2024 25

中国投融资集团有限公司

China Investment and Finance Group Limited

(Incorporated in the Cayman Islands with limited liability)

(于开曼群岛注册成立之有限公司)

(Stock Code 股份代号:1226)

ANUAL

REPORT

年报

年

报

中

国

投

融

资

集

团

有

限

公

司

Anual Report

2024/25

年报

CORPORATE INFORMATION

公司资料

China Investment and Finance Group Limited

中国投融资集团有限公司

股份代号

董事会

执行董事

陈昌义先生

非执行董事

吴祺先生

独立非执行董事

陆东全先生

刘晓茵女士

韩亮先生

审核委员会

韩亮先生（主席）

陆东全先生

刘晓茵女士

提名委员会

刘晓茵女士（主席）

韩亮先生

陆东全先生

薪酬委员会

刘晓茵女士（主席）

陆东全先生

韩亮先生

注册办事处

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman KY1-1111

STOCK CODE

BOARD OF DIRECTORS

Executive Director

Mr. CHAN Cheong Ye

Non-Executive Director

Mr. WU Qi

Independent Non-Executive Directors

Mr. LUK Simon

Ms. LIU Xiaoyin

Mr. HON Leung

AUDIT COMITE

Mr. HON Leung (Chairman)

Mr. LUK Simon

Ms. LIU Xiaoyin

NOMINATION COMITE

Ms. LIU Xiaoyin (Chairman)

Mr. HON Leung

Mr. LUK Simon

REMUNERATION COMITE

Ms. LIU Xiaoyin (Chairman)

Mr. LUK Simon

Mr. HON Leung

REGISTERED OFICE

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman KY1-1111

CORPORATE INFORMATION

公司资料

Anual Report

2024/25

年报

香港主要营业地点

香港

皇后大道中70号

卡佛大厦1104室

核数师

开元信德会计师事务所有限公司

香港湾仔

分域街18号

捷利中心15楼1503室

香港股份过户登记处

联合证券登记有限公司

香港北角

英皇道338号

华懋交易广场2期

33楼3301-04室

主要往来银行

中国银行（香港）有限公司

中国工商银行（亚洲）有限公司

创兴银行有限公司

投资经理

恒大证券（香港）有限公司

香港

湾仔告士打道38号

万通保险中心20楼2004-6室

公司秘书

陈家贤先生

授权代表

陈昌义先生

陈家贤先生

网站

htp:/w.chnif.com.hk

PRINCIPAL PLACE OF BUSINES

IN HONG KONG

Rom 1104, Crawford House

70 Quen’s Road Central

Hong Kong

AUDITORS

Elite Partners CPA Limited

Unit 1503, 15/F, Jubile Centre

18 Fenwick Stret

Wan Chai, Hong Kong

SHARE REGISTRARS AND

TRANSFER OFICE IN HONG KONG

Union Registrars Limited

Suites 3301-04, 33/F

Two Chinachem Exchange Square

338 King’s Road

North Point, Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

Industrial and Comercial Bank of China

(Asia) Limited

Chong Hing Bank Limited

INVESTMENT MANAGER

Evergrande Securities (Hong Kong) Limited*

Rom 2004-6, 20/F., YF Life Centre

38 Gloucester Road, Wanchai,

Hong Kong

COMPANY SECRETARY

Mr. CHAN Ka Yin

AUTHORISED REPRESENTATIVES

Mr. CHAN Cheong Ye

Mr. CHAN Ka Yin

WEBSITE

htp:/w.chnif.com.hk

’s investment manager with efect from 4

October 2024.

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

中国投融资集团有限公司（「本公司」）及其附属公司

（统称「本集团」）董事（「董事」）会（「董事会」）欣然公

布本集团于截至二零二五年三月三十一日止年度之经

审核综合业绩。

管理层讨论及分析

财务业绩

截至二零二五年三月三十一日止年度（「本年度」），

本集团录得出售上市股本证券所得款项总额约

16,400,000港元，较去年约29,800,000港元减少约

44.9%。本集团录得收益约6,500,000港元，较去年约

5,300,000港元增加约22.9%。于本年度，本公司录得

本公司拥有人应占亏损约5,500,000港元（二零二四年：

约37,800,000港元）。本集团于二零二五年三月三十一

日的经审核综合资产净值约为153,400,000港元（二零

二四年：约158,900,000港元）。本集团每股资产净值

约为0.37港元（二零二四年：约0.39港元）。于本年度，

本公司每股资产净值减少是因为本公司股东应占本年

度净亏损约5,500,000港元。

本集团净亏损由截至二零二四年三月三十一日止年度

约37,800,000港元减少至本年度约5,500,000港元。

该变动主要归因于买卖股票的整体亏损由去年的约

32,500,000港元减少至本年度的约6,600,000港元。

就本集团的应收款项及非上市债务投资而言，由减值

亏损约2,700,000港元变为本年度的减值亏损拨回约

400,000港元亦导致本集团本年度整体净亏损减少。

The board (the “Board”) of directors (the “Directors”) of China

Investment and Finance Group Limited (the “Company”) and its

subsidiaries (colectively, the “Group”) is pleased to anounce

the audited consolidated results of the Group for the year ended

31 March 2025.

MANAGEMENT DISCUSION AND ANALYSIS

Financial Results

During the year ended 31 March 2025 (the “Year”), the Group

recorded gros proceds from disposal of listed equity securities

of aproximately HK$16.4 milion, representing a decrease of

aproximately 44.9%, as compared to the amount of aproximately

HK$29.8 milion for the last year. The Group recorded in revenue

of aproximately HK$6.5 milion, representing an increase of

aproximately 22.9% as compared to the amount of aproximately

HK$5.3 milion for the last year. The Company recorded los

atributable to the owners of the Company for the year amounted

to aproximately HK$5.5 milion (2024: aproximately HK$37.8

milion). The audited consolidated net asets of the Group as

at 31 March 2025 amounted to aproximately HK$153.4 milion

(2024: aproximately HK$158.9 milion). The net aset per share

of the Group was amounted to aproximately HK$0.37 (2024:

aproximately HK$0.39). The decrease in net aset value per

share of the Company over the year was resulted from the net los

atributable to the shareholders of the Company for the Year of

aproximately HK$5.5 milion.

The Group’s net los decreased from aproximately HK$37.8

milion for the year ended 31 March 2024 to aproximately HK$5.5

milion for the Year. Such change is mainly atributable to the

decrease in the overal los of trading stocks from aproximately

HK$32.5 milion for the last year to aproximately HK$6.6 milion

for the Year. In relation to the Group’s receivables and unlisted

debt investments, the change to the reversal of impairment loses

on of aproximately HK$0.4 milion for the Year from impairment

loses of aproximately HK$2.7 milion led to the decrease in the

overal net los of the Group for the Year, to.

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

投资回顾

于二零二五年三月三十一日，本集团之主要投资如下：

于二零二五年三月三十一日，本集团投资组合主要由

香港及中国非上市证券、上市证券及债券投资组成。

本集团之投资组合价值约为148,300,000港元。整体而

言，投资组合获审慎管理并且极为多元化，尽量减低

本集团过分集中投资于任何单一行业而须承担之商业

风险。

Investment Review

As at 31 March 2025, the Group’s major investments were as

folows:

InvestmentsDescription

投资概述

Listed equitiesHK$99.6 milion of a portfolio of listed shares in 49 companies

上市股本于49间公司之上市股份组合99,600,000港元

Direct investment in unlisted equitiesHK$6.8 milion in 2 direct investments in unlisted equities securities

于非上市股本之直接投资2项非上市股本证券之直接投资6,800,000港元

Debt InvestmentsHK$41.9 milion in bonds isued by 2 listed companies and 1 unlisted company

债务投资2间上市公司及1间非上市公司发行之债券41,900,000港元

TotalHK$148.3 milion

合计148,300,000港元

The investment portfolio as at 31 March 2025 of the Group mainly

comprises of unlisted securities, listed securities and bonds

investment in Hong Kong and China. The value of investment

portfolio of the Group is of aproximately HK$148.3 milion.

As a whole, the portfolio was carefuly managed and being

fuly diversified to minimise comercial risk resulting from over

concentration of the investment of the Group in any single industry.

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

重大投资

公平值占总资产价值超过5%之本集团投资被视为重

大投资。就本集团于二零二五年三月三十一日之重大

投资而言，该等投资之若干资料载列如下：

Significant Investments

The Group’s investments with fair value over 5% of value of its

total asets are considered as significant investments. In respect

of the Group’s significant investments as at 31 March 2025, set out

below are certain information on those investments:

Significant Investments

Fair value/

Carying value

of significant

investments as

at 31 March 2025

Percentage

of fair value

of significant

investments to

the Company’s

total asets as at

31 March 2025

Realised

gain/(los)

recognised

during

the year ended

31 March 2025

Unrealised

gain/(los)

recognised

during

the year ended

31 March 2025

Bond coupons

received during

the year ended

31 March 2025

重大投资

于二零二五年

三月三十一日

重大投资之

公平值╱账面值

于二零二五年

三月三十一日

重大投资之

公平值占

本公司总资产

之百分比

于截至

二零二五年

三月三十一日

止年度确认

之已变现

收益╱（亏损）

于截至

二零二五年

三月三十一日

止年度确认

之未变现

收益╱（亏损）

于截至

二零二五年

三月三十一日

止年度收取之

债券票息

HK$’ milionHK$’ milionHK$’ milionHK$’ milion

百万港元百万港元百万港元百万港元

Equity investment in WLS Holdings Limited于汇隆控股有限公司之股本投资21.413.3%–8.2N/A 不适用

Equity investment in Minerva Group

Holding Limited

于嬴集团控股有限公司之股本投资

8.95.5%–(6.7)N/A 不适用

Equity investment in China Jicheng

Holdings Limited

于中国集成控股有限公司之

股本投资8.45.2%–0.1N/A 不适用

Bonds investment in Gold Medal Hong Kong

Limited

于金徽香港有限公司之债券投资

17.310.8%–

Bonds investment in Hao Wen Holdings

Limited

于皓文控股有限公司之债券投资

15.89.8%–1.1

Bonds investment in China 33 Media Group

Limited

于中国三传媒集团有限公司之

债券投资8.85.5%–

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

(A) 上市股本投资

汇隆控股有限公司（「汇隆」，股份代号：8021）

汇隆主要从事为建筑及建造工程提供棚架搭建、

精装修及其他辅助服务、借贷业务及证券投资业

务。于截至二零二四年四月三十日止年度，汇隆

之股东应占经审核综合亏损约为11,100,000港元。

诚如汇隆的二零二四年至二零二五年中期报告所

载，展望未来，二零二四年的外部环境颇为复杂。

地缘政治局势紧张，加上早前货币大幅收紧的滞

后效应，将继续影响香港经济增长。尽管减息的

确实时间和幅度仍未明朗，但预期部分主要央行

会在今年稍后时间减息，有助提振全球经济信心

及为经济活动带来支持。汇隆将继续专注于建筑

及建造工程的棚架搭建、精装修及其他辅助服务、

借贷及证券投资业务。

在过去十年，搭棚业竞争越来越大。此外，人工成

本不断上涨，成本高昂，但生产力亦有所下降。面

对劳动工人出现老龄化现象，年轻一代因怕辛劳

及技术要求高而拒绝入行，影响行业人才的招聘，

加上政府规范越来越多，缺乏输入外劳等有利因

素，行业承载能力将会备受考验，从而反映对搭

棚业前景缺乏信心。

(A) Listed Equity Investments

WLS Holdings Limited (“WLS”, stock code: 8021)

WLS is principaly engaged in the provision of scafolding,

fiting out services and other auxiliary services for

construction and buildings work, money lending busines and

securities investment busines. The audited consolidated los

atributable to shareholders of WLS for the year ended 30

April 2024 was aproximately HK$11.1 milion.

As stated in the WLS’s interim report 2024/25, loking ahead,

the external environment is rather complicated in 2024. The

geopolitical tensions and the laged efects of the sharp

monetary tightening earlier wil continue to afect Hong Kong

economic growth. Some major central banks are expected to

cut interest rates later in the year, thereby lending suport to

economic confidence and activities around the world, though

the exact timing and magnitude of the cuts remain uncertain.

WLS wil continue to focus on scafolding, fiting out and other

auxiliary services for construction and buildings work; money

lending and securities investment busines.

In the past decade, the scafolding industry has become

increasingly competitive. Furthermore, the costs have become

high together with rising labour costs, but productivity has

sufered decline as wel. In the face of a phenomenon of

ageing workers, young generation unwiling to join the

industry due to hard labour work and higher requirement of

technological qualifications, which has afected recruitment

of talents in the industry, and with heavier government

regulations, without favourable factors such as labour imports,

the carying capacity of the industry may be chalenged.

These reflect a lack of confidence in the prospect of the

scafolding industry.

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

另一方面，因应市场发展需求，现今许多承建商

已采用金属棚架代替竹棚架，因金属棚架整体耐

用性高，更可计算承重力，训练劳工时间可缩短，

因此，未来竹棚架在香港有可能被取缔。依据近

期趋势，现今的金属棚架已成为业界的采用之列，

尤其在注重外观的高级商场，所以，未来棚架搭

建业务路向都是以混合棚架及铁棚架为主导。

经过数年发展借贷业务的不懈努力，借贷业务于

二零二三╱二四财政年度产生了稳定的收入。尽

管客户于本年度还款困难，但汇隆将继续推进应

收贷款催收程序。汇隆已就借贷业务颁布指引及

程序手册，旨在遵守香港法例第163章《放债人条

例》及其他相关法律、发牌条件及指引以及公司

注册处不时刊发的其他刊物。汇隆将继续更新指

引及程序手册，以确保更严格地遵守上述规定。

On the other hand, in response to demand from market

development, many contractors have adopted the use of

metal scafolds instead of bambo scafolds nowadays. The

general higher durability of metal scafolds and the posibility

of calculating load bearing capacity have shortened the time

for training of workers. Hence, bambo scafolds may be

eliminated in Hong Kong in the future. Acording to recent

trend, modern metal scafolds have ben adopted by the

industry, especialy for high-end shoping mals which are

aware of exterior apearance. Therefore, the future direction

of the scafolding busines wil be led by the adoption of

mixed scafolds and iron scafolds.

After a few years of serious eforts to develop its money

lending operations, the money lending busines has

generated stable income for the fiscal year 2023/24. Despite

dificulties in repayment by customers during the Year, WLS

wil continue puting eforts in the colection procedure of

loans receivable. WLS’s Guidelines and Procedure Manual

for the money lending busines were isued with an aim to

comply with the Money Lenders Ordinance (Chapter 163 of

the Laws of Hong Kong) and other relevant laws and the

licensing conditions and guidelines and other publications as

isued by the Companies Registry from time to time. WLS wil

continue to update the Guidelines and Procedure Manual to

ensure stricter compliance with the aforementioned.

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

展望二零二四╱二零二五年度，鉴于当前经济的

不稳定性及种困难，汇隆正在检讨其现时资产

结构及业务策略，并可能对现时资产结构进行调

整以巩固其资源，从而灵活应对未来的各种不确

定性因素。此外，汇隆将寻求机会重振棚架搭建

业务，紧跟近期行业内使用竹棚有所下滑的发展

趋势，提升其竞争力。同时，汇隆将继续专注于高

利润率及具发展潜力的业务分部，如借贷业务。

汇隆将严格遵守成本控制政策，迅速调整棚架搭

建业务的业务策略，以应对变幻莫测的市场动态

及为其股东产生更多财务回报。

最后，汇隆将会积极探索一切适宜的投资机会，

使汇隆的业务范围多元化，努力推动业务的整体

发展。汇隆的业务策略符合政府在物业建设、基

建投资及金融市场发展方面整体策略发展规划的

总体指导方针。

本公司管理层与汇隆持有相同观点，认为其于建

筑及基础设施行业的业务符合香港政府的发展规

划及长远而言可为本公司带来正面回报，但本集

团将继续关注汇隆的表现，并于必要时候调整本

集团投资汇隆的策略。

Loking ahead to 2024/2025, in view of present economic

uncertainty and dificulties, WLS is reviewing its existing

asets structure and busines strategies and may make

adjustment to its existing asets structure, with the aim to

consolidate its resources, so as to be flexibly prepared for

uncertainties in the future. Meanwhile, in order to enhance

its competitivenes, WLS wil lok for oportunities to

revitalise the scafolding busines to kep up with the recent

development and trend in the industry, in particular the

declining use of bambo scafolds. At the same time, WLS wil

continue focusing on those busines segments that generate

higher profit margins and show ample growth potential such

as money lending operations. WLS wil strictly adhere to its

cost control policy, and swiftly adjust busines strategies of

its scafolding busines in response to ever-changing market

dynamics in order to generate beter financial returns for its

shareholders.

Finaly, WLS wil actively explore al suitable investment

oportunities to diversify its busines horizons and wil work

hard to strengthen overal busines development. WLS’s

busines strategy is in line with the general direction of the

government’s overal strategic development plans for property

construction, infrastructure investment and financial market

development.

The management of the Company shares the same

viewpoints of WLS and believes its busines in construction

and infrastructure sectors are in line with the development

plan of Hong Kong Government and wil bring positive return

to the Company in long run, but the Group wil stil continue

to monitor the performance of WLS and adjust the Group’s

strategy of investment in WLS, if necesary.

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

嬴集团控股有限公司（「嬴集团」，股份代号：

397）

嬴集团之主要业务为金融服务、资产投资以及放

债。于截至二零二四年十二月三十一日止财政

年度，嬴集团之股东应占经审核综合亏损约为

143,900,000港元。

嬴集团于其二零二四年报中载述，二零二四年

度，全球及香港市场面临严峻的经济逆风，特征

为利率上升、增长显著放缓，以及信贷风险及违

约显著增加。全球而言，美国联邦储备局谨慎的

降息措施被持续的不确定性所掩盖，俄乌冲突的

持续使得情况更加复杂。在香港，情况急剧恶化：

最优惠贷款利率高达5.875%。中小型企业（「中

小企」）面临沉重压力，政府保证中小企贷款的逾

期金额增加至147亿港元，而恒生银行报告信贷

减值贷款由二零二三年的10.8亿港元激增至198

亿港元，反映经济市场的困境。

为应对该等不利情况，嬴集团果断行动，调整其

财务策略以缓解不断上升的信贷风险及利率压力。

主要挑战为其贷款组合出现重大减值，因高借贷

成本及现金流量减少而受挫。经历重大亏损后，

嬴集团已采取更谨慎的方法，准备确认额外的减

值，以防范持续的不确定性。此策略转变旨在保

护其营运及投资免受香港及其他地区的普遍违约

和流动性限制所影响，从而在波动的环境中加强

其应变能力。

Minerva Group Holding Limited (“Minerva”, stock code: 397)

Minerva is principaly engaged in busines of financial

services, aset investment and money lending. For the

financial year ended 31 December 2024, the audited

consolidated los atributable to shareholders of Minerva was

aproximately HK$143.9 milion.

Minerva stated in its anual report 2024 that the Year 2024

the global and Hong Kong markets encountered severe

economic headwinds, characterized by elevated interest rates,

a marked slowdown in growth, and a significant increase in

credit risk and defaults. Globaly, the U.S. Federal Reserve’s

cautious rate reductions were overshadowed by persistent

uncertainty, compounded by the ongoing Rusia-Ukraine

conflict. In Hong Kong, conditions deteriorated sharply: a

prime lending rate reaching highest of 5.875%. Smal and

mid-sized enterprises (“SMEs”) faced acute presure, with

loan defaults balon to HK$14.7 bilion on SMEs government-

backed loans, while Hang Seng Bank reported a surge in

credit-impaired loans to HK$19.8 bilion, up from HK$1.08

bilion in 2023, reflecting distres in the economic market

sector.

To adres these adverse conditions, Minerva acted

decisively, realigning its financial strategies to mitigate the

escalating credit risk and interest rate presures. A major

chalenge was the significant impairment of its loan portfolio,

which faltered under high borowing costs and diminishing

cash flows. Having endured substantial loses, Minerva has

adopted a more prudent aproach, prepared to recognize

aditional impairments as a safeguard against ongoing

uncertainty. This strategic shift aims to protect its operations

and investments from the pervasive defaults and liquidity

constraints afecting Hong Kong and beyond, reinforcing its

resilience in a volatile landscape.

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

事实证明二零二四年情况极为艰难，其录得重大

净亏损，乃由其上市股本投资的关键部分恒生综

合行业指数－医疗保健下跌20.1%，以及其贷款

组合的广泛减值所致。根据标普全球评级，全球

企业违约率增加至1.91%，凸显高利率及欠缺流

动性的综合影响。尽管面临该等挑战，其借贷及

金融服务业务仍然是稳定的力量，提供持续回报

及温和增长。最突出的乃为一项私募股权投资透

过特殊目的收购公司并购交易成功于纳斯达克上

市。于企业违约率处于1.91%及信贷市场受压的

情况下，嬴集团持续调整策略，此严峻的环境下，

置应变能力为首。

展望二零二五年，嬴集团对香港及全球经济保持

谨慎乐观态度，预期情况将逐步稳定。嬴集团对

潜在变化保持警惕，特别是持续的信贷违约风险

及进一步的贷款减值，其持续影响其前景。嬴集

团专注于通过严格的风险管理来维护股东价值，

同时寻求机会令收益多元化并提升回报。嬴集团

认为，可持续增长是在不确定的市场中平衡应对

持续挑战与把握新兴机遇。

本公司管理层相信嬴集团将能够刺激其收入增长

并创造更多价值，但本集团将继续关注嬴集团的

表现，并于必要时候调整本集团投资嬴集团的策

略。

Year 2024 proved exceptionaly dificult, with its recording a

significant net los, driven by a 20.1% decline in the Hang

Seng Composite Industry Index – Healthcare, a critical

segment of its listed equity investments, and the extensive

impairment of its loan portfolio. Global’s corporate default rate

increased to 1.91%, per S&P Global Ratings, underscoring the

combined impact of high interest rates and scarce liquidity.

Amid these chalenges, its money lending and financial

services operations remained a stabilising force, delivering

consistent returns and modest growth. A highlight was the

sucesful Nasdaq listing of a private equity investment via

a de-SPAC transaction. With corporate defaults at 1.91%

and credit markets under presure, Minerva continue to

adapt its strategies, prioritising resilience in this demanding

environment.

Loking ahead to 2025, Minerva maintain cautious optimism

for Hong Kong and the global economy, expecting a gradual

stabilization of conditions. Minerva remain alert to potential

shifts, particularly the persistent risks of credit defaults

and further loan impairments, which continue to shape its

outlok. Minerva focus is on preserving shareholder value

through rigorous risk management while seking oportunities

to diversify revenue and enhance returns. Minerva views

sustainable growth as a balance of navigating ongoing

chalenges and leveraging emerging posibilities in an

uncertain market.

The management of the Company believes Minerva wil be

able to spur its revenue growth and create more value, but

the Group wil stil continue to monitor the performance of

Minerva and adjust the Group’s strategy of investment in

Minerva, if necesary.

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

中国集成控股有限公司（「中国集成」，股份代号：

1027）

中国集成主要从事制造及销售POE雨伞、尼龙

雨伞及雨伞零部件，如塑料布及中棒。截至二零

二四年十二月三十一日止财政年度，中国集成之

股东应占经审核综合溢利约为人民币10,900,000

元。

中国集成于其二零二四年报中载述，其主要目

标为维持及巩固其作为日本市场雨伞制造商及中

国市场自有品牌雨伞制造商之领先地位以及扩大

其于香港、柬埔寨及韩国等现有市场之市场份额。

展望未来，中国集成将业务重心自发展上游制造

转移至下游分销网络及品牌建设以促进推广利润

率较高之其品牌雨伞以及创造更多价值，为其股

东带来更丰厚回报。为多元化发展其业务，并物

色潜在商机，中国集成正在物色及开发商业机会

及项目。

本公司认为，中国集成未来将继续发掘该商机的

潜力并审慎利用其资源，中国集成将为其股东带

来长期正回报。

China Jicheng Holdings Limited (“China Jicheng”, stock code:

1027)

China Jicheng is principaly engaged in the manufacturing and

sale of POE umbrelas, nylon umbrelas and umbrela parts

such as plastic cloth and shaft. For the financial year ended

31 December 2024, the audited consolidated profit atributable

to shareholders of China Jicheng was aproximately RMB10.9

milion.

China Jicheng stated in its anual report 2024 that its

principal objectives are to maintain and strengthen its position

as a leading umbrela manufacturer focused in Japan market

and its own branded umbrela products in the PRC market,

and increase its market share in the existing markets such as

Hong Kong, Cambodia and Republic of Korea.

Loking ahead, China Jicheng wil shift busines focus

from developing upstream manufacturing to downstream

distribution network and brand building so as to facilitate

promotion of its branded umbrelas which comand higher

margins and create higher values as wel as bringing beter

return to its shareholders. To diversify its busines and

explore potential busines oportunities, China Jicheng is

exploring and developing busines oportunities and projects.

The Company believes China Jicheng wil continue to explore

the potential of this busines oportunities and utilize its

resources with prudence in the future, and China Jicheng wil

bring positive return to its shareholders in long run.

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

(B) Unlisted Debt Investments

Gold Medal Hong Kong Limited (“Gold Medal”)

Gold Medal is a company incorporated in Hong Kong with

limited liability. Gold Medal is a licensed money lender in

Hong Kong under the Money Lenders Ordinance (Chapter

163 of the Laws of Hong Kong) and which is operated by an

indirect wholy-owned subsidiary of WLS. The bonds isued

by Gold Medal is guaranted by WLS.

Based on WLS’s interim report for the six months ended

31 October 2024, its net aset value was aproximately

HK$415.4 milion, its curent asets were aproximately

HK$342.6 milion and total liabilities were aproximately

HK$201.5 milion. In view of the guarantor, WLS’s strong

liquid asets and limited liabilities, the Company considers

that Gold Medal has suficient financial resources to met

its ongoing operation, there is no signal of default of bonds

isued by Gold Medal to the Group.

Hao Wen Holdings Limited (“Hao Wen”)

Hao Wen is a company incorporated in Cayman Islands with

limited liability. Hao Wen and its subsidiaries are principaly

engaged in the money lending busines, procesing and

trading of electronic parts, provision of beauty treatment

services and sales of burial plots and related services and

cemetery maintenance services. It is listed on GEM of

the Stock Exchange (stock code: 8019). The audited net

asets and curent asets of Hao Wen were aproximately

RMB289.8 milion and RMB196.0 milion respectively and its

total liabilities were aproximately RMB80.2 milion as at 31

December 2024. The Company considers that Hao Wen has

suficient financial resources to mets its ongoing operation,

and there is no signal of default of the HW Bonds.

China 33 Media Group Limited (“China 33”)

China 33 is a company incorporated in Cayman Islands with

limited liability. China 33 and its subsidiaries are principaly

engaged in outdor and digital advertising and film and

entertainment investment. It is listed on GEM of the Stock

Exchange (stock code: 8087).

The bonds isued by China 33 to the Group have ben fuly

setled in April 2025 subsequently.

(B) 非上市债务投资

金徽香港有限公司（「金徽」）

金徽为一间于香港注册成立的有限公司。金徽为

根据香港法例第163章放债人条例之香港持牌放

债人及由汇隆之一间接全资附属公司营运。金

徽发行之债券由汇隆提供担保。

根据汇隆截至二零二四年十月三十一日止六个月

之中期报告，其资产净值约为415,400,000港元，

流动资产约为342,600,000港元，而负债总额约为

201,500,000港元。鉴于担保人（汇隆）稳健的流

动资产及负债有限，本公司认为金徽有充足财务

资源满足其持续经营，金徽发行予本集团之债券

并无违约迹象。

皓文控股有限公司（「皓文」）

皓文为一间于开曼群岛注册成立之有限公司。皓

文及其附属公司主要从事放债业务、电子零部件

加工及贸易、提供美容护理服务及销售墓地及相

关服务以及墓园维护服务。其于联交所GEM上市

（股份代号：8019）。于二零二四年十二月三十一

日，皓文的经审核资产净值及流动资产分别为约

人民币289,800,000元及人民币196,000,000元以

及其负债总额为约人民币80,200,000元。本公司

认为皓文具有充足财务资源满足其持续营运，皓

文债券并无违约迹象。

中国三传媒集团有限公司（「中国三」）

中国三为一间于开曼群岛注册成立之有限公司。

中国三及其附属公司主要从事户外及数字广告

以及电影及娱乐投资。其于联交所GEM上市（股

份代号：8087）。

中国三向本集团发行的债券其后已于二零二五

年四月悉数结清。

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

Performance of the Group’s Listed Securities

The los on listed investments of aproximately HK$6.2

milion for the Year represented net unrealised los of listed

securities of aproximately HK$3.2 milion and net realised

los on disposal of listed securities of aproximately HK$3.4

milion, net of dividend received of aproximately HK$0.4

milion. Set out below are further information of these net

realised los and net unrealised gain:

Net Realised Los on Disposal of Listed Securities

The net realised los on disposal of listed securities of

aproximately HK$3.4 milion represented the realised

gain of aproximately HK$0.6 milion net of realised los of

aproximately HK$4.0 milion.

The realised los of aproximately HK$4.0 milion principaly

represented:

Company nameStock codeRealised los

公司名称股份代号已变现亏损

HK$ milion

百万港元

China New Consumption Group Limited82752.5

中国新消费集团有限公司

In adition to the above stock, there was no other stocks

which brought realised los over HK$1.0 milion to the Group

during the Year.

Net Unrealised Los of Listed Securities

The net unrealised los of aproximately HK$3.2 milion

represented the unrealised gain of aproximately HK$18.5

milion net of unrealised los of aproximately HK$21.7

milion.

本集团上市证券之表现

本年度上市投资亏损约6,200,000港元指上市证

券之未变现亏损净额约3,200,000港元及出售上

市证券之已变现亏损净额约3,400,000港元，扣除

已收股息约400,000港元。有关此等已变现亏损

净额及未变现收益净额的更多资料载列如下：

出售上市证券之已变现亏损净额

出售上市证券之已变现亏损净额约3,400,000港

元指已变现收益约600,000港元扣除已变现亏损

约4,000,000港元。

已变现亏损约4,000,000港元主要指：

除上述股票外，本年度并无其他股票为本集团带

来已变现亏损超过1,000,000港元。

上市证券之未变现亏损净额

未变现亏损净额约3,200,000港元指未变现收益

约18,500,000港元扣除未变现亏损约21,700,000

港元。

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

The unrealised gain of aproximately HK$18.5 milion

principaly represented:

Company nameStock codeUnrealised gain

公司名称股份代号未变现收益

HK$ milion

百万港元

WLS Holdings Limited80218.2

汇隆控股有限公司

Hao Wen Holdings Limited80193.7

皓文控股有限公司

HSBC Holding plc51.6

汇丰控股有限公司

Progresive Path Group Holdings Limited15811.1

进升集团控股有限公司

In adition to the above 4 stocks, there was no other stocks

which brought unrealised gain over HK$1.0 milion to the

Group during the Year.

The unrealised los of aproximately HK$21.7 milion

principaly represented:

Company nameStock codeUnrealised los

公司名称股份代号未变现亏损

HK$ milion

百万港元

Minerva Group Holding Limited3976.7

嬴集团控股有限公司

SEC Media Group Limited2053.3

财讯传媒集团有限公司

AMCO United Holding Limited6303.0

隽泰控股有限公司

In adition to above 3 stocks, there was no other stocks which

brought unrealised los over HK$2.0 milion to the Group

during the Year.

Note: The shares of al the companies mentioned under Performance

of the Group’s Listed Securities were listed on either Main

Board or GEM of the Stock Exchange.

未变现收益约18,500,000港元主要指：

除上述4只股票外，本年度并无其他股票为本集

团带来未变现收益超过1,000,000港元。

未变现亏损约21,700,000港元主要指：

除上述3只股票外，本年度并无其他股票令本集

团产生未变现亏损超过2,000,000港元。

附注：本集团上市证券之表现项下所述全部公司的股

份在联交所主板或GEM上市。

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

本集团非上市证券之表现

本年度，本集团概无出售任何非上市股本投资，亦无

录得已变现收益╱亏损。本年度确认未变现收益约

600,000港元。

本集团非上市债务投资之表现

本集团本年度概无收购或出售任何债务投资。有关本

集团非上市债务投资的分析，请参阅「重大投资」一节。

前景

我们预期全球市场将继续面临更大挑战及充满各种不

确定性，尤其是在高通胀时期。大多数西方发达经济

体均面临高通胀的挑战。另一方面，中国也面临着经

济增长放缓，但情况似乎要好于西方。中国的通货膨

胀率远低于西方。当世界面临如此重大不确定性时，

董事认为，来年是危机与机遇并存的一年。

董事将一如以往，审慎管理本集团之投资组合及制定

投资策略。鉴于中国对全球经济的影响日益增加，本

集团仍将主要立足于中国经济，继续在本集团投资组

合可接受的风险范围内寻求能够提供出色回报的投资

机遇。

本公司会考虑投资于若干具有巨大潜力之非上市证券、

上市证券及固定收益产品，务求进一步分散市场风险。

股息

董事会议决不建议派付末期股息。

Performance of the Group’s Unlisted Securities

The Group did not dispose of any of its unlisted equity investment,

and no realised gain/los was recorded during the Year. Unrealised

gain of aproximately HK$0.6 milion was recognised during the

Year.

Performance of the Group’s Unlisted Debt Investments

The Group did not acquire or dispose of any debt investments

during the Year. Please refer to the section of “Significant

Investments” for the analysis of the Group’s unlisted debt

investments.

Prospects

We expect the global market wil continue to face greater

chalenges and ful of uncertainty especialy in the era of high

inflation. Most of the developed economies in the West are facing

chalenge of high inflation. China was, on the other hand, facing a

slowdown in economic growth, but its situation sems not as por

as that of the West. The inflation in China is much les than that

in the West. When the world is facing such great uncertainty, the

Directors consider, crisis and oportunities coexist in the coming

year.

The Directors wil continue to take a prudent aproach in

managing the Group’s investment portfolio and develop the

investment strategies. Given the increasing influence of China

against the global economy, the Group wil stil be based mainly on

Chinese economy, the Group wil continue to lok for investment

oportunities which ofer outstanding returns under the aceptable

risk in the portfolio of the Group.

The Company would consider investing in certain unlisted

securities, listed securities and fixed income products with high

potential in order to diversify further market risk.

Dividend

The Board has resolved not to recomend a payment of final

dividend.

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

流动资金及财务资源

于二零二五年三月三十一日，本集团应付经纪款项

（包括应付金融机构保证金）约为6,600,000港元（二零

二四年：约6,200,000港元）。本集团之银行结余及手头

现金约为6,400,000港元（二零二四年：约7,100,000港

元），主要为银行及其他金融机构存款。于二零二五年

三月三十一日，本集团持有上市证券约99,600,000港

元（二零二四年：约104,200,000港元），为应付经纪款

项的约15.1倍（二零二四年：约16.8倍），因此董事会

认为于二零二五年三月三十一日本公司的流动资金状

况仍属健康。

资产负债比率

资产负债比率（定义为计息负债总额╱总权益）为4.3%

（二零二四年：3.9%)，董事会认为该数值属极低杠杆

水平。

资本架构

于二零二五年三月三十一日，本公司每股综合资产净

值为0.37港元（二零二四年：0.39港元（经审核）。

每股综合资产净值乃根据本集团于二零二五年三月

三十一日的资产净值约153,400,000港元（二零二四

年：约158,900,000港元）及于该日本公司每股面值

0.001港元的已发行普通股总数412,596,600股（二零

二四年：412,596,600股本公司每股面值0.001港元的

普通股）计算得出。

本集团于本年度内并无进行任何股本活动。

就附属公司、联营公司及合营企业之重大收购及

出售事项

于截至二零二五年三月三十一日止年度，本公司并无

任何就附属公司、联营公司或合营企业之重大收购及

出售事项。

Liquidity and Financial Resources

As at 31 March 2025, the Group had amounts due to brokers

(including margin payables to financial institutions) of

aproximately HK$6.6 milion (2024: aproximately HK$6.2 milion).

The Group had bank balances and cash on hand of aproximately

HK$6.4 milion (2024: aproximately HK$7.1 milion), which was

mainly placed in bank and other financial institutions as deposits.

As the Group held listed securities of aproximately HK$99.6

milion as at 31 March 2025 (2024: aproximately HK$104.2

milion), which is around 15.1 times (2024: aproximately 16.8

times) of the amounts due to brokers, the Board consider the

Company’s liquidity position is stil healthy as at 31 March 2025.

Gearing Ratio

The gearing ratio (defined as total interest-bearing liabilities/total

equity) was 4.3% (2024: 3.9%), which was considered a very low

leverage level by the Board.

Capital Structure

The consolidated net aset value per share of the Company as

at 31 March 2025 was HK$0.37 (2024: audited HK$0.39). The

consolidated net aset value per share is calculated based on the

net asets of the Group as at 31 March 2025 of aproximately

HK$153.4 milion (2024: aproximately HK$158.9 milion) and the

total number of 412,596,600 ordinary shares of the Company at

par value of HK$0.001 each (2024: 412,596,600 ordinary shares

of the Company at par value of HK$0.001 each) in isue as at that

date.

The Group did not have run any capital exercise during the Year.

Material Acquisitions and Disposal of Subsidiaries,

Asociates and Joint Ventures

During the year ended 31 March 2025, the Company does not

have any significant acquisition and disposal of subsidiaries,

asociates or joint ventures.

STATEMENT FROM THE MANAGEMENT

管理层报告书

China Investment and Finance Group Limited

中国投融资集团有限公司

Employes

During the year ended 31 March 2025, the Group had retained

ten employes (2024: eleven employes). Total staf costs of the

Group, excluding directors’ remuneration, for the year under review

amounted to aproximately HK$0.4 milion (2024: aproximately

HK$0.7 milion). The decrease in the staf costs was principaly

resulted from the decrease in the salary of certain employes. Staf

remuneration packages were in line with the prevailing market

practice and were determined on the basis of the performance and

experience of individual employe.

Charges on Asets and Contingent Liabilities

As at 31 March 2025, the Group has pledged listed securities

of aproximately HK$13.2 milion (2024: aproximately HK$9.1

milion) to secure the margin payables of aproximately HK$5.6

milion (2024: aproximately HK$5.3 milion). The Group did not

have significant contingent liabilities as at 31 March 2025 and

2024.

Future Plans for Material Investments or Capital Asets

and Their Expected of Funding in Coming Year

As at 31 March 2025 and up to the date of this anouncement

aproved, the Company does not have any concrete plan for

material investments or capital asets.

Foreign Curency Fluctuation

The Group’s exposures to foreign curencies mainly arises from

its investments in companies located in the People’s Republic

of China, which are financed internaly. In order to mitigate the

potential impact of curency fluctuations, the Group closely

monitors its foreign curency exposures and wil use suitable

hedging instruments against significant foreign curency exposures,

where necesary. No foreign curency hedge contract was entered

into by the Group during the Year. As at 31 March 2025, the Group

had no outstanding foreign curency hedge contracts (2024: Nil).

PURCHASE, SALE AND REDEMPTION OF

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

its subsidiaries had purchased, sold or redemed any of the

Company’s shares.

雇员

于截至二零二五年三月三十一日止年度，本集团留聘

十名雇员（二零二四年：十一名雇员）。本集团于回顾

年度之总员工成本（不包括董事酬金）约为400,000港

元（二零二四年：约700,000港元）。员工成本减少主要

是由于若干员工的薪金减少。员工薪酬福利与市场通

行惯例看齐及按个别雇员之表现及经验而厘定。

资产抵押及或然负债

于二零二五年三月三十一日，本集团有抵押上市证券

约13,200,000港元（二零二四年：约9,100,000港元），

作为应付保证金约5,600,000港元（二零二四年：约

5,300,000港元）之抵押品。本集团于二零二五年及二

零二四年三月三十一日并无重大或然负债。

来年有关重大投资或资本资产之未来计划及其

预期资金

于二零二五年三月三十一日及直至本公布获批准之日

期，本公司并无任何有关重大投资或资本资产之具体

计划。

外汇波动

本集团之外汇风险主要来自其对位于中华人民共和国

的公司之投资，该等投资由其内部提供资金。为减轻

货币波动之潜在影响，本集团密切监察其外币风险并

将在必要时使用适当的对冲工具对冲重大外币风险。

于本年度，本集团并未订立任何外币对冲合约。于二

零二五年三月三十一日，本集团并无尚未完成的外币

对冲合约（二零二四年：无）。

购买、出售及赎回股份

截至二零二五年三月三十一日止年度，本公司及其附

属公司概无购买、出售或赎回本公司的任何股份。

STATEMENT FROM THE MANAGEMENT

管理层报告书

Anual Report

2024/25

年报

CORPORATE GOVERNANCE

The Company has complied with the Corporate Governance

Code (“Code”) as set out in Apendix C1 of the Rules Governing

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

throughout the year ended 31 March 2025, with deviations from

Provisions C.2.1 of the Code.

Pursuant to Provision C.2.1 of the Code, the roles of the

Chairman and the Chief Executive Oficer should be separated

and should not be performed by the same individual. The division

of responsibilities betwen the chairman and the Chief Executive

Oficer should be clearly established and set out in writing. The

Board is in proces of locating an apropriate person to fil the

vacancy of the Chairman and the Chief Executive Oficer of the

Company as son as practicable.

AUDIT COMITE

The audit comite of the Company had reviewed the

consolidated results of the Group for the year ended 31 March

2025, including the acounting principles and acounting practices

adopted by the Company, and discused maters relating to

auditing, risk management, internal controls, financial reporting,

the adequacy of resources, qualification and experience of staf.

The audit comite of the Group consists of thre independent

non-executive directors, namely Mr. HON Leung, Mr. LUK Simon

and Ms. LIU Xiaoyin.

By Order of the Board

China Investment and Finance Group Limited

CHAN Cheong Ye

Executive Director

Hong Kong, 18 June 2025

企业管治

本公司于截至二零二五年三月三十一日止年度一直遵

守联交所证券上市规则（「上市规则」）附录C1所载企

业管治守则（「守则」），惟对守则第C.2.1条有所偏离。

根据守则第C.2.1条，主席及行政总裁之角色应分开，

不应由同一人兼任。主席与行政总裁之责任应清晰区

分并以书面陈述。董事会正切实可行地尽快物色适当

人士以填补本公司主席及行政总裁之空缺。

审核委员会

本公司之审核委员会经已审阅本集团截至二零二五年

三月三十一日止年度之综合业绩，包括本公司采纳之

会计原则及会计惯例，并讨论了有关审核、风险管理、

内部监控、财务报告、资源充裕性、员工资格及经验之

事项。

本集团审核委员会由三名独立非执行董事韩亮先生、

陆东全先生及刘晓茵女士组成。

承董事会命

中国投融资集团有限公司

执行董事

陈昌义

香港，二零二五年六月十八日

BIOGRAPHICAL DETAILS OF DIRECTORS

董事简介

China Investment and Finance Group Limited

中国投融资集团有限公司

执行董事

陈昌义先生（「陈先生」），61岁，于二零一年三月八

日获委任为执行董事。陈先生为国金证券（香港）有限

公司其中一位代表。根据证券及期货条例（「证券及期

货条例」），陈先生现为可从事第4类（就证券提供意见）

及第9类（提供资产管理）受规管活动的持牌人士。陈

先生取得美利坚合众国南佛罗理达州大学工商管理学

院理学士学位。陈先生于证券交易、基金管理、企业管

理、企业融资及管理香港联合交易所有限公司（「联交

所」）上市规则第21章项下上巿投资公司方面拥有丰富

经验。

陈先生目前分别担任中国创新投资有限公司（股份代

号：1217）、资本界金控集团有限公司（股份代号：

204）、首都创投有限公司（股份代号：2324）及中国新

经济投资有限公司（股份代号：80）之执行董事，以及

中国趋势控股有限公司（股份代号：8171）之非执行董

事。此外，陈先生于二零二五年二月一日获委任为金

石资本集团有限公司（股份代号：1160）之执行董事。

所有该等公司均于联交所主板或GEM上市。

自二零一八年十一月起，陈先生获委任为国盛投资基

金有限公司（「国盛投资」）（曾于联交所主板上市）之

执行董事。于二零二一年二月八日，国盛投资宣布其

在HCW 67/2020中已被香港高等法院颁令清盘，破

产管理署长获委任为该公司的临时清盘人。国盛投

资股份的上市地位已自二零二年九月二十日起注销。

自二零二一年十一月起，陈先生获委任为金石投资集

团有限公司（「金石投资」）（曾于联交所主板上市）之

执行董事。于二零二三年五月十八日，金石投资宣布

其在HCW 64/2022中已被香港高等法院颁令清盘，

破产管理署长获委任为该公司的临时清盘人。金石

投资股份的上市地位已自二零二四年十一月四日起注

销。

EXECUTIVE DIRECTOR

Mr. CHAN Cheong Ye (“Mr. Chan”), aged 61, was apointed

as an executive Director on 8 March 2011. Mr. Chan is one of

the representatives of Sinolink Securities (Hong Kong) Company

Limited and a licensed person to cary out type 4 (advising on

securities) and type 9 (aset management) regulated activities

under the Securities and Futures Ordinance (the “SFO”). Mr.

Chan obtained a Bachelor of Science degre from the Colege of

Busines Administration of the University of South Florida in the

United States of America. Mr. Chan is experienced in dealing in

securities, fund management, corporate management, corporate

finance and managing listed investment companies under Chapter

21 of the Listing Rules of The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”).

Mr. Chan is curently executive director of each of China

Inovation Investment Limited (stock code: 1217), Capital Realm

Financial Holdings Group Limited (stock code: 204), Capital VC

Limited (stock code: 2324) and China New Economy Fund Limited

(stock code: 80) and a non-executive director of China Trends

Holdings Limited (stock code: 8171). In adition, Mr. Chan has

ben apointed as an executive director of Goldstone Capital

Group Limited (stock code: 1160) on 1 February 2025. Al these

companies are listed on either the main board or GEM of the Stock

Exchange.

