02663 应力控股 财务报表/环境、社会及管治资料：年度报告 2025
仅供识别*
(于开曼群岛注册成立之有限公司)
Stock code 股份代号：2663
(incorporated in the Cayman Islands with limited liability)
KPa-BM Holdings Limited
应力控股有限公司*
ANUAL REPORT
年 度 报 告
| Contents 目 录 |
|---|
Corporate Information
公司资料
Chairman’s Statement
主席报告
Management Discusion and Analysis
管理层讨论及分析
Biography of Directors and Senior Management
董事及高级管理层履历
Corporate Governance Report
企业管治报告
Directors’ Report
董事会报告
Independent Auditor’s Report
独立核数师报告
Consolidated Statement of Comprehensive Income
综合全面收益表
Consolidated Statement of Financial Position
综合财务状况表
Consolidated Statement of Changes in Equity
综合权益变动表
Consolidated Statement of Cash Flows
综合现金流量表
Notes to the Consolidated Financial Statements
综合财务报表附注
Financial Sumary
财务概要
KPa-BM Holdings Limited
| Anual Report 2025
CORPORATE INFORMATION
公司资料
BOARD OF DIRECTORS (THE “BOARD”)
Executive Directors
Mr. Yip Pak Hung (Chairman)
Mr. Wai Yat Kin (Chief Executive Oficer)
Independent Non-Executive Directors
Ms. Lai Pik Chi, Pegy
Mr. Lam Chi Wai, Peter
Dr. Yeung Kit Ming
Dr. Kon Chi Ming, Sebastian (apointed on 1 January 2025)
AUDIT COMITE
Ms. Lai Pik Chi, Pegy (Chairman)
Mr. Lam Chi Wai, Peter
Dr. Yeung Kit Ming
Dr. Kon Chi Ming, Sebastian (apointed on 1 January 2025)
NOMINATION COMITE
Dr. Yeung Kit Ming (Chairman)
Ms. Lai Pik Chi, Pegy
Mr. Lam Chi Wai, Peter
Dr. Kon Chi Ming, Sebastian (apointed on 1 January 2025)
REMUNERATION COMITE
Mr. Lam Chi Wai, Peter (Chairman)
Ms. Lai Pik Chi, Pegy
Dr. Yeung Kit Ming
Dr. Kon Chi Ming, Sebastian (apointed on 1 January 2025)
COMPANY SECRETARY
Ms. Cheung Ka Wai CPA (apointed on 1 April 2025)
Mr. Chan Sun Kwong (resigned on 1 April 2025)
PRINCIPAL BANKERS
The Hong Kong and Shanghai Banking
Corporation Limited
Level 10, HSBC Main Building
1 Quen’s Road Central
Hong Kong
Citibank N.A.
21/F., Tower 1
The Gateway, Harbour City
Kowlon, Hong Kong
董事会（「董事会」）
执行董事
叶柏雄先生（主席）
韦日坚先生（行政总裁）
独立非执行董事
黎碧芝女士
林志伟先生
杨杰明博士
灌志明博士（于二零二五年一月一日获委任）
审核委员会
黎碧芝女士（主席）
林志伟先生
杨杰明博士
灌志明博士（于二零二五年一月一日获委任）
提名委员会
杨杰明博士（主席）
黎碧芝女士
林志伟先生
灌志明博士（于二零二五年一月一日获委任）
薪酬委员会
林志伟先生（主席）
黎碧芝女士
杨杰明博士
灌志明博士（于二零二五年一月一日获委任）
公司秘书
张嘉慧女士CPA（于二零二五年四月一日获委任）
陈晨光先生（于二零二五年四月一日辞任）
主要银行
香港上海汇丰银行有限公司
香港
皇后大道中1号
汇丰总行大厦10楼
花旗银行
香港九龙
海港城港威大厦
第1座21楼
应力控股有限公司 | 二零二五年度报告
CORPORATE INFORMATION (CONTINUED)
公司资料（续）
REGISTERED OFICE
Windward 3, Regata Ofice Park
P.O. Box 1350
Grand Cayman, KY1-1108
Cayman Islands
HEAD OFICE AND PRINCIPAL PLACE OF
BUSINES IN HONG KONG
27/F, The Octagon
6 Sha Tsui Road
Tsuen Wan, New Teritories
Hong Kong
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFICE
Tricor Investor Services Limited
17/F, Far East Finance Centre
16 Harcourt Road
Hong Kong
AUTHORISED REPRESENTATIVES
Mr. Yip Pak Hung
Ms. Cheung Ka Wai CPA (apointed on 1 April 2025)
Mr. Chan Sun Kwong (resigned on 1 April 2025)
AUDITOR
Beijing Xinghua Caplegend CPA Limited
Certified Public Acountants and
Registered Public Interest Entity Auditor
1/F, GR8 InoTech Centre
46 Tsun Yip Stret, Kwun Tong
Hong Kong
COMPANY’S WEBSITE
w.kpa-bm.com.hk
STOCK CODE
注册办事处
Windward 3, Regata Ofice Park
P.O. Box 1350
Grand Cayman, KY1-1108
Cayman Islands
总部及香港主要营业地点
香港
新界荃湾
沙咀道6号
嘉达环球中心27楼
香港股份过户登记分处
卓佳证券登记有限公司
香港
夏悫道16号
远东金融中心17楼
法定代表
叶柏雄先生
张嘉慧女士CPA（于二零二五年四月一日获委任）
陈晨光先生（于二零二五年四月一日辞任）
核数师
北京兴华鼎丰会计师事务所有限公司
执业会计师及
注册公众利益实体核数师
香港
观塘骏业街46号
广域创科中心1楼
公司网站
w.kpa-bm.com.hk
股份代号
KPa-BM Holdings Limited
| Anual Report 2025
CHAIRMAN’S STATEMENT
主席报告
各位股东：
本人谨此代表应力控股有限公司（「本公司」）
之董事会（「董事会」）欣然提呈本公司及其
附属公司（「本集团」）截至二零二五年三月
三十一日止年度（「本年度」或「二零二五财
年」）的年报。
在全球不确定性、地缘政治紧张局势以及国
内需求复苏缓慢的多重压力下，香港经济持
续承压。建筑业所受影响尤为显著。新项目
需求减少导致市场竞争异常激烈，承包商为
有限的机遇展开激烈竞争，导致利润率被压
缩，且对未来项目前景缺乏明确展望。
面对香港经济增速放缓的形势，本集团本年
度收入与上年度持平。这一成绩反映于往年
签订合同所带来显著效益，为本集团奠定了
坚实基础，以及二零二四年成功完成的几项
重大项目，其为整体收益作出重大贡献。
其中之一是为启德体育园主体育场进行屋顶
修缮工程的设计、供应及固定，这充分展示
了我们的专业能力。该项目在香港获得了广
泛认可，并自二零二五年三月开幕以来迅速
成为地标性建筑。
本人谨借此机会对董事会成员、管理层、员
工的不懈努力及热诚投入致以衷心感谢。本
人亦感谢供应商、分判商、其他业务伙伴，
以及最重要的是我们的股东及客户的鼎力支
持。
此外，考虑到本公司过往数年的累计储备及
本集团的资金前景，董事会欣然与我们股东
分享本集团的业绩，并且建议派发末期股息
每股0.3港仙。
代表董事会
主席及执行董事
叶柏雄
香港，二零二五年六月二十五日
Dear Shareholders,
On behalf of the board of directors (“Board”) of KPa-BM Holdings
Limited (the “Company”), I am pleased to present the anual report
of the Company together with its subsidiaries (the “Group”) for the
year ended 31 March 2025 (the “Year” or “FY2025”).
The Hong Kong economy continues to strugle under the weight of
global uncertainties, geopolitical tensions and a slow rebound in
domestic demand. The construction industry is feling these efects
acutely. Reduced demand for new projects has created a fiercely
competitive market where contractors batle for limited
oportunities, leading to squezed profit margins and por visibility
on upcoming projects.
In the face of a decelerating Hong Kong economy, the Group
achieved revenue of the Year comparable to previous year. This result
reflects the benefits of contracts secured in prior years, providing a
strong foundation, and the sucesful completion of several
prominent projects during 2024, contributing significantly to the
overal revenue stream.
One of them are the Design, Suply, and Fixing of Rof Clading
Works for the Kai Tak Sports Park Main Stadium which stands as a
testament to our capabilities. This project has gained significant
recognition in Hong Kong and has quickly become a landmark since
its opening in March 2025.
I would like to take this oportunity to expres my respect and
apreciation to my felow Board members, management team, staf
members for their hard work and dedication. I would also like to
thank our supliers, subcontractors, other busines partners and,
most importantly, our shareholders and customers for their
continuous suport.
Furthermore, having regard to the reserves of the Company
acumulated in the past few years and funding outlok of the Group,
the Board is pleased to share the Group’s performance with our
shareholders and recomended the payment of a final dividend of
HK0.3 cents per share.
On behalf of the Board,
Yip Pak Hung
Chairman and Executive Director
Hong Kong, 25 June 2025
应力控股有限公司 | 二零二五年度报告
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
董事会欣然提呈本集团截至二零二五年三月
三十一日止年度（「本年度」或「二零二五财
年」）之全年业绩，连同截至二零二四年三月
三十一日止相应年度（「上年度」或「二零
二四财年」）之比较数字。
业务活动
本集团主要从事(i)于香港提供结构工程工作，
集中于设计及建筑项目；及(i)于香港供应建
材产品及提供安装服务，并进行建材产品买
卖。本集团之业务营运并无重大变动。于本
年度，本集团已确认提供结构工程工作、供
应及安装建材产品以及买卖建材产品所得之
收益。
业务回顾
于本年度，本集团录得收益约为667.7百万
港元，较上年度增加约1.7百万港元或0.3%。
本年度的收益表现与上年度相若，乃由于我
们可以像上年度一样管理若干主要项目的进
度。下表载列本集团于本年度承办的主要项
目。
The Board is pleased to present the anual results of the Group for
the year ended 31 March 2025 (the “Year” or “FY2025”), together
with the comparative figures for the coresponding year ended 31
March 2024 (the “Previous Year” or “FY2024”).
BUSINES ACTIVITIES
The Group is principaly engaged in (i) provision of structural
enginering works with a focus on design and build projects in Hong
Kong; and (i) suply of building material products together with
instalation services provided and trading of building material
products in Hong Kong. There has ben no significant change in the
busines operations of the Group. During the Year, the Group
recognised revenue from rendering structural enginering works and
suply and instalation of building material products as wel as
trading of building material products.
BUSINES REVIEW
During the Year, the Group recorded a revenue of aproximately
HK$667.7 milion, representing an increase of aproximately HK$1.7
milion or 0.3% from the Previous Year. The Revenue performance
for the Year is comparable to that of Previous Year as we can
manage the progres of certain key projects as Previous Year. The
folowing table sets forth the major projects undertaken by the
Group during the Year.
Major projects undertaken by
the Group during the Year
Revenue
recognised
during
the Year
Status as at
31 March 2025
Expected
completion date
本集团于本年度承办的主要项目
于本年度
确认的收益
于二零二五年
三月三十一日
的状况预期竣工日期
HK$ milion
百万港元
Tower Facade for Proposed Ofice Redevelopment for a
Comercial Building in Central
151.0OngoingExpected completion
in Q3 2025
位于中环的商业大厦拟议办公室重建项目的大楼外墙进行中预期于二零二五年
第三季度竣工
Design, Suply and Fixing of Rof Clading Works,
Main Plaza Canopy & Western Bridge Canopy and
Public Open Space Canopy for Certain Sports
Facilities, in Kowlon City
97.6OngoingExpected completion
in Q2 2025
位于九龙城若干体育设施的屋顶修缮工程、主广场天幕
及西桥天幕及公众休憩用地天幕的设计、供应及固定
进行中预期于二零二五年
第二季度竣工
Design, Suply and Instalation of Structural Stel
Works for Certain Infrastructures in Kowlon City
65.6OngoingExpected completion
in Q3 2025
位于九龙城若干基建的钢结构工程的设计、供应及
安装
进行中预期于二零二五年
第三季度竣工
Design, Suply & Instalation Testing and
Comisioning of Curtain Wals for a Comercial
Building in Wan Chai
41.8OngoingExpected completion
in Q2 2025
位于湾仔的商业大厦幕墙的设计、供应及安装测试及
试运作
进行中预期于二零二五年
第二季度竣工
Design, Suply and Instalation of a Canopy and
Structural Stel Works for Certain infrastructures in
the airport
38.8OngoingExpected completion
in Q4 2025
位于机场若干基建的天幕及钢结构工程的设计、供应及
安装
进行中预期于二零二五年
第四季度竣工
KPa-BM Holdings Limited
| Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
未来展望
本集团深知建筑业竞争激烈，因此仍致力于
在不牺牲对高品质标准承诺的前提下，争取
有利可图的项目。为此，我们调整投标策
略，优先处理规模较小的项目，并专注于优
化资源分配及提高营运效率。于二零二五年
三月三十一日，本集团的手头未完成合约
为369百万港元，包括下列于二零二五年三
月三十一日各自估计未偿还合约总额逾20百
万港元的项目：
本集团于本年度确认贸易应收款项及应收保
留金及合约资产计提拨备约16.5百万港元。
此项拨备大部分来自一个现正进行清盘程序
的重要客户组别。尽管本集团管理层已不断
努力追讨，但该等应收款项的最终可收回性
及结算时间表仍存在重大不确定性。读者可
参阅「财务回顾」一节及综合财务报表的相
关附注，以了解进一步资料。
FUTURE PROSPECTS
Recognizing the intense competition within the construction sector,
the Group remains dedicated to securing profitable projects without
sacrificing its comitment to high-quality standards. To this end, we
have adjusted our biding strategy to prioritize smaler projects and
are focused on optimizing resource alocation and improving
operational eficiency. The Group’s outstanding contracts on hand as
at 31 March 2025 amounted to aproximately HK$369 milion,
including the folowing projects with estimated outstanding contract
sum of over HK$20 milion each as at 31 March 2025:
Projects with outstanding contract sum of
over HK$20 milion as at 31 March 2025
Status as at
31 March 2025
Expected
completion date
于二零二五年三月三十一日
未偿还合约总额逾20百万港元的项目
于二零二五年
三月三十一日的
状况预期竣工日期
Noise Barier Project in Po Lam RoadOngoingQ3 2025
位于宝琳路的隔音屏障项目进行中二零二五年第三季度
Tower Facade for Proposed Ofice Redevelopment for a Comercial
Building in Central
OngoingQ3 2025
位于中环的商业大厦拟议办公室重建项目的大楼外墙进行中二零二五年第三季度
Noise Barier Project in Fanling North Development AreaOngoingQ4 2025
粉岭北发展区的隔音屏障项目进行中二零二五年第四季度
Design, Suply and Instalation of Metal Works, Stel Works and
Glazing System for certain universal acesibility facilities
OngoingQ3 2026
为若干通用无障碍设施的金属工程、钢工程及玻璃系统的设计、供应及
安装
进行中二零二六年第三季度
Noise Barier Project in Anderson RoadOngoingQ1 2027
安达臣道的隔音屏障项目进行中二零二七年第一季度
The Group recognized a provision of alowance on trade and
retention receivables and contract asets amounting to aproximately
HK$16.5 milion during the Year. The majority of this provision is
atributable to a significant customer group that is curently
undergoing liquidation procedings. While the Group’s management
has made continuous eforts to pursue recovery, the ultimate
recoverability and setlement timeline of these receivables are subject
to significant uncertainties. Readers are directed to the “FINANCIAL
REVIEW” section and the coresponding notes within the
consolidated financial statements for further information.
应力控股有限公司 | 二零二五年度报告
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
财务摘要FINANCIAL HIGHLIGHTS
Year ended 31 March
Percentage
change
截至三月三十一日止年度百分比变动
Increase/
(Decrease)
二零二五年二零二四年增加╱（减少）
HK$’000HK$’000
千港元千港元
Revenue收益667,711666,0370.3%
Cost of revenue收益成本560,616550,8061.8%
Gros profit毛利107,095115,231(7.1%)
Profit before income tax除所得税前溢利41,26455,750(26.0%)
Net profit纯利36,15746,378(22.0%)
Earnings per share (HK cents)每股盈利（港仙）6.498.33(22.1%)
As at 31 March
Percentage
change
于三月三十一日百分比变动
Increase/
(Decrease)
二零二五年二零二四年增加╱（减少）
HK$’000HK$’000
千港元千港元
Curent asets流动资产413,336506,687(18.4%)
Curent liabilities流动负债169,937230,087(26.1%)
Total asets总资产437,817526,633(16.9%)
Total equity总权益261,398292,354(10.6%)
Year ended 31 March
截至三月三十一日止年度
二零二五年二零二四年
Key Performance Indices主要表现指标
Gros profit margin毛利率16.0%17.3%
Net profit margin纯利率5.4%7.0%
Return on equity权益回报率13.8%15.9%
Return on total asets总资产回报率8.3%8.8%
As at 31 March
于三月三十一日
二零二五年二零二四年
Curent ratio (times)流动比率（倍）2.42.2
Gearing ratio (%)资本负债比率(%)5.06.4
未来展望
本集团深知建筑业竞争激烈，因此仍致力于
在不牺牲对高品质标准承诺的前提下，争取
有利可图的项目。为此，我们调整投标策
略，优先处理规模较小的项目，并专注于优
化资源分配及提高营运效率。于二零二五年
三月三十一日，本集团的手头未完成合约
为369百万港元，包括下列于二零二五年三
月三十一日各自估计未偿还合约总额逾20百
万港元的项目：
本集团于本年度确认贸易应收款项及应收保
留金及合约资产计提拨备约16.5百万港元。
此项拨备大部分来自一个现正进行清盘程序
的重要客户组别。尽管本集团管理层已不断
努力追讨，但该等应收款项的最终可收回性
及结算时间表仍存在重大不确定性。读者可
参阅「财务回顾」一节及综合财务报表的相
关附注，以了解进一步资料。
KPa-BM Holdings Limited
| Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
财务回顾
收益
本集团于本年度录得收益约667.7百万港元，
较上年度增加约1.7百万港元或0.3%。本年
度的收益表现与上年度相若，乃由于我们可
以像上年度一样管理若干主要项目的进度。
收益成本及毛利
本集团的收益成本主要包括材料及加工开支
以及分包开支。本集团于本年度的收益成本
约为560.6百万港元，较上年度约550.8百万
港元增加约1.8%，增幅高于收益增幅。
本集团于本年度录得毛利约107.1百万港元，
较上年度约115.2百万港元减少约7.1%，而
毛利率于本年度减少至约16.0%，而上年度
为17.3%。诚如之前在「未来展望」中所述，
建筑市场的激烈竞争导致利润率空间受压
缩，此乃毛利率下降的原因。
其他收入
本集团于本年度录得其他收入约10.6百万港
元，主要包括银行利息收入约4.6百万港元
及汇兑差额收益约3.9百万港元，而上年度
的其他收入主要包括银行利息收入约4.0百
万港元及汇兑差额收益约1.9百万港元。
行政及其他经营开支
本集团于本年度的行政及其他经营开支约为
54.3百万港元，较上年度的约50.1百万港元
增加约4.2百万港元。该增加主要由于董事
酌情花红增加约4.0百万港元，以表彰彼等
为达成年度既定收益及溢利目标所付出的努
力。在计算溢利时，由于应收款项及应收保
留金及合约资产的计提拨备约16.5百万港元
主要来自一个正进行清盘程序的客户组别，
故并无计算在内。此个别事件不会对本集团
造成系统性财务风险。薪酬委员会已对该事
件展开全面审查，并认为该事件属不可预见
的例外情况，而非管理层疏忽所致。
财务成本
就本年度而言，本集团之财务成本约为2.5
百万港元，较上年度约3.5百万港元减少约1.0
百万港元或28.6%，乃主要由于本年度提取
之银行借款减少所致。
FINANCIAL REVIEW
Revenue
The Group recorded revenue of aproximately HK$667.7 milion for
the Year, representing an increase of aproximately HK$1.7 milion
or 0.3% as compared to that of the Previous Year. Revenue
performance for the Year is comparable to that of Previous Year as
we can manage the progres of certain key projects as Previous Year.
Cost of Revenue and Gros Profit
The Group’s cost of revenue mainly comprised material and
procesing charges and subcontracting charges. The Group’s cost of
revenue for the Year amounted to aproximately HK$560.6 milion,
representing an increase of aproximately 1.8% as compared to
aproximately HK$550.8 milion for the Previous Year which was
increased at a higher rate than the revenue growth.
The Group recorded gros profit of aproximately HK$107.1 milion
for the Year, representing a decrease of aproximately 7.1% as
compared to that of aproximately HK$115.2 milion for the Previous
Year, and the gros profit margin decreased to aproximately 16.0%
for the Year as compared to 17.3% for the Previous Year. As
mentioned before in the “FUTURE PROSPECTS”, the fierce
competition in the construction market has led to a squezed profit
margins explained the decrease in gros profit margin.
Other Income
The Group recorded other income of aproximately HK$10.6 milion
for the Year, which mainly comprised bank interest income of
aproximately HK$4.6 milion and a gain on exchange diference of
aproximately HK$3.9 milion, whereas other income for the Previous
Year mainly comprised bank interest income of aproximately HK$4.0
milion and a gain on exchange diference of aproximately HK$1.9
milion.
Administrative and Other Operating Expenses
The Group’s administrative and other operating expenses for the
Year were aproximately HK$54.3 milion, representing an increase
of aproximately HK$4.2 milion from aproximately HK$50.1 milion
for the Previous Year. Such increase was mainly due to an increase in
Directors’ discretionary bonus of aproximately HK$4.0 milion as a
recognition of their efort devoted to met the revenue and profit
target set during the year. When calculating the profit, the provision
of alowance on trade and retention receivables and contract asets
of aproximately HK$16.5 milion was taken out from consideration
as it was mainly arising from a customer group under liquidation
procedings. This isolated incident does not cause systematic
financial risk to the Group. The ocurence has ben thoroughly
reviewed by the Remuneration Comite and demed an
unforeseable exception rather than a result of managerial oversight.
Finance Costs
For the Year, the Group’s finance costs were aproximately HK$2.5
milion, representing a decrease of aproximately HK$1.0 milion or
28.6%, as compared to aproximately HK$3.5 milion for the
Previous Year, which was mainly due to les bank borowings were
drawndown during the Year.
应力控股有限公司 | 二零二五年度报告
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
所得税开支
本集团于本年度及上年度分别产生所得税开
支约5.1百万港元及9.4百万港元，实际税率
分别约为12.4%及16.8%。本年度实际税率
较低乃由于就正进行清盘程序的上述客户组
别的未偿还应收款项作出的特定拨备可于本
年度扣除。
本年度溢利
因计提应收款项亏损拨备增加及董事酌情花
红增加，本集团本年度溢利由上年度的约
46.4百万港元减少至本年度的约36.2百万港
元，减少约10.2百万港元或22.0%。
股息
于二零二五年六月二十五日，董事会建议宣
派末期股息每股3.0港仙（二零二四财年：4.0
港仙）及特别股息每股零港仙（二零二四财
年：4.0港仙），分别合共为16.7百万港元及
零（二零二四财年：分别为22.3百万港元及
22.3百万港元），惟须待股东于本公司应届
股东周年大会上批准后方可作实。
流动资金、财务资源及资本结构
本集团以营运产生的现金流量及短期借款为
其营运资金需求提供资金。于本年度，本集
团经营活动所产生的现金流入净额约为33.1
百万港元。结合可动用的已承诺银行融资，
本集团维持充足的流动资金，以支持全年的
日常营运。
于本年度，本集团透过其内部资源及银行融
资拨支其营运。于二零二五年三月三十一
日，本集团拥有流动资产净值约243.4百万
港元（二零二四年三月三十一日：276.6百万
港元）。本集团于二零二五年三月三十一日
之流动比率约为2.4倍（二零二四年三月
三十一日：2.2倍）。
Income Tax Expense
The Group incured income tax expense of aproximately HK$5.1
milion and HK$9.4 milion for the Year and the Previous Year,
respectively, representing efective tax rate of aproximately 12.4%
and 16.8%, respectively. The lower efective tax rate for the Year
was because the specific provision made in relation to the
outstanding receivables from aforesaid customer group curently
undergoing liquidation procedings is deductible in the Year.
Profit for the Year
As a result of the increase in provision of los alowance on the
receivables and increase in Director’s discretionary bonus, the
Group’s profit for the Year decreased from aproximately HK$46.4
milion for the Previous Year to aproximately HK$36.2 milion for the
Year, representing an decrease of aproximately HK$10.2 milion or
22.0%.
Dividend
On 25 June 2025, the Board recomended a final dividend of
HK3.0 cents (FY2024: HK4.0 cents) per share and a special dividend
of nil cents (FY2024: HK4.0 cents) per share, totaling HK$16.7
milion and nil respectively (FY2024: HK$22.3 milion and HK$22.3
milion respectively) which are subject to the aproval of shareholders
at the forthcoming anual general meting of the Company.
LIQUIDITY, FINANCIAL RESOURCES AND
CAPITAL STRUCTURE
As at 31 March
于三月三十一日
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Curent asets流动资产413,336506,687
Curent liabilities流动负债169,937230,087
Curent ratio (times)流动比率（倍）2.42.2
The Group primarily funds its working capital requirements by cash
flows generated from its operations and short term borowings.
During the Year, the Group generated net cash inflow from operating
activities of aproximately HK$33.1 milion. Combined with aces to
comited banking facilities, the Group maintain suficient liquidity
to suport day-to-day operations throughout the Year.
During the Year, the Group financed its operations by its internal
resources and banking facilities. As at 31 March 2025, the Group
had net curent asets of aproximately HK$243.4 milion (31 March
2024: HK$276.6 milion). The Group’s curent ratio as at 31 March
2025 was aproximately 2.4 times (31 March 2024: 2.2 times).
KPa-BM Holdings Limited
| Anual Report 2025
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
于二零二五年三月三十一日，本集团拥有现
金及银行结余总额约120.0百万港元（二零
二四年三月三十一日：170.2百万港元），主
要以港元计值。
于二零二五年三月三十一日，本集团拥有可
用银行融资总额约207.0百万港元，其中
207.0百万港元未获动用且可供使用。
本公司之资本结构于本年度概无任何变动。
于二零二五年三月三十一日，本公司拥有人
应占权益约为261.4百万港元（二零二四年三
月三十一日：292.4百万港元）。
资本负债比率
资本负债比率乃债务总额与权益之比率。债
务总额包括本集团之租赁负债及银行借款。
权益指本集团之总权益。
于本年度，本集团能够产生经营活动所得现
金净额约33.1百万港元。本集团于二零二五
年三月三十一日的资本负债比率为5.0%（二
零二四年三月三十一日：约6.4%）。资本负
债比率减少乃由于本集团的流动资金有所改
善，并于接近年末时偿还所有银行借款所致。
外币风险及库务政策
本集团的营运主要以港元、美元（「美元」）、
英镑（「英镑」）、欧元（「欧元」）及人民币（「人
民币」）进行。本集团之库务政策乃于外币风
险之财务影响对本集团而言属重大时管理其
外币风险，并将密切监察其外汇状况。于本
年度，本集团并无从事任何对冲活动。
本集团已就其库务政策采取审慎的财务管理
方针，故于整个年度均维持稳健的流动资金
状况。本集团藉持续进行信贷评估及评核其
客户之财务状况，致力减低所面临的信贷风
险。为管理流动资金风险，董事会密切监察
本集团流动资金状况，以确保本集团资产、
负债及其他承担之流动资金结构能应付不时
之资金需要。
资产质押
于二零二五年三月三十一日，本集团并无任
何银行借款（二零二四年三月三十一日：9.3
百万港元），而于二零二五年三月三十一日
的银行融资为无抵押及由本公司担保（二零
二四年三月三十一日：无抵押及由本公司担
保）。
于二零二五年三月三十一日，本集团概无任
何已抵押按金（二零二四年三月三十一日：
无）。
As at 31 March 2025, the Group had a total cash and bank balances
of aproximately HK$120.0 milion (31 March 2024: HK$170.2
milion), mainly denominated in HK$.
As at 31 March 2025, the Group had a total available banking
facilities of aproximately HK$207.0 milion, of which HK$207.0
milion was unutilised and available for use.
There has ben no change in capital structure of the Company during
the Year. As at 31 March 2025, the equity atributable to owners of
the Company amounted to aproximately HK$261.4 milion (31
March 2024: HK$292.4 milion).
Gearing Ratio
The gearing ratio is calculated as total debts to equity. Total debts
include lease liabilities and bank borowings of the Group. Equity
represents the total equity of the Group.
The Group is able to generate net cash from operating activities of
aproximately HK$33.1 milion for the Year. The gearing ratio of the
Group as at 31 March 2025 was 5.0% (31 March 2024:
aproximately 6.4%). The decrease in gearing ratio was because the
Group has improved liquidity and repaid al bank borowings near
the year end.
Foreign Curency Exposure and Treasury Policy
Operations of the Group are mainly conducted in HK$, United States
dolars (“US$”), British Pound (“GBP”), Euro (“EUR”) and Renminbi
(“RMB”). It is the Group’s treasury police to manage its foreign
curency exposure whenever its financial impact is material to the
Group and wil closely monitor its foreign exchange position. During
the Year, the Group did not engage in any hedging activities.
The Group has adopted a prudent financial management aproach
towards its treasury policies and thus maintained a healthy liquidity
position throughout the Year. The Group strives to reduce exposure
to credit risk by performing ongoing credit asesments and
evaluations of the financial status of its customers. To manage
liquidity risk, the Board closely monitors the Group’s liquidity position
to ensure that the liquidity structure of the Group’s asets, liabilities
and other comitments can met its funding requirements from time
to time.
Pledge of Asets
As at 31 March 2025, the Group don’t have any bank borowings (31
March 2024: HK$9.3 milion) and banking facilities are unsecured
and guaranted by the Company as at 31 March 2025 (31 March
2024: unsecured and guaranted by the Company).
As at 31 March 2025, the Group did not have any pledged deposit
(31 March 2024: nil).
应力控股有限公司 | 二零二五年度报告
MANAGEMENT DISCUSION AND ANALYSIS (CONTINUED)
管理层讨论及分析（续）
重大投资
除于其附属公司之投资外，本集团于本年度
概无持有任何重大投资。
重大收购及出售
本集团于本年度概无收购或出售任何附属公
司或固定资产。
或然负债
于二零二五年三月三十一日，本集团概无任
何重大或然负债。
雇员及薪酬政策
于二零二五年三月三十一日，本集团聘有
219名员工（二零二四年三月三十一日：217
名）。本年度的雇员福利开支总额（包括董事
酬金、员工薪金及其他员工福利（包括公积
金供款、医疗保险及其他员工福利）约为
83.2百万港元（二零二四财年：80.1百万港
元）。本集团主要根据各雇员之资格、相关
经验、职位及资历厘定其雇员之薪金。本集
团根据各雇员之表现就加薪、酌情花红及晋
升进行年度审阅。于本年度，本集团与其雇
员概无因劳资纠纷而遭遇任何重大问题，亦
无于招聘及挽留具经验员工方面遭遇任何困
难。本集团与其雇员保持良好关系。
本年度后事项
于二零二五年三月三十一日后及直至本报告
日期，概无发生对本集团造成重大影响的事
项。
Significant Investments
Other than the investment in its subsidiaries, the Group did not hold
any significant investments during the Year.
Material Acquisitions and Disposals
The Group did not acquire nor dispose of any subsidiaries or fixed
asets during the Year.
Contingent Liabilities
As at 31 March 2025, the Group did not have any significant
contingent liabilities.
Employes and Remuneration Policies
As at 31 March 2025, the Group had 219 staf (31 March 2024:
217). The total employe benefit expenses for the Year (including
Directors’ emoluments, salaries to staf and other staf benefits
included provident fund contributions, medical insurance coverage
and other staf benefits) were aproximately HK$83.2 milion
(FY2024: HK$80.1 milion). The Group determines the salaries of its
employes mainly based on each employe’s qualifications, relevant
experience, position and seniority. The Group conducts anual review
on salary increment, discretionary bonuses and promotions based on
the performance of each employe. During the Year, the Group has
not experienced any significant problems with its employes due to
labour disputes nor has it experienced any dificulty in the
recruitment and retention of experienced staf. The Group maintains
a god relationship with its employes.
EVENT AFTER THE YEAR
No event has ocured after 31 March 2025 and up to the date of
this report which would have a material efect on the Group.
KPa-BM Holdings Limited
| Anual Report 2025
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT
董事及高级管理层履历
执行董事
叶柏雄先生，66岁，于二零一五年五月十五
日获委任为董事，其后于二零一五年六月
二十六日获委任为本公司执行董事、董事会
主席兼合规主任。叶先生主要负责整体管理
及制定本集团业务经营的公司政策。彼亦为
本公司所有附属公司（应力恒富设计贸易（深
圳）有限公司除外）之董事。
叶先生于一九八三年六月取得加拿大温莎大
学科学及数学系文学士学位。彼于一九三
年一月十六日加入本集团，并获委任为应
力工程董事。于加盟本集团前，叶先生由
一九八四年至一九二年于不同行业累积约
8年销售经验。叶先生于结构工程及建筑业
拥有超过30年经验。自彼加入本集团起，彼
于本集团业务营运的整体管理及行政上担任
领导之职。
韦日坚先生，65岁，于二零一五年五月十五
日获委任为董事，其后于二零一五年六月
二十六日获委任为本公司执行董事兼行政总
裁。韦先生为本集团共同创办人，主要负责
本集团业务经营的整体策略计划、管理及行
政。彼亦为本公司所有附属公司（应力恒富
设计贸易（深圳）有限公司除外）之董事。
韦先生于一九七八年在香港完成中学教育。
彼于结构工程及建筑业拥有超过35年经验。
创立本集团前，韦先生于一九八年十一月
至一九二年一月受聘于德昌（有记）工程
有限公司，为防水产品以及天窗及金属工程
产品部门的销售经理。韦先生已处理及监察
多项由本集团所进行之建筑项目，且彼于建
材产品的业务发展中拥有丰富知识。
EXECUTIVE DIRECTORS
Mr. YIP Pak Hung (叶柏雄), aged 66, was apointed as a Director
on 15 May 2015 and then was apointed as an executive Director,
chairman of the Board and the compliance oficer of the Company
on 26 June 2015. Mr. Yip is primarily responsible for the overal
management and corporate policy making of the Group’s busines
operations. He is also a director of al subsidiaries of the Company,
except 应力恒富设计贸易(深圳)有限公司.
Mr. Yip obtained a bachelor degre of arts from the faculty of
science and mathematics of University of Windsor in Canada in June
1983. He joined the Group and was apointed as a director of KPa
Enginering on 16 January 1993. Prior to joining the Group, Mr. Yip
has acumulated aproximately 8 years of sales experience in
diferent industries from 1984 to 1992. Mr. Yip has more than 30
years of experience in the structural enginering and construction
industry. He has held a leadership role in the overal management
and administration of the Group’s busines operation since he joined
the Group.
Mr. WAI Yat Kin (韦日坚), aged 65, was apointed as a Director on
15 May 2015 and then was apointed as an executive Director and
the chief executive oficer of the Company on 26 June 2015. Mr. Wai
is the co-founder of the Group and is primarily responsible for the
overal strategic planing, management and administration of the
Group’s busines operations. He is also a director of al subsidiaries
of the Company, except 应力恒富设计贸易(深圳)有限公司.
Mr. Wai completed his secondary education in Hong Kong in 1978.
He has more than 35 years of experience in the structural enginering
and construction industry. Prior to founding the Group, Mr. Wai was
employed by Tak Cheong (Yau Ke) Enginering Limited as a sales
manager for the department of waterprofing product and skylight
and metal work product during November 1988 to January 1992.
Mr. Wai has handled and oversen numerous construction projects
undertaken by the Group and he has extensive knowledge in busines
development of building material products.
应力控股有限公司 | 二零二五年度报告
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)
董事及高级管理层履历（续）
独立非执行董事
黎碧芝女士，60岁，于二零一五年九月
二十二日获委任为独立非执行董事，负责就
本集团的策略、表现、资源及操守标准提供
独立判断。彼为本公司审核委员会主席，并
为薪酬委员会及提名委员会成员。黎女士于
二零一零年六月取得英国曼彻斯特大学工商
管理硕士学位。彼为特许公认会计师公会资
深会员及香港会计师公会员。
黎女士拥有逾30年审计、会计及财务管理
经验。彼为铸帝控股集团有限公司（股份代
号：1413）及中国环境资源集团有限公司（股
份代号：1130）的独立非执行董事，以及瑞
鑫国际集团有限公司（股份代号：724）的公
司秘书，该等公司均于联交所主板上市。彼
自二零二一年七月至二零二四年三月为浙
江联合投资控股集团有限公司（股份代号：
8366）的执行董事，在此之前，自二零一九
年十一月至二零二一年七月为该公司的独
立非执行董事；彼自二零一九年八月至二零
二四年九月为中国来骑哦新能源集团有限公
司（股份代号：8039）的独立非执行董事，
于二零二四年八月至二零二四年九月为万励
达国际有限公司（股份代号：8482）的独立
非执行董事，该等公司均于联交所GEM上市；
彼亦曾自二零二四年五月至二零二五年五月
为高雅光学国际集团有限公司（股份代号：
907）的独立非执行董事，该公司于联交所
主板上市。
林志伟先生，65岁，于二零一五年九月
二十二日获委任为独立非执行董事，负责就
本集团的策略、表现、资源及操守标准提供
独立判断。彼为本公司薪酬委员会主席，并
为审核委员会及提名委员会成员。林先生分
别于一九八六年七月及二零一零年十月取得
香港树仁大学（前称香港树仁学院）工商管
理文凭以及工商管理学士学位。
林先生于钟表行业销售及营销方面拥有逾
30年经验。由一九八六年至一九五年，彼
于多家钟表贸易公司销售及╱或营销部门任
职。于一九五年至二零一四年，林先生曾
从事销售腕表业务。
杨杰明博士，67岁，于二零一五年九月
二十二日获委任为独立非执行董事，负责就
本集团的策略、表现、资源及操守标准提供
独立判断。彼为本公司提名委员会主席，并
为审核委员会及薪酬委员会成员。杨博士于
一九八一年十一月取得香港大学理学士学位
及于一九八七年六月获美国加利福尼亚大学
圣地牙哥分校哲学博士学位。自一九零年
八月至二零四年九月，杨博士于香港中文
大学任职讲师，其后为兼课研究生。
INDEPENDENT NON-EXECUTIVE DIRECTORS
Ms. LAI Pik Chi, Pegy (黎碧芝), aged 60, was apointed as an
independent non-executive Director on 22 September 2015 and is
responsible for providing independent judgment on the Group’s
strategy, performance, resources and standard of conduct. She is the
chairman of the audit comite and a member of both the
remuneration comite and the nomination comite of the
Company. Ms. Lai obtained a master degre of busines
administration from the University of Manchester in the United
Kingdom in June 2010. She is a felow member of the Asociation of
Chartered Certified Acountants and an asociate member of the
Hong Kong Institute of Certified Public Acountants.
Ms. Lai has over 30 years of auditing, acounting, financial
management experience. She is an independent non-executive
director of FEG Holdings Corporation Limited (stock code: 1413) and
China Environmental Resources Group Limited (stock code: 1130)
and the company secretary of Ruixin International Holdings Limited
(stock code: 724), these companies listed on the Main Board of the
Stock Exchange. She was an executive director of Zhejiang United
Investment Holdings Group Limited (stock code: 8366) from July
2021 to March 2024, for which she served as an independent
non-executive director from November 2019 to July 2021, an
independent non-executive director of China Come Ride New Energy
Group Limited (stock code: 8039) from August 2019 to September
2024, an independent non-executive director of Wan Leader
International Limited (stock code: 8482) from August 2024 to
September 2024, these companies listed on GEM of the Stock
Exchange, and an independent non-executive director of Elegance
Optical International Holdings Limited (stock code: 907) from May
2024 to May 2025, a company listed on the Main Board of the Stock
Exchange.
