蓝河控股有限公司

BLUE RIVER HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

Stock Code 股份代号: 0498.HK

（于百慕达注册成立之有限公司）

ANUAL REPORT 2025 年报

蓝

河

控

股

有

限

公

司

年

报

Based in Hong Kong, Blue River Holdings Limited

is principaly engaged in, among others, gas

distribution, logistics and energy-related busineses

in the People’s Republic of China, as wel as property

investment, securities trading and investment, and

provision of financing related services.

Blue River Holdings Limited 蓝河控股

有限公司以香港为基地，主要（其中包

括）于中华人民共和国从事燃气配送、

物流和能源相关业务，以及物业投资、

证券交易和投资，并提供融资相关服

务。

Corporate Information

Chairman’s Statement

Busines Review

Profile of Board of Directors

Corporate Governance Report

Environmental, Social and Governance Report

Directors’ Report

Independent Auditor’s Report

Consolidated Income Statement

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Financial Sumary

公司资料

主席报告书

业务审视

董事局简介

企业管治报告

环境、社会及管治报告

董事局报告书

独立核数师报告书

综合收益表

综合全面收益表

综合财务状况表

综合权益变动表

综合现金流量表

综合财务报表附注

财务概要

目录Contents

Blue River Holdings Limited 2025 Anual Report

CORPORATE INFORMATION

公司资料

BOARD OF DIRECTORS

Executive Directors

Kwong Kai Sing, Beny

(Chairman and Managing Director)

Au Wai June

Independent Non-Executive Directors

Wiliam Nicholas Giles

(resigned with efect from 17 January 2025)

Yu Chung Leung

Lam John Cheung-wah

Liu Jianyi

(apointed with efect from 27 December 2024)

BOARD COMITES

Audit Comite

Wiliam Nicholas Giles

(resigned as a member with efect from

17 January 2025)

Yu Chung Leung (Chairman)

Lam John Cheung-wah

Liu Jianyi

(apointed as a member with efect from

17 January 2025)

Remuneration Comite

Au Wai June

Wiliam Nicholas Giles

(resigned as a member with efect from

17 January 2025)

Yu Chung Leung

Lam John Cheung-wah (Chairman)

Liu Jianyi

(apointed as a member with efect from

17 January 2025)

Nomination Comite

Au Wai June

Wiliam Nicholas Giles

(resigned as a member with efect from

17 January 2025)

Yu Chung Leung

Lam John Cheung-wah (Chairman)

Liu Jianyi

(apointed as a member with efect from

17 January 2025)

董事局

执行董事

邝启成

（主席兼总裁）

柯伟俊

独立非执行董事

Wiliam Nicholas Giles

（自2025年1月17日起辞任）

余仲良

蓝章华

刘简怡

（自2024年12月27日起获委任）

董事局委员会

审核委员会

Wiliam Nicholas Giles

（自2025年1月17日起辞任成员）

余仲良（主席）

蓝章华

刘简怡

（自2025年1月17日起获委任为成员）

薪酬委员会

柯伟俊

Wiliam Nicholas Giles

（自2025年1月17日起辞任成员）

余仲良

蓝章华（主席）

刘简怡

（自2025年1月17日起获委任为成员）

提名委员会

柯伟俊

Wiliam Nicholas Giles

（自2025年1月17日起辞任成员）

余仲良

蓝章华（主席）

刘简怡

（自2025年1月17日起获委任为成员）

蓝河控股有限公司 2025 年报

CORPORATE INFORMATION

公司资料

企业管治及法规委员会

柯伟俊

Wiliam Nicholas Giles（主席）

（自2025年1月17日起辞任主席）

余仲良

蓝章华

刘简怡（主席）

（自2025年1月17日起获委任为主席）

何诗雅

股份回购委员会

柯伟俊

Wiliam Nicholas Giles（主席）

（自2025年1月17日起辞任主席）

刘简怡（主席）

（自2025年1月17日起获委任为主席）

公司秘书

何诗雅

授权代表

邝启成

何诗雅

陈狄强

（替任邝启成及何诗雅）

（自2024年9月30日起辞任）

核数师

国富浩华（香港）会计师事务所有限公司

执业会计师

注册公众利益实体核数师

Corporate Governance and Compliance

Comite

Au Wai June

Wiliam Nicholas Giles (Chairman)

(resigned as Chairman with efect from

17 January 2025)

Yu Chung Leung

Lam John Cheung-wah

Liu Jianyi (Chairman)

(apointed as Chairman with efect from

17 January 2025)

Ho Sze Nga, Magie

Share Repurchase Comite

Au Wai June

Wiliam Nicholas Giles (Chairman)

(resigned as Chairman with efect from

17 January 2025)

Liu Jianyi (Chairman)

(apointed as Chairman with efect from

17 January 2025)

COMPANY SECRETARY

Ho Sze Nga, Magie

AUTHORISED REPRESENTATIVES

Kwong Kai Sing, Beny

Ho Sze Nga, Magie

Chan Dik Keung, Wiliam

(Alternate to Kwong Kai Sing, Beny and

Ho Sze Nga, Magie)

(resigned with efect from 30 September 2024)

AUDITOR

Crowe (HK) CPA Limited

Certified Public Acountants

Registered Public Interest Entity Auditors

Blue River Holdings Limited 2025 Anual Report

CORPORATE INFORMATION

公司资料

主要往来银行

中国银行（香港）有限公司

香港上海汇丰银行有限公司

法律顾问

翁震寰律师事务所

康德明律师事务所（百慕达）

财务顾问

亚贝隆资本有限公司

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

主要营业地点

香港

北角

马宝道28号

华汇中心

31楼

电话：+852 3198 0469

传真：+852 2372 0641

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

The Hongkong and Shanghai Banking Corporation

Limited

LEGAL ADVISERS

Eric Yung & Co.

Conyers Dil & Pearman (Bermuda)

FINANCIAL ADVISER

Akron Corporate Finance Limited

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

PRINCIPAL PLACE OF BUSINES

31st Flor

China United Centre

28 Marble Road

North Point

Hong Kong

Tel: +852 3198 0469

Fax: +852 2372 0641

蓝河控股有限公司 2025 年报

CORPORATE INFORMATION

公司资料

股份过户登记总处

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

（于2024年12月31日获委任并生效）

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

网址

w.blueriverholdings.com.hk

股份代号

香港联交所 498

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Conyers Corporate Services (Bermuda) Limited

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

(apointed with efect on 31 December 2024)

BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

WEBSITE

w.blueriverholdings.com.hk

STOCK CODE

Hong Kong Stock Exchange 498

Blue River Holdings Limited 2025 Anual Report

CHAIRMAN’S STATEMENT

主席报告书

Dear Shareholders,

On behalf of the board (the “Board”) of directors (the

“Directors”) of Blue River Holdings Limited (the “Company”,

together with its subsidiaries, the “Group”), we would

like to present the audited anual results of the Group

for the year ended 31 March 2025 to the shareholders

of the Company (the “Shareholders”).

FINANCIAL HIGHLIGHTS

For the year ended 31 March 2025, the Group

recorded a consolidated revenue of aproximately

HK$39 milion (2024: HK$62 milion). Net los for the

year atributable to the owners of the Company was

aproximately HK$177 milion (2024: HK$265 milion),

and basic and diluted loses per share were both

HK17.0 cents (2024: HK25.5 cents). Equity atributable

to the owners of the Company decreased by 12% to

aproximately HK$825 milion (2024: HK$933 milion),

representing HK$0.79 (2024: HK$0.90) per share as at

31 March 2025.

OVERVIEW

The Board had resolved not to recomend payment of

a final dividend for the year ended 31 March 2025 (2024:

Nil).

During the year under review, the Company maintained

a prudent aproach in refining its strategy with a

view to strengthen the long-term value of the Group.

During the year, the Group had realised a property in

Hong Kong (i.e. 9th flor, together with thre carparks

on 2nd flor, of E-Trade Plaza) as wel as certain

listed securities in its investment portfolio. The sales

proceds facilitated the Group with more flexibility to

seize suitable busines and investment oportunities

as and when they arise. A detailed review of our

operations during the year was set out in the Busines

Review of this anual report.

各位股东：

我们谨代表Blue River Holdings Limited

蓝河控股有限公司（「本公司」，连同其

附属公司统称「本集团」）董事（「董事」）

局（「董事局」），向本公司股东（「股东」）

呈报本集团截至2025年3月31日止年

度之经审核全年业绩。

财务摘要

截至2025年3月31日止年度，本集团

录得综合收入约3,900万港元（2024：

6,200万港元）。本公司拥有人应占年

度亏损净额约1.77亿港元（2024：2.65

亿港元），及每股基本及摊薄亏损均为

17.0港仙（2024：25.5港仙）。于2025年

3月31日，本公司拥有人应占权益减少

12%至约8.25亿港元（2024：9.33亿港

元），相等于每股0.79港元（2024：0.90

港元）。

概述

董事局已议决不建议派付截至2025年3

月31日止年度之末期股息（2024：无）。

回顾年内，本公司保持审慎的态度改

进策略，以增强本集团之长期价值。年

内，本集团已变现位于香港之物业（即

东贸广场九楼连同二楼的三个车位）以

及投资组合内的若干上市证券。出售

所得款项让本集团更灵活地在合适之

业务及投资机会出现时能把握时机。

有关本集团年内之业务回顾，详见本

年报《业务审视》。

蓝河控股有限公司 2025 年报

CHAIRMAN’S STATEMENT

主席报告书

本公司继续奉行有效之内部监控措

施，并努力提高整体之企业管治水

平。我们继续与投资者及持份者维持

具透明度的沟通，持续实施一致及有

效的内部控制及审计程序，并对本集

团之董事及管理层提供相关之培训。

有关本集团之企业管治常规，详见本

年报《企业管治报告》及《业务审视》。

本公司坚定承诺履行企业社会责任，

有关集团之企业社会责任，详见本年

报《业务审视》及《环境、社会及管治

报告》。

展望

董事局不时对本集团之资产进行策略

性检讨，务求为本公司股东带来最大

回报。同时，本集团将透过投资于前景

乐观之业务，探索多元化发展及扩大

其业务及投资组合之机会。本集团将

继续以审慎及务实的态度开拓其他投

资机遇，为股东提升价值。

致谢

本人谨借此机会铭谢各董事局成员为

集团提供宝贵的意见及监督。本人亦

代表董事局感谢集团各员工为推动集

团发展所付出的贡献和努力。同时亦

衷心感谢我们的股东、客户及伙伴多

年来对集团持续的信心和支持。本人

敬祝各位来年兴旺及事顺遂。

主席

邝启成

谨启

香港，2025年6月26日

The Company continues to pursue efective internal

control measures and endeavours to enhance the

quality of its overal corporate governance measures.

We maintained transparent comunications with

investors and stakeholders, persisted to pursue

consistent and efective internal control and audit

programs, and ofered relevant trainings for directors

and management of the Group. Details of the Group’s

corporate governance practices were set out in

the Corporate Governance Report and Busines

Review of this anual report.

The Company demonstrated a strong comitment to

corporate social responsibility. Details of the Group’s

corporate social responsibilities were set out in the

Busines Review and Environmental, Social and

Governance Report of this anual report.

PROSPECTS

The Board undertakes strategic review of the Group’s

asets from time to time with a view to maximising

returns to the shareholders of the Company.

Concurently, the Group wil explore oportunities to

diversify and broaden its busines and investment

portfolios by investing in busines with optimistic

prospect. The Group wil continue loking for

investment oportunities in a cautious and pragmatic

aproach with a view to enhancing shareholders’ value.

APRECIATION

I wish to take this oportunity to expres my sincere

gratitude to my felow Board members for their valuable

guidance and monitoring to the Group. On behalf of

the Board, I would like to expres our apreciation to

the Group’s staf for their dedication and contribution

that gives impetus to the development of the

Group. I would also like to send our gratitude to our

shareholders, clients and partners for their continuous

suport and confidence to the Group. I wish them al

prosperity and continued suces in the coming year.

Beny KWONG

Chairman

Hong Kong, 26 June 2025

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

REVIEW OF OPERATIONS AND BUSINES

DEVELOPMENT

Ports and logistics

During the year, the CNG distribution and logistics

busineses of Minsheng Natural Gas in Wuhan, the

People’s Republic of China (the “PRC”) recorded a

segment los of aproximately HK$12 milion (2024:

profit of HK$31 milion, including gain on disposal of

subsidiaries of HK$59 milion). Influenced adversely

by the continuing and bolstered promotion of electric-

powered vehicles by the Wuhan Municipal People’s

Government and the popularisation of electric-powered

vehicles in Wuhan City, the sales of CNG decreased

by 24% to aproximately 9 milion m

(2024: 11.8

milion m

) when compared with last year. After closure

of one CNG automotive fueling station in February

2025, Minsheng Natural Gas owns and operates thre

CNG automotive fueling stations in Wunhan City. As

at 31 March 2025, loan receivables due by a former

subsidiary under the ports and logistics busineses

with the principal amount of RMB4,000,000 were

outstanding and an interest income of aproximately

RMB127,000 was derived from these loan receivables

during the year, particulars of which were set out in

Note 24 of the “Notes to the Consolidated Financial

Statements”.

The expediting deployment of new energy vehicles

in both public and private transportation sectors by

the Wuhan Government casts a bleak outlok on the

CNG distribution and logistics busineses of Minsheng

Natural Gas. The Group wil continue its operation of

the CNG distribution and logistics busineses through

Minsheng Natural Gas in Wuhan City primarily for

fulfilment of its obligation of fueling service to the

local public buses. Given Minsheng Natural Gas has

ben los-making under the bleak outlok on the

CNG distribution and logistics busineses, the Group

is asesing its options on this busines based on

its development potential as wel as using its best

endeavour to explore and seize oportunities and

coperation from the energy-related busineses.

营运回顾及业务发展

港口及物流

年内，民生天然气于中华人民共和国

（「中国」）武汉之压缩天然气分销及物

流业务录得分部亏损约1,200万港元

（2024︰溢利3,100万港元，包括出售附

属公司之收益5,900万港元）。受到武

汉市人民政府持续大力推广电动车以

及电动车于武汉市日益普及之不利影

响，压缩天然气销售量较去年减少24%

至约900万立方米（2024︰1,180万立方

米）。于2025年2月关闭一个压缩天然

气汽车加气站后，民生天然气于武汉

市拥有并经营三个压缩天然气汽车加

气站。于2025年3月31日，港口及物流

业务项下之前附属公司结欠之本金额

为人民币4,000,000元的应收贷款尚未

偿还及于年内自该等应收贷款产生利

息收入约人民币127,000元，其详情载

于「综合财务报表附注」之附注24。

随著武汉市政府加速在公共和私人交

通领域部署新能源汽车，民生天然气

旗下压缩天然气分销及物流业务前景

受压。本集团将继续透过民生天然气

在武汉市经营压缩天然气分销及物流

业务，主要旨在履行为当地公车提供

加气服务的义务。鉴于压缩天然气分

销及物流业务前景受压导致民生天然

气陷入亏损局面，本集团现正审视该

业务的发展潜力以评估可行方案，并

竭力探索及把握能源相关业务的机会

及合作。

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

物业

金湖物业有限公司（本公司之全资附属

公司）以代价5,000万港元出售香港柴

湾利众街24号东贸广场9楼全层及位于

东贸广场2楼的三个停车位（编号222、

223及224）（「东贸物业」）（「东贸出售事

项」），及东贸出售事项于2025年3月31

日完成。东贸出售事项之详情载于下

文「重大收购及出售」一节。于东贸出

售事项后，本公司主要透过投资联营

公司投资于香港之物业，原因为本集

团对物业调整周期可能下跌保持谨慎

态度，并重新定位其于物业分部之重

点，以抵御任何不利因素，并把握政府

放宽物业市场规管及可预见未来经济

复苏所带来之机遇。

受利率波动及不确定性、经济疲软以

及香港办公室物业需求疲弱所影响，

物业务于年内录得分部亏损约1,300

万港元（2024︰3,200万港元），主要

包括香港投资物业之公平价值变动

亏损约400万港元（2024︰1,000万港

元）及摊占联营公司之亏损900万港元

（2024︰2,300万港元）。

Property

Golden Lake Property Limited, a wholy-owned

subsidiary of the Company, had disposed of the whole

flor of the 9th flor, E-Trade Plaza and thre carparks

(no. 222, 223, 224) on the 2nd flor of E-Trade Plaza,

24 Le Chung Stret, Chai Wan, Hong Kong (the “E-Trade

Property”) at a consideration of HK$50 milion (the

“E-Trade Disposal”) and the completion of the E-Trade

Disposal tok place on 31 March 2025. Details of the

E-Trade Disposal was set out in the section “Material

Acquisition(s) and Disposal(s)” below. Subsequent to

the E-Trade Disposal, the Company primarily invests

in properties in Hong Kong through investments in

asociates as the Group remains cautious in the

property adjustment cycle with potential decline and is

repositioning its focus in the property segment so as

to weather any headwinds ahead as wel as to capture

oportunities from relaxation of the rules regulating

the property market by the government and economic

recovery in the foreseable future.

The property busines recorded a segment los of

aproximately HK$13 milion (2024: HK$32 milion)

for the year which mainly composed of the los on fair

value changes of investment properties in Hong Kong

of aproximately HK$4 milion (2024: HK$10 milion)

and share of the asociates’ los of HK$9 milion

(2024: HK$23 milion), as afected by the interest rate

fluctuation and uncertainties, slugish economy as wel

as the weak demand for ofice premise in Hong Kong.

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

证券

证券分部录得分部亏损约1万港元

（2024︰1万港元）。于2025年3月31日，

本集团非持作买卖之上市权益工具投

资约为1.94亿港元（2024︰1.29亿港

元）。年内公平价值增加约9,000万港元

（2024︰减少8,100万港元）于其他全面

收益确认。

本集团在管理本集团之证券组合时采

取审慎且严谨之方针。本集团将继续

监察其证券组合及物色投资机会，务

求于未来实现投资组合价值增长。

金融服务

金融服务业务于年内录得分部亏损约

1.11亿港元（2024︰2.04亿港元），主

要由于年内摊占所投资联营公司之亏

损约8,100万港元（2024︰2.08亿港元）

所致。

本集团采取谨慎方针管理直接贷款融

资业务，旨在逐步建立一个信誉良好

的客户群。年内，两名借款人分别提取

于去年获授的1,800万港元及于年内获

授的400万港元的贷款融资。于2025年

3月31日，仅一笔本金额为450万港元

的融资尚未偿还（31.3.2024：无），而于

报告期末后已偿还部分贷款3,353,000

港元。于年内自该应收贷款产生利息

收入约100万港元，其详情载于「综合

财务报表附注」之附注24。直接贷款融

资业务于年内贡献收入约100万港元

（2024︰900万港元）。

Securities

The securities segment recorded a segment los of

aproximately HK$0.01 milion (2024: HK$0.01 milion).

As at 31 March 2025, the Group’s investments in listed

equity instruments not held for trading amounted to

aproximately HK$194 milion (2024: HK$129 milion).

The increase in fair value of aproximately HK$90

milion (2024: decrease HK$81 milion) for the year was

recognised in other comprehensive income.

The Group adopted a cautious and disciplined

aproach in managing the Group’s securities portfolio.

The Group wil continue to monitor its securities

portfolio and lok for investment oportunities with a

view to achieving growth in portfolio value in future.

Financial services

The financial services busines recorded a segment

los of aproximately HK$111 milion (2024: HK$204

milion) for the year, which was mainly atributable

to the share of los of its investe asociates of

aproximately HK$81 milion (2024: HK$208 milion)

during the year.

The Group adopted a cautious aproach in managing

its direct loan financing busines aiming to gradualy

build up a creditworthy clientele base. During the

year, loan facilities of HK$18 milion granted last year

and HK$4 milion granted during the year were drawn

down by two borowers respectively. As at 31 March

2025, only a facility with a principal amount of HK$4.5

milion remained outstanding (31.3.2024: Nil) and

partial setlement of HK$3,353,000 was made after

the end of the reporting period. An interest income

of aproximately HK$1 milion was derived from the

loan receivables during the year, particulars of which

were set out in Note 24 of “Notes to the Consolidated

Financial Statements”. The direct loan financing

busines contributed revenue of aproximately HK$1

milion (2024: HK$9 milion) for the year.

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

于2025年3月31日，本集团持有明乐

企业有限公司（「明乐」，于香港从事放

债业务之持牌放债人）其中三分之一

股权，而该公司则为梧桐国际发展有

限公司（股份代号︰0613.HK）间接拥有

66.67%权益之附属公司。年内，本集

团就其于明乐之投资摊占亏损约800万

港元（2024︰3,500万港元）。

于2025年3月31日，本集团主要透过其

拥有40%权益之联营公司Golden Thread

Investments Limited（「Golden Thread」）

参与融资业务。年内，本集团就其于

Golden Thread之投资摊占亏损约9,100

万港元（2024︰3,200万港元）。

本集团通过股权投资参与综合金融服

务领域，特别是持牌证券经纪及孖展

融资业务，以与行业合作伙伴分享该

领域的知识、专长及网络。于2025年

3月31日，本集团通过对Hope Capital

Limited的股权投资，间接持有希望证

券有限公司31.54%股权，其为根据证

券及期货条例可从事受规管活动（包

括买卖证券及期货合约及就此提供意

见以及提供资产管理）之一间持牌法

团。于2025年3月31日，本集团亦持

有HEC Securities Company Limited 33%

股权，该公司从事库务业务。该等股

权投资分类为本公司之联营公司，而

本集团于年内摊占溢利约1,800万港元

（2024︰亏损1.41亿港元）。

本集团将继续在审慎之信贷政策下探

索金融服务业务之商机，并通过与其

他经验丰富的行业参与者建立伙伴关

系借助其专长及竞争优势，以为本集

团提供稳定优厚的收入来源。

The Group held one-third of equity interest in Maxlord

Enterprises Limited (“Maxlord”), a licensed money

lender carying out money lending busines in Hong

Kong, which is an indirect 66.67% owned subsidiary

of Planetre International Development Limited (stock

code: 0613.HK) as at 31 March 2025. During the year,

the Group shared a los of aproximately HK$8 milion

(2024: HK$35 milion) on its investment in Maxlord.

The Group participated mainly in the financing busines

through a 40% owned asociate, Golden Thread

Investments Limited (“Golden Thread”) as at 31 March

2025. During the year, the Group shared a los of

aproximately HK$91 milion (2024: HK$32 milion) on

its investment in Golden Thread.

The Group participated in the integrated financial

services sectors, particularly the licensed securities

brokerage and margin financing busines through

equity investments to share knowledge, expertise and

network in the field with industry partners. As at 31

March 2025, through equity investment in Hope Capital

Limited, the Group indirectly held 31.54% equity

interest in Hope Securities Limited, which is a licensed

corporation under the Securities and Futures Ordinance

to cary on regulated activities including dealing in and

advising on securities and future contracts and aset

management. As at 31 March 2025, the Group also

held 33% equity interest in HEC Securities Company

Limited which is engaged in treasury activities. The

equity investments are clasified as asociates of the

Company and the Group shared profit of aproximately

HK$18 milion (2024: los of HK$141 milion) during the

year.

With a view to contribute a stable and favorable income

stream to the Group, it wil continue to explore busines

oportunities in the financial service busines with a

prudent credit strategy and capitalise on the expertise

and competitive strength of other sophisticated

industry participants through partnerships.

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

重大投资

账面值占本集团总资产5%或以上之投

资被视为本集团之重大投资。于2025

年3月31日，本集团投资于306,000,000

股威华达控股有限公司（「威华达」）上

市普通股，相当于威华达已发行股本

约4.9%，按公平价值计量约为1.47亿

港元，占本集团总资产约16%。于威华

达的总投资成本约为8,500万港元，而

累计未变现公平价值收益约为6,200万

港元。账面值占本集团总资产5%或以

上之投资被视为本集团之重大投资。

于威华达之现有4.9%股权乃由于2024

年10月之威华达股份（「威华达股份」）

出售（「威华达股份出售」），其详情载于

下文「重大收购及出售」一节。

威华达为于百慕达注册成立之有限公

司，其股份于香港联合交易所有限公

司（「联交所」）主板上市（股份代号︰

0622.HK）。威华达及其附属公司主要

从事投资控股、战术及╱或战略投资

（包括物业投资）以及提供金融服务，

包括证券及期货事务监察委员会所界

定的第1类（证券交易）、第2类（期货合

约交易）、第4类（就证券提供意见）、第

6类（就机构融资提供意见）、第8类（提

供证券保证金融资）及第9类（提供资产

管理）受规管活动，以及提供放债人条

例项下受规管之信贷及放贷服务。年

内，概无自威华达收取任何股息，而投

资于威华达之未变现公平价值收益约

8,500万港元已透过其他全面收益于投

资重估储备扣除。

SIGNIFICANT INVESTMENT(S)

An investment with a carying value of 5% or more

of the total asets of the Group is considered as a

significant investment of the Group. As at 31 March

2025, the Group’s investment in 306,000,000 ordinary

listed shares of Oshidori International Holdings Limited

(“Oshidori”), represented aproximately 4.9% of

Oshidori’s isued share capital, was measured at

fair value of aproximately HK$147 milion, which

represented aproximately 16% to the total asets of

the Group. Total cost for the investment in Oshidori

amounted to aproximately HK$85 milion and the

cumulative unrealised fair value gain was aproximately

HK$62 milion. An investment with a carying value of 5%

or more of the total asets of the Group is considered

as a significant investment of the Group. The existing 4.9%

shareholding in Oshidori was as a result of the Oshidori

share (the “Oshidori Share(s)”) disposal in October

2024 (the “Oshidori Share Disposal”), details of which

was set out in the section “Material Acquisitions and

Disposals” below.

Oshidori is a company incorporated in Bermuda with

limited liability, the shares of which are listed on the

Main Board of The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”) (stock code: 0622.HK).

Oshidori and its subsidiaries are principaly engaged

in investment holdings, tactical and/or strategical

investments (including property investments), provision

of financial services including the Securities and Futures

Comision regulated activities, namely Type 1 (dealing

in securities), Type 2 (dealing in futures contracts), Type

4 (advising on securities), Type 6 (advising on corporate

finance), Type 8 (securities margin financing) and Type

9 (aset management) and provision of credit and

lending services regulated under the Money Lenders

Ordinance. During the year, no dividend was received

from Oshidori and the unrealised fair value gain of the

investment in Oshidori of aproximately HK$85 milion

was charged to the investment revaluation reserve

through other comprehensive income.

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

摘录自威华达截至2024年12月31日止

年度之年报，威华达录得经审核亏损

净额1.95亿港元，比较年度则录得亏

损净额8,400万港元。于2024年12月31

日，威华达之经审核资产总值及资产

净值分别为32.18亿港元及30.36亿港

元。威华达维持强劲流动资金状况，流

动比率为7.1，资产负债比率为1.6%。

于2025年3月31日，威华达之收市价为

每股0.48港元，较其于2024年12月31

日之经审核每股资产净值0.49港元折

让约2%。作为一项长期投资，其具有

较高回报潜力，属于价值股票之选。

除上文所披露者外，于2025年3月31

日，本集团并无于任何被投资公司持

有任何价值占本集团总资产5%以上之

重大投资。

重大收购及出售

于2024年4月至6月期间，本公司透过

其全资附属公司于公开市场出售合共

3,288,000股源宇宙教育（国际）投资集

团有限公司（其股份于联交所主板上

市，股份代号︰1082.HK）股份（「源宇宙

教育股份」），总代价为4,775,000港元

（不包括交易成本）（「先前源宇宙教育

出售事项」）。

As extracted from the anual report of Oshidori for the

year ended 31 December 2024, Oshidori recorded an

audited net los of HK$195 milion, compared to a net

los of HK$84 milion for the comparative year. As at

31 December 2024, Oshidori had audited total asets

and net aset value of HK$3,218 milion and HK$3,036

milion respectively. The liquidity of Oshidori remained

strong with a curent ratio of 7.1 and a gearing ratio

of 1.6%. As at 31 March 2025, the closing price of

Oshidori of HK$0.48 per share represents a discount

of aproximately 2% to its audited net asets value as

at 31 December 2024 of HK$0.49 per share. As a long

term investment, it represents a value stock pick with

potential for a higher return.

Save as disclosed above, the Group did not hold any

significant investments in any investe company with

a value above 5% of the Group’s total asets as at 31

March 2025.

MATERIAL ACQUISITIONS AND

DISPOSALS

During the period from April to June 2024, the

Company, through its wholy-owned subsidiary,

disposed of a total of 3,288,000 shares of Bradaverse

Education (Int’l) Investments Group Limited (stock

code: 1082.HK) (the “BEIG Share(s)”), whose shares

are listed on the Main Board of the Stock Exchange,

in the open market for an agregate consideration of

HK$4,775,000 (exclusive of transaction costs) (the

“Previous BEIG Disposal”).

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

于2024年8月29日，本公司透过其

全资附属公司于公开市场出售合共

1,064,000股源宇宙教育股份，总代价

为1,744,960港元（不包括交易成本）（相

当于平均价每股源宇宙教育股份1.640

港元）（「源宇宙教育出售事项」）。根据

上市规则，于12个月期间内进行的先

前源宇宙教育出售事项及源宇宙教育

出售事项合计为单一系列交易，并构

成本公司的须予披露交易，详情载于

本公司日期为2024年8月29日的公告。

于2024年10月17日，本公司透过其

全资附属公司于公开市场出售合共

159,000,000股威华达（其股份于联交所

主板上市）股份，总代价为27,030,000

港元（不包括交易成本）（相当于平均

价每股威华达股份0.17港元）。威华

达出售事项构成本公司的须予披露交

易，详情载于本公司日期为2024年10

月17日的公告。于本报告日期，完成

威华达股份出售后，本集团合共持有

306,000,000股威华达股份，相当于威

华达全部已发行股本约4.9%。

金湖物业有限公司（本公司之全资附

属公司）与吕叶敬仪女士（作为买方）及

（仅就临时买卖协议而言）豫晋物业有

限公司（作为物业代理）（两者均为独立

第三方）订立日期为2024年11月15日

之临时有条件买卖协议（「临时买卖协

议」）以及由补充协议所补充之其后正

式协议（日期均为2024年11月29日）（统

称「正式协议」），涉及根据正式协议之

条款以代价5,000万港元进行东贸出售

事项。本公司股东于2025年1月16日举

行的股东特别大会（「股东特别大会」）

上通过批准（其中包括）东贸出售事项

及其项下拟进行之交易之相关决议案

后，东贸出售事项于2025年3月31日

On 29 August 2024, the Company, through its

wholy-owned subsidiary, disposed of a total of

1,064,000 BEIG Shares in the open market for an

agregate consideration of HK$1,744,960 (exclusive

of transaction costs) (equivalent to an average price

of HK$1.640 per BEIG Share) (the “BEIG Disposal”).

The Previous BEIG Disposal together with the BEIG

Disposal, which tok place within a 12-month period,

were agregated as a single series of transactions

pursuant to the Listing Rules and constituted a

discloseable transaction of the Company, details

of which were set out in the anouncement of the

Company dated 29 August 2024.

On 17 October 2024, the Company, through its

wholy-owned subsidiary, disposed of a total of

159,000,000 shares of Oshidori Shares, whose shares

are listed on the Main Board of the Stock Exchange,

in the open market for an agregate consideration of

HK$27,030,000 (exclusive of transaction costs) (equivalent

to an average price of HK$0.17 per Oshidori Shares).

The Oshidori Disposal constituted a discloseable

transaction of the Company, the details of which

were set out in the anouncement of the Company

dated 17 October 2024. Subsequent to the Oshidori

Share Disposal, the Group is holding an agregate

of 306,000,000 Oshidori Shares, representing

aproximately 4.9% of the total isued share capital of

Oshidori as at the date of this report.

Golden Lake Property Limited, a wholy-owned

subsidiary of the Company, entered into a provisional

conditional sale and purchase agrement dated

15 November 2024 (the “Provisional SPA”) and the

subsequent formal agrement, as suplemented by

a suplemental agrement, both dated 29 November

2024 (colectively, the “Formal Agrement”) with Mrs.

Lui Ip, King Ye Elsa as the purchaser and, in relation

to the Provisional SPA only, A Land Property Limited as

the property agent, both of which were an independent

third party in respect of the E-Trade Disposal at a

consideration of HK$50 milion pursuant to the terms

of the Formal Agrement. Upon pasing of the relevant

resolution by the shareholders of the Company at the

special general meting on 16 January 2025 aproving

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

完成。有关东贸出售事项之详情分别

载于本公司日期为2024年11月15日及

2025年4月2日之公告以及本公司日期

为2024年12月27日的通函。

于2025年3月18日，本公司透过其全

资附属公司于公开市场上出售合共

8,000,000股昊天国际建设投资集团有

限公司（一间于开曼群岛注册成立的有

限公司，其股份于联交所主板上市（股

份代号︰1341）股份（「昊天股份」），

总代价为6,400,000港元（不含交易成

本）（相当于平均价格每股昊天股份0.8

港元）（「昊天出售事项」）。昊天出售事

项构成本公司的须予披露交易，详情

载于本公司日期为2025年3月18日的

公告。

于2025年3月31日，本公司透过其全

资附属公司于公开市场上出售合共

199,962,000股中达集团控股有限公司

（一间于百慕达注册成立的有限公司，

其股份于联交所主板上市（股份代号︰

139）股份（「中达股份」），总代价约为

7,000,000港元（不含交易成本）（相当于

平均价格每股中达股份0.035港元）（「中

达出售事项」）。中达出售事项构成本公

司之须予披露交易，其详情载于本公

司日期为2025年3月31日之公告。

除上文所披露者外，本集团于本报告

期内并无其他重大收购及出售事项。

(the “SGM”), inter alia, the E-Trade Disposal and the

transactions contemplated thereunder, the completion

of the E-trade Disposal tok place on 31 March 2025.

Details of the E-Trade Disposal were set out in the

anouncements of the Company dated 15 November

2024 and 2 April 2025 and the circular of the Company

dated 27 December 2024 respectively.

On 18 March 2025, the Company, through its wholy-

owned subsidiary, disposed of a total of 8,000,000

shares of Hao Tian International Construction

Investment Group Limited, a company incorporated

in the Cayman Islands with limited liability, the shares

of which are listed on the Main Board of the Stock

Exchange (Stock Code: 1341) (the “Hao Tian Shares”)

in the open market for an agregate consideration of

HK$6,400,000 (exclusive of transaction costs) (equivalent

to an average price of HK$0.8 per Hao Tian Shares) (the “Hao

Tian Disposal”). The Hao Tian Disposal constituted a

discloseable transaction of the Company, the details

of which were set out in the anouncement of the

Company dated 18 March 2025.

On 31 March 2025, the Company, through its wholy-

owned subsidiary, disposed of a total of 199,962,000

shares of Central Wealth Group Holdings Limited, a

company incorporated in Bermuda with limited liability,

the shares of which are listed on the Main Board of

the Stock Exchange (Stock Code: 139) (the “Central

Wealth Shares”) in the open market for an agregate

consideration of aproximately HK$7,000,000 (exclusive

of transaction costs) (equivalent to an average price

of HK$0.035 per Central Wealth Shares) (the “Central

Wealth Disposal”). The Central Wealth Disposal

constituted a discloseable transaction of the Company,

the details of which were set out in the anouncement

of the Company dated 31 March 2025.

Save as disclosed above, the Group did not have

other material acquisition(s) and disposal(s) during the

reporting period.

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

本报告期后之事项

自本报告期完结日至本年报日期止，

并无发生重大期后事项。

财务表现回顾

截至2025年3月31日止年度，本集团

录得综合收入约3,900万港元（2024︰

6,200万港元）及毛利约1,000万港元

（2024︰2,400万港元）。年内收入减少

乃主要由于压缩天然气产品销售随著

电动车普及而减少及应收贷款之利息

收入减少。于本年度，本集团录得除税

前亏损约1.77亿港元（2024︰2.64亿港

元），其中包括︰

(i) 港口及物流分部之亏损净额约

1,200万港元（2024︰溢利3,100

万港元，包括出售附属公司收益

5,900万港元）；

(i) 物业分部之亏损净额约1,300万港

元（2024︰3,200万港元）；

(i) 证券分部之亏损净额约1万港元

（2024：1万港元）；

(iv) 金融服务分部之亏损净额约1.11亿

港元（2024︰2.04亿港元）；

(v) 企业及其他开支净额约3,900万港

元（2024︰9,000万港元）；

(vi) 汇兑收益净额约1万港元（2024︰

亏损100万港元）；

(vi) 并无没收按金及诚意金所得之收

益（2024︰800万港元）；

EVENTS AFTER THE REPORTING PERIOD

There were no major subsequent events ocured

since the end of the reporting period and up to the

date of this anual report.

REVIEW OF FINANCIAL PERFORMANCE

For the year ended 31 March 2025, the Group

recorded a consolidated revenue of aproximately

HK$39 milion (2024: HK$62 milion) and gros profit of

aproximately HK$10 milion (2024: HK$24 milion). The

decrease in revenue during the year was mainly due to

the decrease in sales of CNG products impacted by

the increased popularity of electric-powered vehicles

and interest income from loan receivables. During the

year, the Group recorded a los before taxation of

aproximately HK$177 milion (2024: HK$264 milion),

which was composed of:

(i) net los of aproximately HK$12 milion (2024:

profit of HK$31 milion, including gain on disposal

of subsidiaries of HK$59 milion) in ports and

logistics segment;

(i) net los of aproximately HK$13 milion (2024:

HK$32 milion) in property segment;

(i) net los of aproximately HK$0.01 milion (2024:

HK$0.01 milion) in securities segment;

(iv) net los of aproximately HK$111 milion (2024:

HK$204 milion) in financial services segment;

(v) net corporate and other expenses of

aproximately HK$39 milion (2024: HK$90

milion);

(vi) net exchange gain of aproximately HK$0.01

milion (2024: los of HK$1 milion);

(vi) no gain on forfeiture of deposit and earnest money

received (2024: HK$8 milion);

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

(vi) 并无应收清盘中前附属公司款项

之减值亏损拨回（2024︰3,100万港

元）；及

(ix) 融资成本约200万港元（2024︰700

万港元）。

经考虑税项拨入约1万港元（2024︰40

万港元）后，本集团之经营业务录得

年度亏损约1.77亿港元（2024︰2.63亿

港元）。

本公司拥有人应占年内亏损净额约为

1.77亿港元（2024︰2.65亿港元），每股

基本亏损约为17.0港仙（2024︰25.5港

仙）。年内亏损净额减少乃主要由于(a)

摊占联营公司业绩亏损净额由上个年

度约2.31亿港元减少至年内约9,300万

港元；(b)行政开支由上个年度约1.08亿

港元减少至年内约4,500万港元；(c)年

内并无应收清盘中前附属公司款项之

减值亏损拨回，而上个年度为减值亏

损拨回约3,100万港元；(d)年内并无出

售附属公司收益，而上个年度为出售

本集团港口及物流业务若干亏损附属

公司之收益约5,900万港元；及(e)年内

并无没收按金及诚意金所得之收益，

而上个年度为没收按金及诚意金所得

之收益约800万港元之净影响所致。

(vi) no impairment los reversed on amounts due from

former subsidiaries in liquidation (2024: HK$31

milion); and

(ix) finance costs of aproximately HK$2 milion (2024:

HK$7 milion).

After taking into acount the tax credit of aproximately

HK$0.01 milion (2024: HK$0.4 milion), the

operations of the Group recorded los for the year of

aproximately HK$177 milion (2024: HK$263 milion).

Net los for the year atributable to the owners of

the Company was aproximately HK$177 milion

(2024: HK$265 milion) and basic los per share was

aproximately HK17.0 cents (2024: HK25.5 cents).

The decrease in net los for the year was mainly

atributable to the net efect of (a) net los from share

of results of asociates decreased from aproximately

HK$231 milion for last year to aproximately HK$93

milion for the year; (b) decrease in administrative

expenses from aproximately HK$108 milion for

last year to aproximately HK$45 milion for the

year; (c) no impairment los reversal on amounts

due from the former subsidiaries in liquidation for

the year, as compared with reversal of impairment

los of aproximately HK$31 milion for last year; (d)

absence of gain on disposal of subsidiaries for the

year, as compared with gain on disposal of certain

los-making subsidiaries from the Group’s ports and

logistics busineses of aproximately HK$59 milion

for last year; and (e) no gain on forfeiture of deposit

and earnest money received for the year, as compared

with gain on forfeiture of deposit and earnest money

received aproximately HK$8 milion for last year.

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业务审视

财务状况回顾

与本集团于2024年3月31日之财务状

况相比，总资产减少3.79%至约9.39亿

港元（2024︰9.76亿港元）。于2025年3

月31日，流动负债净额约为3,000万港

元（2024︰100万港元），而以流动资产

对流动负债所计算之流动比率下降至

0.75倍（2024︰0.97倍）。经计及(a)本公

司拥有人应占亏损净额约1.77亿港元；

(b)于投资重估储备确认按公平价值志

入其他全面收益之金融资产账面值增

加约1.02亿港元；(c)摊占联营公司其他

全面开支约3,300万港元；及(d)因换算

海外业务而产生之人民币汇兑亏损约4

万港元，于2025年3月31日，本公司拥

有人应占权益减少12%至约8.25亿港元

（2024︰9.33亿港元），相当于每股0.79

港元（2024︰0.90港元）。

流动资金与资本来源

于2025年3月31日，本集团之总资产为

9.39亿港元（2024︰9.76亿港元），乃来

自股东资金及信贷融资。本集团设有

多项信贷融资以应付其营运资金需求

及资本开支承担，该等信贷融资按市

场息率计息，而约定还款期介乎按要

求偿还至一年。本集团所产生之收入

及成本主要以港元及人民币为单位。

年内，概无用作对冲之金融工具，亦无

外币净投资以货币借款或其他对冲工

具作对冲。本集团采取审慎之资金及

库务政策，管理特定交易之汇率及利

率波动风险。

REVIEW OF FINANCIAL POSITION

When compared with the Group’s financial position as

at 31 March 2024, total asets decreased by 3.79% to

aproximately HK$939 milion (2024: HK$976 milion).

As at 31 March 2025, net curent liabilities amounted

to aproximately HK$30 milion (2024: HK$1 milion),

whereas curent ratio deriving from the ratio of curent

asets to curent liabilities decreased to 0.75 times

(2024: 0.97 times). After taking into acount (a) the

net los atributable to the owners of the Company

of aproximately HK$177 milion; (b) the increase

in carying amount of financial asets measured at

fair value through other comprehensive income of

aproximately HK$102 milion recognised in the

investment revaluation reserve; (c) the share of other

comprehensive expense of asociates of aproximately

HK$33 milion; and (d) the Renminbi exchange deficit of

aproximately HK$0.04 milion arising from translation

of foreign operations, equity atributable to owners of

the Company decreased by 12% to aproximately

HK$825 milion (2024: HK$933 milion), representing

HK$0.79 (2024: HK$0.90) per share as at 31 March

2025.

LIQUIDITY AND CAPITAL RESOURCES

As at 31 March 2025, the Group had total asets of

HK$939 milion (2024: HK$976 milion) which were

financed by shareholders’ funds and credit facilities. A

variety of credit facilities were maintained to met its

working capital requirements and comited capital

expenditure, which bore interest at market rates and

had contracted terms of repayment ranging from on

demand to one year. The Group mainly generated

revenue and incured costs in Hong Kong dolar and

Renminbi. During the year, no financial instruments

had ben used for hedging purpose and no foreign

curency net investments are hedged by curency

borowings or other hedging instruments. The Group

adopts a prudent funding and treasury policy and

manages the fluctuation exposures of exchange rate

and interest rate on specific transactions.

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业务审视

于2025年3月31日，本集团之其他借

款约为9,100万港元（2024︰1,600万港

元），其中约9,100万港元（2024︰1,500

万港元）须按要求或于一年内偿还及并

无其他借款须于一年后偿还（2024︰

100万港元）。以港元计值之借款7,200

万港元（2024︰无）按固定利率计息。

以人民币计值之借款中，约1,900万港

元（2024︰1,600万港元）中1,300万港

元（2024：1,600万港元）按固定利率计

息及余下600万港元（2024：无）为免

息。本集团之资本负债比率增至0.11

（2024︰降至0.02），该项比率乃根据

借款总额约9,100万港元（2024︰1,600

万港元）及本公司拥有人之应占权益约

8.25亿港元（2024︰9.33亿港元）计算。

于2025年3月31日，本集团之现金、

银行结存及存款为约2,200万港元

（2024︰2,000万港元），当中约1,000万

港元（2024︰600万港元）以港元计值及

约1,200万港元（2024︰1,400万港元）以

人民币计值。

资本结构

年内，本集团并无进行任何股本集资

活动。于2025年3月31日，本公司每

股面值为0.1港元之已发行股份总数为

1,040,946,114股。

承担

于2025年3月31日，本集团并无已订

约但并未于综合财务报表拨备之开支

（2024︰无）。

As at 31 March 2025, the Group’s other borowings

amounted to aproximately HK$91 milion (2024:

HK$16 milion) with aproximately HK$91 milion (2024:

HK$15 milion) repayable on demand or within one year

and no other borowings is repayable after one year

(2024: HK$1 milion). Borowings denominated in Hong

Kong dolar of HK$72 milion (2024: Nil) bore interest

at fixed rate. Borowings denominated in Renminbi of

aproximately HK$19 milion (2024: HK$16 milion)

of which HK$13 milion (2024: HK$16 milion) bore

interest at fixed rate and the rest of HK$6 milion (2024:

Nil) was non-interest bearing. The Group’s gearing

ratio increased to 0.11 (2024: decreased to 0.02),

which was calculated based on the total borowings of

aproximately HK$91 milion (2024: HK$16 milion) and

the equity atributable to the owners of the Company of

aproximately HK$825 milion (2024: HK$933 milion).

Cash, bank balances and deposits of the Group as at

31 March 2025 amounted to aproximately HK$22

milion (2024: HK$20 milion), of which aproximately

HK$10 milion (2024: HK$6 milion) was denominated

in Hong Kong dolar and aproximately HK$12 milion (2024:

HK$14 milion) was denominated in Renminbi.

CAPITAL STRUCTURE

During the year, the Group has not conducted any

equity fund raising activities. As at 31 March 2025,

the total number of isued shares of the Company

was 1,040,946,114 shares with a par value of HK$0.1

each.

COMITMENTS

As at 31 March 2025, the Group had no expenditure

contracted for but not provided for in the consolidated

financial statements (2024: Nil).

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

汇率波动风险

本集团之货币资产、负债及交易主要

以人民币及港元计值。本集团主要面

临人民币外汇风险，并可能影响本集

团之表现。本集团定期审阅资产和负

债的结余以及交易计价的货币，以尽

量减少本集团面临的外币风险。年

内，概无用作对冲之金融工具，亦无外

币净投资以货币借款或其他对冲工具

作对冲。

或然负债

于2025年3月31日，本集团并无或然负

债（2024︰无）。

资产抵押

于2025年3月31日，本集团将总值约为

5,300万港元（2024︰无）之若干使用权

资产、物业、机械及设备、无形资产及

按公平价值志入其他全面收益之金融

资产作抵押，以担保授予本集团之一

般信贷融资。

雇员数目及薪酬政策

于2025年3月31日，本集团合共雇用68

名（2024︰100名）全职雇员（包括本公

司董事）。薪酬组合由薪金以及与表现

挂钩之花红所组成。

EXPOSURE TO FLUCTUATION IN

EXCHANGE RATE

The Group’s monetary asets, liabilities and

transactions are mainly denominated in Renminbi and

Hong Kong dolars. The Group is mainly exposed to

foreign exchange risk with respect to Renminbi which

may afect the Group’s performance. The Group

regularly reviews the balances of asets and liabilities

and the curencies in which the transactions are

denominated so as to minimise the Group’s exposure

to foreign curency risk. During the year, no financial

instruments had ben used for hedging purpose and

no foreign curency net investments are hedged by

curency borowings or other hedging instruments.

CONTINGENT LIABILITY

As at 31 March 2025, the Group had no contingent

liabilities (2024: Nil).

PLEDGE OF ASETS

As at 31 March 2025, the Group pledged certain

right-of-use asets, property, plant and equipment,

intangible asets and financial asets measured

at FVOCI of the Group with an agregate value of

aproximately HK$53 milion (2024: Nil) to secure

general credit facilities granted to the Group.

NUMBER OF EMPLOYES AND

REMUNERATION POLICY

As at 31 March 2025, the Group employed a total of

68 (2024: 100) ful-time employes, inclusive of the

directors of the Company. Remuneration packages

consisted of salary as wel as performance-based

bonus.

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

环境、社会及合规事宜

环境政策及表现

我们以按符合适用法律、法规及标准

的良好环保措施经营业务为目标，并

致力于︰

ü 实行措施以尽量降低、减轻我们业

务对环境的影响或作出补救，该等

影响包括潜在气体及温室气体排

放、污水排放、土地污染及产生垃

圾废物；

ü 尽可能以高效的方式运用原材

料、能源及天然资源，并努力提升

有关效率；及

ü 采取能缓和环境事故所带来负面

影响的措施。

上述原则已载入我们于2014年6月采

纳的环境、社会及管治政策。本公司致

力以环保方式管理所有业务营运。我

们将不时检讨环保措施，并继续于营

运中应用无损生态环境的措施及作业

手法。

ENVIRONMENTAL, SOCIAL AND

COMPLIANCE MATERS

Environmental Policies and Performance

We aim to operate our busines with god

environmental protection practices which comply with

aplicable laws, regulations and standards and we

endeavour to:

ü Aply practices which minimise, lesen or

remediate the impact of our activities on the

environment including potential air and grenhouse

gas emisions, wastewater discharges, land

contamination as wel as generation of wastes;

ü Use raw materials, energy and natural resources

as eficiently as posible and strive to improve that

eficiency; and

ü Adopt measures to mitigate the negative efects of

environmental incidents.

The aforesaid principles are enshrined in our

Environmental, Social and Governance Policy adopted

in June 2014. The Company is comited to managing

al busines operations with sensitivity to environmental

protection. We wil review our environmental protection

practices from time to time and wil continue to aply

eco-friendly measures and practices in our operation.

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

与雇员、客户、供应商及其他持份

者的关系

本公司贯彻采纳三个载于《行为准则》

的指导性核心价值 — 真诚、优秀及投

入，以达致负责任地行事。我们以诚立

业，并按合乎道德规范及以尊重的态

度待人；创造优秀的体验，为持份者带

来愉悦；及以共融、开放及积极的态度

对待持份者并服务社会。本质上，我们

坚持以诚信、尊重、负责任、专业及注

重安全的态度经营业务。我们已采纳

下列各项载于环保、社会及管治政策

以及《行为准则》的原则︰

雇员

ü 提供健康及安全的工作环境；

ü 采纳并维持正面的安全文化及

行为；

ü 举办职业及社会安全╱卫生活动，

旨在消除或缓和安全、职业及社区

健康，以及卫生问题；

ü 提供适切培训及发展机会；

ü 于本集团内提供平等机会，并公平

对待每一位雇员；及

ü 提供合理报酬。

客户及供应商

ü 向客户提供有效率、亲切有礼并物

有所值的服务；

ü 提供安全性、品质及可靠度超卓的

产品及服务，并承担自我提升的社

会责任；

Relationships with Employes, Customers

and Supliers and Other Stakeholders

The Company has comited to responsible practices

by adopting thre guiding core values: Genuine,

Exceptional and Involved as expresed in our Code

of Conduct. Operating with integrity, being ethical

and treating others with respect; creating exceptional

experiences that delight our stakeholders; and

inclusive, open and actively engaging our stakeholders

and serving comunities. In esence, we adhere to

integrity, respect, responsibility, competence and

safety in carying out our busines. The folowing

principles, which are enshrined in our Environmental,

Social and Governance Policy and Code of Conduct,

are being adopted:

Employes

ü Providing a healthy and safe working environment;

ü Adopting and maintaining a positive safety culture

and behaviour;

ü Instituting ocupational and comunity health/

hygiene programes with an aim to eliminate

or mitigate safety, ocupational and comunity

health and hygiene hazards;

ü Ofering suitable training and development

oportunities;

ü Providing equal oportunity throughout the Group

and treating employes fairly; and

ü Providing fair remuneration.

Customers and Supliers

ü Providing eficient and courteous services with

god value of money to customers;

ü Ofering products and services with high standard

of safety, quality and reliability and acepting the

social responsibility for improvement;

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

ü 透过向供应商及分包商提供互信

及公正的环境，于采购程序提倡公

平而公开的竞争；及

ü 禁止一切贿赂及贪污的行为，提倡

负责任并合乎道德的营商手法。

有关主要客户、客户信贷条件及本集

团对新客户及信贷监控的管理的信

息，已分别载列于本年报之综合财务

报表附注7、27及37(b)内。

参与社区活动及其他持份者

ü 与社区及其他与我们营运有关的

持份者建立并保持良好关系；

ü 与地方机关、政府、政府间及非

政府机构以及其他相关持份者

合作，以可持续发展的方式发展

项目，使与我们运营有关的社区

受惠；

ü 将我们的业务对我们营运所在的

社区造成的负面影响减到最低；

ü 捐款予慈善机构及投资于教育

事业；

ü 支援整体社区，尤其是我们的办事

处座落的社区；及

ü 支持并鼓励雇员参与慈善及社会

服务。

关于本公司之环境政策和表现，以及

本公司与其持份者之关键关系之进一

步讨论，已载于本年报第75至109页之

「环境、社会及管治报告」（「环境、社会

及管治报告」）内。

ü Promoting fair and open competition for

procurement procedures through providing an

environment of mutual trust and impartiality to

supliers and contractors; and

ü Prohibiting bribery and corupt practices and

promoting responsible and ethical busines

practices.

Information about the major customers, the credit

terms of customers and the Group’s management on

new customers and credit monitoring were set out in

Notes 7, 27 and 37(b) to the consolidated financial

statements respectively in this anual report.

Comunity Involvement and Other Stakeholders

ü Building and maintaining god relationships

with the comunities and other stakeholders

asociated with our operations;

ü Working with local authorities, governments, inter-

governmental and non-governmental bodies and

other relevant stakeholders to develop projects

that benefit the comunities conected to our

operations in a sustainable maner;

ü Minimising the negative impacts of our operations

on the comunities where we operate;

ü Investing in charitable and educational

contribution;

ü Suporting the comunity as a whole, especialy

those comunities in which our ofices are based;

and

ü Suporting and encouraging our employes for

their charitable and comunity involvements.

Further discusion on the Company’s environmental

policies and performance and the acount of key

relationships of the Company with its stakeholders

are contained in the “Environmental, Social and

Governance Report” (the “ESG Report”) from pages 75

to 109 of this anual report.

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

符合相关法律及法规

企业管治及法规委员会的职责包括全

面监督本公司所经营业务之法律及监

管规定的合规情况。有关法律及法规

的重大不合规事宜（如有）将由企业管

治及法规委员会调查，倘有需要，亦会

上报董事局。于回顾年度，概无发现对

本集团具有重大影响的有关法律及法

规之重大不合规事宜。

主要风险及不明朗因素

本集团受到许多风险因素的影响，其

中一些风险通常会影响企业的表现。

有些风险则特别对本集团的业务有

影响。

如企业管治报告内「风险管理框架」章

节所描述，本集团已识别及评估面对

的主要风险，并已按其出现的机会及

其对本集团业务的影响的严重性作出

排序，并且已制定风险管理措施以确

保风险维持在可接受的程度内。本集

团面对的主要风险及不明朗因素之描

述载于本章节，其乃根据「策略风险」、

「营运风险」及「财务风险」项下之风险

评估结果而编写。

Compliance with the Relevant Laws and

Regulations

The responsibilities of the corporate governance and

compliance comite include general oversight of the

Company’s compliance with the legal and regulatory

requirements of its busines operations. Significant

non-compliance with laws and regulations, if any,

wil be investigated by the corporate governance and

compliance comite and escalated to the board as

and when necesary. During the year under review, no

material non-compliance of the laws and regulations

that have a significant impact on the Group was noted.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group is afected by a number of risk factors,

some of which are likely to afect the performance of

busineses generaly. Some risks are particular to the

Group’s operations.

As stated in the section “Risk Management

Framework” of the Corporate Governance Report, key

risks facing the Group have ben identified, asesed

and prioritised acording to the likelihod of their

ocurence and the significance of their impact on the

busines of the Group. Moreover, risk management

measures are in place to manage the risks to an

aceptable level. A description of the principal risks

and uncertainties faced by the Group based on our

risks asesment outcome under “Strategic Risks”,

“Operational Risks” and “Financial Risks” was set out

in this section.

蓝河控股有限公司 2025 年报

BUSINES REVIEW

业务审视

Risk categoriesRisk description

Risk change

during the

reporting

periodKey mitigating measures

风险类别风险描述

风险于报告

期内的改变主要缓解措施

Strategic Risks

策略风险

Concentrated investment

投资高度集中

A significant part of the Group’s

operations is conducted in China.

Acordingly, busines performance

and future prospects of the

Group wil be adversely afected

by unfavourable changes in the

political, social, economic or tax

policies of the PRC government

and may lead to loses to the

Group.

本集团很大部分的业务均在中

国。因此，本集团的经营业绩和

未来前景可能会因中国政府的

政治、社会、经济或税务政策不

利的改变而受到不利的影响，

并可能导致本集团蒙受损失。

Remained

broadly the

same

大致相同

 Establish mechanism

to ases and closely

monitor any changes in the

political, social, economic

or tax policies of the PRC

government. Relevant

measures are also put in

place to deal with such

changes.

建立机制以评估及密切监

测中国政府政治、社会、

经济或税收政策的变化，

并已准备了有关的措施以

应付该等变化。

Busines strategy

经营策略

Busines strategic planing is

important to the Group to achieve

its core objectives. The objectives

of project companies may not be

in line with the Group.

经营策略规划对于本集团实现

其核心目标非常重要。项目公

司的目标可能与本集团不一致。

Remained

broadly the

same

大致相同

 The Group focuses on its

core busines extension and

development and conducts

macro-research and study

to reduce strategic risk.

Relevant measures are also

put in place to make sure

the objectives of project

companies to be in line with

the Group.

本集团聚焦核心业务延伸

和发展，开展宏观调研，

降低策略风险，并制定相

关措施，确保项目公司的

目标与本集团一致。

Blue River Holdings Limited 2025 Anual Report

BUSINES REVIEW

业务审视

Risk categoriesRisk description

Risk change

during the

reporting

periodKey mitigating measures

风险类别风险描述

风险于报告

期内的改变主要缓解措施

Operational Risks

营运风险

Environmental

环境

As a substantial part of the

Group’s operations are conducted

in the PRC and are related to

ports and logistics busines, we

are subject to various inspections,

examinations, inquiries and

audits by relevant PRC regulatory

authorities in acordance with

aplicable PRC environmental,

health and safety (“EHS”) laws and

regulations, in which the outcomes

form part of the conditions for

obtaining, maintaining or renewing

various licenses, certificates and

permits required for conducting

our busineses. As the PRC EHS

laws and regulations continue to

evolve, such changes may bring

aditional compliance chalenges

and costs to the Group’s

busineses.

本集团大部分的业务均在中国

和涉及港口及物流业务，我们

须按照中国适用的环境、健康

和安全（「EHS」）法律法规接受

PROFILE OF BOARD OF DIRECTORS*

董事局简介*

Mr Kwong Kai Sing, Beny, aged 66, was apointed

as a non-executive director of the Company on 9

February 2021 and was then apointed as the non-

executive chairman of the Company on 1 April 2021.

Subsequently, he was redesignated as an executive

director on 8 November 2021 and has concurently

ben the executive chairman since then. He was then

apointed as the managing director of the Company

on 1 July 2023 and remains as the executive chairman

at the same time. He is also a director of various

members of the group. Mr Kwong holds a Bachelor’s

degre in Arts from Simon Fraser University in British

Columbia, Canada. He held senior positions with major

international banks in Hong Kong in respective lending

departments and China department and has served

as executive director of various listed companies in

Hong Kong. Mr Kwong has extensive experience and

knowledge in banking and financial services industry.

Mr Kwong was an apointed member of the China

People’s Political Consultative Conference of the

Hubei Province and Zhaoqing City of the Guangdong

Province. He is the Audit Comite member of

Tung Wah Colege since 2013 and was the Hospital

Governing Comite member of Tai Po Hospital

from April 2012 to March 2021. His interest in the

shares and underlying shares of the Company, which

was disclosed to the Company under the provisions

of Division 2 and 3 of Part XV of the Securities and

Futures Ordinance, was set out in the directors’ report.

邝启成先生，66岁，于2021年2月9

日获委任为本公司非执行董事，并于

2021年4月1日获委任为本公司非执行

主席。其后，彼于2021年11月8日起调

任为执行董事，并自此同时兼任执行

主席。彼其后于2023年7月1日获委任

为本公司总裁，同时留任执行主席。彼

亦担任本集团多间成员公司的董事。

邝先生持有加拿大英属哥伦比亚Simon

Fraser University的文学士学位。彼曾于

香港多家大型国际银行的借贷部门及

中国部门担任高级职位，并曾于香港

多家上市公司担任执行董事。邝先生

在银行及金融服务行业拥有丰富的经

验及知识。

邝先生曾获委任为中国人民政治协商

会议湖北省及广东省肇庆市委员。彼

自2013年起担任东华学院审核委员会

成员，并于2012年4月至2021年3月为

大埔医院医院管理委员会成员。彼按

《证券及期货条例》第XV部第2及第3分

部之条文，向本公司披露彼在本公司

股份及相关股份中的权益，详情载列

于董事局报告书内。

’s senior

management

* 执行董事被视为本集团的高级管理层成员

MR KWONG KAI SING, BENY

邝启成先生

Executive Director, Chairman and Managing Director

执行董事、主席兼总裁

Blue River Holdings Limited 2025 Anual Report

PROFILE OF BOARD OF DIRECTORS

董事局简介

柯伟俊先生，61岁，于2021年1月18日

获委任为本公司执行董事。彼亦为本

公司薪酬委员会、提名委员会、企业

管治及法规委员会及股份回购委员会

成员，并担任本集团多家成员公司之

董事。彼毕业于加拿大温莎大学，持有

文学士学位。柯先生曾担任一家电讯

设备制造及贸易公司之董事总经理，

在中华人民共和国及海外市场之产品

开发、采购、生产、业务管理及推销方

面，具备逾16年经验及丰富知识。

Mr Au Wai June, aged 61, was apointed as an

executive director of the Company on 18 January

2021. He is also a member of the Company’s

remuneration comite, nomination comite,

corporate governance and compliance comite and

share repurchase comite and is a director of various

members of the group. He graduated from University

of Windsor, Canada with a Bachelor of Arts degre. Mr

Au was the managing director of a telecomunication

equipment manufacturing and trading company with

more than 16 years of experience and extensive

knowledge in product development, purchasing,

production, busines administration and merchandising

of both the People’s Republic of China and overseas

market.

MR AU WAI JUNE

柯伟俊先生

Executive Director

执行董事

蓝河控股有限公司 2025 年报

PROFILE OF BOARD OF DIRECTORS

董事局简介

余仲良先生，54岁，于2022年8月1日

获委任为本公司独立非执行董事。彼

亦为本公司薪酬委员会、提名委员会

及企业管治及法规委员会成员，亦为

本公司审核委员会主席。余先生在审

计及会计方面拥有逾29年经验。彼持

有香港城市大学国际会计文学硕士学

位。余先生为香港会计师公会员及

授权监事。彼为特许公认会计师公会

资深会员、香港税务学会特许税务师

及香港执业会计师。彼亦为财务汇报

局程序覆检委员会成员及第七届元朗

区议会委任议员。余先生为李志辉 •余

仲良会计师事务所合伙人。彼于2022

年获颁行政长官社区服务奖状。

彼自2019年1月29日至2025年4月1日

为纳尼亚（香港）集团有限公司（于开曼

群岛注册成立之有限公司，其股份于

香港联合交易所有限公司GEM上市（股

份代号：8607）之独立非执行董事，

自2022年7月起为威华达控股有限公

司（于百慕达注册成立之有限公司，其

股份于香港联合交易所有限公司主板

上市（股份代号：622）的独立非执行

董事，该公司为本公司的主要股东，自

2023年12月起为晋景新能控股有限公

司（于开曼群岛注册成立之有限公司，

其股份于香港联合交易所有限公司主

板上市（股份代号：1783）的独立非执

行董事。余先生自2025年1月起亦为

思捷环球控股有限公司（于百慕达注册

成立之有限公司，其股份于香港联合

交易所有限公司主板上市（股份代号：

330）的董事。

Mr Yu Chung Leung, aged 54, was apointed as an

independent non-executive director of the Company on

1 August 2022. He is also a member of the Company’s

remuneration comite, nomination comite and

corporate governance and compliance comite and

the chairman of the Company’s audit comite. Mr

Yu has over 29 years of experience in auditing and

acounting. He holds a Master of Arts in international

acounting from City University of Hong Kong. Mr

Yu is a member and an authorised supervisor of the

Hong Kong Institute of Certified Public Acountants.

He is a felow member of The Asociation of Chartered

Certified Acountants, a chartered tax adviser of The

Taxation Institute of Hong Kong and a practising

certified public acountant in Hong Kong. He is also a

member of the Proces Review Panel for the Financial

Reporting Council and an apointed member of the

7th term Yuen Long District Council. Mr Yu is a partner

of Le & Yu Certified Public Acountants. He was

awarded the Chief Executive’s Comendation for

Comunity Service in 2022.

He was an independent non-executive director of

Narnia (Hong Kong) Group Company Limited, a

company incorporated in the Cayman Islands with

limited liability whose shares are listed on GEM of

The Stock Exchange of Hong Kong Limited (stock

code: 8607), from 29 January 2019 to 1 April 2025,

an independent non-executive director of Oshidori

International Holdings Limited, a company incorporated

in Bermuda with limited liability whose shares are listed

on the Main Board of The Stock Exchange of Hong

Kong Limited (stock code: 622) which is a substantial

shareholder of the Company, since July 2022 and

an independent non-executive director of Envision

Grenwise Holdings Limited, a company incorporated

in the Cayman Islands with limited liability whose

shares are listed on the Main Board of The Stock

Exchange of Hong Kong Limited (stock code: 1783),

since December 2023. Mr. Yu is also a director of

Esprit Holdings Limited, a company incorporated in

Bermuda with limited liability, whose shares are listed

on the Main Board of The Stock Exchange of Hong

Kong Limited (stock code: 330) since January 2025.

MR YU CHUNG LEUNG

余仲良先生

Independent Non-Executive Director

独立非执行董事

Blue River Holdings Limited 2025 Anual Report

PROFILE OF BOARD OF DIRECTORS

董事局简介

蓝章华先生，70岁，于2022年8月1日

获委任为本公司独立非执行董事。彼

亦为本公司审核委员会及企业管治及

法规委员会成员，亦为本公司薪酬委

员会及提名委员会之主席。蓝先生于

银行业拥有丰富经验。彼于1991年至

2005年曾在加拿大汇丰银行、加州汇

丰银行及恒生银行有限公司担任多个

高级职位。彼其后于2005年9月至2012

年2月任职于大新银行有限公司，最后

职位为执行董事兼零售银行主管。其

后，蓝先生于2013年2月至2021年12

月担任南丰房地产控股有限公司之中

国物业部副董事长及执行董事，并自

2022年1月起担任其顾问。

彼于1988年6月毕业自加拿大多伦多

瑞尔森理工学院（Ryerson Polytechnical

Institute）（现为多伦多都会大学（Toronto

Metropolitan University），取得工商管理

学士学位。彼为加拿大银行家协会

士及英国皇家特许测量师学会资深会

员。彼曾为中国人民政治协商会议广

州市委员会委员。

蓝先生于2021年10月1日至2022年7月

5日为洲际航天科技集团有限公司（于

开曼群岛注册成立之有限公司，其股

份于香港联合交易所有限公司主板上

市（股份代号：1725）之独立非执行董

事，于2022年5月20日至2024年10月

31日为建发新胜浆纸有限公司（前称森

信纸业集团有限公司）（于百慕达注册

成立之有限公司，其股份于香港联合

交易所有限公司主板上市（股份代号：

731）之独立非执行董事。

Mr Lam John Cheung-wah, aged 70, was apointed

as an independent non-executive director of the

Company on 1 August 2022. He is also a member

of the Company’s audit comite and corporate

governance and compliance comite and the

chairmen of the Company’s remuneration comite

and nomination comite. Mr Lam has substantial

experience in the banking industry. From 1991 to

2005, he held various senior positions at Hongkong

Bank of Canada (curently known as HSBC Bank

Canada), HSBC California and Hang Seng Bank

Limited. He subsequently worked at Dah Sing Bank,

Limited from September 2005 to February 2012 with

his last position as an executive director, head of retail

banking. After that, Mr Lam acted as the vice chairman

and an executive director of Nan Fung Property

Holdings Limited in China Property Division betwen

February 2013 and December 2021, and he has

served as their consultant since January 2022.

He graduated from Ryerson Polytechnical Institute

(curently known as Toronto Metropolitan University)

in Toronto, Canada in June 1988 where he received

his bachelor of busines management degre. He is

a felow of The Institute of Canadian Bankers and a

felow of the Royal Institution of Chartered Surveyors.

He was a member of the Chinese People’s Political

Consultative Conference Guangzhou Comite.

Mr Lam was an independent non-executive director

of USPACE Technology Group Limited, a company

incorporated in Cayman Islands with limited liability

whose shares are listed on the Main Board of The

Stock Exchange of Hong Kong Limited (stock code:

1725), from 1 October 2021 to 5 July 2022 and an

independent non-executive director of C&D Newin

Paper & Pulp Corporation Limited (formerly known

as Samson Paper Holdings Limited), a company

incorporated in Bermuda with limited liability whose

shares are listed on the Main Board of The Stock

Exchange of Hong Kong Limited (stock code: 731),

from 20 May 2022 to 31 October 2024.