Since November 2018, Mr. Chan has ben apointed as an

executive director of National Investments Fund Limited (“NIFL”),

which was listed on Main Board of the Stock Exchange. On 8

February 2021, NIFL anounced that it was ordered to be wound

up by the High Court of Hong Kong in HCW 67/2020 and the

oficial receiver was apointed as its provisional liquidator. The

listing of NIFL’s shares has ben canceled with efect from 20

September 2022.

Since November 2021, Mr. Chan has ben apointed as an

executive director of Goldstone Investment Group Limited (“GIGL”),

which was listed on Main Board of the Stock Exchange. On 18

May 2023, GIGL anounced that it was ordered to be wound up

by the High Court of Hong Kong in HCW 64/2022 and the oficial

receiver was apointed as its provisional liquidator. The listing of

GIGL’s shares has ben canceled with efect from 4 November

2024.

BIOGRAPHICAL DETAILS OF DIRECTORS

董事简介

Anual Report

2024/25

年报

非执行董事

吴祺先生（「吴先生」），41岁，于二零一五年七月三日

获委任为非执行董事。彼为中国知名证券分析师。彼

在金融界累积多年坚实的经验。彼经常接受国内媒体

采访及作财经节目客席嘉宾，在新浪网、第一财经等

著名网站亦长期设有财经专栏。吴先生擅长分析股市

走势，对选择个股也有精辟见解。

独立非执行董事

陆东全先生（「陆先生」），59岁，于二零一四年七月二

日获委任为独立非执行董事。彼自二零三年起为证

券及期货条例项下第9类（提供资产管理）受规管活动

之负责人员。陆先生在资产管理及投资咨询方面拥有

逾10年经验。陆先生曾效力多间投资咨询公司。

自二零二零年九月起，陆先生为展麟证券有限公司的

负责人员。此外，陆先生目前为星谦发展控股有限公

司（一间于联交所上市的公司，股份代号：640）之独立

非执行董事，于二零二一年十一月至二零二三年七月

期间，彼为华星控股有限公司（一间于联交所GEM上

市的公司，股份代号：8237）之独立非执行董事。

刘晓茵女士，40岁，于二零一五年三月二十日获委任

为独立非执行董事。彼现为一间中国投资公司之总经

理助理。彼拥有逾5年之稳健投资及管理经验。

韩亮先生（「韩先生」），42岁，于二零一五年十一月

二十日获委任为独立非执行董事。彼现为韩亮会计师

事务所之创办人。彼为香港执业会计师，拥有逾10年

之专业执业经验。彼具备坚实的金融和会计知识。韩

先生现任富银融资租赁（深圳）股份有限公司（一间于

联交所GEM上市的公司，股份代号：8452）之独立非

执行董事。

NON-EXECUTIVE DIRECTORS

Mr. WU Qi (“Mr. Wu”), aged 41, was apointed as a non-executive

Director on 3 July 2015. He is a famous securities analyst in China.

He has many years’ solid experience in the financial industries.

He has often ben interviewed by many Chinese media and has

ben invited by a number of financial programs as a guest. He is

also a financial columnist of sina.com, yicai.com and other famous

websites. Mr. Wu specializes in the stock market analysis and his

choice of stocks also has outstanding insights.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. LUK Simon (“Mr. Luk”), aged 59, was apointed as an

independent non-executive Director on 2 July 2014. He is a

responsible oficer for the regulated activities of aset management

(Type 9) under the Securities and Futures Ordinance since 2003.

Mr. Luk has over 10 years’ experience in aset management and

investment advising. Mr. Luk worked in various investment advising

companies.

Since September 2020, Mr. Luk is the responsible oficer of

Zhanlin Securities Limited. In adition, Mr. Luk was curently

an independent non-executive director of Infinity Development

Holdings Company Limited (stock code: 640), a company listed on

the Stock Exchange, and he was an independent non-executive

director of Link Holdings Limited, a company listed on GEM of the

Stock Exchange (stock code: 8237), from November 2021 to July

2023.

Ms. LIU Xiaoyin, aged 40, was apointed as an independent

non-executive Director on 20 March 2015. She is curently the

asistant to the general manager of a China based investment

company. She has over 5 years solid investment and management

experience.

Mr. HON Leung (“Mr. Hon”), aged 42, was apointed as an

independent non-executive Director on 20 November 2015. He is

the founder of Wiliam Hon & Co, and a certified public acountant

(practising) in Hong Kong, with over 10 years of profesional

practice experience. He poses solid finance and acounting

knowledge. Mr. Hon is curently an independent non-executive

director of FY Financial (Shenzhen) Co., Ltd. (stock code: 8452), a

company listed on GEM of the Stock Exchange.

DIRECTORS’ REPORT

董事会报告

China Investment and Finance Group Limited

中国投融资集团有限公司

董事会谨此呈报本集团于截至二零二五年三月三十一

日止年度之年报及经审核财务报表。

主要业务

本公司之主要业务为投资控股。附属公司之主要业务

为证券买卖及投资控股。

分部资料

于截至二零二五年及二零二四年三月三十一日止年度，

本集团营业额及业绩主要来自投资控股之利息收入及

股息收入。董事认为，由于该等交易承受相同风险与

回报，因此该等活动构成单一及唯一业务分部。管理

层监察业务之经营业绩以便就资源分配及表现评估作

出决定。鉴于本集团经营业务性质乃投资控股，故就

经营亏损提供业务分部分析意义不大。分部资料之详

情载于综合财务报表附注9。

主要客户及供应商

由于本集团业务乃投资控股，故并无有关由本集团厘

定之主要客户及供应商之资料。

业绩及利润分配

本集团截至二零二五年三月三十一日止年度之业绩及

本集团及本公司于该日之业绩状况分别载于第92、93

至94页及第170页之财务报表。董事建议不派付截至二

零二五年三月三十一日止年度之股息（二零二四年：

零港元）。

The Board presents their anual report and the audited financial

statements of the Group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding.

The principal activities of subsidiaries are securities trading and

investment holding.

SEGMENT INFORMATION

For the years ended 31 March 2025 and 2024, the Group’s

turnover and results were mainly derived from the interest income

and dividend income from investment holding. The directors

consider that these activities constitute one and the only busines

segment since these transactions are subject to comon risks

and returns. The management monitors the operating results of

its busines for the purpose of making decision about resource

alocation and performance asesment. Given the nature of

the Group’s operation is investment holding, it is not considered

meaningful to provide a busines segment analysis of operating

loses. Details of the segment information are set out in note 9 to

the consolidated financial statements.

MAJOR CUSTOMERS AND SUPLIERS

As the Group’s operation is investment holding, there was

no information regarding major customers and supliers as

determined by the Group.

RESULTS AND APROPRIATIONS

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

the state of afairs of the Group and the Company as at that date

are set out in the financial statements on pages 92, 93-94 and

170, respectively. The Directors do not recomend the payment of

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

DIRECTORS’ REPORT

董事会报告

Anual Report

2024/25

年报

股本

本集团股本于年内之变动详情载于综合财务报表附注

23。

购股权

本公司之购股权计划乃于二零一三年八月二十九日举

行之股东周年大会上经股东决议案批准及采纳（「购

股权计划」），除非另行于本公司股东大会上通过决议

案注销或修订，否则购股权计划将自二零一三年八月

二十九日起计十年内一直有效。购股权计划已于截至

二零二四年三月三十一日止年度届满。截至本报告日

期，本公司并无批准及采纳新购股权计划。

购股权计划旨在就参与者（定义见下文）向本集团作出

的贡献以及为提升本集团利益而作出的持续努力向彼

等提供激励或奖励。

购股权计划之合资格参与者（「参与者」）包括根据购

股权计划合资格获授购股权之本集团之任何雇员（包

括本公司或任何附属公司之任何董事，不论执行或非

执行，及不论是否独立）及董事会全权酌情认为曾经或

可能对本集团作出贡献之任何分销商、承建商、业务

伙伴、发起人、服务供应商、客户、供应商、咨询人、代

理商及顾问或任何人士。

在未另行获本公司股东事先批准之情况下，(i)因行使

根据购股权计划及本公司之任何其他购股权计划将予

授出之全部购股权而可能发行之股份总数不得超过于

股东批准购股权限额当日之本公司股份之10%；及(i)

于任何十二个月期间因行使各参与者根据购股权计划

获授之购股权（包括已行使及未行使购股权）而已发行

及将予发行之最高股份数目（在与根据本公司之任何

其他购股权计划于该期间授出之购股权所涉及之本公

司任何股份合计后）于任何时候均不得超过本公司已

发行股份之1%。

SHARE CAPITAL

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

year are set out in note 23 to the consolidated financial statements.

SHARE OPTIONS

A share option scheme of the Company was aproved and adopted

by shareholders’ resolution at the anual general meting held on

29 August 2013 (the “Option Scheme”), unles otherwise canceled

or amended subject to resolution pased at general meting of the

Company the Option Scheme wil remain in force for ten years from

29 August 2013. The Option Scheme has expired during the year

ended 31 March 2024. No new share option scheme was aproved

and adopted by the Company up to the date of this report.

The purpose of the Option Scheme is to provided incentive or

reward to Participants (as defined below) for their contribution to,

and continuing eforts to promote the interests of, the Group.

Eligible participants (the “Participants”) of the Option Scheme

include any employes of the Group (including any directors,

whether executive or non-executive and whether independent

or not, of the Company or any Subsidiary) and any distributor,

contractor, busines partner, promoter, service provider, customer,

suplier, consultant, agent and adviser or any person who, in the

sole discretion of the Board, has contributed or may contribute to

the Group eligible for Options under the Option Scheme.

Without prior separate aproval from the Company’s shareholders,

(i) the total number of shares which may be isued upon exercise

of al options to be granted under the Option Scheme and any

other share option scheme of the Company must not exced 10%

of the shares of the Company as at the date of the shareholders’

aproval of the option limit; and (i) the maximum number of shares

isued and to be isued upon exercise of the options granted

to each Participant under the Option Scheme (including both

exercised and outstanding options) in any 12-month period shal

not (when agregated with any shares of the Company subject to

options granted during such period under any other share option

scheme(s) of the Company) exced 1% of the shares of the

Company in isue for any time being.

DIRECTORS’ REPORT

董事会报告

China Investment and Finance Group Limited

中国投融资集团有限公司

根据购股权计划或本公司或其任何附属公司之任何其

他购股权计划向本公司之任何董事、主要行政人员或

主要股东（该等词汇之定义见上市规则）或彼等各自之

任何联系人授出任何购股权须获本公司之独立非执行

董事或股东（视情况而定）事先批准。在未另行获本公

司股东事先批准之情况下，截至及包括该授出日期止

十二个月期间因本公司主要股东或独立非执行董事获

授及可能获授之购股权获行使而已发行及将予发行之

最高股份数目：(i)不得超逾本公司于该授出日期之已

发行股份之0.1%；及(i)按本公司股份于该授出日期

在联交所每日报价表所列之收市价所计算得出之价值

总额不得超逾5,000,000港元。

根据购股权计划，相关参与者可自要约日期起计

二十一日内（或董事会不时厘定之较短期间内）接纳授

出之购股权。于本公司自接获经参与者正式签署之接

纳要约函件副本连同就授出购股权向本公司支付之代

价1港元时，购股权会被视作已被接纳。购股权可自其

授出日期起十年内随时根据购股权计划之条款行使。

因根据购股权计划行使购股权而发行之股份之认购价

由董事会全权酌情厘定，惟无论如何不得低于下列之

最高者：(i)本公司股份于授出日期（其须为营业日）在

联交所每日报价表所列之收市价；(i)本公司股份于紧

接授出日期前五个营业日于联交所每日报价表上所列

之平均收市价；及(i)本公司股份之面值。

Any grant of options to any directors, chief executive or substantive

shareholders (as such terms as defined in the Listing Rules) of

the Company, or any of their respective asociates under the

Option Scheme or any other share option scheme of the Company

or any of its subsidiaries shal be subject to the prior aproval of

the independent non-executive directors or shareholders of the

Company as the case may be. Without prior separate aproval

from the Company’s shareholders, the maximum number of shares

isued and to be isued in respect of which options granted and

may be granted to a substantial shareholder or an independent

non-executive director of the Company in the 12-month period up

to and including the date of such grant shal not (i) exced 0.1%

of the shares of the Company in isue on the date of such grant;

and (i) have an agregate value, based on the closing price of the

shares of the Company as stated in the daily quotations shets

isued by the Stock Exchange on the date of grant, in exces of

HK$5 milion.

Under the Option Scheme, the options granted may be acepted

by the participants concerned for a period of twenty-one days

from the date of such ofer or such shorter period as the Board

may from time to time determine. An option shal be regarded

as having ben acepted when the Company receives from the

Participant the duplicate of the ofer leter duly signed by the

Participant together with a remitance in favour of the Company

of HK$1 as consideration for the grant of option. Options may be

exercised in acordance with the terms of the Option Scheme at

any time not exceding a period of ten years from the date on

which the share option is granted. The subscription price for the

shares on the exercise of an option under the Option Scheme shal

be determined by the Board in its absolute discretion but in any

event shal not les than the highest of: (i) the closing price of the

Company’s share as stated in the daily quotation shets isued by

the Stock Exchange on the date of grant which must be a busines

day; (i) the average closing price of the Company’s share as

stated in the daily quotation shets isued by the Stock Exchange

for the five busines days imediately preceding the date of grant;

and (i) the nominal value of the Company’s share.

DIRECTORS’ REPORT

董事会报告

Anual Report

2024/25

年报

The folowing table sets out the movements in the Company’s

share options during the year:

CategoryDate of Grant

Exercise

PriceOption Period

Number of

options

held as at

1 April 2024

Number

of options

granted

during the

Year

Number

of options

exercised

during the

Year

Number

of options

canceled/

lapsed

during the

Year

Number of

options

held as at

31 March 2025

类别授出日期行使价购股权期间

于二零二四年

四月一日

所持购股权数目

年内授出之

购股权数目

年内行使之

购股权数目

年内注销╱

失效之

购股权数目

于二零二五年

三月三十一日

所持购股权数目

Directors

董事

Mr. CHAN Cheong Ye11 August 2021HK$0.421Thre years from date of grant3,250,000–3,250,000–

陈昌义先生二零二一年八月十一日0.421港元授出日期起计三年

12 August 2022HK$0.317Thre years from date of grant3,250,000–3,250,000

二零二年八月十二日0.317港元授出日期起计三年

Mr. FONG On Shek11 August 2021HK$0.421Thre years from date of grant3,250,000–3,250,000–

方安石先生二零二一年八月十一日0.421港元授出日期起计三年

12 August 2022HK$0.317Thre years from date of grant3,250,000–3,250,000–

二零二年八月十二日0.317港元授出日期起计三年

Employes11 August 2021HK$0.421Thre years from date of grant20,300,000–20,300,000–

雇员二零二一年八月十一日0.421港元授出日期起计三年

12 August 2022HK$0.317Thre years from date of grant26,000,000–26,000,000

二零二年八月十二日0.317港元授出日期起计三年

Total

合计59,300,000–30,050,00029,250,000

The exercise period of al the above options are thre years from

the date fo grant, and al these options are with imediate vesting

period. There was no option available for grant as at 1 April 2024

and 31 March 2025 as the Option Scheme has expired during the

year ended 31 March 2024.

RESERVES

Details of movements in reserves of the Company and the Group

during the year are set out in note 29 to the consolidated financial

statements and the consolidated statement of changes in equity on

pages 95-96 of this report.

下表呈列本公司于本年度内之购股权变动：

上述所有购股权的行使期均为自授出日期起计为期

三年，且所有购股权均有即时归属期。于二零二四年

四月一日及二零二五年三月三十一日，概无购股权可

供授出，原因为购股权计划已于截至二零二四年三月

三十一日止年度届满。

储备

本公司及本集团储备于年内之变动详情载于综合财务

报表附注29及本报告第95至96页之综合权益变动表。

DIRECTORS’ REPORT

董事会报告

China Investment and Finance Group Limited

中国投融资集团有限公司

DISTRIBUTABLE RESERVES

Under the Companies Law, Chapter 22 (Law 3 of 1961, as

consolidated and revised) of the Cayman Islands, share premium

of the Company is distributable to the shareholders of the

Company subject to the provisions of the Memorandum and

Articles of Asociation and a statutory solvency test. The Articles

of Asociation provide that an ordinary resolution pased by the

shareholders of the Company is required for any distribution out of

the share premium acount. The Company’s reserves available for

distribution comprise the share premium and acumulated profits.

In the opinion of the Board, the Company’s reserves available

for distribution to the shareholders at 31 March 2025 were

aproximately HK$32,179,000.

DIVIDEND POLICY

The Board established a dividend policy (the “Dividend Policy”) in

January 2019. The Company endeavours to maintain adequate

working capital to develop and operate the busines of the Group

and to provide stable and sustainable return to the shareholders of

the Company.

In considering the payment of dividends, the Board shal take into

acount, among other things, the actual and expected financial

performance of the Group, the capital and debt level of the Group,

the general market conditions, any working capital requirements,

capital expenditure requirements and future development plans

of the Group, the liquidity position of the Group, contractual

restrictions on payment of dividends, the statutory and regulatory

restrictions which the Group is subject to from time to time and any

other relevant factors that the Board may consider relevant.

The Company does not have any pre-determined dividend

distribution ratio. The Company’s dividend distribution record in the

past does not necesarily imply that the similar level of dividends

may be declared or paid by the Company in the future.

The declaration and payment of dividend by the Company is

subject to any restrictions under the Companies Law of the

Cayman Islands and the Company’s articles of asociation and any

other aplicable laws and regulations. The Board wil continualy

review the Dividend Policy and reserve the right in its sole and

absolute discretion to update, amend, modify and/or cancel the

Dividend Policy at any time.

可供分派储备

根据开曼群岛第22章公司法（一九六一年法例3，经综

合及修订），本公司之股份溢价可分派予本公司股东，

惟须符合组织章程大纲及细则条文并通过法定偿债能

力测试。组织章程细则规定，自股份溢价账作出之任

何分派须获本公司股东通过普通决议案，方可进行。

本公司可供分派储备包括股份溢价及累计溢利。董事

会认为，本公司于二零二五年三月三十一日可供分派

予股东之储备约为32,179,000港元。

股息政策

董事会于二零一九年一月制订股息政策（「股息政

策」）。本公司致力维持充足的营运资金以发展及经营

本集团业务，并为本公司股东提供稳定及可持续的回

报。

于考虑支付股息时，董事会应考虑（其中包括）本集团

的实际及预期财务表现、本集团的资本及债务水平、

整体市况、任何营运资金需求、资本开支要求及本集

团的未来发展计划、本集团的流动资金状况、支付股

息的合约限制、本集团不时受到的法定及监管限制以

及董事会可能认为相关的任何其他相关因素。

本公司并无任何预先厘定的股息分配比率。本公司过

往的股息分配记录并非一定意味著本公司日后可能宣

派或派付类似水平的股息。

本公司宣派及派付股息须遵守开曼群岛公司法及本公

司组织章程细则及任何其他适用法律法规的任何限制。

董事会将持续检讨股息政策并保留其唯一及绝对酌情

权随时更新、修订、修改及╱或取消股息政策。

DIRECTORS’ REPORT

董事会报告

Anual Report

2024/25

年报

The Dividend Policy shal in no way constitute a legaly binding

comitment by the Group in respect of its future dividend and/or

in no way obligate the Group to declare a dividend at any time or

from time to time.

DIRECTORS

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

of this report are:

Executive Director

Mr. CHAN Cheong Ye

Non-Executive Directors

Mr. WU Qi

Mr. FONG On Shek (pased away on 17 December 2024)

Independent Non-Executive Directors

Mr. LUK Simon

Ms. LIU Xiaoyin

Mr. HON Leung

No director has a service contract which is not determinable by

the Group within one year without payment of compensation (other

than statutory compensation).

In acordance with Article 88 of the Articles of Asociation of the

Company, Mr. WU Qi and Ms. LIU Xiaoyin shal retire by rotation.

Al retiring Directors being eligible, ofer themselves for re-election

at the forthcoming anual general meting of the Company.

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENT OR CONTRACTS OF

SIGNIFICANCE

No transaction, arangement or contract of significance in relation

to the Group’s busines to which the Company or its subsidiary

was a party and in which a director of the Company had a material

interest, whether directly or indirectly, subsisted at the end of the

year or at any time during the year.

股息政策不会以任何方式构成本集团有关其未来股息

的具法律约束力承诺及╱或不会以任何方式令本集团

有责任随时或不时宣派股息。

董事

于年内及直至本报告日期，本公司之董事为：

执行董事

陈昌义先生

非执行董事

吴祺先生

方安石先生（于二零二四年十二月十七日离世）

独立非执行董事

陆东全先生

刘晓茵女士

韩亮先生

概无董事与本集团订立不可于一年内终止而毋须支付

赔偿（法定赔偿除外）之服务合约。

根据本公司之组织章程细则第88条，吴祺先生及刘晓

茵女士将轮席退任。所有退任董事均符合资格并愿意

于本公司应届股东周年大会上重选连任。

董事于重大交易、安排或合约之权益

本公司董事概无于本公司或其附属公司所订立而于年

终时或在年内任何时间仍生效并与本集团业务有关系

之重大交易、安排或合约中直接或间接拥有重大权益。

DIRECTORS’ REPORT

董事会报告

China Investment and Finance Group Limited

中国投融资集团有限公司

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

As at the date of this report, none of the Directors and their

respective asociates had any interest in a busines which causes

or may cause a significant competition with the busines of the

Group and any other conflict of interests which any such person

has or may have with the Group.

PERMITED INDEMNITY PROVISION

The Company has aranged for apropriate insurance cover

for Directors’ and oficers’ liabilities in respect of legal actions

against its directors and senior management arising out of

corporate activities. The permited indemnity provision is in

force for the benefit of the directors as required by section 470

of the Companies Ordinance (Chapter 622 of the laws of Hong

Kong) when this report prepared by the directors is aproved in

acordance with section 391 of the Companies Ordinance.

DIRECTORS’ AND CHIEF EXECUTIVES’

INTERESTS IN EQUITY OR DEBT SECURITIES

Save as disclosed in “SHARE OPTIONS” in this directors’ report

and 2,250,000 shares of the Company held by Mr. CHAN Cheong

Ye as at 31 March 2025, none of the directors and the chief

executives of the Company had or were demed to have any

Disclosable Interests or short position in the shares, underlying

shares and debentures of the Company or any of its asociated

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

Futures Ordinance (the “SFO”) which were notified to the Company

and the Stock Exchange pursuant to division 7 and 8 of Part XV

of the SFO (including interest or short positions which they are

taken or demed to have under such provisions of the SFO), or

which were required, pursuant to Section 352 of the SFO, to be

entered in the register refered to therein, or which were required

to be notified to the Company and the Stock Exchange pursuant

to the Model Code for securities transactions by Directors of listed

companies contained in the Listing Rules.

董事于竞争业务之权益

于本报告日期，概无董事及彼等各自之联系人于对本

集团业务构成或可能构成重大竞争之业务中拥有任何

权益，任何该等人士亦无与本集团有或可能有任何其

他利益冲突。

获准许弥偿条文

本公司已为董事及高级职员就企业活动而产生的针对

董事及高级管理层之法律诉讼作出适当之保险安排。

于董事编制的本报告根据香港法例第622章公司条例

第391条获批准时，按照公司条例第470条之规定，获

准许弥偿条文在惠及董事的情况下有效。

董事及主要行政人员之股本或债务证券权益

除本董事会报告「购股权」所披露者及陈昌义先生持有

2,250,000股本公司股份外，于二零二五年三月三十一

日，概无本公司董事及主要行政人员于本公司或其任

何关联法团（定义见证券及期货条例（「证券及期货条

例」）第XV部）之股份、相关股份及债权证中拥有或被

视为拥有任何根据证券及期货条例第XV部第7及8分

部须知会本公司及联交所之须予披露之权益或淡仓（包

括根据证券及期货条例有关条文彼等被当作或视为拥

有之权益或淡仓），或根据证券及期货条例第352条须

记录于该条所述之登记册之须予披露之权益或淡仓，

或根据上市规则所载上市公司董事进行证券交易的标

准守则须知会本公司及联交所之须予披露之权益或淡

仓。

DIRECTORS’ REPORT

董事会报告

Anual Report

2024/25

年报

INTERESTS AND SHORT POSITIONS OF

SUBSTANTIAL SHAREHOLDERS

The Company had not ben notified of any person (other than

directors or chief executive of the Company) who had an interest

or a short position in the shares and underlying shares of the

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

Company pursuant to Section 336 of the SFO as at 31 March

2025.

CORPORATE GOVERNANCE

The Company has complied with the Corporate Governance

Code (“Code”) as set out in Apendix C1 of the Rules Governing

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

throughout the year ended 31 March 2025, with deviations from

Provisions C.2.1 of the Code.

Pursuant to Provision C.2.1 of the Code, the roles of the

Chairman and the Chief Executive Oficer should be separated

and should not be performed by the same individual. The division

of responsibilities betwen the chairman and the Chief Executive

Oficer should be clearly established and set out in writing. The

Board is in proces of locating an apropriate person to fil the

vacancy of the Chairman and the Chief Executive Oficer of the

Company as son as practicable.

ARANGEMENTS TO PURCHASE SHARES OR

DEBENTURES

At no time during the year was the Company or any of its

subsidiaries a party to any arangements to enable the Company’s

directors or members of its management to acquire benefits by

means of the acquisition of shares in or debt securities (including

debentures) of the Company or any other body corporate.

主要股东之权益及淡仓

于二零二五年三月三十一日，本公司并未获知会有任

何人士（本公司之董事或主要行政人员除外）于本公司

股份及相关股份中拥有已载入根据证券及期货条例第

336条本公司须存置之登记册内之权益或淡仓。

企业管治

本公司于截至二零二五年三月三十一日止年度一直遵

守联交所证券上市规则（「上市规则」）附录C1所载企

业管治守则（「守则」），惟对守则第C.2.1条有所偏离。

根据守则第C.2.1条，主席及行政总裁之角色应分开，

不应由同一人兼任。主席与行政总裁之责任应清晰区

分并以书面陈述。董事会正在切实可行的情况下尽快

物色适当人士以填补本公司主席及行政总裁之空缺。

收购股份或债权证之安排

本公司或其任何附属公司概无于年内任何时间订立任

何安排，以使本公司董事或其管理层成员藉收购本公

司或任何其他法人团体之股份或债务证券（包括债权证）

而获益。

DIRECTORS’ REPORT

董事会报告

China Investment and Finance Group Limited

中国投融资集团有限公司

RELATED PARTY TRANSACTIONS

Save as disclosed in note 26 to the consolidated financial

statements, the Group had no material transactions with its related

parties during the year.

The Directors conducted review of the related party transactions

of the Group during the year and were not aware any transaction

requiring disclosure of conected transactions in acordance with

the requirements of the Listing Rules.

MANAGEMENT CONTRACTS

No contracts concerning the management and administration of the

whole or any substantial part of the busines of the Group were

entered into or existed during the year.

EMOLUMENT POLICY

The emoluments of the directors are subject to review and

recomendation to the Board by the Remuneration Comite and

then fixed by the Board with the authorisation of the shareholders

at a general meting.

RETIREMENT BENEFITS SCHEME

Details of the retirement benefits scheme are set out in note 27 to

the consolidated financial statements.

PUBLIC FLOAT

Based on the information that is publicly available to the Group and

within the knowledge of its directors, the Company has complied

with the public float requirement of the Listing Rules for the year

ended 31 March 2025.

PURCHASE, SALE AND REDEMPTION OF

For the year ended 31 March 2025, neither the Group nor

its subsidiaries had purchased, sold or redemed any of the

Company’s listed securities.

关连人士交易

除综合财务报表附注26所披露者外，本集团于年内概

无与其关连人士进行任何重大交易。

董事已对本集团年内的关连人士交易进行审阅，且并

不知悉任何根据上市规则规定须作关连交易披露的交

易。

管理合约

年内并无订立或存有任何关于本集团全部或任何重大

部份业务之管理及行政合约。

薪酬政策

董事之薪酬由薪酬委员会审阅并向董事会提出推荐建

议，之后由董事会凭借股东于股东大会上之授权而厘

定。

退休福利计划

退休福利计划之详情载于综合财务报表附注27。

公众持股量

根据本集团获得之公开资料及据董事所知，本公司于

截至二零二五年三月三十一日止年度一直遵守上市规

则之公众持股量规定。

购买、出售及赎回股份

于截至二零二五年三月三十一日止年度，本集团及其

附属公司概无购买、出售或赎回本公司任何上市证券。

DIRECTORS’ REPORT

董事会报告

Anual Report

2024/25

年报

BUSINES REVIEW

Fair Review of the Company’s Busines and Likely

Future Development

Please refer to “Statement from the Management” in this anual

report.

Principal Risks and Uncertainties

Please refer to note 4 to the consolidated financial statements.

Environmental Protection

The Group has taken an initiative to promote employes’

awarenes of environmental protection and the ned to achieve

eficient utilisation of resources through launching paper recycling

in ofices.

Compliance with Laws and Regulations

In order to comply with the Prevention of Bribery Ordinance,

the Group emphasises the importance of adhering to anti-

coruption practices for al employes. The Group regards honesty,

integrity and fair play as its core values that must be upheld by

al employes of the Group at al times. As such, it is the Group’s

policy that employes are not alowed to solicit or acept any

advantage for themselves or others, from any person, company or

organisations having busines dealings with the Group.

Company’s Key Relationships with its Employes

We consider our employes an important aset of the Company.

We strive to provide a fair and respectful working environment to

our employes.

In selecting our employes and board members, the Company

considers the experience, knowledge and background of the

individual that can contribute to the diversity and caliber of the

Company.

We encourage the staf to take seminars and other activities

related to the Company’s busines. We adopt a five-day workwek

and encourage our employes to have a god balance among

health, work and social or family activities.

Comunity Involvement and Contribution

The Company pursues sustainable development of the comunity

by suporting initiatives that create efective and lasting benefits

to the local comunities. We suports long-term comunity

investment by encouraging our employes to participate in

volunter work.

业务回顾

对本公司业务的公平审阅及可能之未来发展

请参阅本年报之「管理层报告书」。

主要风险及不确定因素

请参阅综合财务报表附注4。

环境保护

本集团积极提升雇员的环保意识并通过在办公室开展

纸张回收实现资源的高效利用。

遵守法例及规例

为遵守《防止贿赂条例》，本集团向全体雇员强调遵守

反腐败常规的重要性。本集团视诚实、正直和公正为

其核心价值，本集团全体员工须时坚守。因此，本集

团政策规定雇员不得为其自身或他人向任何与本集团

有业务往来的个人、公司或组织索要或接受任何利益。

本公司与其雇员之主要关系

我们认为雇员为本公司的一项重要资产。我们努力为

我们的雇员提供公平友善的工作环境。

在挑选雇员及董事会成员时，本公司会考虑能够有助

于提升本公司多样性及素质水平的个人的经验、知识

及背景。

我们鼓励员工参加有关本公司业务的研讨会及其他活

动。我们实行五天工作制，鼓励雇员实现健康、工作及

社交或家庭活动间的良好平衡。

社区参与及贡献

本公司透过支持能够持续为当地社区带来实在益处的

倡议，努力实现社区的可持续发展。我们透过鼓励雇

员参与义工作，支持长期社区投资。

DIRECTORS’ REPORT

董事会报告

China Investment and Finance Group Limited

中国投融资集团有限公司

EQUITY-LINKED AGREMENTS

Other than the share option scheme of the Company as disclosed

on pages 23 to 25 and note 24 to the consolidated financial

statements in this report, no equity-linked agrements that wil

or may result in the Company isuing shares or that require the

Company to enter into any agrements that wil or may result in

the Company isuing shares were entered into by the Company

during the Year or subsisted at the end of the Year.

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Group’s

Articles of Asociation, or the laws of the Cayman Islands which

would oblige the Company to ofer new shares on a pro-rata basis

to the existing shareholders.

FIVE YEARS FINANCIAL SUMARY

Details of the five years financial sumary in relation to the

Group’s results and asets and liabilities are set out in page 172.

This sumary does not form part of the audited consolidated

financial statements.

CONFIRMATION OF INDEPENDENCE

The Company has received from each of the independent

non-executive Directors an anual confirmation of independence

pursuant to Rule 3.13 of the Listing Rules and considers al the

independent non-executive Directors to be independent.

AUDITORS

The consolidated financial statements of the Group for the

year have ben audited by Elite Partners CPA Limited. Elite

Partners CPA Limited retires, and being eligible, ofers itself for

reapointment. A resolution for reapointment of Elite Partners

CPA Limited as auditor of the Company is to be proposed at the

forthcoming anual general meting.

By Order of the Board

CHAN Cheong Ye

Executive Director

Hong Kong, 18 June 2025

股本挂钩协议

除本报告第23至25页及综合财务报表附注24所披露之

本公司购股权计划外，本公司于本年度概无订立将会

或可能会导致本公司发行股份或要求本公司订立任何

将会或可能会导致本公司发行股份的协议的股本挂钩

协议，亦无相关协议于本年度末存续。

优先购买权

本集团之组织章程细则或开曼群岛法例并无优先购买

权之规定，规定本公司须按比例向现有股东提呈发售

新股份。

五年财务摘要

本集团业绩以及资产及负债之五年财务摘要详情载于

第172页。此摘要并不组成经审核综合财务报表之一部

份。

确认独立身份

本公司已接获各独立非执行董事根据上市规则第3.13

条作出之年度独立身份确认书，并认为全体独立非执

行董事均具有独立身份。

核数师

本集团本年度之综合财务报表乃经开元信德会计师事

务所有限公司审核。开元信德会计师事务所有限公司

将退任并合资格愿意获重新委任。本公司将于应届股

东周年大会上提呈重新委任开元信德会计师事务所有

限公司为本公司核数师之决议案。

承董事会命

执行董事

陈昌义

香港，二零二五年六月十八日

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

本公司确认，本集团内维持有良好企业管治准则，让

本公司可以有效管理风险。本公司董事会（「董事会」）

致力于按照在业务策略方面以及按照高水平之企业管

治准则而执行之完善营运策划及程序之企业使命所遵

循之方式而带领本集团实现高效增长。

企业管治

本公司于截至二零二五年三月三十一日止年度一直遵

守联交所证券上市规则（「上市规则」）附录C1所载企

业管治守则（「守则」），惟对守则第C.2.1条有所偏离。

根据守则第C.2.1条，主席及行政总裁之角色应分开，

不应由同一人兼任。主席与行政总裁之责任应清晰区

分并以书面陈述。董事会正切实可行地尽快物色适当

人士以填补本公司主席及行政总裁之空缺。

董事进行证券交易

本集团已采纳上市规则附录十所载之上市发行人董事

进行证券交易之标准守则（「标准守则」），作为本集团

董事进行证券交易之守则。对全体董事作出特定查询

后，本集团确认，全体董事于年内一直遵守标准守则

所载规定标准。

The Company recognises that god corporate governance

standards maintained throughout the Group serve as an efective

risk management tol for the Company. The board of Directors of

the Company (the “Board”) is comited to lead the Group growing

in an eficient maner folowed by corporate misions in terms

of busines strategies and improved operational planing and

procedures which are enforced under high corporate governance

standard.

CORPORATE GOVERNANCE

The Company has complied with the Corporate Governance Code

(“Code”) as set out in C1 of the Rules Governing the Listing of

Securities on the Stock Exchange (“Listing Rules”) throughout the

year ended 31 March 2025, with deviations from Provisions C.2.1

of the Code.

Pursuant to Provision C.2.1 of the Code, the roles of the

Chairman and the Chief Executive Oficer should be separated

and should not be performed by the same individual. The division

of responsibilities betwen the chairman and the Chief Executive

Oficer should be clearly established and set out in writing. The

Board is in proces of locating an apropriate person to fil the

vacancy of the Chairman and the Chief Executive Oficer of the

Company as son as practicable.

DIRECTORS’ SECURITIES TRANSACTIONS

The Group has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model Code”)

as set out in Apendix 10 to the Listing Rules as the code for

securities transactions by Directors of the Group. Having made

specific enquiry of al Directors, the Group confirmed that al

Directors have complied with the required standard set out in the

Model Code throughout the year.

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

董事会

成员组合

本集团董事会共同负责监督本集团业务及事务之管理

工作，以达致提升股东价值之目标。于二零二五年三

月三十一日，董事会由合共五名董事组成，包括一名

执行董事、一名非执行董事及三名独立非执行董事。

根据上市规则第3.10条，其中一名独立非执行董事韩

亮先生具备合适会计专业资格。各独立非执行董事已

根据上市规则第3.13条提交年度独立身份确认书。本

集团认为所有独立非执行董事皆符合载于上市规则第

3.13条之独立性指引，并根据该等指引之条款属独立

人士。全体董事均可接洽公司秘书，以就董事会程序

及监管事宜征求意见。任何董事按照公司秘书之安排，

均可依愿寻求独立之专业意见，相关费用由本集团承

担。

职能

鉴于本集团结构简单，所有重大决策皆由执行董事及

董事会主席作出，而日常投资决策则基于投资经理之

专业建议。

董事培训

作为董事持续培训之一部分，公司秘书持续为全体董

事提供有关上市规则及其他适用监管规定之最新发展

情况，以确保全体董事均遵守该等规定。我们鼓励全

体董事参加相关主题之外部讨论会或培训课程，而参

与相关讨论会或培训课程可计入持续专业发展培训内。

BOARD OF DIRECTORS

Composition

The Board of the Group is colectively responsible for overseing

the management of the busines and afairs of the Group with

the objective of enhancing shareholders value. The Board

comprises a total of five Directors, with one executive Director,

one non-executive Director and thre independent non-executive

Directors as at 31 March 2025. One of the independent

non-executive Directors, Mr. HON Leung, has apropriate

profesional qualifications in acounting pursuant to Rule 3.10 of

the Listing Rules. Each of the independent non-executive Directors

has made an anual confirmation of independence pursuant to

Rule 3.13 of the Listing Rules. The Group is of the view that al

independent non-executive Directors met the independence

guidelines set out in Rule 3.13 of the Listing Rules and are

independent in acordance with the terms of the guidelines. Al

Directors have aces to the company secretary for advice on the

board procedures and regulatory maters. Any Director may take

independent profesional advice if they so wish at the expense of

the Group, as aranged by the company secretary.

Function

In view of the simple structure of the Group, al significant decision

making is caried out by the executive Director and the Chairman

of the Board while the day-to-day investment decision is based on

the profesional recomendation of the investment manager.

Directors’ Training

As part of an ongoing proces of directors’ training, the

company secretary continuously updates al Directors on latest

developments regarding the Listing Rules and other aplicable

regulatory requirements to ensure compliance of the same by al

Directors. Al Directors are encouraged to atend external forum

or training courses on relevant topics which may count towards

Continuous Profesional Development training.

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

根据守则第C.1.4条，董事应参与持续专业发展以发

展及更新其知识及技能，从而确保彼等在知情及相关

的状况下对董事会作出贡献。于截至二零二五年三月

三十一日止年度，全体董事已透过参加与本公司业务

或董事之职责及责任相关之培训课程或阅读相关材料

参与了适当之持续专业发展活动。

全体董事均全力积极投入董事会事务，而董事会始终

以符合本集团最佳利益之方式行事。于截至二零二五

年三月三十一日止年度，董事会召开合共八次会议，

包括一次仅于非执行董事（包括独立非执行董事）间举

行的会议。根据本集团之组织章程细则，董事可亲身

或以其他电子通讯方式出席会议。各董事于截至二零

二五年三月三十一日止年度出席董事会议之次数载

于下表。括号内数字表示个别董事于出任董事期间所

举行会议之最多次数。

据董事会所知，于二零二五年三月三十一日，董事会

成员间概无财务、业务或家族关系。彼等均可作出独

立判断。

Pursuant to Code C.1.4, Directors should participate in continuous

profesional development to develop and refresh their knowledge

and skils. This is to ensure that their contribution to the Board

remains informed and relevant. During the year ended 31 March

2025, al Directors have participated in apropriate continuous

profesional development activities either by atending training

courses or by reading materials relevant to the Company’s

busines or to the Directors’ duties and responsibilities.

Al Directors have made ful and active contribution to the afairs

of the Board and the Board always acts in the best interests of the

Group. During the year ended 31 March 2025, the Board convened

a total of eight metings. Included in one meting was a sesion

held among the non-executive directors (including independent

non-executive directors) only. The Directors can atend metings

in persons or through other means of electronic comunication

in acordance with the articles of asociation of the Group. The

number of Board metings atended by each Director during the

year ended 31 March 2025 is set out in the folowing table. Figure

in brackets indicates the maximum number of metings in the

period in which the individual was a Director.

Atendance

Name of Directors董事姓名出席次数

Executive Director执行董事

Mr. CHAN Cheong Ye陈昌义先生8/(8)

Non-executive Directors非执行董事

Mr. WU Qi 吴祺先生8/(8)

Mr. FONG On Shek (pasing away on 17 December 2024)方安石先生（于二零二四年十二月十七日离世）5/(6)

Independent Non-executive Directors独立非执行董事

Mr. LUK Simon陆东全先生8/(8)

Ms. LIU Xiaoyin刘晓茵女士8/(8)

Mr. HON Leung 韩亮先生8/(8)

To the best knowledge of the Board, there is no financial, busines

or family relationship among the members of the Board as at

31 March 2025. Al of them are fre to exercise their individual

judgments.

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

COMPANY SECRETARY

Mr. CHAN Ka Yin was apointed as the company secretary of the

Company in August 2017. He reports to the executive Director

of the Company and asists the Board in functioning efectively

and eficiently. He has taken no les than 15 hours of relevant

profesional training during the year ended 31 March 2025.

REMUNERATION COMITE

The Company has a remuneration comite for determining the

remuneration of the Directors. The members of the remuneration

comite are: Ms. LIU Xiaoyin, Mr. LUK Simon and Mr. HON

Leung. During the year ended 31 March 2025, the comite held

one meting to discus remuneration related maters. The number

of metings atended by each comite member during the year

ended 31 March 2025 is set out in the folowing table. Figure in

brackets indicates the maximum number of metings in the period

in which the individual was a comite member.

Atendance

出席次数

Ms. LIU Xiaoyin刘晓茵女士1/(1)

Mr. LUK Simon陆东全先生1/(1)

Mr. HON Leung韩亮先生1/(1)

Ms. LIU Xiaoyin is the chairman of the remuneration comite.

The remuneration comite is responsible for the folowing

functions: determining the policy for remuneration of directors and

senior management, asesing performance of executive directors,

and aproving the terms of executive directors’ service contracts.

The remuneration comite has to make recomendations to

the Board on the remuneration packages of individual executive

directors and senior management. No director or any of his/her

asociated director, and chief executive is involved in deciding

his/her own remuneration.

公司秘书

陈家贤先生于二零一七年八月获委任为本公司之公司

秘书。彼向本公司执行董事汇报并协助董事会有效及

高效运作。于截至二零二五年三月三十一日止年度，

彼已接受不少于15个小时之相关专业培训。

薪酬委员会

本公司设立薪酬委员会以厘定董事薪酬。薪酬委员会

成员包括：刘晓茵女士、陆东全先生及韩亮先生。截

至二零二五年三月三十一日止年度，委员会举行一次

会议以讨论薪酬相关事宜。各委员会成员于截至二零

二五年三月三十一日止年度出席会议之次数载于下表。

括号内数字表示个别人士于出任委员会成员期间所举

行会议之最多次数。

刘晓茵女士为薪酬委员会主席。薪酬委员会负责以下

工作：厘订董事及高级管理层之薪酬政策、评估执行

董事之表现以及批准执行董事服务合约之条款。薪酬

委员会须就各名执行董事及高级管理人员之薪酬待遇

向董事会作出推荐建议。概无董事或其任何联系董事

以及高级行政人员参与决定其本身之薪酬。

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

NOMINATION COMITE

The nomination comite was set up in March 2025. The

members of the nomination comite are Ms. LIU Xiaoyin,

Mr. LUK Simon and Mr. HON Leung. Ms. LIU Xiaoyin, is the

chairman of the nomination comite. During the year ended

31 March 2025, the comite held one meting to discus

nomination related maters. The number of metings atended by

each comite member during the year ended 31 March 2025

is set out in the folowing table. Figure in brackets indicates the

maximum number of metings in the period in which the individual

was a comite member.

Atendance

出席次数

Ms. LIU Xiaoyin刘晓茵女士1/(1)

Mr. HON Leung韩亮先生1/(1)

Mr. LUK Simon陆东全先生1/(1)

The primary function of the nomination comite is to review

the structure, size and composition of the Board anualy and

make recomendations on any proposed changes to the Board to

complement the Group’s corporate strategy.

