(Incorporated in Hong Kong with limited liability) (于香港注册成立之有限公司）

(formerly known as Royal Century Resources Holdings Limited)(前称仁德资源控股有限公司）

Stock code 股份代号：8125

China New Holdings Limited

中新控股有限公司

年报

Anual Report

2024/2025

China New Holdings Limited

中新控股有限公司

年

报

中

新

控

股

有

限

公

司

Anual Report 2024/2025

二零二四年╱二零二五年度报告

香港联合交易所有限公司（「联交所」）

GEM

（「

GEM

」）之特色

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联交所主板买卖之证

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

之内容概不负责，对其准确性或完整性亦不发表

任何声明，并明确表示，概不对因本报告全部或

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。

本报告之资料乃遵照联交所

GEM

证券上市规则

（「

GEM

上市规则」）而刊载，旨在提供有关中

新控股有限公司（前称仁德资源控股有限公司）

（「本公司」）之资料；本公司董事（「董事」）愿就

本报告之资料共同及个别地承担全部责任。董事

在作出一切合理查询后，确认就其所知及所信，

本报告所载资料在各重要方面均准确完备，没有

误导或欺诈成分，且并无遗漏任何其他事项，足

以令致本报告或其所载任何陈述产生误导。

CHARACTERISTICS OF GEM (“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 of the

Stock Exchange 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 (the “Director(s)”) of China New

Holdings Limited (formerly known as Royal Century Resources

Holdings Limited) (the “Company”) colectively and individualy

acept ful responsibility, includes particulars given in compliance

with the Rules Governing the Listing of Securities on GEM of the

Stock Exchange (the “GEM Listing Rules”) for the purpose of giving

information with regard to the Company. The Directors, having made

al reasonable enquiries, confirm that to the best of their knowledge

and belief the information contained in this report is acurate and

complete in al material respects and not misleading or deceptive,

and there are no other maters the omision of which would make

any statement herein or this report misleading.

Corporate Information

公司资料

Anual Report 2024/2025

二零二四年╱二零二五年度报告

董事会

执行董事

缪仙柳女士（于二零二四年五月七日获委任）

罗学儒先生（于二零二四年五月二十一日获委任）

马敏姿女士（于二零二四年七月十九日获委任）

陈秋玲女士（于二零二五年二月十三日获委任）

邱欣源先生（于二零二四年五月二十一日辞任）

王军先生（于二零二五年二月二十四日辞任）

独立非执行董事

曾巧慧女士

李家俊先生

陈慧恩女士（于二零二四年五月二十一日获委任）

吴兆先生（于二零二四年五月二十一日辞任）

公司秘书

邱欣源先生（于二零二四年五月二十一日辞任）

罗学儒先生（于二零二四年五月二十一日获委任）

董事会委员会

审核委员会

曾巧慧女士（主席）

李家俊先生

陈慧恩女士

提名委员会

陈慧恩女士（主席）

曾巧慧女士

李家俊先生

薪酬委员会

李家俊先生（主席）

曾巧慧女士

陈慧恩女士

合规委员会

曾巧慧女士（主席）

李家俊先生

陈慧恩女士

BOARD OF DIRECTORS

Executive Directors

Ms. Miao Xianliu (apointed on 7 May 2024)

Mr. Law Hok Yu (apointed on 21 May 2024)

Ms. Ma Man Chi (apointed on 19 July 2024)

Ms. Chen Qiuling (apointed on 13 February 2025)

Mr. Yau Yan Yuen (resigned on 21 May 2024)

Mr. Wang Jun (resigned on 24 February 2025)

Independent non-executive Directors

Ms. Tsang Hau Wai

Mr. Li Ka Chun Gordon

Ms. Chan Wai Yan (apointed on 21 May 2024)

Mr. Wu Zhao (resigned on 21 May 2024)

COMPANY SECRETARY

Mr. Yau Yan Yuen (resigned on 21 May 2024)

Mr. Law Hok Yu (apointed on 21 May 2024)

BOARD COMITE

Audit comite

Ms. Tsang Hau Wai (Chairman)

Mr. Li Ka Chun Gordon

Ms. Chan Wai Yan

Nomination comite

Ms. Chan Wai Yan (Chairman)

Ms. Tsang Hau Wai

Mr. Li Ka Chun Gordon

Remuneration comite

Mr. Li Ka Chun Gordon (Chairman)

Ms. Tsang Hau Wai

Ms. Chan Wai Yan

Compliance comite

Ms. Tsang Hau Wai (Chairman)

Mr. Li Ka Chun Gordon

Ms. Chan Wai Yan

Corporate Information

公司资料

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

授权代表

缪仙柳女士

罗学儒先生

核数师

高岭会计师有限公司

执业会计师

注册公众利益实体核数师

总部、注册办事处及主要营业地点

香港

九龙

红磡

鹤翔街

号

维港中心第一座

楼

室

主要往来银行

华侨永亨银行

汇丰银行

星展银行

股份过户登记处

卓佳证券登记有限公司

香港

夏悫道

号

远东金融中心

楼

主要上市地点

香港联合交易所有限公司

公司网址

w.chinanewholdings.com.hk

股份代号

AUTHORISED REPRESENTATIVES

Ms. Miao Xianliu

Mr. Law Hok Yu

AUDITORS

Global Link CPA Limited

Certified Public Acountants

Registered Public Interest Entity Auditor

HEADQUARTER, REGISTERED OFICE AND

PRINCIPAL PLACE OF BUSINES

Unit 12, 5/F,

Tower 1, Harbour Centre,

1 Hok Cheung Stret,

Hung Hom,

Kowlon,

Hong Kong

PRINCIPAL BANKERS

OCBC Wing Hang Bank

HSBC

DBS Bank

SHARE REGISTRAR AND TRANSFER OFICE

Tricor Investor Securities Limited

17/F., Far East Finance Centre

16 Harcourt Road

Hong Kong

PRINCIPAL PLACE OF LISTING

The Stock Exchange of Hong Kong Limited

COMPANY’S WEBSITE

w.chinanewholdings.com.hk

STOCK CODE

155,634
8,639
–
270
164,543

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2024/2025

二零二四年╱二零二五年度报告

中新控股有限公司（「本公司」）及其附属公司（统

称「本集团」）主要从事

(i)

提供设计、装修及工程服

务，包括设计、装修、工程及采购家具及相关产

品服务，

(i)

租赁建筑设备及提供相关安装服务，

(i)

美酒采购及营销以及

(iv)

提供金融服务，包括

证券及放债业务。

财务回顾

收益

本集团截至二零二五年三月三十一日止年

度之总收益约为

164,500,000

港元（二零二四

年：

87,600,000

港元），相当于较去年增加约

76,900,000

港元或

87.8%

。

收益按分部划分之明细如下：

China New Holdings Limited (the “Company”) and its subsidiaries

(colectively the “Group”) are principaly engaged in (i) provision of

design, fiting out and enginering services comprising design, fiting

out, enginering and procurement of furnishings and related products

services, (i) leasing of construction equipment and provision of

related instalation services, (i) sourcing and merchandising of fine

and rare wines and (iv) provision of financial services comprising

securities and money lending busines.

FINANCIAL REVIEW

Revenue

The total revenue for the year ended 31 March 2025 of the Group

was aproximately HK$164.5 milion (2024: HK$87.6 milion) which

represents aproximately HK$76.9 milion or 87.8% increase as

compared with last year.

Breakdown of revenue by segments is as folows:

For the year ended 31 March

截至三月三十一日止年度

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Design, fiting out and enginering services

设计、装修及工程服务

71,972

Leasing of construction equipment

租赁建筑设备

12,966

Wines merchandising

美酒营销

2,214

Financial services

金融服务

87,603

Management Discusion and Analysis

管理层讨论及分析

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

设计、装修及工程服务业务产生之收益增加约

83,700,000

港元，而建筑设备租赁业务的收入

减少约

4,300,000

港元，美酒营销业务的收入减

少约

2,200,000

港元，及金融服务的收入减少约

200,000

港元，令本集团收益增加约

76,900,000

港

元：

(1)

设计、装修及工程服务收入增加主要是由

于年内私人部门项目所授的建筑合约合约

总价增加导致工程数量增加。

(2)

建筑设备租赁收益减少主要由于若干项目

接近完工阶段，从而导致年内需要开展的

工程范围缩小并导致租出率下降。

(3)

美酒营销业务收入减少乃主要由于年内现

有客户订单减少及本集团将资源由美酒营

销业务重新分配至设计、装修及工程服务

业务。

毛利

截至二零二五年三月三十一日止年度，本集

团录得毛利约为

3,500,000

港元（二零二四年：

9,000,000

港元），减少约

5,500,000

港元。

The revenue generated from the design, fiting out and enginering

services busines has increased by aproximately HK$83.7 milion,

whilst the income from the leasing of construction equipment

busines has decreased by aproximately HK$4.3 milion, the

income from the Wine merchandising busines has decreased by

aproximately HK$2.2 milion, and the income from the Financial

services has decreased by aproximately 0.2 milion, leaving the

Group’s revenue to increase by aproximately HK$76.9 milion:

, fiting out

and enginering services was mainly due to the increase in the

number of works atributable to the increase in contract sum

of construction contracts being awarded from private sector

projects during the year.

(2) The decrease in revenue from the leasing of construction

equipment was mainly due to certain projects close to their

final phase, which has resulted in a reduced scope of work to

be undertaken and lead to the decrease in the lease out rate

during the year.

(3) The decrease in revenue generated from the wine

merchandising busines was mainly due to the decrease in

orders from existing customers and the realocation of the

Group’s resources from the wine merchandising busines to

the Design, fiting out and enginering services busines during

the year.

Gros Profit

The Group recorded a gros profit of aproximately HK$3.5 milion

(2024: HK$9.0 milion) for the year ended 31 March 2025, representing

a decrease of aproximately HK$5.5 milion.

4,374
(1,166)
–
270
3,478

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2024/2025

二零二四年╱二零二五年度报告

本集团毛利按分部划分如下：

与去年相比，本集团毛利率下降主要是由于

(i)

设

计、装修及工程服务的新投标项目利润率有所减

少；及

(i)

租赁建筑设备的租出率下降，连同

(i)

年

内价格竞争持续对运营构成挑战，从而对毛利率

产生不利的影响。

同时，设计、装修及工程服务的毛利增加约

2,900,000

港元乃主要由于私人部门项目所授的

建筑合约合约总价增加导致收益增加所致，然而

为应对设计工作的复杂性以及设计与施工方案

的频繁变更令建材成本高企、额外产生安装费及

设计及劳工成本，从而导致年内毛利率下降。

年度亏损

其他收入

截至二零二五年三月三十一日止年度，其他收

入、收益及亏损减少乃主要由于去年出售投资物

业后无租金收入。

其他收益，净额

截至二零二五年三月三十一日止年度，其他收

益，净额减少乃主要由于出售╱撇销建筑设备产

生补偿收益减少。

The gros profit of the Group by segments is as folows:

For the year ended 31 March

截至三月三十一日止年度

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Design, fiting out and enginering services

设计、装修及工程服务

1,432

Leasing of construction equipment

租赁建筑设备

6,563

Wines merchandising

美酒营销

Financial services

金融服务

9,030

As compared with the prior year, the decrease in the Group’s gros

profit margin was mainly due to (i) the reduction in profit margins for

new tender projects for design, fiting out and enginering services;

and (i) decrease in lease out rate for the leasing of construction

equipment, together with (i) the price competition continues to post

chalenges on the operation which adversely afecting the gros profit

margin during the year.

Meanwhile, the increase in the gros profit of the design, fiting out

and enginering services of aproximately HK$2.9 milion was mainly

due to the increase in revenue atributable to the increase in contract

sum of construction contracts being awarded from private sector

projects, whilst the rising costs of construction materials, instalation

fes, and design and labor costs were aditionaly incured to adres

the complexity of design work and frequent changes to design and

construction plans, contributing to the decrease in gros profit margin

during the year.

Los for the year

Other income

The decrease in other income, gains and loses for the year ended

31 March 2025 was mainly due to the absence of rental income after

disposal of investment properties in the prior year.

Other gains, net

The decrease in other gains, net for the year ended 31 March

2025 was mainly due to the decrease in the compensation gain on

disposal/writen of of construction equipment.

Management Discusion and Analysis

管理层讨论及分析

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

行政开支

截至二零二五年三月三十一日止年度的行政开

支增加乃主要由于即将开展项目的初始启动成

本以及新聘人员的员工开支增加所致。

贸易应收款项及合约资产之预期信贷亏损

拨备

本集团已委任独立合资格专业估值师评估贸易

应收款项及合约资产的预期信贷亏损。截至二零

二五年三月三十一日止年度，本集团就贸易应收

款项确认预期信贷亏损拨备约

390,000

港元（二零

二四年：

332,000

港元）及就合约资产确认预期信

贷亏损拨备约

203,000

港元（二零二四年：

45,000

港元）。预期信贷亏损拨备增加反映信贷风险恶

化及建筑业的不确定性。

无形资产减值

对于计入「无形资产」的证券及期货条例牌照，本

集团已委聘独立合资格专业估值师对证券及期

货条例牌照于二零二五年三月三十一日的可收

回金额进行评估。与上一年度相同，金融服务业

务分部现金产生单位的可收回金额乃基于按重

置成本法所得的公平值减出售成本厘定，其高于

使用价值。重置成本法下估计金融服务业务分部

现金产生单位公平值所用的关键假设包括取得

有关牌照的估计成本及相关交易成本。按公平值

减出售成本计算的金融服务业务分部现金产生

单位的可收回金额约为

1,670,000

港元（二零二四

年三月三十一日：约

1,720,000

港元）。因此，比较

金融服务业务分部现金产生单位之账面值，截至

二零二五年三月三十一日止年度确认减值亏损

约

50,000

港元（二零二四年：约

779,000

港元）。

对于计入「无形资产」的中港车辆牌照，本集团已

委聘独立合资格专业估值师对中港车辆牌照于

二零二五年三月三十一日的可收回金额进行评

估。与上一年度相同，中港车辆牌照的可收回金

额乃基于按市场比较法所得的公平值减出售成

本厘定，其高于使用价值。按公平值减出售成本

计算的中港车辆牌照的可收回金额约为

580,000

港元（二零二四年：

740,000

港元）。因此，比较

中港车辆牌照之账面值，截至二零二五年三月

三十一日止年度确认减值亏损约

160,000

港元（二

零二四年：拨回减值亏损约

140,000

港元）。

Administrative expenses

The increase in administrative expenses for the year ended 31 March

2025 was mainly due to the increase in initial start-up costs and staf

costs for new headcount of the forthcoming projects.

Alowance for ECL on trade receivables and contract

asets

The Group has apointed independent qualified profesional valuer

to perform an apraisal of the ECL of trade receivables and contract

asets. During the year ended 31 March 2025, the Group recognised

an alowance for ECL on trade receivables of aproximately

HK$390,000 (2024: HK$332,000) and alowance for ECL on contract

asets of aproximately HK$203,000 (2024: HK$45,000). The increase

in alowance for ECL reflects the deterioration in credit risk and the

uncertainty of the construction industry.

Impairment of intangible asets

For the SFO Licenses included in “intangible asets”, the Group has

apointed independent qualified profesional valuer to perform

an apraisal of the recoverable amount of the SFO Licenses as at

31 March 2025. Same as the prior year, the recoverable amount of

Financial services busines segment CGU have ben determined

based on fair value les costs of disposal using the replacement cost

aproach, which is higher than value in use. The key asumptions

used in estimating the fair value of Financial services busines

segment CGU under the replacement cost aproach include the

estimation of cost of obtaining such licenses and relevant transaction

cost. The recoverable amount of Financial services busines segment

CGU based on the fair value les costs of disposal was aproximately

HK$1,670,000 (31 March 2024: aproximately HK$1,720,000).

Acordingly, having compared with the carying amount of Financial

services busines segment CGU, impairment los of aproximately

HK$50,000 (2024: aproximately HK$779,000) was recognised for the

year ended 31 March 2025.

For the cros-boundary vehicle licence included in “intangible asets”,

the Group has apointed independent qualified profesional valuer

to perform an apraisal of the recoverable amount of the cros-

boundary vehicle licence as at 31 March 2025. Same as the prior

year, the recoverable amount of the cros-boundary vehicle licence

has ben determined on the fair value les costs of disposal using

market comparable aproach, which is higher than value in use. The

recoverable amount of the cros-boundary vehicle licence based on

the fair value les costs of disposal was aproximately HK$580,000

(2024: HK$740,000). Acordingly, having compared with the carying

amount of the cros-boundary licence, an impairment los of

aproximately HK$160,000 (2024: a reversal of impairment los of

aproximately HK$140,000) was recognised for the year ended 31

March 2025.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2024/2025

二零二四年╱二零二五年度报告

业务回顾及前景

设计，装修及工程服务业务

预计本集团将缩减公共房屋维修、改善及空置单

位翻新工程及服务的规模，目前正重新规划设

计、装修及工程服务业务的组合，并重新分配资

源以寻求其他项目以维持本集团的设计、装修及

工程服务业务。

本集团的战略是发展与现有承建商及客户的业

务关系，以协调及洽谈进一步工程及服务以及引

介新承建商及客户。本集团预计有关探索及发展

将进一步扩充及加强本集团设计、装修及工程服

务业务的收入来源及可持续性。

建筑设备租赁业务

于年内，建筑设备租赁业务的收益因上文所述本

集团通架设备的出租率下降而有所减少。

本集团一直致力促进及维持与现有客户的业务

关系及合作，以获得现有客户的经常性订单。本

集团亦与现有客户协调引荐新客户，以扩阔本集

团的客户基础及实现通架设备租赁的稳步发展

及可持续经营。

美酒营销业务

本集团将继续与现有客户洽谈，以销售美酒及寻

求潜在客户。本集团将适度开展美酒营销业务。

金融服务业务

提供金融服务业务包括证券业务及放债业务。

证券业务

本集团从事香港证券及期货事务监察委员会

（「证监会」）监察的持牌证券业务，营运第

类

（证券交易）、第

类（就证券提供意见）及第

类

（提供资产管理）受规管活动。

BUSINES REVIEW AND PROSPECTS

Design, fiting out and enginering services busines

The Group is expected to reduce the scale of the public housing

maintenance, improvement and vacant flat refurbishment works and

services and is curently reformulating the mix of the design, fiting

out and enginering services busines and redistributing its resources

to sek for other projects to sustain the Group’s design, fiting out and

enginering services busines.

It is the Group’s strategy to develop busines relationship with the

existing contractors and customers to cordinate and negotiate

for further works and services as wel as for introducing new

contractor(s) and customer(s). The Group expects such exploration

and development wil further broaden and strengthen the income

stream and the sustainability of the Group’s design, fiting out and

enginering services busines.

Leasing of construction equipment busines

During the year, the revenue from the leasing of construction

equipment busines has ben decreased due to the decrease in

lease out rate of the Group’s scafolding equipment as mentioned

above.

The Group has ben making efort in fostering and maintaining the

busines relationship and coperations with the existing customers

in order to have recuring orders from the existing customers.

The Group is also cordinating with the existing customers for the

introduction of new customers in order to broaden the customer

base of the Group and for the steady development and sustainable

operation of the leasing of scafolding equipment.

Wine merchandising busines

The Group would continue to negotiate with the existing customers

for the sale of fine and rare wines and sek for potential customers.

The Group would cary out the wine merchandising busines at a

moderate level.

Financial services busines

The provision of financial services busines comprises securities

busines and money lending busines.

Securities busines

The Group is engaged in licensed securities busines under the

Securities and Futures Comision of Hong Kong (“SFC”) to cary out

type 1 (dealing in securities), type 4 (advising on securities) and type 9

(aset management) regulated activities.

Management Discusion and Analysis

管理层讨论及分析

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

由于经济不明朗及本地股票市场波动，本集团继

续以审慎的管理方式开展证券业务。

放债业务

放债业务专注於潜在企业或个人借款人，包括已

确立企业及富有且声誉良好的个人，包括行政人

员、商人及专业人士。潜在借款人一般由

(i)

本集

团管理团队介绍；

(i)

潜在借款人的直接触；及

(i)

现有借款人的推荐。本集团采取审慎态度开

展放债业务，其资金来自内部产生的现金资源。

向潜在借款人授出贷款前，本集团使用内部信贷

评估程序评估潜在借款人的信贷质素，并厘定给

予借款人的信贷限额。给予借款人的限额会由管

理层定期检讨。

截至二零二五年三月三十一日止年度，本集团贷

款组合包括一项初始本金

3,000,000

港元之无抵

押个人贷款。该贷款于过往年度授出，并且已续

期及于二零二一年三月延期

年（为无抵押及以

年利率

计息）。所有未偿还贷款的借款人及其

最终实益拥有人（如适用）均为本集团的独立第

三方。

本集团制订放债政策╱手册（「手册」），包括实施

打击洗钱及恐怖分子资金筹集制度有关的程序，

以及信贷评估程序来规范放债业务的运作，以确

保全面的风险管理，从而保障本集团，尤其是股

东的利益。

一般来说，每宗贷款申请在授予借款人之前必须

经过三个阶段，即

(i)

文件收集和验证；

(i)

信贷风险

评估；及

(i)

批准。手册列出（其中包括）

(i)

每宗贷

款申请所需的文件和资料清单；

(i)

信贷评估过程

的总体框架，包括但不限于申请人的背景、财务

和还款能力、信贷状况和贷款用途等需要考虑的

因素；及

(i)

每类贷款申请的批准授权。

The Group continues to cary out the securities busines at a prudent

management aproach due to economic uncertainties and local

stock market volatility.

Money lending busines

The money lending busines focuses on potential corporate or

personal borowers including wel-established busines and wealthy

and reputable individuals ranged from executives, businesmen and

profesionals. The potential borower(s) are generaly induced through

(i) the management team of the Group; (i) direct aproaches from

potential borowers; and (i) referal from existing borower(s). The

Group adopts a prudent aproach to cary out the money lending

busines with sourcing of its funds from internaly generated cash

resources.

Before granting loans to potential borower(s), the Group uses an

internal credit asesment proces to ases the potential borower’s

credit quality and defines credit limits granted to borowers. Limits

atributed to borowers are reviewed by the management regularly.

During the year ended 31 March 2025, the loan portfolio of the Group

consists of 1 unsecured personal loan with initial principal amount of

HK$3 milion. The loan is granted in prior years and is renewed with a

term of 1 year in March 2021 which is unsecured and interest bearing

at 9% per anum. Al the borower and its ultimate beneficial owner

(if aplicable) of the outstanding loan is independent third parties of

the Group.

The Group has established its money lending policies/manuals

(the “Manuals”), including the procedures in relation to the

implementation of Anti Money Laundering and Counter-Terorist

Financing System and credit asesment procedure to regulate the

money lending busines operation to ensure a comprehensive risk

management so as to safeguard the Group’s and, most importantly,

the shareholders’ interest.

In general, each loan aplication must go through thre stages

before granting to the borower, namely (i) document colection and

verification; (i) credit risk asesment; and (i) aproval. The Manuals

has set out, among others, (i) a list of documents and information

required for each loan aplication; (i) the general framework of the

credit asesment proces including but not limited to the factors

to be considered such as the aplicant’s background, financial and

repayment abilities, credit worthines and intended use of the loan;

and (i) the aproval authorisation for each type of loan aplication.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2024/2025

二零二四年╱二零二五年度报告

信贷审批流程

以下是放债业务管理团队（「该管理团队」）评估

贷款申请的一般指引摘要：

(A)

必须提供身份证明－个人身份证及护照以

及企业实体的商业登记证、公司注册证明

书及章程文件，以供核实；

(B)

需出示地址证明－水电费单、银行╱信用

卡账单或政府部门或法定机构签发的正式

信函；

(C)

还款能力评估－旨在评估各借款人的还款

能力，除背景调查外，该管理团队将调查

担保人的可用性（如适用），过往付款记录

及任何其他可用资料以评估借款人的还款

能力；及

(D)

信贷评估－对潜在客户进行查册及背景调

查，例如破产或清盘查册及诉讼查册；背

景调查及媒体调查。

基于上述程序，本集团认为信贷风险及违反与反

洗钱或反恐怖分子资金筹集有关的相关法律法

规的风险较低。尽管如此，本集团已采取一切必

要措施减轻潜在借款人业务的洗钱或恐怖分子

资金筹集风险，例如潜在借款人的业务╱职业╱

雇佣的性质及详情；活动预期水平及性质；潜在

借款人的所在地；资金的预期来源及源头；以及

财富或收入的初始及持续来源。

所有授出的贷款均须经逐案批准，包括一套标准

化的了解你的客户程序和尽职调查程序。在此过

程中，放债业务管理团队应获取并验证申请人的

收入证明╱现金流量证明，及资产证明（如果涉

及证券╱抵押品）。

Credit aproval proces

The folowing is a sumary of the general guidelines of asesing

loan aplications by the management team (the “Management

Team”) of the money lending busines:

(A) Identity prof – identity card and pasport from individuals and

busines registration certificate, certificate of incorporation and

the constitutional documents from corporate entities must be

provided for verification;

(B) Adres prof – utility bils, bank/credit card statements or

formal corespondence isued by either a governmental

department or statutory body is required to be produced;

ability of each borower, in adition to the background search,

the Management Team checks the availability of guarantor,

where aplicable, past payment record and any other

available information to evaluate the repayment ability of the

borower(s); and

(D) Credit worthines asesment – Searches and background

checks would be conducted upon potential clients such

as bankruptcy or winding up search and litigation search;

background search and media searches.

Based on the above procedures, the Group considers that the credit

risk and the risk of breaching the relevant laws and regulations in

conection with anti-money laundering or anti-terorist financing

are relatively low. Nonetheles, the Group has in place al necesary

measures to mitigate the risk of money laundering or terorist

financing risk of potential borowers’ busineses, such as the nature

and details of the busines/ocupation/employment of the potential

borower; the anticipated level and nature of the activity; location of

potential borower; the expected source and origin of the funds; and

the initial and ongoing source(s) of wealth or income.

Al loans being granted should be aproved, on a case-by-case basis

including a set of standardised know-your-customer procedures and

due diligence proces. During the proces, the management team

of the money lending busines should obtain and verify the income

prof/cash flow prof of the aplicant, and if securities/colateral

involved, the aset prof.

Management Discusion and Analysis

管理层讨论及分析

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

对贷款申请进行信贷评估及审查并厘定贷款条款

（经考虑借款人的信贷风险、其可收回性及现行

市场利率等因素）后，该管理团队将准备贷款文

件，在向董事会申报或批准（视情况而定）前，贷

款将推荐予放债业务董事审查。放债业务董事将

负责批准金额较少的贷款，并向董事会申报。

该管理团队将向本公司及其董事会报告潜在贷

款，以供其成员考虑，倘金额较大（即根据

GEM

上

市规则第

章的规模测试评估可构成须予披露

交易或以上），在此情况下，有关潜在贷款应由

放债业务董事报告，而彼将向董事会详细说明该

等潜在贷款计划及其就此提供的建议以供讨论

及批准，董事（包括独立非执行董事）其后考虑该

等贷款是否符合正常商业条款、是否公平合理，

以及是否符合本公司及其股东的整体利益。此

外，对于任何可能涉及

GEM

上市规则第

章所定

义的关连人士的潜在贷款，该等贷款将立即向董

事会报告，以供董事会进行上述的规模测试及评

估。

手册进一步提供处理贷款和利息偿还违约指引。

一般而言，放债业务的指定人员应在贷款到期日

前首先提示借款人。如果借款人未能及时偿还贷

款和利息，手册规定了贷款催收程序，以持续监

控贷款的可收回性。

减值亏损基准

本集团已委任独立合资格专业估值师评估应收

贷款及利息的预期信贷亏损。截至二零二五年三

月三十一日止年度，本集团确认预期信贷亏损拨

备回拨约

349,000

港元（二零二四年：

174,000

港

元）。

由于未偿还贷款已于二零二五年三月三十一日

逾期未还款，违约的可能性将会增加。然而，考

虑到前瞻性利率及信贷价值及检讨借款人的过

往还款记录，而且，应计利息已于期后结清，本

集团认为该笔贷款未发生信贷减值并被归类为

第

阶段作预期信贷亏损评估。有关详情，请参

阅综合财务报表附注

。

After credit asesment and review of the loan aplications, with

the loan terms determined (having taken into consideration factors

such as the credit risks of the borowers, their recoverability and the

prevalent market interest rates), loan documents wil be prepared

by the Management Team and the loans wil be recomended for

the review of the director(s) of the money lending busines prior

to reporting to the Board or aproval (as the case may be). The

director(s) of the money lending busines, wil be responsible for the

aproval of loans in relatively smaler amount, and reporting the same

to the Board.

The Management Team would report the potential loan(s) to the

Company and the Board for the consideration by its members,

if it is of larger amount (i.e. by asesment of size tests under

Chapter 19 of the GEM Listing Rules, may constitute a discloseable

transaction or above), in which case, such potential loan(s) shal

be reported by the director(s) of the money lending busines who

wil elaborate to the Board such potential loan(s) in contemplation

and the recomendations therewith for discusion and aproval,

the Directors (including the independent non-executive Directors)

shal then consider whether such loans are on normal comercial

terms, fair and reasonable and in the interests of the Company

and its Shareholders as a whole. Moreover, for any potential loan(s)

which may involve conected person(s) as defined under Chapter

20 of the GEM Listing Rules, such loan(s) wil be reported to the

Board imediately for asesment with respect to size tests and

asesment by the Board as elaborated above.

The Manuals further provide the guideline for dealing with loan and

interest repayment of default. Generaly, the designated oficer of the

money lending busines shal first remind the borower prior to the

due date of the loan. Should the borower fail to repay the loan and

interests promptly, the Manuals set out the loan colection procedure

to monitor the recoverability of the loan on an ongoing basis.

Basis of impairment los

The Group has apointed independent qualified profesional valuer

to perform an apraisal of the ECL of loan and interest receivables.

During the year ended 31 March 2025, the Group recognised a

reversal of alowance for ECL of aproximately HK$349,000 (2024:

HK$174,000).

Since the outstanding loan has ben overdue for repayment as at

31 March 2025, the probability of default would have increased.

However, considering the forward loking rate and the credit

worthines, and by reviewing the past repayment history of the

borower where acrued interests have ben setled subsequent to

the period, the Group considers the loan is not credit-impaired and is

categorised as Stage 2 for ECL asesment. For details, please refer to

note 23 to the consolidated financial statements.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2024/2025

二零二四年╱二零二五年度报告

本集团根据香港财务报告准则第

号预期信贷亏

损模式就每一个报告期之应收贷款及利息确认

减值亏损。预期信贷亏损模式为信贷亏损之概率

加权估计，以所有预期现金差额之现值（即根据

合约应付予本集团之现金流量与本集团预期收

取之现金流量之间之差额）计量，倘贴现影响属

重大，则采用原实际利率贴现。

在估计应收贷款和利息之预期信贷亏损时，本集

团已考虑了于初步确认资产后之违约可能性，以

及通过比较于报告日期资产发生违约之风险与

初步确认日期发生违约之风险，考虑信贷风险是

否持续显著增加。本集团亦考虑了前瞻性资料，

包括预期将导致交易方履行债务之能力出现重

大变动之商业、金融或经济环境之实际或预期重

大不利变动。

在预期信贷亏损模式的一般方法下，本集团对应

收贷款和利息所依据之假设概要如下：

The Group recognises the impairment los under HKFRS 9 ECL model

on loans and interest receivables for each of the reporting periods.

The ECL model is a probability-weighted estimate of credit loses,

which are measured as the present value of al expected cash

shortfal (i.e. the diference betwen the cashflow due to the Group

in acordance with the contract and the cash flows that the Group

expects to receive), discounted at original efective interest rate,

where the efect of discounting is material.

When estimating the ECL on loan and interest receivables, the Group

has considered the probability of default upon initial recognition of

aset and whether there has ben a significant increase in credit risk

on an ongoing basis by comparing the risk of default ocuring on the

aset as at the reporting date with the risk of default as at the date of

initial recognition. The Group has also taken into acount forwarding-

loking information including actual or expected significant adverse

changes in busines, financial or economic conditions that are

expected to cause a significant change to the counterparties’ ability

to met its obligations.

Under the general aproach of the ECL model, the asumptions

underpining the Group’s for the loan and interest receivables are set

out below:

CategoryDefinition of categoryBasis for recognition of ECL provision

类别类别定义预期信贷亏损拨备之确认基准

Stage 1Exposures where there has not ben a significant

increase in credit risk since initial recognition

and that are not credit-impaired upon

origination.

Portion of the lifetime ECL asociated with the

probability of default events ocuring within the

next 12 months is recognised.

第

阶段信贷风险自初步确认以来尚未出现大幅增加且

于产生后并未出现信贷减值之风险。

确认与未来十二个月内发生违约事件之可能性

相关之全期预期信贷亏损部分。

Stage 2Exposures where there has ben a significant

increase in credit risk since initial recognition but

are not credit-impaired.

Lifetime expected loses (i.e. reflecting the

remaining lifetime of the financial aset) is

recognised.

第

阶段信贷风险自初步确认以来出现大幅增加惟并未

出现信贷减值之风险。

确认全期预期亏损（即反映余下金融资产之

可使用年期）。

Stage 3Exposures are asesed as credit-impaired when

one or more events that have a detrimental

impact on the estimated future cash flows of

that aset have ocured.

Lifetime expected loses is recognised and interest

revenue is calculated by aplying the efective

interest rate to the amortised cost (net of

provision) rather than the gros carying amount.

第

阶段倘发生对该资产之估计未来现金流产生不利

影响之一项或多项事件，则风险评估为出现

信贷减值。

确认全期预期亏损并应用实际利率于摊销成本

（扣除拨备）而非账面总值以计算利息收益。

Management Discusion and Analysis

管理层讨论及分析

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

实际上，在厘定应收贷款和利息之阶段时，本集

团会考虑应收贷款和利息的特点，并根据本集团

各自的会计惯例确认预期信贷亏损准备。贷款已

根据违约概率和违约风险单独评估。由于未偿还

贷款已于二零二五年三月三十一日逾期未还款，

违约的可能性将会增加。然而，考虑到信贷价值

及检讨借款人的过往还款记录，而且，应计利息

已于期内及╱或之后结清，本集团认为该等贷款

未发生信贷减值并被归类为第

阶段作预期信贷

亏损评估。

董事会认为，上述所采纳的方法及基准在市场上

普遍且广泛使用，而该计量应收贷款及利息之预

期信贷亏损方法与本集团所采纳的惯例一致。董

事会认为应用这种方法和基准是公平合理的。

本集团将对逾期金额进行定期审查并采取跟进

行动，以尽量减少本集团面临的信贷风险，并就

支付贷款利息的最后期限与借款人密切跟进。债

务人的账龄分析按月编制，并受到密切监察以尽

量减少与该等债务人相关的任何信贷风险。该管

理团队继而向董事会汇报该贷款组合状况，以便

董事会密切监察贷款组合，并在扩大客户基础的

同时继续采取风险控制及管理策略。

本集团已建立处理未偿还贷款和利息还款指引。

一般而言，本集团应在贷款到期日前首先提示借

款人。如果借款人未能及时偿还贷款和利息，手

册规定了贷款催收程序，以持续监控贷款的可收

回性。本集团持续与借款人就偿还未偿贷款事宜

进行磋商，本集团向借款人发出月份还款通知，

要求其偿还未偿还的本金及利息。本集团将尽力

适时收回未偿还本金。

Practicaly, in seting the stage for the loan and interest receivables,

the Group wil consider the characteristic of the loan and interest

receivables and recognise the ECL provision acording to the

respective acounting practice of the Group. The loans have ben

asesed individualy based on the probability of default and

exposure of default. Since the outstanding loan has ben overdue

for repayment as at 31 March 2025, the probability of default would

have increased. However, considering the credit worthines and

by reviewing the past repayment history of the borowers where

acrued interests have ben setled during the period and/or

subsequent to the period, the Group considers the loan is not credit-

impaired and is categorised as Stage 2 for ECL asesment.

The Board is of the view that the above-mentioned methodology and

the basis aplied were comon and widely used in the market and

such aproach in measuring the ECL on loan and interest receivables

is consistent with practice adopted by Group. The Board considers

such methodology and the basis aplied are fair and reasonable.

The Group would conduct regular review and cary out folow up

actions in respect of overdue amounts to minimise the Group’s

exposure to credit risk and folow up closely with its borowers

as to the deadlines in payment of interest of the loans. An aging

analysis of the debtors is prepared on a monthly basis and is closely

monitored to minimise any credit risk asociated with these debtors.

The Management Team wil in turn report the status of the loan

portfolio to the Board, such that the Board may closely monitor the

loan portfolio and continue to adopt risk control and management

strategies while broadening the customer base.

The Group has set up guideline for dealing with outstanding loan

and interest repayment. Generaly, the Group shal first remind the

borower prior to the due date of the loan. Should the borowers fail

to repay the loan and interests promptly, the Manuals set out the

loan colection procedure to monitor the recoverability of the loan on

an ongoing basis. While the Group has ben in negotiation with the

borowers on the repayments of the outstanding loans, the Group has

isued monthly repayment notices to the borowers and demanding

for the repayment of the outstanding principal and interest. The

Group would make endeavour efort to colect the outstanding

principal in due course.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2024/2025

二零二四年╱二零二五年度报告

流动资金及财务资源

于本年内，本集团透过股本集资及以其内部资源

拨付其营运。

于二零二五年三月三十一日，本集团之流动

资产净值约为

53,500,000

港元（二零二四年：

61,800,000

港元），当中包括现金及银行结余约

43,200,000

港元（二零二四年：

45,700,000

港元）。

于二零二五年三月三十一日，流动比率（即流动

资产除以流动负债之比率）约为

2.0

倍（二零二四

年：

4.7

倍）。于截至二零二五年三月三十一日止

年度流动比率下降主要是由于贸易及其他应付

款项增加导致流动负债增加所致。

资本架构与负债比率

本公司之资本架构仅由普通股组成。截至二零

二五年三月三十一日止年度，本公司之资本架构

并无变动。于二零二五年三月三十一日，本公司

拥有人应占权益总额约为

59,200,000

港元（二零

二四年三月三十一日：

73,500,000

港元）。

于二零二五年三月三十一日，由于本集团的借

贷、租赁负债已于截至二零二五年三月三十一日

止年度内悉数偿还，故负债比率并不适用。

于二零二四年三月三十一日，本集团之借贷包

括租赁负债约

1,900,000

港元。本集团之负债比率

（按借贷总额除权益总额计算）约为

2.6%

。

股息

董事并不建议派付截至二零二五年三月三十一

日止年度之任何股息。

外汇风险

本集团业务主要以港元（「港元」）、人民币（「人民

币」）及澳门元（「澳门元」）计值，而其收入、开支、

资产、负债及借贷主要以港元及人民币为单位。

本集团并无订立任何对冲外汇风险之工具。本集

团将密切监察汇率变化，并会采取适当行动降低

汇兑风险。

LIQUIDITY AND FINANCIAL RESOURCES

During the year, the Group financed its operations through equity

fund raising and by its internal resources.

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

aproximately HK$53.5 milion (2024: HK$61.8 milion), including cash

and bank balances of aproximately HK$43.2 milion (2024: HK$45.7

milion).

The curent ratio, being the ratio of curent asets to curent liabilities,

was aproximately 2.0 times as at 31 March 2025 (2024: 4.7 times).

The decrease in the curent ratio during the year ended 31 March

2025 was mainly due to the increase in curent liabilities resulting

from the increase in trade and other payables.

CAPITAL STRUCTURE AND GEARING RATIO

The capital structure of the Company comprised ordinary shares only.

There was no change in the capital structure of the Company during

the year ended 31 March 2025. Total equity atributable to owners of

the Company amounted to aproximately HK$59.2 milion as at 31

March 2025 (31 March 2024: HK$73.5 milion).

As at 31 March 2025, gearing ratio is not aplicable as the Group’s

borowings, lease liabilities, are fuly repaid during the year ended 31

March 2025.

As at 31 March 2024, the Group’s borowings comprised of lease

liabilities of aproximately HK$1.9 milion. The Group’s gearing

ratio, calculated by dividing total borowings by total equity, was

aproximately 2.6%.

DIVIDEND

The Directors do not recomend the payment of any dividend for the

year ended 31 March 2025.

FOREIGN EXCHANGE EXPOSURE

The operations of the Group are mainly conducted in Hong Kong

dolar (“HK$”), Renminbi (“RMB”) and Macanese pataca (“MOP”), and

its revenue, expenses, asets, liabilities and borowings are principaly

denominated in HK$ and RMB.

The Group does not enter into any instruments on the foreign

exchange exposure. The Group wil closely monitor exchange rate

movement and wil take apropriate activities to reduce the exchange

risk.

Management Discusion and Analysis

管理层讨论及分析

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

集团资产抵押

于二零二五年三月三十一日，本集团并无抵押任

何资产。

重大收购及出售

除出售一项投资物业外，于截至二零二五年三月

三十一日止年度，本集团并无重大收购及出售资

产或附属公司事项。

或然负债

于二零二五年三月三十一日，本集团并无任何重

大或然负债。

承担

本集团于二零二五年三月三十一日之承担详情

载于综合财务报表附注

。

报告期后事项

有关报告期后事项之详情，请参阅综合财务报表

附注

。

雇员及薪酬政策

于二零二五年三月三十一日，本集团雇用

（二

零二四年：

）名雇员。本集团继续向雇员提供

合适及定期培训，以维持及加强工作团队之实

力。本集团主要根据行业惯例及个人表现与经验

向董事及雇员发放薪酬。除一般薪酬外，亦会根

据本集团表现及个人表现向合资格员工发放酌

情花红及购股权。

于截至二零二五年三月三十一日止年度，总薪

酬（包括向雇员及董事发放之酬金及薪金以及

强积金供款）为约

7,800,000

港元（二零二四年：

7,500,000

港元）。

主要风险及不确定因素

本集团之财务状况、营运业绩、业务及前景受多

项风险及不确定因素影响，包括业务风险、营运

风险及财务管理风险。

CHARGES ON THE GROUP’S ASETS

As at 31 March 2025, the Group did not pledge any of its asets.

SIGNIFICANT ACQUISITION AND DISPOSAL

Save for the disposal of an investment property, there has ben no

significant acquisition and disposal of asets or subsidiaries of the

Group during the year ended 31 March 2025.

CONTINGENT LIABILITIES

As at 31 March 2025, the Group did not have any significant

contingent liabilities.

COMITMENTS

Details of the comitments of the Group as at 31 March 2025 are set

out in note 38 to the consolidated financial statements.

EVENTS AFTER THE REPORTING PERIOD

Details of events after the reporting period, please refer to note 40 of

the consolidated financial statements.

EMPLOYES AND REMUNERATION POLICIES

As at 31 March 2025, the Group employed 23 (2024: 17) employes.

The Group continues to maintain and upgrade the capabilities of its

workforce by providing them with adequate and regular training.

The Group remunerates its Directors and employes mainly based

on industry practices and individual’s performance and experience.

On top of regular remuneration, discretionary bonus and share

options may be granted to eligible staf by reference to the Group’s

performance as wel as individual’s performance.

Total remuneration for the year ended 31 March 2025 (including

emoluments and salaries to staf and Directors and MPF

contributions) was aproximately HK$7.8 milion (2024: HK$7.5

milion).

PRINCIPAL RISKS AND UNCERTAINTIES

The Group’s financial condition, results of operations, busineses and

prospects would be afected by a number of risks and uncertainties

including busines risks, operational risks and financial management

risks.

Management Discusion and Analysis

管理层讨论及分析

Anual Report 2024/2025

二零二四年╱二零二五年度报告

本集团所面对的主要业务及营运风险概列如下：

•

我们于设计、装修及工程服务及租赁建筑

设备的收益依赖于成功的报价或非经常性

招标，且概无保证我们现有的客户会为我

们提供新业务或我们将会获得新客户；

•

减少或终止香港的公营项目可能会对我们

的收益及营运业绩产生不利影响；

•

未能准确估计实施项目所涉及的成本及项

目延迟完成可能会对我们的经营业绩及财

务状况产生不利影响；及

•

我们计划通过扩充人力来扩大我们的产

能，这可能会因熟练劳动力短缺而导致增

加额外员工成本，从而对我们的经营业绩

及财务状况产生不利影响。

本集团的财务风险管理政策及惯例载于综合财

务报表附注

6(b)

。

除上述者外，可能有其他本集团并未知悉，或于

现在并不重大，但可能于未来成为有重大影响的

风险及不确定因素。

环境保护政策及表现

本集团注重环保。已落实多项做法鼓励遵守环境

法例及提高雇员的环保意识。就环境保护政策及

表现的进一步讨论载于本年报第

页至第

页之

「环境、社会及管治报告」。

本集团将定期审阅其环保惯例，并将考虑于本集

团的业务营运中实施更多生态友好措施及惯例。

The key busines and operations risk exposure by the Group are

sumarised as folows:

, fiting out and enginering services

and leasing of construction equipment relies on sucesful

quotation or tenders which are not recurent in nature, and

there is no guarante that our existing customers wil provide

us with new busines or that we wil secure new customers;

• Reduction or termination of public sector projects in Hong Kong

may adversely afect our revenue and results of operations;

• Failure to estimate the costs involved acurately in the

implementation of the projects and delay in completion of the

projects which may adversely afect our operating results and

financial position; and

• We plan to expand our capacity by expanding manpower

which may result in an increase in aditional staf costs due to

shortage of skiled labour force which may adversely afect our

operating results and financial position.

The financial risk management policies and practices of the Group are

shown in note 6(b) to the consolidated financial statements.

There may be other risks and uncertainties in adition to those

mentioned above which are not known to the Group or which may

not be material now but could turn out to be material in the future.

ENVIRONMENTAL POLICY AND

PERFORMANCE

The Group has observed the sense of environmental conservation.

Various practices have ben implemented to encourage compliance

with environmental legislation and promote awarenes towards

environmental protection to the employes. Further discusion

of environmental policy and performance can be found in the

Environmental, Social and Governance Report set out on pages 37 to

82 of this anual report.

The Group wil review its environmental practices periodicaly and wil

consider implementing further eco-friendly measures and practices in

the operation of the Group’s busineses.

Directors’ and Senior Management Profile

董事及高级管理层履历

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

于二零二五年六月三十日（本年报日期）之董事

及高级管理人员履历详情载列如下：

董事

缪仙柳女士（「缪女士」），

岁，自二零二四年五

月起为本公司执行董事。缪女士毕业于华东理工

大学安全与技术管理专业。彼于中华人民共和国

（「中国」）工程及建筑材料业务领域拥有逾

年

经验。

罗学儒先生（「罗先生」），

岁，自二零二四年五

月起为本公司执行董事兼公司秘书。罗先生获得

香港理工大学会计学工商管理学士学位。罗先生

现为香港会计师公会之成员。罗先生于审计、会

计及企业融资方面拥有逾

年经验。

罗先生自二零二四年五月起为恒益控股有限公

司（股份代号：

）的执行董事兼公司秘书且

自一建筑集团有限公司（纳斯达克股份代号：

ONEG

）于二零二四年十二月上市起，担任其独立

非执行董事。

马敏姿女士（「马女士」），

岁，自二零二四年七

月十九日起获委任为执行董事。马女士于会计及

审计方面拥有丰富经验，尤其是于工程以及建筑

行业拥有逾

年经验，这些经验源自彼先前于一

家主板上市公司及一家国际会计师事务所的工

作经历。马女士曾多次领导跨国公司及香港大型

上市公司的审计业务及资本市场交易。马女士为

香港会计师公会资深会员及于二零九年持有

香港公开大学会计学工商管理学士学位（一等荣

誉）。

陈秋玲女士（「陈女士」），

岁，自二零二五年二

月十三日起获委任为执行董事。陈女士毕业于华

北财务管理学院金融学专业。彼于中国工程及金

属材料业务领域拥有逾

年经验。彼自二零一九

年起于上海钢丰新能源科技有限公司担任总经

理，负责公司的营运管理、财务、市场及整体战

略规划及执行。

The biographical details of Directors and senior management as at 30

June 2025, being the date of this anual report, are set out below:

DIRECTORS

Ms. Miao Xianliu (“Ms. Miao”), aged 49, is an executive Director

of the Company since May 2024. Ms. Miao completed the safety and

technology management major course of East China University of

Science and Technology. Ms. Miao has over 25 years of experience in

enginering and building materials busines in the People’s Republic

of China (the “PRC”).

Mr. Law Hok Yu (“Mr. Law”), aged 35, is an executive Director

and company secretary of the Company since May 2024. Mr.

Law obtained his bachelor degre of Busines Administration in

Acountancy from the Hong Kong Polytechnic University. Mr. Law is

a member of the Hong Kong Institute of Certified Public Acountants.

Mr. Law has over 10 years of experience in auditing, acounting and

corporate finance.

Mr. Law is curently an executive director and company secretary of

Hang Yick Holdings Company Limited (stock code: 1894), since May

2024, and an independent non-executive director of OneConstruction

Group Limited (Nasdaq stock code: ONEG) since the listing in

December 2024.

Ms. Ma Man Chi (“Ms. Ma”), aged 41, has apointed as an

executive director efective from 19 July 2024. Ms. Ma has extensive

experience in acounting and auditing, specificaly more than

15 years of experience from the enginering and construction

industry which is derived from her previous working experiences

in a Main Board listed Company and an international acounting

firm. Ms. Ma has leaded several audit engagements and capital

market transactions for multinational corporations and sizable listed

companies in Hong Kong. Ms. Ma is a felow member of the Hong

Kong Institute of Chartered Public Acountants and holds a bachelor’s

degre of Busines Administration with first honor in Acounting from

the Open University of Hong Kong in 2009.

Ms. Chen Qiuling (‘Ms. Chen’), aged 47, has apointed as an

executive director efective from 13 February 2025. Ms Chen has

graduated from North China Institute of Financial Management

（华

北财务管理学院）

, majoring in finance. She has over 25 years of

experience in the enginering and metal materials busines in the

PRC. From 2019, she has ben serving as the general manager of

Shanghai Gangfeng New Energy Technology Co., Ltd, responsible for

the company’s operation management, finance, marketing and overal

strategic planing and execution.

Directors’ and Senior Management Profile

董事及高级管理层履历

Anual Report 2024/2025

二零二四年╱二零二五年度报告

曾巧慧女士（「曾女士」），

岁，自二零二三年十

月起为本公司独立非执行董事。曾女士于二零

二年获得香港理工大学会计学文学士（荣誉）

学位。曾女士为香港会计师公会之执业会计师、

英格兰及威尔士特许会计师公会员及美国项

目管理协会之项目管理专业人士。曾女士于商业

领域及上市公司拥有逾

年经验。

李家俊先生（「李先生」），

岁，自二零二三年

十二月起为本公司独立非执行董事。李先生在赫

尔大学获得会计学士学位。李先生为澳洲会计

师公会员，在金融机构及企业的会计及财务管

理领域拥有约

年经验，曾领导多个大型审计及

融资项目。

李先生自二零二四年四月起为旷逸国际控股有

限公司（股份代号：

）的执行董事，自二零

二年三月起为鸿盛昌资源集团有限公司（股份

代号：

）的独立非执行董事。

陈慧恩女士（「陈女士」），

岁，自二零二四年五

月起为本公司独立非执行董事。陈女士获得英格

兰赫尔大学会计学士学位。陈女士为香港会计

师公会员。陈女士在财务及会计方面拥有超过

年的经验。

陈女士自二零二三年十月起为旷逸国际控股有

限公司（股份代号：

）的独立非执行董事、自

二零二五年四月起为新明中国控股有限公司（股

份代号：

）的非执行董事及自二零二四年

十二月至二零二五年六月为一建筑集团有限公

司（纳斯达克股份代号：

ONEG

）的独立非执行董

事。

高级管理层

赵锦生先生（「赵先生」），

岁，为本集团若干附

属公司之董事。赵先生于二零一八年加入本集

团，于防水工程及保养行业拥有丰富工作经验。

Ms. Tsang Hau Wai (“Ms. Tsang”), aged 44, is an independent

non-executive Director of the Company since October 2023. Ms.

Tsang obtained a Bachelor of Arts (Honors) degre in Acountancy

from The Hong Kong Polytechnic University in 2002. Ms. Tsang is a

certified public acountant of Hong Kong Institute of Certified Public

Acountants, a member of The Institute of Chartered Acountants in

England and Wales and a project management profesional of Project

Management Institute. Ms. Tsang has over 15 years of experience in

comercial sector and listed companies.

Mr. Li Ka Chun Gordon (“Mr Li”), aged 33, is an independent non-

executive Director of the Company since December 2023. Mr Li

obtained his bachelor’s degre in Acounting from The University of

Hul. Mr. Li is a member of the CPA Australia. has around 10 years of

experience in the areas of acounting and financial management in

financial institutions and corporations, and led several large audit and

financing projects.

Mr. Li is curently an executive director of Hope Life International

Holdings Limited (Stock code: 1683), since April 2024, and an

independent non-executive director of HSC Resources Group Limited

(stock code: 1850), since March 2022.

Ms. Chan Wai Yan (“Ms Chan”), aged 30, is an independent

non-executive Director of the Company since May 2024. Ms. Chan

obtained a bachelor’s degre in Acounting from University of Hul in

England. Ms. Chan is a member of the Hong Kong Institute of Certified

Public Acountants. Ms. Chan has over 8 years of financial and

acounting experiences.

Ms. Chan is curently an independent non-executive director of

Hope Life International Holdings Limited (stock code: 1683), since

October 2023, an non-executive director of Xinming China Holdings

Limited (Stock code: 2699) since April 2025, and an independent non-

executive director of OneConstruction Group Limited (Nasdaq stock

code: ONEG) from December 2024 to June 2025.

SENIOR MANAGEMENT

Mr. Chiu Kam Sang (“Mr. Chiu”), aged 60, is the director of certain

subsidiaries of the Group. Mr. Chiu joined the Group in 2018 and

has extensive experience in waterprofing works and maintenance

industries.

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

中新控股有限公司（「本公司」及其附属公司，统称

「本集团」）董事（「董事」）会（「董事会」）欣然提呈

本集团截至二零二五年三月三十一日止年度之

本企业管治报告。

企业管治常规

董事会认为，于本集团管理架构及内部监控程序

中融入良好企业管治元素，可平衡本公司股东、

客户及员工之间之权益。董事会已采纳香港联

合交易所有限公司（「联交所」）

GEM

证券上市规

则（「

GEM

上市规则」）附录

所载企业管治守则

（「企业管治守则」）之原则及守则条文，以确保

业务活动及决策程序获妥善慎重规管。本公司已

按

GEM

上市规则要求，以特定书面职权范围成立

审核委员会、薪酬委员会、提名委员会及合规委

员会。

本公司于截至二零二五年三月三十一日止年度

已遵守

GEM

上市规则附录

载列之企业管治守

则，惟下文所述偏离守则条文之情况除外：

•

守则条文

C.2.1

规定，主席与行政总裁之角

色应有区分，不应由一人同时兼任。自二

零二零年二月二十一日起以及于本报告日

期，本公司行政总裁职位一直悬空。行政

总裁之职责由其他执行董事履行。由于各

董事之责任有明确界定，故行政总裁一职

悬空对本集团之营运并无任何重大影响。

然而，董事会将不时检讨其现行架构。如

有具备合适知识、技能及经验之人选，董

事会将于适当时候委任行政总裁以填补空

缺。

•

守则条文

C.2

规定，本公司主席须履行若干

角色及职责。由于本公司主席于陈志远先

生于二零二四年二月二十九日辞任主席

后出现空缺，除企业管治守则之守则条文

C.2.7

所述之角色及职责外，有关角色已委

派予执行董事。

The board (the “Board”) of directors (the “Director(s)”) of China New

Holdings Limited (the “Company”, together with its subsidiaries, the

“Group”) is pleased to present this corporate governance report of

the Group for the year ended 31 March 2025.