MR LAM JOHN CHEUNG-WAH

蓝章华先生

Independent Non-Executive Director

独立非执行董事

蓝河控股有限公司 2025 年报

PROFILE OF BOARD OF DIRECTORS

董事局简介

蓝先生自2013年2月起亦为永利地产发

展有限公司（于百慕达注册成立之有限

公司，其股份于香港联合交易所有限

公司主板上市（股份代号：864）之独

立非执行董事，自2022年8月起为威华

达控股有限公司（于百慕达注册成立之

有限公司，其股份于香港联合交易所

有限公司主板上市（股份代号：622）

的独立非执行董事，该公司为本公司

的主要股东，以及自2023年6月起担任

晋景新能控股有限公司（前称金仑控股

有限公司）（于开曼群岛注册成立之有

限公司，其股份于香港联合交易所有

限公司主板上市（股份代号：1783）的

独立非执行董事。自2023年9月起，彼

亦担任Lincoln Minerals Limited（于澳洲

注册成立之有限公司，其股份于澳洲

证券交易所上市(ASX: LML)）的非执行

董事。

Mr. Lam is also an independent non-executive director

of Wing Le Property Investments Limited, a company

incorporated in Bermuda with limited liability whose

shares are listed on the Main Board of The Stock

Exchange of Hong Kong Limited (stock code: 864),

since February 2013, an independent non-executive

director of Oshidori International Holdings Limited,

a company incorporated in Bermuda with limited

liability whose shares are listed on the Main Board of

The Stock Exchange of Hong Kong Limited (stock

code: 622) which is a substantial shareholder of the

Company, since August 2022 and an independent

non-executive director of Envision Grenwise Holdings

Limited (formerly known as Golden Ponder Holdings

Limited), a company incorporated in the Cayman

Islands with limited liability whose shares are listed on

the Main Board of The Stock Exchange of Hong Kong

Limited (stock code: 1783), since June 2023. He has

also ben a non-executive director of Lincoln Minerals

Limited, a company incorporated in Australia with

limited liability whose shares are listed on the Australian

Securities Exchange (ASX: LML), since September

2023.

Blue River Holdings Limited 2025 Anual Report

PROFILE OF BOARD OF DIRECTORS

董事局简介

刘简怡女士，39岁，于2024年12月27

日获委任为本公司独立非执行董事，

其后于2025年1月17日获委任为企业

管治及法规委员会及股份回购委员会

主席以及审核委员会、薪酬委员会及

提名委员会成员。

刘女士于2014年获得康乃尔大学工商

管理硕士学位及于2010年获得香港中

文大学工程学士学位。刘女士现任一

家公司金融服务机构之董事，在公司

财务及股权基金方面具有丰富之管理

经验。自2017年5月起，刘女士为意力

国际控股有限公司（其股份于联交所

上市）（股份代号：585）之独立非执行

董事。

Ms. Liu Jianyi, aged 39, was apointed as an

independent non-executive director of the Company on

27 December 2024 and was subsequently apointed

as the chairmen of the Corporate Governance and

Compliance Comite and the Share Repurchase

Comite and a member of the Audit Comite,

the Remuneration Comite and the Nomination

Comite on 17 January 2025.

Ms. Liu holds a master degre of busines

administration in Cornel University in 2014 and

a bachelor degre of enginering in The Chinese

University of Hong Kong in 2010. Ms. Liu is curently

working as a director of a corporate financial services

institution and has extensive management experience

in corporate finance and equity funds. Ms. Liu is

an independent non-executive director of Imagi

International Holdings Limited, whose shares are listed

on the Stock Exchange (stock code: 585) since May

2017.

MS. LIU JIANYI

刘简怡女士

Independent Non-Executive Director

独立非执行董事

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE PRACTICES

Blue River Holdings Limited (the “Company”, together

with its subsidiaries, the “Group”) strives to atain

and uphold high standard of corporate governance

and maintain wel-established corporate governance

practices for the benefit of shareholders of the Company (the

“Shareholders”) and other stakeholders.

To demonstrate the Company’s continued comitment

to high standards of corporate governance, the board

of directors of the Company (the “Board”) adopted a

Board diversity policy (the “Board Diversity Policy”) in

June 2013, a sumary of which is set out at pages 42

and 43 of this anual report.

The Company has also adopted the Model Code for

Securities Transactions by Directors of Listed Isuers

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

Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited (the “Listing Rules”).

After having made specific enquiries, al directors of

the Company (the “Directors”) have confirmed their

compliance with the required standard set out in the

Model Code during the year ended 31 March 2025 (the

“Reporting Period”).

The Company has also established writen guidelines

no les exacting than the Model Code (the “Model

Code for Employes”) for securities transactions

by employes who are likely to be in posesion

of unpublished inside information of the Company.

No incident of non-compliance of the Model Code

for Employes by the employes was noted by the

Company during the Reporting Period.

Since the launch of the code of conduct of the Company (the

“Code of Conduct”) in October 2009, al Directors,

senior management and staf of the Company have

ben under specific obligations to comply with the

ethics and principles under which our busines is

conducted and have ben alowed to report actual or

potential violations of the Code of Conduct through

specified procedure. Non-compliance with the Code

of Conduct wil result in disciplinary action. During

the Reporting Period, we are not aware of any non-

compliance with the Code of Conduct.

企业管治常规

Blue River Holdings Limited 蓝河控股有

限公司（「本公司」，连同其附属公司统

称「本集团」）致力实现及支持高水平的

企业管治，并维持已妥善设立的企业

管治常规，以维护本公司股东（「股东」）

及其他持份者的利益。

为了表达本公司对维持高水平企业管

治的承诺，本公司董事局（「董事局」）于

2013年6月采纳了董事局成员多元化政

策（「董事局成员多元化政策」），该政策

之摘要载列于本年报第42及43页。

本公司亦已经采纳《香港联合交易所有

限公司证券上市规则》（「《上市规则》」）

附录C3中的上市发行人董事进行证券

交易的标准守则（「标准守则」）。经特定

查询，所有本公司董事（「董事」）均确认

在截至2025年3月31日止年度（「报告

期」）一直有遵守标准守则列载之所需

标准。

本公司亦已就可能管有本公司未公布

内幕消息的雇员进行证券交易设定不

逊于标准守则的书面指引（「雇员之标

准守则」）。于报告期内，本公司未有

注意到任何不遵守雇员之标准守则的

情况。

自2009年10月推行本公司的行为准则

（「《行为准则》」），所有董事、本公司高

级管理层和员工已按特定责任，遵守

进行我们业务的道德守则和原则，并

可透过指定程序报告实际或潜在违规

情况。违反《行为准则》会受到纪律处

分。于报告期内，我们没有发现任何不

遵守《行为准则》的情况。

INTERNAL AUDIT FUNCTION 内部审计职能部门

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治架构

以下架构展示本集团之企业管治常规

及政策内所涉及之主要人员：

CORPORATE GOVERNANCE STRUCTURE

The structure below shows the key parties involved in

our corporate governance practices and policies within

the Group:

OPERATIONS OF THE GROUP

本集团之营运

BOARD

董事局

MANAGING DIRECTOR

总裁

SENIOR MANAGEMENT

高级管理层

Supervision

监督

Supervision

监督

Reporting

汇报

BOARD COMITES

董事局委员会

• Corporate Governance and

Compliance 企业管治及法规

• Nomination 提名

• Remuneration 薪酬

• Share Repurchase 股份回购

• Audit 审核

Reporting

汇报

Reporting

汇报

Review

检讨

Reporting

汇报

Reporting

汇报

Conducting

internal audit

进行内部审计

Reporting

汇报

Apointment

委任

Conducting audit

进行审计

SHAREHOLDERS

股东

Aproval of key

corporate actions

批准主要企业行动

Apointment

委任

Reporting

汇报

Reporting and/or

recomendation

汇报及╱或提供意见

Apointment

委任

Comunication

沟通

Internal Parties

内部团队

External Parties

外来人士

The Group

本集团

EXTERNAL

AUDITOR

外聘

核数师

OTHER

STAKEHOLDERS

OF THE COMPANY

本公司其他持份者

• Investors

投资者

• Lenders

贷款人

• Regulators

规管者

• Customers

顾客

• Supliers

供应商

• Comunity

社区

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局及董事局委员会

董事局组成

于董事局报告书日期，本公司符合《上

市规则》第3.10(1)及(2)以及3.10A条，

董事局由五位董事组成，包括两位执

行董事及三位独立非执行董事。本公

司审核委员会（「审核委员会」）之主席

余仲良先生（「余先生」）为独立非执行

董事，彼具备《上市规则》要求的适当

专业资格，或会计或相关的财务管理

专长。董事局成员不少于三分之一为

独立非执行董事，体现了较高的独立

性，可增强独立判断。

于报告期内及截至董事局报告书日期

止，董事如下：

执行董事

（「邝先生」）

（主席兼总裁）

（「柯先生」）

独立非执行董事

• Wiliam Nicholas Giles 先生

（「Giles 先生」）

（自2025年1月17日起辞任）

• 余先生

（「蓝先生」）

（「刘女士」）

（自2024年12月27日获委任）

董事局及董事局委员会组成变动分别

自2024年12月27日及2025年1月17日

起生效，有关详情载于本公司日期分

别为2024年12月27日及2025年1月17

日的公告。

BOARD AND BOARD COMITES

Board Composition

In compliance with Rules 3.10(1) and (2) and 3.10A

of the Listing Rules, there were five Directors in our

Board consisting of two executive Directors and thre

independent non-executive Directors as at the date

of the directors’ report. Mr Yu Chung Leung (“Mr

Yu”), being the chairman of the audit comite of the

Company (the “Audit Comite”), is an independent

non-executive Director with the apropriate

profesional qualifications, or acounting or related

financial management expertise as required under

the Listing Rules. The Board comprises not les than

one-third of the independent non-executive Directors

members and demonstrates a strong independent

element that enhances independent judgement.

The Directors during the Reporting Period and up to

the date of the directors’ report were:

Executive Directors

, Beny (“Mr Kwong”)

(chairman and managing Director)

“Mr Au”)

Independent non-executive Directors

“Mr Giles”)

(resigned with efect from 17 January 2025)

• Mr Yu

“Mr Lam”)

“Ms. Liu”)

(apointed with efect from 27 December 2024)

Details of the changes in Board and Board comite

composition with efect from 27 December 2024

and 17 January 2025 respectively were set out in the

anouncements of the Company dated 27 December

2024 and 17 January 2025.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

除邝先生自2023年7月1日起兼任本公

司主席及总裁（「总裁」，相当于本公司

行政总裁「行政总裁」）外，董事局各成

员之间并无（包括财务、业务、家族或

其他重大╱相关系）关连，尤其是本

公司主席（「主席」）与本公司总裁（相当

于行政总裁）。

每位董事的简历详情（包括其年龄、

性别、专业资格及经验）载于本年报

的第29至34页，以及可于本公司网站

(w.blueriverholdings.com.hk)内浏览。

本公司亦在其网站及香港联合交易所

有限公司（「联交所」）网站上设存最新

的董事局成员名单，并列明其角色和

职能，以及注明其是否为独立非执行

董事。在所有披露董事姓名的公司通

讯中，均列明独立非执行董事姓名。

日后若情况有任何变动以致可能会影

响其独立性，每名独立非执行董事须

在切实可行的范围内尽快通知本公司

及联交所。本公司已收到每名独立非

执行董事就其独立性出具之书面确

认。按照《上市规则》所载独立性指引，

本公司认为全体独立非执行董事均属

独立人士。

于报告期内，所有董事局成员皆遵守

《证券及期货条例》之要求，披露彼等

各自于本公司及其相联法团的利益（如

有）。董事于本公司及其相联法团之股

份、相关股份及债券的权益及淡仓载

于本年报第119及120页的董事局报告

书内。

Save and except Mr Kwong was both the Chairman

and the managing director of the Company (the “Managing

Director”, equivalent to the chief executive oficer of

the Company (the “CE”) since 1 July 2023, there is

no relationship (including financial, busines, family or

other material/relevant relationship) among members

of the Board, particularly betwen the chairman of the

Company (the “Chairman”) and the managing director

of the Company (equivalent to the CE).

Brief biographical details of each Director (including his

age, gender, profesional qualification and experience)

are set out on pages 29 to 34 of this anual report and

are also available on the Company’s website (w.

blueriverholdings.com.hk).

The Company has also maintained on its website and

website of The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”) an updated list of its Directors

identifying their roles and functions and whether they

are independent non-executive Directors. Independent

non-executive Directors are also identified as such in al

corporate comunications that disclose the names of

Directors.

Each independent non-executive Director shal inform

the Company and the Stock Exchange as son as

practicable if there is any subsequent change of

circumstances which may afect his independence.

The Company has received a writen confirmation on

independence from each of the independent non-

executive Directors. The Company considers al of the

independent non-executive Directors are independent

in acordance with the independence guidelines set

out in the Listing Rules.

Al Board members have complied with the requirement

of the Securities and Futures Ordinance regarding

disclosure of their respective interests in the Company

and its asociated corporations, if any, during the

Reporting Period. Interests and short positions of the

Directors in shares, underlying shares and debentures

of the Company and its asociated corporations are

disclosed in the directors’ report on pages 119 and

120 of this anual report.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局的角色及权力转授

董事局的主要角色是为股东争取最大

之长远利益，肩负给予既有效又负责

任的领导及监控本公司之责任，同时

带领及监督本公司之业务朝著本集团

的策略性目标发展。

在主席邝先生的领导下，董事局审批

和监察整个集团的策略和政策、评估

本集团的表现，以及监督管理层。

董事局已于关键时期将本集团日常领

导及管理的权力下放予前任总裁Marc

Andreas Tschirner先生（「前总裁」）负责。

另一方面，在前总裁监督下，本集团

高级管理层肩负管理和行政职能的责

任，以及履行本集团日常营运的职责。

在前总裁辞任后，现任主席兼执行董

事邝先生已获委任同时担任总裁，自

2023年7月1日起生效。

Board’s Role and Delegation

The primary role of the Board is to maximise long-

term Shareholder value. It asumes the responsibility

for providing efective and responsible leadership and

control of the Company and directing and supervising

the Company’s afairs in pursuit of the Group’s

strategic objectives.

The Board, led by our Chairman, Mr Kwong, who

aproves and monitors group-wide strategies and

policies, evaluates the performance of the Group and

supervises the management.

The Board delegated its former Managing Director,

Mr Marc Andreas Tschirner (the “Former Managing

Director”) at the material time, the day-to-day

leadership and management of the Group. The senior

management of the Group, on the other hand, was

responsible for the management and administrative

functions and the day-to-day operations of the Group

under the supervision of the Former Managing Director.

Folowing the resignation of the Former Managing

Director, Mr Kwong, who is curently the Chairman and

an executive Director, was apointed as the Managing

Director concurently with efect from 1 July 2023.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

根据《上市规则》附录C1所载《企业

管治守则》（「《企业管治守则》」）第

二部分的守则条文C.2.1条订明主

席及行政总裁之角色应有区分，并

不应由一人同时兼任。随著前总裁

（相当于行政总裁）自2023年7月1

日起辞任后，邝先生已获委任为总裁，

并自2023年7月1日起履行主席兼总裁

职务。邝先生同时担任主席及总裁，负

责监督本集团之管理及运作。本集团

高级管理层继续在总裁（现同时担任主

席）监督下，负责本集团的管理及行政

职能以及日常营运。尽管此举偏离《企

业管治守则》守则条文C.2.1条，邝先生

继续以其丰富的管理经验及知识为本

集团提供坚实一贯的领导，并维持本

集团业务管理及运作方面的一贯性及

效率。此外，在董事局其他现有成员

（包括独立非执行董事）的监督下，董

事局由经验丰富及能干的人士组成，

其中不少于一半人士为独立非执行董

事，具备适当之权力制衡架构，可提供

足够制约以保障本公司及股东的利益。

载于本年报第36页的本公司企业管治

架构披露董事局、总裁、高级管理层以

及其他持份者的详细关系。

Pursuant to the Code Provision C.2.1 in Part 2 of the

Corporate Governance Code set out in Apendix C1 of

the Listing Rules (the “Corporate Governance Code”)

stipulates that the roles of chairman and the CE should

be separate and should not be performed by the same

individual. Folowing the resignation of the Former

Managing Director (which is equivalent to the CE) with

efect from 1 July 2023, Mr Kwong was apointed

as the Managing Director and has ben performing

the roles of the Chairman and Managing Director with

efect from 1 July 2023. Mr Kwong asumes both

roles of the Chairman and the Managing Director and

is responsible for overseing the management and

operations of the Group. The senior management

of the Group continues to be responsible for the

management and administrative functions and day-

to-day operations of the Group under the supervision

of the Managing Director, who is concurently the

Chairman. Despite the deviation from the Code

Provision C.2.1 of the Corporate Governance Code,

Mr Kwong continues to provide solid and continuous

leadership to the Group with his extensive experience

and knowledge in management and maintain the

continuity and eficiency in the management and

operation of busines of the Group. Moreover, under

the supervision of the other existing members of

the Board, including the independent non-executive

Directors, the Board is apropriately structured with

balance of power comprising experienced and high

caliber individuals with not les than half of the number

thereof being independent non-executive Directors to

provide suficient oversight to protect the interests of

the Company and the Shareholders.

The corporate governance structure of the Company

as disclosed in this anual report at page 36 shows the

detailed relationship betwen the Board, the Managing

Director and the senior management as wel as other

stakeholders.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

以下是董事局专责事务的摘要：

为促进董事局有效监督及作出决策，

本公司已制定机制，以确保董事局可

获得独立的观点和意见。董事局超过

三分之一由独立非执行董事组成。彼

等可充分和及时地获取本集团的资

料，并有权于适当情况下征求独立专

业顾问意见，费用由本公司承担。该等

独立非执行董事在董事局中起平衡作

用，为执行董事及管理层提供见解和

意见，并监督本集团的营运和企业行

动。董事局将每年检讨该机制的实施

及有效性。

于报告期内，董事局已进行检讨并认

为有关机制有效实施。

Below was a sumary of specific maters which are

reserved for the Board:

SUMARY OF SPECIFIC MATERS RESERVED FOR THE BOARD

董事局专责事务的摘要

Financial reporting and control

财务报告及监控

Equity fund raising

资本筹措

Recomendation/declaration of dividend or other distributions

股息或其他分派的建议╱宣派

Notifiable and conected transactions under the Listing Rules and inside information under the

Securities and Futures Ordinance

《上市规则》所述的须予公布和关连交易及《证券及期货条例》所述的内幕消息

Capital reorganisation or other significant changes in the capital structure of the Group

资本重组或本集团资本结构的其他重大改变

To facilitate efective oversight and decision making by

the Board, the Company has established a mechanism

to ensure independent views and input are available

to the Board. The Board comprises more than one-

third of independent non-executive Directors. They

have ful and timely aces to the Group’s information,

and are entitled to sek advice from the independent

profesional advisers at the Company’s expenses in

apropriate circumstances. These independent non-

executive Directors provide a balance in the Board,

bring in view and opinion to the executive Directors and

the management, and overse the Group’s operation

and corporate action. The Board wil review the

implementation and efectivenes of such mechanism

anualy.

During the Reporting Period, the Board had reviewed

and considered the implementation of the mechanism

was efective.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

Board’s Responsibility for the Consolidated

Financial Statements

The Board acknowledged its responsibility for

preparing the consolidated financial statements of the

Group and for ensuring that the preparation of the

consolidated financial statements of the Group was in

acordance with statutory requirements and aplicable

standards.

The statement of the external auditor of the Company

concerning its reporting responsibilities on the

consolidated financial statements of the Group was set

out in the independent auditor’s report on pages 131

to 138 of this anual report.

Board Diversity Policy

As mentioned above, a Board Diversity Policy seting

out the aproach to achieve diversity on the Board was

adopted in June 2013. Pursuant to the policy:

(a) the Company recognises and embraces the

benefits of having a diverse Board, and ses

diversity at Board level as an esential element

in achieving a sustainable and balanced

development of the Company;

(b) the nomination comite of the Company

(the “Nomination Comite”) is primarily

responsible for reviewing the structure, size and

composition of the Board, identifying and selecting

suitable individuals to the Board and making

recomendations to the Board on any proposed

changes to the Board; and

the Company wil be based on diversity of

perspectives which can be achieved through

consideration of a number of factors including

without limitation gender, age, cultural and

educational background, ethnicity, profesional

and industrial experience, skils, knowledge and

independence (if aplicable).

董事局对综合财务报表的责任

董事局确认有责任编制本集团综合财

务报表，并确保在编制本集团综合财

务报表时按照法定要求和合适的准则。

本公司外聘核数师就本集团综合财务

报表发表有关其申报责任的声明，载

列于本年报第131至138页独立核数师

报告书内。

董事局成员多元化政策

如前文所述，于2013年6月获采纳之董

事局成员多元化政策列明了实现董事

局成员多元化之方针。根据该政策：

(a) 本公司明白并深信董事局成员多

元化的裨益，及视董事局层面日益

多元化为达致本公司可持续均衡

发展的关键元素；

(b) 本公司提名委员会（「提名委员会」）

负责检讨董事局的架构、人数及组

成，以物色及甄选合适人选加入董

事局，及向董事局提出任何变更董

事局之建议；及

的角度为基准，包括但不限于性

别、年龄、文化及教育背景、种

族、专业及行业领域之经验、技

能、知识及独立性（如适用）等多项

因素。

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

经审阅董事局成员多元化政策后，提

名委员会及董事局确认性别多元化于

董事局层面的重要性和裨益，而本公

司致力在物色合适人选时改善性别多

元化。刘女士于2024年12月27日获委

任为独立非执行董事，符合上市规则

第13.92条之规定。为保持性别多元

化，于招聘及甄选高级职员及其他雇

员时将计及类似之考量因素。于报告

期内，本公司于工作场所维持了性别

比例之平衡，有关详情载列于本年报

第107至109页的环境、社会及管治报

告内。

提名委员会将会监察该政策的执行情

况及在需要时检讨该政策，以确保其

持续行之有效。

提名政策

董事局已采纳提名政策（「提名政

策」），列载准则作为提名委员会指引以

物色及评估候选人，以提供予董事局

委任为董事及向股东提名以供选任为

董事。

根据提名政策，提名委员会在评估建

议候选人是否合适时将参考以下因素：

(a) 资格、专业经验，以及与本集团业

务相关的技能及知识；

(b) 可投入的时间及相关利益；

规定及《上市规则》第三章所载的

独立性准则；及

(d) 董事局成员多元化政策所载的多

元化观点。

Having reviewed the Board Diversity Policy, the

Nomination Comite and the Board recognise

the importance and benefits of gender diversity at

the Board level and the Company is comited to

improving gender diversity as and when suitable

candidates are identified. Ms. Liu was apointed

as an independent non-executive Director on 27

December 2024 in compliance of Rule 13.92 of the

Listing Rules. In order to maintain gender diversity,

similar considerations wil be taken when recruiting and

selecting senior staf and other employes. During the

Reporting Period, the Company maintained a balance

of gender ratio in the workplace, details of which were

set out in the environmental, social and governance

report on pages 107 to 109 of this anual report.

The Nomination Comite wil monitor the

implementation of the policy and review the policy,

where necesary, to ensure its continued efectivenes.

Nomination Policy

The Board has adopted a nomination policy (the

“Nomination Policy”), seting out the principles, which

guides the Nomination Comite to identify and

evaluate a candidate for nomination to the Board for

his/her apointment and for Shareholders in respect of

his/her election as a Director.

Pursuant to the Nomination Policy, the factors listed

below wil be considered in asesing the suitability of

a proposed candidate:

(a) qualifications, profesional experience, skils and

knowledge which are relevant to the busineses of

the Group;

(b) comitment in respect of available time and

relevant interest;

independent non-executive Directors and the

independence criteria set out in Chapter 3 of the

Listing Rules; and

(d) diversity perspectives set out in the Board

Diversity Policy.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

以上因素乃仅供参考用途，并不旨在

涵盖所有因素，也不具决定性作用。提

名委员会可酌情参考其认为合适的额

外因素。

就填补临时空缺或委任额外董事局成

员，提名委员会须推荐候选人供董事

局考虑及批准。就推荐候选人在股东

大会上供选任，提名委员会须向董事

局建议候选人供其考虑。

在推荐候选人时，提名委员会可向董

事局提交一份内容载有（其中包括）候

选人个人资料的建议书，当中载列根

据《上市规则》第13.51条须披露的候选

人资料。就建议委任独立非执行董事

方面，亦将会根据《上市规则》第3.13条

所载因素评估有关候选人。

载有《上市规则》、本公司公司细则（「公

司细则」）及其他适用法例、规则及规

例所规定董事局所提名于股东大会上

参选的候选人资料（包括姓名、简历

（包括资格及相关经验）、独立性及其他

相关资料）的通函将寄送股东。

董事局对于推荐候选人获委任为董事

及在股东大会上供选任为董事的所有

事宜拥有最终决定权。

The above factors are for reference only and are not

meant to be exhaustive and decisive. The Nomination

Comite has the discretion to take into acount

aditional factors as it considers apropriate.

For filing a casual vacancy or as an adition to the

existing Board, the Nomination Comite shal make

recomendations for the Board’s consideration

and aproval. For proposing candidates to stand

for election at a general meting, the Nomination

Comite shal propose nominations to the Board for

its consideration.

On making recomendation, the Nomination

Comite may submit to the Board for consideration

a proposal comprising, inter alia, the personal profile

of the proposed candidate with the candidate’s

information required to be disclosed under Rule

13.51 of the Listing Rules. In case of a proposed

apointment of an independent non-executive Director,

the candidate wil also be asesed in acordance with

the factors set out in Rule 3.13 of the Listing Rules.

A circular containing information of the candidates

nominated by the Board to stand for election at a

general meting (including names, biographic with

qualifications and relevant experiences, independence

and other relevant information) as required pursuant

to the Listing Rules, the bye-laws of the Company

(the “Bye-laws”) and other aplicable laws, rules and

regulations wil be sent to the Shareholders.

The Board shal be vested with power to make the final

decision on al maters relating to the recomendation

of candidates for apointment as wel as for standing

for election at a general meting as a Director.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局会议及过程

于报告期内，共举行了9次董事局会

议，董事局及董事局委员会议的整

体出席详情载于「于报告期内举行的会

议之出席记录」一节。

董事局每年至少召开4次会议，以审阅

财务表现、策略和营运。每次召开会

议发出不少于14天（或有关其他合理期

限）通知，而议程及会议文件在会议前

3天（或有关其他合理期限）发出。

在适当的情况下，高级管理层及专业

顾问将获邀出席董事局会议，就董事

局考虑的事项作出简报。征询独立专

业意见之要求，须符合既定程序。

董事局及董事局委员会议之会议纪

录均记录详尽，亦在会议后的合理期

限内分发给每位董事，以供董事表达

彼等意见，而该等会议纪录备存在会

议纪录册内供董事查阅。

再者，于董事局会议审议交易或事项

时，每名董事均须申报其于当中之利

益或潜在利益冲突（如有）。董事不得

就批准其或其任何紧密联系人拥有重

大利益之任何合约或安排或任何其他

建议所涉之任何董事局决议案投票，

亦不得计入会议法定人数内。

Board Metings and Proces

During the Reporting Period, 9 Board metings were

held and the overal atendance of Board and Board

comite metings were set out in the section

“Atendance Record of Metings held during the

Reporting Period”.

The Board mets at least 4 times a year to review

financial performance, strategy and operations. Notice

of not les than 14 days (or such other reasonable

period) wil be given for each meting and agenda

and board papers wil be given 3 days (or such other

reasonable period) prior to the meting.

Senior management and profesional advisers are

invited to atend Board metings to brief the Board on

isues considered by the Board where apropriate.

In the event where independent profesional advice

is required, the request for seking such advice was

abided by pre-aproved procedures.

The minutes for the Board and Board comites

metings, which are recorded in suficient detail, are

circulated to al Directors within a reasonable time

period after metings for their coments and are kept

in the minute bok for inspection by Directors.

Also, each Director is required to make disclosure of

his interests or potential conflict of interests, if any, in

any proposed transactions or isues discused by the

Directors at Board metings. Directors shal not vote on

any resolution of the Board aproving any contract or

arangement or any other proposal in which he or any

of his close asociates is materialy interested nor shal

he be counted in the quorum present at the meting.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局任期

根据公司细则规定，所有董事（包括

非执行董事）须至少每三年轮值退任

一次，并可在股东周年大会上膺选连

任。于每届股东周年大会上，当时三

分之一的董事须轮值告退。任何在报

告期内经提名委员会推荐后，由董事

局委任的新董事，不论是填补董事局

之临时空缺，或出任董事局之新增成

员，均须在他们获委任后举行的下届

股东周年大会上获股东重选连任。

所有已与本公司订立为期三年之委任

书之董事须于股东周年大会上轮值告

退及重选连任。

根据公司细则，相关退任董事符合资

格并已寻求重选连任。彼等各自的简

历载于将于2025年7月29日前后寄发

予股东的通函内，以协助股东就彼等

的重选作出知情决定。

董事的承担

所有董事均致力投入足够时间及精神

以处理本集团的事务。他们已向本公

司披露彼等担任职位的公众公司或组

织的名称、职位的数目及性质，以及其

他重大承担，且在该等资料有任何变

动时须及时通知本公司。董事亦须每

年确认其个人简历、投入处理本公司

事务之时间，以及其投入其他公众公

司或组织与其他重大承担之时间详情。

Board Tenure

As stipulated by the Bye-laws, al Directors (including

non-executive Directors) are required to retire by

rotation at least once every thre years and sek for

re-election at anual general meting. At each anual

general meting, one-third of the Directors for the

time being shal retire from ofice. Any new Directors

apointed either to fil a casual vacancy or as an

adition to the Board during the Reporting Period

by the Board folowing the recomendation of the

Nomination Comite are subject to re-election by

Shareholders at the next folowing anual general

meting after their apointment.

Al Directors, who had entered into leters of

apointment with the Company for a term of thre

years, are subject to retirement from ofice by rotation

and re-election at anual general meting.

The relevant retiring Directors, being eligible, have

sought for re-election pursuant to the Bye-laws. Their

respective biographies are set out in a circular, which

shal be despatched to Shareholders around 29 July

2025 to asist Shareholders in making an informed

decision on their re-elections.

Directors’ Comitments

Al Directors are comited to devoting suficient

time and atention to the afairs of the Group. They

have disclosed to the Company the identity of public

companies or organisations in which they have held

ofices, and the number and nature of the ofices,

as wel as other significant comitments and are

required to notify the Company of any changes of

such information in a timely maner. Directors are also

required to confirm details of biographies and their time

comitments to the afairs of the Company as wel

as the time comited to other public companies or

organisations and other significant comitments on an

anual basis.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

培训及专业发展

我们会给予所有新委任董事一个全面

兼特为其而设的就任须知，以确保他

们完全知悉其在法规及普通法、《行为

准则》、《上市规则》及其他监管规定，

以及本集团的业务和管治政策下的

职责。

本公司确认向董事及管理层提供持续

专业培训的重要性，并相信通过本集

团的定期培训，有效提升企业管治。本

集团亦鼓励董事不时接收有关本集团

所有事宜之最新资讯及出席由专业机

构所举办合适之简报会及研讨会，有

关简报会及研讨会提供有关本公司经

营业务所在之司法权区之规管法律及

规章，以及监管机构出具的适用指引

及规则之更新。

所有董事及高级管理层均须每年向本

公司提供他们的培训记录，而该等记

录由本公司的公司秘书（「公司秘书」）

存置，以便本公司企业管治及法规委

员会（「企业管治及法规委员会」）定期

审阅。公司秘书亦已遵照上市规则第

3.29条完成所规定的相关专业培训。企

业管治及法规委员会已于2025年6月审

阅董事及高级管理层于本报告期的培

训记录。

Training and Profesional Development

For al newly apointed Directors, a comprehensive

and tailored induction was administered to ensure ful

awarenes of Director’s duties and responsibilities

under statute and comon law, the Code of Conduct,

the Listing Rules and other regulatory requirements and

the busines and governance policies of the Group.

The Company recognises the importance of continuing

profesional training for the Directors and management

and believes that it is efective to enhance corporate

governance through regular training within the Group.

Directors are encouraged to kep up to date on al

maters relevant to the Group and atend suitable

briefings and seminars that provide updates on the

governing laws and regulations of the jurisdictions

where the Company operates busineses and

aplicable guidelines and rules isued by regulatory

authorities organised by profesional bodies from time

to time.

Al Directors and senior management are required to

provide the Company with their training records on

an anual basis, and such records are maintained

by the company secretary of the Company (the

“Company Secretary”) for regular review by the

corporate governance and compliance comite

of the Company (the “Corporate Governance and

Compliance Comite”). The Company Secretary

had also completed the required relevant profesional

training in compliance with Rule 3.29 of the Listing

Rules. The training records of the Directors and senior

management for this Reporting Period were reviewed

by the Corporate Governance and Compliance

Comite in June 2025.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

Acording to the records, the Directors received

the folowing training with an emphasis on the roles,

functions and duties of a director of a listed company

in compliance with the Code Provision C.1.4 in Part 2

of the Corporate Governance Code set out in Apendix

C1 to the Listing Rules during the Reporting Period:

Type of Training

培训类别

Directors

Atending internal

and external

seminars or

conferences or

reading materials

董事

出席内部及外部

研讨会或会议或

阅读材料

Executive Directors

执行董事

Mr Kwong 邝先生

Mr Au 柯先生

Independent Non-Executive Directors

独立非执行董事

Mr Giles Giles 先生

(resigned with efect from 17 January 2025)

（自2025年1月17日起辞任）

Mr Yu 余先生

Mr Lam 蓝先生

Ms Liu 刘女士

(apointed with efect from 27 December 2024)

（自2024年12月27日起获委任）

根据记录，董事于报告期已接受下述

著重上市公司董事角色、职能及责任

之培训，以符合《上市规则》附录C1所

载之《企业管治守则》第二部分之守则

条文第C.1.4条之规定：

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事局委员会

为求持续对股东实践更高透明度及提

高问责性，董事局已成立五个董事局

委员会，即：审核委员会、本公司薪酬

委员会（「薪酬委员会」）、提名委员会、

企业管治及法规委员会和本公司股份

回购委员会（「股份回购委员会」）；每个

董事局委员会各自的职权范围详述其

特定角色、权限及职能，并可于本公司

网站(w.blueriverholdings.com.hk)上查

阅。所有董事局委员会至少一半成员

为独立非执行董事。

董事局亦可在其认为需要的情况下，

按特设基准设立工作委员会（包括独立

董事局委员会）审批项目。

所有董事局委员会已采纳大致上与董

事局相同的原则、程序和安排，并获提

供充足资源以履行其职责。董事局委

员会将定期向董事局提出建议，除非

董事局委员会受法律或监管限制所限

而不能作出汇报。

Board Comites

Constantly striving to achieve greater transparency

and acountability to the Shareholders, the Board

has established five Board comites, namely, the

Audit Comite, the remuneration comite of

the Company (the “Remuneration Comite”), the

Nomination Comite, the Corporate Governance

and Compliance Comite, and the share repurchase

comite of the Company (the “Share Repurchase

Comite”); each having specific roles, authority and

functions as detailed in the respective writen terms

of reference which are acesible on the Company’s

website (w.blueriverholdings.com.hk). At least half

of members of al Board comites are independent

non-executive Directors.

The Board may also establish working comites

(including independent board comite) on an ad hoc

basis to aprove projects as it dems necesary.

Al Board comites have adopted, to a large extent,

the same principles, procedures, and arangements

as those of the Board and are provided with suficient

resources to perform their duties. The Board

comites wil make recomendations to the Board

on a regular basis unles there are legal or regulatory

restrictions on their ability to do so.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

ATENDANCE RECORD OF METINGS HELD DURING THE REPORTING PERIOD

于报告期内举行的会议之出席记录

BOARD COMITES

董事局委员会

BoardAuditRemunerationNomination

Corporate

Governance

and

Compliance

RepurchaseShareholders

董事局审核薪酬提名企业管治及法规股份回购股东

Number of metings held during

the Reporting Period

于报告期内举行会议次数9333202

Executive Directors

执行董事

Mr Kwong 邝先生9/9—2/2

Mr Au 柯先生9/9—3/33/32/20/02/2

Independent Non-Executive Directors

独立非执行董事

Mr Giles Giles 先生

(resigned with efect from 17 January 2025)

（自2025年1月17日起辞任）9/93/33/33/32/20/02/2

Mr Yu 余先生9/93/33/33/32/2—2/2

Mr Lam 蓝先生9/93/33/33/32/2—2/2

Ms. Liu 刘女士

(apointed with efect from 27 December 2024)

（自2024年12月27日起获委任）1/10/01/11/10/0—1/1

Company Secretary

公司秘书

Ms Ho Sze Nga, Magie 何诗雅女士9/93/33/33/32/20/02/2

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

以下列表显示于报告期内董事局委员

会的组成、其角色与职能及其工作摘

要及╱或报告：

The composition of the Board comites, their

respective roles and functions and a sumary and/

or report of the works performed by them during the

Reporting Period was shown in the table below:

REMUNERATION COMITE

薪酬委员会

Composition

组成

• Mr Au 柯先生

(executive Director)

（执行董事）

• Mr Giles Giles 先生

(independent non-executive Director, resigned with efect from 17 January 2025）

（独立非执行董事，自2025年1月17日起辞任）

• Mr Yu 余先生

(independent non-executive Director)

（独立非执行董事）

（主席）

(independent non-executive Director)

（独立非执行董事）

• Ms. Liu 刘女士

(independent non-executive Director)

（独立非执行董事）

(apointed as an independent non-executive Director with efect from 27 December 2024 and as a member of

Remuneration Comite with efect from 17 January 2025)

（自2024年12月27日起获委任为独立非执行董事及自2025年1月17日起获委任为薪酬委员会成员）

Role & Function*

角色与职能*

Reviews the remuneration policy of the Company

检讨本公司的薪酬政策

Makes recomendations to the Board on the policy and structure for the remuneration of al Directors and senior

management and on the establishment of formal and transparent procedures for developing remuneration policy

就所有董事与高级管理层的薪酬政策及结构，以及为制定该等薪酬政策设立一个正规而具透明度的程序，向董

事局作出建议

Determines or makes recomendations to the Board on the specific remuneration packages of individual executive

Directors and senior management, including benefits in kind, pension rights and compensation payments, including any

compensation payable for los or termination of their ofice or apointment

决定或向董事局建议个别执行董事及高级管理层的特定薪酬待遇，包括实物利益、退休金权利及赔偿金额（包括

由于丧失或终止其职务或委任所应付的任何补偿金）

Makes recomendations to the Board on the remuneration of Directors

向董事局建议董事的薪酬

Reviews and/or aproves maters relating to share schemes under Chapter 17 of the Listing Rules

审阅及╱或批准《上市规则》第十七章项下有关股份计划的事宜

’s website (w.blueriverholdings.com.hk) for further details.

，请浏览上载于本公司网站(w.blueriverholdings.com.hk) 之薪酬委员会职权范围。

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

绩效为本的薪酬政策

董事薪酬乃经参考多种因素而厘定，

包括现行市场情况、类同公司所支付

之薪金水平、董事职务与责任、本集团

其他地方之雇佣条件以及相关董事投

入之时间。

薪酬委员会检讨董事及高级管理层的

薪酬，并向董事局提出建议。

绩效为本的元素在将个人利益与本

集团利益挂钩方面起了相当重要的

作用，而这一报酬机制会在管理层中

实行。

本集团已采纳其自订的薪酬政策以支

持本公司策略。本公司致力提供公平

及具竞争力的员工薪酬，以吸引、激

励、留聘及奖励各级雇员。

REMUNERATION COMITE (CONTINUED)

薪酬委员会（续）

Sumary of Work

Performed

工作摘要

Reviewed the remuneration of Directors and senior management and made recomendations to the Board for

Shareholders’ aproval at 2024 anual general meting (“AGM”)

检讨董事及高级管理层酬金，并向董事局提出建议，以供股东在 2024年股东周年大会（「股东周年大会」）上批准

Reviewed staf remuneration (including salaries and other benefits (inclusive of bonus) and retirement benefit scheme

contributions) for the Reporting Period and made recomendations to the Board acordingly

检讨员工于报告期的酬金（包括薪酬及其他福利（包括花红）及退休福利计划供款），并就此向董事局提出建议

Reviewed the status by the share scheme(s) of the Company anualy

每年检讨本公司股份计划的状况

Reviewed the terms of reference of the Remuneration Comite

审阅薪酬委员会职权范围

Reviewed and recomended the remuneration package adjustments of Mr Kwong and Mr. Au to the Board for aproval

检讨及建议董事局批准邝先生及柯先生薪酬待遇之调整

Reviewed and recomended to the Board for aproval in respect of the remuneration package of Ms. Liu for her

apointment as an independent non-executive Director and, subsequently after the resignation of Mr. Giles, as chairmen

of the corporate governance and compliance comite of the Company and the share repurchase comite of the

Company, a member of the audit comite of the Company and the nomination comite of the Company as nominated

by the nomination comite

检讨及建议董事局批准刘女士获委任为独立非执行董事及于Giles先生辞任后获委任为本公司企业管治及法规委

员会及本公司股份回购委员会主席、本公司审核委员会及本公司提名委员会成员（经提名委员会提名）的薪酬待

遇

Performance-based Remuneration Policy

Director’s remuneration is determined with reference

to factors including prevailing market conditions,

salaries paid by comparable companies, duties and

responsibilities of a Director, employment conditions

elsewhere in the group and time comited by the

Director concerned.

The Remuneration Comite reviewed the

remuneration of the Directors and senior management;

and made recomendations to the Board.

A performance-based element was considered

instrumental in aligning the interests of individuals

with those of the Group and has ben built into

management compensation.

The Group has adopted its own remuneration policy

to suport the Company’s strategy. The Company

is comited to providing fair and competitive staf

compensation that wil atract, motivate, retain and

reward employes at al levels.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

The Company had efectively deployed an apropriate

mix of its existing equity-based reward vehicles,

including the share incentive scheme(s), as wel as

cash bonus.

Details of remuneration of Directors and senior

management are set out in Note 12 of the consolidated

financial statements for the year ended 31 March 2025

(the “Financial Statement”).

NOMINATION COMITE

提名委员会

Composition

组成

• Mr Au 柯先生

(executive Director)（执行董事）

• Mr Giles Giles 先生

(independent non-executive Director)（独立非执行董事）

(resigned with efect 17 January 2025)

（自2025年1月17日起辞任）

• Mr Yu 余先生

（主席）

• Ms. Liu 刘女士

(independent non-executive Director)（独立非执行董事）

(apointed as an independent non-executive Director with efect from 27 December 2024 and as a member of Nomination

Comite with efect from 17 January 2025)

（自2024年12月27日起获委任为独立非执行董事及自2025年1月17日起获委任为提名委员会成员）

Role & Function*

角色与职能*

Reviews the structure, size and diversity (including without limitation, gender, age, cultural and educational background,

ethnicity, profesional and industrial experience, skils, knowledge and length of service) of the Board at least anualy and makes

recomendations to the Board on any proposed changes to the Board to complement the Company’s corporate strategy

至少每年检讨董事局的架构、人数及多元化（包括但不限于性别、年龄、文化及教育背景、种族、专业及行业领

域之经验、技能、知识及服务年期），并就任何拟作变动向董事局提出建议以配合本公司的企业策略

Identifies individuals suitably qualified to become Board members and selects, or makes recomendations to the Board on

the selection of, individuals nominated for directorship

物色合资格的合适人选担任董事局成员，及挑选或向董事局提名建议有关人士出任董事

Aseses the independence of independent non-executive Directors

评核独立非执行董事的独立性

Makes recomendations to the Board on relevant maters relating to the apointment or re-apointment of Directors and

sucesion planing for Directors, in particular, the Chairman and the Managing Director

就董事委任或重新委任，以及董事（尤其是主席与总裁）继任计划相关事宜向董事局提出建议

Develops, reviews and recomends to the Board for adoption of measurable objectives for achieving and improving

diversity on the Board

为达致及改善董事局成员多元化，制订、检讨及推荐可衡量目标予董事局采纳

Develops and reviews the policy, criteria and procedures for identification, selection and nomination of candidates for

apointment as Directors

制订及检讨物色、选择及提名候选人以供选任为董事之政策、准则及程序

Monitors the implementation of the Board Diversity Policy (a sumary of which was set out on pages 42 and 43)

监察董事局成员多元化政策（其摘要载列于第42及43页）的执行情况

Monitors the implementation of the Nomination Policy (a sumary of which was set out on pages 43 and 44)

监察提名政策（其摘要载列于第43及44页）的执行情况

Review the disclosures in relation to the Board Diversity Policy, Nomination Policy and other information incidental thereto as

set out in the corporate governance report

检讨企业管治报告所载有关董事局成员多元化政策、提名政策及其他相关资料的披露

’s website (w.blueriverholdings.com.hk) for further details.

，请浏览上载于本公司网站(w.blueriverholdings.com.hk) 之提名委员会职权范围。

本公司适当及有效地调配其现有以股

份为基础的奖赏机制，包括股份激励

计划以及现金花红。

董事及高级管理层薪酬的详情载于截

至2025年3月31日止年度的综合财务

报表（「财务报表」）附注12。

Nomination Committee Nomination Committee Nomination Committee The Board makes formal makes recommendations identifies individuals selects or makes invitation to selected to the Board on any suitably qualified to recommendations to the persons for appointment to proposed changes become Directors Board on the selection the Board of persons nominated for directorships
提名委员会就任何拟作提名委员会物色具备合提名委员会挑选或向董董事局向获挑选人士发变动向董事局提出建议适资格人士出任董事事局提出建议挑选有关出董事局任命的正式邀获提名人士出任董事请函

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

NOMINATION COMITE (CONTINUED)

提名委员会（续）

Sumary of Work

Performed

工作摘要

Nominated the retiring Directors for re-election by Shareholders at 2024 AGM

提名退任董事在2024年股东周年大会上由股东重选连任

Reviewed and asesed individual independent non-executive Director’s anual confirmation of independence declared

pursuant to Rule 3.13 of the Listing Rules

审阅及评核个别独立非执行董事按照《上市规则》第3.13 条所申报之年度独立性确认函

Reviewed the structure, size and composition of the Board from time to time

不时检讨董事局的架构、人数及组成

Reviewed and recomended the Board Diversity Policy for the aproval by the Board

检讨及建议董事局批准董事局成员多元化政策

Considered and recomended the gender diversity to be achieved in the Board

考虑及建议于董事局实践性别多元化

Discused the gender ratio in the workforce and considered the chalenges in achieving gender diversity acros the

workforce

讨论劳动力之性别比例，并审视劳动力中实践性别多元化所面临的挑战

Discused and considered the recomended disclosure in 2024 corporate governance report regarding the Board Diversity

Policy and the Nomination Policy and recomended them to the Board for aproval

讨论及考虑将在2024年度之《企业管治报告》中刊载有关董事局成员多元化政策及提名政策的建议披露内容，并

建议董事局予以批准

Reviewed and recomended to the Board for aproval in respect of the apointment of Ms. Liu as an independent non-

executive Director for compliance of board diversity requirement as set out in Rule 13.92 of the Listing Rules

检讨及建议董事局批准委任刘女士担任独立非执行董事，以符合上市规则第13.92条所载的董事局成员多元化

规定

Reviewed and received the resignation of Mr. Giles as an independent non-executive Director, the chairmen of the corporate

governance and compliance comite of the Company and the share repurchase comite of the Company, a member

of the audit comite of the Company and the nomination comite of the Company and, subsequent to the resignation

of Mr. Giles, reviewed and recomended to the Board for aproval of Ms. Liu’s apointment as the chairmen of the

corporate governance and compliance comite of the Company and the share repurchase comite of the Company, a

member of the audit comite of the Company and the nomination comite of the Company

检讨及接获Giles先生辞任独立非执行董事、本公司企业管治及法规委员会及本公司股份回购委员会主席、本公

司审核委员会及本公司提名委员会成员，并于Giles先生辞任后，检讨及建议董事局批准刘女士获委任为本公司

企业管治及法规委员会及本公司股份回购委员会主席、本公司审核委员会及本公司提名委员会成员

NOMINATION PROCEDURES, PROCES

AND CRITERIA

提名程序、过程以及准则

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE AND COMPLIANCE COMITE

企业管治及法规委员会

Composition

组成

• Mr Au 柯先生

(executive Director)（执行董事）

• Mr Giles Giles 先生

(independent non-executive Director, resigned with efect from 17 January 2025)

（独立非执行董事，自2025年1月17日起辞任）

• Mr Yu 余先生

(independent non-executive Director)（独立非执行董事）

• Mr Lam 蓝先生

(independent non-executive Director)（独立非执行董事）

• Ms. Liu 刘女士

(independent non-executive Director) (Chairman)

（独立非执行董事）（主席）

(apointed as an independent non-executive director with efect from 27 December 2024 and Chairman of corporate

governance and compliance comite with efect from 17 January 2025)

（自2024年12月27日起获委任为独立非执行董事及自2025年1月17日起获委任为企业管治及法规委员会主席）

, Magie 何诗雅女士

(company secretary)（公司秘书）

Role & Function*

角色与职能*

Develops and reviews the Company’s policies and practices on corporate governance and makes recomendations to the

Board

制定及检讨本公司的企业管治政策及常规，并向董事局提出建议

Reviews and monitors the training and continuous profesional development of Directors and senior management

检讨及监察董事与高级管理层的培训及持续专业发展

Reviews and monitors the Company’s policies and practices on compliance with legal and regulatory requirements and

mets with the management of the Company to ases the Company’s compliance policies, programs and procedures

检讨及监察本公司在遵守法律及监管规定方面的政策及常规，并与本公司的管理层举行会议，以评估本公司的

合规政策、方案及程序

Develops, reviews, monitors and aproves any code of conduct and compliance manual (if any) aplicable to employes of

the Company and Directors

制定、检讨、监察及审批适用于本公司雇员及董事的任何行为准则及合规手册（如有）

Investigates or causes to be investigated any significant instances of non-compliance or potential compliance violations that

are reported to the Corporate Governance and Compliance Comite

调查或安排调查向企业管治及法规委员会举报的任何重大违规或潜在违规情况

Reviews the Company’s compliance with the Corporate Governance Code as contained in the Listing Rules and disclosure

in the corporate governance report

检讨本公司遵守《上市规则》内之《企业管治守则》的情况及审阅《企业管治报告》内的披露

Reviews the Company’s compliance with the Environmental, Social and Governance Reporting Guide as contained in the

Listing Rules and disclosure in the environmental, social and governance report

检讨本公司遵守《上市规则》内之《环境、社会及管治报告指引》的情况及审阅载于《环境、社会及管治报告》内的披露

’s website (w.

blueriverholdings.com.hk) for further details.

，请浏览上载于本公司网站(w.blueriverholdings.com.hk) 之企业管治及法规委员会职权范围。

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE AND COMPLIANCE COMITE (CONTINUED)

企业管治及法规委员会（续）

Sumary of Work

Performed

工作摘要

Reviewed the corporate governance report for the Reporting Period

审阅于报告期之《企业管治报告》

Reviewed the updated compliance reports of the Company and its major subsidiaries and other relevant updates and the

Company’s compliance and corporate governance practices for the relevant period

审阅本公司及其主要附属公司于相关期间的最新合规报告及其他相关更新，以及本公司的合规及企业管治常规

Reviewed the recomendation of the relevant disclosure in the directors’ report, if any

审阅于董事局报告书内所作相关披露之建议（若有）

Reviewed the confirmation of Directors’ and senior management’s participation in training for the purpose of continuous

profesional development during the Reporting Period in compliance with the Corporate Governance Code

审阅各董事及高级管理层于报告期内按照《企业管治守则》之规定参与以持续专业发展为目的之培训确认表格

Reviewed the terms of reference of the Corporate Governance and Compliance Comite

审阅企业管治及法规委员会职权范围

Reviewed and recomended the policy on disclosure and public relations for aproval by the Board

检讨及建议董事局批准披露及公共关系政策

Reviewed the environmental, social and governance report for the Reporting Period

审阅于报告期之《环境、社会及管治报告》

Reviewed and recomended the code of conduct for aproval by the Board

检讨及建议董事局批准行为守则

Reviewed the shareholders comunication policy of the Company

检讨本公司股东通讯政策

Reviewed and recomended the mechanism to ensure independent views and input are available for aproval by the Board

检讨及建议董事局批准确保获得独立见解及意见的机制

SHARE REPURCHASE COMITE

股份回购委员会

Composition

组成

• Mr Au 柯先生

(executive Director)（执行董事）

（主席）

(independent non-executive Director)（独立非执行董事）

(resigned with efect from 17 January 2025)

（自2025年1月17日起辞任）

• Ms. Liu 刘女士

(independent non-executive Director)（独立非执行董事）

(apointed as an independent non-executive Director with efect from 27 December 2024 and as Chairman of Share

Repurchase Comite with efect from 17 January 2025)

（自2024年12月27日起获委任为独立非执行董事及自2025年1月17日起获委任为股份回购委员会主席）

Role & Function*

角色与职能*

Exercises the general mandate granted by Shareholders to the Board to repurchase shares of the Company in acordance

with the Listing Rules, Bye-laws and the aplicable laws of Bermuda

根据《上市规则》、公司细则以及百慕达适用法律，行使股东授予董事局回购本公司股份之一般授权

’s website (w.blueriverholdings.com.hk) for further

details.

，请浏览上载于本公司网站(w.blueriverholdings.com.hk) 之股份回购委员会职权范围。

Sumary of Work

Performed

工作摘要

Reviewed the terms of reference of the Share Repurchase Comite

审阅股份回购委员会职权范围

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

AUDIT COMITE

审核委员会

Composition

组成

• Mr Giles Giles 先生

(independent non-executive Director)（独立非执行董事）

(resigned with efect from 17 January 2025)

（自2025年1月17日起辞任）

• Mr Yu

余先生

(chairman)（主席）

(independent non-executive Director)（独立非执行董事）

• Mr Lam 蓝先生

(independent non-executive Director)（独立非执行董事）

• Ms. Liu 刘女士

(independent non-executive Director)（独立非执行董事）

(apointed as an independent non-executive Director with efect from 27 December 2024 and as a member of Audit

Comite with efect from 17 January 2025)

（自2024年12月27日起获委任为独立非执行董事及自2025年1月17日起获委任为审核委员会成员）

Mr Yu is curently a certified public acountant with extensive experience in auditing, acounting and financial management services.

余先生现为一名注册会计师，在核数、会计及财务管理服务方面拥有丰富经验。

Role & Function*

角色与职能*

Makes recomendations to the Board on apointment of external auditor and aprove the terms including remuneration of

the engagement

就委任外聘核数师向董事局提出建议并批准条款（包括委聘薪酬）

Reviews the Group’s financial information

审阅本集团财务资料

Overses the Group’s financial reporting system, risk management and internal control systems

监管本集团财务汇报制度、风险管理及内部监控系统

Reviews the interim and final results of the Group prior to submision to the Board for aproval

在提交董事局批准之前，审阅本集团中期和末期业绩

Reviews financial reporting and internal control maters and to this end has unrestricted aces to both the Company’s

external and internal auditors

审阅财务汇报和内部监控事宜，并可为此目的而无阻地跟本公司外聘核数师及内部审计师取得联系

’s website (w.blueriverholdings.com.hk) for further details.

，请浏览上载于本公司网站(w.blueriverholdings.com.hk) 之审核委员会职权范围。

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

AUDIT COMITE (CONTINUED)

审核委员会（续）

Report on work

performed

工作报告

Reviewed unaudited interim consolidated financial statements of the Group, the interim results anouncements of the

Group and the interim report of the Company together with the audited anual consolidated financial statements of the

Group, the anual results anouncement of the Group and the anual report of the Company with a recomendation to

the Board for aproval

审阅本集团未经审核中期综合财务报表、本集团中期业绩公告及本公司中期报告，以及本集团经审核年度综

合财务报表及本集团年度业绩公告及本公司年报，并建议董事局通过

Reviewed internal control and risk management framework of the Group

审阅本集团内部监控及风险管理框架

Received and reviewed progres reports on internal control, risk management and internal audit actions implemented/

planed by the Group

听取及审阅本集团所实行╱计划的内部监控、风险管理及内部审计工作的进展报告

Aproved audit fe proposal of external auditor in conection with the audit of the Group’s consolidated financial

statements for the Reporting Period

批准外聘核数师就审核本集团于报告期之综合财务报表所建议的核数费

Aproved the engagement and the fe proposal of external auditor in conection with the agred-upon procedure

regarding financial information for the six months ended 30 September 2024

批准委任外聘核数师及其就截至2024年9月30日止六个月之财务资料的协定程序所建议的费用

Reviewed conected transactions of the Group, if any

审阅本集团之关连交易（如有）

Recomended the re-apointment of Crowe (HK) CPA Limited (“Crowe (HK)”) as the Group’s external auditor at 2024

AGM

建议于2024年股东周年大会上重新委任国富浩华（香港）会计师事务所有限公司（「国富浩华（香港）」）为本集团

外聘核数师

Met with external auditor in the absence of executive Directors

在没有执行董事在场的情况下，会见外聘核数师

Reviewed and recomended the terms of reference of the Audit Comite to the Board for aproval

审阅审核委员会职权范围并建议董事局通过

Reviewed audit planing for the Reporting Period

审阅报告期内的审核计划

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

股东

与股东沟通

作为企业管治的一部份，本公司肩负

保障股东利益的责任，并与股东保持

联系。

为了实践这一目标，本公司设立股东

通讯政策，陈述各种与股东及投资人

士沟通的渠道，以确保有效披露本公

司业绩及业务。

本公司视其现场股东大会为股东直接

向董事局提出建议及交换意见的一个

宝贵平台。本公司鼓励股东出席本公

司股东大会。所有董事及高级管理层

以及外聘核数师代表皆尽量拨冗出席

股东大会，以回应股东的提问，从而就

股东大会上将予审议的任何事项向股

东提供清晰及充足的说明。

于报告期内，本公司举行了两次股东

大会。股东大会的决议案均以按股数

投票的方式表决。所有投票的结果已

在本公司网站和联交所网站刊载。所

有于该股东大会上提呈之议案均获得

通过。所提呈之议案及赞成有关议案

之票数比率，列载如下：

SHAREHOLDERS

Comunication with Shareholders

As part of corporate governance, the Company is

comited to safeguarding Shareholders’ interests and

maintain an on-going dialogue with Shareholders.

To achieve this, the Company established a shareholders

comunication policy seting out various chanels

of comunication with Shareholders and investor

comunity for ensuring efective disclosure of the

Company’s performance and busines activities.

The Company regards its physical Shareholders’

metings as a valuable forum for Shareholders to raise

coments and exchange views directly with the Board

face to face. The Shareholders are encouraged to

atend the general metings of the Company. Al our

Directors and senior management and representatives

from external auditor wil make efort to atend

Shareholders’ metings and adres queries from

Shareholders in order to provide Shareholders a

clear and adequate explanation of any maters to be

considered at the Shareholders’ meting.

During the Reporting Period, the Company held two

general metings. Voting on resolutions put forward

at the general metings were taken by way of pol

and the pol results were published and posted on the

websites of the Company and the Stock Exchange.

Al resolutions put to Shareholders were pased at

the said general metings. The resolutions and the

percentage of votes cast in favour of the resolutions

were set out below:

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

THE COMPANY’S GENERAL METING(S) HELD DURING THE REPORTING PERIOD

于报告期内举行的本公司股东大会

Anual general meting (the “AGM”) on 28 August 2024*% of Votes Cast For

于2024年8月28日举行的股东周年大会（「股东周年大会」）*赞成票数的比率

Aproval of the 2024 audited acounts100.00%

通过2024年度的经审核账目

Re-election of Mr Yu as an independent non-executive Director99.99%

重选余先生为独立非执行董事

Re-election of Mr Lam as an independent non-executive Director99.99%

重选蓝先生为独立非执行董事

Aproval of the fixing of Directors’ remuneration99.99%

通过厘定董事酬金

Re-apointment of Crowe (HK) as auditor and authorisation to the Board to fix its remuneration

再度委任国富浩华（香港）为核数师及授权董事局厘定其酬金99.99%

Grant of general and unconditional mandate to Directors to isue shares99.92%

给予董事发行股份的一般及无条件授权

Grant of general and unconditional mandate to Directors to repurchase shares99.99%

给予董事回购股份的一般及无条件授权

Extension of the share isue mandate to Directors99.92%

扩大授予董事发行股份之权力

Aproval of the adoption of the new bye-laws of the Company99.99%

通过采纳本公司新细则

* Representatives of Crowe (HK) atended the AGM on 28 August 2024 to answer posible queries.

（香港）的代表已于2024年8月28日出席股东周年大会以回答潜在查询。

* Al Directors atended the AGM either in person or via electronic means.

Special general meting (the “SGM”) on 16 January 2025*% of Votes Cast For

于2025年1月16日举行的股东特别大会（「股东特别大会」）*赞成票数的比率

Aproval and ratification of the provisional sale and purchase agrement and the

subsequent formal agrement, as suplemented by a suplemental agrement (the

“Disposal Agrements”), and the transaction contemplated therein in respect of

the disposal of a property comprising the whole flor of the 9th flor and thre car

parking spaces (Nos. 222, 223 and 224) on the 2nd flor of E-Trade Plaza, 24 Le

Chung Stret, Chai Wan, Hong Kong, subject to the terms set out in the Disposal

Agrements100.00%

批准及追认临时买卖协议及其后正式协议（经补充协议补充）（「出售协议」）及

其项下拟进行之交易，内容有关出售一项物业，包括香港柴湾利众街24号东

贸广场9楼全层及2楼三个停车位（编号222、223及224），惟须受出售协议所载

条款规限

* Al Directors atended the SGM either in person or via electronic means.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

本公司为确保所有股东可就其投资作

出明智的决定，以及行使其作为股东

的权利，除举行股东大会外，亦透过

刊发年度及中期报告、公告以及通函

（全以双语形式），努力与所有股东以

不同之通讯渠道维持有效的沟通，以

提供本集团活动、财务状况、业务策

略和发展的广泛资讯，而本公司网站

(w.blueriverholdings.com.hk)及联交所

网站亦有登载此等资讯。

我们的网站是一个与股东沟通的有效

媒介。任何股东就我们所作出事项有

任何疑问或意见，可透过网站随时与

我们联系，我们将竭尽所能在合理时

间内回答问题。

于报告期内，董事局检讨上述安排的

实施和有效性。本公司网站不时更

新，股东能够透过本公司网站及联交

所网站获得本公司最新资料。股东在

股东大会上有机会与董事直接沟通。

基于上文所述，董事局认为有关股东

沟通的安排属有效。

股东权利

按股东要求召开股东特别大会

本公司确认保障股东权利的重要性。

根据公司细则及百慕达适用法例，所

有股东均有权出席或委派代表出席

股东大会，并于股东大会上发言及投

票。持有不少于十分之一本公司已缴

股本，并可于本公司股东大会上投票

之股东，于任何时候均有权透过向董

事局或公司秘书发出书面要求，要求

董事局召开股东特别大会，以处理有

关要求中指明之任何事项或决议案。

Apart from holding Shareholders’ metings, the

Company also endeavours to maintain efective

comunication with al Shareholders through other

chanels such as publication of anual and interim

reports, anouncements as wel as circulars (al in

bilingual) so as to provide extensive information on

the Group’s activities, financial position, busines

strategies and developments to enable them to

make informed decision on maters relating to their

investment and exercise of their rights as Shareholders.

Such information is also available on the websites of

the Company (w.blueriverholdings.com.hk) and the

Stock Exchange.

Our website is an efective means of comunication

with Shareholders. Any Shareholders who have

questions or coments on what we are doing are

most welcome to contact us at any time through our

website. We wil use our best endeavour to answer the

questions within a reasonable time.

The Board reviewed the implementation and

efectivenes of the abovementioned arangements

during the Reporting Period. The Company’s website

was updated from time to time and the Shareholders

could aces the latest information of the Company

through the websites of the Company and the Stock

Exchange. The Shareholders were provided with

the oportunities to comunicate with the Directors

directly at the Shareholders’ metings. Based on

the above, the Board was of the view that the

arangements regarding Shareholders’ comunication

were efective.

Shareholders’ Rights

Convening of SGM on Requisition by Shareholders

The Company recognises the importance of ensuring

that Shareholders’ rights are protected. In acordance

with the Bye-laws and the aplicable laws of Bermuda,

al the Shareholders are entitled to atend or be

represented by proxy, speak and vote at general

metings. Shareholders holding not les than one-

tenth of the paid up capital of the Company carying

the right of voting at general metings of the Company

shal at al times have the right, by writen requisition

to the Board or the Company Secretary, to require a

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

SGM to be caled by the Board for the transaction of

any busines or resolution specified in such requisition.

Such meting shal be held in the form of a physical

meting only and within two months after the deposit

of such requisition. If within 21 days of such deposit

the Board fails to proced to convene such meting,

the requisitionists themselves may convene such

physical meting in acordance with the provisions of

Section 74 of the Companies Act 1981 of Bermuda.

Procedures for Puting Forward Proposals at

General Metings by Shareholders

Shareholders holding (i) not les than one-twentieth

of the total voting rights of al Shareholders having the

right to vote at the general meting; or (i) not les than

100 Shareholders, can submit a duly-signed writen

request stating the resolution intended to be moved

together with a statement of not more than 1,000

words with respect to the mater refered to in any

proposed resolution or the busines to be dealt with

at a particular general meting and deposited at the

registered ofice of the Company.

The Company would take apropriate actions and

make necesary arangements, and the Shareholders

concerned should have deposited a sum reasonably

suficient to met the Company’s expenses in giving

efect thereto.

Procedures for Director’s Nomination and

Election by Shareholders

Al Shareholders have the right to propose a person

for election as a Director in acordance with its

Bye-laws and the relevant procedure and details for

proposing a person for election as a Director has

ben made acesible on the Company’s website

(w.blueriverholdings.com.hk).

Procedures for Directing Shareholders’ Enquiries

to the Board

Shareholders may at any time send their enquiries

and concerns to the Board in writing by post to the

principal place of busines of the Company in Hong

Kong or by email to info@blueriverholdings.com.hk for

the atention of the Board.

该大会应于递呈该要求后仅以现场

会议方式及两个月内举行。倘于有关

递呈后21日内，董事局未有召开该大

会，则递呈要求人士可自行根据百慕

达1981年公司法第74条之条文召开现

场会议。

股东于股东大会上提呈议案的程序

持有(i)不少于有权在股东大会上投票

的所有股东总投票权二十分之一的股

东；或(i)不少于100名股东可提交经正

式签署的书面要求，当中列出拟提呈

的决议案及连同有关任何建议决议案

中提述的事项或将于特定股东大会上

处理的事项的不超过1,000字的声明，

并将之递交至本公司注册办事处。

本公司将采取适当行动及作出所需安

排，而有关股东应存入一笔足以支付

本公司使之生效的费用的合理款项。

股东提名及选举董事的程序

根据其公司细则，所有股东皆有权推

荐人选参选为董事，而有关推荐个别

人士参选董事之程序及详情可于本

公司网站(w.blueriverholdings.com.hk)

查阅。

向董事局提交股东查询的程序

股东可随时以书面方式向董事局提

出查询及关注事项，将其邮寄至本

公司的香港主要营业地点或电邮至

info@blueriverholdings.com.hk供董事局

查收。

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控

责任

董事局负责确保本公司根据《企业管治

守则》设立及维持合适及有效的风险管

理及内部监控系统。董事局认为，健全

的风险管理和内部监控系统对实现本

集团的战略目标至关重要，并确认董

事局对该等系统的设置、维护及持续

检讨其有效性的责任。

本公司管理层负责设计、实施及持续

监察本集团的风险管理和内部监控系

统，以达致下述业务目标：

有效用及有效率的运作

可信赖的财务及非财务汇报

遵守适用法律及规则

该等系统旨在管理而非消除导致未能

达至业务目标的风险，因此，该等系统

对重大错报或亏损仅提供一个合理而

非绝对的保证。

审核委员会有持续的责任对本集团风

险管理和内部监控系统之有效性作出

检讨，并最少每年向董事局汇报。

本公司采取政策和程序，为风险管理

和内部监控提供了框架，旨在履行董

事局和本公司管理层的职责。

RISK MANAGEMENT AND INTERNAL

CONTROL

Responsibility

The Board asumes responsibilities for ensuring

that apropriate and efective risk management

and internal controls systems of the Company are

established and maintained in line with the Corporate

Governance Code. The Board considers that sound

risk management and internal control systems are vital

to the achievement of the Group’s strategic objectives

and acknowledges its responsibilities to establish,

maintain and review the efectivenes of such systems

on an ongoing basis.

Management of the Company is responsible for the

design, implementation and ongoing monitoring of the

risk management and internal control systems of the

Group to achieve the folowing busines objectives:

efectivenes and eficiency of operations

reliability of financial reporting and non-financial

reporting

compliance with aplicable laws and regulations

Such systems are designed to manage, rather than

eliminate, the risk of failure to achieve busines

objectives, and aim to provide a reasonable, as

oposed to an absolute, asurance against material

mistatement or los.

The Audit Comite has ongoing responsibilities

to review the efectivenes of the Group’s risk

management and internal control systems and to

report to the Board at least anualy.

The Company adopts policies and procedures which

provide a framework for risk management and internal

controls, with the aim of fulfiling the responsibilities of

the Board and the management of the Company.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

下文载列主要人员在我们的风险管理

和内部监控系统内所担当的角色及

职责：

The roles and responsibilities of the key parties in our

risk management and internal control systems were set

below:

Board

董事局

Sets strategic objectives

制定战略目标

Overses management in the

design, implementation and

monitoring of the risk management

and internal control systems

监督管理层对风险管理及内部

监控系统的设计、实施和监察

Evaluates and determines the

nature and extent for the Group’s

principal risks

评估本集团的主要风险及判断

其性质和程度

Provides direction on the

importance of risk management

and risk management culture

就风险管理重要性和风险管

理文化提供方向

Managing Director & Senior Management

总裁及高级管理层

Aseses risks group-wide and develops mitigating

measures

从集团整体的角度评估风险和制定风险缓解措施

Designs, implements and monitors the risk management

and internal control systems

设计、实施和监察风险管理和内部监控系统

Provides confirmation on the efectivenes of risk

management and internal control systems to the Board/

Audit Comite

对风险管理和内部监控系统的有效性向董事局╱审

核委员会提供保证

Audit Comite

审核委员会

Reviews the efectivenes of risk

management and internal control systems

of the Group

检讨本集团风险管理和内部监控系统的

有效性

Internal Audit Function

内部审计职能部门

Suports the Audit Comite in reviewing

the efectivenes of risk management and

internal control systems

支援审核委员会对风险管理和内部监控

系统之有效性作出检讨

Operation Management

营运管理层

Implements and monitors the risk management and internal control procedures acros the busines

operations and functional areas of the Group

实施及监察跨集团业务营运和职能部门的风险管理和内部监控程序

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理框架

本公司已建立一套企业风险管理框

架，以识别可能影响本集团之业务风

险、评估业务风险的可能性及潜在影

响、将业务风险控制在其风险承受水

平内及监控业务风险，以应对业务环

境的变化，为达致本公司目标提供合

理保障。下图展示本集团所采纳的风

险管理框架：

Risk Management Framework

The Company established an enterprise risk

management framework to identify busines risks

that may impact the Group, to ases the likelihod

and potential impact of the busines risks, to manage

busines risks within its risk apetite, to monitor

busines risks in response to the change in busines

environment, so as to provide reasonable asurance

regarding the achievement of the Company’s

objectives. The risk management framework adopted

by the Group was shown in the diagram below:

Risks are considered

when seting strategy.

