为本集

团就取得客户合约而产生，

倘未能取得合约则不会产

生之成本（例如增量销售佣

金）。倘有关收益之成本将在

未来报告期内确认，而成本

预期可收回，取得合约之增

量成本会于产生时资本化。

取得合约之其他成本在产生

时支销。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(i) Revenue recognition (Continued)

(i) Contract asets and liabilities

A contract aset represents the Group’s

right to consideration in exchange for

services that the Group has transfered to

a customer that is not yet unconditional.

In contrast, a receivable represents

the Group’s unconditional right to

consideration, i.e. only the pasage of

time is required before payment of that

consideration is due.

A contract liability represents the

Group’s obligation to transfer services

to a customer for which the Group has

received consideration (or an amount of

consideration is due) from the customer.

(iv) Contract costs

Contract costs are either the incremental

costs of obtaining a contract with a

customer or the costs to fulfil a contract

with a customer which are not capitalised

as inventories, property and plant and

equipment or intangible asets.

Incremental costs of obtaining a contract

are those costs that the Group incurs

to obtain a contract with a customer

that it would not have incured if the

contract had not ben obtained e.g.

an incremental sales comision.

Incremental costs of obtaining a contract

are capitalised when incured if the

costs relate to revenue which wil be

recognised in a future reporting period

and the costs are expected to be

recovered. Other costs of obtaining a

contract are expensed when incured.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(j) 所得税

本年度之所得税包括现行税项及递

延税项。

现行税项乃根据日常业务之损益，

对就所得税而言毋须课税或不可扣

税之项目作出调整，并按报告期末

已制定或大致上制定之税率计算。

递延税项乃就资产与负债就财务报

告目的而言之账面值与就税务目

的所用之相应数额之暂时差异而确

认。递延税项负债一般按所有应课

税暂时差额确认。在有可能出现可

运用可扣税之暂时差异抵销应课税

溢利时，递延税项资产方会确认。

如为初步确认（业务合并除外）一项

不影响应课税溢利或会计溢利之交

易中的资产及负债所产生之暂时差

额，则有关递延税项资产及负债将

不予确认。此外，倘暂时差额乃因

初步确认商誉而产生，则不会确认

递延税项负债。

递延税项乃按适用于资产或负债之

账面值获变现或结算之预期方式及

于报告期末已制定或大致上制定之

税率计量。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Income taxes

Income taxes for the year comprise curent

tax and defered tax.

Curent tax is based on the profit or los from

ordinary activities adjusted for items that are

non-asesable or disalowable for income tax

purposes and is calculated using tax rates that

have ben enacted or substantively enacted at

the end of reporting period.

Defered tax is recognised in respect of

temporary diferences betwen the carying

amounts of asets and liabilities for financial

reporting purposes and the coresponding

amounts used for tax purposes. Defered

tax liabilities are generaly recognised for

al taxable temporary diferences. Defered

tax asets are recognised to the extent that

it is probable that taxable profits wil be

available against which deductible temporary

diferences can be utilised. Such defered

tax asets and liabilities are not recognised

if the temporary diferences arise 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. In adition,

defered tax liabilities are not recognised if

the temporary diferences arise from the initial

recognition of godwil.

Defered tax is measured at the tax rates

apropriate to the expected maner in which

the carying amount of the aset or liability

is realised or setled and that have ben

enacted or substantively enacted at the end of

reporting period.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(j) 所得税（续）

厘定计量递延税项金额所用适当税

率之一般规定之例外情况为当投资

物业乃根据香港会计准则第40号

「投资物业」按公平价值列账。除非

该假设已遭驳回，该等投资物业之

递延税项金额乃使用按其于报告日

期之账面值出售该等投资物业将应

用之税率计量。倘有关投资物业可

予折旧且由以随时间消耗物业绝大

部分内含经济利益（而非透过销售）

为目的之业务模式持有，则此项假

设可被驳回。

递延税项负债乃于投资附属公司及

联营公司产生应课税暂时差额时确

认，惟倘本集团能够控制暂时差额

之拨回且该暂时差额在可预见将来

将不可能拨回者则除外。

所得税乃于损益内确认，除非该等

税项与于其他全面收益确认之项目

有关，在该情况下，该等税项亦于

其他全面收益内确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Income taxes (Continued)

An exception to the general requirement on

determining the apropriate tax rate used in

measuring defered tax amount is when an

investment property is caried at fair value

under HKAS 40 “Investment Property”. Unles

the presumption is rebuted, the defered

tax amounts on these investment properties

are measured using the tax rates that would

aply on sale of these investment properties

at their carying amounts at the reporting

date. The presumption is rebuted when the

investment property is depreciable and is held

within a busines model whose objective is

to consume substantialy al the economic

benefits embodied in the property over time,

rather than through sale.

Defered tax liabilities are recognised for

taxable temporary diferences arising on

investments in subsidiaries and asociates,

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.

Income taxes are recognised in profit or los

except when they relate to items recognised

in other comprehensive income in which

case the taxes are also recognised in other

comprehensive income.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(j) 所得税（续）

土地增值税（「土地增值税」）

本集团须缴纳中国土地增值税。土

地增值税拨备乃根据管理层按照中

国相关税法及法规所载规定之理解

而作出之最佳估计。实际土地增值

税负债须待物业开发项目完成后由

税务当局厘定。本集团尚未就其部

分物业开发项目与税务当局最终确

定土地增值税之计算及付款。最终

结果可能与初步入账之金额有所不

同，而任何差额可能会在所发生期

间对土地增值税开支及相关拨备产

生影响。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(j) Income taxes (Continued)

Land apreciation tax (“LAT”)

The Group is subject to LAT in the PRC. The

provision for LAT is based on management’s

best estimates acording to the understanding

of the requirements set forth in the relevant

PRC tax laws and regulations. The actual LAT

liabilities are subject to the determination

by the tax authorities upon the completion

of the property development projects. The

Group has not finalised its LAT calculation

and payments with the tax authorities for

some of its property development projects.

The final outcome could be diferent from

the amounts that were initialy recorded, and

any diferences may have an impact on the

LAT expenses and the related provision in the

period in which the diference realises.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(k) 外币

集团实体订立之交易如以经营所在

之主要经济环境流通之货币（「功能

货币」）以外之货币进行，则按发生

交易时之汇率记账。以外币计值之

货币性资产与负债，按报告期末之

汇率换算。以外币计值并按公平价

值列账之非货币项目，按厘定公平

价值当日之现行汇率重新换算。以

历史成本计量之外币非货币项目则

不予重新换算。

于结算货币项目及换算货币项目时

产生之汇兑差额均于其产生之期间

内于损益中确认。重新换算以公平

价值列账之非货币项目所产生之汇

兑差额于该期间之损益中入账，惟

非货币项目（其损益于其他全面收

益中确认者）之重新换算所产生之

差额则除外，在该情况下，汇兑差

额亦于其他全面收益内确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(k) Foreign curency

Transactions entered into by group entities

in curencies other than the curency of the

primary economic environment in which

they operate (the “functional curency”)

are recorded at the rates ruling when the

transactions ocur. Foreign curency monetary

asets and liabilities are translated at the

rates ruling at the end of reporting period.

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

translation of monetary items, are recognised

in profit or los in the period in which they

arise. Exchange diferences arising on the

retranslation of non-monetary items caried at

fair value are included in profit or los for the

period except for diferences arising on the

retranslation of non-monetary items in respect

of which gains and loses are recognised in

other comprehensive income, in which cases,

the exchange diferences are also recognised

in other comprehensive income.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(k) 外币（续）

综合账目时，海外业务之收入及开

支项目按年内平均汇率换算为本集

团之呈列货币，惟在期内汇率大幅

波动之情况下，则采用与交易进行

时相若之汇率。全部海外业务之资

产及负债，均按报告期末之汇率换

算。所产生之汇兑差额（如有）于其

他全面收益确认，并于权益项下之

外汇储备累积（适用时计入非控股

权益）。在集团实体之个别财务报

表之损益中确认因换算属于本集团

在有关海外业务之投资净额一部分

之长期货币项目而产生之汇兑差额

则会重新分类至其他全面收益，并

在权益中累积为外汇储备。

出售海外业务时，外汇储备内确认

有关该业务截至出售日期止之累积

汇兑差额将重新分类至损益，作为

出售溢利或亏损之一部分。

于二零五年一月一日或之后，于

收购海外业务时产生之有关所收购

可识别资产之商誉及公平价值调整

乃作为该海外业务之资产及负债处

理，并按报告期末之现行汇率进行

换算。所产生之汇兑差额乃于外汇

储备中确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(k) Foreign curency (Continued)

On consolidation, income and expense

items of foreign operations are translated

into the presentation curency of the Group

at the average exchange rates for the year,

unles exchange rates fluctuate significantly

during the period, in which case, the rates

aproximating, to those ruling when the

transactions tok place are used. Al asets

and liabilities of foreign operations are

translated at the rate ruling at the end of

reporting period. Exchange diferences arising,

if any, are recognised in other comprehensive

income and acumulated in equity as foreign

exchange reserve (atributed to non-controling

interests as apropriate). Exchange diferences

recognised in the profit or los of group

entities’ separate financial statements on

the translation of long-term monetary items

forming part of the Group’s net investment

in the foreign operation concerned are

reclasified to other comprehensive income

and acumulated in equity as foreign exchange

reserve.

On disposal of a foreign operation, the

cumulative exchange diferences recognised

in the foreign exchange reserve relating to

that operation up to the date of disposal are

reclasified to the profit or los as part of the

profit or los on disposal.

Godwil and fair value adjustments on

identifiable asets acquired arising on an

acquisition of a foreign operation on or

after 1 January 2005 are treated as asets

and liabilities of that foreign operation and

translated at the rate of exchange prevailing

at the end of reporting period. Exchange

diferences arising are recognised in the

foreign exchange reserve.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(l) Employe benefits

(i) Employe leave entitlements

Employe entitlements to anual leave

are recognised when they acrue to

employes. A provision is made for the

estimated liability for anual leave as a

result of services rendered by employes

up to the end of reporting period.

Employe entitlements to sick leave and

maternity leave are not recognised until

the time of leave.

(i) Profit-sharing and bonus plans

The expected costs of profit-sharing and

bonus payments are recognised as a

liability when the Group has a present

legal or constructive obligation as a result

of services rendered by employes and a

reliable estimate of the obligation can be

made.

Liabilities for profit-sharing and bonus

plans are expected to be setled within

12 months and are measured at the

amounts expected to be paid when they

are setled.

(i) Termination benefits

Termination benefits are recognised

on the earlier of when the Group can

no longer withdraw the ofer of those

benefits and when the Group recognises

restructuring costs involving the payment

of termination benefits.

1. （续）

(l) 雇员福利

(i) 雇员应享假期

雇员应享之有薪年假于应计

予雇员时确认。本集团就截

至报告期末雇员因提供服务

而应享之有薪年假，提拨估

计负债之拨备。

雇员应享之病假与产假于放

假前不予确认。

(i) 利润分享及奖金计划

当本集团因雇员已提供服务

而有现时法律或推定责任，

而责任金额能可靠地估计，

则将利润分享及奖金付款之

预计成本确认为负债。

利润分享及奖金计划之负债

预期会在12个月内偿付，并

根据在偿付时预期须付之金

额计量。

(i) 终止受雇福利

终止受雇福利于本集团不再

能撤回提供该等福利时及本

集团确认涉及支付终止受雇

福利之重组成本时（以较早者

为准）确认。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(l) 雇员福利（续）

(iv) 离职后福利

本公司藉数个界定之供款计

划向雇员提供退休福利。

本集团为其在香港经营之附

属公司之全体雇员，采纳依

据香港《强制性公积金计划条

例》界定之供款强制性公积

金退休福利计划（「强积金计

划」）。供款按照雇员基本薪

酬之某百分比作出，但依据

法定规定设有上限。供款在

依照强积金计划规则应付时

在损益内确认。

本集团为已服务满香港《雇佣

条例》规定之年期而本集团有

责任于终止受雇时支付长期

服务金之雇员所提供之长期

服务金记录拨备。

本集团在中国经营之附属公

司之雇员须参与由政府管理

之退休福利计划。此等附属

公司须向由政府管理之退休

福利计划为每名雇员作出定

额供款。供款于应付时自损

益扣除。

本集团并无利用已没收之供

款减少各年度之现有供款水

平。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(l) Employe benefits (Continued)

(iv) Post-employment benefits

Retirement benefits to employes

are provided through several defined

contribution plans.

The Group adopts a defined contribution

Mandatory Provident Fund retirement

benefits scheme (the “MPF Scheme”)

under the Mandatory Provident Fund

Schemes Ordinance of Hong Kong for al

employes of its subsidiaries operating in

Hong Kong. Contributions are made based

on a percentage of the employes’ basic

salaries but subject to a cap in acordance

with the statutory requirement and

are recognised in profit or los as they

become payable in acordance with the

rules of the MPF Scheme.

The Group has recorded provisions for

long service payments for employes

who had completed the required number

of years of service under Hong Kong’s

Employment Ordinance for whom

the Group is obligated to pay long

service payment on termination of their

employment.

The employes of the Group’s subsidiaries

that operate in the PRC are required to

participate in a government-managed

retirement benefit schemes. These

subsidiaries are required to contribute

a fixed cost per employe to the

government-managed retirement benefit

schemes. The contributions are charged

to profit or los as they become payable.

There were no forfeited contributions

utilised by the Group to reduce existing

level of contribution for each of the years.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(m) 以股份支付之款项

凡向雇员授出认股权，认股权于授

出当日之公平价值于归属期间在损

益内确认，并于权益内之以股份支

付之雇员薪酬储备中作相应增加。

非关乎市场之归属条件会一并考

虑，方法为调整于各报告期末预期

归属之股本工具数目，使于归属期

间确认之累积数额，最终根据最后

归属之认股权数目确认。关乎市场

之归属条件为授出认股权之公平价

值计算因素之一。只要符合所有其

他归属条件，不论是否符合关乎市

场之归属条件，均会作出扣除。累

积开支不会因关乎市场之归属条件

未能达成而调整。

凡在归属前修订认股权之条款及细

则，在紧接修订前后计算之认股权

公平价值之增加，亦于余下归属期

间内在损益中确认。

凡股本工具授予雇员以外之人士，

损益内会扣除所收取货品或所得服

务之公平价值，除非有关货品或服

务符合资格确认为资产。相应增额

会于权益内确认。就以现金结算以

股份支付之款项，会按所收取货品

或所得服务之公平价值确认负债。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(m) Share-based payments

Where share options are awarded to

employes, the fair value of the options at the

date of grant is recognised in profit or los

over the vesting period with a coresponding

increase in the employe share-based

compensation reserve within equity. Non-

market vesting conditions are taken into

acount by adjusting the number of equity

instruments expected to vest at the end of

each reporting period so that, ultimately,

the cumulative amount recognised over

the vesting period is based on the number

of options that eventualy vest. Market

vesting conditions are factored into the fair

value of the options granted. As long as

al other vesting conditions are satisfied, a

charge is made irespective of whether the

market vesting conditions are satisfied. The

cumulative expense is not adjusted for failure

to achieve a market vesting condition.

Where the terms and conditions of options

are modified before they vest, the increase

in the fair value of the options, measured

imediately before and after the modification,

is also recognised in profit or los over the

remaining vesting period.

Where equity instruments are granted to

persons other than employes, the profit or

los is charged with the fair value of gods

or services received unles the gods or

services qualify for recognition as asets. A

coresponding increase in equity is recognised.

For cash setled share based payments, a

liability is recognised at the fair value of the

gods or services received.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(n) Impairment of other asets

At the end of each reporting period, the Group

reviews the carying amounts of the folowing

asets to determine whether there is any

indication that those asets have sufered

an impairment los or an impairment los

previously recognised no longer exists or may

have decreased:

• , plant and equipment; and

• interests in subsidiaries

If the recoverable amount (i.e. the greater of

the fair value les costs of disposal and value

in use) of an aset is estimated to be les

than its carying amount, the carying amount

of the aset is reduced to its recoverable

amount. An impairment los is recognised as

an expense imediately.

Where an impairment los subsequently

reverses, the carying amount of the aset

is increased to the revised estimate of its

recoverable amount, to the extent 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 in prior years. A

reversal of an impairment los is recognised

as income imediately.

1. （续）

(n) 其他资产减值

于各报告期末，本集团审阅以下资

产之账面值，以厘定是否有任何迹

象显示该等资产已产生减值亏损，

或先前确认之减值亏损是否不再存

在或可能已经减少：

• 、厂房及设备；及

• 于附属公司之权益

倘资产之可收回金额（即公平价值

减出售成本和使用价值之较高者）

估计将低于其账面值，则该资产之

账面值将削减至其可收回金额。减

值亏损即时作开支确认。

倘减值亏损于其后拨回，该资产之

账面值将增加至其可收回金额之经

修订估计，惟增加后之账面值不得

超出倘过往年度并无就该资产确认

减值亏损而原应厘定之账面值。减

值亏损之拨回即时作收入确认。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(n) 其他资产减值（续）

使用价值乃基于预期来自资产或现

金产生单位（见附注4(c)）之估计未

来现金流量，以反映目前市场对货

币时间价值之评估及该项资产或现

金产生单位之特有风险之除税前贴

现率将其贴现至现值。

(o) 拨备及或然负债

如本集团因过去之事件须承担法定

或推定责任，而履行有关责任很

可能引致可合理估计之经济利益流

出，则会就未确定时间或金额之负

债确认拨备。

当不可能需要产生经济利益流出，

或金额无法可靠估计时，该责任

则披露为或然负债，除非产生经济

利益流出之可能性极低，则另作别

论。纯粹凭一宗或多宗未来事件是

否发生而确定存在之潜在责任亦同

时披露为或然负债，除非产生经济

利益流出之可能极低。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(n) Impairment of other asets (Continued)

Value in use is based on the estimated

future cash flow expected to be derived from

the aset or cash-generating unit (se note

4(c) discounted to their present value using

pre-tax discount rate that reflects curent

market asesments of the time value of

money and the risks specific to the aset or

cash-generating unit.