CORPORATE GOVERNANCE PRACTICES

The Board considers that incorporating the elements of god

corporate governance in the management structures and internal

control procedures of the Group could balance the interests of

the shareholders, customers and employes of the Company. The

Board has adopted the principles and the code provisions of the

Corporate Governance Code (the “CG Code”) contained in Apendix

C1 of the Rules (the “GEM Listing Rules”) Governing the Listing of

Securities on GEM of The Stock Exchange of Hong Kong Limited (the

“Stock Exchange”) to ensure that busines activities and decision-

making proceses are regulated in a proper and prudent maner.

In acordance with the requirements of the GEM Listing Rules, the

Company has established an audit comite, a remuneration

comite, a nomination comite and a compliance comite

with specific writen terms of reference.

During the year ended 31 March 2025, the Company has complied

with the CG Code as set out in Apendix C1 to the GEM Listing Rules

except for the folowing deviations from the Code provisions:

• Code provision C.2.1 stipulated that the roles of chairman

and chief executive should be separate and should not be

performed by the same individual. The post of chief executive

of the Company has remained vacant since 21 February 2020

and as at the date of this report. The duties of chief executive

have ben performed by other executive Directors. As there is

a clear division of responsibilities of each Director, the vacancy

of the post of chief executive did not have any material impact

on the operations of the Group. Nevertheles, the Board

wil review the curent structure from time to time and if a

candidate with suitable knowledge, skil and experience is

identified, the Board wil make an apointment to fil the post of

chief executive as apropriate.

• Code provision C.2 stipulated that there are certain roles

and responsibilities to be caried out by the chairman of the

Company. Due to the vacancy of the chairman of the Company

folowing the resignation of Mr. Chau Chi Yuen as a chairman

on 29 February 2024, such roles are delegated to the executive

Directors except the roles and responsibilities as stated in code

provision C.2.7 of the CG Code.

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

•

守则条文

C.6.3

规定，公司秘书须向董事会

主席及╱或行政总裁汇报。因董事会主席

及行政总裁职位空缺，自二零二四年二月

二十九日陈志远先生辞任主席后，公司秘

书向本公司执行董事汇报。

董事证券交易

本公司已根据

GEM

上市规则第

5.48

至

5.67

条采纳

董事买卖本公司证券之操守则。

概无董事于本年度内买卖本公司股份。

经本公司作出具体查询，全体董事确认彼等已于

截至二零二五年三月三十一日止年度内均遵守

该等操守则。

董事会

董事会组成

截至本年报日，董事会成员现时包括四名执行董

事及三名独立非执行董事。年内及截至本年报日

止之董事组成载于本年报第

页至第

页之「董

事会报告」。

董事会职能

董事会的主要职能是考虑及批准本集团的整体

业务计划及策略、制订及执行企业管治功能、监

督该等政策及策略的执行情况以及本公司的管

理。本集团设有专业管理团队，由对本集团业务

具备丰富经验及专业知识的高级管理层团队领

导。董事会向专业管理团队授予权力及责任，以

执行本集团的政策及策略。年内，管理层已根据

企业管治守则之守则条文第

C.1.2

条向董事会全

体董事提供最新资料。

董事会议及董事会常规

董事可亲身出席会议，或根据本公司的组织章程

细则，利用其他电子通讯方式参与会议。所有董

事会议纪录均须充分兼详细记录董事会所考

虑事项及所作决定。

• Code provision C.6.3 stipulates that the company secretary

should report to the chairman of the Board and/or the chief

executive oficer. As the positions of the chairman of the Board

and the chief executive oficer have ben vacant, the company

secretary reports to the executive Directors of the Company

since the resignation of Mr. Chan Chi Yuen as a chairman on 29

February 2024.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted a code of conduct for dealing in securities

of the Company by the Directors in acordance with Rules 5.48 to

5.67 of the GEM Listing Rules.

No Director has dealt in the shares of the Company during the year.

Folowing specific enquiry by the Company, al Directors confirmed

that they have complied with such code of conduct throughout the

year ended 31 March 2025.

BOARD OF DIRECTORS

Composition of the Board of Directors

Up to the date of this anual report, the Board curently comprises

Four executive Directors and thre independent non-executive

Directors. The composition of the Directors in ofice during the year

and up to the date of this anual report are set out in the “Report of

the Directors” in this anual report on pages 18 to 19.

Functions of the Board

The principal function of the Board is to consider and aprove

the overal busines plans and strategies of the Group, develop

and implement the corporate governance function, monitor the

implementation of these policies and strategies and the management

of the Company. The Group has a profesional management team,

which is led by a team of senior management with substantial

experience and expertise in the Group’s busines and the Board

delegates the authority and responsibility for implementing the

Group’s policies and strategies. During the year, the management

provided al members of the Board with updates in acordance with

the code provision C.1.2 of the CG Code.

Board Metings and Board Practices

The Directors can atend metings in person or through other means

of electronic comunication in acordance with the Company’s

articles of asociation. Al minutes of the Board metings were

recorded in suficient detail the maters considered by the Board and

the decisions reached.

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

于本年内，董事会已举行

次董事会议及

次

股东大会。各董事的出席详情如下：

During the year, the Board held 18 Board metings and 4 general

meting. Details of the atendance of Directors are as folows:

Atendance/

Number of

General

Meting

entitled to

atend

Atendance/

Number of

Board Meting

entitled to

atend

出席次数╱

有权出席的

股东大会

举行次数

出席次数╱

有权出席的

董事会议

举行次数

Executive Directors

执行董事

Ms. Miao Xianliu

(apointed on 7 May 2024)

缪仙柳女士

（于二零二四年五月七日获委任）

2/217/17

Mr. Law Hok Yu

(apointed on 21 May 2024)

罗学儒先生

（于二零二四年五月二十一日获委任）

2/216/16

Ms. Ma Man Chi

(apointed on 19 July 2024)

马敏姿女士

（于二零二四年七月十九日获委任）

2/214/14

Ms. Chen Qiuling

(apointed on 13 February 2025)

陈秋玲女士

（于二零二五年二月十三日获委任）

1/16/6

Mr. Yau Yan Yuen

(resigned on 21 May 2024)

邱欣源先生

（于二零二四年五月二十一日辞任）

0/04/4

Mr. Wang Jun

(resigned on 24 February 2025)

王军先生

（于二零二五年二月二十四日辞任）

0/24/20

Independent non-executive Directors

独立非执行董事

Ms. Tsang Hau Wai

曾巧慧女士

2/220/20

Mr. Li Ka Chun Gordon

李家俊先生

2/220/20

Ms. Chan Wai Yan

(apointed on 21 May 2024)

陈慧恩女士

（于二零二四年五月二十一日获委任）

2/216/16

Mr. Wu Zhao

(resigned on 21 May 2024)

吴兆先生

（于二零二四年五月二十一日辞任）

0/04/4

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

董事的委任、重选及罢免

根据企业管治守则条文第

A.4.1

条，各执行董事、

非执行董事及独立非执行董事均已与本公司订

立服务合同或委任书，初步任期为两或三年，受

组织章程细则及╱或其他相关监管规定的监管，

除非其中一方发出至少三个月之书面通知终止。

为遵照企业管治守则之守则条文第

A.4.2

条，所有

获委任以填补临时空缺的董事须于获委任后的

首次股东大会上由股东重选连任。根据本公司的

组织章程细则第

条，董事会可委任何人士

为新增董事或填补董事会的临时空缺，惟所委任

的任何人士，其任期仅直至本公司下届股东大会

结束（就填补临时空缺者而言）或直至本公司下

届股东周年大会（就增加董事会成员而言）为止，

并合资格膺选连任。

此外，每名董事均须最少每三年轮值退任一次。

再者，根据本公司的组织章程细则第

条，于本

公司每届股东周年大会上，当时三分之一的董事

须轮值退任，惟合资格膺选连任。倘董事人数并

非三或三的倍数，则最接近但不少于三分之一的

董事人数将告退。倘少于三名董事，则须全部退

任。将轮值退任的董事须为自上次获选或获股东

委任（视情况而定）后任期最长的董事。每名退任

董事均合乎资格膺选连任。

独立非执行董事

为遵守

GEM

上市规则第

5.05

条，本公司有三名

独立非执行董事。此外，按照

GEM

上市规则第

5.05(2)

条的规定，三名独立非执行董事之中，曾

巧慧女士具备适当之专业资格或会计或相关财

务管理专长。根据

GEM

上市规则第

5.09

条，本公

司已接获各独立非执行董事就其独立性发出之

确认书。根据该等确认书，本公司认为曾巧慧女

士、李家俊先生及陈慧恩女士均为独立人士。

Directors’ Apointment, Re-election and Removal

Under the code provision A.4.1 of the CG Code, each of the executive

Directors, the non-executive Director and independent non-executive

Directors has entered into a service contract or leter of apointment

with the Company for an initial term of two or thre years and such

term shal be governed by the articles of asociation and/or other

relevant regulatory requirements unles terminated by either party

giving at least thre months’ notice in writing.

In compliance with the code provision A.4.2 of the CG Code, al

directors apointed to fil a casual vacancy should be subject

to election by shareholders at the first general meting after

apointment. By virtue of article 113 of the articles of asociation of

the Company, the Board may apoint any person as an aditional

Director or to fil a casual vacancy, provided that any person so

apointed shal hold ofice only until the conclusion of the next

folowing general meting of the Company (in the case of filing a

casual vacancy) or until the next folowing anual general meting of

the Company (in the case of an adition to the Board), and shal then

be eligible for re-election.

In adition, every director should be subject to retirement by rotation

at least once every thre years. Furthermore, pursuant to article 141

of the articles of asociation of the Company, at each anual general

meting of the Company, one-third of the Directors for the time being

shal retire from ofice by rotation but shal be eligible for re-election.

Where the number of Directors is not thre or a number divisible by

thre, the number of Directors to retire wil be the number which is

nearest to but not les than one-third of the total number of Directors.

If there are les than thre Directors, they shal al retire. The Directors

to retire by rotation wil be those Directors who have ben Directors

longest in ofice since they were last elected, or apointed by the

Members (as the case may be). Every retiring Director shal be eligible

for re-election.

Independent Non-executive Directors

The Company has thre independent non-executive Directors to

comply with Rule 5.05 of the GEM Listing Rules. Furthermore, among

the thre independent non-executive Directors, Ms. Tsang Hau Wai

has apropriate profesional qualifications or acounting or related

financial management expertise as required by Rule 5.05(2) of the

GEM Listing Rules. In acordance to Rule 5.09 of the GEM Listing

Rules, the Company has received from each of its independent non-

executive Directors the writen confirmation of his independence. The

Company, based on such confirmation, considers Ms. Tsang Hau Wai,

Mr. Li Ka Chun Gordon and Ms. Chan Wai Yan to be independent.

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

主席及行政总裁

根据企业管治守则之守则条文第

A.2.1

条，主席与

行政总裁的角色应予分开而不应由同一人兼任。

自二零二零年二月二十一日以及于本报告日期，

本公司行政总裁职位一直悬空。行政总裁之职责

由其他执行董事履行。由于各董事之责任有明确

界定，故行政总裁一职悬空对本集团之营运并无

任何重大影响。然而，董事会将不时检讨其现行

架构。如有具备合适知识、技术及经验之人选，

董事会将于适当时委任行政总裁填补空缺。

权力转授

董事会授权本公司执行董事及管理层处理本集

团的日常营运，部门主管则负责各个范畴的业务

╱职能，而若干有关战略决策的主要事宜则留待

董事会批准。董事会将其管理及行政职能授予管

理层时，其就管理层的权力发出清晰指示，特别

是管理层代表本公司作出任何决策或订立任何

承诺前须向董事会汇报及获其事先批准的情况。

持续专业发展

根据企业管治守则之守则条文第

A.6.5

条，全体

董事应参与持续专业发展以增进及更新彼等的

知识及技能，确保彼等继续向董事会作出知情及

相关的贡献。本公司将为董事安排及╱或推荐若

干董事培训课程，以增进及发展彼等的知识及技

能。

每名新委任董事于首次获委任时会收到全面、正

式及度身订制的指引，以确保彼对本公司业务及

营运有适当的理解，且彼已完全知悉其根据

GEM

上市规则及相关监管规定的责任及义务。董事将

持续获得有关法律及法规发展以及业务及市场

变化的最新资料，以便彼等履行其职责。

Chairman and Chief Executive Oficer

Acording to the code provision A.2.1 of the CG Code, the roles of

the chairman and the chief executive oficer should be separate and

should not be performed by the same individual. The post of chief

executive of the Company has remained vacant since 21 February

2020 and as at the date of this report. The duties of chief executive

have ben performed by other executive Directors. As there is a clear

division of responsibilities of each Director, the vacancy of the post of

chief executive did not have any material impact on the operations of

the Group. Nevertheles, the Board wil review the curent structure

from time to time and if a candidate with suitable knowledge, skil and

experience is identified, the Board wil make an apointment to fil the

post of chief executive as apropriate.

Delegation of Powers

The Board delegates day-to-day operations of the Group to executive

Directors and management of the Company with department heads

responsible for diferent aspects of the busines/functions, while

reserving certain key maters in making strategic decision for its

aproval. When the Board delegates aspects of its management and

administration functions to management, it gives clear directions

as to the powers of management, in particular, with respect to the

circumstances where management ned to report back and obtain

prior aproval from the Board before making decisions or entering

into any comitments on behalf of the Company.

Continuing Profesional Development

Acording to the code provision A.6.5 of the CG Code, al directors

shal participate in continuous profesional development to develop

and refresh their knowledge and skils to ensure their contribution

to the Board remains informed and relevant. The Company would

arange and/or introduce some Director’s training courses for the

Directors to develop and explore their knowledge and skils.

Each newly apointed Director receives comprehensive, formal and

tailored induction on the first ocasion of his apointment, so as

to ensure that he has apropriate understanding of the busines

and operations of the Company and that he is fuly aware of his

responsibilities and obligations under the GEM Listing Rules and

relevant regulatory requirements. The Directors are continualy

updated on the legal and regulatory developments, as wel as

busines and market changes, to facilitate the discharge of their

responsibilities.

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

所有董事于报告期间已参与持续专业发展，以透

过适当的培训增进及更新其知识及技能。参与该

等培训乃为确保彼等能向董事会作出知情及相

关的贡献。

董事及高级职员之责任

本公司已遵照企业管治守则就可能因其企业活

动而提出针对董事的法律诉讼产生的责任，为彼

等安排合适保险。本公司每年审阅保险的保障范

围。

董事委员会

审核委员会

董事会已于二零一四年六月三十日成立本公司

之审核委员会（「审核委员会」），并遵照

GEM

上市

规则第

5.28

条及

5.29

条规定及企业管治守则之守

则条文第

C.3.3

条制定书面职权范围。审核委员会

现时由三名独立非执行董事组成，并由曾巧慧女

士担任主席，其余成员为李家俊先生及陈慧恩女

士。审核委员会之主要职责包括检讨本集团之财

务申报程序及本集团之内部监控制度以及本集

团之风险管理。

审核委员会已与管理层审视本集团所采纳之会

计政策及常规，并讨论财务事宜，包括审阅本集

团截至二零二五年三月三十一日止年度之经审

核综合业绩。

Al Directors during the reporting period have participated in

continuous profesional development to develop and refresh their

knowledge and skils through suitable trainings. The participation

in such trainings is to ensure that their contributions to the Board

remains informed and relevant.

Directors’ and Oficers’ Liabilities

The Company has aranged for apropriate insurance covering the

liabilities in respect of legal action against the Directors that may arise

out in the corporate activities which has ben complied with the CG

Code. The insurance coverage is reviewed on an anual basis.

BOARD COMITES

Audit Comite

The audit comite of the Company (the “Audit Comite”) was

established by the Board on 30 June 2014 with writen terms of

reference in compliance with Rules 5.28 and 5.29 of the GEM Listing

Rules and code provision C.3.3 of the CG Code. The Audit Comite

curently comprises thre independent non-executive Directors and

is chaired by Ms. Tsang Hau Wai. The other members are Mr. Li Ka

Chun Gordon and Ms. Chan Wai Yan. The primary duties of the Audit

Comite include the review of the Group’s financial reporting

proces and the internal control systems as wel as risk management

of the Group.

The Audit Comite had reviewed with the management the

acounting principles and practices adopted by the Group and

discused financial maters, including a review of the audited

consolidated results of the Group for the year ended 31 March 2025.

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

于本年内，审核委员会举行

次会议。审核委员

会成员出席会议之详情如下：

以下为审核委员会于本年内所进行之工作概要：

(a)

审阅本集团截至二零二四年三月三十一日

止年度之经审核综合业绩；

(b)

审阅截至二零二四年九月三十日止六个月

之未经审核财务报表；

(c)

审阅本集团之财务监控、内部监控及风险

管理系统之有效性；

(d)

审阅本集团之会计原则及常规及财务申报

事宜；

(e)

批准外聘核数师之薪酬及委任以及委聘条

款；及

(f)

根据适用标准审阅外聘核数师之独立性以

及审核程序之客观性及有效性。

3 Audit Comite metings were held during the year. Details of

the atendance of members of the Audit Comite meting are as

folows:

Atendance

Members

成员出席次数

Ms. Tsang Hau Wai (Chairman)

曾巧慧女士（主席）

3/3

Mr. Li Ka Chun Gordon

李家俊先生

3/3

Ms. Chan Wai Yan (apointed on 21 May 2024)

陈慧恩女士

（于二零二四年五月二十一日获委任）

3/3

Mr. Wu Zhao (resigned on 21 May 2024)

吴兆先生

（于二零二四年五月二十一日辞任）

1/1

A sumary of work performed by the Audit Comite during the

year is set out below:

(a) reviewed the audited consolidated results of the Group for the

year ended 31 March 2024;

(b) reviewed the unaudited financial statements for the six months

ended 30 September 2024;

internal control and risk management systems;

(d) reviewed the Group’s acounting principles and practices, and

financial reporting maters;

(e) aproved the remuneration and the apointment and the

terms of engagement of the external auditor; and

(f) reviewed the external auditor’s independence and objectivity

and the efectivenes of audit proces in acordance with

aplicable standards.

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

于二零二五年六月举行的审核委员会议上，审

核委员会于向董事会作出推荐以供其批准前，曾

与本公司外聘核数师及高级管理人员举行会议

以审阅本集团之风险管理及内部控制系统以及

截至二零二五年三月三十一日止年度之财务报

表及其他报告，并讨论任何重大审核事宜。审核

委员会已就于本公司应届股东周年大会上续聘

高岭会计师有限公司为本公司截至二零二五年

三月三十一日止财政年度的外部核数师向董事

会作出推荐。

薪酬委员会

董事会于二零一四年六月三十日成立本公司薪

酬委员会（「薪酬委员会」），并遵照企业管治守则

之守则条文第

E.1.2

条订定其书面职权范围。薪酬

委员会现时由三名独立非执行董事组成，由李家

俊先生担任主席，其余成员为曾巧慧女士及陈慧

恩女士。薪酬委员会之主要职责为就董事及本集

团高级管理人员的薪酬待遇、花红及其他赔偿作

出审阅及建议，包括实物利益、退休金权利及赔

偿款项（包括于失去彼等职位或终止彼等职务或

委任时应付的任何赔偿）。

于本年内，薪酬委员会举行

次会议，以审阅董

事之薪酬待遇。薪酬委员会成员出席会议之详情

如下：

In the meting of the Audit Comite in June 2025, the Audit

Comite reviewed the risk management and internal control

systems of the Group, the financial statements and other reports

for the year ended 31 March 2025 and discus any significant

audit maters with the Company’s external auditor and the

senior management before recomending them to the Board for

consideration and aproval. The Audit Comite recomended the

Board in relation to the re-apointment of Global Link CPA Limited as

the Company’s external auditor for the financial year ending 31 March

2025 at the forthcoming anual general meting of the Company.

Remuneration Comite

The remuneration comite of the Company (the “Remuneration

Comite”) was established by the Board on 30 June 2014 with

writen terms of reference in compliance with code provision E.1.2

of the CG Code. The Remuneration Comite curently comprises

thre independent non-executive Directors and is chaired by Mr. Li

Ka Chun Gordon. The other members are Ms. Tsang Hau Wai and Ms.

Chan Wai Yan. The primary duties of the remuneration comite

are to review and recomend the terms of remuneration packages,

bonuses and other compensation payable to the Directors and the

senior management personel of the Group, including benefits in

kind, pension rights and compensation payments, including any

compensation payable for los or termination of their ofice or

apointment.

5 Remuneration Comite metings were held during the year

to review the remuneration packages of Directors. Details of the

atendance of the members of the Remuneration Comite meting

are as folows:

Atendance

Members

成员出席次数

Mr. Li Ka Chun Gordon (Chairman)

李家俊先生（主席）

5/5

Ms. Tsang Hau Wai

曾巧慧女士

5/5

Ms. Chan Wai Yan

陈慧恩女士

4/4

Mr. Wu Zhao (resigned on 21 May 2024)

吴兆先生

（于二零二四年五月二十一日辞任）

1/1

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

董事及高级管理层的薪酬政策

应付雇员的酬金包括薪金及津贴。本集团的薪酬

政策乃根据雇员的个人表现而厘订，并定期检

讨。视乎本集团的盈利能力，本集团亦可能向雇

员发放酌情花红，作为彼等对本集团所作贡献的

奖励。有关执行董事薪酬待遇之薪酬政策的主要

目的，是本集团可借此将彼等的酬劳与根据已达

成的企业目标衡量的表现挂钩，以挽留和激励执

行董事。各执行董事有权收取的薪酬待遇包括基

本薪金及酌情花红。

于二零一四年六月三十日，唯一股东以书面决

议案方式采纳本公司之购股权计划（「购股权计

划」）。购股权计划之条款符合

GEM

上市规则第

章的规定。购股权计划的目的是向

(i)

本集团雇员

（全职及兼职）；

(i)

本集团董事（包括执行董事、

非执行董事及独立非执行董事（如适用）；

(i)

本

集团各成员公司之主要股东，及

(iv)

本集团董事或

主要股东的联系人士（包括任何上述人士）（统称

「参与者」及各自为一名「参与者」）提供获取本

公司股本权益之机会，将彼等之利益与本集团利

益联系起来，进而激励彼等更好地为本集团利益

作出贡献。

本公司相信，透过向参与者提供本公司股权，可

将彼等利益与本公司利益连成一线，并进而激励

参与者为本公司争取佳绩。

按照企业管治守则之守则条文第

E.1.5

条，高级管

理人员于截至二零二五年三月三十一日止年度

年度酬金范围详情如下：

Remuneration Policy for Directors and Senior

Management

The remuneration payable to the employes includes salaries and

alowances. The Group’s remuneration policies are formulated based

on the performance of individual employes and are reviewed

regularly. Subject to the Group’s profitability, the Group may also

provide a discretionary bonus to employes as an incentive for their

contribution to the Group. The primary goal of the remuneration

policy with regard to the remuneration package of the executive

Directors is to enable the Group to retain and motivate the executive

Directors by linking their compensation with performance as

measured against corporate objectives achieved. The executive

Directors are entitled to the remuneration packages including basic

salaries and discretionary bonuses.

The share option scheme of the Company (the “Share Option

Scheme”) was adopted by sole Shareholder by way of writen

resolution on 30 June 2014. The terms of the Share Option Scheme

are in acordance with the provisions of Chapter 23 of the GEM

Listing Rules. The purpose of the Share Option Scheme is to provide

(i) employes of the Group (whether ful-time or part-time); (i)

directors (including executive directors, non-executive directors

and independent non-executive directors (where aplicable) of the

Group; (i) substantial shareholders of each member of the Group and

(iv) asociates of directors or substantial shareholders of the Group

of which includes any of the abovementioned persons (together, the

“Participants” and each, a “Participant”) with an oportunity to obtain

an equity interest in the Company, thus linking their interest with the

interests of the Group and thereby providing them with an incentive

to work beter for the interests of the Group.

The Company believes that by ofering the Participants a shareholding

stake in the Company, the interests of the Participants and the

Company become aligning and thereby the Participants have

aditional incentives to improve the Company’s performance.

Pursuant to Code Provision E.1.5 of the CG Code, details of the anual

remuneration of the members of the senior management by band for

the year ended 31 March 2025 are as folows:

Numbers of

Individuals

人员数量

Nil to HK$1,000,0000

至

1,000,000

港元

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

提名委员会

董事会可根据本公司组织章程细则所赋予权力

委任何人士出任董事以填补临时空缺，或加入

董事会作为新成员。合资格候选人将获提呈董事

会以供考虑，而董事会主要根据候选人之专业资

格及经验作为评选准则。董事会经均衡考虑候选

人适合本集团业务的技能及经验后，将挑选及向

股东推荐其出任董事。

董事会于二零一四年六月三十日成立本公司提

名委员会（「提名委员会」），并遵照企业管治守则

之守则条文第

B.3.1

条订定其书面职权范围。提名

委员会现时由三名独立非执行董事组成，由陈慧

恩女士担任主席，其余成员为曾巧慧女士及李家

俊先生。提名委员会的主要职责为就提名董事人

选以填补空缺或委任新增董事以及董事（尤其是

本公司主席及主要行政人员）继任计划向董事会

提出建议。

于本年内，提名委员会举行

次会议以审阅董事

之委任。提名委员会成员出席会议之详情如下：

Nomination Comite

The Board is empowered under the Company’s articles of asociation

to apoint any person as a director either to fil a casual vacancy on

or, as an aditional member of the Board. Qualified candidates wil be

proposed to the Board for consideration and the selection criteria are

mainly based on the asesment of their profesional qualifications

and experience. The Board selects and recomends candidates for

directorship to the shareholders having regards to the balance of

skils and experience apropriate to the Group’s busines.

The nomination comite of the Company (the “Nomination

Comite”) was established by the Board on 30 June 2014 with

writen terms of reference in compliance with code provision B.3.1 of

the CG Code. The Nomination Comite curently comprises thre

independent non-executive Directors and is chaired by Ms. Chan

Wai Yan. The other members are Ms. Tsang Hau Wai and Mr. Li Ka

Chun Gordon. The primary duties of the Nomination Comite are

to make recomendations to the Board regarding the candidates for

directorship, either to fil vacancies on or apoint aditional Directors,

and sucesion planing for Directors, in particular, the chairman and

the chief executive of the Company.

5 Nomination Comite metings were held during the year to

review the apointment of Directors. Details of the atendance of the

members of the Nomination Comite meting are as folows:

Atendance

Members

成员出席次数

Ms. Chan Wai Yan (Chairman)

陈慧恩女士（主席）

4/4

Ms. Tsang Hau Wai

曾巧慧女士

5/5

Mr. Li Ka Chun Gordon

李家俊先生

5/5

Mr. Wu Zhao (resigned on 21 May 2024)

吴兆先生

（于二零二四年五月二十一日辞任）

1/1

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

董事会成员多元化政策

于本年内，董事会已采纳及制定一套董事会成员

多元化政策（「董事会成员多元化政策」），载列落

实董事会成员多元化之方针，目的为提升董事会

效率及企业管治水平，实现本集团业务目标及可

持续发展。本公司认同及接受董事会成员多元化

对提升其表现质素的裨益。在制定董事会的组

成时，提名委员会将会考虑多个方面，包括但不

限于性别、年龄、文化及教育背景、种族、专业经

验、技能、知识及服务年期。截至二零二五年三

月三十一日止年度，董事会组成多元化，且董事

会的所有委任将以用人唯才为原则，并在考虑人

选时以客观条件充分顾及董事会成员多元化的

裨益。最终决定将会以经甄选候选人将为董事会

带来之好处及贡献为依据。

提名委员会将检讨董事会成员多元化政策（如适

用）以确保其行之有效，并就可能需要作出的任

何修改进行讨论，以及就任何有关修改向董事会

提供推荐意见以供其审议及批准。

提名委员会亦会监察董事会成员多元化政策的

实施，并就根据董事会成员多元化政策达致可计

量之多元化目标的达成情况向董事会汇报。

合规委员会

董事会于二零一四年六月三十日成立本公司合

规委员会（「合规委员会」），并订定其书面职权范

围。合规委员会现时由三名独立非执行董事组

成，由曾巧慧女士担任主席。其余成员为李家俊

先生及陈慧恩女士。

Board Diversity Policy

The Board had adopted and established a set of board diversity policy

(the “Board Diversity Policy”) seting out the aproach to achieve

diversity on the Board with the aims of enhancing Board efectivenes

and corporate governance as wel as achieving the Group’s busines

objectives and sustainable development. The Company recognises

and embraces the benefits of having a diverse Board to enhance the

quality of its performance. In designing the Board’s composition, the

Nomination Comite wil consider a number of aspects, including

but not limited to gender, age, cultural and educational background,

ethnicity, profesional experience, skils, knowledge and length of

service. The Board was comprised with a diverse Board during the

year ended 31 March 2025, and 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 ultimate decision wil be based on merit and contribution that the

selected candidates wil bring to the Board.

The Nomination Comite wil review the Board Diversity Policy,

as apropriate, to ensure the efectivenes of the Board Diversity

Policy. The Nomination Comite wil discus any revisions that may

be required, and recomend any such revisions to the Board for

consideration and aproval.

The Nomination Comite also monitors the implementation of the

Board Diversity Policy and reports to the Board on the achievement

of the measurable objectives for achieving diversity under the Board

Diversity Policy.

Compliance Comite

The compliance comite of the Company (the “Compliance

Comite”) was established by the Board on 30 June 2014 with

writen terms of reference. The Compliance Comite curently

comprises thre independent non-executive Directors and is chaired

by Ms. Tsang Hau Wai. The other members are Mr. Li Ka Chun Gordon

and Ms. Chan Wai Yan.

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

合规委员会之主要职责为检讨有关本集团过往

营运行为之事宜，以

(i)

了解相关法律合规责任；

(i)

建议程序及方案以供实行及╱或纳入本集团

政策，用作规管我们最近或未来营运，以确保遵

守一切适用法律、规则及法规，且不时检讨该等

政策，以考虑是否需要作出任何修订或更新，并

向董事会提出适当修订及采纳之建议；及

(i)

检讨

本集团所实施政策之成效及本集团遵守该等政

策之情况，并在发现任何不合规行为时建议应采

取之补救行动（如有）。任何不合规事故将向合规

委员会汇报。会议将每月或于有需要时举行，以

履行上文所载之职能。为有效监察，合规委员会

将每年及在其认为有需要之情况下按其认为适

当之频密度，委聘外部独立专业人士，以检讨我

们之内部监控制度以及其实行及成效。

于本年内，合规委员会举行

次会议。合规委员

会成员出席会议之详情如下：

The primary duties of the Compliance Comite are to review

maters relating to the historical conduct of the operations of the

Group with a view to (i) understand the relevant legal compliance

obligations; (i) recomend procedures and protocols for

implementation and/or inclusion into the policies of the Group for

regulation of our recent or future operations to ensure compliance

with al aplicable laws, rules and regulations, and to review such

policies from time to time to consider whether any amendments

or updates are necesary and to make recomendations to

the Board for amendment and adoption as apropriate, and (i)

review the efectivenes of and compliance by the Group with the

policies implemented by the Group and to recomend remedial

actions to be taken (if any) in the event any non-compliance is

discovered. Any incident of non-compliance wil be reported to our

compliance comite. Metings wil be held on a monthly basis

or as and when necesary to perform the functions set out above.

For efective monitoring, external independent profesionals wil

be engaged to conduct reviews of our internal control system and

its implementation and efectivenes on an anual basis, and if

considered necesary by compliance comite, at frequency as it

considered apropriate.

1 Compliance Comite meting was held during the year. Details

of the atendance of the members of the Compliance Comite

meting are as folows:

Atendance

Members

成员出席次数

Ms. Tsang Hau Wai (Chairman)

曾巧慧女士（主席）

1/1

Mr. Li Ka Chun Gordon

李家俊先生

1/1

Ms. Chan Wai Yan

陈慧恩女士

1/1

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

企业管治职能

根据企业管治守则之守则条文第

D.3

条，董事会

负责履行本公司之企业管治职责。就履行本公司

之企业管治职责而言，董事会应承担以下职责及

责任：

制定及审阅本集团之企业管治政策及常

规，并提出推荐意见；

审阅及监察董事及高级管理层人员的培训

及持续专业发展；

审阅及监察本集团于遵守法律及监管规定

方面的政策及常规；

制定、审阅及监察适用于董事及雇员之行

为守则及合规手册（如有）；及

审阅本公司遵守

GEM

上市规则附录

所载

之企业管治守则的情况以及于本公司企业

管治报告内的披露事项。

问责及核数

董事及核数师于综合财务报表的责任

全体董事明了彼等有责任编制本集团各财务期

间的综合财务报表，以真实及公平地反映本集团

于该期间的事务状况及业绩与现金流量。于编制

截至二零二五年三月三十一日止年度的综合财

务报表时，董事会已选择及贯彻应用合适的会计

政策，作出审慎、公平及合理的判断及估计，并

按持续经营基准编制综合财务报表。董事亦负责

采取一切合理及必须的措施保障本集团的资产

及防止及审查欺诈及其他违规行为。有关核数师

对综合财务报表的报告责任的声明载于独立核

数师报告。董事继续采纳持续经营基准以编制综

合财务报表，且并不知悉有任何重大不明朗因素

涉及可能对本公司作为持续经营实体产生重大

疑问的事件或状况。

Corporate Governance Functions

Acording to code provision D.3 of the CG Code, the Board is

responsible for performing the corporate governance duties

of the Company. The Board shal have the folowing duties and

responsibilities for performing the corporate governance duties of the

Company:

1. to develop and review the policies and practices on corporate

governance of the Group and make recomendations;

2. to review and monitor the training and continuous profesional

development of Directors and senior management;

’s policies and practices on

compliance with legal and regulatory requirements;

, review and monitor the code of conduct and

compliance manual (if any) aplicable to Directors and

employes; and

’s compliance with the CG Code as set

out in Apendix C1 to the GEM Listing Rules and disclosure in

the corporate governance report of the Company.

Acountability and Audit

Directors’ and Auditor’s Responsibilities for the Consolidated

Financial Statements

Al Directors acknowledges their responsibility to prepare the Group’s

consolidated financial statements for each financial period to give a

true and fair view of the state of afairs of the Group and of the results

and cash flows for that period. In preparing the consolidated financial

statements for the year ended 31 March 2025, the Board has selected

suitable acounting policies and aplied them consistently, made

judgments and estimates that are prudent, fair and reasonable and

prepared the consolidated financial statements on a going concern

basis. The Directors are responsible for taking al reasonable and

necesary steps to safeguard the asets of the Group and to prevent

and detect fraud and other iregularities. The statement of auditor

about their reporting responsibilities on the consolidated financial

statements is set out in the Independent Auditor’s Report. The

Directors continue to adopt the going concern aproach in preparing

the consolidated financial statements and are not aware of any

material uncertainties relating to events or conditions that may cast

significant doubt upon the Company’s ability to continue as a going

concern.

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

核数师酬金

年内，就审核及非审核服务已付或应付本公司核

数师的酬金如下：

风险管理及内部监控

董事会知悉其就确保本公司风险管理及内部监

控系统以及检讨其有效性之全面职责，致力执行

有效及健全之风险管理及内部监控系统，以保障

股东权益及本集团资产。

董事会负责建立本集团内部控制框架，涵盖所有

重大监控，包括财务、营运及合规控制，以及不

同系统之风险管理职能。本集团已根据营运及监

控之风险评估而进行系统性检讨。董事会认为本

集团已经合理地实行内部监控系统之主要范畴。

于回顾年度内，董事会透过审核委员会，经由获

委任专业机构进行内部审核功能，对本集团风险

管理及内部监控系统的成效进行检讨，包括财

务、营运及风险管理方面。该等系统被视为有效

且充足。

本集团采纳一个功能性的自下而上的完整风险

管理流程，包括风险识别、评估、估值及处理。本

集团的功能性领域提供处理风险的输入数据，该

等数据乃经评估及维持。风险管理系统及内部监

控系统为持续、主动及系统化过程。

内部审核功能透过进行内部审核分配，检讨风险

管理及内部监控系统的成效。其将就审核中观察

到的主要监控不足提供推荐建议，以解决重大内

部监控缺陷。

Auditors’ Remuneration

During the year, the remuneration paid or payable to the auditors of

the Company, in respect of their audit and non-audit services was as

folows:

HK$’000

千港元

Audit service

审核服务

Non-audit services

非审核服务

–

Total

总计

Risk Management and Internal Control

The Board, recognising its overal responsibility in ensuring the risk

management and internal control systems of the Company and for

reviewing its efectivenes, is comited to implement an efective

and sound risk management and internal control systems to

safeguard the interests of shareholders and the asets of the Group.

The Board is responsible for establishing the Group’s internal

control framework, covering al material controls including financial,

operational and compliance controls, as wel as risk management

functions of diferent systems. Review has ben caried out in a

systematic aproach based on the risk asesments of the operations

and controls. The Board considers that the key areas of the Group’s

internal control systems are reasonably implemented.

During the year under review, the Board, through the Audit

Comite, has conducted a review, via an apointed profesional

firm to perform internal audit function, on the efectivenes of the

risk management and internal control systems of the Group, covering

financial, operational and risk management aspects. The systems

were considered efective and adequate.

The Group adopts a complete proces style of risk management

in a functional botom up maner, including risk identification,

asesment, evaluation and treatment. The functional areas acros

the Group provide input of risks with treatments, which are apraised

and maintained. The risk management system, as wel as the internal

control system, are continuous, proactive and systematic proceses.

With the implementation of internal audit function, the efectivenes

of the risk management and internal control systems is reviewed by

conducting internal audit asignments. Recomendations for major

observations of control weakneses from the audits wil be provided,

so as to resolve material internal control defects.

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

股息政策

董事会已采纳及制定一套股息政策（「股息政

策」）。本公司目前并无预定的派息比率。于日后

宣派、派付任何股息，以及股息金额，均由董事

会经考虑本集团未来之财务表现及盈利、资金需

求及盈余、一般财务状况，以及董事会可能认为

1. By mail to the Company’s principal place of busines at Unit 12,

5/F, Tower 1, Harbour Centre, 1 Hok Cheung Stret, Hung Hom,

Kowlon, Hong Kong;

2. By email to info@chinanewholdings.com.hk.

The Company uses a number of formal comunications chanel

to acount to shareholders and investors for the performance of

the Company. These include (i) the publication of quarterly, interim

and anual reports; (i) the anual general meting or extraordinary

general meting providing a forum for shareholders to raise

coments and exchanging views with the Board; (i) updated key

information of the Group available on the websites of the Stock

Exchange and the Company; (iv) the Company’s website ofering

comunication chanel betwen the Company and its shareholders

and investors; and (v) the Company’s share registrars in Hong Kong

serving the shareholders in respect of al share registration maters.

The Company aims to provide its shareholders and investors with

high standards of disclosure and financial transparency. The Board

is comited to provide clear, detailed, timely maner and on a

regular basis information of the Group to shareholders through the

publication of quarterly, interim and anual reports and/or dispatching

circulars, notices, and other anouncements.

Corporate Governance Report

企业管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

本公司致力考量其股东的意见及建议，并处理股

东关注的问题。欢迎股东出席股东周年大会，就

此，本公司须至少提前二十个完整营业日通知股

东。董事会主席及审核委员会、提名委员会、薪

酬委员会及合规委员会的主席或（倘彼等缺席）

董事均会于会上就本集团的业务回答股东的提

问。为遵守企业管治守则之守则条文第

E.1.2

条，

管理层将确保外聘核数师会出席股东周年大会，

以回答有关进行审核、核数师报告的编制及内

容、会计政策以及核数师的独立性等提问。

所有股东均拥有要求召开股东特别大会及提出

议程项目以供股东考虑之法定权利。根据公司条

例第

条，若占全体有股东大会表决权的股东

总表决权最少

的公司股东要求公司召开股东

大会，则董事须召开股东大会。有关要求

(a)

必须

列明大会上将予处理事务之一般性质；及

(b)

可包

含在该大会恰当地动议并拟于该大会动议之决

议案文本。

股东可在下文所述之期间内有效提交下列文件

至本公司注册办事处，地址为香港九龙红磡鹤翔

街

号维港中心第一座

楼

室，提名一位除退任

董事以外或董事会建议推选为董事之任何人士

参选董事一职：

表明有意提名该人士参选或重选董事之

书面通知，该书面通知须列明该人士之全

名，包括根据

GEM

上市规则第

17.50(2)

条规

定之该人士履历详情并经一名提名股东签

署；及

该人士签署表明愿意参选或重选董事之书

面通知连同意刊登其个人资料之同意

书。

The Company strives to take into consideration its shareholders’

views and inputs, and adres shareholders’ concerns. Shareholders

are encouraged to atend the anual general meting for which at

least 20 clear busines days’ notice shal be given. The chairman

of the Board as wel as chairmen of the Audit Comite, the

Nomination Comite, the Remuneration Comite and the

Compliance Comite, or in their absence, the Directors are

available to answer shareholders’ questions on the Group’s

busineses at the meting. To comply with code provision E.1.2 of the

CG Code, the management wil ensure the external auditor to atend

the anual general meting to answer questions about the conduct

of the audit, the preparation and content of the auditor’s report, the

acounting policies and auditor independence.

Al shareholders have statutory rights to cal for extraordinary

general metings and put forward agenda items for consideration by

shareholders. Acording to section 566 of the Companies Ordinance,

The directors are required to cal a general meting if the company

has received requests to do so from members of the company

representing at least 5% of the total voting rights of al the members

having a right to vote at general metings. A request (a) must state

the general nature of the busines to be dealt with at the meting;

and (b) may include the text of a resolution that may properly be

moved and is intended to be moved at the meting.

A shareholder may propose a person other than a retiring director or

recomended by the board of directors for election as a director by

validly lodging the folowing documents within the period hereinafter

mentioned at the registered ofice of the Company at Unit 12, 5/F,

Tower 1, Harbour Centre, 1 Hok Cheung Stret, Hung Hom, Kowlon,

Hong Kong:

1. a notice in writing of the intention to propose the apointment

or reapointment of such person to the ofice of director, which

must state the ful name of such person, include the person’s

biographical details as required by rule 17.50(2) of the GEM

Listing Rules and be signed by the proposing shareholder; and

2. a notice in writing signed by such person of his wilingnes to

be apointed or re-apointed as a director together with his

writen consent to the publication of his/her personal data.

Corporate Governance Report

企业管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

有关文件须于寄发股东大会通告后七

(7)

天之期

间内提交至本公司注册办事处。本公司于收到有

关文件后将核实该文件，及倘该建议符合程序，

将按照

GEM

上市规则第

17.46B

条之规定就该建议

刊登公告或发出补充通函。

倘任何股东大会须发出至少十

(10)

个完整营业日

（定义见

GEM

上市规则）或十四

(14)

天（以较长者

为准）之书面通知召开，则须于股东大会举行日

期前十

(10)

个营业日内收到于上述期间提交之

有关文件，在此情况下，为了给予股东不少于十

(10)

个营业日以考虑该公告或补充通函所披露之

相关资料，本公司将考虑举行该股东大会之续

会。

为促进有效沟通，本公司另设有网站

(w.

chinanewholdings.com.hk)

，当中载有本集团及其

业务的最新资料。

公司秘书

于本年内，公司秘书已妥为遵守

GEM

上市规则第

5.15

条之相关专业培训规定。

组织章程文件

截至二零二五年三月三十一日止年度，本公司组

织章程文件并无发生重大变动。章程可于联交所

及本公司网站查阅。

Such documents shal be lodged at the registered ofice of the

Company within the period of seven (7) days after the dispatch of

the notice of the general meting. Upon receipt of such documents,

the Company shal verify the documents and, if the proposal is found

to be in order, publish an anouncement or isue a suplementary

circular in respect of the proposal in acordance with rule 17.46B of

the GEM Listing Rules.

In the event of any general meting caled by at least ten (10) clear

busines days’ (as defined by the GEM Listing Rules) or fourten (14)

days’ (whichever is the longer) notice in writing, such documents

lodged within the aforesaid period may be received les than ten

, in which case the

Company wil consider the adjournment of the general meting

in order to give shareholders at least ten (10) busines days to

consider the relevant information disclosed in the anouncement or

suplementary circular.

In order to promote efective comunication, the Company also

maintains website (w.chinanewholdings.com.hk) which includes

the latest information relating to the Group and its busineses.

COMPANY SECRETARY

During the year, the company secretary has duly complied with

relevant profesional training requirements in acordance with Rule

5.15 of the GEM Listing Rules.

CONSTITUTIONAL DOCUMENTS

There was no significant changed in the Company’s constitutional

documents during the year ended 31 March 2025. The Articles is

available on the websites of the Stock Exchange and the Company.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

关于本报告

报告目的

中新控股有限公司（前称仁德资源控股有限公司）

（「本公司」），连同其附属公司（统称「本集团」或

「我们」）欣然提呈我们的年度环境、社会及管治

（「

ESG

」）报告（「本报告」）。本报告以具透明度的

方式披露了本集团在可持续发展事宜方面的管

理方针、策略、政策及表现。我们明了

ESG

价值之

重要性，并承诺通过关注我们的持份者的需要，

为环境、员工、客户及社区创造长远共享价值。

报告范围及期间

除另有说明外，本报告范围与本集团年报的报告

范围一致。本报告所披露的资料涵盖我们由二

零二四年四月一日至二零二五年三月三十一日

止（「报告期间」）的主要业务板块，包括

(i)

提供设

计、装修及工程服务及采购家具及相关产品服务

（「设计、装修及工程服务」）；

(i)

租赁建筑设备及

提供相关安装服务（「租赁建筑设备」）；

(i)

美酒采

购及营销「营销美酒」）；以及

(iv)

金融服务业务包

括就证券提供意见、证券交易及经纪服务、资产

管理服务及放债（「金融服务业务」）。

报告范围是根据各业务板块对我们的业务和营

运的相应重要性以及对可持续发展的影响而厘

定的。

报告标准

本报告按照香港联合交易所有限公司（「香港联

交所」）

GEM

证券上市规则附录

所载的环境、社

会及管治报告指引（「

ESG

报告指引」）的最新披露

要求编制。

ABOUT THE REPORT

Purpose and Objective

China New Holdings Limited (formerly known as Royal Century

Resources Holdings Limited) (the “Company”) and its subsidiaries

(colectively known as the “Group” or “We”) are pleased to present

our anual Environmental, Social and Governance (“ESG”) Report (the

“Report”). The Report discloses the Group’s management aproach,

strategies, policies and performance on various sustainability isues

in a transparent maner. We recognise the importance of ESG

value and are dedicated to creating long-term shared value for the

environment, employes, customers and comunity by paying

atention to our stakeholders’ neds.

Reporting Scope and Period

Unles otherwise specified, the scope of the Report is consistent with

the reporting scope of the Group’s anual report. The information

disclosed in the Report covers our core busines segments, including

(i) provision of design, fiting-out and enginering procurement of

furnishings and related products services (“design, fiting-out and

enginering services”); (i) leasing of construction equipment and

provision of related instalation services (“leasing of construction

equipment”); (i) sourcing and merchandising of fine and rare wines

(“wines merchandising”); and (iv) provision of financial services

busines comprising securities advisory services, securities dealing

and brokerage services and aset management services and money

lending (“financial services busines”), for the period from 1 April

2024 to 31 March 2025 (the “Reporting Period”).

The reporting boundary is determined acording to the coresponding

materiality of each busines segment to our busines and operations,

as wel as the sustainability impact.

Reporting Standards

The Report has ben prepared in acordance with the latest

disclosure requirements of the Environmental, Social and Governance

Reporting Guide (the “ESG Reporting Guide”) as set out in Apendix

20 to the Rules Governing the Listing of Securities on GEM of The

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

Reporting Principles	Our Application
汇报原则	我们的应用
Materiality 重要性	The Report is structured based on the materiality of respective sustainability issues, as assessed and identified through regular stakeholder engagement activities and materiality assessment. Issues that reflect the highest significance to both the Group and key stakeholders, in terms of environmental and social impacts, are considered material and will be further discussed in the Report. For further details of our stakeholder engagement and materiality assessment processes, please refer to the sections of “Stakeholder Engagement “and “Materiality Assessment”. 本报告是透过常规持份者参与和重要性评估，对各个可持续发展议题的重要性作出评估及识别而编制的。在环境和社会影响方面对本集团和主要持份者最重要的议题会被考虑为重大议题，并将在本报告中进一步讨论。有关我们的持份者参与和重要性评估的详细流程，请参阅「持份者参与」和「重要性评估」章节。
Quantitative 量化	We have listed relevant quantified environmental and social key performance indicators (“KPIs”) and their historical data, where applicable, in the Report so that stakeholders can better understand the Group’s sustainability performance. 我们于本报告中列出了相关的可量化环境和社会关键绩效指标及其历史数据（如适用），以便持份者能更了解本集团的可持续发展表现。
Balance 平衡	The Group has provided an unbiased picture of our ESG performance by impartially disclosing relevant ESG performance, challenges and opportunities of the Group during the Reporting Period in the Report. ESG 本集团透过在本报告公正地披露本集团于报告期间的相关表现、挑战和机遇，不偏不倚地 ESG 展现我们的表现。
Consistency 一致性	The Report has been prepared to be consistent with the methodology applied in previous ESG reports, allowing for meaningful comparisons over time, unless otherwise specified. Necessary explanations would be provided regarding any changes to the methodology used, as compared to the previous year, in the Report. ESG 除另有说明外，本报告的编制与过往报告中所采用的方法保持一致，以作出有意义的比较。若所用的方法与往年相比存在任何变动，我们将会于本报告作出必要解释。

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

汇报原则

为确保本报告清楚呈现我们持份者所关注的

ESG

议题，本报告已遵照

ESG

报告指引所列明的汇报

原则：重要性、量化、平衡及一致性编制。

报告获取

作为本集团年度报告的一部份，本报告以中英

文编制，并登载于我们的公司网站

htp:/w.

chinanewholdings.com.hk

。如有歧义，概以英文

版本为准。

阁下的反馈

本集团努力通过本报告与我们的持份者联

系。我们欲邀请阁下分享宝贵意见，这将

有助我们进一步完善我们的可持续发展管理

方针及表现。如有任何疑问或建议，请通过

info@chinanewholdings.com.hk

与我们联系。

Reporting Principles

The Report has ben prepared based on the reporting principles of

materiality, quantitative, balance and consistency outlined in the ESG

Reporting Guide to ensure that the Report clearly presents the ESG

isues that are of concern to our stakeholders.

Aces to the Report

As part of the anual report of the Group, the Report has ben

prepared in both English and Chinese and is available on our

corporate website at htp:/w.chinanewholdings.com.hk. In case of

any discrepancy, the English version shal prevail.

Your Fedback

The Group endeavours to conect with our stakeholders through the

Report. We would like to invite you to share your valuable opinions,

which would help us further refine our sustainability management

aproach and performance. If you have any inquiries or sugestions,

please contact us at info@chinanewholdings.com.hk.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

关于本集团

本集团主要从事四个业务，包括：

•

提供设计、装修及工程服务及采购家具及

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

我们的可持续发展管理方针

ESG

管理方针及策略

本集团致力于在所有业务以环境、社会和经济负

责任的方式运营。为了追求环境、员工、客户和

社区的可持续未来，本集团董事会（「董事会」）批

准

ESG

框架，其中包括四大可持续发展支柱：

(1)

为我们的员工创造价值；

(2)

为我们的客户创造价

值；

(3)

为我们的环境创造价值；及

(4)

为我们的社

区创造价值，以及为各可持续发展支柱制定了相

应的可持续发展目标

，如下所述。

OUR MANAGEMENT APROACH TO

SUSTAINABILITY

ESG Management Aproach and Strategy

The Group is comited to operating in an environmentaly, socialy

and economicaly responsible maner acros al segments of our

busines. In pursuit of a sustainable future for the environment,

employes, customers and comunity, the board of directors of

the Group (the “Board”) aproves the ESG framework including four

sustainability pilars: (1) Creating Value for Our Employes; (2) Creating

Value for Our Customers; (3) Creating Value for Our Environment; and

, as wel as the sustainability

goals and targets* for each of the sustainability pilars as set out

below.

Our Goal

我们的目标

To enhance customer

experience with quality

products and services for

the beneﬁt of customers

以优质的产品和服务提升

客户体验，使客户受惠

Our Goal

我们的目标

To shoulder corporate

social responsibility

and give back to our

comunities

承担企业社会责任，

回馈社会

Our Goal

我们的目标

To build an inclusive and

joyful work environment for

our employes

为我们的员工建立一个包容和

快乐的工作环境

Our Goal*

我们的目标*

To pursue gren and sustainable

operations by reducing our

impact to the environment in

response to climate change

通过减少我们对环境的影响以

应对气候变化，追求绿色和可

持续的营运

*Please refer to the section of

“Climate Change” for more details of

our gren targets.

*有关我们的绿色目标，请参阅

「气候变化」章节。

为

我

们

的

客

户

创

造

价

值

Creating Value for

Our Environment

为我们的环境创造价值

Creating Value for

Our Comunity

为我们的社区创造价值

为

我

们

的

员

工

创

造

价

值

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

ESG

管治及董事会的监督

董事会对本集团的

ESG

策略和汇报承担全部责

任。董事会对我们的

ESG

事宜进行监督，并为本

集团的

ESG

管理方针及策略制定整体方向。

ESG

工作小组获董事会授权，负责监督本集团的

ESG

管理方针，推动本集团

ESG

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

ESG

相关风险管理

本集团认为

ESG

风险管理是可持续经营和健全企

业管治的重要组成部分。董事会对本集团的可持

续发展负责，承担监督本集团

ESG

相关风险管理

活动的最终责任。

ESG

工作小组负责识别、评估、

优先排列及管理与

ESG

Key Stakeholders	Communication Channels
主要持份者	沟通渠道
Customers 客户	• Customer meetings 客户会议 • Meetings with sales representatives 销售代表会议 • Customer hotline 客户热线
Shareholders and Investors 股东及投资者	• Shareholders’ and investors’ meetings 股东及投资者会议 • Company website 公司网站 • Email 电子邮件
Employees 雇员	• Departmental meetings 部门会议 • Staff appraisal meetings 员工评估会议 • Seminars, workshops and trainings 研讨会、工作坊及培训 • Intranet 内联网 • Email 电子邮件 • Internal memo 内部备忘录
Suppliers and Business Partners 供应商及商业合作伙伴	• Physical and phone meetings 实体及电话会议 • On-site briefing and trainings 现场简报及培训 • Collaboration between project managers 项目经理之间的合作 • Co-ordination with purchase managers 采购经理之间的协调

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

我们在下表中总结了主要持份者组别及其沟通

渠道：

We have sumarised the key stakeholder groups and

comunication chanels in the folowing table:

采购经理之间的协调

ESG

相关风险管理

本集团认为

ESG

风险管理是可持续经营和健全企

业管治的重要组成部分。董事会对本集团的可持

续发展负责，承担监督本集团

ESG

相关风险管理

活动的最终责任。

ESG

工作小组负责识别、评估、

优先排列及管理与

ESG

Key Stakeholders	Communication Channels
主要持份者	沟通渠道
Government and Regulatory Authorities 政府及监管机构	• Seminars, reports and circulars on regulations 关于法规的研讨会、报告及通函 • Company website 公司网站 • Email 电子邮件 • Fax 传真 • Enquiry hotline 查询热线
Financial Institutions 金融机构	• Physical and phone meetings 实体及电话会议 • Financial report 财务报告 • Corporate announcement 公司公告
Media 传媒	• Media meetings after shareholders’ meetings 股东大会后的媒体会议 • Company website 公司网站 • Email 电子邮件 • Enquiry hotline 查询热线
Community and Non-governmental Organisations (“NGOs”) 社区及非政府团体	• Participation in community activities 参与社区活动 • Community news 社区新闻

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

社区新闻

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重要性评估

本集团定期通过持份者参与活动，确定与

ESG

相

关议题对本集团和持份者的重要性。在独立可持

续发展顾问的协助下，我们最近期的重要性评估

于

2024/25

年度进行，通过线上问卷调查与内部

及外部主要持份者组别进行沟通；该评估结果继

续反映持份者最关注的议题。以下步骤描述了我

们的重要性评估过程：

Materiality Asesment

The Group identifies the materiality of ESG-related isues to both

the Group and its stakeholders based on stakeholder engagement

activities on a regular basis. Facilitated by an independent

sustainability consultant, our most recent materiality asesment

was caried out in 2024/25, engaging both internal and external key

stakeholder groups through online questionaires; the results of this

materiality asesment continue to represent the material topics

raised by stakeholders. The folowing steps describe our materiality

asesment proceses:

• We engaged an independent sustainability consultant to identify a list of 25 ESG isues

relevant to the Group by referencing to the The Stock Exchange ESG Reporting Guide,

industry characteristics, busines operations and stakeholder fedback.

