Annual Report 年报
2025 ANNUAL REPORT 年报

CONTENTS 目录

P.256

Principal Properties

主要物业

P.2-3

Corporate Information

公司资料

P.4-5

Financial Highlights

财务摘要

P.6-7

Chairman’s Statement

主席报告

P.8-24

Management Discusion

and Analysis

管理层讨论与分析

P.25-29

Profile of Directors and

Senior Management

董事及高级

管理人员履历

P.30-56

Corporate

Governance Report

企业管治报告

P.57-98

Environmental,

Social and Governance

Report

环境、社会及管治报告

P.99-118

Report of the Directors

董事会报告

P.119-130

Independent

Auditor’s Report

独立核数师报告

P.131

Consolidated Statement

of Profit or Los

综合损益表

P.132

Consolidated Statement

of Profit or Los and Other

Comprehensive Income

综合损益及

其他全面收益表

P.133-134

Consolidated Statement

of Financial Position

综合财务状况表

P.135-136

Consolidated Statement

of Changes in Equity

综合权益变动表

P.137-138

Consolidated Statement

of Cash Flows

综合现金流量表

P.139-254

Notes to the Consolidated

Financial Statements

综合财务报表附注

P.255

Five-Year

Financial Sumary

五年财务摘要

CORPORATE INFORMATION

公司资料

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

BOARD OF DIRECTORS

Executive Directors

Mr. Hu Xingrong (Chairman)

Mr. Li Zhenyu

Ms. Cong Wenlin (apointed on 10 June 2025)

Mr. Huang Xiaohai (resigned on 10 June 2025)

Mr. Jin Jiangui (resigned on 10 June 2025)

Independent Non-Executive Directors

Ms. Pau Ye Ling

Mr. Wong Kwan Kit

Ms. Zhou Hong (apointed on 9 April 2025)

Mr. Yuen Hoi Po (resigned on 10 January 2025)

AUDIT COMITE

Mr. Wong Kwan Kit (Chairman)

Ms. Pau Ye Ling

Ms. Zhou Hong (apointed on 9 April 2025)

Mr. Yuen Hoi Po (resigned on 10 January 2025)

REMUNERATION COMITE

Ms. Pau Ye Ling (Chairman)

Ms. Cong Wenlin (apointed on 10 June 2025)

Mr. Hu Xingrong

Mr. Wong Kwan Kit

Ms. Zhou Hong (apointed on 9 April 2025)

Mr. Huang Xiaohai(resigned on 10 June 2025)

Mr. Yuen Hoi Po(resigned on 10 January 2025)

NOMINATION COMITE

Mr. Hu Xingrong (Chairman)

Ms. Cong Wenlin (apointed on 10 June 2025)

Ms. Pau Ye Ling

Mr. Wong Kwan Kit

Ms. Zhou Hong (apointed on 9 April 2025)

Mr. Huang Xiaohai(resigned on 10 June 2025)

Mr. Yuen Hoi Po(resigned on 10 January 2025)

COMPANY SECRETARY

Mr. Wong Chun Kit (apointed on 30 June 2025)

Mr. Cheung Tai Chi (apointed on 8 May 2025 and

resigned on 30 June 2025)

Mr. Wun Chun Yip (apointed on 1 November 2024 and

resigned on 8 May 2025)

Ms. Ho Wing Yan ACG, HKACG(PE) (resigned on 1 November 2024)

AUTHORISED REPRESENTATIVES

Ms. Cong Wenlin (apointed on 10 June 2025)

Mr. Wong Chun Kit (apointed on 30 June 2025)

Mr. Cheung Tai Chi (apointed on 8 May 2025 and

resigned on 30 June 2025)

Mr. Wun Chun Yip (apointed on 1 November 2024 and

resigned on 8 May 2025)

Mr. Huang Xiaohai (resigned on 10 June 2025)

Ms. Ho Wing Yan (resigned on 1 November 2024)

AUDITOR

CTH CPA Limited

董事会

执行董事

胡兴荣先生（主席）

李振宇先生

丛文琳女士（于2025年6月10日获委任）

黄晓海先生（于2025年6月10日辞任）

金江桂先生（于2025年6月10日辞任）

独立非执行董事

鲍依宁女士

黄昆杰先生

周红女士（于2025年4月9日获委任）

袁海波先生（于2025年1月10日辞任）

审核委员会

黄昆杰先生（主席）

鲍依宁女士

周红女士（于2025年4月9日获委任）

袁海波先生（于2025年1月10日辞任）

薪酬委员会

鲍依宁女士（主席）

丛文琳女士（于2025年6月10日获委任）

胡兴荣先生

黄昆杰先生

周红女士（于2025年4月9日获委任）

黄晓海先生（于2025年6月10日辞任）

袁海波先生（于2025年1月10日辞任）

提名委员会

胡兴荣先生（主席）

丛文琳女士（于2025年6月10日获委任）

鲍依宁女士

黄昆杰先生

周红女士（于2025年4月9日获委任）

黄晓海先生（于2025年6月10日辞任）

袁海波先生（于2025年1月10日辞任）

公司秘书

黄俊杰先生（于2025年6月30日获委任）

张大智先生（于2025年5月8日获委任及

于2025年6月30日辞任）

尹骏业先生（于2024年11月1日获委任及

于2025年5月8日辞任）

何咏欣女士ACG, HKACG(PE)（于2024年11月1日辞任）

授权代表

丛文琳女士（于2025年6月10日获委任）

黄俊杰先生（于2025年6月30日获委任）

张大智先生（于2025年5月8日获委任及

于2025年6月30日辞任）

尹骏业先生（于2024年11月1日获委任及

于2025年5月8日辞任）

黄晓海先生（于2025年6月10日辞任）

何咏欣女士（于2024年11月1日辞任）

核数师

中正天恒会计师有限公司

民生国际有限公司

二零二五年报

CORPORATE INFORMATION (Continued)

公司资料（续）

LEGAL ADVISERS

As to Hong Kong law

Deacons

As to Bermuda law

Conyers Dil & Pearman

PRINCIPAL BANKERS

China Construction Bank (Asia) Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited

PRINCIPAL SHARE REGISTRAR

MUFG Fund Services (Bermuda) Limited

4th flor North

Cedar House

41 Cedar Avenue

Hamilton HM12

Bermuda

HONG KONG BRANCH SHARE REGISTRAR

AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

LISTING INFORMATION

The Stock Exchange of Hong Kong Limited

Ordinary Share (Stock Code: 938)

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

PRINCIPAL PLACE OF BUSINES

14/F, Teda Building

87 Wing Lok Stret

Sheung Wan, Hong Kong

COMPANY WEBSITE

w.msil.com.hk

INVESTOR RELATIONS

Email: ir@msil.com.hk

法律顾问

有关香港法律

的近律师行

有关百慕达法律

Conyers Dil & Pearman

主要往来银行

中国建设银行（亚洲）股份有限公司

香港上海汇丰银行有限公司

主要股份登记处

MUFG Fund Services (Bermuda) Limited

4th flor North

Cedar House

41 Cedar Avenue

Hamilton HM12

Bermuda

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

上市资料

香港联合交易所有限公司

普通股（股份代号：938）

注册办事处

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

主要营业地点

香港上环

永乐街87号

泰达大厦14楼

公司网址

w.msil.com.hk

投资者关系

电邮：ir@msil.com.hk

2025
HK$’000
千港元
138,047
25,482
(590,903)
(592,211)
(0.92)

2025
HK$’000
千港元
(1,495,286)
23,422
3,074,718
(1,494,621)

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

FINANCIAL HIGHLIGHTS

财务摘要

KEY FINANCIAL PERFORMANCE

Year ended 31 March

截至三月三十一日止年度

Consolidated Statement of

Profit or Los综合损益表2024Change

变动%

HK$’000HK$’000

千港元千港元

– Revenue (HK$’000)－收入（千港元）126,71011,3378.95

– Gros profit (HK$’000)－毛利（千港元）16,6088,87453.43

– Los before tax (HK$’000)－除税前亏损（千港元）(546,015)(44,888)8.22

Owners拥有人

Los for the year and atributable to equity

holders of the Company (HK$’000)

本公司权益持有人应占年内

亏损（千港元）(551,828)(40,383)7.32

Basic and diluted los per share

(HK dolars)

每股基本及摊薄亏损

（港元）(0.85)(0.07)8.24

As at 31 March

于3月31日

Consolidated Statement of

Financial Position综合财务状况表2024Change

变动%

HK$’000HK$’000

千港元千港元

Net liabilities (HK$’000)负债净值（千港元）(928,414)(566,872)61.06

Cash and cash equivalents (HK$’000)现金及等同现金（千港元）19,0444,37822.99

Promisory notes, bank and other borowings

and unsecured borowings from a director

(HK$’000)

承兑票据、银行及其他借贷及

董事无抵押借贷

（千港元）2,862,191212,5277.43

Equity atributable to owners of the Company

(HK$’000)

本公司拥有人应占权益

（千港元）(927,361)(567,260)61.17

主要财务表现

2025
18.46%
39.62%
0.13
(2.06)

民生国际有限公司

二零二五年报

FINANCIAL HIGHLIGHTS (Continued)

财务摘要（续）

KEY FINANCIAL RATIOS

2024Change

变动

Gros profit margin

(1)

毛利率

(1)

13.11%5.35

percentage

points

个百分点

Return on equity

(2)

股东资金回报

(2)

59.51%(19.89)

percentage

points

个百分点

Curent ratio (times)

(3)

流动比率（倍）

(3)

0.23

Gearing ratio (times)

(4)

资本负债比率（倍）

(4)

(3.08)

(1) Gros profit margin represents gros profit divided by revenue of the Group.

(2) Return on equity is defined as the ratio of los for the year atributable to equity

holders of the Company to equity atributable to owners of the Company.

(3) Curent ratio is defined as the ratio of total curent asets to total curent

liabilities.

, bank and other borowings and

unsecured borowings from a director, including curent and non-curent

portions, divided by total equity.

主要财务比率

(2) 股东资金回报指本公司权益持有人应占年内亏损除

以本公司拥有人应占权益。

、银行及其他借贷及董事

无抵押借贷（包括流动及非流动部分）除以总权益。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CHAIRMAN’S STATEMENT

主席报告

TO OUR SHAREHOLDERS

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

Man Sang International Limited (the “Company”), I am pleased to present

the financial results of the Company and its subsidiaries (colectively the

“Group”) for the year ended 31 March 2025 (“FY25”).

PERFORMANCE

During FY25, the Group continues to focus on property development, sales

and leasing of properties busines, property management busines and

renovation and decoration busines in the People’s Republic of China (the

“PRC”) and hotel and golf club operation busines in Japan.

In FY25, the global economic recovery remained clouded by persistent

chalenges, including prolonged high interest rates until late 2024, rising

corporate financing costs, and ongoing geopolitical uncertainties, al

of which exerted presure on the overal busines environment. During

the year, the PRC government continued to implement policies aimed at

stimulating domestic demand and stabilising the property market. These

eforts yielded signs of structural stabilisation in the second half of the year,

providing a favourable environment for the Group’s property busines

activities. Meanwhile, leasing demand for ofice and comercial properties

showed signs of stabilisation, suporting the Group’s property management

revenue performance. The operations in Japan also benefited from the

sustained recovery in tourism and the depreciation of the yen and become

one of the Group’s reliable revenue contributors.

In response to market uncertainties, the Group proactively adjusted its

busines strategies during the year, with a focus on enhancing aset quality

and optimising cash flow management. The sucesful disposal of the

Chongqing Property Busines in April 2025 further reduced the Group’s

financial burden and contributed to the improvement of its aset-liability

structure, thereby enhancing overal financial flexibility.

Overal, the Group’s revenue increased by aproximately HK$11.3 milion

or 8.95% from aproximately HK$126.7 milion for the year ended 31

March 2024 (“FY24”) to aproximately HK$138.0 milion in FY25.

The los atributable to equity holders of the Company in FY25 amounted

to aproximately HK$592.2 milion as compared to aproximately

HK$551.8 milion in FY24. The increase in los atributable to equity

holders of the Company was mainly due to increase in finance cost and

los on fair value of investment properties, ofset by decrease in impairment

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

increase in gros profit in FY25.

致股东

本人谨代表民生国际有限公司（「本公司」）董事

（「董事」）会（「董事会」）欣然呈报本公司及其附属

公司（统称「本集团」）截至2025年3月31日止年度

（「2025年财政年度」）的财务业绩。

业绩表现

于2025年财政年度，本集团继续专注于中华人民

共和国（「中国」）的物业发展、销售及租赁物业

务、物业管理业务及装修及装饰业务以及于日本的

营运酒店及高尔夫球会业务。

2025年财政年度，全球经济复苏仍面临持续挑

战，包括持续至2024年底的高利率、企业融资成

本上升以及持续的地缘政治不确定性，均给整体商

业环境带来压力。年内，中国政府继续实施刺激内

需及稳定房地产市场的政策。这些努力在下半年产

生结构稳定的迹象，为本集团的房地产业务活动提

供了有利的环境。与此同时，写字楼及商用物业的

租赁需求呈现稳定迹象，为本集团的物业管理收入

表现提供支撑。日本业务亦受惠于旅游业持续复苏

及日圆贬值，成为本集团可靠的收入来源之一。

为应对市场不确定性，本集团于年内积极调整业务

策略，重点提升资产质素及优化现金流管理。于

2025年4月成功出售重庆物业务，进一步减轻

本集团的财务负担，有助于改善其资产负债结构，

从而增强整体财务灵活性。

整体而言，本集团收入由截至2024年3月31日止

年度（「2024年财政年度」）约126,700,000港元增

加约11,300,000港元或8.95%至2025年财政年度

约138,000,000港元。

于2025年财政年度，本公司权益持有人应占亏损

约592,200,000港元，而2024年财政年度则约为

551,800,000港元。本公司权益持有人应占亏损

增加主要由于2025年财政年度财务成本及投资物

业公允价值亏损增加，被物业、厂房及设备以及使

用权资产之减值亏损减少及毛利增加抵销所致。

民生国际有限公司

二零二五年报

CHAIRMAN’S STATEMENT (Continued)

主席报告（续）

PROSPECTS

Despite the presence of short-term uncertainties in the external environment,

the Group remains cautiously optimistic and wel-prepared for market

normalisation. The Group continued to adhere to a prudent financial policy,

with a strong emphasis on cash flow discipline and the management of

debt ratios. Through stringent cost control and ongoing improvements in

operational eficiency, the Group maintained a level of resilience in a

chalenging external environment.

Loking ahead, the Group wil further enhance risk management capabilities

to safeguard operational stability and maintain flexibility in responding to

future market developments. Backed by a diversified busines portfolio and

a forward-loking strategic roadmap, the Group wil continue to sek high

potential investment oportunities while depening the value of its existing

busineses. With a disciplined aproach to execution and long-term value

creation, the Group strives to achieve steady progres and sustainable

growth amid a complex and evolving market landscape.

APRECIATION

I would like to take this oportunity to expres my heartfelt gratitude to al

our shareholders, customers and other busines partners for their long-term

suport for the Group over the years. I would also like to thank the senior

management team and al staf members of the Group for their dedication

and hard work during the past year.

Hu Xingrong

Chairman

Hong Kong, 25 June 2025

展望

尽管外部环境存在短期不明朗因素，本集团仍保持

审慎乐观，并为市场回归正轨作好充分准备。本集

团继续坚持审慎的财务政策，重点关注现金流量纪

律及债务比率管理。透过严格的成本控制及持续提

升营运效率，本集团在充满挑战的外部环境中保持

一定的应变能力。

展望未来，本集团将进一步提升风险管理能力，以

保障营运稳定性，并保持灵活应对未来市场发展。

凭借多元化的业务组合及前瞻性的战略路线图，本

集团将继续寻求高潜力的投资机会，同时深挖现有

业务的价值。凭借严谨的执行方式和长期价值创

造，本集团致力于在复杂多变的市场环境中实现稳

步进步和可持续增长。

致谢

多年来，本集团承蒙全体股东、客户及其他业务伙

伴鼎力支持，本人谨此衷心致谢。本集团的高级管

理人员以至各级员工过去一年尽忠职守，努力不懈

为本集团作出贡献，本人亦不胜感激。

主席

胡兴荣

香港，2025年6月25日

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论与分析

FINANCIAL OVERVIEW

The Board is pleased to report the results of the Group for FY25. During

FY25, basic los per share was HK$0.92 (FY24: HK$0.85), and total

comprehensive expenses was aproximately HK$587,149,000 (FY24:

aproximately HK$575,607,000).

BUSINES REVIEW

During FY25, the Group had engaged in four busines segments including

(i) property development, sales and leasing of properties in Chongqing; (i)

provision of property management services; (i) provision of renovation and

decoration services; and (iv) hotel and golf club operations in Hokaido,

Japan, to create diversified income sources for the Group.

Chongqing Property

Revenue for FY25: aproximately HK$42,830,000 (FY24: aproximately

HK$46,640,000).

Chongqing Kingstone Land Co., Ltd. (重庆皇石置地有限公司) (the

“Chongqing Kingstone”), an indirect wholy-owned subsidiary of

the Company, holds a property located at 77 Qingnian Road, Yuzhong

District, Chongqing city, the PRC (the “Chongqing Property”). It is just

a short distance away from the bustling Jiefangbei Central Busines District

and is within walking distance to famous atractions, pedestrian lane and

acesible to the city’s metro network.

The Chongqing Property comprises residential apartments (for sale), serviced

apartments managed by an internationaly renowned hotel management

group and a shoping mal (for lease) (the “Chongqing Property

Busines”).

Included in the Chongqing Property, the shoping mal is clasified as

“Investment Properties”, the fair value of which amounted to aproximately

HK$1,012,220,000 as at 31 March 2025, which acounted for

aproximately to 49.98% of total asets of the Group.

财务摘要

董事会欣然呈报本集团2025年财政年度之业绩。

于2025年财政年度内，每股基本亏损为0.92港元

（2024年财政年度：0.85港元），而全面开支总

额约为587,149,000港元（2024年财政年度：约

575,607,000港元）。

业务回顾

于2025年财政年度，本集团仍深耕四项业务分

部，包括(i)于重庆的物业发展、销售及租赁物业；

(i)提供物业管理服务；(i)提供装修及装饰服务；

及(iv)于日本北海道营运酒店及高尔夫球会，为本

集团创造多元化收入来源。

重庆物业

2025年财政年度收入：约42,830,000港元

（2024年财政年度：约46,640,000港元）。

本公司间接全资附属公司重庆皇石置地有限公司

（「重庆皇石」）持有位于中国重庆市渝中区青年路

77号之物业（「重庆物业」）。该物业距离繁华的解

放碑中央商务区仅几步之遥，步行即可抵达著名景

点、步行街及城市地铁网络。

重庆物业包含住宅公寓（作为销售用途）、由国际知

名酒店管理集团管理的服务式公寓及购物商场（作

为租赁用途）（「重庆物业务」）。

重庆物业包括分类为「投资物业」之购物商场，其于

2025年3月31日之公允价值约为1,012,220,000

港元，占本集团总资产约49.98%。

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

BUSINES REVIEW (Continued)

Chongqing Property (Continued)

During FY25, as the overal domestic real estate industry remained slugish,

coupled with the ongoing economic downturn, public purchasing interest

continued to decline, and majority of our targeted customers inclined to

wait and se. As a result, the sale of our residential apartments was not

satisfactory for FY25, while revenue from the serviced apartments remained

stable.

Chongqing Kingstone (as borower) entered into a loan agrement (the

“Loan Agrement”) with a financial institution (the “Lender”) dated 31

March 2020 in respect of a loan of the principal amount of RMB1,250

milion (the “Loan”) for a term from 31 March 2020 to 30 March

2035. The Loan was secured by, among other things, a mortgage over

the Chongqing Property and a personal guarante provided by Mr. Hu

Xingrong (“Mr. Hu”), the controling shareholder and an executive director

of the Company. On 5 June 2024, Chongqing Kingstone received a

formal hearing notice from Chengyu Financial Court* (成渝金融法院) (the

“Court”) at Chongqing City in the PRC that a hearing in respect of legal

procedings (the “Legal Procedings”) for recovery of the outstanding

principal amount of the Loan of aproximately RMB1,212 milion due from

Chongqing Kingstone, the related interests and other related expenses

would be held at the Court on 6 June 2024.

On 6 June 2024, a hearing was held at the Court in respect of the Legal

Procedings. At the hearing, the parties submited and exchanged evidence

in suport of their claims and since the parties had previously indicated

their wilingnes to mediate, the Court directed the parties to try to reach a

setlement outside of court within the next 20 days.

On 27 June 2024, a hearing was held at the Court in respect of the Legal

Procedings. At the hearing, the Court considered the claims put forward

by the respective parties and ordered that a judgement would be handed

down by the Court on another date to be determined by the Court.

业务回顾（续）

重庆物业（续）

于2025年财政年度，国内整个房地产行业持续低

迷，经济持续下行，大众购买欲持续下降，我们的

大部分目标客户对房地产市场持观望态度。因此，

2025年财政年度住宅公寓销售量并不理想，而来

自服务式公寓收入则维持稳定。

重庆皇石（作为借款人）与一间金融机构（「贷款人」）

订立日期为2020年3月31日之贷款协议（「贷款协

议」），内容有关本金额为人民币1,250百万元之贷

款（「贷款」），期限为2020年3月31日至2035年3

月30日。贷款以（其中包括）抵押重庆物业及本公

司控股东兼执行董事胡兴荣先生（「胡先生」）提供

的个人担保作抵押。于2024年6月5日，重庆皇石

接获中国重庆市成渝金融法院（「法院」）的正式聆讯

通知，内容有关收回应收重庆皇石贷款的未偿还本

金额约人民币1,212百万元、相关利息及其他相关

开支的法律程序（「法律程序」）的聆讯将于2024年

6月6日在法院举行。

于2024年6月6日，法院就法律程序召开聆讯。于

聆讯上，双方提交及交换用作支持其主张的证据，

而由于双方先前已表示愿意进行调解，法院指示双

方尝试在往后20天内达成庭外和解。

于2024年6月27日，法院就法律程序召开聆讯。

于聆讯中，法院考虑了各方提出的申索，并下令将

于法院决定的另一日期作出判决。

* For identification purpose only

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

BUSINES REVIEW (Continued)

Chongqing Property (Continued)

On 24 July 2024, the Company received a judgment handed down by

the Court in respect of the Legal Procedings. Pursuant to the judgment (the

“Judgment”), the Court has ordered, among other things, (i) Chongqing

Kingstone to repay the outstanding principal amount of the Loan, the

outstanding interests as of 31 May 2024, and the outstanding interests

for the period from 1 June 2024 until date of setlement (colectively, the

“Judgment Debt”) to the Lender within 10 days from the efective date

of the Judgment; and (i) that the Lender is entitled to enforce its rights under

the mortgage in respect of the Chongqing Property for repayment of the

Judgment Debt. The Judgment shal become efective if neither of the parties

apeals within 15 days of its receipt of the Judgment.

On 7 August 2024, Chongqing Kingstone filed an apeal against the

Judgment at the Chongqing City People’s Supreme Court* (重庆市高级

人民法院) (the “Chongqing Supreme Court”) within the prescribed

period. As a result, the Judgment handed down by the Court on 24 July

2024 has not yet become efective.

On 24 October 2024, a hearing was held at the Chongqing Supreme

Court in respect of the Legal Procedings. At the hearing, the parties

submited and exchanged evidence in suport of their claims in relation to

the apeal filed by Chongqing Kingstone filed against the Judgment. The

parties agred to negotiate of the court on whether to conduct a mediation

on the case.

On 9 January 2025, the Company received a judgment (the “Second

Judgment”) handed down by the Chongqing Supreme Court in respect

of the Legal Procedings. Pursuant to the Second Judgment, the Chongqing

Supreme Court upheld the decision made by the Chengyu Financial

Court* (成渝金融法院), which ordered, among other things, (i) Chongqing

Kingstone to repay the Judgment Debt to the Lender within 10 days from the

efective date of the Second Judgment; and (i) that the Lender is entitled to

enforce its rights under the mortgage in respect of the Chongqing Property

for repayment of the Judgment Debt. The Second Judgment shal become

efective upon receipt of the Second Judgment.

In view of the downturn of the PRC property market, the uncertain prospect

of the real estate industry, the unsatisfactory financial performance and net

liabilities position of the Chongqing Property Busines and the uncertainty

arising from the Legal Procedings, the Company has decided to dispose

of its Chongqing Property Busines. The Company entered into a sale

and purchase agrement on 6 February 2025 to dispose of the entire

equity interest in Chongqing Kingstone which was completed in April

2025, details of which are set out in the circular and anouncement of the

Company dated 18 March 2025 and 11 April 2025 respectively.

业务回顾（续）

重庆物业（续）

于2024年7月24日，本公司接获法院就法律程序

作出的判决。根据判决（「判决」），法院已命令（其

中包括）(i)重庆皇石需于判决生效日期起10日内向

贷款人偿还贷款之未偿还本金、截至2024年5月

31日之未偿还利息，以及自2024年6月1日起至清

偿日期间之未偿还利息（统称为「判决债务」）；及

(i)贷款人有权根据抵押权执行其对重庆物业的权利

以偿还判决债务。倘双方于收到判决起计15天内

均未提出上诉，判决将生效。

于2024年8月7日，重庆皇石于规定期限内向重庆

市高级人民法院（「重庆高级法院」）提起上诉。因

此，法院于2024年7月24日作出的判决尚未生效。

于2024年10月24日，重庆高级法院就法律程序召

开聆讯。于聆讯中，各方就重庆皇石针对判决提出

的上诉提交及交换支持其主张的证据。各方同意在

庭外磋商是否对此案件进行调解。

于2025年1月9日，本公司接获重庆高级法院就法

律程序作出的判决（「第二次判决」）。根据第二次判

决，重庆高级法院维持成渝金融法院作出的原判，

成渝金融法院当时命令（除其他事项外）(i)重庆皇石

需于第二次判决生效日期起10日内向贷款人偿还

判决债务；及(i)贷款人有权根据抵押权执行其对重

庆物业的权利以偿还判决债务。第二次判决将于收

到时生效。

鉴于中国楼市低迷、房地产行业的前景不明朗、重

庆物业务的财务表现不理想及净负债状况以及来

自法律程序的不明朗因素，本公司已决定出售其重

庆物业务。本公司于2025年2月6日订立买卖协

议以出售重庆皇石的全部股权，并已于2025年4

月完成，有关详情载于本公司日期分别为2025年

3月18日及2025年4月11日的通函及公告。

* For identification purpose only

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

BUSINES REVIEW (Continued)

Property Management Services

Revenue for FY25: aproximately HK$34,537,000 (FY24: aproximately

HK$31,037,000)

In 2020, the Group entered into the property management industry and

created synergies with the Group’s other busineses and has diversified

the income sources of the Group. Founded in 2019, Zhejiang Huiyong

Property Management Service Co., Ltd. (浙江晖永物业管理服务有限公

司) (“Huiyong Service”), an indirect wholy-owned subsidiary of the

Company was recognised as the “2020 Top 100 Property Management

Companies in China” by the China Index Academy and was awarded the

title of “China Property Service Company with Featured Brands” in 2021.

Huiyong Service provides diversified property management services and

value-aded services, with a number of property management projects

and potential projects in Zhejiang, Sichuan, Fujian, Yunan, Guizhou

and Chongqing. The properties under management comprised a variety

of property types including residential comunities, retail premises, ofice

premises, sales ofices and scenic areas, etc.

In recent years, Huiyong Service has ben comited to developing a

high-quality property service brand. The company takes leading domestic

property service enterprises as benchmarks and adheres to the development

philosophy of “quality first, brand foremost”. As a pioner in inovations

in property management area, it keps abreast of the times and caries

out management rigorously. It gains dep insights on customer neds with

advanced and scientific service concepts. Placing customer neds at the

forefront, the company employs cuting-edge property service systems and

butler-style services to enhance service quality and eficiency while reducing

service costs. Continuously creating greater value for customers, Huiyong

Service is comited to building a beter life and strives to become a top-tier

service provider in the PRC.

In recent years, the property management industry has entered into a new

development cycle, as afected by the profound adjustment of the domestic

real estate industry. Huiyong Service’s revenue droped from aproximately

HK$31.0 milion for FY24 to aproximately HK$25.1 milion for FY25,

representing a decrease of aproximately 19.2%. Such decrease was

mainly atributable to intensive competitions from local competitors as wel as

downturn in the PRC property market.

业务回顾（续）

物业管理服务

2025年财政年度收入：约34,537,000港元

（2024年财政年度：约31,037,000港元）

本集团于2020年进入物业管理行业，与本集团其

他业务产生协同效应，使本集团的收入来源更多

元化。本公司之间接全资附属公司浙江晖永物业

管理服务有限公司（「晖永服务」）成立于2019年，

为中指研究院评选的「2020年中国物业服务百强企

业」，并于2021年荣获「中国物业服务特色品牌企

业」称号。

晖永服务提供多元化的物业管理服务及增值服务，

已拥有多个物业管理专案及潜在专案，分布于浙

江、四川、福建、云南、贵州及重庆等地。管理物

业类型包括住宅社区、商业、写字楼、售楼部案场

及景区等多种业态。

近年来，晖永服务一直致力于打造高品质的物业服

务品牌。公司以国内领先物业服务企业为标杆，秉

承「品质优先、品牌优先」的发展理念，与时俱进、

开拓创新、严格管理，以先进科学的服务理念深入

了解客户需求，把客户需求放在第一位，并运用先

进的物业服务系统和管家式服务式，提高服务品质

和服务效率，降低服务成本，不断为客户创造更高

价值，用心构筑美好生活，努力践行成为中国一流

的服务供应商。

近年，受国内房地产行业深度调整影响，物管行

业已进入一个新的发展周期。晖永服务的收入由

2024年财政年度约31.0百万港元下降至2025年

财政年度约25.1百万港元，减少约19.2%。该减少

主要归因于与当地竞争者之间竞争激烈以及中国房

市下行。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

BUSINES REVIEW (Continued)

Property Management Services (Continued)

During the year under review, the management of Huiyong Service has

formulated a five-year strategic plan for the busines development of

Huiyong Service. In adition to providing continuous services for the existing

quality projects under its management, Huiyong Service has planed to

synchronize and focus its resources on busineses with greater potential and

development prospects, and strives to expand its busines and sek more

oportunities for coperation in comercial, ofice and public building

management projects.

Aditionaly, Huiyong Service places a high priority on staf training and

development. In this regard, it has established a wel-structured thre-tier

training framework. Regular training sesions are organised, covering a

range of topics such as profesional skils, management techniques, and

service excelence, al aimed at continuously improving the competence

and expertise of its team members. This aproach has helped them forge

a highly skiled and widely praised workforce. Equiped with profesional

knowledge and skils, they provide high-quality services to customers,

ensuring their satisfaction and trust, which is key to Huiyong Service’s

sustainable development. Such a team also provides strong impetus and

suport for the company’s future expansion, alowing Huiyong Service to

excel in a competitive market and continualy achieve new milestones.

In November 2024, the Group acquired Chengdu Dof Comercial

Management Limited Liability Company* (“Chengdu Dof”) (成都

多弗商业管理有限责任公司). Chengdu Dof is principaly engaged

in comercial property management and artificial inteligence software

development in the PRC and has entered into an exclusive property

management contract with the owner of a comercial complex located

in Chengdu’s Shanbanqiao busines district (杉板桥商圈). The complex

comprises hotels, shoping mals, ofice buildings, and parking lots, with

a total gros flor area of aproximately 136,492.98 square meters for a

fixed term of ten years. The property has an excelent geographical location

with convenient aces to Line 6 and Line 8 of the Chengdu Metro and is

also wel-conected to core busines districts, including the Jianshe Road

busines district (建设路商圈) and the Wanxiangcheng busines district

(万象城商圈) of Chengdu, which have afluent pedestrian flow. This new

busines brings an aditional source of income and operating cash flow

to the Group. For FY25, the revenue of comercial property management

services amounted to aproximately HK$9,467,000 (FY24: nil).

业务回顾（续）

物业管理服务（续）

于回顾年度，晖永服务的管理层对晖永服务部署了

五年业务发展战略规划，除持续做好目前在管优质

专案的服务工作，计划将资源同步集中到更有潜力

和发展前景的业务上，努力开展市拓业务，寻求更

多商业、写字楼、公建管理等专案合作机会。

另外，晖永服务高度重视团队的培训与发展，建立

了完善的三级培训体系。公司定期组织各类培训课

程，包括专业技能培训、管理培训、服务意识培训

等，不断提升团队成员的综合素质和业务能力，以

此打造出一支备受赞誉的铁军队伍。他们以专业的

知识和技能，为客户提供优质的服务，让客户满意

和信赖，这是晖永服务能够可持续发展的关键。这

样的团队还能为晖永服务后期的发展壮大提供强大

的动力和支持，使公司在市场竞争中脱颖而出，不

断取得更大的成就。

本集团于2024年11月收购成都多弗商业管理有限

责任公司（「成都多弗」）。成都多弗主要于中国从事

商业物业管理及人工智慧软件开发，并与位于成都

杉板桥商圈的商业综合体的业主订立独家物业管理

合同。该综合体包含酒店、购物中心、写字楼及停

车场，总建筑面积约为136,492.98平方米，合同

期限为十年固定期限。该物业地理位置优越，交通

便利，可达成都地铁6号线及8号线，并紧密连接

成都核心商务区，包括建设路商圈及万象城商圈，

人流畅旺。这新的业务为本集团带来额外收入来源

及经营现金流。于2025年财政年度，商业物业管

理服务的收入约为9,467,000港元（2024年财政年

度：零）。

* For identification purpose only

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

BUSINES REVIEW (Continued)

Renovation and Decoration

Revenue for FY25: aproximately HK$53,234,000 (FY24: aproximately

HK$39,501,000)

The Group entered into the renovation and decoration industry in 2020

which enables the Group to acquire resources, skils and techniques and

expand to complementary busineses. Wenzhou Beichen Construction Co.,

Ltd. (温州北宸建设有限公司) (“Beichen Construction”), an indirect

subsidiary of the Company, is principaly engaged in renovation and

decoration and enginering services in the PRC and holds the PRC Grade

One construction and decoration enginering contractor qualification.

Beichen Construction specializes in decoration design and construction

of hotels, shoping mals, ofice buildings, schols, hospitals, and other

places. Its busines is mainly located in Zhejiang Province, and it is curently

gradualy expanding busines to other provinces. Beichen Construction

strategicaly focuses on regional and third and fourth-tier cities, with in-

depth development in the Zhejiang and Yangtze River Delta market. It wil

continue to secure new projects, proving public space decoration services

for target customers such as local governments, private enterprises, and

centralized state-owned enterprises. In its product planing, the company

wil prioritise public space decoration services as the core focus of its

busines development.

The overal development of Beichen Construction in FY25 has improved

slightly as compared with the same period of last year. As the company’s

experience and reputation continue to grow, it wil expand its market

presence based on market demand. While diligently completing ongoing

renovation projects and expanding new projects, the company wil explore

busines transformation, shifting from a construction-focused model to a

paralel development of both construction and consulting services, which is

expected to bring the Group sustainable revenue.

业务回顾（续）

装修及装饰

2025年财政年度收入：约53,234,000港元

（2024年财政年度：约39,501,000港元）

本集团于2020年进入装修及装饰行业使本集团能

够获得资源、技能及技术并扩展至补充业务。本公

司之间接附属公司温州北宸建设有限公司（「北宸建

设」）主要于中国从事装修及装饰及工程服务，并持

有中国建筑装修装饰工程一级承包资质证书。

北宸建设专门从事酒店、商场、办公楼、学校、医

院等场所装饰设计与施工，业务主要位于浙江省，

正逐步向省外扩张。北宸建设战略上聚焦区域市场

及三四线城市，深耕浙江及长三角市场，不断开拓

新专案，目标客户瞄准地方政府、私营企业、央国

企提供公装服务，产品规划将公装业务作为公司业

务发展重点。

北宸建设于2025年财政年度的整体发展较去年同

期略微提升。随著公司经验和声誉的不断提升，后

续市场份额将根据市场需求扩大，在认真完成在建

翻新专案后续工作及新专案拓展的同时，探索企业

转型，计划由施工为主转向施工、咨询等并行发

展，预计将为本集团带来可持续收益。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

BUSINES REVIEW (Continued)

Hotel Operation in Japan

Revenue for FY25: aproximately HK$7,446,000 (FY24: aproximately

HK$9,532,000)

Tafutsu Kabushiki Kaisha* (株式会社多弗), an indirect wholy-owned

subsidiary of the Company, operates a resort hotel at the Yoichi town of

Hokaido, Japan. Seasonal colors decorate this resort al year round and

roms are open up to the beautiful natural suroundings. The resort is also

adjacent to an 18-hole golf course, which alows our guests to enjoy resort

golfing.

The decrease in revenue in FY25 as compared with FY24 was mainly

atributable to the pro-longed winter time in FY25 which adversely afected

the revenue of our hotel operation. Leveraging on the experience and the

network of the Group’s management team, the Group’s management team

wil continue to liaise with travel agents, especialy in the PRC, to atract

more tour groups to visit the hotel and organise golf competitions to improve

the ocupancy rate of the hotel and the utilisation rate of the golf course.

The Group actively engages in close coperation and exchanges with local

government bodies and various busines groups to promote the hotel and

golf course, thereby expanding the local customer base. The management

also seks to atract new international customers by colaborating with

specialist organisations in the PRC, South Korea, Europe, the US, and

Southeast Asia. The Group considers that the revenue growth of the hotel

busines wil remain stable as Japan is experiencing inbound tourists bom.

The world’s macro-economy is becoming increasingly unpredictable. During

FY25, the Japanese yen has experienced volatility against other major

global curencies, coupled with rising energy prices and labour shortages,

al of which have exerted certain presure on operations of the hotel.

Management wil respond to these chalenges in various ways to create

beter results for the hotel.

业务回顾（续）

日本酒店营运

2025年财政年度收入：约7,446,000港元（2024

年财政年度：约9,532,000港元）

本公司之间接全资附属公司株式会社多弗于日本北

海道余市经营一间度假酒店。该度假村全年四季色

彩缤纷，客房直拥美丽的自然环境。度假村亦毗邻

一个18洞的高尔夫球场，令客人可以享受度假村

高尔夫的乐趣。

于2025年财政年度的收入较2024年财政年度减

少，主要由于2025年财政年度冬季延长，对我们

酒店业务的收入造成不利影响。凭借本集团管理团

队的经验及网络，本集团管理团队将继续与旅行社

（尤其是中国旅行社）联络，以吸引更多旅行团莅临

酒店及组织高尔夫球比赛，以提高酒店的入住率及

高尔夫球场的使用率。本集团积极与地方政府机构

及各商业团体开展密切合作及交流，以推广酒店及

高尔夫球场，进而扩阔当地客户群。同时亦通过与

中国、韩国、欧洲、美国及东南亚等地的专业机构

合作，开拓新的海外客源。本集团认为，由于日本

正迎来入境游客热潮，酒店业务收入增长将保持稳

定。

世界宏观经济愈发变化不定。日圆于2025年财政

年度对世界其他主要货币的汇率呈现极不稳定状

态，加上能源价格连续上涨，人手不足等原因对酒

店的营运产生一定的压力。管理层将会通过各种方

式应对这些挑战，为酒店创造出更好的经营成绩。

* For identification purpose only

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

展望

考虑到中国物业市场持续低迷、房地产行业前景不

明朗、重庆物业务的财务表现不理想以及法律程

序的不确定性，本集团已于2025年4月完成出售

重庆物业。此后，由于出售重庆物业后融资成本及

债务已大幅减少，缓解资金压力，本集团整体财务

状况有所改善。受现行市况限制，本公司将积极寻

求股本集资及╱或债务融资机会，以进一步改善本

集团的资产负债比率。

物业管理业务方面，本集团已于2024年11月完成

成都多弗的全部股权收购，本次收购提高我们的综

合收入。同时，物业管理未来还将利用其业界声誉

持续加强品牌知名度及影响力，寻求与其他物业龙

头的合作机会。

装修及装饰业务方面，管理层将继续利用近年来打

下的基础，扩大其行业影响力。未来将把业务重点

聚焦在公共专案装修上，我们也将加强与当地政府

的对接联系，以寻求新的业务机遇。

日本酒店业务方面，预计日本旅游业将持续增长，

我们将抓住此机遇，加强与地方政府及社会团体的

密切合作，拓展客群，预计日本营运酒店及高尔夫

球会业务将有平稳发展。

LOKING FORWARD

The Group has completed the disposal of the Chongqing Property

in April 2025 having considered the continued downturn in the PRC

property market, uncertainty in the outlok of the real estate industry,

unsatisfactory financial performance of the Chongqing Property Busines,

as wel as uncertainty in the Legal Procedings. As a result, the Group’s

overal financial position improves as finance costs and debts have

ben significantly reduced after the disposal of the Chongqing Property,

easing the presure on capital. Subject to prevailing market condition,

the Company wil actively sek equity fund raising and/or debt financing

oportunities for the purpose of further improving the gearing ratio of the

Group.

With respect to property management busines, the Group completed

the acquisition of the entire equity interest in Chengdu Dof in November

2024, and this acquisition enhances our consolidated revenues.

Meanwhile, we wil continue to leverage on our industry reputation to

enhance our brand awarenes and influence in the property management

segment, and sek partnership oportunities with other property leaders in

the future.

For the renovation and decoration busines, the management wil continue

to capitalize on the foundation laid in recent years to expand its industry

presence. Loking ahead, we wil focus our busines on the renovation of

public projects, while strengthening our conection with local governments

to sek new busines oportunities.

As for Japan hotel busines, it is expected that there wil be continuous

growth in tourism in Japan. We wil seize this oportunity and strengthen

our close coperation with local governments and social organizations to

expand our customer base. We expect that the busines of our hotel and

golf club operation in Japan wil grow steadily.

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

FINANCIAL REVIEW

Revenue, gros profit and gros profit margin

Revenue of the Group for FY25 amounted to aproximately

HK$138,047,000 (FY24: aproximately HK$126,710,000), which

comprised sales and leasing income from the Chongqing Property, income

from operation of a hotel in Japan, income from provision of property

management service and income from provision of renovation and

decoration services in the PRC. The increase in revenue of aproximately

HK$11,337,000 as compared to prior year was contributed primarily from

the Group’s renovation and decoration segment.

The Group’s gros profit for FY25 amounted to aproximately

HK$25,482,000, representing an year-on-year increase of aproximately

53.43%.

The Group’s gros profit margin for FY25 was 18.46%, representing an

increase of 5.35% as compared to that of prior year of 13.11%, which

was mainly due to efective cost control measures being imposed by the

Group.

Other income and gains (loses), net

The Group’s other income and gains (loses), net primarily include forfeited

deposit income and government grants.

The Group’s other income and gains (loses), net changed from net loses

of aproximately HK$2,115,000 for FY24 to net gains of aproximately

HK$2,129,000 for FY25, which was mainly due to absence of a los

on termination of lease amounted to aproximately HK$7,524,000

recognised in FY24. On the other hand, forfeited deposit income

decreased by aproximately HK$3,005,000 in FY25 as compared with

FY24.

财务回顾

收入、毛利及毛利率

本集团于2025年财政年度的收入约为

138,047,000港元（2024年财政年度：约

126,710,000港元），包括来自重庆物业的销售及

租赁收入、来自日本酒店营运的收入、来自提供物

业管理服务的收入以及来自于中国提供装修及装

饰服务的收入。收入较去年增加约11,337,000港

元，主要由于本集团装修及装饰分部所致。

本集团于2025年财政年度的毛利约为

25,482,000港元，同比增长约53.43%。

本集团于2025年财政年度的毛利率为18.46%，较

去年的13.11%上升5.35%，主要由于本集团实施

有效的成本控制措施。

其他收入及净收益（亏损）

本集团的其他收入及净收益（亏损）主要包括已没收

按金收入及政府补贴。

本集团的其他收入及净收益（亏损）由2024年财

政年度的净亏损约2,115,000港元转为2025年

财政年度的净收益约2,129,000港元，主要由

于并无2024年财政年度内确认终止租赁亏损约

7,524,000港元所致。另一方面，2025年财政

年度没收按金收入相比2024年财政年度减少约

3,005,000港元。

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

FINANCIAL REVIEW (Continued)

Seling and administrative expenses

Seling and administrative expenses mainly comprised seling expenses

amounted to aproximately HK$3,508,000 (FY24: aproximately

HK$13,887,000) and administrative expenses of aproximately

HK$59,595,000 (FY24: aproximately HK$55,642,000).

The Group’s seling expenses decreased by aproximately 74.74% which

was primarily due to tightening control on staf costs in FY25 and an one-of

expense in relation to termination of leases recognised in FY24.

The Group’s administrative expenses increased by aproximately 7.10%,

which was primarily due to the aditional legal and profesional fe

incured related to the Legal Procedings, acquisition of Chengdu Dof and

resumption of trading on the Stock Exchange of Hong Kong in FY25.

Impairment los on trade and other receivables/right-of-use

asets/property, plant and equipment/properties held for

sale

The Group’s reversal for impairment los on trade and other receivables

for FY25 was aproximately HK$862,000 (FY24: impairment los of

aproximately HK$615,000).

The Group’s provision for impairment los on right-of-use asets,

impairment los on property, plant and equipment and properties held

for sale for FY25 amounted to aproximately HK$10,282,000 (FY24:

aproximately HK$15,776,000), HK$27,889,000 (FY24: aproximately

HK$46,917,000) and HK$43,466,000 (FY24: aproximately

HK$45,793,000) based on their net realisable values, resulted from

the adverse market conditions of the real estate industry in the PRC.

Subsequently, the Group has completed the disposal of Chongqing Property

on 11 April 2025, and the financial impact of impairment los on relating

right-of-use asets, property, plant and equipment and property held for sale

wil be eliminated.

Decrease in fair value of investment properties

The Group’s decrease in fair value of investment properties for FY25

amounted to aproximately HK$266,107,000 (FY24: aproximately

HK$244,684,000), representing an increase of aproximately

HK$21,423,000 as compared to FY24, which was mainly due to the

decline in comercial property values resulted from the decrease in market

demand.

财务回顾（续）

销售及行政开支

销售及行政开支主要包括销售开支约3,508,000港

元（2024年财政年度：约13,887,000港元）及行

政开支约59,595,000港元（2024年财政年度：约

55,642,000港元）。

本集团的销售开支减少约74.74%，主要是由于

2025年财政年度对员工成本的控制收紧及2024年

财政年度确认与终止租赁有关的一次性开支。

本集团的行政开支增加约7.10%，主要由于本集团

于2025年财政年度就法律程序、收购成都多弗及

恢复于香港联交所买卖产生额外法律及专业费用。

贸易及其他应收账款╱使用权资产╱物

业、厂房及设备╱持作出售物业之减值

亏损

本集团于2025年财政年度拨回贸易及其他应收账

款减值亏损约862,000港元（2024年财政年度：

减值亏损约615,000港元）。

本集团于2025年财政年度的使用权资产、物

业、厂房及设备及持作出售物业减值亏损拨备分

别约为10,282,000港元（2024年财政年度：约

15,776,000港元）、27,889,000 港元（2024年财

政年度：约46,917,000港元）及43,466,000港元

（2024年财政年度：约45,793,000 港元），此乃

根据其可变现净值计算，且由于中国房地产业市况

不利所致。其后，本集团于2025年4月11日完成

出售重庆物业，而相关使用权资产、物业、厂房及

设备以及持作出售物业减值亏损的财务影响将会撇

销。

投资物业公允价值减少

本集团于2025年财政年度的投资物业公允价值

减少约266,107,000港元（2024年财政年度：约

244,684,000港元），较2024年财政年度增加约

21,423,000港元，主要由于市场需求下降导致商

业物业价值下降。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

FINANCIAL REVIEW (Continued)

Los and total comprehensive expenses for the year

atributable to equity holders of the Company

The los for the year atributable to the equity holders of the Company

for FY25 worsened to aproximately HK$592,211,000 (FY24:

aproximately HK$551,828,000) and the total comprehensive expenses

for FY25 atributable to equity holders of the Company was aproximately

HK$587,537,000 (FY24: aproximately HK$575,984,000) which

was mainly atributable to (i) decrease in fair value of investment

properties amounted to aproximately HK$266,107,000; (i) impairment

los on property, plant and equipment amounted to aproximately

HK$27,889,000; (i) impairment los on properties held for sales

amounted to aproximately HK$43,466,000; and (iv) finance costs

amounted to aproximately HK$208,539,000.

LIQUIDITY AND CAPITAL RESOURCES

During the year ended 31 March 2025, the Group has funded its

operations, working capital, capital expenditure and other capital

requirements primarily from cash generated from its operations, mainly

including receipt of leasing income from investment property, receipt from

serviced apartment and hotel operations, property management services fe

and renovation and decoration services fe, bank and other borowings,

unsecured borowings from a director and promisory notes.

As at 31 March 2025, the Group’s negative total equity was

aproximately HK$1,495,286,000 (31 March 2024: aproximately

HK$928,414,000), representing an increase of aproximately

HK$566,872,000 for FY25. This was mainly atributable to (i) exchange

gain on translation of foreign operations of aproximately HK$4,680,000

as a result of a combination of Renminbi (“RMB”) and Japanese Yen

(“JPY”) against Hong Kong dolars; and (i) los for the year atributable

to equity holders of the Company for FY25 amounted to aproximately

HK$592,211,000.

Cash position

As at 31 March 2025, the Group had cash and cash equivalent of

aproximately HK$23,422,000 (31 March 2024: aproximately

HK$19,044,000). Cash and bank balances are mainly denominated in

RMB.

财务回顾（续）

本公司权益持有人应占亏损及应占年内全

面开支总额

于2025年财政年度，本公司权益持有人应占年

内亏损扩大至约592,211,000港元（2024年财

政年度：约551,828,000港元），而本公司权

益持有人应占2025年财政年度内全面开支总额

为约587,537,000港元（2024年财政年度：约

575,984,000港元），主要由于(i)投资物业公允价

值减少约266,107,000港元；(i)物业、厂房及设

备减值亏损约27,889,000港元；(i)持作出售物业

减值亏损约43,466,000 港元；及(iv)财务成本约

208,539,000港元。

流动资金及资本资源

截至2025年3月31日止年度，本集团主要以经营

所得现金（主要包括收取投资物业租赁收入、服务

式公寓及酒店营运收入、物业管理服务费以及装修

及装饰服务费）、银行及其他借贷、董事提供的无

抵押借款及承兑票据拨付其经营、营运资金、资本

开支及其他资本需求。

于2025 年3 月31日，本集团的权益总额约为负

1,495,286,000港元（2024年3月31日：约为负

928,414,000港元），2025年财政年度增加约

566,872,000港元。此乃主要由于(i)人民币（「人

民币」）及日圆（「日圆」）兑港元的综合影响，导致

换算海外业务之汇兑收益约4,680,000港元；及(i)

2025年财政年度本公司权益持有人应占年内亏损

约592,211,000港元。

现金状况

于2025年3月31日，本集团有现金及等同现

金约23,422,000港元（2024年3月31日：约

19,044,000港元）。现金及银行结余主要以人民

币计值。

As at 31 March
于3月31日
2025
HK$’000
千港元
2,437,557
–
637,161
3,074,718

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

LIQUIDITY AND CAPITAL RESOURCES

(Continued)

Borowings

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

and other borowings, promisory notes and unsecured borowings from

a director, amounted to aproximately HK$3,074,718,000 (31 March

2024: aproximately HK$2,862,191,000), representing an increase of

aproximately HK$212,527,000 as compared with 31 March 2024.

The borowings as at 31 March 2025 were denominated either in RMB or

Hong Kong dolars (31 March 2024: same) and caried at interest rate of

4% to 15% per anum (31 March 2024: 4% to 15% per anum).

The folowing table sets forth the maturity profiles of the Group’s borowings

as at the dates indicated:

Repayable within 1 year or on demand须于一年内或按要求偿还

Repayable within 1 to 2 years须于一至两年内偿还

Repayable within 2 to 5 years须于两至五年内偿还

As at 31 March 2025, the entire Loan was reclasified to “Repayable

on demand” due to the Legal Procedings. Subsequently, the Group has

completed the very substantial disposal transaction of Gloryear Investments

Limited and its subsidiaries (the “Disposal Group”) on 11 April 2025.

As a result of the disposal, the finance cost and debts of the Company wil

be significantly reduced whereas the Loan, the unsecured borowings and

the relevant acrued and future interest expense in relation to Chongqing

Property and the interest acrued on the outstanding promisory notes wil

either be transfered or waived. The disposal wil relieve the tremendous

liquidity presure of the Group to met its financial obligations and wil

improve the overal financial position, as wel as the gearing ratio.

流动资金及资本资源（续）

借贷

于2025年3月31日，本集团的借贷总额（包括银

行及其他借贷、承兑票据及董事无抵押借贷）约

为3,074,718,000港元（2024年3月31日：约

2,862,191,000港元），较2024年3月31日增加约

212,527,000港元。于2025年3月31日的借贷以

人民币或港元计值（2024年3月31日：相同），按

年利率4厘至15厘（2024年3月31日：4厘至15厘）

计息。

下表载列于所示日期本集团借贷的到期情况：

于2025年3月31日，全部贷款因法律程序重新分

类为「按要求偿还」。其后，本集团于2025年4月

11日完成誉年投资有限公司及其附属公司（「出售

组别」）的非常重大出售交易。于出售事项后，本公

司的融资成本及债务将大幅减少，而与重庆物业有

关的贷款、无抵押借款及相关应计及未来利息开支

以及未偿还承兑票据的应计利息将会转让或获豁

免。出售事项将缓解本集团巨大的流动资金压力，

以履行其财务责任及改善其整体财务状况，以及改

善资产负债比率。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

LIQUIDITY AND CAPITAL RESOURCES

(Continued)

Net curent liabilities

As at 31 March 2025, the Group’s net curent liabilities amounted to

aproximately HK$2,427,935,000 (31 March 2024: aproximately

HK$1,308,582,000).