Mr. LAM Chi Wai, Peter (林志伟), aged 65, was apointed as an
independent non-executive Director on 22 September 2015 and is
responsible for providing independent judgment on the Group’s
strategy, performance, resources and standard of conduct. He is the
chairman of the remuneration comite and a member of both the
audit comite and the nomination comite of the Company.
Mr. Lam obtained a diploma in busines administration, a bachelor
degre of busines administration from Hong Kong Shue Yan
University (formerly known as Hong Kong Shue Yan Colege) in July
1986 and in October 2010 respectively.
Mr. Lam has over 30 years of experience in sales and marketing in
the timepiece industry. From 1986 to 1995, he worked in the sales
and/or marketing department for various watch trading companies.
Mr. Lam was engaged in a watch-seling busines from 1995 to
2014.
Dr. YEUNG Kit Ming (杨杰明), aged 67, was apointed as an
independent non-executive Director on 22 September 2015 and is
responsible for providing independent judgment on the Group’s
strategy, performance, resources and standard of conduct. He is the
chairman of the nomination comite and a member of both the
audit comite and the remuneration comite of the Company.
Dr. Yeung obtained his bachelor degre of science from the
University of Hong Kong in November 1981 and a doctoral degre in
philosophy from University of California, San Diego in the US in June
1987. From August 1990 to September 2004, Dr. Yeung worked at
the Chinese University of Hong Kong as a lecturer and later became a
teaching felow.
KPa-BM Holdings Limited
| Anual Report 2025
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)
董事及高级管理层履历（续）
灌志明博士，69岁，于二零二五年一月一日
获委任为独立非执行董事，负责就本集团
的策略、表现、资源及操守标准提供独立判
断。彼为本公司审核委员会、提名委员会及
薪酬委员会成员。彼分别于一九八零年和
一九三年获香港理工学院（现称为香港理
工大学）结构和土木工程副学士和土工程
硕士学位，并于二零四年获澳洲昆士兰大
学*土木工程哲学博士学位。灌博士分别于
一九八五年和二零八年获接纳为香港工程
师学会员和资深会员，于二零一零年获接
纳为香港钢结构学会资深会员，并于二零
八年获中国全国注册工程师管理委员会（结
构）的一级注册结构工程师资格。
灌博士拥有逾40年的结构工程和工程顾问经
验。彼于一九八零年至二零一六年间于香港
特别行政区政府屋宇署（及其前身部门）担
任结构工程师、高级结构工程师、总结构工
程师及助理署长职位。于二零一八年起的不
同时间及至今，灌博士为宏光顾问有限公司
及科联建筑有限公司的董事，为广泛项目的
技术和行政事宜提供顾问服务，包括屋宇建
筑、娱乐设施建设、码头建设、地基和场地
平整工程、考古救援挖掘等。灌博士自二零
二四年三月至今为威尔斯亲王医院医院管治
委员会的基本工程小组委员会成员，自二零
二四年十月至今为香港家庭计划指导会元朗
再发展项目指导委员会的顾问。
Dr. Kon Chi Ming, Sebastian (灌志明), aged 69, was apointed as
in independent non-executive Director on 1 January 2025 and is
responsible for providing independent judgment on the Group’s
strategy, performance, resources and standard of conduct. He is the
member of the audit comite, nomination comite and the
remuneration comite of the Company. He obtained an
Asociateship in Civil and Structural Enginering and a Master of
Science in Civil Enginering from Hong Kong Polytechnic (now known
as The Hong Kong Polytechnic University) in 1980 and 1993
respectively, and a Doctor of Philosophy in Civil Enginering from the
University of Quensland Australia in 2004. Dr. Kon was admited
as a member and a felow of The Hong Kong Institution of Enginers
in 1985 and 2008 respectively, a felow member of The Hong Kong
Institute of Stel Construction in 2010, and obtained First Clas
Registered Structural Enginer qualification with the National
Administration Board of Enginering Registration (Structural)* of the
PRC (全国注册工程师管理委员会(结构) in 2008.
Dr. Kon has over 40 years of experience in the structural
enginering and enginering consultancy. He tok up the positions
of structural enginer, senior structural enginer, chief structural
enginer and asistant director in the Buildings Department of the
Hong Kong SAR government (and its predecesor department) from
1980 to 2016. Since diferent time during the period from 2018 until
now, Dr. Kon has ben and is a director of Mega Elite Consultants
Limited and Alied Technik Construction Company Limited, and
provided consultancy service on technical and administrative maters
on wide range of projects, including building construction,
recreational facility construction, jety construction, foundation and
site formation works, archaeological rescue excavation, etc. Dr. Kon
is a member of the Sub-comite on Capital Works of the Hospital
Governing Comite, Prince of Wales Hospital since March 2024
and an advisor of the Stering Comite of The Family Planing
Asociation of Hong Kong Yuen Long Redevelopment since October
2024.
应力控股有限公司 | 二零二五年度报告
BIOGRAPHY OF DIRECTORS AND SENIOR MANAGEMENT (CONTINUED)
董事及高级管理层履历（续）
高级管理层
廖远维先生，52岁，为本集团总经理，主要
负责监督本集团有关建材产品贸易的业务分
部的管理及营运。廖先生亦为彪域（香港）、
彪域（深圳）及应力恒富设计贸易（深圳）有
限公司之董事。
廖先生于一九四年六月获加拿大汉堡学院
土木工程技术文凭。彼于建材产品业有逾30
年经验。加盟本集团前，彼曾任职一家工程
公司之项目工程师及项目经理。
陈志明先生，54岁，为本集团商务总监，主
要负责有关本集团设计及建造项目的地盘工
程整体管理、品质监控及工程安全监督。陈
先生亦为彪域（香港）之董事，并主要负责监
督本集团有关于建材产品贸易的业务分部的
营运。
陈先生于一九八年在香港完成中学教育。
彼于结构工程及建材产品业中拥有逾30年经
验。陈先生于一九二年八月先获本集团聘
任为绘图员，随后分别于一九七年七月及
二零四年五月擢升为助理项目经理及项目
经理。
公司秘书
张嘉慧女士自二零二五年四月一日起获委任
为本公司公司秘书。彼于二零一八年加入本
集团，担任财务总监。彼主要负责本集团的
公司秘书事务。张女士拥有逾10年上市公司
及国际审计公司之财务管理及审计经验。张
女士为香港会计师公会员。彼持有香港城
市大学工商管理荣誉学士(会计)学位。
SENIOR MANAGEMENT
Mr. LIU Yuen Wai (廖远维), aged 52, is the general manager of the
Group and is primarily responsible for overseing the management
and operation of the Group’s busines segment in relation to trading
of building material products. Mr. Liu is also a director of BuildMax
(HK), BuildMax (SZ) and 应力恒富设计贸易(深圳)有限公司.
Mr. Liu obtained a diploma in civil enginering technology from
Humber Colege in Canada in June 1994. He has over 30 years of
experience in the building material products industry. Prior to joining
the Group, he worked as a project enginer and a project manager in
an enginering company.
Mr. CHAN Chi Ming (陈志明), aged 54, is a comercial director of
the Group and is primarily responsible for the overal management of
site works, quality control and work safety supervision in relation to
the design and build projects of the Group. Mr. Chan is also a
director of BuildMax (HK) and is primarily responsible for the
supervision of the operation of the Group’s busines segment in
relation to trading of building material products.
Mr. Chan completed his secondary education in Hong Kong in 1988.
He has over 30 years of experience in the structural enginering and
building material products industry. Mr. Chan was first employed by
the Group as a draftsman in August 1992 and was subsequently
promoted to the position as an asistant project manager and project
manager in July 1997 and May 2004 respectively.
COMPANY SECRETARY
Ms. Cheung Ka Wai (张嘉慧), was apointed as the Company
Secretary of the Company since 1st April 2025. She joined the Group
as a Financial Controler in 2018. She is primarily responsible for the
company secretarial maters of the Group. Ms. Cheung has over 10
years of experience in financial management and auditing gained
from listed company and international audit firm. Ms. Cheung is a
member of the Hong Kong Institute of Certified Public Acountants.
She holds a Bachelor’s Degre of Busines Administration (Honours)
in Acountancy from the City University of Hong Kong.
KPa-BM Holdings Limited
| Anual Report 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
董事会欣然提呈本公司于本年度的企业管治
报告。本集团董事及管理层深知健全企业管
治对本集团的长远成功及持续发展的重要
性。因此，董事会致力为本公司股东的最佳
利益维持良好的企业标准及程序。
遵守企业管治守则
本集团致力达致高水平之企业管治常规。于
本年度，本公司已遵守证券上市规则（「上市
规则」）附录C1所载之企业管治守则（「企业
管治守则」）之所有守则条文。本公司将持续
检讨其企业管治常规以提升企业管治水平、
遵守日益收紧的监管规定以及满足股东及投
资者与日俱增的期望。为遵守上市规则的规
定，本公司已成立审核委员会、薪酬委员会
及提名委员会，并订明具体职权范围。
主席及行政总裁
叶柏雄先生担任董事会主席兼执行董事及主
要负责制定公司策略及管理整体业务营运。
韦日坚先生担任本公司行政总裁兼执行董
事。彼负责公司策略的制定实施及监督日常
管理。
企业管治守则条文C.2.1订明主席与行政总
裁之角色不应由一人同时担任。本公司之决
定均经执行董事集体或独立作出及经与管理
层讨论。董事会相信现有安排令本公司能及
时作出决策、执行决策及实施行动，致使本
公司在迅速多变之环境下仍能有效率地达成
本公司之目标。董事会亦相信本公司拥有强
大之企业管治架构，有效监督管理层。
The Board is pleased to present the corporate governance report of
the Company for the Year. The Directors and the management of
the Group recognise the importance of sound corporate governance
to the long term and continuing suces of the Group. Therefore,
the Board is comited to upholding god corporate standards and
procedures for the best interest of the Company’s shareholders.
COMPLIANCE WITH THE CORPORATE
GOVERNANCE CODE
The Company is comited to maintaining a high standard of
corporate governance practices. It met al the code provisions of the
Corporate Governance Code (the “CG Code”) set out in Apendix
C1 of the Rules Governing the Listing of Securities (the “Listing
Rules”) during the Year. The Company wil continue to review its
corporate governance practices in order to enhance its corporate
governance standard, to comply with the increasingly tightened
regulatory requirements and to met the rising expectations of
shareholders and investors. In acordance to the requirements of the
Listing Rules, the Company has established an audit comite, a
remuneration comite and a nomination comite with specific
writen terms of reference.
Chairman and Chief Executive
Mr. Yip Pak Hung is the chairman of the Board and an executive
Director and is primarily responsible for formulating the corporate
strategy and managing overal busines operations. Mr. Wai Yat
Kin, is the chief executive oficer of the Company and an executive
Director. He is responsible for formulating the corporate strategies,
implementing the corporate strategies and overseing the daily
management.
CG Code provision C.2.1 stipulates that the roles of chairman
and chief executive should not be performed by the same person.
Decisions of the Company are made either colectively or individualy
by the executive Directors and are discused with the management.
The Board believes that this arangement enables the Company
to make decisions, operate and implement actions promptly, and
thus achieve the Company’s objectives eficiently and efectively in
response to the fast changing environment. The Board also believes
that the Company has a strong corporate governance structure in
place to ensure efective oversight of management.
应力控股有限公司 | 二零二五年度报告
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
董事会
董事会的主要职责包括制订本集团的整体策
略、订立管理目标以及监察管理层的表现。
管理层获董事会分派有关本集团管理及行政
的授权及责任。此外，董事会亦已将各职责
分派予本公司董事委员会（「董事委员会」）。
有关董事委员会的进一步详情载于本报告下
文。董事会须履行的企业管治职责如下：
1. 制定及检讨本集团的企业管治政策及
常规，并提出建议；
2. 检讨及监察董事及高级管理人员的培
训及持续专业发展；
3. 检讨及监察本集团在遵守法律及监管
规定方面的政策及常规；
- 、检讨及监察适用于董事及雇员
的操守准则及合规手册（如有）；及
5. 检讨本公司遵守企业管治守则的情况
及在本公司企业管治报告内的披露。
董事会组成
独立非执行董事人数于本年度及直至本报告
日期遵守上市规则第3.10及3.10A条下的规
定。董事会组成及各名董事出席本年度召开
之董事会议及股东大会的记录载列如下：
各执行董事已与本公司签订服务合约，可由
任一方发出不少于三个月的书面通知而终止。
BOARD OF DIRECTORS
The key responsibilities of the Board include formulation of the
Group’s overal strategies, the seting of management targets and
supervision of management performance. The management is
delegated with the authority and responsibility by the Board for the
management and administration of the Group. In adition, the Board
has also delegated various responsibilities to the board comites
of the Company (the “Board Comites”). Further details of the
Board Comites are set out further below in this report. The duties
of the Board in respect of corporate governance are as folows:
1. to develop and review the policies and practices on corporate
governance of the Group and make recomendations;
2. 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 Directors and
employes; and
- ’s compliance with the CG Code
and disclosure in the corporate governance report of the
Company.
COMPOSITION OF THE BOARD
During the Year and up to the date of this report, the number of
independent non-executive Directors was in compliance with the
requirement under Rules 3.10 and 3.10A of the Listing Rules. The
composition of the Board and the atendance record of each Director
at board metings and general metings held during the Year are set
out as folow:
Atendance/
Board metings
Atendance/
General metings
出席次数╱
董事会议
出席次数╱
股东大会
Executive Directors执行董事
Mr. Yip Pak Hung (Chairman)叶柏雄先生（主席）4/41/1
Mr. Wai Yat Kin (Chief Executive Oficer)韦日坚先生（行政总裁）4/41/1
Independent Non-executive Directors独立非执行董事
Ms. Lai Pik Chi, Pegy黎碧芝女士4/41/1
Mr. Lam Chi Wai, Peter林志伟先生4/41/1
Dr. Yeung Kit Ming杨杰明博士4/41/1
Dr. Kon Chi Ming Sebastian (Note)灌志明博士（附注）3/3N/A不适用
Each of the executive Directors had entered into a service contract
with the Company which may be terminated by not les than thre
months’ notice in writing by either party.
KPa-BM Holdings Limited
| Anual Report 2025
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
各独立非执行董事已与本公司订立委任函，
可由任一方发出不少于一个月的书面通知而
终止。全体董事须遵照本公司组织章程大纲
及章程细则于本公司股东周年大会上轮值退
任及膺选连任。董事履历详情载于本年报「董
事及高级管理层履历」一节。董事会组成代
表多方背景且具备广泛之行业专业知识，以
监督及有效运作本公司的业务及保障本公司
不同持份者之权益。
执行董事负责本集团运营及执行董事会采纳
之策略。彼等确保合适内部监控制度到位以
及本集团业务遵守适用法律及法规。黎碧芝
女士（一名独立非执行董事）具备上市规则
第3.10(2)条所规定之合适专业资格、会计或
相关财务管理专业知识。所有独立非执行董
事均于董事会运用彼等之丰富经验，并就策
略发展向管理层提供意见发挥重要功能，确
保董事会维持高标准之财务及其他法定申报
并进行充份检讨，保障股东及本公司之整体
利益。
所有独立非执行董事确认彼等于本年度独立
于本集团，且本公司根据上市规则第3.13条
亦认为彼等独立。
董事会了解到，全体创始独立非执行董事已
于董事会任职九年。尽管董事会认为任职年
期并未损害所有独立非执行董事的独立性，
惟本公司已邀请额外的独立非执行董事（灌
志明博士）加入董事会，以保持足够的独立
性。
于本年度，全体董事均透过以下方式遵守持
续专业发展的规定：
Each of the independent non-executive Directors had entered into
an apointment leter with the Company which may be terminated
by either party giving not les than one month’s notice in writing.
Al Directors are subject to retirement by rotation and re-election
at the Company’s anual general metings in acordance with
the Memorandum and Articles of Asociation of the Company.
Biographic details of the Directors are presented in the “Biography
of Directors and Senior Management” section of this anual report.
The composition of the Board represents diversified background and
industry expertise to overse and operate the Company eficiently
and safeguard the interests of various stakeholders of the Company.
Executive Directors are responsible for runing the Group and
executing the strategies adopted by the Board. They ensure that
proper internal control system is in place and the Group’s busines
conforms with aplicable laws and regulations. Ms. Lai Pik Chi
Pegy, one of the independent non-executive Directors poseses
the apropriate profesional qualifications, acounting or related
financial management expertise as required under 3.10(2) of the
Listing Rules. Al independent non-executive Directors bring their
wealth of experience to the Board and serve the important function
of advising the management on strategy development to ensure that
the Board maintains high standards in financial and other mandatory
reporting as wel as providing adequate checks for safeguarding the
interests of the shareholders and the Company as a whole.
Al independent non-executive Directors confirmed their
independence to the Group during the Year and the Company
consider them to be independent by reference to Rule 3.13 of the
Listing Rules.
The Board is aware that al the founding independent non-executive
Directors have served on the Board for nine years. Despite the Board
considers the service duration did not impair the independence of al
the independent non-executive Directors, the Company has invited
an aditional independent non-executive Director, Dr. Kon Chi Ming
Sebastian, to join the Board in order to uphold a suficient element
of independence.
During the Year, al Directors complied with the continuing
profesional development requirement by the below means:
Directors
Training course
organised by the Company董事本公司组织的培训课程
Mr. Yip Pak HungAtended叶柏雄先生已出席
Mr. Wai Yat KinAtended韦日坚先生已出席
Ms. Lai Pik Chi, PegyAtended黎碧芝女士已出席
Mr. Lam Chi Wai, PeterAtended林志伟先生已出席
Dr. Yeung Kit MingAtended杨杰明博士已出席
Dr. Kon Chi Ming, Sebastian (Note)Atended灌志明博士（附注）已出席
应力控股有限公司 | 二零二五年度报告
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
董事会成员多元化政策
本公司订有董事会成员多元化的政策，以确
保董事会拥有合适的专业知识及经验且整体
具备必要的核心能力，从而作出知情决策及
有效运作。于厘定董事会组成及甄选董事会
候选人时，提名委员会将考虑以下一个或多
个属性，以于履行董事会职责时达致知识及
观点的充分平衡：
－ 管理技能及经验；
－ 与本集团有关的行业专业知识及经验；
－ 财务管理技能及经验；
－ 学业及专业资格；及
－ 管治及合规专业知识。
本公司于评估委任加入董事会的候选人是否
合适时，不会歧视性别、年龄、文化及其他
个人背景。提名委员会将在甄选能力相当及
具备优秀特性的候选人时，借机会逐渐增强
董事会的成员多元化。
董事委员会
本公司已成立三个董事委员会，并制定各
委员会之书面职权范围以供监管各特定
职能之表现；该等职权范围于本公司网站
w.kpa-bm.com.hk可供查阅。
各委员会组成及本年度召开之委员会议出
席成员如下：
C－指各委员会主席
附注： 灌志明博士获委任为独立非执行董事，自二
零二五年一月一日起生效。
Board Diversity Policy
The Company has a policy on diversity of Directors to ensure that
the Board has the apropriate mix of expertise and experience, and
colectively poseses the necesary core competence for informed
decision-making and efective functioning. In determining the
Board’s composition and selection of candidates to the Board, the
nomination comite wil consider one or more of the folowing
atributes to achieve a suficient balance of knowledge and
perspectives in discharging the Board’s duties:
– management skils and experience;
– industry specific knowledge and experience relevant to the
Group;
– financial management skils and experience;
– academic and profesional qualifications; and
– governance and compliance expertise.
The Company does not discriminate on the basis of gender, age,
cultural and other personal backgrounds in asesing the suitability of
candidates for apointment to the Board. The nomination comite
shal take the oportunity to enhance diversity at the Board over
time in the selection of candidates amongst those who are equaly
competent and poses the desired atributes.
BOARD COMITES
The Company has established thre Board Comites with writen
terms of reference for each comite for purpose of overseing the
performance of specific functions; such terms of reference are available
for inspection on the Company’s website at w.kpa-bm.com.hk.
The composition of each comite and the atendance of members
at comite metings held during the Year are as folow:
Composition of
Board comites
Audit
Comite
Nomination
Comite
Remuneration
Comite
董事委员会组成审核委员会提名委员会薪酬委员会
Independent
Non-executive Directors
独立非执行董事
Ms. Lai Pik Chi, Pegy黎碧芝女士4/4 (C)2/22/2
Mr. Lam Chi Wai, Peter林志伟先生4/42/22/2 (C)
Dr. Yeung Kit Ming杨杰明博士4/42/2 (C)2/2
Dr. Kon Chi Ming, Sebastian (Note)灌志明博士（附注）2/2N/A不适用N/A不适用
C – denotes chairman of the respective comite
Note: Dr. Kon Chi Ming Sebastian has ben apointed as the independent
non-executive Director with efect from 1 January 2025.
KPa-BM Holdings Limited
| Anual Report 2025
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
审核委员会
审核委员会由具有上市规则第3.10(2)条所规
定的适当专业资格或会计或相关财务管理专
业知识的黎碧芝女士担任主席。审核委员会
的职责包括监管核数师聘用、审阅年报及中
期报告，并向董事会提供建议及意见。就此
而言，审核委员会成员应与董事会、高级管
理层及核数师联系。审核委员会亦将考虑任
何会或可能需用于反映该等报告的重大或一
般项目，并考虑任何由会计人员、合规顾问
或核数师提出的事项。委员会成员亦负责检
讨本集团的财务申报过程及内部监控制度。
于本年度，审核委员会已审阅及评估本集团
财务报告及业绩公布并就此发表意见。其亦
对风险管理及内部监控制度进行检讨。
薪酬委员会
薪酬委员会的主要职责为就董事及高级管理
层的薪酬待遇（包括实物福利、退休金权利
及补偿付款）向董事会提出推荐建议，并确
保概无董事涉及厘定其自身薪酬。
薪酬委员会已审阅本集团员工整体之薪资
调整及酌情花红支付，评估董事之表现及薪
酬，并就此向董事会作出推荐意见。
提名委员会
提名委员会主要负责就董事会的组成、董事
委任及董事继任计划向董事会提出推荐建议。
提名委员会已审阅董事会组成及董事于应届
股东周年大会上的退任及应选连任，且确信
董事会代表多方背景且具备广泛之行业专业
知识，以监督及有效运作本公司的业务及保
障本公司不同持份者之权益。
提名委员会将每年监察董事会成员多元化政
策的实施情况，以确保其发挥效用。
提名委员会亦将参考行业及人口统计资料
等，每年审阅本公司高级管理层及一般员工
的性别分布，并根据需要厘定采取适当的程
序，以加强雇员性别多元化。
Audit Comite
The audit comite is chaired by Ms. Lai Pik Chi, Pegy who has
the apropriate profesional qualifications or acounting or related
financial management expertise as required under Rule 3.10(2) of
the Listing Rules. The duties of the audit comite include oversight
of the engagement of auditor, reviewing the anual report and the
interim report and providing advice and coments to the Board.
In this regard, members of the audit comite wil liaise with the
Board, the senior management and auditor. The audit comite wil
also consider any significant or usual items that are, or may ned to
be, reflected in such reports and give consideration to any maters
that have ben raised by the acounting staf, compliance adviser or
auditor. Members of the comite are also responsible for reviewing
the Group’s financial reporting proces and internal control system.
During the Year, the audit comite has reviewed, asesed
and comented on the Group’s financial reports and results
anouncements. It has also reviewed the risk management and
internal control system.
Remuneration Comite
The primary duties of the remuneration comite are to make
recomendation to the Board on the remuneration packages of
Directors and senior management, including benefits in kind, pension
rights and compensation payments, and to ensure that no Director is
involved in deciding his/her own remuneration.
The remuneration comite has reviewed the salary adjustment of
and payment of discretionary bonus to the Group’s staf in general,
asesed the performance and remuneration of Directors and made
recomendations to the Board thereon.
Nomination Comite
The nomination comite is mainly responsible for making
recomendations to the Board on composition of the Board and
apointment of Directors and sucesion planing for the Directors.
The nomination comite has reviewed the composition of
the Board and the retirement and re-election of Directors at the
forthcoming anual general meting and is satisfied that the Board
represents diversified background and industry expertise to overse
and operate the Company eficiently and safeguard the interests of
various stakeholders of the Company.
The nomination comite wil monitor the implementation of the
policy on Board diversity anualy to ensure its efectivenes.
The nomination comite wil also review gender composition of
the Company’s senior management and general staf, by reference
to industrial and demographic statistics etc., on an anual basis and
determine the apropriate procedures to take to enhance gender
diversity in the workforce as required.
应力控股有限公司 | 二零二五年度报告
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
于二零二五年三月三十一日，本集团的雇员
性别分布如下。
核数师酬金
于截至二零二五年三月三十一日止年度，有
关本公司核数师北京兴华鼎丰会计师事务所
有限公司向本集团提供的审核及非审核服务
的费用载列如下：
董事就财务报表承担的责任
董事同意就编制真实及公平反映本集团情况
的财务报表须承担的责任。本公司核数师就
本集团财务报表须承担的责任载于本年报第
38至43页之独立核数师报告。
公司秘书
陈晨光先生曾为本公司之公司秘书，其已于
二零二五年四月一日辞任。
于陈晨光先生辞任后，张嘉慧女士获委任为
公司秘书，自二零二五年四月一日起生效。
张女士为本公司雇员，亦为就公司秘书的一
切事宜担任本公司主要联络人。有关履历详
情请参阅载于本年报第15页之内容。
于本年度，秘书已根据上市规则第3.29条的
规定进行不少于15小时的相关专业培训。
The gender composition of the Group’s workforce as at 31 March
2025 is as folows.
Number of stafProportion
人数比例
Male男性17278.5%
Female女性4721.5%
AUDITOR’S REMUNERATION
For the year ended 31 March 2025, the fes in respect of the audit
and non-audit services provided to the Group by the Company’s
auditor, Beijing Xinghua Caplegend CPA Limited, is set out as
folows:
HK$’000
Fe Amount费用金额千港元
Audit service审核服务660
Non-audit services非审核服务–
Total总计660
DIRECTORS’ RESPONSIBILITY FOR THE
FINANCIAL STATEMENTS
The Directors acknowledge the responsibility for the preparation of
financial statements which give a true and fair view of the afairs
of the Group. The responsibility of the Company’s auditor on the
financial statements of the Group is set out in the independent
auditor’s report on pages 38 to 43 of this anual report.
COMPANY SECRETARY
Mr. Chan Sun Kwong was the company secretary of the Company and
he resigned with efect from 1 April 2025.
Folowing the resignation of Mr. Chan Sun Kwong, Ms. Cheung Ka
Wai was apointed as the company secretary with efect from 1 April
2025. Ms. Cheung is an employe of the Company and is the primary
contact person within the Company for al company secretary maters.
Please refer to her biographical details as set out on page 15 of this
anual report.
During the Year, the secretaries have undertaken not les than 15
hours of relevant profesional training in acordance with Rule 3.29
of the Listing Rules.
KPa-BM Holdings Limited
| Anual Report 2025
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
董事证券交易
本公司已采纳载于上市规则附录C3之上市
发行人董事进行证券交易的标准守则作为董
事进行本公司证券交易的行为守则（「交易规
定准则」）。
向全体董事作出具体查询后，各董事确认于
本年度至本报告日期间一直遵守交易规定
准则。
内部监控及风险管理
董事会负责评估及厘定与本集团运营有关的
风险的性质及程度。
本公司已制订其内部监控及风险管理制度，
并检讨及维持充份之内部监控制度以保障股
东权益及本公司之资产。本公司并无设立独
立的内部审计部门，而是聘请外部咨询师检
讨本集团的内部监控及风险管理制度，并就
董事会每年评估该制度的有效性提供支持。
根据已进行的检讨，本公司认为其风险管理
及内部监控职能于本年度仍然有效及充分。
投资者关系
本公司一直鼓励与投资者作出双向沟通。本
公司业务的详尽资料刊登于年报及中期报
告，有关报告将致送予股东。凡个别人士如
欲查询个人持股及本公司业务，皆欢迎联络
本公司，本公司会尽快为有关人士提供详尽
资料。为提倡有效沟通，本公司设有网站，
披露有关本集团及其业务之财务及其他资料。
股东提名董事之权利
若本公司股东（「股东」）有意提名人选参选本
公司董事，股东须将书面通知书（「通知书」）
送达本公司的香港主要营业地点（地址为香
港新界荃湾沙咀道6号嘉达环球中心27楼），
致本公司之公司秘书（「公司秘书」）收。
通知书须清晰列明股东的姓名╱名称、联络
资料及其持股量、拟提名为董事人士的全
名，包括上市规则第13.51(2)条所规定该名
人士的详细履历，并由有关股东（获提名人
士除外）签署。随通知书亦须附奉获提名参
选人士的同意书，表示彼愿意参选董事。
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions
by Directors of Listed Isuers set out in Apendix C3 of the Listing
Rules as the code of conduct for dealing in securities of the Company
by the Directors (the “Required Standard of Dealings”).
Having made specific enquiries of al the Directors, each of them has
confirmed that they have compiled with the Required Standard of
Dealings throughout the Year and to the date of this report.
INTERNAL CONTROL AND RISK MANAGEMENT
The Board is responsible for evaluating and determining the nature
and extent of risks asociated with the Group’s operation.
The Company has developed system of internal control and risk
management for reviewing and maintaining an adequate internal
control system to safeguard the interests of the shareholders and the
asets of the Company. The Company has not established a separate
internal audit department; instead, an external consultant was engaged
to review the Group’s internal control and risk management system and
suport the Board in asesing the efectivenes of such system anualy.
Based on the review conducted, the Company considered that its risk
management and internal control function has remained efective
and adequate during the Year.
INVESTORS’ RELATIONS
The Company encourages two way comunications with its
investors. Extensive information about the Company’s activities is
provided in the anual report and the interim report which are sent
to shareholders. Enquiries from individuals on maters relating to
their shareholdings and the busines of the company are welcomed
and are dealt with in an informative and timely maner. In order
to promote efective comunication, the Company maintains its
website on which financial and other information relating to the
Group and its busines are disclosed.
SHAREHOLDERS’ RIGHTS TO NOMINATE A
DIRECTOR
If a shareholder of the Company (the “Shareholder”) wishes to
propose a person for election as a new Director of the Company,
the Shareholder must deposit a writen notice (the “Notice”) to the
principal place of busines of the Company in Hong Kong at 27/F,
The Octagon, 6 Sha Tsui Road, Tsuen Wan, New Teritories, Hong
Kong for the atention of the company secretary of the Company
(the “Company Secretary”).
The Notice must state clearly the name, the contact information of
the Shareholder and his/her/their shareholding, the ful name of the
person proposed for election as a Director, including the person’s
biographical details as required by Rule 13.51(2) of the Listing Rules,
and be signed by the Shareholder concerned (other than the person
to be proposed). The Notice must also be acompanied by a leter
of consent signed by the person proposed to be elected on his/her
wilingnes to be elected as a Director.
应力控股有限公司 | 二零二五年度报告
CORPORATE GOVERNANCE REPORT (CONTINUED)
企业管治报告（续）
递交通知书的期限将从不早于本公司寄发选
举本公司董事的股东大会通知的第二天开始
并在不迟于该股东大会日期前七(7)天结束。
通知书将由本公司股份过户登记分处验证，
于确认请求乃属适当及符合程序后，公司秘
书将请本公司提名委员会及董事会考虑将决
议案包括在建议该人士参选董事的股东大会
的议程中。
股东召开股东特别大会的权利
根据本公司组织章程大纲及章程细则第64
条，任何一名或以上于递呈申请当日持有不
少于有权于本公司股东大会上投票之本公司
缴足股本十分之一的股东，均有权随时透过
向董事会或公司秘书发出书面申请，要求董
事会召开股东特别大会，以处理上述要求中
列明之任何事宜；而有关大会应于提交有关
要求后两个月内举行。倘于作出有关提交后
二十一日内董事会未能进行召开有关大会，
则登记股东（「登记股东」）可自行以相同方式
召开股东大会，而登记股东因董事会未能召
开大会所产生的一切合理费用应由本公司付
还予登记股东。
股东查询
股东可随时要求向公司秘书索取本公司的公
开资料。公司秘书负责向董事会传递有关董
事会直接责任的事宜，以及向董事传递日常
业务事宜，例如提议、查询及客户投诉。
向股东大会提出建议
本公司欢迎股东提呈有关本集团业务及管理
之建议于股东大会上讨论。有关建议须透过
书面要求寄交予本公司之公司秘书或股份过
户登记处。拟提呈建议之股东应根据上文「股
东召开股东特别大会的权利」所载之程序召
开股东特别大会。
组织章程文件之重大更改
于本年度，本公司组织章程文件概无变动。
The period for lodgment of the Notice wil comence no earlier
than the day after the dispatch of the notice by the Company of the
general meting apointed for election of Directors and end no later
than seven (7) days prior to the date of such general meting.
The Notice wil be verified with the Company’s branch share registrar
and upon their confirmation that the request is proper and in order,
the Company Secretary wil ask the nomination comite of the
Company and the Board to consider to include the resolution in the
agenda for the general meting proposing such person to be elected
as a Director.
SHAREHOLDERS’ RIGHTS ON CONVENING AN
EXTRAORDINARY GENERAL METING
Pursuant to Article 64 of the Memorandum and Articles of
Asociation of the Company, any one or more shareholders 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
an extraordinary 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 requested shareholder(s)
(“Requested Shareholders”) himself (themselves) may do so in
the same maner, and al reasonable expenses incured by the
Requested Shareholders as a result of the failure of the Board shal
be reimbursed to the Requested Shareholders by the Company.
ENQUIRES TO THE BOARD
Shareholders may at any time make a request for the Company’s
information to the extent such information is publicly available
to the Company Secretary who is responsible for forwarding
comunications relating to maters within the Board and
comunication relating to ordinary busines maters, such as
sugestions, inquiries and complaints, to the Directors.
PUTING FORWARD PROPOSALS AT A GENERAL
METING
Shareholders are welcomed to put forward proposals relating to
the operations and management of the Group to be discused
at shareholders’ meting. Proposal shal be sent to the Company
Secretary or the share registrar of the Company by writen
requisition. Shareholders who wish to put forward a proposal
should convene an extraordinary general meting by folowing
the procedures set out in “Shareholders’ Rights on Convening an
Extraordinary General Meting” above.
SIGNIFICANT CHANGES IN CONSTITUTIONAL
DOCUMENTS
During the Year, there has ben no change to the constitution
documents of the Company.
KPa-BM Holdings Limited
| Anual Report 2025
DIRECTORS’ REPORT
董事会报告
董事谨此提呈本年度的董事会报告及经审核
综合财务报表。
主要业务
本公司的主要业务为投资控股。其主要附属
公司的业务载于综合财务报表附注29。
业务回顾
该等业务的进一步讨论及分析（包括本集团
于本年度的业务回顾及本集团业务的未来可
能发展指示）可于本年报第5至11页「管理层
讨论及分析」一节中查阅。该等讨论构成本
董事会报告的一部分。
主要风险及不确定因素
许多因素可能影响本集团的业绩及业务经
营。主要风险概述如下。
本集团或未能维持其声誉及品牌，
而这会对本集团的业务、财务表现
及经营业绩造成不利影响
声誉及品牌乃本集团多年来经营所得，在吸
引客户及确保取得项目方面均扮演著重要的
角色。本集团需要不断向客户提供有质素及
准时的服务以维持或提升其声誉及品牌。倘
客户不再认为本集团的产品及服务属高质素
或可靠或合符成本效益，本集团的品牌及声
誉可能会受到不利影响。这将继而对本集团
业务、财务表现及经营业绩造成负面影响。
本集团或会涉及的任何申索或法律
诉讼可能会对本集团的业务营运造
成重大不利影响
本集团或遭受因本集团项目而引起的个人伤
亡及财物损毁申索。本集团亦可能牵涉于有
关（其中包括）担保、弥偿或责任申索、与其
客户或分判商的合约纠纷、劳资纠纷、工人
赔偿及安全、环境或其他法律规定的诉讼。
法律诉讼可以耗时、费用高昂，且或将管理
层的注意力由经营业务转移。本集团日后或
会涉及的任何申索或法律诉讼可能会对本集
团的业务营运造成重大不利影响。
The Directors hereby present their report together with the audited
consolidated financial statements for the Year.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The
activities of its principal subsidiaries are set out in note 29 to the
consolidated financial statements.
BUSINES REVIEW
Further discusion and analysis of these activities, including a busines
review of the Group for the Year and an indication of likely future
developments in the Group’s busines, can be found in the section
headed “Management Discusion and Analysis” as set out on pages
5 to 11 of this anual report. These discusions form part of this
directors’ report.
PRINCIPAL RISKS AND UNCERTAINTIES
A number of factors may afect the results and busines operations
of the Group. Major risks are sumarised below.
The Group may fail to maintain its reputation and
brand name and this can adversely afect the
Group’s busines, financial performance and results
of operations
Reputation and brand name that the Group has built up over the
years play a significant role in atracting customers and securing
projects. The Group neds to provide quality and timely service to
customers on an ongoing basis in order to maintain or promote its
reputation and brand name. The brand name and reputation of the
Group could be adversely afected if its customers no longer perceive
products and services of the Group to be of a high quality or reliable
or cost-efective. This wil in turn negatively afect the Group’s
busines, financial performance and results of operations.
Any claims or legal procedings to which the Group
may become a party may have a material and
adverse impact on the Group’s busines operations
The Group may be subject to claims for personal injury and property
damage arising in conection with the Group’s projects. The Group
may also become involved in procedings relating to, among other
things, waranty, indemnification or liability claims, contractual
disputes with its customers or subcontractors, labour disputes,
workers’ compensation, and safety, environmental or other legal
requirements. Legal procedings can be time-consuming, expensive,
and may divert management’s atention away from the operations of
busines. Any claims or legal procedings to which the Group may
become a party in the future may have a material and adverse impact
on the Group’s busines operations.
应力控股有限公司 | 二零二五年度报告
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
本集团的业务表现依赖香港涉及结
构工程工作之设计及建筑项目的供
应
本集团的业务表现一般受香港涉及结构工程
工作之设计及建筑项目的数目及供应所影
响。建筑行业的表现属周期性，而且在很大
程度上受到多种因素所影响，包括但不限于
经济状况波动、香港房地产市场的整体状况
及其他因素。举例而言，本集团经营地点香
港的经济低迷可能会对本集团的业务、财务
表现及经营业绩造成重大不利影响。概不能
保证香港的设计及建筑项目的数目于日后将
不会减少。
环境政策、履行及遵守法律及规
例
本集团致力于维持可持续的工作实践，密切
关注以确保有效地使用所有资源。本集团的
内部规则包括本集团的雇员须遵循的规管环
境保护合规的措施及工作程序。有关措施及
程序包括空气污染控制、噪音管制及废物处
置。
本集团及其业务活动须遵守若干法律之规
定。对本集团有重大影响之法律及规例包括
（其中包括）《工厂及工业经营条例》（香港法
例第59章）、《职业安全及健康条例》（香港法
例第509章）、《雇员补偿条例》（香港法例第
282章）、《雇佣条例》（香港法例第57章）、《占
用人法律责任条例》（香港法例第314章）、《入
境条例》（香港法例第115章）、《最低工资条
例》（香港法例第608章）、《强制性公积金计
划条例》（香港法例第485章）、《空气污染管
制条例》（香港法例第311章）、《噪音管制条
例》（香港法例第400章）、《公众卫生及市政
条例》（香港法例第132章）及《废物处置条例》
（香港法例第354章）。本集团已设立内部规
则，载有措施及工作程序，以确保本集团的
经营遵守适用法律及规例。
The Group’s busines performance depends on the
availability of design and build projects, involving
structural enginering works, in Hong Kong
The performance of the Group’s busines is generaly afected by the
number and availability of design and build projects, involving
structural enginering works, in Hong Kong. The performance of the
construction industry is cyclical and could be significantly afected by
various factors, including but not limited to the fluctuations in
economic conditions, the general conditions of property markets in
Hong Kong, and other factors. For instance, an economic downturn
in Hong Kong, where the Group operates, could materialy and
adversely afect the Group’s busines, financial performance and
results of operations. There is no asurance that the number of
design and build projects in Hong Kong wil not decrease in the
future.
