08482 万励达 财务报表/环境、社会及管治资料：2024-2025 年度报告
2024-2025
ANUAL REPORT
年度报告
(Incorporated in the Cayman Islands with limited liability)
(于开曼群岛注册成立之有限公司)
Stock Code 股份代号：8482
–
年
度
报
告
A
N
N
U
A
L
R
E
P
O
R
T
CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE “STOCK
EXCHANGE”)
GEM has ben positioned as a market designed to acomodate smal and mid-sized companies to
which a higher investment risk may be atached than other companies listed on the Stock Exchange.
Prospective investors should be aware of the potential risks of investing in such companies and
should make the decision to invest only after due and careful consideration.
Given that the companies listed on GEM are generaly smal and mid-sized companies, there is a risk
that securities traded on GEM may be more susceptible to high market volatility than securities traded
on the Main Board and no asurance is given that there wil be a liquid market in the securities traded
on GEM.
Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents
of this report, make no representation as to its acuracy or completenes and expresly disclaim any liability
whatsoever for any los howsoever arising from or in reliance upon the whole or any part of the contents of this
report.
This report, for which the directors of Wan Leader International Limited (the “Company”) colectively and
individualy acept ful responsibility, includes particulars given in compliance with the Rules Governing the Listing
of Securities on the GEM of the Stock Exchange (the “GEM Listing Rules”) for the purpose of giving information
with regard to the Company and its subsidiaries (together, the “Group”). The directors of the Company (the
“Directors”), having made al reasonable enquiries, confirm that, to the best of their knowledge and belief (i)
the information contained in this report is acurate and complete in al material respects and not misleading or
deceptive; and (i) there are no other maters the omision of which would make any statement herein or this
report misleading.
香港联合交易所有限公司（「联交所」）GEM的特色
GEM的定位，乃为中小型公司提供一个上市的市场，此等公司相比起其他在联交所上市的公司带有较高投资风险。
有意投资的人士应了解投资于该等公司的潜在风险，并应经过审慎周详的考虑后方作出投资决定。
由于GEM上市公司普遍为中小型公司，在GEM买卖的证券可能会较于主板买卖之证券承受较大的市场波动风险，
同时无法保证在GEM买卖的证券会有高流通量的市场。
香港交易及结算所有限公司及联交所对本报告的内容概不负责，对其准确性或完整性亦不发表任何声明，并明
确表示，概不就因本报告全部或任何部分内容而产生或因倚赖该等内容而引致之任何损失承担任何责任。
本报告乃遵照《联交所GEM证券上市规则》（「GEM上市规则」）而刊载，旨在提供有关万励达国际有限公司（「本公
司」）及其附属公司（统称「本集团」）的资料。本公司的董事（「董事」）愿就本报告共同及个别地承担全部责任。各
董事在作出一切合理查询后，确认就其所深知及确信，(i)本报告所载资料在各重大方面均属准确完备，没有误
导或欺诈成分；及(i)并无遗漏其他事项，足以令本报告所载任何陈述或本报告产生误导。
CONTENTS
目录
Corporate Information2-5
公司资料
Chairman’s Statement6
主席报告
Management Discusion and Analysis7-20
管理层讨论及分析
Directors’ and Senior Management’s Biographies21-27
董事及高级管理层履历
Corporate Governance Report28-57
企业管治报告
Directors’ Report58-73
董事会报告
Independent Auditor’s Report74-79
独立核数师报告
Consolidated Statement of Profit or Los
and Other Comprehensive Income
综合损益及其他全面收益表
Consolidated Statement of Financial Position81-82
综合财务状况表
Consolidated Statement of Changes in Equity83-84
综合权益变动表
Consolidated Statement of Cash Flows85-86
综合现金流量表
Notes to the Consolidated Financial Statements87-204
综合财务报表附注
Five Year Financial Sumary205-206
五年财务概要
Glosary207-208
词汇
2Wan Leader International Limited Anual Report 2024 – 2025
CORPORATE INFORMATION
公司资料
董事会
执行董事
吕克宜先生（主席）
张雱飞先生（于二零二四年九月二十三日
退任）
邬雨杉女士（于二零二四年九月二十三日
退任）
严希茂先生（于二零二四年十二月三十日
辞任）
渠天芸女士
非执行董事
李绍棠先生（于二零二四年十二月三十日
获委任）
邱东成先生（于二零二四年十二月三十日
获委任）
独立非执行董事
何育明先生（于二零二四年十二月三十日
辞任）
周志荣先生
廖东强先生（于二零二四年八月二十二日
辞任）
黎碧芝女士（于二零二四年八月二十二日获
委任并于二零二四年九月二十三日退任）
谭志明先生（于二零二四年十月九日获委任）
温新辉先生（于二零二四年十月九日获委任）
行政总裁
廖代春先生
授权代表
（就GEM上市规则而言）
张雱飞先生（于二零二四年九月二十三日
退任）
黄国瀚先生
严希茂先生（于二零二四年九月二十四日获
委任并于二零二四年十二月三十日辞任）
吕克宜先生（于二零二四年十二月三十日
获委任）
BOARD OF DIRECTORS
Executive Directors
Mr. Loy Hak Yu Thomas (Chairman)
Mr. Zhang Pangfei (retired on 23 September 2024)
Ms. Wu Yushan (retired on 23 September 2024)
Mr. Yan Ximao (resigned on 30 December 2024)
Ms. Qu Tianyun
Non-executive Directors
Mr. Li Shiu Tong Andrew (apointed on 30 December 2024)
Mr. Yau Tung Shing (apointed on 30 December 2024)
Independent Non-executive Directors
Mr. Ho Yuk Ming Hugo (resigned on 30 December 2024)
Mr. Chow Chi Wing
Mr. Liao Dongqiang (resigned on 22 August 2024)
Ms. Lai Pik Chi Pegy (apointed on 22 August 2024 and
retired on 23 September 2024)
Mr. Tam Chi Ming George (apointed on 9 October 2024)
Mr. Wan San Fai Vincent (apointed on 9 October 2024)
CHIEF EXECUTIVE OFICER
Mr. Liao Daichun
AUTHORISED REPRESENTATIVES
(for the purpose of the GEM Listing Rules)
Mr. Zhang Pangfei (retired on 23 September 2024)
Mr. Wong Kok Hon
Mr. Yam Ximao (apointed on 24 September 2024 and
resigned on 30 December 2024)
Mr. Loy Hak Yu Thomas (apointed on 30 December 2024)
Corporate Information (Continued)
公司资料（续）
万励达国际有限公司 二○二四－二○二五年报
公司秘书
黄国瀚先生
董事委员会
审核委员会
谭志明先生（主席）（于二零二四年
十月九日获委任及于二零二四年
十二月三十日获委任为主席）
何育明先生（主席）（于二零二四年
十二月三十日辞任）
周志荣先生
廖东强先生（于二零二四年八月二十二日
辞任）
温新辉先生（于二零二四年十月九日获委任）
薪酬委员会
温新辉先生（主席）（于二零二四年
十月九日获委任）
黎碧芝女士（主席）（于二零二四年
八月二十二日获委任并于二零二四年
九月二十三日退任）
廖东强先生（主席）（于二零二四年
八月二十二日辞任）
何育明先生（于二零二四年十二月三十日
辞任）
周志荣先生
谭志明先生（于二零二四年十月九日获委任）
提名委员会
吕克宜先生（主席）
周志荣先生
廖东强先生（于二零二四年八月二十二日
辞任）
谭志明先生（于二零二四年十月九日获委任）
温新辉先生（于二零二四年十月九日获委任）
渠天芸女士（于二零二五年六月二十六日
获委任）
COMPANY SECRETARY
Mr. Wong Kok Hon
BOARD COMITES
Audit Comite
Mr. Tam Chi Ming George (Chairman) (apointed on 9 October
2024 and apointed as chairman on 30 December 2024)
Mr. Ho Yuk Ming Hugo (Chairman) (resigned on 30 December
2024)
Mr. Chow Chi Wing
Mr. Liao Dongqiang (resigned on 22 August 2024)
Mr. Wan San Fai Vincent (apointed on 9 October 2024)
Remuneration Comite
Mr. Wan San Fai Vincent (Chairman) (apointed on 9 October
2024)
Ms. Lai Pik Chi Pegy (Chairman) (apointed on 22 August 2024
and retired on 23 September 2024)
Mr. Liao Dongqiang (Chairman) (resigned on 22 August 2024)
Mr. Ho Yuk Ming Hugo (resigned on 30 December 2024)
Mr. Chow Chi Wing
Mr. Tam Chi Ming George (apointed on 9 October 2024)
Nomination Comite
Mr. Loy Hak Yu Thomas (Chairman)
Mr. Chow Chi Wing
Mr. Liao Dongqiang (resigned on 22 August 2024)
Mr. Tam Chi Ming George (apointed on 9 October 2024)
Mr. Wan San Fai Vincent (apointed on 9 October 2024)
Ms. Qu Tianyun (apointed on 26 June 2025)
Corporate Information (Continued)
公司资料（续）
4Wan Leader International Limited Anual Report 2024 – 2025
核数师
永拓富信会计师事务所有限公司
执业会计师
法律顾问
有关香港法例
丘焕法律师事务所
主要往来银行
恒生银行有限公司
中国工商银行（亚洲）有限公司
注册办事处
P.O. Box 31119,
Grand Pavilion,
Hibiscus Way,
802 West Bay Road,
Grand Cayman, KY1-1205,
Cayman Islands
公司总部及香港主要营业地点
香港新界葵涌
货柜码头南路18号
葵涌四号货柜码头
和黄物流中心
商业大楼903室
股份过户登记总处
Vistra (Cayman) Limited
P.O. Box 31119,
Grand Pavilion,
Hibiscus Way,
802 West Bay Road,
Grand Cayman, KY1-1205,
Cayman Islands
AUDITOR
SFAI (HK) CPA Limited
Certified Public Acountants
LEGAL ADVISERS
as to Hong Kong Laws
Kho & Co.
PRINCIPAL BANKERS
Hang Seng Bank Limited
Industrial and Comercial Bank of China (Asia) Limited
REGISTERED OFICE
P.O. Box 31119,
Grand Pavilion,
Hibiscus Way,
802 West Bay Road,
Grand Cayman, KY1-1205,
Cayman Islands
HEADQUARTER AND PRINCIPAL
PLACE OF BUSINES IN HONG KONG
Ofice Tower Unit 903,
Hutchison Logistics Centre, Terminal 4,
Kwai Chung Container Port,
18 Container Port Road South,
Kwai Chung, New Teritories, Hong Kong
PRINCIPAL SHARE REGISTRAR
AND TRANSFER OFICE
Vistra (Cayman) Limited
P.O. Box 31119,
Grand Pavilion,
Hibiscus Way,
802 West Bay Road,
Grand Cayman, KY1-1205,
Cayman Islands
Corporate Information (Continued)
公司资料（续）
万励达国际有限公司 二○二四－二○二五年报
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
公司网址
w.wanleader.com
股份代号
HONG KONG BRANCH SHARE
REGISTRAR AND TRANSFER OFICE
Tricor Investor Services Limited
17/F, Far East Finance Centre,
16 Harcourt Road, Hong Kong
COMPANY’S WEBSITE
w.wanleader.com
STOCK CODE
6Wan Leader International Limited Anual Report 2024 – 2025
CHAIRMAN’S STATEMENT
主席报告
各位股东︰
本人谨代表董事会（「董事会」）呈列本集团
截至二零二五年三月三十一日止年度的年
报。
疫情后的经济复苏已慢于预期，同时，地
缘政治紧张局势持续加剧及蔓延。中美关
系持续紧张，加上美国推出了新的贸易关
税政策，使得中国及全球经济反弹的不确
定性进一步加剧。该等挑战不仅扰乱了全
球供应链，亦对集团的核心物流业务及营
运造成重大影响。
尽管不确定因素及挑战仍然存在，中国的
外贸数量持续地展现其韧性成长。该向好
趋势预期支持逐步的区域经济复苏，并有
助于抵消当前的不利因素。董事会将对本
集团的未来发展保持谨慎且充满信心的展
望。本集团仍然坚持保守的营运方式以应
对市场的不确定性。通过结合我们的核心
物流优势，我们将战略性地使我们的业务
部门多元化，不断拓阔我们的收入基础及
为我们的股东以及投资者推动可持续的价
值创造。
本人谨代表董事会及管理团队，借此机会
向本公司投资者、客户、供应商、分包商
及银行对本集团的持续支持及信任致以衷
心的感谢，并感谢各位董事于本年度共同
付出的努力及提出的建议。我们珍视本集
团管理团队的付出的努力，以及我们员工
坚定不移的承诺，容许我向我们的管理团
队及员工的奉献及投入表示由衷的谢意。
主席
吕克宜
香港，二零二五年六月三十日
Dear Shareholders,
On behalf of the Board of Directors (the “Board”), I hereby present
the anual report of the Group for the year ended 31 March 2025.
The post-pandemic economic recovery has ben slower than
anticipated, while geopolitical tensions continue to escalate and
spread. Persistent Sino-US tensions, coupled with the introduction
of new US trade tarif policies, have further compounded
uncertainties in China and global economic rebound. These
chalenges have not only disrupted worldwide suply chains
but have also significantly impacted our Group’s core logistics
busines and operations.
While uncertainties and chalenges remain, China’s foreign trade
volume continues to demonstrate resilient growth. This positive
trend is expected to suport gradual regional economic recovery
and help counterbalance curent headwinds. The Board wil
maintain a prudent yet confident outlok on the Group’s future
development. The Group remains comited to a conservative
operational aproach to navigate market uncertainties. By
capitalizing on our core logistics expertise, we wil strategicaly
diversify our busines segments, broadening our revenue base
and driving sustainable value creation for our shareholders and
investors.
I, on behalf of the Board and the management team, would like
to take this oportunity to extend my sincere apreciation to our
investors, customers, supliers, subcontractors and bankers for
their continuous suport and trust placed in the Group; and to
thank my felow directors for their concerted efort and advice
throughout the year. We treasure the efort from the Group’s
management team and the unwavering comitment of our staf
and please alow me to expres my sincere apreciation to our
management team and staf for their dedication and comitment.
Loy Hak Yu Thomas
Chairman
Hong Kong, 30 June 2025
万励达国际有限公司 二○二四－二○二五年报
MANAGEMENT DISCUSION AND ANALYSIS
管理层讨论及分析
绪言
万励达国际有限公司为一间向主要于香港、
中国、台湾及越南的客户提供物流服务的
公司，货运目的地覆盖美国、欧洲、亚洲
以及其他地区。本公司亦提供于中国的委
托管理服务及时尚物品贸易。本公司股份
（「股份」）于香港联合交易所有限公司GEM
上市。
本集团的服务主要包括(a)提供货运代理及
相关物流服务，当中包括转售本集团向航
空公司、航空公司的总销售代理、海运公
司及其他货运代理商所购买的货运舱位予
直接托运人或代表其托运人客户行事的相
关货运代理商，并最终将货物送抵目的地；
(b)提供营运在线电子商务平台的委托管理
服务；及(c)时尚物品贸易。
业务回顾
根据中华人民共和国（「中国」）海关总署的
资料，二零二四年中国进出口贸易总额达
到约人民币43.85万亿元，同比增长5%；
而出口贸易总额则打破之前人民币25万亿
元的纪录，首次达到约人民币25.45万亿
元，同比增长7.1%。此标志贸易规模再创
历史新高，中国的对外贸易展现出强大的
综合竞争力。
然而，全球经济复苏的不确定性、地缘政
治风险及美国贸易关税政策可能对二零
二五年中国进出口产生重大影响。此外，
中美贸易战持续，对全球贸易造成重大干
扰，对货运代理业影响深远。本集团将于
来年对其业务及发展保持谨慎及警觉，我
们的管理层将监察上述因素，并为自身作
出更佳定位，以尽量减低我们的风险及把
握未来的任何机遇。
INTRODUCTION
Wan Leader International Limited is a company which provides
logistics services to customers mostly located in Hong Kong,
the PRC, Taiwan and Vietnam with cargo destinations covering
USA, Europe, Asia and other regions. It also provides entrusted
management services in the PRC and trading of fashion items.
The shares (the “Shares”) of the Company are listed on GEM of
the Stock Exchange of Hong Kong Limited.
The services of the Group mainly include (a) the provision of
freight forwarding and related logistics services, which include
reseling cargo space the Group purchases from airlines, airlines’
general sales agent(s), shiping liners and other freight forwarders
to direct shipers or respective freight forwarders, which act on
behalf of their shiper customers and eventualy deliver the gods
to the destinations; (b) the provision of entrusted management
services for operating an online e-comerce platform; and (c)
trading of fashion items.
BUSINES REVIEW
Based on the information from the General Administration of
Customs of the People’s Republic of China (the “PRC”), the total
import and export trade volume in the PRC reached aproximately
RMB43.85 trilion in 2024, representing a year-on-year growth
of 5%; whereas the total export trade volume broke the previous
record of RMB25 trilion, reaching aproximately RMB25.45 trilion
for the first time, representing a year-on-year growth of 7.1%. This
marks a new record high in terms of trade scale and the PRC has
demonstrated strong and comprehensive competitivenes of its
foreign trade.
However, the uncertainty of global economic recovery, geopolitical
risks and U.S. trade tarif policies may have significant impacts
on China’s imports and exports in 2025. In adition, the ongoing
trade war betwen the United States of America and the PRC has
created significant disruptions in global trade, with far-fetching
implications for the freight forwarding sector. The Group wil
remain cautious and vigilant towards its busines and development
in the upcoming year, with our management to monitor the
above-mentioned factors and to beter position ourself to minimise
our risk exposures and to seize any oportunities ahead.
8Wan Leader International Limited Anual Report 2024 – 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
重申经济复苏逊于预期、地缘政治因素日
趋不稳、消费市场模式转变、消费者购买
意向改变等因素已严重影响本公司时尚物
品贸易中高档消费品业务的发展。由于高
档消费品市场存在高度不确定性，本公司
于二零二四年底决定将大部分资源分配至
核心物流业务。因此，本公司预期本公司
时尚物品贸易分部的业绩随后将会下降。
本公司将继续密切留意各种影响因素及市
场变化，以实施针对性业务策略，应对市
场挑战。
同时，我们的管理团队将继续巩固在现有
运输、仓储、便捷清关、客户定制化服务
等方面的优势，积极适应客户的物流需求。
此外，随著地缘政治紧张局势持续加剧，
如红海危机扰乱苏伊士运河中转、伊朗与
以色列关系紧张等，油价波动可能导致航
运成本上升，我们的管理团队亦会研究开
拓其他供应链路线及市场，此亦有助于扩
大我们的客户群。
另一方面，我们会继续寻找其他具吸引力
的业务，尝试将业务分部多元化，以减少
对现有物流业务的依赖，并扩大收入基础。
本公司将不断检讨其业务策略，提高营运
效率，致力实现可持续增长，为股东及投
资者创造长远价值。
财务回顾
收益
本集团的收益主要来自(i)提供空运代理及
相关物流服务；(i)提供海运代理及相关物
流服务；(i)经营在线电子商务平台的委托
管理服务；及(iv)时尚物品贸易。
Reiterating that the economic recovery has falen short of
expectations, the increasing instability of geopolitical factors,
shifts in consumer market paterns, and changes in consumer
purchasing intent have significantly impacted the development
of our trading of fashion items in high-end consumer gods
busines. Due to the high level of uncertainty in the premium
consumer gods market, the company decided at the end of
2024 to alocate the majority of its resources to its core logistics
operations. As a result, the company anticipates a subsequent
decline in the performance of our trading of fashion items
segment. The Company wil continue to closely monitor various
influencing factors and market changes to implement tailored
busines strategies in response to market chalenges.
At the same time, our management team wil continue
to consolidate our advantages in existing transportation,
warehousing, convenient customs clearance, and customised
services to actively adapt to our customers’ logistics neds.
Furthermore, with ever-heightening geopolitical tensions such
as the Red Sea Crisis disrupting Suez Canal transits and the
Iran-Israel Tensions, oil price volatility is likely to result in higher
shiping costs, our management team would also be studying
for the exploration of alternative suply chain routes and markets
which could also help to expand our customer base.
On the other hand, we would kep loking for other atractive
busines(es) in an atempt to diversify its busines segments to
reduce the reliance on existing logistics busineses and broaden
its revenue base. The Company wil continuously review its
busines strategies, improve operational eficiency, and strive for
sustainable growth to create long-term value for shareholders and
investors.
FINANCIAL REVIEW
Revenue
The Group’s revenue was primarily derived from (i) provision of air
freight forwarding and related logistics services; (i) provision of
sea freight forwarding and related logistics services; (i) provision
of entrusted management services for operating an online
e-comerce platform; and (iv) trading of fashion items.
万励达国际有限公司 二○二四－二○二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
本集团的总收益由过往年度约187.2百万
港元减少约15.8%至本年度约157.6百万港
元。本集团收益大幅减少。
提供空运代理及相关物流服务于本年度产
生的收益约为156.9百万港元（过往年度：
约170.6百万港元），占本集团总收益约
99.6%（过往年度：约91.1%）。此分部的
收益仍为本集团的主要收益来源。
提供海运代理及相关物流服务于本年度产
生的收益约为0.1百万港元（过往年度：约5.0
百万港元），占本集团总收益约0.1%（过往
年度：约2.7%）。本集团于此分部的大部
分客户为直接托运人。
空运及海运代理服务及相关物流服务的收
益大幅减少，乃由于(i)全球经济不景导致
对货运舱位需求下降；及(i)由于策略调整，
本集团于此行业的其中一项主要业务自二
零二四年第二季起暂停，但自二零二五年
第一季起重新启动。
由于自二零二三年一月起该业务暂停营运，
回顾年度内营运在线电子商务平台的委托
管理服务未产生任何收益（过往年度：零），
不占本集团总收益的任何比例（过往年度：
零）。
时尚物品贸易于本年度产生的收益约0.6百
万港元（过往年度：约11.6百万港元），占
本集团总收益约0.3%（过往年度：6.2%）。
Total revenue of the Group decreased by aproximately 15.8%
from aproximately HK$187.2 milion for the Previous Year to
aproximately HK$157.6 milion for the Year. The revenue of the
Group decreased significantly.
Revenue generated from provision of air freight forwarding and
related logistics services for the Year amounted to aproximately
HK$156.9 milion (Previous Year: aproximately HK$170.6 milion),
acounting for aproximately 99.6% of the Group’s total revenue
(Previous Year: aproximately 91.1%). The revenue from this
segment remained the major source of revenue of the Group.
Revenue generated from the provision of sea freight forwarding
and related logistics services for the Year amounted to
aproximately HK$0.1 milion (Previous Year: aproximately
HK$5.0 milion), acounting for aproximately 0.1% of the Group’s
total revenue (Previous Year: aproximately 2.7%). Most of the
Group’s customers from this segment are direct shipers.
Decrease in revenue from air and sea freight forwarding service
with related logistics services decreased significantly due to (i)
drops in demand for cargo spaces because of the worldwide
economic downturn; and (i) one of the Group major busines
operations from this sector temporarily halted since the second
quarter in 2024 due to strategic adjustment but was reactivated
from the first quarter in 2025.
No revenue was generated from the provision of entrusted
management services from operating an online e-comerce
platform for the Review Year as the busines operation from this
sector temporarily halted since January 2023 (Previous Year: nil),
not acounting for any of the Group’s total revenue (Previous year:
nil).
Revenue generated from trading of fashion items for the Year
amounted to aproximately HK$0.6 milion (Previous Year:
aproximately HK$11.6 milion), acounting for aproximately
0.3% of the Group’s total revenue (Previous Year: 6.2%).
10Wan Leader International Limited Anual Report 2024 – 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
服务成本及毛利
本集团服务成本由过往年度约182.6百万
港元减少约14.9%至本年度约155.4百万港
元。该减少乃主要由于年内货运舱位需求
下降，与空运及海运代理服务及相关物流
服务的收益减少一致。
本集团毛利由过往年度约4.6百万港元减
少约52.1%至本年度的约2.2百万港元。毛
利率由过往年度约2.5%减少至本年度约
1.4%。该减少乃主要由于地缘政治风险及
贸易保护主义导致供应有限，令全球不同
国家之间的清关程序放缓，以致空运及海
运舱位的单位成本维持于较高水平。
其他收入、其他收益及亏损净额
其他收入包括银行存款的银行利息收入及
杂项收入。
其他收益及亏损包括外汇亏损及收益，以
及出售香港及中国地区之物业、厂房及设
备之亏损。于本年度，本集团录得其他收
益及亏损净亏损，主要由于出售香港及中
国地区之物业、厂房及设备之亏损。
销售及营销开支
销售及营销开支主要包括业务发展及招揽
新客户的成本。
行政开支
本集团的行政开支由过往年度约23.4百万
港元轻微减少至本年度约22.7百万港元。
有关开支主要包括员工成本及福利、审核
费用、法律及专业费用、折旧、公共设施
及其他开支。
Cost of services and gros profit
The Group’s cost of services decreased by aproximately 14.9%
from aproximately HK$182.6 milion for the Previous Year to
aproximately HK$155.4 milion for the Year. This decrease was
mainly due to drops in demand for cargo spaces in the year,
in line with the decrease in revenue from air and sea freight
forwarding service with related logistics services.
The Group’s gros profit decreased by aproximately 52.1%
from aproximately HK$4.6 milion for the Previous Year to
aproximately HK$2.2 milion for the Year. Gros profit margin
decreased from aproximately 2.5% for the Previous Year to
aproximately 1.4% for the Year. Such decrease was mainly
atributable the efects of the unit cost of air and sea cargo
spaces remained at a high level due to limited suply caused by
the geopolitical risks and trade protectionism, it slowed down the
customs clearance proces betwen diferent countries worldwide.
Other income, other gains and loses, net
Other income included bank interest income from bank deposits
and sundry income.
Other gains and loses included foreign exchange loses and
gains, and los on disposal of property, plant and equipment
in Hong Kong and PRC region. The Group recorded a net los
in other gains and loses during the Year, which was mainly
atributable to the los on disposal of property, plant and
equipment in Hong Kong and PRC region.
Sales and marketing expenses
Sales and marketing expenses mainly included cost of busines
development and soliciting new customers.
Administrative expenses
The Group’s administrative expenses slightly decreased to
aproximately HK$22.7 milion for the Year from aproximately
HK$23.4 milion for the Previous Year. Such expenses mainly
included staf costs and benefits, audit fes, legal and profesional
fes, depreciation, utilities and other expenses.
万励达国际有限公司 二○二四－二○二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
预期信贷亏损模式下的减值亏
损（已扣除拨回部分）
根据香港财务报告准则第9号「金融工具」，
管理层评估有关贸易应收款项、按金及其
他应收款项的预期信贷亏损（「预期信贷亏
损」）之计量以及使用共同评估的拨备矩阵
计算预期信贷亏损。
于本年度，基于贸易应收款项结余减少及
客户逾期比率下降，已确认拨回贸易应收
款项减值亏损约0.2百万港元（过往年度：
减值亏损约0.3百万港元）。
于本年度，由于支付予时尚物品供应商之
按金增加，故确认减值亏损约0.5百万港元
（过往年度：确认减值亏损拨回约5,000港
元）。
出售附属公司收益
于本年度，本集团已于二零二五年第一季
度出售数间于香港及中国地区拥有负债净
额及累计亏损的无动态附属公司，为本集
团带来净收益约1.9百万港元（过往年度：
零）。
融资成本
本年度的融资成本指租赁负债以及银行及
其他借款的利息开支。
由于年内银行及其他借款大幅增加，本年
度的融资成本增加至约1.4百万港元（过往
年度：约0.1百万港元）。
Impairment loses under expected credit
loses model, net of reversal
Under the Hong Kong Financial Reporting Standard 9 “Financial
Instruments”, the management asesed the measurement of
expected credit loses (“ECL”) in relation to trade receivable,
deposit and other receivables and used a colectively asesed
provision matrix to calculate ECL.
During the Year, a reversal of impairment los of aproximately
HK$0.2 milion (Previous Year: an impairment los of aproximately
HK$0.3 milion) in trade receivables was recognised due to
the decrease in trade receivable balances and decrease in the
customer’s past due ratio.
During the Year, an impairment los of aproximately HK$0.5
milion was recognised (Previous Year: a reversal of impairment
los of aproximately HK$5,000 was recognised) due to an
increase in deposits paid to supliers of fashion items.
Gain on disposal of subsidiaries
During the Year, several dormant subsidiaries in Hong Kong and
PRC region with a net liability and an acumulated loses have
ben disposed in the first quarter of 2025, created a net gain of
aproximately HK$1.9 milion to the Group (Previous Year: nil).
Finance costs
Finance costs for the Year represented interest expenses on lease
liabilities and bank and other borowings.
Finance costs increased to aproximately HK$1.4 milion for the
Year (Previous Year: aproximately HK$0.1 milion), as the amount
of bank and other borowings increased significant during the
Year.
12Wan Leader International Limited Anual Report 2024 – 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
所得税开支
本集团的所得税开支主要包括就香港利得
税、中国企业所得税及递延所得税计提拨
备。本年度录得除税前亏损约25.1百万港
元（过往年度：除税前亏损约24.8百万港
元），故此就本年度录得递延所得税开支约
81,000港元（过往年度：递延所得税抵免约
80,000港元）。
年度亏损
本集团于本年度录得本年度亏损约25.2百
万港元，而过往年度则录得亏损约24.7百
万港元。该亏损主要由于(i)空运及海运代
理服务及相关物流服务，以及时尚物品贸
易的收入合共较过往年度减少29.6百万港
元；及(i)于本年度财务成本较过往年度增
加约1.3百万港元。以上各项导致本集团于
本年度录得除税后亏损25.2百万港元。
贸易及其他应收款项
贸易应收款项（扣除贸易应收款项预期信
贷亏损拨备）减少2.5%至约31.8百万港元
（过往年度：约32.6百万港元）。有关减少
乃主要由于本年度收到时尚物品贸易客户
之结算款项约5.1百万港元（过往年度：约4.9
百万港元）。由于该分部于本年度之收益仅
约为0.6百万港元，故该结算属重大结算。
直至本报告日期，本集团已从该分部的客
户处收取约0.8百万港元的结算款项。
Income tax expense
The Group’s income tax expense primarily included provisions for
Hong Kong’s Profits Tax, the PRC Enterprise Income Tax, and
defered income tax. A los before taxation (Previous Year: los
before taxation of aproximately HK$24.8 milion) of aproximately
HK$25.1 milion for the Year was recorded, and a defered income
tax expenses of aproximately HK$81,000 was recorded for the
Year (Previous Year: defered income tax credit of aproximately
HK$80,000).
Los for the year
The Group recorded a los for the year of aproximately
HK$25.2 milion for the Year, compared to a los for the year of
aproximately HK$24.7 milion for the Previous Year. The los
was mainly due to the efects of (i) a decrease in revenue from air
and sea freight forwarding services with related logistics services,
and the trading of fashion items in total of HK$29.6 milion when
compared with the Previous year; and (i) an increase in finance
costs for the year of aproximately HK$1.3 milion when compared
with the Previous Year. Al of these caused the Group faced a los
after tax of HK$25.2 milion for the Year.
Trade and other receivables
Trade receivables (net of alowance for expected credit loses
of trade receivables) decreased by 2.5% to aproximately
HK$31.8 milion (Previous year: aproximately HK$32.6 milion).
Such decrease was primarily to the setlements received from
the customers of the trading of fashion items during the Year
was aproximately HK$5.1 milion (Previous Year: aproximately
HK$4.9 milion). It represented a significant setlement as the
revenue for this segment was aproximately HK$0.6 milion only
during the Year.
Up to the date of this report, the Group has received
aproximately HK$0.8 milion setlements from the customers from
this segment.
万励达国际有限公司 二○二四－二○二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
本集团之预付款项、按金及其他应收款项
（已扣除其他应收款项之预期信贷亏损拨备）
减少32.7%至约24.0百万港元（过往年度：
约35.6百万港元）。有关减少乃主要是由于(i)
向物流及仓储服务供应商预付之款项减少
80%至约2.2百万港元（过往年度：约10.8
百万港元），此乃由于本年度持续使用预付
仓储费所致；及(i)于本年度收到第三方货
运远期结余退款2百万港元。
贸易及其他应付款项
贸易应付款项增加4.7%至约22.4百万港元
（过往年度：约21.4百万港元）。
其他应付款项及应计开支减少58.9%至约3.5
百万港元（过往年度：约8.5百万港元）。有
关减少乃主要由于出售香港及中国地区的
附属公司，而其他应付款项及应计费用约
为6.8百万港元（过往年度：5.0百万港元）。
股息
董事不建议派发本年度之末期股息（过往
年度：无）。
流动资金、财务资源及资产
负债比率
本集团主要透过内部资源以及银行及其他
借款为本年度的流动资金及资本需求提供
资金。
于二零二五年三月三十一日，本集团的现
金及现金等价物约为15.5百万港元（于二零
二四年三月三十一日：约14.8百万港元），
并无已质押银行存款（于二零二四年三月
三十一日：约3.0百万港元），大部分以港
元、美元或人民币计值。
The Group’s prepayment, deposits and other receivable (net
of alowance for expected credit loses of other receivables)
decreased by 32.7% to aproximately HK$24.0 milion (Previous
year: aproximately HK$35.6 milion). Such decrease was mainly
because of (i) decrease in prepayments to a suplier of logistics
and warehouse services by 80% to aproximately HK$2.2 milion
(Previous year: aproximately HK$10.8 milion) as continuing used
up the prepayment of storage fe during the year; and (i) refund of
third party freight forwards received during the Year HK$2 milion.
Trade and other payables
Trade payables increased by 4.7% to aproximately HK$22.4
milion (Previous year: aproximately HK$21.4 milion).
Other payables and acrued expenses decreased by 58.9%
to aproximately HK$3.5 milion (Previous year: aproximately
HK$8.5 milion). Such decrease was mainly because of disposal
of subsidiaries in HK and PRC region with Other payables and
acrued expenses of aproximately HK$6.8 milion (Previous Year:
5.0 milion).
DIVIDEND
The Directors do not recomend the payment of a final dividend
for the Year (Previous Year: nil).
LIQUIDITY, FINANCIAL RESOURCES AND
GEARING RATIO
The Group funded the liquidity and capital requirements for the
Year primarily through internal resources and bank and other
borowings.
At 31 March 2025, the Group had cash and cash equivalents of
aproximately HK$15.5 milion (at 31 March 2024: aproximately
HK$14.8 milion) and no pledged bank deposits (at 31 March
2024: aproximately HK$3.0 milion), most of which were either
denominated in HKD, USD or RMB.
14Wan Leader International Limited Anual Report 2024 – 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
于二零二五年三月三十一日，本集团有银
行及其他借款约9.1百万港元（于二零二四
年三月三十一日：约0.8百万港元）。于二
零二五年三月三十一日，本集团的租赁
负债约为0.2百万港元（于二零二四年三月
三十一日：约0.8百万港元）。
资产负债比率为于年结日的债务（包括银行
及其他借款及租赁负债）除以总权益，再乘
以100%。本集团于二零二五年三月三十一
日的资产负债比率约为25.5%（于二零二四
年三月三十一日：约2.7%）。由于银行及
其他借款增加以及总权益减少，故此本集
团于报告日期的资产负债比率上升。
于本年度，本集团并无订立任何金融工具
作对冲用途。
董事认为，于本报告日期，本集团的财务
资源足以支持其业务及营运。
资产抵押
于二零二五年三月三十一日，无银行存款
（于二零二四年三月三十一日：约3.0百万
港元）已质押，以作为本集团获授担保信
贷。本集团于二零二五年三月三十一日并
无抵押其他资产（于二零二四年三月三十一
日：根据融资租赁持有汽车约0.8百万元）。
At 31 March 2025, the Group had bank and other borowings
aproximately HK$9.1 milion (at 31 March 2024: aproximately
HK$0.8 milion). The Group had lease liabilities of aproximately
HK$0.2 milion at 31 March 2025 (at 31 March 2024:
aproximately HK$0.8 milion).
The gearing ratio is the debts (including bank and other
borowings and lease liabilities) divided by total equity and
multiplied by 100% at the year-end date. The gearing ratio of the
Group at 31 March 2025 was aproximately 25.5% (at 31 March
2024: aproximately 2.7%). As a result of the increase in bank
and other borowings and decrease in total equity, the gearing
ratio of the Group increased as at the reporting date.
During the Year, the Group did not enter into any financial
instrument for hedging purpose.
The Directors are of the view that, at the date of this report, the
Group’s financial resources are suficient to suport its busines
and operations.
CHARGE ON ASETS
At 31 March 2025, no bank deposits (at 31 March 2024:
aproximately HK$3.0 milion) was pledged to secure the
guarante facilities obtained by the Group. The Group did not
have any charges on its asets (at 31 March 2024: aproximately
HK$0.8 milion motor vehicles were held under finance lease).
万励达国际有限公司 二○二四－二○二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
外汇风险
于本年度，本集团从客户收取以美元、欧
元（「欧元」）、人民币及新台币等外币结算
的付款，及向供应商结付以美元、欧元、
人民币及新台币等外币结算的部分成本及
开支。本集团面对货币贬值或升值的若干
外汇风险。本集团经营活动主要以港元计
值，而本集团主要因向客户提供服务及向
其经营活动以外币计值的供应商支付服务
成本而面对外汇风险。尽管本集团并无制
订任何具体对冲政策或外币远期合约，然
而本集团管理层紧密监察外汇风险，并于
有必要时将考虑对冲重大外汇风险。
有关重大投资或资本资产的
未来计划
于二零二五年三月三十一日，本集团并无
有关购置物业、厂房及设备的未偿还资本
承担（于二零二四年三月三十一日：无）。
除招股章程、本公司公告或年报所披露的
计划外，本集团于二零二五年三月三十一
日并无任何有关重大投资或资本资产的未
来计划。
重大收购及出售事项
于本年度，本集团已于二零二五年第一季
度出售数间于香港及中国地区拥有负债净
额及累计亏损的无动态附属公司，为本集
团带来净收益约1.9百万港元（过往年度：
零）。
除上所述之出售事项外，本集团于截至二
零二五年三月三十一日止年度并无其他重
大收购及出售附属公司或联营公司事项。
FOREIGN EXCHANGE EXPOSURE
During the Year, the Group received payments from the Group’s
customers in foreign curencies, such as USD, Euro (“EUR”), RMB
and NTD, and also setled some of its costs and expenses with
supliers in foreign curencies, such as in USD, EUR, RMB and
NTD. The Group is exposed to certain foreign exchange risks in
respect of depreciation or apreciation amongst those curencies.
The Group’s operating activities are mainly denominated in Hong
Kong dolars and the Group is exposed to foreign exchange
risks primarily arising from provisions of services to customers
and payments of cost of services to supliers whose operating
activities are denominated in foreign curencies. Although the
Group does not maintain any specific hedging policy or foreign
curency forward contracts, the Group’s management closely
monitors foreign exchange exposure and wil consider hedging
significant foreign curency exposure should it become necesary.
FUTURE PLANS FOR MATERIAL
INVESTMENTS OR CAPITAL ASETS
At 31 March 2025, the Group had no outstanding capital
comitments (at 31 March 2024: nil) for the acquisition of
property, plant and equipment. Save for the plans disclosed in
the Prospectus, the Company’s anouncement(s) or the Anual
Report, the Group did not have any future plans for material
investments or capital asets at 31 March 2025.
MATERIAL ACQUISITIONS AND
DISPOSALS
During the Year, several dormant subsidiaries in Hong Kong and
PRC region with a net liability and an acumulated loses have
ben disposed in the first quarter of 2025, created a net gain of
aproximately HK$1.9 milion to the Group (Previous Year: nil).
Apart from the disposal mentioned in above, the Group did not
have any other material acquisition and disposal of subsidiary or
asociated company during the year ended 31 March 2025.
16Wan Leader International Limited Anual Report 2024 – 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
重大投资
本集团于本年度并无持有任何重大投资。
资本开支
于本年度，本集团于物业、厂房及设备投
资0.3百万港元，主要由于香港办公室的使
用权资产（过往年度：约1.9百万港元由于
香港办公室的电脑软件）。
或然负债
于二零二四年三月三十一日及二零二五年
三月三十一日，本集团均无任何重大或然
负债。
资本结构
除本报告附注27所披露者外，自二零二四
年四月一日起，本集团之资本架构并无任
何其他变动。本公司股本仅包括本公司之
普通股。
于二零二四年十二月三日，本公司建议
进行股份合并，将每十（10）股每股面值
0.01港元的现有股份合并为一（1）股每股
面值0.1港元的合并股份（「股份合并」）。
该股份合并已于二零二五年一月十五日于
股东特别大会上获批准，并自二零二五年
一月十七日生效。股份合并后，本公司有
124,783,000股每股面值为0.1港元之已发
行普通股。
于二零二五年三月三十一日，本公司已发
行股本为15.0百万港元，已发行普通股数
目为149,739,000股，而每股普通股的面值
为0.10港元。
SIGNIFICANT INVESTMENTS
The Group did not hold any significant investments during the
Year.
CAPITAL EXPENDITURE
During the Year, the Group invested HK$0.3 milion in property,
plant and equipment, mainly atributable to right-of-use asets in
Hong Kong ofice (Previous year: aproximately HK$1.9 milion to
computer software in Hong Kong ofice).
CONTINGENT LIABILITIES
The Group did not have any material contingent liabilities at 31
March 2024 and at 31 March 2025.
CAPITAL STRUCTURE
Save as disclosed in note 27 of this report, the Group did not
have any other change in the capital structure since 1 April 2024.
The share capital of the Company consists of ordinary shares of
the Company only.
On 3 December 2024, the Company has proposed share
consolidation of every ten (10) existing shares of HK$0.01 each
into one (1) consolidated share of HK$0.1 each (the “Share
Consolidation”). The Share Consolidation has ben aproved at
EGM on 15 January 2025 and efective from 17 January 2025.
After the Share Consolidation, the Company has 124,783,000
ordinary shares in isue at par value of HK$0.1 each.
At 31 March 2025, the Company’s isued share capital was
HK$15.0 milion, the number of isued ordinary shares was
149,739,000 and the par value of each ordinary share was
HK$0.10.
万励达国际有限公司 二○二四－二○二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
库务政策
本集团采纳审慎财务管理方针作为其库务
政策，故于本年度整体维持稳健的流动资
金状况。本集团管理层定期审阅每笔个别
贸易债务的可收回金额，以确保可及时收
回及于必要时就不可收回款项计提足够减
值亏损。于本年度，已确认预期信贷亏损
模式项下贸易及其他应收款项及按金减值
亏损总额约0.3百万港元（过往年度：已确
认约0.3百万港元）。
前景及展望
自川普成为美国总统以来，美国贸易关税
政策的转变扰乱了整个物流市场，因而增
加了货运的不稳定性。此外，持续的中美
贸易战加速供应链向东南亚的转移，导致
来自中国的货运量减少。这可能导致中国
出口下降，潜在影响本集团在该方面的业
务。
为应对这些挑战，管理层一直采取积极措
施，包括但不限于实施成本节约措施、确
保财务稳定及多元化收入来源。本集团将
继续致力巩固与客户的关系，透过提供优
质服务超越竞争对手，并优化船队及集装
箱管理，以提高可靠性及灵活性。
雇佣及薪酬政策
于二零二五年三月三十一日，本集团于香
港雇用23名雇员（于二零二四年三月三十一
日：香港及中国的雇员人数分别为32名及7
名）。
于本年度，本集团的雇员酬金及福利成本
总额（包括董事酬金）约为15.0百万港元（过
往年度：约15.4百万港元）。薪酬乃经参考
市场条款、行业惯例以及雇员的表现、资
历及经验而厘定。
TREASURY POLICY
The Group adopts a prudent financial management aproach
towards its treasury policy and thus maintained a healthy liquidity
position throughout the Year. The management of the Group
regularly reviews the recoverable amount of each individual trade
debtor to ensure prompt recovery and if necesary, to make
adequate impairment loses for irecoverable amounts. During
the Year, a sum of aproximately HK$0.3 milion of impairment
loses recognised under expected credit los model on trade and
other receivables and deposits was recognised (Previous Year:
aproximately HK$0.3 milion was recognised.)
OUTLOK AND PROSPECTS
Since Donald Trump became the U.S. President, shifts in U.S.
trade tarif policies have disrupted the whole of the logistics
market and thus increasing shipment volatility. Aditionaly, the
ongoing U.S.-China trade war has acelerated suply chain
relocations to Southeast Asia and caused reducing cargo volumes
from China. This could lead to a decline in Chinese exports,
potentialy afecting the Group’s busines in this regard.
To tackle these chalenges, management has ben taking
proactive steps, including but not limited to implementing
cost-saving initiatives, securing financial stability, and diversifying
revenue sources. The Group remains comited to strengthening
customer relationships, outperforming competitors through
superior service provision, and optimising flet and container
management to enhance reliability and flexibility.
EMPLOYMENT AND REMUNERATION
POLICY
At 31 March 2025, the Group employed 23 staf in Hong Kong (at
31 March 2024: 32 staf in Hong Kong and 7 staf in the PRC).
For the Year, the Group’s total costs for employe compensation
and benefits (including Director’s emoluments) were aproximately
HK$15.0 milion (Previous Year: aproximately HK$15.4 milion).
Remuneration is determined with reference to market terms,
industrial norms and the performance, qualifications and
experience of the employes.
18Wan Leader International Limited Anual Report 2024 – 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
除基本薪酬外，经参考本集团的表现及雇
员的个人贡献后，本公司可向合资格雇员
授出购股权。诚如招股章程所披露，本公
司于二零一八年八月十四日采纳购股权计
划（「购股权计划」），以激励及挽留为本集
团发展及成功作出贡献的雇员。董事认为，
与市场标准及惯例相比，本集团向其雇员
提供的薪酬待遇具竞争力。
于本年度，本集团雇员已出席有关航空货
运营运及安全、上市规则、税务以及会计
的培训。
遵守法律及规例
据董事作出一切合理查询后所深知、全悉
及确信，本集团在所有重大方面一直遵守
对本集团及其营运造成重大影响的一切有
关法律、规则及规例。
环境政策及表现
本集团视环境保护为其营运的不可或缺部
分。本公司管理层于日常营运中透过节能
计划及节省资源消耗，推广绿色概念。当
本集团提升办公室的照明系统，本集团已
考虑采用LED灯以减低用电量，并指示雇
员于不使用时关掉冷气及电器。于本年度，
本集团的营运已在所有重大方面遵守香港
及中国现时适用的当地环保法律及规例。
有关本集团环境、社会及管治表现的详情，
请参阅环境、社会及管治报告。
与持份者的关系
本集团与其雇员、客户、供应商、分包商
及其他持份者一直维持友好关系。
Apart from basic remuneration, share options may be granted by
the Company to eligible employes with reference to the Group’s
performance as wel as the individual’s contribution. As disclosed
in the Prospectus, the Company adopted a share option scheme
on 14 August 2018 (“Share Option Scheme”) to incentivize and
retain staf members who have contributed to the development
and suces of the Group. The Directors believe that the
compensation packages ofered by the Group to its employes are
competitive in comparison with market standard and practices.
During the Year, the Group’s employes atended training in
relation to air cargo operations and safety, listing rules, tax and
acounting.
COMPLIANCE WITH LAWS AND
REGULATIONS
To the best of the Directors’ knowledge, information and belief,
having made al reasonable enquiries, the Group has in al material
respects complied with al relevant laws, rules and regulations that
have a significant impact on the Group and its operations.
ENVIRONMENTAL POLICIES AND
PERFORMANCE
The Group regarded environmental protection as an integral part
of its operations. The management of the Company has promoted
the gren concept in the daily operations through energy saving
programs and reducing resource consumption. When the Group
improved the lighting of the ofice, the Group already considered
using LED lights to reduce energy consumption. Employes are
encouraged to switch of air conditioning and electrical apliances
when they are not in use. The Group’s operation has complied in
al material respects with curently aplicable local environmental
protection laws and regulations in Hong Kong and the PRC during
the Year.
For details of environmental, social and governance performance
of the Group, please refer to the Environmental, Social and
Governance report.
RELATIONSHIP WITH STAKEHOLDERS
The Group always maintains god relations with its employes,
customers, supliers, subcontractors and other stakeholders.
万励达国际有限公司 二○二四－二○二五年报
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
本集团管理层采取主动，直接与雇员沟通，
并提供充足的培训及医疗保障以作为酬金
的一部分。鉴于雇员为成功的重要资产，
本集团致力与其雇员维持良好关系，并维
持低雇员流失率。此举旨在提升雇员的营
运能力及生产力，同时培养雇员的团队精
神。
本集团对过去数年与客户的紧密长期工作
关系甚为珍视。管理层经常拜访客户，收
集彼等对所获提供服务的回馈，及向彼等
介绍最新的增值服务。
同样，本集团亦了解供应商及分包商的重
要性。本集团相信与供应商及分包商保持
和谐关系，乃业务成功之关键。
于本年度，本集团与其雇员、客户、供应
商、分包商及其他持份者之间并无严重或
重大纠纷。
根据一般授权配售新股份
于二零二五年三月十一日，本公司按每股
0.137港元之价格配售24,956,600股每股面
值0.10港元之新普通股（「配售股份」），以
筹集所得款项总额约3.42百万港元（「配售
事项」）。配售股份根据本公司于二零二四
年九月二十三日举行之股东周年大会向董
事授出之相关一般授权发行。本公司股份
于二零二五年三月十一日在联交所之收市
价为每股0.17港元。每股配售股份净价格
约为0.129港元。配售事项已于二零二五年
三月三十一日完成（「根据一般授权进行配
售」）。于本报告日期，根据一般授权进行
配售所得款项净额（经扣除配售佣金及其
他相关成本及开支）约为3.19百万港元，已
全数用作本集团偿还贷款及补充营运资金。
于本报告日期，配售事项所得款项净额已
根据本公司有关配售之公告所载计划应用。
The management of the Group takes an active aproach in
directly comunicating with employes and providing adequate
training and medical insurance as part of their remuneration. Given
that employes are important asets for suces, the Group has
strived to maintain god relations with its workforce and kep a
low employe turnover rate. This aims to bost the operational
dexterity and productivity of staf while inculcating team spirt
among them.
The Group treasures the close and long-term working relations
with its customers in the past years. The management frequent
visited the customers, colected their fedback on the provided
services and introduced updated and value-aded services to
them.
Likewise, the Group also understands the importance of its
supliers and subcontractors. The Group believes a harmonious
relationship with its supliers and subcontractors is key to the
suces of the busines.
During the Year, there was no material or significant dispute
betwen the Group and its employes, customers, supliers,
subcontractors and other stakeholders.