Procedure and Proces for Nomination of Directors

The nomination comite wil recomend to the Board for the

apointment of Director(s) including independent non-executive

Director(s) in acordance with the folowing procedures and

proces:

, giving due consideration to

the curent composition and size of the Board, develop a list

of desirable skils, perspectives and experience at the outset

to focus the search efort;

提名委员会

提名委员会于二零二五年三月成立。提名委员会成员

包括刘晓茵女士、陆东全先生及韩亮先生。刘晓茵女

士为提名委员会主席。于截至二零二五年三月三十一

日止年度，委员会曾举行一次会议，以讨论有关提名

事宜。各委员会成员于截至二零二五年三月三十一日

止年度出席会议之次数载于下表。括号内数字表示个

别人士于出任委员会成员期间所举行会议之最多次数。

提名委员会主要职能为每年检讨董事会结构、规模及

组成，并向董事会提出任何建议改动以补充本集团企

业策略。

提名董事的程序及流程

提名委员会将根据以下程序及流程向董事会建议任命

董事（包括独立非执行董事）：

首先制定一份理想的技能、观点及经验清单，以

集中精力进行物色工作；

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

i. The nomination comite may consult any source it

considers apropriate in identifying or selecting suitable

candidates, such as referals from existing Directors,

advertising, recomendations from a third party agency firm

and proposals from the Shareholders with due consideration

given to the criteria which include but are not limited to:

(a) Diversity in the aspects, amongst others, of gender,

age, cultural and educational background, profesional

experience, skils, knowledge and length of service;

(b) Comitment for responsibilities of the Board in respect

of available time and relevant interest;

in the relevant industries in which the Group’s busines

is involved;

(d) Independence;

(e) Reputation for integrity;

(f) Potential contributions that the individual can bring to the

Board; and

(g) Plan(s) in place for the orderly sucesion of the Board.

i. The nomination comite may adopt any proces it considers

apropriate in evaluating the suitability of the candidates,

such as interviews, background checks, presentations and

third party reference checks;

iv. The nomination comite wil consider a broad range of

candidates who are in and outside of the Board’s circle of

contacts;

i. 提名委员会于物色或甄选合适候选人时可咨询其

认为适当的任何来源，例如现有董事的推荐、广

告、第三方代理公司的推荐及股东的建议，并适

当考虑（包括但不限于）下列标准：

(a) 各方面的多样性，其中包括性别、年龄、文

化和教育背景、专业经验、技能、知识和服

务年限；

(b) 其能投放于董事会职责的可投入时间及相

关利益；

就和经验；

(d) 独立性；

(e) 诚信声誉；

(f) 个人可以向董事会带来的潜在贡献；及

(g) 为董事会有序继任而制订的计划。

i. 提名委员会可采用其认为适当的任何程序评估候

选人的合适性，例如面试、背景调查、演讲及第三

方背景调查；

iv. 提名委员会将考虑在董事会联络圈内外的各类候

选人；

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

the Nomination Comite wil hold a meting and/or by

way of writen resolutions to, if thought fit, aprove the

recomendation to the Board for apointment;

vi. The nomination comite wil provide the relevant

information of the selected candidate to the Remuneration

Comite for consideration of the remuneration package of

such selected candidate;

vi. The nomination comite wil thereafter make the

recomendation to the Board in relation to the proposed

apointment, and the Remuneration Comite wil make the

recomendation to the Board on the policy and structure for

the remuneration;

vi. The Board may arange for the selected candidate to be

interviewed by the members of the Board who are not

members of the nomination comite and the Board wil

thereafter deliberate and decide the apointment as the case

may be; and

ix. Al apointment of Directors wil be confirmed by the filing

of the consent to act as Director of the relevant Director

(or any other similar filings requiring the relevant Director

to acknowledge or acept the apointment as Director, as

the case may be) to be filed with the relevant regulatory

authorities, if required.

，提名委员

会将举行会议及╱或以书面决议案方式向董事会

提交委任建议以供酌情批准；

vi. 提名委员会将向薪酬委员会提供所选候选人的相

关资料，以供考虑该选定候选人的薪酬待遇；

vi. 其后，提名委员会将就建议委任向董事会提出建

议，而薪酬委员会将就薪酬政策及架构向董事会

提出建议；

vi. 董事会可安排选定的候选人由不属提名委员会成

员的董事会成员进行面试，此后，董事会将根据

具体情况审议并决定任命；及

ix. 所有董事的任命，将通过提交相关董事表示同意

担任董事的文件（或要求相关董事确认或接受任

命为董事的任何其他类似文件，视具体情况而定）

予相关规管机构（如有需要）作存档予以确认。

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

DIVERSITY

To improve the performance of the Company, the Board has

adopted policies on board diversity. The Board believes that board

diversity can be achieved by taking into acount various factors,

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

background, race, profesional experience, skils, knowledge,

term of services and other talents. Al the apointments have ben

made based on the Company’s busines models and specific

neds from time to time, and candidates have ben asesed with

due regard for the benefits of diversity of the Board on objective

busines conditions. The nomination comite wil be mainly

responsible for identifying suitable and competent candidates for

Board members and asesing such candidates in light of objective

conditions. As a part of the anual performance review for the

eficiency of the Board, considerations of the nomination comite

wil be balanced betwen skils and experience as required for

acomplishing the busines targets of the Company and diversity

factors. To achieve board diversity, the nomination comite wil

discus and develop measurable objectives from time to time, and

propose the same to the Board for adoption and implementation.

Generaly speaking, the selection of candidates by the nomination

comite shal be based on a range of diverse perspectives

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

background, race, profesional experience, skils, knowledge and

term of services. However, the final decision wil depend on the

strengths of the candidates and their prospective contributions

to the Board. The Board may improve one or more diversified

perspectives from time to time, and measure the progres on such

basis. The nomination comite wil review the policy from time to

time, including conducting asesments on the efectivenes of the

policy. The nomination comite wil also discus any amendment

that may be necesary, and submit amendment proposals to the

Board for aproval.

Please refer to the disclosure in page 65 of this anual report

for the gender ratio of the Company’s employes as at 31 March

2025.

多元化

为提升本公司表现，董事会已采纳董事会成员多元化

政策。董事会相信董事会成员多元化可透过考虑多方

面因素达致，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、服务任期及其他才

能。所有委任均根据本公司之业务模式及不时之特定

需要，并在考虑人选时以业务客观条件充分顾及董事

会成员多元化之裨益。提名委员会将主要负责物色适

合及胜任担任董事会成员之人选，并按客观条件评估

有关人选。作为检讨董事会效率之年度表现之一部份，

提名委员会将考虑就适合本公司业务目标要求之技能、

经验及多元化因素作出平衡。为达致董事会成员多元

化，提名委员会将不时讨论及制定可计量目标，并向

董事会提出，供其采纳及实施。一般而言，提名委员会

须根据一系列多元化观点甄选人选，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

识及服务任期。然而，最终决定将取决于人选之长处

及可为董事会带来之贡献。董事会可能不时改进一个

或以上多元化角度，并按其计量达标之进度。提名委

员会将不时检讨本政策，包括对本政策之成效作出评

估。提名委员会亦将会讨论任何或需作出之修订，再

向董事会提出修订建议以供审批。

有关本公司雇员于二零二五年三月三十一日之性别比

例，请参阅本年报第65页之披露。

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

AUDIT COMITE

The audit comite comprises the folowing independent non-

executive Directors, namely, Mr. HON Leung, Mr. LUK Simon and

Ms. LIU Xiaoyin. Mr. HON Leung serves as the chairman of the

audit comite. No member of the audit comite is a member

of the former or existing auditor of the Company. During the year

ended 31 March 2025, the audit comite held two comite

metings. The number of metings atended by each comite

member during the year ended 31 March 2025 is set out in the

folowing table. Figure in brackets indicates the maximum number

of metings in the period in which the individual was a comite

member.

Atendance

出席次数

Mr. HON Leung韩亮先生2/(2)

Mr. LUK Simon陆东全先生2/(2)

Ms. LIU Xiaoyin刘晓茵女士2/(2)

Responsibilities of the audit comite include:

auditing expenses and any maters regarding the resignation

or dismisal of the external auditors;

(2) to discus with the external auditors on the nature and

scope of audit prior to the comencement of the auditing

procedures; and

(3) to review the interim and anual acounts. The audit

comite has reviewed the auditing performance, the risk

management and internal controls, and the audited financial

statements of the Company for the year ended 31 March

2025.

审核委员会

审核委员会由下列独立非执行董事组成，即韩亮先生、

陆东全先生及刘晓茵女士。韩亮先生为审核委员会主

席。概无审核委员会之成员为本公司之前任或现任核

数师之成员。截至二零二五年三月三十一日止年度，

审核委员会曾举行两次委员会议。各委员会成员于

截至二零二五年三月三十一日止年度出席会议之次数

载于下表。括号内数字表示个别人士于出任委员会成

员期间所举行会议之最多次数。

审核委员会之职责包括：

、审核开支及任何有关外聘

核数师辞任或解雇外聘核数师之事宜；

(2) 于进行审核程序前就审核性质及范围与外聘核数

师讨论；及

。审核委员会已审阅审核表

现、风险管理及内部监控以及本公司截至二零

二五年三月三十一日止年度之经审核财务报表。

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

GENERAL METING(S)

During the year ended 31 March 2025, the Company held one

general meting, i.e. the anual general meting. The atendance

by each Director at the aforesaid general metings during the year

ended 31 March 2025 is set out in the folowing table. Figure in

brackets indicates the maximum number of meting in the period

in which the individual was a Director.

Atendance

出席次数

Mr. CHAN Cheong Ye陈昌义先生1/(1)

Mr. WU Qi吴祺先生0/(1)

Mr. FONG On Shek方安石先生0/(1)

Mr. LUK Simon陆东全先生1/(1)

Ms. LIU Xiaoyin刘晓茵女士1/(1)

Mr. HON Leung韩亮先生1/(1)

CORPORATE GOVERNANCE FUNCTION

No corporate governance comite has ben established and

the Board is responsible for performing corporate governance

functions. This includes developing and reviewing Company’s

policies, practices on corporate governance, training and

continuous profesional development of Directors and senior

management, and the Company’s policies and practices on

compliance with legal and regulatory requirements etc. During

the year ended 31 March 2025, the Board has reviewed the

Company’s policies and practices on corporate governance.

股东大会

于截至二零二五年三月三十一日止年度，本公司举行

一次股东大会，即股东周年大会。各董事于截至二零

二五年三月三十一日止年度出席上述股东大会情况载

于下表。括号内数字表示个别人士于出任董事期间所

举行会议之最多次数。

企业管治职能

由于并无成立企业管治委员会，因此由董事会负责执

行企业管治职能。此职能包括制定及检讨本公司企业

管治之政策及常规、为董事及高级管理层提供培训及

持续专业发展及本公司有关遵守法律及监管规定之政

策及常规等。于截至二零二五年三月三十一日止年度，

董事会已检讨本公司有关企业管治之政策及常规。

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

AUDITORS’ REMUNERATION

For the year ended 31 March 2025, services provided to the

Group by its external auditors, Elite Partners CPA Limited, and the

respective fes paid/payable are set out as folows:

HK$

港元

Elite Partners CPA Limited开元信德会计师事务所有限公司

– Audit services－审核服务480,000

– non-asurance services－非鉴证服务–

480,000

DIRECTORS’ RESPONSIBILITY FOR THE

FINANCIAL STATEMENTS

The Board acknowledges their responsibilities for the preparation

of the consolidated financial statements of the Group and ensures

that they are prepared in acordance with statutory requirements

and aplicable acounting standards. The Directors also ensure

the timely publication of such consolidated financial statements.

The statement of the external auditors of the Group, Elite Partners

CPA Limited, with regard to their reporting responsibilities on

the Group’s consolidated financial statements is set out in the

Independent Auditor’s Report on pages 86 to 91.

INTERNAL CONTROL AND RISK MANAGEMENT

Responsibility

The Board has the overal responsibility to ensure that sound

and efective risk management and internal control systems

are maintained. Management is responsible for designing,

implementing and monitoring the risk management and internal

control systems to manage risks. Sound and efective risk

management and internal control systems are designed to identify

and manage the risk of failure to achieve busines objectives.

核数师酬金

截至二零二五年三月三十一日止年度，外聘核数师开

元信德会计师事务所有限公司向本集团提供之服务及

已付╱应付之有关费用载列如下：

董事对财务报表之责任

董事会知悉彼等对编制本集团综合财务报表之责任，

并确保综合财务报表乃根据法例规定及适用会计准则

编制。董事亦确保及时刊发有关综合财务报表。本集

团外聘核数师开元信德会计师事务所有限公司就本集

团综合财务报表之申报责任发出之声明载于第86至91

页之独立核数师报告。

内部监控及风险管理

责任

董事会承担确保维持适当及有效的风险管理及内部监

控系统之整体责任。管理层负责设计、实施及监察风

险管理及内部监控系统，以管理风险。适当及有效的

风险管理及内部监控系统设计旨在识别及管理未能达

成业务目标之风险。

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

Risk Management Framework

Risk management is enhanced continualy, linking to our corporate

strategies and as a continuous part of day-to-day busines

operations for al key decision making proceses and core busines

activities. Major activities of the risk management proces include

risk asesment, which constitutes the sub-proceses of risk

identification, risk analysis and risk evaluation. There involves also

risk asesment documentation, methodologies, risk treatment,

monitoring and review for ensuring the overal efectivenes of risk

management. Fraud risk management through code of conduct and

whistleblowing policy is adopted to uphold honesty, integrity and

fair play as our core values of the Group at al times. The Board is

responsible for the Group’s risk management and internal control

systems and for reviewing their efectivenes. The Audit Comite

suports the Board in monitoring the Group’s risk exposures,

the design and operating efectivenes of the underlying risk

management and internal control systems. The Audit Comite,

acting on behalf of the Board, overses the folowing proceses:

(i) regular reviews of the principal busines risks, and control

measures to mitigate, reduce or transfer such risks; the

strengths and weakneses of the overal internal control

system and action plans to adres the weakneses or to

improve the asesment proces;

(i) regular reviews of the busines proces and operations,

including action plans to adres the identified control

weakneses and status update and monitor in implementing

its recomendations; and

(i) regular reports by the external auditors, if any, of any

control isues identified in the course of their work and

the discusion with the external auditors of the scope of

their respective review and findings. The Audit Comite

wil then report to the Board after due review of the

efectivenes of the Group’s risk management and internal

control systems. The Board considers the works and

findings of the Audit Comite in forming its own view on

the efectivenes of these systems.

风险管理框架

本集团就所有重要决策程序及核心业务活动持续加强

风险管理，作为日常业务营运过程中持续进行的环节，

并与企业策略互相连结。风险管理程序之主要项目包

括风险评估，其中包括识别、分析及评估风险等细分

程序。有关程序亦涉及风险评估文档、方法、风险处理、

监察及检讨，以确保风险管理之整体成效。本集团透

过采纳行为守则及举报政策进行欺诈风险管理，无论

何时均坚守诚实、诚信及公平原则作为本集团核心价

值。董事会负责本集团之风险管理及内部监控系统，

并负责检讨其成效。审核委员会支援董事会监察本集

团所面对风险，以及相关风险管理及内部监控系统之

设计及运作成效。审核委员会代表董事会监督以下程

序：

(i) 定期检讨主要业务风险及监控措施，借以减低、

减少或转移有关风险；并定期检讨整体内部监

控系统及行动计划之强项及弱点，以处理有关

弱点或改进评估程序；

(i) 定期检讨业务程序及营运，包括行动计划，以

处理已识别的监控系统弱点、更新状况及监察

其建议之实行情况；及

(i) 由外聘核数师定期汇报其工作过程中所识别的

任何监控事宜（如有），并与外聘核数师讨论其

有关审阅范围及结论。审核委员会于详尽检讨

本集团风险管理及内部监控系统之成效后，会

向董事会汇报其结论。董事会在考虑审核委员

会所进行工作及结论后，将达致其本身就有关

系统之成效的结论。

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

Internal Control System

The Group’s internal control system aims at safeguarding asets

from inapropriate use, maintaining proper acounts and ensuring

compliance with regulations. The system is designed to provide

reasonable, but not absolute, asurance against mistatement

or los, and to manage risks of failure in the Group’s operational

systems. The Group’s internal control system includes a

wel-established organizational structure with clearly defined lines

of responsibility and authority. Policies and procedures are laid

down for its key busines proceses and busines units covering

busines operations, financial reporting, human resources and

computer information systems. The Code of Conduct is maintained

and comunicated to al employes for compliance. In adition,

a whistleblowing policy was established for employes to raise

concerns in confidence about suspected misconducts, malpractices

or fraudulent activities relating to the Group.

COSO Internal Controls

The Group’s internal control model is based on that set down

by the Comite of Sponsoring Organisations of the U.S.

Treadway Comision (“COSO”) for internal controls, and has

five components, namely Control Environment; Risk Asesment;

Control Activities; Information and Comunication; and Monitoring.

In developing the Group’s internal control model based on the

COSO principles, management has taken into consideration the

Group’s organisational structure and the nature of its busines

activities.

(i) Control Environment

The Board has demonstrated a comitment to integrity

and ethical values. It works with independence from

management and exercises oversight of the development

and performance of internal control. Management

establishes the structures, reporting lines, and apropriate

authorities and responsibilities in the pursuit of objectives.

The Board is comited to atract, develop, and retain

competent individuals in alignment with objectives. It

holds individuals acountable for their internal control

responsibilities in the pursuit of objectives.

内部监控系统

本集团的内部监控系统旨在保障资产免遭不正当使用，

维持妥善账目记录，以及保证遵守有关规例。该系统

设计旨在提供合理但非绝对的保障以免除错误陈述或

损失风险，以及管理本集团营运系统中的失误风险。

本集团之内部监控系统包括完善的组织架构，并清晰

界定责任及授权范围。内部监控系统订明本集团各主

要业务程序及业务单位之政策及程序，涵盖业务营运、

财务报告、人力资源及电脑资料系统等范畴。本集团

亦已订立行为守则，并就合规事宜与全体雇员沟通。

此外，本集团亦已制订举报政策，以供雇员在保密情

况下举报有关本集团之怀疑行为失当、渎职或欺诈活

动。

COSO内部监控

本集团之内部监控模式乃以 Comite of Sponsoring

Organisations of the U.S. Treadway Comision

（「COSO」）就内部监控所订定原则为基础，当中包括

监控环境、风险评估、监控措施、资讯与通讯，以及监

察五大范畴。根据COSO原则订立本集团之内部监控

模式时，管理层已考虑本集团之组织架构及其业务活

动性质。

(i) 监控环境

董事会已体现诚信及道德价值的承诺。董事会

独立于管理层运作，监督内部监控系统之制定

及成效。管理层制定架构、汇报系统以及适当

权力及责任以达致企业目标。董事会致力招揽、

培育及挽留有能力的个别人员，以配合企业目

标，并对个别人员之内部监控责任上，实施问

责制度，以达致企业目标。

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

(i) Risk Asesment

The risk asesment specifies objectives with suficient

clarity to enable the identification and asesment of risks

relating to objectives. It identifies risks to the achievement

of its objectives acros the entity and analyzes risks as a

basis for determining how the risks should be managed. It

also considers the potential for fraud in asesing risks to

the achievement of objectives by identifying and asesing

changes that could significantly impact the system of

internal control.

(i) Control Activities

Management selects and develops control activities that

contribute to the mitigation of risks to the achievement

of objectives to aceptable levels. It also develops

general control activities over technology to suport the

achievement of objectives. Control activities through

policies and procedures are established to put into practice.

(iv) Information and Comunication

Management obtains, generates and uses relevant,

quality information to suport the functioning of internal

control. There is internal comunication of objectives and

responsibilities necesary to suport the functioning of

internal control. External comunication regarding maters

afecting the functioning of internal control is made where

necesary.

(v) Monitoring

Management has ongoing evaluations to ascertain whether

the components of internal control are present and

functioning. It evaluates and comunicates internal control

deficiencies in a timely maner to those parties responsible

for taking corective action, including senior management

and the Board, as apropriate.

(i) 风险评估

风险评估程序清晰订明有关目标，以识别及评

估与目标有关之风险。有关程序识别出整体企

业为达致目标所涉及风险，并对风险进行分析，

以作为厘定如何管理风险之基准。在评估达成

目标相关的风险时，透过识别及评估可能对内

部监控系统造成重大影响之变动，考虑潜在的

舞弊行为。

(i) 监控措施

管理层选取及制订监控措施，以将达成目标所

涉及风险减至可接受水平。管理层亦制订科技

方面的整体监控措施，以为达成目标提供支援。

本集团透过政策及程序将监控措施付诸实行。

(iv) 资讯及沟通

管理层为支援内部监控功能而取得、产生及使

用相关高质素资讯。本集团就目标及责任进行

所需内部沟通，以支援内部监控功能。如有需

要，本集团亦就影响内部监控功能的事宜作出

外部沟通。

(v) 监察

管理层持续进行评估，以确认内部监控的各要

素是否存在并正常运作。管理层评估内部监控

系统，并于适当情况下及时通知负责人员（包

括高级管理层及董事会）有关不足之处，以待

采取纠正行动。

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

Review of Risk Management and Internal Controls

Efectivenes

During the year ended 31 March 2025, the Group has engaged an

external profesional consultant to take the primary role to perform

the Internal Audit (“IA”) function on behalf of the Board, the Audit

Comite conducted an anual review of the efectivenes of

risk management and internal control systems. The anual review

covered al material controls, including financial, operational and

compliance controls and considered:

(i) areas of risks identified by management;

(i) efectivenes of risk management and internal control

systems;

(i) adequacy of the resources, qualification and experience of

staf of the Group’s acounting, internal audit and financial

reporting function, and their training and budget; and

(iv) any enhancement to the risk management and internal

control systems as identified as being necesary or

proposed in the Internal Control Review Report. The Audit

Comite concluded that the Group’s risk management

and internal control systems are efective and adequate.

The Executive Director of the Company also provided a

confirmation to the Board on the efectivenes of the risk

management and internal control systems on 18 June 2025 and

as of that date. As a result of the above, the Board whilst keping

it under review in light of experience, also considered the Group’s

risk management and internal control systems are efective and

adequate.

检讨风险管理及内部监控之成效

于截至二零二五年三月三十一日止年度内，本集团已

委聘外部专业顾问担当首要角色代表董事会履行内部

审核（「内部审核」）职能。审核委员会已对风险管理及

内部监控系统之成效进行年度检讨。有关年度检讨涵

盖所有重要监控措施，包括财务、营运及合规监控事

宜，并已考虑以下各项：

(i) 管理层所识别风险范畴；

(i) 风险管理及内部监控系统之成效；

(i) 本集团会计、内部审核及财务汇报职能之人力

资源、员工资历及经验，以及有关员工之培训

及预算是否足够；及

(iv) 内部监控审阅报告厘定属必需或建议采纳的风

险管理及内部监控系统之任何改善。审核委员

会已得出结论，认为本集团之风险管理及内部

监控系统为有效及足够。

本公司执行董事亦已于二零二五年六月十八日及截至

当日止就风险管理及内部监控系统之成效向董事会作

出确认。由于上文所述，董事会根据其经验持续作出

检讨，亦认为本集团之风险管理及内部监控系统为有

效及足够。

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

HANDLING AND DISEMINATION OF INSIDE

INFORMATION

The Company has put in place a policy on handling and

disemination of inside information which sets out the procedures

and internal controls for handling and disemination of inside

information in a timely maner in such a way to avoid placing any

person in a privileged dealing position. The inside information

policy also provides guidelines to employes of the Group to

ensure proper safeguards exists to prevent the Company from

breaching the statutory and listing rule disclosure requirements.

The Company has apropriate internal control and reporting

systems to identify and ases potential inside information.

Disemination of inside information of the Company shal be

conducted by publishing the relevant information on the websites

of the Stock Exchange and the Company, acording to the

requirements of the Listing Rules.

SHAREHOLDERS’ RIGHTS

Procedures for Convening an Extraordinary

General Meting and Puting Forward Proposals at

Shareholders’ Meting

The Company may also comunicate with its Shareholders

through extraordinary general metings, if and when apropriate.

Pursuant to Article 58 of the articles of asociation of the Company,

the Board may whenever it thinks fit cal extraordinary general

metings. Any one or more Members holding at the date of deposit

of the requisition not les than one-tenth of the paid up capital of

the Company carying the right of voting at general metings of

the Company shal at al times have the right, by writen requisition

to the Board or the company secretary of the Company, to require

an extraordinary general meting to be caled by the Board for the

transaction of any busines specified in such requisition; and such

meting shal be held within two (2) months after the deposit of

such requisition. If within twenty-one (21) days of such deposit the

Board fails to proced to convene such meting the requisitionist(s)

himself (themselves) may do so in the same maner, and al

reasonable expenses incured by the requisitionist(s) as a result of

the failure of the Board shal be reimbursed to the requisitionist(s)

by the Company.

内幕消息处理及发布

本公司已制定处理及发布内幕消息之政策，当中列载

以避免使任何人士处于优势地位的方式及时处理及发

布内幕消息之程序及内部监控措施。内幕消息政策亦

规定了针对本集团雇员之指引，以确保妥为保障本公

司不违反法定及上市规则披露规定。本公司设有适当

的内部监控及汇报系统以识别及评估潜在内幕消息。

根据上市规则之规定，本公司之内幕消息将以于联交

所及本公司网站刊发有关消息之方式发布。

股东之权利

召开股东特别大会及于股东大会提呈决议案之

程序

本公司亦可于适当时候透过股东特别大会与股东沟通。

根据本公司之组织章程细则第58条，董事会可于其认

为适当之任何时候召开股东特别大会。任何一名或以

上于递呈要求日期持有不少于附带于本公司股东大会

表决权之本公司缴足股本十分之一之股东，有权随时

透过向董事会或本公司之公司秘书发出书面要求，要

求董事会召开股东特别大会，以处理有关要求中指明

之任何事项；且有关大会须于递呈该要求后两(2)个月

内举行。倘递呈后二十一(21)日内，董事会未有召开有

关大会，则递呈要求人士可自行以同样方式召开大会，

而递呈要求人士因董事会未有召开大会而产生之所有

合理开支须由本公司向递呈要求人士作出补偿。

CORPORATE GOVERNANCE REPORT

企业管治报告

Anual Report

2024/25

年报

Pursuant to Article 89 of the articles of asociation of the

Company, no person other than a Director retiring at the meting

shal, unles recomended by the Directors for election, be eligible

for election as a Director at any general meting unles a Notice

signed by a Member (other than the person to be proposed) duly

qualified to atend and vote at the meting for which such notice is

given of his intention to propose such person for election and also

a Notice signed by the person to be proposed of his wilingnes

to be elected shal have ben lodged at the head ofice or at the

Registration Ofice not les than seven (7) clear days but not

more than fourten (14) clear days before the date of the general

meting.

Procedures for Shareholders Puting Enquiries to the

Board

Shareholders have the right to put enquiries to the Board. Al

enquiries shal be in writing and sent by post to the registered

ofice of the Company in Hong Kong.

Shareholders may also make enquiries with the Board at the

general metings of the Company.

根据本公司之组织章程细则第89条，除非经董事会推

荐参选，否则，除大会上退任的董事之外，概无人士有

资格在任何股东大会上参选董事。除非一位有资格出

席会议并表决的股东（非提议的人选）签署一份通知，

表明拟提议此人参选董事，而被提议之人也签署一份

通知，表示其愿意当选董事，相关通知应在股东大会

日期前净日数不少于七(7)天但不长于十四(14)天的

期间提交到总部或登记处。

股东向董事会查询之程序

股东有权向董事会作出查询。所有查询均需以书面方

式邮寄至本公司位于香港之注册办事处。

股东亦可在本公司股东大会上向董事会作出查询。

CORPORATE GOVERNANCE REPORT

企业管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

INVESTOR RELATIONS

Comunication with Shareholders and Investors

The Board is wel aware of the importance of maintaining

proper contact with shareholders and strives to enhance its

comunication with them. Shareholders can visit the website of

the Company (w.chnif.com.hk) for the latest information of the

Group, including interim and anual reports, anouncements,

circulars and corporate governance related policies. Pres releases

are also posted on the website of the Company in a timely maner.

General metings serve as a comunication chanel betwen the

Board and shareholders. The Group regards such a meting as

an important activity of the Company during the year. Al Directors

and senior management would atend the meting as much as

they can. The chairman of the anual general meting proposes

separate resolutions for each of the independent maters. Members

of the Audit Comite, the Remuneration Comite and the

Nomination Comite, external auditors, independent financial

advisers and external lawyers would also atend the general

meting to answer questions from shareholders as apropriate.

During the year, the Company held one anual general meting.

Details of each Director’s atendance at the general metings are

set out on page 42 of this Anual Report.

Shareholders may at any time send their enquiries and concerns

to the Board in writing through the company secretarial department

whose contact details are as folows:

The Company Secretarial Department,

China Investment and Finance Group Limited

Rom 1104, Crawford House

70 Quen’s Road Central, Hong Kong

CONSTITUTIONAL DOCUMENTS

There is no change in the Company’s constitutional documents

during the year ended 31 March 2025.

投资者关系

与股东及投资者沟通

董事会深明与股东保持良好联系之重要性，并致

力加强与股东之沟通。股东可浏览本公司网站

w.chnif.com.hk以取得本集团最新发布之资料，包

括中期报告、年度报告、公布、通函及企业管治有关政

策。本公司亦适时于本公司网站刊登新闻稿。

股东大会为董事会与股东提供沟通渠道，本集团视之

为本公司于年内之一项重要活动，所有董事及高级管

理人员均尽量出席。股东周年大会之主席就每项独立

事宜提出单独决议案。审计委员会、薪酬委员会及提

名委员会之成员、外聘核数师、独立财务顾问及外聘

律师亦会视乎情况出席股东大会以回答股东之提问。

于本年度内，本公司召开了一次股东周年大会。各董

事出席股东大会之记录详列于本年度报告第42页。

股东可随时向董事会以书面方式经由公司秘书部提出

查询及表达意见，公司秘书部之联络资料如下：

香港皇后大道中70号

卡佛大厦1104室

中国投融资集团有限公司

公司秘书部

章程文件

于截至二零二五年三月三十一日止年度，本公司之章

程文件并无变动。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

关于本集团

中国投融资集团有限公司（「本公司」或「我们」）（股

份代号：1226）在香港联合交易所有限公司（「联交所」）

主板上市，为一家主要从事证券买卖业务的香港投资

控股公司。作为一间扎根香港及主要在香港提供服务

的公司，本公司连同其附属公司（统称「本集团」），不

遗余力地保护环境，肩负社会责任及奉行最严格的企

业管治。

在推动稳健业务增长的同时，本集团亦致力建立可维

持我们高质量的服务及营运标准的环保企业。本集团

将社会及环境责任视为业务营运的核心价值之一，并

致力提高可持续性及透明度，以及提供可为下一代打

造可持续环境的服务。

关于本报告

二零二四至二零二五年度环境、社会及管治报告（「本

报告」）涵盖本集团在环境、社会及管治（「环境、社会

及管治」）的理念并于日常运作中实践有关理念的措施。

本报告亦概述本集团管理环境、社会及管治相关事宜

的方针，借以推动环境、社会及管治措施于业务中的

落实，及向持份者传达本集团的环境、社会及管治绩

效成果。本报告中的资料来自官方文件和本集团的统

计数据，以及根据本集团旗下多个部门提供的监控、

管理和营运资料整合汇总。

本环境、社会及管治报告中相关资料的编制及呈报

已参考香港联合交易所有限公司主板证券上市规则

（「上市规则」）附录C2《环境、社会及管治报告指引》

（「《环境、社会及管治报告指引》」）所载《环境、社会

及管治报告指引》。本公司编制本报告以符合「不遵守

就解释」条文，当中已对强制性关键绩效指标（关键绩

效指标）作出披露。本报告涵盖了本集团自二零二四年

四月一日至二零二五年三月三十一日止报告年度（「报

告年度」）在香港主要业务下的环境、社会及管治绩效。

董事（「董事」）会（「董事会」）已审慎评估了现有业务

的发展前景。

ABOUT THE GROUP

China Investment and Finance Group Limited (the “Company” or

“we”, stock code: 1226) is listed on the Main Board of the Stock

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

Hong Kong based investment holding company principaly engaged

in the securities trading busineses. As the Company established

and principaly provides services in Hong Kong, the Company

and its subsidiaries (colectively the “Group”) are fuly comited

to environmental protection, social responsibility and the strictest

corporate governance.

While promoting sound busines growth, the Group is also

comited to building an environmentaly-friendly corporation that

maintains high quality standards in our service and operations.

The Group considers social and environmental responsibilities as

one of the core values in busines operations to strive for greater

sustainability and transparency, as wel as to deliver services that

foster a sustainable environment for the future generation.

ABOUT THIS REPORT

The Environmental, Social and Governance Report 2024-2025

(the “Report”) covers the Group’s initiatives on the concepts

of Environmental, Social and Governance (“ESG”) and the

implementation of the relevant concepts in the normal operations.

The Report also provides an overview to the Group’s direction

in managing ESG-related isues, driving initiatives throughout

the operation, and comunicating the Group’s ESG performance

results with stakeholders. The information contained herein has

ben sourced from oficial documents and statistics of the Group

and was consolidated and compiled with the information on

control, management and operations as provided by a number of

departments of the Group.

The preparation and presentation of related information in this ESG

Report has ben prepared with reference to the Environmental,

Social and Governance Reporting Guide (the “ESG Reporting

Guide”) as set out in Apendix C2 ESG Reporting Guide to the

Rules Governing the Listing of Securities on Main Board of The

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

The Company has prepared this Report to met the “Comply

or Explain” provisions, of which mandatory Key Performance

Indicators (KPIs) are disclosed. The Report focuses on the Group’s

ESG performance driven by the main busines in Hong Kong

during the Reporting Year from 1 April 2024 to 31 March 2025 (the

“Reporting Year”). The board (“Board”) of directors (the “Directors”)

has prudently evaluated the development prospects of the existing

busines.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

报告原则

本报告乃根据上市规则附录C2的报告原则编制，包括

重要性、量化、平衡及一致性。

重要性

本报告的内容基于持份者参与和重要性评估，包括识

别环境、社会及管治相关事宜，收集及审阅内部管理

层及各持份者的意见，评估事宜的相关性及重要性，

以及编纂及验证所呈报的资料。本报告涵盖了持份者

关注的一系列关键环境、社会及管治事宜。

量化

所建立的关键绩效指标（「关键绩效指标」）必须量化，

以便评估环境、社会及管治政策的有效性。有关用于

呈报排放量和能源消耗的标准、方法、假设及╱或计算

工具以及转换系数来源的资料主要参考《环境、社会

及管治报告指引》。

平衡

所提供的资料不偏不倚。本报告就本集团在环境、社

会及管治的成就、改进空间及挑战方面的表现提供全

面描述。本报告应避免可能会不恰当地影响报告读者

决策或判断的选择、遗漏或呈报格式。

一致性

本报告采用一致量化方法，以便随时间作出有意义的

数据比较。倘未来方法出现任何变动，则须于本报告

内加以注明。

本报告以中、英文编制，两种文本均已上载至

联交所网站w.hkexnews.hk及本公司网站

w.chnif.com.hk。本集团将持续每年定期发布其环

境、社会及管治绩效，以供各界随时查阅，于日后报告

中提升信息披露的透明度。

Reporting Principles

This Report is prepared in acordance with the reporting principles

acording to Apendix C2 of the Listing Rules, including materiality,

quantitative, balance and consistency.

Materiality

The content of the Report is based on stakeholder engagement

and materiality asesment, which includes identifying ESG-related

isues, gathering and reviewing views from internal management

and various stakeholders, asesing the relevance and materiality

of the isues, and compiling and verifying the reported information.

The Report has covered a comprehensive range of key ESG

isues that are concerned by the stakeholders.

Quantitative

The key performance indicators (“KPIs”) established must be

quantified so as to alow the evaluation of the efectivenes of

the ESG policies. Information on the standards, methodologies,

asumptions and/or calculation tols, and source of conversion

factors used for the reporting of emisions and energy consumption

are mainly refered to the ESG Reporting Guide.

Balance

The information provided is unbiased. The Report provides

a holistic description of the performance of the Group on

achievements, roms for improvement and chalenges in ESG. The

report should avoid selections, omisions, or presentation formats

that may inapropriately influence a decision or judgment by the

report reader.

Consistency

A consistent quantification methodology is adopted in this Report

to alow for meaningful data comparisons being made over time. If

there are any future changes in methodology, it shal be indicated

in the Report.

This Report is prepared in both Chinese and English. Both

versions have already ben uploaded to the website of HKEX at

w.hkexnews.hk and Company’s website at w.chnif.com.hk.

The Group wil continuously publish its ESG performance on a

regular basis each year, which can be acesed by al parties at

any time, to enhance the transparency of information disclosure in

the future reports.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

环境、社会及管治理之董事会声明

董事会负责本集团之环境、社会及管治之策略及报告，

包括评估及厘定环境、社会及管治相关风险，并确保

已设有适当及有效的环境、社会及管治风险管理及内

部监控系统。董事会亦负责制定环境、社会及管治目

标，旨在与碳中和的全球愿景保持一致并提高公司声

誉。

董事会授权本集团董事陈昌义先生监督及管理环境、

社会及管治相关事宜。此外，本集团成立环境、社会及

管治工作小组（「工作小组」），由董事领导及管理，以

确保环境、社会及管治理与本集团战略发展一致。

工作小组由董事会成员及不同部门的核心成员组成。

工作小组负责执行本集团环境、社会及管治措施，收

集及分析环境、社会及管治数据，就环境、社会及管治

事宜向董事会提出建议并审阅环境、社会及管治相关

事项。

在工作小组的协助下，董事会持续评估及监督本集团

环境、社会及管治表现、风险及机会。工作小组成员举

行会议讨论本集团政策及程序的有效性，并寻求机会

改善本集团的环境、社会及管治表现。工作小组在适

当时候向董事会汇报其调查结果，以便董事会能寻觅

管理本集团环境、社会及管治风险及机会的解决方案。

为更好地管理本集团的重大环境、社会及管治事宜及

本集团在该等方面的表现，本集团已在不同方面设定

环境目标。工作小组将持续努力实现该等目标。工作

小组将审阅该等目标的进展情况及采取措施实现该等

目标，并至少每年向董事会汇报进展情况并在有需要

时提出建议。倘进展未达预期，可能需要进行纠正。

BOARD STATEMENT OF ESG GOVERNANCE

The Board is responsible for the Group’s ESG strategy and

reporting, including evaluating and determining ESG-related risks

and ensuring that apropriate and efective ESG risk management

and internal control systems are in place. The Board is also

responsible for formulating ESG targets, aiming at aligning with

the global vision of carbon neutrality and enhancing corporate

reputation.

The Board delegated the Director of the Group, Mr. Chan

Cheong Ye, to monitor and manage the ESG-related isues.

Besides, the Group has established the ESG Working Group (the

“Taskforce”), which is led and managed by the Director, to ensure

the alignment of the ESG governance with the Group’s strategic

growth. The Taskforce is comprised of members of the Board

and core members of the diferent departments. The Taskforce is

responsible for executing the Group’s ESG measures, colecting

and analysing ESG data, giving sugestions to the Board on ESG

isues and reviewing ESG-related maters.

With the asistance of the Taskforce, the Board continuously

evaluates and monitors the Group’s ESG performance, risks and

oportunities. The members of the Taskforce have metings to

discus the efectivenes of the Group’s policies and procedures

and sek oportunities to improve the Group’s ESG performance.

The Taskforce reports its findings to the Board where apropriate

so that the Board can lok for solutions to manage the Group’s

ESG risks and oportunities.

In order to beter govern the material ESG isues of the Group

and the Group’s performance in these aspects, the Group has

set environmental targets in diferent aspects. The Taskforce wil

continue to strive towards achieving these targets. The Taskforce

wil review the progres of these targets and take measures to

achieve them and report on the progres and make sugestions if

neded to the Board at least anualy. Rectification may be neded

if the progres fals short of expectations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

STAKEHOLDER ENGAGEMENT

The HKEX ESG Reporting Guide states four reporting principles,

which include materiality, quantitative, balance and consistency, as

the foundation in preparation of the Report. As emphasized by the

HKEX, the participation of stakeholders is an evaluation method

of materiality. By means of comunicating with stakeholders,

enterprises could understand the general opinion and identify

important environmental and social isues.

The Group believes that identifying and adresing stakeholder

views lay a solid foundation to the long-term growth and suces

of the Group. In order to prepare this report, the Group has

engaged an independent profesional party to conduct a materiality

asesment by distributing questionaire and incorporating the

advice of profesional consultants to clarify important reporting

isues, which serve as the determination basis for the direction of

the Group’s sustainable development.

The comunication chanels betwen the Group and its major

stakeholders are as folow:

Internal StakeholdersExternal StakeholdersComunication Chanels

内部持份者外部持份者沟通渠道

DirectorsHKEXMetings

董事香港联交所会议

ManagementShareholders and InvestorsInterviews

管理层股东及投资者会谈

Administrative PersonelBanksDirect Mails

行政人员银行直邮

General StafBusines PartnersStaf Performance Apraisal Interviews

一般员工业务伙伴员工表现评核会谈

Local Comunity GroupInternal Publications

当地社区团体内部刊物

Anual General Meting (“AGM”)

股东周年大会（「股东周年大会」）

Extraordinary General Meting

股东特别大会

Hotlines

热线

持份者参与

香港联交所在《环境、社会及管治报告指引》中提出

四项汇报原则，包括重要性、量化、平衡及一致性，作

为编制本报告的基础。诚如香港联交所强调，持份者

参与是用以评估重要性的方法。透过与持份者的沟通，

企业能够了解广泛的意见，识别重要的环境和社会事

宜。

本集团相信，识别和回应持份者的意见为本集团的长

期发展和成功奠定坚实的基础。为编制本报告，本集

团已委托独立专业人士以发放问卷及征询专业顾问的

意见的形式进行重要性评估，以厘清须汇报的重要议

题，以此作为本集团可持续发展方向的厘定基础。

本集团与其主要持份者的沟通渠道如下：

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

The principal stakeholders are the shareholders and investors of

the Group. They can discus directly with the Group’s directors

during the general metings and send emails to the Directors

to raise their concerns. For internal comunication chanels,

employes can raise their opinions and viewpoints to the Directors

for further improvement.

The operations of the Group have significant impacts on various

stakeholders, while stakeholders have diferent expectations of the

Group. Loking forward, the Group wil continuously strengthen

its comunications with its stakeholders, and extensively colect

stakeholders’ opinions on various ways that would lead to a more

comprehensive materiality analysis. Meanwhile, the Group would

also enhance the reporting principles in terms of quantitative,

balance and consistency, and the presentation of content and

information of the report are defined in a way which beter

conforms to stakeholders’ expectations.

MATERIALITY ASESMENT

Sustainable development encompases a holistic spectrum of

environmental and social aspects. In order to harnes the related

risks and oportunities, it is important for the Group to determine

the most material aspects. The Group conducted the internal

materiality asesment anualy to ensure sustainability topics are

being managed and reported in acordance with their materiality

level.

主要持份者为本集团的股东及投资者。彼等可于股东

大会上直接与本集团董事进行讨论，并向董事发送电

子邮件提出彼等关注的事宜。就内部沟通渠道而言，

雇员可就进一步改善而向董事提出意见及观点。

本集团的业务对不同持份者产生重大影响，而持份者

对本集团亦寄有不同期望。展望未来，本集团将继续

加强与持份者的沟通，透过不同形式更广泛地收集持

份者的意见，令重要性分析更完备。同时，本集团亦会

提升量化、平衡及一致性的汇报原则，以更符合持份

者期望的方式，界定报告的内容及资料呈列。

重要性评估

可持续发展涵盖了环境和社会方面的整体方面。为了

把握相关的风险和机遇，确定最重要的层面对本集团

至为重要。本集团每年进行内部重要性评估，以确保

根据其重要性水平对可持续性主题进行管理和报告。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

To determine the materiality of the selected ESG topics, the

views of senior management from respective operational regions

were sought. The senior management, who poses a high-level

view of al the topics, were asked to score the relevance of each

ESG topic to stakeholder groups and the Group in each of their

perspective. The topics listed in the table below were identified as

the most relevant to our busines and operations.

AspectsMaterial ESG Isues

层面重大环境、社会及管治事宜

A. Environmental Aspect

A. 环境层面

A2. Use of Resources• Energy consumption and eficiency

A2. 资源使用• 能源消耗及效率

B. Social Aspect

B. 社会层面

B1. Employment• Employe welfare

B1. 雇佣• 雇员福利

• Inclusion and equal oportunities

• 包容及平等机会

• Talent atraction and retention

• 吸引及挽留人才

B2. Health and Safety• Ocupational health and safety

B2. 健康与安全• 职业健康及安全

• Workplace safety

• 工作场所安全

B3. Development and Training• Development and training

B3. 发展及培训• 发展及培训

B4. Labour Standards• Prevention of child and forced labour

B4. 劳工准则• 防止童工和强制劳工

B7. Anti-Coruption• Corporate governance

B7. 反贪污• 企业管治

• Anti-coruption

• 反贪污

为了确定所选环境、社会及管治主题的重要性，我们

寻求了各个营运区域高级管理层的意见。高级管理层

对所有主题都具有高层次的看法，并要求他们从持份

者组别和本集团的各个角度对每个环境、社会和管治

主题的相关性进行评分。下表所列主题被认为与我们

的业务及营运最为相关。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

ENVIRONMENTAL ASPECTS

The Group is comited to operating busines activities in a

clean and sustainable maner. Our busines typicaly engages

in investment in listed securities in Hong Kong and in unlisted

companies. As the Group does not engage in any complicated

operations, the environmental impacts are limited to our ofice

facilities, the management of waste and resource conservation.

The Group strives to curb emisions and waste, as wel as

conserve energy and water resources.

EMISIONS

The Group’s emisions include air emisions, grenhouse gas

(“GHG”) emisions, discharge of domestic wastewater and solid

wastes. The Group strictly adheres to environmental laws and

regulations in Hong Kong and the People’s Republic of China (the

“PRC”), including but not limited to the Environmental Protection

Law of the PRC, the Law of the PRC on the Prevention and

Control of Atmospheric Polution, Air Polution Control Ordinance

(Cap. 311, the law of Hong Kong), Waste Disposal Ordinance (Cap.

354, the law of Hong Kong), Water Polution Control Ordinance

(Cap. 358, the law of Hong Kong) and Noise Control Ordinance

(Cap. 400, the law of Hong Kong). During the Reporting Year, the

Group was not in violation of any relevant laws and regulations,

which have a significant impact on the Group, related to air and

grenhouse gas emisions, discharges into water and land, and

generation of hazardous and non-hazardous waste.

Air Emisions

The Group examined the isue of air emision acros the

operation. As mentioned, the Group is principaly engaged in

financial related services and activities, and with no company-

owned cars that wil emit exhaust gas, therefore, there is no

significant impact in this aspect. The Group thus concluded that

no material impact on air emision can be found through direct

emision from the operation. Indirect carbon emision through

electricity consumption is measured and details shal be provided

in later sections. The Group wil continue monitoring operation

activities and further information shal be disclosed as changes

ocur.