(o) Provisions and contingent liabilities

Provisions are recognised for liabilities of

uncertain timing or amount when the Group

has a legal or constructive obligation arising as

a result of a past event, which it is probably

wil result in an outflow of economic benefits

that can be reasonably estimated.

Where it is not probable that an outflow of

economic benefits wil be required, or the

amount canot be estimated reliably, the

obligation is disclosed as a contingent liability,

unles the probability of outflow of economic

benefits is remote. Posible obligations, the

existence of which wil only be confirmed

by the ocurence or non-ocurence of one

or more future events, are also disclosed as

contingent liabilities unles the probability of

outflow of economic benefits is remote.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(p) Related parties

(a) A person or a close member of that

person’s family is related to the Group if

that person:

(i) has control or joint control of the

Group;

(i) has significant influence over the

Group; or

(i) is a member of key management

personel of the Group or the

Company’s parent.

(b) An entity is related to the Group if any of

the folowing conditions aply:

(i) The entity and the Group are

members of the same group (which

means that each parent, subsidiary

and felow subsidiary is related to

the others);

(i) One entity is an asociate or joint

venture of the other entity (or

an asociate or joint venture of a

member of a group of which the

other entity is a member);

(i) Both entities are joint ventures of

the same third party;

(iv) One entity is a joint venture of a

third entity and the other entity is

an asociate of the third entity;

1. （续）

(p) 关连人士

(a) 倘该名人士出现下列情况，

则该名人士或该名人士之近

亲家属成员被视为与本集团

有关连：

(i) 对本集团有控制权或共

同控制权；

(i) 对本集团有重大影响

力；或

(i) 为本集团或本公司母公

司之主要管理人员。

(b) 倘任何下列情况适用，则该

实体即被视为与本集团有关

连：

(i) 该实体与本集团属同一

集团之成员公司（即各

母公司、附属公司及同

系附属公司互相关连）；

(i) 一实体为另一实体之联

营公司或合营公司（或

为某一集团之成员公

司之联营公司或合营公

司，而该另一实体为此

集团之成员公司）；

(i) 该等实体均为同一第三

方之合营公司；

(iv) 一实体为第三实体之合

营公司及另一实体为该

第三实体之联营公司；

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(p) Related parties (Continued)

(b) An entity is related to the Group if

any of the folowing conditions aply:

(Continued)

(v) The entity is a post-employment

benefit plan for the benefit of the

employes of the Group or an entity

related to the Group;

(vi) The entity is controled or jointly

controled by a person identified in

(a);

(vi) A person identified in (a)(i) has

significant influence over the entity

or is a member of key management

personel of the entity (or of a

parent of the entity); or

(vi) The entity, or any member of a

group of which it is a part, provides

key management personel services

to the reporting entity or to the

parent of the reporting entity.

Close members of the family of a person are

those family members who may be expected

to influence, or be influenced by, that person

in their dealings with the entity and include:

(i) that person’s children and spouse or

domestic partner;

(i) children of that person’s spouse or

domestic partner; and

(i) dependents of that person or that

person’s spouse or domestic partner.

1. （续）

(p) 关连人士（续）

(b) 倘任何下列情况适用，则该

实体即被视为与本集团有关

连：（续）

(v) 该实体乃为本集团或与

本集团有关连之实体之

雇员福利而设之离职后

福利计划；

(vi) 该实体受(a)所识别之

人士控制或共同控制；

(vi) 于(a)(i)所识别对实体

有重大影响力之人士，

或为实体（或实体之

母公司）之主要管理人

员；或

(vi) 实体、或一间集团之任

何成员公司（为集团之

一部分）向申报实体或

申报实体之母公司提供

主要管理人员服务。

某一人士之近亲家属成员指于与实

体进行业务往来时预期可影响该

人士或受该人士影响之有关家属成

员，并包括：

(i) 该名人士之子女及配偶或家

庭伙伴；

(i) 该名人士之配偶或家庭伙伴

之子女；及

(i) 该名人士或该名人士之配偶

或家庭伙伴之受养人。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

(q) Government grants

Government grants are recognised when

there is reasonable asurance that they wil be

received and that the Group wil comply with

the conditions ataching to them. Grants that

compensate the Group for expenses incured

are recognised as other gain in profit or los

on a systematic basis in the same periods

in which the expenses are incured. Grants

that compensate the Group for the cost of an

aset are recognised as defered income in

consolidated statement of financial position

and consequently are efectively recognised in

profit or los over the useful life of the aset.

1. （续）

(q) 政府补助

倘有合理保证本集团可取得政府补

助并将遵守其附带条件，则政府补

助会予以确认。补偿本集团已产生

开支之补助，将于产生开支之同一

期间有系统地于损益中确认为其他

收益。补偿本集团一项资产成本之

补助，则于综合财务状况表确认为

递延收入，其后于资产可使用年期

于损益中实际确认。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

5. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

Estimates are evaluated and are based on historical

experience and other factors, including expectations

of future events that are believed to be reasonable

under the circumstances. The key asumptions

that have a significant risk of causing a material

adjustment to the carying amounts of asets

and liabilities within the next financial year are

discused below:

(a) Impairment of completed properties held

for sale

Management asesed the impairment of

the properties held for sale based on an

estimation of the net realisable value of the

underlying properties which involves, inter-

alia, considerable analysis of curent market

price of properties of a comparable standard

and location. If the actual net realisable value

of the underlying properties are les than

expected as a result of change in market

condition and/or significant variation in

the budgeted development costs, material

provision for impairment loses may result.

No impairment los for the completed

properties held for sale was recognised in the

profit or los of the Group in respect of the

curent year.

5. 重大会计判断及主要估计不确

定性来源

本公司会根据过往经验及其他因素进行

评估及作出估计，包括预期日后出现在

有关情况下相信属合理之事件。有重大

风险会对下一个财政年度之资产与负债

之账面值造成大幅调整之主要假设论述

如下：

(a) 持作出售之已竣工物业减值

管理层根据对相关物业可变现净值

的估计评估持作出售物业之减值，

当中涉及（其中包括）对具有可资比

较标准及位置之物业之现行市价之

详细分析。倘相关物业之实际可变

现净值因市况变动及╱或预算开发

成本出现重大变动而低于预期，则

可能导致重大减值亏损拨备。

于本年度，本集团并无于损益确认

持作出售之已竣工物业之减值亏

损。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

5. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

(b) Fair value measurement

A number of asets and liabilities included in

the Group’s consolidated financial statements

require measurement at, and/or disclosure of,

fair value.

The fair value measurement of the Group’s

financial and non-financial asets and liabilities

utilises market observable inputs and data as

far as posible. Inputs used in determining

fair value measurements are categorised into

diferent levels based on how observable the

inputs used in the valuation technique utilised

are (the “fair value hierarchy”):

• : Quoted prices in active markets

for identical items (unadjusted);

• : Observable direct or indirect

inputs other than Level 1 inputs;

• : Unobservable inputs (i.e. not

derived from market data).

The clasification of an item into the above

levels is based on the lowest level of the

inputs used that has a significant efect on the

fair value measurement of the item. Transfers

of items betwen levels are recognised in the

period they ocur.

The Group measures investment properties

(note 18) at fair value.

For more detailed information in relation to the

fair value measurement of the items above,

please refer to the aplicable notes.

5. 重大会计判断及主要估计不确

定性来源（续）

(b) 公平价值计量

计入本集团综合财务报表之若干资

产及负债须按公平价值计量及╱或

披露。

本集团之财务及非财务资产及负债

之公平价值计量尽可能运用市场可

观察输入值及数据。于厘定公平价

值计量所用之输入数据乃根据所用

估值方法中使用之输入数据之可观

察程度分类为不同层级（「公平价值

等级」）：

• ：按相同条款于活跃

市场之报价（未经调整）；

• ：除第一级输入数据

以外之可观察直接或间接输

入数据；

• ：不可观察输入数据

（即并非源自市场数据）。

项目分类为上述等级乃根据所使用

输入数据之最低等级（其对项目之

公平价值计量有重大影响）作出。

项目于各等级之间之转拨乃于产生

期间确认。

本集团按公平价值计量投资物业

（附注18）。

有关上述项目之公平价值计量之更

多详细资料，请参阅适用附注。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

5. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

(c) Clasification of leases

The Group has entered into property sub-

leasing and investment busines whereby the

Group has determined that it has transfered

substantialy al the risks and rewards

incidental to ownership of the asets held for

property sub-leasing and investment busines

to the sub-leses, as the sub-lease term

is for the major part of lease term of the

leased asets held for property sub-leasing

and investment busines at the inception

of sub-leases. Acordingly, the Group has

derecognised the asets held for property

sub-leasing and investment busines from its

consolidated statements of financial position

and has instead, recognised as finance lease

receivables (note 20). On the other hand, the

Group includes the leased asets held for

sub-leasing and investment busines under

operating lease in investment properties (note

18). The determination of whether the Group

has transfered substantialy al the risks and

rewards incident to ownership depends on

an asesment of the relevant arangements

relating to the sub-leases, which involved

critical judgements by management.

5. 重大会计判断及主要估计不确

定性来源（续）

(c) 租赁分类

本集团订立物业分租及投资业务，

而由于分租期为物业分租及投资

业务所持租赁资产于分租开始时租

赁期之主要部分，因此本集团厘定

其将物业分租及投资业务所持资产

拥有权附带之绝大部分风险及回报

转移予分租承租人。因此，本集团

将持作物业分租及投资业务之资产

从其综合财务状况表中终止确认，

并确认为融资租赁应收款项（附注

20）。另一方面，本集团将根据经

营租赁持作分租及投资业务的租赁

资产计入投资物业（附注18）。厘

定本集团是否将与所有权有关的绝

大部分风险及回报转移，取决于对

有关分租的相关安排所作评估，当

中涉及管理层的重大判断。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

5. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

(d) Useful lives of property, plant and

equipment

Management determines the estimated useful

lives of the property, plant and equipment and

wil revise depreciation charges when useful

lives difer from previous estimates.

(e) Impairment los on financial asets at

amortised cost

Significant judgements is required in aplying

the acounting requirements by the Group’s

management for measuring the los alowances

of financial asets at amortised cost.

The Group’s management use its judgement

in making such measurements including the

credit history, existing market conditions,

qualitative and quantitative reasonable and

suportable forward-loking information,

and market value of colaterals if aplicable.

In order to determine the most apropriate

models in estimating the los alowances for

each type of financial asets at amortised cost,

significant judgement is required to relate

apropriate key drivers of credit risk as wel as

future movement of diferent economic drivers

and how these drivers wil afect each other.

Where the expectation is diferent from the

original estimate, such diference wil afect

the carying amount of financial asets at

amortised cost and thus the los alowance in

the period in which such estimate is changed.

5. 重大会计判断及主要估计不确

定性来源（续）

(d) 物业、厂房及设备之可使用年期

管理层厘定物业、厂房及设备之估

计可使用年期并将于可使用年期有

别于先前估计时修订折旧开支。

(e) 按摊销成本计量之财务资产之减值

亏损

本集团管理层就按摊销成本计量亏

损拨备应用会计规定时，须作出重

大判断。

本集团管理层运用其判断作出该等

计量（包括信贷记录、现行市况、

定性及定量合理可靠前瞻性资料以

及抵押品市值（如适用）。为厘定

于按摊销成本估计各种财务资产时

最合适之模式，须就信贷风险之合

适主要推动因素及不同经济推动因

素之未来变动以及该等推动因素之

间之彼此影响而作出重大判断。倘

预期与原先估计不同，有关差额将

会影响按摊销成本计量之财务资产

账面值，从而影响有关估计变更期

间之亏损拨备。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

5. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

(f) Revenue recognition

Revenue is recognised over time when the

Group’s performance does not create an aset

with an alternative use to the Group and the

Group has an enforceable right to payment for

performance completed to date. Significant

judgement is required in determining whether

the terms of the Group’s contracts with

customers in relation to properties create an

enforceable right to payment for the Group.

The Group has considered the relevant local

laws that aply to those relevant contracts.

Based on the asesment of the Group’s

management, the terms of the relevant sales

contracts do not create an enforceable right to

payment for the Group prior to transfer of the

relevant properties to customers. Acordingly,

the sales of properties is considered to be

performance obligation satisfied at a point in

time.

5. 重大会计判断及主要估计不确

定性来源（续）

(f) 收益确认

当本集团的履约不会产生对本集团

具有替代用途的资产且本集团对已

完成的履约拥有可强制执行的付款

权利时，收益随时间确认。厘定本

集团与客户就物业订立的合约条款

是否为本集团创造可强制执行的付

款权利须作出重大判断。本集团已

考虑适用于相关合约之相关当地法

律。根据本集团管理层评估，有关

销售合约的条款在相关物业转让予

客户之前，并未为本集团创造可强

制执行之付款权利。因此，物业销

售被视为在某一时间点履行之履约

责任。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

5. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

(g) LAT

PRC LAT is levied at progresive rates ranging

from 30% to 60% on the apreciation of

land value, being the proceds of sales of

properties les deductible expenditures

including land cost, borowing costs and al

property development expenditures.

The subsidiaries of the Group engaging in

property development busines in the PRC

are subject to LAT, which have ben included

in the income tax expenses. However,

the implementation of these taxes varies

amongst various PRC cities and the Group

has not finalised its land apreciation tax

returns with various tax authorities for

certain projects. Acordingly, judgement is

required in determining the amount of land

apreciation and its related taxes payable. The

Group recognises these liabilities based on

management’s best estimates. Where the final

tax outcome is diferent from the amounts

that were initialy recorded, such diferences

wil impact the income tax expenses and

provisions of LAT in the period in which such

determination is made.

5. 重大会计判断及主要估计不确

定性来源（续）

(g) 土地增值税

中国土地增值税乃按照30%至

60%的累进税率对土地增值额征

收，土地增值额为出售物业所得款

项减可扣减开支（包括土地成本、

借贷成本及所有物业开发开支）。

本集团于中国从事物业开发业务的

附属公司须缴纳土地增值税，并已

计入所得税开支。然而，有关税项

的实施因中国多个城市而异，而本

集团尚未与多个税务机关就若干项

目最终确定其土地增值税报税表。

因此，于厘定土地增值金额及其相

关应付税项时须作出判断。本集团

根据管理层的最佳估计确认该等负

债。倘最终税务结果与最初记录的

金额不同，有关差额将影响作出有

关厘定期间的所得税开支及土地增

值税拨备。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

6. 分类报告

管理层根据主要经营决策者（「主要经营

决策者」），即董事会（「董事会」）定期审

阅以评估表现及分配资源之报告厘定经

营分类。主要经营决策者主要按本集团

提供之服务种类考虑业务。

在年内，本集团有以下可报告经营分

类：

物业分租及

投资业务

—分租及租赁投资

物业

物业发展

业务

—发展房地产

放债业务—根据香港法例

第163章放债人

条例之条文规定

于香港提供贷款

予客户，包括个

人与法团

6. SEGMENT REPORTING

Management determines operating segments based

on the reports regularly reviewed by the chief

operating decision maker (the “CODM”), which is

the board of directors (the “Board”), in asesing

performance and alocating resources. The CODM

considers the busines primarily on the basis of the

types of services suplied by the Group.

The Group had the folowing reportable operating

segments during the year:

Property sub-leasing

and investment

busines

—sub-leasing and leasing of

investment properties

Property

development

busines

—development of real estates

Money lending

busines

—provision of loans to customers,

including individuals and

corporations under the

provisions of Money Lenders

Ordinance (Chapter 163 of the

Laws of Hong Kong) in Hong

Kong

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

6. SEGMENT REPORTING (Continued)

Segment information is presented below:

(a) Information about reportable segment

revenue, profit or los, asets and liabilities

and other information

二零二五年

Property

sub-leasing

and

investment

busines

Property

development

busines

Money

lending

businesTotal

物业分租及

投资业务

物业发展

业务放债业务总额

HK$HK$HK$HK$

港元港元港元港元

Reportable segment revenue可报告分类收益

External revenue外部收益45,459,654535,363,764—580,823,418

Inter-segment revenue分类间收益—

45,459,654535,363,764—580,823,418

Reportable segment los

before income tax

除所得税前可报告分类

亏损(89,682,942)(7,607,848)(11,576)(97,302,366)

Other segment information其他分类资料

Interest income利息收入7,24390,4361,76499,443

Interest expenses利息开支23,359,746—23,359,746

Depreciation of property,

plant and equipment

物业、厂房及设备之折旧

—1,306,399—1,306,399

Fair value los of investment properties投资物业之公平价值亏损34,668,882—34,668,882

1. （续）

分类资料呈列如下：

(a) 有关可报告分类收益、溢利或亏

损、资产及负债之资料及其他资料

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(a) 有关可报告分类收益、溢利或亏

损、资产及负债之资料及其他资料

（续）

二零二五年

Property

sub-leasing

and

investment

busines

Property

development

busines

Money

lending

businesTotal

物业分租及

投资业务

物业发展

业务放债业务总额

HK$HK$HK$HK$

港元港元港元港元

Los on termination of lease contracts终止租赁合约之亏损1,546,160—1,546,160

Los on termination of finance lease

receivables

终止应收融资租赁款项之亏损

1,265,947—1,265,947

Los on modification of subleases in

respect of finance lease receivables

有关应收融资租赁款项之分租

租约修改亏损60,105,624—60,105,624

Los on transfer of investment property转移投资物业之亏损322,366—322,366

Impairment loses on finance lease

receivables, net

应收融资租赁款项之减值亏损

净额1,623,859—1,623,859

Provision for impairment loses on other

receivables, net

其他应收款项之减值

亏损拨备净额14,139,42513,048,162—27,187,587

Reportable segment asets可报告分类资产253,847,0102,026,576,782457,3402,280,881,132

Reportable segment liabilities可报告分类负债316,345,218955,321,2313,5461,271,669,995

6. SEGMENT REPORTING (Continued)

(a) Information about reportable segment

revenue, profit or los, asets and liabilities

and other information (Continued)

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(a) 有关可报告分类收益、溢利或亏

损、资产及负债之资料及其他资料

（续）

二零二四年

Property

sub-leasing

and

investment

busines

Property

development

busines

Money

lending

businesTotal

物业分租及

投资业务

物业发展

业务放债业务总额

HK$HK$HK$HK$

港元港元港元港元

Reportable segment revenue可报告分类收益

External revenue外部收益53,482,751823,989,547—877,472,298

Inter-segment revenue分类间收益—

53,482,751823,989,547—877,472,298

Reportable segment los

before income tax

除所得税前可报告分类

亏损(27,894,740)(124,692,815)(14,424)(152,601,979)