PLACING OF NEW SHARES UNDER
GENERAL MANDATE
On 11 March 2025, the Company conducted a placing of
24,956,600 new ordinary shares of HK$0.10 each (the “Placing
Share”) at a price of HK$0.137 each to raise a gros proceds of
aproximately HK$3.42 milion (the “Placing”). The Placing Shares
were isued under the relevant general mandate granted to the
Directors at the anual general meting of the Company held on
23 September 2024. The closing price per share of the Company
on the Stock Exchange on 11 March 2025 was HK$0.17. The net
price per Placing Share was aproximately HK$0.129. Completion
of the Placing tok place on 31 March 2025 (the “Placing under
General Mandate”). As at the date of this report, the net proceds
from the Placing under General Mandate (after deducting the
placing comision and other relevant costs and expenses)
amounted to aproximately HK$3.19 milion were fuly utilised for
repayment of loans and replenishment of working capital. As at
the date of this report, the net proceds arising from the Placing
had ben aplied in acordance with the plans as set out in the
Company’s anouncements in relation to the Placing.
20Wan Leader International Limited Anual Report 2024 – 2025
Management Discusion and Analysis (Continued)
管理层讨论及分析（续）
有关配售事项之进一步详情，请参阅本公
司日期为二零二五年三月十一日及二零
二五年三月三十一日之公告。
配售所得款项用途
配售事项所得款项净额约为3.19百万港元。
下表载列于截至二零二五年三月三十一日
止年度所得款项净额的实际用途。
附注：
于本报告日期，所得款项净额已获动用。
配售事项所得款项净额的拟定用途与实际
用途并无重大变动。
For further details of the Placing, please refer to the
anouncements of the Company dated 11 March 2025 and 31
March 2025.
USE OF PROCEDS FROM THE PLACING
The net proceds from the Placing amounted to aproximately
HK$3.19 milion.
Set out below is the actual use of net proceds during the year
ended 31 March 2025.
Use of net proceds
所得款项净额用途
Net
proceds
Net
proceds
utilised
during the
year ended
31 March
Unutilised
net
proceds
as at
31 March
Expected
timeline on
utilisation of
Unutilised
net
proceds
所得款项净额
截至
二零二五年
三月三十一日
止年度已
动用所得
款项净额
于
二零二五年
三月三十一日
仍未动用
所得款
项净额
动用仍未
动用所得
款项净额的
预期时间表
HK$ milionHK$ milionHK$ milion
百万港元百万港元百万港元
Placing配售事项
Repayment of loans偿还贷款2.00–2.00N/A (note)
不适用（附注）
General working capital一般营运资金1.19–1.19N/A (note)
不适用（附注）
Total总计3.19–3.19
Note:
As at the date of this report, the net proceds were utilised.
There was no material change betwen the intended use and the
actual use of the net proceds of the Placing.
万励达国际有限公司 二○二四－二○二五年报
DIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIES
董事及高级管理层履历
执行董事
吕克宜（吕克宜先生），54岁，于二零一七
年八月十八日获委任为董事，并于二零
一七年十一月一日调任为执行董事及获委
任为主席，另于二零二零年十一月十六日
获委任为行政总裁。彼已辞任行政总裁职
务，自二零二一年八月二十日起生效。吕
克宜先生自二零一四年五月一日起担任亨
达货运有限公司（「亨达」）总经理，并于二
零一五年六月二十日获委任为亨达的唯一
董事。吕克宜先生负责本集团整体业务发
展、策略及管理。
吕克宜先生于物流行业拥有逾34年经验，
并于该行业销售及营运管理及程序的整体
发展方面拥有宝贵知识。
吕克宜先生为董事会辖下提名委员会主席，
自二零二一年四月一日起生效。
渠天芸（渠女士），55岁，获委任为独立非
执行董事，自二零二三年六月八日起生效，
并调任为执行董事，自二零二三年十二月
一日起生效。渠女士目前亦为广州天蕴文
化发展有限公司董事长及于多家专门从事
各种个人护理及卫生产品之公司的业务营
运、销售及营销以及品牌管理方面拥有逾
30年丰富经验。
渠女士为董事会提名委员会成员，自二零
二五年六月二十六日起生效。
EXECUTIVE DIRECTORS
Loy Hak Yu Thomas (Mr. Thomas Loy), aged 54, was
apointed as a Director on 18 August 2017 and re-designated
as an executive Director, apointed as Chairman on 1 November
2017 and further apointed as chief executive oficer on 16
November 2020. He relinquished his role as the chief executive
oficer with efect from 20 August 2021. Mr. Thomas Loy served
as general manager of Union Air Cargo Limited (“Union Air”) since
1 May 2014 and was apointed as the sole director of Union Air
on 20 June 2015. Mr. Thomas Loy is responsible for the overal
busines development, strategy and management of the Group.
Mr. Thomas Loy has over 34 years of experience in the logistics
industry and has obtained valuable knowledge in the overal
development of sales and operations management and procedures
in the industry.
Mr. Thomas Loy is the chairman of the Nomination Comite of
the Board with efect from 1 April 2021.
Qu Tianyun (Ms. Qu), aged 55, was apointed as an
independent non-executive Director with efect from 8 June
2023 and was re-designated as an executive Director with efect
from 1 December 2023. Ms. Qu curently is also the president
of Guangzhou Tianyun Culture Development Co., Ltd.* （广州
天蕴文化发展有限公司） and has over 30 years of extensive
experience in busines operation, sales and marketing and brand
management of various companies specialised in a wide range of
personal care and hygiene products.
Ms. Qu is the member of the Nomination Comite of the Board
with efect from 26 June 2025.
For identification purpose 仅供识别
Directors’ and Senior Management’s Biographies (Continued)
董事及高级管理层履历（续）
22Wan Leader International Limited Anual Report 2024 – 2025
非执行董事
李绍棠（李先生），62岁，自二零二四年
十二月三十日起获委任为本公司非执行董
事。彼于企业融资、并购、财务管理及业
务发展方面拥有丰富经验，涵盖制造业、
财务咨询及保安服务等多个行业。彼于
一九八年取得英国威尔斯大学卡迪夫学
院工商管理硕士学位（MBA）。自一九三
年起，彼亦为香港会计师公会（HKICPA）
会员。李先生于二零二年一月至二零
二三年十二月担任Pacific Legend Group
Limited（香港股份代号：8547）全资附属公
司Indigo Living Limited的行政总裁。
邱东成（邱先生），34岁，自二零二四年
十二月三十日起获委任为本公司非执行董
事。彼于企业融资、并购及各类企业及项
目的募资活动方面拥有丰富经验，其交易
组合涵盖香港及中华人民共和国的私人企
业及上市公司。彼亦为一名根据香港法例
第571章证券及期货条例（「证券及期货条
例」）注册的持牌人士，从事第6类（就机构
融资提供意见）受规管活动。邱先生自二零
二年九月二日至二零二四年十二月三十
日获委任为鼎石资本有限公司（股份代号：
804）之非执行董事，并自二零二年八月
起担任马可数字科技控股有限公司（股份
代号：1942）之独立非执行董事。彼亦为
元库证券有限公司的负责人员，该公司是
一间根据证券及期货条例注册的持牌法团，
从事第1类（证券交易）、第2类（期货合约
交易）及第6类（就机构融资提供意见）。
NON-EXECUTIVE DIRECTORS
Li Shiu Tong (Mr. Li), aged 62, was apointed as a
non-executive Director of the Company with efect from 30
December 2024. He has a wealth of experience in corporate
finance, mergers and acquisitions, financial management and
busines development acros various industries, including
manufacturing, financial consultancy and security services. He
obtained his Master of Busines Administration (MBA) from the
University of Wales Colege of Cardif, UK, in 1988. He is also a
member of the Hong Kong Institute of Certified Public Acountants
(HKICPA) since 1993. Mr. Li served as the Chief Executive Oficer
of Indigo Living Limited, a wholy owned subsidiary of Pacific
Legend Group Limited (HK stock code: 8547) from January 2022
to December 2023.
Yau Tung Shing (Mr. Yau), aged 34, was apointed as a
non-executive Director of the Company with efect from 30
December 2024. He has extensive experience in corporate
finance, mergers and acquisitions and fundraising exercises
in various ventures and projects with a deal portfolio covering
private entities and publicly listed companies in Hong Kong and
the People’s Republic of China. He is also a licensed person
registered under the Securities and Futures Ordinance (Chapter
571 of the Laws of Hong Kong) (the “SFO”) to cary out Type
6 (advising on corporate finance) regulated activity. Mr. Yau
has ben apointed as a non-executive director of Pinestone
Capital Limited (stock code: 804) from 2 September 2022 to 30
December 2024 and as an independent non-executive director of
MOG Digitech Holdings Limited (stock code: 1942) since August
2022. He is also a responsible oficer of Silverbricks Securities
Company Limited, a licensed corporation registered under the
SFO to cary out Type 1 (dealing in securities), Type 2 (dealing in
future contracts) and Type 6 (advising on corporate finance).
Directors’ and Senior Management’s Biographies (Continued)
董事及高级管理层履历（续）
万励达国际有限公司 二○二四－二○二五年报
独立非执行董事
周志荣（周先生），46岁，为独立非执行
董事，自二零二一年七月一日起生效。彼
为合资格专业会计师，在审计、会计及财
务管理方面拥有超过20年经验。彼曾于香
港若干上市公司担任高级职位。周先生于
二零一五年七月十六日至二零二零年十月
三十一日为汇联金融服务控股有限公司（其
股份于联交所GEM上市，股份代号：8030）
的首席财务官、公司秘书及授权代表，并
自二零二零年十一月一日至二零二三年二
月二十三日起作为外部服务供应商继续
担任公司秘书及授权代表。周先生自二零
二一年四月十六日至二零二年八月八日
亦曾担任亚洲电视控股有限公司（其股份
于联交所主板上市，股份代号： 707）的公
司秘书及授权代表。自二零二年十一月
一日起，周先生获委任为天成控股有限公
司（其股份于联交所主板上市，股份代号：
2110）的公司秘书。周先生于二零二三年
十一月六日获委任为智富资源投资控股集
团有限公司（其股份于联交所主板上市，股
份代号：7）的财务总监、公司秘书及授权
代表。
周先生拥有香港浸会大学工商管理学士（荣
誉）学位，主修会计。彼亦为英国特许公认
会计师公会资深会员及香港会计师公会
员。
周先生为董事会薪酬委员会成员、审核委
员会成员及提名委员会成员。
INDEPENDENT NON-EXECUTIVE
DIRECTORS
Chow Chi Wing (Mr. Chow), aged 46, is an independent non-
executive Director with efect from 1 July 2021. He is a qualified
profesional acountant with over 20 years of experience in
auditing, acounting and financial management. He held senior
positions in several public companies in Hong Kong. Betwen 16
July 2015 and 31 October 2020, Mr. Chow was the chief financial
oficer, the company secretary, and an authorised representative
of Flying Financial Service Holdings Limited (stock code: 8030),
the shares of which are listed on GEM of the Stock Exchange,
and he continued to serve as the company secretary and the
authorised representative as an external service provider from
1 November 2020 to 23 February 2023. Mr. Chow also served
as the company secretary and the authorised representative of
Asia Television Holdings Limited (stock code: 707), the shares
of which are listed on the Main Board of the Stock Exchange,
from 16 April 2021 to 8 August 2022. Since 1 November 2022,
Mr. Chow was apointed as the company secretary of Tian
Cheng Holdings Limited (stock code: 2110), the share of which
are listed on the Main Board of the Stock Exchange. Mr. Chow
was apointed as the chief financial ofice, the company secretary
and the authorised representative of Wisdom Wealth Resources
Investment Holding Group Limited (stock code: 7) on 6 November
2023, shares of which are listed on the Main Board of the Stock
Exchange.
Mr. Chow holds a Bachelor’s Degre of Busines Administration
(Hons) (majoring in Acountancy) from The Hong Kong Baptist
University. He is a felow member of the Asociation of Chartered
Certified Acountants and a member of the Hong Kong Institute of
Certified Public Acountants.
Mr. Chow is the member of Remuneration Comite, the member
of Audit Comite and the member of Nomination Comite of
the Board.
Directors’ and Senior Management’s Biographies (Continued)
董事及高级管理层履历（续）
24Wan Leader International Limited Anual Report 2024 – 2025
谭志明（谭先生），50岁，自二零二四年十
月九日起获委任为本公司独立非执行董事。
彼拥有逾15年财务管理、运营及合规经验。
谭先生自二零一四年三月起担任恒利投资
控股（集团）有限公司首席投资总监，负责
交易结构及执行、财务管理以及项目融资。
谭先生为香港会计师公会资深会员及皇
家特许测量师学会的特许会员。谭先生于
一九七年获得香港理工大学会计学士学
位，并于二零七年获得伦敦大学工商管
理硕士学位。
谭先生自二零二四年十二月三十日起为董
事会审核委员会主席，并自二零二四年十
月九日起为董事会薪酬委员会成员及提名
委员会成员。
温新辉（温先生），50岁，自二零二四年
十月九日起获委任为本公司独立非执行董
事。于审计、会计及财务管理方面拥有逾
25年经验。温先生自二零七年三月起一
直担任泛亚环保集团有限公司（股份代号：
556）（一间于联交所主板上市的公司）公司
秘书，并于二零七年三月至二零二四年
三月期间担任其首席财务官。自二零二三
年三月一日起，温先生获委任为向中国际
控股有限公司（股份代号：1871）（一间于
联交所主板上市的公司）的独立非执行董
事。温先生亦自二零二年十一月一日起
担任裕勤控股有限公司（现称天成控股有
限公司）（股份代号：2110，一间于联交所
主板上市的公司）的独立非执行董事。温先
生于一九六年十一月获香港理工大学会
计学士学位。彼为香港会计师公会员。
温先生自二零二四年十月九日起为董事会
薪酬委员会主席、审核委员会委员及提名
委员会委员。
Tam Chi Ming George (Mr. Tam), aged 50, was apointed
as an independent non-executive Director of the Company with
efect from 9 October 2024. He has over 15 years of experience
in financial management, operation and compliance. Mr. Tam
has ben working as the chief investment oficer at Hengli
Investments Holding (Group) Limited since March 2014, where
he is responsible for deal structuring and execution, financial
management and project financing. Mr. Tam is a felow member
of the Hong Kong Institute of Certified Public Acountants and a
Chartered member of the Royal Institution of Chartered Surveyors.
Mr. Tam obtained a bachelor’s degre in Acountancy from the
Hong Kong Polytechnic University in 1997 and a master’s degre
in Busines Administration from the University of London in 2007.
Mr. Tam is the chairman of Audit Comite of the Board
with efect from 30 December 2024, and is the member of
Remuneration Comite and the member of Nomination
Comite of the Board with efect from 9 October 2024.
Wan San Fai Vincent (Mr. Wan), aged 50, was apointed as
an independent non-executive Director of the Company with
efect from 9 October 2024. He has over 25 years of experience
in auditing, acounting and financial management. Mr. Wan has
ben working as the company secretary of Pan Asia Environment
Protection Group Limited (stock code: 556), a company listed on
the Main Board of the Stock Exchange, since March 2007 and its
chief financial oficer from March 2007 to March 2024. Mr. Wan
has ben apointed as an independent non-executive director of
China Oriented International Holdings Limited (stock code: 1871),
a company listed on the Main Board of the Stock Exchange,
since 1 March 2023. Mr. Wan has also ben apointed as an
independent non-executive director of Yue Kan Holdings Limited
(now known as Tian Cheng Holdings Limited) (stock code: 2110),
a company listed on the Main Board of the Stock Exchange,
since 1 November 2022. Mr. Wan obtained a bachelor’s degre
in acountancy from the Hong Kong Polytechnic University in
November 1996. He is a member of the Hong Kong Institute of
Certified Public Acountants.
Mr. Wan is the chairman of Remuneration Comite, the member
of Audit Comite and the member of Nomination Comite of
the Board with efect from 9 October 2024.
Directors’ and Senior Management’s Biographies (Continued)
董事及高级管理层履历（续）
万励达国际有限公司 二○二四－二○二五年报
高级管理层
廖代春（廖先生），54岁，于二零二一年四
月二十三日获委任为非执行董事。彼于二
零二一年八月二日辞任非执行董事一职。
廖先生为本公司行政总裁，自二零二一年
八月二十日起生效。
廖先生，在酒店业拥有超过二十年经验。
彼在中华人民共和国广西大学获得机械工
程（机械及制造）学士学位。在一九四年
至二零一零年期间，彼加入广西沃顿国际
大酒店有限公司，最后担任的职位为总经
理。在二零一年至二零一七年，彼加入
广西颐和新园大酒店有限公司担任总经理。
在二零一八年至二零一九年，彼于南宁市
康膳达网络科技有限公司担任总经理。自
二零二零年起，彼于浙江集约客品牌管理
有限公司（前称广东集约客品牌管理有限
公司）担任总经理。
吕克满（吕克满先生），52岁，于二零一七
年八月十日获委任为董事，并于二零一七
年十一月一日调任为执行董事及获委任为
行政总裁。吕克满先生于二零二零年十一
月十六日辞任前述职位。彼主要负责本集
团营运及业务扩张。吕克满先生为东禅物
流有限公司及富城物流有限公司的创办人。
彼为吕克宜先生的胞弟。
吕克满先生于物流行业已累积逾26年经验，
并于货运代理及物流行业的业务发展及营
运管理方面拥有丰富知识及经验。吕克满
先生于过去多年亦完成危险品处理培训。
SENIOR MANAGEMENT
Liao Daichun (Mr. Liao), aged 54, was apointed as a non-
executive Director on 23 April 2021. He resigned from the position
as a non-executive Director on 2 August 2021. Mr. Liao is the
chief executive oficer of the Company with efect from 20 August
2021.
Mr. Liao, has over 20 years of experience in hospitality industry.
He obtained a bachelor’s degre in mechanical enginering
(mechanical and manufacturing) from Guangxi University（广西大
学）, the People’s Republic of China. Betwen 1994 and 2010,
he joined Guangxi Wharton International Hotel Limited*（广西沃顿
国际大酒店有限公司）with his last position as general manager.
Betwen 2011 and 2017, he joined Guangxi Yihe Xinyuan Hotel
Limited*（广西颐和新园大酒店有限公司）as general manager.
Betwen 2018 and 2019, he served as general manager of
Naning Kang Shan Da Network Technology Company Limited*
（南宁市康膳达网络科技有限公司）. Since 2020, he serves as
general manager of Zhejiang Jiyueke Brand Management Co., Ltd.
(formerly knowns as Guangdong Jiyueke Brand Management Co.,
Ltd.)*（浙江集约客品牌管理有限公司，前称广东集约客品牌管理
有限公司）.
Loy Hak Mon (Mr. HM Loy), aged 52, was apointed as
Director on 10 August 2017 and re-designated as an executive
Director and apointed as the Chief Executive Oficer on 1
November 2017. Mr. HM Loy resigned from the aforesaid positions
on 16 November 2020. He is primarily responsible for operations
and busines expansions of the Group. Mr. HM Loy is the founder
of Orient Zen Logistics Services Limited and Fu Cheng Logistics
Co. Limited. He is the younger brother of Mr. Thomas Loy.
Mr. HM Loy has acumulated more than 26 years of experience in
the logistics industry and has obtained comprehensive knowledge
and experience in its busines development and operation
management in the freight forwarding and logistics industry.
Mr. HM Loy also completed trainings in dangerous gods handling
in the past years.
仅供识别 For identification purpose
Directors’ and Senior Management’s Biographies (Continued)
董事及高级管理层履历（续）
26Wan Leader International Limited Anual Report 2024 – 2025
黄家文（黄先生），58岁，于二零一七年八
月一日获委任为首席财务官，主要负责财
务规划、向股东及董事会作出财务报告、
管理财务风险及筹资。
黄先生拥有逾35年审计及会计经验，当中
包括数年于香港及纽约证券交易所上市公
司之工作经验。黄先生为特许公认会计师
公会员，并为香港会计师公会的特许会
计师。
蔡浩仁（蔡先生），48岁，于二零二一年八
月十三日获委任为副首席财务官。蔡先生
于一九八年七月毕业于赫特福德大学，
获会计学士学位。彼于会计、审计、企业
融资及重组、投资者关系及项目收购方面
拥有逾24年丰富经验。彼亦拥有服务中国
内地、香港及新加坡上市公司的经验。
蔡先生自二零二三年四月起担任生兴控股
（国际）有限公司（其股份于联交所主板上
市，股份代号：1472）的独立非执行董事。
彼亦自二零二年二月起担任积木集团有
限公司（其股份于联交所GEM上市，股份
代号：8187）的独立非执行董事。自二零
一三年五月起，蔡先生一直担任时计宝投
资有限公司（其股份于联交所主板上市，股
份代号：2033）的独立非执行董事。于二
零二零年三月至二零二一年三月，蔡先生
担任久康国际控股有限公司（其股份于联交
所主板上市（股份代号：850），并于二零
二一年五月二十八日于联交所除牌）的独
立非执行董事。于二零二零年六月至二零
二年十一月，蔡先生担任中国赛特集团
有限公司（其股份于联交所主板上市（股份
代号：153），并于二零二年十一月十六
日于联交所除牌）的独立非执行董事。
Wong Ka Man (Mr. Wong), aged 58, was apointed as chief
financial oficer on 1 August 2017, primarily responsible for
financial planing, financial report to shareholders and the board,
managing financial risks and fund raising.
Mr. Wong has more than 35 years of experience in audit and
acounting, with several years of working experience in companies
listed in Hong Kong and New York Stock Exchange. Mr. Wong is
a member of The Asociation of Chartered Certified Acountants
and a certified public acountant of the Hong Kong Institute of
Certified Public Acountants.
Choi Ho Yan (Mr. Choi), aged 48, was apointed as an asistant
chief financial oficer on 13 August 2021. Mr. Choi obtained a
degre of Bachelor of Arts in Acounting from the University of
Hertfordshire in July 1998. He has has over 24 years of extensive
experience in acounting, auditing, corporate finance and
re-structuring, investor relations, and project acquisitions. He also
has experience in serving listed companies operating in Mainland
China, Hong Kong and Singapore.
Mr. Choi has ben an independent non-executive director of Sang
Hing Holdings (International) Limited, the shares of which are listed
on the Main Board of the Stock Exchange (stock code: 1472),
since April 2023. He has also ben an independent non-executive
director of Jimu Group Limited, the shares of which are listed
on GEM of the Stock Exchange (stock code: 8187), since
February 2022. Since May 2013, Mr. Choi has ben serving as an
independent non-executive director of Time Watch Investments
Limited, the shares of which are listed on the Main Board of the
Stock Exchange (stock code: 2033). From March 2020 to March
2021, Mr. Choi served as an independent non-executive director
of Long Wel International Holdings Limited, the shares of which
were listed on the Main Board of the Stock Exchange (stock
code: 850) and was delisted from the Stock Exchange on 28
May 2021. From June 2020 to November 2022, Mr. Choi served
as an independent non-executive director of China Saite Group
Company Limited, the shares of which were listed on the Main
Board of the Stock Exchange (stock code: 153) and was delisted
from the Stock Exchange on 16 November 2022.
Directors’ and Senior Management’s Biographies (Continued)
董事及高级管理层履历（续）
万励达国际有限公司 二○二四－二○二五年报
黄国瀚（黄国瀚先生），53岁，于二零二
年五月四日获委任为本公司公司秘书。彼
于审核、会计、内部控制及财务管理方面
拥有逾20年经验。黄国瀚先生曾在香港于
若干上市公司任职，加入本公司前，自二
零二一年六月至二零二一年十二月担任健
升物流（中国）控股有限公司（股份代号：
1529）之财务总监。黄国瀚先生为香港会
计师公会成员及特许公认会计师公会资深
成员。彼于岭南学院（现为岭南大学）取得
会计学荣誉文凭。
Wong Kok Hon (Mr. KH Wong), aged 53, was apointed as the
company secretary of the Company on 4 May 2022. He has over
20 years of experience in auditing, acounting, internal control
and financial management. Prior to joining the Company, Mr. KH
Wong has worked for several listed companies in Hong Kong
with his last position as financial controler of Goal Rise Logistics
(China) Holdings Limited (stock code: 1529) from June 2021 to
December 2021. Mr. KH Wong is a member of the Hong Kong
Institute of Certified Public Acountants and felow member of the
Asociation of Chartered Certified Acountants. He obtained the
Honours Diploma in Acountancy from Lingnan Colege (curently
known as Lingnan University).
28Wan Leader International Limited Anual Report 2024 – 2025
CORPORATE GOVERNANCE REPORT
企业管治报告
董事会欣然呈列截至二零二五年三月
三十一日止年度的企业管治报告。
于本年度，本集团致力维持高水平的企业
管治，并在切实可行的情况下遵守企业管
治常规守则。本公司已应用GEM上市规则
附录C1所载企业管治守则（「企业管治守
则」）的守则条文。于本年度，本公司已在
适用及许可范围内遵守企业管治守则所载
的守则条文。
董事会负责领导及监控，并促进本集团的
成功。此乃透过制定企业策略目标及政策，
以及监察及评估本集团之经营活动及财务
表现而达致。
于本报告内，对企业管治守则守则条文的
提述已参照于二零二年一月一日修订的
企业管治守则更新。
企业策略及长期业务模式
于本年度，本公司主要从事提供货运代理
及相关物流服务、就经营在线电子商务平
台提供委托管理服务以及时尚物品贸易。
本公司的企业目标是为股东创造及提升价
值。为达致此企业目标，本公司之业务策
略为维持本公司之长期增长及盈利能力。
本公司致力维持稳健的财务状况，维持稳
健的现金结余及有效的债务╱权益比率，
使本公司能够为现有业务提供资金及进行
潜在投资。
The Board of Directors is pleased to present this Corporate
Governance Report for the Year ended 31 March 2025.
During the Year, the Group was comited to maintaining a high
standard of corporate governance, and complying with the Code
of Corporate Governance Practices to the extent practicable.
The Company has aplied the code provisions in the Corporate
Governance Code (the “CG Code”) as set out in Apendix C1
to the GEM Listing Rules. During the Year, the Company has
complied, to the extent aplicable and permisible, with the code
provisions set out in the CG Code.
The Board is responsible for the leadership and control, and
promoting the suces of the Group. This is achieved by seting
of corporate strategic objectives and policies, and the monitoring
and evaluations of operating activities and financial performance
of the Group.
In this report, the references to code provisions in the CG Code
have ben updated with references to the CG Code as amended
on 1 January 2022.
CORPORATE STRATEGY AND LONG
TERM BUSINES MODEL
During the Year, the Company was principaly engaged in the
provision of freight forwarding and related logistics services, the
provision of entrusted management services for operating an
online e-comerce platform, and trading of fashion items. The
Company’s corporate objective is to create and enhance value for
Shareholders. To achieve this corporate objective, the busines
strategies of the Company are to maintain the long-term growth
and profitability of the Company. The Company is comited to
maintaining a solid and healthy financial status with a solid cash
balance and an eficient debt/equity ratio that wil enable the
Company to finance the existing operations and proced with
potential investments.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
董事证券交易
本公司已采纳GEM上市规则第5.48至5.67
条作为董事进行本公司证券交易的行为守
则（「交易必守标准」）。
经向所有董事作出特定查询后，各董事已
确认彼于二零二四年四月一日起及直至二
零二五年三月三十一日止整段期间内一直
遵守交易必守标准。
董事会
董事会现时由两名执行董事，两名非执行
董事及三名独立非执行董事组成。独立非
执行董事的人数占董事会人数三分之一以
上，符合GEM上市规则第5.05A、5.05(1)及
(2)条的规定。彼等的姓名亦可于各类公司
通讯及所有公告中识别。董事会成员的履
历详情及彼此关系于本年报「董事及高级
管理层履历」一节披露。此外，董事会已成
立三个董事委员会，即审核委员会、薪酬
委员会及提名委员会。
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted Rules 5.48 to 5.67 of the GEM Listing
Rules as the code of conduct for dealing in securities of the
Company by the Directors (the “Required Standard of Dealings”).
Folowing specific enquiries to al of the Directors, each Director
has confirmed that he or she complied with the Required Standard
of Dealings throughout the period from 1 April 2024 and up to 31
March 2025.
BOARD OF DIRECTORS
The Board curently comprises two executive Directors, two
non-executive Directors and thre independent non-executive
Directors. The number of independent non-executive Directors
represents more than one-third of the Board, which complies
with the requirement under Rules 5.05A, 5.05(1) and (2) of the
GEM Listing Rules. Their names are identified in various corporate
comunications and in al anouncements. The biographical
details and the relationship among the members of the Board
are disclosed under the section headed “Directors’ and Senior
Management’s Biographies” of this Anual Report. Also, the Board
established thre Board comites, namely the Audit Comite,
the Remuneration Comite and the Nomination Comite.
Corporate Governance Report (Continued)
企业管治报告（续）
30Wan Leader International Limited Anual Report 2024 – 2025
董事会之组成
董事相信，董事会目前的成员组合反映已
按本集团业务及有效领导的需要，在学术、
专业资格、技能、经验及多元化观点方面
保持必要的平衡。本公司的独立非执行董
事为各行各业的专才。根据GEM上市规则
第5.05(2)条，至少一名独立非执行董事须
具备合适的专业资格或会计或相关财务管
理专业。董事认为，本公司现时的独立非
执行董事架构符合GEM上市规则第5.05(2)
条，既能确保独立客观，同时又能提供监
察与制衡，以保障股东及本公司的利益。
本公司将持续检讨企业管治常规以提升企
业管治水平、遵守愈加收紧的监管规定以
及满足股东及投资者与日俱增的期望。
Board Composition
The Directors believe that the curent composition of the Board
reflects the necesary balance of academic, profesional
qualification, skils, experience and diversity of perspectives
apropriate for the requirements of the busines and efective
leadership of the Group. The independent non-executive Directors
of the Company are experts in various busines sectors. Under
Rule 5.05(2) of the GEM Listing Rules, at least one of the
independent non-executive Directors has apropriate profesional
qualifications or acounting or related financial management
expertise. The Directors are of the opinion that the present
structure of the independent non-executive Directors of the
Company complies with Rule 5.05(2) of the GEM Listing Rules and
can ensure independence and objectivity and provide checks and
balances to safeguard the interests of the shareholders and the
Company.
The Company wil continue to review its corporate governance
practices in order to enhance its corporate governance standard,
to comply with the increasingly tightened regulatory requirements
and to met the rising expectations of shareholders and investors.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
会议事程序
主席经征询本公司全体董事及公司秘书后，
负责草拟及审批各董事会议的议程。
每次董事会例行会议的事先通告均于每次
董事会议前至少14日向全体董事发出，
而董事亦获邀将彼等尤其关注的事项纳入
议程作讨论。公司秘书协助主席编制每次
董事会议的议程。每次董事会议的议
程草稿会派发予全体董事，供彼等于议程
中加入其他事项。议程及随附的董事会文
件其后全部在相关董事会议举行前至少
3日或在一段合理时间内派发予全体董事。
董事会议记录详尽记录董事会所考虑事
项。所有董事会议及所有其他委员会
议的记录均由公司秘书保存，任何董事、
核数师或任何有关合资格人士均有权于预
约后查阅该等资料。
经常提醒董事于董事会议上申报任何利
益冲突，并在可能出现潜在或实际利益冲
突时放弃投票及不将其计算在该次会议的
法定人数之内。
董事入职及培训
本公司每名新委任董事将获全面、正式及
专属的就职安排，确保彼对本公司的运作
及业务，以及相关法例、普通法、上市规
则、法定及监管规定及管治政策有确切了
解。
为遵守企业管治守则的守则条文第C.1.4
条，全体董事须参与持续专业发展，以发
展及更新其知识及技能，从而确保其继续
对董事会作出知情及相关贡献。
Procedings of Metings
The Chairman is responsible for drawing up and aproving the
agenda for each Board meting in consultation with al Directors
and the company secretary of the Company.
Prior notice of each Board meting was given to al Directors at
least 14 days in advance of al regular Board metings and the
Directors were invited to include maters of their special concerns
for discusion in the agenda. The company secretary asists the
Chairman in preparing agenda for each Board meting. Draft
agenda for each Board meting is circulated to al Directors to
enable them to include other maters in the agenda. The agenda
and acompanying board papers were then sent in ful to al
Directors at least 3 days in advance or within reasonable time
prior to the relevant Board metings.
The minutes of the Board metings recorded in suficient detail
the maters considered by the Board. The minutes of al Board
metings and al other comite metings are kept by the
company secretary and are available upon prior apointment
for inspection by any Directors, auditors or any relevant eligible
parties who are entitled to have aces to such information.
The Directors were reminded to declare any conflicts of interest at
the Board metings and to abstain from voting and be excluded
from counting as quorum in that meting whenever there are
potential or actual conflicts of interest arising.
Induction and Training for Directors
Every newly apointed Director of the Company wil receive a
comprehensive, formal and tailored induction package to ensure
that he or she has a proper understanding of the Company’s
operation and busines and the relevant statutes, comon
laws, the Listing Rules, legal and regulatory requirements and
governance policies.
In compliance with the code provision C.1.4 of the CG Code, al
Directors shal participate in continuous profesional development
to develop and refresh their knowledge and skils to ensure that
their contribution to the Board remains informed and relevant.
Corporate Governance Report (Continued)
企业管治报告（续）
32Wan Leader International Limited Anual Report 2024 – 2025
本公司亦肯定董事获得持续专业发展对健
全而行之有效的内部监控系统及企业管治
的重要性。为此，本公司鼓励董事出席有
关培训课程，以获取有关企业管治的最新
消息及知识。本公司亦将不时向全体董事
提供相关简报，以发展及更新彼等的职责
及责任。
全体董事已参与持续专业发展，并已向本
公司提供彼等于本年度接受培训的记录。
各董事于本年度所接受之培训记录概述如
下：
The Company also acknowledges the importance of continuing
profesional development for the Directors for a sound and
efective internal control system and corporate governance. In
this regard, the Company encouraged the Directors to atend
relevant training courses to receive the latest news and knowledge
regarding corporate governance. The Company wil also from time
to time provide relevant briefings to al Directors to develop and
refresh their duties and responsibilities.
Al Directors have participated in continuous profesional
development and provided a record of training they received for
the Year to the Company. The training record of each Director
received for the Year is sumarised below:
Name of DirectorType of Training
董事姓名培训类型
Mr. Loy Hak Yu ThomasA, B
吕克宜先生
Mr. Zhang Pangfei (retired on 23 September 2024)A, B
张雱飞先生（于二零二四年九月二十三日退任）
Ms. Wu Yushan (retired on 23 September 2024)A, B
邬雨杉女士（于二零二四年九月二十三日退任）
Mr. Yan Ximao (resigned on 30 December 2024)A, B
严希茂先生（于二零二四年十二月三十日辞任）
Ms. Qu TianyunA, B
渠天芸女士
Mr. Li Shiu Tong Andrew (apointed on 30 December 2024)A, B
李绍棠先生（于二零二四年十二月三十日获委任）
Mr. Yau Tung Shing (apointed on 30 December 2024)A, B
邱东成先生（于二零二四年十二月三十日获委任）
Mr. Ho Yuk Ming Hugo (resigned on 30 December 2024)A, B
何育明先生（于二零二四年十二月三十日辞任）
Mr. Chow Chi WingA, B
周志荣先生
Mr. Liao Dongqiang (resigned on 22 August 2024)A, B
廖东强先生（于二零二四年八月二十二日辞任）
Ms. Lai Pik Chi Pegy (apointed on 22 August 2024 and
retired on 23 September 2024)A, B
黎碧芝女士（于二零二四年八月二十二日获委任及
于二零二四年九月二十三日退任）
Mr. Tam Chi Ming George (apointed on 9 October 2024)A, B
谭志明先生（于二零二四年十月九日获委任）
Mr. Wan San Fai Vincent (apointed on 9 October 2024)A, B
温新辉先生（于二零二四年十月九日获委任）
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
附注：
- 、会
议及╱或论坛。
B. 阅读有关法律及监管变动以及董事履行其职
责相关事宜的报章、期刊及最新资料。
委任及重选董事
本公司的组织章程细则载有关于委任、重
选及罢免董事的条文。
各执行董事均已于其获委任日期与本公司
订立服务合约、各非执行董事已于其获委
任日期与本公司订立服务合约，而各独立
非执行董事已于彼等获委任的日期起已签
署委任函。与执行董事及非执行董事的服
务合约及与独立非执行董事的委任函的初
步年期为三年。服务合约及委任函可根据
各自的条款予以终止。服务合约可根据本
公司的组织章程细则及适用GEM上市规则
重续。
根据组织章程细则，各董事须至少每三年
轮值退任一次，惟合资格于股东周年大会
上重选连任。细则进一步订明，任何于本
年度获委任以填补临时空缺的董事须于获
委任后的首次股东大会上接受股东重选，
而任何获董事会委任作为现届董事会新增
成员的董事的任期仅直至本公司的下届股
东周年大会为止，其后将符合资格重选连
任。
吕克宜先生、李绍棠先生、邱东成先生、
谭志明先生、温新辉先生（统称「退任董事」）
将于二零二五年八月二十七日举行的本公
司应届股东周年大会（「股东周年大会」）上
退任董事职务。退任董事愿意于股东周年
大会上重选连任。
Notes:
- , conferences and/or forums on subjects relating to
directors’ duties and corporate governance.
- , journals and updates as regards to legal and
regulatory changes and maters of relevance to the Directors in the
discharge of their duties.
Apointment and Re-election of Directors
The Articles of Asociation of the Company contain provisions for
the apointment, re-election and removal of Directors.
Each executive Directors entered into a service contract with
the Company on their apointment dates, each non-executive
Directors entered into a service contract with the Company on
their apointment dates and each independent non-executive
Director signed a leter of apointment on their apointment
dates. The service contracts with the executive Directors and
non-executive Director and the leters of apointment with the
independent non-executive Directors are for an initial term of
thre years. The service contracts and leters of apointment are
subject to termination in acordance with their respective terms.
The service contracts may be renewed in acordance with the
Articles of Asociation of the Company and the aplicable GEM
Listing Rules.
Each Director is subject to retirement by rotation at least once
every thre years but is eligible for re-election at an anual
general meting in acordance with the Articles of Asociation.
The Articles further specify that any Directors apointed during
the Year to fil a casual vacancy are subject to re-election by
shareholders at the first general meting after such apointments
and any Directors apointed by the Board as an adition to the
existing Board shal hold ofice only until the next folowing anual
general meting of the Company and shal then be eligible for
re-election.
Mr. Loy Hak Yu Thomas, Mr. Li Shiu Tong Andrew, Mr. Yau Tung
Shing, Mr. Tam Chi Ming George and Mr. Wan San Fai Vincent
(colectively the “Retiring Directors”) wil retire from ofice as
Directors at the forthcoming anual general meting (the “AGM”)
of the Company on 27 August 2025. The Retiring Directors wil
ofer themselves for re-election at the AGM.
Corporate Governance Report (Continued)
企业管治报告（续）
34Wan Leader International Limited Anual Report 2024 – 2025
于股东周年大会上，有关建议重选退任董
事的独立普通决议案将提呈本公司股东批
准。
根据GEM上市规则第5.09条，谭志明先生
及温新辉先生于二零二四年十月九日获
委任为独立非执行董事，并获得有关GEM
上市规则第5.09条所述的法律意见，并已
确认彼等了解作为本公司董事的责任。李
绍棠先生及邱东成先生于二零二四年十二
月三十日获委任为非执行董事，并于二零
二四年十二月三十日或前后获得有关GEM
上市规则第5.09条所述的法律意见，及已
确认彼等了解作为本公司董事的责任。
董事会成员多元化
董事会于二零一八年十二月二十八日采纳
董事会成员多元化政策及于二零二五年六
月二十五日修订该政策。此政策的概要连
同其执行情况于下文披露。
董事会成员多元化政策概要
董事会成员多元化政策旨在列明本公司实
现董事会成员多元化的方针。为实现可持
续及均衡发展，本公司鼓励促进董事会成
员多元化，并将其视为支持达致其策略目
标及可持续发展的必要元素。在设计适当
的董事会成员组合时，本公司已从多项因
素考虑董事会成员多元化，当中包括但不
限于性别、年龄、性取向、残疾、国籍、
宗教或哲学信仰、家庭状况、教育背景、
专业经验、技能、知识及服务年期。所有
董事会成员的委任均以用人唯才为原则，
而在考虑人选时亦以客观条件充分顾及董
事会成员多元化的裨益。
本公司一直致力提升员工中的女性比例，
目前有一名女性董事。截至本报告日期，
本集团（包括高级管理层）的男女雇员比例
为1:0.53。本公司将继续根据业务需求及
未来发展，实现性别多元化的适当平衡。
本公司将确保于中高级员工招聘中促进性
别多元化，并致力为女性员工提供职业发
展机会，从而为将来董事会培养潜在继任
人员。
At the AGM, separate ordinary resolutions wil be put forward
to the shareholders of the Company in relation to the proposed
re-election of the Retiring Directors.
With reference to Rule 5.09 of the GEM Listing Rules, Mr. Tam
Chi Ming George and Mr. Wan San Fai Vincent, who were
apointed as independent non-executive directors on 9 October
2024, obtained the legal advice refered to under Rule 5.09 of
the GEM Listing Rules and confirmed that they understod their
obligations as directors of the Company. Mr. Li Shiu Tong Andrew
and Mr. Yau Tung Shing, who were apointed as non-executive
directors on 30 December 2024, obtained the legal advice refered
to under Rule 5.09 of the GEM Listing Rules on or around 30
December 2024 and have confirmed that they have understod
their obligations as directors of the Company.
BOARD DIVERSITY
The Board adopted the Board Diversity Policy on 28 December
2018 and this policy had ben revised on 25 June 2025. A
sumary of this policy, together with the implementation are
disclosed as below.
Sumary of Board Diversity Policy
The Board Diversity Policy aims to set out the aproach to achieve
diversity on the Board of the Company. To achieve a sustainable
and balanced development, the Company encourages increasing
diversity at the Board level as an esential element in suporting
the atainment of its strategic objectives and its sustainable
development. In designing an apropriate composition of the
Board, the diversity of the Board has ben considered from a
number of perspectives, including but not limited to gender, age,
sexual orientation, disability, nationality, religious or philosophical
belief, family status, educational background, profesional
experience, skils, knowledge and length of service. Al Board
apointments wil be based on meritocracy and candidates wil
be considered against objective criteria, having due regard for the
benefits of diversity on the Board.
The Company has always strived to enhance female representation
in the workforce and curently has one female Director. As at the
date of the report, the ratio of male and female employes of the
Group (including senior management) is 1:0.53. The Company wil
continue to achieve an apropriate balance of gender diversity
acording to busines neds and future development. The
Company wil also ensure that there is gender diversity when
recruiting staf at the mid to senior level and is comited to
providing carer development oportunities for female staf so that
the Company wil have a pipeline of potential sucesors to our
Board in the future.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
董事会成员多元化政策之执行情况
提名委员会从多方面检讨董事会的组成。
于本年报日期，董事会由七名成员组成，
其中三名为独立非执行董事。所有执行及
非执行董事均于物流、货运代理及金融行
业或上市公司积逾多年经验。独立非执行
董事于企业管治及财务管理方面拥有丰富
经验。经计及本公司现时的需要，董事会
成员组合将按本公司业务发展需要在技能
及经验方面保持必要的平衡。
监察及报告
提名委员会将监察董事会成员多元化政策
的执行情况。
本公司将在其年报所载的企业管治报告中
披露董事会成员多元化政策的细节连同其
在此方面所设定的任何可衡量目标，以及
在实现该等目标（包括本公司的多元化概况）
方面取得的进展。
提名委员会将定期检讨董事会成员多元化
政策以确保其行之有效。提名委员会将讨
论任何可能须作出的修订，并向董事会提
出任何有关修订建议以供审批。
提名政策
董事会于二零一八年十二月二十八日采纳
提名政策（「提名政策」）。此政策的概要连
同其执行情况于下文披露。
Implementation of Board Diversity Policy
The Nomination Comite reviews the composition of the
Board from diversified angles. At the date of this Anual Report,
the Board comprises seven members, amongst them, thre
are independent non-executive Directors. Al the executive and
non-executive Directors have ben working in the logistics, freight
forwarding and financial industry, or listed companies for over
a number of years. The independent non-executive Directors
have abundant experience in corporate governance and financial
management. Taking into acount the existing neds of the
Company, the combination of the Board would bring about the
necesary balance of skils and experience apropriate for the
requirements of the busines development of the Company.
Monitoring and Reporting
The Nomination Comite wil monitor the implementation of the
Board Diversity Policy.
The Company wil disclose details of the Board Diversity Policy
together with any measurable objectives it has set itself in this
regard and the progres made towards achieving those objectives
including the Company’s diversity profile, in the corporate
governance report set out in its anual report.
The Nomination Comite wil review the Board Diversity Policy
on a regular basis to ensure the efectivenes. The Nomination
Comite wil discus any revisions that may be required, and
recomend any such revisions to the Board for consideration and
aproval.
NOMINATION POLICY
The Board adopted a nomination policy (the “Nomination Policy”)
on 28 December 2018. A sumary of this policy, together with
the implementation are disclosed as below.
Corporate Governance Report (Continued)
企业管治报告（续）
36Wan Leader International Limited Anual Report 2024 – 2025
提名政策概要
提名政策旨在列明指引提名委员会甄选、
委任及重选本公司董事的方针。这亦确保
董事会按本公司业务需要在技能、经验、
知识及多元化观点方面保持平衡。政策亦
包括本公司主要人员的继任计划。
甄选准则
(a) 提名委员会在评估建议人选是否合适
时将参考下列因素：
- ；
- ，包括与本公司业务及企
业策略相关的专业资格、技能、
知识及经验；
• 在本集团任何成员公司不时进
行、从事或投资的业务取得的
成就及经验；
• 可投入的时间及代表相关界别
的利益；
• 董事会根据香港联合交易所有
限公司GEM证券上市规则规定
设立独立董事，以及候选人是
否会根据GEM上市规则所载的
独立指引而被视为独立人士；
• 董事会成员多元化政策以及提
名委员会为实现董事会多元化
而采取的任何可计量目标；及
- 。
Sumary of Nomination Policy
The Nomination Policy aims to set out the aproach to guide the
Nomination Comite in relation to the selection, apointment
and re-apointment of the directors of the Company. This also
ensures that the Board has a balance of skils, experience,
knowledge and diversity of perspectives apropriate for the
requirements of the Company’s busines. It also includes the
sucesion planing of the Company’s key personel.
Selection criteria
(a) The factors listed below would be used as reference by
the Nomination Comite in asesing the suitability of a
proposed candidate:
- ;
- , skils,
knowledge and experience that are relevant to the
Company’s busines and corporate strategy;
• acomplishment and experience in the busines from
time to time conducted, engaged in or invested in by
any member of the Group;
• comitment in respect of available time and relevant
interest;
• requirement for the Board to have independent
directors in acordance with the Rules Governing the
Listing of Securities on GEM of The Stock Exchange
of Hong Kong Limited and whether the candidates
would be considered independent with reference to
the independence guidelines set out in the GEM Listing
Rules;
• Board Diversity Policy and any measurable objectives
adopted by the Nomination Comite for achieving
diversity on the Board; and
- ’s
busines.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
上述因素仅供参考，并不旨在涵盖所
有因素，亦不具决定性作用。提名委
员会可酌情提名任何其认为适当的人
士。
(b) 严格审查适用于评估连续服务超过9
年的董事的持续独立性，确保彼等在
品格及判断上保持独立，并继续对管
理层及董事会提出的假设及观点提出
客观及具建设性的质疑。
(c) 建议人选将会被要求按既定格式提交
所需的个人资料，以及提交同意书，
同意被委任为董事，并同意就其参选
董事或与此有关的事情在任何文件或
相关网站公开披露其个人资料。
(d) 提名委员会如认为有必要，可要求人
选提供额外资料及文件。
提名程序
(a) 如要填补临时空缺，提名委员会须推
荐人选供董事会考虑及批准。如要建
议人选在股东大会上参选，提名委员
会须向董事会提名供其考虑及推荐参
选。董事会对董事的甄选及任命有最
终责任。
(b) 提名委员会应在收到关于任命新董事
的提案及人选的履历资料（或相关细
节）后，根据甄选准则所载的准则评
估该人选，以确定该人选是否合资格
担任董事。
(c) 如提名程序产生一个或多个理想的人
选，提名委员会应根据本公司的需要
及每个人选的背景调查（如适用）按优
先顺序对其进行排名。
These factors are for reference only, and not meant to be
exhaustive and decisive. The Nomination Comite has
the discretion to nominate any person, as it considers
apropriate.
(b) Rigorous review is aplied to asesing the continuing
independence of Directors having served for over 9
consecutive years, with atention to ensuring that they remain
independent in character and judgement, and continue
to present an objective and constructive chalenge to the
asumptions and viewpoints presented by the management
and the Board.
(c) Proposed candidates wil be asked to submit the necesary
personal information in a prescribed form, together with their
writen consent to be apointed as Directors and to the
public disclosure of their personal data on any documents or
the relevant websites for the purpose of or in relation to their
standing for election as a Director.
(d) The Nomination Comite may request candidates to
provide aditional information and documents, if considered
necesary.
Nomination Procedures
(a) For filing a casual vacancy, the Nomination Comite
shal make recomendations for the Board’s consideration
and aproval. For proposing candidates to stand for
election at a general meting, the Nomination Comite
shal make nominations to the Board for its consideration
and recomendation. The Board shal have the ultimate
responsibility for selection and apointment of Directors.
(b) The Nomination Comite shal, upon receipt of the
proposal on apointment of new director and the
biographical information (or relevant details) of the candidate,
evaluate such candidate based on the criteria as set out in
selection criteria to determine whether such candidate is
qualified for directorship.
(c) If the proces yields one or more desirable candidates,
the Nomination Comite shal rank them by order of
preference based on the neds of the Company and
reference check of each candidate (where aplicable).
Corporate Governance Report (Continued)
企业管治报告（续）
38Wan Leader International Limited Anual Report 2024 – 2025
(d) 对于任何由股东根据本公司章程文件
提名在本公司股东大会上选举为董事
的人选，提名委员会应根据甄选准则
所载的准则对该人选进行评估，以确
定该人选是否合资格担任董事，且在
适当情况下，提名委员会及╱或董事
会须在股东大会上就该董事选举向股
东提出建议。
在股东大会上重选董事
提名委员会应审查退任董事对本公司的整
体贡献及服务，包括彼出席董事会议的
记录，以及（如适用）股东大会的次数，以
及其在董事会的参与水平及表现。
提名委员会亦应审查并确定退任董事是否
继续符合上述甄选准则。
提名政策之执行情况
本公司提名委员会须向董事会提名合适人
选，以供董事会考虑并推荐股东于股东大
会上选举该人选为本公司董事，或供董事
会委任该人选为董事以填补临时空缺。
监察及报告
提名委员会将监察提名政策的执行情况。
提名委员会将定期检讨提名政策以确保其
继续行之有效，讨论可能须作出的任何修
订，以及向董事会建议任何有关修订以供
考虑及批准。
本公司将在其年报所载的企业管治报告中
披露提名政策的细节连同其在此方面所设
定的任何可计量目标，以及在实现该等目
标方面取得的进展。
(d) For any person that is nominated by a shareholder for
election as a director at the general meting of the Company
pursuant to its constitutional documents, the Nomination
Comite shal evaluate such candidate based on the
criteria as set out in selection criteria to determine whether
such candidate is qualified for directorship and where
apropriate, the Nomination Comite and/or the Board
shal make recomendation to shareholders in respect of
the proposed election of director at the general meting.