ENVIRONMENTAL POLICIES, PERFORMANCE
AND COMPLIANCE WITH LAWS AND
REGULATIONS
The Group is comited to maintaining sustainable working practices
and pays close atention to ensure al resources are eficiently
utilised. The Group’s in-house rules contain measures and work
procedures governing environmental protection compliance that are
required to be folowed by the Group’s employes. Such measures
and procedures include air polution control, noise control and waste
disposal.
The Group and its activities are subject to requirements under various
laws. The laws and regulations which have a significant impact on
the Group include, among others, the Factories and Industrial
Undertakings Ordinance (Chapter 59 of the Laws of Hong Kong),
Ocupational Safety and Health Ordinance (Chapter 509 of the Laws
of Hong Kong), Employes’ Compensation Ordinance (Chapter 282
of the Laws of Hong Kong), Employment Ordinance (Chapter 57 of
the Laws of Hong Kong), Ocupiers Liability Ordinance (Chapter 314
of the Laws of Hong Kong), Imigration Ordinance (Chapter 115 of
the Laws of Hong Kong), Minimum Wage Ordinance (Chapter 608 of
the Laws of Hong Kong), Mandatory Provident Fund Schemes
Ordinance (Chapter 485 of the Laws of Hong Kong), Air Polution
Control Ordinance (Chapter 311 of the Laws of Hong Kong), Noise
Control Ordinance (Chapter 400 of the Laws of Hong Kong), Public
Health and Municipal Services Ordinance (Chapter 132 of the Laws
of Hong Kong) and Waste Disposal Ordinance (Chapter 354 of the
Laws of Hong Kong). The Group has put in place in-house rules
containing measures and work procedures to ensure that the Group’s
operation is in compliance with aplicable laws and regulations.
KPa-BM Holdings Limited
| Anual Report 2025
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
与雇员、客户及供应商的主要关
系
董事深知雇员、客户及业务伙伴为本集团持
续发展的关键。本集团致力于与其雇员及业
务伙伴之间建立紧密及关怀关系，以及改善
提供予客户的服务及产品质素。雇员被视为
本集团最为重要及最有价值资产。本集团确
保所有员工获得合理薪酬及向其员工就不同
种类机械的操作以及工作安全提供定期培训
课程。本集团致力于透过提升及改善雇员的
技术之清晰的职业道路及机会来激励彼等。
本集团亦与其客户及供应商保持联系以及透
过各种渠道与客户及供应商持续交流，例如
电话、电邮及举行现场会议获得彼等的反馈
及建议。
业绩及分配
本集团于本年度的业绩载于本年报第44页的
综合全面收益表。
股息政策及股息
董事深知持份者参与的重要性，并将每年最
少考虑两次（于全年和中期业绩公布前）派发
股息。董事致力于透过股息与股东分享本集
团业绩，同时，董事将于考虑各项因素后厘
定是否以溢利分派部分及实际金额，有关因
素包括但不限于本集团实际和预计的营运成
绩和状况、资产负债水平、整体财务状况、
可动用现金、未来计划及扩张资金需求。
在考虑上述因素后，于本年度派付特别中期
股息4.0港仙（二零二四财年：无）。
董事会建议宣派末期股息每股3.0港仙（二零
二四财年：末期股息4.0港仙及特别股息4.0
港仙），惟须待股东于本公司应届股东周年
大会上批准后方可作实。末期股息将派付予
于二零二五年九月九日名列本公司股东名
册的本公司股东。末期股息将为16.7百万港
元（二零二四财年：末期股息22.3百万港元
及特别股息22.3百万港元），预期将于二零
二五年九月二十六日或前后派付。本公司乃
视乎本集团的累计储备、流动资金状况、预
期现金流量及营运资金需求而建议派发股息。
于本年报日期，董事会并不知悉有任何股东
已放弃或同意放弃任何股息。
KEY RELATIONSHIPS WITH EMPLOYES,
CUSTOMERS AND SUPLIERS
The Directors recognise that employes, customers and busines
partners are the keys to the sustainable development of the Group.
The Group is comited to building a close and caring relationship
with its employes and busines partners, and improve the quality of
services and products to the customers. Employes are regarded as
the most important and valuable asets of the Group. The Group
ensures al staf is reasonably remunerated and regular training
courses are provided for its workers operation of diferent types of
machinery, as wel as work safety. The Group strives to motivate its
employes with a clear carer path and oportunities for
advancement and improvement of their skils. The Group also stays
conected with its customers and supliers and has ongoing
comunication with the customers and supliers through various
chanels such as telephone, electronic mails and physical metings to
obtain their fedback and sugestions.
RESULTS AND APROPRIATIONS
The Group’s results for the Year are set out in the Consolidated
Statement of Comprehensive Income on page 44 of this anual
report.
DIVIDEND POLICY AND DIVIDENDS
The Directors acknowledge the importance of stakeholders’
engagement and would contemplate at least two times a year (prior
to the anouncement of anual and interim results) on the
distribution of a dividend. While the Directors endeavour to share the
Group’s results with shareholders by way of a dividend, the portion
and actual amount of distribution out of profits wil be determined
by the Directors having regard to a variety of factors, including but
not limited to the Group’s actual and expecting operating results and
conditions, gearing level, general financial condition, availability of
cash, future plans and funding neds for expansion.
Special interim dividend of HK4.0 cents (FY2024:nil) was paid during
the Year after considering the above factors.
The Board has proposed to declare a final dividend of HK3.0 cents
(FY2024: final dividend of HK4.0 cents and special dividend of HK4.0
cents) per share, subject to the aproval of shareholders at the
forthcoming anual general meting of the Company, wil be payable
to the shareholders of the Company whose names apear on the
register of members of the Company on 9 September 2025. The final
dividend wil amount to HK$16.7 milion (FY2024: final dividend of
HK$22.3 milion and special dividend of HK$22.3 milion) and are
expected to be paid on or around 26 September 2025. The
recomendation of dividends depend on the acumulated reserves,
liquidity condition, expected cashflows and working capital neds of
the Group.
As at the date of this anual report, the Board is not aware of any
shareholders who have waived or agred to waive any dividends.
应力控股有限公司 | 二零二五年度报告
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
财务概要
本集团于过去五个财政年度的业绩以及资产
及负债概要载于本年报第123至124页。
物业、厂房及设备
本集团物业、厂房及设备于本年度的变动详
情载于综合财务报表附注14。
投资物业
投资物业的详情载于综合财务报表附注15。
附属公司
本公司附属公司于二零二五年三月三十一日
的详情载于综合财务报表附注29。
董事薪酬政策
薪酬委员会乃为检讨本集团之薪酬政策及本
集团所有董事及高级管理人员之薪酬架构而
设立。董事薪酬乃经参考经济形势、市况、
各董事之职务及职责及彼等个人表现后厘定。
执行董事可获得酌情花红，乃经考虑本集团
的财务表现后厘定，并由薪酬委员会检讨后
方可作实。为保持独立性，独立非执行董事
的薪酬并不会与本集团的表现挂钩。
储备
年内本集团的储备变动载于本年报第46页综
合权益变动表。
年内本公司的储备变动载于综合财务报表附
注26。
于二零二五年三月三十一日，本公司可供分
派的储备约为40.6百万港元（二零二四年：
68.4百万港元），包括股份溢价及保留溢利。
股本
年内本公司的股本变动详情载于综合财务报
表附注25。
FINANCIAL SUMARY
A sumary of the results and of the asets and liabilities of the
Group for the past five financial years is set out on pages 123 to 124
of this anual report.
PROPERTY, PLANT AND EQUIPMENT
Details of movements of the property, plant and equipment of the
Group during the Year are set out in note 14 to the consolidated
financial statements.
INVESTMENT PROPERTY
Details of the investment property are set out in note 15 to the
consolidated financial statements.
SUBSIDIARIES
Details of the Company’s subsidiaries at 31 March 2025 are set out
in note 29 to the consolidated financial statements.
EMOLUMENT POLICY FOR DIRECTORS
The Remuneration Comite is set up for reviewing the Group’s
emolument policy and structure for al remuneration of the Directors
and senior management of the Group. The remunerations of the
Directors are determined with reference to the economic situation,
the market condition, the responsibilities and duties asumed by each
Director as wel as their individual performance.
Executive Directors are rewarded with discretionary bonus, which is
determined having taken into consideration the financial results of
the Group and subject to review by the Remuneration Comite.
Remuneration of independent non-executive Directors is not linked
to performance of the Group in order to preserve independence.
RESERVES
Movements in the reserves of the Group during the Year are set out
in the consolidated statement of changes in equity on page 46 of this
anual report.
Movements in the reserves of the Company during the Year are set
out in note 26 to the consolidated financial statements.
As at 31 March 2025, the reserves of the Company available for
distribution was aproximately HK$40.6 milion (2024: HK$68.4
milion) inclusive of share premium and retained profits.
SHARE CAPITAL
Details of the movements in the share capital of the Company during
the Year are set out in note 25 to the consolidated financial
statements.
KPa-BM Holdings Limited
| Anual Report 2025
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
购买、出售或赎回上市证券
于本年度，本公司或其任何附属公司概无购
买、出售或赎回任何本公司之上市股份。
优先购买权
本公司的组织章程细则或开曼群岛法律并无
优先购买权条文，要求本公司须按比例向现
有股东发售新股份。
购股权计划
本公司之购股权计划（「购股权计划」）已根
据本公司当时唯一股东于二零一五年九月
二十二日通过之书面决议案获本公司有条件
批准。以下为购股权计划主要条款之概要：
(1) 购股权计划的目的
购股权计划使本公司可向本公司或本
集团任何成员公司之任何全职或兼职
雇员，包括本公司或其任何附属公司
之任何执行董事、独立非执行董事、
咨询人及顾问（「合资格人士」）授出购
股权（「购股权」），作为彼等对本集团
所作贡献之奖励或回报。
(2) 参与者
董事会可酌情根据下文第(3)段计算
的价格邀请任何合资格人士认购股
权。于接纳有关购股权后，合资格人
士须支付本公司1.00港元作为获授之
代价。购股权之接纳期为授出购股权
当日起计不少于五个交易日期间。
董事会（或独立非执行董事，视乎情
况而定）可不时根据个别参与者对本
集团的发展及增长所作出或可能作出
的贡献决定获授任何购股权的任何参
与者的资格基准。
- （「股份」）价格
根据购股权计划授出的任何特定购股
权的股份认购价由董事会全权厘定并
通知参与者，但不得低于下列最高者：
(i)股份于授出购股权日期在联交所每
日报价表所列的收市价；(i)股份于紧
接授出购股权日期前五个营业日在联
交所每日报价表所列的平均收市价；
及(i)股份于授出购股权日期的面值。
PURCHASE, SALE OR REDEMPTION OF LISTED
SECURITIES
Neither the Company nor any of its subsidiaries purchased, sold or
redemed any of the listed shares of the Company during the Year.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Company’s
articles of asociation or the laws of the Cayman Islands which would
oblige the Company to ofer new shares on a pro-rata basis to
existing shareholders.
SHARE OPTION SCHEME
The Company’s share option scheme (the “Share Option Scheme”)
was conditionaly aproved by the Company pursuant to the writen
resolutions of the then sole shareholder of the Company dated 22
September 2015. 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 enables the Company to grant
options (the “Options”) to any ful-time or part-time
employe of the Company or any member of the Group,
including any executive Directors and independent non-
executive Directors, advisors, consultants of the Company or
any of its subsidiaries (the “Eligible Persons”) as incentives
or rewards for their contributions to the Group.
(2) Who may join
The Board may, at its discretion, invite any Eligible Persons to
take up Options at a price calculated in acordance with
sub-paragraph (3) below. Upon aceptance of the Option, the
Eligible Person shal pay HK$1.00 to the Company by way of
consideration for the grant. The Option wil be ofered for
aceptance for a period of not les than 5 trading days from
the date on which the Option is granted.
The basis of eligibility of any participant to the grant of any
option shal be determined by the Board (or as the case may
be, the independent non-executive Directors) from time to
time on the basis of his contribution or potential contribution
to the development and growth of the Group.
- “Share(s)”)
The subscription price of a Share in respect of any particular
option granted under the Share Option Scheme shal be a
price solely determined by the Board and notified to a
participant and shal be at least the higher of: (i) the closing
price of the Shares as stated in the Stock Exchange’s daily
quotations shet on the date of grant of the option; (i) the
average of the closing prices of the Shares as stated in the
Stock Exchange’s daily quotations shets for the five busines
days imediately preceding the date of grant of the option;
and (i) the nominal value of a Share on the date of grant of
the option.
应力控股有限公司 | 二零二五年度报告
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
(4) 授出购股权及接纳要约
授出购股权的要约限于发出有关要约
日期（包括当日）起七日内接纳。购股
权的承授人须于接纳要约时就获授的
每份购股权向本公司支付1.00港元。
(5) 股份数目上限
因行使根据购股权计划及本集团任何
其他购股权计划授出的所有购股权而
可配发及发行的股份总数（就此而言，
不包括根据购股权计划或本集团任何
其他购股权计划之条款已失效的购股
权而可配发及发行的股份），合共不
得超出于上市日期已发行股份总数的
10%。本公司可随时经股东批准及刊
发通函及根据上市规则更新此上限，
但因行使根据购股权计划及本集团任
何其他购股权计划授出的全部尚未行
使购股权而可配发及发行的股份总
数，不得超过批准更新上限当日已发
行股份的10%，而就此而言，之前根
据购股权计划及本集团任何其他购股
权计划授出的购股权（包括根据购股
权计划及本集团任何其他购股权计划
尚未行使、已注销、已失效或已行使
的购股权）不会计算在内。上述情况
的前提条件为，因行使根据购股权计
划及本集团任何其他购股权计划已授
出但尚未行使的全部尚未行使购股权
而可能发行的股份数目上限，不得超
过本公司不时已发行股本的30%。
(4) Grant of options and aceptance of ofers
An ofer for the grant of options must be acepted within
seven days inclusive of the day on which such ofer was made.
The amount payable by the grante of an option to the
Company on aceptance of the ofer for the grant of an
option is HK$1.00.
(5) Maximum number of Shares
The total number of Shares which may be aloted and isued
upon exercise of al options to be granted under the Share
Option Scheme and any other share option schemes of the
Group (excluding, for this purpose, options which have lapsed
in acordance with the terms of the Share Option Scheme or
any other share option schemes of the Group) must not in
agregate exced 10% of the total number of Shares in isue
as at the Listing Date. The Company may refresh this limit at
any time, subject to the shareholders’ aproval and the isue
of a circular and in acordance with the Listing Rules provided
that the total number of Shares which may be aloted and
isued upon exercise of al outstanding options to be granted
under the Share Option Scheme and any other share option
schemes of the Group must not exced 10% of the Shares in
isue as at the date of aproval of the refreshed limit and for
such purpose, options (including those outstanding, canceled,
lapsed or exercised in acordance with the Share Option
Scheme and any other share option schemes of the Group)
previously granted under the Share Option Scheme and any
other share option schemes of the Group wil not be counted.
The above is subject to the condition that the maximum
number of Shares which may be isued upon exercise of al
outstanding options granted and yet to be exercised under the
Share Option Scheme and any other share option schemes of
the Group shal not exced 30% of the Share Capital of the
Company in isue from time to time.
KPa-BM Holdings Limited
| Anual Report 2025
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
(6) 每名合资格人士的配额上限
直至授出日期止任何十二个月期间，
因行使根据购股权计划授予任何承授
人的购股权（包括已行使及尚未行使
的购股权）而已发行及将发行的股份
总数不得超过已发行股份的1%。任
何额外授出超逾该上限的购股权须经
股东于股东大会上另行批准，且该承
授人及其紧密联系人士（或其联系人
士（倘该承授人为关连人士）须放弃
投票。在此情况下，本公司须向股东
寄发一份通函，载有承授人的身份、
将授出的购股权数目及条款（及之前
已授予有关承授人的购股权）及上市
规则所规定的所有其他资料。将授出
的购股权数目及条款（包括认购价）须
于本公司股东批准前厘定，而计算认
购价时，为建议额外授出购股权而举
行的董事会议当日视为授出日期。
(7) 行使购股权的时限
承授人可于董事会可能厘定的期间，
随时根据购股权计划的条款行使购股
权，惟有关期间不得超过由授出日期
起计十年，并受有关提前终止条文所
规限。
(8) 购股权计划期限
购股权计划将于购股权计划获采纳当
日起计10年期间有效。
自购股权计划采纳日期起，概无任何
购股权根据购股权计划授出、行使、
注销或失效。
购股权计划项下可供授出的购股权总
数如下：
本公司根据购股权计划可供发行的股
份总数为60,000,000股，占本公司于
本报告日期已发行股份的10.77%。
(6) Maximum entitlement of each Eligible Person
The total number of Shares isued and to be isued upon
exercise of options granted to any grante (including both
exercised and outstanding options) under the Share Option
Scheme, in any 12-month period up to the date of grant shal
not exced 1% of the Shares in isue. Any further grant of
options in exces of such limit must be separately aproved by
shareholders in general meting with such grante and his
close asociates (or his asociates if the grante is a conected
person) abstaining from voting. In such event, the Company
must send a circular to the shareholders containing the
identity of the grante, the number and terms of the options
to be granted (and options previously granted to such
grante), and al other information required under the Listing
Rules. The number and terms (including the subscription price)
of the options to be granted must be fixed before the aproval
of the shareholders of the Company and the date of the Board
meting proposing such further grant should be taken as the
date of grant for the purpose of calculating the subscription
price.
(7) Time of exercise of option
An option may be exercised in acordance with the terms of
the Share Option Scheme at any time during a period as the
Board may determine which shal not exced ten years from
the date of grant subject to the provisions of early termination
thereof.
(8) Period of the Share Option Scheme
The Share Option Scheme wil remain in force for a period of
10 years comencing on the date on which the Share Option
Scheme is adopted.
No share option has ben granted, exercised, canceled or
lapsed under the Share Option Scheme since its adoption.
The total number of share options available for grant under
the share option scheme was as folow:
Total number of
share options
available for grant
可供授出的购股权总数
As at 1 April 2024截至二零二四年四月一日60,000,000
Movement during the year年内变动–
As at 31 March 2025截至二零二五年三月三十一日60,000,000
The total number of shares available for isue by the Company
under the share option scheme is 60,000,000 shares, which
represents 10.77% of the Company’s isued shares as at the
date of the report.
应力控股有限公司 | 二零二五年度报告
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
董事
于本年度及截至本报告日期，董事如下：
执行董事
叶柏雄先生（主席）
韦日坚先生（行政总裁）
独立非执行董事
黎碧芝女士
林志伟先生
杨杰明博士
灌志明博士（于二零二五年一月一日获委任）
董事履历详情载于本年报「董事及高级管理
层履历」一节。
董事酬金资料载于综合财务报表附注11。本
公司已接获各独立非执行董事根据上市规则
第3.13条规定发出的年度独立性确认书。
董事服务合约
全体执行董事已与本公司订立服务协议，可
经任何一方向另一方发出不少于三个月之书
面通知提早终止。各独立非执行董事已与本
公司订立服务协议，可经任何一方向另一方
发出不少于一个月之书面通知提早终止。所
有董事须根据本公司组织章程大纲及章程细
则退任及于本公司之股东周年大会上接受重
选。
概无拟于应届股东周年大会上膺选连任之董
事订立本集团不可于一年内免付赔偿（法定
赔偿除外）之服务合约。
根据本公司组织章程大纲及章程细则第112
条，获董事会委任以填补临时空缺之任何董
事仅任职至其获委任后本公司的首个股东大
会为止，并可于该大会上接受重选，而任何
获董事会委任加入现有董事会的董事任期仅
至本公司下届股东周年大会为止，届时将合
资格膺选连任。
于二零二五年一月一日获委任之独立非执行
董事灌志明博士将于本公司即将举行之股东
周年大会（「股东周年大会」）上根据本公司组
织章程细则之规定退任，而彼符合资格且愿
意于股东周年大会上膺选连任。
DIRECTORS
The Directors during the Year and up to the date of this report are:
Executive Directors
Mr. Yip Pak Hung (Chairman)
Mr. Wai Yat Kin (Chief Executive Oficer)
Independent Non-executive Directors
Ms. Lai Pik Chi, Pegy
Mr. Lam Chi Wai, Peter
Dr. Yeung Kit Ming
Dr. Kon Chi Ming, Sebastian (apointed on 1 January 2025)
The Directors’ biographical details are set out in the section headed
“Biography of Directors and Senior Management” in this anual
report.
Information regarding Directors’ emoluments is set out in note 11 to
the consolidated financial statements. An anual confirmation of
independence pursuant to the requirements under Rule 3.13 of the
Listing Rules has ben received from each of the independent
non-executive Directors.
DIRECTORS’ SERVICE CONTRACT
Al executive Directors have entered into service agrements with the
Company which may be terminated earlier by no les than thre
months writen notice served by either party on the other. Each of
the independent non-executive Directors has entered into a service
agrement with the Company which may be terminated earlier by no
les than one month writen notice served by either party on the
other. Al Directors are subject to retirement from ofice and
re-election at the AGM of the Company in acordance with the
Memorandum and Articles of Asociation of the Company.
No Director proposed for re-election at the forthcoming AGM has a
service contract which is not determinable by the Group within one
year without payment of compensation, other than statutory
compensation.
In acordance with Article 112 of the Memorandum and Articles of
Asociation of the Company, any director apointed by the Board
either to fil a casual vacancy shal hold ofice only until the first
general meting of the Company after his apointment and be
subject to re-election at such meting and any Director apointed by
the Board as an adition to the existing Board shal hold ofice only
until the next folowing anual general meting of the Company and
shal then be eligible for re-election.
Dr. Kon Chi Ming Sebastian, an independent non-executive Director
apointed on 1 January 2025, wil retire from ofice at the
Company’s forthcoming anual general meting (“AGM”) acording
to the provisions of the Company’s Articles of Asociation and, being
eligible, have ofered himself for re-election at the AGM.
KPa-BM Holdings Limited
| Anual Report 2025
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
根据本公司组织章程大纲及章程细则第108
条，于各股东周年大会上，当时在任三分之
一董事（或倘人数并非三(3)之倍数，则为最
接近但不少于三分之一的人数）须轮值告退，
惟各董事须至少每三年于股东周年大会上轮
值告退一次。
独立非执行董事林志伟先生及执行董事韦日
坚先生将根据本公司组织章程细则条文于应
届股东周年大会上退任，彼等合资格并愿意
于股东周年大会上应选连任。
董事及主要行政人员于本公司或
任何相联法团股份、相关股份及
债权证的权益及淡仓
于二零二五年三月三十一日，董事于本公司
股本中所拥有根据（香港法例第571章）证券
及期货条例（「证券及期货条例」）第XV部第7
及第8分部须知会本公司及联交所之权益（包
括根据证券及期货条例之该等条文彼等被当
作或视为拥有之权益）或根据证券及期货条
例第352条须记入该条所述之登记册之权益，
或根据载于上市规则附录十之上市发行人董
事进行证券交易的标准守则（「标准守则」）须
知会本公司及联交所之权益如下：
于本公司股份之好仓
(a) 于本公司股份之权益
Pursuant to Article 108 of the Memorandum and Articles of
Asociation of the Company, at each anual general meting
one-third of the Directors for the time being (or, if their number is
not a multiple of thre (3), the number nearest to but not les than
one-third) shal retire from ofice by rotation provided that every
Director shal be subject to retirement at an anual general meting
at least once every thre years.
Mr. Lam Chi Wai, Peter, an independent non-executive Director, and
Mr. Wai Yat Kin, an executive Director, wil retire from ofice at the
Company’s forthcoming AGM acording to the provisions of the
Company’s Articles of Asociation and, being eligible, have ofered
themselves for re-election at the AGM.
DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS
AND SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURES OF THE COMPANY
OR ANY ASOCIATED CORPORATION
As at 31 March 2025, the interests of the Directors in the share
capital of the Company which were required to be notified to the
Company and the Exchange pursuant to Divisions 7 and 8 of Part XV
of the Securities and Futures Ordinance (Chapter 571 of the Laws of
Hong Kong) (the “SFO”) (including interests which they were taken
or demed to have under such provisions of the SFO) or were
required, pursuant to section 352 of the SFO, to be entered in the
register refered to therein, or were required, pursuant to the Model
Code for Securities Transactions by Directors of Listed Isuers (the
“Model Code”) as set out in Apendix 10 of the Listing Rules, to be
notified to the Company and the Exchange were as folows:
Long Positions in Shares of the Company
(a) Interest in the shares of the Company
DirectorCapacity/Nature of Interest
Number of
isued ordinary
shares
Percentage of
the isued share
capital of the
Company
董事身份╱权益性质
已发行
普通股数目
占本公司
已发行股本之
百分比
Mr. Wai Yat KinCorporate interest325,930,00058.52%
韦日坚先生公司权益
Beneficial owner40,320,0007.24%
实益拥有人
Interests held jointly39,750,0007.14%
共同持有之权益
Mr. Yip Pak HungCorporate interest325,930,00058.52%
叶柏雄先生公司权益
Beneficial owner39,750,0007.14%
实益拥有人
Interests held jointly40,320,0007.24%
共同持有之权益
应力控股有限公司 | 二零二五年度报告
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
(b) 于相联法团股份之权益
相联法团名称：
成颖投资有限公司
主要股东于本公司股份及相关股
份之权益及淡仓
于二零二五年三月三十一日，按本公司根据
证券及期货条例第336条存置之主要股东登
记册所示，除以上所披露有关董事之权益
外，以下股东已知会本公司于本公司已发行
股本之相关权益：
好仓
本公司普通股
除以上所披露者外，于二零二五年三月
三十一日，概无其他人士于本公司的股份或
相关股份中拥有本公司根据证券及期货条例
第336条须存置之登记册所记录或另行知会
本公司之任何权益或淡仓。
(b) Interest in the shares of as asociated corporation
Name of asociated corporations:
Suces Wing Investments Limited
DirectorCapacity/Nature of Interest
Number of
shares
Percentage of
Shareholding
董事身份╱权益性质股份数目持股百分比
Mr. Wai Yat KinBeneficial owner14,33243.97%
韦日坚先生实益拥有人
Interests held jointly14,33243.97%
共同持有之权益
Mr. Yip Pak HungBeneficial owner14,33243.97%
叶柏雄先生实益拥有人
Interests held jointly14,33243.97%
共同持有之权益
SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND
SHORT POSITIONS IN SHARES AND
UNDERLYING SHARES OF THE COMPANY
As at 31 March 2025, the register of substantial shareholders
maintained by the Company pursuant to Section 336 of the SFO
shows that, other than the interests disclosed above in respect of a
Director, the folowing shareholders had notified the Company of
relevant interests in the isued share capital of the Company:
Long positions
Ordinary shares of the Company
Name of shareholderCapacity/Nature of interest
Number of isued
ordinary shares
Percentage of
the isued share
capital of the
Company
股东名称╱姓名身份╱权益性质
已发行
普通股数目
占本公司已
发行股本之
百分比
Suces Wing Investments LimitedBeneficial owner325,930,00058.52%
成颖投资有限公司实益拥有人
Ms. Lam Suk Lan BonieInterest of spouse406,000,00072.90%
林淑兰女士配偶权益
Ms. Wu JanetInterest of spouse406,000,00072.90%
胡玉珍女士配偶权益
Save as disclosed above, as at 31 March 2025, no other persons had
any interests or short positions in the shares or underlying shares of
the Company as recorded in the register required to be kept by the
Company under Section 336 of the SFO, or otherwise notified to the
Company.
KPa-BM Holdings Limited
| Anual Report 2025
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
主要客户
于本年度，本集团五大客户占本集团总收益
的约64.4%（二零二四年：84.3%），而本集
团最大客户则占总收益的约37.27%（二零
二四年：56.6%）。
概无董事或彼等任何紧密联系人，或任何股
东（据董事所知拥有本公司已发行股本5%或
以上）于本集团五大客户中拥有任何实益权
益。
主要供应商
于本年度，本集团五大供应商占本集团总采
购额的约44.3%（二零二四年：51.5%），而
本集团最大供应商则占总采购额的约25.2%
（二零二四年：14.4%）。
概无董事或任何彼等的紧密联系人，或任何
股东（据董事所知拥有本公司已发行股本的
5%或以上）于本集团之五大供应商中拥有任
何实益权益。
主要分判商
于本年度，本集团五大分判商占本集团总分
包费的约61.6%（二零二四年：73.3%），而
本集团最大分判商则占总分包费的约29.8%
（二零二四年：48.0%）。
概无董事或彼等任何紧密联系人，或任何股
东（据董事所知拥有本公司已发行股本5%或
以上）于本集团五大分判商中拥有任何实益
权益。
董事╱控股东于交易、安排及
合约的权益
除综合财务报表附注32所披露的关联方交易
外，于本年度期间或本年度末，董事或控股
股东，或与董事或控股东相关的实体概无
于本公司或其任何附属公司或控股公司签订
之重大交易、安排或合约中直接或间接拥有
重大权益。
MAJOR CUSTOMERS
During the Year, the Group’s five largest customers acounted for
aproximately 64.4% (2024: 84.3%) of the total revenue of the
Group and the largest customer of the Group acounted for
aproximately 37.27% (2024: 56.6%) of the total revenue.
None of the Directors or any of their close asociates, or any
shareholder (which to the knowledge of the Directors own 5% or
more of the Company’s isued share capital) had any beneficial
interest in the Group’s five largest customers.
MAJOR SUPLIERS
During the Year, the Group’s five largest supliers acounted for
aproximately 44.3% (2024: 51.5%) of the total purchases of the
Group and the largest suplier of the Group acounted for
aproximately 25.2% (2024: 14.4%) of the total purchases.
None of the Directors or any of their close asociates, or any
shareholder (which to the knowledge of the Directors own 5% or
more of the Company’s isued share capital) had any beneficial
interest in the Group’s five largest supliers.
MAJOR SUBCONTRACTORS
During the Year, the Group’s five largest subcontractors acounted
for aproximately 61.6% (2024: 73.3%) of the total subcontracting
charges of the Group and the largest subcontractor of the Group
acounted for aproximately 29.8% (2024: 48.0%) of the total
subcontracting charges.
None of the Directors or any of their close asociates, or any
shareholder (which to the knowledge of the Directors own 5% or
more of the Company’s isued share capital) had any beneficial
interest in the Group’s five largest subcontractors.
DIRECTORS’/CONTROLING SHAREHOLDERS’
INTEREST IN TRANSACTIONS, ARANGEMENTS
AND CONTRACTS
Save for the related party transactions disclosed in note 32 to the
consolidated financial statements, no transactions, arangements or
contracts of significance to which the Company or any of its
subsidiaries, or holding company was a party and in which a Director
or controling Shareholder, or an entity conected with a Director or
controling Shareholder, had a material interests, whether directly or
indirectly, subsisted during or at the end of the Year.
应力控股有限公司 | 二零二五年度报告
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
获准许弥偿条文
本公司已投保适当的董事及高级人员责任
险，惠及董事的相关获准许弥偿条文目前已
生效及于整个年度有效。
管理合约
于本年度，并无订立或存在涉及本公司全部
或任何大部分业务的管理合约。
董事收购股份或债权证的权利
于本年度任何时间，概无任何董事或彼等各
自的联系人获授任何权利，可藉收购本公司
股份或债权证而获得利益，亦无行使有关权
利；而本公司、其控股公司或其任何附属公
司或同系附属公司概无订立任何安排，以使
董事获得任何其他法人团体的有关权利。
附属公司的董事
截至本报告日期，本公司附属公司（「附属公
司」）及附属公司的详情如下：
PERMITED INDEMNITY PROVISIONS
The Company has maintained apropriate directors and oficers
liability insurance and such permited indemnity provision for the
benefit of the Directors is curently in force and was in force
throughout the Year.
MANAGEMENT CONTRACTS
No management contracts concerning the whole or any substantial
part of the busines of the Company were entered into or existed
during the Year.
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR
DEBENTURES
At no time during the Year were rights to acquire benefits by means
of the acquisition of shares in or debentures of the Company granted
to any Director or their respective asociates, or were any such rights
exercised by them; or was the Company, its holding company, or any
of its subsidiaries or felow subsidiaries a party to any arangement to
enable the Directors to acquire such rights in any other body
corporate.
Directors of Subsidiaries
Up to the date of this report, the subsidiaries of the Company (the
“Subsidiaries”) and the particulars of the Subsidiaries are listed out
as folows:
Name of subsidiary
Place/Country
of incorporation
Place of
operationsPrincipal activitiesList of directors
附属公司名称注册成立地点╱国家经营地点主要业务董事名单
Light Dimension Limited
(“Light Dimension”)
British Virgin Islands
(the “BVI”)
Hong KongInvestment holdingMr. Yip Pak Hung
Mr. Wai Yat Kin
光维有限公司（「光维」）英属处女群岛
（「英属处女群岛」）
香港投资控股叶柏雄先生
韦日坚先生
AcouSystem Limited
(“AcouSystem”)
Hong KongHong KongTrademark HoldingMr. Yip Pak Hung
Mr. Wai Yat Kin
AcouSystem Limited
（「AcouSystem」）
香港香港持有商标叶柏雄先生
韦日坚先生
KPa-BM Holdings Limited
| Anual Report 2025
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
Name of subsidiary
Place/Country
of incorporation
Place of
operationsPrincipal activitiesList of directors
附属公司名称注册成立地点╱国家经营地点主要业务董事名单
BuildMax Limited
(“BuildMax (HK)”)
Hong KongHong Kong
香港
Suply, instalation and trading of
building material products
Mr. Yip Pak Hung
Mr. Wai Yat Kin
Mr. Liu Yuen Wai
Mr. Chan Chi Ming
彪域有限公司
（「彪域（香港）」）
香港供应、安装及买卖建材产品叶柏雄先生
韦日坚先生
廖远维先生
陈志明先生
KPa Enginering Limited
(“KPa Enginering”)
Hong KongHong KongProvision of structural enginering
works
Mr. Yip Pak Hung
Mr. Wai Yat Kin
应力工程有限公司
（「应力工程」）
香港香港提供结构工程工作服务叶柏雄先生
韦日坚先生
KPa Enginering (HK) Limited
(“KPa (HK)”)
Hong KongHong KongProvision of structural enginering
works
Mr. Yip Pak Hung
Mr. Wai Yat Kin
应力工程（香港）有限公司
（「应力（香港）」）
香港香港提供结构工程工作服务叶柏雄先生
韦日坚先生
Sun Pol Enginering Limited
(“Sun Pol”)
Hong KongHong KongInvestment holdingMr. Yip Pak Hung
Mr. Wai Yat Kin
晨邦工程有限公司（「晨邦」）香港香港投资控股叶柏雄先生
韦日坚先生
应力恒富设计贸易(深圳)
有限公司 (“KPa (SZ)”)
The People’s republic of
China (the “PRC”)
PRCProvision of fabrication drawingMr. Liu Yuen Wai
应力恒富设计贸易（深圳）
有限公司（「应力（深圳）」）
中华人民共和国
（「中国」）
中国提供制作绘图廖远维先生
Hilford Trading Limited
(“Hilford”)
Hong KongHong KongInvestment holdingMr. Yip Pak Hung
Mr. Wai Yat Kin
Mr. Liu Yuen Wai
Mr. Chan Chi Ming
恒富贸易有限公司（「恒富」）香港香港投资控股叶柏雄先生
韦日坚先生
廖远维先生
陈志明先生
彪域科技(深圳)有限公司
(“BuildMax (SZ)”)
PRCPRCProcesing, fabrication,
manufacturing and trading of
building material products
Mr. Yip Pak Hung
Mr. Wai Yat Kin
Mr. Liu Yuen Wai
彪域科技（深圳）有限公司
（「彪域（深圳）」）
中国中国加工、组建、制造及买卖
建材产品
叶柏雄先生
韦日坚先生
廖远维先生
应力控股有限公司 | 二零二五年度报告
DIRECTORS’ REPORT (CONTINUED)
董事会报告（续）
关联方交易
综合财务报表附注32所载本集团于本年度订
立的重大关联方交易包括构成已遵守上市规
则第14A章项下披露规定的关连交易及持续
关连交易的交易。
不竞争承诺
于本年度，各控股东，即成颖投资有限公
司、韦日坚先生及叶柏雄先生（统称为「控
股东」）已向本公司作出年度声明，声明已
遵守向本公司作出之日期为二零一五年九月
二十二日之不竞争承诺（「不竞争承诺」）的条
款。
独立非执行董事亦已审阅各控股东遵守不
竞争承诺的情况并确认，就独立非执行董事
所能确定，控股东概无违反于不竞争承诺
作出的任何承诺。
公众持股量充足度
于本年报日期，根据本公司公开可得资料及
就董事所知，本公司至少25%之已发行股本
由公众持有。
核数师
本集团截至本年度之综合财务报表已由北京
兴华鼎丰会计师事务所有限公司审核，其将
退任，惟合资格并愿意于本公司应届股东周
年大会上重选续任。本公司将于应届股东周
年大会上提呈决议案以重新委任北京兴华鼎
丰会计师事务所有限公司担任本公司核数师。
承董事会命
应力控股有限公司
主席兼执行董事
叶柏雄
香港，二零二五年六月二十五日
RELATED PARTY TRANSACTIONS
The significant related party transactions entered into by the Group
during the Year set out in note 32 to the consolidated financial
statements include transactions that constitute conected
transactions and continuing conected transactions for which the
disclosure requirements under Chapter 14A of the Listing Rules have
ben complied with.
NON-COMPETITION UNDERTAKING
Each of the controling shareholders, namely Suces Wing
Investments Limited, Mr. Wai Yat Kin and Mr. Yip Pak Hung
(colectively the “Controling Shareholders”) has made an anual
declaration to the Company that during the Year, they have complied
with the terms of non-competition undertakings (“Non-Competition
Undertakings”) dated 22 September 2015 given in favour of the
Company.
The independent non-executive Directors have also reviewed the
status of compliance with the Non-Competition Undertakings by
each of the Controling Shareholders and have confirmed that, as far
as the independent non-executive Directors can ascertain, there is no
breach of any of the undertakings in the Non-Competition
Undertakings.
SUFICIENCY OF PUBLIC FLOAT
Based on the information that is publicly available and within the
knowledge of the Directors of the Company, at least 25% of the
Company’s isued share capital was held by the public as at the date
of this anual report.
AUDITOR
The consolidated financial statements of the Group for the Year have
ben audited by Beijing Xinghua Caplegend CPA Limited, who wil
retire, being eligible, ofer themselves for reapointment at the
forthcoming anual general meting of the Company. A resolution
wil be proposed at the forthcoming anual general meting of the
Company to re-apoint Beijing Xinghua Caplegend CPA Limited as
auditor of the Company.