Other segment information其他分类资料

Interest income利息收入22,654265,4742,491290,619

Interest expenses利息开支29,557,566—29,557,566

Depreciation of property,

plant and equipment

物业、厂房及设备之折旧

—1,714,636—1,714,636

Fair value los of investment properties投资物业之公平价值亏损50,205,403—50,205,403

6. SEGMENT REPORTING (Continued)

(a) Information about reportable segment

revenue, profit or los, asets and liabilities

and other information

(Continued)

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(a) 有关可报告分类收益、溢利或亏

损、资产及负债之资料及其他资料

（续）

二零二四年

Property

sub-leasing

and

investment

busines

Property

development

busines

Money

lending

businesTotal

物业分租及

投资业务

物业发展

业务放债业务总额

HK$HK$HK$HK$

港元港元港元港元

Los on termination of lease contracts终止租赁合约之亏损—

Los on termination of finance lease

receivables

终止应收融资租赁款项之亏损

—

Los on modification of subleases in

respect of finance lease receivables

有关应收融资租赁款项之分租

租约修改亏损—

Los on transfer of investment property转移投资物业之亏损—

Reversal of impairment loses on

finance lease receivables, net

应收融资租赁款项之减值亏损

拨回净额67,715—67,715

Provision for/(reversal of) impairment

loses on other receivables, net

其他应收款项之减值

亏损拨备╱（拨回）净额(33,293)121,580,252—121,546,959

Reportable segment asets可报告分类资产522,718,9792,575,000,458456,0063,098,175,443

Reportable segment liabilities可报告分类负债495,511,2901,526,357,6373,5462,021,872,473

6. SEGMENT REPORTING (Continued)

(a) Information about reportable segment

revenue, profit or los, asets and liabilities

and other information

(Continued)

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(b) 可报告分类溢利或亏损、资产及负

债之对账

除所得税前亏损

附注：

未分配总办事处及公司开支主要包括

专业及顾问费用、行政开支及业务发

展开支。

6. SEGMENT REPORTING (Continued)

(b) Reconciliation of reportable segment profit

or los, asets and liabilities

Los before income tax

二零二五年二零二四年

HK$HK$

港元港元

Reportable segment los before

income tax

除所得税前可报告分类

亏损(97,302,366)(152,601,979)

Unalocated gain on disposal of

subsidiaries

未分配出售附属公司

之收益—83,753

Unalocated gain on deregistration of

subsidiaries

未分配撤销注册附属公司

之收益1,710,123—

Unalocated interest income and other

income

未分配利息收入及其他收入

310,9601,715,900

Unalocated staf costs未分配员工成本(5,536,741)(6,485,794)

Unalocated finance costs未分配融资成本(14,720,964)(13,679,346)

Unalocated depreciation of property,

plant and equipment

未分配物业、厂房及设备

之折旧(368,435)(417,951)

Unalocated head ofice and corporate

expenses (note)

未分配总办事处及公司开支

（附注）(4,111,532)(4,807,722)

Los before income tax除所得税前亏损(120,018,955)(176,193,139)

Note:

Unalocated head ofice and corporate expenses

mainly include profesional and consultancy fes,

administrative expenses and busines development

expenses.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(b) 可报告分类溢利或亏损、资产及负

债之对账（续）

资产

负债

6. SEGMENT REPORTING (Continued)

(b) Reconciliation of reportable segment profit

or los, asets and liabilities (Continued)

Asets

二零二五年二零二四年

HK$HK$

港元港元

Reportable segment asets可报告分类资产2,280,881,1323,098,175,443

Property, plant and equipment物业、厂房及设备282,169279,165

Other receivables其他应收款项5,601,6175,650,124

Cash and cash equivalents现金及现金等值项目8,842,18310,968,119

Unalocated head ofice and

corporate asets

未分配总办事处及

公司资产1,6171,656

Total asets资产总值2,295,608,7183,115,074,507

Liabilities

二零二五年二零二四年

HK$HK$

港元港元

Reportable segment liabilities可报告分类负债1,271,669,9952,021,872,473

Convertible bonds可换股债券198,643,754183,937,146

Lease liabilities租赁负债296,325286,511

Unalocated head ofice and corporate

liabilities

未分配总办事处及

公司负债1,928,0575,346,836

Total liabilities负债总额1,472,538,1312,211,442,966

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(c) 地区资料

本集团之业务主要位于香港及中

国。

本集团地区分类之分析载列如下：

附注： 各地区应占收益乃按客户位置为

基准。

6. SEGMENT REPORTING (Continued)

(c) Geographical information

The Group’s operations are mainly located in

Hong Kong and the PRC.

An analysis of the Group’s geographical

segments is set out as folows:

二零二五年

Hong KongPRCTotal

香港中国总额

HK$HK$HK$

港元港元港元

Revenue收益—580,823,418580,823,418

Non-curent asets other

than financial instruments

非流动资产

（财务工具除外）282,30899,771,880100,054,188

二零二四年

Hong KongPRCTotal

香港中国总额

HK$HK$HK$

港元港元港元

Revenue收益—877,472,298877,472,298

Non-curent asets other

than financial instruments

非流动资产

（财务工具除外）277,295188,990,784189,268,079

Note: Revenue atributed to regions on the basis of

the customers’ locations.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

7. 收益

本集团之本年度收益分析如下：

7. REVENUE

Analysis of the Group’s revenue for the year is as

folows:

二零二五年二零二四年

HK$HK$

港元港元

Revenue from contracts with customers来自客户合约之收益

Revenue from sale of completed properties出售竣工物业之收益535,363,764823,989,547

Revenue from other sources其他来源收益

Gros rental income from property

sub-leasing busines

物业分租业务所得租金

收入总额26,709,59128,514,369

Interest income from finance lease

receivables

应收融资租赁款项之利息收入

18,750,06324,968,382

45,459,65453,482,751

Total revenue recognised已确认收益总额580,823,418877,472,298

Revenue from contracts with customers来自客户合约之收益

Disagregated revenue information for the

year ended 31 March 2025 and 2024

截至二零二五年及二零二四年

三月三十一日止年度之分类

收益资料

Timing of revenue recognition收益确认之时间

Gods transfered at a point in time于货品转移之时点535,363,764823,989,547

Services transfered overtime服务随时间转移—

535,363,764823,989,547

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. ，净额8. OTHER LOSES, NET

二零二五年二零二四年

HK$HK$

港元港元

Bank interest income银行利息收入(156,997)(351,568)

Gain on disposal of subsidiaries出售附属公司之收益—(83,753)

Gain on deregistration of subsidiaries撤销注册附属公司之收益(1,710,123)—

Los on termination of lease contracts终止租赁合约之亏损1,546,160—

Los on termination of finance lease

receivables

终止应收融资租赁款项之亏损

1,265,947—

Los on modification of subleases in respect

of finance lease receivables (note 20(c)

有关应收融资租赁款项之分租

租约修改亏损（附注20(c)）60,105,624—

Los on transfer of investment property

(note 18)

转移投资物业之亏损（附注18）

322,366—

Provision for/(reversal of) impairment loses

on finance lease receivables, net

(note 20(b)

应收融资租赁款项之减值亏损

拨备╱（拨回）净额

（附注20(b)）1,623,859(67,715)

Provision for impairment loses on other

receivables, net (note 22(b)

其他应收款项之减值亏损

拨备净额（附注22(b)）27,187,587121,546,959

Fair value los on investment properties

(note 18)

投资物业之公平价值亏损

（附注18）34,668,88250,205,403

Others其他(6,642,094)(13,573,103)

Total other loses, net其他亏损共计（净额）118,211,211157,676,223

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

9. LOS BEFORE INCOME TAX

Los before income tax is arived at after charging/

(crediting):

二零二五年二零二四年

HK$HK$

港元港元

Cost of completed properties sold已出售竣工物业之成本 462,998,003750,044,185

Gain on disposal of subsidiaries

#

出售附属公司之收益

#

—(83,753)

Gain on deregistration of subsidiaries

#

撤销注册附属公司之收益

#

(1,710,123)—

Los on termination of lease contracts

#

终止租赁合约之亏损

#

1,546,160—

Los on termination of finance lease

receivables

#

终止应收融资租赁款项之亏损

#

1,265,947—

Los on modification of subleases in respect

of finance lease receivables

#

有关应收融资租赁款项之分租

租约修改亏损

#

60,105,624—

Los on transfer of investment property

#

转移投资物业之亏损

#

322,366—

Provision for/(reversal of) impairment loses

on finance lease receivables, net

#

应收融资租赁款项之减值亏损

拨备╱（拨回）净额

#

1,623,859(67,715)

Provision for impairment loses

on other receivables, net

#

其他应收款项之减值亏损

拨备净额

#

27,187,587121,546,959

Auditor’s remuneration核数师酬金830,000880,000

Fair value los on investment properties

#

投资物业之公平价值亏损

#

34,668,88250,205,403

#

The amount is included under the “other

loses, net” in the consolidated statement of

comprehensive income.

9. 除所得税前亏损

除所得税前亏损已扣除╱（计入）以下各

项：

#

该金额计入综合全面收益表项下「其他

亏损，净额」。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

10. STAF COSTS

二零二五年二零二四年

HK$HK$

港元港元

Staf costs (including directors’

emoluments) comprise:

员工成本（包括董事酬金）

包括：

Salaries薪金7,643,6159,198,602

Contribution to defined contribution

pension plans

界定供款退休计划之

供款440,217929,653

Other short-term monetary benefits其他短期货币利益329,166348,721

8,412,99810,476,976

11. DIRECTORS’ AND SENIOR

MANAGEMENT’S EMOLUMENTS

Directors’ emoluments

The directors’ emoluments are analysed as folows:

Fes

Salaries

and other

benefits

Retirement

scheme

contributions

Benefits in

kindTotal

袍金

薪金及

其他福利

退休

计划供款实物利益总额

2025HK$HK$HK$HK$HK$

二零二五年港元港元港元港元港元

Executive directors执行董事

Mr. Chen Weiwu陈伟武先生 —720,00018,000—738,000

Mr. Zhou Houjie周厚杰先生—720,00018,000—738,000

Mr. Jiang Ruowenhao江若文豪先生—

Independent

non-executive directors

独立非执行董事

Mr. Chen Youchun陈友春先生96,000—96,000

Ms. Lui Mei Ka雷美嘉女士96,000—96,000

Mr. Zhou Xin周新先生96,000—96,000

288,0001,440,00036,000—1,764,000

10. 员工成本

11. 董事及高级管理层酬金

董事酬金

董事酬金分析如下：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

11. DIRECTORS’ AND SENIOR

MANAGEMENT’S EMOLUMENTS

(Continued)

Directors’ emoluments

(Continued)

Fes

Salaries

and other

benefits

Retirement

scheme

contributions

Benefits in

kindTotal

袍金

薪金及

其他福利

退休

计划供款实物利益总额

2024HK$HK$HK$HK$HK$

二零二四年港元港元港元港元港元

Executive directors执行董事

Mr. Chen Weiwu陈伟武先生 —720,00018,000—738,000

Mr. Zhou Houjie周厚杰先生—720,00018,000—738,000

Mr. Jiang Ruowenhao江若文豪先生—

Independent

non-executive directors

独立非执行董事

Mr. Chen Youchun陈友春先生117,000—117,000

Ms. Lui Mei Ka雷美嘉女士117,000—117,000

Mr. Zhou Xin周新先生117,000—117,000

351,0001,440,00036,000—1,827,000

No directors waived their emoluments in respect of

the year ended 31 March 2025 (2024: Nil).

No discretionary bonuses were granted to the

directors during the year ended 31 March 2025

(2024: Nil).

1. （续）

董事酬金（续）

概无董事放弃截至二零二五年三月

三十一日止年度之酬金（二零二四年：

无）。

于截至二零二五年三月三十一日止年

度，并无向董事授出酌情花红（二零

二四年：无）。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

五名最高薪酬人士

本集团五名最高薪酬人士中，两名（二

零二四年：两名）为本公司董事，其酬

金已载于上文。

其余三名（二零二四年：三名）最高薪酬

人士（非本公司董事）之酬金如下：

酬金在以下范围之内：

于截至二零二五年三月三十一日止年

度，并无向五名最高薪酬人士授出酌情

花红（二零二四年：无）。

11. DIRECTORS’ AND SENIOR

MANAGEMENT’S EMOLUMENTS

(Continued)

Five highest paid individuals

Among the five individuals with the highest

emoluments in the Group, two (2024: two) was the

director of the Company whose emoluments are

included in the above.

The emoluments of the remaining thre (2024:

thre) highest paid individuals, who are not a

director of the Company, are as folows:

二零二五年二零二四年

HK$HK$

港元港元

Basic salaries, housing alowances,

other alowances and benefits in kind

基本薪金、房屋津贴、

其他津贴及实物利益2,420,4812,374,633

Retirement scheme contributions退休计划供款121,977112,488

2,542,4582,487,121

The emoluments are within the folowing bands:

二零二五年二零二四年

Number ofNumber of

EmployesEmployes

雇员数目雇员数目

HK$nil to HK$1,000,000零港元至1,000,000港元22

HK$1,000,001 to HK$1,500,0001,000,001港元至

1,500,000港元11

No discretionary bonuses granted to the five

highest paid individuals during the year ended 31

March 2025 (2024: Nil).

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

12. 其他经营开支

13. 融资成本

12. OTHER OPERATING EXPENSES

二零二五年二零二四年

HK$HK$

港元港元

Property sub-leasing and

investment busines expenses

物业分租及投资业务开支

980,7152,194,318

Property development busines

expenses

物业发展业务开支

6,314,69521,275,011

Legal and profesional fes法律及专业费用1,000,0471,446,651

Traveling expenses差旅开支42,77958,071

Auditor’s remuneration核数师酬金830,000880,000

Writen-of on other receivables其他应收款项撇销60,039,03361,767,394

Others其他2,257,3482,477,109

71,464,61790,098,554

13. FINANCE COSTS

二零二五年二零二四年

HK$HK$

港元港元

Interest on convertible bonds (note 27)可换股债券之利息（附注27）14,706,60813,653,692

Interest on lease liabilities租赁负债之利息23,374,10229,583,220

38,080,71043,236,912

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

14. 所得税抵免

在综合全面收益表内之所得税抵免指：

截至二零二五年及二零二四年三月

三十一日止年度，并无作出香港利得税

拨备，此乃由于本集团就该等年度香港

利得税并无估计应课税溢利。

中国附属公司须按25%（二零二四年：

25%）之税率缴纳中国企业所得税。

土地增值税拨备乃根据相关中国税务法

律及法规所载规定估计。土地增值税已

按增值价值的累进税率范围作出拨备，

并附带若干可扣减项目。

14. INCOME TAX CREDIT

The income tax credit in the consolidated statement

of comprehensive income represents:

二零二五年二零二四年

HK$HK$

港元港元

Curent tax for the year:本年度即期税项：

— Hong Kong profits tax— 香港利得税—

— PRC Enterprise Income Tax— 中国企业所得税(1,118,642)(16,443,918)

— PRC LAT— 中国土地增值税(1,541,048)(4,616,706)

Under-provision in prior year:过往年度拨备不足：

— PRC Enterprise Income Tax— 中国企业所得税(4,429,658)(70,386)

— PRC LAT— 中国土地增值税(722,836)(103,723)

Defered tax (note 30)递延税项（附注30）55,572,93083,903,551

47,760,74662,668,818

For the years ended 31 March 2025 and 2024, no

provision for Hong Kong profits tax have ben made

as the Group has no estimated asesable profits

subject to Hong Kong profits tax for these years.

The PRC subsidiaries are subject to PRC Enterprise

Income Tax at 25% (2024: 25%).

The provision for LAT is estimated acording to the

requirements set forth in the relevant PRC tax laws

and regulations. LAT has ben provided at ranges

of progresive rates of the apreciation value, with

certain alowable deductions.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

14. INCOME TAX CREDIT (Continued)

The income tax credit can be reconciled to the los

before income tax per the consolidated statement

of comprehensive income as folows:

二零二五年二零二四年

HK$HK$

港元港元

Los before income tax除所得税前亏损(120,018,955)(176,193,139)

Tax calculated at domestic tax rates aplicable

to los/profit in the respective countries

按适用于各国亏损╱溢利之当地

税率计算之税项27,985,21742,071,209

Tax efect of LAT土地增值税之税务影响(1,541,048)(1,154,176)

Tax efect of non-deductible expenses不可扣税开支之税务影响(6,333,006)(4,190,144)

Tax efect of non-taxable income毋须课税收入之税务影响32,802,07726,116,038

Under-provision in prior years过往年度拨备不足(5,152,494)(174,109)

Income tax credit所得税抵免47,760,74662,668,818

15. DIVIDENDS

No dividend was paid or proposed in respect of the

year ended 31 March 2025, nor has any dividend

ben proposed since the end of the reporting period

(2024: Nil).

1. （续）

所得税抵免与综合全面收益表中除所得

税前亏损之对账如下：

15. 股息

截至二零二五年三月三十一日止年度并

无派付或建议派付股息，自报告期末起

亦无建议派付任何股息（二零二四年：

无）。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

16. 每股亏损

本公司拥有人应占之每股基本及摊薄亏

损乃根据以下数据计算：

计算截至二零二五年及二零二四年三月

三十一日止年度之每股摊薄亏损时，并

无假设转换本公司之未行使可换股债

券，因为假设行使将导致每股亏损减

少。

计算截至二零二四年三月三十一日止年

度之每股摊薄亏损并无假设本公司已授

出认股权获行使，原因为该等认股权之

行使价高于年内股份之平均市价。

16. LOS PER SHARE

The calculation of the basic and diluted los per

share atributable to owners of the Company is

based on the folowing data:

二零二五年二零二四年

HK$HK$

港元港元

Los亏损

Los for the purpose of basic los

per shareand diluted los per share

用作计算每股基本亏损及

每股摊薄亏损之亏损

Los for the year atributable

to owners of the Company

本公司拥有人应占本年度亏损

(89,056,166)(115,060,979)

No. of shareNo. of share

股份数目股份数目

Weighted average number of

ordinary shares in isue for

the purpose of basic los per share and

diluted los per share

用作计算每股基本亏损及

每股摊薄亏损之已发行普通股

加权平均数

3,428,466,5703,428,466,570

The computation of diluted los per share for the year

ended 31 March 2025 and 2024 does not asume the

conversion of the Company’s outstanding convertible

bonds since their asumed exercise would result in a

decrease in los per share for the year.