Re-election of Directors at General Metings
The Nomination Comite shal review the overal contribution
and service to the Company of the retiring director including his/
her atendance of Board metings and, where aplicable, general
metings, and the level of participation and performance on the
Board.
The Nomination Comite shal also review and determine
whether the retiring director continues to met the selection
criteria aforementioned.
Implementation of Nomination Policy
The Nomination Comite of the Company shal nominate
suitable candidates to the Board for it to consider and make
recomendations to shareholders for election as directors of the
Company at general metings or apoint as Directors to fil casual
vacancies.
Monitoring and Reporting
The Nomination Comite wil monitor the implementation of the
Nomination Policy.
The Nomination Comite wil review the Nomination Policy on
a regular basis to ensure its continued efectivenes, wil discus
any revisions that may be required, and recomend any such
revisions to the Board for consideration and aproval.
The Company wil disclose details of the Nomination Policy
together with any measurable objectives it has set itself in this
regard and the progres made towards achieving those objectives,
in the corporate governance report set out in its anual report.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
股息政策
董事会于二零一八年十二月二十八日采纳
股息政策（「股息政策」）。股息政策的概要
连同其执行情况于下文披露。
股息政策概要
本公司将向本公司股东提供稳定及可持续
回报视为其目标。本公司的股息政策旨在
让股东分享本公司溢利，以及预留足够储
备以供日后发展之用。于建议派发任何股
息时，董事会将考虑以下因素：
• 整体营商环境及可能对本公司业务或
财务表现及状况产生影响的其他内部
或外部因素；
- ；
- ；
- ；
- ；
• 本集团向股东或本公司附属公司向本
公司支付股息的合约限制；
- ；
- ；及
- 。
DIVIDEND POLICY
The Board adopted a dividend policy (the “Dividend Policy”) on 28
December 2018. A sumary of the Dividend Policy, together with
the implementation are disclosed as below.
Sumary of Dividend Policy
The Company considers stable and sustainable returns to its
shareholders of the Company to be its goal. The Company’s
Dividend Policy aims to alow shareholders to participate in
the Company’s profit and for the Company to retain adequate
reserves for future growth. In proposing any dividend payout, the
Board would consider the folowing factors:
• general busines conditions and other internal or external
factors that may have an impact on the busines or financial
performance and position of the Company;
- ;
• the expected capital requirements and future expansion
plans of the Group;
- ;
- ;
• contractual restrictions on the payment of dividends by the
Group to the Shareholders or by the subsidiaries of the
Company to the Company;
- ;
- ’ interests; and
• other factors the Board may dem relevant.
Corporate Governance Report (Continued)
企业管治报告（续）
40Wan Leader International Limited Anual Report 2024 – 2025
股息政策之执行情况
如董事会认为根据本公司的财务状况及溢
利支付股息属合理，董事会可于每半年或
以其选择的其他适当期间按固定息率支付
任何股息。
股息的支付亦受适用法律及法规以及本公
司的章程文件规管。
监察及报告
股息政策将继续不时予以检讨，且概不保
证会在任何指定期间建议支付股息或派付
任何特定金额的股息。董事会对于宣派或
建议宣派股息有绝对的决定权。即使董事
会决定建议派付及宣派股息，股息的形式、
派发频率及金额将视乎本集团之经营及盈
利、资本要求及盈余、整体财务状况、合
约限制以及本集团的其他因素及影响本集
团的其他因素而定。
董事责任
董事共同负责透过指导及监督本公司事务
促使本公司迈向成功。
主席带领董事会制定本集团的企业使命、
愿景及政策，并确保所有董事对事宜有适
当了解。
所有执行董事积极参与本公司事务，并透
切了解本公司的业务，在本公司日常运作
及管理方面担当重要角色。所有独立非执
行董事则须参与董事会议，并就不同事
务提出独立意见及判断。
Implementation of Dividend Policy
The Board may pay out half-yearly or at other suitable intervals to
be setled by it any dividend which may be payable at a fixed rate
if the Board is of the opinion that the financial conditions and the
profits of the Company justify the payment.
The payment of dividend is also governed by the aplicable laws
and regulations and the Company’s constitutional documents.
Monitoring and Reporting
The Dividend Policy wil continue to be reviewed from time to time
and there can be no asurance that dividend wil be recomended
or declared in any particular amount for any given period. The
declaration of or recomendation of declaration of dividend is
subject to the absolute discretion of the Board. Even if the Board
decides to recomend and declare dividend, the form, frequency
and amount wil depend upon the operations and earnings, capital
requirements and surplus, general financial condition, contractual
restrictions and other factors of and afecting the Group.
RESPONSIBILITIES OF DIRECTORS
The Directors are colectively responsible for promoting the
suces of the Company by directing and supervising the
Company’s afairs.
The Chairman leads the Board to formulate corporate mision,
visions and policies of the Group and to ensure that al Directors
are properly briefed on isues.
Al executive Directors take an active interest in the afairs of
the Company with a god understanding of the busines, and
play important roles in the daily operations and management of
the Company, whilst al independent non-executive Directors
participate in the Board metings and bring their independent
views and judgments on various isues.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
每名独立非执行董事已按正式委聘书获委
任，当中载列其各自委任的条款及条件。
在彼等各自的委任前，每名独立非执行董
事已向本公司及联交所呈交一份确认书以
确认彼等的独立身份，并承诺于日后出现
任何可能会影响彼等的独立性之情况变动
时，在实际可行情况下尽快通知本公司及
联交所。
独立非执行董事透过定期出席不同委员会
会议及为本公司事务提供意见，为本集团
带来各方面之技术、专业知识及不同背景
资料及资格。彼等就策略及政策提供独立
意见及判断，确保顾及全体股东利益。
本公司每年检讨及收取各独立非执行董事
在各自任期内的独立性确认书。于本年度
内，本公司已参照GEM上市规则第5.09条，
收取各独立非执行董事的确认书。根据该
等确认书，本公司认为所有独立非执行董
事均为独立人士，符合GEM上市规则的规
定。
董事及高级职员之弥偿保证
本公司投购保单以弥偿董事及本公司高级
职员因对彼等提起的潜在法律行动而产生
的责任。
Each of the independent non-executive Directors has ben
apointed with a formal leter of apointment seting out the
terms and conditions of their respective apointment. Prior to their
respective apointment, each of the independent non-executive
Directors has submited a writen confirmation to the Company
and the Stock Exchange confirming their independence and has
undertaken to inform the Company and the Stock Exchange
as son as practicable if there is any subsequent change of
circumstances which may afect their independence.
Independent non-executive Directors provide the Group with
a wide range of skils, expertise and varied backgrounds
and qualifications through their regular atendance at various
comite metings and advise on the afairs of the Company.
They bring independent opinion and judgment on the strategy and
policies to ensure that the interests of al shareholders are taken
into acount.
The Company reviews anualy and obtains confirmation of
independence from each of the independent non-executive
Directors during their respective terms of apointment. During the
Year, the Company received writen confirmation from each of the
independent non-executive Directors with reference to Rule 5.09
of the regarding GEM Listing Rules. Based on the confirmations,
the Company considers that al independent non-executive
Directors are independent, in compliance with the GEM Listing
Rules requirements.
Directors and Oficers’ Indemnity
The Company subscribes for an insurance policy to cover for
the Directors’ and Oficers’ liabilities in respect of potential legal
actions against the Directors and oficers of the Company.
Corporate Governance Report (Continued)
企业管治报告（续）
42Wan Leader International Limited Anual Report 2024 – 2025
企业管治职能
董事会负责履行下列企业管治职责：
1. 制定及检讨本公司有关企业管治的政
策及常规，并向董事会作出适当建议；
2. 检讨及监察董事及高级管理人员的培
训及持续专业发展；
3. 检讨及监察本公司有关遵守法律及监
管规定方面的政策及常规；
- 、检讨及监察雇员及董事适用的
操守准则及合规手册（如有）；
5. 检讨本公司遵守GEM上市规则附录
C1所载企业管治守则（「企业管治守
则」）及企业管治报告的情况；及
6. 检讨及监察本公司遵守本公司举报政
策的情况。
Corporate Governance Functions
The Board is responsible for performing the folowing corporate
governance duties:
- ’s policies and practices
on corporate governance and to make apropriate
recomendations to the Board;
2. to review and monitor the training and continuous
profesional development of Directors and senior
management;
- ’s policies and practices
on compliance with legal and regulatory requirements;
- , review and monitor the code of conduct and
compliance manual (if any) aplicable to employes and
Directors;
- ’s compliance with the Corporate
Governance Code (the “CG Code”) and Corporate
Governance Report as set out in Apendix C1 to the GEM
Listing Rules; and
- ’s compliance with the
Company’s whistle blowing policy.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
董事会之授权
尽管董事会在履行其职责中完全承担引领
及监察本集团营运的责任，惟董事会已将
若干责任授予本公司的高级管理层团队，
包括处理本集团日常营运工作。该高级管
理层团队须就其表现对董事会负责。
于本年度内，执行董事与高级管理层团队
多次会面并进行讨论，以维持有效的反馈
制度，使本集团可迅速及有效地就变动或
问题作出回应。董事会将定期检讨其授予
责任及权力的安排，以确保有关授权安排
于本公司当时的情况下属恰当，并已实行
适当的申报制度。
各董事可自由及个别地向本公司高级管理
层团队寻求意见及与本公司的高级管理层
团队保持联系。
董事委员会
董事会现时设有三个委员会，分别为审核
委员会、薪酬委员会及提名委员会。所有
委员会均根据其本身的职权范围获董事会
授权，而有关职权范围已载于联交所及本
公司网站，并可由本公司股东在向公司秘
书提出要求后查阅。
审核委员会
审核委员会已于二零一八年八月十四日成
立，于本年报日期由三名成员组成。彼等
全部均为独立非执行董事，分别为：
谭志明先生（主席）
周志荣先生
温新辉先生
董事会认为各审核委员会成员均具备丰富
商业经验，而审核委员会成员的业务、财
务及法律专业知识互相配合，且审核委员
会的组成及成立符合GEM上市规则第5.28
至5.29条以及企业管治守则的规定。
DELEGATION BY THE BOARD
While at al times the Board retains ful responsibility for guiding
and monitoring the operations of the Group, the Board delegated
certain responsibilities to the senior management team of the
Company, including the day-to-day operations of the Group. Such
senior management team acounts for its performance to the
Board.
During the Year, the executive Directors frequently met and
discused with the senior management team in order to maintain
an efective fedback system and enable the Group to react to
changes or problems quickly and eficiently. The Board shal
review its arangement on delegation of responsibilities and
authority regularly to ensure that such delegations are apropriate
in view of the Company’s prevailing circumstances and that
apropriate reporting system is in place.
Each Director is fre to sek advice from and has aces to the
Company’s senior management team independently.
BOARD COMITES
The Board curently has thre comites, namely the Audit
Comite, the Remuneration Comite and the Nomination
Comite. Al the comites are empowered by the Board
under their own terms of reference which have ben posted on
the websites of the Stock Exchange and the Company and are
available for inspection by the shareholders of the Company upon
request made to the Company Secretary.
Audit Comite
The Audit Comite was established on 14 August 2018 and at
the date of this Anual Report comprises thre members. Al of
them are independent non-executive Directors, namely:
Mr. Tam Chi Ming George (Chairman)
Mr. Chow Chi Wing
Mr. Wan San Fai Vincent
The Board considers that each Audit Comite member has
extensive comercial experience and the Audit Comite has a
suitable mix of expertise in various busineses, financial and legal
sectors and that the composition and establishment of the Audit
Comite complies with the requirements under Rules 5.28 to
5.29 of the GEM Listing Rules and CG Code.
Corporate Governance Report (Continued)
企业管治报告（续）
44Wan Leader International Limited Anual Report 2024 – 2025
审核委员会的主要职责包括但不限于(i)就
委任、重新委任及罢免外聘核数师向董事
会提供建议，以及批准外聘核数师的薪酬
及聘用条款，及处理任何有关该核数师辞
任或罢免该核数师的问题；(i)监察本公司
的财务报表的完整性以及审阅年度报告及
账目及半年度报告，并审阅当中所载有关
财务申报的重大意见；及(i)审阅本集团的
财务申报、财务监控、风险管理及内部监
控制度。
于本年度内，审核委员会曾举行两次会议，
而各个别董事出席审核委员会的记录载于
本年报第47页。
以下为审核委员会于本年度内的工作概要：
1. 在提交予董事会作审批前审阅截至二
零二四年三月三十一日止年度的年度
财务报表及截至二零二四年九月三十
日止期间的中期财务报表；
2. 考虑于二零二四年股东周年大会上重
新委任外聘核数师，并就此向董事会
提出建议；及
3. 检讨本集团内部监控及风险管理系统
的成效。
The primary duties of the Audit Comite include, but are
not limited to (i) making recomendations to the Board on the
apointment, reapointment and removal of the external auditor
and aproving the remuneration and terms of engagement of the
external auditor and any questions of its resignation or dismisal;
(i) monitoring the integrity of the Company’s financial statements
and reviewing the anual reports and acounts and half-year
report, and reviewing significant financial reporting judgements
contained in them; and (i) reviewing the financial reporting,
financial controls, risk management and internal control systems
of the Group.
During the Year, the Audit Comite met twice and the
atendance of individual Directors at the Audit Comite
metings is set out on page 47 of this Anual Report.
The folowing is a sumary of work performed by the Audit
Comite during the Year:
1. Reviewed anual financial statements for the year ended 31
March 2024 and interim financial statements for the period
ended 30 September 2024 before submision to the Board
for aproval;
2. Considered and made recomendations to the Board on the
re-apointment of the external auditor at the 2024 AGM; and
3. Reviewed the efectivenes of internal control and risk
management systems of the Group.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
薪酬委员会
薪酬委员会已于二零一八年八月十四日成
立，于本年报日期由三名成员组成。彼等
全部均为独立非执行董事，分别为：
温新辉先生（主席）
周志荣先生
谭志明先生
薪酬委员会的主要职责包括但不限于； (a)
就全体董事及高级管理人员的薪酬政策及
架构，及就制订薪酬政策设立正规而具透
明度的程序，向董事提出建议；(b)向董事
会建议董事及高级管理人员的薪酬待遇；(c)
因应董事会所订企业方针及目标而检讨及
批准管理层的薪酬建议；及(d)考虑及批准
根据购股权计划向合资格参与者授出购股
权。
于本年度内，薪酬委员会曾举行三次会议，
而各个别董事的出席记录载于本年报第47
页。薪酬委员会检讨及批准董事及高级管
理人员的薪酬待遇。
于本年度内，本集团雇用的执行董事及高
级管理人员的薪酬组别载列如下：
Remuneration Comite
The Remuneration Comite was established on 14 August 2018
and at the date of this Anual Report comprises thre members,
al are independent non-executive Directors, namely:
Mr. Wan San Fai Vincent (Chairman)
Mr. Chow Chi Wing
Mr. Tam Chi Ming George
The primary duties of the Remuneration Comite include (but
without limitation): (a) making recomendations to the Directors
regarding the policy and structure for the remuneration of al
Directors and senior management and on the establishment of
a formal and transparent procedure for developing remuneration
policies; (b) making recomendations to the Board on the
remuneration packages of Directors and senior management;
(c) reviewing and aproving the management’s remuneration
proposals with reference to Board’s corporate goals and
objectives; and (d) considering and aproving the grant of share
options to eligible participants pursuant to the Share Option
Scheme.
During the Year, the Remuneration Comite met thre times
and the atendance of each individual Director is set out on page
47 of this Anual Report. The Remuneration Comite reviewed
and aproved the remuneration packages of the Directors and
senior management.
The remuneration of the executive Directors and members of
senior management who were employed by the Group during the
Year, shown by band, is set out below:
HK$Number of persons
港元人数
1,000,001 – 2,000,0002
1 – 1,000,0005
Total
总计7
Corporate Governance Report (Continued)
企业管治报告（续）
46Wan Leader International Limited Anual Report 2024 – 2025
提名委员会
提名委员会于本年报日期由五名成员组成，
当中包括两名执行董事及三名独立非执行
董事，分别为：
吕克宜先生（主席）
周志荣先生
谭志明先生
温新辉先生
渠天芸女士
提名委员会的主要职责为物色具备合适资
格可成为董事会成员的人士，并挑选提名
有关人士出任董事或就此向董事会提供意
见。
甄选及委任新董事将按各种多元化角度为
准，包括但不限于性别、年龄、文化及教
育背景、种族、专业操守、技能、知识、
服务时期长短以及董事会可能要求的有关
特质及属性。
于本年度内，提名委员会曾举行两次会议，
而各个别董事的出席记录载于本年报第47
页。提名委员会检讨及批准执行董事、高
级管理人员及独立非执行董事的委任。
Nomination Comite
The Nomination Comite comprises five members at the date
of this Anual Report, including two executive Directors and thre
independent non-executive Directors, namely:
Mr. Loy Hak Yu Thomas (Chairman)
Mr. Chow Chi Wing
Mr. Tam Chi Ming George
Mr. Wan San Fai Vincent
Ms. Qu Tianyun
The primary duties of the Nomination Comite is to identify
individuals suitably qualified to become Board members and
select, or make recomendations to the Board on the selection
of, individuals nominated for directorships.
Selection and apointment of new directors wil be based on a
range of diverse perspectives, including but not limited to gender,
age, cultural and educational background, ethnicity, profesional
ethnicity, skils, knowledge, length of services, and such qualities
and atributes that may be required by the Board.
During the Year, the Nomination Comite met twice and the
atendance of each individual Director is set out on page 47 of this
Anual Report. The Nomination Comite reviewed and aproved
the apointment of executive Directors, senior management and
independent non-executive Director.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
董事会议、董事委员会议及
股东周年大会的出席记录
相关董事于本年度内的个别出席记录如下：
Atendance at Board metings, Board
Comite Metings and Anual General
Meting
Individual atendance records of the relevant Directors during the
Year are as folows:
Number of Metings Atended/Eligible to Atend
出席会议次数╱合资格出席会议
Directors
Board
Metings
Audit
Comite
Metings
Remuneration
Comite
Metings
Nomination
Comite
Metings
Anual
General
Meting
Extraordinary
General
Meting
董事董事会议审核委员会议薪酬委员会议提名委员会议股东周年大会股东特别大会
Executive Directors:
执行董事：
Mr. Loy Hak Yu Thomas13/14N/AN/A2/21/12/2
吕克宜先生不适用不适用
Mr. Zhang Pangfei
(Note (i)
5/5N/AN/AN/A1/1N/A
张雱飞先生
（附注(i)）
不适用不适用不适用不适用
Ms. Wu Yushan
(Note (i)
4/5N/AN/AN/A1/1N/A
邬雨杉女土
（附注(i)）
不适用不适用不适用不适用
Mr. Yan Ximao
(Note (i)
11/11N/AN/AN/A1/11/1
严希茂先生
（附注(i)）
不适用不适用不适用
Ms. Qu Tianyun14/15N/AN/AN/A1/12/2
渠天芸女士不适用不适用不适用
Non-executive Directors:
非执行董事：
Mr. Li Shiu Tong Andrew
(Note (iv)
3/3N/AN/AN/AN/A1/1
李绍棠先生
（附注(iv)）
不适用不适用不适用不适用
Mr. Yau Tung Shing
(Note (v)
3/3N/AN/AN/AN/A1/1
邱东成先生
（附注(v)）
不适用不适用不适用不适用
Independent Non-executive Directors:
独立非执行董事：
Mr. Ho Yuk Ming Hugo
(Note (vi)
11/112/22/2N/A1/11/1
何育明先生
（附注(vi)）
不适用
Mr. Chow Chi Wing15/152/23/32/21/12/2
周志荣先生
Mr. Liao Dongqiang
(Note (vi)
3/31/1N/AN/AN/AN/A
廖东强先生
（附注(vi)）
不适用不适用不适用不适用
Ms. Lai Pik Chi Pegy
(Note (vi)
1/1N/AN/AN/A1/1N/A
黎碧芝女士
（附注(vi)）
不适用不适用不适用不适用
Mr. Tam Chi Ming George
(Note (ix)
8/81/11/11/1N/A2/2
谭志明先生
（附注(ix)）
不适用
Mr. Wan San Fai Vincent
(Note (x)
8/81/11/11/1N/A2/2
温新辉先生
（附注(x)）
不适用
Corporate Governance Report (Continued)
企业管治报告（续）
48Wan Leader International Limited Anual Report 2024 – 2025
附注： (i) 张雱飞先生于二零二四年九月
二十三日退任。
(i) 邬雨杉女土于二零二四年九月
二十三日退任。
(i) 严希茂先生于二零二四年十二月
三十日辞任。
(iv) 李绍棠先生于二零二四年十二月
三十日获委任。
(v) 邱东成先生于二零二四年十二月
三十日获委任。
(vi) 何育明先生于二零二四年十二月
三十日辞任。
(vi) 廖东强先生于二零二四年八月
二十二日辞任。
(vi) 黎碧芝女士于二零二四年八月
二十二日获委任及于二零二四年九
月二十三日退任。
(ix) 谭志明先生于二零二四年十月九日
获委任。
(x) 温新辉先生于二零二四年十月九日
获委任。
除上述董事会议外，于本年度，董事会
主席吕克宜先生曾在其他董事不在席的情
况下与独立非执行董事举行一次董事会议。
除上述会议外，须董事会批准的事宜亦已
透过向所有董事会成员传阅书面决议案的
方式处理。
问责及核数
董事有关财务报告的责任
董事会致力对本集团的财务表现、状况及
前景作出公正、清晰且全面的评估。董事
会在审核委员会的协助下，监督本集团的
财务报告程序。审核委员会监察本集团财
务报表与季度、中期及年度报告以及账目
的完整性。
全体董事深明其编制本集团财务报表的责
任，需要真实及公平地反映本集团的财务
状况。于本年度内，董事并不知悉任何可
能对本集团持续经营能力构成重大疑问的
事件或状况之重大不明确因素。因此，董
事已按持续经营基准编制本公司的财务报
表。
Notes: (i) Mr. Zhang Pangfei was retired on 23 September 2024.
(i) Ms. Wu Yushan was retired on 23 September 2024.
(i) Mr. Yan Ximao resigned on 30 December 2024.
(iv) Mr. Li Shiu Tong Andrew was apointed on 30 December 2024.
(v) Mr. Yau Tung Shing was apointed on 30 December 2024.
(vi) Mr. Ho Yuk Ming Hugo resigned on 30 December 2024.
(vi) Mr. Liao Dongqiang resigned on 22 August 2024.
(vi) Ms. Lai Pik Chi Pegy was apointed on 22 August 2024 and
was retired on 23 September 2024.
(ix) Mr. Tam Chi Ming George was .apointed on 9 October 2024.
(x) Mr. Wan San Fai Vincent was apointed on 9 October 2024.
Besides the above Board metings, the Chairman of the Board,
Mr. Loy Hak Yu Thomas, held one Directors’ meting with the
independent non-executive Directors without the presence of
other Directors during the Year.
Apart from said metings, maters requiring Board’s aproval were
also aranged by means of circulation of writen resolutions of al
Board members.
ACOUNTABILITY AND AUDIT
Directors’ responsibilities in financial reporting
The Board is comited to providing a balanced, clear and
comprehensible asesment of the financial performance, position
and prospects of the Group. The Board, asisted by the Audit
Comite, overses the financial reporting proces of the
Group. The Audit Comite monitors the integrity of the financial
statements and quarterly, interim and anual reports and acounts
of the Group.
Al Directors acknowledge their responsibilities for the preparation
of the financial statements of the Group, which shal give a true
and fair view of the financial status of the Group. During the Year,
the Directors were not aware of any material uncertainties relating
to event or condition that might cast significant doubt upon the
Group’s ability to continue as a going concern. Acordingly, the
Directors prepared the financial statements of the Company on a
going concern basis.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
本公司承诺于有关期间及财政年度结束后
在实际合理情况下尽快按GEM上市规则规
定分别公布其中期及年度业绩，及披露所
有关资料，以便本公司股东评估本集团
的表现、财务状况及前景。
核数师之责任
外聘核数师有关财务报告的责任载于本年
报第74至79页的独立核数师报告。
核数师酬金
于本年度已付╱应付本公司外聘核数师晋
华会计师事务所有限公司的酬金载列如下：
审核委员会已向董事会反映，认为已付╱
应付本公司外聘核数师的酬金于所有情况
下均属公平合理，而本年度内外聘核数师
与本公司管理层并无重大意见分歧。
风险管理及内部监控
董事会知悉其有整体责任评估及厘定本集
团为达成策略目标所愿承担的风险性质及
程度，并确保本集团维持健全及有效的风
险管理及内部监控制度。董事会亦深明内
部审核有助本公司保障其资产。审核委员
会协助董事会履行其职责。管理层已向董
事会确认，本公司的风险管理及内部监控
制度于本年度内一直维持健全及有效。董
事会已于二零一九年三月八日采纳风险评
估政策。
The Company comits to anounce its interim and anual results
as son as reasonably practicable after the end of the relevant
period and the financial year respectively as required by the GEM
Listing Rules and discloses al such information as would enable
the shareholders of the Company to ases the performance,
financial position and prospects of the Group.
Auditor’s responsibilities
The responsibilities of external auditor with respect to financial
reporting are set out in the Independent Auditor’s report on pages
74 to 79 of this Anual Report.
Auditor’s remuneration
The remuneration paid/payable to the Company’s external auditor,
JH CPA Aliance Limited during the Year is set out as folows:
Fes paid/payable
已付╱应付费用
Services renderedHK$’000
所提供的服务千港元
SFAI (HK) CPA Limited永拓富信会计师事务所有限公司
Audit services核数服务700
The Audit Comite reflected their views to the Board that the
remuneration paid/payable to the Company’s external auditor
was reasonable and fair in al circumstances and there had ben
no major disagrement betwen the external auditor and the
management of the Company during the Year.
RISK MANAGEMENT AND INTERNAL
CONTROL
The Board acknowledges its overal responsibility for evaluating
and determining the nature and extent of the risks it is wiling to
take in achieving the Group’s strategic objectives, and ensuring
the risk management and internal control systems maintain sound
and efective. The Board also recognises internal audit asists the
Company in protecting its asets. The Audit Comite asisted
the Board in fulfiling its responsibility. The management provided
a confirmation to the Board that the risk management and internal
control systems of the Company maintains sound and efective
throughout the Year. The Board has adopted a risk asesment
policy on 8 March 2019.
Corporate Governance Report (Continued)
企业管治报告（续）
50Wan Leader International Limited Anual Report 2024 – 2025
于本年度内，本公司已委聘一间外聘专业
服务公司作为其内部监控审阅顾问（「顾
问」），以就其内部审核进行年度审阅工作。
有关审阅会每年进行，并轮流审阅各个周
期。顾问并非董事及本集团雇员的联属人
士，因而被视为独立第三方。
顾问就内部监控制度于截至二零二五年三
月三十一日止年度的成效进行年度审阅。
上述审阅范围先前已由审核委员会厘定及
批准。顾问已向审核委员会汇报重大结果
及须予改进的范畴。本集团将妥善跟进顾
问的全部建议，以确保于合理时间内落实
执行。董事会及审核委员会认为，未有发
现任何重大内部监控缺陷。董事会认为，
内部审核监控制度有效且充足。
本集团于本年度尚未根据企业管治守则第
D.2.5条的规定成立其内部审核职能。经审
慎考虑本集团的规模、性质及业务的复杂
程度后，董事已确定就内部审核职能委聘
外部独立专业人士更具成本效益。该决定
旨在有效地满足本集团的要求。审核委员
会及董事会已全面评估由独立顾问公司编
制的内部监控审阅报告，并与本公司外聘
核数师就财务报表审核过程中发现的任何
重大监控缺陷进行讨论。该等评估作为检
讨本集团风险管理及内部监控系统的充足
性及有效性的基准。本公司相信上述安排
足以维持本集团内适当的风险管理及内部
监控。审核委员会及董事会将每年定期评
估内部审核职能的必要性。审核委员会及
董事会已考虑顾问所编制的内部监控审阅
报告，并就于财务报表审核过程中发现的
任何重大监控缺陷与本公司的外聘核数师
沟通，以形成审阅本集团风险管理及内部
监控制度充足及有效性的基准。审核委员
会及董事会将继续每年检讨内部审核职能
的需要。
The task of anual review of the internal audit of the Company
during the Year has ben comisioned to an external
profesional firm as its internal control review adviser (the
“Adviser”). Such review is conducted anualy and cycles reviewed
are under rotation basis. The Adviser is not an afiliate with the
Directors and the employes of the Group and is regarded as an
independent third party.
The Adviser conducted the anual review of the efectivenes of
the internal control systems for the year ended 31 March 2025.
The aforementioned scope of review was previously determined
and aproved by the Audit Comite. The Adviser has reported
major findings and areas for improvement to the Audit Comite.
Al recomendations from the Adviser are properly folowed
up by the Group to ensure that they are implemented within a
reasonable period of time. The Board and Audit Comite are of
the view that there are no material internal control defects noted.
The Board considered that the internal audit control system are
efective and adequate.
The Group has yet to establish its internal audit function during
the Year as required under CG Code D.2.5. After careful
consideration of the Group’s size, nature, and complexity of
busines, the Directors have determined that it would be more
cost-efective to engage external independent profesionals for
the internal audit function. This decision aims to fulfil the Group’s
requirements efectively. The Audit Comite and the Board have
thoroughly asesed the internal control review report prepared by
an independent consultancy company and engaged in discusions
with the Company’s external auditor regarding any significant
control deficiencies identified during the financial statement audit.
These evaluations serve as the basis for reviewing the adequacy
and efectivenes of the Group’s risk management and internal
control systems. The Company believes that the above-mentioned
arangements are suficient to maintain apropriate risk
management and internal control within the Group. The Audit
Comite and the Board wil regularly ases the necesity of an
internal audit function on an anual basis. The Audit Comite
and the Board, has considered the internal control review report
prepared by the Adviser and comunications with the Company’s
external auditor in respect of any material control deficiencies
identified during the course of the financial statement audit to
form the basis to review the adequacy and efectivenes of the
Group’s risk management and internal control systems. The Audit
Comite and the Board wil continue to review the ned for an
internal audit function on an anual basis.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
风险管理及内部监控制度之主
要特点
董事会就风险管理及内部监控制度拥有下
列责任：
- ，连同
风险管理框架及计划，包括设计、执
行、监察、维护及变动；
• 评估实现本集团策略目标时须承担的
风险性质及程度，并向本集团提供指
引（即设定风险承受能力）；
• 确保至少每年审阅风险管理及内部监
控制度的成效一次，包括自上一次年
度审阅起出现的重大风险变动及其性
质与程度，以及本集团回应其业务及
外在环境变动的能力、管理层持续监
察风险的范围及质素、向董事会传达
监察结果的程度及频率、期内发现的
重大监控失误或弱点；及
• 与风险管理小组及高级管理层讨论风
险管理框架及计划，以确保营运管理
层已履行其制定及维持有效风险管理
计划的职责。
Main features of the risk management and
internal control systems
The Board has the folowing responsibilities towards the risk
management and internal control systems:
- , with the
risk management framework and program on an ongoing
basis, including the design, implementation, monitoring,
maintenance and changes;
• evaluate and provide direction to the Group on the nature
and extent of the risks that shal be taken in achieving its
strategic objectives (i.e. seting the risk apetite);
• ensure review of the efectivenes of the risk management
and internal control systems is conducted at least anualy,
including changes and nature and extent of significant risks
from last anual review and the Group’s ability to respond to
changes in its busines and external environment, the scope
and quality of management’s ongoing monitoring of risks,
extent and frequency of comunication of monitoring results
to the Board, significant control failings or weakneses
identified during the period; and
• discus the risk management framework and program with
the risk management taskforce and senior management to
ensure that operation management has fulfiled their duties
in establishing and maintaining an efective risk management
program.
Corporate Governance Report (Continued)
企业管治报告（续）
52Wan Leader International Limited Anual Report 2024 – 2025
审核委员会协助董事会履行其监管本集团
财务申报、财务监控、风险管理及内部监
控制度的职责。审核委员会亦会与本公司
管理层讨论风险管理及内部监控制度，以
确保管理层已履行其建立有效制度的职责。
有关讨论内容应包括本集团在会计及财务
汇报职能方面的资源、员工资历及经验是
否足够，以及员工所接受的培训课程及有
关预算又是否充足。审核委员会应董事会
的委派或主动就有关风险管理及内部监控
事宜的重要调查结果及管理层对调查结果
的回应进行研究。
管理层透过识别及评估所面对的风险，在
董事会批准的风险承受能力范围内协助董
事会执行本集团的政策、程序及限制，并
参与设计、营运及监察合适的内部监控措
施，以减少及控制相关风险。
风险评估程序
风险评估方针
本公司于本年度内曾进行风险管理计划，
以确保本公司所面临之所有重大风险均获
得确切识别、评估、管理、监察并向审核
委员会及董事会汇报。为促进风险管理程
序，本集团设立由高级管理层组成的风险
管理小组。风险管理小组会协助部门主管
进行年度风险评估程序。
风险识别
风险识别乃基于各部门的部门主管完成之
问卷调查。高级管理人员根据在实体或特
定业务流程层面影响本集团的行业分析及
外部基准而构建之风险组合初步识别风险。
风险范畴涵盖四大范畴内部及外部风险，
即策略风险、营运风险、财务风险及监管
风险。其后，高级管理人员综合问卷调查
的结果从而识别主要风险因素。
The Audit Comite asists the Board in fulfiling its oversight
role in the Group’s financial reporting, financial controls, risk
management and internal controls systems. The Audit Comite
also discuses the risk management and internal control systems
with the Company’s management to ensure that the management
has performed its duty to have efective systems. Such discusion
should include the adequacy of resources, staf qualifications
and experience, training programes and budget of the Group’s
acounting and financial reporting functions. The Audit Comite
considers major investigation findings on risk management and
internal control maters as delegated by the Board or on its own
initiative and management’s response to these findings.
The management asists the Board in the implementation of
the Group’s policies, procedures and limits within the Board’s
aproved risk apetite by identifying and asesing the risks
faced, and in the design, operation and monitoring of suitable
internal controls to mitigate and control these risks.
Risk asesment proces
Risk asesment aproach
A risk management program was caried out during the Year
to ensure al material risks to which the Company exposed are
properly identified, asesed, managed, monitored and reported
to the Audit Comite and the Board. To facilitate the risk
management proces, the Group set up a risk management
taskforce which is comprised of senior management. The risk
management taskforce provides asistance to the department
heads in performing the anual risk asesment proces.
Risk identification
Risks identification is based on questionaire with department
heads from diferent departments. Risks are preliminary identified
by senior management from the risk inventory which is a colection
of risks built on industrial analysis and external benchmarking that
can impact the Group at the entity or specific busines proces
level. The risk inventory covers both internal and external risks in
four major areas, namely strategic risks, operational risks, financial
risks and regulatory risks. Key risk factors are then identified by
integrating the results of the questionaire.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
风险评估及风险优先等级
第二步为风险评估，评估已识别主要风险
因素的相对影响及其出现的可能性。部门
主管以规模评级程序进一步评定该等已识
别主要风险因素，以评估其影响及出现的
可能性。除规模评级程序外，部门主管亦
会辅以面谈，以评定该等已识别主要风险
因素背后的逻辑依据。
风险优先等级通过绘图呈现。风险图乃用
于依据其所评估的影响及可能性对已识别
的主要风险因素进行优先排序。
风险汇报、管理及监察
风险汇报及风险监察乃风险管理不可或缺
的一部分。风险评估报告已提交予审核委
员会及董事会。部门主管已根据董事会之
意见及建议检讨及评估现有监控措施是否
充足，为可采取减轻风险之领域制定及执
行防护计划，并持续监察现有风险之发展
及新风险之出现。更新风险范畴报告乃一
项持续的工作，而本集团将于每次年度审
阅后更新风险范畴。
处理及发布内幕消息
本公司严格控制处理及发布内幕消息，并
确保内幕消息保持机密，当中包括但不限
于以下方式：
1. 限制仅有限数目之雇员在有需要时方
能取得内幕消息；
- ，以确保彼
等充分熟知其保密责任；
3. 确保本公司与第三方进行重大磋商或
交易时订立适当保密协议；及
4. 内幕消息由专人处理并传达予外部第
三方人士。
Risk evaluation and risk prioritisation
Risk evaluation is the second step to ases the relative impact
and likelihod of the identified key risk factors. These identified
key risk factors are further asesed by a scale rating proces by
the department heads to evaluate their impact and likelihod. The
scale rating proces is further suported by face-to-face meting
with the department heads to ases the rationales of these
identified key risk factors behind.
Risk prioritisation is a maping exercise. A risk map is used to
prioritise the identified key risk factors acording to their impact
and likelihod.
Risk reporting, managing and monitoring
Risk reporting and risk monitoring are esential and integral parts
of risk management. A risk asesment report was submited to
the Audit Comite and the Board. Department heads reviewed
and asesed the adequacy of existing controls in acordance
with the Board’s advice and sugestions, and determined and
implemented treatment plans where risk mitigation are actionable
and continuously monitored the development of curent risks and
the emergence of new risks. The risk inventory report update is a
continuous work and the Group wil update the risk inventory after
each anual review.
Handling and disemination of inside
information
The handling and disemination of inside information of the
Company is strictly controled and remains confidential including
but not limited by the folowing ways:
1. Restrict aces to inside information to a limited number of
employes on a ned-to-know basis;
2. Reminder to employes who are in posesion of inside
information are fuly conversant with their obligations to
preserve confidentiality;
3. Ensure apropriate confidentiality agrements are in place
when the Company enters into significant negotiations or
dealings with third party; and
4. Inside information is handled and comunicated by
designated persons to outside third party.
Corporate Governance Report (Continued)
企业管治报告（续）
54Wan Leader International Limited Anual Report 2024 – 2025
董事会及高级管理人员定期检讨安全措施，
以确保内幕消息获得妥善处理及发布。
举报政策及反贪污
本集团已制定举报及反贪污政策，以处理
雇员的意见及投诉。有关详情将载于ESG
报告。
与股东之沟通及投资者关系
董事会认同持续与股东保持沟通的重要性，
因而于二零一八年八月二十四日制定股东
沟通政策，并定期进行检讨以确保其成效。
董事会已对本公司股东通讯政策的执行及
有效性进行年度检讨，并根据上述措施认
为于年内该政策获有效执行。为确保与股
东进行适时、具透明度及有效的沟通，董
事会为股东及投资者提供下列各种沟通渠
道：
- 、季度报告、中
期报告、ESG报告、通函、股东周年
大会及其他可能召开的股东大会等公
司通讯，并登载于联交所网站(w.
hkexnews.hk)及本公司网站(w.
wanleader.com)以供查阅；
- 「投资者关系」一
栏。本公司网站的资料会定期予以更
新；
• 本公司向联交所发布的资料亦会紧随
其后于本公司网站登载；
The Board and the senior management review the safety measures
regularly to ensure inside information is properly handled and
diseminated.
WHISTLE-BLOWING POLICY AND
ANTI-CORUPTION
The Group has formulated policy on whistle-blowing and
anti-coruption to handle advices and complaints from the
employes. Details of which wil be set out in the ESG Report.
COMUNICATIONS WITH SHAREHOLDERS
AND INVESTOR RELATIONS
Recognising the importance of maintaining on-going
comunication with shareholders, the Board established a
shareholders’ comunication policy on 24 August 2018 and
reviews it on a regular basis to ensure its efectivenes. The
Board has conducted the anual review of the implementation
and efectivenes of the shareholders’ comunication policy of
the Company, and with the above measures in place, concluded
that the policy was implemented efectively during the year. To
facilitate the timely, transparent and efective comunication
with shareholders, the Board provides diferent comunication
chanels for shareholders and investors as folows:
- , quarterly
reports, interim reports, ESG reports, circulars, anual
general meting and other general meting that may be
convened are isued in printed form and are available on
the Stock Exchange’s website w.hkexnews.hk and the
Company’s website w.wanleader.com;
- “Investor Relations” section is available on the
Company’s website. Information on the Company’s website
is updated on a regular basis;
• Information released by the Company to the Stock Exchange
is also posted on the Company’s website imediately
thereafter;
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
- ╱或
股东特别大会（如有）及业绩公告提供
的一切简报材料，将于发布后在实际
可行情况下尽快登载于本公司网站以
供查阅；
• 本公司或其附属公司发出的所有新闻
稿、新闻通讯、市场咨询、呈交文件
及投标通知等资料将登载于本公司网
站以供查阅；
- ，或如股东未
能出席大会，委派受委代表代其出席
大会并于会上投票；
- ╱或股东特别大
会（如有）设有适当安排，以鼓励股东
参与；
• 将定期监察及检讨本公司股东大会的
程序，并在需要时进行更改，以确保
最佳地满足股东的需要；
- （特别是董事委员会主席
或副主席或其代表）、适当的管理人
员及外聘核数师将出席股东周年大会
以回答股东的提问；及
• 鼓励股东出席本公司举办的股东活
动，并于该等活动中向彼等传达有关
本公司的资料（包括其最新策略计划、
产品及服务等）。
本公司不断促进与投资者的关系，并加强
与现有股东及有意投资者的沟通。本公司
欢迎投资者、持份者及公众人士提供意见。
向董事会或本公司作出的查询可邮寄至本
公司于香港的主要营业地点。
• Al presentation materials provided in conjunction with the
Company’s anual general meting and/or extraordinary
general meting (if any) and results anouncement each year
wil be made available on the Company’s website as son as
practicable after their release;
- , newsleter, market consultations,
submisions and tender notices etc. isued by the Company
or its subsidiaries wil be made available on the Company’s
website;
• Shareholders are encouraged to participate in general
metings or to apoint proxies to atend and vote at
metings for and on their behalf if they are unable to atend
the metings;
• Apropriate arangements for the anual general metings
and/or extraordinary general meting (if any) shal be in place
to encourage shareholders’ participation;
- ’s general meting wil be
monitored and reviewed on a regular basis, and, if necesary,
changes wil be made to ensure that shareholders’ neds are
best served;
- , in particular, either the chairmen or
deputy chairmen of Board comites or their delegates,
apropriate management executives and external auditors
wil atend anual general metings to answer shareholders’
questions; and
- ’
activities organised by the Company, where information
about the Company, including its latest strategic plan,
products and services etc. wil be comunicated.
The Company keps on promoting investor relations and
enhancing comunication with the existing shareholders and
potential investors. It welcomes sugestions from investors,
stakeholders and the public. Enquiries to the Board or the
Company may be sent by post to the Company’s principal place
of busines in Hong Kong.
Corporate Governance Report (Continued)
企业管治报告（续）
56Wan Leader International Limited Anual Report 2024 – 2025
股东权利
召开股东特别大会及于股东大
会上提呈建议
任何于递呈要求日期持有不少于本公司附
有于本公司股东大会投票权的缴足股本十
分之一的股东，有权于任何时候透过向董
事会或公司秘书发出书面要求，要求董事
会召开股东特别大会，以处理有关要求中
指明的任何事项；且该大会须于递呈该要
求后两个月内举行。倘于递呈要求日期后
21日内，董事未有正式召开大会，则递呈
要求人士或彼等其中任何人士（占彼等全
体之总投票权一半以上者）可自行召开大会。
有关递呈必须列明会议目的，并须由递呈
要求人士签署及交回本公司的注册办事处，
且可包含多份由一名或多名递呈要求人士
签署的类似文件。
递呈要求人士因董事未能正式召开大会而
产生之任何合理开支，将由本公司偿还予
递呈要求人士，而就此偿还的任何款项将
由本公司于其应付或将应付违规董事的服
务袍金或其他薪酬中保留。
就建议人选参选董事而言，有关程序可于
本公司网站查阅。
向董事会查询
任何人士可透过本公司的公司秘书向董
事会提出查询，地址为香港新界葵涌货
柜码头南路18号葵涌四号货柜码头和
黄物流中心商业大楼903室，或电邮至
irwl@wanleader.com。
SHAREHOLDERS’ RIGHT
Convening Extraordinary General Meting and
Puting Forward Proposals at Shareholders’
Meting
Shareholders holdings, at the date of deposit of the requisition,
not les than one-tenth of the paid up capital of the Company
carying the right of voting at general metings of the Company
shal at al times have the right, by writen requisition to the Board
or the company secretary, to require an extraordinary general
meting to be caled by the Board for the transaction of any
busines specified in such requisition; and such meting shal be
held within two months after the deposit of such requisition. If the
Directors do not within 21 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.
The requisition must state the purposes of the meting, and must
be signed by the requisitionists and deposited at the registered
ofice of the Company, and may consist of several documents in
like form each signed by one or more requisitionists.
Any reasonable expenses incured by the requisitionists by reason
of the failure of the Directors to duly convene a meting shal be
repaid to the requisitionists by the Company, and any sum so
repaid shal be retained by the Company out of any sums due
or to become due from the Company by way of fes or other
remuneration in respect of their services to such Directors as were
in default.
As regards proposing a person for election as a Director, the
procedures are available on the website of the Company.
Enquiries to the Board
Enquiries can be put to the Board through the company secretary
of the Company at Ofice Tower Unit 903, Hutchison Logistics
Centre, Terminal 4, Kwai Chung Container Port, 18 Container Port
Road South, Kwai Chung, New Teritories, Hong Kong or email to
irwl@wanleader.com.
Corporate Governance Report (Continued)
企业管治报告（续）
万励达国际有限公司 二○二四－二○二五年报
公司秘书
公司秘书为本公司的全职雇员，对本公司
的日常事务有深入了解。公司秘书向主席
及行政总裁汇报。公司秘书不时向董事会
提供有关管治事宜的意见，确保遵循董事
会程序、适用法例、规则及规例。
黄国瀚先生获委任为本公司公司秘书。于
本年度，黄国瀚先生已遵守GEM上市规则
第5.15条的相关培训规定。黄国瀚先生的
履历详情载于本年报「董事及高级管理层
履历」一节。
合规主任
鉴于张雱飞先生自二零二四年九月二十三
日起退任本公司执行董事，且根据二零
二四年一月一日起生效的GEM上市规则修
订，本公司不再须根据GEM上市规则委任
合规主任。因此，董事会议决，于张雱飞
先生退任后取消合规主任职位。
组织章程文件
截至二零二五年三月三十一日止年度，本
公司之组织章程大纲及细则并无变动。本
公司组织章程大纲及细则的最新版本可于
本公司及联交所网站查阅。
语言
如本年报英文版与本年报中文译本有任何
歧义，概以本年报英文版为准。
COMPANY SECRETARY
The company secretary is a ful time employe of the Company
and has day-to-day knowledge of the Company’s afairs. The
company secretary reports to the Chairman and the chief
executive oficer. From time to time, the company secretary
advises the Board on governance maters and ensures the board
procedures, aplicable law, rules and regulations are folowed.
Mr. KH Wong has apointed as the company secretary of the
Company. During the Year, Mr. KH Wong has complied with the
relevant training requirement under Rule 5.15 of the GEM Listing
Rules. The biographical details of Mr. KH Wong are set out in the
section headed “Directors’ and Senior Management’s Biographies”
of this Anual Report.
COMPLIANCE OFICER
In view of Mr Zhang Pangfei’s retirement as an executive Director
of the Company with efect from 23 September 2024 and folowing
the amendments to the GEM Listing Rules which tok efect from
1 January 2024, the Company is no longer required to apoint
a compliance oficer under the GEM Listing Rules. As such, the
Board has resolved to cancel the position of Compliance Oficer
folowing the retirement of Mr. Zhang Pangfei.
CONSTITUTIONAL DOCUMENTS
During the year ended 31 March 2025, there were no changes to
the memorandum and articles of asociation of the Company. The
latest version of the memorandum and articles of asociation of
the Company is available on the websites of the Company and the
Stock Exchange.
LANGUAGE
If there is any inconsistency betwen the English version of this
Anual Report and the Chinese translation of this Anual Report,
the English version of this Anual Report shal prevail.
58Wan Leader International Limited Anual Report 2024 – 2025
DIRECTORS’ REPORT
董事会报告
董事欣然提呈本董事会报告连同本公司及
其附属公司截至二零二五年三月三十一日
止年度（「本年度」）之经审核综合财务报表。
主要业务
本公司之主要业务为投资控股，而其附属
公司之主要业务包括提供货运代理及相关
物流服务、就经营在线电子商务平台提供
委托管理服务以及时尚物品贸易。该等主
要附属公司之业务详情载于综合财务报表
附注36。
本集团于本年度按经营分部划分之表现分
析载于综合财务报表附注5。
业务回顾
按香港法例第622章公司条例附表5之规定
编制之本集团中肯业务回顾，连同本公司
所面对主要风险及不明朗因素之描述、自
过往年度后发生并对本集团有影响之重要
事项以及本集团业务日后可能出现之发展，
分别载于本年报之「主席报告」及「管理层
讨论及分析」章节。使用关键财务绩效指标
作出之分析、本集团环境政策及表现之讨
论及其遵守对本集团有重大影响之相关法
律及法规之情况以及与利益相关者之重要
关系描述，分别载于第205至206页之「五
年财务概要」、第136至141页之「分部资
料」、第18页之「环境政策及表现」、ESG报
告及本董事会报告之「主要客户及供应商」
内。上述讨论为本董事会报告之一部分。
The Directors are pleased to present this Directors’ Report
together with the audited consolidated financial statements of the
Company and its subsidiaries for the year ended 31 March 2025
(the “Year”).
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding and
the principal activities of its subsidiaries include provision of freight
forwarding and related logistics services, provision of entrusted
management services for operating an online e-comerce
platform and trading of fashion items. Details of activities of these
principal subsidiaries are set out in note 36 to the consolidated
financial statements.
An analysis of the Group’s performance for the Year by operating
segment is set out in note 5 to the consolidated financial
statements.
BUSINES REVIEW
A fair review of the busines of the Group as required pursuant
to Schedule 5 to the Companies Ordinance (Chapter 622 of the
Laws of Hong Kong), together with a description of the principal
risks and uncertainties faced by the Company, particulars of
important events afecting the Group that have ocured since the
Previous Year as wel as indication of likely future development
in the busines of the Group are set out in the sections headed
“Chairman’s Statement” and “Management Discusion and
Analysis” of this Anual Report respectively. An analysis using
financial key performance indicators, a discusion on the Group’s
environmental policies and performance, and its compliance with
the relevant laws and regulations that have a significant impact
on the Group as wel as an acount of the key relationships with
its stakeholders are contained in “Five Year Financial Sumary”
on page 205 to 206, “Segment Information” on pages 136 to
141, “Environmental Policies and Performance” on page 18, ESG
Report, and “Major Customers and Supliers” of this Directors’
Report respectively. The above discusions form part of this
Directors’ Report.