环境层面

本集团致力以清洁及可持续发展方式经营业务活动。

我们主要业务是对香港上市证券及非上市公司的投资。

由于本集团不从事任何复杂的业务，因此对环境的影

响仅限于我们的办公室设施、废弃物管理和资源节约。

本集团努力控制排放和废弃物产生，并节约能源和水

资源。

排放物

本集团的排放包括气体排放、温室气体（「温室气体」）

排放、生活污水排放及固体废弃物。本集团严格遵守

香港及中华人民共和国（「中国」）的环境法律及规例，

包括但不限于《中华人民共和国环境保护法》、《中华

人民共和国大气污染防治法》、《空气污染管制条例》

（香港法例第311章）、《废物处置条例》（香港法例第

354章）、《水污染管制条例》（香港法例第358章）及

《噪音管制条例》（香港法例第400章）。于报告年度，

本集团并无违反与气体及温室气体排放、向水及土地

排污以及产生有害及无害废弃物有关且对本集团有重

大影响的任何相关法律及规例。

气体排放

本集团检测其营运过程中的气体排放问题。如前文所

述，本集团主要业务为金融相关服务及活动，并无直

接排放废气的公司自有汽车，故此方面并无重大影响。

因此，本集团的结论是，并无发现因营运的直接气体

排放而对环境造成重大影响。电力消耗的间接碳排放

已作计量，详情于下文提供。本集团将继续监察其营

运活动，并会于情况变动时作进一步披露。

2024/25
二零二四╱二五年
0.11
0.01
0.12
0.02

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

Grenhouse Gas Emisions

The Group does not generate direct air polutants through its

operation. The Group is mitigating its indirect grenhouse gas

emision and is actively measuring its carbon fotprint. The

grenhouse gas emisions of the Group are mainly generated from

indirect emision (Scope 2) from the consumption of electricity,

and other indirect emision (Scope 3) from paper shet and plastic

bag disposal. As the Group did not own any vehicles during the

Reporting Year, there were no direct grenhouse gas emisions

(Scope 1).

Purchased electricity of the Hong Kong ofice is the major source

of carbon emisions. The Group wil investigate and work with

the employes and external stakeholders to enhance overal

performance and minimize future carbon fotprint. Since the

Group is an investment holding company and the grenhouse gas

emisions are insignificant, no reduction target for grenhouse gas

emisions has ben developed. However, the Group stil targets to

maintain the grenhouse gas emision by the next Reporting Year.

The carbon emision for the Group during the Reporting Year can

be found as the folowings:

Grenhouse gas emisions

in total and intensity2023/24Unit

温室气体总排放量及密度二零二三╱二四年单位

Scope 2 emisions0.24Tones CO2-e

范围2排放吨二氧化碳当量

Scope 3 emisions0.01Tones CO2-e

范围3排放吨二氧化碳当量

Total grenhouse gas emisions0.25Tones CO2-e

温室气体总排放量吨二氧化碳当量

Intensity (by revenue)0.05Tones CO2-e/milion

HKD revenue

密度（按收益计算）吨二氧化碳当量╱百万港元收益

温室气体排放

本集团于营运过程中并无产生直接气体污染物。本集

团持续减少其间接温室气体排放，积极计量其碳足迹。

本集团的温室气体排放主要来自电力消耗的间接排放

（范围2）及来自纸张及塑料袋处理的其他间接排放（范

围3）。由于本集团于报告年度并无拥有任何汽车，故

并无直接温室气体排放（范围1）。

香港办公室的外购电力是主要的碳排放源头，本集团

将作进一步调查，并与雇员及外部利益相关方合作，

以提高整体绩效及尽量减少其未来碳足迹。由于本集

团为一间投资控股公司，其温室气体排放并不重大，

故并无制定减少温室气体排放的目标。然而，本集团

的目标是在下一报告年度前维持温室气体排放量。本

集团在报告年度产生的碳排放如下：

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

Waste Management

The Group has set up a Waste Management System as the guiding

principle for waste reduction at source. As a socialy responsible

corporation, we are cautious in limiting and managing our daily

operation waste. Wastes are separated into two categories for

beter management purpose, including general wastes (domestic

wastes) and recyclable wastes.

Waste reduction measures throughout the operations focus on

recycling paper, and the apropriate use of recycled paper in

workplace. Other waste reduction actions are:

• Reuse pen shafts with refils instead of simply throwing away

the whole balpoint pens;

• Dispose rechargeable bateries only in designated colection

boxes;

; and

, such

as waste paper, leter and envelope (excluding confidential

documents).

To reduce paper wastage, senior management has implemented

the folowing aditional measures to encourage a paper-les

working environment:

;

“think before you

copy” atitude, where employes are encouraged to use both

sides of the paper for printing and copying;

• Set computer defaults to double-sided printing and make

double-sided copies when posible;

• Comunicate through email is sugested instead of leters or

fax when posible; and

• Receive incoming faxes electronicaly through an e-fax

system, and make hard copies only when necesary with

used paper.

废弃物管理

本集团已制定了一套废物管理制度作为源头减废的指

导原则。作为一间具有社会责任感的公司，本集团审

慎地限制及管理其日常经营产生的废弃物。废弃物可

分为两类以便更好地进行管理：一般废弃物（家庭废

弃物）及可回收废弃物。

在经营中推行的废弃物削减措施主要为纸张回收及在

工作场所适当使用回收纸张。其他推行的废弃物削减

措施有：

，而不是直接将整个

原子笔丢弃；

；及

，如废纸、信函

及信封（不包括机密文件）。

为推行削减废纸，高级管理层已实施以下新增措施，

致力于营造少纸的工作环境：

「三思而后列印」的理念，鼓励员

工用纸时双面列印；

• 将电脑设置为默认双面列印并在可能的情况下双

面列印；

• 提倡在可能的情况下透过电子邮件而非信函或者

传真通讯；及

，仅在必

要时以使用过的纸张列印纸质版。

2024/25
二零二四╱二五年
12.0
1.835

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

At the curent stage, non-hazardous waste is not a material

isue for the Group, as there is negligible waste generated from

our operations. The Group aims to maintain the intensity of the

non-hazardous waste with the baseline year in 2024 in the next

Reporting Years. However, the Group realises the importance

of proper waste management and wil continue to educate its

employes.

Non-hazardous Waste Management2023/24Unit

无害废弃物管理二零二三╱二四年单位

Non-hazardous waste

无害废弃物

Total non-hazardous waste produced12.0Kg

所产生无害废弃物总量公斤

Intensity (by revenue)2.256Kg/milion HKD

强度（按收益计算）公斤╱百万港元

USE OF RESOURCES

The Group understands that efective resource management

is closely related to environmental protection and corporate

sustainability goals. Due to the nature of ofices’ operations

and busines, the major resources consumed by the Group

are electricity, water and paper. The Gren Policy provides

various energy-saving measures for ofice activities. The Group

has enabled the of-timer function of ofice equipment, such

as photocopiers, printers and computer monitors in its ofices,

alowing such equipment which have ben idle for a long time

to automaticaly power down to save electricity. The Group also

considers the gradual replacement of energy-saving lamps,

including the instalation of aditional automatic light sensors

where apropriate. More than 30% of the ofice paper staf used

was from recyclable sources. The Group focuses on purchasing

suplies manufactured from recycled materials, such as tisue

paper.

The Group has taken an initiative to promote employes’

awarenes of environmental protection and the ned to achieve

eficient utilisation of resources through launching paper recycling

in ofices. As stated in the Gren Policy, the Group encourages its

staf members to scale down font size, reduce paper margins and

set up double-sided printing.

在现阶段，由于业务产生的废弃物可忽略不计，故无

害废弃物对本集团而言并非重大问题。本集团的目标

是在下一报告年度以二零二四年为基准年保持无害废

弃物的强度。然而，本集团认识到妥善管理废弃物的

重要性，并将继续教育其员工。

资源使用

本集团深知有效的资源管理与环境保护和企业的可

持续发展目标紧密相关。基于办公室的营运及业务性

质，本集团所消耗的主要资源包括电力、水及纸张。绿

色政策针对办公活动提供了不同的节能措施。本集团

已于办公室复印机、打印机及电脑显示器等办公设备

启用计时关闭功能，让长时间不进行操作的设备自动

关闭以节省电力。本集团亦考虑逐步更换节能灯具，

包括在合适区域增加自动光传感器装置。员工所用的

30%以上的办公用纸由循环物料制造，本集团并将致

力购买回收材料制成的纸巾等用品。

本集团积极提升雇员的环保意识并通过在办公室开展

纸张回收实现资源的高效利用。绿色政策亦列明本集

团鼓励员工采用较小的字体型号和较小的页边距，以

及设定双面打印。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

The Group incorporates environmental isues into its busines

plan systematicaly, including formulating more detailed corporate

internal guidelines for environmental protection, as wel as

formulating sustainable development policies and road maps in the

long term and proactively promoting a number of environmental

protection campaigns. The major resources used by the Group are

principaly atributed to electricity and water consumed at Hong

Kong ofice. The Group aims to improve its energy eficiency so

as to achieve low-carbon practice and emision reduction year by

year.

The water consumption of the Group is minimal and was included

in the management fe. Therefore, the figures were not available

for our calculation. The daily water consumption is mainly suplied

by the municipal water network, and there is no dificulty in

sourcing water.

Due to our busines nature as an investment holding company,

our operation does not involve a significant amount of energy and

water consumption. Although we have not set reduction targets,

the Group has implemented the folowing measures to enhance

resource eficiency and the results achieved are listed below:

Light-emiting diode (LED)

• Partial lightings of the ofice have ben instaled with light-

emiting diodes instead of compact fluorescent lamps which

can reduce electricity consumption as compared with compact

fluorescent lamps.

Water consumption

, the cleaning workers were

strictly controled for using of water and frequency of cleaning.

As a result, the consumption of water was saved.

Non-hazardous waste

• Non-hazardous wastes generated from the ofice includes

plastic botle, paper for ofice use and kitchen waste. The

Group has made its best efort to minimize environmental

impact by using recyclable raw materials and suplementary

materials in the production proces. The Group promoted

separation of wastes such as cartons and plastic botles,

which were placed in certain areas asigned to recycled

supliers for colection.

本集团将有系统地将环保议题纳入营运计划之中，包

括制订更详尽的企业内部环保指引，以及长远可持续

发展政策和路线图，积极推动各项环保行动方案。本

集团使用的主要资源主要来自香港办事处耗用的电力

及用水。本集团旨在提升能源效益，从而达到低碳实

践，逐年减少排放。

本集团的用水量很少，并纳入管理费中。因此，我们的

计算不涉及该等数据。日常用水量主要由市政水网供

应，因此取水没有困难。

由于我们的业务性质为投资控股公司，我们的业务不

涉及大量的能源和水的消耗。尽管我们并无设定减排

目标，本集团已实施以下措施来提高资源效率，所取

得的成果列示如下：

发光二极管(LED)

相比悭电胆可减少用电。

用水

，清洁人员受严格控制水

的使用及清洁频率。因此，节约了大量用水。

无害废弃物

、办公室用纸

及厨房废弃物。本集团在生产过程中使用可回收

原材料或辅助材料，以此尽最大努力减低对环境

的影响。本集团推广废弃物分类，如将纸箱及塑

料瓶放置在特定区域供回收服务供应商收取。

2024/25
二零二四╱二五年
0.66
0.66
0.101

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

Total packaging material used during the year is 0.012 tones. The

Group has consumed the folowing amount of resources during the

Reporting Year:

Direct and/or indirect energy

consumption by type2023/24Unit

按类型划分的直接及╱或间接能源消耗二零二三╱二四年单位

Indirect energy consumption1.28GJ

间接能源消耗吉焦耳

Total energy consumption1.28GJ

能源消耗总量吉焦耳

Intensity (by revenue)0.241GJ/milion HKD revenue

强度（按收益计算）吉焦耳╱百万港元收益

THE ENVIRONMENT AND NATURAL RESOURCES

The Group is comited to providing a complete picture of our

environmental initiatives. We strive to build an eco-conscious

culture that ingrains positive lifestyle and habits among employes.

We encourage the use of public transportation, and ofer job ticket

incentives at some locations. Our event management is also an

avenue by which we sek to integrate sustainability principles.

Events are usualy held on-site and avoid the use of disposal

utensils. For catering, localy grown/produced items are prefered

as oposed to packaged items with a higher carbon fotprint.

Gren procurement is adopted at some locations through the

purchase of eco-friendly cleaning solutions. During the Reporting

Year, there was no significant amount of natural materials used by

the Group.

本年度使用的包装材料总量为0.012吨。本集团于报告

年度消耗的资源量如下：

环境及天然资源

本集团致力于推行一套完善的环保计划。我们努力建

立一种环保意识的文化，使这种文化植根于雇员积极

的生活方式和习惯中。我们鼓励使用公共交通工具，

并在某些地方提供工作票奖励。我们的活动管理也是

我们寻求整合可持续发展原则的途径。活动通常在公

司进行及避免使用一次性用具。对于餐饮，与碳排放

量较高的包装食品相比，本地种植╱生产的食品更为

可取。通过购买环保清洁液，某些地方采用了绿色采

购。于报告年度，本集团并无大量使用天然资源。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

CLIMATE CHANGE

Climate change poses escalating risks to many industries. As such

risks may engender negative impacts on the busines operation,

thus the Group’s management aseses the risks incured by

climate change. Suported by the Taskforce, the Board overses

climate-related isues and risks regularly during board metings

and ensures that they are incorporated into our strategy. The

Group has identified posible impacts of climate change on

busines operations and mitigated the major impact caused by

climate change.

For physical risks, extreme weather has ben more frequent

and severe due to climate change. The increased frequency and

severity of extreme weather might negatively afect the Group’s

operations. Under extreme weather, operational facilities may be

damaged, while the safety of the workforce may also be impacted.

The Group has developed guidelines for working arangements in

adverse weather, which guide employes to respond to posible

emergencies such as being unable to work because of floding

or typhon strikes in the event of typhon and rainstorm weather

warnings. The Group wil stay alert to any anouncement by

the local government on weather conditions and prepare for

emergency actions.

For transitional risk, HKEX has required listed companies to

enhance climate-related disclosures in their ESG reports, which

may result in increased compliance costs. Failure to met the

climate change compliance requirements may expose the Group

to risks of claims and lawsuits, which may also cause a negative

impact on its reputation.

In the future, tightened policy actions and emerging technologies

might require the Group to switch to low-carbon operations

in the ofice. The upgrade of the ofice equipment with higher

energy eficiency and lower grenhouse gas emisions may

incur extra operation costs to suport the Group’s technological

transformation.

气候变化

气候变化给许多行业带来不断升级的风险。由于该风

险可能对业务运营产生负面影响，本集团管理层因此

对气候变化带来的风险进行评估。在工作小组的支持

下，董事会在董事会议期间定期监察气候相关事宜

及风险，并确保将其纳入我们的战略。本集团已识别

气候变化对业务运营的潜在影响，并减轻气候变化造

成的主要影响。

就实体风险而言，极端天气因气候变化而逾加频繁和

严重。极端天气的频率及严重程度增加或会对本集团

的运营产生负面影响。在发生极端天气的情况下，运

营设施或会遭损毁，同时雇员安全亦可能受到影响。

本集团已制定面临恶劣天气情况时的工作安排指南，

指导雇员应对潜在紧急情况，如在台风或暴雨天气警

告下因洪水或台风袭击而无法工作。本集团将对当地

政府就天气状况作出的任何公告保持警惕，并作好紧

急措施准备。

就过渡风险而言，联交所要求上市公司在其环境、社

会及管治报告中加强气候相关的披露，从而可能导致

合规成本增加。若未能符合气候变化的合规要求，可

能会使本集团面临索偿及诉讼风险，亦可能对其声誉

造成负面影响。

在未来，政策收紧及新兴技术可能要求本集团办公室

转型至低碳营运。为支持本集团的技术转型，将办公

设备升级为更高能效和更低温室气体排放可能会产生

额外的运营成本。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

SOCIAL ASPECTS

Employment and Labour Practices

The Group ingrains social responsibility into al aspects of its

operations. Maintaining honest and authentic dialogue with our

staf, we sek to adres our neds and views that ensure our

conduct is responsible at al times. We comit to ofering a fair and

safe workplace with staf development oportunities. Furthermore,

we comit to the delivery of quality products grounded on ethical

busines conduct and suply chain management, as wel as to

meaningful engagements with the comunity.

Employment

The Group considers its staf as one of the most important asets,

which underpins the growth of the corporation. Each employe

deserves respect and is comited to providing a pleasant working

environment for them. The Group strives to provide a fair and

respectful working environment to our employes. The “Staf

Code” of the Group expresly provides policies in respect of

compensation, recruitment, dismisal, promotion, working hours,

rest periods, equal oportunity and other benefits and welfare.

During the Reporting Year, the Group was not aware of any

material non-compliance with employment-related laws and

regulations that would have a significant impact on the Group,

including but not limited to the Employment Ordinance (Cap. 570,

the law of Hong Kong), Disability Discrimination Ordinance (Cap.

487, the law of Hong Kong), Sex Discrimination Ordinance (Cap.

480, the law of Hong Kong), Minimum Wage Ordinance (Cap. 608,

the law of Hong Kong), Employes’ Compensation Ordinance (Cap.

282, the law of Hong Kong), Mandatory Provident Fund Scheme

Ordinance (Cap. 485, the law of Hong Kong), the Labour law of

the People’s Republic of China, the Production Safety Law of the

People’s Republic of China and Prevention and the Control of

Ocupational Diseases of the People’s Republic of China.

社会层面

雇佣及劳工常规

本集团将社会责任植根于其营运的各个方面。本集团

与员工保持诚实和真诚的对话，力求满足他们的需求

和意见，以确保我们在任何时候都为我们的行为负责。

我们致力于为员工提供公平的发展机会及安全的工作

场所。此外，本集团致力于提供基于道德商业行为和

供应链管理的优质产品，并致力于与社区进行有意义

的互动。

雇佣

员工是本集团最重要的资产之一，是企业成长的基石。

本集团相信每位员工均应受到尊重并致力为员工提供

理想的工作环境。本集团努力为我们的员工提供公平

专重的工作环境。本集团的《公司员工守则》明确规

定了有关薪酬、招聘、解雇、晋升、工作时数、假期、平

等机会以及其他待遇及福利等的政策。

于报告年度，本集团并不知悉任何因严重违反与雇佣

有关的法律及法规而对本集团产生重大影响的情况，

包括但不限于雇佣条例（香港法例第570章）、残疾歧

视条例（香港法例第487章）、性别歧视条例（香港法

例第480章）、最低工资条例（香港法例第608章）、雇

员补偿条例（香港法例第282章）、强制性公积金计划

条例（香港法例第485章）、中华人民共和国劳动法、中

华人民共和国安全生产法及中华人民共和国职业病防

治法。

2024/25
二零二四╱二五年
15
10
5
13
2
0
6
4
1
4
5
10
14
1
8
7

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

As of 31 March 2025, the Group has a total of 15 employes,

including employes from Hong Kong, and the total employe

turnover rate is 13%. The distribution of the workforce clasified by

diferent categories is listed as folows:

Total workforce2023/24Unit

雇员总数二零二三╱二四年单位

Total number of employes17Employe

雇员总数名雇员

By GenderMale11Employe

按性别划分男性名雇员

Female6Employe

女性名雇员

By employment typeFul-time17Employe

按雇佣类别划分全职名雇员

Part-time0Employe

兼职名雇员

By age group30 years old or below0Employe

按年龄组别划分30岁或以下名雇员

31-40 years old6Employe

31-40岁名雇员

41-50 years old4Employe

41-50岁名雇员

51-60 years old3Employe

51-60岁名雇员

Over 60 years old4Employe

60岁以上名雇员

By employment categoryDirector6Employe

按雇员类别划分董事名雇员

Employe11Employe

雇员名雇员

By functionExecutive16Employe

按职能划分执行名雇员

Administrative1Employe

行政名雇员

By geographical regionHong Kong9Employe

按地区划分香港名雇员

China8Employe

中国名雇员

截至二零二五年三月三十一日，本集团共雇用15名员

工（包括香港员工），总雇员流失比率为13%。按不同

类别划分的员工分布如下：

2024/25
二零二四╱二五年
13
10
18
0
0
0
0
0
0
50
18
10
13
0
12
13

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

Employe turnover rate2023/24Unit

雇员流失比率二零二三╱二四年单位

Total employe turnover rate0%

总雇员流失比率

By GenderMale0%

按性别划分男性

Female0%

女性

By employment typeFul-time0%

按雇佣类别划分全职

Part-time0%

兼职

By age group30 years old or below0%

按年龄组别划分30岁或以下

31-40 years old33.33%

31-40岁

41-50 years old0%

41-50岁

51-60 years old33.33%

51-60岁

Over 60 years old0%

60岁以上

By employe categoryDirector0%

按雇员类别划分董事

Employe0%

雇员

By functionExecutive0%

按职能划分执行

Administrative0%

行政

By geographical regionHong Kong0%

按地区划分香港

China0%

中国

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

Recruitment and Promotion

The human resources department conducts a comprehensive

recruitment review proces to ensure that the data provided

by the candidates are acurate. The Group’s recruitment and

promotion proces are caried out in a fair and open maner for

al employes. Employes are recognized and rewarded by their

contribution, work performance and skils, and outcomes wil not be

afected by any discrimination on the grounds of age, sex, physical

or mental health status, marital status, family status, race, skin

colour, nationality, religion, political afiliation and sexual orientation

and other factors. In cases of resignation and/or dismisal, the

entire procedure is compliant with statutory requirements, with

exit interviews conducted as necesary. Long-serving employes

are recognized through award schemes. The Group monitors

the turnover rate with a view to continuously improve our human

resources management.

Compensation and Dismisal

The Group’s policies and procedures included in the human

resources manuals are reviewed and updated regularly. The

Group discourages and disalows any behaviour that violates the

regulations in the human resources policies. Ofenders wil receive

warning, and the Group has the right to terminate employment

contract with ofenders for any serious violations. The Group’s

staf grievance mechanism is a confidential chanel by which

staf may report suspected cases of rights infringement, which

are then handled acording to formal procedures. Other regular

comunication chanels include newsleters, circular notices,

notice boards, as wel as working groups. Staf satisfaction

surveys and staf motivation schemes are also conducted which

further demonstrate our comitment to improving the working

environment.

Equal Oportunity and Diversity

The Group is an equal oportunity employer and does not

discriminate on the basis of age, sex, physical or mental health

status, marital status, family status, race, skin colour, nationality,

religion, political afiliation and sexual orientation. In selecting our

employes, the Group considers the experience, knowledge and

background of the individual that can contribute to the diversity

and caliber. We embrace diversity and inclusion in our employment

policy that builds a respectful workplace, where equal oportunities

with regard to recruitment and promotion are given to staf with

disabilities. Necesary acomodations to work environment are

also caried out to met their neds. Al personel staf receives

training related to non-discriminatory practices for the surest

measure. The Group strives to ensure a safe and secure workplace

with zero tolerance to any form of abuse and/or sexual harasment

in the workplace. Staf grievance and disciplinary procedures of the

Group are established to ensure al submited cases are treated

with confidentiality and fairnes.

招聘与晋升

人力资源部进行全面的招聘审查流程，以确保候选人

提供的资料准确无误。本集团的招聘和晋升流程以公

平公开的方式针对所有雇员进行。雇员的贡献、工作

表现和技能得到认可和奖励，并且不受年龄、性别、身

体或精神健康状况、婚姻状况、家庭状况、种族、肤色、

国籍、宗教、政治背景和性取向及其他因素而受到歧

视。在辞职及╱或解雇的情况下，整个程序均符合法定

要求，并在需要时进行离职面谈。长期服务的雇员通

过奖励计划获得认可。本集团监察员工流失率，以持

续改善我们的人力资源管理。

薪酬及解雇

本集团定期审阅和更新人力资源手册中包含的政策和

程序。本集团不鼓励和禁止任何违反人力资源政策规

定的行为。违规者将受到警告，对于任何严重违规行

为，本集团有权终止与违规者的雇佣合约。本集团的

员工申诉机制是一个秘密渠道，员工可以通过该渠道

举报涉嫌侵权的案件，然后根据正式程序进行处理。

其他常规沟通渠道包括通讯、通函、公告板以及工作

群组。我们亦进行了员工满意度调查和员工激励计划，

进一步表明了我们对改善工作环境的承诺。

平等机会及多元化

本集团是平等机会的雇主，雇员不会因年龄、性别、身

体或精神健康状况、婚姻状况、家庭状况、种族、肤色、

国籍、宗教、政治背景和性取向而受到歧视。在甄选雇

员时，本集团会考虑可为其多元化及实力作出贡献的

个人经验、知识及背景。我们在我们的雇佣政策中拥

护多元化及包容性，以建立一个互相尊重的工作场所，

为残疾人士提供平等的招聘和晋升机会。为了满足他

们的需求，还对工作环境进行了必要的调整。所有员

工均接受与非歧视性实践有关的培训，以确保采取最

可靠的措施。本集团致力确保工作场所的安全和保障，

对工作场所中任何形式的虐待及╱或性骚扰采取零容

忍。本集团制定了员工申诉和纪律程序，以确保所有

提交的案件均受到保密和公正的对待。

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

Working Hours and Rest Periods

We sek to cultivate a culture of healthy work-life balance. Al

working hours comply with national laws and benchmark industry

standards, and overtime work is voluntary. The Group adopts a

five-day work-wek and encourages our employes to have a

god balance among health, work and social or family activities.

The Group asists staf to balance comitments outside of work

by ofering a range of leaves, which include anual, mariage,

maternity, paternity, compasionate and others. To encourage

social bonding in the workplace, the Group has also aranged

recreational events during the Reporting Year, such as diner

gatherings, sports activities, and birthday and festive celebrations.

Other Benefits and Welfare

Employes of the Group are remunerated at a competitive level

and are rewarded acording to their performance and experience.

We conduct anual performance apraisals and remuneration

review that take reference of prevailing market trends. Employes

are entitled to performance-linked bonuses, retirement benefit

schemes, as wel as medical coverage.

HEALTH AND SAFETY

Regardles of local laws or international standards, regulatory

bodies al have in place the basic requirements in relation to health

and safety in workplaces. Due to its busines nature, the curent

busines operations of the Group primarily involve ofice work

and no position has ben identified as having high safety risks.

The Group not only strictly complies with the relevant laws and

regulations in Hong Kong, but also sets out “Code of Employe

Safety Management”. The above policy aims to foster awarenes

of safety of employes and regulate the employe’s behaviours

during their daily work. The policy also states that fire-fighting

equipment, such as fire extinguishers, are required to be equiped

at the workplace, and safety training and fire drils for employes

are conducted regularly, in order to enhance employes’ capability

to cope with unexpected incidents and alow them to perform

safety protection in a timely maner.

工作时间及假期

我们力求营造一个健康工作与生活平衡的文化。所有

工作时间均符合国家法例和行业基准标准，及加班属

自愿性质。本集团实行五天工作制，鼓励雇员在健康、

工作及社交或家庭活动间取得良好平衡。本集团通过

提供各种休假来协助员工平衡工作以外的事务，包括

年假、婚假、产假、陪产假、丧假及其他。为鼓励职场

社交关系，本集团于报告年度内亦安排了各类娱乐活

动，如聚餐、体育活动及生日与节日庆祝。

其他待遇及福利

本集团的雇员获得有竞争力的薪酬，并根据他们的表

现和经验获得奖励。我们参考当前市场趋势进行年度

绩效评估和薪酬审查。员工享有绩效挂钩奖金、退休

福利计划以及医疗保险。

健康与安全

无论地方法例还是国际标准的层面，所有监管机构均

对工作场所的健康与安全制定了基本的要求。因其业

务性质使然，本集团目前业务营运主要涉及办公室工

作，并无发现高安全风险的工作岗位。本集团不仅严

格遵守香港相关法例及规例，并且制定了《员工安全

管理守则》。上述政策旨在培养员工的安全防护意识，

规范员工日常工作行为。政策亦列明工作场所内必须

配备灭火器等消防器材，并定期举行员工安全培训及

消防演习，增强员工应对各种意外突发事件的能力，

使员工能够及时执行安全防护工作。

2024/25
二零二四╱二五年
0
0
0

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

于报告年度，本集团并不知悉与本集团在提供安全工

作环境及保障员工避免职业性危害方面有关并构成重

大影响的任何严重违反适用安全及健康法例及规例（包

括但不限于职业安全及健康条例（香港法例第509章）、

雇员补偿条例（香港法例第282章）、工伤保险条例（香

港法例）、消防条例（香港法例第95章）等）的情况。于

过往三个年度（包括报告期间），本集团并无录得任何

导致死亡或严重人身伤害的事故。

发展及培训

本集团深信，培育与留任优秀人才是确保企业发展以

及强化企业竞争力的核心。本集团已制定《员工培训

管理制度》，为培训系统的规划及实施提供了依据。因

应不同部门及职能的实际需要，本集团为员工提供各

类型有针对性的培训并针对关键岗位人才制定个人化

的培训发展计划，以激励员工发挥潜能。本集团亦鼓

励员工参加外部课程，例如在线课程以促进持续的职

业发展及技能提升。

The Group is not aware of any material non-compliance with

aplicable Safety and Health laws and regulations that has

a significant impact on the Group relating to providing a safe

working environment and protecting employes from ocupational

hazards, including but not limited to the Ocupational Safety and

Health Ordinance (Cap. 509, the law of Hong Kong), Employes’

Compensation Ordinance (Cap. 282, the law of Hong Kong),

Regulation on Work-Related Injury Insurance (the law of Hong

Kong) Fire Services Ordinance (Cap. 95, the law of Hong Kong),

etc., during the Reporting Year. During the past thre years,

including the Reporting Period, the Group did not record any

acidents that resulted in death or serious physical injury.

Health and Safety2023/242022/23Unit

健康与安全二零二三╱二四年二零二╱二三年单位

Number of work-related fatalities00No.

因工作关系而死亡的人数人

Rate of work-related fatalities00%

因工作关系而死亡的比率

Lost days due to work injury00No.

因工伤损失工作日数天

DEVELOPMENT AND TRAINING

The Group firmly believes that fostering and retaining talent is a

core part of ensuring corporate development and strengthening

its competitivenes. The Group has prepared its management

system on staf training, which formed the basis of planing and

implementation of training system. The Group has ofered various

types of targeted training to its staf based on the actual neds of

diferent departments and functions, and developed personalized

training development programs for key positions, aiming to

motivate employes to develop their potential. The Group has

also encouraged staf to engage in external programes, such

as online courses for continuous profesional development and

skilset enhancement.

2024/25
二零二四╱二五年
47
50
40
100
20
43
100

2024/25
二零二四╱二五年
2.0
2.0
2.0
2.0
2.0
2.0
2.0

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

Percentage of trained employes2023/24Unit

受训雇员百分比二零二三╱二四年单位

Percentage of trained employes53%

受训雇员百分比

By GenderMale55%

按性别划分男性

Female50%

女性

By employe categoryDirector100%

按雇员类别划分董事

Employe27%

雇员

By functionExecutive50%

按职能划分执行人员

Administrative100%

行政人员

Average training hours

completed2023/24Unit

完成受训的平均时数二零二三╱二四年单位

Average training hours per

employe1.1Hour/employe

每名雇员受训的平均时数小时╱名雇员

By GenderMale1.1Hour/employe

按性别划分男性小时╱名雇员

Female1.0Hour/employe

女性小时╱名雇员

By employe categoryDirector2.0Hour/employe

按雇员类别划分董事小时╱名雇员

Employe0.5Hour/employe

雇员小时╱名雇员

By functionExecutive1.0Hour/employe

按职能划分执行人员小时╱名雇员

Administrative2.0Hour/employe

行政人员小时╱名雇员

Training for new staff 新员工培训
• Introduction of the Group • Corporate culture • Rules and regulations • Code of conduct • 本集团简介 • 企业文化 • 规章制度 • 行为规范

Training for existing staff 在职员工培训
• Professional skills • General management skills • Career development and mentality • Business training • 专业技能 • 通用管理技能 • 职业发展与心态 • 商业培训

Entrusted training 委托培训
• Training for technical personnel • Training for management personnel • 技术性人才培训 • 管理人才培训

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

本集团为每一位新员工提供入职培训及适切协助。入

职培训内容主要包括本集团简介、企业文化、规章制

度及行为规范等内容，让员工能够融入本集团企业文

化，以及对工作环境与职责有深入的了解。本集团致

力为员工创造职业发展平台及提供专业技能、通用管

理技能、职业发展与心态等方面的在职内部培训。员

工亦有机会参加外部培训机构举办的商业培训。本集

团鼓励员工参加有关业务的研讨会及其他活动。因应

本集团的业务发展需要，本集团将考虑与受委托的相

关培训机构或院校合作，为部分担任关键岗位的管理

或技术性人才提供培训。

未来，本集团将加强与员工沟通的机制，收集员工对

培训的意见。本集团计划向参与员工收集培训活动的

反馈，例如满意度调查等，并将及时检讨培训项目的

实施情况，以进一步提升培训系统的效益。

The Group ofers induction orientation and apropriate asistance

for every newly-joined staf member. The induction orientation

mainly introduces the Group, its corporate culture, rules and

regulations and code of conduct, etc., which enables staf to fit

into the corporate culture of the Group and further understand their

working environment and responsibility. The Group is comited

to establishing a platform for carer development for its staf and

to providing on-job internal training relating to profesional skils,

general management skils, carer development and mentality.

Also, staf are provided with the oportunity to atend busines

training organized by external training organizations. The Group

encourages the staf to take seminars and other activities related

to the busines. Based on its busines development requirements,

the Group wil consider to coperate with relevant training

organizations or institutions engaged in providing training for

certain management or technical personel in key positions.

Loking ahead, the Group wil strengthen its staf comunication

mechanism and gather staf fedback on training. The Group plans

to colect fedback on training including satisfaction surveys from

participating staf, and to review the implementation of training

programs in a timely maner, so that the efectivenes of the

training system could be further enhanced.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

劳工准则

尽管童工和强制劳工似乎与大多数发达社会无关，但

实际上很容易出现在任何企业营运的价值链中。为打

击这种做法，本集团不仅在我们的营运中，乃至整个

供应链中都禁止国际劳工组织所定义的一切形式的童

工和强制劳工或现代奴役。

我们禁止任何形式的强迫、抵债或强制劳动、人口贩

运以及其他形式的奴隶和奴役。绝不容忍任何形式的

歧视、骚扰或欺凌。我们将承诺扩展到供应商，要求所

有业务合作伙伴采取措施以避免和消除任何形式的强

迫、抵债或强制劳动或人口贩运。每个人的权利和自

由都受到保护，我们不会要求任何员工交出身份证明

文件或缴纳按金作为雇佣条件。通过对所有求职者进

行年龄验证，避免我们企业中存在童工案件。倘发现

任何强制劳工、童工及非法移民劳工的情况，将立即

终止雇佣所有该等候选人。本集团亦会负责调查。

于报告年度，本集团并不知悉与防止雇用童工或强迫

劳工方面有关的任何违反雇佣条例（香港法例第57

章）、入境条例（香港法例第115章）、雇用儿童规例以

及其他适用法例及规例的情况。

营运惯例及社会投资

供应链管理

本集团的宗旨是向拥有良好声誉的供应商进行合作及

采购，且本集团的内部监控政策订有供应商筛选及委

聘程序，以确保公平公开。本集团的投资业务性质使

然，本集团并无主要业务供应商。

《采购及招标》流程被广泛应用于办公用品供应商，

例如饮用水、纸张及文具用品，且完全按价格、质量及

需求作出决定。供应商须遵守所有相关的地方及国家

法律法规，以避免不道德行为、贿赂、贪污及其他禁止

的商业行为。任何违规行为将导致未来合作终止。

LABOUR STANDARDS

Child and forced labor, though semingly irelevant to most

developed societies, are in fact easily present in the value chain

of any busines operation. To combat against such practices, the

Group prohibits al forms of child labor and forced labor or modern

slavery, as defined by the International Labour Organization, not

only in our operations but also throughout our suply chain.

We prohibit any form of forced, bonded or compulsory labor,

human traficking and other kinds of slavery and servitude. Any

form of discrimination, harasment or bulying is not tolerated.

We extend our comitment to our supliers by requiring al

busines partners to take measures to avoid and eliminate any

form of forced, bonded or compulsory labor, or human traficking.

The rights and fredoms of every individual is protected as no

worker is asked to surender identification documents nor lodge

deposits as a condition of employment. Cases of child labor in our

busineses are averted by conducting age verification of al job

aplicants. If there are any cases of forced labour, child labour

and ilegal imigrant labour on staf, employment with al these

candidates wil be imediately terminated. The Group would also

take responsibility for the investigation.

The Group was not aware of any non-compliance with the

Employment Ordinance (Cap. 57, the law of Hong Kong),

Imigration Ordinance (Cap. 115, the law of Hong Kong),

Employment of Children Regulations and other aplicable laws and

regulations relating to preventing child or forced labour during the

Reporting Year.

OPERATING PRACTICES AND SOCIAL

INVESTMENT

SUPLY CHAIN MANAGEMENT

It is our objective to work and procure from reputable supliers,

and the Group’s internal control policy provided procedures for

suplier selection and engagement are formulated to ensure

fairnes and openes. As the busines nature of the Group is

investment, there was no major suplier for the Group’s operation.

The Procurement and Tender proces is generaly aplicable

to ofice suply supliers, such as on potable water, paper and

stationery products, and is decided based solely upon price, quality

and neds. Supliers should comply with al relevant local and

national laws and regulations to avoid unethical behaviour, bribery,

coruption and other prohibited busines practices. Any non-

compliance act shal result in termination of future coperation.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

本集团亦关注供应商的环境及社会风险。本集团主要

从遵守地方政府及机关的所有劳动及环境规例的供应

商进行采购。展望未来，本集团拟定期评估环境及社

会层面的供应链表现，并进行适当的合规考核，以减

少营运风险及保障各方权益。

为将本集团之环保蓝图融入办公室供应品采购之中，

我们优先选购环保产品，如可替换笔芯之原子笔及自

动铅芯笔以及可循环再用的碳粉盒。此外，我们会优

先采购节能产品，旨在减低本集团供应链的负面影响。

我们严格奉行环保采购原则，持续评估物料使用情况，

避免积存及浪费资源。

于报告年度，本集团并不知悉任何潜在对商业道德、

环境保护、人权及劳工待遇的负面影响，亦未发现供

应商造成任何不合规的事件。

产品责任

本集团的业务为投资控股，本集团认为并无有关产品

责任、健康及安全、广告、标签及隐私的重大事宜。

于报告年度，本集团并无发现任何不遵守有关于报告

年度内所提供产品及服务的健康及安全、广告、标签

及私隐事宜的法例及规例的情况。该等法律包括但不

限于《个人资料（隐私）条例》（香港法例第486章）、

《商标条例》（香港法例第559章）、《专利条例》（香

港法例第514章）及《版权条例》（香港法例第528章）。

The Group also focused on the environmental and social risks of

its supliers. The Group focused on purchasing from supliers

who complied with al labour and environmental regulation of local

government and authorities. Loking forward, the Group intends to

periodicaly evaluate suply chain performance in environmental

and social aspects, and apropriate compliance asesment shal

be conducted in order to reduce operation risk and protect rights

and interests of al parties.

To integrate the environmental vision of the Group into the

procurement of ofice suplies, priority is given to environmentaly

friendly products, such as refilable balpoint pens, mechanical

pencils and recyclable toner cartridges. Besides, we prioritise

purchasing energy-saving products in order to reduce the negative

efects brought by the Group’s suply chain. With our strict

adherence to gren procurement principle, the usage of materials

is constantly evaluated to avoid overstocking and squandering

resources.

During the Reporting Year, the Group was not aware of any

potential negative impact on busines ethics, environmental

protection, human rights and labor practices, nor any non-

compliance incident caused by supliers.

PRODUCT RESPONSIBILITY

The Group’s operation is investment holding, and there were no

material isues regarding to product responsibility, health and

safety, advertising, labeling and privacy maters as determined by

the Group.

During the Reporting Year, the Group did not identify any non-

compliance with laws and regulations relating to health and safety,

advertising, labeling and privacy maters relating to products and

services provided in the Reporting Year. These laws include but

not limited to the Personal Data (Privacy) Ordinance (Cap. 486, the

law of Hong Kong), Trade Marks Ordinance (Cap. 559, the law of

Hong Kong), Patents Ordinance (Cap. 514, the law of Hong Kong)

and Copyright Ordinance (Cap. 528, the law of Hong Kong).

2024/25
二零二四╱二五年
0

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

反贪污

本集团深信诚信是企业负责任经营的基础价值，也是

企业维持竞争优势和持续经营的根本。本集团重视员

工品行及操守，对贪污、贿赂、勒索、欺诈或洗黑钱等

不当行为采取零容忍的态度。本集团的《反舞弊制度》

明确了这些不当行为的概念及形式、反舞弊的责任归

属、舞弊案件的举报、受理及报告、舞弊的预防和控制、

保护举报人的措施、舞弊的补救措施与处罚等要素，

把反贪污的管理原则系统化地融入企业营运。

举报政策

针对一般员工未经证实的举报，董事会办公室会同本

集团人力资源部门人员共同进行评估并决定是否进行

调查。若举报牵涉到本集团任何高层管理人员，反舞

弊工作常设机构人员和相关部门管理人员可经董事会、

审计委员会批准后，共同组成特别调查小组进行联合

调查。对确认有参与舞弊活动的员工，本集团给予相

应的行政纪律处分，若违反刑法，则移送到司法机关

依法处理。无论是否立项调查，本集团均需向投诉举

报人反馈调查结果，相关举报和调查材料亦须按规定

详细登记并及时立卷归档。

ANTI-CORUPTION

The Group believes that integrity is the fundamental value of

responsible corporate operations, as wel as the rot of maintaining

competitive advantages and sustainable development. The Group

values the god characters and conducts of its staf members and

has zero tolerance over any behavioural misconduct, including

coruption, bribery, extortion, fraud or money laundering. The

“Anti-Fraud System” of the Group sets out the concept and format

of such misconduct, the vesting of responsibilities of anti-fraud

endeavours, the complaints, receiving and reporting procedures

of fraudulent activity, preventions and control of fraudulent

activity, protection of informants, as wel as the remedies and

disciplinary actions on fraudulent cases, in order to incorporate

the management principles of anti-coruption in the busines

operations.

Anti-Coruption2023/24Unit

反贪污二零二三╱二四年单位

Number of concluded legal cases regarding coruption0Case

已审结涉及贪污的诉讼案件数目件

Whistle-blowing Policy

In respect of unverified reports from the general staf, the ofice

of the Board shal conduct joint evaluation with the human

resources department of the Group to decide whether to conduct

an investigation. Should the case involve any senior management

of the Group, with the permision of the Board and the audit

comite, the standing oficer of the anti-fraud unit and the

management of the respective department shal form a joint

special investigation unit to conduct a joint investigation. Any staf

confirmed to be involved in such fraudulent activities shal be

subject to disciplinary actions within the Group, or, any misconduct

of a criminal nature shal be refered to the judicial authorities

for procesing under the laws. Regardles of conducting special

investigation or not, the Group shal respond to the complaining

persons in regards to the result of the investigation, and shal

record in detail the complaint and investigation materials and kep

the relevant files for record.

2024/25
二零二四╱二五年
1
16
100
20

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

本集团对所有举报资料以及投诉举报人的相关信息进

行保密，亦规定接受举报投诉或参与相关调查的工作

人员不得透露任何未经批准或证实的举报信息。上述

制度适用于本集团所有员工。

反贪污培训

本集团了解向雇员宣传反贪污思想的重要性。本集团

为董事及员工准备了一堂内部反贪污培训课，以加强

反贪污实践及提高对利益冲突及诚信问题的意识。培

训由执行董事陈昌义先生主持。

于报告年度，本集团反贪污措施是行之有效的，并没

有出现与本集团及员工相关的贪污诉讼案件。于报告

年度，本集团并不知悉在贿赂、勒索、欺诈及洗黑钱方

面对发行人构成重大影响的任何严重违反《防止贿赂

条例》（香港法例第201章）以及其他适用法例及规例

的情况。

The Group shal maintain the confidentiality of the reported

information and relevant information of the complaining persons,

and restrict any staf member receiving such complains or involved

in the investigation from disclosing any such information without

authorization or verification. The abovementioned system is

aplicable to al staf members.

Anti-coruption Training

The Group understands the importance of promoting anti-

coruption thoughts to the employes. The Group prepared

an internal anti-coruption training sesion for Directors and

employes to strengthen the anti-coruption practice and enhance

the awarenes on conflicts of interest and integrity isues. The

training sesion was led by Mr. Chan Cheong Ye (Executive

Director).

During the Reporting Year, the anti-coruption measures of the

Group were in efect, and no court cases involving coruption of

the Group or staf members have arisen. The Group is not aware

of any material non-compliance with the Prevention of Bribery

Ordinance (Cap. 201, the law of Hong Kong) and other aplicable

laws and regulations that have a significant impact on the isuer

relating to bribery, extortion, fraud and money laundering during

the Reporting Year.

Anti-Coruption Training2023/24Unit

反贪污培训二零二三╱二四年单位

Number of anti-coruption training

sesions1No.

反贪污培训次数次

Total number of training hours related to

anti-coruption18Hour

反贪污相关培训总时长小时

Percentage of employes with

anti-coruption trainingDirectors100%

接受反贪污培训的雇员百分比董事

Employes18%

雇员

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

社区投资

随著市场对企业行为和社会责任日益关注，单纯追求

最大财务回报以回馈股东已经不是企业管理的唯一目

标。本集团密切关注与营运所在社区的联系，亦明白

不同持份者期望的重要性。本集团深信平衡股东与其

他持份者的利益，才能令业务得以长期、稳定及健康

地发展。

本集团支持能够持续为当地社区带来实在益处的倡议，

努力实现社区的可持续发展。本集团鼓励雇员闲暇时

积极参与社会公益、义工服务及社区活动，将爱与温

暖传入周边社区万千家庭，支持长期社区投资。我们

的员工每年在非营利组织「动物医生」进行志愿活动，

投入10个小时用于社区投资。彼等携宠物走访医院、

养老院、老年人日托中心、儿童及青少年综合服务中

心以及各类学校（包括大学、中学及幼儿园）。本集团

将于下一财政年度继续寻找机会，参与志愿工作向有

需求人士提供教育支持或做出贡献。

未来，本集团将继续探讨成立专责委员会的可能性，

从而根据本集团的可持续发展远景和目标，规划、推

进各项与社区可持续发展相关的活动。

COMUNITY INVESTMENT

As the market places focus more on corporate behaviours and

social responsibilities, the pursuit of maximizing financial returns

to reward shareholders is no longer the only goal of corporate

management. The Group pays close atention to its bonds with the

comunity where it operates and is wel aware of the importance

of diferent stakeholders’ expectations. The Group firmly believes

that balancing the interests betwen shareholders and other

stakeholders is the only way to achieve the long-term busines

development in a stable and healthy maner.

