ANUAL REPORT年报

(Incorporated in Bermuda with limited liability)

Stock code 股份代号 : 858

Extrawel Pharmaceutical Holdings Limited

(于百慕达注册成立之有限公司)

年

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精

优

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CORPORATE INFORMATION

公司资料

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司02

BOARD OF DIRECTORS

Executive Directors

Dr. XIE Yi (Chairman and Chief Executive Oficer)

Mr. CHENG Yong (Deputy Chief Executive Oficer)

Dr. LOU Yi

Ms. WONG Sau Kuen

Dr. GUO Yi

Independent Non-executive Directors

Mr. FANG Lin Hu

Ms. JIN Song

Dr. ZENG Li

AUDIT COMITE

Mr. FANG Lin Hu (Chairman)

Ms. JIN Song

Dr. ZENG LI

REMUNERATION COMITE

Mr. FANG Lin Hu (Chairman)

Ms. JIN Song

Dr. ZENG LI

Dr. XIE Yi

NOMINATION COMITE

Dr. XIE Yi (Chairman)

Mr. FANG Lin Hu

Ms. JIN Song

Dr. ZENG Li

COMPANY SECRETARY

Ms. WONG Sau Kuen

HONG KONG LEGAL ADVISERS

Chiu & Partners Solicitors

INDEPENDENT AUDITOR

SFAI (HK) CPA Limited

Certified Public Acountants

董事会

执行董事

谢毅博士（主席兼行政总裁）

程勇先生（副行政总裁）

楼屹博士

王秀娟女士

郭懿博士

独立非执行董事

方林虎先生

金松女士

曾立博士

审核委员会

方林虎先生（主席）

金松女士

曾立博士

薪酬委员会

方林虎先生（主席）

金松女士

曾立博士

谢毅博士

提名委员会

谢毅博士（主席）

方林虎先生

金松女士

曾立博士

公司秘书

王秀娟女士

香港法律顾问

赵不渝•马国强律师事务所

独立核数师

永拓富信会计师事务所有限公司

执业会计师

ANUAL REPORT 2025 二零二五年报03

CORPORATE INFORMATION (CONTINUED)

公司资料（续）

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

HEAD OFICE AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Suites 2206–08, 22/F

Devon House, Taiko Place

979 King’s Road

Quary Bay

Hong Kong

PRINCIPAL BANKERS

Industrial and Comercial Bank of China (Asia) Limited

The Bank of East Asia, Limited

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Conyers Corporate Services (Bermuda) Limited

Clarendon House, 2 Church Stret

Hamilton HM 11

Bermuda

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

WEBSITE

htp:/w.extrawel.com.hk

STOCK CODE

The Stock Exchange of Hong Kong Limited: 00858

注册办事处

Clarendon House

2 Church Stret

Hamilton HM 11

Bermuda

总办事处及香港主要营业地点

香港

鲗鱼涌

英皇道979号

太古坊德宏大厦

22楼2206–08室

主要往来银行

中国工商银行（亚洲）有限公司

东亚银行有限公司

股份过户登记总处

Conyers Corporate Services (Bermuda) Limited

Clarendon House, 2 Church Stret

Hamilton HM 11

Bermuda

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

网站

htp:/w.extrawel.com.hk

股份代号

香港联合交易所有限公司：00858

CHAIRMAN’S

STATEMENT

主席报告

Dear Shareholders:

致各位股东：

On behalf of the board of

directors (the “Board”) of

Extrawel Pharmaceutical

Holdings Limited (the

“Company”, together with its

subsidiaries, the “Group”), I am

pleased to present the anual

report of the Group for the year

ended 31 March 2025.

本人谨代表精优药业控股有

限公司（「本公司」，连同其附

属公司「本集团」）董事会（「董

事会」）欣然提呈本集团截至

二零二五年三月三十一日止

年度之年报。

ANUAL REPORT 2025 二零二五年报05

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

受潜在贸易冲突升级和地缘政治紧张局势

持续加剧影响下不确定性因素增加，环球

经济前景因而蒙上阴影。环球贸易格局因

关税上调、地缘政治重组及供应链扰乱而

重塑，导致成本波动加剧，同时衍生复杂的

新局面和挑战。

尽管面临外部多重不利因素，但中国经济

二零二四年第四季度较去年同期加速增至

5.4%，拉动全年增幅至5.0%，并在二零二

五年第一季度保持5.4%相同增速。如此经

济成果为实现国家「十四五」规划（二零二

一年至二零二五年）的目标奠下坚基。中国

正推行结构性转型，通过高质素发展和深

化经济改革，向内需和创新主导的模式转

变。与此同时，中国医药行业亦在国家政策

的引导下不断转型升级。人口结构转变、医

疗需求变化和监管改革等综合因素正重塑

中国医药行业格局。在国家人口老龄化与

慢性疾病负担增重，以及患者需求变动对

优质药品需求激增的推动下，医药行业持

续保持增长势头。受持续实施医疗保险控

费政策和国家集中采购政策所影响，致医

药企业在激烈的竞争中面临更复杂的营商

环境。然而，在政策支持、技术创新和市场

需求的带动下，中国医药行业已展现高质

素的发展态势，为企业创造新机遇和期许。

The global economic outlok is clouded by the rising uncertainty amid

the escalation of potential trade conflicts and ongoing geopolitical

tensions. The global trade landscape has witnesed shifts driven

by escalating tarifs, geopolitical realignments, and suply chain

disruptions, leading to increased cost fluctuations while introducing

new complexities and chalenges.

Despite multiple external headwinds, China’s economy acelerated

to 5.4% growth year-on-year in the fourth quarter of 2024, lifting

ful year growth to 5.0%, and maintained the same pace of growth

at 5.4% in the first quarter of 2025. The economic achievements

provide a solid foundation for achieving goals outlined in the nation’s

14th Five-Year Plan (2021–2025). China is undergoing structural

transformation which is progresing through high-quality development

and depened economic reforms, and shifting toward a model

pharmaceutical industry is undergoing continuous transformation and

upgrading guided by the national policies. The combined factors of

the shifting demographics, evolving healthcare neds and regulatory

reforms are reshaping China’s pharmaceutical industry landscape.

The pharmaceutical industry has continued to maintain its growth

momentum driven by the increasing burden of the nation’s aging

population and chronic diseases and a surge for demand for quality

drugs to met the evolving neds of patients. The impacts of the

ongoing implementation of medical insurance cost-control policy

and the national centralised procurement policy increase operating

complexities for busineses amid fierce competition. However,

China’s pharmaceutical industry has demonstrated a high-quality

development momentum driven by policy suport, technological

inovation and market demand, creating new oportunities and

expectations for busineses.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司06

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

The numerous chalenges from changes in industry policies and

regulations, adjustments of market demand structure and presure

on profit margins continue to heighten operational complexities

during the industry transformation cycle. The Group has intensified

its eforts in strengthening its internal management in order to timely

respond to such chalenges and changes, and has endeavored to

align its development direction with national strategies and policy

framework outlined in the 14th Five-Year Plan. Over the years, the

Group has placed emphasis in optimising its manufacturing strengths

through alocating internal resources in order to enhance its core

competitivenes. These eforts have yielded positive results. Amid

the complicated operating environment, the Group’s manufacturing

segment has managed to maintain stable profitability. Meanwhile,

the Group wil kep monitoring the market trend and explore the

posibility of colaborating with strategic partners for the development

of busines in pharmaceutical and healthcare fields, with the aim of

fostering new growth for the Group. Despite China’s pharmaceutical

industry landscape is highly chalenging, the nation’s masive

population, acelerated aging population, increasing prevalence

of chronic diseases, growing midle clas, increasing focus on

health and advancements in drug development wil contribute to the

market’s expansion and facilitate its growth momentum for the long

term. The Group believes that potential oportunities wil emerge from

the unmet medical neds. As the diabetic population is expected

to increase with the rising aging population and life expectancy, the

Group expects that the comercialisation of the oral insulin product

in the future would generate returns to the Group’s investments.

The Group’s profit for the year atributable to owners of the Company

was about HK$222.6 milion, which was mainly due to the non-cash

item related to the gain arising from fair value change of the financial

asets at fair value through profit or los (i.e. the Group’s investments

in convertible bonds) of about HK$254.9 milion, as compared to

a los arising from fair value change of the same non-cash item

of about HK$133.0 milion last year. During the year, the overal

operating results of the Group’s busines segments remained steady.

产业政策法规变化、市场需求结构调整及

利润空间承压等多重挑战，在行业转型期

持续加剧营商复杂性。本集团已加强内部

管理力度，以适时应对此类挑战与变化，

并致力将发展方向与「十四五」规划概述的

国家战略和政策框架保持一致。多年来，

本集团重点通过分配内部资源优化其制造

优势，以提高其核心竞争力，相关举措已取

得正面成果。在复杂的营商环境中，本集团

制造分类仍保持稳定的盈利能力。与此同

时，本集团将持续监测市场动向，探索与策

略伙伴携手拓展医药保健领域业务的可能

性，借此培育新增长动能。尽管中国的医药

行业前景充满挑战，但庞大的人口基数、人

口老龄化加速、慢性病患病率上升、中产阶

级壮大、健康意识提升及药物研发技术发

展，将为市场提供长足扩张动能并促进增

长。本集团确信，未被满足的医疗需求中蕴

藏潜在机遇。随著人口老龄化加速与预期

寿命延长推升糖尿病患者数量，本集团预

期口服胰岛素产品未来的商业化进程有望

为本集团的投资带来回报。

本公司拥有人应占本集团本年度溢利约为

222,600,000港元，主要是由于按公平值计

入损益之金融资产（即本集团的可换股债券

投资）的公平值变动所产生的收益相关的非

现金项目约254,900,000港元，而去年由同

一非现金项目的公平值变动所产生的亏损

约为133,000,000港元。于年度内，本集团

业务分类的整体经营业绩保持稳定。

ANUAL REPORT 2025 二零二五年报07

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

环球营商环境持续受众多变数所影响。尽

管外部环境不确定性攀升，但中国经济基

本面却展现出强大韧性，能够有效应对外

部挑战，并实现既定发展目标。依托国家支

持性政策及推进建设健康中国长期战略目

标的坚定决心，中国医药行业正迈向高质

素发展。本集团将审慎管理现有业务，同时

积极把握行业发展中涌现的新机遇，推动

本集团实现新增长。

本人谨代表董事会衷心感谢本集团全体员

工为本集团付出不懈努力及贡献，同时亦

对股东、业务伙伴及其他利益相关者一如

既往之支持致以谢意。

主席

谢毅博士

香港，二零二五年六月三十日

A multitude of variables continue to afect the global environment.

Despite the increase in external uncertainties, China’s economic

foundation has demonstrated its resilience to cope with external

chalenges and achieve the established development goals. China’s

pharmaceutical industry is navigating a high-quality development

path with the nation’s suportive policies and steadfast comitment

in advancing its long-term strategic goal of building a Healthy China.

The Group wil stay cautious in managing its existing busineses

and endeavor to grasp new market oportunities emerged from the

industry development in an efort to drive new growth for the Group.

On behalf of the Board, I would like to expres our apreciation to

al staf of the Group for their dedicated eforts and contribution to

the Group, and to the shareholders, busines partners and other

stakeholders for their continuous suport.

Dr. Xie Yi

Chairman

Hong Kong, 30 June 2025

MANAGEMENT DISCUSION

AND ANALYSIS

管理层讨论及分析

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司08

BUSINES REVIEW

Overal Performance Review

The global economy is facing increasing uncertainties due to

intensified geopolitical tensions and heightened trade policies.

Although China is afected by the evolving external environment, its

economic growth acelerated to 5.4% in the fourth quarter of 2024

which was driven by a robust manufacturing sector and boming

exports, and recorded a ful year growth of 5%. China further posted

strong economic growth at 5.4% in the first quarter of 2025 amid

its ongoing stabilisation eforts. China’s pharmaceutical industry is

undergoing profound transformation, driven by the combined forces

of reform policies, technological inovation and market demands.

The national centralised procurement has become normalised with

the implementation of the tenth batch of the centralised procurement

of drugs, intensifying market competition while the depening of

healthcare reform policies continue to impact the pharmaceutical

market. The operating environment has become more complicated

for pharmaceutical enterprises.

During the year, the Group’s revenue and gros profit from the

continuing operations, which were mainly contributed by the

manufacturing segment operating in China, were about HK$55.4

milion (2024: HK$59.1 milion) and HK$21.9 milion (2024: HK$28.8

milion), representing decreases of about HK$3.7 milion and about

HK$6.9 milion respectively. The decrease in revenue was primarily

atributable to the drop in sales volume and mild price adjustments

as a result of the intensifying market competition, and the change

in sales mix. The decline in gros profit was mainly related to the

decrease in revenue, the decline in gros margin resulted from fixed

overhead costs spreading over lower production quantities to facilitate

inventory management on anticipated demand, and the change in

gros profit structure of sales varieties.

The Group’s administrative, seling and distribution expenses

atributable to the continuing operations in agregate were about

HK$30.9 milion, representing a decrease of about HK$4.3 milion or

12.3% when compared to about HK$35.2 milion of last year. The

decrease was mainly atributable to the reduction in marketing and

promotion expenses with the management’s relentles eforts in

controling costs and enhancing sales eficiency while the increase in

staf costs was substantialy ofset by the decrease in research and

development expenses and other general administrative expenses.

业务回顾

整体表现回顾

环球经济因地缘政治紧张局势加剧及贸易

政策收紧而愈发不明朗。尽管中国受瞬息

万变外部环境所影响，惟二零二四年第四

季度经济增长在制造业强劲及出口畅旺带

动下加速增至5.4%，全年录得5%增幅，继

而于二零二五年第一季度在持续稳定经济

的措施推动下，再度实现5.4%的强劲经济

增长。而中国医药行业在改革政策、科技创

新与市场需求综合影响下正深度转型。随

著第十轮药品集中采购实施，全国集中采

购趋于常态化，在市场竞争加剧的同时，

持续深化的医疗改革政策继续影响医药市

场，医药企业营商环境更趋复杂化。

于年度内，主要由制造分类（在中国经营）

为本集团贡献的来自持续经营业务的收

益及毛利为约55,400,000港元（二零二四

年：59,100,000港元）及21,900,000港元（二

零二四年：28,800,000港元），分别减少约

3,700,000港元及约6,900,000港元。收益减

少主要是由于日趋激烈的市场竞争导致销

量下降及价格略微调整以及销售组合变动

所致。毛利减少主要与收益减少有关，而毛

利率下降乃由于根据预期需求促进库存管

理而调低产量仍需分摊固定间接费用，以

及销售品种的毛利结构改变所致。

本集团持续经营业务应占的行政、销售及

分销费用合共为约30,900,000港元，较去年

的约35,200,000港元减少约4,300,000港元

或12.3%。该减少主要归因于管理层在控制

成本及提升销售效益方面的不懈努力引致

营销及推广开支减少，而员工成本增加由

研发费用及其他一般行政费用下降所大幅

抵销。

ANUAL REPORT 2025 二零二五年报09

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

BUSINES REVIEW (Continued)

Overal Performance Review (Continued)

The Group’s profit before income tax from the continuing operations

was about HK$224.7 milion, as compared to a los of about

HK$159.4 milion of last year. Such turnaround from los to profit was

mainly due to the non-cash items, including the fair value change (gain)

of the financial asets at fair value through profit or los (“FVTPL”) (i.e.

the Group’s investments in convertible bonds) of about HK$254.9

milion, as compared to the fair value change (los) of the same non-

cash item of about HK$133.0 milion last year, and partly ofset by

the increase in the interest expense on the convertible bonds of the

Company of about HK$3.4 milion.

The Group’s los for the year for the discontinued operation was

about HK$0.1 milion (2024: HK$0.1 milion).

The Group’s profit for the year atributable to owners of the Company

was about HK$222.6 milion, representing an increase of about

HK$385.6 milion when compared to a los of about HK$162.9 milion

last year.

Revenue and Operating Results

Continuing Operations: Manufactured Pharmaceutical Sector

China’s national plans and healthcare reform policies continue to

impact the pharmaceutical market. Healthcare system development

and inovation are the nation’s priorities. In the context of promoting

the high-quality transformation of the pharmaceutical industry,

market environment is constantly changing and competition has

become more intensified, increasing pricing presure and regulatory

compliance requirements.

During the year, the Group’s manufacturing segment continued

to contribute profits to the Group. Under the highly competitive

landscape, segment revenue decreased by about HK$3.7 milion

to about HK$55.4 milion mainly due to a drop in sales volume and

mild price adjustments. The gros profit decreased by about HK$6.9

milion to about HK$21.9 milion primarily due to the increase in

cost of sales as a result of the change in gros profit structure of

sales varieties and the fixed overhead costs spreading over the

lower production quantities as management tok an aproach to

maintain a minimum level of inventory based on anticipated demand

among customers to facilitate inventory management. Despite the

lower gros margin, there was a substantial decrease of seling and

distribution expenses resulting from the management’s continuing

eforts in sales budgeting and cost control while cordinating its

eforts in capturing sales.

业务回顾（续）

整体表现回顾（续）

本集团来自持续经营业务的除所得税前溢

利约为224,700,000港元，而去年则录得亏

损约159,400,000港元。扭亏为盈主要由于

非现金项目所致，包括按公平值计入损益

（「按公平值计入损益」）之金融资产（即本集

团可换股债券投资）之公平值变动（收益）约

254,900,000港元，而去年则为同一非现金

项目的公平值变动（亏损）约133,000,000港

元，由本公司的可换股债券利息开支增加

约3,400,000港元部分抵销。

本集团已终止经营业务的年度亏损约为

100,000港元（二零二四年：100,000港元）。

本公司拥有人应占本集团年度溢利约为

222,600,000港元，较去年亏损约162,900,000

港元增加约385,600,000港元。

收益及经营业绩

持续经营业务：自产药品业务

中国家规划与医疗改革政策持续影响医

药市场。医疗体系发展与创新已被列为国

家工作重点。在推动医药行业高质量转型

的背景下，市场环境持续演变且竞争愈发

激烈，增加定价压力及提高监管合规要求。

于年度内，本集团的制造分类继续为本集

团贡献溢利。在竞争激烈的环境下，分类

收益减少约3,700,000港元至约55,400,000

港元，主要是由于销量下降及价格略微调

整所致。毛利减少约6,900,000港元至约

21,900,000港元，主要是由于销售品种的毛

利结构改变导致销售成本增加，以及管理

层因应客户预计需求维持最低存货水平以

促进库存管理，调低产量而分摊固定间接

费用所致。尽管毛利率下降，但由于管理层

持续努力制订销售预算及控制成本，同时

努力协作把握销售机会取得成效，销售及

分销费用大幅下降。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司10

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

收益及经营业绩（续）

持续经营业务：自产药品业务（续）

于年度内，分类溢利约为4,900,000港元，

此乃由于本集团在瞬息万变市场环境中加

强业务管理及采取节约成本措施以尽量减

少开支所致。毛利减少的影响由营销及推

广开支减少约3,600,000港元及研发费用减

少约200,000港元以及贸易应收账款减值亏

损拨回约800,000港元（超出其他应收账款

减值亏损增加约100,000港元）而大幅抵销。

该分类的行政费用保持相对稳定，而绩效

相关奖金产生的员工成本增加被工作场所

维护费用减少所大幅抵销。

于医药行业深化改革政策与持续结构调整

带来多重挑战与不明朗的背景下，本集团

管理层强化内部管理以控制营运成本及提

升营运效益，并采取弹性销售策略及拓展

销售渠道以扩大本集团产品市场渗透率，

成功保持盈利。

尽管分类业绩受竞争激烈及不明朗因素

所影响，惟本集团将持续应对所面临的挑

战、监察行业发展趋势，并把握行业格局重

塑中的机遇，以推动溢利增长及持续长远

发展。

持续经营业务：进口药品业务

在人口老龄化程度愈益加深以及政府支援

及药物供应多元化的推动下，中国医药市

场于过去数年维持稳健增长。本集团相信

未获满足的医疗需求为从事医药及健康行

业的企业同时带来机遇与挑战。

于年度内，就试销新产品录得小额收益约

20,000港元，增加约10,000港元。分类亏

损减少至约2,400,000港元，减少约900,000

港元，乃由于本集团不断设法精简营运以

及控制经营成本及开支，借以将分类亏损

减至最低，同时与业务伙伴协作开发新产

品线。

BUSINES REVIEW (Continued)

Revenue and Operating Results (Continued)

Continuing Operations: Manufactured Pharmaceutical Sector

(Continued)

During the year, segment profit was about HK$4.9 milion, which

was contributed by the Group’s intensified eforts in managing the

busines and cost-saving measures to minimise expenditure amid the

evolving market environment. The impact of the decline in gros profit

was substantialy ofset by the decreases in marketing and promotion

expenses of about HK$3.6 milion and research and development

expenses of about HK$0.2 milion, and the reversal of impairment

los on trade receivables of about HK$0.8 milion which outweighed

the increase in impairment los on other receivables of about HK$0.1

milion. The segment’s administrative expenses were maintained

relatively stable, and the increase in staf costs due to performance-

related rewards was substantialy ofset by the decrease in workplace

maintenance expenses.

Amid various chalenges and uncertainties brought by the depening

of reform policies and continuing structural adjustments within

the pharmaceutical industry, the Group has managed to maintain

profitability with management’s intensified eforts in strengthening

its internal management to control operating costs and improve

operational eficiency while adopting flexible sales strategies and

expanding sales chanels to increase the market coverage of the

Group’s products.

Despite fierce competition and uncertain factors impacting the

segment result, the Group wil continue to adres the chalenges

faced, monitor the industry development trend and endeavor to seize

oportunity in the industry reshufle, in order to drive profit growth

and sustain its long-term development.

Continuing Operations: Imported Pharmaceutical Sector

China’s pharmaceutical market has maintained stable growth over the

past years driven by rising aging population and government suport,

and diversified pharmaceutical suply. The Group believes that the

unmet medical neds provide both oportunities and chalenges for

busineses in the pharmaceutical and healthcare industry.

During the year, smal revenue of about HK$0.02 milion related to

pilot sales of a new product was generated, representing an increase

of about HK$0.01 milion. Segment los reduced to about HK$2.4

milion, representing a decrease of about HK$0.9 milion as the Group

continues to make efort in streamlining the operation and controling

operating costs and expenses to minimise the segment los while

working with its busines partners to develop new product lines.

ANUAL REPORT 2025 二零二五年报11

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

收益及经营业绩（续）

持续经营业务：进口药品业务（续）

本集团所作之努力尚未取得重大进展，然

而，本集团将持续监察市场趋势，并探讨与

战略伙伴合作开发医药及保健产品的可能

性。本集团将致力于把握在市场环境瞬息

万变中涌现的潜在商机，力求本集团的长

远发展。

已终止经营业务：基因开发业务

于年度内，本集团已议决终止基因开发业

务。该分类仍未开展，故于终止前并无录得

任何收益（二零二四年：零港元）。

于一间联营公司之权益

本集团持有进生有限公司（「进生」，连同其

附属公司称为「进生集团」）49%股权。进生

集团之主要资产为有关进行中之研发项目

（「进行中之研发」）之无形资产，当中涉及口

服胰岛素产品（「该产品」），其处于临床测试

阶段。作为进生之少数股东，本集团已与领

航医药及生物科技有限公司（「领航医药」，

连同其附属公司称为「领航医药集团」）（拥

有进生51%股权之股东）紧密协作，监察进

行中之研发之进展情况，以促使该产品成

功推出市场。

于年度内，进生集团的亏损约为7,080,000港

元（二零二四年：7,080,000港元），当中本集

团分占亏损约2,310,000港元（二零二四年：

2,280,000港元）。于年度内，进生并无宣派

亦未派发任何股息（二零二四年：零港元）。

于二零二五年三月三十一日，本集团于一

间联营公司之权益约为311,900,000港元（二

零二四年：314,200,000港元），占本集团资

产总额约20.4%（二零二四年：24.4%）。

BUSINES REVIEW (Continued)

Revenue and Operating Results (Continued)

Continuing Operations: Imported Pharmaceutical Sector

(Continued)

The eforts contributed by the Group have yet to show significant

progres, however, the Group wil continue to monitor the market

trend and explore the posibility of colaborating with strategic

partners for the development of busines in pharmaceutical and

healthcare products. The Group wil endeavor to grasp potential

busines oportunities emerged from the evolving market

environment, striving for the long-term development of the Group.

Discontinued Operation: Gene Development Sector

During the year, the Group has resolved to discontinue the gene

development operation. This segment remained inactive and no

revenue was recorded before its discontinuance (2024: HK$ nil).

Interest in an Asociate

The Group holds 49% equity interest in Smart Ascent Limited (“Smart

Ascent”, together with its subsidiaries, the “Smart Ascent Group”).

The major aset of the Smart Ascent Group is an intangible aset

in relation to an in-proces research and development project (“In-

proces R&D”) involving an oral insulin product (the “Product”) which

is in its clinical trial stage. As a minority shareholder of Smart Ascent,

the Group has ben working closely with Inovative Pharmaceutical

Biotech Limited (“Inovative Pharm”, together with its subsidiaries, the

“Inovative Pharm Group”), the 51% shareholder of Smart Ascent,

in monitoring the progres of the In-proces R&D with a view to

facilitating sucesful launching of the Product to the market.

During the year, the los of Smart Ascent Group was about HK$7.08

milion (2024: HK$7.08 milion), for which the Group’s share of los

amounted to about HK$2.31 milion (2024: HK$2.28 milion). No

dividend has ben declared or received from Smart Ascent during the

year (2024: HK$ nil).

As at 31 March 2025, the Group’s interest in an asociate of about

HK$311.9 milion (2024: HK$314.2 milion), acounted for about

20.4% (2024: 24.4%) of the Group’s total asets.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司12

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

于一间联营公司之权益（续）

为向进生集团就进行中之研发之营运资

金需求提供融资，领航医药集团与本集团

（作为贷款方）及进生（作为借款方）于二

零一八年七月二十七日订立一份股东贷

款协议（「首份贷款协议」），向进生提供总

额为30,000,000港元之贷款融资（「首笔贷

款」），由领航医药集团提供51%款项（即

15,300,000港元）及由本集团提供49%款项

（即14,700,000港元）。首笔贷款为无抵押、

年利率为5%及须于每次提取首笔贷款后

60个月内偿还。于二零一八年九月及二零

一九年八月，进生分别提取合共10,000,000

港元及20,000,000港元，故首笔贷款30,000,000

港元已获悉数提取，因此，领航医药集团

与本集团已相应向进生分别提供款项合共

15,300,000港元及14,700,000港元。

为提升进生集团的财务资源以及促进该

产品的临床测试进度及进一步开发，领航

医药集团及本集团（作为贷款方）及进生

（作为借款方）于二零二年三月八日订

立第二份股东贷款协议，向进生提供总额

为12,000,000港元之贷款融资（「第二笔贷

款」），由领航医药集团提供51%款项（即

6,120,000港元）及由本集团提供49%款项

（即5,880,000港元）。第二笔贷款为无抵押、

年利率为5%及须于每次提取第二笔贷款

后60个月内偿还。进生已分别于二零二

年六月、二零二年十二月及二零二三年

三月提取5,000,000港元、4,500,000港元及

2,500,000港元，故第二笔贷款已获悉数提

取，而领航医药集团及本集团已向进生分

别提供款项合共6,120,000港元及5,880,000

港元。

BUSINES REVIEW (Continued)

Interest in an Asociate (Continued)

For the purpose of financing the working capital requirements of

Smart Ascent Group for the In-proces R&D, the Inovative Pharm

Group and the Group, as lenders, and Smart Ascent, as borower,

entered into a shareholders’ loan agrement on 27 July 2018 (“First

Loan Agrement”) for a loan facility to Smart Ascent amounting

to HK$30 milion in total (“First Loan”), contributed as to 51% i.e.

HK$15.3 milion by the Inovative Pharm Group and as to 49% i.e.

HK$14.7 milion by the Group. The First Loan is unsecured, interest

bearing at 5% per anum and has a repayment term fixed at 60

months after each drawdown of the First Loan. In September 2018

and August 2019, Smart Ascent had drawn down in agregate of

HK$10 milion and HK$20 milion respectively, that the First Loan of

HK$30 milion had ben fuly drawn down, and the Inovative Pharm

Group and the Group had made contribution in the agregate sum of

HK$15.3 milion and HK$14.7 milion respectively to Smart Ascent.

To enhance the financial resources of Smart Ascent Group and

facilitate the progres of the clinical trial and further development

of the Product, the Inovative Pharm Group and the Group, as

lenders, and Smart Ascent, as borower, entered into the second

shareholders’ loan agrement on 8 March 2022 for a loan facility

to Smart Ascent amounting to HK$12 milion in total (“Second

Loan”), contributed as to 51% i.e. HK$6.12 milion by the Inovative

Pharm Group and as to 49% i.e. HK$5.88 milion by the Group. The

Second Loan is unsecured, interest bearing at 5% per anum and

has a repayment term fixed at 60 months after each drawdown of

the Second Loan. Smart Ascent had drawn down HK$5.0 milion,

HK$4.5 milion and HK$2.5 milion in June 2022, December 2022 and

March 2023 respectively, that the Second Loan had ben fuly drawn

down, and the Inovative Pharm Group and the Group had made

contribution in the agregate sum of HK$6.12 milion and HK$5.88

milion respectively to Smart Ascent.

ANUAL REPORT 2025 二零二五年报13

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

于一间联营公司之权益（续）

为进一步增强进生集团的财务资源并推进

该产品的临床测试进展，领航医药集团及

本集团（作为贷款方）与进生（作为借款方）

已订立(i)日期为二零二四年七月三十日的补

充协议（「第一份贷款延期协议」）以补充首

份贷款协议，涉及将第一笔贷款及其应计

利息的还款日期延长36个月；及(i)日期为二

零二四年七月三十日的股东贷款协议（「第

三份贷款协议」），内容有关授出本金额合

共不超过20,000,000港元的贷款融资（「第三

笔贷款」），分别由领航医药集团及本集团

按各自于进生的持股比例出资51%及49%。

第三笔贷款为无抵押、年利率为5%及须于

每次提取第三笔贷款后60个月内偿还。根

据香港联合交易所有限公司（「联交所」）证

券上市规则（「上市规则」）第14.22条，订立

第一份贷款延期协议及第三份贷款协议构

成本公司的主要交易，故须遵守上市规则

第14章项下申报、公告及股东批准规定。

主要交易已于其二零二四年十月十五日举

行的本公司股东特别大会上获本公司股东

批准。进一步详情载于本公司日期为二零

二四年七月三十日及二零二四年十月十五

日的公告以及日期为二零二四年九月二

十七日的通函。进生已分别于二零二四年

十二月、二零二五年一月及二零二五年三

月提取10,000,000港元、6,000,000港元及

4,000,000港元，故第三笔贷款已获悉数提

取，而领航医药集团及本集团已向进生分

别提供款项合共10,200,000港元及9,800,000

港元。

BUSINES REVIEW (Continued)

Interest in an Asociate (Continued)

To further enhance the financial resources of Smart Ascent Group

and facilitate the progres of the clinical trial for the Product, the

Inovative Pharm Group and the Group, as lenders, and Smart

Ascent, as borower, entered into (i) the suplemental agrement

dated 30 July 2024 (“First Loan Extension Agrement”) suplemental

to the First Loan Agrement in relation to the extension of repayment

dates of the First Loan and the acrued interests thereon for a period

of 36 months; and (i) the shareholders’ loan agrement dated 30 July

2024 in relation to the granting of a loan facility of up to a principal

amount of HK$20 milion in total (“Third Loan”), to be contributed as

to 51% by the Inovative Pharm Group and 49% by the Group in

proportion to their respective shareholdings in Smart Ascent (“Third

Loan Agrement”). The Third Loan is unsecured, interest bearing at

5% per anum and has a repayment term fixed at 60 months after

each drawdown of the Third Loan. The entering into the First Loan

Extension Agrement and the Third Loan Agrement constitutes

a major transaction of the Company pursuant to Rule 14.22 of the

Rules Governing the Listing of Securities (the “Listing Rules”) on The

Stock Exchange of Hong Kong Limited (the “Stock Exchange”) and is

subject to the reporting, anouncement and shareholders’ aproval

requirements under Chapter 14 of the Listing Rules. The major

transaction was aproved by the shareholders of the Company at its

special general meting held on 15 October 2024. Further details are

set out in the Company’s anouncements dated 30 July 2024 and 15

October 2024, and circular dated 27 September 2024. Smart Ascent

had drawn down HK$10.0 milion, HK$6.0 milion and HK$4.0 milion

in December 2024, January 2025 and March 2025 respectively, that

the Third Loan had ben fuly drawn down, and the Inovative Pharm

Group and the Group had made contribution in the agregate sum of

HK$10.2 milion and HK$9.8 milion respectively to Smart Ascent.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司14

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

于一间联营公司之权益（续）

诚如本公司二零二四年报所述，自二零

二零年初起新冠病毒肺炎疫情已经扰乱该

产品临床测试参与医院的正常运作，为确

保患者及临床研究人员的安全，甄选及招

募患者阶段的临床测试已暂停进行，以待

疫情形势好转。随著中国的疫情形势于二

零二零年第三季度逐渐改善，患者招募工

作已经开始，而于中国的疫情形势大致受

控，惟与疫情长时间肆虐有关的防控措施

一直持续实施，导致患者甄选及招募工作

出现若干延误。此外，新冠病毒变种于中国

零星爆发，及特别是传播力极高的变种奥

米克戎(Omicron)于二零二年初冒起，促使

全国警觉性紧遵最严格的新冠病毒措施，

导致中国各地出现地区性及全市封锁，而

有关措施导致患者人流受限制及影响临床

研究活动。因此，甄选及招募患者阶段出现

进一步延迟。随著二零二三年初中国大幅

解除疫情管控措施，持续已久的疫情阴霾

终于减退。然而，临床研究活动仍然受到供

应链中断的影响，按计划生产新一批临床

测试药物样本所需时间较预期长。鉴于临

床测试药物样本经已生产，患者的甄选及

招募程序一直进行中。进生集团已评估并

计划于二零二六年第一季度将该产品商品

化，并实施一系列措施以达致该时间表，包

括评估并优化临床试验程序、引进新医院

参与临床试验，以及增加若干具有较佳入

选前景的现有临床试验点的样本数量。尽

管如此，上述措施仍未完全落实，且工作成

效有限，皆因于引进新医院参与涉及复杂

且耗时的程序，以及新冠病毒肺炎疫情后

患者行为的改变导致增加现有参与医院的

样本数量挑战重。

基于本公司目前可得的资料，进生集团已

进一步考量现况并重新评估该产品商品化

的时间表，目前预期为二零二八年第三季

度前后。

BUSINES REVIEW (Continued)

Interest in an Asociate (Continued)

As stated in the Company’s 2024 anual report, the Covid-19

pandemic since early 2020 had disrupted the normal operations of

participating hospitals for the clinical trial of the Product, that the

clinical trial in the proces of selection and enrolment of patients

was temporarily suspended pending improvement in the pandemic

situation, for the safety of patients and clinical researchers. As the

pandemic situation in China had gradualy improved during the third

quarter of 2020, the enrolment of patients had comenced, and

while the pandemic situation in China was largely under control,

the preventive and control measures asociated with the prolonged

pandemic situation had ben continuously implemented causing

certain delay in patient selection and enrolment. Furthermore, the

sporadic outbreaks of Covid-19 variant in China, and particularly

the emergence of the highly transmisible Omicron variant in early

2022, had driven the nation to vigilantly stick to its toughest Covid-19

measures, and caused regional and citywide lockdowns in many parts

of China, restricting patient flows and impacting on clinical research

activities. As such, the patient selection and enrolment proces

experienced further delay. Folowing the pandemic control measures

in China had ben substantialy lifted from early 2023, the prolonged

pandemic disruptions were minimised, however, the clinical research

activities were stil impacted by the efect of suply-chain interuptions

that it had taken longer time than expected for manufacturing the

new batch of drug samples for clinical trial as planed. As the drug

samples for clinical trial had ben produced, the patient selection

and enrolment proces has ben ongoing. Smart Ascent Group

had asesed and planed to comercialise the Product in the first

quarter of 2026 and implemented a series of measures aiming for

achieving the timeline, including evaluating and optimising clinical trial

procedures, engaging new hospitals to participate in the clinical trial,

and increasing the sample size at certain existing clinical trial sites with

beter enrolment prospects. Nevertheles, the aforesaid measures

have not ben fuly implemented and efectivenes of the eforts has

ben limited due to onboarding new hospitals involving complex and

time-consuming proceses for the engagement, and chalenges in

increasing the sample size at curent participating hospitals arising

from changes in patient behavior folowing the Covid-19 pandemic.

Based on the curent information available to the Company, Smart

Ascent Group has further considered the curent circumstances, and

reasesed the timeline for comercialisation of the Product, which is

curently expected to be in around the third quarter of 2028.

31.53%
2%
39%
52.3%

ANUAL REPORT 2025 二零二五年报15

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

于一间联营公司之权益（续）

糖尿病为影响患者长期健康状况的慢性疾

病，糖尿病的发病率随年龄增长而上升。鉴

于中国人口老龄化加速及预期寿命延长，

以及糖尿病等慢性疾病的发展，预期对优

质糖尿病药品的市场需求殷切。具以口服

方式服用胰岛素为特色的该产品有望为中

国不断增长的糖尿病患者提供有效治疗以

及更好的生活质量，本集团相信该产品有

著庞大市场潜力，且一旦该产品实现商品

化，其将为本集团带来莫大裨益。

就评估进行中之研发的可收回金额及于联

营公司之权益的公平值，本集团委聘了独

立合资格估值师睿力评估咨询有限公司

（「估值师」）进行估值。在进行估值时一直采

用资产基础估值法，而进行中之研发的可

收回金额乃使用现金流量预测根据公平值

计算厘定，其中根据预算销售额及毛利率

计算之估计现金流入乃基于对市场发展之

预期，当中包括该产品商品化之估计成功

率及于二零二八年第三季度前后取得有关

政府监管部门之监管批准及推出该产品。

于联营公司之权益的可收回金额乃根据应

占进行中之研发的估计公平值并经计及无

控制权之折让后厘定。

进行中之研发应占预期未来经济利益乃假

设自该产品商品化起涵盖十年期间。用于

计算现金流量预测之若干关键参数如下：

* 该产品商品化之估计成功率

BUSINES REVIEW (Continued)

Interest in an Asociate (Continued)

Diabetes is a chronic disease that afects the long-lasting health

condition of patients and the prevalence of diabetes increases with

age. In light of the acelerating aging population and increasing

life expectancy, and the development of chronic diseases such

as diabetes in China, market demand for quality diabetes drugs

is expected to be enormous. The Product characterised by oral

administration of insulin is expected to provide an efective treatment

and beter quality of life for the constantly growing diabetic population

in China that the Group believes there wil be enormous market

potential for the Product, and once the Product is comercialised, it

wil bring substantial benefits to the Group.

In making the asesment as to the recoverability of the In-proces

R&D and the fair value of the interest in the asociate, the Group has

engaged Masterpiece Valuation Advisory Limited, an independent

qualified valuer (“Valuer”) in conducting a valuation. The aset-based

valuation aproach has ben consistently adopted in the valuation

and the recoverable amount of the In-proces R&D was determined

based on fair value calculation using cash flow projections, which

the estimated cash inflows derived from budgeted sales and gros

margin were based on the expectation for the market development,

and which included estimate sucesful rate for comercialisation

of the Product and the regulatory aprovals from the relevant

government bodies and launching of the Product in around the

third quarter of 2028. The recoverable amount of the interest in the

asociate was determined based on share of the estimated fair value

of the In-proces R&D after taking into acount the lack of control

discount.

The expected future economic benefits atributable to the In-

proces R&D was asumed to cover a 10-year period from the

comercialisation of the Product. The calculation used in the cash

flow projections with certain key parameters are as below:

二零二五年二零二四年

Discount rate (post-tax)贴现率（除税后）26.78%

Growth rate增长率2%

Gros profit ratio毛利率56%

Estimate sucesful rate估计成功率52.3%

* Estimate sucesful rate for comercialisation of the Product

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司16

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

于一间联营公司之权益（续）

在进行减值评估时，经考虑当前市况、现金

流量预测所使用假设的合理性及估值师进

行之估值表明其公平值超出账面值，本公

司董事并无发现任何迹象显示于联营公司

之权益于二零二五年三月三十一日之账面

值可能须作出减值，故认为于二零二五年

三月三十一日毋须作出减值。

本集团将继续与领航医药紧密协作，监察

进行中之研发之进展情况，以促使该产品

成功推出市场。此外，本集团于必要时将继

续根据香港会计准则第36号「资产减值」就

于联营公司之权益之账面值进行减值评估。

其他收入、收益及亏损净额

其他收入、收益及亏损净额约258,200,000

港元（二零二四年：亏损131,900,000港

元），收益增加约390,000,000港元，乃

主要由于(i)与按公平值计入损益之金融

资产（即本集团可换股债券投资）之公平

值变动产生之收益有关的非现金项目约

254,900,000港元，而去年为公平值变动亏

损约133,000,000港元；(i)应收一间联营公

司款项及贷款予一间联营公司之减值亏损

拨备合共减少约2,100,000港元；(i)贸易应

收账款及其他应收账款减值亏损拨回合共

增加约700,000港元；及(iv)银行利息收入减

少约700,000港元。

销售及分销费用

持续经营业务的销售及分销费用减少至约

9,300,000港元（二零二四年：13,200,000港

元），减幅约3,800,000港元或29.1%。该减

少乃主要由于管理层在管理预算及成本控

制方面不懈努力并采取灵活的营销策略以

把握销售机会，令营销及推广开支减少，及

研发开支减少约200,000港元。

BUSINES REVIEW (Continued)

Interest in an Asociate (Continued)

In conducting the impairment asesment, the directors of the

Company, having considered the prevailing market conditions,

reasonablenes of asumptions used for the cash flow projections

and the valuation as prepared by the Valuer indicating its fair value

in exces of the carying amount, do not identify any indication on

the carying amount of the interest in the asociate as at 31 March

2025 that may ned to be impaired. Acordingly, no impairment is

considered necesary as at 31 March 2025.

The Group wil continue to closely cordinate with Inovative Pharm

in monitoring the progres of the In-proces R&D with a view to

facilitating sucesful launching of the Product to the market. In

adition, the Group wil continue to perform impairment asesment

on the carying amount of the interest in the asociate in acordance

with Hong Kong Acounting Standard 36 “Impairment of Asets”

where necesary.

Other income, gains and loses, net

Other income, gains and loses, net were about HK$258.2 milion (2024:

los of HK$131.9 milion), representing an increase in gain of about

HK$390.0 milion, which was mainly the result of (i) a non-cash item

related to gain arising from fair value change of the financial asets at

FVTPL (i.e. the Group’s investments in convertible bonds) of about

HK$254.9 milion when compared to a los from fair value change

of about HK$133.0 milion last year; (i) the decrease in provision for

impairment los on amount due from an asociate and loan to an

asociate of about HK$2.1 milion in agregate; (i) the increase in

reversal of impairment los on trade receivables and other receivables

in agregate of about HK$0.7 milion; and (iv) the decrease in bank

interest income of about HK$0.7 milion.

Seling and Distribution Expenses

Seling and distribution expenses atributable to the continuing

operations decreased to about HK$9.3 milion (2024: HK$13.2

milion), representing a decrease of about HK$3.8 milion or 29.1%.

Such decrease was mainly the result of reduction in marketing

and promotion expenses with management’s relentles eforts

in managing budget and controling costs while adopting flexible

marketing strategies to capture sales, and the decrease in research

and development expenses of about HK$0.2 milion.

ANUAL REPORT 2025 二零二五年报17

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

业务回顾（续）

行政费用

行政费用（包括已终止经营业务约100,000

港元）为约21,700,000港元（二零二四年：

22,200,000港元），减幅约500,000港元或

2.2%，保持相对稳定。有关减少乃由于管

理层于控制成本方面的持续努力，本集团

工作场所产生的维护开支减少，以及员工

成本因应本集团的业务需要对员工组合作

出若干变更而增加的综合影响所致。

展望

当前的外部环境日趋复杂且不明朗。关税

及投资壁垒提高，贸易保护主义加剧，令

环球经济复苏面临多重挑战。面对愈发不

明朗及不稳定的外部环境，中国推出一系

列扩大内需的措施，向消费拉动经济增长

加快转型，推进高质素发展并深化经济改

革。中国经济已展现出抵御外部不利因素

的强大韧性。与此同时，中国医药行业正向

高质素发展的深度转型，并在政府支持举

措、人口老龄化加速以及医疗保健解决方

案需求增加的推动下继续保持增长势头。

机遇与挑战并存，未获满足的医疗需求、监

管改革及技术创新的动力将不断涌现。

鉴于市场瞬息万变及竞争激烈，本集团将

继续著重提升生产效率及销售能力，同时

致力控制成本，以实现盈利目标。本集团相

信，强化核心竞争力将有助于保持本集团

的长足发展。本集团将紧贴「十四五」规划

中概述的行业发展趋势及国家建设健康中

国的长远目标，在业务管理方面保持高度

警觉。

面对未来的挑战，本集团深信机遇同在。本

集团对长足发展保持审慎乐观，并将继续

监察市场趋势，物色潜在商机及加大力度

寻求可推动本集团新增长的新收益来源。

BUSINES REVIEW (Continued)

Administrative Expenses

Administrative expenses (including about HK$0.1 milion for

discontinued operation) were about HK$21.7 milion (2024: HK$22.2

milion), representing a decrease of about HK$0.5 milion or 2.2%,

which were kept relatively stable. Such decrease was the combined

result of management’s continuing eforts in controling costs, les

maintenance expenses were incured for the Group’s workplaces,

and the increase in staf costs due to certain change in staf mix to

met busines neds of the Group.

OUTLOK

The curent external environment has become increasingly

complicated and uncertain. Raised tarifs and investment bariers

alongside intensified trade protectionism are posing chalenges to the

global economic recovery. Faced with mounting uncertainties and

instabilities in the external environment, China has roled out a raft of

measures to bolster domestic demand, acelerating the shift toward

consumption-driven growth and progresing through high-quality

development and depened economic reforms. China’s economy

has demonstrated its strong resilience against external headwinds.

Meanwhile, China’s pharmaceutical sector is undergoing a profound

transformation toward high-quality development and continues

to maintain a growth momentum driven by government-backed

initiatives, acelerated aging population and increased demand for

healthcare solutions. Both oportunities and chalenges co-exist

alongside the unmet medical neds, regulatory reforms, and the

dynamics of technological inovation.

In light of the dynamic and competitive landscape, the Group wil

continue to place emphasis in enhancing its production eficiency and

sales capabilities while making eforts to control costs, with the aim of

achieving profitability. The Group believes that the strengthening of its

core competitivenes wil facilitate the Group to sustain its long-term

development. The Group wil kep pace with industry trends as outlined

in the 14th Five-Year Plan and the nation’s long-term objectives of

building a Healthy China and stay vigilant in managing its busineses.

Confronting the chalenges ahead, the Group believes that

oportunities are embraced. The Group remains cautiously optimistic

on its long-term development and wil continue to monitor the market

trends to identify potential busines oportunities and intensify its

eforts to pursue new revenue streams that may drive new growth for

the Group.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司18

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

财务回顾

流动资金及财务资源

本集团之策略为透过将现金流量维持于稳

健水平审慎地管理其财务资源，以确保所

有财务承担可如期偿还。本集团一般以内

部产生之现金流量及银行信贷为其营运提

供资金。

于二零二五年三月三十一日，本集团有

现金及银行结余（包括已抵押银行存款）

总额约98,200,000港元（二零二四年：

114,500,000港元），减幅约16,300,000港元

或14.3%。现金及银行结余之有关减少包括

用于经营之现金净额、购置物业、厂房及

设备约3,100,000港元、向进生提供股东贷

款9,800,000港元、租赁利息及负债付款约

1,600,000港元，以及收到银行利息收入约

4,000,000港元。

预提费用及其他应付款项

截至二零二五年三月三十一日，预提费

用及其他应付款项（不计合约负债）约为

20,000,000港元（二零二四年：21,900,000港

元）。该减少乃主要由于应付营销及推广费

用减少所致。

借款及融资

本集团于年度内并无银行借款，惟拥有贸

易融资之银行信贷融资，其乃以本集团之

定期存款约20,400,000港元（二零二四年：

20,900,000港元）以及本公司之公司担保作

抵押。一般而言，本集团之贸易融资需求并

无重大季节性波动。于二零二五年三月三

十一日，此等银行融资额度概未被动用（二

零二四年：零港元）。

于二零二五年三月三十一日，本集团总借

款与总资产之比率为0.09（二零二四年：

0.09），乃按本集团总资产约1,526,400,000

港元（二零二四年：1,287,200,000港元）

及总债项约140,900,000港元（二零二四

年：120,400,000港元）（包括可换股债券约

139,000,000港元（二零二四年：117,100,000

港元）及租赁负债约1,900,000港元（二零二

四年：3,300,000港元）计算。

FINANCIAL REVIEW

Liquidity and Financial Resources

It is the Group’s strategy to manage its financial resources

conservatively by maintaining a healthy level of cash flows to met

al its financial comitments when they fal due. The Group generaly

finances its operations with internaly generated cash flows and

banking facilities.

As at 31 March 2025, the Group had total cash and bank balances (including

pledged bank deposits) of about HK$98.2 milion (2024: HK$114.5

milion), representing a decrease by about HK$16.3 milion or 14.3%.

Such decrease in cash and bank balances included net cash used

in operations, acquisition of property, plant and equipment of about

HK$3.1 milion, the provision of a shareholder’s loan of HK$9.8 milion

to Smart Ascent, the payment of lease interests and liabilities of

about HK$1.6 milion, and the bank interest income received of about

HK$4.0 milion.

Acruals and Other Payables

Acruals and other payables (excluding contract liabilities) was about

HK$20.0 milion as of 31 March 2025 (2024: HK$21.9 milion). Such

decrease was mainly due to the decrease in payables for marketing

and promotion expenses.

Borowings and Facilities

The Group did not have bank borowings during the year but had

banking facilities on trade finance, which were suported by the

pledge of the Group’s fixed deposits of about HK$20.4 milion (2024:

HK$20.9 milion) and corporate guarante from the Company. In

general, there is no significant seasonality fluctuation on trade finance

requirement of the Group. As at 31 March 2025, none of these

banking facilities was utilised (2024: HK$ nil).

The Group’s total borowing over total asets ratio as at 31 March

2025 was 0.09 (2024: 0.09), calculated based on the Group’s total

asets of about HK$1,526.4 milion (2024: HK$1,287.2 milion) and

total debts of about HK$140.9 milion (2024: HK$120.4 milion),

comprising convertible bonds of about HK$139.0 milion (2024:

HK$117.1 milion) and lease liabilities of about HK$1.9 milion (2024:

HK$3.3 milion).

ANUAL REPORT 2025 二零二五年报19

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

FINANCIAL REVIEW (Continued)

Borowings and Facilities (Continued)

Lease liabilities are payable within one year (2024: HK$1.9 milion

payable after one year and not later than two years and HK$1.4

milion payable within one year).

The Company’s 20-year zero coupon convertible bonds were

isued in Hong Kong dolars on 16 July 2013 with principal amount

in agregate of HK$641.3 milion and a maturity date of 16 July

2033. As at 31 March 2025, the outstanding principal amount of

the Company’s convertible bonds was HK$577.17 milion (2024:

HK$577.17 milion).

Foreign Exchange Exposure

The Group’s busines transactions, asets and liabilities are

principaly denominated in Hong Kong dolars, United States dolars

and Renminbi. The Group manages the foreign curency exposure

by closely monitoring the foreign curency movements and may

purchase foreign curencies at spot rate, when and where apropriate

for meting its payment obligations. No hedge on foreign curencies

was made during the year but the Group wil use financial instruments

for hedging purpose when considered apropriate.

Material Acquisitions and Disposals

There was no material acquisition or disposal of subsidiaries,

asociates and investment in financial instruments during the year

ended 31 March 2025.

Financial Asets at FVTPL — Investments in

Convertible Bonds

Included in the financial asets at FVTPL was the convertible

bonds isued by Inovative Pharm (“Inovative Pharm Bonds”)

of aproximately HK$915.4 milion as at 31 March 2025 (2024:

HK$660.6 milion). The fair value of the Inovative Pharm Bonds

represented aproximately 60.0% of the Group’s total asets as at

31 March 2025 (2024: 51.3%). The unrealised gain recognised for the

Inovative Pharm Bonds resulted from fair value change during the

year was about HK$254.9 milion (2024: los of HK$133.0 milion).

财务回顾（续）

借款及融资（续）

租赁负债须一年内支付（二零二四年：

1,900,000港元须一年后但不迟于两年支付

及1,400,000港元须于一年内支付）。

本公司之二十年零息可换股债券于二零

一三年七月十六日以港元发行，本金总额

为641,300,000港元及到期日为二零三

年七月十六日。于二零二五年三月三十一

日，本公司可换股债券的未偿还本金额为

577,170,000港元（二零二四年：577,170,000

港元）。

外汇风险

本集团之业务交易、资产及负债主要以港

元、美元及人民币列值。本集团透过密切

监察外币变动和适时购买即期外汇以履行

付款责任等措施来执行外汇风险管理。本

集团于年度内并无进行外币对冲活动，然

而，本集团在合适时机将会以金融工具作

对冲用途。

重大收购及出售事项

截至二零二五年三月三十一日止年度，并

无附属公司、联营公司及金融工具投资的

重大收购或出售事项。

按公平值计入损益之金融资产 —

可换股债券投资

于二零二五年三月三十一日，按公平值计

入损益之金融资产包括领航医药发行之可

换股债券（「领航医药债券」）约915,400,000

港元（二零二四年：660,600,000港元）。

于二零二五年三月三十一日，领航医药债

券之公平值占本集团总资产约60.0%（二

零二四年：51.3%）。于年度内就领航医药

债券因公平值变动而确认的未变现收益

约为254,900,000港元（二零二四年：亏损

133,000,000港元）。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司20

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

财务回顾（续）

按公平值计入损益之金融资产 —

可换股债券投资（续）

领航医药为投资控股公司，其股份于联交

所主板上市（股份代号：399），其附属公司

主要从事美容产品及设备贸易以及口服胰

岛素产品的研发及商业化。

根据本公司与领航医药于二零二三年四月

二十八日订立并于二零二三年七月十二日

生效的第三份修订契据，领航医药债券的

到期日由二零二三年七月二十八日进一步

延长两年至二零二五年七月二十八日。领

航医药债券的任何未偿还本金及利息将分

别在延长之到期日（即二零二五年七月二十

八日）可予赎回及支付。修订详情载于本公

司日期为二零二三年六月十二日的通函。

领航医药与本公司正在商讨有关领航医药

债券到期续期事宜，并将根据上市规则于

适当时候以公告方式知会公众。

雇佣和薪酬政策

于二零二五年三月三十一日，本集团聘用

163名（二零二四年：159名）雇员。截至二

零二五年三月三十一日止年度之员工成本

（包括董事薪酬）约为20,700,000港元（二零

二四年：19,700,000港元）。员工成本上升主

要由于向制造分类员工增加支付绩效相关

奖金导致薪金及津贴开支上升，以及为配

合本集团业务需要对员工组合作出若干变

更所致。

本集团根据行业惯例向雇员（包括董事）支

付薪金、花红及其他福利，并按照营运实体

之现行劳动法提供雇员利益、福利及法定

供款。本集团亦为员工及董事提供各种培

训机会。有关培训包括在职训练及合规研

讨会。

FINANCIAL REVIEW (Continued)

Financial Asets at FVTPL — Investments in

Convertible Bonds (Continued)

Inovative Pharm is an investment holding company the shares of

which are listed on the Main Board of the Stock Exchange (stock

code: 399), and its subsidiaries are principaly engaged in the trading

of beauty products and equipment, and research, development and

comercialisation of the oral insulin product.

Pursuant to the third amendment ded entered into betwen the

Company and Inovative Pharm on 28 April 2023, which was

efective on 12 July 2023, the maturity date of the Inovative Pharm

Bonds was further extended for two years from 28 July 2023 to 28

July 2025. Any outstanding principal amount of the Inovative Pharm

Bonds shal be redemed and the interests shal be paid, on the

extended maturity date i.e. 28 July 2025. Details of the amendments

are set out in the Company’s circular dated 12 June 2023.

Inovative Pharm and the Company are in negotiation for renewal

of the maturity of the Inovative Pharm Bonds, and wil kep the

public informed by way of anouncement as and when apropriate in

acordance with the Listing Rules.

EMPLOYMENT AND REMUNERATION POLICY

As at 31 March 2025, the Group had 163 employes (2024: 159).

Staf costs (including directors’ emoluments) for the year ended 31

March 2025 amounted to aproximately HK$20.7 milion (2024:

HK$19.7 milion). The increase in staf costs was mainly due to the

increased expenses of salaries and alowances resulted from the

increase in payment of performance related rewards to staf of the

manufacturing segment, and certain change in staf mix to met

busines neds of the Group.

The Group remunerates its employes including directors with

salaries, bonus and other benefits based on industry practices, and

provides employe benefits, welfare and statutory contributions

in acordance with prevailing labour laws of its operating entities.

The Group also provides various training oportunities to its staf

members and directors. Such training includes on-job training and

compliance seminars.

ANUAL REPORT 2025 二零二五年报21

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

EMPLOYMENT AND REMUNERATION POLICY

(Continued)

Pursuant to an ordinary resolution pased at the anual general

meting of the Company held on 30 August 2022, a share option

scheme (the “Option Scheme”) had ben adopted by the Company,

which became efective on 2 September 2022 upon obtaining listing

aproval from the Stock Exchange, and unles otherwise canceled or

amended, wil remain in force for ten years from that date. The Option

Scheme wil enable the Group to reward its employes, directors

and other selected participants for their contribution or potential

contribution to the Group and wil asist the Group in its recruitment

and retention of high caliber profesionals, executives and employes

who are instrumental to the long-term growth of the Group.

From the efective date of the Option Scheme to 31 March 2025,

no share options have ben granted, exercised, canceled or lapsed

under the Option Scheme (2024: nil).

雇佣和薪酬政策（续）

根据本公司于二零二年八月三十日举行

的股东周年大会上通过的普通决议案，一

项购股权计划（「购股权计划」）已获本公司

采纳并于取得联交所上市批准之后于二零

二年九月二日生效，除非被另行取消或

修订，否则有效期自该日起计为期十年。

购股权计划将让本集团奖励为本集团作出

或可能作出贡献之雇员、董事及其他经挑

选之参与者，亦将有助本集团招聘及挽留

有利本集团长远增长之优秀专才、主管及

雇员。

自购股权计划生效日期起至二零二五年三

月三十一日止，购股权计划项下概无任何

已授出、行使、注销或失效之购股权（二零

二四年：无）。

DIRECTORS AND

SENIOR MANAGEMENT PROFILE

董事及高层管理人员简介

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司22

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

Executive Directors

Dr. Xie Yi Ph.D. (aged 62)

Chairman, Chief Executive Oficer and Executive Director

Dr. Xie Yi was a profesor of Schol of Life Sciences in Fudan

University and is one of the founders of United Gene group of

companies in the People’s Republic of China (the “PRC”). Being a

scientist with significant breakthroughs in human genome research,

Dr. Xie is responsible for research and development and management

of United Gene group and is the vice chairman and chief executive

oficer of United Gene Holdings Limited in the PRC.

Dr. Xie Yi was apointed as an executive director in June 2001.

Dr. Xie is curently the chairman and chief executive oficer of the

Company responsible for the strategic planing and development

and the overal management of the Group. He is also a director

and chairman of Changchun Extrawel Pharmaceutical Co., Ltd., a

80%-owned subsidiary of the Company established in the PRC, and

a director of certain subsidiaries of the Group.

Mr. Cheng Yong (aged 62)

Executive Director and Deputy Chief Executive Oficer

Mr. Cheng Yong is a practicing pharmacist in the PRC. Mr. Cheng

obtained his Master of Pharmacology from Second Military Medical

University in the PRC. He has ben engaged in pharmacology and

research study for over ten years and has extensive experience in the

aspects of research and drug development. Since 2001, he has ben

working in the capacity of director and general manager for various

companies owned by Dr. Xie Yi and Dr. Mao Yumin, former chairman

and executive director of the Company. Mr. Cheng is no longer a

director of any PRC subsidiary of Inovative Pharmaceutical Biotech

Limited (formerly known as United Gene High-Tech Group Limited), a

company listed on the Main Board of the Stock Exchange.

Mr. Cheng Yong was apointed as an executive director in December

2013. Since 1 July 2019, Mr. Cheng has ben apointed as the

deputy chief executive oficer of the Company to provide suport in

the execution of the Company’s plans and strategies.

董事及高层管理人员简介

执行董事

谢毅博士（六十二岁）

主席、行政总裁及执行董事

谢毅博士曾任复旦大学生命科学院教

授，并为于中华人民共和国（「中国」）联合

基因集团公司创始人之一。作为在人类基

因研究中作出突破性进展的科学家，谢博

士负责联合基因集团的研发工作及管理事

务，并担任中国联合基因控股有限公司之

副董事长及行政总裁。

谢毅博士于二零一年六月获委任为执行

董事。

谢博士现为本公司之主席兼行政总裁，负

责本集团之策略规划及发展以及整体管

理。彼亦为长春精优药业股份有限公司（于

中国成立并为本公司拥有80%权益之附属

公司）之董事及董事长，同时亦担任本集团

旗下若干附属公司之董事。

程勇先生（六十二岁）

执行董事及副行政总裁

程勇先生为一名中国执业药剂师。程先生

自中国第二军医大学取得药理学硕士学

位。彼从事药理学及研究逾十年，并于研究

及药物开发方面拥有丰富经验。自二零

一年起，彼于由谢毅博士及毛裕民博士（前

任本公司主席兼执行董事）所拥有之多间公

司担任董事及总经理职务。程先生不再担

任于联交所主板上市公司领航医药及生物

科技有限公司（前称为联合基因科技集团有

限公司）任何中国附属公司之董事。

程勇先生于二零一三年十二月获委任为执

行董事。自二零一九年七月一日起，程先生

获委任为本公司副行政总裁，为执行本公

司计划及策略提供协助。

ANUAL REPORT 2025 二零二五年报23

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT (Continued)

Executive Directors (Continued)

Dr. Lou Yi Ph.D. (aged 67)

Executive Director

Dr. Lou Yi obtained a doctoral degre in medicine and conducted

his postdoctoral research in clinical study at Shanghai Second

Medical University (now renamed as Schol of Medicine, Shanghai

Jiaotong University) and industrial economy at Fudan University. Dr.

Lou had ben a director and general manager of Shanghai Biochip

Co. Ltd. and as a director and deputy general manager of General

Technology Group Pharmaceutical Holdings, Ltd. in the PRC. Dr.

Lou was also a non-executive director of Shanghai Fudan-Zhangjiang

Bio-Pharmaceutical Co., Ltd., a company listed on the GEM of the

Stock Exchange, from June 2004 to June 2006. Dr. Lou is curently a

director and general manager of various companies owned by Dr. Xie

Yi and Dr. Mao Yumin, former chairman and executive director of the

Company.

Dr. Lou Yi was apointed as an executive director in October 2008.

Dr. Lou is also a director of certain subsidiaries of the Group.

Ms. Wong Sau Kuen (aged 62)

Executive Director

Ms. Wong Sau Kuen joined the Group in May 2008 as asistant to the

Board and was apointed as executive director in October 2008. Ms.

Wong has more than 20 years of experience in both the comercial

and industrial sectors including the PRC pharmaceutical market. Ms.

Wong has extensive experience in areas of busines administration

and internal control. She is curently the Authorised Representative of

the Company.

Ms. Wong was apointed as the joint company secretary of the

Company on 8 January 2014 and has acted as the company

secretary of the Company since 30 September 2022.

Ms. Wong is also a director of certain subsidiaries of the Group.