By order of the Board
KPa-BM Holdings Limited
Yip Pak Hung
Chairman and Executive Director
Hong Kong, 25 June 2025
| INDEPENDENT AUDITOR’S REPORT 独立核数师报告 TO THE SHAREHOLDERS OF KPa-BM HOLDINGS LIMITED 致应力控股有限公司股东 (incorporated in the Cayman Islands with limited liability) （于开曼群岛注册成立之有限公司） OPINION 意见 We have audited the consolidated financial statements of KPa-BM 我们已审计列载于第44至122页的应力控股 Holdings Limited (the “Company”) and its subsidiaries (together 有限公司（「贵公司」）及其附属公司（统称「贵 the “Group”) set out on pages 44 to 122, which comprise the 集团」）的综合财务报表，此综合财务报表包 consolidated statement of financial position as at 31 March 2025, 括于二零二五年三月三十一日的综合财务状 and the consolidated statement of comprehensive income, the 况表，以及截至该日止年度的综合全面收益 consolidated statement of changes in equity, the consolidated 表、综合权益变动表及综合现金流量表，以 statement of cash flows for the year then ended, and notes to the 及综合财务报表附注，包括重要会计政策资 consolidated financial statements, comprising material accounting 料及其他解释资料。 policy information and other explanatory information. In our opinion, the consolidated financial statements give a true and 我们认为，该等综合财务报表已根据香港会 fair view of the consolidated financial position of the Group as at 31 计师公会（「香港会计师公会」）颁布的香港财 March 2025, and of its consolidated financial performance and its 务报告准则会计准则真实而中肯地反映 贵 consolidated cash flows for the year then ended in accordance with 集团于二零二五年三月三十一日的综合财务 HKFRS Accounting Standards issued by the Hong Kong Institute of 状况，及 贵集团截至该日止年度的综合财 Certified Public Accountants (“HKICPA”) and have been properly 务表现及综合现金流量，并已按照香港公司 prepared in compliance with the disclosure requirements of the Hong 条例的披露规定妥为编制。 Kong Companies Ordinance. BASIS FOR OPINION 意见基础 We conducted our audit in accordance with Hong Kong Standards 我们已根据香港会计师公会颁布的香港审计 on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities 准则（「香港审计准则」）进行审计工作。我们 under those standards are further described in the “Auditor’s 就该等准则的责任于本报告「核数师就审计 Responsibilities for the Audit of the Consolidated Financial 综合财务报表承担的责任」一节中详述。根 Statements” section of our report. We are independent of the Group 据香港会计师公会的「专业会计师道德守则」 in accordance with the HKICPA’s “Code of Ethics for Professional （「守则」），我们独立于 贵集团，及我们已 Accountants” (the “Code”), and we have fulfilled our other ethical 履行守则中的其他道德责任。我们相信，我 responsibilities in accordance with the Code. We believe that the 们所获得之审计凭证充足及适当地为我们的 audit evidence we have obtained is sufficient and appropriate to 意见提供基础。 provide a basis for our opinion. 38 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
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, we do
not provide a separate opinion on these maters.
Recognition of contract revenue, contract asets
and contract liabilities for construction contracts
Refer to notes 2(i)(i), 4(i), 6 and 18 to the consolidated
financial statements
For the year ended 31 March 2025, the Group recognised
revenue from rendering of structural enginering works and
suply and instalation of building material products amounted to
HK$630,445,000 in agregate and as at 31 March 2025, the Group
recorded contract asets and contract liabilities of HK$70,970,000
and HK$42,437,000 respectively. Contract revenue is recognised
over time by measuring the progres towards complete satisfaction
of the performance obligation on the basis of the contract costs
incured to date as a proportion to the total estimated contract
costs, whereas the measurement of contract asets and contract
liabilities is also mainly dependent on estimation of contract costs.
As disclosed in note 4(i) to the consolidated financial statements, the
estimation of contract costs for an individual contract, which mainly
comprise subcontracting charges, materials and procesing charges
and direct labour, is based on quotations provided by subcontractors
and supliers/vendors as wel as from the experience of the directors,
which is revised regularly as the contract progreses. Apart from
the above, variable considerations in construction contracts are
recognised as contract revenue to the extent that the modification
has ben aproved by the parties to the contracts and it is highly
probable that a significant reversal in the amount of cumulative
revenue recognised wil not ocur.
We identified recognition of contract revenue, contract asets and
contract liabilities for construction contracts as a key audit mater
because the estimation of contract costs and recognition of variable
considerations require the use of significant management judgments
and involves estimation uncertainty.
关键审计事项
关键审计事项为根据我们的专业判断，认为
对本期综合财务报表的审计最为重要的事
项。该等事项是在我们审计整体综合财务报
表及出具意见时进行处理的，我们不会对该
等事项提供单独的意见。
确认建筑合约之合约收益、合约资
产及合约负债
参阅综合财务报表附注2(i)(i)、4(i)、6
及18
截至二零二五年三月三十一日止年度， 贵
集团确认提供结构工程工作服务及提供和安
装建材产品之收益总计为630,445,000港元，
及于二零二五年三月三十一日， 贵集团录
得合约资产及合约负债分别为70,970,000港
元及42,437,000港元。合约收益通过计量达
致完全履行履约责任之进度（以迄今已产生
的合约成本占估计合约成本总额的比例为基
准）而随时间确认，而合约资产及合约负债
之计量亦主要须视乎合约成本估计而定。如
综合财务报表附注4(i)所披露，估计个别合
约的合约成本（主要包括分包费用、物料及
加工费以及直接聘用之劳工费用）乃根据分
包商及供应商╱卖方提供的报价以及董事的
经验厘定，并根据合约进度定期作出修改。
除上述者外，倘合约订约方已批准修订，而
经确认累计收益金额的重大拨回极可能不会
发生，则建筑合约之可变代价确认为合约收
益。
我们将建筑合约之合约收益、合约资产及合
约负债的确认识别作关键审计事项，是因为
合约成本的估计及可变代价的确认须使用重
大管理层判断及涉及估计不确定性。
| INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） Our audit procedures in relation to the recognition of contract 我们就确认合约收益、合约资产及合约负债 revenue, contract assets and contract liabilities included: 进行的审计程序包括： • Understanding the procedures and relevant controls of the • 了解 贵集团于编制及更新建造工程 Group in preparing and updating budget for construction works 预算及记录合约成本时进行的程序及 and recording contract costs. 相关控制。 • Agreeing budgeted costs, on a sample basis, to respective • 抽样将建筑预算与预算成本作比对。 construction budgets. • Evaluating reasonableness of contract budgets through • 通过与管理层讨论有关该等预算的拟 discussion with management about preparation of those 备，评估合约预算的合理性。 budgets. • Testing contract costs incurred to date and estimated total • 抽样检查迄今已产生的合约成本及估 costs, on a sample basis, to underlying supporting evidence. 计成本总额及其相关之凭证。 • Testing material contract modifications, on a sample basis, to • 抽样检查重大合约修订及其相关之凭 underlying supporting evidence. 证。 • Assessing reliability of contract budgets by comparing actual • 通过比较已完成项目的实际合约成本 contract costs against budgeted costs of completed projects. 及预算成本，评估合约预算的可靠性。 • Checking calculations of progress towards complete satisfaction • 审查个别合约达致完全履行之进度的 of individual contracts and the amounts of contract revenue 计算及合约收益及已确认毛利金额。 and gross profit recognised. OTHER MATTER 其他事项 The consolidated financial statements of the Group for the year 贵集团截至二零二四年三月三十一日止年度 ended 31 March 2024, were audited by another auditor who 的综合财务报表已由另一核数师审计，该核 expressed an unmodified opinion on those statements on 24 June 数师于二零二四年六月二十四日就该等报表 2024. 发表了无保留意见。 OTHER INFORMATION IN THE ANNUAL REPORT 年报的其他资料 The directors of the Company are responsible for the other 贵公司董事对其他资料负责。其他资料包括 information. The other information comprises all of the information 年度报告所载的所有资料（综合财务报表及 included in the annual report other than the consolidated financial 我们就此发出的核数师报告除外。 statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not cover 我们就综合财务报表的意见并不涵盖其他资 the other information and we do not express any form of assurance 料，我们亦不就其他资料发表任何形式的鉴 conclusion thereon. 证结论。 In connection with our audit of the consolidated financial statements, 我们审计综合财务报表时，我们的责任乃阅 our responsibility is to read the other information and, in doing so, 读其他资料，在此过程中，考虑其他资料是 consider whether the other information is materially inconsistent with 否与综合财务报表或我们在审计过程中所了 the consolidated financial statements or our knowledge obtained in 解的情况有重大抵触，或者似乎存在重大错 the audit or otherwise appears to be materially misstated. If, based 误陈述。基于我们已执行的工作，如果我们 on the work we have performed, we conclude that there is a material 认为其他资料存在重大错误陈述，我们须报 misstatement of this other information, we are required to report 告该事实。于此方面，我们并无任何报告。 that fact. We have nothing to report in this regard. 40 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
RESPONSIBILITIES OF DIRECTORS AND THE
AUDIT COMITE FOR THE CONSOLIDATED
FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation of
the consolidated financial statements that give a true and fair view in
acordance with HKFRS Acounting Standards isued by the HKICPA
and the disclosure requirements of the Hong Kong Companies
Ordinance, and for such internal control as the directors determine
is necesary to enable the preparation of consolidated financial
statements that are fre from material mistatement, whether due to
fraud or eror.
In preparing the consolidated financial statements, the directors are
responsible for asesing the Group’s ability to continue as a going
concern, disclosing, as aplicable, maters related to going concern
and using the going concern basis of acounting unles the directors
either intend to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
The directors are responsible for overseing the Group’s financial
reporting proces. The Audit Comite asists the directors in
discharging their responsibilities in this regard.
RESPONSIBILITIES OF AUDITOR 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. We report our opinion
solely to you, as a body, and for no other purpose. We do not
asume responsibility towards or acept liability to any other person
for the contents of this report.
Reasonable asurance is a high level of asurance, but is not a
guarante that an audit conducted in acordance with HKSAs wil
always detect a material mistatement when it exists. Mistatements
can arise from fraud or eror and are considered material if,
individualy or in the agregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these
consolidated financial statements.
董事及审核委员会就综合财务报
表承担的责任
贵公司董事须负责根据香港会计师公会颁布
的香港财务报告准则会计准则及香港公司条
例的披露规定，编制真实而中肯的综合财务
报表，及落实董事认为对编制综合财务报表
必要的内部控制，以使该等综合财务报表不
会存在由于欺诈或错误而导致的重大错误陈
述。
于编制综合财务报表时，董事负责评估 贵
集团持续经营的能力，并在适当情况下披露
与持续经营有关的事项，除非董事拟将 贵
集团清盘或停止营运，或除此之外并无其他
实际可行的办法，否则须采用以持续经营为
基础的会计法。
董事负责监督 贵集团的财务报告过程。审
核委员会协助董事履行彼等就此方面须承担
的责任。
核数师就审计综合财务报表承担
的责任
我们的目标乃就综合财务报表整体是否不存
在由于欺诈或错误而导致的重大错误陈述取
得合理保证，并出具包括我们意见的核数师
报告。吾等仅向 阁下（作为整体）报告我们
的意见，且不用于其他目的。我们不就本报
告的内容向任何其他人士负责或承担责任。
合理保证属高水平的核证，惟未能保证根据
香港审计准则进行的审计工作总能发现存在
的重大错误陈述。错误陈述可因欺诈或错误
引起，倘个别或整体在合理预期情况下可影
响使用者根据该等综合财务报表作出的经济
决定时，则被视为重大错误陈述。
| INDEPENDENT AUDITOR’S REPORT (CONTINUED) 独立核数师报告（续） As part of an audit in accordance with HKSAs, we exercise 于根据香港审计准则进行审计的过程中，我 professional judgment and maintain professional skepticism 们运用专业判断，保持专业怀疑态度。我们 throughout the audit. We also: 亦： • identify and assess the risks of material misstatement of the • 识别及评估由于欺诈或错误而导致综 consolidated financial statements, whether due to fraud or 合财务报表存在重大错误陈述的风险， error, design and perform audit procedures responsive to 因应该等风险设计及执行审计程序， those risks, and obtain audit evidence that is sufficient and 以及取得充足及适当的审计凭证，作 appropriate to provide a basis for our opinion. The risk of 为我们意见的基础。由于欺诈可能涉 not detecting a material misstatement resulting from fraud is 及串谋、伪造、蓄意遗漏、虚假陈述， higher than for one resulting from error, as fraud may involve 或凌驾于内部控制之上，因此未能发 collusion, forgery, intentional omissions, misrepresentations, or 现因欺诈而导致的重大错误陈述的风 the override of internal control. 险较因错误而导致的重大错误陈述的 风险为高。 • obtain an understanding of internal control relevant to the • 了解与审计相关的内部控制，以设计 audit in order to design audit procedures that are appropriate 适当的审计程序，但并非旨在对 贵 in the circumstances, but not for the purpose of expressing an 集团内部控制的有效性发表意见。 opinion on the effectiveness of the Group’s internal control. • evaluate the appropriateness of accounting policies used • 评估董事所采用会计政策的合适性及 and the reasonableness of accounting estimates and related 作出会计估计及相关披露的合理性。 disclosures made by the directors. • conclude on the appropriateness of the directors’ use of the • 就董事采用持续经营会计基础的恰当 going concern basis of accounting and, based on the audit 性作出结论，根据所得的审计凭证， evidence obtained, whether a material uncertainty exists related 确定是否存在对 贵集团持续经营能 to events or conditions that may cast significant doubt on the 力构成重大疑问的事件或情况等重大 Group’s ability to continue as a going concern. If we conclude 不确定因素。倘我们认为存在重大不 that a material uncertainty exists, we are required to draw 确定因素，我们需于核数师报告中提 attention in our auditor’s report to the related disclosures in 请使用者注意综合财务报表中的相关 the consolidated financial statements or, if such disclosures are 披露。假如有关披露不足，则须修订 inadequate, to modify our opinion. Our conclusions are based 我们之意见。我们的结论乃基于截至 on the audit evidence obtained up to the date of our auditor’s 核数师报告日期止所取得的审计凭证。 report. However, future events or conditions may cause the 然而，未来事件或情况可能导致 贵 Group to cease to continue as a going concern. 集团无法持续经营。 • evaluate the overall presentation, structure and content of the • 评估综合财务报表的整体列报方式、 consolidated financial statements, including the disclosures, and 结构及内容，包括披露资料，以及综 whether the consolidated financial statements represent the 合财务报表是否中肯反映相关交易及 underlying transactions and events in a manner that achieves 事项。 fair presentation. • plan and perform the group audit to obtain sufficient • 计划和执行集团审计，以获取关于 appropriate audit evidence regarding the financial information 贵集团内实体或业务单位的财务资料 of the entities or business units within the Group as a basis 的充分、适当的审计凭证，以对集团 for forming an opinion on the group financial statements. We 财务报表形成意见提供基础。我们负 are responsible for the direction, supervision and review of the 责指导、监督和覆核为集团审计而执 audit work performed for purposes of the group audit. We 行的审计工作。我们须对我们的审计 remain solely responsible for our audit opinion. 意见承担全部责任。 42 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
独立核数师报告（续）
We comunicate with the Audit Comite regarding, among other
maters, the planed scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide the Audit Comite with a statement that we have
complied with relevant ethical requirements regarding independence,
and to comunicate with them al relationships and other maters
that may reasonably be thought to bear on our independence, and
where aplicable, actions taken to eliminate threats or safeguards
aplied.
From the maters comunicated with the Audit Comite, we
determine those maters that were of most significance in the audit
of the consolidated financial statements of the curent period and
are therefore the key audit maters. We describe these maters in our
auditor’s report unles law or regulation precludes public disclosure
about the mater or when, in extremely rare circumstances, we
determine that a mater should not be comunicated in our report
because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
comunication.
Beijing Xinghua Caplegend CPA Limited
Certified Public Acountants
Lo Charbon
Practising Certificate no. P06029
Hong Kong, 25 June 2025
我们与审核委员会就（其中包括）审计的计划
范围、时间安排及重大审计发现进行沟通，
该等发现包括我们在审计过程中识别的内部
控制的任何重大缺失。
我们亦向审核委员会作出声明，确认我们已
符合有关独立性的相关道德要求，并与彼等
沟通可能被合理认为会影响我们独立性的所
有关系及其他事项，以及为消除对独立性的
威胁所采取的行动或防范措施（若适用）。
从与审核委员会沟通的事项中，我们厘定对
本期综合财务报表的审计最为重要的事项，
因而构成关键审计事项。我们于核数师报告
中描述该等事项，除非法律或法规不允许对
某件事项作出公开披露，或于极端罕见的情
况下，倘合理预期于我们报告中披露某事项
而造成的负面后果将会超过其产生的公众利
益，我们将不会于报告中沟通该事项。
北京兴华鼎丰会计师事务所有限公司
执业会计师
卢卓邦
执业证书编号P06029
香港，二零二五年六月二十五日
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 综合全面收益表 For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Revenue 收益 6 667,711 666,037 Cost of revenue 收益成本 (560,616) (550,806) Gross profit 毛利 107,095 115,231 Other income 其他收入 7 10,550 7,187 Fair value loss on investment property 投资物业之公平值亏损 15 (343) (294) Provision of loss allowance on trade 贸易应收款项计提 receivables 亏损拨备 19(a) (15,603) (8,794) Provision of loss allowance on retention 应收保留金计提亏损拨备 receivables 19(b) (1,939) (2,352) Reversal of loss allowance on contract 合约资产拨回亏损拨备 assets 18(b) 1,082 896 Marketing and distribution expenses 市场推广及分销开支 (2,796) (2,515) Administrative and other operating 行政及其他经营开支 expenses (54,281) (50,132) Finance costs 财务成本 8 (2,501) (3,477) Profit before income tax 除所得税前溢利 9 41,264 55,750 Income tax expense 所得税开支 10 (5,107) (9,372) Profit for the year 年内溢利 36,157 46,378 Other comprehensive income 年内其他全面收益 for the year Item that may be reclassified 其后可能重新分类为 subsequently to profit or loss 损益的项目 Exchange differences arising from 换算海外业务产生的 translation of foreign operations 汇兑差额 (282) (1,108) Other comprehensive income 年内其他全面收益 for the year (282) (1,108) Total comprehensive income 年内全面收益总额 for the year 35,875 45,270 HK cents HK cents 港仙 港仙 Earnings per share 每股盈利 Basic and diluted earnings per share 每股基本及摊薄盈利 13 6.49 8.33 44 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
As at 31 March 2025
于二零二五年三月三十一日
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
ASETS AND LIABILITIES资产及负债
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备1416,81614,871
Investment property投资物业153,5253,913
Godwil商誉16601601
Deposits按金19155156
Defered tax asets递延税项资产243,384405
24,48119,946
Curent asets流动资产
Inventories存货1719,40914,926
Contract asets合约资产18(b)70,97045,398
Trade and other receivables, deposits and
prepayments
贸易及其他应收款项、
按金及预付款项19200,811275,793
Tax recoverable可收回税项2,180339
Cash and bank balances现金及银行结余20119,966170,231
413,336506,687
Curent liabilities流动负债
Contract liabilities合约负债18(c)42,43776,384
Trade and other payables贸易及其他应付款项21119,503135,871
Lease liabilities租赁负债22(a)6,5145,306
Tax payable应付税项1,4833,250
Bank borowings银行借款23–9,276
169,937230,087
Net curent asets流动资产净值243,399276,600
Total asets les curent liabilities资产总值减流动负债267,880296,546
Non-curent liabilities非流动负债
Lease liabilities租赁负债22(a)6,4664,176
Defered tax liabilities递延税项负债241616
6,4824,192
Net asets资产净值261,398292,354
CAPITAL AND RESERVES资本及储备
Share capital股本255,5695,569
Reserves储备26255,829286,785
Total equity总权益261,398292,354
On behalf of the directors代表董事
Yip Pak HungWai Yat Kin
叶柏雄韦日坚
DirectorDirector
董事董事
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 综合权益变动表 For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 Share Share Merger Exchange Statutory Retained capital premium* reserve* reserve* reserve* profits* Total 股本 股份溢价* 合并储备* 汇兑储备* 法定储备* 保留溢利* 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 (note 25) (note 26) (note 26) (note 26) (note 26) (note 26) （附注25） （附注26） （附注26） （附注26） （附注26） （附注26） At 1 April 2023 于二零二三年四月一日 5,569 23,829 7,437 (243) – 227,200 263,792 Profit for the year 年内溢利 – – – – – 46,378 46,378 Other comprehensive income 其他全面收益 – Exchange differences arising from － 换算海外业务产生的 translation of foreign operations 汇兑差额 – – – (1,108) – – (1,108) Total comprehensive income 年内全面收益总额 for the year – – – (1,108) – 46,378 45,270 Final dividend in respect of 2023 二零二三年的末期股息 (note 12(b)) （附注12(b)） – – – – – (16,708) (16,708) Appropriations to statutory reserve 拨款至法定储备 – – – – 1,469 (1,469) – At 31 March 2024 and 于二零二四年三月三十一日及 1 April 2024 二零二四年四月一日 5,569 23,829 7,437 (1,351) 1,469 255,401 292,354 Profit for the year 年内溢利 – – – – – 36,157 36,157 Other comprehensive income 其他全面收益 – Exchange differences arising from － 换算海外业务产生的 translation of foreign operations 汇兑差额 – – – (282) – – (282) Total comprehensive income 年内全面收益总额 for the year – – – (282) – 36,157 35,875 Final and special dividend in respect 二零二四年的末期及特别股息 of 2024 (note 12(b)) （附注12(b)） – – – – – (44,554) (44,554) Special interim dividend in respect of 二零二五年的特别中期 2025 (note 12(a)) 股息（附注12(a)） – – – – – (22,277) (22,277) Appropriations to statutory reserve 拨款至法定储备 – – – – 647 (647) – At 31 March 2025 于二零二五年三月三十一日 5,569 23,829 7,437 (1,633) 2,116 224,080 261,398 * The total of these equity accounts at the end of the reporting period * 该等权益账于报告期末的总额为综合财务状况 represents “Reserves” in the consolidated statement of financial position 表的「储备」 46 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
应力控股有限公司 | 二零二五年度报告
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Operating activities经营活动
Profit before income tax除所得税前溢利41,26455,750
Adjustments for:就下列各项作出调整：
Depreciation on property, plant and
equipment
物业、厂房及设备的
折旧8,7379,290
Write-back of trade and retention
payables
贸易应付款项及
应付留金拨回(1,086)(182)
Gain on disposal of property, plant and
equipment
出售物业、厂房及设备
之收益(512)(43)
Fair value los on investment property投资物业之公平值亏损343294
Provision of alowance for inventories存货计提拨备2447
Interest income利息收入(4,597)(4,010)
Finance costs财务成本2,5013,477
Impairment los on trade receivables贸易应收款项之减值亏损15,6038,794
Impairment los on retention receivables应收保留金之减值亏损1,9392,352
Reversal of impairment los on contract
asets
合约资产之拨回减值亏损
(1,082)(896)
Operating profit before working capital
changes
营运资金变动前的经营溢利
63,35474,833
(Increase)/Decrease in inventories存货（增加）╱减少(5,496)2,003
(Increase)/Decrease in contract asets合约资产（增加）╱减少(24,490)68,901
Decrease/(Increase) in trade and other
receivables, deposits and prepayments
贸易及其他应收款项、按金
及预付款项减少╱（增加）57,137(64,948)
(Decrease)/Increase in contract liabilities合约负债（减少）∕增加(33,947)20,871
(Decrease)/Increase in trade and other
payables
贸易及其他应付款项
（减少）∕增加(14,607)14,499
Net cash generated from operations经营所得现金净额41,951116,159
Interest paid on bank borowings已付银行借款的利息(1,911)(3,021)
Interest received已收利息4,5974,010
Income tax paid, net已付所得税净额(11,568)(7,666)
Net cash generated from operating
activities
经营活动所得现金净额
33,069109,482
Investing activities投资活动
Purchase of property, plant and equipment购买物业、厂房及设备(1,013)(2,632)
Proceds from disposal of property, plant
and equipment
出售物业、厂房及设备之
所得款项63255
Withdrawal of fixed term deposit提取定期存款–10,125
Net cash (used in)/generated from
investing activities
投资活动所（用）╱得
现金净额(381)7,548
| CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED) 综合现金流量表（续） For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 Financing activities 融资活动 Dividends paid 已付股息 12(a) & (b) (66,831) (16,708) Proceeds from new bank borrowings 新银行借款的所得款项 31 60,000 84,297 Repayments of bank borrowings 偿还银行借款 31 (69,276) (120,888) Payment of principal element of lease 支付租赁负债之本金部分 liabilities 31 (6,329) (7,485) Payment of interest element of lease 支付租赁负债之利息部分 liabilities 31 (580) (447) Net cash used in financing activities 融资活动所用现金净额 (83,016) (61,231) Net (decrease)/increase in cash and 现金及现金等价物的 cash equivalents （减少）╱增加净额 (50,328) 55,799 Cash and cash equivalents at the 年初之现金及现金等价物 beginning of year 170,231 114,818 Effect of exchange rate changes on 汇率变动对现金及现金 cash and cash equivalents 等价物的影响 6 3 (386) Cash and cash equivalents 年末之现金及现金等价物 at the end of year 119,966 170,231 48 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
1. GENERAL INFORMATION
KPa-BM Holdings Limited (the “Company”) was incorporated
as an exempted company in the Cayman Islands with limited
liability on 15 May 2015. The shares of the Company were listed
on the Main Board of the Stock Exchange of Hong Kong Limited
(the “Stock Exchange”). The adres of its registered ofice is
Windward 3, Regata Ofice Park, P.O. Box 1350, Grand Cayman
KY1-1108, Cayman Islands. Its principal place of busines is
located at 27/F, The Octagon, 6 Sha Tsui Road, Tsuen Wan, New
Teritories, Hong Kong.
The Group, comprising the Company and its subsidiaries, is
principaly engaged in (i) provision of structural enginering
works; (i) suply and instalation of building material products;
and (i) trading of building material products.
The Company’s parent is Suces Wing Investments Limited
(“Suces Wing”), a company incorporated in the British Virgin
Islands (“BVI”). In the opinion of the directors, Suces Wing is
also the ultimate parent of the Company.
The consolidated financial statements for the year ended 31
March 2025 were aproved and authorised for isue by the
directors on 25 June 2025.
2. MATERIAL ACOUNTING POLICIES
The acounting policies adopted in the preparation of these
consolidated financial statements are sumarised below. These
policies have ben consistently aplied to al the years presented
unles otherwise stated.
(a) Basis of preparation
The consolidated financial statements have ben prepared
in acordance with al HKFRS Acounting Standards isued
by the Hong Kong Institute of Certified Public Acountants
(“HKICPA”) and the disclosure requirements of the Hong
Kong Companies Ordinance which concern the preparation
of financial statements. In adition, the consolidated
financial statements include aplicable disclosures required
by the Rules Governing the Listing of Securities on the
Stock Exchange.
The consolidated financial statements have ben prepared
under the historical cost basis except for investment
property, which are measured at fair value. The
measurement basis are fuly described in the acounting
policies below.
Amounts are rounded to the nearest thousands, unles
otherwise stated.
The consolidated financial statements are presented in
Hong Kong dolars (“HK$”), which is same as the functional
curency of the Company and its major subsidiaries.
1. 一般资料
应力控股有限公司（「本公司」）于二零
一五年五月十五日在开曼群岛注册成
立为获豁免有限公司。本公司股份于香
港联合交易所有限公司（「联交所」）主
板上市。注册办事处地址为Windward
3, Regata Ofice Park, P.O. Box 1350,
Grand Cayman KY1-1108, Cayman
Islands。本公司的主要营业地点为香港
新界荃湾沙咀道6号嘉达环球中心27楼。
本集团（包括本公司及其附属公司）主
要从事(i)提供结构工程工作；(i)供应及
安装建材产品；及(i)买卖建材产品。
本公司母公司成颖投资有限公司（「成
颖」）为一家于英属处女群岛（「英属处
女群岛」）注册成立的公司。董事认为成
颖亦为本公司的最终母公司。
截至二零二五年三月三十一日止年度的
综合财务报表于二零二五年六月二十五
日获董事批准及授权刊发。
2. 重要会计政策
以下为编制此等综合财务报表时采用的
会计政策概要。除另有指明外，此等政
策已于所呈列的各年度贯彻应用。
(a) 编制基准
综合财务报表乃根据香港会计师公
会（「香港会计师公会」）颁布的所
有香港财务报告准则会计准则以及
有关财务报表编制的香港公司条例
披露规定而编制。此外，综合财务
报表载有联交所证券上市规则规定
之适用披露资料。
除投资物业按公平值计量外，综合
财务报表乃按历史成本基准编制。
计量基准于会计政策中详述。
除另有说明外，金额均约整至最接
近的千位数。
综合财务报表乃以港元（「港元」）
呈列，港元为本公司及其主要附属
公司的功能货币。
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (a) Basis of preparation (Continued) (a) 编制基准（续） Accounting estimates and assumptions are used in the 编制此等综合财务报表时已采用会 preparation of the consolidated financial statements. 计估计及假设。尽管该等估计及假 Although these estimates and assumptions are based on 设乃由管理层根据其对现时事件及 management’s best knowledge and judgment of current 行动的最佳认识及判断而作出，惟 events and actions, actual results may ultimately be 实际结果最终可能与该等估计及假 different from those estimates and assumptions. The areas 设有所差异。涉及较高程度的判断 involving higher degree of judgment or complexity, or areas 或复杂性的范畴，或对此等综合财 where assumptions and estimates are material to these 务报表具有重要影响的假设及估计 consolidated financial statements are disclosed in note 4. 的范畴在附注4中披露。 (b) Basis of consolidation (b) 综合基准 The consolidated financial statements comprise the 综合财务报表包括本公司及其附属 financial statements of the Company and its subsidiaries. 公司的财务报表。公司间交易、集 Inter-company transactions and balances between group 团公司间结余以及未变现溢利于编 companies together with unrealised profits are eliminated 制综合财务报表时悉数对销。未变 in full in preparing the consolidated financial statements. 现亏损亦予以对销，除非交易有证 Unrealised losses are also eliminated unless the transaction 据显示所转让资产出现减值，则在 provides evidence of impairment on the asset transferred, 此情况下，亏损于损益内确认。 in which case the loss is recognised in profit or loss. Goodwill arising on business combination is measured 业务合并产生的商誉乃根据附注 according to the policy as disclosed in note 2(d). 2(d)所披露的政策计量。 (c) Subsidiaries (c) 附属公司 A subsidiary is an investee over which the Company is able 附属公司为本公司可对其行使控 to exercise control. The Company controls an investee if all 制权的投资对象。倘以下三个因素 three of the following elements are present: power over 全部满足，则本公司控制该投资对 the investee; exposure, or rights, to variable returns from 象：拥有对投资对象的权力；承担 the investee; and the ability to use its power to affect those 或享有来自投资对象的可变回报的 variable returns. Control is reassessed whenever facts and 风险或权利；及可利用其权力影响 circumstances indicate that there may be a change in any 该等可变回报。当有事实及情况显 of these elements of control. 示任何该等控制权因素可能出现变 动时，控制权需被重新评估。 (d) Goodwill (d) 商誉 Goodwill arising on acquisition is initially recognised in 收购所产生之商誉初步会于综合财 the consolidated statement of financial position as an 务状况表内以成本确认为一项资 asset at cost and subsequently measured at cost less any 产，其后按成本扣除任何累计减值 accumulated impairment losses. Goodwill is reviewed for 亏损计算。商誉于各报告期末作减 impairment at the end of each reporting period or more 值测试，倘事件或情况改变显示商 frequently if events or changes in circumstances indicate 誉账面值可能减值时，则会更频密 that the carrying value of goodwill may be impaired (note 地进行测试（附注2(p)）。 2(p)). (e) Property, plant and equipment (e) 物业、厂房及设备 Property, plant and equipment are stated at cost less 物业、厂房及设备按成本减累计折 accumulated depreciation and accumulated impairment 旧及累计减值亏损（如有）列账。 losses, if any. The cost of property, plant and equipment includes its 物业、厂房及设备的成本包括其购 purchase price and the costs directly attributable to the 入价及收购该等项目直接应占的成 acquisition of the items. 本。 50 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(e) 物业、厂房及设备（续）
物业、厂房及设备采用直线法按如
下的估计可使用年期计提折旧以撇
销其成本（经扣除预期剩余价值）：
其他自用租赁
物业的使用权
按租期
汽车按剩余租期或
估计可使用年期
（以较短者为准）
租赁物业装修5年或按剩余租期
（以较短者为准）
厂房及机器10年
家私及装置5年
办公室设备5年
电脑设备3年
可使用年期、剩余价值及折旧方法
于各报告期末检讨并于适当情况下
作出调整。
出售物业、厂房及设备项目的收益
或亏损，按出售所得款项净额与其
账面值的差额厘定，并于出售时于
损益内确认。
(f) 投资物业
投资物业为持作赚取租金或资本升
值或两者兼有，而非于日常业务过
程中持作出售、用于生产或提供货
品或服务，或作行政用途之土地及
楼宇权益（包括符合投资物业定义
之物业之经营租赁下的租赁权益）。
投资物业于初次确认时按成本计量
及其后按公平值计量，而就此产生
的任何变动于损益内确认。
出售投资物业的收益或亏损于损益
内确认。投资物业的租金收入根据
附注2(i)(iv)进行确认。
2. MATERIAL ACOUNTING POLICIES (Continued)
(e) 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 as folows:
Right-of-use for other
properties leased for
own use
Over the lease term
Motor vehiclesOver the shorter of remaining
lease term or estimated
useful life
Leasehold improvementsOver the shorter of 5 years or
the remaining lease terms
Plant and machineries10 years
Furniture and fixtures5 years
Ofice equipment5 years
Computer equipment3 years
The useful lives, residual value and depreciation method are
reviewed, and adjusted if apropriate, at the end of each
reporting period.
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.
(f) Investment property
Investment property is interest in land and buildings
(including the leasehold interest under an operating lease
for a property which would otherwise met the definition
of an investment 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 property is measured at cost on initial
recognition and subsequently at fair value with any change
therein recognised in profit or los.
Any gain or los on disposal of investment property is
recognised in profit or los. Rental income from investment
properties is recognised in acordance with note 2(i)(iv).
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (g) Leasing (g) 租赁 The Group assesses at contract inception whether a 本集团于合约起始时评估合约是否 contract is, or contains, a lease. A contract is, or contains, 属于租赁（或包含租赁）。倘合约 a lease if the contract conveys the right to control the use 为以换取代价而授予已识别资产于 of identified asset for a period of time in exchange for 一段时间内的使用控制权，则被定 consideration. 义为租赁（或包含租赁）。 (i) The Group as a lessee (i) 本集团作为承租人 All leases are capitalised in the consolidated statement 所有租赁于综合财务状况表 of financial position as right-of-use assets and lease 资本化作为使用权资产及租 liabilities except for short-term leases and/or low-value 赁负债，惟短期租赁及╱或低 leases. The Group has elected not to recognise 价值租赁则除外。本集团已选 right-of-use assets and lease liabilities for low-value 择不就低价值资产以及于开 assets and leases for which at the commencement 始日期租赁期少于12个月或 date have a lease term of 12 months or less and do 以下及并无包括购买选择的 not contain purchase option. The lease payments 租赁确认使用权资产及租赁 associated with those leases have been expensed on 负债。与该等租赁相关的租赁 straight-line basis over the lease term. 付款已于租赁期内按直线法 支销。 Right-of-use assets 使用权资产 Right-of-use assets are recognised at cost and would 使用权资产乃按成本确认并 comprise: 包括： (i) the amount of the initial measurement of the lease (i)初步计量租赁负债的金额（见 liability (see below for the accounting policy for lease 下文有关租赁负债的会计政 liability); (ii) any lease payments made at or before 策）；(ii)于开始日期或之前作 the commencement date, less any lease incentives 出的任何租赁付款减已收取 received; (iii) any initial direct costs incurred by the 的任何租赁奖励；(iii)承租人 lessee; and (iv) an estimate of costs to be incurred by 产生的任何初步直接成本；及 the lessee in dismantling and removing the underlying (iv)承租人根据租赁条款及条 asset to the condition required by the terms and 件规定的情况下分解及移除 conditions of the lease, unless those costs are incurred 相关资产时将产生的估计成 to produce inventories. 本，除非该等成本乃为生产存 货而产生则除外。 The Group leases properties under tenancy agreements 本集团根据租赁协议出租物 and acquire motor vehicle under hire purchase 业及根据租购安排购买汽车。 arrangement. These leases are measured according to 该等租赁按以下政策计量，并 the following policies and presented in property, plant 于「使用权资产」类别的物业、 and equipment under the category of “right-of-use 厂房及设备中以「其他租赁自 assets” as “other properties leased for own use” 用的物业」及「汽车」呈列。该 and “motor vehicles”. Right-of-use assets of these 等租赁的使用权资产乃按成 leases are measured at cost. Right-of-use assets are 本计量。使用权资产按直线法 depreciated over the shorter of the assets’ useful 以资产可使用年期及租期（以 life and lease term on a straight-line basis, less any 较短者为准）计算折旧，减去 accumulated depreciation and any impairment losses, 任何累计折旧及任何减值亏 and adjusted for any remeasurement of lease liability. 损，并就租赁负债的任何重新 计量作出调整。 52 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(g) 租赁（续）
(i) 本集团作为承租人（续）
租赁负债
租赁负债按并非于租赁开始
日期支付之租赁付款的现值
确认。倘租赁隐含的利率可供
厘定，租赁付款采用该利率贴
现。倘该利率不易厘定，本集
团采用承租人的增量借款利率。
于开始日期后，本集团透过下
列方式计量租赁负债：(i)增加
账面值以反映租赁负债的利
息；(i)减少账面值以反映所作
出的租赁付款；及(i)重新计
量账面值以反映任何重估或
租赁修改，如指数或利率变动
导致日后租赁付款变动、租期
变动、实质固定租赁付款变动
或购买相关资产的评估变动。
本集团于综合财务状况表内
独立呈列租赁负债。
(i) 本集团作为出租人
本集团于租赁开始时厘定各
租赁为融资租赁或经营租赁。
倘租赁转移相关资产所有权
所附带之绝大部分风险与回
报至承租人，则分类为融资租
赁，否则，租赁分类为经营租
赁。
本集团已将其投资物业出租
予多个租户。经营租赁的租金
收入于相关租期内按直线法
于损益确认。磋商及安排经营
租赁所产生的初步直接成本
计入租赁资产的账面值，而该
等成本于租期内按直线法确
认为开支。
(h) 金融工具
(i) 金融资产
按公平值计入损益的金融资
产（并无重大融资部分的贸易
应收款项除外）初步按公平值
加上或扣除与其收购或发行
直接相关的交易成本计量。并
无重大融资部分的贸易应收
款项初步按交易价格计量。
2. MATERIAL ACOUNTING POLICIES (Continued)
(g) Leasing (Continued)
(i) The Group as a lese (Continued)
Lease liabilities
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
lese’s incremental borowing rate.
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, e.g., a change in future lease payments
arising from change in an index or rate, a change in
the lease term, a change in the in substance fixed
lease payments or a change in asesment to purchase
the underlying aset.
The Group presents lease liabilities separately in the
consolidated statement of financial position.
(i) The Group as a lesor
The Group determines at lease inception whether each
lease is a finance lease or an operating lease. A lease is
clasified as a finance lease if it transfers substantialy
al the risks and rewards incidental to the ownership
of an underlying asets to the lese. Otherwise, the
lease is clasified as on operating lease.
The Group has leased out its investment property to
a number of tenants. 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.