The Group pursues sustainable development of the comunity by

suporting initiatives that create efective and long-lasting benefits

to the local comunities. The Group suports long-term comunity

investment by encouraging our employes to actively participate

in social welfares, voluntary services and comunity activities in

their spare time, so as to further share the care and warmth to

their families and surounding comunities. Our staf dedicated

10 hours per year to comunity investment by voluntering with

‘Doctor Pet,’ a non-profit organization. They visited hospitals,

residential care homes, day care centers for the elderly, integrated

children and youth service centers, and various schols (including

universities, secondary schols, and kindergartens) with their pets.

The Group wil continue sek oportunity on making contribution or

participating in the voluntary work on suporting education for the

nedy in the coming financial year.

Loking forward, the Group wil study the posibility of establishing

the specialized comite to plan and promote such activities in

relation to the sustainable development of comunities based

on its own prospect and objective in respect of the Group’s

sustainable future.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

HKEX ESG INDEX

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

1Governance Structuredisclosure of the board’s oversight of ESG isues;ESG Governance

管治架构披露董事会对环境、社会及管治事宜的监管；环境、社会及管治理

board’s ESG management aproach and strategy, including the

proces used to evaluate, prioritise and manage material ESG-

related isues (including risks to the isuer’s busineses)

ESG Governance

董事会的环境、社会及管治管理方针及策略，包括评估、优次排列及管

理重要的环境、社会及管治相关事宜（包括对发行人业务的风险）的过

程

环境、社会及管治理

how the board reviews progres made against ESG-related goals

and targets with an explanation of how they relate to the isuer’s

busineses.

ESG Governance

董事会如何按环境、社会及管治相关目标检讨进度，并解释它们如何与

发行人业务有关连。

环境、社会及管治理

Reporting PrinciplesDescription of, or an explanation on, the aplication of the folowing

Reporting Principles (Materiality, Quantitative, Consistency) in the

preparation of the ESG report

About This Report

汇报原则描述或解释在编备环境、社会及管治报告时如何应用下列汇报原则（重

要性、量化、一致性）

关于本报告

Reporting BoundaryA narative explaining the reporting boundaries of the ESG report

and describing the proces used to identify which entities or

operations are included in the ESG report. If there is a change in the

scope, the isuer should explain the diference and reason for the

change

About This Report

汇报范围解释环境、社会及管治报告的汇报范围，及描述挑选哪些实体或业务纳

入环境、社会及管治报告的过程。若汇报范围有所改变，发行人应解释

不同之处及变动原因

关于本报告

香港联交所环境、社会及管治索引

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

Environmental

环境

Aspect A1: Emisions

层面A1：排放物

A1General DisclosurePoliciesEmisions

一般披露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

生等的政策

排放物

compliance with relevant laws and regulations that have a significant

impact on the isuer; relating to air and grenhouse gas emisions,

discharges into water and land, and generation of hazardous and

non-hazardous waste.

Emisions

遵守对发行人有重大影响的相关法律及规例。排放物

A1.1The types of emisions and respective emisions data.Emisions

排放物种类及相关排放数据。排放物

A1.2Direct (Scope 1) and energy indirect (Scope 2) grenhouse gas

emisions (in tones) and, where apropriate, intensity (e.g. per unit

of production volume, per facility).

Emisions

直接（范围1）及能源间接（范围2）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）。

排放物

A1.3Total hazardous waste produced (in tones) and, where apropriate,

intensity (e.g. per unit of production volume, per facility).

Waste Management

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）。

废弃物管理

A1.4Total non-hazardous waste produced (in tones) and, where

apropriate, intensity (e.g. per unit of production volume, per facility).

Waste Management

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）。

废弃物管理

A1.5Description of emision target(s) set and steps taken to achieve

them.

Emisions

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。排放物

A1.6Description of how hazardous and non-hazardous wastes are

handled, and a description of reduction target(s) set and steps taken

to achieve them.

Waste Management

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。

废弃物管理

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

A2Use of Resource

资源使用

A2General DisclosurePolicies on the eficient use of resources, including energy, water

and other raw materials.

Energy Consumption

一般披露有效使用资源（包括能源、水及其他原材料）的政策。能源消耗

A2.1Direct 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).

Energy Consumption

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）。

能源消耗

A2.2Water consumption in total and intensity (e.g. per unit of production

volume, per facility).

Water Consumption

总耗水量及密度（如以每产量单位、每项设施计算）。用水

A2.3Description of energy use eficiency target(s) set and steps taken to

achieve them.

Energy Consumption

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。能源消耗

A2.4Description of whether there is any isue in sourcing water that is fit

for purpose, water eficiency target(s) set and steps taken to achieve

them.

Water Consumption

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。

用水

A2.5Total packaging material used for finished products (in tones) and,

if aplicable, with reference to per unit produced.

Packaging Materials

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。包装材料

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

A3The Environment and

Natural Resources

环境及天然资源

A3General DisclosurePolicies on minimising the isuer’s significant impacts on the

environment and natural resources.

Environment and Natural

Resources

一般披露减低发行人对环境及天然资源造成重大影响的政策。环境及天然资源

A3.1Description of the significant impacts of activities on the environment

and natural resources and the actions taken to manage them.

Environment and Natural

Resources

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。

环境及天然资源

A4Climate Change

气候变化

A4General DisclosurePolicies on identification and mitigation of significant climate-related

isues which have impacted, and those which may impact, the

isuer.

Climate Change

一般披露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。

气候变化

A4.1Description of the significant climate-related isues which have

impacted, and those which may impact, the isuer, and the actions

taken to manage them.

Climate Change

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。气候变化

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

Social

社会

B1Employment

雇佣

B1General DisclosurePoliciesEmployment

一般披露有关薪酬及解雇、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政策

雇佣

compliance with relevant laws and regulations that have a significant

impact on the isuer; relating to compensation and dismisal,

recruitment, and promotion, working hours, rest periods, equal

oportunity, diversity, antidiscrimination, and other benefits and

welfare.

Employment

遵守对发行人有重大影响的相关法律及规例。雇佣

B1.1Total workforce by gender, employment type (for example, ful- or

part-time), age group and geographical region.

Employment

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。雇佣

B1.2Employe turnover rate by gender, age group and geographical

region.

Employment

按性别、年龄组别及地区划分的雇员流失比率。雇佣

B2Health and Safety

健康与安全

B2General DisclosurePoliciesHealth and Safety

一般披露政策健康与安全

compliance with relevant laws and regulations that have a significant

impact on the isuer

Health and Safety

遵守对发行人有重大影响的相关法律及规例健康与安全

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

B2.1Number and rate of work-related fatalities ocured in each of the

past thre years including the reporting year.

Health and Safety

过去三年（包括汇报年度）每年因工亡故的人数及比率。健康与安全

B2.2Lost days due to work injury.Health and Safety

因工伤损失工作日数。健康与安全

B2.3Description of ocupational health and safety measures adopted,

and how they are implemented and monitored.

Health and Safety

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。健康与安全

B3Development and Training

发展及培训

B3General DisclosurePolicies on improving employes’ knowledge and skils for

discharging duties at work. Description of training activities.

Development and

Training

一般披露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。发展及培训

B3.1The percentage of employes trained by gender and employe

category (e.g. senior management, midle management).

Development and

Training

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。

发展及培训

B3.2The average training hours completed per employe by gender and

employe category.

Development and

Training

按性别及雇员类别划分，每名雇员完成受训的平均时数。发展及培训

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

B4Labour standards

劳工准则

B4General DisclosurePoliciesLabour standards

一般披露政策劳工准则

compliance with relevant laws and regulations that have a significant

impact on the isuer

Labour standards

遵守对发行人有重大影响的相关法律及规例劳工准则

B4.1Description of measures to review employment practices to avoid

child and forced labour.

Labour standards

描述检讨招聘惯例的措施以避免童工及强制劳工。劳工准则

B4.2Description of steps taken to eliminate such practices when

discovered.

Labour standards

描述在发现违规情况时消除有关情况所采取的步骤。劳工准则

B5Suply chain management

供应链管理

B5General DisclosurePolicies on managing environmental and social risks of the suply

chain.

Suply chain

management

一般披露管理供应链的环境及社会风险政策。供应链管理

B5.1Number of supliers by geographical region.Suply chain

management

按地区划分的供应商数目。供应链管理

B5.2Description of practices relating to engaging supliers, number of

supliers where the practices are being implemented, and how they

are implemented and monitored.

Suply chain

management

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。

供应链管理

B5.3Description of practices used to identify environmental and social

risks along the suply chain, and how they are implemented and

monitored.

Suply chain

management

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。

供应链管理

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

China Investment and Finance Group Limited

中国投融资集团有限公司

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

B5.4Description of practices used to promote environmentaly preferable

products and services when selecting supliers, and how they are

implemented and monitored.

Suply chain

management

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。

供应链管理

B6Product Responsibility

产品责任

B6General DisclosurePoliciesProduct Responsibility

一般披露政策产品责任

compliance with relevant laws and regulations that have a significant

impact on the isuer

Product Responsibility

遵守对发行人有重大影响的相关法律及规例产品责任

B6.1Percentage of total products sold or shiped subject to recals for

safety and health reasons.

Product Responsibility

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。产品责任

B6.2Number of products and service related complaints received and

how they are dealt with.

Product Responsibility

接获关于产品及服务的投诉数目以及应对方法。产品责任

B6.3Description of practices relating to observing and protecting

intelectual property rights.

Product Responsibility

描述与维护及保障知识产权有关的惯例。产品责任

B6.4Description of quality asurance proces and recal procedures.Product Responsibility

描述质量检定过程及产品回收程序。产品责任

B6.5Description of consumer data protection and privacy policies, and

how they are implemented and monitored.

Product Responsibility

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。产品责任

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

Anual Report

2024/25

年报

KPIsDisclosure RequirementsSections

关键绩效指标披露规定章节

B7Anti-coruption

反贪污

B7General DisclosurePoliciesAnti-coruption

一般披露政策反贪污

compliance with relevant laws and regulations that have a significant

impact on the isuer

Anti-coruption

遵守对发行人有重大影响的相关法律及规例反贪污

B7.1Number of concluded legal cases regarding corupt practices brought

against the isuer or its employes during the reporting period and

the outcomes of the cases.

Anti-coruption

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。

反贪污

B7.2Description of preventive measures and whistle-blowing procedures,

and how they are implemented and monitored.

Anti-coruption

描述防范措施及举报程序，以及相关执行及监察方法。反贪污

B7.3Description of anti-coruption training provided to directors and staf.Anti-coruption

描述向董事及员工提供的反贪污培训。反贪污

B8Comunity investment

社区投资

B8General DisclosurePolicies on comunity engagement to understand the neds of the

comunities where the isuer operates and to ensure its activities

take into consideration the comunities’ interests.

Comunity investment

一般披露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。

社区投资

B8.1Focus areas of contribution (e.g. education, environmental concerns,

labour neds, health, culture, sport).

Comunity investment

专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、体育）。社区投资

B8.2Resources contributed (e.g. money or time) to the focus area.Comunity investment

在专注范畴所动用资源（如金钱或时间）。社区投资

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

China Investment and Finance Group Limited

中国投融资集团有限公司

致中国投融资集团有限公司

（于开曼群岛注册成立之有限公司）

全体股东

意见

本核数师（以下简称「我们」）已审核载于第92至171页

中国投融资集团有限公司（「贵公司」）及其附属公司

（统称「贵集团」）之综合财务报表，此综合财务报表包

括于二零二五年三月三十一日之综合财务状况表，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）。

我们认为，该等综合财务报表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（「香港财

务报告准则」）真实公平地反映贵集团于二零二五年

三月三十一日之综合财务状况及其于截至该日止年度

之综合财务表现及综合现金流量并已遵照香港公司条

例的披露规定妥为编制。

意见之基准

我们已根据香港会计师公会颁布之香港审计准则（「香

港审计准则」）进行审核工作。我们于该等准则项下之

责任于本报告「核数师就审核综合财务报表之责任」

一节进一步详述。根据香港会计师公会的「专业会计

师道德守则」（「守则」），我们独立于贵集团，并已

履行守则项下其他道德责任。我们认为我们已获得充

足和适当之审核凭证，以作为我们意见之基础。

To the Members of

China Investment and Finance Group Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of China

Investment and Finance Group Limited (the “Company”) and its

subsidiaries (colectively refered to as the “Group”) set out on

pages 92 to 171, which comprise the consolidated statements of

financial position as at 31 March 2025, the consolidated statement

of profit or los and other comprehensive income, consolidated

statement of changes in equity and consolidated statement of

cash flows for the year then ended, and notes to the consolidated

financial statements, including material acounting policy

information.

In our opinion, the consolidated financial statements give a true

and fair view of the consolidated financial position of the Group as

at 31 March 2025, and of its consolidated financial performance

and its consolidated cash flows for the year then ended in

acordance with Hong Kong Financial Reporting Standards

(“HKFRSs”) isued by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and have ben properly prepared in

compliance with the disclosure requirements of the Hong Kong

Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards

on Auditing (“HKSAs”) isued by the HKICPA. Our responsibilities

under those standards are further described in the “Auditor’s

Responsibilities for the Audit of the Consolidated Financial

Statements” section of our report. We are independent of the

Group in acordance with the HKICPA’s “Code of Ethics for

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

other ethical responsibilities in acordance with the Code. We

believe that the audit evidence we have obtained is suficient and

apropriate to provide a basis for our opinion.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Anual Report

2024/25

年报

关键审核事项

关键审核事项是根据我们的职业判断，对于我们对截

至二零二五年三月三十一日止年度之综合财务报表的

审计最为重要的事项。该等事项乃于我们审核整体综

合财务报表及出具相关意见时进行处理，且我们不会

对该等事项提供单独的意见。

关键审核事项

按摊销成本计量之债务投资减值评估

我们将根据香港财务报告准则第9号预期信贷亏损（「预

期信贷亏损」）就按摊销成本计量之债务投资减值评估

作为关键审核事项，因为其对综合财务报表而言具有

重大意义，且计量需要重大管理层估计及判断。

（「信贷风险显著增加」）

的标准；

，包

括违约率（「违约率」）及违约亏损（「违约亏损」）；

及

此外，预期信贷亏损计量涉及管理层估计及判断，考

虑各种因素，包括贵集团持有的客户及其担保人的

证券或抵押品的可变现价值以及后续结算及收到的其

他抵押品。

于二零二五年三月三十一日，按摊销成本计量之债务

投资总额约为51,195,000港元及累计减值拨备约为

9,273,000港元，详情披露于综合财务报表附注18。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgment, were of most significance in our audit of the

consolidated financial statements for the year ended 31 March

2025. 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 mater

Impairment asesment of debt investments measured at

amortised cost

We identified the impairment asesment under expected credit

loses (“ECL”) of HKFRS 9 for debt investments measured at

amortised cost as a key audit mater due to its significance to the

consolidated financial statements and the significant management

estimates and judgement required in the measurement.

• Determination of the criteria for significant increase in credit

risk (“SICR”);

• Selection of models and asumptions used in the ECL

models, including Probability of default (“PD”) and Los given

default (“LGD”); and

• Establishing the relative probability weightings of forward-

loking scenarios.

In adition, the ECL measurement involves management estimates

and judgement in the consideration of various factors, including

the realisable value of securities or colaterals from clients and

their guarantors which are held by the Group and subsequent

setlement and aditional colaterals received.

The total gros amount of debt investments measured at amortised

cost was aproximately HK$51,195,000 with acumulated

impairment provision of aproximately HK$9,273,000 as at 31

March 2025, details of which has ben disclosed in note 18 to the

consolidated financial statements.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

China Investment and Finance Group Limited

中国投融资集团有限公司

我们的审核处理关键审核事项之方式

我们就本事项的主要审核程序如下：

、能力及独

立性；

• 我们了解贵集团根据香港财务报告准则第9号

应用预期信贷亏损模型进行减值评估的既定政策

及程序；

• 我们评估管理层对确定信贷风险显著增加是否已

发生或财务资产是否信贷减值的分阶段标准判断

的合理性及适当性，以及根据香港财务报告准则

第9号要求将风险分类为3个阶段的基准；

；及

，检查预期信贷亏损模

型中的重要数据输入（包括违约率及违约亏损）

的合理性及恰当性；

其他资料

董事负责编制其他资料。其他资料包括列入年报之资

料，惟不包括综合财务报表及我们就此的核数师报告。

我们就综合财务报表之意见不涵盖其他资料且我们不

就此作出任何形式之鉴证结论。

就我们审核综合财务报表而言，我们的责任为阅读其

他资料并在此过程中考虑其他资料是否与综合财务报

表或我们在审核中所了解的存在重大不一致，或是否

存在重大错误陈述。倘基于我们已经进行的工作，我

们认为此其他资料存在重大错误陈述，我们须报告该

事实。就此，我们并无任何报告。

How the mater was adresed in our audit

Our major audit procedures in relation to this mater including the

folowing:

, capabilities and independence

of the Group’s external valuer;

• We understod the established policies and procedures

on impairment asesment of the Group in relation to the

aplication of ECL model under HKFRS 9;

• We asesed the reasonablenes and apropriatenes of the

management’s judgement on staging criteria for determining if

a SICR has ocured or the financial aset is credit-impaired

and the basis for clasification of exposures into the 3 stages

as required by HKFRS 9;

• We evaluated the reasonablenes and apropriatenes of the

model and asumption; and

• We examined the reasonablenes and apropriatenes of

significant data inputs into the ECL model, including PD

and LGD after taking into consideration of forward-loking

information;

• We tested the mathematical acuracy of calculation of ECL

alowance.

OTHER INFORMATION

The directors are responsible for the other information. The other

information comprises the information included in the anual

report, but does not include the consolidated financial statements

and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not

cover the other information and we do not expres any form of

asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other information and,

in doing so, consider whether the other information is materialy

inconsistent with the consolidated financial statements or our

knowledge obtained in the audit or otherwise apears to be

materialy mistated. If, based on the work we have performed,

we conclude that there is a material mistatement of this other

information, we are required to report that fact. We have nothing to

report in this regard.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Anual Report

2024/25

年报

董事及治理层就综合财务报表之责任

董事负责根据香港会计师公会颁布之香港财务报告准

则及香港公司条例的披露规定编制真实公平之综合财

务报表，并对其认为能够使综合财务报表之编制不存

在由于欺诈或错误而导致的重大错误陈述所必需的内

部监控负责。

于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、披露（如适用）有关持续经营之事宜及使

用持续经营之会计基础，惟董事拟将贵集团清盘或

停止营业或除此之外别无其他可行替代方案则除外。

治理层负责监督贵集团之财务报告程序。

核数师就审核综合财务报表之责任

我们的目标，是对整体综合财务报表是否不存在由于

欺诈或错误而导致的任何重大错误陈述取得合理保证，

并出具包括我们意见的核数师报告。我们根据我们所

协定的委聘条款仅向阁下（作为整体）报告，除此之

外别无其他目的。我们不会就本报告的内容向任何其

他人士负上或承担任何责任。合理保证是高水平的保

证，但不能保证按香港审计准则进行的审计在某一重

大错误陈述存在时总能发现。错误陈述可以由欺诈或

错误引起，如果合理预期它们个别或汇总起来可能影

响该等综合财务报表使用者所作出的经济决定，则有

关的错误陈述可被视作重大。

RESPONSIBILITIES OF DIRECTORS AND THOSE

CHARGED WITH GOVERNANCE FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the

consolidated financial statements that give a true and fair view in

acordance with HKFRSs isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance, and for

such internal control as the directors determine is necesary to

enable the preparation of consolidated financial statements that

are fre from material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors

are responsible for asesing the Group’s ability to continue as a

going concern, disclosing, as aplicable, maters related to going

concern and using the going concern basis of acounting unles

the directors either intend to liquidate the Group or to cease

operations, or have no realistic alternative but to do so.

Those charged with governance are responsible for overseing the

Group’s financial reporting proces.

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether

the consolidated financial statements as a whole are fre from

material mistatement, whether due to fraud or eror, and to isue

an auditor’s report that includes our opinion. This report is made

solely to you, as a body, in acordance with our agred terms

of engagement, and for no other purpose. We do not asume

responsibility towards or acept liability to any other person for

the contents of this report. Reasonable asurance is a high level

of asurance, but is not a guarante that an audit conducted in

acordance with HKSAs wil always detect a material mistatement

when it exists. Mistatements can arise from fraud or eror and

are considered material if, individualy or in the agregate, they

could reasonably be expected to influence the economic decisions

of users taken on the basis of these consolidated financial

statements.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

China Investment and Finance Group Limited

中国投融资集团有限公司

在根据香港审计准则进行审计的过程中，我们运用了

职业判断并在整个审计过程中保持了职业怀疑态度。

我们亦：

• 识别及评估由于欺诈或错误而导致综合财务报表

存在重大错误陈述的风险，设计及执行审计程序

以应对该等风险，以及取得充足和适当的审计凭

证，作为我们意见的基础。由于欺诈可能涉及串

谋、伪造、蓄意遗漏、虚假陈述，或凌驾于内部控

制之上，因此未能发现因欺诈而导致的重大错误

陈述的风险较因错误而导致的重大错误陈述的风

险为高。

，以设计于相关环境

下属适当的审计程序，但目的并非对贵集团内

部监控的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作出会计估

计和相关披露的合理性。

根据所得的审计凭证，决定是否存在与事件或情

况有关的重大不确定性，而可能对贵集团持续

经营的能力构成重大疑虑。如果我们认为存在重

大不确定性，则有必要在核数师报告中提请对综

合财务报表中的相关披露资料的关注，倘有关的

披露资料不足，则须修订我们的意见。我们的结

论是基于截至核数师报告日止所取得的审计凭证。

然而，未来事件或情况可能导致贵集团不能继

续持续经营。

、结构和内容，

包括披露资料，以及综合财务报表是否公允呈列

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Anual Report

2024/25

年报

，以就贵集团中实体

或业务单位的财务资料获取充分、适当的审计凭

证，作为对综合财务报表形成意见的基础。我们

负责指导、监督和执行集团审计。我们对我们的

审计意见承担全部责任。

我们与治理层就（其中包括）审计的计划范围及时间以

及重大审计发现（包括我们于审计中识别的内部监控

的任何重大缺陷）进行沟通。

我们亦向治理层提交声明，说明我们已符合有关独立

性的相关道德要求，并与彼等沟通所有合理地被认为

会影响我们独立性的关系和其他事项，以及（如适用）

用以消除威胁的相关行动或采取的防范措施。

从与治理层沟通的事项中，我们厘定对本期间综合财

务报表的审计最为重要的事项，进而厘定关键审核事

项。我们会在核数师报告中描述该等事项，除非法律

法规不允许对某件事项作出公开披露，或在极端罕见

的情况下，若有合理预期在我们报告中沟通某事项而

造成的负面后果将会超过其产生的公众利益，我们将

不会在此等情况下在报告中沟通该事项。

本独立核数师报告的审计项目合伙人为萧俊武先生，

其执业证书编号为P05898。

开元信德会计师事务所有限公司

执业会计师

香港湾仔

分域街18号

捷利中心15楼1503室

二零二五年六月十八日

• Plan and perform the Group audit to obtain suficient

apropriate audit evidence regarding the financial information

of the entities or busines units within the Group as a

basis for forming an opinion on the consolidated financial

statements. We are responsible for the direction, supervision

and performance of the group audit. We remain solely

responsible for our audit opinion.

We comunicate with those charged with governance regarding,

among other maters, the planed scope and timing of the audit

and significant audit findings, including any significant deficiencies

in internal control that we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regarding

independence, and to comunicate with them al relationships

and other maters that may reasonably be thought to bear on our

independence, and where aplicable, action 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.

The engagement partner on the audit resulting in this independent

auditor’s report is Mr. Siu Jimy with Practising Certificate number

P05898.

Elite Partners CPA Limited

Certified Public Acountants

Unit 1503, 15/F, Jubile Centre,

18 Fenwick Stret,

Wanchai, Hong Kong

18 June 2025

2025
二零二五年
HK$’000
千港元
16,402
6,538
(3,365)
(3,185)
573
407
(5,941)
(502)
(5,475)
–
(5,475)
HK cents
港仙
(1.33)
(1.33)

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

Gros proceds from disposal of

listed securities

出售上市证券之所得款项总额

29,770

Revenue收益85,318

Net realised los on disposal of

listed equity investments at fair value

through profit or los

出售以公平值计入损益账之

上市股本投资之已变现亏损

净额(45,662)

Net unrealised (los)/gain on listed

equity investments at fair value

through profit or los

以公平值计入损益账之

上市股本投资之未变现

（亏损）╱收益净额13,201

Net unrealised gain/(los) on unlisted equity

investments at fair value through

profit or los

以公平值计入损益账之

非上市股本投资之

未变现收益╱（亏损）净额(335)

Net reversal of/(provision for) impairment

loses under expected credit los model

预期信贷亏损模式下的减值

亏损拨回╱（拨备）净额10(2,728)

Administrative expenses行政开支(7,141)

Finance costs融资成本12(422)

Los before tax除税前亏损11(37,769)

Income tax credit所得税抵免13–

Los and total comprehensive expense

for the year atributable to owners

of the Company

本公司拥有人应占年内

亏损及全面开支总额

(37,769)

HK cents

港仙

Los per share每股亏损

– Basic－基本15(9.15)

– Diluted－摊薄15(9.15)

2025
二零二五年
HK$’000
千港元
6,849
15,808
22,657
99,604
26,114
5,933
6,435
138,086
6,629
727
7,356
130,730
153,387

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

Non-curent asets非流动资产

Equity investments at fair value

through profit or los

以公平值计入损益账之

股本投资176,276

Debt investments measured

at amortised cost

按摊销成本计量之债务投资

1832,845

39,121

Curent asets流动资产

Equity investments at fair value

through profit or los

以公平值计入损益账之

股本投资17104,196

Debt investments measured

at amortised cost

按摊销成本计量之债务投资

1811,972

Other receivables, prepayments

and deposits

其他应收款项、预付款项及按金

205,886

Cash and cash equivalents现金及现金等价物217,112

129,166

Curent liabilities流动负债

Amount due to brokers应付经纪款项226,218

Other payables and acruals其他应付款项及应计费用3,207

9,425

Net curent asets流动资产净值119,741

Net asets资产净值158,862

2025
二零二五年
HK$’000
千港元
413
152,974
153,387
0.37

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

综合财务报表已于二零二五年六月十八日获董事会批

准及授权刊发，并经由下列人士代表签署：

HON Leung

韩亮

Director

董事

二零二四年

NotesHK$’000

附注千港元

Capital and reserves资本及储备

Share capital股本23413

Reserves储备158,449

Total equity权益总额158,862

Net aset value per share (in HK$)每股资产净值（港元）250.39

The consolidated financial statements were aproved and

authorised for isue by the board of directors on 18 June 2025 and

signed on its behalf by:

CHAN Cheong Ye

陈昌义

Director

董事

Share capital	Share premium	Capital reduction reserve	Share option reserve	Accumulated losses	Total
股本	股份溢价	股本削减储备	购股权储备	累计亏损	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
	(Note (a))	(Note (b))	(Note (c))
	（附注(a)）	（附注(b)）	（附注(c)）
413	963,164	112,657	9,715	(927,087)	158,862
–	–	–	–	(5,475)	(5,475)
–	–	–	(5,703)	5,703	–
413	963,164	112,657	4,012	(926,859)	153,387

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

As at 1 April 2024于二零二四年四月一日

Los and total comprehensive

expense for the year

本年度亏损及全面开支总额

Lapse of share options购股权失效

As at 31 March 2025于二零二五年三月三十一日

capital

premium

Capital

reduction

reserve

option

reserve

Acumulated

losesTotal

股本股份溢价股本削减储备购股权储备累计亏损总额

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

(Note (a)(Note (b)(Note (c)

（附注(a)）（附注(b)）（附注(c)）

As at 1 April 2023于二零二三年四月一日413963,164112,6579,715(889,318)196,631

Los and total comprehensive

expense for the year

本年度亏损及全面开支总额

–(37,769)(37,769)

As at 31 March 2024于二零二四年三月三十一日413963,164112,6579,715(927,087)158,862

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

附注：

(a) 股份溢价指本公司股份之面值与发行本公司股份（受开

曼公司法所规管）已收之所得款项之差额。

(b) 股本削减储备指削减股本的所得款项净额的超出部分。

数目之尚未行使购股权之公平值，其根据综合财务报表

附注3有关以股权结算以股份为基础之付款采纳之会计

政策确认。

Notes:

(a) Share premium represents the diference betwen the par value of

the shares of the Company and proceds received from the isuance

of the shares of the Company which is governed by the Cayman

Companies Law.

(b) Capital reduction reserve represents the net exces of proceds on

reduction of share capital.

estimated number of unexercised share options granted to directors

and employe of the Group recognised in acordance with the

acounting policy adopted for equity-setled share-based payments in

note 3 to the consolidated financial statements.

2025
二零二五年
HK$’000
千港元
(5,475)
(6,114)
(422)
502
3,365
3,185
(573)
(407)
(5,939)
(18,360)
16,402
–
7,500
724
411
(2,480)

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

Cash flows from operating activities经营活动现金流量

Los before tax除税前亏损(37,769)

Adjustments for:就以下项目作出调整：

Interest income利息收入(5,051)

Dividend income股息收入(265)

Interest expenses利息开支422

Net realised los on disposal of

listed equity investments at fair value

through profit or los

出售以公平值计入损益账之

上市股本投资之已变现

亏损净额45,662

Net unrealised los/(gain) on listed equity

investments at fair value through

profit or los

以公平值计入损益账之

上市股本投资之未变现

亏损╱（收益）净额(13,201)

Net unrealised (gain)/los on unlisted

equity investments at fair value through

profit or los

以公平值计入损益账之

非上市股本投资之未变现

（收益）╱亏损净额335

Net (reversal of)/provision for impairment

loses under expected credit los model

预期信贷亏损模式下的减值亏损

（拨回）╱拨备净额2,728

Operating los before working

capital changes

营运资金变动前的经营亏损

(7,139)

Purchase of equity investments at

fair value through profit or los

购买以公平值计入损益账之股本投资

(33,881)

Proceds from disposal of

equity investments at fair value

through profit or los

出售以公平值计入损益账之

股本投资之所得款项

29,770

Purchase of debt investments

measured at amortised cost

购买按摊销成本计量之债务投资

(18,000)

Proced of disposal of debt investment

measured at amortised cost

出售按摊销成本计量之债务投资之

所得款项–

Decrease in other receivables,

prepayments and deposits

其他应收款项丶预付款项及按金减少

6,273

Increase in margin payables应付保证金之增加1,201

(Decrease)/increase in other payables and

acruals

其他应付款项及应计费用

（减少）╱增加360

2025
二零二五年
HK$’000
千港元
(1,742)
422
1,145
(502)
(677)
(677)
7,112
6,435
6,078
357
6,435

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

Cash used in from operations经营业务所用的现金(21,416)

Dividend received已收股息265

Interest received已收利息1,100

Interest paid已付利息(422)

Net cash used in operating activities经营活动所用的现金净额(20,473)

Net decrease in cash and

cash equivalents

现金及现金等价物减少净额

(20,473)

Cash and cash equivalents at the

begining of the reporting period

于报告期初之现金及现金等价物

27,585

Cash and cash equivalents

at the end of the reporting period

于报告期末之现金及现金等价物

7,112

Analysis of balances of cash and

cash equivalents

现金及现金等价物结余分析

Cash and bank balances现金及银行结余5,066

Deposits at other financial institutions于其他金融机构之存款2,046

7,112

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

1. 一般资料

中国投融资集团有限公司（「本公司」）于二零

二年四月二十六日在开曼群岛注册成立为获豁免

有限公司。本公司股份自二零二年九月十九日

起在香港联合交易所有限公司（「联交所」）上市。

本公司注册办事处位于Cricket Square, Hutchins

Drive, P.O. Box 2681, Grand Cayman, KY1-

1111, Cayman Islands及其香港总办事处位于香

港皇后大道中70号卡佛大厦1104室。

本集团之主要业务为投资控股及买卖证券。

综合财务报表以港元编制，与本公司之功能货币

相同。

（「香港财务报

告准则」）之修订本

(a) 于本年度强制生效之香港财务报告准则

之修订本

于本年度，本集团已首次采用香港会计师公

会（「香港会计师公会」）颁布且于二零二四

年四月一日或之后开始的本集团年度期间

强制生效之以下香港财务报告准则之修订

本编制综合财务报表：

香港财务报告准则

第16号（修订本）

售后租回的租赁负债

香港会计准则第1号

（修订本）

负债分类为流动或

非流动及香港诠释

第5号（二零二零年）

1. GENERAL INFORMATION

China Investment and Finance Group Limited (the “Company”)

was incorporated in the Cayman Islands as an exempted

company with limited liability on 26 April 2002. The

Company’s shares have ben listed on The Stock Exchange

of Hong Kong Limited (the “Stock Exchange”) with efect from

19 September 2002. The registered ofice of the Company

is at Cricket Square, Hutchins Drive, P.O. Box 2681, Grand

Cayman, KY1-1111, Cayman Islands and its principal ofice

in Hong Kong is at Rom 1104, Crawford House, 70 Quen’s

Road Central, Hong Kong.

The principal activities of the Group are investment holding

and trading of securities.

The consolidated financial statements are prepared in Hong

Kong dolar (HK$), which is the same as the functional

curency of the Company.

2. APLICATION OF AMENDMENTS TO HONG

KONG FINANCIAL REPORTING STANDARDS

(“HKFRSs”)

(a) Amendments to HKFRSs that are mandatorily

efective for the curent year

In the curent year, the Group has aplied the folowing

amendments to HKFRSs isued by the Hong Kong Institute

of Certified Public Acountants (“HKICPA”) for the first

time, which are mandatorily efective for the Group’s

anual periods begining on or after 1 April 2024 for the

preparation of the consolidated financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent and

related amendments to Hong

Kong Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

2. APLICATION OF AMENDMENTS TO HONG

KONG FINANCIAL REPORTING STANDARDS

(“HKFRSs”) (continued)

(a) Amendments to HKFRSs that are mandatorily

efective for the curent year (continued)

Impacts on aplication of Amendments to HKFRS

16 Lease Liability in a Sale and Leaseback

The Group has aplied the amendments for the first time

in the curent year.

The amendments ad subsequent measurement

requirements for sale and leaseback transactions that

satisfy the requirements of HKFRS 15 Revenue from

Contracts with Customers to be acounted for as a sale.

The amendments require a seler-lese to determine

“lease payments” or “revised lease payments” such that

the seler-lese would not recognise a gain or los

that relates to the right of use retained by the seler-

lese. The amendments also clarify that aplying the

requirements does not prevent the seler-lese from

recognising in profit or los any gain or los relating to

subsequent partial or ful termination of a lease.

Acording to the transitional provisions, the Group has

aplied the new acounting policy retrospectively to the

sale and leaseback transactions entered into by the

Group as the seler-lese after the initial aplication of

HKFRS 16. The aplication of the amendments has no

material impact on the Group’s financial position and

performance.

Impacts on aplication of Amendments to

HKAS 1 Clasification of Liabilities as Curent

or Non-curent and related amendments to

Hong Kong Interpretation 5 (2020) (the “2020

Amendments”) and Amendments to HKAS 1 Non-

curent Liabilities with Covenants (the “2022

Amendments”)

The Group has aplied the amendments for the first time

in the curent year.

（「香港财务报

告准则」）之修订本（续）

(a) 于本年度强制生效之香港财务报告准则

之修订本（续）

应用香港财务报告准则第16号（修订本）

「售后租回的租赁负债」之影响

本集团于本年度首次应用有关修订。

有关修订就符合香港财务报告准则第15号

「客户合约收益」规定按销售入账的售后租

回交易加入后续计量规定。有关修订要求卖

方－承租人厘定「租赁付款」或「经修订租赁

付款」，使卖方－承租人不会确认与卖方－

承租人保留的使用权有关的收益或亏损。修

订亦阐明，应用有关规定不会妨碍卖方－承

租人在损益中确认与其后部分或全部终止

租赁有关的任何收益或亏损。

根据过渡条文，本集团已将新会计政策追溯

应用于本集团于首次应用香港财务报告准

则第16号后作为卖方－承租人订立的售后租

回交易。应用有关修订对本集团的财务状况

及表现并无重大影响。

应用香港会计准则第1号（修订本）「负债

分类为流动或非流动及香港诠释第5号（二

零二零年）相关修订」（「二零二零年修

订」）及香港会计准则第1号（修订本）「附

有契诺的非流动负债」（「二零二年修

订」）之影响

本集团于本年度首次应用有关修订。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（「香港财务报

告准则」）之修订本（续）

(a) 于本年度强制生效之香港财务报告准则

之修订本（续）

应用香港会计准则第1号（修订本）「负债

分类为流动或非流动及香港诠释第5号（二

零二零年）相关修订」（「二零二零年修

订」）及香港会计准则第1号（修订本）「附

有契诺的非流动负债」（「二零二年修

订」）之影响（续）

二零二零年修订对评估将结清负债期限延

迟至报告日期后至少十二个月的权利提供

澄清及额外指引，以将负债分类为流动或非

流动，当中包括：

• 订明负债应基于报告期末存在的权利

分类为流动或非流动。具体而言，该分

类不应受管理层在十二个月内结清负

债的意向或预期所影响。

• 澄清结清负债可透过向对手方转让现

金、货品或服务，或实体本身的股本工

具进行结清。倘负债具有若干条款，可

由对手方选择透过转让实体本身的股

本工具进行结清，仅当实体应用香港会

计准则第32号「金融工具：呈列」，将选

择权单独确认为股本工具时，该等条款

不影响将其分类为流动或非流动。

2. APLICATION OF AMENDMENTS TO HONG

KONG FINANCIAL REPORTING STANDARDS

(“HKFRSs”) (continued)

(a) Amendments to HKFRSs that are mandatorily

efective for the curent year (continued)

Impacts on aplication of Amendments to

HKAS 1 Clasification of Liabilities as Curent

or Non-curent and related amendments to

Hong Kong Interpretation 5 (2020) (the “2020

Amendments”) and Amendments to HKAS 1 Non-

curent Liabilities with Covenants (the “2022

Amendments”) (continued)

The 2020 Amendments provide clarification and

aditional guidance on the asesment of right to defer

setlement for at least twelve months from reporting date

for clasification of liabilities as curent or noncurent,

which:

• specify that the clasification of liabilities as curent

or non-curent should be based on rights that are

in existence at the end of the reporting period.

Specificaly, the clasification should not be afected

by management intentions or expectations to setle

the liability within 12 months.

• clarify that the setlement of a liability can be a

transfer of cash, gods or services, or the entity’s

own equity instruments to the counterparty. If a

liability has terms that could, at the option of the

counterparty, result in its setlement by the transfer

of the entity’s own equity instruments, these terms

do not afect its clasification as curent or non-

curent only if the entity recognises the option

separately as an equity instrument aplying HKAS

32 Financial Instruments: Presentation.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（「香港财务报

告准则」）之修订本（续）

(a) 于本年度强制生效之香港财务报告准则

之修订本（续）

应用香港会计准则第1号（修订本）「负债

分类为流动或非流动及香港诠释第5号（二

零二零年）相关修订」（「二零二零年修

订」）及香港会计准则第1号（修订本）「附

有契诺的非流动负债」（「二零二年修

订」）之影响（续）

对于清偿自报告日期起递延至少十二个月

之权利（以遵守契诺为条件），二零二年

修订特别澄清，实体须于报告期末或之前遵

守之契诺方会影响实体将清偿负债于报告

日期后递延至少十二个月之权利，即使契诺

的遵守情况仅于报告日期后评估。二零二

年修订亦订明，实体于报告日期后必须遵守

之契诺（即未来契诺）不会影响负债于报告

日期分类为流动或非流动。然而，倘实体延

迟清偿负债的权利受限于实体于报告期后

十二个月内遵守契诺，则实体须披露资料以

使财务报表的使用者可了解该等负债于报

告期后十二个月内要偿还的风险。该等资料

将包括契诺、相关负债之账面值以及表明实

体可能难以遵守契诺的事实及情况（如有）。

根据过渡条文，本集团已将新会计政策追溯

应用于负债分类为流动或非流动。于本年度

应用有关修订对综合财务报表并无重大影

响。

2. APLICATION OF AMENDMENTS TO HONG

KONG FINANCIAL REPORTING STANDARDS

(“HKFRSs”) (continued)

(a) Amendments to HKFRSs that are mandatorily

efective for the curent year (continued)

Impacts on aplication of Amendments to

HKAS 1 Clasification of Liabilities as Curent

or Non-curent and related amendments to

Hong Kong Interpretation 5 (2020) (the “2020

Amendments”) and Amendments to HKAS 1 Non-

curent Liabilities with Covenants (the “2022

Amendments”) (continued)

For rights to defer setlement for at least twelve

months from reporting date which are conditional on

the compliance with covenants, the 2022 Amendments

specificaly clarify that only covenants that an entity

is required to comply with on or before the end of

the reporting period afect the entity’s right to defer

setlement of a liability for at least twelve months after

the reporting date, even if compliance with the covenant

is asesed only after the reporting date. The 2022

Amendments also specify that covenants with which an

entity must comply after the reporting date (i.e. future

covenants) do not afect the clasification of a liability

as curent or non-curent at the reporting date. However,

if the entity’s right to defer setlement of a liability is

subject to the entity complying with covenants within

twelve months after the reporting period, an entity

discloses information that enables users of financial

statements to understand the risk of the liabilities

becoming repayable within twelve months after the

reporting period. This would include information about

the covenants, the carying amount of related liabilities

and facts and circumstances, if any, that indicate that the

entity may have dificulties complying with the covenants.

In acordance with the transition provision, the

Group has aplied the new acounting policy to the

clasification of liability as curent or non-curent

retrospectively. The aplication of the amendments in the

curent year had no material impact on the consolidated

financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（「香港财务报

告准则」）之修订本（续）

(a) 于本年度强制生效之香港财务报告准则

之修订本（续）

应用香港会计准则第7号及香港财务报告

准则第7号（修订本）「供应商融资安排」

之影响

本集团于本年度首次应用有关修订。

有关修订于香港会计准则第7号「现金流量

表」加入一项披露目标，订明实体须披露有

关供应商融资安排的资料，使财务报表使用

者能够评估该等安排对实体负债及现金流

量的影响。

此外，香港财务报告准则第7号「金融工具：

披露」已通过加入供应商融资安排而作出修

订，以作为规定内一个例举，披露实体流动

资金集中风险相关资料。

根据过渡条文，于实体首次应用有关修订的

年度报告期间初始，实体毋须披露于首个应

用年度之年度报告期间开始前所呈列之任

何报告期间之比较资料，以及上述香港会计

准则第7:44 (b)(i)及(b)(i)条规定之资料。

于本年度应用有关修订对综合财务报表并

无重大影响。

2. APLICATION OF AMENDMENTS TO HONG

KONG FINANCIAL REPORTING STANDARDS

(“HKFRSs”) (continued)

(a) Amendments to HKFRSs that are mandatorily

efective for the curent year (continued)

Impacts on aplication of Amendments to HKAS 7

and HKFRS 7 Suplier Finance Arangements

The Group has aplied the amendments for the first time

in the curent year.

The amendments ad a disclosure objective to HKAS

7 Statement of Cash Flows stating that an entity is

required to disclose information about its suplier finance

arangements that enables users of financial statements

to ases the efects of those arangements on the

entity’s liabilities and cash flows.

In adition, HKFRS 7 Financial Instruments: Disclosures

was amended to ad suplier finance arangements

as an example within the requirements to disclose

information about an entity’s exposure to concentration

of liquidity risk.

In acordance with the transition provision, the entity is

not required to disclose comparative information for any

reporting periods presented before the begining of the

anual reporting period in the first year of aplication

as wel as the information required by HKAS 7:44 (b)

(i) and (b)(i) above as at the begining of the anual

reporting period in which the entity first aplies those

amendments.

The aplication of the amendments in the curent year

had no material impact on the consolidated financial

statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（「香港财务报

告准则」）之修订本（续）

(b) 已颁布但尚未生效之新订香港财务报告

准则及香港财务报告准则之修订本

本集团并无提早应用下列已颁布但尚未生

效之新订香港财务报告准则及香港财务报

告准则之修订本：

香港财务报告准则第9号

及香港财务报告准则

第7号（修订本）

金融工具分类及计量

的修订

香港财务报告准则

第10号及香港会计

准则第28号（修订本）

投资者与其联营公司

或合营企业之间的

资产出售或注资

香港财务报告准则会计

准则（修订本）

香港财务报告准则

会计准则之年度

改进－第11卷

香港会计准则第21号

（修订本）

缺乏可兑换性

香港财务报告准则

第18号

财务报表列报和披露

于待厘定日期或之后开始的年度期间生效。

于二零二五年一月一日或之后开始的年度期

间生效。

于二零二六年一月一日或之后开始的年度期

间生效。

于二零二七年一月一日或之后开始的年度期

间生效。

本公司董事预期应用所有新订香港财务报告

准则及香港财务报告准则之修订本于可预见

未来将不会对综合财务报表产生重大影响。

2. APLICATION OF AMENDMENTS TO HONG

KONG FINANCIAL REPORTING STANDARDS

(“HKFRSs”) (continued)

(b) New and amendments to HKFRSs in isued but

not yet efective

The Group has not early aplied the folowing new and

amendments to HKFRSs that have ben isued but are

not yet efective:

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards –

Volume 11

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in

Financial Statements

Efective for anual periods begining on or after a date to

be determined.

Efective for anual periods begining on or after 1 January

2025.

Efective for anual periods begining on or after 1 January

2026.

Efective for anual periods begining on or after 1 January

2027.