在制定策略时，

考虑风险因素。

Standard procedures,

asesment tols and market

practices are aplied in the

proces.

过程中应用了标准的程序、

评估方法及市场做法。

Strategy 策略

Proces 过程

Vision

Statement

愿景声明

Policy

政策

Risk

Management

Proces

风险管理流程

Identify

识别

Analyse

分析

Report

汇报

Respond

回应

Monitor

监察

Human Resource Mechanisms 人力资源机制

Management Commitment 管理层承诺

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

Risk asesment is performed anualy to evaluate the

nature and extent of the risks to which the Group is

exposed. Management of the Company had caried

out risk asesment exercise during the year ended

31 March 2025. During the risk asesment proces,

the Group has identified principal and significant risks

faced by the Group, covering potential strategic risks,

operational risks, financial risks and compliance risks

of its major busines segments. A description of the

Group’s principal risks and uncertainties, some of

which could afect the performance of the Group’s

busines and operations, were set out in the section

“Busines Review”. Each of the identified risk was

considered and rated with “High”, “Medium” or “Low”

level by the management of the Company. Respective

internal control measures were proposed to mitigate

the consequences of the identified risks to the Group

to an aceptable level.

To suport management of the Company in responding

to risks arising from the complex and changing

busines environment, regular training is provided to

our management to strengthen their awarenes of risk

and capability to manage risks.

本集团每年进行风险评估以确定其所

面对风险的性质及程度。本公司管理

层已于截至2025年3月31日止年度内

进行风险评估。在风险评估过程中，本

集团已识别本集团所面对的主要及重

大风险，包括其主要业务分部的潜在

策略风险、营运风险、财务风险及合规

风险。本集团的主要风险和不明朗因

素的描述载于「业务审视」一节，其中

一些风险和不明朗因素可能会影响本

集团业务和运营的表现。本公司管理

层已考虑各已识别风险并给予「高」、

「中」或「低」等级的风险水平，并拟定相

关内部监控措施，以缓解已识别风险

对本集团之影响至可接受的程度内。

为了协助本公司管理层更好地应对复

杂多变的经营环境带来的风险，本公

司定期向管理层提供相关的培训，以

增强其风险意识和管控风险的能力。

Elements that are brought

together to suport, promote

and drive risk management

throughout the Group.

汇聚支持、促进和带动整个

集团风险管理所需的元素。

Elements 元素

Organisation

Structures

组织架构

Performance

Measure

绩效指标

Comunications

and Training

沟通及培训

Asurance

保证

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

内部监控系统

本集团的内部监控系统是参考美国

Comite of Sponsoring Organisations of

the Treadway Comision（「COSO」）编

制之内部监控综合框架及香港会计师

公会颁布之内部监控与风险管理指引

所制定的。

本公司之内部监控框架乃根据COSO框

架的五个相关元素所建立。该等因素

为监控环境、风险评估、监控活动、监

察及讯息与沟通。关键内部监控程序

及措施根据该五个元素实施，以支持

实现本公司战略目标和缓解本公司业

务风险。

本公司按COSO框架制定的内部监控框

架载于下文。其说明如何以相关连且

有效的方式执行五个内部监控元素：

Internal Control Systems

The Group’s systems of internal control were developed

by making reference to the Internal Control Integrated

Framework isued by the Comite of Sponsoring

Organisations of the Treadway Comision (“COSO”)

in the United States and the Guide on Internal Control

and Risk Management isued by the Hong Kong

Institute of Certified Public Acountants.

The Company’s internal control framework is

established under the five interelated components of

the COSO Framework. They are Control Environment,

Risk Asesment, Control Activities, Monitoring as

wel as Information & Comunication. The key internal

control procedures and measures are implemented

under the five components in suporting the

achievement of its strategic goals and mitigation of its

busines risks.

The internal control framework of the Company under

COSO framework was set below. It ilustrates how the

five internal control components are implemented in a

corelative and efective maner:

CONTROL

ENVIRONMENT

监控环境

INFORMATION & COMUNICATION

讯息与沟通

CONTROL

ACTIVITIES

监控活动

RISK

ASESMENT

风险评估

MONITORING

监察

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

放债业务的内部监控程序及信贷风

险评估

本集团向企业客户提供放债服务。本

集团以内部资源为放债业务提供资

金。客户群以优质客户（包括高净值企

业）为主，大多由本公司高级管理层、

业务合作伙伴或客户又或曾经与本集

团进行业务或交易的客户引荐。

本公司管理人员主要负责设计、实施

及维护本集团放债业务之信贷政策及

内部监控程序，可全权处理一切信贷

事务及监控贷款组合。

本集团放债业务的贷款申请、持续监

察及收回由一名执行董事（彼在金融服

务及放债业务方面有约7年管理经验）

主导，并由本集团雇员（包括合资格会

计师）支援。

贷款审批

接获潜在借款人之贷款申请后，支援

放债业务的雇员将就潜在借款人之信

贷质素进行尽职审查，透过(i)与借款人

进行访谈；及(i)审阅借款人所提供及╱

或自外界资料来源及相关公共记录查

册取得的法定及财务佐证文件，了解

借款人的还款能力，包括借款人的身

分、背景、财务状况及贷款用途。整个

信贷评估程序中会考虑若干关键因素

以评估借款人的还款能力，包括：(i)借

款人的财政实力；(i)借款人的过往信贷

及还款记录；(i)担保人是否提供任何

担保及担保人的财政实力；(iv)是否提

供任何抵押品以及抵押品的质量及流

通性；及(v)贷款用途及相关还款计划。

Internal Control Procedures and Credit Risk

Asesment for Money Lending Busines

The Group has provided money lending services

to corporate clients. The source of funding for the

Group’s money lending busines is financed by the

internal resources of the Group. The clientele primarily

consists of niche customers including high net-worth

corporations mostly refered by the Company’s senior

management, busines partners or clients or clientele

with past busines or dealings with the Group.

The management of the Company is primarily

responsible for designing, implementing and

maintaining the credit policies and internal control

procedures of the Group’s money lending busines,

and has ful authority to handle al credit mater for, and

monitor, the loan portfolio.

The loan aplications, ongoing monitoring and

colections of the money lending busines of the Group

are led by an executive Director who has aproximately

7 years’ management experience in financial services

and money lending busines and is suported by

employes of the Group including qualified acountant.

Loan aproval

Upon receipt of a loan aplication from a potential

borower, due diligence works wil be caried out by the

suporting employes for the money lending busines

on the creditworthines of the potential borower

and to understand the borower’s repayment ability

including the borower’s identity, background, financial

conditions and the purpose of the loan through (i)

interview with the borower; and (i) review the statutory

and financial suporting documents provided by

the borower and/or obtained from external sources

and relevant public record searches. Throughout the

credit asesment procedures, certain key factors are

being considered to ases the borower’s repayment

ability, which includes: (i) the financial strength of the

borower; (i) the historical credit and repayment record

of the borower; (i) any guarante ofered by, and the

financial strength of, the guarantor; (iv) any colateral

ofered and the quality and liquidity of such colateral;

and (v) the purpose of the loan and the coresponding

repayment plan.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

一般而言，贷款条款乃与借款人按个

别基准公平磋商后厘定，当中计及上

述尽职审查及信贷评估结果以及其他

因素（包括现行市场利率及所提供抵押

品质素）。任何贷款申请的最终决定须

经主导放债业务的执行董事审阅及批

准。根据《上市规则》可能构成须予披

露交易之大额贷款须经董事局进一步

审阅及批准。

持续监察贷款可收回性及收回贷款

本公司管理人员主要负责持续监控贷

款组合之信贷质素。支援放债业务的

雇员定期（一般每半年进行，或在发现

信贷风险增加时更频密进行）检视借款

人、担保人及抵押品的不当情况（包括

诉讼及破产或清盘记录调查、新闻或

可能对贷款或借款人还款能力有负面

影响的事件），并向董事报告任何与贷

款相关之重大财务事宜。

贷款到期时，支援放债业务的雇员会

通过电话、电邮或短信提醒借款人有

关还款时间表。针对逾期或违约贷

款，本公司管理人员将因应个别情况

采取跟进行动，包括发出催款函、扣押

抵押品、要求担保人还款及提出法律

诉讼。

倘借款人要求延长或修改还款时间

表，须重新办理贷款审批手续以获得

新批准。

The loan terms are normaly arived at by arms-

length negotiations with the borowers on case-by-

case basis, after considering the due diligence and

credit asesment result as mentioned above and a

combination of other factors including prevalent market

interest rates and the quality of colateral ofered. Final

decision on any loan aplication is subject to review

and aproval by the executive director leading the

money lending busines. Significant loan which may

constitute a disclosable transaction under the Listing

Rules is subject to further review and aproval by the

Board.

Ongoing monitoring of loan recoverability and

loan colection

The management of the Company is primarily

responsible for the ongoing monitoring of the

credit quality of the loan portfolio. The suporting

employes for the money lending busines check

for any iregularities of the borowers, guarantors

and colaterals (including litigation and bankruptcy or

winding up searches, news or events that may have

negative bearings on the loans or the repayment ability

of the borowers) regularly (generaly on a half-yearly

basis, or more frequently if the credit risk is found to be

increased) and report to the director for any material

financial events in relation to the loans.

The suporting employes for the money lending

busines wil remind the borowers of the repayment

schedules via phone cals, email or text mesages

when the loans are due. For overdue or default

loans, folow-up actions including isuing demand

leters, seizing colateral, demanding repayment from

guarantors and initiating legal procedings wil be

taken on a case-by-case basis by the decision of the

management of the Company.

In case the borower requests for extension or

modification of the repayment schedule, a new

aproval has to be obtained by going through the loan

aproval procedure again.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

内部审计

本公司自身设立之内部审计职能部门

（「内审部」）于本集团内部管治担当重

要角色。内审部直接向审核委员会汇

报风险管理及内部监控相关事宜。内

审部主要负责对本集团风险管理及内

部监控系统的充足性和有效性作出年

度分析及独立评估。

内审部独立于营运管理，获授予全权

接触需作内部审计检查的资料；并由

合乎资格及能力的员工组成，有足够

资源去履行其职责。

内审部每年根据上述年度风险评估结

果，制定内部审计划。该内部审计

划以风险导向为基础而制定，并每年

重新评估以作更新。内部审计划中

确定的年度内部监控审阅，经审核委

员会批准后执行，以对本集团风险管

理及内部监控系统的有效性作出独立

评估。

在年度内部监控审阅的过程中，主要

监控（包括财务、营运及合规监控）均

会予以评估。任何已识别的重大内部

监控审阅发现会与相关流程负责人讨

论，以制定改善措施方案，解决已发现

的监控漏洞。内审部会作出定期跟进

检讨，以监察有关改善措施之执行情

况。年度内部监控审阅和跟进检讨的

结果将由内审部向审核委员会汇报，

以供审阅及批准。

INTERNAL AUDIT

Internal Audit Function of the Company (the “IA

Function”) is maintained internaly and plays an

important role in the internal governance of the Group.

The IA Function reports directly to the Audit Comite

on risk management and internal control-related

maters. The IA Function is primarily responsible for

conducting analysis and independent apraisal on the

adequacy and efectivenes of the Group’s systems

of risk management and internal control on an anual

basis.

The IA Function is independent from operational

management and is fuly empowered to aces to data

required in performing internal audit review. Moreover,

the function comprises wel qualified and capable staf

and is provided with adequate resources to perform its

duties.

Every year, the IA Function formulates an internal

audit plan based on the result of abovementioned risk

asesment on an anual basis. The internal audit

plan is determined using a risk-based aproach and

is re-asesed for update anualy. Anual internal

control review determined on the internal audit plan

are executed upon aproval from the Audit Comite

to cary out independent apraisals to evaluate

the efectivenes of the Group’s systems of risk

management and internal control.

During the proces of the anual internal control

review, key controls, including financial, operational

and compliance controls, are evaluated. Any significant

internal control findings are defined and discused

with respective proces owners in order to formulate

remedial action plans to adres the control gaps

identified. The IA Function conducts folow-up reviews

periodicaly to monitor the status of the remedial

actions. Results of the anual internal control review

and folow-up reviews are reported by the IA Function

to the Audit Comite for review and aproval.

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

于截至2025年3月31日止年度，本公

司已委聘一名独立及专业顾问（「该顾

问」），以协助审核委员会满足《企业管

治守则》对风险管理及内部监控之要

求。该顾问向审核委员会提供对本集

团风险管理及内部监控系统充足性及

有效性进行评核及评估方面的协助。

该顾问亦协助评估本公司是否已制定

及维持适当及有效的风险管理及内

部监控框架，并提出建议进行加强及

改进。

年度确认

董事局每年透过审核委员会，对本集

团在会计、内部审计及财务汇报部门

的资源、员工的资历及经验，以及彼等

所接受的培训项目及有关预算方面的

充足性作出检讨，并对检讨结果表示

满意。

董事局已对本集团持续监控风险管理

及内部监控系统的范围和质量进行评

估。基于上文「内部审计」一节所述的

内部审计工作结果，董事局认为截至

2025年3月31日止年度的风险管理及

内部监控系统有效及足够。董事局并

未察觉任何能影响本集团实现其战略

目标的重大事项。

处理和发布内幕消息的程序和监控

本集团已采取适当措施，以符合《证券

及期货条例》「第XIVA部—披露内幕消

息」的规定，确保内幕消息维持保密，

直至披露此类消息得到适当的批准，

并以有效及一致的方式发布该等消

息。该等措施包括建立识别、汇报和披

露内幕消息的机制与程序。

The Company has engaged an independent and

profesional consultant (the “Consultant”) during

the year ended 31 March 2025 to asist the Audit

Comite in meting the requirements of risk

management and internal control under the Corporate

Governance Code. The Consultant provided

asistance to the Audit Comite in asesing and

evaluating the adequacy and efectivenes of the

risk management and internal control systems of the

Group. The Consultant also asisted in asesing if the

Company has established and maintained apropriate

and efective risk management and internal control

framework with recomendations for enhancement

and improvement.

Anual Confirmation

Every year, the Board has, through the Audit

Comite, reviewed the adequacy of resources,

qualifications and experience of staf of the Group’s

acounting, internal audit and financial reporting

functions, and their training programes and budget,

and was satisfied with the results of the review.

The Board had asesed the scope and quality of the

Group’s ongoing monitoring of the risk management

and internal control systems. Based on the results of

the internal audit works as described under the section

“Internal Audit” above, the Board considered the

risk management and internal control systems were

efective and adequate for the year ended 31 March

2025. The Board was not aware of any significant

areas of concerns that may afect the Group to achieve

its strategic goals.

Procedures and Controls for the Handling

and Disemination of Inside Information

Proper measures had ben taken by the Group to

comply with the requirements under “Part XIVA —

Disclosure of Inside Information” of the Securities and

Futures Ordinance to ensure that inside information

remains confidential until the disclosure of such

information has ben properly aproved, and

diseminate in an efective and consistent maner.

Such measures included establishment of the inside

information identification, reporting, and disclosure

protocol and procedures.

1/4/2024 to 31/3/2025
2024年 4月1日至 2025年 3月31日
HK$’000
千港元
1,060
600
58
90
1,808

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

EXTERNAL AUDITOR

Crowe (HK) were re-apointed as the Company’s

external auditor at the 2024 AGM until the conclusion

of the next anual general meting.

The Audit Comite in its meting on 25 June 2025

recomended the re-apointment of Crowe (HK) as

the Company’s external auditor at 2025 AGM and

the Board adopted the same view as that of the Audit

Comite.

In order to maintain independence, Crowe (HK) is

primarily responsible for providing audit services in

conection with the Group’s consolidated financial

statements, and only provides non-audit services that

do not impair their independence or objectivity and are

aproved by the Audit Comite.

REMUNERATION PAID OR PAYABLE TO CROWE (HK) FOR AUDIT AND NON-AUDIT SERVICES

已付或应付予国富浩华（香港）的核数及非核数服务酬金

1/4/2023

to 31/3/2024

2023年

4月1日至

2024年

3月31日

HK$’000

Services Rendered提供的服务千港元

Audit services核数服务1,730

Non-audit services非核数服务

Review of interim condensed

consolidated financial statements

审阅中期简明

综合财务报表600

Taxation advisory税务咨询49

Special engagements特定委聘90

Total总额2,469

外聘核数师

国富浩华（香港）已于2024年股东周

年大会上获重新委任为本公司外聘核

数师，直至下一届股东周年大会结束

为止。

审核委员会于2025年6月25日之会议

上建议在2025年股东周年大会上重新

委任国富浩华（香港）为本公司外聘核

数师，而董事局与审核委员会之意见

一致。

为了保持其独立性，国富浩华（香港）

主要负责就本集团综合财务报表提供

核数服务，以及不会损害其独立性或

客观性、并经由审核委员会批准的非

核数服务。

蓝河控股有限公司 2025 年报

CORPORATE GOVERNANCE REPORT

企业管治报告

投资者关系

组织章程文件

本公司之组织章程大纲及公司细

则（中英文版本）上载于本公司网站

(w.blueriverholdings.com.hk)及联交所

网站。

于报告期内，本公司并没有修订公司

细则。

遵守《企业管治守则》

于整个报告期内及截至董事局报告书

日期，董事局已审阅本公司之企业管

治常规，并继续应用及遵守《企业管治

守则》第二部分之原则及适用守则条

文，惟若干下文所载已说明原因之偏

离事项除外。

INVESTOR RELATIONS

Constitutional Documents

The Company’s memorandum of asociation and Bye-

laws (in both English and Chinese) are available on the

websites of the Company (w.blueriverholdings.com.hk)

and the Stock Exchange.

No amendments were made to the Bye-laws during

the Reporting Period.

COMPLIANCE WITH THE CORPORATE

GOVERNANCE CODE

Throughout the Reporting Period and up to the date

of the directors’ report, the Board had reviewed the

corporate governance practices of the Company and

continued to aply the principles of, and complied

with, the aplicable code provisions in Part 2 of

the Corporate Governance Code except for certain

deviations as specified with considered reasons set

below.

Blue River Holdings Limited 2025 Anual Report

CORPORATE GOVERNANCE REPORT

企业管治报告

Code Provision C.2.1 stipulates that the roles of

chairman and CE should be separate and should not

be performed by the same individual. Folowing the

resignation of the Former Managing Director (which is

equivalent to the CE) with efect from 1 July 2023, Mr

Kwong was apointed as the Managing Director and

has ben performing the roles of the Chairman and

Managing Director with efect from 1 July 2023. Mr

Kwong asumes both roles of the Chairman and the

Managing Director and is responsible for overseing

the management and operations of the Group. The

senior management of the Group continues to be

responsible for the management and administrative

functions and day-to-day operations of the Group

under the supervision of the Managing Director, who is

concurently the Chairman. Despite the deviation from

the Code Provision C.2.1 of the Corporate Governance

Code, Mr Kwong continues to provide solid and

continuous leadership to the Group with his extensive

experience and knowledge in management and

maintain continuity and eficiency in the management

and operation of busines of the Group. Moreover,

under the supervision of other existing members of

the Board, including the independent non-executive

Directors, the Board is apropriately structured with

a balance of power comprising experienced and high

caliber individuals with not les than half of the number

thereof being independent non-executive Directors to

provide suficient oversight to protect the interests of

the Company and the Shareholders.

守则条文C.2.1条订明主席及行政总裁

之角色应有区分，并不应由一人同时

兼任。随著前总裁（相当于行政总裁）

自2023年7月1日起辞任后，邝先生已

获委任为总裁，并自2023年7月1日起

履行主席兼总裁职务。邝先生同时担

任主席及总裁，负责监督本集团之管

理及运作。本集团高级管理层继续在

总裁（现同时担任主席）监督下，负责

本集团的管理及行政职能以及日常营

运。尽管此举偏离《企业管治守则》守

则条文C.2.1条，邝先生继续以其丰富

的管理经验及知识为本集团提供坚实

一贯的领导，并维持本集团业务管理

及运作方面的一贯性及效率。此外，在

董事局其他现有成员（包括独立非执行

董事）的监督下，董事局由经验丰富及

能干的人士组成，其中不少于一半人

士为独立非执行董事，具备适当之权

力制衡架构，可提供足够制约以保障

本公司及股东的利益。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

蓝河控股有限公司 2025 年报

ABOUT THIS REPORT

This environmental, social and governance (the “ESG”)

report (the “Report”) of Blue River Holdings Limited

(the “Company”) and its subsidiaries (the “Group”)

for the year ended 31 March 2025 (the “Reporting

Period”) covers environmental (Subject Area A)

and social (Subject Area B) topics as set out in the

Environmental, Social and Governance Reporting

Guide (the “Guide”) in Apendix C2 to the Rules (the

“Listing Rules”) Governing the Listing of Securities on

The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”). Corporate governance is adresed

separately in the Corporate Governance Report (the

“Corporate Governance Report”) set out in pages 35 to

74 of this anual report (the “Anual Report”).

SCOPE OF THIS REPORT

The ESG information in this Report covered material

isues (the asesment proces of which was detailed

in the section “Materiality Asesment and Stakeholders

Engagement” below) of al of our busines segments

discused in the section “Busines Review” of the

Anual Report, except for those busineses in (i) which

the Company does not have a controling interest; and (i)

whose ESG implications are considered insignificant to

the Group.

The scope of this Report covered four busines

segments for the Reporting Period: (i) the gas

distribution and logistics and energy-related busineses

in the People’s Republic of China (the “PRC”) (the “Gas

Distribution and Logistics”); (i) the property investment

busines in Hong Kong (the “Property Busines”); (i)

the securities trading and investment busines in Hong

Kong (the “Securities Busines”); and (iv) the provision

of loan financing, financial related services and cash

management services in Hong Kong (the “Financial

Services Busines”). The busines segments in Hong

Kong are colectively refered to as the “Property,

Securities and Financial Services Busineses”. The

reporting boundaries were consistent with the same

report for the year ended 31 March 2024.

关于本报告

Blue River Holdings Limited蓝河控股有

限公司（「本公司」）及其附属公司（「本

集团」）截至2025年3月31日止年度（「报

告期」）之本环境、社会及管治（「环境、

社会及管治」）报告（「本报告」）涵盖《香

港联合交易所有限公司（「联交所」）证

券上市规则（「上市规则」）》附录C2《环

境、社会及管治报告指引》（「指引」）所

载的「环境（主要范畴A）」和「社会（主要

范畴B）」议题。企业管治在本年报（「年

报」）第35至74页所载的企业管治报告

（「企业管治报告」）内独立阐述。

本报告的范围

除了(i)本公司并无持有其控股权益的业

务；及(i)其环境、社会及管治之影响对

本集团而言并不重大的业务之外，本

报告中的环境、社会及管治资料涵盖

了年报中「业务审视」章节中讨论的所

有业务分部的重要事项（其评估过程在

以下「重要性评估和持份者参与」章节

中详列）。

本报告范围涵盖报告期内之四个业务

分部：(i)于中华人民共和国（「中国」）进

行燃气配送及物流以及能源相关业务

（「燃气配送及物流」）；(i)于香港进行房

地产投资业务（「物业务」）；(i)于香

港进行证券交易和投资业务（「证券业

务」）；及(iv)于香港提供贷款融资、金

融相关服务及现金管理服务（「金融服

务业务」）。香港的业务分部统称为「物

业、证券及金融服务业务」。报告范围

与截至2024年3月31日止年度之报告

一致。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

本公司应对环境、社会及管治的

风险、影响和机遇的方法及对环

境、社会及管治表现的检讨

我们认为本公司有责任并尽可能有效

地去评估和管理所有可预见的风险因

素。我们相信有效管理环境、社会及管

治的风险、影响和机遇，长远来看能

提升本集团的可持续发展能力及财务

表现。

我们意识到有必要评估我们在投资上

以及附属公司在经营过程中的环境、

社会及管治风险，以及他们在财务表

现及我们和附属公司经营所在的社区

上的影响。

我们对于环境、社会及管治的愿景和

策略在我们的环境、社会及管治政策

（「环境、社会及管治政策」）中已列明。

每个环境、社会及管治范畴（在年报的

「业务审视」章节中详列）的指引原则乃

根据我们的环境、社会及管治管理策

略方针而制定。通过与业务经营单位

之管理层和其他持份者的对话，我们

制定策略去应对环境、社会及管治挑

战并将他们融入业务经营中。我们亦

通过定期审视监管环境、社会及管治

表现，以及通过培训增强环境、社会及

管治意识，并持续地把相关的发现和

建议向本公司董事局（「董事局」）汇报。

我们要求所有业务单位执行必要的风

险管理及内部监控，以确保遵守我们

的环境、社会及管治政策，同时顾及其

各自的业务需求及具体情况。我们确

保为全体员工提供相关资讯、培训及

监督，力求减轻及管理相关环境、社会

及管治风险。我们高度重视预防意外

及事故发生，即使发生意外及事故，我

们亦有适当的应急计划，并定期进行

演练。

THE COMPANY’S APROACH TO ESG

RISKS, IMPACTS, OPORTUNITIES AND

REVIEW OF ESG PERFORMANCE

We considered ourselves duty-bound to ases and

manage al foreseable risk factors as efectively as

posible. We believed that efective management of

the ESG risks, impacts and oportunities can improve

sustainability and financial performance of the Group in

long term.

We recognise the ned to ases ESG risks in our

investments and the operational proces of our

subsidiaries and their impact on financial performance

and the comunities where both we and our

subsidiaries operated.

Our vision and strategy for ESG was set out clearly

in our ESG policy (the “ESG Policy”). The guiding

principles for each ESG area (as detailed in the

section “Busines Review” of the Anual Report)

had ben developed in line with our aproach to

ESG management strategy. Through dialogue with

the management of our busines units and other

stakeholders, we developed strategic aproaches

to adres ESG chalenges and integrated these

into our busines practices. We also monitored ESG

performance through regular reviews and enhanced

ESG awarenes through training. Relevant findings

and recomendations are reported to the Board of

Directors of the Company (the “Board”) on an ongoing

basis.

We required al busines units to implement the

necesary level of risk management and internal

controls to ensure compliance with our ESG Policy,

considering their specific busines neds and

circumstances. We ensured that al employes receive

the relevant information, training and supervision to

mitigate and manage the asociated ESG risks. A

strong emphasis was placed on preventing acidents

and incidents, but in the event that they ocur, we

had apropriate emergency plans that were routinely

rehearsed.

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Busines units were required to perform risk

management and internal control review anualy

to ases the efectivenes of their internal control

systems. The risk asesment was conducted using

a questionaire which included the ESG maters. The

methodology for reviewing the efectivenes of these

risk management and internal control systems was

detailed in section “Risk Management Framework”

in the Corporate Governance Report of the Anual

Report.

SUSTAINABLE DEVELOPMENT GOALS

AND TARGETS

The Company recognised the ned to integrate the

ESG risks, impacts and oportunities into its busines

strategy. The integration aimed to deliver not only

robust financial performance but also sustainable

development of the Group over the long term.

The Board determined the ESG goals and targets,

ensuring alignment with the curent performance and

its strategic future development of the Group. The

Group was dedicated to adresing carbon emisions

and wastes in its daily operation. The Board and the

management were responsible for reviewing these

goals and targets, with the objective of achieving

continual improvement in the ESG performance of the

Group.

业务单位需要每年进行风险管理及内

部监控审查，以评估内部监控系统的

有效性。风险评估乃通过问卷方式进

行，当中涵盖环境、社会及管治相关事

宜。检讨风险管理及内部监控系统有

效性的方法于年报的企业管治报告中

标题为「风险管理框架」的章节中详述。

可持续发展目标和指标

本公司意识到有必要在业务策略中纳

入环境、社会及管治风险、影响及机

遇，借此实现稳健的财务业绩，同时可

确保本集团长远可持续发展。董事局

制定环境、社会及管治目标和指标，确

保与本集团当前表现及其未来策略发

展保持一致。本集团致力解决日常营

运中的碳排放及废弃物问题。董事局

及管理层负责检讨该等目标和指标，

力求持续改善本集团的环境、社会及

管治表现。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

ESG GOVERNANCE STRUCTURE

Board of Directors

董事局

Audit Comite

审核委员会

Corporate Governance and Compliance Comite

企业管治及法规委员会

Senior Management

高级管理层

ESG Working Group

环境、社会及管治工作组

Departments and Busines Units

部门及业务经营单位

Has overal responsibility for the Company’s ESG strategy and reporting

对本公司的环境、社会及管治策略及汇报承担全部责任

Sets the Company’s performance targets for the ESG management

制定本公司在环境、社会及管治管理方面的表现指标

Delegates the day-to-day responsibility for the ESG-related maters to senior management and the corporate governance and

compliance comite of the Company (the “Corporate Governance and Compliance Comite”)

将环境、社会及管治相关事宜的日常职责委托给本公司高级管理层及企业管治及法规委员会（「企业管治及法规委员会」）

Aproves the ESG Policy and ESG Report

审批环境、社会及管治政策及环境、社会及管治报告

Develops the Company’s ESG policies and practices

制定本公司的环境、社会及管治政策及常规

Designs, implements and monitors the risk management and internal control systems related to the ESG maters

设计、实施和监察与环境、社会及管治事项相关的风险管理和内部监控系统

Develops the actions in achieving the ESG performance targets

制定为达致环境、社会及管治表现指标所需的行动

Ensures compliance with legal and regulatory requirements related to the ESG maters

确保遵守与环境、社会及管治事项相关的法律及监管规定

Prepares the ESG Report with the asistance of external consultant

在外部顾问的协助下编制环境、社会及管治报告

Asists senior management and the Corporate Governance and Compliance Comite in developing the ESG policies and practices

and preparing the ESG Report

协助高级管理层及企业管治及法规委员会制定环境、社会及管治政策及常规和编制环境、社会及管治报告

Asists senior management and the Corporate Governance and Compliance Comite in developing actions for achieving the ESG

performance targets

协助高级管理层及企业管治及法规委员会制定为达致环境、社会及管治表现指标所需的行动

Asists senior management in cordinating and implementing the ESG policies and practices

协助高级管理层统筹及实施环境、社会及管治政策及常规

Complies with ESG policies and practices developed by senior management and Corporate Governance and Compliance Comite

遵循由高级管理层及企业管治及法规委员会制定的环境、社会及管治政策及常规

Implements god operation practices and ensures the ESG compliance in daily operations

实施良好营运操守并在日常操作中确保环境、社会及管治的合规性

Implements the actions required to achieve the ESG performance targets

采取为达致环境、社会及管治表现指标所需的行动

Reviews the efectivenes of risk

management and internal control

systems related to ESG maters

检讨与环境、社会及管治事项相

关的风险管理和内部监控系统的

有效性

Reviews ESG policies and practices developed by senior management and makes

recomendations to the Board

检讨由高级管理层所制定的环境、社会及管治政策及常规，并向董事局提出建议

Reviews the progres on achieving the ESG performance targets

检讨达致环境、社会及管治表现指标的进度

Reviews and monitors the Company’s compliance with legal and regulatory requirements

related to the ESG maters and mets with the management to ases related compliance

policies, programs and procedures

检讨及监察本公司在遵守环境、社会及管治相关事宜的法律及监管规定方面的情

况，并与管理层举行会议，以评估相关的合规政策、方案及程序

Investigates or causes to be investigated any significant instances of non-compliance

or potential compliance violations that are reported to the Corporate Governance and

Compliance Comite

调查或安排调查向企业管治及法规委员会举报的任何重大违规或潜在违规情况

Reviews ESG Report developed and prepared by senior management

审阅由高级管理层所制定及编制之环境、社会及管治报告

环境、社会及管治方面的管治架构

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

MATERIALITY ASESMENT AND

STAKEHOLDERS ENGAGEMENT

In deciding what ESG information to be included in

this Report, we had taken into acount the materiality

of the relevant information, particularly its significance

and relevance to the Company’s busineses and

operations.

The results of our materiality asesment for the

Reporting Period were shown in the materiality matrix

below:

Water consumption

耗水量

Energy use eficiency

能源使用效益

Water sourcing

水源

Employe turnover

员工流失

Workforce by gender, employment type, age group and

geographical region

按性别、就业类型、年龄组别和地理区域划分的劳动力

Employes training

员工培训

Supliers by geographical region

按地区划分的供应商

Intelectual property rights

知识产权

Packaging material used

使用之包装材料

Not relevant

不相关

Crucial

重要

Crucial

重要

Internal asesment (Impact on busines)

内部评估（对业务的影响）

(

)

外

部

评

估

（

对

持

份

者

的

影

响

）

Emisions

排放物

Total hazardous waste produced

有害废弃物总产量

Total non-hazardous waste produced

无害废弃物总产量

Measures to mitigate emisions

减少排放物措施

Wastes management

废弃物管理

Direct and indirect energy consumption

直接及间接能源消耗

Significant impact on environmental and natural resources

对环境和自然资源的重大影响

Significant impact of climate change and mitigation action

气候变化的重大影响及缓减行动

Work-related fatalities and injury

与工作有关的死亡和伤害

Ocupational health and safety measures

职业健康及安全措施

Labour standards

劳工准则

Supliers’ engagement practices

供应商聘用常规

Products sold or shiped subject to recal for safety and

health reasons

出于安全和健康原因召回出售或出货的产品

Complaints over products and service

产品和服务投诉

Quality asurance proces and recal procedures

品质保证流程和召回程序

Consumer data protection and privacy policies

消费者资料保护和隐私政策

Anti-coruption

反贪污

Comitment to comunity

回馈社区

重要性评估和持份者参与

当决定哪些环境、社会及管治资料可

纳入本报告时，我们考虑相关资料的

重要性，尤其是其对本公司业务及经

营是否重要和相关。

以下的重要性矩阵显示了我们在报告

期内的重要性评估结果：

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Based on the anual materiality asesment, the

folowing principal ESG isues were identified as our

key aspects:

: Climate change presented a

global chalenge and more stringent laws and

regulations regarding disclosure requirements

were in force;

: Efective energy management

could reduce energy consumption and improve

operational performance and productivity of our

Group;

: We valued our employes

as fundamental to our sustainable busines

development and ongoing suces. We were

comited to safeguarding their labour rights,

health and safety, and actively strive to improve

their working conditions in order to retain our

employes;

/Service responsibility: High-quality

products and services were vital for enhancing

brand image, customer retention and maintaining

customer loyalty; and

: It was esential

for ongoing development and suces of the

Company’s busineses, ensuring regulatory

compliance, enhancing competitivenes and

building long-term enterprise value.

The matrix was based on both internal and external

materiality asesments conducted for the Reporting

Period. By engaging our key stakeholders, the

asesment results provided an important reference

for our ESG management and information disclosure.

The internal materiality asesment involved

senior management and other key employes of

the Company. The external asesment involved

stakeholders such as relevant government and

regulatory bodies, customers, supliers and the

comunities where our busineses operated. These

stakeholders were identified by consulting various

departments within our busines units such as sales

and marketing, procurement, legal and finance.

根据年度重要性评估，我们将下列主

要环境、社会及管治议题识别为关键

范畴：

：气候变化关乎全世界，

并已针对披露要求实施更严格的

法律及法规；

：有效能源管理可减少能

耗，提高本集团的营运表现及生

产力；

：我们重视员工，并视之

为本集团可持续业务发展及持续

成功的关键。我们承诺维护员工的

劳工权利、健康与安全，并设法改

善其工作条件以挽留员工；

╱服务责任：优质产品及服务

对于提升品牌形象、留住客户及维

持客户忠诚度至关重要；及

：此乃本公司业务持

续发展及成功的关键，有助确保监

管合规、提高竞争力及建立企业长

远价值。

该矩阵以报告期内进行的内部及外

部重要性评估为依据。透过与主要持

份者沟通，所得评估结果为我们的环

境、社会及企业管理及资讯披露提供

重要参考。内部重要性评估牵涉本公

司高级管理层及其他关键员工，而外

部评估则牵涉相关政府及监管机构、

客户、供应商以及业务经营所在社区

等持份者。有关持份者乃透过咨询业

务单位不同部门（如销售市场部、采购

部、法律部及财务部）而识别。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Key stakeholders of the Company were engaged

through ongoing and comprehensive comunication

chanels to understand their concerns and

expectations.

Our key stakeholders, their primary concerns and our

chanels of ongoing engagement were set out in the

table below:

Key stakeholdersKey concernsEngagement chanels

主要持份者关注重点沟通途径

Shareholders and

investors

股东和投资者

Financial performance and

position

财务表现及状况

Corporate governance

企业管治

Sustainable development

可持续发展

Anual and interim reports

年报和中期报告

Anouncements and circulars

公告及通函

General metings

股东大会

Metings and interviews

会议和访问

Information disclosed on the websites

of the Company and the Stock

Exchange

于本公司及联交所网站内披露之信息

Lenders

贷款人

Financial performance and

position

财务表现及状况

Corporate governance

企业管治

Busines visits

商务拜访

Information disclosed on the websites

of the Company and the Stock

Exchange

于本公司及联交所网站内披露之信息

Liaison through email and telephone

通过电子邮件及电话联络

Regulatory bodies

监管机构

Compliance

合规

Corporate governance

企业管治

Laws, regulations and

practices

法律、法规和常规

Compliance reporting

合规汇报

Consultation

咨询

Metings

会议

Seminars and workshops

研讨会及工作坊

本公司透过持续和全面的沟通渠道

与主要持份者沟通，以了解其关注和

期望。

下表载列我们的主要持份者、其关注

重点，以及我们与其持续地沟通的

途径：

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Key stakeholdersKey concernsEngagement chanels

主要持份者关注重点沟通途径

Customers

客户

Quality of products and

services

产品和服务质素

Corporate reputation

企业信誉

Data privacy

资料私隐

Busines integrity and

conduct

业务诚信和行为

Daily operations

日常营运

Busines visits

商务拜访

Metings

会议

Customer satisfaction survey

客户满意度调查

Complaint handling mechanism

投诉处理机制

Brochures and leaflets

小册子及单张

Supliers

供应商

Corporate reputation

企业信誉

Fair and ethical busines

practice

公平与道德营商手法

Long-term relationship

长期合作关系

Procurement and tendering proces

采购与投标流程

Busines visits

商务拜访

Seminars and workshops

研讨会与工作坊

Employes

雇员

Health and safety

健康与安全

Remuneration and benefits

薪酬和福利

Training and development

培训与发展

Equal oportunities

平等机会

Corporate culture

企业文化

Training workshops and seminars

培训工作坊与研讨会

Regular performance reviews

定期表现评估

Metings and discusions

会议和讨论

Company activities

公司活动

Company notices

公司通告

Enquiry and complaint handling

mechanism

信访及投诉处理机制

Comunity

社区

Social contribution

社会贡献

Environmental responsibilities

环境责任

Comunity participation

社区参与

Charitable donation

慈善捐赠

Comunity investment

社区投资

Volunter activities

志愿活动

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

REPORTING PRINCIPLES

In the preparation of this Report, we aplied four

reporting principles set below:

Materiality: This Report set out the identities of our

key stakeholders and their concerns. It also explained

the methodology for determining material isues and

used the materiality matrix to demonstrate the priority

of each isue. Please refer to the section “Materiality

Asesment and Stakeholders Engagement” for further

details.

Quantitative: This Report disclosed Key Performance

Indicators (the “KPIs”) in a quantitative maner

with measurable criteria, and reported emision

and employment data acording to the standards,

methodologies, asumptions or calculation tols

used, and source of conversion factors used, where

apropriate, for the reporting of KPIs. Please refer

to the sections “Key Performance Indicators —

Environmental” and “Key Performance Indicators —

Social” for further details.

Balance: Our achievements and chalenges in al

aspects of sustainable development, aiming to

provide an unbiased picture of our performance to the

stakeholders were discused in this Report.

Consistency: This Report adopted the same

methodologies as in previous years wherever posible

and elaborated any changes to the methods used

where apropriate, which ensured a consistent

method was used to provide the ESG data that was

comparable with the historical ones.

汇报原则

编制本报告时，我们应用下列四项汇

报原则︰

重要性︰本报告呈列主要持份者的身

份及其关注重点，同时阐述厘定重大

议题的方法，并使用重要性矩阵展示

各项议题的优先顺序。进一步详情请

参阅「重要性评估和持份者参与」一节。

量化︰本报告以量化方式及可衡量准

则披露关键绩效指标（「关键绩效指

标」），并根据汇报关键绩效指标所采

用的标准、方法、假设或计算工具以及

转换系数来源（如适用）报告排放及雇

佣数据。进一步详情请参阅「关键绩效

指标—环境」及「关键绩效指标—社会」

章节。

平衡︰本报告探讨我们在可持续发展

各方面的成就及挑战，从而不偏不倚

地向持份者呈报我们的表现。

一致性︰本报告尽量使用与过往年度

相同的方法，并已在适当时候解释所

用方法的任何变动，以确保采用一致

的方法来提供与历史数据可资比较的

环境、社会及管治数据。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

ENVIRONMENTAL PROTECTION

We strived to comply with al relevant environmental

laws and regulations aplicable to our various

busines operations. Our legal team had ben working

closely with our busines units to ases the impact

of promulgated environmental protection laws and

regulations such as:

, Cap. 311,

Laws of Hong Kong;

, Cap. 354, Laws of

Hong Kong;

, Cap. 358,

Laws of Hong Kong;

, Cap. 400, Laws of

Hong Kong;

Cap. 611, Laws of Hong Kong;

;

• the Environmental Impact Asesment Law of the

PRC;

• the Law of the PRC on the Prevention and Control

of Atmospheric Polution;

• the Law of the PRC on the Prevention and Control

of Water Polution;

• the Law of the PRC on the Prevention and Control

of Noise Polution;

• the Law of the PRC on the Prevention and

Control of Environmental Polution by Solid Waste

Polution; and

• the National Environmental Emergency Response

Plan.

Policies to minimise the environmental impacts from

operations were established and are promptly updated

in acordance with the aforesaid laws and regulations.

Moreover, a reporting system was developed and

al our busines operating units were required to

promptly report any significant non-compliance isues,

including those related to the environment, to senior

management.

During the Reporting Period, there was no material

non-compliance with laws and regulations related to

environment that could have had a significant impact

on the Group.

环境保护

我们努力遵守所有适用于我们各项业

务经营上有关环境的法律及法规。我

们的法律团队与我们的业务单位紧密

合作，评估下列已颁布的环保法律及

法规的影响，例如：

《空气污染管制

条例》；

《废物处置条例》；

《水污染管制

条例》；

《噪音管制条例》；

《汽车引擎空转

（定额罚款）条例》；

《中国环境保护法》；

《中国环境影响评价法》；

《中国大气污染防治法》；

《中国水污染防治法》；

《中国噪声污染防治法》；

《中国固体废物污染环境防治法》；

及

《国家突发环境事件应急预案》。

我们已经制定了尽量减少经营造成环

境影响的政策并根据上述法律及法规

进行及时更新。此外，我们建立了一项

汇报系统，我们所有业务经营单位必

须及时向高级管理层汇报任何重大违

规问题，包括环境相关事宜。

在报告期，没有发生与环境有关的法

律及法规且可能对本集团产生重大影

响的重大不合规事项。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

AIR EMISIONS

The emision sources mainly came from the operations

of the Gas Distribution and Logistics. For example,

sulphur oxides (the “SOx”) and nitrogen oxides (the

“NOx”) were produced from fuel consumption of

compresed natural gas (the “CNG”) filing trucks,

patrol vehicles and ofice vehicles. Particulate mater

(the “PM”) was generated from the dust that arose

from fuel consumption by vehicles and trucks. The

combustion of fuels from these mobile sources also led

to grenhouse gas (the “GHG”) emisions. Our direct

GHG emisions (Scope 1) came from the use of petrol,

while our indirect GHG emisions (Scope 2) came

from the consumption of purchased electricity. Dust,

exhausted gases and other airborne particles were

produced from the operations at CNG fueling stations.

Since the Property, Securities and Financial Services

Busineses were primarily conducted in ofice, the

main sources of the GHG emisions were vehicle

fuel and indirect emisions from ofice electricity use.

Hence, their air emision amount was not significant.

Various preventive and corective measures had ben

implemented to adres the air emision isues arising

from our operations.

Controling vehicles’ sped at the CNG fueling

stations as wel as performing regular cleaning and

maintenance of paved aces roads had ben

performed to minimise the impact of SOx, NOx and

fugitive emisions. CNG leakage detectors had ben

frequently used to monitor and ensure that no incidents

of vast leakage ocur during the CNG filing services.

Furthermore, to minimise GHG emisions, petrol

that comply with national standards were used in al

vehicles and regular maintenance were caried out.

We prioritised the use of equipment that had energy

eficiency labels or that used renewable energy and we

monitored exhaust emisions on a regular basis.

气体排放

主要排放源来自燃气配送及物流营

运。例如，压缩天然气（「压缩天然气」）

加气车、巡逻车及办公用车的燃料消

耗会产生硫氧化物（「硫氧化物」）及氮

氧化物（「氮氧化物」）。颗粒物（「颗粒

物」）源自车辆及卡车相关燃料消耗

所产生的灰尘。上述移动来源燃烧燃

料亦会产生温室气体（「温室气体」）排

放。我们的直接温室气体排放（范围1）

来自汽油的使用，而间接温室气体排

放（范围2）则来自外购电力的消耗。压

缩天然气加气站运作会产生灰尘、废

气及其他空气微粒。

由于物业、证券及金融服务业务主要

在办公室进行，温室气体之主要排放

来源为车辆燃料及办公室用电所产生

之间接排放。因此，其气体排放量并不

重大。

我们已采取各种预防及纠正措施解决

营运过程中产生的废气排放问题。

我们控制压缩天然气加气站的车辆速

度，并会定期清洁和维护铺设通路，

力求最大限度地减少硫氧化物、氮氧

化物及无组织排放的影响。压缩天然

气泄漏探测器经常用于监测并确保压

缩天然气加注服务过程中不会发生大

量泄漏事故。此外，为减少温室气体排

放，所有车辆均使用符合国家标准的

汽油，并定期进行维护。我们优先选用

配备能源效率标签或使用再生能源的

设备，并定期监测废气排放。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Being a responsible enterprise, we were dedicated

to minimising negative impacts of air emisions and

energy consumption on the environment. By managing

emisions and consumption, we endeavoured to

increase resource eficiency through sustainable

operations. We had implemented the aforementioned

environmentaly friendly and sustainable measures to

reduce carbon emisions and wastes, and to enhance

energy eficiency.

SEWAGE

Domestic sewage generated by staf at the CNG

fueling stations was treated by a septic tank. The

efluent discharged from septic tanks was either used

by local vilagers for vegetable farming or discharged

into the municipal sewage network. Sewage was

treated to remove contaminants before being reused

or being duly discharged in compliance with the Law

of the PRC on the Prevention and Control of Water

Polution.

WASTE MANAGEMENT

The availability of suitable land for landfil was

decreasing, while concerns about environmental and

health impacts of landfil sites and waste treatment (both

hazardous and non-hazardous ones) were increasing.

We endeavoured to reduce the amount of waste being

transported to landfils or procesed in other ways by

implementing source reduction and we encouraged

reusing and recycling as much as posible.

Hazardous waste such as used engines and lubrication

oil from machinery maintenance at fueling stations,

fluorescent lights, used printer cartridges and vehicle

bateries, must be first stored in a designated storage

areas and then colected by licenced contractors or

taken to designated recycling stations. We strictly

prohibited dumping, discarding or stacking hazardous

waste to avoid any land or water polution.

作为负责任企业，我们竭尽所能减少

废气排放及能源消耗对环境造成的负

面影响。透过管理排放及消耗，我们

设法透过可持续营运提高资源效率。

我们已实施上述环保及可持续发展措

施，以减少碳排放及废物并提高能源

效率。

污水

压缩天然气加气站工作人员产生的生

活污水均经过化粪池处理。化粪池排

出的污水供当地村民用作耕种或排入

市政污水管网。污水经去除杂质等处

理程序后会循环再使用或根据《中国水

污染防治法》合法地排放。

废弃物管理

适用于垃圾堆填的土地之供应正在减

少，而有关垃圾堆填区及废物处理（包

括有害废弃物和无害废弃物）对环境和

健康影响的关注正在增加。我们尽可

能地透过源头减废及鼓励循环再使用

和回收再利用废弃物以减少将要堆填

或以其他方式处理之废弃物的数量。

有害废弃物（如加气站机器维修产生的

废引擎及润滑油、萤光灯、废弃印表机

墨水匣及汽车电池等）必须先存放在指

定的储存区域，再由持牌承包商收集

或运送至指定回收站。我们严格禁止

倾倒、丢弃或堆叠有害废弃物，避免造

成土地或水污染。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Non-hazardous waste generated by the Group

mainly consisted of domestic and ofice waste such

as wastepaper. To achieve waste reduction, we

advocated for gren ofice environment by encouraging

employes to minimise paper consumption through

the use of digital documents instead of printing and

by adopting double-sided printing. We minimised

the consumption of disposable items by replacing

them with reusable ones. For example, we replaced

disposable paper cups and utensils with glas cups

and metal cutlery in our ofice.

In compliance with the Law of the PRC on the

Prevention and Control of Environmental Polution

by Solid Waste Polution, our domestic waste

management system was established, encompasing

clasification, colection, transportation and treatment

proceses. Non-hazardous waste such as employes’

domestic and ofice waste was clasified into recyclable

or non-recyclable waste. Non-recyclables waste was

colected periodicaly by eligible sanitation companies

in acordance with the revised laws and regulations.

USE OF RESOURCES

Energy consumption has a direct efect on our

environment, operational costs and exposure to

fluctuations in energy suply and prices as most of

the energy consumption comes from fosil fuels.

The extraction, transportation and procesing of

fosil fuels may cause land degradation, water

and atmospheric polution and the usage of these

fosil fuels wil generate GHGs which are the major

cause of climate change. On the other hand, water

is becoming a precious resource especialy under

increasing presure from factors such as drought,

population increase and rising demand for industrial

uses. To reduce its environmental impact and enhance

resources eficiency, we had adopted policies on the

efective use of resources in acordance with the

relevant requirements of the Energy Conservation Law

of the PRC, the Water Law of the PRC and the Mineral

Resources Law of the PRC.

本集团产生的无害废弃物主要包括废

纸等生活废弃物及办公废弃物。为减

少废弃物，我们倡导绿色办公环境，

鼓励员工使用电子文件代替列印，并

采用双面列印，尽量减少纸张消耗。我

们采用可重复使用的物品取代一次性

物品，尽可能减少一次性物品消耗。例

如，我们于办公室采用玻璃杯及金属

餐具取代即弃纸杯及餐具。

根据《中国固体废物污染环境防治

法》，我们已建立涵盖分类、收集、运

输及处理等流程的生活废弃物管理系

统。员工生活废弃物及办公废弃物等

无害废弃物分为可回收废弃物及不可

回收废弃物。不可回收废弃物由合资

格环卫公司按照经修订的法律及法规

定期收集。

资源使用

由于大部分能源消耗来自化石燃料，

能源消耗对我们的环境、经营成本及

能源供应和价格的变化产生直接影

响。开采、运送及加工处理化石燃料均

可能导致土地退化、水污染及大气污

染，且使用该等化石燃料将产生温室

气体，而温室气体正是导致气候变化

的主要原因。另一方面，尤其在干旱、

人口增长及工业需求增加等因素的压

力不断增加下，水正变成一项珍贵的

资源。因此，我们根据《中国节约能源

法》、《中国水法》及《中国矿产资源法》

的有关规定采纳了高效使用资源的政

策，以减低对环境的影响及提高资源

效益。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Various measures had ben implemented to encourage

energy saving. The results of the implementation

of energy-saving plans were linked with the

management’s anual performance apraisal. At our

CNG fueling stations, regular maintenance of motor

vehicles and trucks had ben conducted and LED

lights were used to enhance energy eficiency.

In ofices, eficient use of electrical apliances was

promoted to staf such as turning of lighting during

breaks and shuting down al apliances after ofice

hours. Some of our ofices had instaled temperature

guides for switching on air-conditioners only when the

temperature reached a pre-set level.

For water usage, measures such as eficient use

of water were promoted and comunicated to

staf. Water-eficient fixtures and fitings such as

showerheads, taps and hoses were instaled at some

operation sites. Given the nature of our busines,

sourcing water was not considered as a key isue for

the Group.

The Company was comited to managing al busines

operations with sensitivity to environmental protection.

We wil review our environmental protection practices

from time to time and wil continue to aply eco-friendly

measures and practices in our operations.

为了鼓励节约能源，我们采取了各项

措施。节能计划实施结果与管理层的

年度经营表现评估相关联。在压缩天

然气加气站，我们已定期维护汽车及

货车，亦使用LED灯，从而提高能源

效益。

在办公场所，我们鼓励员工提高电器

的使用效率，诸如休息期间关灯及下

班后关闭所有电器等。我们的一些办

公场所已经安装了温控指引，当温度

达到预先设定的水平时空调才会启动。

在用水方面，提升用水效率的措施已

实施并已向员工宣传。部分经营场所

已安装节水装置和配件，例如淋浴喷

头、水龙头和软管。鉴于我们的业务性

质，本集团并不将用水来源视为重大

事项。

本公司致力于管理所有业务经营单位

时保持对环境保护的敏锐触觉。我们

将不时审视我们的环境保护工作，且

继续在我们的经营中实施绿色生态环

境的措施和常规。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

CLIMATE CHANGE

Climate change has emerged as one of the hotest

isues acros the globe in recent years. In view of this,

we had raised awarenes of the risks and oportunities

facing the Group due to climate change. We had

integrated climate-related considerations into our risk

management system to identify the climate-related

risks that may impact the Group’s operations and

development. The identified climate-related risks and

coresponding actions taken to manage them were as

folows:

To achieve sustainable development, governments

around the world have sucesively formulated

climate-related regulations to suport the global

decarbonisation vision. The governments wil formulate

stricter policies and regulations to achieve carbon

neutrality. For example, the PRC and Hong Kong

governments have pledged to achieve carbon neutral

by 2060 and 2050 respectively. The transition to a

low-carbon society might lead to a significant impact

on the busines operations of the Group. As the

relevant governmental policies become more stringent,

the compliance and operational costs are expected

to increase. To mitigate the impact, we regularly

monitored existing and emerging trends of government

policies related to climate change, strengthened

comunication with regulatory authorities, adjusted our

risk management measures in a timely maner, and

improved the compliance and quality of our emisions

and climate change disclosures.

气候变化

气候变化近年成为全球最热门的议题

之一。有鉴于此，本集团已提高对气

候变化所衍生风险及机遇的认识。我

们已将气候相关因素纳入风险管理体

系，以识别可能影响本集团营运及发

展的气候相关风险。已识别的气候相

关风险及相应的管理措施如下：

为实现可持续发展，世界各国政府相

继制定气候相关法规，以支持全球减

碳愿景。政府将制定更严格的政策及

法规以实现碳中和。例如，中国及香港

政府分别承诺在2060年及2050年之前

实现碳中和。向低碳社会转型可能会

对本集团业务营运造成重大影响。随

著相关政府政策日趋严格，合规及营

运成本预计将会上升。为减轻影响，我

们定期监察气候变化相关政府政策的

现有及新兴趋势，加强与监管机构沟

通，及时调整风险管理措施，并提高排

放及气候变化披露的合规性及质量。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Furthermore, the increasing frequency and intensity of

extreme weather events such as typhons and heavy

rainfal, may cause damage to the Group’s properties

and disrupt the suply chain network. Extreme heat

and humidity may also afect the productivity of the

employes. The Gas Distribution and Logistics, in

particular, has a greater chance of being exposed

to these events. For example, extreme weather may

disrupt the logistics, leading to delays in the suply

of gas and potentialy damaging the fueling stations’

facilities, thus posing a threat to the operation of the

gas distribution busines. To adres these risks, we

had implemented various mitigation and adaption

measures. We had formulated operational procedures

such as safety management plans and environmental

management plans for diferent extreme weather

scenarios. We also closely monitored the latest

weather updates and folowed recomendations

from local governments to develop emergency

plans, strengthened warning forecasts and improved

emergency response. In adition, we maintained

property and employe insurance to protect the

interests of our Group and reduce potential financial

los.

ESG investment is becoming an increasingly

popular investment aproach as it involves greater

consideration of climate change and ESG-related

isues within the investment strategies of the

Company. Hence, investment decisions of the

Company may be afected and may have an adverse

influence on the financial performance of the Company.

As a responsible investor, particularly in the Securities

Busines, we aim to incorporate ESG aspects into

our analysis and investment decisions, and continue

to monitor the ESG performance of our investments.

We were comited to building a sustainable future by

investing in busineses with low polution or if posible,

even in ESG-focused firms.

We had integrated climate-related considerations into

our decision-making proceses and would actively

study and review the response measures to adres

the potential risks and oportunities of climate change

to ensure our busines remains resilient against

relevant climate risks in the future.

此外，台风和暴雨等极端天气事件的

频率及强度增加，可能会对本集团的

物业造成损害，并中断供应链网络。极

端高温及高湿度亦可能影响员工的生

产力。燃气配送及物流尤其容易受到

上述事件的影响；例如，极端天气可能

中断物流，导致燃气供应延误并可能

损坏加气站设施，继而对燃气配送业

务运作构成威胁。为应对相关风险，

我们已实施多项缓解及适应措施。我

们已针对不同极端天气情况制定营运

程序，例如安全管理计划及环境管理

计划。我们亦会密切监察最新天气动

态，并遵循当地政府的建议制定应急

计划、加强预警预报以及提高应变能

力。此外，我们已投购物业及雇员保

险，保障本集团利益之余，亦致在减少

潜在财务损失。

环境、社会及管治投资日渐成为流行

投资方式，而本公司的投资策略亦越

来越重视气候变化及环境、社会及管

治相关议题。因此，本公司的投资决策

或会受到影响，并可能对本公司的财

务表现构成不利影响。作为负责任的

投资者（尤其于证券业务方面），我们

的目标是将环境、社会及管治因素纳

入分析及投资决策，并持续监察旗下

投资的环境、社会及管治表现。我们致

力透过投资低污染业务以建立可持续

的未来，于可行情况下，甚至会考虑以

环境、社会及管治导向型企业为投资

对象。

我们已将气候相关因素纳入决策过

程，并将积极研究及审视应对气候变

化潜在风险及机遇的对策，确保旗下

业务日后能够抵御相关气候风险。

ENVIRONMENTAL KPIs 环境关键绩效指标	UNIT 单位	GAS DISTRIBUTION AND LOGISTICS 燃气配送及物流		PROPERTY, SECURITIES AND FINANCIAL SERVICES 物业、证券及金融服务
ENVIRONMENTAL KPIs 环境关键绩效指标	UNIT 单位	2025	2024	2025	2024
Emission 排放物
Nitrogen oxides 氮氧化物	Tonnes 吨	0.05	0.09	0.0038	0.0034
Sulphur oxides 硫氧化物	Tonnes 吨	0.00006	0.00014	0.00007	0.00007
Particulate matter 颗粒物	Tonnes 吨	0.01	0.01	0.00028	0.00025
Greenhouse gas emissions — Scope 1 温室气体排放 — 范围1	Tonnes 吨	12.15	37.13	12.64	12.59
Greenhouse gas emissions — Scope 2 温室气体排放 — 范围2	Tonnes 吨	252.96	376.96	18.09	19.96
Total greenhouse gas emissions 温室气体排放总量	Tonnes 吨	265.11	414.09	30.73	32.55
Sales volume 销量	10,000 Tonnes 10,000吨	0.65	0.84	N/A 不适用	N/A 不适用
Office area 办公室面积	Square Feet 平方呎	N/A 不适用	N/A 不适用	3,672	3,672
Total greenhouse gas emissions by sales volume 温室气体排放总量（按销量）	Tonnes/10,000 Tonnes 吨╱10,000吨	407.86	492.96	N/A 不适用	N/A 不适用
Total greenhouse gas emissions by office area 温室气体排放总量（按办公室面积）	Tonnes/Square Feet 吨╱平方呎	N/A 不适用	N/A 不适用	0.0084	0.0089

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

KEY PERFORMANCE INDICATORS —

ENVIRONMENTAL

Notes 1 and 6

关键绩效指标 — 环境

附注1及6

ENVIRONMENTAL KPIs 环境关键绩效指标	UNIT 单位	GAS DISTRIBUTION AND LOGISTICS 燃气配送及物流		PROPERTY, SECURITIES AND FINANCIAL SERVICES 物业、证券及金融服务		KPI Ref. 关键绩效指标参考
ENVIRONMENTAL KPIs 环境关键绩效指标	UNIT 单位	2025	2024	2025	2024
Wastes 废弃物
Hazardous waste Notes 2 and 3 有害废弃物附注2及3	Tonnes 吨	0.36	1.93	N/A 不适用	N/A 不适用	&
Non-hazardous waste Note 2 无害废弃物附注2	Tonnes 吨	12.18	21.25	N/A 不适用	N/A 不适用
Total wastes Note 2 废弃物总量附注2	Tonnes 吨	12.54	23.18	N/A 不适用	N/A 不适用
Sales volume 销量	10,000 Tonnes 10,000吨	0.65	0.84	N/A 不适用	N/A 不适用
Office area 办公室面积	Square Feet 平方呎	N/A 不适用	N/A 不适用	3,672	3,672
Total wastes by sales volume 废弃物总量（按销量）	Tonnes/10,000 Tonnes 吨╱10,000吨	19.29	27.60	N/A 不适用	N/A 不适用
Total wastes by office area Note 2 废弃物总量（按办公室面积）附注2	Tonnes/Square Feet 吨╱平方呎	N/A 不适用	N/A 不适用	N/A 不适用	N/A 不适用
Energy Consumption 能源消耗
Petrol 汽油	kWh 千瓦时	38,920	85,931	46,059	45,876
Diesel Note 4 柴油附注4	kWh 千瓦时	0	1,534	0	0
LPG Note 4 液化石油气附注4	kWh 千瓦时	0	43,384	0	0
Electricity 电力	kWh 千瓦时	579,645	660,986	30,148	30,240
Total energy consumption 能源消耗总量	kWh 千瓦时	618,565	791,835	76,207	76,116
Sales volume 销量	10,000 Tonnes 10,000吨	0.65	0.84	N/A 不适用	N/A 不适用
Office area 办公室面积	Square Feet 平方呎	N/A 不适用	N/A 不适用	3,672	3,672
Total energy consumption by sales volume 能源消耗总量（按销量）	kWh/10,000 Tonnes 千瓦时╱10,000吨	951,638	942,661	N/A 不适用	N/A 不适用
Total energy consumption by office area 能源消耗总量（按办公室面积）	kWh/Square Feet 千瓦时╱平方呎	N/A 不适用	N/A 不适用	21	21

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

ENVIRONMENTAL KPIs 环境关键绩效指标	UNIT 单位	GAS DISTRIBUTION AND LOGISTICS 燃气配送及物流		PROPERTY, SECURITIES AND FINANCIAL SERVICES 物业、证券及金融服务
ENVIRONMENTAL KPIs 环境关键绩效指标	UNIT 单位	2025	2024	2025	2024
Water Consumption 耗水量
Municipal water supplies Notes 5 市政供水附注5	Cubic Meter 立方米	1,973	5,043	N/A 不适用	N/A 不适用
Sales volume 销量	10,000 Tonnes 10,000吨	0.65	0.84	N/A 不适用	N/A 不适用
Office area 办公室面积	Square Feet 平方呎	N/A 不适用	N/A 不适用	3,672	3,672
Total water consumption by sales volume 耗水总量（按销量）	Cubic Meter/ 10,000 Tonnes 立方米╱10,000吨	3,035	6,004	N/A 不适用	N/A 不适用
Total water consumption by office area Note 5 耗水总量（按办公室面积）附注5	Cubic Meter/ Square Feet 立方米╱平方呎	N/A 不适用	N/A 不适用	N/A 不适用	N/A 不适用

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Notes:

1. Environmental KPIs in this data table reflected the data for the reporting

periods from 1 April 2024 to 31 March 2025 under the 2025 column and

from 1 April 2023 to 31 March 2024 under the 2024 column respectively.

2. The Group considered the hazardous or non-hazardous waste generated

from the operation of the Property, Securities and Financial Services

Busineses to be imaterial and therefore no disclosure was made for

these KPIs and was marked as not aplicable (“N/A”) in the table.

3. The decrease in hazardous waste for the Gas Distribution and Logistics

was mainly due to a reduction in the scale of machinery maintenance at

fueling stations.

4. The Gas Distribution and Logistics had transitioned its vehicle flet for

busines operations from diesel and LPG-powered vehicles to petrol-

powered vehicles. As a result, the energy consumption of diesel and LPG

was zero during the Reporting Period.

5. The water suply and discharge for the ofice premises of the Property,

Securities and Financial Services Busineses were managed by the

building’s property management. As a result, this data was not available

to the Group. The Group considered the water consumption for the ofice

premises to be imaterial and therefore no disclosure was made and was

marked as N/A in the table.

6. The Company’s busines activities had no environmental impact regarding

packaging material for finished products and therefore no relevant KPI

was disclosed in the table.

附注：

1. 本数据表内的环境关键绩效指标分别反映于2025

栏目下2024年4月1日至2025年3月31日及于2024

栏目下2023年4月1日至2024年3月31日报告期的

数据。

、证券及金融服务业务营运中产

生的有害或无害废弃物并不重大，因此该等关键

绩效指标未作披露并已于上表标示为不适用（「不

适用」）。

3. 燃气配送及物流的有害废弃物减少主要由于加油

站机器维护规模缩小所致。

4. 燃气配送及物流已将其业务营运车队由柴油及液

化石油气车辆转为汽油车辆。因此，于报告期内，

柴油及液化石油气的能源消耗为零。

、证券及金融服务业务的办公场所供水及排

水均由大厦物业管理公司负责。因此，本集团无法

取得相关数据。本集团认为该等办公场所的耗水

量并不重大，因此未作披露并已于上表标示为不

适用。

6. 本公司业务活动并无造成制成品包装材料方面的

环境影响，故上表未有披露相关键绩效指标。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

SOCIAL

Credibility and reputation are invaluable asets for the

Company which operates in diverse economic, social

and cultural contexts. Therefore, we have developed

comon principles, values and responsibilities that

guide our relations with the market, the comunities in

which we operated, the people who work with us and

al those who have a legitimate interest in our activities.

In social context, the Company wil maintain the

folowing core values:

Genuine

We are sincere, trustworthy and reliable.

Operating with integrity, being ethical and respecting

others is at the heart of the Company’s culture.

Involved

We are inclusive, open and actively engaged with our

customers, partners, employes and the comunities

we serve.

People are our greatest aset.

Exceptional

We are comited to creating exceptional experiences

that delight our employes and customers.

These core values reflect the importance that

the Company ataches to the integrity, respect,

responsibility, competence and safety in carying out

our busines.

社会

可信度和商誉是本公司在多元经济、

社会、文化营运下的无价资产。因此我

们制定了用以指导我们与市场、营运

所在社区、同事以及那些于我们业务

活动中拥有合法权益的所有持份者的

关系的共同准则、价值和责任。

在社会领域下，本公司将坚持以下核

心价值：

真诚

我们真诚、可靠及值得信赖。

诚信经营、崇尚道德和尊重他人是本

公司文化的中心。

包容

我们以包容、开放和积极的态度来接

待我们的客户、合作伙伴、雇员和服务

的社区团体。

人是我们最大的财富。

杰出

我们承诺创造一个使自己的雇员和客

户感到欣慰的出色体验。

这些核心价值反映了本公司以重视诚

实、尊重、责任、能力和安全的态度来

经营业务。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

EMPLOYMENT

We believed that focusing on talent management and

emphasising staf engagement would in turn drive the

growth of our busines. Meanwhile, we had established

policies to regulate compensation and dismisal,

recruitment and promotion, working hours, rest

periods, equal oportunity, diversity, anti-discrimination

and other benefits and welfare in acordance with laws

and regulations such as:

, Cap. 57, Laws of

Hong Kong;

’ Compensation Ordinance, Cap.

282, Laws of Hong Kong;

, Cap. 608, Laws of

Hong Kong;

, Cap. 480, Laws

of Hong Kong;

, Cap. 487,

Laws of Hong Kong;

, Cap.

527, Laws of Hong Kong;

, Cap. 602,

Laws of Hong Kong;

;

;

;

;

• the Law of the PRC on the Protection of Disabled

Persons; and

• the Law of the PRC on the Protection of Rights

and Interests of Women.

雇佣

我们坚信重视杰出的管理层和强调员

工参与会带来业务的增长。同时，我们

根据以下法律及法规，制定了相关政

策来规定薪酬及解雇、招聘及晋升、

工作时间、休假时间、平等机会、多

元化、反歧视及其他的待遇和福利，

例如：

《雇佣条例》；

《雇员补偿条例》；

《最低工资条例》；

《性别歧视条例》；

《残疾歧视条例》；

《家庭岗位歧视

条例》；

《种族歧视条例》；

《中国劳动法》；

《中国劳动合同法》；

《中国社会保险法》；

《最低工资规定》；

《中国残疾人保障法》；及

《中国妇女权益保障法》。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In practice, a performance-based remuneration and

apraisal system had ben adopted to ensure fair

pay for our employes and to atract and retain talent.

Our Group ofered a competitive salary, which was

asesed regularly to reflect the market trends from

time to time. Other than salary, regular staf welfare and

benefits such as social insurance, statutory holidays,

maternity and breastfeding leaves, high temperature

subsidies, meal alowance, and comunication

alowance, had also ben provided. The salaries and

fringe benefits of employes were confidential and

disclosure of salary package was strictly protected. In

adition, we strived to create a harmonious working

environment for employes through the organisation of

various activities such as festive and social functions,

volunter work and team sports events for employes

and their families.

During the Reporting Period, there was no material

non-compliance with aplicable laws and regulations

relating to employment that could have a significant

impact on the Group.

HEALTH AND SAFETY

We recognised the importance of ocupational health

and safety, and endeavoured to provide a safe working

environment for our staf by encouraging safety

practices and enhancing their awarenes through

regular training and safety drils.

Ocupational health and safety policies were

established in acordance with relevant laws and

regulations such as:

Cap. 509, Laws of Hong Kong;

;

• the Law of the PRC on Prevention and Treatment

of Ocupational Diseases;

; and

• the Technical Specification for Dust and Poison

Prevention in Urban Gas Industry.