董事及高层管理人员简介（续）

执行董事（续）

楼屹博士（六十七岁）

执行董事

楼屹博士持有医学博士学位，曾经在上海

第二医科大学（现为上海交通大学医学院）

从事临床医学博士后研究，亦曾在复旦大

学从事产业经济学博士后研究。楼博士曾

担任上海生物芯片有限公司之董事兼总经

理，及曾在中国担任通用技术集团医药控

股有限公司之董事兼副总经理。于二零

四年六月至二零六年六月期间，楼博士

亦曾在上海复旦张江生物医药股份有限公

司（一间于联交所GEM上市之公司）担任非

执行董事。楼博士目前于由谢毅博士及毛

裕民博士（前任本公司主席兼执行董事）所

拥有之多间公司兼任董事和总经理职务。

楼屹博士于二零八年十月获委任为执行

董事。

楼博士亦担任本集团旗下若干附属公司之

董事。

王秀娟女士（六十二岁）

执行董事

王秀娟女士于二零八年五月加盟本集团

及担任董事会助理，并于二零八年十月

获委任为执行董事。王女士于工商业领域

（当中包括中国医药市场）拥有逾二十年经

验。王女士具有丰富的商业管理及内部监

控经验。彼目前为本公司之授权代表。

王女士于二零一四年一月八日获委任为本

公司联席公司秘书，并于二零二年九月

三十日起担任本公司之公司秘书。

王女士亦担任本集团旗下若干附属公司之

董事。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司24

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

执行董事（续）

郭懿博士（四十四岁）

执行董事

郭懿博士，分别于二零三年及二零一

年取得复旦大学生命科学院理学士学

位（主修生物科学）及理学博士学位（主修遗

传学）。郭博士于基因行业、健康管理服务

以及生物医药投资管理及开发的领域拥有

丰富经验。郭博士曾担任联合基因科技集

团有限公司（现称为领航医药及生物科技有

限公司，为联交所主板上市公司）之非执行

董事（自二零一年六月八日至二零一二年

四月二十六日期间）及执行董事（自二零一

二年四月二十七日至二零一五年十二月十

三日期间）。郭博士自二零一五年八月起一

直致力投放时间及精力于生物医药、医疗

器械和诊断服务领域的投资管理和项目开

发工作。彼目前为上海睿笕创业投资管理

有限公司（一家于中国成立的公司）之管理

合伙人。

郭博士于二零二三年四月十四日获委任为

独立非执行董事，并自二零二四年六月七

日起获调任为执行董事。

郭博士亦担任本集团旗下若干附属公司之

董事。

* 英文名称仅供识别

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT (Continued)

Executive Directors (Continued)

Dr. Guo Yi Ph.D. (aged 44)

Executive Director

Dr. Guo Yi obtained a bachelor degre in science (with a major in

biology) and a doctorate degre in science (with a major in genetics)

from the Schol of Life Sciences of Fudan University in 2003 and

2011 respectively. Dr. Guo has extensive experience in the fields of

genetics, health care management, and investment management and

development for venture in biomedicine. Dr. Guo was a non-executive

director (from 8 June 2011 to 26 April 2012) and an executive director

(from 27 April 2012 to 13 December 2015) of United Gene High-Tech

Group Limited (now known as Inovative Pharmaceutical Biotech

Limited), a company listed on the Main Board of the Stock Exchange.

Dr. Guo has ben comiting his time and working in investment

management and project development in the fields of biomedicine,

medical devices and diagnostic services since August 2015. He is

curently the managing partner of Shanghai Rui Jian Venture Capital

Management Co., Ltd.* (上海睿笕创业投资管理有限公司), a

company established in the PRC.

Dr. Guo was apointed as an independent non-executive director

on 14 April 2023 and was redesignated as an executive director with

efect from 7 June 2024.

Dr. Guo is also a director of certain subsidiaries of the Group.

* English name for identification only

ANUAL REPORT 2025 二零二五年报25

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

独立非执行董事

方林虎先生（八十七岁）

独立非执行董事

方林虎先生曾任复旦大学教授、复旦大学

前副校长（主管科技工业化及应用事宜），

彼曾兼任国家教委信息与电子学科教学指

导委员会委员，并曾任复旦大学物理系副

主任、电子工程系主任及微电子学研究所

所长职务。于二零年退休后，方先生

曾担任上海市老教授协会副会长、复旦大

学老教授协会长、复旦大学退休教育工

作者协会理事长等职务。方先生现时担任

前述上海市老教授协会、复旦大学老教授

协会以及复旦大学校友总会的荣誉顾问。

方先生在微波理论与技术领域进行深入研

究，具有丰富的科学研究与管理经验，为卓

有声望之科学家。方先生于二零一年六

月获委任为独立非执行董事。

金松女士（五十四岁）

独立非执行董事

金松女士持有山东广播电视大学工程学专

科文凭和复旦大学国际贸易专科文凭。彼为

中国注册会计师协会（「中国注册会计师协

会」）会员，并且于二零一年取得中国注册

会计师协会考试全科合格证。金女士于多个

行业会计方面拥有逾二十年之经验。金女

士于二零四年九月获委任为独立非执行

董事。

曾立博士（四十七岁）

独立非执行董事

曾立博士分别于二零年及二零五年

取得复旦大学生命科学院理学士学位

（微生物学专业）及理学博士学位（遗传学

专业）。曾博士自二零九年起注册为上海

注册会计师协会非执业会员。曾博士曾在

中国多家公司担任高级职位，并在生物科

技、医疗器材及医疗健康领域拥有丰富的

营运管理和投资经验。彼现时为惠和生物

技术（上海）有限公司之首席运营官。曾博

士于二零二四年六月七日获委任为独立非

执行董事。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT (Continued)

Independent Non-executive Directors

Mr. Fang Lin Hu (aged 87)

Independent Non-executive Director

Mr. Fang Lin Hu was a profesor in Fudan University, ex-vice

chancelor of Fudan University (overseing technology industrialisation

and utilisation maters), a member of National Information Technology

Education and Electronic Education Advisory Comite and

vice faculty head of the Physics Faculty of Fudan University, dean

of the Electronic Enginering Faculty, and the director of Micro-

electronic Research Institute. After his retirement in 2000, Mr. Fang

had served as the vice chairman of the Shanghai Senior Profesor

Asociation, the chairman of Fudan University Senior Profesor

Asociation, and the president of Fudan University Retired Education

Workers Asociation. Mr. Fang is curently the honorary advisor of

the aforementioned Shanghai Senior Profesor Asociation, Fudan

University Senior Profesor Asociation and the Fudan University

Alumni Asociation. Mr. Fang has performed research in the area of

microwave theory and technology. He is a wel-recognised scientist

who has extensive experience in scientific research and management.

Mr. Fang was apointed as an independent non-executive director in

June 2001.

Ms. Jin Song (aged 54)

Independent Non-executive Director

Ms. Jin Song holds a diploma in enginering from Broadcasting

University in Shandong Province and a diploma in busines from

Fudan University. She is a member of the Chinese Institute of Certified

Public Acountants (“CICPA”) and pased al the profesional

examinations held by CICPA in 2001. Ms. Jin has over 20 years’

experience in acounting in diferent industries. Ms. Jin was apointed

as an independent non-executive director in September 2004.

Dr. Zeng Li (aged 47)

Independent Non-executive Director

Dr. Zeng Li obtained a bachelor degre of Science in Microbiology

and a doctorate degre of Science in Genetics from the Schol of Life

Sciences of Fudan University in 2000 and 2005 respectively. Dr. Zeng

has ben registered as a non-practising member of the Shanghai

Institute of Certified Public Acountants since 2009. Dr. Zeng has

served several companies in the PRC at senior positions and has

extensive experience in operation management and investment in

the fields of biotech, medical devices and healthcare. He is curently

the chief operating oficer of Cytocares (Shanghai) Inc. Dr. Zeng was

apointed as an independent non-executive director on 7 June 2024.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司26

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

高层管理人员

龚有禄先生（五十六岁）

长春精优药业股份有限公司（「长春精优」）

及吉林精优长白山药业有限公司（「吉林精

优」）总经理

龚有禄先生于二零一年加入本集团。龚

先生负责长春精优及吉林精优之整体管

理及营运。彼于制药行业拥有逾二十年经

验。龚先生毕业于太原机械学院（现称中北

大学），取得工学士学位，并于中国吉林

大学取得工商管理硕士学位。在加入本集

团前，彼已在国内制药企业担任总经理职

务逾十年。

黄文达先生（四十八岁）

长春精优及吉林精优财务总监

黄文达先生于二零四年加入本集团。黄

先生负责长春精优及吉林精优营运的财务

控制及财务管理工作，现时亦担任董事会

秘书处理长春精优及吉林精优的公司秘书

事务。彼在制药企业财务管理方面累积了

逾十年经验。在加入本集团前，彼曾于国内

的制造企业工作。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT (Continued)

Senior Management

Mr. Gong Youlu (aged 56)

General Manager of Changchun Extrawel Pharmaceutical Co., Ltd.

(“CEP”) and Jilin Extrawel Changbaishan Pharmaceutical Co., Ltd.

(“JECP”)

Mr. Gong Youlu joined the Group in 2011. Mr. Gong is responsible

for the overal management and operations of CEP and JECP. He

has over 20 years’ experience in the pharmaceutical manufacturing

sector. Mr. Gong holds a Bachelor of Enginering degre from

Taiyuan Mechanical Colege (now known as North University of China)

and a Master’s degre in Busines Administration from Jilin University,

China. Prior to joining the Group, he had held the position of general

manager for pharmaceutical manufacturing enterprises in the PRC for

over 10 years.

Mr. Huang Wenda (aged 48)

Financial Controler of CEP and JECP

Mr. Huang Wenda joined the Group in 2004. Mr. Huang is responsible

for financial control and financial management of the operations of

CEP and JECP and curently also serves as secretary to the board

handling corporate secretarial maters of CEP and JECP. He has

acumulated experience of over 10 years in financial management of

pharmaceutical manufacturing enterprises. Prior to joining the Group,

he worked with manufacturing enterprises in the PRC.

CORPORATE GOVERNANCE REPORT

企业管治报告

ANUAL REPORT 2025 二零二五年报27

A. CORPORATE GOVERNANCE PRACTICES

Corporate Governance

The Group recognises the importance of achieving and

monitoring the high standard of corporate governance

consistent with the ned and requirements of its busines and

the best interest of al of its shareholders. The Group is fuly

comited to doing so.

The Company has adopted and complied with the code

provisions of the Corporate Governance Code (“Code

Provisions”) as set out in Apendix C1 of the Rules Governing

the Listing of Securities (the “Listing Rules”) on The Stock

Exchange of Hong Kong Limited (the “Stock Exchange”) during

the year ended 31 March 2025, except for certain deviations as

set out below.

Code Provision B.2.2 stipulates that every director should be

subject to retirement by rotation at least once every thre years.

Acording to the bye-laws of the Company, one-third of the

directors shal retire from ofice by rotation and the Chairman,

Deputy Chairman or Managing Director shal not be subject to

retirement by rotation. The Company’s bye-laws deviate from

the Code Provision. The Company considers that the continuity

of the Chairman/Deputy Chairman/Managing Director and their

leadership are esential for the stability of the busines and key

management. The rotation methodology ensures a reasonable

continuity of directorship which is to the best interest of the

Company’s shareholders.

Code Provision C.2.1 provides that the roles of chairman and

chief executive oficer should be separate and should not be

performed by the same person. Dr. Xie Yi has served as the

Chairman and chief executive oficer of the Company. However,

the Company believes that there is adequate balance of

power and authority in place though vesting the roles of both

chairman and chief executive oficer in the same person as al

major decisions of the Company are made in consultation with

members of the Board.

A. 企业管治常规

企业管治

本集团认同达致及监控高水平企业管

治之重要性，务求符合商业需要及规

定以及其全体股东之最佳利益。本集

团承诺竭尽所能达致高水平之企业

管治。

本公司于截至二零二五年三月三十一

日止年度已采纳并遵守香港联合交易

所有限公司（「联交所」）证券上市规则

（「上市规则」）附录C1所载的企业管治

守则内之守则条文（「守则条文」），惟

下文载列之若干偏离情况除外。

守则条文第B.2.2条规定，每名董事

应最少每三年轮值退任一次。根据本

公司之公司细则，三分之一的董事须

轮值退任，而主席、副主席或董事总

经理毋须轮值退任。本公司之公司细

则偏离守则条文。本公司认为主席╱

副主席╱董事总经理之连任及彼等之

领导对业务及主要管理层之稳定性非

常重要。轮值方法可确保董事合理连

任，从而符合本公司股东之最佳利益。

守则条文第C.2.1条规定，主席及行政

总裁之角色应分开，且不应由同一人

兼任。谢毅博士担任本公司之主席兼

行政总裁。然而，由于本公司所有主

要决策均于咨询董事会成员后作出，

故本公司相信，即使由同一人兼任主

席及行政总裁，亦足以维持权力与权

限之平衡。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司28

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

A. CORPORATE GOVERNANCE PRACTICES

(Continued)

Corporate Governance (Continued)

Code provision F.1.1 stipulates that the Company should

have a policy on payment of dividends. The Company has not

established a dividend policy as the Company considers it more

apropriate to determine a dividend payment after taking into

acount those factors including the Company’s then financial

performance, operating and capital requirements and market

conditions, to enable the Company be in a beter position to

cope with its future development, which is to the best interest

of the Company and its shareholders as a whole.

The Company wil continue to review and monitor the situation

as stated above, and to improve the practices as and when the

circumstances demand.

’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model

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

the Company’s code of conduct for dealings in securities of

the Company by the directors. Based on specific enquiry of

the directors, the directors have complied with the required

standard set out in the Model Code throughout the year ended

31 March 2025.

（续）

企业管治（续）

守则条文第F.1.1条规定，本公司应设

立派付股息的政策。本公司并无设立

股息政策，由于本公司认为经计及本

公司当时的财务表现、营运及资本需

求及市况等因素后厘定股息支付更为

合适，可使本公司处于更有利之地位

以应对其未来发展，此举符合本公司

及其股东之整体最佳利益。

本公司将继续审视及监控上述情况，

如情况需要，将会对有关常规作出

改善。

B. 董事进行之证券交易

本公司已采纳上市规则附录C3所载之

上市发行人董事进行证券交易的标准

守则（「标准守则」）作为董事买卖本公

司证券之本公司操守则。经向董事

作出特定查询后，董事于截至二零二

五年三月三十一日止年度内均一直遵

照标准守则所载之规定准则。

ANUAL REPORT 2025 二零二五年报29

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

C. 董事会

董事会之组成

于本年报日期，董事会（「董事会」）由

五名执行董事及三名独立非执行董事

（「独立非执董」）组成。董事会已设立

三个董事委员会，即提名委员会、薪

酬委员会及审核委员会。全体独立非

执董均为董事委员会成员。

现时董事会之组成及其自二零二四年

四月一日起之变动载列如下。

执行董事

谢毅博士（主席及行政总裁）

程勇先生（副行政总裁）

楼屹博士

王秀娟女士

郭懿博士（于二零二四年六月七日自独立非执

董调任）

独立非执行董事

方林虎先生

金松女士

曾立博士（于二零二四年六月七日获委任）

于二零二四年六月七日，郭懿博士自

独立非执董调任为执行董事，并不再

担任三个董事委员会各自之成员，而

曾立博士获委任为独立非执董及三个

董事委员会各自之成员。

各独立非执董均已根据上市规则规定

向本公司发出其年度独立性书面确认

函。本公司认为，各独立非执董均符

合上市规则第3.13条所载之独立性指

引，并认为根据上市规则，彼等均属

独立。三名独立非执董当中，金松女

士具备上市规则第3.10(2)条所规定之

适当会计或相关财务管理经验。

除披露者外，董事会成员之间并无

家族、财务、业务或其他重大╱相关

关系。

C. BOARD OF DIRECTORS

Composition of the Board

As at the date of this anual report, the board of directors (the “Board”)

comprises five executive directors and thre independent

non-executive directors (“INEDs”). The Board has established

thre Board comites namely the Nomination Comite,

Remuneration Comite and Audit Comite. Al the INEDs

are members of the Board comites.

The curent composition of the Board and its changes since

1 April 2024 are set out below.

Executive Directors

Dr. Xie Yi (Chairman and Chief Executive Oficer)

Mr. Cheng Yong (Deputy Chief Executive Oficer)

Dr. Lou Yi

Ms. Wong Sau Kuen

Dr. Guo Yi (redesignated from INED on 7 June 2024)

Independent Non-executive Directors

Mr. Fang Lin Hu

Ms. Jin Song

Dr. Zeng Li (apointed on 7 June 2024)

On 7 June 2024, Dr. Guo Yi was redesignated from an INED to

an executive director and ceased to be a member of each of

the thre Board comites, and Dr. Zeng Li was apointed as

an INED and a member of each of the thre Board comites.

Each of the INEDs has provided to the Company an anual

confirmation in writing of his/her independence pursuant to the

requirements of the Listing Rules. The Company is of the view

that al INEDs met the independence guidelines set out in Rule 3.13

of the Listing Rules and considers that they are independent

under the Listing Rules. Of the thre INEDs, Ms. Jin Song

has apropriate acounting or related financial management

experience as required under Rule 3.10(2) of the Listing Rules.

Save as disclosed, there is no family, financial, busines or other

material/relevant relationship among members of the Board.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司30

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

C. BOARD OF DIRECTORS (Continued)

Board Responsibilities

The Board is responsible for the leadership and control of the

Group and is colectively responsible for promoting the suces

of the Company. The Board overses the Group’s busineses,

strategic decisions and performances and provides insights

regarding the Group’s culture and values. The management

is delegated with the authority and responsibility by the Board

for the day-to-day management of the Group. Major corporate

maters that are specificaly delegated by the Board to the

management include the preparation of interim and anual

reports and anouncements for the Board’s aproval before

publishing, execution of busines strategies and initiatives

adopted by the Board, implementation of adequate risk

management and internal control systems, and compliance with

relevant statutory and regulatory requirements and rules and

regulations. The Board is ultimately acountable for the Group’s

activities, strategies and financial performance.

Mechanisms Ensuring Independent Views

Available to the Board

The Company maintains the folowing mechanisms which are

reviewed anualy to ensure independent views and input are

available to the Board:

The Board curently comprises five executive directors and

thre INEDs that the INEDs represent over one-third of the

Board members. Each of the Board comites comprises

al the INEDs. Each of the Nomination Comite and

Remuneration Comite comprises thre INEDs out of its four

members. The Audit Comite comprises INEDs only.

The Company’s nomination policy sets out the aproach and

procedures for the nomination and selection, and apointment/

re-apointment of directors (including INEDs). The Nomination

Comite is mandated to ases anualy the independence

of al INEDs by reference to the independence criteria as set

out in the Listing Rules to ensure that they can continualy

exercise independent judgement. In adition to providing the

writen confirmation of independence anualy, each INED is

also required to inform the Company as son as practicable if

there is any change in his/her own personal particulars that may

materialy afect his/her independence.

（续）

董事会责任

董事会负责领导及监控本集团，并集

体负责推动本公司发挥成就。董事会

监督本集团之业务、策略决策及表现

并就本集团之文化及价值提供见解。

董事会授予管理层权力及责任以监管

本集团之日常管理。董事会特别授予

管理层权力处理之主要企业事宜包括

编制中期及年度报告及公告，以于刊

发前提交董事会批准、实施董事会所

采纳之业务策略及举措、推行充足之

风险管理及内部监控制度，并遵守有

关法定和监管规定及规则与法规。董

事会对本集团之活动、策略及财务表

现承担最终责任。

确保董事会可获得独立意见的

机制

本公司设有以下机制并每年进行检

讨，以确保董事会可获得独立意见及

见解：

董事会目前由五名执行董事及三名独

立非执董组成，独立非执董占董事会

成员逾三分之一。各董事委员会之组

成均包括全体独立非执董。提名委员

会及薪酬委员会之四名成员中各包括

三名独立非执董。审核委员会仅由独

立非执董组成。

本公司之提名政策规定董事（包括独

立非执董）之提名及甄选以及委任╱重

新委任之方法及程序。提名委员会获

授权每年参照上市规则所载之独立性

准则评估全体独立非执董之独立性，

以确保彼等可持续作出独立判断。除

须每年发出独立性书面确认函外，若

其个人情况有任何变动而可能对其独

立性产生重大影响，各独立非执董亦

须于可行情况下尽早通知本公司。

ANUAL REPORT 2025 二零二五年报31

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

确保董事会可获得独立意见的

机制（续）

根据本公司之公司细则，各董事须披

露其于董事会议审议之事项之利

益（如有），并应就其有利益之任何交

易、合约或安排放弃投票。独立非执

董（如同其他董事）不得就批准该董事

或其任何紧密联系人拥有重大利益之

任何合约或安排之董事会决议案投票

或被计入法定人数。

除担任董事会及董事委员会成员之董

事袍金外，概不会向独立非执董授予

与业绩挂钩之股票类薪酬，因可能导

致彼等决策出现偏差并损害其客观及

独立性。

独立非执董（如同其他董事）有权就董

事会议上讨论之事项向管理层索取

进一步资料及文件。彼等亦可向本公

司之公司秘书寻求协助，并于必要时

寻求外部专业顾问之独立意见，费用

由本公司承担。

于董事会及董事委员会议期间，鼓

励独立非执董及执行董事以公开方式

表达其独立意见及见解。

董事会主席须至少每年在执行董事不

在场的情况下与独立非执董举行会

议，讨论重大问题及任何关注事项。

董事会认为，上述机制可促进董事对

董事会作出有效贡献，提供独立意见

及见解。

C. BOARD OF DIRECTORS (Continued)

Mechanisms Ensuring Independent Views

Available to the Board (Continued)

In acordance with the Company’s bye-laws, each director

has to disclose his/her interest, if any, in the maters to be

considered at the Board metings and shal abstain from voting

in respect of any transaction, contract or arangement in which

he/she is interested. INEDs (as other directors) shal not vote or

be counted in the quorum on any Board resolution aproving

any contract or arangement in which such director or any of

his/her close asociates has a material interest.

Other than the director’s fe for serving as a member of the

Board and Board comites, no equity-based remuneration

with performance-related elements wil be granted to INEDs as

this may lead to bias in their decision-making and compromise

their objectivity and independence.

INEDs (as other directors) are entitled to sek further information

and documentation from the management on the maters to be

discused at Board metings. They can also sek asistance

from the company secretary of the Company and, where

necesary, independent advice from external profesional

advisers at the Company’s expense.

During the metings of the Board and Board comites,

INEDs and executive directors are encouraged to expres their

independent views and input in an open maner.

The Chairman of the Board shal at least anualy hold metings

with the INEDs without the presence of executive directors to

discus major isues and any concerns.

The Board considers that the above mechanisms can facilitate

the directors to contribute efectively to the Board with

independent views and input.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司32

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

C. BOARD OF DIRECTORS (Continued)

During the year ended 31 March 2025, five Board metings and

thre general metings (including the anual general meting)

of the Company were held, and the atendance records of

each director at the respective metings are set out in the table

below:

Number of atendance

出席次数

Board

Meting

General

Meting

Name of Director董事姓名董事会议股东大会

Dr. Xie Yi谢毅博士5/53/3

Mr. Cheng Yong程勇先生5/53/3

Dr. Lou Yi楼屹博士4/52/3

Ms. Wong Sau Kuen王秀娟女士5/53/3

Dr. Guo Yi

郭懿博士

5/53/3

Mr. Fang Lin Hu方林虎先生5/53/3

Ms. Jin Song金松女士5/52/3

Dr. Zeng Li

曾立博士

4/43/3

#1 Dr. Guo Yi was apointed as an INED on 14 April 2023 and redesignated

as an executive director on 7 June 2024.

#2 Dr. Zeng Li was apointed as an INED on 7 June 2024.

In adition, a meting was held betwen the Chairman and the

INEDs without the presence of executive directors during the

year.

The Company has aranged apropriate directors’ and oficers’

liability insurance for members of the Board and oficers in order

to protect legal claims against their lawful discharge of duties in

relation to the Group’s busines.

（续）

截至二零二五年三月三十一日止年

度，本公司曾举行五次董事会议及

三次股东大会（包括股东周年大会），

而各董事于相关会议之出席率载列于

下表：

#1 郭懿博士于二零二三年四月十四日获委任

为独立非执董，并于二零二四年六月七日

获调任为执行董事。

#2 曾立博士于二零二四年六月七日获委任为

独立非执董。

此外，主席亦曾于本年度内在执行董

事不在场的情况下与独立非执董举行

一次会议。

本公司已为董事会成员及高级人员安

排合适之董事及高级人员责任保险，

以为彼等就本集团业务依法履职过程

中产生的法律申诉提供保障。

ANUAL REPORT 2025 二零二五年报33

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

D. 主席及行政总裁

谢毅博士担任本公司主席及行政总

裁。此不符合守则条文第C.2.1条所要

求，即主席及行政总裁之角色应该分

开，且不应由同一人士兼任之规定。

由于本公司所有主要决策均经董事会

成员磋商后作出，故本公司相信，即

使由同一人兼任主席及行政总裁，亦

足以维持权力与权限之平衡。

E. 非执行董事

根据守则条文第B.2.2条，每名董事应

最少每三年轮值退任一次。独立非执

董并非按特定任期委任，而根据本公

司之公司细则，三分之一的董事（主席

除外）须轮值退任，并符合资格重选连

任。偏离此条之原因为本公司相信董

事应为本公司股东之长远利益而作出

承担，而轮值方法可确保董事按合理

比例连任，从而符合本公司股东之最

佳利益。

独立非执董之职责包括但不限于参加

董事会议及董事委员会议，以就

有关策略、政策、表现、问责性、资

源、主要委任及操守准则等事宜作出

独立判断。

提名委员会、薪酬委员会及审核委员

会各自之组成均包括全体独立非执

董，负责（其中包括）审视及监管其指

定职权范围内的活动。各董事委员会

的书面职权范围可于联交所及本公司

网站查阅。

D. CHAIRMAN AND CHIEF EXECUTIVE

OFICER

Dr. Xie Yi serves as the Chairman and chief executive oficer of

the Company. This is a deviation from Code Provision C.2.1,

which requires the roles of chairman and chief executive oficer

should be separate and should not be performed by the same

person. As al major decisions of the Company are made in

consultation with members of the Board, the Company believes

that there is adequate balance of power and authority in place

though vesting the roles of both chairman and chief executive

oficer in the same person.

E. NON-EXECUTIVE DIRECTORS

Pursuant to Code Provision B.2.2, every director shal retire

by rotation at least once every thre years. The INEDs are

not apointed for a specific term and acording to the bye-

laws of the Company, one-third of the directors (except for

the Chairman) shal retire from ofice by rotation and become

eligible for re-election. The reason for the deviation is that the

Company believes that the directors ought to be comited

to representing the long-term interest of the Company’s

shareholders and the rotation methodology ensures a

reasonable proportion of directors in continuity which is to the

best interest of the Company’s shareholders.

The function of the INEDs includes but not limited to

participating in metings of the Board and of Board comites

to bring an independent judgement to bear on isues of

strategy, policy, performance, acountability, resources, key

apointments and standards of conduct.

Each of the Nomination Comite, Remuneration Comite

and Audit Comite, is comprised of al INEDs and is

responsible for, inter alia, the review and oversight of the

activities within its defined terms of reference. The writen terms

of reference for the respective Board comites are available

on the websites of the Stock Exchange and the Company.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司34

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

F. 提名委员会

提名委员会由四名成员组成，包括谢

毅博士（董事会主席及本公司行政总

裁）以及三名独立非执董。提名委员会

由谢毅博士担任主席。

提名委员会的主要角色及职能是制定

及实施有关提名人选之政策，以供董

事会审议及股东选任，及适当考虑董

事会多元化（包括性别多元化）以检讨

董事会的架构、人数及组成，以及经

顾及上市规则之准则评核非执行董事

之独立性。

于截至二零二五年三月三十一日止年

度，已举行两次会议以检讨董事会的

架构、人数及组成，包括董事会成员

多元化及检讨董事会成员多元化政策

的实施情况；审议及建议董事会调任

一名独立非执董为执行董事、委任新

独立非执董以填补空缺及作为增补董

事、重新委任退任董事，以及评估独

立非执董之独立性。

各董事之出席率载列如下：

#1 郭懿博士于二零二四年六月七日由独立非

执董调任为执行董事，并于彼调任后不再

担任董事委员会各自之成员。

#2 曾立博士于二零二四年六月七日获委任为

独立非执董及董事委员会各自之成员。

F. NOMINATION COMITE

The Nomination Comite consists of four members including,

Dr. Xie Yi, the chairman of the Board and chief executive oficer

of the Company, and thre INEDs. The Nomination Comite

is chaired by Dr. Xie Yi.

The major role and function of the Nomination Comite are to

formulate and implement the policy for nominating candidates

for consideration by the Board and election by shareholders,

review the structure, size and composition of the Board with

due regard to Board diversity (including gender diversity), and

to ases the independence of non-executive directors having

regard to the criteria under the Listing Rules.

During the year ended 31 March 2025, two metings were held

to review the Board’s structure, size and composition including

Board diversity, and review the implementation of the Board

Diversity Policy; consider and make recomendations to the

Board on the redesignation of an INED to an executive director,

apointment of new INED to fil the vacancy and as an adition

to the Board, the re-apointment of retiring directors, and

ases the independence of INEDs.

The atendance of each director is set out below:

Number of atendance

Name of Director董事姓名出席次数

Dr. Xie Yi 谢毅博士2/2

Mr. Fang Lin Hu方林虎先生2/2

Ms. Jin Song金松女士2/2

Dr. Guo Yi

郭懿博士

1/1

Dr. Zeng Li

曾立博士

1/1

#1 Dr. Guo Yi was redesignated from an INED to an executive director on 7

June 2024 and ceased to be a member of each of the Board comites

upon his redesignation.

#2 Dr. Zeng Li was apointed as an INED and a member of each of the

Board comites on 7 June 2024.

ANUAL REPORT 2025 二零二五年报35

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

董事会成员多元化政策

董事会已采纳一套董事会成员多元化

政策，提名委员会将协助实施并监督

该政策。为提高董事会的效率，挑选

人选时将基于一系列多元化观点，包

括但不限于性别、年龄、文化及教育

背景、专业经验、技能及服务年期。

提名委员会将每年审视及讨论董事会

成员多元化，以建立及维持董事会成

员多元化组合，而非专注於单一多元

化方面，并将向董事会提出建议以供

其考虑及批准。董事会目前由五名执

行董事及三名独立非执董组成，彼等

拥有各方面的专业资格或相关经验，

包括会计及财务管理、企业合规、业

务管理、科学研究、中国医药行业、

生物科技及医疗健康领域营运管理及

投资以及生物医药投资管理。董事履

历详情（包括彼等之角色及职能、学术

背景及经验）已于本年报第22至26页

「董事及高层管理人员简介」中披露，

董事会成员之性别、年龄及服务年期

概要载列如下：

F. NOMINATION COMITE (Continued)

Board Diversity Policy

The Board has adopted a Board Diversity Policy and the

Nomination Comite wil help implement and monitor the

policy. To enhance the efectivenes of the Board, selection

of candidates is based on a range of diversity perspectives,

including but not limited to, gender, age, cultural and

educational background, profesional experience, skils and

length of service. The Nomination Comite wil review and

discus, on an anual basis, Board diversity with regard to

the building and maintaining of the Board with a diversity of

directors, without focusing on a single diversity aspect, and

wil make recomendation to the Board for its consideration

and aproval. The Board curently comprises five executive

directors and thre INEDs, who have posesed profesional

qualifications or relevant experience in various aspects;

including acounting and financial management, corporate

compliance, busines management, scientific research,

China pharmaceutical industry, operation management

and investment in biotech and healthcare, and investment

management in biomedicine. The directors’ biographical details

including their roles and functions, academic background and

experience are disclosed in “Directors and Senior Management

Profile” on pages 22 to 26 of this anual report, and the Board

profile in gender, age and length of service is sumarised as

below:

Board profileNumber of directors (%)

董事会简介董事人数(%)

CapacityExecutive directors: 5 (62.5%)INEDs: 3 (37.5%)

身份执行董事：5 (62.5%)独立非执董：3 (37.5%)

GenderMale: 6 (75%)Female: 2 (25%)

性别男性：6 (75%)女性：2 (25%)

Age GroupAge 40–60: 3 (37.5%)Age above 60: 5 (62.5%)

年龄组别40岁至60岁：3 (37.5%)60岁以上：5 (62.5%)

Length of serviceBelow 10 years: 2 (25%)Above 10 years: 6 (75%)

服务年期10年以下：2 (25%)10年以上：6 (75%)

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司36

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

F. NOMINATION COMITE (Continued)

Board Diversity Policy (Continued)

Having reviewed the structure and composition of the

Board and taken into acount the diversity perspectives, the

Nomination Comite considered that the curent Board

has apropriate mix of skils, experience and a suficient

level of diversity that are relevant to the busines nature and

requirements of the Group, and concluded that the Board

Diversity Policy has ben efectively implemented.

Gender Diversity

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

directors, two of whom are female (representing 25%). The

Board considers that the curent level of female representation

reflects gender diversity and mets specific neds of the Group,

and that gender diversity of the Board has ben achieved.

As at 31 March 2025, the Group’s total workforce (including

senior management) comprises aproximately 40.5% (2024:

37.1%) male and 59.5% (2024: 62.9%) female. The Group has

avoided a single gender workforce in workplaces. Oportunities

for employment, training and carer development are equaly

opened to al eligible employes without discrimination. The

Group wil review the gender diversity of the workforce regularly

in acordance with busines development of the Group.

Nomination Policy

The Nomination Comite has adopted a nomination policy

guiding the nomination criteria and procedures to identify, select

and recomend candidates for directorship.

The Nomination Comite shal consider a number of

nomination criteria in asesing the suitability of a proposed

candidate for directorship or proposed re-apointment of

a retiring director, including but not limited to: the skils,

knowledge and experience posesed by the candidate or

retiring director which are relevant to the Company’s busines,

corporate development and strategy; the diversity perspectives

set out in the Board Diversity Policy and the balance of skils

and experience in Board composition; the level of independence

from the Company and compliance of the relevant requirements

under the Listing Rules; and such other factors the Nomination

Comite may consider relevant to enhancement of the

efectivenes of the Board.

（续）

董事会成员多元化政策（续）

经审视董事会结构及组成并考虑多元

化角度后，提名委员会认为目前的董

事会具有与本集团的业务性质及要求

相关的适当技能、经验组合及充足的

多元化水平，故总结认为董事会成员

多元化政策已有效执行。

性别多元化

于本报告日期，董事会由八名董事组

成，其中两名为女性（相当于25%）。

董事会认为女性代表目前之水平可反

映性别多元化且符合本集团之特定

需求，而本集团已达成董事会性别多

元化。

于二零二五年三月三十一日，本集团

之员工总数（包括高层管理人员）约

40.5%（二零二四年：37.1%）为男性

及约59.5%（二零二四年：62.9%）为

女性。本集团已避免工作场所由单一

性别员工组成。本集团向所有合资格

员工平等提供雇佣、培训及事业发展

之机会，概无歧视。本集团将根据本

集团之业务发展定期检讨员工性别多

元化。

提名政策

提名委员会已采纳提名政策，作为提

名标准及程序的指引，以物色、挑选

及建议董事人选。

提名委员会于评估建议人选担任董

事职务或重新委任退任董事是否适

合时，须考虑若干提名标准，包括但

不限于：人选或退任董事所拥有与本

公司业务、企业发展及战略相关之技

能、知识及经验；董事会成员多元化

政策中载列之多元化观点以及董事会

组成之技能及经验之平衡；在多大程

度上独立于本公司及是否符合上市规

则之相关规定；以及提名委员会可能

认为与提高董事会效益有关之其他

因素。

ANUAL REPORT 2025 二零二五年报37

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

提名政策（续）

根据本公司之公司细则的条文，倘提

名委员会决定需要一名新增或替补董

事，则可采取适当措施物色及评估合

适董事人选。提名委员会可在物色人

选过程中部署渠道，包括董事、本公

司顾问及外部猎头公司之推荐，根据

上述提名标准评估人选，并建议人选

供董事会考虑及批准。

就重新委任退任董事而言，提名委员

会审视彼对本公司之服务、彼于任期

内在董事会之参与程度，并经计及提

名标准后，向董事会建议重新委任有

意于本公司股东大会上重选连任的退

任董事。

若提名委员会评估由本公司股东所推

荐或提名之人选符合提名标准，则可

向董事会推荐该人选，作为被提名人

供董事会选任。股东提名人选参选董

事的程序刊登于本公司网站。

甄选及委任董事的最终责任由董事会

承担。在接纳提名委员会作出之建议

时，董事会可（视情况而定）委任该人

选担任董事以填补临时空缺或作为增

补董事，并向股东推荐该人选以于股

东大会上进行选任或重新委任（就退

任董事而言）。

F. NOMINATION COMITE (Continued)

Nomination Policy (Continued)

Subject to the provisions in the Company’s bye-laws, where the

Nomination Comite determines that an aditional director

or a replacement director is required, it may take apropriate

steps in conection with the identification and evaluation of a

suitable candidate for directorship. The Nomination Comite

may deploy chanels including referal from directors, advisers

of the Company and external executive search firms in the

identification proces, evaluate a candidate based on the

nomination criteria stated above, and make recomendation

for the Board’s consideration and aproval.

For re-apointment of a retiring director, the Nomination

Comite reviews his/her service to the Company, the level of

participation on the Board during his/her term, and after taking

into acount the nomination criteria, recomends to the Board

for proposed re-apointment of the retiring director who wishes

to stand for re-election at the Company’s general meting.

The Nomination Comite may also propose to the Board

a candidate recomended or ofered for nomination by a

shareholder of the Company as a nomine for election to the

Board, if it evaluates that the candidate mets the nomination

criteria. The procedures for shareholders to propose a person

for election as a director are published in the Company’s

website.

The Board has the ultimate responsibility for selection and

apointment of directors. On acepting the recomendation

made by the Nomination Comite, the Board may (as the

case may be) apoint the candidate as director to fil a casual

vacancy or as an adition to the Board and recomend the

candidate to shareholders for election or re-election (for a

retiring director) at the general meting.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司38

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

G. 薪酬委员会

薪酬委员会由四名成员组成，包括三

名独立非执董及谢毅博士。薪酬委员

会由方林虎先生（独立非执董）担任

主席。

薪酬委员会按照特定职权范围成立，

清楚列明其权力及职责，其中包括其

就本公司有关全体董事及高级管理层

薪酬之政策及结构，及就薪酬政策设

立正式及透明程序向董事会提供建

议，以及因应董事会不时决定的企业

方针及目标而检讨及批准薪酬建议。

薪酬委员会就个别执行董事及高级管

理层之薪酬方案向董事会提供建议，

并亦检讨及╱或批准本公司不时采纳

之股份计划之事项。

截至二零二五年三月三十一日止年

度，本公司曾举行三次会议，各董事

之出席率载列如下：

#1 郭懿博士于二零二四年六月七日由独立非

执董调任为执行董事，并于彼调任后不再

担任董事委员会各自之成员。

#2 曾立博士于二零二四年六月七日获委任为

独立非执董及董事委员会各自之成员。

G. REMUNERATION COMITE

The Remuneration Comite consists of four members

including, thre INEDs and Dr. Xie Yi. The Remuneration

Comite is chaired by Mr. Fang Lin Hu, an INED.

The Remuneration Comite has ben established with

specific terms of reference, which state clearly its authority and

duties, among others, it makes recomendations to the Board

on the Company’s policy and structure for al directors and

senior management remuneration, and on the establishment of

a formal and transparent procedure for developing remuneration

policy, and review and aprove remuneration proposals with

reference to corporate goals and objectives resolved by the

Board from time to time. The Remuneration Comite makes

recomendations to the Board on the remuneration packages

of individual executive directors and senior management, and

also review and/or aprove maters relating to share schemes

as may from time to time be adopted by the Company.

During the year ended 31 March 2025, thre metings were

held and atendance of each director is set out below:

Number of atendance

Name of Director董事姓名出席次数

Mr. Fang Lin Hu方林虎先生3/3

Ms. Jin Song金松女士3/3

Dr. Guo Yi

郭懿博士

1/1

Dr. Zeng Li

曾立博士

2/2

Dr. Xie Yi谢毅博士3/3

#1 Dr. Guo Yi was redesignated from an INED to an executive director on 7

June 2024 and ceased to be a member of each of the Board comites

upon his redesignation.

#2 Dr. Zeng Li was apointed as an INED and a member of each of the

Board comites on 7 June 2024.

2

ANUAL REPORT 2025 二零二五年报39

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

董事薪酬由薪酬委员会根据董事各自

的角色及职责以及个别表现检讨及建

议，及╱或由董事会经股东于股东周

年大会上之授权而作出决定。本公司

亦已采纳购股权计划作为对董事及高

层管理人员之奖励。薪酬委员会因应

当时市况及个别成员之角色及职责，

定期审视本公司就董事及高层管理人

员采纳的薪酬政策以及架构，向董事

会作出建议。于年度内，薪酬委员会

审查董事及高层管理人员的现行薪酬

政策及结构，并就现任董事、新委任

董事及调任董事的薪酬待遇（包括董

事袍金）向董事会提出推荐建议，供其

审议及批准。

截至二零二五年三月三十一日止年度

之董事酬金及五位最高薪酬人士分别

于综合财务报表附注11及12内披露。

高层管理人员（其履历披露于「董事及

高层管理人员简介」一节，但未作为五

位最高薪酬人士载列于附注内）之酬

金属于下列范围：

H. 审核委员会

审核委员会由三名独立非执董组成并

由方林虎先生（独立非执董）担任主席。

审核委员会按照特定职权范围成立，

有关职权范围已包括相关守则条文所

载之职责（于必要时作出适当修订）。

G. REMUNERATION COMITE (Continued)

The emoluments of the directors are reviewed and

recomended by the Remuneration Comite with regard

to the directors’ respective roles and responsibilities, individual

performance, and/or decided by the Board as authorised by

the shareholders at the anual general meting. The Company

has also adopted a share option scheme as an incentive to

the directors and the senior management. The Remuneration

Comite conducts regular review of the Company’s

remuneration policy and structure of the directors and senior

management which takes into acount the prevailing market

conditions and the role and responsibility of individual members,

for making recomendation to the Board. During the year,

the Remuneration Comite reviewed the existing policy and

structure for remuneration of directors and senior management

and made recomendation to the Board for consideration and

aproval in respect of the remuneration packages (including

director’s fe) for the existing directors, newly apointed

director and redesignated director.

Directors’ emoluments and the five highest paid individuals for

the year ended 31 March 2025 are disclosed in notes 11 and

12 respectively to the consolidated financial statements.

Emoluments of senior management whose profiles are

disclosed in the section “Directors and Senior Management

Profile” but not included in the note as the five highest paid

individuals, fel within the folowing band:

Number of individuals

人数

二零二五年二零二四年

Emolument band酬金范围

HK$ nil to HK$1,000,000零港元至1,000,000港元2

H. AUDIT COMITE

The Audit Comite comprises thre INEDs and is chaired by

Mr. Fang Lin Hu, an INED.

The Audit Comite has ben established with specific terms

of reference that have included the duties set out in the relevant

Code Provisions, with apropriate modification when necesary.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司40

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

H. AUDIT COMITE (Continued)

The major role and function of the Audit Comite are to

provide the Board an independent oversight of the financial

reporting, risk management and internal controls of the Group,

and maintain an apropriate relationship of the Company’s

external auditors and make recomendations to the Board on

the apointment and re-apointment of external auditors. The

Audit Comite asists the Board in ensuring proper review

and control arangements relating to risk management and

internal control systems, financial reporting and compliance to

aplicable reporting requirements are established, and policies

and practices on corporate governance are in place.

During the year ended 31 March 2025, four metings were held

and atendance of each director is set out below:

Number of atendance

Name of Director董事姓名出席次数

Mr. Fang Lin Hu方林虎先生4/4

Ms. Jin Song金松女士4/4

Dr. Guo Yi

郭懿博士

1/1

Dr. Zeng Li

曾立博士

3/3

#1 Dr. Guo Yi was redesignated from an INED to an executive director on 7

June 2024 and ceased to be a member of each of the Board comites

upon his redesignation.

#2 Dr. Zeng Li was apointed as an INED and a member of each of the

Board comites on 7 June 2024.

The Audit Comite reviewed the half yearly and ful year

consolidated financial statements, including the Group’s

adopted acounting principles and practices, risk management

and internal control systems with internal audit function and

financial reporting maters (in conjunction with the external

auditor for the anual results). The Audit Comite endorsed

the acounting treatments adopted by the Company and,

to the best of its ability asured itself that the disclosures of

the financial information in this anual report comply with the

aplicable acounting standards and Apendix D2 of the Listing

Rules.

（续）

审核委员会的主要角色及职能为就本

集团财务汇报、风险管理及内部监控

为董事会提供独立监督及与本公司外

聘核数师维持恰当关系并就外聘核数

师的委任及续聘向董事会提出推荐建

议。审核委员会协助董事会确保有关

风险管理及内部监控制度、财务汇报

及遵守适用报告规定的适当审查及控

制安排，以及企业管治的政策及实践

已到位。

截至二零二五年三月三十一日止年度

曾举行四次会议，各董事之出席率载

列如下：

#1 郭懿博士于二零二四年六月七日由独立非

执董调任为执行董事，并于彼调任后不再

担任董事委员会各自之成员。

#2 曾立博士于二零二四年六月七日获委任为

独立非执董及董事委员会各自之成员。

审核委员会已审阅半年度及全年综合

财务报表，包括本集团所采纳之会计

原则及惯例、风险管理及内部监控制

度（设有内部审核功能）及财务报告事

宜，并就年度业绩与外聘核数师一同

审阅。审核委员会赞同本公司所采取

之会计处理方法，并已尽力确保本年

报披露之财务资料符合适用之会计准

则及上市规则附录D2。

ANUAL REPORT 2025 二零二五年报41

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

于年度内，前任核数师开元信德会计

师事务所有限公司于二零二四年八月

二十三日举行之本公司股东周年大会

结束时其任期届满，退任本公司核数

师。审核委员会已考虑及评估建议委

任永拓富信会计师事务所有限公司为

本公司新核数师，以填补前任核数师

退任所产生之空缺，并向董事会作出

推荐建议，以供考虑及批准。

本公司股东已于二零二五年三月二十

八日举行的股东特别大会上批准委任

永拓富信会计师事务所有限公司为核

数师。

I. 核数师酬金

截至二零二五年三月三十一日止年

度，就审核服务及非审核服务已付╱

应付本公司核数师永拓富信会计师事

务所有限公司之酬金分别为800,000港

元及零港元。

J. 财务报告

本公司董事确认彼等按照上市规则规

定及适用法定要求及会计准则编制本

集团综合财务报表之责任。本集团已

采纳持续经营基准编制其财务报表。

本公司核数师就其报告责任所作声明

载于本年报第89至95页之「独立核数

师报告」。

H. AUDIT COMITE (Continued)

During the year, the former auditor, Elite Partners CPA Limited

retired as auditor of the Company upon expiration of its term

of ofice at the conclusion of the anual general meting of

the Company held on 23 August 2024. The Audit Comite

considered and asesed the proposed apointment of SFAI

(HK) CPA Limited as the new auditor of the Company to fil the

vacancy arising from the retirement of the former auditor, and

made recomendation to the Board for consideration and

aproval.

The apointment of SFAI (HK) CPA Limited as auditor was

aproved by the Company’s shareholders at the special general

meting held on 28 March 2025.

’S REMUNERATION

The remuneration paid/payable to the Company’s auditor, SFAI (HK)

CPA Limited in respect of audit services and non-audit services

for the year ended 31 March 2025 amounted to HK$800,000

and HK$ nil respectively.

J. FINANCIAL REPORTING

The directors of the Company acknowledged their responsibility

for preparing the consolidated financial statements of the Group

in acordance with the requirements of the Listing Rules and

aplicable statutory requirements and acounting standards.

The Group has adopted the going concern basis in preparing

its financial statements.

A statement by the auditor of the Company about their

reporting responsibilities is set out in the “Independent Auditor’s

Report” on pages 89 to 95 of this anual report.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司42

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

K. 风险管理及内部监控

董事会负责持续监督及确保于本集团

内维持一个健全且有效之风险管理及

内部监控制度，以保障本集团之资产

及本公司股东之利益。该等制度乃于

界定管理架构框架下设计，具备特定

的职权范围及监控职责，旨在管理而

非消除未能实现业务目标的风险并协

助提供针对重大错误阐述或缺失的合

理保证。

本集团采用持续的风险管理方法，以

识别及评估影响其目标实现的主要固

有风险。各业务单位负责识别、评估

及管理其业务内的风险，确保实施适

当的内部监控以实现有效的管理。管

理层负责透过与业务单位的定期会议

监督本集团的风险管理及内部监控活

动，以确保主要风险得到妥善管理。

本集团已制定政策、标准及程序，涵

盖本集团的财务、营运及合规监控，

以保障本集团的资产、遵守规则及规

例，以及确保财务资料的可靠性。董

事会在审核委员会的支持下，每年检

讨本集团风险管理及内部监控制度的

有效性及充足性。

审核委员会获授权力协助董事会履行

其对风险管理及内部监控制度之监管

角色，透过定期审阅及评估本公司之

财务监控及该等制度是否有效及足

够。截至二零二五年三月三十一日止

年度，经考虑本集团业务及营运之规

模后，审核委员会已采纳风险管理方

法，以确定本集团业务单位的审阅范

畴。有关审阅乃由本集团独立于业务

单位的风险管理及内部审核职能进

行，其中涵盖透过对经营流程进行的

测试评估该等制度。审核发现及推荐

建议向审核委员会及高层管理人员汇

报。审核委员会及董事会信纳审阅结

果，并总结风险管理及内部监控制度

的主要领域获合理及充分执行。

K. RISK MANAGEMENT AND INTERNAL

CONTROL

The Board is responsible for overseing on an ongoing basis

and ensuring that sound and efective risk management and

internal control systems are maintained within the Group in

order to safeguard the Group’s asets and the interests of

the Company’s shareholders. These systems are designed

under the framework of a defined management structure

with specified limits of authority and control responsibilities to

manage rather than to eliminate the risk of failure to achieve

busines objectives and help to provide reasonable asurance

against material mistatement or los.

The Group adopts an ongoing risk management aproach

to identify and ases the key inherent risks that afect the

achievement of its objectives. Each busines unit is responsible

for identifying, asesing and managing risks within its

busines, ensuring that apropriate internal controls for

efective management are implemented. The management is

responsible for overseing the risk management and internal

control activities of the Group through regular metings

with the busines units to ensure principal risks are properly

managed. Policies, standards and procedures covering the

financial, operational and compliance controls of the Group

for safeguarding the Group’s asets, complying with rules and

regulations and ensuring the reliability of financial information are

established. The Board with the suport of the Audit Comite

reviews the efectivenes and adequacy of the Group’s risk

management and internal control systems anualy.

The Audit Comite is delegated with authorities to asist

the Board to fulfil its oversight role over the risk management

and internal control systems by reviewing and evaluating

on a regular basis the efectivenes and adequacy of the

Company’s financial controls, and these systems. During

the year ended 31 March 2025, the Audit Comite, after

taking into consideration the size of the Group’s activities and

operations, had adopted a risk-based aproach in identifying

the scope of review for the Group’s busines units. The review

was conducted by the Group’s risk management and internal

audit function independent of the busines unit, which covered

apraisal of the systems by conducting tests on operating

procedures. Audit findings and recomendations were

reported to the Audit Comite and the senior management.

The Audit Comite and the Board were satisfied with the

result of the review and concluded that the key areas of the risk

management and internal control systems are reasonably and

adequately implemented to their satisfaction.

ANUAL REPORT 2025 二零二五年报43

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

本公司深明良好商业道德的重要性，

其与良好的企业管治一起构成达致

成功的重要基础。本集团重视于业务

活动中采取合乎道德的方针，以缔造

安全、信任及合作的工作环境，从而

建立健康企业文化，并制定反腐败政

策以促进及支持反腐败法律及法规。

另外，本集团亦制定了检举政策及制

度，以使员工及与本集团进行交易的

人士（如客户及供应商）以保密及匿名

形式向审核委员会提出与本集团有关

的任何事项中可能存在之不当行为之

关注。

就处理及发布内幕消息（「该等资料」）

而言，本集团知悉其于上市规则、证

券及期货条例及指引原则项下的责

任，即倘本集团知悉该等资料，应在

实际可行情况下尽快妥为披露该等

资料。就此而言，本集团已自二零一

三年起采纳内幕消息披露政策（「该政

策」），旨在防止该等资料遭提前披露

及确保股东及公众就本集团活动、表

现及财务状况获提供完整、准确和及

时的该等资料。该政策涵盖有关以下

各项的程序：(i)对该等资料保密，如使

用代号识别项目、按须知基准发布；

及(i)识别、评估及监察该等资料分

发。审核委员会及董事会认为该等程

序在本集团履行有关该等资料的责任

方面属有效。

董事会已对本集团风险管理及内部监

控制度的成效进行年度检讨，并认为

该等制度属有效及充足。

K. RISK MANAGEMENT AND INTERNAL

CONTROL (Continued)

The Company recognises the importance of god busines

ethics, which along with god corporate governance, are

esential foundation to suces. The Group values an ethical

aproach to busines activities to create a safe, trusting and

coperative work environment and thereby building up a healthy

corporate culture. An anti-coruption policy has ben in place

to promote and suport anti-coruption laws and regulations.

In adition, a whistleblowing policy and system has ben

established for employes and those who deal with the Group

(e.g. customers and supliers) to raise concerns, in confidence

and anonymity, with the Audit Comite about posible

improprieties in any mater related to the Group.

With respect to handling and disemination of inside information

(the “Information”), the Group is aware of its obligations under

the Listing Rules, the Securities and Futures Ordinance and

the guiding principle that when the Information comes to the

Group’s atention, it should be properly disclosed as son as

practicable. In this regard, the Group has adopted an inside

information disclosure policy (the “Policy”) since 2013 with

the aim of preventing the disclosure of premature Information

and ensuring shareholders and the public are provided with

ful, acurate and timely Information about the activities,

performance and financial condition of the Group. The Policy

covers the procedures as to (i) maintain the confidentiality of

Information, such as identification of project by using code

name, disemination on a ned-to-know basis and (i) identify,

ases and monitor the disemination of Information. The Audit

Comite and the Board consider that the procedures are

efective in discharging the Group’s obligations in respect of the

Information.

The Board has conducted anual review of the efectivenes of

the risk management and internal control systems of the Group

and considers that these systems are efective and adequate.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司44

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

L. 董事的持续培训及发展

本公司鼓励董事进行持续的专业进

修，以发展及更新彼等的知识及技

能。此举能确保彼等继续在掌握全面

资讯及切合所需的情况下向董事会作

出贡献。

截至二零二五年三月三十一日止年

度，董事不时获得有关上市规则及其

他适用的法律及监管规定最新发展的

简报及最新书面资料，以确保合规及

增加对良好企业管治常规的认识。新

获委任董事于上任时均须接受入职培

训，包括有关本集团运营及企业管治

常规、公司政策和程序方面的简报。

此外，本公司亦为董事举办内部培训

研讨会，该研讨会由合资格专业人士

进行，内容涵盖上市规则之更新，并

向参加者提供培训材料。本公司亦鼓

励董事参加由专业组织举办的外界研

讨会及讲座，以增加彼等在履行董事

职务方面的知识。

’ CONTINUOUS TRAINING

AND DEVELOPMENT

Directors are encouraged to participate in continuous

profesional development in order to develop and refresh their

knowledge and skils. This is to ensure that their contribution to

the Board remains informed and relevant.

During the year ended 31 March 2025, the directors were

briefed and updated with writen materials on the latest

development regarding the Listing Rules and other aplicable

legal and regulatory requirements from time to time, to ensure

compliance and enhance their awarenes of god corporate

governance practices. Newly apointed director was provided

with an induction upon apointment, including briefings on

the Group’s operations and corporate governance practices,

company policies and procedures. In adition, the Company

had organised an in-house training seminar for the directors,

which was conducted by qualified profesional covering update

of the Listing Rules, with training materials provided. Directors

are also encouraged to atend outside seminars and talks

organised by profesional bodies to enrich their knowledge in

discharging their duties as a director.

ANUAL REPORT 2025 二零二五年报45

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

截至二零二五年三月三十一日止年

度，所有董事已透过参加培训课程

及╱或参考有关企业管治及法规的资

料进行持续的专业进修：

执行董事

谢毅博士参加内部培训课程及自修

程勇先生参加内部培训课程及自修

楼屹博士参加内部培训课程及自修

王秀娟女士参加内部培训课程及专

业机构举办的外部研讨

会╱讲座以及自修

郭懿博士

参加内部培训课程及自修

独立非执行董事

方林虎先生参加内部培训课程及自修

金松女士参加内部培训课程及自修

曾立博士

参加内部培训课程及自修

#1 郭懿博士于二零二四年六月七日由独立非

执董调任为执行董事。

#2 曾立博士于二零二四年六月七日获委任为

独立非执董。曾立博士获委任后已由本公

司提供入职培训。

M. 公司秘书

王秀娟女士为本公司的公司秘书，且

已于截至二零二五年三月三十一日止

年度参与不少于15小时的相关专业

培训。

’ CONTINUOUS TRAINING

AND DEVELOPMENT (Continued)

During the year ended 31 March 2025, al directors have

participated in continuous profesional development by

atending training courses and/or refering materials on the

topics related to corporate governance and regulations:

Executive Directors

Dr. Xie YiAtending in-house training course and

self-study

Mr. Cheng YongAtending in-house training course and

self-study

Dr. Lou YiAtending in-house training course and

self-study

Ms. Wong Sau KuenAtending in-house training course and

outside seminars/talks conducted by

profesional bodies and self-study

Dr. Guo Yi

Atending in-house training course and

self-study

Independent Non-executive Directors

Mr. Fang Lin HuAtending in-house training course and

self-study

Ms. Jin SongAtending in-house training course and

self-study

Dr. Zeng Li

Atending in-house training course and

self-study

#1 Dr. Guo Yi was redesignated from an INED to an executive director on 7

June 2024.

#2 Dr. Zeng Li was apointed as an INED on 7 June 2024. An induction

training was provided by the Company to Dr. Zeng Li after his

apointment.

M. COMPANY SECRETARY

Ms. Wong Sau Kuen is the company secretary of the Company

and has taken no les than 15 hours of relevant profesional

training during the year ended 31 March 2025.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司46

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

N. 与股东之沟通

本公司认同维持与其股东公开沟通的

价值，并致力促进与股东及潜在投资

者的有效沟通。

为促进与股东及其他利益相关者的有

效交流及双向对话，本公司已制定股

东传讯政策。

股东传讯政策

本公司致力确保股东可随时获得与本

集团有关的公正及清晰的资讯，其中

包括但不限于本集团的财务表现、管

治及重大发展，以使股东可以充分知

情之方式行使其权利，并积极与本公

司互动。董事会将每年审视股东传讯

政策，以确保其有效性。

本公司透过利用以下多个渠道以向股

东及潜在投资者传达公司资料：

(1) 联交所网站(w.hkexnews.hk)

(2) 本公司网站(w.extrawel.com.hk)

╱或印刷本

（例如年报及中期报告、通函及

说明资料）将以简明语言之中英

文两种版本提供予股东以促进

理解

(4) 本公司之香港股份过户登记分处

卓佳登捷时有限公司（自二零二

五年五月十六日起变更为卓佳证

券登记有限公司），处理股份登

记及相关事宜

（及其他股东大会）

N. COMUNICATION WITH SHAREHOLDERS

The Company recognises the value of maintaining open

comunication with its shareholders and is comited to

promoting efective comunication with shareholders and

potential investors.

A Shareholder Comunication Policy has ben put in place to

promote efective engagement and a two-way dialogue with

shareholders and other stakeholders.

Shareholder Comunication Policy

The Company strives to ensure that shareholders are given

ready aces to balanced and understandable information

relating to the Group, which includes but not limited to the

Group’s financial performance, governance and material

developments, to enable shareholders to exercise their rights in

an informed maner, and to engage actively with the Company.

The Board wil review the Shareholder Comunication Policy

anualy to ensure its efectivenes.

The Company uses a number of chanels to diseminate

corporate information to shareholders and potential investors

through:

’s website (w.hkexnews.hk)

’s website (w.extrawel.com.hk)

/or printed

forms, such as anual and interim reports, circulars

and explanatory materials, shal be provided in plain

language in both English and Chinese versions to facilitate

shareholders’ understanding

’s Hong Kong Branch Share Registrar,

Tricor Tengis Limited (changed to Tricor Investor Services

Limited with efect from 16 May 2025) in respect of share

registration and related maters

(5) anual general meting (and other general metings)

ANUAL REPORT 2025 二零二五年报47

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

（续）

本公司之股东周年大会为股东提供一

个与董事会交流意见之有效平台。董

事会成员尤其是董事会主席以及提名

委员会、薪酬委员会及审核委员会主

席（或其代表）将尽力出席股东周年大

会，与股东会面并回答彼等之询问。

股东大会将安排在尽可能方便的地点

举行，以鼓励股东参与。

向董事会提交查询

股东可致函本公司主要营业地点，地

址为香港鲗鱼涌英皇道979号太古坊

德宏大厦22楼2206–08室，或发送电

子邮件至info@extrawel.com.hk，及╱或

通过本公司网站(w.extrawel.com.hk)

刊发之本公司投资者之区域，向董事

会提交查询、要求提供公开资料以及

提供意见及建议。股东亦可于本公司

股东大会直接向董事会提出查询。

于审视提供予股东的多种沟通渠道之

执行情况及有效性，及参考股东于股

东大会上之回馈意见后，本公司认为

股东传讯政策于本年度获有效执行。

N. COMUNICATION WITH SHAREHOLDERS

(Continued)

The anual general meting of the Company provides a useful

forum for shareholders to exchange views with the Board.

The Board members, in particular, Chairman of the Board as

wel as chairmen of the Nomination Comite, Remuneration

Comite and Audit Comite (or their delegates) wil

endeavor to make themselves available at the anual general

metings to met shareholders and answer their enquiries.

Shareholders’ metings are, as far as practicable, aranged to

be held at a convenient location with the aim of encouraging

shareholders’ participation.

Enquiries to the Board

Shareholders may send their enquiries, request for publicly

available information and provide coments and sugestions

to the Board by mail to the Company’s principal place of

busines at Suites 2206–08, 22/F, Devon House, Taiko

Place, 979 King’s Road, Quary Bay, Hong Kong, by email to

info@extrawel.com.hk, and/or via the Company’s investor corner

published on the Company website (w.extrawel.com.hk).

Shareholders can also make enquiries to the Board directly at

the general metings of the Company.

Having reviewed the implementation and efectivenes

of diferent chanels of comunication available to the

shareholders, and with reference to the shareholders’

fedbacks in shareholders’ metings, the Company considered

that the Shareholder Comunication Policy has ben efectively

implemented during the year.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司48

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

O. 股东权利

召开股东特别大会

百慕达《一九八一年公司法》第74条规

定，董事应按持有不少于本公司已缴

足股本十分之一的股东的请求，立刻

妥为安排召开本公司股东特别大会。

请求书须列明会议目的，并须由相关

呈请人签署及递交至本公司注册办事

处。倘董事在请求书递呈日期起计二

十一日内，未有妥为安排召开大会，

则该等呈请人或任何占全体呈请人总

投票权一半以上之呈请人，则可自行

召开大会，惟任何如此召开之大会均

不能于上述日期起计三个月届满后

举行。

于股东大会上提呈议案

百慕达《一九八一年公司法》第79条规

定，本公司应按持有权于本公司股

东大会投票之本公司缴足股本不少于

二十分之一之任何数目股东，或不少

于100名股东的书面要求：(a)向有权接

收下一届股东周年大会通告之股东发

出通知，以告知任何可能于该大会上

正式动议及拟于会上动议之决议案，

及(b)向该等股东传阅不超过1,000字之

书面陈述书，以告知于该大会上提呈

之决议案所述事宜或将处理之事项。

百慕达《一九八一年公司法》第80条规

定，由呈请人签署之书面请求须于大

会举行前不少于六星期（如为要求发

出决议案通知的请求）及不少于一星

期（如为任何其他请求）送交本公司注

册办事处，并须支付一笔足以合理弥

补本公司就此产生的开支的款项。

P. 组织章程文件

截至二零二五年三月三十一日止年

度，本公司的组织章程文件并无任何

变动。

’ RIGHTS

Convening a Special General Meting

Section 74 of the Companies Act 1981 of Bermuda stipulates

that the directors shal, on the requisition of shareholders

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

of the Company, forthwith proced duly to convene a special

general meting of the Company. The requisition must state

the purposes of the meting, and must be signed by the

relevant requisitionists and deposited at the registered ofice

of the Company. If the directors do not within twenty-one

days from the date of the deposit of the requisition proced

duly to convene a meting, the requisitionists, or any of them

representing more than one half of the total voting rights of al of

them, may themselves convene a meting, but any meting so

convened shal not be held after the expiration of thre months

from the said date.

Puting forward Proposals at General Metings

Section 79 of the Companies Act 1981 of Bermuda stipulates

that the Company shal, on the requisition in writing by either

any number of shareholders representing not les than one-

twentieth of the paid-up capital of the Company carying the

right of voting at general metings of the Company or not les

than 100 shareholders, (a) give to shareholders entitled to

receive notice of the next anual general meting notice of any

resolution which may properly be moved and is intended to be

moved at that meting, and (b) circulate to these shareholders

a writen 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 that meting.