Specificaly, the Group’s total curent asets decreased by aproximately

7.51% from aproximately HK$385,986,000 as at 31 March 2024

to aproximately HK$356,997,000 as at 31 March 2025. The

Group’s total curent liabilities increased by aproximately 64.34%

from aproximately HK$1,694,568,000 as at 31 March 2024 to

aproximately HK$2,784,932,000 as at 31 March 2025.

The decreased total curent asets was mainly atributable to the decrease

of aproximately HK$45,906,000 in properties held for sale primarily

due to provision of impairment los. The increased total curent liabilities

was mainly atributable to (i) reclasification of promisory notes from non-

curent liabilities to curent liabilities for aproximately HK$951,502,000 as

at 31 March 2025; and (i) increase in lease liabilities for aproximately

$22,254,000 as at 31 March 2025.

The curent ratio, representing by total curent asets divided by total

curent liabilities, droped significantly to aproximately 0.13 as at 31

March 2025 from aproximately 0.23 as at 31 March 2024, which was

primarily due to re-clasification of promisory notes to curent liabilities.

The Group’s gearing ratio, representing by total borowings divided by

total equity, was aproximately negative 2.06 as at 31 March 2025 (31

March 2024: aproximately negative 3.08).

流动资金及资本资源（续）

流动负债净额

于2025年3月31日，本集团的流动负债净额约

为2,427,935,000港元（2024年3月31日：约

1,308,582,000港元）。

具体而言，本集团的流动资产总额由截至2024

年3月31日的约385,986,000港元减少约7.51%

至截至2025年3月31日的约356,997,000港

元。本集团的流动负债总额由2024年3月31日约

1,694,568,000港元增加约64.34%至2025年3月

31日约2,784,932,000港元。

流动资产总额减少主要由于减值亏损拨备导致持作

出售物业减少约45,906,000港元。流动负债总额

增加主要由于(i)于2025年3月31日将承兑票据由

非流动负债重新分类至流动负债约951,502,000

港元；及(i)于2025年3月31日，租赁负债增加约

22,254,000港元。

流动比率（即流动资产总额除以流动负债总额）由

2024年3月31日的约0.23大幅下降至2025年3月

31日约0.13，主要由于承兑票据重新分类为流动

负债。

于2025年3月31日，本集团的资本负债比率（即借

贷总额除以权益总额）约为负2.06倍（2024年3月

31日：约负3.08倍）。

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

LIQUIDITY AND CAPITAL RESOURCES

(Continued)

Net curent liabilities (Continued)

The Directors reviewed a cash flow forecast of the Group covering a period

of 24 months from the end of the reporting period and considered that it

was apropriate to prepare the consolidated financial statements on the

going concern basis taking into acount the folowing facts and asumptions:

(a) The Group has completed the disposal of Chongqing Property in

April 2025;

(b) Provision of the drawdown of the Group’s unused loan facilities with

Mr. Hu of aproximately HK$583,828,000 (note 30), al of which

wil expire in December 2027;

with Mr. Hu’s controled related company of aproximately

HK$12,114,000 (note 28), which wil expire in December 2027;

(d) The Group wil implement further cost reduction measures to minimise

the operating costs and retain resources for the Group’s properties

management and renovation busines which shal provide positive

cash flows to maintain the Group’s operations; and

(e) The Group is asesing and considering diferent feasible solutions

for the Group to improve its operations, including but not limited to

obtaining aditional equity/loan financing from Mr. Hu and/or his

related companies and other options for reducing debt burden of the

Group.

Pledge on Asets

As at 31 March 2025, the Chongqing Property was pledged to secure

bank borowings granted to Chongqing Kingstone.

Financial risks

The main risks arising from the Group’s activities are interest rate risk

and foreign curency risk. Generaly, the Group introduces conservative

strategies on its risk management. To kep the Group’s exposure to these

risks to a minimum, the Group has not used any derivatives and other

instruments for hedging purposes. The Group does not hold or isue

derivative financial instruments for trading purposes.

流动资金及资本资源（续）

流动负债净额（续）

董事审阅涵盖自报告期末起计二十四个月期间的本

集团现金流量预测，且经计及以下事实及假设，认

为按持续经营基准编制综合财务报表乃属适当：

(a) 本集团已于2025年4月完成出售重庆物业；

(b) 提取本集团与胡先生的未使用贷款融资约

583,828,000港元（附注30），全数将于

2027年12月到期；

用贷款融资约12,114,000港元（附注28），

将于2027年12月到期；

(d) 本集团将进一步落实成本削减措施，以尽量

降低营运成本，并为本集团的物业管理及装

修业务保留资源，从而为维持本集团的营运

提供正现金流；及

(e) 本集团正在评估及考虑各种使本集团能改善

经营之可行方案，包括但不限于从胡先生

及╱或其关连公司取得进一步的股权╱贷款

融资以及其他减少本集团债务负担的方案。

资产抵押

于2025年3月31日，本集团以重庆物业作为授予

重庆皇石的银行借贷之抵押。

财务风险

本集团活动产生的主要风险为利率风险及外币风

险。一般而言，本集团对其风险管理采纳审慎策

略。为将本集团面临的该等风险降至最低，本集团

并未使用任何衍生及其他工具以作对冲。本集团并

无持有或发行衍生金融工具作买卖用途。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

LIQUIDITY AND CAPITAL RESOURCES

(Continued)

Interests rate risk

The Group’s exposure to risk for changes in market interest rates relates

primarily to its interest-bearing bank and other borowings. The Group

does not use derivative financial instruments to hedge interest rate risks. The

Group manages its interest costs using variable rate bank borowings and

other borowings.

Foreign curency rates risk

The Group’s functional curency is Hong Kong Dolars. The Group had

subsidiaries operating in the PRC and Japan, in which most of their

transactions are conducted in RMB and JPY respectively. Fluctuation of the

exchange rates of HKD against foreign curency of RMB and JPY could

afect the Group’s result of operations. The Group curently does not enter

any hedging contract for manage foreign exchange rate risk. The Group

wil closely monitor the foreign curency movements and may use hedging

derivatives, such as foreign curency forward contracts, to manage its

foreign curency risk if apropriate.

COMITMENTS

As at 31 March 2025, the Group had capital comitment of

aproximately HK$4,017,000 in relation to the signing of contracts

which is being or wil be performed (31 March 2024: aproximately

HK$4,236,000).

HUMAN RESOURCES AND REMUNERATION

POLICY

As at 31 March 2025, the Group had a total workforce of 261 (31

March 2024: 334). The total staf cost, including Directors’ emoluments

and mandatory provident fund contributions, amounted to aproximately

HK$42,042,000 for FY25 (FY24: aproximately HK$46,068,000).

Employes are remunerated based on their performance and experience.

Remuneration package is determined with reference to market conditions

and individual performance.

流动资金及资本资源（续）

利率风险

本集团就市场利率变动所面临的风险主要与其计息

银行及其他借贷有关。本集团并未使用衍生金融工

具对冲利率风险。本集团使用浮动利率银行借贷及

其他借贷管理其利息成本。

外币汇率风险

本集团的功能货币为港元。本集团于中国及日本设

有附属公司，其大部分交易分别以人民币及日圆进

行。港元兑人民币及日圆等外币汇率波动可能影响

本集团的经营业绩。本集团当前并无订立任何对冲

合约以管理外汇风险。本集团将密切监察外币变

动，并可能使用外币远期合约等对冲衍生工具管理

其外币风险（如适当）。

承担

于2025年3月31日，本集团有关正在或将要履行

的合约的资本承担约为4,017,000港元（2024年3

月31日：约4,236,000港元）。

人力资源及薪酬政策

于2025年3月31日，本集团聘用合共261名

（2024年3月31日：334名）雇员。2025年财政

年度的总员工成本（包括董事薪酬及强制性公积

金）约为42,042,000港元（2024年财政年度：约

46,068,000港元）。雇员之薪酬乃以彼等之表现

及经验为基准。薪酬待遇则参照市况及个别表现厘

定。

民生国际有限公司

二零二五年报

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

HUMAN RESOURCES AND REMUNERATION

POLICY (Continued)

The Group operates a defined contribution Mandatory Provident Fund

retirement benefit scheme (the “MPF Scheme”) under the Mandatory

Provident Fund Schemes Ordinance (Cap. 485 of the Laws of Hong Kong)

for those Hong Kong employes who are eligible to participate in the

MPF Scheme, and folows the national pension system (the “National

Pension System”) for the employes of the Group’s subsidiaries

which operate in Japan, contributions of which are made based on a

percentage of the employes’ basic salaries, and the employes of the

Group’s subsidiaries which operate in the PRC are required to participate

in a central pension scheme (the “Central Pension Scheme”, together

with the MPF Scheme and National Pension System, the “Defined

Contribution Schemes”) operated by the local municipal government,

in which these subsidiaries are required to contribute a certain percentage,

which was pre-determined by the local municipal government, of the sum of

basic salary and alowance of employes to the Central Pension Scheme.

The contributions by the Group for the Defined Contribution Schemes

are charged to the statement of profit or los as they become payable in

acordance with the relevant rules of the respective schemes.

The Group’s contributions to the Defined Contribution Schemes vest fuly and

imediately with the employes. Acordingly, (i) for each of the two years

ended 31 March 2024 and 31 March 2025, there was no forfeiture of

contributions under the Defined Contribution Schemes; and (i) there were

no forfeited contributions available for the Group to reduce its existing level

of contributions to the Defined Contribution Schemes as at 31 March 2024

and 31 March 2025.

For each of the two years ended 31 March 2024 and 31 March 2025,

the Group did not have any defined benefit plan.

SIGNIFICANT INVESTMENTS HELD

The Group held no significant investment as at 31 March 2025.

人力资源及薪酬政策（续）

本集团遵照香港法例第485章强制性公积金计划条

例为其所有合资格参与强制性公积金退休福利计划

（「强积金计划」）之香港雇员设立定额供款强积金计

划，并为本集团于日本营运之附属公司雇员遵守国

民养老保险体系（「国民养老保险体系」）。供款乃根

据雇员基本薪金之百分比作出，而本集团于中国营

运之附属公司雇员须参与由地方市政府营运之中央

退休金计划（「中央退休金计划」，连同强积金计划

及国民养老保险体系统称「定额供款计划」），该等

附属公司须按雇员基本薪金及津贴总和之若干百分

比（由地方市政府预先厘定）向中央退休金计划作出

供款。本集团就定额供款计划作出之供款于根据各

计划的相关规则应付时自损益表扣除。

本集团向定额供款计划作出之供款悉数即时归属

予雇员。因此，(i)截至2024年3月31日及2025年

3月31日止两个年度，并无没收定额供款计划项下

之供款；及(i)于2024年3月31日及2025年3月31

日，本集团并无可用的已没收供款，用以降低其向

定额供款计划作出之现有供款水平。

截至2024年3月31日及2025年3月31日止两个年

度，本集团并无任何界定福利计划。

所持重大投资

于2025年3月31日，本集团概无持有重大投资。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

MANAGEMENT DISCUSION AND ANALYSIS (Continued)

管理层讨论与分析（续）

MATERIAL ACQUISITIONS AND DISPOSALS

OF SUBSIDIARIES, ASOCIATES AND JOINT

VENTURES

The Company has entered into a conditional sale and purchase agrement

dated 6 February 2025 with China JinNiu Group Limited, Total Idea and

Mr. Hu in respect of the disposal of Gloryear Investments Limited, and such

disposal was completed on 11 April 2025.

Save for the acquisition of Chengdu Dof, for FY25, there were no other

material acquisitions and disposal of subsidiaries, asociates or joint

ventures by the Group.

CAPITAL STRUCTURE

There has ben no change in the capital structure of the Group during

FY25. The capital of the Group only comprises ordinary shares.

重大收购及出售附属公司、联营公

司及合营企业

本公司于2025年2月6日与中国金牛集团有限公

司、全意及胡先生订立一份有条件买卖协议，内容

有关出售誉年投资有限公司，有关出售已于2025

年4月11日完成。

除收购成都多弗外，于2025年财政年度，本集团

并无其他重大收购及出售附属公司、联营公司及合

营企业。

资本结构

本集团之资本结构在2025年财政年度没有任何变

化。本集团的资本仅包括普通股。

民生国际有限公司

二零二五年报

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理人员履历

CHAIRMAN

Mr. Hu Xingrong, aged 45, was apointed as the chairman of the

board (the “Board”) of directors of Man Sang International Limited (the

“Company”) and an executive Director of the Company on 2 May

2018. He is also the chairman of the nomination comite and a member

of the remuneration comite of the Company. Mr. Hu is responsible for

the busines strategy and direction of the Company and provides leadership

for the Board and ensure proper and efective functioning of the Board. He

has over 22 years of experience in corporate management, investment and

busines development. He is curently the chairman of the board of directors

of Dof International Holding Group Limited* (多弗国际控股集团有限公

司) (“Dof Group”), a company established in the People’s Republic of

China (the “PRC”) and is a large-scale comprehensive privately-owned

enterprise group. Mr. Hu is also a beneficial owner of China DaDi Group

Limited, a substantial shareholder of the Company within the meaning of

Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws

of Hong Kong). Meanwhile, Mr. Hu serves as the President of Wenzhou

Enterprises Chamber of Comerce in Beijing* (北京温州企业商会), the

Honorary President of Hong Kong Wenzhou Entrepreneurs Asociation

Limited and a comite member of the Chinese People’s Political

Consultative Conference of Xinjiang Uygur Autonomous Region.

EXECUTIVE DIRECTORS

Mr. Li Zhenyu, aged 51, was apointed as an executive Director of

the Company on 5 November 2018. Mr. Li graduated from Tsinghua

University with a Doctor of Philosophy in Chemical Enginering. Mr. Li

has over 22 years of extensive experience in natural resources sector and

before joining the Company, he had ben working in China National

Petroleum Corporation from 1999 to 2017 and the position last held was

the strategy research supervisor of the petrochemical institute. Mr. Li is

curently a vice president of Dof Group.

* For identification purpose only

主席

胡兴荣先生，45岁，于2018年5月2日获委任为民

生国际有限公司（「本公司」）董事会（「董事会」）主席

及本公司执行董事。彼亦为本公司提名委员会主席

及薪酬委员会成员。胡先生负责制定本公司之业务

策略及方针以及领导董事会，确保董事会能正确及

有效地运作。彼拥有超过22年企业管理、投资及

业务发展之丰富经验。彼现为多弗国际控股集团

有限公司（「多弗集团」）（该公司于中华人民共和国

（「中国」）成立，为大型综合性民营企业集团）董事

长。胡先生亦为本公司主要股东（定义见香港法例

第571章证券及期货条例第XV部）中国大地集团有

限公司之实益拥有人。同时还担任北京温州企业商

会长、香港温州工商会有限公司名誉会长及中国

人民政治协商会议新疆维吾尔自治区委员。

执行董事

李振宇先生，51岁，于2018年11月5日获委任为

本公司执行董事。李先生毕业于清华大学并获得化

学工程博士学位。李先生于自然资源行业拥有逾

22年丰富经验，加入本公司之前，李先生于1999

年至2017年一直任职于中国石油天然气集团有限

公司，最后担任的职位为石化研究院发展战略研究

主管。李先生现于多弗集团担任副总裁。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理人员履历（续）

EXECUTIVE DIRECTORS (Continued)

Ms. Cong Wenlin, aged 37, was apointed as an executive Director

of the Company on 10 June 2025. She is also a member of each of the

remuneration comite and the nomination comite of the Company.

Ms. Cong obtained her bachelor’s degre in Law from Liaoning University

and a master’s degre in Busines Administration from Central University

of Finance and Economics*. Ms. Cong has over 15 years of experience

in corporate management, investment banking and corporate finance. She

served as the secretary of the board of directors of Rays Data Technology

Group Co., Ltd.*, a director of the investment banking division of China

Great Wal Securities Co., Ltd., a vice president of the corporate finance

division of CITIC Securities Co., Ltd., and a senior manager of the

institutional busines division of GF Securities Co., Ltd in the PRC. Ms.

Cong is curently an asistant to the chairman of Dof International Holding

Group Company Limited*, a company controled by Mr. Hu Xingrong

(the chairman and controling shareholder of the Company). She is also a

director of Faithful Goal International Limited (“Faithful Goal”), an indirect

wholy-owned subsidiary of the Company, since 29 May 2024.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Ms. Pau Ye Ling, aged 46, was apointed as an independent

non-executive Director of the Company on 5 November 2018. She is

also the chairlady of the remuneration comite of the Company and a

member of each of the audit comite and nomination comite of the

Company. Ms. Pau holds a Bachelor degre of Busines Administration in

Acounting in the Hong Kong University of Science and Technology and

a Master degre of Science in China Busines Studies in the Hong Kong

Polytechnic University. Ms. Pau has over 20 years of experience in several

multi-national corporations and international acounting firms, an expertise

in Hong Kong, the PRC and overseas in tax advisory, group restructuring,

merger and acquisitions. Ms. Pau is curently a felow member of the Hong

Kong Institute of Certified Public Acountants (the “HKICPA”), Asociation

of Chartered Certified Acountants and the Taxation Institute of Hong

Kong. Ms. Pau is also a Chartered Tax Advisor. Ms. Pau is curently an

independent non-executive Director of A & S Group (Holdings) Limited (stock

code: 1737), a company listed on the Stock Exchange of Hong Kong

Limited (“Stock Exchange”).

执行董事（续）

丛文琳女士，37岁，于2025年6月10日获委任为

本公司执行董事。彼亦为本公司薪酬委员会及提名

委员会各自之成员。丛女士于辽宁大学获得法学

士学位，并于中央财经大学获得工商管理硕士学

位。丛女士在企业管理、投资银行及公司金融方面

拥有逾15年经验。彼曾于中华人民共和国担任睿

至科技集团有限公司董事会秘书、长城证券股份有

限公司投行部业务董事、中信证券股份有限公司企

业金融部副总裁及广发证券股份有限公司机构业务

部高级经理。丛女士现任多弗国际控股集团有限公

司（该公司由本公司主席兼控股东胡兴荣先生控

制）董事长助理。彼自2024 年5 月29日起亦为本

公司间接全资附属公司诚志国际有限公司（「诚志」）

的董事。

独立非执行董事

鲍依宁女士，46岁，于2018年11月5日获委任为

本公司独立非执行董事，彼亦为本公司薪酬委员会

主席及本公司审核委员会及提名委员会成员。鲍女

士持有香港科技大学会计专业工商管理学士学位及

香港理工大学中国商业研究之理学硕士学位。鲍女

士于多家跨国企业及国际会计事务所拥有多于20

年经验，于香港、中国及海外税务咨询、集团重

组、合并及收购方面拥有专业才能。鲍女士目前为

香港会计师公会、英国特许公认会计师公会及香港

税务学会资深会员。鲍女士亦为一名特许税务师。

鲍女士现时担任亚洲实业集团（控股）有限公司（一

间于香港联合交易所有限公司（「联交所」）上市的公

司，股份代号：1737）的独立非执行董事。

* For identification purpose only

民生国际有限公司

二零二五年报

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理人员履历（续）

INDEPENDENT NON-EXECUTIVE DIRECTORS

(Continued)

Mr. Wong Kwan Kit, aged 53, was apointed as an independent

non-executive Director of the Company on 5 November 2018. He is

also the chairman of the audit comite of the Company and a member

of each of the remuneration comite and nomination comite of the

Company. Mr. Wong holds a Master of Busines Administration Degre

from the Chinese University of Hong Kong. Mr. Wong has over 19 years

of experience in acounting and financial management, mergers and

acquisitions gained from certain senior finance related positions including

companies listed in Hong Kong. Mr. Wong is a felow member of the

HKICPA. Mr. Wong is curently an independent Non-executive Director of

Culturecom Holdings Limited (Stock code: 343) and Sprocom Inteligence

Limited (Stock code: 1401), both of these companies are listed on the Stock

Exchange.

Ms. Zhou Hong, aged 55, was apointed as an independent non-

executive Director of the Company on 9 April 2025. She is also a member

of each of the audit comite, remuneration comite and nomination

comite of the Company, Ms Zhou graduated from Tianjin Normal

University in the PRC with a bachelor’s degre in law and a master’s degre

in development and education psychology. She also obtained a master’s

degre in international comerce from Grifith University and a doctor

degre in busines administration from the University of South Australia. She

is a profesor of busines schol Tianjin Normal University and has ben a

non-executive director of Tianbao Holdings Co., Ltd. in 2022. She has also

ben corporate consultant for a number of companies including Dynasty

Wine Group, Japan Human Talent Company, Tianjin Geothermal Research

Institute, etc. Ms. Zhou does not hold any other position in the Company

or any of its subsidiaries and has not held any directorship in any publicly

listed companies the securities of which are listed on any securities market

in Hong Kong or overseas in the last thre years.

独立非执行董事（续）

黄昆杰先生，53岁，于2018年11月5日获委任为

本公司独立非执行董事。彼亦为本公司审核委员会

主席以及本公司薪酬委员会及提名委员会成员。黄

先生持有香港中文大学工商管理硕士学位。黄先生

于会计及财务管理、合并及收购方面拥有逾19年

经验，该等经验乃来自若干高级财务相关职位（包

括于香港上市之公司），彼为香港会计师公会之资

深会员。黄先生现时担任文化传信集团有限公司

（股份代号：343）及Sprocom Inteligence Limited

（股份代号：1401）之独立非执行董事，该两间公

司在联交所上市。

周红女士，55岁，于2025年4月9日获委任为本公

司独立非执行董事。彼亦为本公司审核委员会、薪

酬委员会及提名委员会各自的成员，周女士毕业于

中国天津师范大学，持有法学士学位及发展与教

育心理学硕士学位。彼亦取得澳大利亚格里菲斯大

学国际商务学硕士学位及澳大利亚南澳大学工商管

理博士学位。周女士现时为天津师范大学管理学院

的教授，并自2022年起任职天保控股有限公司的

外部董事。彼亦曾担任多家公司的企业顾问，包括

王朝酒业集团、日本修曼人才公司、天津地热研究

院等。周女士并无于本公司或其任何附属公司担任

任何其他职务，于过去三年亦无于其证券于香港或

海外任何证券市场上市的任何公众上市公司担任

何董事职务。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理人员履历（续）

SENIOR MANAGEMENT

Mr. Tam Ka Yu, aged 42, was apointed as the chief executive

oficer on 22 May 2024. Mr. Tam has over 18 years of experience

in acounting, investment banking industries and corporate finance. He

is curently a member of the HKICPA. In 2005, Mr. Tam obtained his

bachelor’s degre in busines administration from The Hong Kong University

of Science and Technology and started his carer at the audit department

of KPMG, an international audit firm. Throughout the period from 2007 to

2020, he had worked at Optima Capital Limited and the corporate finance

advisory department of Deloite & Touche Corporate Finance Limited where

he was involved in a wide range of takeovers, mergers and acquisitions,

initial public oferings, privatizations and other corporate finance advisory

work for Hong Kong listed isuers. Prior to joining the Company, he was

a director in the corporate finance and capital market division of China

Merchants Securities (HK) Co., Limited and a responsible oficer for Type 6

regulated activity (advising on corporate finance) under the Securities and

Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Mr. Wong Chun Kit, aged 33, was apointed as the Chief Financial

Oficer and Company Secretary of the Company on 30 June 2025. He is

a Certified Public Acountant with the HKICPA and brings over 10 years of

experience in acounting, auditing, and financial management to the role.

Mr. Wong earned his Bachelor of Busines Administration degre from

the Hang Seng University of Hong Kong in 2014. From October 2014 to

February 2025, he was with KPMG, where he advanced to the position of

Senior Manager.

Mr. Cheung Tai Chi, aged 54, was apointed as the Chief Financial

Oficer and Company Secretary of the Company on 8 May 2025 and

resigned from the positions on 30 June 2025. Mr. Cheung is a Certified

Public Acountant of the HKICPA. He graduated from the University of

Quensland, Australia with a Bachelor of Comerce degre and also holds

a Master of Busines Administration degre from Macquarie University,

Australia. Mr. Cheung has extensive profesional experience in financial

management, company secretarial and auditing.

高级管理人员

谭家裕先生，42岁，自2024年5月22日起获委任

为行政总裁。谭先生于会计、投资银行业及企业融

资方面拥有逾18年经验。彼目前为香港会计师公

会员。于2005年，谭先生获得香港科技大学工

商管理学士学位及于毕马威会计师事务所（一间国

际审计公司）审计部开启其职业生涯。于2007年至

2020年期间，彼就职于创越融资有限公司及德勤

企业财务顾问有限公司企业融资顾问部，参与香港

上市发行人的多项收购、并购、首次公开发售、私

有化及其他企业融资顾问工作。于加入本公司前，

彼为招商证券（香港）有限公司企业融资及资本市

场部董事及香港法例第571章证券及期货条例项下

第6类受规管活动（就机构融资提供意见）的负责人

员。

黄俊杰先生，33岁，于2025年6月30日获委任为

本公司首席财务总监兼公司秘书。彼为香港会计师

公会的注册会计师，于会计、审计及财务管理方面

拥有逾10年经验。黄先生于2014年取得香港恒生

大学工商管理学士学位。2014年10月至2025年2

月，彼于毕马威会计师事务所工作，并晋升为高级

经理。

张大智先生，54岁，于2025年5月8日获委任为本

公司首席财务总监兼公司秘书并于2025年6月30

日辞去该等职务。张先生为香港会计师公会之注册

会计师。彼毕业于澳洲昆士兰大学，获商学士学

位，且亦持有澳洲麦格理大学之工商管理硕士学

位。张先生于财务管理、公司秘书及审核方面拥有

丰富的专业经验。

民生国际有限公司

二零二五年报

PROFILE OF DIRECTORS AND SENIOR MANAGEMENT (Continued)

董事及高级管理人员履历（续）

SENIOR MANAGEMENT (Continued)

Mr. Wun Chun Yip, aged 50, joined the Company in 2023 and was

re-designated as the Chief Financial Oficer on 31 July 2024 and Company

Secretary on 1 November 2024. Mr. Wun resigned as the Chief Financial

Oficer and Company Secretary of the Company on 8 May 2025. Prior

to joining the Company, Mr. Wun held various managerial positions in

companies listed in Hong Kong and Singapore. Mr. Wun has more than

20 years’ managerial working experience in direct investment, project

management, corporate finance and financial management. He obtained

a bachelor’s degre in comerce from the University of Melbourne and a

master’s degre in busines administration from the University of Adelaide.

He is also a certified public acountant of both HKICPA and CPA Australia.

高级管理人员（续）

尹骏业先生，50岁，于2023年加入本公司及于

2024年7月31日调任首席财务总监及于2024年

11月1日任公司秘书。尹先生于2025年5月8日辞

任本公司首席财务总监兼公司秘书。于加入本公司

前，尹先生曾于香港及新加坡上市公司担任多个管

理职务。尹先生于直接投资、项目管理、企业融资

及财务管理方面拥有逾20年管理工作经验。彼获

得墨尔本大学商业学士学位及阿德莱德大学工商管

理硕士学位。彼亦为香港会计师公会及澳洲会计师

公会之注册会计师。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT

企业管治报告

CORPORATE GOVERNANCE CODE

Man Sang Inter national Limited (the “Company”) and its subsidiaries

(colectively the “Group”) recognises the importance of achieving the

highest standard of corporate governance consistent with the neds and

requirements of its busineses and the best interest of al of its stakeholders,

and the board (the “Board”) of directors (the “Directors”) is fuly

comited to doing so. The Board believes that high standards of corporate

governance provide a framework and solid foundation for the Group to

manage busines risks, enhance transparency, achieve high standard of

acountability and protect stakeholders’ interests.

The Group has adopted a corporate governance statement of policy

which provides guidance on the aplication of the corporate governance

principles on the Group, with reference to the Corporate Governance Code

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

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

Kong Limited (the “Stock Exchange”).

Save as disclosed below, the Company has complied with al the code

provisions in the CG Code during the year ended 31 March 2025 except

the folowing deviations:

Under code provision C.2.1 of the CG Code, the roles of the chairman

and the chief executive should be separated and should not be performed

by the same individual. The division of responsibilities betwen the

chairman and chief executive should be clearly established and set out in

writing. Mr. Hu Xingrong was the chairman of the Board (the “Chairman”)

while the post of the chief executive oficer of the Company (the “CEO”)

has ben vacant since the resignation of the former CEO on 20 August

2022. The Chairman focuses on the busines strategy and direction of

the Company and has executive responsibilities, provides leadership for

the Board and ensures proper and efective functioning of the Board in

discharging of its responsibilities. The CEO is acountable to the Board for

the overal implementation of the Company’s strategies and the cordination

of overal busines operations.

Since the apointment of Mr. Tam Ka Yu as our CEO on 22 May 2024,

the Group re-complies with code provision C.2.1 of the CG Code.

企业管治守则

民生国际有限公司（「本公司」）及其附属公司（统称

「本集团」）深明达致配合其业务所需且符合其所有

权益相关者最佳利益之最高标准企业管治之重要

性，而董事（「董事」）会（「董事会」）一直致力进行有

关工作。董事会相信，高水准企业管治能为本集团

奠定良好架构，扎稳根基，不单有助管理业务风险

及提高透明度，亦能维持高水准问责性及保障权益

1. Developing and reviewing relevant corporate governance policy and

practice of the Company.

2. Reviewing and inspecting continuous profesional development and

training of the Directors and senior management.

3. Reviewing and monitoring the policies and practices of the Company

being in compliance with the statutory and other regulatory

provisions.

4. Developing, reviewing and checking code and provision of conducts

aplicable to the Directors and employes.

5. Reviewing that the Company being in compliance with the code and

corporate governance reporting requirements.

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

Company’s corporate governance policies and practices, training

and continuous profesional development of the Directors and senior

management, and compliance with the CG Code and disclosure in this

Corporate Governance Report.

提名委员会（续）

提名政策（续）

提名政策亦包括董事会继任计划，以评估是否因董

事辞任、退任、身故及其他情况下而出现或预期董

事会职位空缺，并于必要时提前物色候选人。提名

政策将定期审核。

企业管治职能

董事会并无设立企业管治委员会，且董事会整体负

责企业管治职能包括：

1. 制定及检讨本公司有关企业管治之政策及常

规。

2. 检讨及检查董事及高级管理层之持续专业发

展及培训。

，以遵守法

定及其他监管条例。

、检讨及检查适用于董事及雇员之行为

守则及条例。

5. 检讨本公司遵守则及企业管治报告之规

定。

截至2025年3月31日止年度，董事会已检讨本公

司的企业管治政策及常规、董事及高级管理层的培

训及持续专业发展、遵守企业管治守则的情况及本

企业管治报告的披露情况。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

MATERIAL UNCERTAINTY ON GOING

CONCERN

As set out in note 2 to the consolidated financial statements, the Group

reported net los of aproximately HK$591,829,000 for the year

ended 31 March 2025 and as at 31 March 2025, the Group had

net curent liabilities of aproximately HK$2,427,935,000, of which

aproximately HK$1,483,675,000 of bank borowing was in default

(the “Defaulted Borowing”) and the lender has the right to demand

imediate repayment of the Defaulted Borowing as at 31 March 2025.

Moreover, the Group is involved in litigations requesting the Group to

setle the Defaulted Borowing along with outstanding interests and the

construction payable of aproximately HK$8,798,000. As at 31 March

2025, the Group’s cash and cash equivalents amounted to aproximately

HK$23,422,000 only.

The above conditions indicate the existence of material uncertainties which

may cast significant doubt on the Group’s ability to continue as a going

concern. Notwithstanding the above, the directors of the Group, after

taking into acount of the cashflow forecast as mentioned below, continue

to adopt the going concern basis in preparing these consolidated financial

statements.

In respect of this material uncertainty, the Directors have prepared a

24-month cashflow forecast from the year ended 31 March 2025 which

has considered a number of plans and measures to improve the Group’s

liquidity and financial position as disclosed in note 2 to the consolidated

financial statements based on certain underlying asumptions including:

(a) The sucesful completion of a very substantial disposal transaction

involving the disposal of a subsidiary of the Company engaged in the

Chongqing property busines; and

(b) The ability of Mr. Hu Xingrong, the controling shareholder of the

Company, to provide adequate financial suport to the Group.

有关持续经营的重大不确定因素

诚如综合财务报表附注2所载，截至2025年3月31

日止年度，本集团录得亏损净额约591,829,000

港元，而于2025年3月31日，本集团的流动

负债净额约为2,427,935,000港元，其中约

1,483,675,000港元的银行借款出现违约（「违约

借款」），贷款人有权要求立即偿还截至2025年3

月31日的违约借款。此外，本集团涉及诉讼，要

求本集团结清违约借款以及未付利息及应付工程款

项约8,798,000港元。于2025年3月31日，本集

团的现金及等同现金仅为约23,422,000港元。

上述情况表明存在重大不确定性，可能对本集团持

续经营的能力构成重大疑虑。尽管有上文所述，经

计及下文所述现金流量预测后，本集团董事于编制

该等综合财务报表时继续采纳持续经营基准。

就此重大不确定因素而言，董事已编制自截至

2025年3月31日止年度起的24个月现金流量预

测，并已根据若干相关假设考虑多项计划及措施以

改善综合财务报表附注2所披露之本集团流动资金

及财务状况，包括：

(a) 成功完成一项涉及出售本公司一间从事重庆

物业务的附属公司的非常重大出售交易；

及

(b) 本公司控股东胡兴荣先生向本集团提供充

足财务支持的能力。

民生国际有限公司

二零二五年报

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

MATERIAL UNCERTAINTY ON GOING

CONCERN (Continued)

Taking into acount the above asumptions, the Directors consider that the

Group wil have suficient working capital to fulfil its financial obligations as

and when they fal due at least the next 24 months from 31 March 2025.

Acordingly, the Directors are satisfied that it is apropriate to prepare

these consolidated financial statements on a going concern basis.

During the audit proces, the Audit Comite discused with the

management during which the management presented the financial

highlights and conveyed the concerns expresed by the auditors. After

considering the circumstances surounding the material uncertainty relating

to going concern and the management’s presentation, the Audit Comite

concured with the management’s judgements regarding the going concern

basis of the financial statements.

COMPANY SECRETARY

As at the date of this anual report, the company secretary of the Company

(the “Company Secretary”) is Mr. Wong Chun Kit (“Mr. Wong”).

Mr. Wong is apointed by the Board as the Chief Financial Oficer and

Company Secretary on 30 June 2025 folowing the departure of Mr.

Cheung Tai Chi, who served as the Company Secretary from 8 May 2025

to 30 June 2025. During the period from 1 November 2024 to 8 May

2025, Mr. Wun served as the Company Secretary and prior to 8 May

2025, the Company had entered into a service contract with an external

service provider in which Ms. Ho Wing Yan served as the Company

Secretary and the primary corporate contact person of the Company

together with Mr. Tam Ka Yu, the chief executive oficer of the Company.

Being the Company Secretary, they play an important role in suporting

the Board by ensuring god information flow within the Board and that the

Board policies and procedures are folowed. The Company Secretary is

responsible for advising the Board on corporate governance maters and

should also facilitate induction and profesional development of Directors.

During the reporting period, the Company Secretary has complied with

the relevant profesional training requirement under Rule 3.29 of the Listing

Rules.

有关持续经营的重大不确定因素

（续）

经考虑上述假设，董事认为本集团将有足够营运资

金履行其自2025年3月31日起计至少未来24个月

内到期的财务责任。因此，董事信纳按持续经营基

准编制该等综合财务报表乃属适当。

于审核过程中，审核委员会与管理层进行讨论，期

间管理层呈列财务摘要并传达核数师所表达的关

注。经考虑有关持续经营的重大不确定因素及管理

层的呈列后，审核委员会同意管理层有关财务报表

持续经营基准的判断。

公司秘书

于本年报日期，本公司公司秘书（「公司秘书」）为黄

俊杰先生（「黄先生」）。于张大智先生（2025年5月

8日至2025年6月30日担任公司秘书）离职后，黄

先生于2025年6月30日获董事会委任为首席财务

总监兼公司秘书。于2024年11月1日至2025年5

月8日期间，尹先生担任公司秘书，而于2025年5

月8日前，本公司已与外部服务供应商订立服务合

约，其中何咏欣女士担任公司秘书并与本公司行政

总裁谭家裕先生担任本公司的主要公司联络人。

作为公司秘书，彼等在支援董事会上担当重要角

色，确保董事会内资讯交流良好，以及遵循董事会

政策及程序。公司秘书负责向董事会提供企业管治

事宜方面意见，并亦安排董事的入职培训及专业

发展。于报告期内，公司秘书已遵守上市规则第

3.29条项下的相关专业培训要求。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities Transactions

by Directors of Listed Isuers (the “Model Code”) set out in Apendix C3

to the Listing Rules as the code of conduct for dealing in securities of the

Company (the “Securities”) by the Directors. Al Directors have confirmed,

upon specific enquiries made by the Company, that they have complied

with the required standard set out in the Model Code during the year

ended 31 March 2025. To ensure Directors’ dealings in the Securities are

conducted in acordance with the Model Code and securities code of

the Company, a Director is required to notify the Chairman in writing and

obtain a writen acknowledgement from the Chairman prior to any dealings

in the Securities.

INTERNAL CONTROL AND RISK

MANAGEMENT

The Board acknowledges that it has overal responsibility for the design

and implementation of internal controls and risk management which covers

financial reporting, operations, compliance and risk management of the

Group, as wel as continuous monitoring the efectivenes of such internal

controls and risk management. The Board has delegated such responsibility

and the internal audit function to the management of the Company. The

management, under the supervision of the Board, has established an on-

going proces for identifying, evaluating and managing significant risks

faced by the Group.

The Audit Comite reviews the internal audit function, the internal controls

and risk management that are significant to the Group on an on-going

basis. The Audit Comite also considers the adequacy of resources,

qualifications and experience of staf of the Group’s acounting and

financial reporting function, as wel as their training programes and

budgets.

董事进行之证券交易

本公司采纳上市规则附录C3所载上市发行人董事

进行证券交易的标准守则（「标准守则」），作为董

事买卖本公司证券（「证券」）之操守则。经本公司

作出具体查询后，全体董事确认彼等于截至2025

年3月31日止年度均有遵守标准守则所载之规定标

准。为确保董事于买卖证券时遵守标准守则及本公

司证券守则，董事于买卖任何证券前，须书面通知

主席，并须取得主席之书面确认。

内部监控及风险管理

董事会确认其对设计及执行内部监控及风险管理之

全面责任，包括本集团财务申报、营运、合规及风

险管理方面，并持续监察该等内部监控及风险管理

之成效。董事会已向本公司管理层委派该等职责及

内部审核职能。在董事会监督下，管理层已确立既

定程序，以识别、评估及管理本集团所面对之重大

风险。

审核委员会持续审核对本集团而言属重大之内部审

核职能、内部监控及风险管理。审核委员会亦考虑

本集团在会计及财务汇报职能方面之资源、员工资

历及经验是否足够，以及员工所接受之培训课程及

有关预算是否充足。

民生国际有限公司

二零二五年报

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

INTERNAL CONTROL AND RISK

MANAGEMENT (Continued)

The Company has complied with the risk management and internal control

code provisions in the folowing maner:

(a) the proces used to identify, evaluate and manage

significant risks

The proceses used to identify, evaluate and manage significant risks

by the Group are sumarised as folows:

Risk Identification

’s busines

and operations.

Risk Asesment

• Aseses the risks identified by using the asesment criteria

developed by the management; and

• Considers the impact and consequence on the busines and

the likelihod of their ocurence.

Risk Response

• Prioritises the risks by comparing the results of the risk

asesment; and

• Determines the risk management strategies and internal control

proceses to prevent, avoid or mitigate the risks.

Risk Monitoring and Reporting

• Performs ongoing and periodic monitoring of the risk and

ensures that apropriate internal control proceses are in

place;

• Revises the risk management strategies and internal control

proceses in case of any significant change of situation; and

• Reports the results of risk monitoring to the management and

the Board regularly.

内部监控及风险管理（续）

本公司已通过以下方式遵守风险管理及内部监控守

则的规定：

(a) 用于识别、评估及管理重大风险之程

序

本集团识别、评估及管理重大风险所采用程

序概述如下：

风险识别

• 识别可能对本集团业务及营运构成潜

在影响之风险。

风险评估

• 利用管理层制定之评估标准评估所识

别风险；及

• 考虑对业务之影响及后果以及出现有

关影响及后果之可能性。

风险回应

• 透过比较风险评估结果为风险排列优

先次序；及

以预防、避免或减轻该等风险。

风险监控及报告

，并确保已设有

合适内部监控程序；

，则修订

风险管理策略及内部监控程序；及

• 定期向管理层及董事会报告监控风险

结果。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

INTERNAL CONTROL AND RISK

MANAGEMENT (Continued)

(b) the main features of the risk management and internal

control systems

Control procedures have ben designed to safeguard asets against

misapropriation and disposition; ensure compliance with relevant

laws, rules and regulations; ensure proper maintenance of acounting

records for provision of reliable financial information used within the

busines or for publication; and to provide reasonable asurance

against material mistatement, los or fraud.

for the risk management and internal control systems

and reviewing their efectivenes. It should also explain

that such systems are designed to manage rather

than eliminate the risk of failure to achieve busines

objectives, and can only provide reasonable and not

absolute asurance against material mistatement or

los

The Board is responsible for the risk management and internal

control systems of the Company and reviewing their efectivenes.

The Board overses the overal risk management of the Group and

endeavours to identify, control impact of the identified risks and

facilitate implementation of cordinated mitigating measures. The

risk management and internal control systems of the Company are

designed to manage rather than eliminate the risk of failures to

achieve busines objectives and can only provide reasonable and

not absolute asurance against material mistatement or los.

(d) the proces used to review the efectivenes of the risk

management and internal control systems and to resolve

material internal control deficiency

The Company establishes an internal control team to review the risk

management and internal control systems of the Group. The results

and findings were presented to the Board and Audit Comite for

reviewing its efectivenes.

内部监控及风险管理（续）

(b) 风险管理及内部监控制度之主要特点

监控程序乃为保障资产免遭挪用及处置；确

保遵守相关法例、规则及规例；确保有关为

业务用途或刊发而提供可靠财务资料之会计

记录得到妥善保管；及针对避免重大失实陈

述、损失或欺诈提供合理保证而设。

控制度负责，并有责任检讨该等制度

之有效性。董事会亦应阐释该等制度

旨在管理而非消除未能达成业务目标

之风险，而且只能就不会有重大失实

陈述或损失作出合理而非绝对之保证

董事会须对本公司风险管理及内部监控制度

负责，并有责任检讨该等制度之有效性。董

事会监督本集团整体风险管理，并致力识别

及控制所识别风险之影响并促使实行协调

之纾缓措施。本公司风险管理及内部监控制

度旨在管理而非消除未能达成业务目标之风

险，而且只能就不会有重大失实陈述或损失

作出合理而非绝对之保证。

(d) 用以检讨风险管理及内部监控制度有

效性之程序以及解决严重之内部监控

缺失之程序

本公司设立内部监控团队审阅本集团风险管

理及内部监控制度。结果及发现已向董事会

及审核委员会呈报，以审阅其有效性。

民生国际有限公司

二零二五年报

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

INTERNAL CONTROL AND RISK

MANAGEMENT (Continued)

(d) the proces used to review the efectivenes of the risk

management and internal control systems and to resolve

material internal control deficiency (Continued)

The Board has also engaged with an external risk management and

internal control review adviser (the “Adviser”) to conduct the anual

review of the risk management and internal control systems of the

Group as a whole for the year ended 31 March 2025. Such review

is conducted anualy and cycles reviewed are under rotation basis.

The scope of review was previously determined and aproved by the

Board. The Adviser has reported findings and areas for improvement

to the Audit Comite and the management of the Company. The

Board/Audit Comite are of the view that there are no material

internal control deficiency noted. Al recomendations from the

Adviser are properly folowed up by the Group to ensure that they

are implemented within a reasonable period of time. The Board

therefore considered that the risk management and internal control

systems are efective and adequate.

(e) the procedures and internal controls for the handling

and disemination of inside information

An information disclosure policy is in place to ensure potential inside

information being captured and confidentiality of such information

being maintained until consistent and timely disclosure are made in

acordance with the Listing Rules. The policy regulates the handling

and disemination of inside information, which includes:

• Designated reporting chanels from diferent operations

informing any potential inside information to designated

departments;

• Designated persons and departments to determine further

escalation and disclosure as required; and

• Designated persons authorised to act as spokespersons and

respond to external enquiries.

The Board is satisfied that the internal control system in place covering

al material controls including financial, operational and compliance

controls and risk management functions for the year under review and

up to the date of isuance of the anual report is reasonably efective

and adequate.

内部监控及风险管理（续）

(d) 用以检讨风险管理及内部监控制度有

效性之程序以及解决严重之内部监控

缺失之程序（续）

董事会亦已外聘一家风险管理及内部监控审

阅顾问公司（「顾问」），以就截至2025年3月

31日止年度之本集团整体风险管理及内部

监控制度进行年度检讨。该检讨每年进行，

并轮流检讨各个周期。检讨范围先前已获董

事会厘定及审批。顾问已向审核委员会及本

公司管理层汇报结果及有待改善之方面。董

事会╱审核委员会认为并无发现重大内部监

控缺失。顾问提供之所有建议均获本集团适

当跟进，以确保该等建议可于合理时间内执

行。因此，董事会认为风险管理及内部监控

制度充分有效。

(e) 处理及发布内幕消息之程序和内部监

控措施

本公司已制定消息披露政策，以确保能掌握

潜在内幕消息并加以保密，直至按上市规则

作出一致及适时披露为止。该政策规管处理

及发布内幕消息之方式，其中包括以下各

项：

，由不同营运单位通知

指定部门任何潜在内幕消息；

• 指定人员和部门按需要确定进一步行

动和披露；及

，并回应

外界查询。

董事会信纳，于回顾年度内及截至本年报刊

发日期，现有内部监控制度涵盖所有重大监

控，包括财务、经营及合规监控以及风险管

理职能，并属合理地有效及足够。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

AUDITOR’S REMUNERATION

During the year ended 31 March 2025, the remuneration paid/payable

to CTH CPA Limited is set out as folows:

Services rendered所提供服务Fe paid/payable

已付╱应付费用

HK$’000

千港元

Audit of consolidated financial statements审核综合财务报表1,500

Agred-upon procedures on Interim Report中期报告商定程序160

Reporting acountants for the Company’s very substantial

disposal transaction

本公司非常重大出售交易的申报会计师

1,960

BOARD DIVERSITY POLICY

The Board has adopted a board diversity policy (the “Board Diversity

Policy”) which sets out the aproach to achieve diversity on the Board.

The Company recognises and embraces the benefits of having a diverse

Board and ses increasing diversity at Board level as an esential element

in suporting the atainment of the Company’s strategic objectives and

sustainable development.

The Company seks to achieve Board diversity through the consideration of

a number of factors, including but not limited to age, gender, talents, skils,

experience, independence and knowledge. The Company wil also take

into consideration its own busines model and specific neds from time to

time. Al Board apointments wil be based on meritocracy and candidates

wil be considered against objective criteria, having due regard to the

benefits of diversity on the Board.

As at the date of this anual report, the Board comprises six Directors,

amongst them, thre are independent non-executive Directors, thereby

promoting critical review and control of the management proces. The

Board is also characterised by significant diversity, whether considered in

terms of gender, age, profesional experience, skils and knowledge.

核数师酬金

截至2025年3月31日止年度，已付╱应付中正天

恒会计师有限公司之酬金载列如下：

董事会成员多元化政策

董事会已采纳董事会成员多元化政策（「董事会成员

多元化政策」），当中列载董事会为达致董事会成员

多元化而采取的方针。

本公司认同并重视拥有多元化董事会成员的裨益，

并认为董事会成员层面日益多元化乃本公司达致策

略目标及可持续发展的关键元素。

本公司为寻求达致董事会成员多元化会考虑众多因

素，包括但不限于年龄、性别、才能、技能、经

验、独立性及知识。本公司亦将不时考虑其本身的

业务模式及具体需要。董事会所有委任均以用人唯

才为原则，并在考虑人选时以客观条件充分顾及董

事会成员多元化的裨益。

于本年报日期，董事会由六名董事组成，当中三名

为独立非执行董事，有助严格检讨及监控管理程

序。不论在性别、年龄、专业经验、技能及知识方

面，董事会亦由相当多元化的成员组成。

民生国际有限公司

二零二五年报

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

BOARD DIVERSITY POLICY (Continued)

The Board also recognises that gender-diverse leadership encourages beter

governance, provides a broader range of perspectives in the decision-

making proces and ultimately increases corporate performance and

competitivenes.

Gender diversity has ben made one of the formal factors to consider in our

Board refreshment and sucesion planing.

Demonstrating its comitment to diversity and striving for continuous

improvement, the Company pledged to increase the percentage of female

representation at Board level to 33% by the end of 2025, with the ultimate

goal of achieving gender parity at the Board level. This gender diversity

target was set as a measurable objective in the Board Diversity Policy

updated in 2025. The Nomination Comite reviews, on an anual basis,

the Company’s measurable objectives and the progres made towards

achieving them, as wel as the oportunities to make further improvements

or acelerate progres.

As at the date of the Anual Report, there are 3 male Directors and 3

female Directors, which represents a gender parity at the Board level and

exceded our measurable objective of having 33% of female Directors in

2025.

Having reviewed the Board Diversity Policy and the Board’s composition,

the Nomination Comite considered that the requirements of the Board

Diversity Policy had ben met.

董事会成员多元化政策（续）

董事会亦认识到，性别多元化的领导可鼓励更好的

管治，在决策过程中提供更广泛的视角，并最终提

高企业绩效和竞争力。

性别多元化已成为董事会更新和继任计划中考虑的

正式因素之一。

本公司承诺于2025年底前将董事会层面的女性

代表比例提高至33%，最终目标是在董事会层面实

现性别均等，这体现了其致力于多元化及持续努力

改进。此性别多元化目标已于2025年更新的董事

会成员多元化政策中设定为一项可计量目标。提名

委员会每年检讨本公司的可计量目标及达致该等目

标的进展，以及进一步改善或加快进展的机会。

于年报日期，我们有3名男性董事及3名女性董

事，董事会层面的性别均等已超过我们于2025年

女性董事占33%的可计量目标。

经审阅董事会成员多元化政策及董事会组成后，提

名委员会认为已符合董事会成员多元化政策的要

求。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

WORKFORCE DIVERSITY

As at 31 March 2025, the Group had a workforce (excluding senior

management) of aproximately 259 employes, of which 45% were males

and 55% were females, while there were no female senior management.

Having considered the gender ratio of the overal workforce, the Group

has already achieved gender diversity and wil continue focusing on the

area because workforce gender diversity is asociated with resources

that can provide a sustained competitive advantage to the Group, which

include market insight, creativity and inovation, and improved problem-

solving. Men’s and women’s diferent experiences may provide insights

into the diferent neds of male and female customers. Further, men and

women may have diferent cognitive abilities, such as men’s proficiency

in mathematics and women’s proficiency in verbal and interpersonal

skils. Therefore, a mix of cognitive abilities in a gender diverse team may

enhance the team’s overal creativity and inovation as proved by research.

Moreover, a gender diverse team produces high quality decisions. Although

there may be some mitigating circumstances where gender diversity can be

very hard to achieve (for instance, male workers are more comonly sen

regarding physical labor and female workers are more often sen during

psychological consultation) and seting measurable goals for the gender

diversity of our workforce is les relevant, the Company wil kep focusing

on the workforce gender diversity to maintain its curent strength as wel as

to further improve its competitivity in the future.

员工多元化

于2025年3月31日，本集团聘用雇员（不包括高

级管理层）约259名，其中45%为男性及55%为女

性，而并无女性高级管理层。经考虑员工总数的性

别比例，本集团经已达致性别多元化及将继续聚焦

于此范畴，乃由于劳工力的性别多元化与可向本集

团提供可持续竞争优势（包括市场洞见、创意及创

新以及有所改善的解决问题能力）的资源相关。男

性及女性不同的经验可向男性及女性客户的不同需

要提供洞见。另外，男性及女性可能拥有不同的认

知能力，例如男士精通数学，而女士则精通口头表

达及人际互动技巧。故此，据研究所证实，于性别

多元化的团队中拥有混合的认知能力可提升团队的

整体创意及创新能力。另外，性别多元化团队可作

出高质素的决策。虽然可能存在若干情有可原的情

况，当中达致性别多元化可能难度极高（例如男性

员工于体力劳动工作中较常见，而女性员工于心理

咨询中则较为常见），且为员工性别多元化设定可

计量目标的意义不大，本公司将继续聚焦于劳动力

的性别多元化，以维持其目前的优势及于日后进一

步改善其竞争力。

民生国际有限公司

二零二五年报

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

MECHANISMS TO ENSURE INDEPENDENT

VIEWS

The Company makes certain that the Board has aces to independent

views and input through the mechanisms listed below:

1. The Nomination Comite should review the Board composition

and the independence of the independent non-executive Directors

anualy, in particular the portion of the independent non-executive

Directors and the independence of the independent non-executive

Director who has served for more than nine years.

2. A writen confirmation was received by the Company under Rule

3.13 of the Listing Rules from each of the independent non-executive

Directors in relation to his/her independence to the Company. The

Company considers al its independent non-executive Directors to be

independent.