The directors of the Company anticipate that the

aplication of al new and amendments to HKFRSs wil

have no material impact on the consolidated financial

statements in the foreseable future.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

3. 重大会计政策概要

综合财务报表已根据香港会计师公会颁布之香港

财务报告准则编制。就编制综合财务报表而言，

倘可合理预计资料会影响主要使用者作出之决策，

则有关资料被视为重大。此外，综合财务报表包

括联交所证券上市规则（「上市规则」）以及香港

公司条例披露规定要求之适用披露。

除下文所载会计政策所阐释之以公平值计入损益

账（「以公平值计入损益账」）之股本投资于各报

告期末按公平值计量外，综合财务报表根据历史

成本法编制。

历史成本一般根据按换取货品或服务给予之代价

之公平值厘定。

公平值为于计量日期按市场参与者之间之有序交

易出售一项资产而将收取或转让一项负债而将支

付之价格，而不论该价格是否可直接观察或运用

另一种估值技术估计。倘市场参与者于计量日期

对资产或负债定价时会考虑资产或负债之特点，

则本集团于估计资产或负债之公平值时会考虑该

等特点。该等综合财务报表中作计量及╱或披露

用途之公平值乃按此基准厘定，惟属香港财务报

告准则第2号「股份付款」范围之股份付款交易、

根据香港财务报告准则第16号入账之租赁交易，

以及与公平值有部分类似地方但并非公平值之计

量（如香港会计准则第2号「存货」之可变现净值

或香港会计准则第36号「资产减值」之使用价值）

则除外。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES

The consolidated financial statements have ben prepared

in acordance with HKFRSs isued by the HKICPA. For

the purpose of preparation of the consolidated financial

statements, information is considered material if such

information is reasonably expected to influence decisions

made by primary users. In adition, the consolidated financial

statements include aplicable disclosures required by the

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

on the Stock Exchange and by the disclosure requirements of

the Hong Kong Companies Ordinance.

The consolidated financial statements have ben prepared on

the historical cost basis except for equity investments at fair

value through profit or los (“FVTPL”) that are measured at

fair values at the end of each reporting period, as explained

in the acounting policies set out below.

Historical cost is generaly based on the fair value of the

consideration given in exchange for gods or services.

Fair value is the price that would be received to sel an

aset or paid to transfer a liability in an orderly transaction

betwen market participants at the measurement date,

regardles of whether that price is directly observable or

estimated using another valuation technique. In estimating

the fair value of an aset or a liability, the Group takes into

acount the characteristics of the aset or liability if market

participants would take those characteristics into acount

when pricing the aset or liability at the measurement date.

Fair value for measurement and/or disclosure purposes in

these consolidated financial statements is determined on

such a basis, except for share-based payment transactions

that are within the scope of HKFRS 2 Share-based Payment,

leasing transactions that are acounted for in acordance with

HKFRS 16, and measurements that have some similarities to

fair value but are not fair value, such as net realisable value

in HKAS 2 Inventories or value in use in HKAS 36 Impairment

of Asets.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

就按公平值交易的金融工具以及于其后期间计量

公平值时使用不可观察输入数据之估值技术而言，

估值技术会予以校正以使初始确认时估值技术之

结果与交易价格相等。

此外，就财务报告而言，视乎公平值计量之输入

值之可观察程度及公平值计量之输入值对其整体

之重要性而定，公平值计量可分类为第一级、第

二级或第三级，详情如下：

• 第一级输入值乃实体于计量日期可获得有

关相同资产或负债于活跃市场中所报未经

调整价格；

，就

资产或负债可直接或间接观察之输入值；及

• 第三级输入值乃资产或负债之不可观察输

入值。

主要会计政策载列如下。

综合账目基准

综合财务报表包括本公司及其控制之实体之财务

报表。当本公司出现下列情况，即具有控制权：

• 因参与被投资公司而承担浮动回报之风险

或享有权利；及

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

For financial instruments which are transacted at fair value

and a valuation technique that unobservable inputs are to

be used to measure fair value in subsequent periods, the

valuation technique is calibrated so that at initial recognition

the results of the valuation technique equals the transaction

price.

In adition, for financial reporting purposes, fair value

measurements are categorised into Level 1, 2 or 3 based on

the degre to which the inputs to the fair value measurements

are observable and the significance of the inputs to the fair

value measurement in its entirety, which are described as

folows:

• Level 1 inputs are quoted prices (unadjusted) in active

markets for identical asets or liabilities that the entity

can aces at the measurement date;

, other than quoted prices

included within Level 1, that are observable for the aset

or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the aset or

liability.

The principal acounting policies are set out below.

Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and entities controled by the

Company. Control is achieved when the Company:

;

, or has rights, to variable returns from its

involvement with the investe; and

• has the ability to use its power to afect its returns.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

倘有事实及情况显示上述三项控制权元素中有一

项或以上出现变动，则本集团会重新评估其是否

对被投资公司拥有控制权。

本集团于取得附属公司之控制权时开始将附属公

司综合入账，并于本集团失去附属公司之控制权

时终止将附属公司综合入账。具体而言，于年内

收购或出售附属公司之收入及开支，会由本集团

取得控制权之日起直至本集团失去附属公司之控

制权之日止计入综合损益及其他全面收益表。

集团内公司之间所有关于本集团成员公司之间进

行交易之资产及负债、权益、收入、开支及现金流

量已于综合账目时悉数抵销。

当本集团丧失对附属公司之控制权时，增益或亏

损会于损益确认并按(i)已收代价之公平值总额；

及(i)本公司拥有人应占该附属公司资产及负债

账面金额之差额计算。

收益确认

收益于收益金额能可靠地计量；未来经济利益将

有可能流入本集团且当本集团各业务达成特定标

准时，方会确认，详述如下。

投资之股息收入乃于股东收取有关款项之权利确

立时予以确认。

利息收入乃参照未偿还本金并以适用之实际利率

按时间基准而累算。实际利率乃透过财务资产之

估计年期，将估计未来现金收入准确贴现至该资

产于初步确认时之账面净值之利率。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

The Group reaseses whether or not they control an investe

if facts and circumstances indicate that there are changes to

one or more of the thre elements of control listed above.

Consolidation of a subsidiary begins when the Group obtains

control over the subsidiary and ceases when the Group loses

control of the subsidiary. Specificaly, income and expenses

of subsidiaries acquired or disposed of during the year are

included in the consolidated statement of profit or los and

other comprehensive income from the date the Group gains

control until the date when the Group ceases to control the

subsidiary.

Al intragroup asets and liabilities, equity, income, expenses

and cash flows relating to transactions betwen members of

the Group are eliminated in ful on consolidation.

When the Group loses control of a subsidiary, a gain or

los is recognised in profit or los and is calculated as the

diference betwen (i) the agregate of the fair value of the

consideration received and (i) the carying amount of the

asets, and liabilities of the subsidiary atributable to the

owners of the Company.

Revenue recognition

Revenue is recognised when the amount of revenue can be

reliably measured; when it is probable that future economic

benefits wil flow to the Group and when specific criteria have

ben met for each of the Group’s activities, as described

below.

Dividend income from investments is recognised when

the shareholders’ rights to receive payment have ben

established.

Interest income is acrued on a time basis, by reference

to the principal outstanding amount at the efective interest

rate aplicable, which is the rate that exactly discounts the

estimated future cash receipts through the expected life of the

financial aset to that aset’s net carying amount on initial

recognition.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

租赁

租赁的定义

倘合约赋予权利于一段时间内控制已识别资产的

用途以换取代价，则该合约为租赁或包含租赁。

就首次应用香港财务报告准则第16号当日或之后

订立或修改或因业务合并而产生的合约而言，本

集团会于开始、修订日期或收购日期（倘适用）根

据香港财务报告准则第16号项下的定义评估合约

是否为租赁或包含租赁。有关合约将不会被重新

评估，除非合约中的条款与条件随后遭更改。

短期租赁

本集团对自开始日期起计之租期为12个月或以下

并且不包括购买选择权的设备租赁采用短期租赁

确认豁免。短期租赁的租赁付款乃于租期内按直

线法或其他系统性基准确认为开支。

外币

于编制各个别集团实体之财务报表时，以该实体

之功能货币以外之货币（外币）进行之交易乃按

于交易日期之汇率确认。于报告期末，以外币定

值之货币项目乃按该日之汇率重新换算。以外币

定值按公平值入账之非货币项目乃按厘定公平值

日期之汇率重新换算。按外币过往成本计量之非

货币项目毋须重新换算。

因结算货币项目及重新换算货币项目而产生之汇

兑差额在产生当期之损益账确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Leases

Definition of a lease

A contract is, or contains, a lease if the contract conveys the

right to control the use of an identified aset for a period of

time in exchange for consideration.

For contracts entered into or modified on or after the date

of initial aplication of HKFRS 16 or arising from busines

combinations, the Group aseses whether a contract is

or contains a lease based on the definition under HKFRS

16 at inception, modification date or acquisition date, as

apropriate. Such contract wil not be reasesed unles

the terms and conditions of the contract are subsequently

changed.

Short-term leases

The Group aplies the short-term lease recognition exemption

to leases of equipment that have a lease term of 12 months

or les from the comencement date and do not contain a

purchase option. Lease payments on short-term leases are

recognised as expense on a straight-line basis or another

systematic basis over the lease term.

Foreign curencies

In preparing the financial statements of each individual

group entity, transactions in curencies other than the entity’s

functional curency (foreign curencies) are recognised

at the rates of exchange 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.

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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

借贷成本

所有借贷成本于发生期间在损益账中确认。

雇员福利

退休福利成本

向强制性公积金计划（「强制性公积金计划」）作

出之供款于雇员提供服务而有权享有该等供款时

确认为开支。

根据强制性公积金计划，雇主及其雇员须各自按

雇员相关收入的5%向强制性公积金计划供款，

但每月相关收入的上限为30,000港元。强制性公

积金计划的供款即时归属。

本集团的雇主供款于向强制性公积金计划供款时

完全归属于雇员。本集团并无没收退休金计划供

款（即雇主在该等供款归属前代表已退出该计划

的雇员处理的供款）。于二零二四年三月三十一

日，本集团于退休金计划下概无没收供款可用于

扣除未来年度的应付供款。

香港雇佣条例项下的长期服务金

就长期服务金义务而言，未来福利的估计金额乃

于扣除由本集团强积金供款所产生并已归属雇员

的累计福利所产生的负值服务成本后厘定，而该

等金额被视为相关雇员的供款。

短期雇员福利

短期雇员福利于雇员提供服务时就预计将支付之

福利之未贴现金额确认。所有短期雇员福利确认

为开支，除非另有香港财务报告准则要求或允许

将有关福利纳入资产成本，则作别论。

负债乃就相关服务提供期间之工资及薪金按为交

换该项服务而预计将支付之福利之未贴现金额对

属于雇员之福利进行确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Borowing costs

Al borowing costs are recognised in profit or los in the

period in which they are incured.

Employe benefits

Retirement benefit costs

Payments to Mandatory Provident Fund Scheme (“MPF

Scheme”) are recognised as an expense when employes

have rendered service entitling them to the contributions.

Under the MPF Scheme, the employer and its employes are

each required to make contribution to the MPF Scheme at 5%

of the employes’ relevant income subject to a cap of monthly

relevant income of HK$30,000. Contributions to the MPF

Scheme vest imediately.

The Group’s employer contributions vest fuly with the

employes when contributed in the MPF Scheme. The

Group has no forfeiture of pension scheme contributions (i.e.

contributions procesed by the employer on behalf of the

employe who has exited the scheme prior to vesting of such

contributions). As at 31 March 2024, no forfeited contribution

under the pension scheme of the Group is available for

deduction of contribution payable in coming years.

LSP under the Hong Kong Employment Ordinance

For LSP obligations, the estimated amount of future benefit is

determined after deducting the negative service cost arising

from the acrued benefits derived from the Group’s MPF

contribution that have ben vested with employes, which are

demed to be contributions from the relevant employes.

Short-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be paid as

and when employes rendered the services. Al short-term

employe benefits are recognised as expense unles another

HKFRS requires or permits the inclusion of the benefit in the

cost of an aset.

A liability is recognised for benefits acruing to employes in

respect of wages and salaries in the period the related service

is rendered at the undiscounted amount of the benefits

expected to be paid in exchange for that service.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

股份付款安排

股权结算股份付款交易

授予雇员之购股权

向雇员及其他提供类似服务人士作出的以股权结

算以股份为基础之付款按授出日期股本工具之公

平值计量。

于授出日期厘定的以股权结算以股份为基础之

付款开支之公平值（未经考虑所有非市场归属条

件），根据本集团对将最终归属的股本工具之估

计于归属期间以直线法列作开支，而股本（购股

权储备）则相应增加。于各报告期末，本集团根据

所有相关非市场归属条件的评估修订预期归属的

股本工具数目的估计。修订原估计之影响（如有）

于损益中确认以使累计开支反映经修订估计，并

对购股权储备作相应调整。就于授出日期即时归

属之购股权而言，已授出购股权之公平值即时于

损益支销。

购股权获行使时，先前于购股权储备确认的数额

将转拨至累计亏损。当购股权于归属日期后没收

或于到期日仍未获行使时，先前于购股权储备确

认的数额将转拨至累计亏损。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Share-based payment arangements

Equity-setled share-based payment transactions

Share options granted to employes

Equity-setled share-based payments to employes and others

providing similar services are measured at the fair value of

the equity instruments at the grant date.

The fair value of the equity-setled share-based payments

determined at the grant date without taking into consideration

al non-market vesting conditions is expensed on a

straight-line basis over the vesting period, based on the

Group’s estimate of equity instruments that wil eventualy

vest, with a coresponding increase in equity (share option

reserve). At the end of each reporting period, the Group

revises its estimate of the number of equity instruments

expected to vest based on asesment of al relevant

non-market vesting conditions. The impact of the revision

of the original estimates, if any, is recognised in profit or

los such that the cumulative expense reflects the revised

estimate, with a coresponding adjustment to the share option

reserve. For share options that vest imediately at the date of

grant, the fair value of the share options granted is expensed

imediately to profit or los.

When share options are exercised, the amount previously

recognised in share option reserve wil be transfered to

acumulated loses. When the share options are forfeited

after the vesting date or are stil not exercised at the expiry

date, the amount previously recognised in share option

reserve wil be transfered to acumulated loses.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

税项

所得税开支指当期应付税项及递延税项之总额。

当期应付税项根据年内应课税溢利计算。应课税

溢利与损益账内呈报之「除税前亏损」不同，乃由

于其他年度之应课税或可扣税收入或支出以及毋

须课税或不可扣税之项目所致。本集团当期税项

负债以报告期末已颁布或实质上已颁布之税率计

算。

递延税项根据综合财务报表资产及负债之账面金

额与用于计算应课税溢利之相应税基之间之暂时

差额确认。一般情况之下，本集团会就所有应课

税暂时差额确认递延税项负债，亦会在可能有应

课税溢利可供抵销可扣税暂时差额时就所有可扣

税暂时差额确认递延税项资产。如暂时差额是因

初步确认某项不影响应课税溢利及会计溢利之交

易之其他资产及负债而产生，则不会确认此等资

产及负债。

3. SUMARY OF 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 ‘los before tax’ as reported

in the profit or los because of income or expense that

are taxable or deductible in other years and items that are

never taxable or deductible. The Group’s liability for curent

tax is calculated using tax rates that have ben enacted or

substantively enacted by the end of the reporting period.

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities in the

consolidated financial statements and the coresponding tax

base 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

asets and liabilities are not recognised if the temporary

diference arises from the initial recognition of other asets

and liabilities in a transaction that afects neither the taxable

profit nor the acounting profit.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

税项（续）

本集团会就与于附属公司之投资相关之应课税暂

时差额确认递延税项负债，惟本集团能够控制暂

时差额之拨回及暂时差额有可能于可见将来不会

转回之情况则属例外。因与该等投资相关之可扣

减暂时差额所产生之递延税项资产，仅于可能有

足够应课税溢利可供动用暂时差额之利益，并预

期可于可见将来拨回之情况下确认。

本集团会于各报告期末审阅递延税项资产之账面

金额，并在应课税溢利可能不足以收回全部或部

分该项资产时予以扣减。

递延税项资产及负债按预期清偿负债或变现资产

期间适用之税率，根据于报告期末已颁布或实质

上颁布之税率（及税法）计算。

递延税项负债及资产之计量方式反映按照本集团

所预期之方式于各报告期末收回资产及清偿负债

账面金额之税务结果。

即期及递延税项于损益账确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Taxation (continued)

Defered tax liabilities are recognised for taxable temporary

diferences asociated with investments in subsidiaries,

except where the Group is able to control the reversal of the

temporary diference and it is probable that the temporary

diference wil not reverse in the foreseable future. Defered

tax asets arising from deductible temporary diferences

asociated with such investments are only recognised to

the extent that it is probable that there wil be suficient

taxable profits against which to utilise the benefits of the

temporary diferences and they are expected to reverse in the

foreseable future.

The 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

拨备

当本集团因过往事件须承担现有责任（法定或推

定），而本集团可能须偿付有关责任，且有关责任

金额能可靠估计的情况下，则确认拨备。

确认为拨备之金额乃经考虑有关责任相关的风

险及不确定因素后，根据报告期末为抵偿该现有

责任而须承担之代价的最佳估计。倘拨备使用抵

偿该现有责任的估计现金流量计量，其账面值为

该等现金流量之现值（如货币的时间价值影响重

大）。

金融工具

财务资产及财务负债于集团实体成为该工具合约

条文的订约方时确认。所有按常规买卖的财务资

产按交易日期基准确认及终止确认。按常规买卖

指要求在市场规定或惯例所定时限内交付资产的

财务资产买卖。

财务资产及财务负债初步按公平值计量。收购或

发行财务资产及财务负债（以公平值计入损益账

的财务资产除外）直接应占的交易成本，于初步

确认时计入财务资产或财务负债的公平值或自财

务资产或财务负债的公平值中扣除（如适用）。购

买以公平值计入损益账的财务资产的直接应占交

易成本即时于损益确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Provisions

Provisions are recognised when the Group has a present

obligation (legal or constructive) as a result of a past event,

it is probable that the Group wil be required to setle that

obligation, and a reliable estimate can be made of the amount

of the obligation.

The amount recognised as a provision is the best estimate

of the consideration required to setle the present obligation

at the end of the reporting period, taking into acount the

risks and uncertainties surounding the obligation. When a

provision is measured using the cash flows estimated to setle

the present obligation, its carying amount is the present

value of those cash flows (where the efect of the time value

of money is material).

Financial instruments

Financial asets and financial liabilities are recognised when

a group entity becomes a party to the contractual provisions

of the instrument. Al regular way purchases or sales of

financial asets are recognised and derecognised on a trade

date basis. Regular way purchases or sales are purchases or

sales of financial asets that require delivery of asets within

the time frame established by regulation or convention in the

market place.

Financial asets and financial liabilities are initialy measured

at fair value. Transaction costs that are directly atributable

to the acquisition or isue of financial asets and financial

liabilities (other than financial asets at FVTPL) are aded

to or deducted from the fair value of the financial asets

or financial liabilities, as apropriate, on initial recognition.

Transaction costs directly atributable to the acquisition of

financial asets at FVTPL are recognised imediately in profit

or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

实际利率法为相关期间计算财务资产或财务负债

摊销成本及分配利息收入及利息开支的方法。实

际利率为于初步确认时将估计未来现金收入及付

款（包括构成整体实际利率的所有已付或已收费

用、交易成本及其他溢价或折让）按财务资产或

财务负债的预期年期或（倘适用）较短期间准确

贴现至账面净值的利率。

本集团一般业务过程中产生的利息及股息收入呈

列为收入。

财务资产

财务资产的分类及其后计量

符合下列条件之财务资产其后按摊销成本计量：

• 财务资产于目的为收取合约现金流量的业

务模式内持有；及

• 其合约条款引致于指定日期的现金流量纯

粹为支付本金及未偿还本金的利息。

符合下列条件之财务资产其后按公平值计入其他

全面收益（「按公平值计入其他全面收益」）计量：

• 财务资产于目的为同时出售及收取合约现

金流量的业务模式内持有；及

• 其合约条款引致于指定日期的现金流量纯

粹为支付本金及未偿还本金的利息。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

The efective interest method is a method of calculating

the amortised cost of a financial aset or financial liability

and of alocating interest income and interest expense over

the relevant period. The efective interest rate is the rate

that exactly discounts estimated future cash receipts and

payments (including al fes and points paid or received that

form an integral part of the efective interest rate, transaction

costs and other premiums or discounts) through the expected

life of the financial aset or financial liability, or, where

apropriate, a shorter period, to the net carying amount on

initial recognition.

Interest and dividend income which are derived from the

Group’s ordinary course of busines are presented as

revenue.

Financial asets

Clasification and subsequent measurement of financial

asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model whose

objective is to colect contractual cash flows; and

• the contractual terms give rise on specified dates to cash

flows that are solely payments of principal and interest

on the principal amount outstanding.

Financial asets that met the folowing conditions are

subsequently measured at fair value through other

comprehensive income (“FVOCI”):

• the financial aset is held within a busines model whose

objective is achieved by both seling and colecting

contractual cash flows; and

• the contractual terms give rise on specified dates to cash

flows that are solely payments of principal and interest

on the principal amount outstanding.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产的分类及其后计量（续）

所有其他财务资产其后以公平值计入损益账计量，

惟在首次确认财务资产之日，倘股本投资并非持

作买卖用途亦非收购方于香港财务报告准则第3

号业务合并所适用之业务合并中确认的或然对价，

则本集团可能会不可撤销地选择于其他全面收益

中呈列该股本投资公平值的其后变动。

财务资产于下列情况为持作买卖：

；或

• 于初始确认时构成本集团合并管理的已识

别金融工具组合的一部分，并具有近期实际

短期获利模式；或

此外，本集团可不可撤回地将一项须按摊销成本

或指定为按公平值计入其他全面收益计量的财务

资产以公平值计入损益账计量，前提为有关指定

可消除或大幅减少会计错配。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Clasification and subsequent measurement of financial

asets (continued)

Al other financial asets are subsequently measured at

FVTPL, except that at the date of initial recognition of a

financial aset the Group may irevocably elect to present

subsequent changes in fair value of an equity investment

in other comprehensive income if that equity investment

is neither held for trading nor contingent consideration

recognised by an acquirer in a busines combination to which

HKFRS 3 Busines Combinations aplies.

A financial aset is held for trading if:

• it has ben acquired principaly for the purpose of seling

in the near term; or

• on initial recognition it is a part of a portfolio of

identified financial instruments that the Group manages

together and has a recent actual patern of short-term

profit-taking; or

• it is a derivative that is not designated and efective as a

hedging instrument.

In adition, the Group may irevocably designate a financial

aset that are required to be measured at the amortised cost

or FVOCI as measured at FVTPL if doing so eliminates or

significantly reduces an acounting mismatch.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产的分类及其后计量（续）

(i) 摊销成本及利息收入

利息收入按其后按摊销成本计量的财务资

产使用实际利率法确认。利息收入通过对财

务资产账面总值采用实际利率计算，除非财

务资产其后出现信贷减值（见下文）。就其

后出现信贷减值的财务资产而言，通过自下

一个报告期起对该财务资产的摊销成本采

用实际利率确认利息收入。如出现信贷减值

的金融工具的信贷风险改善，以致财务资产

不再存在信贷减值，则通过自厘定该资产不

再存在信贷减值后的报告期初起对该财务

资产账面总值采用实际利率确认利息收入。

(i) 以公平值计入损益账之财务资产

不符合按摊销成本计量标准的财务资产以

公平值计入损益账计量。

以公平值计入损益账之财务资产按各报告

期末的公平值计量，而任何公平值收益或亏

损于损益内确认。于损益内确认之收益或亏

损净额不包括就财务资产所赚取的任何股

息或利息，并计入「以公平值计入损益账之

上市╱非上市股本投资之未变现亏损净额」

及「出售以公平值计入损益账之上市股本投

资之已变现亏损净额」项目。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Clasification and subsequent measurement of financial

asets (continued)

(i) Amortised cost and interest income

Interest income is recognised using the efective interest

method for financial asets measured subsequently

at amortised cost. Interest income is calculated by

aplying the efective interest rate to the gros carying

amount of a financial aset, except for financial asets

that have subsequently become credit-impaired (se

below). For financial asets that have subsequently

become credit-impaired, interest income is recognised

by aplying the efective interest rate to the amortised

cost of the financial aset from the next reporting

period. If the credit risk on the credit-impaired financial

instrument improves so that the financial aset is no

longer credit-impaired, interest income is recognised by

aplying the efective interest rate to the gros carying

amount of the financial aset from the begining of the

reporting period folowing the determination that the

aset is no longer credit-impaired.

(i) Financial asets at FVTPL

Financial asets that do not met the criteria for being

measured at amortised cost are measured at FVTPL.

Financial asets at FVTPL are measured at fair value

at the end of each reporting period, with any fair value

gains or loses recognised in profit or los. The net gain

or los recognised in profit or los excludes any dividend

or interest earned on the financial aset and is included

in the “net unrealised los on listed/unlisted equity

investments at FVTPL” and “net realised los on disposal

of listed equity investment at FVTPL” line items.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产减值

本集团根据预期信贷亏损（「预期信贷亏损」）模

式对财务资产（包括按摊销成本计量之债务投资、

其他应收款项及按金、于其他金融机构的银行结

余及存款）进行减值评估。预期信贷亏损金额于

各报告日期更新，以反映信贷风险自初始确认以

来的变动。

全期预期信贷亏损指相关工具预期年期内所有可

能发生之违约事件所产生之预期信贷亏损。相反，

12个月预期信贷亏损（「12个月预期信贷亏损」）

指预计于报告日期后12个月内可能发生的违约事

件导致的部分全期预期信贷亏损。评估乃根据本

集团过往信贷亏损经验进行，并就债务人特定因

素、整体经济状况以及于报告日期之现时状况及

未来状况预测之评估作出调整。

就所有按摊销成本计量之财务资产而言，本集团

计量相当于12个月预期信贷亏损的亏损拨备，除

非自初始确认以来信贷风险显著上升，本集团则

确认全期预期信贷亏损。评估是否应该确认全期

预期信贷亏损乃基于初始确认以来违约可能性或

风险有否出现显著上升。

(i) 信贷风险显著增加

于评估信贷风险自初始确认以来是否显著

增加时，本集团会比较于报告日期金融工具

发生违约的风险与于初始确认日期金融工

具发生违约的风险。于作出有关评估时，本

集团会考虑合理及可靠之定量及定性资料，

包括过往经验及无须付出不必要成本或努

力便可获得之前瞻性资料。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets

The Group performs impairment asesment under expected

credit los (“ECL”) model on financial asets (including debt

investments measured at amortised cost, other receivables

and deposits, bank balances and deposits at other financial

institutions). The amount of ECL is updated at each reporting

date to reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that wil result from al

posible default events over the expected life of the relevant

instrument. In contrast, 12-month ECL (“12m ECL”) represents

the portion of lifetime ECL that is expected to result from

default events that are posible within 12 months after the

reporting date. Asesment are done based on the Group’s

historical credit los experience, adjusted for factors that are

specific to the debtors, general economic conditions and an

asesment of both the curent conditions at the reporting

date as wel as the forecast of future conditions.

For al financial asets at amortised cost, the Group

measures the los alowance equal to 12m ECL, unles when

there has ben a significant increase in credit risk since

initial recognition, the Group recognises lifetime ECL. The

asesment of whether lifetime ECL should be recognised is

based on significant increases in the likelihod or risk of a

default ocuring since initial recognition.

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group compares

the risk of a default ocuring on the financial instrument

as at the reporting date with the risk of a default

ocuring on the financial instrument as at the date of

initial recognition. In making this asesment, the Group

considers both quantitative and qualitative information

that is reasonable and suportable, including historical

experience and forward-loking information that is

available without undue cost or efort.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产减值（续）

(i) 信贷风险显著增加（续）

具体而言，在评估信贷风险是否显著增加时，

会考虑下列资料：

（倘可获得）或内部信

贷评级实际或预期显著恶化；

• 信贷风险之外部市场指标出现重大恶

化，如信贷息差、债务人信贷违约掉期

价格大幅上升；

、财务或经济状况发生或将会发生

不利变动，预期将导致债务人偿债能力

明显下降；

• 债务人的经营业绩实际或预期明显转

差；

、经济或技术环境实

际或预期发生重大不利变动，导致债务

人偿债能力显著下降。

不论上述评估结果如何，本集团假设倘合约

付款逾期超过30天，则信贷风险自初始确认

以来显著增加，除非本集团有能说明信贷风

险并无显著增加的合理可靠资料，则作别论。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets (continued)

(i) Significant increase in credit risk (continued)

In particular, the folowing information is taken into

acount when asesing whether credit risk has

increased significantly:

• an actual or expected significant deterioration in

the financial instrument’s external (if available) or

internal credit rating;

• significant deterioration in external market indicators

of credit risk, e.g. a significant increase in the credit

spread, the credit default swap prices for the debtor;

financial or economic conditions that are expected

to cause a significant decrease in the debtor’s

ability to met its debt obligations;

• an actual or expected significant deterioration in the

operating results of the debtor;

• an actual or expected significant adverse change

in the regulatory, economic, or technological

environment of the debtor that results in a

significant decrease in the debtor’s ability to met

its debt obligations.

Irespective of the outcome of the above asesment,

the Group presumes that the credit risk has increased

significantly since initial recognition when contractual

payments are more than 30 days past due, unles the

Group has reasonable and suportable information that

demonstrates otherwise.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产减值（续）

(i) 信贷风险显著增加（续）

尽管上文所述，倘一项债务工具于报告日期

被厘定为具有低信贷风险，则本集团假设该

项债务工具之信贷风险自初始确认以来并

无显著增加。在下列情况下，一项债务工具

被厘定为具有低信贷风险：i)其违约风险低；

i)借款人近期具充分之能力以履行合约现金

流量责任及i)长远经济及业务状况之不利

变动或会（但非必然）降低借款人之能力以

履行其合约现金流量责任。倘一项债务工具

之内部或外部信贷评级为国际通用之「投资

评级」，则本集团认为该债务工具拥有低信

贷风险。

本集团定期监控用以确定信贷风险有否显

著增加的标准的有效性，且修订标准（如适

当）来确保标准能在金额逾期前识别信贷风

险显著增加。

(i) 违约的定义

就内部信贷风险管理而言，本集团认为，违

约事件在内部制订或得自外界来源的资料

显示债务人不大可能悉数向债权人（包括本

集团）还款（未计及本集团所持任何抵押品）

时发生。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets (continued)

(i) Significant increase in credit risk (continued)

Despite the aforegoing, the Group asumes that the

credit risk on a debt instrument has not increased

significantly since initial recognition if the debt instrument

is determined to have low credit risk at the reporting

date. A debt instrument is determined to have low credit

risk if i) it has a low risk of default, i) the borower

has a strong capacity to met its contractual cash flow

obligations in the near term and i) adverse changes in

economic and busines conditions in the longer term

may, but wil not necesarily, reduce the ability of the

borower to fulfil its contractual cash flow obligations. The

Group considers a debt instrument to have low credit

risk when it has an internal or external credit rating of

‘investment grade’ as per globaly understod definitions.

The Group regularly monitors the efectivenes of

the criteria used to identify whether there has ben a

significant increase in credit risk and revises them as

apropriate to ensure that the criteria are capable of

identifying significant increase in credit risk before the

amount becomes past due.

(i) Definition of default

For internal credit risk management, the Group considers

an event of default ocurs when information developed

internaly or obtained from external sources indicates

that the debtor is unlikely to pay its creditors, including

the Group, in ful (without taking into acount any

colaterals held by the Group).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产减值（续）

(i) 违约的定义（续）

尽管如此，本集团认为倘财务资产逾期超过

90天，则发生违约，除非本集团有合理可靠

资料可证明更宽松的违约标准属合适，则作

别论。

(i) 信贷减值财务资产

财务资产在一项或以上事件（对该财务资产

估计未来现金流量构成不利影响）发生时出

现信贷减值。财务资产出现信贷减值的证据

包括有关下列事件的可观察数据：

(a) 发行人或借款人发生重大财务困难；

(b) 违反合约，例如违约或逾期事件；

难的经济或合约理由而向借款人批出

贷款人于其他情况下不会考虑的优惠；

(d) 借款人将可能陷入破产或其他财务重

组；或

(e) 该财务资产的活跃市场因财务困难而

消失。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets (continued)

(i) Definition of default (continued)

Irespective of the above, the Group considers that

default has ocured when a financial aset is more

than 90 days past due unles the Group has reasonable

and suportable information to demonstrate that a more

laging default criterion is more apropriate.

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more

events that have a detrimental impact on the estimated

future cash flows of that financial aset have ocured.

Evidence that a financial aset is credit-impaired includes

observable data about the folowing events:

(a) significant financial dificulty of the isuer or the

borower;

(b) a breach of contract, such as a default or past due

event;

contractual reasons relating to the borower’s

financial dificulty, having granted to the borower a

concesion(s) that the lender(s) would not otherwise

consider;

(d) it is becoming probable that the borower wil enter

bankruptcy or other financial reorganisation; or

(e) the disapearance of an active market for that

financial aset because of financial dificulties.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产减值（续）

(iv) 撇销政策

当有资料显示交易对手方有严重财务困难

及并无实际可收回希望，本集团会撇销财务

资产。根据本集团收回程序并考虑法律建议

（如适用），已撇销财务资产可能仍受到执法

活动之约束。一项撇销构成一项终止确认事

件。任何其后收回均于损益中确认。

(v) 预期信贷亏损的计量与确认

计量预期信贷亏损起到计算违约概率、违约

损失率（即违约时的损失程度）及违约风险

的作用。评估违约概率及违约损失率乃基于

经前瞻性资料进行调整的历史数据。预期信

贷亏损的估计反映无偏颇及概率加权数额，

其乃根据加权的相应违约风险而厘定。

一般而言，预期信贷亏损为根据合约应付本

集团的所有合约现金流量与本集团预期将

收取按初始确认时厘定的实际利率贴现的

现金流量之间的差额。

若干其他应收款项之全期预期信贷亏损经

考虑逾期资料及前瞻性宏观经济资料等相

关信贷资料后按整体基准考虑。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets (continued)

(iv) Write-of policy

The Group writes of a financial aset when there is

information indicating that the counterparty is in severe

financial dificulty and there is no realistic prospect of

recovery. Financial asets writen of may stil be subject

to enforcement activities under the Group’s recovery

procedures, taking into acount legal advice where

apropriate. A write-of constitutes a derecognition event.

Any subsequent recoveries are recognised in profit or

los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability

of default, los given default (i.e. the magnitude of the

los if there is a default) and the exposure at default.

The asesment of the probability of default and los

given default is based on historical data adjusted by

forward-loking information. Estimation of ECL reflects

an unbiased and probability-weighted amount that is

determined with the respective risks of default ocuring

as the weights.

Generaly, the ECL is the diference betwen al

contractual cash flows that are due to the Group in

acordance with the contract and the cash flows that

the Group expects to receive, discounted at the efective

interest rate determined at initial recognition.

Lifetime ECL for certain other receivables are considered

on a colective basis taking into consideration past due

information and relevant credit information such as

forward loking macroeconomic information.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务资产（续）

财务资产减值（续）

(v) 预期信贷亏损的计量与确认（续）

就整体评估而言，本集团订立组别时考虑以

下特征：

、规模及行业；及

（倘有）。

管理层定期检讨分类的方法，以确保各类别

的组成部分仍然具有类似的信贷风险特征。

利息收入乃根据财务资产之总账面值计算，

除非财务资产出现信贷减值，在此情况下，

利息收入根据财务资产之摊销成本计算。

本集团透过调整账面值就所有金融工具于

损益中确认减值收益或亏损。

终止确认财务资产

本集团仅在收取资产现金流量的合约权利届满时

终止确认该财务资产。

终止确认按摊销成本计量的财务资产时，资产账

面值与已收及应收代价之和之间的差额于损益中

确认。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial asets (continued)

Impairment of financial asets (continued)

(v) Measurement and recognition of ECL (continued)

For colective asesment, the Group takes into

consideration the folowing characteristics when

formulating the grouping:

;

, size and industry of debtors; and

• External credit ratings where available.

The grouping is regularly reviewed by management to

ensure the constituents of each group continue to share

similar credit risk characteristics.

Interest income is calculated based on the gros carying

amount of the financial aset unles the financial aset

is credit-impaired, in which case interest income is

calculated based on amortised cost of the financial

aset.

The Group recognises an impairment gain or los in

profit or los for al financial instruments by adjusting

their carying amount.

Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire.

On derecognition of a financial aset measured at amortised

cost, the diference betwen the aset’s carying amount

and the sum of the consideration received and receivable is

recognised in profit or los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

金融工具（续）

财务负债及权益

分类为债务或权益

债务及股本工具乃根据合约安排之实际内容及财

务负债与股本工具之释义分类为财务负债或股本。

股本工具

股本工具是指在扣除所有负债后证明实体于资产

的剩余权益的任何合约。本公司发行的股本工具

按已收所得款项扣除直接发行成本确认。

按摊销成本计量的财务负债

财务负债包括应付保证金、其他应付款项及应计

费用，其后以实际利率法按摊销成本计量。

终止确认财务负债

当且仅当本集团的义务被解除、取消或到期时，

本集团才终止确认财务负债。终止确认的财务负

债的账面值与已付和应付的代价之间的差额于损

益中确认。

现金及现金等价物

现金及现金等价物指于银行及手头之现金、存放

于银行及其他财务机构之活期存款，及可即时转

换为已知数额现金、价值变动风险不重大及于购

入时为于三个月内到期之短期高流动性投资。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Financial instruments (continued)

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either financial

liabilities or as equity in acordance with the substance of the

contractual arangements and the definitions of a financial

liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual

interest in the asets of an entity after deducting al of its

liabilities. Equity instruments isued by the Company are

recognised at the proceds received, net of direct isue costs.

Financial liabilities at amortised cost

Financial liabilities including margin payables, other payables

and acruals are subsequently measured at amortised cost,

using the efective interest method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only

when, the Group’s obligations are discharged, canceled or

have expired. The diference betwen the carying amount of

the financial liability derecognised and the consideration paid

and payable is recognised in profit or los.

Cash and cash equivalents

Cash and cash equivalents represent cash at bank and

on hand, demand deposits with banks and other financial

institution, and short-term liquid investments which are readily

convertible into known amounts of cash and subject to an

insignificant risk of change in value, having ben within thre

months of maturity at acquisition.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

关连人士

就此等财务报表而言，关连人士包括下文所界定

之个人及实体：

(a) 倘属以下人士，即该人士或该人士之近亲家

庭成员与本集团有关连：

(i) 控制或共同控制本集团；

(i) 对本集团有重大影响力；或

(i) 为本公司或本集团母公司的关键管理

人员。

(b) 倘符合下列条件，即实体与本集团（呈报实

体）有关连：

(i) 该实体与本公司是同一集团成员（即母

公司、子公司及同级子公司相互关连）；

(i) 一实体是另一实体之联营公司或合营

企业（或另一实体为成员公司之集团旗

下成员公司之联营公司或合营企业）；

(i) 实体均为第三方实体之合营企业；

(iv) 一实体是第三方实体之合营企业，另一

实体则为第三方实体之联营公司；

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Related parties

For the purposes of these financial statements, related parties

include a person and entity as defined below:

(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 Company or of the Group’s parent.

(b) An entity is related to the Group (reporting entity) if any

of the folowing conditions aplies:

(i) the entity and the Company are members of

the same group (which means that each parent,

subsidiary and felow subsidiary is related to the

others);

(i) either entity is an asociate or joint venture of the

other entity (or of a member of a group of which

the other entity is a member);

(i) both entities are joint ventures of a third entity;

(iv) one entity is a joint venture of a third entity and the

other entity is an asociate of the third entity;

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

关连人士（续）

(b) 倘符合下列条件，即实体与本集团（呈报实

体）有关连：（续）

(v) 该实体是为本公司或作为本公司关连

实体之雇员福利所设立之离职后福利

计划。如果呈报实体本身为离职后福利

计划，提供资助之雇主与该计划也互为

关连；

(vi) 该实体被(a)项提及之人士控制或共同

控制；

(vi) (a)(i)项提及之人士对该实体有重大影

响力，或属该实体（或该实体的母公司）

之关键管理人员；或

(vi) 该实体或其所属集团之任何成员公司

向本公司或本集团母公司提供主要管

理人事服务。

某一人士的近亲家属成员指预期在与该实

体的交易中影响该人士或受该人士影响的

家属成员并包括：

(i) 该名人士的子女及配偶或家庭伴侣；

(i) 该名人士的配偶或家庭伴侣的子女；或

(i) 该名人士或该名人士的配偶或家庭伴

侣的受养人。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Related parties (continued)

(b) An entity is related to the Group (reporting entity) if any

of the folowing conditions aplies: (continued)

(v) the entity is a post-employment benefit plan for the

benefit of employes of either the Company or an

entity related to the Company. If the reporting entity

is itself such a plan, the sponsoring employers are

also related to the plan;

(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); or

(vi) the entity, or any member of a group of which it is a

part, provides key management personel services

to the Company or the Group’s parent.

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:

(i) that person’s children and spouse or domestic

partner;

(i) children of that person’s spouse or domestic

partner; or

(i) dependents of that person or that person’s spouse

or domestic partner.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

或然资产╱负债

或然资产

或然资产生自非计划或其他意外事件，其可能

为本集团带来经济利益流入，且不会于综合财务

报表内确认。本集团持续评估或然资产的发展。

倘实际上确定将会产生经济利益流入，则本集团

于出现变动的报告期间于综合财务报表确认资产

及相关收入。

或然负债

或然负债指因过往事件引致之现时责任，但因需

要流出具有经济利益之资源以履行责任的可能性

不大或责任金额不能足够可靠地计量而未有确认。

倘本集团须共同及个别承担责任，则预期由其他

方履行的责任部分会被视为或然负债，而不会于

综合财务报表确认。

本集团持续评估以厘定具有经济利益的资源流出

是否可能。倘先前作为或然负债处理的项目可能

须流出未来经济利益，则于发生可能性变动的报

告期间于综合财务报表确认拨备，惟在极端罕见

的情况下无法作出可靠估计则除外。

3. SUMARY OF MATERIAL ACOUNTING

POLICIES (continued)

Contingent asets/liabilities

Contingent asets

Contingent asets arise from unplaned or other unexpected

events that give rise to the posibility of an inflow of

economic benefits to the Group and they are not recognised

in the consolidated financial statements. The Group aseses

continualy the development of contingent asets. If it has

become virtualy certain that an inflow of economic benefits

wil arise, the Group recognises the aset and the related

income in the consolidated financial statements in the

reporting period in which the change ocurs.

Contingent liabilities

A contingent liability is a present obligation arising from

past events but is not recognised because it is not probable

that an outflow of resources embodying economic benefits

wil be required to setle the obligation or the amount of the

obligation canot be measured with suficient reliability.

Where the Group is jointly and severaly liable for an

obligation, the part of the obligation that is expected to be

met by other parties is treated as a contingent liability and it

is not recognised in the consolidated financial statements.

The Group aseses continualy to determine whether an

outflow of resources embodying economic benefits has

become probable. If it becomes probable that an outflow

of future economic benefits wil be required for an item

previously dealt with as a contingent liability, a provision is

recognised in the consolidated financial statements in the

reporting period in which the change in probability ocurs,

except in the extremely rare circumstances where no reliable

estimate can be made.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

4. 重大会计判断及估计不明朗因素之主要

来源

采用附注3所述本集团之会计政策时，本公司董

事须就难以自其他来源确定之资产及负债之账面

值作判断、估计及假设。该等估计及有关假设乃

根据过往经验及其他视为相关之因素而作出。实

际结果与该等估计或有差异。

各项估计及相关假设会持续检讨。倘会计估计之

修订仅影响修订该估计之期间，有关修订则会在

该期间确认，或倘修订对当前及未来期间均有影

响，则在作出修订期间及未来期间确认。

应用会计政策的关键判断

除关于估计的判断外，以下是董事于应用对综合

财务报表确认金额有最重大影响之本集团会计政

策之关键性判断。

4. CRITICAL ACOUNTING JUDGMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

In the aplication of the Group’s acounting policies, which

are described in note 3, the directors of the Company are

required to make judgments, estimates and asumptions

about the carying amounts of asets and liabilities that are

not readily aparent from other sources. The estimates and

asociated asumptions are based on historical experience

and other factors that are considered to be relevant. Actual

results may difer from these estimates.

The estimates and underlying asumptions are reviewed on

an on-going basis. Revisions to acounting estimates are

recognised in the period in which the estimate is revised if

the revision afects only that period, or in the period of the

revision and future periods if the revision afects both curent

and future periods.

Critical judgments in aplying acounting policies

The folowings are the critical judgments, apart from those

involving estimations, that the directors have made in the

proces of aplying the Group’s acounting policies and that

have the most significant efect on the amounts recognised in

the consolidated financial statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

4. 重大会计判断及估计不明朗因素之主要

来源（续）

应用会计政策的关键判断（续）

于非上市股本证券之投资分类

于非上市股本证券之若干投资并未分类为联营公

司或以权益法记账，尽管本集团拥有或可能拥有

该等投资超过20%拥有权。董事认为，本集团对

该等投资并无重大影响力，因为本集团与各被投

资公司已订立相关协议定下列事项：

－本集团并无委派任何代表加入该等投资之

董事会或同等监管组织；

－本集团并无参与政策制定过程，包括参与股

息或其他分派之决定；及

－本集团并无与该等投资交换任何管理人员。

由于本集团并无就达成上述任何事项作出行动，

故不视为对有关投资具重大影响力。因此，该等

投资不被视为本集团之联营公司。

4. CRITICAL ACOUNTING JUDGMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

(continued)

Critical judgments in aplying acounting policies

(continued)

Clasification of investments in unlisted equity

securities

Certain investments in unlisted equity securities are not

clasified as an asociate nor acounted for using equity

method, even though the Group owns or potentialy owns

more than 20% ownership interest in those investments. In the

opinion of the directors, the Group has no significant influence

over those investments since the Group and each of the

investe entered into a relevant agrement to conclude the

folowings:

– the Group did not have any representative on the board

of directors or equivalent governing body of those

investments;

– the Group did not participate in policy-making proceses,

including participation in decisions about dividends or

other distributions; and

– the Group did not interchange any managerial personel

with those investments.