Section 80 of the Companies Act 1981 of Bermuda stipulates

that the writen requisition as signed by the requisitionists must

be deposited at the registered ofice of the Company with a

sum reasonably suficient to met the Company’s expenses in

giving efect thereto not les than six weks before the meting

in case of a requisition requiring notice of a resolution and not

les than one wek before the meting in case of any other

requisition.

P. CONSTITUTIONAL DOCUMENTS

There were no changes in the Company’s constitutional

documents during the year ended 31 March 2025.

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT

环境、社会及管治报告

ANUAL REPORT 2025 二零二五年报49

1. INTRODUCTION

As a member of the global busines comunity, the Group

recognises the importance of sustainable development and

has continuously implemented various measures to improve

and strengthen corporate governance and related policies

on sustainability over the past years and wil continue to

optimise its ongoing eforts and comitment to sustainability

performance in the years to come. This Environmental, Social

and Governance (“ESG”) Report was prepared in acordance

with the “Environmental, Social and Governance Reporting

Guide” (the “Guide”, renamed as the “Environmental, Social

and Governance Reporting Code” with efect from 1 January

2025) under Apendix C2 of the Listing Rules, which reports

the Group’s strategies and practices in relation to environmental

protection, social responsibility and operational governance.

This report has ben reviewed and aproved by the Board and

should be read in conjunction with the Group’s Anual Report

2025; in particular the Corporate Governance Report, to gain

more understanding of the Group’s ESG performance.

2. ESG GOVERNANCE STRUCTURE

The Board is at the core corporate governance framework

and has overal responsibility for the Group’s ESG strategy,

performance and reporting. The established governance

structure comprising the Board and the audit, remuneration

and nomination comites (the “Board Comites”), which

has laid a solid foundation for oversight of the ESG isues, shal

ensure that the Group has corporate governance proceses in

place that are efective for overseing the Group’s management

of significant ESG risks, and that it cordinates the practices

and actions of the Group for sustainable development, through

the management team in the day-to-day implementation of the

ESG strategy and periodic reporting for emerging or continualy

evolving ESG isues. The top-down governance structure;

namely the Board, the Board Comites and the management

team at the Group’s busines segments, ensures the efective

deployment and implementation of the Group’s ESG risk

management and enables continuing improvement in ESG

performance. Details of governance information for the Board

and the Board Comites are set out on pages 27 to 48, and

the ESG management and controls are detailed in this report.

1. 绪言

作为全球商界的一员，本集团认同可

持续发展的重要性，并在过去多年不

断实施改善及加强企业管治的各种措

施以及相关可持续发展政策，并将在

未来数年继续保持其现有工作，致力

优化可持续表现。本环境、社会及管

治（「环境、社会及管治」）报告乃根据

上市规则附录C2项下的「环境、社会

及管治报告指引」（「指引」，改称为「环

境、社会及管治报告守则」，自二零二

五年一月一日起生效）编制，呈报本

集团在环境保护、社会责任及营运管

治方面的策略及惯例。本报告已由董

事会审阅及批准，并应与本集团二零

二五年报（特别是企业管治报告）一

并阅读，从而更深入了解本集团的环

境、社会及管治绩效。

、社会及管治之管治

架构

董事会乃企业管治框架的核心，对

本集团的环境、社会及管治策略、绩

效及报告承担整体责任。由董事会、

审核委员会、薪酬委员会及提名委员

会（「董事委员会」）组成的既定管治架

构，为监督环境、社会及管治议题奠

定坚实基础，须确保本集团拥有效

的企业管治流程，以监督本集团对重

大环境、社会及管治风险的管理，并

通过管理团队对环境、社会及管治战

略的日常实施以及对新出现或不断演

变的环境、社会及管治问题作出定期

汇报，协调本集团在可持续发展方面

的实践及行动。自上而下的管治结构

（即董事会、董事委员会及本集团业

务分类的管理团队）确保本集团有效

部署及实施环境、社会及管治风险管

理，令环境、社会及管治表现得以持

续改善。有关董事会及董事委员会的

管治资料详情载于第27至48页，而有

关环境、社会及管治管理及监控的详

情则载于本报告。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司50

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

2. ESG GOVERNANCE STRUCTURE (Continued)

The Board is comited to conducting regular review and

evaluation of the Group’s ESG-related policies and risks so as

to ensure that apropriate and efective ESG risk management

and internal control systems (the “Systems”) are in place and

embeded at the Group’s busines segments. As the Group’s

manufacturing plants in Changchun, China (or the “PRC”)

involve production proces (the “Manufacturing Activities”),

which wil have a material ESG impact, an “Environmental

Protection, Ocupational Health and Safety Management

Comite” (the “Management Comite”) has ben formed

since 2017 to lead the management of environmental protection

as wel as to foster a safe and healthy work environment. The

Management Comite includes staf members who are

profesionaly qualified with relevant permits recognised by

the Chinese authorities to administrate and monitor the works.

Since the Group’s Hong Kong headquarters, trading and gene

development activities (the “Non-Manufacturing Activities”) are

generaly ofice’s operations and wil have a limited ESG impact,

no such comite is established and senior staf members of

various departments are engaged to implement the sustainable

policies and practices adopted by the Group.

The Group’s risk management and internal audit function, in

conjunction with the Management Comite, wil conduct

regular review on the efectivenes of the Systems and report

the findings to the Audit Comite and the Board on material

ESG isues on an anual basis.

、社会及管治之管治

架构（续）

董事会致力定期检讨及评估本集团环

境、社会及管治相关的政策及风险，

以确保落实适当且有效的环境、社

会及管治风险管理及内部监控制度

（「该等制度」），并于本集团的业务分

类贯彻实行。由于本集团于中国长春

的生产厂房涉及将对环境、社会及管

治产生重大影响的生产过程（「制造活

动」），本集团自二零一七年起已成立

「环境保护、职业健康及安全管理委员

会」（「管理委员会」）以领导环境保护

管理工作以及营造安全及健康的工作

环境。管理委员会包括具有专业资格

并持有中国当局认可的相关许可证的

工作人员，负责管理和监督工程。由

于本集团的香港总部、贸易及基因开

发活动（「非制造活动」）一般于办公室

营运，对环境、社会及管治的影响有

限，因此并无设立有关委员会，并已

委派各部门的资深员工实施本集团采

取的可持续政策及惯例。

本集团的风险管理及内部审核职能人

员联同管理委员会，将定期审视该等

制度的有效性，并每年向审核委员会

及董事会报告有关重大环境、社会及

管治议题的发现事项。

ANUAL REPORT 2025 二零二五年报51

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

3. REPORTING PRINCIPLES

In preparation of this ESG Report, the Group observes and

aplies the principles of materiality, quantitative, balance and

consistency as set out in the Guide in order to provide a clear,

balanced, quantifiable and comparative information to its

stakeholders:

(1)Materiality:Major stakeholders are identified and their

concerns on ESG isues are considered.

ESG isues that have material impacts on the

Group’s sustainable development form the

basis of this report.

(2)Quantitative:Where practicable, al environmental and

social key performance indicators (“KPIs”) are

disclosed in a quantitative maner.

(3)Balance:The information reflecting the overal

performance of the Group in ESG aspects

are disclosed in an objective and impartial

maner.

(4)Consistency:Methods used in the calculation of KPIs are

consistent with those used in past years to

facilitate a fair comparison.

4. REPORTING BOUNDARY

The information provided in this report covers the period from 1

April 2024 to 31 March 2025 (the “2025 Period”) and relates to

the ESG performance of the Group’s core operating segments;

namely manufacturing and trading (and gene development

— its operation was discontinued on 7 March 2025) as wel

as the Hong Kong headquarters, which reflects the busines

activities of the Group’s subsidiaries disclosed in note 43 to the

consolidated financial statements. There were no significant

changes to the reporting boundary of the activities included in

this report when compared to the period from 1 April 2023 to

31 March 2024 (the “2024 Period”).

3. 报告原则

于编制本环境、社会及管治报告时，

本集团遵守及应用指引所载有关重要

性、量化、平衡及一致性原则，以便

向其利益相关者提供清晰、平衡、可

量化及可比较的资料：

(1)重要性：识别主要利益相关者，考

虑彼等对环境、社会及管

治议题的关注事项。对本

集团可持续发展有重大

影响的环境、社会及管治

议题构成本报告的基础。

(2)量化：在可行情况下，所有环境

及社会关键绩效指标（「关

键绩效指标」）会以量化方

式披露。

(3)平衡：以客观及公正方式披露

反映本集团在环境、社会

及管治方面整体绩效的

资料。

(4)一致性：计算关键绩效指标所使

用的方法与过去多年使

用的方法一致，以便进行

公平比较。

4. 报告范围

本报告所提供资料涵盖二零二四年四

月一日至二零二五年三月三十一日期

间（「二零二五年期间」），涉及本集团

核心营运分类（即制造及贸易（及于二

零二五年三月七日终止经营的基因开

发）以及香港总部的环境、社会及管

治绩效，反映综合财务报表附注43所

披露本集团附属公司的业务活动。与

二零二三年四月一日至二零二四年三

月三十一日期间（「二零二四年期间」）

相比，本报告所载活动报告范围并无

重大变动。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司52

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

5. 利益相关者参与及识别重大

环境、社会及管治议题

本集团重视利益相关者（包括股东、

员工、业务合作伙伴、政府及社区）发

表的意见，并致力于透过不同沟通渠

道（包括培训及与管理层及一般员工

进行的研讨会、电话、邮件查询及与

股东及投资者举行的股东大会、招标

会议、供应商鉴定及评估、反馈机制

及与客户的会议、与当地环境部门对

话、行业论坛以及其他商业会议及社

交聚会，以及通过本公司网站、年度

报告及根据上市规则项下持续责任而

须予披露的资料）与内部及外部利益

相关者建立良好关系，以期实现其可

持续增长目标。

制造分类的管理委员会、相关业务的

高级管理层及部门员工已与利益相关

者接触沟通，以了解彼等的关注事项

及期望。通过利用各种渠道与利益相

关者持续讨论及沟通，二零二五年期

间所识别重大议题与二零二四年期间

相比并无重大变动。下表概述本集团

于二零二五年期间所识别及呈报的重

大议题：

5. STAKEHOLDER ENGAGEMENT AND

IDENTIFICATION OF MATERIAL ESG

ISUES

The Group values opinions from stakeholders including

shareholders, staf members, busines partners, governments

and the comunities, and is comited to building constructive

relationships with internal and external stakeholders through

diferent comunication chanels including trainings and

workshops with management and general staf, telephone,

email enquiries and general metings with shareholders and

investors, tender metings, apraisal and asesment with

supliers, fedback mechanism and metings with customers,

dialogues with local environmental departments, industry

forums, and other busines and social metings, and via the

Company’s website, anual reports, and information disclosure

in acordance with the continuing obligations under the

Listing Rules, with a view to achieving its objectives towards

sustainable growth.

Management Comite of the manufacturing segment, senior

management and departmental staf of relevant operations

have ben engaged to comunicate with stakeholders in

order to understand their concerns and expectations. Through

continuous discusions and comunications with stakeholders

using various chanels, the materiality isues identified in the

2025 Period have not changed significantly when compared to

the 2024 Period. The folowing table sumarises the material

isues identified and reported by the Group in the 2025 Period:

ANUAL REPORT 2025 二零二五年报53

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

5. STAKEHOLDER ENGAGEMENT AND

IDENTIFICATION OF MATERIAL ESG

ISUES (Continued)

Activities

活动

Manufacturing

Non-

Manufacturing*

Subject Areas and Aspects主要范畴及层面制造

非制造*

A. Environmental AspectsA. 环境层面

A1 EmisionsA1 排放物

Air polutants空气污染物MNM

Grenhouse gas温室气体MNM

Water wastes废水MNM

Solid wastes固体废物MNM

A2 Use of ResourcesA2 资源使用

Water水MNM

Electricity电力MNM

Natural gas天然气MNM

Fuel (vehicle)燃料（汽车）MNM

Packing material包装物料MNM

A3 The Environment and Natural ResourcesA3 环境及天然资源MNM

A4 Climate ChangeA4 气候变化MNM

B. Social AspectsB. 社会层面

Employment and Labour Practices雇佣及劳工常规

B1 EmploymentB1 雇佣M

B2 Health and SafetyB2 健康与安全M

B3 Development and TrainingB3 发展及培训M

B4 Labour StandardsB4 劳工准则M

Operating Practices营运惯例

B5 Suply Chain ManagementB5 供应链管理M

B6 Product ResponsibilityB6 产品责任M

B7 Anti-coruptionB7 反贪污M

Comunity社区

B8 Comunity InvestmentB8 社区投资M

refered to the Group’s manufacturing segment in Changchun, China

’s Hong Kong headquarters, trading segment and gene

development segment (The gene development segment was discontinued

on 7 March 2025)

M Material

NM Not Material

Fedback

Stakeholders are welcome to send their coments and

sugestions on this ESG Report to the head ofice of the

Company by post, fax or email as detailed in the Company’s

website w.extrawel.com.hk.

5. 利益相关者参与及识别重大

环境、社会及管治议题（续）

指本集团位于中国长春的制造分类

、贸易分类及基因

开发分类（基因开发分类已于二零二五年

三月七日终止经营）

M 重大

NM 不重大

反馈

欢迎利益相关者通过邮寄、传真或

电邮方式（详情见本公司网站（w.

extrawel.com.hk）向本公司总办事处

提交彼等对本环境、社会及管治报告

的意见及建议。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司54

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

6. 环境层面

6.1 排放(A1)

本集团各业务分类或营运的政策

为管理因其活动产生的排放对环

境的影响并遵守其经营所在地区

的适用环境法律、预防及监控法

规。于二零二五年期间，本集团

并未违反相关排放法律及法规。

制造活动产生的排放物包括空

气污染物、温室气体（「温室气

体」）、废水及固体废物，而非制

造活动则产生有限的温室气体排

放，以及排放量微乎其微的空气

污染物、废水及固体废弃物。

在本报告中，温室气体分为以下

三个范围：

(i)范围1指来自业务拥有或

控制的来源的直接

排放。例子包括锅

炉燃烧的天然气、

自有汽车使用的燃

料等。

(i)范围2指来自消耗所购电

力、蒸汽或其他能

量来源的间接排放。

(i)范围3指因来自非直接拥

有或控制的业务产

生的其他活动的间

接排放。例子包括

商务旅行、第三方

分销及物流等。

附注：温室气体排放数据以二氧化碳当量

（吨）呈列。

6. ENVIRONMENTAL ASPECTS

6.1 Emisions (A1)

It is the Group’s policy for each busines segment or

operation to manage the environmental impacts of

emisions caused by its activities and comply with the

aplicable environmental laws, prevention and control

regulations in which it operates. During the 2025 Period,

the Group has not breached the related emisions laws

and regulations.

Emisions arising from the Manufacturing Activities

include air polutants, grenhouse gas (“GHG”), water and

solid wastes, whilst the Non-Manufacturing Activities have

insignificant emisions of air polutants, water and solid

wastes but limited GHG emisions.

In this report, GHG is categorised into thre scopes as

below:

(i)Scope 1refers to direct emisions from sources

that are owned or controled by the

operations. Examples include natural

gas combusted for boilers, fuels used

by owned vehicles.

(i)Scope 2refers to indirect emisions from

consumption of purchased electricity,

steam or other sources of energy.

(i)Scope 3refers to indirect emisions from other

activities that are consequences of the

operations but are not directly owned or

controled. Examples include busines

travel, third-party distribution and

logistics.

Note: GHG emisions data are presented in terms of carbon dioxide

equivalent (tone).

ANUAL REPORT 2025 二零二五年报55

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

6. ENVIRONMENTAL ASPECTS (Continued)

6.1 Emisions (A1) (Continued)

6.1.1 Non-Manufacturing Activities — GHG emisions

arising from the Non-Manufacturing Activities mainly

relate to indirect emisions of purchased electricity

under Scope 2 and third-party distribution and

logistics as wel as busines travels under Scope

3. During the 2025 Period, the respective Scope

2 and Scope 3 carbon dioxide (“CO2”) emisions

amounted to a total of about 10 tones (2024: 11

tones) and 8 tone (2024: 3 tone) respectively.

6.1.2 Manufacturing Activities — As one of the pharmaceutical

manufacturers in the PRC, the Management

Comite is responsible for implementing policies

for the GMP factory in Changchun, and monitoring

the factory’s performance so as to ensure its

strict compliance with the GMP standards and

environmental requirements under the relevant

laws and regulations such as the Environmental

Protection Law (《环境保护法》), the Water Polution

Prevention and Control Law (《水污染防治法》), the

Prevention and Control of Air Polution Law (《大气

污染防治法》) and the Prevention and Control of

Environment Polution by Solid Wastes (《固体废物

污染环境防治法》), of the PRC. During the 2025

Period, the factory handled its major emisions in

the folowing maner:

(a) Waste gas emision management

The major source of waste gas emision

comes from natural gas boilers. Air polutants

mainly include sulfur oxide (“SOx”), nitrogen

oxide (“NOx”), and particle material (“PM”). The

factory has instaled a desulfurisation tower to

ensure levels of emision are in compliance

with the standards. The tower is functioning

wel and levels of emision are significantly

lower than the lower limit of the national

emision requirements. In the 2025 Period,

SOx, NOx, and PM emisions amounted to

about 159 kgs (2024: 78 kgs), 629 kgs (2024:

618 kgs) and 0 kg (2024: 0 kg) respectively.

The results were monitored and measured by

an independent third party in acordance with

the prevailing requirements of the Technical

Guidelines of Acounting Method for Polution

Source Intensity Basic Principles (《污染源

强核算技术指南—准则》) of the PRC.

（续）

6.1 排放(A1)（续）

6.1.1 非制造活动—非制造活动产

生的温室气体排放主要与范

围2所购电力及范围3第三

方分销及物流以及商务旅行

的间接排放有关。于二零二

五年期间，范围2及范围3各

自产生的二氧化碳（「二氧化

碳」）排放总量分别约为10吨

（二零二四年：11吨）及8吨

（二零二四年：3吨）。

6.1.2 制造活动—作为位于中国的

医药制造商之一，管理委员

会负责为长春的GMP工厂

实施政策及监控工厂的履

行情况，以确保其严格遵守

GMP准则及中国相关法律

及法规（如《环境保护法》、

《水污染防治法》、《大气污

染防治法》及《固体废物污

染环境防治法》）项下的环

保规定。于二零二五年期

间，该工厂乃按以下方式处

理其主要排放物：

(a) 废气排放管理

废气排放主要来自天

然气锅炉。空气污染

物主要包括硫氧化物

（「硫氧化物」）、氮氧化

物（「氮氧化物」）及颗

粒物（「颗粒物」）。工

厂已安装脱硫塔，以

确保排放水平符合标

准。该塔运行良好，排

放水平远低于国家排

放要求的下限。于二

零二五年期间，硫氧

化物、氮氧化物及颗

粒物的排放量分别约

为159千克（二零二四

年：78千克）、629千克

（二零二四年：618千

克）及0千克（二零二四

年：0千克）。结果乃根

据中国《污染源强核

算技术指南 — 准则》之

现行规定，经由独立

第三方作监测及测量。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司56

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

6.1 排放(A1)（续）

6.1.2 （续）

(a) 废气排放管理（续）

天然气锅炉以及汽车

日常使用所用燃料（范

围1）、所购电力（范

围2）及商务旅行（范

围3）产生的二氧化碳

排放量分别约为814

吨（二零二四年：942

吨）、1,172吨（二零

二四年：1,423吨）及

11吨（二零二四年：

10吨）。

(b) 废水管理

工厂已建立自身日处

理量为400吨的废水

处理设施以于排放

前处理其生产过程

产生的废水，而于二

零二五年期间，约有

25,062吨（二零二四

年：23,962吨）废水

经处理及排放。为监

察及监控有关排放，

工厂已与当地的环境

监察站合作，并已安

装在线监测系统，以

测试及收集污水的质

量数据。此外，工厂

委聘了第三方检测单

位，定期监测污水排

放是否符合标准，以

确保及时探测到异常

情况，并于污水排放

过量时采取纠正措施。

6. ENVIRONMENTAL ASPECTS (Continued)

6.1 Emisions (A1) (Continued)

6.1.2 (Continued)

(a) Waste gas emision management

(Continued)

CO2 emisions arising from natural gas boilers

and fuels for daily operations of vehicles

(Scope 1), purchased electricity (Scope 2) and

busines travels (Scope 3) amounted to about

814 tones (2024: 942 tones), 1,172 tones

(2024: 1,423 tones) and 11 tones (2024: 10

tones) respectively.

(b) Wastewater management

The factory has built its own waste water

treatment facilities with daily capacity of

400 tones to treat the wastewater from its

production proceses before discharge, and

about 25,062 tones (2024: 23,962 tones)

of efluents were treated and discharged

in the 2025 Period. To monitor and control

the discharge, the factory has worked jointly

with local environmental monitoring stations,

and an on-line monitoring system has ben

instaled to test and colect data on the

quality of efluent. In adition, the factory has

comisioned a third-party inspection unit

to conduct regular surveilance on efluent

discharge against the standards in order to

ensure timely detection of its abnormality and

implementation of corective measures when

in excedances.

ANUAL REPORT 2025 二零二五年报57

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

6.1 排放(A1)（续）

6.1.2 （续）

有害及无害废弃物乃

根据相关规则及法规

的规定储存及处理。

于二零二五年期间，

生产过程产生之约

1,827千克（二零二四

年：2,572千克）有害

废弃物已由吉林省环

保厅指定的承包商提

供的废弃物管理服务

进行处理。该减少主

要与生产结构的变化

有关。约140吨（二零

二四年：143吨）无害

废弃物已通过地方当

局提供的废弃物收集

服务进行处理。

实际上，本集团致力采取各项措

施减少碳排放、降低能耗及污

染，并不时鼓励员工考虑相关环

境因素。本集团已采取惯例及措

施以实现其目标。本集团致力

于减少主要产生自制造业的温

室气体排放以及有害及无害废

物及将专注于确定可供改善的

领域。本集团已审阅二零二三年

至二零二五年三个财政年度的

相关数据。温室气体排放以及有

害及无害废物各自的三年平均

密度大致与二零二年的基准

数据相若，然而，二零二五年的

最新数据显示温室气体减排持

续改善。于二零二六年至二零二

七年两个财政年度，本集团将以

二零二五年的数据（参照每千港

元收入及每名雇员所产生的数

量）为基线继续致力降低温室气

体排放以及有害及无害废物密

度，旨在实现进一步改善。

6. ENVIRONMENTAL ASPECTS (Continued)

6.1 Emisions (A1) (Continued)

6.1.2 (Continued)

The storages and disposals of hazardous

and non-hazardous wastes are handled in

acordance with the requirements of relevant

rules and regulations in the PRC. During the

2025 Period, about 1,827 kgs (2024: 2,572

kgs) hazardous wastes generated from the

production proces were disposed of with

waste management services provided by

contractors as designated by Jilin Province

Environmental Protection Ofice. The

decrease was primarily related to the change

in production mix. The non-hazardous wastes

of about 140 tones (2024: 143 tones)

were disposed of through wastes colection

services provided by the local authorities.

In practice, the Group endeavors to adopt measures to

reduce carbon emisions, lower energy consumption and

polution, and encourage employes to consider related

environmental factors from time to time. The Group has

ben taking the practices and measures to achieve its

objectives. The Group is striving for reducing the GHG

emisions and the hazardous and non-hazardous wastes

arising mainly from manufacturing and wil focus on

identifying potential areas for improvement. The Group

has reviewed the relevant data in the thre financial years

from 2023 to 2025. The thre years’ average intensity of

the respective GHG emision and hazardous and non-

hazardous wastes are generaly similar to the baseline

data of 2022, however, the recent data in 2025 indicates

continuous improvement in GHG emision reduction. The

Group wil continue to strive for reducing the intensity of

GHG emisions and the hazardous and non-hazardous

wastes, in the two financial years from 2026 to 2027,

by using the data in 2025 referenced to the amount

generated per HK$’000 of revenue and per employe

as the baseline, with the aim of achieving further

improvement.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司58

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

6.2 资源使用(A2)

本集团的政策为鼓励全体员工

在工作中保护环境以减少纸张、

水及电力的消耗并高效使用资

源。所实行的措施包括双面打印

及影印、以数码形式传播资料、

回收废纸、于不使用时关闭用电

设备。

6.2.1 非制造活动—电力及纸张

（包括办公室自用及透过印

刷公司大量印刷向本公司

股东分发之年报及中期报

告以及通函）乃主要使用的

资源。于二零二五年期间，

耗电量合计约13,719千瓦

时（二零二四年：15,000千

瓦时）以及用纸量合计约0.7

吨（二零二四年：1.3吨），

当中约0.7吨（二零二四年：

1.3吨）为FSC认证纸。

本集团一直在尽其最大努

力来减少纸张使用，方法

为分发数码格式的办公文

件、重用单面纸及收集双面

印刷纸供回收站处理。本集

团亦采用绿色采购做法，选

择环保纸于办公室使用及

批量印刷报告。此外，本公

司更多股东接受透过电子

方式接收公司资料，为减少

纸张消耗贡献力量。

6. ENVIRONMENTAL ASPECTS (Continued)

6.2 Use of Resources (A2)

It is the Group’s policy to encourage al staf to

be environmentaly friendly at work to reduce the

consumption of paper, water and electricity and efective

use of the resources. Measures being implemented

include double-sided printing and copying, diseminating

information in digital format, waste paper recycling,

turning of power consuming devices when not in use.

6.2.1 Non-Manufacturing Activities — The major resources

used are electricity, and paper (including own

ofices use and bulk printing of anual and interim

reports and circulars distributed to the Company’s

shareholders through printing firms). In the 2025

Period, the electricity consumption was in agregate

of about 13,719 KWhs (2024: 15,000 KWhs) and

paper used was in agregate of about 0.7 tones (2024:

1.3 tones), of which about 0.7 tones (2024: 1.3

tones) were FSC certified paper.

The Group has ben making its best eforts to

reduce paper consumption by distributing ofice files

in digital format, reusing single-sided paper, and

colecting double-sided printed paper for recycler’s

handling. The Group also adopts the practice

of gren procurement that eco-friendly paper is

selected for ofice use and bulk printing of reports.

In adition, more shareholders of the Company

contribute to reduction in paper consumption by

acepting to receive corporate information via

electronic means.

36,161	0.65
1,972,351	35.83
333,810	6.02
33,198	0.60
642	0.01

ANUAL REPORT 2025 二零二五年报59

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

6. ENVIRONMENTAL ASPECTS (Continued)

6.2 Use of Resources (A2) (Continued)

6.2.2 Manufacturing Activities — These consume mainly

water, electricity, natural gas, fuel for vehicles and

packing materials used for finished products. Paper

consumption in its daily operations amounted to

about 1.1 tones (2024: 1.4 tones) relates to

paper used during the proceses of procurement,

invoicing, production, quality asurance, marketing

and administration, of which the consumption in

various departments is being monitored by the

management. Paper consumption was reduced

mainly resulted from (i) management’s continuing

eforts to promote paperles ofice within internal

departments by beter utilisation of the electronic

network and digitalisation of files as far as

practicable in the paper procurement proces, and

(i) les consumption in printed materials related to

promotion and symposium activities, in the 2025

Period.

The Group designed the instalation of a

photovoltaic power system to its GMP factory in

Changchun in the 2024 Period, for the purpose

of achieving energy conservation and emision

reduction objectives. The photovoltaic power

system has come into operation in the 2025 Period.

The major resources consumed in the periods are

set out below:

二零二五年二零二四年

Type of

resources consumed所消耗资源类型

AmountIntensityAmountIntensity

数量密度数量密度

1.Water (tone)水（吨）51,6790.87

2.Electricity (KWh)电力（千瓦时）2,496,48042.24

3.Natural gas (m

)天然气（立方米）390,3186.60

4.Fuel for vehicles (liter)汽车燃料（升）44,6250.76

5.Packing materials (tone)包装物料（吨）6370.01

$’000 of revenue.

（续）

6.2 资源使用(A2)（续）

6.2.2 制造活动—其主要消耗水、

电力、天然气、汽车燃料及

制成品所用的包装物料。其

日常业务的纸张消耗约1.1

吨（二零二四年：1.4吨）涉

及采购、开具发票、生产、

质量控制、营销及管理过

程中所使用的纸张，管理层

正监控各部门的纸张消耗

情况。于二零二五年期间，

纸张消耗量减少，原因乃主

要归功于(i)管理层持续致力

于内部门推广无纸办公

室，于纸张采购过程中力尽

所能，更好地善用电子网络

及数码化文件，及(i)与宣传

和研讨会活动有关的印刷

材料的消耗量减少。

二零二四年期间，本集团设

计于长春的GMP工厂安装

光伏发电系统以实现节能

减排目标。于二零二五年期

间光伏发电系统已经运作。

该等期间所消耗的主要资

源载列如下：

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司60

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

6. ENVIRONMENTAL ASPECTS (Continued)

6.2 Use of Resources (A2) (Continued)

6.2.2 (Continued)

It is the Group’s policy to ensure efective and

eficient use of resources in the production proces

with the aim of minimising wastes and reducing

consumption of the resources.

Water — Water is a key element of the products

and production proces. Water suplies are

provided by the municipaly owned water suply

company, which wil ensure relatively stable and

adequate water suplies. During the 2025 Period,

there were no reported dificulties or isues arising

from water suplies.

The Group recognises the importance of water

conservation, and therefore has closely monitored

the operation with the aim of identifying means and

ways in saving and reusing water; including seting

clear instructions for water used (time, volume and

frequency) in the production proces, more frequent

inspection to reduce leakage in water suplies,

and enhance employes’ consciousnes of water

conservation in operation proces training.

Other Resources — Measures being implemented

include avoiding procurement of high-energy

consumption materials, regular monitoring

performance of the production equipment,

upgrading and phasing out non eco-friendly

machines to raise the utilisation of energy and

resources. Packing materials primarily comprise

paper, glases and plastics used for the Group’s

finished products. As a god practice, the Group

endeavors to select eco-friendly materials in the

procurement proces, and minimise wastes by

managing purchase quantities.

6.3 The Environment and Natural Resources (A3)

The Group is dedicated to reducing the adverse efect of

its activities that could result in environmental damages,

controling the level of consumption of natural resources

and promoting environmental awarenes among its

employes at workplaces. In production, the Group

has regularly inspected and monitored the production

proces to ensure strict compliance with relevant laws

and regulations on emisions. In ofice, management

has persistently reminded coleagues to protect the

environment by recycling papers and plastic, turning of

unused electricity devices. Management has also kept

coleagues abreast of various environmental isues and

encouraged coleagues to participate in activities like tre

planting.

（续）

6.2 资源使用(A2)（续）

6.2.2 （续）

本集团的政策为在生产过

程中确保资源的高效使

用，以尽量减少废弃物及降

低资源消耗。

水—水是产品和生产过程的

关键要素。供水由市政供水

公司提供，这将确保相对稳

定和充足的供水。于二零二

五年期间，没有关于供水困

难或问题的报告。

本集团深明节约用水攸关

重要，因此密切关注旗下生

产营运状况，以找出节水及

再利用水的方法和途径，当

中包括在生产过程中制定

明确用水说明（时间、水量

和频率），增加检查次数以

减少供水渗漏，并在操作过

程培训中提高员工对节约

用水的意识。

其他资源—所实行的措施包

括避免采购高耗能材料、定

期监察生产设备的性能、升

级及淘汰不环保机器以提

升对能源及资源的使用。包

装材料主要包括用于本集

团制成品的纸张、玻璃和塑

料。作为一项良好做法，本

集团在采购过程中尽量选

择环保材料，并通过管理采

购数量以最大限度地减少

浪费。

6.3 环境及自然资源(A3)

本集团致力于减少其活动可能对

环境造成的不利影响，控制自然

资源的消耗水平，并在工作场所

提高员工的环保意识。在生产方

面，本集团会定期检查和监控生

产过程，以确保严格遵守有关排

放的法律法规。就办公室而言，

管理层不断提醒同事保护环境，

鼓励彼等回收纸张及塑料、关闭

不用的电器等。管理层亦经常向

同事灌输各种环保议题，鼓励同

事参与植树等活动。

ANUAL REPORT 2025 二零二五年报61

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

6.4 气候变化(A4)

本集团深明，气候变化为全球可

持续发展带来的风险与日俱增，

不仅引发极端天气，其造成的后

果亦对各类经济及社会活动产生

深远影响。作为具备环保意识的

商界一员，本集团致力于减少温

室气体排放，使其业务与可持续

增长发展保持一致。

本集团所面临的重大气候变化风

险与中国制造活动息相关。本

集团已识别气候相关风险以及应

对有关风险的措施。根据气候相

关财务披露工作组制定的报告框

架，可能影响其运营的气候变化

风险主要分为两类，即转型风险

及实体风险。

转型风险—国家目标在二零三零

年之前达到二氧化碳排放的峰

值，并在二零六零年之前实现碳

中和，由此带来转型风险。预期

中国当局将实施更严格的政策及

法规以控制温室气体排放，此举

将导致与合规有关的资本投资及

营运成本上升。此外，旗下营运

亦可能面临更高的气候变化索赔

及诉讼风险以及声誉风险。为减

轻影响，本集团将积极设法遵守

现行政策及法规，同时密切监测

及准备应对行业相关政策及法规

的新趋势及发展，避免因应对不

力或延误而导致成本增加、违规

罚款或声誉受损。

实体风险—实体风险与极端气侯

及天气事件有关，如洪水或干

旱、风暴、野火、酷热或极端低

温。有关事件的发生频率、持续

时间及严重程度上升可能会导致

供应炼及生产中断，影响经济并

危及人类性命及健康。

因此，管理层根据相关全国及省

市法律及行政法规，制定《环境

紧急情况应变计划》（「该计划」），

当中载列保障员工安全、避免或

减少损失的应急程序。该计划将

每年进行审视及更新，以确保行

之有效。此外，每年亦会进行培

训及演练，借此提高员工意识及

在紧急情况下的应变能力。

6. ENVIRONMENTAL ASPECTS (Continued)

6.4 Climate Change (A4)

The Group understands that climate change poses

increasing risks to global sustainable development, which

not only brings extreme weather, and its consequences

have a far-reaching impact on various economic and

social activities. As a member of an environmentaly

aware busines comunity, the Group is comited to

reducing GHG emisions, and aligning its busineses with

sustainable growth development.

The material climate change risks which the Group is

exposed to are tied to its Manufacturing Activities in

the PRC. The Group has identified the climate-related

risks and the measures to cope with them. The risks of

changing climate that might afect its operations mainly

fal into two types; namely transition risks and physical

risks, as referenced to the report framework developed by

the Task Force on Climate-related Financial Disclosures.

Transition Risks — The transition risks are brought by

the nation’s target to peak its carbon dioxide emisions

before 2030 and achieve carbon neutrality before 2060.

It is expected that the Chinese authorities wil implement

more stringent policies and regulations to control GHG

emisions, which wil result in rising compliance-related

capital investment and operating costs. In adition, the

operations may also be exposed to higher risks of climate

change claims and litigations as wel as reputational risks.

To mitigate the impact, the Group wil actively manage

the compliance with the curent policies and regulations,

and at the same time, closely monitor and prepare for the

emerging trends and development of relevant policies and

regulations to the industry so as to avoid cost increments,

non-compliance fines or reputational damages due to

por or delayed response.

Physical Risks — The physical risks relate to extreme

climate and weather events such as flods or droughts,

storms, wildfires, extreme heat or extreme low

temperature. The increased frequency, duration and

severity of such events might cause disruptions to the

suply chain and production, impact economies and

endanger human life and health.

As a result, management has formulated the “Emergency

Plan for Environmental Emergencies” (the “Plan”) in

acordance with the relevant national, provincial and

municipal laws and administrative regulations, which set

out the emergency response procedures to protect staf

safety, and to avoid or reduce loses. The Plan wil be

reviewed and updated anualy to ensure its efectivenes.

In adition, anual training and drils wil be caried out

to enhance employes’ awarenes and their response

capabilities in times of emergencies.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司62

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

6.4 气候变化（续）

由于营运规模及性质，非制造业

活动最不容易受到气候变化的影

响。尽管如此，本集团仍然致力

于尽可能减少营运造成的环境足

迹，尤其关注减少能源消耗、碳

排放、纸张使用及废弃物。

展望未来，本集团将继续监察及

评估气候变化可能为本集团业务

所带来不断演变的风险、改革经

营惯例以尽量减少本集团营运对

环境的影响，以及采取有助于缓

解气候变化的政策。

7. 社会层面

雇佣及劳工常规

7.1 雇佣(B1)

于二零二五年三月三十一日，本

集团聘有163名全职雇员，而本

集团制造分类的雇员占本集团员

工总数约94%。本集团员工总数

及制造分类的雇员流失率统计载

列如下：

按性别及年龄组别划分之员工总

数（本集团）

6. ENVIRONMENTAL ASPECTS (Continued)

6.4 Climate Change (Continued)

Due to the size and nature of operations, the Non-

Manufacturing Activities are the least vulnerable to the

impacts of climate change. Nevertheles, the Group has

remained comited to minimising the environmental

fotprints of the operations with a particular focus on

reducing energy consumption, carbon emisions, paper

use, and waste.

Loking forward, the Group shal continue to monitor and

ases the evolving risks that climate change may bring

to the Group’s busines, reforming the busines practices

to minimise the impact of the Group’s operations on the

environment, and adopting policies that can help mitigate

climate change.

7. SOCIAL ASPECTS

Employment and Labour Practices

7.1 Employment (B1)

As at 31 March 2025, the Group employed 163 ful-time

employes, and the Group’s manufacturing segment

acounts for aproximately 94% of the Group’s total

workforce. The statistics of the Group’s total workforce

and the employe turnover rate of the manufacturing

segment are set out below:

Total workforce by gender and age group (of the Group)

Age Group

年龄组别

Below 30Betwen 30–50Over 50Total

Gender性别30岁以下30至50岁50岁以上总计

Male男3352866

Female女4722197

Total总计710749163

ANUAL REPORT 2025 二零二五年报63

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

7. SOCIAL ASPECTS (Continued)

Employment and Labour Practices (Continued)

7.1 Employment (B1) (Continued)

Employe turnover rate (%) by gender and age group

(manufacturing segment only*)

Age Group

年龄组别

Below 30Betwen 30–50Over 50Total

Gender性别30岁以下30至50岁50岁以上总计

Male男0%3%30%13%

Female女33%10%65%19%

Total总计17%8%45%17%

Note: The employe turnover rate is calculated by (the number of

departures in the year ÷ number of employes at the end of the

year in the category) × 100%.

, as

the employe turnover rate of the trading and gene development

segments and Hong Kong headquarters is insignificant.

The Group apreciates its employes as valuable asets

to the Group’s suces and sustainable development.

It is the Group’s policy to atract and retain high caliber

people for its busines operations. The Group is

comited to promoting equal oportunities and diversity

in recruitment. The Group recruits people on the basis

of job requirements without discrimination on grounds of

age, gender, ethnic, politics or religion, trains and grows

their capabilities, rewards and makes promotion based on

their contributions. The Group remunerates its employes

based on industry practices. The Group aranges working

hours, rest periods, benefits and welfare including medical

and retirement protection in acordance with prevailing

labour laws of its operating units in which they operate.

The Group has relevant recruitment procedures in place to

prevent child and forced labour. The Group is comited

to ensuring that al aplicable legal requirements are

observed in dealing with dismisal of any employe who

violates the Group’s regulations or persistently performs

below job requirements.

During the 2025 Period, the Group was not aware of any

non-compliance with the labour laws and regulations

in the PRC and Hong Kong, including, the Labour Law

of the PRC, Labour Contract Law of the PRC, and

Employment Ordinance of Hong Kong.

（续）

雇佣及劳工常规（续）

7.1 雇佣(B1)（续）

按性别及年龄组别划分之雇员流

失率(%)（仅制造分类*）

附注：雇员流失率以（年内辞职员工数量

÷该类别内年末员工数量）×100%计

算得出。

* 由于贸易及基因开发分类以及香港

总部的员工流失率乃微不足道，因

此披露与制造分类有关的资料。

本集团将雇员视为本集团成功及

可持续发展的宝贵资产。为本集

团之业务经营吸引及挽留优秀人

才亦是本集团之政策。本集团致

力推动招聘机会平等及多元化。

本集团以岗位要求为基准招募雇

员，不因年龄、性别、种族、政

治或宗教等理由而歧视雇员；本

集团培训及培养各雇员的办事能

力，并根据彼等之贡献作出奖励

及安排晋升。本集团员工之薪酬

乃根据行业惯例而定。本集团按

照其经营单位的经营所在地的现

行劳工法律安排工作时间、休息

时间、利益及福利（包括医疗及

退休保障）。本集团已设有相应

招聘程序以防止聘用童工及强制

劳工。本集团致力于确保在解雇

任何违反本集团规定或持续表现

低于工作要求的员工时遵守所有

适用的法律规定。

于二零二五年期间，本集团并无

违反任何中国及香港的劳工法律

及法规（包括中国《劳动法》、中

国《劳动合同法》，及香港《雇佣

条例》）。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司64

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

雇佣及劳工常规（续）

7.2 健康与安全(B2)

本集团致力为其全体雇员提供及

维持安全及健康的工作环境。

就本集团的办公室营运而言，管

理层致力营造无烟、健康及安全

的工作环境。本集团鼓励全体雇

员定期参加办公楼管理处举行的

应急演习。

就本集团于中国的GMP工厂而

言，管理层一贯坚持安全生产的

原则及遵守中国《职业病防治法》

及中国《消防法》的规定，当中要

求严格遵守GMP标准和相关法律

法规，且不得有任何个人考虑。

管理层定期对生产设备进行安

全检查，并对员工进行演练及培

训，以提高员工的事故防范意识

和参与程度。

于二零二五年期间，本集团并无

违反任何有关职业健康及安全的

法律法规，且本集团业务并未发

生任何因工作关系而死亡事件，

制造分类并无发生工伤事故（二

零二四年：0宗），并无导致损失

工作日数（二零二四年：0日）。本

集团已采取措施加强生产安全，

以期透过安全宣传及教育提高全

体雇员安全意识，从而最大限度

地降低受伤风险。本集团亦调配

内部资源优化工作场所，为旗下

员工营造安全健康的工作环境。

于二零二四年期间及二零二五年

期间预防新冠肺炎的措施

作为社会的利益相关者，本集团

遵循政府为防治疫情而采取的

（不论属强制或自愿性质）措施。

7. SOCIAL ASPECTS (Continued)

Employment and Labour Practices (Continued)

7.2 Health and Safety (B2)

he Group is comited to providing and maintaining

a safe and healthy working environment for al its

employes.

For the Group’s ofice operations, management strives

to maintain smoke-fre, healthy and safe working

environment. Al employes are encouraged to participate

regularly emergency drils held by the ofice building

management.

For the Group’s GMP factory in the PRC, management

has persistently upheld the principle of safe production

and observed the requirements of the “Law of the

Prevention and Control of Ocupational Diseases” (《职业

病防治法》) and “Fire Protection Law” (《消防法》), of the

PRC. There is no alowance of any personal consideration

but strict compliance of the requirements under the

GMP standards and the relevant laws and regulations.

Management has regularly conducted safety examinations

for production equipment, conducted drils and provided

training to employes in order to increase their awarenes

and involvement in acident prevention.

During the 2025 Period, the Group has not breached

any laws and regulations in relation to ocupational

health and safety and there were no work-related

fatalities in the Group’s operations and no work injury

cases (2024: nil cases) in the manufacturing segment

resulting in nil lost days (2024: nil days). Measures have

ben taken to strengthen the production safety with the

aim of minimising risk of injury through safety publicity

and education in order to enhance consciousnes of

al employes. The Group has also deployed internal

resources to optimise the workplaces to maintain a safe

and healthy working environment for the employes.

Preventive Measures on Covid-19 during the 2024

Period and 2025 Period

As a stakeholder of the society, the Group folows the

government measures, both mandatory and voluntary, for

fighting against the epidemic.

ANUAL REPORT 2025 二零二五年报65

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

雇佣及劳工常规（续）

7.2 健康与安全(B2)（续）

于二零二四年期间及二零二五年

期间预防新冠肺炎的措施（续）

中国—本集团制造分类。由于中

国当局宣布自二零二三年一月起

将新冠肺炎的管理级别从A级降

为B级，因此本集团遵循中国当

局的最新指引。然而，一般预防

感染的感染控制措施及卫生规

范维持，以保障工作场所内员工

的健康。向员工提供充足消毒用

品（如口罩和洗手液）及由指定人

员组成的专责小组负责监督各工

作场所区域是否已定期清洁和消

毒。此外，本公司亦教导员工维

持良好卫生习惯。于二零二四年

期间及二零二五年期间，新冠肺

炎对营运的影响有限。

香港—本集团总部、贸易及基因

分类。于二零二三年五月，世界

卫生组织宣布新冠肺炎不再为国

际关注的突发性公共卫生事件。

于二零二四年期间，新冠肺炎的

发展形势已大幅减弱，但仍于工

作场所内维持控制措施及卫生规

范以预防感染，措施包括保持良

好卫生习惯、佩戴口罩（如情况

需要）、对门把及工作场地定期

进行清洁及消毒。于二零二四年

期间及二零二五年期间，新冠肺

炎对营运的影响有限。

7. SOCIAL ASPECTS (Continued)

Employment and Labour Practices (Continued)

7.2 Health and Safety (B2) (Continued)

Preventive Measures on Covid-19 during the 2024

Period and 2025 Period (Continued)

The PRC — the Group’s manufacturing segment. As

the Chinese authorities anounced the downgrading

of management of Covid-19 from Clas A to Clas B

from January 2023, the Group folowed through the

updated guidance by the Chinese authorities. However,

general infection control measures and hygiene practices

for preventing infection are maintained to safeguard

the health of its staf in the workplace. Provision of

adequate disinfection suplies like face masks and

hand sanitisers to employes have ben maintained

and a designated team of personel monitors regular

cleaning and disinfection of areas in the respective

workplaces. In adition, employes are educated the

ned to kep hygiene practices. During the 2024 Period

and 2025 Period, the Covid-19 has limited impact on the

operations.

Hong Kong — the Group’s headquarters, trading and

gene segments. In May 2023, the World Health

Organization declared an end to Covid-19 as a public

health emergency of international concern. During the

2024 Period, the Covid-19 situation had subsided

substantialy, however, control measures and hygiene

practices for preventing infection including keping

hygiene practices, wearing mask if circumstances require,

carying out regular cleaning and disinfection for dor

grips and working areas are maintained in the workplace.

During the 2024 Period and 2025 Period, the Covid-19

has limited impact on the operations.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司66

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

雇佣及劳工常规（续）

7.3 发展与培训(B3)

本集团组织及提供在职培训，以

发展其雇员潜能支持本集团的可

持续性发展。本集团亦提供培训

津贴支持其高层雇员接受外部专

业培训，以拓展及更新彼等的知

识及技能。本集团鼓励雇员参加

外部培训课程，取得相关学术及

专业资质，促进其自身成长及发

展。本集团为新雇员提供相关入

门培训。

至于本集团于中国的制造分类，

在生产流程操作、质量及安全管

理、适用法律及法规要求、重要

环境因素及风险控制等方面向生

产技术人员、安全管理人员及操

作人员等相关人员提供定期培训

课程。

作为本集团中国制造分类培训计

划的一部分，本集团每年为其雇

员组织团队建设活动。此等活动

通常为期一日或数日，目标乃加

强员工参与及团队凝聚力，促进

彼等相互沟通，培养解决工作问

题的能力，加强彼等对本集团文

化及价值观的理解。本集团组织

团队建设活动以制定及实现其培

训目标，于二零二四年期间在中

国放宽控制措施及出行限制后组

织外游，而在二零二五年期间举

办公司聚会活动。

7. SOCIAL ASPECTS (Continued)

Employment and Labour Practices (Continued)

7.3 Development and Training (B3)

The Group organises and provides on-the-job training

to develop its employes’ potential in order to suport

the Group’s sustainable development. The Group also

provides training subsidies to suport its employes

at senior level to receive external profesional training

to develop and refresh their knowledge and skils.

Employes are encouraged to equip themselves with

relevant academic and profesional qualifications by

atending external training programs to facilitate their

personal growth and development. Relevant induction

trainings are provided to new employes.

As to the Group’s manufacturing segment in the PRC,

regular training programs have ben provided in the

areas of production proces operations, quality and

safety management, aplicable legal and regulatory

requirements, important environmental factors and risk

controls to relevant personel including production

technicians, safety management personel and operating

personel.

As part of the training program of the Group’s

manufacturing segment in the PRC, the Group anualy

organises team building activities in group for its

employes which usualy takes a day or a few days, with

the aim of enhancing employe engagement and team

bonding, fostering their comunication and problem

solving skils at work and increasing their understanding

of the Group’s culture and value. The Group organised

the team building activities to develop and achieve its

training objectives, in particular, a company outing during

the 2024 Period after the uplifting of the control measures

and movement restrictions in the PRC, and a company

gathering event during the 2025 Period.

92%
95%
100%
94%
94%

ANUAL REPORT 2025 二零二五年报67

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

雇佣及劳工常规（续）

7.3 发展与培训(B3)（续）

二零二五年期间培训表现概要载

列如下：

附注：受训员工占比=（该性别或该类别内

受训员工数量÷该性别或该类别内

年末员工数量）x 100%

（受训员工总数 ÷年末员工总数）

x100% = 94%

7. SOCIAL ASPECTS (Continued)

Employment and Labour Practices (Continued)

7.3 Development and Training (B3) (Continued)

Sumary of the training performance during the 2025

Period is as folows:

Percentage of employes trained受训员工占比二零二五年

By gender按性别划分

Male男性

Female女性

By category按类别划分

Key executive/Senior management主要行政人员╱高级管理层

Midle management中级管理层

General staf一般员工

Note: Percentage of employes trained = (number of employes trained

by gender or by category ÷ number of employes at the end of the

year by gender or by category) x 100%

(Total number of employes trained ÷ total number of

employes at the end of the year) x 100% = 94%

5
5
12
8
4

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司68

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

雇佣及劳工常规（续）

7.3 发展与培训(B3)（续）

附注：每名员工平均受训时间=该性别或该类别

内受训时间÷该性别或该类别内年末员工

数量。

受训时间总数÷年末员工总数 = 5.0小

时（二零二四年：6.2小时）

7.4 劳工准则(B4)

本集团全体雇员均按相关雇佣

法律法规聘用，涵盖（其中包括）

工作时间、休息时间及员工福利

等多个方面。本集团在其所有业

务单位禁止使用童工及强制劳

工，并已设有相应招聘程序以防

止聘用童工及强制劳工。在招聘

过程中，本集团要求所有求职者

提供真实及准确的个人信息（包

括彼等之身份证明）以供核查，

尤其是检查文件上的照片及核

实年龄。本集团进行定期审视及

检查，确保在本集团营运中并无

发生聘用童工及强制劳工情况。

倘发现有雇员提供虚假信息或

违反本集团规例，本集团将即时

采取措施终止雇佣关系，并展开

调查。

于二零二五年期间，本集团已遵

守有关防止聘用童工及强制劳工

的相关法律及法规（包括中国《劳

动法》、中国《禁止使用童工规

定》，及香港《雇佣条例》），当中

并无发现任何有关童工及强制劳

工法律及法规的违规行为。

7. SOCIAL ASPECTS (Continued)

Employment and Labour Practices (Continued)

7.3 Development and Training (B3) (Continued)

Average number of training hours per employe每名雇员平均受训时间二零二五年

By gender按性别划分

Male男性

Female女性

By category按类别划分

Key executive/Senior management主要行政人员╱高级管理层

Midle management中级管理层

General staf一般员工

Note: Average number of training hours per employe = number of

training hours by gender or by category ÷ number of employes at

the end of the year by gender or by category.

Total number of training hours ÷ total number of

employes at the end of the year = 5.0 hours (2024: 6.2

hours)

7.4 Labour Standards (B4)

Al employes of the Group are employed in acordance

with the relevant laws and regulations on employment

including, inter alias, working hours, rest periods and

staf benefits. The Group prohibits the use of child and

forced labour at al its operation units and has relevant

recruitment procedures in place to prevent child and

forced labour. During the recruitment proces, the Group

requires al aplicants to provide true and acurate

personal information including their profs of identity for

checking purpose, particularly for verifying the photo on

the documents and reviewing the age. Regular reviews

and checking are conducted to guard against child or

forced labour in the Group’s operations. The Group wil

take imediate action to terminate the employment of

anyone who provides false information or in breach of the

Group’s regulations, and conduct an investigation.

During the 2025 Period, the Group has complied with

laws and regulations in relation to the prevention of child

and forced labour, including Labour Law of the PRC,

Provisions on the Prohibition of Using Child Labour of the

PRC, and Employment Ordinance of Hong Kong, and

found no violations of laws and regulations regarding child

and forced labour.

ANUAL REPORT 2025 二零二五年报69

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

营运惯例

7.5 供应链管理(B5)

本集团一直与供应商保持合作，

为本集团的制造及贸易活动提供

原材料、包装材料及制成品，旨

在提高原材料的质量，继而为客

户提供优质产品。

制造活动—本集团的制造分类在

中国长春设有GMP工厂，当中已

建立质量管理体系，以规范药品

的生产及质量管理，并已实施物

料采购、供应商质量评估及管理

的程序。全部采购与中国供应商

进行，本集团已明确通知供应商

遵守相关质量标准，并按相关法

律法规定提供所供货物的必要

许可证。本集团亦实施特定的质

量控制和库存管理程序，以确保

本集团的产品始终按照注册规

定生产，同时将污染风险降至最

低，并检测、监控和纠正生产过

程中的错误。本集团的采购程序

符合相关法律法规。藉实施供应

商质量内部备案、质量标准、到

货审核、质量评估、检验试验、

质量问题处理等措施，本集团得

以物色及管理各主要原材料，降

低了供应商带来的环境或社会

风险。本集团采购坚守公开、公

平、公正原则，并不差别对待任

何特定供应商，并仅挑选经营记

录良好、无重大违规或不道德行

为的供应商。

本集团致力支持当地经济，优先

从当地供应商采购，减少运输过

程中的碳足迹。本集团持续关注

中国政府实施的政策，并将考虑

采纳官方组织的建议，采购对环

境影响较小的环保产品或服务。

7. SOCIAL ASPECTS (Continued)

Operating Practices

7.5 Suply Chain Management (B5)

The Group has ben working continuously with its

supliers for suply of gods ranging from raw materials,

packaging materials and finished gods, with the

objectives of improving the quality of raw materials, and

delivering high quality products to its customers, for the

Group’s manufacturing and trading activities.

Manufacturing Activities — The Group’s manufacturing

segment with GMP factory located in Changchun, the

PRC, has established a quality management system

to regulate the production and quality management

of drugs and has implemented procedures in material

procurement, evaluation and management of supliers’

quality. Al procurement is conducted with PRC supliers,

and the Group has clearly notified its supliers to comply

with relevant quality standards and provide necesary

permits if so required by the relevant laws and regulations

for the gods suplied. Specific procedures have ben

implemented in quality control and inventory management

in order to ensure the Group’s products are consistently

manufactured in acordance with the registration

requirements, and to minimise the risks of contamination,

detect, monitor and rectify erors in production proces.

The Group’s procurement procedures folow through

relevant laws and regulations. Through the internal filing

of supliers’ quality, quality standard, on-site audit,

quality asesment, inspections and trials and handling

of quality problems, the identification and management of

major raw materials and the environmental or social risks

caused by supliers have ben facilitated. The Group

makes procurement on an open, fair and impartial basis

without any discrimination against any particular suplier,

and only select those supliers with god busines

track records without material non-compliance cases or

unethical behaviours.

The Group is comited to suporting local economies

by prioritising procurement from local supliers to

reduce the carbon fotprint from transportation. The

Group continuously monitors the policies implemented

by the PRC government and wil consider adopting the

recomendations of oficial organisations, to purchase

environmentaly friendly products or services that have

les impact on the environment.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司70

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

7. SOCIAL ASPECTS (Continued)

Operating Practices (Continued)

7.5 Suply Chain Management (B5) (Continued)

Trading Activities — For imported products, the Group

adheres to the principle to minimise the negative impact

of the entire suply chain on the environment and society

by selecting and engaging supliers who manufacture

their products under conditions and practices required

by the GMP regulations and operate in compliance with

their local environmental and labour laws. During the

2025 Period, there was only smal quantity of products

imported from overseas for pilot sales.

During the 2025 Period, the Group, as a whole, co-

operated with about 23 supliers (2024: 23), of which 22

supliers were from the PRC and 1 suplier from Spain,

and over 99% of the purchases were from supliers in the

PRC (2024: 100%).

7.6 Product Responsibility (B6)

The Group places great emphasis on maintaining

and improving the quality of its products. The Group

has implemented a comprehensive quality control

and inspection procedures to ensure product quality

and safety from procurement of raw materials,

packaging materials and finished products. Al products

manufactured and sold by the Group to its customers

in the PRC have met the GMP production standards

and complied with the registration requirements with the

National Medical Products Administration of the PRC.

During the 2025 Period, the Group was not aware of

any material non-compliance with laws and regulations

in relation to health and safety, advertising, labeling

and privacy maters relating to products and services

provided and methods of redres that had a significant

impact on the Group, including but not limited to the Drug

Administration Law of the PRC, Advertising Law of the

PRC, Law of the PRC on Protection of Consumer Rights

and Interests, and Patent Law of the PRC.

（续）

营运惯例（续）

7.5 供应链管理(B5)（续）

贸易活动—就进口产品而言，本

集团坚守原则，透过筛选及委聘

根据GMP法规定的条件及惯例

制造其产品并遵照其当地环境及

劳工法律营运的供应商，将整个

供应链对环境及社会的负面影响

减至最低。于二零二五年期间，

仅从海外进口少量产品作试销。

于二零二五年期间，本集团整体

与约23家（二零二四年：23家）

供应商合作，其中22家为中国供

应商，一家为西班牙供应商，且

超过99%的采购来自中国供应商

（二零二四年：100%）。

7.6 产品责任(B6)

本集团高度重视维持及提高其产

品质。本集团已落实全面的质

控及检验程序，确保产品从采购

原料、包装材料到制成品各个方

面的质量及安全。本集团为中国

客户制造及向其出售的所有产品

均已符合GMP生产标准及符合

中国家药品监督管理局注册规

定。于二零二五年期间，本集团

并无发现任何重大违反与所提供

产品及服务有关的健康及安全、

广告、标签及私隐事宜以及补救

方法有关的法律及法规而对本集

团造成重大影响的情况，包括但

不限于《中国药品管理法》、《中

国广告法》、《中国消费者权益保

护法》及《中国专利法》。

ANUAL REPORT 2025 二零二五年报71

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

营运惯例（续）

7.6 产品责任(B6)（续）

产品及服务品质—本集团销售的

所有产品均就其成分、质量及安

全使用附有清晰的使用说明及药

品规格以保护终端用户，此做法

符合各项法律及法规。本集团指

派专职小组人员处理有关由分销

至临床应用产品质的查询并跟

进客户反馈，并就召回药品提供

帮助。于二零二五年期间，本集

团并无发生因安全及健康原因召

回产品的情况。

产品及服务的客户满意度—本集

团高度重视客户服务品质，尽最

大努力满足客户需求及期望。本

集团已制定相应管理制度及标

准化操作流程，及时回应市场投

诉及客户就品质信息的查询。于

二零二五年期间，本集团并无录

得任何产品及服务相关的重大

投诉。

保护知识产权—本集团已建立知

识产权保护机制，以保护为研发

及生产而获取的知识产权，包括

研发过程中的专利权、技术、商

业机密及材料。保密相关机制要

求雇员保持高度保密性，谨慎使

用及处理商业机密资料。

保护客户私隐—本集团实施客户

资料及私隐保护措施并进行监

督。本集团向员工提供有关收

集、管理及销毁客户资料的指

引。本集团限制员工存取敏感资

料，并采取数据安全措施保护客

户资料。

于二零二五年期间，本集团并无

违反有关产品责任的法律法规。

7. SOCIAL ASPECTS (Continued)

Operating Practices (Continued)

7.6 Product Responsibility (B6) (Continued)

Product and Service Quality — Al products sold by

the Group have clear instructions and specifications as

to its composition, quality and safety use for end-user

protection purpose, which are in compliance with the laws

and regulations. A team of personel was designated

to handle enquiries and folow up customer fedbacks

on quality from distribution to clinical usage, and to

provide asistance on recal of pharmaceutical products.

During the 2025 Period, the Group did not have recaled

products due to safety and health reasons.

Customer Satisfaction for Product and Service — The

Group highly values the quality of customer services to

satisfy customers’ neds and expectations to the best

of ability. The Group has developed coresponding

management system and standardized operation

procedures to respond to complaints on the market

and customer enquiries on quality information in a timely

maner. During the 2025 Period, the Group did not

record any material complaint related to products and

services.

Protection of Intelectual Rights — The Group has set up

mechanism to protect the intelectual properties that have

ben acquired for research, development and production,

including patent rights, technology, trade secrets and

materials in the research and development proceses.

The confidentiality-related mechanism requires employes

to maintain a high degre of confidentiality and to use and

carefuly handle trade secret data.

Customer Privacy Protection — The Group implemented

measures on protection of customers’ data and privacy

and caried out supervision. Guidelines were provided

to the employes regarding the colection, management

and destruction of the customer data. The Group restricts

employe aces to sensitive data and deploys data

security measures to protect the customer’s information.

During the 2025 Period, the Group has not breached the

laws and regulations regarding product responsibility.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司72

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

7. SOCIAL ASPECTS (Continued)

Operating Practices (Continued)

7.7 Anti-coruption (B7)

The Company recognises the importance of god

busines ethics, which along with god corporate

governance, are esential foundation to suces. The

Group values an ethical aproach to busines activities to

create a safe, trusting and coperative work environment

and thereby building up a healthy corporate culture.

The Company has established ethics code to promote

integrity and acountability, which requires al group

companies and employes, to strictly comply with the

local laws and regulations. The code contains, inter

alia, provisions for bribery, extortion, fraud, or any other

malpractices and whistleblowing procedures. The Group

adopts a zero tolerance aproach towards any form

of bribery, coruption and fraud. The Company has

also developed policies and systems that promote and

suport the aplicable laws and regulations on anti-

coruption, including the Company Law, Criminal Law,

Anti-Unfair Competition Law, and any relevant anti-

coruption and bribery laws and regulations, of the PRC,

and the Prevention of Bribery Ordinance of Hong Kong.

In particular, al unfair competition behaviours such as

comercial bribery were prohibited in the sales and

procurement proceses.

The anti-coruption policy formulated by the Company

specifies the obligations of the Group and those working

for and on the Group’s behalf in observing and upholding

the Group’s standing; and provides information and

guidance on how to identify and adres the bribery and

coruption isue, while the whistleblowing policy provides

reporting chanels and guidance on reporting suspected

misconducts, and reasurance to persons who report his/

her concerns in acordance with the aforesaid policies of

protection against unfair disciplinary action or victimisation

for any genuine reports made; and alow fair and

independent investigation of any impropriety, misconduct

or malpractice in any maters related to the Group and

apropriate folow-up actions. The Board and the Audit

Comite wil review and monitor the implementation

and efectivenes of the whistleblowing system on a

regular basis.