3. In view of god corporate governance practices and to avoid

conflict of interests, the Directors who are also Directors and/or

senior management of the Company’s controling shareholders and/

or certain subsidiaries of the controling shareholders, would abstain

from voting in the relevant Board resolutions on the transactions with

the controling shareholders and/or its asociates.

4. The chairman of the Board shal met with independent non-executive

Directors at least once anualy.

5. Al members of the Board can sek independent profesional advice

when necesary to perform their responsibilities in acordance with

the Company’s policy.

The mechanisms to ensure independent views are reviewed by the

Nomination Comite for ensuring independent views and input are

available to the Board on an anual basis, whether in terms of proportion,

recruitment and independence of independent non-executive Directors, and

their contribution and aces to external independent profesional advice.

确保独立意见的机制

本公司确保董事会可透过下列机制取得独立意见和

观点：

1. 提名委员会应每年检讨董事会的组成及独立

非执行董事的独立性，尤其是独立非执行董

事的比例及任职超过九年的独立非执行董事

的独立性。

2. 本公司已收到各独立非执行董事根据上市规

则第3.13条就其对本公司的独立性所作的书

面确认。本公司认为其所有独立非执行董事

均属独立。

，为避免利益冲

突，董事倘为本公司控股东及╱或控股

东的若干附属公司的董事及╱或高级管理

层，须就控股东及╱或其联系人的交易有

关的董事会决议放弃投票。

4. 董事会主席须至少每年与独立非执行董事举

行一次会议。

5. 董事会所有成员在必要时可寻求独立专业意

见，以根据本公司政策履行职责。

提名委员会审阅确保独立意见的机制，以确保董事

会每年均可就以下事项获得独立意见及观点；独立

非执行董事的占比、招聘及独立性及其对董事会的

贡献，以及获取外部独立专业意见。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

SHAREHOLDERS’ RIGHTS

Procedures for Shareholders to convene a Special General

Meting (“SGM”)

Pursuant to the Company’s bye-laws and the Companies Act 1981

of Bermuda (the “Companies Act”), registered shareholders of the

Company (the “Shareholders”) holding not les than one-tenth (10%)

of the paid-up capital of the Company carying the right of voting at

general metings of the Company (the “SGM Requisitionists”) can

deposit a writen request to convene a SGM at the registered ofice of

the Company (the “Registered Ofice”), which is presently situated at

Clarendon House, 2 Church Stret, Hamilton HM11, Bermuda. The SGM

Requisitionists must state in their request(s) the objects of the SGM and such

request(s) must be signed by al the SGM Requisitionists and may consist of

several documents in like form, each signed by one or more of the SGM

Requisitionists.

The Share Registrars wil verify the SGM Requisitionists’ particulars in the

SGM Requisitionists’ request. Promptly after confirmation from the Share

Registrars that the SGM Requisitionists’ request is in order, the Company

Secretary wil arange with the Board to convene a SGM by serving

suficient notice to al the registered Shareholders in acordance with al the

relevant statutory and regulatory requirements. On the contrary, if the SGM

Requisitionists’ request is verified not in order, the SGM Requisitionists wil

be advised of the outcome and a SGM wil not be convened as requested.

The SGM Requisitionists, or any of them representing more than one-half

of the total voting rights of al of them, may themselves convene a SGM

if within twenty-one (21) days of the deposit of the SGM Requisitionists’

request, the Board does not proced duly to convene a SGM provided that

any SGM so convened is held within thre (3) months from the date of the

original SGM Requisitionists’ request. A SGM so convened by the SGM

Requisitionists shal be convened in the same maner, as nearly as posible,

as that in which metings are to be convened by the Company.

股东权利

股东召开股东特别大会（「股东特别大会」）

的程序

根据本公司之章程细则及百慕达《1981年公司法》

（「公司法」），持有本公司已缴足股本不少于十分

之一(10%)并附有权利于本公司股东大会投票的登

记本公司股东（「股东」）（「股东特别大会请求人」）

可向本公司注册办事处（「注册办事处」）递呈书面

请求书，要求召开股东特别大会，注册办事处的

现址为Clarendon House, 2 Church Stret, Hamilton

HM11, Bermuda。股东特别大会请求人须于请求

书中列明股东特别大会的目的，而有关请求书须由

全部股东特别大会请求人签署且可由多份相同格式

之文件组成，各自须经一名或以上股东特别大会请

求人签署。

股份登记处将核实股东特别大会请求人于其请求书

中列明的详情。经股份登记处确认股东特别大会请

求人之请求书为合乎程序后，公司秘书将立即安排

董事会召开股东特别大会，并根据所有相关法定及

规管要求，向所有登记股东发出足够时间之通知。

反之，倘股东特别大会请求人之请求书获核实为不

合乎程序，股东特别大会请求人将获告知此结果，

并因此不会应要求召开股东特别大会。

倘董事会并无于股东特别大会请求人递交请求书当

日起二十一(21)日内正式召开股东特别大会，股东

特别大会请求人或彼等当中的任何人士（占彼等全

部投票权总数的一半以上）可自行召开股东特别大

会，惟就此召开的股东特别大会，须于股东特别大

会请求人递交原有请求书当日起计三(3)个月内举

行。股东特别大会请求人就此召开的股东特别大

会，应尽可能以本公司召开该大会之相似方式进

行。

民生国际有限公司

二零二五年报

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

SHAREHOLDERS’ RIGHTS (Continued)

Procedures for Shareholders to Put Forward Proposals at a

General Meting

Pursuant to the Companies Act, either any number of the registered

Shareholders holding not les than one-twentieth (5%) of the paid-up

capital of the Company carying the right of voting at general metings

of the Company (the “Requisitionists”), or not les than 100 of such

registered Shareholders, can request the Company in writing to (a) give to

Shareholders entitled to receive notice of the next general meting notice of

any resolution which may properly be moved and is intended to be moved

at that meting; and (b) circulate to Shareholders entitled to receive notice

of the next general meting any statement of not more than 1,000 words

with respect to the mater refered to in any proposed resolution or the

busines to be dealt with at that meting.

The requisition signed by al the Requisitionists may consist of several

documents in like form, each signed by one or more of the Requisitionists;

and it must be deposited at the Registered Ofice with a sum reasonably

suficient to met the Company’s relevant expenses, not les than six

weks before the meting in case of a requisition requiring notice of a

resolution or not les than one wek before the meting in the case of any

other requisition. Provided that if an AGM is caled for a date six weks

or les after the requisition has ben deposited, the requisition though not

deposited within the time required shal be demed to have ben properly

deposited for the purposes thereof.

Shareholders’ Enquiries and Proposals

Shareholders should direct their enquiries about their shareholdings to the

Company’s share registrar, Tricor Investor Services Limited, at 17/F, Far

East Finance Centre, 16 Harcourt Road, Hong Kong, or cal its customer

service hotline at (852) 2980 1333.

Shareholders may also make enquiries with the Board at the general

metings of the Company.

股东权利（续）

股东于股东大会上提呈议案的程序

根据公司法，持有本公司已缴足股本不少于二十分

之一(5%)并附有于本公司股东大会投票权利的任何

登记股东（「请求人」），或不少于100名该等登记股

东，可以书面形式要求本公司(a)向有权接收下次

股东大会通告的股东发出通告，以告知可能会在该

会议上恰当地动议并拟在会上动议的任何决议案；

及(b)向有权获送交任何下次股东大会通告的股东

传阅任何字数不多于一千字的陈述书，以告知在任

何建议决议案内所提述的事宜，或有关将在该会议

上处理的事务。

由所有请求人签署之请求书可由若干相同格式之文

件组成，各自须经一名或以上请求人签署；且请求

书须在不少于（倘为要求决议案通知之请求）大会举

行前六周或（倘为任何其他请求）大会举行前一周，

递交注册办事处，并须支付足以合理弥补本公司相

关开支之款项。惟倘在递交请求书后六周或较短期

间内之某一日召开股东周年大会，则该请求书虽未

有在规定时间内递交，就此而言亦将被视为已妥为

递交。

股东查询及建议

股东可就其所持股份，向本公司之股份登记处（即

卓佳证券登记有限公司）提出查询，地址为香港夏

悫道16号远东金融中心17楼，或致电其客户服务

热线(852) 2980 1333。

股东亦可于本公司股东大会上，向董事会作出查

询。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

INVESTOR RELATIONS

The anual general meting provides an oportunity for shareholders

to exchange views with the Board. The chairman of the Board and the

chairman of Remuneration Comite, Audit Comite and Nomination

Comite had atended the 2024 AGM of the Company held on 31

October 2024 to answer shareholders’ questions.

The public are welcomed to give their coments and make enquiries

through the Company’s website and by means of emails to the investor

relations department (email adres: ir@msil.com.hk). The management

always provides prompt responses to any such enquiries.

SHAREHOLDERS’ COMUNICATION

POLICY

Purpose

The Company recognises the importance of providing curent and relevant

information to its shareholders (the “Shareholders”). This shareholders’

comunication policy (the “Policy”) aims to set out the provisions with

the objective to ensure that the Shareholders and potential investors are

provided with equal and timely aces to balanced and understandable

information about the Company, in order to enable Shareholders to

exercise their rights in an informed maner, and to alow Shareholders and

potential investors to engage actively with the Company.

General Policy

The Board shal maintain an on-going dialogue with Shareholders and wil

regularly review the Policy to ensure its efectivenes.

Information is comunicated to the Shareholders as wel as the stakeholders

through periodic disclosure through the Company’s financial reports (interim

and anual reports), anual general metings and other general metings

that may be convened, as wel as by making available al the disclosures

submited to the Stock Exchange and other corporate publications on the

Stock Exchange’s website and corporate comunications on the Stock

Exchange’s website (w.hkex.com.hk) and the Company’s website

(htp:/w.msil.com.hk).

投资者关系

股东周年大会为股东提供与董事会交流意见之机

会。董事会主席及薪酬委员会、审核委员会及提名

委员会主席已出席本公司于2024年10月31日举行

之2024年股东周年大会，回答股东提问。

欢迎公众通过本公司网站及投资者关系部之电邮

（电邮地址：ir@msil.com.hk）提供意见及查询。管

理层一如既往对此等查询给予迅速回应。

股东沟通政策

目的

本公司认同向其股东（「股东」）提供目前及相关资料

的重要性。本股东沟通政策（「政策」）旨在载列目标

为确保股东及潜在投资者平等和及时获得平衡及易

于理解的本公司资料的条文，以使股东于知情况

下行使彼等的权利以及令股东及潜在投资者能与本

公司积极交流。

一般政策

董事会须与股东维持续对话，并将定期检讨政策

以确保其有效性。

向股东以及权益相关者传达资讯的渠道为定期披露

本公司财务报告（中期报告及年报）、股东周年大会

及其他可能召开的股东大会，并将所有呈交予联交

所的披露资料及其他公司刊物登载于联交所网站，

以及将公司通讯登载于联交所网站(w.hkex.com.hk)

及本公司网站(htp:/w.msil.com.hk)。

民生国际有限公司

二零二五年报

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

SHAREHOLDERS’ COMUNICATION

POLICY (Continued)

General Policy (Continued)

Efective and timely disemination of information to Shareholders shal

be ensured at al times. Any questions, requests and coments can be

adresed to the Company by mail to 14/F, Teda Building, 87 Wing Lok

Stret, Sheung Wan, Hong Kong or by email to ir@msil.com.hk or through

the Company’s share registrar.

The Company believes that comunication with Shareholders by

electronic means, particularly through its website, is an eficient way to

distribute information in a timely and convenient maner. Shareholders

are encouraged to aces to the corporate comunications posted on the

Company’s website to help reduce the quantity of printed copies and hence

reduce the impact on the environment.

The Company’s website wil be updated with material posted to the Stock

Exchange’s website imediately thereafter. Such material includes but not

limited to financial statements, results anouncements, circulars and notices

of general metings and asociated explanatory documents.

Shareholders may at any time make a request for the Company’s

information to the extent such information is publicly available.

Shareholders shal be provided with designated contacts, email adreses

and enquiry lines of the Company in order to enable them to make any

query in respect of the Company.

The Company has reviewed the shareholders’ comunication policy

conducted for the year ended 31 March 2025 and considered that the

shareholders’ comunication policy has ben wel implemented and

efective.

股东沟通政策（续）

一般政策（续）

本公司应时刻确保有效及适时向股东传达资讯。任

何问题、要求及意见均可透过邮寄（地址为香港上

环永乐街87号泰达大厦14楼）或电邮(ir@msil.com.hk)

方式或透过本公司的股份过户登记处发送至本公

司。

本公司相信，透过电子方式（主要通过其网站）与股

东沟通为及时及方便散播资讯的有效途径。本公司

鼓励股东查阅于本公司网站登载的公司通讯，以协

助减少印刷本的数量，从而降低对环境构成的影

响。

本公司网站将于紧随材料在联交所网站登载后获更

新。有关材料包括但不限于财务报表、业绩公告、

通函及股东大会通告以及相关解释文件。

股东可随时要求索取本公司之公开资料。

股东应获提供本公司的指定联络人、电邮地址及查

询热线，以令彼等能作出有关本公司的任何查询。

本公司已检讨截至2025年3月31日止年度的股东

沟通政策，并认为股东沟通政策经已理想地实施及

有效。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

CORPORATE GOVERNANCE REPORT (Continued)

企业管治报告（续）

RELATIONSHIPS WITH STAKEHOLDERS

The Company recognises that our employes, customers and supliers and

busines asociates are key stakeholders to the Company’s suces. We

strive to achieve corporate sustainability through engaging our employes,

providing quality products and services to our customers, colaborating with

busines partners (including supliers and contractors) to deliver quality

sustainable products and services and suporting our comunity.

The Board has adopted the dividend policy (the “Dividend Policy”)

which sets out the apropriate procedure on declaring and recomending

the dividend payment of the Company. The Company takes priority to

distributing dividends in cash and shares its profits with the shareholders

of the Company. The dividend distribution decision of the Company wil

depend on, among others, the financial results, the curent and future

operations, liquidity and capital requirements, financial condition and other

factors as the Board may dem relevant. The Board may also declare

special dividends from time to time. The Dividend Policy wil be reviewed

on a regular basis.

CONSTITUTIONAL DOCUMENTS

There were no changes to the Company’s bye-laws during the year. The

Company’s bye-laws is available on the website of the Company and the

Stock Exchange.

By Order of the Board

Hu Xingrong

Chairman

Hong Kong, 25 June 2025

与权益相关者的关系

本公司认同员工、客户及供应商以及业务伙伴为本

公司成功的主要权益相关者。我们致力透过鼓励员

工、向客户提供优质产品及服务、与业务伙伴（包

括供应商及承包商）合作提供高质量及可持续产品

及服务，以及给予社会支持，借以达致企业可持续

性。

董事会已采纳股息政策（「股息政策」），其中载列宣

派及建议本公司股息支付之适当程序。本公司优先

分派现金股息，并与本公司股东共享其溢利。本公

司之股息分派决定将取决于（其中包括）财务业绩、

当前及未来业务、流动资金及资本要求、财务状况

及董事会可视为相关之其他因素。董事会亦可不时

宣派特别股息。股息政策将定期审核。

宪章文件

本公司之章程细则于年内并无变动。本公司之章程

细则可于本公司及联交所网站阅览。

承董事会命

主席

胡兴荣

香港，2025年6月25日

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

ABOUT THE REPORT

Man Sang International Limited (the “Company”), together with its

subsidiaries (colectively refered to as the “Group”) is pleased to present

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

year ended 31 March 2025 (“ESG Report”), to provide an overview of

the Group’s management of material environmental and social maters.

REPORTING PERIOD

The ESG Report ilustrates the Group’s initiative and performance regarding

the environmental and social aspects during the reporting period from 1

April 2024 to 31 March 2025 (the “Year”).

REPORTING SCOPE

This ESG Report covers al subsidiaries of the Group in the People’s

Republic of China (the “PRC”) (including Hong Kong Special Administrative

Region (“Hong Kong”) and Japan with core busines that principaly

engaged in the development, sales and leasing of properties, provision

of property management services, provision of renovation and decoration

services and hotel management. The Group wil continue to identify and

ases the impacts on major ESG aspects of its busines and to include

them in the ESG Report.

REPORTING BASIS

The ESG Report is prepared with reference to the ESG Reporting Guide set

out by Apendix C2 of the Listing Rules. The Group has complied with the

disclosure requirements of the “comply or explain” provisions set out in the

ESG Reporting Guide. The Group wil continue to optimise and improve

the disclosure of key performance indicators (“KPIs”). The ESG Report

is prepared and published in both English and Chinese. In the event of

contradiction or inconsistency, the English version shal prevail. During the

proces of preparation of this ESG Report, we sumarised the Group’s

performance in corporate and social responsibilities based on the principles

of “Materiality, Quantitative, Balance and Consistency”. Please refer to

the table below for our understanding and response to such reporting

principles.

关于本报告

民生国际有限公司（「本公司」）连同其附属公司（统

称「本集团」）欣然呈列截至2025年3月31日止年度

的年度环境、社会及管治（「环境、社会及管治」）报

告（「环境、社会及管治报告」），以提供有关本集团

重大环境及社会事宜的管理概述。

报告期

本环境、社会及管治报告说明本集团自2024年4

月1日至2025年3月31日（「本年度」）报告期间有关

环境及社会方面的措施及表现。

报告范围

本环境、社会及管治报告涵盖本集团于中华人民共

和国（「中国」）（包括香港特别行政区（「香港」）及日

本的所有附属公司，其核心业务为主要从事物业发

展、销售及租赁、提供物业管理服务、提供装修及

装饰服务以及酒店管理。本集团将继续识别及评估

业务对主要环境、社会及管治方面的影响，并纳入

环境、社会及管治报告。

报告基准

本环境、社会及管治报告乃参考上市规则附录C2

所载环境、社会及管治报告指引编制。本集团已遵

守环境、社会及管治报告指引所载「不遵守就解释」

条文的披露规定。本集团将继续优化及改善关键绩

效指标（「关键绩效指标」）的披露。本环境、社会及

管治报告编制及刊发中英文版本。倘存在任何冲突

或不一致，概以英文版为准。于编制本环境、社会

及管治报告的过程中，我们根据「重要性、量化、

平衡及一致性」原则概述本集团在企业社会责任方

面的表现。有关我们对有关报告原则的理解及回

应，请参阅下表。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

REPORTING PRINCIPLES

Reporting PrinciplesOur UnderstandingOur Response

报告原则我们的理解我们的回应

MaterialityThe isues covered in the ESG Report should

reflect the significant impacts of the Group on the

economy, environment and society, or the scope

of asesments and decisions of stakeholders being

afected.

Through our continuous stakeholder engagement

together with our materiality asesment, we can

identify curent material sustainable development

isues.

重要性环境、社会及管治报告所涵盖的议题应反映本集

团对经济、环境及社会的重大影响，或受影响权

益相关者的评估及决策范围。

透过与权益相关者的持续沟通及重要性评估，我

们可识别当前的重大可持续发展议题。

QuantitativeThe ESG Report should disclose KPIs in a

measurable maner.

The Group quantitatively discloses its environmental

and social KPIs, and provides textual explanations

on quantitative resources.

量化环境、社会及管治报告应以可计量方式披露关键

绩效指标。

本集团量化披露其环境及社会关键绩效指标，并

就量化数据提供文字解释。

BalanceThe ESG Report should reflect fairly the overal

sustainability performance of the Group.

The Group has explained in detail the sustainable

development isues that have a significant impact

on the busines to provide an unbiased picture of

its performance, including the results achieved and

the chalenges it faces.

平衡环境、社会及管治报告应公平反映本集团的整体

可持续发展表现。

本集团已详细解释对业务有重大影响的可持续发

展议题，以公允地呈报其表现，包括所取得的成

果及所面对的挑战。

ConsistencyThe Group should use consistent disclosure

principles for the preparation of the ESG Report.

The Group wil ensure that the disclosure scope

and reporting methods of the ESG Report are

generaly consistent every year.

一致性本集团应使用一致的披露原则编制环境、社会及

管治报告。

本集团将确保环境、社会及管治报告的披露范围

及报告方式每年大致保持一致。

Stakeholders’ Fedback

The Group wil continue to kep close comunication with its stakeholders

to share and exchange ideas for advancing the Group’s ESG management.

Please give your sugestions or share your views with us via email at

ir@msil.com.hk.

Our Shareholders’ Comunication Policy facilitates efective comunication

betwen the Group and our shareholders, ensuring timely aces to relevant

information. The Board maintains an ongoing dialogue with shareholders

through financial reports, anual general metings, and disclosures to

The Stock Exchange of Hong Kong Limited (“SEHK”), al available on

the Group’s website. The Group is comited to transparency, actively

engaging shareholders and ensuring their interests are prioritised in al

comunications.

报告原则

权益相关者意见

本集团将继续与权益相关者密切沟通以分享及交流

有关促进本集团环境、社会及管治管理的意见。如

欲向我们表达提议或分享意见，请透过我们的电邮

地址ir@msil.com.hk联络我们。

我们的股东沟通政策旨在促进本集团与股东之间的

有效沟通，以确保及时获取相关资讯。董事会透过

财务报告、股东周年大会及向香港联合交易所有限

公司（「联交所」）披露资料与股东保持续对话，所

有披露资料均可于本集团网站查阅。本集团致力维

持透明度，积极与股东互动并确保在所有沟通中优

先考虑彼等利益。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ESG GOVERNANCE STRUCTURE

The Group has established an ESG framework to promote and implement

the Group’s sustainability strategy. To ensure efective ESG management,

our ESG governance structure, composed of the Board, ESG working

group, respective functional departments and subordinate companies, is

established to promote ESG management and disclosure. The Board, the

ultimate decision-making body of the Group, is responsible for the Group’s

ESG governance. The Board sters the Group’s sustainable development

forward and bears the overal responsibility of its ESG eforts. In the future,

the Board wil continue to strengthen ESG risk management and improve

ESG working mechanism and regulatory proceses to enhance its ESG

governance standard. The ESG working group, serving on the supervision

and cordination level, is responsible for implementing ESG governance

strategy, cordinating ESG maters, compiling ESG reports, and reporting

relevant work progres to the Board on a regular basis. Each functional

department and subordinate company, serving on the execution level, is

responsible for roling out initiatives set up by the ESG working group and

reporting relevant work progres and data.

环境、社会及管治架构

本集团已建立环境、社会及管治框架，以推动及实

施本集团的可持续发展策略。为确保有效的环境、

社会及管治管理，我们已建立由董事会、环境、社

会及管治工作小组、各职能部门及下属公司组成的

环境、社会及管治架构，以推动环境、社会及管治

管理和披露。董事会是本集团的最终决策机构，负

责本集团的环境、社会及管治。董事会指引本集团

可持续发展方向，并承担其环境、社会及管治工作

的整体责任。未来，董事会将继续加强环境、社会

及管治风险管理，完善环境、社会及管治工作机制

和监管流程，以提升环境、社会及管治水平。环

境、社会及管治工作小组作为监督协调层，负责执

行环境、社会及管治策略，协调环境、社会及管治

事宜，编制环境、社会及管治报告，并定期向董事

会报告相关工作进展。各职能部门及下属公司作为

执行层，负责开展环境、社会及管治工作小组制定

的举措，并报告相关工作进展及数据。

Functional departments

and subordinate companies

ESG Working Group

Executive Level

Decision-making LevelThe Board

执行层

决策层董事会

职能部门及下属公司

Supervision and

Guideline Level

监督指引层环境、社会及管治工作小组

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

STAKEHOLDERS ENGAGEMENT

The Group values input and fedback from its stakeholders as they have

substantial contributions to the Group and bring potential impacts to the

Group’s busines. Internal and external stakeholders have ben involved

in regular engagement activities to share views regarding the Group’s

operations and performances. The folowing table provides an overview of

the Group’s key stakeholders and the various comunication chanels used

to reach and listen to their expectations:

StakeholdersEngagement chanelConcern isues

权益相关者参与渠道关注议题

Government Departments and

Regulators

– Onsite visits and chats

– Work conferences, work together on

research and discusions

– Company website fedback

– Compliance with law and regulations

– Government’s planing on promoting

regional economic development and

employment

– Proper tax payment

政府部门及监管机构– 实地视察及会谈

– 工作会议及研讨工作

– 公司网站回馈

– 遵守法律及法规

– 政府对推广地区经济发展及就业的规划

– 依法纳税

Shareholders and Investors– Anual general meting and

shareholders metings

– Anual report and anouncements

– Newsleters

– Investor metings and road shows

– Return to the shareholders

– Information disclosure and transparency

– Protection of interests and fair treatment

to al shareholders

股东及投资者– 股东周年大会及股东大会

– 年报及公告

– 公司通讯

– 投资者会面及路演

– 股东回报

– 资讯披露及透明度

– 保障股东权益及公平对待股东

Employes– Staf orientation

– Internal training, briefing and apraisals

– Intranet and emails

– Newsleters

– Salary level and other welfare of

employes

– Working environment and ocupational

safety

– Training and self-actualisation

– Anti-discrimination

雇员– 雇员迎新

– 内部培训、简介及评核

– 内联网和电邮

– 公司通讯

– 薪酬水平及其他雇员福利

– 工作环境及职业安全

– 培训及自我实现

– 防止歧视

权益相关者之参与

本集团重视其权益相关者的投入及回馈，因为彼等

对本集团贡献深远，且为本集团业务带来潜在影

响。内部及外部权益相关者已参与定期活动，就本

集团营运及表现发表意见。下表提供本集团主要权

益相关者的概况，以及用以接触聆听彼等期望之各

种沟通渠道：

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

StakeholdersEngagement chanelConcern isues

权益相关者参与渠道关注议题

Customers– Company website fedback, brochures

distribution and anual report

– Customer fedback and service hotline

– Fedback forms

– Safe and high-quality products and

services

– Stable and trusted relationship

Information transparency

– Busines ethics

– Integrity

客户– 公司网站回馈、小册子及年报

– 客户意见及服务热线

– 意见表格

– 安全及优质产品及服务

– 稳定及可靠关系资讯透明度

– 商业道德

– 诚信

Supliers and Busines Partners– Busines metings, suplier

conferences, phone cals and interviews

– Review and asesment metings

– Stable and long-term relationship

– Information sharing

– God quality control

– Mitigate transaction risk in every aspect

供应商及业务伙伴– 业务会议、供应商座谈会、电话

及访谈

– 检讨及评估会议

– 稳定长远的关系

– 分享资讯

– 良好质量控制

– 降低各方面的交易风险

Industry Asociations– Industry conferences and metings

– Site visits

– Knowledge sharing

– Fair competition

– Profesional standard development

行业组织– 业界座谈会及会议

– 实地视察

– 知识分享

– 公平竞争

– 专业标准发展

Financial Institutions– Comunications with relationship

managers

– Consultation and regular metings

– Reports

– Update compliance with law and

regulations

– Information disclosure

– Market information update

财务机构– 透过客户经理沟通

– 咨询及定期会议

– 报告

– 更新遵守法例及法规的情况

– 资料披露

– 市场资讯更新

STAKEHOLDERS ENGAGEMENT (Continued)权益相关者之参与（续）

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

StakeholdersEngagement chanelConcern isues

权益相关者参与渠道关注议题

Media– Company website

– Media conferences

– Anouncements

– Improve our comunication chanel and

mitigate risk

– Enhance our corporate image

媒体– 公司网站

– 媒体座谈会

– 公告

– 改善沟通渠道及降低风险

– 提升企业形象

General Public and Comunities– Volunter work of our staf

– Charity activities and social investment

– Anouncements

– Understand our projected image within

the general public

– Be a responsible company

– Understand our environmental and social

impact to the society

– Anounce our carer oportunities

大众及社区– 雇员参与义工作

– 慈善活动及社会投资

– 公告

– 了解我们在大众眼中的形象

– 担当负责任的公司

– 了解我们对社会产生的环境及社会影响

– 发布我们的工作机会

STAKEHOLDERS ENGAGEMENT (Continued)权益相关者之参与（续）

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

MATERIALITY ASESMENT

The Group ataches importance to the materiality asesment of ESG

isues for the purpose of timely and comprehensive understanding of the

materiality of each ESG isue to the busines development of the Group

and the expectation of stakeholders, in order to facilitate the Group’s

efective disclosure of ESG information and continuous improvement in the

management level of relevant isues. The materiality asesment on ESG

isues of the Group during the year covers the folowing steps:

Step 1:The Group identified the folowing 21 isues in acordance with the disclosure requirements set out in the ESG Reporting

Guide and based on the busines characteristics and daily operation of the Group. These isues are considered to have

impacts on the environment and the society during our operation.

第1步：本集团根据环境、社会及管治报告指引所载的披露要求及结合本集团的业务特点及日常运营识别出以下21个议题。

该等议题被视为于我们的运营过程中对环境及社会产生影响。

Step 2: Based on the understanding of the demands and expectations of stakeholders during the daily operation, the Group

determined the materiality of ESG isues by benchmarking the key points and the trend of ESG works of industry pers.

第2步：基于日常运营中对权益相关者的诉求及期望的了解，本集团对标同行环境、社会及管治工作的要点及趋势，确定环

境、社会及管治议题的重要性。

Step 3:Based on the result of the materiality asesment, the Group discused and determined the key disclosure of the ESG

Report for the year and the key points for improvement in the future ESG work of the Group.

第3步：依据重要性评估的结果，本集团讨论并确定年内环境、社会及管治报告的披露重点及未来本集团环境、社会及管治

工作的提升要点。

Identifying 21 ESG isues

识别21项环境、社会及管治议题

Determining Materiality of ESG isues

确定环境、社会及管治议题的重要性

Discusing and determining key improvements

讨论并确定重大提升方面

重要性评估

本集团重视环境、社会及管治议题的重要性评估，

以期及时、全面地了解各项环境、社会及管治议题

对本集团业务发展的重要性及权益相关者的期望，

进而促进本集团环境、社会及管治信息的有效披露

及相关事项管理水平的持续提升。年内，本集团环

境、社会及管治议题的重要性评估步骤如下：

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

MATERIALITY ASESMENT (Continued)

Social Aspects:Environmental Aspects:

社会层面：环境层面：

1) Equal oportunity5) Prevention of child

labour and forced

labour

9) Complaint

handling

13) Comunity

investment

14) Exhaust emisions18) Water

consumption

1) 平等机会5) 防止雇用童工及

强制劳工

9）投诉处理13）社区投资14) 废气排放18) 耗水量

2) Employment and

employe benefits

6) Selection and

evaluation of

supliers

10) Protection of

intelectual

property rights

15) Grenhouse gas

emisions

19) Paper

consumption

2) 雇佣及雇员福利6) 供应商的选择及

评估

10）保护知识产权15) 温室气体排放19) 纸张消耗

3) Ocupational

health and safety

7) Control and

management on

environmental and

social risks along

the suply chain

11) Customer data

privacy and data

security

16) Waste

management

20) Management

of risk

asociated with

Environmental and

Natural Resources

3) 职业健康与安全7) 监控及管理供应

链中的环境及社

会风险

11）客户数据私隐及

安全

16) 废弃物管理20) 管理环境及自然

资源相关风险

4) Employe

development and

training

8) Service

quality

12) Anti-coruption

and money

laundering

17) Energy

consumption

21) Climate

change

4) 雇员发展及培训8) 服务质量12）反贪污及反洗钱17) 能源消耗21) 气候变化

Based on the findings from the materiality asesment, thre

key topics have

ben identified as the primary concerns for stakeholders and the Group.

In recognition of environmental and social responsibilities, the Group wil

focus more on these areas and work towards continuous improvement and

sustainable busines growth. Consequently, KPIs related to topics demed

non-material may not be included in the ESG report.

The thre topics are presented in bold.

重要性评估（续）

根据重要性评估的结果，三个

重要议题被确定为

权益相关者及本集团的主要关注议题。考虑到环境

和社会责任，本集团将更多地关注该等领域，努力

实现持续改善及可持续的业务发展。因此，与被视

为不重大的议题相关的关键绩效指标并未纳入环

境、社会及管治报告中。

这三个议题以粗体字显示。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT

The Group places a strong emphasis on protecting the environment and

is dedicated to the long-term sustainability of the comunities in which it

operates. It strives to fuly comply with local environmental protection laws

and regulations to ensure that its busines activities met the necesary

environmental standards. The Group rigorously monitors its emisions and

resource consumption acros al operating regions in its daily operations.

Each region has implemented efective energy conservation measures to

minimise environmental impact, including raising environmental awarenes,

using resources responsibly, and managing waste eficiently.

To suport Hong Kong’s Climate Action Plan 2050 promulgated by the

Hong Kong SAR Government, we wil work towards reducing electricity

consumption, increasing the use of zero-carbon energy and reducing

carbon emisions in our own operations to become carbon neutral by

2035, and wil formulate our transition plan and set targets to achieving net

zero in our emisions by 2050.

Emisions

The Group strictly complies with national and local laws and regulations

related to environmental protection and polution control, including but not

limited to the folowing:

People’s Republic of China (PRC)

• PRC Environmental Protection Law

• PRC Law on Water Polution Prevention and Control

• Law on the Prevention and Control of Atmospheric Polution

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

Waste

环境

本集团极其重视保护环境，并致力推动其营运所在

社区的长远可持续发展。本集团尽力完全遵守当地

环境保护法律及法规，确保业务活动符合必要环境

准则。本集团严格监控其日常业务于所有营运地区

的排放量及资源使用。各营运地区已采取提升环境

意识、负责任使用资源及有效管理废弃物等有效节

能措施，降低环境影响。

为支持香港特区政府颁布的《香港气候行动蓝图

2050》，我们将致力于减少电力消耗、增加零碳能

源的使用及减少自身营运过程中的碳排放，以在

2035年之前实现碳中和，并为于2050年之前实现

净零排放制定过渡计划及设定目标。

排放

本集团严格遵守国家及地方有关环境保护及污染控

制的法律及法规，包括但不限于以下内容：

中华人民共和国（中国）

• 中国环保法

• 中国水污染防治法

• 大气污染防治法

• 固体废物环境污染防治法

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Emisions (Continued)

Hong Kong

• Air Polution Control Ordinance

• Noise Control Ordinance

• Water Polution Control Ordinance

• Wastes Disposal Ordinance

• Public Health and Municipal Services Ordinance

Japan

• Water Polution Control Act

• Air Polution Control Act

• Noise Regulation Act

• Vibration Regulation Act

• Soil Contamination Countermeasures Act

During the year, the Group was not aware of any material breaches

or non-compliance with the aplicable laws and regulations related to

environmental protection.

环境（续）

排放（续）

香港

• 空气污染管制条例

• 噪音管制条例

• 水污染管制条例

• 废物处置条例

• 公众衞生及市政条例

日本

• 水质污染防止法

• 大气污染防止法

• 噪音管制法

• 震动管制法

• 土壤污染对策法

本年度，本集团并不知悉任何重大违反或不遵守适

用环保法律及法规的事宜。

Air Pollutant Emission (kg)
空气污染物排放（千克）
2025
0.06
2.52
0.19

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Emisions (Continued)

A1.1: Air Emisions

During the year, the vehicles of the Group consumed unleaded

petrol for local travel by management and guests, contributing to the

emisions of nitrogen oxides (“NOx”), sulphur oxides (“SOx”), and

particulate mater (“PM”).

The major air polutant emisions from vehicles during the year and

the coresponding period in 2025 are as folows:

Air Polutant Emisions

空气污染物排放

Types of Air Polutants

Air Polutant Emision

(kg)

空气污染物类型

空气污染物排放

（千克）

SOx0.14

NOx7.03

PM0.55

环境（续）

排放（续）

A1.1：空气污染物排放

本年度，本集团车辆因管理层及宾客当地差

旅消耗无铅汽油，产生氮氧化物（「NOx」）、

硫氧化物（「SOx」）及粒子（「PM」）的排放。

本年度及2025年相应期间主要车辆空气污

染物排放载列如下：

CO equivalent emission 2 (tonnes)
二氧化碳当量排放（吨）
2025
1,101.243
6,264.084
1.665
7,366.99
28.23

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Emisions (Continued)

A1.2: Grenhouse Gas (“GHG”) Emisions

The GHG emisions from the operation during the year and the

coresponding period in 2025 are set out below.

GHG Emisions

温室气体排放

Type of GHG emisions

CO2 equivalent emision

(tones)

温室气体排放类型

二氧化碳当量排放

（吨）

Scope 1 Direct Emisions1,143.90

范围一直接排放

Scope 2 Indirect Emisions9,301.27

范围二间接排放

Scope 3 Other indirect emisions/

范围三其他间接排放

Total10,445.17

总计

Intensity (tones/employes

)31.27

强度（吨╱雇员

）

The calculation of grenhouse gas emisions is based on the “How to Prepare

an ESG Report – Apendix 2: Reporting Guidance on Environmental KPIs”

isued by HKEx.Unles stated otherwise.

– Scope 1: Direct emisions from operations owned by the Group,

including stationary and mobile combustion sources.

– Scope 2: Indirect emisions from the generation of purchased electricity

consumed by the Group.

– Scope 3: Other indirect emisions, which are optional to disclose and

mainly involve emisions not controled by the Group. This year, the

Group included air travel in the calculation. We wil continue to gather

information to suport Scope 3 disclosure.

The emision factor of heavy fuel oil from Scope 1 refers to the IPC 2006

Guidelines for National Grenhouse Gas Inventories.

The emision factor of electricity from Scope 2 refers to the 2023 Electricity

Carbon Fotprint Factor Data released by the Ministry of Ecology and

Environment of the People’s Republic of China.

Our Group uses the emision factor for medium-sized aircraft from the Climate

Change Research specific to Chinese civil aviation. Since most of our

busines trips during the year were traveled domesticaly within China, this

research focused on Chinese aircraft is relevant to our context. The Climate

Change Research is managed by the China Meteorological Administration.

For further information about the study, please refer to this website:

htps:/statics.teams.cdn.ofice.net/evergren-asets/safelinks/1/atp-safelinks.html

The total number of employes this year was 261.

环境（续）

排放（续）

A1.2：温室气体（「温室气体」）排放

本年度及2025年相应期间运营温室气体排

放载列如下。

温室气体排放量计算乃基于联交所发布的「如何编

制环境、社会及管治报告－附录二：环境关键绩

效指标呈报指引」。除非另有说明。

– 范围一：本集团所拥有业务的直接排放（包

括固定及移动燃烧源）。

– 范围二：本集团消费购买电力产生间接排

放。

– 范围三：其他间接排放，可选择性披露，

主要涉及并非本集团所控制的排放。本年

度，本集团将航空差旅纳入计算范围。我

们将继续收集资料以支持范围三披露。

范围一的重质燃料油排放因子参考IPC 2006 年

国家温室气体清单指南。

范围二的电力排放因子参考中华人民共和国生态

环境部发布的2023年电力碳足迹因子数据。

本集团使用有关中国民航的气候变化研究中发布

的中型飞机排放因子。由于年内我们的大部分商

务出行均是在中国内发生，此项专注于中国飞

机的研究与我们的背景相关。气候变化研究由中

国气象局管理。有关研究的更多资料，请参阅网

站：htps:/statics.teams.cdn.ofice.net/evergren-

asets/safelinks/1/atp-safelinks.html

本年度雇员总人数为261人。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Emisions (Continued)

A1.3: Hazardous Waste

During the year, the Group was not aware of any hazardous waste

disposal (2024: Nil).

A1.4: Non-hazardous Waste

The major non-hazardous waste generated from the Group’s ofice

operations was paper waste. The total non-hazardous waste produced

by the Group during the year was 9,779 kg, resulting in an intensity

of 37.47 kg per employe. In comparison, in 2024, the total non-

hazardous waste generated was 10,518 kg, with an intensity of

31.49 kg per employe.

A1.5: Measures to Mitigate Emisions

The Group strives to identify sources of high energy consumption,

material usage, and environmental polution within its operations,

implementing measures for improvement. Energy conservation policies

and procedures have ben adopted to mitigate emisions. Energy-

saving practices include:

– Ensuring that al computers and electrical power suplies are

switched of when not in use.

– Using labels to remind staf of ways to conserve energy.

Aditionaly, the Group regularly checks and maintains

company vehicles to ensure they are in god condition,

thereby reducing emisions.

环境（续）

排放（续）

A1.3：有害废弃物

本年度，本集团并不知悉产生任何有害废弃

物（2024年：无）。

A1.4：无害废弃物

本集团办公室营运所产生的无害废弃物主要

为废纸。本年度，本集团产生的无害废弃物

总量为9,779千克，强度为每名雇员37.47

千克。相比之下，2024年产生的无害废

弃物总量为10,518千克，强度为每名雇员

31.49千克。

A1.5：减排措施

本集团致力于其营运中识别高耗电量、重大

使用量及环境污染的源头，并实施改善措

施。本集团已采取节能政策及程序，减低排

放。节能措施包括：

– 确保不使用时关闭所有电脑及电源。

– 使用标签提醒员工节能措施。此外，

本集团定期检查及维修公司车辆，确

保车辆处于良好状态，以此减少排放。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Emisions (Continued)

A1.6: Waste Reduction and Initiatives

The Group aims to reduce the generation of non-hazardous waste,

primarily paper waste, at the source whenever posible and

strongly advocates for a paperles ofice. During the year, a total of

4,018 kg of paper was used for daily ofice operations, including

printing documents, contracts, order forms, technical drawings, and

meting notes (compared to 4,464 kg in 2024). The Group reduces

paper consumption by:

– Developing management software (e.g., Ofice Automation

System) to suport the establishment of a paperles ofice.

– Using recycled paper.

– Adopting double-sided printing.

– Maintaining printers, copiers, and fax machines to prevent

paper wastage due to por printing quality.

Use of Resources

The Group’s principles for managing resource use focus on reducing

energy consumption, minimising resource usage, and enhancing resource

eficiency. The Group proactively seks oportunities to improve resource

usage eficiency by closely monitoring energy and water consumption.

Senior management is alerted to ongoing performance, and apropriate

remedial actions are implemented whenever necesary to enhance usage

eficiency.

环境（续）

排放（续）

A1.6: 减废及措施

本集团旨在尽可能从源头减少产生无害废弃

物（主要为废纸），并大力提倡无纸化办公。

本年度，打印文件、合同、订单、技术图及

会议记录等日常办公运作合共使用4,018千

克纸张（2024年为4,464千克）。本集团透过

以下方式减少纸张消耗量：

– 开发有助形成无纸办公室的管理软件

（即办公室自动化系统）。

– 使用再造纸。

– 使用双面打印。

– 保养打印机、影印机及传真机，防止

因打印质素欠佳而产生废纸。

资源使用

本集团管理资源使用的原则主要专注于减少能源消

耗、减少资源使用及提升资源使用效率。本集团透

过密切监控能源使用及用水，积极寻求机会提升资

源使用效率。我们向高级管理层通报持续表现，并

在必要时实施适当补救措施以提高使用效率。

Energy consumed (kWh)
能源消耗量（千瓦时）
2025
36,492.64
163,460.60
1,851,196.72
740,302.36
1,672,111.11
539,700.00
10,095,215.00
15,098,478.43
57,848.58

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Use of Resources (Continued)

A2.1: Energy Consumption

Energy consumption by the Group during the year and the

coresponding period in 2024 are set out below:

Types of Energy

Energy consumed

(kWh)

能源类型

能源消耗量

（千瓦时）

Unleaded Petrol无铅汽油298,910.79

Diesel

柴油

134,571.88

LPG液化石油气1,152,603.10

Kerosene煤油22,251.34

Heavy Oil重质油1,544,805.41

Natural Gas天然气599,660.00

Purchased Electricity购电15,339,668.80

Total总计19,092,471.32

Energy Intensity (kWh/employe)能源强度（千瓦时╱雇员）57,163.09

A2.2: Water Consumption

The Group consumed freshwater suplied by the municipal suplier,

primarily for general operations. There were no isues in sourcing

water that is fit for purpose. During the year, the Group’s water

consumption totaled 118,568 m³, resulting in an intensity of

454.28 m

per employe. In comparison, in 2024, the Group

consumed 149,532 m³ of water, with an intensity of 447.70 m³ per

employe.

Al diesel consumption this year is from mobile machinery.

本年度所有柴油消耗均来自移动机械。

环境（续）

资源使用（续）

A2.1：能源消耗

本年度及2024年相应期间本集团能源消耗

载列如下：

A2.2：用水

本集团消耗市政供应商提供的淡水，主要

用于一般运营。在求取适用水方面并无任

何问题。本年度，本集团的用水量合共为

118,568立方米，强度为每名雇员454.28

立方米。相比之下，本集团于2024年的用

水量为149,532立方米，强度为每名雇员

447.70立方米。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Use of Resources (Continued)

A2.3: Energy Usage Eficiency Initiatives

The Group implemented controls for lighting and air conditioning

temperature to reduce electricity consumption. During the year, the

folowing energy-saving measures were adopted:

• Energy-saving mode was set for al computers.

• Energy eficiency was a key consideration when purchasing

electrical apliances.

• Power suplies were switched of when not in use.

• Air conditioning was set to apropriate temperatures based on

location and conditions.

A2.4: Water Use Eficiency Initiatives

The Group has no isues sourcing water that is fit for purpose. To

encourage water conservation and reduce wastage, the Group

implements the folowing measures:

• Regular inspections and maintenance of the water suply.

• Posting reminders and notices to encourage water-saving

practices.

• Instaling water-saving taps in the pantry to further conserve

water.

环境（续）

资源使用（续）

A2.3: 能源使用效益措施

本集团控制灯光及空调的温度，减少用电

量。本年度内，本集团已采取以下节能措

施：

• 根据地点及环境将空调设定为合适的

温度。

A2.4：用水效益措施

本集团在求取适用水方面并无任何问题。为

鼓励节约用水及减少浪费，本集团实施以下

措施：

，鼓励节水行为。

，进一步节

水。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Use of Resources (Continued)

A2.5: Packaging Materials

The Group did not generate any packaging materials during the

year, consistent with the previous year (2024: Nil).

In line with our continuous eforts, we aim to maintain zero substantial

non-compliance cases related to:

• Emision of exhaust gases and grenhouse gases (GHG)

• Production of non-hazardous waste

• Paper consumption

• Energy consumption

• Water consumption

This target is set for the coming five years.

Environment and Natural Resources

A3.1: Significant Impacts of Activities on the Environment

The Group raises staf awarenes of environmental isues through

education and training, encouraging employe suport in enhancing

performance. Key initiatives include:

busines partners, and shareholders.

• Suporting comunity activities related to environmental

protection and sustainability.

• Regularly evaluating and monitoring the impacts of past and

present busines activities on health, safety, and environmental

maters.

Through the integration of policies from sections “A1: Emisions” and

“A2: Use of Resources”, the Group strives to minimise its impact on

the environment and natural resources.

环境（续）

资源使用（续）

A2.5：包装物料

本年度，本集团并无产生任何包装物料，与

上一年度相同（2024年：无）。

透过持续努力，我们期望在以下方面维持零

重大不合规事件：

• 废气及温室气体(GHG)排放

• 无害废弃物产生

• 纸张消耗

• 能源消耗

• 用水

此目标乃未来五年目标。

环境及天然资源

A3.1：活动对环境的重大影响

本集团透过教育及培训来提高员工对环境事

宜的意识，鼓励雇员支持改善表现。主要举

措包括：

、业务伙伴及股东的环境意

识。

• 支持与环境保护和可持续发展相关的

社区活动。

• 定期评估及监控过往及现在业务活动

对健康、安全及环境事宜的影响。

透过整合「A1：排放」及「A2：资源使用」章

节所述政策，本集团致力于最大限度减轻对

环境及天然资源的影响。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Climate Change

The Group is comited to mitigating climate change and enhancing

resilience against climate-related threats. The proceses used to identify,

evaluate, and manage significant risks, including climate-related isues, are

sumarized as folows:

Risk Identification:

– Identifying risks that may potentialy afect the Group’s busines and

operations.

Risk Asesment:

– Asesing identified risks using criteria developed by management.

– Considering the impact and consequences on the busines, as wel as

the likelihod of their ocurence.

Risk Response

– Prioritization: Risks are prioritised by comparing the results of the risk

asesment.

– Management Strategies: The Group determines risk management

strategies and internal control proceses to prevent, avoid, or mitigate

identified risks.

Risk Monitoring and Reporting

– Ongoing Monitoring: Continuous and periodic monitoring of risks

is performed to ensure apropriate internal control proceses are in

place.

– Strategy Revision: Risk management strategies and internal control

proceses are revised in response to significant changes in situations.

– Reporting: Results of risk monitoring are reported to management and

the Board regularly.

环境（续）

气候变化

本集团致力减缓气候变化及提升对气候相关威胁的

应变能力。用于识别、评估和管理重大风险（包括

气候相关事宜）的程序概述如下：

风险识别：

– 识别可能影响本集团业务及营运的潜在风

险。

风险评估：

– 按管理层制定的标准评估已识别的风险。

– 考虑对业务的影响及后果及发生的可能性。

风险回应

– 优先排序：按比较风险评估的结果排列风险

优先次序。

– 管理策略：本集团厘定风险管理策略及内部

监控程序，以预防、避免或减轻已识别风

险。

风险监督及报告

– 持续监控：持续及定期监控风险，确保已设

有合适内部监控程序。

– 策略修订：在情况发生重大改变时修改风险

管理策略及内部控制程序。

– 报告：定期向管理层及董事会报告风险监督

结果。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

ENVIRONMENT (Continued)

Climate Change (Continued)

As a result of this risk management proces, physical risks and transition risks

arising from climate change are unlikely to significantly impact the Group’s

busines. Suporting the recomendations of the Task Force on Climate-

Related Financial Disclosure (TCFD), the Group has asesed potential

climate-related risks, identifying rising mean temperatures and the increasing

severity and likelihod of extreme weather events – such as rainstorms,

flods, fires, and heatwaves – as major physical risks to daily operations.

The Group’s ESG working group is responsible for identifying and asesing

climate-related risks faced by operations and updating the Board on

the latest developments in climate regulations and industry benchmarks.

To adres climate-related risks, the Group has implemented various

emergency response mechanisms and purchased adequate insurance

against natural disasters to manage extreme weather events.

Moving forward, the Group wil continue to identify potential busines

activities impacting the environment and develop coresponding

improvement measures to further mitigate the negative impacts of operations

on climate change.

环境（续）

气候变化（续）

由于采取该风险管理程序，因气候变化而导致的实

际风险及过渡风险不太可能会对本集团的业务带来

重大影响。为支持气候相关财务披露工作小组的建

议，本集团已评估与气候相关的潜在风险，识别出

平均气温不断上升以及极端天气事件（如暴雨、水

灾、火灾及热浪等）越发严重及可能发生为我们日

常营运的主要实际风险。

本集团的环境、社会及管治工作小组负责识别及评

估营运所面临的气候相关风险，并向董事会更新气

候法规及行业基准的最新发展。为应对气候相关风

险，本集团已实施不同应急机制，并针对天灾购买

充分保险，以应对极端天气事件。

未来，本集团将会继续识别潜在影响环境的业务活

动并制定相应改善措施，以进一步缓解营运对气候

变化的负面影响。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL

Employment and Labour Practices

B1: Employment

The Group strictly complies with national and local laws and

regulations concerning employment and labour practices, including

but not limited to:

• Labour Law of the PRC

• Labour Contract Law of the PRC

• Law of the PRC on the Protection of Minors

• Law of the PRC on the Protection of Disabled Persons

• Provisions on the Prohibition of Using Child Labour

• Employment Ordinance of Hong Kong

• Ocupational Safety and Health Ordinance of Hong Kong

• Minimum Wage Ordinance of Hong Kong

• Mandatory Provident Fund Schemes Ordinance of Hong Kong

• Labour Standards Act of Japan

• Labour Safety and Health Law of Japan

• Labour Contract Law of Japan

• Minimum Wage Law of Japan

No instances of non-compliance with relevant laws and regulations

significantly impacting the Group were identified this year concerning

compensation and dismisal, recruitment and promotion, working

hours, rest periods, equal oportunity, diversity, anti-discrimination,

and other benefits and welfare.

社会

雇佣及劳工常规

B1：雇佣

本集团严格遵守有关雇佣及劳工惯例的国家

及地方法律法规，包括但不限于：

• 中国劳动法

• 中国劳动合同法

• 中国未成年人保护法

• 中国残疾人保障法

• 禁止使用童工规定

• 香港雇佣条例

• 香港职业安全及健康条例

• 香港最低工资条例

• 香港强制性公积金计划条例

• 日本劳动基准法

• 日本劳动安全卫生法

• 日本劳动合同法

• 日本最低工资法

本年度，概无发现在补偿及解雇、招聘及晋

升、工时、休息日、平等机会、多元化、反

歧视以及其他待遇及福利方面有对本集团有

重大影响的相关法律法规不合规情况。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Employe Benefits and Welfare

The Group adheres to aplicable labour laws in each jurisdiction and

provides social insurance, subsidies, holidays, and other welfare in

acordance with statutory requirements. Employment contract terms are

based on principles of fairnes, voluntarism, mutual consent, integrity, and

credibility.

The Group ofers competitive compensation, holiday benefits, and

discretionary bonuses. Salary adjustments are made anualy based on

individual work performance and market trends. Employes are entitled to

various leaves, including anual leave, mariage leave, maternity leave,

paternity leave, as wel as medical insurance and retirement benefit

schemes.

Throughout the year, no material non-compliance related to compensation

and dismisal, recruitment and promotion, working hours, rest periods, or

other benefits and welfare was recorded.

Equal Oportunity

The Group provides equal oportunities for employes in recruitment, job

advancement, training, and development. Employes are not discriminated

against based on race, nationality, religion, physical condition, disability,

gender, pregnancy, sexual orientation, political status, age, or any other

grounds prohibited by aplicable law. Discriminatory behaviour by

employes is subject to disciplinary action.