The computation of diluted los per share for the year

ended 31 March 2024 does not asume the exercise

of the Company’s share options granted because the

exercise price of these share options was higher than

the average market price for shares for the year.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. 、厂房及设备

资产使用权指本集团租赁作自用之物

业。

于二零二五年及二零二四年三月三十一

日，本集团并无抵押任何物业、厂房及

设备。

截至二零二五年三月三十一日止年度，

概无就物业、厂房及设备确认减值亏损

（二零二四年：无）。

17. PROPERTY, PLANT AND EQUIPMENT

Right-of-use

asets

Leasehold

improvements

Furniture,

fixtures and

equipment

Motor

vehiclesTotal

使用权资产租赁物业装修

家具、

装置及设备汽车总额

HK$HK$HK$HK$HK$

港元港元港元港元港元

Cost成本

At 1 April 2023于二零二三年四月一日1,627,6766,427,1571,633,8851,328,31411,017,032

Disposals出售(795,791)—(795,791)

Exchange realignment 汇兑调整—(220,772)(45,532)(5,998)(272,302)

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831,8856,206,3851,588,3531,322,3169,948,939

Adition添置371,458—371,458

Writen-of撇销—(1,153,700)(1,153,700)

Exchange realignment 汇兑调整—(109,489)(22,580)(2,975)(135,044)

At 31 March 2025于二零二五年三月三十一日1,203,3436,096,8961,565,773165,6419,031,653

Acumulated depreciation and

impairment

累积折旧及减值

At 1 April 2023于二零二三年四月一日934,4383,739,4371,303,4271,160,8207,138,122

Depreciation charge for the year本年度折旧支出415,9431,351,558282,74082,3462,132,587

Eliminated on disposals于出售时对销(795,791)—(795,791)

Exchange realignment 汇兑调整—(125,887)(33,645)(88)(159,620)

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554,5904,965,1081,552,5221,243,0788,315,298

Depreciation charge for the year本年度折旧支出366,4441,228,37618,78661,2281,674,834

Writen-of撇销—(1,153,700)(1,153,700)

Exchange realignment 汇兑调整—(96,588)(22,086)(2,025)(120,699)

At 31 March 2025于二零二五年三月三十一日921,0346,096,8961,549,222148,5818,715,733

Net bok value账面净值

At 31 March 2025于二零二五年三月三十一日282,309—16,55117,060315,920

At 31 March 2024于二零二四年三月三十一日277,2951,241,27735,83179,2381,633,641

The right-of-use asets represent properties leased

by the Group for own use.

At 31 March 2025 and 2024, the Group did not

pledge any property, plant and equipment.

No impairment los on property, plant and

equipment was recognised for the year ended 31

March 2025 (2024: Nil).

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

18. INVESTMENT PROPERTIES

二零二五年二零二四年

HK$HK$

港元港元

Fair value, at begining of the year于年初之公平价值187,634,438246,398,830

Termination of lease contracts终止租赁合约(26,668,247)—

Modification of lease liabilities in respect of

lease contracts (note 31)

有关租赁合约之租赁负债修改

（附注31）(35,606,270)—

Transfer from finance lease receivables

(note 20)

从应收融资租赁款项转移

（附注20）13,556,975—

Transfer to finance lease receivables转拨至应收融资租赁款项(1,561,015)—

Los on change in fair value recognised in

consolidated statement of comprehensive

income (note 8)

于综合全面收益表确认之

公平价值变动亏损

（附注8）(34,668,882)(50,205,403)

Exchange realignment汇兑调整(2,948,731)(8,558,989)

Fair value, at end of the year于年末之公平价值99,738,268187,634,438

The investment properties represent right-of-use

asets relating to buildings held by the Group and

leased out under operating leases.

During the curent year, the Group entered into

agrements for sublease of properties for the

periods which aproximate the remaining lease

periods of the properties held as right-of-use

aset by the Group. Acordingly, the relevant

investment properties with the carying amount of

HK$1,561,015 were transfered to finance lease

receivables, with the los on transfer of investment

property amounted to HK$322,366 (2024: Nil)

recognised in profit or los in respect of the year

(note 8), calculated as the diference betwen the

fair value of finance lease receivables recognised

amounted to HK$1,238,649 and the carying amount

of HK$1,561,015 of the investment properties

transfered out.

18. 投资物业

投资物业指与本集团持有并根据经营租

赁出租的楼宇有关之资产使用权。

于本年度，本集团已就物业分租订立

协议，分租期与本集团作为资产使用

权持有的物业的剩余租赁期相若。因

此，账面值为1,561,015港元的相关投

资物业已转拨至应收融资租赁款项，

而转拨亏损为322,366港元（二零二四

年：无）已于年内损益确认（附注8），

乃按已确认应收融资租赁款项公平价值

1,238,649港元与已转出投资物业账面

值1,561,015港元之间的差额计算。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

18. INVESTMENT PROPERTIES (Continued)

Investment properties were revalued at 31 March

2025 and 2024 on market value basis by APAC

Apraisal and Consulting Limited (“APAC”),

an independent valuer, who has apropriate

profesional qualification and relevant experience

in the location and category of the investment

property being valued.

The fair value of investment properties is a level 3

recuring fair value measurement. A reconciliation

of the opening and closing fair value balance is

provided below:

二零二五年二零二四年

HK$HK$

港元港元

Opening balance

(level 3 recuring fair value)

年初结余

（第三级经常性公平价值）187,634,438246,398,830

Termination of lease contracts终止租赁合约(26,668,247)—

Modification of lease liabilities in respect of

lease contracts

有关租赁合约之租赁负债修改

(35,606,270)—

Transfer from finance lease receivables从应收融资租赁款项转移13,556,975—

Transfer to finance lease receivables转拨至应收融资租赁款项(1,561,015)—

Los on change in fair value recognised in

consolidated statement of comprehensive

income

于综合全面收益表确认之

公平价值变动亏损

(34,668,882)(50,205,403)

Exchange realignment汇兑调整(2,948,731)(8,558,989)

Closing balance

(level 3 recuring fair value)

年末结余

（第三级经常性公平价值）99,738,268187,634,438

Change in unrealised loses for the year

included in profit or los for asets held

at 31 March

就三月三十一日所持资产计入

损益之年内未变现亏损之

变动(34,668,882)(50,205,403)

1. （续）

于二零二五年及二零二四年三月三十一

日，投资物业之公平价值已由亚太估值

及顾问有限公司（「亚太」）按市场价值基

准重估，其为拥有合适专业资格并对所

估值投资物业之位置及类型拥有相关经

验之独立估值师。

投资物业之公平价值按第三级经常性公

平价值计量。年初及年末公平价值结余

之对账如下：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

18. INVESTMENT PROPERTIES (Continued)

Fair value is determined by aplying the income

aproach, using the discounted cash flow

method, based on the estimated rental value of

the properties. The valuation takes acount of

ocupancy rates and rental growth rates of the

properties. The discount rates have ben adjusted

for the condition and location of the buildings.

Significant unobservable

inputsRange

Discount rate6%

(2024: 6%)

Growth rate2%

(2024: 2%)

Ocupancy rates81%

(2024: 78%)

Market yield4.2% – 6.3%

(2024: 4.2% –

6.2%)

The higher the discount rate and market yield, the

lower the fair value. The higher the rental growth

rate, and ocupancy rates, the higher the fair value.

The fair value measurement is based on the above

properties’ highest and best use, which does not

difer from their actual use.

During the years ended 31 March 2025 and 2024,

there were no transfers into or out of Level 3 or

any other level. The Group’s policy is to recognise

transfers betwen Levels of the fair value hierarchy

as at the end of the reporting period in which they

ocur.

No investment properties has pledged to secure

the bank borowings granted to the Group as at 31

March 2025 (2024: Nil).

1. （续）

公平价值乃根据有关物业之估计租赁价

值运用贴现金流量法、应用收入法厘

定。有关估值计及有关物业之入住率及

租金增长率。贴现率已就有关建筑之状

况及位置作出调整。

重大不可

观察参数范围

贴现率6%

（二零二四年：6%）

增长率2%

（二零二四年：2%）

入住率81%

（二零二四年：78%）

市场孳息率4.2%至6.3%

（二零二四年：4.2%至

6.2%）

贴现率及市场孳息率愈高，公平价值愈

低。租金增长率及入住率愈高，公平价

值愈高。

公平价值计量乃根据上述物业之最佳最

有效用途，其与实际用途无异。

截至二零二五年及二零二四年三月

三十一日止年度，概无转入或转出第三

级或任何其他层级。本集团之政策为于

发生公平价值层级转移之报告期末确认

有关转移。

于二零二五年三月三十一日，概无投资

物业已获抵押以担保授予本集团之银行

借贷（二零二四年：无）。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

19. GODWIL

Property

sub-leasing

busines

物业分租业务

HK$

港元

Cost成本

At 1 April 2023于二零二三年四月一日197,845

Exchange realignment 汇兑调整(6,796)

As 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191,049

Exchange realignment汇兑调整(3,370)

At 31 March 2025于二零二五年三月三十一日187,679

Impairment减值

At 1 April 2023于二零二三年四月一日197,845

Exchange realignment汇兑调整(6,796)

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191,049

Exchange realignment汇兑调整(3,370)

At 31 March 2025于二零二五年三月三十一日187,679

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—

The godwil was fuly impaired as at the end of

both of the reporting periods presented.

19. 商誉

于呈列的两个报告期末，商誉已完全减

值。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

20. FINANCE LEASE RECEIVABLES

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Gros finance lease receivables应收融资租赁款项总额220,686,419410,302,336

Les: unearned finance income减：未赚取之融资收益(90,728,199)(148,234,969)

Net finance lease receivables应收融资租赁款项净额(a)129,958,220262,067,367

Les: los alowance减：亏损拨备(b)(2,484,760)(888,468)

Finance lease receivables应收融资租赁款项127,473,460261,178,899

Finance lease receivables analysed as:应收融资租赁款项分析如下：

Receivable within one year一年内应收14,280,79552,847,517

Receivable after one year一年后应收113,192,665208,331,382

127,473,460261,178,899

20. 应收融资租赁款项

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

附注：

(a) 应收融资租赁款项净额

应收融资租赁款项产生自物业分租业

务。就应收融资租赁款项而言，客户

有义务根据相关租赁合约所载的条款

结清金额。

截至二零二五年三月三十一日止年

度，本集团已就物业分租修改订立协

议，分租期与本集团作为使用权资产

持有的物业的剩余租赁期不相若。因

此，账面值为13,556,975港元的相关

应收融资租赁款项已转拨至投资物业

（附注18）。

于年末应收融资租赁款项之分析如下：

20. FINANCE LEASE RECEIVABLES

(Continued)

Notes:

(a) Net finance lease receivables

The finance lease receivables are arising from the

property sub-leasing busines. For finance lease

receivables, the customers are obligated to setle

the amounts acording to the terms set out in the

relevant lease contracts.

During the year ended 31 March 2025, the Group

entered into agrements for modification of

sublease of properties for the periods which do

not aproximate the remaining lease periods of the

properties held as right-of-use aset by the Group.

Acordingly, the relevant finance lease receivables

with the carying amount of HK$13,556,975 were

transfered to investment properties (note 18).

The finance lease receivables at end of the year are

analysed as folows:

二零二五年

Minimum

lease

payment

Present

value

最低租赁付款现值

HK$HK$

港元港元

Not later than one year不迟于一年30,222,38114,280,795

Later than one year but not later than five years超过一年但不迟于五年86,208,28044,399,645

More than five years超过五年104,255,75871,277,780

220,686,419129,958,220

Les: unearned finance income减：未赚取之融资收入(90,728,199)—

Present value of minimum lease payments最低租赁付款之现值129,958,220129,958,220

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

附注：（续）

(a) 应收融资租赁款项净额（续）

(b) 应收融资租赁款项之亏损拨备

应收融资租赁款项于本年度之亏损拨

备对账载列于下表：

本集团按附注4(g)(i)中根据本集团之

会计政策确认减值亏损。

20. FINANCE LEASE RECEIVABLES

(Continued)

Notes: (Continued)

(a) Net finance lease receivables (Continued)

二零二四年

Minimum

lease

payment

Present

value

最低租赁付款现值

HK$HK$

港元港元

Not later than one year不迟于一年77,141,93252,847,517

Later than one year but not later than five years超过一年但不迟于五年128,331,29568,240,290

More than five years超过五年204,829,109140,979,560

410,302,336262,067,367

Les: unearned finance income减：未赚取之融资收入(148,234,969)–

Present value of minimum lease payments最低租赁付款之现值262,067,367262,067,367

(b) Los alowance on finance lease receivables

The folowing table reconciles the los alowance of

finance lease receivables for the year:

二零二五年二零二四年

HK$HK$

港元港元

At begining of year于年初(888,468)(990,330)

(Provision for)/reversal of impairment los

recognised for the year (note 8)

本年度已确认之减值

亏损（拨备）╱拨回（附注8）(1,623,859)67,715

Exchange realignment汇兑调整27,56734,147

At end of year于年末(2,484,760)(888,468)

The Group recognised impairment los based on the

Group’s acounting policy in note 4(g)(i).

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

附注：（续）

(b) 应收融资租赁款项之亏损拨备（续）

应收融资租赁款项之预期信贷亏损乃

按12个月预期信贷亏损计算，其源自

可能在报告日期后12个月内发生之违

约事件。然而，自初始确认以来信贷

风险大幅增加时，亏损拨备将以全期

预期信贷亏损为基准。当厘定信贷风

险自初始确认起是否大幅增加，本集

团会考虑相关及无须付出过多成本或

努力即可获得之合理及可靠资料，包

括根据本集团过往经验及已知信贷评

估得出之定量及定性资料及分析，并

包括前瞻性资料。上述已确认亏损拨

备涉及结算较慢之债务人，而管理层

评估概无结余预期可予收回。根据由

管理层进行之预期信贷亏损计算，预

期信贷亏损拨备1,623,859港元已于年

内确认（二零二四年：预期信货亏损拨

备之拨回67,715港元已确认）。

(c) 修订应收融资租赁款项

截至二零二五年三月三十一日止年

度，本集团与分租户订立补充协

议，据此，原租赁协议所载若干条款

及条件已修订，导致于本年度损益确

认与分租户修改融资租赁之亏损

60,105,624港元（二零二四年：无）（附

注8）。该融资租赁修订亏损乃按修订

前相关应收融资租赁款项的账面值与

修改租赁生效时应收融资租赁款项的

公平价值之间的差额计算。

20. FINANCE LEASE RECEIVABLES

(Continued)

Notes: (Continued)

(b) Los alowance on finance lease receivables

(Continued)

The ECLs of finance lease receivables are based

on the 12-months ECLs that results from default

events that are posible within 12 months after

the reporting date. However, when there has ben

a significant increase in credit risk since its initial

recognition, the los alowance wil be based on

life-time ECLs. When determining whether the

credit risk has ben increased significantly since its

initial recognition, the Group considers reasonable

and suportable information that is relevant and

available without undue cost or efort, including both

quantitative and qualitative information and analysis

based on the Group’s historical experience and

informed credit asesment with forward-loking

information. The los alowance recognised above

are related to debtors that are slow in setlement

and management asesed that none of the balance

is expected to be recovered. Based on the ECL

calculation performed by the management, the

expected credit los alowance of HK$1,623,859 is

recognised for the year (2024: reversal of expected

credit los alowance of HK$67,715 was recognised).

(c) Modification of finance lease receivables

During the year ended 31 March 2025, the Group

entered into suplemental agrements with

sublease tenants under which certain terms and

conditions set out in the original lease agrements

were modified which resulted in a los on

modification of finance leases with sublease tenants

amounted to HK$60,105,624 (2024: Nil) recognised

in profit or los in respect of the curent year (note

8). This los on modification of finance leases was

calculated as the diference betwen the carying

amount of the related finance lease receivables

before the modifications and the fair value of the

finance lease receivables when the modification of

the leases were efected.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

21. 持有待售竣工物业

本公司董事曾参考向客户销售物业之合

约价格对竣工物业进行减值评估，结论

为由于物业之可变现净值不低于其账面

值，故此无须就竣工物业作出减值。

22. 其他应收款项

21. COMPLETED PROPERTIES HELD FOR

SALE

二零二五年二零二四年

HK$HK$

港元港元

Completed properties in the PRC

held for sale, at cost

位于中国之待售竣工物业，

按成本1,475,885,5921,958,703,030

The directors of the Company conducted

impairment asesment of the completed properties

with reference to the contract prices for the sale

of the properties to customers and concluded that

no impairment of completed properties is required

to be made as the net realisable value of the

properties is not les than their carying amount.

22. OTHER RECEIVABLES

二零二五年二零二四年

HK$HK$

港元港元

Deposits (note (a)按金（附注(a)）13,273,25113,544,541

Prepayments and other receivables

(note (a)

预付款项及其他应收款项

（附注(a)）531,386,615540,310,527

544,659,866553,855,068

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

附注：

(a) 按金主要指就租赁物业支付之按金。

预付款项及其他应收款项之分析如下：

22. OTHER RECEIVABLES (Continued)

Notes:

(a) Deposits mainly represent deposits paid for the

lease of properties. An analysis of the prepayments

and other receivables are as folows:

二零二五年二零二四年

HK$HK$

港元港元

Prepayments预付款项

Prepayment to contractors预付承包商款项820,1611,070,211

Prepayment of property management fe预付物业管理费–347,442

Others其他6,00621,610

826,1671,439,263

Value-aded tax receivables应收增值税21,932,00724,053,735

Other receivables其他应收款项

Refundable payment for a potential urban

renewal project

为潜在的城市更新项目而

支付的可退还款项318,813,577341,639,203

Refundable payment for coperation of

potential property development projects

为潜在房地产开发项目合作

而支付的可退还款项92,107,972119,132,977

Other receivables from landlord其他应收业主款项89,357,06546,353,067

Other receivables from projects promotion其他应收项目推广款项1,705,6231,736,253

Others其他6,644,2045,956,029

508,628,441514,817,529

Total prepayments and other receivables预付款项及其他应收款项

总额531,386,615540,310,527

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

22. OTHER RECEIVABLES (Continued)

Notes: (Continued)

(a) (Continued)

Refundable payment for a potential urban

renewal project

During the prior year ended 31 March 2024, Puning

Huachuangwen Industrial Development Co., Ltd.