(h) 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, 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.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (h) Financial instruments (Continued) (h) 金融工具（续） (i) Financial assets (Continued) (i) 金融资产（续） Amortised cost 摊销成本 Debt instruments, including trade and other receivables 为收取合约现金流量而持有 and deposits, fixed term deposit and cash and bank 的债务工具，包括贸易及其他 balances that are held for collection of contractual 应收款项及按金、定期存款以 cash flows where those cash flows represent solely 及现金及银行结余，倘该等现 payments of principal and interest are subsequently 金流量仅代表本金及利息的 measured at amortised cost using the effective interest 支付，则其后采用实际利率法 method. Interest income, foreign exchange gains and 按摊余成本计量。利息收入、 losses and impairment are recognised in profit or loss. 汇兑损益及减值于损益中确 Any gain or loss on derecognition is recognised in 认。任何终止确认的损益均于 profit or loss. 损益中确认。 Trade receivable is recognised when the Group has 贸易应收款项于本集团有权 an unconditional right to receive consideration from 无条件向客户收取代价时确 the customer. A right to receive consideration is 认。倘于支付代价前仅需要经 unconditional if only the passage of time is required 过一段时间，则收取代价的权 before payment of that consideration is due. If 利为无条件。倘本集团于拥有 revenue has been recognised before the Group has 无条件收取代价的权利前已 an unconditional right to receive consideration, the 确认收益，则该金额将作为合 amount is presented as a contract asset (see note 2(j)). 约资产呈列（见附注2(j)）。 (ii) Impairment loss on financial assets and (ii) 金融资产及合约资产减值 contract assets 亏损 The Group recognises loss allowances for expected 本集团就贸易应收款项、合约 credit losses (“ECLs”) on trade receivables, contract 资产、应收保留金（客户解除 asset, retention receivables (retention monies released 的保留金）、其他应收款项及 by customers), other receivables and deposits, other 按金、按摊销成本计量的其他 financial assets measured at amortised cost. 金融资产确认预期信贷亏损 （「预期信贷亏损」）之亏损拨 备。 The ECLs are measured on either of the following 预期信贷亏损乃按以下任一 bases: (1) 12-month ECLs: these are the ECLs that 基准计量：(1)12个月预期信 result from possible default events within the 12 贷亏损：指报告期末后12个 months after the end of the reporting period: and 月内发生可能违约事件而产 (2) lifetime ECLs: these are ECLs that result from all 生的预期信贷亏损；及(2)全期 possible default events over the expected life of a 预期信贷亏损：指金融工具预 financial instrument. The maximum period considered 期账龄内发生所有可能违约 when estimating ECLs is the maximum contractual 事件而产生的预期信贷亏损。 period over which the Group is exposed to credit risk. 于估计预期信贷亏损时所考 虑的最长期间为本集团面临 信贷风险的最长合约期间。 ECLs are a probability-weighted estimate of credit 预期信贷亏损乃信贷亏损的 losses. Credit losses are measured as the difference 概率加权估计。信贷亏损乃按 between all contractual cash flows that are due to the 根据合约应付本集团的所有 Group in accordance with the contract and all the cash 合约现金流量与本集团预期 flows that the Group expects to receive. The shortfall 收取的现金流量之间的差额 is then discounted at an approximation to the assets’ 计量。其后差额按资产原实际 original effective interest rate. 利率的相若金额贴现。 54 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(h) 金融工具（续）
(i) 金融资产及合约资产减值
亏损（续）
本集团采用简化方法计量贸
易应收款项、合约资产及应收
保留金（客户解除的保留金）
亏损拨备，并已根据全期预期
信贷亏损的共同及个别评估
计算预期信贷亏损。本集团已
基于本集团历史信贷亏损经
验建立拨备矩阵，并就债务人
之特定前瞻性因素及经济环
境作出调整。
就其他债务金融资产而言，本
集团应用一般方法而基于12
个月预期信贷亏损计量预期
信贷亏损。然而，倘自发生以
来信贷风险显著增加，则拨备
将以全期预期信贷亏损为基准。
于厘定金融资产信贷风险是
否自初步确认以来大幅增加
及估计预期信贷亏损时，本集
团在避免不当成本或努力的
前提下考虑相关可得的合理
可靠资料，包括根据本集团过
往经验及已知信贷评估得出
的定量及定性资料分析，以及
前瞻性资料。本集团按个别或
整体基准评估有关信贷风险
是否已显著增加。就减值整体
评估而言，金融工具基于共同
的信贷风险特点分组，例如逾
期状况及信贷风险评级。本集
团假定逾期超过30日的金融
资产之信贷风险已显著增加，
除非本集团有合理及可靠资
料证明并非如此。
本集团假定违约不迟于金融
资产（贸易应收款项除外）逾
期90日后发生，除非本集团有
合理及可靠的资料证明更滞
后的违约标准更为合适。
考虑到行业惯例及若干客户
的财务背景，本集团根据客户
所从事行业的业务周期，推翻
贸易应收款项逾期90日以上
即为拖欠的推定。
2. MATERIAL ACOUNTING POLICIES (Continued)
(h) Financial instruments (Continued)
(i) Impairment los on financial asets and
contract asets (Continued)
The Group measures los alowances for trade
receivables, contract asets and retention receivables
(retention monies released by customers) using
simplified aproach and has calculated ECLs based on
lifetime ECLs with colective and individual asesment.
The Group has established a provision matrix that is
based on the Group’s historical credit los experience,
adjusted for forward-loking factors specific to the
debtors and the economic environment.
For other debt financial asets, the Group aplies
general aproach to measure ECLs based on 12-month
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 ECLs, 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
aseses whether the credit risk on an exposure has
increased significantly on an individual or colective
basis. For the purposes of a colective evaluation of
impairment, financial instruments are grouped on the
basis of shared credit risk characteristics, such as past
due status and credit risk ratings. The Group presumes
that the credit risk on a financial aset has increased
significantly if it is more than 30 days past due, unles
the Group has reasonable and suportable information
that demonstrate otherwise.
The Group presumes that default does not ocur
later than when a financial aset, except for trade
receivables, is 90 days past due unles the Group
has reasonable and suportable information to
demonstrate that a more laging default criterion is
more apropriate.
Having regard to the industry practice as wel as the
financial background of certain customers, the Group
has rebuted the presumptions that trade receivables
are in default when they are more than 90 days past
due having regard to the busines cycle of the industry
in which the customers are engaged.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (h) Financial instruments (Continued) (h) 金融工具（续） (ii) Impairment loss on financial assets and (ii) 金融资产及合约资产减值 contract assets (Continued) 亏损（续） The Group recognises an impairment gain or loss 本集团就按摊销成本列账的金 in profit or loss for financial instruments carried at 融工具通过利用亏损拨备账调 amortised cost by adjusting their carrying amount 整账面值而于损益确认减值收 through the use of a loss allowance account. The gross 益或亏损。若日后实际上不可 carrying amount of a financial asset is written off (either 收回款项，本集团则会撇销（部 partially or in full) to the extent that there is no realistic 分或全部）金融资产的总账面 prospect of recovery. This is generally the case when the 值。该情况通常出现在本集团 Group determines that the debtor does not have assets 确定债务人并无资产或收入来 or sources of income that could generate sufficient cash 源可产生足够现金流量来偿还 flows to repay the amounts subject to the write-off. 应撇销的金额。随后收回先前 Subsequent recoveries of an asset that was previously 撇销的资产于收回期间在损益 written off are recognised as a reversal of impairment in 内确认为减值拨回。 profit or loss in the period in which the recovery occurs. (iii) Financial liabilities (iii) 金融负债 The Group classifies its financial liabilities at amortised 本集团按摊销成本对其金融 cost. Financial liabilities measured at amortised 负债进行分类。按摊销成本计 cost including trade and other payables and bank 量之金融负债（包括贸易及其 borrowings, are subsequently measured at amortised 他应付款项以及银行借款）， cost, using the effective interest method. The related 随后按摊销成本采用实际利 interest expense is recognised in profit or loss. 息法计量。相关利息开支于损 益中确认。 Gains or losses are recognised in profit or loss when 当负债终止确认时，以及在摊 the liabilities are derecognised as well as through the 销过程中，收益或亏损于损益 amortisation process. 中确认。 (iv) Equity instruments (iv) 股本工具 Equity instruments issued by the Company are 本公司发行之股本工具确认 recorded at the proceeds received, net of direct issue 为扣除直接发行成本后收取 costs. 之所得款项。 (v) Financial guarantee contracts (v) 财务担保合约 A financial guarantee contract is a contract that 财务担保合约乃规定发行人向 requires the issuer to make specified payments to 持有人支付指定金额以补偿持 reimburse the holder for a loss it incurs because a 有人因指定债务人未能根据债 specified debtor fails to make payment when due in 务工具原订或经修订条款于到 accordance with the original or modified terms of 期时付款而蒙受损失之合约。 a debt instrument. A financial guarantee contract 由本集团发行且并非指定为按 issued by the Group and not designated as at fair 公平值计入损益的财务担保合 value through profit or loss is recognised initially at 约初步按公平值减发行财务担 its fair value less transaction costs that are directly 保合约直接产生的交易成本予 attributable to the issue of the financial guarantee 以确认。初始确认后，本集团 contract. Subsequent to initial recognition, the Group 按以下各项较高者计量财务担 measures the financial guarantee contact at the higher 保合约：(i)根据附注2(h)(ii)所 of: (i) the amount of the loss allowance, being the 载会计政策原则计量的预期信 ECLs provision measured in accordance with principles 贷亏损拨备之亏损拨备金额； of the accounting policy set out in note 2(h)(ii); and (ii) 及(ii)初始确认金额减（如适用） the amount initially recognised less, when appropriate, 根据香港财务报告准则第15号 cumulative amortisation recognised in accordance with 客户合约收益（「香港财务报告 the principles of HKFRS 15 Revenue from Contracts 准则第15号」）原则确认的累计 with Customers (“HKFRS 15”). 摊销。 56 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(h) 金融工具（续）
(vi) 终止确认
当与金融资产相关之未来现
金流量合约权利届满，或当金
融资产已按照符合香港财务
报告准则第9号金融工具（「香
港财务报告准则第9号」）终止
确认之条件转让，则本集团终
止确认该项金融资产。
当于相关合约之特定责任被
解除、取消或届满时，即终止
确认金融负债。
(i) 收益及其他收入确认
(i) 提供结构工程工作以及供
应及安装建材产品之收益
本集团已确定结构工程合约
以及供应及安装合约相关的
不同要素之间有重大整合，因
此该合约被视为仅包含单一
履约责任。此外，本集团的表
现创造或增强了客户在资产
创建或增强时控制的资产。因
此该等合约的收益随时间确认。
当结构工程合约以及供应及
安装合约之履约责任的结果
能够合理计量时，合约收益和
相关的合约成本会随著时间
的推移而根据截至报告期末
的各自合约的进展予以确认。
完全满足结构工程合约以及
供应及安装合约之履约责任
的进展乃使用输入数据法厘
定，其参照到目前为止所产生
的合约费用占估计合约总费
用的比例计量。结构工程合约
以及供应及安装合约之合约
成本与合约进度为高度相关。
当结构工程合约以及供应及
安装合约之履约责任的结果
无法合理计量，收益仅在预计
将收回的合约成本的范围内
确认。
2. MATERIAL ACOUNTING POLICIES (Continued)
(h) 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 Instruments (“HKFRS 9”).
Financial liabilities are derecognised when the
obligation specified in the relevant contract is
discharged, canceled or expires.
(i) Recognition of revenue and other income
(i) Revenue from rendering structuring
enginering works and suply and instalation
of building material products
The Group has determined that there are significant
integration of diferent elements underlying a structural
enginering contract and suply and instalation
contract and thus such contracts are considered
to contain only a single performance obligation. In
adition, the Group’s performance creates or enhances
an aset that the customer controls as the aset is
created or enhanced. Acordingly, the revenue from
these contracts are recognised over time.
When the outcome of a performance obligation in
the structural enginering contract and suply and
instalation contract can be reasonably measured,
contract revenue and the asociated contract costs
are recognised over time based on the progres of
the respective contract at the end of the reporting
period. The progres toward complete satisfaction of
the performance obligation of a structural enginering
contract and suply and instalation contract is
determined using input method which is measured
by reference to the contract costs incured to date
as a proportion of the total estimated contract costs.
Contract costs and contract progres are highly
corelated for structural enginering contract and
suply and instalation contract.
When the outcome of a performance obligation in
the structural enginering contract and suply and
instalation contract canot be reasonably measured,
revenue is recognised only to the extent of contract
costs incured that are expected to be recovered.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (i) Recognition of revenue and other income (i) 收益及其他收入确认（续） (Continued) (i) Revenue from rendering structuring (i) 提供结构工程工作以及供 engineering works and supply and installation 应及安装建材产品之收益 of building material products (Continued) （续） Contract modification (i.e. variation order) are 合约修改（即更改订单）在客 recognised when they are approved by customer. 户批准时予以确认。通常，对 Generally modification to a structural engineering 结构工程合约以及供应及安 contract and supply and installation contract is 装合约的修改不作为单独的 not accounted for as a separate contract. Contract 合约进行核算。合约修改被视 modification is accounted for as if it were a part of 为现有合约的一部分，因此构 the existing contract and, therefore, form part of a 成单一履约责任的一部分， single performance obligation that is partially satisfied 在合约修改之日部分履行。合 at the date of the contract modification. The effect 约修订对合约金额以及对本 that the contract modification has on the contract 集团计量达致完全履行履约 sum and on the Group’s measures of progress towards 责任的进度之影响，在合约修 complete satisfaction of the performance obligation, 订之日被确认为对收益的调 is recognised as an adjustment to revenue (either as 整（作为收益的增加或减少） an increase in or a reduction of revenue) at the date （即对收益的调整是在累计追 of the contract modification (i.e. the adjustment to 补的基础上进行的）。对于尚 revenue is made on a cumulative catch-up basis). For 未商定价格变动的批准修改 approved modifications where a change in price has 和其他债权，它们按照与可变 not been agreed and other claims, they are accounted 对价相关的要求进行会计处 for following the requirements in relation to variable 理，即代价金额按本集团就向 consideration that the amount of consideration is 客户转移货品或服务而有权 estimated to which the Group will be entitled in 获得者估计。可变代价受到限 exchange for transferring the goods or services to the 制，直至在已确认之累计收益 customer. The variable consideration is constrained 金额中极不可能出现重大收 until it is highly probable that a significant revenue 益回拨为止。 reversal in the amount of cumulative revenue recognised will not occur. If at any time the costs to complete the contract 倘若在任何时候完成合约的 are estimated to exceed the remaining amount of 成本估计超过合约下的代价 the consideration under the contract, a provision is 余额，则按照亏损性合约的会 recognised in accordance with the accounting policy 计政策确认拨备。 for onerous contracts. (ii) Trading of building material products (ii) 买卖建材产品 Revenue from sales of goods is recognised at a point 销售货品的收益于货品交付 in time when the goods are delivered to and accepted 予客户并由客户接纳时确认， by customers, taking into account any sales returns, 当中计及本集团所允许的任 discounts and rebates allowed by the Group. There 何销售退货、折扣及回赠。通 is generally only one performance obligation. No 常只有一项履约责任。由于销 element of financing is deemed to exist as the sales 售是按30日或以下的信贷期 are made with credit terms of 30 days or below, which 进行（与市场惯例一致），因 is consistent with the market practice. 此视为不存在任何融资元素。 58 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(i) 收益及其他收入确认（续）
(i) 委托人与代理人
当涉及另一方向客户提供货
品或服务时，本集团厘定其承
诺之性质是否为提供指定货
品或服务本身之履约责任（即
本集团为委托人）或安排由其
他方提供该等货品或服务（即
本集团为代理人）。
倘本集团在向客户转让货品或
服务前控制指定货品或服务，
则本集团为委托人。倘本集团
的履约责任为安排另一方提
供指定货品或服务，则本集团
为代理人。在此情况下，本集
团于向客户转让货品或服务
前并不控制另一方提供的指
定货品或服务。当本集团为委
托人时，就向客户转让指定货
品或服务时，则按毛额确认收
入。当本集团为代理人时，就
安排另一方提供之指定货品
或服务而预期有权换取的费
用或佣金额按净额确认收入。
(iv) 其他收入
利息收入采用实际利率法于
应计时确认。信贷减值金融资
产的利息收入乃按金融资产
的摊销成本（即账面总额减亏
损拨备）计算。非信贷减值金
融资产的利息收入乃按账面
总额计算。
经营租赁之租金收入于有关
租期内按直线法确认。
(j) 合约结余
合约资产及负债
合约资产指本集团就其已向客户转
移服务而换取代价的权利（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，即仅
需待时间过去便到期获支付代价。
合约负债指本集团因已自客户收取
代价（或一笔代价已到期），而须
转移服务予客户的责任。
2. MATERIAL ACOUNTING POLICIES (Continued)
(i) Recognition of revenue and other income
(Continued)
(i) Principal versus agent
When another party is involved in providing gods or
services to a customer, the Group determines whether
the nature of its promise is a performance obligation
to provide the specified gods or services itself (i.e.
the Group is a principal) or to arange for those gods
or services to be provided by the other party (i.e. the
Group is an agent).
The Group is a principal if it controls the specified
gods or service before that gods or service is
transfered to a customer. The Group is an agent if its
performance obligation is to arange for the provision
of the specified gods or service by another party. In
this case, the Group does not control the specified
gods or service provided by another party before that
gods or service is transfered to the customer. When
the Group acts as a principal, it recognises revenue on
gros basis in exchange for transfering the specified
gods or services to a customer. When the Group acts
as an agent, it recognises revenue on a net basis as
fe or comision to which it expects to be entitled
in exchange for aranging for the specified gods or
services to be provided by the other party.
(iv) Other income
Interest income is recognised as it acrues using
the efective interest method. Interest income on
credit-impaired financial asets is calculated based
on the amortised cost (i.e. gros carying amount
les los alowance) of the financial asets. For non
credit-impaired financial asets, interest income is
calculated based on the gros carying amount.
Rental income under operating leases is recognised on
a straight-line basis over the term of the relevant lease.
(j) Contract balances
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.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (j) Contract balances (Continued) (j) 合约结余（续） Contract assets and liabilities (Continued) 合约资产及负债（续） Contract assets are recognised when the Group completes 合约资产于本集团根据该等服务合 the structural engineering and supply and installation 约完成结构工程以及供应及安装工 works under such services contracts which are yet to be 作但尚未由客户委聘的建筑师、测 certified by architects, surveyors or other representatives 量师或其他代表认证时确认。先前 appointed by customers. Any amount previously recognised 确认为合约资产的任何金额于其有 as a contract asset is transferred to trade receivables at the 无条件权利向客户出具发票时转拨 point at which it has unconditional right to invoice to the 至贸易应收款项。如已收代价（包 customer. If the considerations received (including advances 括向客户收取的预付款）超出迄今 received from customers) exceeds the revenue recognised 确认的收益，则本集团会就有关差 to date then the Group recognises a contract liability for 额确认合约负债。 the difference. Retention monies retained by customers to secure for the 客户保留以确保合约妥为履行的保 due performance of the contracts are contract assets in 留金属于合约资产性质。当符合保 nature. When the conditions attached to retention monies 留金所附带的条件时（即缺陷责任 are fulfilled (i.e. at expiry of the defect liability period), 期到期时），客户解除保留金而有 the retention monies are released by customers and such 关保留金在性质上已成为贸易应收 retention monies have become trade receivables in nature. 款项。 Contract assets are assessed for ECLs in accordance with 合约资产根据附注2(h)(ii)所载政策 the policy set out in note 2(h)(ii). Loss allowance for 评估预期信贷亏损。合约资产的亏 contract assets is measured at an amount equal to lifetime 损拨备金额按等于全期预期信贷亏 ECLs. ECLs on contract assets are estimated collectively 损之金额计量。合约资产的预期信 using a provision matrix based on the Group’s historical 贷亏损使用基于本集团过往信贷亏 credit loss experience, adjusted for factors that are specific 损经验的拨备矩阵进行共同估计， to the customers and an assessment of both the current 并根据客户特定因素进行调整，以 and forecast general economic conditions at the end of the 及对报告期末当前和预测的一般经 reporting period. 济状况进行评估。 (k) Cash and cash equivalents (k) 现金及现金等价物 Cash and cash equivalents comprise cash on hand, demand 现金及现金等价物包括手头现金、 deposits and short-term, highly liquid investments with 活期存款及随时可转换为已知金额 original maturities of three months or less that are readily 现金及承受不重大价值变动风险， convertible into known amount of cash and which are 且原到期日为三个月或以内的短期 subject to an insignificant risk of changes in value. 高流通性的投资。 For the purpose of presentation in the consolidated 就综合现金流量表之呈列而言，现 statement of cash flows, cash and cash equivalents include 金及现金等价物包括须按要求偿还 bank overdrafts which are repayable on demand and form 及构成本集团现金管理一部分的银 an integral part of the Group’s cash management. 行透支。 60 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(l) 所得税
所得税包括即期税项及递延税项。
所得税于损益中确认。
即期税项乃按已就毋须就所得税课
税或不可扣减所得税之项目作出调
整之日常业务溢利或亏损，按报告
期末已颁布或实际颁布之税率计
算。应付或应收即期税项金额为预
计将支付或收到的税项金额的最佳
估计，反映与所得税相关的任何不
确定性。
递延税项乃就暂时性差额确认。除
商誉及不影响会计或应课税溢利且
不会产生同等应课税及可扣税暂时
性差额之已确认资产与负债外，会
就所有应课税暂时性差额确认递延
税项负债。递延税项资产于有可能
动用应课税溢利抵销可扣税暂时性
差额之情况下确认。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
颁布或实质上颁布之税率计量，并
反映任何与所得税相关的不确定性。
就计量递延税项金额时用于厘定适
合税率之一般规定而言，存在一个
例外情况，即投资物业乃根据香港
会计准则第40号投资物业按公平
值列账。除非该假定被推翻，否则
此等投资物业之递延税项金额乃以
出售此等投资物业时所适用之税率
以及按其于报告期末之账面值而计
量。若投资物业乃可计提折旧并根
据一个商业模式而持有，而该商业
模式之目的乃随著时间推移而消耗
该物业所体现之绝大部分经济利益
（而不是通过出售）时，该假定即被
推翻。
递延税项负债会因源自于附属公司
投资的应课税暂时性差额确认，惟
倘本集团能够控制该暂时性差额之
拨回且该暂时性差额于可见将来很
可能不会拨回则另作别论。
倘存在抵销流动税项资产及负债的
法律强制执行权，并且递延税项结
余与同一税务机关相关，则抵销递
延税项资产及负债。倘实体具有法
律强制执行权以抵销，并打算以净
额结算，或同时变现资产及清偿负
债，则流动税项资产及税项负债被
抵销。
2. MATERIAL ACOUNTING POLICIES (Continued)
(l) Income taxes
Income taxes comprise curent tax and defered tax. Income
taxes are recognised in profit or los.
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 the reporting period. The amount of
curent tax payable or receivable is the best estimate of the
tax amount expected to be paid or received that reflects
any uncertainty related to income tax.
Defered tax is recognised in respect of temporary
diferences. Except for godwil and recognised asets and
liabilities that afect neither acounting nor taxable profits
and does not give rise to equal taxable and deductible
temporary diferences, defered tax liabilities are 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. 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 the reporting period, and reflects any uncertainty
related to income taxes.
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 property are measured using the tax rates
that would aply on sale of these investment property at
their carying amounts at the end of the reporting period.
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 from investments in subsidiaries, except
where the Group is able to control the reversal of the
temporary diference and it is probable that the temporary
diference wil not reverse in the foreseable future.
Defered tax asets and liabilities are ofset where there
is a legaly enforceable right to ofset curent tax asets
and liabilities and where the defered tax balances related
to the same taxation authority. Curent tax asets and
tax liabilities are ofset where the entity has a legaly
enforceable right to ofset and intends either to setle on
a net basis, or to realise the aset and setle the liability
simultaneously.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (m) Inventories (m) 存货 Inventories are initially recognised at cost, and subsequently 存货初步按成本确认，其后按成本 at the lower of cost and net realisable value. Cost comprises 及可变现净值两者中的较低者确 all costs of purchase, costs of conversion and other costs 认。成本包括所有采购成本、转换 incurred in bringing the inventories to their present location 成本及将存货送至目前地点及达致 and condition. Cost is calculated using the weighted 目前状况所产生的其他成本。成本 average method. Net realisable value represents the 采用加权平均法计算。可变现净值 estimated selling price in the ordinary course of business 指日常业务过程中的估计售价减完 less all estimated costs of completion and the estimated 成的所有估计成本及进行销售必要 costs necessary to make the sale. 的估计成本。 (n) Foreign currency (n) 外币 Foreign currency transactions are translated into the 外币交易均按交易当日的现行汇率 functional currency using the exchange rates prevailing at 换算为功能货币。因结算该等交易 the dates of the transactions. Foreign exchange gains and 及因按年结日汇率换算以外币计值 losses resulting from the settlement of such transactions 的货币资产及负债而产生的外汇收 and from the translation at year-end exchange rates of 益及亏损于损益中确认。 monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss. For the purpose of preparing the consolidated financial 就编制综合财务报表而言，海外业 statements, income and expense items of foreign 务之收入及支出项目按该期间之平 operations are translated into the presentation currency of 均汇率换算为本公司的呈列货币（即 the Company (i.e. HK$) at the average exchange rates for 港元），除非汇率于该期间出现大 the period, unless exchange rates fluctuate significantly 幅波动则作别论，于该情况下，则 during the period, in which case, the rates approximating 按交易进行时采用之概约汇率换 to those ruling when the transactions took place are used. 算。海外业务之所有资产及负债按 All assets and liabilities of foreign operations are translated 报告期末之现行汇率换算。所产生 at the rate ruling at the end of the reporting period. 的汇兑差额（如有）于其他全面收 Exchange differences arising, if any, are recognised in 益内确认，并于权益内累计为汇兑 other comprehensive income and accumulated in equity as 储备。 exchange reserve. (o) Employee benefits (o) 雇员福利 (i) Short-term employee benefits (i) 短期雇员福利 Short-term employee benefits are employee benefits 短期雇员福利是指预计在雇 (other than termination benefits) that are expected 员提供相关服务的年度报告 to be settled wholly before twelve months after the 期末后十二个月以前将全数 end of the annual reporting period in which the 结付的雇员福利（离职福利除 employees render the related service. Short-term 外）。短期雇员福利于雇员提 employee benefits are recognised in the period when 供相关服务的期间确认。 the employees render the related service. Employee entitlements to annual leave are recognised 雇员享有年假的权利于雇员 when they accrue to employees. A provision is made 获得假期时确认。本集团就直 for the estimated liability for annual leave as a result 至报告期末雇员已提供的服 of services rendered by employees up to the end of 务而产生的年假的估计负债 the reporting period. 作出拨备。 Non-accumulating compensated absences such as sick 非累计有薪假期，例如病假及 leave and maternity leave are not recognised until the 产假不作确认，直至雇员正式 time of leave. 休假为止。 62 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(o) 雇员福利（续）
(i) 定额供款退休计划
雇员的退休福利乃透过定额
供款计划提供。本集团根据强
制性公积金计划条例，为其所
有符合资格参加定额供款退
休福利计划（「强积金计划」）
的雇员实施一项强积金计划。
强积金计划乃由独立受托人
管理。根据强积金计划，雇主
及其雇员须各自按雇员有关
入息的5%向计划供款，惟每
月有关入息的上限为30,000港
元。一旦支付了供款，本集团
概无进一步的支付义务。强积
金计划的供款在雇员提供服
务时于损益中确认为开支。
本公司在中华人民共和国（「中
国」）经营的附属公司的雇员
必须参加由当地市政府管理
的统一退休金计划（「统一退
休金计划」）。附属公司必须
按雇员相关工资或收入的规
定百分比供款，惟须遵守若干
规定的上限。截至二零二五年
三月三十一日及二零二四年
三月三十一日止年度的统一
退休金计划的适用百分比如下：
本集团就强积金计划及统一
退休金计划的供款均即时悉
数归属于雇员。因此，于截至
二零二五年及二零二四年三
月三十一日止各年度内，概无
任何强积金计划或统一退休
金计划的没收供款可供本集
团用来减少其现有的供款水
平或未来年度的应缴供款。
2. MATERIAL ACOUNTING POLICIES (Continued)
(o) Employe benefits (Continued)
(i) Defined contribution retirement plans
Retirement benefits to employes are provided through
defined contribution plans. The Group operates a
defined contribution retirement benefit scheme (the
“MPF Scheme”) under the Mandatory Provident Fund
Schemes Ordinance, for al its employes who are
eligible to participate in the MPF Scheme. The MPF
Scheme is administered by independent trustes. Under
the MPF scheme, the employer and its employes are
each required to make contributions to the plan at
5% of the employes’ relevant income, subject to a
cap of monthly relevant income of HK$30,000. The
Group has no further payment obligations once the
contributions have ben paid. Contributions to the
MPF Scheme are recognised as an expense in profit or
los when the services are rendered by the employes.
The employes of the subsidiaries of the Company
which operate in the People’s Republic of China (the
“PRC”) are required to participate in a central pension
scheme (the “Central Pension Scheme”) operated
by the local municipal government. The subsidiaries
are required to make contributions calculated as a
prescribed percentage of the employes’ relevant
wages or income, subject to certain ceilings imposed.
The aplicable percentages for the Central Pension
Scheme for the years ended 31 March 2025 and 31
March 2024 are as below:
二零二五年二零二四年
PercentagePercentage
百分比百分比
Pension insurance退休保险16.00%-17.00%15.00%-16.00%
Medical insurance医疗保险1.50%-5.00%1.50%-5.00%
Maternity insurance生育保险0.50%0.50%
Unemployment insurance失业保险0.80%0.80%
Work-related injury insurance工伤保险0.40%-0.80%0.14%-1.14%
Housing provident fund住房公积金5.00%5.00%-12.00%
The Group’s contributions to both the MPF Scheme
and the Central Pension Scheme vest fuly and
imediately with the employes. Acordingly, there
are no forfeited contributions under the MPF Scheme
or the Central Pension Scheme which may be used by
the Group to reduce its existing level of contributions
or contributions payable in future years as at and
during each of the years ended 31 March 2025 and
2024.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (o) Employee benefits (Continued) (o) 雇员福利（续） (iii) Defined benefit plan obligation (iii) 设定受益计划责任 The Group’s net obligation in respect of Long Service 本集团就香港雇佣条例项下 Payment (“LSP”) under the Hong Kong Employment 长期服务金（「长期服务金」） Ordinance is calculated by estimating the amount 承担之净责任，乃透过估计雇 of future benefit that employees have earned in 员在当期和前期赚取的未来 the current and prior periods and discounting that 福利金额并对该金额进行贴 amount. For LSP obligations, the estimated amount 现来计算的。就长期服务金责 of future benefit is determined after deducting the 任而言，估计未来福利金额是 negative service cost arising from the accrued benefits 在扣除本集团强制性公积金 derived from the Group’s MPF contributions that have 供款所产生之归属于雇员的 been vested with employees, which are deemed to be 计提福利，而被视为相关雇员 contributions from the relevant employees. 之供款而产生的负服务成本 后确定。 The calculation of defined benefit obligation is 设定受益责任的计算乃通过 performed by using the projected unit credit method. 使用预计单位信贷法进行。 Remeasurements arising from defined benefit plans, 产生自设定受益计划的重新 which comprise actuarial gains and losses, the return 计量（包括精算收益及亏损、 on plan assets (excluding interest) and the effect of 计划资产回报（利息除外）及 any asset ceiling (excluding interest), are recognised 任何资产上限（利息除外）的 immediately in OCI. Net interest expense for the 影响）即时于其他全面收益确 period is determined by applying the discount rate 认。期内净利息开支乃经计及 used to measure the defined benefit obligation at 期内设定受益负债净额的任 the beginning of the reporting period to the then 何变动通过将用于计量于报 net defined benefit liability, taking into account any 告期初的设定受益 责任的贴 changes in the net defined benefit liability during 现率应用至其后的设定受益 the period. Net interest expense and other expenses 负债净额厘定。与设定受益计 related to defined benefit plans are recognised in 划有关的净利息开支及其他 profit or loss. 开支于损益确认。 (iv) Termination benefits (iv) 离职福利 Termination benefits are recognised on the earlier of 离职福利于本集团无法撤回 when the Group can no longer withdraw the offer 提供有关福利及本集团确认 of those benefits and when the Group recognises 重组成本（涉及支付离职福利） restructuring costs involving the payment of 时（以较早者为准）确认。 termination benefits. (p) Impairment of non-financial assets (p) 非金融资产减值 Goodwill, property, plant and equipment and investments 商誉、物业、厂房及设备以及于附 in subsidiaries are subject to impairment testing. 属公司的投资须进行减值测试。 Goodwill is tested for impairment at least annually, 无论是否有任何减值迹象，商誉最 irrespective of whether there is any indication that they 少每年进行一次减值测试。所有其 are impaired. All other assets are tested for impairment 他资产在显示资产账面值可能无法 whenever there are indications that the assets’ carrying 收回时作减值测试。 amount may not be recoverable. 64 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(p) 非金融资产减值（续）
就评估减值而言，倘资产生的现
金流入大致上并不独立于其他资产
产生的现金流入，则可收回金额按
可独立产生现金流入的最小资产组
合（即现金产生单位（「现金产生单
位」）厘定。因此，部分资产会个
别进行减值测试，另有部分则按现
金产生单位水平进行测试。
资产或现金产生单位的可收回金额
为其使用价值与其公平值减去出售
成本两者中之较高者。使用价值乃
基于估计未来现金流量，并采用反
映当时市场对金钱时间值及资产或
现金产生单位特定风险的评估的税
前贴现率贴现至其现值。
倘资产或现金产生单位的账面值超
过其可收回金额，确认减值亏损。
减值亏损于损益确认。其分配首先
减少已分配至该现金产生单位之任
何商誉之账面值，然后按比例减少
该现金产生单位内其他资产之账面
值。
有关商誉的减值亏损并无拨回。就
其他资产而言，减值亏损仅于由此
产生的账面值并未超过并未确认减
值亏损时已厘定的账面值（扣除折
旧或摊销）的情况下拨回。
(q) 借款成本
借款成本于产生期间于损益中确认。
(r) 拨备及或然负债
当本集团因过去事项而须承担法定
或推定责任，而有关责任很可能需
要付出可合理地估计的经济利益
时，便为未确定时间或金额的负债
确认拨备。
如果经济利益需要外流的可能性不
大，或不能对数额作出可靠估计，
则有关责任会作为或然负债披露，
惟若经济利益外流的可能性极低则
作别论。如有可能产生的责任，其
存在仅能以一个或数个未来事项的
发生或不发生来证实，亦披露为或
然负债，除非经济利益外流的可能
性极低则作别论。
2. MATERIAL ACOUNTING POLICIES (Continued)
(p) Impairment of non-financial asets (Continued)
For the purposes of asesing impairment, where an
aset does not generate cash inflows largely independent
of those from other asets, the recoverable amount is
determined for the smalest group of asets that generate
cash inflows independently (i.e. a cash-generating unit
(“CGU”). As a result, some asets are tested individualy
for impairment and some are tested at cash-generating unit
level.
The recoverable amount of an aset or CGU is the greater
of its value in use and its fair value les costs of disposal.
Value in use is based on the estimated future cash flows,
discounted to their present value using a pre-tax discount
rate that reflects curent market asesments of the time
value of money and the risks specific to the aset or CGU.
An impairment los is recognised if the carying amount
of an aset or CGU exceds its recoverable amount.
Impairment loses are recognised in profit or los. They
are alocated first to reduce the carying amount of any
godwil alocated to the CGU, and then to reduce the
carying amounts of the other asets in the CGU on a pro
rata basis.
An impairment los in respect of godwil is not reversed.
For other asets, an impairment los is reversed only to the
extent that the resulting carying amount does not exced
the carying amount that would have ben determined, net
of depreciation or amortisation, if no impairment los had
ben recognised.
(q) Borowing costs
Borowing costs are recognised in profit or los in the
period in which they are incured.
(r) 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 wil
probably 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.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 2. MATERIAL ACCOUNTING POLICIES (Continued) 2. 重要会计政策（续） (s) Related parties (s) 关联方 (a) A person or a close member of that person’s family is (a) 倘属以下人士，即该人士或该 related to the Group if that person: 人士之近亲与本集团有关联： (i) has control or joint control over the Group; (i) 控制或共同控制本集团； (ii) has significant influence over the Group; or (ii) 对本集团有重大影响力； 或 (iii) is a member of key management personnel of the (iii) 为本集团或本集团母公 Group or the Group’s parent. 司的主要管理层成员。 (b) An entity is related to the Group if any of the (b) 倘符合下列任何条件，即实体 following conditions apply: 与本集团有关联： (i) The entity and the Group are members of the (i) 该实体与本集团属同一 same group (which means that each parent, 集团之成员公司（即各自 subsidiary and fellow subsidiary is related to the 的母公司、附属公司及同 others). 系附属公司彼此间有关 联）。 (ii) One entity is an associate or joint venture of the (ii) 一家实体为另一实体的 other entity (or an associate or joint venture of a 联营公司或合营企业（或 member of a group of which the other entity is a 另一实体为成员公司之 member). 集团旗下成员公司之联 营公司或合营企业）。 (iii) Both entities are joint ventures of the same third (iii) 两间实体均为同一第三 party. 方的合营企业。 (iv) One entity is a joint venture of a third entity and (iv) 一家实体为第三方实体 the other entity is an associate of the third entity. 的合营企业，而另一实体 为该第三方实体的联营 公司。 (v) The entity is a post-employment benefit plan for (v) 该实体为本集团或与本 the benefit of the employees of either the Group 集团有关联之实体就雇 or an entity related to the Group. 员福利设立的离职后福 利计划。 (vi) The entity is controlled or jointly controlled by a (vi) 该实体受(a)所识别的人 person identified in (a). 士控制或共同控制。 (vii) A person identified in (a)(i) has significant (vii) (a)(i)中所识别的人士对该 influence over the entity or is a member of key 实体有重大影响力或属 management personnel of the entity (or of a 该实体（或该实体的母公 parent of the entity). 司）主要管理层成员。 (viii) The entity, or any member of a group of which (viii) 该实体或一间集团之任 it is a part, provides key management personnel 何成员公司（为集团之一 services to the Group or the Group’s parent. 部分）向本集团或本集团 之母公司提供主要管理 人员服务。 Close members of the family of a person are those family 个人的近亲家庭成员指与该实体交易时 members who may be expected to influence, or be 预期可能影响该个人或受该个人影响的 influenced by, that person in their dealings with the entity. 家庭成员。 66 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(t) 分部报告
本集团向本集团之主要经营决策者
（即本公司执行董事）报告，以供彼
等就本集团业务组成部分之资源分
配作决定，以及供彼等检讨该等组
成部分之表现，而本集团则根据该
等资料识别经营分部及编制分部资
料。向执行董事报告之内部财务资
料之业务组成部分，乃按本集团之
主要产品及服务类别而厘定。
3. 采纳新订或经修订香港财务
报告准则会计准则
(a) 采纳于二零二四年四月一日
生效之新订及经修订香港财
务报告准则会计准则
香港会计师公会颁布多项与本集团
当前会计期间相关并于当前会计期
间生效的新订及经修订香港财务报
告准则会计准则：
香港会计准则
第1号之修订
负债分类为流动
或非流动及
附带契诺之
非流动负债
香港诠释第5号
（经修订）
香港诠释（经修
订）财务报表
之呈列－借款
人对载有按要
求偿还条文的
定期贷款的分
类
香港财务报告
准则第16号之
修订
售后租回之租赁
负债
香港会计准则
第7号及香港
财务报告准则
第7号之修订
供应商融资安排
采纳该等新订及经修订香港财务报
告准则会计准则并无对本集团于本
期间及过往期间的会计政策或财务
业绩及财务状况造成任何重大影响。
2. MATERIAL ACOUNTING POLICIES (Continued)
(t) Segment reporting
The Group identifies operating segments and prepares
segment information reported to the Group’s chief
operating decision maker (being the executive directors of
the Company) for their decisions about resources alocation
to the Group’s busines components and for their review
of the performance of the components. The busines
components in the internal financial information reported
to the executive directors are determined folowing the
Group’s major product and service lines.