•

我们聘请了独立可持续发展顾问，通过参考香港联交所

ESG

报告指引、行业特点、业务营

运以及持份者的反馈，识别了

项与本集团相关的

ESG

议题清单。

Identification

识别

Prioritisation

优先排列

• We invited internal and external key stakeholders to complete an online

questionaire and rate the importance of the ESG isues.

•

我们邀请内部及外部的主要持份者完成线上问卷调查，并对

ESG

议题的

重要性进行评分。

• We evaluated and analysed the results of questionaire rating to identify

the prioritised material ESG isues, and compiled a materiality matrix.

•

我们对问卷调查的结果进行了评估和分析，以确定优先考虑的重大

ESG

议题，并编制了重要性矩阵。

Validation

确认

• A list of 6 most material ESG isues was presented to

the ESG Working Group for discusion and validation.

•

将包括

个最重大

ESG

议题的列表提呈给

ESG

工作小组

以作讨论及确认。

高 21 13 10 19 17	15 18 22 24 7 9
14 23 6 8 5 低	12 16 20 3 25 4 2 1 11

1. Air emissions 废气排放 2. Waste 废弃物 3. Energy consumption 能源消耗 4. Greenhouse gas emissions 温室气体排放 5. Water consumption 水资源 6. Packaging material consumption 包装物料使用 7. Climate change risk 气候变化的风险 8. Green procurement and sourcing 绿色采购 9. Environmental risk in supply chain 供应链中的环境风险	10. Clean technology 环保技术 11. Green finance 绿色金融 12. Staff welfare 雇员福利 13. Equal-opportunity, diversity, anti-discrimination 平等机会、多元化、反歧视 14. Occupational health and safety 职业健康及安全 15. Staff development and training 员工发展及培训 16. Employment compliance 雇佣合规性 17. Ethically responsible sourcing 负责任采购	18. Product assurance and quality 产品保证与质量 19. Customer service 顾客服务 20. Intellectual property rights management 知识产权管理 21. Marketing and advertising 市场推广及广告 22. Anti-corruption 反贪污 23. Community investment 社区投资 24. Product design and innovation 产品设计与创新 25. Data protection and cybersecurity 数据保护与网路安全

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

ESG

议题列表

Materiality Matrix

重要性矩阵

Signiﬁcance to the Group

对本集团的重要性

Low

低

High

高

iﬁ

对

持

份

者

的

重

要

性

Materiality Matrix

重要性矩阵

List of ESG Isues

供应链中的环境风险

Material ESG Issue	Section
ESG
重大议题 7. Climate change risk 气候变化的风险	章节 Climate Change 气候变化
9. Environmental risk in supply chain 供应链中的环境风险	Supply Chain Manage 供应链管理	ment
15. Staff development and training 员工发展及培训	Development and Trai 发展与培训	ning
18. Product assurance and quality 产品保证与质量	Product and Service Q 产品及服务质素	uality
22. Anti-corruption 反贪污	Anti-corruption 反贪污 Anti-money Launderin 反洗黑钱	g
24. Product design and innovation 产品设计与创新	Product and Service Q 产品及服务质素	uality

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

以上重要性矩阵右上角位置的

项

ESG

议题被识

别为最重大的可持续发展议题，并将在本报告中

进一步讨论。

The 6 ESG isues at the top right quadrant of the above materiality

matrix indicate the most material sustainability isues identified and

wil be further discused in the Report.

产品设计与创新产品及服务质素

ESG

议题列表

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

为我们的员工创造价值

本集团重视我们的员工，他们对本集团的长远发

展和成功至关重要。我们致力为员工构建一个安

全、具包容性和快乐的工作环境，让他们有所得

益、获得鼓励和包容。我们确保严格遵守与香港

和中华人民共和国（「中国」）雇佣惯例相关的适

用法律及规例，包括但不限于：

于报告期间，我们并不知悉在有关薪酬及解雇、

招聘及晋升、工作时数、假期、平等机会、多元

化、反歧视以及其他待遇及福利相关法律及规例

方面，有任何重大不合规的情况。

CREATING VALUE FOR OUR EMPLOYES

Our Goal:

我们的目标：

• To build an inclusive and joyful work environment for our employes

为我们的员工建立一个包容和快乐的工作环境

Material Topic(s) Covered:

所涵盖的重大议题：

• Staf development and training

员工发展及培训

The Group values its employes, as they are of utmost importance to

the Group’s long-term development and suces. We strive to create

a safe, inclusive and joyful work environment to our staf where

they fel rewarded, encouraged and acomodated. We ensure

strict compliance with aplicable laws and regulations in relation to

employment practices in Hong Kong and in the People’s Republic of

China (the “PRC”), including but not limited to:

Hong Kong

香港

• Employment Ordinance

（《雇佣条例》）

’ Compensation Ordinance

（《雇员补偿条例》）

• Minimum Wage Ordinance

（《最低工资条例》）

• Sex Discrimination Ordinance

（《性别歧视条例》）

• Disability Discrimination Ordinance

（《残疾歧视条例》）

• Family Status Discrimination Ordinance

（《家庭岗位歧视条例》）

• Race Discrimination Ordinance

（《种族歧视条例》）

The PRC

中国

• Labour Law of the PRC

（《中华人民共和国劳动法》）

• Labour Contract Law of the PRC

（《中华人民共和国劳动合同法》）

• The Social Insurance Law of the PRC

（《中华人民共和国社会保险法》）

During the Reporting Period, we were not aware of any material non-

compliance with the laws and regulations relating to compensation

and dismisal, recruitment and promotion, working hours, rest

periods, equal oportunity, diversity, anti-discrimination, and other

benefits and welfare.

40 0
31- 31-4

41- 41-5
50 0

w 3
1

51- 51-6	60 0

e 6
0

al And al Sta
ener chnic

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

员工分布

截至二零二五年三月三十一日，本集团共有

名

全职员工（

2023/24: 17

名全职员工）。按性别、年

龄组别、雇员类型及地区划分的员工分布如下：

员工流失

于报告期间，我们的员工整体流失率为

26%

(2023/24: 50%)

。下图显示了按性别、年龄组别和

地区划分的员工流失率。

备注：

所有员工相关数据涵盖整个集团，包括中国的员工

在内。

Employe Distribution

As of 31 March 2025, the Group had a total of 23 ful-time employes

(2023/24: 17 ful-time employes). The employe distribution by

gender, age group, employment category and geographical region is

as folows:

38%

100%

Male

男性

Female

女性

By Gender

按性别划分

Below 31

岁以下

31-40

岁

41-50

岁

51-60

岁

Above 60

岁以上

By Age Group

按年龄组别划分

Hong Kong

香港

The PRC

中国

By Geographical Region

按地区划分

Senior

Management

高级管理层

Midle

Management

中级管理层

General And

Technical Staf

一般及技术员工

By Employment Category

按雇员类型划分

Male

男性

Female

女性

25%

Employe Turnover Rate

(By Gender)

员工流失率

（按性别划分）

Hong Kong

香港

The PRC

中国

100%

Employe Turnover Rate

(By Geographical Region)

员工流失率

（按地区划分）

Below 31

岁以下

0%0%

31-40

岁

50%

11%

41-50

岁

18%

43%

51-60

岁

78%

Above 60

岁以上

67%

Employe Turnover Rate

(By Age Group)

员工流失率

（按年龄组别划分）

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

55%

Employe Turnover

During the Reporting Period, the overal employe turnover rate was

26% (2023/24: 50%). The employe turnover by gender, age group and

geographical region is shown in the folowing graphs.

38%

100%

Male

男性

Female

女性

By Gender

按性别划分

岁以下

31-40

岁

41-50

岁

51-60

岁

岁以上

By Age Group

按年龄组别划分

Hong Kong

香港

The PRC

中国

By Geographical Region

按地区划分

Senior

Management

高级管理层

Midle

Management

中级管理层

Technical Staf

一般及技术员工

By Employment Category

按雇员类型划分

Male

男性

Female

女性

25%

Employe Turnover Rate

(By Gender)

员工流失率

（按性别划分）

Hong Kong

香港

The PRC

中国

100%

Employe Turnover Rate

(By Geographical Region)

员工流失率

（按地区划分）

Below 31

岁以下

0%0%

31-40

岁

50%

11%

41-50

岁

18%

43%

51-60

岁

78%

Above 60

岁以上

67%

Employe Turnover Rate

(By Age Group)

员工流失率

（按年龄组别划分）

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

2024/25

2023/24

55%

Notes:

1) Al employe-related data covered the entire Group, including employes in

the PRC.

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

员工权益

我们致力提高员工的福祉并保护他们的权利。

我们秉持平等机会原则，对任何与种族、国籍、

族裔、宗教、性别或婚姻状况相关的歧视采取零

容忍态度。故此，我们的《员工手册》明确列明我

们与平等机会、多元化以及反歧视相关的政策。

在招聘过程中，我们向求职者提供平等机会，并

根据他们在特定职位上的适当经验、技能、能力

和资格，考虑合适的求职者。我们根据已识别的

业务和个人需要，提供适当培训及发展的平等机

会。

为保障员工权益及促进员工福祉，我们在薪酬

及解雇、招聘及晋升、发展与培训、工作时数、假

期、待遇及福利等方面制定了公平及全面的人力

资源政策，并详列于我们的《员工手册》中。

除了员工的工作表现，我们也关心他们的福祉，

并鼓励工作与生活的平衡。为营造快乐积极的工

作氛围，我们每年都会组织各种员工活动。于报

告期间，我们在办公室举办了一系列午餐聚会，

与员工共同庆祝了中秋节、圣诞节和农历新年。

吸引和挽留人才

人才吸纳对本集团的长远成功和竞争力尤其重

要。为了吸引和留住忠诚、热心和拥有所需技能

的员工，我们为员工提供有竞争力的薪酬待遇和

福利。我们持续监察市场惯例，并听取员工有关

薪酬的反馈，以确保所提供的薪酬方案符合市场

标准。我们每年会进行员工评估，为员工提供充

足的增值机会，协助他们进步和成长。员工评估

结果形成厘定员工薪酬、酌情花红及晋升机会的

基础。

Employe Rights and Welfare

We aim to enhance the welbeing of our employes and protect

their rights. We uphold the principle of equal oportunities and

adopt zero-tolerance towards any kind of discrimination related to

race, nationality, ethnic origin, religion, sex, or marital status. In this

regard, our policies related to equal oportunity, diversity and anti-

discrimination are clearly stated in our Staf Handbok. During our

recruitment proces, we provide equal oportunity to consider

the right candidates based on their apropriate experiences, skils,

competencies and qualifications for a particular position. We provide

equal oportunity of aces to apropriate training and development

based on identified busines and individual neds.

To safeguard the rights of our staf and foster employe welfare,

we have in place fair and comprehensive human resources policies

relating to compensation and dismisal, recruitment and promotion,

development and training, working hours, rest periods, benefits and

welfare, and which are set out in our Staf Handbok.

Employe Benefits

员工福利

Paid Leaves

有薪假期

• Anual leaves

年假

• Maternity leaves

产假

Caring Benefits

关怀及福利

• Staf birthday parties

员工生日派对

• Festival celebrations

节日庆祝

Work Incentives

工作奖励

• Discretionary bonus

酌情花红

Apart from employes’ work performance, we are also concerned

about their welbeing and encourage work-life balance. To foster a

joyful and positive work atmosphere, we organise various employe

activities each year. During the Reporting Period, a series of lunch

gatherings were organised at our ofices to celebrate Mid-autumn

Festival, Christmas and Chinese New Year with our employes.

Atracting and Retaining Talents

Talent acquisition is crucial to the Group’s long-term suces and

competitivenes. To atract and retain employes with loyalty, pasion

and desired skilsets, we provide competitive remuneration package

and benefits to our staf. We continuously monitor market practices

and receive fedback from our staf on salary compensation to

ensure that the salary package provided is in line with the market

standards. Staf apraisal is conducted anualy to provide our

staf with suficient oportunities for advancement and help them

to improve and grow. The staf apraisal result forms the basis for

determining employes’ salary, discretionary bonus and promotion

oportunities.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

职业健康与安全

本集团视安全为我们业务的首要一环，因我们有

责任在日常营运中保障员工、分包商及公众（如

适用）的健康和安全。因此，我们已为办公室及建

筑工地的员工实施各种职业健康及安全措施以

及相关程序。本集团亦严格遵守香港及中国有关

健康及安全的适用法律及法规，包括但不限于：

于报告期间，本集团并无任何重大工伤事故的个

案记录（

2023/24

：无），而因工伤损失总工作日数

为

天（

2023/24

：

）。此外，于过去三年包括报告

期间，我们并没有任何因工亡故的个案记录。于

报告期间，我们并不知悉任何与提供安全工作环

境及保障雇员避免职业性危害相关的法律及法

规的重大违规情况。

建筑工程健康与安全

为推广建筑工地的健康与安全，我们的设计、装

修及工程服务业务的安全手册载有安全政策、工

作程序、计划及措施。我们会向所有员工及分包

商的负责人派发安全手册，以确保他们了解所有

安全标准。员工必须遵守安全手册中订立的所有

安全规则和规定，例如在任何时间佩戴安全头盔

以及防止在未经授权下使用起重建筑设备。为降

低安全隐患，我们要求员工获得从事高安全风险

专业工作的许可证。

Ocupational Health and Safety

The Group regards safety as the first priority in our busines as we

have the responsibility to safeguard the health and safety of our

people, subcontractors and the public, where apropriate, in the daily

operations. As such, various ocupational health and safety measures

and relevant procedures are implemented for our staf in ofices and

construction sites. The Group also strictly complies with aplicable

laws and regulations in relation to health and safety in Hong Kong and

in the PRC, including but not limited to:

Hong Kong

香港

• Ocupational Safety and Health Ordinance

（《职业安全及健康条例》）

• Factories and Industrial Undertakings Ordinance

（《工厂及工业经营条例》）

The PRC

中国

• Labour Law of the PRC

（《中华人民共和国劳动法》）

• Law of the PRC on Prevention and Control of Ocupational Diseases

（《中华人民共和国职业病防治法》）

During the Reporting Period, there were no recorded cases of

material work-related injuries (2023/24: nil). The total lost days due

to work injury were 0 days (2023/24: 0). No work-related fatality has

ben recorded for the past thre years including the Reporting Period.

During the Reporting Period, we were not aware of any material non-

compliance with the laws and regulations relating to providing a safe

working environment and protecting employes from ocupational

hazards.

Construction Health and Safety

To promote health and safety at construction sites, safety policies,

working procedures, plans and measures are set out in the safety

manual for our design, fiting-out and enginering services busines.

The safety manual is distributed to al workers and the person-in-

charge of the subcontractors to ensure that they understand al

safety standards. Workers are required to folow al safety rules

and regulations set out in the safety manual, such as wearing

safety helmet at al times and preventing unauthorised use of lifting

construction equipment. To reduce risks of safety hazards, workers

are required to acquire permits for specialised work of high safety

risks.

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

为确保安全措施得以妥善执行，我们会定期在建

筑工地进行安全检查，并在适当时采取跟进行

动。我们制定了应急计划，让员工在发生安全事

故时能够迅速、适当地采取行动。

我们通过各种推广安全的项目和活动，提高员工

对职业健康和安全的认识。我们亦会评估分包商

的安全表现，以确保他们遵守所有适用的法律法

规以及安全标准。

办公室健康与安全

为了为我们的员工提供一个安全和健康的工作

环境，我们的办公室严禁吸烟。于报告期间，我

们亦安排负责办公室营运的员工参加消防安全

培训，以提高意识以及加强应对突发事件的能

力。

To ensure proper implementation of safety measures, safety

inspections are conducted on a regular basis at our construction

sites with folow-up actions, when apropriate. We have in place an

emergency plan to alow workers to respond quickly and properly in

the event of safety incidents.

We raise awarenes of workers on ocupational health and safety

through various safety promotion programes and activities. We also

evaluate the safety performance of subcontractors to ensure that

they are in compliance with al aplicable laws and regulations and

safety standards.

Ofice Health and Safety

To provide a safe and healthy working environment for our

employes, smoking is prohibited in our ofice operations. We also

aranged our staf from ofice operations to take part in fire safety

training to raise awarenes and strengthen capabilities in coping with

emergency situations during the Reporting Period.

50%
50%
25%
25%
50%
6.7
6.6
11.5
7.2
4.29

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

发展与培训

员工成长和发展有利于本集团的长远和可持续

发展。为协助员工能与本集团共同成长，我们为

他们提供各种职业以及与工作相关的培训，以帮

助他们掌握其职位所需的技能和知识。为支持我

们的员工获得对其工作有帮助的专业资格和技

能，我们赞助员工参加专业课程、研讨会、工作

坊和会议。于报告期间，我们安排了涵盖合规更

新、反贪污、反洗黑钱、可持续发展以及消防安

全等主题的培训课程。

于报告期间，按性别及雇员类别划分的受训雇员

百分比以及每名雇员完成受训的平均时数如下：

备注：

于报告期间，受训雇员百分比以及每名雇员完成受

训的平均时数的计算包括了相应报告年度中离职人

员的相关培训数据，以便准确反映本集团投入的培

训资源。

Development and Training

Employes’ growth and development is beneficial to the Group’s

long-term development and sustainability. To help our staf grow

together with the Group, we provide them with various vocational and

job-related trainings to help them equip with the skils and knowledge

required for their positions. To suport our employes in acquiring

profesional qualifications and skils beneficial to their work, we

sponsor our staf to take profesional courses, seminars, workshops

and conferences. During the Reporting Period, training programes

were aranged covering topics on regulatory compliance updates,

anti-coruption, anti-money laundering, sustainability and fire safety,

etc.

The percentage of employe trained and average training hours

completed per employe by gender and employment category during

the Reporting Period are as folows:

2024/252023/24

Percentage of employe trained (%)

受训雇员百分比

(%)

By Gender

按性别划分

Male

男性

69%

Female

女性

31%

By Employment Category

按雇员类别划分

Senior Management

高级管理层

56%

Midle Management

中级管理层

26%

General and Technical Staf

一般及技术员工

23%

Average Training Hours (Hour)

每名雇员完成受训的平均时数（小时）

By Gender

按性别划分

Male

男性

6.0

Female

女性

6.6

By Employment Category

按雇员类别划分

Senior Management

高级管理层

10.8

Midle Management

中级管理层

6.8

General and Technical Staf

一般及技术员工

4.293.0

Notes:

1) The calculation of the percentage of employe trained and the average

training hours completed per employe during the Reporting Period included

the training data of employes who left the Group during the respective

reporting year, to present an acurate reflection of the training resources

invested by the Group.

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

劳工准则

本集团秉承劳工准则的高标准，并禁止童工或强

制劳工，因为这违反了人权和国际劳工公约的议

定书。我们确保严格遵守适用的法律法规，包括

但不限于香港《雇佣条例》以及《中华人民共和国

劳动法》和《中华人民共和国劳动合同法》。

为防止出现任何形式的童工或强制劳工，我们会

检查求职者的身份证明文件，以防止雇用未成年

人士。我们将严格遵守雇佣合同，不会以任何方

式损害员工与本集团之间的雇佣关系，例如扣押

金、威胁并强迫他人劳动等的行为。只要符合相

关法律和本集团的政策，我们的员工有权终止雇

佣合同。一旦发现童工或强制劳工，我们将向相

关机构举报，并终止雇佣关系。我们的人力资源

部门定期审查雇佣惯例，以确保我们现有的避免

童工及强制劳工的措施的有效性。于报告期间，

我们并不知悉在有关避免童工和强制劳工相关

法律法规方面，有任何重大不合规的情况。

Labour Standards

The Group upholds high labour standards, and prohibits child

or forced labour as it violates human rights and the protocol of

international labour conventions. We ensure strict compliance with

the aplicable laws and regulations including but not limited to the

Employment Ordinance in Hong Kong, and the Labour Law and

Labour Contract Law in the PRC.

To prevent the ocurence of child or forced labour of any kind, we

conduct checking on the aplicant’s identity documents to prevent

underaged hires. We would strictly folow the employment contracts

and would not prejudice the employment relationship in any way

betwen the employes and the Group, such as detaining a deposit,

forcing to work against their wil under any kind of threat. Our staf

has the right to terminate the employment contract as long as it is

in compliance with the relevant laws and the Group policies. Once

child or forced labour is identified, we wil report to the authorities,

and the employment would be terminated. Our Human Resources

Department reviews the employment practices regularly to ensure

the efectivenes of our existing measures against child and forced

labour. During the Reporting Period, we were not aware of any

material non-compliance with the laws and regulations relating to

preventing child and forced labour.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

为我们的客户创造价值

本集团意识到以高质量标准提供产品和服务对

我们的长期业务成功至关重要，并致力于不断提

升客户的体验和满意度。我们确保严格遵守与提

供产品和服务有关的适用法律和法规，包括但不

限于：

CREATING VALUE FOR OUR CUSTOMERS

Our Goal:

我们的目标：

• To enhance customer experience with quality products and services for the benefit of customers

以优质的产品和服务提升客户体验，使客户受惠

Material Topic(s) Covered:

所涵盖的重大议题：

• Anti-coruption

反贪污

• Product asurance and quality

产品保证与质量

• Product design and inovation

产品设计与创新

• Environmental risk in suply chain

供应链中的环境风险

The Group recognises that delivering products and services with high

quality standards is crucial to our long-term busines suces, and

is dedicated to continuously enhancing our customers’ experience

and satisfaction. We ensure strict compliance with aplicable laws

and regulations relating to the delivery of our products and services,

including but not limited to:

Hong Kong

香港

• Anti-Money Laundering and Counter-Terorist Financing Ordinance

（《打击洗钱及恐怖分子资金筹集条例》）

• Money Lenders Ordinance

（《放债人条例》）

• Prevention of Bribery Ordinance

（《防止贿赂条例》）

• Securities and Futures Ordinance

（《证券及期货条例》）

• The Personal Data (Privacy) Ordinance

（《个人资料（

私隐）条例》）

• The Dutiable Comodities Ordinance

（《应课税品条例》）

• The Dutiable Comodities (Liquor) Regulations

（《应课税品（

酒类）规例》）

• Trade Descriptions Ordinance

（《商品说明条例》）

The PRC

中国

• Criminal Law of the PRC

（《中华人民共和国刑法》）

• Anti-Money Laundering Law of the PRC

（《中华人民共和国反洗钱法》）

• Anti-unfair Competition Law of the PRC

（《中华人民共和国反不正当竞争法》）

• Advertisement Law of the PRC

（《中华人民共和国广告法》）

• Product Quality Law of the PRC

（《中华人民共和国产品质量法》）

• Law of the PRC on Protection of Consumer Rights and Interests

（《中华人民共和国消费者权益保护法》）

• Personal Information Protection Law of the PRC

（《中华人民共和国个人信息保护法》）

• Copyright Law of the PRC

（《中华人民共和国著作权法》）

• Trademark Law of the PRC

（《中华人民共和国商标法》）

• Patent Law of the PRC

（《中华人民共和国专利法》）

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

于报告期间，本集团并不知悉在有关所提供产品

和服务之健康与安全、广告、标签和隐私事宜的

相关法律及规例方面，有任何重大不合规的情

况。

产品及服务质素

为确保我们装修项目的质素，我们建立了完善的

质量管理体系。在每个项目中，我们均指派一名

项目主管负责监督项目进展并确保项目的质素。

我们亦监控项目中使用的家具和配件的生产进

度，以确保客户满意度。我们进行检查以确保在

生产过程中遵循和实施安全和设计规范。

在项目工程的执行阶段，我们不断根据限制条

件检查设计，以确保工程的可行性。在工作过程

中，我们持续监控进展，确保满足客户的期望和

要求。在完工阶段，我们与客户进行最终检查，

确保所有工程按照设计规范和客户要求完成。我

们向客户提供一个月到一年的保修期，以确保项

目完工和客户的满意度。

对于我们的租赁建筑设备业务，我们委托合资格

的测试中心对设备的安全性进行第三方测试。

我们对建筑设备进行定期和适当的维护，以确保

其质素和安全。在测试完成后，我们向客户提供

测试报告，以确保产品质素。我们根据客户的要

求，向他们提供关于正确和安全地使用我们的建

筑设备的指导。

为了确保我们的美酒产品的质素，我们依照质素

规格对收到的产品进行定期检查。一旦发现不符

合要求的产品，我们会向美酒商家报告，并进一

步讨论产品召回或其他补救措施的安排。此外，

我们会对员工进行培训并提供清晰的指示，确保

收货人在收到酒类送递时符合法定年龄。如未能

确认收货人的年龄及对其年龄有怀疑，送递人员

应拒绝有关送递。

During the Reporting Period, the Group was not aware of any material

non-compliance of laws and regulations relating to health and safety,

advertising, labeling and privacy maters relating to products and

services provided.

Product and Service Quality

To ensure the quality of our fiting-out projects, we have in place

a wel-established quality management system. In each project, a

project controler is asigned to monitor the progres and ensure

the quality of the project. We also monitor the production progres

of furnishings and fitings used in our projects to ensure satisfaction.

Inspections are caried out to ensure that safety and design

specifications are folowed and implemented during the production

proces.

At the execution phase of our project works, we constantly check our

designs against the constraints to ensure the feasibility of the works.

During the working proces, we continuously monitor the progres

to ensure that the expectations and requirements of our customers

are met. At the completion stage, we conduct final checking with our

customers to ensure al works are completed in acordance with the

design specifications and the customers’ requirements. A waranty

period from one month to one year is ofered to our customers to

ensure completion and satisfaction.

For our construction equipment leasing busines, we conduct third-

party testing on the safety of our equipment by qualified test centres.

We also perform regular and proper maintenance on our construction

equipment to ensure its quality and safety. After testing, test reports

are provided to customers to asure the quality of our products. We

also provide guidance to our customers on the proper and safe use

of our construction equipment upon their request.

To ensure quality for our wine products, we conduct regular

inspection of products we received against quality standards. Once

non-conformity is identified, we report it to the wine vendors to

further discus the arangement for product recal or other remedial

actions. In adition, we wil provide training and clear instructions to

our employes and ensure that the receiver is of age when receiving

the alcohol package. If the receiver’s age canot be ascertained and

there is doubt about his age, no delivery would be made.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

至于我们的金融服务业务，我们确保提供高质素

的代理和放款服务。作为持牌放债人和证券经纪

人，我们根据《放债人条例》（「

MLO

」）和《证券及

期货条例》（「

SFO

」）运作。为了保护客户的利益，

我们要求我们的员工在提供金融服务时，必须遵

守

MLO

和

SFO

规定的标准程序中的所有形式、程

序以及要求。我们确保所有产品的特点、条款和

条件以及任何相关的风险都清楚地传达给我们

的客户，让他们在做决定之前充分了解所有必要

的信息。

作为负责任的放债人，我们向客户提供备忘录，

以提醒借款人的还款细节，并确保以合法的方式

进行收债。

客户反馈

我们重视客户的意见和反馈，因为它们有助于我

们提高产品和服务质量。我们通过各种渠道收集

客户反馈，包括电邮、邮寄和传真等。所有收到

的客户投诉都会报告给负责的员工，以便采取后

续行动和进行纠正。为提高客户满意度，我们向

员工提供了关于以专业方式处理客户反馈和查

询的指引。

于报告期间，我们并没有接获任何关于产品和服

务的重大投诉（

2023/24

：无）。于报告期间，我们

并无因安全与健康理由而须回收的已售或已运

送产品（

2023/24

：无）。

数据保护与知识产权

由于我们的业务涉及收集客户的信息，我们有责

任保护客户的数据私隐。我们的金融服务业务严

格遵守监管机构（如香港联交所、香港金融管理

局，以及证券及期货事务监察委员会）制定的有

关数据私隐的法规和惯例。在处理客户的数据

时，我们严格遵守适用的法律和法规，并提供有

关正确地收集、使用、管理和保护数据和资料的

内部指引。我们采取安全措施来保护客户数据，

防止未经授权或意外的访问、处理或删除。

For our financial services busines, we ensure that we provide high-

quality agency and money lending services. As a licensed money

lender and a securities broker, we are operating under the Money

Lenders Ordinance (“MLO”) and the Securities and Futures Ordinance

(“SFO”). To protect the interest of our customers, we require our

employes to abide by al forms, procedures and requirements in our

standard procedures as prescribed under the provisions of the MLO

and SFO when providing financial services. We ensure that al product

features, terms and conditions and any asociated risks are clearly

comunicated to our customers, alowing them to be wel-informed

about al necesary information before making decisions.

As a responsible money lender, we provide memorandums to clients

to remind borowers of the repayment details and ensure that debt

colection is conducted in a lawful maner.

Customer Fedback

We value opinions and fedback from our customers, as they help

us improve our product and service quality. Customer fedback is

colected through various chanels, including email, post and fax,

etc. Al customer complaints received wil be reported to responsible

staf for folow-up actions and rectification. To enhance customer

satisfaction, guidelines are provided to staf on handling customer

fedback and enquiries in a profesional maner.

During the Reporting Period, we did not receive any material

complaints related to products and services (2023/24: nil). There were

no products sold or shiped subject to recals for safety and health

reasons during the Reporting Period (2023/24: nil).

Data Protection and Intelectual Property Rights

As our operations involve colection of customer information,

we take the responsibility for safeguarding the data privacy of

our customers. Our financial services busines strictly folows

regulations and practices related to data privacy as set out by the

regulatory authorities, such as the Stock Exchange, the Hong Kong

Monetary Authority and the Securities and Futures Comision.

When handling clients’ data, we strictly folow aplicable laws and

regulations and provide internal guidelines on the proper colection,

use, management and protection of data and information. Security

measures are adopted to protect customer data against unauthorised

or acidental aces, procesing or erasure.

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

员工手册中明确规定了有关知识产权保护的规

则。所有员工都需要密切关注本集团的专有资

讯、客户信息以及个人资料。本集团提供的任何

文件或书面材料，未经批准不得删除、传递、复

制或披露给第三方。

广告与标签

我们确保我们的广告不存在误导性或虚假信息。

作为一个负责任的美酒营销商，我们确保在当地

法律规定下，在业务过程中不得向未成年人售卖

或供应令人醺醉的酒类，并在我们的网店上以合

理清晰的方式展示包含相关订明通知的中英文

通知的告示。

供应链管理

我们非常重视我们的供应商包括分包商的质素

和表现。为确保选择和聘用高质素的供应商，我

们制定了严格的供应商及分包商筛选程序，根据

产品质素、安全标准、生产力、遵守相关法律和

法规的情况、服务质素以及成本效益等范畴进行

筛选。就于我们的营销美酒业务，我们选择具有

良好声誉、高评级、可靠供应以及良好贸易历史

的美酒商家。我们还考虑分包商和供应商的社会

和环境责任表现。

在拣选供应商时促使多用环保产品和服务，我们

优先选择当地供应商和承包商，以减少运输过程

中的碳足迹。我们还优先考虑采购

LED

等节能设

备，并鼓励供应商选择包装材料较少的产品，以

减少不必要的浪费。

为确保供应商和分包商遵守高标准，我们定期进

行供应商评估。如果供应商和分包商未能满足我

们在劳工惯例、健康与安全标准以及诚信方面的

期望，将面临终止业务关系。我们进行了

ESG

相

关的风险评估，以识别供应链上的环境和社会风

险。董事会和

ESG

工作小组定期对供应链风险和

控制措施进行仔细监测、评估以及管理。

Rules regarding protection of intelectual property rights are

clearly set out in the Staf Handbok. Al staf are required to pay

close atention to the Group’s proprietary information, customer

information as wel as individual’s personal data. Any document or

writen material provided by the Group must not be removed, pased

on, copied or disclosed to third parties without aproval by the Group.

Advertising and Labeling

We ensure that our advertising materials do not contain any

misleading or false information.

As a responsible wine merchandiser, we ensure that intoxicating

liquor must not be sold or suplied to a minor in the course of

busines as stipulated by local laws, and display a sign containing the

related prescribed notice in both Chinese and English on our online

stores in a reasonably legible maner.

Suply Chain Management

We atach great importance to the quality and performance of

our supliers, including subcontractors. To ensure the selection

and engagement of high-quality supliers, we have established a

stringent selection proces for our supliers and subcontractors

based on criteria such as product quality, safety standards,

productivity, compliance with relevant laws and regulations, service

quality, and cost efectivenes. In our wine merchandising busines,

we select wine merchants based on their god reputations, high

ratings, reliable suplies, and positive trading histories. We also take

into consideration the socialy and environmentaly responsible

performance of our subcontractors and supliers.

To promote environmentaly preferable products and services when

selecting supliers, we give priority to local supliers and contractors

to reduce carbon fotprint in the transportation proces. We also

prioritise the use of energy-eficient equipment such as LED and

encourage them to opt for products with fewer packaging materials

to reduce unecesary waste.

To ensure that supliers and subcontractors uphold high standards,

we conduct suplier asesment on a regular basis. Supliers

and subcontractors who fail to met our expectations related to

labour practices, health and safety standards and integrity wil face

termination of busines relationships. An ESG-related risk asesment

has ben conducted to identify environmental and social risks along

the suply chain. The suply chain risks and control measures are

carefuly monitored, evaluated and managed by the Board and ESG

Working Group on a regular basis.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

于报告期间，我们共有

家主要供应商，包括分

包商（

2023/24 : 85

）下图呈现了报告期间供应商

的地区分布。

于报告期间，包括分包商在内的所有供应商都实

施了与聘用供应商有关的惯例。

反贪污

本集团要求其员工在任何时候都要坚持高标准

的商业道德和诚信。我们在香港的所有董事和员

工都必须遵守香港《防止贿赂条例》（《防止贿赂

条例》），而我们在中国大陆的员工则必须遵守相

关法律和法规，包括但不限于中国的《中华人民

共和国刑法》、《中华人民共和国反洗钱法》及《中

华人民共和国反不正当竞争法》。在报告期间，

我们不知悉在有关贿赂、勒索、欺诈和洗黑钱的

法律和法规方面，有任何重大不合规的情况。在

报告期间没有针对本集团或其雇员提出并已审

结的贪污诉讼案件（

2023/24

：无）。

我们禁止员工与其他关联方之间的利益传送。在

我们内部政策和程序的指导下，所有董事和员工

不得向客户、供应商或与本集团有业务往来的任

何人士提供或获取任何礼物或利益。我们的员工

手册和行为准则也明确规定员工不得接受我们

的业务伙伴的利益和礼物。

During the Reporting Period, we engaged 75 major supliers

(2023/24: 85), including subcontractors. The geographical distribution

of supliers during the Reporting Period is shown in the graph below.

Hong Kong

香港

The PRC

中国

Macau

澳门

Number of Supliers by Geographical Region

按地区划分的供应商数目

2024/25

2023/24

Al supliers, including subcontractors, were implemented the

practices relating to engaging supliers during the Reporting Period.

Anti-Coruption

The Group requires its staf to uphold high standards of busines

ethics and integrity at al times. Al of our directors and staf in Hong

Kong are required to comply with the Prevention of Bribery Ordinance

(Hong Kong) (the “POB Ordinance”), and our staf in Mainland China

are required to abide by relevant laws and regulations including but

not limited to the Criminal Law, Anti-Money Laundering Law and Anti-

unfair Competition Law of the PRC. During the Reporting Period, we

were not aware of any material non-compliance with the relevant

laws and regulations relating to bribery, extortion, fraud and money

laundering. There were no concluded legal cases regarding corupt

practices brought against the Group or its employes during the

Reporting Period (2023/24: nil).

We prohibit the transfer of benefits betwen our employes and

other related parties. Guided by our internal policies and procedures,

al directors and staf shal not provide or obtain any gifts or benefits

from clients, supliers or any person with busines dealings with

the Group. Our Staf Handbok and Code of Conduct also clearly

outline that employes shal not acept advantages and gifts from our

busines partners.

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

为了提高反贪污意识，我们为董事和员工提供了

反贪污培训，并可参阅廉政公署（「

ICAC

」）相关的

反贪污培训材料。

举报政策

为鼓励员工举报任何可疑的不当行为，我们建立

了各种举报渠道。如果员工发现任何可疑的行为

和不当行为，我们鼓励他们通过电邮向本集团的

高级管理层举报。所有举报人的身份和举报的案

件都会被保密，而举报的案件会得到公正的妥善

处理。

反洗黑钱

本集团意识到其金融服务业务中可能存在洗黑

钱行为的风险。为防止此类行为，我们严格遵守

所有适用的反洗黑钱法律和法规，包括但不限于

《打击洗钱及恐怖分子资金筹集条例》以及《持

牌放债人遵从打击洗钱及恐怖分子资金筹集规

定的指引》。

为了减少洗黑钱和恐怖主义融资的风险，我们建

立了一系列的内部政策和程序。我们采用基于

风险的方法，进行全面的客户尽职调查、风险评

估、定期审查客户信息、保存记录、识别可疑的

洗黑钱行为以及报告可疑的交易。为确保有效实

施反洗黑钱和反恐融资系统，我们为所有新员工

提供反洗黑钱培训。我们还为现有员工组织定期

培训，使他们能够掌握最新的监管要求和准则。

To raise awarenes on anti-coruption, anti-coruption training has

ben provided to directors and employes with aces to relevant

anti-coruption training materials from the Independent Comision

Against Coruption (“ICAC”).

Whistleblowing Policy

To encourage employes to report any suspected misconduct, we

have established various whistle-blowing chanels. If employes are

aware of any suspicious acts and malpractices, they are encouraged

to report to the senior management of the Group through email.

Al whistle-blowers’ identities and reported cases are treated in

confidence and reported cases would be apropriately handled in a

fair maner.

Anti-Money Laundering

The Group is aware of risk of money laundering practices in its

financial services busines. To prevent such practices, we strictly

comply with al aplicable anti-money laundering laws and

regulations including but not limited to the Anti-Money Laundering

(“AML”) and Counter-Terorist Financing (“CTF”) Ordinance and the

Guideline on Compliance of Anti-Money Laundering and Counter-

Terorist Financing Requirements for Licensed Money Lenders.

To mitigate the risk of money laundering and terorist financing, we

have established a series of internal policies and procedures. We

adopt a risk-based aproach and conduct comprehensive customer

due diligence, risk asesment, regular review of customers’

information, record keping, identifying suspicious money laundering

behaviours and reporting of suspicions transactions. To ensure

efective implementation of the AML and CTF system, AML training is

provided to al new employes. We also organise regular training to

existing staf to alow them to kep abreast of the latest regulatory

requirements and guidelines.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

为我们的环境创造价值

我们努力以环保的方式经营业务，以履行环境责

任和应对气候变化议题。我们制定了政策和程

序，指导员工加强资源的有效利用，妥当地处理

排放物，在工作场所培养环保习惯。

CREATING VALUE FOR OUR ENVIRONMENT

Our Goal:

我们的目标：

• To pursue gren and sustainable operations by reducing our impact to the environment in response to climate

change

通过减少我们对环境的影响以应对气候变化，追求绿色和可持续的营运

Material Topic(s) Covered:

涵盖的重要议题：

• Climate change risk

气候变化的风险

We endeavour to operate in an environmentaly conscious maner

to promote environmental responsibility and adres climate change

isues. Policies and procedures are formulated to guide employes

on enhancing eficient use of resources, proper handling of emisions

and cultivating gren habits in workplaces.

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

本集团严格遵守适用的环境法律和法规，包括但

不限于：

在报告期间，本集团不知悉在有关废气及温室气

体排放、向水及土地的排污、有害及无害废弃物

的产生等的法律及法规方面，有任何重大不合规

的情况。

The Group strictly abides by the aplicable environmental laws and

regulations including but not limited to:

Hong Kong

香港

• Air Polution Control Ordinance

（《空气污染管制条例》）

• Air Polution Control (Construction Dust) Regulation

（《空气污染管制（建造工程尘埃）规例》）

• Noise Control Ordinance

（《噪音管制条例》）

• Water Polution Control Ordinance

（《水污染管制条例》）

• Waste Disposal Ordinance

（《废物处置条例》）

• Public Health and Municipal Services Ordinance

（《公众衞生及市政条例》）

The PRC

中国

• Environmental Protection Law of the PRC

（《中华人民共和国环境保护法》）

• The Atmospheric Polution Prevention and Control Law of the PRC

（《中华人民共和国大气污染防治法》）

• The Law of the PRC on the Prevention and Control of Environmental Polution by Solid Waste

（《中华人民共和

国固体废物污染环境防治法》）

During the Reporting Period, the Group was not aware of any material

non-compliance with the relevant environmental laws and regulations

relating to air and grenhouse gas (“GHG”) emisions, discharges into

water and land, and generation of hazardous and non-hazardous

waste.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

气候变化

目前，气候变化是世界上最迫切的环境议题之

一。各种极端天气事件，如热浪、洪水和干旱，可

能对我们的业务营运产生影响。为了应对气候变

化，我们制定了气候变化政策，当中详细说明了

我们在减缓气候变化以及加强我们对气候变化

的韧性及适应力方面的策略和做法。

我们进行了

ESG

相关的风险评估，以识别潜在的

气候相关风险及其对业务的影响。董事会和

ESG

工作小组定期对与气候相关的风险和控制措施

进行详细的监测、评估及管理。

为了减缓气候相关的风险，我们制定了相关的控

制措施，并在业务营运中实施。员工手册明确列

出了台风和暴雨信号下的灵活工作安排，并向我

们的员工提供指引。我们与办公场所的物业管理

公司保持密切沟通，密切关注天气预警，并采取

必要的应对措施，以应对台风或暴雨等恶劣天

气。

Climate Change

Curently, climate change is one of the most presing environmental

concerns in the world. Various extreme weather events, such as

heatwaves, floding, and droughts, may have an impact on our

busines operations. To adres climate change, we have established

the Climate Change Policy, which details our strategy and eforts on

climate change mitigation as wel as enhancing our resilience and

adaptability to climate change.

Mitigation

减缓

• Establishing and monitoring carbon reduction and

energy-saving targets

建立并监察减碳及节能目标

• Incorporating energy eficiency considerations into

our operations

将能源效率的考虑纳入我们的运营之中

• Establishing and maintaining efective

environmental management systems to manage

energy use and carbon emisions

建立及维持有效的环境管理系统，以管理能源使

用及碳排放

• Encouraging inovation and colaboration to

mitigate climate-related risks

鼓励创新及合作，以减轻气候相关的风险

• Promoting comunication with stakeholders on

the Group’s Climate Change Policy

促进与持份者就本集团的气候变化政策进行沟通

Resilience and Adaptation

韧性及适应力

• Continuously reviewing climate-related risks

持续检视气候相关风险及机遇

• Integrating climate-related considerations into our

risk management and decision-making proceses

将与气候相关的考虑纳入我们风险管理及决策的过

程之中

• Monitoring and responding to market and regulatory

changes asociated with low-carbon transition

检视并应对有关低碳转型的市场及监管变化

An ESG-related risk asesment has ben conducted to identify

potential climate-related risks and the impacts on the operations. The

climate-related risks and control measures are carefuly monitored,

evaluated and managed by the Board and ESG Working Group on a

regular basis.

To mitigate climate-related risks, relevant control measures are

formulated and implemented in our busines operations. Our

employes are guided by the staf handbok which has clearly

outlined the flexible work arangements under typhon and

rainstorm signals. We maintain close comunication with the building

management company of our ofice, pay close atention to weather

warnings and implement necesary response measures to cope with

adverse weather conditions such as typhons or rainstorms.

Emissions 排放物 CO2	To reduce air and GHG emissions through implementing environmentally responsible measures. 通过实施对环境负责任的措施，减少废气及温室气体的排放。
Waste 废弃物 C	To minimise waste by promoting recycling and the use of recycled materials. 通过推广回收以及使用循环物料，尽量减少废弃物。 O2
CO2 Energy 能源	To optimise energy use efficiency and advocate for energy-saving practices. 优化能源使用效率，倡导节能措施。
C Water 水	O2 To promote water efficiency and water saving by implementing water conservation measures. 通过实施节水措施，促进用水效率以及节约用水。

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

在建筑工地从事户外工作的员工可能在极端炎

热的天气下会出现中暑等病症，而热带气旋和暴

雨则有可能影响建筑工地的营运。为了应对这种

情况，我们已经制定了指南，并为员工提供必要

的预防措施，以有效地应对恶劣的天气状况。我

们也会适当调整工作日程，以确保员工有足够的

休息，并保障他们的福祉。此外，我们对即将到

来的监管要求变化以及气候变化带来的潜在风

险保持警惕，并将努力寻找提高效率和减少碳排

放的机遇。

为了应对气候变化，本集团制定了以下绿色目

标：

我们会持续监察我们的绿色目标的达成情况，并

适时更新。

Workers with outdor job duties at construction sites might sufer

from ilnes such as heat stroke under extreme hot days, while

tropical cyclones and heavy rainstorms could potentialy lead to

disruptions at construction sites. To respond, we have formulated

guidelines and provided necesary precautionary measures for

workers to efectively cope with adverse weather conditions. Work

schedule would also be properly adjusted to ensure workers have

suficient rest and ensure their welbeing. Further, we remain vigilant

concerning upcoming regulatory changes and potential risks posed

by climate change and wil endeavour to identify oportunities for

increasing eficiency and reducing carbon emisions.

In an efort to combat climate change, the Group has set the below

gren targets:

We wil continuously monitor our progres against our gren targets

and update when necesary.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

能源、废气和温室气体排放

我们的能源、废气和温室气体排放的主要来源是

日常办公所消耗的外购电力以及公司车辆的燃

料消耗，包括无铅汽油和柴油。为了提高员工的

环保意识，我们在员工手册中制定了节能政策和

程序，不断鼓励员工节约能源。在我们的办公室

营运中，我们采取了各种绿色措施，以帮助减少

能源使用和温室气体排放。这些措施的例子有：

•

将空调设置在指定的温度，以优化能源使

用效率；

•

在下班后或不使用设备时，关闭不必要的

电脑、照明、空调和其他设备；以及

•

将设计、装修及工程服务业务的办公室与

我们总部的办公室合并，以进一步减少能

源消耗。

就我们的设计、装修及工程服务而言，灰尘和挥

发性有机化合物（「

VOC

」）通常是在建筑和拆卸过

程中产生的空气排放物之一。我们的员工和分包

商被要求妥善管理废气排放，并在施工过程中尽

量减少灰尘排放。我们采取了一系列的措施控制

废气排放和改善空气质素：

•

采用低粉尘技术和设备来收集施工粉尘；

以及

•

确保含

VOC

的材料保存在密闭的容器中，

以防止空气污染。

•

我们重新安排公司车辆的使用，以提高车

辆效率，并由于设计、装修和工程服务业

务外包而减少机器的使用。

Energy, Air and Grenhouse Gas Emisions

Major sources of our energy, air and GHG emisions are purchased

electricity consumed for daily ofice operations and fuel consumption

of company vehicles, including unleaded petrol and diesel. To

raise employes’ awarenes on environmental protection, we

have formulated energy saving policies and procedures in our

staf handbok and continuously encourage our employes to

conserve energy. In our ofice operation, we have adopted various

gren practices to help reduce energy usage and grenhouse gas

emisions. Examples of such practices are:

• Seting air-conditioners at certain designated temperature to

optimise energy use eficiency;

, lighting, air

conditioners and other equipment after ofice hour or when not

in use; and

• Combining ofices of the fiting-out and enginering operations

with our headquarter ofice to further reduce energy

consumption.

With regard to our design, fiting-out and enginering services, dust

and volatile organic compound (“VOC”) are usualy produced as

one of the air emisions during the construction and demolition

proceses. Our employes and subcontractors are required to

manage air emisions properly and minimise dust emision during

our construction work. A series of measures are implemented to

control air emisions and improve air quality:

• Adopting low-dust techniques and equipment to colect

construction dust; and

• Ensuring VOC-containing materials are kept in air-tight

containers to prevent air polution.

• We rearanged the usage of company cars to improve the

vehicle eficiency and reduced utilization of forklifts due to

outsourcing of design, fiting-out and enginering services

operations.

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

我们同时致力减少我们的车辆和叉车的过量废

气排放和温室气体排放，包括但不限于：

•

进行适当的维护和服务以提高燃料的燃烧

效率；以及

•

恒常监测车辆的燃料消耗和里程使用，以

进一步改善我们的环境表现。

废弃物管理

基于我们的业务性质，我们产生的废弃物主要是

办公室营运产生的废纸和其他一般办公室废弃

物，以及我们的设计、装修及工程服务业务产生

的建筑废物。我们在营运中没有产生大量的危险

废弃物。

本集团已采取一系列措施及程序，确保以对环境

负责的方式管理翻新工程产生的建筑废弃物。报

告期间内，我们将设计、装修及工程服务项目外

包给专业分包商，由分包商将建筑废弃物运送至

政府废弃物处理设施或交给持牌废弃物收集服

务提供者，以妥善、合法处置建筑废弃物。因此，

本年度数据报告不适用建筑垃圾统计项目。我们

也尽可能回收建筑废弃物，并在处置建筑废弃物

之前将有用的剩余材料重新用于其他项目。

而对于办公室的一般废弃物，则由我们办公室营

运的物业管理公司指定的专业清洁公司来收集、

处理和处置。同时，我们继续在办公室营运中实

施不同的减少废弃物措施，包括但不限于：

•

提倡网上沟通，避免使用纸张；

•

鼓励员工采用双面打印，以减少纸张消耗；

•

在办公室的打印机和传真机旁边放置回收

箱，以收集和重复使用打印草稿文件的纸

张；以及

•

安排打印供应商收集用过的打印机碳粉盒

进行回收，以减少浪费。

We also put considerable eforts in reducing excesive amount of air

emisions and GHG emisions from our vehicles and forklift trucks,

including but not limited to:

• Conducting proper maintenance and services to improve

combustion eficiency of fuel; and

• Constantly monitoring fuel consumption and mileage usage of

vehicles to further improve our environmental performance.

Waste Management

Due to our busines nature, our waste generations are mainly

wastepaper and other ofice general waste from ofice operations

and also construction waste from our design, fiting-out and

enginering services busines. We do not generate a significant

amount of hazardous waste in our operation.

The Group has put in place a series of measures and procedures

to ensure that construction waste generated from our renovation

projects is managed in an environmentaly responsible maner.

During the reporting period, we outsourced our design, fiting-out and

enginering services projects to profesional subcontractors, and the

subcontractors delivered construction waste to government waste

treatment facilities or handed it over to licensed waste colection

service providers for proper and legal disposal of construction waste.

The construction waste statistics project is therefore not aplicable to

this year’s data report. We also recycle construction waste as far as

posible and reuse useful residual materials in other projects before

disposal of construction waste.

Whereas for ofice general waste, the waste is colected, handled

and disposed of by a profesional cleaning company apointed by

the building property management company of our ofice operations.

Meanwhile, we continue to implement diferent waste reduction

measures in ofice operations, including but not limited to:

;

• Encouraging employes to adopt double-sided printing to

reduce paper consumption;

• Placing recycling boxes next to printers and fax machines in

ofices to colect and reuse paper for printing draft documents;

and

• Aranging printing supliers to colect used printer toner

cartridges for recycling to reduce waste.

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

节约水资源

我们的生活用水来自于当地的水供应商。于报告

期间，我们在求取适用水源方面没有遇到任何问

题。我们在日常营运中用于饮用、冲厕和清洁办

公室的耗水量并不重大。然而，我们仍然关注减

少用水量和提高用水效率。我们不断提高节水意

识，鼓励员工养成节水的习惯，例如在显眼的地

方张贴节水通知，提醒员工正确用水。

尽量减少对环境的影响

本集团致力于保护天然资源和减少我们的业务

活动对环境的影响。虽然木材通常是我们设计、

装修及工程服务业务中使用的自然资源之一，但

我们积极建议客户选择环保的替代品，以减少木

材的消耗，节约天然资源。

负责任地使用包装材料

在我们的美酒营销业务中，我们没有消耗大量的

包装材料，因为我们主要使用酒庄提供的原始进

货包装，并将美酒直接从我们的美酒储存仓库送

递给我们的客户。这将节约使用资源，避免过度

和不必要地使用包装材料。

噪音管理

关于我们工地的噪音控制，施工作业是按照相关

法律和法规定的允许工作时间进行的。在施工

过程中，我们使用专门的设备，以确保噪音不超

过规定的数值以及影响周围环境。

Water Conservation

Our source of domestic water comes from local water supliers,

and we did not encounter any isue in sourcing water that was fit

for purpose during the Reporting Period. We consume insignificant

amount of water for purposes of drinking, toilet flushing and ofice

cleaning in our daily operations; however, we are stil mindful of

reducing water use and improving water eficiency. We constantly

raise awarenes on water conservation and encourage our

employes to develop habit of water saving, such as posting water

conservation notices at the prominent places to remind employes of

proper water usage.

Minimising Environmental Impacts

The Group is dedicated to preserving natural resources and

reducing the impact of our busines activities on the environment.

Although timber is often one of the natural resources used in our

design, fiting– out and enginering services busines, we actively

recomend our customers to opt for eco-friendly alternatives to

reduce the consumption of timber and save natural resources.

Responsible Use of Packaging Materials

In our wine merchandising busines, we do not consume a

significant amount of packaging materials as we mainly use the

original incoming packaging provided by the wineries and deliver our

wines directly from our wine storage warehouse to our customers.

This would conserve use of resources and avoid excesive and

unecesary use of packaging materials.

Noise Management

In respect of noise control in our worksites, construction operations

are caried out acording to the permited work hours as specified

in relevant laws and regulations. During the construction proces,

we use specialised equipment to ensure the noise does not exced

specified thresholds and afect the surounding environment.