(“Puning Huachuangwen”), a non-wholy owned

subsidiary of the Company, entered into a leter

of intent with an independent third party for the

potential coperation of an urban renewal project

in the PRC. As at 31 March 2025, the refundable

payment was paid by Puning Huachuangwen for

a potential urban renewal project amounted to

HK$318,813,577 (2024: HK$341,639,203).

Refundable payment for coperation of potential

property development projects

Puning Huachuangwen was acquired by the

Company in prior year ended 31 March 2023.

As disclosed in the Company’s circular dated 20

January 2023, Puning Huachuangwen is principaly

engaged in the property development in the

PRC and had the other receivables amounted to

RMB371,916,000 as at 30 September 2022, which

mainly represented as the refundable payment

for coperation of potential property development

projects.

As at 31 March 2025, certain other receivables

were setled due to the termination of coperation

of potential property development projects. The

carying amount of other receivables relating to

the coperation of potential property development

projects as at 31 March 2025 amounted to

HK$92,107,972 (2024: HK$119,132,977) was

remained outstanding.

Other receivables from landlord

The balance mainly represents as the rental

receivable from the Group’s landlord, which received

the rental payment of the Company’s leses from

the Company on behalf.

Other receivables from projects promotion

The balance mainly represents as the receivable

relating to the promotion of potential projects in

property development and urban renewal.

1. （续）

附注：（续）

(a) （续）

为潜在的城市更新项目而支付的可退

还款项

截至二零二四年三月三十一日止过往

年度，本公司非全资附属公司普宁华

创文实业开发有限公司（「普宁华创

文」）与独立第三方就潜在城市更新项

目的合作订立了意向书。于二零二五

年三月三十一日，普宁华创文就潜在

城市更新项目而支付的可退还款项

为318,813,577港元（二零二四年：

341,639,203港元）。

为潜在房地产开发项目合作而支付的

可退还款项

普宁华创文被本公司于截至二零二三

年三月三十一日止过往年度收购。如

本公司于二零二三年一月二十日刊发

的通函所披露，普宁华创文主要在中

国从事房地产开发，于二零二年九

月三十日，其他应收款项为人民币

371,916,000元，其主要为潜在房地产

开发项目合作的可退还款项。

于二零二五年三月三十一日，若干

其他应收款项因潜在房地产开发项

目合作终止而结清。于二零二五年

三月三十一日，与潜在房地产开发

项目合作有关的其他应收款项账面

值为92,107,972港元（二零二四年：

119,132,977港元），尚未偿还。

其他应收业主款项

结余主要指本集团应收业主代表本公

司向本公司承租人收取的租赁付款的

租赁款项。

其他应收项目推广款项

结余主要指与推广房地产开发及城市

更新潜在项目有关的应收款项。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

附注：（续）

(b) 按金及其他应收款项于本年度之亏损

拨备对账载列于下表：

本集团根据附注4(g)(i)之本集团会计

政策确认减值亏损。

按金及其他应收款项之预期信贷亏损

乃按12个月预期信贷亏损计算， 其

源自可能在报告日期后12个月内发

生之违约事件。然而，自初始确认以

来信贷风险大幅增加时，亏损拨备将

以全期预期信贷亏损为基准。当厘定

信贷风险自初始确认起是否大幅增

加，本集团会考虑相关及无须付出过

多成本或努力即可获得之合理及可靠

资料，包括根据本集团过往经验及已

知信贷评估得出之定量及定性资料及

分析，并包括前瞻性资料。上述已确

认亏损拨备涉及结算较慢之债务人，

而管理层评估概无结余预期可予收

回。根据管理层所进行之预期信贷亏

损计算，年内确认预期信贷亏损拨备

27,187,587港元（二零二四年：预期

信贷亏损拨备121,546,959港元已确

认）。

22. OTHER RECEIVABLES (Continued)

Notes: (Continued)

(b) The below table reconciles the los alowance of

deposits and other receivables for the year:

二零二五年二零二四年

HK$HK$

港元港元

At begining of year于年初(122,957,810)(1,222,392)

Provision for impairment los, net recognised

for the year (note 8)

于本年度已确认减值亏损

拨备净额（附注8）

(27,187,587)(121,546,959)

Exchange realignment汇兑调整2,368,283(188,459)

At end of year于年末(147,777,114)(122,957,810)

The Group recognised impairment los based on the

Group’s acounting policy in note 4(g)(i).

The ECLs of deposits and other receivables are

based on the 12-months ECLs that results from

default events that are posible within 12 months

after the reporting date. However, when there has

ben a significant increase in credit risk since its

initial recognition, the los alowance wil be based

on life-time ECLs. When determining whether the

credit risk has ben increased significantly since its

initial recognition, the Group considers reasonable

and suportable information that is relevant and

available without undue cost or efort, including both

quantitative and qualitative information and analysis

based on the Group’s historical experience and

informed credit asesment with forward-loking

information. The los alowance recognised above

are related to debtors that are slow in setlement

and management asesed that none of the balance

is expected to be recovered. Based on the ECL

calculation performed by the management, the

expected credit los alowance of HK$27,187,587 is

recognised for the year (2024: Expected credit los

alowance of HK$121,546,959 was recognised).

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. ╱应付附属公司之非控股

股东及关连人士款项

于二零二五年及二零二四年三月三十一

日，所有应收╱应付附属公司之非控股

股东及关连人士款项均为无抵押、免息

及须按要求偿还。

24. 现金及银行结余

附注：

(a) 于二零二五年三月三十一日，本集团

存置于中国之银行之以人民币计值之

现金及银行结余达33,621,201港元（二

零二四年：129,997,082港元）。人民

币不可自由兑换为其他货币。然而，

根据中国之《外汇管理条例》及《结汇、

售汇及付汇管理规定》，本集团获准通

过获授权进行外汇业务之银行将人民

币兑换为其他货币。

(b) 本集团指定银行账户所持有之受限制

现金并无（二零二四年：受限制现金

104,166港元）抵押予银行。受限制现

金仅用于支付物业发展费用。

23. AMOUNTS DUE FROM/TO NON-

CONTROLING SHAREHOLDERS OF

SUBSIDIARIES AND RELATED PARTIES

At 31 March 2025 and 2024, al of the amounts due

from/to non-controling shareholders of subsidiaries

and related parties were unsecured, interest-fre

and repayable on demand.

24. CASH AND BANK BALANCES

二零二五年二零二四年

HK$HK$

港元港元

Cash and bank balances presented in the

consolidated statement of financial position

综合财务状况表所呈列之现金及

银行结余39,077,064139,113,234

Les: restricted cash减：受限制现金—(104,166)

Cash and cash equivalents presented in

consolidated statement of cash flows

综合现金流量表所呈列之

现金及现金等值项目39,077,064139,009,068

Notes:

(a) At 31 March 2025, cash and bank balances of

the Group denominated in RMB amounted to

HK$33,621,201 which are placed with the banks in

the PRC (2024: HK$129,997,082). RMB is not frely

convertible into other curencies. However, under

the PRC’s Foreign Exchange Control Regulations

and Administration of Setlement, Sale and Payment

of Foreign Exchange Regulations, the Group is

permited to exchange RMB for other curencies

through banks authorised to conduct foreign

exchange busines.

(b) No restricted cash (2024: restricted cash of

HK$104,166) held in the designated bank acounts

of the Group was pledged to the banks. The

restricted cash was only aplied for payment of

property development costs.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

25. 应付货款及其他应付款项

附注：

(a) 应付货款及其他应付款项包括应付货

款，其于报告期末根据发票日期之账

龄分析如下：

应付货款预期会在一年内偿付。

(b) 其他应付款项主要指有关推广物业开

发的应付款项。

(c) 其他已收按金主要指向客户转租物业

所收取的租赁按金。

25. TRADE AND OTHER PAYABLES

二零二五年二零二四年

HK$HK$

港元港元

Trade payables (note (a)应付货款（附注(a)）15,477,72734,445,473

Acruals应计费用1,234,8842,999,511

Other payables (note (b)其他应付款项（附注(b)）2,892,13638,568,354

Other deposits received (note (c)其他已收按金（附注(c)）17,158,66427,530,759

36,763,411103,544,097

Notes:

(a) Included in trade and other payables are trade

payables with the folowing ageing analysis based

on invoice date as of the end of reporting period:

二零二五年二零二四年

HK$HK$

港元港元

Curent or within 30 days即时或于30日内–

31 to 60 days31日至60日–1,544,316

61 to 90 days61日至90日–625,416

Over 90 days90日以上15,477,72732,275,741

15,477,72734,445,473

Trade payables are expected to be setled within

one year.

(b) Other payables mainly represent the payable relating

to the promotion of property development.

(c) Other deposits received mainly represent the rental

deposit received in relation to the sublease of

properties to customers.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

26. 合约成本及合约负债

合约成本

本集团向物业销售代理就成功为本集团

取得销售合约支付销售佣金。本集团将

该等增量成本资本化为合约成本。

合约负债

合约负债主要与达致收益确认之标准前

销售发展物业之客户垫款有关。

合约成本及合约负债之变动

截至二零二五年三月三十一日止年

度，本集团确认已竣工物业销售收

益535,363,764港元（二零二四年：

823,989,547港元），计入年初合约负债。

本集团对其已竣工物业销售应用香港财

务报告准则第15号第121段的可行权宜

方法，即本集团毋须披露有关本集团于

履行剩余履约责任时将有权获得的收益

的资料，因为该剩余履约责任的原来预

计期限为一年或以下。本集团于向买家

转移有关物业的所有权证时确认收益。

26. CONTRACT COSTS AND CONTRACT

LIABILITIES

Contract costs

The Group pays sales comisions to property

sales agents for securing property sales contracts

for the Group on a suces basis. The Group

capitalises these incremental costs as contract

costs.

Contract liabilities

Contract liabilities primarily relate to advances

from customer for sales of development properties

before the criteria for revenue recognition have

ben met.

Movement of contract costs and contract

liabilities

Contract costsContract liabilities

合约成本合约负债

二零二五年二零二四年二零二五年二零二四年

HK$HK$HK$HK$

港元港元港元港元

Balance at begining of year于年初之结余11,038,52517,362,0131,267,819,7581,998,314,566

Increase in contract liabilities as

receipts in advance

预收款项合约负债

增加—64,146,132163,389,323

Increase in contract costs合约成本增加1,323,4421,504,269—

Transfered to other operating

expenses

转拨至其他经营开支

(4,793,026)(7,220,534)—

Recognised as revenue during

the year

于本年度确认为

收益—(535,363,764)(823,989,547)

Exchange realignment汇兑调整(169,322)(607,223)(23,559,887)(69,894,584)

Balance at end of year于年末之结余7,399,61911,038,525773,042,2391,267,819,758

For the year ended 31 March 2025, the Group

recognised revenue of HK$535,363,764 (2024:

HK$823,989,547) from sales of completed

properties that were included in contract liabilities

at the begining of the year.

The Group has aplied the practical expedient

in paragraph 121 of HKFRS 15 to its sales of

completed properties such that the Group ned

not disclose the information about revenue that

the Group wil be entitled to when it satisfies the

remaining performance obligations, as they have

an original expected duration of one year or les.

The Group recognises the revenue at the amount to

which the ownership certificates of the properties

are transfered to the purchasers.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

27. 可换股债券

附注：

(i) 二零二三年三月可换股债券

于二零二三年三月十日，本公司发行

本金总额为249,150,000港元之可换

股债券（「二零二三年三月可换股债

券」），作为收购致荣控股有限公司

（「致荣」）及其附属公司（统称「致荣集

团」）100%股权之部分代价。可换股债

券为免息，并附带权利予可换股债券

持有人可于二零二三年三月十日（「债

券发行日期」）至二零二八年三月十日

（「债券到期日」）期间按初步换股价每

股0.2港元将本金额转换为本公司股本

中每股面值0.05港元之股份。在发生

股权摊薄或集中情况下换股价可予调

整。本公司可于债券发行日期至债券

到期日期间随时按面值赎回可换股债

券。

可换股债券包括两个部分：负债及权

益部分。权益部分于「可换股债券储

备」下之权益呈列。负债部分于初步确

认时之实际利率为年利率8%。

二零二三年三月可换股债券负债部

分之公平价值于发行日期估计为

169,495,811港元，乃由外部估值师根

据估计未来现金流出之现值（按同等不

可换股贷款之现行市场利率贴现）进行

估值。

27. CONVERTIBLE BONDS

二零二五年二零二四年

HK$HK$

港元港元

Convertible bonds:可换股债券：

– Liability component－ 负债部分198,643,754183,937,146

Clasified under non-curent liabilities:分类为非流动负债：

– Convertible bonds－ 可换股债券198,643,754183,937,146

Notes:

(i) Convertible Bonds March 2023

On 10 March 2023, the Company isued convertible

bonds with the agregate principal amount of

HK$249,150,000 (the “Convertible Bonds March

2023”) as part of the consideration for acquisition

of the 100% equity interest in Reach Glory Holdings

Limited (“Reach Glory”) and its subsidiaries

(colectively refered to as the “Reach Glory

Group”). The convertible bonds bear zero interest

and cary a right for convertible bondholder to

convert the principal amount into share of HK$0.05

each in the share capital of the Company at an

initial conversion price of HK$0.2 per share during

the period comencing from 10 March 2023 (the

“Bond Isue Date”) to 10 March 2028 (the “Bond

Maturity Date”). The conversion price is subject

to adjustment on the ocurence of dilutive or

concentration event. The Company may at anytime

from the Bond Isue Date to the Bond Maturity Date

redem the convertible bonds at par.

The convertible bonds contain two components:

liability and equity components. The equity

component is presented in the equity heading

“convertible bonds reserve”. The efective interest

rate of the debt component on initial recognition is

8% per anum.

The fair value of the liability component of the

Convertible Bonds March 2023 was estimated to

be HK$169,495,811 at the isue date as valued by

the external valuer based on the present value of

the estimated future cash outflows discounted at

the prevailing market rate for an equivalent non-

convertible loan.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

附注：（续）

(i) 二零二三年三月可换股债券（续）

厘定二零二三年三月可换股债券负债

部分之初始公平价值所应用之主要估

值参数详情概述如下：

于本年度并无偿还及转换二零二三年三月可

换股债券，而于二零二五年三月三十一日，

该二零二三年三月可换股债券仍未偿还。

二零二三年三月可换股债券的负债部分之变

动载列如下：

27. CONVERTIBLE BONDS (Continued)

Notes: (Continued)

(i) Convertible Bonds March 2023 (Continued)

Details of principal valuation parameters aplied in

determining the initial fair value of the Convertible

Bonds March 2023 liability component is

sumarized as folows:

Bond Isue Date

债券发行日

Principal amount:本金额：HK$249,150,000

249,150,000港元

Coupon rate:票面利率：Nil 无

Maturity date:到期日：10 March 2028

二零二八年三月十日

Conversion price:换股价：HK$0.20

0.20港元

Risk-fre rate:无风险利率：3.70%

Expected volatility:预期波幅：79.46%

Expected dividend yield:预期股息率：0%

No repayment for and conversion of the Convertible

Bonds March 2023 tok place during the curent

year and the Convertible Bonds March 2023

remained outstanding as at 31 March 2025.

The movement of the liability component of the

Convertible Bonds March 2023 is set out below:

HK$

港元

Carying amount at 1 April 2023于二零二三年四月一日之账面值170,283,454

Efective interest expenses (note 13)实际利息开支（附注13）13,653,692

Carying amount 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之账面值183,937,146

Efective interest expenses (note 13)实际利息开支（附注13）14,706,608

Carying amount at 31 March 2025于二零二五年三月三十一日之账面值198,643,754

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

28. 注销附属公司

附注：

(a) 于二零二四年十二月二十三日，本集

团已注销全资附属公司启兴隆贸易（深

圳）有限公司（「启兴隆」）。

于注销日期终止确认的资产净值为

32,513港元。注销一间附属公司的亏

损28,603港元已于截至二零二五年三

月三十一日止年度的损益中确认。

对失去控制权之资产净值的分析：

28. DEREGISTRATION OF SUBSIDIARIES

Gain/(los) on

deregistration

注销之收益╱（亏损）

二零二五年二零二四年

HK$HK$

港元港元

Deregistered of:已注销：

– Qixinglong Trading (Shenzhen) Co., Ltd.

(“Qixinglong”) (note a)

－ 启兴隆贸易（深圳）有限

公司（「启兴隆」）（附注a）(28,603)–

– Shenzhen Qianhai Zhongrun Hongda

Enterprise Management Co., Ltd

(“Zhongrun Hongda”) (note b)

－ 深圳前海中润宏达企业管

理有限公司（「中润宏达」）

（附注b）1,738,726–

1,710,123–

Notes:

(a) On 23 December 2024, the Group deregistered

wholy owned subsidiary,Qixinglong Trading

(Shenzhen) Co., Ltd.* (“Qixinglong”)（启兴隆贸易（深

圳）有限公司）.