在实践中，我们采用以工作表现为基

础的薪酬和考核体系，以确保员工得

到公平报酬并吸引和留住优秀人才。

本集团提供具竞争力的工资，并定期

评估以反映不时的市场趋势。除了工

资，我们还提供常规的员工福利和待

遇如社会保险、法定假日、产假、哺乳

假、高温补贴、膳食津贴及通讯津贴。

员工的工资及附加福利将保密处理，

严禁披露薪酬方案。此外，我们亦为

员工及其家属组织节日和社交活动、

志愿者工作及团队体育赛事等各种活

动，努力为员工创造和谐的工作环境。

于报告期内，概无发生涉及雇佣相关

适用法律及法规并可能对本集团产生

重大影响的重大违规事项。

健康与安全

我们认识到职业健康与安全的重要

性，并致力于为员工提供一个安全的

工作环境，鼓励安全操作并通过定期

培训和安全演练来增强员工的安全

意识。

我们根据以下相关法律及法规制定了

有关职业健康与安全的政策，例如：

《职业安全及健

康条例》；

《中国安全生产法》；

《中国职业病防治法》；

《中国消防法》；及

《城镇燃气行业防尘防毒技术规范》。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In respect of the Gas Distribution and Logistics, various

measures had also ben employed to ensure health

and safety of our employes. Our ports and logistics

operations had set up their safety comites or

supervision departments to conduct comprehensive

supervision and management of work safety with a

view to complying with the relevant national laws,

regulations and mandatory standards. Regular

training and drils on safety and fire were organised,

particularly the training and drils in CNG distribution

and logistics busines. At the CNG fueling stations,

safety inspections were caried out on a regular basis

to prevent safety acidents. Moreover, al employes

were required to be licenced for engaging in specialty

works (such as those at our CNG fueling stations).

Anual health examinations and sport activities had

also ben aranged to promote god health and wel-

being.

In adition to providing a healthy and safe working

environment, the Group also paid close atention to

the mental health of its employes. By actively listening

to employes’ concerns and sharing developmental

outcomes, the Group fostered a suportive

atmosphere. This aproach not only strengthened

coleague bonds but also encouraged employes to

sek help for work-related stres or mental health

isues, thereby positively influencing the working

culture of the Group over time.

Furthermore, although the impact of the pandemic was

gradualy diminishing, preventive measures against

infectious diseases had ben established as standard

operating procedures of the Group. We performed

ofice cleaning and disinfection regularly, educated

employes on proper hygiene practices, raised our

employes’ awarenes of personal hygiene in the ofice

by encouraging frequent handwashing and maintaining

cleanlines at desks and workspaces. Employes

were also advised to report any symptoms and sought

medical advice promptly if they felt unwel.

对燃气配送及物流而言，我们亦已采

取各项措施保障员工的健康及安全。

我们的港口及物流业务单位都已建

立安全委员会或安全监督部门，针对

安全生产进行全面的监督和管理，以

符合国家相关法律、法规及强制性标

准。业务单位亦定期组织有关安全和

消防方面的培训及应急演练，尤其是

有关压缩天然气分销及物流业务的培

训及应急演练。我们亦定期于压缩天

然气加气站进行安全检测，以防止安

全事故发生。此外，所有从事特殊工种

的员工（如于压缩天然气加气站工作的

员工）需持有相关证书执勤。业务单位

还提供年度健康体检及安排各项体育

运动来提高员工健康水平。

除了为员工提供健康安全的工作环

境外，本集团亦高度重视员工的心理

健康。通过积极聆听员工疑虑并分享

发展成果，本集团积极营造相互扶持

的氛围，不仅有助加强同事之间的联

系，同时亦可鼓励员工就应对工作相

关压力或心理健康问题寻求协助，从

而逐步为本集团的工作文化带来正面

影响。

此外，尽管疫情的影响正逐步消退，但

防范传染病的措施已成为本集团标准

作业程序。我们定期进行办公室清洁

及消毒，教育员工正确卫生习惯，鼓励

经常洗手并保持办公桌和工作空间的

清洁，以提高员工在办公室的个人卫

生意识。一旦抱恙，我们亦建议员工及

时报告症状并寻求医疗建议。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In acordance with the Employes’ Compensation

Ordinance, Cap. 282, Laws of Hong Kong, the Group

had maintained relevant insurance(s) to safeguard

the interests of its staf. During the Reporting Period,

there was no material non-compliance with aplicable

laws and regulations relating to ocupational health

and safety that could have a significant impact on the

Group.

DEVELOPMENT AND TRAINING

We believed that continuous staf training and

development were esential for enabling our employes

to discharge their duties and responsibilities efectively

and eficiently. Our training and development

programes included without limitation on-the-job

training, seminars conducted by internal and external

profesionals, etc. Employes, particularly those at

midle and senior levels, were encouraged to undertake

external training and profesional examinations.

We valued the importance in carer planing and

development for employes at al levels. We promoted

the on-the-job training which adresed the specific

neds of the duties and qualification requirements of

our employes, including topics such as ocupational

health and safety, quality control, technical skils,

environmental protection and anti-coruption. We also

ofered regular training and drils for employes at the

CNG fueling stations to kep them up-to-date with the

most recent safety practices in the Gas Distribution

and Logistics busines.

In adition to internal training programes, the Group

ensured the directors stay updated on the latest

regulatory requirements and corporate governance

practices. Aditionaly, employes were encouraged

to participate in continuous learning activities such

as seminars, workshops and conferences organised

by both governmental and profesional bodies. A

more detailed discusion on the training to directors

and senior management, as wel as certain training

programes that were part of our risk management

and internal control systems, were set out on pages 47

and 48 of the Anual Report.

根据香港法例第282章《雇员补偿条例》

，本集团已投购相关保险，保障员工

权益。于报告期内，概无发生涉及职业

健康及安全相关适用法律及法规并可

能对本集团产生重大影响的重大违规

事项。

发展及培训

我们坚信，为了让员工有效和高效地

履行职责和责任，持续的员工培训和

发展是必要的。我们的培训和发展项

目包括但不限于在职培训、由内部和

外部专家授课的讲座等。我们还鼓励

员工，尤其是中高层管理人员，参加外

部培训和专业考试。

我们重视各级员工的职业规划和发

展。我们加强在职培训以满足员工职

责及资质规定的具体需求，包括职业

健康与安全、质量控制、技术技能、环

境保护及反贪污等主题。我们亦为压

缩天然气加气站的员工提供定期培训

及演习，让其了解燃气配送及物流业

务的最新安全实务。

除内部培训计划外，本集团亦确保董

事可时刻紧贴最新的监管要求及企业

管治常规。此外，本集团亦鼓励员工参

加政府及专业机构组织的持续学习活

动，例如研讨会、工作坊及会议。有关

向董事及高级管理层提供培训以及属

于我们风险管理及内部监控系统一部

分的若干培训计划的进一步详情载于

年报第47及48页。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

LABOUR STANDARDS

We had established policies that strictly prohibited the

employment of child and forced labour. Employe’s

rights to working hours and leave entitlement complied

with relevant laws and regulations and had ben

promoted and comunicated to al staf, especialy to

new hires. The relevant laws and regulations included

but are not limited to:

, Cap.

57B, Laws of Hong Kong;

;

; and

• the Law of the PRC on the Protection of Minors.

In practice, the inspection of personal identity

documents of job aplicants was conducted at the

recruitment stage. Employment contracts that set out

the rights and responsibilities of both parties were

made with each employe. These contracts were

designed to prohibit al forms of child and forced labour

and to protect the rights of employes. The heads

of the busines units were required to comunicate

actual work arangements with management to

ensure employes had suficient rest time and to

reduce overtime work in busines operations. Under

no circumstances would we tolerate child and forced

labour. If any cases related to child and forced labour

were discovered, we would imediately terminate the

employment, cordinate an investigation into any non-

compliance identified, and take corective actions and

apropriate penalties to prevent such incidents from

ocuring again.

During the Reporting Period, there were no instances

of material non-compliance with aplicable laws and

regulations related to labour standards afecting the

Group. Furthermore, no cases of child and forced

labour were noted during the Reporting Period.

劳工准则

我们制定了严格杜绝聘用童工及任何

强制劳工的制度，并根据相关法律及

法规执行有关工作时间及休假等员工

权利，并告知员工，特别是新雇用的员

工。相关法律及法规包括但不限于：

《雇用儿童规例》；

《中国劳动法》；

《中国劳动合同法》；及

《中国未成年人保护法》。

在实践中，招聘阶段会查验求职者的

个人身份证件。与每名员工签订载列

双方权利及责任的雇佣合同，旨在禁

止一切形式的童工和强制劳工，保护

员工的权利。业务单位负责人需与管

理层沟通实际工作安排，确保员工有

充足的休息时间，减少业务运营中的

加班。在任何情况下，我们都不会容忍

童工及强制劳工。如果发现任何涉及

童工及强制劳工的案例，我们将立即

终止雇佣及协调查所发现的任何违

规行为，并采取纠正措施和给予适当

处罚以防止再次发生同类事故。

于报告期内，概无发生涉及劳工标准

相关适用法律及法规并对本集团造成

影响的重大违规事项。此外，报告期内

亦未发现任何童工及强制劳工情况。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

SUPLY CHAIN MANAGEMENT

We had established long-term and stable partnerships

with supliers who are recognised for their excelence,

fostering a sustainable suply chain. We believed that

high-quality and eficient services and products were

best provided through close coperative relationships

with our supliers. In respect of the Gas Distribution

and Logistics, our main supliers were upstream

gas supliers. In respect of the Property, Securities

and Financial Services Busineses, service providers

including securities brokers, legal and advisory

profesionals, and ofice equipment and hardware

maintenance providers were engaged on an as-neded

basis.

We recognised that proper management of our suply

chain could have a positive impact on our natural

and social environment. Therefore, we strived to

promote our environmental and social practices and

comunicate them with our partners along the suply

chain. Policies and procedures had ben established

in our procurement proces to select capable and

responsible supliers, managing environmental and

social risks within the suply chain.

Product quality and price were typical risks in the

suply chain that we monitored closely during our

asesment of environmental and social risk. In line

with our established policies and procedures, we

strictly controled the quality and price of materials

from supliers during the gods aceptance proces.

A list of qualified supliers was maintained to ensure a

reliable source of raw materials. For example, our Gas

Distribution and Logistics upheld quality standards

for incoming CNG by obtaining quality inspection

certificates from the supliers on a regular basis.

During the Reporting Period, there were no significant

incidents and iregularities related to busines ethics,

environmental protection, and employment practices

among our main supliers.

供应链管理

我们与优秀供应商建立长期稳定的

合作伙伴关系，借此打造可持续的供

应链。我们相信，通过与供应商密切

合作，我们可提供最优质及高效的服

务及产品。就燃气配送及物流而言，

我们的主要供应商为上游天然气供应

商。至于物业、证券及金融服务业务方

面，我们则因应需要聘请证券经纪、法

律顾问及办公设备及硬件维修等服务

供应商。

我们深明妥善管理供应链可为自然及

社会环境带来正面影响。因此，我们

致力于供应链上下推广环境及社会实

务，并与合作伙伴进行沟通。我们已针

对采购流程建立筛选有能力及负责任

供应商的政策及程序，负责管理供应

链相关环境及社会风险。

评估环境及社会风险时，我们密切监

控构成供应链典型风险的产品质量和

价格。根据既定政策及程序，我们在验

收过程中严格控制供应商提供的材料

质量和价格。我们备有合格供应商名

单，确保原材料来源的可靠性。例如，

燃气配送及物流定期向供应商索取压

缩天然气质量检验证书，以维护质量

标准。

于报告期内，主要供应商于商业道

德、环境保护及雇佣常规等方面并无

发生任何重大事故及违规行为。

蓝河控股有限公司 2025 年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

We were conscious of the social and environmental

risks in our suply chain, particularly their implications

on the environment and comunities where we

operated, and health and safety of our employes.

Hence, our suplier selection was considered not only

on general suplier aspects such as product quality,

price competitivenes, and production and delivery

capabilities, but also on environmental and social

aspects. A comprehensive evaluation on the new

supliers were undertaken by the Group to ensure

compliance with relevant laws and regulations and

our policies and standards. We conducted anual

asesments on al our curent supliers to ases their

performance and to ensure consistent adherence to

our standards, particularly on environmental protection

and the Code of Conduct (the “Code of Conduct”).

Besides, we had long prioritised sustainable sourcing

on product purchased with minimal environmental

impacts. This included selecting electrical equipment

with higher energy eficiency labels, grades 1 and 2,

and using clean and sustainable energy.

PRODUCT RESPONSIBILITY

We were comited to ofering products and services

that met high standards of safety, quality and reliability

as wel as these protecting our customers’ personal

data to uphold their trust in us.

Policies had ben established in acordance with

relevant laws and regulations such as:

, Cap. 486,

Laws of Hong Kong;

;

;

• the Law of the PRC on the Protection of

Consumer Rights and Interests; and

• the Regulation on the Administration of Urban

Gas.

我们深知供应链中存在社会和环境风

险，尤其对我们营运所在地的环境和

社区以及员工的健康与安全构成影

响。因此，我们在挑选供应商时不仅考

虑产品质量、价格竞争力及生产交付

能力等一般供应商因素，同时亦著眼

于环境及社会层面。本集团对新供应

商进行全面评估，确保其符合相关法

律及法规以及我们的政策及标准。我

们每年评估所有现有供应商，从而了

解其表现并确保其持续符合我们的标

准，尤其是环境保护及行为准则（「《行

为准则》」）。

此外，我们一直将可持续采购作为优

先考虑因素，倾向购买对环境影响较

小的产品，包括选择具有一、二级能效

标签的电器设备以及使用清洁可再生

能源。

产品责任

我们承诺提供高标准的安全、优质和

可靠的产品和服务，同时保护客户的

个人资料，以保持他们对我们的信任。

我们根据以下相关法律及法规制定政

策，例如：

《个人资料（私

隐）条例》；

《中国民法典》；

《中国产品质量法》；

《中国消费者权益保护法》；及

《城镇燃气管理条例》。

Blue River Holdings Limited 2025 Anual Report

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

In respect of the Gas Distribution and Logistics,

quality management teams were established within

our operations to conduct regular inspections, quality

analyses and sample checks on the products and

services provided.

The ultimate goal for the Securities Busines was

to deliver strong investment returns to shareholders

over the medium to long term. We had built a highly

qualified investment team dedicated to seking

profitable investment oportunities. When a potential

investment oportunity arose, the investment team

evaluated it thoroughly and criticaly to reduce

investment risks and safeguard the best interests of

the shareholders. In making investment decisions,

we adopted a responsible and prudent aproach to

balance profitability and risk.

In respect of the Financial Services Busines, we

strived to provide reliable and flexible loan solutions

to customers. Comprehensive information regarding

loan services, such as terms and conditions for loans

and colateral as wel as consequences of default,

was provided to customers, enabling them to make

wel-informed decisions. In adition, adhering to

our customer-oriented principle, we ofered prompt

responses and best asistance to our customers. Our

employes were wel-trained and posesed adequate,

up-to-date knowledge of credit financing, and we had

engaged a profesional legal adviser to review the

terms of loan contracts to ensure that the services

provided complied with al relevant regulations.

During the Reporting Period, there was no material

non-compliance with aplicable laws and regulations

relating to product responsibility that could have a

significant impact on the Group.

我们已就燃气配送及物流建立质量管

理团队，定期对提供的产品和服务进

行检查、质量分析及抽样检查。

证券业务的终极目标是在中长期为

股东创造强劲投资回报。我们已组建

一支高质素的投资团队，致力寻找有

利可图的投资机会。当潜在投资机会

涌现时，投资团队会进行全面深入评

估，力求降低投资风险并维护股东的

最佳利益。在作出投资决策时，我们

采取负责任及审慎原则，平衡利润与

风险。

至于金融服务业务方面，我们致力为

客户提供灵活可靠的贷款解决方案。

我们向客户提供详尽的贷款服务信息

（如贷款及抵押品条款及条件以及违约

后果），助其作出明智决定。此外，我

们秉持以客为本原则，给予客户及时

回应及适切协助。员工均经过专业培

训，拥有充分合时的信贷融资知识。我

们亦已委聘专业法律顾问审视贷款合

约条款，确保所提供的服务符合所有

SOCIAL KPIs 社会关键绩效指标	UNIT 单位	GAS DISTRIBUTION AND LOGISTICS 燃气配送及物流	PROPERTY, SECURITIES AND FINANCIAL SERVICES 物业、证券及金融服务	KPI Ref. 关键绩效指标参考
		2025	2024	2025	2024
Employment 雇佣
Total number of employees 总员工人数	person 人次	47	82	17	16
By gender 按性别划分	Male 男性	%	44.68	58.54	64.71	50.00
Female 女性	%	55.32	41.46	35.29	50.00
By employment type 按就业类型划分	Monthly Paid Permanent Staff 月薪长期员工	%	85.11	87.80	100.00	100.00
Monthly Paid Contract Staff 月薪合约员工	%	14.89	10.98	0	0
Daily Paid Staff 日薪员工	%	0	1.22	0	0
By age group 按年龄组别划分	Under 30 years old 30岁以下	%	0	0	0	0
30–50 years old 30至50岁	%	57.45	73.17	47.06	37.50
Over 50 years old 50岁以上	%	42.55	26.83	52.94	62.50
By geographical region 按地区划分	Mainland China 中国内地	%	100.00	100.00	0	0
Hong Kong 香港	%	0	0	100.00	100.00
Total turnover rate of employees Note 2 员工总流失率附注2	%	25.53	10.98	41.18	56.25
By gender 按性别划分	Male 男性	%	28.57	8.33	45.45	62.50
Female 女性	%	23.08	14.71	33.33	50.00
By age group 按年龄组别划分	Under 30 years old 30岁以下	%	N/A 不适用	N/A 不适用	N/A 不适用	N/A 不适用
30–50 years old 30至50岁	%	7.41	10.00	25.00	83.33
Over 50 years old 50岁以上	%	50.00	13.64	55.56	40.00
By geographical region 按地区划分	Mainland China 中国内地	%	25.53	10.98	N/A 不适用	N/A 不适用
Hong Kong 香港	%	N/A 不适用	N/A 不适用	41.18	56.25

SOCIAL KPIs 社会关键绩效指标	UNIT 单位	GAS DISTRIBUTION AND LOGISTICS 燃气配送及物流	PROPERTY, SECURITIES AND FINANCIAL SERVICES 物业、证券及金融服务	KPI Ref. 关键绩效指标参考
		2025	2024	2025	2024
Health and Safety 健康与安全
Number of work-related fatalities Note 3 因工死亡人数附注3	person 人次	0	0	0	0
Rate of work-related fatalities Note 3 因工死亡比率附注3	%	0	0	0	0
Number of lost days due to work injury 因工伤损失的工作天数	day 天数	0	0	0	0
Average lost days per case due to work injuries 每宗工伤事件的平均损失天数	day 天数	0	0	0	0
Development and Training 发展及培训
Percentage of employees trained 受训员工百分比	%	100.00	100.00	17.65	N/A 不适用
By gender 按性别划分	Male 男性	%	45.83	58.54	66.67	N/A 不适用
Female 女性	%	54.17	41.46	33.33	N/A 不适用
By employee level 按雇员级别划分	Executive management 行政管理人员	%	6.25	6.10	100.00	N/A 不适用
Middle management 中级管理人员	%	10.42	18.29	0	N/A 不适用
General staff 一般员工	%	83.33	75.61	0	N/A 不适用
Average training hours per employee 每名雇员的平均受训时数	hour 时数	0.19	0.83	2.53	N/A 不适用
By gender 按性别划分	Male 男性	hour 时数	0.19	1.00	2.45	N/A 不适用
Female 女性	hour 时数	0.18	0.60	2.67	N/A 不适用
By employee level 按雇员级别划分	Executive management 行政管理人员	hour 时数	0.30	2.36	10.75	N/A 不适用
Middle management 中级管理人员	hour 时数	0.07	1.89	0	N/A 不适用
General staff 一般员工	hour 时数	0.21	0.45	0	N/A 不适用
Supply Chain Management 供应链管理
By geographical region 按地区划分	Mainland China Note 4 中国内地附注4	supplier 供应商	12	28	N/A 不适用	N/A 不适用
Hong Kong Note 4 香港附注4	supplier 供应商	0	0	N/A 不适用	N/A 不适用
Product Responsibility 产品责任
Number of complaints received 接获投诉宗数	case 宗数	0	1	0	0

Notes:

1. Social KPIs in this data table reflected the data for the reporting periods

from 1 April 2024 to 31 March 2025 under the 2025 column and from

1 April 2023 to 31 March 2024 under the 2024 column respectively.

2. The increase in the employe turnover rate for the Gas Distribution and

Logistics was atributed to the closure of a CNG fueling station, resulting

in the departure of its asociated employes.

3. The Group had no work-related fatalities in the past thre years.

4. The service providers of the Property, Securities and Financial Services

Busineses were not considered as part of our suply chain and therefore

no specific number of supliers was identified. Therefore, this KPI was

marked as N/A in the table.

5. The Gas Distribution and Logistics had no product subject to recal

for safety and health reasons. As a service company for the Property,

Securities and Financial Services Busineses, we did not sel products

subject to recal for safety and health reasons. Therefore, no relevant KPI

was disclosed in the table.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

The directors had pleasure in presenting their

anual report and the audited consolidated financial

statements of Blue River Holdings Limited (the “Company”)

and its subsidiaries (colectively refered to as the “Group”)

for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company.

The activities of its principal subsidiaries and asociates

as at 31 March 2025 were set out in Note 46 to the

consolidated financial statements.

BUSINES REVIEW

The busines review was set out on pages 8 to 28 of

this anual report.

RESULTS AND APROPRIATIONS

The results of the Group and apropriations of the

Company for the year ended 31 March 2025 were

set out in the consolidated income statement on

pages 139 and 140 of this anual report and in the

acompanying notes to the consolidated financial

statements.

No interim dividend for the year ended 31 March 2025

was declared during the year (2024: Nil).

The directors had resolved not to recomend for

shareholders’ aproval the payment of any final

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

董事欣然提呈Blue River Holdings Limited

蓝河控股有限公司（「本公司」）及其附

属公司（统称「本集团」）截至2025年3月

31日止年度之年报及经审核综合财务

报表。

主要业务

本公司为一间投资控股公司。

本公司的主要附属公司及联营公司于

2025年3月31日之业务载列于综合财

务报表附注46。

业务审视

业务审视载列于本年报第8至28页。

业绩及利润分配

截至2025年3月31日止年度本集团之

业绩及本公司之利润分配载列于本年

报第139及140页之综合收益表及连带

之综合财务报表附注。

于年内，本公司并无宣派截至2025年3

月31日止年度之中期股息（2024：无）。

董事已议决不建议股东批准派付截至

2025年3月31日止年度之任何末期股

息（2024：无）。

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

主要客户及供应商

截至2025年3月31日止年度，本集团

来自五大客户之收入占本集团收入约

65%，而其中来自最大客户之收入约

为64%。本集团从五大供应商之购货量

占本集团总购货量约98%，而其中从最

大供应商之购货量约为79%。

就董事所知，截至2025年3月31日止年

度，董事及彼等之紧密联系人（按《香

港联合交易所有限公司证券上市规则》

（「《上市规则》」）所界定）或据董事所知

拥有本公司股本逾5%之股东概无在本

集团任何五大客户及╱或五大供应商

中拥有权益。

流动资金及资本来源

本集团现时设有多项融资信贷额以应

付其营运资金所需。于2025年3月31

日，本集团之借款总额约为91,051,000

港元，须按要求偿还或于一年内偿还。

于2025年3月31日，现金、银行结存及

存款为约21,581,000港元。于2025年3

月31日，本集团之流动比率（计算方法

为流动资产总值除以流动负债总额）为

0.75，而资本负债比率（计算方法为借

款总额除以本公司拥有人应占权益）则

为0.11。

股本

年内本公司已发行股本变动之详情载

于综合财务报表附注35。

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, revenue from

the Group’s five largest customers acounted for

aproximately 65% of the Group’s revenue and

revenue from the largest customer included therein

amounted to aproximately 64%. Purchases from

the Group’s five largest supliers acounted for

aproximately 98% of the Group’s total purchases and

purchases from the largest suplier included therein

amounted to aproximately 79%.

As far as the directors were aware, none of the

directors and their close asociates within the meaning

of the Rules Governing the Listing of Securities on The

Stock Exchange of Hong Kong Limited (the “Listing

Rules”), or those shareholders who to the knowledge of

the directors owned more than 5% of the Company’s

share capital, had an interest in any of the five largest

customers and/or five largest supliers of the Group for

the year ended 31 March 2025.

LIQUIDITY AND CAPITAL RESOURCES

The Group curently maintained a variety of credit

facilities to met its working capital requirements.

As at 31 March 2025, the Group’s total borowings

amounted to aproximately HK$91,051,000 repayable

on demand or within one year. Cash, bank balances

and deposits as at 31 March 2025 amounted to

aproximately HK$21,581,000. The Group’s curent

ratio (calculated as total curent asets divided by total

curent liabilities) was 0.75 and the gearing ratio (calculated

as total borowings divided by equity atributable to

owners of the Company) was 0.11 as at 31 March

2025.

SHARE CAPITAL

Details of movements in the isued share capital of the

Company during the year were set out in Note 35 to

the consolidated financial statements.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

股息政策

本公司董事局（「董事局」）已采纳股息

政策，惟并无预定派息率。于考虑派付

股息时，应于保持足够资本储备以供

本集团业务的未来发展之用与允许股

东分享本公司的溢利之间取得平衡。

于考虑是否宣派及派付股息时，董事

局亦将考虑（其中包括）以下因素：

(a) 本集团之实际及预期财务表现；

(b) 本集团之保留溢利及可供分派

储备；

之水平，以及本集团贷款人可能施

加之合适财务契诺；

(d) 本集团贷款人可能就派付股息而

施加之任何限制；

(e) 本集团之预期营运资金需求及未

来扩张计划；

(f) 可能对本集团业务或财务表现及

状况有影响之整体经济状况、本

集团之业务周期及其他内外部因

素；及

(g) 任何董事局认为合适之其他因素。

本公司宣派及派付股息亦须遵守所有

适用法律及法规，包括百慕达法例及

本公司之公司细则。

董事局将持续检讨股息政策。

DIVIDEND POLICY

The board of directors of the Company (the “Board”)

had adopted a dividend policy with no pre-determined

dividend distribution ratio. In considering payment

of dividends, there shal be a balance betwen

maintaining suficient capital reserves for future growth

of the busines of the Group and alowing shareholders

to participate in the Company’s profits.

The Board shal also take into acount, among other

things, the folowing factors when considering the

declaration and payment of dividends:

(a) the actual and expected financial performance of

the Group;

(b) retained profits and distributable reserves of the

Group;

return on equity and the aplicable financial

covenants that may be imposed by the Group’s

lenders;

(d) any restrictions on payment of dividends that may

be imposed by the Group’s lenders;

(e) the Group’s expected working capital

requirements and future expansion plans;

(f) general economic conditions, cycle of the Group’s

busines and other internal or external factors that

may have an impact on the busines or financial

performance and position of the Group; and

(g) any other factors that the Board dems

apropriate.

The declaration and payment of dividends by the

Company is also subject to compliance with al

aplicable laws and regulations including the laws of

Bermuda and the Company’s bye-laws.

The Board wil continualy review the dividend policy.

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

股份激励计划

股份奖励计划

(1) 目的

根据本公司股东于2021年5月3日

（「采纳日期」）举行之股东特别大会

上通过之一项普通决议案，本公司

已采纳股份奖励计划（「股份奖励

计划」）。股份奖励计划之具体目标

为：(i)表彰若干合资格参与者作出

之贡献并向彼等提供奖励，以挽留

彼等作为本集团之持续经营及发

展（尤其是于本集团不时经营之主

要业务方面）所需；及(i)提升本集

团之竞争力，以吸引及╱或挽留能

够为本集团之持续经营、增长及发

展（尤其是于本集团不时经营之主

要业务方面）作出贡献之合适人士

或专业人士。

(2) 参与者

董事局全权酌情认为已对或可能

会对本集团之持续经营、增长及

发展（尤其是于本集团不时经营之

主要业务方面）作出贡献之本集团

任何成员公司之任何雇员（不论是

全职或兼职）、行政人员或高级职

员、董事（包括任何执行董事、非

执行董事及独立非执行董事）及高

级管理层均为股份奖励计划之合

资格参与者。

(3) 可供发行的股份总数

根据股份奖励计划可予发行之奖

励股份最高数目将为本公司于采

纳日期之已发行股本10%（「股份奖

励计划授权限额」），即110,391,611

股份。董事局可在不影响股份奖

励计划整体运作之情况下，不时全

权酌情按董事局可能全权酌情厘

定之有关数目以及有关条款及条

件向合资格参与者授出奖励股份。

SHARE INCENTIVE SCHEMES

Share Award Scheme

(1) Purpose

Pursuant to an ordinary resolution pased by

the shareholders of the Company at its special

general meting held on 3 May 2021 (the “Adoption

Date”), the Company adopted a share award

scheme (the “Share Award Scheme”). The specific

objectives of the Share Award Scheme are (i) to

recognise the contributions by certain eligible

participants and to provide them with incentives

in order to retain them for the continual operation

and development of the Group, particularly in

respect of the principal busines of the Group

from time to time; and (i) to enhance the Group’s

competitivenes in atracting and/or retaining

suitable personel or profesionals who are

capable of making contributions to the continual

operation, growth and development of the Group,

particularly in respect of the principal busines of

the Group from time to time.

(2) Participants

Eligible participants under the Share Award

Scheme are any employe (whether ful time or

part time), executive or oficers, directors (including

any executive director, non-executive director and

independent non-executive director) and senior

management, of any member of the Group, who,

in the sole discretion of the Board, has contributed

or may contribute to the continual operation,

growth and development of the Group, particularly

in respect of the principal busines of the Group

from time to time.

(3) Total number of shares available for isue

The maximum number of awarded shares that

may be isued pursuant to the Share Award

Scheme would be 10% of the isued share

capital of the Company at the Adoption Date

(the “Share Award Scheme Mandate Limit”),

being 110,391,611 shares. The Board may from

time to time at its absolute discretion to grant

the awarded share(s) to the eligible participant(s)

without afecting the operation of the Share Award

Scheme in general and in such number and

subject to such terms and conditions as the Board

may in its absolute discretion determine.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

在任何时候须受限于股份奖励计

划授权限额，相等于本公司股东在

股东大会上批准特别授权当日本

公司已发行股本3%之限额，为自

本公司股东大会日期起至以下较

早者为止可发行之奖励股份最高

数目（「年度限额」）：(a)本公司下届

股东周年大会结束时；(b)公司细则

或任何适用法例规定本公司须举

行下届股东周年大会之期间届满

时；及(c)本公司股东于股东大会上

撤回或修改批准时。

董事局于2021年9月3日举行之股

东周年大会（「2021年股东周年大

会」）上获本公司股东授权之年度

限额为33,117,483股份，相等于

本公司于2021年股东周年大会日

期之已发行股本之3%。

自采纳日期以来，概无根据股份奖

励计划授出或分配股份。本公司未

有于2024年8月28日举行的股东周

年大会上更新年度限额，故于本报

告日期，本公司无权根据股份奖励

计划授出任何股份。本公司不得授

出股份，直至更新年度限额于股东

大会上获本公司股东批准为止。股

份奖励计划项下并无设定任何服

务供应商分限额。

(4) 各参与者的最高配额

董事局所挑选参与股份奖励计划

的合资格参与者（「选定承授人」）

可获授的最高股份总数不得超过

本公司不时已发行股本的1%。

Subject always to the Share Award Scheme

Mandate Limit, a limit equal to 3% of the

Company’s isued share capital as at the date

on which the specific mandate is aproved by

the shareholders of the Company at the general

meting as the maximum number of awarded

shares which can be isued (the “Anual Limit”)

from the date of such general meting of the

Company to the earliest of (a) the conclusion of

the next anual general meting of the Company;

(b) the expiration of the period within which the

next anual general meting of the Company is

required by its bye-laws or any aplicable law to

be held; and (c) the revocation or variation of the

aproval by members of the Company in general

meting.

The Board was authorised by the shareholders of

the Company at the anual general meting held

on 3 September 2021 (the “2021 AGM”) for the

Anual Limit of 33,117,483 shares, being equal to

3% of the Company’s isued share capital as at

the date of the 2021 AGM.

No share had ben granted or alocated under

the Share Award Scheme since the Adoption

Date. The Anual Limit had not ben refreshed

by the Company at the anual general meting

held on 28 August 2024, thus the Company is

not entitled to grant any shares under the Share

Award Scheme as at the date of this report.

The Company may not grant share until the

refreshment of the Anual Limit is aproved by

the shareholders of the Company at a general

meting. No service provider sublimit was set

under the Share Award Scheme.

(4) Maximum entitlement of each participant

The maximum agregate number of shares which

can be granted to an eligible participant selected

by the Board to participate in the Share Award

Scheme (the “Selected Grante”) shal not exced 1%

of the isued share capital of the Company from

time to time.

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

（如有）

董事局有权按其全权酌情认为合

适，就奖励股份归属选定承授人施

加任何条件（包括但不限于选定承

授人可根据股份奖励计划行使奖

励股份之归属期、根据股份奖励计

划授出股份的归属期）。

(6) 付款及接纳期间

选定承授人毋须就接纳奖励作出

任何付款，相关认购价将由本公司

支付。

（如有）的基准

由于选定承授人毋须付款，有关厘

定股份奖励计划中奖励股份的购

买价的基准并不适用。

(8) 余下期间

股份奖励计划将自采纳日期起计

十年内有效及生效。股份奖励计划

将于采纳日期起计十周年当日或

董事局决定的提前终止日期（以较

早者为准）终止，惟有关终止不得

影响选定承授人的任何现有权利。

于2024年9月30日，董事局议决根

据于2021年5月3日采纳之股份奖

励计划相关规则（「股份奖励计划

规则」）终止股份奖励计划。由于自

采纳日期以来并无根据股份奖励

计划授出或配发任何股份，故有关

提前终止并无影响选定承授人的

任何现有权利。

于2024年9月30日提前终止股份奖

励计划后及于2025年3月31日，本

公司或其任何主要附属公司并无

任何根据《上市规则》第17章涉及

发行新股份的计划。

, if any

The Board is entitled to impose any condition(s)

as it dems apropriate in its absolute discretion

with respect to the vesting of the awarded shares

on the Selected Grante (including without

limitation the vesting period within which the

shares awarded may be exercised by the Selected

Grante under the Share Award Scheme, the

vesting period of the shares granted under the

Share Award Scheme).

(6) Payment and period for aceptance

Selected Grantes are not required to make any

payment to acept an award and the relevant

subscription price wil be paid by the Company.

(7) Basis for determining the purchase price of

shares awarded, if any

As no payment is required to be made by the

Selected Grantes, the basis of determining the

purchase price of share awarded in the Share

Award Scheme is not aplicable herein.

(8) Remaining life

The Share Award Scheme would be valid and

efective for ten years comencing on the

Adoption Date. The Share Award Scheme shal

terminate on the earlier of the 10

aniversary

date of the Adoption Date or such date of

early termination as determined by the Board

provided that such termination shal not afect any

subsisting rights of the Selected Grantes.

The Board resolved, on 30 September 2024,

that the Share Award Scheme were terminated

pursuant to the rules relating to Share Award

Scheme (the “Share Award Scheme Rules”)

adopted on 3 May 2021. Such early termination

did not afect any subsisting rights of the Selected

Grantes as no share had ben granted or aloted

under the Share Award Scheme since its Adoption

Date.

Upon early termination of the Share Award

Scheme on 30 September 2024 and as at 31

March 2025 respectively, the Company or any of

its principal subsidiaries did not have any scheme

involving isue of new shares under Chapter 17 of

the Listing Rules.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

购股权计划

于2012年9月10日，本公司采纳一项

购股权计划（「2012年购股权计划」），

2012年购股权计划已于2022年9月9日

届满。于2025年3月31日，概无根据

2012年购股权计划授出而尚未行使之

购股权。

关连交易

截至2025年3月31日止年度，本集团并

无订立任何构成关连交易或持续关连

交易而须遵守《上市规则》第十四A章项

下申报规定的交易。

关联人士交易

有关联人士交易之详情载于综合财

务报表附注44。概无关联人士交易构

成《上市规则》之关连交易。

管理合约

截至2025年3月31日止年度，概无订立

或存在有关本公司任何业务全部或任

何重大部分的管理及行政之合约。

股票挂钩协议

除于「股份激励计划」一节所披露者

外，于年内或年结时，本公司并无订立

将导致或可能导致本公司发行股份或

要求本公司订立任何将导致或可能导

致本公司发行股份之协议之股票挂钩

协议。

Share Option Scheme

On 10 September 2012, the Company adopted

a share option scheme (the “2012 Share Option

Scheme”) which expired on 9 September 2022. There

were no outstanding share options granted under the

2012 Share Option Scheme as at 31 March 2025.

CONECTED TRANSACTIONS

The Group did not enter into any transactions which

constituted conected transactions or continuing

conected transactions that were subject to reporting

requirements under Chapter 14A of the Listing Rules

during the year ended 31 March 2025.

RELATED PARTY TRANSACTIONS

Details of the related party transactions were set out

in Note 44 to the consolidated financial statements.

Those related party transactions did not constitute

conected transactions under the Listing Rules.

MANAGEMENT CONTRACT

No contracts concerning the management and

administration of the whole or any substantial part of

any busines of the Company were entered into or

existed during the year ended 31 March 2025.

EQUITY-LINKED AGREMENTS

Save as disclosed under the section headed “Share

Incentive Schemes”, no equity-linked agrements that

wil or may result in the Company isuing shares or

that require the Company to enter into any agrements

that wil or may result in the Company isuing shares

were entered into by the Company during the year or

subsisted at the end of the year.

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

购买股份或债券之安排

除上述披露之股份激励计划外，于年

内任何时间或年结时，本公司或其任

何附属公司概无订立任何安排而使本

公司董事可透过购入本公司或任何其

他法人团体之股份或债券而获得利益。

可供分派储备

于2025年3月31日，本公司可供分派

予股东之储备为约212,094,000港元

（2024：322,913,000港元）。

董事

于年内及截至本报告日期止，本公司

之董事如下：

执行董事

邝启成（「邝先生」）

（主席兼总裁）

柯伟俊（「柯先生」）

独立非执行董事

余仲良（「余先生」）

蓝章华（「蓝先生」）

Wiliam Nicholas Giles（「Giles先生」）

（自2025年1月17日起辞任）

刘简怡（「刘女士」）

（自2024年12月27日起获委任）

ARANGEMENTS TO PURCHASE

SHARES OR DEBENTURES

Other than the share incentive schemes disclosed

above, at no time during the year or at the end of

the year was the Company or any of its subsidiaries

a party to any arangements to enable the directors

of the Company to acquire benefits by means of the

acquisition of shares in, or debentures of, the Company

or any other body corporate.

DISTRIBUTABLE RESERVE

The Company’s reserve available for distribution

to shareholders as at 31 March 2025 amounted to

aproximately HK$212,094,000 (2024: HK$322,913,000).

DIRECTORS

The directors of the Company during the year and up

to the date of this report were:

Executive directors

Kwong Kai Sing, Beny (“Mr Kwong”)

(chairman and managing director)

Au Wai June (“Mr Au”)

Independent non-executive directors

Yu Chung Leung (“Mr Yu”)

Lam John Cheung-wah (“Mr Lam”)

Wiliam Nicholas Giles (“Mr Giles”)

(resigned with efect from 17 January 2025)

Liu Jianyi (“Ms Liu”)

(apointed with efect from 27 December 2024)

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

根据本公司公司细则之细则第84(1)条

及第84(2)条，邝先生及柯先生将于即

将举行之股东周年大会上轮值退任，

并符合资格且愿意重选连任。

经本公司提名委员会及薪酬委员会推

荐并获董事局批准，刘女士获委任为

本公司独立非执行董事，自2024年12

月27日起生效。根据本公司公司细则

之细则第83(2)条，刘女士之任期将直

至本公司下届股东周年大会为止，届

时符合资格膺选连任。

载有退任董事简历详情的通函将于

2025年7月29日前后寄发予本公司股

东，以协助股东就重选作出知情决定。

董事（包括独立非执行董事）须遵守本

公司之公司细则项下轮值退任之规

定，而其指定任期为约三年，有关详

情载列于本年报第46页之企业管治报

告内。

董事之服务合约

拟于即将举行之股东周年大会上重选

连任之董事并无与本集团订立本集团

于一年内不可在不予赔偿（法定赔偿除

外）的情况下终止之服务合约。

In acordance with bye-laws 84(1) and 84(2) of the

Company’s bye-laws, Mr Kwong and Mr Au wil retire

from ofice by rotation and, being eligible, wil stand for

re-election at the forthcoming anual general meting.

As recomended by the nomination comite and

the remuneration comite of the Company and

aproved by the Board, Ms Liu was apointed by as

an independent non-executive director of the Company

with efect from 27 December 2024. In acordance

with bye-laws 83(2) of the Company’s bye-laws, Ms Liu

wil hold ofice until the next folowing anual general

meting of the Company and shal then be eligible for

re-election.

The biographical details of the retiring directors wil

be set out in a circular, which shal be despatched to

shareholders of the Company around 29 July 2025 to

asist shareholders in making an informed decision on

their re-elections.

Directors (including independent non-executive

directors) are subject to retirement by rotation

requirements under the Company’s bye-laws, and they

were apointed for a specific term of aproximately

thre years, particulars of which are set out on page

46 of the Corporate Governance Report of this anual

report.

DIRECTORS’ SERVICE CONTRACTS

No director proposed for re-election at the forthcoming

anual general meting had a service contract with the

Group which was not determinable by the Group within

one year without payment of compensation (other than

statutory compensation).

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

董事及最高行政人员于股份、相

关股份及债券之权益及淡仓

于2025年3月31日，本公司各董事及

最高行政人员于本公司之股份及相关

股份中持有记录于根据《证券及期货条

例》（「《证券及期货条例》」）第352条须

予以备存之登记册内或根据《上市规

则》附录C3的上市发行人董事进行证

券交易的标准守则（「标准守则」）而须

另行知会本公司及香港联合交易所有

限公司（「联交所」）之权益及淡仓载列

如下：

附注：

。于

2025年3月31日，本公司董事及最高行政人员概无

于本公司股份及相关股份中持有任何淡仓。

，本公司之已发行股份总数为

1,040,946,114股。

,003,200股份。

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

SHARES, UNDERLYING SHARES AND

DEBENTURES

As at 31 March 2025, the interests and short positions

of each of the directors and the chief executive of the

Company in the shares and underlying shares of the

Company, as recorded in the register required to be

kept under section 352 of the Securities and Futures

Ordinance (the “SFO”) or as otherwise notified to the

Company and The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”) pursuant to the Model

Code for Securities Transactions by Directors of Listed

Isuers (the “Model Code”) as set out in Apendix C3

to the Listing Rules, are set out below:

Number of shares/underlying shares held

持有股份╱相关股份数目

(Note 附注1)

Name of director/

chief executiveCapacity

Personal

interests

Family

interests

Corporate

interests

Other

interestsTotal

Aproximate

% of isued

share capital

董事╱最高

行政人员姓名身份个人权益家族权益公司权益其他权益总数

占已发行

股本之

概约百分比

(Note 附注2)

Mr KwongBeneficial owner 93,003,200—93,003,2008.93%

邝先生实益拥有人(Note 附注3)

Notes:

1. Al the above interests in the shares and underlying shares of the

Company were long positions. None of the directors and the chief

executive of the Company held any short positions in the shares and

underlying shares of the Company as at 31 March 2025.

2. As at 31 March 2025, the Company’s total number of isued shares was

1,040,946,114.

3. Such interests held by Mr Kwong comprised 93,003,200 shares.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

除上文所披露者外，于2025年3月31

日，本公司董事或最高行政人员概无

于本公司或其任何相联法团（定义见

《证券及期货条例》第XV部）之股份、相

关股份或债券中持有任何记录于根据

《证券及期货条例》第352条须予备存之

本公司登记册内或根据标准守则而须

另行知会本公司及联交所之任何权益

或淡仓。

董事于竞争业务之权益

于2025年3月31日，除本集团业务外，

本公司董事概无在任何直接及间接与

本集团业务构成竞争或可能构成竞争

之业务拥有任何权益。

董事于重要交易、安排或合约中

之权益

除于综合财务报表内所披露者外，本

公司董事在本公司或其任何附属公司

于年结或年内任何时间订立之重要交

易、安排或合约中概无直接或间接拥

有重大权益。

Save as disclosed above, as at 31 March 2025, none

of the directors or the chief executive of the Company

had any interests or short positions in any shares,

underlying shares or debentures of the Company or

any of its asociated corporations (within the meaning

of Part XV of the SFO) as recorded in the register of the

Company required to be kept under section 352 of the

SFO or as otherwise notified to the Company and the

Stock Exchange pursuant to the Model Code.

DIRECTORS’ INTERESTS IN COMPETING

BUSINESES

As at 31 March 2025, none of the directors of the

Company was interested in any busines (apart from

the Group’s busineses) which competed or was likely

to compete, either directly and indirectly, with the

busineses of the Group.

DIRECTORS’ INTERESTS IN

TRANSACTIONS, ARANGEMENTS OR

CONTRACTS OF SIGNIFICANCE

Save as those disclosed in the consolidated financial

statements, no transaction, arangement or contract

of significance to which the Company or any of its

subsidiaries was a party and in which a director of the

Company had a material interest, whether directly or

indirectly, subsisted at the end of the year or at any

time during the year.

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

主要股东╱其他人士之权益及

淡仓

于2025年3月31日，就本公司董事及最

高行政人员所知，主要股东╱其他人士

于本公司股份及相关股份中持有记录

于根据《证券及期货条例》第336条须予

备存之登记册内之权益及淡仓如下：

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS/OTHER

PERSONS

As at 31 March 2025, so far as is known to the

directors and the chief executive of the Company,

the interests and short positions of the substantial

shareholders/other persons in the shares and

underlying shares of the Company as recorded in the

SFO are as folows:

Name of shareholderCapacity

Number

of shares/

underlying

shares held

Aproximate

% of

the isued

share capital

股东姓名╱名称身份

持有股份╱

6. Kenson拥有58,560,000股本公司股份。Kenson由

UW Holdings全资拥有，而UW Holdings由UW

Capital BVI全资拥有，UW Capital BVI则由UW

Capital Cayman全资拥有，UW Capital Cayman由

Enerchina全资拥有，而Enerchina则由威华达全资拥

有。因此，UW Holdings、UW Capital BVI、UW

Capital Cayman、Enerchina及威华达被视为于上述

Kenson持有之58,560,000股份中拥有权益。

Name of shareholderCapacity

Number

of shares/

underlying

shares held

Aproximate

% of

the isued

share capital

股东姓名╱名称身份

持有股份╱

Notes:

1. Al the above interests in the shares and underlying shares of the

Company were long positions.

2. As at 31 March 2025, the Company’s total number of isued shares was

1,040,946,114.

3. Such interests held by Mr Kitchel comprised 255,000,000 shares.

,260,000 shares of the Company comprised (a) 50,260,000 shares

held by a company which was 47.84% owned by PIL; and (b) 50,000,000

shares held by certain wholy owned subsidiaries of PIDL. PIL was wholy

owned by PIDL which was in turn 67% owned by Ms Lo.

5. Such interests held by Mr Kwong comprised 93,003,200 shares.

6. Kenson owned 58,560,000 shares in the Company. Kenson is wholy

owned by UW Holdings which is wholy owned by UW Capital BVI.

UW Capital BVI is wholy owned by UW Capital Cayman which is

wholy owned by Enerchina and Enerchina is wholy owned by Oshidori.

Acordingly, UW Holdings, UW Capital BVI, UW Capital Cayman,

Enerchina and Oshidori were demed to be interested in the said

58,560,000 shares held by Kenson.

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

除上文所披露者外，于2025年3月31

日，本公司并未获知会须记录于根据

《证券及期货条例》第336条须予备存之

本公司登记册内之本公司股份或相关

股份之任何权益或淡仓。

独立非执行董事之独立性

本公司已接获各独立非执行董事发出

之年度独立性确认函。按照《上市规

则》所载独立性指引，本公司认为全体

独立非执行董事均属独立人士。

雇员数目及薪酬政策

于2025年3月31日，本集团合共雇用68

名（2024：100名）全职雇员（包括本公

司董事）。薪酬组合由薪金以及与表现

挂钩之花红所组成。

根据本集团现时之薪酬政策，经考虑

雇员之优点、资历及能力而厘定之雇

员薪金水平乃具竞争力，及以相关雇

员之表现作为晋升及加薪之基准。

本公司董事之薪酬乃由本公司之薪酬

委员会经考虑多项因素而厘定，包括

但不限于现行市场情况、类同公司所

支付之薪金水平、董事职务与责任、其

他地方之雇佣条件以及相关董事投入

之时间。

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

Company had not ben notified of any interests or

short positions in the shares or underlying shares of the

Company as recorded in the register of the Company

required to be kept under section 336 of the SFO.

INDEPENDENCE OF INDEPENDENT NON-

EXECUTIVE DIRECTORS

The Company had received, from each of the

independent non-executive directors, an anual

confirmation of his independence. The Company

considered al of the independent non-executive

directors are independent in acordance with the

independence guidelines set out in the Listing Rules.

NUMBER OF EMPLOYES AND

REMUNERATION POLICY

As at 31 March 2025, the Group employed a total of

68 (2024: 100) ful-time employes, inclusive of the

directors of the Company. Remuneration packages

consisted of salary as wel as performance-based

bonus.

Under the Group’s existing remuneration policy, pay

rate of employes were maintained at competitive

level with reference to the merits, qualification and

competence of the employes while promotion

and increments were based on performance of the

respective employes.

The remuneration of the directors of the Company

was decided by the remuneration comite of the

Company, having regard to various factors including

without limitation the prevailing market conditions,

salary paid by comparable companies, duties and

responsibilities of a director, employment conditions

elsewhere and the time comited by the director

concerned.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

此外，本公司曾实行股份相关激励计

划，以提供不同方案激励雇员，并提升

其归属感以配合本集团之策略，本集

团之香港及中华人民共和国雇员均受

惠于此类计划。股份相关激励计划之

详情载于本报告「股份激励计划」一节。

本公司之薪酬政策详情载列于本年报

第52页及第53页之企业管治报告内。

退休福利计划

本集团退休福利计划之资料载列于综

合财务报表附注39。

优先购买权

本公司之公司细则或百慕达法例中并

无优先购买权之条文，规定本公司须

按持股比例向现有股东提呈发售新

股，惟百慕达法例并无限制此等权利。

购买、出售及赎回上市证券

年内，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

证券。

企业管治

本公司之企业管治原则及常规载列于

本年报第35至74页之企业管治报告内。

Further, the Company had implemented share-related

incentive scheme previously to provide alternative

means to motivate employes and promote their

loyalty in line with the Group’s strategy. Such schemes

benefited the Group’s staf in both Hong Kong and the

People’s Republic of China. Particulars of the Share-

related incentive scheme(s) was set out in the section “Share

Incentive Schemes” of this report.

Details of the remuneration policy of the Company

are set out on pages 52 and 53 of the Corporate

Governance Report of this anual report.

RETIREMENT BENEFIT SCHEMES

Information on the Group’s retirement benefit schemes

was set out in Note 39 to the consolidated financial

statements.

PRE-EMPTIVE RIGHTS

There were no provisions for pre-emptive rights under

the Company’s bye-laws, or the laws of Bermuda,

which would oblige the Company to ofer new shares

on a pro-rata basis to existing shareholders although

there were no restrictions against such rights under the

laws of Bermuda.

PURCHASE, SALE AND REDEMPTION OF

LISTED SECURITIES

Neither the Company nor any of its subsidiaries

purchased, sold or redemed any of the Company’s

listed securities during the year.

CORPORATE GOVERNANCE

The Company’s corporate governance principles

and practices were set out on pages 35 to 74 of the

Corporate Governance Report of this anual report.

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

环境、社会及管治报告

本公司于年内在环境及社会各方面之

表现载列于本年报第75至109页之环

境、社会及管治报告内。

足够公众持股量

根据本公司现有所得之公开资料以及

本公司董事所知，在本报告之日，至少

25%（即《上市规则》所规定适用于本公

司之公众持股量）之本公司已发行股份

乃由公众所持有。

重大收购及出售

于2024年4月至6月期间，本公司透过

其全资附属公司于公开市场出售合共

3,288,000股源宇宙教育（国际）投资集

团有限公司（其股份于联交所主板上

市，股份代号：1082.HK）股份（「源宇宙

教育股份」），总代价为4,775,000港元

（不包括交易成本）（「先前源宇宙教育

出售事项」）。

于2024年8月29日，本公司透过其

全资附属公司于公开市场出售合共

1,064,000股源宇宙教育股份，总代价

为1,744,960港元（不包括交易成本）（相

当于平均价每股源宇宙教育股份1.640

港元）（「源宇宙教育出售事项」）。根据

联交所证券上市规则（「上市规则」），于

12个月期间内进行的先前源宇宙教育

出售事项及源宇宙教育出售事项合计

为单一系列交易，并构成本公司的须

予披露交易，详情载于本公司日期为

2024年8月29日的公告。

ENVIRONMENTAL, SOCIAL AND

GOVERNANCE REPORT

The Company’s performance in various environmental

and social aspects during the year was set out on

pages 75 to 109 of the Environmental, Social and

Governance Report of this anual report.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that was publicly available to

the Company and within the knowledge of the directors

of the Company, at least 25% (that is, the prescribed

public float aplicable to the Company under the

Listing Rules) of the isued shares in the Company

were held by the public as at the date of this report.

MATERIAL ACQUISITIONS AND

DISPOSALS

During the period from April to June 2024, the

Company, through its wholy-owned subsidiary,

disposed of a total of 3,288,000 shares of Bradaverse

Education (Int’l) Investments Group Limited (stock

code: 1082.HK) (the “BEIG Share(s)”), whose shares

are listed on the Main Board of the Stock Exchange,

in the open market for an agregate consideration of

HK$4,775,000 (exclusive of transaction costs) (the

“Previous BEIG Disposal”).

On 29 August 2024, the Company, through its

wholy-owned subsidiary, disposed of a total of

1,064,000 BEIG Shares on the open market for an

agregate consideration of HK$1,744,960 (exclusive

of transaction costs) (equivalent to an average price

of HK$1.640 per BEIG Share) (the “BEIG Disposal”).

The Previous BEIG Disposal and the BEIG Disposal,

which tok place within a 12-month period, were

agregated as a single series of transactions pursuant

to the Rules Governing the Listing of Securities on the

Stock Exchange (the “Listing Rules”) and constituted

a discloseable transaction of the Company, details

of which were set out in the anouncement of the

Company dated 29 August 2024.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

On 17 October 2024, the Company, through its wholy-

owned subsidiary, disposed of a total of 159,000,000

shares of Oshidori International Holdings Limited (stock

code: 622) (the “Oshidori Shares”), whose shares are

listed on the Main Board of the Stock Exchange, on

the open market for an agregate consideration of

HK$27,030,000 (exclusive of transaction costs) (equivalent

to an average price of HK$0.17 per Oshidori Shares) (the

“Oshidori Disposal”). The Oshidori Disposal constituted

a discloseable transaction of the Company, the details

of which were set out in the anouncement of the

Company dated 17 October 2024. Subsequent to the

Oshidori Disposal, the Group is holding an agregate

of 306,000,000 Oshidori Shares, representing

aproximately 4.9% of the total isued share capital of

Oshidori at the date of this report.

Golden Lake Property Limited, a wholy-owned

subsidiary of the Company, entered into a provisional

conditional sale and purchase agrement dated

15 November 2024 (the “Provisional SPA”) and the

subsequent formal agrement, as suplemented by

a suplemental agrement, both dated 29 November

2024 (colectively, the “Formal Agrement”) with Mrs.

Lui Ip, King Ye Elsa and the property agent, A Land

Property Limited, both of which are an independent

third party in respect of the disposal of the whole flor

of the 9th flor, E-Trade Plaza and thre carparks (no.

222,223,224) on the 2nd flor of E-Trade Plaza, 24

Le Chung Stret, Chai Wan, Hong Kong (the “E-Trade

Property”) at a consideration of HK$50 milion (the “E-Trade

Disposal”) pursuant to the terms of the Formal

Agrement. Upon pasing of the relevant resolution by

the shareholders of the Company at the special general

meting on 16 January 2025 (the “SGM”) aproving,

inter alia, the E-Trade Disposal and the transactions

contemplated thereunder, the completion of the E-Trade

Disposal tok place on 31 March 2025. Details of the

E-Trade Disposal were set out in the anouncements

of the Company dated 15 November 2024 and 2

April 2025 and the circular of the Company dated 27

December 2024 respectively.

于2024年10月17日，本公司透过其

全资附属公司于公开市场出售合共

159,000,000股威华达控股有限公司（其

股份于联交所主板上市，股份代号：

622）股份（「威华达股份」），总代价为

27,030,000港元（不包括交易成本）（相

当于平均价每股威华达股份0.17港元）

（「威华达出售事项」）。威华达出售事项

构成本公司的须予披露交易，详情载

于本公司日期为2024年10月17日的公

告。于本报告日期，完成威华达出售事

项后，本集团合共持有306,000,000股

威华达股份，相当于威华达全部已发

行股本约4.9%。

金湖物业有限公司（本公司之全资附属

公司）与吕叶敬仪女士及物业代理豫晋

物业有限公司（两者均为独立第三方）

订立日期为2024年11月15日之临时有

条件买卖协议（「临时买卖协议」）及其

后正式协议（经补充协议所补充，两份

协议日期均为2024年11月29日）（统称

为「正式协议」），涉及根据正式协议之

条款以代价5,000万港元出售香港柴湾

利众街24号东贸广场9楼全层及位于2

楼的三个停车位（编号222、223及224）

（「东贸物业」）（「东贸出售事项」）。待本

公司股东于2025年1月16日举行之股

东特别大会（「股东特别大会」）上通过

相关决议案批准（其中包括）东贸出售

事项及其项下拟进行之交易后，东贸

出售事项于2025年3月31日完成。有关

东贸出售事项之详情分别载于本公司

日期为2024年11月15日及2025年4月2

日之公告及本公司日期为2024年12月

27日之通函。

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

于2025年3月18日，本公司透过其全

资附属公司于公开市场上出售合共

8,000,000股昊天国际建设投资集团有

限公司（一间于开曼群岛注册成立的有

限公司，其股份于联交所主板上市（股

份代号：1341）股份（「昊天股份」），

总代价为6,400,000港元（不含交易成

本）（相当于平均价格每股昊天股份0.8

港元）（「昊天出售事项」）。昊天出售事

项构成本公司的须予披露交易，详情

载于本公司日期为2025年3月18日的

公告。

于2025年3月31日，本公司透过其全

资附属公司于公开市场上出售合共

199,962,000股中达集团控股有限公司

（一间于百慕达注册成立的有限公司，

其股份于联交所主板上市（股份代号︰

139）股份（「中达股份」），总代价约为

7,000,000港元（不含交易成本）（相当于

平均价格每股中达股份0.035港元）（「中

达出售事项」）。中达出售事项构成本公

司的须予披露交易，详情载于本公司

日期为2025年3月31日的公告。

除上文所披露者外，本集团于本期间

及截至本报告日期并无其他重大收购

及出售事项。

On 18 March 2025, the Company, through its wholy-

owned subsidiary, disposed of a total of 8,000,000

shares of Hao Tian International Construction

Investment Group Limited (昊天国际建设投资集团

有限公司), a company incorporated in the Cayman

Islands with limited liability, the shares of which are

listed on the Main Board of the Stock Exchange (Stock

Code: 1341) (the “Ho Tian Shares”) in the open market

for an agregate consideration of HK$6,400,000 (exclusive

of transaction costs) (equivalent to an average price of

HK$0.8 per Ho Tian Shares) (the “Ho Tian Disposal”).

The Ho Tian Disposal constituted a discloseable

transaction of the Company, the details of which were

set out in the anouncement of the Company dated 18

March 2025.

On 31 March 2025, the Company, through its wholy

owned subsidiary, disposed of a total of 199,962,000

shares of Central Wealth Group Holdings Limited, a

company incorporated in Bermuda with limited liability,

the shares of which are listed on the Main Board of

the Stock Exchange (Stock Code: 139) (the “Central

Wealth Shares”) in the open market for an agregate

consideration of aproximately HK$7,000,000 (exclusive

of transaction costs) (equivalent to an average price

of HK$0.035 per Central Wealth Shares) (the “Central

Wealth Disposal”). The Central Wealth Disposal

constituted a discloseable transaction of the Company,

the details of which were set out in the anouncement

of the Company dated 31 March 2025.

Save as disclosed above, the Group did not have other

material acquisition(s) and disposal(s) during the Period

and up to the date of this report.

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

DISCLOSURE OF DIRECTORS’

INFORMATION PURSUANT TO RULE

13.51B(1) OF THE LISTING RULES

Pursuant to Rule 13.51B(1) of the Listing Rules, the

changes in directors’ information subsequent to the

date of the Company’s last interim report and up to the

date to this anual report were set out below:

(1) Mr Yu had ben apointed as an independent

non-executive director of Esprit Holdings Limited,

a company incorporated in Bermuda with limited

liability, whose shares are listed on the Main Board

of The Stock Exchange of Hong Kong Limited (stock

code: 330) with efect from 24 January 2025;

(2) Ms Liu was apointed as an independent non-

executive director of the Company with efect

from 27 December 2024 and was subsequently

apointed as chairmen of corporate governance

and compliance comite of the Company and

the share repurchase comite of the Company,

a member of the audit comite of the Company,

the remuneration Comite of the Company and

the nomination comite of the Company with

efect from 17 January 2025; and

(3) Mr Giles resigned as an independent non-

executive director of the Company as wel

as chairmen of corporate governance and

compliance comite of the Company and the

share repurchase comite of the Company, a

member of the audit comite of the Company,

the remuneration Comite of the Company and

the nomination comite of the Company with

efect from 17 January 2025.

根据《上市规则》第13.51B(1)条作

出披露之董事资料

根据《上市规则》第13.51B(1)条，自本公

司上一份中期报告日期后至本年报日

期止，董事资料出现以下变动：

(1) 余先生自2025年1月24日起获委任

为思捷环球控股有限公司之独立

非执行董事，该公司为一间于百慕

达注册成立之有限公司，其股份于

香港联合交易所有限公司主板上

市（股份代号：330）；

(2) 刘女士自2024年12月27日起获委

任为本公司独立非执行董事及其

后自2025年1月17日起获委任为本

公司企业管治及法规委员会以及

本公司股份回购委员会主席、本公

司审核委员会、本公司薪酬委员会

及本公司提名委员会成员；及

(3) Giles先生自2025年1月17日起辞任

本公司独立非执行董事及本公司

企业管治及法规委员会以及本公

司股份回购委员会主席、本公司审

核委员会、本公司薪酬委员会及本

公司提名委员会成员。

蓝河控股有限公司 2025 年报

DIRECTORS’ REPORT

董事局报告书

根据《上市规则》第13.20及13.22

条作出披露

(1) 向实体提供贷款

于2025年3月31日，向实体提供之

个别贷款并不超逾《上市规则》第

14.07(1)条所界定资产比率之8%。

(2) 给予联属公司之财务资助及

担保

于2025年3月31日，本集团给予其

联属公司（按《上市规则》第十三章

之界定）之财务资助合共并不超逾

《上市规则》第14.07(1)条所界定资

产比率之8%。于2025年3月31日，

本集团概无就其联属公司获授之

融资提供担保。

获准许之弥偿保证条文

本公司之公司细则订明，董事可从本

公司之资产及溢利获得弥偿保证，就

彼等之职务执行其职责或假定职责时

因所作出、发生之任何作为或不作为

而招致或蒙受之所有诉讼、费用、收

费、损失、损害赔偿及开支，可就此获

确保免受任何损害，惟本弥偿保证不

适用于任何与任何董事疏忽、违约、欺

诈或不忠诚有关之事宜。董事责任保

险已备妥，以保障董事免受向其索偿

所产生之潜在费用及债务影响。

捐款

年内，本集团概无作出慈善捐款

（2024：无）。

DISCLOSURE PURSUANT TO RULES

13.20 AND 13.22 OF THE LISTING RULES

(1) Advances to entities

As at 31 March 2025, advances to entities did not

individualy exced 8% under the asets ratio as

defined under Rule 14.07(1) of the Listing Rules.

(2) Financial asistance and guarantes

given to afiliated companies

As at 31 March 2025, the agregate amount of

the financial asistance provided by the Group to

its afiliated companies (as defined under Chapter

13 of the Listing Rules) did not exced 8% under

the asets ratio as defined under Rule 14.07(1)

of the Listing Rules. As at 31 March 2025, there

was no guarante given by the Group for facilities

granted to its afiliated companies.

PERMITED INDEMNITY PROVISION

The Company’s bye-laws provides that the directors

shal be indemnified and secured harmles out of

the asets and profits of the Company from and

against al actions, costs, charges, loses, damages

and expenses which may incur or sustain by or by

reason of any act done, concured in or omited in or

about the execution of their duty, or suposed duty,

in their ofices, provided that this indemnity shal not

extend to any mater in respect of any negligence,

default, fraud or dishonesty which may atach to any

directors. Directors’ liability insurance had ben in

place to protect the directors against potential costs

and liabilities arising from claims brought against the

directors.

DONATIONS

No charitable donation was made by the Group during

the year (2024: Nil).

Blue River Holdings Limited 2025 Anual Report

DIRECTORS’ REPORT

董事局报告书

本报告期后之事项

自本报告期完结日至本报告日期止，

并无发生重大期后事项。

核数师

本集团截至2025年3月31日止年度之

财务报表由国富浩华（香港）会计师事

务所有限公司审核，其将退任且符合

资格并愿意于即将举行之股东周年大

会上获续聘。

有关续聘国富浩华（香港）会计师事务

所有限公司为本公司核数师及授权本

公司董事厘定其薪酬之决议案将于即

将举行之股东周年大会上提呈。

代表董事局

主席兼总裁

邝启成

香港，2025年6月26日

EVENTS AFTER THE REPORTING PERIOD

There were no major subsequent events ocured

since the end of the reporting period and up to the

date of this report.

AUDITOR

The financial statements of the Group for the year

ended 31 March 2025 were audited by Crowe (HK)

CPA Limited who shal retire in the forthcoming anual

general meting and, being eligible, ofer itself for re-

apointment.

A resolution to re-apoint Crowe (HK) CPA Limited as

auditor of the Company and to authorise the directors

of the Company to fix its remuneration wil be proposed

at the forthcoming anual general meting.

On behalf of the Board

Kwong Kai Sing, Beny

Chairman and Managing Director

Hong Kong, 26 June 2025

蓝河控股有限公司 2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF

BLUE RIVER HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements

of Blue River Holdings Limited (the “Company”) and

its subsidiaries (colectively refered to as the “Group”)

set out on pages 139 to 303, which comprise the

consolidated statement of financial position as at 31

March 2025, and the consolidated income statement,

the consolidated statement of comprehensive income,

the consolidated statement of changes in equity and

the consolidated statement of cash flows for the year

then ended, and notes to the consolidated financial

statements, including material acounting policy

information.

In our opinion, the consolidated financial statements

give a true and fair view of the consolidated financial

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

consolidated financial performance and its consolidated

cash flows for the year then ended in acordance with

HKFRS Acounting Standards (“HKFRSs”) isued by

the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) and have ben properly prepared in

compliance with the disclosure requirements of the

Hong Kong Companies Ordinance.

致蓝河控股有限公司全体股东之

独立核数师报告书

（于百慕达注册成立之有限公司）

意见

本核数师（以下简称「我们」）已审核列

载于第139至303页蓝河控股有限公司

（「贵公司」）及其附属公司（统称「贵集

团」）的综合财务报表，包括于2025年3

月31日的综合财务状况表，以及截至

该日止年度的综合收益表、综合全面

收益表、综合权益变动表及综合现金

流量表，以及综合财务报表附注，包括

重要会计政策资料。

我们认为，该等综合财务报表已根据

香港会计师公会（「香港会计师公会」）

颁布之香港财务报告准则会计准则

（「香港财务报告准则会计准则」）真实

及公平地反映贵集团于2025年3月

31日的综合财务状况，及其截至该日

止年度之综合财务表现及综合现金流

量，并已按照香港公司条例的披露规

定妥为编制。

Blue River Holdings Limited 2025 Anual Report

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

意见的基础

我们已根据香港会计师公会颁布的香

港审计准则（「香港审计准则」）进行审

核。在这些准则下，我们的责任会在本

报告的核数师就审核综合财务报表的

责任一节中详述。根据香港会计师公

会之《专业会计师道德守则》（简称「守

则」），我们独立于贵集团，并已遵循

守则履行其他道德责任。我们相信，我

们所获得的审核凭证是充足和适当地

为我们的审核意见提供基础。

关键审核事项

根据我们的专业判断，关键审核事项

为我们审核本期综合财务报表中最重

要的事项。我们在审核整体综合财务

报表和就此形成意见时处理此等事

项，而不会就此等事项单独发表意见。

于联营公司之权益之减值评估

我们将于联营公司之权益之减值评估

识别为关键审核事项乃由于该等投资

对贵集团综合财务报表的重要性，

且估计于联营公司之权益之可收回金

额需作出重大判断。于2025年3月31

日，综合财务报表附注21所述于联营

公司之权益之账面值为590,616,000港

元，相当于贵集团总资产约63%。

BASIS FOR OPINION

We conducted our audit in acordance with Hong

Kong Standards on Auditing (“HKSAs”) isued by the

HKICPA. Our responsibilities under those standards

are further described in the Auditor’s Responsibilities

for the Audit of the Consolidated Financial Statements

section of our report. We are independent of the Group

in acordance with the HKICPA’s Code of Ethics for

Profesional Acountants (the “Code”), and we have

fulfiled our other ethical responsibilities in acordance

with the Code. We believe that the audit evidence we

have obtained is suficient and apropriate to provide a

basis for our opinion.

KEY AUDIT MATERS

Key audit maters are those maters that, in our

profesional judgment, were of most significance in

our audit of the consolidated financial statements of

the curent period. These maters were adresed in

the context of our audit of the consolidated financial

statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on

these maters.

Impairment asesment on interests in asociates

We identified the impairment asesment on interests

in asociates as a key audit mater due to the

significance of these investments to the Group’s

consolidated financial statements and significant

judgement is required to estimate the recoverable

amounts of interests in asociates. As at 31 March

2025, the carying amount of interests in asociates

amounted to HK$590,616,000 as stated in Note

21 to the consolidated financial statements, which

representing aproximately 63% of the total asets of

the Group.

蓝河控股有限公司 2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

As disclosed in Note 3(g) to the consolidated financial

statements, interests in asociates are caried in the

consolidated statement of financial position at cost and

adjusted thereafter to recognise the Group’s share of

profit or los and other comprehensive income of the

asociates, les impairment in the values of individual

investments. As such, the Group is required to ases

at the end of each reporting period whether there is

any indication that the carying amount of interests

in asociates may be impaired. For those asociates

in which such indication exists, the Group asesed

the recoverable amounts for impairment, with the

asistance of an independent external valuer apointed

by the management.