		2024/25	2023/24	Unit
Air Emissions				单位

GHG Emissions3	颗粒物 3			千克

Energy4	4			雇员

Non-hazardous Waste5	5			兆瓦时╱雇员

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

环境表现数据

1,2

Environmental Performance Data

1,2

废气排放物

Nitrogen oxides (NOx)

氮氧化物

(NOx)5.314.9kg

千克

Sulphur oxides (SOx)

硫氧化物

(SOx)0.10.1kg

千克

Particular maters (PM)

颗粒物

(PM)0.51.1kg

千克

温室气体排放

Total GHG emisions

(Scopes 1 and 2)

温室气体排放总量

（范围

及

）

19.356.2Tones of CO2e

公吨二氧化碳当量

Direct emisions (Scope 1)

直接排放（范围

）

4.714.1Tones of CO2e

公吨二氧化碳当量

Indirect emisions (Scope 2)

间接排放（范围

）

14.642.1Tones of CO2e

公吨二氧化碳当量

Intensity of total GHG emisions

(Scopes 1 and 2)

总温室气体排放

（范围

及

）密度

0.83.3Tones of CO2e/

employe

公吨二氧化碳当量╱

雇员

能源

Total energy consumption

能源消耗总量

32.9144.9MWh

兆瓦时

Purchased electricity

外购电力

24.398.6MWh

兆瓦时

Vehicle fuel

汽车燃料

8.646.4MWh

兆瓦时

Intensity of total energy

consumption

总能源消耗密度

1.48.5MWh/employe

兆瓦时╱雇员

无害废弃物

Total non-hazardous waste

无害废弃物总量

1,281.7683.0Tones

公吨

Ofice general waste

一般办公室废弃物

0.71.0Tones

公吨

Construction waste

建筑废物

1,281.0682.0Tones

公吨

Intensity of ofice general waste

一般办公室废弃物

密度

30.457.9kg/employe

千克╱雇员

The environmental performance data covered our ofice and warehouse.

环境表现数据涵盖我们的总办事处和仓库。2

Totals may not be the exact sum of numbers shown here due to rounding.

基于四舍五入，总数未必为数字的总和。3

In acordance with The Grenhouse Gas Protocol – A Corporate Acounting and Reporting Standard (Revised Edition) published by World

Busines Council for Sustainable Development and World Resources Institute, Scope 1 direct emisions are resulted from operations that are

owned or controled by the Group, while Scope 2 indirect emisions are resulted from the generation of purchased or acquired electricity,

heating, coling and steam consumed within the Group.

根据世界企业永续发展委员会和世界资源研究所发布的《温室气体盘查议定书－企业会计与报告准则（修订版）》，范围

的直接排放乃由本

集团拥有或控制的业务直接产生，而范围

的间接排放则由本集团内部消耗（购入或取得的）的电力、供热、制冷及蒸汽的排放物产生。4

Vehicle fuel included unleaded petrol and diesel consumed by company-owned vehicles.

汽车燃料包括公司拥有车辆所消耗的无铅汽油和柴油。5

The data has ben adjusted to reflect actual situation.

数据经过调整以反映实际情况。

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

为我们的社区创造价值

社区的持续支持对本集团的发展至关重要。作为

我们对企业社会责任承诺的一部分，我们积极寻

找机会回馈社会，对社会产生正面影响。在我们

的社区倡议、赞助和捐赠政策的指导下，我们致

力于支援社区，专注于四大范畴：环境、教育及

发展、社区福祉以及艺术及文化。

我们培养员工的志愿服务精神，并积极为推动社

区积极发展的计划作出贡献。展望未来，我们仍

然致力于探索机会，为更广泛的社区创造意义和

可持续价值，继续朝著一个更共融及具韧性的未

来前进。

CREATING VALUE FOR OUR COMUNITY

Our Goal:

我们的目标：

• To shoulder corporate social responsibility and give back to our comunities

•

承担企业社会责任，回馈社会

Continuous suport from the comunity is crucial to the Group’s

development. As part of our comitment to corporate social

responsibility, we actively sek oportunities to give back and make

a positive impact on the comunity. Guided by our Comunity

Initiatives, Sponsorship and Donation Policy, we are dedicated

to suporting the comunity by focusing on four main areas:

environment, education and development, comunity welbeing, as

wel as arts and culture.

We foster a spirit of employe volunterism and actively sek

to contribute to programes that drive positive comunity

development. Loking ahead, we remain comited to exploring

oportunities to create meaningful and sustainable value for the

wider comunity, as we continue our journey towards a more

inclusive and resilient future.

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
A. Environmental A. 环境
Aspect A1: Emissions A1 层面：排放物
General Disclosure 一般披露 Information on: (a) the policies; and (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to air and greenhouse gas emissions, discharges into water and land, and generation of hazardous and non-hazardous waste. 有关废气及温室气体排放、向水及土地的排污、有害及无害废弃物的产生等的： (a) 政策；及 (b) 遵守对发行人有重大影响的相关法律及规例		Creating Value for Our Environment 为我们的环境创造价值	61
KPI A1.1 关键绩效 A1.1 指标	The types of emissions and respective emissions data. 排放物种类及相关排放数据。	Environmental Performance Data 环境表现数据	68
KPI A1.2 关键绩效 A1.2 指标	Direct (Scope 1) and energy indirect (Scope 2) greenhouse gas emissions (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility). 1 2 直接（范围）及能源间接（范围）温室气体排放量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）。	Environmental Performance Data 环境表现数据	68
KPI A1.3 关键绩效 A1.3 指标	Total hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility). 所产生有害废弃物总量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）。	Due to the business nature, we do not produce a significant amount hazardous waste. 由于业务性质，我们没有产生大量的危险废物。	N/A 不适用
KPI A1.4 关键绩效 A1.4 指标	Total non-hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility). 所产生无害废弃物总量（以吨计算）及（如适用）密度（如以每产量单位、每项设施计算）。	Environmental Performance Data 环境表现数据	68

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

联交所

ESG

报告指引

HKEX ESG REPORTING GUIDE CONTENT

INDEX

产量单位、每项设施计算）。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
A. Environmental A. 环境
Aspect A1: Emissions A1 层面：排放物
KPI A1.5 关键绩效 A1.5 指标	Description of emissions target(s) set and steps taken to achieve them. 描述所订立的排放量目标及为达到这些目标所采取的步骤。	Climate Change; 气候变化； Energy, Air and Greenhouse Gas Emissions 能源、废气和温室气体排放	63 65
KPI A1.6 关键绩效 A1.6 指标	Description of how hazardous and non-hazardous wastes are handled, and a description of reduction target(s) set and steps taken to achieve them. 描述处理有害及无害废弃物的方法，及描述所订立的减废目标及为达到这些目标所采取的步骤。	Climate Change; 气候变化； Waste Management 废弃物管理	63 66
Aspect A2: Use of Resources A2 层面：资源使用
General Disclosure 一般披露 Policies on the efficient use of resources, including energy, water and other raw materials. 有效使用资源（包括能源、水及其他原材料）的政策。		Creating Value For Our Environment 为我们的环境创造价值	61
KPI A2.1 关键绩效 A2.1 指标	Direct and/or indirect energy consumption by type (e.g. electricity, gas or oil) in total (kWh in ’000s) and intensity (e.g. per unit of production volume, per facility). 按类型划分的直接及╱或间接能源（如电、气或油）总耗量（以千个千瓦时计算）及密度（如以每产量单位、每项设施计算）。	Environmental Performance Data 环境表现数据	68

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

算）。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
A. Environmental A. 环境
Aspect A2: Use of Resources A2 层面：资源使用
KPI A2.2 关键绩效 A2.2 指标	Water consumption in total and intensity. 总耗水量及密度（如以每产量单位、每项设施计算）。	The water supply in our Wan Chai office and Yuen Long warehouse was controlled by the building management, whereas the water supply at our worksites was provided either by the main contractors or our customers. Therefore, water consumption data is unavailable and cannot be disclosed. 我们的湾仔总办事处和元朗仓库的用水供应由物业管理部门控制，而我们工地的用水则由主要承包商或我们的客户供应。因此，我们无法获取耗水数据并无法披露。	N/A 不适用

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

无法披露。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
A. Environmental A. 环境
Aspect A2: Use of Resources A2 层面：资源使用
KPI A2.3 关键绩效 A2.3 指标	Description of energy use efficiency target(s) set and steps taken to achieve them. 描述所订立的能源使用效益目标及为达到这些目标所采取的步骤。	Climate Change; 气候变化； Energy, Air and Greenhouse Gas Emissions 能源、废气和温室气体排放	63 65
KPI A2.4 关键绩效 A2.4 指标	Description of whether there is any issue in sourcing water that is fit for purpose, water efficiency target(s) set and steps taken to achieve them. 描述求取适用水源上可有任何问题，以及所订立的用水效益目标及为达到这些目标所采取的步骤。	Climate Change; 气候变化； Water Conservation 节约水资源	63 67
KPI A2.5 关键绩效 A2.5 指标	Total packaging material used for finished products, and if applicable, with reference to per unit produced. 制成品所用包装材料的总量（以吨计算）及（如适用）每生产单位占量。	We primarily rely on the original packaging provided by wineries, resulting in minimal consumption of packaging materials. Packaging materials are not applicable to our other businesses due to the business nature. 我们主要使用酒厂提供的原始进货包装，所以我们只有小量的包装材料消耗。由于业务性质的原因，包装材料不适用于我们的其他业务。	N/A 不适用

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

其他业务。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
A. Environmental A. 环境
Aspect A3: The Environment and Natural Resources A3 层面：环境及天然资源
General Disclosure 一般披露 Policies on minimising the issuer’s significant impact on the environment and natural resources. 减低发行人对环境及天然资源造成重大影响的政策。		Minimising Environmental Impacts 尽量减少对环境的影响	67
KPI A3.1 关键绩效 A3.1 指标	Description of the significant impacts of activities on the environment and natural resources and the actions taken to manage them. 描述业务活动对环境及天然资源的重大影响及已采取管理有关影响的行动。	Minimising Environmental Impacts 尽量减少对环境的影响	67
Aspect A4: Climate Change A4 层面：气候变化
General Disclosure 一般披露 Policies on identification and mitigation of significant climate-related issues which have impacted, and those which may impact, the issuer. 识别及应对已经及可能会对发行人产生影响的重大气候相关事宜的政策。		Climate Change 气候变化	63
KPI A4.1 关键绩效 A4.1 指标	Description of the significant climate-related issues which have impacted, and those which may impact, the issuer, and the actions taken to manage them. 描述已经及可能会对发行人产生影响的重大气候相关事宜，及应对行动。	Climate Change 气候变化	63

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

及应对行动。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
B. Social B. 社会
Employment and Labour Practices 雇佣及劳工常规
Aspect B1: Employment B1 层面：雇佣
General Disclosure 一般披露 Information on: (a) the policies; and (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to compensation and dismissal, recruitment and promotion, working hours, rest periods, equal opportunity, diversity, anti-discrimination, and other benefits and welfare. 有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机会、多元化、反歧视以及其他待遇及福利的： (a) 政策；及 (b) 遵守对发行人有重大影响的相关法律及规例的资料。		Creating Value For Our Employees 为我们的员工创造价值	48
KPI B1.1 关键绩效 B1.1 指标	Total workforce by gender, employment type (for example, full- or part-time), age group and geographical region. 按性别、雇佣类型（如全职或兼职）、年龄组别及地区划分的雇员总数。	Employee Distribution 员工分布	49
KPI B1.2 关键绩效 B1.2 指标	Employee turnover rate by gender, age group and geographical region. 按性别、年龄组别及地区划分的雇员流失比率。	Employee Turnover 员工流失	49

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

指标按性别、年龄组别及地区划分的雇员流失比率。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
B. Social B. 社会
Employment and Labour Practices 雇佣及劳工常规
Aspect B2: Health and Safety B2 层面：健康与安全
General Disclosure 一般披露 Information on: (a) the policies; and (b) compliance with relevant laws and regulations that have a significant impact on the issuer. relating to providing a safe working environment and protecting employees from occupational hazards. 有关提供安全工作环境及保障雇员避免职业性危害的： (a) 政策；及 (b) 遵守对发行人有重大影响的相关法律及规例的资料。		Occupational Health and Safety 职业健康与安全	51
KPI B2.1 关键绩效 B2.1 指标	Number and rate of work-related fatalities occurred in each of the past three years including the reporting year. 过去三年（包括汇报年度）每年因工亡故的人数及比率。	Occupational Health and Safety 职业健康与安全	51
KPI B2.2 关键绩效 B2.2 指标	Lost days due to work injury. 因工伤损失工作日数。	Occupational Health and Safety 职业健康与安全	51
KPI B2.3 关键绩效 B2.3 指标	Description of occupational health and safety measures adopted, how they are implemented and monitored. 描述所采纳的职业健康与安全措施，以及相关执行及监察方法。	Occupational Health and Safety 职业健康与安全	51

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

法。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
B. Social B. 社会
Employment and Labour Practices 雇佣及劳工常规
Aspect B3: Development and Training B3 层面：发展及培训
General Disclosure 一般披露 Policies on improving employees’ knowledge and skills for discharging duties at work. Description of training activities. Note: Training refers to vocational training. It may include internal and external courses paid by the employer. 有关提升雇员履行工作职责的知识及技能的政策。描述培训活动。注：培训指职业培训，可包括由雇主付费的内外部课程。		Development and Training 发展与培训	53
KPI B3.1 关键绩效 B3.1 指标	The percentage of employees trained by gender and employee category (e.g. senior management, middle management). 按性别及雇员类别（如高级管理层、中级管理层）划分的受训雇员百分比。	Development and Training 发展与培训	53
KPI B3.2 关键绩效 B3.2 指标	The average training hours completed per employee by gender and employee category. 按性别及雇员类别划分，每名雇员完成受训的平均时数。	Development and Training 发展与培训	53

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

指标按性别及雇员类别划分，每名雇员完成受训的平均时数。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
B. Social B. 社会
Employment and Labour Practices 雇佣及劳工常规
Aspect B4: Labour Standards B4 层面：劳工准则
General Disclosure 一般披露 Information on: (a) the policies; and (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to preventing child and forced labour. 有关防止童工或强制劳工的： (a) 政策；及 (b) 遵守对发行人有重大影响的相关法律及规例的资料。		Labour Standards 劳工准则	54
KPI B4.1 关键绩效 B4.1 指标	Description of measures to review employment practices to avoid child and forced labour. 描述检讨招聘惯例的措施以避免童工及强制劳工。	Labour Standards 劳工准则	54
KPI B4.2 关键绩效 B4.2 指标	Description of steps taken to eliminate such practices when discovered. 描述在发现违规情况时消除有关情况所采取的步骤。	Labour Standards 劳工准则	54

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

指标描述在发现违规情况时消除有关情况所采取的步骤。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
B. Social B. 社会
Operating Practices 营运惯例
Aspect B5: Supply Chain Management B5 层面：供应链管理
General Disclosure 一般披露 Policies on managing environmental and social risks of the supply chain. 管理供应链的环境及社会风险政策。		Supply Chain Management 供应链管理	58
KPI B5.1 关键绩效 B5.1 指标	Number of suppliers by geographical region. 按地区划分的供应商数目。	Supply Chain Management 供应链管理	58
KPI B5.2 关键绩效 B5.2 指标	Description of practices relating to engaging suppliers, number of suppliers where the practices are being implemented, how they are implemented and monitored. 描述有关聘用供应商的惯例，向其执行有关惯例的供应商数目，以及相关执行及监察方法。	Supply Chain Management 供应链管理	58
KPI B5.3 关键绩效 B5.3 指标	Description of practices used to identify environmental and social risks along the supply chain, and how they are implemented and monitored. 描述有关识别供应链每个环节的环境及社会风险的惯例，以及相关执行及监察方法。	Supply Chain Management 供应链管理	58
KPI B5.4 关键绩效 B5.4 指标	Description of practices used to promote environmentally preferable products and services when selecting suppliers, and how they are implemented and monitored. 描述在拣选供应商时促使多用环保产品及服务的惯例，以及相关执行及监察方法。	Supply Chain Management 供应链管理	58

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

Subject Areas, Aspects, General Disclosures and KPIs	Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标	章节╱披露	页数
B. Social B. 社会
Operating Practices 营运惯例
Aspect B6: Product Responsibility B6 层面：产品责任
General Disclosure 一般披露 Information on: (a) the policies; and (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to health and safety, advertising, labelling and privacy matters relating to products and services provided and methods of redress. 有关所提供产品和服务的健康与安全、广告、标签及私隐事宜以及补救方法的： (a) 政策；及 (b) 遵守对发行人有重大影响的相关法律及规例的资料。	Creating Value For Our Customers 为我们的客户创造价值	55
KPI B6.1 关键绩效 B6.1 指标	Percentage of total products sold or shipped subject to recalls for safety and health reasons. 已售或已运送产品总数中因安全与健康理由而须回收的百分比。	Customer Feedback 客户反馈	57
KPI B6.2 关键绩效 B6.2 指标	Number of products and service related complaints received and how they are dealt with. 接获关于产品及服务的投诉数目以及应对方法。	Customer Feedback 客户反馈	57
KPI B6.3 关键绩效 B6.3 指标	Description of practices relating to observing and protecting intellectual property rights. 描述与维护及保障知识产权有关的惯例。	Data Protection and Intellectual Property Rights 数据保护与知识产权	57
KPI B6.4 关键绩效 B6.4 指标	Description of quality assurance process and recall procedures. 描述质量检定过程及产品回收程序。	Product and Service Quality 产品及服务质素	56
KPI B6.5 关键绩效 B6.5 指标	Description of consumer data protection and privacy policies, how they are implemented and monitored. 描述消费者资料保障及私隐政策，以及相关执行及监察方法。	Data Protection and Intellectual Property Rights 数据保护与知识产权	57

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

法。

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
B. Social B. 社会
Operating Practices 营运惯例
Aspect B7: Anti-corruption B7 层面：反贪污
General Disclosure 一般披露 Information on: (a) the policies; and (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to bribery, extortion, fraud and money laundering. 有关防止贿赂、勒索、欺诈及洗黑钱的： (a) 政策；及 (b) 遵守对发行人有重大影响的相关法律及规例的资料。		Anti-Corruption; 反贪污； Anti-Money Laundering 反洗黑钱	59 60
KPI B7.1 关键绩效 B7.1 指标	Number of concluded legal cases regarding corrupt practices brought against the issuer or its employees during the reporting period and the outcomes of the cases. 于汇报期内对发行人或其雇员提出并已审结的贪污诉讼案件的数目及诉讼结果。	Anti-Corruption 反贪污	59
KPI B7.2 关键绩效 B7.2 指标	Description of preventive measures and whistle-blowing procedures, how they are implemented and monitored. 描述防范措施及举报程序，以及相关执行及监察方法。	Anti-Corruption 反贪污	59
KPI B7.3 关键绩效 B7.3 指标	Description of anti-corruption training provided to directors and staff 描述向董事及员工提供的反贪污培训。	Anti-Corruption; 反贪污； Anti-Money Laundering 反洗黑钱	59 60

Environmental, Social and Governance Report

环境、

社会及管治报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

反洗黑钱

Subject Areas, Aspects, General Disclosures and KPIs		Chapter/Disclosure	Page
主要范畴、层面、一般披露及关键绩效指标		章节╱披露	页数
B. Social B. 社会
Community 社区
Aspect B8: Community Investment B8 层面：社区投资
General Disclosure 一般披露 Policies on community engagement to understand the needs of the communities where the issuer operates and to ensure its activities take into consideration the communities’ interests. 有关以社区参与来了解营运所在社区需要和确保其业务活动会考虑社区利益的政策。		Creating Value For Our Community 为我们的社区创造价值	69
KPI B8.1 关键绩效 B8.1 指标	Focus areas of contribution. 专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、体育）。	Creating Value For Our Community 为我们的社区创造价值	69
KPI B8.2 关键绩效 B8.2 指标	Resources contributed to the focus area. 在专注范畴所动用资源（如金钱或时间）。	Creating Value For Our Community 为我们的社区创造价值	69

Environmental, Social and Governance Report

环境、

社会及管治报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

指标为我们的社区创造价值

Report of the Directors

董事会报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

中新控股有限公司（「本公司」，连同其附属公司

统称「本集团」）董事（「董事」）会（「董事会」）欣

然提呈本年报以及本集团截至二零二五年三月

三十一日止年度之经审核综合财务报表。

主要活动及业务回顾

本公司的主要活动为投资控股，及其附属公司主

要从事

(i)

提供设计、装修及工程，及采购家具及

Report of the Directors

董事会报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

供股之所得款项用途

诚如本公司于二零二三年九月十五日所公布，

（其中包括）本公司建议

(i)

进行股份合并（「股份

合并」），基准为每五股本公司已发行现有股份合

并为一股合并股份（「合并股份」）及

(i)

按于记录日

期的合资格股东每持有一股合并股份获发五股

供股份的基准，以每股供股份

0.23

港元的认

购价以供股（「供股」）方式发行

156,780,000

股供股

股份（「供股份」），筹集约

36,000,000

港元（扣除

开支前）。

供股所得款项净额约

35,000,000

港元将用于以下

用途：

(i) 20,000,000

港元（占所得款项净额的

57%

）

用作发展及扩展金融服务业务下的证券业务；

(i)

10,000,000

港元（占所得款项净额的

29%

）作为设

计、装修及工程服务业务及建筑设备租赁业务的

营运资金，以应对该两个业务分部预期的需求增

加；及

(i) 5,000,000

港元（占所得款项净额的

14%

）

用作一般企业及行政开支。

股份合并及供股已于本公司于二零二三年十一

月一日召开之股东特别大会上获独立股东批准，

并于二零二三年十二月十三日完成。

于二零二五年三月三十一日，供股所得款项净额

已按下列方式动用：

附注：

动用余下所得款项之估计时间表乃根据本集

团对未来市况的最佳估计而作出，并可因当

前市况及未来发展而有所变动。

USE OF PROCEDS FROM RIGHTS ISUE

As anounced by the Company on 15 September 2023, among other

things, the Company proposed (i) to implement a share consolidation

(the “Share Consolidation”) on the basis that every five isued existing

shares of the Company be consolidated into one consolidated share

(the “Consolidated Share”) and (i) to raise aproximately HK$36

milion before expenses by way of a rights isue (the “Rights Isue”)

of 156,780,000 rights shares (the “Rights Shares”) at a subscription

price of HK$0.23 per Rights Share on the basis of five Rights Shares

for every one Consolidated Share held by the qualifying shareholders

on the record date.

The net proceds of the Rights Isue of aproximately HK$35

milion wil be used for (i) HK$20 milion (representing 57% of the

net proceds) for the development and expansion of the securities

busines under the financial services busines; (i) HK$10 milion

(representing 29% of the net proceds) as working capital for the

design, fiting out and enginering services busines and the leasing

of construction equipment busines to acomodate the anticipated

increase in demand for these two busines segments; and (i) HK$5

milion (representing 14% of the net proceds) for general corporate

and administrative expenses.

The Share Consolidation and the Rights Isue were aproved by

the independent shareholders at an extraordinary general meting

convened by the Company on 1 November 2023 and were completed

on 13 December 2023.

As at 31 March 2025, the net proceds from the Rights Isue had

ben aplied as folows:

Planed

Net Proceds

Utilised during

the year ended

31 March 2024

Net Proceds

Utilised during

the year ended

31 March 2025Unutilised

Estimate

schedule

计划

所得款项净额

截至

二零二四年

三月三十一日

止年度已动用

所得款项净额

截至

二零二五年

三月三十一日

止年度已动用未动用估计时间表

(HK$’000)(HK$’000)(HK$’000)(HK$’000)(Note)

（千港元）（千港元）（千港元）（千港元）（附注）

Development and expansion of

the securities busines

发展及扩展证券业务

20,116(866)(6,718)12,5322026

二零二六年

Working capital for the enginering

busines and the leasing busines

工程业务及租赁业务的营运资金

10,234(10,234)–N/A

不适用

General corporate and

administrative expenses

一般企业及行政开支

4,941(4,941)–N/A

不适用

35,291(16,041)(6,718)12,532

Note: The estimated schedule for utilising the remaining proceds is based on

the best estimation made by the Group on future market condition and

may change with the curent market condition and future development.

Report of the Directors

董事会报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

物业、机器及设备

本集团物业、机器及设备于截至二零二五年三月

三十一日止年度之变动详情载于综合财务报表

附注

。

股本

本公司股本于截至二零二五年三月三十一日止

年度之变动详情载于综合财务报表附注

。

主要客户及供应商

于截至二零二五年三月三十一日止年度，本集团

五大客户占收益约

94.9%

。五大供应商占本年度

采购总额约

77.8%

。此外，本集团最大客户占收

益约

46.9%

，而本集团最大供应商占本年度采购

总额约

47.7%

。

截至二零二五年三月三十一日止年度，概无董

事、彼等的联系人士或就董事所知拥有本公司已

发行股本

以上权益的任何股东拥有该等主要

客户及供应商的任何权益。

董事

于截至二零二五年三月三十一日止年度及截至

本年报日之董事如下：

执行董事

缪仙柳女士（于二零二四年五月七日获委任）

罗学儒先生（于二零二四年五月二十一日

获委任）

马敏姿女士（于二零二四年七月十九日获委任）

陈秋玲女士（于二零二五年二月十三日获委任）

邱欣源先生（于二零二四年五月二十一日辞任）

王军先生（于二零二五年二月二十四日辞任）

独立非执行董事

曾巧慧女士

李家俊先生

陈慧恩女士（于二零二四年五月二十一日

获委任）

吴兆先生（于二零二四年五月二十一日辞任）

根据章程细则（「章程」），各董事须轮值告退。

PROPERTY, PLANT AND EQUIPMENT

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

Group during the year ended 31 March 2025 are set out in note 18 to

the consolidated financial statements.

SHARE CAPITAL

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

year ended 31 March 2025 are set out in note 32 to the consolidated

financial statements.

MAJOR CUSTOMERS AND SUPLIERS

During the year ended 31 March 2025, the Group’s top five customers

acounted for aproximately 94.9% of the revenue. The top five

supliers acounted for aproximately 77.8% of the total purchases

for the year. In adition, the Group’s largest customer acounted for

aproximately 46.9% of the revenue and the Group’s largest suplier

acounted for aproximately 47.7% of the total purchases for the

year.

During the year ended 31 March 2025, none of the Directors, their

asociates or any shareholders (which to the knowledge of the

Directors own more than 5% of the Company’s isued share capital)

had any interest in these major customers and supliers.

DIRECTORS

During the year ended 31 March 2025 and up to the date of this

anual report, the Directors were:

Executive Directors

Ms. Miao Xianliu (apointed on 7 May 2024)

Mr. Law Hok Yu (apointed on 21 May 2024)

Ms. Ma Man Chi (apointed on 19 July 2024)

Ms. Chen Qiuling (apointed on 13 February 2025)

Mr. Yau Yan Yuen (resigned on 21 May 2024)

Mr. Wang Jun (resigned on 24 February 2025)

Independent non-executive Directors

Ms. Tsang Hau Wai

Mr. Li Ka Chun Gordon

Ms. Chan Wai Yan (apointed on 21 May 2024)

Mr. Wu Zhao (resigned on 21 May 2024)

Al the Directors are subject to retirement by rotation in acordance

with the articles of asociation (the “Articles”).

Report of the Directors

董事会报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

根据章程第

条，缪仙柳女士、陈秋玲女士及曾

巧慧女士将于本公司应届股东周年大会上退任

并符合资格膺选连任。

董事的履历

董事的履历详情载于本年报第

页至第

页。

附属公司董事

于本年度内及截至本报告日之本公司附属公司

之董事名称的列表已刊登于本公司网站

chinanewholdings.com.hk

。

董事的服务合约

于回顾年内，各董事已与本公司订立服务合约或

委任书，初步任期为二至三年，并须按照章程细

则的规定轮值退任及重选。除上文披露外，概无

董事与本公司及任何附属公司订立不可由本集

团于一年内终止而毋需支付赔偿（法定赔偿除外）

的服务合约或委任书。

董事于合约的权益及竞争业务之权益

于本年度内，概无董事于与本集团业务直接或间

接构成竞争或可能构成竞争之任何业务（除本集

团业务外）中拥有根据

GEM

上市规则第

11.04

条须

予披露的权益。

由于董事会独立于上述公司之董事会，故本集团

有能力独立于此等公司的业务按公平基准经营

其业务。

股东于合约及竞争业务之权益

于回顾年度本公司或其任何附属公司与股东（见

GEM

上市规则之定义）或任何其附属公司之间概

无订立任何重大合约。

管理合约

于截至二零二五年三月三十一日止年度，概无就

本公司业务全部或任何重大部分的管理及行政

订立合约或存续有关合约。

In acordance with article 141 of the Articles, Ms. Miao Xianliu, Ms.

Chen Qiuling, and Ms. Tsang Hau Wai wil retire and, being eligible,

ofer themselves for re-election at the forthcoming anual general

meting of the Company.

DIRECTORS’ BIOGRAPHIES

Biographical details of the Directors are set out on pages 18 to 19 of

this anual report.

DIRECTORS OF SUBSIDIARIES

A list of the names of the directors of the Company’s subsidiaries

during the year and up to the date of this report can be found in the

Company’s website at w.chinanewholdings.com.hk.

DIRECTORS’ SERVICE CONTRACTS

During the year under review, each Director has a service contract or

leter of apointment with the Company for an initial term of two to

thre years and is subject to retirement by rotation and re-election in

acordance with the Articles of Asociation. Save as disclosed above,

none of the Directors has a service contract or leter of apointment

with the Company or any of its subsidiaries which is not determinable

by the Group within one year without payment of compensation,

other than statutory compensation.

DIRECTORS’ INTERESTS IN CONTRACTS AND

COMPETING INTERESTS

During the year none of the Directors’ interest in any busines apart

from the Group’s busines, which competes or is likely to compete,

either directly or indirectly, with the Group’s busines that ned to be

disclosed pursuant to Rule 11.04 of the GEM Listing Rules.

As the Board is independent to the boards of directors of the

abovementioned companies, the Group is capable of carying on its

busines independently to, and at arm’s length, from the busines of

those companies.

INTERESTS OF SHAREHOLDERS IN

CONTRACTS AND COMPETING INTERESTS

There was no contract of significance betwen the Company or any

of its subsidiaries and a shareholder (as defined in the GEM Listing

Rules) or any of its subsidiaries, at any time during the year under

review.

MANAGEMENT CONTRACTS

No contract concerning the management and administration of the

whole or any substantial part of the busines of the Company was

entered into or existed during the year ended 31 March 2025.

Report of the Directors

董事会报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

酬金政策

本集团雇员及高级管理层人员之薪酬政策由本

公司之薪酬委员会制定。酬金政策的进一步详情

载于本年报第

页之管理层讨论及分析。

董事及五位最高薪酬人士的酬金

董事及五位最高薪酬人士酬金的详情载于综合

财务报表附注

及附注

。

退休福利计划

本集团严格遵守香港法例第

章强制性公积金

计划条例，为其香港雇员作出强制性公积金供

款。

本集团之退休福利计划资料载于综合财务报表

附注

。

董事及本公司主要行政人员于本公司

或任何相联法团之股份、相关股份及

债权证中之权益及淡仓

于二零二五年三月三十一日，马女士持有本公司

1,772,800

股普通股，占本公司已发行股份总数的

3.93%

。除上文所披露者外，董事及本公司主要

行政人员（「主要行政人员」）概无于本公司或任

何相联法团（定义见证券及期货条例（「证券及期

货条例」）第

部）之本公司股份（「股份」）、相关

股份及债权证中拥有记录于根据证券及期货条

例第

条须存置之登记册内之权益及淡仓，或

根据

GEM

上市规则第

5.46

条所述上市发行人董事

进行交易之必守标准（「交易必守标准」）知会本

公司及联交所之权益及淡仓。

EMOLUMENT POLICY

The emolument policy of the employes and senior management of

the Group is set up by the remuneration comite of the Company.

Further details of emolument policy are set out in Management

Discusion and Analysis on page 16 of this anual report.

REMUNERATION OF DIRECTORS AND FIVE

INDIVIDUALS WITH HIGHEST EMOLUMENTS

Details of the emoluments of the directors and five individuals

with highest emoluments are set out in note 14 and note 15 to the

consolidated financial statements.

RETIREMENT BENEFITS SCHEMES

The Group strictly complies with the Mandatory Provident Fund

Schemes Ordinance (Chapter 485 of the Laws of Hong Kong) in

making mandatory provident fund contributions for its Hong Kong

employes.

Information on the Group’s retirement benefits schemes is set out in

note 35 to the consolidated financial statements.

INTERESTS AND SHORT POSITIONS OF THE

DIRECTORS AND CHIEF EXECUTIVE OF THE

COMPANY IN THE SHARES, UNDERLYING

SHARES AND DEBENTURES OF THE COMPANY

OF ANY ASOCIATED CORPORATION

As at 31 March 2025, Ms. Ma has interest in 1,772,800 ordinary

shares of the Company, representing 3.93% of al isued shares of the

Company. Saved as disclosed above, none of the Directors and chief

executive of the Company (the “Chief Executive”) had any interests

or short positions in the shares of the Company (the “Shares”),

underlying Shares and debentures of the Company or any asociated

corporation (within the meaning of Part XV of the Securities and

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

to be kept under section 352 of SFO, or as otherwise notified to the

Company and the Stock Exchange pursuant to the required standard

of dealings by directors of listed isuer as refered to in rule 5.46 of

the GEM Listing Rules (the “Required Standard of Dealings”).

Report of the Directors

董事会报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

董事购入股份之权利

于截至二零二五年三月三十一日止年度内，本公

司或其任何附属公司概无订立任何安排，使董事

可藉收购本公司或任何其他法团之股份获利。

于截至二零二五年三月三十一日止年度内，董事

及主要行政人员（包括彼等之配偶或未满

岁之

子女）概无于本公司及其相联法团（定义见证券

及期货条例）之股份（或认股权证或债权证（如适

用）中拥有任何权益或获授或行使任何可认购

该等股份（或认股权证或债权证（如适用）之权

利。

本公司主要股东于股份及相关股份之

权益及淡仓

于二零二五年三月三十一日，主要股东（本公司

董事或行政总裁除外）于本公司股份及相关股份

中拥有根据证券及期货条例第

条须予记录于

本公司存置之登记册之权益如下：

除上文所披露者外，于二零二五年三月三十一

日，本公司未获任何人士或法团（董事及主要行

政人员除外）告知于股份或相关股份中拥有任何

记录于根据证券及期货条例第

条本公司须存

置之登记册内之权益或淡仓。

DIRECTORS’ RIGHTS TO ACQUIRE SHARES

At no time during the year ended 31 March 2025 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.

At no time during the year ended 31 March 2025 had the Directors

and the Chief Executive (including their spouses and children under

18 years of age) any interest in, or ben granted, or exercised any

rights to subscribe for the shares (or warants or debentures, is

aplicable) of the Company and its asociated corporations (within

the meaning of the SFO).

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS OF THE

COMPANY IN THE SHARES AND UNDERLYING

As at 31 March 2025, the interests of substantial shareholders in the

shares and underlying shares of the Company (other than a director

or chief executive of the Company) as recorded in the register

required to be kept by the Company under section 336 of the SFO

were as folows:

Name of shareholder

Capacity/Nature of

interests in capital

Number of

shares held as at

31 March 2025

Aproximate

percentage of

the isued shares

股东姓名身份╱资本权益性质

于二零二五年

三月三十一日

所持股份数目

占已发行股份之

概约百分比

Mr. Li Shing Kuen AlexanderBeneficial owner8,934,40019.79%

李诚权先生实益拥有人

Saved as disclosed above, as at 31 March 2025, the Company has not

ben notified by any person or corporation (other than the Directors

and the Chief Executive) who had any interest or short position in the

Shares or underlying Shares as recorded in the register of interests

required to be kept by the Company under section 336 of the SFO.

Report of the Directors

董事会报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

购买、出售或赎回股份

于截至二零二五年三月三十一日止年度内，本公

司及其任何附属公司均无购买、出售或赎回本公

司任何证券。

股票挂钩协议

于截至二零二五年三月三十一日止年度内，本集

团并无订立或存续任何股票挂钩协议。

购股权计划

购股权计划使本公司可向本公司或本集团任何

成员公司之任何全职或兼职雇员（「合资格参与

者」）授出购股权，作为他们对本集团所作贡献

之奖励或回报。本公司于二零一四年六月三十日

有条件地采纳购股权计划（「该计划」），据此，董

事会获授权按他们之绝对酌情决定权，依照该计

划之条款向合资格参与者授出可认购本公司股份

（「股份」）之购股权。该计划将于其获采纳当日

起计十年期间一直有效及生效。

于接纳根据该计划所授出可认购股份之购股权

（「购股权」）时，合资格参与者须向本公司支付

1.00

港元，作为获授购股权之代价。购股权之接

纳期为授出购股权当日起计

日期间。购股权之

股份认购价将由董事会厘定，并知会各参与者，

价格不得低于下列各项之最高者：

(i)

于授出购股

权当日（必须为股份于联交所买卖之日子（「交易

日」）联交所每日报价表所载之股份收市价；及

(i)

于紧接授出购股权当日前五个交易日联交所

每日报价表所载之股份平均收市价。

PURCHASE, SALE OR REDEMPTION OF

During the year ended 31 March 2025, neither the Company nor

any of its subsidiaries had purchased, sold or redemed any of the

Company’s securities.

EQUITY-LINKED AGREMENTS

No equity-linked agrements were entered into by the Group or

existed during the year ended 31 March 2025.

SHARE OPTION SCHEME

The share option scheme enables the Company to grant options to

any ful time or part time employe of the Company or any member

of the Group (the “Eligible Participant(s)”) as incentives or rewards for

their contributions to the Group. The Company conditionaly adopted

a share option scheme (the “Scheme”) on 30 June 2014 whereby the

Board are authorised, at their absolute discretion and subject to the

terms of the Scheme, to grant options to subscribe for the shares (the

“Shares”) of the Company to the Eligible Participant. The Scheme wil

be valid and efective for a period of ten years comencing from the

date of adoption of the Scheme.

Upon aceptance of an option to subscribe for Shares granted

pursuant to the Scheme (the “Option”), the Eligible Participant shal

pay HK$1.00 to the Company by way of consideration for the grant.

The Option wil be ofered for aceptance for a period of 21 days from

the date on which the Option is granted. The subscription price for

the Shares subject to Options wil be a price determined by the Board

and notified to each participant and shal not be les than the highest

of: (i) the closing price of the Shares as stated in the Stock Exchange’s

daily quotations shet on the date of grant of the Options, which

must be a day on which trading of the Shares take place on the Stock

Exchange (the “Trading Day”); and (i) the average closing price of the

Shares as stated in the Stock Exchange’s daily quotations shets for

the 5 Trading Days imediately preceding the date of grant of the

Options.

Report of the Directors

董事会报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

本公司获赋予权利发行购股权，惟根据该计划将

予授出之所有购股权获行使后可予发行之股份

总数，不得超过上市日期已发行股份之

10%

。待

股东批准及根据

GEM

上市规则发出通函后，本公

司可随时更新此上限，惟于根据本公司全部购股

权计划所授出而有待行使之所有未行使购股权

获行使后可予发行之股份总数，不得超过当时已

发行股份之

30%

。购股权可按该计划条款于董事

会厘定之期间内随时行使，该期间不得超出授出

购股权日期起计十年，惟须受提早终止条文所规

限。

自该计划获采纳以来，本公司概无授出购股权及

股份奖励。

有关更多详情，请查阅综合财务报表附注

。

董事资料的变动

经本公司作出具体查询及董事确认后，除下文所

披露者外，自本公司上次刊发年报起，根据

GEM

上市规则第

17.50A(1)

条须予披露的董事资料并无

变动。

董事于本公司所担任职位的变动：

The Company shal be entitled to isue options, provided that the

total number of Shares which may isue upon exercise of al options

to be granted under the Scheme does not exced 10% of the Shares

in isue on the Listing Date. The Company may at any time refresh

such limit, subject to the shareholders’ aproval and the isue of

a circular in compliance with the GEM Listing Rules, provided that

the total number of Shares which may be isued upon exercise of

al outstanding options granted and yet to be exercised under al

the share option schemes of the Company does not exced 30%

of the Shares in isued at the time. An option may be exercised

in acordance with the terms of the Scheme at any time during a

period as the Board may determine which shal not exced ten years

from the date of grant subject to the provisions of early termination

thereof.

Since the adoption of the Scheme, no share option and share award

have ben granted by the Company.

For more details, please refer to note 33 to the consolidated financial

statements.

CHANGE OF DIRECTORS’ INFORMATION

Upon specific enquiry by the Company and folowing confirmations

from the Directors, save as disclosed hereunder, there is no change in

the information of the Directors required to be disclosed pursuant to

17.50A(1) of the GEM Listing Rules since the Company’s last published

anual report.

Changes in Directors’ positions held with the Company:

DirectorsChanges in Positions held with the Company

董事于本公司所担任职位的变动

Ms. Ma Man ChiApointed as an executive director with efect from 19 July 2024

马敏姿女士获委任为执行董事，自二零二四年七月十九日起生效

Ms. Chen QiulingApointed as an executive director with efect from 13 February 2025

陈秋玲女士获委任为执行董事，自二零二五年二月十三日起生效

Mr. Wang JunResigned as an executive director with efect from 24 February 2025

王军先生辞任执行董事，自二零二五年二月二十四日起生效

Report of the Directors

董事会报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

足够公众持股量

根据本公司公开取得之资料及据董事所知，于截

至二零二五年三月三十一日止年度，本公司一直

维持

GEM

上市规则规定的公众持股量。

慈善捐款

本集团于本年度内并无作出慈善捐款（二零二四

年：无）。

独立性确认

本公司已接获各独立非执行董事根据

GEM

上市

规则第

5.09

条发出的独立性确认书，并认为所有

独立非执行董事于其各自获委任起至二零二五

年三月三十一日止期间内均为独立。

关连方交易及关连交易

综合财务报表附注

所载之关连方交易构成

GEM

上市规则第

章之关连交易。

就综合财务报表附注

所载之交易而言，根据董

事与本集团之间订立的服务合约╱委任函件而

厘定之董事酬金，乃获豁免遵守

GEM

上市规则第

章之任何披露及股东批准规定之关连交易。

董事确认本公司已遵守

GEM

上市规则第

章之

披露规定。

优先购买权

本公司的组织章程细则并无载有优先购买权条

文。

获准许之弥偿条文

本公司组织章程细则规定董事有权就他们履行

职责时所产生或遭受之所有诉讼、指控、损失、

损害及费用从本公司资产及利润中获得赔偿。

本年内，本公司已就董事潜在责任提供合适保险

保障。

SUFICIENCY OF PUBLIC FLOAT

From information publicly available to the Company and within the

knowledge of the Directors, during the year ended 31 March 2025 the

Company has maintained the public float required by the GEM Listing

Rules.

CHARITABLE DONATIONS

The Group has not made any charitable donations during the year

(2024: nil).

CONFIRMATION OF INDEPENDENCE

The Company has received from each of the independent non-

executive Directors a confirmation of independence pursuant to Rule

5.09 of the GEM Listing Rules and considers al the independent non-

executive Directors were independent during the period from their

respective apointments and up to 31 March 2025.

RELATED PARTY TRANSACTIONS AND

CONECTED TRANSACTIONS

The related party transactions as set out in note 36 to the

consolidated financial statements constituted conected transactions

under Chapter 20 of the GEM Listing Rules.

As far as the transactions set out in note 36 to the consolidated

financial statements are concerned, the remuneration of the

Directors as determined pursuant to the service contracts/leters of

apointment entered into betwen the Directors and the Group were

conected transactions which were exempt from any disclosure and

shareholders’ aproval requirements under Chapter 20 of the GEM

Listing Rules.

The Directors have confirmed that the Company has complied with

the disclosure requirement in acordance with Chapter 20 of the GEM

Listing Rules.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Company’s

articles of asociation.

PERMITED INDEMNITY PROVISION

The Company’s articles of asociation provide that the Directors

are entitled to be indemnified out of the asets and profits of the

Company against al action, charges, loses, damages and expenses

which they may incur or sustain in the execution of the duties of their

ofice.

During the year, the Company has put in place as apropriate

insurance cover in respect of Directors’ liabilities.

Report of the Directors

董事会报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

企业管治

本公司一直维持高水准的企业管治常规。本公司

采纳的企业管治常规之详情载于第

页至第

页的企业管治报告。董事相信，企业管治之宗旨

著眼于长期财务表现而非局限于短期回报。董事

会不会承担不必要之风险以获取短期收益而牺

牲长期目标。

遵守相关法律法规

本集团致力遵守相关法律法规。本集团已任命外

聘合规顾问，以监察符合所有相关法规。

本年内，本集团已遵守对本集团有重大影响的所

有相关法律法规。

财务概要

本集团之业绩及资产及负债概要载于本年报第

页五年财务概要一节。

审核委员会

本公司审核委员会已与管理层以及本公司外部

核数师审阅本集团所采纳之会计原则及惯例及

讨论审核、内部监控及财务汇报程序，包括审阅

截至二零二五年三月三十一日止年度之财务报

表。

核数师

本集团截至二零二一年、二零二年及二零二三

年三月三十一日止年度之综合财务报表已由中

审众环（香港）会计师事务所有限公司（「中审众

环」）审核。继中环众审于二零二四年四月十日辞

任后，高岭会计师有限公司（「高岭」）获委任为

本公司核数师，以填补中环众审辞任而产生之空

缺。

除上文所披露者外，本公司近三年之核数师并无

发生其他变化。截至二零二五年三月三十一日止

年度之综合财务报表已由高岭审核。高岭将退任

且愿意并符合资格于本公司应届股东周年大会

膺选连任。

承董事会命

董事

罗学儒

香港，二零二五年六月三十日

CORPORATE GOVERNANCE

The Company maintains a high standard of corporate governance

practices. Details of the corporate governance practices adopted

by the Company are set out in the Corporate Governance Report

on pages 20 to 36. The Directors believe the long term financial

performance as oposed to short term rewards is a corporate

governance objective. The Board would not take undue risks to make

short term gains at the expense of the long term objectives.

COMPLIANCE WITH RELEVANT LAWS AND

REGULATIONS

The Group is comited to observe the relevant laws and regulations.

The Group has apointed external compliance adviser to overse

compliance with al relevant regulations.

The Group has complied with al relevant laws and regulations that

have a significant impact on the Group throughout the year.

FINANCIAL SUMARY

A sumary of the results and of the asets and liabilities of the Group

is set out in the five years financial sumary on page 212 of this

anual report.

AUDIT COMITE

The audit comite of the Company has reviewed with the

management and the Company’s external auditor the acounting

principles and practices adopted by the Group, and discused the

auditing, internal control and financial reporting proces including the

review of financial statements for the year ended 31 March 2025.

AUDITOR

The consolidated financial statements for the years ended 31 March

2021, 2022 and 2023 have ben audited by Mazars CPA Limited

(“Mazars”). On 10 April 2024, Mazars subsequently resigned and

Global Link CPA Limited (“Global Link”) was apointed as the auditor

of the Company to fil the cancel vacancy arising from the resignation

of Mazars.

Save as disclosed above, there were no other changes in auditors of

the Company during the past thre years. The consolidated financial

statements for the year ended 31 March 2025 have ben audited by

Global Link who wil retire and, being eligible, ofer themselves for

re-apointment at the forthcoming anual general meting of the

Company.

By Order of the Board

Law Hok Yu

Director

Hong Kong, 30 June 2025

Independent Auditor’s Report

独立核数师报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

致中新控股有限公司

（前称仁德资源控股有限公司）

（于香港注册成立之有限公司）

列位股东

意见

吾等已审核载于第

至第

页中新控股有限

公司（前称仁德资源控股有限公司）（「贵公司」）

及其附属公司（统称「贵集团」）之综合财务报表，

其中包括于二零二五年三月三十一日之综合财

务状况表以及截至该日止年度之综合损益及其

他全面收益表、综合权益变动表及综合现金流量

表，以及综合财务报表附注，包括重大会计政策

资料及其他说明资料。

吾等认为，综合财务报表已根据香港会计师公

会（「香港会计师公会」）颁布之香港财务报告准

则会计准则真实而公平地反映贵集团于二零

二五年三月三十一日之财务状况以及截至该日

止年度之财务表现及现金流量，并已遵照公司条

例妥为编制。

意见基础

吾等根据香港会计师公会颁布之香港审计准则

（「香港审计准则」）进行审核。在该等准则下，吾

等之责任在吾等之报告内「核数师就审计综合财

务报表承担之责任」一节进一步阐述。根据香港

会计师公会之「专业会计师道德守则」（「守则」），

吾等独立于贵集团，并已遵循守则履行其他道

德责任。吾等相信，吾等所获得之审核凭证能充

足及适当地为吾等之审核意见提供基础。

Rom 1604, 16/F, Shun Tak Centre West Tower,

No. 168-200 Conaught Road Central,

Sheung Wan, Hong Kong

General Line: (852) 3580 0885

Fax: (852) 3580 0772

Email: info@globalinkcpa.com

香港上环

干诺道中

至

号

信德中心西座

楼

室

总机号码：

(852) 3580 0885

传真：

(852) 3580 0772

电邮：

info@globalinkcpa.com

To the shareholders of

China New Holdings Limited

(formerly known as

Royal Century Resources Holdings Limited)

(incorporated in Hong Kong with limited liability)

OPINION

We have audited the consolidated financial statements of China

New Holdings Limited (formerly known as Royal Century Resources

Holdings Limited) (the “Company”) and its subsidiaries (together

the “Group”) set out on pages 102 to 211, 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, the consolidated statement of changes in equity and the

consolidated statement of cash flows for the year then ended, and

notes to the consolidated financial statements, including material

acounting policy information and other explanatory information.

In our opinion, the consolidated financial statements give a true and

fair view of the financial position of the Group as at 31 March 2025,

and of its financial performance and cash flows for the year then

ended in acordance with HKFRS Acounting Standards isued by the

Hong Kong Institute of Certified Public Acountants (the “HKICPA”)

and have ben properly prepared in compliance with the 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

独立核数师报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

关键审计事项

按照吾等之专业判断，关键审计事项为对吾等审

核本期间之综合财务报表而言至为重要之事项。

吾等在审核整体综合财务报表及出具意见时已

处理该等事项，吾等不会对该等事项另行发表意

见。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the consolidated

financial statements for the curent period. These maters were

adresed in the context of our audit of the consolidated financial

statements as a whole, and in forming our opinion thereon, and we

do not provide a separate opinion on these maters.

Key Audit MatersHow our audit adresed the Key Audit Maters

关键审计事项于审计中处理关键审计事项之方法

Revenue recognition for provision of design, fiting

out and enginering services income

就提供设计、装修及工程服务收入之收益确认

Refer to notes 4 and 7 to the consolidated financial

statements

参阅综合财务报表附注

及

The Group recorded revenue from contracts with

customers in relation to the provision of design, fiting out

and enginering services income totaling HK$155,634,000

for the year ended 31 March 2025.

于截至二零二五年三月三十一日止年度，贵集团就提

供设计、装修及工程服务收入录得客户合约收益合共为

155,634,000

港元。

Revenue is recognised over time using the input method

or the output method, as apropriate.

收益使用输入法或输出法（视情况而定）随时间确认。

Revenue recognised over time using the input method is

based on the Group’s eforts or inputs to the satisfaction

of the performance obligations, by reference to the

cost incured up to the end of the reporting period as a

percentage of estimated total costs.

使用输入法随时间确认的收益乃基于贵集团为完成履

约责任而作出的努力或投入，并参考截至报告期末产生

的成本占估计总成本的比例计量。

Revenue recognised over time using the output method

is based on direct measurements of the value of services

delivered or surveys of work performed by the Group up

to the end of the reporting period.

使用输出法随时间确认的收益乃基于直接计量贵集团

截至报告期末已交付服务的价值或已履行工作测量的

价值计量。

Our key procedures, among others, included:

吾等之关键程序，其中包括：

• Understanding the design and implementation of

key internal controls over the revenue recognition

proceses;

•

了解收益确认程序所涉主要内部监控的设计及执行；

• Evaluating the key estimates and asumptions adopted

by the management in estimating total revenue and

total costs;

•

评估管理层在估计总收益及总成本时所采纳的主要估

计及假设；

, on a sample basis, whether the key terms

and conditions in contracts with customers and

subcontractors have ben properly reflected in the

estimated total revenue and estimated total costs;

•

抽样评估与客户和分包商所订立的合同内之关键条款

及条件是否已正确反映在总估计收益及总估计成本

中；

, on a sample basis, the costs incured for the

projects up to the end of the reporting period;

•

抽样核查截至报告期末就项目产生的成本；

Independent Auditor’s Report

独立核数师报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

Key Audit MatersHow our audit adresed the Key Audit Maters

关键审计事项于审计中处理关键审计事项之方法

Revenue recognition for provision of design, fiting

out and enginering services income (Continued)

就提供设计、装修及工程服务收入之收益确认（续）

Management reviews and revises the estimates of

revenue and costs for each contract by comparing the

most curent budgeted amounts with coresponding

actual amounts as the contract work progreses.

管理层会按合约工程进度，通过比较最近期的预算金额

及相应的实际金额，审阅及修订每份合约的收益及成本

的估算。

The measurement of revenue involved the use

of significant judgements and estimates by the

management. As a result, we identified this as a key audit

mater.

收益计量涉及管理层使用重大判断和估计。因此，吾等

将其确定为关键审计事项。

to identify any variations of contracts and claims, and

to obtain explanations for fluctuations in margins and

changes in budget as wel as the expected recovery of

variations; and

•

与项目经理讨论项目的状况，以确定合同和索赔的任

何变动，并取得有关利润波动及预算变化的解释，连

同变动的预期回收情况；及

, on a sample basis,

with reference to the certifications from independent

surveyors or performing recalculation of the revenue

recognised with reference to actual costs incured and

estimated total costs.

•

参考独立测量师所发出的证书抽样比对确认的收益或

参考实际发生的成本和估计的总成本对确认的收益进

行重新计算。

关键审计事项

（续）

KEY AUDIT MATERS (Continued)

Independent Auditor’s Report

独立核数师报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

Key Audit MatersHow our audit adresed the Key Audit Maters

关键审计事项于审计中处理关键审计事项之方法

Impairment asesment of construction

equipment in leasing of construction equipment

segment

于租赁建筑设备分部之建筑设备的减值评估

Refer to notes 4, 18 and 20 to the consolidated financial

statements

参阅综合财务报表附注

、

及

As at 31 March 2025, the carying amount of construction

equipment amounted to HK$3,703,000 (the “Leasing of

Construction Equipment Segment Asets”) are included

in the cash-generating unit of leasing of construction

equipment segment.

于二零二五年三月三十一日，建筑设备的账面值为

3,703,000

港元（「租赁建筑设备分部资产」），计入租赁建

筑设备分部现金产生单位。

The Group is required to ases whether an indicator

has apeared that may afect the value of the Leasing

of Construction Equipment Segment Asets or such

indicator afecting the impairment los of these asets

previously made has no longer ben in existence.

贵集团须评估可能影响租赁建筑设备分部资产价值的

指标是否已出现，或影响之前就该等资产作出的减值亏

损的指标已不存在。

Management caried out an impairment asesment for

the Leasing of Construction Equipment Segment Asets

which have an impairment indicator. The recoverable

amount of the Leasing of Construction Equipment

Segment Asets is determined by value in use calculation

using discounted cash flow projections based on the

financial forecasts aproved by management.