Throughout the year, no material non-compliance related to laws and

regulations significantly impacting the Company regarding equal

oportunity, diversity, and anti-discrimination was recorded.

社会（续）

雇员待遇及福利

本集团遵守各司法权区的适用劳动法，并根据法定

要求提供社会保险、补贴、假期及其他福利。雇佣

合约条款乃基于公平、自愿、双方同意、诚信及可

信的原则制定。

本集团提供具竞争力的薪酬、假期福利及酌情花

红。每年根据个人工作表现及市场趋势进行薪酬调

整。雇员有权享有各种休假，包括年假、婚假、产

假、侍产假以及医疗保险及退休福利计划。

本年度，并无与赔偿及解雇、招聘及晋升、工时、

休息日及其他待遇及福利有关的重大违规行为记

录。

平等机会

本集团为雇员提供招聘、工作晋升、培训及发展方

面的平等机会。雇员不会因种族、国籍、宗教、身

体状况、残疾、性别、怀孕、性取向、政治立场、

年龄及适用法律禁止的任何其他理由而受到歧视。

员工如有歧视行为，将受到纪律处分。

年内，概无在平等机会、多元化及反歧视方面有对

本公司产生重大影响的法律法规重大不合规记录。

2025
Number of staff	% of total
员工数目	占总数目百分比
118	45
143	55
261	100
22	8
80	31
68	26
72	28
19	7
261	100
17	7
153	59
70	27
21	8
261	100
10	4
234	90
17	7
261	100

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Equal Oportunity (Continued)

Total Employes and Turnover

Below is a detailed breakdown of our employes by gender, age group,

employment type and geographical region as at 31 March 2025 and

2024:

Number of

staf% of total

员工数目

占总数目

百分比

By Gender按性别

Male男性15446

Female女性18054

Total总计334100

By Age Group按年龄组别

18-2518-25岁3611

26-3526-35岁8927

36-4536-45岁9328

46-5546-55岁8826

56 or above56岁或以上288

Total总计334100

By Employment Type按雇佣类型

Contract or short term合约或短期196

Normal一般22467

Midle中层7121

Senior高层206

Total总计334100

By geographical region按地理区域

Hong Kong香港62

PRC中国30691

Japan日本227

Total总计334100

社会（续）

平等机会（续）

雇员总数及流失率

于2025年及2024年3月31日按性别、年龄组别、

雇佣类型及地理区域划分的雇员明细载列如下：

20258
50%
50%
86%
40%
65%
32%
63%
50%
50%
41%

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Equal Oportunity (Continued)

Total Employes and Turnover (Continued)

Below is a detailed breakdown of our employe turnover rate by gender,

age group, and geographical region for the year, along with the

coresponding data for 2024:

Turnover rate by gender按性别划分的流失率

Male男性44%

Female女性30%

Turnover rate by age group按年龄组别划分的流失率

18-2518-25岁94%

26-3526-35岁35%

36-4536-45岁23%

46-5546-55岁28%

56 or above56岁或以上36%

Turnover rate by geographical region按地理区域划分的流失率

Hong Kong香港/

PRC中国40%

Japan日本15%

There was a total of 130 employes left the Group during the year. In

comparison, in 2024, a total of 121 employes left the Group.

流失率计算公式：（报告期内离职雇员人数╱该类

别雇员总数）× 100

The formula of turnover rate: (Number of employes who left during the

reporting period/total number of employes in the category) x 100

社会（续）

平等机会（续）

雇员总数及流失率（续）

本年度按性别、年龄组别及地理区域划分的雇员流

失率及2024年相应数据明细载列如下：

本年度，本集团离职雇员总数为130名。相比之

下，2024年本集团离职雇员总数为121名。

2025
–
369

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Equal Oportunity (Continued)

B2: Employe Health and Safety

Ocupational Health and Safety

The Group is comited to maintaining a safe, healthy, and non-

hazardous working environment. Employes are required to

participate in regular fire drils and should be familiar with the

locations of safe exits, fire alarms, and fire equipment. Aditionaly,

al employes are covered by insurance in acordance with local

labour laws, including social security benefits for employes in the

PRC. The Group has also developed various contingency plans to

adres diferent emergency situations.

During the development of our properties, a safe working environment

is maintained colaboratively by contractors, sub-contractors, and their

employes, in compliance with aplicable local and national laws,

health and safety regulations, and recognized codes and standards.

Site-specific conditions and rules are developed to adres significant

hazards and risks, ensuring safe and eficient project operations.

The Group closely monitors the safety and quality of properties at al

stages of construction to met the highest standards. This comitment

includes adhering to stringent product safety standards and prioritising

health and safety in property development practices. Over the past

thre years, including this year, there have ben no material work-

related fatalities. Aditionaly, the Group has not violated any laws

or regulations regarding the provision of a safe working environment

and the protection of employes from ocupational hazards that

significantly impact the Group during the year.

Major ocupational health and safety statistics during the year and

the coresponding period in 2024 are as folows:

Ocupational Health and Safety职业健康与安全2024

Number and rate of work-related fatalities因工作关系而死亡的人数及比率–

Lost days due to work injury因工伤损失的工作日数88

This year, the total number of work-related injuries was 4.

本年度，因工受伤的总人数为4人。

社会（续）

平等机会（续）

B2：雇员健康及安全

职业健康与安全

本集团致力维持安全、健康及无危险的工作

环境。雇员需要参与定期消防演习，并应熟

悉安全出口、火警及消防设备的位置。此

外，所有雇员均根据当地劳工法例而受保险

保障，包括中国雇员的社会保障福利。本集

团亦已制定多项应变计划以应对不同的紧急

情况。

于物业开发过程中，承办商、分包商及其雇

员应遵守适用的地方及国家法律、健康及安

全法规以及认可的守则及标准，共同维护安

全的工作环境。应确定地盘特定条件及规

则，以应对重大危害和风险，确保安全高效

的项目运营。

本集团密切监察物业所有建设阶段的安全及

质量，确保符合最高标准。此承诺包括遵守

严格的产品安全标准，并将物业开发常规中

的健康及安全问题放在首位。于包括本年度

在内的过去三年，本集团并无发生任何重大

因工死亡。此外，本年度，本集团亦并无违

反任何有关提供安全工作环境及保护雇员免

受职业危害的任何法律或法规，以致对本集

团产生重大影响。

年内与2024年同期的主要职业健康与安全

统计数字如下：

2025
23.29
28.83

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Equal Oportunity (Continued)

B3: Development and Training

People are the Group’s most valuable asets. Investing in our

employes is a key focus and contributes significantly to the

Group’s continuous growth. We ofer comprehensive training and

development oportunities for employes at al levels, including

orientation training, job-related training, and department-specific

training. Training programs are tailored to the identified neds of

employes, as asesed anualy by each department.

The average training hours for employes by gender for the year and

the coresponding period in 2024 are as folows:

Average Training Hours for

Employes

雇员平均

培训时数

By Gender按性别

Male男性30.40

Female女性36.29

B4: Labour Standards

In acordance with the employment contract, the Group’s regulations

and policies, the Labour Law, and the Employment Ordinance of

Hong Kong, as wel as related laws in the PRC, Hong Kong, and

Japan, there is no child labour or forced labour within the Group.

Job aplicants must be at least 18 years old, and to verify this, their

identities are checked against valid identity documents, relevant

permits, and certificates. The human resources department conducts

background checks to authenticate the information provided by

aplicants and completes forms confirming that hired employes met

the age requirement.

In adition to our internal monitoring proceses, contractors must

adhere to stringent labor standards enforced by the Group, ensuring

that no child labour or forced labour is tolerated in any of our

development projects.

Throughout the year, there were no instances of non-compliance with

laws and regulations significantly impacting the Company regarding

the prevention of child and forced labour.

Due to a system change at Chongqing Mariot, training records for FY2025

are curently unavailable. As a result, we are unable to provide the average

training hours by employment category. We are actively working to enhance

our disclosure practices and improve data colection going forward.

由于Chongqing Mariot系统变更，目前无法获得

2025财年的培训记录。因此，我们无法按雇佣类

别提供平均培训时数。我们正在积极努力提升我

们的披露实践，并于日后加强数据收集。

社会（续）

平等机会（续）

B3：发展与培训

人才乃本集团最宝贵的资产。对雇员的投资

乃关注重点，将为本集团持续增长作出巨大

贡献。我们为所有层级的雇员提供全面培训

及发展机会，包括迎新培训、工作相关培训

及部门特定培训。各部门将每年评估及识别

雇员需求，并量身定制培训计划。

本年度及2024年相应期间按性别划分的雇

员平均培训时数如下：

B4：劳工标准

根据雇佣合约、本集团的法规及政策、劳动

法、香港雇佣条例以及中国、香港及日本相

关法律，本集团并无聘用童工或强迫劳工。

求职者必须年满18岁，且为验证其年龄，

将核对其身份与其有效身份证明文件、相关

许可及证书核对。人力资源部将进行背景调

查，验证求职者提供的资料，并填写表格，

确认聘用的雇员符合年龄要求。

除我们的内部监控程序外，承办商必须遵守

本集团执行的严格劳工标准，确保我们所有

发展项目均不容忍童工或强迫劳工。

年内，概无在防止童工及强迫劳工方面有对

本公司产生重大影响的法律法规不合规情

况。

2025
236
61
297

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Operating Practices

B6: Suply Chain Management

The Group colaborates with various supliers, contractors, sub-

contractors, and service providers acros diferent busines segments

in daily operations. We have established a robust tendering policy

to select and manage our suply chain. Potential candidates are

evaluated primarily based on their capabilities and track records

regarding environmental and social responsibility.

The Group strives to positively influence our suply chain through

efective comunication and colaboration. To mitigate suply chain

risks, we regularly ases suplier performance.

In acordance with our tendering policy, we compare diferent

supliers and service providers to identify qualified candidates based

on criteria such as certifications related to environmental protection,

compliance, quality control, and corporate social responsibility

performance before entering into contracts.

As a result, we believe there are no significant environmental or

social risks impacting our management decisions on suply chain

management during the year.

The folowing is an analysis of the Group’s number of supliers and

service providers by geographical location for the year and the

coresponding period in 2024:

Number of supliers and service

providers by geographical region

按地理区域划分的供应商及

服务供应商数目2024

PRC中国432

Japan日本62

Total总计494

社会（续）

营运常规

B6：供应链管理

本集团于日常营运中，与不同业务分部的诸

多供应商、承包商、分包商及服务供应商合

作。我们已制定稳健的招标政策，以挑选及

管理供应链。我们主要评估潜在候选公司

的产能及其在环境及社会责任方面的往绩记

录。

本集团致力透过有效沟通及合作，为我们的

供应链带来正面影响。为降低供应链风险，

我们定期评估供应商表现。

根据我们的招标政策，我们在订立合约之前

会比较不同供应商及服务供应商，并根据环

境保护相关认证、合规情况、质量控制及企

业社会责任表现等标准识别符合条件者。

因此，我们认为本年度并无任何影响我们供

应链管理的管理决策的重大环境或社会风

险。

本年度及2024年相应期间按地理区域划分

的本集团供应商及服务供应商数目分析如

下：

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Operating Practices (Continued)

B6: Product Responsibility

Product Asurance

The Group is comited to high standards in delivering quality

products and services to our customers. We implement stringent

quality control policies and proceses throughout the entire suply

chain management proces.

Recognition and Awards

Our comitment to product quality is reflected in the awards received

in past years:

• Chongqing Kingstone Land Co. Ltd. (重庆皇石置地有限公

司), a subsidiary responsible for property development in

Chongqing, received the award for “2019 中国企业十大匠

心品牌” for outstanding quality delivered to customers.

, which comenced operations in

2021, were recognized as the “2020 Best New Opening

Apartment Hotel” by the China Best Hotel Awards.

, Ltd. (浙

江晖永物业管理服务有限公司), another subsidiary providing

property management services acros various provinces in

the PRC, was named one of the “2020 Top 100 Property

Management Companies in China” by the China Index

Academy and awarded the title of “China Property Service

Company with Featured Brands” in 2021.

社会（续）

营运常规（续）

B6：产品责任

产品鉴定

本集团致力以高标准为客户提供优质产品及

服务。我们于整个供应链管理过程中实施严

格的质量控制政策及流程。

认可及奖项

我们对产品质量的承诺从过往数年获得的奖

项可见一斑：

，一间负责重

庆物业发展的附属公司，因向客户交

付卓越品质荣获「2019中国企业十大

匠心品牌」奖项。

• 我们的酒店式公寓于2021年开始运

营，被中国最佳酒店大奖评为「2020

年度最佳新开业酒店公寓」。

，在

中国多个省份提供物业管理服务的另

一间附属公司，获中指研究院评为

「2020年中国物业服务百强企业」，并

于2021年荣获「中国物业服务特色品

牌企业」称号。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Operating Practices (Continued)

B6: Product Responsibility (Continued)

Quality Control and Compliance

We adhere to rigorous quality control management to ensure our

products and services met industry standards and comply with local

laws and regulations regarding environmental and social aspects.

During the year, there were no products sold or services provided

that were subject to recals for safety or health reasons, and we

received no material complaints regarding our products and services.

Intelectual Property Rights

The Group is comited to complying with al laws and regulations

related to the protection of patents and trademarks in each of our

operating jurisdictions. To safeguard third-party intelectual property

rights and adhere to relevant licensing terms for software usage,

employes are prohibited from duplicating, instaling, or using

software in violation of copyright or license terms, as outlined in the

Group’s information security policy and staf handbok. The use of

fre software products is strictly controled, and making copies of

copyrighted works is explicitly prohibited.

社会（续）

营运常规（续）

B6：产品责任（续）

质量控制及合规

我们实行严格的质量控制管理，确保我们的

产品及服务达到行业标准，并符合当地有关

环境及社会层面的法律法规。

本年度，我们并无已售产品或已提供服务因

安全或健康原因而须召回，亦无接获有关我

们产品及服务的重大投诉。

知识产权

本集团致力遵守各营运司法权区有关专利及

商标保护的所有法律法规。为保障第三方知

识产权并在使用软件时遵守相关牌照条款，

雇员不得违反版权或牌照条款复制、安装或

使用软件，有关条款载列于本集团资讯安全

政策及员工手册内。使用免费软件产品受严

格控制，并明确禁止复制版权作品。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

社会（续）

营运常规（续）

B6：产品责任（续）

客户数据保障

我们致力于恪守所有与客户权利及私隐保护

相关的法律法规，包括但不限于：

（私隐）条例

• 日本个人情报保护法

• 日本消费者保护基本法

• 中华人民共和国消费者权益保护法

• 中国与个人数据保护相关的多项指引

及法律，如中国网络安全法

本集团以系统化方式管理资讯，并已制定全

面的客户数据监控政策及资讯资产管理程

序。雇员手册载有电子通信系统使用政策，

为管理数据及资讯提供指导。主要做法包

括：

；所有客户

资料须仅在公司电邮域名内处理。

并关闭网路连接。

这些措施将确保护客户数据并遵守适用法

规。

SOCIAL (Continued)

Operating Practices (Continued)

B6: Product Responsibility (Continued)

Customer Data Protection

We are dedicated to upholding al relevant laws and regulations

concerning customer rights and privacy protection, including but not

limited to:

• The Personal Data (Privacy) Ordinance of Hong Kong

• The Personal Information Protection Law of Japan

• The Consumer Protection Fundamental Act of Japan

’s Republic of China on the Protection of

Consumer Rights and Interests

• Various guidelines and laws in the PRC related to personal

data protection, such as the PRC Cybersecurity Law

The Group manages information systematicaly and has developed

a comprehensive policy on customer data control along with

procedures for managing information asets. The employe

handbok includes an electronic comunication system usage policy

that provides guidelines for managing data and information. Key

Practices include:

; al

customer information must be handled within the company

email domain.

• Employes are required to log out of their computer systems

and shut down their network conections after work.

These measures ensure the protection of customer data and

compliance with aplicable regulations.

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Operating Practices (Continued)

B6: Product Responsibility (Continued)

Customer Data Protection (Continued)

To maintain network security, the Group has implemented several

measures, including:

: Strong firewals are established to protect our

network infrastructure.

: We have instaled comprehensive anti-virus

software to prevent malware and other cyber threats.

: Interactive procesing for pasword

verification ensures that only authorized personel can aces

sensitive information.

The IT department has enforced restricted conections betwen ofice

and comercial networks to prevent unauthorized data use, export,

and copying of information.

No non-compliance with laws and regulations that have a significant

impact on the Group in relation to customer data protection and

privacy was recorded during the year.

社会（续）

营运常规（续）

B6：产品责任（续）

客户数据保障（续）

为维护网络安全，本集团已实施多项措施，

包括：

：我们已建立强大的防火墙来

保护我们的网络基础设施。

：我们安装有全面的防病

毒软件来防止恶意软件和其他网络威

胁。

：应用密码验证互动程式确

保仅获授权人员可获取敏感资料。

资讯科技部门在办公室及商业网络之间实行

有限连结，防止未经授权使用数据、输出及

复制资料。

本年度，概无在客户数据保护及私隐方面有

对本集团产生重大影响的法律法规不合规记

录。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Operating Practices (Continued)

B7: Anti-coruption

Acording to the Group’s anti-coruption policy, al employes are

required to comply with the laws and regulations of the PRC and

Japan, as wel as the Prevention of Bribery Ordinance (Cap. 21) of

Hong Kong. Employes must not engage in any ilegal activities and

are expected to uphold the code of ethics, promote fair competition,

and act against bribery as outlined in the Group’s procedure

manuals. Key Prohibitions include:

: Al forms of bribery, fraud, money

laundering, and embezlement are strictly prohibited.

: Employes must not acept or request

any improper benefits – including banquets, gifts, securities,

valuables, and extravagant entertainment – from busines

partners, supliers, or merchants.

: Employment oportunities must not be used to

induce anyone to act improperly to gain an advantage in

busines.

The Group also prohibits bribery comited by third parties acting

on its behalf. We mandate apropriate due diligence on al such

third parties and require suitable contractual terms and governance to

mitigate the risk of bribery.

The Group reserves the right to terminate relationships with any

asociated person who comits or is suspected of comiting

bribery, ensuring a comitment to ethical busines practices. When

there are any aleged violations of laws, regulations, the code of

conduct, or the Group’s policies, the Group wil conduct a thorough

investigation and impose disciplinary actions on ofenders after

verification.

社会（续）

营运常规（续）

B7：反贪污

根据本集团的反贪污政策，所有雇员均须遵

守中国及日本法律法规以及香港防止贿赂条

例（第21章）。雇员不得从事任何非法活动，

而应恪守本集团程序手册所载的道德准则，

提倡公平竞争，并采取行动反对贿赂。主要

禁止行为包括：

：严格禁止任何形式的贿

赂、欺诈、洗黑钱及挪用公款行为。

：雇员不得接受或要求商业

伙伴、供应商或商家提供任何不正当

利益，包括宴会、礼品、证券、贵重

物品及高档娱乐活动。

：不得利用雇用机会诱使任何人

采取不正当行为以获取业务优势。

本集团亦禁止代表其行事的第三方进行贿

赂。我们要求对所有该等第三方进行适当审

慎的尽职调查，并要求采用合适的合约条款

及管治，以降低贿赂风险。

如任何关联人士行贿或涉嫌行贿，本集团保

留终止与其关系的权利，以确保践行对道德

商业行为的承诺。倘出现任何涉嫌违反法

律、法规、行为守则或本集团政策的行为，

本集团将于核实后对违法者进行全面调查并

作出纪律处分。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

SOCIAL (Continued)

Operating Practices (Continued)

B7: Anti-coruption (Continued)

Furthermore, the Group’s Anti-Fraud Management Policy is designed

to enhance the management of fraud cases, ensuring the healthy

development of our busines while protecting the interests of al

parties involved. In line with relevant laws and regulations, this policy

establishes clear procedures for reporting and adresing fraudulent

activities, including incidents of impersonation, internal colusion,

and external scams. Key measures include prompt reporting of

serious or urgent cases to senior management and coperation with

law enforcement agencies to combat criminal activities efectively.

A dedicated task force is responsible for investigating reported

cases, gathering evidence, and developing specific risk mitigation

strategies. This proactive aproach not only aims to identify and

rectify vulnerabilities but also reinforces our comitment to ethical

busines practices. Regular analysis of fraud cases wil inform

adjustments to our risk management policies, ensuring robust defenses

against potential threats to our operations.

During the year, anti-coruption training was provided to al

employes as part of their induction into the Group. This year,

90% of employes, including both management and staf have

completed the training. The Group complies with al aplicable laws

prohibiting coruption and bribery in the PRC and Japan, which are

key jurisdictions for the Company. Notably, there were no concluded

legal cases involving corupt practices brought against the Group or

its employes during the year, underscoring our comitment to ethical

conduct and regulatory compliance.

B8: Comunity Investment

As a socialy responsible company, the Group is comited to

understanding the neds of the comunities in which we operate.

The Group strives to develop long-term relationship with our

stakeholders and seks to make contributions to programs that have

a positive impact on comunity development. Thus, the Group wil

constantly be aware of the importance of making contributions to the

comunity such as encouraging employes to dedicate their time

and skils to suport the civil society.

社会（续）

营运常规（续）

B7：反贪污（续）

此外，本集团的反欺诈管理政策旨在加强对

欺诈案件的管理，确保业务健康发展，同时

保护所有相关方的利益。根据相关法律法

规，本政策设立有关报告和处理欺诈活动的

明确程序，包括冒名顶替、内部串谋和外部

诈骗事件。主要措施包括及时向高级管理层

报告严重或紧急案件，以及与执法机构合作

以有效打击犯罪活动。专责工作组负责调查

报告的案件，收集证据，并制定具体的风险

缓解策略。采取此种主动做法不仅旨在识别

和纠正漏洞，亦加强了我们对道德商业实践

的承诺。定期分析欺诈案件将为我们调整风

险管理政策提供依据，确保高效防御对我们

运营的潜在威胁。

于本年度，所有员工入职本集团过程中均获

提供反贪污培训。本年度，包括管理层和员

工在内的90%雇员已完成该培训。本集团已

遵守中国及日本（该等国家为本公司的关键

司法权区）所有禁止贪污受贿的适用法律。

值得注意的是，本年度并无针对本集团或其

雇员提出并已审结的贪污诉讼案件，彰显了

我们对道德行为及监管合规的承诺。

B8：社区投资

作为一家承担社会责任的公司，本集团致力

于了解我们经营所在社区的需求。本集团尽

力与权益相关者发展长远关系，及寻求贡献

于对社区发展具有积极影响的项目。因此，

本集团将持续意识到为社区作出贡献的重要

性，如鼓励雇员将时间和技能贡献予支持公

民社会。

民生国际有限公司

二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HONG KONG EXCHANGES AND CLEARING

LIMITED (“HKEX”) ESG REPORTING GUIDE

INDEX

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

Aspect A: Environment

层面A：环境

A1 EmisionsInformation on:

(a) the policies; and

(b) 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.

Note:

Air emisions include NOx, SOx, and other polutants regulated under

national laws and regulations.

Grenhouse gases include carbon dioxide, methane, nitrous oxide,

hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride.

Hazardous wastes are those defined by national regulations.

Environment – Emisions

A1 排放物有关废气及温室气体排放、向水及土地的排污、有害及无害

废弃物的产生等的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

注：

废气排放包括氮氧化物、硫氧化物及其他受国家法律及规例规管的污

染物。

温室气体包括二氧化碳、甲烷、氧化亚氮、氢氟碳化合物、全氟化碳

及六氟化硫。

有害废弃物指国家规例所界定者。

环境–排放物

香港交易及结算所有限公司（「联交

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引

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

KPI A1.1The types of emisions and respective emisions data.Environment – A1.1: Air Emisions

关键绩效指标A1.1排放物种类及相关排放数据。环境–A1.1：废气排放

KPI 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).

Environment – A1.2: Grenhouse

Gas (“GHG”) Emisions

关键绩效指标A1.2直接排放（范围一）及能源间接排放（范围二）温室气体总排放

量（以吨计算）及（如适用）强度（如以每产量单位、每项设施计

算）。

环境–A1.2：温室气体（「温室气

体」）排放

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

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

facility).

Environment – A1.3: Hazardous

Waste

关键绩效指标A1.3所产生有害废弃物总量（以吨计算）及（如适用）强度（如以每产

量单位、每项设施计算）。

环境–A1.3：有害废弃物

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

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

facility).

Environment – A1.4: Non-

hazardous Waste

关键绩效指标A1.4所产生无害废弃物总量（以吨计算）及（如适用）强度（如以每产

量单位、每项设施计算）。

环境–A1.4：无害废弃物

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

them.

Environment; Environment – A2.5

Packaging Materials; A1.5:

Measures to Mitigate Emisions

关键绩效指标A1.5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。环境；环境–A2.5包装物料；

A1.5：减排措施

KPI 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.

Environment – A1.6: Waste

Reduction and Initiatives

关键绩效指标A1.6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。

环境–A1.6：减废及措施

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二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HONG KONG EXCHANGES AND CLEARING

LIMITED (“HKEX”) ESG REPORTING GUIDE

INDEX (Continued)

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

A2 Use of ResourcesPolicies on eficient use of resources including energy, water and

other raw materials.

Note:

Resources may be used in production, in storage, transportation, in

buildings, electronic equipment, etc.

Environment – Use of Resources

A2 资源使用有效使用资源（包括能源、水及其他原材料）的政策。

注：

资源可用于生产、储存、运输、楼宇、电子设备等。

环境–资源使用

KPI 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).

Environment – A2.1: Energy

Consumption

关键绩效指标A2.1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）及强度（如以每产量单位、每项设施计算）。

环境–A2.1：能源消耗

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

production volume, per facility).

Environment – A2.2: Water

Consumption

关键绩效指标A2.2总耗水量及强度（如以每产量单位、每项设施计算）。环境–A2.2：用水

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

to achieve them.

Environment; Environment – A2.3:

关键绩效指标A2.3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。

环境；环境–A2.3：

KPI 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.

Environment – A2.4: Water Use

Eficiency Initiatives

关键绩效指标A2.4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。

环境–A2.4：用水效益措施

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

and, if aplicable, with reference to per unit produced.

Environment – A2.5: Packaging

Materials

关键绩效指标A2.5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。

环境–A2.5：包装物料

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引（续）

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

A3 The Environment and

Natural Resources

Policies on minimising the isuer’s significant impact on the

environment and natural resources.

Environment – Environment and

Natural Resources

A3 环境及天然资源减低发行人对环境及天然资源造成重大影响的政策。环境–环境及天然资源

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

environment and natural resources and the actions taken to

manage them.

Environment – A3.1: Significant

Impacts of Activities on the

Environment

关键绩效指标A3.1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–A3.1：活动对环境的重大

影响

A4 Climate ChangePolicies on identification and mitigation of significant climate-

related isues which have impacted, and those which may

impact, the isuer.

Environment – Climate Change

A4 气候变化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。

环境–气候变化

KPI 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.

Environment – Climate Change

关键绩效指标A4.1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

已采取管理有关影响的行动。

环境–气候变化

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二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HONG KONG EXCHANGES AND CLEARING

LIMITED (“HKEX”) ESG REPORTING GUIDE

INDEX (Continued)

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

Aspect B: Social

层面B：社会

B1 EmploymentInformation on:

(a) the policies; and

(b) 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, anti-

discrimination, and other benefits and welfare.

Social – B1 Employment

B1 雇佣有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机

会、多元化、反歧视以及其他待遇及福利的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

社会–B1雇佣

KPI B1.1Total workforce by gender, employment type (for example, ful –

or part-time), age group and geographical region.

Social – Total Employes and

Turnover

关键绩效指标B1.1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。

社会–雇员总数及流失率

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

region.

Social – Total Employes and

Turnover

关键绩效指标B1.2按性别、年龄组别及地区划分的雇员流失比率。社会–雇员总数及流失率

香港交易及结算所有限公司（「联交

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引（续）

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

B2 Health and SafetyInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to providing a

safe working environment and protecting employes from

ocupational hazards.

Social – B2 Employe Health

and Safety

B2 健康与安全有关提供安全工作环境及保障雇员避免职业性危害的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

社会–B2雇员健康及安全

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

the past thre years including the reporting year.

Social – B2 Employe Health

and Safety

关键绩效指标B2.1过去三年（包括汇报年度）每年因工亡故的人数及比率。社会–B2雇员健康及安全

KPI B2.2Lost days due to work injury.Social – B2 Employe Health

and Safety

关键绩效指标B2.2因工伤损失工作日数。社会–B2雇员健康及安全

KPI B2.3Description of ocupational health and safety measures

adopted, how they are implemented and monitored.

Social – B2 Employe Health

and Safety

关键绩效指标B2.3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。

社会–B2雇员健康及安全

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二零二五年报

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HONG KONG EXCHANGES AND CLEARING

LIMITED (“HKEX”) ESG REPORTING GUIDE

INDEX (Continued)

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

B3 Development and

Training

Policies on improving employes’ knowledge and skils for

discharging duties at work. Description of training activities.

Note: Training refers to vocational training. It may include internal and

external courses paid by the employer.

Social – B3 Development and

Training

B3 发展与培训有关提升雇员履行工作职责的知识及技能的政策。培训活动

描述。

注：培训指职业培训，可包括由雇主付费的内外部课程。

社会–B3发展与培训

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

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

Social – B3 Development and

Training

关键绩效指标B3.1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。

社会–B3发展与培训

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

and employe category.

Social – B3 Development and

Training

关键绩效指标B3.2按性别及雇员类别划分，每名雇员完成受训的平均时数。社会–B3发展与培训

B4 Labour StandardsInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a

significant impact on the isuer relating to preventing child

and forced labour.

Social – B4 Labour Standards

B4 劳工标准有关防止童工及强制劳工的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

社会–B4劳工标准

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

avoid child and forced labour.

Social – B4 Labour Standards

关键绩效指标B4.1描述检讨招聘惯例的措施以避免童工及强制劳工。社会–B4劳工标准

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

discovered.

Social – B4 Labour Standards

关键绩效指标B4.2描述在发现违规情况时消除有关情况所采取的步骤。社会–B4劳工标准

香港交易及结算所有限公司（「联交

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引（续）

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

B5 Suply Chain

Management

Policies on managing environmental and social risks of the

suply chain.

Social – Operating Practices

B5 供应链管理管理供应链的环境及社会风险政策。社会–营运常规

KPI B5.1Number of supliers by geographical region.Social – B5 Suply Chain

Management

关键绩效指标B5.1按地区划分的供应商数目。社会–B5供应链管理

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

of supliers where the practices are being implemented, and

how they are implemented and monitored.

Social – B5 Suply Chain

Management

关键绩效指标B5.2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。

社会–B5供应链管理

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

risks along the suply chain, and how they are implemented

and monitored.

Social – B5 Suply Chain

Management

关键绩效指标B5.3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。

社会–B5供应链管理

KPI B5.4Description of practices used to promote environmentaly

preferable products and services when selecting supliers, and

how they are implemented and monitored.

Social – B5 Suply Chain

Management

关键绩效指标B5.4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

Information on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to health and

safety, advertising, labeling and privacy maters relating

to products and services provided and methods of

redres.

Social – B6 Product Responsibility

B6 产品责任有关所提供产品和服务的健康与安全、广告、标签及私隐事

宜以及补救方法的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

社会–B6产品责任

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

safety and health reasons.

Social – B6 Product Responsibility

关键绩效指标B6.1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。

社会–B6产品责任

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

and how they are dealt with.

Social – B6 Product Responsibility

关键绩效指标B6.2接获关于产品及服务的投诉数目以及应对方法。社会–B6产品责任

KPI B6.3Description of practices relating to observing and protecting

intelectual property rights.

Social – B6 Product Responsibility

关键绩效指标B6.3描述与维护及保障知识产权有关的惯例。社会–B6产品责任

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

关键绩效指标B6.4描述质量检定过程及产品回收程序。社会–B6产品责任

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

how they are implemented and monitored.

Social – B6 Product Responsibility

关键绩效指标B6.5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。社会–B6产品责任

香港交易及结算所有限公司（「联交

所」）环境、社会及管治报告指引索

引（续）

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Anual Report 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT (Continued)

环境、社会及管治报告（续）

HKEx ESG Reporting Guide General Disclosures & KPIs

联交所环境、社会及管治报告指引一般披露及关键绩效指标

Explanation/

Reference Section

解释╱参考章节

B7 Anti-coruptionInformation on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to bribery,

extortion, fraud and money laundering.

Social – Anti Coruption

B7 反贪污有关防止贿赂、勒索、欺诈及洗黑钱的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

社会–反贪污

KPI 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.

Social – Anti Coruption

关键绩效指标B7.1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。

社会–反贪污

KPI B7.2Description of preventive measures and whistle-blowing

procedures, how they are implemented and monitored.

Social – Anti Coruption

关键绩效指标B7.2描述防范措施及举报程序，以及相关执行及监察方法。社会–反贪污

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

staf.

Social – Anti Coruption

关键绩效指标B7.3描述向董事及员工提供的反贪污培训。社会–反贪污

B8 Comunity

Investment

Policies 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.

Social – B8: Comunity

Investment

B8 社区投资有关以社区参与来了解发行人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。

社会–B8：社区投资

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

concerns, labour neds, health, culture, sport).

Social – B8: Comunity

Investment

关键绩效指标B8.1专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、

体育）。

社会–B8：社区投资

KPI B8.2Resources contributed (e.g. money or time) to the focus area.Social – B8: Comunity

Investment

关键绩效指标B8.2在专注范畴所动用资源（如金钱或时间）。社会–B8：社区投资

HONG KONG EXCHANGES AND CLEARING

LIMITED (“HKEX”) ESG REPORTING GUIDE

INDEX (Continued)

香港交易及结算所有限公司（「联交

所」）环境、社会及管治报告指引索

引（续）

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS

董事会报告

The directors (the “Director(s)”) of Man Sang International Limited

(the “Company”) herein present their report together with the audited

consolidated financial statements of the Company and its subsidiaries

(colectively the “Group”) for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES AND

GEOGRAPHICAL ANALYSIS OF

OPERATIONS

The Company is an investment holding company. During the year, the

Group is principaly engaged in the property development, sales and

leasing of properties, provision of property management services, provision

of renovation and decoration services and hotel management.

The principal activities of the Company’s major subsidiaries are set out in

note 41 to the consolidated financial statements.

An analysis of the Group’s performance for the year by operating segment is

set out in note 9 to the consolidated financial statements.

BUSINES REVIEW

A review of the busines of the Group during the year and a discusion on

the Group’s future busines development are provided in the Chairman’s

Statement on pages 6 and 7 and Management Discusion and Analysis on

pages 8 to 24 of this anual report.

The capital risk management and financial risk management objectives

and policies of the Group are shown in notes 6 and 7 to the consolidated

financial statements, respectively.

An analysis of the Group’s performance during the year using financial key

performance indicators is provided in the Financial Highlights on pages 4

and 5 of this anual report.

Discusion on the Group’s environmental isues and compliance with

the relevant laws and regulations that have a significant impact on the

Company are contained in the Environmental, Social and Governance

Report on pages 57 to 98 of this anual report.

民生国际有限公司（「本公司」）董事（「董事」）谨此提

交董事会报告，连同本公司及其附属公司（统称「本

集团」）截至2025年3月31日止年度的经审核综合

财务报表。

主要业务及业务之地域分析

本公司为一间投资控股公司。年内，本集团主要从

事物业发展、销售及租赁物业，提供物业管理服

务、提供装修及装饰服务以及酒店管理。

本公司之主要附属公司的主要业务载于综合财务报

表附注41。

本集团于年内按营运分部划分之业绩表现分析载于

综合财务报表附注9。

业务回顾

本集团于年内的业务回顾及对本集团未来业务发展

的讨论分别载于本年报第6及7页主席报告及第8至

24页管理层讨论与分析。

本集团的资本风险管理及财务风险管理目标及政策

分别载于综合财务报表附注6及7。

年内本集团利用主要财务表现指标所示的表现分析

载于本年报第4及5页财务摘要。

有关对本公司有重大影响的本集团环境事宜及遵守

相关法律法规的讨论载于本年报第57至98页的环

境、社会及管治报告。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

BUSINES REVIEW (Continued)

The Company’s key relationships with its employes, customers and

supliers and busines asociates that have a significant impact on the

Company and on which the Company’s suces depends are contained in

the Environmental, Social and Governance Report on pages 57 to 98 of

this anual report.

RESULTS AND APROPRIATIONS

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

the consolidated statement of profit or los and other comprehensive income

on pages 131 and 132 of this anual report.

The Board does not recomend the payment of final dividend for the year

ended 31 March 2025.

DISTRIBUTABLE RESERVES

The Company does not have any distributable reserve in acordance with

the provisions of the Bermuda《Companies Act 1981》as at 31 March

2025 (2024: Nil).

Details of the distributable reserve are set out in note 40(i) to the

consolidated financial statements.

EQUITY-LINKED AGREMENTS

Save as disclosed in the section headed “Share Option Scheme” of this

anual report and in note 33 to the consolidated financial statements, no

equity-linked agrement was entered into by the Company during the year.

PRINCIPAL PROPERTIES

Details of movements in investment properties and properties held for

sale of the Group during the year are set out in notes 18 and 19 to the

consolidated financial statements, respectively.

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, the five largest customers of the

Group together acounted for 49% (2024: 38%), with the largest customer

acounted for aproximately 19% (2024: 17%) of the Group’s total

revenue. The five largest supliers/contractors of the Group together

acounted for 48% (2024: 39%), with the largest suplier/contractor

acounted for 20% (2024: 16%) of the Group’s total purchases/

construction cost during the year.

业务回顾（续）

本公司与其员工、客户及供应商以及业务伙伴的主

要关系（对本公司有重大影响及为本公司的成功因

素）载于本年报第57至98页的环境、社会及管治报

告。

业绩及分派

本集团截至2025年3月31日止年度之业绩载于本

年报第131及132页之综合损益及其他全面收益

表。

董事会并不建议就截至2025年3月31日止年度派

付末期股息。

可分派储备

根据百慕达《1981年公司法》之条文计算，于2025

年3月31日本公司并无任何可供分派之储备（2024

年：零）。

可分派储备之详情载于综合财务报表附注40(i)。

股本挂钩协议

除本年报内「购股权计划」一节及综合财务报表附注

33披露者外，本公司于年内概无订立股本挂钩协

议。

主要物业

本集团之投资物业及持作出售物业于年内之变动详

情分别载于综合财务报表附注18及19。

主要客户及供应商

截至2025年3月31日止年度，本集团的五名最

大客户合共占本集团总收入的49%（2024年：

38%），当中最大客户占约19%（2024年：17%）。

本年度内，本集团的五名最大供应商╱承包商合

共占本集团总购买╱工程成本的48%（2024年：

39%），当中最大供应商╱承包商占20%（2024

年：16%）。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

MAJOR CUSTOMERS AND SUPLIERS

(Continued)

To the best of the Directors’ knowledge, other than the largest, the third

largest and the fifth largest customers of the Group for the year, which are

entities under control by Mr. Hu Xingrong (“Mr. Hu”), an executive Director

and the ultimate controling shareholder of the Company and contributed

aproximately HK$25,990,000, HK$12,802,000 and HK$4,875,000

to the Group’s total revenue of the year, respectively, none of the Directors

of the Company or any of their close asociates or any shareholders (which

to the knowledge of the Directors owns more than 5% of the Company’s

share capital) (excluding treasury shares) had any interest in any of the

Group’s five largest supliers or customers during the year.

FIVE-YEAR FINANCIAL SUMARY

A five-year financial sumary of the Group is set out on page 255 of this

anual report.

DIRECTORS

The Directors during the year and up to the date of this anual report were:

Executive Directors

Mr. Hu Xingrong (Chairman)

Mr. Li Zhenyu

Ms. Cong Wenlin (apointed on 10 June 2025)

Mr. Huang Xiaohai (resigned on 10 June 2025)

Mr. Jin Jiangui (resigned on 10 June 2025)

Independent Non-Executive Directors

Ms. Pau Ye Ling

Mr. Wong Kwan Kit

Ms. Zhou Hong (apointed on 9 April 2025)

Mr. Yuen Hoi Po (resigned on 10 January 2025)

In acordance with Bye-Law 87 of the Bye-Laws, Mr. Li Zhenyu and Ms.

Pau Ye Ling shal retire from ofice by rotation and, being eligible, wil

ofer themselves for re-election at the forthcoming anual general meting

(“AGM”) of the Company.

In acordance with Bye-Law 86 of the Bye-Laws, Ms. Cong Wenlin and Ms.

Zhou Hong shal hold ofice until the next folowing anual general meting

of the Company. They, being eligible, wil ofer themselves for re-election at

the AGM.

主要客户及供应商（续）

就董事所深知，除本集团于本年度之第一大、第

三大及第五大客户（即本公司执行董事及最终控股

股东胡兴荣先生（「胡先生」）控制之实体，分别为

本集团于本年度贡献总收入约25,990,000港元、

12,802,000港元及4,875,000港元）外，概无本

公司董事、董事之紧密联系人或股东（就董事所

知，彼等持有本公司股本超过5%）（不包括库存股

份）于本年度内任何时候于本集团五名最大供应商

或客户拥有任何权益。

五年财务摘要

本集团的五年财务摘要载于本年报第255页。

董事

于本年度及截至本年报日期之董事如下：

执行董事

胡兴荣先生（主席）

李振宇先生

丛文琳女士（于2025年6月10日获委任）

黄晓海先生（于2025年6月10日辞任）

金江桂先生（于2025年6月10日辞任）

独立非执行董事

鲍依宁女士

黄昆杰先生

周红女士（于2025年4月9日获委任）

袁海波先生（于2025年1月10日辞任）

根据章程细则第87条，李振宇先生及鲍依宁女士

须轮值退任，并符合资格愿意于本公司应届股东周

年大会（「股东周年大会」）膺选连任。

根据章程细则第86条，丛文琳女士及周红女士须

任职直至本公司下届股东周年大会为止，并符合资

格愿意于股东周年大会膺选连任。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

DIRECTORS’ SERVICE AGREMENT

None of the Directors being proposed for re-election at the forthcoming

anual general meting has entered into any service contract with the

Company or any of its subsidiaries which is not determinable by the Group

within one year without payment of compensation, other than statutory

compensation.

BIOGRAPHICAL DETAILS OF DIRECTORS

AND SENIOR MANAGEMENT

The biographical details of Directors and Senior Management are set out

on pages 25 to 29.

DIRECTOR’S MATERIAL INTERESTS IN

TRANSACTIONS, ARANGEMENTS AND

CONTRACTS THAT ARE SIGNIFICANT IN

RELATION TO THE COMPANY’S BUSINES

Save as disclosed in the paragraph headed “Competing Busines”, no

transactions, arangements and contracts of significance in relation to the

Group’s busines to which the Company’s holding company, subsidiaries

or felow subsidiaries was a party and in which a Director of the Company

and the Director’s conected party had a material interest, whether directly

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

ended 31 March 2025.

MANAGEMENT CONTRACTS

No contract concerning the management and administration of the whole

or any substantial part of the busines of the Company has ben entered

into or existed during the year ended 31 March 2025.

董事服务协议

拟于应届股东周年大会上重选连任之董事概无与本

公司或其任何附属公司订立任何本集团不作赔偿

（法定赔偿除外）便不得于一年内终止之服务合约。

董事及高级管理人员之履历详情

董事及高级管理人员之履历详情载于第25至29页。

董事于对本公司业务攸关重要的交

易、安排及合约之重大权益

除「竞争业务」一段所披露者外，概无有关本集团业

务而本公司控股公司、附属公司或同系附属公司为

其中订约方，且本公司董事及董事之关连方直接或

间接拥有重大权益之重大交易、安排及合约，于年

结日或截至2025年3月31日止年度内任何时间存

续。

管理合约

于截至2025年3月31日止年度内，概无订立或存

在任何有关本公司全部业务或任何重大部分业务之

管理及行政之合约。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

COMPETING BUSINESES

The interests of the Directors in competing busines that were required to

be disclosed pursuant to Rule 8.10 of the Rules Governing the Listing of

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

Limited (the “Stock Exchange”) as informed by the relevant Directors

were as folows:

Mr. Hu Xingrong (an executive Director and the chairman of the Company) is

the chairman of the board of directors of Dof International Holding Group

Company Limited* (多弗国际控股集团有限公司) (“Dof Group”), a

company established in the People’s Republic of China (the “PRC”) which

is a large-scale comprehensive privately-owned enterprise group, which

has busines of properties development in the PRC. The Company is an

investment holding company whose subsidiaries are principaly engaged

in the property development, sales and leasing of properties, provision of

property management services, provision of renovation and decoration

services and hotel management. Therefore, the busines of properties

development in the PRC engaged by Dof Group (the “Excluded

Busines”) may be regarded as being potentialy competing (directly or

indirectly) with the Group’s busines, and Mr. Hu Xingrong is regarded as

being interested in the Excluded Busines.

The Dof Group has a number of properties and land reserves in various

regions in the PRC, and the Group has no plans to invest in properties in the

same regions. While there is one overlaped region, being Chongqing,

the Group’s busineses and the Dof Group’s busines in Chongqing difer

greatly in terms of project size, nature and target customers. The Dof

Group’s development projects generaly target midle-clas households,

whereas the Group targets uper midle and uper clas households and

high-end customers.

Apart from Mr. Hu Xingrong, Mr. Huang Xiaohai, Mr. Jin Jiangui and

Mr. Li Zhenyu (al being executive Directors of the Company) are vice

presidents of Dof Group. To the best knowledge of the Company after

making al reasonable enquiries, Mr. Huang Xiaohai, Mr. Jin Jiangui and

Mr. Li Zhenyu had no shareholding interest in Dof Group. The Company

was informed by Mr. Huang Xiaohai, Mr. Jin Jiangui and Mr. Li Zhenyu

that they were merely maintaining their positions as vice presidents of Dof

Group in a non-executive nature.

业务竞争

董事就根据香港联合交易所有限公司（「联交所」）证

券上市规则（「上市规则」）第8.10条须披露彼等于

竞争业务的权益而作出以下通知：

本公司执行董事兼主席胡兴荣先生为多弗国际控股

集团有限公司（「多弗集团」）董事长，其为于中华人

民共和国（「中国」）成立的公司，为大型综合性民营

企业集团，包括从事中国物业发展业务。本公司为

一间投资控股公司，其附属公司主要从事物业发

展、销售及租赁物业、提供物业管理服务、提供装

修及装饰服务以及酒店管理。因此，多弗集团参与

的中国物业发展业务（「获豁免业务」）或被视为与本

集团业务存在潜在直接或间接竞争，而胡兴荣先生

则被视为于获豁免业务中拥有权益。

多弗集团于中国多个地区拥有多项物业及土地储

备，而本集团并无在相同地区投资物业的计划。虽

然有一处重叠区域（重庆），但本集团与多弗集团于

重庆的业务在项目规模、性质及目标客户等方面存

在较大差异。多弗集团的发展项目一般针对于中产

阶级家庭，而本集团主要针对于中上阶级家庭及高

端客户。

除胡兴荣先生外，黄晓海先生、金江桂先生及李振

宇先生（均为本公司执行董事）为多弗集团的副总

裁。经本公司作出一切合理查询后，就其所深知，

黄晓海先生、金江桂先生及李振宇先生均无于多弗

集团拥有股权。黄晓海先生、金江桂先生及李振宇

先生知会本公司，彼等仅于多弗集团副总裁一职维

持非执行性质。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

COMPETING BUSINESES (Continued)

The Group and the Excluded Busines under Dof Group are managed by

separate companies with separate management and administration. With

the overseing and supervision of the independent non-executive Directors

of the Company, the Board is of the view that the Group should be capable

of carying on its busineses independently of, and at arm’s length from, the

Excluded Busines of Dof Group. The Board shal also regularly ases the

Company’s busines development to ensure there is no isue of competition.

SHARE OPTION SCHEME

Particulars of the Company’s share option scheme which was adopted

on 17 August 2012 are set out in note 33 to the consolidated financial

statements.

The Share Option Scheme under which the Directors may grant options to

eligible persons to subscribe for the Company’s shares subject to the terms

and conditions as stipulated therein. During the year ended 31 March

2025, no share options were granted, exercised, canceled or lapsed

under the Share Option Scheme and no share options were outstanding as

at 31 March 2025.

The Share Option Scheme has expired on 16 August 2022, ten years from

the date of its adoption.

As at 1 April 2024 and 31 March 2025, there was no share option

scheme or share reward scheme in force and therefore no share or share

option available for grant; and the number of shares that may be isued in

respect of options granted under the Share Option Scheme during the year

ended 31 March 2025 is nil, representing 0% of the weighted average

number of shares of the relevant clas in isue of the Company for the year

ended 31 March 2025.

As at the date of this anual report, there was no share available for isue

under the Share Option Scheme.

业务竞争（续）

本集团及多弗集团的获豁免业务由独立公司管理，

且管理及行政独立。在本公司独立非执行董事的监

察及监督下，董事会认为，本集团应能独立于多弗

集团的获豁免业务，公平进行其业务。董事会亦应

定期评估本公司的业务发展，以确保不存在竞争问

题。

购股权计划

本公司于2012年8月17日采纳之购股权计划详情

载于综合财务报表附注33。

根据购股权计划，董事可向合资格人士授予购股

权，以便根据购股权计划之条款及条件认购本公司

股份。于截至2025年3月31日止年度，概无购股

权根据购股权计划获授出、行使、注销或失效，且

于2025年3月31日概无购股权尚未行使。

购股权计划已于2022年8月16日届满，自采纳之

日起计十年。

于2024年4月1日及2025年3月31日，概无生效的

购股权计划或股份奖励计划，因此并无可供授出的

股份或购股权；及于截至2025年3月31日止年度因

根据购股权计划授出的购股权而可予发行的股份数

目为零股，占本公司于截至2025年3月31日止年度

已发行相关类别股份的加权平均数的0%。

于本年报日期，根据购股权计划概无股份可发行。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

THE SHARES, UNDERLYING SHARES AND

DEBENTURES

As at 31 March 2025, the interests and short positions of the Directors in

the shares, underlying shares or 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 (a) were required to be notified to

the Company and the Stock Exchange pursuant to provisions of Divisions 7

and 8 of Part XV of the SFO (including interests and short positions which

the Directors have taken or demed to have under such provisions of the

SFO); or (b) were required, pursuant to section 352 of the SFO, to be

entered in the register refered to therein; or (c) were required, pursuant to

the Model Code for Securities Transactions by Directors of Listed Isuers

(the “Model Code”) as set out in Apendix C3 of the Listing Rules to be

notified to the Company and the Stock Exchange were set out below:

Number of ordinary shares of HK$0.50 each held

所持有每股面值0.50港元之普通股数目

Name of Director

Capacity/

nature of interest

Direct

interest

Demed

interest

Total

interest

Percentage of

the isued

share capital of

the Company

董事姓名身份╱权益性质直接权益视作拥有权益总权益

占本公司

已发行股本

百分比

Mr. Hu XingrongInterest in a controled

corporation

–477,327,672

(Note)

477,327,67273.75%

胡兴荣先生受控法团权益（附注）

Note: These shares were directly owned by China DaDi Group Limited (“China

DaDi”), which is 100% owned by Mr. Hu Xingrong.

The interests stated above represent long positions.

董事及行政总裁拥有之股份、相关

股份及债券权益及淡仓

于2025年3月31日，董事于本公司或其任何相联

法团（按证券及期货条例（「证券及期货条例」）第XV

部赋予的涵义）之股份、相关股份或债券中拥有(a)

根据证券及期货条例第XV部第7及第8分部之规定

须通知本公司及联交所（包括根据证券及期货条例

有关条文董事被当作或视作持有之权益及淡仓）；

或(b)根据证券及期货条例第352条须载入该条例所

指登记册；或(c)根据上市规则附录C3之上市发行

人董事进行证券交易的标准守则（「标准守则」）须知

会本公司及联交所之权益及淡仓载列如下：

附注：该等股份由中国大地集团有限公司（「中国大地」）

直接拥有，而中国大地则由胡兴荣先生全资拥有。

上述权益均代表好仓。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

THE SHARES, UNDERLYING SHARES AND

DEBENTURES (Continued)

Save as disclosed elsewhere in this anual report, none of the Directors

had, as at 31 March 2025, any interests or short positions in the shares,

underlying shares or debentures of the Company or any of its asociated

corporations (within the meaning of Part XV of the SFO) which (a) were

required to be notified to the Company and the Stock Exchange pursuant

to provisions of Divisions 7 and 8 of Part XV of the SFO (including interests

and short positions which the Directors have taken or demed to have

under such provisions of the SFO); or (b) were required, pursuant to section

352 of the SFO, to be entered in the register refered to therein; or (c) were

required, pursuant to the Model Code to be notified to the Company and

the Stock Exchange.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES

OR DEBENTURES

At no time during the year ended 31 March 2025 were rights to acquire

benefits by means of the acquisition of shares in or debentures of the

Company granted to any Director or their respective spouse or minor

children, or were any such rights exercised by them; or was the Company,

its holding company, felow subsidiaries or subsidiaries a party to any

arangement to enable the Directors to acquire such rights in any other

body corporate.