（续）

营运惯例（续）

7.7 反贪污(B7)

本公司深明良好商业道德的重要

性，其与良好的企业管治一起构

成达致成功的重要基础。本集团

重视于业务活动中采取合乎道

德的方针，以缔造安全、信任及

合作的工作环境，建立健康企业

文化。

本公司已制定道德规范守则，倡

导诚信及加强问责，要求所有集

团公司及全体雇员严格遵守当地

法律及法规。守则载有（其中包

括）有关贿赂、勒索、欺诈或任

何其他舞弊行为及检举程序等多

方面条文。本集团对任何形式的

贿赂、贪污及欺诈采取零容忍态

度。本公司亦已制定相应政策及

系统，可推动及支持适用反贪污

的法律及条例，包括中国《公司

法》、《刑法》、《反不正当竞争法》

及任何反贪污及贿赂的相关法律

及条例，以及香港《防止贿赂条

例》。尤其禁止销售及采购过程

中所有不正当竞争行为（如商业

贿赂）。

本公司制定的反贪污政策订明本

集团及其他为及代表本集团工作

的人士须遵守及维护本集团名誉

的责任，该政策亦提供有关如何

识别及处理贿赂及贪污问题的资

料及指引，而检举政策则提供有

关汇报可疑不当行为的汇报渠道

及指引，并向根据上述政策报告

其担忧的人员保证，任何真实报

告都不会受到不公平的纪律处分

或伤害；以及允许公正及独立调

查有关本集团的任何不当、错误

或舞弊行为以及相应后续行动。

董事会及审核委员会将定期检讨

及监察检举系统的落实情况及有

效性。

ANUAL REPORT 2025 二零二五年报73

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（续）

营运惯例（续）

7.7 反贪污(B7)（续）

本集团定期向雇员提供培训，以

使彼等了解本集团面临的最新趋

势及贿赂问题，其中涵盖工作场

所反贪污及诚信行为相关法律

知识，并确保彼等于工作中贯彻

应用道德守则，并遵守本集团政

策。本集团亦鼓励及时内部举报

任何可疑不当行为、异常及舞弊

行为。新员工介绍流程包括接受

本集团政策相关培训。本公司董

事已研读相关最新条例及╱或已

参加由专业机构举办的外部培训

研讨会，更新彼等有关反贪污法

律及条例的认知。

于二零二五年期间，本集团并无

发现违反任何有关贿赂、勒索、

欺诈及洗钱的相关法律及法规，

且并无针对本集团或其雇员的腐

败行为的举报案件。

— 社区投资(B8)

作为一个具社会责任感的企业，本公

司致力利用其资源促进社区发展并积

极鼓励全体员工参与「公益金便服日」

及「爱心捐血」等志愿及慈善活动。

于二零二五年期间，员工支持环保团

体绿领行动的回收计划，包括利是封

回收重用大行动及月饼盒回收活动，

分别回收未经使用及未有破损的利是

封及二手月饼盒，并存放于指定回收

站。此外，员工响应本地食物援助慈

善组织惜食堂举办的月饼分享计划，

捐赠剩余可食用月饼，以帮助弱势社

群及有需要人士，同时亦于「书出爱

心十元义卖」活动中捐赠书籍作慈善

义卖。

7. SOCIAL ASPECTS (Continued)

Operating Practices (Continued)

7.7 Anti-coruption (B7) (Continued)

The Group provides regular training to employes to

update them with the curent trends and bribery isues

faced by the Group, which covers legal knowledge about

anti-coruption and integrity behaviours in the workplaces,

and ensure that they aply the ethics code and observe

the Group’s policies in their work. The Group also

encourages prompt internal reporting of any suspected

misconduct, iregularities and malpractices. Training on

the Group’s policies forms part of the induction proces

for new employes. Directors of the Company studied

relevant regulatory updates and/or atended external

training seminar organised by profesional bodies to

refresh their knowledge in relation to anti-coruption laws

and regulations.

During the 2025 Period, the Group did not identify any

non-compliance with relevant laws and regulations

relating to bribery, extortion, fraud and money laundering

and there were no reported cases of corupt practices

brought against the Group or its employes.

8. COMUNITY — COMUNITY

INVESTMENT (B8)

As a socialy responsible corporation, the Company is

comited to leverage its resources to facilitate the comunity

development and strongly encourages al staf members to

participate in voluntering and charitable activities, such as “Dres

Casual Day” and “Blod Donation”.

During the 2025 Period, staf members suported the

recycling programes by the environmental group, Greners

Action, including the Lai Se Packet Reuse and Recycling

Programe and the Moncake Boxes Colection Campaign,

for which unused and undamaged lai se packets and the

used moncake boxes, were colected and deposited at the

designated colection stations, respectively. Further, staf

members donated surplus edible moncakes in the Moncake

Sharing Programe by the local fod rescue charity, Fod

Angel, for the underprivileged and those in ned, and also

donated boks in the Boks for Love @10 campaign for charity

sale.

159
629
—
2,015
814
1,182
19
12
25,064
154
140
1
33,198
204
1,986
12
334
2

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司74

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

9. ENVIRONMENTAL KEY PERFORMANCE

INDICATORS (“KPIs”) TABLE

The folowing table sumarises the Group’s significant KPIs

information as set out in this report:

二零二五年二零二四年

Environment环境

Air polutants (Kg)空气污染物（千克）

SOx硫氧化物78

NOx氮氧化物618

PM颗粒物—

Grenhouse gas (Tone CO2)温室气体（吨二氧化碳）

Total emision:总排放量：2,389

Direct emision (Scope 1)直接排放（范围1）942

Indirect emision (Scope 2)间接排放（范围2）1,434

Indirect emision (Scope 3)间接排放（范围3）13

Intensity per employe每名雇员强度15

Wastes (Tone)废弃物（吨）

Total hazardous waste produced所产生有害废弃物总量23,965

Intensity (Hazardous waste) per employe每名雇员强度（有害废弃物）151

Total non-hazardous waste produced所产生无害废弃物总量143

Intensity (Non-hazardous waste) per employe每名雇员强度（无害废弃物）1

Energy consumption能源消耗

Total energy consumption:能源消耗总量：

Fuel consumed for vehicles (Liter)汽车燃料消耗（升）44,625

Intensity (Fuel) per employe每名雇员强度（燃料）281

Electricity (MWh)电力（兆瓦时）2,511

Intensity (Electricity) per employe每名雇员强度（电力）16

Natural gas (thousand m

)天然气（千立方米）390

Intensity (Natural gas) per employe每名雇员强度（天然气）2

（「关键绩

效指标」）表

下表概述本报告内所载本集团主要关

键绩效指标资料：

163
66
97
7
107
49
163
—
13%
19%
0%
8%
45%
92%
95%
100%
94%
94%
5
5
12
8
4
100%
—
—
—

ANUAL REPORT 2025 二零二五年报75

ENVIRONMENTAL, SOCIAL

AND GOVERNANCE REPORT (CONTINUED)

环境、社会及管治报告（续）

（「关键绩

效指标」）表（续）

二零二五年二零二四年

Social社会

Total workforce (persons) — Group工作员工（人员）总数—本集团159

By gender:按性别划分：

Male男59

Female女100

By age group:按年龄组别划分：

<3030岁以下6

30–5030至50岁106

5050岁以上47

By employment type:按雇佣类型划分：

Permanent全职159

Part-time兼职1

Employe turnover rate (%) — Manufacturing雇员流失率(%) — 制造

By gender:按性别划分：

Male男28%

Female女24%

By age group:按年龄组别划分：

<3030岁以下17%

30–5030至50岁14%

5050岁以上58%

Employes trained (%)受培训雇员(%)

By gender:按性别划分：

Male男83%

Female女85%

By category按类别划分

Key Executive/Senior management主要行政人员╱高层管理人员83%

Midle management中层管理人员71%

General staf一般员工86%

Average number of training hours per employe每名雇员平均受训时间

By gender:按性别划分：

Male男7

Female女6

By category:按类别划分：

Key Executive/Senior management主要行政人员╱高层管理人员14

Midle management中层管理人员9

General staf一般员工6

By employment type:按雇佣类型划分：

Permanent全职100%

Part-time兼职—

Health and safety健康与安全

Number of work-related fatalities因工作关系死亡人数—

Lost days due to work injury (days)因工伤损失的工作日数（日）—

9. ENVIRONMENTAL KEY PERFORMANCE

INDICATORS (“KPIs”) TABLE (Continued)

REPORT OF THE DIRECTORS

董事会报告

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司76

The directors present their anual report and the audited consolidated

financial statements of Extrawel Pharmaceutical Holdings Limited (the

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

for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES AND BUSINES

REVIEW

The principal activity of the Company is investment holding and the

activities of its principal subsidiaries and an asociate are set out in

notes 43 and 21 to the consolidated financial statements respectively.

The busines review of the Group and the discusion and analysis

of the Group’s performance for the year ended 31 March 2025 are

set out in the sections “Chairman’s Statement” and “Management

Discusion and Analysis” on pages 4 to 7 and pages 8 to 21 of this

anual report respectively.

A discusion on the Group’s environmental policies and performance,

and information about laws and regulations afecting the busineses

of the Group and their compliance are included in the Environmental,

Social and Governance Report on pages 49 to 75 of this anual

report. Furthermore, financial risk management and capital

management of the Group are set out in notes 40 and 38 to the

consolidated financial statements.

The above discusions and information form part of this report.

RESULTS AND DIVIDEND

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

set out in the consolidated statement of profit or los and other

comprehensive income on pages 96 to 97.

The directors do not recomend the payment of dividend in respect

of the year after taking into acount factors including the Group’s

financial performance, operating and capital requirements and market

conditions. Curently, no formal dividend policy is adopted by the

Company.

董事谨此提呈精优药业控股有限公司（「本

公司」）及其附属公司（统称「本集团」）截至

二零二五年三月三十一日止年度之年报及

经审核综合财务报表。

主要业务及业务回顾

本公司之主要业务为投资控股，其主要附

属公司及一间联营公司之业务分别载于综

合财务报表附注43及21。

本集团截至二零二五年三月三十一日止年

度之业务回顾及本集团表现之讨论及分析

分别载于本年报第4至7页及第8至21页之

「主席报告」及「管理层讨论及分析」各节。

有关本集团环境政策及表现之讨论以及有

关影响本集团业务及其合规性之法律及法

规之资料载于本年报第49至75页之环境、

社会及管治报告。此外，本集团之财务风险

管理及资金管理载于综合财务报表附注40

及38。

上述讨论及资料组成本报告之一部分。

业绩及股息

本集团截至二零二五年三月三十一日止年

度之业绩载于第96至97页之综合损益及其

他全面收益表。

经考虑多项因素（包括本集团财务表现、营

运及资金需求以及市况）后，董事并不建议

就本年度派发股息。本公司目前并无采纳

正式股息政策。

ANUAL REPORT 2025 二零二五年报77

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

FIVE YEARS’ FINANCIAL SUMARY

A sumary of the results and of the asets, liabilities and non-

controling interests of the Group for the last five financial years is set

out on page 220.

INVESTMENT PROPERTIES

Details of movements in the investment properties of the Group

during the year are set out in note 15 to the consolidated financial

statements.

PROPERTY, PLANT AND EQUIPMENT

Details of movements in property, plant and equipment of the Group

during the year are set out in note 16 to the consolidated financial

statements.

SHARE CAPITAL

Details of movements in the share capital of the Company during the

year are set out in note 34 to the consolidated financial statements.

EQUITY-LINKED ARANGEMENT

No equity-linked agrement which may result in the Company isuing

shares was entered into during the year.

Details of the convertible bonds of the Company with principal

amount of HK$577,170,000 outstanding are disclosed in note 32 to

the consolidated financial statements.

五年财务概要

本集团过去五个财政年度之业绩、资产、负

债及非控股权益概要载于第220页。

投资物业

本集团之投资物业于年度内之变动详情载

于综合财务报表附注15。

物业、厂房及设备

本集团之物业、厂房及设备于年度内之变

动详情载于综合财务报表附注16。

股本

本公司股本于年度内之变动详情载于综合

财务报表附注34。

股票挂钩安排

于年度内并无订立可能导致本公司发行股

份之股票挂钩协议。

有关本公司未偿还本金额为577,170,000港

元之可换股债券之详情于综合财务报表附

注32内披露。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司78

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

购股权计划

根据本公司于二零二年八月三十日举

行之股东周年大会上通过之普通决议案，

本公司已采纳一项购股权计划（「购股权

计划」）。购股权计划在取得香港联合交易

所有限公司（「联交所」）之上市批准后于二

零二年九月二日生效，除非以其他方式

取消或修订，否则自该日起计十年内一直

有效。

自购股权计划生效日期起至二零二五年三

月三十一日止，购股权计划项下概无任何

已授出、行使、注销或失效之购股权。

有关购股权计划之资料载于综合财务报表

附注36。

可供分派储备

于二零二五年三月三十一日，依据百慕达

公司法计算，本公司可供作现金分派及╱或

实物分派之储备金额为约25,759,000港元。

此外，于二零二五年三月三十一日，本公司

可供以缴足股本之红股方式作分派之股份

溢价账余额为191,738,000港元。

与雇员之关系

于年度内，本集团与其雇员并无出现任何

重大问题或因劳工纠纷而令其业务中断，

且其在招聘员工方面并无面临任何困难。

董事认为本集团与其雇员维持良好的工作

关系。

SHARE OPTION SCHEME

Pursuant to an ordinary resolution pased at the anual general

meting of the Company held on 30 August 2022, a share option

scheme (the “Option Scheme”) had ben adopted by the Company,

which became efective on 2 September 2022 upon obtaining listing

aproval from The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”), and unles otherwise canceled or amended, wil remain

in force for 10 years from that date.

From the efective date of the Option Scheme to 31 March 2025,

no share options have ben granted, exercised, canceled or lapsed

under the Option Scheme.

Information about the Option Scheme is set out in note 36 to the

consolidated financial statements.

DISTRIBUTABLE RESERVES

As at 31 March 2025, the reserves of the Company available for

cash distribution and/or distribution in specie amounted to about

HK$25,759,000 which was computed in acordance with the

Bermuda Companies Act. In adition, the Company’s share premium

acount with a balance of HK$191,738,000 as at 31 March 2025

may be distributed in the form of fuly paid bonus shares.

RELATIONSHIP WITH EMPLOYES

During the year, the Group had not experienced any significant

problems with its employes or disruption to its operations due

to labour disputes nor had it experienced any dificulties in the

recruitment. The directors consider that the Group has maintained

god working relationship with its employes.

ANUAL REPORT 2025 二零二五年报79

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

MAJOR CUSTOMERS AND SUPLIERS

The Group understands the importance of maintaining god

relationships with its customers and supliers to the overal

development of its busines. During the year, there were no disputes

betwen the Group and its customers and/or supliers that would

have caused significant adverse impact to the Group’s busines.

For the year ended 31 March 2025, the Group’s five largest

customers acounted for les than 30% of the Group’s revenue.

For the year ended 31 March 2025, purchases atributable to the

Group’s five largest supliers acounted for aproximately 83% of the

Group’s purchases and purchases atributable to the Group’s largest

suplier acounted for aproximately 25% of the Group’s purchases.

None of the directors, their close asociates or any shareholders

(which to the knowledge of the directors owned more than 5% of the

Company’s isued share capital) had any interests in the Group’s five

largest customers and the supliers.

DIRECTORS

The directors of the Company during the year and up to the date of

this report are:

Executive directors:

Xie Yi

Cheng Yong

Lou Yi

Wong Sau Kuen

Dr. Guo Yi

# Dr. Guo Yi was apointed as an independent non-executive director (“INED”) on

14 April 2023 and redesignated as an executive director on 7 June 2024.

Dr. Xie Yi, Dr. Lou Yi, Ms. Wong Sau Kuen and Dr. Guo Yi are also

directors in certain subsidiaries of the Company.

Independent non-executive directors:

Fang Lin Hu

Jin Song

Zeng Li (apointed on 7 June 2024)

主要客户及供应商

本集团深明与其客户及供应商维持良好关

系对其业务之整体发展十分重要。于年度

内，本集团与其客户及╱或供应商并无发生

会对本集团业务造成重大不利影响的纠纷。

截至二零二五年三月三十一日止年度，本

集团五大客户占本集团收益额少于30%。

截至二零二五年三月三十一日止年度，本

集团五大供应商应占之采购额占本集团采

购额的约83%，而本集团最大供应商应占之

采购额占本集团采购额的约25%。

各董事、彼等之紧密联系人或任何股东（就

董事所知拥有本公司已发行股本5%以上

者）概无于本集团五大客户及供应商中拥有

任何权益。

董事

于年度内及截至本报告日期在任之本公司

董事如下：

执行董事：

谢毅

程勇

楼屹

王秀娟

郭懿博士

# 郭懿博士于二零二三年四月十四日获委任为独立

非执行董事（「独立非执董」）并于二零二四年六月

七日调任为执行董事。

谢毅博士、楼屹博士、王秀娟女士及郭懿博

士亦为本公司若干附属公司之董事。

独立非执行董事：

方林虎

金松

曾立（于二零二四年六月七日获委任）

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司80

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

董事（续）

本公司已收到独立非执董方林虎先生、金

松女士及曾立博士根据联交所证券上市规

则（「上市规则」）第3.13条发出之年度确认

书，并信纳独立非执董均符合上市规则项

下独立性准则，以及认为独立非执董各自

为独立人士。

根据本公司之公司细则第111条之规定，除

主席外，本公司董事（包括独立非执董）须

轮值退任，并于本公司之股东周年大会上

重选连任。根据本公司之公司细则条文，王

秀娟女士及金松女士将于本公司应届股东

周年大会上轮值退任董事，并符合资格且

愿意重选连任。本公司股东将就退任董事

重选连任进行个别投票表决。

董事之服务合约

拟于应届股东周年大会上重选连任之董事

概无与本公司订立不可由本公司于一年

内免付赔偿（法定责任除外）而终止之服务

合约。

董事薪酬

董事袍金须于股东大会上获得股东批准。

其他酬金乃由本公司董事会参考董事之职

务、职责及表现以及本集团之业绩并根据

薪酬委员会所作推荐意见而厘定。

DIRECTORS (Continued)

The Company has received from the INEDs, Mr. Fang Lin Hu, Ms.

Jin Song and Dr. Zeng Li, anual confirmations in writing pursuant

to Rule 3.13 of the Rules Governing the Listing of Securities on the

Stock Exchange (“Listing Rules”), and is satisfied that each of the

INEDs mets the independence criteria under the Listing Rules, and

considers each of the INEDs to be independent.

In acordance with the Company’s bye-law 111, other than the

Chairman, the directors of the Company, including the INEDs,

are subject to retirement by rotation and re-election at the anual

general meting of the Company. In acordance with the provisions

of the Company’s bye-laws, Ms. Wong Sau Kuen and Ms. Jin Song

wil retire as director by rotation at the forthcoming anual general

meting of the Company and, being eligible, wil ofer themselves for

re-election. The re-election of the retiring directors wil be individualy

voted on by the shareholders of the Company.

DIRECTORS’ SERVICE CONTRACTS

No director proposed for re-election at the forthcoming anual

general meting has a service contract with the Company which is

not determinable by the Company within one year without payment of

compensation, other than statutory obligation.

DIRECTORS’ REMUNERATION

The directors’ fes are subject to shareholders’ aproval at general

metings. Other emoluments are determined by the Company’s

board of directors with reference to directors’ duties, responsibilities

and performance and the results of the Group, and pursuant to the

recomendation made by the remuneration comite.

ANUAL REPORT 2025 二零二五年报81

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

DIRECTORS’ INTERESTS IN CONTRACTS

Save as disclosed in the consolidated financial statements, no

director had material interests, either directly or indirectly, in any

contract of significance to the busines of the Group to which the

Company or any of its subsidiaries was a party during the year.

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

During the year, no directors or their close asociates are considered

to have an interest in a busines which competes or is likely to

compete, either directly or indirectly, with the busines of the Group.

PERMITED INDEMNITY

Pursuant to the Company’s bye-laws, every director or other oficer of

the Company shal be entitled to be indemnified out of the asets of

the Company against al loses or liabilities which he/she may sustain

or incur in or about the execution of the duties of his/her ofice or

otherwise in relation thereto. In adition, the Company has aranged

apropriate directors’ and oficers’ liability insurance coverage for the

directors and oficers of the Group.

DIRECTORS’ INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES

At 31 March 2025, the interests and short positions of the directors

in the shares, underlying shares or debentures of the Company or

its asociated corporations within the meaning of Part XV of the

Securities and Futures Ordinance (the “SFO”), as recorded in the

of the SFO, or as otherwise notified to the Company and the Stock

Exchange pursuant to the Model Code for Securities Transactions by

Directors of Listed Isuers (the “Model Code”) were as folows:

董事之合约利益

除综合财务报表所披露者外，概无董事于

本公司或其任何附属公司于年度内所订立

对本集团业务具重大影响之任何合约中，

直接或间接拥有重大权益。

董事于竞争业务之权益

于年度内，概无董事或彼等之紧密联系人

被视为于与本集团业务构成或可能构成直

接或间接竞争之业务中拥有权益。

获准许弥偿

根据本公司之公司细则，本公司各董事或

其他高级人员有权就履行其职务或在其他

有关方面而可能蒙受或产生或相关之所有

损失或负债自本公司之资产中获得弥偿。

此外，本公司已为本集团董事及高级人员

投保适当的董事及高级人员责任保险。

董事于股份、相关股份及债权证

之权益及淡仓

于二零二五年三月三十一日，董事于本公

司或其相联法团（定义见证券及期货条例

（「证券及期货条例」）第XV部）之股份、相关

股份或债权证中，拥有登记于本公司根据

证券及期货条例第352条须存置之登记册之

权益及淡仓，或根据上市发行人董事进行

证券交易的标准守则（「标准守则」）须另行

知会本公司及联交所之权益及淡仓如下：

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司82

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

董事于股份、相关股份及债权证

之权益及淡仓（续）

于本公司普通股之好仓

附注：

(a) 该等900,000,000股份指债券持有人United

Gene International Holdings Group Limited（「UG

International」）根据本公司于二零一三年七月十

六日发行之20年零息可换股债券（尚未偿还之

本金额为577,170,000港元）按换股价每股0.6413

港元悉数行使换股权后将获配发及发行之换股

股份。UG International之全部已发行股本由JNJ

Investments Ltd拥有，JNJ Investments Ltd由香

港博德基因开发有限公司（「香港博德」）全资拥

有，而香港博德之全部已发行股本由United Gene

Group Ltd（一间于英属处女群岛注册成立之公司）

拥有。United Gene Group Ltd之已发行股本由Ease

Gold Investments Limited拥有33%权益，而Ease

Gold Investments Limited由谢毅博士全资拥有。

于二零二五年三月三十一日，本公司已发行股份

合共为2,390,000,000股。假设本公司可换股债券

附带之换股权获悉数行使，UG International将持

有本公司经扩大股本约27.36%。

(b) 本公司1,060,000股及139,700,000股已发行股份

分别由Merchandise Holdings Limited及United Gene

Industry Group Limited持有，两家公司均于英属处

女群岛注册成立并由程勇先生全资拥有。

DIRECTORS’ INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES (Continued)

Long positions in the ordinary shares of the Company

Name of directorNotesCapacity and nature of interest

Number of

ordinary shares

held/entitled

Aproximate

percentage of

interests held

董事姓名附注身份及权益性质

所持╱有权持有之

普通股数目

所持权益之

概约百分比

Xie Yi(a)Through controled corporations900,000,00037.66%

谢毅透过受控制公司

Cheng Yong(b)Directly beneficialy owned830,0000.04%

程勇直接实益拥有

Through controled corporations140,760,0005.89%

透过受控制公司

Held by spouse5,090,0000.21%

由配偶持有

146,680,0006.14%

Notes:

(a) These 900,000,000 shares represent conversion shares to be aloted and isued

to the bondholder, United Gene International Holdings Group Limited (“UG

International”) upon exercise in ful of the conversion rights by UG International,

at conversion price of HK$0.6413 per share under the Company’s 20-year zero

coupon convertible bonds isued on 16 July 2013 with principal amount of

HK$577,170,000 outstanding. The entire isued share capital of UG International

is owned by JNJ Investments Ltd which is wholy owned by Biowindow Gene

Development (Hong Kong) Limited (“HK Biowindow”), and the entire isued

share capital of HK Biowindow is owned by United Gene Group Ltd (a company

incorporated in the British Virgin Islands). The isued share capital of United Gene

Group Ltd is owned as to 33% by Ease Gold Investments Limited, which is wholy

owned by Dr. Xie Yi.

At 31 March 2025, there was a total of 2,390,000,000 shares isued by the

Company, and asuming the exercise in ful of the conversion rights ataching

to the Company’s convertible bonds, UG International wil hold aproximately

27.36% of the enlarged share capital of the Company.

(b) 1,060,000 shares and 139,700,000 shares of the Company’s shares in isue

are respectively held by Merchandise Holdings Limited and United Gene Industry

Group Limited, both are companies incorporated in the British Virgin Islands and

are wholy owned by Mr. Cheng Yong.

ANUAL REPORT 2025 二零二五年报83

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

董事于股份、相关股份及债权证

之权益及淡仓（续）

除上文所披露者外，于二零二五年三月三

十一日，概无任何董事于本公司或其任何

相联法团之股份、相关股份及债权证中，拥

有根据证券及期货条例第352条须予登记之

权益或淡仓，或根据标准守则须知会本公

司及联交所之权益或淡仓。

董事购入股份及债权证之权利

于年度内任何时间，任何董事或彼等各自

之配偶或未成年子女概无获授可藉购入本

公司或任何其他法团股份或债权证而获益

之权利，或彼等并无行使任何该等权利，或

本公司或其任何附属公司亦无订立任何安

排，致使董事、彼等各自之配偶或未成年子

女可于任何其他法团获得该等权利。

董事资料变动

自本公司最新刊发中期报告以来，董事资

料变动载列如下：

诚如董事及高层管理人员简介一节所更

新，程勇先生不再担任领航医药及生物科

技有限公司（「领航医药」）任何中国附属公

司之董事。

DIRECTORS’ INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES (Continued)

Save as disclosed above, as at 31 March 2025, none of the directors

had registered an interest or short position in the shares, underlying

shares and debentures of the Company or any of its asociated

corporations that was required to be recorded pursuant to Section

352 of the SFO, or as otherwise notified to the Company and the

Stock Exchange pursuant to the Model Code.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES

AND DEBENTURES

At no time during the year were rights to acquire benefits by means

of the acquisition of shares in, or debentures of, the Company or

any other body corporate granted to any directors or their respective

spouses or minor children, or were any such rights exercised by

them, or was the Company or any of its subsidiaries a party to any

arangement to enable the directors, their respective spouses or

minor children to acquire such rights in any other body corporate.

CHANGE IN INFORMATION OF DIRECTORS

Change in information of directors since the Company’s last

published interim report is stated below:

Mr. Cheng Yong no longer served as a director of any PRC subsidiary

of Inovative Pharmaceutical Biotech Limited (“Inovative Pharm”) as

updated in the Directors and Senior Management Profile section.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司84

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

主要股东及其他人士于股份、

相关股份及债权证之权益及淡仓

于二零二五年三月三十一日，根据本公司

按照证券及期货条例第336条须予保存之

登记册所记录，于本公司股份及相关股份

中拥有5%或以上权益及淡仓之其他人士

如下。

于本公司普通股之好仓

附注：

(a) 该等900,000,000股份指债券持有人UG

International根据本公司于二零一三年七月十六日

发行之20年零息可换股债券（尚未偿还之本金额

为577,170,000港元）按换股价每股0.6413港元悉

数行使换股权后将获配发及发行之换股份。UG

International之全部已发行股本由JNJ Investments

Ltd拥有，JNJ Investments Ltd由香港博德全资拥

有，而香港博德之全部已发行股本由United Gene

Group Ltd（一间于英属处女群岛注册成立之公

司）拥有。United Gene Group Ltd之已发行股本

由United Gene Holdings Limited拥有33%权益，而

United Gene Holdings Limited由毛裕民博士全资

拥有。

SUBSTANTIAL SHAREHOLDERS’ AND

OTHER PERSONS’ INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES

At 31 March 2025, the folowing other persons’ interests and short

positions of 5% or more of the shares and underlying shares of the

Company were recorded in the register required to be kept by the

Company pursuant to Section 336 of the SFO.

Long positions in the ordinary shares of the Company

Name of shareholderNotesCapacity and nature of interest

Number of

ordinary shares

held/entitled

Aproximate

percentage of

interests held

股东姓名附注身份及权益性质

所持╱有权持有之

普通股数目

所持权益之

概约百分比

Mao YuminDirectly beneficialy owned189,920,0007.94%

毛裕民直接实益拥有

(a)Through controled corporations900,000,00037.66%

透过受控制公司

1,089,920,00045.60%

Huang ZhenpingDirectly beneficialy owned150,000,0006.28%

黄振平直接实益拥有

Note:

(a) These 900,000,000 shares represent conversion shares to be aloted and isued

to the bondholder, UG International upon exercise in ful of the conversion rights

by UG International, at conversion price of HK$0.6413 per share under the

Company’s 20-year zero coupon convertible bonds isued on 16 July 2013 with

principal amount of HK$577,170,000 outstanding. The entire isued share capital

of UG International is owned by JNJ Investments Ltd which is wholy owned by

HK Biowindow, and the entire isued share capital of HK Biowindow is owned

by United Gene Group Ltd (a company incorporated in the British Virgin Islands).

The isued share capital of United Gene Group Ltd is owned as to 33% by United

Gene Holdings Limited, which is wholy owned by Dr. Mao Yumin.

ANUAL REPORT 2025 二零二五年报85

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

SUBSTANTIAL SHAREHOLDERS’ AND

OTHER PERSONS’ INTERESTS AND SHORT

POSITIONS IN SHARES, UNDERLYING

SHARES AND DEBENTURES (Continued)

Note: (Continued)

(a) (Continued)

At 31 March 2025, there was a total of 2,390,000,000 shares isued by the

Company, and asuming the exercise in ful of the conversion rights ataching

to the Company’s convertible bonds, UG International wil hold aproximately

27.36% of the enlarged share capital of the Company.

Save as disclosed above, as at 31 March 2025, no person, other than

certain directors of the Company, whose interests are set out in the

section “Directors’ Interests and Short Positions in Shares, Underlying

Shares and Debentures” above, had registered an interest or short

position in the shares or underlying shares of the Company that was

required to be recorded pursuant to Section 336 of the SFO.

CONECTED AND RELATED PARTY

TRANSACTIONS

During the year and up to the date of this report, the Group had the

folowing transactions with related parties, which did not constitute

conected transactions under Chapter 14A of the Listing Rules:

Suplemental agrement for extension of the First

Loan Agrement and Provision of Shareholders’ Loan

under the Third Loan Agrement to Smart Ascent

Limited (“Smart Ascent”), an asociate of the Company

On 27 July 2018 and 8 March 2022, the Company and Inovative

Pharm (together with its subsidiaries, the “Inovative Pharm Group”)

through their respective wholy-owned subsidiaries holding 49%

and 51% shareholdings in Smart Ascent, as lenders and Smart

Ascent as borower, entered into the shareholders’ loan agrements

amounting to HK$30 milion and HK$12 milion respectively, which

were contributed as to 49% by the Group and 51% by the Inovative

Pharm Group in proportion to their respective shareholdings in Smart

Ascent, for financing the working capital requirements of Smart

Ascent and its subsidiaries for the oral insulin project. Further details

are disclosed in the Company’s anouncement dated 8 March 2022.

主要股东及其他人士于股份、

相关股份及债权证之权益及淡仓

（续）

附注：（续）

(a) （续）

于二零二五年三月三十一日，本公司已发行合共

2,390,000,000股份，假设本公司可换股债券附

带之换股权获悉数行使，UG International将持有

本公司经扩大股本约27.36%。

除上文所披露者外，于二零二五年三月三

十一日，概无任何人士（不包括本公司若干

董事，彼等之权益载于上文「董事于股份、

相关股份及债权证之权益及淡仓」一节）于

本公司之股份或相关股份中拥有根据证

券及期货条例第336条须予登记之权益或

淡仓。

关连及关联方交易

于年度内及截至本报告日期，本集团与关

联方订立以下交易，根据上市规则第14A

章，该等交易并不构成关连交易：

首份贷款协议延期之补充协议及根

据第三份贷款协议向本公司联营公

司进生有限公司（「进生」）提供股东

贷款

于二零一八年七月二十七日及二零二年

三月八日，本公司与领航医药（连同其附属

公司统称「领航医药集团」）透过彼等分别持

有进生49%及51%股权之全资附属公司（作

为贷款方）及进生（作为借款方）订立金额分

别为30,000,000港元及12,000,000港元的股

东贷款协议，本集团及领航医药集团分别

按彼等各自于进生的持股比例出资49%及

51%，以为进生及其附属公司口服胰岛素

项目的营运资金需求拨资。进一步详情披

露于本公司日期为二零二年三月八日之

公告。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司86

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

关连及关联方交易（续）

首份贷款协议延期之补充协议及根

据第三份贷款协议向本公司联营公

司进生有限公司（「进生」）提供股东

贷款（续）

于二零二四年七月三十日，本集团与领航

医药集团（作为贷款方）及进生（作为借款

方）订立(i)就日期为二零一八年七月二十七

日之股东贷款协议（「首份贷款协议」）之补

充协议（「第一笔贷款延期协议」），以将根

据首份贷款协议授出之贷款及其应计利息

的还款日期延长36个月；及(i)授出本金额

最多20,000,000港元的贷款融资（「第三笔贷

款」），由本集团及领航医药集团按彼等各

自于进生的持股比例分别出资49%及51%

的股东贷款协议（「第三份贷款协议」）。第三

笔贷款为无抵押、按年利率5%计息，还款

期限固定为每次提取第三笔贷款后60个月。

根据上市规则第14.22条，订立第一笔贷款

延期协议及第三份贷款协议构成本公司的

主要交易，须遵守上市规则第14章项下申

报、公告及股东批准规定。主要交易已于二

零二四年十月十五日举行的本公司股东特

别大会上获本公司股东批准。

进一步详情载于本公司日期为二零二四年

七月三十日及二零二四年十月十五日的公

告以及本公司日期为二零二四年九月二十

七日的通函。

于二零二五年三月三十一日，第三笔贷款

已由进生悉数提取。

有关其他关联方交易详情载于综合财务报

表附注37。概无关联方交易构成上市规则

第14A章项下之非全面获豁免的关连交易或

持续关连交易。

CONECTED AND RELATED PARTY

TRANSACTIONS (Continued)

Suplemental agrement for extension of the First

Loan Agrement and Provision of Shareholders’ Loan

under the Third Loan Agrement to Smart Ascent

Limited (“Smart Ascent”), an asociate of the Company

(Continued)

On 30 July 2024, the Group and the Inovative Pharm Group

as lenders and Smart Ascent as borower, entered into (i) the

suplemental agrement (the “First Loan Extension Agrement”)

suplemental to the shareholders’ loan agrement dated 27 July 2018 (the

“First Loan Agrement”) for the extension of repayment dates of

the loan granted under the First Loan Agrement and the interests

acrued thereon for a period of 36 months; and (i) the shareholders’

loan agrement for the granting of a loan facility of up to a principal

amount of HK$ 20 milion (the “Third Loan”) to be contributed as

to 49% by the Group and 51% by the Inovative Pharm Group in

proportion to their respective shareholdings in Smart Ascent (the “Third

Loan Agrement”). The Third Loan is unsecured, interest bearing at 5%

per anum and has a repayment term fixed at 60 months after each

drawdown of the Third Loan.

The entering into of the First Loan Extension Agrement and the Third

Loan Agrement constitutes a major transaction of the Company

pursuant to Rule 14.22 of the Listing Rules and is subject to the

reporting, anouncement and shareholders’ aproval requirements

under Chapter 14 of the Listing Rules. The major transaction was

aproved by the Company’s shareholders at its special general

meting held on 15 October 2024.

Further details are set out in the Company’s anouncements dated

30 July 2024 and 15 October 2024, and the Company’s circular

dated 27 September 2024.

As at 31 March 2025, the Third Loan has ben fuly drawn down by

Smart Ascent.

Details of other related party transactions are set out in note 37 to

the consolidated financial statements. None of the related party

transactions constituted a non-fuly exempt conected transaction or

continuing conected transaction under Chapter 14A of the Listing

Rules.

ANUAL REPORT 2025 二零二五年报87

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

重大合约

除上文「关连及关联方交易」所披露者外，

于本年度末或年度内任何时间并不存在本

公司或其任何附属公司参与订立而本公司

董事于当中直接或间接拥有重大利益之任

何重大合约。

报告期后事项

报告期末后并无重大事项。

充足公众持股量

根据本公司公开可得之资料及就董事所

知，于年度内及截至本报告日期，公众人士

最少持有本公司已发行股本总数25%。

董事进行证券交易的标准守则

本公司已采纳上市规则附录C3所载之标准

守则作为董事买卖本公司证券之本公司操

守则。经向董事作出特定查询后，董事于

截至二零二五年三月三十一日止年度内均

一直遵照标准守则所载之规定准则。

购买、出售或赎回本公司上市

证券

本公司或其任何附属公司于年度内概无购

买、出售或赎回本公司任何上市证券。

优先购股权

本公司之公司细则或百慕达（即本公司注册

成立所在之司法权区）法例概无规定本公司

须按比例向现有股东发售新股份之优先购

股权之条文。

CONTRACTS OF SIGNIFICANCE

Save as disclosed in “Conected and Related Party Transactions”

above, no contracts 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.

EVENTS AFTER THE REPORTING PERIOD

There were no significant events after the end of the reporting period.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and

within the knowledge of the directors, at least 25% of the Company’s

total isued share capital was held by the public during the year and

up to the date of this report.

MODEL CODE FOR SECURITIES

TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code as set out in Apendix

C3 to the Listing Rules as the Company’s code of conduct for

dealings in securities of the Company by the directors. Based on

specific enquiry of the directors, the directors have complied with

the required standard set out in the Model Code throughout the year

ended 31 March 2025.

PURCHASE, SALE OR REDEMPTION OF

LISTED SECURITIES OF THE COMPANY

Neither the Company, nor any of its subsidiaries purchased, sold or

redemed any of the Company’s listed securities during the year.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Company’s

bye-laws or the laws of Bermuda, being the jurisdiction in which the

Company is incorporated, which would oblige the Company to ofer

new shares on a pro-rata basis to existing shareholders.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司88

REPORT OF THE DIRECTORS (CONTINUED)

董事会报告（续）

审核委员会

为检讨及监察本集团之财务汇报程序以及

风险管理及内部监控制度，本公司已根据

企业管治守则之现行规定成立审核委员

会，并以书面列出其职权范围。审核委员会

由三名独立非执董组成。本集团截至二零

二五年三月三十一日止年度之财务报表已

由审核委员会审阅。审核委员会认为该等

财务报表已符合适用之会计准则以及联交

所及法例规定，并已提供足够披露。

核数师

本公司于截至二零二五年三月三十一日止

年度之综合财务报表已由永拓富信会计师

事务所有限公司审核，该事务所将退任，并

符合资格及愿意于应届股东周年大会上接

受续聘为本公司之核数师。

本公司于截至二零二四年及二零二三年三

月三十一日止年度之综合财务报表已由开

元信德会计师事务所有限公司审核，该事

务所已于二零二四年八月二十三日举行之

本公司股东周年大会结束时退任本公司核

数师，而永拓富信会计师事务所有限公司

已获委任为本公司核数师，自二零二五年

三月二十八日起生效，以填补开元信德会

计师事务所有限公司退任产生之空缺。

代表董事会

主席

谢毅博士

香港，二零二五年六月三十日

AUDIT COMITE

The Company has established an Audit Comite, with writen

terms of reference, in acordance with prevailing provisions of the

Corporate Governance Code, for the purpose of reviewing and

providing supervision over the financial reporting proces and risk

management and internal control systems of the Group. The Audit

Comite comprises thre INEDs. The Group’s financial statements

for the year ended 31 March 2025 have ben reviewed by the Audit

Comite. The Audit Comite is of the opinion that such financial

statements comply with the aplicable acounting standards,

and Stock Exchange’s and legal requirements, and that adequate

disclosures have ben made.

AUDITOR

The Company’s consolidated financial statements for the year ended

31 March 2025 have ben audited by SFAI (HK) CPA Limited, who

wil retire and, being eligible, ofer themselves for re-apointment as

auditor of the Company at the forthcoming anual general meting.

The Company’s consolidated financial statements for the years ended

31 March 2024 and 2023 were audited by Elite Partners CPA Limited

who retired as auditor of the Company at the conclusion of the anual

general meting of the Company held on 23 August 2024, and SFAI (HK)

CPA Limited was apointed as the auditor of the Company with efect

from 28 March 2025 to fil the vacancy arising from the retirement of

Elite Partners CPA Limited.

On behalf of the Board

Dr. Xie Yi

Chairman

Hong Kong, 30 June 2025

Independent AudItor’s report

独立核数师报告

ANUAL REPORT 2025 二零二五年报89

TO THE MEMBERS OF

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Extrawel

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

set out on pages 96 to 219, which comprise the consolidated statement of

financial position as at 31 March 2025, the consolidated statement of profit or

los and other 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 and other explanatory information.

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

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

of its consolidated financial performance and its consolidated cash flows

for the year then ended in acordance with Hong Kong Financial Reporting

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.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) isued by the HKICPA. Our responsibilities under those

standards are further described in the Auditor’s Responsibilities for the Audit

of the Consolidated Financial Statements section of our report. We are

independent of the Group in acordance with the HKICPA’s Code of Ethics

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

ethical responsibilities in acordance with the Code. We believe that the audit

evidence we have obtained is suficient and apropriate to provide a basis for

our opinion.

致精优药业控股有限公司全体股东

（于百慕达注册成立之有限公司）

意见

吾等已审核第96至第219页所载精优药业控股有

限公司（「贵公司」）及其附属公司（「贵集团」）之综

合财务报表，包括于二零二五年三月三十一日之

综合财务状况表、截至该日止年度之综合损益及

其他全面收益表、综合权益变动表及综合现金流

量表，以及综合财务报表附注（包括重大会计政

策资料）及其他说明资料。

吾等认为，综合财务报表已遵照香港会计师公会

（「香港会计师公会」）颁布的香港财务报告准则

（「香港财务报告准则」）真实公平地反映贵集团

于二零二五年三月三十一日的综合财务状况以

及其于截至该日止年度的综合财务表现及综合

现金流量，并已按照香港公司条例披露要求妥为

编制。

意见之基准

吾等已根据香港会计师公会颁布之香港审计准则

（「香港审计准则」）进行审核。吾等在该等准则下

之责任已在本报告核数师就审核综合财务报表须

承担之责任一节中进一步阐述。根据香港会计师

公会颁布之专业会计师道德守则（「守则」），吾等

独立于贵集团，且已根据守则履行其他道德责

任。吾等相信所获取之审核凭证为充足，且适当

地为吾等之意见提供基础。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司90

Independent AudItor’s report (ContInued)

独立核数师报告（续）

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgement, were

of most significance in our audit of the consolidated financial statements of the

curent period. These maters were adresed in the context of our audit of

the consolidated financial statements as a whole, and in forming our opinion

thereon, and we do not provide a separate opinion on these maters.

Key Audit MaterHow the mater was adresed in our audit

关键审核事项吾等的审核如何处理该事项

Impairment asesment of interest in an asociate

于一间联营公司之权益之减值评估

As disclosed in note 21 to the consolidated financial statements, as

at 31 March 2025, the Group has interest in an asociate amounted

to aproximately HK$311,929,000.

诚如综合财务报表附注21所披露，于二零二五年三月三十一

日，贵集团于一间联营公司之权益约为311,929,000港元。

At the end of the reporting period, with reference to a valuation

report prepared by an independent profesional qualified valuer,

the directors of the Company have performed an impairment

asesment on the Group’s interest in the asociate.

于报告期末，经参考独立专业合资格估值师编制的估值报告，

贵公司董事已对贵集团于联营公司的权益进行减值评估。

We had identified the impairment asesment of interest in an

asociate as a key audit mater because its significant balance to

the consolidated financial statements as a whole and the significant

management judgement was required to determine the recoverable

amount for the interest in an asociate.

吾等已识别于一间联营公司之权益之减值评估为关键审核事

项，原因为其结余对综合财务报表整体而言属重大及管理层须

作出重大判断以厘定于一间联营公司之权益之可收回金额。

Our audit procedures in relation to impairment asesment of

interest in an asociate included, among others, the folowing:

吾等就于一间联营公司之权益之减值评估的审核程序包括

（其中包括）以下各项：

• To obtain the valuation report prepared by the

independent profesional qualified valuer;

• To discus with management and relevant profesionals

about the status and development of the In-proces

R&D (as defined in note 21 to the consolidated financial

statements) of oral insulin product, the major aset held

by the asociate;

• 与管理层及相关专业人士讨论有关联营公司持有的

主要资产口服胰岛素产品进行中之研发（定义见综合

财务报表附注21）的状况及发展；

• To ases the impairment asesment methodology

provided by the management, including but not limited to

the reasonablenes of key asumptions aplied and the

acuracy and reliance of the input data used;

，包括但不限于

所应用主要假设之合理性及所使用输入数据之准确

性及可靠性；

• To check the mathematical acuracy on the information

provided by management and independent profesional

qualified valuer; and

• 检查由管理层及独立专业合资格估值师所提供资料

之算术准确性；及

, capabilities and objectivity

of the independent profesional qualified valuer taking

acount its experience and qualifications.

、能力及客观性，

并考虑其经验及资格。

关键审核事项

关键审核事项为根据吾等之专业判断，认为对本

期间综合财务报表之审核最为重要的事项。该等

事项为在吾等审核整体综合财务报表及出具吾等

之意见时进行处理，且吾等不会对该等事项提供

单独意见。

ANUAL REPORT 2025 二零二五年报91

Independent AudItor’s report (ContInued)

独立核数师报告（续）

Key Audit MaterHow the mater was adresed in our audit

关键审核事项吾等的审核如何处理该事项

Fair value of financial asets at fair value through profit or los (“FVTPL”)

按公平值计入损益（「按公平值计入损益」）之金融资产之公平值

As disclosed in note 19(a) to the consolidated financial statements,

as at 31 March 2025, the Group’s investment in financial asets at

FVTPL amounted to aproximately HK$915,436,000.

诚如综合财务报表附注19(a)所披露，于二零二五年三月三十

一日，贵集团于按公平值计入损益之金融资产之投资约为

915,436,000港元。

At the end of the reporting period, with reference to a valuation

report prepared by an independent profesional qualified valuer,

the directors of the Company have asesed the fair value of the

financial asets at FVTPL.

于报告期末，经参考独立专业合资格估值师编制的估值报

告，贵公司董事已评估按公平值计入损益之金融资产之公

平值。

The Group has aplied valuation techniques to determine the fair

value of financial instruments that are not quoted in active markets.

These valuation techniques, in particular those that include significant

unobservable inputs, involve management using judgements and

asumptions. With diferent valuation techniques and inputs aplied,

the valuation results can vary significantly.

对于没有活跃市场报价的金融工具，贵集团已采用估值技术

来确定其公平值。该等估值技术涉及管理层之判断与假设，尤

其包含重大不可观察输入数据之估值技术为甚。采用不同的估

值技术及输入数据，可得出截然不同之估值结果。

We had identified the fair value measurement of financial asets at

FVTPL as a key audit mater because its significant balance to the

consolidated financial statements as a whole and the significant

management judgement was required to determine the fair value of

the financial asets at FVTPL.

吾等已将按公平值计入损益之金融资产之公平值计量识别为

关键审核事项，原因为其对综合财务报表整体而言属重大的结

余，以及需要管理层作出重大判断，以厘定按公平值计入损益

之金融资产之公平值。

Our audit procedures in relation to fair value of financial asets at

FVTPL included, among others, the folowing:

吾等有关按公平值计入损益之金融资产之公平值的审核程

序包括（其中包括）如下：

• To obtain the valuation report prepared by the

independent profesional qualified valuer;

’s valuation and acounting

treatment for the financial asets at FVTPL;

• 了解贵集团对按公平值计入损益之金融资产之估

值及会计处理；

• To evaluate the reasonablenes and apropriatenes of

the methodologies used by management for the fair value

valuation of the financial asets at FVTPL;

• 评估管理层就按公平值计入损益之金融资产之公平

值估值所使用之方法之合理性及合适性；

• To evaluate the reasonablenes and apropriatenes

of the unobservable and observable inputs used for the

financial asets at FVTPL;

• 评估就按公平值计入损益之金融资产所使用之不可

观察及可观察输入数据合理性及合适性；

• To check the mathematical acuracy on the information

provided by management and independent profesional

qualified valuer; and

• 检查由管理层及独立专业合资格估值师所提供资料

之算术准确性；及

, capabilities and objectivity

of the independent profesional qualified valuer; taking

acount its experience and qualifications.

、能力及客观性；

并考虑其经验及资格。

关键审核事项（续）KEY AUDIT MATERS (Continued)

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司92

Independent AudItor’s report (ContInued)

独立核数师报告（续）

OTHER MATER

The consolidated financial statements of the Group for the year ended 31

March 2024, were audited by another auditor who expresed an unmodified

opinion on those statements on 28 June 2024.

OTHER INFORMATION

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

other information comprises al the information included in the anual report,

but does not include the consolidated financial statements and our auditor’s

report thereon.

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

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

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

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

whether the other information is materialy inconsistent with the consolidated

financial statements or our knowledge obtained in the audit or otherwise

apears to be materialy mistated.

If, based on the work we have performed, we conclude that there is a material

mistatement of this other information, we are required to report that fact. We

have nothing to report in this regard.

RESPONSIBILITIES OF THE 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 of the Company determine is necesary to enable the preparation

of consolidated financial statements that are fre from material mistatement,

whether due to fraud or eror.

In preparing the consolidated financial statements, the directors of the

Company 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 of the

Company 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.

其他事项

贵集团截至二零二四年三月三十一日止年度的综

合财务报表已经由另一名核数师进行审核，该核

数师于二零二四年六月二十八日对该等报表发表

无保留意见。

其他资料

贵公司董事须对其他资料负责。其他资料包括年

报所载全部资料，惟不包括综合财务报表及核数

师报告。

吾等对综合财务报表之意见并不涵盖其他资料，

且吾等亦不会就其发表任何形式的鉴证结论。

就审核综合财务报表而言，吾等之责任为阅读其

他资料，并在此过程中，考虑其他资料是否与综

合财务报表或吾等在审核过程中所了解的情况有

重大不符，或者似乎有重大错误陈述。

基于吾等已执行之工作，倘吾等认为其他资料有

重大错误陈述，吾等需要报告有关事实。就此而

言，吾等毋须报告任何事项。

董事及治理层就综合财务报表须

承担之责任

贵公司董事负责根据香港会计师公会颁布之香

港财务报告准则及香港公司条例之披露规定，编

制反映真实且公平意见之综合财务报表，以及维

持贵公司董事认为必要之有关内部控制，以确

保编制综合财务报表时不存在由于欺诈或错误而

导致之重大错误陈述。

在编制综合财务报表时，贵公司董事负责评

估贵集团持续经营之能力，并在适用情况下披

露与持续经营有关的事项，以及使用持续经营为

会计基础，除非贵公司董事有意将贵集团清

盘或停止经营，或除此之外别无其他实际的替代

方案。

治理层负责监督贵集团的财务报告流程。

ANUAL REPORT 2025 二零二五年报93

Independent AudItor’s report (ContInued)

独立核数师报告（续）

核数师就审核综合财务报表须承

担之责任

吾等之目标为对综合财务报表整体是否不存在由

于欺诈或错误而导致之任何重大错误陈述取得合

理保证，并出具包括吾等意见之核数师报告。吾

等根据百慕达《公司法》第90条及吾等协定的委聘

条款仅向阁下（作为整体）报告，除此之外本报

告别无其他目的。吾等不会就本报告之内容向任

何其他人士负上或承担任何责任。合理保证为高

水准保证，但不能保证按香港审计准则进行的审

核总能发现重大错误陈述。错误陈述可以由欺诈

或错误引起，倘按合理预期而错误陈述个别或汇

总起来可能影响综合财务报表使用者所作出的经

济决定，则有关的错误陈述可被视作重大。

在根据香港审计准则进行审核的过程中，吾等运

用了专业判断，并于审核过程中保持专业怀疑态

度。吾等亦：

• 识别及评估由于欺诈或错误而导致综合财

务报表存在重大错误陈述之风险、设计及

执行审核程序以应对该等风险以及取得充

足及适当的审核凭证，作为吾等意见之基

础。由于欺诈可能涉及串谋、伪造、蓄意遗

漏、虚假陈述，或凌驾于内部控制之上，因

此未能发现因欺诈而导致的重大错误陈述

的风险较因错误而导致的重大错误陈述的

风险为高。

，以设计适当

之审核程序，但并非旨在对贵集团内部

控制之有效性发表意见。

• 评估贵公司董事所采用会计政策之合适

性以及作出会计估计及相关披露资料之合

理性。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

that includes our opinion. This report is made solely to you, as a body,

in acordance with Section 90 of the Bermuda Companies Act and our

agred terms of engagement, and for no other purpose. We do not asume

responsibility towards or acept liability to any other person for the contents

of this report. Reasonable asurance is a high level of asurance, but is not

a guarante that an audit conducted in acordance with HKSAs wil always

detect a material mistatement when it exists. Mistatements can arise from

fraud or eror and are considered material if, individualy or in the agregate,

they could reasonably be expected to influence the economic decisions of

users taken on the basis of these consolidated financial statements.

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

judgement and maintain profesional skepticism throughout the audit. We

also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror, design

and perform audit procedures responsive to those risks, and obtain

audit evidence that is suficient and apropriate to provide a basis for

our opinion. The risk of not detecting a material mistatement resulting

from fraud is higher than for one resulting from eror, as fraud may

involve colusion, forgery, intentional omisions, misrepresentations, or

the overide of internal control.

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

to design audit procedures that are apropriate in the circumstances,

but not for the purpose of expresing an opinion on the efectivenes of

the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made

by the directors of the Company.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司94

Independent AudItor’s report (ContInued)

独立核数师报告（续）

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

’s directors’ use

of the going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on the Group’s

ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw atention in our auditor’s

report to the related disclosures in the consolidated financial statements

or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of

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

the Group to cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the underlying

transactions and events in a maner that achieves fair presentation.

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

evidence regarding the financial information of the entities or busines

units within the group as a basis for forming an opinion on the group

financial statements. We are responsible for the direction, supervision

and review of the audit work performed for purposes of the group audit.

We remain solely responsible for our audit opinion.

We comunicate with those charged with governance regarding, among

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

findings, including any significant deficiencies in internal control that we identify

during our audit.

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

have complied with relevant ethical requirements regarding independence

and 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 or safeguards aplied.

核数师就审核综合财务报表须承

担之责任（续）

• 对贵公司董事采用持续经营会计基础之

合适性作出结论，并根据所得之审核凭证

决定是否存在与事件或情况有关之重大不

确定性，而可能对贵集团持续经营之能

力构成重大疑虑。倘吾等认为存在重大不

确定性，则吾等须在核数师报告中提请注

意综合财务报表中之相关披露资料，或倘

有关披露资料不足，则修订吾等之意见。

吾等之结论乃基于截至核数师报告日止所

取得之审核凭证。然而，未来事件或情况

可能导致贵集团不能继续持续经营。

（包括披露资料）之整体

呈报方式、结构及内容，以及综合财务报

表是否公平反映相关交易及事项。

，以就集团内实体或

业务单位之财务资料获取充足、适当之审

核凭证，作为对集团财务报表形成意见的

基础。吾等负责指导、监督及覆核为集团

审核而进行的审核工作。吾等对审核意见

承担全部责任。

吾等就（其中包括）审核之计划范围及时间以及重

大审核发现（包括吾等在审核过程中识别出内部

监控之任何重大缺陷）与治理层进行沟通。

吾等亦向治理层提交声明，表明吾等已符合有关

独立性之相关道德要求，并与彼等沟通可能合理

被认为会影响吾等独立性之所有关系及其他事

项，以及（倘适用）为消除威胁而采取的行动或所

应用的防范措施。

ANUAL REPORT 2025 二零二五年报95

Independent AudItor’s report (ContInued)

独立核数师报告（续）

核数师就审核综合财务报表须承

担之责任（续）

从与治理层沟通之事项中，吾等厘定对本期间综

合财务报表之审核最为重要之事项，因而构成

关键审核事项。除非法律或法规禁止公开披露该

等事项，否则吾等会于核数师报告中描述该等事

项，或在极端罕见之情况下，倘合理预期在吾等

之报告中沟通某事项造成之不利后果超过所产

生之公众利益，吾等会厘定不应在报告中描述该

事项。

出具本独立核数师报告之审核项目合伙人为李恩

辉先生。

永拓富信会计师事务所有限公司

执业会计师

香港湾仔

皇后大道东213号

胡忠大厦27楼2室

李恩辉

执业证书编号：P06078

香港，二零二五年六月三十日

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

From the maters comunicated with those charged with governance, we

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

consolidated financial statements of the curent period and are therefore the

key audit maters. We describe these maters in our auditor’s report unles

law or regulation precludes public disclosure about the mater or when, in

extremely rare circumstances, we determine that a mater should not be

comunicated in our report because the adverse consequences of doing so

would reasonably be expected to outweigh the public interest benefits of such

comunication.

The engagement partner on the audit resulting in this independent auditor’s

report is Mr. Le Yan Fai.

SFAI (HK) CPA Limited

Certified Public Acountants

Unit 2, 27/F, Wu Chung House

213 Quen’s Road East

Wanchai, Hong Kong

Le Yan Fai

Practising Certificate Number: P06078

Hong Kong, 30 June 2025

55,429
(33,558)
21,871
258,166
(9,336)
(21,563)
(2,312)
(22,107)
224,719
(1,167)
223,552
(105)
223,447
(1,259)
(1,259)
222,188

Consolidated statement of Profit or los

and other ComPrehensive inCome

综合损益及其他全面收益表

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

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司96

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Continuing Operations持续经营业务

Revenue收益659,098

Cost of sales销售成本(30,319)

Gros profit毛利28,779

Other income, gains and loses, net其他收入、收益及亏损净额7(131,879)

Seling and distribution expenses销售及分销费用(13,175)

Administrative expenses行政费用(22,073)

Share of results of an asociate应占一间联营公司业绩(2,275)

Finance costs财务成本8(18,801)

Profit (los) before income tax 除所得税前溢利（亏损）9(159,424)

Income tax expense所得税开支10(2,131)

Profit (los) for the year 本年度溢利（亏损）(161,555)

Discontinued Operation已终止经营业务

Los for the year from Discontinued Operation来自已终止经营业务之

本年度亏损45(85)

Profit (los) for the year本年度溢利（亏损）(161,640)

Other comprehensive expense including

reclasification adjustments

其他全面开支（包括重新分类

调整）

Item that may be reclasified subsequently to

profit or los:

其后可能重新分类至损益的

项目：

Exchange diferences on translation of

foreign operations

换算海外业务之

汇兑差额(2,431)

Other comprehensive expense for the year,

net of tax

本年度其他全面开支

（除税后）(2,431)

Total comprehensive income (expense)

for the year

本年度全面收益（开支）

总额(164,071)

222,749
(105)
222,644
803
—
803
223,447
221,522
(105)
221,417
771
—
771
222,188

9.32
7.43
9.32
7.44

ANUAL REPORT 2025 二零二五年报97

Consolidated statement of Profit or los

and other ComPrehensive inCome (ContinUed)

综合损益及其他全面收益表（续）

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

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Profit (los) for the year atributable to owners

of the Company:

本公司拥有人应占本年度溢

利（亏损）：

— Continuing Operations — 持续经营业务(162,864)

— Discontinued Operation— 已终止经营业务(85)

(162,949)

Profit (los) for the year atributable to

non-controling interests:

非控股权益应占本年度溢利

（亏损）：

— Continuing Operations — 持续经营业务1,309

— Discontinued Operation— 已终止经营业务—

1,309

Profit (los) for the year 本年度溢利（亏损）(161,640)

Total comprehensive income (expense) for the

year atributable to owners of the Company:

本公司拥有人应占本年度

全面收益（开支）总额：

— Continuing Operations — 持续经营业务(165,274)

— Discontinued Operation— 已终止经营业务(85)

(165,359)

Total comprehensive income for

the year atributable to non-controling interests:

非控股权益应占本年度

全面收益总额：

— Continuing Operations — 持续经营业务1,288

— Discontinued Operation— 已终止经营业务—

1,288

Total comprehensive income (expense)

for the year

本年度全面收益（开支）

总额(164,071)

HK$ centsHK$ cents

港仙港仙

Earnings (los) per share 每股盈利（亏损）

From Continuing and Discontinued Operations 持续经营及已终止经营业务14

— Basic — 基本(6.82)

— Diluted — 摊薄(6.82)

From Continuing Operations 持续经营业务14

— Basic — 基本(6.81)

— Diluted — 摊薄(6.81)

2,284
111,731
8,050
1,807
—
—
311,929
27,691
69
463,561
4,738
7,802
2,352
32,662
—
917,085
20,378
77,774
1,062,791
4,427
23,056
1,903
115
19,003
48,504
1,014,287
1,477,848

Consolidated statement of

finanCial Position

综合财务状况表

At 31 March 2025 于二零二五年三月三十一日

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司98

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets非流动资产

Investment properties投资物业152,417

Property, plant and equipment物业、厂房及设备16116,197

Right-of-use asets使用权资产179,843

Intangible asets无形资产181,807

Financial asets at fair value through profit or los

(“FVTPL”)

按公平值计入损益（「按公平

值计入损益」）之金融资产19660,564

Financial asets at fair value through other

comprehensive income (“FVTOCI”)

按公平值计入其他全面收益

（「按公平值计入其他全面

收益」）之金融资产20—

Interest in an asociate于一间联营公司之权益21314,241

Loan to an asociate贷款予一间联营公司224,609

Defered tax asets递延税项资产3169

1,109,747

Curent asets流动资产

Inventories存货237,265

Trade and bils receivables贸易应收账款及应收票据244,215

Deposits, prepayments and other receivables按金、预付款项及

其他应收款项252,946

Amount due from an asociate应收一间联营公司款项2234,459

Loan to an asociate贷款予一间联营公司2213,430

Financial asets at FVTPL按公平值计入损益之

金融资产19661

Pledged bank deposits已抵押银行存款2620,856

Cash and bank balances现金及银行结余2793,610

177,442

Curent liabilities流动负债

Trade and bils payables贸易应付账款及应付票据284,657

Acruals, other payables and contract liabilities预提费用、其他应付款项及

合约负债2927,122

Lease liabilities租赁负债301,375

Defered income on government grants政府补助之递延收入33116

Tax payable应付税项18,102

51,372

Net curent asets流动资产净值126,070

Total asets les curent liabilities总资产减流动负债1,235,817

139,038
—
4,011
143,049
1,334,799
23,900
1,310,642
1,334,542
257
1,334,799

ANUAL REPORT 2025 二零二五年报99

Consolidated statement of

finanCial Position (ContinUed)

综合财务状况表（续）

At 31 March 2025 于二零二五年三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent liabilities非流动负债

Convertible bonds可换股债券32117,124

Lease liabilities租赁负债301,911

Defered income on government grants政府补助之递延收入334,171

123,206

NET ASETS资产净值1,112,611

Capital and reserves股本及储备

Share capital股本3423,900

Reserves储备1,089,225

Equity atributable to owners of the Company本公司拥有人应占权益1,113,125

Non-controling interests非控股权益43(514)

TOTAL EQUITY权益总额1,112,611

The consolidated financial statements from pages 96 to 219 were aproved

and authorised for isue by the board of directors on 30 June 2025 and are

signed on behalf of the board by:

第96至219页的综合财务报表乃经董事会于二零

二五年六月三十日批准及授权刊发，并经下列董

事代表董事会签署：

Xie Yi Wong Sau Kuen

谢毅王秀娟

DirectorDirector

董事董事

23,900	191,738	(3,238)	6,542	4,839	18,570	512,359	(83,086)	441,501	1,113,125	(514)	1,112,611
—	—	—	—	—	—	—	—	222,644	222,644	803	223,447
—	—	—	—	—	(1,227)	—	—	—	(1,227)	(32)	(1,259)
—	—	—	—	—	(1,227)	—	—	222,644	221,417	771	222,188
23,900	191,738	(3,238)	6,542	4,839	17,343	512,359	(83,086)	664,145	1,334,542	257	1,334,799

Consolidated statement of

Changes in equity

综合权益变动表

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

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司100

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Other

reserve

Capital

reserve

Contributed

surplus

Foreign

curency

translation

reserve

Convertible

bonds equity

reserve

FVTOCI

reserve

Retained

earningsSub-total

Non-

controling

interests

Total

equity

股本

股份

溢价其他储备资本储备缴入盈余汇兑储备

可换股债券

权益储备

按公平值

计入其他

全面收益

之储备保留盈利小计

非控股

权益权益总计

HK$’000HK$’000HK$’000HK$’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千港元千港元千港元

(note (i)

below)

(note (i)

below)

(note (i)

below)

(note (iv)

below)

(note (v)

below)

(note (vi)

below)

(note (vi)

below)

（下文

附注(i）

（下文

附注(i）

（下文

附注(i）

（下文

附注(iv）

（下文

附注(v）

（下文

附注(vi）

（下文

附注(vi）

At 1 April 2023于二零二三年

四月一日23,900191,738—6,5424,83920,980512,359(83,086)604,4501,281,722(152)1,281,570

(Los ) profit for the year本年度（亏损）

溢利—(162,949)(162,949)1,309(161,640)

Other comprehensive

expense for the year:

本年度其他全面

开支：

Exchange diferences on

translation of foreign

operations

换算海外业务之

汇兑差额

—(2,410)—(2,410)(21)(2,431)

Total comprehensive

(expense) income for

the year

本年度全面（开

支）收益总额

—(2,410)—(162,949)(165,359)1,288(164,071)

Efect of share buy-back

in a subsidiary

于一间附属公司

之股份回购之

影响—(3,238)—(3,238)(1,650)(4,888)

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日

及二零二四年

四月一日

Profit for the year本年度溢利

Other comprehensive

expense for the year:

本年度其他全面

开支：

Exchange diferences on

translation of foreign

operations

换算海外业务之

汇兑差额

Total comprehensive

income (expense) for

the year

本年度全面收益

（开支）总额

At 31 March 2025于二零二五年

三月三十一日

’s reserves of HK$1,310,642,000 (2024:

HK$1,089,225,000) in the consolidated statement of financial position.