3. ADOPTION OF NEW OR REVISED HKFRS
ACOUNTING STANDARDS
(a) Adoption of new and amendments to HKFRS
Acounting Standards – efective on 1 April
The HKICPA has isued a number of new and amendments
to HKFRS Acounting Standards that are relevant to and
efective for the curent acounting period of the Group:
Amendments to HKAS 1Clasification of Liabilities
as Curent or Non-curent
and Non-curent Liabilities
with Covenants
Hong Kong Interpretation 5
(Revised)
Hong Kong Interpretation
(Revised) Presentation
of Financial Statements
– Clasification by the
Borower of a Term
Loan that Contains a
Repayment on Demand
Clause
Amendments to HKFRS 16Lease Liability in a Sale and
Leaseback
Amendments to HKAS 7
and HKFRS 7
Suplier Finance
Arangements
The adoption of these new and revised HKFRS Acounting
Standards did not have any material impact on the Group’s
acounting policies or financial results and financial position
for the curent and prior period.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 3. ADOPTION OF NEW OR REVISED HKFRS 3. 采纳新订或经修订香港财务 ACCOUNTING STANDARDS 报告准则会计准则（续） (Continued) (b) Amendment to HKFRS Accounting Standards (b) 已颁布但尚未生效的经修订 that have been issued but are not yet 香港财务报告准则会计准则 effective The following amendment to HKFRS Accounting Standards, 可能与本集团财务报表有关的已颁 potentially relevant to the Group’s financial statements, 布但尚未生效、本集团亦无提早采 have been issued, but are not yet effective and have not 纳的经修订香港财务报告准则会计 been early adopted by the Group: 准则如下： Amendments to HKAS 21 Lack of Exchangeability1 香港会计准则 缺乏可兑换性1 第21号之修订 Amendments to HKFRS 9 Amendments to the Classification 香港财务报告 金融工具分类及 and HKFRS 7 and Measurement of Financial 准则第9号及 计量之修订2 Instruments2 香港财务报告 准则第7号之 修订 HKFRS 9 and HKFRS 7 Contracts Referencing Nature 香港财务报告 依赖自然能源生 – dependent Electricity2 准则第9号及 产电力的合约2 香港财务报告 准则第7号 Hong Kong Interpretation 5 Presentation of Financial Statements 香港诠释第5号 财务报表之列 – Classification by the Borrower 报－借款人 of a Term Loan that Contains a 对载有按要求 Repayment on Demand Clause3 偿还条文的定 期贷款的分类3 Amendments to HKFRS 1, Annual Improvements to HKFRS 香港财务报告 香港财务报告准 HKFRS 7, HKFRS 9, Accounting Standards – Volume 准则第1号、 则会计准则之 HKFRS 10 and HKAS 7 113 香港财务报告 年度改进－第 准则第7号、 11册3 香港财务报告 准则第9号、 香港财务报告 准则第10号及 香港会计准则 第7号之修订 HKFRS 18 Presentation and Disclosure in 香港财务报告 财务报表之呈列 Financial Statements3 准则第18号 及披露3 HKFRS 19 Subsidiaries without Public 香港财务报告 不具公众问责之 Accountability: Disclosures3 准则第19号 附属公司：披 露3 Amendments to HKFRS 10 Sale or Contribution of Assets 香港财务报告 投资者与其联营 and HKAS 28 between an Investor and its 准则第10号及 公司或合营企 Associate or Joint Venture4 香港会计准则 业之间的资产 第28号之修订 出售或注资4 1 Effective for annual periods beginning on or after 1 January 2025 1 于二零二五年一月一日或之后开始 的年度期间生效 2 Effective for annual periods beginning on or after 1 January 2026 2 于二零二六年一月一日或之后开始 的年度期间生效 3 Effective for annual periods beginning on or after 1 January 2027 3 于二零二七年一月一日或之后开始 的年度期间生效 4 Effective for annual periods beginning on or after a date to be 4 于待厘定日期或之后开始的年度期 determined 间生效 68 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
3. 采纳新订或经修订香港财务
报告准则会计准则（续）
(b) 已颁布但尚未生效的经修订
香港财务报告准则会计准则
（续）
本公司董事预计，所有相关公告均
将于公告生效日期后开始的第一个
会计期间于本集团的会计政策中采
纳。董事目前正在评估该等新订或
经修订准则对本集团首年应用的业
绩及财务状况可能产生的影响。已
颁布惟尚未生效的新订或经修订香
港财务报告准则会计准则于应用时
不大可能对本集团的业绩及财务状
况构成重大影响。
4. 重大会计判断及估计不确定
性的主要来源
于应用本集团之会计政策过程中，本公
司董事需要就目前不能从其他来源容易
得出之资产与负债之账面值作出判断、
估计及假设。该等估计及有关假设乃根
据过往经验及被视为相关之其他因素而
作出。实际结果或会有别于估计结果。
本集团持续就所作估计及相关假设作出
评估。如会计估计之修订只影响当期，
则于当期确认有关修订；如会计估计之
修订对当期及未来期间均有影响，则于
当期及未来期间确认有关修订。
3. ADOPTION OF NEW OR REVISED HKFRS
ACOUNTING STANDARDS (Continued)
(b) Amendment to HKFRS Acounting Standards
that have ben isued but are not yet
efective (Continued)
The directors of the Company anticipate that al relevant
pronouncements wil be adopted in the Group’s acounting
policy for the first period begining after the efective date
of the pronouncement. The directors are curently asesing
the posible efect of these new or revised standards on
the Group’s results and financial position in the first year
of aplication. The new or revised HKFRSs Acounting
Standards that have ben isued but are not yet efective
are unlikely to have material impact on the Group’s results
and financial position upon aplication.
4. CRITICAL ACOUNTING JUDGMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY
In the aplication of the Group’s acounting policies, the
directors of the Company are required to make judgments,
estimates and asumptions about the carying amounts of
asets and liabilities that are not readily aparent from other
sources. The estimates and asociated asumptions are based on
historical experience and other factors that are considered to be
relevant. Actual results may difer from these estimates.
The estimates and underlying asumptions are reviewed on an
ongoing basis. Revisions to acounting estimates are recognised
in the period in which the estimate is revised if the revision
afects only that period, or in the period of the revision and
future periods if the revision afects both curent and future
periods.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 4. CRITICAL ACCOUNTING JUDGMENTS 4. 重大会计判断及估计不确定 AND KEY SOURCES OF ESTIMATION 性的主要来源（续） UNCERTAINTY (Continued) Key sources of estimation uncertainty 估计不确定性的主要来源 The estimates and assumptions that have a significant risk of 具有可导致资产与负债的账面值于下一 resulting in a material adjustment to the carrying amounts of 个财政年度内出现大幅调整之重大风险 assets and liabilities within the next financial year are as follows: 的估计及假设如下： (i) Construction contracts (i) 建筑合约 Contract revenue in respect of structuring engineering 结构工程工作以及供应及安装建材 works and supply and installation of building material 产品的合约收益乃透过计量达致完 products is recognised over time by measuring the 全履行履约责任之进度（根据迄今 progress towards complete satisfaction of the performance 已产生的合约成本占估计合约成本 obligation on the basis of the contract costs incurred to 总额的比例）（此为香港财务报告 date as a proportion to total estimated contract costs, 准则第15号项下之输入法）而随时 which is the input method under HKFRS 15. Contract assets 间确认。合约资产及合约负债乃根 and contract liabilities are determined based on contract 据已产生的合约成本、进度款项、 costs incurred, progress billings, any foreseeable losses and 任何可预见亏损及已确认溢利（亦 recognised profit which is also dependent on estimation of 依赖估计合约成本）厘定。 contract costs. The recognition of contract revenue and contract assets/ 确认合约收益及合约资产╱合约负 contract liabilities requires higher degree of management 债须管理层作出高度估计及涉及估 judgment and involves estimation uncertainty. Estimated 计不确定性。个别合约之估计合约 contract costs of individual contract, which mainly comprise 成本（主要包括分包费用、材料成 subcontracting charges, cost of materials and processing 本及加工费用以及直接劳工成本） charges and costs of direct labour, are supported by 由合约预算支持，合约预算由本公 contract budget which was prepared by the directors of 司董事根据基于分判商╱供应商 the Company on the basis of estimated subcontracting ╱卖方以及董事的经验所提供的 charges, cost of materials and processing charges, and 报价之估计分包费用、材料成本及 costs of direct labour based on quotations provided by 加工费用以及直接劳工成本制定。 subcontractors and suppliers/vendors as well as from the 为确保估计合约总成本为准确及最 experience of the directors. In order to ensure that the 新从而可靠估计合约收益，管理层 total estimated contract costs are accurate and up-to-date 定期审阅合约预算、迄今已产生之 such that contract revenue can be estimated reliably, 成本及完工之成本，尤其是于超支 management reviews the contract budget, costs incurred to 情况，及于有需要修订估计合约成 date and costs to completion regularly, in particular in the 本。为更新合约预算，管理层可能 case of costs over-runs, and revises the estimated contract 要求交易对手方提供最新报价。 costs where necessary. For the purpose of updating the contract budget, the management may request for updated quotations from counterparties. Recognition of variations and claims also requires estimation 确认变动及申索亦须管理层作出估 and judgment by the management, particularly in assessing 计及判断，特别是评估已确认收益 whether it is highly probable that a significant reversal in 金额是否很可能不会作出大额拨 the amount of revenue recognised will not occur. In this 回。管理层在此评估考虑到与客户 assessment, management takes into account the up-to-date 的最新交流及类似合约的过往经验。 exchange with customers and past experience with similar contracts. Notwithstanding that the management regularly reviews 尽管管理层在该等建筑合约进展期 and revises contract budgets when those construction 间定期审阅及修订合约预算，实际 contracts progressed, the actual contract costs and gross 合约成本及达致的毛利率可能高于 profit margin achieved may be higher or lower than the 或低于估计，且这将会影响于综合 estimates and that will affect the revenue and gross profit 财务报表中已确认的收益及毛利。 recognised in the consolidated financial statements. 70 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
4. 重大会计判断及估计不确定
性的主要来源（续）
估计不确定性的主要来源（续）
(i) 建筑合约（续）
本集团合约收益、合约资产及合约
负债的进一步详情分别载于附注6
及18。
(i) 金融资产及合约资产减值
根据香港财务报告准则第9号对若
干类别金融资产（即贸易应收款
项）、合约资产及应收保留金进行
减值亏损计量须作出重大判断及估
计，特别是在厘定减值亏损时估计
未来现金流量之金额及时间性以及
评估信贷风险是否显著增加。该等
估计受多项因素推动，当中有关变
动可能导致须作出不同程度之拨备。
于报告期末，本集团将通过对预计
年期内发生之违约风险进行比较，
以评估自初步确认以来信贷风险有
否显著增加。本集团就此会考虑相
关及无需付出额外成本或精力而可
得之合理可靠资料，当中包括定量
及定质资料及分析（根据本集团之
过往经验以及目前市况）以及前瞻
性资料。
于二零二五年三月三十一日，合约
资产、贸易应收款项及应收保留金
之累计亏损拨备分别为541,000港
元（二零二四年：1,623,000港元）、
26,038,000港元（二零二四年：
10,435,000港元）及7,154,000港元
（二零二四年：5,215,000港元）。
(i) 投资物业的公平值
本集团的投资物业公平值乃按管理
层参考独立专业估值师进行的估值
而厘定。有关估值乃根据若干假设
作出，有关假设乃受不确定因素影
响，故可能与实际结果不符。于作
出判断时，管理层考虑活跃市场上
类似物业的现有价格，并利用主要
按估值日现有市场情况作出的假设
的资料。
有关投资物业公平值计量的更多详
情，请参阅附注15。
4. CRITICAL ACOUNTING JUDGMENTS
AND KEY SOURCES OF ESTIMATION
UNCERTAINTY (Continued)
Key sources of estimation uncertainty (Continued)
(i) Construction contracts (Continued)
Further details of the Group’s contract revenue, contract
asets and contract liabilities are set out in notes 6 and 18
respectively.
(i) Impairment of financial asets and contract asets
The measurement of impairment loses under HKFRS 9
acros certain categories of financial asets (i.e. trade
receivables), contract asets and retention receivables
require significant judgment and estimation, in particular,
the estimation of the amount and timing of future cash
flows when determining impairment loses and the
asesment of a significant increase in credit risk. These
estimates are driven by a number of factors, changes in
which can result in diferent levels of alowances.
At the end of the reporting period, the Group aseses
whether there has ben a significant increase in credit
risk for exposures since initial recognition by comparing
the risk of default ocuring over the expected life. The
Group considers reasonable and suportable information
that is relevant and available without undue cost or efort
for this purpose. This includes quantitative and qualitative
information and analysis, based on the Group’s historical
experience and existing marketing conditions as wel as
forward-loking information.
As at 31 March 2025, the acumulated los alowance of
contract asets, trade receivables and retention receivables
was HK$541,000 (2024: HK$1,623,000), HK$26,038,000
(2024: HK$10,435,000) and HK$7,154,000 (2024:
HK$5,215,000) respectively.
(i) Fair value of investment property
The fair values of the Group’s investment property were
determined by management with reference to valuation
caried out by independent profesional valuers. Such
valuations were based on certain asumptions which are
subject to uncertainty and might difer from the actual
results. In making the estimates, management considers
information from curent prices in an active market for
similar properties and uses asumptions that are mainly
based on market conditions existing at the valuation date.
Please refer to note 15 for more detailed information
in relation to the fair value measurement of investment
property.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 5. SEGMENT INFORMATION 5. 分部资料 (a) Operating segment information (a) 经营分部资料 The Group identifies operating segments and prepares 本集团根据定期向执行董事报告以 segment information based on the regular internal financial 供彼等就本集团业务组成部分的资 information reported to the executive directors for their 源分配作出决定及检讨该等组成部 decisions about resources allocation to the Group’s business 分表现的内部财务资料，识别经营 components and for their review of the performance of 分部及编制分部资料。 those components. The Group determines its operating segments based on the 本集团按主要经营决策者（即本公 reports reviewed by the chief operating decision-maker, 司执行董事）作出策略性决定而审 i.e. executive directors of the Company who make strategic 阅之报告确定其经营分部。 decisions. In the past, there were three business components in the 于过往，向主要经营决策者呈报 internal reporting to the chief operating decision maker, 的内部报告包含三个业务分部， which are (1) structural engineering works, (2) supply and 即（1）结构工程工作；（2）供应及 installation of building material products, and (3) trading of 安装建材产品；及（3）买卖建材产 building material products. During the year ended 31 March 品。于截至二零二五年三月三十一 2025, the chief operating decision maker considered that it 日止年度，主要经营决策者认为， is in the best interests to the shareholders of the Company 按所提供服务的性质，即（1）结构 to assess the operating results of the Group in terms of 工程工作；及（2）供应、安装及买 resource allocation and performance assessment by nature 卖建材产品，以评估本集团的营运 of services provided, which are (1) structural engineering 业绩，以进行资源分配及绩效评 works, and (2) supply, installation and trading of building 估，符合本公司股东的最佳利益。 material products. Accordingly, it is determined that the 因此，厘定本集团从事两个业务分 Group was engaged in two operating segments, structural 部，即结构工程工作，以及供应、 engineering works, and supply, installation and trading 安装及买卖建材产品。由于所呈报 of building material products. The comparative figures 的分部资料有所变动，比较数字已 have been restated as a result of the change of segment 作重述。这亦是本集团的组织基 information presented. This is the basis upon which the 准。本集团各可报告分部之营运概 Group is organised. The following summary describes the 述如下： operations in each of the Group’s reportable segments: Structural Engineering – This segment mainly engages 结构工程工 －于该分部，本集 Works in provision of structural 作 团主要于香港作 engineering works for the 为分包商为公营 public and private sectors in 及私营行业提供 Hong Kong and the Group 结构工程工作。 mainly acts as a subcontractor. Supply, installation and – This segment mainly engages 供应、安装及－该分部主要从事 trading of Building in supply of building material 买卖建材产 于香港供应建材 Material Products products with installation 品 产品及提供安装 services provided, and trading 服务，并进行建 of building material products in 材产品买卖。 Hong Kong 72 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(a) 经营分部资料（续）
收益及成本╱开支乃经参考该等分
部产生之收益及该等分部所引致的
成本╱开支分配予经营分部。由于
企业收入及开支并未纳入主要经营
决策者评估分部表现所用的分部损
益计量中，故并未分配至经营分部。
分部资产包括所有资产，惟税项资
产及企业资产（包括现金及银行结
余、投资物业，以及并不可直接归
入经营分部之业务活动之其他资产）
除外，乃因该等资产以组合形式管
理。
本集团向主要经营决策者就资源分
配及表现评估呈报之经营分部资料
并不包括负债。因此，并无呈报分
部负债之资料。
5. SEGMENT INFORMATION (Continued)
(a) Operating segment information (Continued)
Revenue and costs/expenses are alocated to the operating
segments with reference to revenue generated by those
segments and the costs/expenses incured by those
segments. Corporate income and expenses are not alocated
to the operating segments as they are not included in the
measure of the segments’ profit or los that is used by the
chief operating decision-marker for asesment of segment
performance.
Segment asets include al asets with the exception of
tax asets and corporate asets, including cash and bank
balances, investment property and other asets that are
not directly atributable to the busines activities of the
operating segments as these asets are managed on a
group basis.
Information of the operating segments of the Group
reported to the chief operating decision-maker for
the purposes of resources alocation and performance
asesment does not include liabilities. Acordingly, no
information of segment liabilities is presented.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 5. SEGMENT INFORMATION (Continued) 5. 分部资料（续） (a) Operating segment information (Continued) (a) 经营分部资料（续） Segment results, segment assets and other 分部业绩、分部资产及其他 segment information 分部资料 Information regarding the Group’s reportable segments 有关本集团可呈报分部之资料，包 including the reportable segment revenue, segment profit, 括可呈报分部收益、分部溢利、分 segment assets, reconciliations to revenue, profit before 部资产、收益、除所得税前溢利及 income tax and total assets and other segment information 总资产之对账以及其他分部资料如 are as follows: 下： Supply, Installation and Trading Structural of Building Engineering Material Works Products Total 供应、安装及 结构工程 买卖建材 工作 产品 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (restated) （经重列） Year ended 31 March 2025 截至二零二五年三月三十一日 止年度 Segment revenue 分部收益 Sales to external customers 对外部客户之销售 596,969 70,742 667,711 Intersegment sales 分部间销售 – 2,54 4 2,54 4 596,969 73,286 670,255 Elimination of intersegment sales 抵销分部间销售 (2,54 4) 667,711 Segment profit 分部溢利 60,835 21,677 82,512 Corporate and unallocated income 企业及未分配收入 10,550 Fair value loss on investment property 投资物业之公平值亏损 (343) Corporate and unallocated expenses 企业及未分配开支 – Marketing and distribution expenses －市场推广及分销开支 (182) – Administrative and －行政及其他经营开支* other operating expenses* (48,772) – Finance costs －财务成本 (2,50 1) Profit before income tax 除所得税前溢利 41,264 74 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(a) 经营分部资料（续）
分部业绩、分部资产及其他
分部资料（续）
* 行政及其他经营开支主要包括雇员
成本、使用权资产以及物业、厂房
及设备的折旧以及法律及专业费用。
5. SEGMENT INFORMATION (Continued)
(a) Operating segment information (Continued)
Segment results, segment asets and other
segment information (Continued)
Structural
Enginering
Works
Suply,
Instalation
and Trading
of Building
Material
ProductsTotal
结构工程
工作
供应、安装及
买卖建材
产品总计
HK$’000HK$’000HK$’000
千港元千港元千港元
(restated)
（经重列）
Year ended 31 March 2024截至二零二四年三月三十一日
止年度
Segment revenue分部收益
Sales to external customers对外部客户之销售616,54149,496666,037
Intersegment sales分部间销售–813813
616,54150,309666,850
Elimination of intersegment sales抵销分部间销售(813)
666,037
Segment profit分部溢利87,71815,091102,809
Corporate and unalocated income企业及未分配收入7,187
Fair value los on investment property投资物业之公平值亏损(294)
Corporate and unalocated expenses企业及未分配开支
– Marketing and distribution expenses－市场推广及分销开支(665)
– Administrative and
other operating expenses*
－行政及其他经营开支*
(49,810)
– Finance costs－财务成本(3,477)
Profit before income tax除所得税前溢利55,750
* Administrative and other operating expenses mainly comprise
employe costs, depreciation of right-of-use asets and property,
plant and equipment and legal and profesional fes.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 5. SEGMENT INFORMATION (Continued) 5. 分部资料（续） (a) Operating segment information (Continued) (a) 经营分部资料（续） Segment results, segment assets and other 分部业绩、分部资产及其他 segment information (Continued) 分部资料（续） Supply, Installation and Trading Structural of Building Engineering Material Works Products Total 供应、安装及 结构工程 买卖建材 工作 产品 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (restated) （经重列） As at 31 March 2025 于二零二五年三月三十一日 Segment assets 分部资产 298,372 9,995 308,367 Property, plant and equipment 物业、厂房及设备 165 Investment property 投资物业 3,525 Tax assets 税项资产 5,564 Cash and bank balances 现金及银行结余 119,966 Other corporate assets 其他企业资产 23 0 Total consolidated assets 综合资产总额 437,817 Supply, Installation and Trading Structural of Building Engineering Material Works Products Total 供应、安装及 结构工程 买卖建材 工作 产品 总计 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 (restated) （经重列） As at 31 March 2024 于二零二四年三月三十一日 Segment assets 分部资产 339,605 9,814 349,419 Property, plant and equipment 物业、厂房及设备 221 Investment property 投资物业 3,913 Tax assets 税项资产 744 Cash and bank balances 现金及银行结余 170,231 Other corporate assets 其他企业资产 2,105 Total consolidated assets 综合资产总额 526,633 76 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(a) 经营分部资料（续）
分部业绩、分部资产及其他
分部资料（续）
#
特定非流动资产为除递延税项资产
及按金外的非流动资产。
5. SEGMENT INFORMATION (Continued)
(a) Operating segment information (Continued)
Segment results, segment asets and other
segment information (Continued)
Structural
Enginering
Works
Suply,
Instalation
and Trading
of Building
Material
Products
Corporate/
UnalocatedTotal
结构工程
工作
供应、安装及
买卖
建材产品
企业╱
未分配总计
HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元
(restated)
（经重列）
Year ended 31 March 2025截至二零二五年三月三十一日
止年度
Other information其他资料
Interest income利息收入–(4,597)(4,597)
Interest expense利息开支–2,5012,501
Depreciation折旧8,398682718,737
Provision of alowance for inventories存货计提拨备–244–244
Impairment los on trade receivables贸易应收款项之减值亏损15,147456–15,603
Impairment los/(reversal of impairment
los) on retention receivables
应收保留金之减值亏损╱
（减值亏损拨回）1,941(2)–1,939
Reversal of impairment los on contract
asets
合约资产之减值亏损拨回
(1,069)(13)–(1,082)
Aditions to specified non-curent
asets
#
添置特定非流动资产
#
10,171746–10,917
Year ended 31 March 2024截至二零二四年三月三十一日
止年度
Other information其他资料
Interest income利息收入–(4,010)(4,010)
Interest expense利息开支–3,4773,477
Depreciation折旧9,148161269,290
Provision of alowance for inventories存货计提拨备–7–7
Impairment los on trade receivables贸易应收款项之减值亏损8,140654–8,794
Impairment los/(reversal of impairment
los) on retention receivables
应收保留金之减值亏损╱
（减值亏损拨回）2,395(43)–2,352
Reversal of impairment los on
contract asets
合约资产之减值亏损拨回
(874)(22)–(896)
Aditions to specified non-curent
asets
#
添置特定非流动资产
#
10,83118–10,849
#
Specific non-curent asets represent non-curent asets other
than defered tax asets and deposits.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 5. SEGMENT INFORMATION (Continued) 5. 分部资料（续） (b) Geographical segment information (b) 地区分部资料 The Company is an investment holding company and the 本公司为一家投资控股公司，而本 principal place of the Group’s operations are in Hong Kong. 集团的主要经营地点乃位于香港。 For the years ended 31 March 2025 and 2024, the Group’s 截至二零二五年及二零二四年三月 revenue was derived from the activities in Hong Kong (place 三十一日止年度，本集团的收益乃 by domicile). 来自香港（为其居藉）活动。 An analysis of the Group’s specified non-current assets, 本集团按资产实际地点厘定的特定 excluding deferred tax assets, and deposits, by geographical 非流动资产（撇除递延税项资产及 locations, determined based on physical location of the 按金）按地理位置划分的分析如下： assets is as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Hong Kong 香港 11,118 5,522 The PRC 中国 9,824 13,863 20,942 19,385 (c) Information about major customers (c) 有关主要客户之资料 Revenue from major customers, each of them accounted for 各占本集团收益10%或以上的主要 10% or more of the Group’s revenue, are set out below: 客户收益如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Customer A 客户A 251,267 376,726 Customer B (note) 客户B（附注） N/A不适用 103,332 Revenue from both Customer A and Customer B for the 截至二零二五年及二零二四年三月 years ended 31 March 2025 and 2024 were generated for 三十一日止年度，来自客户A及客 the Structural Engineering Works. 户B的收益均产生自结构工程工作。 Note: Revenue from Customer B are less than 10% during the year 附注： 截至二零二五年三月三十一日 ended 31 March 2025. 止年度，来自客户B的收益少于 10%。 78 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
6. 收益
本集团主要从事(i)提供结构工程工作；(i)
供应及安装建材产品；及(i)买卖建材
产品。收益乃来自此等主要业务，并包
括以下各项：
预计于未来确认自提供结构工程工作及
供应及安装建材产品产生的收益，即本
集团可获得的代价总额分配予本集团在
报告期末存在的建筑工程合约项下的剩
余履约责任中，概述如下：
本集团将于未来随著项目工程的进展（预
计将在未来一至二十二个月（二零二四
年：一至三十四个月）内发生）确认源自
现有建筑工程合约的预期收益。
本集团已对买卖建材产品的销售合约应
用实际权宜方法，因此上述资料并不包
括本集团在履行原预计持续时间为一年
或更短之买卖建材产品合约项下的剩余
履约责任时有权获得的收益。
6. REVENUE
The Group is principaly engaged in (i) provision of structural
enginering works; (i) suply and instalation of building
material products; and (i) trading of building material products.
Revenue derived from these principal activities comprises the
folowing:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Revenue from contracts with customers客户合约收益
Revenue recognised over time:随时间确认之收益：
– Structural enginering works－结构工程工作596,969616,541
– Suply and instalation of
building material products
－供应及安装建材产品
33,47626,938
Revenue recognised at a point in time:按时间点确认之收益：
– Trading of building material products－买卖建材产品37,26622,558
667,711666,037
Revenue expected to be recognised in the future arising from
the provision of structural enginering works and suply and
instalation of building material products, which represents the
agregate amount of the consideration the Group is entitled
alocated to the remaining performance obligations under the
Group’s contracts of construction works existed at the end of
the reporting period, is sumarised as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Amounts expected to be recognised
as revenue
预期确认为收益的金额
– Within one year－一年内230,477820,461
– After one year－一年后138,21178,064
Total总计368,688898,525
The Group wil recognise the expected revenue arising from its
existing contracts of construction work in future as the project
work is progresed, which is expected to ocur over the next
1 to 22 months (2024: 1 to 34 months).
The Group has aplied the practical expedient to its sales
contracts for trading of building material products and therefore
the above information does not include revenue that the Group
wil be entitled to when it satisfies the remaining performance
obligation under the contracts for trading of building material
products that had an original expected duration of one year or
les.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 7. OTHER INCOME 7. 其他收入 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Bank interest income 银行利息收入 4,597 4,010 Rental income 租金收入 198 170 Government grants 政府补助 18 60 Gain on disposal of property, plant and 出售物业、厂房及设备之收益 equipment 512 43 Gain on exchange difference 汇兑收益 3,896 1,894 Write-back of trade and retention payables 拨回贸易应付款项及应付保留金 1,086 182 Reversal of provision for 拨回长期服务金拨备 long service payment – 644 Others 其他 243 184 10,550 7,187 8. FINANCE COSTS 8. 财务成本 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Interest on bank borrowings 银行借款利息 1,911 3,021 Interest on lease liabilities (note 22(a)) 租赁负债利息（附注22(a)） 580 447 Others 其他 10 9 2,501 3,477 80 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
9. 除所得税前溢利
除所得税前溢利已扣除╱（计入）以下
各项后达致：
附注：
截至二零二五年三月三十一日止年度，本集团
概无利用有关界定供款退休计划的没收供款减
少对该计划的应付供款（二零二四年：无）。
于二零二五年三月三十一日，在该等计划项下
并无没收的供款可用于减少未来的供款（二零
二四年：无）。
9. PROFIT BEFORE INCOME TAX
Profit before income tax is arived at after charging/(crediting)
the folowing:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Auditor’s remuneration核数师酬金660750
Cost of inventories recognised as expense确认为开支的存货成本
– Carying amount of inventories
consumed
－ 已使用的存货账面值
159,881189,273
– Provision of alowance for inventories－ 计提存货拨备2447
160,125189,280
Depreciation charge:有关以下各项之折旧：
Right-of-use asets included in property,
plant and equipment under the
folowing categories:
按以下分类的物业、厂房及
设备项下之使用权资产：
– Other properties leased for own use－ 其他租赁自用的物业6,9697,213
– Motor vehicles－ 汽车47–
Other property, plant and equipment其他物业、厂房及设备1,7212,077
8,7379,290
Employe costs (including directors’
emoluments (note 11(a)
雇员成本（包括董事酬金）
（附注11(a)）
– Salaries, alowances and other benefits－ 薪金、津贴及其他福利78,01275,510
– Contributions to defined contribution
retirement plans (note)
－ 界定供款退休计划供款
（附注）5,2204,540
83,23280,050
Exchange gain, net汇兑收益净额(3,896)(1,894)
Short-term leases expenses短期租赁开支1,694558
Note:
For the year ended 31 March 2025, no forfeited contribution in respect of
the defined contribution retirement plans were utilised by the Group to
reduce the contribution payable to the plans (2024: nil). As at 31 March
2025, no forfeited contribution under these plans is available to reduce
future contribution (2024: nil).
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 10. INCOME TAX EXPENSE 10. 所得税开支 The amount of income tax expense in the consolidated 于综合全面收益表内之所得税开支金额 statement of comprehensive income represents: 指： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Current tax for the year 本年度即期税项 – Hong Kong Profits Tax － 香港利得税 6,086 8,644 – Other regions of the PRC － 中国其他地区－企业所得税 – Enterprise Income Tax (“EIT”) （「企业所得税」） 1,970 1,488 Under/(Over)-provision in respect 过往年度拨备不足╱（超额拨备） of prior years 31 (454) 8,087 9,678 Deferred tax (note 24) 递延税项（附注24） (2,980) (306) 5,107 9,372 Hong Kong Profits Tax is calculated at 16.5% (2024: 16.5%) on 香港利得税乃就本年度估计应课税溢利 the estimated assessable profits for the year. 按16.5%（二零二四年：16.5%）计算。 The Group is subject to Hong Kong Profits Tax under the 本集团须按两级利得税制度缴纳香港利 two-tiered profits tax rates regime. For the years ended 31 得税。截至二零二五年及二零二四年三 March 2025 and 2024, the first HK$2 million of profits of a 月三十一日止年度，合资格实体的首2 qualifying entity will be taxed at 8.25% whereas profits above 百万港元溢利将以8.25%的税率征税， HK$2 million will be taxed at 16.5%. The profits of group 而超过2百万港元之溢利将以16.5%的 entities not qualifying for the two-tiered tax rates regime will 税率征税。不符合两级税率制度的集团 continue to be taxed at a flat rate of 16.5% on their estimated 实体溢利将持续就其估计应课税溢利按 assessable profits. 16.5%的统一税率征税。 For the years ended 31 March 2025 and 2024, the Group’s PRC 截至二零二五年及二零二四年三月 subsidiaries were eligible to be classified as small low-profit 三十一日止年度，本集团的中国附属公 enterprise by the local bureau and the corresponding assessable 司有资格获当地税务局分类为小型低利 profits are taxed at progressive rate. The first Renminbi 润企业，相应的应课税溢利按累进税率 (“RMB”) 1,000,000 assessable profit is taxed at 5% (2024: 征税。首人民币（「人民币」）1,000,000 5%) and assessable profit above RMB1,000,000 but less than 元的应课税溢利按5%（二零二四年： RMB3,000,000 is taxed at 5% (2024: 5%). EIT arising from 5%）征税，超过人民币1,000,000元但 other regions of the PRC is calculated at 25% on the estimated 低于人民币3,000,000元的应课税溢利 assessable profits. 按5%（二零二四年：5%）征税。中国其 他地区产生的企业所得税就估计应课税 溢利按25%征税。 82 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
本年度的所得税开支可与综合全面收益
表中的除所得税前溢利对账如下：
10. INCOME TAX EXPENSE (Continued)
The income tax expense for the year can be reconciled to
profit before income tax in the consolidated statement of
comprehensive income as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Profit before income tax除所得税前溢利41,26455,750
Tax calculated at rates aplicable to
profits in the jurisdictions concerned
按适用于有关司法管辖区之
溢利之税率计算之税项7,3409,729
Efect on adoption of two-tiered
profits tax regime
采纳两级利得税率制度之
影响(165)(165)
Tax efect of revenue not taxable for tax
purposes
毋须课税收益之税务影响
(1,107)(1,450)
Tax efect of expenses not deductible for tax
purposes
不可扣税开支之税务影响
2,5652,017
Tax efect of temporary diferences not
recognised
未确认之暂时性差额之
税务影响(1,300)(34)
Tax efect of prior year’s temporary
diferences recognised during the year
年内确认之过往年度
暂时性差额之税务影响(2,179)–
Income tax at concesionary rate按优惠税率缴纳的所得税(78)(271)
Over-provision in respect of prior years过往年度超额拨备31(454)
Income tax expense所得税开支5,1079,372
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 11. DIRECTORS’ EMOLUMENTS, FIVE 11. 董事酬金、五名最高薪酬人 HIGHEST PAID INDIVIDUALS AND SENIOR 士以及高级管理层酬金 MANAGEMENT’S EMOLUMENTS (a) Directors’ emoluments (a) 董事酬金 Directors’ emoluments are disclosed as follows: 董事酬金披露如下： Salaries, allowances Pension and other Discretionary scheme Fees benefits bonus contribution Total 薪金、津贴及 退休金 袍金 其他福利 酌情花红 计划供款 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Year ended 31 March 2025 截至二零二五年三月 三十一日止年度 Executive directors 执行董事 Mr. Wai Yat Kin (“Mr. Wai”) 韦日坚先生（「韦先生」） – 4,360 6,000 12 10,372 Mr. Yip Pak Hung (“Mr. Yip”) 叶柏雄先生（「叶先生」） – 4,360 6,000 8 10,368 Independent non-executive 独立非执行董事 directors Ms. Lai Pik Chi, Peggy 黎碧芝女士 240 – – – 240 Mr. Lam Chi Wai, Peter 林志伟先生 240 – – – 240 Dr. Yeung Kit Ming 杨杰明博士 240 – – – 240 Dr. Koon Chi Ming, Sebastian 灌志明博士 (appointed on 1 January 2025) （于二零二五年 一月一日获委任） 60 – – – 60 Total 总计 780 8,720 12,000 20 21,520 Year ended 31 March 2024 截至二零二四年三月 三十一日止年度 Executive directors 执行董事 Mr. Wai Yat Kin (“Mr. Wai”) 韦日坚先生（「韦先生」） – 3,628 4,000 18 7,646 Mr. Yip Pak Hung (“Mr. Yip”) 叶柏雄先生（「叶先生」） – 3,628 4,000 18 7,646 Independent non-executive 独立非执行董事 directors Ms. Lai Pik Chi, Peggy 黎碧芝女士 240 – – – 240 Mr. Lam Chi Wai, Peter 林志伟先生 240 – – – 240 Dr. Yeung Kit Ming 杨杰明博士 240 – – – 240 Total 总计 720 7,256 8,000 36 16,012 Note: 附注： No directors waived or agreed to waive any emoluments in the current 概无董事于本年度及过往年度放弃或同意 year and in prior year. 放弃任何酬金。 No emolument was paid by the Group to any of the directors as an 于本年度及过往年度，本集团并无向任何 inducement to join or upon joining the Group, or as compensation of 董事支付任何酬金，作为招揽加入本集团 loss of office in the current year and in prior year. 或加入本集团时之奖励或作为离职补偿。 The discretionary bonus is determined with reference to the 酌情花红乃参考本集团各董事之表现而厘 performance of each director of the Group. 定。 84 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- 、五名最高薪酬人
士以及高级管理层酬金（续）
(b) 五名最高薪酬人士
截至二零二五年三月三十一日止年
度，本集团五名最高薪酬人士中包
括两名（二零二四年：两名）董事
（其酬金已纳入上文附注(a)呈列之
分析中）。截至二零二五年及二零
二四年三月三十一日止年度应向其
余三名（二零二四年：三名）最高
薪酬人士支付的酬金如下：
彼等酬金均介乎以下范围：
于本年度及过往年度，本集团并无
向任何非董事最高薪酬人士支付任
何酬金，作为招揽加入本集团或加
入本集团时之奖励或作为离职补偿。
(c) 高级管理层酬金
向董事以外的高级管理层成员支付
或应付的酬金介乎以下范围：
11. DIRECTORS’ EMOLUMENTS, FIVE
HIGHEST PAID INDIVIDUALS AND SENIOR
MANAGEMENT’S EMOLUMENTS (Continued)
(b) Five highest paid individuals
The five individuals whose emoluments were the highest in
the Group for the year ended 31 March 2025 included two
(2024: two) directors whose emoluments are included in
the analysis presented in note (a) above. The emoluments
payable to the remaining thre (2024: thre) highest paid
individuals for the years ended 31 March 2025 and 2024
are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Salaries, alowances and other benefits薪金、津贴及其他福利3,5343,247
Discretionary bonus酌情花红1,9501,291
Contribution to pension scheme退休金计划供款124103
5,6084,641
Their emoluments were within the folowing bands:
二零二五年二零二四年
Number of
individuals
Number of
individuals
人数人数
HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元12
HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元11
HK$2,000,001 to HK$2,500,0002,000,001港元至2,500,000港元1–
No emolument was paid by the Group to any of the
non-director highest paid individuals as an inducement to
join or upon joining the Group, or as compensation for los
of ofice in the curent year and in prior year.