董事及行政总裁拥有之股份、相关

股份及债券权益及淡仓（续）

除在本年报另有披露外，于2025年3月31日，概

无任何董事于本公司或其任何相联法团（按证券及

期货条例第XV部赋予的涵义）之股份、相关股份或

债券中拥有(a)根据证券及期货条例第XV部第7及第

8分部之规定须知会本公司及联交所（包括根据证

券及期货条例有关条文董事被当作或视作持有之权

益及淡仓）；或(b)根据证券及期货条例第352条须

记入该条例所指登记册；或(c)根据标准守则须知会

本公司及联交所之权益或淡仓。

董事购买股份或债券之权利

截至2025年3月31日止年度内任何董事或其配偶

或年幼子女概无获授予可藉购入本公司股份或债券

而获益之权利，或行使该等权利；而本公司或其任

何控股公司，同系附属公司或附属公司亦无订立任

何安排致令董事可取得任何其他法人团体之该等权

利。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

SUBSTANTIAL SHAREHOLDERS’ AND

OTHER PERSONS’ INTERESTS AND SHORT

POSITIONS IN SHARES AND UNDERLYING

SHARES OF THE COMPANY

As at 31 March 2025, substantial shareholders’ interests and short

positions in the shares and underlying shares of the Company, other

than the Directors, as recorded in the register of substantial shareholders

maintained by the Company pursuant to Section 336 of the SFO were as

folows:

Number of ordinary shares

普通股数目

Name of

Shareholder

Capacity/

nature of interest

Direct

interest

Demed

interest

Total

interest

Percentage of

the isued

share capital of

the Company

股东名称身份╱权益性质直接权益视作拥有权益总权益

占本公司

已发行股本

百分比

China DaDiBeneficial owner477,327,672

(Note)

–477,327,67273.75%

中国大地实益拥有人（附注）

Note: These Shares were directly owned by China DaDi, which is 100% owned by

Mr. Hu Xingrong.

The interests stated above represent long positions.

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

ben notified of any person (other than the director of the Company) or

entity had an interest or a short position in the shares, underlying shares or

debentures of the Company as recorded in the register required to be kept

by the Company under Section 336 of the SFO.

主要股东及其他人士于本公司股份

及相关股份中持有之权益及淡仓

于2025年3月31日，根据本公司按照证券及期货

条例第336条存置之主要股东登记册所载，主要股

东（董事除外）在本公司股份及相关股份中持有之权

益及淡仓如下：

附注：该等股份由中国大地直接拥有，而中国大地则由

胡兴荣先生全资拥有。

上述权益均代表好仓。

除上文披露者外，于2025年3月31日，根据证券

及期货条例第336条规定本公司须予存置之登记册

所载，本公司并未获悉任何人士（本公司董事除外）

或实体于本公司股份、相关股份或债券中拥有权益

或淡仓。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

MODEL CODE FOR SECURITIES

TRANSACTIONS BY DIRECTORS OF LISTED

ISUERS

The Company has adopted the Model Code as set out in Apendix 10 of

the Listing Rules for securities transactions by the Directors. Having made

specific enquiries with al the Directors, they have confirmed compliance

with the required standard as set out in the Model Code throughout the

year ended 31 March 2025.

INDEPENDENCE OF INDEPENDENT NON-

EXECUTIVE DIRECTORS

The Company has received from each of the independent non-executive

Directors an anual confirmation of his independence pursuant to Rule 3.13

of the Listing Rules. The Board has asesed the independence of al the

independent non-executive Directors and is satisfied of their independence.

AUDIT COMITE

The audit comite as at the date of this anual report, which comprises

thre independent non-executive directors of the Company, has reviewed

with the management in conjunction with the auditor, the acounting

principles and practices adopted by the Group and discused the internal

control, risk management and financial reporting maters including the

review of audited consolidated financial statements of the Group for the

year ended 31 March 2025.

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

Details of the Group’s related party transactions for the year ended 31

March 2025 are set out in note 37 to the consolidated financial statements.

Some of these transactions constituted conected transactions or continuing

conected transactions and have complied with the relevant disclosure

requirements under Chapter 14A of the Listing Rules.

For the year ended 31 March 2025, the Group has the folowing

conected transactions.

, an unsecured revolving loan facility with maximum

facility amount of HK$100,000,000 has ben granted from a related

company, which caries a fixed interest rate of 8% per anum. As at

31 March 2025, the maturity date of the unsecured revolving loan

facility has ben extended to 31 December 2027, the agregate

principal amount of aproximately HK$87,886,000 has ben drawn

down and interest payable of aproximately HK$10,642,000 wil

be repayable on the maturity date. The remaining loan facility with

principal amount of aproximately HK$12,114,000 has not yet ben

utilized.

上市发行人董事进行证券交易之标

准守则

本公司已就董事进行证券交易采纳上市规则附录十

所载之标准守则。经向全体董事作出特定查询后，

彼等确认于截至2025年3月31日止年度内一直遵

守标准守则所载规定标准。

独立非执行董事之独立身份

本公司已接获各独立非执行董事根据上市规则第

3.13条就其独立身份发出之年度确认。董事会已

评估全体独立非执行董事之独立身份，并信纳彼等

乃属独立。

审核委员会

于本年报日期，由本公司三名独立非执行董事组成

之审核委员会，与管理层联同核数师已审阅本集团

采纳之会计准则及常规，并商讨内部监控、风险管

理及财务报告事宜，包括审阅本集团截至2025年

3月31日止年度之经审核综合财务报表。

关连交易及持续关连交易

本集团截至2025年3月31日止年度的关联方交易

详情载于综合财务报表附注37。部分该等交易构

成关连交易或持续关连交易，并已遵守上市规则第

14A章项下的相关披露规定。

截至2025年3月31日止年度，本集团有以下关连

交易。

，一间关连公司授

出固定年利率为8厘且最高融资金额为

100,000,000港元之无抵押循环贷款融资。

于2025年3月31日，无抵押循环贷款融资的

到期日已延长至2027年12月31日，本金总

额约87,886,000港元已被提取，应付利息约

10,642,000港元将于到期日偿还。本金额约

为12,114,000港元之余下贷款融资尚未动

用。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

(Continued)

, the Company isued promisory notes with

agregate principal amount of HK$1,168,000,000. The promisory

notes are unsecured and caried a fixed interest rate of 8% per anum

and paid on the maturity date. Promisory notes with agregate

principal amount of HK$390,000,000 were early redemed by the

Company during the year ended 31 March 2017 and the remaining

agregate principal amount of HK$778,000,000 have ben

transfered to Total Idea International Limited (“Total Idea”). On 5

December 2018, the maturity date of the promisory notes has ben

extended from 28 July 2019 to 28 July 2020. On 26 September

2019, the maturity date of the promisory notes has ben further

extended from 28 July 2020 to 28 July 2021. On 4 September

2020, the maturity date of the promisory notes has ben further

extended from 28 July 2021 to 28 July 2022. In October 2021,

promisory notes with agregate principal of HK$228,000,000

were early redemed by the Company. On 30 November 2021, the

maturity date of the promisory notes has ben further extended from

28 July 2022 to 28 July 2023. On 14 March 2023, the maturity

date of the promisory notes has ben further extended from 28 July

2023 to 31 December 2025. On 1 December 2023, the Company

and Total Idea entered into a side leter on which the interest rate of

promisory notes shal acrue from 8% to 4% per anum with efect

from 1 December 2023 and up to the maturity date. On 11 April

2025, the maturity date of the promisory notes has ben further

extended from 31 December 2025 to 31 December 2027 and the

interest payable until 11 April 2025 were waived by Total Idea.

, an unsecured revolving loan facility with

maximum facility amount of HK$100,000,000 has ben granted

from Mr. Hu to an indirect wholy-owned subsidiary of the Company,

which caries a fixed interest rate of 8% per anum, with maturity

date on 6 July 2022. As at 31 March 2025, the maturity date of the

unsecured revolving loan facility has ben extended to 31 December

2027 and none of the facility has ben drawn down.

关连交易及持续关连交易（续）

，本公司发行本金总额为

1,168,000,000港元之承兑票据。承兑票据

为无抵押、按固定年利率8厘计息，并于到

期日支付。本公司已于截至2017年3月31日

止年度提早赎回本金总额390,000,000港元

之承兑票据，而余下本金总额778,000,000

港元已转账予全意国际有限公司（「全意」）。

于2018年12月5日，承兑票据的到期日由

2019年7月28日延长至2020年7月28日。

于2019年9月26日，承兑票据的到期日由

2020年7月28日进一步延长至2021年7月

28日。于2020年9月4日，承兑票据的到期

日由2021年7月28日进一步延长至2022年7

月28日。于2021年10月，本公司已提早赎

回本金总额228,000,000港元之承兑票据。

于2021年11月30日，承兑票据的到期日由

2022年7月28日进一步延长至2023年7月28

日。于2023年3月14日，承兑票据的到期日

从2023年7月28日进一步延长至2025年12

月31日。于2023年12月1日，本公司与全意

订立附函，据此承兑票据的利率将由每年8%

调整至4%，自2023年12月1日起生效，直

至到期日。于2025年4月11日，承兑票据的

到期日已由2025年12月31日进一步延长至

2027年12月31日，而直至2025年4月11日

的应付利息已由全意豁免。

，胡先生向本公司之间

接全资附属公司授出固定年利率为8厘之

一笔无抵押循环贷款融资（最高融资金额为

100,000,000港元），到期日为2022年7月6

日。于2025年3月31日，无抵押循环贷款融

资的到期日已延长至2027年12月31日，及

概无提取该融资。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

(Continued)

(4) Discloseable and Conected Transaction in relation to the Acquisition

of Chengdu Dof Comercial Management Limited Liability

Company* (成都多弗商业管理有限责任公司) (“Chengdu Dof”).

On 13 November 2024, Sichuan Huihong Comercial Management

Co., Ltd.* (四川晖宏商业管理有限责任公司) (“Sichuan Huihong”),

an indirect wholy-owned subsidiary of the Company, had entered

into an Equity Transfer Agrement, pursuant to which Sichuan Huihong

has agred to acquire and the Seler, namely Zhongtou Huawei

Mobile Comunication Technology (Beijing) Company Limited* (中

投华为移动通讯技术（北京）有限公司) (the “Seler”), has agred

to sel the entire equity interest in Chengdu Dof at the Consideration

of RMB5.0 milion on and subject to the terms and conditions of the

Equity Transfer Agrement. The Seler is owned as to 95% by Dof

International Holdings Group Company Limited* (多弗国际控股集团

有限公司) (“Dof Group”) and 5% by Zhongtou Wanjia (Beijing)

Household Apliances Company Limited* (中投万家（北京）家用

电器有限公司) (“Zhongtou Wanjia”), respectively. Each of Dof

Group and Zhongtou Wanjia is owned as to 99% by Mr. Hu, the

Chairman and an executive Director, and 1% by Ms. Tu Jinlian, the

mother of Mr. Hu, respectively. Mr. Hu is an executive Director and

a controling Shareholder of the Company. Therefore, the Seler is

an asociate of a conected person of the Company, and thus a

conected person of the Company under Chapter 14A of the Listing

Rules.

The Acquisition of Chengdu Dof was completed in November

2024, upon which Chengdu Dof become an indirect wholy-owned

subsidiary of the Company, and the financial information of Chengdu

Dof is consolidated into the consolidated financial statement of the

Company.

Details are set out in the anouncement of the Company dated 13

November 2024.

关连交易及持续关连交易（续）

(4) 有关收购成都多弗商业管理有限责任公司

（「成都多弗」）的须予披露及关连交易。

于2024年11月13日，本公司间接全资附属

公司四川晖宏商业管理有限责任公司（「四川

晖宏」）订立股权转让协议，据此，四川晖宏

同意收购，及卖方中投华为移动通讯技术（北

京）有限公司（「卖方」）已同意根据股权转让协

议的条款及条件按代价人民币5.0百万元出

售成都多弗的全部股权。卖方由多弗国际控

股集团有限公司（「多弗集团」）及中投万家（北

京）家用电器有限公司（「中投万家」）分别拥有

95%及5%的权益。多弗集团及中投万家分别

由主席兼执行董事胡先生拥有99%权益及由

胡先生的母亲Tu Jinlian女士拥有1%权益。胡

先生为本公司执行董事兼控股东。因此，

卖方为本公司关连人士的联系人，故根据上

市规则第14A章，卖方为本公司的关连人士。

成都多弗的收购于2024年11月完成，此后

成都多弗成为本公司的间接全资附属公司，

成都多弗的财务资料并入本公司的综合财务

报表。

详情载于本公司日期为2024年11月13日的

公告。

* For identification only

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

(Continued)

(5) Very Substantial Disposal and Conected Transaction in relation to

the proposed disposal of the entire isued share capital (the “Sale

Shares”) of Gloryear Investments Limited (the “Gloryear”) and the

asignment of the sale loan (the “Proposed Disposal”).

On 6 February 2025, the Company, China JinNiu Group Limited (the

“Purchaser”), Total Idea International Limited (the “PN Holder”)

and Mr. Hu (the “Guarantor”) entered into the Sale and Purchase

Agrement, pursuant to which (i) the Company has conditionaly

agred to dispose of, and the Purchaser has conditionaly agred

to acquire, the Sale Shares; and (i) the Company has conditionaly

agred to asign, and the Purchaser has conditionaly agred to take

up an asignment of the outstanding shareholder’s loan advanced by

the Company to Gloryear which is to be asigned to the Purchaser

pursuant to the Sale and Purchase Agrement. Upon Completion,

Gloryear wil cease to be a subsidiary of the Group and its financial

results, asets and liabilities wil no longer be consolidated into the

consolidated financial statements of the Group.

Each of the Purchaser and the PN Holder is wholy-owned by Mr.

Hu, who is the Chairman, an executive Director and the substantial

shareholder of the Company, and hence a conected person of the

Company. Acordingly, the Proposed Disposal also constitutes a

conected transaction of the Company under Chapter 14A of the

Listing Rules.

The Proposed Disposal was completed on 11 April 2024, Gloryear

and its subsidiaries (the “Disposal Group”) has ceased to be the

subsidiaries of the Company and the financial results, asets and

liabilities of the Disposal Group wil no longer be consolidated into

the consolidated financial statements of the Group.

Details are set out in the anouncements of the Company dated 6

February 2025, 3 April 2025 and 11 April 2025 and the circular of

the Company dated 18 March 2025.

关连交易及持续关连交易（续）

（「誉年」）之

全部已发行股本（「销售股份」）及转让销售贷

款（「建议出售事项」）之非常重大出售事项及

关连交易。

于2025年2月6日，本公司、China JinNiu

Group Limited（「买方」）、全意国际有限公司

（「承兑票据持有人」）及胡先生（「担保人」）订

立买卖协议，据此，(i)本公司已有条件同意

出售，而买方已有条件同意收购销售股份；

及(i)本公司已有条件同意转让，而买方已有

条件同意接受转让本公司垫付予誉年的未偿

还股东贷款，该贷款将根据买卖协议转让予

买方。于完成后，誉年将不再为本集团附属

公司，其财务业绩、资产及负债将不再综合

入账至本集团的综合财务报表。

买方及承兑票据持有人各自由胡先生全资拥

有，而胡先生为本公司的主席、执行董事及

主要股东，故此为本公司的关连人士。因

此，根据上市规则第14A章，建议出售事项

亦构成本公司的关连交易。

建议出售事项已于2024年4月11日完成，誉

年及其附属公司（「出售组别」）不再为本公司

的附属公司，而出售组别的财务业绩、资产

及负债将不再综合计入本集团的综合财务报

表。

详情载于本公司日期为2025年2月6日、

2025年4月3日及2025年4月11日的公告以

及本公司日期为2025年3月18日的通函。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

(Continued)

For the year ended 31 March 2025, the Group has the folowing non-

exempt continuing conected transactions under Chapter 14A of the Listing

Rules.

Transactions relating to the Master Agrement in Respect of

Provision of Property Management Services and Decoration

and Renovation Enginering Services (the “Services”)

On 24 February 2021, the Company and Mr. Hu entered into the previous

master agrement, pursuant to which the companies within the Group (the

“Group Companies”) shal provide the Services to Mr. Hu and Mr.

Hu’s direct or indirect wholy owned or 30%-controled companies during

the period comencing from 24 February 2021 (or upon fulfilment of al

conditions precedent of the master agrement, whichever later) and ended

on 31 March 2023 (both days inclusive) unles otherwise terminated. The

Directors expect that the Group Companies wil continue to provide the

Services to Mr. Hu and Mr. Hu Controled Companies from time to time. In

this conection, on 16 June 2023, the Company and Mr. Hu entered into

the Master Agrement (the “Master Agrement”) pursuant to which the

Group Companies shal provide the Services to Mr. Hu and the Mr. Hu

Controled Companies during the period comencing from 16 June 2023

(or upon fulfilment of al conditions precedent of the Master Agrement,

whichever later) and ending on 31 March 2026 (both days inclusive)

unles otherwise terminated earlier or renewed in acordance with the

Master Agrement. Mr. Hu is an executive Director and ultimate controling

shareholder of the Company and is therefore a conected person of the

Company under the Listing Rules.

关连交易及持续关连交易（续）

截至2025年3月31日止年度，本集团根据上市规

则第14A章有以下不获豁免持续关连交易。

有关提供物业管理服务以及装修及装饰工

程服务（「该等服务」）的主协议的交易

于2021年2月24日，本公司与胡先生订立先前主

协议，据此，除非以其他方式终止，本集团旗下公

司（「集团公司」）会于2021年2月24日（或待主协议

的所有先决条件获达成后，以较迟者为准）起开始

至2023年3月31日（首尾两天包括在内）结束的期

间向胡先生及胡先生之直接或间接全资公司或30%

受控公司提供该等服务。董事预计集团公司将继续

不时向胡先生及胡先生受控公司提供该等服务。就

此而言，于2023年6月16日，本公司与胡先生订

立主协议（「主协议」），据此，除非根据主协议以其

他方式提前终止或重续，集团公司将于2023年6

月16日（或待主协议的所有先决条件获达成后，以

较迟者为准）起开始至2026年3月31日（首尾两天

包括在内）结束的期间向胡先生及胡先生受控公司

提供服务。胡先生为本公司执行董事及最终控股

东，故根据上市规则为本公司之关连人士。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

(Continued)

Transactions relating to the Master Agrement in Respect of

Provision of Property Management Services and Decoration

and Renovation Enginering Services (the “Services”)

(Continued)

The consideration under individual agrements for the Services shal be

determined through procedures for tender and biding pursuant to the

relevant rules and regulations of the PRC; or an aproach which brings

greater profit to the Group; or if the Group Companies intend to bid for

a project, the biding documents should base on the requirements set by

the tenderer and submit the same to the management of the Company

for aproval; or the consideration price is acording to the scale of each

project with reference to comparable market prices of independent third

party service providers; or in permited cases where the tender proces is

not required, an agred price shal be adopted acording to “reasonable

costs of the project + reasonable market profit range”, expected profit

margin of the services to be provided by the Group Companies shal be

no les than the profit margin the Company charges an independent third

party. Relevant laws and regulations concerning specific requirements for

the Services, including in particular, the Property Management Regulations

(《物业管理条例》) and the Construction Law of the People’s Republic of

China (《中华人民共和国建筑法》) shal be strictly complied with.

The anual cap for the provision of the Services under the Master Agrement

each of the thre years ended 31 March 2026 is RMB45,500,000. The

anual cap for the year ended 31 March 2025 had not ben exceded.

关连交易及持续关连交易（续）

有关提供物业管理服务以及装修及装饰工

程服务（「该等服务」）的主协议的交易（续）

就该等服务订立之个别协议之代价将根据中国相关

的规则及法规透过招标及招标程序；或为本集团带

来更大利润的方法；或倘集团公司拟投标某个项

目，投标文件应根据招标人设定的要求递交予本公

司之管理层以供批准；或代价格乃根据各项目的

规模并参考独立第三方服务提供商的可资比较市场

价格；或在不需要招标流程的许可的情况下，须根

据「合理项目成本+合理市场利润范围」采纳协定价

格予以厘定，集团公司将提供服务的预期利润率不

得低于本公司向独立第三方收取的利润率。须严格

遵守有关该等服务特定要求的相关法律法规，尤

其是包括《物业管理条例》及《中华人民共和国建筑

法》。

主协议项下提供该等服务于截至2026年3月31日

止三个年度各年之年度上限为人民币45,500,000

元，并无超出截至2025年3月31日止年度的年度

上限。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

(Continued)

Transactions relating to the Master Agrement in Respect of

Provision of Property Management Services and Decoration

and Renovation Enginering Services (the “Services”)

(Continued)

Reasons for and Benefits of Entering into the Master Agrement

By entering into the Master Agrement, the Group can acumulate relevant

experience and improve its reputation and godwil in the property

management services and renovation and decoration services busineses

through transactions with the Mr. Hu controled companies on large scale

and noteworthy projects, which would also bring stable income, reinforce

the Group’s revenue stream and cash flow, and facilitate the future

development plan of the Group. The Master Agrement could bring about

significant synergy efect and further promote the busines growth of the

Group in the property development industry in the long run. For details,

please refer to the anouncement of the Company dated 16 June 2023

and the circular of the Company dated 3 July 2023.

Confirmation from Independent Non-executive Directors

Our independent non-executive Directors have reviewed the Master

Agrement and confirmed that (i) the transactions caried during the year

ended 31 March 2025 have ben entered into in acordance with the

relevant provisions of the Master Agrement and that the profit has ben

substantialy retained by the Company, and (i) any new contracts entered

into, renewed or reproduced betwen the Group and Mr. Hu during the

year ended 31 March 2025 are fair and reasonable, or advantageous, so

far as the Group is concerned and in the interests of the shareholders of the

Company as a whole.

Save as disclosed above, during the year ended 31 March 2025, there

were no other conected transactions (including continuing conected

transactions) of the Company that required for the reporting, anouncement,

anual review and independent shareholders’ aproval under Chapter 14A

of the Listing Rules. The Company confirms that it has complied with the

disclosure requirements under Chapter 14A of the Listing Rules.

关连交易及持续关连交易（续）

有关提供物业管理服务以及装修及装饰工

程服务（「该等服务」）的主协议的交易（续）

订立主协议之理由及裨益

透过订立主协议，本集团可透过与胡先生受控公司

进行的有关大型知名项目的交易，在物业管理服务

及装修及装饰服务业务方面积累相关经验及提升声

誉及商誉，亦将带来稳定收入，强化本集团收入流

及现金流，促进本集团的未来发展规划。主协议可

能会带来显著的协同效应，在长期内进一步促进本

集团在物业开发行业的业务增长。有关详情请参阅

本公司日期为2023年6月16日之公告及本公司日

期为2023年7月3日之通函。

独立非执行董事之确认

我们的独立非执行董事已审阅主协议，并确认(i)于

截至2025年3月31日止年度进行的交易乃根据主

协议的相关条文订立，且由本公司保留大部分溢

利；及(i)本集团与胡先生于截至2025年3月31日

止年度订立、重续或重订的任何新合约就本集团而

言属公平合理或有利，且符合本公司股东的整体利

益。

除上文所披露者外，截至2025年3月31日止年

度，本公司概无其他关连交易（包括持续关连交易）

须遵守上市规则第14A章项下申报、公告、年度审

阅及独立股东批准规定。本公司确认其已遵守上市

规则第14A章的披露规定。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

CONECTED TRANSACTIONS AND

CONTINUING CONECTED TRANSACTIONS

(Continued)

Transactions relating to the Master Agrement in Respect of

Provision of Property Management Services and Decoration

and Renovation Enginering Services (the “Services”)

(Continued)

Confirmation from Independent Non-executive Directors (Continued)

Al independent non-executive Directors had reviewed the continuing

conected transactions and confirmed that the continuing conected

transactions for the year ended 31 March 2025 were:

’s busines;

; and

3. in acordance with the relevant agrements governing them on terms

that are fair and reasonable and in the interests of the Company and

the Shareholders as a whole.

Confirmations from our Company’s Independent Auditor

The auditor of our Company has confirmed in a leter to the Board that,

with respect to the aforesaid continuing conected transactions entered into

during the year ended 31 March 2025:

1. nothing has come to their atention that causes the auditor to believe

that the disclosed continuing conected transactions have not ben

aproved by the Board;

2. for transactions involving the provision of gods or services by the

Group, nothing has come to their atention that causes the auditor

to believe that the transactions were not, in al material respects, in

acordance with the pricing policies of the Group;

3. nothing has come to their atention that causes the auditor to believe

that the transactions were not entered into, in al material respects,

in acordance with the relevant agrements governing such

transactions; and

4. no transaction has exceded the cap.

关连交易及持续关连交易（续）

有关提供物业管理服务以及装修及装饰工

程服务（「该等服务」）的主协议的交易（续）

独立非执行董事之确认（续）

全体独立非执行董事已审阅持续关连交易，并确认

截至2025年3月31日止年度的持续关连交易：

2. 按一般商业条款或对本公司更有利的条款订

立；及

3. 根据规管该等交易的相关协议按属公平合理

且符合本公司及股东整体利益的条款订立。

本公司独立核数师的确认

本公司核数师已于致董事会函件中确认，就上述于

截至2025年3月31日止年度订立的持续关连交易

而言：

1. 核数师并无注意到任何事项令彼等相信该等

已披露的持续关连交易未获董事会批准；

彼等并无注意到任何事项令核数师相信该等

交易在所有重大方面未有按照本集团的定价

政策进行；

3. 核数师并无注意到任何事项令其相信该等交

易在各重大方面没有根据有关规管该等交易

的协议进行；及

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

PERMITED INDEMNITY PROVISION

Under Bye-law 166(1) of the Company’s bye-laws, the Directors shal

be indemnified and secured harmles out of the asets and profits of the

Company from and against al actions, costs, charges, loses, damages

and expenses which they or any of them shal or may incur or sustain

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

the execution of their duty, or suposed duty, in their respective ofices,

provided that this indemnity shal not extend to any mater in respect of any

fraud or dishonesty which may atached to any of them. Such permited

indemnity provision is curently in force and was in force throughout the

year.

KEY RELATIONSHIPS WITH EMPLOYES,

CUSTOMERS AND SUPLIERS

Employes

The Group believes that Directors, senior management and employes are

the key to our suces, their industrial knowledge and understanding of

the market enables the Group to maintain market competitivenes. Thus,

the Group provides competitive remuneration package and benefits, and

comits to create a harmonious working environment without discrimination.

Customers

The Group’s largest customers are property developers in the renovation

and decoration services segment. Save for the largest, the third largest and

the fifth largest customer, which are entities under control by Mr. Hu, al

major customers of the Group were independent third parties.

The Group provides high-quality and reliable service for customers, and

maintain god relationship with existing and potential customers to kep

abreast of the market trend, which enables us to adjust our operation and

marketing strategies timely, it is critical for the development and suces for

the Group. Meanwhile, we have no material dispute with customers.

允许赔偿条文

根据本公司之章程细则第166(1)条，董事可从本公

司之资产及溢利获得弥偿，就董事或其中任何一位

将或可能因或由于在其各自之职位中所作出任何行

为、同意或忽略或有关执行其职务或据称职务而可

能产生所有诉讼、成本、费用、损失、损害及开

支，可获确保免就此受任何损害，惟此弥偿不得伸

延至其中任何一位可能被冠以之任何欺诈或不诚实

事宜。有关允许赔偿条文现为有效并于整年内有

效。

与员工、客户及供应商的主要关系

员工

本集团认为，董事、高级管理人员和员工为本集团

成功的关键，彼等的行业知识及对市场的了解让本

集团得以维持市场竞争力。因此，本集团为员工提

供具竞争力的薪酬待遇及福利，并致力打造和谐而

不存在歧视的工作环境。

客户

本集团的最大客户为装修及装饰服务分部之物业发

展商。除第一大、第三大及第五大客户为胡先生控

制的实体外，本集团的所有主要客户均为独立第三

方。

本集团致力为客户提供优质可靠的服务，并与现有

及潜在的客户维持良好的关系以了解市场趋势，这

将令本集团得以及时调整运营及营销策略，此对本

集团的发展及成功至关重要。同时，我们并无与客

户发生任何重大纠纷。

民生国际有限公司

二零二五年报

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

KEY RELATIONSHIPS WITH EMPLOYES,

CUSTOMERS AND SUPLIERS (Continued)

Supliers

The Group’s largest supliers/contractors are constructors and renovation

and decoration service providers in the Chongqing Property segment. Al

major supliers/contractors of the Group were independent third parties.

The Group maintains the solid and stable relationship with main supliers/

contractors to ensure the product quality and plan progres. The Group

coperates with its supliers/contractors and closely monitors its product

quality, routine construction enginering and timely setles for the completed

works.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and within

the knowledge of the Directors, the Company has maintained a suficient

public float during the year and up to the date of this Directors’ Report

under the Listing Rules.

PRE-EMPTIVE RIGHTS

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

laws, or the laws of Bermuda which would oblige the Company to ofer

new shares on a pro rata basis to existing shareholders.

AUDITOR

SHINEWING (HK) CPA Limited (“SHINEWING”) has resigned as the

auditor of the Company with efect from 12 July 2024. CTH CPA

Limited has ben apointed as the new auditor of the Company with efect

from 12 July 2024 to fil the casual vacancy folowing the resignation of

SHINEWING and to hold ofice until the conclusion of the next anual

general meting of the Company.

The consolidated financial statements of the Company for the year ended

31 March 2025 have ben audited by CTH CPA Limited who retire and,

being eligible, ofer themselves for reapointment at the forthcoming anual

general meting.

与员工、客户及供应商的主要关系

（续）

供应商

本集团的最大供应商╱承包商为重庆物业分部之承

建商及装修及装饰服务之供应商。本集团的所有主

要供应商╱承包商均为独立第三方。

本集团与主要供应商╱承包商维持坚实及稳定的关

系，以确保产品质素及计划进度。本集团与其供应

商╱承包商合作及密切监控其产品质素、日常建筑

工程并及时结算其已完成工作。

公众持股量充足

根据本公司可取得之公开资料，并就各董事所知

悉，于本年度内及直至本董事会报告刊发日期止，

本公司一直维持上市规则订明之充足公众持股量。

优先购买权

本公司章程细则或百慕达法例并无任何有关优先购

买权之条文，规定本公司必须向现有股东按持股比

例提呈新股份。

核数师

信永中和（香港）会计师事务所有限公司（「信永中

和」）已辞任本公司核数师，自2024年7月12日起

生效。中正天恒会计师有限公司已获委任为本公司

新任核数师，自2024年7月12日起生效，以填补

信永中和辞任后的临时空缺，任期直至本公司下届

股东周年大会结束为止。

本公司截至2025年3月31日止年度的综合财务报

表已由中正天恒会计师有限公司审核，其将于应届

股东周年大会上退任，惟符合资格并愿意膺选连

任。

MAN SANG INTERNATIONAL LIMITED

Anual Report 2025

REPORT OF THE DIRECTORS (Continued)

董事会报告（续）

PURCHASE, REDEMPTION OR SALES OF

LISTED SECURITIES

Neither the Company nor any of its subsidiaries has purchased, sold or

redemed any of the Company’s listed securities (including treasury shares)

during the year ended 31 March 2025.

CORPORATE GOVERNANCE

Details of the Company’s corporate governance practices are set out in the

Corporate Governance Report of this anual report.

EVENT AFTER REPORTING PERIOD

(a) On 11 April 2025, the very substantial disposal and conected

transaction related to the segment – Chongqing property has ben

completed.

(b) On 11 April 2025, the maturity date of the promisory notes has

ben extended from 31 December 2025 to 31 December 2027.

The outstanding interest acrued on the outstanding promisory notes

of aproximately HK$420,819,000 has ben waived.

PROFESIONAL TAX ADVICE

RECOMENDED

If the shareholders of the Company are unsure about the taxation

implications of purchasing, holding, disposing of, dealing in, or the exercise

of any rights in relation to the shares of the Company, they are advised to

consult an expert.

On behalf of the Board

Hu Xingrong

Chairman

Hong Kong, 25 June 2025

购买、赎回或出售上市证券

本公司或其任何附属公司概无在截至2025年3月

31日止年度内购买、出售或赎回本公司任何上市

证券（包括库存股份）。

企业管治

有关本公司企业管治常规详见本年报所载的企业管

治报告。

报告期后事项

(a) 于2025年4月11日，与重庆物业分部有关的

非常重大出售事项及关连交易已完成。

(b) 于2025年4月11日，承兑票据的到期日已

由2025年12月31日延长至2027年12月31

日。尚未偿还承兑票据的尚未偿还应计利息

约420,819,000港元已获豁免。

建议咨询专业税务意见

倘本公司股东对购买、持有、出售或处理本公司股

份或行使任何有关本公司股份的权利而引致的税务

后果有任何疑问，应咨询专家。

代表董事会

主席

胡兴荣

香港，2025年6月25日

民生国际有限公司

二零二五年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

TO THE SHAREHOLDERS OF

MAN SANG INTERNATIONAL LIMITED

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Man Sang

International Limited (the “Company”) and its subsidiaries (hereinafter

colectively refered to as the “Group”) set out on pages 131 to 254,

which comprise the consolidated statement of financial position as at 31

March 2025, and the consolidated statement of profit or los, 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 HKFRS Acounting

Standards isued by the Hong Kong Institute of Certified Public Acountants

(the “HKICPA”) and have ben properly prepared in compliance with the

disclosure requirements of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

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

standards are further described in the Auditor’s Responsibilities for the Audit

of the Consolidated Financial Statements section of our report. We are

independent of the Group in acordance with the HKICPA’s Code of Ethics

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

ethical responsibilities in acordance with the Code. We believe that the

audit evidence we have obtained is suficient and apropriate to provide a

basis for our opinion.

致民生国际有限公司股东

（于百慕达注册成立之有限公司）

意见

我们已审计列载于第131至254页之民生国际有限

公司（「贵公司」）及其附属公司（以下统称「贵集团」）

之综合财务报表，此综合财务报表包括于2025年

3月31日之综合财务状况表与截至该日止年度之综

合损益表、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，综合财务报表已根据香港会计师公会

（「香港会计师公会」）颁布之香港财务报告准则会计

准则真实而中肯地反映了贵集团于2025年3月

31日之综合财务状况以及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

之披露规定妥为拟备。

意见之基础

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」）进行审计。我们在该等准则下承

担之责任已在本报告「核数师就审计综合财务报表

须承担之责任」部分中作进一步阐述。根据香港会

计师公会颁布之专业会计师道德守则（「守则」），我

们独立于贵集团，并已履行守则中之其他专业道

德责任。我们相信，我们所获得之审计凭证能充足

及适当地为我们之审计意见提供基础。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

与持续经营相关的重大不确定因素

谨请垂注综合财务报表附注2，该附注显示贵集

团于截至2025年3月31日止年度产生亏损净额约

591,829,000港元，及截至该日，贵集团的流动

负债净额总额约为2,427,935,000港元。如附注2

所述，该等事件或状况（连同其他事项）显示存在重

大不确定因素而可能对贵集团的持续经营能力构

成重大疑问。我们的意见未有就此事项作出修订。

强调事项

谨请垂注综合财务报表附注44(a)，该附注描述重

庆物业分部截至2025年3月31日的财务状况及业

绩，涉及贵集团的重大出售事项。我们的意见未

有就此事项作出修订。

关键审计事项

关键审计事项是根据我们之专业判断，认为对本年

度综合财务报表之审计最为重要之事项。此等事项

是在我们审计整体综合财务报表及出具意见时进行

处理。我们不会对此等事项提供单独之意见。除

「与持续经营相关的重大不确定因素」一节所述事项

外，我们已厘定下文所述事项为将于本报告中传达

的关键审计事项。就下文各个事项，我们有关我们

之审计如何处理有关事项的描述载于下文。

MATERIAL UNCERTAINTY RELATED TO

GOING CONCERN

We draw atention to note 2 to the consolidated financial statements,

which indicates that the Group incured net los of aproximately

HK$591,829,000 during the year ended 31 March 2025 and, as

of that date, the Group had total net curent liabilities of aproximately

HK$2,427,935,000. As stated in note 2, these events or conditions,

along with other maters, indicate the existence of material uncertainties

which may cast significant doubt on the Group’s ability to continue as a

going concern. Our opinion is not modified in respect of this mater.

Emphasis of Mater

We draw atention to note 44(a) of the consolidated financial statements,

which describes the financial position and results of the Chongqing property

segment as of 31 March 2025, in relation to the substantial disposal of the

Group. Our opinion is not modified regarding this mater.

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgement,

were of most significance in our audit of the consolidated financial

statements of the curent year. 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. In adition to the mater described in the “Material uncertainty

related to going concern” section, we have determined the maters

described below to be the key audit maters to be comunicated in our

report. For each mater below, our description of how our audit adresed

the mater is provided in that context.

民生国际有限公司

二零二五年报

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

Valuation of investment properties

Refer to note 18 to the consolidated financial statements.

The key audit materHow the mater was adresed in our audit

关键审计事项我们之审计如何处理有关事项

As at 31 March 2025, the carying amount of investment properties was

stated at fair value of aproximately HK$1,120,290,000 based on

valuation performed by an independent valuer, with a decrease in fair

value of aproximately HK$266,107,000 recognised for the year ended

31 March 2025.

Our procedures in relation to the fair value of

investment properties included:

– We understod management’s controls and

proceses for determining the valuation of

investment properties and asesed the inherent

risk of material mistatement by considering

the degre of estimation uncertainty and the

judgements involved in determining the fair

value;

– We evaluated the competence, capabilities

and objectivity of the Valuer and obtained an

understanding of the Valuer’s scope of work;

– We obtained an understanding of the

valuation proces and techniques adopted by

the Valuer to ases if they are consistent with

industry norms; and

– We made enquiry of the Valuer to ases the

reasonablenes of the significant unobservable

inputs and validating the acuracy of the

source data adopted by the management and

the Valuer by comparing them, on a sample

basis, to where relevant, publicly available

information of similar comparable properties

and our understanding of the real estate

industry.

投资物业之估值

请参阅综合财务报表附注18。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

The key audit materHow the mater was adresed in our audit

关键审计事项我们之审计如何处理有关事项

于2025年3月31日，基于独立估值师进行的估值，按公允价值计量之投

资物业之账面值约为1,120,290,000港元，已于截至2025年3月31日

止年度确认公允价值减少约266,107,000港元。

我们有关投资物业公允价值的程序包括：

－我们了解管理层厘定投资物业估值的控制及

程序，并通过考虑估计不确定性程度及厘定

公允价值所涉及的判断，评估重大错误陈述

的固有风险；

－我们评估值师的资格、能力及客观性，并

了解估值师的工作范围；

－我们了解估值师所采用的估值程序及技术，

以评估其是否符合行业规范；及

－我们向估值师作出查询，以评估重大不可观

察输入数据的合理性，并通过抽样将其与类

似可资比较物业的相关公开资料及我们对房

地产行业的了解进行比较，验证管理层及估

值师所采纳的源数据的准确性。

Al of the Group’s investment properties are caried at fair value. The fair

value valuations, which were caried out by an external profesional valuer

(the “Valuer”), are based on direct comparison or income aproach that

involve management’s significant judgment of unobservable inputs.

贵集团所有投资物业均按公允价值列账。公允价值估值乃由外部专业估

值师（「估值师」）按直接比较法或收入法进行，涉及管理层对不可观察输

入数据的重大判断。

We have identified the valuation of investment properties as a key audit

mater because of their significance to the consolidated financial statements

and the involvement of significant judgements and estimates made by the

management of the Company in asesing its fair value.

鉴于对综合财务报表而言属重大且贵公司管理层在评估其公允价值时

须作出重大判断及估计，故我们已将投资物业之估值识别为关键审计事

项。

民生国际有限公司

二零二五年报

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

评估持作出售物业之可变现净值

请参阅综合财务报表附注19。

Asesment of net realisable value of properties held for sale

Refer to note 19 to the consolidated financial statements.

The key audit materHow the mater was adresed in our audit

关键审计事项我们之审计如何处理有关事项

As at 31 March 2025, the carying amount of properties held for sale

amounted to aproximately HK$261,080,000 based on valuation

performed by an independent valuer, with an impairment los of

aproximately HK$43,466,000 recognised for the year ended 31 March

2025.

Our procedures in relation to the asesment of NRV

of properties held for sale included:

– We obtained an understanding of

management’s asesment proces of NRV

of properties held for sale and asesed

the inherent risk of material mistatement

by considering the degre of estimation

uncertainty, complexity, subjectivity and other

inherent risk factors;

– We understod, evaluated and tested the

internal controls over the asesment of NRV of

properties held for sale;

– We compared the relevant properties held

for sale balances as at 31 March 2025,

on a sample basis, against the result of

management’s NRV asesment made in

the prior year to reconsider the acuracy of

management’s historical NRV asesment and

reliability and apropriatenes of the NRV

asesment methodology; and

– We evaluated the valuation methodology

adopted by management for asesing the

net realisable value and comparing the key

estimates and asumptions adopted in the

valuations, including those relating to average

net seling prices, with market available data

and the sales budget plans maintained by the

Group.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

The key audit materHow the mater was adresed in our audit

关键审计事项我们之审计如何处理有关事项

于2025年3月31日，基于独立估值师进行的估值，持作出售物业之账面

值约为261,080,000港元，已于截至2025年3月31日止年度确认减值

亏损约43,466,000港元。

我们有关评估持作出售物业可变现净值的程序包

括：

－我们了解管理层对持作出售物业可变现净值

的评估程序，并通过考虑估计不确定性、复

杂性、主观性及其他固有风险因素的程度，

评估重大错误陈述的固有风险；

－我们了解、评估及测试有关评估持作出售物

业可变现净值的内部控制；

－我们将于2025年3月31日的相关持作出售物

业结余按抽样基准与管理层于上一年度作出

的可变现净值评估结果进行比较，以重新考

虑管理层过往可变现净值评估的准确性以及

可变现净值评估方法的可靠性及适当性；及

－我们评估管理层评估可变现净值所采用的估

值方法，并将估值所采用的主要估计及假设

（包括与平均净售价有关的估计及假设）与市

场可得数据及贵集团维持的销售预算计划

进行比较。

Management of the Company asesed the carying amount of properties

held for sale acording to the net realisable value (“NRV”) of the property

units with reference to the valuation performed by an independent valuer,

which involves significant degre of judgements and estimates.

贵公司管理层经参考独立估值师进行的估值，根据物业单位之可变现净

值（「可变现净值」）评估持作出售物业之账面值，当中涉及重大判断及估

计。

We have identified the asesment of net realisable value of properties

held for sale as a key audit mater because of their significance to the

consolidated financial statements and the involvement of significant

judgements and estimates made by the management of the Company in

asesing its net realisable value.

鉴于对综合财务报表而言属重大且贵公司管理层在评估其可变现净值

时须作出重大判断及估计，故我们已将评估持作出售物业的可变现净值

识别为关键审计事项。

民生国际有限公司

二零二五年报

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

物业、厂房及设备以及使用权资产减值

请参阅综合财务报表附注20及22。

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

asets

Refer to notes 20 and 22 to the consolidated financial statements.

The key audit materHow the mater was adresed in our audit

关键审计事项我们之审计如何处理有关事项

As at 31 March 2025, the carying amounts of property, plant

and equipment and right-of-use asets amounted to aproximately

HK$392,404,000 (net of acumulated impairment los of aproximately

HK$236,073,000) and aproximately HK$130,535,000 (net of

acumulated impairment los of aproximately HK$82,758,000)

respectively.

Our procedures in relation to the impairment of

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

included:

• We discused with the management to

understand the management proces and

the key controls in impairment asesment of

property, plant and equipment and rights-of-

use asets and the key estimations made by

the management in the impairment asesment

of property, plant and equipment and rights-of-

use asets;

, capabilities

and objectivity of the Valuers; and

• We have chalenged the reasonablenes

of the methodologies, key asumptions and

the input data used in the asesment in

determining the recoverable amounts by

reference to the external and internal source of

information.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

The key audit materHow the mater was adresed in our audit

关键审计事项我们之审计如何处理有关事项

于2025年3月31日，物业、厂房及设备及使用权资产之账面值分别约

为392,404,000港元（扣除累计减值亏损约236,073,000港元）及约

130,535,000港元（扣除累计减值亏损约82,758,000港元）。

我们有关物业、厂房及设备及使用权资产减值的程

序包括：

，以了解物业、厂房及设

备及使用权资产减值评估的管理流程及关键

控制，管理层就物业、厂房及设备及使用权

资产减值评估作出的关键估计；

、能力及客观性；及

• 我们已参考内外部信息来源查验厘定可收回

金额时评估所用方法、关键假设及输入数据

的合理性。

Management of the Company asesed the impairment of property,

plant and equipment and right-of-use asets acording to the respective

recoverable amounts with reference to the valuation performed by an

independent valuer, which involves significant degre of judgements and

estimates.

贵公司管理层经参考独立估值师进行的估值，根据各自可回收金额评估

物业、厂房及设备以及使用权资产之减值，当中涉及重大判断及估计。

We have identified the impairment of property, plant and equipment and

right-of-use asets as a key audit mater because of their significance to

the consolidated financial statements and the involvement of significant

judgements and estimates made by the management of the Company in

asesing their recoverable amounts.

鉴于对综合财务报表而言属重大且贵公司管理层在评估其可收回金额

时须作出重大判断及估计，故我们已将物业、厂房及设备以及使用权资

产减值识别为关键审计事项。

民生国际有限公司

二零二五年报

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

其他资料

贵公司董事须对其他资料负责。其他资料包括年报

内之所有资料，但不包括综合财务报表及我们之核

数师报告。

我们对综合财务报表之意见并不涵盖其他资料，我

们亦不会对其他资料发表任何形式之核证结论。

就我们审计综合财务报表而言，我们之责任为阅读

其他资料，从而考虑其他资料是否与综合财务报表

或我们在审计过程中获悉之资料存在重大不符，或

似乎存在重大错误陈述。基于我们已执行之工作，

倘我们认为该其他资料有重大错误陈述，我们须报

告该事实。我们无须就此作出报告。

贵公司董事及管治层就综合财务报表须承

担之责任

贵公司董事须负责根据香港会计师公会颁布之香港

财务报告准则会计准则及香港公司条例之披露要

求，编制真实且公平之综合财务报表，及落实其认

为编制综合财务报表所必要之内部监控，以使综合

财务报表不存在由于欺诈或错误而导致之重大错误

陈述。

于编制综合财务报表时，贵公司董事须负责评

估贵集团持续经营之能力，并在适用情况下披露

与持续经营相关之事项，并运用持续经营为会计基

础，除非贵公司董事有意将贵集团清盘或停止

经营或别无其他实际之替代方案。

管治层负责监督贵集团之财务申报程序。

OTHER INFORMATION

The directors of the Company are responsible for the other information. The

other information comprises al of the information included in the anual

report but does not include the consolidated financial statements and our

auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover the

other information and we do not expres any form of asurance conclusion

thereon.

In conection with our audit of the consolidated financial statements, our

responsibility is to read the other information and, in doing so, consider

whether the other information is materialy inconsistent with the consolidated

financial statements or our knowledge obtained in the audit or otherwise

apears to be materialy mistated. If, based on the work we have

performed, we concluded that there is a material mistatement of this other

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

in this regard.

Responsibilities of Directors of the Company and Those

Charged with Governance for the Consolidated Financial

Statements

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view in

acordance with HKFRS Acounting Standards isued by the HKICPA and

the disclosure requirements of the Hong Kong Companies Ordinance,

and for such internal control as the directors of the Company determine is

necesary to enable the preparation of consolidated financial statements

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

In preparing the consolidated financial statements, the directors of the

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

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

and using the going concern basis of acounting unles the directors of the

Company either intend to liquidate the Group or to cease operations, or

have no realistic alternative but to do so.

Those charged with governance are responsible for overseing the Group’s

financial reporting proces.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

核数师就审计综合财务报表须承担之责任

我们之目标为对综合财务报表（作为整体）是否不存

在由欺诈或错误而导致之任何重大错误陈述取得合

理核证，并出具包括我们意见之核数师报告。我

们按照百慕达公司法第90条及协定之委聘条款仅

向阁下（作为整体）报告，除此之外本报告别无其

他目的。我们不会就本报告内容向任何其他人士负

上或承担任何责任及债务。合理核证是高水平之核

证，但不能保证按香港审计准则进行之审计在某一

重大错误陈述存在时总能发现。错误陈述可因欺诈

或错误产生，倘个别或整体在合理预期情况下可影

响使用者根据该等综合财务报表作出之经济决定

时，则被视为重大错误陈述。

我们根据香港审计准则执行审计的工作之一，是在

审计过程中运用专业判断及保持专业怀疑态度。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之风险，设计及执行

审计程序以应对该等风险，以及获取充足及

适当之审计凭证，作为我们意见之基础。由

于欺诈可能涉及串谋、伪造、蓄意遗漏、虚

假陈述或凌驾内部监控之情况，因此未能发

现因欺诈而导致之重大错误陈述之风险高于

未能发现因错误而导致之重大错误陈述之风

险。

，以设计在有关情

况下适当之审计程序，惟并非旨在对贵集

团内部监控之有效性发表意见。

• 评估贵公司董事所采用会计政策之恰当性

及所作出会计估计及相关披露之合理性。

Auditor’s Responsibilities for the Audit of the Consolidated

Financial Statements

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

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

report that includes our opinion, solely to you, as a body, in acordance

with section 90 of the Bermuda Companies Act and our agred terms of

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

towards or acept liability to any other person for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a guarante

that an audit conducted in acordance with HKSAs wil always detect a

material mistatement when it exists. Mistatements can arise from fraud or

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

could reasonably be expected to influence the economic decisions of users

taken on the basis of these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgement and maintain profesional skepticism throughout the audit. We

also:

• identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

provide a basis for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one resulting from

eror, as fraud may involve colusion, forgery, intentional omisions,

misrepresentations, or the overide of internal control.

• obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

• evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures made

by the directors of the Company.

民生国际有限公司

二零二五年报

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

• 对贵公司董事采用持续经营会计基础之恰

当性作出结论，并根据所获取之审计凭证，

确定是否存在与事项或情况有关之重大不确

定因素，从而可能导致对贵集团之持续

经营能力产生重大疑虑。倘我们认为存在重

大不确定因素，则有必要在核数师报告中提

请使用者注意综合财务报表中的相关披露。

倘有关披露不足，则修改我们的意见。我们

之结论乃基于截至核数师报告日期止所得之

审计凭证。然而，未来事项或情况可能导

致贵集团不能持续经营。

、结构及

内容，包括披露资料，以及综合财务报表是

否公平反映相关交易及事项。

，以获取有关贵集团

内实体或业务单位财务资料的充足适当审核

凭证，作为对综合财务报表形成意见的基

础。我们负责指导、监督及审阅就集团审核

而进行的审核工作。我们仍然对我们的审计

意见全权负责。

我们与管治层就（其中包括）审计之计划范围、时间

安排及重大审计发现沟通，该等发现包括我们在审

计过程中识别之内部监控之任何重大缺陷。

我们亦向管治层作出声明，指出我们已符合有关独

立性之相关道德要求，并与彼等沟通可能被合理认

为会影响我们独立性之所有关系及其他事宜，以及

采取消除威胁的措施或相关防范措施（如适用）。

’s directors’ use

of the going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists related to

events or conditions that may cast significant doubt on the Group’s

ability to continue as a going concern. If we conclude that a

material uncertainty exists, we are required to draw atention in our

auditor’s report to the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a going

concern.

, structure and content of the

consolidated financial statements, including the disclosures, and

whether the consolidated financial statements represent the underlying

transactions and events in a maner that achieves fair presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

busines units within the Group as a basis for forming an opinion on

the consolidated financial statements. We are responsible for the

direction, supervision and review of the audit work performed for

purpose of the group audit. We remain solely responsible for our

audit opinion.

We comunicate with those charged with governance regarding, among

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

audit findings, including any significant deficiencies in internal control that

we identify during our audit.

We also provide those charged with governance with a statement that we

have complied with relevant ethical requirements regarding independence,

and to comunicate with them al relationships and other maters that

may reasonably be thought to bear on our independence, and where

aplicable, actions taken to eliminate threats or safeguards aplied.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

INDEPENDENT AUDITOR’S REPORT (Continued)

独立核数师报告（续）

从与管治层沟通之事项中，我们厘定对本年度综合

财务报表审计至关重要之事项，因而构成关键审计

事项。我们在核数师报告中陈述该等事项，除非法

律或法规不允许公开披露该等事项，或在极少数情

况下，倘合理预期在我们之报告中沟通某事项造成

之负面后果超出产生之公众利益，则我们决定不应

在报告中沟通该事项。

中正天恒会计师有限公司

执业会计师

石汶熺

执业证书编号：P07274

香港

2025年6月25日

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 year 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.