,310,642,000

港元（二零二四年：1,089,225,000港元）。

ANUAL REPORT 2025 二零二五年报101

Consolidated statement of

Changes in equity (Continued)

综合权益变动表（续）

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

Notes:

(i) Share premium

The share premium acount represents the amount subscribed for share capital in

exces of nominal value.

(i) Other reserve

The other reserve represents the diference betwen the amount of non-controling

interest adjusted and the fair value of the consideration paid on share buy-back and

share cancelation. Such amounts wil be transfered to retained earnings upon disposal

of subsidiaries.

(i) Capital reserve

In acordance with the relevant regulations in the People’s Republic of China (the “PRC”),

al of the subsidiaries of the Company (as defined in note 1 to the consolidated financial

statements) registered in the PRC are required to transfer part of their profit after tax to

the capital reserve. Subject to certain restrictions set out in the relevant PRC regulations

and the articles of asociation of these PRC subsidiaries, the capital reserve may be

used to ofset loses or for capitalisation as paid-up capital.

(iv) Contributed surplus

The contributed surplus of the Group (as defined in note 1 to the consolidated financial

statements) represents the diference betwen the nominal value of the share capital of

the subsidiaries acquired pursuant to the group reorganisation in 1999, over the nominal

value of the share capital of the Company isued in exchange therefor.

(v) Foreign curency translation reserve

The foreign curency translation reserve represents gains/loses arising on retranslating

the net asets/liabilities of foreign operations into presentation curency.

(vi) Convertible bonds equity reserve

The convertible bonds equity reserve represents the amount alocated to the equity

component of convertible bonds isued by the Company recognised in acordance

with the acounting policy adopted for convertible bonds in note 3.2 to the consolidated

financial statements.

(vi) FVTOCI reserve

The FVTOCI reserve represents fair value reserve comprises the cumulative net change

in the fair value of equity investments designated at FVTOCI under Hong Kong Financial

Reporting Standards (individualy known as “HKFRS”, together with Hong Kong

Acounting Standards (“HKAS”) and Interpretations also colectively refered to as “HKFRSs”)

9 Financial Instruments that are held at the end of the reporting period.

附注：

(i) 股份溢价

股份溢价账指认购股本金额超出面值之款项。

(i) 其他储备

其他储备指经调整非控股权益金额与股份购回及

股份注销已付代价公平值之差额。于出售附属公司

时，有关金额将转拨至保留盈利。

(i) 资本储备

根据中华人民共和国（「中国」）有关法例，本公司（定

义见综合财务报表附注1）旗下所有于中国注册之附

属公司须将其部分除税后溢利转拨至资本储备。资

本储备可用作抵销亏损或用作资本化为缴足股本，

惟须受中国有关法例所载若干限制及该等中国附属

公司组织章程细则之规限。

(iv) 缴入盈余

本集团（定义见综合财务报表附注1）之缴入盈余为根

据本集团于一九年进行重组而收购附属公司股

本之面值超过本公司作交换用途之已发行股本面值

之差额。

(v) 汇兑储备

汇兑储备指因海外业务之资产╱负债净值重新换算

为呈列货币而产生之收益╱亏损。

(vi) 可换股债券权益储备

可换股债券权益储备指根据综合财务报表附注3.2内

就可换股债券所采纳之会计政策确认之本公司发行

可换股债券权益部分所获分配之款项。

(vi) 按公平值计入其他全面收益之储备

按公平值计入其他全面收益储备指包括于报告期末

持有根据香港财务报告准则（各自为（「香港财务报告

准则」），连同香港会计准则（「香港会计准则」）及诠释

亦统称为（「香港财务报告准则」）第9号金融工具指

定为按公平值计入其他全面收益之股本投资公平值

之累计变动净额的公平值储备。

224,719
(105)
224,614
1,723
133
6,425
(10)
252
(847)
61
1,256
1,797
(254,872)
(27)
2,312
21,914
(3,870)
(117)
(1,108)
193
(171)
2,203
(2,803)
417
—
(180)
(3,796)
(4,330)
(44)
(4,374)

Consolidated statement of

Cash flows

综合现金流量表

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

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司102

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Cash flows from operating activities经营活动之现金流量

Profit (los) before income tax:除所得税前溢利（亏损）：

— From Continuing Operations— 来自持续经营业务(159,424)

— From Discontinued Operation— 来自已终止经营业务(85)

(159,509)

Adjustments for:调整以下项目：

Depreciation of right-of-use asets使用权资产折旧9, 171,759

Depreciation of investment properties投资物业折旧9, 15132

Depreciation of property, plant and equipment物业、厂房及设备折旧9, 167,154

Gain on disposal of property, plant and equipment出售物业、厂房及设备之收益7—

Impairment los (reversal of impairment los) of

inventories

存货减值亏损（减值亏损

拨回）9(180)

(Reversal of) impairment los on trade receivables贸易应收账款减值亏损（拨回）7, 40(d)89

Impairment los recognised on other receivables就其他应收款项确认之减值

亏损7, 40(d)—

Impairment los recognised on loan to

an asociate

就贷款予一间联营公司确认

之减值亏损7, 40(d)3,409

Impairment los on amount due from an asociate应收一间联营公司款项之

减值亏损7, 40(d)1,785

Changes in fair value on financial asets at FVTPL —

investments in convertible bonds

按公平值计入损益之金融资

产公平值变动 — 可换股

债券投资7, 19(a)132,966

Changes in fair value on financial aset at FVTPL —

short-term investment

按公平值计入损益之金融资

产公平值变动 — 短期投资7(33)

Share of results of an asociate应占一间联营公司业绩2,275

Efective interest expense on convertible bonds可换股债券之实际利息开支8, 4118,507

Bank interest income银行利息收入7(4,611)

Recognition of defered income 确认递延收入7(117)

Loan interest income from an asociate来自一间联营公司之贷款

利息收入7(1,061)

Interest expenses on lease liabilities租赁负债之利息开支8, 41294

Operating cash flows before movements in working

capital

营运资金变动前之经营现金

流量2,859

Changes in inventories存货变动(4,134)

Changes in trade and bils receivables贸易应收账款及应收票据变动1,368

Changes in deposits, prepayments and other

receivables

按金、预付款项及其他应收款项

变动1,766

Changes in financial aset at FVTPL — short-term

investment

按公平值计入损益之金融资产

变动 — 短期投资1,087

Changes in trade and bils payables贸易应付账款及应付票据变动(1,832)

Changes in acruals, other payables and contract

liabilities

预提费用、其他应付款项及合约

负债变动(4,734)

Cash used in operations营运所用之现金(3,620)

Income tax paid已付所得税(69)

Net cash used in operating activities经营活动所用之现金净额(3,689)

3,972
(3,067)
10
(9,800)
(968)
478
(9,375)
(1,383)
(193)
—
(1,576)
(15,325)
(511)
93,610
77,774
77,774
—
77,774

ANUAL REPORT 2025 二零二五年报103

Consolidated statement of

Cash flows (ContinUed)

综合现金流量表（续）

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

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Cash flows from investing activities投资活动所产生之现金流量

Bank interest income received已收银行利息收入4,291

Purchases of property, plant and equipment购置物业、厂房及设备(1,202)

Proced from disposal of property, plant and equipment出售物业、厂房及设备之

所得款项—

Advances to an asociate 予一间联营公司的垫款—

Net increase in financial aset at FVTPL

— short-term investment

按公平值计入损益之金融资产

增加净额 — 短期投资—

Changes in pledged bank deposits已抵押银行存款变动(1,053)

Net cash (used in) generated from investing

activities

投资活动（所用）所得之现金

净额2,036

Cash flows from financing activities融资活动所产生之现金流量

Repayment on principal portion of lease liabilities偿还租赁负债之本金部分41(1,321)

Repayment on interest expenses on lease liabilities偿还租赁负债利息开支41(294)

Share buy-back in a non-wholy owned subsidiary于一间非全资附属公司之股份

回购(4,888)

Net cash used in financing activities融资活动所用之现金净额(6,503)

Net decrease in cash and cash equivalents现金及现金等值项目减少净额(8,156)

Efect of foreign exchange rate changes外币汇率变动之影响(635)

Cash and cash equivalents at begining of year年初之现金及现金等值项目102,401

Cash and cash equivalents at end of year年终之现金及现金等值项目93,610

Analysis of the balances of cash and cash

equivalents

现金及现金等值项目之

结余分析

Cash and bank balances:现金及银行结余：

Atributable to Continuing Operations持续经营业务应占93,595

Atributable to Discontinued Operation已终止经营业务应占15

Cash and bank balances现金及银行结余93,610

Notes to the CoNsolidated

FiNaNCial statemeNts

综合财务报表附注

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

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司104

1. GENERAL INFORMATION

Extrawel Pharmaceutical Holdings Limited (the “Company”) is an

exempted company with limited liability incorporated in Bermuda under

the Companies Act 1981 of Bermuda (as amended). The shares of the

Company are listed on the Main Board of The Stock Exchange of Hong

Kong Limited (the “Stock Exchange”). The adreses of the registered

ofice and principal place of busines of the Company are disclosed in

the Corporate Information section to the anual report.

The Company is an investment holding company. The Company

and its subsidiaries (the “Group”) are principaly engaged in: (i) the

manufacturing segment engages in the development, manufacture and

sales of pharmaceutical products (the “Manufacturing” busines); (i) the

trading segment engages in the marketing and distribution of imported

pharmaceutical products (the “Trading” busines); and (c) the gene

development segment engages in the comercial exploitation and

development of genome-related technology (the “Gene Development”

busines) through Best-Bio Group (as described and defined in note 5).

As described in notes 5 and 45, during the year ended 31 March

2025, the board of directors of the Company (the “Board”) decided to

discontinue its Gene Development busines segment (the “Discontinued

Operation”). Subsequently, the Company continues its Manufacturing

and Trading busines segments (the “Continuing Operations”).

The Gene Development segment was not previously clasified as

held-for-sale or as a discontinued operation before 7 March 2025.

The consolidated results of the Gene Development segment during

the period from 1 April 2024 to 7 March 2025 were presented in the

consolidated statement of profit or los and other comprehensive

income as Discontinued Operation. The consolidated statement of profit

or los and other comprehensive income for the year ended 31 March

2024 was presented by distinguishing the results of the Discontinued

Operation and Continuing Operations to conform with the curent year

presentation for comparative purpose.

The functional curency of the Company is Hong Kong dolar (“HK$”),

which is the same as the presentation curency of the consolidated

financial statements. The amounts stated are rounded to the nearest

HK$1,000 unles otherwise stated.

1. 一般资料

精优药业控股有限公司（「本公司」）乃根据

百慕达《一九八一年公司法》（经修订）于百

慕达注册成立之获豁免有限公司。本公司

股份于香港联合交易所有限公司（「联交

所」）主板上市。本公司注册办事处及主要

营业地点地址于年报公司资料一节披露。

本公司为一间投资控股公司。本公司及其

附属公司（「本集团」）主要从事(i)制造分类，

从事开发、制造及销售药品（「制造」业务）；

(i)贸易分类，从事推广及分销进口药品

（「贸易」业务）；及(c)基因开发分类，透过

Best-Bio集团（如附注5所描述及定义）从事

基因相关技术之商业开发及发展（「基因开

发」业务）。

诚如附注5及45所述，截至二零二五年三

月三十一日止年度，本公司董事会（「董事

会」）决定终止经营基因开发业务分类（「已

终止经营业务」）。其后，本公司继续经营

其制造及贸易业务分类（「持续经营业务」）。

基因开发分类在二零二五年三月七日之前

未被归类为持作出售或已终止经营业务。

基因开发分类于二零二四年四月一日至二

零二五年三月七日期间之综合业绩在综合

损益及其他全面收益表中作为已终止经营

业务列示。截至二零二四年三月三十一日

止年度之综合损益及其他全面收益表将终

止经营业务与持续经营业务之业绩分开呈

列，以与本年度的呈列方式一致，以便进

行比较。

本公司之功能货币为港元（「港元」），而港

元亦为综合财务报表之呈列货币。除另有

所指外，所示金额约整至最接近千港元。

ANUAL REPORT 2025 二零二五年报105

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRSs

Amendments to HKFRSs that are mandatorily

efective for the curent year

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

to HKFRSs isued by the Hong Kong Institute of Certified Public

Acountants for the first time, which are mandatorily efective for the

Group’s anual period begining on 1 April 2024 for the preparation of

the consolidated financial statements:

Amendments to HKFRS 16Lease liability in a Sale and Leaseback

Amendments to HKAS 1Clasification of Liabilities as Curent

or Non-curent and related

amendments to Hong Kong

Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with Covenants

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance Arangements

The aplication of the amendments to HKFRSs in the curent year

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

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

set out in these consolidated financial statements.

2. 应用新订香港财务报告准则

及其修订本

于本年度强制生效之香港财务

报告准则（修订本）

本集团已就编制综合财务报表，于本年度

首次应用下列香港会计师公会颁布的香港

财务报告准则（修订本），该等修订本于本

集团于二零二四年四月一日开始之年度期

间强制生效：

香港财务报告准则

第16号（修订本）

售后回租的租赁负债

香港会计准则

第1号（修订本）

负债分类为流动或

非流动及香港诠释

第5号（二零二零年）

之相关修订

香港会计准则

第1号（修订本）

附带契诺的非流动

负债

香港会计准则

第7号及香港

财务报告准则

第7号（修订本）

供应商融资安排

本年度应用香港财务报告准则（修订本）对

本集团本年度及过往年度之财务状况及表

现及╱或该等综合财务报表所载披露并无

重大影响。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司106

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRSs (Continued)

New and amendments to HKFRSs in isue but not

yet efective

The Group has not early aplied the folowing new and amendments to

HKFRSs that have ben isued but are not yet efective:

Amendment to HKFRS 9 and

HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendment to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets betwen

an Investor and its Asociate or

Joint Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards — Volume

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in

Financial Statements

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

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

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

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

Except for the new and amendments to HKFRSs mentioned below, the

directors of the Company (the “Directors”) anticipate that the aplication

of al other new and amendments to HKFRSs is not expected to have

material impact on the Group’s consolidated financial statements in the

foreseable future.

2. 应用新订香港财务报告准则

及其修订本（续）

已颁布但尚未生效之新订香港

财务报告准则及其修订本

本集团并未提早应用下列已颁布但尚未生

效之新订香港财务报告准则及其修订本：

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订本）

金融工具分类及

计量之修订

香港财务报告准则

第10号及香港会计

准则第28号（修订本）

投资者与其联营

公司或合营企业

间销售或注入

资产

香港财务报告准则

会计准则（修订本）

香港财务报告准则

会计准则的年度

改进 — 第11卷

香港会计准则第21号

（修订本）

缺乏可兑换性

香港财务报告准则

第18号

财务报表的呈列及

披露

尚未厘定日期或之后开始的年度期间生效。

二零二五年一月一日或之后开始的年度期间生效。

二零二六年一月一日或之后开始的年度期间生效。

二零二七年一月一日或之后开始的年度期间生效。

除下文所述新订香港财务报告准则及其修

订本外，本公司董事（「董事」）预期应用所

有其他新订香港财务报告准则及其修订本

将不会于可预见未来对本集团的综合财务

报表产生重大影响。

ANUAL REPORT 2025 二零二五年报107

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

2. 应用新订香港财务报告准则

及其修订本（续）

已颁布但尚未生效之新订香港

财务报告准则及其修订本（续）

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18号财务报表的呈列

及披露载列财务报表的呈列及披露规定，

将取代香港会计准则第1号财务报表呈报。

该新订香港财务报告准则会计准则于延续

香港会计准则第1号多项规定的同时引入

新规定，要求于损益表呈列指定类别及经

界定小计，于财务报表附注中提供管理层

界定绩效衡量的披露，并改善财务报表中

披露的汇总及分类资料。此外，香港会计

准则第1号若干段落已移至香港会计准则

第8号会计政策、会计估计变动及错误及香

港财务报告准则第7号现金流量表。香港会

计准则第7号及香港会计准则第33号每股

盈利亦有细微修订。

香港财务报告准则第18号及其他准则

之修订本将于二零二七年一月一日或之

后开始之年度期间生效，并允许提早应

用。应用香港财务报告准则第18号预计

会影响损益表之呈列以及未来综合财务

报表之相关披露，但预期不会对本集团

之综合财务状况及表现产生重大影响。

本集团正在评估香港财务报告准则第18

号对本集团未来综合财务报表之详细影响。

2. APLICATION OF NEW AND

AMENDMENTS TO HKFRSs (Continued)

New and amendments to HKFRSs in isue but not

yet efective (Continued)

HKFRS 18 Presentation and Disclosure in Financial

Statements

HKFRS 18 Presentation and Disclosure in Financial Statements, which

sets out requirements on presentation and disclosures in financial

statements, wil replace HKAS 1 Presentation of Financial Statements.

This new HKFRS Acounting Standard, while carying forward many of

the requirements in HKAS 1, introduces new requirements to present

specified categories and defined subtotals in the statement of profit

or los; provide disclosures on management-defined performance

measures in the notes to the financial statements and improve

agregation and disagregation of information to be disclosed in the

financial statements. In adition, some HKAS 1 paragraphs have

ben moved to HKAS 8 Acounting Policies, Changes in Acounting

Estimates and Erors and HKFRS 7 Statement of Cash Flows. Minor

amendments to HKAS 7 and HKAS 33 Earnings per Share are also

made.

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

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

aplication permited. The aplication of HKFRS 18 is expected to

afect the presentation of the statement of profit or los and related

disclosures in the future consolidated financial statements but is not

expected to have material impact on the Group’s consolidated financial

positions and performance. The Group is in the proces of asesing

the detailed impact of HKFRS 18 on the Group’s future consolidated

financial statements.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司108

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION

3.1 Basis of preparation of consolidated financial

statements

The consolidated financial statements have ben prepared in

acordance with al aplicable HKFRSs and the disclosure requirements

of the Hong Kong Companies Ordinance which concern the preparation

of the consolidated financial statements. In adition, the consolidated

financial statements include aplicable disclosures required by the

Rules Governing the Listing of Securities on the Stock Exchange (“Listing

Rules”).

The Directors have, at the time of aproving the consolidated financial

statements, a reasonable expectation that the Group has adequate

resources to continue in operational existence for the foreseable future,

and thus continue to adopt the going concern basis of acounting in

preparing the consolidated financial statements.

The consolidated financial statements have ben prepared under the

historical cost basis except for certain financial instruments, which are

measured at fair values 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.

3. 编制综合财务报表之基准及

重大会计政策资料

3.1 编制综合财务报表之基准

综合财务报表乃根据所有适用香港财务报

告准则以及有关编制综合财务报表之香港

公司条例之披露要求而编制。此外，综合

财务报表载有联交所证券上市规则（「上市

规则」）之适用披露规定。

董事于批准综合财务报表时，合理预期本

集团拥有充足资源于可预见未来继续经

营。因此，于编制综合财务报表时继续采

用持续经营会计基准。

如下文会计政策所述，除若干金融工具按

公平值计量外，综合财务报表乃根据历史

成本基准编制。

历史成本一般按为换取商品及服务而付出

之代价之公平值计算。

ANUAL REPORT 2025 二零二五年报109

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.1 编制综合财务报表之基准（续）

公平值是市场参与者于计量日期在有秩序

交易中出售资产将收取或转让负债将支付

之价格（不论该价格是可直接观察抑或使

用其他估值方法估计得出）。于估计资产或

负债之公平值时，本集团会考虑市场参与

者于计量日期对资产或负债定价时会考虑

的资产或负债特点。在该等综合财务报表

中计量及╱或披露之公平值均在此基础上

予以确定，惟属香港财务报告准则第2号以

股份为基础之付款范围内之以股份为基础

之付款交易、根据香港财务报告准则第16

号租赁入账之租赁交易及与公平值类似但

并非公平值之计量（例如，香港会计准则第

2号存货中之可变现净值或香港会计准则

第36号资产减值中之使用价值）除外。

非金融资产的公平值计量计及市场参与者

能否以最高及最佳用途使用该资产，或将

该资产出售予另一能够以最高及最佳用途

使用该资产的市场参与者所产生的经济

效益。

就以公平值进行交易的金融工具及投资物

业以及于往后期间使用不可观察输入数据

计量公平值的估值技术而言，估值技术会

经校准，以使初始确认时估值技术的结果

与交易价格相同。

此外，就财务报告而言，公平值计量根据

公平值计量之输入数据可观察程度及输入

数据对公平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

可获得之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而

言可直接或间接观察之输入数据（第

一级内包括之报价除外）；及

• 第三级输入数据是资产或负债之不

可观察输入数据。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.1 Basis of preparation of consolidated financial

statements (Continued)

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.

For financial instruments and investment properties which are

transacted at fair value and a valuation technique that unobservable

inputs are to be used to measure fair value in subsequent periods, the

valuation technique is calibrated so that at initial recognition the results

of the valuation technique equal the transaction price.

In adition, for financial reporting purpose, 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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司110

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and its subsidiaries 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.

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.

When the Group has les than a majority of the voting rights of an

investe, it has power over the investe when the voting rights are

suficient to give it the practical ability to direct the relevant activities

of the investe unilateraly. The Group considers al relevant facts and

circumstances in asesing whether or not the Group’s voting rights in

an investe are suficient to give it power, including:

’s holding of voting rights relative to the size

and dispersion of holdings of the other vote holders;

, other vote holders or

other parties;

; and

• any aditional facts and circumstances that indicate that the

Group has, or does not have, the curent ability to direct the

relevant activities at the time that decisions ned to be made,

including voting paterns at previous shareholders’ metings.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料

综合基准

综合财务报表包括本公司及由本公司及其

附属公司控制的附属公司的财务报表。当

本公司符合以下各项时，即取得控制权：

• 因参与投资对象业务而承担可变回

报的风险或享有权利；及

倘事实及情况显示上文所列控制权三项元

素中的一项或以上元素出现变动，则本集

团会重新评估其对投资对象是否仍拥有控

制权。

倘本集团于投资对象的投票权未能占大多

数，当投票权足以赋予其实际能力单方面

主导投资对象的相关活动时，则其对投资

对象拥有权力。本集团于评估本集团于投

资对象的投票权是否足以赋予其权力时考

虑所有相关事实及情况，包括：

• 相较其他投票权持有人所持投票权

的数量及分散情况，本集团持有投票

权的数量；

、其他投票权持有人或其他人

士持有的潜在投票权；

；及

，表明本集团目前能

够或不能主导相关活动的任何其他

事实及情况（包括于过往股东会议上

的投票模式）。

ANUAL REPORT 2025 二零二五年报111

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

综合基准（续）

附属公司于本集团取得有关附属公司的控

制权时开始综合入账，并于本集团失去有

关附属公司的控制权时终止。具体而言，

于年内所收购或出售附属公司的收入及开

支乃自本集团取得控制权之日起计入综合

损益及其他全面收益表，直至本集团不再

控制有关附属公司之日为止。

损益及其他全面收益的各项归本公司拥有

人及非控股权益所有。附属公司的全面收

益总额归本公司拥有人及非控股权益所

有，即使会导致非控股权益产生亏绌结余。

附属公司的财务报表于有需要时作出调

整，以使其会计政策与本集团的会计政策

一致。

集团内公司间的所有资产、负债、权益、收

入、开支及与本集团成员公司间的交易相

关的现金流量于合并账目时全部对销。

附属公司的非控股权益与本集团于附属公

司中的权益分开列报，该等权益指在清算

时使其持有人有权按比例应占相关附属公

司净资产的现有所有权益。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Basis of consolidation (Continued)

Consolidation of a subsidiary begins when the Group obtains control

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

subsidiary. Specificaly, income and expenses of a subsidiary acquired

or disposed of during the year are included in the consolidated

statement of profit or los and other comprehensive income from the

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

control the subsidiary.

Profit or los and each item of other comprehensive income are

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

interests. Total comprehensive income of subsidiaries is atributed to

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

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

When necesary, adjustments are made to the financial statements of

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

acounting policies.

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

flows relating to transactions betwen members of the Group are

eliminated in ful on consolidation.

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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司112

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Godwil

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 (“CGUs”) (or group of CGUs) that

is expected to benefit from the synergies of the combination, which

represent the lowest level at which the godwil is monitored for internal

management purposes and not larger than an operating segment.

A CGU (or group of CGUs) 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 CGU (or group of CGUs) to which

godwil has ben alocated is tested for impairment before the end of

that reporting period. If the recoverable amount 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

CGUs).

On disposal of the relevant CGU or any of the CGU within the group

of CGUs, 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 CGU (or a CGU within a

group of CGUs), the amount of godwil disposed of is measured on

the basis of the relative values of the operation (or the CGU) disposed

of and the portion of the CGU (or the group of CGUs) retained.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

商誉

收购一项业务产生之商誉乃按于业务收购

日期所确立之成本减累计减值亏损（如有）

列账。

就减值测试而言，商誉乃分配至预期从合

并之协同效应中获利之本集团各现金产生

单位（「现金产生单位」）（或现金产生单位组

别），即为内部管理目的而对商誉进行监控

且不大于经营分类的最低层次。

已获分配商誉之现金产生单位（或现金产

生单位组别）每年或当有迹象显示单位可

能出现减值时更频繁测试减值。就于报告

期间收购产生之商誉而言，获分配商誉之

现金产生单位（或现金产生单位组别）于该

报告期末之前测试减值。倘可收回金额少

于其账面值，则减值亏损首先分配以减少

任何商誉账面值，然后再根据有关单位（或

现金产生单位组别）各项资产之账面值按

比例分配至其他资产。

于出售相关现金产生单位或现金产生单位

组别中任何现金产生单位时，商誉的应占

金额计入厘定的出售损益金额。当本集团

出售现金产生单位（或现金产生单位组别

中的一个现金产生单位）内的业务时，所出

售商誉金额按所出售业务（或现金产生单

位）与所保留现金产生单位（或现金产生单

位组别）部分的相对价值计量。

ANUAL REPORT 2025 二零二五年报113

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

于联营公司的投资

联营公司为本集团对其具有重大影响力的

实体。重大影响力指参与投资对象财务及

经营政策决策的权力，惟并非控制或共同

控制该等政策。

联营公司之业绩及资产与负债按权益会计

法计入综合财务报表。联营公司用于权益

会计处理之财务报表按与本集团于类似情

况就同类交易及事件所遵循者一致之会计

政策编制。根据权益法，于一间联营公司

之投资初步按成本于综合财务状况表确

认，并于其后就确认本集团应占该联营公

司之损益及其他全面收益作出调整。当本

集团应占一间联营公司之亏损超出本集团

于该联营公司之权益（包括实质上构成本

集团于该联营公司投资净额一部分之任何

长远权益）时，本集团会终止确认其应占之

进一步亏损。仅于本集团产生法定或推定

责任或代表该联营公司付款时，方会确认

额外亏损。

于一间联营公司之投资自被投资方成为联

营公司当日起使用权益法入账。收购于一

间联营公司之投资时，投资成本超出本集

团应占被投资方可识别资产与负债公平值

净额之差额会确认为商誉，并计入该投资

之账面值。本集团应占可识别资产与负债

之公平值净额超出投资成本之任何差额，

于重新评估后即时于收购投资期间之损益

确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Investments in asociates

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.

The results and asets and liabilities of asociates are incorporated

in these consolidated financial statements using the equity method

of acounting. The financial statements of asociates used for equity

acounting purposes are prepared using uniform acounting policies

as those of the Group for like transactions and events in similar

circumstances. Under the equity method, an investment in an asociate

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. When

the Group’s share of loses of an asociate exceds the Group’s

interest in that asociate (which includes any long-term interests that,

in substance, form part of the Group’s net investment in the asociate

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.

An investment in an asociate is acounted for using the equity

method from the date on which the investe becomes an asociate.

On acquisition of the investment in an asociate, 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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司114

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Investments in asociates (Continued)

The Group aseses whether there is objective evidence that the

interest in an asociate 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.

When the Group ceases to have significant influence over an asociate

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

and the retained interest is a financial aset within the scope of HKFRS

9 Financial Instruments, 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 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. In adition, the Group acounts for al amounts previously

recognised in other comprehensive income in relation to that asociate

on the same basis as would be required if that asociate had directly

disposed of the related asets or liabilities. Therefore, if a gain or los

previously recognised in other comprehensive income by that asociate

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/partial

disposal of the relevant asociate.

When a group entity transacts with an asociate of the Group, profits

and loses resulting from the transactions with the asociate are

recognised in the consolidated financial statements only to the extent of

interests in the asociate that are not related to the Group.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

于联营公司的投资（续）

本集团评估是否存在于联营公司之权益可

能减值之客观证据。当存在任何客观证据

时，则根据香港会计准则第36号资产减值

对投资（包括商誉）之全部账面金额作为单

一资产进行减值测试，方法为比较其可收

回金额（以使用价值与公平值减出售成本

之较高者计算）与其账面金额。任何已确认

减值亏损并非分配至属于该投资账面金额

之一部分之任何资产（包括商誉）。

根据香港会计准则第36号资产减值确认之

减值亏损之任何拨回以该投资其后所增加

之可收回金额为限。

当本集团不再对联营公司或合营企业拥

有重大影响力时，会入账列作出售于被投

资方之全部权益，所产生之盈亏于损益确

认。当本集团保留于前联营公司之权益，

且该保留权益为香港财务报告准则第9号

金融工具范围内之金融资产时，本集团会

于该日按公平值计量保留权益，而该公平

值会视为于初步确认时之公平值。联营公

司之账面值与任何保留权益及出售联营公

司或合营企业相关权益之任何所得款项之

公平值之间的差额，会于厘定出售联营公

司之盈亏计算在内。此外，本集团会将过

往于其他全面收益内该联营公司确认之所

有金额按该联营公司直接出售相关资产或

负债所用之相同基准入账。因此，倘该联

营公司过往于其他全面收益确认之盈亏会

于出售相关资产或负债时重新分类至损

益，则本集团会于出售╱部分出售相关联

营公司时将该盈亏由权益重新分类至损益

（作为重新分类调整）。

当集团实体与本集团一间联营公司进行交

易时，与该联营公司交易所产生之损益会

于综合财务报表确认，惟仅以该联营公司

与本集团无关之权益所涉者为限。

ANUAL REPORT 2025 二零二五年报115

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

客户合约收益

本集团当（或于）完成履约责任时确认收

益，即于特定履约责任相关的商品或服务

的「控制权」转让予客户时。

履约责任指特定商品或服务（或一揽子商

品或服务）或大致相同的一系列特定商品

或服务。

倘符合以下标准之一，控制权在一段时间

内转移，而收益则参考完成相关履约责任

的进度于一段时间内确认：

• 客户在本集团履约的同时即取得并

消耗本集团履约所带来的利益；

• 本集团的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

• 本集团的履约并未产生对本集团有

替代用途的资产，且本集团对迄今已

完成履约的付款具有可强制执行的

权利。

否则，收益在客户获得特定商品或服务的

控制权时按时间点确认。

本集团有关客户合约收益的会计政策的进

一步资料，载于综合财务报表附注6。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Revenue from contracts with customers

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

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

particular performance obligation is transfered to the customer.

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

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

services that are substantialy the same.

Control is transfered over time and revenue is recognised over time by

reference to the progres towards complete satisfaction of the relevant

performance obligation if one of the folowing criteria is met:

• the customer simultaneously receives and consumes the benefits

provided by the Group’s performance as the Group performs;

’s performance creates or enhances an aset that the

customer controls as the Group performs; or

’s performance does not create an aset with an

alternative use to the Group and the Group has an enforceable

right to payment for performance completed to date.

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

obtains control of the distinct god or service.

Further information about the Group’s acounting policies relating to

revenue from contracts with customers is provided in note 6 to the

consolidated financial statements.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司116

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases

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

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

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

contract are subsequently changed.

The Group as a lese

Alocation of consideration to components of a contract

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

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

consideration in the contract to each lease component on the basis of

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

stand-alone price of the non-lease components.

Short-term leases

The Group aplies the short-term lease recognition exemption to leases

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

date and do not contain a purchase option. Lease payments on short-

term leases are recognised as expense on a straight-line basis or

another systematic basis over the lease term.

Right-of-use asets

The cost of right-of-use aset includes:

;

les any lease incentives received;

; 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.

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

depreciation and impairment loses, and adjusted for any

remeasurement of lease liabilities.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁

本集团根据香港财务报告准则第16号项下

的定义，于合约开始时评估合约是否为一

项租赁或包含一项租赁。除非合约条款及

条件随后发生变动，否则不会对该合约进

行重新评估。

本集团作为承租人

将代价分配至合约组成部分

对于包含一项租赁组成部分及一项或多项

额外租赁或非租赁组成部分的合约，本集

团根据租赁组成部分的相对单独价格及非

租赁组成部分的单独价格总和将合约代价

分配至各个租赁组成部分。

短期租赁

本集团将短期租赁确认豁免应用于自开

始日期起租期为12个月或更短且不包含

购买选择权的租赁。短期租赁的租赁付款

于租赁期内以直线法或其他系统法确认为

开支。

使用权资产

使用权资产的成本包括：

• 于开始日期或之前作出的任何租赁

付款，减任何已收取的租赁优惠；

；及

、修复相

关资产所在的场地或将相关资产修

复至租赁条款及条件所规定之状态

而将予产生之估计成本。

使用权资产按成本减任何累计折旧及减值

亏损进行计量，并就租赁负债的任何重新

计量进行调整。

ANUAL REPORT 2025 二零二五年报117

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

使用权资产（续）

倘本集团合理确信在租赁期结束时取得相

关租赁资产的所有权，则使用权资产自开

始日期起至可使用年期结束期间折旧。否

则，使用权资产按其估计可使用年期及租

期的较短者以直线法折旧。

本集团在综合财务状况表中将不符合投资

物业定义的使用权资产作为单独的项目列

报。符合投资物业定义的使用权资产在「投

资物业」中列示。

可退还租赁按金

已付可退回租赁按金乃根据香港财务报告

准则第9号金融工具入账，并初步按公平值

计量。首次确认时对公平值的调整被视为

额外租赁付款并计入使用权资产成本。

租赁负债

于租赁开始日期，本集团按于该日未支付

的租赁付款现值确认并计量租赁负债。倘

租赁隐含的利率不易厘定，则本集团会使

用于租赁开始日期的增量借款利率计算租

赁付款现值。

租赁付款包括固定付款（包括实质固定付

款）减任何应收租赁优惠。

于开始日期后，租赁负债会就利息递增金

额及租赁付款作出调整。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets (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 on the consolidated

statement of financial position. 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 under HKFRS 9

Financial Instruments and initialy measured at fair value. Adjustments

to fair value at initial recognition are considered as aditional lease

payments and included in the cost of right-of-use asets.

Lease liabilities

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

measures the lease liability at the present value of lease payments

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

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

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

determinable.

The lease payments include fixed payments (including in-substance

fixed payments) les any lease incentives receivable.

After the comencement date, lease liabilities are adjusted by interest

acretion and lease payments.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司118

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease liabilities (Continued)

The Group remeasures lease liabilities (and makes a coresponding

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

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

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

related lease liability is remeasured by discounting the revised

lease payments using a revised discount rate at the date of

reasesment.

• the lease payments change due to changes in expected payment

under a guaranted residual value, in which cases the related

lease liability is remeasured by discounting the revised lease

payments using the initial discount rate.

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

consolidated statement of financial position.

The Group as a lesor

Clasification and measurement of leases

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

operating leases. Whenever the terms of the lease transfer substantialy

al the risks and rewards incidental to ownership of an underlying aset

to the lese, the contract is clasified as a finance lease. Al other

leases are clasified as operating leases.

Amounts due from leses under finance leases are recognised

as receivables at comencement date at amounts equal to net

investments in the leases, measured using the interest rate implicit in

the respective leases.

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

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

incured in negotiating and aranging an operating lease are aded to

the carying amount of the leased aset, and such costs are recognised

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

investment properties measured under fair value model.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁负债（续）

倘出现以下情况，本集团将重新计量租赁

负债（并就相关使用权资产作出相应调整）：

• 租赁期有所变动或行使购买选择权

的评估发生变化，在此情况下，相关

租赁负债透过使用重新评估日期的

经修订贴现率贴现经修订租赁付款

而重新计量。

• 租赁付款因有担保剩余价值下预期

付款变动而出现变动，在此情况下，

相关租赁负债使用初始贴现率贴现

经修订租赁付款而重新计量。

本集团于综合财务状况表内将租赁负债呈

列为个别项目。

本集团作为出租人

租赁分类及计量

本集团作为出租人的租赁分类为融资租赁

或经营租赁。当租赁的条款实质上将与相

关资产所有权相关的所有风险及报酬转

让给承租人时，该项合约被归类为融资租

赁。所有其他租赁应归类为经营租赁。

根据融资租赁应收承租人的账款于开始日

期确认为应收账款，其金额等于租赁投资

净额，并使用各个租赁中隐含的利率计量。

经营租赁的租金收入在相关租赁期内按直

线基准于损益确认。磋商及安排经营租赁

时产生的首次直接成本计入租赁资产的

账面值，有关成本于租赁期内按直线基准

确认为支出，除投资物业则按公平值模式

计量。

ANUAL REPORT 2025 二零二五年报119

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

外币

于编制各个别集团实体的财务报表时，以

该实体功能货币以外的货币（外币）进行的

交易均按交易当日的当时汇率记账。于报

告期末，以外币计值的货币项目按该日现

行的汇率重新换算。以外币历史成本计量

的非货币项目则不予重新换算。

于结算及重新换算货币项目时产生的汇兑

差额均于产生期间内于损益中确认。

就呈列综合财务报表而言，本集团业务的

资产与负债按各报告期末的现行汇率换

算为本集团的呈列货币（即港元）。收入及

开支项目按该期间的平均汇率换算。所产

生的汇兑差额（如有）于其他全面收益中确

认，并于换算储备项下的权益中累计。

当出售海外业务（即出售本集团于海外业

务的全部权益，或出售涉及丧失对包括海

外业务的附属公司之控制权或部分出售于

合营安排或联营公司（包括海外业务）的权

益（当中保留权益成为金融资产）时，就本

公司拥有人应占该业务并于权益内累计的

所有汇兑差额重新分类至损益。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Foreign curencies

In preparing the financial statements of each individual group entity,

transactions in curencies other than the functional curency of that

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

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

period, monetary items denominated in foreign curencies are

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

that are measured in terms of historical cost in a foreign curency are

not retranslated.

Exchange diferences arising on the setlement of monetary items, and

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

the period in which they arise.

For the purposes of presenting the consolidated financial statements,

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

the presentation curency of the Group (i.e. HK$) 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. Exchange diferences arising, if any, are recognised in other

comprehensive income and acumulated in equity under the heading of

translation reserve.

On the disposal of a foreign operation (that is, a disposal of the Group’s

entire interest in a foreign operation, or a disposal involving los of

control over a subsidiary that includes a foreign operation, 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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司120

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Government grants

Government grants are not recognised until there is reasonable

asurance that the Group wil comply with the conditions ataching to

them and that the grants wil be received.

Government grants are recognised in profit or los on a systematic

basis over the periods in which the Group recognises as expenses

the related costs for which the grants are intended to compensate.

Specificaly, government grants whose primary condition is that the

Group should purchase, construct or otherwise acquire non-curent

asets are recognised as defered income on government grants in the

consolidated statement of financial position and transfered to profit

or los on a systematic and rational basis over the useful lives of the

related asets.

Government grants related to income that are receivable as

compensation for expenses or loses already incured or for the

purpose of giving imediate financial suport to the Group with no

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

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

income, gains and loses, net”.

The benefit of a government loan at a below-market rate of interest is

treated as a government grant, measured as the diference betwen

proceds received and the fair value of the loan based on prevailing

market interest rates.

Borowing costs

Al borowing costs are recognised in profit or los in the period in which

they are incured.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

政府补助

政府补助于能合理确定本集团将会遵守补

助所附带的条件及将会收到补助时方会

确认。

政府补助在本集团将补助拟补偿的相关成

本确认为开支的期间内，有系统地在损益

中确认。尤其是，以本集团需购买、建造或

以其他方式收购非流动资产为主要条件的

政府补助乃于综合财务状况表确认为政府

补助之递延收入，并于相关资产的可用年

期内有系统及合理地转拨至损益。

与作为已产生开支或亏损的补助应收的收

入相关的政府补助，或作为向本集团提供

即时财政援助而不涉及未来相关成本的政

府补助均于可收取的期间在损益中确认。

有关补助于「其他收入、收益及亏损净额」

下呈列。

政府贷款的利率低于市场利率的裨益作为

政府补助处理，按已收所得款项与贷款公

平值的差额根据现行的市场利率计量。

借款成本

所有借款成本于其产生期间于损益内

确认。

ANUAL REPORT 2025 二零二五年报121

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

雇员福利

退休福利成本

本集团中国附属公司的雇员须参加由当地

市政府管理及营运的界定供款退休计划。

本集团的中国附属公司按当地市政府同意

的雇员平均薪金的若干百分比向该计划供

款，以支付雇员的退休福利。

本集团亦根据强积金计划的规则及规例为

全体香港雇员参与退休金计划（定义见附

注35）。强积金计划的供款是根据最低法定

供款要求，即合资格雇员有关收入总额的

5%，以每人每月1,500港元为上限。

本集团作出供款后，将再无进一步付款责

任。供款在应付时确认为雇员福利费用。

预付供款确认为资产，惟以现金退款或未

来款项减少之数为限。

离职福利

离职福利之负债于实体不能取消所提供的

离职福利时及其确认任何相关重组成本时

（以较早发生者为准）确认。

短期雇员福利

短期雇员福利按雇员提供服务时预期应支

付福利的未贴现金额确认。除非另一项香

港财务报告准则要求或允许将该福利计入

资产成本，否则所有短期雇员福利均确认

为费用。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Employe benefits

Retirement benefit costs

Employes in the Group’s PRC subsidiaries are required to participate

in a defined contribution retirement scheme administrated and operated

by the local municipal government. The Group’s PRC subsidiaries

contribute funds which are calculated on certain percentage of the

average employe salary as agred by local municipal government to

the scheme to fund the retirement benefits of the employes.

The Group also participates in a pension scheme under the rules

and regulations of the MPF Scheme (as defined in note 35) for al

employes in Hong Kong. The contributions to the MPF Scheme are

based on minimum statutory contribution requirement of 5% of eligible

employes’ relevant agregate income, subject to a ceiling of HK$1,500

per month per head.

The Group has no further payment obligations once the contributions

have ben paid. The contributions are recognised as employe benefit

expense when they are due. Prepaid contributions are recognised as

an aset to the extent that a cash refund or a reduction in the future

payments is available.

Termination benefits

A liability for a termination benefit is recognised at the earlier of when

the group entity can no longer withdraw the ofer of the termination

benefit and when it recognises any related restructuring costs.

Short-term employe benefits

Short-term employe benefits are recognised at the undiscounted

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

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

as an expense unles another HKFRS requires or permits the inclusion

of the benefit in the cost of an aset.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司122

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Employe benefits (Continued)

Short-term employe benefits (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.

Share-based payment arangements

Equity-setled share-based payments

Share options granted to employes

Equity-setled share-based payments to employes and others

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

instruments at the grant date.

The fair value determined at the grant date of the share options is

expensed on a straight-line basis over the vesting period, based on the

Group’s estimate of equity instruments that wil eventualy vest, with a

coresponding increase in equity (share option reserve). At the end of

each reporting period, the Group revises its estimate of the number of

equity instruments expected to vest based on asesment of al relevant

nonmarket vesting condition. The impact of the revision of the original

estimates, if any, is recognised in profit or los such that the cumulative

expense reflects the revised estimate, with a coresponding adjustment

to the share option reserve.

When share options are exercised, the amount previously recognised

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

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

exercised at the expiry date, the amount previously recognised in share

option reserve wil be transfered to retained profits.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

雇员福利（续）

短期雇员福利（续）

扣除已支付的任何款项后，雇员应得福利

（例如工资及薪金、年假及病假）确认负债。

就其他长期雇员福利而确认的负债乃按本

集团预期就截至报告日期雇员提供服务的

估计未来现金流出的现值计量。由于服务

成本、利息和重新计量导致的负债账面值

的任何变动均在损益中确认，除非另一项

香港财务报告准则要求或允许将之计入资

产成本。

以股份为基础之付款安排

以权益结算以股份为基础之付款

向雇员授出购股权

向雇员及其他提供类似服务之人士支付以

权益结算以股份为基础之付款于授出日期

按股本工具的公平值计量。

于授出日期厘定的公平值，按直线法于归

属期间根据本集团对将最终归属的股本工

具的估计列作开支，股本亦相应增加（购股

权储备）。于各报告期末，本集团根据对于

所有相关非市场归属条件的评估而修订其

对预期归属的股本工具数目的估计。修订

原有估计的影响（如有）乃于损益内确认，

以使累计开支反映经修订估计，并对购股

权储备作出相应调整。

行使购股权时，先前在购股权储备确认之

款项将转拨至股份溢价。倘购股权于归属

日期后被没收或于到期日仍未行使，则先

前于购股权储备内确认之金额将转拨至

保留溢利。

ANUAL REPORT 2025 二零二五年报123

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

税项

所得税开支指即期应缴税项与递延税项

之和。

即期应缴税项根据年内应课税溢利计算。

应课税溢利与除税前溢利（亏损）不同，乃

由于在其他年度应课税或可扣税收入或开

支以及从未课税或扣税的项目所致。本集

团的即期税项负债采用于报告期末已实施

或实际上已实施的税率计算。

递延税项按综合财务报表中资产及负债账

面值与计算应课税溢利所用相应税基间的

暂时差额确认。所有应课税暂时差额一般

须确认递延税项负债。递延税项资产则一

般于有可能获得可动用可扣税暂时差额进

行抵扣之应课税溢利时就所有可扣税暂时

差额确认。倘于交易中初始确认（在业务合

并中确认除外）资产与负债而引致的暂时

差额既不影响应课税溢利亦不影响会计溢

利，且于进行交易时并不会引致相等应课

税及可扣税的暂时差额，则不会确认该等

递延税项资产与负债。此外，倘初始确认

商誉而引致暂时差额，则不会确认递延税

项负债。

与于附属公司的投资有关的应课税暂时差

额会确认递延税项负债，惟倘本集团可控

制暂时差额拨回及暂时差额可能不会于可

见将来拨回则除外。与该等投资及权益相

关的可扣减暂时差额产生的递延税项资产

仅于可能将有足够应课税溢利以应用暂时

差额的利益且预期将于可见将来拨回时

确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation

Income tax expense represents the sum of the tax curently payable

and defered tax.

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

profit difers from profit (los) before tax because of income or expense

that are taxable or deductible in other years and items that are never

taxable or deductible. The Group’s liability for curent tax is calculated

using tax rates that have ben enacted or substantively enacted by the

end of the reporting period.

Defered tax is recognised on temporary diferences betwen the

carying amounts of asets and liabilities in the consolidated financial

statements and the coresponding tax bases used in the computation

of taxable profit. Defered tax liabilities are generaly recognised for

al taxable temporary diferences. Defered tax asets are generaly

recognised for al deductible temporary diferences to the extent that

it is probable that taxable profits wil be available against which those

deductible temporary diferences can be utilised. Such defered tax

asets and liabilities are not recognised if the temporary diference

arises from the initial recognition (other than in a busines combination)

of asets and liabilities in a transaction that afects neither the taxable

profit nor the acounting profit and at the time of the transaction does

not give rise to equal taxable and deductible temporary diferences.

In adition, defered tax liabilities are not recognised if the temporary

diference arises from the initial recognition of godwil.

Defered tax liabilities are recognised for taxable temporary diferences

asociated with investments in subsidiaries, except where the Group is

able to control the reversal of the temporary diference and it is probable

that the temporary diference wil not reverse in the foreseable future.

Defered tax asets arising from deductible temporary diferences

asociated with such investments and interest 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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司124

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

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

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

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

of the aset to be recovered.

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

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

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

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

The measurement of defered tax liabilities and asets reflects the tax

consequences that would folow from the maner in which the Group

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

carying amount of its asets and liabilities.

Curent and defered tax are recognised in profit or los, except when

they relate to items that are recognised in other comprehensive income

or directly in equity, in which case, the curent and defered tax are

also recognised in other comprehensive income or directly in equity

respectively. Where curent tax or defered tax arises from the initial

acounting for a busines combination, the tax efect is included in the

acounting for the busines combination.

Property, plant and equipment

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

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

Property, plant and equipment are stated in the consolidated statement

of financial position at cost les subsequent acumulated depreciation

and subsequent acumulated impairment loses, if any.

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

residual values over their estimated useful lives, using the straight-line

method. The estimated useful lives, residual values and depreciation

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

of any changes in estimate acounted for on a prospective basis.

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.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

递延税项资产的账面值于各报告期末予以

检讨，并于不再可能有足够应课税溢利致

使全部或部分资产得以收回时作出调减。

递延税项资产及负债按预期清付负债或变

现资产期间适用的税率，根据于报告期末

已实施或实际上实施的税率（及税法）计量。

递延税项负债及资产的计量反映因于报告

期末本集团预计收回或清付其资产及负债

账面值所使用的方式而引致的税务后果。

即期及递延税项于损益确认，惟倘其与于

其他全面收益或直接于权益确认的项目有

关，则即期及递延税项亦会分别于其他全

面收益或直接于权益确认。倘即期税项或

递延税项因业务合并的初步会计处理而产

生，则有关税务影响计入业务合并的会计

处理。

物业、厂房及设备

物业、厂房及设备乃为用作生产或提供货

品或服务或行政目的而持有的有形资产。

物业、厂房及设备按成本减其后累计折旧

及其后累计减值亏损（如有）于综合财务状

况表内列账。

折旧乃按估计可使用年期采用直线法确

认，以撇销资产成本并扣减其剩余价值。

估计可使用年期、剩余价值和折旧方法会

于每个报告期末作检讨，并采用未来适用

法对任何估计变动之影响入账处理。

物业、厂房及设备项目乃于出售后或预期

持续使用该资产不会产生未来经济利益时

终止确认。出售或报废物业、厂房及设备

项目所产生之任何收益或亏损乃根据销售

所得款项与资产账面值之差额厘定，并于

损益确认。

ANUAL REPORT 2025 二零二五年报125

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

无形资产

独立收购具有限可使用年期之无形资产，

按成本减累计摊销及任何累计减值亏损列

账。具有限可使用年期之无形资产按其估

计可使用年期以直线法确认摊销。估计可

使用年期及摊销方法于各报告期末检讨，

任何估计变动的影响将按未来适用基准

入账。独立收购具无限可使用年期之无形

资产，则按成本减任何后续累计减值亏损

列账。

投资物业

投资物业指为赚取租金及╱或资本增值而

持有之物业。

投资物业亦包括被确认为使用权资产并由

本集团根据经营租赁转租的租赁物业。

投资物业初步按成本（包括任何直接应占

开支）计量。初始确认后，投资物业按成

本减其后累计折旧及任何累计减值亏损列

账。投资物业按估计可使用年期，经考虑

其估计剩余价值后，按直线法确认折旧，

以撇销投资物业成本。

在建投资物业所产生的建筑成本资本化为

在建投资物业账面值的一部分。

投资物业于出售后或于投资物业永久撤回

使用且预期出售不会产生未来经济利益时

予以终止确认。若本集团（作为中间出租

人）将分租分类为融资租赁，则终止确认已

确认为使用权资产的租赁物业。终止确认

物业产生的任何收益或亏损（按出售所得

款项净额与资产账面值之差额计算）计入

终止确认物业期间的损益。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Intangible asets

Intangible asets with finite useful lives that are acquired separately are

caried at costs les acumulated amortisation and any acumulated

impairment loses. Amortisation for intangible asets with finite useful

lives is recognised on a straight-line basis 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 subsequent acumulated impairment loses.

Investment properties

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

capital apreciation.

Investment properties also include leased properties which are being

recognised as right-of-use asets and subleased by the Group under

operating leases.

Investment properties are initialy measured at cost, including any

directly atributable expenditure. Subsequent to initial recognition,

investment properties are stated at cost les subsequent acumulated

depreciation and any acumulated impairment loses. Depreciation is

recognised so as to write of the cost of investment properties over their

estimated useful lives and after taking into acount of their estimated

residual value, using the straight-line method.

Construction costs incured for investment properties under

construction are capitalised as part of the carying amount of the

investment properties under construction.

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. A leased property

which is recognised as a right-of-use aset is derecognised if the Group

as intermediate lesor clasifies the sublease as a finance lease. 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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司126

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Impairment on property, plant and equipment, right-of-

use asets, investment properties and intangible asets

other than godwil

At the end of the reporting period, the Group reviews the carying

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

investment properties 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).

The recoverable amount of property, plant and equipment, right-of-

use asets, investment properties and intangible asets are estimated

individualy. When it is not posible to estimate the recoverable amount

individualy, the Group estimates the recoverable amount of the cash-

generating unit to which the aset belongs.

In testing a CGU for impairment, corporate asets are alocated to the

relevant CGU when a reasonable and consistent basis of alocation can

be established, or otherwise they are alocated to the smalest group

of CGUs for which a reasonable and consistent alocation basis can

be established. The recoverable amount is determined for the CGU or

group of CGUs to which the corporate aset belongs, and is compared

with the carying amount of the relevant CGU or group of CGUs.

Recoverable amount is the higher of fair value les costs of disposal

and value in use. In asesing value in use, the estimated future cash

flows are discounted to their present value using a pre-tax discount rate

that reflects curent market asesments of the time value of money

and the risks specific to the aset (or a CGU) for which the estimates of

future cash flows have not ben adjusted.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备、使用权资产、

投资物业及无形资产（商誉除外）

的减值

本集团于报告期末审阅其物业、厂房及设

备、使用权资产、投资物业及具有限可使

用年期之无形资产之账面值，以厘定有否

迹象显示此等资产蒙受减值亏损。倘该等

迹象存在，则会估计相关资产之可收回金

额以厘定减值亏损之程度（如有）。

物业、厂房及设备、使用权资产、投资物业

及无形资产之可收回金额予以个别估计。

倘无法估计个别可收回金额，则本集团估

计资产所属现金产生单位的可收回金额。

对现金产生单位进行减值测试时，当可确

立合理及一致的分配基准时，公司资产会

分配至相关现金产生单位，否则分配至有

可确立合理一致分配基准之现金产生单位

之最小组别。公司资产所属之现金产生单

位或现金产生单位组别之可收回金额会作

厘定及与相关现金产生单位或现金产生单

位组别之账面值作比较。

可收回金额为公平值减出售成本与使用价

值两者中较高者。在评估使用价值时，估

计未来现金流量采用税前贴现率贴现至其

现值，该税前贴现率反映当前市场对货币

时间价值及资产（或现金产生单位）特定风

险的评估，就此而言未来现金流量的估计

未经调整。

ANUAL REPORT 2025 二零二五年报127

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备、使用权资产、

投资物业及无形资产（商誉除外）

的减值（续）

倘估计资产（或现金产生单位）的可收回金

额低于其账面金额，则该资产（或现金产生

单位）的账面金额将减至可收回金额。就无

法按合理一致的基准分配至现金产生单位

的公司资产或部分公司资产而言，本集团

会比较一组现金产生单位账面金额（包括

分配至该组现金产生单位的公司资产或部

分公司资产的账面金额）与该组现金产生

单位的可收回金额。在分配减值亏损时，

减值亏损首先获分配以减低任何商誉（如

适用）的账面金额，其后则基于该单位或现

金产生单位组别内各资产的账面金额按比

例分配至其他资产。资产账面金额不可减

至低于其公平值减出售成本（如可计量）、

其使用价值（如可厘定）及零之间的最高

者。原应分配至有关资产的减值亏损金额

则按比例分配至单位或现金产生单位组别

的其他资产。减值亏损即时在损益内确认。

倘其后拨回减值亏损，则该项资产（或现金

产生单位或一组现金产生单位）之账面值

回升至经修订后之估计可收回金额，惟增

加后之账面值不能超过倘该资产（或现金

产生单位或一组现金产生单位）于过往年

度并无确认减值亏损而原应获厘定之账面

值。减值亏损拨回即时于损益内确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Impairment on property, plant and equipment, right-of-

use asets, investment properties and intangible asets

other than godwil (Continued)

If the recoverable amount of an aset (or a CGU) is estimated to be les

than its carying amount, the carying amount of the aset (or a CGU)

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 CGU, the Group compares the carying amount

of a group of CGUs, including the carying amounts of the corporate

asets or portion of corporate asets alocated to that group of CGUs,

with the recoverable amount of the group of CGUs. 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 CGUs. 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

CGUs. An impairment los is recognised imediately in profit or los.

Where an impairment los subsequently reverses, the carying amount

of the aset (or CGU or a group of CGUs) is increased to the revised

estimate of its recoverable amount, but so that the increased carying

amount does not exced the carying amount that would have ben

determined had no impairment los ben recognised for the aset (or

a CGU or a group of CGUs) in prior years. A reversal of an impairment

los is recognised imediately in profit or los.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司128

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Cash and cash equivalents

Cash and cash equivalents presented on the consolidated statement of

financial position include:

(a) cash, which comprises of cash on hand and demand deposits,

excluding bank balances that are subject to regulatory restrictions

that result in such balances no longer meting the definition of

cash; and

(b) cash equivalents, which comprises of short-term (generaly with

original maturity of thre months or les), highly liquid investments

that are readily convertible to a known amount of cash and which

are subject to an insignificant risk of changes in value. Cash

equivalents are held for the purpose of meting short-term cash

comitments rather than for investment or other purposes.

For the purposes of the consolidated statement of cash flows, cash

and cash equivalents consist of cash and cash equivalents as defined

above, net of outstanding bank overdrafts which are repayable on

demand and form an integral part of the Group’s cash management.

Such overdrafts are presented as short-term borowings in the

consolidated statement of financial position.

Inventories

Inventories are stated at the lower of cost and net realisable value.

Costs of inventories are determined on a weighted average method.

Net realisable value represents the estimated seling price for inventories

les al estimated costs of completion and costs necesary to make

the sale. Costs necesary to make the sale include incremental costs

directly atributable to the sale and non-incremental costs which the

Group must incur to make the sale.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

现金及现金等值项目

现金及现金等值项目于综合财务状况表呈

列，包括：

(a) 现金，其包括手头现金及活期存款，

不包括受监管限制而导致有关结余

不再符合现金定义的银行结余；及

(b) 现金等值项目，其包括短期（通常原

到期日为三个月或以下）、可随时转

换为已知数额现金且价值变动风险

不大的高流动性投资。现金等值项目

持作满足短期现金承担，而非用于投

资或其他目的。

就综合现金流量表而言，现金及现金等

值项目包括现金及现金等值项目（定义见

上文），扣除须按要求偿还之未偿还银行

透支，并构成本集团现金管理之一部分。

有关透支于综合财务状况表呈列为短期

借款。

存货

存货乃按成本及可变现净值两者之较低

者入账。存货成本乃按加权平均法厘定。

可变现净值指存货的估计售价减所有估计

完成本及作出销售的必要成本。销售所

需的成本包括直接归属于销售的增量成本

和本集团为进行销售而必须产生的非增量

成本。

ANUAL REPORT 2025 二零二五年报129

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

拨备

倘本集团因过往事件承担现有法律或推定

责任，而本集团可能须履行责任，并能可

靠估计该责任的金额，则会确认拨备。

确认为拨备的金额为于报告期末经计及有

关责任的风险及不明朗因素后，对履行现

有责任的所需代价的最佳估计。倘拨备采

用履行现有责任的估计现金流量计量，则

其账面值为该等现金流量的现值（倘对货

币时间价值的影响属重大）。

或然负债

或然负债指因过去事件而产生之现有责

任，但由于不可能需要流出带有经济利益

之资源以承担责任而未有确认。

倘本集团须共同及个别承担责任，则预期

由其他方承担之部分责任则会视作或然负

债，并不会于综合财务报表内确认。

本集团会持续评估以断定有否可能流出带

有经济利益之资源。倘有可能需要就一项

先前视作或然负债处理之项目流出未来

经济利益，则会于出现可能性变动之报告

期内在综合财务报表确认拨备，除非出现

无法作出可靠估计之极端罕见情况则作

别论。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

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 (when the efect of the

time value of money is material).

Contingent liabilities

A contingent liability is a present obligation arising from past events

but is not recognised because it is not probable that an outflow of

resources embodying economic benefits wil be required to setle the

obligation.

Where the Group is jointly and severaly liable for an obligation, the part

of the obligation that is expected to be met by other parties is treated

as a contingent liability and it is not recognised in the consolidated

financial statements.

The Group aseses continualy to determine whether an outflow of

resources embodying economic benefits has become probable. If it

becomes probable that an outflow of future economic benefits wil be

required for an item previously dealt with as a contingent liability, a

provision is recognised in the consolidated financial statements in the

reporting period in which the change in probability ocurs, except in the

extremely rare circumstances where no reliable estimate can be made.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司130

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments

Financial asets and financial liabilities are recognised when a group

entity becomes a party to the contractual provisions of the instrument.

Al regular way purchases or sales of financial asets are recognised

and derecognised on a trade date basis. Regular way purchases or

sales are purchases or sales of financial asets that require delivery of

asets within the time frame established by regulation or convention in

the market place.

Financial asets and financial liabilities are initialy measured at fair value

except for trade receivables arising from contracts with customers

which are initialy measured in acordance with HKFRS 15. Transaction

costs that are directly atributable to the acquisition or isue of financial

asets and financial liabilities (other than financial asets or financial

liabilities at FVTPL) are aded to or deducted from the fair value of

the financial asets or financial liabilities, as apropriate, on initial

recognition. Transaction costs directly atributable to the acquisition

of financial asets or financial liabilities at FVTPL are recognised

imediately in profit or los.

The efective interest method is a method of calculating the amortised

cost of a financial aset or financial liability and of alocating interest

income and interest expense over the relevant period. The efective

interest rate is the rate that exactly discounts estimated future cash

receipts and payments (including al fes and points paid or received

that form an integral part of the efective interest rate, transaction

costs and other premiums or discounts) through the expected life of

the financial aset or financial liability, or, where apropriate, a shorter

period, to the net carying amount on initial recognition.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具

金融资产及金融负债于集团实体成为工具

契约条款的一方时确认。所有按常规买卖

之金融资产乃按交易日基准确认及终止确

认。按常规买卖指买卖须于按市场规则或

惯例设定的时限内交付的金融资产。

金融资产及金融负债起初以公平值计量，

除自客户合约产生的贸易应收账款外，该

款项根据香港财务报告准则第15号初步计

量。于初步确认时，金融资产及金融负债

（按公平值计入损益之金融资产或金融负债

除外）的收购或发行直接应占的交易成本

添置于金融资产或金融负债的成本或从金

融资产或金融负债的公平值中扣除（倘适

用）。收购按公平值计入损益之金融资产或

金融负债所直接产生的交易成本即时在损

益确认。

实际利率法为计算金融资产或金融负债摊

销成本及就有关期间分配利息收入及利息

开支之方法。实际利率为透过金融资产或

金融负债预计年期或（如适用）较短期间准

确贴现估计未来现金收款及付款（包括构

成实际利率不可或缺部分的所有已付或已

收费用、交易成本及其他溢价或折让）至初

步确认时的账面净值之利率。

ANUAL REPORT 2025 二零二五年报131

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产

金融资产之分类及后续计量

符合以下条件的金融资产于其后按摊销成

本计量：

• 该金融资产以收取合约现金流量为

目的之商业模式下持有；及

• 合约条款令于特定日期产生之现金

流量仅为支付本金及未偿还本金之

利息。

(i) 摊销成本及利息收入

利息收入就其后按摊销成本计量的

债务工具以实际利率法确认。利息

收入透过将实际利率应用于金融资

产账面总值计算，惟其后已变为信贷

减值的金融资产则除外（见下文）。就

其后已变为信贷减值的金融资产而

言，利息收入透过将实际利率应用于

自下个报告期起计的金融资产摊销

成本确认。倘信贷减值金融工具的信

贷风险改善，以使金融资产不再维持

信贷减值，则利息收入在厘定资产不

再维持信贷减值后，透过将实际利率

应用于自报告期开始时起计的金融

资产账面总值确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets

Clasification and subsequent measurement of financial asets

Financial asets that met the folowing conditions are subsequently

measured at amortised cost:

• the financial aset is held within a busines model whose

objective is to colect contractual cash flows; and

• the contractual terms give rise on specified dates to cash flows

that are solely payments of principal and interest on the principal

amount outstanding.

(i) Amortised cost and interest income

Interest income is recognised using the efective interest method

for debt instruments measured subsequently at amortised cost.

Interest income is calculated by aplying the efective interest

rate to the gros carying amount of a financial aset, except for

financial asets that have subsequently become credit-impaired

(se below). 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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司132

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of financial asets (Continued)

(i) Equity instruments designated as measured at FVTOCI

Investments in equity instruments at FVTOCI 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 FVTOCI reserve; and are not subject

to impairment asesment. The cumulative gain or los is not

reclasified to profit or los on disposal of the equity investments

and is 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, gains and loses, net’ line item in

profit or los.