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
主要风险及不确定因素
本集团的营运涉及若干风险，其中许多超
出本集团的控制范围。若干相对重大之风
险包括(i)爆发任何严重传染病，特别是冠
状病毒COVID-19，倘不受控制；(i)向客户
收款与向供应商付款在时间上可能出现错
配，因而现金流量或会转差，最终可能对
本集团的现金流量状况构成重大不利影响；
(i)本集团须承担有关汇率波动（尤其是与
美元有关的汇率）的风险；(iv)失去主要客
户；及(v)市场份额流失及溢利率下降。本
集团经营之货运代理行业对市场竞争、环
球及本地经济状况、对服务之需求、燃料
价格及其他服务成本极为敏感。倘全球经
济衰退及╱或更趋不稳，本集团可能因营
业额减少及╱或经营成本相对较高而蒙受
纯利率降低甚至负纯利率。
此外，多项财务风险已于综合财务报表附
注32披露。
业绩及分配
本集团本年度之业绩载于本年报第80页之
综合损益及其他全面收益表。
股息
董事会不建议派发本年度之末期股息。
财务资料概要
本集团过去五个财政年度之业绩以及资产
及负债概要载于本年报第205至206页之「五
年财务概要」一节。该概要并非综合财务报
表之组成部分。
Principal risks and uncertainties
There are certain risks involved in the Group’s operations
and many of which are beyond the Group’s control. Some of
the relatively material risks include (i) outbreak of any severe
comunicable disease, in particular coronavirus COVID-19,
if uncontroled; (i) cash flow may deteriorate due to potential
mismatch in time betwen receipt of payments from the customers
and payment to the supliers, the Group’s cash flow position may
result in a material adverse position; (i) the Group is exposed to
risk related to exchange rate fluctuations, particularly with respect
to the USD; (iv) los of major customers; and (v) market sharing
erosion and diminishing profit margin. The freight forwarding
industry that the Group is operating in is highly sensitive to
market competition, global and local economic conditions, market
demands for the services, the fuel prices and other cost of
services. The Group may sufer a low or even negative net profit
margin due to decrease in turnover and/or relatively high operating
costs, should the global economy deteriorate and/or become
more unstable.
In adition, various financial risks have ben disclosed in note 32
to the consolidated financial statements.
RESULTS AND APROPRIATIONS
The results of the Group for the Year are set out in the
consolidated statement of profit or los and other comprehensive
income on page 80 of this Anual Report.
DIVIDEND
The Board did not recomend final dividend for the Year.
SUMARY FINANCIAL INFORMATION
A sumary of the results, asets and liabilities of the Group for the
past five financial years is set out in the section headed “Five Year
Financial Sumary” on page 205 to 206 of this Anual Report.
This sumary does not form part of the consolidated financial
statements.
Directors’ Report (Continued)
董事会报告（续）
60Wan Leader International Limited Anual Report 2024 – 2025
物业、厂房及设备
本集团于本年度之物业、厂房及设备变动
详情载于综合财务报表附注16内。
慈善捐款
于本年度，本集团作出约10,000港元的慈
善捐款（截至二零二四年三月三十一日止
年度：10,000港元）。
股本
本公司于本年度之股本变动详情载于综合
财务报表附注27内。
储备
本集团及本公司于本年度之储备变动详情
载于本年报第83页及综合财务报表附注35
内。
可供分派储备
于二零二五年三月三十一日，本公司概无
根据开曼群岛公司法可向股东分派之储备
（于二零二四年三月三十一日：无）。
优先购买权
本公司组织章程细则或开曼群岛（本公司
注册成立之司法权区）法律均无有关优先
购买权之条文，因此本公司并无义务向现
有股东按比例发售新股份。
PROPERTY, PLANT AND EQUIPMENT
Details of the movements in the property, plant and equipment
of the Group during the Year are set out in note 16 to the
consolidated financial statements.
DONATION
Charitable donation made by the Group during the Year amounted
to aproximately HK$10,000 (during the year ended 31 March
2024: HK$10,000).
SHARE CAPITAL
Details of the movements in the Company’s share capital during
the Year are set out in note 27 to the consolidated financial
statements.
RESERVES
Details of the movements in the reserves of the Group and of the
Company during the Year are set out in page 83 of this Anual
Report and note 35 to the consolidated financial statements.
DISTRIBUTABLE RESERVES
At 31 March 2025, there is no reserve of the Company available
for distribution to shareholders under the Companies Act of the
Cayman Islands (at 31 March 2024: nil).
PRE-EMPTIVE RIGHTS
There are no provision for pre-emptive rights under the Company’s
Articles of Asociation or the laws of the Cayman Islands, 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.
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
董事
于本年度直至本年报日期在任之本公司董
事为：
执行董事
吕克宜先生（主席）
张雱飞先生（于二零二四年九月二十三日
退任）
邬雨杉女士（于二零二四年九月二十三日
退任）
严希茂先生（于二零二四年九月三十日辞任）
渠天芸女士
非执行董事
李绍棠先生（于二零二四年十二月三十日
获委任）
邱东成先生（于二零二四年十二月三十日
获委任）
独立非执行董事
何育明先生（于二零二四年十二月三十日
辞任）
周志荣先生
廖东强先生（于二零二四年八月二十二日
辞任）
黎碧芝女士（于二零二四年八月二十二日获
委任并于二零二四年九月二十三日退任）
谭志明先生（于二零二四年十月九日获委任）
温新辉先生（于二零二四年十月九日获委任）
DIRECTORS
The Directors of the Company who held ofice during the Year and
up to the date of this Anual Report were as folows:
Executive Directors
Mr. Loy Hak Yu Thomas (Chairman)
Mr. Zhang Pangfei (retired on 23 September 2024)
Ms. Wu Yushan (retired on 23 September 2024)
Mr. Yan Ximao (resigned on 30 December 2024)
Ms. Qu Tianyun
Non-executive Directors
Mr. Li Shiu Tong Andrew (apointed on 30 December 2024)
Mr. Yau Tung Shing (apointed on 30 December 2024)
Independent Non-executive Directors
Mr. Ho Yuk Ming Hugo (resigned on 30 December 2024)
Mr. Chow Chi Wing
Mr. Liao Dongqiang (resigned on 22 August 2024)
Ms. Lai Pik Chi Pegy (apointed on 22 August 2024 and
retired on 23 September 2024)
Mr. Tam Chi Ming George (apointed on 9 October 2024)
Mr. Wan San Fai Vincent (apointed on 9 October 2024)
Directors’ Report (Continued)
董事会报告（续）
62Wan Leader International Limited Anual Report 2024 – 2025
根据细则第84条，当时三分之一的董事（倘
若其数目并非为三的倍数，则取最接近而
不少于三分之一之数目）将轮值告退，并符
合资格在每届股东周年大会重选连任及重
新委任，惟各董事须最少每三年轮值告退
一次。根据细则第83(3)条，任何获董事会
委任填补临时空缺之董事之任期为彼获委
任后之首届股东大会，而任何委任为董事
会新增成员的董事之任期乃直至彼获委任
后的本公司下届股东周年大会为止，而彼
等各自届时将符合资格重选连任。
因此，吕克宜先生、李绍棠先生、邱东成
先生、谭志明先生及温新辉先生将担任董
事直至股东周年大会为止，并愿意重选连
任。
本公司董事及本集团高级管理层之履历详
情载于本年报「董事及高级管理层履历」一
节。
确认独立非执行董事之独立性
本公司已收到所有独立非执行董事根据
GEM上市规则第5.09条就其独立性发出之
年度确认书，且本公司认为所有独立非执
行董事于本年报日期均属独立。
董事薪酬及五名最高薪酬人士
全体执行董事、非执行董事及高级管理层
之薪酬待遇由薪酬委员会厘定。此外，独
立非执行董事之薪酬由薪酬委员会向董事
会建议。薪酬待遇之考虑因素包括可比较
公司、董事投放之时间及职责、本集团其
他职级之雇用条件，以及薪酬与表现挂钩
之可行性。
In acordance with Article 84 of the Articles, one-third of the
Directors for the time being (or if their number is not a multiple
of thre, the number nearest to but not les than one-third) shal
retire from ofice by rotation and wil be eligible for re-election and
re-apointment at every anual general meting, provided that
every Director shal be subject to retirement by rotation at least
every thre years. In acordance with Article 83(3) of the Articles,
any Director apointed by the Board to fil a casual vacancy shal
hold ofice until the first general meting after his apointment
and any Director apointed as an adition to the Board shal
hold ofice until the next folowing anual general meting of the
Company after his apointment, and each of them shal then be
eligible for re-election.
Acordingly, Mr. Loy Hak Yu Thomas, Mr. Li Shiu Tong Andrew,
Mr. Yau Tung Shing, Mr. Tam Chi Ming George and Mr. Wan San
Fai Vincent wil hold ofice as the Directors until the AGM and wil
ofer themselves for re-election.
The biographical details of the Directors of the Company and
the senior management of the Group are set out in the section
headed “Directors’ and Senior Management’s Biographies” of this
Anual Report.
CONFIRMATION OF INDEPENDENCE
OF INDEPENDENT NON-EXECUTIVE
DIRECTORS
The Company received anual confirmation from al independent
non-executive Directors of their independence pursuant to Rule
5.09 of the GEM Listing Rules and the Company considered al
the independent non-executive Directors as independent at the
date of this Anual Report.
DIRECTORS’ REMUNERATION AND THE
FIVE HIGHEST PAID INDIVIDUALS
The remuneration packages of al executive Directors, non-
executive Directors and senior management are determined by the
Remuneration Comite. Also, the remuneration of independent
non-executive Directors is recomended by the Remuneration
Comite to the Board. The remuneration packages are subject
to comparable companies, time comitment and responsibilities
of the directors, employment conditions elsewhere in the Group
and desirability of performance-based remuneration.
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
董事薪酬及本集团五名最高薪酬人士的详
情载于综合财务报表附注13。
退休福利成本
本集团根据强制性公积金计划条例设有一
项定额供款强制性公积金退休福利计划（「强
积金计划」），为香港合资格参与强积金计
划的雇员而设。
本集团于中华人民共和国营运的附属公司
之雇员须参与当地市政府设置的中央退休
金计划。
除上文所述者外，本集团并无为其雇员设
立任何其他退休福利计划。退休福利计划
之详情载于综合财务报表附注3、13、29
及30。
董事之服务合约
各执行董事及非执行董事已与本公司订
立服务合约，初步为期三年，并可于其后
续约，直至其中一方向另一方发出书面
通知予以终止为止。截至二零二五年三月
三十一日止年度，本公司董事概无与本公
司订立本公司不可于一年内免付赔偿（法
定赔偿除外）而终止的服务合约。
各独立非执行董事已与本公司订立委任函，
自上市日期或委任日期起初步为期三年。
管理合约
于本年度内，除雇佣合约外，概无订立或
存续有关管理及经营本公司全部或任何重
大部分之业务之合约。
Details of the Directors’ remuneration and the five highest paid
individuals of the Group are set out in note 13 to the consolidated
financial statements.
RETIREMENT BENEFIT COSTS
The Group operates a defined contribution Mandatory Provident
Fund retirement benefit scheme (the “MPF Scheme”) under
the Mandatory Provident Fund Schemes Ordinance for those
employes who are eligible to participate in the MPF Scheme in
Hong Kong.
The employes of the Group’s subsidiary which operate in the
People’s Republic of China are required to participate in a central
pension scheme operated by the local municipal government.
Other than the above, the Group has not operated any other
retirement benefit schemes for its employes. Particulars of the
retirement benefit schemes are set out in notes 3, 13, 29 and 30
to the consolidated financial statements.
DIRECTORS’ SERVICE CONTRACTS
Each of the executive Directors and the non-executive Directors
has entered into a service agrement with the Company for an
initial term of thre years and continuing thereafter until terminated
by either party by giving a writen notice to the other. For the year
ended 31 March 2025, none of the directors of the Company had
a service contract with the Company which is not determinable by
the Company within one year without payment of compensation
(other than statutory compensation).
Each of the independent non-executive Directors has entered into
an apointment leter with the Company for an initial term of thre
years comencing from the Listing Date or apointment date.
MANAGEMENT CONTRACTS
No contracts, other than employment contracts, concerning the
management and administration of the whole or any substantial
part of the Company’s busines were entered into or existed
during the Year.
Directors’ Report (Continued)
董事会报告（续）
64Wan Leader International Limited Anual Report 2024 – 2025
董事在合约中之权益
于本年度或年末，本公司或其任何附属公
司概无签订本公司董事直接或间接拥有重
大权益且与本集团业务有关之重要合约。
董事于竞争业务之权益
于本年度及直至本董事会报告日期止期间
内任何时间，概无本公司董事或彼等各自
之联系人（定义见GEM上市规则）于本集团
业务以外与本集团业务直接或间接构成或
曾构成竞争，或可能或曾可能构成竞争之
任何业务中拥有权益。
吕克宜先生及吕克满先生就若干不竞争承
诺以本公司为受益人签订不竞争契据（「不
竞争契据」）。不竞争契据之详情已于招股
章程「与控股东之关系」一节披露。
各主要股东向本公司作出年度声明，确认
其已遵守根据不竞争契据向本公司作出的
不竞争承诺。于本年度，独立非执行董事
已检讨不竞争契据的合规情况，并信纳主
要股东已遵守不竞争契据的条文。
股票挂钩协议
除下文所披露之本公司购股权计划外，本
公司于本年度或本年度终结日并无订立或
仍然存续任何股票挂钩协议。
DIRECTORS’ INTERESTS IN CONTRACTS
No contracts of significance in relation to the Group’s busines to
which the Company or any of its subsidiaries was a party and in
which a Director of the Company had material interests, whether
direct or indirect, subsisted during or at the end of the Year.
DIRECTORS’ INTERESTS IN COMPETING
BUSINES
None of the Directors or their respective asociates (as defined
in the GEM Listing Rules) of the Company is or was interested
in any busines apart from the Group’s busines, that competes
or competed or is or was likely to compete, either directly or
indirectly, with the Group’s busines at any time during the Year
and up to the date of this Directors’ Report.
A ded of non-competition (“Ded of Non-competition”) was
executed in favour of the Company by Mr. Loy Hak Yu Thomas
and Mr. Loy Hak Mon regarding certain non-competition
undertakings. The details of the Ded of Non-competition have
ben disclosed in the Prospectus under the section headed
“Relationship with Controling Shareholders”.
Each of the Substantial Shareholders has given an anual
declaration to the Company confirming that they have complied
with the non-compete undertakings to the Company under
the Ded of Non-competition. The independent non-executive
Directors have reviewed the compliance with the Ded
of Non-competition and are satisfied that the Substantial
Shareholders have complied with the provisions of the Ded of
Non-competition during the Year.
EQUITY-LINKED AGREMENTS
Other than the share option scheme of the Company as disclosed
below, no equity-linked agrements were entered into by the
Company during the Year or subsisted at the end of the Year.
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
获准许弥偿条文
根据本公司之组织章程细则，本公司各董
事及其他行政人员就其执行职务或与此相
关之事宜蒙受或招致之一切损失或责任，
均可从本公司资产及溢利中获得弥偿及保
障。
本集团于本年度整年均有为董事及高级职
员安排适当之董事及高级职员责任保险。
董事及最高行政人员于本公
司及任何相联法团股份、相
关股份及债权证中的权益及
淡仓
于二零二五年三月三十一日，以下董事及
本公司最高行政人员（「最高行政人员」）于
本公司及╱或其任何相联法团（定义见证
券及期货条例第XV部）的股份、相关股份
及债权证中，拥有以下本公司根据证券及
期货条例第352条须存置的登记册所记录
的权益及淡仓，或根据证券及期货条例第
XV部或GEM上市规则须知会本公司及联交
所的权益及淡仓：
(i) 本公司股份之好仓：
PERMITED INDEMNITY PROVISION
The Directors and other oficers of the Company shal be
indemnified and secured harmles out of the asets and profits
of the Company from and against al loses or liabilities which he
may sustain or incur in or about the execution of the duties of his
ofice or otherwise in relation thereto pursuant to the Company’s
Articles of Asociation.
The Group has aranged apropriate directors’ and oficers’
liability insurance coverage for the Directors and oficers
throughout the Year.
DIRECTORS’ AND CHIEF EXECUTIVE’S
INTERESTS AND SHORT POSITIONS IN
THE SHARES, UNDERLYING SHARES
AND DEBENTURES OF THE COMPANY
AND ANY ASOCIATED CORPORATIONS
At 31 March 2025, the folowing Director and chief executive of the
Company (the “Chief Executive”) had the folowing interests and
short positions in the shares, underlying shares and debentures
of the Company and/or any of its asociated corporations (within
the meaning of Part XV of the SFO as recorded in the register
required to be kept by the Company under section 352 of the SFO
or as otherwise notified to the Company and the Stock Exchange
pursuant to Part XV of the SFO or the GEM Listing Rules:
(i) Long positions in shares of the Company:
Name of Director/
Chief Executive
Capacity/
Nature of interests
Interest in
Shares
Aproximate
percentage of
the Company’s
isued share
capital
董事╱
最高行政人员姓名身份╱权益性质于股份之权益
占本公司已发行股本
之概约百分比
Mr. Liao DaichunBeneficial owner (Note 1)13,025,0008.70%
廖代春先生实益拥有人（附注1）
Ms. Qu Tianyun (“Ms. Qu”)Interest in a controled corporation
(Note 2)
12,000,0008.01%
渠天芸女士（「渠女士」）受控法团权益（附注2）
Mr. Loy Hak Yu Thomas
(“Mr. Thomas Loy”)
Interest in a controled corporation
(Note 3)
2000.01%
吕克宜先生（「吕克宜先生」）受控法团权益（附注3）
Directors’ Report (Continued)
董事会报告（续）
66Wan Leader International Limited Anual Report 2024 – 2025
(i) 相联法团股份之好仓：
附注：
1. 廖代春先生自二零二一年八月二十日
起为行政总裁。
2. ZCFT由渠女士全资及实益拥有。根
据证券及期货条例，渠女士被视为于
ZCFT所持有的全部股份中拥有权益。
- 。
根据证券及期货条例，吕克宜先生被
视为于豪达持有的全部股份中拥有权
益。
(i) Long positions in shares of asociated corporations:
Name of Director
Name of asociated
corporation
Capacity/
Nature of interests
Interest in
shares
Aproximate
percentage of
the Company’s
isued share
capital
董事姓名相联法团名称身份╱权益性质于股份之权益
占本公司
已发行股本
之概约百分比
Ms. Qu TianyunHongkong ZCFT
International Limited
(“ZCFT”) (Note 2)
Beneficial owner (Note 2)12,000,0008.01%
渠天芸女士Hongkong ZCFT
International Limited
（「ZCFT」）（附注2）
实益拥有人（附注2）
Mr. Thomas LoyHo Tat Limited
(“Ho Tat”) (Note 3)
Beneficial owner (Note 3)2000.01%
吕克宜先生豪达有限公司
（「豪达」）（附注3）
实益拥有人（附注3）
Notes:
1. Mr. Liao Daichun has ben the chief executive oficer with efect
from 20 August 2021.
2. ZCFT is wholy and beneficialy owned by Ms. Qu. By virtue of the
SFO, Ms. Qu is demed to be interested in al the Shares held by
ZCFT.
3. Ho Tat is wholy and beneficialy owned by Mr. Thomas Loy. By
virtue of the SFO, Mr. Thomas Loy is demed to be interested in
al the Shares held by Ho Tat.
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
除上文及下文「董事购买股份或债权
证的权利」一节所披露者外，于二零
二五年三月三十一日，概无董事或最
高行政人员及╱或彼等各自的任何联
系人于本公司及╱或其任何相联法团
（定义见证券及期货条例第XV部）的
股份、相关股份及债权证中，拥有本
公司根据证券及期货条例第352条须
存置的登记册所记录的任何权益或淡
仓，或根据证券及期货条例第XV部或
GEM上市规则须知会本公司及联交所
的任何权益或淡仓。
董事购买股份或债权证的权
利
除本年报所披露者外，于本年度内任何时
间，本公司或其任何附属公司概无订立任
何安排，致使董事可藉收购本公司或任何
其他法人团体股份而获益。
除本年报所披露者外，于本年度内任何时
间，董事及最高行政人员（包括彼等之配偶
或未满18岁的子女）概无于可认购本公司
或其任何相联法团（定义见证券及期货条例）
的股份（或认股权证或债权证（如适用）的
权利拥有权益，或获授或行使有关权利。
主要股东及其他人士于本公
司股份及相关股份的权益及
淡仓
据董事所深知，于二零二五年三月三十一
日，本公司主要股东于本公司的股份或相
关股份中，拥有根据证券及期货条例第XV
部第2及第3分部的条文须向本公司披露的
权益或淡仓，或本公司根据证券及期货条
例第336条须存置的登记册所记录的权益
或淡仓如下：
Save as disclosed above and below under the section
headed “Directors’ Rights to Acquire Shares or Debentures”,
at 31 March 2025, none of the Directors or the Chief
Executive and/or any of their respective asociates had any
interest or short position in the shares, underlying shares
and debentures of the Company and/or any of its asociated
corporations (within the meaning of Part XV of the SFO) as
recorded in the register required to be kept by the Company
under section 352 of the SFO or as otherwise notified to the
Company and the Stock Exchange pursuant to Part XV of
the SFO or the GEM Listing Rules.
DIRECTORS’ RIGHTS TO ACQUIRE
SHARES OR DEBENTURES
Save as disclosed in this Anual Report, at no time during the
Year was the Company or any of its subsidiaries a party to any
arangements to enable the Directors to acquire benefits by
means of the acquisition of shares in the Company or any other
body corporate.
Save as disclosed in this Anual Report, at no time during the
Year the Directors and the Chief Executive (including their spouses
and children under 18 years of age) had any interest in, or ben
granted or exercised, any rights to subscribe for the shares (or
warants or debentures, as aplicable) of the Company or any of
its asociated corporations (within the meaning of the SFO).
SUBSTANTIAL SHAREHOLDERS’ AND
OTHER PERSONS’ INTERESTS AND
SHORT POSITIONS IN THE SHARES
AND UNDERLYING SHARES OF THE
COMPANY
To the best knowledge of the Directors, at 31 March 2025, the
substantial shareholders of the Company had interests or short
positions in the shares or underlying shares of the Company which
would be required to be disclosed to the Company under the
provisions of Divisions 2 and 3 of Part XV of the SFO, or which
were recorded in the register required to be kept by the Company
under section 336 of the SFO as folows:
Directors’ Report (Continued)
董事会报告（续）
68Wan Leader International Limited Anual Report 2024 – 2025
Name
Capacity/
nature of interests
Number of
Shares held/
interested
(Note 4)
Aproximate
percentage of
shareholding
姓名╱名称身份╱权益性质
所持╱拥有权益
股份数目
（附注4）股权概约百分比
Mr. Liao DaichunBeneficial owner (Note 1)13,025,000 (L)8.70%
廖代春先生实益拥有人（附注1）
Ms. Zhao RongjingInterest of spouse (Note 2)13,025,000 (L)8.70%
赵荣静女士配偶权益（附注2）
Ms. Qu TianyunBeneficial owner, interest in a
controled corporation (Note 3)
12,000,000 (L)8.01%
渠天芸女士实益拥有人、受控法团权益（附注3）
Hongkong ZCFT
International Limited
Beneficial owner (Note 3)12,000,000 (L)8.01%
实益拥有人（附注3）
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
附注：
1. 廖代春先生自二零二一年八月二十日起为行
政总裁。
- ，根据证券
及期货条例，彼被视为于廖代春先生拥有权
益的股份中拥有权益。
3. Hongkong ZCFT International Limited（渠女
士控制100%权益的公司）持有12,000,000
股份权益。因此，根据证券及期货条例
第XV部，渠女士被视为于Hongkong ZCFT
International Limited拥有的12,000,000股
份中拥有权益。
- 「L」指于股份中的好仓。
除上文披露者外，于二零二五年三月
三十一日，董事并不知悉本公司最高行政
人员或任何其他人士拥有任何权益及短仓，
概无人士（上文「董事及最高行政人员于本
公司及任何相联法团股份、相关股份及债
权证中的权益及淡仓」一节中所载拥有权
益之董事除外）拥有须根据证券及期货条
例第336条记录之本公司股份或相关股份
之权益或淡仓。
购股权计划
本公司于二零一八年八月十四日采纳购股
权计划。购股权计划之目的乃肯定为本集
团已作出贡献或将作出贡献的本集团主要
员工之贡献，以及向彼等提供奖励，以激
励及挽留彼等支持本集团的营运及发展。
有关购股权计划的进一步详情于招股章程
附录四「法定及一般资料 – D.购股权计划」
一节披露。
Notes:
1. Mr Liao Daichun has ben the chief executive oficer with efect from 20
August 2021.
2. Ms. Zhao Rongjing is the spouse of Mr. Liao Daichun, and is demed
to be interested in the shares which are interested by Mr. Liao Daichun
under the SFO.
3. Hongkong ZCFT International Limited (a company 100% controled by
Ms. Qu) is interested in 12,000,000 Shares. Acordingly, Ms. Qu is
demed to be interested in 12,000,000 Shares owned by Hongkong
ZCFT International Limited by virtue of Part XV of the SFO.
4. The leter “L” denotes long position in the Shares.
Save as disclosed above, at 31 March 2025, the Directors are
not aware of any interests and short positions owned by the chief
executive of the Company, or any other parties. No person, other
than the Directors, whose interests are set out in the section
headed “Directors’ and Chief Executive’s Interests and Short
Positions in the Shares, Underlying Shares and Debentures of
the Company and Any Asociated Corporations” 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.
SHARE OPTION SCHEME
The Company adopted a Share Option Scheme on 14 August
2018. The purpose of the Share Option Scheme is to recognise
the contribution of, and to provide an incentive to, key staf of
the Group who have contributed or wil contribute to the Group
in order to motivate and retain them for the operation and
development of the Group. Further details of the Share Option
Scheme are disclosed in the section headed “Statutory and
General Information – D. Share Option Scheme” in Apendix IV of
the Prospectus.
Directors’ Report (Continued)
董事会报告（续）
70Wan Leader International Limited Anual Report 2024 – 2025
于本董事会报告日期，根据购股权计划可
供发行的股份数目为8,400,000股，占本公
司已发行股份约5.6%。
截至本董事会报告日期，概无购股权根据
购股权计划获授出、行使、失效或注销，
且于二零二五年三月三十一日及于本董事
会报告日期，购股权计划项下概无尚未行
使的购股权。
购买、出售或赎回本公司上
市证券或库存股份
于本年度，本公司及其任何附属公司概无
购买、出售或赎回本公司任何上市证券（包
括出售库存股份（定义见GEM上市规则）。
关连方交易
本集团于日常业务过程中进行的关联方交
易详情载于本年报综合财务报表附注30。
就根据GEM上市规则构成关连交易或持续
关连交易的关联方交易而言，其载于本报
告「关连交易及持续关连交易」一段。其已
遵守GEM上市规则第20章的披露规定。
重要合约
除下文「关连交易及持续关连交易」一节所
披露者外，截至二零二五年三月三十一日
止年度，本公司或其任何附属公司与本公
司或其任何附属公司的主要股东概无签订
与本集团业务有关之重要合约。
As at the date of this Directors’ Report, the number of shares
available for isue under the Share Option Scheme in respect
thereof is 8,400,000 shares, representing aproximately 5.6% of
the isued shares of the Company.
Up to the date of this Directors’ Report, no share option has ben
granted, exercised, lapsed or canceled under the Share Option
Scheme and there were no outstanding share options under the
Share Option Scheme at 31 March 2025 and at the date of this
Directors’ Report.
PURCHASE, SALE OR REDEMPTION OF
THE COMPANY’S LISTED SECURITIES
OR TREASURY SHARES
Neither the Company nor any of its subsidiaries has purchased,
sold or redemed any of the Company’s listed securities during
the Year (including sale of treasury shares (as defined in the GEM
Listing Rules).
RELATED PARTY TRANSACTIONS
Details of the related party transactions undertaken by the Group
in its normal course of busines are set out in note 30 to the
consolidated financial statements in this anual report. For the
related party transaction which constituted conected transactions
or continuing conected transactions under the GEM Listing
Rules, they are set out in the paragraph headed “Conected
Transactions and Continuing Conected Transactions” of this
report. It has complied with the disclosure requirements in
acordance with Chapter 20 of the GEM Listing Rules.
CONTRACTS OF SIGNIFICANCE
Save as disclosed under the section headed “Conected
Transactions and Continuing Conected Transactions” below,
there was no contract of significance in relation to the Group’s
busines betwen the Company or any of its subsidiaries and the
substantial shareholders of the Company or any of their respective
subsidiaries during the year ended 31 March 2025.
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
关连交易及持续关连交易
在综合财务报表附注30披露的关连方交
易为豁免或非豁免持续关连交易或已遵守
GEM上市规则第20章的披露规定的关连交
易，或并非GEM上市规则第20章所界定的
关连交易。
董事资料变更
自本公司截至二零二四年三月三十一日止
年度的年报刊发以来，本公司并不知悉董
事资料有任何其他须根据GEM上市规则第
17.50A(1)条予以披露的变动。
主要客户及供应商
于本年度内，向本集团五大客户作出的销
售占总营业额（包括持续经营业务及终止
经营业务）约57.5%（过往年度：53.3%）及
向最大客户作出的销售占其约24.2%（过往
年度：18.3%）。
CONECTED TRANSACTION AND
CONTINUED CONECTED TRANSACTION
The related party transactions disclosed in note 30 to the
consolidated financial statements are either exempted or
non-exempted continuing conected transactions or conected
transactions which have complied with the disclosure requirements
in acordance with Chapter 20 of the GEM Listing Rules, or not
conected transactions as defined in Chapter 20 of the GEM
Listing Rules.
CHANGE IN DIRECTORS’ INFORMATION
The Company is not aware of any other changes in the directors’
information which are required to be disclosed pursuant to Rule
17.50A(1) of the GEM Listing Rules since the publication of anual
report for the year ended 31 March 2024 of the Company.
MAJOR CUSTOMERS AND SUPLIERS
Sales to the Group’s five largest customers acounted for
aproximately 57.5% (Previous Year: 53.3%) of the total turnover
(including continuing and discontinued operations) during the Year
and sales to the largest customer included therein amounted to
aproximately 24.2% (Previous Year: 18.3%).
Directors’ Report (Continued)
董事会报告（续）
72Wan Leader International Limited Anual Report 2024 – 2025
于本年度内，向本集团五大供应商作出的
采购占总采购（包括持续经营业务及终止
经营业务）约77.8%（过往年度：72.4%）及
向最大供应商作出的采购占其约46.7%（过
往年度：21.5%）。
董事或任何彼等之联系人或据董事所知拥
有本公司已发行股本5%以上之任何股东，
概无于本集团任何首五大客户及供应商之
股本中拥有任何实益权益。
更改主要股份过户登记处
截至二零二四年十二月三十一日，本公司
于开曼群岛之主要股份过户登记处及注册
办事处已更改为：
Vistra (Cayman) Limited, P.O. Box 31119
Grand Pavilion
Hibiscus Way, 802 West Bay Road, Grand
Cayman
KY1-1205, Cayman Islands
公众持股量充足度
于本董事会报告日期，根据本公司公开可
得资料及据本公司董事所知，自二零二四
年四月一日起至本董事会报告日期，本公
司已维持GEM上市规则所规定的充足公众
持股量。
截至二零二五年三月三十一日
止年度后事件
于本年度后及直至本年报日期，本集团并
无发生任何重大事件。
审核委员会
审核委员会已审阅本集团所采纳的会计原
则及常规以及本年度的综合财务报表。
Purchases from the Group’s five largest supliers acounted
for aproximately 77.8% (Previous Year: 72.4%) of the total
purchases (including continuing and discontinued operations)
during the Year and purchases from the largest suplier included
therein amounted to aproximately 46.7% (Previous Year: 21.5%).
None of the Directors or any of their asociates or any
shareholders, which, to the best knowledge of the Directors, own
more than 5% of the Company’s isued share capital, had any
beneficial interest in the share capital of any of the first five largest
customers and supliers of the Group.
CHANGE OF PRINCIPAL SHARE
REGISTRAR
As of 31 December 2024, the principal share registrar and transfer
ofice and the registered ofice of the Company in the Cayman
Islands have ben changed to:
Vistra (Cayman) Limited, P.O. Box 31119 Grand Pavilion
Hibiscus Way, 802 West Bay Road, Grand Cayman
KY1-1205, Cayman Islands.
SUFICIENCY OF PUBLIC FLOAT
Based on information publicly available to the Company and within
the knowledge of the Directors of the Company at the date of this
Directors’ Report, the Company has maintained the prescribed
public float under the GEM Listing Rules from 1 April 2024 to the
date of this Directors’ Report.
EVENT AFTER THE YEAR ENDED
31 MARCH 2025
The Group did not have any significant event after the Year and
up to the date of this Anual Report.
AUDIT COMITE
The Audit Comite has reviewed the acounting principles and
practices adopted by the Group and the consolidated financial
statements for the Year.
Directors’ Report (Continued)
董事会报告（续）
万励达国际有限公司 二○二四－二○二五年报
核数师
于晋华会计师事务所有限公司（「晋华」于
二零二五年四月十四日辞任本公司核数师
后，为填补晋华辞任后的空缺，永拓富信
会计师事务所有限公司（「永拓富信香港」）
已于二零二五年四月十四日获董事会委任
为本公司核数师。董事会亦已确认，并无
有关更换核数师之其他事宜或情况须敦请
股东垂注。
除上文所披露者外，本公司于过去一年内
并无其他核数师变更。
截至二零二五年三月三十一日止年度，本
公司综合财务报表由永拓富信香港审核，
其将退任并符合资格重选连任。重新委任
永拓富信香港为本公司核数师之决议案将
于本公司应届股东周年大会上提呈。
代表董事会
主席
吕克宜
香港，二零二五年六月三十日
AUDITOR
Folowing the resignation of JH CPA Aliance Limited (“JH CPA”)
as auditors of the Company on 14 April 2025, SFAI (HK) CPA
Limited (“SFAI Hongkong”) was apointed as the auditors of the
Company by the Board with efect from 14 April 2025 to fil in
the vacancy folowing the resignation of JH CPA. The Board had
confirmed that there were no other maters or circumstances in
respect of such change of auditors that ned to be brought to the
atention of the Shareholders.
Save as disclosed above, there were no other changes in auditors
of the Company during the preceding year.
The consolidated financial statements of the Company for the year
ended 31 March 2025 have ben audited by SFAI Hongkong who
wil retire and, being eligible, ofer themselves for re-apointment.
A resolution for the re-apointment of SFAI Hongkong as auditors
of the Company wil be proposed at the forthcoming anual
general meting of the Company.
On behalf of the Board
Loy Hak Yu Thomas
Chairman
Hong Kong, 30 June 2025
74Wan Leader International Limited Anual Report 2024 – 2025
INDEPENDENT AUDITOR’S REPORT
独立核数师报告
致万励达国际有限公司列位股东
（于开曼群岛注册成立的有限公司）
意见
本核数师（以下简称「吾等」）已审核载列
于第80至204页万励达国际有限公司（「贵
公司」）及其附属公司（统称「贵集团」）的
综合财务报表，其包括于二零二五年三月
三十一日的综合财务状况表与截至该日止
年度的综合损益表及其他全面收益表、综
合权益变动表及综合现金流量表以及综合
财务报表的附注（包括重大会计政策资料
及其他解释资料）。
吾等认为，该等综合财务报表已根据香港
会计师公会（「香港会计师公会」）颁布的香
港财务报告准则（「香港财务报告准则」）真
实而公平地反映 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的披露规定妥为编
制。
意见基准
吾等已根据香港会计师公会颁布的香港审
计准则（「香港审计准则」）进行审计。吾等
在该等准则下的责任已于本报告「核数师
就审计综合财务报表须承担的责任」一节
中进一步阐述。根据香港会计师公会颁布
的专业会计师道德守则（「守则」），吾等独
立于 贵集团，并已履行守则中的其他专
业道德责任。吾等相信，吾等所获得的审
计凭证能充足及适当地为吾等的意见提供
基础。
TO THE MEMBERS OF WAN LEADER INTERNATIONAL LIMITED
(Incorporated in the Cayman Islands with limited liability)
Opinion
We have audited the consolidated financial statements of Wan
Leader International Limited (the “Company”) and its subsidiaries
(colectively refered to as the “Group”) set out on pages 80 to
204, which comprise the consolidated statement of financial
position as at 31 March 2025, and the consolidated statement
of profit or los and other comprehensive income, consolidated
statement of changes in equity and consolidated statement of
cash flows for the year then ended, and notes to the consolidated
financial statements, including 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.
Independent Auditor’s Report (Continued)
独立核数师报告（续）
75万励达国际有限公司 二○二四－二○二五年报
关键审计事项
关键审计事项为根据吾等的专业判断，认
为对本期间综合财务报表的审计最为重要
的事项。该等事项于吾等审计整体综合财
务报表及出具意见时处理，而吾等不会对
该等事项提供独立的意见。
贸易应收款项的预期信贷亏损（「预期信贷
亏损」）拨备的估计
Key Audit Mater
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.
Estimation of expected credit los (“ECL”) alowances on
trade receivables
The key audit materHow the mater was adresed in our audit
关键审计事项吾等的审计如何处理该等事项
As disclosed in note 19 to the consolidated financial
statements, as at 31 March 2025，the Group has
trade receivables, net of alowances for impairment
los under expected credit los model of aproximately
HK$31,779,000.
诚如综合财务报表附注19所披露，于二零二五年三月
三十一日， 贵集团贸易应收款项（扣除预期信贷亏损模
式项下减值亏损拨备）约为31,779,000港元。
At end of each reporting period, in determining the
ECL alowance in trade receivables, the management
aseses whether there has ben a significant increase
in credit risk for exposures since initial recognition by
comparing the risk of default ocuring over the expected
life betwen the reporting date and the date of initial
recognition. The management considers reasonably
suportable information that is relevant and available
without undue cost or efort for this purpose. This
includes quantitative and qualitative information, and
forward-loking analysis.
于各报告期间末，于厘定贸易应收款项的预期信贷亏损
拨备时，管理层透过比较报告日期与初始确认日期之间
的预计年期内发生的违约风险，评估自初始确认以来信
贷风险是否显著增加。管理层就此考虑相关及毋须付出
过多成本或努力即可获得的合理可靠资料。此包括定量
及定性资料以及前瞻性分析。
We identified the alowance for ECL of trade receivables
as a key audit mater due to significance balance of
trade receivable to the Group’s consolidated financial
statements as a whole and significant management
judgement involved in identification and measurement of
the alowance for expected credit loses.
吾等将贸易应收款项的预期信贷亏损拨备识别为关键审
计事项，乃由于贸易应收款项结余对 贵集团的综合财
务报表整体而言属重大，以及识别及计量预期信贷亏损
拨备涉及重大管理层判断。
Our audit procedures in relation to estimation of ECL
alowances on trade receivables included, among
others, the folowing:
吾等就贸易应收款项预期信贷亏损拨备估计之审核
程序包括（其中包括）以下各项：
• To understand the aproach aplied on the
ECL model of trade receivables;
了解应用于贸易应收款项预期信贷亏损模式的
方法；
- ’s basis and judgement
in determining the apropriatenes of
management’s asumptions and input aplied
on the ECL model, including past setlement
records of the customers and the Group’s
actual los experience;
评估管理层厘定应用于预期信贷亏损模式的管
理层假设及输入数据是否适当的基准及判断，
包括客户的过往结算记录及 贵集团的实际亏
损经验；
• To review the ageing of trade receivables on
sample basis; and
按抽样基准审阅贸易应收款项的账龄；及
• To review the subsequent setlement of trade
receivables on sample basis.
按抽样基准审阅贸易应收款项的期后结算。
Independent Auditor’s Report (Continued)
独立核数师报告（续）
76Wan Leader International Limited Anual Report 2024 – 2025
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 of 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 of the
Company and Audit Comite for the
Consolidated Financial Statements
The directors of the Company are responsible for the preparation
of the consolidated financial statements that give a true and fair
view in acordance with 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.
其他事项
贵集团截至二零二四年三月三十一日止年
度的综合财务报表乃由另一核数师审计，
其已于二零二四年六月二十八日就该等报
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
包括年报内所载的一切资料，但不包括综
合财务报表及吾等载于其中的核数师报告。
吾等对综合财务报表的意见并不涵盖其他
资料，吾等亦不对该等其他资料发表任何
形式的保证结论。
就吾等对综合财务报表的审计，吾等的责
任乃细阅其他资料，在此过程中，考虑其
他资料与综合财务报表或吾等在审计过程
中所知悉的情况是否存在重大抵触或看似
存在重大错误陈述。基于吾等已执行的工
作，倘吾等认为其他资料存在重大错误陈
述，吾等需要报告该事实。吾等就此并无
任何事项须报告。
贵公司董事及审核委员会就综
合财务报表须承担的责任
贵公司董事须负责根据香港会计师公会颁
布的香港财务报告准则及香港公司条例的
披露规定编制真实而公平的综合财务报表，
并对 贵公司董事认为使综合财务报表
的编制不存在由于欺诈或错误而导致的重
大错误陈述所需的内部监控负责。
Independent Auditor’s Report (Continued)
独立核数师报告（续）
77万励达国际有限公司 二○二四－二○二五年报
Responsibilities of the Directors of the
Company and Audit Comite for the
Consolidated Financial Statements (Continued)
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.
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements
Our objectives are to obtain reasonable asurance about whether
the consolidated financial statements as a whole are fre from
material mistatement, whether due to fraud or eror, and to isue
an auditor’s report that includes our opinion. Our report is made
solely to you, as a body, in acordance with 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.
贵公司董事及审核委员会就综
合财务报表须承担的责任（续）
在编制综合财务报表时， 贵公司董事负责
评估 贵集团持续经营的能力，并在适用
情况下披露与持续经营有关的事项，以及
使用持续经营为会计基础，除非 贵公司
董事有意将 贵集团清盘或停止经营，或
别无其他实际的替代方案。
治理层须负责监督 贵集团的财务报告过
程。
核数师就审计综合财务报表须
承担的责任
吾等的目标乃对综合财务报表整体是否不
存在由于欺诈或错误而导致的重大错误陈
述取得合理保证，并出具包括吾等意见的
核数师报告。我们按照我们的协定委聘条
款仅向 阁下（作为整体）报告，除此之外
本报告别无其他目的。吾等并不就本行报
告之内容对任何其他人士承担任何责任或
接受任何义务。合理保证为高水平的保证，
但不能保证按照香港审计准则进行的审计
将总能发现重大错误陈述。错误陈述可以
由欺诈或错误引起，如果合理预期其单独
或汇总起来可能影响综合财务报表使用者
因依赖综合财务报表而作出的经济决定，
则有关的错误陈述可被视作重大。
Independent Auditor’s Report (Continued)
独立核数师报告（续）
78Wan Leader International Limited Anual Report 2024 – 2025
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements (Continued)
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;
- ’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; and
核数师就审计综合财务报表须
承担的责任（续）
作为根据香港审计准则进行审计其中一项，
吾等在审计过程运用专业判断，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的风
险，设计及执行审计程序以应对该等
风险，以及获取充足及适当的审计凭
证，作为吾等意见的基础。由于欺诈
可能涉及串谋、伪造、蓄意遗漏、虚
假陈述，或凌驾于内部监控之上，因
此未能发现因欺诈而导致出现重大错
误陈述的风险高于未能发现因错误而
导致出现重大错误陈述的风险；
- ，以设计
在有关情况下属适当的审计程序，但
目的并非对 贵集团内部监控的有效
性发表意见；
• 评估 贵公司董事所采用会计政策的
适当性以及作出会计估计及相关披露
的合理性；
• 对 贵公司董事采用持续经营会计基
础的适当性作出结论，并根据所获取
的审计凭证，确定是否存在与事项或
情况有关的重大不确定性，从而可能
导致对 贵集团的持续经营能力产生
重大疑虑。倘吾等认为存在重大不确
定性，则有必要在核数师报告中提请
使用者注意综合财务报表中的相关披
露。假若有关的披露不足，则吾等须
发表非无保留意见。吾等的结论乃基
于直至核数师报告日止所取得的审计
凭证。然而，未来事项或情况可能导
致 贵集团不能持续经营业务；
- 、
结构及内容（包括披露事项），以及综
合财务报表是否公平反映相关交易及
事项；及
Independent Auditor’s Report (Continued)
独立核数师报告（续）
79万励达国际有限公司 二○二四－二○二五年报
Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements (Continued)
• 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 the audit comite regarding, among
other maters, the planed scope and timing of the audit and
significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide the audit comite with a statement that we
have complied with relevant ethical requirements regarding
independence and to comunicate with them al relationships
and other maters that may reasonably be thought to bear on our
independence, and where aplicable, actions taken to eliminate
threats or safeguards aplied.
From the maters comunicated with audit comite, we
determine those maters that were of most significance in the
audit of the consolidated financial statements of the curent
period and are therefore the key audit maters. We describe these
maters in our auditor’s report unles law or regulation precludes
public disclosure about the mater or when, in extremely rare
circumstances, we determine that a mater should not be
comunicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public
interest benefits of such comunication.
The engagement partner on the audit resulting in this independent
auditor’s report is Ms. Chow Ka Li.
SFAI (HK) CPA Limited
Certified Public Acountants
Chow Ka Li
Practising Certificate Number: P07809
Hong Kong, 30 June 2025
核数师就审计综合财务报表须
承担的责任（续）
- ，以获取有关集
团内实体或业务单位财务资料的充足
及适当审计凭证，作为对集团财务报
表发表意见的基础。吾等负责指导、
监督及审阅为集团审核目的而执行之
审核工作。吾等为审计意见承担全部
责任。
吾等与审核委员会沟通（其中包括）审计的
计划范围及时间以及重大审计发现等，包
括吾等在审计中识别出内部监控的任何重
大不足。
吾等亦向审核委员会提交声明，表明吾等
已符合有关独立性的相关专业道德要求，
并与彼等沟通可能合理被认为会影响吾等
独立性的所有关系及其他事项，以及在适
用的情况下，为消除威胁而采取的行动或
应用的防范措施。
从与审核委员会沟通的事项中，吾等确定
该等对本期间综合财务报表的审计为最重
要的事项，因而构成关键审计事项。吾等
在核数师报告中阐释该等事项，除非法律
或规例不允许公开披露该等事项，或在极
端罕见的情况下，合理预期倘于吾等之报
告中注明某事项造成的负面后果超过产生
的公众利益，则吾等决定不应在报告中注
明该事项。
出具独立核数师报告的审计项目合伙人为
周嘉莉女士。
永拓富信会计师事务所有限公司
执业会计师
周嘉莉
执业证书编号：P07809
香港，二零二五年六月三十日
| 157,584 |
|---|
| (155,360) |
| 2,224 |
| (1,388) |
| (3,527) |
| (22,693) |
| (264) |
| 1,879 |
| (1,363) |
| (25,132) |
| (81) |
| (25,213) |
| 20 |
| (107) |
| (87) |
| (25,300) |
| HK cents |
| 港仙 |
| (20.2) |
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
80Wan Leader International Limited Anual Report 2024 – 2025
CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME
综合损益及其他全面收益表
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Revenue收益6187,193
Cost of sales and services销售及服务成本(182,555)
Gros profit毛利4,638
Other income, other gains and
loses, net
其他收入、其他收益及
亏损净额7378
Sales and marketing expenses销售及营销开支(5,998)
Administrative expenses行政开支(23,364)
Impairment loses under expected credit
los model, net of reversal
预期信贷亏损模式下的减值
亏损（已扣除拨回部份）8(304)
Gain on disposal of subsidiaries出售附属公司之收益34–
Finance costs融资成本9(101)
Los before income tax除所得税前亏损10(24,751)
Income tax (expenses) credit所得税（开支）抵免1180
Los for the year年内亏损(24,671)
Other comprehensive income
(expense) for the year:
年内其他全面收入（开支）：
Items that may be reclasified
subsequently to profit or los:
随后可能重新分类至损益
的项目：
Exchange diferences arising on
translation of financial statements of
foreign operations
因换算海外业务之财务报表而
产生之汇兑差额
(102)
Reclasification of statutory reserve and
cumulative exchange reserve upon
disposal of subsidiaries
出售附属公司后重新分类法定
储备及累计汇兑储备
34–
(102)
Total comprehensive expense for
the year atributable to equity
holders of the Company
本公司权益持有人应占年内全
面开支总额
(24,773)
HK cents
港仙
(restated)
（经重列）
Los per share atributable to equity
holders of the Company
本公司权益持有人应占
每股亏损15
Basic and diluted基本及摊薄(21.6)
| 651 |
|---|
| 85 |
| 58 |
| 794 |
| – |
| 55,655 |
| – |
| – |
| 15,511 |
| 71,166 |
| 25,401 |
| – |
| 152 |
| 9,099 |
| – |
| 34,652 |
| 36,514 |
| 37,308 |
As at 31 March 2025 于二零二五年三月三十一日
81万励达国际有限公司 二○二四－二○二五年报
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
综合财务状况表
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Non-curent asets非流动资产
Property, plant and equipment物业、厂房及设备163,375
Deposits按金198
Defered tax asets递延税项资产17148
3,531
Curent asets流动资产
Inventories存货18432
Trade and other receivables, deposits
and prepayments
贸易及其他应收款项、
按金及预付款项1968,207
Amount due from a related company应收一间关连公司款项201,901
Pledged bank deposits已抵押银行存款213,017
Bank balances and cash银行结余及现金2114,823
88,380
Curent liabilities流动负债
Trade and other payables贸易及其他应付款项2229,941
Contract liabilities合约负债23323
Lease liabilities租赁负债24486
Bank and other borowings银行及其他借款25756
Tax payables应付税项1,267
32,773
Net curent asets流动资产净值55,607
Total asets les curent liabilities总资产减流动负债59,138
| 66 |
|---|
| 150 |
| 516 |
| 732 |
| 36,576 |
| 14,974 |
| 21,602 |
| 36,576 |
Consolidated Statement of Financial Position (Continued)
综合财务状况表（续）
As at 31 March 2025 于二零二五年三月三十一日
82Wan Leader International Limited Anual Report 2024 – 2025
二零二五年二零二四年
NotesHK$’000HK$’000
附注千港元千港元
Non-curent liabilities非流动负债
Lease liabilities租赁负债24353
Provisions拨备26100
Other payables其他应付款项 22–
Net asets资产净值58,685
Capital and reserves资本及储备
Share capital股本2712,478
Reserves储备46,207
Equity atributable to equity holders
of the Company
本公司权益持有人应占
权益58,685
The consolidated financial statements from pages 80 to 204 were
aproved and authorised for isue by the board of directors on 30
June 2025:
Loy Hak Yu ThomasLi Shiu Tong Andrew
吕克宜李绍棠
ChairmanDirector
主席董事
董事会于二零二五年六月三十日批准及授
权刊发第80页至第204页所载综合财务报
表：
| – | – | – | – | – | – | (25,213) | (25,213) |
|---|---|---|---|---|---|---|---|
| – | – | – | – | – | 20 | – | 20 |
| – | – | – | – | (357) | 250 | – | (107) |
| – | – | – | – | (357) | 270 | (25,213) | (25,300) |
| 2,496 | 923 | – | – | – | – | – | 3,419 |
| – | (228) | – | – | – | – | – | (228) |
| 14,974 | 95,113 | 14,118 | 1,091 | – | – | (88,720) | 36,576 |
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
83万励达国际有限公司 二○二四－二○二五年报
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
综合权益变动表
Share
capital
Share
premium*
Other
reserve*
Merger
reserve*
Statutory
reserve*
Exchange
reserve*
Acumulated
loses*
Total
equity
股本股份溢价其他储备合并储备法定储备外汇储备累计亏损总权益
(Note (i)
below)
(Note (i)
below)
(Note (i)
below)
(Note (iv)
below)
(Note (v)
below)
（见下文
附注(i)）
（见下文
附注(i)）
（见下文
附注(i)）
（见下文
附注(iv)）
（见下文
附注(v)）
HK$’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
Balance at 1 April 2023于二零二三年四月一日
之结余9,90075,25214,1181,091357(168)(38,836)61,714
Los for the year年内亏损–(24,671)(24,671)
Other comprehensive expense
for the year:
年内其他全面开支：
Exchange diferences arising on
translation of financial statements
of foreign operations
因换算海外业务之
财务报表而产生之
汇兑差额–(102)–(102)
Total comprehensive expense
for the year
年内全面开支总额
–(102)(24,671)(24,773)
Proceds from placing of new shares配售新股份所得款项2,57819,934–22,512
Isuing expenses of placing of new
shares
配售新股份之发行开支
–(768)–(768)
Balance at 31 March 2024 and 1
April 2024
于二零二四年三月
三十一日及二零二四
年四月一日之结余12,47894,41814,1181,091357(270)(63,507)58,685
Los for the year年内亏损
Other comprehensive expense
for the year:
年内其他全面开支：
Exchange diferences arising on
translation of financial statements
of foreign operations
因换算海外业务之财务
报表而产生之汇兑差
额
Reclasification of statutory reserve
and cumulative translation reserve
upon disposal of subsidiaries
出售附属公司后重新分
类法定储备及累计汇
兑储备
Total comprehensive expense for
the year
年内全面开支总额
Proceds from placing of new shares配售新股份所得款项
Isuing expenses of placing of new
shares
配售新股份之发行开支
Balance at 31 March 2025于二零二五年三月
三十一日之结余
- ’s reserves of aproximately
HK$21,602,000 (2024: HK$46,207,000) in the consolidated statement of
financial position.