CTH CPA Limited

Certified Public Acountants

Shek Man Hei Kimy

Practising Certificate Number: P07274

Hong Kong

25 June 2025

2025
HK$’000
千港元
138,047
(112,565)
25,482
2,129
(3,508)
(59,595)
862
(10,282)
(27,889)
(43,466)
(266,107)
10
(208,539)
(590,903)
(926)
(591,829)
(592,211)
382
(591,829)
HK(92) cents 港仙

民生国际有限公司

二零二五年报

CONSOLIDATED STATEMENT OF PROFIT OR LOS

综合损益表

For the year ended 31 March 2025

截至2025年3月31日止年度

NotesHK$’000

附注千港元

Revenue收入8126,710

Cost of sales销售成本(110,102)

Gros profit毛利16,608

Other income and gains (loses), net其他收入及净收益（亏损）10(2,115)

Seling expenses销售开支(13,887)

Administrative expenses行政开支(55,642)

Reversal of (impairment los) on trade and

other receivables

贸易及其他应收账款

（减值亏损）拨回(615)

Impairment los on right-of-use asets使用权资产减值亏损(15,776)

Impairment los on property, plant

and equipment

物业、厂房及设备减值亏损

(46,917)

Impairment los on properties held for sale持作出售物业减值亏损19(45,793)

Decrease in fair value of investment

properties

投资物业公允价值减少

18(244,684)

Finance income财务收入1130

Finance costs财务成本11(137,224)

Los before tax除税前亏损12(546,015)

Income tax expense所得税开支13(5,508)

Los for the year年内亏损(551,523)

Los for the year atributable to:以下人士应占年内亏损：

Equity holders of the Company本公司权益持有人(551,828)

Non-controling interest非控股权益305

(551,523)

LOS PER SHARE每股亏损

– basic and diluted－基本及摊薄

HK(85) cents

港仙

2025
HK$’000
千港元
(591,829)
4,680
(587,149)
(587,537)
388
(587,149)

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025

截至2025年3月31日止年度

HK$’000

千港元

Los for the year年内亏损(551,523)

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

Item that may be reclasified

subsequently to profit or los:

其后可能重新分类至损益

之项目：

Exchange diferences arising on

translation of financial statements of

foreign operations

换算海外业务财务报表产生之

汇兑差额

(24,084)

Total comprehensive expenses for the year年内全面开支总额(575,607)

Total comprehensive expenses for

the year atributable to:

以下人士应占年内全面开支总额：

Equity holders of the Company本公司权益持有人(575,984)

Non-controling interest非控股权益377

(575,607)

2025
HK$’000
千港元
1,120,290
392,404
–
130,535
1,606
21,130
2,140
1,668,105
261,080
69
39,247
16,589
16,590
23,422
356,997
161,543
19,540
143,694
1,486,055
951,502
22,598
2,784,932
(2,427,935)
(759,830)

民生国际有限公司

二零二五年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025

于2025年3月31日

NotesHK$’000

附注千港元

Non-curent asets非流动资产

Investment properties投资物业181,280,227

Property, plant and equipment物业、厂房及设备20441,299

Financial aset at fair value through

profit or los

按公允价值计入损益之

金融资产21–

Right-of-use asets使用权资产22147,023

Intangible asets无形资产231,615

Defered income tax asets递延所得税资产31–

Other receivables其他应收账款24–

1,870,164

Curent asets流动资产

Properties held for sale持作出售物业19306,986

Inventories存货81

Trade and other receivables贸易及其他应收账款2437,969

Contract asets合约资产247,768

Amounts due from related companies应收关连公司款项2714,138

Cash and cash equivalents现金及等同现金2519,044

385,986

Curent liabilities流动负债

Trade and other payables贸易及其他应付账款26145,870

Amounts due to related companies应付关连公司款项2721,552

Tax payables应付税项144,383

Bank and other borowings银行及其他借贷281,382,419

Promisory notes承兑票据29–

Lease liabilities租赁负债22344

1,694,568

Net curent liabilities流动负债净额(1,308,582)

Total asets les curent liabilities总资产减流动负债561,582

2025
HK$’000
千港元
36,378
–
98,528
538,633
61,917
735,456
(1,495,286)
323,599
(1,818,220)
(1,494,621)
(665)
(1,495,286)

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Continued)

综合财务状况表（续）

At 31 March 2025

于2025年3月31日

NotesHK$’000

附注千港元

Non-curent liabilities非流动负债

Defered income tax liabilities递延所得税负债3110,224

Promisory notes承兑票据29903,862

Bank and other borowings银行及其他借贷2877,277

Unsecured borowings from a director董事无抵押借贷30498,633

Lease liabilities租赁负债22–

1,489,996

Net liabilities负债净额(928,414)

Capital and reserves资本及储备

Share capital股本32323,599

Reserves储备(1,250,960)

Equity atributable to owners of

the Company

本公司拥有人应占权益

(927,361)

Non-controling interest非控股权益(1,053)

Total Equity总权益(928,414)

The consolidated financial statements on pages 131 to 254 were

aproved and authorised for isue by the board of directors on 25 June

2025 and are signed on its behalf by:

Hu XingrongLi Zhenyu

胡兴荣李振宇

DirectorDirector

董事董事

第131至254页所载综合财务报表已于2025年6月

25日获董事会批准及授权刊发，并由以下人士代

为签署：

Attributable to owners of the Company
本公司拥有人应占
Share capital	Share premium	Merger reserve	Statutory reserve	Translation reserve	Other reserve	Accumulated losses	Total	Non- controlling interest	Total
股本	股份溢价	合并储备	法定储备	汇兑储备	其他储备	累计亏损	总计	非控股权益	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
		(Note i)	(Note ii)
		（附注i）	（附注ii）
323,599	757,772	71,769	1,884	(118,110)	44,957	(2,009,232)	(927,361)	(1,053)	(928,414)
–	–	–	–	–	–	(592,211)	(592,211)	382	(591,829)
–	–	–	–	4,674	–	–	4,674	6	4,680
–	–	–	–	4,674	–	(592,211)	(587,537)	388	(587,149)
–	–	–	–	–	20,277	–	20,277	–	20,277
323,599	757,772	71,769	1,884	(113,436)	65,234	(2,601,443)	(1,494,621)	(665)	(1,495,286)

民生国际有限公司

二零二五年报

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至2025年3月31日止年度

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Merger

reserve

Statutory

reserve

Translation

reserve

Other

reserve

Acumulated

losesTotal

Non-

controling

interestTotal

股本股份溢价合并储备法定储备汇兑储备其他储备累计亏损总计非控股权益总计

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

(Note i)(Note i)

（附注i）（附注i）

Balance at 1 April 2023于2023年4月1日之结余323,599757,77271,7691,864(93,954)–(1,457,384)(396,334)(1,430)(397,764)

(Los) profit for the year年内（亏损）溢利–(551,828)(551,828)305(551,523)

Other comprehensive (expenses) income:其他全面（开支）收入：

Exchange diferences arising on translation

of financial statements of

foreign operations

换算境外业务财务报表

产生之汇兑差额

–(24,156)–(24,156)72(24,084)

Total comprehensive (expenses) income

for the year

年内全面（开支）收入总额

–(24,156)–(551,828)(575,984)377(575,607)

Demed contribution from a shareholder视作股东出资–44,957–44,957–44,957

Transfer to statutory reserve转拨至法定储备–20–(20)–

Balance at 31 March 2024于2024年3月31日之结余323,599757,77271,7691,884(118,110)44,957(2,009,232)(927,361)(1,053)(928,414)

Balance at 1 April 2024于2024年4月1日之结余

(Los) profit for the year年内（亏损）溢利

Other comprehensive (expenses) income:其他全面（开支）收入：

Exchange diferences arising on translation

of financial statements of foreign

operations

换算境外业务财务报表

产生之汇兑差额

Total comprehensive income (expenses)

for the year

年内全面收入（开支）总额

Demed contribution from a controling

shareholder (Note 36)

视作控股东的注资

（附注36）

Balance at 31 March 2025于2025年3月31日之结余

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Continued)

综合权益变动表（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

Notes:

(i) The merger reserve represents the folowing:

(a) the diference betwen the carying amount of net asets of the

acquired subsidiary, Zhejiang Huiyong Property Management Services

Co., Ltd* (“浙江晖永物业管理服务有限公司”) (“Huiyong Property

Management”) (formerly known as Zhejiang Dof Property

Management Services Co., Ltd* (“浙江多弗物业管理服务有限公司”),

at the date the Group and Huiyong Property Management become

under comon control and the purchase consideration for acquisition

of Huiyong Property Management of RMB500,000 (equivalent

to aproximately HK$545,000); and the capital contribution of

RMB467,500 (equivalent to aproximately HK$510,000) from the

prior shareholder, Mr. Hu Xingrong (“Mr. Hu”), in April 2019; and

(b) the diference betwen the carying amount of net asets of the

acquired subsidiaries, Tafutsu Kabushiki Kaisha* (株式会社多弗)

(“Dof Japan”) and its subsidiaries (colectively refered as the “Dof

Japan Group”) and the purchase consideration for the acquisition of the

Dof Japan Group of aproximately JPY848,394,000 (equivalent to

aproximately HK$67,124,000); and adjustment for the shareholder’s

loan of aproximately JPY1,975,537,000 (equivalent to aproximately

HK$138,228,000).

(i) Under the People’s Republic of China (the “PRC”) laws and regulations,

companies registered in the PRC are required to provide for certain statutory

reserve, which are to be apropriated from the net profit (after ofseting

acumulated loses from prior years and before profit distribution to equity

holders) as reported in their respective statutory financial statements. The

statutory reserve is created for specific purposes. The PRC companies are

required to apropriate 10% of their statutory net profits to statutory reserve.

A company may discontinue its contribution when the agregate sum of

the statutory reserve is more than 50% of its registered capital. The statutory

reserve shal only be used to make up loses of the PRC companies, to expand

the PRC companies’ production operations, or to increase the capital of the

PRC companies. In adition, the PRC companies may make further contribution

to the statutory reserve using its net profits in acordance with resolutions of the

board of directors of the PRC companies.

* The English names are for identification purpose only

附注︰

(i) 合并储备指以下各项：

(a) 被收购附属公司浙江晖永物业管理服务有

限公司（「晖永物管」，前称浙江多弗物业管

理服务有限公司）于本集团与晖永物管受共

同控制日期的净资产账面值与收购晖永物

管的购买代价人民币500,000元（相当于约

545,000港元）之间的差额；以及前股东胡

兴荣先生（「胡先生」）于2019年4月的注资

人民币467,500元（相当于约510,000港

元）；及

(b) 被收购附属公司株式会社多弗（「多弗日

本」）及其附属公司（统称「多弗日本集团」）

的净资产账面值与收购多弗日本集团之

购买代价约848,394,000日圆（相当于约

67,124,000港元）之间的差额及股东贷

款调整约1,975,537,000日圆（相当于约

138,228,000港元）。

(i) 根据中华人民共和国（「中国」）法律法规，于中国

注册之公司须就若干法定储备计提拨备，并于自

彼等各自之法定财务报表所呈报纯利（抵销往年累

计亏损后及向权益持有人分派溢利前）中拨出。法

定储备均按特定目的设立。中国公司须将其10%法

定纯利拨至法定储备。当公司之法定储备总额超

出其注册资本50%时，公司可停止供款。法定储备

仅可用于弥补中国公司亏损、扩大中国公司生产

业务或增加中国公司资本。此外，中国公司可根

据其董事会之决议案动用纯利向法定储备进一步

供款。

2025
HK$’000
千港元
(590,903)
(10)
208,539
(265)
18,040
4,985
266,107
(463)
–
(862)
43,466
10,282
27,889
(13,195)
–
12
4,508
(8,976)
913
12,413
(4,325)
(1,525)
(5,850)

民生国际有限公司

二零二五年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至2025年3月31日止年度

HK$’000

千港元

OPERATING ACTIVITIES经营活动(546,015)

Los before tax除税前亏损

Adjustments for:就下列各项作出之调整：

Finance income财务收入(30)

Finance costs财务成本137,224

Forfeited deposit income已没收按金收入(3,270)

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

21,285

Depreciation of right-of-use asets使用权资产折旧5,808

Decrease in fair value of investment properties投资物业公允价值减少244,684

Government grants政府补贴(70)

Los on termination of lease终止租赁亏损7,524

(Reversal of) impairment los on trade and other

receivables

贸易及其他应收账款

减值亏损（拨回）615

Impairment los on properties held for sale持作出售物业减值亏损45,793

Impairment los on right-of-use asets使用权资产减值亏损15,776

Impairment los on property, plant and equipment物业、厂房及设备减值亏损46,917

Operating cash flows before movements

in working capital

营运资金变动前之经营现金流量

(23,759)

Decrease in properties held for sale持作出售物业减少7,696

Decrease in inventories存货减少59

Decrease (increase) in trade and other receivables贸易及其他应收账款减少（增加）(7,918)

(Increase) decrease in contract asets合约资产（增加）减少10,243

Decrease (increase) in amounts due from related

companies

应收关连公司款项减少（增加）

(1,826)

Increase (decrease) in trade and other payables贸易及其他应付账款增加（减少）(26,596)

Cash used in operations经营活动所用之现金(42,101)

Income taxes paid已付所得税(3,787)

NET CASH USED IN OPERATING

ACTIVITIES

经营活动所用之现金净额

(45,888)

2025
HK$’000
千港元
(949)
(167)
(2,961)
–
10
(4,067)
20,302
–
(7,830)
(3,381)
1,469
–
11,482
(6,527)
(1,255)
463
14,723
4,806
19,044
(428)
23,422

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

CONSOLIDATED STATEMENT OF CASH FLOWS (Continued)

综合现金流量表（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

HK$’000

千港元

INVESTING ACTIVITIES投资活动

Advanced to related companies向关连公司垫款(3,251)

Purchase of property, plant and equipment购置物业、厂房及设备(168)

Net cash outflow on acquisition of

a subsidiary (note 36)

收购一间附属公司之现金

流出净额（附注36）–

Proceds from disposal of property, plant and

equipment

出售物业、厂房及设备所得款项

Interests received已收利息30

NET CASH USED IN INVESTING

ACTIVITIES

投资活动所用之现金净额

(3,364)

FINANCING ACTIVITIES融资活动

New bank and other borowings raised新筹得银行及其他借贷20,428

Repayment of bank and other borowings偿还银行及其他借贷(8,430)

Interest paid已付利息(5,470)

Repayment to related companies偿还关连公司款项(204)

Advanced from related companies来自关连公司的垫款19,724

Repayment of unsecured borowings from

a director

偿还董事无抵押借贷

(1,010)

Unsecured borowings raised from

a director

自董事筹得之无抵押借贷

20,920

Repayment of lease liabilities偿还租赁负债(1,344)

Interest paid on lease liabilities租赁负债已付利息(360)

Receipt from government subsidies政府补贴收入70

NET CASH FROM FINANCING

ACTIVITIES

融资活动产生之现金净额

44,324

NET INCREASE(DECREASE) IN CASH

AND CASH EQUIVALENTS

现金及等同现金增加（减少）净额

(4,928)

CASH AND CASH EQUIVALENTS AT

THE BEGINING OF THE YEAR

年初之现金及等同现金

32,869

Efect of foreign exchange rate changes汇率变动影响(8,897)

CASH AND CASH EQUIVALENTS AT

THE END OF THE YEAR (note 25)

年末之现金及等同现金（附注25）

19,044

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至2025年3月31日止年度

1. GENERAL INFORMATION

Man Sang International Limited (the “Company”) was incorporated

in Bermuda as an exempted company with limited liability under the

Companies Act 1981 of Bermuda (as amended). The adreses of

the registered ofice and principal place of busines of the Company

are disclosed in the corporate information section to the anual

report. The imediate and ultimate holding company and the ultimate

controling party of the Company is China DaDi Group Limited,

which is incorporated in the British Virgin Islands (the “BVI”) and Mr.

Hu Xingrong (“Mr. Hu”), an executive director of the Company,

respectively.

The shares of the Company are listed on the Main Board of The

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

The Company and its subsidiaries (hereinafter colectively refered to

as the “Group”) are engaged in the sales of properties, operation

of serviced apartments, provision of property management services,

leasing of properties, renovation and decoration services and hotel

management. Details of the principal subsidiaries of the Company

are set out in note 41.

The consolidated financial statements are presented in Hong

Kong dolars (“HK$”), which is also the functional curency of the

Company.

1. 一般资料

民生国际有限公司（「本公司」）是根据百慕达

《1981年公司法》（经修订）在百慕达注册成

立为获豁免有限责任公司。本公司的注册办

事处及主要营业地点的地址于本年报公司资

料一节披露。本公司的直接及最终控股公司

及最终控制方分别为中国大地集团有限公司

（其于英属处女群岛（「英属处女群岛」）注册

成立）及胡兴荣先生（「胡先生」，本公司执行

董事）。

本公司股份于香港联合交易所有限公司（「联

交所」）主板上市。

本公司及其附属公司（以下统称「本集团」）现

正从事销售物业、营运服务式公寓、提供物

业管理服务、租赁物业、装修及装饰服务以

及酒店管理。有关本公司主要附属公司之详

情载于附注41。

本综合财务报表以本公司之功能货币港元

（「港元」）列值。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

2. BASIS OF PREPARATION OF

THE CONSOLIDATED FINANCIAL

STATEMENTS

Material Uncertainties Relating to Going Concern

In preparing the consolidated financial statements, the directors of

the Company (the “Directors”) have given careful consideration

to the future liquidity of the Group in light of the fact that the Group

reported net los of HK$591,829,000 for the year ended 31

March 2025 and as at 31 March 2025, the Group had net

curent liabilities of aproximately HK$2,427,935,000, of which

aproximately HK$1,483,675,000 of bank borowing was in

default (the “Defaulted Borowing”) and the lender has the

right to demand imediate repayment of the Defaulted Borowing

as at 31 March 2025. Moreover, the Group is involved in

litigations requesting the Group to setle the Defaulted Borowing

along with outstanding interests and the construction payable of

aproximately HK$8,798,000 (the “Litigations”). Details of

Litigations are disclosed in notes 28 and 43. As at 31 March 2025,

the Group’s cash and cash equivalents amounted to aproximately

HK$23,422,000 only.

The above conditions indicate the existence of material uncertainties

which may cast significant doubt on the Group’s ability to continue

as a going concern. Notwithstanding the above, the directors of

the Group, after taking into acount of the cashflow forecast as

mentioned below, continue to adopt the going concern basis in

preparing these consolidated financial statements.

The Directors have prepared a 24-month cashflow forecast from the

year ended 31 March 2025 which has considered the folowing

plans and measures:

a) The Group has entered into a very substantial disposal

transaction (the “Disposal”) involving the disposal of a

subsidiary of the Company engaged in the Chongqing

property busines (the “Disposal Group”) with Mr. Hu

Xingrong (“Mr. Hu”), the controling shareholder of the

Company. The Defaulted Borowing and the Litigations were

consolidated in the financial statements of the Disposal Group.

Should the Disposal be completed, the Defaulted Borowing

and the Litigation wil be deconsolidated from the Group and

the completion of the Disposal wil significantly improve the

financial position of the Group;

2. 编制综合财务报表之基准

有关持续经营的重大不确定因素

于编制综合财务报表时，鉴于下述情况，

本公司董事（「董事」）已审慎考虑本集团的

未来流动资金：截至2025年3月31日止年

度，本集团录得亏损净额591,829,000港

元，而于2025年3月31日，本集团的流动

负债净额约为2,427,935,000港元，其中约

1,483,675,000港元的银行借款出现违约

（「违约借款」），贷款人有权要求立即偿还截

至2025年3月31日的违约借款。此外，本集

团涉及诉讼，要求本集团结清违约借款以及

未付利息及应付工程款项约8,798,000港元

（「诉讼」）。诉讼详情于附注28及43披露。

于2025年3月31日，本集团的现金及等同现

金仅约为23,422,000港元。

上述情况表明存在重大不确定性，可能对本

集团持续经营的能力构成重大疑虑。尽管有

上文所述，经计及下文所述现金流量预测

后，本集团董事于编制该等综合财务报表时

继续采纳持续经营基准。

董事已编制截至2025年3月31日止年度的

24个月现金流量预测，并已考虑以下计划及

措施：

a) 本集团已与本公司控股东胡兴荣先

生（「胡先生」）订立一项非常重大出售

交易（「出售事项」），涉及出售本公

司一间从事重庆物业务的附属公司

（「出售组别」）。违约借款及诉讼于出

售组别的财务报表综合入账。倘出售

事项完成，违约借款及诉讼将不再于

本集团综合入账，而完成出售事项将

显著改善本集团的财务状况；

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

2. BASIS OF PREPARATION OF

THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

Material Uncertainties Relating to Going Concern

(Continued)

b) In conection with the Disposal, the acrued outstanding

interest on the outstanding promisory note of aproximately

HK$420,819,000 wil be waived. Aditionaly, subsequent to

the reporting period, promisory notes totaling aproximately

HK$530,683,000 and other borowings of aproximately

HK$2,380,000 would be extended to 31 December 2027

and 14 May 2027, respectively; and

c) Mr. Hu, being the controling shareholder of the Group, has

agred to provide continuous financial suport to the Group,

including but not limited to, not to recal any loan granted to

the Group upon their maturity until the Group has the ability to

repay.

After due and careful enquiry and after taking into acount the

above plans and measures and the financial resources available to

the Group, the Directors consider that the Group wil have suficient

working capital to fulfil its financial obligations as and when they fal

due at least the next 24 months from the date of these consolidated

financial statements. Acordingly, the Directors are satisfied that it is

apropriate to prepare these consolidated financial statements on a

going concern basis.

Notwithstanding the above, material uncertainties exist as to whether

the Directors wil be able to achieve their plans and measures, as the

going concern would depend upon the Group’s ability to generate

adequate financing and operating cash flows through the sucesful

fulfilment of the folowing conditions:

(a) The sucesful completion of the Disposal; and

(b) The ability of Mr. Hu to provide adequate financial suport to

the Group.

（续）

有关持续经营的重大不确定因素（续）

b) 就出售事项而言，未偿还承兑票据之

应计未偿还利息约420,819,000港元

将获豁免。此外，于报告期后，承兑

票据合共约530,683,000港元及其他

借款约2,380,000港元将分别延长至

2027年12月31日及2027年5月14

日；及

c) 胡先生（为本集团控股东）已同意向

本集团提供持续财务支持，包括但不

限于到期不催收本集团获授的任何贷

款，直至本集团有能力偿还为止。

董事经审慎周详查询后，并经考虑上述计划

及措施以及本集团可动用的财务资源后，认

为本集团将有足够营运资金履行其自该等综

合财务报表日期起计至少未来24个月内到期

的财务责任。因此，董事信纳按持续经营基

准编制该等综合财务报表乃属适当。

尽管上文所述，由于持续经营将取决于本集

团能否透过成功达成以下条件产生充足融资

及经营现金流量，故董事能否实现彼等的计

划及措施存在重大不确定性：

(a) 出售事项成功完成；及

(b) 胡先生向本集团提供充足财务支持的

能力。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

有关持续经营的重大不确定因素（续）

倘本集团未能实现上述措施，可能无法以持

续经营方式持续经营，则将作出调整使本集

团资产的账面值降低至可收回金额，对可能

产生的任何进一步负债计提拨备，并将非流

动资产及非流动负债重新分类至流动资产及

流动负债。该等调整之影响尚未反映在该等

综合财务报表中。

3. 应用新订及经修订香港财务报

告准则会计准则

于本年度，本集团已首次应用由香港会计师

公会颁布且于本集团2024年4月1日起的财

政年度开始生效的下列香港财务报告准则会

计准则之修订本。

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

（2020年）

2. BASIS OF PREPARATION OF

THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

Material Uncertainties Relating to Going Concern

(Continued)

Should the Group fail to achieve the abovementioned measures, it

might not be able to continue to operate as a going concern, and

adjustments would have to be made to write down the carying

values of the Group’s asets to their recoverable amounts to provide

for any further liabilities which might arise and to reclasify non-

curent asets and non-curent liabilities as curent asets and curent

liabilities. The efects of these adjustments have not ben reflected in

these consolidated financial statements.

3. APLICATION OF NEW AND

AMENDMENTS TO HKFRS ACOUNTING

STANDARDS

In the curent year, the Group has aplied, for the first time, the

folowing amendments to HKFRS Acounting Standards isued by the

Hong Kong Institute of Certified Public Acountants (the “HKICPA”)

which are efective for the Group’s financial year begining on 1

April 2024.

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities

as Curent or Non-

curent and the related

amendments to Hong

Kong Interpretation

5 (2020)

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HKAS 7 and HKFRS 7Suplier Finance

Arangements

The aplication of the new and amendments to HKFRS Acounting

Standards in the curent year has had no material efect on the

Group’s financial performance and positions for the curent and

prior periods and/or on the disclosures set out in these consolidated

financial statements.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

3. 应用新订及经修订香港财务报

告准则会计准则（续）

已颁布但尚未生效的香港财务报告准

则会计准则修订本

本集团并无提早应用以下新订及经修订已颁

布但尚未生效的香港财务报告准则会计准

则：

香港财务报告准则

第18号

财务报表的呈列及披

露

香港财务报告准则

第19号

非公共受托责任的附

属公司：披露

香港会计准则第21号

（修订本）

缺乏可交换性

香港财务报告准则第9号

及香港财务报告准则

第7号（修订本）

金融工具分类及计量

之修订

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）

涉及依赖自然资源的

电力合约

香港财务报告准则会计

准则之年度改进－

第11卷

香港财务报告准则

第1号、香港财务

报告准则第7号、

香港财务报告准则

第9号、香港财务

报告准则第10号及

香港会计准则

第7号（修订本）

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

或合营企业之间之

资产出售或注资

于2025年1月1日或之后开始之年度期间生

效。

于2026年1月1日或之后开始之年度期间生

效。

于2027年1月1日或之后开始之年度期间生

效。

于待定日期或之后开始之年度期间生效。

3. APLICATION OF NEW AND

AMENDMENTS TO HKFRS ACOUNTING

STANDARDS (Continued)

Amendments to HKFRS Acounting Standards isued but

not yet efective

The Group has not early aplied the folowing new and amendments

to HKFRS Acounting Standards that have ben isued but are not yet

efective:

HKFRS 18Presentation and Disclosure in Financial

Statements

HKFRS 19Subsidiaries without Public Acountability:

Disclosures

Amendments to HKAS 21Lack of Exchangeability

Amendments to HKFRS 9 and

HKFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

Amendments to HKFRS 9 and

HKFRS 7

Contracts Referencing Nature-dependent

Electricity

Anual Improvements to HKFRS

Acounting Standards

– Volume 11

Amendments to HKFRS 1, HKFRS 7,

HKFRS 9, HKFRS 10 and HKAS 7

Amendments to HKFRS 10 and

HKAS 28

Sale or Contribution of Asets betwen

an Investor and its Asociate or Joint

Venture

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.

Efective for anual periods begining on or after a date to be

determined.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

3. 应用新订及经修订香港财务报

告准则会计准则（续）

已颁布但尚未生效的香港财务报告准

则会计准则修订本（续）

董事预期除下文所述者外，应用上述新订及

经修订香港财务报告准则会计准则将不会对

本集团的业绩及财务状况产生重大影响。

香港财务报告准则第18号－财务报表

的呈列及披露

香港财务报告准则第18号载列有关财务报表

呈列及披露的规定，并将取代香港会计准则

第1号财务报表的呈列。香港财务报告准则

第18号引入于损益表呈列特定类别及界定小

计的新规定；在财务报表附注中披露管理层

界定的业绩计量，并改进将在财务报表中披

露的信息的汇总和分类。香港会计准则第7

号「现金流量表」及香港会计准则第33号「每

股盈利」亦作出轻微修订。

香港财务报告准则第18号及其对其他香港财

务报告准则会计准则的相应修订将于2027

年1月1日或之后开始的年度期间生效，并允

许提早应用。

应用香港财务报告准则第18号预期不会对本

集团的财务状况造成重大影响。董事正在评

估香港财务报告准则第18号的影响，惟尚未

能说明采纳该准则会否对本集团综合财务报

表的呈列及披露构成重大影响。

3. APLICATION OF NEW AND

AMENDMENTS TO HKFRS ACOUNTING

STANDARDS (Continued)

Amendments to HKFRS Acounting Standards isued but

not yet efective (Continued)

The Directors anticipate that, except as described below, the

aplication of the above new and amendments to HKFRS Acounting

Standards wil have no material impact on the results and the

financial position of the Group.

HKFRS 18 – Presentation and Disclosure in Financial

Statements

HKFRS 18 sets out requirements on presentation and disclosures

in financial statements and wil replace HKAS 1 Presentation of

Financial Statements. HKFRS 18 introduces new requirements to

present specified categories and defined subtotals in the statement

of profit or los; provide disclosures on management-defined

performance measures in the notes to the financial statements and

improve agregation and disagregation of information to be

disclosed in the financial statements. Minor amendments to HKAS 7

“Statement of Cash Flows” and HKAS 33 “Earnings per Share” are

also made.

HKFRS 18, and the consequential amendments to other HKFRS

Acounting Standards, wil be efective for anual periods begining

on or after 1 January 2027, with early aplication permited.

The aplication of the HKFRS 18 is not expected to have material

impact on the financial position of the Group. The directors are in

the proces of making an asesment of the impact of HKFRS 18, but

is not yet in a position to state whether the adoption would have a

material impact on the presentation and disclosures of consolidated

financial statements of the Group.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

4. 重大会计政策资料

综合财务报表已根据香港会计师公会颁布之

香港财务报告准则会计准则而编制。此外，

综合财务报表亦包括联交所证券上市规则及

香港公司条例之披露规定所适用披露事项。

综合财务报表乃根据历史成本法编制，惟于

各报告期末按公允价值计量之投资物业及按

公允价值计入损益（「按公允价值计入损益」）

之金融资产除外。

历史成本一般以就换取商品及服务所付出的

代价的公允价值为基准。

公允价值是指市场参与者之间于计量日期进

行的有序交易中出售资产所收取的价格或转

移负债所支付的价格，无论该价格是直接观

察到的结果还是采用估值技术作出的估计。

公允价值计量详情载述于下文会计政策内。

重大会计政策载列如下。

4. MATERIAL ACOUNTING POLICY

INFORMATION

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards isued by the

HKICPA. In adition, the consolidated financial statements include

aplicable disclosures required by the Rules Governing the Listing of

Securities on the Stock Exchange and by the Hong Kong Companies

Ordinance.

The consolidated financial statements have ben prepared on the

historical cost basis, except for investment properties and financial

aset at fair value through profit or los (“FVTPL”), which are

measured at fair values at the end of each reporting period.

Historical cost is generaly based on the fair value of the

consideration given in exchange for gods and services.

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 valuation technique. Details

of fair value measurement are explained in the acounting policies

set out below.

The material acounting policies are set out below.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

综合基准

综合财务报表包括本公司及本集团所控制实

体的财务报表。

当本集团(i)可对投资对象行使权力；(i)承担

或享有参与投资对象之可变回报之风险或权

利；及(i)可对投资对象行使权力影响本集团

之回报金额，则对其有控制权。

倘有事件及情况显示上述该等控制权之一项

或多项因素出现变动，本公司会重估是否控

制投资对象。

当本集团取得附属公司之控制权，则该附属

公司综合入账，直至本集团失去对该附属公

司之控制权为止。

附属公司的收入及支出自本集团取得控制权

当日起计入综合损益表，直至本集团不再控

制该附属公司为止。

损益及附属公司的其他全面收益各组成部分

归属于本公司权益持有人及非控股权益。附

属公司的全面收益总额乃归属于本公司权益

持有人及非控股权益（即使此举会导致非控

股权益产生亏绌结余）。

有关本集团实体间交易的所有集团内部资产

及负债、权益、收入、支出及现金流量均于

综合账目时全数对销。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Basis of consolidation

The consolidated financial statements incorporate the financial

statements of the Company and entities controled by the Group.

Control is achieved where the Group has: (i) the power over

the investe; (i) exposure, or rights, to variable returns from its

involvement with the investe; and (i) the ability to use its power

over the investe to afect the amount of the Group’s returns.

The Company reases whether it controls an investe if facts and

circumstances indicate that there are changes to one or more of these

elements of control stated above.

Consolidation of a subsidiary begins when the Group obtains control

over the subsidiary and cease when the Group loses control of the

subsidiary.

Income and expenses of subsidiaries are included in the consolidated

statement of profit or los from the date the Group gains control until

the date when the Group ceases to control the subsidiary.

Profit or los and each component of other comprehensive income

of subsidiaries are atributed to the equity holders of the Company

and to the non-controling interest. Total comprehensive income of

subsidiaries is atributed to the equity holders of the Company and

to the non-controling interests even if this results in the non-controling

interests having a deficit balance.

Al intra-group asets and liabilities, equity, income, expenses and

cash flows relating to transactions betwen entities of the Group are

eliminated in ful on consolidation.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

来自客户合约之收入

确认收入旨在描述按能反映实体预期就交换

货品或服务有权获得代价之金额向客户转让

承诺货品及服务。具体而言，本集团使用一

套包含五个步骤之方法确认收入：

：识别与客户订立之合约

：识别合约中之履约责任

：厘定交易价

：将交易价分配至合约中之履

约责任

：于（或因）实体完成履约责任

时确认收入

本集团于（或因）完成履约责任时确认收入，

即当特定履约责任所属货品或服务之「控制

权」转移至客户时。

履约责任代表某项特定货品或服务（或一批

货品或服务）或大致相同之一系列特定货品

或服务。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Revenue from contracts with customers

Revenue is recognised to depict the transfer of promised gods or

services to customers in an amount that reflects the consideration to

which the entity expects to be entitled in exchange for those gods or

services. Specificaly, the Group uses a 5-step aproach to revenue

recognition:

: Identify the contract(s) with a customer

: Identify the performance obligations in the contract

: Determine the transaction price

: Alocate the transaction price to the performance

obligations in the contract

: Recognise revenue when (or as) the entity satisfies a

performance obligation

The Group recognised revenue when (or as) a performance

obligation is satisfied, i.e. when “control” of the gods or services

underlying the particular performance obligation is transfered to

customers.

A performance obligation represents a god or service (or a bundle

of gods or services) that is distinct or a series of distinct gods or

services that are substantialy the same.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

来自客户合约之收入（续）

倘符合以下其中一项准则，控制权于一段时

间内转移，而收入则参考完成相关履约责任

之进度于一段时间内确认：

• 客户于本集团履约时同时接收及使用

本集团履约带来之利益；

• 本集团履约创造及加强客户于资产被

创造及加强时控制之资产；或

• 本集团履约并未创造对本集团而言具

有另类用途之资产，而本集团享有可

强制执行之权利就迄今所完成之履约

获得付款。

除此之外，收入于客户取得特定货品或服务

之控制权时确认。

收益乃根据本集团预期于客户合约中有权获

得的代价计量。

合约资产指本集团就换取本集团已向客户转

让的货品或服务收取代价的权利（尚未成为

无条件）。其根据香港财务报告准则第9号财

务工具评估减值。相反，应收款项指本集团

收取代价的无条件权利，即只需要时间过去

代价即须到期支付。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Revenue from contracts with customers (Continued)

Control is transfered over time and revenue is recognised over time

by reference to the progres towards complete satisfaction of the

relevant performance obligation if one of the folowing criteria is met:

• The customer simultaneously receives and consumes the

benefits provided by the Group’s performance as the Group

performs;

’s performance creates and enhances an aset that

the customer controls as the aset is created and enhanced; or

’s performance does not create an aset with an

alternative use to the Group and the Group has an enforceable

right to payment for performance completed to date.

Otherwise, revenue is recognised at a point in time when the

customer obtains control of the distinct gods or service.

Revenue is measured based on the consideration to which the Group

expects to be entitled in a contract with a customer.

A contract aset represents the Group’s right to consideration in

exchange for gods or services that the Group has transfered to a

customer that is not yet unconditional. It is asesed for impairment

in acordance with HKFRS 9 Financial Instruments. In contrast, a

receivable represents the Group’s unconditional right to consideration,

i.e. only the pasage of time is required before payment of that

consideration is due.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

来自客户合约之收入（续）

本集团确认来自以下主要来源的收入：

• 销售物业

• 营运服务式公寓

• 提供物业管理服务

• 提供装修及装饰服务

• 酒店及高尔夫球会营运

• 餐厅营运

销售物业

销售中国物业所得收入于物业控制权转移至

客户时，即一般为客户取得已竣工物业的实

物拥有权或法定业权，且本集团获得现时收

款权且很可能收取代价时确认。

提供物业管理服务

提供物业管理服务产生之收入按直线法于计

划期限确认，原因是客户同时收取及消耗本

集团所提供之利益。

提供装修及装饰服务

倘合约与受客户控制的资产工程有关，则本

集团将客户合约分类为建筑合约，因此本集

团的建筑活动创造或加强受客户控制的资

产。装修及装饰服务产生之收入使用输出法

随时间确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Revenue from contracts with customers (Continued)

The Group recognised revenue from the folowing major sources:

• sales of properties

• operation of serviced apartments

• provision of property management services

• provision of renovation and decoration services

• hotel and golf club operations

• restaurant operations

Sales of properties

Revenue from sales of properties in the PRC is recognised at a point

in time when the control of the property is transfered to the customer,

generaly when the customer obtains the physical posesion or the

legal title of the completed property and the Group has present right

to payment and the colection of the consideration is probable.

Provision of property management services

Revenue from provision of property management services is

recognised over the scheduled period on a straight-line basis

because the customer simultaneously receives and consumes the

benefits provided by the Group.

Provision of renovation and decoration services

A contract with a customer is clasified by the Group as a

construction contract when the contract relates to work on an

aset under the control of the customer and therefore the Group’s

construction activities create or enhance an aset under the

customer’s control. Revenue from renovation and decoration services is

recognised over time using output method.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

来自客户合约之收入（续）

随时间确认收入：计量完全达成履约责任

之进度（输出法）

提供装修及装饰服务产生之收入随时间确

认。

完全达成履约责任之进度乃根据输出法计

量，即按直接计量迄今已转让予客户之货品

或服务价值相对合约下承诺提供之余下货品

或服务价值之基准确认收入，有关方法最能

反映本集团转让货品或服务控制权之履约情

况。

营运服务式公寓及酒店及高尔夫球会营运

服务式公寓收入、酒店客房收入、其他配套

服务及高尔夫球会营运收入乃于服务式公

寓、酒店客房及高尔夫球会藉的相关租赁

期内按直线法确认，原因是客户同时收取及

消耗本集团提供之利益。

餐厅营运

餐厅经营收入于向客户提供餐饮服务之时间

点确认。

租赁

租赁定义

倘合约授予权利以换取代价并在某一段时期

内控制使用已识别资产，则该合约属于租赁

或包含租赁。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Revenue from contracts with customers (Continued)

Over time revenue recognition: measurement of progres

towards complete satisfaction of a performance obligation

(Output method)

Revenue from provision of renovation and decoration services is

recognised overtime.

The progres towards complete satisfaction of a performance

obligation is measured based on output method, which is to

recognise revenue on the basis of direct measurements of the value

of the gods or services transfered to the customer to date relative

to the remaining gods or services promised under the contract, that

best depict the Group’s performance in transfering control of gods

or services.

Operation of serviced apartments and hotel and golf club

operations

Serviced apartments income, hotel rom revenue, other ancilary

services and income from golf club operations are recognised on

a straight-line basis over the term of the relevant lease of service

apartment, hotel rom and the membership of golf club because the

customer simultaneously receives and consumes the benefits provided

by the Group.

Restaurant operations

Revenue from restaurant operations is recognised at a point in time

when the catering services are provided to customers.

Leasing

Definition of a lease

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

control the use of an identified aset for a period of time in exchange

for consideration.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

租赁（续）

本集团作为承租人

本集团于合约开始或修改日期或收购日期

（如适用）评估合约是否属租赁或包含租赁。

本集团就其作为承租人的所有租赁安排确

认使用权资产及相应的租赁负债，惟租期为

十二个月或以下的短期租赁及低价值项目租

赁除外。就该等租赁而言，本集团于租赁期

内以直线法确认租赁付款为经营开支，惟倘

有另一系统化基准更能表达使用租赁资产之

经济利益的时间模式则另作别论。

租赁负债

于开始日期，本集团按该日未支付的租赁付

款的现值计量租赁负债。该等租赁付款使用

租赁中隐含的利率予以贴现。倘该利率不可

轻易厘定，则本集团会采用其增量借款利

率。

计入租赁负债计量的租赁付款包括固定租赁

付款（包括实质固定付款）。

租赁负债在综合财务状况表中单独呈列。

租赁负债其后计量为透过增加账面值以反映

租赁负债的利息（采用实际利率法）及透过减

少账面值以反映作出的租赁付款。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Leasing (Continued)

The Group as lese

The Group aseses whether a contract is, or contains, a lease, at

inception of the contract or modification date or acquisition date,

as apropriate. The Group recognises a right-of-use aset and a

coresponding lease liability with respect to al lease arangements in

which it is the lese, except for leases that have a short lease term

of 12 months or les, and leases of low-value items. For these leases,

the Group recognises the lease payments as an operating expense

on a straight-line basis over the term of the lease unles another

systematic basis is more representative of the time patern in which

economic benefits from the leased asets are consumed.

Lease liabilities

At the comencement date, the Group measures lease liability at the

present value of the lease payments that are not paid at that date.

The lease payments are discounted by using the interest rate implicit

in the lease. If this rate canot be readily determined, the Group uses

its incremental borowing rate.

Lease payments included in the measurement of the lease liability

comprise fixed lease payments (including in-substance fixed

payments).

The lease liability is presented as a separate line in the consolidated

statement of financial position.

The lease liability is subsequently measured by increasing the

carying amount to reflect interest on the lease liability (using the

efective interest method) and by reducing the carying amount to

reflect the lease payments made.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产包括相应租赁负债、于开始日期

或之前作出的租赁付款及任何初期直接成本

的初步计量。

除使用权资产分类为投资物业并按公允价值

模式计量外，使用权资产其后以成本减累计

折旧及减值亏损计量，并就任何重新计量租

赁负债（如有）作出调整。使用权资产乃按

租赁期及相关资产的可使用年期以较短者折

旧。折旧于租赁开始日期开始计算。

本集团于综合财务状况表内将不符合投资物

业定义的使用权资产呈列为独立项目。符合

投资物业定义的使用权资产则于「投资物业」

内呈列。

本集团应用香港会计准则第36号资产减值厘

定使用权资产是否已减值，并就任何已识别

减值亏损入账。

本集团作为出租人

本集团作为出租人就其部分投资物业订立租

赁协议。本集团作为出租人之租赁分类为融

资或经营租赁。倘租赁条款将所有权之绝大

部分风险及回报转移至承租人，则合约分类

为融资租赁。所有其他租赁均分类为经营租

赁。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Leasing (Continued)

The Group as lese (Continued)

Right-of-use asets

The right-of-use asets comprise the initial measurement of the

coresponding lease liability, lease payments made at or before the

comencement date and any initial direct costs.

Except for the right-of-use asets clasified as investment properties

and measured under fair value model, right-of-use asets are

subsequently measured at cost les acumulated depreciation and

impairment loses and adjusted for any remeasurement of lease

liabilities, if any. They are depreciated over the shorter period of

lease term and useful life of the underlying aset. The depreciation

starts at the comencement date of the lease.

The Group presents right-of-use asets that do not met the definition

of investment property as a separate line in the consolidated

statement of financial position. The right-of-use asets that met the

definition of investment property are presented within “investment

properties”.

The Group aplies HKAS 36 Impairment of Asets to determine

whether a right-of-use asets is impaired and acounts for any

identified impairment los.

The Group as lesor

The Group enters into lease agrements as a lesor with respect to

some of its investment properties. Leases for which the Group is a

lesor are clasified as finance or operating leases. Whenever the

terms of the lease transfer substantialy al the risks and rewards of

ownership to the lese, the contract is clasified as a finance lease.

Al other leases are clasified as operating leases.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

租赁（续）

本集团作为出租人（续）

经营租赁之租金收入（扣除支付予承租人之

任何租赁优惠）于相关租赁期内按直线法确

认。磋商及安排经营租赁所产生之前期直接

成本加至租赁资产之账面值，并按租赁期以

直线法确认。

分租

当本集团为间接出租人时，本集团会将主租

约及分租约作为两项独立合约入账。分租约

经参考主租约所产生的使用权资产（而非参

考相关资产）分类为融资或经营租赁。

外币

编制个别集团实体之财务报表时，以该实体

功能货币以外之货币（外币）所进行之交易乃

以相关功能货币（即实体经营所在主要经济

环境之货币）按交易当日之现行汇率记录。

于报告期末，以外币列值之货币项目乃按当

日之现行汇率重新换算。以外币列值并以公

允价值列账之非货币项目乃按厘定公允价值

当日之现行汇率重新换算。以外币历史成本

计量之非货币项目则不予重新换算。

因结算货币项目及重新换算货币项目而产生

之汇兑差额，于其产生期间在损益内确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Leasing (Continued)

The Group as lesor (Continued)

Rental income from operating leases (net of any lease incentives

paid to leses) is recognised on a straight-line basis over the term

of the relevant lease. Initial direct costs incured in negotiating and

aranging an operating lease are aded to the carying amount of

the leased aset and recognised on a straight-line basis over the

lease term.

Sublease

When the Group is an intermediate lesor, it acounts for the head

lease and the sublease as two separate contracts. The sublease is

clasified as a finance or operating lease by reference to the right-

of-use aset arising from the head lease, rather than by reference to

underlying aset.

Foreign curencies

In preparing the financial statements of each individual group entity,

transactions in curencies other than the functional curency of that

entity (foreign curencies) are recorded in the respective functional

curency (i.e. the curency of the primary economic environment in

which the entity operates) at the rates of exchanges prevailing at

the dates of the transactions. At the end of the reporting period,

monetary items denominated in foreign curencies are retranslated at

the rates prevailing at that date. Non-monetary items caried at fair

value that are denominated in foreign curencies are retranslated at

the rates prevailing at the date when the fair value was determined.

Non-monetary items that are measured in terms of historical cost in a

foreign curency are not retranslated.

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.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

外币（续）

重新换算以公允价值列账之非货币项目所产

生之汇兑差额计入期间之损益。

就呈列综合财务报表而言，本集团之境外业

务资产及负债按各报告期末之现行汇率换算

为本集团之呈列货币港元。收入及开支项目

按年内之平均汇率换算。所产生之汇兑差额

（如有）于其他全面收益确认并于权益下以汇

兑储备累计（在适用情况下归属于非控股权

益）。

借贷成本

收购、建造或生产合资格资产（即需要一段

长时间方可作拟定用途或出售）直接应占之

借贷成本，加入该等资产的成本，直至资产

大致上可作拟定用途或出售之时为止。

所有其他借贷成本均在产生期内之损益中确

认。

政府补贴

本集团仅在能合理保证本集团将遵守政府补

贴的附带条件且本集团将收到补贴的情况

下，方会确认政府补贴。

与收入相关的应收政府补贴，倘用作补偿已

产生的开支或亏损或向本集团提供即时财务

支持且并无未来相关成本，则于其成为应收

的期间内于损益中确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Foreign curencies (Continued)

Exchange diferences arising on the retranslation of non-monetary

items caried at fair value are included in profit or los for the period.

For the purposes of presenting the consolidated financial statements,

the asets and liabilities of the Group’s foreign operations are

translated into the presentation curency of the Group (i.e. HK$)

using exchange rates prevailing at the end of each reporting

period. Income and expenses items are translated at the average

exchange rates for the year. Exchange diferences arising, if any,

are recognised in other comprehensive income and acumulated

in equity under the heading of translation reserve (atributed to non-

controling interest as apropriate).

Borowing costs

Borowing costs directly atributable to the acquisition, construction

or production of qualifying asets, which are asets that necesarily

take a substantial period of time to get ready for their intended use or

sale, are aded to the cost of those asets, until such time as the asets

are substantialy ready for their intended use or sale.

Al other borowing costs are recognised in profit or los in the period

in which they are incured.

Government grants

Government grants are not recognised until there is reasonable

asurance that the Group wil comply with the conditions ataching to

them and that the grants wil be received.

Government grants related to income that are receivable as

compensation for expenses or loses already incured or for the

purpose of giving imediate financial suport to the Group with no

future related costs are recognised in profit or los in the period in

which they become receivable.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

退休福利成本

若员工提供服务且有权获得供款时，向定额

供款计划╱国家管理的退休福利计划╱强制

性公积金计划（「强积金计划」）的付款确认为

开支。

短期雇员福利

雇员有关工资及薪金及年假之应计福利乃于

提供有关服务期间，按预期将就换取该服务

而支付之未贴现福利金额确认负债。

就有关短期雇员福利确认之负债乃按获得有

关服务预期将支付之未贴现福利金额计量。

税项

所得税开支指即期应付税项与递延税项总

和。

即期应付税项按年内应课税溢利计算。由于

应课税溢利不包括其他年度之应课税或可扣

税收支项目，亦不包括永远毋须课税或不可

扣税项目，故有别于综合损益表所呈报之

「除税前亏损」。本集团之即期税项负债按报

告期末前已实施或已实质实施之税率计算。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Retirement benefits costs

Payments to defined contribution plans/state-managed retirement

benefit schemes/the Mandatory Provident Fund Scheme (the “MPF

Scheme”) are recognised as an expense when employes have

rendered service entitling them to the contributions.

Short-term employe benefits

A liability is recognised for benefits acruing to employes in respect

of wages and salaries and anual leave in the period the related

service is rendered at the undiscounted amount of the benefits

expected to be paid in exchange for that service.

Liabilities recognised in respect of short-term employe benefits are

measured at the undiscounted amount of the benefits expected to be

paid in exchange for the related service.

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

consolidated statement of profit or los because it excludes items of

income or expense that are taxable or deductible in other years and

it further excludes items that are never taxable or deductible. The

Group’s liability for curent tax is calculated using tax rates that have

ben enacted or substantively enacted by the end of the reporting

period.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

税项（续）

递延税项按综合财务报表中资产及负债之账

面值与计算应课税溢利所用相应税基间之暂

时差额确认。递延税项负债一般就所有应课

税暂时差额确认。递延税项资产则一般就所

有可扣税暂时差额确认，直至应课税溢利可

用作抵销该等可扣税暂时差额。倘因交易中

初始确认资产及负债而产生之暂时差额并不

影响会计溢利及应课税溢利且于交易时并不

产生相等的应课税及可扣减暂时差额，则不

会确认该等递延税项资产及负债。

递延税项负债按与于附属公司之投资相关之

应课税暂时差额确认，惟倘本集团可控制拨

回暂时差额及暂时差额可能不会于可见将来

拨回则除外。因与该等投资有关之可扣税暂

时差额而产生之递延税项资产，仅于可能有

足够应课税溢利用作抵销暂时差额利益且预

期将于可见将来拨回时方予确认。

递延税项资产及负债以报告期末前已实施或

已实质实施之税率（及税法）为基准，按预期

于结偿该负债或变现该资产期间适用之税率

计量。

递延税项负债及资产之计量反映本集团于报

告期末预期收回或结偿其资产及负债账面值

之方式所导致之税务后果。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Taxation (Continued)

Defered tax is recognised on temporary diferences betwen the

carying amounts of asets and liabilities in the consolidated financial

statements and the coresponding tax 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 defered tax

asets and liabilities are not recognised if the temporary diference

arises from the initial recognition of asets and liabilities in a

transaction that afects neither the acounting profit nor taxable profit

and at the time of the transaction does not give rise to equal taxable

and deductible temporary diferences.

Defered tax liabilities are recognised for taxable temporary

diferences asociated with investments in subsidiaries, 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.

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 their asets and liabilities.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

税项（续）

就计量递延税项而言，利用公允价值模式计

量的投资物业之账面值乃假设通过销售全数

收回，除非该假设被推翻则除外。当投资物

业可予折旧及于本集团的业务模式（其业务

目的是随时间而非透过销售消耗投资物业所

包含的绝大部分经济利益）内持有时，有关

假设会被推翻。倘有关假设被推翻，有关投

资物业之递延税项负债及递延税项资产则根

据上文所载一般准则（即根据有关物业之预

期收回方式）计量。倘有关假设被推翻，有

关投资物业之递延税项负债及递延税项资产

则根据上文所载一般准则计量。

为计量本集团于其中确认使用权资产及相关

租赁负债的租赁交易递延税项，本集团初步

厘定税项减免是否来自于使用权资产或租赁

负债。

倘有法律上可强制执行的权利以即期税项资

产抵销即期税项负债，及倘递延税项资产与

负债涉及由同一税务机关征收的所得税且本

集团拟按净额基准清偿即期税项负债及资

产，则递延税项资产与负债可予抵销。

就税项扣减归属于租赁负债之租赁交易而

言，本集团会对租赁负债及相关资产分开应

用香港会计准则第12号之规定。本集团于

可能有应课税溢利可用作抵扣可扣减暂时差

额的情况下确认有关租赁负债的递延税项资

产，并就所有应课税暂时差额确认递延税项

负债。

即期及递延税项于损益确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Taxation (Continued)

For the purposes of measuring defered tax for investment properties

that are measured using the fair value model, the carying amounts

of such properties are presumed to be recovered entirely through

sale, unles the presumption is rebuted. The presumption is rebuted

when the investment properties are depreciable and are held within

a busines model whose objective is to consume substantialy al of

the economic benefits embodied in the investment properties over

time, rather than through sale. If the presumption is rebuted, defered

tax liabilities and defered tax asets for such investment properties

are measured in acordance with the general principles above

(i.e. based on the expected maner as to how the property wil be

recovered). If the presumption is rebuted, defered tax liabilities and

defered tax asets for such investment properties are measured in

acordance with the general principles above.

For the purposes of measuring defered tax for leasing transactions

in which the Group recognises the right-of-use asets and the related

lease liabilities, the Group first determines whether the tax deductions

are atributable to the right-of-use asets or the lease liabilities.

Defered tax asets and liabilities are ofset when there is a legaly

enforceable right to set of curent tax asets against curent tax

liabilities and when they related to income taxes levied by the same

taxation authority and the Group intends to setle curent tax liabilities

and asets on a net basis.

For leasing transactions in which the tax deductions are atributable

to the lease liabilities, the Group aplies HKAS 12 requirements

to the lease liabilities and the related asets separately. The Group

recognises a defered tax aset related to lease liabilities to the extent

that it is probable that taxable profit wil be available against which

the deductible temporary diference can be utilised and a defered

tax liability for al taxable temporary diferences.