(i) Financial asets at FVTPL

Financial asets that do not met the criteria for being measured

at amortised cost or FVTOCI or designated as FVTOCI are

measured at FVTPL.

Financial asets at FVTPL are measured at fair value at the end

of each reporting period, with any fair value gains or loses

recognised in profit or los.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产之分类及后续计量（续）

(i) 指定为按公平值计入其他全面收益

计量之股本工具

按公平值计入其他全面收益之股本

工具投资其后按公平值计量，其公

平值变动产生的收益及亏损在其他

全面收益中确认并累计在按公平值

计入其他全面收益之储备中；并且毋

须作出减值评估。出售股本投资时，

累计收益或亏损不会重新分类至损

益，并将转拨至保留溢利。

此等股本工具投资的股息在本集团

收取股息的权利确立时在损益中确

认，除非股息明确代表收回部分投

资成本。股息计入损益中的「其他收

入、收益及亏损净额」项目。

(i) 按公平值计入损益之金融资产

金融资产如不符合按摊销成本计量

或按公平值计入其他全面收益计量

或指定为按公平值计入其他全面收

益计量的条件，则按公平值计入损

益的方式计量。

在各报告期末，按公平值计入损益之

金融资产按公平值计量，而任何公平

值收益或亏损则于损益中确认。

ANUAL REPORT 2025 二零二五年报133

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须接受减值

评估的金融资产之减值

本集团根据预期信贷损失（「预期信贷损

失」）模式对根据香港财务报告准则第9号金

融工具须接受减值评估之金融资产（包括

贸易应收账款、预付款项、按金及其他应

收款项以及银行结余及现金）进行减值评

估。预期信贷损失的金额于各报告日期更

新，以反映自首次确认后信贷风险的变化。

全期预期信贷损失指相关工具的预期生命

周期内所有可能的违约事件将产生之预

期信贷损失。相反，12个月预期信贷损失

（「12个月预期信贷损失」）代表预期于报告

日期后12个月内可能发生的违约事件而导

致之全期预期信贷损失部分。评估乃根据

本集团的历史信贷损失经验进行，并根据

债务人特有的因素、一般经济状况以及对

报告日期当前状况的评估以及对未来状况

的预测作出调整。

本集团一直就贸易应收账款确认全期预期

信贷损失。

有关所有其他工具，本集团以相等于12个

月预期信贷损失计量亏损拨备，除非自初

步确认以来信贷风险曾显著增加，则本集

团确认全期预期信贷损失。有关应否确认

全期预期信贷损失的评估乃基于自初步

确认以来违约的可能性或风险有否显著

增加。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment asesment under

HKFRS 9

The Group performs impairment asesment under expected credit

los (“ECL”) model on financial asets including trade receivables,

prepayments, deposits and other receivables and bank balances and

cash which are subject to impairment asesment under HKFRS 9

Financial Instruments. The amount of ECL is updated at each reporting

date to reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that wil result from al posible default

events over the expected life of the relevant instrument. In contrast,

12-month ECL (“12m ECL”) represents the portion of lifetime ECL

that is expected to result from default events that are posible within

12 months after the reporting date. Asesments are done based

on the Group’s historical credit los experience, 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.

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.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司134

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment asesment under

HKFRS 9 (Continued)

(i) Significant increase in credit risk

In asesing whether the credit risk has increased significantly

since initial recognition, the Group compares the risk of a default

ocuring on the financial instrument as at the reporting date with

the risk of a default ocuring on the financial instrument as at the

date of initial recognition. In making this asesment, the Group

considers both quantitative and qualitative information that is

reasonable and suportable, including historical experience and

forward-loking information that is available without undue cost

or efort.

In particular, the folowing information is taken into acount when

asesing whether credit risk has increased significantly:

• an actual or expected significant deterioration in the

financial instrument’s external (if available) or internal credit

rating;

• significant deterioration in external market indicators of

credit risk, e.g. a significant increase in the credit spread,

the credit default swap prices for the debtor;

, financial

or economic conditions that are expected to cause a

significant decrease in the debtor’s ability to met its debt

obligations;

• an actual or expected significant deterioration in the

operating results of the debtor;

• an actual or expected significant adverse change in the

regulatory, economic, or technological environment of the

debtor that results in a significant decrease in the debtor’s

ability to met its debt obligations.

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.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须接受减值

评估的金融资产之减值（续）

(i) 信贷风险显著增加

于评估信贷风险自初步确认以来有

否显著增加时，本集团比较于报告日

期的金融工具违约风险及初步确认

日期的金融工具违约风险。作出评估

时，本集团考虑合理且可支持的定量

和定性资料，包括过往经验及毋须付

出不必要成本或努力而可获取的前

瞻性资料。

尤其是，于评估信贷风险是否显著增

加时已考虑下列资料：

（如有）或内

部信贷评级实际或预期显著

恶化；

• 外部市场信贷风险指标之显著

恶化，如信贷利差及债务人之

信贷违约掉期价格大幅增加；

、财务或经济状况现时或

预测出现不利变动，且预期将

导致债务人履行其债务责任之

能力大幅下降；

• 债务人经营业绩实际或预期显

著恶化；

• 导致债务人履行债务责任之能

力大幅下降之债务人监管、经

济或技术环境之实际或预期重

大不利变动。

不论上述评估结果如何，当合约付款

逾期超过30天时，本集团推定信贷风

险自初步确认以来显著增加，除非本

集团有合理及可支持的资料显示情

况并非如此。

ANUAL REPORT 2025 二零二五年报135

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须接受减值

评估的金融资产之减值（续）

(i) 信贷风险显著增加（续）

尽管如此，倘债务工具厘定为于报

告日期的信贷风险偏低，则本集团

假设债务工具的信贷风险自初始确

认以来并无大幅增加。倘出现以下情

况，则债务工具被厘定为信贷风险偏

低：(i)其具有低违约风险；(i)借款人

拥有雄厚实力，可于短期内履行其合

约现金流量责任；及(i)经济及业务状

况的长期不利变动可能但未必会削

弱借款人履行其合约现金流量责任

的能力。倘债务工具的内部或外部信

贷评级为「投资级别」（根据国际通用

释义），则本集团认为该债务工具的

信贷风险偏低。

本集团定期监控用于识别信贷风险

是否显著增加之标准之成效及适时

修订该等标准，以确保有关标准能

于款项逾期前识别信贷风险之显著

增加。

(i) 违约的定义

就内部信贷风险管理而言，本集团认

为，倘内部生成或自外部来源获得之

资料显示债务人不太可能向其债权

人（包括本集团）悉数付款（不考虑本

集团持有的任何抵押品），则发生违

约事件。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment asesment under

HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

Despite the foregoing, the Group asumes that the credit risk

on a debt instrument has not increased significantly since initial

recognition if the debt instrument is determined to have low

credit risk at the reporting date. A debt instrument is determined

to have low credit risk if (i) it has a low risk of default, (i) the

borower has a strong capacity to met its contractual cash

flow obligations in the near term and (i) adverse changes in

economic and busines conditions in the longer term may, but

wil not necesarily, reduce the ability of the borower to fulfil

its contractual cash flow obligations. The Group considers a

debt instrument to have low credit risk when it has an internal

or external credit rating of “investment grade” as per globaly

understod definitions.

The Group regularly monitors the efectivenes of the criteria

used to identify whether there has ben a significant increase

in credit risk and revises them as apropriate to ensure that the

criteria are capable of identifying significant increase in credit risk

before the amount becomes past due.

(i) Definition of default

For internal credit risk management, the Group considers an

event of default ocurs when information developed internaly

or obtained from external sources indicates that the debtor is

unlikely to pay its creditors, including the Group, in ful (without

taking into acount any colateral held by the Group).

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司136

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment asesment under

HKFRS 9 (Continued)

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more events that

have a detrimental impact on the estimated future cash flows of

that financial aset have ocured. Evidence that a financial aset

is credit-impaired includes observable data about the folowing

events:

;

, such as a default or past due event;

, for 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;

• it is becoming probable that the borower wil enter

bankruptcy or other financial reorganization.

(iv) Write-of policy

The Group writes of a financial aset when there is information

indicating that the counterparty is in severe financial dificulty and

there is no realistic prospect of recovery, for example, when the

counterparty has ben placed under liquidation or has entered

into bankruptcy procedings. Financial asets writen of may stil

be subject to enforcement activities under the Group’s recovery

procedures, taking into acount legal advice where apropriate.

A write-of constitutes a derecognition event. Any subsequent

recoveries are recognised in profit or los.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须接受减值

评估的金融资产之减值（续）

(i) 信贷减值金融资产

金融资产在一项或多项对该金融资

产估计未来现金流量构成不利影响

的事件发生时出现信贷减值。金融资

产出现信贷减值的证据包括有关下

列事件的可观察数据：

• 发行人或借款人出现重大财务

困难；

，如违约或逾期事件；

• 借款人的贷款人出于与借款人

财务困难相关的经济或合约原

因而向借款人授予贷款人不会

另行考虑的优惠；

• 借款人将有可能面临破产或进

行其他财务重组。

(iv) 撇销政策

当有资料显示对手方陷入严重财务

困难且并无实际收回的可能时（例如

对手方已清盘或进入破产程序时），

本集团会撇销金融资产。于在适当情

况下考虑法律意见后，已撇销的金融

资产仍可根据本集团的收回程序进

行强制执行活动。撇销构成终止确认

事项。任何其后收回于损益中确认。

ANUAL REPORT 2025 二零二五年报137

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须接受减值

评估的金融资产之减值（续）

(v) 预期信贷损失的计量及确认

预期信贷损失的计量乃违约概率、违

约亏损率（即违约时的亏损程度）及

违约风险的函数。违约概率及违约亏

损率乃根据历史数据及前瞻性资料

进行评估。预期信贷损失的估计反映

无偏颇及概率加权数额，其乃根据加

权的相应违约风险而厘定。经考虑过

往信贷损失经验及无需付出过多成

本或努力即可得的前瞻性资料，本集

团使用实际可行权宜法透过使用拨

备矩阵估计贸易应收账款的预期信

贷损失。

一般而言，预期信贷损失为根据合约

到期支付予本集团的所有合约现金

流量与本集团预期收取的现金流量

之间的差异，并按于初始确认时厘定

的实际利率贴现。

贸易应收账款及合约资产的全期预

期信贷损失经考虑过往逾期资料及

前瞻性宏观经济资料等相关信贷资

料按综合基准考量。

就综合评估而言，本集团于制定分组

时考虑以下特点：

、规模及行业；及

（如有）。

管理层会定期检讨分组情况，以确保

各组别的组成部分继续拥有类似信

贷风险特点。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment asesment under

HKFRS 9 (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. The

Group uses a practical expedient in estimating ECL on trade

receivables using a provision matrix taking into consideration

historical credit los experience and forward loking information

that is available without undue cost or efort.

Generaly, the ECL is the diference betwen al contractual cash

flows that are due to the Group in acordance with the contract

and the cash flows that the Group expects to receive, discounted

at the efective interest rate determined at initial recognition.

Lifetime ECL for trade receivables and contract asets 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.

The grouping is regularly reviewed by management to ensure the

constituents of each group continue to share similar credit risk

characteristics.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司138

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment asesment under

HKFRS 9 (Continued)

(v) Measurement and recognition of ECL (Continued)

Interest income is calculated based on the gros carying amount

of the financial aset unles the financial aset is credit-impaired,

in which case interest income is calculated based on amortised

cost of the financial aset.

The Group recognises an impairment gain or los in profit or los

for al financial instruments by adjusting their carying amount,

with the exception of trade receivables and contract asets

where the coresponding adjustment is recognised through a

los alowance acount.

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 income, gains and

loses, net’ line item as part of the ‘exchange gains (loses), net’;

• For financial asets measured at FVTPL that are not part of

a designated hedging relationship, exchange diferences are

recognised in profit or los in the ‘Other income, gains and

loses, net’ line item as part of the gain (los) from changes in fair

value of financial asets;

, exchange

diferences are recognised in other comprehensive income in the

FVTOCI reserve.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须接受减值

评估的金融资产之减值（续）

(v) 预期信贷损失的计量及确认（续）

利息收入乃根据金融资产的账面总

额计算，除非金融资产出现信贷减

值，在这种情况下，利息收入乃根据

金融资产的摊销成本计算。

本集团通过调整所有金融工具之账

面值于损益确认彼等之减值收益或

亏损，惟贸易应收账款及合约资产除

外，此种情况下透过亏损拨备账确认

相应调整。

外汇收益及亏损

以外币计值的金融资产的账面值以该外币

厘定，并按各报告期末的现货汇率换算。

具体而言：

• 就按摊销成本计量且不属指定对冲

关系一部分之金融资产而言，汇兑差

额于损益内「其他收入、收益及亏损

净额」确认，作为「汇兑收益（亏损）净

额」的一部分；

• 就按公平值计入损益计量且不属指

定对冲关系一部分之金融资产而

言，汇兑差额于损益「其他收入、收

益及亏损净额」确认，作为金融资产

公平值变动之收益（亏损）的一部分。

• 就按公平值计入其他全面收益计量

的股本工具而言，汇兑差额于其他全

面收益内按公平值计入其他全面收

益储备确认。

ANUAL REPORT 2025 二零二五年报139

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

终止确认金融资产

本集团仅于自资产获取现金流之合约权利

到期时，或本集团将金融资产及资产所有

权之绝大部分风险及回报转让予另一实体

时终止确认金融资产。

于终止确认按摊销成本计量的金融资产

时，该资产的账面值与已收及应收代价总

和的差额于损益确认。

终止确认于股本工具的投资时，本集团已

选择于初始确认时按公平值计入其他全面

收益计量该投资，按公平值计入其他全面

收益之储备的先前累计的累计收益或亏

损不会重新分类至损益，但会转拨至保留

溢利。

倘合约现金流量重新磋商或以其他方式修

订，则产生金融资产的修改。

当金融资产的合约条款被修订时，本集团

会考虑所有相关事实及情况（包括定性因

素），评估经修订的条款是否导致对原有条

款有重大修订。倘定性评估并无定论，则

倘根据新条款的现金流量（包括任何已付

费用扣除任何已收费用，并使用原实际利

率贴现）的贴现值与原金融资产剩余现

金流量的贴现值相差至少10%，则本集

团认为该等条款有重大差异。

就不会导致金融资产取消确认的非重大修

订而言，相关金融资产的账面值将会按以

金融资产的原有实际利率贴现的经修订合

约现金流量的现值计算。产生的交易成本

或费用已调整至经修订金融资产的账面

值，并于余下年期予以摊销。金融资产账

面值的任何调整于修订日期在损益确认。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial 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.

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 FVTOCI, the cumulative

gain or los previously acumulated in the FVTOCI reserve is not

reclasified to profit or los, but is transfered to retained profits.

A modification of a financial aset ocurs if the contractual cash flows

are renegotiated or otherwise modified.

When the contractual terms of a financial aset are modified, the Group

aseses whether the revised terms result in a substantial modification

from original terms taking into acount al relevant facts and

circumstances including qualitative factors. If qualitative asesment is

not conclusive, the Group considers the terms are substantialy diferent

if the discounted present value of the cash flows under the new terms,

including any fes paid net of any fes received, and discounted using

the original efective interest rate, is at least 10 per cent diferent from

the discounted present value of the remaining cash flows of the original

financial aset.

For non-substantial modifications of financial asets that do not result

in derecognition, the carying amount of the relevant financial asets

wil be calculated at the present value of the modified contractual cash

flows discounted at the financial asets’ original efective interest rate.

Transaction costs or fes incured are adjusted to the carying amount

of the modified financial asets and are amortised over the remaining

term. Any adjustment to the carying amount of the financial aset is

recognised in profit or los at the date of modification.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司140

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either financial liabilities

or as equity in acordance with the substance of the contractual

arangements and the definitions of a financial liability and an equity

instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest

in the asets of an entity after deducting al of its liabilities. Equity

instruments isued by the Group are recognised at the proceds

received, net of direct isue costs.

Financial liabilities

Al financial liabilities are subsequently measured at amortised cost

using the efective interest method.

Financial liabilities at amortised cost

Financial liabilities including trade and bils payables, acruals and

other payables and convertible bonds are subsequently measured at

amortised cost, using the efective interest method.

Convertible bonds

The component parts of the convertible loan notes are clasified

separately as financial liability and equity in acordance with the

substance of the contractual arangements and the definitions of a

financial liability and an equity instrument. A conversion option that

wil be setled by the exchange of a fixed amount of cash or another

financial aset for a fixed number of the Company’s own equity

instruments is an equity instrument.

At the date of isue, the fair value of the liability component (including

any embeded non-equity derivatives features) is estimated by

measuring the fair value of similar liability that does not have an

asociated equity component.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及权益

分类为债务或股本

债务及股本工具根据合约安排的实质内容

以及金融负债及股本工具的定义分类为金

融负债或股本。

股本工具

股本工具为证明实体资产剩余权益（经扣

除其所有负债）的任何合约。本集团发行的

股本工具按已收所得款项减直接发行成本

确认。

金融负债

金融负债其后以实际利率法按摊销成本

计量。

按摊销成本计量之金融负债

金融负债（包括贸易应付账款及应付票据、

预提费用及其他应付款项及可换股债券）

其后以实际利率法按摊销成本计量。

可换股债券

可换股贷款票据之组成部分根据合约安排

之内容以及金融负债及权益工具之定义单

独分类为金融负债及权益。换股权将以固

定金额现金或另一项金融资产换取固定数

目之本公司本身权益工具之方式结清，并

分类为权益工具。

于发行日期，负债部分（包括任何嵌入式

非权益衍生特征）之公平值透过计量并无

相关权益部分之类似负债之公平值进行

估计。

ANUAL REPORT 2025 二零二五年报141

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及权益（续）

可换股债券（续）

分类为权益之换股权乃透过从整项复合工

具之公平值中扣除负债部分金额后厘定，

并于权益确认及计算，扣除所得税影响且

不会于往后重新计量。此外，分类为权益

之换股权将于权益保留，直至换股权获行

使为止，在此情况下，已于权益确认之余

额将转拨至股份溢价。倘换股权于可换股

票据到期日仍未获行使，则已于权益确认

之结余将转拨至保留盈利。于换股权获转

换或届满时概不会于损益确认任何收益或

亏损。

有关发行可换股贷款票据之交易成本将按

所得款项之分配比例分配到负债及权益部

分。有关权益部分之交易成本直接自权益

中扣除。与负债部分有关之交易成本计入

负债之账面值。

外汇收益及亏损

就于各报告期末以外币计值及按摊销成本

计量的金融负债而言，外汇收益及亏损按

有关工具的摊销成本厘定。就并非指定对

冲关系一部分的金融负债而言，外汇收益

及亏损于损益项下「其他收入、收益及亏损

净额」中确认，作为「汇兑收益及亏损净额」

的一部分。就指定为对冲工具以对冲外汇

风险的金融负债而言，外汇收益及亏损于

其他全面收益确认，并于权益的独立部分

中累计。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity (Continued)

Convertible bonds (Continued)

A conversion option clasified as equity is determined by deducting the

amount of the liability component from the fair value of the compound

instrument as a whole. This is recognised and included in equity, net of

income tax efects, and is not subsequently remeasured. In adition,

the conversion option clasified as equity wil remain in equity until the

conversion option is exercised, in which case, the balance recognised

in equity wil be transfered to share premium. Where the conversion

option remains unexercised at the maturity date of the convertible

note, the balance recognised in equity wil be transfered to retained

earnings. No gain or los is recognised in profit or los upon conversion

or expiration of the conversion option.

Transaction costs that relate to the isue of the convertible loan notes

are alocated to the liability and equity components in proportion to the

alocation of the gros proceds. Transaction costs relating to the equity

component are charged directly to equity. Transaction costs relating to

the liability component are included in the carying amount of the liability

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 income, gains and loses, net’ line

item in profit or los as part of ‘exchange gains and loses, net’ for

financial liabilities that are not part of a designated hedging relationship.

For those which are designated as a hedging instrument for a hedge of

foreign curency risk, foreign exchange gains and loses are recognised

in other comprehensive income and acumulated in a separate

component of equity.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司142

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity (Continued)

Derecognition/modification 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.

When an existing financial liability is renegotiated in such a way that the

liability is extinguished fuly or partialy by isuing equity instruments, it is

acounted for as an extinguishment of the original financial liability and

a recognition of equity instrument at the fair value upon isue with the

diference betwen the carying amount of the financial liability (or part

of the financial liability) extinguished and the consideration paid (being

the fair value of the equity instruments isued), recognised to profit or

los.

When the contractual terms of financial liability are modified, such as

extending the tenure, change in exercise price of the underlying options,

the revised terms would result in a substantial modification from the

original terms after considering qualitative factors (i.e. modifications of

convertible instruments). A substantial modification of the terms of an

existing financial liability or a part of it (whether or not atributable to the

financial dificulty of the Group) is acounted for as an extinguishment of

the original financial liability and the recognition of a new financial liability.

The Group considers that the terms are substantialy diferent when (i)

the terms and conditions of the financial liability has significant change

with no aditional quantitative analysis or (i) the terms and conditions

of the financial liability has no significant change while the discounted

present value of the cash flows under the new terms, including any

fes paid net of any fes received and discounted using the original

efective interest rate, is at least 10% diferent from the discounted

present value of the remaining cash flows of the original financial liability.

Acordingly, such exchange of debt instruments or modification of

terms is acounted for as an extinguishment, the diference betwen

the carying amount of financial liability derecognised and the fair value

of consideration paid or payable, including any liabilities asumed and

derivative components recognised, is recognised in profit or los. The

exchange or modification is considered as non-substantial modification

when such diference is les than 10%.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及权益（续）

终止确认╱修订金融负债

当且仅当本集团的责任获解除、注销或届

满时，本集团方终止确认金融负债。已终

止确认金融负债的账面值与已付及应付代

价之间的差额于损益中确认。

倘现有金融负债以发行权益工具悉数或部

分抵销该负债的方式重新协商，则入账列

作抵销原有金融负债及按发行后的公平值

确认权益工具，而所抵销的金融负债（或部

分金融负债）的账面值与已付代价（即已发

行权益工具的公平值）之间的差额于损益

确认。

当金融负债的合约条款发生修订（如延长

使用期、更改相关购股权行使价），经考虑

定性因素（即可转换工具的修改）后，经修

订条款将导致原条款出现大幅修订。对现

有金融负债或其部分条款的重大修订（无

论是否归因于本集团的财政困难）均入账

列作注销原金融负债及确认新金融负债。

本集团认为，倘(i)金融负债的条款及条件发

生重大变动而毋须额外的定量分析或(i)金

融负债的条款及条件并无发生重大变动，

而根据新条款现金流量贴现值（包括任

何已付费用减任何已收费用并使用原实际

利率贴现）与原金融负债剩余现金流量贴

现值相差至少10%，则有关条款存在重

大差异。因此，此类债务工具的交换或条

款的修订会入账列作注销，终止确认的金

融负债的账面值与已付或应付代价（包括

任何承担的负债及确认的衍生工具部分）

的公平值之间的差额于损益确认。倘有关

差额少于10%，则交换或修订被视为非重

大修订。

ANUAL REPORT 2025 二零二五年报143

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及权益（续）

抵销金融资产及金融负债

当且仅当本集团目前有依法可强制执行的

权利以抵销已确认金额，且有意以净额结

算或同时变现资产及清偿债务时，则金融

资产与金融负债可抵销，以净额呈列于综

合财务状况表内。

贸易应收账款及其他应收款项

当本集团拥有无条件收取代价的权利时，

会确认应收款项。倘若于代价到期支付前

仅须待时间流逝，则收取代价的权利为无

条件。

贸易应收账款可按无条件获得的代价金额

进行初始确认，但当其包含重大融资成分

时，则按公平值确认。本集团持有贸易应

收账款的目的为收取合约现金流量，因此

后续使用实际利率法按摊销成本对其进行

计量。本集团减值政策的说明载于上文。

贸易应付账款及其他应付款项

贸易应付账款及其他应付款项指财政年末

前向本集团提供商品及服务而未获支付的

负债。倘付款并无于报告期后12个月内到

期，贸易应付账款及其他应付款项呈列为

流动负债。贸易应付账款及其他应付款项

以公平值初始确认，随后采用实际利率法

按摊销成本计量。

股本

本公司普通股被分类为权益。

直接归属于发行新股的新增成本在权益中

列为所得款项的减少（扣除税项）。

分类报告

经营分类按照与向首席营运决策者（「首席

营运决策者」）提供之内部报告贯彻一致之

方式报告。负责分配资源及评估经营分类

表现的首席营运决策者已被识别为作出战

略决策的董事会。

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity (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 recognised amounts; and intends either to setle on a net basis, or

to realise the aset and setle the liability simultaneously.

Trade and other receivables

A receivable is recognised when the Group has an unconditional

right to receive consideration. A right to receive consideration is

unconditional if only the pasage of time is required before payment of

that consideration is due.

Trade receivables are recognised initialy at the amount of consideration

that is unconditional unles they contain significant financing

components, when they are recognised at fair value. The Group holds

the trade receivables with the objective of colecting the contractual

cash flows and therefore measures them subsequently at amortised

cost using the efective interest method. The description of the Group’s

impairment policies is set out above.

Trade and other payables

Trade and other payables represent liabilities for gods and services

provided to the Group prior to the end of financial year which are

unpaid. Trade and other payables are presented as curent liabilities

unles payment is not due within 12 months after the reporting period.

They are recognised initialy at their fair value and subsequently

measured at amortised cost using the efective interest method.

Share capital

Ordinary shares of the Company are clasified as equity.

Incremental costs directly atributable to the isue of new shares are

shown in equity as a deduction, net of tax, from the proceds.

Segment reporting

Operating segments are reported in a maner consistent with the

internal reporting provided to the chief operating decision maker (the

“CODM”). The CODM, who is responsible for alocating resources and

asesing performance of the operating segments, has ben identified

as the Board that make strategic decisions.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司144

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Related parties

For the purposes of these consolidated financial statements, a party is

considered to be related to the Group if:

(a) the party is a person or a close member of that person’s family

and if that person:

(i) has control or joint control over of the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel of the

Group or of a parent of the Group.

(b) the party is an entity and if any of the folowing conditions aplies:

(i) the entity and the Group are members of the same group.

(i) one entity is an asociate or joint venture of the other entity (or

an asociate or joint venture of a member of a group of

which the other entity is a member).

(i) the entity and the Group are joint ventures of the same

third party.

(iv) one entity is a joint venture of a third entity and the other

entity is an asociate of the third entity.

(v) the entity is a post-employment benefit plan for the benefit

of employes of either the Group or an entity related to the

Group.

(vi) the entity is controled or jointly controled by a person

identified in (a).

(vi) a person identified in (a)(i) has significant influence over the

entity or is a member of the key management personel of

the entity (or of a parent of the entity).

(vi) the entity, or any member of a group of which it is a part,

provides key management personel services to the

Group or to the parent of the Group.

Close members of the family of a person are those family members who

may be expected to influence, or be influenced by, that person in their

dealings with the entity.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

关联方

就该等综合财务报表而言，符合以下条件

的人士被视为与本集团有关联：

(a) 关连方指该人士或该人士之近亲，而

该名人士：

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响；或

(i) 为本集团或本集团母公司之主

要管理层成员。

(b) 该人士为实体，且符合下列任何

条件：

(i) 该实体与本集团属同一集团之

成员公司。

(i) 一间实体为另一实体之联营公

司或合营企业（或另一实体为

成员公司之集团旗下成员公司

之联营公司或合营企业）。

(i) 该实体及本集团均为同一第三

方之合营企业。

(iv) 一间实体为第三方实体之合营

企业，而另一实体为该第三方

实体之联营公司。

(v) 实体为本集团或与本集团有关

之实体就雇员利益设立之离职

福利计划。

(vi) 实体受(a)内识别人士控制或共

同控制。

(vi) (a)(i)内识别人士对实体有重大

影响力或属该实体（或该实体

之母公司）之主要管理层成员。

(vi) 向本集团或向本集团之母公司

提供主要管理人员服务之实

体或其所属集团之任何成员

公司。

任何人士之近亲是指与该实体交易时预期

可影响该名人士或受该人士影响之家庭

成员。

ANUAL REPORT 2025 二零二五年报145

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

3. BASIS OF PREPARATION OF

CONSOLIDATED FINANCIAL STATEMENTS

AND MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Discontinued operations

Discontinued operations are excluded from the results of continuing

operations and are presented as a single amount as profit or los after

tax from discontinued operations in the statement of profit or los.

Cash flows from discontinued operations are included in the

consolidated statement of cash flows and are disclosed separately in

note 45 to the consolidated financial statements.

Aditional disclosures are provided in note 45. Al other notes to the

financial statements include amounts for continuing operations, unles

indicated otherwise.

4. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies, which are

described in note 3.2, the Directors 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 on-going

basis. Revisions to acounting estimates are recognised in the period in

which the estimate is revised if the revision afects only that period, or in

the period of the revision and future periods if the revision afects both

curent and future periods.

3. 编制综合财务报表之基准及

重大会计政策资料（续）

3.2 重大会计政策资料（续）

已终止经营业务

已终止经营业务业绩应与持续经营业务业

绩分开，并作为已终止经营业务除税后损

益在损益表中单独列示。

已终止经营业务的现金流量已计入综合现

金流量表，并于综合财务报表附注45内单

独披露。

附注45提供了其他披露资料。除非另有说

明，否则所有其他财务报表附注均包括持

续经营业务的金额。

4. 重大会计判断及估计不明朗

因素之主要来源

在应用附注3.2所述本集团会计政策时，董

事须对未能轻易地从其他来源确定之资产

及负债账面值作出判断、估计及假设。该

等估计及相关假设是根据过往经验及被认

为相关之其他因素而作出。实际结果或会

与该等估计有所不同。

该等估计及相关假设会持续地检讨。若估

计修订只影响作出修订的期间，则会计估

计之修订会于该期内确认；或如该估计修

订影响本期及未来期间，则会计估计之修

订会于修订期内及未来期间确认。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司146

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

4. 重大会计判断及估计不明朗

因素之主要来源（续）

估计不明朗因素之主要来源

下文载列于报告期末所作出有关未来之主

要假设及估计不确定因素之其他主要来

源，该等假设及来源有相当风险导致须于

下个财政年度内就资产及负债之账面值作

出重大调整。

于一间联营公司之权益减值

本集团于一间联营公司之权益指于进生

有限公司（「进生」）及其附属公司（「进生集

团」）之权益。进生集团所持之主要资产为

有关进行中之研究及开发项目（「进行中之

研发」）之无形资产，当中涉及口服胰岛素

产品（「产品」）且进生集团正继续研发及商

品化产品。于报告期末，经参考独立专业

合资格估值师编制之估值报告，董事已对

本集团于联营公司之权益进行减值评估。

于作出评估时，管理层采纳之关键假设及

估计包括产品之商品化成功率、市场渗透

率、收益增长率及成本预测百分比及营运

开支。

于二零二五年三月三十一日及二零二四年

三月三十一日，于联营公司之权益之账面

值及减值详情于附注21披露。

贸易应收账款、贷款予一间联营

公司及应收一间联营公司款项之

减值亏损

贸易应收账款、贷款予一间联营公司及应

收一间联营公司款项之减值亏损乃基于管

理层作出之可收回性评估及账龄分析而

估计。于评估该等应收款项最终变现价值

时，须作出大量判断，包括各交易对手方

现时之信誉及过往还款记录。倘本集团客

户或联营公司之财务状况恶化，导致其还

款能力下降，则或须作出额外拨备。

于二零二五年三月三十一日及二零二四年

三月三十一日，贸易应收账款、贷款予一

间联营公司及应收一间联营公司款项之

账面值及减值详情分别于附注24及附注22

披露。

4. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

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 have a significant risk of causing a material adjustment to the

carying amounts of asets and liabilities within the next financial year.

Impairment of interest in an asociate

The Group’s interest in an asociate represents interest in Smart

Ascent Limited (“Smart Ascent”) and its subsidiaries (the “Smart

Ascent Group”). The major aset held by the Smart Ascent Group is an

intangible aset in relation to an in-proces research and development

project (the “In-proces R&D”) involving an oral insulin product (the

“Product”) and Smart Ascent Group is continuing the research and

development and comercialising the Product. At the end of the

reporting period, with reference to a valuation report prepared by an

independent profesional qualified valuer, the Directors have performed

an impairment asesment on the Group’s interest in the asociate. In

making the asesment, key asumptions and estimates adopted by

the management include the suces rate of comercialisation, market

penetration rate, revenue growth rate and forecasted percentage of

costs and operating expenses of the Product.

At 31 March 2025 and 31 March 2024, the carying amounts and

details of the impairment of interest in the asociate are disclosed in

note 21.

Impairment loses on trade receivables, loan to an

asociate and amount due from an asociate

Impairment loses on trade receivables, loan to an asociate and

amount due from an asociate are estimated based on the evaluation

of colectability and ageing analysis performed by the management. A

considerable amount of judgement is required in asesing the ultimate

realisation of these receivables, including the curent creditworthines

and the past colection history of each counterparty. If the financial

conditions of customers or an asociate of the Group were to

deteriorate, resulting in an impairment of their ability to make payments,

aditional alowances may be required.

At 31 March 2025 and 31 March 2024, the carying amounts and

details of the impairment of trade receivables, loan to an asociate

and amount due from an asociate are disclosed in notes 24 and 22,

respectively.

ANUAL REPORT 2025 二零二五年报147

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

4. CRITICAL ACOUNTING JUDGMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

Fair value of financial asets measured at FVTPL

The Group’s financial asets measured at FVTPL invested by the Group

is calculated using valuation techniques. Valuation techniques are

certified by independent qualified valuers before being implemented

for valuation and are calibrated to ensure that outputs reflect market

conditions. Valuation models established by valuers make the maximum

use of market inputs and rely as litle as posible on the Group’s

specific data. The model involves estimates on time to expiration, risk

fre rate, share price, volatility, discount rate and others.

At 31 March 2025 and 31 March 2024, the carying amounts and

details of the fair value measurement of the Group’s financial asets

measured at FVTPL are disclosed in notes 19 and 39(b) respectively.

5. SEGMENT INFORMATION

Operating segments are reported in a maner consistent with the

internal reporting provided to the chief operating decision maker.

The chief operating decision maker, who is responsible for alocating

resources and asesing performance of the operating segments, has

ben identified as the Board that makes strategic decisions.

The Group’s operating busineses are structured and managed

separately, acording to the nature of their operations and the products

they provide. Each of the Group’s operating segments represents

a strategic busines unit that ofers products which are subject to

risks and returns that are diferent from those of the other busines

segments. Sumarised details of the reportable and operating

segments are as folows:

(i) the Manufacturing busines segment engages in the

development, manufacture and sales of pharmaceutical

products;

(i) the Trading busines segment engages in the marketing and

distribution of imported pharmaceutical products; and

(i) the Gene Development busines segment engages in the

comercial exploitation and development of genome-related

technology.

4. 重大会计判断及估计不明朗

因素之主要来源（续）

估计不明朗因素之主要来源（续）

按公平值计入损益计量之金融资

产之公平值

本集团按公平值计入损益计量之金融资产

之公平值乃采用估值法计算。估值法经独

立合资格估值师于估值前核实并予以调

整，以确保得出之数据反映市况。估值师

确定之估值模式会充分利用市场输入数据

而尽量少依赖本集团之特定数据。该模式

涉及对到期时间、无风险利率、股价、波

动、贴现率及其他因素之估计。

于二零二五年三月三十一日及二零二四年

三月三十一日，本集团按公平值计入损益

之金融资产之账面值及公平值计量详情分

别于附注19及附注39(b)披露。

5. 分类资料

经营分类按照与向首席营运决策者提供之

内部报告贯彻一致之方式报告。负责分配

资源及评估经营分类表现的首席营运决策

者已被识别为作出战略决策的董事会。

本集团之经营业务乃按照其业务性质及所

提供之产品独立分类及管理。本集团各经

营分类乃提供产品之策略性业务单位，各

业务分类之风险及回报不尽相同。可呈报

及经营分类之概要详情如下：

(i) 制造业务分类从事开发、制造及销售

药品；

(i) 贸易业务分类从事推广及分销进口

药品；及

(i) 基因开发业务分类从事基因相关技

术之商业开发及发展。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司148

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

5. 分类资料

诚如附注1及45所述，于二零二五年三月

七日，董事会决议终止透过全资附属公司

Best-Bio Developments Limited（「Best-Bio」）

及其附属公司（「Best-Bio集团」）经营基因开

发分类（即已终止经营业务）。其后，本公

司继续经营其制造及贸易业务分类（即持

续经营业务）。

可呈报及经营分类之会计政策与附注3.2所

载者相同。

分类溢利（亏损）指在并无分配利息收入、

其他收益及亏损（不包括贸易应收账款及

其他应收款项之减值亏损（拨备）拨回）净

额、企业开支、可换股债券之实际利息开

支及应占一间联营公司业绩之情况下，各

分类赚取之溢利╱（产生之亏损）。此乃就

资源分配及表现评估呈报予首席营运决策

者（即董事会）的计量方式。

就监察分类表现及于分类间分配资源而言：

可换股债券投资、于一间联营公司之

权益以及企业及其他资产外，所有资

产均分配至经营分类；及

• 除可换股债券以及企业及其他负债

外，所有负债均分配至经营分类。

5. SEGMENT INFORMATION (Continued)

As described in notes 1 and 45, on 7 March 2025, the Board resolved

to discontinue the Gene Development segment operated through Best-

Bio Developments Limited (“Best-Bio”), a wholy-owned subsidiary, and

its subsidiaries (“Best-Bio Group”) (i.e. the Discontinued Operation).

Subsequently, the Company continues its Manufacturing and Trading

busines segments (i.e. the Continuing Operations).

The acounting policies of the reportable and operating segments are

the same as those set out in note 3.2.

Segment profit (los) represents the profit earned by (los from) each

segment without alocation of interest income, other gains and loses

(exclude (provision for) reversal of impairment los on trade and other

receivables), net, corporate expenses, efective interest expense on

convertible bonds and share of results of an asociate. This is the

measure reported to the chief operating decision maker, being the

Board, for the purposes of resource alocation and performance

asesment.

For the purposes of monitoring segment performance and alocating

resources betwen segments:

• al asets are alocated to operating segments other than financial

asets at FVTPL — investments in convertible bonds, interest in

an asociate and corporate and other asets; and

• al liabilities are alocated to operating segments other than

convertible bonds and corporate and other liabilities.

55,405	24	55,429	—	55,429
4,932	(2,411)	2,521	(105)	2,416
				257,380
				(10,956)
				(21,914)
				(2,312)
				224,614
				(1,167)
				223,447

ANUAL REPORT 2025 二零二五年报149

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

5. SEGMENT INFORMATION (Continued)

(a) Segment revenue and results

The folowing is the Group’s revenue and results of operations

from Continuing Operations and Discontinued Operation by

reportable and operating segment:

Continuing Operations

Discontinued

Operation

持续经营业务已终止经营业务

ManufacturingTradingSub-total

Gene

Development*Total

制造贸易小计基因开发*总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended 31 March 2025截至二零二五年

三月三十一日止年度

Revenue收益

Revenue from external customers来自外间客户之收益

Segment results分类业绩

Unalocated other income, gains and

loses, net

未分配之其他收入、收

益及亏损净额

Corporate expenses企业开支

Efective interest expense on

convertible bonds

可换股债券之实际利息

开支

Share of results of an asociate应占一间联营公司业绩

Profit before income tax除所得税前溢利

Income tax expense所得税开支

Profit for the year本年度溢利

Year ended 31 March 2024截至二零二四年

三月三十一日止年度

Revenue收益

Revenue from external customers来自外间客户之收益59,086 1259,098— 59,098

Segment results分类业绩6,804(3,276)3,528(85)3,443

Unalocated other income, gains and

loses, net

未分配之其他收入、收

益及亏损净额(131,924)

Corporate expenses企业开支(10,246)

Efective interest expense on

convertible bonds

可换股债券之实际利息

开支(18,507)

Share of results of an asociate应占一间联营公司业绩(2,275)

Los before income tax除所得税前亏损(159,509)

Income tax expense所得税开支(2,131)

Los for the year本年度亏损(161,640)

* The amounts represent the segment results relating to the Gene

Development segment during the year ended 31 March 2024 and the

period from 1 April 2024 to 7 March 2025.

（续）

(a) 分类收益及业绩

以下为本集团来自持续经营业务及

已终止经营业务按可呈报及经营分

类划分之经营收益及业绩：

* 该等金额为于截至二零二四年三月三

十一日止年度及由二零二四年四月一

日至二零二五年三月七日止期间关于

基因开发分类之分类业绩。

162,679	42,344	205,023	N/A 不适用*	205,023
				915,436
				311,929
				93,964
				1,526,352
48,711	448	49,159	N/A 不适用*	49,159
				139,038
				3,356
				191,553

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司150

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(b) 分类资产及负债

以下为本集团来自持续经营业务及

已终止经营业务按可呈报及经营分

类划分之资产及负债：

5. SEGMENT INFORMATION (Continued)

(b) Segment asets and liabilities

The folowing is the Group’s asets and liabilities from Continuing

Operations and Discontinued Operation by reportable and

operating segment:

Continuing Operations

Discontinued

Operation

持续经营业务已终止经营业务

ManufacturingTrading Sub-total

Gene

DevelopmentTotal

制造贸易小计基因开发总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025于二零二五年

三月三十一日

Segment asets分类资产

Financial asets at FVTPL —

Investments in convertible bonds

按公平值计入损益之

金融资产 — 于可换股

债券之投资

Interest in an asociate于一间联营公司之权益

Corporate and other asets企业及其他资产

Total asets资产总额

Reportable segment liabilities可呈报分类负债

Convertible bonds可换股债券

Corporate and other liabilities企业及其他负债

Total liabilities负债总额

At 31 March 2024于二零二四年

三月三十一日

Segment asets分类资产163,33443,518 206,85215206,867

Financial asets at FVTPL —

Investments in convertible bonds

按公平值计入损益之

金融资产 — 于可换股

债券之投资660,564

Interest in an asociate于一间联营公司之权益314,241

Corporate and other asets企业及其他资产105,517

Total asets资产总额1,287,189

Reportable segment liabilities可呈报分类负债52,12857452,7026452,766

Convertible bonds可换股债券117,124

Corporate and other liabilities企业及其他负债4,688

Total liabilities负债总额174,578

* The amount is insignificant and has ben included in Continuing

Operations.

3,059	8	3,067	—	3,067
6,605	1,543	8,148	—	8,148
				133
				8,281
(847)	—	(847)	—	(847)
61	—	61	—	61
252	—	252	—	252
—	—	—	—	(10)

ANUAL REPORT 2025 二零二五年报151

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

5. SEGMENT INFORMATION (Continued)

The folowing is the Group’s other segment information from

Continuing Operations and Discontinued Operation by reportable

and operating segment:

Continuing Operations

Discontinued

Operation

持续经营业务已终止经营业务

ManufacturingTrading Sub-total

Gene

Development*Total

制造贸易小计基因开发*总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Year ended 31 March 2025截至二零二五年

三月三十一日止年度

Aditions in property, plant and equipment物业、厂房及设备增加

Amounts included in the measure of segment

profit or los:

计入分类溢利或亏损计量之

数额：

Depreciation of property, plant and equipment

and right-of use asets

物业、厂房及设备及使用权

资产折旧

Unalocated depreciation of investment

properties

未分配投资物业折旧

Others:其他：

Reversal of impairment los on trade receivables贸易应收账款减值亏损拨回

Impairment los on other receivables其他应收款项减值亏损

Impairment los on inventories存货减值亏损

Unalocated gain on disposal of property, plant

and equipment

未分配之出售物业、厂房及

设备项目之收益

Year ended 31 March 2024截至二零二四年

三月三十一日止年度

Aditions in property, plant and equipment物业、厂房及设备增加1,202— 1,202—1,202

Amounts included in the measure of segment

profit or los:

计入分类溢利或亏损计量之

数额：

Depreciation of property, plant and equipment

and right-of use asets

物业、厂房及设备及使用权

资产折旧7,3011,6128,913—8,913

Unalocated depreciation of investment

properties

未分配投资物业折旧

9,045

Others:其他：

Impairment los on trade receivables贸易应收账款减值亏损89—89—89

Reversal of writen of on other receivables其他应收款项撇销拨回(134)—(134)—(134)

Reversal of impairment los on inventories存货减值亏损拨回(180)—(180)—(180)

* The amounts represent the other segment information relating to the

Gene Development segment during the year ended 31 March 2024 and

the period from 1 April 2024 to 7 March 2025.

（续）

以下为本集团来自持续经营业务及

已终止经营业务按可呈报及经营分

类划分之其他分类资料：

* 该金额为截至二零二四年三月三十一

日止年度及由二零二四年四月一日起

至二零二五年三月七日止期间关于基

因开发分类之其他分类资料。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司152

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

除上述者外，截至二零二五年三月

三十一日及二零二四年三月三十一

日以及截至该等日期止年度，概无其

他有关本集团可呈报收益及业绩以

及可呈报分类资产及负债的资料已

提供予董事会以作资源分配以及评

估分类表现。

(d) 地理资料

本集团之业务位于中国（所在国）及

香港。

就香港财务报告准则第8号项下之分

类资料披露而言，本集团将中国视为

其注册地。本集团逾90%之外部客户

位于中国。

本集团逾90%非流动资产主要归属于

中国（即单一地区）。

(e) 主要客户资料

于该两个年度内，概无个别客户之收

益占本集团总收益超过10%。

5. SEGMENT INFORMATION (Continued)

Other than the above, no other information regarding the Group’s

reportable revenue and results and reportable segments asets

and liabilities as provided to the Board for the purposes of

resource alocation and asesment of segment performance as

of and for the years ended 31 March 2025 and 31 March 2024.

(d) Geographical information

The Group’s operations are located in the PRC (country of

domicile) and Hong Kong.

For the purpose of segment information disclosures under HKFRS 8,

the Group regards the PRC as its place of domicile. Over 90% of

the Group’s external customers is located in the PRC.

Over 90% of the Group’s non-curent asets are principaly

atributable to the PRC, being the single geographical region.

(e) Information about major customers

No individual customer acounted for over 10% of the Group’s

total revenue for both years.

24
55,405
55,429

55,429

ANUAL REPORT 2025 二零二五年报153

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

6. REVENUE

Revenue represents the fair value of amounts received and receivable

for gods sold to outside customers, les discounts, and sales-related

taxes for the year.

(a) Disagregation of revenue from contracts

with customers

(i) The Group derives revenue from the transfer

of gods from Continuing Operations and

Discontinued Operation by categories of

major product lines and busines

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue from contracts with customers

within the scope of HKFRS15

香港财务报告准则第15号范

围内来自客户合约之收益

Trading of pharmaceutical products药品贸易12

Manufacturing of pharmaceutical products制造药品59,086

59,098

The Group’s Gene Development busines did not generate

any revenue during the year ended 31 March 2024 and

the period from 1April 2024 to 7 March 2025.

(i) The Group derives revenue from the transfer

of gods from Continuing Operations and

Discontinued Operation by timing of revenue

recognition

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue from contracts with customers

within the scope of HKFRS15

香港财务报告准则第15号范

围内来自客户合约之收益

— At a point in time:— 在某一时间点：59,098

(i) The Group derives revenue from the transfer

of gods by geographical markets

Information about the Group derives revenue from the

transfer of gods by geographical markets is set out in note 5.

6. 收益

收益指向外间客户出售货品而已收及应收

款项之公平值扣除年度内之折扣及销售相

关税项。

(a) 来自客户合约收益之分类

(i) 本集团自转让持续经营

业务及已终止经营业务

的商品产生收益，按主

要产品线及业务类别

划分

本集团之基因开发业务于截至

二零二四年三月三十一日止年

度及自二零二四年四月一日起

至二零二五年三月七日止期间

并无产生任何收益。

(i) 本集团自转让持续经营

业务及已终止经营业务

的商品产生收益，按收益

确认时间划分

(i) 本集团自转让商品产生

收益，按地理市场划分

有关本集团自转让商品产生收

益，按地理市场划分的资料载

于附注5。

42,410
(38,169)
4,241
3,561
7,802
3,047

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司154

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(b) 合约结余

有关贸易应收账款、应收票据及合

约负债之进一步资料载于附注24及

29(i)。

任以及收益及其他收入确

认政策

当收益金额能可靠计量、未来经济利

益可能流入实体，以及本集团各项活

动符合特定标准时，则本集团会确认

收益。

本集团收益乃根据与客户的合约规

定的代价计量，再减除折扣、退货及

增值税或其他销售税。

本集团为其收益交易的委托人，并按

总额确认收益。在厘定本集团是否担

任委托人或代理人时，其考虑是否在

产品转让予客户之前获得有关产品

的控制权。控制权指本集团能够主导

产品的使用并从中获得绝大部分剩

余利益。

6. REVENUE (Continued)

(b) Contract balances

At 31 MarchAt

1 April 2023

于二零二三年

四月一日

于三月三十一日

二零二五年二零二四年

NotesHK$’000HK$’000HK$’000

附注千港元千港元千港元

Trade receivables贸易应收账款2443,18945,701

Les: ECL alowances 减：预期信贷损失拨备24(39,422)(40,208)

3,7675,493

Bils receivables应收票据24448304

4,2155,797

Contract liabilities 合约负债295,2446,496

Further information regarding the trade receivables, bils

receivables and contract liabilities is are set out in notes 24 and

29(i).

customers and revenue and other income

recognition policies

The Group recognises revenue when the amount of revenue can

be reliably measured, it is probable that future economic benefits

wil flow to the entity and when specific criteria have ben met for

each of the Group’s activities.

The Group’s revenue is measured based on the consideration

specified in a contract with a customer, les discounts, returns

and value aded tax or other sales taxes.

The Group is the principal for its revenue transactions and

recognises revenue on a gros basis. In determining whether the

Group acts as a principal or as an agent, it considers whether it

obtains control of the products before they are transfered to the

customers. Control refers to the Group’s ability to direct the use

of and obtain substantialy al of the remaining benefits from the

products.

ANUAL REPORT 2025 二零二五年报155

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

6. REVENUE (Continued)

customers and revenue and other income

recognition policies (Continued)

The Group’s performance obligations for contracts with

customers and revenue and other income recognition policies

are as folows:

Revenue from contracts with customers

Sales of pharmaceutical products

Revenue from manufacturing of and trading of gods generaly

includes only one performance obligation. The Group has

concluded that revenue from manufacturing of and trading of

gods is recognised at the point in time when control of the

products is transfered to the customers, generaly when the

products are delivered to and the risks of obsolescence and los

have ben transfered to customers.

The Group enters into sales contracts with customers for each

transaction. Revenue from the manufacturing and trading of

gods is recognised based on the price specified in the contract

when the gods are delivered and titles have pased. The Group

does not expect to have any contracts where the period betwen

the transfer of the promised gods to the customers and

payments by the customers exceds one year. Delivery ocurs

when the products have ben shiped to the specific location in

acordance with the contracts with the customers.

The customers are generaly given a credit period for 120 to 180

days, extending up to one year for some major customers.

No significant financing component is demed present as the

sales are made with a credit term ranging from 120 days to 180

days to its customers.

（续）

任以及收益及其他收入确

认政策（续）

本集团与客户订立合约的履约责任

以及收益及其他收入确认政策如下：

来自客户合约的收益

销售药品

制造及买卖货品的收益一般仅包含

一项履约责任。本集团已确定，制造

及买卖货品的收益在产品控制权转

移给客户的时间点确认，一般是在产

品交付且过时及损失风险已转移给

客户时。

本集团就每项交易与客户签订销售

合约。制造及买卖货品的收益在商品

交付、所有权已转移时根据合约中指

定的价格确认。本集团预计不存在

向客户转移承诺货品与客户付款之

间的期限超过一年的合约。当产品已

根据与客户的合约运送至特定地点

时，即完成交付。

一般情况下，客户可获得为期120日

至180日之信贷期，而若干主要客户

可延期至最多一年。

由于就销售向客户提供的信贷期介

乎120天至180天，因此不被视为存

在重大融资成分。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司156

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

任以及收益及其他收入确

认政策（续）

其他收入

利息收入根据尚未偿还本金按适用

利率按时间基准累计。

来自经营租赁的租赁收入于相关租

赁期间按直线基准于损益内确认。

有关本集团来自客户合约的收益的

会计政策的进一步资料载于附注3.2。

(d) 分配至余下履约责任的交

易价格

本集团已应用香港财务报告准则第

15号客户合约收益第121段的实际权

宜方法，豁免披露于报告日期存续的

客户合约所产生预期于日后确认的

收益，原因为本公司的大部分收益合

约为短期合约，年期少于一年，已就

年期为一年或以下的合约采用实际

权宜方法，故不考虑货币时间价值的

影响。

6. REVENUE (Continued)

customers and revenue and other income

recognition policies (Continued)

Other income

Interest income is acrued on a time basis on the principal

outstanding at the aplicable interest rate.

Rental income from operating leases is recognised in profit or

los on a straight-line basis over the term of the relevant lease.

Further information about the Group’s acounting policies

relating to revenue from contracts with customers is provided in

note 3.2.

(d) Transaction price alocated to remaining

performance obligation

The Group has aplied practical expedient in paragraph 121

of HKFRS 15 Revenue from Contracts with Customers, to

exempt the disclosure of revenue expected to be recognised

in the future arising from contracts with customers in existence

at the reporting date due to the majority of the Company’s

revenue contracts are short-term contracts and have a duration

of les than one year, the practical expedient for contracts with

durations of one year or les is aplied and therefore the efect of

the time value of money is not considered.

254,872	—	254,872
27	—	27
3,870	—	3,870
411	—	411
117	—	117
1,108	—	1,108
18	—	18
(1,256)	—	(1,256)
(1,797)	—	(1,797)
847	—	847
(61)	—	(61)
10	—	10
258,166	—	258,166

ANUAL REPORT 2025 二零二五年报157

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

7. OTHER INCOME, GAINS AND LOSES,

NET

The folowing is the Group’s other income, gains and loses, net from

Continuing Operations and Discontinued Operation:

二零二五年二零二四年

Continuing

Operations

Discontinued

Operation*Total

Continuing

Operations

Discontinued

OperationTotal

持续经营

业务

已终止经营

业务*总计

持续经营

业务

已终止经营

业务总计

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

Changes in fair value on financial

asets at FVTPL

按公平值计入损益之金

融资产公平值变动

— Investments in convertible

bonds

—可换股债券投资

(132,966)—(132,966)

— Short-term investment—短期投资33—33

Bank interest income银行利息收入4,611—4,611

Rental income (note (i) below)租赁收入（下文附注(i)）414—414

Government grants (note (i) below)政府补助（下文附注(i)）117—117

Loan interest income from

an asociate

来自一间联营公司之贷

款利息收入1,061—1,061

Sundry income杂项收入—

Impairment los recognised on loan

to an asociate

贷款予一间联营公司之

已确认减值亏损(3,409)—(3,409)

Impairment los recognised on

amount due from an asociate

应收一间联营公司款项

之已确认减值亏损(1,785)—(1,785)

Reversal of (impairment los) on

trade receivables, net

贸易应收账款之拨回

（减值亏损）净额(89) —(89)

(Impairment los) reversal of writen of

on other receivables

其他应收款项之（减值

亏损）撇销拨回134—134

Gain on disposal of property, plant

and equipment

出售物业、厂房及设备

之收益—

(131,879)—(131,879)

, gains and loses, net to the Gene

Development segment during the period from 1 April 2024 to 7 March 2025.

For the purpose of disclosure in this note, unalocated income, gains and loses

are included in Continuing Operations.

Notes:

(i) Outgoings in respect of investment properties that generated rental income

amounted to aproximately HK$65,000 during the year ended 31 March 2025 (2024:

HK$52,000).

(i) Government grants of aproximately HK$117,000 (2024: HK$117,000)

recognised as other income are awarded to the Group by the PRC government

as incentives primarily to encourage the development of the Group and the

contribution to the local economic development. There were no unfulfiled

conditions and other contingencies ataching to government subsidy that has

ben recognised.

、收益及亏损净额

以下为本集团来自持续经营业务及已终止

经营业务之其他收入、收益及亏损净额：

* 该等金额为由二零二四年四月一日至二零二

五年三月七日止期间关于基因开发分类之其

他收入、收益及亏损净额。

就本附注之披露目的而言，未分配收入、收

益及亏损计入持续经营业务。

附注：

(i) 于截至二零二五年三月三十一日止年度，产

生租金收入的投资物业支销为约65,000港元

（二零二四年：52,000港元）。

(i) 确认为其他收入的政府补助约117,000港元

（二零二四年：117,000港元）由中国政府以奖

励形式授予本集团，主要用于鼓励本集团发

展及对地方经济发展作出贡献。已确认之政

府补助概无附带尚未达成之条件及其他或然

事项。

21,914	—	21,914
193	—	193
22,107	—	22,107

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司158

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

8. 财务成本

以下为本集团持续经营业务及已终止经营

业务之财务成本：

* 该等金额为二零二四年四月一日至二零二五

年三月七日止期间与基因开发分类相关之财

务成本。

就本附注之披露目的而言，未分配财务成本

计入持续经营业务。

8. FINANCE COSTS

The folowing is the Group’s finance costs from Continuing Operations

and Discontinued Operation:

二零二五年二零二四年

Continuing

Operations

Discontinued

Operation*Total

Continuing

Operations

Discontinued

OperationTotal

持续经营业务

已终止经营业务*总计持续经营业务

已终止经营业务总计

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

Efective interest expense

on convertible bonds

可换股债券实际

利息开支18,507—18,507

Interest on lease liabilities租赁负债利息294—294

18,801—18,801

* The amounts represent the finance costs relating to the Gene Development

segment during the period from 1 April 2024 to 7 March 2025.

For the purpose of disclosure in this note, unalocated finance costs are included

in Continuing Operations.

18,340	—	18,340
2,385	—	2,385
20,725	—	20,725
33,558	—	33,558
252	—	252
11,042	—	11,042
800	—	800
1,723	—	1,723
133	—	133
6,425	—	6,425
—	—	—

ANUAL REPORT 2025 二零二五年报159

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

9. PROFIT (LOS) BEFORE INCOME TAX

Profit (los) before income tax from Continuing Operations and

Discontinued Operation has ben arived at after charging (crediting):

二零二五年二零二四年

Continuing

Operations

Discontinued

Operation*Total

Continuing

Operations

Discontinued

OperationTotal

持续经营

业务

已终止经营

业务*总计

持续经营

业务

已终止经营

业务总计

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

Staf costs, including directors’

remuneration

员工成本

（包括董事薪酬）

— Staf salaries and alowances—员工薪金及津贴17,417—17,417

— Contributions to defined

contribution retirement

schemes

—定额供款退休计

划供款

2,327—2,327

19,744—19,744

Cost of sales销售成本30,319—30,319

Including:

Impairment los (reversal of

impairment los) on inventories

包括：

存货减值亏损（减值亏

损拨回）(180)—(180)

Cost of inventories recognised as

expenses

确认为费用之存货

成本13,723—13,723

Others:其他：

Auditor’s remuneration核数师酬金800—800

Depreciation of right-of-use asets使用权资产折旧1,759—1,759

Depreciation of investment

properties

投资物业折旧

132—132

Depreciation of property, plant

and equipment

物业、厂房及设备

折旧7,154—7,154

Research and development cost研发成本194—194

* The amounts represent items charged (credited) to profit or los to arive at the

los before income tax relating to the Gene Development segment during the

period from 1 April 2024 to 7 March 2025.

For the purpose of disclosure in this note, unalocated items charged (credited)

to profit or los to arive at the profit (los) before income tax are included in

Continuing Operations.

（亏损）

来自持续经营业务及已终止经营业务之

除所得税前溢利（亏损）已扣除（计入）下列

各项：

* 该等金额为由二零二四年四月一日至二零二

五年三月七日止期间为得出基因开发分类相

关之除所得税前亏损而扣除自（计入）损益之

项目。

就本附注之披露目的而言，为得出除所得税

前溢利（亏损）而扣除自（计入）损益之未分配

项目计入持续经营业务。

—	—	—
1,167	—	1,167
1,167	—	1,167
—	—	—
1,167	—	1,167

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司160

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

10. 所得税开支

以下为本集团来自持续经营业务及已终止

经营业务之所得税开支：

* 该等金额为由二零二四年四月一日至二零二

五年三月七日止期间关于基因开发分类之所

得税开支。

就本附注之披露目的而言，未分配所得税计

入持续经营业务。

海外所得税

根据百慕达及英属处女群岛（「英属处女群

岛」）的规则及法规，本集团于两个年度毋

须缴纳该等司法管辖区的任何入息税。

香港利得税

根据香港两级利得税率制度，合资格企

业的溢利首2,000,000港元将按8.25%（二

零二四年：8.25%）的税率纳税，而超过

2,000,000港元的溢利按16.5%（二零二四

年：16.5%）的税率纳税。由于本集团于截

至二零二五年三月三十一日及二零二四年

三月三十一日止年度并无自香港产生须缴

纳香港利得税的应课税溢利，故并无作出

香港利得税拨备。

10. INCOME TAX EXPENSE

The folowing is the Group’s income tax expenses from Continuing

Operations and Discontinued Operation:

二零二五年二零二四年

Continuing

Operations

Discontinued

Operation*Total

Continuing

Operations

Discontinued

OperationTotal

持续经营

业务

已终止经营

业务*总计

持续经营

业务

已终止经营

业务总计

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

Curent tax:即期税项：

Hong Kong Profits Tax香港利得税—

PRC Enterprise Income Tax中国企业所得税2,131—2,131

2,131—2,131

Defered tax:递延税项：

— Curent year—本年度—

2,131—2,131

* The amounts represent the income tax expense relating to the Gene

Development segment during the period from 1 April 2024 to 7 March 2025.

For the purpose of disclosure in this note, unalocated income tax is Included In

Continuing Operations.

Overseas income tax

Pursuant to the rules and regulations of Bermuda and the British Virgin

Islands (“BVI”), the Group is not subject to any income tax under these

jurisdictions for both years.

Hong Kong Profits Tax

Under the Hong Kong two-tiered profits tax rates regime, the first HK$2

milion of profits of qualifying corporations are taxed at 8.25% (2024: 8.25%),

and profits above HK$2 milion are taxed at 16.5% (2024: 16.5%). No

Hong Kong Profits Tax has ben provided as the Group did not have

any asesable profits arising from Hong Kong during the years ended

31 March 2025 and 31 March 2024.

224,614
56,154
318
10,087
(1,699)
942
578
(65,213)
1,167

ANUAL REPORT 2025 二零二五年报161

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

10. INCOME TAX EXPENSE (Continued)

PRC Enterprise Income Tax

The provision for PRC Enterprise Income Tax (“EIT”) is based on the

estimated taxable income for PRC taxation purpose at the rate of

taxation aplicable for the year.

Under the Law of the PRC on EIT (the “EIT Law”) and Implementation

Regulation of the EIT Law, the tax rate of the PRC subsidiaries is 25% (2024:

25%).