管理层对于有减值指标的租赁建筑设备分部资产进行

减值评估。租赁建筑设备分部资产的可收回金额乃使用

基于管理层批准财务预测的贴现金流量预测计算使

用价值厘定。

The asesment of impairment indicator and value in

use calculation involved significant judgements and

estimations. Therefore, the impairment asesment of the

Leasing of Construction Equipment Segment Asets is

considered as a key audit mater.

减值指标及使用价值计算的评估涉及重大判断和估计。

因此，租赁建筑设备分部资产减值评估被视为关键审计

事项。

Our key procedures, among others, included:

吾等之关键程序，其中包括：

’s proces for identifying

impairment indicators;

•

了解管理层识别减值指标的流程；

• Evaluating the judgements made by management in

identifying impairment indicators;

•

对管理层在识别减值指标时所作的判断作出评估；

’s impairment asesment

of the Leasing of Construction Equipment Segment

Asets;

•

审阅管理层对租赁建筑设备分部资产的减值评估；

• Verifying the external sources data used by

management in value in use calculation of the Leasing

of Construction Equipment Segment Asets;

•

验证管理层于计算租赁建筑设备分部资产使用价值时

所用的外部来源资料；

• Enquiring of management in relation to key

asumptions in their busines plan and evaluating

the key asumptions aplied by comparing them to

historical information and our understanding of latest

market information and conditions;

•

询问管理层有关其业务计划中的关键假设，并将其与

历史资料及吾等对最新市场信息和情况的了解进行比

较，以评估所应用的关键假设；

• Checking on a sample basis the acuracy and

relevance of the input data used by management in

value in use calculation; and

•

抽样检查管理层在使用价值计算中所应用的输入数据

的准确性及相关性；及

• Checking arithmetical acuracy of the calculations.

•

检查计算中的算术准确性。

关键审计事项

（续）

KEY AUDIT MATERS (Continued)

Independent Auditor’s Report

独立核数师报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

Key Audit MatersHow our audit adresed the Key Audit Maters

关键审计事项于审计中处理关键审计事项之方法

Impairment asesment of trade receivables and

contract asets

贸易应收款项及合约资产的减值评估

Refer to notes 4, 25 and 26

参阅附注

、

及

We identified the valuation of trade receivables and

contract asets as a key audit mater as the amounts are

significant and the determination of expected credit los

(“ECL”) requires significant management judgements.

吾等将贸易应收款项及合约资产之估值识别为关键审

计事项，原因在于该等金额重大，且厘定预期信贷亏损

（「预期信贷亏损」）需要管理层作出重大判断。

In respect of certain of the Group’s trade receivables

and contract asets, the Group uses provision matrix

to calculate the ECL. The provision rates are based on

debtor’s aging consisting of debtors with comon credit

risk characteristic. The provision matrix is based on the

Group’s historical default rates taking into consideration

forward- loking information. At every reporting date,

the historical observed default rates are reasesed

and changes in the forward-loking information are

considered.

就贵集团的若干贸易应收款项及合约资产而言，贵

集团采用拨备矩阵计算预期信贷亏损。拨备率乃根据由

具共同信贷风险特征的债务人组成的债务人账龄厘定。

拨备矩阵则基于贵集团的历史违约率（计及前瞻性资

料）。于每个报告日，历史观察违约率乃进行重新评估且

考虑前瞻性资料的变动。

Our procedures in relation to impairment asesment of trade

receivables and contract asets included:

吾等有关贸易应收款项及合约资产减值评估的程序包括：

– Understanding key controls on how the management

estimates the los alowance for trade receivables and

contract asets;

－

了解管理层估计贸易应收款项及合约资产之亏损拨备

之关键控制；

– Evaluating the design and implementation of key

controls over the management asesment proces;

－

评估管理层评估过程的关键控制的设计及实施；

– Testing the integrity of information used by

management to develop the provision matrix, including

trade receivables ageing analysis as at 31 March 2025,

on a sample basis, by comparing individual items in

the analysis with the relevant sales agrements, sales

invoices, setlement records and other suporting

documents;

－

通过将分析中的个别项目与相关销售协议、销售发

票、结算记录和其他支持文件进行比较，以抽样方式

测试管理层制定拨备矩阵所使用资料的完整性，包括

于二零二五年三月三十一日之贸易应收款项账龄分

析；

关键审计事项

（续）

KEY AUDIT MATERS (Continued)

Independent Auditor’s Report

独立核数师报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

其他资料

贵公司董事须为其他资料负责。其他资料包

括贵公司二零二四年╱二零二五年报所载

全部资料，惟不包括综合财务报表及吾等之核数

师报告。

吾等对综合财务报表达之意见并不涵盖其他

资料，吾等亦不会就此表达任何形式之保证结

论。

就吾等对综合财务报表进行之审计工作而言，吾

等负责阅读其他资料，并在此过程中考虑其他资

料是否与综合财务报表或吾等从审计工作所获

得资料之间出现重大不相符情况，又或在其他方

面出现重大错误陈述。倘吾等基于所进行工作而

得出其他资料有重大错误陈述之结论，则吾等须

汇报有关情况。就此，吾等并无须汇报之事宜。

Key Audit MatersHow our audit adresed the Key Audit Maters

关键审计事项于审计中处理关键审计事项之方法

Impairment asesment of trade receivables and

contract asets (Continued)

贸易应收款项及合约资产的减值评估（续）

As at 31 March 2025, the Group’s net trade receivables

and contract asets amounting to aproximately

HK$29,951,000 and HK$12,556,000 respectively.

于二零二五年三月三十一日，贵集团之贸易应收款项

及合约资产净额分别约为

29,951,000

港元及

12,556,000

港

元。

– Chalenging management’s basis and judgement in

determining credit los alowance on trade receivables

and contract asets as at 31 March 2025, including

their identification of credit impaired trade receivables,

the reasonablenes of management’s grouping of the

remaining trade debtors into diferent categories in the

provision matrix, and the basis of estimated los rates

aplied in each category in the provision matrix (with

reference to historical default rates and forward-loking

information);

－

质疑管理层于厘定于二零二五年三月三十一日之贸易

应收款项及合约资产的信贷亏损拨备时的基准及判

断，包括彼等对信贷减值贸易应收款项的识别，管理

层将余下贸易债务人分配至拨备矩阵的不同类别的

合理性，以及就拨备矩阵各类别应用有关估计亏损率

（经参考历史违约率及前瞻性资料）的基准；

OTHER INFORMATION

The directors of the Company are responsible for the other

information. The other information comprises al the information in

the 2024/2025 anual report of the Company 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.

关键审计事项

（续）

KEY AUDIT MATERS (Continued)

Independent Auditor’s Report

独立核数师报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

董事及管治层就综合财务报表须承担

之责任

贵公司董事须负责根据香港会计师公会颁布之

香港财务报告准则会计准则及公司条例之要求，

编制真实而公平之综合财务报表，及落实其认为

编制综合财务报表所必要之内部监控，以使综合

财务报表不存在由于欺诈或错误而导致之重大

错误陈述。

在编制综合财务报表时，董事负责评估贵集团

持续经营之能力，并在适用情况下披露与持续经

营有关之事宜，以及使用持续经营为会计基础，

除非董事有意将贵集团清盘或停止经营，或别

无其他实际替代方案。

董事亦负责监督贵集团之财务报告过程。审核

委员会协助董事履行此方面的责任。

核数师就审计综合财务报表承担之责

任

吾等之目标是对综合财务报表整体是否不存在

由于欺诈或错误而导致之重大错误陈述取得合

理保证，并出具载有吾等意见之核数师报告。本

报告根据公司条例第

条仅向阁下（作为整

体）作出报告，不作其他用途。吾等并不就本报告

之内容对任何其他人士负责或承担责任。

合理确定属高层次之核证，惟根据香港审计准则

进行之审核工作不能保证总能察觉所存在之重

大错误陈述。错误陈述可因欺诈或错误产生，倘

它们个别或整体在合理预期情况下可影响使用

者根据该等综合财务报表作出之经济决定时，则

被视为重大错误陈述。

RESPONSIBILITIES OF DIRECTORS AND THOSE

CHARGED WITH GOVERNANCE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation

of the consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards isued by the

HKICPA and the Companies Ordinance, and for such internal control

as the directors determine is necesary to enable the preparation

of consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

responsible for asesing the Group’s ability to continue as a going

concern, disclosing, as aplicable, maters related to going concern

and using the going concern basis of acounting unles the directors

either intend to liquidate the Group or to cease operations, or have no

realistic alternative but to do so.

The directors are also responsible for overseing the Group’s financial

reporting proces. The audit comite asists the directors in

discharging their responsibility in this regard.

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

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

a body, in acordance with section 405 of the Companies Ordinance

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.

Independent Auditor’s Report

独立核数师报告

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

核数师就审计综合财务报表承担之责

任

（续）

根据香港审计准则进行审计之过程中，吾等运用

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之风险、设计及

执行审计程序以应对该等风险，以及获取

充足及适当之审计凭证，作为吾等意见之

基础。由于欺诈可能涉及串谋、伪造、蓄意

遗漏、虚假陈述或凌驾内部监控之情况，

因此未能发现因欺诈而导致之重大错误陈

述之风险高于未能发现因错误而导致之重

大错误陈述之风险。

•

了解与审计相关之内部监控，以设计适当

之审计程序，惟并非旨在对贵集团内部

监控之有效性发表意见。

•

评估董事所采用会计政策之恰当性及作出

会计估计及相关披露之合理性。

•

对董事采用持续经营会计基础之恰当性作

出结论，并根据所获取之审计凭证，确定

是否存在与事项或情况有关之重大不确定

性，从而可能导致对贵集团之持续经营

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之相关披露。

倘有关披露不足，则修订吾等的意见。吾

等的结论乃基于截至核数师报告日期止所

取得之审计凭证。然而，未来事项或情况

可能导致贵集团无法持续经营。

•

评估综合财务报表之整体呈报方式、结构

及内容，包括披露资料，以及综合财务报

表是否公平地反映相关交易及事项。

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.

’ 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.

Independent Auditor’s Report

独立核数师报告

Anual Report 2024/2025

二零二四年╱二零二五年度报告

核数师就审计综合财务报表承担之责

任

（续）

•

计划及执行集团审核，以就集团内各实体

或业务单位的财务资料获得充足适当的审

核凭证，作为对集团财务报表发表意见的

基础。吾等须负责指导、监督及审核就集

团审核执行的审核工作。吾等为审核意见

承担全部责任。

吾等与管治层就（其中包括）审计之计划范围、时

间安排及重大审计发现进行沟通，该等发现包括

吾等在审计过程中所识别之内部监控之任何重

大缺失。

吾等亦向管治层作出声明，指出吾等已符合有关

独立性之相关道德要求，并与彼等沟通可能被合

理认为会影响吾等独立性之所有关系及其他事

宜，以及相关防范措施（如适用）。

从与管治层沟通之事项中，吾等厘定对本期间综

合财务报表之审计至关重要之事项，因而构成关

键审计事项。吾等在核数师报告中描述该等事

项，除非法律或法规不允许公开披露该等事项，

或在极端罕见之情况下，倘合理预期在吾等报告

中沟通某事项造成之负面后果超出产生之公众

利益，则吾等决定不应在报告中传达该事项。

高岭会计师有限公司

执业会计师

李兆彬

执业证书编号：

P08414

香港，二零二五年六月三十日

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 activities 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 of the group audit. We remain solely

responsible for our audit opinion.

We comunicate with those charged with governance regarding,

among other maters, the planed scope and timing of the audit

and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regarding

independence, and to comunicate with them al relationships

and other maters that may reasonably be thought to bear on our

independence, and where aplicable, actions taken to eliminate

threats or safeguards aplied.

From the maters comunicated with those charged with

governance, we determine those maters that were of most

significance in the audit of the consolidated financial statements

of the curent period and are therefore the key audit maters. We

describe these maters in our auditor’s report unles law or regulation

precludes public disclosure about the mater or when, in extremely

rare circumstances, we determine that a mater should not be

comunicated in our report because the adverse consequences

of doing so would reasonably be expected to outweigh the public

interest benefits of such comunication.

Global Link CPA Limited

Certified Public Acountants

Li Siu Bun

Practising Certificate Number: P08414

Hong Kong, 30 June 2025

164,543
(161,065)
3,478
75
1,641
(210)
349
(390)
(203)
–
(26,392)
(48)
(21,700)
22
(21,678)
–
(21,678)
HK$
港元
(0.48)

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

第

至第

页的附注为该等综合财务报表的

组成部分。

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Revenue

收益

787,603

Cost of sales

销售成本

(78,573)

Gros profit

毛利

9,030

Other income

其他收入

Other gains, net

其他收益，净额

102,837

Impairment of intangible asets,

net of reversal

无形资产减值，

扣除拨回

22(639)

Reversal of alowance for expected

credit los (“ECL”) on loan and

interest receivables

应收贷款及利息预期信贷

亏损（「预期信贷亏损」）

拨备拨回

6(b)174

Alowance for ECL on trade receivables

贸易应收款项预期信贷

亏损拨备

6(b)(332)

Alowance for ECL on contract asets

合约资产预期信贷亏损拨备

6(b)(45)

Change in fair value of an investment

property

投资物业公平值变动

Administrative expenses

行政开支

(22,167)

Finance costs

融资成本

11(734)

Los before tax

除税前亏损

13(10,424)

Income tax credit

所得税抵免

Los for the year atributable to

owners of the Company

本公司拥有人应占

年度亏损

(9,790)

Other comprehensive income

for the year

本年度其他全面收益

Item that may be reclasified

subsequently to profit or los:

其后可能重新分类至

损益之项目：

Release of exchange reserve upon

deregistration of subsidiaries

终止确认附属公司后解除

汇兑储备

Total comprehensive expense for the year

atributable to owners of the Company

本公司拥有人应占年度

全面开支总额

(9,772)

HK$

港元

(Restated)

（经重列）

Los per share:

每股亏损：

Basic and diluted

基本及摊薄

17(0.61)

The notes on pages 102 to 211 are an integral part of the

consolidated financial statements.

千港元
3,703
–
–
2,250
5,953
2,761
6,102
41,128
12,556
43,249
105,796
47,678
4,491
126
–
52,295
53,501
59,454

Consolidated Statement of Financial Position

综合财务状况表

As at 31 March 2025

于二零二五年三月三十一日

Anual Report 2024/2025

二零二四年╱二零二五年度报告

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、机器及设备

187,712

Right-of-use asets

使用权资产

201,809

Godwil

商誉

21–

Intangible asets

无形资产

222,460

11,981

Curent asets

流动资产

Loan and interest receivables

应收贷款及利息

232,142

Inventories

存货

241,102

Trade and other receivables

贸易及其他应收款项

2523,280

Contract asets

合约资产

26(a)6,517

Cash and bank balances

现金及银行结余

2745,690

78,731

Curent liabilities

流动负债

Trade and other payables

贸易及其他应付款项

2813,839

Contract liabilities

合约负债

26(b)1,050

Income tax payable

应付所得税

Lease liabilities

租赁负债

291,902

16,904

Net curent asets

净流动资产

61,827

Total asets les curent liabilities

总资产减流动负债

73,808

千港元
272
59,182
248,173
(188,991)
59,182

Consolidated Statement of Financial Position

综合财务状况表

As at 31 March 2025

于二零二五年三月三十一日

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

载列于第

至第

页之综合财务报表已于二

零二五年六月三十日经董事会批准及授权刊发

并经下列董事代表签署︰

第

至第

页的附注为该等综合财务报表的

组成部分。

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

Defered tax liabilities

递延税项负债

NET ASETS

净资产

73,501

Equity

权益

Share capital

股本

32240,814

Reserves

储备

(167,313)

TOTAL EQUITY

总权益

73,501

The consolidated financial statements on pages 102 to 211 were

aproved and authorised for isue by the Board of Directors on 30

June 2025 and signed on its behalf by:

Law Hok YuMiao Xianliu

罗学儒缪仙柳

DirectorDirector

董事董事

The notes on pages 108 to 211 are an integral part of the

consolidated financial statements.

–	(21,678)	–	(21,678)
7,563	–	–	7,563
(204)	–	–	(204)
248,173	(188,991)	–	59,182

Consolidated Statement of Changes in Equity

综合权益变动表

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

附注：

本集团之汇兑储备包括于综合入账后因换算本集团

海外业务之财务报表而产生的所有外汇差额。储备

根据综合财务报表附注

所载之会计政策处理。

第

至第

页的附注为该等综合财务报表的

组成部分。

capital

Acumulated

loses

Exchange

reserveTotal

股本累计亏损汇兑储备总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(Note 32)(Note)

（附注

32)

（附注）

At 1 April 2023

于二零二三年四月一日

205,523(157,523)(18)47,982

Los for the year

本年度亏损

–(9,790)–(9,790)

Other comprehensive income

其他全面收益

Release of exchange reserve upon

deregistration of subsidiaries

终止确认附属公司后解除汇兑

储备

–1818

Total comprehensive (los) income

for the year

本年度全面（亏损）收益总额

–(9,790)18(9,772)

Isue of shares (note 32)

发行股份（附注

）

36,059–36,059

Share isue expenses

股份发行开支

(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

240,814(167,313)–73,501

Los and total comprehensive los

for the year

本年度亏损和全面亏损总额

Isue of shares (note 32)

发行股份（附注

）

Share isue expenses

股份发行开支

At 31 March 2025

于二零二五年三月三十一日

Note: Exchange reserve of the Group comprises al foreign exchange diferences

arising from translation of the financial statements of the Group’s foreign

operations upon consolidation. The reserve is dealt with in acordance

with the acounting policy set out in note 3 to the consolidated financial

statements.

The notes on pages 108 to 211 are an integral part of the

consolidated financial statements.

(21,700)
210
–
390
203
(349)
5,122
1,809
48
(17)
(1,489)
–
(15,773)
(5,000)
(270)
(18,238)
(6,242)
8,097
3,441
(33,985)

Consolidated Statement of Cash Flows

综合现金流量表

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

OPERATING ACTIVITIES

经营活动

Los before tax

除税前亏损

(10,424)

Adjustments for:

调整：

Impairment of intangible asets,

net of reversal

无形资产减值（扣除回拨）

Change in fair value of an investment

property

投资物业公平值变动

19(500)

Alowance for ECL on trade receivables

贸易应收款项预期

信贷亏损拨备

6(b)332

Alowance for ECL on contract asets

合约资产预期信贷

亏损拨备

6(b)45

Reversal of alowance for ECL on loan

and interest receivables

应收贷款及利息预期

信贷亏损拨备回拨

6(b)(174)

Depreciation of property, plant and

equipment

物业、机器及设备折旧

186,397

Depreciation of right-of-use asets

使用权资产折旧

204,095

Finance costs

融资成本

Bank interest income

银行利息收入

9(27)

Compensation gain on disposal/write-of

of construction equipment

处置╱注销建筑设备

补偿收益

10(2,779)

Gain on disposal of right-of-use asets

upon early termination

提早终止后出售使用权

资产之收益

10(253)

Operating cash flows before movements

in working capital

营运资金变动前之

经营现金流量（

1,915)

Changes in working capital:

营运资金变动：

Inventories

存货

Loan and interest receivables

应收贷款及利息

2,802

Trade and other receivables

贸易及其他应收款项

(8,234)

Trade and other payables

贸易及其他应付款项

(5,463)

Contract asets

合约资产

(4,452)

Contract liabilities

合约负债

(544)

Net cash used in operating activities

经营活动所用之净现金

(17,604)

(1,130)
1,506
17
–
393
7,563
(204)
–
25,742
(48)
(1,902)
31,151
(2,441)
45,690
43,249

Consolidated Statement of Cash Flows

综合现金流量表

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

INVESTING ACTIVITIES

投资活动

Purchases of property, plant and equipment

购置物业、机器及设备

(404)

Compensation received from disposal/

write-of of construction equipment

处置╱注销建筑设备补偿

3,208

Bank interest received

已收银行利息

Proceds from disposal of an investment

property

出售投资物业所得款项

30,000

Net cash from investing activities

投资活动所得之净现金

32,831

FINANCING ACTIVITIES

融资活动

Proceds from isue of shares

发行股份所得款项

3236,059

Share isue expenses

股份发行开支

32(768)

Repayment of unsecured other borowings

偿还无抵押其他借贷

30(5,000)

Temporary receipt from the proceds

from rights isue

供股所得款项的

临时收款

28, 34(a)–

Interest paid

已付利息

34(a)(734)

Repayment of lease liabilities

偿还租赁负债

34(a)(5,009)

Net cash from financing activities

融资活动所得之净现金

24,548

Net (decrease)/increase in cash and

cash equivalents

现金及现金等价物净

（减少）╱增加

39,775

Cash and cash equivalents

at the begining of the year

年初之现金及现金等价物

5,915

Cash and cash equivalents

at the end of the year

年终之现金及现金等价物

2745,690

The notes on pages 108 to 211 are an integral part of the

consolidated financial statements.

第

至第

页的附注为该等综合财务报表的

组成部分。

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

一般�料

中�控股�限�司（�称仁德�源控股�

限�司）（「本�司」）�港注册为�限责

任�司，其股�在�港联合交易所�限�司

（「联交所」）

GEM

上市。本�司之注册办事

处�主要营�地点披露�本年报之�司�

料一节。

本�司为一间投�控股�司。本�司�其

附属�司（以下�称为「本�团」）主要从

事：

(i)

提供设计、装修�工程以�采购家具

�相关产品服务；

(i)

租赁建�设�提供相关安装服务；

(i)

美酒采购�营�；�

(iv)

提供金融服务，包括就证券提供意

见，证券交易�经纪服务，�产管理

服务�放债。

除非另�指明，�合财务报表乃以千港元

（「港元」）（「千港元」）呈列，其�为本�司

�其�港附属�司之功�币。

1. GENERAL INFORMATION

China New Holdings Limited (formerly known as Royal Century

Resources Holdings Limited) (the “Company”) was incorporated

in Hong Kong as a company with limited liability and its shares

are listed on GEM of The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”). The adres of the registered ofice and

principal place of busines of the Company is disclosed in the

corporate information section of the anual report.

The Company is an investment holding company. The Company

and its subsidiaries (together the “Group”) are principaly

engaged in:

(i) provision of design, fiting out and enginering and

procurement of furnishings and related products

services;

(i) leasing of construction equipment and provision of

related instalation services;

(i) sourcing and merchandising of fine and rare wines; and

(iv) provision of financial services comprising securities

advisory services, securities dealing and brokerage

services and aset management services and money

lending.

The consolidated financial statements are presented in

thousands (“HK$’000”) of Hong Kong dolars (“HK$”), unles

otherwise stated, which is also the functional curency of the

Company and its Hong Kong subsidiaries.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

应用新订及经修订之香港财务报

告准则会计准则

(a)

应用新订及经修订之香港财务

报告准则会计准则

本集团在编制综合财务报表时，已首

次应用香港财务报告准则的对概念

框架的提述之修订本及以下由香港

会计师公会（「香港会计师公会」）颁

布之香港财务报告准则会计准则之

修订本，其于二零二四年四月一日或

之后开始的年度期间强制生效：

香港财务报告准则

第

号之修订

售后租回的租赁负债

香港会计准则第

号

之修订

分类为流动或非流动负

债及对香港诠释第

号（二零二零年）有

关之修订

香港会计准则第

号

之修订

附带契诺的非流动负债

香港会计准则第

号

及香港财务报告

准则第

号之修订

供应商融资安排

上述采纳对先前期间确认之金额概

无任何影响，并预期将不会对当期或

未来期间造成重大影响。

2. APLICATION OF NEW AND REVISED TO

HKFRS ACOUNTING STANDARDS

(a) Aplication of new and revised HKFRS

Acounting Standards

The Group has aplied the Amendments to Reference to

the Conceptual Framework in HKFRS and the folowing

amendments to HKFRS Acounting Standards isued by

the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) for the first time, which are mandatorily

efective for the anual period begining on or after

1 April 2024 for the preparation of the consolidated

financial statements:

Amendments to HKFRS 16 Lease 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 adoption listed above did not have any impact on the

amount recognised in prior periods and are not expected

to significantly afect the curent or future periods.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

2. APLICATION OF NEW AND REVISED

TO HKFRS ACOUNTING STANDARDS

(Continued)

(b) New and revised HKFRS Acounting

Standards in isue but not yet efective

The Group has not aplied any new and revised HKFRS

Acounting Standards that have ben isued but are

not yet efective for the financial year begining on 1

April 2024. These new and revised HKFRS Acounting

Standards include the folowing which may be relevant to

the Group.

HKFRS 18 Presentation and Disclosure in Financial

Statements

HKFRS 19Subsidiaries without Public Acountability:

Disclosures

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing Nature-dependent

Electricity

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets betwen

an Investor and its Asociate or Joint

Venture

Amendments to HKAS 21Lack of Exchangeability

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards – Volume 11

1 Efective for anual periods begining on or after 1 January

2 Efective for anual periods begining on or after 1 January

3 Efective for anual periods begining on or after 1 January

4 No mandatory efective date yet determined but available for

adoption

The Group is in the proces of making an asesment

of what the impact of these amendments and new

standards is expected to be in the period of initial

aplication. So far it has concluded that the adoption

of them is unlikely to have a significant impact on the

consolidated financial statements.

应用新订及经修订之香港财务报

告准则会计准则

（续）

(b)

已颁布但尚未生效之新订及经

修订之香港财务报告准则会计

准则

本集团并无就二零二四年四月一日

开始之财政年度应用任何已颁布但

尚未生效之新订及经修订香港财务

报告准则会计准则。该等新订及经修

订香港财务报告准则会计准则包括

以下可能与本集团相关之准则。

香港财务报告准则

第

号

财务报表之呈列及

披露

香港财务报告准则

第

号

无公众问责性之附属

公司：披露

香港财务报告准则

第

号及香港财务

报告准则第

号

之修订

金融工具分类及计量之

修订

香港财务报告准则

第

号及香港财务

报告准则第

号

之修订

涉及依赖自然能源生产

电力的合约

香港财务报告准则

第

号及香港会计

准则第

号之修订

投资者与其联营公司或

合营公司之间的

资产出售或投入

香港会计准则

第

号之修订

缺乏可兑换性

香港财务报告准则

会计准则之修订

香港财务报告准则会计

准则之年度改进－

第

卷

于二零二五年一月一日或之后开始

之年度期间生效

于二零二六年一月一日或之后开始

之年度期间生效

于二零二七年一月一日或之后开始

之年度期间生效

尚未确定强制生效日期但可予以采

纳

本集团正在对该等准则之修订及新

订准则预计于首次应用期间产生的

影响作出评估。迄今为止，已得出结

论，采用该等准则之修订及新订准则

不大可能会对综合财务报表产生重

大影响。

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

�合财务报表乃根据�港�计师�颁

布之�港财务报告准则�计准则、�港普

�采用之�计原则以�司�例�制。�

外，�合财务报表包括联交所

GEM

证券上

市规则（「

GEM

上市规则」）之适用披露事

项。

�合财务报表之�制基准与截至二零二四

年三月三十一日止年度之�合财务报表所

采纳之�计政策一�，惟采纳�本年度生

效并载�合财务报表附注

与本�团�

关之�订╱经修订�港财务报告准则�计

准则除外。

�合财务报表按历史成本基准�制（下文

所载的�计政策中所述之以�平�计量之

投�物�除外）。

本�团采纳之主要�计政策概要载列如

下。

综合账目基准

�合财务报表包括本�司�本�司所控制

之实�（即其附属�司）之财务报表。倘若

附属�司�制其财务报表�，对類似�况

下的相同交易和事项，采用了不同�合

财务报表所采用的�计政策，则其财务报

表在用�制�合财务报表�，应作适当

的�整，以�证与本�团的�计政策�

一�。

3. MATERIAL ACOUNTING POLICIES

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards isued by the

HKICPA, acounting principles generaly acepted in Hong Kong

and the Companies Ordinance. In adition, the consolidated

financial statements include aplicable disclosures required

by the Rules Governing the Listing of Securities on GEM of the

Stock Exchange (the “GEM Listing Rules”).

The consolidated financial statements have ben prepared

on a basis consistent with the acounting policies adopted in

the consolidated financial statements for the year ended 31

March 2024 except for the adoption of the new/revised HKFRS

Acounting Standards in note 2 to the consolidated financial

statements that are relevant to the Group and efective from

the curent year.

The consolidated financial statements have ben prepared on

the historical cost basis except for investment property that is

measured at fair value as explained in the acounting policies

set out below.

A sumary of the principal acounting policies adopted by the

Group is set out below.

Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and entities controled by the

Company (i.e. its subsidiaries). If a subsidiary prepares its

financial statements using acounting policies other than

those adopted in the consolidated financial statements for like

transactions and events in similar circumstances, apropriate

adjustments are made to that subsidiary’s financial statements

in preparing the consolidated financial statements to ensure

conformity with the Group’s acounting policies.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

�合账目基准（�）

倘若本�团出现以下�况，即拥�控制

权：

(i)

对被投�方拥�控制权；

(i)

承担或具

�从参与被投�方营运所�可变回报之风

险或权利；�

(i)

�力利用其权力控制被

投�方从而影响其回报。当本�团拥�被

投�者之投�权不足大多�，则可透过：

(i)

与其他投�权�人订立合约安排；

(i)

产

生自其他合约安排的权利；

(i)

本�团之投

�权�在投�权；或

(iv)

根据所�相关事

实�况，结合上述方法，以取�对被投

�方之控制权。

倘�事实�况显�上述控制因素之一项

或多项出现变�，本�司�重�评估其是

否控制被投�方。附属�司�本�团取�

附属�司之控制权�开始�合入账，并�

本�团失去附属�司之控制权�终止。

附属�司之收入�开支由本�团取�控制

权当日�至本�团终止控制附属�司当日

计入�合损益�其他全面收益表。

所�团内之�产�负债、损益、收入、开

支以�与�团实�之间的交易相关的现金

�量乃�合账目�全�撇�。

倘本�团失去对附属�司之控制权，出售

�产生之损益按下列两者之差额计算：

(i)

�失去控制权当日已收代价之�平�与任

何�留权益之�平�之�和�

(i)

�失去控

制权当日附属�司�任何非控股权益之�

产（包括商誉）�负债之账面�。先�其

他全面收益确认之�关所出售附属�司之

金额按与假设本�司�接出售相关�产或

负债所须之同一基准入账。�附属�司

�留之任何投�附属�司结欠或应付

�附属�司之任何金额自失去控制权当日

起列账为金融�产、联营�司、合营�司

或其他（视适用�况而定）。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Basis of consolidation (Continued)

Control is achieved where the Group has: (i) the power over

the investe; (i) exposure, or rights, to variable returns from

its involvement with the investe; and (i) the ability to use its

power over the investe to afect the amount of the Group’s

returns. When the Group has les than a majority of the voting

rights of an investe, power over the investe may be obtained

through: (i) a contractual arangement with other vote holders;

(i) rights arising from other contractual arangements; (i)

the Group’s voting rights and potential voting rights; or (iv)

a combination of the above, based on al relevant facts and

circumstances.

The Company reases whether it controls an investe if facts

and circumstances indicate that there are changes to one or

more of these elements of control stated above. Consolidation

of a subsidiary begins when the Group obtains control of the

subsidiary and ceases when the Group loses control of the

subsidiary.

Income and expenses of subsidiaries 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.

Al intra-group asets and liabilities, profits or los, income,

expenses and cash flows relating to transactions betwen

entities of the Group are eliminated in ful on consolidation.

When the Group loses control of a subsidiary, the profit or

los on disposal is calculated as the diference betwen (i) the

agregate of the fair value of the consideration received and

the fair value of any retained interest determined at the date

when control is lost and (i) the carying amount of the asets

(including godwil), and liabilities of the subsidiary and any

non-controling interests at the date when control is lost. The

amounts previously recognised in other comprehensive income

in relation to the disposed subsidiary are acounted for on

the same basis as would be required if the parent had directly

disposed of the related asets or liabilities. Any investment

retained in the former subsidiary and any amounts owed by or

to the former subsidiary are acounted for as a financial aset,

asociate, joint venture or others as apropriate from the date

when control is lost.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

�合账目基准（�）

�配全面收益�额

附属�司损益�其他全面收益各组成部�

均归�本�司拥�人以�非控股权益。附

属�司全面收益�额归�本�司拥�人以

�非控股权益，即使�举�导�非控股权

益之余额出现亏绌。

业务合并

本�团应用收购法为�务合并入账，惟共

同控制下的�务合并则除外。收购一间附

属�司所转让的代价为所转移�产、所产

生负债�本�团发行股权的�平�。所转

让的代价包括或�代价安排产生的任何�

产或负债的�平�。在�务合并过程中购

入的可识别�产以�承担的负债�或�负

债，均�收购当日按其�平�作出初步计

量。

本�团按个别收购基准，确认在被收购方

的任何非控股权益。被收购方的非控股权

益为现�的拥�权益，并赋予其�人

权利在一旦�盘�按比例�占实�的净�

产，可按�平�或按现�拥�权益应占

被收购方可识别净�产的确认金额比例而

计量。非控股权益的所�其他组成部�按

收购日期的�平�计量，除非�港财务报

告准则规定必须以其他计量基准计算。

收购相关成本在产生�支�。

倘�务合并�阶段进行，收购方先�

的被收购方股本权益的账面�乃重�计量

至收购日期的�平�；�重�计量所产生

的任何收益或亏损�损益中确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Basis of consolidation (Continued)

Alocation of total comprehensive income

Profit or los and each component of other comprehensive

income of subsidiaries are atributed to the owners of the

Company and the non-controling interest. Total comprehensive

income of subsidiaries is atributed to the owners of the

Company and to the non-controling interest even if this results

in the non-controling interests having a deficit balance.

Busines combinations

The Group aplies the acquisition method to acount for

busines combinations except for busines combinations

under comon control. The consideration transfered for

the acquisition of a subsidiary is the fair values of the asets

transfered, the liabilities incured and the equity interests

isued by the Group. The consideration transfered includes the

fair value of any aset or liability resulting from a contingent

consideration arangement. Identifiable asets acquired and

liabilities and contingent liabilities asumed in a busines

combination are measured initialy at their fair values at the

acquisition date.

The Group recognises any non-controling interest in the

acquire on an acquisition-by-acquisition basis. Non-controling

interests in the acquire that are present ownership interests

and entitle their holders to a proportionate share of the entity’s

net asets in the event of liquidation are measured at either fair

value or the present ownership interests’ proportionate share

in the recognised amounts of the acquire’s identifiable net

asets. Al other components of non-controling interests are

measured at their acquisition date fair value, unles another

measurement basis is required by HKFRS.

Acquisition-related costs are expensed as incured.

If the busines combination is achieved in stages, the carying

amount of the acquirer’s previously held equity interest in the

acquire is re-measured to fair value at the acquisition date;

any gains or loses arising from such re-measurement are

recognised in profit and los.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

业务合并（续）

本�团所转让的任何或�代价�在收购当

日按�平�确认。被视为一项�产或负债

的或�代价�平�的�变动，�按照�

港财务报告准则第

号确认为损益或其他

全面收益变动。�類为权益的或�代价毋

须重�计量，而其�结算�权益入账。

商誉

所转让代价、被收购方任何非控股权益金

额�任何先�被收购方的股权�收购日

期的�平�高�所收购可识别�产净�的

�平�的部�均入账为商誉。就议价购买

而言，如转让代价、已确认非控股权益�

先�的计量权益�额低�所收购附属

�司�产净�的�平�，其差额�接在损

益中确认。

为进行减�测试，因�务合并产生之商誉

�配至预期�受惠�合并的协同效应之

各个或多组现金产生单位（「现金产生单

位」）。获�配商誉的各单位或各组单位代

表就内部管理目的而对商誉进行实�内之

�低�监�。商誉在经营�部�面受到监

�。

商誉每年进行减�核，或当�事件出现

或�况改变显�可�出现减�，作出更

频密�核。包括商誉在内的现金产生单位

账面�与可收回金额作比较，可收回金额

为使用价�与�允价�减出售成本之较高

者。任何减�即�确认为开支，且其�不

�拨回。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Busines combinations (Continued)

Any contingent consideration to be transfered by the Group

is recognised at fair value at the acquisition date. Subsequent

changes to the fair value of the contingent consideration that is

demed to be an aset or a liability is recognised in acordance

with HKFRS 9 either in profit and los or as a change to other

comprehensive income. Contingent consideration that is

clasified as equity is not remeasured, and its subsequent

setlement is acounted for within equity.

Godwil

The exces of the consideration transfered, the amount of any

non-controling interest in the acquire and the fair value of

any previous equity interest in the acquire at the acquisition

date over the fair value of the identifiable net asets acquired

is recorded as godwil. If the total of consideration transfered,

non-controling interest recognised and previously held interest

measured is les than the fair value of the net asets of the

subsidiary acquired in the case of a bargain purchase, the

diference is recognised directly in profit or los.

For the purpose of impairment testing, godwil acquired

in a busines combination is alocated to each of the cash-

generating units (“CGUs”), or groups of CGUs, that is expected

to benefit from the synergies of the combination. Each unit or

group of units to which the godwil is alocated represents the

lowest level within the entity at which the godwil is monitored

for internal management purposes. Godwil is monitored at

the operating segment level.

Godwil impairment reviews are undertaken anualy or

more frequently if events or changes in circumstances

indicate a potential impairment. The carying amount of the

CGU containing the godwil is compared to the recoverable

amount, which is the higher of value in use and the fair

value les costs of disposal. Any impairment is recognised

imediately as an expense and is not subsequently reversed.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

附属公司

�该�附注中列报的本�司财务状况表

内，�附属�司之投�是按成本扣除减�

亏损�入账。倘投�的账面价�高�可收

回金额，该投�的账面价�按个别基准，

减至其可回收金额。附属�司之�绩由本

�司按已收�应收股息基准入账。

分部报告

经营�部的呈报方式与向主要经营决策者

提供内部报告的方式一�。作出策略性决

定的执行董事为主要经营决策者，负责�

配�源�评估经营�部表现。

收益确认

�港财务报告准则第

号项下客户合约收

益

�品或服务之性质

本�团所提供�品或服务之性质如下：

－

美酒营�

－

提供装修�工程服务

－

提供设计�采购家具�相关产品服

务

－

就建�设�提供安装服务

－

提供金融服务，提供融�除外

3. MATERIAL ACOUNTING POLICIES

(Continued)

Subsidiaries

In the Company’s statement of financial position, which is

presented within these notes, investments in subsidiaries are

stated at cost les impairment loses. The carying amount of

the investment is reduced to its recoverable amount on an

individual basis, if it is higher than the recoverable amount. The

results of subsidiaries are acounted for by the Company on

the basis of dividends received and receivable.

Segment reporting

Operating segments are reported in a maner consistent with

the internal reporting provided to the chief operating decision-

maker. The chief operating decision-maker, who is responsible

for alocating resources and asesing performance of the

operating segments, has ben identified as the executive

directors that makes strategic decisions.

Revenue recognition

Revenue from contracts with customers within HKFRS

Nature of gods or services

The nature of the gods or services provided by the Group is as

folows:

– Sales of fine and rare wines

– Provision of fiting out and enginering services

– Provision of design and procurement of furnishing and

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

收益确认（续）

�港财务报告准则第

号项下客户合约收

益（�）

识别�约责任

�合约开始�，本�团评估与客户订立之

合约所承诺�品或服务并就�下列任何一

项转移予客户之个别承诺确认一项�约责

任：

(a)

一项明确�品或服务（或一批�品或

服务）；或

(b)

一系列大�相同且按相同形式转移

予客户之明确�品或服务。

倘符合下列�件，则承诺予客户之�品�

服务属明确：

(a)

客户可自�品或服务本身或�品或

服务连同客户可轻易取�之其他�

源受惠（即�品或服务可作区�）；�

(b)

本�团向客户转移�品或服务之承

诺可自合约其他承诺中独立识别（即

转移�品或服务之承诺�合约内容

中可作区�）。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue recognition (Continued)

Revenue from contracts with customers within HKFRS

15 (Continued)

Identification of performance obligations

At contract inception, the Group aseses the gods or

services promised in a contract with a customer and identifies

as a performance obligation each promise to transfer to the

customer either:

(a) a god or service (or a bundle of gods or services) that

is distinct; or

(b) a series of distinct gods or services that are

substantialy the same and that have the same patern of

transfer to the customer.

A god or service that is promised to a customer is distinct if

both of the folowing criteria are met:

(a) the customer can benefit from the god or service either

on its own or together with other resources that are

readily available to the customer (i.e. the god or service

is capable of being distinct); and

(b) the Group’s promise to transfer the god or service

to the customer is separately identifiable from other

promises in the contract (i.e. the promise to transfer

the god or service is distinct within the context of the

contract).

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

收益确认（续）

�港财务报告准则第

号项下客户合约收

益（�）

收益确认�间

本�团�或当透过�承诺�品或服务（即

�产）转移予客户完成�约责任�确认收

益。客户取�产之控制权�即�关�产

为已转移。倘符合以下任何一项�件，则

本�团�间转移�品或服务之控制权，

故�一段�间完成�约责任�确认收益：

(a)

客户�本�团�约�同�收取�利

用本�团�约所提供的利益；

(b)

本�团的�约创�或提升客户�

产获创�或提升�控制的�产（例如

在建工程）；或

(c)

本�团的�约未创�对本�团具�

�代用�的�产，而本�团�强制执

行权收取至今已�约部�的�项。

倘�约责任并非�一段�间完成，本�团

�客户取�承诺�产之控制权之�间点确

认�约责任。厘定控制权转移之�间�，

本�团认为控制权之概念�指�为合法所

�权、实�拥�、对付�之权利、�产拥�

权之重大风险�回报以�客户接纳。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue recognition (Continued)

Revenue from contracts with customers within HKFRS

15 (Continued)

Timing of revenue recognition

Revenue is recognised when (or as) the Group satisfies a

performance obligation by transfering a promised god or

service (i.e. an aset) to a customer. An aset is transfered

when (or as) the customer obtains control of that aset. The

Group transfers control of a god or service over time and,

therefore, satisfies a performance obligation and recognises

revenue over time, if one of the folowing criteria is met:

(a) the customer simultaneously receives and consumes

the benefits provided by the Group’s performance as the

Group performs;

(b) the Group’s performance creates or enhances an aset

(for example, work in progres) that the customer

controls as the aset is created or enhanced; or

an alternative use to the Group and the Group has an

enforceable right to payment for performance completed

to date.

If a performance obligation is not satisfied over time, the Group

satisfies the performance obligation at a point in time when the

customer obtains control of the promised aset. In determining

when the transfer of control ocurs, the Group considers the

concept of control and such indicators as legal title, physical

posesion, right to payment, significant risks and rewards of

ownership of the aset, and customer aceptance.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

收益确认（续）

�港财务报告准则第

号项下客户合约收

益（�）

收益确认�间（�）

本�团通过考虑客户類别、交易种類�每

项安排的�点确认其收益。收益按以下方

式确认：

美酒营�

本�团�售美酒。�售美酒的收益

�转让产品控制权（即产品交付客户

�）且并无影响客户接收产品的未�

行责任�的�间点确认。当产品运送

至指定地点，陈旧�亏损风险已转让

予客户，且客户根据�售合约接纳产

品、接收�已过期或本�团�客观

证据显�已经�行所�接收�件，则

代表发生交付。

提供装修�工程服务╱提供设计�

采购家具�相关产品服务╱就建�

设�提供安装服务

当合约与受客户管控的�产工程相

关，故本�团建�活动创�或提升受

客户管控的�产�，本�团�与客户

的合约归類为服务合约。

当服务合约的结果可合理计量�，

合约收益采用产出法�间确认（即

基�接计量已交付服务或已开展

工程测量的价�以�本�团所订立

合约的估计�收益）或如适用，�入

法（即根据迄今已配�的实�投入物

与估计�投入物的比例）计量完全�

行�约义务的进度。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue recognition (Continued)

Revenue from contracts with customers within HKFRS

15 (Continued)

Timing of revenue recognition (Continued)

The Group recognised its revenue by taking into consideration

the type of customers, the type of transactions and the

specifics of each arangement. Revenue is recognised as

folows:

i) Sales of fine and rare wines

The Group sels fine and rare wines. Revenue from sales

of fine and rare wines is recognised at a point in time

when control of the products has ben transfered, being

when the products are delivered to the customers, and

there is no unfulfiled obligation that could afect the

customers’ aceptance of the products. Delivery ocurs

when the products have ben delivered to the specified

location, the risks of obsolescence and los have ben

transfered to the customers, and either the customers

has acepted the products in acordance with the

sales contract, the aceptance provisions have lapsed,

or the Group has objective evidence that al criteria for

aceptance have ben satisfied.

i) Provision of fiting out and enginering services/Provision

of design and procurement of furnishing and related

products services/Provision of construction equipment

instalation services

A contract with a customer is clasified by the Group as

a service contract when the contract relates to work on

asets under the control of the customer and therefore

the Group’s activities create or enhance an aset under

the customer’s control.

When the outcome of a service contract can be

reasonably measured, revenue from the contract is

recognised over time using either the output method (i.e.

based on direct measurements of the value of services

delivered or measurement of work performed and the

estimated total revenue for the contracts entered into

by the Group) or the input method (i.e. based on the

proportion of the actual inputs deployed to date as

compared to the estimated total inputs), as apropriate,

to measure the progres towards complete satisfaction

of the performance obligation.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

收益确认（续）

�港财务报告准则第

号项下客户合约收

益（�）

收益确认�间（�）

提供装修�工程服务╱提供设计�

采购家具�相关产品服务╱就建�

设�提供安装服务（�）

倘项目依合约对本�团而言无�代

用�且本�团�强制执行权利就至

今已完成的�约部�向客户收取�

项，本�团�著�间�行�约责任，

因�根据计量进度的�入法�著�

间确认收益。

合约变量、申索�违约赔偿金的可�

性�作出该�估计�获考虑，并仅在

已确认累计收益金额很可�不�大

幅拨回�方�确认收益。

当合约的结果不�合理计量�，仅在

所产生的合约成本预期�收回�

方�确认收益。

倘�任何�间估计完成合约成本超

过合约代价剩余金额，则确认拨�。

�入法中应用的主要�入�据是：

－

提供装修�工程服务╱提供设

计�采购家具�相关产品服

务：已产生成本。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue recognition (Continued)

Revenue from contracts with customers within HKFRS

15 (Continued)

Timing of revenue recognition (Continued)

i) Provision of fiting out and enginering services/Provision

of design and procurement of furnishing and related

products services/Provision of construction equipment

instalation services (Continued)

If the projects have no alternative use to the Group

contractualy and the Group has an enforceable right to

payment from the customers for performance completed

to date, the Group satisfies the performance obligation

over time and therefore, recognises revenue over time

in acordance with the input method for measuring

progres.

The likelihod of contract variations, claims and

liquidated damages are taken into acount in making

these estimates, such that revenue is only recognised

to the extent that it is highly probable that a significant

reversal in the amount of cumulative revenue recognised

wil not ocur.

When the outcome of the contract canot be reasonably

measured, revenue is recognised only to the extent

of contract costs incured that are expected to be

recovered.

If at any time the costs to complete the contract are

estimated to exced the remaining amount of the

consideration under the contract, then a provision is

recognised.

The principal input aplied in the input method is:

– Provision of fiting out and enginering services/

provision of design and procurement of furnishing

and related products services: costs incured.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

收益确认（续）

�港财务报告准则第

号项下客户合约收

益（�）

收益确认�间（�）

提供装修�工程服务╱提供设计�

采购家具�相关产品服务╱就建�

设�提供安装服务（�）

产出法中应用的主要�入�据是：

－

提供装修�工程服务╱提供设

计�采购家具�相关产品服务

（仅适用�聘用了测量师的�

况）：迄今为止完成的绩效�

查。

－

就建�设�提供安装服务收

入：迄今为止已完成的面积（平

方�）。

提供金融服务，提供融�除外

经纪�务之�金收入按交易日基准

�一�间点记作收入。

包�金收入、�包�金收入、配

售�金�配售�金，乃�关重

要行动完成�按照相关协议或交易

授权之�一�间点确认为收

入。

�金证明�金以�结算�手�费收

入�安排�关交易或提供�关服务

�一�间点确认。

管理费�提供相关服务�间确

认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue recognition (Continued)

Revenue from contracts with customers within HKFRS

15 (Continued)

Timing of revenue recognition (Continued)

i) Provision of fiting out and enginering services/Provision

of design and procurement of furnishing and related

products services/Provision of construction equipment

instalation services (Continued)

The principal input aplied in the output method is:

– Provision of fiting out and enginering services/

provision of design and procurement of furnishing

and related products services (only aplicable

when surveyor was apointed): surveys of

performance completed to date.

– Instalation services income from construction

equipment: square meters of areas completed to

date.

i) Provision of financial services except for providing

finance

Comision income for broking busines is recorded as

income at a point in time on a trade date basis.

Underwriting comision income, sub-underwriting

income, placing comision and sub-placing comision

are recognised as income at a point in time in

acordance with the terms of the underlying agrement

or deal mandate when relevant significant act has ben

completed.

Prof of funds comision and clearing and handling

fe income are recognised at a point in time when the

relevant transactions have ben aranged or the relevant

services have ben rendered.

Management fe is recognised over time when the

relevant services have ben rendered.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

收益确认（续）

利息收入

利息收入�产生�按实�利息法确认。就

未出现信贷减�且按摊�成本计量的金融

�产而言，实�利率应用�产的账面�

�。就出现信贷减�的金融�产而言，实

�利率应用�产的摊�成本（即账面�

�扣除亏损拨�）。

租金收入

建�设�和投�物�之经营租赁的租金收

入在出租�产�以�线法在租赁期内确

认。

合约资产及合约负债

倘本�团�客户支付代价或付�到期�

�品或服务转让予客户，则合约呈列为合

约�产，惟不包括呈列为应收�项的任何

�项。相�，倘�本�团�品或服务转

让予客户�客户支付代价，或本�团拥�

无�件收取代价的权利，本�团在付�或

付�到期�（以较早者为准），则合约呈列

为合约负债。应收�项指本�团拥�无�

件收取代价的权利，或代价到期付�仅

需�间推移。

单一合约或一组相关合约以合约�产净�

或合约负债净额呈列。不相关合约的合约

�产与合约负债概不以净额基准呈列。

就装修�工程服务、设计�采购家具服务

�务的部�合约而言，本�团�服务完成

�或�品交付�（即�关交易的收益确认

�间）自客户收取全部或部�合约�项。本

�团确认合约负债�至合约负债确认为收

益。在�期间，除非利息开支合�格�本

�，任何重大融�成�（如适用）�计入合

约负债并按应计开支�。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Revenue recognition (Continued)

Interest income

Interest income is recognised as it acrues 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. For credit-

impaired financial asets, the efective interest rate is aplied

to the amortised cost (i.e. gros carying amount net of los

alowance) of the aset.

Rental income

Rental income from operating leases of construction

equipment and investment property is recognised when the

asets are let out and on the straight-line basis over the lease

term.

Contract asets and contract liabilities

If the Group performs by transfering gods or services to a

customer before the customer pays consideration or before

payment is due, the contract is presented as a contract aset,

excluding any amounts presented as a receivable. Conversely,

if a customer pays consideration, or the Group has a right to

an amount of consideration that is unconditional, before the

Group transfers a god or service to the customer, the contract

is presented as a contract liability when the payment is made

or the payment is due (whichever is earlier). A receivable is

the Group’s right to consideration that is unconditional or

only the pasage of time is required before payment of that

consideration is due.

For a single contract or a single set of related contracts, either

a net contract aset or a net contract liability is presented.

Contract asets and contract liabilities of unrelated contracts

are not presented on a net basis.

For some of the contracts for fiting out and enginering

services, design and procurement of furnishing services

busineses, the Group receives from the customer the whole

or some of the contractual payments before the services are

completed or when the gods are delivered (i.e. the timing

of revenue recognition for such transactions). The Group

recognises a contract liability until it is recognised as revenue.

During that period, any significant financing components, if

aplicable, wil be included in the contract liability and wil be

expensed as acrued unles the interest expense is eligible for

capitalisation.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

合约资产及合约负债（续）

另一方面，就装修�工程服务、设计�采

购家具�相关产品服务�务的部�合约而

言，根据�准付�间表，在完成服务或

交付�物之�，付�均未到期�不�向客

户收取。但是，对�類交易，收益�著

�间确认，因�，确认合约�产�至其成

为应收�项或已收付�。在�期间，任何

重大融�成�（如适用）�计入合约�产中

并确认为利息收入。

租赁

本�团�合约初始�评估合约是否为租赁

或包含租赁。倘合约为换取代价而给予在

一段�间内控制可识别�产使用的权利，

则该合约为租赁或包含租赁。

作为承租人

本�团对短期租赁�低价�产租赁应用

确认�免。该�租赁相关的租赁付�按�

线法�租赁期内确认为开支。

本�团已�择不从租赁组成部�中�离出

非租赁组成部�，并对各个租赁组成部�

�任何相关非租赁组成部�入账作为单独

租赁组成部�。

本�团未产生单独组成部�之应付�项被

视作�配至合约单独可识别组成部�之�

代价之一部�。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Contract asets and contract liabilities (Continued)

On the other hand, for some of the contracts for fiting out and

enginering services, design and procurement of furnishing

and related products services busineses, in acordance with

the standard payment schedules, payments are not due or

received from the customer until the services are completed or

when the gods are delivered. However, for such transactions,

revenue is recognised over time and therefore, a contract

aset is recognised until it becomes a receivable or payments

are received. During that period, any significant financing

components, if aplicable, wil be included in the contract aset

and recognised as interest income.

Leases

The Group aseses whether a contract is, or contains, a

lease at inception of the contract. A contract is, or contains,

a lease if the contract conveys the right to control the use

of an identified aset for a period of time in exchange for

consideration.

As lese

The Group aplies the recognition exemption to short-term

leases and low-value aset leases. Lease payments asociated

with these leases are recognised as an expense on a straight-

line basis over the lease term.

The Group has elected not to separate non-lease components

from lease components, and acounts for each lease

component and any asociated non-lease components as a

single lease component.

Amounts payable by the Group that do not give rise to a

separate component are considered to be part of the total

consideration that is alocated to the separately identified

components of the contract.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

租赁（续）

作为承租人（�）

本�团�租赁开始日期确认使用权�产�

租赁负债。

使用权�产乃按成本进行初始计量，其中

包括：

(a)

租赁负债的初始计量金额；

(b)

�开始日期或之�所作的任何租赁

付�，减已收取的任何租赁�惠；

(c)

本�团产生的任何初始�接成本；�

(d)

本�团拆除�移除相关�产、恢�相

关�产所在场地或�相关�产恢�

至租赁�件所规定状�予

产生的估计成本，除非该�成本乃因

生产存�而产生。

�，使用权�产按成本减任何累计折旧

�任何累计减�亏损计量，并就租赁负债

的任何重�计量作出�整。�租赁期�使

用权�产之估计可使用年期之较短者按�

线法计提折旧（除非租赁�租赁期结束�

�相关�产的所�权转移至本�团或倘使

用权�产的成本�映本�团�行使购买�

择权－�该�况下，�相关�产之估计

可使用年期内计提折旧）如下：

办�室物�

3.3

年

仓库

年

租赁负债乃按�合约开始日期尚未支付之

租赁付�现�进行初始计量。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Leases (Continued)

As lese (Continued)

The Group recognises a right-of-use aset and a lease liability at

the comencement date of the lease.