* 储备金额包括本集团于综合财务状况表中
的储备约21,602,000港元（二零二四年：
46,207,000港元）。
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
84Wan Leader International Limited Anual Report 2024 – 2025
Notes:
(i) The share premium represents the diference betwen the par value of
the shares of the Company and net proceds received from the isuance
of the shares of the Company.
(i) The other reserve represents (i) demed contribution by a non-controling
shareholder through acquisition of Orient Zen Logistics Services Limited
(“Orient Zen”); (i) acquisition of aditional interest of Orient Zen and (i)
alotment of shares of Ever Metro International Limited (“Ever Metro”) to
strategic investors.
(i) The merger reserve represents diference betwen the par value of the
shares isued by Ever Metro for the combination of the entire equity
interests in Union Air Cargo Limited (“Union Air”) and the amount of
share capital of Union Air. The combination of Union Air by Ever Metro
have ben acounted for using the principles of merger acounting as
Union Air and Ever Metro are under the comon control of Mr. Loy Hak
Yu Thomas both before and after the combination and the control is not
transitory.
(iv) The statutory reserve represents the amount transfered from net profit
for the year of the subsidiaries established in the People’s Republic of
China (the “PRC”) (based on the subsidiaries’ PRC statutory financial
statements) in acordance with the relevant PRC laws until the statutory
reserve reaches 50% of the registered capital of the subsidiaries. The
statutory reserve canot be reduced except either in seting of the
acumulated loses or increasing capital. The reserve are reversed upon
disposal of subsidiaries.
(v) The exchange reserve represents the exchange diferences arising on
translation of financial statements of foreign operations.
附注：
(i) 股份溢价指本公司股份面值与本公司发行股
份收取的所得款项净额之间的差额。
(i) 其他储备指(i)一名非控股东透过收购东
禅物流有限公司（「东禅」）的视作注资；(i)
收购东禅的额外权益；及(i)向战略投资者
配发Ever Metro International Limited（「Ever
Metro」）的股份。
(i) 合并储备指Ever Metro就合并亨达货运有限
公司（「亨达」）的全部股权而发行的股份之面
值与亨达股本金额的差额。Ever Metro合并
亨达已采用合并会计处理原则入账，原因为
亨达及Ever Metro于该等合并前后均由吕克
宜先生控制，且有关控制权并非属暂时性质。
(iv) 法定储备指根据相关中华人民共和国（「中国」）
法律自于中国成立的附属公司的年内纯利（根
据附属公司的中国法定财务报表）转拨的金
额，直至法定储备达到该等附属公司注册资
本的50%。除抵销累计亏损或增加资本外，
否则不可减少法定储备。于出售附属公司时
拨回储备。
(v) 汇兑储备指因换算海外业务财务报表而产生
之汇兑差额。
| (25,132) |
|---|
| 1,349 |
| – |
| 264 |
| 1,460 |
| (1,879) |
| (75) |
| 1,363 |
| (22,650) |
| 432 |
| 8,419 |
| 2,860 |
| (323) |
| (282) |
| (11,544) |
| – |
| (11,544) |
| 75 |
| – |
| 3,017 |
| – |
| (10) |
| 3,082 |
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
85万励达国际有限公司 二○二四－二○二五年报
CONSOLIDATED STATEMENT OF CASH FLOWS
综合现金流量表
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Cash flow from operating activities经营活动所得的现金流量
Los before income tax除所得税前亏损(24,751)
Adjustments for:下列作出调整：
Depreciation of property, plant and equipment物业、厂房及设备折旧1,791
Los on write of of inventories撇销存货之亏损115
Impairment loses under expected credit los
model, net of reversal
预期信贷亏损模式项下减值亏损
拨回净额304
Los on writen-of and disposal of property,
plant and equipment
撇销及出售物业、厂房及设备之
亏损–
Gain on disposal of subsidiaries出售附属公司之收益–
Interest income利息收入(221)
Finance costs融资成本101
Operating cash flow before movements in
working capital
营运资金变动前的经营现金流量
(22,661)
Changes in inventories存货变动36
Changes in trade and other receivables, deposits
and prepayments
贸易及其他应收款项、按金及预付
款项变动(22,163)
Changes in trade and other payables贸易及其他应付款变动10,430
Changes in contract liabilities合约负债变动(61)
Changes in amount due from a related company应收一间关连公司款项变动1,048
Cash used in operations经营所用现金(33,371)
Income tax refunded已退回所得税1,179
Net cash used in operating activities经营活动所用现金净额(32,192)
Cash flow from investing activities投资活动所得的现金流量
Bank interest received已收银行利息220
Placement of pledged bank deposits存放已抵押银行存款(15)
Withdrawal of pledged bank deposits提取已抵押银行存款–
Purchase of property, plant and equipment购买物业、厂房及设备(1,920)
Net cash outflow on disposal of subsidiaries出售附属公司现金流出净额–
Net cash from (used) in investing activities投资活动所得（所用）现金净额(1,715)
| (923) |
|---|
| (5,756) |
| (52) |
| (1,212) |
| 3,191 |
| 14,000 |
| (86) |
| 9,162 |
| 700 |
| 14,823 |
| (12) |
| 15,511 |
Consolidated Statement of Cash Flows (Continued)
综合现金流量表（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
86Wan Leader International Limited Anual Report 2024 – 2025
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Cash flow from financing activities融资活动所得的现金流量
Repayment of principal element of lease liabilities偿还租赁负债本金部份(660)
Repayment of bank and other borowings偿还银行及其他借款(914)
Repayment of interest element of lease liabilities偿还租赁负债利息部份(41)
Other interest paid已付其他利息(60)
Proceds for isue of shares, net发行股份所得款项净额21,744
Proceds from other borowings其他借款的所得款项–
(Repayment) borowings drawn down included in
other payables, net
（偿还）提取借款（计入其他应付款项
净额）2,939
Net cash generated from financing activities融资活动所得的现金净额23,008
Net increase (decrease) in cash and cash
equivalents
现金及现金等价物增加（减少）净额
(10,899)
Cash and cash equivalent at begining
of the year
年初现金及现金等价物
25,733
Efect of foreign exchange rate changes汇率变动产生之影响(11)
Cash and cash equivalents at end of the year,年末现金及现金等价物，
Represented by bank balances and cash指银行结余及现金14,823
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
87万励达国际有限公司 二○二四－二○二五年报
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
综合财务报表附注
1. 一般资料
万励达国际有限公司（「本公司」）为
于开曼群岛注册成立的获豁免有限公
司，其股份于香港联合交易所有限公
司（「联交所」）GEM上市。本公司的注
册办事处及主要营业地点均于年报的
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（统称为「本集团」）乃
主要从事提供货运代理及相关物流服
务，提供营运在线电子商务平台的委
托管理服务以及时尚物品贸易。
综合财务报表以港元（「港元」）呈列，
港元亦为本公司的功能货币。
综合财务报表中所有于中华人民共和
国（「中国」）成立的公司的英文名称，
为本公司董事尽力将该等公司的中文
名称翻译为英文名称后所得，原因为
该等公司并无正式英文名称。
1. GENERAL INFORMATION
Wan Leader International Limited (the “Company”) was
incorporated in the Cayman Islands as an exempted
company with limited liability and its shares were listed on
GEM of The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”). The registered ofice of the Company 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 (colectively refered to as
the “Group”) are principaly engaged in provision of freight
forwarding and related logistics services, provision of
entrusted management services for operating an online
e-comerce platform and trading of fashion items.
The consolidated financial statements are presented in Hong
Kong dolar (“HK$”) which is also the functional curency of
the Company.
The English names of al the companies established in the
People’s Republic of China (the “PRC”) presented in these
consolidated financial statements represent the best eforts
made by the directors of the Company for the translation of
the Chinese names of these companies to English names as
they do not have oficial English names.
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
88Wan Leader International Limited Anual Report 2024 – 2025
2. 应用新订及经修订香港财
务报告准则（「香港财务报
告准则」）及其他会计政策
变动
于本年度强制生效的经修订
香港财务报告准则
于本年度，本集团已首次应用由香港
会计师公会（「香港会计师公会」）颁布
且于二零二四年四月一日开始的本集
团年度期间强制生效的以下新订及经
修订香港财务报告准则，以编制综合
财务报表：
香港财务报告准则
第16号（修订本）
售后租回中之租
赁负债
香港会计准则
第1号（修订本）
负债分类为流动
或非流动及相
关香港诠释第
5号（修订本）
（二零二零年）
香港会计准则
第1号（修订本）
附带契诺之非流
动负债
香港会计准则第7
号及香港财务报
告准则第7号（修
订本）
供应商融资安排
于本年度应用经修订香港财务报告准
则概无对本集团于当前及过往年度的
财务状况及表现及╱或该等综合财务
报表所载的披露产生重大影响。
2. APLICATION OF NEW AND
AMENDMENTS TO HONG KONG
FINANCIAL REPORTING STANDARDS
(“HKFRS(s)”) AND CHANGES IN
OTHER ACOUNTING POLICIES
Amendments to HKFRSs that are
mandatorily efective for the curent year
In the curent year, the Group has aplied the folowing
new and amendments to HKFRSs isued by the Hong Kong
Institute of Certified Public Acountants (the “HKICPA”) for
the first time, which are mandatorily efective for the Group’s
anual period begining on 1 April 2024 for the preparation
of the consolidated financial statements:
Amendments to HKFRS 16Lease Liability in a Sale and
Leaseback
Amendments to HKAS 1Clasification of Liabilities
as Curent or Non-curent
and related amendments to
Hong Kong Interpretation 5
(2020)
Amendments to HKAS 1Non-curent Liabilities with
Covenants
Amendments to HKAS 7 and
HKFRS 7
Suplier Finance
Arangements
The aplication of the amendments to 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.
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
89万励达国际有限公司 二○二四－二○二五年报
2. 应用新订及经修订香港财
务报告准则（「香港财务报
告准则」）及其他会计政策
变动（续）
已颁布但尚未生效的新订及
经修订香港财务报告准则
本集团尚未提早应用下列已颁布惟尚
未生效的新订及经修订香港财务报告
准则：
香港财务报告准则第9
号及香港财务报告准
则第7号（修订本）
金融工具分类及计量的
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
合营企业之间的资产
出售或注资
香港财务报告准则会计
准则（修订本）
香港财务报告准则会计
准则之年度改进－
第11册
香港会计准则第21号
（修订本）
缺乏可兑换性
香港财务报告准则
第18号
财务报表之呈列及披露
于待定日期或之后开始的年度期间生
效。
于二零二五年一月一日或之后开始的
年度期间生效。
于二零二六年一月一日或之后开始的
年度期间生效。
于二零二七年一月一日或之后开始的
年度期间生效。
除下文所述之新订及经修订香港财务
报告准则外，应用经修订香港财务报
告准则预期于未来不会对本集团的综
合财务报表造成重大影响。
2. APLICATION OF NEW AND
AMENDMENTS TO HONG KONG
FINANCIAL REPORTING STANDARDS
(“HKFRS(s)”) AND CHANGES IN
OTHER ACOUNTING POLICIES
(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 Instructments
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 11
Amendments to HKAS 21Lack of Exchangeability
HKFRS 18Presentation and Disclosure in Financial
Statements
Efective for anual periods begining on or after a date to be
determined.
Efective for anual periods begining on or after 1 January 2025.
Efective for anual periods begining on or after 1 January 2026.
Efective for anual periods begining on or after 1 January 2027.
Except for the new and amendments to HKFRSs mentioned
below, the aplication of the amendments to HKFRSs
is not expected to have material impact to the Group’s
consolidated financial statements in the future.
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
90Wan Leader International Limited Anual Report 2024 – 2025
2. APLICATION OF NEW AND
AMENDMENTS TO HONG KONG
FINANCIAL REPORTING STANDARDS
(“HKFRS(s)”) AND CHANGES IN
OTHER ACOUNTING POLICIES
(Continued)
HKFRS 18 Presentation and Disclosure in
Financial Statements
HKFRS 18 Presentation and Disclosure in Financial
Statements (“HKFRS 18”), which sets out requirements
on presentation and disclosures in financial statements,
wil replace HKAS 1 Presentation of Financial Statements
(“HKAS 1”). 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 (“HKAS 7”).
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 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.
2. 应用新订及经修订香港财
务报告准则（「香港财务报
告准则」）及其他会计政策
变动（续）
香港财务报告准则第18号财
务报表之呈列及披露
香港财务报告准则第18号财务报表之
呈列及披露（「香港财务报告准则第18
号」）规定财务报表中的列报及披露要
求，将取代香港会计准则第1号财务
报表之呈列（「香港会计准则第1号」）。
该项新订香港财务报告准则会计准
则，于承袭香港会计准则第1号的多
项要求同时，引入于损益表中呈列指
定类别及经界定小计的新要求；于财
务报表附注中提供管理层定义的表现
指标之披露，并改善财务报表中将予
披露的资料的聚合及分拆。此外，若
干香港会计准则第1号的段落已移至
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」）。对香港会计准则第7号及香港
会计准则第33号每股盈利亦进行小幅
修订。
香港财务报告准则第18号及其他准则
的修订本将于二零二七年一月一日或
之后开始的年度期间生效，并允许提
早应用。应用香港财务报告准则第18
号预期将影响未来综合财务报表中损
益表之呈列及披露，但预期不会对本
集团之综合财务状况及表现构成重大
影响。本集团现正评估香港财务报告
准则第18号对本集团未来综合财务报
表的详细影响。
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
91万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION
3.1 Basis of preparation of consolidated
financial statements
The consolidated financial statements have ben
prepared in acordance with HKFRSs isued by
the HKICPA. For the purpose of preparation of the
consolidated financial statements, information is
considered material if such information is reasonably
expected to influence decisions made by primary
users. In adition, the consolidated financial statements
include aplicable disclosures required by the Rules
Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (“Listing Rules”) and
by the Hong Kong Companies Ordinance.
The directors of the Company 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. Thus, they continue to adopt the
going concern basis of acounting in preparing the
consolidated financial statements.
The consolidated financial statements have ben
prepared on the historical cost basis at the end of each
reporting period.
Historical cost is generaly based on the fair value of
the consideration given in exchange for gods and
services.
3. 综合财务报表的编制基准
及重大会计资料
3.1 综合财务报表的编制基
准
综合财务报表乃按香港会计师
公会所颁布之香港财务报告准
则而编制。就编制综合财务报
表而言，倘合理预期有关资料
将影响主要使用者作出之决策，
则该资料被视为重大。此外，综
合财务报表包括香港联合交易
所有限公司证券上市规则（「上
市规则」）及香港公司条例所规
定的适用披露。
本公司董事在批准综合财务报
表时，合理预期本集团有足够
资源于可见未来继续营运。因
此，彼等在编制综合财务报表
时，继续采用持续经营会计基
准。
综合财务报表乃于各报告期末
按历史成本基准编制。
历史成本一般以交换服务所得
代价之公平值为基准。
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
92Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING 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 within the scope of 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.
In adition, for financial reporting purposes, fair
value measurements are categorised into Level 1,
2 or 3 based on the degre to which the inputs to
the fair value measurements are observable and the
significance of the inputs to the fair value measurement
in its entirety, which are described as folows:
• Level 1 inputs are quoted prices (unadjusted) in
active markets for identical asets or liabilities that
the entity can aces at the measurement date;
- , other than quoted
prices included within level 1, that are observable
for the aset or liability, either directly or indirectly;
and
3. 综合财务报表的编制基准
及重大会计资料（续）
3.1 综合财务报表的编制基
准（续）
公平值乃指市场参与者之间在
计量日期进行的有序交易中出
售一项资产所收取的价格或转
让一项负债所支付的价格，无
论该价格乃直接观察到的结果，
或采用其他估值技术作出的估
计。于估量一项资产或负债的
公平值时，本集团考虑市场参
与者在计量日期为该资产或负
债进行定价时将会考虑的该资
产或负债的特征。于该等综合
财务报表中计量及╱或披露的
公平值均按此基准予以厘定，
惟香港财务报告准则第2号以股
份为基础的付款范围内的以股
份为基础的付款交易、香港财
务报告准则第16号租赁范围内
的租赁交易及与公平值类似但
并非公平值的计量（例如香港会
计准则第2号存货中的可变现净
值或香港会计准则第36号资产
减值中的使用价值）除外。
此外，就财务报告而言，公平值
计量根据公平值计量的输入数
据可观察程度及公平值计量的
输入数据对其整体的重要性分
类为第1级、第2级或第3级，详
情如下：
• 第1级输入数据为实体在计
量日期可以取得的相同资
产或负债的活跃市场报价
（未经调整）；
• 第2级输入数据为就资产或
负债直接或间接地可观察
的输入数据（第1级内包括
的报价除外）；及
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
93万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.1 Basis of preparation of consolidated
financial statements (Continued)
• Level 3 inputs are unobservable inputs for the
aset or liability.
The preparation of the consolidated financial
statements in conformity with HKFRSs requires the use
of certain critical acounting estimates. It also requires
management to exercise its judgement in the proces
of aplying the acounting policies of the Group.
The areas involving a higher degre of judgement or
complexity, or areas where asumptions and estimates
are significant to the consolidated financial statements
are disclosed in note 4 below.
3.2 Material acounting policy information
Basis of consolidation
The consolidated financial statements incorporate
the financial statements of the Company and entities
controled by the Company and its subsidiaries. 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 reases 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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.1 综合财务报表的编制基
准（续）
• 第3级输入数据为资产或负
债的不可观察输入数据。
编制符合香港财务报告准则的
综合财务报表需要运用若干关
键会计估计。其亦需要管理层
在应用本集团的会计政策过程
中作出判断。涉及高度判断或
复杂性之范畴，或涉及对综合
财务报表属重大假设及估计之
范畴，于下文附注4中披露。
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以及
本公司及其附属公司控制的实
体之财务报表。倘属以下情况，
则本公司获得控制权：
- ；
• 参与投资对象的业务而承
担可变回报的风险或享有
权利；及
• 对投资对象行使权力以影
响其回报的能力。
倘有事实及情况显示上文所列
三项控制元素的一项或多项出
现变化，本集团会重新评估其
是否控制投资对象。
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
94Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING 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.
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.
Revenue recognition
Revenue is recognised to depict the transfer of promise
services to customers in an amount that reflects the
consideration to which the entity expects to be entitled
in exchange for those services. Specificaly, the Group
uses a 5-step aproach to revenue recognition:
- : Identifying the contract with a customer
- : Identifying the performance obligations
- : Determining the transaction price
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
综合基准（续）
于本集团取得附属公司的控制
权时开始将附属公司综合入账，
并于本集团失去附属公司的控
制权时终止。具体而言，收购或
出售一间附属公司的收入及开
支会由本集团取得控制权日期
直至本集团失去附属公司的控
制权当日计入综合损益及其他
全面收益表。
附属公司之财务报表于有需要
情况下作出调整，致使其会计
政策与本集团之会计政策一致。
本集团成员间交易之所有集团
内资产及负债、股权、收入、开
支及现金流量于综合入账时对
销。
收益确认
本集团确认收益以描述向客户
转让承诺服务，该金额反映实
体预期就交换该等货品或服务
有权获得的代价。具体而言，本
集团采用五个步骤确认收益：
- ：识别与客户订立
的合约
- ：识别履约责任
- ：厘定交易价
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
95万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Revenue recognition (Continued)
- : Alocating the transaction price to the
performance obligations
- : Recognising revenue when/as
performance obligation(s) are satisfied
The Group recognises revenue when (or as) a
performance obligation is satisfied, i.e. when
“control” of the services underlying the particular
performance obligation is transfered to the customer.
A performance obligation represents service (or a
bundle of services) that is distinct or a series of distinct
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 aset is
created or enhanced; 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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
收益确认（续）
- ：将交易价分配至
履约责任
- ：于履约责任获达
成时╱由于履约责任获达
成确认收益
本集团完成履约责任时（或就此）
确认收益，即当特定履约责任
有关的服务的「控制权」转移至
客户时。履约责任指明确之单
一（或一组）服务或一系列明确
基本相同的服务。
倘满足下列其中一项标准，则
控制权在一段时间内转移，而
收益确认会参考一段时间内已
完成相关履约责任的进度进行：
- ，客
户同时取得及耗用本集团
履约所提供的利益；
• 本集团的履约产生或提升
客户在资产创建或提升时
控制的资产；或
• 本集团的履约并不构成对
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。
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
96Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Revenue recognition (Continued)
Otherwise, revenue is recognised at a point in time
when the customer obtains control of the distinct
service or gods.
Contract liabilities
A contract liability is recognised when the customer
pays consideration before the Group recognises the
related revenue. A contract liability would also be
recognised if the Group has an unconditional right to
receive consideration before the Group recognises
the related revenue. In such cases, a coresponding
receivable would also be recognised.
For a single contract with the customer, either a net
contract aset or a net contract liability is presented.
For multiple contracts, contract asets and contract
liabilities of unrelated contracts are not presented on a
net basis.
Over time revenue recognition: measurement
of progres towards complete satisfaction of a
performance obligation
Output method
The progres towards complete satisfaction of a
performance obligation is measured based on output
method, which is to recognise revenue on the basis
of direct measurements of the value of the services
transfered to the customer to date relative to the
remaining gods or services promised under the
contract, that best depict the Group’s performance in
transfering control of services.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
收益确认（续）
否则，收益于客户取得明确服
务或货品控制权的时间点确认。
合约负债
本集团确认相关收益前，合约
负债在客户支付代价时确认。
倘本集团有无条件权利于本集
团确认相关收益前收取代价，
亦会确认合约负债。在此情况
下，则会确认相应收款项。
就与客户的单一合约而言，呈
列合约资产净值或合约负债净
额。就多份合约而言，不相关合
约的合约资产及合约负债不会
按净额基准呈列。
按时间确认收入：计量完成履
约责任之进度
输出法
完成履约责任之进度乃根据输
出法计量，即根据直接计量迄
今已转让予客户之服务价值与
合约项下承诺提供之余下货品
或服务价值相比较确认收益，
此方法最能反映本集团于转让
服务控制权方面之履约情况。
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
97万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Revenue recognition (Continued)
Over time revenue recognition: measurement
of progres towards complete satisfaction of a
performance obligation (Continued)
Output method (Continued)
The Group’s revenue from provision of freight
forwarding and related logistics services is recognised
over time when the customer simultaneously receives
and consumes the benefits provided by the Group’s
performance as the Group performs, using output
method.
Principal versus agent
When another party is involved in providing gods or
services to a customer, the Group determines whether
the nature of its promise is a performance obligation
to provide the specified gods or services itself (i.e.
the Group is a principal) or to arange for those gods
or services to be provided by the other party (i.e. the
Group is an agent).
The Group is a principal if it controls the specified god
or service before that god or service is transfered to
a customer.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
收益确认（续）
按时间确认收入：计量完成履
约责任之进度（续）
输出法（续）
当客户于本集团履约时同时接
受及使用本集团履约所提供之
利益，本集团来自提供货运代
理及相关物流服务的收益随时
间以输出法确认。
主事人与代理人
倘另一方参与向客户提供商品
或服务，本集团会厘定其承诺
性质是否属于自行提供特定商
品或服务（即本集团为主事人）
或安排另一方提供货品或服务
（即本集团为代理人）的履约责
任。
倘若本集团在将特定货品或服
务转移给客户之前控制该货品
或服务，则本集团为主事人。
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
98Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Revenue recognition (Continued)
Principal versus agent (Continued)
The Group is an agent if its performance obligation is
to arange for the provision of the specified god or
service by another party. In this case, the Group does
not control the specified god or service provided
by another party before that god or service is
transfered to the customer. When the Group acts as
an agent, it recognises revenue in the amount of any
fe or comision to which it expects to be entitled
in exchange for aranging for the specified gods or
services to be provided by the other party.
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.
Leases
The Group aseses whether a contract is or contains
a lease based on the definition under HKFRS 16
Leases at inception of the contract. Such contract wil
not be reasesed unles the terms and conditions of
the contract are subsequently changed.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
收益确认（续）
主事人与代理人（续）
倘其履约责任为安排另一方提
供特定货品或服务，则本集团
为代理人。在此情况下，本集团
在另一方所提供特定货品或服
务转移给客户前对有关货品或
服务并无控制权。倘本集团为
代理人，其会按任何费用或佣
金额确认收益，而有关费用
或佣金乃其预期有权因安排另
一方提供特定货品或服务而换
取。
有关本集团客户合约收益会计
政策的进一步资料载于综合财
务报表附注6。
租赁
本集团根据香港财务报告准则
第16号租赁的定义，于合约开
始时评估合约是否为或包含租
赁。除非合约条款及条件随后
被更改，否则不会重新评估此
类合约。
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
99万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Leases (Continued)
The Group as a lese
Alocation of consideration to components of a contract
For contracts 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 prices of the lease component and
the agregate stand-alone price of the non-lease
components.
Non-lease components are separated from lease
component and are acounted for by aplying other
aplicable standards.
Short-term leases and leases of low-value asets
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. It also aplies the
recognition exemption for lease of low-value asets
(such as tablets and personal computers, smal items
of ofice furniture and telephones). Lease payments
on short-term leases and leases of low-value asets
are recognised as expense on a straight-line basis or
another systematic basis over the lease term.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
租赁（续）
本集团作为承租人
将代价分配至合约各部分
就包含租赁部分及一项或多项
额外租赁或非租赁部分的合约
而言，本集团将合约中的代价
按租赁部分的相关独立价格及
非租赁部分的独立价格总额分
配至各租赁部分。
非租赁部分会从租赁部分离，
并采用其他合适准则列账。
短期租赁及低价值资产租赁
本集团对从开始日租赁期为12
个月或更短的租赁及不包含购
买选择权的租赁应用短期租赁
的确认豁免。本集团亦对低价
值资产租赁（例如平板电脑及个
人电脑、小型办公室家具及电
话）应用确认豁免。短期租赁及
低价值资产租赁的租赁付款按
直线法或另一系统基准于租期
内确认为开支。
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
100Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Leases (Continued)
Right-of-use asets
The cost of right-of-use aset includes:
• the amount of the initial measurement of the lease
liability;
• any lease payments made at or before the
comencement date, les any lease incentives
received;
- ; 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.
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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
租赁（续）
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
收租赁优惠；
• 本集团产生之任何初始直
接成本；及
• 本集团在拆卸及移除相关
资产、恢复其所在场地或
将相关资产恢复至租赁条
款及条件所规定状态时产
生的估计成本。
使用权资产按成本减任何累计
折旧及减值亏损计量，并就租
赁负债的任何重新计量作出调
整。
本集团合理确定于租期结束时
取得相关租赁资产拥有权的使
用权资产由开始日期至可使用
年期结束予以折旧。否则，使用
权资产则于估计可使用年期或
租赁期（以较短者为准）按直线
法折旧。
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
101万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Leases (Continued)
Right-of-use asets (Continued)
When the Group obtains ownership of the underlying
leased asets at the end of the lease term upon
exercising purchase options, the cost of the relevant
right-of-use asets and the related acumulated
depreciation and impairment los are transfered to
property, plant and equipment.
The Group presents right-of-use asets in “property,
plant and equipment”, which is the same line item
within the coresponding underlying asets would be
presented if they were owned.
Refundable rental deposits
Refundable rental deposits paid are acounted under
HKFRS 9 Financial Instruments (“HKFRS 9”) and initialy
measured at fair value. Adjustments to fair value at
initial recognition are considered as aditional lease
payments and included in the cost of right-of-use
asets.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
租赁（续）
使用权资产（续）
本集团于租期末获取相关租赁
资产的拥有权时，于行使购买
权后，相关使用权资产及相关
累计折旧及减值亏损的成本转
拨至物业、厂房及设备。
本集团于「物业、厂房及设备」
呈列使用权资产，倘拥有相应
相关资产，将于同一项目呈列。
可退还租赁按金
已付可退还租赁按金乃根据香
港财务报告准则第9号金融工具
（「香港财务报告准则第9号」）入
账，并初步按公平值计量。于初
始确认时对公平值作出之调整
被视为额外租赁付款，并计入
使用权资产成本。
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
102Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Leases (Continued)
Lease liabilities
At the comencement date of a lease, the Group
recognises and measures the lease liability at the
present value of lease payments that are unpaid at
that date. In calculating the present value of lease
payments, the Group uses the incremental borowing
rate at the lease comencement date if the interest
rate implicit in the lease is not readily determinable.
The lease payments include:
• fixed payments (including in-substance fixed
payments) les any lease incentives receivable;
• variable lease payments that depend on an index
or a rate, initialy measured using the index or rate
as the comencement date;
• amounts expected to be payable by the Group
under residual value guarantes;
• the exercise price of a purchase option if the
Group is reasonably certain to exercise the
option; and
- , if
the lease term reflects the Group exercising an
option to terminate the lease.
After the comencement date, lease liabilities are
adjusted by interest acretion and lease payments.
It is remeasured to reflect any reasesment or lease
modification, or if there are changes in in-substance
fixed payments.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
租赁（续）
租赁负债
于租赁开始日期，本集团按该
日尚未支付租赁付款的现值确
认及计量租赁负债。于计算租
赁付款现值时，倘租赁隐含利
率并不易于厘定，则本集团使
用于租赁开始日期的增量借款
利率。
租赁付款包括：
- （包括实质固定
付款）减任何应收租赁优
惠；
• 取决于指数或利率之可变
租赁付款，初步使用开始
日期之指数或利率计量；
• 本集团根据剩余价值担保
预期将予支付之金额；
- （倘
本集团合理确定行使该选
择权）；及
• 倘租赁条款反映本集团将
行使终止租赁的选择权，
则计入终止租赁的罚款。
于开始日期后，租赁负债就应
计利息及租赁付款作出调整。
为反映任何重新评估或租赁变
更，或倘实质固定付款出现变
动，租赁负债需要重新计量。
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
103万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Leases (Continued)
Lease liabilities (Continued)
The Group remeasures lease liabilities (and make a
coresponding adjustment to the related right-of-use
asets) whenever:
• the lease term has changed or there is a change
in the asesment of exercise of a purchase
option, in which case the related lease liability
is remeasured by discounting the revised lease
payments using a revised discount rate at the
date of reasesment.
• the lease payments change due to changes
in market rental rates folowing a market rent
review, in which cases the related lease liability
is remeasured by discounting the revised lease
payments using the initial discount rate.
• a lease contract is modified and the lease
modification is not acounted for as a separate
lease (se below for the acounting policy for
“lease modifications”).
The Group presents lease liabilities as a separate line
item on the consolidated statement of financial position.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
租赁（续）
租赁负债（续）
本集团在下列情况下重新计量
租赁负债（并对相关使用权资产
作出相应调整）：
• 租期已变更或行使购买选
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
经修订折让率折算经修订
租赁付款而重新计量。
• 租赁付款因市场租金审查
后的市场租金率变化而变
化，在此情况下，使用初
始贴现率对经修订的租赁
付款进行贴现来重新计量
相关的租赁负债。
• 租赁合约已予修改且租赁
修改不作为一项单独租赁
入账（有关「租赁修改」的
会计政策见下文）。
本集团于综合财务状况表将租
赁负债作为单独的项目呈列。
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
104Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Leases (Continued)
Lease liabilities (Continued)
Lease modifications
The Group acounts for a lease modification as a
separate lease if:
• the modification increases the scope of the lease
by ading the right to use one or more underlying
asets; and
• the consideration for the leases increases by an
amount comensurate with the stand-alone price
for the increase in scope and any apropriate
adjustments to that stand-alone price to reflect
the circumstances of the particular contract.
For a lease modification that is not acounted for as
a separate lease, the Group remeasures the lease
liability, les any lease incentives receivable, based on
the lease term of the modified lease by discounting the
revised lease payments using a revised discount rate at
the efective date of the modification.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
租赁（续）
租赁负债（续）
租赁修订
倘出现以下情况，本集团将租
赁修订作为单独租赁入账：
• 修订透过增加使用一项或
以上相关资产的权利扩大
租赁范围；及
• 租赁代价增加的金额相当
于扩大范围对应的单独价
格，并对单独价格进行任
何适当调整以反映特定合
约之情况。
租赁修订并不视作一项单独租
赁，本集团透过使用修订生效
日期的经修订贴现率贴现经修
订租赁付款的经修改租赁的租
期，重新计量租赁负债（减任何
租赁优惠）。
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
105万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Foreign curency translation
In preparing the financial statements of each individual
group entity, transactions in curencies other than the
functional curency of that entity (foreign curencies) are
recognised at the rates of exchanges prevailing on the
dates of the transactions. At the end of the reporting
period, monetary items denominated in foreign
curencies are retranslated at the rates prevailing at that
date. Non-monetary items caried at fair value that are
denominated in foreign curencies are retranslated at
the rates prevailing on the date when the fair value was
determined. Non-monetary items that are measured
in terms of historical cost in a foreign curency are not
retranslated.
Exchange diferences arising on the setlement of
monetary items, and on the retranslation of monetary
items, are recognised in profit or los in the period in
which they arise.
For the purpose of presenting the consolidated
financial statements, the asets and liabilities of the
Group’s operations are translated into the presentation
curency of the Group (i.e. Hong Kong dolars) using
exchange rates prevailing at the end of each reporting
period. Income and expenses items are translated
at the average exchange rates for the period, unles
exchange rates fluctuate significantly during the period,
in which case, the exchange rates prevailing at the
dates of transactions are used. Exchanges diferences
arising, if any, are recognised in other comprehensive
income and acumulated in equity under the heading
of translation reserve.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
外币换算
在编制各个集团实体的财务报
表时，以该实体的功能货币以
外货币（外币）结算的交易，乃
按交易当日的汇率确认。于报
告期末，以外币计值之货币项
目均按该日之适用汇率重新换
算。按公平值列值的非货币项
目乃按厘定公平值当日的现行
汇率重新换算。以外币列值按
历史成本计算之非货币项目毋
须重新换算。
汇兑结算货币项目与重新换算
货币项目的汇兑差额乃于其产
生期间在损益中确认。
就呈列综合财务报表而言，本
集团业务之资产及负债均以各
报告期末之适用汇率换算为本
集团的呈列货币（即港元）。收
入及开支项目乃按该期间的平
均汇率换算，除非汇率于该期
间大幅波动，在此情况下，则采
用于交易日期的现行汇率换算。
所产生之汇兑差额（如有）于其
他全面收益确认，并于换算储
备项下之权益内累计。
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
106Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Foreign curency translation (Continued)
On the disposal of a foreign operation (i.e. a disposal
of the Group’s entire interest in a foreign operation, or
a disposal involving los of control over a subsidiary
that includes a foreign operation), 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.
Borowing costs
Al borowing costs are recognised in profit or los in
the period in which they are incured.
Government grants
Government grants are not recognised until there is
reasonable asurance that the Group wil comply with
the conditions ataching to them and that the grants
wil be received.
Government grants 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
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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
外币换算（续）
当出售海外业务（即出售本集团
于海外业务的全部权益，或涉
及失去一间具有海外业务的附
属公司的控制权的出售），就本
公司拥有人应占业务于权益中
的所有累计汇兑差额重新分类
至损益。
借款成本
所有借款成本于产生期间于损
益内确认。
政府补助
在合理确定本集团将遵守附带
条件并将收到补助前，政府补
助不予确认。
政府补助在本集团将该补助拟
补偿的相关成本确认为开支的
期间内，按系统基准于损益中
确认。具体而言，以本集团须购
买、建造或另行收购非流动资
产为主要条件的政府补助，于
综合财务状况表中确认为递延
收入，并于相关资产之可使用
年期内以系统及合理基准转拨
至损益。
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
107万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Employe benefits
Retirement benefit costs
Payments made to state-managed retirement benefit
schemes and the Mandatory Provident Fund Scheme
are recognised as an expense when employes have
rendered service entitling them to the contributions.
Termination benefits
A liability for a termination benefit is recognised at the
earlier of when the entity can no longer withdraw the
ofer of the termination benefit and when the entity
recognises any related restructuring costs.
Short-term and other long-term employe benefits
Short-term employe benefits are recognised at the
undiscounted amount of the benefits expected to be
paid as and when employes rendered the services.
Al short-term employe benefits are recognised as an
expense unles another HKFRS requires or permits the
inclusion of the benefit in the cost of an aset.
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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
雇员福利
退休福利费用
国家管理之退休福利计划及强
制性公积金计划的供款于雇员
提供使其有权获得有关供款的
服务时确认为开支。
离职福利
离职福利负债会于实体无法再
撤回离职福利邀约或当其确认
任何相关重组成本（取其较早者）
时确认。
短期及其他长期雇员福利
短期雇员福利于雇员提供服务
时，按预计将支付的福利的未
贴现金额确认。所有短期雇员
福利确认为开支，除非另有香
港财务报告准则要求或允许将
有关福利纳入资产成本则作别
论。
负债于扣除已付任何金额后就
雇员应计福利（如工资及薪金、
年假及病假）确认。
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
108Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Employe benefits (Continued)
Short-term and other long-term employe benefits
(Continued)
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 remeasurement are recognised in profit or
los except to the extent that another HKFRS requires
or permits their inclusion in the cost of an aset.
Taxation
Income tax expense represents the sum of curent and
defered income tax expense.
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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
退休福利费用（续）
短期及其他长期雇员福利（续）
就其他长期雇员福利确认的负
债按本集团预期就雇员截至报
告日期所提供服务而作出的估
计未来现金流出的现值计量。
由于服务成本、利息及重新计
量产生的负债账面金额变动计
入损益，除非另有香港财务报
告准则要求或允许将其纳入资
产成本。
税项
所得税开支指即期与递延所得
税开支之总和。
即期应付税项乃按本年度的应
课税溢利计算。应课税溢利与
除税前溢利╱（亏损）有所不同，
乃由于其他年度应课税或可扣
减的收入或开支以及毋须课税
或不可扣税的项目所致。本集
团的即期税项负债乃采用于报
告期末已颁布或实际上已颁布
的税率计算。
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
109万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Taxation (Continued)
Defered tax is recognised on temporary diferences
betwen the carying amounts of asets and liabilities
in the consolidated financial statements and the
coresponding tax 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.
Defered tax liabilities are recognised for taxable
temporary diferences asociated with investments
in subsidiaries and asociates, and interests in joint
ventures, except where the Group is able to control the
reversal of the temporary diference and it is probable
that the temporary diference wil not reverse in the
foreseable future. Defered tax asets arising from
deductible temporary diferences asociated with such
investments and interests are only recognised to the
extent that it is probable that there wil be suficient
taxable profits against which to utilise the benefits of
the temporary diferences and they are expected to
reverse in the foreseable future.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
税项（续）
递延税项按综合财务报表内资
产及负债的账面值与计算应课
税溢利时采用的相应税基之间
的暂时性差额确认。递延税项
负债通常就所有应课税暂时性
差额确认。递延税项资产通常
于可能出现应课税溢利抵销可
用的可扣税暂时性差额时确认
所有可扣除暂时性差额。倘交
易中首次确认（业务合并的情况
下除外）资产及负债而产生之暂
时性差额并不影响应课税溢利
或会计溢利，且交易时不会产
生相等应课税及可扣税暂时差
额，则不会确认该等递延税项
资产及负债。
递延税项负债乃就因投资于附
属公司及联营公司相关的应课
税暂时性差额及于联营企业的
权益而确认，惟倘本集团可控
制暂时性差额的拨回及暂时性
差额有可能不会于可见将来予
以拨回的情况除外。与该等投
资及权益有关的可扣减暂时性
差额产生的递延税项资产仅于
将可能有足够应课税溢利动用
暂时性差额的利益且预期该等
暂时性差额于可见将来拨回的
情况下，方予确认。
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
110Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Taxation (Continued)
The carying amount of defered tax asets is reviewed
at the end of each reporting period and reduced to
the extent that it is no longer probable that suficient
taxable profits wil be available to alow al or part of the
aset to be recovered.
Defered tax asets and liabilities are measured at the
tax rates that are expected to aply in the period in
which the liability is setled or the aset is realised,
based on tax rate (and tax laws) that have ben
enacted or substantively enacted by the end of the
reporting period.
The measurement of defered tax liabilities and asets
reflects the tax consequences that would folow from
the maner in which the Group expects, at the end of
the reporting period, to recover or setle the carying
amount of its asets and liabilities.
For the purposes of measuring defered tax for leasing
transactions in which the Group recognises the
right-of-use asets and the related lease liabilities, the
Group first determines whether the tax deductions
are atributable to the right-of-use asets or the lease
liabilities.
3. 综合财务报表的编制基准
及重大会计资料（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
告期末作检讨，并于不再有足
够应课税溢利变现全部或部分
资产价值时作出相应调减。
递延税项资产及负债按预期于
清偿负债或变现资产的期间适
用之税率计量，并根据各报告
期末前已颁布或大致已颁布之
税率（及税法）计算。
递延税项负债及资产的计量，
应反映本集团在报告期末预期
收回或清偿其资产及负债账面
金额的方式所导致的税务后果。
就计量本集团确认使用权资产
及相关租赁负债的租赁交易的
递延税项而言，本集团首先厘
定税项扣减是否归因于使用权
资产或租赁负债。
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
111万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Taxation (Continued)
For leasing transactions in which the tax deductions
are atributable to the lease liabilities, the Group
aplies HKAS 12 Income Tax requirements to the
lease liabilities, and the related asets separately. The
Group recognises a defered tax aset related to lease
liabilities to the extent that it is probable that taxable
profit wil be available against which the deductible
temporary diference can be utilised and a defered tax
liability for al taxable temporary diferences.
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 (including right-of-use
asets) are tangible asets that are held for use in
the production or suply of gods or services, or for
administrative purposes (other than construction in
progres as described below). 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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
税项（续）
就税项扣减归因于租赁负债之
租赁交易而言，本集团将香港
会计准则第12号所得税规定分
别应用于租赁负债及相关资产。
倘很可能有可用于抵扣暂时性
差额的应课税溢利，则本集团
确认与租赁负债相关的递延税
项资产，并就所有应课税暂时
性差额确认递延税项负债。
即期及递延税项于损益确认，
惟倘该等税项与于其他全面收
益或直接于权益中确认之项目
有关时，即期及递延税项亦须
分别于其他全面收益或直接于
权益中确认。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（包括使用权
资产）乃为生产或提供商品或服
务或用于行政目的而持有的有
形资产，除下文所述的在建工
程外。物业、厂房及设备乃按成
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
况表列账。
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
112Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Property, plant and equipment (Continued)
Costs include any costs directly atributable to bringing
the aset to the location and condition necesary for it
to be capable of operating in the maner intended by
management, including costs of testing whether the
related asets is functioning properly and, for qualifying
asets, borowing costs capitalised in acordance
with the Group’s acounting policy. Depreciation of
these asets, on the same basis as other property
asets, comences when the asets are ready for their
intended use.
Depreciation is recognised so as to write of the
cost of asets of property, plant and equipment 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. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
物业、厂房及设备（续）
成本包括直接归属于将资产带
到其能够以管理层预期的方式
运营所需的位置及条件的任何
成本，包括测试相关资产是否
正常运作的成本及就合格资产
而言，根据本集团会计政策资
本化的借款成本。该等资产于
可随时作拟定使用时按与其他
物业资产相同的基准开始计提
折旧。
物业、厂房及设备资产乃以直
线法按其估计可使用年期减其
剩余价值确认折旧，以撇销成
本。估计使用年限、剩余价值及
折旧方法会于各报告期末予以
检讨，而任何估计变动之影响
按前瞻基准入账。
物业、厂房及设备项目于出售
或预期继续使用资产不会产生
任何未来经济利益时终止确认。
出售或报废一项物业、厂房及
设备项目产生的任何收益或亏
损按销售所得款项与该资产账
面值之间的差额厘定，并于损
益确认。
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
113万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Impairment on property, plant and equipment,
including right-of-use asets
At the end of the reporting period, the Group reviews
the carying amounts of its property, plant and
equipment and right-of-use asets 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 and right-of-use asets is estimated
individualy. When it is not posible to estimate the
recoverable amount individualy, the Group estimates
the recoverable amount of the cash-generating unit to
which the aset belongs.
In testing a cash-generating unit for impairment,
corporate asets are alocated to the relevant
cash-generating unit when a reasonable and consistent
basis of alocation can be established, or otherwise
they are alocated to the smalest group of cash
generating units for which a reasonable and consistent
alocation basis can be established. The recoverable
amount is determined for the cash-generating unit or
group of cash-generating units to which the corporate
aset belongs, and is compared with the carying
amount of the relevant cash-generating unit or group of
cash-generating units.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
物业、厂房及设备（包括使用权
资产）的减值
于报告期末，本集团审阅其物
业、厂房及设备以及使用权资
产之账面值，以厘定是否有迹
象显示该等资产已出现减值亏
损。倘出现任何有关迹象，则估
计相关资产之可收回金额，以
厘定减值亏损（如有）之程度。
物业、厂房及设备以及使用权
资产之可收回金额乃个别估计。
在不可能个别估计可收回金额
时，本集团估计资产所属现金
产生单位的可收回金额。
于对现金产生单位进行减值测
试时，倘能建立合理一致之分
配基准，企业资产获分配至相
关现金产生单位，否则会按能
建立合理一致分配基准分配至
最小之现金产生单位组别。就
企业资产所属的现金产生单位
或现金产生单位组别厘定可收
回金额，并与相关现金产生单
位或现金产生单位组别的账面
值进行比较。
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
114Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Impairment on property, plant and equipment,
including right-of-use asets (Continued)
Recoverable amount is the higher of fair value les
costs of disposal and value in use. In asesing value
in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate
that reflects curent market asesments of the time
value of money and the risks specific to the aset (or a
cash-generating unit) for which the estimates of future
cash flows have not ben adjusted.
If the recoverable amount of an aset (or a
cash-generating unit) is estimated to be les than its
carying amount, the carying amount of the aset (or
a cash-generating unit) is reduced to its recoverable
amount. For corporate asets or portion of corporate
asets which canot be alocated on a reasonable
and consistent basis to a cash-generating unit, the
Group compares the carying amount of a group of
cash-generating units, including the carying amounts
of the corporate asets or portion of corporate asets
alocated to that group of cash-generating units, with
the recoverable amount of the group of cash-generating
units. In alocating the impairment los, the impairment
los is alocated first to reduce the carying amount of
any godwil (if aplicable) and then to the other asets
on a pro-rata basis based on the carying amount of
each aset in the unit or the group of cash-generating
units.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
物业、厂房及设备（包括使用权
资产）的减值（续）
可收回金额为公平值减出售成
本与使用价值两者之较高者。
在评估使用价值时，估计未来
现金流量会使用一个税前贴现
率贴现至其现值，以反映当前
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，就此未来现金流量的估计
未经调整。
倘资产（或现金产生单位）之估
计可收回金额低于其账面值，
则有关资产（或现金产生单位）
之账面值将减低至其可收回金
额。就无法按合理一致的基准
分配至现金产生单位的企业资
产或部分企业资产而言，本集
团会比较一组现金产生单位账
面值（包括分配至该组现金产生
单位的企业资产或部分企业资
产的账面值）与该组现金产生单
位的可收回金额。于分配减值
亏损时，减值亏损首先分配至
削减任何商誉（倘适用）的账面
值，然后根据各资产於单位或
一组现金产生单位的账面值按
比例分配至其他资产。
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
115万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Impairment on property, plant and equipment,
including right-of-use asets (Continued)
The carying amount of an aset is not reduced below
the highest of its fair value les costs of disposal (if
measurable), its value in use (if determinable) and
zero. The amount of the impairment los that would
otherwise have ben alocated to the aset is alocated
pro rata to the other asets of the unit or the group of
cash-generating units. An impairment los is recognised
imediately in profit or los.
Where an impairment los subsequently reverses, the
carying amount of the aset (or cash-generating unit
or a group of cash-generating units) is increased to the
revised estimate of its recoverable amount, but so that
the increased carying amount does not exced the
carying amount that would have ben determined had
no impairment los ben recognised for the aset (or
a cash-generating unit or a group of cash-generating
units) in prior years. A reversal of an impairment los is
recognised imediately in profit or los.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
物业、厂房及设备（包括使用权
资产）的减值（续）
资产的账面值不得减少至低于
其公平值减去出售成本（如可计
量）、其使用价值（如厘定）及零
之中之最高值。已另行分配至
资产的减值亏损数额按比例分
配至该单位或现金产生单位组
别的其他资产。减值亏损会即
时于损益内确认。
倘减值亏损其后拨回，则该资
产（或现金产生单位或一组现金
产生单位）之账面值会增至其修
改后的估计可收回金额，惟增
加之账面值不应超过假设过往
年度并无就该资产（或现金产生
单位或一组现金产生单位）确认
减值亏损而原应厘定之账面值。
减值亏损拨回即时于损益内确
认。
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
116Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING 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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
现金及现金等价物
于综合财务状况表呈列的现金
及现金等价物包括：
(a) 现金，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) 现金等价物，包括短期（原
到期日通常为三个月或以
下）、高流动性、易于转换
为已知金额现金、价值变
动风险甚微的投资。现金
等价物持有目的为满足短
期现金承担，而非投资或
其他目的。
就综合现金流量表而言，现金
及现金等价物包括上文所界定
之现金及现金等价物。
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
117万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Inventories
Inventories are stated at the lower of cost and net
realisable value. Costs of inventories are determined
on a first-in first-out method. Net realisable value
represents the estimated seling price for inventories
les al estimated costs of completion and costs
necesary to make the sale. 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.