Income tax expense from Continuing Operations and Discontinued

Operation for the year is reconciled to profit (los) before income tax

per consolidated statement of profit or los and other comprehensive

income as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Profit (Los) before income tax除所得税前溢利（亏损）(159,509)

Tax at the domestic income tax rate of 25%

(2024: 25%)

按本地所得税率25%计算之税项

（二零二四年：25%）(39,877)

Efect of diferent tax rates of subsidiaries

operating in other jurisdictions

于其他司法权区经营之附属公司

不同税率之影响2,408

Tax efect of expense not deductible for tax

purpose

不可扣税之开支之税务影响

36,824

Utilisation of tax loses previously not

recognised

动用过往未确认税项亏损

(1,649)

Tax efect of tax loses not recognised未确认税项亏损之税务影响5,345

Tax efect of share of results of the asociate应占一间联营公司业绩之税务影响569

Tax efect of income not taxable for tax

purpose

不应课税之收入之税务影响

(1,489)

Income tax expense for the year年内所得税开支2,131

（续）

中国企业所得税

中国企业所得税（「企业所得税」）乃按就中

国税务用途之估计应课税收入于该年度之

适用税率计提拨备。

根据中国企业所得税法（「企业所得税法」）

及企业所得税法实施条例，中国附属公司

之税率为25%（二零二四年：25%）。

年内持续经营业务及已终止经营业务所得

税开支按综合损益及其他全面收益表与除

所得税前溢利（亏损）对账如下：

70	1,316	—	1,386
70	643	—	713
70	487	—	557
70	852	18	940
68	518	—	586
70	—	—	70
70	—	—	70
—	—	—	—
—	—	—	—
488	3,816	18	4,322

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司162

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

11. 董事酬金

本年度根据适用上市规则及香港公司条例

披露的董事、行政总裁及副行政总裁薪酬

如下：

11. DIRECTORS’ EMOLUMENTS

Directors’, Chief Executive Oficer’s and Deputy Chief Executive

Oficer’s remuneration for the year, disclosed pursuant to the aplicable

Listing Rules and the Hong Kong Companies Ordinance, is as folows:

Directors’ fe

Salaries

and other

benefits

Retirement

benefit scheme

contributionsTotal

Name of Director董事姓名

董事袍金

薪金及

其他福利

退休福利计划

供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Year ended 31 March 2025截至二零二五年三月

三十一日止年度

Executive Directors执行董事

Xie Yi (note (i) below)谢毅（下文附注(i)）

Cheng Yong (note (i) below)程勇（下文附注(i)）

Lou Yi楼屹

Wong Sau Kuen 王秀娟

Guo Yi (note (i) below)郭懿（下文附注(i)）

Independent non-executive Directors独立非执行董事

Fang Lin Hu方林虎

Jin Song金松

Zeng Li (note (iv) below)曾立（下文附注(iv)）

Guo Yi (note (i) below)郭懿（下文附注(i)）

Directors’ fe

Salaries and

alowance

Retirement

benefit scheme

contributionsTotal

Name of Director董事姓名

董事袍金

薪金

及津贴

退休福利计划

供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Year ended 31 March 2024截至二零二四年三月

三十一日止年度

Executive Directors执行董事

Xie Yi (note (i) below)谢毅（下文附注(i)）701,316—1,386

Cheng Yong (note (i) below)程勇（下文附注(i)）70643—713

Lou Yi楼屹70487—557

Wong Sau Kuen 王秀娟7085218940

Independent non-executive Directors独立非执行董事

Fang Lin Hu方林虎70—70

Jin Song金松70—70

Guo Yi (note (i) below)郭懿（下文附注(i)）—

4203,298183,736

ANUAL REPORT 2025 二零二五年报163

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

11. DIRECTORS’ EMOLUMENTS (Continued)

Notes:

(i) Xie Yi is also the Chief Executive Oficer of the Company (“CEO”) and his

emoluments disclosed above include those for services rendered by him as the

CEO.

(i) Cheng Yong is also the Deputy Chief Executive Oficer of the Company (“Deputy

CEO”) and his emoluments disclosed above include those for services rendered

by him as the Deputy CEO.

(i) Guo Yi was apointed as independent non-executive Director on 14 April 2023

and redesignated from an independent non-executive Director to an executive

Director on 7 June 2024.

(iv) Zeng Li was apointed as independent non-executive Director on 7 June 2024.

The executive Directors’ emoluments shown above were for their

services in conection with the management of the afairs of the

Company and the Group.

The independent non-executive Directors’ emoluments shown above

were for their services as directors of the Company.

No emoluments were paid by the Group to any of the Directors as an

inducement to join or upon joining the Group or as compensation for

los of ofice for both years. None of the Directors has waived or agred

to waive any emoluments for both years.

（续）

附注：

(i) 谢毅亦为本公司行政总裁（「行政总裁」），其

上述披露酬金包括其作为行政总裁所提供服

务之酬金。

(i) 程勇亦为本公司副行政总裁（「副行政总

裁」），其上述披露酬金包括其作为副行政总

裁所提供服务之酬金。

(i) 郭懿于二零二三年四月十四日获委任为独立

非执行董事，并于二零二四年六月七日由独

立非执行董事调任为执行董事。

(iv) 曾立于二零二四年六月七日获委任为独立非

执行董事。

上述执行董事酬金乃就彼等提供有关本公

司及本集团管理事宜的服务发出。

上述独立非执行董事酬金乃就彼等担任本

公司董事的服务发出。

于该两个年度内，本集团并无向任何董事

支付酬金，作为加入本集团或入职时之

奖励或作为离职补偿。于该两个年度内，

概无任何董事放弃或同意放弃收取任何

酬金。

—
—
—

N/A
不适用

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司164

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

12. 五位最高薪酬人士酬金

年内本集团五位最高薪酬人士包括五位

（二零二四年：四位）董事，其酬金已载列

于上文所呈列分析。截至二零二四年三月

三十一日止年度，其余一位人士的酬金载

列如下：

酬金属于下列范围：

于该两个年度内，本集团并无向五位最高

薪酬人士支付酬金，作为加入本集团或入

职时之奖励或离职补偿，及概无最高薪酬

人士放弃或同意放弃任何酬金。

13. 股息

截至二零二五年三月三十一日止年度，并

未向本公司普通股持有人派付或建议派付

股息，而自报告期末以来并无建议派付任

何股息（二零二四年：零港元）。

12. FIVE HIGHEST PAID INDIVIDUALS’

EMOLUMENTS

The five highest paid individuals in the Group during the year included

five (2024: four) Directors whose emoluments are reflected in the

analysis presented above. For the year ended 31 March 2024, the

emoluments of the remaining one individual are set out below:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries and other benefits薪金及其他福利514

Retirement benefit scheme contributions退休福利计划供款18

The emoluments fel within the folowing band:

Number of individuals

人数

二零二五年二零二四年

Nil to HK$1,000,000零至1,000,000港元1

During both years, no emoluments were paid by the Group to the

five highest paid individuals as an inducement to join or upon joining

the Group or as compensation for los of ofice, and no highest paid

individual has waived or, agred to waive any emoluments.

13. DIVIDEND

No dividend was paid or proposed for the Company’s holders of

ordinary shares during the year ended 31 March 2025, nor has any

dividend ben proposed since the end of the reporting period (2024:

HK$nil).

222,749
(105)
222,644
21,914
244,558
244,663
(105)
244,558

ANUAL REPORT 2025 二零二五年报165

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

14. EARNINGS (LOS) PER SHARE

The calculation of the basic and diluted earnings (los) per share

atributable to owners of the Company from Continuing Operations and

Discontinued Operation is based on the folowing data:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Earnings (los) for the purpose of basic

earnings (los) per share

用于计算每股基本盈利（亏损）

之盈利（亏损）

Profit (los) for the year atributable to

owners of the Company

本公司拥有人应占年内溢利（亏损）

— Continuing Operations—持续经营业务(162,864)

— Discontinued Operation—已终止经营业务(85)

Earnings (los) for the purpose of basic

earnings (los) per share from

Continuing and discontinued Operations

持续经营及已终止经营业务

用于计算每股基本盈利（亏损）

之盈利（亏损）(162,949)

Efect of dilutive potential ordinary shares:潜在摊薄普通股之影响：

— Efective interest expense on

convertible bonds

—可换股债券之实际利息开支

—

(162,949)

Earnings (los) for the purpose of diluted

earnings (los) per share

用于计算每股摊薄盈利（亏损）

之盈利（亏损）

Profit (los) for the year atributable to

owners of the Company

本公司拥有人应占年内溢利（亏损）

— Continuing Operations—持续经营业务(162,864)

— Discontinued Operation—已终止经营业务(85)

(162,949)

（亏损）

来自持续经营业务及已终止经营业务之本

公司拥有人应占每股基本及摊薄盈利（亏

损）乃根据下列数据计算：

2,390,000
900,000
3,290,000

9.32
—*
9.32
7.44
(0.01)
7.43

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司166

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（亏损）（续）

股份数目

本公司拥有人应占每股基本及摊薄盈利

（亏损）如下：

截至二零二四年三月三十一日止年度的每

股摊薄亏损的计算并无假设本公司尚未行

使可换股债券的转换，因为假设其行使将

会导致每股亏损减少，因此每股摊薄亏损

与每股基本亏损相同。

14. EARNINGS (LOS) PER SHARE (Continued)

Number of shares

二零二五年二零二四年

’000’000

千股千股

Weighted average number of ordinary

shares for the purpose of basic earnings (los)

per share

用于计算每股基本盈利（亏损）

之普通股加权平均数

2,390,000

Efect of dilutive potential ordinary shares:潜在摊薄普通股之影响：

— Convertible bonds—可换股债券—

Weighted average number of ordinary

shares for the purpose of diluted earnings (los)

per share

用于计算每股摊薄盈利（亏损）

之普通股加权平均数

2,390,000

The basic and diluted earnings (los) per share atributable to owners of

the Company are as folows:

HK$ centsHK$ cents

港仙港仙

Basic earnings (los) per share每股基本盈利（亏损）

— Continuing Operations—持续经营业务(6.81)

— Discontinued Operation—已终止经营业务(0.01)

— Continuing and Discontinued Operations—持续经营及已终止经营业务(6.82)

Diluted earnings (los) per share每股摊薄盈利（亏损）

— Continuing Operations—持续经营业务(6.81)

— Discontinued Operation—已终止经营业务(0.01)

— Continuing and Discontinued Operations—持续经营及已终止经营业务(6.82)

* The amount is les than (0.01).

The computation of diluted los per share for the year ended 31 March

2024 did not asume the conversion of the Company’s outstanding

convertible bonds since their asumed exercise would result in a

decrease in los per share, and therefore diluted los per share is same

as basic los per share.

ANUAL REPORT 2025 二零二五年报167

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

15. INVESTMENT PROPERTIES

Properties

物业

HK$’000

千港元

Cost成本

At 1 April 2023, 31 March 2024, 1 April 2024

and 31 March 2025

于二零二三年四月一日、二零二四年三月三十一日、

二零二四年四月一日及二零二五年三月三十一日18,000

Acumulated depreciation and impairment累计折旧及减值

At 1 April 2023于二零二三年四月一日15,451

Charge for the year本年度列支132

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及二零二四年四月一日15,583

Charge for the year本年度列支133

At 31 March 2025于二零二五年三月三十一日15,716

Net carying amount账面净值

At 31 March 2025于二零二五年三月三十一日2,284

At 31 March 2024于二零二四年三月三十一日2,417

The above investment properties are depreciated on a straight-line

basis on the folowing bases:

Leasehold lands/leased

properties

30.25 years to 50 years or over

the lease terms

The Group leases out various ofices under operating leases with fixed

rentals payable monthly. The leases typicaly run for an initial period of five (2024:

five) years.

The Group is not exposed to foreign curency risk as a result of the

lease arangements, as al leases are denominated in the respective

functional curencies of group entities. The lease contracts do not

contain residual value guarante and/or lese’s option to purchase the

property at the end of the lease term.

15. 投资物业

上述投资物业乃按以下基准以直线法折旧：

租赁土地╱租赁物业30.25年至50年

或租期内

本集团根据经营租赁出租若干办公室，须

按月支付固定租金。租赁的初始期限一般

为五年（二零二四年：五年）。

本集团并未因租赁安排面临外币风险，原

因为所有租赁均以集团实体各自的功能

货币计值。租赁合约并无载列剩余价值担

保及╱或承租人于租期结束时购买物业的

权利。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司168

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

15. INVESTMENT PROPERTIES (Continued)

For the year ended 31 March 2025, the total cash inflow for leases is

aproximately HK$435,000 (2024: HK$414,000).

The Group’s investment properties are located on land in the PRC with

medium lease term.

The fair value of the Group’s investment properties at 31 March

2025 amounting to aproximately HK$6,366,000 (equivalent to

RMB5,920,000) (2024: HK$7,185,000 (equivalent to RMB6,610,000)

has ben arived at on the basis of valuation caried out for that date

by an independent profesional qualified valuer not conected with the

Group. The amount of aditional depreciation would be charged against

the consolidated statement of profit or los and other comprehensive

income had those asets ben stated at such valuation was about

HK$43,000 (2024: HK$66,000). The valuation was arived at by direct

comparison aproach with reference to market evidence of comparable

transaction prices for similar properties as available in the relevant

market.

The fair value of the Group’s investment properties at 31 March 2025

is categorised as Level 3 (2024: Level 3) non-recuring fair value

measurement and based on the properties highest and best use, which

does not difer from their actual use.

The valuation takes into acount of the condition and location of the

properties, in which the adjustments of comparable 1, comparable 2

and comparable 3 are –13.3%, –13.9% and –12.9% (2024: –7.4%,

–7.3% and –4.7%) respectively.

There has ben no change in the valuation technique used in the prior

years.

（续）

截至二零二五年三月三十一日止年度，租

赁之现金流入总额约435,000港元（二零二

四年：414,000港元）。

本集团之投资物业位于中国，且为中期

租赁。

于二零二五年三月三十一日，本集团之投

资物业公平值约为6,366,000港元（相当于人

民币5,920,000元）（二零二四年：7,185,000

港元（相当于人民币6,610,000元），金额乃

按与本集团并无关连之独立专业合资格估

值师于该日进行之估值基准达致。倘该等

资产已按该估值列账，则将于综合损益及

其他全面收益表扣除之额外折旧金额约为

43,000港元（二零二四年：66,000港元）。估

值乃经参考相关市场中可得之类似物业可

资比较交易价格之市场凭证后按直接比较

法达致。

于二零二五年三月三十一日，本集团之投

资物业之公平值分类为按第三级（二零二

四年：第三级）非经常性公平值计量并基

于物业得到完全充分使用（与其实际用途

相同）。

估值会计及物业之状况及位置，其中可资

比较1、可资比较2及可资比较3的调整分

别为–13.3%、–13.9%及–12.9%（二零二四

年：–7.4%、–7.3%及–4.7%）。

所用估值技术与过往年度相同。

ANUAL REPORT 2025 二零二五年报169

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

16. PROPERTY, PLANT AND EQUIPMENT

Buildings

Plant and

equipment

Furniture,

fixtures and

equipment

Motor

vehicles

Construction

in progresTotal

楼宇

厂房

及设备

家私、固定

装置及设备汽车在建工程总计

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于二零二三年四月一日122,84144,8906,9103,8066,010184,457

Aditions添置—15032—1,0201,202

Disposals出售—(65)—(65)

Transfer转拨—6,75454—(6,808)—

Exchange realignments汇兑调整(2,670)(976)(61)(70)(131)(3,908)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日120,17150,8186,9353,67191181,686

Aditions添置—1,115524621,4383,067

Disposals出售—(1,493)—(1,493)

Transfer转拨—967105—(1,072)—

Exchange realignments汇兑调整(1,293)(546)(30)(35)—(1,904)

At 31 March 2025于二零二五年三月三十一日118,87852,3547,0622,605457181,356

Acumulated depreciation and

impairment

累计折旧及减值

At 1 April 2023于二零二三年四月一日24,16425,1066,6053,797—59,672

Charge for the year本年度列支2,5854,4231379—7,154

Elimination on disposals出售时取消—(65)—(65)

Exchange realignments汇兑调整(552)(594)(56)(70)—(1,272)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日26,19728,9356,6863,671—65,489

Charge for the year本年度列支2,5853,68013030—6,425

Elimination on disposals出售时取消—(1,493)—(1,493)

Exchange realignments汇兑调整(339)(390)(31)(36)—(796)

At 31 March 2025于二零二五年三月三十一日28,44332,2256,7852,172—69,625

Net carying amounts账面净值

At 31 March 2025于二零二五年三月三十一日90,43520,129277433457111,731

At 31 March 2024于二零二四年三月三十一日93,97421,883249—91116,197

The above items of property, plant and equipment, except for

construction in progres, after taking into acount the residual values,

are depreciated on a straight-line basis on the folowing bases:

BuildingsOver the lease terms of the relevant

leasehold land and 50 years, if shorter

Plant and equipment6.67%–20%

Furniture, fixtures and

equipment

10%–30%

Motor vehicles20%

、厂房及设备

经考虑剩余价值后，上述物业、厂房及设

备项目（在建工程除外）乃按以下基准以直

线法折旧：

楼宇有关租赁土地之租期及

50年（以较短者为准）

厂房及设备6.67%至20%

家私、固定装置

及设备

10%至30%

汽车20%

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司170

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

17. 使用权资产

租赁之现金流出总额约为1,576,000港元

（二零二四年：1,615,000港元）。

于年度内，本集团就其营运租赁办公室处

所。租赁合约乃按固定年期三年（二零二四

年：两至三年）订立。厘定租赁条款及评估

不可撤销期间时间时，本集团应用合约之

定义并决定合约可行使之期间。

17. RIGHT-OF-USE ASETS

Lease land

Lease

propertiesTotal

租赁土地租赁物业总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Cost成本

At 1 April 2023于二零二三年四月一日9,6244,73614,360

Expiration of lease租赁届满—(139)(139)

Exchange realignments汇兑调整(209)—(209)

At 31 March 2024 and at 1 April 2024于二零二四年三月三十一日

及二零二四年四月一日9,4154,59714,012

Exchange realignments汇兑调整(101)—(101)

At 31 March 2025于二零二五年三月三十一日9,3144,59713,911

Acumulated depreciation and

impairment

累计折旧及减值

At 1 April 2023于二零二三年四月一日2,3072942,601

Charge for the year本年度列支1901,5691,759

Expiration of lease租赁届满—(139)(139)

Exchange realignments汇兑调整(52)—(52)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日

及二零二四年四月一日2,4451,7244,169

Charge for the year本年度列支1901,5331,723

Exchange realignment汇兑调整(31)—(31)

At 31 March 2025于二零二五年三月三十一日2,6043,2575,861

Net carying amounts账面净值

At 31 March 2025于二零二五年三月三十一日6,7101,3408,050

At 31 March 2024于二零二四年三月三十一日6,9702,8739,843

Total cash outflow for the lease was aproximately HK$1,576,000 (2024:

HK$1,615,000).

During the year, the Group leases its ofice premises for its operations.

Lease contract is entered into for a fixed term of thre years (2024:

two to thre years). In determining the lease term and asesing the

length of the non-cancelable period, the Group aplies the definition

of a contract and determines the period for which the contract is

enforceable.

ANUAL REPORT 2025 二零二五年报171

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

18. INTANGIBLE ASET

Gene

invention

rightsGodwilTotal

基因发明权商誉总计

HK$’000HK$’000HK$’000

千港元千港元千港元

(note (i) below)(note (i) below)

（下文附注(i)）（下文附注(i)）

Cost成本

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日95,0001,80796,807

Acumulated depreciation and

impairment

累计折旧及减值

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日95,000—95,000

Net carying amount账面净值

At 31 March 2025于二零二五年三月三十一日—1,8071,807

At 31 March 2024于二零二四年三月三十一日—1,8071,807

Notes:

(i) Gene invention rights

The gene invention rights represent the rights held by the Group to comercialy

exploit 19 gene inventions, which are closely asociated with diabetes held by

the Best-Bio Group within the Discontinued Operation.

As the development of global gene sector has slowed down and there was no

indication of significant improvement in the foreseable future, the Directors

have made a ful provision on impairment of the carying amount in prior years.

18. 无形资产

附注：

(i) 基因发明权

基因发明权指本集团就19项与已终止经营业

务项下由Best-Bio集团持有之糖尿病密切相关

的基因发明所持有之商业化开发权利。

随著全球基因行业发展放缓，且于可预见未

来并无明显改善之迹象，董事已就过往年度

账面值减值悉数计提拨备。

915,436
1,649
917,085
917,085
—
917,085

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司172

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

附注（续）：

(i) 商誉

商誉乃作为过往年内的业务合并一部分产

生，并于相关收购日期厘定，其为收购代价

与被收购方可识别资产净值公平值的差额。

就减值测试而言，具无限使用年期之商誉已

分配至一个单一现金产生单位，当中包括制

造分类的一间附属公司。

该单位之可收回金额乃根据使用价值计算

而厘定。于评估该现金产生单位估值时，管

理层采用收入法。该计算法使用的现金流预

测乃基于经管理层批准的五年期财务预算，

贴现率为11.0%（二零二四年：14.8%）。该单

位五年期后的现金流使用2%（二零二四年：

2%）税前增长率推断，其代表中国的长期通

胀率。由于董事认为可收回金额高于账面金

额，故截至二零二五年及二零二四年三月三

十一日止年度并无确认减值亏损。

截至二零二五年及二零二四年三月三十一日

止年度，本集团管理层厘定此分类并无减值。

管理层相信，现金产生单位之可收回金额所

依据之主要假设出现任何合理可能变动将不

会导致现金产生单位之账面值超过其可收回

金额。

19. 按公平值计入损益之金融

资产

18. INTANGIBLE ASET (Continued)

Notes (Continued):

(i) Godwil

The godwil arose as part of busines combinations in prior years and were

determined at the respective acquisition dates, being the diferences betwen

the purchase considerations and the fair values of net identifiable asets of

acquires.

For the purposes of impairment testing, godwil with indefinite useful lives

has ben alocated to one individual CGU, comprising one subsidiary in the

Manufacturing segment.

The recoverable amount of this unit has ben determined based on value-in-use

calculation. In asesing the valuation of the CGU, the management adopted

the income aproach. That calculation uses cash flow projections based on

financial budgets aproved by management covering a five-year period, and a

discount rate of 11.0% (2024: 14.8%). This unit’s cash flows beyond the five-

year period are extrapolated using a pre-tax 2% (2024: 2%) growth rate, which

represents the long-term inflation rate in the PRC. No impairment los has ben

recognised during the years ended 31 March 2025 and 2024 as the Directors

are of the opinion that the recoverable amount was higher than the carying

amount.

For the years ended 31 March 2025 and 2024, management of the Group

determines that there is no impairment on this segment.

Management believes that any reasonably posible change in the key

asumptions on which CGU’s recoverable amount is based would not cause

the CGU’s carying amount to exced its recoverable amount.

19. FINANCIAL ASETS AT FVTPL

Notes20252024

附注二零二五年二零二四年

Financial asets at FVTPL comprises:按公平值计入损益之金融资产包括：

— Investments in convertible bonds—可换股债券投资(a)660,564

— Short-term investment—短期投资(b)661

661,225

Analysed as:分析为：

— Curent —流动661

— Non-curent—非流动660,564

661,225

ANUAL REPORT 2025 二零二五年报173

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

19. FINANCIAL ASETS AT FVTPL (Continued)

(a) Investments in convertible bonds

The amount represents the Group’s investments in convertible

bonds (the “Inovative Pharm Bond”) that were isued by

Inovative Pharmaceutical Biotech Limited (“Inovative Pharm”,

together with its subsidiaries, the “Inovative Pharm Group”) on

28 July 2014 with principal amount of HK$715,000,000 and

interest bearing at 3.5% per anum, with an original maturity

date on the 7th aniversary of the date of isue i.e. 28 July 2021.

Inovative Pharm is a public limited liability company and its

shares are listed on the Stock Exchange with the Stock Code

399 which is mainly engaged in the trading of beauty products

and the research, development and comercialisation of the oral

insulin product.

Pursuant to the convertible bonds agrement betwen the

Company as the bondholder and Inovative Pharm as the

isuer of the Inovative Pharm Bonds, the Group has the right

to convert the Inovative Pharm Bonds into shares of Inovative

Pharm up to the maturity date at an initial conversion price of

HK$2.5 per share.

Deds of amendments of the Inovative Pharm Bonds were

entered into betwen the Company and Inovative Pharm,

respectively on 26 July 2019 (the “First Amendment Ded”), 12

May 2021 (the “Second Amendment Ded”) and 28 April 2024

(the “Third Amendment Ded”) to amend certain terms and

conditions of the Inovative Pharm Bonds.

Pursuant to the First Amendment Ded which was efective

on 28 October 2019, the outstanding anual interests of the

Inovative Pharm Bonds together with an aditional interest

charged for the extension of interest payment dates, were to

be paid on 28 July 2021, details of which were set out in the

Company’s anouncements dated 26 July and 28 October of

2019 and circular dated 16 September 2019.

Pursuant to the Second Amendment Ded which was efective

on 16 August 2021, in adition to the extension of certain

payments of interests and with an aditional interest, the maturity

date of the Inovative Pharm Bonds was extended for two years

to 28 July 2023, details of which were set out in the Company’s

anouncements dated 12 May, 30 July and 16 August of 2021

and circular dated 14 July 2021.

19. 按公平值计入损益之金融

资产（续）

(a) 可换股债券投资

有关款项指本集团的可换股债券

（「领航医药债券」）投资，乃于二零一

四年七月二十八日由领航医药及生

物科技有限公司（「领航医药」，连同

其附属公司统称为「领航医药集团」）

发行，本金为715,000,000港元、按年

利率3.5%计息及原到期日为发行日

期后第7个周年日（即二零二一年七

月二十八日）。领航医药为公众有限

公司，其股份于联交所上市（股份代

号：399），主要从事美容产品贸易以

及口服胰岛素产品的研发及商业化。

根据本公司（作为债券持有人）及领

航医药（作为领航医药债券之发行

人）的可换股债券协议，本集团有权

于到期日前将领航医药债券按初步

换股价每股2.5港元转换为领航医药

股份。

本公司与领航医药分别于二零一九

年七月二十六日、二零二一年五月十

二日及二零二四年四月二十八日订

立多份领航医药债券修订契据（分别

为「第一份修订契据」、「第二份修订

契据」及「第三份修订契据」），以修订

领航医药债券的若干条款及条件。

根据于二零一九年十月二十八日生

效的第一份修订契据，尚未偿还的领

航医药债券年息连同因延长付息日

期而收取的额外利息将于二零二一

年七月二十八日支付，有关详情载于

本公司日期为二零一九年七月二十

六日及十月二十八日之公告以及日

期为二零一九年九月十六日之通函。

根据于二零二一年八月十六日生效

的第二份修订契据，除延长支付若干

利息并支付额外利息外，领航医药债

券的到期日延长两年至二零二三年

七月二十八日，有关详情载于本公司

日期为二零二一年五月十二日、七月

三十日及八月十六日之公告以及日

期为二零二一年七月十四日之通函。

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司174

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

19. 按公平值计入损益之金融

资产（续）

(a) 可换股债券投资（续）

本公司与领航医药于二零二三年四

月二十八日订立的第三份修订契据

已于二零二三年七月十二日完成。该

等修订主要包括(i)领航医药债券的到

期日从二零二三年七月二十八日进

一步延长两年至二零二五年七月二

十八日；(i)于二零二三年七月二十八

日至二零二五年七月二十八日的两

年延长期间，年息为4.5%；及(i)就直

至二零二五年七月二十八日尚未偿

还利息总额的额外利息为年息15%，

有关详情载于本公司日期为二零二

三年四月二十八日、六月二十八日、

六月二十九日及七月十二日之公告

以及日期为二零二三年六月十二日

之通函。领航医药债券的任何未偿

还本金及利息将在延长到期日（即二

零二五年七月二十八日）可予赎回及

支付。

领航医药债券之变动载列如下：

于二零二五年三月三十一日及二零

二四年三月三十一日，领航医药债

券之整体公平值由董事参考独立专

业合资格估值师作出的估值厘定，并

以二项式模式计算。董事认为，独立

专业合资格估值师持有公认及相关

专业资格，并拥有近期对类似行业及

被评估投资所涉及资产进行估值的

经验。

19. FINANCIAL ASETS AT FVTPL (Continued)

(a) Investments in convertible bonds (Continued)

The Third Amendment Ded entered into betwen the Company

and Inovative Pharm on 28 April 2023 was completed on 12

July 2023. The amendments mainly included: (i) a further two-

year extension of the maturity date of the Inovative Pharm

Bonds from 28 July 2023 to 28 July 2025; (i) the anual interest

at 4.5% for the two-year extension period from 28 July 2023 to

28 July 2025; and (i) the aditional interest at 15% per anum

on the total outstanding interests up to 28 July 2025, details of

which were set out in the Company’s anouncements dated

28 April, 28 June, 29 June and 12 July of 2023 and circular

dated 12 June 2023. Any outstanding principal amount of the

Inovative Pharm Bonds shal be redemed and the interests

shal be paid, on the extended maturity date i.e. 28 July 2025.

The movements of the Inovative Pharm Bonds are set out as

below:

HK$’000

千港元

At 1 April 2023于二零二三年四月一日793,530

Change in fair value公平值变动(132,966)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及二零二四年四月一日660,564

Change in fair value公平值变动254,872

At 31 March 2025于二零二五年三月三十一日915,436

At 31 March 2025 and 31 March 2024, the fair value of the

Inovative Pharm Bonds as a whole is determined by the

Directors with reference to the valuation conducted by the

independent profesional qualified valuer and is calculated using

the Binomial Model. The Directors consider that the independent

profesional qualified valuer holds a recognised and relevant

profesional qualification and has recent experience in valuing

similar industry and asets of the investment being valued.

0.174
2.50
27.109%
3.044%
54.022%
0%
0.326

ANUAL REPORT 2025 二零二五年报175

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

19. FINANCIAL ASETS AT FVTPL (Continued)

(a) Investments in convertible bonds (Continued)

In determining the fair value of the Inovative Pharm Bonds,

discusion of the fair value measurement proceses and result

had ben held betwen management and the independent

profesional qualified valuer to establish the apropriate valuation

techniques and inputs to the model at the reporting date. This

valuation requires the use of unobservable inputs and is within

Level 3 of the fair value hierarchy.

The inputs into the model at the respective dates are as folows:

二零二五年二零二四年

Stock price (HK$)股份价格（港元）0.200

Conversion price (HK$)换股价（港元）2.50

Discount rate贴现率31.273%

Risk fre rate (note (i) below)无风险利率（下文附注(i)）3.948%

Expected volatility (note (i) below)预期波幅（下文附注(i)）32.181%

Expected dividend yield (note (i) below)预期股息率（下文附注(i)）0%

Option life (Years)期权期限（年期）1.326

Notes:

(i) The rate was determined with reference to the yields of Hong Kong

government bonds and treasury bils at the date of valuation.

(i) Based on the historical price volatility of Inovative Pharm.

(i) Estimated with reference to the historical dividend payout of Inovative

Pharm.

As of the date of aproval of the consolidated financial

statements, discusions betwen the Company and Inovative

Pharm on the renewal of the maturity date of the Inovative

Pharm Bonds are ongoing and have yet to reach a conclusion.

19. 按公平值计入损益之金融

资产（续）

(a) 可换股债券投资（续）

于厘定领航医药债券的公平值时，管

理层与独立专业合资格估值师已就

公平值计量过程及结果进行讨论，以

于报告日期为该模式建立适当的估

值技术及输入数据。此项估值要求使

用不可观察的输入数据，并属于公平

值层级的第三级。

该模式于各日期所用输入数据如下：

附注：

(i) 该利率乃参考香港政府债券及库券于

估值日期之孳息率厘定。

(i) 基于领航医药之过往价格波幅得出。

(i) 参考领航医药之过往股息派付估计。

截至综合财务报表批准日期，本公司

与领航医药就领航医药债券到期日

的续期事宜仍在进行商讨，尚未达成

共识。

—

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司176

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

19. 按公平值计入损益之金融

资产（续）

(b) 短期投资

短期投资指存放于两间中国有金

融机构并可即时转换为现金之短期

高流通量投资。该等投资全部均以人

民币（「人民币」）计值，而其回报率乃

属不可厘定。

本集团之投资之公平值乃按1.38%至

1.62%（二零二四年：2.2%）之估计回

报率得出，而该投资之信贷质素可经

参考过往资料或外部信贷评级予以

评估。于二零二五年及二零二四年三

月三十一日，该等投资未逾期亦未减

值，而本集团于该日所面临之最高信

贷风险为该等投资之账面值。

该投资并非在活跃市场买卖，而其公

平值乃使用估值方法厘定。于存在可

观察市场数据时，该等估值方法尽量

运用有关数据，并尽可能减少依赖实

体之特定估计。

20. 按公平值计入其他全面收益

之金融资产

非上市投资基金指于KC Capital SPC（一

间于开曼群岛注册成立之独立投资组合公

司）的投资（「该基金」）。根据KC Capital

SPC与精优企业有限公司（「认购人」）（本

公司之间接全资附属公司）于二零一七

年五月十一日及六月二日订立的认购协

议，认购人已同意于各日期分别认购该

基金之独立投资组合之50,000股及30,000

股参与股份，总代价分别为50,000,000港

元及30,000,000港元。该等投资成本合共

80,000,000港元，由本集团内部资源拨付。

19. FINANCIAL ASETS AT FVTPL (Continued)

(b) Short-term investment

The short-term investment represents short-term highly liquid

investment placed in two PRC state-owned financial institutions,

which is readily convertible to cash. These investments are al

denominated in Renminbi (“RMB”) with non-determinable return

rate.

The fair value of the Group’s investment is based on estimated

return of 1.38% to 1.62% (2024: 2.2%), and the credit quality

of this investment can be asesed by reference to historical

information or external credit ratings. At 31 March 2025 and

2024, none of these investments is either past due or impaired

and the Group’s maximum exposure to credit risk as at that date

is the carying value of these investments.

The fair value of this investment that is not traded in an active

market is determined by using valuation techniques that

maximise the use of observable market data where it is available

and rely as litle as posible on entity specific estimates.

20. FINANCIAL ASETS AT FVTOCI

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Unlisted investment fund非上市投资基金—

Unlisted investment fund represents the investments in KC Capital

SPC, a segregated portfolio company incorporated in the Cayman

Islands (the “Fund”). Pursuant to the subscription agrements entered

into betwen KC Capital SPC and Extrawel Enterprises Limited (the

“Subscriber”), an indirect wholy-owned subsidiary of the Company,

on 11 May and 2 June 2017, the Subscriber agred to subscribe for

50,000 and 30,000 participating shares in the Fund atributable to the

segregated portfolio at agregate consideration of HK$50,000,000 and

HK$30,000,000 respectively on the respective dates. The total cost

of these investments of HK$80,000,000 was funded by the internal

resources of the Group.

337,000
(25,071)
311,929

ANUAL REPORT 2025 二零二五年报177

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

20. FINANCIAL ASETS AT FVTOCI (Continued)

Since the financial year ended 31 March 2019 and up to present, the

Fund had net liabilities. Therefore, the Directors consider that the fair

value of the Fund aproximates to zero.

Unlisted investment fund was measured at FVTOCI. Under HKFRS 9

Financial Instruments, these investments are al clasified as financial

asets measured at FVTOCI. Subsequent changes in fair value of these

investments are recognised in FVTOCI reserve and the cumulative gains

or los on disposals are recognised in retained earnings.

The unlisted investment fund was denominated in HK$.

21. INTEREST IN AN ASOCIATE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cost of investment in an unlisted asociate于一间非上市联营公司之投资成本337,000

Share of post-acquisition loses and

other comprehensive expense

应占收购后亏损及其他全面开支

(22,759)

314,241

The amount represents the Group’s interest in Smart Ascent, a

company incorporated in Hong Kong with limited liability. Prior to 28

July 2014, Smart Ascent was an indirect wholy-owned subsidiary of

the Company. Pursuant to the sale and purchase agrement dated 17

March 2014 betwen the Group and Clear Rich International Limited,

a wholy-owned subsidiary of Inovative Pharm, the Group disposed of

49% equity interest in Smart Ascent to Clear Rich International Limited (the

“Disposal”). The Disposal was completed on 28 July 2014.

Subsequent to the Disposal, the Group’s cost of investment in Smart

Ascent of HK$337,000,000 represents the fair value at 28 July 2014 of

the 49% equity interest in Smart Ascent as retained by the Group upon

completion of the Disposal of 51% equity interest in Smart Ascent to

Clear Rich on 28 July 2014.

20. 按公平值计入其他全面收益

之金融资产（续）

自截至二零一九年三月三十一日止财政年

度至今，该基金录得负债净额。因此，董事

认为该基金的公平值接近于零。

非上市投资基金按公平值计入其他全面收

益计量。根据香港财务报告准则第9号金融

工具，该等投资均被分类为按公平值计入

其他全面收益计量之金融资产。该等投资

之公平值其后变动于按公平值计入其他全

面收益储备中确认，而出售产生之累计收

益或亏损于保留盈利中确认。

非上市投资基金以港元计值。

21. 于一间联营公司之权益

有关款项指本集团于进生之权益，该公司

乃一间于香港注册成立之有限公司。于二

零一四年七月二十八日前，进生为本公司

一间接全资附属公司。根据本集团与领

航医药全资附属公司Clear Rich International

Limited于二零一四年三月十七日订立之

买卖协议，本集团向Clear Rich International

Limited出售进生49%股权（「出售」）。出售

已于二零一四年七月二十八日完成。

于出售之后，本集团于进生之投资成本

337,000,000港元指于二零一四年七月二

十八日向Clear Rich出售进生51%股权完成

后，本集团所保留进生49%股权于二零一

四年七月二十八日之公平值。

49.0%
25.0%
25.0%
25.0%
49.0%

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司178

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

董事认为，本集团有权参与进生之决策过

程。由于管理层评估，本集团有权基于进

生之组织章程细则根据香港会计准则第

28号（二零一年）于联营公司及合营企业

之投资参与进生之财务及营运政策决策，

因而具有重大影响力，本集团将其于进生

之投资入账列作联营公司。因此，进生于

该等综合财务报表中采用权益法进行会计

处理。

本集团之联营公司进生为一间私营公司，

其股份并无市场报价。

进生集团于报告期末之详情如下：

21. INTEREST IN AN ASOCIATE (Continued)

The Directors consider that the Group has the right to participate the

policymaking proces of Smart Ascent. The Group has acounted

for its investment in Smart Ascent as an asociate as management

asesed that there is significant influence as the Group has the

power to participate in the financial and operating policy decisions of

Smart Ascent based on the Articles of Asociation of Smart Ascent in

acordance with HKAS 28 (2011) Investments in Asociates and Joint

Ventures. Thus, Smart Ascent is acounted for using the equity method

in these consolidated financial statements.

The Group’s asociate, Smart Ascent is a private company with no

quoted market price available for its shares.

Particulars of the Smart Ascent Group at the end of the reporting

periods are as folows:

Name of the company

Place/country of incorporation/

operations

Clas of

shares held

Efective interest held

by the Group

本集团所持实际权益

公司名称注册成立╱营运地点╱国家所持股份类别二零二五年二零二四年

Smart AscentHong KongOrdinary49.0%

进生香港普通

Subsidiaries of Smart Ascent

进生之附属公司

Fose Bio-Enginering

Development Limited

Hong Kong/PRCOrdinary25.0%

福仕生物工程有限公司香港╱中国普通

福仕生物工程（上海）有限公司PRCRegistered capital25.0%

中国注册资本

Wely Surplus Development LimitedHong KongOrdinary25.0%

瑞盈发展有限公司香港普通

Nation Joy Industries LimitedBVIOrdinary49.0%

国悦实业有限公司英属处女群岛普通

ANUAL REPORT 2025 二零二五年报179

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

21. INTEREST IN AN ASOCIATE (Continued)

Impairment asesment

The Group engages an independent profesional qualified valuer to

perform the impairment asesment of the Group’s interest in Smart

Ascent at the end of the reporting date. The Directors consider that

the independent profesional qualified valuer holds a recognised and

relevant profesional qualification and has recent experience in valuing

similar industry and asets of the investment being valued.

In determining the impairment of the Group’s interest in Smart Ascent,

discusion of impairment asesment proceses and result had ben

held betwen management and the independent profesional qualified

valuer to establish the apropriate valuation techniques and inputs to

the model at the reporting date.

The major asets held by the Smart Ascent Group is the intangible

aset in relation to the In-proces R&D involving the Product and it is

expected that the comercialisation of the Product wil be in the third

quarter of 2028.

The entire carying amount of the Group’s interest in the asociate is

tested for impairment in acordance with HKAS 36 as a single aset by

comparing its recoverable amount (i.e. the higher of value in use and fair

value les costs of disposals) with is carying amount.

The aset-based aproach was adopted in determining the recoverable

amount of the Group’s interest in the asociate. In doing so, various

asumptions about the cash flow projections of the In-proces R&D

and the Product were adopted. These asumptions include market

penetration rate, revenue growth rate and forecasted percentage of

costs and operating expenses of the Product, as wel as the suces

rate of comercialisation of the Product in the third quarter of 2028.

The recoverable amount of the interest in the asociate is determined

based on the Group’s share of the estimated fair value of the In-proces

R&D after taking into acount the lack of control discount.

With reference to the valuation report prepared by the independent

profesional qualified valuer, at the end of the reporting period, the

recoverable amount of the Group’s interest in the asociate is higher

than its carying amount and thus, no impairment los was recognised

for both years.

（续）

减值评估

本集团聘请独立专业合资格估值师于报告

日期末对本集团于进生的权益进行减值评

估。董事认为，独立专业合资格估值师持

有公认及相关专业资格，并拥有近期对类

似行业及被评估投资所涉及资产进行估值

的经验。

厘定本集团于进生的权益减值时，管理层

与独立专业合资格估值师就减值评估流程

及结果进行讨论，以制定于报告日期的适

当估值技术及模型输入值。

进生集团所持之主要资产为有关进行中之

研发之无形资产，当中涉及产品且预期将

于二零二八年第三季度将产品商品化。

本集团于联营公司的权益的全部账面值会

根据香港会计准则第36号作为一项单一资

产进行减值测试，方法是比较其可收回金

额（即使用价值与公平值减出售成本的较

高者）与其账面值。

于厘定本集团于联营公司之权益之可收回

金额时采纳资产法。在此过程中，应用进

行中之研发及产品之现金流量预测相关

之各种假设。该等假设包括市场渗透率、

收益增长率及成本及营运开支预测百分比

以及于二零二八年第三季度将产品商品化

的成功率。

于联营公司之权益之可收回金额乃经计及

并无控制权之折让后根据本集团应占进行

中之研发之估计公平值厘定。

经参考独立专业合资格估值师编制之估值

报告，于报告期末，本集团于联营公司之

权益之可收回金额高于其账面值，因此，

于两个年度并无确认减值亏损。

284,260
1,722
(47,042)
(83,710)
155,230
(88,675)
66,555

—
(7,079)

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司180

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

进生集团的财务资料概要

联营公司之财务资料概要（已就任何会计

政策差异作出调整）及于综合财务报表内

与账面值之对账如下：

* 进行中之研发乃按本集团于出售之前之历史

账面值列账。

21. INTEREST IN AN ASOCIATE (Continued)

Sumarised financial information of the Smart

Ascent Group

The sumarised financial information of the asociate, adjusted for any

diference in acounting policies and a reconciliation to the carying

amount in the consolidated financial statements, are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Non-curent asets, mainly intangible asets

relating to In-proces R&D*

非流动资产，主要为与进行中之研发*

66,555
49%
32,612
279,317
311,929

41,947
(9,285)
32,662
35,563
(7,872)
27,691
—
27,691
27,691

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

21. INTEREST IN AN ASOCIATE (Continued)

Sumarised financial information of the Smart

Ascent Group (Continued)

Reconciliation of the above sumarised financial information to the

carying amount of the interest in Smart Ascent recognised in the

consolidated financial statements:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net asets of the Smart Ascent Group

atributable to owners of Smart Ascent

进生拥有人应占进生集团资产净值

71,273

Proportion of the Group’s ownership interest

in Smart Ascent

本集团于进生之所有权益比例

49%

Carying amount of the Group’s interest

in Smart Ascent as an asociate

本集团于进生（作为一间联营公司）

之权益之账面值34,924

Adjustment for remeasurement to fair value

of the asets of the Smart Ascent Group

on initial recognition

进生集团资产公平值于初始确认时

之重新计量调整

279,317

Carying amount of the Group’s interest

in Smart Ascent

本集团于进生之权益之账面值

314,241

22. AMOUNT DUE FROM AN ASOCIATE AND

LOAN TO AN ASOCIATE

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Amount due from the asociate, Smart Ascent应收联营公司（进生）款项(i)

Amount due from Smart Ascent应收进生款项41,947

Les: Impairment减：减值(7,488)

34,459

Loan to the asociate, Smart Ascent贷款予联营公司（进生）(i)

Loan to Smart Ascent 贷款予进生24,655

Les: Impairment减：减值(6,616)

18,039

Loan to Smart Ascent analysed as:贷款予进生按以下项分析：

— Curent —流动13,430

— Non-curent—非流动4,609

18,039

（续）

进生集团的财务资料概要（续）

上述财务资料概要与于综合财务报表所确

认于进生之权益账面值之对账：

22. 应收一间联营公司款项及贷

款予一间联营公司

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司182

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

22. AMOUNT DUE FROM AN ASOCIATE AND

LOAN TO AN ASOCIATE (Continued)

Notes:

(i) Amount due from the asociate, Smart Ascent

At 31 March 2025 and 2024, amount due from Smart Ascent is unsecured

and interest-fre and has no fixed repayment term with a principal amount of

aproximately HK$41,947,000.

The balance was neted of with the alowance of impairment amounting to

aproximately HK$9,285,000 (2024: HK$7,488,000) as at 31 March 2025.

Details of the impairment asesment are set out in note 40(d).

(i) Loan to the asociate, Smart Ascent

On 27 July 2018, the Group and the Inovative Pharm Group as lenders and

Smart Ascent as borower entered into a shareholders’ loan agrement for a

loan to Smart Ascent amounting to HK$30 milion in total (the “First Loan”), to

be contributed as to 49% i.e. HK$14.7 milion by the Group and as to 51%

i.e. HK$15.3 milion by the Inovative Pharm Group, which would be used to

finance the working capital requirements of the Smart Ascent Group for the oral

insulin project. The First Loan is unsecured, interest bearing at fixed rate of 5%

per anum and has a repayment term fixed at 60 months after each drawdown

of the First Loan.

As the provision of the First Loan was a conected transaction under Chapter

14A of the Listing Rules but was made in proportion to the equity interest

of the shareholders in Smart Ascent and on normal comercial terms, this

conected transaction is fuly exempted from the reporting, anouncement and

shareholders’ aproval requirements under Rule 14A.89 of the Listing Rules.

Also, the aplicable percentage ratios in respect of this conected transaction

are les than 5%, it therefore does not constitute a disclosable transaction of the

Company under Chapter 14 of the Listing Rules.

On 8 March 2022, the Group and the Inovative Pharm Group as lenders and

Smart Ascent as borower entered into a shareholders’ loan agrement for a

loan to Smart Ascent amounting to HK$12 milion in total (the “Second Loan”),

to be contributed as to 49% i.e. HK$5.88 milion by the Group and as to 51%

i.e. HK$6.12 milion by the Inovative Pharm Group, which would be used to

finance the working capital requirements of the Smart Ascent Group for the oral

insulin project. The Second Loan is unsecured, interest bearing at fixed rate of 5%

per anum and has a repayment term fixed at 60 months after each drawdown

of the Second Loan. The provision of the Second Loan constitutes a disclosable

transaction under Chapter 14 of the Listing Rules.

22. 应收一间联营公司款项及贷

款予一间联营公司（续）

附注：

(i) 应收联营公司进生之款项

于二零二五年及二零二四年三月三十一日，

应收进生之款项为无抵押、免息及无固定还

款期，本金额约为41,947,000港元。

于二零二五年三月三十一日，有关结余与

减值拨备约9,285,000港元（二零二四年：

7,488,000港元）对销。

减值评估详情载于附注40(d)。

(i) 贷款予联营公司进生

于二零一八年七月二十七日，本集团及领航

医药集团（作为贷款方）与进生（作为借款方）

订立一份股东贷款协议，内容有关向进生提

供总额为30,000,000港元之贷款（「第一笔贷

款」），其中49%（即14,700,000港元）由本集团

出资，51%（即15,300,000港元）由领航医药集

团出资，贷款将用于为进生集团的营运资金

需求提供资金，从而为口服胰岛素项目提供

资金。第一笔贷款为无抵押、按固定年利率

5%计息及须于每次提取第一笔贷款后60个月

内偿还。

第一笔贷款条文虽构成上市规则第14A章项

下之关连交易，惟按股东于进生所持有之权

益比例提供并按一般商业条款订立，故此项

关连交易获全面豁免遵守上市规则第14A.89

条项下申报、公告及股东批准之规定。另

外，由于有关此项关连交易之适用百分比率

低于5%，故不构成上市规则第14章项下之本

公司须予披露交易。

于二零二年三月八日，本集团及领航医

药集团（作为贷款方）与进生（作为借款方）

订立一份股东贷款协议贷予进生总额为

12,000,000港元之贷款（「第二笔贷款」），该

贷款由本集团提供49%款项（即5,880,000

港元），由领航医药集团提供51%款项（即

6,120,000港元），第二笔贷款将用于支付进生

集团的口服胰岛素项目的营运资金需求。第

二笔贷款为无抵押、按固定年利率5%计息，

并且还款期限固定（需于每次提取第二笔贷款

后的60个月内偿还）。根据上市规则第14章，

提供第二笔贷款构成一项须予披露交易。

1,739
694
2,305
4,738

ANUAL REPORT 2025 二零二五年报183

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

22. 应收一间联营公司款项及贷

款予一间联营公司（续）

附注（续）：

(i) 贷款予联营公司进生（续）

于二零二四年七月三十日，为进一步增强进

生之口服胰岛素项目的财务资源，本集团及

领航医药集团（作为贷款方）与进生（作为借款

方）订立两份协议(i)就日期为二零一八年七月

二十七日之股东贷款协议之补充协议，内容

有关将第一笔贷款及其应计利息的还款日期

延长36个月（「第一份贷款延期协议」）；及(i)

授出本金总额不超过20,000,000港元的贷款

（「第三笔贷款」）融资协议，由本集团及领航

医药集团按各自于进生的持股比例分别出资

49%及51%（「第三份贷款协议」）。第三笔贷款

为无抵押、按固定利率年利率5%计息及须于

每次提取后60个月内偿还。根据上市规则第

14.22条，订立第一份贷款延期协议及第三份

贷款协议构成一项主要交易。该项主要交易

已于二零二四年十月十五日举行的股东特别

大会上获本公司股东批准。进一步详情载于

本公司日期为二零二四年七月三十日及二零

二四年十月十五日之公告以及日期为二零二

四年九月二十七日之通函。

于二零二五年三月三十一日，进生已提取

第一笔贷款、第二笔贷款及第三笔贷款之

62,000,000港元（二零二四年：42,000,000港

元）之款项，而于二零二五年三月三十一日之

结余指本集团就第一笔贷款、第二笔贷款及

第三笔贷款所提供之49%（二零二四年：49%）

出资及应收利息。

于二零二五年三月三十一日，贷款予一间联

营公司为无抵押、按年利率5%计息，并须

于每次提取后60个月内偿还。于报告期内，

利息收入约1,108,000港元（二零二四年：

1,061,000港元）已计入损益。

于二零二五年三月三十一日，有关结余与

减值拨备约7,872,000港元（二零二四年：

6,616,000港元）对销。

减值评估详情载于附注40(d)。

23. 存货

22. AMOUNT DUE FROM AN ASOCIATE AND

LOAN TO AN ASOCIATE (Continued)

Notes (Continued):

(i) Loan to the asociate, Smart Ascent (Continued)

On 30 July 2024, for purpose of further enhancing the financial resources of

Smart Ascent for the oral insulin project, the Group and the Inovative Pharm

Group as lenders and Smart Ascent as borower, entered into two agrements

(i) a suplemental agrement suplemental to the shareholders’ loan agrement

dated 27 July 2018 in relation to the extension of repayment dates of the First

Loan and the interests acrued thereon for a period of 36 months (“First Loan

Extension Agrement”); and (i) an agrement for the granting of a loan facility

of up to a principal amount of HK$20 milion in total (the “Third Loan), to be

contributed as to 49% by the Group and 51% by the Inovative Pharm Group

in proportion to their respective shareholdings in Smart Ascent (“Third Loan

Agrement”). The Third Loan is unsecured, interest bearing at a fixed rate of 5%

per anum and has a repayment term fixed at 60 months after each drawdown.

The entering into of the First Loan Extension Agrement and the Third Loan

Agrement constitutes a major transaction pursuant to Rule 14.22 of the Listing

Rule. The major transaction was aproved by the Company’s shareholders at its

special general meting held on 15 October 2024. Further details are set out in

the Company’s anouncements dated 30 July 2024 and 15 October 2024, and

circular dated 27 September 2024.

At 31 March 2025, Smart Ascent had drawn down HK$62 milion (2024: HK$42

milion) of the First Loan, the Second Loan and the Third Loan, and the balance

as at 31 March 2025 represented the Group’s 49% (2024: 49%) contribution to

the First Loan, the Second Loan and the Third Loan and the interest receivables.

At 31 March 2025, loan to an asociate is unsecured, caried interest at 5% per

anum, and repayable in 60 months after each drawdown. During the reporting

period, interest income of aproximately HK$1,108,000 (2024: HK$1,061,000)

is credited to profit or los.

The balance was neted of with the alowance of impairment amounting to

aproximately HK$7,872,000 (2024: HK$6,616,000) as at 31 March 2025.

Details of the impairment asesment are set out in note 40(d).

23. INVENTORIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Raw materials原材料1,364

Work-in-progres在制品847

Finished gods制成品5,054

7,265

42,410
(38,169)
4,241
3,561
7,802

2,917
4,270
615
7,802

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司184

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

24. TRADE AND BILS RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables贸易应收账款43,189

Les: Impairment减：减值(39,422)

3,767

Bils receivables应收票据448

4,215

The Group’s trading terms with its customers are mainly based on

credit, except for new customers, where payment in advance is

normaly required. The customers are generaly given a credit period for

120 to 180 days, extending up to one year for some major customers.

The folowing is an aged analysis of trade and bils receivables net of

alowance for credit loses presented based on the invoice date at the

end of the reporting period:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 90 days90日内1,794

91 to 180 days91至180日1,524

Over 180 days180日以上897

4,215

Trade receivables are asesed for impairment on colective basis.

Objective evidence of impairment for a portfolio of receivables could

include the Group’s past experience of colecting payments, an increase

in the number of delayed payments in the portfolio past the average

credit period of 120 to 180 days, observable changes in national or

local economic conditions that corelate with default on receivables.

Details of impairment asesment of trade receivables are set out in

note 40(d).

24. 贸易应收账款及应收票据

本集团与其客户之贸易条款主要为赊销，

惟新客户一般需要预先付款。一般情况

下，客户可获得为期120日至180日之信贷

期，而若干主要客户可延期至最多一年。

以下为所呈列的贸易应收账款及应收票据

（扣除信贷亏损拨备）于报告期末按发票日

期进行之账龄分析：

贸易应收账款按整体基准进行减值评估。

应收款项组合之客观减值证据可包括本集

团之过往收款记录、组合内延迟还款至超

逾平均信贷期120至180日之次数增加，以

及与应收款项逾期有关之全国或地方经济

状况明显改变。

贸易应收账款减值评估详情载于附注

40(d)。

1,142
677
54
357
81
41
2,352

ANUAL REPORT 2025 二零二五年报185

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

、按金及其他应收

款项

其他应收款项及按金的减值详情载于附注

40(d)。

26. 已抵押银行存款

已抵押银行存款指抵押予银行以作为本

集团获授之短期银行授信额度之担保之

存款，故分类为流动资产。到期日为二零

二五年五月二十一日。已抵押银行存款以

美元（「美元」）计值并按浮动利率介乎每年

4.25%至5.45%（二零二四年：4.7%至5.5%）

计息。

25. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Prepayments预付款项1,130

Deposits paid已付按金677

Trade deposits贸易按金615

Interest receivable应收利息459

Other receivables其他应收款项—

Rent receivable应收租金65

2,946

Details of impairment of other receivables and deposits are set out in

note 40(d).

26. PLEDGED BANK DEPOSITS

Pledged bank deposits represent deposits pledged to a bank to secure

short-term banking facilities granted to the Group and are therefore

clasified as curent asets. The maturity date is 21 May 2025. The

pledged bank deposits are denominated in United States dolars (“US$”)

and cary variable interest rates ranging from 4.25% to 5.45% (2024: 4.7%

to 5.5%) per anum.

2,454
4,346
29,058
41,916
77,774

2,247
1,276
83
348
473
4,427

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司186

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

27. CASH AND BANK BALANCES

Bank balances cary variable interest rates of 0.001% to 5.5% (2024:

0.001% to 5.5%) per anum. Conversion of RMB into foreign curencies

is subject to the PRC’s Foreign Exchange Control Regulations and

Administration of Setlement, Sale and Payment of Foreign Exchange

Regulations.

The carying amounts of cash and cash equivalents are denominated in

the folowing curencies:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Euros (“Euro”)欧元（「欧元」）2,460

HK$港元6,330

RMB人民币26,529

US$美元58,291

93,610

28. TRADE AND BILS PAYABLES

Trade payables are non-interest bearing and the normal trade credit

terms granted to the Group range from two to thre months from the

date of invoice.

The folowing is an aged analysis of trade payables presented based on

the invoice date at the end of the reporting period:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 90 days 90日内2,511

91 to 180 days91至180日907

181 to 365 days181至365日163

1 to 2 years1至2年598

Over 2 years2年以上478

4,657

27. 现金及银行结余

银行结余按浮动利率每年0.001%至5.5%

（二零二四年：0.001%至5.5%）计息。人民

币兑换为外币须遵守中国之外汇管理条例

以及结汇、售汇及付汇管理规定。

现金及现金等值项目之账面值乃按以下货

币计值：

28. 贸易应付账款及应付票据

贸易应付账款为不计息，而本集团获授之

一般贸易信贷期介乎发票日期起计两至三

个月。

以下为所呈列的贸易应付账款于报告期末

按发票日期进行之账龄分析：

10,389
9,620
3,047
23,056

2,619

ANUAL REPORT 2025 二零二五年报187

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

、其他应付款项及

合约负债

附注：

(i) 预提费用

预提费用包括营销及推广费用约8,664,000港

元（二零二四年：7,518,000港元）。

(i) 其他应付款项

其他应付款项主要包括购置物业、厂房及设

备的应付款项约993,000港元（二零二四年：

1,344,000港元）、应付营销及推广费用约

1,598,000港元（二零二四年：4,404,000港元）

及应付其他税款约5,713,000港元（二零二四

年：5,901,000港元）。

(i) 合约负债

合约负债与预收客户款项有关。

下表列示截至二零二五年及二零二四年三月

三十一日止年度确认且与结转合约负债有关

的收益金额。

29. ACRUALS, OTHER PAYABLES AND

CONTRACT LIABILITIES

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Acruals预提费用(i)9,396

Other payables 其他应付款项(i)12,482

Contract liabilities 合约负债(i)5,244

27,122

Notes:

(i) Acruals

Acruals included marketing and promotion expenses of aproximately

HK$8,664,000 (2024: HK$7,518,000).

(i) Other payables

Other payables mainly included payables for acquisition of property, plant and

equipment of aproximately HK$993,000 (2024: HK$1,344,000), payables for

marketing and promotion expenses of aproximately HK$1,598,000 (2024:

HK$4,404,000) and other tax payables of aproximately HK$5,713,000 (2024:

HK$5,901,000).

(i) Contract liabilities

Contract liabilities relate to receipt from the customer in advance.

The folowing table shows the amount of the revenue recognised for the years

ended 31 March 2025 and 2024 relates to caried-forward contract liabilities.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue recognised that was included

in the contract liabilities balance at 1 April

于四月一日纳入合约负债结余

之已确认收益

— Relating to sales of pharmaceutical products—与销售药品相关3,846

1,981	1,903
—	—
1,981	1,903
(78)
1,903
(1,903)
—

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司188

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

30. LEASE LIABILITIES

二零二五年二零二四年

Minimum

lease

payments

Present

value of

minimum

lease

payments

Minimum

lease

payments

Present

value of

minimum

lease

payments

最低租赁

付款

最低租赁

付款现值

最低租赁

付款

最低租赁

付款现值

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Not later than one year不迟于一年1,5671,375

Later than one year and not later

than two years

迟于一年但不迟于两年

1,9901,911

3,5573,286

Future financial charges未来财务开支(271)

Present value of lease liability租赁负债现值3,286

Les: Amount due for setlement

within one year and shown under

curent liabilities

减：于一年内到期结算

及于流动负债项下

呈列之款项(1,375)

Amount due for setlement after

one year and shown under

non-curent liabilities

于一年后到期结算及

于非流动负债项下

呈列之款项1,911

For both years, the Group leases ofice premises for operations and

these lease liabilities were measured at the present value of the lease

payments that are not yet paid. Al leases are entered at fixed prices for

both years.

Lease liabilities of the Company are denominated in functional

curencies of the group entities.

The weighted average incremental borowing rate aplied to lease

liabilities is 7.949% (2024: 4.35% to 7.949%).

30. 租赁负债

于两个年度，本集团租赁办公场地进行营

运，该等租赁负债按尚未支付的租赁付款

现值计量。两个年度所有租约乃按固定价

格订立。

本公司之租赁负债以本集团实体的功能货

币计值。

应用于租赁负债的加权平均增量借款率为

7.949%（二零二四年：4.35%至7.949%）。

ANUAL REPORT 2025 二零二五年报189

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

31. 递延税项

本年度及过往年度确认之递延税项资产及

变动详情如下：

于二零二五年三月三十一日，本集团于香

港及中国产生并可供抵销未来应课税溢

利之未动用税务亏损为约7,561,000港元

（二零二四年：77,417,000港元）及446,000

港元（二零二四年：4,136,000港元）。由于

未来溢利流不可预测，故并无确认递延税

项资产。于香港产生之税务亏损可无限期

结转。未确认税项亏损包括于二零三零年

前（二零二四年：二零二九年前）届满之亏

损约446,000港元（二零二四年：4,136,000

港元）。

32. 可换股债券

于二零一三年七月十六日，本公司发行

本金总额641,300,000港元之零息可换股

债券（「可换股债券」），换股价为每股本公

司新股份0.6413港元，于悉数兑换后相当

于1,000,000,000股本公司新股份，可换股

债券乃分别发行予Ong Cheng Heang先生

（「Ong先生」）及毛裕民博士（「毛博士」，领

航医药之主要股东），各人分别获发行本

金额320,650,000港元作为收购进生49%股

权之代价。于本集团完成收购进生之剩余

49%权益前，Ong先生为进生之非控股东

及董事，而毛博士曾担任本公司董事直至

二零一三年十二月五日为止，并为本公司

股东。

债券持有人可选择于到期日二零三年七

月十六日前第七个营业日或之前按换股

价每股普通股0.6413港元将可换股债券兑

换为本公司之普通股，惟须受反摊薄条款

规限。

31. DEFERED TAX

Details of the defered tax asets recognised and movements during

the curent and prior years are as folows:

Decelerated tax

depreciation

减速税项折旧

HK$’000

千港元

At 1 April 2023, 31 March 2024, 1 April 2024

and 31 March 2025

于二零二三年四月一日、二零二四年三月三十一日、

二零二四年四月一日及二零二五年三月三十一日69

At 31 March 2025, the Group had unused tax loses arising in Hong

Kong and PRC of aproximately HK$7,561,000 (2024: HK$77,417,000)

and HK$446,000 (2024: HK$4,136,000) available to ofset against

future taxable profits. No defered tax aset has ben recognised due to

the unpredictability of future profit streams. Tax loses arising in Hong

Kong may be caried forward indefinitely. Included in unrecognised tax

loses are loses of aproximately HK$446,000 (2024: HK$4,136,000)

with expiring before 2030 (2024: before 2029).

32. CONVERTIBLE BONDS

On 16 July 2013, the Company isued zero-coupon convertible

bonds (the “Convertible Bonds”) with principal amount in agregate

of HK$641,300,000 at the conversion price of HK$0.6413 for each

new share of the Company, which, if fuly converted, is equivalent to

1,000,000,000 new shares of the Company to Mr. Ong Cheng Heang

(“Mr. Ong”) and Dr. Mao Yumin (“Dr. Mao”, a substantial shareholder

of Inovative Pharm), each of principal amount of HK$320,650,000 as

the consideration for the acquisition of 49% equity interest in Smart

Ascent. Mr. Ong was the non-controling shareholder and director of

Smart Ascent prior to the completion of acquisition of the remaining

49% interest in Smart Ascent by the Group and Dr. Mao was a director

of the Company until 5 December 2013 and is a shareholder of the

Company.

The Convertible Bonds are convertible at the option of the bondholders

into ordinary shares in the Company at a conversion price of HK$0.6413

per ordinary share on or before the seventh busines day prior to the

maturity date of 16 July 2033, subject to anti-dilutive clauses.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司190

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

32. CONVERTIBLE BONDS (Continued)

The Convertible Bonds are isued in HK$. The fair value of the liability

component of the Convertible Bonds was HK$20,712,000, which

had ben determined by the discounted cashflow aproach using

the prevailing market interest rate of similar non-convertible bonds

and taking into acount the credit risk of the Company. The efective

interest rate is 18.72%. The fair value of the conversion option of

HK$569,288,000 clasified as equity component for the Convertible

Bonds was calculated using the Binomial Model. The inputs into the

model were as folows:

Date of isuance

16 July 2013

发行日期

二零一三年

七月十六日

Stock price (HK$)股价（港元）0.59

Exercise price (HK$)行使价（港元）0.6413

Discount rate贴现率18.72%

Risk-fre rate (note (i) below)无风险利率（下文附注(i)）2.63%

Expected volatility (note (i) below)预期波幅（下文附注(i)）66.55%

Expected dividend yield (note (i) below)预期股息收益率（下文附注(i)）0.00%

Option life (Years)期权期限（年期）20

Notes:

(i) The rate was determined with reference to the yields of Hong Kong government

bonds and treasury bils at the date of valuation.

(i) Based on the historical price volatility of the Company for the period from 24

December 2009 up to the date of isuance of the Convertible Bonds.