The acounting policies and disclosure in relation to

the interests in asociates are set out in Notes 3(g), 4,

and 21 to the consolidated financial statements.

How our audit adresed the key audit mater

Our audit procedures in relation to the impairment

asesment on interests in asociates included the

folowing:

• obtaining an understanding of and asesing the

design and implementation of key internal controls

relating to the identifications of impairment

indicators and the asesment of the recoverable

amount of the interests in asociates;

• where indicators of impairment have ben

identified, asesing the reasonablenes of the

recoverable amount of each of the asociates and

obtaining an understanding from the management

of their financial position and future prospects;

, capabilities and

objectivity of the external valuer apointed by the

management; and

• understanding the management proces for

determining and asesing the reasonablenes of

key inputs and asumptions used by management

in their estimation of recoverable amounts of

those interests in asociates with impairment

indicators. We also involved our internal valuation

expert to ases the apropriatenes of valuation

methodologies, key inputs and asumptions used.

诚如综合财务报表附注3(g)所披露，于

联营公司之权益按成本于综合财务状

况表列账，并其后作出调整以确认贵

集团摊占联营公司之损益及其他全

面收益，减个别投资价值之减值。因

此，贵集团需要于各报告期完结时评

估是否存在任何迹象显示于联营公司

之权益之账面值可能已减值。就存在

有关迹象之联营公司，贵集团在管理

层任命的独立外部估值师之协助下，

就其可收回金额进行减值评估。

有关于联营公司之权益之会计政策及

披露载于综合财务报表附注3(g)、4及

21。

我们的审核如何处理关键审核事项

我们就于联营公司的权益进行减值评

估所涉及的审核程序包括以下各项：

• 了解及评估有关识别减值迹象及

评估于联营公司之权益之可收回

金额的主要内部控制措施的设计

及执行情况；

，评估各联营公

司之可收回金额的合理性，并向管

理层了解其财务状况和未来前景；

• 评估管理层任命的外部估值师的

资格、能力及客观性；及

• 了解有关确定及评估管理层于以

减值指标估计该等于联营公司之

权益之可收回金额时所用主要输

入数据及假设之合理性之管理程

序。我们亦聘请了内部估值专家以

评定估值方法、所使用的关键输入

数据及假设的适当性。

Blue River Holdings Limited 2025 Anual Report

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

OTHER INFORMATION

The directors of the Company are responsible for the

other information. The other information comprises the

information included in the anual report, but does not

include the consolidated financial statements and our

auditor’s report thereon.

Our opinion on the consolidated financial statements

does not cover the other information and we do not

expres any form of asurance conclusion thereon.

In conection with our audit of the consolidated

financial statements, our responsibility is to read the

other information and, in doing so, consider whether

the other information is materialy inconsistent with the

consolidated financial statements or our knowledge

obtained in the audit or otherwise apears to be

materialy mistated. If, based on the work we have

performed, we conclude that there is a material

mistatement of this other information, we are required

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

regard.

RESPONSIBILITIES OF DIRECTORS AND

THOSE CHARGED WITH GOVERNANCE

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the

preparation of the consolidated financial statements

that give a true and fair view in acordance with

HKFRSs isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance,

and for such internal control as the directors determine

is necesary to enable the preparation of consolidated

financial statements that are fre from material

mistatement, whether due to fraud or eror.

其他资料

贵公司董事须对其他资料承担责任。

其他资料包括年报中所包含的资料，

但不包括综合财务报表及我们就此发

出的核数师报告。

我们对综合财务报表作出的意见并未

考虑其他资料。我们不对其他资料发

表任何形式的核证结论。

就审计综合财务报表而言，我们的责

任是阅读其他资料，从而考虑其他资

料是否与综合财务报表或我们在审核

过程中获悉的资料存在重大不符，或

似乎存在重大错误陈述。倘若我们基

于已完成的工作认为其他资料出现重

大错误陈述，我们须报告此一事实。我

们就此并无须报告事项。

董事及管治层对综合财务报表的

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及香港

公司条例的披露规定编制综合财务报

表，以令综合财务报表作出真实而公

平的反映，及落实其认为编制综合财

务报表所必要的内部控制，以使综合

财务报表不存在由于欺诈或错误而导

致的重大错误陈述。

蓝河控股有限公司 2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

In preparing the consolidated financial statements, the

directors are responsible for asesing the Group’s

ability to continue as a going concern, disclosing,

as aplicable, maters related to going concern and

using the going concern basis of acounting unles

the directors either intend to liquidate the Group or to

cease operations, or have no realistic alternative but to

do so.

Those charged with governance are responsible for

overseing the Group’s financial reporting proces.

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance

about whether the consolidated financial statements as

a whole are fre from material mistatement, whether

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

that includes our opinion. Our report is made solely

to you, as a body, in acordance with section 90 of

the Bermuda Companies Act 1981, and for no other

purpose. We do not asume responsibility towards or

acept liability to any other person for the contents of

this report.

Reasonable asurance is a high level of asurance,

but is not a guarante that an audit conducted in

acordance with HKSAs wil always detect a material

mistatement when it exists. Mistatements can arise

from fraud or eror and are considered material if,

individualy or in the agregate, they could reasonably

be expected to influence the economic decisions of

users taken on the basis of these consolidated financial

statements.

在编制综合财务报表时，董事须负责

评估贵集团持续经营的能力，并披

露与持续经营有关的事项（如适用）。

除非董事有意将贵集团清盘，或停

止营运，或除此之外并无其他实际可

行的办法，否则董事须采用以持续经

营为基础的会计法。

管治层须负责监督贵集团的财务报

告流程。

核数师就审核综合财务报表的

责任

我们的目标是合理确定整体而言此等

综合财务报表是否不存在由于欺诈或

错误而导致的重大错误陈述，并发出

包含审核意见的核数师报告。我们的

报告按照百慕达1981年公司法第90条

仅向全体股东发出。除此以外，本报告

别无其他目的。我们并不就本报告之

内容对任何其他人士承担任何义务或

接受任何责任。

合理确定属高层次的核证，但不能担

保根据香港审计准则进行的审核工作

总能发现所有存在的重大错误陈述。

重大错误陈述可源于欺诈或错误，倘

个别或整体在合理预期情况下可影响

使用者根据综合财务报表作出的经济

决定时，被视为重大错误陈述。

Blue River Holdings Limited 2025 Anual Report

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

As part of an audit in acordance with HKSAs,

we exercise profesional judgment and maintain

profesional skepticism throughout the audit. We also:

• Identify and ases the risks of material

mistatement of the consolidated financial

statements, whether due to fraud or eror, design

and perform audit procedures responsive to those

risks, and obtain audit evidence that is suficient

and apropriate to provide a basis for our opinion.

The risk of not detecting a material mistatement

resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery,

intentional omisions, misrepresentations, or the

overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures

that are apropriate in the circumstances, but not

for the purpose of expresing an opinion on the

efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting

policies used and the reasonablenes of

acounting estimates and related disclosures

made by the directors.

use of the going concern basis of acounting and,

based on the audit evidence obtained, whether

a material uncertainty exists related to events

or conditions that may cast significant doubt

on the Group’s ability to continue as a going

concern. If we conclude that a material uncertainty

exists, we are required to draw atention in

our auditor’s report to the related disclosures

in the consolidated financial statements or, if

such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s

report. However, future events or conditions may

cause the Group to cease to continue as a going

concern.

我们根据香港审计准则进行审核的工

作之一，是运用专业判断，在整个审核

过程中保持专业怀疑态度。我们也：

• 识别及评估综合财务报表由于欺

诈或错误而导致的重大错报风

险，因应这些风险设计及执行审核

程序，获得充足及适当的审核凭证

为我们的意见提供基础。由于欺诈

涉及合谋串通、伪造、故意遗漏、

误导性陈述或凌驾内部控制，因此

未能发现由此造成的重大错报风

险比未能发现由于错误而导致的

重大错报风险更高。

，以设

计恰当的审核程序，但并非旨在对

贵集团的内部控制的有效性发表

意见。

，以及

董事所作出的会计估算和相关披

露是否合理。

• 总结董事采用以持续经营为基础

的会计法是否恰当，并根据已获取

的审核凭证，总结是否有对贵

集团持续经营的能力构成重大疑

问的事件或情况等重大不确定因

素。倘若我们总结认为有重大不确

定因素，我们需要在核数师报告中

提请注意综合财务报表内的相关

资料披露，或如果相关披露不足，

则修订我们的意见。我们的结论是

基于截至核数师报告日期所获得

的审核凭证。然而，未来事件或情

况可能导致贵集团不再具有持

续经营的能力。

蓝河控股有限公司 2025 年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

, structure and

content of the consolidated financial statements,

including the disclosures, and whether the

consolidated financial statements represent the

underlying transactions and events in a maner

that achieves fair presentation.

• Obtain suficient apropriate audit evidence

regarding the financial information of the entities or

busines activities within the Group to expres an

opinion on the consolidated financial statements.

We are responsible for the direction, supervision

and performance of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with those charged with governance

regarding, among other maters, the planed scope

and timing of the audit and significant audit findings,

including any significant deficiencies in internal control

that we identify during our audit.

We also provide those charged with governance with

a statement that we have complied with relevant

ethical requirements regarding independence, and

to comunicate with them al relationships and other

maters that may reasonably be thought to bear on our

independence, and where aplicable, actions taken to

eliminate threats or safeguards aplied.

（包括资料披

露）的整体列报、架构和内容，以

及综合财务报表是否已公允地反

映及列报相关交易及事项。

• 就贵集团内各实体或业务活动

的财务资料获得充足及适当的审

核凭证，以就综合财务报表发表意

见。我们须负责指导、监督和执行

贵集团的审核工作。我们须为我们

的审核意见承担全部责任。

我们就审核工作的计划范围和时间、

在审核过程中的主要审核发现（包括内

部控制的重大缺失）及其他事项与管治

层进行沟通。

我们亦向管治层作出声明，确认我们

已遵守有关独立性的道德要求，并就

所有被合理认为可能影响核数师独立

性的关系和其他事宜以及为消除威胁

而采取之行动或已采用之保障措施（如

适用），与管治层进行沟通。

Blue River Holdings Limited 2025 Anual Report

INDEPENDENT AUDITOR’S REPORT

独立核数师报告书

我们通过与管治层沟通，确定哪些是

本期综合财务报表审核工作的最重要

事项，即关键审核事项。除非法律或法

规不容许公开披露此等事项或在极罕

有的情况下，我们认为披露此等事项

可合理预期的不良后果将超过公众知

悉此等事项的利益而不应在报告中予

以披露，否则我们会在核数师报告中

描述此等事项。

国富浩华（香港）会计师事务所有限公司

执业会计师

香港，2025年6月26日

林长成

执业证书编号P03552

From the maters comunicated with those charged

with governance, we determine those maters

that were of most significance in the audit of the

consolidated financial statements of the curent period

and are therefore the key audit maters. We describe

these maters in our auditor’s report unles law or

regulation precludes public disclosure about the

mater or when, in extremely rare circumstances, we

determine that a mater should not be comunicated

in our report because the adverse consequences of

doing so would reasonably be expected to outweigh

the public interest benefits of such comunication.

Crowe (HK) CPA Limited

Certified Public Acountants

Hong Kong, 26 June 2025

Lam Cheung Shing

Practising Certificate Number P03552

2025
HK$’000
千港元
37,044
919
1,050
39,013
(28,902)
10,111
4,504
(36,696)
(45,128)
(8,456)
(3,696)
(1,567)
—
(3,500)
(93,088)
123
(177,393)
8
(177,385)

蓝河控股有限公司 2025 年报

CONSOLIDATED INCOME STATEMENT

综合收益表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000

附注千港元

Revenue收入

Sales and services income销售及服务收入651,468

Interest income利息收入68,702

Rental income租金收入61,800

61,970

Cost of sales and services rendered销售及提供服务的成本(38,186)

Gros profit毛利23,784

Other income其他收入8149

Other gains and loses其他收益及亏损9(3,308)

Administrative expenses行政费用(107,703)

Distribution and seling expenses分销及销售费用(15,300)

Impairment los (recognised) reversed

on financial asets, net

金融资产之减值亏损

（确认）拨回净额1031,071

Finance costs融资成本11(6,627)

Gain on disposal of subsidiaries出售附属公司之收益3659,323

Fair value changes of investment

properties

投资物业之公平价值

变动(9,800)

Share of results of asociates摊占联营公司业绩(230,608)

Share of results of a joint venture摊占一间合营企业绩(4,642)

Los before taxation除税前亏损13(263,661)

Taxation税项14351

Los for the year年度亏损(263,310)

2025
HK$’000
千港元
(177,376)
(9)
(177,385)
HK cents
港仙
(17.0)

Blue River Holdings Limited 2025 Anual Report

CONSOLIDATED INCOME STATEMENT

综合收益表

For the year ended 31 March 2025

截至2025年3月31日止年度

HK$’000

千港元

Los for the year atributable to:以下人士应占年度亏损：

— Owners of the Company—本公司拥有人(265,263)

— Non-controling interests—非控股权益1,953

(263,310)

NotesHK cents

附注港仙

Los per share 每股亏损16

Basic and diluted基本及摊薄(25.5)

The acompanying notes form an integral part of these

financial statements.

连带之附注为该等财务报表之组成

部分。

2025
HK$’000
千港元
(177,385)
102,184
(32,915)
(41)
—
69,228
(108,157)
(108,148)
(9)
(108,157)

蓝河控股有限公司 2025 年报

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

综合全面收益表

For the year ended 31 March 2025

截至2025年3月31日止年度

HK$’000

千港元

Los for the year年度亏损(263,310)

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

Items that wil not be reclasified to

profit or los

将不会重新分类为损益之

项目

Change in fair value of financial asets

measured at fair value through other

comprehensive income (“FVOCI”),

net of tax

按公平价值志入其他全面

收益（「按公平价值志入

其他全面收益」）之金融

资产之公平价值变动

（扣除税金后）(115,627)

Share of other comprehensive expense

of asociates

摊占联营公司之其他全面

开支(2,510)

Items that may be subsequently

reclasified to profit or los

可于其后重新分类为损益之

项目

Exchange diferences arising from

translation of foreign operations

因换算海外业务而产生之

汇兑差额(3,079)

Reclasification adjustment on disposal

of subsidiaries

出售附属公司之重新分类

调整(32,739)

Other comprehensive income (expense)

for the year

年度其他全面收益（开支）

(153,955)

Total comprehensive expense

for the year

年度全面开支总额

(417,265)

Total comprehensive (expense) income

for the year atributable to:

以下人士应占年度全面

（开支）收益总额：

— Owners of the Company—本公司拥有人(419,218)

— Non-controling interests—非控股权益1,953

(417,265)

The acompanying notes form an integral part of these

financial statements.

连带之附注为该等财务报表之组成部

分。

2025
HK$’000
千港元
9,314
6,524
—
1,009
590,616
123
241,522
849,108
40
5,066
—
44,450
19,155
8,565
13,016
90,292
17,376
2
2,485
8,891
—
91,051
119,805
(29,513)
819,595

Blue River Holdings Limited 2025 Anual Report

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025

于2025年3月31日

NotesHK$’000

附注千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、机械及设备1718,491

Right-of-use asets使用权资产186,841

Investment properties投资物业1953,500

Intangible asets无形资产201,058

Interests in asociates联营公司权益21677,586

Interest in a joint venture一间合营企业权益2211,500

Financial asets measured at FVOCI按公平价值志入其他

全面收益之金融资产23164,067

933,043

CURENT ASETS流动资产

Inventories of finished gods商品存货87

Loan receivables应收贷款243,193

Amounts due from former subsidiaries

in liquidation

应收清盘中前附属公司

款项251,303

Receivable held in custody以托管持有之应收款项26—

Trade and other receivables贸易及其他应收账款2718,315

Short-term bank deposits短期银行存款288,621

Bank balances and cash银行结存及现金2811,500

43,019

CURENT LIABILITIES流动负债

Trade and other payables贸易及其他应付账款2915,059

Contract liabilities合约负债3013

Lease liabilities租赁负债315,231

Amount due to a non-controling

shareholder

应付一名非控股东

款项328,891

Amount due to a joint venture应付一间合营企业款项44(c)180

Other borowings其他借款3315,133

44,507

NET CURENT LIABILITIES流动负债净额(1,488)

TOTAL ASETS LES CURENT

LIABILITIES

总资产减流动负债

931,555

2025
HK$’000
千港元
—
1,251
201
1,452
818,143
104,095
721,086
825,181
(7,038)
818,143

蓝河控股有限公司 2025 年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

As at 31 March 2025

于2025年3月31日

NotesHK$’000

附注千港元

NON-CURENT LIABILITIES非流动负债

Other borowings其他借款33844

Lease liabilities租赁负债314,198

Defered tax liabilities递延税项负债34213

5,255

NET ASETS资产净值926,300

CAPITAL AND RESERVES资本及储备

Share capital股本35104,095

Reserves储备829,234

Equity atributable to owners of

the Company

本公司拥有人之应占

权益933,329

Non-controling interests非控股权益(7,029)

TOTAL EQUITY总权益926,300

The consolidated financial statements on pages 139

to 303 were aproved and authorised for isue by the

Board of Directors on 26 June 2025 and are signed on

its behalf by:

Kwong Kai Sing, BenyAu Wai June

邝启成柯伟俊

Chairman and Managing DirectorExecutive Director

主席兼总裁执行董事

载于第139至303页之综合财务报表已

于2025年6月26日获董事局核准及授

权刊发，并由下列董事代表董事局签

署：

The acompanying notes form an integral part of these

financial statements.

连带之附注为该等财务报表之组成部

分。

Blue River Holdings Limited 2025 Anual Report

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至2025年3月31日止年度

Equity atributable to owners of the Company

本公司拥有人之应占权益

capital

premium

Contributed

surplus

Investment

revaluation

reserve

Translation

reserve

Retained

profitsSub-total

Non-

controling

interests

Total

equity

(note i)(note i)(note i)(note iv)

股本股份溢价实缴盈余

投资

重估储备汇兑储备保留溢利小计

非控股

权益权益总额

（附注i）（附注i）（附注i）（附注iv）

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’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2023年4月1日104,095495,714441,566(688,544)42,388957,3281,352,547(8,982)1,343,565

Exchange diferences

arising from translation

of foreign operations

因换算海外业务而

产生之汇兑差额

—(3,079)—(3,079)—(3,079)

Reclasification

adjustment

on disposal of

subsidiaries (Note 36)

出售附属公司之

重新分类调整

（附注36）

—(32,739)—(32,739)—(32,739)

Change in fair value

of financial asets

measured at FVOCI,

net of tax

按公平价值志入

其他全面收益

之金融资产之

公平价值变动

（扣除税金后）—(115,627)—(115,627)—(115,627)

Share of other

comprehensive

expense of the

asociates

摊占联营公司之其他

全面开支

—(2,510)—(2,510)—(2,510)

Los for the year年度亏损—(265,263)(265,263)1,953(263,310)

Total comprehensive

expense for the year

年度全面开支总额

—(118,137)(35,818)(265,263)(419,218)1,953(417,265)

Disposal of financial

asets measured

at FVOCI

出售按公平价值

志入其他全面

收益之金融资产—5,911—(5,911)—

Share of equity

movement arising on

equity transactions of

an asociate

摊占一间联营公司

进行股本交易所

产生之权益变动

—73—(73)—

Disposal of financial

asets measured

at FVOCI through

disposal of

subsidiaries

透过出售附属公司

出售按公平价值

志入其他全面

收益之金融资产

—337,000—(337,000)—

At 31 March 2024于2024年3月31日104,095495,714441,566(463,697)6,570349,081933,329(7,029)926,300

Equity attributable to owners of the Company
本公司拥有人之应占权益
Share capital	Share premium	Contributed surplus	Investment revaluation reserve	Translation reserve	Retained profits	Sub-total	Non- controlling interests	Total equity
Share capital	(note i)	(note ii)	(note iii)	(note iv)
股本	股份溢价	实缴盈余	投资重估储备	汇兑储备	保留溢利	小计	非控股权益	权益总额
股本	（附注i）	（附注ii）	（附注iii）	（附注iv）
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
104,095	495,714	441,566	(463,697)	6,570	349,081	933,329	(7,029)	926,300
—	—	—	—	(41)	—	(41)	—	(41)
—	—	—	102,184	—	—	102,184	—	102,184
—	—	—	(32,915)	—	—	(32,915)	—	(32,915)
—	—	—	—	—	(177,376)	(177,376)	(9)	(177,385)
—	—	—	69,269	(41)	(177,376)	(108,148)	(9)	(108,157)
—	—	—	27,526	—	(27,526)	—	—	—
—	—	—	32,105	—	(32,105)	—	—	—
104,095	495,714	441,566	(334,797)	6,529	112,074	825,181	(7,038)	818,143

蓝河控股有限公司 2025 年报

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至2025年3月31日止年度

At 1 April 2024于2024年4月1日

Exchange diferences

arising from translation

of foreign operations

因换算海外业务而

产生之汇兑差额

Change in fair value

of financial asets

measured at FVOCI,

net of tax

按公平价值志入

其他全面收益

之金融资产之

公平价值变动

（扣除税金后）

Share of other

comprehensive

expense of

the asociates

摊占联营公司之其他

全面开支

Los for the year年度亏损

Total comprehensive

expense for the year

年度全面开支总额

Disposal of financial

asets measured

at FVOCI

出售按公平价值

志入其他全面

收益之金融资产

Share of equity

movement arising on

equity transactions of

an asociate

摊占一间联营公司

进行股本交易所

产生之权益变动

At 31 March 2025于2025年3月31日

Blue River Holdings Limited 2025 Anual Report

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至2025年3月31日止年度

Notes:

(i) The aplication of the share premium acount is governed by Section 40

of the Companies Act 1981 of Bermuda.

(i) The contributed surplus represents the balance arising from the reduction

of share capital of the Company which tok place in prior years.

(i) The investment revaluation reserve represents the changes (and the share

of the asociate’s changes) in carying amount of investments in equity

instruments designated as FVOCI, net of tax, since its initial recognition.

(iv) The translation reserve comprised al foreign exchange diferences arising

from the translation of the financial statements of foreign operations.

附注：

(i) 股份溢价账的应用受百慕达1981年公司法第40条

监管。

(i) 实缴盈余指于过往年度进行本公司股本削减所产

生之结余。

(i) 投资重估储备指自初步确认后指定为扣除税金后

按公平价值志入其他全面收益的权益工具投资之

账面值变动（及摊占联营公司之变动）。

(iv) 汇兑储备包含所有因换算海外业务之财务报表而

产生之外汇差额。

The acompanying notes form an integral part of these

financial statements.

连带之附注为该等财务报表之组成部

分。

2025
HK$’000
千港元
(177,393)
1,567
1,770
977
(3,645)
—
93,088
(123)
44
3,425
2,078
(15)
—
29,650
3,500
(202)
4,972
4,314
3,696
(32,297)
46
(4,500)
(925)
1,698
(11)
(35,989)
(3)
(35,992)

蓝河控股有限公司 2025 年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000

附注千港元

OPERATING ACTIVITIES经营活动

Los before taxation除税前亏损(263,661)

Adjustments for:就下列项目进行调整：

Finance costs融资成本6,627

Los on disposal of property,

plant and equipment

处置物业、机械及

设备之亏损1,260

Los on disposal of investment

properties

处置投资物业之

亏损—

Gain on termination of leases终止租赁之收益—

Gain on forfeiture of deposit and

earnest money received

没收按金及诚意金

所得之收益(8,200)

Share of results of asociates摊占联营公司业绩230,608

Share of results of a joint venture摊占一间合营企业

业绩4,642

Amortisation of intangible asets无形资产摊销45

Depreciation of property, plant and

equipment

物业、机械及设备之

折旧6,294

Depreciation of right-of-use asets使用权资产之折旧13,685

Net unrealised exchange (gain) los未变现汇兑（收益）

亏损净额962

Gain on disposal of subsidiaries出售附属公司之收益36(59,323)

Los on changes in ownership in an

asociate

一间联营公司所有权

之变动亏损—

Fair value changes of investment

properties

投资物业公平价值

变动9,800

Bank and other interest income银行及其他利息收入(149)

Impairment los on property, plant and

equipment

物业、机械及设备之

减值亏损—

Impairment los on right-of-use asets使用权资产之减值

亏损8,877

Impairment los recognised (reversed)

on financial asets and contract

asets, net

金融资产及合约

资产之减值亏损

确认（拨回）净额(31,071)

Operating cash flows before movements

in working capital

未计营运资金变动前

之经营业务现金流量(79,604)

Decrease (increase) in inventories of

finished gods

商品存货减少（增加）

(25)

Increase in loan receivables应收贷款增加—

(Increase) decrease in trade and

other receivables

贸易及其他应收账款

（增加）减少3,840

Increase in trade and other payables 贸易及其他应付账款

增加3,204

(Decrease) increase in contract liabilities合约负债（减少）增加450

Net cash used in operations经营所用现金净额(72,135)

Income tax paid已付所得税(986)

NET CASH USED IN OPERATING

ACTIVITIES

经营活动所用现金

净额(73,121)

2025
HK$’000
千港元
(1,538)
(180)
(73,683)
—
202
(1,071)
11,500
5,000
4,573
505
1,303
48,583
(23,854)
(28,660)
(1,124)
(540)
(8,526)
76,326
66,136

Blue River Holdings Limited 2025 Anual Report

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000

附注千港元

INVESTING ACTIVITIES投资活动

Payment for acquisition of property,

plant and equipment

收购物业、机械及设备

之付款(3,578)

Contribution to a joint venture对一间合营企业增资(1,150)

Contribution to asociates对联营公司增资(142,800)

Net cash inflow from disposal of

subsidiaries

出售附属公司之现金

流入净额364,882

Bank and other interest income received已收银行及其他利息

收入149

Advance to a former subsidiary向前附属公司垫款—

Distribution from a joint venture一间合营企业之分派—

Proceds from partial disposal of

an asociate

处置一间联营公司

部分权益所得款项—

Proceds from disposal of investment

properties

处置投资物业所得

款项—

Proceds from disposal of property,

plant and equipment

处置物业、机械及设备

所得款项345

Distributions from former subsidiaries in

liquidation

清盘中前附属公司之

分派50,673

Proceds from disposal of financial

asets measured at FVOCI

出售按公平价值志入

其他全面收益之金融

资产所得款项7,757

Purchases of financial asets measured

at FVOCI

购买按公平价值志入

其他全面收益之金融

资产(148,854)

NET CASH USED IN INVESTING

ACTIVITIES

投资活动所用现金

净额(232,576)

FINANCING ACTIVITIES融资活动

Repayment of bank and other

borowings

偿还银行及其他借款

(588,525)

Interest paid已付利息(4,133)

Payment of lease liabilities支付租赁负债(12,632)

New other borowings raised新增其他借款157,814

NET CASH GENERATED FROM

(USED IN) FINANCING ACTIVITIES

融资活动所得（所用）

现金净额(447,476)

2025
HK$’000
千港元
1,484
(24)
20,121
21,581
8,565
13,016
21,581

蓝河控股有限公司 2025 年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000

附注千港元

NET INCREASE (DECREASE) IN CASH

AND CASH EQUIVALENTS

现金及与现金等值

项目增加（减少）净额(753,173)

EFECT OF FOREIGN EXCHANGE

RATE CHANGES

外币汇率改变影响

(942)

CASH AND CASH EQUIVALENTS

BROUGHT FORWARD

现金及与现金等值

项目承前774,236

CASH AND CASH EQUIVALENTS

CARIED FORWARD

现金及与现金等值

项目结转20,121

ANALYSIS OF THE BALANCES OF

CASH AND CASH EQUIVALENTS

现金及与现金等值项

目结余分析

Short-term bank deposits with maturity

of les than thre months

到期日少于三个月之

短期银行存款8,621

Bank balances and cash银行结存及现金11,500

20,121

The acompanying notes form an integral part of these

financial statements.

连带之附注为该等财务报表之组成部

分。

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

1. GENERAL

Blue River Holdings Limited (the “Company”) is

an exempted company incorporated in Bermuda

with limited liability. Its shares are listed on The

Stock Exchange of Hong Kong Limited (the “Stock

Exchange”). The adreses of the registered

ofice and the principal place of busines of

the Company are disclosed in the “Corporate

Information” section to the anual report.

The consolidated financial statements are presented

in Hong Kong dolars (“HK$”), which is the same as

the functional curency of the Company.

The Company is an investment holding company.

The Company and its subsidiaries (together the

“Group”) is principaly engaged in, inter alia, gas

distribution and logistics operation in the People’s

Republic of China (the “PRC”), as wel as property

investment, securities trading and investment,

and provision of financing related services. The

principal activities of the Company’s principal

subsidiaries and asociates are set out in Note 46.

The preparation of financial statements in conformity

with HKFRS Acounting Standards requires

management to make judgements, estimates and

asumptions that afect the aplication of policies

and reported amounts of asets, liabilities, income

and expenses. The estimates and asociated

asumptions are based on historical experience

and various other factors that are believed to be

reasonable under the circumstances, the results

of which form the basis of making the judgements

about carying values of asets and liabilities that

are not readily aparent from other sources. Actual

results may difer from these estimates.

The estimates and underlying asumptions are

reviewed on an ongoing basis. Revisions to

acounting estimates are recognised in the period

in which the estimates 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.

1. 一般资料

蓝河控股有限公司（「本公司」）在

百慕达注册成立为受豁免有限公

司，其股份在香港联合交易所有限

公司（「联交所」）上市。本公司之注

册办事处地址以及其主要营业地

点已于本年报「公司资料」一节作

出披露。

综合财务报表以港元（「港元」）呈

列，港元亦为本公司的功能货币。

本公司为一间投资控股公司。本公

司及其附属公司（统称「本集团」）

主要从事（其中包括）于中华人民

共和国（「中国」）进行燃气配送及

物流营运，以及房地产投资、证券

交易和投资，并提供融资相关服

务。本公司之主要附属公司及联营

公司之主要业务载列于附注46。

编制符合香港财务报告准则会计

准则规定的财务报表要求管理层

作出判断、估计及假设，而该等判

断、估计及假设会影响政策应用及

资产、负债、收入与开支的报告数

额。估计及有关假设乃根据过往经

验及多个相信在有关情况下属合

理的其他因素而作出，其结果成为

判断其他来源并不显而易见的资

产与负债账面值的基础。实际结果

可能有异于该等估计。

估计及相关假设按持续基准进行

检讨。对会计估计进行修订时，若

修订仅影响该期间，则修订会在修

订估计的期间内确认，或若修订影

响到当期及未来期间，则在修订期

间及未来期间确认。

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

有关管理层在应用香港财务报告

准则会计准则时作出对财务报表

有重大影响的判断及估计不确定

性的主要来源于附注4内讨论。

2. 应用新订及经修订香港财务

报告准则会计准则

(a) 于本年度，本集团已首次应

用下列由香港会计师公会

（「香港会计师公会」）颁布之

经修订香港财务报告准则

（「香港财务报告准则」）及香港

会计准则（「香港会计准则」）：

香港财务报告

准则第16号

（经修订）

售后租回中之

租赁负债

香港会计准则

第1号（经修订）

负债分类为流

动或非流动

及香港诠释

第5号之相关

修订

香港会计准则

第1号（经修订）

附有契诺的

非流动负债

香港会计准则

第7号及香港

财务报告准则

第7号（经修订）

供应商融资

安排

本年度应用经修订香港财务

报告准则及香港会计准则对

本集团于本年度及过往年度

之财务状况及表现及╱或综合

财务报表所载披露并无造成

重大影响。

本集团于本年度并未应用任

何未生效的新订或经修订香

港财务报告准则会计准则。

1. GENERAL (CONTINUED)

Judgements made by management in the

aplication of HKFRS Acounting Standards that

have significant efect on the financial statements

and major sources of estimation uncertainty are

discused on Note 4.

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRS

ACOUNTING STANDARDS

(a) The Group has aplied the folowing

amendments to Hong Kong Financial

Reporting Standards (“HKFRSs”) and Hong

Kong Acounting Standards (“HKAS”) isued

by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) for the first time in

the curent year:

Amendments to

HKFRS 16

Lease Liability in a Sale and

Leaseback

Amendments to

HKAS 1

Clasification of Liabilities

as Curent or Non-

curent and related

amendments to Hong

Kong Interpretation 5

Amendments to

HKAS 1

Non-curent Liabilities with

Covenants

Amendments to

HKAS 7 and

HKFRS 7

Suplier Finance

Arangements

The aplication of the amendments to

HKFRSs and HKAS in the curent year has

had no material impact on the Group’s

financial positions and performance for

the curent and prior years and/or on the

disclosures set out in the consolidated

financial statements.

The Group has not aplied any new or

amendments to HKFRS Acounting

Standards that is not yet efective for the

curent year.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

2. 应用新订及经修订香港财务

报告准则会计准则（续）

(b) 本集团并无提早应用下列

已颁布但未生效之新订及

经修订香港财务报告准则

及香港会计准则：

已颁布但未生效之新订及

经修订香港财务报告准则

及香港会计准则

香港会计准则

第21号

（经修订）

缺乏可兑换性

香港财务报告

准则第9号及

香港财务报告

准则第7号

（经修订）

金融工具分类和

计量的修订

香港财务报告

准则会计准则

的年度改进

— 第11卷

香港财务报告准

则第1号、香

港财务报告准

则第7号、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号之修订本

香港财务报告

准则第18号

财务报表的呈列

及披露

香港财务报告

准则第10号

及香港会计

准则第28号

（经修订）

投资者与其联营

公司或合营企

业之间的资产

出售或投入

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRS

ACOUNTING STANDARDS (CONTINUED)

(b) The Group has not early aplied the folowing

new and amendments to HKFRSs and

HKAS that have ben isued but are not yet

efective:

New and Amendments to HKFRSs

and HKAS in isue but not yet

efective

Amendments to

HKAS 21

Lack of Exchangeability

Amendments to

HKFRS 9 and

HKFRS 7

Amendments to the

Clasification and

Measurement of

Financial Instruments

Anual

Improvements

to HKFRS

Acounting

Standards

— Volume 11

Amendments to

HKFRS 1, HKFRS 7,

HKFRS 9, HKFRS 10

and HKAS 7

HKFRS 18Presentation and

Disclosure in

Financial Statements

Amendments to

HKFRS 10 and

HKAS 28

Sale or Contribution

of Asets betwen

an Investor and its

Asociate or Joint

Venture

1 于2025年1月1日或之后开始之年度

期间生效。

2 于2026年1月1日或之后开始之年度

期间生效。

3 于2027年1月1日或之后开始之年度

期间生效。

4 待香港会计师公会厘定。

1 Efective for anual periods begining on or after 1 January

2025.

2 Efective for anual periods begining on or after 1 January

2026.

3 Efective for anual periods begining on or after 1 January

2027.

4 To be determined by the HKICPA.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

2. 应用新订及经修订香港财务

报告准则会计准则（续）

(b) （续）

香港财务报告准则第18号将

取代香港会计准则第1号财务

报表的呈列，引入新规定，有

助于实现类似实体财务表现

的可比性，并为使用者提供更

多相关资料及透明度。尽管香

港财务报告准则第18号不会

影响综合财务报表项目的确

认或计量，其对呈列及披露的

影响预期将会非常普遍，尤其

是与综合收益表及在综合财

务报表内提供管理层界定的

表现计量有关的影响。

管理层目前正在评估应用新

订准则对本集团综合财务报

表的详细影响。本集团预期

自2027年4月1日起应用新准

则。需要追溯应用，因此截至

2027年3月31日止财政年度的

比较信息将根据香港财务报

告准则第18号予以重列。

除上述呈列及披露变动外，

预期此等声明不会对本集团

的业绩或财务状况造成重大

影响。

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRS

ACOUNTING STANDARDS (CONTINUED)

(b) (Continued)

HKFRS 18 wil replace HKAS 1 Presentation

of Financial Statements, introducing new

requirements that wil help to achieve

comparability of the financial performance

of similar entities and provide more relevant

information and transparency to users.

Even though HKFRS 18 wil not impact the

recognition or measurement of items in the

consolidated financial statements, its impacts

on presentation and disclosure are expected

to be pervasive, in particular those related

to the consolidated income statement and

providing management-defined performance

measures within the consolidated financial

statements.

Management is curently asesing the

detailed implications of aplying the new

standard on the Group’s consolidated

financial statements. The Group expects to

aply the new standard from 1 April 2027.

Retrospective aplication is required, and so

the comparative information for the financial

year ending 31 March 2027 wil be restated

in acordance with HKFRS 18.

Except for the abovementioned changes

in presentation and disclosure, these

pronouncements are not expected to have a

material impacts on the results or the financial

position of the Group.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

3. 重要会计政策

综合财务报表乃根据香港会计师

公会（「香港会计师公会」）颁布之

香港财务报告准则会计准则（包括

所有适用的个别香港财务报告准

则（「香港财务报告准则」）、香港会

计准则（「香港会计准则」）及诠释）

编制。另外，综合财务报表亦符合

香港联合交易所有限公司证券上

市规则（「上市规则」）及香港公司

条例所规定之适用披露。

截至2025年3月31日止年度，本集

团录得亏损177,385,000港元，而

截至该日，本集团的流动负债超出

其流动资产29,513,000港元。为评

估采用持续经营基准编制综合财

务报表的适当性，管理层编制了由

2025年3月31日起不少于12个月

期间之现金流量预测（「预测」）。在

编制预测时，管理层仔细考虑了本

集团未来的流动性和业绩，以及可

用的融资来源，以评估本集团是否

有足够的财务资源来持续经营。经

审阅预测后，本公司董事合理预期

本集团将有充足的营运资金（包括

可用信贷额度）为其在可预见的未

来继续经营。因此，综合财务报表

乃按持续经营基准编制。

倘本集团无法持续经营，则可能须

作出调整，将本集团资产的账面值

撇减至其可收回金额，为可能产生

的任何进一步负债提供拨备，并将

非流动资产及非流动负债分别重

新分类为流动资产及流动负债。该

等调整之影响并未在该等综合财

务报表中反映。

3. MATERIAL ACOUNTING POLICIES

The consolidated financial statements have ben

prepared in acordance with HKFRS Acounting

Standards, which includes al aplicable individual

Hong Kong Financial Reporting Standards (“HKFRSs”),

Hong Kong Acounting Standards (“HKAS”) and

Interpretations isued by the Hong Kong Institute of

Certified Public Acountants (“HKICPA”). In adition,

the consolidated financial statements comply with

the aplicable disclosures required by the Rules

Governing the Listing of Securities on the Stock

Exchange of Hong Kong Limited (the “Listing Rules”)

and by the Hong Kong Companies Ordinance.

The Group incured a los of HK$177,385,000

for the year ended 31 March 2025 and, as of that

date, the Group’s curent liabilities exceded its

curent asets by HK$29,513,000. For the purpose

of asesing the apropriatenes of the use of

the going concern basis for the preparation of the

consolidated financial statements, the management

has prepared a cash flow forecast for a period

of not les than 12 months from 31 March 2025

(the “Forecast”). When preparing the Forecast,

management has given careful consideration

to the future liquidity and performance of the

Group and its available sources of financing in

asesing whether the Group wil have suficient

financial resources to continue as a going concern.

After review of the Forecast, the directors of the

Company have a reasonable expectation that the

Group has suficient working capital, including the

credit facilities available, to continue in operational

existence for the foreseable future. Acordingly,

the consolidated financial statements have ben

prepared on a going concern basis.

Should the Group be unable to operate as a going

concern, adjustments would have to be made

to write down the carying values of the Group’s

asets to their recoverable amounts, to provide

for any further liabilities which might arise, and

to reclasify non-curent asets and non-curent

liabilities as curent asets and curent liabilities,

respectively. The efects of these adjustments

have not ben reflected in these consolidated

financial statements.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

除若干金融工具及投资物业乃按

下文所述之会计政策于各报告期

完结时按公平价值计量外，综合财

务报表乃根据历史成本法编制。历

史成本一般以换取货物及服务所

付代价之公平价值为基准。

公平价值为市场参与者于计量日

期在有序交易中出售资产可能收

取或转让负债可能支付之价格，

不论该价格是否直接可观察或使

用另一项估值方法估计。估计资产

或负债之公平价值时，本集团考虑

了市场参与者在计量日期为该资

产或负债进行定价时将会考虑的

资产或负债特征。在该等综合财务

报表中计量及╱或披露的公平价值

均按此基础厘定，惟在香港财务报

告准则第2号「以股份支付款项」范

围内之以股份支付款项之交易、

根据香港财务报告准则第16号「租

赁」列账之租赁交易以及与公平价

值部分相似但并非公平价值之计

量（如香港会计准则第2号「存货」

中的可变现净值或香港会计准则

第36号「资产减值」中的使用价值）

除外。

非金融资产之公平价值计量计及

市场参与者透过最大限度使用该

资产达致最佳用途，或透过将资产

出售予将最大限度使用该资产达

致最佳用途之另一名市场参与者

而产生经济利益之能力。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

The consolidated financial statements have ben

prepared on the historical cost basis, except

for certain financial instruments and investment

properties which are measured at fair values at

the end of each reporting period, as explained in

the acounting policies set out below. Historical

cost is generaly based on the fair value of the

consideration given in exchange for gods and

services.

Fair value is the price that would be received to

sel an aset or paid to transfer a liability in an

orderly transaction betwen market participants

at the measurement date, regardles of whether

that price is directly observable or estimated using

another valuation technique. In estimating the fair

value of an aset or a liability, the Group takes

into acount the characteristics of the aset or

liability if market participants would take those

characteristics into acount when pricing the aset

or liability at the measurement date. Fair value for

measurement and/or disclosure purposes in these

consolidated financial statements is determined

on such a basis, except for share-based payment

transactions that are within the scope of HKFRS

2 “Share-based Payment”, leasing transactions

that are acounted for in acordance with HKFRS

16 “Leases”, and measurements that have some

similarities to fair value but are not fair value, such

as net realisable value in HKAS 2 “Inventories” or

value in use in HKAS 36 “Impairment of Asets”.

A fair value measurement of a non-financial aset

takes into acount a market participant’s ability to

generate economic benefits by using the aset in

its highest and best use or by seling it to another

market participant that would use the aset in its

highest and best use.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

此外，就财务报告而言，公平价

值计量根据公平价值计量之输入

数据可观察程度及输入数据对公

平价值计量之整体重要性分类为

第一级、第二级或第三级，载述

如下︰

• 第一级输入数据是实体于计

量日期可以取得的相同资产

或负债于活跃市场之报价（未

经调整）；

• 第二级输入数据是就资产或

负债直接或间接地可观察之

输入数据（第一级内包括的报

价除外）；及

• 第三级输入数据是资产或负

债的非可观察输入数据。

重要会计政策载列如下。

(a) 综合基准

综合财务报表包括本公司及

本公司所控制之实体及其附

属公司之财务报表。控制是指

本公司：

• 自参与被投资方业务取得

可变回报之机会或权利；

及

• 有能力运用其权力影响

回报。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

In adition, for financial reporting purposes, fair

value measurements are categorised into Level 1,

2 or 3 based on the degre to which the inputs

to the fair value measurements are observable

and the significance of the inputs to the fair value

measurement in its entirety, which are described

as folows:

• Level 1 inputs are quoted prices (unadjusted)

in active markets for identical asets or

liabilities that the entity can aces at the

measurement date;

, other than quoted

prices included within Level 1, that are

observable for the aset or liability, either

directly or indirectly; and

• Level 3 inputs are unobservable inputs for the

aset or liability.

The material acounting policies are set out below.

(a) Basis of consolidation

The consolidated financial statements

incorporate the financial statements of the

Company and entities controled by the

Company and its subsidiaries. Control is

achieved when the Company:

;

, or has rights, to variable

returns from its involvement with the

investe; and

• has the ability to use its power to afect

its returns.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 综合基准（续）

事实及情况显示上文所述的

三项控制因素之一项或多项

出现变动，本集团会重新评估

其是否控制被投资方。

本集团于获得附属公司控制

权时开始将附属公司综合入

账，并于失去附属公司控制权

时终止入账。具体而言，于本

年度内购入或出售之附属公

司之收入及开支，按自本集团

获得控制权当日起至本集团

失去附属公司控制权当日止，

计入综合收益表内。

损益及每个其他全面收益之

项目乃归属于本公司拥有人

及非控股权益。附属公司之全

面收益总额归属于本公司拥

有人及非控股权益，即使此举

会导致非控股权益产生亏绌

结余。

附属公司之财务报表于有需

要情况下作出调整，以使其

会计政策与本集团会计政策

一致。

所有集团内公司间资产及负

债、权益、收入、支出及现金

流量（与本集团成员公司间之

交易有关）均于综合账目时予

以全数对销。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(a) Basis of consolidation (Continued)

The Group reaseses whether or

not it controls an investe if facts and

circumstances indicate that there are

changes to one or more of the thre elements

of control listed above.

Consolidation of a subsidiary begins when the

Group obtains control over the subsidiary and

ceases when the Group loses control of the

subsidiary. Specificaly, income and expenses

of a subsidiary acquired or disposed of during

the year are included in the consolidated

income statement from the date the Group

gains control until the date when the Group

ceases to control the subsidiary.

Profit or los and each item of other

comprehensive income are atributed to the

owners of the Company and to the non-

controling interests. Total comprehensive

income of subsidiaries is atributed to the

owners of the Company and to the non-

controling interests even if this results in

the non-controling interests having a deficit

balance.

When necesary, adjustments are made to

the financial statements of subsidiaries to

bring their acounting policies in line with the

Group’s acounting policies.

Al intragroup asets and liabilities, equity,

income, expenses and cash flows relating to

transactions betwen members of the Group

are eliminated in ful on consolidation.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 综合基准（续）

附属公司之非控股权益与本

集团于其中拥有之权益分开

呈列，该等权益指现时赋予持

有人于清盘时按比例摊占相

关附属公司资产净值之权利

之拥有权益。

本集团于现有附属公司权益

之变动

本集团于附属公司权益之变

动如并无导致本集团失去对

该等附属公司之控制权，将作

为股本交易入账。本集团权益

之有关部分及非控股权益之

账面值均予以调整，以反映其

于附属公司之相关权益变动。

非控股权益之经调整金额与

已付或已收代价之公平价值

之间如有任何差额，乃直接于

权益确认并归属于本公司之

拥有人。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(a) Basis of consolidation (Continued)

Non-controling interests in subsidiaries

are presented separately from the Group’s

equity therein, which represent present

ownership interests entitling their holders to

a proportionate share of net asets of the

relevant subsidiaries upon liquidation.

Changes in the Group’s interests in

existing subsidiaries

Changes in the Group’s interests in

subsidiaries that do not result in the Group

losing control over the subsidiaries are

acounted for as equity transactions. The

carying amounts of the Group’s relevant

components of equity and the non-controling

interests are adjusted to reflect the changes

in the relative interests on the subsidiaries.

Any diference betwen the amount by which

the non-controling interests are adjusted,

and the fair value of the consideration paid or

received is recognised directly in equity and

atributed to owners of the Company.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 综合基准（续）

本集团于现有附属公司权益

之变动（续）

倘本集团失去附属公司之控

制权，则该附属公司之资产及

负债及非控股权益（如有）会终

止确认。收益或亏损会于损益

表确认，并按(i)所收代价之公

平价值及任何保留权益之公

平价值之总额与(i)本公司拥有

人应占该附属公司之资产（包

括商誉）及负债之账面值间之

差额计算。先前于其他全面收

益就该附属公司确认之所有

金额，会按犹如本集团已直接

出售该附属公司之相关资产

或负债入账（即按适用香港财

务报告准则所订明╱允许而重

新分类至损益表或转拨至另

一权益类别）。于失去控制权

当日于前附属公司保留之任

何投资之公平价值，会根据香

港财务报告准则第9号「金融

工具」于往后之会计处理中被

视为初步确认之公平价值，或

（如适用）就于联营公司或合营

企业之投资进行初步确认时

之成本。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(a) Basis of consolidation (Continued)

Changes in the Group’s interests in

existing subsidiaries (Continued)

When the Group loses control of a subsidiary,

the asets and liabilities of that subsidiary

and non-controling interests (if any) are

derecognised. A gain or los is recognised

in profit or los and is calculated as the

diference betwen (i) the agregate of the

fair value of the consideration received and

the fair value of any retained interest and (i)

the carying amount of the asets (including

godwil), and liabilities of the subsidiary

atributable to the owners of the Company.

Al amounts previously recognised in other

comprehensive income in relation to that

subsidiary are acounted for as if the Group

had directly disposed of the related asets

or liabilities of the subsidiary (i.e. reclasified

to profit or los or transfered to another

category of equity as specified/permited by

aplicable HKFRSs). The fair value of any

investment retained in the former subsidiary

at the date when control is lost is regarded

as the fair value on initial recognition for

subsequent acounting under HKFRS 9

“Financial Instruments” or, when aplicable,

the cost on initial recognition of an investment

in an asociate or a joint venture.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 业务合并

业务为一整套活动及资产，

包括共同对创造产出能力有

重大贡献的投入及实质性流

程。倘所收购的流程对继续生

产出的能力至关重要，包括

具备执行相关过程所必需的

技能、知识或经验的组织劳动

力，或对持续生产出的能力

有重大贡献，且被认为属独特

或稀缺，或在无重大成本、努

力或持续生产出能力出现

延迟的情况下不可取代，则所

收购的流程被视为实质性。

业务收购乃采用收购法入账。

于业务合并转拨之代价按公

平价值计量，而计算方法为本

集团所转拨之资产、本集团对

被收购方原拥有人产生之负

债及本集团于交换被收购方

之控制权所发行之股权于收

购日期之公平价值之总和。与

收购事项有关之成本于产生

时一般在损益中确认。

于收购日期，所收购之可予识

别资产及所承担之负债按其

公平价值予以确认，惟若干豁

免除外。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(b) Busines combinations

A busines is an integrated set of activities

and asets which includes an input and a

substantive proces that together significantly

contribute to the ability to create outputs.

The acquired proceses are considered

substantive if they are critical to the ability

to continue producing outputs, including

an organised workforce with the necesary

skils, knowledge, or experience to perform

the related proceses or they significantly

contribute to the ability to continue producing

outputs and are considered unique or scarce

or canot be replaced without significant

cost, efort, or delay in the ability to continue

producing outputs.

Acquisitions of busineses are acounted

for using the acquisition method. The

consideration transfered in a busines

combination is measured at fair value, which

is calculated as the sum of the acquisition-

date fair values of the asets transfered by

the Group, liabilities incured by the Group

to the former owners of the acquire and

the equity interests isued by the Group

in exchange for control of the acquire.

Acquisition-related costs are generaly

recognised in profit or los as incured.

At the acquisition date, the identifiable asets

acquired and the liabilities asumed are

recognised at their fair values, with certain

exemptions.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 业务合并（续）

转让之代价、与被收购方之任

何非控股权益及收购方先前

所持有被收购方股权（如有）

之公平价值合计，倘超出于收

购日期所收购之可予识别资

产及所承担之负债之净额，所

超出之部分乃确认为商誉。倘

（经重估后）所收购之可予识别

资产及所承担之负债之净额

超出所转让之代价、于被收购

方任何非控股权益之金额及

收购方先前持有被收购方权

益（如有）之公平价值之总和，

所超出之部分乃即时于损益

中确认为议价收购收益。

属现时拥有之权益且于清盘

时让持有人有权按比例摊占

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(b) Busines combinations (Continued)

Godwil is measured as the exces of the

sum of the consideration transfered, the

amount of any non-controling interests in the

acquire, and the fair value of the acquirer’s

previously held equity interest in the acquire

(if any) over the net amount of the identifiable

asets acquired and the liabilities asumed

as at acquisition date. If, after re-asesment,

the net amount of the identifiable asets

acquired and liabilities asumed exceds

the sum of the consideration transfered, the

amount of any non-controling interests in the

acquire and the fair value of the acquirer’s

previously held interest in the acquire (if any),

the exces is recognised imediately in profit

or los as a bargain purchase gain.

Non-controling interests that are present

ownership interests and entitle their holders

to a proportionate share of the relevant

subsidiary’s net asets in the event of

liquidation are initialy measured at the non-

controling interests’ proportionate share of

the recognised amounts of the acquire’s

identifiable net asets or at fair value.

When a busines combination is achieved in

stages, the Group’s previously held equity

interest in the acquire is remeasured to fair

value at the acquisition date (i.e. the date

when the Group obtains control), and the

resulting gain or los, if any, is recognized

in profit or los or other comprehensive

income, as apropriate. Amounts arising

from interests in the acquire prior to the

acquisition date that have previously ben

recognized in other comprehensive income

and measured under HKFRS 9 would be

acounted for on the same basis as would be

required if the Group had disposed directly of

the previously held equity interest.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 业务合并（续）

倘业务合并之初步会计处理

于合并发生之报告期完结前

仍未完成，则本集团会就仍未

完成会计处理之项目呈报暂

定金额。该等暂定金额于计量

期间（自收购日期起计不得超

过一年）内作出追溯调整，并

确认额外资产或负债，以反映

所获得有关于收购日期已存

在事实及情况之新资料，而倘

知悉该等资料，将会影响于当

日确认之金额。

因收购业务而产生之商誉按

于收购业务日期确定之成本

减累计减值亏损（如有）列账。

就减值测试而言，商誉乃被分

配到本集团各创现单位或创

现单位组别，此等组别将预期

从合并之协同效应中受益，即

就内部管理目的而言监察商

誉且不大于一个经营分部之

最低级别。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(b) Busines combinations (Continued)

If the initial acounting for a busines

combination is incomplete by the end of the

reporting period in which the combination

ocurs, the Group reports provisional

amounts for the items for which the

acounting is incomplete. Those provisional

amounts are adjusted retrospectively during

the measurement period (which canot

exced one year from the acquisition

date), and aditional asets or liabilities

are recognized, to reflect new information

obtained about facts and circumstances that

existed at the acquisition date that, if known,

would have afected the amounts recognized

at that date.

Godwil arising on an acquisition of a

busines is caried at cost as established at

the date of acquisition of the busines les

acumulated impairment loses, if any.

For the purposes of impairment testing,

godwil is alocated to each of the Group’s

cash-generating units (or groups of cash-

generating units) that is expected to benefit

from the synergies of the combination,

which represents the lowest level at which

the godwil is monitored for internal

management purposes and not larger than

an operating segment.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

已获分配商誉之创现单位或

创现单位组别会每年进行减

值测试，或于有迹象显示该单

位有可能出现减值时，作更频

密之减值测试。就于报告期间

进行收购所产生之商誉而言，

已获分配商誉之创现单位或

创现单位组别会于报告期完

结前进行减值测试。倘可收回

金额（即使用价值与公平价值

减出售成本之较高者）少于其

账面值，则减值亏损须首先予

以分配，以削减任何商誉之账

面值，其后以该单位或创现单

位组别内各资产之账面值为

基准按比例分配到其他资产

之账面值。商誉之任何减值亏

损乃直接于损益中确认。就商

誉确认之减值亏损于其后期

间不予拨回。

于出售相关创现单位或创现

单位组别内任何创现单位时，

则应占之商誉金额于出售时

计入厘定出售之损益金额。当

本集团出售创现单位中的业

务（或创现单位组别内任何创

现单位）时，所出售商誉金额

按所出售业务（或创现单位）及

所保留创现单位（或创现单位

组别）部分之相对价值计量。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

A cash-generating unit (or group of cash-

generating units) to which godwil has ben

alocated is tested for impairment anualy

or more frequently when there is indication

that the unit may be impaired. For godwil

arising on an acquisition in a reporting period,

the cash-generating unit (or group of cash-

generating units) to which godwil has ben

alocated is tested for impairment before the

end of that reporting period. If the recoverable

amount (higher of value in use and fair value

les costs of disposal) is les than its carying

amount, the impairment los is alocated first

to reduce the carying amount of any godwil

and then to the other asets on a pro-rata

basis based on the carying amount of each

aset in the unit (or group of cash-generating

units). Any impairment los for godwil

is recognised directly in profit or los. An

impairment los recognised for godwil is not

reversed in subsequent periods.

On disposal of the relevant cash-generating

unit or any of the cash-generating unit within

the group of cash generating units, the

atributable amount of godwil is included in

the determination of the amount of profit or

los on disposal. When the Group disposes

of an operation within the cash-generating

unit (or a cash-generating unit within a group

of cash-generating units), the amount of

godwil disposed of is measured on the

basis of the relative values of the operation

(or the cash generating unit) disposed of and

the portion of the cash-generating unit (or the

group of cash generating units) retained.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(d) 收购并不构成业务之附属

公司

当本集团收购一组并不构成

业务之资产及负债时，本集团

透过将购买价首先按其各自

之公平价值分配至金融资产╱

金融负债，以识别及确认所收

购个别可识别资产及所承担

负债，而余下之购买价结余其

后按于购买日期之相关公平

价值分配至其他可识别资产

及负债。有关交易并不会产生

商誉或议价购买收益。

(e) 物业、机械及设备

物业、机械及设备（包括持作

生产或提供货品或服务或行

政用途之楼宇（下文所述之在

建工程除外）按成本减其后之

累计折旧及其后之累计减值

亏损（如有）于综合财务状况表

列账。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(d) Acquisition of a subsidiary not

constituting a busines

When the Group acquires a group of

asets and liabilities that do not constitute a

busines, the Group identifies and recognises

the individual identifiable asets acquired and

liabilities asumed by alocating the purchase

price first to financial asets/financial liabilities

at the respective fair values, the remaining

balance of the purchase price is then

alocated to the other identifiable asets

and liabilities on the basis of their relative

fair values at the date of purchase. Such a

transaction does not give rise to godwil or

bargain purchase gain.

(e) Property, plant and equipment

Property, plant and equipment including

buildings held for use in the production

or suply of gods or services, or for

administrative purposes (other than

construction in progres as described below)

are stated in the consolidated statement of

financial position at cost les subsequent

acumulated depreciation and subsequent

acumulated impairment loses, if any.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(e) 物业、机械及设备（续）

本集团就物业所有权益（同

时包括租赁土地及楼宇部分）

付款时，全部代价会于租赁土

地与楼宇部分之间按初步确

认时的相对公平价值的比例

分配。在相关付款可作可靠分

配的情况下，租赁土地权益

会于综合财务状况表内呈列

为「使用权资产」，惟分类并入

账列为公平价值模型项下投

资物业者则除外。倘代价无法

在相关租赁土地的非租赁楼

宇部分与未分割权益之间可

靠分配，整项物业会分类为物

业、机械及设备。

物业、机械及设备（在建工程

除外）项目在扣除剩余价值

后，按其估计可使用年期以直

线法折旧以撇销其成本。估计

可使用年期、剩余价值及折旧

方法乃于各报告期完结时检

讨，任何估计变动之影响按预

先计提之基准入账。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(e) Property, plant and equipment (Continued)

When the Group makes payments for

ownership interests of properties which

include both leasehold land and building

elements, the entire consideration is alocated

betwen the leasehold land and the building

elements in proportion to the relative fair

values at initial recognition. To the extent

the alocation of the relevant payments can

be made reliably, interest in leasehold land

is presented as “right-of-use asets” in the

consolidated statement of financial position

except for those that are clasified and

acounted for as investment properties under

the fair value model. When the consideration

canot be alocated reliably betwen non-

lease building element and undivided interest

in the underlying leasehold land, the entire

properties are clasified as property, plant

and equipment.

Depreciation is recognised so as to write

of the cost of items of property, plant

and equipment (other than construction in

progres) les their residual values over their

estimated useful lives, using the straight-line

method. The estimated useful lives, residual

values and depreciation method are reviewed

at the end of each reporting period, with the

efect of any changes in estimate acounted

for on a prospective basis.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(e) 物业、机械及设备（续）

在建工程包括建设中以作生

产、供应或行政用途之物业、

机械及设备。在建工程按成本

减任何经确认减值亏损列账。

成本包括使资产达到能够按

照管理层拟定之方式营运所

必要之位置及条件而直接产

生之任何成本，以及就合资格

资产而言，根据本集团会计政

策拨充资本之借贷成本。在建

工程在完工并可作拟定用途

时列入适当类别之物业、机械

及设备。该等资产由该等资产

可作拟定用途起开始折旧（基

准与其他物业资产相同）。

物业、机械及设备之项目于出

售或预期继续使用该资产并

无未来经济利益时终止确认。

因出售或报废物业、机械及

设备项目而产生之收益或亏

损按出售所得款项与资产账

面值之差额厘定，并于损益内

确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(e) Property, plant and equipment (Continued)

Construction in progres includes property,

plant and equipment in the course of

construction for production, suply or

administrative purposes. Construction

in progres is caried at cost les any

recognised impairment los. Costs include

any costs directly atributable to bringing the

aset to the location and condition necesary

for it to be capable of operating in the

maner intended by management and, for

qualifying asets, borowing costs capitalised

in acordance with the Group’s acounting

policy. Construction in progres is clasified

to the apropriate categories of property,

plant and equipment when completed and

ready for intended use. Depreciation of these

asets, on the same basis as other property

asets, comences when the asets are

ready for their intended use.

An item of property, plant and equipment

is derecognised upon disposal or when no

future economic benefits are expected to

arise from the continued use of the aset.

Any gain or los arising on the disposal or

retirement of an item of property, plant and

equipment is determined as the diference

betwen the sales proceds and the carying

amount of the aset and is recognised in

profit or los.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(f) 投资物业

投资物业乃持作赚取租金及╱

或资本增值之物业。

投资物业包括持有但尚未确

定未来用途之土地（其视为持

作资本增值），及于未来用作

投资物业之发展中土地。

投资物业初步乃按成本（包括

任何直接应占费用）计量。于

初步确认后，投资物业按公平

价值计量，并予以调整以撇除

任何预付或应计经营租赁收

入。投资物业公平价值变动所

产生之收益或亏损于产生期

间列入损益中。

倘物业因不再作自用而显示

其用途已改变，则该物业成为

投资物业，该项目于转拨当日

的账面值与公平价值之间之

任何差额于其他全面收益中

确认，并于物业重估储备累

计。于其后出售或报废该物业

时，相关重估储备将直接转拨

至保留溢利。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(f) Investment properties

Investment properties are properties held to

earn rentals and/or for capital apreciation.

Investment properties include land held for

undetermined future use, which is regarded

as held for capital apreciation purpose, and

land under development for future use as

investment property.

Investment properties are initialy measured

at cost, including any directly atributable

expenditure. Subsequent to initial recognition,

investment properties are measured at fair

values, adjusted to exclude any prepaid or

acrued operating lease income. Gains or

loses arising from changes in the fair value

of investment property are included in profit

or los for the period in which they arise.

If a property becomes an investment property

because its use has changed as evidenced

by end of owner-ocupation, any diference

betwen the carying amount and the fair

value of that item at the date of transfer is

recognised in other comprehensive income

and acumulated in property revaluation

reserve. On the subsequent sale or retirement

of the property, the relevant revaluation

reserve wil be transfered directly to retained

profits.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(f) 投资物业（续）

投资物业于出售或永久停用

及预期出售不会带来未来经

济利益时终止确认。终止确认

物业所产生任何收益或亏损

乃按出售所得款项净额与资

产账面值之差额计算，于该物

业终止确认之期间计入损益。

当有证据显示投资物业开始

发展以作出售，且有关物业用

途有所改变，则按公平价值计

值之投资物业将被转拨至待

售物业。物业于转拨日期之公

平价值根据香港会计准则第2

号进行后续会计处理时作为

视作物业成本入账。

(g) 于联营公司及合营企业之

投资

联营公司乃本集团对其具有

重大影响力之实体。重大影响

力指参与被投资方财务及营

运决策之权力，而并非该等政

策之控制权或共同控制权。

合营企业指一项共同安排，对

安排拥有共同控制权之订约

方据此对共同安排之资产净

值拥有权利。共同控制权是指

按照合约定对某项安排所

共有的控制权，共同控制权仅

在当相关活动要求共同享有

控制权之各方作出一致同意

之决定时存在。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(f) Investment properties (Continued)

An investment property is derecognised upon

disposal or when the investment property

is permanently withdrawn from use and

no future economic benefits are expected

from its disposal. Any gain or los arising

on derecognition of the property (calculated

as the diference betwen the net disposal

proceds and the carying amount of the

aset) is included in profit or los in the period

in which the property is derecognised.

An investment property caried at fair value

is transfered to properties for sales when

there is a change in use evidenced by

comencement of development with a view

to sale of the relevant properties. The fair

value of the property at the date of transfer

is the demed cost of the property for its

subsequent acounting in acordance with

HKAS 2.

(g) Investments in asociates and joint

ventures

An asociate is an entity over which the

Group has significant influence. Significant

influence is the power to participate in the

financial and operating policy decisions of the

investe but is not control or joint control over

those policies.

A joint venture is a joint arangement whereby

the parties that have joint control of the

arangement have rights to the net asets

of the joint arangement. Joint control is

the contractualy agred sharing of control

of an arangement, which exists only when

decisions about the relevant activities require

unanimous consent of the parties sharing

control.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(g) 于联营公司及合营企业之

投资（续）

联营公司及合营企业之业绩、

资产及负债乃以权益会计法

列入该等综合财务报表，除非

投资或其中一部分被分类为

持作出售则除外，于该情况

下，如此分类之该投资或该部

分会根据香港财务报告准则

第5号「持作出售之非流动资

产及已终止经营业务」入账。

未分类为持作出售之于联营

公司或合营企业之投资之任

何保留部分会继续使用权益

法入账。根据权益法，于联营

公司或合营企业之投资初步

乃按成本于综合财务状况表

中确认，并于其后作出调整以

确认本集团摊占该联营公司

或合营企业之损益及其他全

面收益。除损益及其他全面收

益外，联营公司或合营企业之

资产净值变动概无入账，惟导

致本集团所持之拥有权益

产生变动者则属例外。当本集

团摊占某联营公司或合营企

业之亏损超出其于该联营公

司或合营企业之权益（包括任

何实质组成本集团于联营公

司或合营企业投资净值部分

的长期权益），则本集团不再

继续确认其摊占之进一步亏

损。额外亏损仅以本集团已产

生法定或推定责任或代表该

联营公司或合营企业作出付

款者为限被确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(g) Investments in asociates and joint

ventures (Continued)

The results and asets and liabilities

of asociates and joint ventures are

incorporated in these consolidated financial

statements using the equity method of

acounting, except when the investment,

or a portion thereof, is clasified as held for

sale, in which case it is or the portion so

clasified is acounted for in acordance with

HKFRS 5 Non-curent Asets Held for Sale

and Discontinued Operations. Any retained

portion of an investment in an asociate or a

joint venture that has not ben clasified as

held for sale continues to be acounted for

using the equity method. Under the equity

method, an investment in an asociate or

a joint venture is initialy recognised in the

consolidated statement of financial position

at cost and adjusted thereafter to recognise

the Group’s share of the profit or los and

other comprehensive income of the asociate

or joint venture. Changes in net asets of the

asociate or joint venture other than profit or

los and other comprehensive income are not

acounted for unles such changes resulted

in changes in ownership interest held by the

Group. When the Group’s share of loses

of an asociate or a joint venture exceds

the Group’s interest in that asociate or

joint venture (which includes any long-term

interests that, in substance, form part of

the Group’s net investment in the asociate

or joint venture), the Group discontinues

recognising its share of further loses.

Aditional loses are recognised only to the

extent that the Group has incured legal or

constructive obligations or made payments

on behalf of the asociate or joint venture.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(g) 于联营公司及合营企业之

投资（续）

于联营公司或合营企业之投

资自被投资方成为联营公司

或合营企业当日起采用权益

法入账。在收购于联营公司或

合营企业之投资时，投资成本

超出本集团摊占被投资方之

可识别资产及负债之公平净

值之任何差额均确认为商誉，

计入投资之账面值。经重新评

估后，本集团摊占可识别资产

及负债之公平净值超出投资

成本之任何金额即时在收购

投资期间内于损益确认。

本集团会评估是否有客观证

据显示于联营公司或合营企

业之权益可能出现减值。倘存

在任何客观证据，投资之全部

账面值（包括商誉）会根据香港

会计准则第36号「资产减值」

作为单一资产进行减值测试，

方法为将其可收回金额（即使

用价值与公平价值之较高者

减出售成本）与其账面值进行

比较。任何已确认减值亏损

均不会分配至构成投资账面

值一部分之任何资产（包括商

誉）。有关减值亏损之任何拨

回于该项投资可收回金额其

后增加时根据香港会计准则

第36号「资产减值」确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(g) Investments in asociates and joint

ventures (Continued)

An investment in an asociate or a joint

venture is acounted for using the equity

method from the date on which the investe

becomes an asociate or a joint venture. On

acquisition of the investment in an asociate

or a joint venture, any exces of the cost of

the investment over the Group’s share of

the net fair value of the identifiable asets

and liabilities of the investe is recognised as

godwil, which is included within the carying

amount of the investment. Any exces of

the Group’s share of the net fair value of the

identifiable asets and liabilities over the cost

of the investment, after reasesment, is

recognised imediately in profit or los in the

period in which the investment is acquired.

The Group aseses whether there is an

objective evidence that the interest in an

asociate or a joint venture may be impaired.

When any objective evidence exists, the

entire carying amount of the investment

(including godwil) is tested for impairment

in acordance with HKAS 36 “Impairment of

Asets” as a single aset by comparing its

recoverable amount (higher of value in use

and fair value les costs of disposal) with its carying

amount. Any impairment los recognised is

not alocated to any aset, including godwil,

that forms part of the carying amount of the

investment. Any reversal of that impairment

los is recognised in acordance with HKAS

36 “Impairment of Asets” to the extent that

the recoverable amount of the investment

subsequently increases.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(g) 于联营公司及合营企业之

投资（续）

倘本集团不再对联营公司拥

有重大影响力或于合营企业

拥有共同控制权，则按出售于

该被投资方之全部权益入账，

所产生之收益或亏损于损益

确认。倘本集团保留于前联营

公司或合营企业之权益且该

保留权益为香港财务报告准

则第9号范围内之金融资产，

则本集团会于该日按公平价

值计量保留权益，而该公平价

值被视为于初步确认时之公

平价值。联营公司或合营企业

之账面值与任何保留权益及

出售联营公司或合营企业之

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(g) Investments in asociates and joint

ventures (Continued)

When the Group ceases to have significant

influence over an asociate or joint control

over a joint venture, it is acounted for

as a disposal of the entire interest in the

investe with a resulting gain or los being

recognised in profit or los. When the Group

retains an interest in the former asociate

or joint venture and the retained interest is

a financial aset within the scope of HKFRS

9, the Group measures the retained interest

at fair value at that date and the fair value is

regarded as its fair value on initial recognition.