Net asets derecognised at the date of deregistration

was amounted to HK$32,513. Los on deregistration

of a subsidiary amounted to HK$28,603 was

recognised in the profit and los for the year ended

31 March 2025.

Analysis of net asets over which control was lost:

HK$

港元

Net asets deregistered of:已注销资产净值：

Other receivables其他应收款项32,513

32,513

Exchange reserve released upon deregistration注销后解除汇兑储备(3,910)

Los on deregistration of a subsidiary注销一间附属公司之亏损(28,603)

Total consideration satisfied by:以下列方式清偿总代价：

Consideration receivables应收代价–

Net cash outflow arising on deregistration:注销所产生之现金流出净额：

Cash consideration received已收现金代价–

Cash and cash equivalents deregistered of所注销现金及现金等价项目–

Net cash outflow on deregistration注销之现金流出净额–

* English translation for identification only

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

附注：（续）

(b) 于二零二四年十二月九日，本集团已

注销全资附属公司深圳前海中润宏达

企业管理有限公司（「中润宏达」）。

于注销日期终止确认的负债净值约为

1,314,464港元。注销一间附属公司之

收益约1,738,726港元已于截至二零

二五年三月三十一日止年度之损益确

认。

对失去控制权之负债净值的分析：

28. DEREGISTRATION OF SUBSIDIARIES

(Continued)

Notes: (Continued)

(b) On 9 December 2024, the Group deregistered

wholy owned subsidiary, Shenzhen Qi-anhai Hongda

Enterprise Management Co., Ltd* (“Zhongrun

Hongda”) (深圳前海中润宏达企业管理有限公司).

Net liabilities derecognised at the date of

deregistration was aproximately HK$1,314,464.

Gain on deregistration of a subsidiary is recognised

aproximately HK$1,738,726 in the profit and los

for the year ended 31 March 2025.

Analysis of net liabilities over which control was

lost:

HK$

港元

Net liabilities deregistered of:已注销负债净值：

Other receivables其他应收款项821,776

Other payables其他应付款项(2,136,240)

(1,314,464)

Exchange reserve released upon deregistration注销后解除汇兑储备(424,262)

Gain on deregistration of a subsidiary注销一间附属公司之收益1,738,726

Total consideration satisfied by:以下列方式清偿总代价：

Consideration receivables应收代价–

Net cash outflow arising on deregistration:注销所产生之现金流出净额：

Cash consideration received已收现金代价–

Cash and cash equivalents deregistered of所注销现金及现金等价项目–

Net cash outflow on deregistration注销之现金流出净额–

* English translation for identification only

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

29. 出售附属公司

附注：

(a) 于二零二三年四月一日，本集团与一

名独立第三方订立出售协议，内容有

关出售本公司全资附属公司唐商环球

全部已发行股本。

出售事项已于二零二三年四月一日完

成，现金代价为约1美元（相当于8港

元）。唐商环球已为不活动。

失去控制权的资产及负债概述如下：

29. DISPOSAL OF SUBSIDIARIES

Net Cash outflows on disposalGain/(los) on disposal

出售之现金流出净额出售收益╱（亏损）

二零二五年二零二四年二零二五年二零二四年

HK$HK$HK$HK$

港元港元港元港元

Disposal of:出售:

– Tangshang Global Limited

(“Tangshang Global”)

(note (a)

– 唐商环球有限公司

（「唐商环球」）（附注(a)）

—(118,749)—(3,741)

– Skil Castle Limited

(“Skil Castle”) (note (b)

– 能堡有限公司

（「能堡」）（附注(b)）—(450)—77,550

– Boren Cultural Development

Limited (“Boren Cultural”)

(note (c)

– 博仁文化发展有限公司

（「博仁文化」）

（附注(c)）—–—9,944

—(119,199)—83,753

Notes:

(a) On 1 April 2023, the Group entered into a disposal

agrement with an independent third party in

relation to the disposal of 100% isued share capital

in a wholy-owned subsidiary of the Company,

Tangshang Global.

The disposal was completed on 1 April 2023

at a cash consideration of aproximately USD

1 (equivalent to HK$8). Tangshang Global was

dormant.

Analysis of asets and liabilities over which control

was lost:

HK$

港元

Net asets disposed of:已出售资产净值：

Cash and bank balances现金及银行结余118,749

Other payables其他应付款项(115,000)

3,749

Los on disposal of a subsidiary出售一间附属公司之亏损(3,741)

Total consideration satisfied by:以下列方式清偿总代价：

Consideration receivables应收代价8

Net cash outflow arising on disposal:出售事项所产生之

现金流出净额：

Cash consideration received已收现金代价–

Cash and cash equivalents

disposed of

所出售现金及现金等值项目(118,749)

Net cash outflow on disposal出售之现金流出净额(118,749)

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

附注：（续）

(b) 于二零二三年九月三十日，本集团与

一名独立第三方订立出售协议，内容

有关出售本公司全资附属公司能堡全

部已发行股本。

出售事项已于二零二三年九月三十日

完成，现金代价为约10,000美元（相当

于78,000港元）。能堡已为不活动。

失去控制权的资产及负债概述如下：

29. DISPOSAL OF SUBSIDIARIES (Continued)

Notes: (Continued)

(b) On 30 September 2023, the Group entered into

a disposal agrement with an independent third

party in relation to the disposal of the 100% isued

share capital in a wholy-owned subsidiary of the

Company, Skil Castle.

The disposal was completed on 30 September 2023

at a cash consideration of aproximately USD 10,000

(equivalent to HK$78,000). Skil Castle was dormant.

Analysis of asets and liabilities over which control

was lost:

HK$

港元

Net asets disposed of:已出售资产净值：

Cash and bank balances现金及银行结余450

Gain on disposal of a subsidiary出售一间附属公司之收益77,550

Total consideration satisfied by:以下列方式清偿总代价：

Consideration receivables应收代价78,000

Net cash outflow arising on disposal:出售事项所产生之现金流出净额：

Cash consideration received已收现金代价–

Cash and cash equivalents disposed of所出售现金及现金等值项目(450)

Net cash outflow on disposal出售之现金流出净额(450)

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

附注：（续）

(c) 于二零二三年四月一日，本集团与一

名独立第三方订立出售协议，内容有

关出售本公司全资附属公司博仁文化

全部已发行股本。

出售事项已于二零二三年四月一日完

成，现金代价为约1美元（相当于8港

元）。博仁文化已为不活动。

失去控制权的资产及负债概述如下：

29. DISPOSAL OF SUBSIDIARIES (Continued)

Notes: (Continued)

(c) On 1 April 2023, the Group entered into a disposal

agrement with an independent third party in

relation to the disposal of the entire isued share

capital in a wholy-owned subsidiary of the Company,

Boren Cultural.

The disposal was completed on 1 April 2023 at

a cash consideration of aproximately USD 1

(equivalent to HK$8). Boren Cultural was dormant.

Analysis of asets and liabilities over which control

was lost:

HK$

港元

Net liabilities disposed of:已出售负债净值：

Other payables其他应付款项(9,936)

(9,936)

Gain on disposal of a subsidiary出售一间附属公司之收益9,944

Total consideration satisfied by:以下列方式清偿总代价：

Consideration receivables应收代价8

Net cash outflow arising on disposal:出售事项所产生之现金流出净额：

Cash consideration received已收现金代价–

Cash and cash equivalents disposed of所出售现金及现金等值项目–

Net cash outflow on disposal出售之现金流出净额–

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

30. 递延税项

以下为于本年度确认的主要递延税项负

债及其变动：

递延所得税资产乃就结转之税项亏损确

认，惟以有可能透过日后之应课税溢利

变现有关税项利益为限。于二零二五年

三月三十一日，由于难以预料未来溢利

之流量，故尚未就未动用税项亏损确认

递延税项资产（二零二四年：无）。税

项亏损84,804,839港元（二零二四年：

34,325,730港元）可无限期结转，税项

亏损25,782,322港元（二零二四年：无）

将于五年内届满。

于报告期末，与附属公司未分配盈利有

关且未确认递延税项负债之暂时差额

总数为91,800,219港元（二零二四年：

107,037,804港元）。由于本集团能控制

拨回暂时差额之时间且有关差额不大可

能于可见将来拨回，故概无就有关差额

确认递延税项负债。

30. DEFERED TAXATION

The folowing is the major defered tax liabilities

recognized and movements thereon during the

curent year:

Fair value adjustment

on completed properties

held for sale acquired in

busines combination

于业务合并中收购的

持作出售的已竣工物业的

公平价值调整

HK$

港元

As at 1 April 2023于二零二三年四月一日(267,393,946)

Credited to consolidated statement

of comprehensive income (note 14)

计入综合全面收益表（附注14）83,903,551

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

(183,490,395)

Credited to consolidated statement

of comprehensive income (note 14)

计入综合全面收益表（附注14）55,572,930

As at 31 March 2025于二零二五年三月三十一日(127,917,465)

Defered income tax asets are recognised for

tax loses caried forward to the extent that

realisation of the related tax benefit through future

taxable profits is probable. As at 31 March 2025,

no defered tax aset has ben recognised in

respect of the unused tax loses (2024: nil) due

to unpredictability of future profit streams. Tax

loses of HK$84,804,839 (2024: HK$34,325,730)

can be caried forward indefinitely and tax loses

of HK$25,782,322 (2024: nil) wil be expired in five

years.

At the end of the reporting period, the agregate

amount of temporary diferences asociated with

undistributed earnings of subsidiaries for which

defered tax liabilities have not ben recognised

is HK$91,800,219 (2024: HK$107,037,804). No

defered tax liability has ben recognised in respect

of these diferences because the Group is in a

position to control the timing of reversal of the

temporary diferences and it is probable that such

diferences wil not be reversed in the foreseable

future.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

31. 租赁负债

应用于租赁负债之加权平均增量借贷利

率为6.87%（二零二四年：6.82%）。

截至二零二五年三月三十一日止年度，

本集团与业主订立补充协议，据此，

原租赁协议所载若干条款及条件已修

订，导致与业主的租赁负债修改之调

整为40,875,026港元（二零二四年：

无），其中租赁修改导致的租赁负债减

少35,606,270港元（二零二四年：无）及

5,268,756港元（二零二四年：无）分别

调整至投资物业（附注18）及融资租赁应

收款项。

31. LEASE LIABILITIES

二零二五年二零二四年

HK$HK$

港元港元

Lease liabilities payable应付租赁负债

— Within one year— 一年内34,620,12869,285,209

— More than one year but within two years— 超过一年但于两年内37,664,15143,684,849

— More than two years but within five years— 超过两年但于五年内137,039,464162,554,230

— More than five years— 超过五年89,952,043159,570,332

299,275,786435,094,620

Les: Amount due for setlement within

12 months shown under curent

liabilities

减：于12个月内到期结付之款

项（列于流动负债项下）

(34,620,128)(69,285,209)

Amount due for setlement after 12 months

shown under non-curent liabilities

于12个月后到期结付之款项

（列于非流动负债项下）264,655,658365,809,411

The weighted average incremental borowing rates

aplied to lease liabilities at 6.87% (2024: 6.82%).

During the year ended 31 March 2025, the

Group entered into suplemental agrements

with its landlord under which certain terms and

conditions set out in the original lease agrements

were modified which resulted in a modification

of lease liabilities with landlord amounted to

HK$40,875,026 (2024: Nil), of which a decrease in

lease liabilities from lease modification amounted to

HK$35,606,270 (2024: Nil) and HK$5,268,756 (2024:

Nil) were adjusted to investment properties (note

18) and finance lease receivables respectively.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

32. 股本

(a) 法定及已发行股本

32. SHARE CAPITAL

(a) Authorised and isued share capital

二零二五年二零二四年

Number of

sharesHK$

Number of

sharesHK$

股份数目港元股份数目港元

Authorised:法定：

Ordinary shares of HK$0.05 each每股面值0.05港元之普通股

At 1 April and 31 March于四月一日及

三月三十一日20,000,000,0001,000,000,00020,000,000,0001,000,000,000

Isued and fuly paid:已发行及缴足：

Ordinary shares of HK$0.05 each每股面值0.05港元之普通股

At 1 April and 31 March于四月一日及

三月三十一日3,428,466,570171,423,3283,428,466,570171,423,328

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

32. SHARE CAPITAL (Continued)

(b) Capital management policy

The capital structure of the Group consists

of debts, which includes convertible bonds

(note 27), net of cash and bank balances, and

equity atributable to owners of the Company,

comprising isued share capital, and reserves.

The Group’s risk management reviews the

capital structure on anual basis. As part of

this review, the management considers the

cost of capital and the risks asociated with

each clas of capital.

In order to maintain or adjust the capital

structure, the Group may adjust the amount of

dividends paid to shareholders, return capital

to shareholders, isue new shares or sel

asets to reduce debts.

The net debt to equity ratio at the end of the

reporting period was as folows:

二零二五年二零二四年

HK$HK$

港元港元

Convertible bonds (note 27)可换股债券（附注27）198,643,754183,937,146

Les: Cash and bank balances (note 24)减：现金及银行结余（附注24）(39,077,064)(139,113,234)

Net debt债务净额159,566,69044,823,912

Equity atributable to owners of

the Company

本公司拥有人应占权益

570,636,327665,519,570

Net debt to equity ratio债务净额股本比率27.96%6.74%

1. （续）

(b) 资本管理政策

本集团之资本架构包括债务（其包

括可换股债券（附注27）减去现金

及银行结余以及本公司拥有人应占

权益（包括已发行股本及储备）。本

集团之风险管理人员每年检讨资本

架构。作为此项审阅之一部分，管

理层会考虑资本成本及各类资本相

关风险。

为维持或调整资本架构，本集团或

会调整向股东派付之股息金额、向

股东退还资本、发行新股或出售资

产以减低债务。

于报告期末，债务净额股本比率如

下：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

33. RESERVES

Company

Share

premium

Contributed

surplus

Employe

share-based

compensation

reserve

Convertible

bonds

reserve

Acumulated

losesTotal

股份溢价实缴盈余

以股份支付之

雇员薪酬储备可换股债券储备累积亏损总额

HK$HK$HK$HK$HK$HK$

港元港元港元港元港元港元

At 1 April 2023于二零二三年四月一日2,512,275,30028,784,0007,292,983128,820,153(2,303,423,092)373,749,344

Share options lapsed (note 34)认股权失效（附注34）—(7,292,983)—7,292,983—

Los for the year本年度亏损—(19,351,927)(19,351,927)

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2,512,275,30028,784,000—128,820,153(2,315,482,036)354,397,417

Los for the year本年度亏损—(20,619,686)(20,619,686)

At 31 March 2025于二零二五年三月三十一日2,512,275,30028,784,000—128,820,153(2,336,101,722)333,777,731

33. 储备

本公司

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

33. RESERVES (Continued)

The folowing describes the nature and purpose of

certain reserves of the Group within owners’ equity:

ReserveDescription and purpose

储备描述及目的

Contributed surplusThe diference betwen the consolidated shareholders’ funds of the

subsidiaries at the date when they were acquired by the Company

and the nominal amount of the Company’s shares isued for the

acquisition at the time of the group reorganisation prior to the listing

of the Company’s shares in 1991. Under the Companies Act 1981

of Bermuda (as amended), the contributed surplus is available for

distribution to the shareholders provided that the Company is able to

met its obligations after distribution and the net realisable value of

the Company’s asets would not be les than the agregate of its

liabilities, isued share capital and share premium acounts.

实缴盈余附属公司在本公司收购附属公司之日期之综合股东资金与本公司股份于

一九一年上市前进行集团重组时就收购而发行之本公司股份面值之差

额。根据一九八一年百慕达公司法（经修订），实缴盈余可供分派予股东，

条件是本公司于分派后有能力履行其责任，而本公司资产之可变现净值不

会低于其负债、已发行股本及股份溢价账之合计总额。

Other reserveThe diference betwen the consideration and the carying amount of

the net asets atributable to the aditional and reduction of interests

in subsidiaries being acquired from and disposed to non-controling

equity holders respectively.

其他储备代价与向非控股权益持有人收购及出售予非控股权益持有人之附属公司权

益增加及减少分别应占之净资产账面值之差额。

1. （续）

以下描述拥有人权益中本集团若干储备

之性质及目的：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

34. SHARE OPTIONS

On 30 August 2002, the Company adopted a share

option scheme for the purpose of atracting and

retaining quality personel and other persons who

may contribute to the busines and operation of the

Group. Options may be granted without any initial

payment to persons including directors, employes

or consultants of the Group.

On 30 August 2012, the Company adopted a new

share option scheme (the “Share Option Scheme”)

which was aproved in the Company’s anual

general meting on 29 August 2012. The Share

Option Scheme wil remain in force for a period of

10 years from 30 August 2012. A sumary of the

rules of the Share Option Scheme is set out in the

apendix to the Company’s circular dated 20 July

2012.

On 23 December 2013, options were granted to

directors and employes of the Company and its

subsidiaries under the Share Option Scheme to

subscribe for up to 32,333,421 ordinary shares

of the Company (“2013 Share Options”). The

estimated fair value of the options granted on

that date was HK$9,376,692 and the amount was

recognised as staf cost expense for the year ended

31 March 2014.

During the year ended 31 March 2024, 27,942,462

share options were lapsed as they were not

exercised within the exercisable period.