Provisions
Provisions are recognised when the Group has a
present obligation (legal or constructive) as a result
of a past event, it is probable that the Group wil be
required to setle that obligation, and a reliable estimate
can be made of the amount of the obligation.
The amount recognised as a provision is the best
estimate of the consideration required to setle the
present obligation at the end of the reporting period,
taking into acount the risks and uncertainties
surounding the obligation. When a provision is
measured using the cash flows estimated to setle the
present obligation, its carying amount is the present
value of those cash flows (where the efect of the time
value of money is material).
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
存货
存货按成本与可变现净值两者
的较低者列账。存货成本乃按
先进先出方法厘定。可变现净
值指存货的估计售价减去所有
估计完成本及进行销售所需
的成本。进行销售所必须之成
本包括直接归因于销售之增量
成本以及本集团必须产生以进
行销售之非增量成本。
拨备
拨备乃当本集团因过往事件导
致现时承担法定或推定责任，
且本集团可能须履行该责任及
该责任的金额能可靠估计时确
认。
确认为拨备的金额乃于报告期
末，经计及有关责任的风险及
不确定因素后，对清偿现有责
任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）。
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
118Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
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 or the amount of the obligation canot be
measured with suficient reliability.
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.
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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
或然负债
或然负债指因过往事件而产生
的现时责任，惟因为不大可能
需要经济利益流出资源以履行
责任或责任金额未能可靠地计
量而未予确认。
若本集团对某项责任负有共同
及个别责任，则预期由其他各
方承担的责任部分会被视为或
然负债，且不会于综合财务报
表中确认。
本集团持续评估以厘定带有经
济利益的资源流出是否已成为
可能。倘其可能需要就一项先
前作为或然负债处理之项目付
出未来经济利益，则除非在极
少数情况下无法作出可靠估计，
否则于可能出现变动的报告期
间的综合财务报表内确认拨备。
金融工具
倘集团实体成为工具合约条文
的一方，则确认金融资产及金
融负债。所有常规的金融资产
买卖按交易日确认及终止确认。
常规买卖指要求在法规或市场
惯例订定的时间范围内交付资
产的金融资产买卖。
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
119万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
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 are
aded to or deducted from the fair value of the financial
asets or financial liabilities, as apropriate, on initial
recognition.
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.
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
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产及金融负债初始按公
平值计量，惟客户合约产生根
据香港财务报告准则第15号初
次计量的贸易应收款项除外。
因收购或发行金融资产及金融
负债而直接产生之交易成本，
于初始确认时计入金融资产或
金融负债之公平值或自其中扣
除（倘适用）。
实际利率法为计算金融资产或
金融负债的摊销成本及于有关
期间分配利息收入及利息开支
的方法。实际利率为将金融资
产或金融负债于预计年期或较
短期间（如适用）内估计未来现
金收入及付款（包括构成实际利
率不可或缺部分的所有已付或
已收费用及点数、交易成本及
其他溢价或折让）准确折现至初
始确认时账面净值的利率。
金融资产
金融资产的分类及其后计量
符合下列条件的金融资产其后
按摊销成本计量：
• 金融资产乃于目的为收取
合约现金流量的业务模式
下持有；及
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
120Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
Clasification and subsequent measurement of financial
asets (Continued)
• the contractual terms give rise on specified dates
to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Amortised cost and interest income
Interest income is recognised using the efective
interest method for financial asets measured
subsequently at amortised cost. Interest income is
calculated by aplying the efective interest rate to
the gros carying amount of a financial aset, except
for financial asets that have subsequently become
credit-impaired (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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
金融资产的分类及其后计量（续）
• 合约条款之特定日期产生
的现金流量纯粹为支付本
金及未偿还本金的利息。
摊销成本及利息收入
利息收入使用实际利率法确认，
适用于其后按摊销成本计量的
金融资产。利息收入透过将实
际利率应用于金融资产的总账
面值来计算，惟其后成为信贷
减值的金融资产除外（见下文）。
对于其后出现信贷减值的金融
资产，利息收入将从下一报告
期间开始，按实际利率法计算
该金融资产的摊销成本确认。
倘若信贷风险受损的金融工具
的信贷风险有所改善，使得该
金融资产不再受信贷风险影响，
则从确定该资产不再受信贷风
险影响的报告期间开始，按实
际利率计算的利息收入将根据
该金融资产的总账面值确认。
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
121万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
Impairment of financial asets under HKFRS 9 Financial
Instruments
The Group performs impairment asesment under
expected credit los (“ECL”) model on financial asets
including trade receivables and other receivables,
and contract asets which are subject to impairment
asesment under HKFRS 9. The amount of ECL is
updated at each reporting date to reflect changes in
credit risk since initial recognition.
Lifetime ECL represents the ECL that wil result from
al posible default events over the expected life of
the relevant instrument. In contrast, 12-month ECL
(“12m ECL”) represents the portion of lifetime ECL
that is expected to result from default events that are
posible within 12 months after the reporting date.
Asesments are done based on the Group’s historical
credit los experience, 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.
3. 综合财务报表的编制基准
及重大会计资料（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号金
融工具的金融资产减值
本集团根据预期信贷亏损（「预
期信贷亏损」）模式对金融资产
（包括贸易应收款项及其他应收
款项）以及根据香港财务报告准
则第9号须进行减值评估的合约
资产进行减值评估。预期信贷
亏损的金额于各报告日期更新，
以反映信贷风险自初始确认以
来的变动。
全期预期信贷亏损指相关工具
的预期使用期内所有可能的违
约事件产生的预期信贷亏损。
相反，12个月预期信贷亏损（「12
个月预期信贷亏损」）指预期因
报告日期后12个月内可能发生
的违约事件而产生的全期预期
信贷亏损的其中部分。评估乃
根据本集团过往信贷亏损经验
进行，并就债务人特有的因素、
一般经济状况以及对报告日期
的当前状况及未来状况预测的
评估作出调整。
本集团一直就贸易应收款项确
认全期预期信贷亏损。
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
122Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
Impairment of financial asets under HKFRS 9 Financial
Instruments (Continued)
For al other instruments, the Group measures the
los alowance equal to 12m ECL, unles there has
ben a significant increase in credit risk since initial
recognition, in which case the Group recognises
lifetime ECL. The asesment of whether lifetime ECL
should be recognised is based on significant increases
in the likelihod or risk of a default ocuring since
initial recognition.
(i) Significant increase in credit risk
In asesing whether the credit risk has increased
significantly since initial recognition, the Group
compares the risk of a default ocuring on the
financial instrument as at the reporting date with
the risk of a default ocuring on the financial
instrument as at the date of initial recognition.
In making this asesment, the Group considers
both quantitative and qualitative information that
is reasonable and suportable, including historical
experience and forward-loking information that is
available without undue cost or efort.
3. 综合财务报表的编制基准
及重大会计资料（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号金
融工具的金融资产减值（续）
就所有其他工具而言，本集团
计量之亏损拨备相等于12个月
预期信贷亏损，除非信贷风险
自初步确认以来显著增加，于
此情况下，本集团确认全期预
期信贷亏损。评估应否确认全
期预期信贷亏损，乃基于自初
步确认以来出现违约的可能性
或风险是否已显著增加。
(i) 信贷风险显著增加
于评估金融工具的信贷风
险自初始确认以来是否已
显著增加时，本集团将金
融工具于报告日期出现违
约的风险与该金融工具于
初始确认日期出现违约的
风险进行比较。作此评估
时，本集团考虑合理且可
靠的定量及定性资料，包
括过往经验及毋须付出过
多成本或努力即可得的前
瞻性资料。
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
123万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
(i) Significant increase in credit risk (Continued)
In particular, the folowing information is taken
into acount when asesing whether credit risk
has increased significantly:
• an actual or expected significant deterioration
in the financial instrument’s external (if
available) or internal credit rating;
• significant deterioration in external market
indicators of credit risk, e.g. a significant
increase in the credit spread, the credit
default swap prices for the debtor;
• existing or forecast adverse changes in
busines, financial or economic conditions
that are expected to cause a significant
decrease in the debtor’s ability to met its
debt obligations;
• an actual or expected significant deterioration
in the operating results of the debtor;
• an actual or expected significant adverse
change in the regulatory, economic, or
technological environment of the debtor
that results in a significant decrease in the
debtor’s ability to met its debt obligations.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
(i) 信贷风险显著增加（续）
具体而言，于评估信贷风
险是否已显著增加时，会
考虑下列资料︰
- （如
有）或内部信用评级
出现或预期出现重大
恶化；
• 信贷风险的外部市场
指标显著恶化，例如
信贷利差大幅增加、
债务人的信贷违约掉
期价格；
- 、财务或经济状
况现有或预测出现不
利变动，预计将导致
债务人偿债能力大幅
下降；
• 债务人经营业绩的实
际或预期重大恶化；
- 、经济
或技术环境发生实际
或预期的重大不利变
化，该等状况导致债
务人履行债务的能力
显著下降。
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
124Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
(i) Significant increase in credit risk (Continued)
• Irespective of the outcome of the above
asesment, the Group presumes that
the credit risk has increased significantly
since initial recognition when contractual
payments are more than 30 days past
due, unles the Group has reasonable and
suportable information that demonstrates
otherwise.
Despite the foregoing, the Group asumes
that the credit risk on 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 financial
instrument is determined to have low credit risk
if (i) the financial instrument 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 aset to
have low credit risk when the aset has external
credit rating of ‘investment grade’ in acordance
with the globaly understod definition or if an
external rating is not available, the aset has an
internal rating of ‘performing’ under the Group’s
curent credit risk grading framework.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
(i) 信贷风险显著增加（续）
• 不论上述评估结果如
何，倘合约付款逾期
超过30天，本集团推
定信贷风险自初步确
认以来已显著增加，
除非本集团拥有合理
及有理据的资料另作
说明则当别论。
尽管上文所述，本集团假
设倘债务工具被厘定为于
报告日期具有低信贷风
险，则该债务工具的信贷
风险自初步确认以来并
无显著增加。倘属以下情
况，则金融工具厘定为具
有低信贷风险：(i)金融工
具有低违约风险；(i)借
款人于短期内具备雄厚实
力履行其合约现金流量责
任；及(i)长期经济及营商
环境的不利变动可能但不
一定削弱借款人履行其合
约现金流量责任的能力。
本集团认为，当资产具有
根据全球公认定义的「投
资等级」的外部信贷评级
或倘若并无外部评级，而
该资产根据本集团现时风
险评级框架的内部评级为
「正常」，则本集团认为债
务资产具有较低的信贷风
险。
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
125万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
(i) Significant increase in credit risk (Continued)
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
The Group considers the folowing as constituting
an event of default for internal credit risk
management purposes as historical experience
indicates that receivables that met either of the
folowing criteria are generaly not recoverable:
• when there is a breach of financial
covenants by the debtor; or
• information developed internaly or obtained
from external sources indicates that the
debtor is unlikely to pay its creditors,
including the Group, in ful (without taking
into acount any colaterals held by the
Group).
Irespective of the above analysis, the Group
considers that default has ocured when a
financial aset is more than one year past due
unles the Group has reasonable and suportable
information to demonstrate that a more laging
default criterion is more apropriate.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
(i) 信贷风险显著增加（续）
本集团定期监察用以识别
信贷风险有否显著增加的
标准之效益，且对其进行
修订（如适当）来确保该标
准能在金额逾期前识别信
贷风险显著增加。
(i) 违约之定义
本集团将下列各项视为构
成内部信贷风险管理目的
之违约事件，因为过往经
验显示符合下列任一标准
的应收款项一般不可收回：
• 债务人违反财务契
诺；或
• 内部制订或来自外界
来源取得的资料显示
债务人不大可能悉数
向债权人（包括本集
团）还款（不计及本
集团持有的任何抵押
品）。
无论上述分析如何，倘金
融资产逾期超过一年，本
集团将视作已发生违约，
除非本集团拥有合理及有
理据支持的资料证明较寛
松的违约标准更为适用，
则另当别论。
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
126Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
(i) Credit-impaired financial asets
A financial aset is credit-impaired when one or
more events that have a detrimental impact on
the estimated future cash flows of that financial
aset have ocured. Evidence that a financial
aset is credit-impaired includes observable data
about the folowing events:
• significant financial dificulty of the isuer or
the borower;
- , 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; or
• it is becoming probable that the borower
wil enter bankruptcy or other financial
reorganisation.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
(i) 信贷减值金融资产
倘发生一项或多项对金融
资产之估计未来现金流量
产生不利影响之事件时，
该金融资产即出现信贷减
值。金融资产信贷减值的
证据包括以下事件的可观
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；
• 由于与借款人财困相
关的经济或合约原
因，借款人的贷款人
已向借款人授予贷款
人原本不会考虑的特
许权；或
• 借款人可能破产或进
行其他财务重组。
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
127万励达国际有限公司 二○二四－二○二五年报
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
(iv) 撇销政策
倘有资料显示交易对手出
现重大财务困难，且并无
收回款项的实际可能之时
（例如交易对手已清算或进
入破产程序），本集团会
撇销金融资产。在考虑法
律意见（如适用）后，已撇
销金融资产仍可根据本集
团之收回程序实施强制执
行。撇销构成终止确认事
件。任何其后收回款项会
于损益中确认。
(v) 预期信贷亏损之计量及确
认
预期信贷亏损的计量为违
约概率、违约损失率（即违
约时的损失程度）及违约
风险暴露的函数。评估违
约概率及违约损失率的依
据是过往数据及前瞻性资
料。预期信贷亏损的估计
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。
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
(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.
(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.
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
128Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (Continued)
(v) Measurement and recognition of ECL (Continued)
Generaly, the ECL is the diference betwen
al contractual cash flows that are due to the
Group in acordance with the contract and
the cash flows that the Group expects to
receive, discounted at the efective interest rate
determined at initial recognition.
Lifetime ECL for certain trade and other
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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
(v) 预期信贷亏损之计量及确
认（续）
一般而言，预期信贷亏损
为根据合约应付本集团的
所有合约现金流量与本集
团预计收取的现金流量（按
于初步确认时厘定的实际
利率折现）之间的差额。
若干贸易及其他应收款项
以及合约资产的全期预期
信贷亏损乃经考虑逾期资
料及相关信贷资料（如前
瞻性宏观经济资料）后一
并考虑。
就集体评估而言，本集团
于制定组别时考虑以下特
征：
- ；
- 、规模
及行业；及
- （倘适
用）。
管理层定期审查组别，以
确保各组别构成继续享有
类似的信贷风险特征。
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
129万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial asets (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 and other receivables and contract
asets where the corespondence 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 as
part of the net foreign exchange gains/(loses).
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融资产（续）
(v) 预期信贷亏损之计量及确
认（续）
利息收入乃按金融资产之
账面总值计算，除非金融
资产已信贷减值，在该情
况下，利息收入按金融资
产之摊销成本计算。
本集团借由调整金融工具
的账面值于损益中确认其
减值收益或亏损，惟相应
调整于亏损拨备账中确认
的贸易及其他应收款项及
合约资产除外。
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，并于各报告
期末按即期汇率换算。具体而
言：
对于不构成指定对冲关系的按
摊销成本计量的金融资产，汇
兑差额乃于损益中确认为外汇
收益╱（亏损）净额的一部分。
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
130Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING 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 party. If the Group neither
transfers nor retains substantialy al the risks and
rewards of ownership and continues to control the
transfered aset, the Group recognises its retained
interest in the aset and an asociated liability for
amounts it may have to pay. If the Group retains
substantialy al the risks and rewards of ownership of
a transfered financial aset, the Group continues to
recognise the financial aset and also recognises a
colateralised borowing for the proceds received.
On derecognition of a financial aset measured at
amortised cost, the diference betwen the aset’s
carying amount and the sum of the consideration
received and receivable is recognised in profit or los.
3. 综合财务报表的编制基准
及重大会计资料（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
当从资产收取现金流量之合约
权利已届满，或当其将金融资
产及该资产所有权之绝大部分
风险及回报转让至另一方时，
本集团则终止确认金融资产。
倘本集团并无转让或保留拥有
权的绝大部分风险及回报，并
继续控制已转让资产，则本集
团会确认其于资产的保留权益
及其须支付之相关负债金额。
倘若本集团保留被转让金融资
产所有权上几乎所有的风险及
回报，则本集团继续确认该金
融资产，并同时将已收所得款
项确认为一项抵押借款。
于终止确认按摊销成本计量之
金融资产时，资产账面值与已
收及应收代价的总和的差额将
于损益中确认。
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
131万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial liabilities and equity
Clasification as debt or equity
Debt and equity instruments are clasified as either
financial liabilities or as equity in acordance with
the substance of the contractual arangements and
the definitions of a financial liability and an equity
instrument.
Equity instruments
An equity instrument is any contract that evidences
a residual interest in the asets of an entity after
deducting al of its liabilities. Equity instruments isued
by the Company are recognised at the proceds
received, net of direct isue costs.
Financial liabilities
Al financial liabilities are subsequently measured at
amortised cost using the efective interest method.
Financial liabilities at amortised cost
The Group’s financial liabilities including trade and
other payables and amount due to a director are
subsequently measured at amortised cost, using the
efective interest method.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融负债及股本
分类为债务或股本
债务及股本工具根据所订立合
约安排之内容以及金融负债及
股本工具之定义分类为金融负
债或股本。
股本工具
股本工具为证明实体于扣除其
所有负债后之剩余资产权益之
任何合约。本公司发行之股本
工具按所收取之所得款项扣减
直接发行成本确认。
金融负债
所有金融负债其后采用实际利
率法以摊销成本计量。
按摊销成本计量之金融负债
本集团金融负债（包括贸易及其
他应付款项以及应付一名董事
款项）其后采用实际利率法按摊
销成本计量。
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
132Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Financial instruments (Continued)
Financial liabilities and equity (Continued)
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
‘General and administrative expenses’ line item in profit
or los as part of net foreign exchange gains/(loses)
for financial liabilities that are not part of a designated
hedging relationship.
Derecognition of financial liabilities
The Group derecognises financial liabilities when, and
only when, the Group’s obligations are discharged,
canceled or they expire. The diference betwen the
carying amount of the financial liability derecognised
and the consideration paid and payable is recognised
in profit or los.
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.
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
金融工具（续）
金融负债及股本（续）
外汇收益及亏损
就以外币计值及于各报告期末
按摊销成本计量的金融负债而
言，汇兑收益及亏损根据该等
工具的摊销成本厘定。对于并
非指定对冲关系一部分的金融
负债，该等外汇收益及亏损于
损益中的「一般及行政开支」项
目确认，作为外汇收益╱（亏损）
净额的一部分。
终止确认金融负债
本集团于且仅于本集团的责任
获解除、取消或届满时终止确
认金融负债。终止确认的金融
负债账面值与已付及应付代价
之间的差额于损益内确认。
金融资产与金融负债互相抵销
当且仅当本集团目前具有抵销
已确认金额的法定可执行权利，
并计划以净额结算或同时变现
该资产及清偿该负债时，金融
资产及金融负债以相互抵销后
的净额于综合财务状况表呈列。
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
133万励达国际有限公司 二○二四－二○二五年报
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
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 executive directors that make
strategic decisions.
Related parties
For the purposes of the 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 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).
3. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
分部报告
经营分部的呈报方式与向最高
营运决策人（「最高营运决策人」）
所提供内部呈报一致。最高营
运决策人（负责分配经营分部资
源及评估其表现）已确定为作出
策略决定之执行董事。
关联方
就综合财务报表而言，倘一方
被视为与本集团有关联：
(a) 该方为一名人士或该名人
士的近亲家族成员，而该
人士：
(i) 对本集团有控制权或
共同控制权；
(i) 对本集团有重大影
响；或
(i) 为本集团或本集团母
公司主要管理人员中
的一名成员。
(b) 该方为一间实体且符合以
下任何条件：
(i) 该实体与本集团为同
一集团的成员公司。
(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）。
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
134Wan Leader International Limited Anual Report 2024 – 2025
3. BASIS OF PREPARATION OF
CONSOLIDATED FINANCIAL
STATEMENTS AND MATERIAL
ACOUNTING INFORMATION (Continued)
3.2 Material acounting policy information
(Continued)
Related parties (Continued)
(b) the party is an entity and if any of the folowing
conditions aplies: (Continued)
(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. 综合财务报表的编制基准
及重大会计资料（续）
3.2 重大会计政策资料（续）
关联方（续）
(b) 该方为一间实体且符合以
下任何条件：（续）
(i) 该实体与本集团均为
同一第三方的合营企
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) 该实体为本集团或与
本集团有关连的实体
就雇员利益而设立的
离职后福利计划。
(vi) 该实体受(a)项所识别
之人士控制或共同控
制。
(vi) 于(a)(i)项所识别人士
对该实体有重大影响
力或属该实体（或该
实体之母公司）主要
管理人员。
(vi) 该实体，或该实体所
属集团的任何成员公
司，向本集团或本集
团母公司提供主要管
理人员服务。
某人士的近亲家族成员指在与
实体交易时预期可影响该人士
或受该人士影响的家族成员。
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
135万励达国际有限公司 二○二四－二○二五年报
4. KEY SOURCES ESTIMATION
UNCERTAINTY
In the aplication of the Group’s acounting policies,
which are described in note 3.2 above, the directors of
the Company are required to make judgements, estimates
and asumptions about the amounts of asets, liabilities,
revenue and expenses 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.
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 resulting
in a material adjustment to the carying amounts of asets
and liabilities within the next financial year.
4. 估计不确定性的主要来源
于应用载述于上文附注3.2的本集团
会计政策时，本公司董事须对从其他
来源不显而易见的资产、负债、收益
及开支金额作出判断、估计及假设。
该等估计及相关假设乃根据过往经验
及被认为相关的其他因素而作出。实
际结果或会与该等估计不同。
该等估计及相关假设将会持续检讨。
因应该等会计估计需作出的修订将在
该等估计的修订期间（若该等修订仅
影响该期间）或者修订期间及未来期
间（若该等修订影响现时及未来期间）
予以确认。
以下为对未来的主要假设及于报告期
末估计不确定性的其他主要来源，可
能导致下一个财政年度的资产及负债
账面值须作出重大调整的重大风险。
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
136Wan Leader International Limited Anual Report 2024 – 2025
4. KEY SOURCES ESTIMATION
UNCERTAINTY(Continued)
Estimated provision of ECL for trade
receivables
The Group aseses ECL for the trade receivables on a
colective basis. The provision rates are based on internal
credit ratings as groupings of various debtors that have
similar characteristics. The colective asesment is based on
the Group’s historical default rates taking into consideration
default rates by external/internal credit agency (if any) and
forward-loking information and other information that is
reasonable and suportable available without undue costs or
efort. At every reporting date, the estimated los rates are
reasesed and changes in the forward-loking information
are considered. Changes in these asumptions and
estimates could materialy afect the result of the asesment
and it may be necesary to make aditional impairment los
to profit or los.
At the end of the reporting period, the details of the carying
amounts of trade receivables are set out in note 19.
5. SEGMENT INFORMATION
The Group’s revenue from provision of freight forwarding and
related logistics services and entrusted management service
for operating an online e-comerce platform is recognised
over time when the customer simultaneously receives and
consumes the benefits provided by the Group’s performance
as the Group performs, using output method. Revenue from
trading of fashion items is recognised when the customer
obtains control of the distinct gods.
The Group’s operating segments are determined based on
information reported to the chief operating decision maker
(the “CODM”) of the Group, being Mr. Thomas Loy, an
executive director of the Group, for the purpose of resource
alocation and performance asesment focuses on the
diferent types of services.
4. 估计不确定性的主要来源
（续）
贸易应收款项预期信贷亏损
拨备估计
本集团按共同基准评估贸易应收款项
预期信贷亏损。拨备率乃基于内部信
贷评级，对具有相似特征的各应收款
项进行分类。共同评估乃根据本集团
过往违约率，经考虑外部╱内部信贷
机构（如有）的违约率及毋须付出过度
成本或努力即可获得之合理及可靠之
前瞻性资料及其他资料。于每个报告
日期会重新评估计亏损率，并会考
量该等前瞻性资料之变动。该等假设
及估计的变动可能对评估结果产生重
大影响，并可能需要就损益作出额外
减值亏损。
于报告期末，贸易应收款项的账面值
详情载于附注19。
5. 分部资料
当客户于本集团履约时同时接受及使
用本集团履约所提供之利益，本集团
来自提供货运代理及相关物流服务及
营运在线电子商务平台的委托管理服
务的收益以输出法确认。来自时尚物
品贸易的收益于客户取得明确货品的
控制权时确认。
本集团的经营分部乃根据向本集团最
高营运决策人（「最高营运决策人」）（即
本集团执行董事吕克宜先生）呈报的
资料厘定，以分配资源及评估表现，
专注于不同种类服务。
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
137万励达国际有限公司 二○二四－二○二五年报
5. SEGMENT INFORMATION (Continued)
The CODM regularly review revenue and results analysis by (i)
provision of freight forwarding and related logistics services;
(i) entrusted management service for operating an online
e-comerce platform; and (i) trading of fashion items.
No analysis of segment asets and segment liabilities are
presented as such information is not regularly provided to
the CODM in the curent or prior years.
During the years ended 31 March 2025 and 31 March 2024,
the Group’s reporting segments are as folows:
(i) Freight Forwarding and Related Logistics Service, i.e.
provision of freight forwarding and related logistics
services;
(i) Entrusted Management Service for Operating an Online
E-comerce Platform; and
(i) Trading of Fashion Items.
The acounting policies of the operating segments are the
same as the Group’s acounting policies as set out in note
3.2.
Segment result represents profit or los before taxation from
each segment without alocation of certain other income,
certain central administrative expenses, finance costs
and impairment loses or reversal of impairment loses
recognised under expected credit los model for trade and
other receivables and deposits and amount due from a
related party. This is the measure reported to the CODM
for the purpose of resource alocation and performance
asesment.
- （续）
最高营运决策人按(i)提供货运代理及
相关物流服务；(i)营运在线电子商务
平台的委托管理服务；及(i)时尚物品
贸易定期审阅收益及业绩分析。由于
并无定期向最高营运决策人提供分部
资产及分部负债分析，故本年度及过
往年度并无呈列有关资料。
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，本集
团之可呈报分部如下：
(i) 货运代理及相关物流服务，即
提供货运代理及相关物流服务；
(i) 营运在线电子商务平台的委托
管理服务；及
(i) 时尚物品贸易。
营运分部之会计政策与附注3.2所载
本集团之会计政策相同。
分部业绩指各分部之除税前溢利或亏
损（未分配若干其他收入）、若干中央
行政开支、财务成本及按预期信贷亏
损模式就贸易及其他应收款项以及按
金及应收一名关连方款项确认之减值
亏损或减值亏损拨回。此为向最高营
运决策人汇报之方式，以分配资源及
评估表现。
| 157,001 | – | 583 | 157,584 |
|---|---|---|---|
| (11,622) | (2,618) | (199) | (14,439) |
| (989) | |||
| (10,220) | |||
| 1,879 | |||
| (1,363) | |||
| (25,132) | |||
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
138Wan Leader International Limited Anual Report 2024 – 2025
5. SEGMENT INFORMATION (Continued)
(a) Revenue and results by reportable and
operating segment
The folowing is an analysis of the Group’s revenue and
results by reportable and operating segments.
Freight
Forwarding
and Related
Logistics
Service
Entrusted
Management
Service for
Operating
an Online
E-comerce
Platform
Trading of
Fashion
ItemsTotal
货运代理及
相关物流服务
营运在线电子
商务平台的
委托管理服务时尚物品贸易总计
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
Revenue收益
External revenue and segment revenue外部收益及分部收益
Result业绩
Segment los分部亏损
Other income, gains and loses, net其他收入、收益及亏损
净额
Corporate expenses企业开支
Gain on disposal of subsidiaries出售附属公司之收益
Finance costs融资成本
Los before income tax除所得税前亏损
Year ended 31 March 2024截至二零二四年三月
三十一日止年度
Revenue收益
External revenue and segment revenue外部收益及分部收益175,546–11,647187,193
Result业绩
Segment (los) profit分部（亏损）溢利(16,456)(890)2,489(14,857)
Other income, gains and loses, net其他收入、收益及亏损
净额462
Corporate expenses企业开支(10,255)
Finance costs融资成本(101)
Los before income tax除所得税前亏损(24,751)
- （续）
(a) 可呈报及营运分部的收
益及业绩
以下为本集团按可呈报营运分
部划分来自持续经营业务的收
益及业绩分析。
| – | – | – | 352 | 352 |
|---|---|---|---|---|
| (582) | (239) | – | (528) | (1,349) |
| 79 | – | (343) | – | (264) |
| 73 | 1 | 2 | 1 | 77 |
| (34) | – | – | (1,329) | (1,363) |
| (29) | – | (45) | (7) | (81) |
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
139万励达国际有限公司 二○二四－二○二五年报
5. SEGMENT INFORMATION (Continued)
(b) Other information
Freight
Forwarding
and Related
Logistics
Service
Entrusted
Management
Service for
Operating
an Online
E-comerce
Platform
Trading of
Fashion
ItemsUnalocatedTotal
货运代理及
相关物流服务
营运在线电子
商务平台的
委托管理服务时尚物品贸易未分配总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Year ended 31 March 2025截至二零二五年三月
三十一日止年度
Amounts included in the measure of
segment los:
计入分部亏损之款项：
– Adition to non-curent asets
(note below)
－添置非流动资产
（见下文附注）
– Depreciation of property,
plant and equipment
－物业、厂房及设备
折旧
– Impairment loses under expected
credit los model, net of reversal
－预期信贷亏损模式项下
减值亏损拨回净额
Amounts regularly provided to the chief
operating decision maker but not
included in the measure of segment:
定期汇报予最高营运决策
人但不计入分部之
款项：
– Interest income－利息收入
– Finance costs－融资成本
– Income tax expense－所得税开支
Year ended 31 March 2024截至二零二四年三月
三十一日止年度
Amounts included in the measure of
segment los:
计入分部亏损之款项：
– Adition to non-curent asets
(note below)
－添置非流动资产
（见下文附注）–1,9201,920
– Depreciation of property,
plant and equipment
－物业、厂房及设备
折旧(752)(253)–(786)(1,791)
– Impairment loses under expected
credit los model, net of reversal
－预期信贷亏损模式项下
减值亏损拨回净额(97)4(211)–(304)
Amounts regularly provided to the chief
operating decision maker but not
included in the measure of segment:
定期汇报予最高营运决策
人但不计入分部之
款项：
– Interest income－利息收入217–4221
– Finance costs－融资成本(78)–(23)(101)
– Income tax credit－所得税抵免37–45(2)80
- （续）
(b) 其他资料
| 157,584 |
|---|
| 736 |
|---|
| – |
| 736 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
140Wan Leader International Limited Anual Report 2024 – 2025
5. SEGMENT INFORMATION (Continued)
(b) Other information (Continued)
Note: Non-curent asets excluded defered tax asets. Adition
of non-curent asets during the years ended 31 March
2025 and 31 March 2024 represented purchase of ofice
equipment under property, plant and equipment and
adition of right-of-use asets.
(c) Geographic information
The Group’s revenue from external customers
by geographical market based on the location of
operations:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Hong Kong (place of domicile)香港（注册地方）187,193
Information about the Group’s non-curent asets
(excluding defered tax asets) by geographical market
based on the location of asets:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Hong Kong (place of domicile)香港（注册地方）2,485
The PRC中国898
3,383
- （续）
(b) 其他资料（续）
附注： 非流动资产不包括递延税项
资产。截至二零二五年三月
三十一日及二零二四年三月
三十一日止年度添置的非流动
资产指物业、厂房及设备项下
购买办公设备及添置的使用权
资产。
(c) 地区资料
本集团根据营运地点按地区市
场划分来自外部客户的收益：
有关本集团根据资产地点按地区市场
划分的非流动资产（不包括递延税项
资产）资料：
| 38,081 |
|---|
| 16,935 |
| N/A不适用 |
| N/A不适用 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
141万励达国际有限公司 二○二四－二○二五年报
5. SEGMENT INFORMATION (Continued)
(d) Information about major customers
Revenue from customers of the coresponding years
contributing over 10% of the total revenue of the Group
are as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Relating to Freight Forwarding and
Related Logistics Service segment
有关货运代理及相关物流服
务分部
– Customer A (note (i) below)－客户A（见下文附注(i)）N/A不适用
– Customer B (note (i) below)－客户B（见下文附注(i)）N/A不适用
– Customer C (note (i) below)－客户C（见下文附注(i)）34,303
– Customer D (note (i) below)－客户D（见下文附注(i)）23,745
Notes:
i. Revenue derived from Customer A and B did not contribute
over 10% of revenue during the year ended 31 March 2024.
i. Revenue derived from Customer C and D did not contribute
over 10% of revenue during the year ended 31 March 2025.
- （续）
(d) 有关主要客户的资料
于相关年度，来自客户的收益
占本集团收益总额10%以上的
资料如下：
附注：
- ，
来自客户A及B的收益并不占收益10%
以上。
i. 截至二零二五年三月三十一日止年度，
来自客户C及D的收益并不占收益10%
以上。
| 156,880 |
|---|
| 121 |
| 157,001 |
| 58 3 |
| 157,58 4 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
142Wan Leader International Limited Anual Report 2024 – 2025
6. REVENUE FROM CONTRACTS WITH
CUSTOMERS
An analysis of the Group’s revenue for the year is as folow:
(a) Disagregation of revenue from
contracts with customers
The Group is mainly engaged in the provision of freight
forwarding and related logistics services, provision of
entrusted management services for operating an online
e-comerce platform and trading of fashion items.
(i) The Group derives revenue from the transfer
of gods and services by categorise of major
product lines and busines
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Revenue from contracts with
customers within the scope of
HKFRS 15
香港财务报告准则第15号
范围内的客户合约收益
Disagregate by reportable
segments:
按可呈报分部分列：
Provision of freight forwarding and
related logistics services
提供货运代理及相关物流
服务
– Air freight－空运170,549
– Sea freight－海运4,997
175,546
Trading of fashion items时尚物品贸易11,647
187,193
6. 客户合约收益
本集团于本年度的收益分析如下：
(a) 来自客户合约收益的分
拆
本集团主要从事提供货运代理
及相关物流服务、提供营运在
线电子商务平台的委托管理服
务以及时尚物品贸易。
(i) 本集团按主要产品线及业
务类别自转让货品及服务
产生收益
| 32,286 |
|---|
| (50 7) |
| 31,77 9 |
| – |
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
143万励达国际有限公司 二○二四－二○二五年报
6. REVENUE FROM CONTRACTS WITH
CUSTOMERS (Continued)
(a) Disagregation of revenue from
contracts with customers (Continued)
(i) The Group derives revenue from the transfer
of gods and services by timing of revenue
recognition
During the year ended 31 March 2025, out of the
Group’s revenue from contracts with customers
within the scope of HKFRS 15, revenue amounted
to aproximately HK157,001,000 (2024:
HK$175,546,000) was transfered at over time
and the remaining amount was transfered at a
point in time.
(i) The Group derives revenue from the transfer of
gods and services by geographical markets
Information regarding the Group’s revenue
from the transfer of gods and services by
geographical markets is set out in note 5 above.
(b) Contract balances
As at 31 March
As at
1 April 2023
于三月三十一日
于二零二三
年四月一日
Notes20252024
附注二零二五年二零二四年
HK$’000HK$’000HK$’000
千港元千港元千港元
Trade receivables贸易应收款项1933,30920,709
Les: ECL alowances减：预期信贷亏损
拨备(705)(396)
32,60420,313
Contract liabilities合约负债23323384
Information regarding the trade receivables and
contract liabilities are set out in respective notes.
- （续）
(a) 来自客户合约收益的分
拆（续）
(i) 本集团透过按收益确认时
间转让货品及服务产生收
益
截至二零二五年三月
三十一日止年度，本集团
来自香港财务报告准则
第15号范围内客户合约
收益中，约157,001,000
港元（二零二四年：
175,546,000港元）的收益
随时间转移，而余额则于
某一时点转移。
(i) 本集团按地区市场划分从
转让货品及服务中产生收
益
有关本集团按地区市场划
分的转让货品及服务产生
收益的资料载于上文附注
5。
(b) 合约结余
有关贸易应收款项及合约负债的资料
载于各附注。
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
144Wan Leader International Limited Anual Report 2024 – 2025
6. REVENUE FROM CONTRACTS WITH
CUSTOMERS (Continued)
(c) Performance obligations for contracts
with customers and revenue
recognition policies
The Group is mainly engaged in the provision of freight
forwarding and related logistics services, provision of
entrusted management services for operating an online
e-comerce platform and trading of fashion items.
Revenue comprises the fair value of the consideration
received or receivable for the provision of services and
the use by others of the Group’s asets yielding interest
and dividend. Provided it is probable that the economic
benefits wil flow to the Group and the revenue and
costs, if aplicable, can be measured reliably.
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 performance obligations for contracts with
customers and revenue and other income recognition
policies are as folows:
- （续）
(c) 客户合约履约责任及收
益确认政策
本集团主要从事提供货运代理
及相关物流服务、提供营运在
线电子商务平台的委托管理服
务以及时尚物品贸易。
收益包括就提供服务以及他人
使用本集团资产所产生利息及
股息的已收或应收代价的公平
值。倘经济利益可能流入本集
团，且收益及成本（倘适用）能
可靠计量。
本集团于收益金额能可靠计量
时、未来经济利益可能流入实
体时及本集团各活动已符合特
定准则时确认收益。
本集团与客户合约的履约责任
以及收益及其他收入确认政策
如下：
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
145万励达国际有限公司 二○二四－二○二五年报
6. REVENUE FROM CONTRACTS WITH
CUSTOMERS (Continued)
(c) Performance obligations for contracts
with customers and revenue
recognition policies (Continued)
Revenue from contracts with customers and other
sources
(i) Revenue from provision of freight forwarding
and related logistics service and entrusted
management services for operating an online
e-comerce platform
The Group derives revenue from (a) the provision
of freight forwarding and related logistics
services, which include reseling cargo space the
Group purchases from airlines, airlines’ general
sales agent(s), shiping liners and other freight
forwarders to direct shipers or respective freight
forwarders, which act on behalf of their shiper
customers and eventualy deliver the gods to the
destinations; and (b) the provision of entrusted
management services for operating an online
e-comerce platform.
The Group’s revenue from provision of freight
forwarding and related logistics services is
recognised over time when the customer
simultaneously receives and consumes the
benefits provided by the Group’s performance as
the Group performs, using output method.
- （续）
(c) 客户合约履约责任及收
益确认政策（续）
来自客户合约及其他来源的收
益
(i) 来自提供货运代理及相关
物流服务以及营运在线电
子商务平台的委托管理服
务的收益
本集团的收益来自(a)提供
货运代理及相关物流服
务，当中包括转售本集团
向航空公司、航空公司的
总销售代理、海运公司及
其他货运代理商所购买的
货运舱位予直接托运人或
代表其托运人客户行事的
相关货运代理商，并最终
将货物送抵目的地；及(b)
提供营运在线电子商务平
台的委托管理服务。
当客户于本集团履约时同
时接受及使用本集团履约
所提供的利益，本集团来
自提供货运代理及相关物
流服务的收益随时间以输
出法确认。
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
146Wan Leader International Limited Anual Report 2024 – 2025
6. REVENUE FROM CONTRACTS WITH
CUSTOMERS (Continued)
(c) Performance obligations for contracts
with customers and revenue
recognition policies (Continued)
Revenue from contracts with customers and other
sources (Continued)
(i) Sales of fashion items
Sales are recognised when control of the
products has transfered, being when the
products are delivered to the customer, the
customer has ful discretion over the chanel and
there is no unfulfiled obligation that could afect
the customer’s aceptance of the products.
Delivery ocurs when the products have ben
delivered to the specific location, the risks of
obsolescence and los have ben transfered
to the customer, and either the customer has
acepted the products in acordance with
the sales contract or the Group has objective
evidence that al criteria for aceptance have
ben satisfied.
Revenue from these sales is recognised based
on the price specified in the contract. No element
of financing is demed present as the sales are
made with the credit policies, which is consistent
with market practice.
A receivable is recognised when the gods are
delivered as this is the point in time that the
consideration is unconditional because only the
pasage of time is required before the payment is
due.
- （续）
(c) 客户合约履约责任及收
益确认政策（续）
来自客户合约及其他来源的收
益（续）
(i) 时尚物品销售
销售于产品的控制权获转
移时确认，即产品已交付
予客户、客户对渠道具全
权酌情权及并无可影响客
户接纳产品的未履行责任。
当产品已交付至特定地
点，报废及亏损风险已转
移予客户，且客户已根据
销售合约接收产品或本集
团有客观证据证明已符合
所有接纳的准则，则视作
交付。
来自该等销售的收益根据
合约中订明的价格确认。
由于销售乃根据信贷政策
进行，且信贷政策符合市
场惯例，故并无融资成分。
应收款项于货品交付时确
认，原因是代价于该时间
点成为无条件，且该代价
仅须随时间推移于付款到
期前收取。
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
147万励达国际有限公司 二○二四－二○二五年报
6. REVENUE FROM CONTRACTS WITH
CUSTOMERS (Continued)
(c) Performance obligations for contracts
with customers and revenue
recognition policies (Continued)
Other income
(i) Interest income
Interest income from bank deposits is recognised
on a time proportion basis using the efective
interest method. For financial asets measured
at amortised cost that are not credit-impaired,
the efective interest rate is aplied to the gros
carying amount of the aset.
(i) Government grants
Government grants that compensate the Group
for expenses incured are recognised as income
in profit or los on a systematic basis in the same
period in which the expenses are incured.
Further information about the Group’s acounting
policies relating to revenue from contracts
with customers is provided in note 3.2 to the
consolidated financial statements.
(d) Transaction price alocated to
remaining performance obligations
Al performance obligations for provision of freight
forwarding and related logistics services, entrusted
management services for operating an online
e-comerce platform and trading of fashion items are
for a period of les than one year. As permited under
HKFRS 15, the transaction price alocated to these
unsatisfied/partialy unsatisfied performance obligations
as at 31 March 2025 and 31 March 2024 are not
disclosed.
- （续）
(c) 客户合约履约责任及收
益确认政策（续）
其他收入
(i) 利息收入
银行存款利息收入采用实
际利率法以时间比例确
认。对于并无信贷减值之
按摊销成本计量的金融资
产，对资产的账面总值应
用实际利率。
(i) 政府补助
补偿本集团所产生开支的
政府补助于产生开支的同
一期间有系统地于损益确
认为收入。
有关本集团客户合约收益
相关会计政策之进一步资
料载于综合财务报表附注
3.2。
(d) 分摊至剩余履约责任的
交易价格
提供货运代理及相关物流服
务、营运在线电子商务平台委
托管理服务及时尚物品贸易的
全部履约责任均为期一年或以
下。诚如香港财务报告准则第
15号所允许，于二零二五年三
月三十一日及二零二四年三月
三十一日分配至该等未履行╱
部分未履行履约责任的交易价
格并无披露。
| 75 |
|---|
| 2 |
| 7 7 |
| (5) |
| (1,460) |
| – |
| (1,46 5) |
| (1,38 8) |
| 198 |
|---|
| (462) |
| (26 4) |
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
148Wan Leader International Limited Anual Report 2024 – 2025
7. OTHER INCOME, OTHER GAINS AND
LOSES, NET
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Other income comprises:其他收入包括：
Bank interest income银行利息收入220
Sundry income杂项收入242
Other gains and loses, net comprises:其他收益及亏损净额包括：
Exchange (loses) gains汇兑（亏损）收益31
Los on writen of and disposal of
property, plant and equipment
撇销及出售物业、厂房及
设备之亏损–
Los on write of of inventories存货撇销亏损(115)
(84)
8. IMPAIRMENT LOSES UNDER
EXPECTED CREDIT LOS MODEL,
NET OF REVERSAL
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Impairment loses under expected credit
los model, net of reversal, comprise:
预期信贷亏损模式项下减值
亏损拨回净额包括：
Reversal of (provision for) impairment
loses on trade receivables
贸易应收款项减值亏损拨回
（拨备）(309)
(Provision for) reversal of impairment loses
on deposits and other receivables and
amount due from a related company
就按金及其他应收款项以及
应收一间关连公司款项确
认之（拨备）减值亏损拨回5
(304)
- 、其他收益及亏
损净额
8. 预期信贷亏损模式项下减
值亏损拨回净额
| 1,311 |
|---|
| 52 |
| 1,36 3 |
| 11,086 |
|---|
| 424 |
| 11,51 0 |
| 700 |
| 1,349 |
| 155,360 |
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
149万励达国际有限公司 二○二四－二○二五年报
9. FINANCE COSTS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Interests on:下列各项利息：
– Bank and other borowings－银行及其他借款41
– Lease liabilities－租赁负债60
10. LOS BEFORE INCOME TAX
Los before income tax has ben arived at after charging
(crediting):
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Staf costs (excluding directors’ emoluments
as set out in note 12)
员工成本（不包括附注12
所载的董事酬金）
– Salaries, bonus and other benefits－薪金、花红及其他福利10,666
– Contributions to retirement benefits
schemes
－退休福利计划供款
11,064
Auditors’ remuneration核数师酬金762
Depreciation of property, plant and
equipment
物业、厂房及设备折旧
1,791
Cost of sales and services销售及服务成本182,555
9. 融资成本
10. 除所得税前亏损
除所得税前亏损经扣除（计入）以下各
项后达致：
| 81 |
|---|
| 8 1 |
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
150Wan Leader International Limited Anual Report 2024 – 2025
11. INCOME TAX EXPENSES (CREDIT)
The income tax expenses (credit) comprises:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Defered taxation递延税项
– Curent year－本年度(80)
(80)
Pursuant to the rules and regulations of the Cayman Islands
and the BVI, the Group is not subject to any income tax in
the Cayman Islands and the BVI.
Under the two-tiered profits tax rates regime, the first HK$2
milion of profits of qualifying corporation wil be taxed at
8.25%, and profits above HK$2 milion wil be taxed at
16.5%. For the years ended 31 March 2025 and 31 March
2024, Hong Kong profits tax of the qualified entity of the
Group is calculated in acordance with the two-tiered profits
tax rates regime. The profits of other Group entities in Hong
Kong not qualifying for the two-tiered profits tax rates regime
wil continue to be taxed at the flat rate of 16.5%.
Under the Law of the PRC on Enterprise Income Tax (the
“PRC EIT Law”) and Implementation Regulation of the PRC
EIT Law, the tax rate of the PRC subsidiaries is 25% from 1
January 2008 onwards.
- （抵免）
所得税开支（抵免）包括：
根据开曼群岛及英属处女群岛的规则
及规例，本集团无须缴纳任何开曼群
岛及英属处女群岛的所得税。
根据两级制利得税率制度，合资格
企业的首2百万港元溢利将按8.25%
的税率征税，而超过2百万港元的溢
利将按16.5%的税率征税。截至二零
二五年三月三十一日及二零二四年三
月三十一日止年度，本集团合资格之
实体的香港利得税均按两级制利得税
率制度计算。不符合两级制利得税率
制度资格之其他香港集团实体之溢利
将继续按单一税率16.5%缴纳税项。
根据中国企业所得税法（「中国企业所
得税法」）及中国企业所得税法实施条
例，自二零八年一月一日起，中国
附属公司之税率为25%。
| (25,132) |
|---|
| (4,147) |
| (343) |
| 850 |
| 3,585 |
| 24 |
| 112 |
| 8 1 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
151万励达国际有限公司 二○二四－二○二五年报
11. INCOME TAX EXPENSES (CREDIT)
(Continued)
The income tax expenses (credit) can be reconciled to the
los before income tax per the consolidated statement of
profit or los and other comprehensive income as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Los before income tax除所得税前亏损(24,751)
Tax at the Hong Kong Profits Tax rate
of 16.5%
按香港利得税率16.5%
计算的税项(4,084)
Tax efect of income not taxable for tax
purpose
就税项方面毋须课税收入的
税务影响(36)
Tax efect of expenses not deductible for
tax purpose
就税项方面不可抵扣开支的
税务影响325
Tax efect of tax loses not recognised未确认税项亏损的税务影响3,916
Tax efect of deductible temporary
diferences not recognised
未确认可予扣税暂时差额的
税务影响28
Others其他(229)
Income tax expense (credit)所得税开支（抵免）(80)
- （抵免）（续）
所得税开支（抵免）与综合损益及其他
全面收益表的除所得税前亏损对账如
下：
| – | 1,520 | 1,000 | 18 | 2,538 |
|---|---|---|---|---|
| – | 4 | – | – | 4 |
| – | 8 | – | 9 | 17 |
| – | 48 | – | – | 48 |
| – | 236 | – | 9 | 245 |
| – | 31 | – | – | 31 |
| – | 31 | – | – | 31 |
| 110 | – | – | – | 110 |
| 57 | – | – | – | 57 |
| 57 | – | – | – | 57 |
| 14 | – | – | – | 14 |
| 37 | – | – | – | 37 |
| 80 | – | – | – | 80 |
| 355 | 1,878 | 1,000 | 36 | 3,269 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
152Wan Leader International Limited Anual Report 2024 – 2025
12. DIRECTORS’ AND CHIEF EXECUTIVE
OFICER’S EMOLUMENTS
Directors’ and Chief Executive Oficer’s emoluments paid or
payable disclosed pursuant to the aplicable GEM Listing
Rules and the Hong Kong Companies Ordinance, is as
folows:
Fes
Salaries
and
alowances
Discretionary
bonuses
Retirement
scheme
contributionsTotal
袍金薪金及津贴酌情花红退休计划供款总计
HK$’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
Executive directors:执行董事：
Mr. Loy Hak Yu Thomas (Chairman)吕克宜先生（主席）
Ms Qu Tianyun (note (i) below)渠天芸女士（见下文附注(i)）
Mr. Zhang Pangfei (note (i) below)张雱飞先生（见下文附注(i)）
Ms. Wu Yushan (note (i) below)邬雨杉女士（见下文附注(i)）
Mr. Yan Ximao (note (iv) below)严希茂先生（见下文附注(iv)）
Non-executive directors:非执行董事：
Mr. Li Shiu Tong Andrew (note (v) below)李绍棠先生（见下文附注(v)）
Mr. Yau Tung Shing (note (vi) below)邱东成先生（见下文附注(vi)）
Independent non-executive directors:独立非执行董事：
Mr. Chow Chi Wing周志荣先生
Mr. Tam Chi Ming George (note (vi) below)谭志明先生（见下文附注(vi)）
Mr. Wan San Fai Vincent (note (vi) below)温新辉先生（见下文附注(vi)）
Ms. Lai Pik Chi Pegy (note (ix) below)黎碧芝女士（见下文附注(ix)）
Mr. Liao Dongqiang (note (x) below)廖东强先生（见下文附注(x)）
Mr. Ho Yuk Ming Hugo (note (xi) below何育明先生（见下文附注(xi)）
Year ended 31 March 2024截至二零二四年三月
三十一日止年度
Executive directors:执行董事：
Mr. Loy Hak Yu Thomas (Chairman)吕克宜先生（主席）–1,620135181,773
Ms. Qu Tianyun (note (i) below)渠天芸女士（见下文附注(i)）–406–46
Mr. Zhang Pangfei (note (i) below)张雱飞先生（见下文附注(i)）–5714558674
Ms. Wu Yushan (note (i) below)邬雨杉女士（见下文附注(i)）–12010–130
Mr. Yan Ximao (note (iv) below)严希茂先生（见下文附注(iv)）–3603018408
Independent non-executive directors:独立非执行董事：
Mr. Chow Chi Wing周志荣先生120–10–130
Ms. Qu Tianyun (note (i) below)渠天芸女士（见下文附注(i)）58–58
Mr. Liao Dongqiang (note (x) below)廖东强先生（见下文附注(x）120–10–130
Mr. Ho Yuk Ming Hugo (note (xi) below)何育明先生（见下文附注(xi)）120–10–130
Mr. Zhang Quanhui (note (xi) below)张全辉先生（见下文附注(xi)）22–22
4402,711256943,501
12. 董事及行政总裁酬金
根据适用的GEM上市规则及香港公司
条例披露已付或应付董事及行政总裁
的酬金如下：
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
153万励达国际有限公司 二○二四－二○二五年报
12. DIRECTORS’ AND CHIEF EXECUTIVE
OFICER’S EMOLUMENTS (Continued)
Notes:
(i) Ms. Qu Tianyun was apointed as an independent non-executive
director on 8 June 2023. Further, Ms. Qu Tianyun has ben
redesignated as an executive director on 1 December 2023.