The diference betwen the carying amount

of the asociate or joint venture and the

fair value of any retained interest and any

proceds from disposing of the relevant

interest in the asociate or joint venture is

included in the determination of the gain

or los on disposal of the asociate or joint

venture. In adition, the Group acounts for

al amounts previously recognised in other

comprehensive income in relation to that

asociate or joint venture on the same basis

as would be required if that asociate or joint

venture had directly disposed of the related

asets or liabilities. Therefore, if a gain or los

previously recognised in other comprehensive

income by that asociate or joint venture

would be reclasified to profit or los on the

disposal of the related asets or liabilities,

the Group reclasifies the gain or los from

equity to profit or los (as a reclasification

adjustment) upon disposal or partial disposal

of the relevant asociate or joint venture.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(g) 于联营公司及合营企业之

投资（续）

于联营公司之投资成为于合

营企业之投资或于合营企业

之投资成为于联营公司之投

资时，本集团继续采用权益

法。于所有权益有变时，概

不会重新计量公平价值。

当本集团减少其于联营公司

或合营企业之所有权益但

本集团继续采用权益法时，本

集团将过往已于其他全面收

益确认之收益或亏损，按其减

少所有权益之相关比例重

新分类至损益（倘该收益或亏

损将在出售相关资产或负债

时重新分类至损益）。

倘一个集团实体与本集团之

联营公司或合营企业进行交

易，与该联营公司或合营企业

进行交易所产生之损益仅会

在有关联营公司或合营企业

之权益与本集团无关的情况

下，方会在本集团综合财务报

表确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(g) Investments in asociates and joint

ventures (Continued)

The Group continues to use the equity

method when an investment in an asociate

becomes an investment in a joint venture or

an investment in a joint venture becomes

an investment in an asociate. There is no

remeasurement to fair value upon such

changes in ownership interests.

When the Group reduces its ownership

interest in an asociate or a joint venture

but the Group continues to use the equity

method, the Group reclasifies to profit or

los the proportion of the gain or los that

had previously ben recognised in other

comprehensive income relating to that

reduction in ownership interest if that gain or

los would be reclasified to profit or los on

the disposal of the related asets or liabilities.

When a group entity transacts with an

asociate or a joint venture of the Group,

profits and loses resulting from the

transactions with the asociate or joint

venture are recognised in the Group’s

consolidated financial statements only to the

extent of interests in the asociate or joint

venture that are not related to the Group.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(h) 无形资产

业务合并收购之无形资产

业务合并所收购之无形资产

独立于商誉确认，并按收购日

期之公平价值作初步确认（作

为彼等之成本）。

初步确认后，业务合并收购所

得且使用年期有限之无形资

产按成本减累计摊销及任何

累计减值亏损列账。使用年期

有限之无形资产会于估计可

使用年期内确认摊销。此外，

业务合并收购所得且无定限

使用年期之无形资产按成本

减任何其后累计减值亏损列

账（见下文有关物业、机械及

设备、使用权资产及无形资产

之减值亏损之会计政策）。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(h) Intangible asets

Intangible asets acquired in a busines

combination

Intangible asets acquired in a busines

combination are recognised separately from

godwil and are initialy recognised at their

fair value at the acquisition date (which is

regarded as their cost).

Subsequent to initial recognition, intangible

asets acquired in a busines combination

with finite useful lives are reported at cost

les acumulated amortisation and any

acumulated impairment loses. Amortisation

for intangible asets with finite useful lives is

recognised over their estimated useful lives.

Alternatively, intangible asets acquired in a

busines combination with indefinite useful

lives are caried at cost les any subsequent

acumulated impairment loses (se the

acounting policy in respect of impairment

loses on property, plant and equipment,

right-of-use asets and intangible asets

below).

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(h) 无形资产（续）

个别收购之无形资产

个别收购而使用年期有限之

无形资产乃按成本减累计摊

销及任何累计减值亏损入账。

使用年期有限之无形资产乃

于估计可使用年期内确认摊

销。估计可使用年期及摊销法

会于各报告期完结时进行检

讨，估计之任何变动影响均按

将来基准入账。个别收购而无

定限使用年期之无形资产按

成本减任何其后累计减值亏

损入账（见下文有关物业、机

械及设备、使用权资产及无形

资产减值亏损之会计政策）。

无形资产于出售时或预计无

法透过使用或出售而取得未

来经济利益时终止确认。因终

止确认无形资产而产生之收

益或亏损乃按出售所得款项

净额与有关资产之账面值之

差额计量，并于有关资产终止

确认的期间在损益中确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(h) Intangible asets (Continued)

Intangible asets acquired separately

Intangible asets with finite useful lives that

are acquired separately are caried at cost

les acumulated amortisation and any

acumulated impairment loses. Amortisation

for intangible asets with finite useful lives is

recognised over their estimated useful lives.

The estimated useful life and amortisation

method are reviewed at the end of each

reporting period, with the efect of any

changes in estimate being acounted for

on a prospective basis. Intangible asets

with indefinite useful lives that are acquired

separately are caried at cost les any

subsequently acumulated impairment

loses (se the acounting policy in respect

of impairment loses on property, plant and

equipment, right-of-use asets and intangible

asets below).

An intangible aset is derecognised on

disposal, or when no future economic

benefits are expected from use or disposal.

Gain or los arising from derecognition

of an intangible aset is measured as the

diference betwen the net disposal proceds

and the carying amount of the aset and is

recognised in profit or los in the period when

the aset is derecognised.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(i) 拨备

倘本集团因过往事件而承担

现时责任（法定或推定），而本

集团很可能将须清偿该责任

且能够可靠估计责任金额，则

确认拨备。

经考虑与责任有关之风险及

不确定因素后，确认为拨备之

金额为于报告期完结时清偿

现时责任所需代价之最佳估

计。倘拨备乃以估计用作清偿

现时责任之现金流量计量，则

其账面值为该等现金流量之

现值（如货币时间价值之影响

属重大）。

(j) 金融工具

金融资产及金融负债于集团

实体订立该工具之合约条文

时确认。

金融资产及金融负债初步按

公平价值计量，惟客户合约所

产生之贸易应收账款根据香

港财务报告准则第15号「来自

客户合约之收入」进行初步计

量。收购或发行金融资产和金

融负债（按公平价值志入损益

账（「按公平价值志入损益账」）

之金融资产及金融负债除外）

直接应占之交易成本，应于初

步确认时加入至或扣除自金

融资产或金融负债（如适用）之

公平价值。收购按公平价值志

入损益账之金融资产或金融

负债之直接应占交易成本，即

时于损益账确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(i) Provisions

Provisions are recognised when the Group

has a present obligation (legal or constructive)

as a result of a past event, it is probable

that the Group wil be required to setle that

obligation, and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the

best estimate of the consideration required to

setle the present obligation at the end of the

reporting period, taking into acount the risks

and uncertainties surounding the obligation.

When a provision is measured using the

cash flows estimated to setle the present

obligation, its carying amount is the present

value of those cash flows (where the efect of

the time value of money is material).

(j) Financial instruments

Financial asets and financial liabilities are

recognised when a group entity becomes

a party to the contractual provisions of the

instrument.

Financial asets and financial liabilities are

initialy measured at fair value except for trade

receivables arising from contracts with customers

which are initialy measured in acordance

with HKFRS 15 “Revenue from Contracts

with Customers”. Transaction costs that are

directly atributable to the acquisition or isue

of financial asets and financial liabilities (other

than financial asets and financial liabilities at

fair value through profit or los (“FVPL”) are

aded to or deducted from the fair value of

the financial asets or financial liabilities, as

apropriate, on initial recognition. Transaction

costs directly atributable to the acquisition of

financial asets or financial liabilities at FVPL

are recognised imediately in profit or los.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

实际利率法乃计算金融资产

或金融负债之摊销成本及按

有关期间摊分利息收入及利

息开支之方法。实际利率乃将

估计日后现金收入及支出（包

括所有支付或收取构成整体

实际利率之费用及点子、交易

成本及其他溢价或折价）按金

融资产或金融负债之预期使

用年期，或较短期间（倘适用）

准确贴现至初步确认时之账

面净值之利率。

自本集团一般业务过程中产

生之利息╱股息收入作为收入

呈列。

金融资产

所有金融资产之日常买卖乃

按交易日基准确认及终止确

认。日常买卖指须于按市场规

则或惯例所确立之时间内交

付资产之金融资产买卖。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

The efective interest method is a method of

calculating the amortised cost of a financial

aset or financial liability and of alocating

interest income and interest expense over

the relevant period. The efective interest rate

is the rate that exactly discounts estimated

future cash receipts and payments (including

al fes and points paid or received that form

an integral part of the efective interest rate,

transaction costs and other premiums or

discounts) through the expected life of the

financial aset or financial liability, or, where

apropriate, a shorter period, to the net

carying amount on initial recognition.

Interest/dividend income which are derived

from the Group’s ordinary course of busines

are presented as revenue.

Financial asets

Al regular way purchases or sales of financial

asets are recognised and derecognised on

a trade date basis. Regular way purchases

or sales are purchases or sales of financial

asets that require delivery of asets within

the time frame established by regulation or

convention in the market place.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产之分类及其后计量

满足下列条件之金融资产其

后按摊销成本计量：

• 该金融资产乃以旨在收取

合约现金流之业务模式持

有；及

• 合约条款规定于特定日期

产生之现金流纯粹为支

付本金及未偿付之本金

利息。

满足下列条件之金融资产其

后按公平价值志入其他全面

收益计量：

• 该金融资产乃以同时透过

收取合约现金流及销售金

融资产而达致目的之业务

模式持有；及

• 合约条款规定于特定日期

产生之现金流纯粹为支

付本金及未偿付之本金

利息。

所有其他金融资产其后按公

平价值志入损益账计量，惟于

初步确认金融资产时，倘有关

权益投资并非持作买卖，亦非

收购方于香港财务报告准则

第3号「业务合并」适用之业务

合并中确认之或然代价，则本

集团可以不可撤销地选择于

其他全面收益中呈列权益投

资公平价值之其后变动。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent

measurement of financial asets

Financial asets that met the folowing

conditions are subsequently measured at

amortised cost:

• the financial aset is held within a

busines model whose objective is to

colect contractual cash flows; and

• the contractual terms give rise on

specified dates to cash flows that are

solely payments of principal and interest

on the principal amount outstanding.

Financial asets that met the folowing

conditions are subsequently measured at

FVOCI:

• the financial aset is held within a

busines model whose objective is

achieved by both colecting contractual

cash flows and seling the financial

asets; and

• the contractual terms give rise on

specified dates to cash flows that are

solely payments of principal and interest

on the principal amount outstanding.

Al other financial asets are subsequently

measured at FVPL, except that at initial

recognition of a financial aset the Group

may irevocably elect to present subsequent

changes in fair value of an equity investment

in other comprehensive income if that equity

investment is neither held for trading nor

contingent consideration recognised by an

acquirer in a busines combination to which

HKFRS 3 “Busines Combinations” aplies.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产之分类及其后

计量（续）

倘符合下列条件，则金融资产

属持作买卖：

• 其获收购之主要目的为于

短期内出售；或

，其为本集

团共同管理之已识别金融

工具组合之一部分，且于

近期具有确实之短期获利

模式。

(i) 摊销成本及利息收入

其后按摊销成本计量之金

融资产及其后按公平价值

志入其他全面收益之债务

工具乃使用实际利率法确

认利息收入。利息收入乃

按金融资产之账面总值应

用实际利率计算，惟其后

出现信贷减值之金融资产

除外。就其后出现信贷减

值之金融资产而言，利息

收入自下一报告期起按金

融资产之摊销成本应用实

际利率确认。倘信贷减值

金融工具之信贷风险有所

改善，使金融资产不再出

现信贷减值，则于确认该

资产不再出现信贷减值后

之报告期初起，利息收入

按金融资产之账面总值应

用实际利率确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent

measurement of financial asets (Continued)

A financial aset is held for trading if:

• it has ben acquired principaly for the

purpose of seling in the near term; or

• on initial recognition it is a part of a

portfolio of identified financial instruments

that the Group manages together and

has a recent actual patern of short-term

profit-taking.

(i) Amortised cost and interest income

Interest income is recognised using the

efective interest method for financial

asets measured subsequently at

amortised cost and debt instruments

subsequently measured at FVOCI.

Interest income is calculated by

aplying the efective interest rate to

the gros carying amount of a financial

aset, except for financial asets that

have subsequently become credit-

impaired. For financial asets that

have subsequently become credit-

impaired, interest income is recognised

by aplying the efective interest rate

to the amortised cost of the financial

aset from the next reporting period.

If the credit risk on the credit-impaired

financial instrument improves so that

the financial aset is no longer credit-

impaired, interest income is recognised

by aplying the efective interest rate to

the gros carying amount of the financial

aset from the begining of the reporting

period folowing the determination that

the aset is no longer credit-impaired.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产之分类及其后

计量（续）

(i) 指定为按公平价值志入其

他全面收益之权益工具

按公平价值志入其他全面

收益之权益工具投资其后

按公平价值计量，公平价

值变动产生之收益及亏

损于其他全面收益确认，

并于投资重估储备累计，

且毋须进行减值评估。累

计收益或亏损将不会重

新分类至出售权益投资

之损益，并将转拨至保留

溢利。

当本集团确立收取股息之

权利时，该等权益工具投

资之股息于损益中确认，

除非股息明确属于收回投

资成本之一部分则作别

论。股息计入损益的其他

收入中。

(i) 按公平价值志入损益账之

金融资产

不符合按摊销成本或按公

平价值志入其他全面收益

计量或指定为按公平价值

志入其他全面收益准则之

金融资产按公平价值志入

损益账计量。

按公平价值志入损益账之

金融资产于各报告期完结

时按公平价值计量，任何

公平价值收益或亏损于损

益内确认。于损益内确认

之收益或亏损净额不包括

自持作买卖之金融资产赚

取之任何股息或利息。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent

measurement of financial asets (Continued)

(i) Equity instruments designated as at

FVOCI

Investments in equity instruments at

FVOCI are subsequently measured at fair

value with gains and loses arising from

changes in fair value recognised in other

comprehensive income and acumulated

in the investment revaluation reserve;

and are not subject to impairment

asesment. The cumulative gain or los

wil not be reclasified to profit or los on

disposal of the equity investments, and

wil be transfered to retained profits.

Dividends from these investments in

equity instruments are recognised in

profit or los when the Group’s right

to receive the dividends is established,

unles the dividends clearly represent

a recovery of part of the cost of the

investment. Dividends are included in the

other income in profit or los.

(i) Financial asets at FVPL

Financial asets that do not met the

criteria for being measured at amortised

cost or FVOCI or designated as FVOCI

are measured at FVPL.

Financial asets at FVPL are measured

at fair value at the end of each reporting

period, with any fair value gains or loses

recognised in profit or los. The net

gain or los recognised in profit or los

excludes any dividend or interest earned

on the financial aset held for trading.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

外汇收益及亏损

以外币计值之金融资产之账

面值乃由该外币厘定，并按各

报告期完结时即期汇率换算。

特别是：

• 对于不构成指定对冲关系

的按摊销成本计量的金融

资产，汇兑差额于损益中

的「其他收益及亏损」项目

确认，作为汇兑收益╱（亏

损）净额的一部分；

• 对于不构成指定对冲关系

的按公平价值志入损益账

计量的金融资产，汇兑差

额于损益中的「其他收益

及亏损」项目确认，作为

按公平价值志入损益账计

量的金融资产公平价值变

动收益╱（亏损）净额的一

部分；

• 对于按公平价值志入其他

全面收益计量的股权工

具，汇兑差额于投资重估

储备中的其他全面收益

确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Foreign exchange gains and loses

The carying amount of financial asets

that are denominated in a foreign curency

is determined in that foreign curency and

translated at the spot rate at the end of each

reporting period. Specificaly:

• For financial asets measured at

amortised cost that are not part of

a designated hedging relationship,

exchange diferences are recognised

in profit or los in the “Other gains

and loses” line item as part of the net

exchange gain/(los);

• For financial asets measured at FVPL

that are not part of a designated hedging

relationship, exchange diferences are

recognised in profit or los in the “Other

gains and loses” line item as part of the

net gain/(los) from changes in fair value

of financial asets measured at FVPL;

• For equity instruments measured at

FVOCI, exchange diferences are

recognised in other comprehensive

income in the investment revaluation

reserve.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值

本集团根据预期信贷亏损（「预

期信贷亏损」）模式对金融资

产（包括应收清盘中前附属公

司、贸易及其他应收账款、应

收贷款、短期银行存款及银行

结存）及根据香港财务报告准

则第9号须作减值评估之财务

担保合约进行减值评估。预期

信贷亏损金额于各报告日期

更新，以反映自初步确认以来

之信贷风险变动。

全期预期信贷亏损指于相关

工具预期年期内所有可能发

生之违约事件所导致之预期

信贷亏损。相反，12个月预期

信贷亏损（「12个月预期信贷

亏损」）指预期可能于报告日期

后12个月内发生之违约事件

所导致之部分全期预期信贷

亏损。评估根据本集团过往信

贷亏损经验进行，并根据债务

人特定因素、整体经济状况以

及对报告日期当前状况及未

来状况预测之评估作出调整。

本集团一直就贸易应收账款

确认全期预期信贷亏损。该等

资产之预期信贷亏损评估乃

就具有重大且出现信贷减值

之余额之应收账款个别进行

及╱或按共同风险特征作出之

适当分组集体进行。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets

The Group performs impairment asesment

under expected credit los (the “ECL”) model

on financial asets (including amounts due

from former subsidiaries in liquidation, trade

and other receivables, loan receivables,

short-term bank deposits and bank balances)

and financial guarante contracts which are

subject to impairment asesment under

HKFRS 9. The amount of ECL is updated

at each reporting date to reflect changes in

credit risk since initial recognition.

Lifetime ECL represents the ECL that wil

result from al posible default events over

the expected life of the relevant instrument.

In contrast, 12-month ECL (the “12m ECL”)

represents the portion of lifetime ECL that is

expected to result from default events that are

posible within 12 months after the reporting

date. Asesments are done based on the

Group’s historical credit los experience,

adjusted for factors that are specific to the

debtors, general economic conditions and an

asesment of both the curent conditions at

the reporting date as wel as the forecast of

future conditions.

The Group always recognises lifetime ECL for

trade receivables. The ECL on these asets

are asesed individualy for debtors with

significant and credit-impaired balances and/

or colectively with apropriate groupings by

comon risk characteristics.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

就所有其他工具而言，本集团

计量之亏损拨备相等于12个

月预期信贷亏损，除非自初步

确认以来之信贷风险大幅增

加，在此情况下，本集团会确

认全期预期信贷亏损。评估是

否应确认全期预期信贷亏损

乃基于自初步确认以来发生

违约之可能性或风险有否大

幅增加而进行。

(i) 信贷风险大幅增加

评估信贷风险自初步确认

以来有否大幅增加时，本

集团会比较金融工具于报

告日期发生违约之风险与

金融工具于初步确认日期

发生违约之风险。在作出

评估时，本集团会考虑合

理及可靠之定量及定性资

料，包括过往经验及毋须

付出不必要之成本或努力

即可取得之前瞻性资料。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

For al other instruments, the Group

measures the los alowance equal to 12m

ECL, unles there has ben a significant

increase in credit risk since initial recognition,

in which case the Group recognises lifetime

ECL. The asesment of whether lifetime ECL

should be recognised is based on significant

increases in the likelihod or risk of a default

ocuring since initial recognition.

(i) Significant increase in credit risk

In asesing whether the credit risk

has increased significantly since initial

recognition, the Group compares

the risk of a default ocuring on the

financial instrument as at the reporting

date with the risk of a default ocuring

on the financial instrument as at the

date of initial recognition. In making this

asesment, the Group considers both

quantitative and qualitative information

that is reasonable and suportable,

including historical experience and

forward-loking information that is

available without undue cost or efort.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷风险大幅增加（续）

具体而言，评估信贷风险

有否大幅增加时会考虑以

下资料：

（如有）

或内部信贷评级之实

际或预期显著恶化；

• 信贷风险之外部市场

指标显著恶化；

、财务或经济状

况之现有或预测不利

变动，预期导致债务

人履行其债务责任之

能力大幅下降；

• 债务人之经营业绩实

际或预期严重转差；

经济或技术环境之实

际或预期重大不利变

动，导致债务人履行

其债务责任之能力大

幅下降。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk

(Continued)

In particular, the folowing information

is taken into acount when asesing

whether credit risk has increased

significantly:

• an actual or expected significant

deterioration in the financial

instrument’s external (if available) or

internal credit rating;

• significant deterioration in external

market indicators of credit risk;

• existing or forecast adverse

changes in busines, financial

or economic conditions that are

expected to cause a significant

decrease in the debtor’s ability to

met its debt obligations;

• an actual or expected significant

deterioration in the operating results

of the debtor;

• an actual or expected significant

adverse change in the regulatory,

economic, or technological

environment of the debtor that

results in a significant decrease in

the debtor’s ability to met its debt

obligations.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 信贷风险大幅增加（续）

不论上述评估结果如何，

当合约付款已逾期超过

30日，本集团会假定信贷

风险自初步确认以来大幅

增加，除非本集团有合理

及可靠资料显示情况并非

如此。

就财务担保合约而言，本

集团成为不可撤销承担一

方之日期被视为进行减值

评估之初步确认日期。故

于评估信贷风险自财务担

保合约初始确认起是否有

大幅增加时，本集团会考

虑特定债务人违约风险之

变动。

本集团定期监察用以识别

信贷风险有否显著增加之

准则之有效性，并于适当

时进行修订，以确保该等

准则能于款项到期前识别

信贷风险有否显著增加。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk

(Continued)

Irespective of the outcome of the above

asesment, the Group presumes that

the credit risk has increased significantly

since initial recognition when contractual

payments are more than 30 days past

due, unles the Group has reasonable

and suportable information that

demonstrates otherwise.

For financial guarante contracts,

the date that the Group becomes a

party to the irevocable comitment

is considered to be the date of initial

recognition for the purposes of asesing

the impairment. In asesing whether

there has ben a significant increase in

the credit risk since initial recognition of

financial guarante contracts, the Group

considers the changes in the risk that

the specified debtor wil default on the

contract.

The Group regularly monitors the

efectivenes of the criteria used to

identify whether there has ben a

significant increase in credit risk and

revises them as apropriate to ensure

that the criteria are capable of identifying

significant increase in credit risk before

the amount becomes past due.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 违约之定义

就内部信贷风险管理而

言，本集团认为当内部产

生或从外部来源取得之资

料显示债务人不太可能向

其债权人（包括本集团）悉

数还款（不计及本集团持

有之任何抵押品），则出

现违约事件。

不论上述情形如何，倘金

融资产已逾期超过90日，

则本集团认为已发生违

约，除非本集团有合理及

可靠资料证明较宽松之违

约标准更为适合。

(i) 出现信贷减值之金融资产

倘发生一件或多件对金融

资产之估计未来现金流

量造成不利影响之事件，

则该金融资产出现信贷减

值。金融资产出现信贷减

值之证据包括有关以下事

件之可观察数据：

(a) 发行人或借款人出现

严重财政困难；

(b) 违反合约，如违约或

逾期事件；

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Definition of default

For internal credit risk management,

the Group considers an event of default

ocurs when information developed

internaly or obtained from external

sources indicates that the debtor is

unlikely to pay its creditors, including the

Group, in ful (without taking into acount

any colaterals held by the Group).

Irespective of the above, the Group

considers that default has ocured

when a financial aset is more than 90

days past due unles the Group has

reasonable and suportable information

to demonstrate that a more laging

default criterion is more apropriate.

(i) Credit-impaired financial asets

A financial aset is credit-impaired

when one or more events that have a

detrimental impact on the estimated

future cash flows of that financial

aset have ocured. Evidence that a

financial aset is credit-impaired includes

observable data about the folowing

events:

(a) significant financial dificulty of the

isuer or the borower;

(b) a breach of contract, such as a

default or past due event;

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

(i) 出现信贷减值之金融资产

（续）

与借款人财政困难有

关之经济或合约原

因，给予借款人在其

他情况下不会考虑之

让步；或

(d) 借款人可能破产或进

行其他财务重组。

(iv) 撇销政策

当有资料显示交易对手陷

入严重财政困难，且并无

实际预期可收回款项时

（如交易对手被清盘或已

进入破产程序），本集团

会撇销金融资产。经计及

适用之法律意见后，已撇

销之金融资产可能仍可于

本集团收回程序下强制执

行。撇销构成终止确认事

件。其后收回之任何款项

于损益内确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Credit-impaired financial asets

(Continued)

economic or contractual reasons

relating to the borower’s financial

dificulty, having granted to the

borower a concesion(s) that

the lender(s) would not otherwise

consider; or

(d) it is becoming probable that the

borower wil enter bankruptcy or

other financial reorganisation.

(iv) Write-of policy

The Group writes of a financial aset

when there is information indicating

that the counterparty is in severe

financial dificulty and there is no realistic

prospect of recovery, for example,

when the counterparty has ben placed

under liquidation or has entered into

bankruptcy procedings. Financial

asets writen of may stil be subject to

enforcement activities under the Group’s

recovery procedures, taking into

acount legal advice where apropriate.

A write-of constitutes a derecognition

event. Any subsequent recoveries are

recognised in profit or los.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

(v) 预期信贷亏损之计量及

确认

预期信贷亏损之计量乃违

约概率、违约损失率（即

出现违约时之损失幅度）

及违约风险之函数。违约

概率及违约损失率乃根据

历史数据及前瞻性资料进

行评估。估计预期信贷亏

损反映无偏颇及概率加权

金额，该金额以发生违约

之相应风险作为加权数值

予以厘定。

一般而言，预期信贷亏损

乃根据合约应付本集团之

所有合约现金流量与本集

团预期将收取之现金流

量之间之差额，并按初步

确认时厘定之实际利率

贴现。就应收租赁款项而

言，厘定预期信贷亏损所

用之现金流量与根据香港

财务报告准则第16号计量

应收租赁款项所用之现金

流量一致。

就财务担保合约而言，由

于根据担保工具条款，本

集团仅须于债务人违约时

作出付款。因此，预期信

贷亏损为就持有人产生信

贷亏损作出补偿之预期付

款现值减本集团预期从持

有人、债务人或任何其他

人士收取之任何款项。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL

The measurement of ECL is a function

of the probability of default, los given

default (i.e. the magnitude of the los

if there is a default) and the exposure

at default. The asesment of the

probability of default and los given

default is based on historical data and

forward-loking information. Estimation

of ECL reflects an unbiased and

probability-weighted amount that is

determined with the respective risks of

default ocuring as the weights.

Generaly, the ECL is the diference

betwen al contractual cash flows that

are due to the Group in acordance with

the contract and the cash flows that the

Group expects to receive, discounted at

the efective interest rate determined at

initial recognition. For a lease receivable,

the cash flows used for determining the

ECL is consistent with the cash flows

used in measuring the lease receivable

in acordance with HKFRS 16.

For a financial guarante contract, the

Group is required to make payments

only in the event of a default by the

debtor in acordance with the terms

of the instrument that is guaranted.

Acordingly, the ECL is the present value

of the expected payments to reimburse

the holder for a credit los that it incurs

les any amounts that the Group

expects to receive from the holder, the

debtor or any other party.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

(v) 预期信贷亏损之计量及

确认（续）

就无法厘定实际利率之财

务担保合约之预期信贷亏

损而言，本集团将采纳反

映目前市场对资金时值之

评估及现金流量特定风险

之贴现率，惟仅限于透过

调整贴现率而非调整已作

贴现的现金不足额而计入

有关风险的情况下使用。

若干贸易应收账款之全期

预期信贷亏损乃经考虑逾

期资料及前瞻性宏观经济

资料等相关信贷资料按集

体基准考虑。

就集体评估而言，本集

团订立组别时考虑以下

特征：

、规模

及行业；及

（如

适用）。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL

(Continued)

For ECL on financial guarante contracts

for which the efective interest rate

canot be determined, the Group wil

aply a discount rate that reflects the

curent market asesment of the time

value of money and the risks that are

specific to the cash flows but only if, and

to the extent that, the risks are taken into

acount by adjusting the discount rate

instead of adjusting the cash shortfals

being discounted.

Lifetime ECL for certain trade receivables

are considered on a colective basis

taking into consideration past due

information and relevant credit

information such as forward loking

macroeconomic information.

For colective asesment, the Group

takes into consideration the folowing

characteristics when formulating the

grouping :

;

;

, size and industry of debtors;

and

• External credit ratings where

available.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

金融资产减值（续）

(v) 预期信贷亏损之计量及

确认（续）

管理层定期审阅分组方

式，以确保各组别之组成

项目继续保持相似之信贷

风险特征。

利息收入按金融资产之总

账面值计算，除非金融资

产出现信贷减值，则利息

收入按金融资产之摊销成

本计算。

就财务担保合约而言，亏

损拨备按根据香港财务报

告准则第9号厘定之亏损

拨备与初步确认之金额减

（如适用）于担保期间确认

之累计收入款项之较高者

确认。

本集团透过调整所有金融

工具之账面值于损益确认

其减值收益或亏损，惟贸

易及其他应收账款、合约

资产、应收清盘中前附属

公司款项以及应收贷款除

外，其相应调整乃透过亏

损拨备账确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL

(Continued)

The grouping is regularly reviewed by

management to ensure the constituents

of each group continue to share similar

credit risk characteristics.

Interest income is calculated based

on the gros carying amount of the

financial aset unles the financial aset

is credit-impaired, in which case interest

income is calculated based on amortised

cost of the financial aset.

For financial guarante contracts, the

los alowances are recognised at

the higher of the amount of the los

alowance determined in acordance

with HKFRS 9 and the amount initialy

recognised les, where apropriate,

cumulative amount of income recognised

over the guarante period.

The Group recognises an impairment

gain or los in profit or los for al

financial instruments by adjusting their

carying amounts, with the exception

of trade and other receivables, contract

asets, amounts due from former

subsidiaries in liquidation and loan

receivables where the coresponding

adjustment is recognised through a los

alowance acount.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融资产（续）

终止确认金融资产

本集团仅于自资产收取现金

流量之合约权利届满时，或向

另一实体转让金融资产及该

资产拥有权之绝大部分风险

及回报时终止确认金融资产。

倘本集团并无转让亦无保留

所有权之绝大部分风险及回

报，而是继续控制已转让资

产，则本集团确认其于该项资

产之保留权益，并就其可能须

付之款项确认相关负债。倘本

集团保留已转让金融资产所

有权之绝大部分风险及回报，

则本集团继续确认该金融资

产，亦会就已收取之所得款项

确认担保借贷。

于终止确认按摊销成本计量

之金融资产时，资产账面值与

已收及应收代价之总和之间

的差额于损益账确认。

于终止确认本集团在初步确

认时选择按公平价值志入其

他全面收益计量之权益工具

投资时，先前于投资重估储备

内积累之累计收益或亏损不

会重新分类至损益，而是转拨

至保留溢利。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial asets (Continued)

Derecognition of financial asets

The Group derecognises a financial aset

only when the contractual rights to the

cash flows from the aset expire, or when it

transfers the financial aset and substantialy

al the risks and rewards of ownership of the

aset to another entity. If the Group neither

transfers nor retains substantialy al the risks

and rewards of ownership and continues

to control the transfered aset, the Group

recognises its retained interest in the aset

and an asociated liability for amounts it may

have to pay. If the Group retains substantialy

al the risks and rewards of ownership of

a transfered financial aset, the Group

continues to recognise the financial aset and

also recognises a colateralised borowing for

the proceds received.

On derecognition of a financial aset

measured at amortised cost, the diference

betwen the aset’s carying amount and

the sum of the consideration received and

receivable is recognised in profit or los.

On derecognition of an investment in equity

instrument which the Group has elected

on initial recognition to measure at FVOCI,

the cumulative gain or los previously

acumulated in the investment revaluation

reserve is not reclasified to profit or los, but

is transfered to retained profits.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融负债及权益

分类为债务或权益

债务及权益工具按合约安排

之性质以及金融负债及权益

工具之定义分类为金融负债

或权益。

权益工具

权益工具为任何经扣除实体

所有负债后显示于该实体之

资产中有剩余权益之合约。本

公司发行之权益工具按已收

取之所得款项（扣除直接发行

成本）确认。

金融负债

金融负债（包括贸易及其他应

付账款、应付一名非控股东

款项、应付一间合营企业款项

以及银行及其他借款）其后以

实际利率法按摊销成本计量。

外汇收益及亏损

对于以外币计值并于各报告

期完结时按摊销成本计量的

金融负债，外汇收益及亏损乃

基于工具的摊销成本厘定。该

等外汇收益及亏损于损益中

的「其他收益及亏损」项目确

认，作为不构成指定对冲关系

的金融负债的汇兑收益╱（亏

损）净额的一部分。

终止确认金融负债

于并仅于本集团之债务获解

除、取消或届满时，本集团方

会终止确认金融负债。终止确

认金融负债之账面值与已付

及应付代价之间差额于损益

账确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified

as either financial liabilities or as equity

in acordance with the substance of the

contractual arangements and the definitions

of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that

evidences a residual interest in the asets of

an entity after deducting al of its liabilities.

Equity instruments isued by the Company

are recognised at the proceds received, net

of direct isue costs.

Financial liabilities

Financial liabilities (including trade and other

payables, amount due to a non-controling

shareholder, amount due to a joint venture,

and bank and other borowings) are

subsequently measured at amortised cost,

using the efective interest method.

Foreign exchange gains and loses

For financial liabilities that are denominated

in a foreign curency and are measured at

amortised cost at the end of each reporting

period, the foreign exchange gains and loses

are determined based on the amortised cost

of the instruments. These foreign exchange

gains and loses are recognised in the “Other

gains and loses” line item in profit or los as

part of net exchange gain/(los) for financial

liabilities that are not part of a designated

hedging relationship.

Derecognition of financial liabilities

The Group derecognises financial liabilities

when, and only when, the Group’s obligations

are discharged, canceled or have expired.

The diference betwen the carying amount

of the financial liability derecognised and the

consideration paid and payable is recognised

in profit or los.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(j) 金融工具（续）

金融负债及权益（续）

抵销金融资产及金融负债

当且仅当本集团目前具有法

定可强制执行之权利抵销已

确认金额，且拟按净额基础结

算或同时变现资产兼清偿负

债时，金融资产与金融负债方

会互相抵销，而有关净额于综

合财务状况表内呈列。

(k) 租赁

租赁之定义

倘合约为换取代价而给予在

一段时间内控制已识别资产

使用之权利，则该合约为租赁

或包含租赁。

本集团根据香港财务报告准

则第16号「租赁」之定义于开

始时、评估该合约是否为一项

租赁或包含一项租赁。除非合

约之条款及条件其后出现变

动，否则有关合约将不予重新

评估。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(j) Financial instruments (Continued)

Financial liabilities and equity (Continued)

Ofseting a financial aset and a

financial liability

A financial aset and a financial liability are

ofset and the net amount presented in the

consolidated statement of financial position

when, and only when, the Group curently

has a legaly enforceable right to set of the

recognized amounts; and intends either to

setle on a net basis, or to realise the aset

and setle the liability simultaneously.

(k) Leases

Definition of a lease

A contract is, or contains, a lease if the

contract conveys the right to control the use

of an identified aset for a period of time in

exchange for consideration.

The Group aseses whether a contract is

or contains a lease based on the definition

under HKFRS 16 “Leases” at inception.

Such contract wil not be reasesed unles

the terms and conditions of the contract are

subsequently changed.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(k) 租赁（续）

本集团作为承租人

分配代价至合约组成部分

就包含租赁部分及一项或多

项额外租赁或非租赁部分之

合约而言，本集团将合约代价

按租赁部分之相对单独价格

及非租赁部分之合计单独价

格分配予各租赁部分，包括就

收购同时包含租赁土地及非

租赁楼宇组成部分之物业拥

有权益之合约，惟该分配不

能可靠地进行则另作别论。

非租赁组成部分与租赁组成

部分开并通过应用其他适

用标准入账。

短期租赁

对于租期自开始日期起计为

12个月或以下且并无包含购

买选择权之资产之租赁，本集

团应用短期租赁确认豁免。短

期租赁之租赁付款按直线法

于租期内确认为开支。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(k) Leases (Continued)

The Group as a lese

Alocation of consideration to

components of a contract

For a contract that contains a lease

component and one or more aditional

lease or non-lease components, the Group

alocates the consideration in the contract

to each lease component on the basis of

the relative stand-alone price of the lease

component and the agregate stand-alone

price of the non-lease components, including

contract for acquisition of ownership interests

of a property which includes both leasehold

land and non-lease building components,

unles such alocation canot be made

reliably.

Non-lease components are separated from

lease component and are acounted for by

aplying other aplicable standards.

Short-term leases

The Group aplies the short-term lease

recognition exemption to leases of asets that

have a lease term of 12 months or les from

the comencement date and do not contain

a purchase option. Lease payments on short-

term leases are recognised as expense on a

straight-line basis over the lease term.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(k) 租赁（续）

本集团作为承租人（续）

使用权资产

除短期租赁外，本集团于租赁

开始之日（即相关资产可供使

用之日）确认使用权资产。除

该等被分类为根据公平价值

模式计量之投资物业外，使用

权资产以成本减去任何累计

折旧及减值亏损计量，并就租

赁负债之任何重新计量作出

调整。

使用权资产之成本包括：

• 租赁负债之初步计量

金额；

• 于开始日期或之前作出之

任何租赁付款，减任何已

收租赁优惠；

• 本集团产生之任何初始直

接成本；及

• 本集团于拆除及搬迁相关

资产、复原相关资产所在

场地或复原相关资产至租

赁条款及条件所规定之状

况而产生之估计成本。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(k) Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets

Except for short-term leases, the Group

recognises right-of-use asets at the

comencement date of the lease (i.e. the

date the underlying aset is available for

use). Except for those that are clasified as

investment properties and measured under

fair value model, right-of-use asets are

measured at cost, les any acumulated

depreciation and impairment loses, and

adjusted for any remeasurement of lease

liabilities.

The cost of right-of-use aset includes:

• the amount of the initial measurement of

the lease liability;

• any lease payments made at or before

the comencement date, les any lease

incentives received;

• any initial direct costs incured by the

Group; and

• an estimate of costs to be incured by

the Group in dismantling and removing

the underlying asets, restoring the

site on which it is located or restoring

the underlying aset to the condition

required by the terms and conditions of

the lease.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(k) 租赁（续）

本集团作为承租人（续）

使用权资产（续）

就本集团于租期结束时合理

确定获取相关租赁资产所有

权之使用权资产而言，有关使

用权资产自租赁开始日期起

至该资产可使用年期结束期

间计提折旧。否则，使用权资

产于其估计可使用年期及租

期中的较短者按直线法计提

折旧。

本集团于综合财务状况表内

将不符合投资物业定义之使

用权资产呈列为一单独项目。

符合投资物业定义之使用权

资产则呈列为投资物业。

可退还租赁按金

已付可退还租赁按金乃根据

香港财务报告准则第9号入账

并初步按公平价值计量。于初

步确认时对公平价值之调整

被视为额外租赁付款并计入

使用权资产成本。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(k) Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets (Continued)

Right-of-use asets in which the Group is

reasonably certain to obtain ownership of

the underlying leased asets at the end

of the lease term are depreciated from

comencement date to the end of the

useful life. Otherwise, right-of-use asets are

depreciated on a straight-line basis over the

shorter of its estimated useful life and the

lease term.

The Group presents right-of-use asets that

do not met the definition of investment

property as a separate line item in the

consolidated statement of financial

position. The right-of-use asets that met

the definition of investment property are

presented within investment properties.

Refundable rental deposits

Refundable rental deposits paid are

acounted for under HKFRS 9 and initialy

measured at fair value. Adjustments to fair

value at initial recognition are considered as

aditional lease payments and included in the

cost of right-of-use asets.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(k) 租赁（续）

本集团作为承租人（续）

租赁负债

于租赁开始日期，本集团按该

日未付之租赁付款现值确认

及计量租赁负债。于计算租赁

付款现值时，倘租赁隐含之利

率难以厘定，则本集团使用租

赁开始日期之增量借款利率

计算。

租赁付款包括：

（包括实质性之

固定付款）减任何应收租

赁优惠；

• 视乎指数或利率而定之可

变租赁付款，初步使用于

开始日期之指数或利率

计量；

• 本集团根据担保之剩余价

值预期应付之金额；

（倘

本集团合理确定行使该选

择权）；及

• 终止租赁所支付之罚款

（倘租期反映本集团行使

选择权终止租赁）。

于开始日期后，租赁负债就利

息增长及租赁付款作出调整。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(k) Leases (Continued)

The Group as a lese (Continued)

Lease liabilities

At the comencement date of a lease, the

Group recognises and measures the lease

liability at the present value of lease payments

that are unpaid at that date. In calculating

the present value of lease payments, the

Group uses the incremental borowing rate

at the lease comencement date if the

interest rate implicit in the lease is not readily

determinable.

The lease payments include:

• fixed payments (including in-substance

fixed payments) les any lease incentives

receivable;

• variable lease payments that depend

on an index or a rate, initialy measured

using the index or rate as at the

comencement date;

• amounts expected to be payable by the

Group under residual value guarantes;

• the exercise price of a purchase option

if the Group is reasonably certain to

exercise the option; and

• payments of penalties for terminating a

lease, if the lease term reflects the Group

exercising the option to terminate the

lease.

After the comencement date, lease liabilities

are adjusted by interest acretion and lease

payments.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(k) 租赁（续）

本集团作为承租人（续）

租赁修订

倘出现以下情况，本集团将租

赁修订作为一项单独的租赁

进行入账：

• 该项修订通过增加使用一

项或多项相关资产之权利

扩大租赁范围；及

，增加金额

相当于范围扩大之单独价

格及对该单独价格作出可

反映特定合约情况之任何

适当调整。

就未作为一项单独租赁入账

之租赁修订而言，本集团基于

透过使用修订生效日期的经

修订贴现率贴现于经修改租

赁之租期的经修订租赁付款

重新计量租赁负债减任何应

收租赁优惠。

本集团透过对相关使用权资

产进行相应调整，对租赁负债

之重新计量进行会计处理。当

经修订合约包含租赁组成部

分及一项或多项额外租赁或

非租赁组成部分时，本集团根

据租赁组成部分之相对单独

价格及非租赁组成部分之单

独价格总和将经修订合约代

价分配至各租赁组成部分。本

集团于综合财务状况表内将

租赁负债呈列为单独项目。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(k) Leases (Continued)

The Group as a lese (Continued)

Lease modifications

The Group acounts for a lease modification

as a separate lease if:

• the modification increases the scope of

the lease by ading the right to use one

or more underlying asets; and

• the consideration for the leases increases

by an amount comensurate with the

stand-alone price for the increase in

scope and any apropriate adjustments

to that stand-alone price to reflect the

circumstances of the particular contract.

For a lease modification that is not

acounted for as a separate lease, the Group

remeasures the lease liability, les any lease

incentives receivable based on the lease

term of the modified lease by discounting

the revised lease payments using a revised

discount rate at the efective date of the

modification.

The Group acounts for the remeasurement

of lease liabilities by making coresponding

adjustments to the relevant right-of-use

aset. When the modified contract contains a

lease component and one or more aditional

lease or non-lease components, the Group

alocates the consideration in the modified

contract to each lease component on the

basis of the relative stand-alone price of the

lease component and the agregate stand-

alone price of the non-lease components. The

Group presents lease liabilities as a separate

line item in the consolidated statement of

financial position.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(k) 租赁（续）

本集团作为出租人

租赁之分类及计量

倘租赁条款将标的资产的附

带所有权绝大部分风险及回

报转让予承租人，则租赁被分

类为融资租赁。所有其他租赁

被分类为经营租赁。

经营租赁之租金收入于有关

租赁年期按直线法在损益中

确认。因商议及安排经营租赁

所引致之初步直接成本计入

已出租资产之账面值。除根据

公平价值模式计量之投资物

业外，有关成本按租期以直线

法确认为开支。

分配代价至合约组成部分

当合约同时包含租赁及非租

赁组成部分时，本集团应用香

港财务报告准则第15号将合

约代价分配至租赁及非租赁

组成部分。非租赁组成部分根

据其相对独立售价与租赁组

成部分开。

可退还租赁按金

已收可退还租赁按金根据香

港财务报告准则第9号入账，

并初步按公平价值计量。初步

确认时之公平价值调整被视

为承租人之额外租赁付款。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(k) Leases (Continued)

The Group as a lesor

Clasification and measurement of

leases

Leases are clasified as finance leases

whenever the terms of the lease transfer

substantialy al the risks and rewards

incidental to ownership of an underlying aset

to the lese. Al other leases are clasified as

operating leases.

Rental income from operating leases is

recognised in profit or los on a straight-

line basis over the term of the relevant lease.

Initial direct costs incured in negotiating and

aranging an operating lease are aded to the

carying amount of the leased aset. Other

than investment properties measured under

fair value model, such cost are recognised as

an expense on a straight-line basis over the

lease term.

Alocation of consideration to

components of a contract

When a contract includes both leases and

non-lease components, the Group aplies

HKFRS 15 to alocate consideration in a

contract to lease and non-lease components.

Non-lease components are separated from

lease component on the basis of their relative

stand-alone seling prices.

Refundable rental deposits

Refundable rental deposits received are

acounted for under HKFRS 9 and initialy

measured at fair value. Adjustments to fair

value at initial recognition are considered as

aditional lease payments from leses.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(k) 租赁（续）

本集团作为出租人（续）

租赁修订

本集团由经营租赁之修订生

效日期起将有关修订作为新

租赁入账，将与原租赁有关之

任何预付或应计租赁付款视

为新租赁之部分租赁付款。

(l) 来自客户合约之收入

本集团于完成履约责任时（或

就此）确认收入，即当特定履

约责任相关之货品或服务之

「控制权」转让予客户时。

履约责任指个别货品或服务

（或一组货品或服务）或一系列

大致相同之个别货品或服务。

倘符合以下其中一项标准，则

控制权随时间转移，而收入则

参照完全履行相关履约责任

之进度而随时间确认：

，客户同

时取得并耗用本集团履约

所提供之利益；

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(k) Leases (Continued)

The Group as a lesor (Continued)

Lease modifications

The Group acounts for a modification to

an operating lease as a new lease from the

efective date of the modification, considering

any prepaid or acrued lease payments

relating to the original lease as part of the

lease payments for the new lease.

(l) Revenue from contracts with

customers

The Group recognises revenue when (or as) a

performance obligation is satisfied, i.e. when

“control” of the gods or services underlying

the particular performance obligation is

transfered to the customer.

A performance obligation represents a gods

or service (or a bundle of gods or services)

that is distinct or a series of distinct gods or

services that are substantialy the same.

Control is transfered over time and revenue

is recognised over time by reference to the

progres towards complete satisfaction of

the relevant performance obligation if one of

the folowing criteria is met:

• the customer simultaneously receives

and consumes the benefits provided by

the Group’s performance as the Group

performs;

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(l) 来自客户合约之收入（续）

• 本集团之履约产生或提升

一项资产，而该项资产于

本集团履约时由客户控

制；或

• 本集团之履约并未产生让

本集团有替代用途之资

产，且本集团对迄今已完

成履约之付款具有可强制

执行之权利。

否则，收入于客户获得个别

货品或服务控制权之时间点

确认。

合约资产指本集团就换取本

集团已转让至客户之货品或

服务而收取代价之权利（尚非

无条件），其根据香港财务报

告准则第9号进行减值评估。

相对而言，应收款项指本集团

无条件收取代价之权利，即在

该代价到期支付之前只需要

经过一段时间。

合约负债指本集团因已向客

户收取代价（或已到期之代价

金额），而须向客户转让货品

或服务之责任。

与同一合约相关之合约资产

及合约负债乃按净额基准入

账及呈列。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(l) Revenue from contracts with

customers (Continued)

’s performance creates or

enhances an aset that the customer

controls as the Group performs; or

’s performance does not

create an aset with an alternative

use to the Group and the Group has

an enforceable right to payment for

performance completed to date.

Otherwise, revenue is recognised at a point

in time when the customer obtains control of

the distinct gods or service.

A contract aset represents the Group’s right

to consideration in exchange for gods or

services that the Group has transfered to a

customer that is not yet unconditional. It is

asesed for impairment in acordance with

HKFRS 9. 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 gods or services to a

customer for which the Group has received

consideration (or an amount of consideration

is due) from the customer.

A contract aset and a contract liability

relating to the same contract are acounted

for and presented on a net basis.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(l) 来自客户合约之收入（续）

包含多项履约责任（包括分配

交易价）之合约

就包含一项以上履约责任之

合约而言，本集团按照相对独

立之销售价基准将交易价分

配至各项履约责任。

与各项履约责任相关之个别

货品或服务之单独销售价于

合约初期厘定，为本集团将单

独向客户出售承诺货品或服

务之价格。倘单独销售价无法

透过直接观察得出，本集团则

以适当技术进行估计，使交易

价最终得以分配至任何履约

责任，以反映本集团预期就转

让承诺货品或服务予客户而

有权换取之代价金额。

随时间确认收入：完全履行履

约责任之进度之计量

产出法（就港口相关服务之收

入而言）

完全履行履约责任之进度乃

根据产出法计量，即透过直接

计量迄今已转让予客户之货

品或服务价值，相对合约下承

诺提供之余下货品或服务价

值确认收入，此方法最能反映

本集团于转让货品或服务控

制权方面之履约情况。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(l) Revenue from contracts with

customers (Continued)

Contracts with multiple performance

obligations (including alocation of

transaction price)

For contracts that contain more than one

performance obligation, the Group alocates

the transaction price to each performance

obligation on a relative stand-alone seling

price basis.

The stand-alone seling price of the

distinct gods or service underlying each

performance obligation is determined at

contract inception. It represents the price

at which the Group would sel a promised

gods or service separately to a customer.

If a stand-alone seling price is not directly

observable, the Group estimates it using

apropriate techniques such that the

transaction price ultimately alocated to any

performance obligation reflects the amount

of consideration to which the Group expects

to be entitled in exchange for transfering the

promised gods or services to the customer.

Over time revenue recognition:

measurement of progres toward

complete satisfaction of a performance

obligation

Output method (for income from port

related services)

The progres towards complete satisfaction

of a performance obligation is measured

based on output method, which is to

recognise revenue on the basis of direct

measurements of the value of the gods or

services transfered to the customer to date

relative to the remaining gods or services

promised under the contract, that best depict

the Group’s performance in transfering

control of gods or services.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(l) 来自客户合约之收入（续）

可变代价

就包含有关修订工程及工程

延误索偿之可变代价之合约

而言，本集团使用以下其中一

种方法估计本集团将有权收

取之代价金额：(a)预期价值法

或(b)最有可能之金额（视乎何

种方法更能预测本集团将有

权收取之代价金额而定）。

可变代价之估计金额计入交

易价，惟仅限于此举在日后不

太可能因与可变代价相关之

不确定因素其后获解决而导

致重大收入拨回。

于各报告期完结时，本集团更

新估计交易价（包括更新其就

可变代价估计是否受限作出

之评估），以真实反映于报告

期完结时存在之情况以及于

报告期内之情况变动。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(l) Revenue from contracts with

customers (Continued)

Variable consideration

For contracts that contain variable

consideration in relation to the variation

works and claims for prolongation, the Group

estimates the amount of consideration to

which it wil be entitled using either (a) the

expected value method or (b) the most likely

amount, depending on which method beter

predicts the amount of consideration to

which the Group wil be entitled.

The estimated amount of variable

consideration is included in the transaction

price only to the extent that it is highly

probable that such an inclusion wil not

result in a significant revenue reversal in the

future when the uncertainty asociated with

the variable consideration is subsequently

resolved.

At the end of each reporting period, the

Group updates the estimated transaction

price (including updating its asesment of

whether an estimate of variable consideration

is constrained) to represent faithfuly the

circumstances present at the end of

the reporting period and the changes in

circumstances during the reporting period.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(l) 来自客户合约之收入（续）

存有重大融资成分

于厘定交易价格之过程中，倘

所协定（不论明文或暗示）之

付款时间对客户或本集团就

向客户转让货品或服务提供

重大融资利益，则本集团会调

整已承诺之代价金额以计及

货币之时间价值影响。在此等

情况下，合约存有重大融资成

分。不论融资承诺是在合约中

明确订明还是透过各订约方

协定之付款条款暗示，均可能

存在重大融资成分。

就付款与转让相关货品或服

务之间的期间少于一年之合

约而言，本集团应用可行权宜

方法而不就任何重大融资成

分调整交易价格。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(l) Revenue from contracts with

customers (Continued)

Existence of significant financing

component

In determining the transaction price, the

Group adjusts the promised amount of

consideration for the efects of the time value

of money if the timing of payments agred (either

explicitly or implicitly) provides the customer

or the Group with a significant benefit of

financing the transfer of gods or services

to the customer. In those circumstances,

the contract contains a significant financing

component. A significant financing

component may exist regardles of whether

the promise of financing is explicitly stated in

the contract or implied by the payment terms

agred to by the parties to the contract.

For contracts where the period betwen

payment and transfer of the asociated

gods or services is les than one year, the

Group aplies the practical expedient of

not adjusting the transaction price for any

significant financing component.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(l) 来自客户合约之收入（续）

客户合约之履约责任

港口相关服务收入

港口相关服务收入随时间在

客户于本集团履约并同时取

得并耗用服务之利益时确认。

收入乃按合约订明之价格（扣

除估计批量折扣）确认。本集

团使用预期价值法以累计经

验估计及计提折扣拨备，且仅

于不太可能出现重大拨回时

方会确认收入。合约负债乃就

客户合约之垫款确认，而退

款负债则就批量折扣（如有）

确认。

销售压缩天然气产品

分销压缩天然气产品之收入

于送达货品及所有权转移时

确认。合约负债乃就客户合约

之垫款确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(l) Revenue from contracts with

customers (Continued)

Performance obligations for contracts

with customers

Income from port related services

Income from port related services is

recognised over time in which the benefits

of the services are received and consumed

simultaneously by the customer as the Group

performs. Revenue is recognised based on

the price specified in the contract, net of the

estimated volume discounts. Acumulated

experience is used to estimate and provide

for the discounts using the expected value

aproach, and revenue is only recognised

to the extent that it is highly probable that a

significant reversal wil not ocur. A contract

liability is recognised for advance from

customers with contracts while a refund

liability is recognised for volume discount, if

any.

Sale of CNG products

Revenue from distribution of CNG products

is recognised when the gods are delivered

and titles have pased. A contract liability is

recognised for advance from customers with

contracts.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(m) 借贷成本

与合资格资产（需一段颇长时

间方可提供作拟定用途或销

售之资产）之收购、建筑或生

产直接有关之借贷成本，乃拨

作该等资产之成本，直至该等

资产已大致上可供其拟定用

途或销售为止。于相关资产可

供其拟定用途或销售后仍未

偿还之任何特定借贷均计入

一般借贷组合，以计算一般借

贷之资本化率。特定借贷于拨

作合资格资产之支出前用作

短暂投资所赚取之投资收入，

会自拨作资本之借贷成本中

扣除。

其他一切借贷成本在产生之

期间内于损益中确认。

(n) 物业、机械及设备、使用

权资产及无形资产之减值

亏损

于报告期完结时，本集团检讨

其使用年期有限之物业、机械

及设备、使用权资产及无形资

产之账面值，以厘定有否迹象

显示该等资产出现减值亏损。

倘出现任何有关迹象，则须估

计相关资产之可收回金额，以

厘定减值亏损（如有）之程度。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(m) Borowing costs

Borowing costs directly atributable to the

acquisition, construction or production of

qualifying asets, which are asets that

necesarily take a substantial period of time

to get ready for their intended use or sale, are

aded to the cost of those asets until such

time as the asets are substantialy ready

for their intended use or sale. Any specific

borowing that remain outstanding after the

related aset is ready for its intended use or

sale is included in the general borowing pol

for calculation of capitalised rate on general

borowings. Investment income earned on the

temporary investment of specific borowings

pending their expenditure on qualifying asets

is deducted from the borowing costs eligible

for capitalisation.

Al other borowing costs are recognised in

profit or los in the period in which they are

incured.

(n) Impairment loses on property, plant

and equipment, right-of-use asets

and intangible asets

At the end of the reporting period, the Group

reviews the carying amounts of its property,

plant and equipment, right-of-use asets and

intangible asets with finite useful lives to

determine whether there is any indication that

these asets have sufered an impairment

los. If any such indication exists, the

recoverable amount of the relevant aset is

estimated in order to determine the extent of

the impairment los, if any.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(n) 物业、机械及设备、使用

权资产及无形资产之减值

亏损（续）

物业、机械及设备、使用权资

产及无形资产之可收回金额

乃按个别基准估计。倘不可能

个别估计可收回金额，本集团

会估计该资产所属创现单位

之可收回金额。

此外，本集团评估有否迹象显

示企业资产可能出现减值。倘

出现有关迹象，当能识别一项

合理及一致之分配基准，企业

资产亦会被分配至个别创现

单位，否则会被分配至能就其

识别合理及一致之分配基准

之最小创现单位组别。

无定限可使用年期之无形资

产至少每年及于出现可能减

值之迹象时进行减值测试。

可收回金额为公平价值减去

出售成本及使用价值两者中

之较高者。于评估使用价值

时，估计未来现金流量乃采用

反映现时市场所评估之资金

时值及有关资产（或创现单位）

之特定风险之税前贴现率，贴

现至其现值，及并无就此对未

来现金流量估计予以调整。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(n) Impairment loses on property, plant

and equipment, right-of-use asets

and intangible asets (Continued)

The recoverable amount of property, plant

and equipment, right-of-use asets and

intangible asets are estimated individualy.

When it is not posible to estimate the

recoverable amount individualy, the Group

estimates the recoverable amount of the

cash-generating unit to which the aset

belongs.

In adition, the Group aseses whether

there is indication that corporate asets

may be impaired. If such indication exists,

corporate asets are also alocated to

individual cash-generating units, when a

reasonable and consistent basis of alocation

can be identified, or otherwise they are

alocated to the smalest group of cash-

generating units for which a reasonable and

consistent alocation basis can be identified.

Intangible asets with indefinite useful lives

are tested for impairment at least anualy,

and whenever there is an indication that they

may be impaired.

Recoverable amount is the higher of fair value

les costs of disposal and value in use. In

asesing value in use, the estimated future

cash flows are discounted to their present

value using a pre-tax discount rate that

reflects curent market asesments of the

time value of money and the risks specific to

the aset (or cash-generating unit) for which

the estimates of future cash flows have not

ben adjusted.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(n) 物业、机械及设备、使用

权资产及无形资产之减值

亏损（续）

倘估计资产（或创现单位）之可

收回金额少于其账面值，资产

（或创现单位）之账面值被削减

至其可收回金额。就未能按合

理及一致之基准分配至创现

单位的企业资产或部分企业

资产而言，本集团会比较一个

创现单位组别的账面值（包括

已分配至该创现单位组别的

企业资产或部分企业资产的

账面值）与该创现单位组别的

可收回金额。于分配减值亏损

时，首先分配减值亏损以减少

任何商誉的账面值（如适用），

然后按比例根据该单位或创

现单位组别各资产的账面值

分配至其他资产。资产账面值

不得减少至低于其公平价值

减出售成本（如可计量）、其使

用价值（如可厘定）及零之中的

最高值。已另行分配至资产之

减值亏损数额按比例分配至

该单位或创现单位组别其他

资产。减值亏损会即时于损益

确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(n) Impairment loses on property, plant

and equipment, right-of-use asets

and intangible asets (Continued)

If the recoverable amount of an aset (or

a cash-generating unit) is estimated to be

les than its carying amount, the carying

amount of the aset (or cash-generating

unit) is reduced to its recoverable amount.

For corporate asets or portion of corporate

asets which canot be alocated on a

reasonable and consistent basis to a cash-

generating unit, the Group compares

the carying amount of a group of cash-

generating units, including the carying

amounts of the corporate asets or portion

of corporate asets alocated to that group of

cash-generating units, with the recoverable

amount of the group of cash-generating

units. In alocating the impairment los, the

impairment los is alocated first to reduce

the carying amount of any godwil (if

aplicable) and then to the other asets on a

pro-rata basis based on the carying amount

of each aset in the unit or the group of cash-

generating units. The carying amount of

an aset is not reduced below the highest

of its fair value les costs of disposal (if

measurable), its value in use (if determinable)

and zero. The amount of the impairment los

that would otherwise have ben alocated

to the aset is alocated pro rata to the

other asets of the unit or the group of cash

generating units. An impairment los is

recognised imediately in profit or los.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(n) 物业、机械及设备、使用

权资产及无形资产之减值

亏损（续）

倘减值亏损于其后拨回，则该

项资产（或创现单位或创现单

位组别）之账面值会增加至其

经修订之估计可收回金额，惟

增加后之账面值不得超出假

设过往年度并无就该项资产

（或创现单位或创现单位组别）

确认减值亏损原应厘定之账

面值。减值亏损拨回即时在损

益中确认。

(o) 退休福利成本

定额供款退休福利计划（包括

强制性公积金计划及国家管

理退休福利计划）之款额在当

员工提供服务而有权享有该

供款额时，确认为开支或拨

作在建合约项目之资本（如

适用）。

(p) 短期及其他长期雇员福利

短期雇员福利乃按雇员于提

供服务时预期将予支付之未

贴现福利金额确认。除另一香

港财务报告准则规定或允许

计入资产成本的福利外，所有

短期雇员福利均确认为开支。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(n) Impairment loses on property, plant

and equipment, right-of-use asets

and intangible asets (Continued)

Where an impairment los subsequently

reverses, the carying amount of the aset

(or cash-generating unit or a group of cash-

generating units) is increased to the revised

estimate of its recoverable amount, but so

that the increased carying amount does

not exced the carying amount that would

have ben determined had no impairment

los ben recognised for the aset (or

cash-generating unit or a group of cash-

generating units) in prior years. A reversal of

an impairment los is recognised in profit or

los imediately.

(o) Retirement benefit costs

Payments to defined contribution retirement

benefit schemes including Mandatory

Provident Fund Schemes and state-managed

retirement benefit schemes are recognised

as an expense or capitalised in contracts

in progres, where apropriate, when

employes have rendered service entitling

them to the contributions.

(p) Short-term and other long-term

employe benefits

Short-term employe benefits are recognised

at the undiscounted amount of the benefits

expected to be paid as and when employes

rendered the services. Al short-term

employe benefits are recognised as an

expense unles another HKFRS requires or

permits the inclusion of the benefit in the cost

of an aset.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(p) 短期及其他长期雇员

福利（续）

负债乃就雇员之应计福利（如

工资及薪金、年假及病假）扣

除任何已付金额后确认。

就其他长期雇员福利确认之

负债乃按预期本集团就雇员

直至报告日期所提供之服务

将作出之估计未来现金流出

之现值计量。除另一香港财务

报告准则规定或允许计入资

产成本者外，服务成本、利息

及重新计量造成之任何负债

账面值变动均于损益内确认。

(q) 税项

本年度所得税包括即期税项

及递延税项资产及负债之变

动。即期税项在综合收益表内

确认，除非该等税项与于其他

全面收益或直接于权益中确

认之项目有关，在此情况下，

即期及递延税项亦分别于其

他全面收益或直接于权益中

确认。

即期税项为就年内应课税收

入采用于报告期完结时已生

效或实质已生效的税率计算

的预期应付税项，并就过往年

度的应付税项作出调整。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(p) Short-term and other long-term

employe benefits (Continued)

A liability is recognised for benefits acruing

to employes (such as wages and salaries,

anual leave and sick leave) after deducting

any amount already paid.

Liabilities recognised in respect of other long-

term employe benefits are measured at the

present value of the estimated future cash

outflows expected to be made by the Group

in respect of services provided by employes

up to the reporting date. Any changes in the

liabilities’ carying amounts resulting from

service cost, interest and remeasurements

are recognised in profit or los except to

the extent that another HKFRS requires or

permits their inclusion in the cost of an aset.

(q) Taxation

Income tax for the year comprises curent

tax and movements in defered tax asets

and liabilities. Income tax is recognised in the

consolidated income statement except to

the extent that it relates to items recognised

in other comprehensive income or directly in

equity, in which case it is recognised in other

comprehensive income or directly in equity,

respectively.

Curent tax is the expected tax payable on

the taxable income for the year, using tax

rates enacted or substantively enacted at

the end of the reporting period, and any

adjustment to tax payable in respect of

previous years.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(q) 税项（续）

递延税项乃按综合财务报表

资产及负债账面值及计算应

课税溢利相应税基之临时差

额确认。递延税项负债通常会

就所有应课税临时差额确认，

而递延税项资产通常按可能

出现可利用临时差额扣税之

应课税溢利时确认。若于一项

交易中，因初步确认资产及负

债而引致之临时差额既不影

响应课税溢利，亦不影响会计

溢利，且不产生相等的应课税

及可扣税暂时差额（惟不属业

务合并的一部分），则不会确

认该等递延税项资产及负债。

倘因实施经济合作暨发展组

织公布之第二支柱模型规则

而颁布或实质上颁布的税法

所产生的与所得税有关的暂

时性差异，则不会确认递延

税项。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(q) Taxation (Continued)

Defered tax is recognised on temporary

diferences betwen the carying amounts

of asets and liabilities in the consolidated

financial statements and the coresponding

tax used in the computation of taxable profit.

Defered tax liabilities are generaly recognised

for al taxable temporary diferences and

defered tax asets are generaly recognised

to the extent that it is probable that taxable

profits wil be available against which

deductible temporary diferences can be

utilised. Such defered tax asets and

liabilities are not recognised if the temporary

diference arises from the initial recognition

of asets and liabilities in a transaction that

afects neither the taxable profit nor the

acounting profit and do not give rise to equal

taxable and deductible temporary diferences

(provided they are not part of a busines

combination). Defered tax is not recognised

for those related to income taxes arising from

tax laws enacted or substantively enacted

to implement the Pilar Two Model Rules

published by the Organisation for Economic

Co-operation and Development.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(q) 税项（续）

递延税项负债就与于附属公

司之投资及于联营公司及合

营企业之权益相关之应课税

临时差额而确认，惟若本集团

能够控制临时差额之拨回，而

该临时差额可能不会于可预

见未来拨回则不在此限。与该

等投资及权益相关之可扣税

临时差额所产生之递延税项

资产仅于可能有足够应课税

溢利可以使用临时差额之利

益且预计于可见将来可以拨

回时确认。

本集团就租赁负债及使用权

资产分别确认递延税项资产

及递延税项负债。

当投资物业按其公平价值列

账，除非物业是可予折旧及以

商业模式持有，而其目的是以

随时间流逝使用而并非出售

获取包含于物业的大部分经

济利益，确认递延税项的金额

按该等资产于报告期完结时

假设出售的税率计算。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(q) Taxation (Continued)

Defered tax liabilities are recognised for

taxable temporary diferences asociated with

investments in subsidiaries, and interests in

asociates and joint ventures, except where

the Group is able to control the reversal of

the temporary diference and it is probable

that the temporary diference wil not reverse

in the foreseable future. Defered tax asets

arising from deductible temporary diferences

asociated with such investments and

interests are only recognised to the extent

that it is probable that there wil be suficient

taxable profits against which to utilise the

benefits of the temporary diferences and they

are expected to reverse in the foreseable

future.

The Group recognised defered tax asets

and defered tax liabilities separately in

relation to its lease liabilities and right-of-use

asets.

Where investment properties are caried at

their fair value, the amount of defered tax

recognised is measured using the tax rates

that would aply on sale of those asets at

their carying value at the end of the reporting

period unles the properties are depreciable

and are held within a busines model whose

objective is to consume substantialy al of the

economic benefits embodied in the properties

over time, rather than through sale.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(q) 税项（续）

在其他情况下，确认递延税项

的金额是根据该资产及负债

的账面值之预期收回及结算

的方式，按报告期完结时已生

效或实质上已生效的税率计

算。递延税项资产及负债均不

折现计算。

递延税项资产之账面值会于

各个报告期完结时进行审阅

及扣减，直至未来不可能有足

够应课税溢利令有关税项利

益得以使用。任何该等扣减于

可能有足够应课税溢利的情

况下予以拨回。

(r) 外币

编制集团旗下个别实体之财

务报表时，以该实体之功能货

币以外货币（外币）进行之交

易，按交易日期之适用汇率确

认。于报告期完结时，以外币

列值之货币项目按该日之适

用汇率重新换算。按公平价值

入账之以外币列值之非货币

项目，按厘定其公平价值当日

之适用汇率重新换算。按历史

成本估量之以外币列值非货

币项目不予重新换算。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(q) Taxation (Continued)

In al other cases, the amount of defered

tax recognised is measured based on

the expected maner of realisation or

setlement of the carying amount of the

asets and liabilities, using tax rates enacted

or substantively enacted at the end of the

reporting period. Defered tax asets and

liabilities are not discounted.

The carying amount of a defered tax aset

is reviewed at the end of each reporting

period and is reduced to the extent that it

is no longer probable that suficient taxable

profits wil be available to alow the related

tax benefits to be utilised. Any such reduction

is reversed to the extent that it becomes

probable that suficient taxable profits wil be

available.

(r) Foreign curencies

In preparing the financial statements of

each individual group entity, transactions

in curencies other than the functional

curency of that entity (foreign curencies)

are recognised at the rates of exchanges

prevailing on the dates of the transactions.

At the end of the reporting period, monetary

items denominated in foreign curencies are

retranslated at the rates prevailing at that

date. Non-monetary items caried at fair value

that are denominated in foreign curencies

are retranslated at the rates prevailing on the

date when the fair value was determined.

Non-monetary items that are measured in

terms of historical cost in a foreign curency

are not retranslated.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(r) 外币（续）

结算货币项目及重新换算货

币项目所产生汇兑差额，于该

等差额产生期间之损益账内

确认。

就综合财务报表之呈列方式

而言，本集团海外业务之资产

与负债使用于各报告期完结

时适用之汇率换算为本集团

之呈列货币（即港元）。收入及

开支项目则按该期间之平均

汇率换算，惟汇率于该期间大

幅波动则除外，于此情况下，

则按各交易日期之汇率换算。

产生之汇兑差额（如有）确认为

其他全面收益并累计于汇兑

储备（如适用）非控股权益应

占汇兑储备）项下之权益。

于出售海外业务（即出售本集

团于海外业务之全部权益，或

涉及丧失对包括海外业务在

内之附属公司控制权之出售

事项，或部分出售包括海外业

务在内之合营安排或联营公

司之权益，而有关保留权益成

为金融资产）时，就本公司拥

有人应占该项业务于权益中

累计之所有汇兑差额会重新

分类至损益。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(r) Foreign curencies (Continued)

Exchange diferences arising on the

setlement of monetary items, and on

the retranslation of monetary items, are

recognised in profit or los in the period in

which they arise.

For the purposes of presenting the

consolidated financial statements, the

asets and liabilities of the Group’s

foreign operations are translated into the

presentation curency of the Group (i.e. Hong

Kong dolars) using exchange rates prevailing

at the end of each reporting period. Income

and expenses items are translated at the

average exchange rates for the period, unles

exchange rates fluctuate significantly during

that period, in which case the exchange

rates at the dates of transactions are used.