As the Group did not act to fulfil any one of the isues stated

above, it does not consider as having significant influence on

the investments. Hence, those investments are not considered

as the asociate of the Group.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

4. 重大会计判断及估计不明朗因素之主要

来源（续）

应用会计政策的关键判断（续）

预期信贷亏损计量的信贷风险显著增加

诚如附注3所述，本集团监察所有需作减值测试

的财务资产，以评估其于初步确认起信贷风险是

否显著增加。倘信贷风险显著增加，本公司将根

据全期而非12个月预期信贷亏损计量亏损拨备。

香港财务报告准则第9号并无界定信贷风险显著

增加的构成要素。于评估一项资产的信贷风险是

否显著增加时，本集团考虑定性及定量的合理可

靠前瞻性资料，当中涉及重大判断。有关评估信

贷风险是否大幅增加所考虑的资料载于附注3「财

务资产减值」及附注6。

估计不明朗因素之主要来源

有关日后的主要假设以及于报告期末时存在重大

风险导致于下一个财政年度对资产及负债的账面

值作重大调整的其他主要估计不明朗因素来源在

下文论述。

公平值计量及估值过程

本集团若干资产乃按公平值计量以用于财务申报

目的。本公司管理层就公平值计量厘定适用估值

技术及输入数据。

4. CRITICAL ACOUNTING JUDGMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

(continued)

Critical judgments in aplying acounting policies

(continued)

Significant increase in credit risk in measurement of

ECL

As explained in note 3, the Group monitors al financial asets

that are subject to impairment requirements to ases whether

there has ben a significant increase in credit risk since initial

recognition. If there has ben a significant increase in credit

risk, the Company wil measure the los alowance based on

lifetime rather than 12m ECL. HKFRS 9 does not define what

constitutes a significant increase in credit risk. In asesing

whether the credit risk of an aset has significantly increased

the Group takes into acount qualitative and quantitative

reasonable and suportable forward-loking information with

significant judgments involved. Information that wil be taken

into acount when asesing whatever there is significant

increase in credit risks are set out in “Impairment of financial

asets” in note 3 and note 6.

Key sources of estimation uncertainty

The folowings 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.

Fair value measurements and valuation proceses

Some of the Group’s asets are measured at fair value

for financial reporting purposes. The management of the

Company determines the apropriate valuation techniques

and inputs for fair value measurements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

4. 重大会计判断及估计不明朗因素之主要

来源（续）

估计不明朗因素之主要来源（续）

公平值计量及估值过程（续）

估计资产或负债的公平值时，本集团使用可用市

场可观察数据（倘其可用）。就第三级项下存在重

大不可观察输入数据的工具而言，本集团会委聘

独立专业估值师进行估值。本公司管理层会与独

立专业估值师紧密合作，制订合适之估值技术及

模式输入数据。本公司管理层向本公司董事会呈

报估值的调查结果，以解释资产及负债公平值波

动的原因。

本集团采用包括并非以可观察市场数据为依据的

输入数据在内的估值技术估计若干类别金融工具

的公平值。附注7提供有关厘定多项资产及负债

公平值所用的估值技术、输入数据及主要假设的

详尽资料。

按摊销成本计量的财务资产减值

本公司董事根据有关金融工具的信贷风险，估计

按摊销成本计量的财务资产预期信贷亏损的亏损

拨备金额。亏损拨备金额按资产账面值与估计未

来现金流量现值的差额计量，并考虑有关金融工

具的预计未来信贷亏损。评估有关金融工具的信

贷风险及预期现金流量涉及较大程度的估计及不

确定因素。若实际未来现金流量少于或高于预期，

可能会因此产生重大减值计提或重大减值计提拨

回。有关按摊销成本计量之财务资产之预期信贷

亏损的资料于综合财务报表相关附注披露。

4. CRITICAL ACOUNTING JUDGMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

(continued)

Key sources of estimation uncertainty (continued)

Fair value measurements and valuation proceses

(continued)

In estimating the fair value of an aset or a liability, the Group

uses market-observable data to the extent it is available.

For instruments with significant unobservable inputs under

Level 3, the Group engages independent profesional valuer

to perform the valuation. The management of the Company

works closely with the independent profesional valuer to

establish the apropriate valuation techniques and inputs

to the model. The management of the Company reports the

valuation findings to the board of directors of the Company to

explain the cause of fluctuations in the fair value of the asets

and liabilities.

The Group uses valuation technique that include inputs that

are not based on observable market data to estimate the fair

value of certain types of financial instruments. Note 7 provides

detailed information about the valuation technique, inputs and

key asumptions used in the determination of the fair value of

various asets and liabilities.

Impairment of financial asets at amortised cost

The directors of the Company estimate the amount of los

alowance for ECL on financial asets at amortised cost

based on the credit risk of the respective financial instrument.

The los alowance amount is measured as the diference

betwen the aset’s carying amount and the present value of

estimated future cash flows with the consideration of expected

future credit los of the respective financial instrument. The

asesment of the credit risk and therefore expected cash

flows of the respective financial instrument involves a high

degre of estimation and uncertainty. When the actual future

cash flows are les than expected or more than expected,

a material impairment charges or a material reversal of

impairment charges may arise, acordingly. The information

about the ECL on the financial asets at amortised cost are

disclosed in respective notes to the consolidated financial

statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

4. 重大会计判断及估计不明朗因素之主要

来源（续）

估计不明朗因素之主要来源（续）

按摊销成本计量的财务资产减值（续）

因应香港财务报告准则第9号的规定，本公司董

事负责制定及维持计量预期信贷亏损的流程，包

括监察信贷风险、纳入前瞻性资料及计量预期信

贷亏损的方法；以及确保本集团设有政策及程序，

以恰当地维持并验证用于评估及计量预期信贷亏

损的模型。

纳入前瞻性资料

本集团雇用外聘估值师，采用外部及内部资料产

生（包含相关经济可变因素）的未来预测的情况。

所用之内部及外部资料包括本集团的过往数据及

政府机关及金融监管机构分别刊发的经济数据及

预测。因此，当计量预期信贷亏损时，本集团选择

及使用在无须过多成本或努力情况下可获得的合

理可靠前瞻性资料进行评估，该等资料则基于对

不同经济推动因素的未来变动及该等推动因素的

相互影响及关连性的假设及估计。

预期信贷亏损计量

违约概率（「违约概率」）是预期信贷亏损计量的

重要输入数据。违约概率是对未来一定时期内发

生违约事件的可能性的估计，其乃根据管理层判

断所选择的合理恰当数据评级模型计算。该等数

据模型乃基于市场数据（如适用）及由包括过往

数据及未来状况的假设及预期在内的定量及定性

因素组成的内部数据。管理层收集该资料及调整

数据以反映无须过多成本或努力情况下使用合理

和可靠概率加权前瞻性资料。

4. CRITICAL ACOUNTING JUDGMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

(continued)

Key sources of estimation uncertainty (continued)

Impairment of financial asets at amortised cost

(continued)

In response to the requirements of HKFRS 9, the directors of

the Company is responsible in developing and maintaining the

proceses for measuring ECL including monitoring of credit

risk, incorporation of forward loking information and the

method used to measure ECL; and ensuring that the Group

has policies and procedures in place to apropriately maintain

and validate models used to ases and measure ECL.

Incorporation of forward-loking information

The Group employs external valuer who use external and

internal information to generate scenario of future forecast

of relevant economic variables. The internal and external

information used includes the historical data of the Group

and economic data and forecasts published by governmental

bodies and monetary authorities respectively. Acordingly,

when measuring ECL the Group selects and uses reasonable

and suportable forward-loking information available without

undue cost or efort in its asesment, which is based on

asumptions and estimates for the future movement of

diferent economic drivers and how these drivers wil afect

each other as wel as the corelation.

Measurement of ECL

Probability of default (“PD”) constitutes a key input in

measuring ECL. PD is an estimate of the likelihod of

default over a given time horizon, the calculation is based

on reasonable and apropriate statistical rating models

selected by the management with judgments. These statistical

models are based on market data (where available), as

wel as internal data comprising both quantitative and

qualitative factors which includes historical data, asumptions

and expectations of future conditions. The management

gathers this information and adjust the data to reflect

probability-weighted forward-loking information that is

reasonable and suportable available without undue cost or

efort.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

4. 重大会计判断及估计不明朗因素之主要

来源（续）

估计不明朗因素之主要来源（续）

按摊销成本计量的财务资产减值（续）

预期信贷亏损计量（续）

违约亏损（「违约亏损」）是对违约产生的亏损的

估计，乃基于到期合约现金流量与贷款人预期收

到的现金流量之间的差额。于评估分类为阶段3

之信贷减值财务资产之全期预期信贷亏损时，本

集团根据本集团的过往信贷亏损经验进行评估，

并按照债务人或借款人的特定因素、整体经济状

况、报告日期当时状况和未来状况预测进行调整，

当中涉及重大判断。本集团定期检讨估计未来现

金流量之金额及产生时间所用的方法及假设，以

减少亏损估计与实际亏损之间的重大差额。

有关信贷风险敞口及预期信贷亏损的资料详情载

于综合财务报表附注6。

5. 资金风险管理

本集团管理其资本，确保本集团旗下实体能持续

经营，同时透过优化债务与权益间之平衡，为股

东带来最大回报。本集团整体策略于过往年度维

持不变。

本集团之资本结构包括现金及现金等价物以及由

已发行股本与储备组成之本公司拥有人应占权益。

董事藉考虑资本成本及资本相关风险，审阅资本

结构。有鉴于此，本集团将透过发行新股以及发

行新债，平衡其整体资本结构。

4. CRITICAL ACOUNTING JUDGMENTS AND

KEY SOURCES OF ESTIMATION UNCERTAINTY

(continued)

Key sources of estimation uncertainty (continued)

Impairment of financial asets at amortised cost

(continued)

Measurement of ECL (continued)

Los Given Default (“LGD”) is an estimate of the los

arising on default. It is based on the diference betwen

the contractual cash flows due and those that the lender

would expect to receive. In asesing the lifetime ECL on

credit-impaired financial asets clasified as stage 3, the

Group performs the asesment based on the Group’s

historical credit los experience, adjusted for factors that

specific to the debtors or borowers, general economic

conditions and both the curent conditions at the reporting

date as wel as the forecast of future conditions with

significant judgments involved. The methodology and

asumptions used for estimating both the amount and

timing of future cash flows are reviewed regularly to reduce

material diferences betwen los estimates and actual los

experience.

Details information with regard to the exposure to credit risk

and ECLs are set out in note 6 to the consolidated financial

statements.

5. CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in

the Group wil be able to continue as going concern while

maximising the return to shareholders through the optimisation

of the debt and equity balance. The Group’s overal strategy

remains unchanged from prior years.

The capital structure of the Group consists of cash and cash

equivalents and equity atributable to owners of the Company,

comprising isued share capital and reserves.

The directors review the capital structure by considering the

cost of capital and the risks asociated with capital. In view

of this, the Group wil balance its overal capital structure

through new shares isues as wel as the isue of new debt.

Financial assets at FVTPL	Financial assets at amortised cost	Financial liabilities at amortised cost	Total
以公平值计入损益账之财务资产	按摊销成本计量之财务资产	按摊销成本计量之财务负债	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
–	41,922	–	41,922
106,453	–	–	106,453
–	5,885	–	5,885
–	6,435	–	6,435
106,453	54,242	–	160,695
–	–	6,629	6,629
–	–	727	727
–	–	7,356	7,356

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

6. 金融工具

金融工具之分类

于报告期末，各类别金融工具之账面值如下：

6. FINANCIAL INSTRUMENTS

Categories of financial instruments

The carying amounts of each of the categories of financial

instruments as at the end of the reporting period are as

folows:

2025二零二五年

Debt investments measured at amortised cost按摊销成本计量之债务投资

Equity investments at FVTPL以公平值计入损益账之股本投资

Other receivables and deposits其他应收款项及按金

Cash and cash equivalents现金及现金等价物

Amount due to brokers应付经纪款项

Other payables and acruals其他应付款项及应计费用

Financial

asets at

FVTPL

Financial

asets at

amortised

cost

Financial

liabilities at

amortised

costTotal

以公平值

计入损益账

之财务资产

按摊销成本

计量之

财务资产

按摊销成本

计量之

财务负债总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

2024二零二四年

Debt investments measured at amortised cost按摊销成本计量之债务投资–44,817–44,817

Equity investments at FVTPL以公平值计入损益账之股本投资110,472–110,472

Other receivables and deposits其他应收款项及按金–5,854–5,854

Cash and cash equivalents现金及现金等价物–7,112–7,112

110,47257,783–168,255

Amount due to brokers应付经纪款项–6,2186,218

Other payables and acruals其他应付款项及应计费用–3,2073,207

–9,4259,425

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

财务风险管理目标及政策

本集团之主要金融工具包括以公平值计入损益账

之股本投资、按摊销成本计量之债务投资、其他

应收款项及按金、现金及现金等价物、其他应付

款项及应计费用以及应付保证金。该等金融工具

之详情于各自附注披露。与该等金融工具有关之

风险及本集团就减轻该等风险所应用之政策载列

如下。管理层会监察该等风险，以确保及时有效

地实施合适措施。

外币风险

由于本集团的所有交易以本公司及其附属公司之

功能货币港元计值，故本集团并无承担重大外币

风险。

利率风险

本集团现金流量利率风险主要集中于以浮动利率

计息之银行结余。本集团现时并无利率风险对冲

政策。然而，管理层会监察利率风险，并将于有需

要时考虑对冲重大的利率风险。

敏感度分析

董事认为本集团属短期性质之银行结余所面临之

利率风险并不重大，因此并无呈列敏感度分析。

股票价格风险

本集团股票价格风险与持作买卖上市证券（计入

以公平值计入损益账之上市股本投资）所产生之

股票价格变动有关。本集团持作买卖上市证券于

联交所上市。上市证券的买卖决定由指定的投资

经理负责，并受到特定的投资指引所监管。本集

团之股票价格风险主要集中于联交所报价的3个

（二零二四年：3个）行业运作的股本证券。

6. FINANCIAL INSTRUMENTS (continued)

Financial risk management objectives and policies

The Group’s major financial instruments include equity

investments at FVTPL, debt investments measured at

amortised cost, other receivables and deposits, cash and

cash equivalents, other payables and acruals, and margin

payables. Details of these financial instruments are disclosed

in the respective notes. The risks asociated with these

financial instruments and the policies aplied by the Group to

mitigate these risks are set out below. Management monitors

these exposures to ensure apropriate measures are

implemented in a timely and efective maner.

Foreign curency risk

The Group is not exposed to significant foreign curency

risk as the al of its transactions are denominated in HK$,

functional curency of the Company and its subsidiaries.

Interest rate risk

The Group’s cash flow interest rate risk is mainly concentrated

on the bank balances caried at floating interest rate. The

Group curently does not have a hedge policy against the

interest rate exposure. However, the management monitors

interest rate exposure and wil consider the hedging significant

interest rate exposure as neded.

Sensitivity analysis

The directors consider that the Group’s exposure to interest

rate risk of bank balances, which are short term in nature, is

insignificant, acordingly no sensitivity analysis is presented.

Equity price risk

The Group’s equity price risk relates to equity price changes

arising from listed securities held for trading stated in listed

equity investments at FVPL. The Group’s listed securities held

for trading are listed on the Stock Exchange. Decisions to buy

and sel listed securities are rested with asigned investment

managers and governed by specific investment guidelines.

The Group’s equity price risk is mainly concentrated on equity

securities operating in 3 (2024: 3) sectors quoted in the Stock

Exchange.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

敏感度分析

倘于二零二五年三月三十一日本集团持有作为

以公平值计入损益账之上市股本投资之有关投

资的价格增加或减少5%（二零二四年：5%），本

集团截至二零二五年三月三十一日止年度之亏

损将减少或增加约4,980,000港元（二零二四年：

5,210,000港元）。

信贷风险及减值评估

信贷风险指本集团的对手方违反其合约责任而导

致本集团蒙受财务损失的风险。本集团的信贷风

险主要来自按摊销成本计量之债务投资、其他应

收款项及按金、于其他金融机构的银行结余及存

款。本集团并无持有任何抵押品或其他信贷增强

措施，以弥补其与财务资产有关的信贷风险。

本集团对处于预期信贷亏损模式下的财务资产进

行减值评估。有关本集团的信贷风险管理、最大

信贷风险敞口及相关的减值评估（如适用）的资

料概述如下：

按摊销成本计量之债务投资

本集团投资香港上市公司发行之非上市债券，故

承担信贷风险。本集团透过内部程序管理债务投

资之信贷风险，于作出预付款项前调查各对手方

之信贷质素。本集团亦积极监控各发行人尚未偿

还的金额并根据过往逾期资料评估信贷风险自初

始确认以来是否大幅增加。

其他应收款项及按金

对于其他应收款项及按金，本公司董事根据历史

结算记录、过往经验以及定量及定性资料（属合

理及支持性的前瞻性资料），定期对其他应收款

项及按金的可收回性进行个别评估。本集团积极

监控各债务人尚未偿还的金额并根据过往逾期资

料评估信贷风险自初始确认以来是否大幅增加。

6. FINANCIAL INSTRUMENTS (continued)

Sensitivity analysis

If the price of the respective investments held by the Group

as listed equity investments at FVTPL were higher or lower

by 5% as at 31 March 2025 (2024: 5%), the Group’s los for

the year ended 31 March 2025 would decrease or increase by

aproximately HK$4,980,000 (2024: HK$5,210,000).

Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s counterparties

default on their contractual obligations resulting in financial

loses to the Group. The Group’s credit risk exposures

are primarily atributable to debt investments measured at

amortised cost, other receivables and deposits, bank balances

and deposits at other financial institutions. The Group does

not hold any colateral or other credit enhancements to cover

its credit risks asociated with its financial asets.

The Group performed impairment asesment for financial

asets under ECL model. Information about the Group’s credit

risk management, maximum credit risk exposures and the

related impairment asesment, if aplicable, are sumarised

as below:

Debt investments measured at amortised cost

The Group invested in unlisted bonds isued by listed

companies in Hong Kong which exposed to credit risk.

The credit risk of debt investments is managed through an

internal proces. The credit quality of each counterparty is

investigated before an advance is made. The Group also

actively monitors the outstanding amounts owed by the isuer

and uses past due information to ases whether credit risk

has increased significantly since initial recognition.

Other receivables and deposits

For other receivables and deposits, the directors of the

Company make periodic individual asesment on the

recoverability of other receivables and deposits based on

historical setlement records, past experience, and also

quantitative and qualitative information that is reasonable and

suportive forward-loking information. The Group actively

monitors the outstanding amounts owed by each debtor and

uses past due information to ases whether credit risk has

increased significantly since initial recognition.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

信贷风险及减值评估（续）

银行结余及于其他金融机构的存款

由于对手方为获国际信贷评级机构评级为高信贷

评级的信誉良好之银行，故银行结余之信贷风险

有限。本集团参考有关外部信贷评级机构发布的

相应信贷评级等级的违约概率及损失的资料，评

估了银行结余之12个月预期信贷亏损。根据平均

损失率，银行结余之12个月预期信贷亏损被认为

是微不足道的。

经考虑对手方良好的市场声誉及高信贷评级，于

其他金融机构存款的信贷风险被视为并不重大。

本集团的内部信贷风险评级评估包括以下类别：

6. FINANCIAL INSTRUMENTS (continued)

Credit risk and impairment asesment (continued)

Bank balances and deposits at other financial

institutions

Credit risk on bank balances is limited because the

counterparties are reputable banks with high credit ratings

asigned by international credit agencies. The Group

asesed 12m ECL for bank balances by reference to

information relating to probability of default and los given

default of the respective credit rating grades published by

external credit rating agencies. Based on the average los

rates, the 12m ECL on bank balances is considered to be

insignificant.

Credit risk for deposits at other financial institutions

is considered as not material taking into acount the

god market reputations and high credit ratings of the

counterparties.

The Group’s internal credit risk grading asesment comprises

the folowing categories:

Internal

credit ratingDescription

Financial asets

at amortised cost

内部信贷评级描述

按摊销成本计量的

财务资产

Low riskThe counterparty has a low risk of default and does not have

any past-due amounts

12m ECL

低风险对手方的违约风险较低，并无任何逾期金额12个月预期信贷亏损

Watch listDebtor frequently repays after due dates but usualy setle in ful12m ECL

观察名单债务人经常于到期日后还款，但通常全额付清12个月预期信贷亏损

DoubtfulThere have ben significant increases in credit risk since

initial recognition through information developed internaly

or external resources

Lifetime ECL –

not credit-impaired

存疑通过内部或外部资源得出的资料，了解到自初步确认以来信贷风险显著增加全期预期信贷亏损－

无信贷减值

LosThere is evidence indicating the aset is credit-impairedLifetime ECL –

credit-impaired

损失有证据表明该资产已出现信贷减值全期预期信贷亏损－

信贷减值

Write-ofThere is evidence indicating that the debtor is in severe financial

dificulty and the Group has no realistic prospect of recovery

Amount is writen of

撇销有证据表明债务人处于严重的财务困难及本集团并无实际的收回前景撇销金额

2025
二零二五年
Gross carrying amount	Loss allowance
账面总值	亏损拨备
HK$’000	HK$’000
千港元	千港元
51,195	9,273
27	–
19,726	13,868
300	300
6,078	–
357	–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

信贷风险及减值评估（续）

下表详列本集团须进行预期信贷亏损评估的财务

资产的信贷风险：

6. FINANCIAL INSTRUMENTS (continued)

Credit risk and impairment asesment (continued)

The tables below detail the credit risk exposures of

the Group’s financial asets which are subject to ECL

asesment:

二零二四年

External

credit rating

Internal

credit rating12m or lifetime ECL

Gros

carying

amount

Los

alowance

外部信贷评级内部信贷评级

12个月或全期

预期信贷亏损账面总值亏损拨备

HK$’000HK$’000

千港元千港元

Financial asets at amortised cost

按摊销成本计量的财务资产

Debt investments measured

at amortised cost

N/ALow risk12m ECL

54,4689,651

按摊销成本计量之债务投资不适用低风险12个月预期信贷亏损

Other receivables and depositsN/ALow risk12m ECL25–

其他应收款项及按金不适用低风险12个月预期信贷亏损

N/ADoubtfulLifetime ECL

– not credit-impaired19,72613,897

不适用存疑全期预期信贷亏损

－无信贷减值

N/ALosLifetime ECL

– credit-impaired300300

不适用损失全期预期信贷亏损

－信贷减值

Bank balancesA2 or aboveN/A12m ECL5,066–

银行结余A2或以上不适用12个月预期信贷亏损

Deposits at other financial institutionsN/ALow risk12m ECL2,046–

于其他金融机构的存款不适用低风险12个月预期信贷亏损

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

信贷风险及减值评估（续）

下表列示已就按摊销成本计量之财务资产确认之

亏损拨备之对账：

6. FINANCIAL INSTRUMENTS (continued)

Credit risk and impairment asesment (continued)

The folowing tables show reconciliation of los alowances

that has ben recognised for financial asets measured at

amortised cost:

Stage 1

12m ECL

Stage 2

Lifetime ECL

Stage 3

Lifetime ECLTotal

(not credit-

impaired)

(credit-

impaired)

阶段1

12个月预期

信贷亏损

阶段2

全期预期

信贷亏损

阶段3

全期预期

信贷亏损总计

（无信贷减值）（信贷减值）

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

As at 1 April 2023于二零二三年四月一日6,70514,11530021,120

Changes due to financial instruments recognised:已确认因金融工具产生之变动：

Transfer to lifetime ECL转拨至全期预期信贷亏损(786)786–

Impairment loses recognised已确认减值亏损3,732–3,732

Impairment loses reversal减值亏损拨回–(1,004)–(1,004)

As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日9,65113,89730023,848

Changes due to financial instruments recognised:已确认因金融工具产生之变动：

Impairment loses reversal减值亏损拨回(378)(29)–(407)

As at 31 March 2025于二零二五年三月三十一日9,27313,86830023,441

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

流动资金风险

流动资金风险指本集团于财务负债到期时未能履

行其与财务负债相关付款责任之风险。本集团透

过维持充足之储备以及持续监察现金流量预测及

实际现金流量管理流动资金风险。

就管理流动资金风险而言，本集团将现金及现金

等价物监控及维持于管理层认为足够之水平。管

理层在制订策略时将考虑本集团经营活动之融资，

以及经营活动及投资之现金流量之波动影响。于

二零二五年三月三十一日，本集团之流动资金主

要取决于能否维持足够经营活动所用的现金流量，

并能否于偿债责任到期及出现投资项目机会时透

过发行及配发新股份进行集资。

本集团财务负债于报告期末之余下合约期乃于一

年内或按要求时偿还（二零二四年：一年内或按

要求时偿还）（根据合约未贴现金流量及本集

团须支付款项之最早日期为准）。

6. FINANCIAL INSTRUMENTS (continued)

Liquidity risk

Liquidity risk is the risk that the Group are unable to met

their payment obligations asociated with its financial

liabilities when they fal due. The Group manages liquidity risk

by maintaining adequate reserves, as wel as continuously

monitoring cash flow forecast and actual cash flows.

In managing the liquidity risk, the Group monitors and

maintains a level of cash and cash equivalents that is

adequate in management discretion. In formulating their

strategy, management would consider the financing of the

Group’s operations and the efects of fluctuation in operating

and investing cash flows. As at 31 March 2025, the liquidity

of the Group is primarily dependent on its ability to maintain

adequate cash flows from operations and to raise funds

through isue and alotment of new shares to met its debt

obligations and investment project oportunities as they fal

due or arise.

The remaining contractual maturities at the end of the

reporting period of the Group’s financial liabilities, which are

based on contractual undiscounted cash flows and the earliest

date that the Group can be required to pay, are within one

year or on demand (2024: within one year or on demand).

2025
二零二五年
HK$’000
千港元
99,604
6,849
106,453

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

7. 公平值计量

(i) 以重复基础以公平值计量之本集团财务

资产公平值

于二零二五年及二零二四年三月三十一日，

本集团有以下金融工具，均按公平值层级制

度之第一级、第二级及第三级以公平值入账：

本集团之政策是截至事件发生当日或引致

转移情况变动当日确认该三个级别之转入

和转出。

本集团若干财务资产及财务负债乃以各报

告期末之公平值计量。下表载列有关该等财

务资产及财务负债之公平值如何厘定（具体

而言，所使用估值技术及输入数据）之资料。

7. FAIR VALUE MEASUREMENT

(i) Fair value of the Group’s financial asets that

are measured at fair value on a recuring basis

At 31 March 2025 and 2024, the Group had folowing

financial instruments caried at fair value al of which

are based on the Level 1, Level 2 and Level 3 of the fair

value hierarchy:

二零二四年

HK$’000

千港元

Level 1:第一级：

Financial asets at FVTPL以公平值计入损益账之财务资产

– listed equity investments－上市股本投资104,196

Level 3:第三级：

Financial asets at FVTPL以公平值计入损益账之财务资产

– unlisted equity investments－非上市股本投资6,276

110,472

The Group’s policy is to recognise transfers into and

transfers out of any of the thre levels as of the date of

the event or change in circumstances that caused the

transfer.

Some of the Group’s financial asets and financial

liabilities are measured at fair value at the end of each

reporting period. The folowing table gives information

about how the fair values of these financial asets and

financial liabilities are determined (in particular, the

valuation technique(s) and inputs used).

2025
二零二五年
HK$’000
千港元
6,849
6,849
99,604
99,604

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

(i) 以重复基础以公平值计量之本集团财务

资产公平值（续）

估计非上市股本投资的公平值时，本公司管

理层与国际评估有限公司密切协作，确立适

当估值技术及该模式之输入数据。本公司管

理层于各报告期末向董事汇报调研结果，以

解释公平值波动之原因。

缺乏市场流通性之折让率为20.4%（二零

二四年：20.5%），为重大不可观察输入数

据。折让率增加或减少5%将导致亏损相

应增加或减少88,000港元（二零二四年：

81,000港元）。

7. FAIR VALUE MEASUREMENT (continued)

(i) Fair value of the Group’s financial asets that

are measured at fair value on a recuring basis

(continued)

Financial asets2024

Fair value

hierarchy

Valuation

technique(s)

Significant

unobservable inputs

Relationship of

unobservable

inputs to fair value

财务资产二零二四年公平值层级估值技术

重大不可

观察输入数据

不可观察

输入数据与

公平值之关系

HK$’000

千港元

Unlisted equity investments

clasified as equity

investments at FVTPL

6,276Level 3 Discount cash flow with future cash

flows that are estimated based on

expected recoverable amounts,

discounted at rates that reflect

management’s best estimation of

the expected risk level

Discount rate for lack

of marketability

The higher of the

discount rate, the

lower of the fair value,

vice versa

分类为以公平值计入损益账之

股本投资之非上市股本投资

6,276第三级未来现金流量根据预期可收回金额

估计的贴现金流量，乃按反映

管理层对预期风险水平之最佳

估计之比率贴现

缺乏市场流通性之折

让率

折让率越大，公平值

越小，反之亦然

Listed equity investment

clasified as equity

investments at FVTPL

104,196Level 1Quoted bid prices in an active

market

N/A N/A

分类为以公平值计入损益账

之股本投资之上市股本投资

104,196第一级活跃市场买入价不适用不适用

In estimating the fair value of unlisted equity

investments, the management of the Company work

closely with International Valuation Limited to establish

the apropriate valuation techniques and inputs to the

model. The management of the Company reports the

findings to the directors at the end of each reporting

period to explain the cause of fluctuations in fair value.

The discount rate for lack of marketability was 20.4%

(2024: 20.5%), representing a significant unobservable

input. A 5% increase or decrease in the discount rate

would result in a coresponding increase or decrease in

the los of HK$88,000 (2024: HK$81,000).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

7. FAIR VALUE MEASUREMENT (continued)

(i) Fair value of the Group’s financial asets that

are measured at fair value on a recuring basis

(continued)

Reconciliation of Level 3 fair value measurements

Unlisted equity

securities

clasified

as equity

investments at

FVTPL

分类为以公平值

计入损益账之

股本投资之

非上市股本证券

HK$’000

千港元

As at 1 April 2023于二零二三年四月一日6,611

Net unrealised los on unlisted equity

investments at FVTPL

以公平值计入损益账之非上市股本投资之

未变现亏损净额(335)

As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及二零二四年四月一日6,276

Net unrealised gain on unlisted equity

investments at FVTPL

以公平值计入损益账之非上市股本投资之

未变现收益净额573

As at 31 March 2025于二零二五年三月三十一日6,849

Of net unrealised los on unlisted equity investments at

FVTPL, al (2024: al) relates to unlisted equity securities

clasified as equity investments at FVTPL held at the

end of the curent reporting period.

（续）

(i) 以重复基础以公平值计量之本集团财务

资产公平值（续）

第三级公平值计量对账表

于以公平值计入损益账之非上市股本投资

之未变现亏损净额中，全部（二零二四年：

全部）均与本报告期末持有的分类为以公平

值计入损益账之股本投资之非上市股本证

券有关。

2025
二零二五年
HK$’000
千港元
422
5,372
742
1
1
6,538

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

7. FAIR VALUE MEASUREMENT (continued)

(i) Fair values of financial instruments caried at

other than fair value

The carying amounts of the Group’s financial asets

and financial liabilities caried at amortised cost are not

materialy diferent from their fair values as at 31 March

2025 and 2024 due to their short-term maturities.

8. REVENUE

An analysis of the Group’s revenue is as folows:

二零二四年

HK$’000

千港元

Revenue:收益：

Dividend income from equity investments

at FVTPL

以公平值计入损益账之股本投资

之股息收入265

Interest income from debt investments

at amortised cost

按摊销成本计量之债务投资之

利息收入3,702

Interest income from other receivables其他应收款项之利息收入1,349

Interest income from brokers经纪之利息收入1

Interest income from bank acounts银行存款之利息收入1

5,318

（续）

(i) 并非以公平值计量之金融工具之公平值

于二零二五年及二零二四年三月三十一日

以摊销成本列账的本集团财务资产及财务

负债之账面值与其公平值概无重大差异，皆

因均在短期内到期。

8. 收益

本集团之收益分析如下：

2025
二零二五年
HK$’000
千港元
(29)
(378)
(407)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

9. 分部资料

截至二零二五年及二零二四年三月三十一日止年

度，本集团收益及业绩主要来自投资控股之利息

收入及股息收入。执行董事（即主要营运决策者）

认为，由于该等交易承受相同风险与回报，因此

该等活动构成单一及唯一业务分部。执行董事监

察其整体投资业务之经营业绩以便就资源分配及

表现评估作出决定。鉴于本集团经营单一分部的

业务性质，故就财务表现提供经营分部分析意义

不大。

因此，仅呈列实体披露、主要客户及地区资料。

地区资料

于截至二零二五年及二零二四年三月三十一日止

年度，本集团所有业务均于香港进行，而本集团

之所有收益亦源自香港。因此，概无呈列收益及

资产的地区分析资料。

有关主要客户的资料

鉴于本集团经营业务性质乃投资控股，按本集团

确定，本集团并无有关主要客户的资料。

（拨

回）╱拨备净额

减值评估详情载于附注6。

9. SEGMENT INFORMATION

For the years ended 31 March 2025 and 2024, the Group’s

revenue and results were mainly derived from the interest

income and dividend income from investment holding. The

executive director, being the chief operation decision maker,

considers that these activities constitute one and the only

busines segment since these transactions are subject to

comon risks and returns. The executive directors monitors

the operating results of its investment busines as a whole

for the purpose of making decision about resource alocation

and performance asesment. Given the nature of the

Group’s busines was operated as a single segment, it is

not considered meaningful to provide an operating segment

analysis of financial performance.

Acordingly, only entity-wide disclosure, major customers and

geographical information are presented.

Geographical information

During the years ended 31 March 2025 and 2024, al activities

of the Group are based in Hong Kong and al of the Group’s

revenue was derived from Hong Kong. Acordingly, no

geographical analysis of revenue and asets is presented.

Information about major customers

Given that the nature of the Group’s operation is investment

holding, there was no information regarding major customers

as determined by the Group.

10. NET (REVERSAL OF)/PROVISION FOR

IMPAIRMENT LOSES UNDER EXPECTED

CREDIT LOS MODEL

二零二四年

HK$’000

千港元

Net (reversal of)/provision for impairment

loses under expected credit los model on:

以下项目预期信贷亏损模式下的减值

亏损（拨回）╱拨备净额：

– Other receivables－其他应收款项(1,004)

– Debt investments measured

at amortised costs

－按摊销成本计量之

债务投资3,732

2,728

Details of impairment asesment are set out in note 6.

2025
二零二五年
HK$’000
千港元
975
–
–
–
975
416
–
16
432
432
48
480
366
90

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

11. 除税前亏损11. LOS BEFORE TAX

二零二四年

HK$’000

千港元

Los before tax has ben arived at

after charging/crediting:

除税前亏损乃经扣除╱计入

以下项目后得出：

Directors’ remunerations董事酬金

– Fes－袍金1,020

– Basic salaries and other benefits－基本薪金及其他福利–

– Retirement benefits scheme－退休福利计划–

– Equity-setled share-based payments－以股权结算以股份为基础之付款–

Total directors’ remunerations总董事酬金1,020

Staf costs员工成本

– Basic salaries and other benefits－基本薪金及其他福利675

– Equity-setled share-based payments－以股权结算以股份为基础之付款–

– Retirement benefits scheme－退休福利计划19

Total staf costs

(excluding directors’ remunerations)

总员工成本

（不包括董事酬金）694

Auditor’s remuneration核数师酬金

– audit services－审核服务480

– other services－其他服务–

Investment manager fe投资经理费用720

Expenses related to short-term lease短期租赁相关开支90

2025
二零二五年
HK$’000
千港元
502

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

12. 融资成本

13. 所得税抵免

截至二零二五年及二零二四年三月三十一日止年

度，由于本集团并无产生税务亏损亦无拥有应课

税溢利，故并无作出香港利得税拨备。

根据香港利得税之利得税两级制，符合资格的集

团实体首2,000,000港元的溢利的税率为8.25%，

而超过2,000,000港元的溢利的税率为16.5%。不

符合利得税两级制资格的集团实体溢利将继续按

统一税率16.5%缴纳。

董事认为实施香港利得税之利得税两级制所涉及

之金额与综合财务报表并无重大关系。两个年度

的香港利得税均按估计应课税溢利之16.5%计算。

12. FINANCE COSTS

二零二四年

HK$’000

千港元

Interest on margin financing wholy

repayable on demand

按要求悉数偿还之

保证金融资利息422

13. INCOME TAX CREDIT

No provision for the Hong Kong Profits Tax has ben made as

the Group either incured tax los or has no asesable profit

for the years ended 31 March 2025 and 2024.

Under the two-tiered profits tax rates regime of Hong Kong

Profits Tax, the first HK$2 milion of profits of the qualifying

group entity wil be taxed at 8.25%, and profits above HK$2

milion wil be taxed at 16.5%. The profits of group entities

not qualifying for the two-tiered profits tax rates regime wil

continue to be taxed at a flat rate of 16.5%.

The directors considered the amount involved upon

implementation of the two-tiered profits tax rates regime of

Hong Kong Profits Tax as insignificant to the consolidated

financial statements. Hong Kong Profits Tax is calculated at

16.5% of the estimated asesable profit for both years.

2025
二零二五年
HK$’000
千港元
(5,475)
(903)
903
(591)
591
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

年度税项支出可采用本公司及其附属公司注册所

在地香港利得税之法定税率与除税前亏损对账如

下：

于报告期末，本集团拥有可抵销未来溢利之未动

用税务亏损约为501,483,652港元（二零二四年：

513,353,000港元）。由于未来溢利流无法预估，

故并无就该两个年度的有关亏损确认递延税项资

产。所有未确认税务亏损均可以无限期转结。

14. 股息

截至二零二五年三月三十一日止年度，并无向本

公司普通股东派付或建议派付股息，自报告期

末起亦无建议派付任何股息（二零二四年：无）。

13. INCOME TAX CREDIT (continued)

The tax charge for the year can be reconciled to the los

before tax using the statutory tax rate for the Hong Kong

Profits Tax in which the Company and its subsidiaries are

domiciled is as folows:

二零二四年

HK$’000

千港元

Los before tax除税前亏损(37,769)

Tax at the statutory tax rate按法定税率计算之税项(6,232)

Tax efect of expenses not deductible

for tax purposes

不可扣税开支之税务影响

3,113

Tax efect of non-taxable income毋须课税收入之税务影响(3,798)

Tax efect of tax loses not recognised未确认税务亏损之税务影响6,917

Tax credit for the year年度税项抵免–

At the end of the reporting period, the Group has unused

tax loses of aproximately HK$501,483,652 (2024:

HK$513,353,000) available for ofset against future profits.

No defered tax aset has ben recognised in respect of such

loses for both years due to the unpredictability of future

profits streams. Al unrecognised tax loses may be caried

forward indefinitely.

14. DIVIDENDS

No dividend was paid or proposed for ordinary shareholders

of the Company during the year ended 31 March 2025,

nor has any dividend ben proposed since the end of the

reporting period (2024: nil).

2025
二零二五年
HK$’000
千港元
360
255
360
975
–
–
–
–
975

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

15. 每股亏损

每股基本及摊薄亏损乃根据本公司拥有人应占亏

损5,475,000港元（二零二四年：37,769,000港元）

及本年度已发行普通股加权平均数412,596,600

股（二零二四年：412,596,600股）计算。

16. 董事及五名最高薪雇员酬金

根据香港公司条例（第六百二十二章）第

三百八十三条及公司（披露董事利益资料）规例

（第六百二十二G章）披露之董事薪酬如下：

(a) 董事

各年度本公司应付之酬金总额如下：

年内并无董事放弃或同意放弃任何酬金，亦

无向董事支付酬金以吸引彼等加盟本集团

或作为加盟后之奖金或离职补偿（二零二四

年：无）。

15. LOS PER SHARE

The calculation of basic and diluted los per share was

based on the los atributable to owners of the Company

of HK$5,475,000 (2024: HK$37,769,000) and the weighted

average number of 412,596,600 (2024: 412,596,600) ordinary

shares in isue during the year.

16. DIRECTORS’ AND FIVE HIGHEST PAID

INDIVIDUALS’ EMOLUMENTS

Directors’ remuneration disclosed pursuant to S.383 of

the Hong Kong Companies Ordinance (Cap.622) and the

Companies (Disclosure of Information about Benefits of

Directors) Regulation (Cap.622G) is as folows:

(a) Directors

The agregate amounts of emoluments payable by the

Company during the years are as folows:

二零二四年

HK$’000

千港元

Fes袍金

Executive director执行董事360

Non-executive directors非执行董事300

Independent non-executive directors独立非执行董事360

1,020

Other emoluments其他酬金

Basic salaries and other benefits基本薪金及其他福利–

Equity-setled share-based

payments

以股权结算以股份为基础之付款

–

Retirement benefits scheme退休福利计划–

–

1,020

No directors waived or agred to waive any emoluments

and no emoluments were paid to the directors as

inducement to join or upon joining the Group or as

compensation for los of ofice during the year (2024: nil).

2025
二零二五年
Total emoluments
酬金总额
HK$’000
千港元
360
120
135
255
140
120
120
360
975

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

(a) 董事（续）

已付或应付予六名（二零二四年：六名）董事

各自之酬金如下：

16. DIRECTORS’ AND FIVE HIGHEST PAID

INDIVIDUALS’ EMOLUMENTS (continued)

(a) Directors (continued)

The emoluments paid or payable to each of the six (2024:

six) directors are as folows:

二零二四年

Fes

Basic

salaries

and other

benefits

Equity-setled

share-based

payments

Retirement

benefits

scheme

Total

emoluments

袍金

基本薪金

及其他福利

以股权结算

以股份为基

础之付款

退休

福利计划酬金总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Executive director执行董事

Mr. Chan Cheong Ye陈昌义先生360–360

Non-executive directors非执行董事

Mr. Wu Qi吴祺先生120–120

Mr. Fong On Shek

(Deceased on 17 December 2024)

方安石先生

（于二零二四年

十二月十七日离世）135–180

Sub-total小计255–300

Independent non-executive directors独立非执行董事

Mr. Luk Simon陆东全先生120–120

Ms. Liu Xiaoyin刘晓茵女士120–120

Mr. Hon Leung韩亮先生120–120

Sub-total小计360–360

Total总额975–1,020

2025
二零二五年
HK$’000
千港元
320
16
–
336

2025
二零二五年
2

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

(a) 董事（续）

支付予执行董事之薪金、津贴及实物利益为

就该等人士提供有关本公司及其附属公司

之事务管理之其他服务而一般支付或应收

之酬金。

(b) 五名最高薪雇员

本集团五名最高薪雇员中，三名（二零二四

年：两名）为本公司董事，其酬金已载于上述

分析。其余两名（二零二四年：三名）个人之

酬金如下：

位于下列酬金范围之最高薪雇员人数如下︰

于本年度，并无向该等个人支付酬金以吸引

彼等加盟本集团或作为加盟后之奖金或离

职补偿（二零二四年：无）。

16. DIRECTORS’ AND FIVE HIGHEST PAID

INDIVIDUALS’ EMOLUMENTS (continued)

(a) Directors (continued)

Salaries, alowance and benefits in kind paid to or for

the executive director are generaly emoluments paid or

receivable in respect of those persons’ other services

in conection with the management of the afairs of the

Company and its subsidiaries.

(b) Five highest paid individuals

Of the five individuals with the highest emoluments in the

Group, thre (2024: two) were directors of the Company

whose emoluments are reflected in the analysis

presented above. The emoluments of the remaining two

(2024: thre) individuals were as folows:

二零二四年

HK$’000

千港元

Basic salaries and other benefits基本薪金及其他福利579

Retirements benefits scheme退休福利计划19

Equity-setled share-based payments以股权结算以股份为基础之付款–

The number of the highest paid individuals whose

remuneration fel within the folowing band is as folows:

二零二四年

Nil to HK$1,000,000零至1,000,000港元3

No emoluments were paid to these individuals as

inducement to join or upon joining the Group as

compensation for los of ofice for the year (2024: Nil).

2025
二零二五年
HK$’000
千港元
6,849
99,604
106,453

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

17. 以公平值计入损益账之股本投资

该等上市证券之公平值乃按每个报告期末之所

报市场买入价厘定。诚如附注22所披露，本集

团将于二零二五年三月三十一日之账面值约

13,174,000港元（二零二四年：9,066,000港元）

之若干以公平值计入损益账之财务资产作抵押，

作为应付保证金之抵押品。

于二零二五年三月三十一日，本集团于损益

确认之香港上市投资之公平值亏损净额约为

3,185,000港元（二零二四年：收益13,201,000

港元），及于年内出售上市股本投资后确认亏损

净额约3,365,000港元（二零二四年：亏损净额

45,662,000港元）。

于批准该等财务报表之日期，本集团之上市股本

投资之市值约为100,258,000港元。

17. EQUITY INVESTMENTS AT FAIR VALUE

THROUGH PROFIT OR LOS

二零二四年

HK$’000

千港元

Non-curent非流动

Unlisted equity investments outside

Hong Kong

香港境外之非上市股本投资

6,276

Curent流动

Listed equity investments in Hong Kong香港之上市股本投资104,196

110,472

The fair values of these listed securities are determined

based on the quoted market bid prices at the end of each

reporting period. The Group has pledged certain financial

asets at fair value through profit or los with carying amount

of aproximately HK$13,174,000 as at 31 March 2025 (2024:

HK$9,066,000) to secure margin payables as disclosed in

note 22.

As at 31 March 2025, the net fair value los in respect of the

Group’s Hong Kong listed investments recognised in profit

or los amounted to aproximately HK$3,185,000 (2024:

gain of HK$13,201,000), and a net los of aproximately

HK$3,365,000 (2024: net los of HK$45,662,000) was

recognised upon disposal of the listed equity investments for

the year.