Curent and defered tax are recognised in profit or los.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

投资物业

投资物业为持作赚取租金及╱或资本增值之

物业。

投资物业亦包括本集团确认为使用权资产及

经营租赁下出租之租赁物业。

所拥有投资物业初步按成本计量，包括任何

直接应占开支。于初步确认后，投资物业按

其公允价值计量。投资物业公允价值变动所

产生收益或亏损计入产生期间之损益。

投资物业所产生额外成本及一般借贷利息支

出拨充资本，构成投资物业账面值之一部

分。

本集团所持投资物业根据香港财务报告准则

第16号租赁初步按成本确认为使用权资产。

于初始确认后，其按公允价值计量（为使用

权资产，而非相关物业）。

物业、厂房及设备

诚如下文所述，物业、厂房及设备（但不包

括永久业权土地）于综合财务状况表按成本

减其后累计折旧及其后累计减值亏损（如有）

列账。

租赁土地及楼宇之所有权益

当本集团就物业所有权益（包括租赁土地

及楼宇部分）付款时，全部代价按初始确认

时的相对公允价值比例于租赁土地及楼宇部

分之间分配。在相关付款可作可靠分配的情

况下，租赁土地权益于综合财务状况表中呈

列为「使用权资产」，惟根据公允价值模式分

类及入账为投资物业者除外。当代价无法在

相关租赁土地的非租赁楼宇部分及未分割权

益之间可靠分配时，整项物业分类为物业、

厂房及设备。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Investment properties

Investment properties are properties held to earn rentals and/or for

capital apreciation.

Investment properties also include leased properties recognised by

the Group as right-of-use asets and leased out under operating

lease.

Owned investment properties are initialy measured at cost, including

any directly atributable expenditure. Subsequent to initial recognition,

investment properties are measured at their fair values. Gains or los

arising from changes in the fair value of investment properties are

included in profit or los for the period in which they arise.

Aditional costs and interest expenses from general borowings

incured for investment properties are capitalised as part of the

carying amount of the investment properties.

Investment properties held by the Group as right-of-use asets are

measured initialy at cost in acordance with HKFRS 16 Leases.

Subsequent to initial recognition, they are measured at fair value,

which are the right-of-use asets, but not the underlying property.

Property, plant and equipment

Property, plant and equipment, other than frehold land as described

below, are stated in the consolidated statement of financial position

at cost les subsequent acumulated depreciation and subsequent

acumulated impairment loses, if any.

Ownership interests in leasehold land and buildings

When the Group makes payments for ownership interests of

properties which includes both leasehold land and building elements,

the entire consideration is alocated betwen the leasehold land and

the building elements in proportion to the relative fair values at initial

recognition. To the extent the alocation of the relevant payments can

be made reliably, interest in leasehold land is presented as “right-

of-use asets” in the consolidated statement of financial position

except for those that are clasified and acounted for as investment

properties under the fair value model. When the consideration

canot be alocated reliably betwen non-lease building element

and undivided interest in the underlying leasehold land, the entire

properties are clasified as property, plant and equipment.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

物业、厂房及设备（续）

租赁土地及楼宇之所有权益（续）

永久业权土地指本集团拥有的地块，初步按

成本减其后累计减值亏损（如有）确认，且不

予折旧。

确认折旧旨在就物业、厂房及设备（不包括

永久业权土地）项目采用直线法按其估计可

使用年期分配其成本减其剩余价值。估计可

使用年期、剩余价值以及折旧方法于各报告

期末进行检讨，任何估计变动影响均按前瞻

基准入账。

物业、厂房及设备项目于出售时或当预期不

会因继续使用该资产而产生任何未来经济利

益时取消确认。任何因出售或物业、厂房及

设备项目报废而产生之收益或亏损厘定为出

售所得款项与该资产账面值间之差额，并于

损益确认。

持作出售物业

竣工物业按成本与可变现净值的较低者列

账。成本包括应占尚未出售物业的发展成

本。厘定可变现净值乃经参考于一般业务过

程出售的物业的销售所得款项，扣减适用可

变销售开支，或透过管理层按现行市况估

计。

无形资产

独立收购且具有无限可使用年期的无形资产

按成本减任何其后累计减值亏损列账。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Property, plant and equipment (Continued)

Ownership interests in leasehold land and buildings

(Continued)

The frehold land represents parcels of land owned by the Group is

initialy recognised at cost les subsequent acumulated impairment

loses if any, and not depreciated.

Depreciation is recognised so as to alocate the cost of items of

property, plant and equipment (other than frehold land), les their

residual values over their estimated useful lives, using the straight-line

method. The estimated useful lives, residual values and depreciation

method are reviewed at the end of each reporting period, with the

efect of any changes in estimate acounted for on a prospective

basis.

An item of property, plant and equipment is derecognised upon

disposal or when no future economic benefits are expected to arise

from the continued use of the aset. Any gain or los arising on the

disposal or retirement of an item of property, plant and equipment

is determined as the diference betwen the sales proceds and the

carying amount of the aset and is recognised in profit or los.

Properties held for sale

Completed properties are stated at the lower of cost and net

realisable value. Cost comprises development costs atributable

to the unsold properties. Net realisable value is determined by

reference to the sale proceds of properties sold in the ordinary

course of busines, les aplicable variable seling expenses, or by

management estimates based on prevailing marketing conditions.

Intangible asets

Intangible asets with indefinite useful lives that are acquired

separately are caried at cost les any subsequent acumulated

impairment loses.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

存货

存货按成本与可变现净值较低者列账。成本

以先进先出法计算。可变现净值指日常业务

过程中的估计售价减完成之所有估计成本及

作出销售之必要成本。

现金及等同现金

于综合财务状况表，现金及银行结余包括现

金（即手头现金及短期银行存款）及等同现

金。等同现金为短期（一般而言原到期日为

三个月或以内）及高流通投资，可随时转换

为已知金额现金，并无重大价值变动风险。

等同现金乃以持作满足短期现金承担为目

的，而非用作投资或其他目的。

于附属公司之投资

于附属公司之投资乃按成本减累计减值亏损

（如有）于本公司财务状况表列值。

财务工具

倘集团实体成为工具合约条文之订约方，则

于综合财务状况表确认金融资产及金融负

债。

金融资产及金融负债初步按公允价值计量，

惟根据香港财务报告准则第15号来自客户合

约之收入初步计量的客户合约产生之贸易应

收账款则除外。因收购或发行金融资产及金

融负债而直接产生之交易成本（按公允价值

计入损益之金融资产除外）于初步确认时计

入金融资产或金融负债（如适用）之公允价值

或自金融资产或金融负债（如适用）之公允价

值扣除。因收购按公允价值计入损益之金融

资产而直接产生之交易成本直接于损益中确

认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Inventories

Inventories are stated at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method. Net realisable

value represents the estimated seling price in the ordinary course of

busines les al estimated costs of completion and costs necesary to

make the sale.

Cash and cash equivalents

In the consolidated statement of financial position, cash and bank

balances comprise cash (i.e. cash on hand and short-term bank

deposits) and cash equivalents. Cash equivalents are short-term

(generaly with original maturity of thre months or les), highly liquid

investments that are readily convertible to a known amount of cash

and which are subject to an insignificant risk of changes in value.

Cash equivalents are held for the purpose of meting short-term cash

comitments rather for investment or other purposes.

Investments in subsidiaries

Investments in subsidiaries are stated on the statement of financial

position of the Company at cost les acumulated impairment los, if

any.

Financial instruments

Financial asets and financial liabilities are recognised in the

consolidated statement of financial position when a group entity

becomes a party to the contractual provisions of the instrument.

Financial asets and financial liabilities are initialy measured at

fair value, except for trade receivables arising from contracts with

customers which are initialy measured in acordance with HKFRS

15 Revenue from Contracts with Customers. Transaction costs that

are directly atributable to the acquisition or isue of financial asets

and financial liabilities (other than financial aset at FVTPL) are aded

to or deducted from the fair values of the financial asets or financial

liabilities, as apropriate, on initial recognition. Transaction costs

directly atributable to the acquisition of financial aset at FVTPL are

recognised imediately in profit or los.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产

所有日常买卖之金融资产于交易日确认及取

消确认。日常买卖指须于根据市场规则或惯

例订立之时限内交付资产之金融资产买卖。

所有已确认的金融资产，视乎金融资产的分

类而定，其后全面按摊销成本或公允价值计

量。于初步确认时，金融资产分类为其后按

摊销成本及按公允价值计入损益计量。

于初步确认时，金融资产分类取决于金融资

产的合约现金流量特点及本集团管理该等金

融资产的业务模式。

按摊销成本计量之金融资产（债务工具）

符合以下条件之金融资产其后由本集团按摊

销成本计量：

• 以收取合约现金流量为目的而持有金

融资产的业务模式下持有的金融资

产；及

• 金融资产的合约条款于指定日期产生

的现金流量仅为支付本金及未偿还本

金的利息。

按摊销成本计量之金融资产其后使用实际利

率法计量，且或会作出减值。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets

Al regular way purchases or sales of financial asets are recognised

and derecognised on a trade date basis. Regular way purchases or

sales are purchases or sales of financial asets that require delivery of

asets within the time frame established by regulation or convention

in the marketplace.

Al recognised financial asets are subsequently measured in their

entirety at either amortised cost or fair value, depending on the

clasification of the financial asets. Financial asets are clasified, at

initial recognition, as subsequently measured at amortised cost and

FVTPL.

The clasification of financial asets at initial recognition depends

on the financial aset’s contractual cash flow characteristics and the

Group’s busines model for managing them.

Financial asets at amortised cost (debt instruments)

The Group measures financial asets subsequently at amortised cost if

both of the folowing conditions are met:

• the financial aset is held within a busines model whose

objective is to hold financial asets in order to colect

contractual cash flows; and

• the contractual terms of the financial aset give rise on

specified dates to cash flows that are solely payments of

principal and interest on the principal amount outstanding.

Financial asets at amortised cost are subsequently measured using

the efective interest method and are subject to impairment.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Financial asets at amortised cost (debt instruments) (Continued)

Amortised cost and efective interest method

The efective interest method is a method of calculating the amortised

cost of a debt instrument and of alocating interest income over the

relevant period.

For financial asets other than purchased or originated credit-

impaired financial asets (i.e. asets that are credit-impaired on

initial recognition), the efective interest rate is the rate that exactly

discounts estimated future cash receipts (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) excluding

the expected credit loses (“ECL”), through the expected life of the

debt instrument, or, where apropriate, a shorter period, to the

gros carying amount of the debt instrument on initial recognition.

For purchased or originated credit-impaired financial asets, a

credit adjusted efective interest rate is calculated by discounting the

estimated future cash flows, including expected credit loses, to the

amortised cost of the debt instrument on initial recognition.

The amortised cost of a financial aset is the amount at which the

financial aset is measured at initial recognition minus the principal

repayments, plus the cumulative amortisation using the efective

interest method of any diference betwen that initial amount and the

maturity amount, adjusted for any los alowance. The gros carying

amount of a financial aset is the amortised cost of a financial aset

before adjusting for any los alowance.

（续）

财务工具（续）

金融资产（续）

按摊销成本计量之金融资产（债务工具）（续）

按摊销成本及实际利率法

实际利率法乃计算债务工具之摊销成本及分

配有关期间利息收入之方法。

就购买或发起之信贷减值金融资产（即于初

步确认时已出现信贷减值之资产）以外的金

融资产而言，实际利率乃按债务工具之预计

年期或适用之较短期间，准确贴现估计未来

现金收入（包括构成实际利率、交易成本及

其他溢价或折让不可或缺部分之一切已付或

已收费用及费点）（不包括预期信贷亏损（「预

期信贷亏损」）至债务工具于初步确认时之账

面总值之利率。就购买或发起之信贷减值金

融资产而言，经信贷调整之实际利率乃按贴

现估计未来现金流量（包括预期信贷亏损）至

债务工具于初步确认时之摊销成本计算。

金融资产的摊销成本指金融资产于初步确认

时计量的金额减去本金还款，加上初始金额

与到期金额间的任何差额使用实际利率法计

算的累计摊销（就任何亏损拨备作出调整）。

金融资产的账面总值指金融资产就任何亏损

拨备作出调整前的摊销成本。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

按摊销成本计量之金融资产（债务工具）（续）

按摊销成本及实际利率法（续）

就其后按摊销成本计量的债务工具而言，利

息收入采用实际利率法确认。就购买或发起

的信贷减值金融资产以外的金融资产而言，

利息收入透过对金融资产的账面总值使用实

际利率计算，惟其后出现信用减值之金融资

产除外（见下文）。就购买或发起之信贷减值

金融资产而言，本集团透过于初步确认金融

资产之摊销成本时应用经信贷调整之实际利

率确认利息收入。即使金融资产之信贷风险

其后有所改善，导致金融资产不再出现信贷

减值，此计算方法亦不会归回至总额计算。

利息收入于损益中确认，并计入「财务收入」

一栏（附注11）。

按公允价值计入损益之金融资产

不符合以摊销成本或按公允价值计入其他全

面收益（「按公允价值计入其他全面收益」）之

标准的金融资产按公允价值计入损益。具体

而言为以下项目：

• 权益工具投资分类为按公允价值计入

损益，惟除本集团于初步确认时指定

并非持作交易或由按公允价值计入其

他全面收益之业务合并产生的或然代

价的股权投资外。

• 并不符合摊销成本规定或按公允价值

计入其他全面收益规定之债务工具分

类为按公允价值计入损益计量。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Financial asets at amortised cost (debt instruments) (Continued)

Amortised cost and efective interest method (Continued)

Interest income is recognised using the efective interest method

for debt instruments measured subsequently at amortised cost. For

financial asets other than purchased or originated credit-impaired

financial asets, 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 purchased or originated credit-impaired financial asets,

the Group recognises interest income by aplying the credit-adjusted

efective interest rate to the amortised cost of the financial aset from

initial recognition. The calculation does not revert to the gros basis

even if the credit risk of the financial aset subsequently improves so

that the financial aset is no longer credit-impaired.

Interest income is recognised in profit or los and is included in the

“finance income” line item (note 11).

Financial asets at FVTPL

Financial asets that do not met the criteria for being measured at

amortised cost or fair value through other comprehensive income

(“FVTOCI”) are measured at FVTPL. Specificaly:

, unles

the Group designates an equity investment that is neither

held for trading nor a contingent consideration arising from a

busines combination as FVTOCI on initial recognition.

• Debt instruments that do not met amortised cost criteria or the

FVTOCI criteria are clasified as FVTPL.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

按公允价值计入损益之金融资产（续）

按公允价值计入损益之金融资产于各报告期

末按公允价值计量，任何并非属于指定对冲

关系部分的公允价值收益或亏损于损益中确

认。在损益中确认的净收益或亏损不包括金

融资产的任何股息或利息，并计入「按公允

价值计入损益的金融资产公允价值增加（减

少）」项目中。公允价值按附注7(c)所述的方

式厘定。

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目

本集团就按摊销成本计量之贸易应收账款、

合约资产及所有其他金融资产确认预期信贷

亏损之亏损拨备。预期信贷亏损金额于各报

告日期更新，以反映信贷风险自相关财务工

具初步确认以来之变动。

本集团通常就贸易应收账款及合约资产确认

全期预期信贷亏损。该等金融资产的预期信

贷亏损乃就有重大结余或信贷减值之客户单

独进行估计及╱或基于本集团过往信贷亏损

经验使用拨备矩阵共同进行估计，并就债务

人的特定因素、整体经济状况以及对报告日

期的当前状况及方向预测的评估，包括货币

时间价值（倘适用）作出调整。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Financial asets at FVTPL (Continued)

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 to the extent they are not part of a designated

hedging relationship. 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 “increase (decrease) in fair value of financial aset at

fair value through profit or los” line item. Fair value is determined in

the maner described in note 7(c).

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9

The Group recognises a los alowance for ECL on trade receivables,

contract asets and al other financial asets measured at amortised

cost. The amount of ECL is updated at each reporting date to reflect

changes in credit risk since initial recognition of the respective

financial instrument.

The Group always recognises lifetime ECL for trade receivables

and contract asets. The ECL on these financial asets are estimated

individualy for customer with significant balances or credit-impaired

and/or colectively using a provision matrix 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 as wel as the forecast direction of conditions at the

reporting date, including time value of money where apropriate.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9 (Continued)

For al other financial instruments, including other receivables,

amounts due from related companies and cash and cash equivalents,

the Group measures the los alowance equal to 12-month ECL,

unles when there has 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

increase in the likelihod or risk of a default ocuring since initial

recognition.

Significant increase in credit risk

In asesing whether the credit risk on a financial instrument has

increased significantly since initial recognition, the Group compares

the risk of a default ocuring on the financial instrument as at the

reporting date with the risk of a default ocuring on the financial

instrument as at the date of initial recognition. In making this

asesment, the Group considers both quantitative and qualitative

information that is reasonable and suportable, including historical

experience and forward-loking information that is available

without undue cost or efort. Forward-loking information considered

includes the future prospects of the industries in which the Group’s

debtors operate, obtained from economic expert reports as wel as

consideration of various external sources (if available) of actual and

forecast economic information that relate to the Group’s operations.

（续）

财务工具（续）

金融资产（续）

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目（续）

就所有其他财务工具（包括其他应收账款、

应收关连公司款项以及现金及等同现金）而

言，本集团计量相当于12个月预期信贷亏损

之亏损拨备，除非信贷风险自初步确认后显

著增加，则本集团确认全期预期信贷亏损。

评估是否确认全期预期信贷亏损时，乃基于

自初步确认后违约之可能性或风险有否显著

增加而进行。

信贷风险显著增加

于评估自初步确认以来财务工具信贷风险有

否显著增加时，本集团将于报告日期财务工

具发生违约的风险与初步确认日期财务工具

发生违约的风险进行比较。于进行该评估

时，本集团考虑合理且有理据的定量和定性

资料，包括毋须付出不必要的成本或努力即

可获得的过往经验及前瞻性资料。所考虑的

前瞻性资料包括获取自经济专家报告有关本

集团债务人经营所在行业的未来前景，以及

考虑与本集团营运相关的多项外部实际及预

测经济资料来源（如有）。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目（续）

信贷风险显著增加（续）

尤其是，在评估信贷风险自初步确认以来有

否显著增加时，会考虑以下资料：

（如有）或内部信贷评级

实际或预期显著下降；

（如有）外部

市场指标显著下降，例如债务人的信

贷息差、信贷违约掉期价格或金融资

产公允价值低于摊销成本的时长或幅

度显著增加；

• 预计会严重影响债务人履行债务责任

能力的业务、财务或经济状况的现有

或预期不利变动；

• 同一债务人其他财务工具之信贷风险

显著上升；

• 严重降低债务人履行债务责任能力的

监管、经济或技术环境的实际或预期

重大不利变动。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9 (Continued)

Significant increase in credit risk (Continued)

In particular, the folowing information is taken into acount when

asesing whether credit risk has increased significantly since initial

recognition:

• 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 (if available) for a particular debtor, e.g. a significant

increase in the credit spread, the credit default swap prices for

the debtor, or the length of time or the extent to which the fair

value of a financial aset has ben les than its amortised cost;

, 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;

• significant increases in credit risk on other financial instruments

of the same 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.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目（续）

信贷风险显著增加（续）

不论上述评估结果如何，本集团假定当合约

付款逾期超过30天，则自初始确认以来金

融资产之信贷风险已显著增加，除非本集团

拥有合理有据之资料反对此一假定，则作别

论。

尽管如上所述，本集团认为倘债务工具于报

告日期厘定为信贷风险低，均假设该债务工

具的信贷风险自初步确认以来并无显著增

加。倘出现下列情形，财务工具厘定为信贷

风险低：(i)财务工具违约风险低；(i)债务人

于短期履行合约现金流量责任的能力强；及

(i)经济及业务状况的长期不利变动可能但不

一定会削弱借款人履行合约现金流量责任的

能力。本集团认为，倘资产外部信贷评级为

按全球公认定义的「投资级别」，则有关债务

工具的信贷风险低或如没有外部评级，则该

资产将会内部评级为「正常」。正常指对手方

拥有雄厚的财务状况，并无逾期欠款。

本集团定期监察用以确定信贷风险曾否显著

增加的标准的成效，并于适当时候作出修

订，从而确保有关标准能够于款项逾期前确

定信贷风险显著增加。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9 (Continued)

Significant increase in credit risk (Continued)

Irespective of the outcome of the above asesment, the Group

presumes that the credit risk on a financial aset has increased

significantly since initial recognition when contractual payments are

more than 30 days past due, unles the Group has reasonable and

suportable information that demonstrates otherwise.

Despite the foregoing, the Group asumes that the credit risk on 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 financial instrument is determined to have low

credit risk if (i) the financial instrument has a low risk of default; (i)

the debtor 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 the aset has external credit rating of ‘investment

grade’ in acordance with the globaly understod definition or if

an external rating is not available, the aset has an internal rating

of ‘performing’. Performing means that the counterparty has a strong

financial position and there is no past due amounts.

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.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目（续）

违约定义

本集团认为以下情况就内部信贷风险管理目

的而言构成违约事件，因为过往经验表明符

合以下任何一项条件的应收账款一般无法收

回：

；或

（如有）的

资料表明，债务人不太可能向债权人

（包括本集团）全额还款（不考虑本集团

持有的任何抵押品）。

不论上述分析如何，本集团认为金融资产逾

期超过90天已属发生违约，除非本集团有合

理可靠的资料证明较为滞后的违约准则更为

适当，则作别论。

本集团基于各客户良好的还款记录、与本集

团的持续业务关系及╱或其他合理可靠的资

料，推翻了贸易账款在预期信贷亏损模式下

逾期超过90天即属违约的假设。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9 (Continued)

Definition of default

The Group considers the folowing as constituting an event of default

for internal credit risk management purposes as historical experience

indicates that receivables that met either of the folowing criteria are

generaly not recoverable:

;

• information developed internaly or obtained from external

sources (if available) indicates that the debtor is unlikely to pay

its creditors, including the Group, in ful (without taking into

acount any colaterals held by the Group).

Irespective of the above analysis, the Group considers that default

has ocured when a financial aset is more than 90 days past due

unles the Group has reasonable and suportable information to

demonstrate that a more laging default criterion is more apropriate.

The Group rebuted the presumption of default under ECL model for

trade debtors over 90 days past due based on the god repayment

records for each customer, continuous busines with the Group and/

or other reasonable and suportable information.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目（续）

信贷减值金融资产

倘发生一项或多项对金融资产估计未来现金

流量具有负面影响的事件，金融资产发生信

贷减值。金融资产发生信贷减值的证据包括

有关下列事件的可观察数据：

，如拖欠或逾期事件；

• 借款人的贷款人就有关借款人财务困

难的经济或合约理由向借款人授出贷

款人可能不会以其他方式考虑的优惠；

• 借款人可能将破产或进行其他财务重

组；或

，金融资产活跃市场

消失。

撇销政策

当有资料显示债务人陷入严重财务困难，且

并无收回的实际前景之时（例如对手方已清

算或进入破产程序），本集团会撇销金融资

产。已撇销的金融资产仍可根据本集团的收

回程序实施强制执行，在适当情况下考虑法

律意见。任何收回款项会于损益中确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9 (Continued)

Credit-impaired financial asets

A financial aset is credit-impaired when one or more events that

have a detrimental impact on the estimated future cash flows of that

financial aset have ocured. Evidence that a financial aset is

credit-impaired includes observable data about the folowing events:

;

, such as a default or past due event;

, for economic or contractual

reasons relating to the borower’s financial dificulty, having

granted to the borower a concesion(s) that the lender(s)

would not otherwise consider;

• it is becoming probable that the borower wil enter bankruptcy

or other financial reorganisation; or

• the disapearance of an active market for that financial aset

because of financial dificulties.

Write-of policy

The Group writes of a financial aset when there is information

indicating that the debtor is in severe financial dificulty and there

is no realistic prospect of recovery, e.g. when the counterparty

has ben placed under liquidation or has entered into bankruptcy

procedings. Financial asets writen of may stil be subject to

enforcement activities under the Group’s recovery procedures, taking

into acount legal advice where apropriate. Any recoveries made

are recognised in profit or los.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目（续）

预期信贷亏损之计量及确认

计量预期信贷亏损时，会综合考虑违约概

率、违约损失率（即发生违约时损失程度）及

违约风险的函数。违约概率及违约损失率的

评定乃基于根据上文所述前瞻性资料作出调

整的过往数据。而金融资产的违约风险敞口

指由资产于报告日期的账面总值。

就金融资产而言，预期信贷亏损估计为根据

合约应付本集团的所有合约现金流量与本集

团预计收取的所有现金流量之间的差额，并

按原实际利率贴现。

倘本集团于上个报告期间以相等于全期预期

信贷亏损的金额计量一项财务工具的亏损拨

备，但于本报告日期厘定该全期预期信贷亏

损的条件不再符合，则本集团于本报告日期

按相等于12个月预期信贷亏损的金额计量亏

损拨备，惟使用简化方法之资产则除外。

本集团就所有财务工具于损益确认减值收益

或亏损，透过亏损拨备账对其账面值作出相

应调整。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9 (Continued)

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 as described above. As for the exposure

at default, for financial asets, this is represented by the asets’ gros

carying amount at the reporting date.

For financial asets, the ECL is estimated as the diference betwen

al contractual cash flows that are due to the Group in acordance

with the contract and al the cash flows that the Group expects to

receive, discounted at the original efective interest rate.

If the Group has measured the los alowance for a financial

instrument at an amount equal to lifetime ECL in the previous

reporting period, but determines at the curent reporting date that the

conditions for lifetime ECL are no longer met, the Group measures the

los alowance at an amount equal to 12-month ECL at the curent

reporting date, except for asets for which simplified aproach was

used.

The Group recognises an impairment gain or los in profit or los

for al financial instruments with a coresponding adjustment to their

carying amount through a los alowance acount.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融资产（续）

金融资产之减值及根据香港财务报告准则第

9号须予减值之其他项目（续）

终止确认金融资产

当从资产现金流量之合约权利届满，或向另

一方转让金融资产及资产拥有权之绝大部分

风险及回报时，本集团则会终止确认金融资

产。

于终止确认按摊销成本计量之金融资产时，

该资产账面值与已收及应收代价总额之差额

于损益内确认。

金融负债及权益工具

分类为债务或股权

某集团实体发行之债务及权益工具乃根据合

约安排之内容以及金融负债及权益工具之定

义而分类为金融负债或股权。

权益工具

权益工具为任何证明实体于扣除其所有负债

后之资产剩余权益之合约。集团实体发行之

权益工具乃按所收取款项（扣除直接发行成

本）确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets and other items subject to impairment

asesment under HKFRS 9 (Continued)

Derecognition of financial asets

The Group derecognises a financial aset only when the contractual

rights to the cash flows from the aset expire, or when it transfers

the financial aset and substantialy al the risks and rewards of

ownership of the aset to another party.

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.

Financial liabilities and equity instruments

Clasification as debt or equity

Debt and equity instruments isued by a group entity are clasified

as either financial liabilities or as equity in acordance with the

substance of the contractual arangements 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 a group entity are recognised at the proceds

received, net of direct isue costs.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

财务工具（续）

金融负债及权益工具（续）

金融负债

金融负债其后按摊销成本计量

金融负债其后采用实际利率法按摊销成本计

量。

实际利率法为计算金融负债之摊销成本及按

有关期间摊分利息开支之方法。实际利率为

透过金融或（如适用）较短期间准确贴现估计

未来现金付款（包括已支付或收取并构成实

际利率组成部分之所有费用及点数、交易成

本及其他溢价或折让）至金融负债的摊销成

本。

终止确认金融负债

仅于本集团的责任被解除、取消或到期时，

本集团终止确认金融负债。已终止确认的金

融负债的账面值与已付及应付代价（包括已

转让的非现金资产或承担的负债）之间的差

额于损益中确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Financial instruments (Continued)

Financial liabilities and equity instruments (Continued)

Financial liabilities

Financial liabilities subsequently measured at amortised cost

Financial liabilities are subsequently measured at amortised cost using

the efective interest method.

The efective interest method is a method of calculating the amortised

cost of a financial liability and of alocating interest expense over

the relevant period. The efective interest rate is the rate that exactly

discounts estimated future cash payments (including al fes 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 liability, or (where

apropriate) a shorter period, to the amortised cost of a financial

liability.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when,

the Group’s obligations are discharged, canceled or they expire.

The diference betwen the carying amount of the financial liability

derecognised and the consideration paid and payable, including

any non-cash asets transfered or liabilities asumed, is recognised

in profit or los.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

物业、厂房及设备、使用权资产及无

形资产减值

于报告期末，本集团检讨其物业、厂房及设

备、使用权资产及无形资产之账面值，从而

厘定是否存在任何迹象显示该等资产已产生

减值亏损。倘存在有关迹象，则估计资产之

可收回金额以厘定减值亏损（如有）之程度。

物业、厂房及设备、使用权资产及无形资产

的可收回金额个别作出估计。倘无法估计个

别资产之可收回金额，则本集团估计该资产

所属现金产生单位之可收回金额。倘有可识

别之合理一致分配基准，公司资产亦会分配

至个别现金产生单位，或分配至有可识别之

合理一致分配基准之现金产生单位之最小组

别。

可收回金额为公允价值减出售成本及使用价

值两者间之较高者。评估使用价值时，采用

反映当前市场对货币时间价值及未经调整估

计未来现金流量之资产所涉及特定风险之评

估之除税前贴现率，将估计未来现金流量贴

现至其现值。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Impairment on property, plant and equipment, right-of-

use asets and intangible asets

At the end of the reporting period, the Group reviews the carying

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

intangible asets to determine whether there is any indication that

those asets have sufered an impairment los. If any such indication

exists, the recoverable amount of the aset is estimated in order to

determine the extent of the impairment los, if any. The recoverable

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

intangible asets are estimated individualy. When it is not posible

to estimate the recoverable amount of an individual aset, the Group

estimates the recoverable amount of the cash-generating unit to

which the aset belongs. When a reasonable and consistent basis of

alocation can be identified, corporate asets are also alocated to

individual cash-generating unit, or otherwise they are alocated to the

smalest group of cash-generating units for which a reasonable and

consistent alocation basis can be identified.

Recoverable amount is the higher of fair value les costs of disposal

and value-in-use. In asesing value-in-use, the estimated future cash

flows are discounted to their present value using a pre-tax discount

rate that reflects curent market asesments of the time value of

money and the risks specific to the aset for which the estimates of

future cash flows have not ben adjusted.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

物业、厂房及设备、使用权资产及无

形资产减值（续）

倘估计资产（或现金产生单位）之可收回金额

低于其账面值，则该资产（或现金产生单位）

之账面值应扣减至其可收回金额。就未能按

合理一致的基准分配至现金产生单位的企业

资产或部分企业资产而言，本集团会将一组

现金产生单位的账面值（包括已分配至该组

现金产生单位的企业资产或部分企业资产的

账面值）与该组现金产生单位的可收回金额

进行比较。于分配减值亏损时，根据该单位

或该组现金产生单位内各资产的账面值按比

例分配至有关资产。资产账面值不得减少至

低于其公允价值减出售成本（如可计量）、其

使用价值（如可厘定）及零之中的最高值。原

本应分配至资产的减值亏损金额按比例分配

至该单位或该组现金产生单位的其他资产。

减值亏损即时于损益中确认。

倘其后拨回减值亏损，则该资产（或现金产

生单位）之账面值将调升至其修订后之估计

可收回金额，惟所增加之账面值数额不得超

过于过往年度未就该资产（或现金产生单位）

确认减值亏损情况下所应厘定之账面值。减

值亏损拨回即时确认为收益。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Impairment on property, plant and equipment, right-of-

use asets and intangible asets (Continued)

If the recoverable amount of an aset (or a cash-generating unit) is

estimated to be les than its carying amount, the carying amount of

the aset (or the cash-generating unit) is reduced to its recoverable

amount. For corporate asets or portion of corporate asets which

canot be alocated on a reasonable and consistent basis to a

cash-generating unit, the Group compares the carying amount of

a group of cash-generating units, including the carying amounts of

the corporate asets or portion of corporate asets alocated to that

group of cash-generating units, with the recoverable amount of the

group of cash-generating units. In alocating the impairment los,

the impairment los is alocated to the asets on a pro-rata basis

based on the carying amount of each aset in the unit or the group

of cash-generating units. The carying amount of an aset is not

reduced below the highest of its fair value les costs of disposal (if

measurable), its value in use (if determinable) and zero. The amount

of the impairment los that would otherwise have ben alocated to

the aset is alocated pro-rata to the other asets of the unit or the

group of cash-generating units. An impairment los is recognised

imediately in profit or los.

Where an impairment los subsequently reverses, the carying amount

of the aset (or the cash-generating unit) is increased to the revised

estimate of its recoverable amount, but so that the increased carying

amount does not exced the carying amount that would have ben

determined had no impairment los ben recognised for the aset (or

the cash-generating unit) in prior years. A reversal of an impairment

los is recognised as income imediately.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

公允价值计量

除发展中物业之租赁交易及可变现净值外，

倘市场参与者于计量日期厘定资产或负债价

格时会考虑资产或负债之特征，则本集团于

计量资产或负债之公允价值时会考虑该等特

征。

非金融资产之公允价值计量计及市场参与者

透过按资产之最高及最佳用途使用该资产或

透过向其他会按资产之最高及最佳用途使用

该资产之市场参与者出售该资产而产生经济

利益之能力。

本集团采用可获得足够数据计量公允价值之

适当估值技术，尽量使用有关可观察输入数

据并尽可能减少使用不可观察输入数据。具

体而言，本集团根据输入数据之特征将公允

价值计量分类为三个层级如下：

第1层－相同资产或负债于活跃市场所报

（未经调整）市价。

第2层－可直接或间接观察对公允价值计

量属重要之最低层级输入数据之

估值技术。

第3层－无法观察对公允价值计量属重要

之最低层级输入数据之估值技

术。

于报告期末，本集团透过审阅按经常性基准

计量公允价值之资产及负债各自之公允价值

计量，厘定其公允价值层级之间是否发生转

拨。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Fair value measurement

When measuring fair value except for the leasing transaction and

the net realisable value of properties under development, 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.

A fair value measurement of a non-financial aset takes into acount

a market participant’s ability to generate economic benefits by using

the aset in its highest and best use or by seling it to another market

participant that would use the aset in its highest and best use.

The Group uses valuation techniques that are apropriate in the

circumstances and for which suficient data are available to measure

fair value, maximising the use of relevant observable inputs and

minimising the use of unobservable inputs. Specificaly, the Group

categorised the fair value measurements into thre levels, based on

the characteristics of inputs, as folows:

Level 1 –Quoted (unadjusted) market prices in active markets for

identical asets or liabilities.

Level 2 –Valuation technique for which the lowest level input that

is significant to the fair value measurement is directly or

indirectly observable.

Level 3 –Valuation technique for which the lowest level input that is

significant to the fair value measurement is unobservable.

At the end of the reporting period, the Group determines whether

transfer ocur betwen levels of the fair value hierarchy for asets

and liabilities which are measured at fair value on recuring basis by

reviewing their respective fair value measurement.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

或然负债

或然负债为产生自过往事件但未确认的现有

责任，因为不大可能需流出附带经济利益的

资源以结付该项责任，或无法十足可靠地计

量该项责任的金额。

当本集团共同及个别地承担某项责任，预期

将由其他订约方履行的责任部分会被视为或

然负债，并不会在综合财务报表中予以确

认。

本集团持续进行评估，以厘定是否可能有附

带经济利益的资源流出。倘先前作为或然负

债处理的项目有可能会导致未来经济利益流

出，则会在可能性发生变化的报告期内在综

合财务报表中确认拨备，惟在极罕见的情况

下无法作出可靠估计则除外。

5. 关键会计判断和估计不确定因

素之主要来源

在应用附注4所述本集团之会计政策时，董

事须就综合财务报表所呈报及披露资产、负

债、收入及开支金额作出判断、估计和假

设。估计和有关假设乃基于其过往经验和其

他被认为相关之因素。实际结果与该等估计

可能出现误差。

估计和有关假设将持续予以检讨。对会计估

计作出之修订如只影响该修订之期间，则会

于对估计作出修订之期间确认，如影响现时

及将来之期间，则同时于修订期间及将来期

间确认。

4. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

Contingent liabilities

A contingent liability is a present obligation arising from past events

but is not recognised because it is not probable that an outflow of

resources embodying economic benefits wil be required to setle the

obligation or the amount of the obligation canot be measured with

suficient reliability.

Where the Group is jointly and severaly liable for an obligation,

the part of the obligation that is expected to be met by other parties

is treated as a contingent liability and it is not recognised in the

consolidated financial statements.

The Group aseses continualy to determine whether an outflow of

resources embodying economic benefits has become probable. If it

becomes probable that an outflow of future economic benefits wil be

required for an item previously dealt with as a contingent liability, a

provision is recognised in the consolidated financial statements in the

reporting period in which the change in probability ocurs, except in

the extremely rare circumstances where no reliable estimate can be

made.

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTIES

In the aplication of the Group’s acounting policies, which are

described in note 4, the Directors are required to make judgements,

estimates and asumptions about the amounts of asets, liabilities,

revenue and expenses reported and disclosures made in the

consolidated financial statements. The estimates and asociated

asumptions are based on historical experience and other factors that

are considered to be relevant. Actual results may difer from these

estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised in

the period in which the estimate is revised if the revision afects only

that period, or in the period of the revision and future periods if the

revision afects both curent and future periods.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTIES (Continued)

Key sources of estimation uncertainties

The folowings are the key asumptions concerning the future,

and other key sources of estimation uncertainties at the end of the

reporting period, that have a significant risk of resulting in a material

adjustment to the carying amounts of asets and liabilities within the

next financial year.

Fair values of investment properties

Investment properties are stated at fair values in acordance with the

Group’s acounting policies. The fair values of investment properties

as at 31 March 2025 and 2024 are determined by the Directors,

based on the valuation performed by an independent profesional

valuer, Ravia Global Apraisal Advisory Limited (“Ravia”) (2024:

CHFT Advisory and Apraisals Limited (“CHFT”). The valuations

were based on certain asumptions and estimations, which were

subject to uncertainties and might materialy difer from actual results.

In making these asumptions and estimations, reasonable

consideration has ben given to the underlying asumptions based on

market conditions existing at the end of the reporting period. These

estimates are regularly compared to the recent market transaction

prices and internal busines plans, together with market and other

externaly available information.

As at 31 March 2025, the carying amount of investment properties

was stated at fair value of aproximately HK$1,120,290,000

(2024: aproximately HK$1,280,227,000) based on valuation

performed by an independent valuer, with a decrease in fair

value of aproximately HK$266,107,000 (2024: aproximately

HK$244,684,000) recognised for the year ended 31 March 2025.

5. 关键会计判断和估计不确定因

素之主要来源（续）

估计不确定因素之主要来源

以下为于报告期末有关未来之主要假设及估

计不确定因素之其他主要来源，有关假设及

来源具有导致资产及负债账面值于下一个财

政年度内发生重大调整之重大风险。

投资物业之公允价值

根据本集团之会计政策，投资物业乃按公

允价值列账。投资物业于2025年及2024

年3月31日之公允价值乃由董事根据独立专

业估值师瑞丰环球评估咨询有限公司（「瑞

丰」）（2024年：华坊咨询评估有限公司（「华

坊」）进行之估值而厘定。有关估值乃基于

若干假设及估计而作出，有关假设及估计乃

受到不确定性所限，可能与实际结果有重大

出入。

于作出该等假设及估计时已合理地考虑相关

假设，该等假设以报告期末之现有市况为依

据。此等估计定期与近期市场交易价及内部

业务计划，连同市场及其他外部可得资料作

比较。

于2025年3月31日，基于独立估值师进行

之估值，按公允价值计量之投资物业之账

面值约为1,120,290,000港元（2024年：

约1,280,227,000港元），已于截至2025年

3月31日止年度确认公允价值减少约

266,107,000港元（2024年：约244,684,000

港元）。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTIES (Continued)

Key sources of estimation uncertainties (Continued)

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

asets

Property, plant and equipment and right-of-use asets are stated

at costs les acumulated depreciation and impairment, if any. In

determining whether an aset is impaired, the Group has to exercise

judgement and make estimation, particularly in asesing: (1) whether

an event has ocured or any indicators that may afect the aset

value; (2) whether the carying value of an aset can be suported

by the recoverable amounts; and (3) the apropriate key asumptions

to be aplied in estimating the recoverable amounts including the

apropriatenes of valuation techniques. When it is not posible to

estimate the recoverable amount of an individual aset, the Group

estimates the recoverable amount of the cash-generating unit to

which the asets belongs. In adition, the Group has considered the

recoverable amounts with reference to the valuation performed by an

independent valuer.

As at 31 March 2025, the carying amounts of property, plant

and equipment and right-of-use asets were aproximately

HK$392,404,000 (2024: aproximately HK$441,299,000)

(net of acumulated impairment los of HK$236,073,000 (2024:

aproximately HK$208,184,000) and HK$130,535,000 (2024:

aproximately HK$147,023,000) (net of acumulated impairment

los of HK$82,758,000 (2024: aproximately HK$72,476,000)

respectively. During the year ended 31 March 2025 and 2024,

impairment loses on property, plant and equipment and right-of-use

asets of aproximately HK$27,889,000 (2024: aproximately

HK$46,917,000) and HK$10,282,000 (2024: aproximately

HK$15,776,000) were recognised.

Details of the impairment asesment of property, plant and

equipment and right-of-use asets are disclosed in notes 20 and 22(i)

respectively.

5. 关键会计判断和估计不确定因

素之主要来源（续）

估计不确定因素之主要来源（续）

物业、厂房及设备及使用权资产减值

物业、厂房及设备以及使用权资产按成本减

累计折旧及减值（如有）列账。于厘定资产是

否减值时，本集团须作出判断及估计，尤其

是评估：(1)是否已发生事件或有任何迹象显

示可能影响资产价值；(2)资产的账面值是否

能够以可收回金额支持；及(3)应用于估计可

收回金额的适当关键假设（包括估值技术的

恰当性）。倘无法估计个别资产之可收回金

额，则本集团会估计资产所属现金产生单位

之可收回金额。此外，本集团会考虑可收回

金额，并参考独立估值师的估值。

于2025年3月31日，物业、厂房及设备以及

使用权资产的账面值分别约为392,404,000

港元（2024年：约441,299,000港元）

（扣除累计减值亏损236,073,000 港

元（2024年：约208,184,000港元）

及130,535,000港元（2024年：约

147,023,000港元）（扣除累计减值亏损

82,758,000港元（2024年：约72,476,000

港元）。截至2025年及2024年3月31日止

年度，本集团分别就物业、厂房及设备以

及使用权资产确认减值亏损约27,889,000

港元（2024年：约46,917,000港元）及

10,282,000港元（2024年：约15,776,000

港元）。

物业、厂房及设备以及使用权资产之减值评

估详情分别于附注20及22(i)披露。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

5. 关键会计判断和估计不确定因

素之主要来源（续）

估计不确定因素之主要来源（续）

持作出售物业之可变现净值

本集团管理层于各报告期末对持作出售物业

之账面值进行审阅。根据本集团管理层之审

阅，当估计可变现净值跌至低于账面值时，

将会对持作出售物业作出撇减。本集团管

理层会按照近期本地经济发展、本集团及邻

近地区其他同类物业之最近销售交易以及可

取得市场资料厘定持作出售物业之可变现净

值。持作出售物业之公允价值由独立专业估

值师瑞丰（2024年：华坊）厘定。该估值根

据管理层对现行市况之估计、内部可得资料

以及管理层估计之销售开支及售价进行。

于2025年3月31日，持作出售物业之账面

值约为261,080,000 港元（2024年：约

306,986,000港元），已于截至2025年3月

31日止年度确认减值亏损约43,466,000港

元（2024年：约45,793,000港元）。

6. 资本风险管理

本集团资本管理之目的为确保本集团有能力

持续经营，以尽量增加其股东之回报及为其

他权益相关者带来之利益，并维持最佳资本

结构以减低资本成本。本集团之整体策略与

去年相同。

本集团之资本结构包括净债务，分别包括披

露于附注28、29及30之银行及其他借贷以

及承兑票据及董事无抵押借贷、现金及等同

现金净额以及本公司拥有人应占权益（包括

已发行股本及储备）。

5. CRITICAL ACOUNTING JUDGEMENTS

AND KEY SOURCES OF ESTIMATION

UNCERTAINTIES (Continued)

Key sources of estimation uncertainties (Continued)

Net realisable value of properties held for sale

The management of the Group performs a review at the end of

each reporting period on the carying amounts of properties held

for sale. Based on the review from the management of the Group,

write-down of properties held for sale wil be made when the

estimated net realisable value has declined below their carying

amounts. In determining the net realisable value of properties held

for sale, the management of the Group based on the recent local

economic developments, recent sales transactions of the Group

and other similar properties in the surounding areas from available

market information. The fair value of properties held for sales is

determined by an independent profesional valuer, Ravia (2024:

CHFT). Such valuation was based on management estimates on

prevailing marketing conditions, internaly available information and

management estimating seling expenses and seling prices.

As at 31 March 2025, the carying amount of properties held for

sale is aproximately HK$261,080,000 (2024: aproximately

HK$306,986,000), with an impairment los of aproximately

HK$43,466,000 (2024: aproximately HK$45,793,000)

recognised for the year ended 31 March 2025.

6. CAPITAL RISK MANAGEMENT

The Group’s objectives when managing its capital are to safeguard

the Group’s ability to continue as a going concern in order to

maximise the returns to its shareholders and benefits to other

stakeholders and to maintain an optimal capital structure to reduce

the cost of capital. The Group’s overal strategy remains unchanged

from prior year.

The capital structure of the Group consists of net debt, which includes

bank and other borowings, promisory notes and unsecured

borowings from a director as disclosed in notes 28, 29 and 30

respectively, net of cash and cash equivalents and equity atributable

to owners of the Company, comprising isued share capital and

reserves.

2025
HK$’000
千港元
95,587
–
95,587
3,248,132

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

(b) 财务风险管理目标及政策

本集团之主要财务工具为按公允价值

计入损益之金融资产、贸易及其他应

收账款、合约资产、现金及等同现

金、贸易及其他应付账款、应收╱付

关连公司款项、银行及其他借贷、承

兑票据以及董事无抵押借贷。有关财

务工具之详情于相关附注披露。与该

等财务工具有关之风险包括市场风险

（汇兑风险及利率风险）、信贷风险及

流动资金风险。下文载列如何降低该

等风险之政策。管理层管理及监控该

等风险，以确保及时及有效采取适当

之措施。

6. CAPITAL RISK MANAGEMENT

(Continued)

The Directors review the capital structure on a semi-anual basis.

As part of this review, the Directors consider the cost of capital

and the risks asociated with each clas of capital. Based on

recomendations of the Directors, the Group wil balance its overal

capital structure through the drawdown of unsecured borowings

and facilities from a director and his controled related company,

repayment of bank and other borowings as wel as new share isues

and share buy-backs.

7. FINANCIAL RISK MANAGEMENT

(a) Categories of financial instruments

HK$’000

千港元

Financial asets金融资产

Financial asets at amortised cost按摊销成本计量之金融资产75,357

Financial aset at FVTPL按公允价值计入损益之金融资产–

75,357

Financial liabilities金融负债

Financial liabilities at amortised

cost

按摊销成本计量之金融负债

3,069,179

(b) Financial risk management objectives and policies

The Group’s major financial instruments include financial aset

at FVTPL, trade and other receivables, contract asets, cash

and cash equivalents, trade and other payables, amounts

due from/to related companies, bank and other borowings,

promisory notes and unsecured borowings from a director.

Details of the financial instruments are disclosed in respective

notes. The risks asociated with these financial instruments

include market risk (foreign exchange risk and interest rate risk),

credit risk and liquidity risk. The policies on how to mitigate

these risks are set out below. The management manages and

monitors these exposures to ensure apropriate measures are

implemented on a timely and efective maner.

（续）

董事以半年为基准检讨资本结构。作为检讨

一部分，董事考虑资本之成本及每一类资本

附带之风险。根据董事的推荐意见，本集团

将透过提取董事及其控制之关连公司之无

抵押借贷及融资、偿还银行及其他借贷以及

发行新股份及购回股份以平衡其整体资本结

构。

7. 财务风险管理

(a) 财务工具类别

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

市场风险

(i) 汇兑风险

本集团并无面临重大汇兑风险，

此乃由于除以相关实体功能货币

外，本集团于中华人民共和国

（「中国」）及日本之主要业务极

少进行外币交易。董事认为，截

至2025年及2024年3月31日止

年度，本集团之外币风险并不重

大，故此并无呈列敏感度分析。

本集团目前并无外汇对冲政策。

然而，本集团管理层会监察外汇

风险，并将于有需要时考虑对冲

重大外汇风险。

(i) 利率风险

本集团就按固定利率计息的银行

及其他借贷（附注28）、承兑票

据（附注29）及董事无抵押借贷

（附注30）面临公允价值利率风

险。

本集团亦就浮息银行结余（附注

25）面临现金流量利率风险。由

于本集团所有银行结余均属短期

性质，利率之不时变动将不会对

本集团之表现造成重大影响。本

集团现时并无利率对冲政策。然

而，管理层会监察利率风险并于

预见重大利率风险时考虑采取其

他必要行动。

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Market risk

(i) Foreign exchange risk

The Group was not exposed to significant foreign

exchange risk as the main operations of the Group are

located in the People’s Republic of China (“PRC“) and

Japan only had minimal foreign curency transactions

other than functional curency of the respective entities.

The Directors consider that the foreign curency risk

of the Group is insignificant for the years ended 31

March 2025 and 2024, hence no sensitivity analysis is

presented.

The Group curently does not have a foreign exchange

hedging policy. However, the management of the

Group monitors foreign exchange exposure and wil

consider hedging significant foreign exchange exposure

should the ned arise.

(i) Interest rate risk

The Group is exposed to fair value interest rate risk

in relation to bank and other borowings (note 28),

promisory notes (note 29) and unsecured borowings

from a director (note 30), which are caried at fixed

rates.

The Group is also exposed to cash flow interest rate risk

in relation to variable-rate bank balances (note 25). As

al the Group’s bank balances were short-term in nature,

any change in the interest rate from time to time is not

considered to have significant impact to the Group’s

performance. The Group curently does not have an

interest rate hedging policy. However, management

monitors interest rate exposure and wil consider other

necesary actions when significant interest rate exposure

is anticipated.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

信贷风险

信贷风险指本集团对手方违反其合约

责任导致本集团产生财务亏损之风

险。于2025年3月31日，本集团最高

信贷风险（并无考虑任何持有的抵押品

或其他信贷增强安排）将导致本集团因

对手方未能履行综合财务状况表载列

的相关确认金融资产的账面值的责任

而产生财务亏损。

本集团信贷风险主要源于贸易及其他

应收账款、合约资产、应收关连公司

款项、现金及等同现金。有关结余之

账面值为本集团就金融资产所面临之

最高信贷风险。信贷风险乃按组合基

准管理。

为降低信贷风险，本集团管理层已授

权专门团队负责厘定信用额度及信贷

审批。对于贸易应收账款，本集团采

用信贷政策，对所有客户的信用额度

进行单独的信贷评估。评估重点关注

客户过往到期付款记录以及当前付款

能力，并计及客户的具体资料以及客

户经营所处的经济环境。

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Credit risk

Credit risk refers to the risk that the Group’s counterparties

default on their contractual obligations resulting in financial

loses to the Group. As at 31 March 2025, the Group’s

maximum exposure to credit risk without taking into acount

any colateral held or other credit enhancements, which wil

cause a financial los to the Group due to failure to discharge

an obligation by the counterparties is arising from the carying

amount of the respective recognised financial asets as stated

in the consolidated statement of financial position.

The credit risk of the Group mainly arises from trade and

other receivables, contract asets, amounts due from related

companies and cash and cash equivalents. The carying

amounts of these balances represent the Group’s maximum

exposure to credit risk in relation to financial asets. The credit

risk is managed in a group basis.

In order to minimise the credit risk, the management of the

Group has delegated a team responsible for determination

of credit limits and credit aprovals. With respect to trade

receivables, the Group has adopted credit policy under which

individual credit evaluations are performed on al customers’

credit limit. These evaluations focus on the customers’ past

history of making payments when due and curent ability to

pay, and take into acount information specific to the customer

as wel as pertaining to the economic environment in which the

customer operates.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

就贸易应收账款及合约资产而言，本

集团已应用香港财务报告准则第9号财

务工具（「香港财务报告准则第9号」）

之简化法计量全期预期信贷亏损之亏

损拨备。本集团就涉及重大结余或信

贷减值的客户单独厘定预期信贷亏损

及╱或基于本集团过往信贷亏损经验

使用拨备矩阵共同进行估计，并就债

务人的特定因素、整体经济状况以及

对报告日期的当前状况及方向预测的

评估，包括货币时间价值（倘适用）作

出调整。

就按金及其他应收账款而言，本集团

已评估信贷风险自初始确认以来是否

大幅增加。倘信贷风险大幅增加，本

集团将按全期而非12个月预期信贷亏

损计量亏损拨备。

管理层认为应收关连公司款项属低信

贷风险。应收关连公司款项的预期信

贷亏损不属重大，因此于截至2025年

及2024年3月31日止年度并无确认亏

损拨备。

流动资金的信贷风险有限，因为对手

方为获国际信贷评级机构指定为高信

贷评级的银行。

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

For trade receivables and contract asets, the Group has

aplied the simplified aproach in HKFRS 9 Financial

Instruments (“HKFRS 9”) to measure the los alowance at

lifetime ECL. The Group determines the ECL on an individual

basis for customer with significant balances or credit-impaired

and/or colectively using a provision matrix 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 as wel as the forecast

direction of conditions at the reporting date, including time

value of money where apropriate.

For deposits and other receivables, the Group has asesed

whether there has ben a significant increase in credit risk

since initial recognition. If there has ben a significant increase

in credit risk, the Group wil measure the los alowance based

on lifetime rather than 12-month ECL.