Exchange diferences arising, if any, are

recognised in other comprehensive income

and acumulated in equity under the heading

of translation reserve (atributed to non-

controling interests as apropriate).

On the disposal of a foreign operation (i.e.

a disposal of the Group’s entire interest in a

foreign operation, or a disposal involving los

of control over a subsidiary that includes a

foreign operation, or a partial disposal of an

interest in a joint arangement or an asociate

that includes a foreign operation of which the

retained interest becomes a financial aset),

al of the exchange diferences acumulated

in equity in respect of that operation

atributable to the owners of the Company

are reclasified to profit or los.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(r) 外币（续）

此外，就部分出售附属公司但

未导致本集团丧失对该附属

公司控制权而言，其应占累计

汇兑差额按相应比例重新计

入非控股权益，且不会于损

益确认。就所有其他部分出售

（即部分出售联营公司或合营

安排而并不构成本集团丧失

重大影响力或共同控制权）而

言，其应占累计汇兑差额按相

应比例重新分类至损益。

收购海外业务时所产生之已

收购可予识别资产之商誉及

公平价值调整，乃视为该海外

业务之资产及负债处理，并按

各报告期完结时适用之汇率

换算。产生之汇兑差额于其他

全面收益内确认。

3. MATERIAL ACOUNTING POLICIES

(CONTINUED)

(r) Foreign curencies (Continued)

In adition, in relation to a partial disposal

of a subsidiary that does not result in the

Group losing control over the subsidiary,

the proportionate share of acumulated

exchange diferences are re-atributed to non-

controling interests and are not recognised

in profit or los. For al other partial disposals

(i.e. partial disposal of asociates or joint

arangements that do not result in the Group

losing significant influence or joint control),

the proportionate share of the acumulated

exchange diferences is reclasified to profit

or los.

Godwil and fair value adjustments on

identifiable asets acquired arising on

an acquisition of a foreign operation are

treated as asets and liabilities of that

foreign operation and translated at the rate

of exchange prevailing at the end of each

reporting period. Exchange diferences arising

are recognised in other comprehensive

income.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

4. 主要会计判断及不确定估计

之主要来源

于应用本集团会计政策（详情见附

注3）之过程中，本公司董事需要

就目前不能从其他来源得出之资

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

据过往经验及相关之其他因素而

作出。实际数字或会有别于估计

数字。

本集团持续就所作估计及相关假

设作出评估。会计估计之修订如只

影响当期，则有关会计估计修订于

当期确认。如该项会计估计之修订

影响当期及往后期间，则有关修订

于当期及往后期间确认。

不确定估计之主要来源

有关日后之主要假设及于报告期

完结时不确定估计之其他主要来

源（拥有可导致下一个财政年度之

资产与负债账面值出现大幅调整

之重大风险）如下。

4. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting

policies, which are described in Note 3, the

directors of the Company are required to make

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.

Key sources of estimation uncertainty

The folowing are the key asumptions concerning

the future, and other key sources of estimation

uncertainty at the end of the reporting period, that

may have a significant risk of causing a material

adjustment to the carying amounts of asets and

liabilities within the next financial year.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

4. 主要会计判断及不确定估计

之主要来源（续）

不确定估计之主要来源（续）

(a) 于联营公司之权益之减值评估

本集团于各报告期完结时评

估于联营公司之权益是否存

在任何减值迹象。于联营公

司之权益之账面值超过其可

收回金额（即其公平价值减出

售成本与使用价值之较高者）

时，即出现减值。计算可收回

金额需要管理层对关键内部

输入数据及外部市况作出重

大判断。倘未来事件与假设不

符，则需要对可收回金额进行

修订，而此可能对本集团的经

营业绩或财务状况产生影响。

4. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (CONTINUED)

Key sources of estimation uncertainty

(Continued)

(a) Impairment asesment of interests in

asociates

The Group aseses whether there are

any indicators of impairment for interests

in asociates at the end of each reporting

period. An impairment exists when the

carying value of the interest in asociates

exceds its recoverable amount, which

is the higher of its fair value les costs of

disposal and its value in use. The calculation

of recoverable amount requires significant

judgements by management on key internal

inputs and external market conditions. If

future events do not corespond to the

asumptions, the recoverable amount wil

ned to be revised, and this may have impact

on the Group’s operating performance or

financial position.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

4. 主要会计判断及不确定估计

之主要来源（续）

不确定估计之主要来源（续）

(b) 公平价值计量及估值程序

就财务报告而言，本集团若干

资产乃按公平价值计量。于估

计资产之公平价值时，本集团

使用其可获取的市场可观察

数据。倘无法获取第一级输入

数据，本集团会委聘独立合资

格专业估值师进行估值。本公

司管理层与估值师通力合作，

以为模型确立适当之估值技

术及输入数据。

本集团使用包括并非基于可

观察市场数据之输入数据之

估值技术，估计若干类型金融

工具及投资物业之公平价值。

附注19、23及37(c)载有用于

厘定多项资产公平价值之估

值技术、输入数据及主要假设

之详情。

4. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (CONTINUED)

Key sources of estimation uncertainty

(Continued)

(b) Fair value measurements and valuation

proceses

Some of the Group’s asets are measured

at fair value for financial reporting purposes.

In estimating the fair value of an aset, the

Group uses market-observable data to the

extent it is available. Where Level 1 inputs

are not available, the Group engages an

independent qualified profesional valuer to

perform the valuation. Management of the

Company works closely with the valuer to

establish the apropriate valuation techniques

and inputs to the model.

The Group uses valuation techniques that

include inputs which are not based on

observable market data to estimate the fair

value of certain types of financial instruments

and investment properties. Notes 19, 23

and 37(c) provide detailed information about

the valuation techniques, inputs and key

asumptions used in the determination of the

fair value of various asets.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

4. 主要会计判断及不确定估计

之主要来源（续）

不确定估计之主要来源（续）

产以及无形资产之减值评估

厘定物业、机械及设备、使用

权资产以及无形资产是否出

现减值时，必须估计已获分配

物业、机械及设备、使用权资

产以及无形资产之创现单位

（或创现单位组别）之可收回金

额。计算使用价值时，本集团

必须估计预期自创现单位（或

创现单位组别）产生之未来现

金流量及适当之贴现率，以计

算现值。倘实际未来现金流量

低于预期，或事实及情况变动

导致未来现金流量下调或贴

现率上调，则可能出现重大减

值亏损。有关物业、机械及设

备、使用权资产以及无形资产

与减值评估之详情于附注17、

18及20披露。

4. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (CONTINUED)

Key sources of estimation uncertainty

(Continued)

plant and equipment, right-of-use asets

and intangible asets

Determining whether property, plant and

equipment, right-of-use asets and intangible

asets are impaired requires an estimation

of the recoverable amount of the cash

generating units (or group of cash-generating

units) to which property, plant and equipment,

right-of-use asets and intangible asets have

ben alocated. The value in use calculation

requires the Group to estimate the future

cash flows expected to arise from the cash-

generating units (or group of cash-generating

units) and a suitable discount rate in order to

calculate the present value. Where the actual

future cash flows are les than expected, or

change in facts and circumstances of which

results in downward revision of future cash

flows or upward revision of discount rate, a

material impairment los may arise. Details

of the property, plant and equipment, right-

of-use asets and intangible asets and the

impairment asesment are disclosed in

Notes 17, 18 and 20.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

4. 主要会计判断及不确定估计

之主要来源（续）

不确定估计之主要来源（续）

(d) 按摊销成本计量之金融资产

之预期信贷亏损拨备

预期信贷亏损乃根据历史观

察所得之违约率进行评估，并

按合理及可靠且毋须付出不

必要之成本或努力即可取得

之前瞻性资料作出调整。于各

报告日期，本集团会重新评估

历史观察所得之违约率，并考

虑前瞻性资料之变动。预期信

贷亏损拨备对估计变动敏感。

有关本集团金融资产之预期

信贷亏损之资料于综合财务

报表附注37(b)披露。

本集团就根据香港财务报告

准则第9号须作出减值之金融

资产估计预期信贷亏损。除有

重大未偿付结余或出现信贷

减值之金融资产会进行个别

预期信贷亏损评估外，本集团

会就金融资产（包括贸易应收

账款（包括具有共同风险特征

之应收账款）之预期信贷亏损

进行集体评估。

4. CRITICAL ACOUNTING JUDGMENT

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (CONTINUED)

Key sources of estimation uncertainty

(Continued)

(d) Provision of ECL for financial asets

measured at amortised costs

The asesment of ECL is based on historical

observed default rates and adjusted by

forward-loking information that is reasonable

and suportable available without undue

costs or efort. At every reporting date,

the historical observed default rates are

reasesed and changes in the forward-

loking information are considered. The

provision of ECL is sensitive to changes in

estimates. The information about the ECL

on the Group’s financial asets is disclosed

in Note 37(b) to the consolidated financial

statements.

The Group estimates ECL for financial asets

which are subject to impairment under

HKFRS 9. Except for financial asets with

significant outstanding balances or credit-

impaired which are individualy asesed for

ECL, the Group colectively aseses the ECL

of financial asets, including trade receivables

which consist of debtors with comon risk

characteristics.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

5. 资本风险管理

本集团管理其资本，以确保将可持

续经营业务，同时通过优化债务

及股本平衡，为股东争取最大回

报。本集团之整体策略与上一年度

相同。

本集团之资本架构包括扣除现金

及现金等值项目后于附注33披露

之借款及本公司拥有人之应占权

益（包括已发行股本及多项储备）。

于2025年3月31日，本集团有现

金、银行结存及存款约21,581,000

港元（2024：20,121,000港元）

以及其他借款约91,051,000港

元（2024：15,977,000港元）。于

2025年3月31日，本集团有净负

债69,470,000港元。于2024年3月

31日，本集团并无净负债。净负

债增加主要由于本年度提取贷款

70,000,000港元所致，其用于为投

资联营公司提供资金。

本公司董事定期检讨资本架构。作

为检讨之一部分，董事考虑资本成

本及有关每类资本之风险。本集团

将会通过派付股息、发行新股份及

发行新债或赎回现有债项，平衡其

整体资本架构。

5. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that it

wil be able to continue as a going concern while

maximising the return to shareholders through the

optimisation of the debt and equity balance. The

Group’s overal strategy remains unchanged from

the prior year.

The capital structure of the Group consists of

the borowings disclosed in Note 33, net of cash

and cash equivalents, and equity atributable to

owners of the Company, comprising isued share

capital and reserves.

As at 31 March 2025, the Group has cash,

bank balances and deposits of aproximately

HK$21,581,000 (2024: HK$20,121,000) and other

borowings of aproximately HK$91,051,000

(2024: HK$15,977,000). As at 31 March 2025,

the Group has net debt of HK$69,470,000. The

Group did not have net debt as at 31 March

2024. The increase in net debt was mainly due

to the drawdown of a loan of HK$70,000,000,

which was utilized to finance the investment in

asociates during the curent year.

The directors of the Company review the capital

structure periodicaly. As part of this review, the

directors consider the cost of capital and their

asociated risks thereto. The Group wil balance

its overal capital structure through the payment of

dividends, new share isues as wel as the isue

of new debt or the redemption of existing debts.

2025
HK$’000
千港元
37,044
—
37,044
919
1,050
39,013

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

6. REVENUE

Revenue is analysed as folows:

HK$’000

千港元

Sales and services income:销售及服务收入：

Sale of compresed natural gas (“CNG”)

products

销售压缩天然气

（「压缩天燃气」）产品48,843

Income from port related services港口相关服务收入2,625

51,468

Interest income:利息收入：

Interest income from loan receivables应收贷款之利息收入8,702

Rental income:租金收入：

Rental income from investment

properties

投资物业之租金收入

1,800

61,970

Revenue from contracts with customers represents (i)

revenue from sale of CNG products that are

recognised at a point in time; and (i) income from

port related services that are recognised over

time.

7. SEGMENT INFORMATION

The operating segments of the Group are

determined based on information reported to

executive directors, the Group’s chief operating

decision makers, for the purposes of resources

alocation and performance asesment. The

information focuses more specificaly on the

strategic operation and development of each

busines unit and its performance is evaluated

through organizing busines units with similar

economic characteristics into an operating

segment.

6. 收入

收入之分析如下：

来自客户合约之收入指(i)于某一时

间点确认之销售压缩天然气产品

收入；及(i)随时间确认之港口相关

服务之收入。

7. 分部资料

本集团之经营分部，是根据呈报执

行董事（本集团主要营运决策者）

之资料，为了资源分配及表现评估

而厘定。该资料更具体集中于各业

务单位之策略营运及发展，而其

表现乃通过将具有同类经济特征

之业务单位组成经营分部之方式

评估。

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

于评估经营分部的表现时，与该分

部的经营业绩并无直接关系的若

干非经营项目将不予考虑。因此，

于得出分部业绩时，(i)与经营分部

的业绩并无直接关系的企业及其

他开支；(i)主要因公司间内部贷款

引致的汇兑收益╱亏损净额；(i)因

企业活动而产生之没收按金及诚

意金所得之收益；(iv)已清盘附属

公司的分派及应收清盘中前附属

公司款项的减值拨备拨回；及(v)因

本集团的融资决定而引致的融资

成本已自除税前亏损中调整。

经营及可报告分部如下：

港口及

物流

—港口发展、港口、

压缩天然气分销以

及物流业务之营运

物业—房地产物业之投资

及租赁

证券—证券投资及买卖

金融服务—提供贷款融资、金融

7. SEGMENT INFORMATION (CONTINUED)

In asesing the performance of the operating

segments, certain non-operating items which were

not directly related to the segment’s operating

performance would not be taken into acount.

Acordingly, (i) corporate and other expenses

which are not directly related to the performance

of the operating segments; (i) net exchange gain/

los which are mainly arising from intra-company

loans; (i) gain on forfeiture of deposit and earnest

money received arising from corporate exercise;

(iv) distributions from liquidated subsidiaries and

impairment alowance reversed on amounts due

from the former subsidiaries in liquidation; and

(v) finance costs driven by the Group’s financing

decisions were adjusted out from the los before

tax in ariving at the segment results.

The operating and reportable segments are as

folows:

Ports and

logistics

—Ports development, operation

of ports, CNG distribution

and logistics busineses

Property—Investment and leasing of

real estate properties

Securities—Investment and trading of

securities

Financial

services

—Provision of loan financing,

financial related services

and cash management

Ports and logistics	Property	Securities	Financial services	Segment total and consolidated
港口及物流	物业	证券	金融服务	分部合计及综合
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
37,044	1,050	—	919	39,013
(12,433)	(12,617)	(12)	(111,210)	(136,272)
				(39,569)
				15
				(1,567)
				(177,393)
				8
				(177,385)

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

分部收入及业绩

以下为本集团按经营及可报告分

部划分之收入及业绩分析：

截至2025年3月31日止年度

7. SEGMENT INFORMATION (CONTINUED)

Segment revenue and results

The folowing is an analysis of the Group’s revenue

and results by operating and reportable segment:

For the year ended 31 March 2025

Revenue收入

Segment results分部业绩

Corporate and other

expenses

企业及其他开支

Net exchange gain汇兑收益净额

Finance costs融资成本

Los before taxation除税前亏损

Taxation税项

Los for the year年度亏损

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

分部收入及业绩（续）

以下为本集团按经营及可报告分

部划分之收入及业绩分析：

截至2024年3月31日止年度

，出售附属公司

的收益约59,323,000港元已于港口及物流分

部确认入账。

7. SEGMENT INFORMATION (CONTINUED)

Segment revenue and results (Continued)

The folowing is an analysis of the Group’s revenue

and results by operating and reportable segment:

For the year ended 31 March 2024

Ports and

logisticsPropertySecurities

Financial

services

Segment

total and

consolidated

港口

及物流物业证券金融服务

分部合计

及综合

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue收入51,4681,800—8,70261,970

Segment results分部业绩30,715(31,636)(12)(204,481)(205,414)

Corporate and other

expenses

企业及其他开支

(89,560)

Net exchange los汇兑亏损净额(1,371)

Gain on forfeiture of deposit

and earnest money

received

没收按金及诚意

金所得之收益

8,200

Impairment los reversed on

amounts due from former

subsidiaries in liquidation

应收清盘中前附

属公司款项之

减值亏损拨回31,111

Finance costs融资成本(6,627)

Los before taxation除税前亏损(263,661)

Taxation税项351

Los for the year年度亏损(263,310)

, gain on disposal of subsidiaries

of aproximately HK$59,323,000 had ben recognised in the ports

and logistics segment.

Ports and logistics	Property	Securities	Financial services	Segment total and consolidated
港口及物流	物业	证券	金融服务	分部合计及综合
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
33,040	62,019	201,139	629,091	925,289
				14,111
				939,400
6,707	8,994	2,011	70,143	87,855
				33,402
				121,257

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

分部资产及负债

以下为本集团按经营及可报告分

部划分之资产及负债分析：

于2025年3月31日

7. SEGMENT INFORMATION (CONTINUED)

Segment asets and liabilities

The folowing is an analysis of the Group’s

asets and liabilities by operating and reportable

segment:

As at 31 March 2025

ASETS资产

Segment asets分部资产

Unalocated asets未分配资产

Consolidated total asets综合总资产

LIABILITIES负债

Segment liabilities分部负债

Unalocated liabilities未分配负债

Consolidated total liabilities综合总负债

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

分部资产及负债（续）

于2024年3月31日

,678,000

港元（2024：6,959,000港元）及并无应收清盘

中前附属公司款项（2024：1,303,000港元），

而未分配负债则包括其他借款约19,040,000

港元（2024：15,977,000港元）。

7. SEGMENT INFORMATION (CONTINUED)

Segment asets and liabilities (Continued)

As at 31 March 2024

Ports and

logisticsPropertySecurities

Financial

services

Segment

total and

consolidated

港口

及物流物业证券金融服务

分部合计

及综合

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

ASETS资产

Segment asets分部资产47,84373,981131,285692,847945,956

Unalocated asets未分配资产30,106

Consolidated total asets综合总资产976,062

LIABILITIES负债

Segment liabilities分部负债6,55710,146—3416,737

Unalocated liabilities未分配负债33,025

Consolidated total liabilities综合总负债49,762

* Unalocated asets include cash and bank balances of aproximately

HK$4,678,000 (2024: HK$6,959,000) and amounts due from

former subsidiaries in liquidation of nil (2024: HK$1,303,000), while

the unalocated liabilities include other borowings of aproximately

HK$19,040,000 (2024: HK$15,977,000).

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

分部资产及负债（续）

分部资产及负债包括从事相关分

部业务之经营附属公司之资产及

负债，以及联营公司及权益工具

投资之若干权益。故此，分部资产

不包括主要为若干银行结存及现

金、一间联营公司权益、一间合营

企业权益、使用权资产及其他应收

账款之企业资产，而分部负债则不

包括主要为若干其他借款、其他应

付账款及租赁负债之企业负债。

为达致资源分配及分部表现评估

之目的，递延税项负债被分配至分

部负债，但相关之递延税项拨入╱

支出并不作为分部业绩之组成部

分向本公司执行董事呈报。

7. SEGMENT INFORMATION (CONTINUED)

Segment asets and liabilities (Continued)

Segment asets and liabilities comprise asets

and liabilities of the operating subsidiaries, as wel

as certain interests in asociates and investments

in equity instruments that are engaged in relevant

segmental busineses. Acordingly, segment

asets exclude corporate asets which are mainly

certain bank balances and cash, interest in an

asociate, interest in a joint venture, right-of-

use asets and other receivables, and segment

liabilities exclude corporate liabilities which are

mainly certain other borowings, other payables

and lease liabilities.

For the purpose of resources alocation and

asesment of segment performance, defered tax

liabilities are alocated to segment liabilities but the

related defered tax credit/charge are not reported

to the executive directors of the Company as part

of segment results.

Ports and logistics	Property	Securities	Financial services	Unallocated	Segment total and consolidated
港口及物流	物业	证券	金融服务	未分配	分部合计及综合
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
836	—	—	69,372	11,130	81,338
(44)	—	—	—	—	(44)
(2,497)	—	—	—	(928)	(3,425)
(955)	—	—	—	(1,123)	(2,078)
(2,691)	—	—	(1,005)	—	(3,696)
—	—	—	—	1,327	1,327
(1,790)	—	—	—	20	(1,770)
—	(977)	—	—	—	(977)
—	—	—	—	3,645	3,645
—	—	—	—	(4,314)	(4,314)
(3,894)	—	—	—	(1,078)	(4,972)
—	—	—	(29,650)	—	(29,650)
—	(3,500)	—	—	—	(3,500)
195	5	—	—	2	202
—	(9,092)	—	(81,140)	(2,856)	(93,088)
—	—	—	—	123	123
—	11,055	—	578,106	1,455	590,616
—	—	—	—	123	123

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

其他资料

以下为本集团按经营及可报告分

部划分之其他资料分析：

截至2025年3月31日止年度

7. SEGMENT INFORMATION (CONTINUED)

Other information

The folowing is an analysis of the Group’s other

information by operating and reportable segment:

For the year ended 31 March 2025

Amounts included in the measure

of segment results or segment

asets/liabilities:

计入分部业绩或

分部资产╱

负债计量之款项：

Aditions to non-curent asets

other than financial instruments

增购非流动资产

（金融工具除外）

Amortisation of intangible asets无形资产摊销

Depreciation of property,

plant and equipment

物业、机械

及设备折旧

Depreciation of right-of-use asets使用权资产折旧

Impairment los recognised

on loan receivables

应收贷款之减值

亏损确认

Recovery of bad debts writen of

in previous year

收回往年撇销之

坏账

(Los) gain on disposal of property,

plant and equipment

处置物业、机械及

设备之（亏损）

收益

Los on disposal of investment

properties

处置投资物业之

亏损

Gain on termination of right-of-use

asets

终止使用权资产之

收益

Impairment los on right-of-use

asets

使用权资产

之减值亏损

Impairment los on property, plant

and equipment

物业、机械及设备

之减值亏损

Loses on changes in ownership in

an asociate

一间联营公司所有

权之变动亏损

Fair value changes of investment

properties

投资物业之

公平价值变动

Bank and other interest income银行及其他

利息收入

Share of results of asociates摊占联营公司业绩

Share of results of a joint venture摊占一间合营企业

业绩

Interests in asociates联营公司权益

Interest in a joint venture一间合营企业权益

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

其他资料（续）

截至2024年3月31日止年度

7. SEGMENT INFORMATION (CONTINUED)

Other information (Continued)

For the year ended 31 March 2024

Ports and

logisticsPropertySecurities

Financial

servicesUnalocated

Segment

total and

consolidated

港口

及物流物业证券金融服务未分配

分部合计

及综合

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

Amounts included in the measure

of segment results or segment

asets/liabilities:

计入分部业绩或

分部资产╱

负债计量之款项：

Aditions to non-curent asets

other than financial instruments

增购非流动资产

（金融工具除外）5,160—142,8003,642151,602

Amortisation of intangible asets无形资产摊销(45)—(45)

Depreciation of property,

plant and equipment

物业、机械

及设备折旧(5,087)—(1,207)(6,294)

Depreciation of right-of-use asets使用权资产折旧(3,224)—(10,461)(13,685)

Impairment los recognised

on loan receivables

应收贷款之减值

亏损确认(40)—(40)

Impairment los reversed on

amounts due from former

subsidiaries in liquidation

应收清盘中前附属

公司款项之减值

亏损拨回—31,11131,111

Los on disposal of property,

plant and equipment

处置物业、机械及

设备之亏损(510)—(750)(1,260)

Impairment los on right-of-use

asets

使用权资产

之减值亏损—(8,877)(8,877)

Fair value changes of investment

properties

投资物业之

公平价值变动—(9,800)—(9,800)

Bank and other interest income银行及其他

利息收入144—5149

Share of results of asociates摊占联营公司业绩—(23,160)—(207,448)—(230,608)

Share of results of a joint venture摊占一间合营企业

业绩—(4,642)(4,642)

Interests in asociates联营公司权益—20,147—657,439—677,586

Interest in a joint venture一间合营企业权益—11,50011,500

2025
HK$’000
千港元
1,969
37,044
39,013

2025
HK$’000
千港元
592,386
15,200
607,586

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

地区资料

本集团之业务主要位于香港（原居

地）、澳门及中国（不包括香港及

澳门）。

以下为本集团按地区市场（根据所

提供建筑工程或其他货品╱服务的

地区）划分之收入分析︰

以下为按资产所在地区划分之非

流动资产（不包括金融工具）账面

值分析：

主要客户之资料

截至2025年3月31日止年度，最大

客户（属港口及物流分部）贡献收入

约25,064,000港元（2024：26,318,000

港元），个别贡献本集团总收入的

10%以上。

7. SEGMENT INFORMATION (CONTINUED)

Geographical information

The Group’s operations are mainly located in

Hong Kong (place of domicile), Macau and the

PRC (excluding Hong Kong and Macau).

The folowing is an analysis of the Group’s revenue

by geographical market based on geographical

location where construction works or other gods/

services are provided:

HK$’000

千港元

Hong Kong 香港10,502

The PRC中国51,468

61,970

The folowing is an analysis of the carying

amount of non-curent asets excluding financial

instruments, based on the geographical location

of asets:

HK$’000

千港元

Hong Kong 香港744,668

The PRC中国24,308

768,976

Information about major customers

For the year ended 31 March 2025, the

largest customer, which is under the ports and

logistics segment, contributed to the revenue of

aproximately HK$25,064,000 (2024: HK$26,318,000)

which individualy contributed more than 10% of

total revenue of the Group.

2025
HK$’000
千港元
202
4,070
232
4,504

2025
HK$’000
千港元
15
3,645
—
1,327
(4,972)
(4,314)
(1,770)
(977)
(29,650)
(36,696)

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

8. 其他收入

9. 其他收益及亏损

8. OTHER INCOME

HK$’000

千港元

Bank and other interest income银行及其他利息收入149

Consultancy service income咨询服务收入—

Sundry income杂项收入—

9. OTHER GAINS AND LOSES

HK$’000

千港元

Net exchange gain (los)汇兑收益（亏损）净额(1,371)

Gain on termination of lease contracts终止租约之收益—

Gain on forfeiture of deposit and

earnest money received

没收按金及诚意金所得

之收益8,200

Recovery of bad debts writen of in

previous years

收回往年撇销之坏账

—

Impairment los on property,

plant and equipment (Note 17)

物业、机械及设备之减值

亏损（附注17）—

Impairment los on right-of-use

asets (Note 18)

使用权资产之减值亏损

（附注18）(8,877)

Los on disposal of property, plant

and equipment

处置物业、机械及设备

之亏损(1,260)

Los on disposal of investment

properties

处置投资物业之亏损

—

Loses on changes in ownership in

an asociate (note)

一间联营公司所有权之

变动亏损（附注）—

(3,308)

2025
HK$’000
千港元
(3,696)
—
(3,696)

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

9. OTHER GAINS AND LOSES (CONTINUED)

note: The loses on changes in ownership in an asociate mainly

represented:

i) On 22 August 2024, Hope Capital Limited (“Hope Capital”),

an asociate of the Group, entered into a share repurchase

agrement with its respective shareholders. Upon the

completion of share repurchase, the Group’s equity interest

in Hope Capital increased to 34.72%, resulting in a los of

HK$18,051,000.

i) On 24 March 2025, Hope Capital entered into a share

swap agrement with a counter party (the “Party”) pursuant

to which Hope Capital agred to isue and transfer the new

shares representing a 9.09% equity interest in Hope Capital

to the Party in exchange for a 8.06% equity interest in the

Party. Upon completion of the share swap on 24 March

2025, the Group’s equity interest in Hope Capital decreased

to 31.54%, resulting in a los of HK$11,296,000.

10. IMPAIRMENT LOS (RECOGNISED)

REVERSED ON FINANCIAL ASETS,

NET

HK$’000

千港元

Impairment los recognised on loan

receivables

应收贷款确认之减值亏损

(40)

Impairment los reversed on amounts

due from former subsidiaries in

liquidation

应收清盘中前附属公司

款项之减值亏损拨回

31,111

31,071

Details of the impairment asesment are set out

in Note 37(b).

（续）

附注：一间联营公司所有权之变动亏损主要指：

i) 于2024年8月22日，本集团之联

营公司 Hope Capital Limited（「Hope

Capital」）与其相关股东订立股份购

回协议。股份购回完成后，本集团于

Hope Capital的股权增至34.72%，产生

亏损18,051,000港元。

i) 于2025年3月24日，Hope Capital与一

名交易对手（「该订约方」）订立换股协

议，据此，Hope Capital 同意发行新股

份（相当于Hope Capital的9.09%股权）

并将新股份转让予该订约方，以换取

该订约方的8.06%股权。换股于2025

年3月24日完成后，本集团于Hope

Capital之股权减至 31.54%，产生亏损

11,296,000港元。

（确认）

拨回净额

减值评估详情载于附注37(b)。

2025
HK$’000
千港元
—
1,193
374
1,567

Fees	Salaries and other benefits	Discretionary bonus	Retirement benefit scheme contribution	Total
袍金	薪酬及其他福利	酌情花红	退休福利计划供款	合计
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
—	2,200	—	—	2,200
—	588	—	18	606
—	2,788	—	18	2,806
250	—	—	—	250
250	—	—	—	250
32	—	—	—	32
191	—	—	—	191
723	—	—	—	723
723	2,788	—	18	3,529

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

11. 融资成本

12. 董事及雇员酬金

(a) 董事酬金

已付或应付六名（2024：七名）

董事各人之酬金如下：

年内概无任何董事放弃任何

酬金（2024：无）。

11. FINANCE COSTS

HK$’000

千港元

Interest on bank borowings银行借款之利息66

Interest on other borowings其他借款之利息5,646

Imputed interest on lease liabilities租赁负债之推算利息915

6,627

12. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS

(a) Directors’ emoluments

The emoluments paid or payable to each of

the six (2024: seven) directors are as folows:

None of the directors has waived any

emoluments during the year (2024: Nil).

Name of director董事姓名

Executive directors执行董事

Kwong Kai Sing, Beny (note i)邝启成（附注i）

Au Wai June柯伟俊

Independent non-executive directors独立非执行董事

Yu Chung Leung余仲良

Lam John Cheung-wah蓝章华

Liu Jianyi (note iv)刘简怡（附注iv）

Wiliam Nicholas Giles (note v)Wiliam Nicholas

Giles（附注v）

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 董事酬金（续）

12. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (CONTINUED)

(a) Directors’ emoluments (Continued)

Name of director董事姓名Fes

Salaries

and other

benefits

Discretionary

bonus

Retirement

benefit

scheme

contributionTotal

袍金

薪酬及

其他福利酌情花红

退休福利

计划供款合计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Executive directors执行董事

Kwong Kai Sing, Beny (note i)邝启成（附注i）—3,000—93,009

Au Wai June柯伟俊—725—18743

Marc Andreas Tschirner (note i)Marc Andreas

Tschirner

（附注i）—375—5380

Sam Nickolas David Hing Cheong

(note i)

沈庆祥（附注i）

—375—5380

—4,475—374,512

Independent non-executive directors独立非执行董事

Yu Chung Leung余仲良250—250

Lam John Cheung-wah蓝章华250—250

Wiliam Nicholas Giles (note v)Wiliam Nicholas

Giles（附注v）240—240

740—740

7404,475—375,252

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 董事酬金（续）

执行董事酬金乃就彼等管理

本公司及本集团事务提供的

服务而作出。

独立非执行董事酬金乃就彼

等作为本公司董事提供的服

务而作出。

附注：

(i) 邝启成于2023年7月1日获委任为总

裁（相当于本公司最高行政人员）。

(i) Marc Andreas Tschirner于2023年7月1

日辞任执行董事及总裁。

(i) 沈庆祥于2023年7月1日辞任执行董

事及副主席。

(iv) 刘简怡于2024年12月27日获委任为

独立非执行董事。

(v) Wiliam Nicholas Giles于2025年1月17

日辞任独立非执行董事。

12. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (CONTINUED)

(a) Directors’ emoluments (Continued)

The executive directors’ emoluments were for

their services in conection with management

of the afairs of the Company and the Group.

The independent non-executive directors’

emoluments were for their services as

directors of the Company.

notes:

(i) Kwong Kai Sing, Beny was apointed as managing

director (equivalent to the chief executive of the Company)

on 1 July 2023.

(i) Marc Andreas Tschirner resigned as executive director and

managing director on 1 July 2023.

(i) Sam Nickolas David Hing Cheong resigned as executive

director and vice chairman on 1 July 2023.

(iv) Liu Jianyi was apointed as independent non-executive

director on 27 December 2024.

(v) Wiliam Nicholas Giles resigned as independent non-

executive director on 17 January 2025.

2025
HK$’000
千港元
4,068
—
65
4,133

2025
3
—
1
—
4

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 雇员酬金

本集团于本年度五名最高薪

人员包括一名（2024：一名）本

公司董事，其酬金详情载于上

文附注12(a)。

其余属本集团雇员之四名

（2024：四名）最高薪人员之总

酬金如下：

彼等之酬金级别如下：

于两个年度内，本集团并无向

五名最高薪人员及董事支付

酬金以作为加入本集团或于

加入本集团时之奖励，或作为

离职补偿。

12. DIRECTORS’ AND EMPLOYES’

EMOLUMENTS (CONTINUED)

(b) Employes’ emoluments

The five highest paid individuals in the

Group for the year included one (2024: one)

director of the Company, details of whose

emoluments are set out in Note 12(a) above.

The agregate emoluments of the remaining

four (2024: four) highest paid individuals, who

are employes of the Group, are as folows:

HK$’000

千港元

Salaries and other benefits薪金及其他福利10,221

Discretionary bonus酌情花红—

Retirement benefit scheme

contributions

退休福利计划供款

10,290

Their emoluments were within the folowing bands:

Number of employes

雇员人数

Below HK$1,000,0001,000,000港元以下—

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2

HK$5,000,001 to HK$5,500,0005,000,001港元至5,500,000港元1

During both years, no emoluments were

paid by the Group to the five highest paid

individuals and directors as an inducement

to join or upon joining the Group or as

compensation for los of ofice.

2025
HK$’000
千港元
44
1,060
748
28,902
3,425
2,078
27,497
2,206
854

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

13. 除税前亏损13. LOS BEFORE TAXATION

HK$’000

千港元

Los before taxation has ben arived

at after charging:

除税前亏损已扣除：

Amortisation of intangible asets无形资产摊销45

Auditor’s remuneration核数师酬金

— Audit services— 核数服务1,730

— Non-audit services— 非核数服务739

Cost of inventories and services

recognised as an expense

确认为费用之存货及服务

成本38,186

Depreciation of property, plant

and equipment

物业、机械及设备之折旧

6,294

Depreciation of right-of-use asets

(note (a)

使用权资产之折旧

（附注(a)）13,685

Staf costs (note (b)员工成本（附注(b)）49,825

Expenses related to short-term leases

and leases of low-value asets

有关短期租赁及低价值

资产租赁之费用4,691

and after crediting:并已计入：

Rental income from investment

properties, net of direct operating

expenses (note (c)

投资物业之租金收入，

扣除直接营运费用

（附注(c)）1,672

2025
HK$’000
千港元
308
1,770
—
2,078

2025
HK$’000
千港元
3,529
19,199
4,769
27,497

2025
HK$’000
千港元
1,050
(196)
854

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

附注：

(a) 使用权资产之折旧

(b) 员工成本

13. LOS BEFORE TAXATION (CONTINUED)

notes:

(a) Depreciation of right-of-use asets

HK$’000

千港元

Amount provided for the year in respect of:年度拨备额：

— Leasehold land— 租赁土地1,306

— Land and buildings— 土地及楼宇11,818

— Motor vehicles— 汽车561

13,685

(b) Staf costs

HK$’000

千港元

Directors’ emoluments (Note 12(a)董事酬金（附注12(a)）5,252

Other staf costs:其他员工成本：

Salaries and other benefits (including bonus)薪酬及其他福利（包括花红）42,113

Retirement benefit scheme contributions退休福利计划供款2,460

49,825

expenses

HK$’000

千港元

Rental income from investment properties投资物业之租金收入1,800

Les: Direct operating expenses from leasing of

investment properties

减：投资物业租赁产生之

直接营运费用(128)

1,672

2025
HK$’000
千港元
3
—
3
(11)
(8)

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

14. 税项

根据香港两级制利得税率制度，

合资格集团实体的首200万港元

溢利将按税率8.25%征税，而超过

200万港元的溢利将按税率16.5%

征税。不符合两级制利得税率制度

资格之集团实体之溢利将继续按

划一税率16.5%缴纳税项。由于本

集团于两个年度并无估计应课税

溢利，故并无就香港利得税作出拨

备。本集团于中国之附属公司两个

年度之税率为25%。

14. TAXATION

HK$’000

千港元

Taxation comprises tax (credit)

charge below:

税项包括以下税项（拨入）

支出：

Taxation arising in the PRC于中国产生之税项

Curent year本年度528

Overprovision in prior years于过往年度超额拨备(868)

(340)

Defered taxation arising in the PRC

(Note 34)

于中国产生之递延税项

（附注34）(11)

(351)

Under the two-tiered profits tax rates regime in

Hong Kong, the first HK$2 milion of profits of the

qualifying group entity wil be taxed at 8.25%,

and profits above HK$2 milion wil be taxed at

16.5%. The profits of group entities not qualifying

for the two-tiered profits tax rates regime wil

continue to be taxed at a flat rate of 16.5%. No

provision for Hong Kong Profits Tax has ben

made as the Group has no estimated asesable

profits for both years. The tax rate for the Group’s

subsidiaries in the PRC is 25% for both years.

2025
HK$’000
千港元
(177,393)
(30,876)
15,339
13,063
(692)
685
3,283
(1)
(809)
—
(8)

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

本年度之税项拨入与综合收益表

所列除税前亏损之对账如下：

15. 分派

概无股息于两个年度内确认为

分派。

本公司董事局已议决不建议股东

批准派付截至2025年3月31日止年

度之任何末期股息（2024：无）。

14. TAXATION (CONTINUED)

The taxation credit for the year can be reconciled

to the los before taxation per the consolidated

income statement as folows:

HK$’000

千港元

Los before taxation除税前亏损(263,661)

Tax calculated at domestic rates

aplicable in the respective jurisdictions

按有关司法权区适用当地

税率计算之税项(44,351)

Tax efect of share of results of

asociates and a joint venture

摊占联营公司及一间合营

企业绩之税务影响38,816

Tax efect of expenses not deductible

for tax purpose

在税务方面不可扣减开支

之税务影响11,165

Tax efect of income not taxable for

tax purpose

在税务方面毋须课税收入

之税务影响(15,488)

Tax efect of tax loses not recognised未作确认税务亏损

之税务影响13,632

Tax efect of other deductible

temporary diference not recognised

未作确认其他可扣减临时

差额之税务影响412

Tax efect of utilisation of other

deductible temporary diference

previously not recognised

动用先前未确认之其他

可扣减临时差额之税务

影响(3,669)

Tax efect of utilisation of tax loses

previously not recognised

动用先前未确认之税项

亏损之税务影响—

Overprovision in prior years过往年度超额拨备(868)

Tax credit for the year本年度税项拨入(351)

15. DISTRIBUTION

No dividend was recognised as distribution during

both years.

The board of directors of the Company has

resolved not to recomend for shareholders’

aproval the payment of any final dividend for the

year ended 31 March 2025 (2024: Nil).

2025
HK$’000
千港元
(177,376)

2025
Number of shares
股份数目
1,040,946,114

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

16. 每股亏损

本公司拥有人应占年度每股基本

及摊薄亏损乃按以下数据计算

得出：

由于本公司于两个年度并无任何

发行在外的潜在摊薄普通股，故每

股摊薄亏损与每股基本亏损相等。

16. LOS PER SHARE

The calculation of the basic and diluted los per

share atributable to owners of the Company for

the year is based on the folowing data:

HK$’000

千港元

Los for the year atributable to

owners of the Company for the

purpose of calculating basic

and diluted los per share

用以计算每股基本

及摊薄亏损之本公司

拥有人应占年度亏损

(265,263)

Number of

股份数目

Weighted average number of

ordinary shares for the purpose

of calculating basic and diluted

los per share

用以计算每股基本

及摊薄亏损之加权平均

普通股数

1,040,946,114

Diluted los per share is equal to the basic los

per share as the Company does not have any

dilutive potential ordinary shares outstanding for

both years.

9,281	12,405	14,527	1,998	—	38,211
(48)	(58)	(38)	(3)	—	(147)
—	8	1,425	105	—	1,538
(1,552)	(2,940)	(4,728)	(36)	—	(9,256)
7,681	9,415	11,186	2,064	—	30,346

3,919	5,678	8,507	1,616	—	19,720
(36)	(51)	(14)	(3)	—	(104)
284	2,046	799	296	—	3,425
2,029	1,840	1,079	24	—	4,972
(774)	(1,857)	(4,321)	(29)	—	(6,981)
5,422	7,656	6,050	1,904	—	21,032
2,259	1,759	5,136	160	—	9,314

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

、机械及设备17. PROPERTY, PLANT AND EQUIPMENT

Leasehold

land and

buildings

Fuel gas

logistics and

distribution

facilities

Motor

vehicles

and

vesels

Furniture,

fixtures

and ofice

equipment

Construction

in progresTotal

租赁土地

及楼宇

燃气物流及

分销设施

汽车及

船舶

家具、

装置及

办公设备在建工程合计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

Cost成本

At 1 April 2023于2023年4月1日45,653240,37137,4645,24854,675383,411

Exchange realignment汇兑调整(2,549)(13,489)(1,828)(153)(3,064)(21,083)

Aditions添置9412,08725319—3,300

Disposal处置(1,846)(60)(775)(940)—(3,621)

Disposal of subsidiaries (Note 36)出售附属公司（附注36）(32,918)(216,504)(20,587)(2,176)(51,611)(323,796)

At 31 March 2024 and 1 April 2024于2024年3月31日

及2024年4月1日

Exchange realignment汇兑调整

Aditions添置

Disposal处置

At 31 March 2025于2025年3月31日

Depreciation and impairment折旧及减值

At 1 April 2023于2023年4月1日39,791229,39830,0582,80554,675356,727

Exchange realignment汇兑调整(2,221)(12,895)(1,517)(109)(3,064)(19,806)

Provided for the year本年度计提3454,231900818—6,294

Eliminated on disposal出售时对销(1,187)(38)(602)(189)—(2,016)

Eliminated on disposal of subsidiaries

(Note 36)

出售附属公司时对销

（附注36）(32,809)(215,018)(20,332)(1,709)(51,611)(321,479)

At 31 March 2024 and 1 April 2024于2024年3月31日

及2024年4月1日

Exchange realignment汇兑调整

Provided for the year本年度计提

Impairment los for the year本年度减值亏损

Eliminated on disposal处置时对销

At 31 March 2025于2025年3月31日

Carying amounts账面值

At 31 March 2025于2025年3月31日

At 31 March 2024于2024年3月31日5,3626,7276,020382—18,491

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

17. PROPERTY, PLANT AND EQUIPMENT

(CONTINUED)

The Group had property, plant and equipment

of HK$9,314,000 as at 31 March 2025, of

which HK$4,180,000 were atributable to ports

and logistics segment. The ports and logistics

segment is a cash-generating unit (the “CGU”)

for the purpose of impairment asesment. In

view of the decline in ports and logistics busines

activities and operations, the Group reviewed the

recoverable amount of the property, plant and

equipment based on downwardly revised forecast

for the 5 years ending 31 March 2030. As a result,

the recoverable amount of the related property,

plant and equipment which belongs to this CGU

has ben reduced.

The Group has performed impairment asesment

by asesing their recoverable amounts based

on the higher of value-in-use and fair value les

costs of disposal. The recoverable amounts of

the CGU are determined based on value-in-

use calculations, which are higher than the fair

value les costs of disposal calculations. Key

asumptions to the value-in-use calculations

include projected revenue growth rate, gros profit

margin and discount rate. The revenue growth

rate, gros profit margin and pre-tax discount rate

used for the forecasted period to determine the

recoverable amounts is –9% to 6%, 22% to 25%

and 11.6%, respectively. The terminal growth rate

used in the forecast is 3%.

If the forecasted revenue had ben lowered by

5% for the forecasted period, a further increase

in impairment los of HK$540,000 would have

ben resulted. If the adopted pre-tax discount

rate had ben increased/decreased by 1% for the

forecasted period, a further increase/decrease

in impairment los of HK$640,000/HK$776,000

would have ben resulted.

、机械及设备（续）

于2025年3月31日，本集团之物

业、机械及设备为9,314,000港元，

其中4,180,000港元来自港口及物

流分部。就减值评估而言，港口及

物流分部为现金产生单位（「现金

产生单位」）。鉴于港口及物流业务

活动及经营活动减少，本集团根据

截至2030年3月31日止五个年度下

调后预测，对物业、机械及设备的

可收回金额进行重新评估。因此，

该现金产生单位所属物业、机械及

设备的可收回金额已予以调减。

本集团已根据使用价值与公平价

值减出售成本两者中的较高者，评

估该等现金产生单位的可收回金

额，借此对相关现金产生单位进行

减值评估。现金产生单位的可收回

金额乃根据使用价值计算厘定，

其较公平价值减出售成本计算为

高。计算使用价值的主要假设包括

预计收入增长率、毛利率及贴现

率。预测期间用于厘定可收回金额

的收入增长率、毛利率及除税前贴

现率分别为-9%至6%、22%至25%

及11.6%。预测所用的终值增长率

为3%。

倘于预测期间将预测收入下调

5%，将导致减值亏损进一步增

加540,000港元。倘于预测期间所

采纳的除税前贴现率增加╱减少

1%，将导致减值亏损进一步增加╱

减少640,000港元╱776,000港元。

2025
HK$’000
千港元
5,550
974
6,524
10,732
4,314
6,117

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

、机械及设备（续）

上述物业、机械及设备（在建工程

除外）项目以直线法折旧，年率

如下：

租赁土地及楼宇相关租赁租期或

50年（以较短者

为准）

燃气物流及分销

设施

4%–10%

汽车及船舶2.6%–20%

家具、装置及

办公设备

8%–33

18. 使用权资产

租赁土地指为收购与于中国之港

口以及物流业务有关之土地使用

权所作出之预付款项。

附注：该金额指就若干与不可撤销办公室物业及

汽车租赁条款相关的使用权资产确认之悉

数减值亏损，而该等使用权资产的账面值被

评估为不可收回。

17. PROPERTY, PLANT AND EQUIPMENT

(CONTINUED)

The above items of property, plant and

equipment, other than construction in progres,

are depreciated on a straight-line basis at the

folowing rates per anum:

Leasehold land and

buildings

Over the period of the

relevant leases or

50 years, whichever is

shorter

Fuel gas logistics and

distribution facilities

4%–10%

Motor vehicles and

vesels

2.6%–20%

Furniture, fixtures and

ofice equipment

8%–33

18. RIGHT-OF-USE-ASETS

HK$’000

千港元

Leasehold land租赁土地5,893

Land and buildings土地及楼宇948

6,841

Total cash outflow for leases租赁之现金流出总额17,068

Impairment los on

the right-of-use asets (note)

使用权资产之减值亏损

（附注）8,877

Aditions to the right-of-use asets添置使用权资产4,171

Leasehold land represents up front prepayments

made for the acquisition of land-use rights related

to ports and logistics operations in the PRC.

note: The amount represents the ful impairment los recognised on

certain right-of-use asets related to non-cancelable lease terms

for ofice premises and motor vehicles, the carying amounts of

which were asesed as irecoverable.

53,500
(3,500)
(50,000)
—

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

就两个年度而言，本集团租赁多个

办公室供其运营。租赁合同的期限

最长为五年，惟可能拥有续租权。

租赁条款按个别基准磋商且包含

多种不同条款及条件。于厘定租期

及评估不可撤回期间的长度时，本

集团应用合同的定义并根据合同

的合同条款厘定期限。

于发生承租人控制范围内之重大

事件或重大情况变动时，本集团会

重新评估是否能够合理确定行使

续租选择权。于两个年度内均无发

生此类触发事件。

19. 投资物业

18. RIGHT-OF-USE-ASETS (CONTINUED)

For both years, the Group leases various ofices

for its operations. Lease contracts are entered

into for terms of up to five years, but may have

extension options. Lease terms are negotiated on

an individual basis and contain a wide range of

diferent terms and conditions. In determining the

lease term and asesing the length of the non-

cancelable period, the Group aplies the definition

of a contract and determines the period based on

the contractual terms of the contract.

The Group reaseses whether it is reasonably

certain to exercise an extension option upon

the ocurence of either a significant event or

a significant change in circumstances that is

within the control of the lese. There is no such

trigering event during both years.

19. INVESTMENT PROPERTIES

Leasehold

properties

租赁物业

HK$’000

千港元

FAIR VALUE公平价值

At 1 April 2023于2023年4月1日63,300

Decrease in fair value recognised

in the consolidated income statement

于综合收益表内确认之

公平价值减少(9,800)

At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日

Decrease in fair value recognised

in the consolidated income statement

于综合收益表内确认之

公平价值减少

Disposal处置

At 31 March 2025于2025年3月31日

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

本集团之投资物业之公平价值是

按当日由与本集团概无关连之独

立合资格专业估值师进行之估值

计算。管理层与外部合资格专业估

值师密切合作，以建立公平价值计

量的合适估值及输入参数，并逐期

向董事局报告。

于2024年3月31日，于厘定租赁物

业之公平价值时，物业的最高及最

佳用途为其现时用途。已就香港租

赁物业采纳投资法，乃考虑到当前

的租金水平及租赁的复归收益潜

力。于香港租赁物业估值采用之主

要输入数据包括使用市场上直接

可资比较物业并考虑物业的类似

特征、地点及大小之每月市场单位

租金为每平方呎27.6港元，以及复

归收益率为3.95%。可资比较物业

之每平方呎每月市场单位租金上

升或复归收益率下降，将导致投资

物业公平价值上升，反之亦然。

所采用之估值技术及方法与去年

并无变动。于截至2024年3月31日

止年度，投资物业计量之公平价值

等级为第三级且并无转入第三级

或自第三级转出。公平价值乃按经

常基准计量。

19. INVESTMENT PROPERTIES (CONTINUED)

The fair values of the Group’s investment

properties have ben arived at on the basis

of valuations caried out as at those dates by

independent qualified profesional valuers not

conected with the Group. The management

works closely with the external qualified

profesional valuers to establish the apropriate

valuation and inputs for fair value measurement

and reports to the board of directors from period

to period.

In determining the fair value of leasehold properties

as at 31 March 2024, the highest and best use of

the properties is their curent use. The investment

method is adopted for leasehold properties in

Hong Kong by taking into acount the curent rent

pasing and the reversionary income potential

of the tenancy. Key inputs used in valuing the

leasehold properties in Hong Kong include the

monthly market unit rent of HK$27.6 per square

fet, using direct market comparables and taking

into acount of similar characteristics, location

and size of property, and reversionary yield of

3.95%. The increase in the monthly market unit

rent per square fet of comparable properties or

the decrease in reversionary yield would result in

an increase in the fair value of the properties, and

vice versa.

There has ben no change from the valuation

technique and methodology used in the prior

year. The fair value hierarchy of the measurement

of the investment properties is Level 3 and there

are no transfers into or out of Level 3 during

the year ended 31 March 2024. The fair value

measurement is on a recuring basis.

205	1,619	1,824
—	(10)	(10)
205	1,609	1,814

—	766	766
—	(5)	(5)
—	44	44
—	805	805
205	804	1,009

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

20. 无形资产20. INTANGIBLE ASETS

Motor

vehicles

registration

marks

Land

premiumTotal

汽车

登记号码土地溢价合计

HK$’000HK$’000HK$’000

千港元千港元千港元

(note 附注 a)(note 附注 b)

Cost成本

At 1 April 2023于2023年4月1日2051,7151,920

Exchange realignment汇兑调整—(96)(96)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

Amortisation摊销

At 1 April 2023于2023年4月1日—764764

Exchange realignment汇兑调整—(43)(43)

Provided for the year本年度计提—4545

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Exchange realignment汇兑调整

Provided for the year本年度计提

At 31 March 2025于2025年3月31日

Carying amounts账面值

At 31 March 2025于2025年3月31日

At 31 March 2024于2024年3月31日2058531,058

2025
HK$’000
千港元
911,537
(320,921)
590,616

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

附注：

(a) 该等资产为无定限可使用年期。董事认为汽

车登记号码价值至少相等于其账面值。

(b) 该金额代表本集团在收购有关业务中所收

购位于中国武汉市之租赁土地之土地溢价，

乃按与相关确认为使用权资产之租赁土地

相同之基准于36年（2024：36年）内摊销。

21. 联营公司权益

所有联营公司于综合财务报表

内均采用权益法入账。本集团于

2025年及2024年3月31日的联营

公司详情载于附注46(b)。

(a) 重大联营公司

非上市投资包括以下重大联

营公司：

(i) 于Golden Thread Investments

Limited（「Golden Thread」）

拥有之40%股本权益，该

公司于马绍尔群岛（「马绍

尔群岛」）共和国注册成

立，从事融资业务。

20. INTANGIBLE ASETS (CONTINUED)

notes:

(a) The asets have indefinite useful lives. The directors are of the

opinion that the motor vehicles registration marks are worth at

least their carying values.

(b) The amount represents the land premium for leasehold land in

Wuhan, the PRC, acquired by the Group through the acquisition

of the relevant busines and the amount is to be amortised on the

same basis as the related leasehold land recognised as right-of-

use asets over 36 years (2024: 36 years).

21. INTERESTS IN ASOCIATES

HK$’000

千港元

Cost of unlisted investments in

asociates

投资非上市联营公司

之成本872,504

Share of post-acquisition loses and

other comprehensive expense,

net of dividends received

摊占收购后亏损及

其他全面开支，

扣除已收股息(194,918)

Share of net asets摊占资产净值677,586

Al of the asociates are acounted for using

the equity method in the consolidated financial

statements. Particulars of the Group’s asociates

at 31 March 2025 and 2024 are set out in Note

46(b).

(a) Material asociates

The unlisted investments include the folowing

material asociates:

(i) 40% equity interest in Golden Thread

Investments Limited (“Golden Thread”),

which is incorporated in the Republic of

Marshal Islands (“Marshal Islands”) and

engaged in financing busines.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 重大联营公司（续）

(i) （续）

于2025年3月31日，本集团

于Golden Thread之权益

之账面值为68,617,000港

元（2024：159,235,000港

元），指本集团于该联营

公司之净资产171,541,000

港元（2024：398,090,000

港元）中占40%（2024：

40%）比例之拥有权

益。净资产包括非流

动资产4,458,000港元

（2024：4,370,000港元）、

流动资产181,563,000港

元（2024：395,013,000港

元）及流动负债14,480,000

港元（2024：1,293,000港

元）。截至2025年3月31日

止年度，该联营公司录得

收入148,000港元（2024：

11,744,000港元）及亏损

226,637,000港元（2024：

80,019,000港元）。经计

及其他全面收益88,000港

元（2024：其他全面开支

2,850,000港元）后，该联

营公司呈报全面开支总额

226,549,000港元（2024：

82,869,000港元）。截至

2025年及2024年3月31日

止年度并无自Golden

Thread收取股息。

(i) 于明乐企业有限公司（「明

乐」）拥有之约33.33%股

本权益，该公司于香港注

册成立，从事放债业务。

于2025年3月31日，明乐

为梧桐国际发展有限公司

（股份代号：0613.HK）之

非全资附属公司。

21. INTERESTS IN ASOCIATES (CONTINUED)

(a) Material asociates (Continued)

(i) (Continued)

As at 31 March 2025, the carying

amount of the Group’s interest in Golden

Thread was HK$68,617,000 (2024:

HK$159,235,000), representing the

Group’s 40% (2024: 40%) proportionate

ownership interest in the asociate’s

net asets of HK$171,541,000

(2024: HK$398,090,000). The net

asets comprised non-curent

asets, curent asets and curent

liabilities of HK$4,458,000 (2024:

HK$4,370,000), HK$181,563,000 (2024:

HK$395,013,000) and HK$14,480,000

(2024: HK$1,293,000) respectively.

For the year ended 31 March 2025,

the asociate recorded revenue of

HK$148,000 (2024: HK$11,744,000)

and a los of HK$226,637,000 (2024:

HK$80,019,000). Taking into acount

the other comprehensive income of

HK$88,000 (2024: other comprehensive

expense of HK$2,850,000), the

asociate reported a total comprehensive

expense of HK$226,549,000 (2024:

HK$82,869,000). No dividend was

received from Golden Thread for the

years ended 31 March 2025 and 2024.

(i) Aproximately 33.33% equity interest in

Maxlord Enterprises Limited (“Maxlord”),

which is incorporated in Hong Kong and

engaged in money lending busines. As

at 31 March 2025, Maxlord is a non-

wholy-owned subsidiary of Planetre

International Development Limited (stock

code: 0613.HK).

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 重大联营公司（续）

(i) （续）

于2025年3月31日，本

集团于明乐之权益之账

面值为201,322,000港元

（2024：209,255,000港

元），指本集团于该联营公

司之净资产603,965,000港

元（2024：627,764,000港

元）中占约33.33%（2024：

33.33%）比例之拥有权

益。净资产包括流动资产

604,458,000港元（2024：

628,794,000港元）及流动

负债493,000港元（2024：

1,030,000港元）。截至2025

年3月31日止年度，该联

营公司录得收入2,740,000

港元（2024：17,356,000

港元）以及亏损及全面开

支总额23,798,000港元

（2024：溢利及全面收益

总额104,194,000港元）。截

至2025年及2024年3月31

日止年度并无自明乐收取

股息。

(i) 于Hope Capital Limited（「Hope

Capital」）拥有之约31.54%

股本权益，该公司于英属

处女群岛注册成立，从事

提供一站式综合金融服

务，包括透过其直接全资

附属公司根据证券及期货

条例获发牌于香港从事

第1类（证券交易）、第2类

（期货合约交易）、第4类

（就证券提供意见）、第5

类（就期货合约提供意见）

及第9类（提供资产管理）

受规管活动。

21. INTERESTS IN ASOCIATES (CONTINUED)

(a) Material asociates (Continued)

(i) (Continued)

As at 31 March 2025, the carying amount

of the Group’s interest in Maxlord was

HK$201,322,000 (2024: HK$209,255,000),

representing the Group’s aproximately

33.33% (2024: 33.33%) proportionate

ownership interest in the asociate’s

net asets of HK$603,965,000 (2024:

HK$627,764,000). The net asets comprised

curent asets of HK$604,458,000 (2024:

HK$628,794,000) and curent liabilities of

HK$493,000 (2024: HK$1,030,000). For the

year ended 31 March 2025, the asociate

recorded revenue of HK$2,740,000 (2024:

HK$17,356,000) and a los and total

comprehensive expense of HK$23,798,000

(2024: profit and total comprehensive

income of HK$104,194,000). No dividend

was received from Maxlord for the years

ended 31 March 2025 and 2024.

(i) Aproximately 31.54% equity interest in

Hope Capital Limited (“Hope Capital”),

which is incorporated in the BVI and

engaged in provision of one-stop

integrated financial services, including

cary out regulated activities in Type 1

(dealing in securities), Type 2 (dealing

in futures contracts), Type 4 (advising

on securities), Type 5 (advising on

futures contracts) and Type 9 (aset

management) under the Securities and

Futures Ordinance in Hong Kong through

its direct wholy-owned subsidiary.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 重大联营公司（续）

(i) （续）

于2025年3月31日，本集

团于Hope Capital之权益

之账面值为231,921,000

港元（2024：207,137,000

港元），指本集团于

该联营公司之净资产

735,305,000港元（2024：

870,786,000港元）中占

约31.54%（2024：23.79%）

比例之拥有权益。

净资产包括非流动资产

421,443,000港元（2024：

310,805,000港元）、流

动资产321,965,000港元

（2024：560,720,000港元）

及流动负债8,103,000港

元（2024：739,000港元）。

截至2025年3月31日止年

度，该联营公司录得收

入4,468,000港元（2024：

546,000港元）及溢利

45,091,000港元（2024：

亏损468,090,000港元）。

经计及其他全面开支

137,319,000港元（2024：

5,761,000港元）后，该联

营公司呈报全面开支总额

92,228,000港元（2024：

473,851,000港元）。截至

2025年及2024年3月31日

止年度并无自Hope Capital

收取股息。

21. INTERESTS IN ASOCIATES (CONTINUED)

(a) Material asociates (Continued)

(i) (Continued)

As at 31 March 2025, the carying

amount of the Group’s interest in

Hope Capital was HK$231,921,000

(2024: HK$207,137,000), representing

the Group’s aproximately 31.54%

(2024: 23.79%) proportionate

ownership interest in the asociate’s

net asets of HK$735,305,000

(2024: HK$870,786,000). The net

asets comprised non-curent asets,

curent asets and curent liabilities of

HK$421,443,000 (2024: HK$310,805,000),

HK$321,965,000 (2024: HK$560,720,000)

and HK$8,103,000 (2024: HK$739,000)

respectively. For the year ended 31 March

2025, the asociate recorded revenue of

HK$4,468,000 (2024: HK$546,000) and

a profit of HK$45,091,000 (2024: los of

HK$468,090,000). Taking into acount

the other comprehensive expense of

HK$137,319,000 (2024: HK$5,761,000),

the asociate reported total comprehensive

expense of HK$92,228,000 (2024:

HK$473,851,000). No dividend was

received from Hope Capital for the years

ended 31 March 2025 and 2024.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 重大联营公司（续）

(iv) 于HEC Securities Company

Limited（「HEC Securities」）

拥有之33%股本权益，该

公司于英属处女群岛注册

成立，从事证券经纪、信

贷融资及证券投资业务。

于2025年3月31日，本集

团于HEC Securities之权益

之账面值为76,246,000港

元（2024：81,812,000港

元），指本集团于该联营

公司之净资产231,050,000

港元（2024：247,914,000

港元）中占33%（2024：

33%）比例之拥有权

益。净资产包括流动资产

261,645,000港元（2024：

288,009,000港元）及流

动负债30,595,000港元

（2024：40,095,000港

元）。截至2025年3月31

日止年度，该联营公司录

得收入零（2024：870,000

港元）以及亏损及全面

开支总额16,864,000港

元（2024：88,979,000港

元）。截至2025年及2024

年3月31日止年度并无自

HEC Securities收取股息。

21. INTERESTS IN ASOCIATES (CONTINUED)

(a) Material asociates (Continued)

(iv) 33% equity interest in HEC Securities

Company Limited (“HEC Securities”),

which is incorporated in the BVI and

engaged in securities brokerage, credit

financing and securities investment

busines.

As at 31 March 2025, the carying

amount of the Group’s interest in HEC

Securities was HK$76,246,000 (2024:

HK$81,812,000), representing the

Group’s 33% (2024: 33%) proportionate

ownership interest in the asociate’s

net asets of HK$231,050,000 (2024:

HK$247,914,000). The net asets

comprised curent asets and curent

liabilities of HK$261,645,000 (2024:

HK$288,009,000) and HK$30,595,000

(2024: HK$40,095,000) respectively.

For the year ended 31 March 2025,

the asociate recorded revenue of

Nil (2024: HK$870,000) and a los

and total comprehensive expense of

HK$16,864,000 (2024: HK$88,979,000). No

dividend was received from HEC Securities

for the years ended 31 March 2025 and

2024.

2025
HK$’000
千港元
(11,948)
—
(11,948)
12,510
—

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

21. INTERESTS IN ASOCIATES (CONTINUED)

(b) Individualy imaterial asociates

The information relating to the individualy

imaterial asociates is as folows:

HK$’000

千港元

The Group’s share of los本集团摊占之亏损(23,160)

The Group’s share of other

comprehensive expense

本集团摊占之其他

全面开支—

The Group’s share of total

comprehensive expense

本集团摊占之全面

开支总额(23,160)

Agregate carying amount of the

Group’s interest in the individualy

imaterial asociates

本集团于个别非重大

联营公司之权益之

总账面值20,147

Dividend received from the individualy

imaterial asociates during the year

年内已收个别非重大

联营公司之股息—

There are no significant restrictions on the ability

of the asociates to transfer funds to the Group

in the form of cash dividends, or to repay loans or

advances made by the Group.

（续）

(b) 个别非重大联营公司

有关个别非重大联营公司之

资料如下：

联营公司以现金股息方式将资金

转移至本集团或偿还本集团作出

之贷款或垫款的能力并无受到重

大限制。

2025
HK$’000
千港元
23,205
(23,082)
123

2025
%
50

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

22. INTEREST IN A JOINT VENTURE

HK$’000

千港元

Cost of unlisted investment in a joint

venture

投资于一间非上市合营

企业之成本34,705

Share of post-acquisition loses and

other comprehensive expense, net

of dividends received

摊占收购后之亏损及其他

全面开支，扣除已收

股息(23,205)

Share of net asets摊占资产净值11,500

The joint venture is acounted for using the equity

method in the consolidated financial statements.

Particulars of the joint venture at 31 March 2025

and 2024 are as folows:

Name of joint venture

Place of

incorporation/

operation

Isued and fuly

paid up capital/

registered

capital

Proportion of

ownership interest

held by the Group

Principal

activities

合营企业名称注册成立╱

营运地点

已发行及缴足

股本╱注册资本

本集团持有之

拥有权所占比例

主要业务

Sandalwod Joy Limited

(“Sandalwod”)

BVIUS$10050Investment

holding

Sandalwod Joy Limited

（「Sandalwod」）

英属处女群岛100美元投资控股

The sumarised financial information below

represents the consolidated financial information

of Sandalwod which is prepared in acordance

with acounting policies of the Group.

22. 一间合营企业权益

合营企业于综合财务报表内采用

权益法入账。

于2025年及2024年3月31日的合

营企业详情载列如下：

以下财务资料摘要为Sandalwod

根据本集团会计政策编制的综合

财务资料。

2025
HK$’000
千港元
—
278
(33)
245
245
50%
123
—
—
245
—
245

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

22. INTEREST IN A JOINT VENTURE

(CONTINUED)

HK$’000

千港元

Financial position:财务状况：

Non-curent asets非流动资产23,000

Curent asets流动资产624

Curent liabilities流动负债(624)

Net asets of the joint venture合营企业净资产23,000

Reconciliation of its net asets to

the carying amount of the interest in

the joint venture:

净资产与合营企业权益

账面值之对账：

Net asets of the joint venture合营企业净资产23,000

Proportion of the Group’s ownership

interest in the joint venture

本集团应占合营企业

拥有权益比例50%

Carying amount of the Group’s

interest in the joint venture

本集团于合营企业之

权益账面值11,500

Results of the joint venture:合营企业绩：

Revenue收入—

Depreciation折旧(5,915)

Profit (los) for the year from continuing

operation

持续经营业务之年度溢利

（亏损）(9,284)

Other comprehensive expense

for the year

年度其他全面开支

—

Total comprehensive income (expense)

for the year

年度全面收入（开支）总额

(9,284)

There are no significant restrictions on the ability

of the joint venture to transfer funds to the Group

in the form of cash dividends, or to repay loans or

advances made by the Group.

（续）

合营企业以现金股息方式将资金

转移至本集团或偿还本集团作出

之贷款或垫款的能力并无受到重

大限制。

2025
HK$’000
千港元
） 194,146
27,163
9,605
10,608
47,376
241,522

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

23. FINANCIAL ASETS MEASURED AT

FVOCI

HK$’000

千港元

Listed equity securities, at quoted

market price in Hong Kong (note (a)

上市股本证券，按于香

港之市场报价（附注(a)）128,729

Unlisted equity securities (note (b)非上市股本证券

（附注(b)）

— Tre 29 Investment (Holdings) Limited— Tre 29 Investment

(Holdings) Limited21,710

— Gren River Asociates Limited— Gren River

Asociates Limited10,475

— Era Bright Limited— Era Bright Limited3,153

35,338

164,067

notes:

(a) The above listed equity securities represent ordinary shares in

entities listed in Hong Kong. These investments are held for

strategic investment purposes and are not held for trading. The

Group has designated these equity investments as financial asets

measured at FVOCI, as reflecting short-term fair value fluctuations

in profit or los would not be consistent with the Group’s strategy

of holding these investments for strategic purposes and to realise

their long-term performance potential.

23. 按公平价值志入其他全面收

益之金融资产

附注：

(a) 上述上市股本证券指香港上市实体之普通

股。该等投资乃持作战略投资目的而非持作

买卖。本集团已将该等股权投资指定为按公

平价值志入其他全面收益之金融资产，此乃

由于损益反映公平价值之短期波动将不

符合本集团就战略目的持有该等投资及实

现其长期表现潜力之策略。

2025
HK$’000
千港元
146,880
11,642
—
6,339
977
9,500
2,580
5,748
1,700
—
4,567
4,200
13
194,146

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

23. FINANCIAL ASETS MEASURED AT

FVOCI (CONTINUED)

notes: (Continued)

(a) (Continued)

The listed equity securities measured at FVOCI comprise the

folowing investments:

HK$’000

千港元

Oshidori International Holdings Limited威华达控股有限公司88,350

Shengjing Bank Co., Ltd.盛京银行股份有限公司7,446

Bradaverse Education (Int’l) Investments Group Limited源宇宙教育（国际）投资集团

有限公司6,963

Imagi International Holdings Limited意力国际控股有限公司6,819

Central Wealth Group Holdings Limited中达集团控股有限公司5,175

Sinolink Worldwide Holdings Limited百仕达控股有限公司3,850

Planetre International Development Limited梧桐国际发展有限公司3,330

Esprit Holdings Limited思捷环球控股有限公司2,298

Touyun Biotech Group Limited透云生物科技集团有限公司2,100

EPI (Holdings) Ltd长盈集团（控股）有限公司1,327

,056

C Land Holdings Limited中渝置地控股有限公司—

Others其他15

128,729

In the curent year, the Group disposed of certain listed equity

securities in the portfolio at a consideration of HK$48,583,000

(2024: HK$7,757,000), which was also the fair value as at the date

of disposal, as the listed securities no longer met the investment

objective of the Group. The cumulative los within the revaluation

reserve of HK$27,526,000 (2024: HK$5,911,000) has ben

transfered to retained profits.

(b) The Group engaged independent qualified profesional valuers

to estimate the fair value of the unlisted equity securities.

Reasonable fair value estimates were determined using valuation

techniques apropriate to the respective market and industry of

each investment. These techniques included the aset-based

aproach which aplies the fair market value of total asets les

total liabilities, and the market aproach which considers prices

and other relevant information derived from market transactions

involving identical or comparable asets or busineses.