34. 认股权

为吸引并留住优秀人才及其他可能会对

本集团之业务及经营有贡献之人士，本

公司于二零二年八月三十日采纳一项

认股权计划。认股权可毋须支付任何初

步款项而授予包括董事、本集团之雇员

或顾问在内之人士。

于二零一二年八月三十日，本公司采纳

一项新认股权计划（「认股权计划」），其

已于二零一二年八月二十九日在本公司

股东周年大会上获批准。认股权计划将

于自二零一二年八月三十日起计10年期

间维持有效。认股权计划规则之概要载

于本公司日期为二零一二年七月二十日

之通函附录内。

于二零一三年十二月二十三日，本公司

根据认股权计划向董事及本公司及其附

属公司之雇员授出认股权，以认购最多

32,333,421股本公司普通股（「二零一三

年认股权」）。于该日授出之认股权之估

计公平价值为9,376,692港元，该金额

已于截至二零一四年三月三十一日止年

度确认为员工成本开支。

于截至二零二四年三月三十一日止年度

内，27,942,462份认股权由于并无于行

使期内获行使而失效。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

34. SHARE OPTIONS (Continued)

The folowing table discloses the movements of

options during the year:

Year ended 31 March 2024

Number of shares in respect of options granted

Number of

exercisable

options

已授出认股权所涉及之股份数目

可行使

认股权数目

Date of grantExercisable periodVesting period

Exercise

price

Outstanding

at

1 April 2023

Granted

during

the year

Canceled

during

the year

Lapsed

during

the year

Reclasified

during

the year

Outstanding

at

31 March

As at

31 March

授出日期行使期归属期行使价

于二零二三年

四月一日

尚未行使

年内

已授出

年内

已注销

年内

已失效

年内

已重新分类

于二零二四年

三月三十一日

尚未行使

于二零二四年

三月三十一日

HK$

港元

Other participants

其他参与者

23 December 201323 December 2013 –

22 December 2023

Fuly vested on

date of grant

0.51327,942,462—(27,942,462)—

二零一三年

十二月二十三日

二零一三年十二月二十三日

至二零二三年十二月二十二日

于授出日期

全数归属

1. （续）

下表披露认股权于年内之变动：

截至二零二四年三月三十一日止年度

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

35. 非控股权益

拥有重大非控股权益的非全资附属公司

详情

有关本集团拥有重大非控股权益的各实

体的综合财务资料概要载列如下。以下

综合财务资料概要指集团内公司间对销

前的金额。

35. NON-CONTROLING INTERESTS

Details of non-wholy owned subsidiaries that have

material non-controling interests

Name of entities

Place of incorporation/

establishment/ principal

place of busines

Voting rights held by

non-controling interests

(Los)/profit alocated to

non-controling interests

Acumulated

non-controling interests

实体名称

注册成立╱成立地点╱

主要营业地点

非控股权益持有之

投票权

分配至非控股权益

之（亏损）╱溢利

累积

非控股权益

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

HK$HK$HK$HK$

港元港元港元港元

Huachuangwen LandPRC10%10%(2,345,067)(10,063,493)25,648,54628,479,876

华创文置地中国

Puning Huachuangwen PRC30%30%19,143,02411,600,151226,785,714209,632,095

普宁华创文实业中国

16,797,9571,536,658252,434,260238,111,971

Sumarised consolidated financial information in

respect of each of the Group’s entities that has

material non-controling interests is set out below.

The sumarised consolidated financial information

below represents amounts before intragroup

eliminations.

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

35. NON-CONTROLING INTERESTS

(Continued)

(a) Huachuangwen Land

二零二五年二零二四年

HK$HK$

港元港元

Sumarised statement of

comprehensive income

全面收益表概要

For the year ended 31 March截至三月三十一日止年度

Revenue收益36,263,672195,230,747

Los for the year本年度亏损(23,450,665)(100,634,929)

Other comprehensive los其他全面亏损(4,862,627)(13,607,195)

Total comprehensive los for the year本年度全面亏损总额(28,313,292)(114,242,124)

Los for the year atributable to NCI非控股权益应占本年度亏损(2,345,067)(10,063,493)

Total comprehensive los

for the year atributable to NCI

非控股权益应占本年度

全面亏损总额(2,831,330)(11,424,213)

Sumarised statement of

financial position

财务状况表概要

As at 31 March于三月三十一日

Non-curent asets非流动资产—1,246,783

Curent asets流动资产429,480,298465,373,941

Curent liabilities流动负债(172,994,829)(181,821,962)

Net asets资产净值256,485,469284,798,762

Acumulated non-controling interests累积非控股权益25,648,54628,479,876

Sumarised statement of cash flows现金流量表概要

For the year ended 31 March截至三月三十一日止年度

Cash flows used in operating activities经营业务所用之现金流量(46,823,516)(41,086,692)

Cash flows used in investing activities投资活动所用之现金流量—

Cash flows used in financing activities融资活动所用之现金流量—

Net cash outflow现金流出净额(46,823,516)(41,086,692)

1. （续）

(a) 华创文置地

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

1. （续）

(b) 普宁华创文

35. NON-CONTROLING INTERESTS

(Continued)

(b) Puning Huachuangwen

二零二五年二零二四年

HK$HK$

港元港元

Sumarised statement of

comprehensive income

全面收益表概要

For the year ended 31 March截至三月三十一日止年度

Revenue收益499,100,091628,758,800

Profit for the year本年度溢利63,810,07838,667,168

Other comprehensive los其他全面亏损(6,631,350)(5,861,196)

Total comprehensive income for the year本年度全面收益总额57,178,72832,805,972

Profit for the year atributable to NCI非控股权益应占本年度溢利19,143,02411,600,151

Total comprehensive income for

the year atributable to NCI

非控股权益应占本年度全面

收益总额17,153,6199,841,792

Sumarised statement of financial

position

财务状况表概要

As at 31 March于三月三十一日

Non-curent asets非流动资产33,751107,692

Curent asets流动资产1,792,026,0682,305,174,255

Curent liabilities流动负债(1,036,107,445)(1,606,508,301)

Net asets资产净值755,952,374698,773,646

Acumulated non-controling interests累积非控股权益226,785,714209,632,095

Sumarised statement of cash flows现金流量表概要

For the year ended 31 March截至三月三十一日止年度

Cash flows used in operating activities经营业务所用之现金流量(40,698,577)(290,600,765)

Cash flows (used in)/generated from

investing activities

投资活动（所用）╱产生之现金流量

(1,157,896)25,212,801

Net cash outflow现金流出净额(41,856,473)(265,387,964)

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

36. RELATED PARTY TRANSACTIONS

Save as those disclosed elsewhere in the

consolidated financial statements, the Group had

significant related party transactions during the year

as folows:

(a) Compensation of key management

personel

The remuneration of key management

personel during the year were as folows:

二零二五年二零二四年

HK$HK$

港元港元

Salaries and other short-term

monetary benefits

薪金及其他短期货币利益

1,728,0001,791,000

Post-employment benefits离职后福利36,00036,000

1,764,0001,827,000

36. 关连人士交易

除综合财务报表其他部分另有披露者

外，本集团于年内进行之重大关连人士

交易如下：

(a) 主要管理人员薪酬

年内，主要管理人员之酬金如下：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

37. NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(a) Reconciliation of los before income tax to net

cash used in operations is as folows:

二零二五年二零二四年

HK$HK$

港元港元

Los before income tax除所得税前亏损(120,018,955)(176,193,139)

Interest income (note 8)利息收入（附注8）(156,997)(351,568)

Interest expenses (note 13)利息开支（附注13）38,080,71043,236,912

Depreciation of property, plant and

equipment (note 17)

物业、厂房及设备之折旧

（附注17）1,674,8342,132,587

Fair value los on investment

properties (note 18)

投资物业之公平价值亏损

（附注18）34,668,88250,205,403

Los on termination of lease

contracts (note 8)

终止租赁合约之亏损（附注8）

1,546,160—

Los on termination of finance lease

receivables (note 8)

终止应收融资租赁款项之亏损

（附注8）1,265,947—

Los on modification of subleases

in respect of finance lease

receivables (note 20(c)

有关应收融资租赁款项之分租

租约修改亏损（附注20(c)）

60,105,624—

Los on transfer of investment

property (note 18)

转移投资物业之亏损（附注18）

322,366—

Provision for/(reversal of)

impairment los on finance lease

receivables, net (note 20(b)

应收融资租赁款项之减值

亏损拨备╱（拨回）净额

（附注20(b)）1,623,859(67,715)

Provision for impairment los on

other receivables, net (note 22(b)

其他应收款项之减值亏损

拨备净额（附注22(b)）27,187,587121,546,959

Writen-of on other receivables

(note 12)

其他应收款项撇销（附注12）

60,039,03361,767,394

Gain on deregistration of

subsidiaries (note 28)

撤销注册附属公司之收益

（附注28）(1,710,123)—

Gain on disposal of subsidiaries

(note 29)

出售附属公司之收益（附注29）

—(83,753)

Operating cash flows before

working capital changes caried

forward

营运资金变动前之经营

现金流量结转

104,628,927102,193,080

37. 综合现金流量表附注

(a) 除所得税前亏损与经营业务所用之

现金净额对账如下：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

37. NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

(a) Reconciliation of los before income tax to

net cash used in operations is as folows:

(Continued)

二零二五年二零二四年

HK$HK$

港元港元

Operating cash flows before working

capital changes brought forward

营运资金变动前之经营现金流量

结转104,628,927102,193,080

Increase in other receivables其他应收款项增加(155,064,099)(361,153,605)

Decrease in contract costs合约成本减少3,469,5845,716,265

Decrease in completed properties held

for sale

持有待售竣工物业减少

460,521,189904,391,336

Decrease in finance lease receivables应收融资租赁款项减少49,429,0488,596,365

Decrease in restricted cash受限制现金减少102,3283,688,370

Decrease in trade and

other payables

应付货款及其他应付款项减少

(1,388,887)(192,371,718)

Decrease in contract liabilities合约负债减少(471,217,632)(660,854,713)

Net cash used in operations经营业务所用之现金净额(9,519,542)(189,794,620)

1. （续）

(a) 除所得税前亏损与经营业务所用之

现金净额对账如下：（续）

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

37. NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

(b) Reconciliation of liabilities arising from

financing activities

(note 31)(note 27)

（附注31）（附注27）

Lease

liabilities

Convertible

bondsTotal

租赁负债可换股债券总计

HK$HK$HK$

港元港元港元

As at 1 April 2024于二零二四年四月一日435,094,620183,937,146619,031,766

Cash flows:现金流量：

— Repayments— 还款—

— Drawdown— 提款—

— Interest paid— 已付利息(23,374,102)—(23,374,102)

— Repayment of principal element

of lease liabilities

— 偿还租赁负债之

本金部分(63,166,585)—(63,166,585)

Total changes from financing

cash flows

融资现金流量之变动

总额(86,540,607)—(86,540,607)

Other changes:其他变动：

— Interest expenses— 利息开支23,374,10214,706,60838,080,710

— Increase in lease liabilities from

entering into new leases during

the year

— 年内订立新租赁之租赁

负债增加

371,458—371,458

— Decrease in lease liabilities upon

termination of lease contracts

— 终止租赁合约后之租赁

负债减少(25,122,087)—(25,122,087)

— Modification of lease liabilities in

respect of lease contracts

— 有关租赁合约之租赁负

债修改(40,875,026)—(40,875,026)

— Exchange realignment— 汇兑调整(7,026,594)—(7,026,594)

Balance at 31 March 2025于二零二五年三月三十一日

之结余299,275,786198,643,754497,919,540

1. （续）

(b) 融资活动产生之负债之对账

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

37. NOTE TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

(b) Reconciliation of liabilities arising from

financing activities (Continued)

(note 31)(note 27)

（附注31）（附注27）

Lease

liabilities

Convertible

bondsTotal

租赁负债可换股债券总计

HK$HK$HK$

港元港元港元

As at 1 April 2023于二零二三年四月一日482,073,214170,283,454652,356,668

Cash flows:现金流量：

— Repayments— 还款—

— Drawdown— 提款—

— Interest paid— 已付利息(29,583,220)—(29,583,220)

— Repayment of principal element

of lease liabilities

— 偿还租赁负债之

本金部分(30,386,552)—(30,386,552)

Total changes from financing cash flows融资现金流量之变动

总额(59,969,772)—(59,969,772)

Other changes:其他变动：

— Interest expenses— 利息开支29,583,22013,653,69243,236,912

— Increase in lease liabilities from entering

into new leases during the year

— 年内订立新租赁之租赁

负债增加—

— Exchange realignment— 汇兑调整(16,592,042)—(16,592,042)

Balance at 31 March 2024于二零二四年三月三十一日

之结余435,094,620183,937,146619,031,766

1. （续）

(b) 融资活动产生之负债之对账（续）

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

38. NON-CASH TRANSACTIONS

During the year ended 31 March 2025, the

Group entered into suplemental agrements

with its landlord under which certain terms and

conditions set out in the original lease agrements

were modified which resulted in a modification

of lease liabilities with landlord amounted to

HK$40,875,026 (2024: Nil), of which a decrease in

lease liabilities from lease modification amounted to

HK$35,606,270 (2024: Nil) and HK$5,268,756 (2024:

Nil) were adjusted to investment properties (note

18) and finance lease receivables respectively.

During the year ended 31 March 2025, the Group

entered into agrements for modification of

sublease of properties for the periods which do

not aproximate the remaining lease periods of the

properties held as right-of-use aset by the Group.

Acordingly, the relevant finance lease receivables

with the carying amount of HK$13,556,975 were

transfered to investment properties (note 18).

During the year ended 31 March 2025, the Gorup

entered into suplemental agrements with

sublease tenants under which certain terms and

conditions set out in the original lease agrements

were modified which resulted in a los on

modification of finance leases with sublease tenants

amounted to HK$60,105,624 (2024: Nil) recognised

in profit or los in respect of the curent year (note

8). This los on modification of finance leases was

calculated as the diference betwen the carying

amount of the related finance lease receivables

before the modifications and the fair value of the

finance lease receivables when the modification of

the leases were efected.

38. 非现金交易

截至二零二五年三月三十一日止年度，

本集团与业主订立补充协议，据此，

原租赁协议所载若干条款及条件已修

订，导致与业主的租赁负债修改调整为

40,875,026港元（二零二四年：无），

其中租赁修改导致的租赁负债减少

35,606,270港元（二零二四年：无）及

5,268,756港元（二零二四年：无）分别

调整至投资物业（附注18）及融资租赁应

收款项。

截至二零二五年三月三十一日止年度，

本集团已就物业分租修改订立协议，分

租期与本集团作为使用权资产持有的物

业的剩余租赁期不相若。因此，账面值

为13,556,975港元的相关应收融资租赁

款项已转拨至投资物业（附注18）。

截至二零二五年三月三十一日止年度，

本集团与分租户订立补充协议，据

此，原租赁协议所载若干条款及条件已

修订，导致于本年度损益确认与分租

户修改融资租赁之亏损60,105,624港元

（二零二四年：无）（附注8）。该融资租

赁修订亏损乃按修订前相关应收融资租

赁款项的账面值与修改租赁生效时应收

融资租赁款项的公平价值之间的差额计

算。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

39. OPERATING LEASES ARANGEMENT

Operating leases — Lesor

The Group sub-leases its investment properties

in the PRC under operating leases. Sub-leases of

properties in the PRC usualy run for one to four

years (2024: one to six years). Lease payments are

usualy negotiated to reflect market rentals. None

of the lease includes contingent rentals.

The minimum lease receivables under

non-cancelable operating leases are as folows:

二零二五年二零二四年

HK$HK$

港元港元

Not later than one year不迟于一年25,263,71524,419,210

Later than one year and not later than

five years

超过一年但不迟于五年

16,809,663–

More than five year超过五年–19,272,494

42,073,37843,691,704

39. 经营租赁安排

经营租赁 — 出租人

本集团根据经营租赁分租其于中国之投

资物业。于中国分租物业之租约通常为

一至四年（二零二四年：一至六年）。租

赁付款之议定通常反映市值租金。概无

租约包括或然租金。

根据不可撤销经营租赁之最低应收租赁

款项如下：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

40. CONTINGENT LIABILITIES

At the respective reporting dates, the contingent

liabilities of the Group were as folows:

二零二五年二零二四年

HK$HK$

港元港元

Guarantes granted to financial institutions

on behalf of purchasers of property units

代表物业单位买家授予

金融机构之担保679,861,872735,275,915

The Group aranges with various domestic banks

in the PRC to provide loan and mortgage facilities

to purchasers of its properties prior to the transfer

of building ownership certificate. In line with the

consumer banking practices in the PRC, these

banks require the Group to provide guarantes

in respect of these loans including the principal,

interest and other incidental costs. If a purchaser

defaults on loan repayment, the relevant mortgage

bank is entitled to setle the amount repayable from

the Group. These guarantes would be released

by the banks upon the receipt by the banks of the

building ownership certificates of the respective

properties when the certificate have ben isued by

the relevant authorities.

The directors consider that it is not probable for

the Group to sustain a los under these guarantes

as during the period of these guarantes, the

Group can take over the ownerships of the related

properties under default and sel the properties

at prices which are wel above the amounts paid/

payable by the Group to the banks under the

guarantes, acordingly no provision for the

guarantes has ben made in the consolidated

financial statements.

40. 或然负债

于各报告日期，本集团之或然负债如

下：

于转让房屋所有权证前，本集团安排多

间中国内银行向其物业买家提供贷款

及按揭融资。依照中国消费者银行惯

例，该等银行要求本集团就该等贷款

（包括本金、利息及其他增量成本）提供

担保。倘买家拖欠偿还贷款，则相关按

揭银行有权要求本集团偿还须予偿还之

金额。当该等银行于有关当局颁发权证

时收到有关物业的房屋所有权证后，该

等银行将解除该等担保。

董事认为，本集团不可能发生因该等担

保而蒙受损失，原因为本集团于该等担

保期间可在违约情况下接管相关物业的

所有权，并按远高于本集团根据该等担

保已付╱应付银行款项的价格出售该等

物业，因此，并无于综合财务报表内就

该等担保计提拨备。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

41. SUMARY OF FINANCIAL ASETS

AND FINANCIAL LIABILITIES BY

CATEGORY

The folowing table shows the carying amount

and fair value of financial asets and liabilities as

defined in note 4(g) to the consolidated financial

statements:

二零二五年二零二四年

HK$HK$

港元港元

Financial asets财务资产

Financial asets at amortised cost按摊销成本计量的财务资产

— Financial asets included in

other receivables

— 计入其他应收款项的

财务资产543,833,698552,415,805

— Finance lease receivables— 应收融资租赁款项127,473,460261,178,899

— Amounts due from related parties— 应收关连人士款项1,6171,656

— Cash and bank balances— 现金及银行结余39,077,064139,113,234

710,385,839952,709,594

Financial liabilities财务负债

Financial liabilities at amortised cost按摊销成本计量的财务负债

— Trade and other payables— 应付货款及其他应付款项36,763,411103,544,097

— Amounts due to non-controling

shareholders of subsidiaries

— 应付附属公司之非控股

股东款项36,895,47637,556,950

— Convertible bonds— 可换股债券198,643,754183,937,146

— Lease liabilities— 租赁负债299,275,786435,094,620

571,578,427760,132,813

The directors consider that the carying amounts

of financial asets and financial liabilities recorded

at amortised cost in the consolidated financial

statements aproximate their fair values. The

fair value of these financial asets and financial

liabilities is determined in acordance with generaly

acepted pricing models based on discounted cash

flow analysis.