The right-of-use aset is initialy measured at cost, which

comprises:

(a) the amount of the initial measurement of the lease

liability;

(b) any lease payments made at or before the

comencement date, les any lease incentives received;

(d) an estimate of costs to be incured by the Group in

dismantling and removing the underlying aset, 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, unles those costs are incured

to produce inventories.

Subsequently, the right-of-use aset is measured at cost

les any acumulated depreciation and any acumulated

impairment loses and adjusted for any remeasurement of the

lease liability. Depreciation is provided on a straight-line basis

over the shorter of the lease term and the estimated useful

lives of the right-of-use asets (unles the lease transfers

ownership of the underlying aset to the Group by the end of

the lease term or if the cost of the right-of-use aset reflects

that the Group wil exercise a purchase option – in which case

depreciation is provided over the estimated useful life of the

underlying aset) as folows:

Ofice premises 3.3 years

Warehouse 6 years

The lease liability is initialy measured at the present value of

the lease payments that are not paid at the comencement

date of the contract.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

租赁（续）

作为承租人（�）

计入租赁负债计量的租赁付�包括下列�

租赁期内使用相关�产的权利且�开始日

期尚未支付之付�：

(a)

固定付�（包括实质性固定付�）减

任何应收租赁�惠；

(b)

取决�一项指�或比率之可变租赁

付�；

(c)

根据剩余价�担�预期应付之�项；

(d)

购买�择权的行使价（倘本�团合理

确定行使该权利）；�

(e)

终止租赁的罚�付�（倘租赁�

映本�团行使�择权终止租赁）。

租赁付�使用租赁的隐含利率贴现，或倘

该利率无法可�地厘定，则采用承租人之

�量借�利率。

�，租赁负债透过�加账面�以�映租

赁负债之利息�减账面�以�映已付的

租赁付�进行计量。

当租赁期出现变动而导�租赁付�变动或

重�评估本�团是否�合理确定行使购买

�择权�，租赁负债使用经修订贴现率进

行重�计量。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Leases (Continued)

As lese (Continued)

The lease payments included in the measurement of the lease

liability comprise the folowing payments for the right to use the

underlying aset during the lease term that are not paid at the

comencement date:

(a) fixed payments (including in-substance fixed payments),

les any lease incentives receivable;

(b) variable lease payments that depend on an index or a

rate;

guarantes;

(d) exercise price of a purchase option if the Group is

reasonably certain to exercise that option; and

(e) payments of penalties for terminating the lease, if the

lease term reflects the Group exercising an option to

terminate the lease.

The lease payments are discounted using the interest rate

implicit in the lease, or where it is not readily determinable, the

incremental borowing rate of the lese.

Subsequently, the lease liability is measured by increasing the

carying amount to reflect interest on the lease liability and by

reducing the carying amount to reflect the lease payments

made.

The lease liability is remeasured using a revised discount rate

when there are changes to the lease payments arising from a

change in the lease term or the reasesment of whether the

Group wil be reasonably certain to exercise a purchase option.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

租赁（续）

作为承租人（�）

本�团�租赁负债之重�计量金额确认为

对使用权�产之�整。倘使用权�产账面

�减�至零且�租赁负债计量进一步�

减，本�团�损益中确认任何重�计量

之剩余金额。

倘出现以下�况，租赁修改�作为一项单

独的租赁入账：

(a)

该项修改通过�加使用一项或多项

相关�产的权利�大了租赁范围；�

(b)

租赁的代价�加，�加的金额相当�

范围�大对应的单独价格，加上按照

�定合约的实�况对单独价格进

行的任何适当�整。

�租赁修改生效日，对�不属�单独租赁

入账的租赁修改，

(a)

本�团按上述相对独立价格在经修

改的合约中�配代价。

(b)

本�团厘定经修改合约的租赁期。

(c)

本�团通过在经修订的租赁期内使

用经修订的贴现率对经修订的租赁

付�进行贴现以重�计量租赁负债。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Leases (Continued)

As lese (Continued)

The Group recognises the amount of the remeasurement of

the lease liability as an adjustment to the right-of-use aset.

If the carying amount of the right-of-use aset is reduced to

zero and there is a further reduction in the measurement of the

lease liability, the Group recognises any remaining amount of

the remeasurement in profit or los.

A lease modification is acounted for as a separate lease if

(a) the modification increases the scope of the lease by

ading the right to use one or more underlying asets;

and

(b) the consideration for the lease 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.

When a lease modification is not acounted for as a separate

lease, at the efective date of the lease modification,

(a) the Group alocates the consideration in the modified

contract on the basis of relative stand-alone price as

described above.

(b) the Group determines the lease term of the modified

contract.

the revised lease payments using a revised discount rate

over the revised lease term.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

租赁（续）

作为承租人（�）

(d)

对�减�租赁范围的租赁修改，本�

团通过减�使用权�产的账面�以

�映租赁的部�或全部终止以�

损益中确认与租赁的部�或全部终

止�关的任何收益或亏损而�租赁

负债重�计量。

(e)

对�所�其他租赁修改，本�团通过

对使用权�产进行相应�整而对租

赁负债进行重�计量。

作为出租人

本�团�租赁开始日期�租赁各自�類为

融�租赁或营运租赁。倘租赁�相关�产

之拥�权的绝大部�风险�回报转移，则

�類为融�租赁。所�其他租赁均�類为

营运租赁。

作为出租人－营运租赁

本�团对营运租赁应收�项应用�港财务

报告准则第

号的取�确认�减�规定。

�经营租赁修改自修改生效日期起入账为

一项�租赁，当中已考虑与原租赁�关的

任何预付或应计租赁付�（作为�租赁的

租赁付�一部�）。

外币

�制各个别�团实�之财务报表�，以

该实�之功�币以外之�币（外币）进行

之交易乃按�交易日期之现行汇率以相关

功�币（即该实�经营所在之主要经�

环境之�币）记账。�报告期末，以外币计

�之�币项目乃按该日之现行汇率重�换

算。按�平�列账并以外币计�之非�币

项目乃按�厘定�平�当日之现行汇率重

�换算。以历史成本计量并以外币计�之

非�币项目不予重�换算。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Leases (Continued)

As lese (Continued)

(d) for lease modifications that decrease the scope of the

lease, the Group acounts for the remeasurement of the

lease liability by decreasing the carying amount of the

right-of-use aset to reflect the partial or ful termination

of the lease and recognising any gain or los relating to

the partial or ful termination of the lease in profit or los.

(e) for al other lease modifications, the Group acounts

for the remeasurement of the lease liability by making a

coresponding adjustment to the right-of-use aset.

As lesor

The Group clasifies each of its leases as either a finance lease

or an operating lease at the inception date of the lease. A lease

is clasified as a finance lease if it transfers substantialy al the

risks and rewards incidental to ownership of the underlying

aset. Al other leases are clasified as operating leases.

As lesor – operating lease

The Group aplies the derecognition and impairment

requirements in HKFRS 9 to the operating lease receivables.

A modification to an operating lease is acounted for as a new

lease from the efective date of the modification, considering

any prepaid or acrued lease payments relating to the original

lease as part of the lease payments for the new lease.

Foreign curencies

In preparing the financial statements of each individual group

entity, transactions in curencies other than the functional

curency of that entity (foreign curencies) are recorded in

the respective functional curency (i.e. the curency of the

primary economic environment in which the entity operates)

at the rates of exchanges prevailing at 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 at 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.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

外币（续）

结算�币项目�重�换算�币项目所产生

之汇�差额乃在其产生期间�损益中确

认。

重�换算非�币项目所产生之汇�差额乃

按�平�计入本期间损益，惟重�换算�

关盈亏�接�其他全面收益中确认之非�

币项目所产生之汇�差额则除外，在该�

况下，汇�差额�接�其他全面收益中

确认。

就呈列�合财务报表而言，本�团海外�

务之�产�负债乃按�各报告期末之现行

汇率换算为本�团之呈列�币（即港元），

而其收入�开支项目乃按本年度之平均汇

率换算。所产生之汇�差额（如�）乃�其

他全面收益中确认，并�外币储�项下在

权益中累计。

借贷成本

借贷成本乃�其产生期间�损益中确认。

拨备

当本�团因过往事件而须承担现�之法定

或推定责任，而�行该责任可�需要�出

�实现经�利益之�源且�关责任之金额

�可�估计�，即�确认拨�。已确认拨

�之支出�在产生支出年度与�关拨�

互相抵�。本�团�各报告期末审阅拨

�，并作出�整，以�映当�之�佳估计。

倘�关拨�金额之�间�影响重大，则拨

�金额应为�行责任预期所需支出之现

�。倘本�团预期拨�获�偿还，则

偿还�项�确认为个别�产，惟仅�偿还

实�上�定�方予确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Foreign curencies (Continued)

Exchange diferences arising on the setlement of monetary

items, and on the retranslation of monetary items, are

recognised in profit or los in the period in which they arise.

Exchange diferences arising on the retranslation of non-

monetary items caried at fair value are included in profit or

los for the period except for exchange diferences arising

on the retranslation of non-monetary items in respect of

which gains and loses are recognised directly in other

comprehensive income, in which cases, the exchange

diferences are also recognised directly in other comprehensive

income.

For the purposes of presenting the consolidated financial

statements, the asets and liabilities of the Group’s foreign

operations are translated into the presentation curency of

the Group (i.e. HK$) using exchange rates prevailing at the

end of each reporting period. Income and expenses items

are translated at the average exchange rates for the year.

Exchange diferences arising, if any, are recognised in other

comprehensive income and acumulated in equity under the

heading of exchange reserve.

Borowing costs

Borowing costs are recognised in profit or los in the period in

which they are incured.

Provisions

Provisions are recognised when the Group has a present legal

or constructive obligation as a result of past events, when it is

probable that an outflow of resources embodying economic

benefits wil be required to setle the obligation, and when a

reliable estimate of the amount of obligation can be made.

Expenditures for which a provision has ben recognised are

charged against the related provision in the year in which the

expenditures are incured. Provisions are reviewed at the end

of each reporting period and adjusted to reflect the curent

best estimate. Where the efect of the time value of money

is material, the amount provided is the present value of the

expenditures expected to be required to setle the obligation.

Where the Group expects a provision to be reimbursed, the

reimbursement is recognised as a separate aset but only

when the reimbursement is virtualy certain.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

股本

普通股�類为权益。

雇员福利

定额供�计划

�港定额供�退休计划之供�责任�产生

�在损益确认为开支。计划�产与本�团

�产�开由独立管理基金�。

根据中华人民共和国（「中国」）规则�规

例，本�团在中国成立的实�之�员需要

参与由本地政府营办之定额供�退休福利

计划。该�计划的供�产生�计入损益

�除该每月供�外，本�团并无其他支付

�员退休福利之责任。

并无任何上述计划没收之供�供�主扣减

现�供�水平。

短期�员福利

�员在提供相关服务期间所取�的工�、

�金、年假�病假�福利确认为负债，按

预期应支付以用�交换该�服务的福利的

未贴现�额计算。

就短期�员福利确认的负债按预期应支付

以用�交换相关服务的福利的未贴现�额

计量。

政府补助

倘�合理�证�可收取政府补助�符合

所�附带�件，则政府补助按其�平�确

认。倘补助与开支项目�关，则�按�系

�基准�补助与其拟补偿之成本配合之年

度确认为收入。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Share capital

Ordinary shares are clasified as equity.

Employe benefits

Defined contribution plans

The obligations for contributions to defined contribution

retirement scheme in Hong Kong are recognised as an expense

in profit or los as incured. The asets of the scheme are

held separately from those of the Group in an independently

administered fund.

In acordance with the rules and regulations in the People’s

Republic of China (the “PRC”), the employes of the Group’s

entities established in the PRC are required to participate

in defined contribution retirement plans organised by local

governments. Contributions to these plans are expensed

in profit or los as incured and other than these monthly

contributions, the Group has no further obligation for the

payment of retirement benefits to its employes.

No forfeited contributions for the above plans may be used by

the employer to reduce the existing level of contributions.

Short-term employe benefits

A liability is recognised for benefits acruing to employes in

respect of wages and salaries, anual leave and sick leave in

the period the related service is rendered at the undiscounted

amount of the benefits expected to be paid in exchange for

that service.

Liabilities recognised in respect of short-term employe

benefits are measured at the undiscounted amount of the

benefits expected to be paid in exchange for the related

service.

Government grants

Government grants are recognised at their fair value where

there is reasonable asurance that the grant wil be received

and al ataching conditions wil be complied with. When the

grant relates to an expense item, it is recognised as income

over the years necesary to match the grant on a systematic

basis to the costs that it is intended to compensate.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

税项

所�开支指即期应付�项�递延�项之

�和。

即期应付�项乃按本年度应课�溢利计

算。由�应课�溢利并无计入其他年度应

课�或可扣减之收入或开支项目，�无计

入毋须课�或不可扣减之项目，故�别�

�合损益�其他全面收益表所呈报之除�

�溢利。本�团之即期�项负债乃采用�

报告期末已颁布或实质上已颁布之�率计

算。

递延�项按�合财务报表内�产与负债账

面�与计算应课�溢利�采用之相应�基

之间之暂�差额予以确认。所�应课�暂

�差额一般确认为递延�项负债。倘可�

出现动用该�可扣减暂�差额之应课�溢

利，则所�可扣减暂�差额一般�确认为

递延�项�产。倘该暂�差额乃源自商誉

或一项交易（�务合并除外）中初步确认其

他�产�负债而该差额并无影响应课�溢

利或�计溢利，则不�确认该�递延�项

�产�负债。

除了当本�团�够控制其暂�差额和�不

�在可预见�来冲回暂�差额外，递延�

项负债就投�附属�司�联营�司以�

合营企�之权益确认应课�暂�差额。与

投�权益相关之可扣减暂�差额所产生

之递延�项�产，仅�在可预见�来�可

�具�足够应课�溢利抵�暂�差额之利

益以作回拨�，方�予以确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Taxation

Income tax expense represents the sum of the tax curently

payable and defered tax.

The tax curently payable is based on taxable profit for the

year. Taxable profit difers from profit before tax as reported

in the consolidated statement of profit or los and other

comprehensive income because it excludes items of income

or expense that are taxable or deductible in other years and it

further excludes items that are never taxable or deductible. The

Group’s liability for curent tax is calculated using tax rates that

have ben enacted or substantively enacted by the end of the

reporting period.

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities in the

consolidated financial statements and the coresponding tax

bases used in the computation of taxable profit. Defered tax

liabilities are generaly recognised for al taxable temporary

diferences. Defered tax asets are generaly recognised for al

deductible temporary diference 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 godwil or from the initial recognition

(other than in a busines combination) of other asets and

liabilities in a transaction that afects neither the taxable profit

nor the acounting profit.

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.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

税项（续）

�各报告期末检讨递延�项�产之账面

�，�减低至应课�溢利可�抵�全部

或部�可收回�产之程度。

递延�项�产�负债乃根据预期�偿负债

或变现�产期间应用之�率计量，而该�

率乃根据�报告期末已颁布或实质上已颁

布之�率（�法）厘定。

递延�项负债�产之计量�映本�团�

报告期末预期可收回或�偿其�产�负债

之账面�之方式�遵循之�务�果。

即期�递延�项�损益中确认，惟与在其

他全面收益中或�接�权益中确认之项目

�关者除外，在该�况下，即期�递延�

项�别�其他全面收益或�接�权益中

确认。当即期�递延�项产生自�务合并

的初始入账，�项影响计入�务合并入账

中。

持作出售之非流动资产

倘非�动�产之账面�主要透过出售交

易（而非透过�使用）收回，则�关非�

动�产�類为�作出售。�件仅�极

�可�出售且�产可以其现况供即�出售

�，方告达成。管理�须�力促成出售，且

预期由�類日期起计一年内符合�格确认

为已完成之出售。�類为�作出售之非�

动�产乃按过往账面�平�减出售成

本的较低者计量。

物业、机器及设备

物�、机器�设�按成本减累计折旧�累

计减�亏损（如�）列账。物�、机器�设�

项目之成本包括其购买价格�令�产达到

其计划使用之工作状况�位�之任何�接

应占成本。维修�养在发生的当年计入

损益。

3. MATERIAL ACOUNTING POLICIES

(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.

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.

Non-curent aset held for sale

Non-curent aset is clasified as held for sale if its carying

amount wil be recovered principaly through a sale transaction

rather than through continuing use. This condition is regarded

as met only when the sale is highly probable and the aset

is available for imediate sale in its present condition.

Management must be comited to the sale, which should be

expected to qualify for recognition as a completed sale within

one year from the date of clasification. Non-curent aset

clasified as held for sale are measured at the lower of their

previous carying amount and fair value les costs to sel.

Property, plant and equipment

Property, plant and equipment are stated at cost les

acumulated depreciation and impairment loses, if any. The

cost of an item of property, plant and equipment comprises its

purchase price and any directly atributable costs of bringing

the aset to its working condition and location for its intended

use. Repairs and maintenance are charged to profit or los

during the year in which they are incured.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

物业、机器及设备（续）

折旧乃采用�线法按物�、机器�设�之

估计可使用年期或折旧率以撇�其成本至

其剩余价�（如�）予以确认如下：

租赁物业装修尚余租期或

年

可使用期

家具和固定装置

年

办公室设备

年

汽车

年

建筑设备

年

估计可使用年期�折旧方法�各报告期

完结�审阅，若估计�任何变动，�关影

响�按预期基准入账。

物�、机器�设�项目�出售或当预期�

�使用该�产�不�产生未来经�利益�

终止确认。出售或报废物�、机器�设�

项目产生之任何盈亏按出售所�项与该

�产账面�之差额计算，并在该�产终止

确认的期间内在损益中确认。

投资物业

投�物�指为赚取租金�╱或�本�而

由拥�人或承租人�之物�。

投�物�初步按成本计量，当中包括任何

�接应占开支。�初步确认�，投�物�

按�平�计量。投�物�平�变动产生

之收益或亏损�产生期间计入损益。投�

物�之�平�乃根据独立专�合�格估�

师（其�获认可之专�格并�估�物

�之地点�類别方面拥�近经验）作出

之估�计算。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Property, plant and equipment (Continued)

Depreciation is recognised so as to write of the cost of

property, plant and equipment to their residual value, if any,

using the straight line method over their estimated useful lives

or depreciation rates as folows:

Leasehold improvementsUnexpired lease term or useful

life of 3 years

Furniture and fixtures3 years

Ofice equipment3 years

Motor vehicles3 years

Construction equipment5 years

The estimated useful lives 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 in the period in which the aset is

derecognised.

Investment property

Investment property is property held by owner or lese, to

earn rentals and/or for capital apreciation.

Investment property is initialy measured at cost, including

any directly atributable expenditure. Subsequent to initial

recognition, investment property is measured at its fair value.

Gains or loses arising from changes in the fair value of

investment property are included in profit or los for the period

in which they arise. The fair value of investment property is

based on a valuation by independent qualified profesional

valuer who holds a recognised profesional qualification and

has recent experience in the location and category of property

being valued.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

无形资产（商誉除外）

本�团所购无形�产按成本减累计摊�

（倘估计可使用年期为�限者）�减�亏

损列账。

如无形�产的可使用年期被评估为无确定

限期，则该�无形�产不�被摊�。�关

无形�产的可使用年期为无确定限期的任

何结论，�每年检讨以厘定事件�况是

否继�支�该�产的无确定限期可使用年

期评估。倘不继�支�，则可使用年期评

估自变�的日期起的变动根据上述�确定

使用年期的无形�产摊�政策进行处理。

非金融资产的减值（商誉除外）

�各报告期末，本�团审核内部�外部�

料来源，以评估其物�、机器�设�、无形

�产以�使用权�产是否�任何减�象

或先�已确认之减�亏损不再存在或可�

减�。倘存在任何�象，则根据其�平�

减出售成本与使用价�之较高者估计�产

之可收回金额。�外，本�团通过估计年

度可收回金额，并在�象显�产可�

发生减�，对其没�确定使用年限的无

形�产和尚不�用的无形�产进行减�测

试。倘无法估计个别�产之可收回金额，

则本�团估计独立产生现金�量之�小�

产组别（即现金产生单位）之可收回金额。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Intangible asets other than godwil

Intangible asets that are acquired by the Group are stated

at cost les acumulated amortisation (where the estimated

useful life is finite) and impairment loses.

Intangible asets are not amortised while their useful lives

are asesed to be indefinite. Any conclusion that the useful

life of an intangible aset is indefinite is reviewed anualy to

determine whether events and circumstances continue to

suport the indefinite useful life asesment for that aset. If

not, the change in the useful life asesment from the date

of change is in acordance with the policy for amortisation of

intangible asets with finite lives as set out above.

Impairment of non-financial asets, other than

godwil

At the end of each reporting period, the Group reviews internal

and external sources of information to ases whether there

is any indication that its property, plant and equipment,

intangible asets or right-of-use asets may be impaired or

impairment los previously recognised no longer exists or

may be reduced. If any such indication exists, the recoverable

amount of the aset is estimated, based on the higher of its

fair value les costs of disposal and value in use. In adition,

the Group tests its intangible asets that have indefinite useful

lives and intangible asets that are not yet available for use

for impairment by estimating their recoverable amount on an

anual basis and whenever there is an indication that those

asets may be impaired. Where it is not posible to estimate the

recoverable amount of an individual aset, the Group estimates

the recoverable amount of the smalest group of asets that

generates cash flows independently (i.e. cash-generating unit).

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

非金融资产的减值（商誉除外）（续）

倘�产或现金产生单位之可收回金额估计

�低�其账面�，则�产或现金产生单位

之账面�降至其可收回金额。减�亏损即

�损益确认为开支。

减�亏损之拨回以过往年度未确认减�亏

损�原应厘定之�产或现金产生单位之账

面�为限。减�亏损之拨回即�损益确

认为收入。

现金和现金等价物

�合财务状况表中之银行结余�现金包括

银行�手头现金以�三个月或三个月内到

期的短期存�。

就�合现金�量表而言，现金�现金�价

物包括现金�上文所界定之短期存�，除

却未偿还银行透支。

金融工具

金融�产�金融负债乃�团实�按交

易日基准成为工具合约�文之订约方�

确认。

金融�产�金融负债初步按�平�计量。

收购或发行金融�产�金融负债（不包括

按�平�计入损益的金融�产或金融负

债）�接应占之交易成本乃�初步确认�

加入或扣自金融�产或金融负债之�平�

（按适用�况）。收购按�平�计入损益之

金融�产或金融负债�接应占之交易成本

立即�损益中确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Impairment of non-financial asets, other than

godwil (Continued)

If the recoverable amount of an aset or a cash-generating unit

is estimated to be les than its carying amount, the carying

amount of the aset or cash-generating unit is reduced to its

recoverable amount. Impairment loses are recognised as

expense in profit or los imediately.

A reversal of impairment los is limited to the carying amount

of the aset or cash-generating unit that would have ben

determined had no impairment los ben recognised in prior

years. Reversal of impairment los is recognised as income in

profit or los imediately.

Cash and cash equivalents

Bank balances and cash in the consolidated statement of

financial position comprise cash at banks and on hand and

short-term deposits with a maturity of thre months or les.

For the purpose of the consolidated statement of cash flows,

cash and cash equivalents consist of cash and short-term

deposits, as defined above, net of outstanding bank overdrafts.

Financial instruments

Financial asets and financial liabilities are recognised when a

group entity becomes a party to the contractual provisions of

the instrument on a trade date basis.

Financial asets and financial liabilities are initialy measured

at fair value. Transaction costs that are directly atributable

to the acquisition or isue of financial asets and financial

liabilities (other than financial asets or financial liabilities at

fair value through profit or los) are aded to or deducted from

the fair value of the financial asets or financial liabilities, as

apropriate, on initial recognition. Transaction costs directly

atributable to the acquisition of financial asets or financial

liabilities at fair value through profit or los are recognised

imediately in profit or los.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

金融工具（续）

金融�产

�類

本�团�其金融�产按以下计量類别�

類：

•

其�按�平�（计入其他全面收益

或计入损益）计量；�

•

�按摊�成本计量。

该�類取决�实�管理金融�产�现金�

量合约期的�务模式。

就按�平�计量的�产而言，其收益�亏

损�损益或其他全面收益列账。对�并非

�作买卖的权益工具投�，则取决�本�

团是否�初始确认�不可�地�择按�

平�计入其他全面收益对权益投�列账。

仅当管理该�产的�务模式发生变动

�，本�团才对债务投�进行重�類。

确认�终止确认

金融�产之常规购入�出售�交易日确

认。交易日指本�团承诺购入或出售该�

产之日。本�团仅在自�产收取现金�量

之合约权利届满或其向另一实�转让金融

�产�产拥�权之绝大部�风险�回报

�终止确认该金融�产。倘本�团既没�

转让也没�留拥�权的绝大部�风险�

回报，并继�控制已转让�产，本�团�

继�确认�产，惟以其继�涉�之程度为

限，并确认相关负债。倘本�团�留已转

让金融�产拥�权之绝大部�风险�回

报，本�团�继�确认金融�产，�就已

收所�项确认已抵押借贷。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Financial asets

Clasification

The Group clasifies its financial asets in the folowing

measurement categories:

• those to be measured subsequently at fair value (either

through other comprehensive income, or through profit

or los); and

• those to be measured at amortised cost.

The clasification depends on the entity’s busines model for

managing the financial asets and the contractual terms of the

cash flows.

For asets measured at fair value, gains and loses wil either

be recorded in profit or los or other comprehensive income.

For investments in equity instruments that are not held for

trading, this wil depend on whether the Group has made

an irevocable election at the time of initial recognition to

acount for the equity investment at fair value through other

comprehensive income.

The Group reclasifies debt investments when and only when

its busines model for managing those asets changes.

Recognition and derecognition

Regular way purchases and sales of financial asets are

recognised on trade-date, the date on which the Group

comits to purchase or sel the aset. The Group derecognises

a financial aset only when the contractual rights to the cash

flows from the aset expire, or when it transfers the financial

aset and substantialy al the risks and rewards of ownership

of the aset to another entity. If the Group neither transfers

nor retains substantialy al the risks and rewards of ownership

and continues to control the transfered aset, the Group

continues to recognise the aset to the extent of its continuing

involvement and recognises an asociated liability. 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.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

金融工具（续）

金融�产（�）

计量

�初始确认�，本�团按�平�计量金融

�产，倘金融�产并非按�平�计入损

益，则另加收购该金融�产�接应占的交

易成本。按�平�损益列账之金融�产

的交易成本�损益支�。

债务工具

债务工具的�计量取决�本�团管理�

产�产现金�量�征的�务模式。本�

团�债务工具�为三个计量類别：

•

摊�成本：就�作收回合约现金�量

的�产而言，倘�关�产的现金�量

纯�为支付本金�利息，则按摊�成

本计量。来自该�金融�产的利息收

入按实�利率法计入财务收入。终止

确认产生的任何收益或亏损连同外

汇收益�亏损�损益中�接确认�

呈列�其他收益╱（亏损）。减�亏损

�合损益表中呈列为单独列出的

项目。

•

按�平�计入其他全面收益：就�

作收回合约现金�量�出售金融�

产的�产而言，倘�关�产的现金�

量纯�为支付本金�利息，则按�平

�计入其他全面收益（「其他全面收

益」）计量。账面�变动计入其他全

面收益，惟�损益确认的减�收益或

亏损、利息收入�外汇收益�亏损除

外。终止确认金融�产�，先�其

他全面收益确认的累计收益或亏损

由权益重�類至损益�其他收

益╱（亏损）确认。来自该�金融�产

的利息收入按实�利率法计入财务

收入。外汇收益�亏损呈列�其他收

益╱（亏损），减�开支则�合损益

表中呈列为单独列出的项目。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Measurement

At initial recognition, the Group measures a financial aset at

its fair value plus, in the case of a financial aset not at fair

value through profit or los, transaction costs that are directly

atributable to the acquisition of the financial aset. Transaction

costs of financial asets caried at fair value through profit or

los are expensed in profit or los.

Debt instruments

Subsequent measurement of debt instruments depends on the

Group’s busines model for managing the aset and the cash

flow characteristics of the aset. There are thre measurement

categories into which the Group clasifies its debt instruments:

: Asets that are held for colection

of contractual cash flows where those cash flows

represent solely payments of principal and interest are

measured at amortised cost. Interest income from these

financial asets is included in finance income using

the efective interest method. Any gain or los arising

on derecognition is recognised directly in profit or los

and presented in other gains/(loses) together with

foreign exchange gains and loses. Impairment loses

are presented as separate line item in the consolidated

statement of profit or los.

: Asets

that are held for colection of contractual cash flows and

for seling the financial asets, where the asets’ cash

flows represent solely payments of principal and interest,

are measured at fair value through other comprehensive

income (“OCI”). Movements in the carying amount

are taken through OCI, except for the recognition of

impairment gains or loses, interest income and foreign

exchange gains and loses which are recognised in profit

or los. When the financial aset is derecognised, the

cumulative gain or los previously recognised in OCI is

reclasified from equity to profit or los and recognised in

other gains/(loses). Interest income from these financial

asets is included in finance income using the efective

interest method. Foreign exchange gains and loses

are presented in other gains/(loses) and impairment

expenses are presented as separate line item in the

consolidated statement of profit or los.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

金融工具（续）

金融�产（�）

债务工具（�）

•

按�平�计入损益：未符合按摊�成

本或按�平�计入其他全面收益计

量�准的�产乃按�平�计入损益

计量。其�按�平�计入损益计量的

债务投�所产生的收益或亏损�产

生期间�损益确认�呈列�其他收

益╱（亏损）呈列为净�。

减�

对�以摊�成本列账的债务工具�合约�

产，本�团就其预期信贷亏损（「预期信贷

亏损」）做出�瞻性评估，减�方法取决�

其信贷风险是否显著�加。

除贸易应收�项外，按摊�成本计量之金

融�产减�按

个月预期信贷亏损或全期

预期信贷亏损计量，视乎信贷风险�初始

确认�否大幅升高而定。倘应收�项信

贷风险�初始确认�大幅升高，则其减�

按全期预期信贷亏损计量。

倘信贷风险大幅升高或应收�项未按合约

�支付，管理�认为�類应收�项为

关注�或不良�，其减�按全期预期信贷

亏损计量。

计量预期信贷亏损

预期信贷亏损为金融工具预期使用期限内

信贷亏损之概率加权估计（即所�现金差

额之现�）。

就金融�产而言，信贷亏损为根据合约应

付予实�之合约现金�量与实�预期收取

之现金�量之差额之现�。就租赁应收�

项而言，用�确定预期信贷亏损的现金�

量应与按照�港财务报告准则第

号计量

租赁应收�项所使用的现金�量一�。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Financial asets (Continued)

Debt instruments (Continued)

: Asets that do not met

the criteria for amortised cost or fair value through

other comprehensive income are measured at fair value

through profit or los. A gain or los on a debt investment

that is subsequently measured at fair value through profit

or los is recognised in profit or los and presented net

within other gains/(loses) in the period in which it arises.

Impairment

The Group aseses on a forward loking basis the expected

credit loses (“ECL”) asociated with its debt instruments

caried at amortised cost and contract asets. The impairment

methodology aplied depends on whether there has ben a

significant increase in credit risk.

Impairment on financial asets measured at amortised cost

other than trade receivables is measured as either 12-month

ECL or lifetime ECL, depending on whether there has ben a

significant increase in credit risk since initial recognition. If a

significant increase in credit risk of a receivable has ocured

since initial recognition, then impairment is measured as

lifetime ECL.

When there is a significant increase in credit risk or the

proceds receivables are not setled in acordance with the

terms stipulated in the agrements, management considers

these receivables as underperforming or non-performing and

impairment is measured as lifetime ECL.

Measurement of ECL

ECL is a probability-weighted estimate of credit loses (i.e. the

present value of al cash shortfals) over the expected life of the

financial instrument.

For financial asets, a credit los is the present value of the

diference betwen the contractual cash flows that are due to

an entity under the contract and the cash flows that the entity

expects to receive. For a lease receivable, the cash flows used

for determining the ECL should be consistent with the cash

flows used in measuring the lease receivable in acordance

with HKFRS 16.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

金融工具（续）

减�（�）

计量预期信贷亏损（�）

全期预期信贷亏损指在金融工具预期使用

期限内发生所�可�违约事件而导�之预

期信贷亏损，而

个月预期信贷亏损则指

在金融工具预期可�报告日期�

个月

内发生违约事件而导�之部�全期预期信

贷亏损。

预期信贷亏损按共同基准计量�，金融工

具根据以下一项或多项共同信贷风险�征

�類：

(i)

�期�料

(i)

工具性质

(i)

抵押品性质

(iv)

债务人之行�

(v)

债务人之地区

(vi)

外界信贷风险评�

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Impairment (Continued)

Measurement of ECL (Continued)

Lifetime ECL represents the ECL that wil result from al posible

default events over the expected life of a financial instrument

while 12-month ECL represents the portion of lifetime ECL

that is expected to result from default events on a financial

instrument that are posible within 12 months after the

reporting date.

Where ECL is measured on a colective basis, the financial

instruments are grouped based on the folowing one or more

shared credit risk characteristics:

(i) past due information

(i) nature of instrument

(i) nature of colateral

(iv) industry of debtors

(v) geographical location of debtors

(vi) external credit risk ratings

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

金融工具（续）

减�（�）

计量预期信贷亏损（�）

亏损拨�各报告日期进行重�计量以�

映金融工具自初步确认以来的信贷风险�

亏损变动。亏损拨�产生的变动�损益中

确认为减�收益或亏损，并相应�整金融

工具的账面�，惟债务工具按�平�计入

其他全面收益的�况除外，其中亏损拨�

乃�其他全面收益中确认�平�储�

（可划转）累计。

违约定义

本�团认为以下�况就内部信贷风险管

理目的而言构成违约事件，原因为过往经

验显�，倘金融工具符合以下任何一项�

件，本�团可�无法悉�收取未偿还合约

金额。

(i)

内部�出或自外界�料来源取�之

�料显�债务人不可�向其偿权人

（包括本�团）悉�付�（不计�本

�团所�任何抵押品）；或

(i)

交易对手违�财务契诺。

无论上述�析如何，本�团均认为当金融

�产�期超过

天，则发生违约事件，除

非本�团�合理且�依据�料�明更宽

�的违约�准更为合适，则作别论。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Impairment (Continued)

Measurement of ECL (Continued)

Los alowance is remeasured at each reporting date to reflect

changes in the financial instrument’s credit risk and los since

initial recognition. The resulting changes in the los alowance

are recognised as an impairment gain or los in profit or los

with a coresponding adjustment to the carying amount of the

financial instrument, except in the case of debt instruments

measured at fair value through OCI, the los alowance is

recognised in other comprehensive income and acumulated

in the fair value reserve (recycling).

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 the Group may not receive

the outstanding contractual amounts in ful if the financial

instrument that mets any of the folowing criteria.

(i) 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); or

(i) there is a breach of financial covenants by the

counterparty.

Irespective of the above analysis, the Group considers that

default has ocured when a financial aset is more than

90 days past due unles the Group has reasonable and

suportable information to demonstrate that a more laging

default criterion is more apropriate.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

金融工具（续）

减�（�）

评估信贷风险大幅�加

在评估自初始确认起金融工具之信贷风险

是否大幅�加�，本�团�比较�报告日

期金融工具发生违约的风险与�初始确认

日期金融工具发生违约的风险。�作出评

估�，本�团考虑合理�依据的定量�

定性�料，包括过往经验�毋需付出过多

成本或努力即可取�的�瞻性�料。尤其

是，在评估中�计�下列�料：

•

债务人无法�到期日支付本金或利

息；

•

金融机构外部或内部信贷评�（如可

�）出现实�或预期显著恶�；

•

债务人经营�绩出现实�或预期显

著恶�；�

•

已经或可�对债务人向本�团�行

其责任之�力�成重大不利影响的

技术、市场、经�或法律环境出现实

�或预期变动。

尽管�上述评估结果，倘合约付�期

天以上，则本�团假定金融工具的信贷风

险自首�确认起大幅�加。

低信贷风险

倘符合下列�件，则金融工具被视为具低

信贷风险：

(i)

其违约风险相当低；

(i)

借�人�稳健�力�短期内达成其

合约现金�量承担；�

(i)

经�务状况之长远不利变动或

�但不一定减低借�人达成其合约

现金�量承担的�力。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Impairment (Continued)

Asesment of significant increase in credit risk

In asesing whether the credit risk on a financial instrument

has increased significantly since initial recognition, the Group

compares the risk of a default ocuring on the financial

instrument as at the reporting date with the risk of a default

ocuring on the financial instrument as at the date of initial

recognition. In making this asesment, the Group considers

both quantitative and qualitative information that is reasonable

and suportable, including historical experience and forward-

loking information that is available without undue cost or

efort. In particular, the folowing information is taken into

acount in the asesment:

’s failure to make payments of principal or

interest on the due dates;

• an actual or expected significant deterioration in the

financial instrument’s external or internal credit rating (if

available);

• an actual or expected significant deterioration in the

operating results of the debtor; and

, market,

economic or legal environment that have or may have a

significant adverse efect on the debtor’s ability to met

its obligation to the Group.

Irespective of the outcome of the above asesment, the

Group presumes that the credit risk on a financial instrument

has increased significantly since initial recognition when

contractual payments are more than 30 days past due.

Low credit risk

A financial instrument is determined to have low credit risk if:

(i) it has a low risk of default;

(i) the borower has a strong capacity to met its

contractual cash flow obligations in the near term; and

(i) adverse changes in economic and busines conditions in

the longer term may, but wil not necesarily, reduce the

ability of the borower to fulfil its contractual cash flow

obligations.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

金融工具（续）

减�（�）

低信贷风险（�）

诚如�合财务报表附注

6(b)

所详述，银行结

余�其他应收�项被确定具�较低的信用

风险。

预期信贷亏损之简�法

本�团就贸易应收�项、营运租赁应收�

项�合约�产应用简�法计算预期信贷

亏损。本�团�各报告日期根据全期预期

信贷亏损确认亏损拨�，并已设立拨�矩

阵，以其过往信贷亏损经验为基准，并就

应收账�经�环境之�定�瞻性因素作

出�整。

信贷减�金融�产

金融�产在一项或以上事件（对该金融�

产估计未来现金�量构成不利影响）发生

�出现信贷减�。金融�产出现信贷减�

之证据包括�关下列事件之可观�据：

(a)

发行人或借�人的重大财困。

(b)

违�合约（如违约或�期事件）。

(c)

借�人的贷�人因�关借�人财困

的经�或合约理由而向借�人批出

贷�人不�另行考虑的�惠。

(d)

借�人�可�陷入破产或其他财务

重组。

(e)

因财困导�金融�产失去活跃市场。

(f)

按�映已产生信贷亏损之大幅折扣

购买或发起金融�产。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Impairment (Continued)

Low credit risk (Continued)

As detailed in note 6(b) to the consolidated financial

statements, bank balances and other receivables are

determined to have low credit risk.

Simplified aproach of ECL

For trade receivables, operating lease receivables and contract

asets, the Group aplies a simplified aproach in calculating

ECL. The Group recognises a los alowance based on lifetime

ECL at each reporting date and has established a provision

matrix that is based on its historical credit los experience,

adjusted for forward-loking factors specific to the debtors and

the economic environment.

Credit-impaired financial aset

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 include observable data about

the folowing events:

(a) significant financial dificulty of the isuer or the

borower.

(b) a breach of contract, such as a default or past due event.

reasons relating to the borower’s financial dificulty,

having granted to the borower a concesion(s) that the

lender(s) would not otherwise consider.

(d) it is becoming probable that the borower wil enter

bankruptcy or other financial reorganisation.

(e) the disapearance of an active market for that financial

aset because of financial dificulties.

(f) the purchase or origination of a financial aset at a dep

discount that reflects the incured credit loses.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

金融工具（续）

减�（�）

撇�

当管理�认为没�合理的预期回收�，

�撇�以摊余成本计量的金融�产。本�

团设�政策，根据收回相似�产之过往经

验，撇�账面�。�而，在考虑法律意见

（如适用）�，所撇�金融�产仍可根据本

�团收回过期�项之程序实施强制执行。

任何其�进行的收回均�损益确认。

金融负债�股本工具

由�团实�发行之债务�股本工具按所订

立合约安排之内容，以�金融负债�股本

工具之定义�類为金融负债或权益。

其他金融负债

其他金融负债包括贸易�其他应付�项�

租赁负债其�采用实�利率法按摊�成本

计量。

实�利率法

实�利率法乃计算金融负债之摊�成本�

�关期间�配利息开支之方法。实�利

率乃按金融负债之预计年期或（如适用）较

短期间，�估计未来现金付�（包括构成实

�利率一部�之所�已付或已收费用、交

易成本�其他溢价或折价）准确贴现至初

步确认�之账面净�之利率。利息开支乃

按实�利率基准确认。

股本工具

股本工具为证明�一实�产具�剩余权

益（经扣除其所�负债）之任何合约。本�

司发行之股本工具乃按已收所�项扣除

�接发行成本确认。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Impairment (Continued)

Write-of

When management considers that there is no reasonable

expectation of recovery, the financial asets measured at

amortised cost wil be writen of. The Group has a policy

of writing of the gros carying amount based on historical

experience of recoveries of similar asets. However, financial

asets that are writen of could stil be subject to enforcement

activities under the Group’s procedures for recovery of

amounts due, taking into acount legal advice if apropriate.

Any subsequent recovery is recognised in profit or los.

Financial liabilities and equity instruments

Debt and equity instruments isued by a group entity are

clasified as either financial liabilities or as equity in acordance

with the substance of the contractual arangements entered

into and the definitions of a financial liability and an equity

instrument.

Other financial liabilities

Other financial liabilities including trade and other payables and

lease liabilities are subsequently measured at amortised cost,

using the efective interest method.

Efective interest method

The efective interest method is a method of calculating the

amortised cost of a financial liability and of alocating interest

expense over the relevant period. The efective interest

rate is the rate that exactly discounts estimated future cash

payments (including al fes 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 liability, or, where apropriate, a shorter period to the

net carying amount on initial recognition. Interest expense is

recognised on an efective interest basis.

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.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

金融工具（续）

金融负债�股本工具（�）

终止确认

仅当本�团之责任获解除、取�或届满

�，本�团�终止确认该金融负债。已终

止确认金融负债之账面�与已付�应付代

价之差额�损益中确认。

存货

存�乃按成本与可变现净�两者之较低者

列账。成本�别为建�物料使用先进先出

法计算�为美酒使用加权平均法计算。可

变现净�指存�之估计售价减估计完工成

本�售所需之所�成本。

关连方

关连方为与本�团�关连之个人或实�。

(a)

倘该名人士符合下列�件，该名人士

或其家族之近�与本�团�关连：

(i)

对本�团拥�控制权或共同控

制权；

(i)

对本�团拥�重大影响；或

(i)

本�团之主要管理人员。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Financial instruments (Continued)

Financial liabilities and equity instruments (Continued)

Derecognition

The Group derecognised financial liabilities when, and only

when, the Group’s obligations are discharged, canceled or

expire. The diference betwen the carying amount of the

financial liability derecognised and the consideration paid and

payable is recognised in profit or los.

Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost is calculated using the first in, first out for

construction materials and weighted average method for fine

and rare wines. Net realisable value represents the estimated

seling price for inventories les al estimated costs of

completion and costs necesary to make the sale.

Related parties

A related party is a person or entity that is related to the Group.

(a) A person or a close member of that person’s family is

related to the Group if that person:

(i) has control or joint control over the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel of

the Group.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

关连方（续）

(b)

倘下列任何�件适用，则该实�与本

�团�关连：

(i)

实�与本�团为同一�团成员

（即母�司、附属�司�同系

附属�司各自彼�相互关连）。

(i)

�一实�为另一实�之联营�

司或合营�司（或为另一实�

所属�团成员之联营�司或合

营�司）。

(i)

实�均为同一第三方之合营�

司。

(iv)

�一实�为第三方实�之合营

�司，而另一实�为第三方实

�之联营�司。

(v)

实�为就本�团或与本�团�

关之实�之�员福利设立之离

职�福利计划。倘本�团本身

设立该离职�福利计划，则提

供�助之�主�与本�团�关

连。

(vi)

实�受

(a)

所界定人士控制或共

同控制。

(vi) (a)(i)

所界定人士对实�拥�重

大影响力或为该实�或其母�

司之主要管理人员。

(vi)

实�或所属�团旗下任何成员

�司向本�团提供主要管理人

员服务。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Related parties (Continued)

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

conditions aplies:

(i) The entity and the Group are members of the same

group (which means that each parent, subsidiary

and felow subsidiary is related to the others).

(i) One entity is an asociate or joint venture of the

other entity (or an asociate or joint venture of a

member of a group of which the other entity is a

member).

(i) Both entities are joint ventures of the same third

party.

(iv) One entity is a joint venture of a third entity and

the other entity is an asociate of the third entity.

(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. If the Group is itself

such a plan, the sponsoring employers are also

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.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计政策

（�）

关连方（续）

�人士之近�是指与该实�交易�预期可

影响该名人士或受该名人士影响之家族成

员，包括：

(a)

该名人士之子女�配偶或家庭伴侣；

(b)

该名人士之配偶或家庭伴侣之子女；

�

(c)

该名人士或其配偶或家庭伴侣之受

养人。

关连方之定义中指明，联营�司包括联营

�司之附属�司，而合营�司包括合营�

司之附属�司。

公平值计量

就减�评估而言，倘市场参与者�计量日

期对�产定价�考虑其�征，则本�团在

计量�平�考虑该�征。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Related parties (Continued)

Close members of the family of a person are those family

members who may be expected to influence, or be influenced

by, that person in their dealings with the entity and include:

(a) that person’s children and spouse or domestic partner;

(b) children of that person’s spouse or domestic partner; and

domestic partner.

In the definition of a related party, an asociate includes

subsidiaries of the asociate and a joint venture includes

subsidiaries of the joint venture.

Fair value measurement

When measuring fair value for the purpose of impairment

asesment, the Group takes into acount the characteristics

of the aset if market participants would take those

characteristics into acount when pricing the aset at the

measurement date.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计政策

（�）

公平值计量（续）

非金融�产之�平�计量计�市场参与者

透过使用其�产之�高�佳用�或透过

�产出售予�使用其�高�佳用�之

另一名市场参与者而�够产生经�利益之

�力。

本�团使用在不同�况下适当之估�技

术，为计量�平�获取�足之�据，�大

�使用相关可观�入�据，�小�使用

不可观�入�据。具�而言，本�团根

据�入�据之�征�平�计量�为以下

三�：

第一级－同类资产或负债于活跃市场

之报价（未经调整）。

第二级－估值技术（对公平值计量而

言属重要之最低层级输入数

据可直接或间接观察）。

第三级－估值技术（对公平值计量而

言属重要之最低层级输入数

据不可观察）。

�报告期末，本�团厘定�产�负债之�

平�是否已发生转移，�平�乃

通过审阅其各自之�平�计量按经常性基

准以计量�平�。

3. MATERIAL ACOUNTING POLICIES

(Continued)

Fair value measurement (Continued)

A fair value measurement of a non-financial aset takes into

acount a market participant’s ability to generate economic

benefits by using the aset in its highest and best use or by

seling it to another market participant that would use the aset

in its highest and best use.

The Group uses valuation techniques that are apropriate in

the circumstances and for which suficient data are available to

measure fair value, maximising the use of relevant observable

inputs and minimising the use of unobservable inputs.

Specificaly, the Group categorises the fair value measurements

into thre levels, based on the characteristics of inputs, as

folows:

Level 1–Quoted (unadjusted) market prices in active

markets for identical asets or liabilities.

Level 2–Valuation techniques for which the lowest

level input that is significant to the fair value

measurement is directly or indirectly observable.

Level 3–Valuation techniques for which the lowest

level input that is significant to the fair value

measurement is unobservable.

At the end of the reporting period, the Group determines

whether transfer ocur betwen levels of the fair value

hierarchy for asets and liabilities which are measured at fair

value on recuring basis by reviewing their respective fair value

measurement.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计判断�估计不确定性之

主要来源

�应用�合财务报表附注

所述本�团之

�计政策�，本�司董事须作出�关难以

从其他来源获�之�产�负债账面�之判

断、估计�假设。该�估计�相关假设�

基�过往经验�其他视为相关的因素。实

�结果可�别�该�估计。

估计�相关假设按�基准检讨。倘�计

估计之修订仅影响估计修订之期间，则�

关修订�该期间确认，或倘该项修订影响

现�未来期间，则�关修订�修订期间

�未来期间确认。

�应用本�团�计政策�作出之关键

判断

除本�司董事�应用本�团�计政策之过

程中涉�估计之关键判断（见下文）以外，

以下为对在�合财务报表确认之金额�

重大影响之关键判断。

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY

In the aplication of the Group’s acounting policies, which are

described in note 3 to the consolidated financial statements,

the directors of the Company are required to make judgements,

estimates and asumptions about the carying amounts of

asets and liabilities that are not readily aparent from other

sources. The estimates and asociated asumptions are based

on historical experience and other factors that are considered

to be relevant. Actual results may difer from these estimates.

The estimates and underlying asumptions are reviewed

on an ongoing basis. Revisions to acounting estimates are

recognised in the period in which the estimate is revised if the

revision afects only that period, or in the period of the revision

and future periods if the revision afects both curent and

future periods.

Critical judgements in aplying the Group’s

acounting policies

The folowing are the critical judgments, apart from those

involving estimation (se below), that the directors of the

Company have made in the proces of aplying the Group’s

acounting policies and that have the most significant efect on

the amounts recognised in consolidated financial statements.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计判断�估计不确定性之

主要来源

（�）

�应用本�团�计政策�作出之关键

判断（�）

租赁�類－作为出租人

本�团�开始日期�各项租赁�類为融�

租赁或营运租赁，�涉�对租赁是否转移

相关�产之所�权的绝大部�风险�回报

作出整�评估。作为评估的一部�，本�

团考虑所�相关因素，包括合约�以�

订约方的�况，以厘定交易的本质。

估计不确定性之主要来源

以下为�报告期末很大机�导�须对下一

财政年度之�产�负债账面�作出重大�

整之�关未来之主要假设�其他估计不确

定性之主要来源。

�港财务报告准则第

号项下客户合约收

益

来自装修�工程服务，以�设计�采购家

俱服务的收益�间确认，其取决�对合

约�结果的估计�迄今已进行工程。本�

团�合约进行期间检讨�修订就每一�建

�合约�制的估计合约收益�合约成本。

管理�不�根据由所涉主要�包商、供应

商或卖家提供的报价以�管理�的经验�

制成本预算。为�预算准确�合�，管

理�定期透过比较预算金额与实�产生的

成本，检讨成本预算。

估计合约收益�合约成本需要作出重大

判断，可�影响迄今已确认收益。�外，实

�产生的收益或成本�额可�高�或低�

报告期末的估计，继而�影响就未来期

间确认的收益，作为对迄今记账金额的�

整。

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Critical judgements in aplying the Group’s

acounting policies (Continued)

Clasification of leases – as lesor

The Group clasifies each of its leases as either a finance

lease or an operating lease at the inception date which

involves the overal asesment of whether the lease transfers

substantialy al the risks and rewards incidental to ownership

of the underlying aset. As part of the asesment, the Group

considers al the relevant factors including the contractual

terms and the circumstances of the contractual parties to

determine the substance of the transaction.

Key sources of estimation uncertainty

The folowing are the key asumptions concerning the future,

and other key sources of estimation uncertainty at the end

of the reporting period, that have a significant risk of causing

a material adjustment to the carying amounts of asets and

liabilities within the next financial year.

Revenue from contract with customers within HKFRS 15

Revenue from fiting out and enginering services and design

and procurement of furnishing services is recognised over

time, which is dependent on estimating the outcome of the

contract, as wel as the work done to date. The Group reviews

and revises the estimates of contract revenue and contract

costs, prepared for each construction contract as the contract

progreses. Budgeted costs are prepared by management

on the basis of quotations from time to time provided by

the major subcontractors, supliers or vendors involved and

the experience of management. In order to kep the budget

acurate and up-to-date, management conducts periodic

reviews on the budgeted costs by comparing the budgeted

amounts to the actual costs incured.

Significant judgement is required in estimating the contract

revenue and contract costs which may have an impact on

revenue recognised to date. In adition, actual outcomes

in terms of total revenue or costs may be higher or lower

than estimated at the end of the reporting period, which

would afect the revenue recognised in future periods as an

adjustment to the amounts recorded to date.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计判断�估计不确定性之

主要来源

（�）

估计不确定性之主要来源（续）

所�

截至二零二�年三月三十一日，由�未来

溢利�难以预测，故就�项亏损�可扣

减暂�差额�别约

186,349,000

港元（二零

二四年：

163,553,000

港元）�

1,308,000

港元

（二零二四年：

1,308,000

港元）而言，并无

确认递延�项�产。递延�项�产的可变

现�况主要取决�日�是否�足够的溢利

或应课�暂�差额以供动用。倘若未来产

生的实�溢利低�预期或因事实和�况的

变�而导�未来应纳�利润估算的修订，

则可�产生重大递延�项�产拨回或确

认，而该项拨回或确认�出现拨回或确

认的期间内在损益内确认。

应收贷�利息、贸易�其他应收�项�

合约�产的预期信贷亏损拨�

本�团计算应收贷�利息、贸易�其他

应收�项�合约�产的预期信贷亏损基�

本�团之历史违约率，当中考虑无需付出

过多成本或�力即可获�之合理且可支�

的�瞻性�料。�各报告日期，可观�的

历史违约率�重�被评估，并考虑�瞻性

�料之变动。�外，具�大额结余�出现

信贷减�的应收贷�利息、贸易�其他

应收�项�合约�产�个别进行预期信贷

亏损评估。

预期信贷亏损拨�容易受各种�况�预测

一般经�状况变动影响。�关预期信贷亏

损�本�团应收贷�利息，贸易�其他

应收�项�合约�产的�料�合财务报

表附注

6(b)

披露。倘客户的财务状况或预测

经�状况�恶�，则实�亏损拨�高�

估计额。

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

Income tax

As at 31 March 2025, no defered tax aset has ben

recognised on the tax loses and deductible temporary

diference of aproximately HK$186,349,000 (2024:

HK$163,553,000) and HK$1,308,000 (2024: HK$1,308,000)

respectively due to the unpredictability of future profit streams.

The realisability of the defered tax aset mainly depends

on whether suficient future profits or taxable temporary

diferences wil be available in the future. In cases where the

actual future profits or taxable temporary diferences are les

or more than expected or change in facts and circumstances

which result in revision of future taxable profits estimation,

a material reversal or recognition of defered tax asets may

arise, which would be recognised in profit or los for the period

in which such a reversal or recognition takes place.

Alowance for ECLs on loan and interest receivables,

trade and other receivables and contract asets

The Group calculates ECLs for loan and interest receivables,

trade and other receivables and contract asets based on

the Group’s historical default rates taking into consideration

forward-loking information that is reasonable and suportable

available without undue costs or efort. At each reporting

date, the historical observed default rates are reasesed and

changes in the forward-loking information are considered.

In adition, loan and interest receivables, trade and other

receivables and contract asets with significant balances and

credit-impaired are asesed for ECLs individualy.

The alowance for ECLs is sensitive to changes in

circumstances and forecast general economic conditions.