(i) Estimated by reference to the historical dividend payout of the Company.

（续）

可换股债券乃以港元发行。可换股债券负

债部分之公平值为20,712,000港元，其乃

采用类似非可换股债券之现行市场利率

并经考虑本公司之信贷风险以贴现金

流量法厘定。实际利率为18.72%。分类为

可换股债券权益部分之换股权之公平值

569,288,000港元乃采用二项式模式计算。

该模式之输入数据如下：

附注：

(i) 该利率乃参考香港政府债券及库券于估值日

期之孳息率厘定。

(i) 基于本公司于二零九年十二月二十四日至

可换股债券发行日期间之过往价格波幅

得出。

(i) 参考本公司的过往股息派付而估计。

ANUAL REPORT 2025 二零二五年报191

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

可换股债券负债部分之变动载列如下：

附注：于发行日期，可换股债券之本金额为

641,300,000港元，而其后发生下列事项：

于二零一三年八月五日，本金额为64,130,000

港元之可换股债券转换为100,000,000股本公

司普通股，换股价为每股普通股0.6413港元。

于二零一三年十月二十五日、二零一四年四

月二十四日、二零一四年八月三十日、二零

一四年十二月三十一日及二零一五年四月

三十日，本金额分别为320,650,000港元、

64,130,000港元、64,130,000港元、64,130,000

港元及64,130,000港元之可换股债券已由领

航医药向毛博士购买。

于二零一九年十月八日，领航医药向毛博士

出售可换股债券。

于二零一九年十二月二十三日，毛博士向

United Gene International Holdings Group Limited

出售可换股债券，而毛博士及谢毅博士分别

间接拥有该公司33%权益。

32. CONVERTIBLE BONDS (Continued)

The movements of liability component of Convertible Bonds are set out

below:

Principal

amount

Carying

amount

本金额账面值

HK$’000HK$’000

千港元千港元

(note below)

（下文附注）

At 1 April 2023于二零二三年四月一日577,17098,617

Efective interest expense实际利息开支—18,507

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及二零二四年四月一日577,170117,124

Efective interest expense实际利息开支—21,914

At 31 March 2025于二零二五年三月三十一日577,170139,038

Note: At the date of isuance, the principal amount of the Convertible Bonds was

HK$641,300,000, and thereafter the folowing events have taken place:

On 5 August 2013, the Convertible Bonds with principal amount of

HK$64,130,000 was converted into 100,000,000 ordinary shares of the

Company at the conversion price of HK$0.6413 per ordinary share.

On 25 October 2013, 24 April 2014, 30 August 2014, 31 December 2014 and

30 April 2015, the Convertible Bonds with principal amount of HK$320,650,000,

HK$64,130,000, HK$64,130,000, HK$64,130,000 and HK$64,130,000 were

acquired by Inovative Pharm from Dr. Mao respectively.

On 8 October 2019, Inovative Pharm disposed of the Convertible Bonds to Dr.

Mao.

On 23 December 2019, Dr. Mao disposed of the Convertible Bonds to United

Gene International Holdings Group Limited, in which each of Dr. Mao and Dr. Xie

Yi indirectly holds 33% of interests.

4,287
(117)
(44)
4,126
115
4,011
4,126

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司192

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

33. DEFERED INCOME ON GOVERNMENT

GRANTS

The amount represented receipt of grants by a subsidiary from local

government authority in the PRC. The movements in defered income

on government grants are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At 1 April于四月一日4,500

Recognised in profit or los 于损益确认(117)

Exchange realignment汇兑调整(96)

At 31 March于三月三十一日4,287

Analysed as:分析为：

— Curent—流动116

— Non-curent—非流动4,171

4,287

Government grants relating to property, plant and equipment are

included as defered income on government grants and are credited to

the consolidated statement of profit or los and other comprehensive

income on a straight-line basis over the expected lives of the related

asets.

33. 政府补助之递延收入

有关款项指一间附属公司自中国当地政府

部门获取之补助。政府补助之递延收入变

动如下：

有关物业、厂房及设备之政府补助计入列

作政府补助之递延收入并于有关资产之预

期年期内按直线法计入综合损益及其他全

面收益表。

200,000
23,900

ANUAL REPORT 2025 二零二五年报193

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

34. 股本

截至二零二五年三月三十一日及二零二四

年三月三十一日止年度，本公司之法定及

已发行股本并无任何变动。

35. 退休福利计划

本集团已为所有香港合资格雇员参加强制

性公积金计划（「强积金计划」）。强积金计

划乃根据强制性公积金计划条例于强制性

公积金计划管理局登记。强积金计划之资

产与本集团之资产分开持有，于基金之资

产由独立受托人控制。根据强积金计划之

规则，雇主及其雇员分别须向计划作出按

规则指定之比率计算之供款。本集团有关

强积金计划之唯一责任为根据计划作出规

定供款。根据强积金计划，雇主及其雇员

均须按雇员相关收入的5%向强积金计划

作出供款，每月相关收入上限为30,000港

元。强积金计划的供款即时归属。

于综合损益及其他全面收益表中扣除之强

积金计划退休福利成本指本集团按计划规

则指定比率应付基金之供款。

34. SHARE CAPITAL

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Authorised:法定：

20,000,000,000 ordinary shares of

HK$0.01 each

20,000,000,000股每股面值0.01港元

之普通股200,000

Isued and fuly paid:已发行及缴足：

2,390,000,000 ordinary shares of

HK$0.01 each

2,390,000,000股每股面值0.01港元

之普通股23,900

There were no movements in the Company’s authorised and isued

share capital during the years ended 31 March 2025 and 31 March

2024.

35. RETIREMENT BENEFIT SCHEMES

The Group has joined a mandatory provident fund scheme (the “MPF

Scheme”) for al qualifying employes in Hong Kong. The MPF Scheme

is registered with the Mandatory Provident Fund Scheme Authority

under the Mandatory Provident Fund Scheme 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 rates specified in the rules. The only

obligation of the Group with respect to the MPF Scheme is to make the

required contributions under the scheme. Under the MPF Scheme, the

employer and its employes are each required to make contribution to

the MPF Scheme at 5% of the employes’ relevant income subject to

a cap of monthly relevant income of HK$30,000. Contributions to the

MPF Scheme vest imediately.

The retirement benefits cost of the MPF Scheme charged to the

consolidated statement of profit or los and other comprehensive

income represents contributions payable to the fund by the Group at

rates specified in the rules of the scheme.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司194

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

35. RETIREMENT BENEFIT SCHEMES (Continued)

The employes of the Group’s subsidiaries in the PRC are members

of the state-sponsored retirement benefit scheme organised by the

relevant local government authority in the PRC. The subsidiaries are

required to contribute, based on a certain percentage of the salaries

of its employes, to the retirement benefit scheme and have no further

obligations for the actual payment of pensions or post-retirement

benefits beyond the anual contributions. The Group’s employer

contributions vest fuly with the employes when contributed in the

central pension scheme. The Group has no forfeiture of pension

scheme contributions (i.e. contributions procesed by the employer on

behalf of the employe who has exited the scheme prior to vesting of

such contributions). At 31 March 2025 and 31 March 2024, no forfeited

contribution under the pension scheme of the Group is available for

deduction of contribution payable in coming years.

36. SHARE OPTION SCHEME

On 30 August 2022, the shareholders of the Company aproved

the adoption of a share option scheme (the “Option Scheme”) which

became efective on 2 September 2022 upon obtaining listing aproval

from the Stock Exchange, and unles otherwise canceled or amended,

wil remain in force for 10 years from that date.

The Option Scheme provides the Company with a flexible means

of giving incentives or rewards to the eligible participants, for their

contribution and/or potential contribution to the long-term growth of the

Group. In acordance with the aplicable requirements of the Listing

Rules, eligible participants of the Option Scheme include directors and

employes of the Group and of its related entities.

The total number of shares available for isue under the Option Scheme

is 239,000,000 (2024: 239,000,000) shares at 31 March 2025 and 31

March 2024, representing 10% of the Company’s shares in isue at the

date of pasing the relevant resolution aproving the Option Scheme.

（续）

本集团之中国附属公司雇员为由中国有关

地方政府机关组织之国家管理退休福利计

划成员。附属公司须按其雇员薪金之若干

百分比向退休福利计划供款，除每年供款

外，并无任何实际支付退休金或退休后福

利之进一步责任。于中央退休金计划供款

时，本集团的雇主供款悉数归属于雇员。

本集团并无没收退休金计划供款（即在该

供款归属前由雇主代表已退出该计划的雇

员处理的供款）。于二零二五年三月三十一

日及二零二四年三月三十一日，本集团并

无退休金计划下的已没收供款可用于扣除

未来年度应付供款。

36. 购股权计划

于二零二年八月三十日，本公司股东批

准采纳一项购股权计划（「购股权计划」），

经联交所作出上市批准后，该计划于二零

二年九月二日生效，且有效期为自该日

起计10年，除非另行注销或修订则另当

别论。

购股权计划令本公司更为灵活，可向曾为

及╱或可能为本集团长期发展作出贡献的

合资格参与者给予激励或奖励。根据上市

规则的适用规定，购股权计划的合资格参

与者包括本集团及其关联实体的董事及

雇员。

于二零二五年三月三十一日及二零二四年

三月三十一日，购股权计划项下可供发行

的股份总数为239,000,000（二零二四年：

239,000,000）股，相当于批准购股权计划的

相关决议案通过当日之本公司已发行股份

的10%。

ANUAL REPORT 2025 二零二五年报195

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

除非获本公司股东批准，否则在任何12个

月期间，根据购股权计划授予每位合资格

参与者的购股权（包括已行使及尚未行使

的购股权）获行使后已发行及可能须予发

行的股份总数不得超过本公司已发行股份

的1%。向本公司董事、最高行政人员或主

要股东或彼等各自之任何联系人授出购股

权，须取得独立非执行董事批准。此外，倘

于任何12个月期间内向本公司主要股东或

独立非执行董事或彼等之任何联系人授出

之任何购股权，涉及本公司0.1%以上之已

发行股份，则须获股东批准。购股权计划

项下并无设定服务供应商分项限额。

承授人可于建议日期起计21日内，于支付

合共1港元之象征式代价后，以书面接纳授

出购股权之建议。所授出购股权之行使期

由董事全权酌情决定，惟无论如何不得迟

于购股权建议日期起计10年。购股权的归

属期不得少于12个月。

购股权之行使价可由董事厘定，惟不得低

于以下三者中之最高者：(i)本公司股份于

授出日期在联交所每日报价表所报之收市

价；(i)本公司股份于紧接授出日期前五个

营业日在联交所每日报价表所报之平均收

市价；及(i)本公司股份于授出日期之面值。

购股权并不赋予持有人获分派股息或于股

东大会投票之权利。

自购股权计划生效日期至二零二五年三月

三十一日及二零二四年三月三十一日止期

间，概无购股权根据购股权计划获授出、

行使、注销或失效。

36. SHARE OPTION SCHEME (Continued)

Unles aproved by the Company’s shareholders, the total number

of shares isued and which may fal to be isued upon exercise of the

options granted under the Option Scheme to each eligible participant

(including both exercised and outstanding options) in any 12-month

period shal not exced 1% of the Company’s shares in isue. Share

options granted to a director, chief executive or substantial shareholder

of the Company, or to any of their respective asociates, are subject to

aproval by the independent non-executive directors. In adition, any

share options granted to a substantial shareholder or an independent

non-executive director of the Company, or to any of their asociates, in

exces of 0.1% of the Company’s shares in isue over any 12-month

period, are subject to shareholders’ aproval. No service provider

sublimit was set under the Option Scheme.

The ofer of a grant of share options may be acepted in writing

within 21 days from the date of the ofer, upon payment of nominal

consideration of HK$1 in total by the grante. The exercise period of

the share options granted shal be determined by the directors at their

absolute discretion, but in any event shal not be more than 10 years

from the date of the ofer of the share options. The vesting period for

the share options shal not be les than 12 months.

The exercise price of the share options is determinable by the

directors, but shal not be les than the highest of (i) the closing price

of the Company’s shares as stated in the Stock Exchange’s daily

quotation shet on the date of grant; (i) the average closing price of the

Company’s shares as stated in the Stock Exchange’s daily quotation

shets for the five busines days imediately preceding the date of

grant; and (i) the nominal value of the Company’s shares on the date of

grant.

Share options do not confer rights on the holders to dividends or to

vote at shareholders’ meting.

From the efective date of the Option Scheme to 31 March 2025 and 31

March 2024, no share options have ben granted, exercised, canceled

or lapsed under the Option Scheme.

663
1,108

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司196

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

37. RELATED PARTY TRANSACTIONS

Save as the transactions and balances detailed elsewhere in the

consolidated financial statements, the Group has entered into the

folowing transactions and balances with related parties during the years

ended 31 March 2025 and 31 March 2024:

(a) Related transactions and balances

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Consultancy fe expense paid to Dr. Mao,

a shareholder of the Company

已付毛博士（本公司股东）顾问费

开支663

Loan interest income receivable from loan

to an asociate

应收来自一间联营公司贷款之

贷款利息收入1,061

(b) Compensation of key management

The remuneration of Directors and five highest paid employes

for the years ended 31 March 2025 and 31 March 2024 are set

out in notes 11 and 12.

subsidiary

As of 19 June 2023, the Group’s shareholding in Changchun

Extrawel Pharmaceutical Co., Ltd. (“CEP”), an indirect non-

wholy owned subsidiary of the Company, has ben increased

from about 73.11% to 80.46% upon completion of the share

buy-back agrement dated 31 March 2023 entered into betwen

CEP and a then minority shareholder (the “MI Vendor”) of CEP for

the buy-back and cancelation of the 9.14% of total isued share

capital of CEP held by the MI Vendor at a cash consideration of

RMB4,400,000 (equivalent to aproximately HK$4,888,000). As

a result of share buy-back, the Group recognised a decrease

in non-controling interests of HK$1,650,000 and a decrease in

equity atributable to owners of the Company of HK$3,238,000

respectively.

Details of the share buy-back are disclosed in the Company’s

anouncements dated 31 March 2023 and 19 June 2023.

37. 关联方交易

除综合财务报表其他部分所详述之交易及

结余外，本集团已于截至二零二五年三月

三十一日及二零二四年三月三十一日止年

度订立以下关联方交易及结余：

(a) 关联交易及结余

(b) 主要管理层之报酬

截至二零二五年三月三十一日及二

零二四年三月三十一日止年度的董

事及五名最高薪雇员之酬金载于附

注11及12。

份回购

截至二零二三年六月十九日，本公

司间接非全资附属公司长春精优

药业股份有限公司（「长春精优」）与

长春精优当时的一名少数股东（「少

数权益卖方」）就以现金代价人民币

4,400,000元（相当于约4,888,000港

元）回购及注销少数权益卖方持有的

长春精优已发行股本总额的9.14%订

立日期为二零二三年三月三十一日

之股份回购协议完成后，本集团于

长春精优的持股量由约73.11%增加

至80.46%。由于股份回购，本集团分

别确认非控股权益减少1,650,000港

元以及本公司拥有人应占权益减少

3,238,000港元。

有关股份回购之详情披露于本公司

日期为二零二三年三月三十一日及

二零二三年六月十九日之公告。

139,038
1,334,799
10.4%

ANUAL REPORT 2025 二零二五年报197

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

38. 资本管理

本集团管理资本之目标为保证本集团能够

持续经营，以便透过优化资本结构以减少

资本成本，继续为股东提供回报及为其他

利益相关者带来利益。本集团之整体策略

与上一年度维持不变。

本集团定期审阅及管理其资本结构，并于

考虑经济状况之变动、有关资产之风险特

征、本集团之投资策略及机遇、预测经营

现金流量以及资本开支后作出调整。为维

持或调整资本结构，本集团可能调整借贷

水平、支付予股东之股息、发行新股份或

购回自身股份。

38. CAPITAL MANAGEMENT

The Group’s objectives when managing capital are to safeguard the

Group’s ability to continue as a going concern, so that it can continue

to provide returns for shareholders and benefits for other stakeholders

through optimisation of capital structure to reduce the cost of capital.

The Group’s overal strategy remains unchanged from prior year.

The Group regularly reviews and manages its capital structure, and

makes adjustments to it taking into acount the changes in economic

conditions, risk characteristics of the underlying asets, the Group’s

investment strategy and oportunities, projected operating cash flows

and capital expenditures. To maintain or adjust the capital structure,

the Group may adjust the level of borowings, dividend payment to

shareholders, isue new shares, or buy back its own shares.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Debts — Convertible bonds 债务—可换股债券117,124

Total equity权益总额1,112,611

Gearing ratio资产负债比率10.5%

915,436
1,649
—
27,691
32,662
7,802
1,210
20,378
77,774
1,084,602
139,038
4,427
14,223
1,903
159,591

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司198

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

39. FINANCIAL INSTRUMENTS

By categories of financial instruments

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets金融资产

Financial asets at FVTPL按公平值计入损益之金融资产

Investments in convertible bonds as a whole可换股债券投资之整个部分660,564

Short-term investment短期投资661

Financial asets at FVTOCI按公平值计入其他全面收益之金融资产

Unlisted investment fund非上市投资基金—

Financial asets at amortised cost按摊销成本计量之金融资产

Loan to an asociate贷款予一间联营公司18,039

Amount due from an asociate应收一间联营公司款项34,459

Trade and bils receivables贸易应收账款及应收票据4,215

Deposits and other receivables按金及其他应收款项1,816

Pledged bank deposits已抵押银行存款20,856

Bank balances and cash银行结余及现金93,610

Total总计834,220

Financial liabilities金融负债

Financial liabilities at amortised cost按摊销成本计量之金融负债

Convertible bonds可换股债券117,124

Trade and bils payables贸易应付账款及应付票据4,657

Acruals and other payables预提费用及其他应付款项15,645

Lease liabilities租赁负债3,286

Total总计140,712

(a) Financial instruments not measured at fair

value

Due to short-term nature, the carying values of financial asets

and financial liabilities measured at amortised cost included in

curent asets (se below for financial asets at FVTPL) and

curent liabilities are aproximate to their fair value.

For loan to an asociate and convertible bonds which are

included in non-curent asets and non-curent liabilities

respectively, their carying values are aproximate to their fair

values.

39. 金融工具

按金融工具之类别

(a) 并非按公平值计量之金融

工具

由于短期性质，包括在流动资产（见

下文按公平值计入损益之金融资产）

之按摊销成本计量之金融资产及金

融负债及流动负债之账面值与其公

平值相若。

分别包括在非流动资产及非流动负

债的贷款予一间联营公司及可换股

债券，其账面值与公平值相若。

ANUAL REPORT 2025 二零二五年报199

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(b) 按公平值计量之金融工具

按公平值计入损益之金融资

产 — 短期投资

公平值层级为第二级。

短期投资之公平值乃按1.38%至

1.62%（二零二四年：2.2%）之估计回

报率厘定，而该投资之信贷质素可经

参考过往资料或银行提供之外部信

贷评级（如有）予以评估。

按公平值计入损益之金融资

产 — 可换股债券投资

公平值层级为第三级。

可换股债券投资之公平值乃基于领

航医药债券期权年期之无风险利

率、领航医药之每股换股份之行

使价、股价（来自可观察市场数据）、

股价预期波幅及预期股息收益率厘

定，而负债部分在领航医药债券剩余

期限内的估计合约现金流量则按切

合领航医药债券风险水平的利率进

行贴现。

重大不可观察输入数据

预期波幅

领航医药之股价预期波幅乃经参考

领航医药过往股价厘定。

就公平值计量对输入数据变动之

敏感度关系而言，预期波幅增加╱

（减少）将导致公平值计量增加╱（减

少），即领航医药的股价波幅越大，

公平值越高。

贴现率

贴现率乃计算领航医药债券现金流

量之现值时所采用的比率，其乃于计

及领航医药债券的具体条款及结构

（包括其流动性）后估计得出。贴现率

增加╱（减少）将导致公平值（减少）╱

增加。

39. FINANCIAL INSTRUMENTS (Continued)

(b) Financial instruments measured at fair value

Financial asets at FVTPL — short-term investment

The fair value hierarchy is Level 2.

The fair value of the short-term investment is determined based

on estimated return of 1.38% to 1.62% (2024: 2.2%) and the

credit quality of this investment which can be asesed by

reference to historical information or external credit ratings, if any,

provided by the bank.

Financial asets at FVTPL — Investments in

convertible bonds

The fair value hierarchy is Level 3.

The fair value of investments in convertible bonds is determined

based on risk-fre rate for the life of the option on the Inovative

Pharm Bonds, the exercise price per conversion share, share

price (from observable market data), expected volatility of the

share price, and expected dividend yield of Inovative Pharm,

where the estimated contractual cash flow on the liability

component over the remaining term of the Inovative Pharm

Bonds is discounted at the interest rate apropriate to the

riskines of the Inovative Pharm Bonds.

Significant unobservable inputs

Expected Volatility

Expected volatility of the share price of Inovative Pharm was

determined by reference to historical share price of Inovative

Pharm.

In respect of the sensitivity relationship of the fair value

measurement to changes in inputs, an increase/(decrease) in the

expected volatility would result in increase/(decrease) in fair value

measurement that the higher the volatility of the share price of

Inovative Pharm the higher the fair value.

Discount Rate

The discount rate was the rate adopted to calculate the present

value of the cash flow of the Inovative Pharm Bonds and was

estimated having taken into acount the specific terms and

structure of the Inovative Pharm Bonds including their liquidity.

Increase/(decrease) in the discount rate would result in (decrease)/

increase in the fair value.

—	1,649	915,436	917,085

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司200

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

39. FINANCIAL INSTRUMENTS (Continued)

(b) Financial instruments measured at fair

value (Continued)

Nevertheles, there would be counteracting efect among the

inputs, and in certain extreme situation where the stock price of

Inovative Pharm at 31 March 2025 and 2024 was significantly

lower than that of the exercise price, the conversion option to

convert the Inovative Pharm Bonds into shares of Inovative

Pharm would be expected worthles and the expected volatility

would have minimal efect on the fair value measurement.

There were no changes in valuation techniques for the years

ended 31 March 2025 and 2024.

Level 1Level 2Level 3Total

第一级第二级第三级总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 31 March 2025于二零二五年三月三十一日

Financial asets at FVTPL按公平值计入损益之金融资产

At 31 March 2024于二零二四年三月三十一日

Financial asets at FVTPL按公平值计入损益之金融资产—661660,564661,225

40. FINANCIAL RISK MANAGEMENT

The Group’s major financial instruments include short-term investment,

investments in convertible bonds, trade and bils receivables, pledged

bank deposits, cash and bank balances, trade and bils payables,

acruals and other payables, loan to an asociate, amount due from an

asociate and convertible bonds. Details of these financial instruments

are disclosed in respective notes.

The Group’s activities expose it to a variety of financial risks such as

foreign curency risk, credit risk, liquidity risk and interest rate risk.

The Group’s overal risk management programe focuses on the

unpredictability of financial markets and seks to minimise potential

adverse efects on the Group’s financial performance. The management

monitors and manages the financial risks through internal risk

asesment which analyses exposures by degre and magnitude of

risks.

（续）

(b) 按公平值计量之金融工具

（续）

然而，输入数据之间会有抵销作用，

在若干极端情况下（即领航医药于二

零二五年及二零二四年三月三十一

日的股价大低于行使价），将领航

医药债券转换为领航医药股份的换

股权预期将不具价值，则预期波幅对

公平值计量的影响乃微不足道。

截至二零二五年及二零二四年三

月三十一日止年度，估值方法概无

变动。

40. 财务风险管理

本集团之主要金融工具包括短期投资、

可换股债券投资、贸易应收账款及应收票

据、已抵押银行存款、现金及银行结余、贸

易应付账款及应付票据、预提费用及其他

应付款项、贷款予一间联营公司、应收一

间联营公司款项及可换股债券。该等金融

工具之详情于相关附注披露。

本集团之活动令本集团面临多种财务风

险，如外币风险、信贷风险、流动资金风

险及利率风险。本集团之整体风险管理计

划集中在金融市场之不可预测性，并寻求

尽量减低对本集团财务表现之潜在不利影

响。管理层通过内部风险评估，分析风险

程度及广度，监控及管理财务风险。

—	—	20,378
2,454	29,058	41,916
2,454	29,058	62,294

ANUAL REPORT 2025 二零二五年报201

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(a) 外币风险

外汇风险源于集团实体以非功能货

币之货币列值之商业交易、资产或负

债。本集团之业务主要于中国经营，

并面临多种外币之外币汇率风险。本

集团现时并无外币对冲政策。然而，

管理层会监察外汇风险，并将于必要

时考虑对冲重大外币风险。

于二零二五年及二零二四年三月三

十一日，按外币计值之货币资产及负

债净值之账面值如下：

以美元计值之现金及银行结余以及

已抵押银行存款属于功能货币为港

元之集团实体。董事认为，由于在联

系汇率制度下，港元与美元相当稳

定，因此，并无进行美元对港元之敏

感度分析。

40. FINANCIAL RISK MANAGEMENT (Continued)

(a) Foreign curency risk

Foreign exchange risk arises when comercial transactions,

asets or liabilities are denominated in a curency that is not the

functional curency of the group entities. The Group operates

mainly in the PRC and is exposed to foreign curency exchange

rate risk arising from various foreign curency exposures. The

Group curently does not have a foreign curency hedging policy.

However, the management monitors foreign exchange exposure

and wil consider hedging significant foreign curency exposure

should the ned arise.

The carying amounts of the foreign curency denominated

monetary asets and liabilities in net position at 31 March 2025

and 2024 are as folows:

EuroRMBUS$

欧元人民币美元

HK$’000HK$’000HK$’000

千港元千港元千港元

At 31 March 2025于二零二五年三月三十一日

Pledged bank deposits已抵押银行存款

Cash and bank balances现金及银行结余

Overal net exposure全面风险净额

At 31 March 2024于二零二四年三月三十一日

Pledged bank deposits已抵押银行存款—20,856

Cash and bank balances现金及银行结余2,46026,52958,291

Overal net exposure全面风险净额2,46026,52979,147

The cash and bank balances and pledged bank deposits

denominated in US$ belong to the group entities in which the

functional curency is HK$. The Directors are of the opinion that

the HK$ are reasonably stable with the US$ under the Linked

Exchange Rate System, and acordingly, no sensitivity analysis

of US$ with respect to HK$ is performed.

123
1,453

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司202

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

40. FINANCIAL RISK MANAGEMENT (Continued)

(a) Foreign curency risk (Continued)

The folowing table ilustrates the aproximate change in the

Group’s profit (los) before tax for the year and retained earnings

in response to reasonably posible changes in the foreign

exchange rates to which the Group has significant exposure at

the end of each of the folowing year:

Increase in profit and

retained earnings

溢利及保留盈利增加

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Euro apreciated by 5%欧元升值5%123

RMB apreciated by 5%人民币升值5%1,326

The change in exchange rates do not afect the Group’s other

component of equity. The same percentage depreciation in

the foreign curencies against the functional curency of the

respective Group companies would have the same magnitude on

profit and retained profits but of oposite efect.

The sensitivity analysis has ben determined asuming that the

change in foreign exchange rates had ocured at the end of

each of the reporting period and had ben aplied to each of the

group entities; exposure to curency risk for financial instruments

in existence at that date, and that al other variables, in particular

interest rates, remain constant. The stated changes represent

management’s asesment of reasonably posible changes in

foreign exchange rates over the period until the next reporting

date.

(b) Interest rate risk

The Group’s cash flow interest rate risk primarily relates to

variable-rate pledged bank deposits and bank balances (se

notes 26 and 27 respectively for details). The Group curently

does not have interest rate hedging policy. However, the

management of the Group wil consider hedging significant

interest rate exposure should the ned arise. The management

considers the Group’s exposure to future cash flow interest

rate risk is minimal taking into acount the minimal fluctuation

on market interest rate. Acordingly, no sensitivity analysis is

presented.

（续）

(a) 外币风险（续）

下表说明本集团本年度除税前溢利

（亏损）及保留盈利就本集团于以下

各年度末面对重大风险之汇率的合

理可能变动，而出现之概约变动：

汇率变动不会影响本集团其他权益

部分。外币兑各集团公司之功能货币

之同一百分比贬值对溢利及保留溢

利构成相同幅度但相反之影响。

敏感度分析乃假设汇率于各报告期

末已发生变动而厘定，并应用于各集

团实体，就金融工具所承受之货币风

险于该日期已存在，以及所有其他变

数（特别是利率）维持不变。所述变动

代表管理层对汇率于直至下个报告

日期前期间之合理可能变动之评估。

(b) 利率风险

本集团之现金流量利率风险主要与

以浮动利率计息之已抵押银行存款

及银行结余（详情分别见附注26及

27）有关。本集团现时并无利率对冲

政策。然而，本集团管理层将于必要

时考虑对冲重大利率风险。鉴于市场

利率之波动甚微，管理层认为本集

团承受未来现金流量利率之风险甚

微。因此，概无呈列敏感度分析。

N/A	4,427	4,427	4,427	—	—
不适用
N/A	14,223	14,223	14,223	—	—
不适用
7.95%	1,903	1,981	1,981	—	—
18.72%	139,038	577,170	—	—	577,170
18.72%	159,591	597,801	20,631	—	577,170

ANUAL REPORT 2025 二零二五年报203

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

本集团积极管理其债务到期情况、经

营现金流量及可动用资金，以确保可

应付所有经营、投资及融资需要。本

集团采纳之流动资金风险管理策略

为计量及预测其现金承担及将现金

及现金等值项目维持于被视为足以

拨付本集团活动之水平。

按剩余合约到期日划分之金

融工具分析

下表根据合约未贴现偿还责任（包

括使用合约利率或（倘属浮动）根据

报告日期之当前利率计算的利息付

款），概述本集团于报告期末负债之

到期情况。

40. FINANCIAL RISK MANAGEMENT (Continued)

The Group actively manages its debt maturity profile, operating

cash flows and the availability of funding so as to ensure that al

operating, investing and financing neds are met. The liquidity

risk management strategy adopted by the Group is to measure

and forecast its cash comitments and maintains a level of cash

and cash equivalents demed adequate to finance the Group’s

activities.

Analysis of financial instruments by remaining

contractual maturities

The table below sumaries the maturity profile of the Group’s

liabilities at the end of the reporting period based on contractual

undiscounted repayment obligations (including interest payments

computed using contractual rates, or if floating, based on rates

curent at the reporting date).

Weighted

average

interest

rate

Carying

amount

Total

contractual

undiscounted

cash flow

Within

1 year or

repayable

on demand

More than

1 year but

les than

5 years

than

5 years

加权平均

利率账面值

合约未贴现

现金流量总额

一年内或

按要求

偿还

超过一年

但少于

五年超过五年

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

31 March 2025二零二五年三月三十一日

Trade and bils payables贸易应付账款及应付票据

Acruals and other payables预提费用及其他应付款项

Lease liabilities租赁负债

Convertible bonds可换股债券

31 March 2024二零二四年三月三十一日

Trade and bils payables贸易应付账款及应付票据N/A4,6574,6574,657—

不适用

Acruals and other payables预提费用及其他应付款项N/A15,64515,64515,645—

不适用

Lease liabilities租赁负债7.92%3,2863,5561,5671,989—

Convertible bonds可换股债券18.72%117,124577,170—577,170

140,712601,02821,8691,989577,170

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司204

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

The Group’s credit risk is primarily atributable to investments in

convertible bonds, trade and other receivables, amount due from

an asociate, loan to an asociate, pledged bank deposits and

bank balances.

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 an obligation by the counterparties is the carying

amounts of the respective recognised financial asets as stated

in the consolidated statement of financial position.

The investments in convertible bonds at 31 March 2025 expose

the Group to concentration of credit risk. At the end of the

reporting period, the Group asesed the financial position

and performance of the isuer of the convertible bonds with

carying amount of HK$915,436,000 (2024: HK$660,564,000)

and in view of the net asets of the isuer and its ongoing core

operating segment related to the In-proces R&D of the Product,

the management considers the default risk on the investments in

convertible bonds is not significant.

The Group also has concentration of credit risk as about 11%

(2024: 12%) of the total trade receivables were due from the

Group’s major customers, which are privately owned PRC

companies engaged in trading of pharmaceutical products. The

Directors considered that the credit risk of trade receivables is

insignificant after considering the credit quality and financial ability

of these customers. In respect of trade receivables, individual

credit evaluations are performed on al customers requiring

credit over a certain amount. The Group has policies in place to

ensure that sales are made to customers with an apropriate

credit history. These credit evaluations focus on the customers’

past history of making payments when due and curent ability to

pay, and take into acount information specific to the customer

as wel as pertaining to the economic environment in which the

customer operates. The Group wil make specific provision for

those balances which canot be recovered. Normaly, the Group

does not obtain colateral from customers. In the opinion of the

Directors, the default risk of the customers is considered to be

low.

Pledged bank deposits/bank balances

Credit risk on pledged bank deposits/bank balances is limited

because the counterparties are reputable banks with high credit

ratings asigned by international credit agencies.

（续）

(d) 信贷风险及减值评估

本集团之信贷风险主要来自可换股

债券投资、贸易应收账款及其他应收

款项、应收一间联营公司款项、贷款

予一间联营公司、已抵押银行存款及

银行结余。

于二零二五年三月三十一日，本集团

所面对之最大信贷风险（会因交易对

手方未能履行责任而令本集团承担

财政损失）为综合财务状况表列载之

各项已确认金融资产之账面值。

于二零二五年三月三十一日之可换

股债券投资令本集团面临信贷集中

风险。于报告期末，本集团评估账面

值为915,436,000港元（二零二四年：

660,564,000港元）之可换股债券发行

人之财务状况及表现，鉴于发行人拥

有之资产净值以及其核心营运分类

涉及有关产品的进行中之研发，管理

层认为可换股债券投资之违约风险

并不重大。

本集团亦面临信贷集中风险，乃因贸

易应收账款总额中约11%（二零二四

年：12%）乃应收本集团之主要客户

款项，该等客户为从事药品贸易之中

国私人公司。经考虑该等客户之信贷

质素及财政能力后，董事认为贸易

应收账款之信贷风险并不重大。就贸

易应收账款而言，对所有要求超过若

干金额信贷之客户进行独立信贷评

估。本集团订有适当政策可确保销售

对象为信贷记录良好之客户。该等信

贷评估著重评核客户支付到期款项

之过往记录，以及目前之支付能力，

并考虑客户特定资料及有关客户经

营所在经济环境之资料。本集团将会

为该等不能收回之结余作出特定拨

备。一般而言，本集团并无向客户收

取抵押品。董事认为，客户违约风险

为低。

已抵押银行存款╱银行结余

已抵押银行存款╱银行结余之信贷风

险有限，原因为交易对手方为享有国

际信贷机构给予高信贷评级之信誉

良好银行。

ANUAL REPORT 2025 二零二五年报205

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(d) 信贷风险及减值评估（续）

应收一间联营公司款项及贷

款予一间联营公司

本集团面临集中信贷风险，原因为

该两个年度之结余均来自一间联营

公司。

本集团定期监察联营公司之业务表

现。本集团就该等结余所面临之信

贷风险通过该实体所持资产价值以

及参与该实体之相关活动之权力而

缓解。本集团按全期预期信贷损失

计提减值拨备。截至二零二五年及

二零二四年三月三十一日止年度，

本集团已评估应收一间联营公司款

项及贷款予一间联营公司之预期信

贷损失。于二零二五年三月三十一

日，应收一间联营公司款项及贷款

予一间联营公司的信贷损失拨备分

别为约9,285,000港元（二零二四年：

7,488,000港元）及约7,872,000港元

（二零二四年：6,616,000港元）。

其他应收款项及按金

就其他应收款项及按金而言，以历史

结算记录、过往经验以及属合理及支

持性前瞻性资料之定量及定性资料

为基准，管理层定期个别评估其他应

收款项及按金之可收回性。管理层认

为，该等款项之信贷风险自初步确认

以来并无显著增加，故本集团按12个

月预期信贷损失计提减值拨备。截至

二零二五年及二零二四年三月三十

一日止年度，本集团已评估其他应收

款项及按金之预期信贷损失。于二零

二五年三月三十一日，其他应收款项

的信贷损失拨备为约87,000港元（二

零二四年：26,000港元）。

本集团使用拨备矩阵并按与全期预

期信贷损失等额之方式计量贸易应

收账款之亏损拨备。由于本集团过往

信贷损失经验并无显示不同客户分

类有重大不同损失模式，按逾期状态

呈列之亏损拨备不会进一步于本集

团不同客户群之间区分。

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

Amount due from an asociate and loan to an

asociate

The Group has concentration of credit risk as the balances were

contributed from an asociate for both years.

The Group regularly monitors the busines performance of

the asociate. The Group’s credit risks in these balances are

mitigated through the value of the asets held by this entity and

the power to participate the relevant activities of this entity. The

Group provided impairment based on lifetime ECL. For the years

ended 31 March 2025 and 2024, the Group asesed the ECL

for amount due from an asociate and loan to an asociate.

At 31 March 2025, an alowance of credit loses of amount

due from an asociate and loan to an asociate amounting

to aproximately HK$9,285,000 (2024: HK$7,488,000) and

aproximately HK$7,872,000 (2024: HK$6,616,000) respectively.

Other receivables and deposits

For other receivables and deposits, the management makes

periodic individual asesment on the recoverability of other

receivables and deposits based on historical setlement records,

past experience, and also quantitative and qualitative information

that is reasonable and suportive forward-loking information.

The management believes that there is no significant increase

in credit risk of these amounts since initial recognition and the

Group provided impairment based on 12m ECL. For the years

ended 31 March 2025 and 2024, the Group asesed the

ECL for other receivables and deposits. At 31 March 2025, an

alowance of credit loses of other receivables amounting to

aproximately HK$87,000 (2024: HK$26,000).

The Group measures los alowances for trade receivables at

an amount equal to lifetime ECLs, which is calculated using a

provision matrix. As the Group’s historical credit los experience

does not indicate significantly diferent los paterns for diferent

customer segments, the los alowance based on past due

status is not further distinguished betwen the Group’s diferent

customer bases.

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司206

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(d) 信贷风险及减值评估（续）

贸易应收账款及应收票据

就贸易应收账款及应收票据而言，

预期亏损率乃根据过往一年之实际

亏损经验计算。该等比率乃经调整，

以反映收集历史数据期间之经济状

况、现时状况及本集团对应收款项之

预计年期之经济状况看法之差异。

本集团内部信贷风险评级评估包括

下列分类：

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

Trade and bils receivables

For trade and bils receivables, expected los rates are based

on actual los experience over the past 1 year. These rates are

adjusted to reflect diferences betwen economic conditions

during the period over which the historical data has ben

colected, curent conditions and the Group’s view of economic

conditions over the expected lives of the receivables.

The Group’s internal credit risk grading asesment comprises

the folowing categories:

Internal credit

ratingDescription

Trade and bils

receivablesOther financial asets

内部信贷评级描述

贸易应收账款及

应收票据其他金融资产

Low riskThe counterparty has a low risk of default and

does not have any past-due amounts

Lifetime ECL — not

credit-impaired

12m ECL

低风险交易对手方违约风险较低及并无任何

逾期金额

全期预期信贷损失 —

无信贷减值

12个月预期信贷损失

Watch listDebtor frequently repays after due dates but

usualy setle in ful

Lifetime ECL — not

credit-impaired

12m ECL

监察名单债务人经常于到期日后偿还款项，

惟通常会悉数支付

全期预期信贷损失 —

无信贷减值

12个月预期信贷损失

DoubtfulThere have ben significant increases in

credit risk since initial recognition through

information developed internaly or external

resources

Lifetime ECL — not

credit-impaired

Lifetime ECL —

not credit-impaired

呆账内部或外界资源产生的资料显示信贷风险

自初步确认以来已大幅增加

全期预期信贷损失 —

无信贷减值

全期预期信贷损失 —

无信贷减值

LosThere is evidence indicating the aset is

credit-impaired

Lifetime ECL —

credit-impaired

Lifetime ECL —

credit-impaired

亏损有证据显示资产已出现信贷减值全期预期信贷损失 —

信贷减值

全期预期信贷损失 —

信贷减值

Write-ofThere is evidence indicating that the debtor is

in severe financial dificulty and the Group

has no realistic prospect of recovery

Amount is writen ofAmount is writen of

撇销有证据显示债务人出现重大财务困难，

而本集团并无收回款项的实际可能

金额已撇销金额已撇销

7,187
38,784
35,563
41,947
1,297

ANUAL REPORT 2025 二零二五年报207

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

The tables below detail the credit risk exposures of the Group’s

financial asets which are subject to ECL asesment:

External

credit rating

Internal

credit rating12m or lifetime ECLGros carying amount

外部信贷评级内部信贷评级12个月或全期预期信贷损失账面总值

二零二五年二零二四年

Financial asets at amortised costHK$’000HK$’000

按摊销成本计量之金融资产千港元千港元

Trade and bils receivablesN/ALow riskLifetime ECL (not credit-impaired)3,319

贸易应收账款及应收票据不适用低风险全期预期信贷损失（无信贷减值）

DoubtfulLifetime ECL (not credit-impaired)40,318

呆账全期预期信贷损失（无信贷减值）

Loan to an asociateN/ADoubtfulLifetime ECL (not credit-impaired)24,655

贷款予一间联营公司不适用呆账全期预期信贷损失（无信贷减值）

Amount due from an asociateN/ADoubtfulLifetime ECL (not credit-impaired)41,947

应收一间联营公司款项不适用呆账全期预期信贷损失（无信贷减值）

Deposits and other receivablesN/A(Note below)12m ECL1,842

按金及其他应收款项不适用（下文附注）12个月预期信贷损失

Note: For the purposes of internal credit risk management, the Group uses

past due information to ases whether credit risk has increased

significantly since initial recognition.

（续）

(d) 信贷风险及减值评估（续）

下表详列须进行预期信贷损失评估

之本集团金融资产之信贷风险：

附注：就内部信贷风险管理而言，本集团使

用逾期资料评估信贷风险自初步确认

以来是否已大幅增加。

—	32,662	32,662
—	27,691	27,691
615	7,187	7,802
—	1,210	1,210

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司208

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(d) 信贷风险及减值评估（续）

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

Past due

Not past

due/no fixed

repayment

termsTotal

逾期

未逾期╱

无固定还款期总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 31 March 2025于二零二五年三月三十一日

Amount due from an asociate应收一间联营公司款项

Loan to an asociate贷款予一间联营公司

Trade and bils receivables贸易应收账款及应收票据

Deposits and other receivables按金及其他应收款项

At 31 March 2024于二零二四年三月三十一日

Amount due from an asociate应收一间联营公司款项—34,45934,459

Loan to an asociate贷款予一间联营公司2,94815,09118,039

Trade and bils receivables贸易应收账款及应收票据8973,3184,215

Deposits and other receivables按金及其他应收款项—1,8161,816

6,616
1,256
7,872

22.14	—
35,563	—	35,563
7,872	—	7,872

ANUAL REPORT 2025 二零二五年报209

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

The folowing tables show reconciliation of los alowances that

has ben recognised for amount due from an asociate, loan to

an asociate, trade and bils receivables and deposits and other

receivables.

Loan to an asociate

Lifetime ECL

(not credit-

impaired)

全期预期

信贷损失

（无信贷减值）

HK$’000

千港元

At 1 April 2023于二零二三年四月一日3,207

Changes due to financial instruments

recognised at 1 April 2023:

于二零二三年四月一日因确认

金融工具出现变动：

Impairment loses recognised已确认减值亏损3,409

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日

Changes due to financial instruments

recognised at 1 April 2024:

于二零二四年四月一日因确认

金融工具出现变动：

Impairment loses recognised已确认减值亏损

At 31 March 2025于二零二五年三月三十一日

Curent

Past due over

180 daysTotal

即期

已逾期超过

180日总计

At 31 March 2025于二零二五年三月三十一日

ECL (%)预期信贷损失(%)

Gros carying amount (HK$’000)账面总值（千港元）

Los alowance (HK$’000)亏损拨备（千港元）

At 31 March 2024于二零二四年三月三十一日

ECL (%)预期信贷损失(%)17.8553.10

Gros carying amount (HK$’000)账面总值（千港元）18,3716,28424,655

Los alowance (HK$’000)亏损拨备（千港元）3,2803,3366,616

（续）

(d) 信贷风险及减值评估（续）

下表列示已就应收一间联营公司款

项、贷款予一间联营公司、贸易应收

账款及应收票据以及按金及其他应

收款项确认的亏损拨备对账。

贷款予一间联营公司

39,422	—	39,422
(847)	—	(847)
(406)	—	(406)
38,169	—	38,169

—	98.41
7,187	38,784	45,971
—	38,169	38,169

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司210

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(d) 信贷风险及减值评估（续）

贸易应收账款及应收票据

下表载列本集团就贸易应收账款及

应收票据所面临之信贷风险及预期

信贷损失之资料：

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

Trade and bils receivables

Lifetime ECL

(not credit-

impaired)

Lifetime ECL

(credit-

impaired)Total

全期预期

信贷损失

（无信贷减值）

全期预期

信贷损失

（信贷减值）总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日

Changes due to financial instruments

recognised at 1 April 2023:

于二零二三年四月一日因

确认金融工具出现变动：40,208—40,208

— Impairment loses recognised—已确认减值亏损1,727—1,727

— Impairment loses reversed—已拨回减值亏损(1,638)—(1,638)

Exchange adjustments汇兑调整(875)—(875)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日

及二零二四年四月一日

Changes due to financial instruments

recognised at 1 April 2024:

于二零二四年四月一日因

确认金融工具出现变动：

— Impairment loses reversed—已拨回减值亏损

Exchange adjustments汇兑调整

At 31 March 2025于二零二五年三月三十一日

The folowing table provides information about the Group’s

exposure to credit risk and ECLs for trade and bils receivables:

Curent

Past due

over 180 daysTotal

即期

已逾期超过

180日总计

At 31 March 2025于二零二五年三月三十一日

ECL (%)预期信贷损失(%)

Gros carying amount (HK$’000)账面总值（千港元）

Los alowance (HK$’000)亏损拨备（千港元）

At 31 March 2024于二零二四年三月三十一日

ECL (%)预期信贷损失(%)—97.78

Gros carying amount (HK$’000)账面总值（千港元）3,31940,31843,637

Los alowance (HK$’000)亏损拨备（千港元）—39,42239,422

7,488
1,797
9,285

22.14	—
41,947	—	41,947
9,285	—	9,285

ANUAL REPORT 2025 二零二五年报211

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

Amount due from an asociate

Lifetime ECL (not

credit-impaired)

全期预期

信贷损失

（无信贷减值）

HK$’000

千港元

At 1 April 2023于二零二三年四月一日5,703

Changes due to financial instruments

recognised at 1 April 2023:

于二零二三年四月一日因确认金融工具

出现变动：

Impairment loses recognised已确认减值亏损1,785

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日

Changes due to financial instruments

recognised at 1 April 2024:

于二零二四年四月一日因确认金融工具

出现变动：

Impairment loses recognised已确认减值亏损

At 31 March 2025于二零二五年三月三十一日

Curent

Past due

over 180 daysTotal

即期

已逾期超过

180日总计

At 31 March 2025于二零二五年三月三十一日

ECL (%)预期信贷损失(%)

Gros carying amount (HK$’000)账面总值（千港元）

Los alowance (HK$’000)亏损拨备（千港元）

At 31 March 2024于二零二四年三月三十一日

ECL (%)预期信贷损失(%)17.85—

Gros carying amount (HK$’000)账面总值（千港元）41,947—41,947

Los alowance (HK$’000)亏损拨备（千港元）7,488—7,488

（续）

(d) 信贷风险及减值评估（续）

应收一间联营公司款项

26
61
87

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司212

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

(d) 信贷风险及减值评估（续）

按金及其他应收款项

40. FINANCIAL RISK MANAGEMENT (Continued)

(d) Credit risk and impairment asesment

(Continued)

Deposits and other receivables

12m ECL

12个月预期

信贷损失

HK$’000

千港元

At 1 April 2023, 31 March 2024 and 1 April 2024于二零二三年四月一日、二零二四年

三月三十一日及二零二四年四月一日

Changes due to financial instruments

recognised as at 1 April 2024:

于二零二四年四月一日因确认金融工具

出现变动：

— Impairment loses recognised—已确认减值亏损

At 31 March 2025于二零二五年三月三十一日

ANUAL REPORT 2025 二零二五年报213

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

41. RECONCILIATION OF LIABILITIES ARISING

FROM FINANCING ACTIVITIES

Convertible

bonds

Lease

liabilitiesTotal

可换股债券租赁负债总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日

Changes from financing cash flows:融资现金流量变动：98,6174,607103,224

Repayment of principal portion of lease liabilities租赁负债本金部分还款—(1,321)(1,321)

Repayment of interest portion of lease liabilities租赁负债利息部分还款—(294)(294)

Total changes from financing cash flows融资现金流量变动总额—(1,615)(1,615)

Other change:其他变动：

Interest expenses利息开支18,50729418,801

Total other change其他变动总额18,50729418,801

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日

及二零二四年四月一日117,1243,286120,410

Changes from financing cash flows:融资现金流量变动：

Repayment of principal portion of lease liabilities租赁负债本金部分还款—(1,383)(1,383)

Repayment of interest portion of lease liabilities租赁负债利息部分还款—(193)(193)

Total changes from financing

cash flows

融资现金流量变动总额

—(1,576)(1,576)

Other change:其他变动：

Interest expenses利息开支21,91419322,107

Total other change其他变动总额21,91419322,107

At 31 March 2025于二零二五年三月三十一日139,0381,903140,941

42. MAJOR NON-CASH TRANSACTIONS

Saved as disclosed elsewhere in these consolidated financial

statements, the Group did not have any other major non-cash

transactions during the years ended 31 March 2025 and 31 March

2024.

41. 融资活动产生之负债对账

42. 重大非现金交易

除此等综合财务报表其他部分所披露者

外，本集团于截至二零二五年三月三十一

日及二零二四年三月三十一日止年度并无

任何其他重大非现金交易。

100%
100%
100%
100%
100%
80%
100%
100%

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司214

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

43. 本公司附属公司之详情

附属公司之一般资料

43. PARTICULARS OF THE SUBSIDIARIES OF

THE COMPANY

General information of subsidiaries

Name

Place of

incorporation/

registration

Place of

operations

Registered/

isued paid-up

capital

Percentage of ownership

interest/voting power

held by the GroupPrincipal activities

名称

注册成立╱

登记地点经营地点

缴足股本

本集团持有的所有权

权益╱投票权百分比主要业务

二零二五年二零二四年

Directly held by the Company

本公司直接持有

Extrawel (BVI) LimitedBVIBVIUS$10,000

ordinary shares

100%Investment holdings

英属处女群岛英属处女群岛10,000美元普通股投资控股

Jilin Extrawel Changbaishan

Pharmaceutical Co., Ltd.

(“JECP”) (note (i) below)

PRCPRCRMB33,000,000

registered capital

100%Development, manufacture

and sales of pharmaceutical

products

吉林精优长白山药业

有限公司（「吉林精优」）

（下文附注(i)）

中国中国人民币33,000,000元

注册资本

开发、制造及销售药品

Indirectly held by the Company

本公司间接持有

Extrawel Enterprises LimitedHong KongHong KongHK$20 ordinary shares

20港元普通股

HK$1,000,000

non-voting defered

100%Investment holdings and property

investment

精优企业有限公司香港香港1,000,000港元

无投票权递延股份

投资控股及物业投资

Extrawel Pharmaceutical (HK)

Limited

Hong KongHong KongHK$2 ordinary shares100%Provision of agency services

精优药业（香港）有限公司香港香港2港元普通股提供代理服务

South Asia Pharmaceutical

(China) Limited

MalaysiaMalaysiaUS$1 ordinary share100%Marketing and distribution of

pharmaceutical products

马来西亚马来西亚1美元普通股推广及分销药品

CEP (note (i) below)PRCPRCRMB45,430,000

registered capital

80%Development, manufacture

and sales of pharmaceutical

products

长春精优（下文附注(i)）中国中国人民币45,430,000元

注册资本

开发、制造及销售药品

Best-BioBVIBVIUS$1 ordinary share100%Investment holdings

英属处女群岛英属处女群岛1美元普通股投资控股

Right & Rise LimitedBVIBVIUS$50,000

ordinary shares

100%Investment holdings

英属处女群岛英属处女群岛50,000美元普通股投资控股


20%	803	272
	—	—
272
	—	(15)
1,309
	803	257

ANUAL REPORT 2025 二零二五年报215

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

43. PARTICULARS OF THE SUBSIDIARIES OF

THE COMPANY (Continued)

General information of subsidiaries (Continued)

Notes:

(a) JECP is a wholy foreign-owned enterprise established in the PRC with an

operating period of 15 years comencing from 22 April 1999. JECP has

renewed its operating period with no expiry term.

(b) CEP is a joint stock limited company established in the PRC.

The above table lists the subsidiaries of the Company which, in the

opinion of the Directors, principaly afect the financial results of the year

or form a substantial portion of the net asets of the Group. None of the

subsidiaries had isued any debt securities at the end of the year or any

time during the year.

Details of non-wholy owned subsidiaries that

have material non-controling interests

The table below shows details of non-wholy owned subsidiaries of the

Group that have material non-controling interests:

Name of subsidiary

Place of

registration/

incorporation/

operations

Proportion of ownership

interests held by non-

controling interests

Profit and other

comprehensive income

alocated to non-controling

interests

Acumulated

non-controling interests

附属公司名称

登记╱注册成立╱

经营之地点

非控股权益所持之

所有权益比例

分配至非控股权益

之溢利及其他全面收益累计非控股权益

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

CEPRC1,151

长春精优中国

Share buy back(1,650)

股份回购

(499)

Individualy imaterial subsidiary with

non-controling interests(15)

持有非控股权益之个别不重大附属公司

(514)

（续）

附属公司之一般资料（续）

附注：

(a) 吉林精优乃于中国成立之外商独资企业，其

经营期为自一九年四月二十二日起计

15年。吉林精优已重续其经营期，并无届满

期限。

(b) 长春精优乃于中国成立之股份有限公司。

上表所列之本公司附属公司为董事认为主

要影响本年度财务业绩或构成本集团资产

净值重大部分之附属公司。于年末或年内

任何时间，概无任何附属公司曾发行任何

债务证券。

拥有重大非控股权益之非全资

附属公司之详情

下表列示本集团拥有重大非控股权益之非

全资附属公司之详情：

41,790
118,421
(145,708)
(4,011)
10,220
272
10,492
55,405
(51,293)
4,112
(160)
3,952
3,309
803
4,112
3,181
771
3,952
5,967
(3,009)

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司216

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

（续）

拥有重大非控股权益之非全资

附属公司之详情（续）

有关长春精优之财务资料概要载列如下。

下列财务资料概要为集团内公司间对销前

之金额。

长春精优

43. PARTICULARS OF THE SUBSIDIARIES OF

THE COMPANY (Continued)

Details of non-wholy owned subsidiaries that

have material non-controling interests (Continued)

Sumarised financial information in respect of CEP is set out below.

The sumarised financial information below represents amounts before

intragroup eliminations.

CEP

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent asets流动资产37,621

Non-curent asets非流动资产123,147

Curent liabilities流动负债(150,057)

Non-curent liabilities非流动负债(4,171)

Equity atributable to: 以下人士应占权益：

— owners of the Company —本公司拥有人7,039

— non-controling interests—非控股权益(499)

6,540

Revenue收益59,085

Expenses开支(53,641)

Profit for the year本年度溢利5,444

Other comprehensive (expense) income

for the year

本年度其他全面（开支）收益

Total comprehensive income for the year本年度全面收益总额6,320

Profit for the year atributable to:以下人士应占本年度溢利：

— owners of the Company—本公司拥有人4,135

— non-controling interests—非控股权益1,309

5,444

Total comprehensive income for the year

atributable to:

以下人士应占本年度全面收益总额：

— owners of the Company—本公司拥有人5,032

— non-controling interests—非控股权益1,288

6,320

Net cash generated from (used in) operating

activities

经营活动产生（所用）之现金净额

(6,606)

Net cash used in investing activities投资活动所用之现金净额(5,252)

629,927
330,211
960,138
507
27,303
27,810
987,948
1,036
94,118
95,154
139,038
234,192
23,900
729,856
753,756
987,948

ANUAL REPORT 2025 二零二五年报217

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

’S STATEMENT OF

FINANCIAL POSITION

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets非流动资产

Interests in subsidiaries — unlisted于附属公司之权益—非上市629,927

Amounts due from subsidiaries应收附属公司款项330,217

960,144

Curent asets流动资产

Deposits, prepayments and other

receivables

按金、预付款项及其他应收款项

Cash and bank balances现金及银行结余46,671

47,188

Total asets总资产1,007,332

Curent liabilities流动负债

Acruals and other payables预提费用及其他应付款项990

Amounts due to subsidiaries应付附属公司款项108,674

109,664

Non-curent liability非流动负债

Convertible bonds可换股债券32117,124

Total liabilities 总负债226,788

Equity权益

Share capital股本3423,900

Reserves储备756,644

Total equity权益总额780,544

Total liabilities and equity总负债及权益1,007,332

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司218

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

44. HOLDING COMPANY’S STATEMENT OF

FINANCIAL POSITION (Continued)

The movements of the Company’s reserves during the years ended 31

March 2025 and 31 March 2024 are as folows:

premium

Contributed

surplus

Convertible

bonds equity

reserve

Retained

earnings

(acumulated

loses)Total

股份溢价缴入盈余

可换股债券

权益储备

保留盈利

（累计亏损）总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年

四月一日191,73864,636512,35910,080778,813

Los and total comprehensive

expense for the year

本年度亏损及

全面开支总额—(22,169)(22,169)

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日

及二零二四年

四月一日191,73864,636512,359(12,089)756,644

Los and total comprehensive

expense for the year

本年度亏损及

全面开支总额—(26,788)(26,788)

At 31 March 2025于二零二五年

三月三十一日191,73864,636512,359(38,877)729,856

（续）

本公司于截至二零二五年三月三十一日及

二零二四年三月三十一日止年度之储备变

动如下：

(105)

ANUAL REPORT 2025 二零二五年报219

Notes to the CoNsolidated

FiNaNCial statemeNts (CoNtiNUed)

综合财务报表附注（续）

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

45. 已终止经营业务

于二零二五年三月七日，董事会决议终止

其从事基因相关技术之商业开发及发展的

基因开发分类（即基因开发业务）并出售主

要从事基因开发业务的本公司全资附属公

司Best-Bio的股份或将Best-Bio注销。管理

层作出此战略决策是为了将更多的精力投

放在生产及贸易业务（即持续经营业务）的

关键能力上。

于二零二四年四月一日至二零二五年三月

七日止期间及截至二零二四年三月三十一

日止年度，Best-Bio集团并无业务，及Best-

Bio集团之综合业绩呈列如下：

于二零二四年三月三十一日，Best-Bio集团

之分类资产及分类负债分别为约15,000港

元及64,000港元。于二零二五年三月七日

及二零二五年三月三十一日，Best-Bio集团

并无任何重大资产及负债。

于二零二四年四月一日至二零二五年三月

七日止期间及截至二零二四年三月三十一

日止年度，Best-Bio集团并无产生及为本集

团贡献重大现金流入或流出。

46. 报告期末后事项

除该等综合财务报表其他部分所披露者

外，本集团并无任何重大报告期末后事项。

47. 批准综合财务报表

董事会于二零二五年六月三十日批准及授

权刊登综合财务报表。

45. DISCONTINUED OPERATION

On 7 March 2025, the Board has resolved to discontinue its gene

development segment that engages in the comercial exploitation and

development of genome-related technology (i.e. Gene Development

busines) and to sel the shares in or deregister Best-Bio, a wholy-

owned subsidiary of the Company, which is mainly engaged in the Gene

Development busines. Management made such strategic decision to

place greater focus on the key competences for the Manufacturing and

Trading busineses, i.e. the Continuing Operations.

During the period from 1 April 2024 to 7 March 2025 and the year

ended 31 March 2024, the Best-Bio Group was inactive and the

consolidated results of the Best-Bio Group are presented below:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Administrative expenses行政费用(85)

At 31 March 2024, the segment asets and segment liabilities of the

Best-Bio Group were aproximately HK$15,000 and HK$64,000,

respectively. At 7 March 2025 and 31 March 2025, the Best-Bio Group

did not have any significant asets and liabilities.

During the period from 1 April 2024 to 7 March 2025 and the year

ended 31 March 2024, the Best-Bio Group did not generate and

contribute significant cash inflow or outflow to the Group.

46. EVENTS AFTER THE END OF THE

REPORTING PERIOD

Saved as disclosed elsewhere in these consolidated financial

statements, the Group did not have any significant events after the end

of the reporting periods.

47. APROVAL OF CONSOLIDATED

FINANCIAL STATEMENTS

The consolidated financial statements were aproved and authorised

for isue by the board of directors on 30 June 2025.

55,429
224,719
(1,167)
223,552
(105)
223,447
222,644
803
223,447

1,526,352
(191,553)
1,334,799
1,334,542
257
1,334,799

Five Years’ Financial sumarY

五年财务概要

EXTRAWEL PHARMACEUTICAL HOLDINGS LIMITED 精优药业控股有限公司220

A sumary of the results and of the asets, liabilities and non-controling

interests of the Group for the last five financial years, is set out below:

For the year ended 31 March

截至三月三十一日止年度

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

RESULTS业绩

Revenue收入59,09872,57773,92578,802

Profit (los) before income tax

from Continuing Operations

来自持续经营业务之除

所得税前溢利（亏损）(159,424)130,992132,420(119,567)

Income tax expense所得税开支(2,131)(1,128)(1,239)—

Profit (los) for the year from

Continuing Operations

来自持续经营业务之

本年度溢利（亏损）(161,555)129,864131,181(119,567)

Los for the year from

Discontinued Operation

来自已终止经营业务

之本年度亏损

(85)(91)(90)(96)

Profit (los) for the year本年度溢利（亏损）(161,640)129,773131,091(119,663)

Atributable to:以下人士应占：

— Owners of the Company—本公司拥有人(162,949)129,265130,588(121,098)

— Non-controling interests—非控股权益1,3095085031,435

(161,640)129,773131,091(119,663)

During the year ended 31 March 2025, the directors of the Company resolved

to discontinue (the “Discontinued Operation”) its busines segment that

engages in the comercial exploitation and development of genome-related

technology (“Gene Development” busines) and focus on the remaining

busines operations (the “Continuing Operations”). The los for the year from

the Gene Development busines segment for the prior years are included in

Discontinued Operation for comparative purpose.

As at 31 March

于三月三十一日

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

ASETS, LIABILITIES AND

NON-CONTROLING

INTERESTS

资产、负债及非控股

权益

Total asets总资产1,287,1891,444,8741,317,1011,164,239

Total liabilities总负债(174,578)(163,304)(152,177)(134,945)

Total equity权益总额1,112,6111,281,5701,164,9241,029,294

Equity atributable to owners of

the Company

本公司拥有人应占

权益1,113,1251,281,7221,165,6531,030,505

Non-controling interests非控股权益(514)(152)(729)(1,211)

Total equity权益总额1,112,6111,281,5701,164,9241,029,294

本集团过去五个财政年度之业绩，以及资产、负

债及非控股权益概要载列如下：

于截至二零二五年三月三十一日止年度，本公司

董事决议终止其从事基因相关技术之商业开发

及发展的业务分类（「基因开发」业务）（「已终止经

营业务」），并专注于其余业务经营（「持续经营业

务」）。为方便比较，基因开发业务分部于过往年

度的年度亏损已计入已终止经营业务内。

ANUAL REPORT年报

(Incorporated in Bermuda with limited liability)

Stock code 股份代号 : 858

Extrawel Pharmaceutical Holdings Limited

(于百慕达注册成立之有限公司)

年

报

精

优

药

业

控

股

有

限

公

司

ANUAL REPORT年报

Extrawel Pharmaceutical Holdings Limited

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION (CONTINUED)

公司资料（续）

CHAIRMAN’S

STATEMENT

主席报告

Dear Shareholders:

致各位股东：

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

CHAIRMAN’S STATEMENT (CONTINUED)

主席报告（续）

MANAGEMENT DISCUSION

AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

第14章项下申报、公告及股东批准规定。

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

2033. As at 31 March 2025, the outstanding principal amount of

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

MANAGEMENT DISCUSION

AND ANALYSIS (CONTINUED)

管理层讨论及分析（续）

DIRECTORS AND

SENIOR MANAGEMENT PROFILE

董事及高层管理人员简介

2013. Since 1 July 2019, Mr. Cheng has ben apointed as the

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

DIRECTORS AND SENIOR MANAGEMENT PROFILE (CONTINUED)

董事及高层管理人员简介（续）

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE REPORT (CONTINUED)

企业管治报告（续）

CORPORATE GOVERNANCE REPORT (CONTINUED)