41. 按类别划分之财务资产及财务

负债概要

下表显示综合财务报表附注4(g)所界定

之财务资产及负债之账面值及公平价

值：

董事认为于综合财务报表按摊销成本记

录的财务资产及财务负债之账面值与其

公平价值相若。此等财务资产及财务负

债之公平价值乃根据一般接受定价模式

且按折让现金流量分析厘定。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

42. FINANCIAL RISK MANAGEMENT

Exposure to credit, liquidity, interest rate and

curency risks arises in the normal course of the

Group’s busines. The Group is also exposed to

equity price risk arising from its equity investment

in other entities.

Policy for managing these risks is set by the Board

folowing recomendations from the chief financial

oficer. Certain risks are managed centraly, while

others are managed localy folowing guidelines

comunicated from the management. The policy

for each of the above risks is described in more

detail below.

(a) Credit risk

Credit risk refers to the risk that counterparties

wil default on their contractual obligations

resulting in financial los to the Group. The

Group exposes to credit risk from trade, other

receivables and finance lease receivables.

The Group has adopted a credit policy to

monitor and mitigate credit risk arising

from trade debtors. Credit limit is regularly

reviewed and aproved by head of credit

control. The Group aseses credit risk based

on customers’ past due records, trading

history, financial conditions, credit ratings

and taken into acount information specific

to the customers as wel as pertaining to the

economic environment in which the customers

operate. Customers with balances more than

a reasonable period of past due are requested

to setle al outstanding balances before any

further credit is granted.

Normaly, the Group does not obtain colateral

for the balance of trade receivables. However,

the Group regularly reviews the recoverable

amount of each individual trade debts at

the end of reporting period to ensure that

adequate los alowances are made for

irecoverable amounts. In this regard, the

directors consider that the credit risk is

significantly reduced.

42. 财务风险管理

于本集团之日常业务过程中产生之风险

包括信贷风险、流动资金风险、利率风

险及货币风险。本集团亦面对自其于其

他实体之股本投资所产生之股本价格风

险。

董事会根据财务总监之建议制定管理该

等风险之政策。本集团集中管理若干风

险，而其他风险则依据管理层给予之指

引于当地进行管理。有关以上各项风险

之政策于下文进一步详述。

(a) 信贷风险

信贷风险指交易对手方未能履行其

合约责任而导致本集团出现财务损

失之风险。本集团因应收货款、其

他应收款项以及应收融资租赁款项

而承受信贷风险。本集团已采纳一

项信贷政策以监控及减轻由应收货

款所产生之信贷风险。信贷限额由

信贷监控主管定期检讨及批准。本

集团根据客户之逾期记录、交易记

录、财务状况及信贷评级评估信贷

风险，并考虑给予客户之特定资料

及客户经营所在之经济环境。结余

逾期超过合理时间之客户，会被要

求于授出任何进一步信贷前清偿所

有尚未偿还结余。

于正常情况下，本集团并无就应收

货款结余取得抵押品。然而，本集

团定期于报告期末审阅各个别贸易

债务，以确保就不可收回金额作出

足够亏损拨备。就此而言，董事认

为信贷风险显著减少。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

42. FINANCIAL RISK MANAGEMENT

(Continued)

(a) Credit risk (Continued)

(a) Finance lease receivables

The los alowance of finance lease

receivables is calculated under

12-months ECL calculation clasified

as stage 1 of ECL model. An average

1.8% (2024: 0.3%) expected credit los

rate is used by the management for

calculating the ECL alowance of the

balance clasified as stage 1 ECL model

as the management considered the

credit-impaired risk is low. The expected

credit los alowance of HK$1,623,859 is

recognised for the year (2024: Reversal

of expected credit los alowance was of

HK$67,715 recognised).

1. （续）

(a) 信贷风险（续）

(a) 应收融资租赁款项

应收融资租赁款项之亏损拨

备乃根据被分类为预期信

贷亏损模式阶段一之12个

月预期信贷亏损计算法进行

计算。由于管理层认为信贷

减值风险偏低，所以使用

平均1.8%（二零二四年：

0.3%）预期信贷亏损率计算

获分类为预期信贷亏损模式

阶段一之结余预期信贷亏损

拨备。预期信贷亏损拨备

1,623,859港元已于年内确

认（二零二四年：预期信贷亏

损拨备之拨回67,715港元已

确认）。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

42. FINANCIAL RISK MANAGEMENT

(Continued)

(a) Credit risk (Continued)

(b) Other financial asets

The los alowance of other receivables

and amounts due from related parties

are calculated under 12-months ECL

calculation clasified as stage 1 of ECL

model. An average 15.7% (2024: 0.3%)

expected credit los rate is used by the

management for calculating the ECL

alowance of the balance clasified as

stage 1 ECL model as the management

considered the credit-impaired risk

is low. Since initial recognition, the

Group considered that there has ben

an increase in credit risk on certain

other receivables based on the Group’s

historical experience and information

credit asesment with forward-loking

information. The los alowance of these

other receivables with the increase in

credit risk are calculated under life-

time ECL calculation clasified as stage

3 of ECL model. An average 24.2%

expected credit los rate is used by the

management for calculating the ECL

alowance of the balance clasified as

stage 3 ECL model as the management

considered the credit-impaired risk

is high. Based on the asesment

performed by the management, the

expected credit los alowance of

HK$27,187,587 is recognised for the year

(2024: Expected credit los alowance of

HK$121,546,959 was recognised).

1. （续）

(a) 信贷风险（续）

(b) 其他财务资产

其他应收款项及应收关连人

士款项之亏损拨备乃根据被

分类为预期信贷亏损模式阶

段一之12个月预期信贷亏

损计算法进行计算。因管理

层认为信贷减值风险偏低而

使用平均15.7%（二零二四

年：0.3%）之预期信贷亏损

率计算被分类为预期信贷亏

损模式阶段一之结余之预期

信贷亏损拨备。自初始确认

以来，本集团根据过往经验

及已知信贷评估得出之定量

及定性资料及分析，并包括

前瞻性资料，确认部份其他

应收款项的信贷风险大幅增

加。这些其他应收款项之亏

损拨备乃根据被分类为预期

信贷亏损模式阶段三之全期

预期信贷亏损计算法进行计

算。因管理层认为信贷减值

风险较高而使用平均24.2%

之预期信贷亏损率计算被分

类为预期信贷亏损模式阶段

三之全期预期信贷亏损拨

备。根据管理层进行之评

估，年内确认预期信贷亏损

拨备27,187,587港元（二零

二四年：预期信贷亏损拨

备之121,546,959港元已确

认）。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(a) 信贷风险（续）

(b) 其他财务资产（续）

于二零二五年及二零二四年

三月三十一日，其他应收款

项及应收关连人士款项的总

账面值及亏损拨备按分类列

示如下：

42. FINANCIAL RISK MANAGEMENT

(Continued)

(a) Credit risk (Continued)

(b) Other financial asets (Continued)

As at 31 March 2025 and 2024, the gros

carying amount and los alowance

of other receivables and amount due

from related parties in categories are as

folows:

Stage 1Stage 2Stage 3

第1级第2级第3级

Gros

carying

amount

Los

alowance

Gros

carying

amount

Los

alowance

Gros

carying

amount

Los

alowance

总账面值亏损拨备总账面值亏损拨备总账面值亏损拨备

HK$HK$HK$HK$HK$HK$

港元港元港元港元港元港元

As at 31 March 2025于二零二五年三月三十一日

Other receivables其他应收款项344,083,21753,394,944–312,322,33894,382,170

Amount due from related parties应收关连人士款项1,617–

Total总计344,084,83453,394,944–312,322,33894,382,170

As at 31 March 2024于二零二四年三月三十一日

Other receivables其他应收款项173,178,326554,060–464,597,013122,403,750

Amount due from related parties应收关连人士款项1,656–

Total总计173,179,982554,060–464,597,013122,403,750

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

42. FINANCIAL RISK MANAGEMENT

(Continued)

(a) Credit risk (Continued)

(b) Other financial asets (Continued)

The credit risk on bank balances and

cash is limited because they are placed

with reputable banks with external credit

rating of at least A1 asigned by an

international credit-rating agency.

The Group is not exposed to concentration

of credit risk. Further analysis of credit

risk asociated with other receivables is

set out in note 22.

(b) Liquidity risk

The Group’s objective is to ensure that there

are adequate funds to met comitments

asociated with its financial liabilities. Cash

flows of the Group are closely monitored by

senior management on an ongoing basis.

1. （续）

(a) 信贷风险（续）

(b) 其他财务资产（续）

银行结余及现金之信贷风险

有限，因其存放于信誉良好

及国际信贷评级机构作出之

外界信贷评级最低为A1之银

行。

本集团并无承受集中信贷风

险。有关其他应收款项之信

贷风险之进一步分析载列于

附注22。

(b) 流动资金风险

本集团之目标为确保有足够资金应

付与其财务负债有关之承担。高级

管理层会持续密切监察本集团之现

金流量。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

1. （续）

(b) 流动资金风险（续）

财务负债之合约到期日显示如下：

42. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Liquidity risk (Continued)

The contractual maturities of financial liabilities

are shown as below:

Repayable

偿还年期

Within

1 year or

on demand

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

More than

5 years

Total

contractual

undiscounted

cash flows

Carying

amount

一年内或

按要求

超过

一年但

少于两年

超过

两年但

少于五年超过五年

合约

未贴现金

流量总额账面值

HK$HK$HK$HK$HK$HK$

港元港元港元港元港元港元

2025二零二五年

Non-derivatives:非衍生：

Trade and other payables 应付货款及其他

应付款项36,763,411—36,763,41136,763,411

Amounts due to non-

controling shareholders of

subsidiaries

应付附属公司之

非控股东款项

36,895,476—36,895,47636,895,476

Convertible bonds 可换股债券—249,150,000—249,150,000198,643,754

Lease liabilities 租赁负债54,442,51155,015,942171,539,060107,771,934388,769,447299,275,786

Financial guarantes isued: 已发出之融资担保：

Maximum amount

guaranted

最高担保金额

679,861,872—679,861,872—

807,963,27055,015,942420,689,060107,771,9341,391,440,206571,578,427

2024二零二四年

Non-derivatives:非衍生：

Trade and other payables 应付货款及其他

应付款项103,544,097—103,544,097103,544,097

Amounts due to non-

controling shareholders of

subsidiaries

应付附属公司之

非控股东款项

37,556,950—37,556,95037,556,950

Convertible bonds 可换股债券—249,150,000—249,150,000183,937,146

Lease liabilities 租赁负债96,430,95767,955,857215,205,162187,088,665566,680,641435,094,620

Financial guarantes isued: 已发出之融资担保：

Maximum amount

guaranted

最高担保金额

735,275,915—735,275,915—

972,807,91967,955,857464,355,162187,088,6651,692,207,603760,132,813

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

42. FINANCIAL RISK MANAGEMENT

(Continued)

(c) Interest rate risk

The Group is exposed to cash flow interest

rate risk due to the fluctuation of the prevailing

market interest rate on bank balances.

The Group is also exposed to interest rate risk

which relates primarily to its cash and cash

equivalents which are at floating rates. The

Group curently does not use any derivative

contracts to hedge the interest rate risk.

However, management wil consider hedging

significant interest rate exposure should the

ned arise.

Interest rate profile

The folowing table details interest rates

analysis that management of the Group

evaluates the interest rate risk.

二零二五年二零二四年

Efective

interest

rate (%)HK$

Efective

interest

rate (%)HK$

实际利率(%)港元实际利率(%)港元

Financial asets财务资产

Fixed-rate financial asets:定息财务资产：

— Finance lease receivables — 应收融资租赁款项10.79%127,473,4609.16%261,178,899

Floating-rate financial asets:浮息财务资产：

— Cash and bank balances — 现金及银行结余0.40%39,077,0640.25%139,113,234

Financial liabilities财务负债

Fixed-rate financial liabilities:定息财务负债：

— Convertible bonds — 可换股债券7.40%198,643,7547.42%183,937,146

— Lease liabilities — 租赁负债7.81%299,275,7866.80%435,094,620

1. （续）

(c) 利率风险

由于银行结余之现行市场利率波

动，本集团面对现金流量利率风

险。

本集团亦面对主要与其按浮动利率

计息之现金及现金等值项目有关之

利率风险。本集团目前并无使用任

何衍生工具合约对冲利率风险。然

而，管理层将在需要时考虑对冲重

大利率风险。

利率组合

下表详列本集团管理层评估利率风

险之利率分析。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

42. FINANCIAL RISK MANAGEMENT

(Continued)

(c) Interest rate risk (Continued)

Sensitivity analysis

The folowing table indicates the aproximate

change in the results after tax in response to

reasonably posible changes in interest rate

to which the Group has significant exposure

at the end of reporting period. In determining

the efect on results after tax on the next

acounting period until next end of reporting

period, management of the Group asumes

that the change in interest rate had ocured

at the end of reporting period and al other

variables remain constant. There is no change

in the methods and asumptions used in 2025

and 2024.

二零二五年二零二四年

Group’s

los for

the year

to be

(decreased)/

increased

by

Group’s

los for

the year

to be

(decreased)/

increased

by

本集团之

本年度亏损

（减少）╱增加

本集团之

本年度亏损

（减少）╱增加

HK$HK$

港元港元

Increase by 100 basis points增加100个基点(390,771)(1,391,132)

Decrease by 100 basis points减少100个基点390,7711,391,132

(d) Curency risk

The Group mainly operates in Hong Kong and

the PRC with most of the transactions setled

in their respective functional curencies in

which the group entities operate. Therefore,

the Group does not have significant exposure

to risk resulting from changes in foreign

curency exchange rates.

1. （续）

(c) 利率风险（续）

敏感度分析

下表显示于报告期末除税后业绩对

本集团承受重大风险之利率之合理

可能变动而产生之概约变动。于厘

定对除税后业绩于下一个会计期间

直至下一个报告期末之影响时，本

集团管理层假设利率于报告期末已

经改变及所有其他变数维持不变。

于二零二五年及二零二四年所使用

之方法及假设并无变动。

(d) 货币风险

本集团主要于香港及中国营运，大

部分交易均以集团实体经营所在地

之有关功能货币结算。因此，本集

团并无因外币汇率变动而承受重大

风险。

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

ANUAL REPORT 2025 二零二五年报

43. COMPANY’S STATEMENT OF

FINANCIAL POSITION

As at 31 March 2025

二零二五年二零二四年

NotesHK$HK$

附注港元港元

Asets资产

Non-curent asets非流动资产

Interests in subsidiaries于附属公司之权益753,581,962753,581,962

Curent asets流动资产

Amounts due from subsidiaries应收附属公司款项10,000,00010,000,000

Other receivables其他应收款项10,31710,317

Cash and cash equivalents现金及现金等值项目4,185,0137,840,761

Total curent asets流动资产总值14,195,33017,851,078

Total asets资产总值767,777,292771,433,040

Liabilities负债

Curent liabilities流动负债

Other payables其他应付款项17,604,37118,220,359

Amounts due to subsidiaries应付附属公司款项46,328,10843,454,790

Total curent liabilities流动负债总额63,932,47961,675,149

Net curent liabilities流动负债净值(49,737,149)(43,824,071)

Total asets les curent

liabilities

资产总值减流动负债

703,844,813709,757,891

Non-curent liabilities

Convertible bonds

非流动负债

可换股债券27198,643,754183,937,146

Total liabilities负债总额262,576,233245,612,295

NET ASETS资产净值505,201,059525,820,745

Capital and reserves股本及储备

Share capital股本32171,423,328171,423,328

Reserves储备33333,777,731354,397,417

TOTAL EQUITY权益总额505,201,059525,820,745

The Company’s statement of financial position were

aproved and authorised for isue by the Board on

26 June 2025 and are signed on its behalf by:

Chen WeiwuJiang Ruowenhao

陈伟武江若文豪

ChairmanExecutive Director

主席执行董事

43. 本公司之财务状况表

于二零二五年三月三十一日

本公司之财务状况表于二零二五年六月

二十六日获董事会批准及授权刊发，并

由下列人士代表董事会签署：

---

综合财务报表附注

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

二零二五年三月三十一日

31 March 2025

CHINA TANGSHANG HOLDINGS LIMITED 中国唐商控股有限公司

44. SUBSIDIARIES

The folowing is a list of the principal subsidiaries

as at 31 March 2025.

Name

Form of

busines structure

Place of

incorporation

Principal activities

and place of operation

Isued share capital/

paid-up registered capital

Percentage of

ownership interests held

名称业务架构形式注册成立地点主要业务及经营地点已发行股本╱缴足注册资本所持有拥有权益百分比

directlyindirectly

直接间接

Shiny Top LimitedLimited liability

company

Hong KongMoney lending busines

in Hong Kong

10,000 ordinary share of

HK$10,000

—100.0

瑞滔有限公司有限责任公司香港于香港从事放债业务10,000股10,000港元之普通股

Beijing Mingchuang Busines

Management Co., Ltd

*

Limited liability

company

The PRCProperty sub-leasing

busines in the PRC

—100.0

北京名创商业管理有限公司有限责任公司中国于中国从事物业分租业务

Toper GeniusLimited liability

company

BVInvestment holding in the PRC10,000 ordinary shares of

US$10,000

100.0—

峰智有限责任公司英属处女群岛于中国从事投资控股10,000股10,000美元之普通股

Huachuangwen Land

*

Limited liability

company

PRCProperty development

busines in the PRC

RMB10,000,000—90.0

华创文置地有限责任公司中国于中国从事物业发展业务人民币10,000,000元

Puning Huachuangwen

*

Limited liability

company

PRCProperty development

busines in the PRC

RMB50,000,000—70.0

普宁华创文有限责任公司中国于中国从事物业发展业务人民币50,000,000元

* For identification only

Notes:

(a) None of the subsidiaries had isued any debt

securities during the year or at the end of the year.

The above list includes the subsidiaries of the

Company which, in the opinion of the directors,

principaly afected the results for the year or

formed a substantial portion of the net asets of the

Group. To give details of other subsidiaries would,

in the opinion of the directors, result in particulars

of excesive length.

44. 附属公司

于二零二五年三月三十一日，主要附属

公司之列表如下。

* 仅供识别

附注：

(a) 概无附属公司于年内或年末发行任何

债务证券。

上表包括董事认为对本年度业绩有主要

影响或构成本集团重大部分资产净值之

本公司附属公司。董事认为列出其他附

属公司之详情将令篇幅过于冗长。