(i) Mr. Zhang Pangfei retired as an executive director on 23
September 2024.
(i) Ms. Wu Yushan retired as an executive director on 23 September
2024.
(iv) Mr. Yan Ximao resigned as an executive director on 30 December
2024.
(v) Mr. Li Shiu Tong Andrew was apointed as a non-executive
director on 30 December 2024.
(vi) Mr. Yau Tung Shing was apointed as a non-executive director on
30 December 2024.
(vi) Mr. Tam Chi Ming George was apointed as an independent
non-executive director on 9 October 2024.
(vi) Mr. Wan San Fai Vincent was apointed as an independent
non-executive director on 9 October 2024.
(ix) Ms. Lai Pik Chi Pegy was apointed as an independent
non-executive director on 22 August 2024. Further, Ms. Lai Pik
Chi Pegy retired as an independent non-executive director on 23
September 2024.
(x) Mr. Liao Dongqiang resigned as an independent non-executive
director on 22 August 2024.
(xi) Mr. Ho Yuk Ming Hugo resigned as an independent non-executive
director on 30 December 2024.
(xi) Mr. Zhang Quanhui resigned as an independent non-executive
director on 8 June 2023.
- （续）
附注：
(i) 渠天芸女士于二零二三年六月八日获
委任为独立非执行董事。此外，渠天
芸女士已于二零二三年十二月一日调
任为执行董事。
(i) 张雱飞先生于二零二四年九月二十三
日退任执行董事。
(i) 邬雨杉女士于二零二四年九月二十三
日退任执行董事。
(iv) 严希茂先生于二零二四年十二月三十
日辞任执行董事。
(v) 李绍棠先生于二零二四年十二月三十
日获委任为非执行董事。
(vi) 邱东成先生于二零二四年十二月三十
日获委任为非执行董事。
(vi) 谭志明先生于二零二四年十月九日获
委任为独立非执行董事。
(vi) 温新辉先生于二零二四年十月九日获
委任为独立非执行董事。
(ix) 黎碧芝女士于二零二四年八月二十二
日获委任为独立非执行董事。此外，
黎碧芝女士于二零二四年九月二十三
日退任独立非执行董事。
(x) 廖东强先生于二零二四年八月二十二
日辞任独立非执行董事。
(xi) 何育明先生于二零二四年十二月三十
日辞任独立非执行董事。
(xi) 张全辉先生于二零二三年六月八日辞
任独立非执行董事。
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
154Wan Leader International Limited Anual Report 2024 – 2025
12. DIRECTORS’ AND CHIEF EXECUTIVE
OFICER’S EMOLUMENTS (Continued)
The executive directors’ and non-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.
There was no arangement under which a director waived or
agred to waive any remuneration during the years ended 31
March 2025 and 31 March 2024.
The remunerations of directors and the Chief Executive
Oficer were reviewed by the remuneration comite of the
Company having regard to the performance of individuals
and market trends.
The discretionary bonus is recomended by the
management of the Group and aproved by remunerations
comite of the Group, having regard to the Group’s
operating results, individual performance and the prevailing
marketing condition.
13. FIVE HIGHEST EMPOLYES’
EMOLUMENTS
Of the five individuals with the highest emoluments in the
Group, during the year ended 31 March 2025, one (2024:
one) was director of the Company whose emoluments are
included in the note 12 above. The emoluments of the
remaining four (2024: four) individuals were as folows:
- （续）
上文所示之执行董事及非执行董事酬
金乃彼等就管理本公司及本集团事务
而提供服务之酬金。
上文所示的独立非执行董事酬金与彼
等作为本公司董事提供的服务有关。
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，概无董
事放弃或同意放弃任何酬金之安排。
本公司薪酬委员会根据个人表现及市
场趋势检讨董事及行政总裁的薪酬。
酌情花红由本集团管理层建议，并由
本集团薪酬委员会批准，而厘定时乃
经考虑本集团的经营业绩、个人表现
及现行市况。
13. 五名最高薪雇员酬金
截至二零二五年三月三十一日止年
度，本集团五名最高薪酬人士包括本
公司一名（二零二四年：一名）董事，
彼等的酬金载于上文附注12。余下四
名（二零二四年：四名）人士的酬金如
下：
| 4,480 |
|---|
| 50 |
| 72 |
| 4,60 2 |
| 3 |
|---|
| – |
| 1 |
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
155万励达国际有限公司 二○二四－二○二五年报
13. FIVE HIGHEST EMPOLYES’
EMOLUMENTS (Continued)
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3.930
Discretionary bonus (note below)酌情花红（附注见下文）301
Contributions to retirement benefit scheme退休福利计划供款72
4,303
Note: Discretionary bonus that is recomended by the management
of the Group and aproved by remunerations comite of the
Group, having regard to the Group’s operating results, individual
performance and comparable market statistics.
Their emoluments were within the folowing band:
二零二五年二零二四年
No. of
Employes
No. of
Employes
雇员人数雇员人数
Nil to HK$1,500,000零至1,500,000港元4
HK$1,500,001 to HK2,000,0001,500,001港元至2,000,000港元–
HK$2,000,001 to HK2,500,0002,000,001港元至2,500,000港元–
During the years ended 31 March 2025 and 31 March 2024,
no emoluments were paid by the Group to the five highest
paid individuals (including directors, Chief Executive Oficer
and employes) as an inducement to join or upon joining the
Group or as compensation for los of ofice.
14. DIVIDENDS
The directors of the Company do not recomend the
payment of a final dividend for the years ended 31 March
2025 and 31 March 2024, nor has any dividend ben
proposed since the end of the reporting period.
- （续）
附注： 经考虑本集团的经营业绩、员工个人
表现及可比较市场统计数据后由本集
团管理层建议授予及由本集团薪酬委
员会批准的酌情花红。
彼等酬金均于下列酬金组别内：
于截至二零二五年三月三十一日及二
零二四年三月三十一日止年度，本集
团概无向五名最高薪酬人士（包括董
事、行政总裁及雇员）支付酬金，作
为加入本集团或加入本集团后的奖励
或作为离职补偿。
14. 股息
本公司董事不建议派付截至二零二五
年三月三十一日及二零二四年三月
三十一日止年度的末期股息，自报告
期末以来，亦未拟派发任何股息。
| (25,21 3) |
|---|
| 1,247,830 |
|---|
| – |
| – |
| (1,123,047) |
| 6 8 |
| 124,85 1 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
156Wan Leader International Limited Anual Report 2024 – 2025
15. LOS PER SHARE
(a) Basic
The calculation of the basic and diluted los per share
is based on the folowing data:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Los figures are calculated as folows:亏损数字计算如下：
Los represent los for the year atributable to
the owners of the Company
亏损指本公司拥有人应占年内
亏损(24,671)
二零二五年二零二四年
’000 of shares
千股
(Restated)
（经重列）
Number of shares股份数目
Isued ordinary shares at 1 April于四月一日已发行的普通股990,000
Efect of shares isued under the May 2023
Placing
二零二三年五月配售事项下已
发行股份的影响98,341
Efect of shares isued under the November
2023 Placing
二零二三年十一月配售事项下
已发行股份的影响54,276
Efect of Share Consolidation股份合并的影响(1,028,355)
Efect of shares isued under the 2025 Placing二零二五年配售事项下已发行
股份的影响–
Weighted average number of ordinary shares for
the purpose of basic los per share
就计算每股基本亏损而言的普
通股加权平均数114,262
The weighted average number of ordinary shares for
the purpose of basic and dilutes los per share for the
years ended 31 March 2025 and 31 March 2024 have
ben adjusted for the isuance of new shares for both
years and also the Share Consolidation during the year
ended 31 March 2025 and details of which are set out
in note 27.
(b) Diluted
Diluted los per share is same as basic los per share
as there were no potential ordinary shares in isue for
the years ended 31 March 2025 and 31 March 2024.
15. 每股亏损
(a) 基本
计算每股基本及摊薄亏损时乃
基于以下数据：
就计算截至二零二五年三月
三十一日及二零二四年三月
三十一日止年度每股基本及摊
薄亏损而言，普通股加权平均
数已就两个年度发行新股份及
截至二零二五年三月三十一日
止年度的股份合并作出调整，
详情载于附注27。
(b) 摊薄
截至二零二五年三月三十一日
及二零二四年三月三十一日止
年度，由于并无潜在已发行普
通股，故每股摊薄亏损与每股
基本亏损相同。
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
157万励达国际有限公司 二○二四－二○二五年报
- 、厂房及设备16. PROPERTY, PLANT AND EQUIPMENT
Right-of-use asets
Furniture
and
fixtures
Ofice
equipment
Leasehold
improvements
Motor
vehiclesTotal
使用权资产
PropertiesMotor vehicles
物业汽车
家私及
固定装置办公室设备租赁物业装修汽车总计
HK$’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
Cost:成本：
At 31 March 2023于二零二三年三月三十一日6612,30641752,3141,3476,807
Aditions添置–1,920–1,920
Exchange realignments汇兑调整–(6)(32)(46)(84)
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
6612,30642,0892,2821,3018,643
Aditions添置302–50–352
Writen of/disposals撇销╱出售–(1,920)–(771)(2,691)
Termination of right-of-use终止使用权(661)–(661)
Exchange realignments汇兑调整–(1)(5)1(5)
Transfer转让–(2,306)–2,306–
Disposal of subsidiaries出售附属公司–(103)(535)–(638)
At 31 March 2025于二零二五年三月三十一日302–4651,7922,8375,000
Acumulated Depreciation:累计折旧：
At 31 March 2023于二零二三年三月三十一日3499824801,3986823,495
Charge for the year年内扣除220461–5544321241,791
Exchange realignments汇兑调整–(1)(7)(10)(18)
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
5691,44346331,8237965,268
Charge for the year年内扣除180461–3392571121,349
Eliminated on writen of/disposals撇销╱出售时抵销–(853)–(378)(1,231)
Termination of right-of-use终止使用权(661)–(661)
Exchange realignments汇兑调整–(1)(2)1(2)
Transfer转让–(1,904)–1,904–
Eliminated on disposal of subsidiaries出售附属公司时抵销–(53)(321)–(374)
At 31 March 2025于二零二五年三月三十一日88–4651,7572,4354,349
Carying amount账面值
At 31 March 2025于二零二五年三月三十一日214–35402651
At 31 March 2024于二零二四年三月三十一日92863–1,4564595053,375
| 180 |
|---|
| 461 |
| 126 |
| 58 |
|---|
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
158Wan Leader International Limited Anual Report 2024 – 2025
- 、厂房及设备（续）
上述物业、厂房及设备项目按以下年
率以直线法折旧：
家私及固定装置20%
办公室设备20%至33%
租赁物业装修20%或租期（以
较短者为准）
汽车20%
使用权资产20%或租期（以
较短者为准）
有关于损益中确认的租赁资产之金额
17. 递延税项资产
以下为用作财务报告之递延税项资产
（经将相同税项实体若干递延税项资
产与递延税项负债作抵销后）分析：
16. PROPERTY, PLANT AND EQUIPMENT
(Continued)
The above items of property, plant and equipment are
depreciated on a straight-line basis at the folowing rates per
anum:
Furniture and fixtures20%
Ofice equipment20% to 33%
Leasehold improvements20% or over the lease term,
whichever is shorter
Motor vehicles20%
Right-of-use asets20% or over the lease term,
whichever is shorter
Amounts related to leased asets recognised in profit
or los
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Depreciation on right-of-use asets使用权资产之折旧
Leased properties租赁物业220
Motor vehicles汽车461
Expenses relating to short-term leases短期租赁开支126
17. DEFERED TAX ASETS
The folowing is the analysis of the defered tax asets,
after set of certain defered tax asets against defered tax
liabilities of the same taxable entity, for financial reporting
purposes:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Defered tax asets递延税项资产148
| 5 8 | – | 5 8 |
|---|
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
159万励达国际有限公司 二○二四－二○二五年报
- （续）
下列为于本年度及过往年度确认的主
要递延税项资产及递延税项负债及其
变动：
于报告期末，本集团有未动用税项亏
损约76,642,000港元（二零二四年：
55,803,000港元）可抵销未来溢利。
由于未来溢利来源难以预测，故并无
就该等未动用税项亏损确认递延税项
资产。在香港产生的未确认税项亏损
可无限期结转，而在中国产生的未确
认税项亏损可自其产生各年度起计结
转五年。
17. DEFERED TAX ASETS (Continued)
The folowing are the major defered tax asets and defered
tax liabilities recognised and movements thereon during the
curent and prior years:
ECL provision
on trade and
other receivables,
deposits,
and amount
due from a
related company
Acelerated
tax depreciationTotal
贸易及其他
应收款项、
按金及应收一间
关连公司款项的
预期信贷亏损拨备加速税项折旧总计
HK$’000HK$’000HK$’000
千港元千港元千港元
At 31 March 2023于二零二三年三月三十一日65267
Credit to profit or los for the year
(note 11)
于年度损益计入（附注11）602080
Exchange realignments汇兑调整1–1
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
Credit to profit or los for the year
(note 11)
于年度损益计入（附注11）(59)(22)(81)
Disposal of subsidiaries出售附属公司(9)–(9)
At 31 March 2025于二零二五年三月三十一日
At the end of the reporting period, the Group has unused
tax loses of aproximately HK$76,642,000 (2024:
HK$55,803,000) available for ofset against future profits.
Defered tax asets have not ben recognised in respect
of these unused tax loses due to unpredictability of the
future profit streams. The unrecognised tax los arising in
Hong Kong can be caried forward indefinitely while the
unrecognised tax los arising in the PRC can be caried
forward for a period of five years from their respective year
of origination.
| – |
|---|
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
160Wan Leader International Limited Anual Report 2024 – 2025
17. DEFERED TAX ASETS (Continued)
At the end of the reporting period, agregate amount of
temporary diferences asociated with undistributed earnings
of subsidiaries for which defered tax liabilities have not ben
recognised become zero due to the disposal of subsidiaries
(31 March 2024: HK$2,315,000). No liability has ben
recognised in respect of these diferences because the
Group is in a position to control the timing of the reversal
of the temporary diferences and it is probable that such
diferences wil not reverse in the foreseable future.
At the year ended 31 March 2025, the Group has deductible
temporary diferences of aproximately HK$379,000 (2024:
HK$233,000). No defered tax aset has ben recognised in
relation to such deductible temporary diference as it is not
probable that taxable profit wil be available against which
the deductible temporary diferences can be utilised.
18. INVENTORIES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Merchandise商品432
During the year ended 31 March 2024, the Company
recognised a los of writen of of inventories of
aproximately HK$115,000 which was charged to profit or
los for the year (2025: nil).
- （续）
于报告期末，因出售附属公司，附属
公司未分配盈利相关的暂时差额（并
未就该等金额确认递延税项负债）合
共为零（二零二四年三月三十一日：
2,315,000港元）。由于本集团可控制
拨回暂时差额之时间，而该等差额预
期于可见将来不会拨回，故并无就该
等差额确认负债。
于截至二零二五年三月三十一日
止年度，本集团可扣减暂时差额约
379,000港元（二零二四年：233,000
港元）。由于并无可能动用应课税溢
利抵销可扣减暂时差额，概无就有关
可扣减暂时差额确认递延税项资产。
18. 存货
截至二零二四年三月三十一日止
年度，本公司确认撇销存货亏损约
115,000港元，并已于本年度损益中
扣除（二零二五年：无）。
| 32,286 |
|---|
| (507) |
| 31,779 |
| 92 |
| – |
| 2,160 |
| 20,625 |
| 348 |
| 1,200 |
| 24,425 |
| (464) |
| 23,961 |
| 55,740 |
| 55,655 |
| 85 |
| 55,740 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
161万励达国际有限公司 二○二四－二○二五年报
19. TRADE AND OTHER RECEIVABLES,
DEPOSITS AND PREPAYMENTS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Receivables at amortised cost comprise:按摊销成本计量之应收款项
包括：
Trade receivables贸易应收款项33,309
Les: Alowances减：拨备(705)
32,604
Prepayment, deposits and
other receivables comprise:
预付款项、按金及其他应收
款项包括：
– Rental deposits– 租赁按金112
– Third party freight forwards– 第三方货运代理2,000
– Logistics and warehouse services– 物流及仓储服务10,800
– Supliers of fashion items– 时尚商品的供应商18,629
– Other deposits and prepayment– 其他按金及预付款项372
– Other receivables– 其他应收款项3,700
35,613
Les: Alowances减：拨备(2)
35,611
68,215
Analysed as:分析为：
– Curent– 流动68,207
– Non-curent– 非流动8
68,215
- 、按
金及预付款项
| 16,545 |
|---|
| 9,292 |
| 13 |
| 516 |
| 5,413 |
| 31,779 |
| 13 |
|---|
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
162Wan Leader International Limited Anual Report 2024 – 2025
19. TRADE AND OTHER RECEIVABLES,
DEPOSITS AND PREPAYMENTS
(Continued)
Al trade receivables as at 31 March 2025 and 31 March
2024 are arising from HKFRS 15.
The Group alows credit periods ranging from 30 to 90 days
to its customers.
The folowing is an aging analysis of trade receivables net
of alowance for expected credit loses of trade receivables,
presented based on the invoice date, which aproximates
the respective revenue recognition dates, at the reporting
date:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within 30 days30日以内15,914
More than 30 but within 60 days超过30日但于60日以内9,066
More than 60 but within 90 days超过60日但于90日以内7,343
More than 90 days but within 1 year超过90日但于1年以内281
More than 1 year超过1年–
32,604
The Group’s trade receivables that are denominated in
curencies other than functional curencies of the relevant
group entities are set out below:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Denominated in USD以美元计值4,478
- 、按
金及预付款项（续）
所有贸易应收款项于二零二五年三月
三十一日及二零二四年三月三十一日
均产生自香港财务报告准则第15号。
本集团向其客户授出介乎30至90日的
信贷期。
下表载列于报告日期的贸易应收款项
（扣除贸易应收款项预期信贷亏损拨
备）根据发票日期（与各收益确认日期
相若）呈列的账龄分析：
以相关集团实体之功能货币以外货币
计值之本集团贸易应收款项载列如下：
| – |
|---|
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
163万励达国际有限公司 二○二四－二○二五年报
20. AMOUNT DUE FROM A RELATED
COMPANY
Particulars of amounts due from a related company disclosed
pursuant to Section 383(1)(d) of the Companies Ordinance
(Cap. 622) and Part 3 of the Companies (Disclosure of
Information about Benefits of Directors) Regulation are as
folows:
Name of related company关连公司名称Relationship关系20252024
Maximum
amount
outstanding
during the
year
二零二五年二零二四年
年内最高
未偿还金额
HK’000HK’000
千港元千港元
Zhejiang Jiyueke Brand
Management Co., Ltd.
浙江集约客品牌管理
有限公司
Controled by a
director由一名董事控制1,9011,901
The amount due from a related company was unsecured,
interest-fre and had no fixed repayment terms. The balance
became nil due to the disposal of subsidiaries.
20. 应收一间关连公司款项
根据公司条例（第622章）第383(1)(d)
条及公司（披露董事利益资料）规例第
3部披露之应收一间关连公司款项详
情如下：
应收一间关连公司款项为无抵押、免
息及无固定还款期。结余因出售附属
公司而变为零。
| – |
|---|
| 15,511 |
| 15,511 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
164Wan Leader International Limited Anual Report 2024 – 2025
21. PLEDGED BANK DEPOSITS AND
BANK BALANCES AND CASH
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Pledged bank deposits已抵押银行存款3,017
Bank balances and cash银行结余及现金14,823
17,840
Bank balances cary interest at market rates.
As at 31 March 2024, out of the balances of pledged
bank deposits and bank balances and cash, an amount of
HK$579,000 is denominated in RMB which is not a frely
convertible curency in the PRC and the remitance of funds
out of the PRC is subject to the foreign exchange control
promulgated imposed by the government of the PRC. As
at 31 March 2025, the Company did not have any bank
balance that is denominated in RMB which is not a frely
convertible curency in the PRC and the remitance of funds
out of the PRC is subject to the foreign exchange control
promulgated imposed by the government of the PRC.
The Group’s balances of pledged bank deposits and bank
balances and cash denominated in RMB which located in
Hong Kong are not subject to the foreign exchange control.
The pledged bank deposits represent deposits pledged to a
bank to secure the provision of cargo transportation services
from the supliers. For the year ended 31 March 2024, the
pledged bank deposits cary fixed interest rates at 0.975%
(2025: nil) per anum.
21. 已抵押银行存款以及银行
结余及现金
银行结余按市场利率计息。
于二零二四年三月三十一日，在已抵
押银行存款以及银行结余及现金的
结余中，金额为579,000港元的款项
以人民币计值，而人民币在中国并非
可自由兑换的货币，且资金汇出中国
须受中国政府颁布的外汇管制规限。
于二零二五年三月三十一日，本公司
并无任何以人民币计值之银行结余，
而人民币在中国并非可自由兑换的货
币，将资金汇出中国须遵守中国政府
施加的外汇管制。
本集团位于香港的以人民币计值的已
抵押银行存款以及银行结余及现金结
余不受外汇管制的规限。
已抵押银行存款指抵押予一间银行之
按金，为用于抵押供应商提供货物运
输服务。截至二零二四年三月三十一
日止年度，已抵押银行存款按固定年
利率0.975%（二零二五年：零）计息。
| 22,413 |
|---|
| 3,504 |
| 25,917 |
| 25,401 |
| 516 |
| 25,917 |
| 16,223 |
|---|
| 5,566 |
| 82 |
| – |
| 542 |
| 22,413 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
165万励达国际有限公司 二○二四－二○二五年报
22. TRADE AND OTHER PAYABLES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Trade payables贸易应付款项21,409
Other payables and acrued expenses其他应付款项及应计开支8,532
29,941
Analysed as:分析为：
– Curent– 流动29,941
– Non-curent– 非流动–
29,941
The folowing is an aging analysis of trade payables
presented based on the invoice date at the end of the
reporting period.
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Within 30 days30日以内13,406
More than 30 but within 60 days超过30日但于60日以内7,416
More than 60 but within 90 days超过60日但于90日以内45
More than 90 but within 1 year超过90日但于1年以内542
More than 1 year超过1年–
21,409
The credit periods granted from the supliers are
ranging from 30 to 45 days. The Group has financial risk
management policies in place to ensure that al payables are
setled within the credit timeframe.
22. 贸易及其他应付款项
以下为于报告期末根据发票日期呈列
的贸易应付款项的账龄分析。
供应商授予之信贷期为30至45日。本
集团已实施财务风险管理政策，以确
保所有应付款项均于信贷时限内缴清。
| 29 |
|---|
| 542 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
166Wan Leader International Limited Anual Report 2024 – 2025
22. TRADE AND OTHER PAYABLES
(Continued)
The Group’s trade payables that are denominated in
curencies other than functional curencies of the relevant
group entities are set out below:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Denominated in USD以美元计值1,639
Denominated in Great Britain Pound (“GBP”)以英镑（「英镑」）计值542
Included in other payables and acrued expenses were:
(i) Amount due to a director amounted to aproximately
HK$119,000 (2024: HK$339,000) which is unsecured,
interest-fre and repayable on demand.
(i) As at 31 March 2024, amount due to a related
company amounted to aproximately HK$16,000
which was unsecured, interest-fre and repayable on
demand. The amount become zero due to the disposal
of subsidiaries during the year ended 31 March 2025
and thus, as at 31 March 2025, the outstanding
balance is HK$nil.
(i) As at 31 March 2024, outstanding borowings
granted by independent third parties amounted to
aproximately HK$2,910,000, which was unsecured,
caried at fixed interest rate of 4% per anum and
with maturity within one year. As at 31 March 2025,
the borowings become zero due to the disposal of
subsidiaries during the year 31 March 2025 and thus,
as at 31 March 2025, the outstanding balance is
HK$nil.
(iv) As at 31 March 2025, non-curent payables represent
long service payment obligation.
- （续）
以相关集团实体之功能货币以外货币
计值之本集团贸易应付款项载列如下：
其他应付款项及应计开支包括：
(i) 应付一名董事款项约119,000港
元（二零二四年：339,000港元）
为无抵押、免息及须按要求偿
还。
(i) 于二零二四年三月三十一日，
应付一间关连公司款项约为
16,000港元为无抵押、免息及
须按要求偿还。由于截至二零
二五年三月三十一日止年度出
售附属公司，该笔款项变为零，
因此，于二零二五年三月三十一
日，未偿还结余为零港元。
(i) 于二零二四年三月三十一日，
独立第三方授予的未偿还借款
约2,910,000港元为无抵押，按
固定年利率4%计息，并于一年
内到期。由于截至二零二五年
三月三十一日止年度出售附属
公司，借款变为零，因此，于二
零二五年三月三十一日，未偿
还结余为零港元。
(iv) 于二零二五年三月三十一日，
非流动应付款项指长期服务金
责任。
| – |
|---|
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
167万励达国际有限公司 二○二四－二○二五年报
23. CONTRACT LIABILITIES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Provision of freight forwarding and related
logistics services
提供货运代理及相关物流
服务323
Contract liabilities represent the Group’s obligations to
transfer services to a customer for which an amount of
consideration is due from the customer. During the year
ended 31 March 2025, revenue recognised in the curent
year relating to contract liabilities at the begining of the year
was aproximately HK$323,000 (2024: HK$348,000). There
was no revenue recognised in the curent year that related to
performance obligations that were satisfied in a prior year.
The Group makes advance bilings to certain customers at
the comencement of services. The advance bilings related
to non-cancelable contracts that are due for payments
resulted in contract liabilities being recognised through the
shipment period until the completion of shipment.
23. 合约负债
合约负债指本集团应收客户代价金
额而有责任向客户转让服务。于截至
二零二五年三月三十一日止年度，于
本年度就合约负债于年初已确认的收
益为约323,000港元（二零二四年：
348,000港元）。概无于本年度确认有
关过往年度达成的履约责任的收益。
本集团于开始提供服务时提前向若干
客户出具账单。与到期付款的不可注
销合约有关的提前出具账单所产生的
合约负债乃于运送期间直至完成运送
予以确认。
| 152 |
|---|
| 66 |
| – |
| 218 |
| (66) |
| 152 |
| 152 |
| 66 |
| 218 |
| 52 |
| 975 |
| 302 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
168Wan Leader International Limited Anual Report 2024 – 2025
24. LEASE LIABILITIES
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Lease liabilities payable on:于以下期限内应`付租赁负债：
– Within one year－一年内486
– Within a period of more than one year
but not more than two years
－超过一年但少于两年
期间内276
– Within a period of more than two years
but not exceding five years
－超过两年但少于五年
期间内77
Les: Amounts due for setlement after
12 months and shown under
curent liabilities
减：十二个月后结算的到期
款项并于流动负债
项下显示(353)
Amounts due for setlement within
12 months and shown under
non-curent liabilities
十二个月内结算的到期款项
并于非流动负债项下显示
Analysed as:分析为：
– Curent－流动486
– Non-curent－非流动353
Other information:其他资料：
Interest on lease liabilities租赁负债的利息60
Total cash outflow of leases租赁的现金流出总额701
Adition of new leases添置新租赁–
24. 租赁负债
| 9,099 |
|---|
| – |
| 9,099 |
| 9,099 |
| – |
| 9,099 |
| (9,099) |
| – |
| – |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
169万励达国际有限公司 二○二四－二○二五年报
25. BANK AND OTHER BOROWINGS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Other borowings其他借款–
Bank borowings银行借款756
The carying amounts of unsecured bank
and other borowings presented based on
contractual scheduled repayment dates
set out in the loan agrements
根据贷款协议所载的合约预
定还款日期呈列的无抵押
银行及其他借款账面值
Within one year一年内500
After one year but within two years超过一年但于两年内256
Les: Amount due within one year and
shown under curent liabilities
减：于一年内到期并于流动
负债项下显示之金额(500)
Amount due after one year and shown
under non-curent liabilities
于一年后到期并于非流动负
债项下显示之金额256
The carying amounts of bank and other
borowings that are not repayable on
demand or within one year from the end
of the reporting period but contain
a repayment on demand clause
无须按要求或自报告期末起
计一年内偿还的银行及其
他借款账面值但载有按要
求偿还条
The unsecured bank borowing as at 31 March 2024 caried
at interest rate of Prime rate – 2.25% per anum and
repayable for 3 years to 5 years. The borowings contains
repayable on demand clause and thus, the balances had
ben clasified as curent liabilities. The proceds were used
for general working capital purpose.
As at 31 March 2025, other borowings represented
borowing due to Cargo Man Logistics Company Limited,
the shareholder of the Company. The amount is unsecured,
caried at 28% per anum and repayable within one year.
25. 银行及其他借款
于二零二四年三月三十一日，无抵押
银行借款按年利率最优惠利率–2.25%
计息，并须于三年至五年内偿还。该
等借款包含按要求偿还条款，故该结
余被分类为流动负债。所得款项均用
作一般营运资金。
于二零二五年三月三十一日，其他借
款指应付本公司股东万城物流运输有
限公司的借款。该笔款项为无抵押，
按年利率28%计息及应于一年内偿还。
| 150 |
|---|
| 10,000,000 |
|---|
| (9,000,000) |
| 1,000,000 |
| 990,000 |
| 112,830 |
| 145,000 |
| 1,247,830 |
| (1,123,047) |
| 24,956 |
| 149,739 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
170Wan Leader International Limited Anual Report 2024 – 2025
26. PROVISIONS
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Analysed for reporting purposes as:就呈报目的分析为：
Non-curent liabilities非流动负债
– Provision for reinstatement cost– 修复成本拨备100
27. SHARE CAPITAL
Number of
sharesAmount
股份数目金额
‘000HK$’000
千股千港元
Authorised:法定：
At 1 April 2023, 31 March 2024 and
1 April 2024 (ordinary share at
HK$0.01 per share)
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
（每股普通股0.01港元）100,000
Share Consolidation (note (b)(i) below)股份合并（见下文附注(b)(i)）–
At 31 March 2025 (ordinary share at
HK$0.1 per share)
于二零二五年三月三十一日
（普通股每股0.1港元）100,000
Isued and fuly paid已发行及缴足
At 1 April 2023 (ordinary share at
HK$0.01 per share)
于二零二三年四月一日
（每股普通股0.01港元）9,900
Shares isued under the May 2023
Placing (note (a)(i) below)
二零二三年五月配售事项下
已发行股份（见下文
附注(a)(i)）1,128
Shares isued under the November
2023 Placing (note (a)(i) below)
二零二三年十一月配售事项
下已发行股份（见下文
附注(a)(i)）1,450
At 31 March 2024 and 1 April 2024
(ordinary share at HK$0.01 per share)
于二零二四年三月三十一日
及二零二四年四月一日
（普通股每股0.01港元）12,478
Share Consolidation (note (b)(i) below)股份合并（见下文附注(b)(i)）–
Shares isued under the 2025 Placing
(note (b)(i) below)
二零二五年配售事项下已发
行股份（见下文附注(b)(i)）2,496
At 31 March 2025 (ordinary share at
HK$0.1 per share)
于二零二五年三月三十一日
（每股普通股0.1港元）14,974
26. 拨备
27. 股本
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
171万励达国际有限公司 二○二四－二○二五年报
27. SHARE CAPITAL (Continued)
The movements of the Company’s authorised and isued
share capital during the years ended 31 March 2025 and 31
March 2024 are as folows:
(a) For the year ended 31 March 2024
(i) May 2023 Placing
Pursuant to the Company’s anouncement dated
6 April 2023, on 6 April 2023, the Company
entered into the placing agrement (the “May
2023 Placing Agrement”) with the placing agent
(the “May 2023 Placing Agent”) pursuant to which
the May 2023 Placing Agent conditionaly agred
to place as the Company’s placing agent, on a
best efort basis, the placing shares (the “May
2023 Placing Shares”) of up to 198,000,000 new
shares to certain places at the placing price (the
“May 2023 Placing Price”) of HK$0.071 per May
2023 Placing Share (the “May 2023 Placing”).
The May 2023 Placing Shares would be aloted
and isued pursuant to the general mandate
granted to the directors of the Company at the
anual general meting of the Company held on 2
September 2022.
- （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
的法定及已发行股本变动如下：
(a) 截至二零二四年三月
三十一日止年度
(i) 二零二三年五月配售事项
根据本公司日期为二零
二三年四月六日的公告，
于二零二三年四月六日，
本公司与配售代理（「二零
二三年五月配售代理」）订
立配售协议（「二零二三年
五月配售协议」），据此，
二零二三年五月配售代理
有条件同意作为本公司的
配售代理，按尽力基准以
每股二零二三年五月配
售股份0.071港元的配售
价（「二零二三年五月配售
价」）向若干承配人配售最
多198,000,000股新股份的
配售股份（「二零二三年五
月配售股份」）（「二零二三
年五月配售事项」）。
二零二三年五月配售股份
将根据于二零二年九月
二日举行之本公司股东周
年大会上授予本公司董事
之一般授权予以配发及发
行。
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
172Wan Leader International Limited Anual Report 2024 – 2025
27. SHARE CAPITAL (Continued)
(a) For the year ended 31 March 2024
(Continued)
(i) May 2023 Placing (Continued)
The May 2023 Placing Price of HK$0.071 per May
2023 Placing Share represents: (a) a premium
of aproximately 2.90% to the closing price of
HK$0.069 per share as quoted on the Stock
Exchange on the date of the May 2023 Placing
Agrement; and (b) a discount of aproximately
11.69% to the average closing price of
HK$0.0804 per share as quoted on the Stock
Exchange in the last five consecutive trading days
imediately prior to the date of the May 2023
Placing Agrement.
Pursuant to the Company’s anouncement dated
18 May 2023, the Company anounced that
al the conditions precedent set out in the May
2023 Placing Agrement had ben fulfiled and
completion of the May 2023 Placing tok place on
18 May 2023 in acordance with the terms and
conditions of the May 2023 Placing Agrement.
An agregate of 112,830,000 May 2023 Placing
Shares, representing aproximately 10.23% of the
isued share capital of the Company as at 18 May
2023 imediately after completion, have ben
sucesfuly placed to no les than six places at
the May 2023 Placing Price of HK$0.071 per May
2023 Placing Share.
The net proceds from the May 2023 Placing,
after deduction of al relevant expenses amounted
to aproximately HK$7.67 milion. The Company
intends to aply the net proceds from the May
2023 Placing for the purposes of replenishing the
working capital of the Group and developing the
Group’s busineses.
Further details of the above are set out in the
Company’s anouncements dated 6 April 2023
and 18 May 2023.
- （续）
(a) 截至二零二四年三月
三十一日止年度（续）
(i) 二零二三年五月配售事项
（续）
二零二三年五月配售价每
股二零二三年五月配售股
份0.071港元较：(a)于二零
二三年五月配售协议日期
在联交所报收市价每股
0.069港元溢价约2.90%；
及(b)于紧接二零二三年五
月配售协议日期前最后五
个连续交易日在联交所
报平均收市价每股0.0804
港元折让约11.69%。
根据本公司日期为二零
二三年五月十八日的公
告，本公司宣布，二零
二三年五月配售协议所载
之所有先决条件已获达
成，而二零二三年五月配
售事项已于二零二三年五
月十八日根据二零二三年
五月配售协议的条款及条
件完成。合共112,830,000
股二零二三年五月配售
股份（相当于紧随完成后
本公司于二零二三年五
月十八日之已发行股本
约10.23%）已按每股二零
二三年五月配售股份0.071
港元的二零二三年五月配
售价成功配售予不少于六
名承配人。
二零二三年五月配售事项
所得款项净额（经扣除所
有相关开支后）约为7.67百
万港元。本公司拟将二零
二三年五月配售事项所得
款项净额用于补充本集团
之营运资金以及发展本集
团之业务。
上述进一步详情载于本公
司日期为二零二三年四月
六日及二零二三年五月
十八日的公告。
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
173万励达国际有限公司 二○二四－二○二五年报
27. SHARE CAPITAL (Continued)
(a) For the year ended 31 March 2024
(Continued)
(i) November 2023 Placing
Pursuant to the Company’s anouncement dated
19 September 2023, on 19 September 2023,
the Company entered into the placing agrement
(the “November 2023 Placing Agrement”) with
the placing agent (the “November 2023 Placing
Agent”) pursuant to which the November 2023
Placing Agent conditionaly agred to place as
the Company’s placing agent, on a best efort
basis, the placing shares (the “November 2023
Placing Shares”) of up to 220,566,000 new
shares to certain places at the placing price (the
“November 2023 Placing Price”) of HK$0.100 per
November 2023 Placing Share (the “November
2023 Placing”, together the May 2023 Placing,
the “2023 Placing”).
The November 2023 Placing Shares would be
aloted and isued pursuant to the general
mandate granted to the directors of the Company
at the anual general meting of the Company
held on 28 August 2023.
- （续）
(a) 截至二零二四年三月
三十一日止年度（续）
(i) 二零二三年十一月配售事
项
根据本公司日期为二零
二三年九月十九日之公
告，于二零二三年九月
十九日，本公司与配售代
理（「二零二三年十一月配
售代理」）订立配售协议
（「二零二三年十一月配售
协议」），据此，二零二三
年十一月配售代理有条件
同意作为本公司之配售代
理，按尽力基准以每股二
零二三年十一月配售股份
0.100港元之配售价（「二
零二三年十一月配售价」）
向若干承配人配售最多
220,566,000股新股份之配
售股份（「二零二三年十一
月配售股份」）（「二零二三
年十一月配售事项」，连同
二零二三年五月配售事项
统称「二零二三年配售事
项」）。
二零二三年十一月配售股
份将根据于二零二三年八
月二十八日举行之本公司
股东周年大会上授予本公
司董事之一般授权予以配
发及发行。
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
174Wan Leader International Limited Anual Report 2024 – 2025
27. SHARE CAPITAL (Continued)
(a) For the year ended 31 March 2024
(Continued)
(i) November 2023 Placing (Continued)
The November 2023 Placing Price of HK$0.100
per November 2023 Placing Share represents: (a)
no discount to the closing price of HK$0.100 per
share as quoted on the Stock Exchange on the
date of the November 2023 Placing Agrement;
and (b) a discount of aproximately 1.96% to the
average closing price of HK$0.102 per share as
quoted on the Stock Exchange in the last five
consecutive trading days imediately prior to the
date of the November 2023 Placing Agrement.
Pursuant to the Company’s anouncement dated
16 November 2023, the Company anounced
that al the conditions precedent set out in the
November 2023 Placing Agrement had ben
fulfiled and completion of the November 2023
Placing tok place on 16 November 2023 in
acordance with the terms and conditions of the
November 2023 Placing Agrement. An agregate
of 145,000,000 November 2023 Placing Shares,
representing aproximately 11.62% of the isued
share capital of the Company as at 16 November
2023 imediately after completion, have ben
sucesfuly placed to no les than six places at
the November 2023 Placing Price of HK$0.100
per November 2023 Placing Share.
- （续）
(a) 截至二零二四年三月
三十一日止年度（续）
(i) 二零二三年十一月配售事
项（续）
二零二三年十一月配售价
每股二零二三年十一月配
售股份0.100港元较：(a)于
二零二三年十一月配售协
议日期在联交所报收市
价每股0.100港元并无折
让；及(b)于紧接二零二三
年十一月配售协议日期前
最后五个连续交易日在联
交所报平均收市价每股
0.102港元折让约1.96%。
根据本公司日期为二零
二三年十一月十六日之
公告，本公司宣布，二零
二三年十一月配售协议所
载之所有先决条件已获达
成，而二零二三年十一月
配售事项已于二零二三年
十一月十六日根据二零
二三年十一月配售协议
之条款及条件完成。合共
145,000,000股二零二三
年十一月配售股份（相当
于紧随完成后本公司于二
零二三年十一月十六日之
已发行股本约11.62%）已
按每股二零二三年十一月
配售股份0.100港元的二零
二三年十一月配售价成功
配售予不少于六名承配人。
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
175万励达国际有限公司 二○二四－二○二五年报
27. SHARE CAPITAL (Continued)
(a) For the year ended 31 March 2024
(Continued)
(i) November 2023 Placing (Continued)
The net proceds from the November 2023
Placing, after deduction of al relevant expenses
amounted to aproximately HK$14,048,000. The
net isue price per November 2023 Placing Share
is aproximately HK$0.969. The Company intends
to aply the net proceds from the November
2023 Placing for the purposes of replenishing the
working capital of the Group and developing the
Group’s busineses.
Further details of the above are set out in the
Company’s anouncements dated 19 September
2023, 9 October 2023, 24 October 2023, 7
November 2023 and 16 November 2023.
Al the above new shares shal rank pari pasu in
al respects with each other in the share capital of
the Company.
- （续）
(a) 截至二零二四年三月
三十一日止年度（续）
(i) 二零二三年十一月配售事
项（续）
二零二三年十一月配售
事项所得款项净额（经扣
除所有相关开支后）约为
14,048,000港元。每股二
零二三年十一月配售股份
之净发行价约为0.969港
元。本公司拟将二零二三
年十一月配售事项所得款
项净额用于补充本集团之
营运资金以及发展本集团
之业务。
上述详情载于本公司日
期为二零二三年九月
十九日、二零二三年十月
九日、二零二三年十月
二十四日、二零二三年
十一月七日及二零二三年
十一月十六日的公告。
所有上述新股将于本公司
股本中彼此之间在各方面
享有同等地位。
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
176Wan Leader International Limited Anual Report 2024 – 2025
27. SHARE CAPITAL (Continued)
(b) For the year ended 31 March 2025
(i) Share Consolidation
Pursuant to the Company’s anouncement dated
23 December 2024, the Board of Directors of the
Company (he “Board”) proposed to implement the
share consolidation (the “Share Consolidation”)
on the basis that every ten (10) isued and
unisued existing shares of HK$0.01 each would
be consolidated into one (1) consolidated share of
HK$0.10 each.
As at 23 December 2024, the authorised share
capital of the Company was HK$100,000,000
divided into 10,000,000,000 existing shares of par
value of HK$0.01 each, of which 1,247,830,000
existing shares have ben isued and were fuly
paid or credited as fuly paid. Upon the Share
Consolidation becoming efective and asuming
that no new existing shares would be isued
or repurchased from 23 December 2024 until
the efective date of the Share Consolidation,
the authorised share capital of the Company
would become HK$100,000,000 divided into
1,000,000,000 consolidated shares of par
value of HK$0.10 each, of which 124,783,000
consolidated shares would be in isue which were
fuly paid or credited as fuly paid.
Pursuant to the Company’s anouncement dated
15 January 2025, the Company anounced
that at the Company’s extraordinary general
meting held on 15 January 2025, the proposed
Share Consolidation was duly aproved by the
Shareholders of the Company by way of pol.
- （续）
(b) 截至二零二五年三月
三十一日止年度
(i) 股份合并
根据本公司日期为二零
二四年十二月二十三日的
公告，本公司董事会（「董
事会」）建议实施股份合并
（「股份合并」），基准为每
十(10)股已发行及未发行
现有股份（每股面值0.01港
元）将合并为一(1)股合并
股份（每股面值0.10港元）。
于二零二四年十二月
二十三日，本公司之法定
股本为100,000,000港元，
分为10,000,000,000股每
股面值0.01港元之现有股
份，其中1,247,830,000股
现有股份已发行并已缴足
或入账列作缴足。于股份
合并生效后，并假设自二
零二四年十二月二十三日
起至股份合并生效日期止
将不会发行或购回新现有
股份，本公司的法定股本
将为100,000,000港元，分
为1,000,000,000股每股面
值0.10港元的合并股份，
其中124,783,000股合并股
份将为已发行及缴足或入
账列作缴足股款。
根据本公司日期为二零
二五年一月十五日之公
告，本公司宣布，于二零
二五年一月十五日举行之
本公司股东特别大会上，
建议股份合并已获本公司
股东以投票表决方式正式
批准。
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
177万励达国际有限公司 二○二四－二○二五年报
27. SHARE CAPITAL (Continued)
(b) For the year ended 31 March 2025
(Continued)
(i) Share Consolidation (Continued)
Al consolidated shares rank pari pasu with each
other in al respects with, and have the same
rights and privileges as, the shares in isue prior
to the aproved consolidated share and thus,
the Share Consolidation became efective on 17
January 2025.
Further details of the above are set out in the
Company’s anouncements dated 23 December
2024, 8 January 2025 and 15 January 2025 and
the Company’s circular dated 31 December 2024.
(i) 2025 Placing
Pursuant to the Company’s anouncement dated
11 March 2025, on 11 March 2025, the Company
entered into the placing agrement (the “2025
Placing Agrement”) with the placing agent (the
“2025 Placing Agent”) pursuant to which the 2025
Placing Agent conditionaly agred to place as the
Company’s placing agent, on a best efort basis,
the placing shares (the “2025 Placing Shares:”) of
up to 24,956,600 new shares to certain places
at the placing price (the “2025 Placing Price”)
of HK$0.137 per 2025 Placing Share (the “2025
Placing”).
- （续）
(b) 截至二零二五年三月
三十一日止年度（续）
(i) 股份合并（续）
所有合并股份在各方面与
经批准的合并股份发行前
的股份享有同等地位，并
具有与之相同的权利及特
权，因此，股份合并于二
零二五年一月十七日生效。
有关上述之进一步详情
载于本公司日期为二零
二四年十二月二十三日、
二零二五年一月八日及二
零二五年一月十五日的公
告以及本公司日期为二零
二四年十二月三十一日的
通函。
(i) 二零二五年配售事项
根据本公司日期为二零
二五年三月十一日的公
告，于二零二五年三月
十一日，本公司与配售代
理（「二零二五年配售代
理」）订立配售协议（「二
零二五年配售协议」），
据此，二零二五年配售代
理有条件同意作为本公司
配售代理，按尽力基准以
每股二零二五年配售股份
0.137港元的配售价（「二零
二五年配售价」）向若干承
配人配售最多24,956,600
股新股份的配售股份（「二
零二五年配售股份」）（「二
零二五年配售事项」）。
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
178Wan Leader International Limited Anual Report 2024 – 2025
27. SHARE CAPITAL (Continued)
(b) For the year ended 31 March 2025
(Continued)
(i) 2025 Placing (Continued)
The 2025 Placing Shares would be aloted
and isued pursuant to the general mandate
granted to the directors of the Company by the
Shareholders at the anual general meting of the
Company held on 23 September 2024.
The 2025 Placing Price of HK$0.137 per 2025
Placing Share represents: (a) a discount of
aproximately 20% to the closing price of
HK$0.17 per share as quoted on the Stock
Exchange on the date of the 2025 Placing
Agrement; and (b) a discount of aproximately
18.95% to the average closing price of
HK$0.1678 per share as quoted on the Stock
Exchange in the last five consecutive trading days
imediately prior to the date of the 2025 Placing
Agrement.
Pursuant to the Company’s anouncement dated
31 March 2025, the Board anounced that al the
conditions precedent set out in the 2025 Placing
Agrement had ben fulfiled and completion of
the 2025 Placing tok place on 31 March 2025
in acordance with the terms and conditions of
the 2025 Placing Agrement. An agregate of
24,956,600 2025 Placing Shares, representing
aproximately 16.67% of the isued share capital
of the Company as at 31 March 2025 imediately
after completion, have ben sucesfuly placed
to no les than six places at the 2025 Placing
Price of HK$0.137 per 2025 Placing Share.
- （续）
(b) 截至二零二五年三月
三十一日止年度（续）
(i) 二零二五年配售事项（续）
二零二五年配售股份将
根据于二零二四年九月
二十三日举行之本公司股
东周年大会上由股东授予
本公司董事之一般授权予
以配发及发行。
二零二五年配售价每股二
零二五年配售股份0.137
港元较：(a)于二零二五年
配售协议日期在联交所
报收市价每股0.17港元折
让约20%；及(b)于紧接二
零二五年配售协议日期
前最后五个连续交易日
在联交所报平均收市
价每股0.1678港元折让约
18.95%。
根据本公司日期为二零
二五年三月三十一日之
公告，董事会宣布，二零
二五年配售协议所载之所
有先决条件已获达成，而
二零二五年配售事项已于
二零二五年三月三十一日
根据二零二五年配售协议
之条款及条件完成。合共
24,956,600股二零二五年
配售股份（相当于紧随完
成后本公司于二零二五年
三月三十一日的已发行股
本约16.67%）已按每股二
零二五年配售股份0.137港
元的二零二五年配售价成
功配售予不少于六名承配
人。
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
179万励达国际有限公司 二○二四－二○二五年报
27. SHARE CAPITAL (Continued)
(b) For the year ended 31 March 2025
(Continued)
(i) 2025 Placing (Continued)
The net proceds from the 2025 Placing, after
deduction of al relevant expenses amounted to
aproximately HK$3.19 milion. The Company
intends that (i) aproximately HK$2.00 milion
wil be used for repayment of loans; and (i)
aproximately HK$1.19 milion wil be used for
replenishment of working capital and general
busines operation.
Al the above new shares shal rank pari pasu in
al respects with each other in the share capital of
the Company.
Further details of the above are set out in the
Company’s anouncements dated 11 March
2025 and 31 March 2025.