The information about the ECLs and the Group’s loan and

interest receivables, trade and other receivables and contract

asets are disclosed in note 6(b) to the consolidated financial

statements. If the financial condition of the customers or the

forecast economic conditions were to deteriorate, the actual

los alowance would be higher than estimated.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

重大�计判断�估计不确定性之

主要来源

（�）

估计不确定性之主要来源（续）

物�、机器�设�以�使用权�产之估计

可使用年期�减�

本�团管理�就本�团的物�、机器�设

�使用权�产厘定预计可使用年期，以

�相关的折旧费用。该估计以具�類似性

质�功�之�产的实�可使用年期的历史

经验为基础。当可使用年期小�先�估计

�，管理�加折旧。其�冲�或冲减

已被放�或出售的技术陈旧或者非战略性

�产。实�经�寿命可�不同�预计可使

用年期。定期审查可�导�折旧年限的

变�，从而影响未来期间的折旧费用。

在厘定�产是否出现减�或过往导�减�

之事件是否不再存在�，管理�须评估�

否出现可�影响�产价�之事件或该影响

�产价�之事件是否并不存在。倘�任何

该�象存在，则�基�使用价�与�平

�减出售成本之较高者厘定�产之可收回

金额，这涉�重大的判断和估计。

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

Estimated useful lives and impairment of property,

plant and equipment and right-of-use asets

The Group’s management determines the estimated useful

lives, and related depreciation charges for its property, plant

and equipment and right-of-use asets. The estimates are

based on the historical experience of the actual useful lives

of those asets of similar nature and functions. Management

wil increase the depreciation where useful lives are les

than previously estimated lives. It wil write of or write down

technicaly obsolete or non-strategic asets that have ben

abandoned or sold. Actual economic lives may difer from

estimated useful lives. Periodic review could result in a change

in depreciable lives and therefore afect the depreciation

charges in future periods.

In determining whether an aset is impaired or the event

previously causing the impairment no longer exists,

management has to ases whether an event has ocured

that may afect the aset value or such event afecting the

aset value has not ben in existence. If any such indication

exists, the recoverable amounts of the aset would be

determined based on the higher of the value in use and

fair value les costs of disposal, which involve significant

judgements and estimates.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

重大�计判断�估计不确定性之

主要来源

（�）

估计不确定性之主要来源（续）

无形�产之减�

根据上述�计政策，按�每年的减�评

估�当�事件或�况之转变显�可�无法

收回无形�产项目之账面�，本�团�

评估该�无形�产项目�否减�。该无形

�产之可收回金额已按�平�减出售成本

与使用价�之较高者厘定。该�计算需要

运用估计�据�判断。

�本管理

本�团管理其�本，以确�本�团实�

�够继�经营，同�透过�债务�

权益结余，为股东带来�高回报。本�团

之整�策略与去年维�不变。

本�司董事考虑�本成本�与�本相关之

风险，�检讨�本�构。根据董事之建

议，本�团�透过派付股息、发行�股�

�筹借�债务或偿还现�债务，平衡其整

�本�构。

�团一实�受到�港的证券�期�事务监

�委员�（「证监�」）所规管，根据证券�

期�（财政�源）规则需要遵守财政�源规

定。管理�每日密切注视该受规管实�之

�动�金水平，确�遵守证券�期�（财政

�源）规则下的�低�动�金规定。该受规

管实�截至二零二四年�二零二�年三

月三十一日止年度内一�遵守证券�期�

（财政�源）规则之�金规定。

4. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

Impairment of intangible asets

The Group evaluates whether intangible asets have

sufered any impairment based on impairment asesment

performed at least anualy and whenever events or changes

in circumstances indicate that the carying amount of the

intangible asets may not be recoverable, in acordance with

the stated acounting policy. The recoverable amounts of the

intangible asets have ben determined based on the higher

of the fair value les cost of disposal and value in use. These

calculations require the use of estimates and judgements.

5. CAPITAL 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 strategies

remain unchanged from prior year.

The directors of the Company review the capital structure on

a continuous basis taking into acount the cost of capital and

the risk asociated with the capital. Based on the directors’

recomendation, the Group wil balance its overal capital

structure through payment of dividend, isuance of new shares

as wel as the raising of new debts or the repayment of existing

debts.

A group entity is regulated by the Securities and Futures

Comision (the “SFC”) in Hong Kong and is required to comply

with the financial resources requirements acording to the

Securities and Futures (Financial Resources) Rules (the “SF(FR)

R”). Management closely monitors, on a daily basis, the liquid

capital level of the regulated entity to ensure compliance with

the minimum liquid capital requirements under the SF(FR)R. The

regulated entity has complied with the capital requirements

imposed by the SF(FR)R throughout the years ended 31 March

2024 and 2025.

2,761
36,361
43,249
82,371
47,191
–
47,191

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

金融工具

6(a)

金融工具类别

6(b)

财务风险管理目标及政策

本�团之主要金融工具包括应收贷

�利息、贸易�其他应收�项、现

金�银行结余、贸易�其他应付�项

以�租赁负债。该�金融工具之详�

已�相关附注披露。与该�金融工具

�关之风险包括市场风险（�币风险

�利率风险）、信贷风险�动�金

风险。如何降低该�风险之政策载列

�下文。管理�管理�监�该�风

险，以确�效地执行适当措

施。

6. FINANCIAL INSTRUMENTS

6(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 at amortised cost

按摊销成本列账之金融资产

Loan and interest receivables

应收贷款及利息

2,142

Financial asets included in

trade and other receivables

计入贸易及其他应收款项之

金融资产

22,346

Cash and bank balances

现金及银行结余

45,690

70,178

Financial liabilities at

amortised cost

按摊销成本列账之金融负债

Financial liabilities included in

trade and other payables

计入贸易及其他应付款项之

金融负债

9,068

Lease liabilities

租赁负债

1,902

10,970

6(b) Financial risk management objectives and

policies

The Group’s major financial instruments include loan

and interest receivables, trade and other receivables,

cash and bank balances, trade and other payables,

and lease liabilities. Details of the financial instruments

are disclosed in respective notes. The risks asociated

with these financial instruments include market risks

(curency risk and interest rate risk), credit risk and

liquidity risk. The policies on how to mitigate these risks

are set out below. Management manages and monitors

these exposures to ensure apropriate measures are

implemented on a timely and efective maner.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

市场风险

�币风险

本�团若干部�之现金�银行结

余、贸易�其他应收�项以�贸易�

其他应付�项乃以与其相关实�的

功�币以外之�币列�。本�团现

�并无外币对冲政策。�而，管理�

监�外汇风险，并�需要�考虑

对冲重大外币风险。管理�定期检讨

其外币风险，并认为并无重大外币风

险。

利率风险

本�团面临�关浮动利息银行结余

之现金�量利率风险。本�团并无重

大利率风险。

信贷风险

本�团之信贷风险主要源自银行结

余、应收贷�利息、贸易�其他应

收�项以�合约�产。管理�已制定

一套信贷政策，并�监�信贷风

险。

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Market risk

Curency risk

The Group has certain portion of cash and bank

balances, trade and other receivables and trade and

other payables denominated in curencies other than

the functional curency of the entity to which they relate.

The Group curently does not have a foreign curency

hedging policy. However, management monitors foreign

exchange exposure and wil consider hedging significant

foreign curency exposure should the ned arise.

Management reviews its foreign curency exposures

regularly and considers there is no significant exposure

on its foreign curency risk.

Interest rate risk

The Group is exposed to cash flow interest rate risk in

relation to bank balances with variable interest rate. The

Group has no significant exposure to interest rate risk.

Credit risk

The Group’s credit risk is primarily atributable to bank

balances, loan and interest receivables, trade and other

receivables and contract asets. Management has a

credit policy in place and the exposures to these credit

risks are monitored on an ongoing basis.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

�二零二�年三月三十一日，本�团

�高信贷风险，乃来自�合财务状况

表所述之已确认金融�产各自之账

面�。

为�信贷风险减至�低，本�团管理

�已委派专责小组负责厘定信贷限

额、批准信贷，以�采取其他监管程

序以确�就收回�期债务采取跟

进行动。�外，本�团�报告期末检

讨各项独立交易债务之可收回性，以

确�已就未�收回之金额作出足够

减�亏损。就�而言，本�司董事认

为本�团之信贷风险已大幅减低。

银行结余

由�交易对手均为获认可信贷评�

机构评为高信贷评�之银行，故银行

结余之信贷风险�限。

其他应收�项

基�交易对手�很强的�力�行近

期的合约现金�量责任且违约风险

�低，本�团认为其他应收�项之信

贷风险�低。其他应收�项减�乃按

个月预期信贷亏损计量，�映风险

为期较短。

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

As at 31 March 2025, the Group’s maximum exposure

to credit risk represents the carying amount of the

respective recognised financial asets as stated in the

consolidated statement of financial position.

In order to minimise credit risk, management of

the Group has delegated an oficer responsible for

determination of credit limits, credit aprovals and other

monitoring procedures to ensure that folow-up action

is taken to recover overdue debts. In adition, the Group

reviews the recoverability of each individual trade debt at

the end of the reporting period to ensure that adequate

impairment loses are made for irecoverable amounts.

In this regard, the directors of the Company consider that

the Group’s credit risk is significantly reduced.

Bank balances

The credit risk on bank balances is limited because

the counterparties are banks with high credit ratings

asigned by authorised credit-rating agencies.

Other receivables

The Group considers that other receivables have low

credit risk based on the counterparties’ strong capacity

to met its contractual cash flow obligations in the

near term and low risk of default. Impairment on other

receivables is measured on 12-month ECL and reflects

the short maturities of the exposures.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

其他应收�项（�）

�估计预期信贷亏损�，本�团已考

虑过往

年（二零二四年：

年）的历史

实�信贷亏损经验以�交易对手的

财务状况，当中已参考（其中包括）交

易对手管理账目或经审核账目�可

获�的�闻信息，并就债务人�交易

对手经营行�整�经�状况�的

�瞻因素作出�整，从而估计该�金

融�产违约机�以�每种�况下的

违约亏损。

估算技术或重大假设�本年度均无

任何转变。

贸易应收�项�合约�产

本�团就贸易应收�项�合约�产

应用简�法作出全期预期信贷亏损

拨�。为计量预期信贷亏损，贸易应

收�项�合约�产已根据共同信用

风险�征�组。本�团在估计预期信

贷亏损�考虑历史�可用的�瞻性

�料。

贸易应收�项

本�团仅与获认可�信誉良好之各

方交易。本�团的政策是，所�希�

以信用�进行交易的客户都必须

遵守信用验证程序。本�团通常给予

贸易客户

至

天（二零二四年：

至

天）的平均信贷期。本�团寻�

严格控制其未偿还应收�项。管理�

�定期审查�期余额。

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Other receivables (Continued)

In estimating the ECL, the Group has taken into acount

the historical actual credit los experience over the

past 3 years (2024: 3 years) and the financial position of

the counterparties by reference to, among others, their

management or audited acounts and available pres

information, adjusted for forward-loking factors that are

specific to the debtors and general economic conditions

of the industry in which the counterparties operate, in

estimating the probability of default of these financial

asets, as wel as the los upon default in each case.

There was no change in the estimation techniques or

significant asumptions made during the year.

Trade receivables and contract asets

The Group aplies the simplified aproach to provide for

lifetime ECL on trade receivables and contract asets.

To measure the ECL, trade receivables and contract

asets have ben grouped based on shared credit risk

characteristics. The Group has considered historical and

available forwarding-loking information in estimating

ECL.

Trade receivables

The Group trades only with recognised and creditworthy

parties. It is the Group’s policy that al customers who

wish to trade on credit terms are subject to credit

verification procedures. The Group normaly alows

average credit period ranging from 30 to 60 days

(2024: 30 to 60 days) to its trade customers. The Group

seks to maintain strict control over its outstanding

receivables. Overdue balances are reviewed regularly by

management.

2	15,429	(351)	No
4	308	(12)	无 No
4	1,346	(54)	无 No
4	412	(16)	无 No
4	8,978	(357)	无 No
4	489	(19)	无 No
	489	(19)	无
	26,962	(809)
62	10,022	(6,224)	Yes
	10,022	(6,224)	有
	36,984	(7,033)

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

贸易应收�项（�）

�二零二�年三月三十一日，本

�团就贸易应收�项确认亏损拨

�约

7,033,000

港元（二零二四年：

6,643,000

港元）。�关贸易应收�项

之信贷风险�预期信贷亏损使用拨

�矩阵的�料概述如下：

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Trade receivables (Continued)

As at 31 March 2025, the Group recognised los

alowance of aproximately HK$7,033,000 (2024:

HK$6,643,000) on the trade receivables. The information

about the exposure to credit risk and ECL for trade

receivables using a provision matrix is sumarised

below:

Gros

ExpectedcaryingLosCredit-

los rateamountalowanceimpaired

预期亏损率账面总值亏损拨备信贷减值

%HK$’000HK$’000

百分比千港元千港元

At 31 March 2025

于二零二五年

三月三十一日

Non credit-impaired

无信贷减值

Not past due

未逾期

Within 90 days past due

逾期

日内

91 to 180 days past due

逾期

至

日

181 to 270 days past due

逾期

至

日

271 to 365 days past due

逾期

至

日

Over 365 days past due

逾期

日以上

Credit-impaired

信贷减值

Over 365 days past due

逾期

日以上

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

贸易应收�项（�）

本�团并无就该�结余�任何抵

押品。

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Trade receivables (Continued)

Gros

ExpectedcaryingLosCredit-

los rateamountalowanceimpaired

预期亏损率账面总值亏损拨备信贷减值

%HK$’000HK$’000

百分比千港元千港元

At 31 March 2024

于二零二四年

三月三十一日

Non credit-impaired

无信贷减值

Not past due

未逾期

1.017,575(176)No

无

91 to 180 days past due

逾期

至

日

1.81,105(20)No

无

181 to 270 days past due

逾期

至

日

2.8667(19)No

无

271 to 365 days past due

逾期

至

日

30.0775(233)No

无

Over 365 days past due

逾期

日以上

53.63,485(1,868)No

无

23,607(2,316)

Credit-impaired

信贷减值

Over 365 days past due

逾期

日以上

100.04,327(4,327)Yes

有

27,934(6,643)

The Group does not hold any colateral over these

balances.

6,643
390
–
7,033

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

贸易应收�项（�）

贸易应收�项亏损拨�之变动如下：

贸易应收�项亏损拨�中�别包括

已�期多�正�盘中的个别已

减�贸易应收�项，�余额�别为约

2,547,000

港元（二零二四年：

650,000

港元）�

3,677,000

港元（二零二四年：

3,677,000

港元）。�个别已减�贸

易应收�项已基�其客户的信贷记

录，例如财务困境或付�违约，�现

行市场�况确认。

�二零二�年三月三十一日，由�贸

易应收�项�额之约

29%

（二零二四

年：

43%

）�

87%

（二零二四年：

85%

）

�别应收自本�团之�大客户�其

�大客户，故本�团面临信贷风险�

中之�况。

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Trade receivables (Continued)

The movements in the los alowance for trade

receivables are set out below:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At 1 April

于四月一日

6,484

Alowance for ECL for the year

年内预期信贷亏损拨备

Write-of

撇销

(173)

At 31 March

于三月三十一日

6,643

Included in the los alowance of trade receivables

are individualy impaired trade receivables with an

agregate balance of aproximately HK$2,547,000 (2024:

HK$650,000) and HK$3,677,000 (2024: HK$3,677,000)

which had ben long outstanding and under liquidation

respectively. The individualy impaired trade receivables

are recognised based on the credit history of its

customers, such as financial dificulties or default in

payments, and curent market conditions.

As at 31 March 2025, the Group has concentration of

credit risk as aproximately 29% (2024: 43%) and 87%

(2024: 85%) of the total trade receivables was due

from the Group’s largest customer and the five largest

customers respectively.

2.1	12,825	(269)	No
2.1	12,825	(269)	无

66
203
269

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

合约�产

�二零二�年三月三十一日，本�团

就结余确认亏损拨�

269,000

港元（二

零二四年：

66,000

港元）。�关合约�

产之信贷风险�预期信贷亏损使用

拨�矩阵的�料概述如下：

合约�产亏损拨�之变动如下：

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Contract asets

As at 31 March 2025, the Group recognised los

alowance of HK$269,000 (2024: HK$66,000) on the

balances. The information about the exposure to credit

risk and ECL for contract asets using a provision matrix

is sumarised below:

Gros

ExpectedcaryingLosCredit-

los rateamountalowanceimpaired

预期亏损率账面总值亏损拨备信贷减值

%HK$’000HK$’000

百分比千港元千港元

At 31 March 2025

于二零二五年

三月三十一日

Not past due

未逾期无

At 31 March 2024

于二零二四年

三月三十一日

Not past due

未逾期

1.06,583(66)No

无

The movements in the los alowance for contract asets

are set out below:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At 1 April

于四月一日

Alowance for ECL for the year

年内预期信贷亏损拨备

At 31 March

于三月三十一日

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

应收贷�利息

管理�根据�关交易对手违约率的

过往�料、该�贷�的�状况�借

�人的�可�料对该�贷�进

行定期审核。

估计预期信贷亏损�厘定自初始确

认以来信贷风险�否显著�加�金

融�产是否�信贷减�，本�团�

考虑借�人的过往实�信用亏损经

验，�透过参考（其中包括）对个别客

户的�景�查、�产证明以�可获�

的�闻信息，并就债务人�定�瞻性

因素�交易对手营运所在行�的整

�经�状况作出�整，以估计该�金

融�产的违约概率，乃至各�况下违

约的损失。

估算技术或重大假设�本年度均无

任何转变。

�二零二�年三月三十一日，应收贷

�已�期�本�团已与借�人就�

偿计划进行协商。管理�经考虑独立

专�合�格估�师提供的信贷评�

�析�经�景�，认为该�应收贷

�的违约概率�加。因�，年内已计

提预期信贷亏损的额外拨�。

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Loan and interest receivables

Regular reviews on these loans are conducted by

management based on the historical information about

counterparties default rates, latest status of these loans

and the latest available information about the borowers.

In estimating the ECL and in determining whether

there is a significant increase in credit risk since initial

recognition and whether the financial aset is credit-

impaired, the Group has taken into acount the historical

actual credit los experience of the borowers and the

financial position of the counterparties by reference

to, among others, the background search for individual

borowers, their asets prof and available pres

information, adjusted for forward-loking factors that are

specific to the debtors and general economic conditions

of the industry in which the counterparties operate, in

estimating the probability of default of these financial

asets, as wel as the los upon default in each case.

There was no change in the estimation techniques or

significant asumptions made during the year.

As at 31 March 2025, the loan receivables have ben

past due and the Group has ben negotiating with the

borowers about the setlement plan. The management,

after considered credit rating analysis and economic

outlok provided by independent qualified profesional

valuer, is in the view that the probability of default of

these loan receivables increased. As such, aditional

provision on ECL was made for the year.

lifetime	22.9	3,580	(819)
全期

1,168
(349)
–
819

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

信贷风险（�）

应收贷�利息（�）

�二零二�年三月三十一日，本�

团就结余确认亏损拨�约

819,000

港

元（二零二四年：

1,168,000

港元）。�

关应收贷�利息之信贷风险�预

期信贷亏损的�料概述如下：

应收贷�利息亏损拨�之变动如

下：

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Loan and interest receivables (Continued)

As at 31 March 2025, the Group recognised los

alowance of aproximately HK$819,000 (2024:

HK$1,168,000) on the balances. The information about

the exposure to credit risk and ECL for loan and interest

receivables is sumarised below:

Gros

ExpectedcaryingLos

Basis of ECLlos rateamountalowance

预期信贷

亏损基准预期亏损率账面总值亏损拨备

%HK$’000HK$’000

百分比千港元千港元

At 31 March 2025

于二零二五年

三月三十一日

Past due

逾期

全期

At 31 March 2024

于二零二四年

三月三十一日

Past due

逾期

lifetime35.293,310(1,168)

全期

The movements in the los alowance for loan and

interest receivables are set out below:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At 1 April

于四月一日

1,540

Alowance for ECL for the year, net

年内预期信贷亏损拨备，净额

(174)

Waiver

豁免

(198)

At 31 March

于三月三十一日

1,168

47,191	–	–	–	–	47,191	47,191

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

金融工具

（�）

6(b)

财务风险管理目标及政策（续）

�动�金风险

管理�动�金风险�，本�团监�

维�管理�认为足以拨付本�团营

运�减低现金�量波动影响之现金

�现金�价物水准。管理�监�金

来源之动用�况，并认为风险�限。

下表详列根据已协议之还�，本

�团非衍生金融负债余下之合约到

期�况。该表乃根据本�团须付�之

�早日期按金融负债之未贴现金

�量而�制。

该表包括利息�本金现金�量。�各

报告期末，倘利息现金�量为浮动利

率，则未贴现金额乃根据利率曲线计

算。

本�司董事认为，�合财务报表中

按摊�成本记账之�动金融�产�

�动金融负债因�即�或短期内到

期，故其账面�与其�平�相若。

6. FINANCIAL INSTRUMENTS (Continued)

6(b) Financial risk management objectives and

policies (Continued)

Liquidity risk

In the management of the liquidity risk, the Group

monitors and maintains a level of cash and cash

equivalents demed adequate by management to

finance the Group’s operations and mitigate the efects

of fluctuations in cash flows. Management monitors the

utilisation of source of funding and considers the risk is

minimal.

The folowing table details the Group’s remaining

contractual maturity for its non-derivative financial

liabilities based on the agred repayment terms. 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.

The table includes both interest and principal cash flows.

To the extent that interest cash flows are at floating rate,

the undiscounted amount is derived from interest rate

curve at the end of each reporting period.

On demand

Within

3 months

More than

3 months

but not

exceding

12 months

More than

one year

but not

exceding

two years

More than

two years

but not

exceding

five years

Total

undiscounted

cash flows

Carying

amount

按要求三个月内

超过三个月

但不超过

十二个月

超过一年

但不超过二年

超过二年

但不超过五年

总计未贴现

现金流量账面金额

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

Trade and other payables

贸易及其他应付款项

At 31 March 2024

于二零二四年三月三十一日

Trade and other payables

贸易及其他应付款项

9,068–9,0689,068

Lease liabilities

租赁负债

–1,997–1,9971,902

9,0681,997–11,06510,970

The directors of the Company consider that the carying

amounts of curent financial asets and curent financial

liabilities recorded at amortised cost in the consolidated

financial statements aproximate their fair values due to

their imediate or short-term maturities.

155,634
8,639
–
270
164,543
–
155,634
155,634
8,639
270
164,543

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

收益

本集团年内收益之分析如下：

香港财务报告准则第

号内来自客户合约

的收益是按固定价格计算。

本集团已采用香港财务报告准则第

号第

段中实际的权宜之计以豁免于报告日

期披露因履行义务是合约的一部份（原来

预期合约期限为一年或以下）而预期在将

来确认来自与现存客户订立合约的装修及

工程服务收入及美酒销售收益。

7. REVENUE

An analysis of the Group’s revenue for the year is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Design, fiting out and enginering

services income

设计、装修及工程服务收入

71,972

Rental income from leasing of

construction equipment

租赁建筑设备租金收入

12,966

Sales of fine and rare wines

美酒销售

2,214

Interest income from money lending

放债利息收入

87,603

Revenue from contracts with

customers within HKFRS 15:

香港财务报告准则第

号项下客户

合约收益：

Revenue recognised at a point in time

于某一时间点确认之收益

– Sales of fine and rare wines

－美酒销售

2,214

Revenue recognised over time

于某一段时间内确认之收益

– Design, fiting out and enginering

services income

－设计、装修及工程服务收入

71,972

74,186

Revenue from other sources:

其他来源收益：

– Rental income from leasing of

construction equipment

－租赁建筑设备租金收入

12,966

– Interest income from money lending

calculated using efective interest

method

－按实际利息法计算

放债利息收入

87,603

The revenue from contracts with customers within HKFRS 15 is

based on fixed price.

The Group has aplied practical expedient in paragraph 121

of HKFRS 15 to exempt the disclosure of revenue expected

to be recognised in the future arising from contracts with

customers in existence at the reporting date to its fiting out

and enginering services income and sale of fine and rare

wines as the performance obligation is part of a contract that

has an original expected duration of one year or les.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

分部资料

向执行董事，即主要经营决策者，呈报以

分配资源及评估分部表现之资料集中于已

付运或提供之货品或服务种类。本公司董

事已按服务差异组织本集团。

具体而言，本集团可呈报及经营分部如下：

(a)

提供设计、装修、工程及采购家具及

相关产品服务（「设计、装修及工程服

务」）

;

(b)

租赁建筑设备及提供相关安装服务

（「租赁建筑设备」）；

(c)

美酒采购及营销（「营销美酒」）；及

(d)

金融服务业务包括就证券提供意

见，证券交易及经纪服务，资产管理

服务及放债（「金融服务业务」）。

8. SEGMENT INFORMATION

Information reported to the executive directors, being the

chief operating decision maker, for the purposes of resource

alocation and asesment of segment performance focuses on

types of gods or services delivered or provided. The directors

of the Company have chosen to organise the Group around

diferences in services.

Specificaly, the Group’s reportable and operating segments are

as folows:

(a) Provision of design, fiting out, enginering and

procurement of furnishings and related products services

(“Design, fiting out and enginering services”);

(b) Leasing of construction equipment and provision of

related instalation services (“Leasing of construction

equipment”);

(“Wines merchandising”); and

(d) Financial services busines comprising securities

advisory services, securities dealing and brokerage

services and aset management services and money

lending (“Financial services busines”).

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

分部资料

（续）

就评估分部表现及分部间资源分配而言，

本公司执行董事按以下基础监控各可呈报

分部应占业绩、资产及负债：

除以集团管理为基础之公司资产外，分部

资产包括所有资产。除以集团管理为基础

之未分配总办事处及公司负债以及若干其

他应付款项及应计费用外，所有负债均被

分配至可报告分部负债。

收益及开支经参考该等分部产生之销售及

该等分部产生之开支或该等分部应占资产

折旧产生之开支后分配至经营分部。报告

分部业绩所采用计量为在不分配其他未分

配公司开支及收入之情况下之除税前溢利

╱亏损。

就评估经营分部表现及在分部之间分配资

源而言，本集团业绩就并非指定属于个别

分部之项目及其他总办事处以及公司行政

成本进一步作出调整。

8. SEGMENT INFORMATION (Continued)

For the purposes of asesing segment performance and

alocating resources among segments, the Company’s

executive directors monitor the results, asets and liabilities

atributable to each reportable segment on the folowing bases:

Segments asets include al asets except for corporate asets

which are managed on a group basis. Al liabilities are alocated

to reportable segment liabilities other than unalocated head

ofice and corporate liabilities which are managed on a group

basis and certain other payables and acrued charges.

Revenues and expenses are alocated to the operating

segments with reference to sales generated by those segments

and the expenses incured by those segments or which

otherwise arise from the depreciation of asets atributable

to those segments. The measure used for reporting segment

results is profit/los before taxation without alocation of other

unalocated corporate expenses and income.

For the purpose of asesing the performance of the operating

segments and alocation of resources among segments, the

Group’s results are further adjusted for items not specificaly

atributed to individual segments and other head ofice and

corporate administrative costs.

155,634	8,639	–	270	164,543
(168)	(8,934)	(44)	(4,992)	(14,138)
–	–	–	(50)	(50)
(168)	(8,934)	(44)	(5,042)	(14,188)
				19
				152
				(7,635)
				(48)
				(21,700)

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

分部资料

（续）

分部收益及业绩

本集团按呈报及经营分部划分之收益及业

绩分析如下：

截至二零二五年三月三十一日止年度

截至二零二四年三月三十一日止年度

8. SEGMENT INFORMATION (Continued)

Segment revenue and results

The folowing is an analysis of the Group’s revenue and results

by reportable and operating segments:

For the year ended 31 March 2025

Design,

fiting out and

enginering

services

Leasing of

construction

equipment

Wines

merchandising

Financial

services

businesTotal

设计、装修及

工程服务

租赁

建筑设备营销美酒

金融

服务业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment revenue

分部收益

Segment operating los

分部营运亏损

Impairment of intangible asets

无形资产减值

Segment los

分部亏损

Unalocated:

未分配：

Other income

其他收入

Other gains, net

其他收益，净额

Corporate administrative expenses

公司行政开支

Finance costs

融资成本

Los before tax

除税前亏损

For the year ended 31 March 2024

Design,

fiting out and

enginering

services

Leasing of

construction

equipment

Wines

merchandising

Financial

services

businesTotal

设计、装修及

工程服务

租赁

建筑设备营销美酒

金融

服务业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment revenue

分部收益

71,97212,9662,21445187,603

Segment operating (los) profit

分部营运（亏损）溢利

(6,386)3,746551(276)(2,365)

Impairment of intangible asets

无形资产减值

–(779)(779)

Segment (los) profit

分部（亏损）溢利

(6,386)3,746551(1,055)(3,144)

Unalocated:

未分配：

Other income

其他收入

Other gains, net

其他收益，净额

(27)

Corporate administrative expenses

公司行政开支

(8,571)

Change in fair value of investment property

投资物业公平值变动

Finance costs

融资成本

(134)

Los before tax

除税前亏损

(10,424)

4	3,696	–	–	3,700
–	–	–	1,670	1,670
4	3,696	–	1,670	5,370
42,971	8,972	5,259	3,013	60,215
42,975	12,668	5,259	4,683	65,585
				43,249
				2,915
				111,749
–	–	–	276	276
15,279	3,154	–	25	18,458
15,279	3,154	–	301	18,734
				33,833
				52,567

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

分部资料

（续）

分部资产及负债

本集团按呈报及经营分部划分之资产及负

债分析如下：

于二零二五年三月三十一日

8. SEGMENT INFORMATION (Continued)

Segment asets and liabilities

The folowing is an analysis of the Group’s asets and liabilities

by reportable and operating segments:

As at 31 March 2025

Design,

fiting out and

enginering

services

Leasing of

construction

equipment

Wines

merchandising

Financial

services

businesTotal

设计、装修及

工程服务

租赁

建筑设备营销美酒

金融

服务业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment asets

分部资产

Non-curent asets

非流动资产

Property, plant and equipment

物业、机器及设备

Intangible asets

无形资产

Curent asets

流动资产

Segment asets

分部资产

Unalocated:

未分配：

Cash and bank balances

现金及银行结余

Others

其他

Total asets per consolidated statement of

financial position

综合财务状况表资产总值

Segment liabilities

分部负债

Non-curent liability

非流动负债

Defered tax liabilities

递延税项负债

Curent liabilities

流动负债

Segment liabilities

分部负债

Unalocated:

未分配：

Others

其他

Total liabilities per consolidated statement of

financial position

综合财务状况表负债总值

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

分部资料

（续）

分部资产及负债（续）

于二零二四年三月三十一日

8. SEGMENT INFORMATION (Continued)

Segment asets and liabilities (Continued)

As at 31 March 2024

Design, fiting

out and

enginering

services

Leasing of

construction

equipment

Wines

merchandising

Financial

services

businesTotal

设计、装修及

工程服务租赁建筑设备营销美酒金融服务业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment asets

分部资产

Non-curent asets

非流动资产

Property, plant and equipment

物业、机器及设备

57,702–7,707

Intangible asets

无形资产

–1,7201,720

57,702–1,7209,427

Curent asets

流动资产

17,84011,5972592,24231,938

Segment asets

分部资产

17,84519,2992593,96241,365

Unalocated:

未分配：

Cash and bank balances

现金及银行结余

45,690

Others

其他

3,657

Total asets per consolidated statement of

financial position

综合财务状况表资产总值

90,712

Segment liabilities

分部负债

Non-curent liabilities

非流动负债

Defered tax liabilities

递延税项负债

–284284

Lease liabilities

租赁负债

–

Other borowing

其他借贷

–

–284284

Curent liabilities

流动负债

6,490522–777,089

Segment liabilities

分部负债

6,490522–3617,373

Unalocated:

未分配：

Others

其他

9,838

Total liabilities per consolidated statement of

financial position

综合财务状况表负债总值

17,211

–	–	–	50	160	210
855	(465)	–	–	–	390
–	–	–	(349)	–	(349)
203	–	–	–	–	203
5	5,115	–	–	2	5,122
–	–	–	–	1,809	1,809
–	(1,489)	–	–	–	(1,489)
–	1,130	–	–	–	1,130
–	–	–	–	(17)	(17)
–	–	–	–	48	48

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

分部资料

（续）

分部资产及负债（续）

就监察分部表现及分配各分部资源而言：

除以集团基础管理之资产，如若干物

业、机器及设备、若干使用权资产、

持有待售的非流动资产、若干预付款

项、按金及其他应收款项及现金及银

行结余外，所有资产均被分配至按可

呈报分部。

除以集团基础管理之负债，如若干应

付开支及其他应付款项、若干租赁负

债、若干应付所得税及若干递延税项

负债外，所有负债均被分配至按可呈

报分部。

其他分部资料

截至二零二五年三月三十一日止年度

8. SEGMENT INFORMATION (Continued)

Segment asets and liabilities (Continued)

For the purpose of monitoring segment performance and

alocating resources among segments:

al asets are alocated to reportable segments other

than certain property, plant and equipment, certain right-

of-use asets, non-curent aset held for sale, certain

prepayments, deposits and other receivables and cash

and bank balances as these asets are managed on a

group basis.

al liabilities are alocated to reportable segments other

than certain acrued expenses and other payables,

certain lease liabilities, certain income tax payable and

certain defered tax liabilities as these liabilities are

managed on a group basis.

Other segment information

For the year ended 31 March 2025

Design,

fiting out and

enginering

services

Leasing of

construction

equipment

Wines

merchandising

Financial

services

businesUnalocatedTotal

设计、装修及

工程服务租赁建筑设备营销美酒金融服务业务未分配总计

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

千港元千港元千港元千港元千港元千港元

Impairment of intangible asets,

net of reversal

无形资产减值（扣除回拨）

Alowance for ECL on trade and

other receivables

贸易及其他应收款项预期

信贷亏损拨备

Reversal of alowance for ECL on loan and

interest receivables

应收贷款及利息预期信贷亏损回拨

Alowance for ECL on

contract asets

合约资产预期信贷亏损拨备

Depreciation of property,

plant and equipment

物业、机器及设备折旧

Depreciation of right-of-use asets

使用权资产折旧

Compensation gain on disposal/write-of of

construction equipment

处置╱注销建筑设备补偿收益

Aditions to property, plant and equipment

购置物业、机器及设备

Bank interest income

银行利息收入

Finance costs

融资成本

46,006 41,597
87,330		5,953
77,213		–
87,603
164,543		5,953

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

分部资料

（续）

其他分部资料（续）

截至二零二四年三月三十一日止年度

地区资料

本集团主要于香港及澳门营运。

本集团来自外部客户之收入已基于客户地

点呈列。非流动资产就物业、机器及设备、

使用权资产而言的地理位置基于资产的实

际位置，而就商誉及无形资产而言则基于

经营地点。本集团按地理位置分类的来自

外部客户的收入和非流动资产分析如下：

8. SEGMENT INFORMATION (Continued)

Other segment information (Continued)

For the year ended 31 March 2024

Design,

fiting out and

enginering

services

Leasing of

construction

equipment

Wines

merchandising

Financial

services

businesUnalocatedTotal

设计、装修及

工程服务租赁建筑设备营销美酒金融服务业务未分配总计

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

千港元千港元千港元千港元千港元千港元

Impairment of intangible asets,

net of reversal

无形资产减值（扣除回拨）

–779(140)639

Alowance for ECL on trade and

other receivables

贸易及其他应收款项预期

信贷亏损拨备

(169)529(28)–332

Reversal of alowance for ECL on loan and

interest receivables

应收贷款及利息预期信贷亏损回拨

–(174)–(174)

Alowance for ECL on

contract asets

合约资产预期信贷亏损拨备

45–45

Change in fair value of

an investment property

投资物业公平值变动

–(500)(500)

Depreciation of property,

plant and equipment

物业、机器及设备折旧

126,381–46,397

Depreciation of right-of-use asets

使用权资产折旧

–2,287–1,8084,095

Compensation gain on disposal/write-of of

construction equipment

处置╱注销建筑设备补偿收益

–(2,779)–(2,779)

Aditions to property, plant and equipment

购置物业、机器及设备

–398–6404

Bank interest income

银行利息收入

–(27)(27)

Finance costs

融资成本

490110–134734

Gain on disposal of right-of-use asets upon

early termination

提前终止时出售使用权资产之收益

–(253)–(253)

Geographical information

The Group’s operations are principaly located in Hong Kong

and Macau.

The Group’s revenue from external customers is presented

based on the location of customers. The geographical location

of non-curent asets is based on the physical location of the

asets, in the case of property, plant and equipment, right-

of-use asets, and the location of the operation, in the case

of godwil and intangible asets. The analysis of the Group’s

revenue from external customers and non-curent asets by

geographical location is as folows:

Revenue from

external customersNon-curent asets

来自外部客户之收入非流动资产

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

Hong Kong

香港

11,981

Macau

澳门

–

11,981

N/A 2
不适用 77,213 1
N/A 2
不适用 61,222 1

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

分部资料

（续）

地区资料（续）

上述收入资料乃按客户所在位置得出。

上述非流动资产资料乃按资产所在地得

出，不包括金融工具及递延税项资产。

主要客户之资料

贡献本集团总收益

10%

或以上的客户收益

如下：

来自设计、装修及工程服务的收益2

该相关收益并未贡献本集团总收益之

10%

或

以上

8. SEGMENT INFORMATION (Continued)

Geographical information (Continued)

The revenue information above is based on the locations of the

customers.

The non-curent aset information above is based on the

locations of the asets and excludes financial instruments and

defered tax asets.

Information about major customers

Revenue from customers contributing 10% or more of the total

revenue of the Group is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Customer A

客户

A25,297

Customer B

客户

B29,352

Customer C

客户

C12,245

Customer D

客户

DN/A

不适用

Revenue from Design, fiting out and enginering services

The coresponding revenue did not contribute 10% or more of the

total revenue of the Group

17
–
58
75

–
–
–

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

其他收入

9(a)

租金收入

本集团来自投资物业之租金收入净

额分析如下：

9. OTHER INCOME

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Bank interest income

银行利息收入

Rental income

租金收入

9(a)888

Sundry income

杂项收入

9(a) Rental income

An analysis of the Group’s net rental income from

investment property is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Gros rental income from

investment property

来自投资物业之租金收入总额

Les: Direct operating expenses

(included in administrative

expenses)

减：直接营运支出（计入行政开支）

(206)

–
1,489
152
–
1,641

48
–
48

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

10.

其他收益，净额

11.

融资成本

10. OTHER GAINS, NET

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Gain on disposal of right-of-use

asets upon early termination

提前终止时出售使用权

资产之收益

Compensation gain on disposal/

write-of of construction equipment

处置╱撇销建筑设备

补偿收益

2,779

(Gain)/los on liquidation of a

subsidiary

附属公司清盘

（收益）╱亏损

(43)

Others

其他

(152)

2,837

11. FINANCE COSTS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interests on:

以下各项之利息：

– lease liabilities

－租赁负债

– unsecured other borowing

－无抵押其他借贷

(13)
–
(13)
35
22

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

12.

所得税抵免

(a)

根据香港利得税率两级制，合资格集

团实体首

2,000,000

港元之溢利按税

率

8.25%

课税，而超过

2,000,000

港元

之溢利按税率

16.5%

课税。不符合利

得税率两级制之其他香港集团实体

之溢利继续按统一税率

16.5%

课税。

(b)

根据英属处女群岛（「英属处女群

岛」）的规则和法例，本集团毋须缴纳

英属处女群岛的任何所得税。

(c)

澳门所得补充税根据估计应课税溢

利按累进税率计算。本年度税率为

12%

。

12. INCOME TAX CREDIT

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent tax

即期税项

Hong Kong Profits Tax

香港利得税

–

Macau Complementary Income Tax

澳门所得补充税

(20)

Defered tax

递延税项

Income tax credit for the year

年度所得税抵免

(a) Under the two-tiered profits tax rates regime in Hong

Kong, the first HK$2,000,000 of profits of a qualifying

group entity are taxed at 8.25% and profits above

HK$2,000,000 are taxed at 16.5%. The profits of other

group entities in Hong Kong not qualifying for the two-

tiered profits tax rates regime continue to be taxed at a

flat rate of 16.5%.

(b) Pursuant to the rules and regulations of the British Virgin

Islands (the “BVI”), the Group is not subject to any income

tax in the BVI.

progresive rate on the estimated asesable profits. The

tax rate is 12% for the year.

(21,700)
(3,582)
(273)
54
–
3,779
–
(22)

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

12.

所得税抵免

（续）

本年度所得税抵免与综合损益及其他全面

收益表所示除税前亏损之对账如下：

12. INCOME TAX CREDIT (Continued)

The income tax credit for the year can be reconciled to the los

before 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 tax

除税前亏损

(10,424)

Tax expense at rates aplicable to profits

in the jurisdiction concerned

按相关司法权区溢利适用税率计算之

税项开支

(1,753)

Tax efect of income not taxable

for tax purpose

免税收入之税务影响

(802)

Tax efect of expenses not

deductible for tax purpose

不可扣税项开支之税务影响

Tax efect of temporary diferences

not recognised

未确认暂时差额之税务影响

(647)

Tax efect of tax loses not recognised

未确认税项亏损之税务影响

2,837

Utilisation of tax loses not recognised

未确认税项亏损之应用

(320)

Income tax credit for the year

年度所得税抵免

(634)

742
2,730
4,203
129
7,804
15,988
5,122
1,809
650
(1,489)
–
(152)
–
3,190

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

13.

除税前亏损

本集团除税前亏损已经扣除（计入）下列各

项：

并无没收的供款可供本集团（作为雇主）使用

以减少现有供款水平。

13. LOS BEFORE TAX

The Group’s los before 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

Salaries and wages included in

cost of sales

薪金及工资

（计入销售成本）

Salaries and wages included in

administrative expenses:

薪金及工资

（计入行政开支）：

Directors’ emoluments

董事酬金

2,191

Salaries, wages and other benefits

(excluding directors’ emoluments)

薪金、工资及其他福利

（不包括董事酬金）

4,303

Contribution to defined contribution

plans* (excluding directors’

emoluments)

界定供款计划供款

（不包括董事酬金）

7,505

Cost of inventories sold

存货销售成本

9,866

Depreciation of property, plant

and equipment

物业、机器及设备折旧

6,397

Depreciation of right-of-use asets

使用权资产折旧

4,095

Auditor’s remuneration

核数师酬金

Compensation gain on disposal/

write-of of construction

equipment

处置╱撇销建筑设备

补偿收益

(2,779)

Gain on disposal of right-of-use asets

upon early termination

提前终止时出售使用权资产

之收益

(253)

(Gain)/los on disolution of subsidiaries

解散附属公司（收益）╱亏损

Writen-of of other receivables

撇销其他应收款项

Lease payment under short-term

leases on premises

物业短期租赁之租金

* There are no forfeited contributions that may be used by the Group

as the employer to reduce the existing level of contributions.

–	1,675	9	1,684
–	235	11	246
–	84	4	88
–	77	4	81
–	33	2	35
–	180	9	189
120	–	–	120
120	–	–	120
148	–	–	148
17	–	–	17
405	2,284	39	2,728

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

14.

有关董事福利资料

14(a)

董事酬金

本集团于本年度已支付及应付予本

公司董事的酬金总额如下：

附注：

缪仙柳女士已获委任为本公司执行

董事，自二零二四年五月七日起生

效。

罗学儒先生已获委任为本公司执行

董事，自二零二四年五月二十一日起

生效。

马敏姿女士已获委任为本公司执行

董事，自二零二四年七月十九日起生

效。

iv)

陈秋玲女士已获委任为本公司执行

董事，自二零二五年二月十三日起生

效。

邱欣源先生已辞任执行董事，自二零

二四年五月二十一日起生效。

vi)

王军先生已辞任执行董事，自二零

二五年二月二十四日起生效。

vi)

陈慧恩女士已获委任为本公司独

立非执行董事，自二零二四年五月

二十一日起生效。

vi)

吴兆先生已辞任本公司独立非执行

董事，自二零二四年五月二十一日起

生效。

14. INFORMATION ABOUT THE BENEFITS OF

DIRECTORS

14(a) Directors’ emoluments

The agregate amounts of emoluments paid and payable

to the directors of the Company by the Group during the

year are as folows:

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Fes

Salaries

and other

benefits

Contributions

to defined

contribution

plansTotal

费用

薪金和

其他福利

定额供款

计划供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Executive Directors:

执行董事：

Ms. Miao Xianliu (note (i)

缪仙柳女士（附注

(i)

）

Mr. Law Hok Yu (note (i)

罗学儒先生（附注

(i)

）

Ms. Ma Man Chi (note (i)

马敏姿女士（附注

(i)

）

Ms. Chen Qiuling (note (iv)

陈秋玲女士（附注

(iv)

）

Mr. Yau Yan Yuen (note (v)

邱欣源先生（附注

(v)

）

Mr. Wang Jun (note (vi)

王军先生（附注

(vi)

）

Independent non-executive

Directors:

独立非执行董事：

Ms. Tsang Hau Wai

曾巧慧女士

Mr. Li Ka Chun Gordon

李家俊先生

Ms. Chan Wai Yan (note (vi)

陈慧恩女士（附注

(vi)

）

Mr. Wu Zhao (note (vi)

吴兆先生（附注

(vi)

）

Total

总计

Notes:

i) Ms. Miao Xianliu has ben apointed as executive director of

the Company with efect from 7 May 2024.

i) Mr. Law Hok Yu has ben apointed as executive director of

the Company with efect from 21 May 2024.

i) Ms. Ma Man Chi has ben apointed as executive director of

the Company with efect from 19 July 2024.

iv) Ms. Chen Qiuling has ben apointed as executive director of

the Company with efect from 13 February 2025.

v) Mr. Yau Yan Yuen resigned as executive director with efect

from 21 May 2024.

vi) Mr. Wang Jun resigned as executive director with efect from

24 February 2025.

vi) Ms. Chan Wai Yan has ben apointed as independent non-

executive director of the Company with efect from 21 May

2024.

vi) Mr. Wu Zhao resigned as independent non-executive director

of the Company with efect from 21 May 2024.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

14.

有关董事福利资料

（续）

14(a)

董事酬金（续）

本集团并无向任何董事支付或应付

薪酬，作为吸引加入本集团或加入本

集团后之奖励或作为离职补偿。

概无就董事管理本集团事务的服务

而支付管理服务公司的酬金。

14(b)

有关以董事为受益人之贷款、准

贷款及其他交易

于本年度，概无以本公司董事为受益

人之贷款、准贷款或其他交易订立或

存续（二零二四年：无）。

14. INFORMATION ABOUT THE BENEFITS OF

DIRECTORS (Continued)

14(a) Directors’ emoluments (Continued)

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Fes

Salaries

and other

benefits

Contributions

to defined

contribution

plansTotal

费用

薪金和

其他福利

定额供款

计划供款总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Executive Directors:

执行董事：

Mr. Chan Chi Yuen

陈志远先生

–1,406171,423

Mr. Wang Jun

王军先生

–24012252

Mr. Yau Yan Yuen

邱欣源先生

–1266132

Non-executive Director:

非执行董事：

Mr. Tsang Kei Cheong

曾纪昌先生

–18–18

Independent non-executive

Directors:

独立非执行董事：

Ms. Tsang Hau Wai

曾巧慧女士

55–55

Mr. Li Ka Chun Gordon

李家俊先生

37–37

Mr. Chan Chiu Hung Alex

陈钊洪先生

71–71

Mr. Wu Zhao

吴兆先生

120–120

Mr. Lam Cheok VaLam Cheok Va

先生

83–83

Total

总计

3661,790352,191

No remuneration was paid or payable by the Group to

any of the directors as an inducement to join or upon

joining the Group or as compensation for los of ofice.

No emoluments represent the payments to a

management service company in respect of directors’

services in conection with management of the afairs of

the Group.

14(b) Loans, quasi-loans and other dealings in

favour of directors

There were no loans, quasi-loans or other dealings in

favour of the directors of the Company that were entered

into or subsisted during the year (2024: Nil).

2,212
111
2,323

4

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

14.

有关董事福利资料

（续）

14(c)

董事在交易、安排或合同的重大

利益

除于综合财务报表附注

所披露者

外，年末时或本年度内任何时间，本

公司并无签订其他任何涉及本公司

之业务而本公司之董事或董事之关

联实体直接或间接在其中拥有重大

利益之重要交易、安排及合同（二零

二四年：无）。

15.

酬金最高的人士

于本年度内，在本集团酬金最高的前五人

中，其中一（二零二四年：一）人为董事，其

酬金在综合财务报表附注

中披露。其余四

（二零二四年：四）人的酬金如下：

酬金介乎如下范围：

本集团并无向五名最高薪人士支付或应付

薪酬，作为吸引加入本集团或加入本集团

后之奖励或作为离职补偿。截至二零二四

年及二零二五年三月三十一日止年度概无

该等人士放弃任何酬金。

14. INFORMATION ABOUT THE BENEFITS OF

DIRECTORS (Continued)

14(c) Directors’ material interest in transactions,

arangements or contracts

Save as disclosed in note 36 to the consolidated financial

statements, there are no transactions, arangements and

contracts of significance in relation to the Company’s

busines to which the Company was a party and in

which a director of the Company or a conected entity

of the director had a material interest, whether directly or

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

during the year (2024: Nil).

15. INDIVIDUALS WITH HIGHEST

EMOLUMENTS

During the year, the five individuals with the highest

emoluments in the Group include one (2024: one) director(s)

whose emoluments are included in the disclosures in note 14

to the consolidated financial statements. The emoluments of

the remaining four (2024: four) individuals were as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries and other benefits

薪金和其他福利

1,963

Contributions to defined

contribution plans

定额供款计划供款

2,026

Their emoluments were within the folowing band:

二零二五年二零二四年

Number of

individuals

Number of

individuals

人员人数人员人数

Nil to HK$1,000,0000-1,000,000

港元

No remuneration was paid or payable by the Group to any of

the five highest paid individuals as an inducement to join or

upon joining the Group or as compensation for los of ofice.

None of these individuals waived any emoluments during the

years ended 31 March 2024 and 2025.

(21,678)

44,698

(0.48)

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

16.

股息

截至二零二四年及二零二五年三月三十一

日止年度没有派付或建议派发股息，自报

告期末起，亦不建议派发任何股息。

17.

每股亏损

截至二零二五年三月三十一日止年度的已

发行普通股加权平均数约

44,698,000

（二零

二四年：

15,997,000

（经重列）已予调整，

以反映附注

及

披露之股份合并之影

响。比较数字亦已予重列及调整，假设于

二零二五年二月十九日进行之股份合并于

上一年度已生效。

本公司拥有人应占每股基本及摊薄亏损按

下列数据计算：

由于截至二零二四年及二零二五年三月

三十一日止年度内概无潜在摊薄已发行股

份，因此两个年度的每股基本及摊薄亏损

相同。

16. DIVIDEND

No dividend was paid or proposed during the years ended 31

March 2024 and 2025, nor has any dividend ben proposed

since the end of the reporting period.

17. LOS PER SHARE

The weighted average number of ordinary shares of

aproximately 44,698,000 (2024: 15,997,000 (restated) in isue

during the year ended 31 March 2025, as adjusted to reflect the

efect of the share consolidation as disclosed in notes 32 and

40. Comparative figures have also ben restated and adjusted

on the asumption that the share consolidation on 19 February

2025 had ben efective in the prior year.

The calculation of the basic and diluted los per share

atributable to the owners of the Company 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 atributable to owners of the

Company for the purpose of

basic and diluted los per share

就每股基本及摊薄亏损而言

本公司拥有人应占之亏损

(9,790)

二零二五年二零二四年

’000’000

千股千股

(Restated)

（经重列）

Weighted average number of ordinary

shares for the purpose of basic and

diluted los per share

就每股基本及摊薄亏损而言之

普通股加权平均数

15,997

二零二五年二零二四年

HK$HK$

港元港元

(Restated)

（经重列）

Los per share

每股亏损

Basic and diluted

基本及摊薄

(0.61)

Since there were no potential dilutive shares in isue during the

years ended 31 March 2024 and 2025, basic and diluted los

per share are the same for both years.

4,554	720	375	1,432	29,100	36,181
–	–	–	–	(266)	(266)
–	–	4	–	1,126	1,130
4,554	720	379	1,432	29,960	37,045

4,554	720	370	1,388	21,437	28,469
–	–	–	–	(249)	(249)
–	–	9	44	5,069	5,122
4,554	720	379	1,432	26,257	33,342
–	–	–	–	3,703	3,703

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

18.

物业、机器及设备

本集团以经营租赁出租其建筑设备予第三

方，租金按日计算。租赁不包括任何购买

选择权。出租建筑设备租金收入已载列于

综合财务报表附注

。

建筑设备承受剩余价值风险。因此，租赁

合约包含一项条文，据此，本集团有权于

租赁结束时就建筑设备之任何损坏向租户

索偿。此外，本集团已要求租户购买保险，

保障任何可能因意外或物业之实质损坏而

引起的损失。

18. PROPERTY, PLANT AND EQUIPMENT

Leasehold

improvements

Furniture and

fixtures

Ofice

equipment

Motor

vehicles

Construction

equipmentTotal

租赁物业装修家具和固定装置办公室设备汽车建筑设备总计

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

千港元千港元千港元千港元千港元千港元

Cost:

成本：

At 1 April 2023

于二零二三年四月一日

4,5547203691,43231,22238,297

Disposal and write-of

出售及撇销

–(2,520)(2,520)

Aditions

添置

–6–398404

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

Disposal and write-of

出售及撇销

Aditions

添置

At 31 March 2025

于二零二五年三月三十一日

Acumulated depreciation:

累计折旧：

At 1 April 2023

于二零二三年四月一日

4,3967203471,32917,37124,163

Disposal and write-of

出售及撇销

–(2,091)(2,091)

Charge for the year

本年度支出

158–23596,1576,397

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

Disposal and write-of

出售及撇销

Charge for the year

本年度支出

At 31 March 2025

于二零二五年三月三十一日

Carying amount:

账面值：

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

–5447,6637,712

The Group leases its construction equipment to third parties

under operating leases with rental calculated on a daily basis.

The leases do not include any purchase option. Rental income

from leasing of construction equipment is set out in note 7 to

the consolidated financial statements.

The construction equipment is subject to residual value risk.

The lease contract, as a result, includes a provision based on

which the Group has the right to charge the tenant for any

damage to the construction equipment at the end of the lease.

Besides, the Group required the tenants to purchase insurance

to protect it against any los that may arise from acidents or

physical damages of the equipment.

–
–
–
–

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

19. NON-CURENT ASET HELD FOR SALE

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Fair value:

公平值：

At 1 April

于四月一日

29,500

Change in fair value recognised in

profit or los

于损益确认之公平值变动

Disposal

出售

(30,000)

At 31 March

于三月三十一日

–

On 31 March 2023, the Company, through its indirect

wholy-owned subsidiary, entered into a sale and purchase

agrement with a purchaser, pursuant to which the Group

agred to sel and the purchaser agred to acquire the

investment property at a consideration of HK$30,000,000. In

the opinion of the Directors, the disposal (the “Disposal”) of

the investment property is expected to be completed within

twelve months from the date of the agrement. As a result, the

investment property was re-clasified as non-curent asets

held for sale as at 31 March 2023. On 28 March 2024, the

Disposal had ben completed.