(c) Senior management’s emoluments
Emoluments paid or payable to members of senior
management who are not directors were within the
folowing bands:
二零二五年二零二四年
Number of
individuals
Number of
individuals
人数人数
HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元–1
HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元11
HK$2,000,001 to HK$2,500,0002,000,001港元至2,500,000港元1–
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 12. DIVIDENDS 12. 股息 (a) Dividends payable to owners of the (a) 本年度应占应付本公司拥有 Company attributable to the year 人股息 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Special interim dividend declared and paid of 已宣派及派付每股普通股4.0 HK4.0 cents per ordinary share (2024: nil) 港仙（二零二四年：零）之 特别中期股息 22,277 – Final dividend proposed after the end of the 报告期末后拟派每股普通股 reporting period of HK3.0 cents per ordinary 3.0港仙（二零二四年： share (2024: HK4.0 cents) 4.0港仙）之末期股息 16,708 22,277 Special dividend proposed after the end of 报告期末后拟派每股普通股 the reporting period of nil cents per 零港仙（二零二四年： ordinary share (2024: HK4.0 cents) 4.0港仙）之特别股息 – 22,277 38,985 44,554 Note: 附注： Those dividends declared subsequent to 31 March 2024 and 2025 于二零二四年及二零二五年三月三十一日 have not been recognised as a liability as at 31 March 2024 and 2025 后宣派的该等股息分别于二零二四年及二 respectively. 零二五年三月三十一日未获确认为负债。 (b) Dividends payable to owners of the (b) 本年度已批准及已付过往财 Company attributable to the previous 政年度应占之应付本公司拥 financial year, approved and paid during the 有人股息 year 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Final and special dividends in respect of 本年度已批准及已付过往 previous financial year, approved and 财政年度每股普通股 paid during the year of HK8.0 cents 8.0港仙（二零二四年： (2024: HK3.0 cents) per ordinary share 3.0港仙）之末期及特别 股息 44,554 16,708 86 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
13. 每股盈利
每股基本盈利乃基于以下数据计算：
由于本年度及过往年度并无存在具潜在
摊薄影响的普通股，故每股摊薄盈利与
每股基本盈利相同。
13. EARNINGS PER SHARE
The calculation of basic earnings per share is based on the
folowing data:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Earnings盈利
Profit for the year atributable to owners
of the Company
本公司拥有人应占年内溢利
36,15746,378
二零二五年二零二四年
’000’000
千股千股
Weighted average number of ordinary
shares in isue
已发行普通股的加权平均数
Weighted average number of ordinary shares
in isue during the year
年内已发行普通股的加权平均数
556,930556,930
Diluted earnings per share are same as the basic earnings
per share as there are no dilutive potential ordinary shares in
existence during the year or in prior year.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 14. PROPERTY, PLANT AND EQUIPMENT 14. 物业、厂房及设备 Right-of-use-assets (note) 使用权资产（附注） Other properties leased for Leased motor Leasehold Plant and Furniture and Office Computer own use vehicles improvements machineries fixtures equipment equipment Motor vehicles Total 其他租赁 租赁 租赁 自用的物业 汽车 物业装修 厂房及机器 家私及装置 办公室设备 电脑设备 汽车 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 At 1 April 2023 于二零二三年四月一日 Cost 成本 36,802 1,074 3,146 2,574 3,405 1,298 5,915 5,308 59,522 Accumulated 累计折旧 depreciation (27,855) (591) (3,121) (1,114) (3,294) (1,242) (4,267) (4,450) (45,934) Net carrying amount 账面净值 8,947 483 25 1,460 111 56 1,648 858 13,588 Year ended 截至二零二四年三月 31 March 2024 三十一日止年度 Exchange adjustment 汇兑调整 (143) – – (78) – (1) (35) (7) (264) Additions 添置 8,217 – 15 1,037 36 5 979 560 10,849 Depreciation 折旧 (7,213) – (14) (323) (97) (23) (804) (816) (9,290) Transfer 转拨 – (483) – – – – – 483 – Disposal 出售 – – – – – – – (12) (12) Closing net carrying 期末账面净值 amount 9,808 – 26 2,096 50 37 1,788 1,066 14,871 At 31 March 2024 于二零二四年三月 三十一日 Cost 成本 35,727 – 2,988 3,474 3,441 1,301 6,808 5,926 59,665 Accumulated 累计折旧 depreciation (25,919) – (2,962) (1,378) (3,391) (1,264) (5,020) (4,860) (44,794) Net carrying amount 账面净值 9,808 – 26 2,096 50 37 1,788 1,066 14,871 Year ended 截至二零二五年三月 31 March 2025 三十一日止年度 Exchange adjustment 汇兑调整 (76) – – (24) – – (10) (5) (115) Additions 添置 9,196 708 – – 21 24 968 – 10,917 Depreciation 折旧 (6,969) (47) (16) (357) (15) (14) (768) (551) (8,737) Transfer 转拨 – – – – – – – – – Disposal 出售 – – – – – – (12) (108) (120) Closing net carrying 期末账面净值 amount 11,959 661 10 1,715 56 47 1,966 402 16,816 At 31 March 2025 于二零二五年 三月三十一日 Cost 成本 44,847 708 2,988 3,214 3,462 1,318 7,438 3,989 67,964 Accumulated 累计折旧 depreciation (32,888) (47) (2,978) (1,499) (3,406) (1,271) (5,472) (3,587) (51,148) Net carrying amount 账面净值 11,959 661 10 1,715 56 47 1,966 402 16,816 88 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- 、厂房及设备（续）
附注：
使用权资产按相关资产类别划分的账面净值分
析如下：
15. 投资物业
附注：
(a) 投资物业于二零二五年及二零二四年三月
三十一日的公平值属第3级经常性公平值
计量。年内概无转入或转出第3级公平值
计量。
截至二零二五月年三月三十一日止年度
重新计量投资物业所产生的公平值亏损
为343,000港元（二零二四年：294,000港
元），代表于二零二五年三月三十一日有
关投资物业的未实现亏损。
(b) 本集团的投资物业于二零二五年及二零
二四年三月三十一日之公平值乃由董事参
考独立专业估值师公司永利行评值顾问有
限公司进行估值厘定，该独立专业估值师
公司均拥有适当资格，最近亦均有评估附
近地区类似物业价值之经验。
14. PROPERTY, PLANT AND EQUIPMENT (Continued)
Note:
The analysis of the net bok value of right-of-use asets by clas of underlying
aset is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Other properties leased for own use,
caried at depreciated cost
租赁作自用之其他物业，
按折旧成本列账11,9599,808
Motor vehicles, caried at depreciated cost汽车，按折旧成本列账661–
12,6209,808
15. INVESTMENT PROPERTY
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Fair value公平值
At the begining of the reporting period于报告期初3,9134,434
Change in fair value (note (a)公平值变动（附注(a)）(343)(294)
Exchange adjustment汇兑调整(45)(227)
At the end of the reporting period于报告期末3,5253,913
Notes:
(a) The fair values of investment property as at 31 March 2025 and 2024
are level 3 recuring fair value measurement. There is no transfer into
or out of level 3 measurement during the year.
The fair value los arising from remeasurement of the investment
property for the year ended 31 March 2025 amounting to HK$343,000
(2024: HK$294,000) represented an unrealised los relating to those
investment property as at 31 March 2025.
(b) The fair values of the Group’s investment property as at 31 March
2025 and 2024 were determined by the directors with reference
to the valuation caried out by RHL Apraisal Limited, which is an
independent firm of profesionaly qualified valuers and has apropriate
qualifications and recent experiences in the valuation of similar
properties in nearby location.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 15. INVESTMENT PROPERTY (Continued) 15. 投资物业（续） Notes: (Continued) 附注：（续） (c) Below is a summary of the valuation technique used and the key inputs (c) 以下为估值所用的估值技术及主要输入数 to the valuation. 据概要： Property Location Valuation Unobservable inputs Range of unobservable Relationship of unobservable technique inputs inputs to fair value 物业 位置 估值技巧 不可观察输入数据 不可观察输入数据之范围 不可观察输入数据与公平值的关系 Commercial premise The PRC Comparison Premium/Discount to the unit 2025: –10% to 10% The higher the premium/discount, method market price per unit of market (2024: –10% to 10%) the higher/lower the fair value comparables, taking into account differences such as size, character and location, etc. 商业物业 中国 比较法 每单位市场可资比较物业之单位市价 二零二五年： 溢价╱贴现越高，公平值越高╱越低 溢价╱贴现，经考虑面积、质素及 -10%至10% 地点等账目差异 （二零二四年： -10%至10%） The fair value measurement is based on the highest and best use of the 公平值计量乃按投资物业之最高价值及最 investment property, which does not differ from their actual use. 佳用途（与实际用途相同）计算。 Under comparison method, fair value is estimated by comparison 根据比较法，公平值乃以基于可资比较物 based on prices realised or market prices of comparable properties. 业之变现价格或市价之比较进行估计。就 Comparable properties of similar size, character and location are 各项物业之所有各自优点及缺点，分析及 analysed and carefully weighed against all the respective advantages 仔细衡量面积、质素及地点相似之可比较 and disadvantages of each property in order to arrive at a fair 物业，以对其资本价值进行公平比较。 comparison of capital values. (d) The investment property is leased to a third party under operating lease (d) 投资物业根据经营租赁出租予第三方以 to earn rental income, further details of which are included in note 赚取租金收入，有关进一步详情载于附注 22(b). 22(b)。 16. GOODWILL 16. 商誉 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At 1 April 2023, 31 March 2024 and 于二零二三年四月一日、 31 March 2025 二零二四年三月三十一日及 二零二五年三月三十一日 601 601 The amount of goodwill at the end of the reporting period is 报告期末的商誉金额被分配到「结构工 allocated to the cash-generating unit which is the segment of 程工作」分部内的现金产生单位，并由 “Structural engineering works” and is tested for impairment by 管理层根据使用价值计算法估计该现 the management by estimating the recoverable amount of this 金产生单位的可收回金额，进行减值测 cash-generating unit based on value-in-use calculations. The 试。该计算包括基于管理层审批的财务 calculation comprise cash flow projections based on the financial 预算的现金流量预测。财务预算所涵盖 budgets approved by the management. The period covered 的期间为两年。两年后的现金流量以2% by the financial budgets is two years. Cash flows beyond the （二零二四年：2%）的估计增长率推算。 two-year period are extrapolated using an estimated growth 根据减值测试的结果，管理层厘定该现 rate of 2% (2024: 2%). Based on the results of the impairment 金产生单位并不存在减值。 testing, management determines that there is no impairment in respect of this cash-generating unit. 90 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
管理层在该现金产生单位的使用价值计
算法中所用的主要假设包括：
该等假设已根据过往表现以及管理层就
对该现金产生单位所涉及业务有所影响
的市况及经济之预期而厘定。收益乃经
参考达致完全履行中标项目履约责任的
进度（该进度乃参照项目的预期工作进
度要求及期限而估计）而预测。毛利率
乃根据过往年度所达到的毛利率并根据
市况之预期变动作出调整，以及经考虑
个别结构工程项目的收益及成本预算而
作出的预测。所用之除税前折现率反映
有关该现金产生单位所涉及业务及行业
的特定风险。
17. 存货
16. GODWIL (Continued)
Key asumptions used by the management in the value-in-use
calculations of this cash-generating unit include:
二零二五年二零二四年
Discount rate (pre-tax)除税前折现率9.9%9.7%
Gros profit margin毛利率13.8%-14.0%10.0%-13.0%
These asumptions have ben determined based on past
performance and management’s expectations in respect of
the market conditions and economy which have impact on the
busines in which this cash-generating unit is engaged. Revenue
are forecasted with reference to the progres towards complete
satisfaction of the performance obligation of the awarded
projects, which is estimated with reference to the expected work
schedule requirements and duration of the projects. Gros profit
margin is forecasted based on the gros profit margin achieved
in prior year adjusted for the expected change in market
conditions and taking into acount the revenue and cost budget
of individual structural enginering project. The pre-tax discount
rate used reflects the specific risks relating to the busines and
industry in which this cash-generating unit is engaged.
17. INVENTORIES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Raw materials and suplies原材料及供应品6,6396,072
Work-in-progres在制品8,4121,436
Finished gods制成品4,3587,418
19,40914,926
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 18. CONTRACT ASSETS/CONTRACT LIABILITIES 18. 合约资产╱合约负债 (a) Terms and arrangements of construction (a) 建筑服务的条款及安排 services The Group’s structural engineering contracts and supply 本集团的结构工程合约以及供应及 and installation of building material products contracts 安装建材产品合约包括于合约期内 include payment schedules which require stage payments 达到里程碑时须分期付款的付款时 over the contract period once milestones are reached. 间表。该等付款时间表防止囤积重 These payment schedules prevent the build-up of significant 大合约资产。当已确认收益超过里 contract assets. When the revenue recognised exceeds the 程碑付款时，本集团就差额确认合 milestone payments, the Group recognises contract assets 约资产。 for the difference. Contract assets arising from these unbilled revenue 该等未开发票收益产生的合约资产 represent a right to consideration from the customers 指就向客户转让的服务向客户收取 in exchange of the services transferred to the customers 代价的权利，惟该权利须受时间推 when that right is subject to conditions other than solely 移以外的条件所限。于已完成服务 the passage of time. Upon the completed services being 获客户接纳后，就未开票收益确认 accepted by the customers, the amounts recognised as 为合约资产的金额重新分类至贸易 contract assets on unbilled revenue are reclassified to trade 应收款项。 receivables. When the milestone payments exceeds the revenue 当里程碑付款超过迄今已确认的收 recognised to date, the Group recognises contract liabilities 益时，本集团就差额确认合约负债。 for the difference. Details of the contract assets of the Group are set out in 本集团之合约资产详情载于附注 notes 18(b). 18(b)。 (b) Contract assets (b) 合约资产 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Contract assets arising from: 来自以下各项的合约资产： – Structural engineering works －结构工程工作 70,131 46,591 – Supply and installation of －供应及安装建材产品 building material products 1,380 430 71,511 47,021 Less: Loss allowance 减：亏损拨备 (541) (1,623) 70,970 45,398 92 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- ╱合约负债（续）
(b) 合约资产（续）
于报告期末之合约资产收回或结清
之预期时间性如下：
合约资产减值之亏损拨备变动如下：
本集团根据附注2(h)(i)所述的会计
政策确认合约资产的减值拨备。本
集团的信贷政策及合约资产生
的信贷风险之更多详情载于附注
35(a)。
(c) 合约负债
18. CONTRACT ASETS/CONTRACT LIABILITIES
(Continued)
(b) Contract asets (Continued)
The expected timing of recovery or setlement for contract
asets at the end of the reporting period is as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within one year一年内68,72544,299
More than one year and les than two years超过一年而不超过两年2,7862,722
71,51147,021
The movements in the los alowance for impairment of
contract asets are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
At the begining of the reporting period于报告期初1,6232,519
Reversal of impairment los减值亏损拨回(1,082)(896)
At the end of the reporting period于报告期末5411,623
The Group recognises impairment alowance on contract
asets based on the acounting policies set out in note 2(h)
(i). Further details of the Group’s credit policy and credit
risk arising from contract asets are set out in note 35(a).
(c) Contract liabilities
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Contract liabilities arising from:来自以下方面之合约负债：
– Structural enginering works－结构工程工作38,30057,439
– Suply and instalation of
building material products
－供应及安装建材产品
2,0003,104
– Trading of building material products－买卖建材产品2,13715,841
42,43776,384
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 18. CONTRACT ASSETS/CONTRACT LIABILITIES 18. 合约资产╱合约负债（续） (Continued) (c) Contract liabilities (Continued) (c) 合约负债（续） The movements in contract liabilities are as follows: 合约负债之变动如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At the beginning of the reporting period 于报告期初 76,384 55,513 Decrease in contract liabilities as a result of 由于年内确认收益而令到 recognising revenue during the year that 合约负债减少的已计入 was included in the contract liabilities at 年初合约负债 the beginning of the year (61,759) (16,183) Increase in contract liabilities as a result of 由于年内提前开立发票 billing in advance during the year 而令到合约负债增加 27,812 37,054 At the end of the reporting period 于报告期末 42,437 76,384 Note: The decrease in contract liabilities in the year 2025 mainly due 附注： 二零二五年的合约负债减少主要 to the increase in progress of certain project and the fulfilment 由于若干项目的进度有所加快， of obligation of the certain trading project for these billing in 以及履行若干贸易项目于二零 advance arised from the year 2024. 二四年起提前开立发票而产生的 义务所致。 19. TRADE AND OTHER RECEIVABLES, DEPOSITS 19. 贸易及其他应收款项、按金 AND PREPAYMENTS 及预付款项 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Trade receivables 贸易应收款项 152,287 145,382 Less: loss allowance 减：亏损拨备 (26,038) (10,435) Trade receivables, net (note (a)) 贸易应收款项净额（附注(a)） 126,249 134,947 Retention receivables 应收保留金 49,269 103,329 Less: loss allowance 减：亏损拨备 (7,154) (5,215) Retention receivables, net (note (b)) 应收保留金净额（附注(b)） 42,115 98,114 Other receivables (note (c)) 其他应收款项（附注(c)） 22,859 35,668 Deposits (note (c)) 按金（附注(c)） 2,399 1,898 Prepayments 预付款项 7,344 5,322 32,602 42,888 Less: non-current portion – deposits 减： 非流动部分－按金 (note (c)) （附注(c)） (155) (156) Current portion 流动部分 200,811 275,793 94 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- 、按金
及预付款项（续）
附注：
(a) 贸易应收款项
本集团分别就提供建筑工程及买卖建材产
品向客户授出之信贷期一般介乎30至60日。
于报告期末，贸易应收款项（扣除亏损拨
备）按发票日期的账龄分析如下：
贸易应收款项之减值亏损拨备变动如下：
本集团根据附注2(h)(i)所载的会计政策确
认贸易应收款项之减值亏损。本集团的信
贷政策及贸易应收款项产生的信贷风险进
一步详情载于附注35(a)。
19. TRADE AND OTHER RECEIVABLES, DEPOSITS
AND PREPAYMENTS (Continued)
Notes:
(a) Trade receivables
The Group normaly alows a credit period of 30 and 60 days to its
customers for provision of construction works and trading of building
material products respectively.
The ageing analysis of the trade receivables (net of los alowance),
based on invoice date, as at the end of the reporting period is as
folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
0 – 30 days0至30日104,358114,490
31 – 60 days31至60日8,17512,747
61 – 90 days61至90日996122
Over 90 days超过90日12,7207,588
126,249134,947
The movements in the los alowance for impairment of trade
receivables are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
At the begining of the reporting period于报告期初10,4351,641
Provision of los alowance计提亏损拨备15,6038,794
At the end of the reporting period于报告期末26,03810,435
The Group recognises impairment los on trade receivables based on
the acounting policies set out in note 2(h)(i). Further details on the
Group’s credit policy and credit risk arising from trade receivables are
set out in note 35(a).
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 19. TRADE AND OTHER RECEIVABLES, DEPOSITS 19. 贸易及其他应收款项、按金 AND PREPAYMENTS (Continued) 及预付款项（续） Notes: (Continued) 附注：（续） (b) Retention receivables (b) 应收保留金 The Group generally provides retention period of 1 to 2 years and 本集团一般提供1至2年的保留期，通常保 normally retention monies represent 5% to 10% of the contract 留金占合约金额的5%至10%。应收保留 sum. Retention receivables are part of the consideration arising from 金为结构工程合约以及由客户保留的大型 structural engineering contracts and sizable supply and installation of 供应及安装建材产品合约所产生代价的一 building material products contracts that are retained by the customers 部分，并于相关合约的保留期结束时或根 and are payable to the Group upon completion of the retention period 据相关合约指定的条款应付本集团保留 of the relevant contract or in accordance with the terms specified in 金。保留金旨在保障客户以免本集团未能 the relevant contract. Retention monies are intended to protect the 履行其于合约项下的责任，而非向客户提 customers from the Group failing to complete its obligations under the 供融资。应收保留金性质上为合约资产。 contracts rather than to provide financing to the customers. Retention receivables are in nature as contract assets. The terms and conditions in relation to the release of retention 解除保留金的条款及条件因合约而异，视 monies vary from contract to contract, which may be subject to 乎实际完成合约、缺陷责任期届满及缺陷 practical completion of contracts, expiry of defect liability period and 纠正令客户信纳而定（即缺陷责任期届满 rectification of defects to the satisfaction of customers (i.e. at the 时，为本集团有无条件权利向客户开具发 expiry of the defect liability period that is at a point at which the Group 票之时）。于客户解除保留金后，应收保 has unconditional right to invoice to the customers). Upon release 留金将重新分类至「贸易应收款项」。就 of retention monies by the customers, retention receivables will be 其他小型供应及安装建材产品合约而言， reclassified to “Trade receivables”. For other small-scale supply and 本集团通常于提供服务时向客户开具账单 installation of building material products contracts, the Group normally 以收取款项。 issues bill to the customers for payment along when the services are rendered. The movements in the loss allowance for impairment on retention 应收保留金之减值亏损拨备变动如下： receivables are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 At the beginning of the reporting period 于报告期初 5,215 2,863 Provision of loss allowance 计提亏损拨备 1,939 2,352 At the end of the reporting period 于报告期末 7,154 5,215 The Group recognises impairment allowance on retention receivables 本集团根据附注2(h)(ii)所述的会计政策确 based on the accounting policies set out in note 2(h)(ii). Further details 认应收保留金的减值拨备。本集团的信贷 of the Group’s credit policy and credit risk arising from contract assets 政策及合约资产产生的信贷风险之更多详 are set out in note 35(a). 情载于附注35(a)。 96 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- 、按金
及预付款项（续）
附注：（续）
(b) 应收保留金（续）
截至报告期末的应收保留金应根据客户解
除保留金的条款和条件并计及整改工作的
状况进行结算，具体如下：
(c) 其他应收款项及按金
有关本集团之信贷政策以及源自其他应
收款项及按金之信贷风险详情载于附注
35(a)。
20. 现金及银行结余
存放于银行之现金按每日银行存款利率
计算之浮动利率赚取利息。短期定期存
款之期限，乃视乎本集团之即时现金需
求而定，按各短期定期存款利率赚取利
息。
于二零二五年三月三十一日，本集团于
银行存有86,702,000港元（二零二四年：
106,329,000港元）之定期存款，原到期
期限为一至三个月（二零二四年：一至
三个月），并按介乎2.94%至5.50% （二
零二四年: 3.72%至5.10%）的年利率赚
取利息收入。
于二零二五年三月三十一日，本集团
以人民币计值之现金及银行结余为
6,646,000港元（二零二四年：7,631,000
港元）。人民币不可自由兑换为其他货
币，然而，根据中国内地的外汇管理条
例及结汇、售汇及付汇管理规定，本集
团获准透过授权进行外汇业务之银行将
人民币兑换为其他货币。
19. TRADE AND OTHER RECEIVABLES, DEPOSITS
AND PREPAYMENTS (Continued)
Notes: (Continued)
(b) Retention receivables (Continued)
The retention receivables as of the end of the reporting period are to
be setled, based on the terms and conditions in relation to the release
of the retention monies by customers and taking into acount the
status of rectification works, as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
On demand or within one year按要求或一年内2,92719,510
After one year一年后39,18878,604
42,11598,114
(c) Other receivables and deposits
Further details on the Group’s credit policy and credit risk arising from
other receivables and deposits are set out in note 35(a).
20. CASH AND BANK BALANCES
Cash at banks earns interest at floating rate based on daily bank
deposit rates. Short-term time deposits are made for periods
depending on the imediate cash requirements of the Group,
and earn interest at the respective short-term time deposit rates.
As at 31 March 2025, the Group had time deposits of
HK$86,702,000 (2024: HK$106,329,000) placed with banks
with original maturity of one to thre months (2024: one to
thre months) and earn interest income at interest rates ranged
from 2.94% to 5.50% (2024: 3.72% to 5.10%) per anum.
As at 31 March 2025, cash and bank balances of the Group
denominated in RMB amounted to HK$6,646,000 (2024:
HK$7,631,000). RMB is not frely convertible into other
curencies, however, under Mainland China’s Foreign Exchange
Control Regulations and Administration of Setlement, Sale
and Payment of Foreign Exchange Regulations, the Group is
permited to exchange RMB for other curencies through banks
authorised to conduct foreign exchange busines.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 21. TRADE AND OTHER PAYABLES 21. 贸易及其他应付款项 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Trade payables (note (a)) 贸易应付款项（附注(a)） 70,506 95,993 Bills payable 应付票据 617 – Retention payables (note (b)) 应付保留金（附注(b)） 33,767 23,040 Accrued staff costs 应计员工成本 12,809 11,333 Other payables and accruals 其他应付款项及应计款项 1,804 5,505 119,503 135,871 Notes: 附注： (a) For trade payables, the credit period granted by suppliers and (a) 就贸易应付款项而言，供应商及承建商授 contractors is normally 30 to 60 days. 出之信贷期一般介乎30至60日。 The ageing analysis of trade payables, based on invoice date, as at the 于报告期末，贸易应付款项按发票日期的 end of the reporting period is as follows: 账龄分析如下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 0 – 30 days 0至30日 35,326 60,206 31 – 60 days 31至60日 25,760 22,904 61 – 90 days 61至90日 4,375 4,665 Over 90 days 90日以上 5,045 8,218 70,506 95,993 (b) Based on the terms and conditions agreed in relation to the release (b) 基于就向分包商解除保留金协定的条款及 of retention monies to subcontractors and taking into account the 条件并计及整改工程的状况，于报告期末 status of rectification work, the retention payables as at the end of the 待结清的应付保留金如下： reporting period are to be settled as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 On demand or within one year 按要求或一年内 9,363 10,790 After one year 一年后 24,404 12,250 33,767 23,040 98 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
22. 租赁
(a) 本集团作为承租人
本集团租赁办公室物业、厂房、仓
库、宿舍及汽车作营运用途。定期
租金在租赁期内均为固定不变，而
租赁经磋商后初步为期二至四年（二
零二四年：二至十年）。
使用权资产之变动披露于附注14。
租赁负债变动如下：
附注：
于二零二五年三月三十一日，本集团于汽
车租赁项下之承担以汽车为抵押。
22. LEASES
(a) The Group as lese
The Group leases ofice premises, factories, warehouse,
quarters and motor vehicles for use in its operation. The
periodic rent is fixed over the lease term, and the leases are
negotiated for an initial period of two to four years (2024:
two to ten years).
The movements of the right-of-use asets are disclosed
in note 14. The movements of the lease liabilities are as
folows:
Properties
leased for
own use
Motor
vehicles
(note)Total
自用
租赁物业
汽车
（附注）总计
HK$’000HK$’000HK$’000
千港元千港元千港元
At 1 April 2023于二零二三年四月
一日8,885148,899
Aditions添置8,217–8,217
Finance costs (note 8)财务成本（附注8）447–447
Lease payments租赁付款(7,918)(14)(7,932)
Exchange adjustment汇兑调整(149)–(149)
Balance 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
四月一日之结余9,482–9,482
Aditions添置9,1967089,904
Finance costs (note 8)财务成本（附注8）56614580
Lease payments租赁付款(6,596)(313)(6,909)
Exchange adjustment汇兑调整(77)–(77)
Balance at 31 March 2025于二零二五年三月
三十一日之结余12,57140912,980
Note:
The Group’s obligations under the lease of the motor vehicles were
secured by the motor vehicles as at 31 March 2025.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 22. LEASES (Continued) 22. 租赁（续） (a) The Group as lessee (Continued) (a) 本集团作为承租人（续） Future lease payments are due as follows: 未来租赁付款到期日如下： Present value Minimum of minimum lease lease payments Interest payments 最低 最低租赁 租赁付款 利息 付款之现值 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 As at 31 March 2025 于二零二五年 三月三十一日 Not later than one year 不超过一年 6,945 (431) 6,514 Later than one year but no later 超过一年但不超过 than two years 两年 4,262 (197) 4,065 Later than two years but no later 超过两年但不超过 than five years 五年 2,434 (33) 2,401 13,641 (661) 12,980 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 As at 31 March 2024 于二零二四年 三月三十一日 Not later than one year 不超过一年 5,601 (295) 5,306 Later than one year but no later 超过一年但不超过 than two years 两年 3,590 (119) 3,471 Later than two years but no later 超过两年但不超过 than five years 五年 727 (22) 705 9,918 (436) 9,482 The present value of future lease payments are analysed as 未来租赁付款现值分析如下： follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Current liabilities 流动负债 6,514 5,306 Non-current liabilities 非流动负债 6,466 4,176 12,980 9,482 For the year ended 31 March 2025, the total cash payment 截至二零二五年三月三十一日止年 for the Group’s lease arrangements (including repayment of 度，本集团租赁安排之现金付款总 lease liabilities and short-term leases expenses) amounted 额（包括偿还租赁负债及短期租赁 to HK$8,603,000 (2024: HK$8,490,000). 开支）为8,603,000港元（二零二四 年：8,490,000港元）。 100 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(b) 本集团作为出租人
本集团向第三方租户租赁其投资物
业（附注15）。租约初步期限为自
二零二四年七月一日起至二零二六
年六月三十日止两年（二零二四年：
自二零二一年七月一日起至二零
二四年六月三十日止三年）。于报
告期末，本集团未来最低租赁应收
款项如下：
23. 银行借款
银行借款（包括贸易融资）按银行最优
惠利率或按银行最优惠利率每年调整若
干基点计息。于二零二四年三月三十一
日，本集团根据银行融资获授予的银行
借款的年利率为介乎5.6%至9.3%。银
行借款受制于按要求偿还的条款。
于二零二五年及二零二四年三月三十一
日，授予本集团的银行融资由本公司提
供的公司担保作出担保。
22. LEASES (Continued)
(b) The Group as lesor
The Group leases its investment property (note 15) to third
party tenant. The lease run for an initial period of two years
from 1 July 2024 and end on 30 June 2026 (2024: thre
years from 1 July 2021 and end on 30 June 2024). As the
end of the reporting period, the Group had the folowing
future minimum lease payments receivables:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within one year一年内13545
After one year but within two years一年后但两年内66–
23. BANK BOROWINGS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Bank borowings repayable within one year一年内应偿还的银行借款–9,276
The bank borowings, including trade financing, are interest
bearing at the bank’s prime rate or the bank’s prime rate
adjusted by certain basis points per anum. The interest rate
of the Group’s bank borowings as at 31 March 2024 granted
under banking facilities ranged from 5.6% to 9.3% per anum.
The bank borowings are subject to repayment on demand
clause.
As at 31 March 2025 and 2024, the banking facilities granted to
the Group were secured by the corporate guarante provided by
the Company.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 24. DEFERRED TAX 24. 递延税项 The movements in deferred tax assets and liabilities during 年内递延税项资产及负债变动（未计及 the year, without taking into consideration the offsetting of 于同一税务司法权区内抵销结余）如下： balances within the same tax jurisdiction, are as follows: Other temporary and Allowance Accelerated tax Allowance for Revaluation of deductible Right-of-use for Lease depreciation inventories property differences Tax loss assets receivables liabilities Total 其他暂时性及可 加速税务折旧 存货拨备 物业重估 扣税差额 税项亏损 使用权资产 应收款项拨备 租赁负债 总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 At 1 April 2023 于二零二三年四月一日 (35) (87) 41 – – – – – (81) (Credited)/Charged to （计入）╱扣除损益 profit or loss (note 10) （附注10） (165) 8 (74) (75) – – – – (306) Exchange adjustment 汇兑调整 – – (2) – – – – – (2) At 31 March 2024 and 于二零二四年 1 April 2024 三月三十一日及 二零二四年四月一日 (200) (79) (35) (75) – – – – (389) (Credited)/Charged to （计入）╱扣除损益 profit or loss (note 10) （附注10） 39 (40) (84) – (1,581) 2,314 (1,177) (2,451) (2,980) Exchange adjustment 汇兑调整 – – 1 – – 1 – (1) 1 At 31 March 2025 于二零二五年 三月三十一日 (161) (119) (118) (75) (1,581) 2,315 (1,177) (2,452) (3,368) Represented by: 由下列各项代表： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Deferred tax assets 递延税项资产 (3,384) (405) Deferred tax liabilities 递延税项负债 16 16 (3,368) (389) The two-tiered profits tax rates regime have no material impact 于二零二四年及二零二五年三月三十一 on the deferred tax balances of the Group as at 31 March 2024 日，由于由本集团提名合资格实体并无 and 2025 as the qualifying entity nominated by the Group did 重大暂时性差异，因此两级利得税税率 not have material temporary differences as at 31 March 2024 制度对本集团于二零二四年及二零二五 and 2025. Deferred tax assets and liabilities of other group 年三月三十一日的递延税项余额并无重 entities were continued to be measured using a flat tax rate of 大影响。其他集团实体的递延税项资产 16.5%. 及负债继续以16.5%的统一税率计量。 Pursuant to the PRC Corporate Income Tax Law, a 10% 根据中国企业所得税法，于中国成立的 withholding tax is levied on dividends declared to foreign 外资企业须就向外国投资者宣派的股息 investors from the foreign investment enterprises established 缴纳10%预扣税。此规定自二零零八年 in the PRC. The requirement is effective from 1 January 2008 一月一日起生效，并适用于二零零七年 and applies to earnings after 31 December 2007. A lower 十二月三十一日后产生的盈利。倘中国 withholding tax rate may be applied if there is a tax treaty 与外国投资者所属司法权区订有税务协 between the PRC and the jurisdiction of the foreign investors. 定，则可享有较低的预扣税率。 102 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
本集团的适用税率为5%。因此，本集
团须就于中国成立的附属公司就自二零
零八年一月一日起赚取的盈利所分派的
股息缴纳预扣税。
于二零二五年三月三十一日，并无就因
本公司于中国成立的附属公司的未汇出
盈利，即19,734,000港元（二零二四年：
15,551,000港元）须缴纳的预扣税而确
认递延税项。董事认为，该附属公司于
可见将来不大可能分派有关盈利。
于报告期末，本集团有未使用的税项
亏损约2,221,000港元（二零二四年：
2,221,000港元），并无于财务状况表确
认递延税项资产。税项亏损可无限期结
转。
25. 股本
24. DEFERED TAX (Continued)
For the Group, the aplicable tax rate is 5%. The Group is
therefore liable for witholding taxes on dividend distributed by
the subsidiary in the PRC in respect of earnings generated from
1 January 2008.
At 31 March 2025, no defered tax has ben recognised for
witholding taxes that would be payable on the unremited
earnings of the Company’s subsidiary established in the PRC
that are subject to witholding taxes, which amounted to
HK$19,734,000 (2024: HK$15,551,000). In the opinion of the
directors, it is not probable that the subsidiary wil distribute
such earnings in the foreseable future.
At the end of the reporting period, the Group had unused tax
loses of aproximately HK$2,221,000 (2024: HK$2,221,000)
for which no defered tax aset is recognised in the statement
of financial position. The tax loses may be caried forward
indefinitely.
25. SHARE CAPITAL
Ordinary shares普通股Par value
Number of
sharesAmount
面值股份数目总额
HK$HK$’000
港元千港元
Authorised:法定：
At 1 April 2023, 31 March 2024
and 31 March 2025
于二零二三年四月一日、
二零二四年
三月三十一日及
二零二五年
三月三十一日0.012,000,000,00020,000
Isued and fuly paid:已发行及缴足：
At 1 April 2023, 31 March 2024
and 31 March 2025
于二零二三年
四月一日、
二零二四年
三月三十一日及
二零二五年
三月三十一日0.01556,930,0005,569
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 26. RESERVES 26. 储备 The Group 本集团 Details of the movements in the Group’s reserves for the years 截至二零二五年及二零二四年三月 ended 31 March 2025 and 2024 are set out in the consolidation 三十一日止年度，本集团的储备变动详 statement of changes in equity. The following describes the 情载于综合权益变动表。下文阐述拥有 nature and purpose of each reserve within owners’ equity: 人权益项下各储备之性质及用途： Share premium 股份溢价 Share premium is the excess of the proceeds received over 股份溢价乃本公司股份以溢价发行时所 the nominal value of the shares of the Company issued at a 得资金，撇除发行股份开支后，与股份 premium, less expenses incurred in connection with the issue of 面值之差额。 the shares. Merger reserve 合并储备 Merger reserve mainly arose from the transactions under the 合并储备主要来自截至二零一六年三月 reorganisation which took place during the year ended 31 March 三十一日止年度就本公司股份于联交所 2016 in connection to the listing of the Company’s shares on 上市进行之重组项下的交易。 the Stock Exchange. Exchange reserve 汇兑储备 Exchange reserve comprises foreign exchange differences arising 汇兑储备包括根据附注2(n)所采纳的会 from the translation of the financial statements of foreign 计政策换算海外业务财务报表所产生的 operations in accordance with the accounting policies adopted 汇兑差额。 in note 2(n). Statutory reserve 法定储备 Statutory reserve represents appropriation of profits of the 法定储备指按照中国有关法例规定，将 PRC subsidiaries to non distributable reserve fund account as 中国附属公司的溢利分配至不可分派储 required by the relevant PRC statute. 备金账。 Retained profits 保留溢利 Retained profits is the cumulative net gains and losses 保留溢利为于损益中确认的累计收益及 recognised in profit or loss. 亏损净额。 104 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
本公司
本年度及上年度本公司储备的变动情况
如下：
27. 购股权计划
根据本公司股东于二零一五年九月
二十二日通过的决议案，本公司股东
批准采纳一项购股权计划（「购股权计
划」）。购股权计划使本公司可向合资格
人士授出购股权，作为彼等对本集团所
作贡献的奖励或回报。
购股权计划在二零一五年十月八日起计
10年期间有效及生效，其后概不会授出
任何额外购股权，惟购股权计划的条文
在所有其他方面仍有十足效力及生效，
而在购股权计划期间内授出的购股权可
继续根据其发行条款行使。
董事会可全权酌情邀请任何合资格人士
按董事会厘定的价格承购股权，而该
价格不得低于下列各项的最高者：(i)于
授出购股权日期（必须为交易日）联交
所每日报价表所载的股份收市价；(i)于
紧接授出购股权当日前五个交易日联交
所每日报价表所载的股份平均收市价；
及(i)股份面值。于接纳购股权要约后，
承授人须向本公司支付1港元作为接受
授予的代价。
自购股权计划获采纳以来，概无根据该
计划授出任何购股权。
26. RESERVES (Continued)
The Company
The movements of the Company’s reserves during the curent
year and prior year are as folows:
Share
premium
Retained
profitsTotal
股份溢价保留溢利总计
HK$’000HK$’000HK$’000
千港元千港元千港元
As at 1 April 2023于二零二三年四月一日23,82916,74740,576
Profit for the year年内溢利–44,58044,580
Final dividend in respect of 2023
(note 12(b)
二零二三年的末期股息
（附注12(b)）–(16,708)(16,708)
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23,82944,61968,448
Profit for the year年内溢利–39,01739,017
Final and special dividend in
respect of 2024 (note 12(b)
二零二四年的末期及特别
股息（附注12(b)）–(44,554)(44,554)
Special interim dividend in
respect of 2025 (note 12(b)
二零二五年的特别中期股息
（附注12(b)）–(22,277)(22,277)
As at 31 March 2025于二零二五年三月三十一日23,82916,80540,634
27. SHARE OPTION SCHEME
Pursuant to resolutions pased by the shareholder of the
Company on 22 September 2015, the shareholder of the
Company aproved the adoption of a share option scheme (the
“Share Option Scheme”). The Share Option Scheme enables
the Company to grant options to eligible persons as incentives
or rewards for their contributions to the Group.
The Share Option Scheme wil be valid and efective for a period
of 10 years comencing from 8 October 2015, after which
period no further options may be granted but the provisions of
the Share Option Scheme shal remain in ful force and efect
in al other respects and the options granted during the life of
the Share Option Scheme may continue to be exercisable in
acordance with their terms of isue.
The board of directors may, at its absolute discretion, invite any
eligible persons to take up options at a price determined by the
board of directors which shal not be lower than the highest of (i)
the closing price of the shares as stated in the Stock Exchange’s
daily quotations shet on the date of grant of the options,
which must be a trading day; (i) the average closing price of
the shares as stated in the Stock Exchange’s daily quotations
shets for the five trading days imediately preceding the date
of grant of the options; and (i) nominal value of a share. Upon
aceptance of the ofer of an option, the grante shal pay HK$1
to the Company by way of consideration for the grant.