23. 按公平价值志入其他全面收

益之金融资产（续）

附注：（续）

(a) （续）

按公平价值志入其他全面收益之上市股本

证券包括下列投资：

于本年度，由于有关上市证券不再符合本

集团之投资目标，故本集团出售投资组合

之若干上市股本证券，代价为48,583,000港

元（2024：7,757,000港元），有关代价亦为出

售日期之公平价值。重估储备内之累计亏损

27,526,000港元（2024：5,911,000港元）已转

拨至保留溢利。

(b) 本集团委聘独立合资格专业估值师估计非

上市股本证券的公平价值。公平价值之合理

估计乃采用各项投资之有关市场及行业适

用之估值方法厘定。该等方法包括资产基础

法（采用总资产减其总负债之公平市值）及市

场法（考虑价格及涉及相同或可资比较资产

或业务之市场交易所产生之其他相关资料）。

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

23. 按公平价值志入其他全面收

益之金融资产（续）

附注：（续）

(b) （续）

23. FINANCIAL ASETS MEASURED AT

FVOCI (CONTINUED)

notes: (Continued)

(b) (Continued)

Fair value as at

于以下日期之公平价值

Financial asets

measured at FVOCI

31 March

Fair value

hierarchy

Valuation

techniques

Significant

unobservable inputs

Relationship of unobservable

inputs for fair value

按公平价值志入其他

全面收益之金融资产

2025年

3月31日

2024年

3月31日

公平价值

等级估值技术

重大非可观察

输入数据

非可观察输入数据与

公平价值之关系

HK$’000HK$’000

千港元千港元

Unlisted equity securities36,76832,185Level 3Aset-based

aproach

Adjusted net aset valueThe higher the net aset value,

the higher the fair value

非上市股本证券第三级资产法经调整资产净值资产净值越高，公平价值

越高

Unlisted equity securities10,6083,153Level 3Market

aproach

20.4% (2024: 20.5%)

discount for lack of

marketability

The higher the discount factor,

the lower the fair value

非上市股本证券第三级市场法缺乏市场流通性折让

20.4% (2024：20.5%)

折让系数越高，公平价值

越低

2025
HK$’000
千港元
8,783
(3,717)
5,066

2025
Gross amount	Allowance for ECL
总额	预期信贷亏损拨备
HK$’000	HK$’000
千港元	千港元
4,500	(1,005)
4,283	(2,712)
8,783	(3,717)

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

24. LOAN RECEIVABLES

HK$’000

千港元

Loan receivables应收贷款3,233

Les: Impairment los减：减值亏损(40)

3,193

Gros

amount

Alowance

for ECL

总额

预期信贷

亏损拨备

NoteHK$’000HK$’000

附注千港元千港元

Borower 1借款人1(i)—

Borower 2借款人2(i)3,233(40)

3,233(40)

Notes:

(i) The loan receivable is due by an independent third party which is

principaly engaged in money lending busines in Hong Kong with

a gros amount at aproximately HK$4,500,000 (2024: Nil), les

impairment los alowance of aproximately HK$1,005,000 (2024:

Nil). The loan is unsecured, repayable within one year at a fixed

interest rate of 6% (2024: Nil) per anum. The borower made a

partial setlement of HK$3,353,000 after the end of the reporting

period.

(i) The loan receivable is due by a former subsidiary which is

principaly engaged in operations of ports and logistics busineses

with a gros amount of aproximately HK$4,283,000 (2024:

HK$3,233,000), les impairment alowance of aproximately

HK$2,712,000 (2024: HK$40,000). The loan is unsecured,

repayable within one year at a fixed interest rate of 3.45% (2024: 3.45%)

per anum.

Details of impairment asesment are set out in

Note 37(b).

24. 应收贷款

附注：

(i) 应收贷款涉及一名主要于香港从事借贷业

务之独立第三方，总额约为4,500,000港元

（2024：无），扣除减值亏损拨备约1,005,000

港元（2024：无）。有关贷款为无抵押、须于

一年内偿还及按固定年利率6%（2024：无）

计息。借款人已于报告期末后结清部分贷

款，为3,353,000港元。

(i) 应收贷款涉及一间主要从事港口及物流业

务的前附属公司，总额约为4,283,000港元

（2024：3,233,000港元），扣除减值拨备约

2,712,000港元（2024：40,000港元）。有关贷

款为无抵押、须于一年内偿还及按固定年利

率3.45%（2024：3.45%）计息。

减值评估详情载于附注37(b)。

2025	2024
HK$’000	HK$’000
千港元	千港元
31,881	33,184
(31,881)	(31,881)
—	1,303

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

25. AMOUNTS DUE FROM FORMER

SUBSIDIARIES IN LIQUIDATION

Amounts due from former subsidiaries

in liquidation

应收清盘中前附属公司

款项

Les: Impairment alowance减︰减值拨备

The amounts due from former subsidiaries in

liquidation are clasified as curent asets.

During the year ended 31 March 2025,

the liquidators made cash distributions

of aproximately HK$1,303,000 (2024:

HK$50,673,000) to the Group.

Details of impairment asesment are set out in

Note 37(b).

26. RECEIVABLE HELD IN CUSTODY

The amount represents consideration received

by the custodian on behalf of the Group for the

disposal of investment properties. The balance

was utilized to repay the other borowings

in acordance with the Group’s instructions

subsequent to the end of the reporting period.

25. 应收清盘中前附属公司款项

应收清盘中前附属公司款项分类

为流动资产。

截至2025年3月31日止年度，清

盘人向本集团作出现金分派约

1,303,000港元（2024：50,673,000

港元）。

减值评估之详情载于附注37(b)。

26. 以托管持有之应收款项

该金额指托管人代表本集团就出

售投资物业收取的代价。结余已于

报告期末后根据本集团之指示用

于偿还其他借款。

2025	2024
HK$’000	HK$’000
千港元	千港元
5,778	6,241
—	—
5,778	6,241
8,358	4,018
1,207	1,852
1,219	2,660
2,593	3,544
19,155	18,315

2025
HK$’000
千港元
5,778

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

27. 贸易及其他应收账款

贸易应收账款主要来自港口及物

流业务。本集团客户之信贷期一般

为60日，乃按照与其客户厘定及

协定之条款磋商得出。本集团并无

就该等结余持有任何抵押品。

以发票日期为基准，扣除呆账拨备

后，贸易应收账款于报告期完结时

之账龄分析如下：

减值评估详情载于附注37(b)。

27. TRADE AND OTHER RECEIVABLES

Trade receivables贸易应收账款

Les: Impairment alowance减：减值拨备

Other receivables其他应收账款

Rental and other deposits租金及其他订金

Prepayments预付款项

Advances to supliers向供应商垫款

Trade receivables mainly arise from ports and

logistics busines. The Group’s credit terms

for customers are generaly 60 days, which are

negotiated at terms determined and agred with

its customers. The Group does not hold any

colateral in respect of these balances.

The ageing analysis of trade receivables, net of

alowance for doubtful debts, presented based on

the invoice date at the end of the reporting period

is as folows:

HK$’000

千港元

Within 90 days90日内6,241

Details of impairment asesment are set out in

Note 37(b).

2025	2024
HK$’000	HK$’000
千港元	千港元
2,455	2,908
2,455	2,908
9,983	7,990
4,715	3,937
223	224
17,376	15,059

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

28. 短期银行存款及银行结存及

现金

短期银行存款按固定年利率1.1厘

至1.3厘（2024：1.2厘至1.65厘）计

息。银行结存按现行市场年利率

介乎零至2.8厘（2024：零至0.2厘）

计息。

29. 贸易及其他应付账款

贸易及其他应付账款于报告期完

结时之分析如下：

贸易应付账款之平均信贷期为30

日。本集团已实施金融风险管理政

策，以确保贸易应付账款于经协定

信贷期限内清偿。

28. SHORT-TERM BANK DEPOSITS AND

BANK BALANCES AND CASH

The short-term bank deposits cary at fixed

interest rates of 1.1% to 1.3% (2024: 1.2% to 1.65%)

per anum. The bank balances cary prevailing

market interest rates ranging from nil to 2.8% (2024:

Nil to 0.2%) per anum.

29. TRADE AND OTHER PAYABLES

The folowing is an analysis of trade and other

payables at the end of the reporting period:

Trade payables ageing analysis based

on invoice date:

按发票日期之贸易应付

账款之账龄分析：

Within 90 days90日内

Other creditors其他应付账款

Acruals应计开支

Other tax payables其他应付税项

The average credit period on trade payables is

30 days. The Group has implemented financial

risk management policies to ensure that trade

payables are setled within the agred credit

period.

2025
HK$’000
千港元
2

2025
HK$’000
千港元
13
(13)
2
—
2

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

30. 合约负债

于2025年3月31日，分配至余下履

约责任（未履行或部分未履行）的

交易价格约为2,000港元（2024：

13,000港元）。管理层预期所有余

下履约责任将于报告期完结起计

达一年（2024：一年）的合约期内

确认为收入。

合约负债之变动

30. CONTRACT LIABILITIES

HK$’000

千港元

Ports and logistics港口及物流

Advances from customers预收客户款项13

The transaction price alocated to the remaining

performance obligations (unsatisfied or partialy

unsatisfied) as at 31 March 2025 amounted to

aproximately HK$2,000 (2024: HK$13,000).

Management expects that al the remaining

performance obligations wil be recognised as

revenue over the contract terms within one year (2024:

one year) from the end of the reporting period.

Movements in contract liabilities

HK$’000

千港元

Balance at 1 April于4月1日之结余1,535

Decrease in contract liabilities as a

result of recognising revenue

during the year that was included

in the contract liabilities at the

begining of the year

年内确认年初已计入

合约负债的收入导

致合约负债减少

(1,449)

Increase in contract liabilities as

result of biling in advance

因预先开单而导致合约

负债增加13

Exchange movement汇兑变动(86)

Balance at 31 March于3月31日之结余13

2025	2024
HK$’000	HK$’000
千港元	千港元
2,485	5,231
548	1,413
560	2,026
143	759
3,736	9,429
(2,485)	(5,231)
1,251	4,198

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

31. 租赁负债

32. 应付一名非控股东款项

该等款项为无抵押、免息及无固定

还款期。

31. LEASE LIABILITIES

Lease liabilities payable:应付租赁负债：

Within one year一年内

In the second year第二年

In the third year to fifth year inclusive第三至第五年

（首尾两年包括在内）

Over five years超过五年

Les: Amounts due within one year

shown under curent liabilities

减：于一年内到期并列为

流动负债之款项

Amounts due after one year一年后到期之款项

32. AMOUNT DUE TO A NON-

CONTROLING SHAREHOLDER

The amount is unsecured, interest-fre and

without fixed repayment terms.

2025
HK$’000
千港元
2,011	—
89,040	15,977
91,051	15,977
91,051	15,133
—	844
91,051	15,977
(91,051)	(15,133)
—	844

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

33. 其他借款

附注：

(a) 其他借款2,011,000港元（2024：无）指来

自一名股票经纪的孖展贷款，由账面值为

44,584,000港元的分类为按公平价值志入其

他全面收益之金融资产的上市股本证券抵

押。其他借款按固定年利率5%（2024：无）

计息。

(b) 无抵押其他借款82,616,000港元（2024：

15,977,000港元）按介乎3%至8%（2024：

6.4%至8%）之固定年利率计息。剩余无抵押

其他借款6,424,000港元（2024：无）为免息。

33. OTHER BOROWINGS

— Secured (Note a)— 有抵押（附注a）

— Unsecured (Note b)— 无抵押（附注b）

The other borowings are repayable

as folows:

其他借款偿还期如下：

Within one year or on demand一年内或按要求

More than one year, but not exceding

two years

超过一年，但不逾两年

Les: Amounts due within one year

or on demand shown under

curent liabilities

减：一年内或按要求

到期并列作流动

负债之款项

Amounts due after one year一年后到期之款项

Notes:

(a) The other borowings of HK$2,011,000 (2024: Nil) represented a

margin loan from a stockbroker and were secured by listed equity

securities with a carying amount of HK$44,584,000 clasified as

financial asets measured at FVOCI. The other borowings caried

a fixed interest rate of 5% per anum (2024: Nil).

(b) The unsecured other borowings of HK$82,616,000 (2024:

HK$15,977,000) caried fixed interest rates ranging from 3% to 8%

(2024: 6.4% to 8%) per anum. The remaining unsecured other

borowings of HK$6,424,000 (2024: Nil) were non-interest bearing.

237
(13)
(11)

213
(1)
(11)
201

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

34. 递延税项

本年度及以往年度已确认之递延

税项负债组成以及其变动情况

如下：

于2025年3月31日，本集团有未

使用税务亏损约395,926,000港元

（2024：424,634,000港元）可用于

抵销将来之应课税利润。由于难以

预测该等附属公司将来盈利之确

切趋向，故并无就有关亏损确认递

延税项资产。于2025年3月31日，

包括在未确认税务亏损之亏损约

47,974,000港元（2024：75,933,000

港元）将于一至五年内到期。其他

未确认税项亏损可无限期地结转。

于报告期完结时，本集团之可

扣税临时差额为12,982,000港元

（2024：无）。由于产生应课税溢利

可用以抵销可扣减临时差额之可

能性不大，因而并无就有关可扣税

临时差额确认递延税项资产。

34. DEFERED TAXATION

The component of defered tax liabilities

recognised and movements thereon during the

curent and prior years are as folows:

Fair value

adjustment

on intangible

asets

无形资产公

平价值调整

HK$’000

千港元

At 1 April 2023于2023年4月1日

Exchange realignment汇兑调整

Credit to consolidated income statement 综合收益表之拨入(11)

At 31 March 2024 and 1 April 2024于2024年3月31日

及2024年4月1日

Exchange realignment汇兑调整

Credit to consolidated income statement 综合收益表之拨入

At 31 March 2025于2025年3月31日

At 31 March 2025, the Group has unused

tax loses of aproximately HK$395,926,000

(2024: HK$424,634,000) available to ofset

against future taxable profits. No defered tax

aset has ben recognised in respect of such

loses due to the unpredictability of future profit

streams on those subsidiaries. Included in the

unrecognized tax loses at 31 March 2025 are

loses of aproximately HK$47,974,000 (2024:

HK$75,933,000) that wil expire in one to five

years. Other unrecognised tax loses may be

caried forward indefinitely.

At the end of the reporting period, the Group

has deductible temporary diferences of

HK$12,982,000 (2024: nil). No defered tax aset

has ben recognised in relation to such deductible

temporary diferences as it is not probable that

taxable profit wil be available against which the

deductible temporary diference can be utilised.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

35. 股本35. SHARE CAPITAL

Number

of sharesValue

股份数目金额

HK$’000

千港元

Ordinary shares of HK$0.10 each:每股0.10港元之普通股：

Authorised:法定：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于2023年4月1日、2024年

3月31日、2024年4月1日

及2025年3月31日10,000,000,0001,000,000

Isued and fuly paid:已发行及缴足：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于2023年4月1日、2024年

3月31日、2024年4月1日

及2025年3月31日1,040,946,114104,095

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

36. 出售附属公司

截至2024年3月31日止年度，本集

团从港口及物流业务出售(i) Blue

River Wuhan Port Limited及其附属

公司及(i) Yangkou Port Holdings

Limited及其附属公司，并录得出

售附属公司之收益约59,323,000

港元。

包括应付本集团之款项约3,233,000港元。

36. DISPOSAL OF SUBSIDIARIES

During the year ended 31 March 2024, the Group

disposed of (i) Blue River Wuhan Port Limited and

its subsidiaries and (i) Yangkou Port Holdings

Limited and its subsidiary from its ports and

logistics busines and recorded a gain on disposal

of subsidiaries of aproximately HK$59,323,000.

HK$’000

千港元

Net liabilities disposed of:已出售负债净值：

Property, plant and equipment物业、机械及设备2,317

Right-of-use asets使用权资产24,223

Financial asets measured at FVOCI按公平价值志入其他全面收益

之金融资产64,378

Trade and other receivables贸易及其他应收账款2,075

Bank balances and cash银行结存及现金3,521

Trade and other payables贸易及其他应付账款(19,233)

Contract liabilities合约负债(1,886)

Lease liabilities租赁负债(2,147)

Taxation payable应付税项(196)

Other borowings

其他借款

(91,233)

(18,181)

Included an amount of aproximately HK$3,233,000 due to the

Group.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）36. DISPOSAL OF SUBSIDIARIES (CONTINUED)

HK$’000

千港元

Gain on disposal of subsidiaries:出售附属公司之收益：

Cash consideration现金代价9,000

Directly atributable costs and levies直接应占成本及征费(597)

Net liabilities disposed of已出售负债净额18,181

Gain on disposal before taxation

and release of atributable reserve

除税及应计储备拨回前之出售收益

26,584

Cumulative exchange diferences

in respect of the net liabilities of

subsidiaries reclasified from equity

to profit or los on los of control of

subsidiaries

于失去对附属公司之控制权时

由权益重列至损益之附属公司

负债净额有关之累计汇兑差额

32,739

Gain on disposal before taxation除税前之出售收益59,323

Les: taxation减：税项—

Gain on disposal after taxation除税后之出售收益59,323

Net cash inflow arising on

disposals:

因出售而产生之现金流入净额：

Cash consideration现金代价9,000

Les: directly atributable costs

and levies

减：直接应占成本及征费

(597)

Net cash consideration received已收现金代价净额8,403

Les: bank balances and

cash disposed of

减：已出售之银行结存及现金

(3,521)

4,882

2025
HK$’000
千港元
5,066	3,193
—	1,303
44,450	—
15,343	12,111
8,565	8,621
13,016	11,500
86,440	36,728
241,522	164,067
327,962	200,795

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

37. 金融工具

(a) 金融工具之类别

(i) 金融资产

37. FINANCIAL INSTRUMENTS

(a) Categories of financial instruments

(i) Financial asets

Financial asets measured at

amortised cost

按摊销成本计量

之金融资产

— Loan receivables— 应收贷款

— Amounts due from former

subsidiaries in liquidation

— 应收清盘中前附属

公司款项

— Receivable held in custody— 以托管持有之

应收款项

— Trade and other receivables— 贸易及其他应收

账款

— Short-term bank deposits— 短期银行存款

— Bank balances and cash— 银行结存及现金

Financial asets measured

at fair value

按公平价值计量之

金融资产

— Financial asets measured

at FVOCI

— 按公平价值志入

其他全面收益之

金融资产

Total合计

2025	2024
HK$’000	HK$’000
千港元	千港元
17,153	14,835
8,891	8,891
—	180
91,051	15,977
3,736	9,429
120,831	49,312

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 金融工具之类别（续）

(i) 金融负债

37. FINANCIAL INSTRUMENTS (CONTINUED)

(a) Categories of financial instruments

(Continued)

(i) Financial liabilities

Financial liabilities measured at

amortised cost

按摊销成本计量

之金融负债

— Trade and other payables— 贸易及其他应付

账款

— Amount due to a

non-controling shareholder

— 应付一名非控股

股东款项

— Amount due to a joint venture—应付一间合营

企业款项

— Other borowings— 其他借款

— Lease liabilities— 租赁负债

Total合计

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策

各类金融工具之详情于附注

37(a)及相关附注披露。上述金

融工具所附带之风险及减轻

此等风险之政策载于下文。

管理层管理及监察该等风险，

以确保及时有效采取妥善措

施。本集团之整体策略与去年

相同。

市场风险

(i) 利率风险

本集团之利率风险来自浮

息及定息金融工具。浮息

金融工具使本集团面对现

金流量利率风险。本集团

之浮息金融工具详情于附

注28披露。定息金融工具

使本集团面对公平价值

利率风险。本集团之定息

金融工具详情于附注24、

28、31及33披露。

为纾缓利率风险，本集团

已维持有定息及浮息

借款之适当组合之政策。

此乃主要通过订立不同合

约限期之借款实现。利率

风险乃定期监察，并按市

场利率之预期变数进行

评估。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies

Details of the financial instruments are

disclosed in Note 37(a) and respective

notes. The risks asociated with these

financial instruments and the policies on how

to mitigate these risks are set out below.

Management manages and monitors these

exposures to ensure apropriate measures

are implemented on a timely and efective

maner. The Group’s overal strategy remains

unchanged from prior year.

Market risk

(i) Interest rate risk

The Group’s exposure to interest rate

risk arises from financial instruments

that are subject to both variable and

fixed interest rates. Financial instruments

with variable interest rates expose the

Group to cash flow interest rate risk.

Details of the Group’s interest-bearing

financial instruments at variable rates

are disclosed in Note 28. Financial

instruments with fixed interest rates

expose the Group to fair value interest

rate risk. Details of the Group’s interest-

bearing financial instruments at fixed

rates are disclosed in Notes 24, 28, 31

and 33.

To mitigate the interest rate risk, the

Group maintains a policy of holding an

apropriate mix of fixed and floating rate

borowings. This is primarily achieved

through entering into borowings with

diferent contractual terms. The interest

rate exposure is regularly monitored and

asesed with reference to anticipated

changes in market interest rate.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

市场风险（续）

(i) 利率风险（续）

本集团于金融负债中面对

利率风险，于本附注内有

关流动资金风险管理部分

章节讨论。本集团之现金

流量利率风险被认为属微

不足道，原因为截至2025

年3月31日并无未偿还浮

息借款。

(i) 货币风险

外币风险指货币项目价值

将因汇率变动而波动之风

险。本集团若干应收款项

乃以人民币等外币计值，

使本集团须面对外币风

险。本集团目前并无外币

对冲政策。然而，管理层

会密切注视外币风险，并

会于必要时考虑对冲重大

外币风险。

本公司若干香港附属公司

亦有若干交易以人民币为

单位。人民币不可自由兑

换为其他外币，其兑换须

受中国政府所颁布之外汇

管制规则及法规所限。本

集团藉监察外币收款及付

款水平来管理外币交易风

险。本集团确保其净外汇

风险不时保持在可接受之

水平。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Market risk (Continued)

(i) Interest rate risk (Continued)

The Group’s exposure to interest rate

risk on financial liabilities is discused in

the liquidity risk management section of

this note. The Group’s cash flow interest

rate risk is considered insignificant, as

there were no variable rate borowings

outstanding as at 31 March 2025.

(i) Curency risk

Foreign curency risk is the risk that the

value of a monetary item wil fluctuate

because of changes in foreign exchange

rates. Certain receivables of the Group

are denominated in foreign curencies

such as RMB which expose the Group

to foreign curency risk. The Group

curently does not have a foreign

curency hedging policy. However,

management monitors foreign curency

exposure and wil consider hedging

significant foreign curency exposure

should the ned arise.

Certain Hong Kong subsidiaries of the

Company also have certain transactions

denominated in RMB. RMB is not frely

convertible into other foreign curencies

and conversion of RMB into foreign

curencies is subject to rules and

regulations of foreign exchange control

promulgated by the PRC government.

The Group manages its exposures

to foreign curency transactions by

monitoring the level of foreign curency

receipts and payments. The Group

ensures that the net exposure to foreign

exchange risk is kept to an aceptable

level from time to time.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

市场风险（续）

(i) 货币风险（续）

本集团所有借款均以港元

及人民币为单位。本集团

主要以实体之功能货币提

取借款，此乃由于管理层

认为可以来自以该等货币

为单位之收入还款。

本集团认为，其外币风险

主要来自人民币兑港元之

风险。本集团定期检讨其

资产及负债之结余以及交

易之货币单位，务求尽量

减少本集团所面对之外币

风险。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Market risk (Continued)

(i) Curency risk (Continued)

Al of the Group’s borowings are

denominated in HK Dolars and RMB.

The Group mainly draws borowings

in the functional curencies of the

entities as management considers the

repayments can be sourced from income

to be generated in those curencies.

The Group considers its foreign

curency exposure is mainly arising

from the exposure of RMB against HK

Dolars. The Group regularly reviews the

balances of asets and liabilities and

the curencies in which the transactions

are denominated so as to minimise the

Group’s exposure to foreign curency

risk.

2025		2025
HK$’000		HK$’000
千港元		千港元
826
821		48

2025		2025	2024
HK$’000		HK$’000	HK$’000
千港元		千港元	千港元
1,514	1,524	21,413	21,552

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

市场风险（续）

(i) 货币风险（续）

本集团以外币为单位并面

对外币风险之货币资产

及货币负债（不包括公司

间结余）（管理层认为重大

者）于报告期完结时之账

面值如下：

此外，以外币计值之公司

间结余承受管理层认为重

大之外币风险，于报告期

完结时之详情如下：

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Market risk (Continued)

(i) Curency risk (Continued)

The carying amounts of the Group’s

foreign curency denominated

monetary asets and monetary liabilities

(excluding inter-company balances),

with exposure to foreign curency risk

which are considered as significant by

management, at the end of the reporting

periods are as folows:

LiabilitiesAsets

负债资产

HK$’000

千港元

RMB人民币48

In adition, foreign curency denominated

intercompany balances, with exposure to

foreign curency risk which are considered

as significant by management, at the end

of the reporting periods are as folows:

LiabilitiesAsets

负债资产

RMB人民币

2025
HK$’000
千港元
798

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

市场风险（续）

(i) 货币风险（续）

敏感度分析

下表详列本集团于人民币

兑港元汇率增加5%及人

民币兑港元汇率减少5%

时之敏感度。当向内部主

要管理人员汇报外币风险

时，乃采用5%为敏感度

比率。敏感度分析仅包括

未予换算并以外币为单

位之货币项目，且按报告

期完结时外币汇率之5%

变动进行调整。下表之正

数显示人民币兑港元上升

5%时税后亏损减少。人

民币兑港元下跌5%时，

对年度亏损之数字影响相

同，惟方向相反。

(i) 其他价格风险

本集团因其按公平价值志

入其他全面收益之金融资

产投资而承担价格风险。

管理层乃透过持有风险特

性各异之投资组合来管控

此种风险。本集团的价格

风险主要集中于经营金融

服务的股本证券。本集团

已监察其他价格风险，并

会在有需要时考虑对冲所

面对之风险。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Market risk (Continued)

(i) Curency risk (Continued)

Sensitivity analysis

The folowing table details the Group’s

sensitivity to a 5% increase in RMB

against HK Dolars and 5% decrease

in RMB against HK Dolars. 5% is the

sensitivity rate used when reporting

foreign curency risk internaly to key

management personel. The sensitivity

analysis includes only outstanding

foreign curency denominated monetary

items and adjusts their translation at

the end of the reporting period end for

a 5% change in foreign curency rates.

A positive number below indicates a

decrease in post-tax los where RMB

strengthen 5% against HK Dolars. For a 5%

weakening of RMB against HK Dolars,

there would be an equal and oposite

impact on the los for the year.

HK$’000

千港元

Decrease in los for the year年度亏损减少803

(i) Other price risk

The Group is exposed to price risk

from its investments in financial asets

measured at FVOCI. Management

manages this exposure by maintaining

a portfolio of investments with diferent

risks. The Group’s price risk is mainly

concentrated on equity securities

operating in financial services. The

Group has monitored the other price

risk and wil consider hedging the risk

exposure should the ned arise.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

市场风险（续）

(i) 其他价格风险（续）

敏感度分析

敏感度分析乃按报告期

完结时之按公平价值志

入其他全面收益之金融

资产投资所面对价格风

险而厘定。倘该等金融

资产之价格或公平价值

上升或下降5%或20%，

其他全面收益将分别

上升或下降12,076,000港

元（2024：8,203,000港元）

或48,304,000港元（2024：

32,813,000港元）。

信贷风险及减值评估

于2025年3月31日，本集团就

交易对手未能履行责任而将

导致本集团产生财务亏损之

最大信贷风险乃由综合财务

状况表上呈列各已确认金融

资产之账面值产生。

贸易应收账款

为尽量降低与贸易应收账款

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Market risk (Continued)

(i) Other price risk (Continued)

Sensitivity analysis

The sensitivity analyses have ben

determined based on the exposure to

price risk for investments in financial

asets measured at FVOCI at the

end of the reporting period. Had

the prices or fair values of these

financial asets ben 5% or 20%

higher or lower, other comprehensive

income would have increased or

decreased by HK$12,076,000 (2024:

HK$8,203,000) or HK$48,304,000 (2024:

HK$32,813,000), respectively.

Credit risk and impairment asesment

As at 31 March 2025, the Group’s maximum

exposure to credit risk which wil cause a

financial los to the Group due to failure to

discharge obligations by the counterparties

is arising from the carying amount of the

respective recognised financial asets as

stated in the consolidated statement of

financial position.

Trade receivables

To minimize the credit risk asociated with

trade receivables, management is responsible

for seting credit limits, aproving credit,

and implementing monitoring procedures to

ensure folow-up action is taken to recover

overdue debts. Credit sales are made to

customers with god credit history. Customer

credit limits and terms acros diferent

busines units are reviewed regularly. In

this regard, the directors consider that the

Group’s exposure to credit risk is significantly

reduced. In adition, the Group performs

impairment asesment under ECL model

on these balances individualy or colectively

with apropriate grouping by comon risk

characteristics.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

应收贷款

本集团按个别基准之政策评

估应收贷款之减值。该评估包

括根据管理层对各借款人之

信誉度、抵押品及过往收账记

录之判断以及毋须付出不必

要成本或努力即可取得之前

瞻性资料就应收贷款可收回

性作出的评估。

于评估应收贷款之可收回性

时，本集团考虑应收贷款自初

次授出日期起直至报告日期

止之信贷质素变化（如有）。当

中包括评估借款人之信贷记

录（如过往财政困难或拖欠付

款记录）、背景审查、财务状

况与表现及相关前瞻性资料

评估。

本集团致力对其尚未偿还之

应收贷款维持严密监控，以尽

量减低信贷风险。管理层已制

定信贷政策，并持续监察信贷

风险。尚未偿还之应收贷款减

值拨备乃经评估于报告期完

结时借款人之财务背景以及

财务状况及该个别贷款之预

计收款后厘定。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Credit risk and impairment asesment

(Continued)

Loan receivables

The Group has a policy for asesing the

impairment on loan receivables on an

individual basis. The asesment includes

evaluation of colectability of the loan

receivables based on management’s

judgment on creditworthines, colateral and

past colection history of each borower and

forward-loking information that is available

without undue cost or efort.

In asesing the recoverability of loan

receivables, the Group considers changes

in the credit quality of the loan receivables,

if any, from the initial grant date to the

reporting date. This includes asesing the

credit history of the borowers, such as past

experience of financial dificulties or default in

payments, background reviews, evaluation

of financial position and performance and

relevant forward-loking information.

The Group seks to maintain strict control

over its outstanding loan receivables to

minimize credit risk. The management has a

credit policy in place and the exposures to

credit risk are monitored on an ongoing basis.

Impairment alowances on outstanding loan

receivables are determined by an evaluation

of financial background, as wel as financial

condition of the borower and the anticipated

receipts for that individual loan, at the end of

the reporting period.

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

按摊销成本计量之其他金融

资产

其他金融资产之信贷风险乃

透过内部程序管理。本集团密

切监察按摊销成本计量之其

他金融资产之尚未偿还款项

并及时识别任何信贷风险，以

减低信贷相关亏损之风险。就

此而言，本公司董事认为本集

团之信贷风险已大幅降低。

由于交易对手均为获高信贷

评级之财务机构，短期银行

存款及现金结存的信贷风险

有限。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Credit risk and impairment asesment

(Continued)

Other financial asets measured at

amortised cost

The credit risk of other financial asets is

managed through an internal proces. The

Group closely monitors the outstanding

amounts of other financial asets at amortised

costs and identifies any credit risk in a timely

maner in order to reduce the risk of a credit

related los. In this regard, the directors of

the Company consider the Group’s credit risk

is significantly reduced.

The credit risk on short-term bank deposits

and cash balances is limited because these

counterparties are financial institutions with

high credit-ratings.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

信贷集中风险

于2025年3月31日，本集团之

信贷风险并无明显集中情况，

其风险分散于多个交易对手。

本集团之内部信贷风险评级

评估包括以下类别：

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Credit risk and impairment asesment

(Continued)

Concentration of credit risk

As at 31 March 2025, the Group has no

significant concentration of credit risk as the

exposure of which spreads over a number of

counterparties.

The Group’s internal credit risk grading

asesment comprises the folowing

categories:

Internal credit ratingDescriptionTrade receivablesOther financial asets

内部信贷评级描述贸易应收账款其他金融资产

Performing

良好

The counterparty has a low to moderate

risk of default and its credit risk has

not increased significantly since initial

recognition.

交易对手之违约风险为低至中，且其信

贷风险自初步确认以来并无显著增

加。

Lifetime ECL

(not credit-impaired)

全期预期信贷亏损

（并无信贷减值）

12m ECL

12个月预期信贷亏损

Underperforming

欠佳

There have ben significant increases in

credit risk since initial recognition through

information developed internaly or

externaly.

内部或外部所得资料显示信贷风险自初

步确认以来已显著增加。

Lifetime ECL

(not credit-impaired)

全期预期信贷亏损

（并无信贷减值）

Lifetime ECL

(not credit-impaired)

全期预期信贷亏损

（并无信贷减值）

Non-performing

不良

There is evidence indicating the aset is

credit-impaired.

有证据指出该资产出现信贷减值。

Lifetime ECL

(credit-impaired)

全期预期信贷亏损

（信贷减值）

Lifetime ECL

(credit-impaired)

全期预期信贷亏损

（信贷减值）

Write-of

撇销

There is evidence indicating that the debtor

is in severe financial dificulty and the

Group has no realistic prospect of

recovery.

有证据指出债务人正面对严重财政困难

且本集团并无实际把握收回款项。

Amount is writen of

有关金额已撇销

Amount is writen of

有关金额已撇销

2025	2024
HK$’000	HK$’000
千港元	千港元
5,778	6,241
9,565	5,870
4,500	3,233
4,283	—
31,881	33,184
44,450	—
8,565	8,621
13,016	11,500

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

下表为本集团于2025年3月31

日及2024年3月31日须进行预

期信贷亏损评估之金融资产

及合约资产之信贷风险详情：

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Credit risk and impairment asesment

(Continued)

The table below detail the credit risk

exposures of the Group’s financial asets and

contract asets as at 31 March 2025 and

31 March 2024, which are subject to ECL

asesment:

Gros carying amount

账面总值

Internal credit rating12m or lifetime ECL

内部信贷评级12个月或全期预期信贷亏损

Trade receivables (note i)PerformingLifetime ECL (not credit-impaired)

贸易应收账款（附注i）良好全期预期信贷亏损（并无信贷减值）

Other receivables (note i)Performing12m ECL

其他应收账款（附注i）良好12个月预期信贷亏损

Loan receivables (note i)Performing12m ECL

应收贷款（附注i）良好12个月预期信贷亏损

Non-performingLifetime ECL (credit-impaired)

欠佳全期预期信贷亏损（信贷减值）

Amounts due from former subsidiaries

in liquidation (note iv)

Non-performingLifetime ECL (credit-impaired)

应收清盘中前附属公司款项（附注iv）欠佳全期预期信贷亏损（信贷减值）

Receivable held in custody (note i)Performing12m ECL

以托管持有之应收款项（附注i）良好12个月预期信贷亏损

Short-term bank deposits (note v)Performing12m ECL

短期银行存款（附注v）良好12个月预期信贷亏损

Bank balances (note v)Performing12m ECL

银行结存（附注v）良好12个月预期信贷亏损

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：

(i) 本集团已应用香港财务报告准则第9

号简化方式按全期预期信贷亏损计量

贸易应收账款之亏损拨备。该等结存

之全期预期信贷亏损乃根据过往信

贷亏损经验（已根据前瞻性资料作出

调整）采用作出适当分组之拨备矩阵

个别及╱或集体厘定。并无信贷减值

的贸易应收账款的亏损拨备极微且接

近零。

(i) 本集团使用过往逾期记录及前瞻性资

料评估其他应收账款及以托管持有之

应收款项之信贷风险自初步确认以来

是否显著增加。良好的其他应收账款

及以托管持有之应收款项的亏损拨备

极微且接近零。

(i) 对借款人的预期信贷亏损拨备是单独

评估的，并参考独立专业估值师根据

香港财务报告准则第9号进行的评估

厘定。评估乃基于反映与借款人相若

的信贷评级组合的独立选择的参数作

出，并考虑历史市场违约数据和相关

前瞻性资料。

(iv) 本集团使用清盘中前附属公司最新可

得财务资料、过往可收回记录及前瞻

性资料个别评估信贷减值之应收清盘

中前附属公司款项亏损拨备。

(v) 短期银行存款及银行结存乃主要存放

于中国及香港之银行，其分别受中国

银行业监督管理委员会及香港金融管

理局监管。鉴于中国及香港银行体系

稳健及国际或中国评级机构对这些银

行给予高信贷评级，预期亏损拨备极

微且接近零。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Credit risk and impairment asesment

(Continued)

notes:

(i) The Group has aplied the simplified aproach in HKFRS

9 to measure the los alowance on lifetime ECL basis for

trade receivables. The lifetime ECL for these balances are

determined individualy and/or colectively using a provision

matrix with apropriate groupings based on historical credit

los experience adjusted by forward-loking information.

The los alowance for not credit-impaired trade receivables

is very minimal and closed to zero.

(i) The Group uses historical past-due experience and forward-

loking information to ases whether credit risk for other

receivables and receivable held in custody has increased

significantly since initial recognition. The los alowance

for the performing other receivables and receivable held in

custody is very minimal and close to zero.

(i) The ECL provision for the borowers is asesed individualy

and determined with reference to the asesment

performed by an independent profesional valuer in

acordance with HKFRS 9. The asesment is based on

independently selected parameters that reflect credit rating

portfolios comparable to those of the borowers, taking

into acount the historical market default data and relevant

forward-loking information.

(iv) The Group used the latest obtained financial information

of the former subsidiaries in liquidation, historical recovery

experience and forward-loking information to ases the

los alowance of the credit-impaired amounts due from

former subsidiaries in liquidation individualy.

(v) Short-term bank deposits and bank balances were mainly

placed in the banks in the PRC and Hong Kong, which are

regulated by the China Banking Regulatory Comision

and the Hong Kong Monetary Authority respectively. In view

of the stable banking systems in the PRC and Hong Kong

and the high credit ratings asigned to these banks by

international or PRC rating agencies, the los alowance is

expected to be very minimal and close to zero.

—	—	—	62,992
—	40	—	(31,111)

—	40	—	31,881
—	(40)	40	—
—	1,005	2,691	—
—	—	(19)	—
—	1,005	2,712	31,881

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

信贷风险及减值评估（续）

下表列示贸易应收账款、应收

贷款及应收清盘中前附属公

司款项之已确认亏损拨备之

对账。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Credit risk and impairment asesment

(Continued)

The folowing table shows reconciliation of

los alowances that have ben recognised

for trade receivables, loan receivables and

amounts due from former subsidiaries in

liquidation.

Trade

receivablesLoan receivables

Amounts due

from former

subsidiaries

in liquidation

贸易

应收账款应收贷款

应收清盘中

前附属公司

款项

Lifetime ECL

(not credit-

impaired)12m ECL

Lifetime ECL

(credit-

impaired)

Lifetime ECL

(credit-

impaired)

全期预期

信贷亏损

（并无

信贷减值）

12个月预期

信贷亏损

全期预期

信贷亏损

（信贷减值）

全期预期

信贷亏损

（信贷减值）

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日

Provided for (reversed)

during the year

年内拨备（拨回）之款项

—40—(31,111)

At 31 March 2024 and

1 April 2024

于2024年3月31日

及2024年4月1日

Transfer转拨

Provided for the year本年度计提

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

流动资金风险

流动资金风险为本集团于履

行其到期财务责任时将面临

困难之风险。在管理流动资金

风险时，本集团监控及维持管

理层视为对本集团营运融资

及减轻现金流量波动的影响

属足够之现金及与现金等值

项目水平。本集团依赖借款为

重大流动资金来源。管理层监

察借款之使用，确保遵守贷款

契据之规定。本集团亦将可考

虑发行权益工具，为其投资项

目募款。

下表详述本集团之非衍生金

融负债之合约剩余到期日。该

表乃根据本集团可能需要支

付之最早日期之金融负债未

贴现金流量编制。该表包括

利息及本金现金流量。

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Liquidity risk

Liquidity risk is the risk that the Group wil

encounter dificulties in meting its financial

obligations as and when they fal due. In

management of the liquidity risk, the Group

monitors and maintains a level of cash

and cash equivalents demed adequate

by management to finance the Group’s

operations and mitigate the efects of

fluctuations in cash flows. The Group relies

on borowings as a significant source of

liquidity. Management monitors the utilisation

of borowings and ensures compliance with

loan covenants. The Group wil also consider

the isue of equity instruments so as to

finance its investment projects.

The folowing tables detail the Group’s

remaining contractual maturity for its non-

derivative financial liabilities. The tables have

ben drawn up based on the undiscounted

cash flows of financial liabilities based on

the earliest date on which the Group can

be required to pay. The tables include both

interest and principal cash flows.

Weighted average effective interest rate	On demand or within 90 days	More than 90 days and within 365 days	More than 365 days	Total undiscounted cash flows	Carrying amount
加权平均实际利率	按通知或 90日内	超过90日但于365日内	超过365日	未贴现现金流量总额	账面值
%	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
—	17,153	—	—	17,153	17,153
—	8,891	—	—	8,891	8,891
—	—	6,424	—	6,424	6,424
3.67	3,730	81,967	—	85,697	84,627
6.02	1,895	716	1,366	3,977	3,736
6.02	31,669	89,107	1,366	122,142	120,831

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 金融风险管理目标及政策（续）

流动资金风险（续）

流动资金及利率风险表

37. FINANCIAL INSTRUMENTS (CONTINUED)

(b) Financial risk management objectives

and policies (Continued)

Liquidity risk (Continued)

Liquidity and interest risk tables

Trade and other payables贸易及其他应付

账款

Amount due to a non-controling

shareholder

应付一名非控股

东款项

Other borowings其他借款

— non-interest bearing— 不计息

— fixed rate interest bearing— 定息

Lease liabilities租赁负债

Weighted

average

efective

interest rate

On demand

or within

90 days

More than

90 days

and within

365 days

More than

365 days

Total

undiscounted

cash flows

Carying

amount

加权平均

实际利率

按通知或

90日内

超过90日但

于365日内超过365日

未贴现金

流量总额账面值

%HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade and other payables贸易及其他应付

账款—14,835—14,83514,835

Amount due to a non-controling

shareholder

应付一名非控股

东款项—8,891—8,8918,891

Amount due to a joint venture应付一间合营企业

款项—180—180180

Other borowings其他借款

— fixed rate interest bearing— 定息7.3558815,46289116,94115,977

Lease liabilities租赁负债5.822,6542,7754,65710,0869,429

27,14818,2375,54850,93349,312

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

金融资产及金融负债之公平

价值按以下方式厘定：

(i) 并非按经常基准以公平价

值计量之金融资产及金融

负债之公平价值

董事认为，于综合财务报

表中按摊销成本入账之金

融资产及金融负债之账面

值与其公平价值相若。

该等金融资产及金融负债

之公平价值乃按公认定价

模式基于贴现金流量分

析而厘定。

37. FINANCIAL INSTRUMENTS (CONTINUED)

instruments

The fair value of financial asets and financial

liabilities are determined as folows:

(i) Fair value of financial asets and

financial liabilities that are not

measured at fair value on a recuring

basis

The directors consider that the carying

amounts of financial asets and financial

liabilities recorded at amortised cost in

the consolidated financial statements

aproximate to their fair values.

The fair value of these financial asets

and financial liabilities are determined

in acordance with generaly acepted

pricing models based on discounted

cash flow analysis.

194,146	—	194,146
—	47,376	47,376
194,146	47,376	241,522

128,729	—	128,729
—	35,338	35,338
128,729	35,338	164,067

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

计量（续）

(i) 按经常基准以公平价值计

量之金融资产及金融负债

之公平价值

于报告期完结时，本集团

若干金融资产以公平价值

计量。本集团并无以公平

价值计量之金融负债。下

表提供有关如何厘定金融

资产之公平价值的资料。

37. FINANCIAL INSTRUMENTS (CONTINUED)

instruments (Continued)

(i) Fair value of financial asets and

financial liabilities that are measured

at fair value on a recuring basis

Some of the Group’s financial asets

are measured at fair value at the end of

the reporting period. The Group has no

financial liabilities measured at fair value.

The folowing table gives information

about how the fair values of the financial

asets are determined.

Fair value hierarchyLevel 1Level 3Total

公平价值等级第一级第三级合计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 31 March 2025于2025年3月31日

Financial asets金融资产

Financial asets measured at FVOCI:按公平价值志入其他

全面收益之金融资

产：

— Listed equity instruments— 上市权益工具

— Unlisted equity instruments— 非上市权益工具

Total financial asets总金融资产

Fair value hierarchyLevel 1Level 3Total

公平价值等级第一级第三级合计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 31 March 2024于2024年3月31日

Financial asets金融资产

Financial asets measured at FVOCI:按公平价值志入其他

全面收益之金融资

产：

— Listed equity instruments— 上市权益工具

— Unlisted equity instruments— 非上市权益工具

Total financial asets总金融资产128,72935,338164,067

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

计量（续）

(i) 按经常基准以公平价值计

量之金融资产及金融负债

之公平价值（续）

附注：

第一级：在活跃市场买卖之上市权

益工具，其公平价值以报

告期完结时之市场报价厘

定。就本集团所持有金融

资产而采用之市场报价为

买盘价。

第三级：非上市权益工具之公平价

值乃基于第三级计量（详情

见附注3）使用附注23所述

之估值技术。

就两个年度而言，公平价值等级之间

均无转移。

37. FINANCIAL INSTRUMENTS (CONTINUED)

instruments (Continued)

(i) Fair value of financial asets and

financial liabilities that are measured

at fair value on a recuring basis

(Continued)

note:

Level 1: The fair values of the listed equity instruments

traded in active markets are based on quoted

market prices at the end of the reporting period.

The quoted market prices used for financial

asets held by the Group are the bid price.

Level 3: The fair values of the unlisted equity instruments

are based on Level 3 measurement (as details in

Note 3) using the valuation techniques described

in Note 23.

There were no transfers betwen the diferent levels of the

fair value hierarchy for both years.

35,338
12,038
47,376

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(i) 金融工具之第三级公平价

值计量之对账

计入其他全面开支之公

平价值收益12,038,000港

元（2024：公平价值亏损

34,084,000港元）与于报告

期完结时所持使用第三级

计量之非上市权益工具有

关，并呈报为投资重估储

备变动。

37. FINANCIAL INSTRUMENTS (CONTINUED)

instruments (Continued)

(i) Reconciliation of Level 3 fair

value measurement of financial

instruments

Unlisted

equity

instruments

非上市

权益工具

HK$’000

千港元

At 1 April 2023于2023年4月1日112,800

Adition添置21,000

Eliminated on disposal of subsidiaries出售附属公司时对销(64,378)

Fair value los recognised in other

comprehensive expense

于其他全面开支确认之公平

价值亏损(34,084)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Fair value gain recognised in other

comprehensive income

于其他全面收益确认之公平

价值收益

At 31 March 2025于2025年3月31日

Included in other comprehensive

expense is a fair value gain of

HK$12,038,000 (2024: fair value

los of HK$34,084,000) relating to

unlisted equity instruments using Level

3 measurement held at the end of

the reporting period and is reported

as changes in investment revaluation

reserve.

9,429	8,891	15,977	364
(8,526)	—	75,202	(540)
374	—	—	1,193
6,117	—	—	—
(3,645)	—	—	—
(13)	—	(128)	(4)
3,736	8,891	91,051	1,013

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

38. 融资活动产生之负债对账

下表为本集团融资活动产生之负

债变动详情，包括现金及非现金变

动。融资活动产生之负债乃为现金

流量或未来现金流量于本集团综

合现金流量表中分类为融资活动

现金流量之负债。

38. RECONCILIATION OF LIABILITIES

ARISING FROM FINANCING

ACTIVITIES

The table below details changes in the Group’s

liabilities arising from financing activities, including

both cash and non-cash changes. Liabilities

arising from financing activities are those for which

cash flows were, or future cash flows wil be,

clasified in the Group’s consolidated statement of

cash flows as cash flows from financing activities.

Lease

liabilities

Amount due

to a non-

controling

shareholder

Other

borowings

Interest

payable

租赁负债

应付一名

非控股

股东款项其他借款应付利息

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日19,6348,891534,989108

Financing cash flows融资现金流量(12,632)—(430,711)(4,133)

Finance costs 融资成本915—5,712

Adition添置4,147—

Disposal of subsidiaries出售附属公司(2,147)—(88,000)(1,320)

Exchange realignment汇兑调整(488)—(301)(3)

At 31 March 2024 and

1 April 2024

于2024年3月31日

及2024年4月1日

Financing cash flows融资现金流量

Finance costs 融资成本

Adition添置

Lease termination租赁终止

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

39. 退休福利计划

本集团为合资格雇员参与已界定

供款退休福利计划。该等计划之资

产由受托人控制之多项基金独立

持有。

本集团在中国附属公司之雇员，是

由中国政府推行之国家管理退休

福利计划之成员。中国附属公司须

按薪金开支之特定比例，向退休福

利计划作出供款，以为福利提供资

金。本集团对退休福利计划之唯一

责任是作出有关特定供款。

于综合收益表拨出之费用，为本集

团按该等计划之规则所定之比率

已付及应付予基金之供款。倘雇员

在可享有供款所附全部权益前退

出该等计划，本集团应付供款可根

据该司法权区之计划规则按没收

供款之金额递减。

于报告期完结时，并无因雇员于彼

等可享有本集团供款所附全部权

益前退出该等计划而产生之重大

没收供款及可供本集团于未来年

度减少应付供款之重大没收供款。

39. RETIREMENT BENEFIT SCHEMES

The Group joins defined contribution retirement

benefit schemes for qualifying employes. The

asets of the schemes are separately held in funds

under the control of trustes.

The employes of the Group’s PRC subsidiaries

are members of the state-managed retirement

benefit schemes operated by the PRC

government. The subsidiaries in the PRC are

required to contribute a specified percentage

of their payrol costs to the retirement benefit

scheme to fund the benefits. The only obligation

of the Group with respect to the retirement benefit

scheme is to make the specified contributions.

The cost charged to the consolidated income

statement represents contributions paid and

payable to the funds by the Group at rates

specified in the rules of the schemes. Where there

are employes who leave the schemes prior to

vesting fuly in the contributions, the contributions

payable by the Group may be reduced by the

amount of forfeited contributions in acordance

with the rules of the schemes in that jurisdiction.

At the end of the reporting period, there were no

material forfeited contributions which arose upon

employes leaving the schemes prior to their

interests in the Group’s contributions becoming

fuly vested and which are available to reduce the

contributions payable by the Group in future years.

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

本集团已加入强制性公积金计划

（「强积金计划」）。强积金计划已根

据强制性公积金计划条例在强制

性公积金管理局登记。强积金计划

之资产独立于本集团之资产，由独

立受托人控制之基金持有。根据强

积金计划之规则，雇主及其雇员均

须各自按规则订明之比率向计划

供款。本集团有关强积金计划之仅

有责任为根据计划作出规定之供

款。目前并无已遭没收供款可供扣

减未来年度应付供款。

因强积金计划而作出之退休福利

计划供款自综合收益表扣除，相当

于本集团按计划规则订明之比率

向基金已付及应付之供款。

截至2025年3月31日止年度，于

综合收益表内支销之退休福利计

划供款总额约为4,787,000港元

（2024：2,497,000港元）。

39. RETIREMENT BENEFIT SCHEMES

(CONTINUED)

The Group has joined a mandatory provident

fund scheme (“MPF Scheme”). The MPF Scheme

is registered with the Mandatory Provident

Fund Scheme Authority under the Mandatory

Provident Fund Schemes Ordinance. The asets

of the MPF Scheme are held separately from

those of the Group in funds under the control of

an independent truste. Under the rules of the

MPF Scheme, the employer and its employes

are each required to make contributions to the

scheme at the rates specified in the rules. The

only obligation of the Group with respect to MPF

Scheme is to make the required contributions

under the scheme. No forfeited contribution is

available to reduce the contribution payable in the

future years.

The retirement benefit scheme contributions

arising from the MPF Scheme charged to the

consolidated income statement represent

contributions paid and payable to the funds by

the Group at the rates specified in the rules of the

scheme.

During the year ended 31 March 2025, the

total retirement benefit scheme contributions

charged to consolidated income statement

amounted to aproximately HK$4,787,000 (2024:

HK$2,497,000).

2025	2024
HK$’000	HK$’000
千港元	千港元
—	1,800

2025	2024
HK$’000	HK$’000
千港元	千港元
5,550	—
2,258	—
804	—
44,584	—
53,196	—

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

40. 或然负债

于2025年3月31日，本集团并无或

然负债（2024：无）。

41. 经营租赁承担

本集团作为出租人

截至2024年3月31日止年度，本集

团持作租赁用途之物业已有承租

租户，最长租期达两年。投资物业

之不可撤销经营租赁项下之应收

最低租金款项如下：

42. 资产抵押

于报告期完结时，下列资产已抵押

予财务机构，作为本集团取得一般

信贷融资之抵押：

40. CONTINGENT LIABILITIES

As at 31 March 2025, the Group had no

contingent liabilities (2024: Nil).

41. OPERATING LEASE COMITMENTS

The Group as a lesor

During the year ended 31 March 2024, the

properties held by the Group for rental purpose

had comited tenants with the longest tenure for

two year(s). Minimum lease payments receivable

under non-cancelable operating leases on

investment properties are as folows:

Within one year一年内

42. PLEDGE OF ASETS

At the end of the reporting period, the folowing

asets were pledged to financial institutions to

secure the general credit facilities granted to the

Group:

Right-of-use asets使用权资产

Property, plant and equipment物业、机械及设备

Intangible asets无形资产

Financial asets measured at FVOCI按公平价值志入其他

全面收益之金融资产

2025	2024
HK$’000	HK$’000
千港元	千港元
1,134	2,402
—	1,966

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

43. 承担

于2025年及2024年3月31日，本集

团并无任何资本承担。

44. 关联人士交易及结余

(a) 除综合财务报表其他部分披

露者外，年内，本集团亦曾与

若干关联人士订立以下重大

交易，且于报告日期与若干关

联人士有下列重大结余：

概无上文所披露之关联人士

交易构成上市规则所界定之

关连交易或持续关连交易。

43. COMITMENTS

The Group had no capital comitments as at 31

March 2025 and 2024.

44. RELATED PARTY TRANSACTIONS

AND BALANCES

(a) Save as disclosed elsewhere in the

consolidated financial statements, the Group

also entered into the folowing significant

transactions with certain related parties during

the year and has the folowing significant

balances with certain related parties at the

reporting date:

Clas of related partyNature of transactions/balance

关联人士之类别交易╱结余性质

(i) Asociates of the GroupPayment of lease liabilities

本集团之联营公司支付租赁负债

Lease liabilities

租赁负债

None of the related party transactions

disclosed above constituted conected

transactions or continuing conected

transactions as defined in the Listing Rules.

2025
HK$’000
千港元
8,891
—

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 主要管理层成员之酬劳

主要管理层成员为本公司董

事。已付董事酬金之详情载于

附注12。

之结余详情载列如下。

附注：有关款项为无抵押、免息及须按要求

偿还。

44. RELATED PARTY TRANSACTIONS

AND BALANCES (CONTINUED)

(b) Compensation of key management personel

The key management personel are the

directors of the Company. Details of the

remuneration paid to the directors are set out

in Note 12.

at the end of the reporting period are set out

below.

HK$’000

千港元

Amount due to a non-controling

shareholder (Note 32)

应付一名非控股东

款项（附注32）8,891

Amount due to a joint venture (note)应付一间合营企业

款项（附注）180

note: The amount is unsecured, interest fre and repayable on

demand.

2025	2024
HK$’000	HK$’000
千港元	千港元
1,338	1,544
5	5
634,000	760,000
635,343	761,549
260,000	170,697
—	1,109
331	358
2,511	6,172
262,842	178,336
1,447	2,101
84,835	15,062
86,282	17,163
176,560	161,173
811,903	922,722
104,095	104,095
707,808	818,627
811,903	922,722

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

45. 本公司之财务状况表及储备45. STATEMENT OF FINANCIAL POSITION

AND RESERVES OF THE COMPANY

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、机械及设备

Interests in subsidiaries附属公司权益

Amounts due from subsidiaries应收附属公司款项

CURENT ASETS流动资产

Amounts due from subsidiaries应收附属公司款项

Amounts due from former

subsidiaries in liquidation

应收清盘中前附属公司

款项

Other receivables其他应收账款

Bank balances and cash银行结存及现金

CURENT LIABILITIES流动负债

Other payables其他应付账款

Amounts due to subsidiaries应付附属公司款项

NET CURENT ASETS流动资产净值

NET ASETS资产净值

CAPITAL AND RESERVES资本及储备

Share capital股本

Reserves (note)储备（附注）

TOTAL EQUITY总权益

495,714	441,566	(118,653)	818,627
—	—	(110,819)	(110,819)
495,714	441,566	(229,472)	707,808

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

45. 本公司之财务状况表及储备

（续）

附注：

45. STATEMENT OF FINANCIAL POSITION

AND RESERVES OF THE COMPANY

(CONTINUED)

note:

premium

Contributed

surplus

Retained profits

(acumulated

loses)Total

股份溢价实缴盈余

保留溢利

（累计亏损）合计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日495,714441,566279,4861,216,766

Los for the year年度亏损—(398,139)(398,139)

At 31 March 2024 and 1 April

于2024年3月31日及

2024年4月1日

Los for the year年度亏损

At 31 March 2025于2025年3月31日

2025		2025
%		%
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

46. 主要附属公司及联营公司

资料

(a) 本公司主要附属公司于2025

年及2024年3月31日之详情

如下：

46. PARTICULARS OF PRINCIPAL

SUBSIDIARIES AND ASOCIATES

(a) Particulars of the Company’s principal

subsidiaries at 31 March 2025 and 2024 are

as folows:

Name of subsidiary

Place of

incorporation/

operation

Isued and fuly

paid-up capital/

registered

capital

Proportion of

ownership interest

held by the Group

Proportion of voting rights

held by the Company/

subsidiaries of

the CompanyPrincipal activities

附属公司名称

注册成立╱营运

地点

已发行及缴足

股本╱注册资本

本集团持有之

所有权所占比例

本公司╱本公司之

附属公司持有之

投票权所占比例主要业务

Blue Harbour LimitedMarshal Islands

马绍尔群岛

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

Blue Meadow LimitedMarshal Islands

马绍尔群岛

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

Blue River Corporation LimitedMarshal Islands

马绍尔群岛

US$1

ordinary share

1美元

普通股份

Investment holding

投资控股

Blue River Finance Limited

蓝河财务有限公司

Hong Kong

香港

HK$1

ordinary share

1港元

普通股份

Credit financing

信贷融资

Blue River Gain LimitedMarshal Islands

马绍尔群岛

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

Blue River Group Management Limited

蓝河集团管理有限公司

Hong Kong

香港

HK$2

ordinary shares

2港元

普通股份

Provision of management

services

提供管理服务

Blue River Investments LimitedMarshal Islands

马绍尔群岛

US$1

ordinary share

1美元

普通股份

Investment holding

投资控股

Blue River Management Limited

蓝河管理有限公司

Hong Kong

香港

HK$1

ordinary share

1港元

普通股份

Provision of management

services

提供管理服务

2025		2025
%		%
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

46. 主要附属公司及联营公司

资料（续）

(a) 本公司主要附属公司于2025

年及2024年3月31日之详情

如下：（续）

Name of subsidiary

Place of

incorporation/

operation

Isued and fuly

paid-up capital/

registered

capital

Proportion of

ownership interest

held by the Group

Proportion of voting rights

held by the Company/

subsidiaries of

the CompanyPrincipal activities

附属公司名称

注册成立╱营运

地点

已发行及缴足

股本╱注册资本

本集团持有之

所有权所占比例

本公司╱本公司之

附属公司持有之

投票权所占比例主要业务

China Earth Limited

达球有限公司

Hong Kong

香港

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

Golden Lake Property Limited

金湖物业有限公司

Hong Kong

香港

HK$2

ordinary shares

2港元

普通股份

Property investment

物业投资

Magic Win LimitedMarshal Islands

马绍尔群岛

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

Nation Cher Investment LimitedMarshal Islands

马绍尔群岛

US$1

ordinary share

1美元

普通股份

Investment holding

投资控股

PYI China Limited

保华集团(中国)有限公司

Hong Kong

香港

HK$100

ordinary shares

100港元

普通股份

Provision of management

services

提供管理服务

PYI Investment (Wuhan) Limited

保华投资(武汉)有限公司

Hong Kong

香港

HK$2

ordinary shares

2港元

普通股份

Investment holding

投资控股

PYI Min Sheng Gas Investment Limited

保华民生天然气投资有限公司

Hong Kong

香港

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

PYI Properties (HK) Limited

保华房产(香港)有限公司

Hong Kong

香港

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

46. PARTICULARS OF PRINCIPAL

SUBSIDIARIES AND ASOCIATES

(CONTINUED)

(a) Particulars of the Company’s principal

subsidiaries at 31 March 2025 and 2024 are

as folows: (Continued)

2025		2025
%		%
100	100	100	100
100	100	100	100
100	100	100	100
100	100	100	100

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

46. 主要附属公司及联营公司

资料（续）

(a) 本公司主要附属公司于2025

年及2024年3月31日之详情

如下：（续）

Name of subsidiary

Place of

incorporation/

operation

Isued and fuly

paid-up capital/

registered

capital

Proportion of

ownership interest

held by the Group

Proportion of voting rights

held by the Company/

subsidiaries of

the CompanyPrincipal activities

附属公司名称

注册成立╱营运

地点

已发行及缴足

股本╱注册资本

本集团持有之

所有权所占比例

本公司╱本公司之

附属公司持有之

投票权所占比例主要业务

Richy Blue LimitedMarshal Islands

马绍尔群岛

HK$1

ordinary share

1港元

普通股份

Investment holding

投资控股

Vogalsan LimitedBVI

英属处女群岛

HK$21,066,546.40

ordinary shares

21,066,546.40港元

普通股份

Investment holding

投资控股

湖北民生天然气有限公司The PRC

中国

US$8,794,832

registered capital

(note i)

8,794,832美元

注册资本（附注i）

CNG distribution and logistics

压缩天然气分销及物流

湖北民生环保能源技术发展有限公司The PRC

中国

US$61,483,282

registered capital

(note i)

61,483,282美元

注册资本

（附注i）

LPG and natural gas technical

research and development

液化石油气及天然气

技术研究及发展

Al of the above subsidiaries are limited

companies indirectly held by the Company.

note:

(i) Being the wholy foreign-owned enterprises established in

the PRC.

46. PARTICULARS OF PRINCIPAL

SUBSIDIARIES AND ASOCIATES

(CONTINUED)

(a) Particulars of the Company’s principal

subsidiaries at 31 March 2025 and 2024 are

as folows: (Continued)

上述所有附属公司均为由本

公司间接持有之有限公司。

附注：

(i) 该等公司为于中国成立之外商独资

企业。

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

46. PARTICULARS OF PRINCIPAL

SUBSIDIARIES AND ASOCIATES

(CONTINUED)

(a) Particulars of the Company’s principal

subsidiaries at 31 March 2025 and 2024 are

as folows: (Continued)

The registered capital of al principal

subsidiaries registered in the PRC were fuly

paid up during the years ended 31 March

2025 and 2024.

At the end of the reporting period, the

Company has other subsidiaries that are not

material to the Group. A majority of these

subsidiaries are engaged in investment

holding and corporate services, which

operate in Hong Kong and the PRC.

None of the subsidiaries had isued any debt

securities at the end of both years.

The above tables list the subsidiaries of

the Company which, in the opinion of the

directors, principaly afected the results for

the year or formed a substantial portion of the

net asets of the Group. To provide details

of other subsidiaries, would, in the opinion

of the directors of the Company, result in

excesive length of particulars.

46. 主要附属公司及联营公司

资料（续）

(a) 本公司主要附属公司于2025

年及2024年3月31日之详情

如下：（续）

所有于中国注册之主要附属

公司于截至2025年及2024年

3月31日止年度内已缴足注册

资本。

于报告期完结时，本公司拥有

其他对本集团而言不属重大

之附属公司。该等附属公司大

部分从事投资控股及企业服

务，于香港及中国营运。

概无附属公司已于两个年度

结束时发行任何债务证券。

上表所列为董事认为主要影

响本集团年度业绩或组成本

集团大部分资产净值之本公

司附属公司。本公司董事认

为，详列其他附属公司之资料

将令篇幅过于冗长。

2025		2025
%		%
33.33	33.33	33.33	33.33
40	40	40	40
31.54 (note i) （附注i）	23.79	31.54	23.79
33	33	33	33
25	25	25	25
45	—	45	—

Blue River Holdings Limited 2025 Anual Report

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

46. PARTICULARS OF PRINCIPAL

SUBSIDIARIES AND ASOCIATES

(CONTINUED)

(b) Particulars of the Company’s asociates

indirectly held by the Company at 31 March

2025 and 2024 are as folows:

Name of asociate

Place of

incorporation/

operation

Isued and fuly paid

up capital/

registered

capital

Proportion of

ownership interest

held by the Group

Proportion of voting rights

held by the Company/

subsidiaries of

the CompanyPrincipal activities

联营公司名称

注册成立╱营运

地点

已发行及缴足

股本╱注册资本

本集团持有之

所有权所占比例

本公司╱本公司之

附属公司持有之

投票权所占比例主要业务

Maxlord Enterprises Limited

明乐企业有限公司

Hong Kong

香港

HK$700,495,157

ordinary shares

700,495,157港元

普通股份

Money lending

放债

Golden Thread Investments LimitedMarshal Islands

马绍尔群岛

HK$2,000

ordinary shares

2,000港元

普通股份

Financing busines

融资业务

Hope Capital LimitedBVI

英属处女群岛

2,343 shares

(2024: 2,144 shares)

ordinary shares

2,343股

（2024：2,144股）

普通股份

Investment holding

投资控股

HEC Securities Company LimitedBVI

英属处女群岛

US$154,380,000

ordinary shares

154,380,000美元

普通股份

Investment holding

投资控股

Quality World Investments LimitedBVI

英属处女群岛

US$100

ordinary shares

100美元

普通股份

Investment holding

投资控股

Pacific Stone LimitedBVI

英属处女群岛

100 shares

ordinary shares

100股

普通股份

Investment holding

投资控股

46. 主要附属公司及联营公司

资料（续）

(b) 本公司间接持有之本公司联

营公司于2025年及2024年3月

31日之详情如下：

蓝河控股有限公司 2025 年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

46. 主要附属公司及联营公司

资料（续）

(b) 本公司间接持有之本公司联

营公司于2025年及2024年3月

31日之详情如下：（续）

附注(i)：于2024年8月22日，Hope Capital

与相关股东订立股份购回协议。

股份购回完成后，本集团于Hope

Capital的权益增至34.72%，产生亏

损18,051,000港元。

于2025年3月24日，Hope Capital与

一名订约方（「该订约方」）订立换股

协议，据此，Hope Capital同意发行

及转让新股份（相当于Hope Capital

的9.09%股权）予该订约方，以换

取该订约方的8.06%股权。换股于

2025年3月24日完成后，本集团于

Hope Capital之权益减至31.54%，

产生亏损11,296,000港元。

47. 本报告期后之事项

自本报告期完结日至本报告日期

止，并无发生重大期后事项。

46. PARTICULARS OF PRINCIPAL

SUBSIDIARIES AND ASOCIATES

(CONTINUED)

(b) Particulars of the Company’s asociates

indirectly held by the Company at 31 March

2025 and 2024 are as folows: (Continued)

Note (i): On 22 August 2024, Hope Capital entered into a share

repurchase agrement with respective shareholders.

Upon the completion of share repurchase, the Group’s

interest in Hope Capital was increased to 34.72%,

resulting in the los of HK$18,051,000.

On 24 March 2025, Hope Capital entered into a share

swap agrement with a party (the “Party”) pursuant

to which Hope Capital agred to isue and transfer

the new shares representing to 9.09% shareholding

in Hope Capital to the Party in exchange for 8.06%

shareholding in the Party. Upon the completion of the

share swap on 24 March 2025, the Group’s interest in

Hope Capital decreased to 31.54%, resulting in the los

of HK$11,296,000.

47. EVENTS AFTER THE REPORTING

PERIOD

There were no major subsequent events ocured

since the end of the reporting period and up to the

date of this report.

2024	2025
HK$’000	HK$’000
千港元	千港元
61,970	39,013
(263,661)	(177,393)
351	8
(263,310)	(177,385)
—	—
(263,310)	(177,385)
(265,263)	(177,376)
1,953	(9)
(263,310)	(177,385)

2025
HK$’000
千港元
939,400
(121,257)
818,143
825,181
(7,038)
818,143

Blue River Holdings Limited 2025 Anual Report

FINANCIAL SUMARY

财务概要

For the year ended 31 March

截至3月31日止年度

HK$’000HK$’000HK$’000

千港元千港元千港元

(Restated)

（经重列）

RESULTS业绩

Continuing operations持续经营业务

Revenue收入277,287133,81577,094

Los before taxation除税前亏损(172,701)(1,245,307)(141,704)

Taxation税项222,161102,454(434)

Profit (los) for the year from

continuing operations

持续经营业务之年度

溢利（亏损）49,460(1,142,853)(142,138)

Discontinued operations已终止经营业务

Los for the year from

discontinued operation

已终止经营业务

之年度亏损—(662,620)(566,867)

Profit (los) for the year年度溢利（亏损）49,460(1,805,473)(709,005)

Atributable to:应占：

Owners of the Company本公司拥有人151,290(1,628,546)(605,413)

Non-controling interests非控股权益(101,830)(176,927)(103,592)

49,460(1,805,473)(709,005)

At 31 March

于3月31日

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

ASETS AND LIABILITIES资产及负债

Total asets总资产6,580,44511,126,4791,948,856976,062

Total liabilities总负债(2,347,639)(8,095,317)(605,291)(49,762)

4,232,8063,031,1621,343,565926,300

EQUITY权益

Equity atributable to

owners of the Company

本公司拥有人

之应占权益3,898,8942,159,8131,352,547933,329

Non-controling interests非控股权益333,912871,349(8,982)(7,029)

4,232,8063,031,162 1,343,565926,300

Note : The results prior to the year ended 31 March 2022 have not ben

restated to reflect the exclusion of financial information of the discontinued

operations and therefore may not be comparable to the results for the

years ended 31 March 2022, 31 March 2023, 31 March 2024 and 31

March 2025.

附注：截至2022年3月31日止年度前之业绩并未就反映

不计及已终止经营业务的财务资料而进行重列，

因此可能无法与截至2022年3月31日、2023年3月

31日、2024年3月31日及2025年3月31日止年度之

业绩进行比较。

蓝河控股有限公司

BLUE RIVER HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

Stock Code 股份代号: 0498.HK

（于百慕达注册成立之有限公司）

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