- （续）
(b) 截至二零二五年三月
三十一日止年度（续）
(i) 二零二五年配售事项（续）
二零二五年配售事项所得
款项净额（经扣除所有相
关开支后）约为3.19百万港
元。本公司拟将(i)约2.00百
万港元用作偿还贷款；及(i)
约1.19百万港元用作补充
营运资金及一般业务营运。
所有上述新股将于本公司
股本中彼此之间在各方面
享有同等地位。
有关上述之进一步详情，
请参阅本公司日期为二零
二五年三月十一日及二零
二五年三月三十一日之公
告。
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
180Wan Leader International Limited Anual Report 2024 – 2025
28. EQUITY SETLED SHARE-BASED
PAYMENTS TRANSACTIONS
Share option scheme
The Company’s share option scheme (the “Scheme”) was
adopted pursuant to a resolution pased on 14 August 2018
for the primary purpose of providing incentives to directors
and eligible employes, and wil expire on 13 August 2028.
Under the Scheme, the Board of Directors of the Company
may grant options to eligible employes, including directors
of the Company and its subsidiaries, to subscribe for shares
in the Company.
The total number of shares in respect of which options
may be granted under the Scheme is not permited to
exced 10% of the shares of the Company in isue at any
point in time, without prior aproval from the Company’s
shareholders. The number of shares isued and to be isued
in respect of which options granted and may be granted to
any individual in any one year is not permited to exced 1%
of the shares of the Company in isue at any point in time,
without prior aproval from the Company’s shareholders.
Options granted to substantial shareholders or independent
non-executive directors in exces of 0.1% of the Company’s
share capital or with a value in exces of HK$5 milion must
be aproved in advance by the Company’s shareholders.
Options granted must be taken up within 21 days of the date
of grant, upon payment of HK$1.00 per option. Options may
be exercised at any time during a period to be determined
and notified by the directors to the grante thereof, and
in the absence of such determination, from the date of
aceptance of the ofer of such option to the earlier of (i)
the date on which such option lapses under the relevant
provisions of the Scheme; and (i) the date faling 10 years
from the ofer date of that option. The exercise price is
determined by the directors of the Company, and wil not be
les than the higher of (i) the closing price of the Company’s
shares on the date of grant, (i) the average closing price
of the shares for the five busines days imediately
preceding the date of grant; and (i) the nominal value of the
Company’s share.
28. 股权结算以股份为基础的
付款交易
购股权计划
本公司的购股权计划（「该计划」）乃按
于二零一八年八月十四日通过的决议
案获采纳，该计划的主要目的为向董
事及合资格的雇员提供奖励，而该计
划将于二零二八年八月十三日届满。
根据该计划，本公司董事会可向合资
格的雇员（包括本公司及其附属公司
的董事）授出购股权，以供彼等认购
本公司的股份。
未经本公司股东事先批准的情况下，
根据该计划可予授出的购股权所涉及
之股份总数不得超过本公司于任何时
间之已发行股份10%。在未经本公司
股东事先批准的情况下，任何个别人
士于任何一年内获授及可获授之购股
权所涉及之已发行及将予发行股份数
目不得超过本公司于任何时间之已发
行股份1%。倘向主要股东或独立非
执行董事授出之购股权超过本公司股
本0.1%或价值超过5百万港元，则须
事先取得本公司股东之批准。
所授出购股权须于授出日期起计21日
内获接纳，接纳时须就每份购股权支
付1.00港元。购股权可于董事将厘定
及通知购股权承授人的期间内任何时
候行使，如并无厘定有关期间，则可
于接纳有关购股权要约日期至(i)有关
购股权根据该计划相关条文失效当日；
及(i)有关购股权要约日期起计满10年
当日（以较早者为准）期间行使。行使
价由本公司董事厘定，及不得低于以
下的较高者：(i)本公司股份于授出日
期的收市价；(i)股份于紧接授出日期
前五个营业日的平均收市价；及(i)本
公司股份的面值。
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
181万励达国际有限公司 二○二四－二○二五年报
28. EQUITY SETLED SHARE.BASED
PAYMENTS TRANSACTIONS (Continued)
Share option scheme (Continued)
At 31 March 2025 and 31 March 2024, no share option had
ben granted under the Scheme.
29. RETIREMENT BENEFITS PLANS
The Group operates a Mandatory Provident Fund Scheme
(the “MPF Scheme”) for al qualifying employes in Hong
Kong. The asets of the schemes are held separately from
those of the Group, in funds under the control of trustes.
The Group contributes 5% of relevant payrol costs, caped
at HK$1,500 per month, to the MPF Scheme, in which the
contribution is matched by employes.
Pursuant to the relevant labour rules and regulations in
the PRC, the PRC subsidiaries participate in a defined
contribution retirement benefit scheme (the “Scheme”)
organised by the local authority whereby the PRC
subsidiaries are required to make contributions to the
Scheme based on certain percentages of the eligible
employe’s salaries. The local government authority is
responsible for the entire pension obligations payable to the
retired employes.
The total cost charged to profit or los of aproximately
HK$460,000 (2024: HK$492,000) represent contributions
payable to these schemes by the Group during the year
ended 31 March 2025.
28. 股权结算以股份为基础的
付款交易（续）
购股权计划（续）
于二零二五年三月三十一日及二零
二四年三月三十一日，概无根据该计
划授予之购股权。
29. 退休福利计划
本集团为香港所有合资格雇员设有
一项强制性公积金计划（「强积金计
划」)。该计划之资产与本集团之资产
分开持有，存放于受托人控制的基
金。本集团及雇员均按有关薪酬成本
的5%向强积金计划供款，每月供款
上限为1,500港元。
根据中国有关劳动法规，中国附属公
司参与由中国有关当地政府机构组
织之定额供款退休福利计划（「该计
划」）。有关中国附属公司须按照合资
格雇员工资之一定百分比向该计划供
款。当地政府机构会负责支付退休雇
员的全部退休金。
损益中扣除的总成本为约460,000港
元（二零二四年：492,000港元）为截
至二零二五年三月三十一日止年度本
集团应向该等计划支付的供款。
| 6,746 |
|---|
| 111 |
| 6,857 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
182Wan Leader International Limited Anual Report 2024 – 2025
30. RELATED PARTY TRANSACTIONS
Saved as disclosed elsewhere in the consolidated financial
statements, the Group entered into the folowing transactions
with related parties:
(i) Compensation of key management
personel
The remuneration of the directors of the Company and
other members of key management during the year
was as folows:
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Salaries, bonus and other benefits薪金、花红及其他福利7,422
Contribution to retirement benefit
schemes
退休福利计划供款
7,606
The remuneration of the directors of the Company and
key management is determined by the remuneration
comite of the Company having regard to the
performance of individuals and market trends.
(i) Personal guarantes
At 31 March 2024, al bank borowings of the Group
were guaranted by Mr. Thomas Loy and Mr. Loy
Hak Mon. At 31 March 2025, such guarantes were
released upon the setlement of al bank borowings.
30. 关联方交易
除于综合财务报表其他部分所披露者
外，本集团与关联方订立下列交易：
(i) 主要管理人员的酬金
本公司董事及其他主要管理人
员于年内的报酬如下：
本公司董事及主要管理人员之
酬金乃经考虑个人表现及市场
趋势后，由本公司的薪酬委员
会厘定。
(i) 个人担保
于二零二四年三月三十一日，
本集团所有银行借款乃由吕克
宜先生及吕克满先生提供担保。
于二零二五年三月三十一日，
该等担保已于所有银行借款结
清后解除。
| 858 |
|---|
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
183万励达国际有限公司 二○二四－二○二五年报
30. RELATED PARTY TRANSACTIONS
(Continued)
(i) Related party transactions
Saved as disclosed elsewhere in the consolidated
financial statements, the Group entered into the
folowing transactions with related party:
Name of the
related partyRelationshipNature of transactions20252024
关联方名称关系交易性质二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Cargo Man Logistics
Company Limited
ShareholderInterest expenses paid/
payable
万城物流运输有限公司股东已付╱应付利息开支–
The above transactions were caried out at terms
determined and agred betwen the Group and the
relevant party.
- （续）
(i) 关联方交易
除于综合财务报表之其他部分
所披露者外，本集团与关联方
订立下列交易：
上述交易乃按本集团与关联方
厘定及同意之条款进行。
| 68,743 |
|---|
| 34,500 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
184Wan Leader International Limited Anual Report 2024 – 2025
31. CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in
the Group wil be able to continue as a going concern
while maximising the return to shareholders through the
optimisation of the debt and equity balance. The Group’s
overal strategy remains unchanged from prior year.
The capital structure of the Group consists of net debt,
which includes, other borowings included in other payables,
lease liabilities and bank and other borowings disclosed
in notes 22, 24 and 25, respectively, net of cash and
cash equivalent and equity atributable to owners of the
Company. The management of the Group reviews the capital
structure regularly. As part of this review, the management
considers the cost of capital and the risks asociated with
each clas of the capital. Based on the recomendations of
the management, the Group wil balance its overal capital
structure through the payment of dividends, new share
isues and raising and repayment of borowings.
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES
(a) Categories of financial instruments
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Financial asets金融资产
Financial asets at amortised cost按摊销成本计量的金融资产58,159
Financial liabilities金融负债
At amortised cost按摊销成本30,697
31. 资本风险管理
本集团管理其资本以确保本集团实体
将能够按持续基准经营，同时通过优
化债务及股权的平衡尽量扩大股东的
回报。本集团的整体策略与过往年度
一样维持不变。
本集团的资本结构包括债务净额，当
中包括附注22、24及25分别披露的
其他借款（计入其他应付款项）、租
赁负债以及银行及其他借款，扣除现
金及现金等价物及本公司拥有人应占
权益。本集团管理层定期检讨资本结
构。作为此检讨的一部分，管理层考
虑资本成本及与各类与资本相关的风
险。本集团根据管理层建议透过派付
股息、发行新股及筹措及偿还借款平
衡其整体资本结构。
32. 金融风险管理目标及政策
(a) 金融工具类别
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
185万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies
The Group’s major financial instruments include trade
receivables, other receivables, deposits, amount due
from a related company, pledged bank deposits, bank
balances and cash, trade and other payables and
bank and other borowings. Details of these financial
instruments are disclosed in respective notes. The risks
asociated with these financial instruments include
market risk (curency risk and interest rate risk), credit
risk and liquidity risk. The policies on how to mitigate
these risks are set out below. The management
manages and monitors these exposures to ensure
apropriate measures are implemented on a timely and
efective maner.
(i) Curency risk
The Group’s operational activities are mainly
denominated in HK$ and USD. The Group
is exposed to foreign curency risk primarily
arising from services to customers and services
provided from supliers denominated in foreign
curencies. The Group curently does not have
a foreign curency hedging policy. However, the
management closely monitors foreign exchange
exposure and wil consider hedging significant
foreign curency exposure should the ned arise.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策
本集团的主要金融工具包括贸
易应收款项、其他应收款项、按
金、应收一间关连公司款项、已
抵押银行存款、银行结余及现
金、贸易及其他应付款项以及
银行及其他借款。有关该等金
融工具的详情载于相关附注。
与该等金融工具有关的风险包
括市场风险（货币风险及利率
风险）、信贷风险及流动资金风
险。减低该等风险的政策于下
文载列。管理层负责管理及监
察该等风险，确保以及时有效
的方式实行适当措施。
(i) 货币风险
本集团的经营活动主要以
港元及美元计值。本集团
主要因向客户提供及由供
应商提供以外币计值的服
务而面临外汇风险。本集
团目前并无制订外汇对冲
政策。然而，管理层紧密
监察外汇风险，并将于有
必要时考虑对冲重大外汇
风险。
| 6,155 18 – 1 – | ||
|---|---|---|
| 605 | (1,310) | |
| 18 | – | |
| – | (588) | |
| 1 | – | |
| – | – | |
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
186Wan Leader International Limited Anual Report 2024 – 2025
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Curency risk (Continued)
The carying amounts of the Group’s foreign
curency denominated monetary asets and
monetary liabilities at the end of the reporting
period are as folows:
Foreign curency外币AsetsLiabilities
资产负债
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
USD美元(1,639)
RMB人民币–
GBP英镑(588)
Euro欧元–
New Zealand dolar新西兰元(21)
The Group is mainly exposed to the curency risk
of USD (2024: USD).
Under the peged exchange rate system, the
financial impact arising from changes in exchange
rates betwen HK$ and USD is not expected to
be significant and therefore, the coresponding
sensitivity analysis is not prepared.
As the directors of the Company consider that
the curency risk in response to the changes in
exchange rates of the above foreign curencies
as insignificant, no sensitivity analysis on curency
risk is presented.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 货币风险（续）
本集团于报告日期末以外
币列值的货币资产及货币
负债之账面值如下：
本集团主要面临美元的货
币风险（二零二四年：美
元）。
根据联系汇率制度，预期
来自港元与美元汇率变动
产生的财务影响并不重
大，因此并无编制相应的
敏感度分析。
由于本公司董事认为上述
外币汇率变动所引致的货
币风险并不重大，因此并
无呈列货币风险的敏感度
分析。
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
187万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Interest rate risk
The Group is exposed to fair value interest
rate risk in relation to the fixed-rate pledged
bank deposits, other borowings included in
other payables and lease liabilities. However,
management considers the fair value interest rate
risk is insignificant.
The Group is also exposed to cash flow interest
risk in relation to the bank balances which
caried at market interest rates and bank and
other borowings which caried at interest rate
from Prime rate-2.25% to 28% per anum.
However, management of the Group considers
that the impact to profit or los is insignificant
for a reasonable change in the market rate.
Acordingly, no sensitivity analysis is presented.
(i) Credit risk
At 31 March 2025 and 31 March 2024, 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 arising from the carying amount
of the respective recognised financial asets as
stated in the consolidated statement of financial
position.
The credit risk of the Group mainly arises from
trade receivables, other receivable, deposits,
amount due from a related company, pledged
bank deposits and bank balances. The carying
amounts of these balances represent the Group’s
maximum exposure to credit risk in relation to
these financial asets.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 利率风险
本集团所面临公平值利率
风险乃与固定利率已抵押
银行存款、其他借款（计入
其他应付款项）及租赁负
债有关。然而，管理层认
为，公平值利率风险并不
重大。
本集团亦面临与按市场利
率计息的银行结余及按最
优惠年利率-2.25%至28%
计息的银行及其他借款相
关的现金流量利率风险。
然而，本集团管理层认
为，市场利率合理变化对
损益的影响并不重大。因
此，并无呈列敏感度分析。
(i) 信贷风险
于二零二五年三月三十一
日及二零二四年三月
三十一日，本集团的最高
信贷风险来自综合财务状
况表所示获确认金融资产
各自账面值，而最高信贷
风险将会受交易对手无法
履约影响而蒙受财务亏损。
本集团的信贷风险主要来
自贸易应收款项、其他应
收款项、按金、应收一间
关连公司款项、已抵押银
行存款及银行结余。该等
结余的账面值指本集团就
有关该等金融资产的最高
信贷风险敞口。
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
188Wan Leader International Limited Anual Report 2024 – 2025
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
In order to minimise the credit risk, the
management of the Group has taken folow-up
action to ensure overdue debts are able to
recover.
For trade receivables, the Group has aplied
the simplified aproach in HKFRS 9 to measure
the los alowance at lifetime ECL. The Group
determines the ECL on colective basis by using
an internal credit rating, estimated based on
historical credit los experience, as wel as the
general economic conditions of the industry in
which the debtors operate. In this regard, the
directors of the Company consider that the
Group’s credit risk is significantly reduced.
For other receivables, the Group has asesed
whether there has ben a significant increase in
credit risk since initial recognition. If there has
ben a significant increase in credit risk, the
Group wil measure the los alowance based on
lifetime rather than 12m ECL.
Management considered that other receivables
and deposits to be low credit risk and thus the
alowance for impairment recognised during the
year was limited to 12m ECL.
The credit risk on bank balances and pledged
bank deposits are limited because the
counterparties are banks with high credit ratings
asigned by international credit-rating agencies.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
为降低信贷风险，本集团
管理层采取跟进行动，以
确保能收回逾期债项。
就贸易应收款项而言，本
集团已应用香港财务报告
准则第9号简化法计量全
期预期信贷亏损的亏损拨
备。本集团基于共同基准
使用根据历史信贷亏损经
验以及债务人经营所在行
业的一般经济状况所估计
的内部信贷评级确定预期
信贷亏损。就此而言，本
公司董事认为本集团的信
贷风险已显著降低。
就其他应收款项而言，本
集团已评估有关信贷风险
自初始确认以来有否显著
增加，如信贷风险显著增
加，本集团将根据全期而
非12个月的预期信贷亏损
计量亏损拨备。
管理层认为其他应收款项
及按金为低信贷风险，故
于本年度已确认的减值拨
备仅限于12个月预期信贷
亏损。
银行结余及已抵押银行存
款的信贷风险有限，原因
是交易对手为国际信用评
级较高的银行。
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
189万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s concentration of credit risk by
geographical locations is in Hong Kong, which
acounted for 100% (31 March 2024: 100%) of
the total trade receivables as at 31 March 2025.
The Group’s exposure to credit risk
In order to minimise credit risk, the Group has
tasked its operation management to develop
and maintain the Group’s credit risk grading to
categorise exposures acording to their degre
of risk of default. The credit rating information is
suplied by independent rating agencies where
available and, if not available, the operation
management uses other publicly available financial
information and the Group’s own trading records
to rate its major customers and other debtors.
The Group’s exposure and the credit ratings of
its counterparties are continuously monitored and
the agregate value of transactions concluded is
spread amongst aproved counterparties.
The Group has concentration of credit risk
within the provision of freight forwarding, related
logistics services and trading of fashion items as
22% (2024: 4%) of the total trade receivables was
due from the Group’s largest customer and 71%
(2024: 58%) of the total trade receivables was
due from the Group’s top five largest customers.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团按地区划分的信贷
风险集中于香港，香港占
于二零二五年三月三十一
日的贸易应收款项总额的
100%（二零二四年三月
三十一日：100%）。
本集团所面临的信贷风险
为最大限度降低信贷风
险，本集团已其委派营运
管理层制定及维持本集团
的信贷风险评级，以根据
其违约风险程度对风险敝
口进行分类。信用评级信
息由独立的评级机构提
供（如可获得），否则营
运管理层将使用其他可公
开获得的财务资料及本集
团自身的交易记录对其主
要客户和其他债务人进行
评级。本集团之风险及其
对手之信贷评级被持续监
察，所完成交易之总值乃
分摊至经批准对手方。
本集团的信贷风险集中于
提供货运代理、相关物流
服务以及时尚物品贸易，
乃由于贸易应收款项总额
的22%（二零二四年：4%）
乃来自本集团最大客户及
贸易应收款项总额的71%
（二零二四年：58%）乃来
自本集团五大客户。
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
190Wan Leader International Limited Anual Report 2024 – 2025
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s exposure to credit risk
The Group’s internal credit risk grading
asesment comprises the folowing categories:
Internal
credit ratingDescription
Trade
receivables
Other financial
asets
内部信贷评级描述贸易应收款项其他金融资产
Group AThe counterparties have a low risk of default
based on god historical repayment records
and are mainly multinational companies or
listed companies
Lifetime ECL –
not credit impaired
Lifetime ECL –
not credit impaired
A类交易对手主要为跨国公司或上市公司，过往还
款记录良好，违约风险较低
全期预期信贷亏损 －
非信贷减值
全期预期信贷亏损－
非信贷减值
Group BThe counterparties have a medium risk of
default based on god historical repayment
records and are mainly unlisted entities or
smal to medium entities
Lifetime ECL –
not credit impaired
Lifetime ECL –
not credit impaired
B类交易对手主要为非上市实体或中小型实体，过
往还款记录良好，违约风险属中度
全期预期信贷亏损 －
非信贷减值
全期预期信贷亏损 －
非信贷减值
Group CThe counterparties usualy setle after due
dates with a higher risk of default
Lifetime ECL –
not credit impaired
Lifetime ECL –
not credit impaired
C类交易对手通常于到期日后还款违约风险较高全期预期信贷亏损 －
非信贷减值
全期预期信贷亏损 －
非信贷减值
Group DThere have ben significant increases in credit
risk since initial recognition
Lifetime ECL –
not credit impaired
Lifetime ECL –
not credit impaired
D类自初次确认以来，信贷风险有大幅增长全期预期信贷亏损 －
非信贷减值
全期预期信贷亏损 －
非信贷减值
Group EThere is evidence indicating the aset is
credit-impaired
Lifetime ECL –
not credit impaired
Lifetime ECL –
not credit impaired
E类有证据显示资产出现信贷减值全期预期信贷亏损 －
非信贷减值
全期预期信贷亏损 －
非信贷减值
Group FThere 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
F类有证据显示债务人有严重财政困难，而本集团
预期不大可能收回
撇销有关金额撇销有关金额
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团所面临的信贷风险
本集团内部信贷风险等级
评估包括以下类别：
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
191万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s exposure to credit risk (Continued)
The tables below detail the credit quality of the
Group’s financial asets as wel as the Group’s
maximum exposure to credit risk by credit risk
rating grades.
Notes
External
credit rating
Internal
credit rating
12-month or
lifetime ECL
Gros carying
amount
附注外部信贷评级内部信贷评级
12个月或全期预期信贷
亏损账面总值
HK$’000
千港元
At 31 March 2025
于二零二五年三月三十一日
Trade receivables19N/ANote (i) belowLifetime ECL – not
credit-impaired
(colective basis)
32,286
贸易应收款项19不适用见下文附注(i)全期预期信贷亏损－非
信贷减值（共同基准）
Other receivables19N/ANote (i) below12m ECL (individualy)21,825
其他应收款项19不适用见下文附注(i)12个月预期信贷亏损
（个别）
Deposits19N/ANote (i) below12m ECL (individualy)–
按金19不适用见下文附注(i)12个月预期信贷亏损
（个别）
Rental deposits19N/ANote (i) below12m ECL (individualy)92
租赁按金19不适用见下文附注(i)12个月预期信贷亏损
（个别）
Amount due from a related
company
20N/ANote (i) below12m ECL (individualy)–
应收一间关连公司款项20不适用见下文附注(i)12个月预期信贷亏损
（个别）
Pledged bank deposits21A –Note (i) below12m ECL (individualy)–
已抵押银行存款21A-级见下文附注(i)12个月预期信贷亏损
（个别）
Bank balances21A – A –Note (i) below12m ECL (individualy)15,511
银行结余21A至A-级见下文附注(i)12个月预期信贷亏损
（个别）
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团所面临的信贷风险
（续）
下表载列本集团金融资产
信贷质量详情，以及本集
团按信贷风险评级划分的
最大信贷风险。
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
192Wan Leader International Limited Anual Report 2024 – 2025
Notes
External
credit rating
Internal
credit rating
12-month or
lifetime ECL
Gros carying
amount
附注外部信贷评级内部信贷评级
12个月或全期预期信贷
亏损账面总值
HK$’000
千港元
At 31 March 2024
于二零二四年三月三十一日
Trade receivables19N/ANote (i) belowLifetime ECL – not
credit-impaired
(colective basis)
33,309
贸易应收款项19不适用见下文附注(i)全期预期信贷亏损－非
信贷减值（共同基准）
Other receivables19N/ANote (i) below12m ECL (individualy)3,700
其他应收款项19不适用见下文附注(i)12个月预期信贷亏损
（个别）
Deposits19N/ANote (i) below12m ECL (individualy)2,000
按金19不适用见下文附注(i)12个月预期信贷亏损
（个别）
Rental deposits19N/ANote (i) below12m ECL (individualy)112
租赁按金19不适用见下文附注(i)12个月预期信贷亏损
（个别）
Amount due from a related
company
20N/ANote (i) below12m ECL (individualy)1,936
应收一间关连公司款项20不适用见下文附注(i)12个月预期信贷亏损
（个别）
Pledged bank deposits21A.Note (i) below12m ECL (individualy)3,017
已抵押银行存款21A.级见下文附注(i)12个月预期信贷亏损
（个别）
Bank balances21A – A.Note (i) below12m ECL (individualy)14,823
银行结余21A至A.级见下文附注(i)12个月预期信贷亏损
（个别）
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s exposure to credit risk (Continued)
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团所面临的信贷风险
（续）
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
193万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s exposure to credit risk (Continued)
Notes:
(i) For trade receivables, the Group has aplied the
simplified aproach in HKFRS 9 to measure the los
alowance at lifetime ECL. The Group determines
the expected credit loses on a colective basis,
using internal credit rating as groupings of various
debtors that have similar nature and los paterns.
The colective asesment is based on the Group’s
historical default rates taking into consideration
default rates by external/internal credit agency (if any)
and forward-loking information and other related
information.
(i) 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.
(i) For pledged bank deposits and bank balances, the
Group determines the expected credit loses on
individualy basis by refering to the external source
credit rate for the relevant financial institutions.
The folowing table provides information about the
exposure to credit risk for trade receivables which
are asesed based on colective asesment within
lifetime ECL (not credit-impaired).
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团所面临的信贷风险
（续）
附注：
(i) 就贸易应收款项而言，本
集团已应用香港财务报告
准则第9号简化法计量全
期预期信贷亏损的亏损拨
备。本集团使用内部信贷
评级（将具有相若性质及
亏损模式的应收账款分类
得出）共同厘定预期信贷
亏损。共同评估乃基于本
集团过往违约率，经考虑
外部╱内部信贷机构（如
有）的违约率及前瞻性资
料及其他相关资料。
(i) 就内部信贷风险管理而
言，本集团使用逾期信息
评估自初步确认以来信
贷风险是否显著增加。
(i) 就已抵押银行存款及银
行结余而言，本集团按个
别基准参考相关金融机
构的外部来源信贷利率，
厘定预期信贷亏损。
下表提供有关贸易应收
款项信贷风险的资料，该
等资料乃根据全期预期
信贷亏损（非信贷减值）
的共同评估而评估。
| 1.11% | 3,480 | 39 |
|---|---|---|
| 1.11% | 7,442 | 83 |
| 1.80% | 21,364 | 385 |
| 32,286 | 507 |
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
194Wan Leader International Limited Anual Report 2024 – 2025
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s exposure to credit risk (Continued)
Notes: (Continued)
Average
los rate
Gros
amount
Los
alowance
平均亏损率总额亏损拨备
HK$’000HK$’000
千港元千港元
At 31 March 2025于二零二五年三月
三十一日
Group A类
Group B类
Group C类
At 31 March 2024于二零二四年三月
三十一日
Group A类0.10%3,7454
Group B类1.30%5,13767
Group C类2.60%24,427634
33,309705
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团所面临的信贷风险
（续）
附注：（续）
| 507 |
|---|
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
195万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s exposure to credit risk (Continued)
Notes: (Continued)
The folowing table shows the movement in lifetime
ECL that has ben recognised for trade receivables
under the simplified aproach:
Lifetime ECL
Not credit–
impaired
全期预期信贷亏损
非信贷减值
HK$’000
千港元
At 1 April 2024于二零二四年四月一日396
Impairment los recognised已确认之减值亏损309
At March 2024 and 1 April 2024于二零二四年三月及
二零二四年四月一日705
Reversal of impairment los recognised已确认之减值亏损拨回(198)
At 31 March 2025于二零二五年三月三十一日
As at 31 March 2025, credit risk for deposits, other
receivables and amount due from a related company
are asesed individualy within 12m ECL at stage
1. The average los rates aplied to determine the
los alowance for them are 2.25% (2024: 0.1% to
1.86%) respectively. During the year ended 31 March
2025, impairment los of aproximately HK$462,000
(2024: reversal of impairment los of HK$5,000) is
recognised in profit or los.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团所面临的信贷风险
（续）
附注：（续）
下表列示根据简化方法
就贸易应收款项确认的
全期预期信贷亏损变动：
于二零二五年三月三十一
日，按金、其他应收款项
及应收一间关连公司款项
之信贷风险将个别于12个
月预期信贷亏损第一阶段
内进行评估。对此厘定亏
损拨备所有平均亏损率分
别为2.25%（二零二四年：
0.1%至1.86%）。于截至
二零二五年三月三十一
日止年度，减值亏损约
462,000港元（二零二四
年：减值亏损拨回5,000
港元）已于损益中确认。
| – | 464 | 464 |
|---|
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
196Wan Leader International Limited Anual Report 2024 – 2025
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(i) Credit risk (Continued)
The Group’s exposure to credit risk (Continued)
Notes: (Continued)
The folowing table shows the movement in 12m
ECL that has ben recognised for deposits, other
receivables and amount due from a related company.
Amount due
from a related
company
Deposits,
and other
receivablesTotal
应收一间
关连公司款项
按金及其他
应收款项总计
HK$’000HK$’000HK$’000
千港元千港元千港元
At 1 April 2024于二零二四年
四月一日39342
Reversal of impairment los
recognised
已确认减值亏损拨回
(4)(1)(5)
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35237
Provision for impairment los
recognised
已确认减值亏损拨备
–462462
Disposal of subsidiary出售附属公司(35)–(35)
At 31 March 2025于二零二五年三月
三十一日
No change in valuation technique and asumption
for measurement of expected credit los in trade and
other receivables.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(i) 信贷风险（续）
本集团所面临的信贷风险
（续）
附注：（续）
下表显示12个月预期信
贷亏损中已确认之按金、
其他应收款项及应收一
间关连公司款项的变动
情况。
贸易及其他应收款项预期信贷
亏损计量的估值方法及假设概
无变动。
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
197万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(iv) Liquidity risk
In the management of the liquidity risk, the
Group monitors and maintains a level of cash
and cash equivalents demed adequate by the
management to finance the Group’s operations
and mitigate the efects of fluctuations in cash
flows. The management monitors the utilisation
of bank borowings and ensures compliance with
loan covenants.
The folowing table details the Group’s remaining
contractual maturity for its non-derivative financial
liabilities. The table has ben drawn up based
on the undiscounted cash flows of financial
liabilities based on the earliest date on which the
Group can be required to pay. Specificaly, bank
borowings with a repayment on demand clause
are included in the earliest time band regardles
of the probability of the banks chosing to
exercise their rights. The maturity dates for other
non-derivative financial liabilities are based on the
agred repayment dates.
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(iv) 流动资金风险
于管理流动资金风险时，
本集团监察现金及现金等
价物的水平，并维持至管
理层认为足够的水平，以
拨支本集团的营运所需，
并减低现金流量波动的影
响。管理层监察银行借款
的使用情况，并确保符合
贷款契约。
下表详列本集团非衍生金
融负债的余下合约到期情
况。该表乃根据本集团可
能被要求支付的最早日
期，按金融负债的未贴现
金流量计算。尤其是，具
有按要求还款条款的银行
借款均计入最早时间段，
不论银行是否可能选择行
使其权利。其他非衍生金
融负债的到期日分析乃基
于预定还款日期。
| 22,413 | – | – | 22,413 | 22,413 |
|---|---|---|---|---|
| 2,988 | – | – | 2,988 | 2,988 |
| 10,069 | – | – | 10,069 | 9,099 |
| 35,470 | – | – | 35,470 | 34,500 |
| 193 | 81 | – | 274 | 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
198Wan Leader International Limited Anual Report 2024 – 2025
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(b) Financial risk management objectives
and policies (Continued)
(iv) Liquidity risk (Continued)
The table includes both interest and principal
cash flows.
On demand
or within
1 year
More than
1 year
But les
than 2 years
More than
2 years
But les
than 5 years
Total
Undiscounted
cash flows
Carying
amount
按要求或
一年内
超过一年
但少于两年
超过两年
但少于五年
未贴现金
流量总额账面值
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
At 31 March 2025于二零二五年
三月三十一日
Non-derivative financial liabilities非衍生金融负债
Trade payables贸易应付款项
Other payables其他应付款项
Bank and other borowings银行及其他借款
Lease liabilities租赁负债
At 31 March 2024于二零二四年
三月三十一日
Non-derivative financial liabilities非衍生金融负债
Trade payables贸易应付款项21,409–21,40921,409
Other payables其他应付款项8,532–8,5328,532
Bank and other borowings银行及其他借款519259–778756
30,460259–30,71930,697
Lease liabilities租赁负债51328578876839
32. 金融风险管理目标及政策
（续）
(b) 金融风险管理目标及政
策（续）
(iv) 流动资金风险（续）
该表内包括利息及本金现
金流量。
| 839 | (975) | 52 | 302 | – | – | 218 |
|---|---|---|---|---|---|---|
| 2,910 | (86) | – | – | (2,791) | (33) | – |
| 756 | 7,032 | 1,311 | – | – | – | 9,099 |
| 4,505 | 5,971 | 1,363 | 302 | (2,791) | (33) | 9,317 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
199万励达国际有限公司 二○二四－二○二五年报
32. FINANCIAL RISK MANAGEMENT
OBJECTIVES AND POLICIES (Continued)
(c) Fair values of financial instruments
The directors of the Company consider that the
carying amounts of financial asets and financial
liabilities recorded at amortised cost in the consolidated
financial statements aproximate to their fair values
due to their short-term maturities.
33. RECONCILIATION OF LIABILITIES
ARISING FROM FINANCING
ACTIVITIES
The table below details changes in the Group’s liabilities
arising from financing activities, including both cash and non.
cash changes. Liabilities arising from financing activities are
those for which cash flows were, or future cash flows wil be
clasified in the consolidated statement of cash flow as cash
flows from financing activities.
Begining
of the year
Financing
cash flows
Finance
costs
incuredAditions
Disposal of
subsidies
Exchange
diference
End of
the year
年初融资现金流量
招致的
融资成本添置出售附属公司汇兑差额年末
HK$’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
At 31 March 2025于二零二五年三月
三十一日
Lease liabilities租赁负债
Other borowings (included
in other payables)
其他借款（计入其他
应付款项）
Bank and other borowings银行及其他借款
At 31 March 2024于二零二四年三月
三十一日
Lease liabilities租赁负债1,499(720)60–839
Other borowings (included
in other payables)
其他借款（计入其他
应付款项）–2,89841–(29)2,910
Bank borowings银行借款1,670(914)–756
3,1691,264101–(29)4,505
32. 金融风险管理目标及政策
（续）
(c) 金融工具的公平值
本公司董事认为，由于属短期
到期，综合财务报表内按摊销
成本记账的金融资产及金融负
债的账面值与其公平值相若。
33. 融资活动产生的负债对账
下表详述有关本集团融资活动产生的
负债变动，包括现金及非现金变动。
融资活动产生的负债属于现金流量曾
经或未来现金流量将在综合现金流量
表内分类为融资活动现金流量的负债。
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
200Wan Leader International Limited Anual Report 2024 – 2025
34. DISPOSAL OF SUBSIDIARIES
During the year ended 31 March 2025, the Company entered
into sale and purchase agrements with independent third
parties to dispose of its 100% equity interest in Jiyueke
Holdings Limited (“Jiyueke”), a wholy-owned subsidiary of
the Company at a total consideration of HK$2. The Company
was inactive during the year.
The net liabilities of Jiyueke and its subsidiary (colectively,
the “Jiyueke Group”) at the date of disposal were as folows:
HK$’000
千港元
Consideration received:已收代价：
Cash consideration现金代价–*
Analysis of asets and liabilities over which
control was lost:
失去控制权之资产及负债分析：
Property, plant and equipment物业、厂房及设备264
Defered tax asets递延税项资产9
Trade and other receivables, deposits and
prepayments
贸易及其他应收款项、按金及
预付款项3,792
Amount due from a related company应收一间关连公司款项2,183
Cash and cash equivalents现金及现金等价物10
Trade and other payables贸易及其他应付款项(6,798)
Tax payable应付税项(1,232)
Net liabilities disposed of已出售负债净额(1,772)
Gain on disposal of Jiyueke Group出售Jiyueke集团的收益
Consideration received已收代价–*
Net liabilities disposed of已出售负债净额1,772
Statutory reserve法定储备357
Reclasification of cumulative translation reserve重新分类累计换算储备(250)
Gain on disposal出售之收益1,879
Net cash outflow arising on disposal:出售产生之现金流出净额：
Cash consideration received已收现金代价–*
Les: Cash and cash equivalents disposed of减：已出售之现金及现金等价物(10)
(10)
- $1,000.
Jiyueke did not generated significant cash inflows or outflows
for the years ended 31 March 2025 and 31 March 2024.
34.出售附属公司
截至二零二五年三月三十一日止年
度，本公司与独立第三方订立买卖协
议，以出售其于本公司全资附属公司
Jiyueke Holdings Limited（「Jiyueke」）
的全部股权，总代价为2港元。本公
司于年内并无业务活动。
Jiyueke及其附属公司（统称「Jiyueke
集团」）于出售日期的负债净额如下：
- ,000港元。
Jiyueke于截至二零二五年三月三十一
日及二零二四年三月三十一日止年度
并无产生重大现金流入或流出。
| –* |
|---|
| 249 |
| 13,046 |
| 85 |
| – |
| 13,380 |
| 26,356 |
| 383 |
| – |
| 3,768 |
| 30,507 |
| 1,656 |
| 9,099 |
| 119 |
| 152 |
| – |
| 11,026 |
| 19,481 |
| 32,861 |
| 66 |
| 224 |
| 290 |
| 32,571 |
| 14,974 |
| 17,597 |
| 32,571 |
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
201万励达国际有限公司 二○二四－二○二五年报
35. STATEMENT OF FINANCIAL POSITION
AND RESERVES OF THE COMPANY
二零二五年二零二四年
HK$’000HK$’000
千港元千港元
Non-curent asets非流动资产
Investments in subsidiaries于附属公司投资18,107
Property, plant and equipment物业、厂房及设备1,493
Amount due from a subsidiary
(note (i) below)
应收一间附属公司款项
（见下文附注(i)）13,013
Rental Deposits租赁按金–
Defered tax asets递延税项资产45
32,658
Curent asets流动资产
Trade and other receivables, deposits
and prepayments
贸易及其他应收款项、
按金及预付款项29,329
Amount due from a related company
(note (i) below)
应收一间关连公司款项
（见下文附注(i)）579
Inventories存货432
Bank balances and cash银行结余及现金242
30,582
Curent liabilities流动负债
Trade and other payables贸易及其他应付款项2,297
Other borowings其他借款–
Amount due to a director应付一名董事款项–
Lease liabilities租赁负债–
Provisions拨备97
2,394
Net curent asets流动资产净值28,188
Total asets les curent liabilities总资产减流动负债60,846
Non-curent liabilities非流动负债
Lease liabilities租赁负债–
Provisions拨备100
Net asets资产净值60,746
Capital and reserves资本及储备
Share capital股本12,478
Reserves储备48,268
Equity atributable to equity holders
of the Company
本公司权益持有人应占权益
60,746
- $1,000.
35. 本公司的财务状况表及储
备
- 。
| 14,974 | 95,113 | 39,048 | (116,564) | 32,571 |
|---|
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
202Wan Leader International Limited Anual Report 2024 – 2025
35. STATEMENT OF FINANCIAL POSITION
AND RESERVES OF THE COMPANY
(Continued)
Notes:
(i) The amounts are unsecured, non-interest bearing and no fixed
terms of repayment.
(i) The amounts are unsecured, non-interest bearing and repayable
on demand.
The movements of the Company’s shareholders’ equity are
as folowing:
Share
capital
Share
premium
Other
reserve
Acumulated
losesTotal
股本股份溢价其他储备累计亏损总计
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
(Note)
（附注）
As at 31 March 2023于二零二三年三月
三十一日9,90075,25239,048(75,334)48,866
Los and other comprehensive
expense for the year
年内亏损及其他全面
开支–(9,864)(9,864)
Proceds from placing of new
shares
配售新股份所得款项
2,57819,934–22,512
Isuing expenses of placing
of new shares
配售新股份之发行开支
–(768)–(768)
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12,47894,41839,048(85,198)60,746
Los and other comprehensive
expense for the year
年内亏损及其他
全面开支–(31,366)(31,366)
Proceds from placing of
new shares
配售新股份所得款项
2,496923–3,419
Isuing expenses of placing
of new shares
配售新股份之发行开支
–(228)–(228)
At 31 March 2025于二零二五年三月
三十一日
Note: The other reserve represents the alotment of shares of the
Company in acquiring the entire isued shares of Ever Metro to
strategic investments in prior years.
35. 本公司的财务状况表及储
备（续）
附注：
(i) 有关款项为无抵押、不计息及无固定
还款年期。
(i) 有关款项为无抵押、不计息及须按要
求偿还。
本公司股东权益变动如下：
附注：其他储备指过往年度为进行策略性投
资而收购Ever Metro全部已发行股份时
配发本公司股份。
| 100 |
|---|
| 100 |
| 100 |
| 100 |
| 100 |
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
203万励达国际有限公司 二○二四－二○二五年报
36. PARTICULARS OF PRINCIPAL
SUBSIDIARIES OF THE GROUP
Details of the principal subsidiaries as at 31 March 2025 and
31 March 2024 are set out below.
Name of subsidiaryForm of busines
Place of
incorporation/
operation
Clas of
shares
Isued and fuly/
Paid up share
capital
Percentage of efective
equity interest/voting
power atributable
to the CompanyPrincipal activity
附属公司名称业务形式
注册成立╱
营运地点股份类别
已发行及悉数
缴付╱缴足股本
本公司应占
有效股权╱投票权之百分比主要业务
二零二五年二零二四年
%
Directly held by the Company
本公司直接持有
Ever Metro International LimitedIncorporatedBVIOrdinaryUSD181,781100Investment holding and
management services
Ever Metro International Limited经注册成立的公司英属处女群岛普通股181,781美元投资控股及管理服务
Indirectly held by the Company
本公司间接持有
Union Air Cargo LimitedIncorporatedHong KongOrdinaryHK$3,280,000100Freight forwarding and related
logistics services
亨达货运有限公司经注册成立的公司香港普通股3,280,000港元货运代理及相关物流服务
Orient Zen Logistics Services LimitedIncorporatedHong KongOrdinaryHK$19,160,000100Freight forwarding and related
logistics services
东禅物流有限公司经注册成立的公司香港普通股19,160,000港元货运代理及相关物流服务
Kongda Logistics Company LimitedIncorporatedHong KongOrdinaryHK$1,160,000100Freight forwarding and related
logistics services
港达物流有限公司经注册成立的公司香港普通股1,160,000港元货运代理及相关物流服务
Protect Logistics Company LimitedIncorporatedHong KongOrdinaryHK$1,515,000100Freight forwarding and related
logistics services
保达物流有限公司经注册成立的公司香港普通股1,515,000港元货运代理及相关物流服务
The above table lists the subsidiaries of the Group which,
principaly afected the result or asets of the Group. To
give details of other subsidiaries would, in the opinion of the
directors of the Company, result in particulars of excesive
length.
None of the subsidiaries had isued any debt securities
during the years ended 31 March 2025 and 31 March 2024
and at the end of reporting periods.
36. 本集团主要附属公司之详
情
于二零二五年三月三十一日及二零
二四年三月三十一日，主要附属公司
之详情载列如下。
上表列示对本集团业绩或资产有重大
影响的本集团附属公司。本公司董事
认为，提供其他附属公司的详情将导
致资料过于冗长。
概无附属公司于截至二零二五年三月
三十一日及二零二四年三月三十一日
止年度及于报告期末发行任何债券证
券。
Notes to the Consolidated Financial Statements (Continued)
综合财务报表附注（续）
For the year ended 31 March 2025 截至二零二五年三月三十一日止年度
204Wan Leader International Limited Anual Report 2024 – 2025
37. RECLASIFICATION AND
COMPARATIVE FIGURES
During the year ended 31 March 2025, for enhancing the
relevance on the presentation of the consolidated financial
statements, certain reclasifications have ben made to
the comparative figures presented in the consolidated
financial statements in respect of the prior year to achieve
comparability with the curent year’s presentation. As a
result, the folowing line items regarding comparative figures
have ben amended and adjusted, together with the related
notes to conform to the curent year’s presentation:
Previous
reported
After
reclasification
过往呈报重新分类后
HK$’000HK$’000
千港元千港元
Other income其他收入462–
Other gains and loses其他收益及亏损(84)–
Other income, gains and loses, net其他收入、收益及亏损净额–378
Impairment loses recognised under
expected credit los model on trade
receivables, net
已确认预期信贷亏损模式项下贸
易应收款项减值亏损净额
(309)–
Reversal of impairment loses recognised
under expected credit los model on
deposits and other receivables, and
amount due from a related company, net
预期信贷亏损模式项下就按金及
其他应收款项以及应收一间
关连公司款项确认之减值亏损
拨回净额5–
Impairment loses under expected credit
los model, net of reversal
预期信贷亏损模式项下减值亏
损，扣除拨回–(304)
Other reserves其他储备109,714–
Acumulated loses累计亏损(63,507)–
Reserves拨备–46,207
37. 重新分类及比较数字
截至二零二五年三月三十一日止年
度，为加强综合财务报表呈列的相关
性，已就过往年度综合财务报表呈列
的比较数字作出若干重新分类，以达
致与本年度呈列的可比性。因此，下
列有关比较数字的项目连同相关附注
已予修订及调整，以符合本年度的呈
列方式：
| 157,584 |
|---|
| (25,132) |
| (81) |
| (25,213) |
| (25,213) |
| – |
| (25,213) |
| HK cents |
| 港仙 |
| (20.2) |
万励达国际有限公司 二○二四－二○二五年报
FIVE YEAR FINANCIAL SUMARY
五年财务概要
本集团过去五个财政年度的业绩以及资产
及负债概要（摘录自本公司刊发之本集团
经审核综合财务报表）载列如下。
业绩
* 就截至二零二五年三月三十一日及二零二四
年三月三十一日止年度计算每股基本及摊薄
亏损而言，普通股加权平均数已就两个年度
发行新股及截至二零二五年三月三十一日
止年度的股份合并作出调整，详情载于附注
27。
A Sumary of the results and of the asets and liabilities of
the Group for the last five financial years, as extracted from the
Group’s audited consolidated financial statements isued by the
Company are set out below.
RESULTS
For the year ended 31 March
于截至三月三十一日止年度
二零二一年二零二年二零二三年二零二四年二零二五年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Revenue收益332,804674,040206,936187,193
(Los)/profit before taxation除税前（亏损）╱溢利92312,271(25,919)(24,751)
Income tax credit/(expense)所得税抵免╱（开支）(436)(3,042)(852)80
(Los)/profit for the year年内（亏损）╱溢利4,1809,229(26,771)(24,671)
Atributable to:下列人士应占：
Owners of the Company本公司拥有人4,8499,238(26,771)(24,671)
Non-controling interests非控股权益(669)(9)–
4,1809,229(26,771)(24,671)
HK centsHK centsHK centsHK cents
港仙港仙港仙港仙
(Restated)*
（经重列）*
Basic (los)/earnings per share
from continuing operations
持续经营业务之每股
基本（亏损）╱盈利0.581.10(2.85)(21.6)
* The weighted average number of ordinary shares for the purpose of
basic and dilutes los per share for the years ended 31 March 2025 and
31 March 2024 have ben adjusted for the isuance of new shares for
both years and also the share consolidation during the year ended 31
March 2025 and details of which are set out in note 27.
| 71,960 |
|---|
| (35,384) |
| 36,576 |
Five Year Financial Sumary (Continued)
五年财务概要（续）
206Wan Leader International Limited Anual Report 2024 – 2025
资产及负债
附注：本集团于二零一九年四月一日起采纳香港财
务报告准则第16号，并已更改其有关承租人
会计处理的会计政策。二零一九年之前年度
的比较资料并无重列，其乃根据有关年度适
用的政策得出。
ASETS AND LIABILITIES
At 31 March
于三月三十一日
二零二一年二零二年二零二三年二零二四年二零二五年
HK$’000HK$’000HK$’000HK$’000HK$’000
千港元千港元千港元千港元千港元
Total asets 资产总值113,786134,82583,39091,911
Total liabilities负债总值(61,750)(73,460)(21,676)(33,226)
Net asets资产净额52,03661,36561,71458,685
Note: The Group adopted HKFRS 16 with efect from 1 April 2019, and
has changed its acounting policies in relation to lese acounting.
Comparative information in years earlier than 2019 is not restated and in
acordance with the policies aplicable in those years.
万励达国际有限公司 二○二四－二○二五年报
GLOSARY
词汇
Anual Reportanual report for the financial year ended 31 March 2025
年报截至二零二五年三月三十一日止财政年度之年报
Articles or Articles of Asociationarticles of asociation of the Company
细则或组织章程细则本公司组织章程细则
Audit Comiteaudit comite of the Company
审核委员会本公司审核委员会
Boardthe board of directors of the Company
董事会本公司董事会
Board Diversity Policyboard diversity policy of the Company
董事会多元化政策本公司董事会多元化政策
CompanyWan Leader International Limited
本公司万励达国际有限公司
Company Secretarycompany secretary of the Company
公司秘书本公司公司秘书
CG Codethe Corporate Governance Code set out in Apendix C1 to the GEM
Listing Rules
企业管治守则GEM上市规则附录C1所载之企业管治守则
COVID-192019 Novel Coronavirus
COVID-192019年新型冠状病毒
Director(s)directors of the Company
董事本公司董事
ESGEnvironmental, Social and Governance
环境、社会及管治环境、社会及管治
GEM Listing RulesThe Rules Governing the Listing of Securities on GEM of The Stock
Exchange of Hong Kong Limited
GEM上市规则香港联合交易所有限公司GEM证券上市规则
GroupCompany and its subsidiaries
本集团本公司及其附属公司
HKHong Kong Special Administrative Region of the PRC
香港中国香港特别行政区
Glosary (Continued)
词汇（续）
208Wan Leader International Limited Anual Report 2024 – 2025
Listing Date5 September 2018
上市日期二零一八年九月五日
Nomination Comitenomination comite of the Company
提名委员会本公司提名委员会
NTDNew Taiwan dolar
新台币新台币
PRC or ChinaPeople’s Republic of China
中国中华人民共和国
ProspectusProspectus of the Company dated 28 August 2018
招股章程本公司日期为二零一八年八月二十八日之招股章程
Remuneration Comiteremuneration comite of the Company
薪酬委员会本公司薪酬委员会
RMBRenminbi
人民币人民币
SFOSecurities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong)
证券及期货条例证券及期货条例（香港法例第571章）
Share Oferthe Public Ofer and the Placing as defined in the Prospectus
股份发售招股章程所界定的公开发售及配售
Share Option Schemeshare option scheme adopted by the Company on 14 August 2018
购股权计划本公司于二零一八年八月十四日采纳之购股权计划
Stock Exchangethe Stock Exchange of Hong Kong Limited
联交所香港联合交易所有限公司
Yearfinancial year ended 31 March 2025
本年度截至二零二五年三月三十一日止财政年度
HK$ or HKDHong Kong dolar
港元港元
US$ or USDUnited States dolar
美元美元
%per cent
%百分比
2024-2025
ANUAL REPORT
年度报告
(Incorporated in the Cayman Islands with limited liability)
(于开曼群岛注册成立之有限公司)
Stock Code 股份代号：8482
–
年
度
报
告
A
N
N
U
A
L
R
E
P
O
R
T