No option has ben granted under the Share Option Scheme
since its adoption.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 28. HOLDING COMPANY STATEMENT OF 28. 控股公司的财务状况表 FINANCIAL POSITION As at 31 March 2025 于二零二五年三月三十一日 2025 2024 二零二五年 二零二四年 Notes HK$’000 HK$’000 附注 千港元 千港元 ASSETS AND LIABILITIES 资产及负债 Non-current asset 非流动资产 Investments in subsidiaries 于附属公司的投资 29 – – Current assets 流动资产 Other receivables, deposits and 其他应收款项、按金及 prepayments 预付款项 239 215 Amounts due from subsidiaries 应收附属公司款项 43,694 76,810 Cash and bank balances 现金及银行结余 2,36 3 1,684 46,296 78,709 Current liabilities 流动负债 Other payables and accruals 其他应付款项及应计款项 93 882 Amount due to a subsidiary 应付附属公司款项 – 3,810 93 4,692 Net current assets/Net assets 流动资产净值╱资产净值 46,203 74,017 CAPITAL AND RESERVES 资本及储备 Share capital 股本 25 5,569 5,569 Reserves 储备 26 40,63 4 68,448 Total equity 权益总额 46,203 74,017 On behalf of the directors 代表董事 Yip Pak Hung Wai Yat Kin 叶柏雄 韦日坚 Director Director 董事 董事 106 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
29. 于附属公司的投资
本公司附属公司于二零二五年三月
三十一日的详情如下：
29. INVESTMENTS IN SUBSIDIARIES
Details of the Company’s subsidiaries as at 31 March 2025 are
as folows:
Name of subsidiary
Place of incorporation
and type of legal entity
Place of
operation
Isued and paid up
capital
Efective interest held
by the CompanyPrincipal activities
附属公司名称
注册成立地点
及法律实体类别经营地点已发行及缴足股本公司所持实际权益主要业务
DirectlyIndirectly
直接间接
Light Dimension LimitedThe BVI/Limited liability
company
Hong Kong16 shares of
US$1 each
100%–Investment holding
光维有限公司英属处女群岛╱有限公司香港16股每股面值
1美元的股份
100%–投资控股
AcouSystem LimitedHong Kong/Limited
liability company
Hong Kong300 shares of
HK$300
–100%Trademark Holding
AcouSystem Limited香港╱有限公司香港300股300港元
的股份
–100%持有商标
BuildMax LimitedHong Kong/Limited
liability company
Hong Kong50,000 shares of
HK$50,000
–100%Suply and instalation
of building material
products and trading
of building material
products
彪域有限公司香港╱有限公司香港50,000股50,000港元
的股份
–100%提供及安装建材产品及
买卖建材产品
BuildMax Technology
(Shenzhen) Limited
The PRC/Wholy
foreign-owned
enterprise
The PRCRMB6,500,000–100%Procesing, fabrication,
manufacturing and
trading of building
material products
彪域科技（深圳）有限公司中国╱外商独资企业中国人民币6,500,000元–100%加工、组建、制造及
买卖建材产品
Hilford Trading LimitedHong Kong/Limited
liability company
Hong Kong10,000 shares of
HK$10,000
–100%Investment holding
恒富贸易有限公司香港╱有限公司香港10,000股10,000港元
的股份
–100%投资控股
KPa Enginering LimitedHong Kong/Limited
liability company
Hong Kong15,000,000 shares of
HK$15,000,000
–100%Provision of structural
enginering works
应力工程有限公司香港╱有限公司香港15,000,000股
15,000,000港元
的股份
–100%提供结构工程工作服务
KPa Enginering (HK) LimitedHong Kong/Limited
liability company
Hong Kong300 shares of
HK$300
–100%Provision of structural
enginering works
应力工程（香港）有限公司香港╱有限公司香港300股300港元的股份–100%提供结构工程工作服务
应力恒富设计贸易（深圳）
有限公司
The PRC/Wholy
foreign-owned
enterprise
The PRCHK$1,000,000–100%Provision of fabrication
drawing
应力恒富设计贸易
（深圳）有限公司
中国╱外商独资企业中国1,000,000港元–100%提供制作绘图
Sun Pol Enginering LimitedHong Kong/Limited
liability company
Hong Kong150,000 shares of
HK$150,000
–100%Investment holding
晨邦工程有限公司香港╱有限公司香港150,000股150,000港元
的股份
–100%投资控股
KPa Contracting Limited
(Deregistered on
28 February 2025)
Hong Kong/Limited
liability company
Hong Kong300 shares of
HK$300
–100%Provision of structural
enginering works
应力承造有限公司
（于二零二五年
二月二十八日撤销注册）
香港╱有限公司香港300股300港元的股份–100%提供结构工程工作服务
@
None of the subsidiaries had any debt securities in isue at the end of
the reporting period.
@
于报告期末，概无附属公司持有任何已发
行的债务证券。
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 30. GUARANTEE 30. 担保 The Group provided guarantee in respect of the surety 本集团就银行以本集团若干建造合约之 bonds issued by the bank in favour of the customers of the 客户为受益人发出的担保保函提供担 Group’s certain construction contracts as security for the 保，作为本集团与客户订立的合约项下 due performance and observance of the Group’s obligations 本集团应妥为履行及遵守的义务的抵 under the contracts entered into between the Group and its 押。倘本集团未能向其获得担保保函的 customers. If the Group fails to provide satisfactory performance 客户提供令人满意的表现，该客户可要 to its customers to whom surety bonds have been given, such 求银行向其支付要求中规定的款项。本 customers may demand the bank to pay to them the sum or sum 集团已无条件及不可撤回地同意向银行 stipulated in such demand. The Group has unconditionally and （作为保函发出人）就保函可能产生的索 irrevocably agreed to indemnify the bank as issuer of the bonds 赔及亏损作出赔偿。于报告期末的该等 for claims and losses they may incur in respect of the bonds. 担保详情如下： Details of these guarantees at the end of the reporting period are as follows: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Aggregate value of the surety bonds issued 以客户为受益人发出的担保保函 in favour of customers 的总价值 20,839 28,115 As assessed by the directors, these surety bonds are 诚如董事所评估，该等担保保函为保证 assurance-type warranty and it is not probable that the bank 类型担保，而由于本集团不大可能不履 would claim against the Group for losses in respect of the 行相关合约的履约义务，银行不大可能 guarantee contracts as it is unlikely that the Group will fail 就担保合约之亏损向本集团提出索偿。 to meet its performance obligations of the relevant contract. 因此，并无就本集团于担保项下之责任 Accordingly, no provision for the Group’s obligations under the 作出拨备。 guarantee has been made. 108 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
31. 综合现金流量表附注
融资活动产生之负债对账：
31. NOTE TO THE CONSOLIDATED STATEMENT
OF CASH FLOWS
Reconciliation of liabilities arising from financing activities:
Bank
borowings
Lease
liabilities
银行借款租赁负债
HK$’000HK$’000
千港元千港元
(note 23)(note 22(a)
（附注23）（附注22(a)）
As at 1 April 2023于二零二三年四月一日45,8678,899
Changes from cash flows现金流量变动
Proceds from new bank borowings新银行借款的所得款项84,297–
Repayment of bank borowings偿还银行借款(120,888)–
Capital element of lease payments租赁付款的资本部分–(7,485)
Interest element of lease payments租赁付款的利息部分–(447)
(36,591)(7,932)
Exchange adjustment汇兑调整–(149)
Other changes其他变动
Interest expenses利息开支–447
Increase in lease liabilities from
entering into new leases
订立新租赁而增加的
租赁负债–8,217
–8,664
At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及
二零二四年四月一日9,276 9,482
Changes from cash flows现金流量变动
Proceds from new bank borowings新银行借款的所得款项60,000–
Repayment of bank borowings偿还银行借款(69,276)–
Capital element of lease payments租赁付款的资本部分–(6,329)
Interest element of lease payments租赁付款的利息部分–(580)
–(6,909)
Exchange adjustment汇兑调整–(77)
Other changes其他变动
Interest expenses利息开支–580
Increase in lease liabilities from
entering into new leases
订立新租赁而增加的
租赁负债–9,904
–10,484
At 31 March 2025于二零二五年三月三十一日–12,980
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 32. RELATED PARTY TRANSACTIONS 32. 关联方交易 Saved as disclosed elsewhere in these consolidated financial 除该等综合财务报表其他部分所披露者 statements, the Group has the following significant transactions 外，本集团与关联方有以下重大交易。 with its related parties. Related party (a) Name relationship Type of transaction Transaction amount 名称 关联方关系 交易类别 交易金额 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Cozy Coffee Club Limited Director and key Management fee income 62 62 (note) management have equity interest 惬意咖啡会有限公司 董事及主要管理层 管理费收入 （附注） 拥有股本权益 Note: Mr. Yip is the director and shareholder of Cozy Coffee Club 附注： 叶先生为惬意咖啡会有限公司的 Limited. 董事及股东。 The above transaction was conducted in accordance with 上述交易乃根据本集团与关联方相 the terms mutually agreed between the Group and the 互协定的条款进行。 related party. (b) The remuneration of directors and other members of key (b) 董事及其他主要管理人员的酬金如 management were as follows: 下： 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Salaries, allowances and other benefits 薪金、津贴及其他福利 26,204 19,043 Contributions to defined contribution 界定供款退休计划供款 retirement plan 144 121 26,348 19,164 110 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
33. 资本管理
本集团之资本管理目标乃保障本集团的
持续营运能力，以向股东提供回报及为
其他持份者提供利益、维持最佳资本结
构，以减少资金成本以及支持本集团之
稳定性及增长。
本集团使用资本负债比率（即债务总额
与权益之比率）监察资本。债务总额包
括银行借款及租赁负债。权益指本集团
之总权益。
本公司董事在考虑本集团未来资金需
求的情况下，主动定期检讨及管理本集
团的资本结构，以确保获得最佳股东回
报。本集团根据经济状况变动及相关资
产之风险特点管理资本结构并作出调
整。为维持或调整资本结构，本集团可
能调整支付予股东之股息数额、向股东
发还资金、发行新股份、筹集新债或出
售资产减债。
于报告期末之资本负债比率如下：
本集团的目标为将资本负债比率维持于
符合预期经济及财务环境变动的水平。
本集团的整体资本管理策略于整个年度
内概无变动。
33. CAPITAL MANAGEMENT
The Group’s capital management objectives are to safeguard
the Group’s ability to continue as a going concern in order
to provide returns to shareholders and benefits for other
stakeholders, to maintain an optimal capital structure, to reduce
the cost of capital and to suport the Group’s stability and
growth.
The Group monitors capital using gearing ratio, which is total
debt to equity. Total debt includes bank borowings and lease
liabilities. Equity represents total equity of the Group.
The directors of the Company actively and regularly reviews and
manages the Group’s capital structure, taking into consideration
the future capital requirements of the Group, to ensure optimal
shareholders’ returns. The Group manages the capital structure
and makes adjustments to it in light of changes in economic
conditions and the risk characteristics of the underlying asets.
In order to maintain or adjust the capital structure, the Group
may adjust the amount of dividends paid to shareholders, return
capital to shareholders, isue new shares, raise new debt or sel
asets to reduce debt.
The gearing ratio at the end of the reporting period was as
folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Lease liabilities租赁负债12,9809,482
Bank borowings银行借款–9,276
12,98018,758
Total equity总权益261,398292,354
Gearing ratio资本负债比率5.0%6.4%
The Group targets to maintain a gearing ratio to be in line with
the expected changes in economic and financial conditions.
The Group’s overal strategy on capital management remains
unchanged throughout the year.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 34. SUMMARY OF FINANCIAL ASSETS AND 34. 按类别划分的金融资产及金 FINANCIAL LIABILITIES BY CATEGORY 融负债之概要 The following table shows the carrying amounts of financial 下表列示金融资产及金融负债的账面值： assets and financial liabilities: 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Financial assets 金融资产 Financial assets measured 按摊销成本计量的金融资产 at amortised cost – Trade receivables －贸易应收款项 126,249 134,947 – Other receivables and deposits －其他应收款项及按金 25,258 37,566 – Cash and bank balances －现金及银行结余 119,966 170,231 271,473 342,744 Financial liabilities 金融负债 Financial liabilities at amortised cost 按摊销成本计量的金融负债 – Trade and other payables －贸易及其他应付款项 119,503 135,871 – Bank borrowings －银行借款 – 9,276 119,503 145,147 Other financial instruments 其他金融工具 – Lease liabilities －租赁负债 12,980 9,482 (a) Financial instruments not measured at fair (a) 并非按公平值计量的金融工 value 具 Management assessed the fair values of current portion of 管理层评估贸易应收款项、其他应 trade receivables, other receivables and deposits, fixed term 收款项及按金、定期存款、现金及 deposit, cash and bank balances, trade and other payables 银行结余、贸易及其他应付款项以 and bank borrowing approximately their carrying value due 及银行借款即期部分的公平值与其 to their short-term nature. 账面值相若，乃由于其属短期性质。 (b) Financial instruments measured at fair value (b) 按公平值计量的金融工具 As at 31 March 2025 and 2024, the Group did not have 于二零二五年及二零二四年三月 any financial instruments measured at fair value and 三十一日，本集团并无任何按公平 accordingly, no analysis on fair value hierarchy is presented. 值计量的金融工具，因此，并无呈 列公平值等级分析。 112 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
35. 财务风险管理
本集团承受多种财务风险，包括信贷风
险、市场风险（主要为利率风险及外币
风险）及流动资金风险。本集团的整体
风险管理针对难以预测的金融市场，并
寻求尽量降低对本集团财务表现所构成
的潜在不利影响。风险管理由主要管理
人员根据董事会批准的政策进行。本集
团并无书面风险管理政策。然而，本公
司董事定期会面以识别及评估风险以及
制定策略以管理财务风险。
一般而言，本集团就其财务风险管理采
纳一套保守策略。由于董事认为本集团
所面对的财务风险维持于最低水平，故
本集团并无使用任何衍生工具或其他工
具作对冲用途。本集团面对的最重大风
险载述如下：
(a) 信贷风险
信贷风险指金融工具的交易方未能
履行其于金融工具条款项下的责
任，导致本集团蒙受财务亏损的风
险。
本集团之信贷风险主要来自其贸易
及其他应收款项、合约资产以及银
行结余。管理层备有信贷政策，并
会持续监察信贷风险。
就贸易及其他应收款项以及合约资
产方面而言，本集团的政策为仅与
信誉良好的交易方进行交易。为将
信贷风险减至最低，管理层已制定
一套信贷政策及委任团队负责厘定
信贷额度、信贷批准及其他监察程
序，以确保能跟进追收逾期债款。
通常，本集团并无自交易方取得抵
押物。
本集团所面对的信贷风险主要受
每名债务人的个别特征所影响。于
二零二五年三月三十一日，本集团
存在若干信贷风险集中情况，乃由
于本集团的贸易应收款项的36%及
64%（二零二四年：33%及81%）
分别来自本集团的最大贸易债务人
及五大贸易债务人。
就银行结余而言，由于所有按金存
放于声誉良好之银行及金融机构，
信贷风险属有限。
35. FINANCIAL RISK MANAGEMENT
The Group is exposed to a variety of financial risks which
comprise credit risk, market risk (mainly interest rate risk and
foreign curency risk) and liquidity risk. The Group’s overal risk
management focuses on the unpredictability of financial markets
and seks to minimise potential adverse efects on the Group’s
financial performance. Risk management is caried out by the
key management under the policies aproved by the board of
directors. The Group does not have writen risk management
policies. However, the directors of the Company met regularly
to identify and evaluate risks and to formulate strategies to
manage financial risks.
Generaly, the Group employs a conservative strategy regarding
its financial risk management. As the directors consider that the
Group’s exposure to financial risk is kept at a minimum level,
the Group has not used any derivatives or other instruments for
hedging purposes. The most significant risks to which the Group
is exposed to are described below:
(a) Credit risk
Credit risk refers to the risk that the counterparty to a
financial instrument would fail to discharge its obligations
under the terms of the financial instrument and cause a
financial los to the Group.
The Group’s credit risk is primarily atributable to its trade
and other receivables, contract asets and bank balances.
Management has a credit policy in place and the exposures
to credit risk are monitored on an ongoing basis.
In respect of trade and other receivables and contract
asets, it is the Group’s policy to deal only with
creditworthy counterparties. In order to minimise credit
risk, management has formulated a credit policy and
delegated a team responsible for determination of credit
limits, credit aprovals and other monitoring procedures to
ensure that folow-up action is taken to recover overdue
debts. Normaly, the Group does not obtain colateral from
the counterparties.
The Group’s exposure to credit risk is influenced mainly
by the individual characteristics of each debtor. As at 31
March 2025, the Group has certain concentration of credit
risk as 36% and 64% (2024: 33% and 81%) of the Group’s
trade receivables were due from the Group’s largest trade
debtors and the five largest trade debtors respectively.
In respect of bank balances, the credit risk is limited
because al deposits are placed with reputable banks and
financial institutions.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 35. FINANCIAL RISK MANAGEMENT (Continued) 35. 财务风险管理（续） (a) Credit risk (Continued) (a) 信贷风险（续） Impairment under ECLs model 预期信贷亏损模式下的减值 The Group recognises loss allowance for ECLs on debt 本集团就按摊销成本列账的债务工 instruments carried at amortised cost. The Group applies 具确认预期信贷亏损的亏损拨备。 simplified approach to measure ECLs on trade receivables, 本集团采用简化方法以计量贸易应 retention receivables and contract assets; and general 收款项、应收保留金及合约资产的 approach to measure ECLs on other receivables and 预期信贷亏损；以及计量其他应收 deposits and bank balances. Under the simplified approach, 款项及按金以及银行结余的预期 the Group measures the loss allowance at an amount 信贷亏损的一般方法。根据简化方 equal to lifetime ECLs. Under the general approach, the 法，本集团以相等于全期预期信贷 Group applies the “3-stage” impairment model for ECLs 亏损的金额计量亏损拨备。根据一 measurement based on change in credit risk since initial 般方法，本集团就预期信贷亏损计 recognition as follows: 量应用「三阶段」减值模型，乃基 于下列自初步确认以来之信贷风险 变动： − Stage 1: If the credit risk of the financial instrument － 阶段1： 倘自初始确认以来金 has not increased significantly since initial 融工具的信贷风险并 recognition, the financial instrument is 无显著增加，则该金 included in Stage 1. 融工具包括在阶段1。 − Stage 2: If the credit risk of the financial instrument － 阶段2： 倘金融工具的信贷风 has increased significantly since its initial 险自初始确认以来已 recognition but is not deemed to be 显著增加，但并未被 credit-impaired, the financial instrument is 视作已信贷减值，则 included in Stage 2. 该金融工具包括在阶 段2。 − Stage 3: If the financial instrument is credit-impaired, － 阶段3： 倘金融工具已信贷减 the financial instrument is included in Stage 3. 值，则该金融工具包 括在阶段3。 The ECLs for financial instruments in Stage 1 are measured 阶段1的金融工具的预期信贷亏损 at an amount equivalent to 12-month ECLs whereas the 以相等于12个月预期信贷亏损的 ECLs for financial instruments in Stage 2 or Stage 3 are 金额计量，而阶段2或阶段3的金融 measured at an amount equivalent to lifetime ECLs. 工具的预期信贷亏损则以相等于 全期预期信贷亏损的金额计量。 When determining whether the risk of default has increased 于厘定违约风险自初始确认后是否 significantly since initial recognition, the Group considers 显著增加时，本集团考虑相关且无 reasonable and supportable information that is relevant and 需投入过多成本或努力即可获得的 available without undue cost or effort. This includes both 合理支持性资料。其包括基于本集 quantitative and qualitative information and analysis, based 团历史经验及知情信贷风险评估的 on the Group’s historical experience and informed credit 定量及定性资料及分析，且包括前 risk assessment and including forward-looking information. 瞻性资料。在评估信贷风险自初步 In particular, the following information is taken into 确认以来是否显著增加时，会特别 account when assessing whether credit risk has increased 考虑以下资料： significantly since initial recognition: • actual or expected significant adverse changes in ‧ 预期导致债务人履行债务责 business, financial or economic conditions that are 任能力出现重大变动的业务、 expected to cause a significant change in the debtors’ 财务或经济状况的实际或预 ability to meet their debt obligations; 期重大不利变动； 114 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(a) 信贷风险（续）
预期信贷亏损模式下的减值
（续）
‧ 债务人经营业绩的实际或预
期重大变动；
‧ 债务人预期表现及行为的重
大变动，包括债务人的付款状
况变动；及
‧ 债务人经营的监管、经济或技
术环境实际或预期出现重大
不利变动而导致债务人履行
其债务责任的能力出现重大
变动。
倘金融资产已逾期30日，本集团假
设该金融资产的信贷风险大幅增加。
本集团评估金融资产是否出现信贷
减值。当发生一项或多项对金融资
产估计未来现金流有不利影响的事
件时，金融资产被视为出现信贷减
值。金融资产信贷减值的证据包括
以下事件之可观察数据：
(i) 债务人出现重大的财务困难；
(i) 违反合约，如未有如期支付或
拖欠利息或本金；
(i) 基于与债务人之财务困难有
关的经济或合约理由而给予
债务人在一般情况下贷款人
不予考虑的优惠条件；
(iv) 债务人很可能面临破产或其
他财务重组；或
(v) 对债务人产生不利影响的技
术、市场、经济或法律环境的
重大变化。
本集团采用香港财务报告准则第9
号之简化方法个别及共同评估计量
贸易应收款项、应收保留金及合约
资产之亏损拨备，并已根据全期预
期信贷亏损计算预期信贷亏损。本
集团已基于本集团历史信贷亏损经
验及金钱之时间价值（如合适）建
立拨备矩阵，并就客户之特定前瞻
性因素及经济环境作出调整。为计
量预期信贷亏损，贸易应收款项、
应收保留金及合约资产已根据共有
信贷风险特点及逾期日数而分组。
35. FINANCIAL RISK MANAGEMENT (Continued)
(a) Credit risk (Continued)
Impairment under ECLs model (Continued)
• actual or expected significant changes in the operating
results of the debtors;
• significant changes in the expected performance and
behaviour of the debtors, including changes in the
payment status of debtors; and
• actual or expected significant adverse change in the
regulatory, economic, or technological environment in
which the debtors operate that results in a significant
change in the debtors’ ability to met their debt
obligations.
The Group presumes that the credit risk on a financial aset
has increased significantly if it is more than 30 days past
due.
The Group aseses whether a financial aset is
credit-impaired. A financial aset is considered as
credit-impaired when one or more events that have a
detrimental impact on the estimated future cash flows of
the financial aset have ocured. Evidence that a financial
aset is credit-impaired include observable data about the
folowing events:
(i) significant financial dificulty of the debtor;
(i) a breach of contract, such as a default or delinquency
in interest or principal payments;
(i) granting a concesion to the debtors that the lender
would not otherwise consider for economic or
contractual reasons relating to the debtor’s financial
dificulty;
(iv) it is becoming probable that the debtor wil enter
bankruptcy or other financial reorganisation; or
(v) significant changes in the technological, market,
economic or legal environment that have an adverse
efect on the debtor.
The Group measures los alowances for trade receivables,
retention receivables and contract asets using HKFRS 9
simplified aproach and has calculated ECLs based on
lifetime ECLs under individual and colective asesment.
The Group has established a provision matrix that is
based on the Group’s historical credit los experience
and time value of money where apropriate, adjusted
for forward-loking factors specific to the customers and
the economic environment. To measure the ECLs, trade
receivables, retention receivables and contract asets have
ben grouped based on shared credit risk characteristics
and the days past due.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 35. FINANCIAL RISK MANAGEMENT (Continued) 35. 财务风险管理（续） (a) Credit risk (Continued) (a) 信贷风险（续） Impairment under ECLs model (Continued) 预期信贷亏损模式下的减值 （续） The following table provides information about the Group’s 下表载列有关本集团于报告期末所 exposure to credit risk and ECLs for trade receivables, 面对信贷风险及贸易应收款项、应 retention receivables and contract assets at the end of the 收保留金及合约资产的预期信贷亏 reporting period: 损的资料： Gross Net 于二零二五年 Expected carrying Loss carrying As at 31 March 2025 三月三十一日 loss rate amount allowance amount 预期亏损率 总账面值 亏损拨备 账面净值 % HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 Trade receivable 贸易应收款项 Collective assessment: 集体评估： Current 即期 0.76% 115,854 878 114,976 Within 1 – 6 months 一至六个月 3.26% 6,228 202 6,026 Within 7 – 12 months 七至十二个月 36.48% 81 30 51 122,163 1,110 121,053 Individual assessed for 特定债务人的个别 specific debtors 评估 30,124 24,928 5,196 152,287 26,038 126,249 Retention receivables 应收保留金 Collective assessment: 集体评估： Current 即期 0.79% 38,677 307 38,370 Individual assessed for 特定债务人的个别 specific debtors 评估 10,592 6,847 3,745 49,269 7,154 42,115 Contract assets 合约资产 Collective assessment: 集体评估： Current 即期 0.75% 71,505 536 70,969 Individual assessed for 特定债务人的个别 specific debtors 评估 6 5 1 71,511 541 70,970 116 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(a) 信贷风险（续）
预期信贷亏损模式下的减值
（续）
35. FINANCIAL RISK MANAGEMENT (Continued)
(a) Credit risk (Continued)
Impairment under ECLs model (Continued)
As at 31 March 2024
于二零二四年
三月三十一日
Expected
los rate
Gros
carying
amount
Los
alowance
Net carying
amount
预期亏损率总账面值亏损拨备账面净值
%HK$’000HK$’000HK$’000
千港元千港元千港元
Trade receivable贸易应收款项
Colective asesment:集体评估：
Curent即期1.3%111,7321,454110,278
Within 1 – 6 months一至六个月1.0%3,636373,599
Within 7 – 12 months七至十二个月8.2%7,5766246,952
122,9442,115120,829
Individual asesed for
specific debtors
特定债务人的个别
评估22,4388,32014,118
145,38210,435134,947
Retention receivables应收保留金
Colective asesment:集体评估：
Curent即期1.6%76,2851,18375,102
Individual asesed for
specific debtors
特定债务人的个别
评估27,0444,03223,012
103,3295,21598,114
Contract asets合约资产
Colective asesment:集体评估：
Curent即期2.0%39,05477138,283
Individual asesed for
specific debtors
特定债务人的个别
评估7,9678527,115
47,0211,62345,398
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 35. FINANCIAL RISK MANAGEMENT (Continued) 35. 财务风险管理（续） (a) Credit risk (Continued) (a) 信贷风险（续） Impairment under ECLs model (Continued) 预期信贷亏损模式下的减值 （续） ECLs rates are based on the past credit loss experience of 预期信贷亏损率乃按有关客户的过 the customers or with reference to the industry data. These 往信贷亏损经验或参考行业数据得 rates are adjusted to reflect differences between economic 出。有关比率已作出调整，以反映 conditions during the period over which the historic data 收集过往数据期间的经济状况、当 has been collected, current conditions and the Group’s 前状况与本集团就应收款项预期年 view of economic conditions over the expected lives of the 限的经济状况的看法之间的差异。 receivables. Time value of money is considered in arriving at 在得出预期信贷亏损之金额时已考 the amount of ECLs, adjusted for forward-looking factors 虑金钱之时间值，并就客户的特定 specific to the customers and economic environment. 前瞻性因素及经济环境作出调整。 As at 31 March 2025 and 2024, there were certain trade 于二零二五年及二零二四年三月 receivables overdue more than 90 days. The Group assessed 三十一日，若干贸易应收款项逾期 the corresponding customers’ past due record, trading 超过90日。本集团评估相关客户的 history and credit rating (if any) to conclude that those 逾期记录、交易记录及信贷评级（如 trade receivables overdue more than 90 days were not 有），结论为逾期超过90日的贸易 default or credit impaired. 应收款项并无违约或信贷减值。 The Group makes periodic collective assessments as 本集团定期整体评估及个别评估其 well as individual assessment on the recoverability of 他应收款项及按金的可收回程度。 other receivables and deposits. The credit risk of the 本集团于报告期末的其他应收款项 Group’s other receivables and deposits at the end of the 及按金的信贷风险自初步确认以来 reporting period has not increased significantly since initial 并无显著增加。本集团已评估预期 recognition. The Group has assessed that the amount of 信贷亏损的金额并不重大，因此并 ECLs was insignificant and accordingly, no loss allowance 无确认亏损拨备。 was recognised. (b) Interest rate risk (b) 利率风险 Interest rate risk relates to the risk that the fair value or 利率风险指金融工具的公平值或现 cash flows of a financial instrument will fluctuate because 金流量因市场利率变动而波动的风 of changes in market interest rate. The Group’s interest rate 险。本集团的利率风险主要来自银 risk mainly arises from bank deposits, lease liabilities and 行存款、租赁负债及银行借款。本 bank borrowings. Financial instruments arranged at variable 集团以浮动利率及固定利率安排之 rates and fixed rates expose the Group to cash flow interest 金融工具，令本集团须分别面对现 rate risk and fair value interest rate risk respectively. 金流量利率风险及公平值利率风险。 All of the Group’s lease liabilities bore interest at fixed 本集团之所有租赁负债按固定利 rates. Details of lease liabilities are disclosed in notes 22(a). 率计息。租赁负债详情披露于附注 22(a)。 The Group’s bank borrowings as at 31 March 2024 bore 本集团于二零二四年三月三十一日 interest at floating rate (note 23) and thus the Group is 的银行借款按浮动利率计息（附注 exposed to cash flow interest rate risk. 23），因此，本集团面临现金流量 利率风险。 The Group’s cash flow interest rate risk is mainly 本集团的现金流量利率风险主要集 concentrated on the fluctuation of interest rates on bank 中于银行结余利率及本集团以港元 balances and HIBOR arising from the Group’s Hong Kong 计值借款所产生的香港银行同业拆 dollar denominated borrowings. 息的波动。 118 KPa-BM Holdings Limited | Annual Report 2025 |
|---|
应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(b) 利率风险（续）
本集团之银行结余亦因银行结余之
现行市场利率波动而令其面临现金
流量利率风险。本公司董事认为，
由于存款利率水平低，本集团有关
银行结余之利率风险并不重大。
本集团现时并无利率对冲政策。然
而，管理层密切监察利率风险，于
有需要时，将会考虑对冲重大利率
风险。
敏感度分析
下列敏感度分析显示在所有其他变
量维持不变的情况下，本集团的浮
动利率银行借款于各报告期末就利
率合理可能变动所面对的风险（事
实上，结果可能与下列敏感度分析
分析有所出入，并可能出现重大差
额）：
(c) 外币风险
外币风险指金融工具的公平值或未
来现金流量因汇率变动而波动的风
险。
本集团面对的货币风险，主要源自
以业务相关的功能货币以外的相关
货币计值的销售及采购。导致外币
风险出现的货币主要为美元、欧元
（「欧元」）及人民币。销售主要以港
元计值，而部分采购以美元、欧元
及人民币计值。管理层监察本集团
之外币风险，并将会考虑进行外汇
对冲活动以减低汇率变动对本集团
经营业绩之影响。
35. FINANCIAL RISK MANAGEMENT (Continued)
(b) Interest rate risk (Continued)
The Group’s bank balances also expose it to cash flow
interest rate risk due to the fluctuation of the prevailing
market interest rate on bank balances. The directors of the
Company consider the Group’s exposure to interest rate
risk in respect of bank balances is not significant due to low
level of deposit interest rate.
The Group curently does not have an interest rate hedging
policy. However, the management closely monitors interest
rate exposure and wil consider hedging significant interest
rate exposure should the ned arise.
Sensitivity analysis
The folowing sensitivity analysis demonstrates the Group’s
exposure to a reasonable posible change in interest
rates on its floating rate bank borowings with al other
variables held constant at the end of the reporting period (in
practice, the results may difer from the sensitivity analysis
below and the diference could be material):
(Decrease)/Increase in
profit for the year and
retained profits
年内溢利及保留溢利
（减少）╱增加
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Changes in interest rate利率变动
+1%+1%–(19)
-1%-1%–19
(c) Foreign curency risk
Foreign curency risk refers to the risk that the fair value
or future cash flows of a financial instrument wil fluctuate
because of changes in foreign exchange rates.
The Group is exposed to curency risk primarily through
sales and purchases that are denominated in a curency
other than the functional curency of the operations to
which they relate. The curencies giving rise to foreign
curency risk are primarily US$, Euro (“EUR”) and RMB.
Sales are mainly denominated in HK$ while some of the
purchases are denominated in US$, EUR and RMB. The
management monitors foreign curency exposure of the
Group and wil consider undertaking foreign exchange
hedging activities to reduce the impact of foreign exchange
rate movements on the Group’s operating result.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 35. FINANCIAL RISK MANAGEMENT (Continued) 35. 财务风险管理（续） (c) Foreign currency risk (Continued) (c) 外币风险（续） The following table disclosed the carrying amounts of 下表披露持仓净额内以外币计值的 the foreign currency denominated monetary assets and 货币资产及负债于报告期末之账面 liabilities in net position at the end of the reporting period. 值。由于港元与美元挂钩且因此受 As HK$ is pegged to US$ and thus subject to minimal 最低货币风险影响，相关货币资产 currency risk, the relevant monetary assets and liabilities 及负债不包括于下表中。 are excluded from the following table. 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 Net monetary assets/(liabilities) 货币资产╱（负债）净额 The Group 本集团 RMB 人民币 (610) (539) EUR 欧元 76 (576) GBP 英镑 2 – Inter-Company Balances 公司间结余 HK$ 港元 352 7,886 RMB 人民币 (1,822) (931) The following table illustrates the approximate change 下表显示本集团因应其于报告期末 in the Group’s profit for the year and retained profits in 面临重大风险的外汇汇率的合理可 response to reasonably possible changes in the foreign 能变动而就年内溢利及保留溢利作 exchange rates to which the Group has significant exposure 出的大致变动。 at the end of the reporting periods. Increase/(decrease) in profit for the year and retained profits 年内溢利及保留溢利 增加╱（减少） 2025 2024 二零二五年 二零二四年 HK$’000 HK$’000 千港元 千港元 The Group 本集团 RMB appreciated by 3% 人民币升值3% (15) (13) EUR appreciated by 3% 欧元升值3% 2 (14) GBP appreciated by 3% 英镑升值3% – – Inter-Company Balances 公司间结余 HK$ appreciated by 3% 港元升值3% 9 198 RMB appreciated by 3% 人民币升值3% (46) (23) The changes in exchange rates do not affect the Group’s 汇率变动并不影响本集团权益之其 other component of equity. The same percentage 他部分。外币兑各集团实体之功能 depreciation in the foreign currencies against the functional 货币之相同贬值百分比将对溢利及 currency of the respective group entities would have the 保留溢利产生相同幅度但相反之影 same magnitude on profit and retained profits but of 响。 opposite effect. 120 KPa-BM Holdings Limited | Annual Report 2025 |
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应力控股有限公司 | 二零二五年度报告
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
综合财务报表附注（续）
- （续）
(c) 外币风险（续）
敏感度分析乃假设外汇率之变
动已于报告期末发生而厘定，并已
应用于各集团实体；面临于该日存
在之金融工具之货币风险，而所有
其他变数（尤其是利率）保持不变。
所述之变动指管理层对直至下一个
年度报告日期止期间外汇率之合
理可能变动之评估。
管理层认为，由于报告期末的风险
未能反映相应年度的风险，故敏感
度分析不能代表固有外汇风险。
(d) 流动资金风险
流动资金风险与本集团未能达成其
以交付现金或另一金融资产清偿金
融负债之责任相关风险有关。本集
团在清偿贸易及其他应付款项、银
行借款、租赁负债及履行其融资责
任方面以及就其现金流量管理方面
承受流动资金风险。本集团的政策
为定期监察其流动资金需求，借此
确保其维持充足现金储备及获主要
金融机构提供充足的融资额度以应
付其短期及长期流动资金需求。于
过往年度该流动资金政策一直由本
集团沿用，且被认为在管理流动资
金风险方面行之有效。
下表概述本集团基准为未贴现金
流量（包括按合约利率，或如属浮
息，则按报告期末利率计算的利息
付款）之金融负债（包括按要求偿
还的银行贷款）的余下合约到期日
及本集团须支付有关款项的最早日
期。
35. FINANCIAL RISK MANAGEMENT (Continued)
(c) Foreign curency risk (Continued)
The sensitivity analysis has ben determined asuming
that the change in foreign exchange rates had ocured
at the end of the reporting periods and had ben aplied
to each of the group entities, which had exposure to
curency risk for financial instruments in existence at that
date, and that al other variables, in particular interest
rates, remain constant. The stated changes represented the
management’s asesment of reasonably posible changes
in foreign exchange rates over the period until the next
anual reporting date.
In management’s opinion, the sensitivity analysis is
unrepresentative of the inherent foreign exchange risk
because exposure at the end of the reporting period does
not reflect the exposure during the respective year.
(d) Liquidity risk
Liquidity risk relates to the risk that the Group wil not be
able to met its obligations asociated with its financial
liabilities that are setled by delivering cash or another
financial aset. The Group is exposed to liquidity risk in
respect of setlement of trade and other payables, bank
borowings, lease liabilities and its financing obligations,
and also in respect of its cash flow management.
The Group’s policy is to regularly monitor its liquidity
requirements to ensure that it maintains suficient reserves
of cash and adequate comited lines of funding from
major financial institutions to met its liquidity requirements
in the short and longer term. The liquidity policy has ben
folowed by the Group since prior years and is considered
to have ben efective in managing liquidity risks.
The folowing tables sumarise the remaining contractual
maturities of the Group’s financial liabilities including
bank loans with repayment on demand clause, based on
undiscounted cash flows (including interest payments
computed using contractual rates or if floating, based on
rates ruling at the end of the reporting period) and the
earliest date the Group can be required to pay.
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 综合财务报表附注（续） 35. FINANCIAL RISK MANAGEMENT (Continued) 35. 财务风险管理（续） (d) Liquidity risk (Continued) (d) 流动资金风险（续） Specifically, for bank loans which contain repayment on 具体而言，就银行可全权酌情行使 demand clause which can be exercised at bank’s sole 的按要求偿还条款的银行贷款而 discretion, the analysis shows the cash outflow based on 言，分析显示本集团可能须还款的 the earliest period in which the Group can be required to 最早期间的现金流出，犹如贷款人 pay, that is if the lenders were to invoke their unconditional 行使其无条件权利要求即时偿还贷 rights to call the loans with immediate effect. 款。 Total More than More than contractual Within one 1 year 2 years but Carrying undiscounted year or on but less less than amount cash flow demand than 2 years 5 years 总计合约 未贴现 一年内 超过一年 超过两年 账面值 现金流量 或按要求 但少于两年 但少于五年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 As at 31 March 2025 于二零二五年三月三十一日 Trade and other payables 贸易及其他应付款项 119,503 119,503 119,503 – – Lease liabilities 租赁负债 12,980 13,641 6,945 4,262 2,434 132,483 133,144 126,448 4,262 2,434 As at 31 March 2024 于二零二四年三月三十一日 Trade and other payables 贸易及其他应付款项 135,871 135,871 135,871 – – Bank borrowings 银行借款 9,276 9,276 9,276 – – Lease liabilities 租赁负债 9,482 9,918 5,601 3,590 727 154,629 155,065 150,748 3,590 727 122 KPa-BM Holdings Limited | Annual Report 2025 |
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应力控股有限公司 | 二零二五年度报告
FINANCIAL SUMARY
财务概要
A sumary of the results and of the asets and liabilities of the
Group for the last five financial years, as extracted from the audited
financial statements in this anual report and prior year financial
statements, is as folows:
RESULTS
二零二五年二零二四年二零二三年二零二年二零二一年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Revenue收益667,711666,037568,490494,170458,493
Cost of revenue收益成本(560,616)(550,806)(467,723)(433,457)(357,840)
Gros profit毛利107,095115,231100,76760,713100,653
Other income其他收入10,5507,1873,7011,2776,805
Fair value (los)/gain on investment
properties
投资物业之公平值
（亏损）╱收益(343)(294)(138)(246)260
Los on disposal of investment
properties
出售投资物业亏损
–(388)–
(Provision)/reversal of los
alowance on
trade receivables
贸易应收款项之亏损拨备
（计提）╱拨回
(15,603)(8,794)(577)(539)224
(Provision)/reversal of los
alowance on
retention receivables
应收保留金之亏损拨备
（计提）╱拨回
(1,939)(2,352)(791)(493)6
Reversal/(provision) of los
alowance on contract asets
合约资产之亏损拨备
拨回╱（计提）1,082896(920)(169)(867)
Marketing and distribution
expenses
市场推广及分销开支
(2,796)(2,515)(1,996)(2,435)(3,537)
Administrative and other
operating expenses
行政及其他经营开支
(54,281)(50,132)(52,626)(41,936)(43,415)
Finance costs财务成本(2,501)(3,477)(2,119)(1,164)(934)
Profit before income tax除所得税前溢利41,26455,75045,30114,62059,195
Income tax expense所得税开支(5,107)(9,372)(8,154)(3,115)(9,024)
Profit for the year年内溢利36,15746,37837,14711,50550,171
Other comprehensive
income for the year
年内其他全面收益
Exchange diferences arising
from translation
of foreign operations
换算海外业务产生的
汇兑差额
(282)(1,108)(1,176)6351,180
Other comprehensive
income for the year
年内其他全面收益
(282)(1,108)(1,176)6351,180
Total comprehensive
income for the year
年内全面收益总额
35,87545,27035,97112,14051,351
本集团最近五个财政年度的业绩及资产及负
债概要摘取自本年报的经审核财务报表及过
往年度财务报表，载列如下：
业绩
| FINANCIAL SUMMARY (CONTINUED) 财务概要（续） ASSETS AND LIABILITIES 资产及负债 2025 2024 2023 2022 2021 二零二五年 二零二四年 二零二三年 二零二二年 二零二一年 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元 千港元 千港元 千港元 千港元 Total assets 总资产 437,817 526,633 497,976 402,126 431,393 Total liabilities 总负债 (176,419) (234,279) (234,184) (154,761) (163,168) Net assets 资产净值 261,398 292,354 263,792 247,365 268,225 124 KPa-BM Holdings Limited | Annual Report 2025 |
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