The market value of the Group’s listed equity investments

at the date of aproval of these financial statements was

aproximately HK$100,258,000.

2025
二零二五年
28,000

2025
二零二五年
28%

2025
二零二五年
HK$’000
千港元
20,000

2025
二零二五年
HK$’000
千港元
13,151

2025
二零二五年
HK$’000
千港元
6,849

2025
二零二五年
HK$’000
千港元
8,605

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

本集团所持之主要非上市股本证券（亦列入本集

团于二零二五年及二零二四年三月三十一日之10

项最大投资（如附注19所披露）之详情如下：

附注：

(a) Prominent Aliance Limited（「Prominent

Aliance」，一家私人有限责任公司）及其附属公司

主要从事证券交易、就证券提供意见及提供资产

管理。诚如附注4所披露，本集团并无对Prominent

Aliance的财务及经营政策行使任何重大影响。因

此，于Prominent Aliance之投资已分类为以公平

值计入损益账之财务资产。

17. EQUITY INVESTMENTS AT FAIR VALUE

THROUGH PROFIT OR LOS (continued)

Details of principal unlisted equity securities held by the

Group which are also included in the list of the 10 largest

investments of the Group as at 31 March 2025 and 2024, as

disclosed in note 19, are as folows:

Name of investe

companies

Place/country of

incorporation/

establishmentNumber of share held

Percentage of

efective

interest heldAt costFair value adjustmentAt fair value

Net asets

atributable to

the investments

获投资公司名称

注册成立╱

成立地点╱国家所持股份数目所持实际权益百分比按成本公平值调整按公平值投资应占资产净值

二零二四年二零二四年二零二四年二零二四年二零二四年二零二四年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Prominent Aliance Limited

(note a)

British Virgin Islands28,00028%20,00013,7246,2768,028

Prominent Aliance Limited

（附注a）

英属处女群岛

Notes:

(a) Prominent Aliance Limited (“Prominent Aliance”), a private

Company with limited liability, and its subsidiaries are principaly

engaged in dealing in securities, advising on securities and aset

management. As disclosed in note 4, the Group has not ben in

a position to exercise any significant influence over the financial

and operating policies of Prominent Aliance. Acordingly,

investment in Prominent Aliance has ben clasified as financial

aset at FVTPL.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

于二零二五年三月三十一日，本集团持有的主要

上市股本证券（亦列入本集团于二零二五年三月

三十一日之10项最大投资（如附注19所披露）详

情如下：

17. EQUITY INVESTMENTS AT FAIR VALUE

THROUGH PROFIT OR LOS (continued)

Details of principal listed equity securities held by the Group

as at 31 March 2025, which are also included in the list of the

10 largest investments of the Group as at 31 March 2025, as

disclosed in note 19, are as folow:

Name of investe company

Place/country of

incorporation

Number of

shares held

Percentage of

interest heldCost

Acumulated

unrealised

holding gain

(los) arising

on revaluationMarket value

Net asets/

(liabilities)

atributable to

the investment

Dividend

received/

receivable

during the year

Percentage

of carying

amount of

investment to

the Company’s

total asets as

at the end of

the reporting

获投资公司名称

注册成立地点╱

国家所持股份数目

所持权益

百分比成本

重估时产生之

累计未变现

持股收益

（亏损）市值

投资应占

资产╱（负债）

净值

年内已收╱

应收股息

于报告期末

投资账面值占

本公司

资产总值的

百分比

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

千股千港元千港元千港元千港元千港元

Wls Holdings Limited (note b)Bermuda549,6103.83%79,170(57,735)21,43515,893–13.33%

汇隆控股有限公司（附注b）百慕达

Minerva Group Holding Limited (note c)Bermuda120,0104.79%38,437(29,556)8,88154,172–5.52%

嬴集团控股有限公司（附注c）百慕达

China Jicheng Holdings Limited (note d)Cayman Islands9,2032.23%19,600(11,226)8,3745,609–5.21%

中国集成控股有限公司（附注d）开曼群岛

Hao Wen Holdings Limited (note e)Cayman Islands15,2324.28%5,4971,5107,00713,193–4.36%

皓文控股有限公司（附注e）开曼群岛

Hsbc Holdings Plc (note f)England580.01%3,4311,7175,1484,9153743.20%

汇丰控股有限公司（附注f）英格兰

Dufu Liquor Group Limited (Formerly

Known As China Environmental Energy

Investment Limited) (note g)

Bermuda59,2244.57%5,922(1,836)4,08615,791–2.54%

杜甫酒业集团有限公司（前称中国环保

能源投资有限公司）（附注g）

百慕达

Kingland Group Holdings Limited (note h)Cayman Islands9,5283.94%5,655(1,749)3,906941–2.43%

景联集团控股有限公司（附注h）开曼群岛

Microware Group Limited (note i)Cayman Islands2,8520.95%3,803(67)3,7361,818–2.32%

美高域集团有限公司（附注i）开曼群岛

Milan Station Holdings Limited (note j)Cayman Islands34,8363.30%9,651(6,028)3,6232,381–2.25%

米兰站控股有限公司（附注j）开曼群岛

China 33 Media Group Limited (note k)Cayman Islands5,5895.18%46,676(43,267)3,4091,572–2.12%

中国三传媒集团有限公司（附注k）开曼群岛

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

附注：

根据有关获投资上市公司最近期刊发之年报，该等公司

之业务及财务资料摘要如下：

(b) 汇隆控股有限公司（「汇隆」）于开曼群岛注册成

立为一间获豁免并于百慕达存续之有限公司，其

股份于联交所GEM上市（股份代号：8021）。汇隆

主要从事为建筑及建造工程提供棚架搭建、精装

修及其他辅助服务、放债业务及证券投资业务。

截至二零二四年四月三十日止年度，汇隆拥有人

应占经审核综合亏损为11,147,000港元，每股基

本及摊薄亏损为0.078港仙。于二零二四年十月

三十一日，其拥有人应占未经审核综合资产净值

为415,443,000港元。

立为获豁免有限公司，其股份于联交所上市（股份

代号：397）。嬴集团主要从事金融服务、资产管理

及投资以及放债。截至二零二四年十二月三十一

日止年度，嬴集团拥有人应占经审核综合亏损为

143,918,000港元，每股基本及摊薄亏损为5.74港

仙。于二零二四年十二月三十一日，其拥有人应占

经审核综合资产净值为1,130,877,000港元。

(d) 中国集成控股有限公司（「中国集成」）于开曼群

岛注册成立为获豁免有限公司，其股份于香港联

合交易所有限公司上市（股份代号：1027）。中国

集成主要从事制造及销售POE雨伞、尼龙雨伞及

雨伞零部件，如塑料布及中棒。截至二零二四年

十二月三十一日止年度，中国集成之拥有人应占

经审核综合溢利为人民币10,879,000元（相当于

11,791,000港元），每股基本及摊薄溢利为人民

币2.64分（相当于2.86港仙）。于二零二四年十二

月三十一日，其拥有人应占经审核综合资产净值

为人民币251,449,000元（相当于267,613,000港

元）。

17. EQUITY INVESTMENTS AT FAIR VALUE

THROUGH PROFIT OR LOS (continued)

Notes:

A brief description of the busines and financial information of the

listed investe companies, based on their latest published anual

report are as folows:

(b) WLS Holdings Limited (“WLS”) is incorporated in the Cayman

Islands as an exempted company and continued in Bermuda

with limited liability and its shares are listed on GEM of the

Stock Exchange (Stock code: 8021). WLS is principaly engaged

in the provision of scafolding, fiting out and other auxiliary

services for construction and buildings work, money lending

busines and securities investment busines. For the year

ended 30 April 2024, the audited consolidated los atributable

to owners of WLS was HK$11,147,000 with basic and diluted

los per share of HK0.078 cents. As at 31 October 2024, its

unaudited consolidated net asets atributable to owners was

HK$415,443,000.

in Bermuda as an exempted company with limited liability and

its shares are listed on Stock Exchange (Stock code: 397).

Minerva Group is principaly engaged in financial services,

aset management and investment and money lending. For the

year ended 31 December 2024, the audited consolidated los

atributable to owners of Minerva Group was HK$143,918,000

with basic and diluted los per share of HK5.74 cents. As at 31

December 2024, its audited consolidated net asets atributable

to owners was HK$1,130,877,000.

(d) China Jicheng Holdings Limited (“China Jicheng”) was

incorporated in the Cayman Islands as an exempted company

with limited liability and its shares have ben listed in the Stock

Exchange of Hong Kong Limited (Stock Code: 1027). China

Jicheng is principaly engaged in the manufacturing and sale

of POE umbrelas, nylon umbrelas and umbrela parts such as

plastic cloth and shaft. For the year ended 31 December 2024,

the audited consolidated profit atributable to owners of China

Jicheng was RMB10,879,000 (equivalent to HK$11,791,000)

with basic and diluted profit per share of RMB2.64 cents

(equivalent to HK2.86 cents). As at 31 December 2024, its

audited consolidated net asets atributable to owners was

RMB251,449,000 (equivalent to HK$267,613,000).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

附注：（续）

(e) 皓文控股有限公司（「皓文」）于开曼群岛注册成立

为有限公司，其股份于香港联合交易所有限公司

上市（股份代号：8019）。其主要从事放债、电子零

部件加工及贸易、提供美容护理服务及销售墓地

及相关服务以及墓园维护服务。截至二零二四年

十二月三十一日止年度，皓文拥有人应占经审核

综合亏损为人民币8,363,000元（相当于9,064,000

港元），每股基本及摊薄亏损为人民币2.35分（相

当于2.55港仙）。于二零二四年十二月三十一

日，其拥有人应占经审核综合资产净值为人民币

289,795,000元（相当于308,424,000港元）。

(f) 汇丰控股有限公司（「汇丰」）于英格兰注册成立为

有限公司，其股份于香港联合交易所有限公司上

市（股份代号：5）。汇丰为银行及金融服务公司。

截至二零二四年十二月三十一日止年度，汇丰普

通股东应占经审核综合溢利为22,917,000,000美

元，每股基本及摊薄溢利分别为1.25美元及1.24美

元。于二零二四年十二月三十一日，其拥有人应占

经审核综合资产净值为184,973,000,000美元。

(g) 杜甫酒业集团有限公司（前称中国环保能源投资

有限公司）（「杜甫」）于百慕达注册成立为有限公

司，其股份于香港联合交易所有限公司上市（股份

代号：986）。其主要从事珠宝之设计及市场营销

以及放贷。截至二零二四年三月三十一日止财政

年度，杜甫之权益持有人应占经审核综合亏损为

34,560,000港元，每股基本亏损为1.43港仙。于二

零二四年九月三十日，其权益持有人应占未经审

核综合资产净值为345,200,000港元。

(h) 景联集团控股有限公司（「景联」）于开曼群岛注册

成立为获豁免有限公司，其股份于联交所上市（股

份代号：1751）。景联主要从事主要作为分包商于

香港及澳门提供混凝土拆卸服务。截至二零二四

年十二月三十一日止年度，景联拥有人应占经审

核综合溢利为495,000港元，每股基本及摊薄亏损

为0.20港仙。于二零二四年十二月三十一日，其拥

有人应占经审核综合资产净值为23,880,000港元。

17. EQUITY INVESTMENTS AT FAIR VALUE

THROUGH PROFIT OR LOS (continued)

Notes: (continued)

(e) Hao Wen Holdings Limited (“Hao Wen”) incorporated in Cayman

Islands with limited liability and its shares are listed on the

Stock Exchange of Hong Kong Limited (Stock code: 8019). It

is principaly engaged in the money lending, procesing and

trading of electronic parts, provision of beauty treatment services

and sales of burial plots and related services and cemetery

maintenance services. For the year ended 31 December 2024,

the audited consolidated los atributable to owners of Hao Wen

was RMB8,363,000 (equivalent to HK$9,064,000) with basic and

diluted los per share of RMB2.35 cents (equivalent to HK2.55

cents). As at 31 December 2024, its audited consolidated net

asets atributable to owners was RMB289,795,000 (equivalent

to HK$308,424,000).

(f) HSBC Holdings plc (“HSBC”) incorporated in England with

limited liability and its shares are listed on Stock Exchange of

Hong Kong Limited (Stock code: 5). HSBC is the banking and

financial services company. For the year ended 31 December

2024, the audited consolidated profit atributable to ordinary

shareholders of HSBC was US$22,917,000,000 with basic and

diluted profit per share of US$1.25 and US$1.24 respectively.

As at 31 December 2024, its audited consolidated net asets

atributable to owners was US$184,973,000,000.

(g) Dufu Liquor Group Limited (Formerly Known As China

Environmental Energy Investment Limited) (“Dufu”) incorporated

in Bermuda with limited liability and its shares are listed on the

Stock Exchange of Hong Kong Limited (Stock code: 986). It is

principaly engaged in the design and marketing of jewelry and

money lending. For the financial year ended 31 March 2024, the

audited consolidated los atributable to equity holders of Dufu

was HK$34,560,000 with basis los per share of HK1.43 cents.

As at 30 September 2024, its unaudited consolidated net asets

atributable to the equity holder was HK$345,200,000.

(h) Kingland Group Holdings Limited (“Kingland”) incorporated in

Cayman Islands as an exempted company with limited liability

and its shares are listed on Stock Exchange (Stock code: 1751).

Kingland is principaly engaged in the provision of concrete

demolition services in Hong Kong and Macau mainly as a

subcontractor. For the year ended 31 December 2024, the

audited consolidated profit atributable to owners of Kingland

was HK$495,000 with basic and diluted los per share of HK0.20

cents. As at 31 December 2024, its audited consolidated net

asets atributable to owners was HK$23,880,000.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

附注：（续）

(i) 美高域集团有限公司（「美高域」）于开曼群岛注

册成立为有限公司，其股份于香港联合交易所有

限公司上市（股份代号：1985）。其主要于香港从

事提供资讯科技基建解决方案服务及资讯科技管

理服务。截至二零二四年三月三十一日止财政年

度，美高域之权益持有人应占经审核综合溢利为

36,228,000港元，每股基本及摊薄亏损为0.12港

仙。于二零二四年九月三十日，其权益持有人应占

未经审核综合资产净值为191,254,000港元。

(j) 米兰站控股有限公司（「米兰」）于开曼群岛注册成

立为有限公司，其股份于香港联合交易所有限公

司上市（股份代号：1150）。米兰主要从事手袋、时

尚配饰及装饰品零售业务。截至二零二四年十二

月三十一日止年度，米兰拥有人应占经审核综合

亏损为26,319,000港元，每股基本及摊薄亏损为

2.74港仙。于二零二四年十二月三十一日，其拥有

人应占经审核综合资产净值为72,236,000港元。

(k) 中国三传媒集团有限公司（「中国三」）于开

曼群岛注册成立为有限公司，其股份于香港联合

交易所有限公司上市（股份代号：8087）。其主

要从事提供管理服务、预付卡业务、电影及娱乐

投资、提供顾问服务及提供广告服务。截至二零

二四年十二月三十一日止年度，中国三拥有人

应占经审核综合亏损为人民币23,085,000元（相

当于25,020,000港元），每股基本及摊薄亏损为人

民币53.44分（相当于57.92港仙）。于二零二四年

十二月三十一日，其拥有人应占经审核综合资产

净值为人民币30,370,000元（相当于32,322,000港

元）。

17. EQUITY INVESTMENTS AT FAIR VALUE

THROUGH PROFIT OR LOS (continued)

Notes: (continued)

(i) Microware Group Limited (“Microware”) incorporated in Cayman

Islands with limited liability and its shares are listed on the

Stock Exchange of Hong Kong Limited (Stock code: 1985). It is

principaly engaged in the provision of information technology

infrastructure solution services and IT managed services in Hong

Kong. For the financial year ended 31 March 2024, the audited

consolidated profit atributable to equity holders of Microware

was HK$36,228,000 with basis los per share of HK0.12 cents.

As at 30 September 2024, its unaudited consolidated net asets

atributable to the equity holder was HK$191,254,000.

(j) Milan Station Holdings Limited (“Milan”) incorporated in the

Cayman Islands with limited liability and its shares are listed

on Stock Exchange of Hong Kong Limited (Stock code: 1150).

Milan is principaly engaged in retailing of handbags, fashion

acesories and embelishments operation. For the year ended

31 December 2024, the audited consolidated los atributable

to owners of Milan was HK$26,319,000 with basic and diluted

los per share of HK$2.74 cents. As at 31 December 2024,

its audited consolidated net asets atributable to owners was

HK$72,236,000.

(k) China 33 Media Group Limited (“China 33 Media”) incorporated

in Cayman Islands with limited liability and its shares are listed

on the Stock Exchange of Hong Kong Limited (Stock code:

8087). It is principaly engaged in the provision of management

services, prepaid card busines, film and entertainment

investment, provision of consulting services, and provision of

advertising services. For the year ended 31 December 2024, the

audited consolidated los atributable to owners of Hao Wen was

RMB23,085,000 (equivalent to HK$25,020,000) with basic and

diluted los per share of RMB53.44 cents (equivalent to HK57.92

cents). As at 31 December 2024, its audited consolidated net

asets atributable to owners was RMB30,370,000 (equivalent to

HK$32,322,000).

2025
二零二五年
HK$’000
千港元
46,000
5,195
(9,273)
41,922
26,114
15,808
41,922

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

18. 按摊销成本计量之债务投资

附注：

于二零二五年三月三十一日，非上市债务证券指分别由

香港上市公司的一间附属公司金徽香港有限公司（「金

徽」）、香港上市公司皓文控股有限公司（「皓文」）及中

国三传媒集团有限公司（「中国三传媒」）发行的

本金额为18,000,000港元（二零二四年：18,000,000港

元）、18,500,000港元（二零二四年：20,000,000港元）

及9,500,000港元（二零二四年：13,440,000港元）之非

上市债券。

截至二零二四年三月三十一日止年度，悉数认购金徽发

行的本金额为18,000,000港元的非上市债券为无抵押、

年利率8厘及2年后届满。金徽主要从事放债业务。

18. DEBT INVESTMENTS MEASURED AT

AMORTISED COST

二零二四年

HK$’000

千港元

Unlisted debts securities (note)非上市债务证券（附注）51,440

Interest receivables应收利息3,028

Les: Alowance for credit loses减：信贷亏损拨备(9,651)

44,817

Analysed as:分析为：

Curent流动11,972

Non-curent非流动32,845

44,817

Note:

As at 31 March 2025, the unlisted debts securities represented unlisted

bonds with principal amount of HK$18,000,000 (2024: HK$18,000,000),

HK$18,500,000 (2024: HK$20,000,000) and HK$9,500,000 (2024:

HK$13,440,000) isued by Gold Medal Hong Kong Limited (“Gold

Medal”), a subsidiary of listed company in Hong Kong, Hao Wen

Holdings Limited (“Hao Wen”) and China 33 Media Group Limited

(“China 33 Media”) respectively, both of the companies listed in Hong

Kong.

During the year ended 31 March 2024, the unlisted bonds with

principal amount of HK$18,000,000 isued by Gold Medal was fuly

subscribed, which are unsecured, caried interest at 8% per anum

and matured in 2 years. Gold Medal is principaly engaged in the

money lending service.

2025
二零二五年
HK$’000
千港元
9,651
(378)
9,273

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

附注：（续）

皓文所发行本金额为20,000,000港元的非上市债券为无

抵押、年利率5.5厘及5年后届满。皓文主要从事放债、电

子零部件加工及贸易、提供美容护理服务以及销售墓园

及相关服务及墓地维护服务。

中国三传媒所发行的非上市债券为无抵押、年利率12

厘及3年后届满。中国三传媒主要从事提供户外及数

字广告服务、电影及娱乐投资、预付卡业务及提供平面

媒体广告服务。

按摊销成本计量之债务投资之信贷亏损之亏损拨

备变动如下：

减值评估详情载于附注6。

诚如附注19所披露，上文于金徽、皓文及中国

三传媒发行之债券之投资计入本集团于二零

二五年三月三十一日之十大投资名单。

18. DEBT INVESTMENTS MEASURED AT

AMORTISED COST (continued)

Note: (continued)

Unlisted bonds with principal amount of HK$20,000,000 isued by

Hao Wen, which are unsecured, caried interest at 5.5% per anum

and matured in 5 years. Hao Wen is principaly engaged in the money

lending, procesing and trading of electronic parts, provision of beauty

treatment Services and sale of burial plots and related services and

cemetery maintenance service.

Unlisted bonds isued by China 33 Media are unsecured, caried

interest at 12% per anum and matured in 3 years. China 33 Media

principaly engaged in the provision of outdor and digital advertising

services, film and entertainment investment, prepaid card busines

and provision of printed media advertising services.

The movements in the los alowance for credit loses of debt

investments measured at amortised cost are as folows:

二零二四年

HK$’000

千港元

At the begining of the reporting period于报告期初5,919

Reversal of/(provision for) impairment

loses, net

减值亏损拨回╱（拨备）净额

3,732

At the end of the reporting period于报告期末9,651

Details of impairment asesment are set out in note 6.

The above investment in the bonds isued by Gold Medal,

Hao Wen and China 33 Media are included in the list of 10

largest investments of the Group as at 31 March 2025, as

disclosed in note 19.

Cost	Fair value	Dividend/ Interest received
成本	公平值	已收取股息╱利息
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
79,170	21,435	–
38,437	8,881	–
19,600	8,374	–
5,497	7,007	–
3,431	5,148	374
5,922	4,086	–
5,655	3,906	–
19,305	15,808	1,145
10,785	8,831	–
21,105	17,283	–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

19. 本集团所持主要投资之详情

根据上市规则第21.12章之规定，本集团披露于二

零二五年及二零二四年三月三十一日价值高于本

集团资产总值5%之所有投资及最少10个最大投

资详情如下：

于二零二五年三月三十一日

19. PARTICULARS OF MAJOR INVESTMENTS

HELD BY THE GROUP

Pursuant to the requirements stipulated in Chapter 21.12

of the Listing Rules, the Group discloses its list of al

investments with a value greater than 5 per cent of the

Group’s gros asets and at least 10 largest investments as

at 31 March 2025 and 2024 are as folows:

As at 31 March 2025

As at investe companies

被投资公司

Equity investments:股本投资：

WLS Holdings Limited (note 17(b)汇隆控股有限公司（附注17(b)）

Minerva Group Holding Limited (note 17(c)嬴集团控股有限公司（附注17(c)）

China Jicheng Holdings Limited (note 17(d)中国集成控股有限公司（附注17(d)）

Hao Wen Holdings Limited (note 17(e)皓文控股有限公司（附注17(e)）

HSBC Holdings Plc (note 17(f)汇丰控股有限公司（附注17(f)）

Dufu Liquor Group Limited (Formerly Known

As China Environmental Energy Investment

Limited) (note 17(g)

杜甫酒业集团有限公司（前称中国环保能源

投资有限公司）（附注17(g)）

Kingland Group Holdings Limited (note 17(h)景联集团控股有限公司（附注17(h)）

Debt investments债务投资：

Hao Wen Holdings Limited (note 18)皓文控股有限公司（附注18）

China Media 33 Group Limited (note 18)中国三传媒集团有限公司（附注18）

Gold Medal Hong Kong Limited (note 18)金徽香港有限公司（附注18）21,10517,283–

2025
二零二五年
HK$’000
千港元
5,858
27
5,885
48
5,933

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

于二零二四年三月三十一日

、预付款项及按金

19. PARTICULARS OF MAJOR INVESTMENTS

HELD BY THE GROUP (continued)

As at 31 March 2024

As at investe companiesCostFair value

Dividend/

Interest

received

被投资公司成本公平值

已收取

股息╱利息

HK$’000HK$’000HK$’000

千港元千港元千港元

Equity investments:股本投资：

Minerva Group Holding Limited (Formerly

known as Power Financial Group Limited)

(note 17(b)

嬴集团控股有限公司

（前称权威金融集团有限公司）

（附注17(b)）38,43715,601–

WLS Holdings Limited (note 17(c)汇隆控股有限公司（附注17(c)）79,17013,191–

China Jicheng Holdings Limited (note 17(d)中国集成控股有限公司（附注17(d)）19,2137,877–

Tibet Water Resources Ltd. (note 17(e)西藏水资源有限公司（附注17(e)）5,2126,456–

Prominent Aliance Limited (note 17(a)Prominent Aliance Limited（附注17(a)）20,0006,276–

SEC Media Group Ltd. (note 17(f)财讯传媒集团有限公司（附注17(f)）8,4005,903–

AMCO United Holding Limited (note 17(g)隽泰控股有限公司（附注17(g)）23,7945,542–

Debt investments:债务投资：

Hao Wen Holdings Limited (note 18)皓文控股有限公司（附注18）20,87117,1731,100

China 33 Media Group Limited (note 18)中国三传媒集团有限公司（附注18）14,55011,972–

Gold Medal Hong Kong Limited (note 18)金徽香港有限公司（附注18）19,04715,672–

20. OTHER RECEIVABLES, PREPAYMENTS AND

DEPOSITS

二零二四年

HK$’000

千港元

Other receivables其他应收款项5,829

Deposits paid已付按金25

Financial asets财务资产5,854

Prepayments预付款项32

5,886

2025
二零二五年
HK$’000
千港元
20,026
(14,168)
5,858

2025
二零二五年
HK$’000
千港元
14,197
(29)
14,168

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

、预付款项及按金（续）

以下为本集团就其他应收款项确认之亏损拨备：

其他应收款项之预期信贷亏损之亏损拨备变动如

下：

减值评估详情载于附注6。

20. OTHER RECEIVABLES, PREPAYMENTS AND

DEPOSITS (continued)

The Group recognised los alowance for other receivables as

folows:

二零二四年

HK$’000

千港元

Other receivables其他应收款项20,026

Los alowance亏损拨备(14,197)

Net impairment loses on other

receivables

其他应收款项之减值亏损净额

5,829

The movements in the los alowance for ECL of other

receivables are as folows:

二零二四年

HK$’000

千港元

At the begining of the reporting period于报告期初15,201

Reversal of impairment loses, net减值亏损拨回净额(1,004)

At the end of the reporting period于报告期末14,197

Details of impairment asesment are set out in note 6.

2025
二零二五年
HK$’000
千港元
6,078
357
6,435

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

、预付款项及按金（续）

上述减值亏损已于综合损益表单独披露为「预期

信贷亏损模式下的减值亏损（经扣除拨回）」。

于报告期末，应收款项约为5,858,000港元（二零

二四年：5,829,000港元），指透过于过往年度出

售附属公司而出售非上市股本投资产生之应收代

价。该等款项为无抵押、按利率5.875厘计息及须

于一年内偿还。

21. 现金及现金等价物

于报告期间，概无现金及现金等价物以有关集团

实体之功能货币以外之货币定值。

存款之实际年利率介乎0.01厘至0.63厘（二零

二四年：0.01厘至0.88厘），所有存款于初始设置

时均于三个月内到期。

22. 应付经纪款项

于二零二五年三月三十一日，本集团的应付保证

金5,558,000港元（二零二四年：5,308,000港元）

为买卖上市投资引致之保证金贷款，有关保证金

贷款须按要求偿还并以上市投资作抵押，而余下

结余指应付经纪款项，其须按要求偿还及为无抵

押。并无就应付经纪款项披露账龄分析。董事认

为，账龄分析对本集团业务性质而言不会增加额

外价值。

应付经纪款项于截至二零二五年三月三十一日止

年度之年利率介乎8厘至9.63厘（二零二四年：8

厘至9.63厘）。

20. OTHER RECEIVABLES, PREPAYMENTS AND

DEPOSITS (continued)

The above impairment loses have ben separately disclosed

as “impairment loses under expected credit los model, net

of reversal” in the consolidated statement of profit or los.

At the end of the reporting period, the receivable of

aproximately HK$5,858,000 (2024: HK$5,829,000)

represents the consideration receivable arising from the

disposal of the unlisted equity investments through disposal

of subsidiaries in prior years. The amounts are unsecured,

caried interest at 5.875% and repayable within one year.

21. CASH AND CASH EQUIVALENTS

二零二四年

HK$’000

千港元

Cash and bank balances现金及银行结余5,066

Deposits at other financial institutions于其他金融机构之存款2,046

7,112

During the reporting period, no cash and cash equivalents

were denominated in a curency other than the functional

curency of the relevant group entity.

The efective interest rate of the deposits ranges from 0.01%

to 0.63% (2024: 0.01% to 0.88%) per anum and al of them

have a maturity within thre months from initial inception.

22. AMOUNT DUE TO BROKERS

As at 31 March 2025, the Group has margin payables of

HK$5,558,000 (2024: HK$5,308,000) represents margin

loans arising from the trading of listed investments which are

repayable on demand and pledged with listed investment, the

remaining balance represent amount due to a broker which

repayable on demand and unsecured. No ageing analysis

is disclosed in respect of amount due to brokers. In opinion

of the directors, an ageing analysis does not give aditional

value in view of the Group’s busines nature.

Amount due to brokers bear interest rates ranged from 8% to

9.63% (2024: 8% to 9.63%) per anum for the year ended 31

March 2025.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

23. 股本

所有已发行股份彼此于所有方面享有同等地位。

23. SHARE CAPITAL

Number of

ordinary

shares of

HK$0.001 each

每股面值

0.001港元之

普通股数目

’000HK$’000

千股千港元

Authorised:法定：

At 1 April 2023, at 31 March 2024 and

31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日1,200,000,0001,200,000

Isued and fuly paid:已发行及缴足：

At 1 April 2023, at 31 March 2024 and

31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日及

二零二五年三月三十一日412,597413

Al isued shares rank pari pasu in al respects with each

other.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

24. SHARE OPTION SCHEME

The Company’s share option scheme (the “Scheme”), was

adopted pursuant to a resolution pased on 29 August

2013 for the primary purpose of providing incentives to

directors and eligible employes. Under the Scheme, the

Board of Directors of the Company may grant options to

eligible employes, including directors of the Company and

its subsidiaries, to subscribe for shares in the Company.

Aditionaly, the Company may, from time to time, grant share

options to outside third parties for setlement in respect of

gods or services provided to the Company.

As at 31 March 2025, the number of shares in respect of

which options had ben granted and remained outstanding

under the Scheme was 29,250,000 (2024: 59,300,000),

representing aproximately 7.09% (2024: 14.37%) of the

shares of the Company in isue at that date. The total number

of shares in respect of which options may be granted under

the Scheme is not permited to exced 20% of the shares

of the Company in isue at any point in time, without prior

aproval from the Company’s shareholders. The number of

shares isued and to be isued in respect of which options

granted and may be granted to any individual in any one year

is not permited to exced 1% of the shares of the Company

in isue at any point in time, without prior aproval from the

Company’s shareholders.

Options granted must be taken up within 21 days of the date

of grant, upon payment of HK$1 per option. Options may

be exercised at any time from the date of grant of the share

option to the second aniversary of the date of grant. The

exercise price is determined by the Board of Directors, and

wil not be les than the highest of (i) the closing price of the

shares on the date of grant; (i) the average closing price of

the shares for the five busines days imediately preceding

the date of grant; and (i) the nominal value of the shares.

24. 购股权计划

本公司购股权计划（「该计划」）乃根据于二零

一三年八月二十九日通过之决议案予以采纳，主

要目的乃向董事及合资格雇员提供激励。根据该

计划，本公司董事会可向合资格雇员（包括本公

司及其附属公司董事）授予可认购本公司股份之

购股权。此外，本公司可不时向外来第三方授出

购股权，以结清给予本公司的货物或服务。

于二零二五年三月三十一日，该计划项下的已授

出及余下的尚未行使购股权所涉及的股份数目

为29,250,000股（二零二四年：59,300,000股），

相当于本公司当日已发行股份之约7.09%（二零

二四年：14.37%）。该计划项下可授出之购股权

所涉及之股份总数在未获本公司股东事先批准

前，于任何时间均不得超过本公司已发行股份之

20%。于任何一年已授予及可授予任何个别人士

之购股权所涉及之已发行及将予发行股份数目在

未获本公司股东事先批准前，于任何时间均不得

超过本公司已发行股份之1%。

购股权须于授出日期后21日内，支付每份购股权

1港元而予以接纳。购股权可于授出购股权日期

起至授出日期第二个周年止期间随时行使。行使

价由董事会厘定，惟不得低于下列之最高者：(i)

股份于授出日期之收市价；(i)股份于紧接授出日

期前五个营业日之平均收市价；及(i)股份之面

值。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

24. SHARE OPTION SCHEME (continued)

Details of options granted to directors and employes on

12 August 2022 are as folows:

Date of grant12 August 2022

Vesting periodImediate

Exercise period3 years from the date of grant

Exercise priceHK$0.317

The folowing table discloses movement of the Company’s

share option granted and lapsed:

CategoryDate of Grant

Exercise

PriceOption Period

Number of

options

held as at

1 April 2023,

31 March

2024 and

1 April 2024

Number

of options

granted

during the

Year

Number

of options

exercised

during the

Year

Number

of options

canceled/

lapsed

during the

Year

Number of

options

held as at

31 March

类别授出日期行使价购股权期间

于二零二三年

四月一日、

二零二四年

三月三十一日

及二零二四年

四月一日所持

购股权数目

年内授出之

购股权数目

年内行使之

购股权数目

年内注销╱

失效之

购股权数目

于二零二五年

三月三十一日

所持

购股权数目

Directors

董事

Mr. CHAN Cheong Ye11 August 2021HK$0.421Thre years from date of grant3,250,000–(3,250,000)–

陈昌义先生二零二一年八月十一日0.421港元授出日期起计三年

12 August 2022HK$0.317Thre years from date of grant3,250,000–3,250,000

二零二年八月十二日0.317港元授出日期起计三年

Mr. FONG On Shek11 August 2021HK$0.421Thre years from date of grant3,250,000–(3,250,000)–

方安石先生二零二一年八月十一日0.421港元授出日期起计三年

12 August 2022HK$0.317Thre years from date of grant3,250,000–(3,250,000)–

二零二年八月十二日0.317港元授出日期起计三年

Employes11 August 2021HK$0.421Thre years from date of grant20,300,000–(20,300,000)–

雇员二零二一年八月十一日0.421港元授出日期起计三年

12 August 2022HK$0.317Thre years from date of grant26,000,000–26,000,000

二零二年八月十二日0.317港元授出日期起计三年

Total

合计59,300,000–(30,050,000)29,250,000

（续）

于二零二年八月十二日授予董事及雇员之购股

权详情如下：

授出日期二零二年八月十二日

归属期即时

行使期自授出日期起三年

行使价0.317港元

下表披露本公司已授出及失效之购股权变动：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

于截至二零二五年及二零二四年三月三十一日止

年度并无购股权获行使。

于二零二年八月十二日授出之购股权公平值乃

使用二项式期权定价模式计算。该模型使用之输

入数据如下：

二零二年八月十二日

公平值0.1445-0.1362港元

股价0.2700港元

行使价0.317港元

预期波幅106%

预期年期三年

无风险利率2.644%

预期股息率无

于授出日期的预期波幅乃透过使用本公司于过往

三年之股价历史波幅厘定。该模式所用预期年期

已按董事之最佳估计作出调整，以反映不可转让

性、行使限制及行为考虑等因素。

与该计划有关的5,703,000港元（二零二四年：零

港元）已转拨至累计亏损。

25. 每股资产净值

每股资产净值乃将综合财务状况表内所载之

资产净值约153,387,000港元（二零二四年：

158,862,000港元）除以于二零二五年三月三十一

日已发行股份数目412,597,000股（二零二四年：

412,597,000股）后得出。

24. SHARE OPTION SCHEME (continued)

No share options were exercised during the years ended

31 March 2025 and 2024.

The fair value of share options granted on 12 August 2022

was calculated using Binominal Option Pricing Model. The

inputs into the model were as folows:

12 August 2022

Fair valueHK$0.1445-HK$0.1362

Share priceHK$0.2700

Exercise priceHK$0.317

Expected volatility106%

Expected life3 years

Risk-fre rate2.644%

Expected dividend yieldNil

Expected volatility was determined by using the historical

volatility of the Company’s share price over the previous 3

years at the grant date. The expected life used in the model

has ben adjusted, based on the directors’ best estimate,

for the efects of non-transferability, exercise restrictions and

behavioral considerations.

HK$5,703,000 (2024: HK$Nil) related to the Scheme was

transfered to acumulated loses.

25. NET ASET VALUE PER SHARE

Net aset value per share is calculated by dividing the

net asets included in the consolidated statement of

financial position of aproximately HK$153,387,000 (2024:

HK$158,862,000) by the number of shares in isue as at 31

March 2025, being 412,597,000 (2024: 412,597,000).

2025
二零二五年
HK$’000
千港元
366
366

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

26. 关连人士交易

截至二零二五年及二零二四年三月三十一日止年

度，本集团与本集团投资经理订立以下交易，董

事认为，此等交易乃于本集团日常业务过程中按

正常商业条款进行：

附注：

本公司于二零二零年十二月八日与恒大证券（香港）有

限公司（「投资经理」）订立投资管理协议。

投资经理有权收取每月管理费60,000港元及须于每月提

前支付。

于该协议生效后，投资经理均将根据上市规则第21.13

条被视为本公司关连人士。根据上市规则第14A.76条，

该等交易被视为符合最低豁免水平的交易。

本公司独立非执行董事认为上述投资管理协议符合本

公司最佳利益，并于本公司日常业务过程中按正常商业

条款订立，而投资管理费用乃根据上述协议计算，对本

公司股东而言属公平合理。

主要管理人员之酬金，包括已付予本公司董事及若干名

最高薪雇员之款项披露于综合财务报表附注16。

26. RELATED PARTY TRANSACTIONS

During the years ended 31 March 2025 and 2024, the

Group had entered into the folowing transactions with the

investment manager of the Group which, in the opinion of the

directors, were caried out on normal comercial terms and in

the ordinary course of the Group’s busines:

二零二四年

HK$’000

千港元

Investment manager’s fe:投资经理费用：

Evergrande Securities (Hong Kong) Limited恒大证券（香港）有限公司720

Total总计720

Note:

The Company entered into a investment management agrement

with Evergrande Securities (Hong Kong) Limited (the “Investment

Manager”) efective on 8 December 2020.

The Investment Manager is entitled to a monthly management fe of

HK$60,000 and payable monthly in advance.

The Investment Manager shal be demed as a conected person of

the Company pursuant to Rule 21.13 of the Listing Rules upon the

agrement becoming efective. The transactions are considered a de

minimis transactions under Rule 14A.76 of the Listing Rules.

The independent non-executive directors of the Company considered

that the above investment management agrement is in the best

interests of the Company and were entered into on normal comercial

terms, in the ordinary course of busines of the Company and that

investment management fe are calculated in acordance with

the above agrements and are fair and reasonable so far as the

shareholders of the Company are concerned.

Remuneration for key management personel, including amounts

paid to the directors of the Company and certain of the highest paid

employes are disclosed in note 16 to the consolidated financial

statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

27. 退休福利计划

本集团根据《强制性公积金计划条例》为所有香

港合资格雇员参加定额供款强制性公积金计划

（「计划」）。计划资产与本集团之资产分开持有并

存于受托人管理之基金。根据计划，本集团（雇主）

与雇员每月均会按雇员收入（定义见《强制性公

积金计划条例》）之5%对计划作出供款。雇主与

雇员每月之供款自二零一五年六月一日起最多以

1,500港元为限，多出之供款属自愿供款。并无已

没收供款可用于扣减往后年度应缴供款。

截至二零二五年三月三十一日止年度于综合损益

及其他全面收益表扣除之总供款16,000港元（二

零二四年：19,000港元）代表本集团于截至二零

二五年三月三十一日止年度应向计划缴付之供款。

27. RETIREMENT BENEFITS SCHEME

The Group has participated in a defined contribution

Mandatory Provident Fund Scheme (the “Scheme”) under the

Mandatory Provident Fund Schemes Ordinance for al eligible

employes in Hong Kong. The asets of the Scheme are

held separately from those of the Group, in funds under the

control of truste. Under the scheme, each of the Group (the

employer) and its employes makes monthly contributions

to the Scheme at 5% of the employes’ earnings as defined

under the Mandatory Provident Fund Scheme Ordinance.

The contributions from each of the employer and employes

are subject to a maximum contribution of HK$1,500 per

month since 1 June 2015 and thereafter contributions are

voluntary. No forfeited contribution is available to reduce the

contributions payable in the future years.

The total contributions charged to the consolidated statement

of profit or los and other comprehensive income for the

year ended 31 March 2025 amounted to HK$16,000 (2024:

HK$19,000), representing contributions payable to the

Scheme by the Group in respect of the year ended 31 March

2025.

2025
二零二五年
100%
100%
100%
100%
100%
100%
100%
100%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

28. 本公司主要附属公司之详情

于二零二五年及二零二四年三月三十一日之主要

附属公司详情载列如下：

上表所述本公司附属公司乃董事认为重大影响本

年度业绩或构成本集团资产净值之主要部份。董

事认为，载列其他附属公司详情会过于冗长。

于报告期末或年内任何时间，概无附属公司拥有

任何尚未偿还之债务证券。

28. PARTICULARS OF PRINCIPAL SUBSIDIARIES

OF THE COMPANY

Details of principal subsidiaries at 31 March 2025 and 2024

are as folows:

Name of subsidiary

Place of

incorporation

Particulars of

isued share

capital

Proportion of ownership

interest and voting rights

held by the GroupPrincipal activities

附属公司名称注册成立地点已发行股本详情

本集团所持有之

所有权及表决权比例主要业务

二零二四年

Directly hold:

直接持有：

Garon Consultancy LimitedHong KongOrdinary share

HK$1

100%Trading of securities

嘉禹顾问有限公司香港普通股1港元100%证券买卖

New Expres Investment LimitedHong KongOrdinary share

HK$1

100%Trading of securities

& investment

holding

新通投资有限公司香港普通股1港元100%证券买卖及投资控股

Jetland Global Investments LtdBritish Virgin

Islands

Ordinary shares of

US$1 each

100%Investment

holding

英属处女群岛普通股

每股面值1美元

100%投资控股

Baiye Holdings LimitedBritish Virgin

Islands

Ordinary shares of

US$1 each

100%Investment holding

英属处女群岛普通股

每股面值1美元

100%投资控股

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.

None of the subsidiaries had any debt securities outstanding

at end of the reporting period or at any time during the year.

2025
二零二五年
HK$’000
千港元
1
1
3,360
147,602
354
151,316
680
1,376
2,056
149,260
149,261
413
148,848
149,261

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

29. 本公司之财务资料

经由下列人士代表签署：

29. FINANCIAL INFORMATION OF THE COMPANY

二零二四年

HK$’000

千港元

Non-curent asets非流动资产

Investment in subsidiaries于附属公司之投资1

Curent asets流动资产

Other receivables, prepayments

and deposits

其他应收款项、预付款项及按金

3,325

Amounts due from subsidiaries应收附属公司款项157,919

Cash and cash equivalents现金及现金等价物1,111

162,355

Curent liabilities流动负债

Acruals应计费用3,160

Amounts due to subsidiaries应付附属公司款项1,381

4,541

Net curent asets流动资产净值157,814

Net asets资产净值157,815

Capital and reserves资本及储备

Share capital股本413

Reserves (Note)储备（附注）157,402

Total equity权益总额157,815

Signed on its behalf by:

CHAN Cheong YeHON Leung

陈昌义韩亮

DirectorDirector

董事董事

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

Anual Report

2024/25

年报

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

（续）

附注：

年内储备之变动

29. FINANCIAL INFORMATION OF THE COMPANY

(continued)

Note:

Movement in reserves during the year

premium

Capital

reduction

reserve

option

reserve

Acumulated

losesTotal

股份溢价

股本

削减储备购股权储备累计亏损总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日963,164112,6579,715(893,586)191,950

Los and total comprehensive

expense for the year

本年度亏损及全面开支总额

–(34,548)(34,548)

As at 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日963,164112,6579,715(928,134)157,402

Los and total comprehensive

expense for the year

本年度亏损及全面开支总额

–(8,554)(8,554)

Lapse of share options购股权失效–(5,703)5,703–

As at 31 March 2025于二零二五年三月三十一日963,164112,6574,012(930,985)148,848

2025
二零二五年
HK$’000
千港元
6,538
(5,475)
–
(5,475)
(1.33)

2025
二零二五年
HK$’000
千港元
22,657
138,086
(7,356)
–
153,387

FIVE YEARS FINANCIAL SUMARY

五年财务摘要

China Investment and Finance Group Limited

中国投融资集团有限公司

For the year ended 31 March 2025截至二零二五年三月三十一日止年度

Year ended 31 March

截至三月三十一日止年度

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

RESULTS业绩

Revenue收益5,3183,5924,4784,521

(Los)/profit before tax除税前（亏损）╱溢利(37,769)(41,152)(7,018)3,569

Income tax credit所得税抵免–

(Los)/profit atributable to

owners of the Company

本公司拥有人

应占（亏损）╱溢利(37,769)(41,152)(7,018)3,569

(Los)/earnings per share每股（亏损）╱盈利

– Basic (HK cents)－基本（港仙）(9.15)(10.92)(2.27)1.43

At 31 March

于三月三十一日

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

ASETS AND LIABILITIES资产及负债

Non-curent asets非流动资产39,12123,83425,26149,504

Curent asets流动资产129,166180,661200,457153,752

Curent liabilities流动负债(9,425)(7,864)(16,003)(7,750)

Non-curent liabilities非流动负债–

Total equity权益总额158,862196,631209,715195,506

中国投融资集团有限公司

China Investment and Finance Group Limited

年

报

中

国

投

融

资

集

团

有

限

公

司

2024 25

中国投融资集团有限公司

ANUAL

REPORT

年 报

﻿

2024/25

CONTENTS

目录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

2024/25

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

Note: The shares of al the companies mentioned under Performance

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

STATEMENT FROM THE MANAGEMENT

管理层报告书

STATEMENT FROM THE MANAGEMENT

管理层报告书

2024/25

BIOGRAPHICAL DETAILS OF DIRECTORS

董事简介

BIOGRAPHICAL DETAILS OF DIRECTORS

董事简介

2024/25

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

2024/25

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

2024/25

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

2024/25

DIRECTORS’ REPORT

董事会报告

DIRECTORS’ REPORT

董事会报告

2024/25

年报