19.

持作出售之非流动资产

于二零二三年三月三十一日，本公司透过

其间接全资附属公司与买方订立买卖协

定，据此，本集团同意出售及买方同意收

购投资物业，代价为

30,000,000

港元。董事

认为，出售投资物业（「出售事项」）预计将

于协议日期起计十二个月内完成。因此，

于二零二三年三月三十一日，投资物业重

新分类为持作出售之非流动资产。于二零

二四年三月二十八日，出售事项已完成。

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

19. NON-CURENT ASET HELD FOR SALE

(Continued)

Leasing arangement – as lesor

During the year ended 31 March 2024, the property rental

income was aproximately HK$888,000. The property held for

rental purposes is expected to generate rental yields of 3.00%

on an ongoing basis.

Before the Disposal, the property was leased to tenants for

a term ranged from one to two years, in which the first year

is non-cancelable and the second year is cancelable with

a notice period of 2 months by the tenant. The lease did not

contain any renewal option. Monthly rental charges consist of

fixed payments. The Group bears the management fes and

amounts charged by the government such as the rates levied

on the Group.

The property was subject to residual value risk. The lease

contract, as a result, included a provision based on which the

Group has the right to charge the tenant for any damage to

the properties at the end of the lease. Besides, the Group had

purchased insurance to protect it against any los that may

arise from acidents or physical damages of the properties.

19.

持作出售之非流动资产

（续）

租赁安排－作为出租人

截至二零二四年三月三十一日止年度，物

业租金收入约为

888,000

港元。持作出租用

途的物业预期将持续产生

3.00%

的出租回

报率。

于出售事项前，物业按介乎

至

年之租期

出租予租户，其中首年不可撤销，租户可

于第二年以

个月通知期撤销。租赁不包含

任何延续选择权。每月租金为固定付款。

本集团须负担管理费及政府收取的款项，

例如对本集团征收的差饷。

物业承受剩余价值风险。因此，租赁合约

包含一项条文，据此，本集团有权于租赁

结束时就物业之任何损坏向租户索偿。此

外，本集团已购买保险，保障任何可能因

意外或物业之实质损坏而引起的损失。

1,809	–	1,809
(1,809)	–	(1,809)
–	–	–

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

20.

使用权资产

附注：

(a)

截至二零二四年三月三十一日止年度，本集

团就租赁建筑设备业务之仓库租赁已向业主

表示其意向并告知不再进一步更新租赁安排

（该租赁现正为选择租赁期）。据此，总额分

别为

2,286,000

港元之使用权资产及

2,539,000

港元的租赁负债已不再确认，导致于租赁提

前终止时收益

253,000

港元。

20. RIGHT-OF-USE ASETS

Ofice

premisesWarehousesTotal

办公室物业仓库总额

HK$’000HK$’000HK$’000

千港元千港元千港元

Net bok value at 1 April 2023

于二零二三年四月一日之

账面净值

3,6174,5738,190

Disposals (Note a)

出售（附注

）

–(2,286)(2,286)

Depreciation for the year

年内折旧

(1,808)(2,287)(4,095)

Net bok value at 31 March 2024

and 1 April 2025

于二零二四年三月三十一日

及二零二五年四月一日

之账面净值

Depreciation for the year

年内折旧

Net bok value at 31 March 2025

于二零二五年三月三十一日

之账面净值

Note:

(a) During the year ended 31 March 2024, the Group had expresed its

intention and notified the landlord not to further renew the lease

arangement, which is under option lease period, in relation to the

warehouses for the leasing of construction equipment busines.

Acordingly, the agregate amounts of respective right-of-use

asets of HK$2,286,000 and lease liabilities of HK$2,539,000 are

derecognised resulting in a gain in early termination of lease of

HK$253,000.

2,721
2,721
–

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

20.

使用权资产

（续）

限制或契诺

大部份租约强制规定，除非获得出租人的

批准，否则使用权资产仅能由本集团使

用，且本集团不得出售或抵押相关资产。

此外，本集团须维持物业良好的维修状

态，并于租赁结束时按物业的原状交还。

剩余价值担保

本集团并无为办公室物业及仓库租赁合同

提供剩余价值担保。

21.

商誉

20. RIGHT-OF-USE ASETS (Continued)

Restrictions or covenants

Most of the leases impose a restriction that, unles aproval

is obtained from the lesor, the right-of-use asets can only

be used by the Group and the Group is prohibited from seling

or pledging the underlying asets. In adition, the Group is

required to kep those properties in a god state of repair and

return the properties in their original condition at the end of the

lease.

Residual value guarantes

The Group does not provide residual value guarantes for the

lease contracts of ofice premises and warehouse.

21. GODWIL

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cost:

成本：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

2,721

Acumulated impairment loses:

累计减值亏损：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

2,721

Carying amount:

账面值：

At 31 March

于三月三十一日

–

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

21.

商誉

（续）

产生商誉是由于就收购支付之代价实际包

含未来市场发展及收购业务所集结劳动力

所带来利益之金额。由于该等利益不符合

可识别无形资产之确认标准，故并无与商

誉分开确认。预期概无已确认商誉可用于

扣除所得税。

透过业务合并收购之商誉金额已分配至金

融服务业务分部现金产生单位（「现金产生

单位」）及设计、装修及工程服务业务分部

现金产生单位（分部资料详情载于综合财

务报表附注

）。相关现金产生单位于二零

二四年及二零二五年三月三十一日应占商

誉之分析如下：

21. GODWIL (Continued)

Godwil arose because the consideration paid for the

acquisitions efectively included amount in relation to the

benefits originated from future market development and the

asembled workforce of the acquired busines. These benefits

are not recognised separately from godwil because they

do not met the recognition criteria for identifiable intangible

asets. None of the godwil recognised is expected to be

deductible for income tax purposes.

Godwil acquired through busines combination has ben

alocated to Financial services busines segment cash

generating unit (“CGU”) and Design, fiting out and enginering

services busines segment CGU (se note 8 to the consolidated

financial statements for details of segment information). An

analysis of godwil atributable to the relevant CGUs as at 31

March 2024 and 2025 is as folows:

Financial

services

busines

segment

CGU

Design,

fiting

out and

enginering

services

busines

segment

CGUTotal

金融服务

业务分部

现金产生单位

设计、装修及

工程服务业务

分部现金

产生单位总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Gros amount

总额

8541,8672,721

Impairment los recognised

已确认减值亏损

(854)(1,867)(2,721)

Carying amount at 31 March 2024

and 31 March 2025

于二零二四年三月三十一日

及二零二五年

三月三十一日的账面值

–

17,068	1,296	18,364
1,670	580	2,250

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

22.

无形资产

无形资产指

(i)

从事香港法例第

章证券

及期货条例（「证券及期货条例」）项下第

类

（证券交易）、第

类（就证券提供意见）及

第

类（提供资产管理）活动的牌照（「证券及

期货条例牌照」）；及

(i)

中港车辆牌照。

22. INTANGIBLE ASETS

SFO licences

Cros-

boundary

vehicle licenceTotal

证券及

期货条例牌照中港车辆牌照总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Cost:

成本：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年

三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

18,7381,87620,614

Acumulated impairment loses:

累计减值亏损：

At 1 April 2023

于二零二三年四月一日

16,2391,27617,515

Impairment los (reversal of

Impairment los) recognised

已确认减值亏损（拨回减值亏损）

779(140)639

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

17,0181,13618,154

Impairment los (reversal of

Impairment los) recognised

已确认减值亏损（拨回减值亏损）

At 31 March 2025

于二零二五年三月三十一日

Carying amount:

账面值：

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

1,7207402,460

The intangible asets represent (i) the licences to cary on Type

1 (Dealing in securities), Type 4 (Advising on securities) and

Type 9 (Aset management) activities under the Securities and

Futures Ordinance (“SFO”) (Chapter 571 of the Laws of Hong

Kong) (the “SFO Licences”); and (i) the cros-boundary vehicle

licence.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

22.

无形资产

（续）

证券及期货条例牌照

证券及期货条例牌照指于截至二零一八年

三月三十一日止年度因业务合并获得的无

形资产。证券及期货条例牌照被视为没有

确定使用年限是因为预期它无限期贡献本

集团净现金流，及不会被摊销。

本集团已委聘独立专业合资格估值师对

证券及期货条例牌照于二零二五年三月

三十一日的可收回金额进行评估。与去年

相同，证券及期货条例牌照的可收回金额

乃基于按重置成本法所得的公平值减出售

成本，经计及当前经济状况及因金融服务

业务分部金融市场的不确定性而可能推迟

业务计划，其高于使用价值。与过往年度

相同，可收回金额乃使用重置成本法而非

市场比较法厘定，原因是近期类似交易减

少。

重置成本法下估计证券及期货条例牌照公

平值所用的关键假设包括取得有关牌照的

估计成本及相关交易成本。估值被分类为

第三级公平值计量。

按公平值减出售成本计算的证券及期货条

例牌照的可收回金额约

1,670,000

港元（二

零二四年：

1,720,000

港元）。因此，经比较

证券及期货条例牌照之账面值，已就证券

及期货条例牌照于二零二五年三月三十一

日计提减值亏损约

17,068,000

港元（二零

二四年：

17,018,000

港元）。

22. INTANGIBLE ASETS (Continued)

SFO Licences

The SFO Licences represent intangible asets acquired as a

result of a busines combination during the year ended 31

March 2018. The SFO Licences have ben considered to have

indefinite useful lives because they are expected to contribute

to the net cash flows of the Group indefinitely, and are not

amortised.

The Group has apointed the independent qualified

profesional valuer to perform an apraisal of the recoverable

amount of the SFO Licenses as at 31 March 2025. Same as the

prior year, the recoverable amount of the SFO Licences have

ben determined based on fair value les costs of disposal

using the replacement cost aproach, which is higher than

value in use after considering the curent economic conditions

and the potential postponement of busines plan due to

uncertainties in the financial market for the Financial services

busines segment. Same as the prior year, the recoverable

amount have ben determined by using replacement cost

aproach instead of market comparable aproach because

there is a decrease in recent similar transactions.

The key asumptions used in estimating the fair value of the

SFO Licences under the replacement cost aproach include

the estimation of cost of obtaining such licenses and relevant

transaction cost. The valuation was categorised as Level 3 fair

value measurement.

The recoverable amount of the SFO Licences based on the fair

value les costs of disposal was aproximately HK$1,670,000

(2024: HK$1,720,000). Acordingly, having compared with the

carying amount of the SFO Licences, impairment los of

aproximately HK$17,068,000 (2024: HK$17,018,000) has ben

provided on SFO Licences as at 31 March 2025.

3,000
580
(819)
2,761

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

22.

无形资产

（续）

中港车辆牌照

中港车辆牌照估计没有确定使用年限及以

成本模式计量。中港车辆牌照被认为没有

确定使用年限是因为预期其会无限期贡献

本集团净现金流，及不会被摊销。

本集团已委聘独立专业合资格估值师对中

港车辆牌照于二零二五年三月三十一日的

可收回金额进行评估。与过往年度相同，

中港车辆牌照的可收回金额乃基于按市场

比较法所得的公平值减出售成本，其高于

使用价值。与过往年度相同，可收回金额

乃按公平值减出售成本厘定，原因是近期

类似交易增加及公平值减出售成本高于使

用价值。市场比较法项下之主要假设包括

于二零二五年的可资比较交易。

根据使用价值计算的中港车辆牌照之可

收回金额约

580,000

港元（二零二四年：

740,000

港元）。因此，经比较中港车辆牌照

之账面值，已就中港车辆牌照于二零二五

年三月三十一日计提减值亏损约

1,296,000

港元（二零二四年：

1,136,000

港元）。

23.

应收贷款及利息

22. INTANGIBLE ASETS (Continued)

The cros-boundary vehicle licence

The cros-boundary vehicle licence was estimated as having

indefinite useful life and is measured using the cost model. The

cros-boundary vehicle licence has ben considered to have

indefinite useful life because it is expected to contribute to the

net cash flows of the Group indefinitely, and is not amortised.

The Group has apointed the independent qualified

profesional valuer to perform an apraisal of the recoverable

amount of the cros-boundary vehicle licence as at 31 March

2025. Same as the prior year, the recoverable amount of the

cros-boundary vehicle licence has ben determined on the

fair value les costs of disposal using market comparable

aproach, which is higher than the value in use. Same as the

prior year, the recoverable amount have ben determined

by using fair value les costs of disposal because there is

a increase in recent similar transactions, and the fair value

les cost of disposal is higher than the value in use. The key

asumption under the market comparable aproach includes

the comparable transactions during the year 2025.

The recoverable amount of the cros-boundary vehicle

licence based on value in use calculation was aproximately

HK$580,000 (2024: HK$740,000). Acordingly, having compared

with the carying amount of the cros-boundary licence,

impairment los of aproximately HK$1,296,000 (2024:

HK$1,136,000) has ben provided on the cros-boundary

vehicle licence as at 31 March 2025.

23. LOAN AND INTEREST RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Loan receivables

应收贷款

3,000

Interest receivables

应收利息

Les: Los alowance

减：亏损拨备

(1,168)

2,142

2,761

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

23.

应收贷款及利息

（续）

截至二零二五年三月三十一日止年度，本

集团贷款组合包括一项每笔本金

3,000,000

港元之个人贷款。本集团应收贷款及利息

来自于香港提供的借贷业务，并以港元计

值。应收贷款为无抵押、按年利率

（二零

二四年：

）计息并于报告期末到期。于各

报告日期所面临的最大信贷风险，为上文

所述应收款项的账面值。

未偿还贷款的账龄分析

未被视为减值的应收贷款及利息（扣除减

值）的账龄分析如下：

减值亏损基准

由于贷款已于二零二五年三月三十一日逾

期未还款，违约的可能性将会增加。然而，

考虑到前瞻性利率、信贷价值及检讨借款

人的过往还款记录，而且，应计利息已于

年后结清，本集团认为该贷款未发生信贷

减值并被归类为第

阶段作预期信贷亏损

评估。

23. LOAN AND INTEREST RECEIVABLES (Continued)

During the year ended 31 March 2025, the loan portfolios of

the Group consist of 1 personal loans with principal amount of

HK$3 milion each. The Group’s loan and interest receivables,

which arise from the money lending busines in Hong Kong, are

denominated in HK$. Loan receivables are unsecured, interest-

bearing at a rate of 9% (2024: 9%) per anum and matured at

the end of the reporting period. The maximum exposure to

credit risk at each of the reporting dates is the carying amount

of the receivables mentioned above.

Ageing analysis of the outstanding loans

The aged analysis of loan and interest receivables (net of

impairment) that is not considered to be impaired is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Past due but not impaired

more than 180 days

已逾期，但未减值

超过

日

2,142

Basis of Impairment Los

Since the loan has ben overdue for repayment as at 31 March

2025, the probability of default would have increased. However,

considering the forward loking rate, credit worthines and by

reviewing the past repayment history of the borower where

acrued interest has ben setled subsequent to the year,

the Group considers the loan is not credit-impaired and is

categorised as Stage 2 for ECL asesment.

1,168
(349)
–
–
(349)
–
819

5,259
843
6,102

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

23.

应收贷款及利息

（续）

减值亏损基准（续）

截至二零二五年三月三十一日止年度，本

集团确认预期信贷亏损回拨约

349,000

港元

（二零二四年：

174,000

港元）。

本集团应收贷款及利息预期信贷亏损拨备

变动如下：

有关本集团所承受信贷风险以及应收贷款

及利息亏损拨备之资料载于综合财务报表

附注

6(b)

。

24.

存货

23. LOAN AND INTEREST RECEIVABLES (Continued)

Basis of Impairment Los (Continued)

During the year ended 31 March 2025, the Group recognised

a reversal of alowance for ECL of aproximately HK$349,000

(2024: HK$174,000).

Movement in the Group’s alowance for ECL on loan and

interest receivables is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of the year

于年初

1,540

Alowance for ECL for the year, net

年内预期信贷亏损拨备，净额

(174)

Increase in alowance for ECL for the year

年内预期信贷亏损拨备增加

Reversal of alowance for ECL for the year

年内预期信贷亏损拨备回拨

(749)

Waiver

豁免

(198)

At end of the year

于年末

1,168

Information about the Group’s exposure to credit risks and los

alowance for loan and interest receivables is included in note

6(b) to the consolidated financial statements.

24. INVENTORIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Fine and rare wines held for sale, at cost

持作出售美酒，以成本列账

Construction materials, at cost

建筑物料，以成本列账

1,102

36,984
(7,033)
29,951
4,063
5,889
521
704
11,177
41,128

15,523
459
1,031
8,732
4,206
29,951

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

25.

贸易及其他应收款项

本集团向其贸易客户提供为期

至

日

（二零二四年：

至

日）不等之平均信

贷期。以下为于报告期末按发票日期呈列

之贸易应收款项（扣除亏损拨备）之账龄分

析。

25. TRADE AND OTHER RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables

贸易应收款项

From third parties

从第三方

– Sales and service income receivables

and lease income receivables

－销售及服务收入应收款项及

租金收入应收款项

27,934

Les: Los alowance

减：亏损拨备

(6,643)

21,291

Other receivables

其他应收款项

Deposits and prepayment

按金及预付款项

1,009

Advance to supliers and sub-contractors

向供应商及分包商垫款

Prepayments of share isue expenses

related to rights isue

与供股有关之股份发行开支之

预付款项

–

Others

其他

1,989

Total trade and other receivables

贸易及其他应收款项总额

23,280

The Group alows an average credit period ranging from 30

to 60 days (2024: 30 to 60 days) to its trade customers. The

folowing is an ageing analysis of trade receivables, net of los

alowance, and based on the invoice date as at the end of the

reporting period.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 90 days90

日内

16,004

91 to 180 days91

日至

日以内

181 days to 270 days181

日至

日以内

271 days to 365 days271

日至

日以内

More than 365 days365

日以上

3,730

21,291

12,825
(269)
12,556

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

25.

贸易及其他应收款项

（续）

有关本集团所承受之信贷风险以及贸易及

其他应收款项亏损拨备之资料载于综合财

务报表附注

6(b)

。

计入其他应收款项之金融资产近期并无拖

欠记录及逾期款项。于二零二四年及二零

二五年三月三十一日，亏损拨备评定为微

不足道。

26.

合约资产及合约负债

26(a)

合约资产

合约资产主要关于本集团享有于报

告期末已完成但未发出账单工程的

代价的权利。合约资产于有关权利成

为无条件时转入贸易应收款项。

25. TRADE AND OTHER RECEIVABLES (Continued)

Information about the Group’s exposure to credit risks and los

alowance for trade and other receivables is included in note

6(b) to the consolidated financial statements.

The financial asets included in the other receivables for which

there was no recent history of default and past due amounts.

As at 31 March 2024 and 2025, the los alowance was

asesed to be minimal.

26. CONTRACT ASETS AND CONTRACT

LIABILITIES

26(a) Contract asets

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Unbiled revenue in respect of

provision of design, fiting

out and enginering and

procurement of furnishings

and related products services

提供设计、装修及工程及

采购家具及相关产品

服务的未开具发票收益

6,583

Les: Los alowance

减：亏损拨备

6(b)(66)

6,517

The contract asets primarily relate to the Group’s rights

to consideration for work completed but not yet biled at

the end of the reporting period. The contract asets are

transfered to trade receivables when the rights become

unconditional.

6,517
(6,483)
(203)
12,725
12,556

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

26.

合约资产及合约负债

（续）

26(a)

合约资产（续）

应收保留金计入合约资产，直至保留

期结束，因为本集团获得最终付款的

权利取决于本集团的工程是否圆满

通过验收。

年内，属香港财务报告准则第

号项

下客户合约之合约资产变动（不包括

于同一年度发生之增减）如下：

截至二零二五年三月三十一日止年

度，确认合约资产预期信贷亏损拨备

203,000

港元（二零二四年：

45,000

港

元）。

有关本集团所承受信贷风险以及合

约资产亏损拨备之资料载于综合财

务报表附注

6(b)

。

26. CONTRACT ASETS AND CONTRACT

LIABILITIES (Continued)

26(a) Contract asets (Continued)

Retention receivables are included in contract asets

until the end of the retention period as the Group’s

entitlement to the final payment is conditional on the

Group’s work satisfactorily pasing inspection.

The movements (excluding those arising from increases

and decreases both ocured within the same year) of

contract asets from contracts with customers within

HKFRS 15 during the year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At 1 April

于四月一日

2,110

Transfered to trade receivables

转拨至贸易应收款项

(488)

Alowance for ECL for the year

年内预期信贷亏损拨备

(45)

Recognised as revenue

确认为收益

4,940

At 31 March

于三月三十一日

6,517

For the year ended 31 March 2025, alowance for ECL

of HK$203,000 (2024: HK$45,000) is recognised for the

contract asets.

Information about the Group’s exposure to credit risks

and los alowance for contract asets is included in note

6(b) to the consolidated financial statements.

4,491

1,050
–
3,441
4,491

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

26.

合约资产及合约负债

（续）

26(b)

合约负债

合约负债主要与已收客户的代价垫

款有关，相关收益乃根据提供相关服

务的进度确认。

年内，属香港财务报告准则第

号项

下客户合约之合约负债变动（不包括

于同一年度发生之增减）如下：

26. CONTRACT ASETS AND CONTRACT

LIABILITIES (Continued)

26(b) Contract liabilities

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Provision of design, fiting out and

enginering and procurement of

furnishings and related products

services

提供设计、装修及工程及

采购家具及相关产品服务

1,050

The contract liabilities primarily relate to the advance

consideration received from customers, for which

revenue is recognised based on the progres of the

provision of related services.

The movements (excluding those arising from increases

and decreases both ocured within the same year) of

the contract liabilities from contracts with customers

within HKFRS 15 during the year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At 1 April

于四月一日

1,594

Recognised as revenue

确认为收益

(544)

Receipt of advances

收取垫款

–

At 31 March

于三月三十一日

1,050

43,249
–
–
43,249

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

26.

合约资产及合约负债

（续）

26(b)

合约负债（续）

香港财务报告准则第

号第

段中

实际的权宜之计豁免披露因于报告

日期存在的与客户之间的合约产生

而预期将会于未来确认的收益，本集

团已经将其应用于其装修及工程服

务收入、设计及采购家具及相关产品

服务收入及美酒销售收入，原因为有

关履约义务为原预期为期一年或以

下的合约的一部份。

27.

现金及银行结余

银行结余及现金包括由本集团持有之现

金及自开始计三个月内到期之短期银

行存款。银行结余乃于截至二零二四年

三月三十一日止年度内按市场年利率介

于

0.03%

至

0.47%

（二零二四年：

0.04%

至

0.47%

）计息。银行结余及现金之账面值以

下列贷币列值：

26. CONTRACT ASETS AND CONTRACT

LIABILITIES (Continued)

26(b) Contract liabilities (Continued)

The Group has aplied practical expedient in paragraph

121 of HKFRS 15 to exempt the disclosure of revenue

expected to be recognised in the future arising from

contracts with customers in existence at the reporting

date to its fiting out and enginering services income,

design and procurement of furnishings and related

product services income and sale of fine and rare wines

as the performance obligation is part of a contract that

has an original expected duration of one year or les.

27. CASH AND BANK BALANCES

Bank balances and cash comprise cash held by the Group and

short-term bank deposits with maturity within thre months

from inception. Bank balances caried interest at market rates

ranging from 0.03% to 0.47% (2024: 0.04% to 0.47%) per anum

during the year ended 31 March 2024. The carying amounts

of bank balances and cash are denominated in the folowing

curencies:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

HK$

港元

45,608

US$

美元

SGD

新加坡元

45,690

12,358
487
9,091
25,742
35,320
47,678

5,649
38
6,671
12,358

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

28.

贸易及其他应付款项

附注

(a)

余额指供股所得款项的临时收款。供股之详

情载于本公告附注

。

以下为于报告期末按发票日期，贸易应付

款项之账龄分析：

购入货品及服务之平均信贷期为

日（二

零二四年：

日）。本集团实行之金融风险

管理政策为确保所有应付款项皆于信贷期

限内清还。

28. TRADE AND OTHER PAYABLES

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Trade payables

贸易应付款项

4,766

Other payables

其他应付款项

Deposits received

已收按金

Acrued expenses and other payables

应计开支及其他应付款项

8,601

Temporary receipt

暂收款项

(a)–

9,073

Total trade and other payables

贸易及其他应付款项总额

13,839

Note

(a) The balance represents the temporary receipt from the proceds

from rights isue. Details of the rights isue are set out in note 14 to

this anouncement.

The folowing is an ageing analysis of trade payables 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

日内

1,495

More than 30 days but within 90 days30

日到

日内

1,403

Over 90 days

超过

日

1,868

4,766

The average credit period for purchases of gods and services

is 90 days (2024: 90 days). The Group has financial risk

management policies in place to ensure that al payables are

setled within the credit timeframe.

–

3,190
3,190
48
1,902
1,950
5,140

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

28.

贸易及其他应付款项

（续）

购入货品之平均信贷期为

日（二零二四

年：

日）。本集团实行之金融风险管理政

策为确保所有应付款项皆于信贷期限内清

还。

29.

租赁负债

本集团就租赁现金流出分析如下：

30.

其他借贷

其他借贷为无抵押、按固定年利率

计

息。截至二零二四年三月三十一日止年

度，其他借贷已悉数偿还。

28. TRADE AND OTHER PAYABLES (Continued)

The average credit period for purchases of gods is 90 days

(2024: 90 days). The Group has financial risk management

policies in place to ensure that al payables are setled within

the credit timeframe.

29. LEASE LIABILITIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent portion

流动部份

1,902

An analysis of the Group’s cash outflow for lease is as folows:

二零二五年二零二四年

NoteHK$’000HK$’000

附注千港元千港元

Lease payments:

租赁付款：

Short-term leases

短期租赁

Expenses recognised in profit or los

在损益确认的开支

Lease payments:

租赁付款：

Interest on lease liabilities

租赁负债利息

Repayment of lease liabilities

偿还租赁负债

5,009

34(a)5,253

Total cash outflow for leases

租赁总现金流出

5,554

30. OTHER BOROWING

The other borowing was unsecured, interest-bearing at fixed

rate of 5% per anum. During the year ended 31 March 2024,

the other borowing had ben fuly repaid.

–	–	307	307
–	–	(35)	(35)
–	–	272	272

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

31.

递延税项

递延税项（资产）负债于年内的变动如下：

截至二零二五年三月三十一日止年度

截至二零二四年三月三十一日止年度

31. DEFERED TAXATION

The movements in defered tax (asets) liabilities during the

year are as folows:

Year ended 31 March 2025

Defered tax

asetsDefered tax liabilities

递延税项资产递延税项负债

Tax loses

Acelerated

tax

depreciation

Fair value

adjustment

on intangible

asetsTotal

税项亏损加速税收折旧

无形资产

公平值调整总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2024

于二零二四年四月一日

Credited to profit or los

计入损益

At 31 March 2025

于二零二五年三月三十一日

Year ended 31 March 2024

Defered tax

asetsDefered tax liabilities

递延税项资产递延税项负债

Tax loses

Acelerated

tax

depreciation

Fair value

adjustment

on intangible

asetsTotal

税项亏损加速税收折旧

无形资产

公平值调整总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

–548413961

Credited to profit or los

计入损益

–(548)(106)(654)

At 31 March 2024

于二零二四年三月三十一日

–307307

1,308
186,349
187,657

186,349
186,349

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

31.

递延税项

（续）

下列项目并无确认递延税项资产：

由于未来溢利流难以预测，并无就未动用

税项亏损及可扣减暂时差额确认递延税项

资产。根据现行税务法例可扣减暂时差额

不会到期。未确认税项亏损之到期日如下：

31. DEFERED TAXATION (Continued)

Defered tax asets have not ben recognised in respect of the

folowing items:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Deductible temporary diferences

可扣减暂时差额

1,308

Tax loses

税项亏损

163,553

At end of the reporting period

于报告期末

164,861

No defered tax aset has ben recognised in respect of the

unused tax loses and deductible temporary diferences due

to the unpredictability of future profit streams. No deductible

temporary diferences expire under curent tax legislation. The

expiry dates for unrecognised tax loses are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Tax loses without expiration

未到期税项亏损

163,553

At the end of the reporting period

于报告期末

163,553

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

32.

股本

32. SHARE CAPITAL

Number of

sharesAmounts

股份数目金额

Notes’000HK$’000

附注千股千港元

Authorised:

法定：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

N/A

不适用

N/A

不适用

Isued and fuly paid:

已发行并缴足：

At 1 April 2023

于二零二三年四月一日

156,780205,523

Share consolidation

股份合并

(a)(125,424)–

Rights isue

供股

(b)156,78036,059

Share isue expenses

股份发行开支

–(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

188,136240,814

Isue of shares under specific mandate

根据特别授权发行股份

Share isue expenses

股份发行开支

–(204)

Share consolidation

股份合并

(d)(180,610)–

At 31 March 2025

于二零二五年三月三十一日

45,153248,173

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

32.

股本

（续）

附注：

(a)

根据于二零二三年十一月二日通过的一项普

通决议案，股份合并获得本公司股东批准并

于二零二三年十一月三日生效。紧随股份合

并后，本公司已发行股份总数从

156,780,000

股调整为

31,356,000

股。

(b)

根据于二零二三年十一月二日通过的一项普

通决议案，本公司股东已批准按于二零二三

年十一月七日股东名册上之股东每持有

股现有股份获发

股供股份的方式进行供

股，且供股已进行，发行价为每股供股份

0.23

港元，发行

156,780,000

股份，总现金代

价（扣除开支前）约为

36,059,000

港元。

(c)

根据于二零二四年三月六日通过的一项普

通决议案，根据特别授权配售股份已获本公

司股东批准。根据特别授权配售股份已于二

零二四年四月二十三日完成，且本公司于

同日按认购价

0.201

港元向独立第三方发行

37,627,200

股普通股。

(d)

于二零二四年十二月十三日，本公司董事建

议实施股份合并，基准为将每五股已发行股

份合并为一股合并股份。根据于二零二五年

二月十七日通过的一项普通决议案，股份合

并已获本公司股东批准并于二零二五年二

月十九日生效。紧随股份合并之后，本公司

之已发行股份总数由

225,763,200

股调整至

45,152,640

股。

32. SHARE CAPITAL (Continued)

Notes:

(a) Pursuant to an ordinary resolution pased on 2 November 2023,

the share consolidation was aproved by the shareholders of

the Company and has become efective on 3 November 2023.

Imediately after the share consolidation, the total number of isued

shares of the Company was adjusted from 156,780,000 to 31,356,000.

(b) Pursuant to an ordinary resolution pased on 2 November 2023, a

rights isue of five rights shares for every one existing share held

by members on the register of members on 7 November 2023 was

aproved by the shareholders of the Company and was made, at

an isue price of HK$0.23 per rights share, resulting in the isue of

156,780,000 shares for a total cash consideration, before expenses, of

aproximately HK$36,059,000.

placing of shares under the specific mandate was aproved by

the shareholders of the Company. The placing of shares under the

specific mandate was completed on 23 April 2024, and the Company

isued 37,627,200 ordinary shares to independent third parties at a

subscription price of HK$0.201 on the same date.

(d) On 13 December 2024, the directors of the Company proposed to

implement a share consolidation on the basis that every five isued

shares would be consolidated into one consolidated share. Pursuant

to an ordinary resolution pased on 17 February 2025, the Share

Consolidation was aproved by the shareholders of the Company

and has become efective on 19 February 2025. Imediately after

the Share Consolidation, the total number of isued shares of the

Company was adjusted from 225,763,200 to 45,152,640.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

33.

购股权计划

购股权计划使本公司可向任何参与者（「合

资格参与者」）授出购股权，作为他们对本

集团所作贡献之奖励或回报。本公司于二

零一四年六月三十日有条件地采纳购股权

计划（「购股权计划」），据此，董事会获授权

按他们之绝对酌情决定权，依照购股权计

划之条款向合资格参与者授出认购本公司

股份之购股权。购股权计划将于其获采纳

当日起计十年期间一直有效及生效。

于接纳根据购股权计划所授出可认购股份

之购股权（「购股权」）时，合资格参与者须

向本公司支付

1.00

港元，作为获授购股权

之代价。购股权之接纳期为授出购股权当

日起计

日期间。购股权之股份认购价将

由董事会厘定，并知会各参与者，价格不

得低于下列各项之最高者：

(i)

于授出购股

权当日（必须为股份于联交所买卖之日子

（「交易日」）联交所每日报价表所载之股

份收市价；及

(i)

于紧接授出购股权当日前

五个交易日联交所每日报价表所载之股份

平均收市价。

33. SHARE OPTION SCHEME

A share option scheme enables the Company to grant options

to any participant (the “Eligible Participant”) as incentives or

rewards for their contributions to the Group. The Company

conditionaly adopted a share option scheme (the “Share

Option Scheme”) on 30 June 2014 whereby the Board are

authorised, at their absolute discretion and subject to the terms

of the Share Option Scheme, to grant options to subscribe

for the shares of the Company to the Eligible Participant. The

Share Option Scheme wil be valid and efective for a period of

ten years comencing from the date of adoption of the Share

Option Scheme.

Upon aceptance of an option to subscribe for shares granted

pursuant to the Share Option Scheme (the “Option”), the

Eligible Participant shal pay HK$1.00 to the Company by way

of consideration for the grant. The Option wil be ofered for

aceptance for a period of 21 days from the date on which the

Option is granted. The subscription price for the Shares subject

to Options wil be a price determined by the Board and notified

to each participant and shal be the highest of: (i) the closing

price of the Shares as stated in the Stock Exchange’s daily

quotations shet on the date of grant of the Options, which

must be a day on which trading of Shares take place on the

Stock Exchange (the “Trading Day”); and (i) the average closing

price of the Shares as stated in the Stock Exchange’s daily

quotations shets for the 5 Trading Days imediately preceding

the date of grant of the Options.

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

33.

购股权计划

（续）

本公司获赋予权利发行购股权，惟根据购

股权计划将予授出之所有购股权获行使后

可予发行之股份总数，不得超过计划授权

限额。待股东批准及根据

GEM

上市规则发

出通函后，本公司可随时更新此上限，惟

于根据本公司全部购股权计划所授出而有

待行使之所有未行使购股权获行使后可予

发行之股份总数，不得超过当时已发行股

份之

30%

。购股权可按该计划条款于董事

会厘定之期间内随时行使，该期间不得超

出授出购股权日期起计十年，惟须受提早

终止条文所规限。

自购股权计划获采纳以来，本公司概无授

出购股权及股份奖励。

购股权计划并无设定服务提供者分项限

额。

于二零一四年六月三十日（购股权计划采

纳日期），股份授权限额为

30,000,000

股，

占本公司已发行股份总数

300,000,000

股的

10%

。

于二零二四年三月三十一日及二零二四

年四月一日，根据购股权计划授权可予授

出的购股权及奖励总数为

600,000

股（经

(i)

自二零二零年十一月十八日起生效的按

十

(10)

股现有股份合并为一

(1)

股合并股份

之基准进行的股份合并及

(i)

自二零二三年

十一月三日起生效的按五

(5)

股现有股份合

并为一

(1)

股合并股份之基准进行的股份合

并作出调整）。

于二零二五年三月三十一日，根据购股权

计划授权可予授出的购股权及奖励总数为

120,000

股（经

(i)

自二零二零年十一月十八

日起生效的按十

(10)

股现有股份合并为一

(1)

股合并股份的基准进行的股份合并；

(i)

自二零二三年十一月三日起生效的按五

(5)

股现有股份合并为一

(1)

股合并股份的基准

进行的股份合并；及

(i)

自二零二五年二月

十九日起生效的按五

(5)

股现有股份合并为

一

(1)

股合并股份的基准进行的股份合并作

出调整）。

于年报日期，本公司已发行股份总数为

180,610,560

股，而根据购股权计划授权可

予授出的购股权及奖励以及可予发行的股

份总数为

120,000

股，占本公司于年报日期

已发行股份总数的

0.07%

。

33. SHARE OPTION SCHEME (Continued)

The Company shal be entitled to isue options, provided that

the total number of Shares which may isue upon exercise

of al options to be granted under the Share Option Scheme

does not exced the Scheme Mandate Limit. The Company

may at any time refresh such limit, subject to the shareholders’

aproval and the isue of a circular in compliance with the GEM

Listing Rules, provided that the total number of shares which

may be isued upon exercise of al outstanding options granted

and yet to be exercised under al the share option schemes of

the Company does not exced 30% of the Shares in isued at

the time. An option may be exercised in acordance with the

terms of the Scheme at any time during a period as the Board

may determine which shal not exced ten years from the date

of grant subject to the provisions of early termination thereof.

Since the adoption of the Share Option Scheme, no share

option and share award have ben granted by the Company.

No service provider sublimit was set under the Share Option

Scheme.

As at 30 June 2014, the date of adoption of the Share Option

Scheme, the share mandate limited was 30,000,000 shares, and

representing 10% of the total number of isued shares of the

Company of 300,000,000 shares.

As at 31 March 2024 and 1 April 2024, the total number of

share options and awards available for grant under the Share

Option Scheme mandate was 600,000 shares (as adjusted for (i)

the share consolidation on the basis of ten (10) existing shares

into one (1) consolidated share with efect from 18 November

2020 and (i) the share consolidation on the basis of five (5)

existing shares into one (1) consolidated share with efect from

3 November 2023).

As at 31 March 2025, the total number of share options and

awards available for grant under the Share Option Scheme

mandate was 120,000 shares (as adjusted for (i) the share

consolidation on the basis of ten (10) existing shares into one

; (i)

the share consolidation on the basis of five (5) existing shares

into one (1) consolidated share with efect from 3 November

2023; and (i) the share consolidation of the basis of five (5)

existing shares into one (1) consolidated share with efect from

19 February 2025).

As at the date of the anual report, the total number of isued

shares of the Company was 180,610,560 shares, and the total

number of the share options and awards available for grant and

the shares available for isue under the Share Option Scheme

mandate was 120,000 shares, and representing 0.07% of the

total number of isued shares of the Company as at the date of

the anual report.

1,902	–	1,902
–	25,742	25,742
(1,902)	–	(1,902)
(48)	–	(48)
(1,950)	25,742	23,792
48	–	48
–	25,742	25,742

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

34.

其他现金流资料

34(a)

融资活动之负债变动

本集团融资活动之负债变动详情如

下：

二零二五年

34. OTHER CASH FLOW INFORMATION

34(a) Changes in liabilities arising from financing

activities

Details of the changes in the Group’s liabilities from

financing activities are as folows:

Lease

liabilities

Temporary

receiptTotal

租赁负债暂收款项总计

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

Changes from financing cash flows:

融资现金流变动：

Temporary receipt from the proceds from

rights isue

供股所得款项的临时收款

Repayment of lease liabilities

偿还租赁负债

Interest paid

已付利息

Net cash flows

现金流净额

Other changes:

其他变动：

Interest expenses

利息支出

At 31 March 2025

于二零二五年三月三十一日

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

34.

其他现金流资料

（续）

34(a)

融资活动之负债变动（续）

二零二四年

35.

退休福利计划

定额供款计划

本集团为所有香港合资格雇员经营一项强

制性公积金计划（「强积金计划」）。该计划

资产与本集团资产分开保存，保存于受托

人控制的资金中。本集团就强积金计划的

唯一责任为根据强积金计划作出所需供

款。本集团按有关薪资成本之

向强积金

计划供款，最高每月

1,500

港元，雇员依相

同金额作出相应供款。

在中国营运之附属公司须参与由有关地方

政府部门筹办之供款退休计划。

34. OTHER CASH FLOW INFORMATION

(Continued)

34(a) Changes in liabilities arising from financing

activities (Continued)

Lease

liabilities

Other

borowingsTotal

租赁负债其他借贷总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

9,4505,00014,450

Changes from financing cash flows:

融资现金流变动：

Repayment of unsecured other borowing

偿还无抵押其他借贷

– (5,000)(5,000)

Repayment of lease liabilities

偿还租赁负债

(5,009)–(5,009)

Interest paid

已付利息

(244)(490)(734)

Net cash flows

现金流净额

(5,253)(5,490)(10,743)

Other changes:

其他变动：

Release upon early termination of

lease (note 20)

提前终止租赁时解除（附注

）

(2,539)–(2,539)

Interest expenses

利息支出

(2,295)490(1,805)

At 31 March 2024

于二零二四年三月三十一日

1,902–1,902

35. RETIREMENT BENEFITS PLANS

Defined contribution 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 only

obligation of the Group with respect to the MPF Scheme is

to make the required contribution under the MPF Scheme.

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.

Subsidiaries operating in the PRC are required to participate

in contribution retirement schemes organised by the relevant

local government authorities.

2,404
57
2,461

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

35.

退休福利计划

（续）

定额供款计划（续）

计入损益的约

169,000

港元（二零二四年：

225,000

港元）的总成本是本集团在当前报

告期间对该等计划的应付供款。

本集团并无没收任何为于获全面归属前

即已退出该计划的雇员所作出的供款。

因此，截至二零二四年及二零二五年三月

三十一日止年度，并无任何已没收供款可

供本集团扣减现时的供款水平。而于报告

期末，并无任何已没收供款可供减少日后

的责任。

36.

关连方交易

除于综合财务报表其他部份披露之交易和

结余外，本集团于本年内与关连方进行了

如下交易：

(a)

主要管理人员的酬金

各年度内本集团主要管理人员的酬

金如下：

本公司董事及主要行政人员酬金乃

由薪酬委员会参考个人表现及市场

趋势厘定。董事酬金载于综合财务报

表附注

。

35. RETIREMENT BENEFITS PLANS (Continued)

Defined contribution plans (Continued)

The total cost charged to profit or los of aproximately

HK$169,000 (2024: HK$225,000) represents contributions

payable to these schemes by the Group in respect of the

curent reporting period.

The Group does not forfeit any contributions on behalf of

its employes who leave the scheme prior to ful vesting.

Acordingly, for the years ended 31 March 2024 and 2025,

there was no forfeited contribution available for the Group to

reduce the existing level of contributions and at the end of the

reporting period, there were no forfeited contributions available

to reduce future obligations.

36. RELATED PARTY TRANSACTIONS

In adition to the transactions and balances disclosed

elsewhere in the consolidated financial statements, the Group

entered into the folowing transactions with related parties

during the year:

(a) Compensation of key management

personel

The remuneration of key management personel of the

Group 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, alowances and

other benefits

薪金、津贴及其他福利

3,321

Contributions to defined

contribution plans

定额供款计划供款

3,388

The remuneration of directors of the Company and key

executives is determined by the remuneration comite

having regard to the performance of individuals and

market trends. The remuneration of directors is set out in

note 14 to the consolidated financial statements.

3
–
21,489
21,492
1,730
177,821
26,101
205,652
6,884
–
25,742
2,909
35,535
170,117
191,609
191,609
248,173
(56,564)
191,609

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

37.

公司财务状况表

财务状况表已于二零二五年六月三十日经

下列董事代表董事会签署以批准及授权刊

发：

37. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

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、机器及设备

Right-of-use asets

使用权资产

1,809

Investments in subsidiaries

于附属公司之投资

1,838

Curent asets

流动资产

Prepayment and other receivables

预付款项及其他应收款项

Amounts due from subsidiaries

应收附属公司款项

35(a)87,554

Cash and bank balances

现金及银行结余

88,269

Curent liabilities

流动负债

Other payables

其他应付款项

6,698

Lease liabilities

租赁负债

1,902

Temporary receipt

暂收款项

–

Amounts due to subsidiaries

应付附属公司款项

35(a)2,900

11,500

Net curent asets

净流动资产

76,769

Total asets les curent liabilities

总资产减流动负债

78,607

NET ASETS

资产净值

78,607

Capital and reserves

股本及储备

Share capital

股本

30240,814

Reserves

储备

37(b)(162,207)

TOTAL EQUITY

总权益

78,607

The statement of financial position was aproved and

authorised for isue by the Board of Directors on 30 June 2025

and signed on its behalf by:

Law Hok YuMiao Xianliu

罗学儒缪仙柳

DirectorDirector

董事董事

(183,270)	21,063	(162,207)
105,643	–	105,643
(77,627)	21,063	(56,564)

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

37.

公司财务状况表

（续）

37(a)

应收（应付）附属公司款项

该等应付款项为无抵押、免息及无固

定还款期限。

37(b)

公司储备

附注：

其他储备指，在收购日，因收购附属

公司而发行的股份的票面值与该附

属公司及其附属公司的全部资产净

值间的差额。

38.

资本承担

除综合财务报表其他部份所披露者外，

于报告期末，本集团并无任何其他资本承

担。

37. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY (Continued)

37(a) Amounts due from (to) subsidiaries

The amounts due are unsecured, interest-fre and no

fixed terms of repayment.

37(b) Reserves of the Company

Acumulated

losesOther reserveTotal

累计亏损其他储备总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

(180,276)21,063(159,213)

Los and total comprehensive

expense for the year

本年度亏损和全面开支总额

(2,994)–(2,994)

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

Los and total comprehensive

expense for the year

本年度亏损和全面开支总额

At 31 March 2025

于二零二五年三月三十一日

Note: Other reserve represents the diference betwen the nominal

value of the shares isued for acquisition of a subsidiary and

the consolidated net aset value of that subsidiary and its

subsidiaries at the date of acquisition.

38. CAPITAL COMITMENTS

Except for those disclosed in elsewhere in the consolidated

financial statements, at the end of the reporting period, the

Group did not have any other capital comitment.

百分比
100
–
100
–
–
100
–
100
–

百分比
–
100
–
100
100
–
100
–
100

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

39.

主要附属公司

本公司之主要附属公司于二零二五年三月

三十一日的详情如下：

39. PRINCIPAL SUBSIDIARIES

Details of the Company’s principal subsidiaries as at 31 March

2025 are as folows:

Name of subsidiary

Place/Country

of incorporation

or registration/

operations

Clas of

shares held

Paid up

isued/

registered

capital

Proportion of ownership and voting

power interest held by the CompanyPrincipal activities

附属公司名称

注册成立或注册╱

经营地点╱国家所持股份类别

已发行并缴足

股本╱注册资本公司持有的所有权及投票权比例主要活动

DirectlyIndirectly

直接间接

二零二五年二零二四年二零二五年二零二四年

百分比百分比百分比百分比

China Sourcing & Creative Construction

Limited

The BVIOrdinaryUS$1100–Investment holding

中国新意工程及建材有限公司英属处女群岛普通

美元投资控股

Markway Finance LimitedHong KongOrdinaryHK$100–100Money lending

万威财务有限公司香港普通

港元放债

Wealthy Pol International Holdings

Limited

The BVIOrdinaryUS$50,000100–Investment holding

保发国际控股有限公司英属处女群岛普通

50,000

美元投资控股

Huge Wealth International Trading

Limited

Hong KongOrdinaryHK$10,000–100Busines not yet comenced

巨富国际贸易有限公司香港普通

10,000

港元未展开业务

Oenoluxe Wines LimitedHong KongOrdinaryHK$1–100Sourcing and merchandising of fine

and rare wines

凝酒汇有限公司香港普通

港元美酒采购及营销

World Huge International Investment

Limited

The BVIOrdinaryUS$100100–Investment holding

世浩国际投资有限公司英属处女群岛普通

美元投资控股

OC Consultants LimitedHong KongOrdinaryHK$18,425,000

(2024:

HK$17,425,000)

–100Provision of securities dealing,

securities advisory and aset

management services

OC Consultants Limited

香港普通

18,425,000

港元

（二零二四年：

17,425,000

港元）

提供证券交易、证券咨询及

资产管理服务

Royal Century Investment Group

Limited

Hong KongOrdinaryHK$1100–Investment holding

仁德投资集团有限公司香港普通

港元投资控股

Royal Century Development LimitedHong KongOrdinaryHK$1–100Provision of interior design,

fiting out and procurement

of furnishings and related

products services

仁德发展有限公司香港普通

港元提供室内设计、装修及采购家具及

相关产品服务

百分比
–
–
–
–
100
100%

百分比
100
100
100
100
–
–

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

附注

(a)

于本年内，本公司向独立第三方收购海

鑫工程（中国及香港）有限公司，代价为

10,000

港元。

Name of subsidiary

Place/Country

of incorporation

or registration/

operations

Clas of

shares held

Paid up

isued/

registered

capital

Proportion of ownership and voting

power interest held by the CompanyPrincipal activities

附属公司名称

注册成立或注册╱

经营地点╱国家所持股份类别

已发行并缴足

股本╱注册资本公司持有的所有权及投票权比例主要活动

DirectlyIndirectly

直接间接

二零二五年二零二四年二零二五年二零二四年

百分比百分比百分比百分比

Royal Century Enginering LimitedHong KongOrdinaryHK$1–100Provision of interior design,

fiting out and procurement

of furnishings and related

products services

仁德工程有限公司香港普通

港元提供室内设计、装修及采购家具及

相关产品服务

Royal Century Construction Equipment

Limited

Hong KongOrdinaryHK$1–100Leasing of construction equipment

and provision of related

instalation services

仁德建筑设备有限公司香港普通

港元建筑设备租赁及提供相关安装

服务

Vai Tak Building Works Company LimitedHong KongOrdinaryHK$8,000,000–100Provision of waterprofing works

and maintenance services

惠德行有限公司香港普通

8,000,000

港元提供防水工程及维修服务

Vai Tak Enginering Works Company

Limited

Hong KongOrdinaryHK$1–100Provision of fiting out, enginering,

repair and maintenance

services

惠德行工程有限公司香港普通

港元提供装修、工程、维修及保养服务

Shum Ming Macau Company Limited MacauOrdinaryMOP25,000100–Provision of interior design,

fiting out and procurement

of furnishings and related

products services

晨鸣有限公司澳门普通

25,000

澳门元提供室内设计、装修及采购家具及

相关产品服务

Windmil Enginering (China and Hong

Kong) Company Limited (note (a)

Hong KongOrdinaryHK$10,000–Provision of interior design,

fiting out and procurement

of furnishings and related

products services

海鑫工程（中国及香港）有限公司

（附注

(a)

）

香港普通

10,000

港元提供室内设计、装修及采购家具及

相关产品服务

Note (a) During the year, the Company acquired Windmil Enginering

(China and Hong Kong) Company Limited from independent third

parties, as a consideration of HK$10,000.

39. PRINCIPAL SUBSIDIARIES (Continued)

Details of the Company’s principal subsidiaries as at 31 March

2025 are as folows: (Continued)

39.

主要附属公司

（续）

本公司之主要附属公司于二零二五年三月

三十一日的详情如下：（续）

Notes to the Consolidated Financial Statements

综合财务报表附注

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Anual Report 2024/2025

二零二四年╱二零二五年度报告

39.

主要附属公司

（续）

董事认为，上表所列的本公司附属公司主

要影响本年度业绩或构成本集团资产净值

之主要部份。董事认为列出其他附属公司

之详情将令篇幅过于冗长。

所有上述附属公司为有限公司。并无附属

公司于年内发行任何债权证券。

40.

报告期后事项

诚如本公司于二零二四年十二月十三日所

公布，（其中包括）本公司建议

(i)

进行股份合

并（「股份合并」），基准为每五股本公司已

发行现有股份合并为一股合并股份（「合并

股份」）及

(i)

按于记录日期的合资格股东每

持有一股合并股份获发三股供股份的基

准，以每股供股份

0.289

港元的认购价以

供股（「供股」）方式发行

135,457,920

股供股

股份（「供股份」），筹集约

39,150,000

港元

（扣除开支前）。

股份合并及供股已于二零二五年二月十七

日在本公司召开之股东大会上获独立股

东批准，而股份合并已于二零二五年二

月十九日完成。紧随股份合并后，本公司

已发行股份总数从

225,763,200

股调整为

45,152,640

股。

于报告期末后，供股已于二零二五年四

月十日完成。紧随供股完成后，本公司

已发行股份总数从

45,152,640

股增加至

180,610,560

股。

41.

比较数字

若干比较财务资料已重新分类以符合本年

度呈列。

39. PRINCIPAL SUBSIDIARIES (Continued)

The above table lists the subsidiaries of the Company which, in

the opinion of the directors, principaly afected the results for

the year or formed a substantial portion of the net asets of the

Group. To give details of other subsidiaries would, in the opinion

of the directors, result in particulars of excesive length.

Al of the above subsidiaries are limited liability companies.

None of the subsidiaries had isued any debt securities during

the year.

40. EVENTS AFTER THE REPORTING PERIOD

As anounced by the Company on 13 December 2024,

among other things, the Company proposed (i) to implement

a share consolidation (the “Share Consolidation”) on the basis

that every five isued existing shares of the Company be

consolidated into one consolidated share (the “Consolidated

Share”) and (i) to raise aproximately HK$39.15 milion before

expenses by way of a rights isue (the “Rights Isue”) of

135,457,920 rights shares (the “Rights Shares”) at a subscription

price of HK$0.289 per Rights Share on the basis of thre Rights

Shares for every one Consolidated Share held by the qualifying

shareholders on the record date.

The Share Consolidation and the Rights Isue were aproved

by the independent shareholders at a general meting

convened by the Company on 17 February 2025 and the

Share Consolidation was completed on 19 February 2025.

Imediately after the share consolidation, the total number of

isued shares of the Company was adjusted from 225,763,200

to 45,152,640.

Subsequent to the end of the reporting period, the Rights Isue

was completed on 10 April 2025. Imediately after the Right

Isue, the total number of isued shares of the Company was

increased from 45,152,640 to 180,610,560.

41. COMPARATIVE FIGURES

Certain comparative financial information has ben reclasified

in order to conform with curent year’s presentation.

164,543
(21,700)
(21,678)
(21,678)

111,749
(52,567)
59,182

Financial Sumary

财务概要

CHINA NEW HOLDINGS LIMITED

中新控股有限公司

For the year ended 31 March

截至三月三十一日止年度

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Revenue

收益

87,60355,76157,66066,807

Los before tax

除税前亏损

(10,424)(24,796)(20,936)(20,852)

Los for the year

年度亏损

(9,790)(24,564)(21,068)(19,427)

Total comprehensive los

for the year

年度全面亏损总额

(9,772)(24,428)(21,074)(19,437)

As at 31 March

于三月三十一日

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Asets and Liabilities

资产及负债

Total asets

总资产

90,71284,400102,214119,893

Total liabilities

总负债

(17,211)(36,418)(29,804)(26,409)

Total equity

权益总额

73,50147,98272,41093,484

(Incorporated in Hong Kong with limited liability) (于香港注册成立之有限公司）

(formerly known as Royal Century Resources Holdings Limited)(前称仁德资源控股有限公司）

Stock code 股份代号：8125

China New Holdings Limited

中新控股有限公司

年报

Anual Report

2024/2025

China New Holdings Limited

中新控股有限公司

年

报

中

新

控

股

有

限

公

司

China New Holdings Limited

中 新 控 股 有 限 公 司

年报

Anual Report

2024/2025

Contents

目录

Corporate Information

公司资料

Corporate Information

公司资料

Management Discusion and Analysis

管理层讨论及分析

Breakdown of revenue by segments is as folows:

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Management Discusion and Analysis

管理层讨论及分析

Directors’ and Senior Management Profile

董事及高级管理层履历

Directors’ and Senior Management Profile

董事及高级管理层履历

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Company:

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

1. By mail to the Company’s principal place of busines at Unit 12,

2. By email to info@chinanewholdings.com.hk.

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Environmental, Social and Governance Report

中新控股有限公司