Management considered amounts due from related companies

to be low credit risk. ECL for amounts due from related

companies were insignificant and thus no los alowance was

recognised for the years ended 31 March 2025 and 2024.

The credit risk on liquid funds is limited because the

counterparties are banks with high credit ratings asigned by

international credit-rating agencies.

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

于2025年3月31日，本集团有信贷风

险集中的情况，原因为贸易应收账款

总额的零（2024年：零）及19%（2024

年：19%）分别来自本集团装修及装饰

分部第一大客户及前五名客户。

于2025年3月31日，本集团按地理位

置划分的信贷风险主要集中于中国，

占贸易应收账款总额98%（2024年：

99%）。

本集团的信贷风险

为降低信贷风险，本集团已委托本集

团管理层制定及维持本集团的信贷风

险评级，以根据彼等违约风险程度分

类风险。信贷评级资料由本集团管理

层使用公开可得财务资料及对本集团

自身逾期日数提供，以评级其主要客

户及其他债务人。本集团面临的风险

及其对手方的信贷评级会持续受监

控，而已完成交易的总值则会于认可

的对手方中分摊。

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

As at 31 March 2025, the Group has concentration of credit

risk as Nil (2024: Nil) and 19% (2024: 19%) of the total

trade receivables was due from the Group’s largest customer

and the top five customers respectively from renovation and

decoration segments.

As at 31 March 2025, the Group’s concentration of credit

risk by geographical location is mainly in the PRC which

acounted for 98% (2024: 99%) of the total trade receivables.

The Group’s exposure to credit risk

In order to minimise credit risk, the Group has tasked its

management of the Group to develop and maintain the

Group’s credit risk grading to categorise exposures acording

to their degre of risk of default. The credit rating information

is suplied by the management of the Group using public

available financial information and the Group’s own days past

due to rate its major customers and other debtors. The Group’s

exposure and the credit ratings of its counterparties are

continuously monitored and the agregate value of transactions

concluded is spread amongst aproved counterparties.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

本集团的信贷风险（续）

本集团目前的信贷风险评级框架包括

以下分类：

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

The Group’s exposure to credit risk (Continued)

The Group’s curent credit risk grading framework comprises

the folowing categories:

CategoryDescriptionBasis for recognising ECL

类别描述确认预期信贷亏损的基准

Trade receivables

Other financial

asets

贸易应收账款其他金融资产

PerformingFor financial asets where there has low risk of

default or has not ben a significant increase in

credit risk since initial recognition and that are not

credit-impaired (refer to as Stage 1)

Lifetime ECL (simplified

aproach)

12-month ECL

履约对于违约风险偏低或信用风险自初始确认起并无显

著增加，且并无信贷减值之金融资产（分类为第

一级）

全期预期信贷亏损

（简化法）

12个月预期信贷亏损

DoubtfulFor financial asets where there has ben a

significant increase in credit risk since initial

recognition but that are not credit-impaired (refer to

as Stage 2)

Lifetime ECL – not

credit-impaired

Lifetime ECL – not

credit-impaired

呆账对于信用风险自初始确认起显著增加惟并无信贷减

值之金融资产（分类为第二级）

全期预期信贷亏损－

并无信贷减值

全期预期信贷亏损－

并无信贷减值

DefaultFinancial asets are asesed as credit-impaired

when one or more events that have a detrimental

impact on the estimated future cash flows of that

aset have ocured (refer to as Stage 3)

Lifetime ECL –

credit-impaired

Lifetime ECL –

credit-impaired

违约对于评估为信贷减值，且该资产发生一件或以上的

事件对估计未来现金流量产生决定性影响之金

融资产（分类为第三级）

全期预期信贷亏损－

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 ofAmount is writen of

撇销有证据显示债务人面临严重财务困难，而本集团并

无实际回收前景

金额已撇销金额已撇销

2025
Gross carrying amount	Loss allowance	Net carrying amount
账面总值	亏损拨备	账面净值
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
16,582	–	16,582
4,045	(4,045)	–
16,589	–	16,589
22,404	–	22,404
1,682	(1,682)	–
8,779	–	8,779
7,811	–	7,811
23,422	–	23,422

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

信贷风险（续）

本集团的信贷风险（续）

下表按信贷风险评级详列本集团金融

资产及合约资产的信贷质素及本集团

的最高信贷风险。

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Credit risk (Continued)

The Group’s exposure to credit risk (Continued)

The tables below detail the credit quality of the Group’s

financial asets and contract asets as wel as the Group’s

maximum exposure to credit risk by credit risk rating grades.

Internal

credit rating

12-month

or lifetime ECL

Gros

carying

amount

Los

alowance

Net

carying

amount

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账面净值

HK$’000HK$’000HK$’000

千港元千港元千港元

Financial asets at

amortised cost

按摊销成本计量的金融资产

Trade receivablesNoteLifetime ECL (provision matrix)17,356–17,356

贸易应收账款附注全期预期信贷亏损（拨备矩阵）

Trade receivablesNoteLifetime ECL (individualy ases, credit-impaired)4,938(4,938)–

贸易应收账款附注全期预期信贷亏损（单独评估，信贷减值）

Contract asetsNoteLifetime ECL (provision matrix)7,768–7,768

合约资产附注全期预期信贷亏损（拨备矩阵）

Deposits and other receivablesPerforming12-month ECL17,051–17,051

按金及其他应收账款履约12个月预期信贷亏损

Deposits and other receivablesDefaultLifetime ECL (individualy ases, credit-impaired)1,682(1,682)–

按金及其他应收账款违约全期预期信贷亏损（单独评估，信贷减值）

Amounts due from related companiesPerforming12-month ECL5,341–5,341

应收关连公司款项履约12个月预期信贷亏损

Amounts due from related companiesNoteLifetime ECL (provision matrix)8,797–8,797

应收关连公司款项附注全期预期信贷亏损（拨备矩阵）

Cash and cash equivalentsPerforming12-month ECL19,044–19,044

现金及等同现金履约12个月预期信贷亏损

Note:

For trade receivables and contract asets, the Group has aplied the

simplified aproach in HKFRS 9 to measure the los alowance at

lifetime ECL. The Group determines the expected credit loses on these

items by using a provision matrix, estimated based on historical credit

los experience based on the past due status of the debtors, adjusted

as apropriate to reflect curent conditions and estimates of future

economic conditions. Acordingly, the credit risk profile of these asets

is presented based on their past due status in terms of the provision

matrix. Note 24 include further details on the los alowance for these

asets respectively.

附注：

有关贸易应收账款及合约资产，本集团采

用香港财务报告准则第9号中的简化方法，

以全期预期信贷亏损计量亏损拨备。本集

团使用拨备矩阵确定该等项目的预期信贷

亏损，该矩阵乃根据基于债务人过往到期

状况的历史信贷亏损经验估算，并进行适

当调整以反映当前状况及对未来经济状况

的估计。因此，有关资产的信贷风险状况

乃根据拨备矩阵中的逾期情况呈现。附注

24载有该等资产亏损拨备之进一步详情。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

流动资金风险

本集团会监督以及将现金及等同现金

维持于管理层认为充足之水平，以拨

付本集团之营运及减低现金流量波动

之影响。管理层会监察银行及其他借

贷以及董事无抵押借贷之动用情况，

并确保遵守贷款契约（如有）。

本集团面临流动资金风险，此乃由于

本集团录得年内亏损约591,829,000

港元。于2025年3月31日，本集团

有流动负债总额约2,784,932,000

港元，而本集团有现金及等同现金约

23,422,000港元。董事认为，本集

团具备足够营运资金以履行其财务责

任，有关详情载于附注2。

下表列示于报告期末本集团余下合约

之到期时间，乃根据金融负债之未贴

现金流量（包括利息及本金现金流

量）及本集团可被要求还款之最早日期

计算。

本表包括利息及本金现金流量。

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Liquidity risk

The Group monitors and maintains a level of cash and cash

equivalents demed adequate by the management to finance

the Group’s operations and mitigate the efects of fluctuations

in cash flows. The management monitors the utilisation of

bank and other borowings and unsecured borowings from a

director and ensures compliance with loan covenants, if any.

The Group is exposed to liquidity risk as the Group reported

los for the year of aproximately HK$591,829,000. As

at 31 March 2025, the Group had total curent liabilities of

aproximately HK$2,784,932,000 while the Group had

cash and cash equivalents of aproximately HK$23,422,000.

The Directors are of the opinion that the Group wil have

suficient working capital to met its financial obligations and

the details of which are set out in note 2.

The folowing tables show the Group’s remaining contractual

maturities at the end of the reporting period, based on the

undiscounted cash flows of financial liabilities (including both

interest and principal cash flow) based on the earliest date on

which the Group can be required to pay.

The table includes both interest and principal cash flows.

On demand or less than 1 year	More than 1 year but less than 2 years	More than 2 years but less than 5 years	Total undiscounted cash flows	Carrying Amount
按要求或少于1年	超过1年但少于2年	超过2年但少于5年	未贴现现金流量总额	账面值
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
153,874	–	–	153,874	153,874
19,540	–	–	19,540	19,540
1,486,055	–	108,207	1,594,262	1,584,583
987,394	–	–	987,394	951,502
–	–	630,861	630,861	538,633
2,646,863	–	739,068	3,385,931	3,248,132

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

流动资金风险（续）

本集团金融负债之合约到期日如下：

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Liquidity risk (Continued)

The Group’s financial liabilities have contractual maturities as

folows:

At 31 March 2025于2025年3月31日

Trade and other payables贸易及其他应付账款

Amounts due to related companies应付关连公司款项

Bank and other borowings银行及其他借贷

Promisory notes承兑票据

Unsecured borowings from a director董事无抵押借贷

At 31 March 2024于2024年3月31日

Trade and other payables贸易及其他应付账款140,479–140,479140,479

Amounts due to related companies应付关连公司款项21,552–21,55221,552

Bank and other borowings银行及其他借贷1,383,17082,919–1,466,0891,459,696

Promisory notes承兑票据–967,355–967,355903,862

Unsecured borowings from a director董事无抵押借贷–520,049–520,049498,633

1,545,2011,570,323–3,115,5243,024,222

25,768	22,087	44,174	92,029	84,515

2025
HK$’000
千港元
–

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 财务风险管理目标及政策（续）

流动资金风险（续）

此外，本集团租赁负债之到期组合如

下：

7. FINANCIAL RISK MANAGEMENT

(Continued)

(b) Financial risk management objectives and policies

(Continued)

Liquidity risk (Continued)

In adition, the maturity profile of the Group’s lease liabilities is

as folow:

On demand

or les than

1 year

More than

1 year but

les than

2 years

More than

2 years but

les than

5 years

Total

undiscounted

cash flows

Carying

Amount

按要求或

少于1年

超过1年

但少于2年

超过2年

但少于5年

未贴现金

流量总额账面值

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025于2025年3月31日

At 31 March 2024于2024年3月31日350–350344

Fair value measurements recognised in the consolidated

statement of financial position

The folowing table provides an analysis of financial instruments

that are measured at fair value at the end of each reporting

period for recuring measurement, grouped into fair value

hierarchy Level 3 based on the degre to which the fair value is

observable in acordance to the Group’s acounting policy.

HK$’000

千港元

Financial aset at FVTPL按公允价值计入损益之金融资产

Unlisted equity securities, grouped

into fair value hierarchy Level 3

分类为公允价值第3层之未上市

权益证券–

There were no transfers betwen levels of the fair value

hierarchy during the curent and prior years.

于综合财务状况表确认公允价值计

量

下表载列于各报告期末就经常性计量

按公允价值计量之财务工具分析，根

据本集团会计政策，按公允价值之可

观察程度将有关工具分类为公允价值

第3层。

于本年度及上个年度，公允价值层级

之间并无转拨。

2025
HK$’000
千港元
–

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

透过经常性基准按公允价值计量的

金融资产公允价值

按经常性基准计量金融资产公允价值

所使用的估值技术及输入数据载列如

下：

7. FINANCIAL RISK MANAGEMENT

(Continued)

Fair value of financial asets that are measured at fair

value on a recuring basis

The valuation techniques and inputs used in the fair value

measurements of financial aset on a recuring basis are set

out below:

Financial instrumentsFair value

Fair value

hierarchy

Valuation technique

and key inputs

Significant

unobservable inputs

财务工具公允价值

公允价值

层级

估值技术及

主要输入数据重大不可观察输入数据

HK$’000

千港元

Unlisted equity securities

at FVTPL

Nil (2024: nil)Level 3Aset-based aproach(i) Marketability discount 20%

(2024: 20%); and

(i) Minority discount of 20%

(2024: 20%)

按公允价值计入损益之

未上市权益证券

零（2024年：零）第3层资产基础法(i) 市场流通性折让20%

（2024年：20%）；及

(i) 少数股权折让20%

（2024年：20%）

Reconciliation of Level 3 fair value measurement of financial

aset on recuring basis are as folows:

`2024

HK$’000

千港元

At the begining and end

of the year

于年初及年末

–

Fair value of financial instruments that are not measured

at fair value on a recuring basis

The directors of the Company considered that the carying

amounts of other financial asets and financial liabilities

recorded at amortised cost in the consolidated financial

statements are not materialy difer from their fair values.

金融资产的第3层公允价值计量按经常

性基准对账如下：

透过经常性基准并非按公允价值计

量的财务工具公允价值

本公司董事认为，综合财务报表内按

摊销成本列账之其他金融资产及金融

负债之账面值与其公允价值相比并无

重大差异。

For the year ended 31 March 2025
截至2025年3月31日止年度
Chongqing property	Property management services	Renovation and decoration	Hotel operation in Japan	Total
重庆物业	物业管理服务	装修及装饰	日本酒店营运	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
–	–	–	–	–
37,105	–	–	–	37,105
–	25,070	–	–	25,070
–	–	53,234	–	53,234
–	–	–	1,931	1,931
–	–	–	415	415
–	–	–	4,986	4,986
–	–	–	114	114
37,105	25,070	53,234	7,446	122,855
5,725	9,467	–	–	15,192
42,830	34,537	53,234	7,446	138,047

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

8. 收入

有关本集团收入的分析如下：

8. REVENUE

An analysis of the Group’s revenue is as folows:

Type of gods and services货品及服务种类

– Sales of properties－销售物业

– Operation of serviced apartments－服务式公寓营运

– Property management services－物业管理服务

– R enovation and decoration services－装修及装饰服务

– Hotel rom－酒店客房

– Restaurant operations－餐厅营运

– Golf club operations－高尔夫球会营运

– Other－其他

Total revenue from contracts with

customers

来自客户合约的总收入

Rental income for investment

properties under operating lease

经营租赁下的投资物业

租金收入

– Fixed lease payments－固定租赁付款

Total revenue总收入

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）8. REVENUE (Continued)

For the year ended 31 March 2024

截至2024年3月31日止年度

Chongqing

property

Property

management

services

Renovation

and

decoration

Hotel

operation

in JapanTotal

重庆物业物业管理服务装修及装饰

日本

酒店营运总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Type of gods and services货品及服务种类

– Sales of properties－销售物业3,481–3,481

– Operation of serviced apartments－服务式公寓营运35,904–35,904

– Property management services－物业管理服务–31,037–31,037

– R enovation and decoration services－装修及装饰服务–39,501–39,501

– Hotel rom－酒店客房–3,0103,010

– Restaurant operations－餐厅营运–912912

– Golf club operations－高尔夫球会营运–5,4575,457

– Other－其他–153153

Total revenue from contracts with

customers

来自客户合约的总收入

39,38531,03739,5019,532119,455

Rental income for investment

properties under operating lease

经营租赁下的投资物业

租金收入

– Fixed lease payments－固定租赁付款7,146–7,146

– V ariable lease payments that do

not depend on an index or a rate

－非取决于一项指数或

利率的浮动租赁

付款109–109

Total revenue总收入46,64031,03739,5019,532126,710

2025
HK$’000
千港元
529
122,326
122,855

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

按确认时间划分客户合约收入

8. REVENUE (Continued)

Disagregation of revenue from contracts with customers

by timing of recognition

HK$’000

千港元

Timing of revenue recognition收入确认时间

– At a point in time－于某时间点4,546

– Over time－随时间114,909

119,455

Transaction price alocated to the remaining

performance obligations

The property management services contracts are with an original

expected duration of one year or les or contracts for which revenue is

recognised at the amount to which that Group has the right to invoice

for the services performed. Acordingly, the Group has elected the

practical expedient and has not disclosed the amount of transaction

price alocated to the performance obligations that are unsatisfied (or

partialy unsatisfied) as of the end of the reporting period.

9. SEGMENT INFORMATION

The executive directors of the Company have ben identified as

the chief operating decision maker (the “CODM”). Management

determines the operating segments based on the Group’s internal

reports, which are reviewed by the CODM for performance

asesment and resources alocation.

分配至余下履约责任的交易价格

物业管理服务合约为最初预期限为一年或

一年以下，或按本集团有权就所提供的服务

开具发票的金额确认收入的合约。因此，本

集团选择实用权宜之计，并无披露分配至截

至报告期末未履行（或部分未履行）的履约责

任的交易价格数额。

9. 分部资料

本公司执行董事为主要营运决策者（「主要营

运决策者」）。管理层根据主要营运决策者所

审阅以作表现评估及资源分配之本集团内部

报告厘定经营分部。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

本集团按照业务之性质及产品之特性分开构

架和管理其营运业务。本集团之每个可呈报

之经营分部代表一个业务策略单位，其风险

和回报与其他可呈报之经营分部不同。主要

营运决策者概无识别任何经营分部须与本集

团可呈报分部作合并处理。

可呈报之经营分部详情如下：

－物业发展、出售及租赁物

业

－提供物业管理服务及

物业租赁

－提供装修及装饰服务

－日本北海道的酒店及

高尔夫球会营运

于报告期后，重庆物业分部已予出售。详情

见附注44(a)。

9. SEGMENT INFORMATION (Continued)

The Group’s operating busineses are structured and managed

separately acording to the nature of the operations and the product

perspectives. Each of the Group’s reportable operating segment

represents a strategic busines unit that are subject to risks and returns

that are diferent from the other reportable operating segment. No

operating segments identified by the CODM have ben agregated

in ariving at the reportable segments of the Group.

Details of the reportable operating segment are as folows:

1. Chongqing property – Property development, sales and

leasing of properties

2. Property management services – Provision of property

management services and leasing of properties

3. Renovation and decoration – Provision of renovation and

decoration services

4. Hotel operation in Japan – Hotel and golf club operations in

Hokaido, Japan

Subsequent to the reporting period, the Chongqing property segment

is disposed of. Refer to note 44(a) for the details.

Chongqing property	Property management services	Renovation and decoration	Hotel operation in Japan	Total
重庆物业	物业管理服务	装修及装饰	日本酒店营运	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
42,830	34,537	53,234	7,446	138,047
(519,600)	(1,646)	5,160	(6,520)	(522,606)
				1
				(68,298)
				(590,903)

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

下表为按可呈报及经营分部作出的本集团收

入及业绩分析。

截至2025年3月31日止年度

9. SEGMENT INFORMATION (Continued)

The folowing is an analysis of the Group’s revenue and results by

reportable and operating segments.

For the year ended 31 March 2025

REVENUE收入

Revenue from external customers来自外部客户之收入

Segment (los) profit分部（亏损）溢利

Unalocated income未分配收入

Unalocated expenses未分配开支

Los before tax除税前亏损

For the year ended 31 March 2024

Chongqing

property

Property

management

services

Renovation

and

decoration

Hotel

operation

in JapanTotal

重庆物业

物业

管理服务装修及装饰

日本

酒店营运总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

REVENUE收入

Revenue from external customers来自外部客户之收入46,64031,03739,5019,532126,710

Segment (los) profit分部（亏损）溢利(488,349)3,0822,927(6,433)(488,773)

Unalocated income未分配收入1

Unalocated expenses未分配开支(57,243)

Los before tax除税前亏损(546,015)

截至2024年3月31日止年度

2025
HK$’000
千港元
1,778,602
174,005
23,261
43,920
5,314
2,025,102
2,276,184
135,476
22,466
17,141
1,069,121
3,520,388

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

经营分部的会计政策与附注4所述的本集团

会计政策相同。分部（亏损）溢利指各分部所

（产生之亏损）赚取之溢利，惟并无分配若干

开支、若干使用权资产减值亏损、若干财务

收入及若干财务成本。此乃就资源分配及表

现评估向主要营运决策者汇报之计量基准。

分部资产及负债

本集团资产及负债之分析按可呈报及经营分

部呈列如下：

9. SEGMENT INFORMATION (Continued)

The acounting policies of the operating segments are the same as

the Group’s acounting policies described in note 4. Segment (los)

profit represents the (los from) profit earned by each segment without

alocation of certain expenses, certain impairment los on right-of-

use asets, certain finance income and certain finance costs. This

is the measure reported to the CODM for the purposes of resource

alocation and performance asesment.

Segment asets and liabilities

The folowing is an analysis of the Group’s asets and liabilities by

reportable and operating segment:

HK$’000

千港元

Segment asets分部资产

Chongqing property重庆物业2,152,444

Property management services 物业管理服务36,089

Renovation and decoration装修及装饰15,988

Hotel operation in Japan日本酒店营运47,955

Unalocated asets未分配资产3,674

Total consolidated asets综合资产总额2,256,150

Segment liabilities分部负债

Chongqing property重庆物业2,133,545

Property management services 物业管理服务107,808

Renovation and decoration装修及装饰21,787

Hotel operation in Japan日本酒店营运15,661

Unalocated liabilities未分配负债905,763

Total consolidated liabilities综合负债总额3,184,564

For the purpose of monitoring segment performance and alocating

resources betwen segments:

Al asets are alocated to operating segments other than certain

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

intangible asets, certain trade and other receivables and certain

cash and cash equivalents; and

为监察分部表现及分配分部之间之资源：

除若干物业、厂房及设备、若干使用权资

产、若干无形资产、若干贸易及其他应收账

款以及若干现金及等同现金外，所有资产均

分配至经营分部；及

Chongqing property	Property management services	Renovation and decoration	Hotel operation in Japan	Unallocated	Total
重庆物业	物业管理服务	装修及装饰	日本酒店营运	未分配	总计
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
13,695	160	40	4,145	–	18,040
4,985	–	–	–	–	4,985
43,466	–	–	–	–	43,466
27,889	–	–	–	–	27,889
10,282	–	–	–	–	10,282
(3)	(6)	(1)	–	–	(10)
–	544	1,289	(907)	–	926
258,547	7,560	–	–	–	266,107
156,264	1,248	258	–	50,769	208,539
6	115,570	–	161	–	115,737

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

分部资产及负债（续）

除若干贸易及其他应付账款、若干应付关连

公司款项、若干银行及其他借贷、若干租赁

负债、承兑票据以及若干董事无抵押借贷

外，所有负债均分配至经营分部。

其他分部资料

截至2025年3月31日止年度

9. SEGMENT INFORMATION (Continued)

Segment asets and liabilities (Continued)

Al liabilities are alocated to operating segments other than certain

trade and other payables, certain amounts due to related companies,

certain bank and other borowings, certain lease liabilities;

promisory notes and certain unsecured borowings from a director.

Other segment information

For the year ended 31 March 2025

Amounts included in the measure of segment

profit or los or segment asets:

包括于计量分部损益或分部资产的

金额：

Depreciation of property, plant and equipment物业、厂房及设备折旧

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

Impairment los on properties held for sale持作出售物业减值亏损

Impairment los on property, plant and

equipment

物业、厂房及设备减值亏损

Impairment los on right-of-use asets使用权资产减值亏损

Finance income财务收入

Income tax expense (credit)所得税开支（抵免）

Decrease in fair value of investment properties投资物业公允价值减少

Finance costs财务成本

Aditions to non-curent asets添置非流动资产

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

其他分部资料（续）

截至2024年3月31日止年度

9. SEGMENT INFORMATION (Continued)

Other segment information (Continued)

For the year ended 31 March 2024

Chongqing

property

Property

management

services

Renovation

and

decoration

Hotel

operation

in JapanUnalocatedTotal

重庆物业

物业

管理服务装修及装饰日本酒店营运未分配总计

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

千港元千港元千港元千港元千港元千港元

Amounts included in the measure of segment

profit or los or segment asets:

包括于计量分部损益或分部资产的

金额：

Depreciation of property, plant and equipment物业、厂房及设备折旧15,891992224,380–21,285

Depreciation of right-of-use asets使用权资产折旧5,242–5665,808

Impairment los on properties held for sale持作出售物业减值亏损45,793–45,793

Impairment los on property, plant and

equipment

物业、厂房及设备减值亏损

46,917–46,917

Impairment los on right-of-use asets使用权资产减值亏损15,446–33015,776

Finance income财务收入(7)(18)(4)–(1)(30)

Income tax expense (credit)所得税开支（抵免）3,5312,150798(971)–5,508

Decrease in fair value of investment properties投资物业公允价值减少244,684–244,684

Finance costs财务成本95,333–1,466–40,425137,224

Aditions to non-curent asets添置非流动资产–721086–168

, plant and equipment; right-

of-use asets, intangible asets and investment properties for the years

ended 31 March 2025 and 2024.

，非

流动资产指物业、厂房及设备、使用权资

产、无形资产及投资物业。

2025
HK$’000
千港元
25,990
15,287
N/A3 不适用3

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 有关主要客户之资料

相关年度占本集团总收入超过10%的

客户收入如下：

9. SEGMENT INFORMATION (Continued)

(a) Information about major customers

Revenue from customers of the coresponding year contributing

over 10% of the total revenue of the Group are as folows:

HK$’000

千港元

Customer A

客户A

29,745

Customer B

客户B

N/A

不适用

Customer C

客户C

13,325

Revenue from renovation and decoration segment

Revenue from property management services segment

The coresponding revenue did not contribute over 10% of the

total revenue of the Group.

(b) Geographical information

The Group’s operations are located in PRC and Japan.

Information about the Group’s revenue from external customers

is presented based on the location of the operations.

Information about the Group’s non-curent asets is presented

base on the geographical location of the asets.

来自装修及装饰分部的收入

来自物业管理服务分部的收入

相应收入并无占本集团总收入10%

以上。

(b) 地理资料

本集团的业务位于中国及日本。

有关本集团来自外部客户收入的资料

乃按业务所在地点呈列。有关本集团

非流动资产的资料乃按资产的地理位

置呈列。

2025
HK$’000
千港元
130,601
7,446
138,047

2025
HK$’000
千港元
1,607,975
37,948
1,052
1,646,975

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 地理资料（续）

按地区划分收入

9. SEGMENT INFORMATION (Continued)

(b) Geographical information (Continued)

Disagregation of revenue by geographical region

HK$’000

千港元

Mainland China中国大陆117,178

Japan日本9,532

126,710

Disagregation of non-curent asets by geographical

region

HK$’000

千港元

Mainland China中国大陆1,825,633

Japan日本41,760

Others其他2,771

1,870,164

Note: Non-curent asets excluded other receivables and defered

income tax asets.

按地区划分非流动资产

附注：非流动资产不包括其他应收账款及

递延所得税资产。

2025
HK$’000
千港元
265
463
(3)
–
1,404
2,129

2025
HK$’000
千港元
10
126,328
33,316
47,640
1,255
208,539

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（亏损）10. OTHER INCOME AND GAINS (LOSES),

NET

HK$’000

千港元

Forfeited deposit income已没收按金收入3,270

Government grants (note)政府补贴（附注）70

Exchange los, net汇兑净亏损(12)

Los on termination of lease终止租赁亏损(7,524)

Others其他2,081

(2,115)

Note: During the year ended 31 March 2025, the Group recognised

government grants of aproximately HK$463,000 (2024:

aproximately HK$70,000) in respect of local governments’ ofer for

the refund of value-aded tax with no unfulfiled conditions.

11. FINANCE INCOME AND FINANCE

COSTS

HK$’000

千港元

Finance income:财务收入：

– Bank interest income－银行利息收入30

Finance costs:财务成本：

– Interest on bank and other borowings－银行及其他借贷利息74,296

– In terest on unsecured borowings

from a director

－董事无抵押借贷利息

25,801

– Interest on promisory notes－承兑票据利息36,767

– Interest on lease liabilities (note 22)－租赁负债利息（附注22）360

137,224

附注：于截至2025年3月31日止年度，本集团就

地方政府提出的增值税退税确认政府补贴

约463,000港元（2024年：约70,000港

元），且不附带任何未获满足条件。

11. 财务收入及财务成本

2025
HK$’000
千港元
37,110
4,932
42,042
–
1,170
160
–
(862)
18,040
4,985
(15,192)
8,866

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

12. 除税前亏损

除税前亏损乃经扣除╱（计入）以下各项达

致：

12. LOS BEFORE TAX

Los before tax has ben arived at after charging/(crediting):

HK$’000

千港元

Staf costs (including directors and

chief executive of the Company)

员工成本（包括本公司董事及

主要行政人员）

– salaries and other alowances－薪金及其他津贴40,882

– re tirement benefits schemes contributions－退休福利计划供款5,186

46,068

Cost of properties recognised as an

expense

确认为开支之物业成本

4,274

Auditor’s remuneration核数师酬金

– Statutory audit services－法定审核服务1,500

– Other services－其他服务160

Impairment los on other receivables其他应收账款减值亏损615

Reversal of impairment los on trade

receivables

贸易应收账款减值亏损拨回

–

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

21,285

Depreciation of right-of-use asets使用权资产折旧5,808

Gros rental income from investment

properties

来自投资物业的总租金收入

(7,255)

Les: di rect operating expenses incured for

investment properties that generated

rental income during the year

减：年内带来租金收入的投资物业

所产生的直接经营开支

10,077

2025
HK$’000
千港元
2,178
–
2,178
(1,252)
926

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

13. 所得税开支13. INCOME TAX EXPENSE

HK$’000

千港元

Curent income tax即期所得税

– PRC Enterprise Income Tax－中国企业所得税2,628

– PRC Land Apreciation Tax－中国土地增值税3,851

6,479

Defered tax (note 31)递延税项（附注31）(971)

5,508

Hong Kong Profits Tax

No Hong Kong Profits Tax has ben provided since no asesable

profits have ben generated during the years ended 31 March

2025 and 2024.

Japan Corporate Income Tax

No Japan Corporate Income Tax has ben provided since no

asesable profits have ben generated during the years ended 31

March 2025 and 2024.

The PRC Enterprise Income Tax

The PRC Enterprise Income Tax in respect of operations in the PRC

is calculated at a rate of 25% on the estimated asesable profits for

the years ended 31 March 2025 and 2024 under the Law of the

PRC’s on Enterprise Income Tax (the “EIT Law”) and Implementation

Regulation of the EIT Law.

香港利得税

概无就香港利得税计提拨备，此乃由于截至

2025年及2024年3月31日止年度并无产生

任何应课税溢利。

日本企业所得税

概无就日本企业所得税计提拨备，此乃由于

2025年及2024年3月31日止年度并无产生

应课税溢利。

中国企业所得税

有关中国营运之中国企业所得税已根据《中

国企业所得税法》（「企业所得税法」）及《企业

所得税法实施条例》就截至2025年及2024

年3月31日止年度估计应课税溢利按税率

25%计算。

2025
HK$’000
千港元
(590,903)
(141,595)
–
87,080
9,543
45,898
926

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

中国土地增值税

中国之土地增值税乃就本集团发展作销售

之物业，按其土地之升值以累进税率30%至

60%征收，其计算方法乃根据适用规定以出

售物业所得款项扣除可扣减开支（包括土地

使用权成本、借贷成本、法定扣减及所有物

业发展开支）作出。

本年度所得税开支可与综合损益表之除税前

亏损对账如下：

13. INCOME TAX EXPENSE (Continued)

The PRC Land Apreciation Tax

Land apreciation tax in the PRC is levied on properties developed

by the Group for sale, at progresive rates ranging from 30% to 60%

on the apreciation of land value under the aplicable regulations,

which is calculated based on the proceds of sales of properties les

deductible expenditures including cost of land use rights, borowing

costs, statutory deduction and al property development expenditures.

The income tax expense for the year can be reconciled to the los

before tax per the consolidated statement of profit or los as folows:

HK$’000

千港元

Los before tax除税前亏损(546,015)

Tax calculated at respective income

tax rate

按相关所得税率计算之税项

(131,330)

The PRC Land Apreciation Tax中国土地增值税3,851

Tax efect of expenses not deductible for

tax purpose

不可扣税之开支之税务影响

37,921

Tax efect of deductible temporary

diference not recognised

未确认可扣减暂时差额之税务影响

62,693

Tax efect of tax loses not recognised未确认税项亏损之税务影响32,373

Income tax expense所得税开支5,508

Details of defered tax are set out in note 31.递延税项详情载于附注31。

Executive directors 执行董事				Independent non-executive directors 独立非执行董事
Mr. Hu	Mr. Huang Xiaohai	Mr. Jin Jianggui	Mr. Li Zhenyu	Ms. Pau Yee Ling	Mr. Wong Kwan Kit	Mr. Yuen Hoi Po	Total
胡先生	黄晓海先生	金江桂先生	李振宇先生	鲍依宁女士	黄昆杰先生	袁海波先生	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	(Note a)	(Note a)				(Note b)
	（附注a）	（附注a）				（附注b）
千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
3,600	300	300	300	220	220	220	5,160
614	–	–	–	–	–	–	614
72	–	–	–	–	–	–	72
686	–	–	–	–	–	–	686
4,286	300	300	300	220	220	220	5,846

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

14. 董事酬金

(a) 董事酬金

已付或应付予本公司7名（2024年：7

名）董事之酬金载列如下：

截至2025年3月31日止年度

14. DIRECTORS’ EMOLUMENTS

(a) Directors’ emoluments

The emoluments paid or payable to each of the 7 (2024: 7)

directors of the Company are as folows:

For the year ended 31 March 2025

Emoluments paid or receivable in

respect of a person’s services

as a director, whether of the

Company or its subsidiaries

undertaking:

就一名人士担任董事提供

个人服务已付或应收

酬金（不论为本公司或

其附属公司董事）︰

Fes袍金

Emoluments paid or receivable

in respect of director’s other

services in conection with the

management of the afairs of the

Company and its subsidiaries

undertaking:

就董事有关管理本公司及

其附属公司事务的其他服

务已付或应收酬金︰

Other emoluments其他酬金

Salaries薪金

Retirement benefits schemes

contributions

退休福利计划供款

Total emoluments酬金总额

Notes:

(a) Mr. Huang Xiaohai and Mr. Jin Jiangui resigned as executive

directors on 10 June 2025.

(b) Mr. Yuen Hoi Po resigned as independent non-executive

director on 10 January 2025.

附注：

(a) 黄晓海先生及金江桂先生于2025年

6月10日辞任执行董事。

(b) 袁海波先生于2025年1月10日辞任

独立非执行董事。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(a) 董事酬金（续）

截至2024年3月31日止年度

14. DIRECTORS’ EMOLUMENTS (Continued)

(a) Directors’ emoluments (Continued)

For the year ended 31 March 2024

Executive directors

执行董事

Independent non-executive directors

独立非执行董事

Mr. Hu

Mr. Huang

Xiaohai

Mr. Jin

Jiangui

Mr. Li

Zhenyu

Ms. Pau

Ye Ling

Mr. Wong

Kwan Kit

Mr. Yuen

Hoi PoTotal

胡先生黄晓海先生金江桂先生李振宇先生鲍依宁女士黄昆杰先生袁海波先生总计

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

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

（附注a）（附注a）（附注b）

千港元千港元千港元千港元千港元千港元千港元千港元

Emoluments paid or receivable in

respect of a person’s services

as a director, whether of the

Company or its subsidiaries

undertaking:

就一名人士担任董事提供

个人服务已付或应收

酬金（不论为本公司或

其附属公司董事）︰

Fes袍金3,6753003003002202202205,235

Emoluments paid or receivable

in respect of director’s other

services in conection with the

management of the afairs of the

Company and its subsidiaries

undertaking:

就董事有关管理本公司及

其附属公司事务的其他服

务已付或应收酬金︰

Other emoluments其他酬金

Salaries薪金721–721

Retirement benefits schemes

contributions

退休福利计划供款

77–77

798–798

Total emoluments酬金总额4,4733003003002202202206,033

2025
HK$’000
千港元
3,899
93
3,992

2025
No. of employee
雇员数目
3
–
1

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

14. DIRECTORS’ EMOLUMENTS (Continued)

(b) Waived or agred to waive any emoluments

None of the directors of the Company waived or agred to

waive any emoluments during the years ended 31 March

2025 and 2024.

No emoluments have ben paid by the Group to any of the

directors of the Company or the five highest paid individuals

(note 15) as an inducement to join or upon joining the Group,

or as compensation for los of ofice for the years ended 31

March 2025 and 2024.

15. FIVE HIGHEST PAID INDIVIDUALS

Of the five individuals with the highest emoluments in the Group, 1

(2024: 1) is the director of the Company and whose emolument is

included in the disclosures in note 14 above. The emoluments of the

remaining 4 (2024: 4) individuals are as folows:

HK$’000

千港元

Salaries and other alowances薪金及其他津贴3,016

Retirement benefits schemes contributions退休福利计划供款150

3,166

Their emoluments are within the folowing bands:

No. of

employe

雇员数目

Nil to HK$1,000,000零至1,000,000港元4

HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元–

HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元–

（续）

(b) 放弃或同意放弃任何酬金

截至2025年及2024年3月31日止年

度，概无本公司董事放弃或同意放弃

任何酬金。

时之奖励

截至2025年及2024年3月31日止年

度，本集团并无向本公司任何董事或

五名最高薪酬人士（附注15）支付任何

酬金作为其加入本集团或于加入本集

团时之奖励或作为离职赔偿。

15. 五名最高薪酬人士

本集团五名最高薪酬人士中，有1名（2024

年：1名）为本公司董事，彼之酬金载于上文

附注14之披露资料。余下4名（2024年：4

名）人士之酬金如下：

彼等酬金介乎以下范围：

2025
HK$’000
千港元
(592,211)

’000
千股
647,199

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

16. LOS PER SHARE

The calculation of the basic and diluted los per share atributable to

equity holders of the Company is based on the folowing data:

HK$’000

千港元

Los亏损

Los for the year atributable to

equity holders of the Company

for the purpose of basic and

diluted los per share

用于计算每股基本及摊薄

亏损之本公司权益持有人

应占年内亏损

(551,828)

’000

千股

Number of shares股份数目

Weighted average number of ordinary

shares for the purpose of basic and

diluted los per share

用于计算每股基本及摊薄

亏损之普通股加权平均数

647,199

The denominators used are the same as those calculated above for

both basic and diluted los per share.

There were no potential dilutive ordinary shares in isue during the

years ended 31 March 2025 and 2024, and therefore, basic and

diluted los per share are the same for these two financial years.

16. 每股亏损

本公司权益持有人应占每股基本及摊薄亏损

乃按以下资料计算：

所用分母与上述计算每股基本及摊薄亏损所

用者相同。

截至2025年及2024年3月31日止年度，并

无潜在摊薄已发行普通股份，故该两个财政

年度的每股基本及摊薄亏损相同。

1,280,227	–	1,280,227
–	115,560	115,560
(258,547)	(7,560)	(266,107)
(9,460)	70	(9,390)
1,012,220	108,070	1,120,290

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

17. DIVIDEND

No dividend was paid or proposed during the year ended 31

March 2025, nor has any dividend ben proposed since the end of

the reporting period (2024: nil).

18. INVESTMENT PROPERTIES

The movement of the Group’s investment properties and the

reconciliation of Level 3 fair value measurement are as folows:

Investment

properties

Right-of-use

asetsTotal

投资物业使用权资产总计

HK$’000HK$’000HK$’000

千港元千港元千港元

FAIR VALUE公允价值

At 1 April 2023于2023年4月1日1,607,47812,7111,620,189

Decrease in fair value (note)公允价值减少（附注）(244,684)–(244,684)

Termination of lease终止租赁–(14,463)(14,463)

Exchange diferences汇兑差额(82,567)1,752(80,815)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Acquisition of a subsidiary

(note 36)

收购一间附属公司

（附注36）

Decrease in fair value (note)公允价值减少（附注）

Exchange diferences汇兑差额

At 31 March 2025于2025年3月31日

Note: For the year ended 31 March 2025, decrease in fair value

of aproximately HK$266,107,000 (2024: aproximately

HK$244,684,000) is atributable to the changes in unrealised los

relating to investment properties held at the end of the reporting period.

17. 股息

截至2025年3月31日止年度并无派付或建议

派付任何股息，自报告期末起亦无建议派付

任何股息（2024年：无）。

18. 投资物业

本集团投资物业之变动与第3层公允价值计

量之对账如下：

附注：截至2025年3月31日止年度，公允价值

减少约266,107,000港元（2024年：约

244,684,000港元）乃由于有关在报告期末

所持有投资物业之未变现亏损变动。

31 March 2025
2025年 3月31日
HK$’000
千港元
1,012,220
108,070
1,120,290

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

18. INVESTMENT PROPERTIES (Continued)

As at 31 March 2025, the Group’s investment properties with

carying amounts of aproximately HK$1,012,220,000 (2024:

aproximately HK$1,280,227,000) have ben pledged to secure

the bank borowings granted to the Group (note 28).

As at 31 March 2025, right-of-use asets of aproximately

HK$108,070,000 represent a rented building located in the PRC

for subleasing purpose. The lease term is ten years.

Al of the Group’s property interests held under operating leases

to earn rentals or for capital apreciation purpose are measured

using the fair value model and are clasified and acounted for as

investment properties.

An analysis of the Group’s investment properties that are measured

subsequent to initial recognition at fair value, grouped into fair value

hierarchy Level 3 based on the degre to which the inputs to fair

value measurements is observable is as folows:

Fair value measurement under

fair value hierarchy Level 3 at

于以下日期之公允价值

第3层公允价值计量

31 March

2024年

3月31日

HK$’000

千港元

Recuring fair value measurements经常性公允价值计量

– In vestment properties situated in

Chongqing City, the PRC

－位于中国重庆市之投资物业

1,280,227

– In vestment properties situated in

Chengdu City, the PRC

－位于中国成都市之投资物业

–

1,280,227

There were no transfers betwen fair value hierarchy Levels 1, 2 and

3 during both years.

（续）

于2025年3月31日，本集团投资物业账

面值约1,012,220,000港元（2024年：约

1,280,227,000港元）已作抵押以担保授予

本集团之银行借贷（附注28）。

于2025年3月31日，使用权资产约

108,070,000港元指于中国租用的一幢楼

宇，用作分租。租赁期为十年。

本集团所有在以赚取租金或资本增值为目的

之经营租赁项下持有的物业权益均按公允价

值模式计量，分类为投资物业并以投资物业

入账。

于初步确认后按公允价值计量之本集团投资

物业，乃按公允价值计量输入数据之可观察

程度分类为公允价值第3层，有关分析如下：

于两个年度，公允价值第1层、第2层及第3

层之间均无转拨。

2025
HK$’000
千港元
1,012,220
108,070

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

18. INVESTMENT PROPERTIES (Continued)

Valuation proceses

The Group’s investment properties at 31 March 2025 and 2024

were valued by Ravia (2024: CHFT), an independent qualified

profesional valuer not conected with the Group who hold

recognised relevant profesional qualification and has recent

experience in valuing similar properties in the similar locations.

There has ben no change from the valuation technique used in prior

year. In estimating the fair value of al of the Group’s investment

properties, the highest and best use of these properties is the curent

use.

Information about fair value measurements using

significant unobservable inputs (Level 3)

Fair value

hierarchy

Valuation

technique

Significant

unobservable inputs

Relationship of significant

unobservable inputs to fair

value

公允价值

层级估值技术重大不可观察输入数据

重大不可观察输入数据与

公允价值之关系

HK$’000

千港元

Chongqing – investment

properties

1,280,227Level 3Direct comparison aproach

(2024: Direct comparison

aproach)

Market unit sale rate at

RMB8,954 – RMB140,000

per square meter (2024:

RMB17,400 – RMB137,000

per square meter)

The higher the recent transaction price,

the higher the fair value

重庆－投资物业第3层直接比较法（2024年︰

直接比较法）

每平方米市场单位售价

人民币8,954元至

人民币140,000元（2024年︰

每平方米人民币17,400元至

人民币137,000元）

最近成交价愈高，公允价值愈高

Chengdu – comercial building

(Right-of-use asets)

–Level 3Income aproach

(2024: N/A)

Reversionary yield of 8.75% to

11.5% (2024: N/A)

The higher the rental yield, the lower the

fair value

成都－商业大厦（使用权资产）第3层收入法（2024年：不适用）复归收益率介乎8.75%至11.5%

（2024年：不适用）

租金收益率愈高，公允价值愈低

（续）

估值流程

本集团于2025年及2024年3月31日的投资

物业由独立合资格专业且与本集团概无关连

之估值师瑞丰（2024年：华坊）进行估值，

该估值师持有获认可之相关专业资格，且对

估算类似位置之同类物业拥有近期经验。

所采用的估值技术与上个年度并无不同。就

本集团所有投资物业公允价值之估计而言，

该等物业当前之用途等于其最高及最佳用

途。

采用重大不可观察输入数据之公允价

值计量（第3层）相关资料

2025
HK$’000
千港元
261,080

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

19. PROPERTIES HELD FOR SALE

HK$’000

千港元

Properties held for sale in

Chongqing City, the PRC

中国重庆市持作出售物业

306,986

Al of the above properties held for sale are to be sold as part of

the normal operating cycle of the Group, thus they are clasified as

curent asets.

During the years ended 31 March 2025 and 2024, the Group

is embroiled in a legal dispute with the contractor concerning a

longstanding construction cost payable (included in construction costs

acruals and payables as disclosed in note 26) of aproximately

HK$8,798,000 (2024: aproximately HK$15,684,000) and

the certain units of the properties held for sales of the Group were

sealed as at 31 March 2025 and 2024 based on court orders

and potentialy subject to auction proces based on the court orders.

Details of the litigation are set out in note 43 to the consolidated

financial statements. Subsequent to the reporting period, the

properties held for sale had ben disposed through the disposal of

subsidiaries.

The Group apointed Valplus Consulting Limited, an independent

qualified profesional valuer not conected with the Group who

hold recognised relevant profesional qualification, to ases the

net realisable value of the relevant properties held for sale subject

to auction procedings. The net realisable value of certain units

was aproximately HK$22,779,000 as at 31 March 2024.

The Directors considered the Group wil have higher posibility to

sucesfuly negotiate with constructor to extend the setlement date of

outstanding balance and the auction wil be suspended acordingly.

19. 持作出售物业

上述所有持作出售物业将作为本集团正常营

运周期的一部分出售，因此将其归类为流动

资产。

于截至2025年及2024年3月31日止年度，

本集团与承建商就一项约8,798,000港元

（2024年：约15,684,000港元）的长期应付

建设成本（计入附注26所披露的建筑成本应

计费用及应付账款）陷入法律纠纷，而本集

团持作出售物业的若干单位已根据法院颁令

于2025年及2024年3月31日封存，并可能

根据法院颁令进行拍卖流程。诉讼详情载于

综合财务报表附注43。报告期后，持作出售

物业已通过出售附属公司出售。

本集团委任玮铂顾问有限公司（一家与本集

团概无关连并持有获认可相关专业资格的独

立合资格专业估价师）评估拍卖流程所涉持

作出售相关物业的可变现净值。截至2024

年3月31日，若干单位的可变现净值约为

22,779,000港元。董事认为，本集团与承

建商成功协商延长未偿还余款的还款日期的

可能性较高，因此拍卖将得以暂缓。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

19. PROPERTIES HELD FOR SALE

(Continued)

As at 31 March 2025, the Group has pledged the properties held

for sale with carying amount of aproximately HK$261,080,000

(2024: aproximately HK$306,986,000) to secure the bank

borowings granted to the Group (note 28).

The Group’s properties held for sale as at 31 March 2025

was valued by Ravia (2024: CHFT), an independent qualified

profesional valuer not conected with the Group who holds

recognised relevant profesional qualification and has recent

experience in valuing similar properties in the similar locations.

During the year ended 31 March 2025, an impairment los on

properties held for sale amounted to aproximately HK$43,466,000

(2024: aproximately HK$45,793,000) was recognised in profit or

los.

（续）

于2025年3月31日，本集团已抵押账面

值约为261,080,000港元（2024年：约

306,986,000港元）之持作出售物业，作为

本集团获授银行借贷之抵押（附注28）。

本集团于2025年3月31日的持作出售物业乃

由独立合资格专业估值师瑞丰（2024年：华

坊）进行。华坊与本集团概无关连，持有获

认可相关专业资格，且拥有对类似地点的同

类物业进行估值的近期经验。

截至2025年3月31日止年度，持作出售物业

之减值亏损约43,466,000港元（2024年：

约45,793,000港元）已于损益确认。

8,580	16,874	354,165	10,166	–	1,105	1,514	392,404

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

20. PROPERTY, PLANT AND EQUIPMENT

Frehold

land

Improvements

on land

Serviced

apartments

Buildings

& structure

Leasehold

improvements

Furniture,

fixtures

and

equipment

Motor

vehiclesTotal

永久

业权土地土地改善服务式公寓

楼宇及

构建物

租赁

楼宇装修

家私、装置

及设备汽车总计

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

千港元千港元千港元千港元千港元千港元千港元千港元

Cost成本

At 1 April 2023于2023年4月1日9,73539,613688,68224,31614,59262,3158,895848,148

Aditions添置–8286168

Writen-of撇销–(14,592)(31)–(14,623)

Disposals出售–(62)–(62)

Exchange diferences汇兑差额(1,204)(4,901)(36,246)(3,009)–(3,269)(493)(49,122)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日8,53134,712652,43621,307–59,0358,488784,509

Aditions添置–167–167

Acquisition of a subsidiary

(note 36)

收购一间附属公司

（附注36）–10–10

Writen-of撇销–(1,616)–(1,616)

Disposals出售–(3)–(3)

Exchange diferences汇兑差额49201(6,041)124–(496)1(6,162)

At 31 March 2025于2025年3月31日8,58034,913646,39521,431–57,0978,489776,905

Acumulated depreciation

and impairment

累计折旧及减值

At 1 April 2023于2023年4月1日–14,295203,0579,46314,59259,6246,912307,943

Provided for the year年内拨备–2,78815,5481,551–1,18421421,285

Impairment减值–46,917–46,917

Eliminated on writen-of撇销时对销–(14,592)(31)–(14,623)

Eliminated on disposals出售时对销–(37)–(37)

Exchange diferences汇兑差额–(1,878)(11,853)(1,231)–(3,087)(226)(18,275)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日–15,205253,6699,783–57,6536,900343,210

Provided for the year年内拨备–2,70413,4031,403–4478318,040

Impairment减值–27,889–27,889

Eliminated on writen-of撇销时对销–(1,616)–(1,616)

Eliminated on disposals出售时对销–(3)–(3)

Exchange diferences汇兑差额–130(2,731)79–(489)(8)(3,019)

At 31 March 2025于2025年3月31日–18,039292,23011,265–55,9926,975384,501

Carying amount账面值

At 31 March 2025于2025年3月31日

At 31 March 2024于2024年3月31日8,53119,507398,76711,524–1,3821,588441,299

、厂房及设备

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

20. PROPERTY, PLANT AND EQUIPMENT

(Continued)

The above items of property, plant and equipment, other than

frehold land, are depreciated on a straight-line basis, after taking

into acount their estimated residual values, over their estimated useful

lives as folows:

Buildings & structure2.5% – 10%

Furniture, fixtures and equipment20% – 40%

Improvements on land4% – 6.87%

Leasehold improvementsOver the term of the lease

Motor vehicles20% – 25%

Serviced apartments33 years

As at 31 March 2025, the Directors caried out a review of the

recoverable amounts of relevant property, plant and equipment and

right-of-use asets based on their cash-generating units.

Chongqing property

Due to the continuing los making during the year ended 31

March 2025, the Directors cary out a review of the recoverable

amount of the relevant property, plant and equipment and right-of-

use asets. The recoverable amount of relevant property, plant and

equipment and right-of-use asets have ben determined based on

their value in use of cash-generating units of Chongqing property

segment or fair value les cost of disposal, which is higher. As the

carying values were lower than respective recoverable amounts,

impairment los of aproximately HK$27,889,000 (2024:

aproximately HK$46,917,000) for property, plant and equipment

and aproximately HK$10,282,000 for right-of-use asets (2024:

aproximately HK$15,776,000) are recognised for the year ended

31 March 2025.

Hotel operation in Japan

Due to the unexpected por performance for the hotel operation

segment in Japan, the Directors concluded there was indication for

impairment. The recoverable amount of relevant property, plant and

equipment has ben determined based on the value-in-use of cash-

generating units of the hotel operation in Japan segment or fair value

les cost of disposal, which is higher. As the recoverable amounts

are higher than the respective carying amounts, no impairment los

recognised for the year ended 31 March 2025.

、厂房及设备（续）

除永久业权土地外，上述物业、厂房及设备

项目均以直线法折旧，经计及估计剩余价值

后之估计可使用年期如下：

楼宇及构建物2.5% – 10%

家私、装置及设备20% – 40%

土地改善4% – 6.87%

租赁楼宇装修按租约年期

汽车20% – 25%

服务式公寓33年

于2025年3月31日，董事根据物业、厂房及

设备和使用权资产的现金产生单位对相关物

业、厂房及设备和使用权资产的可收回金额

进行检视。

重庆物业

由于截至2025年3月31日止年度持续亏损，

董事对相关物业、厂房及设备和使用权资产

的可收回金额进行检视。相关物业、厂房及

设备和使用权资产的可收回金额已根据重庆

物业分部现金产生单位的使用价值或公允价

值减出售成本（以较高者为准）厘定。由于账

面值低于相关可收回金额，因此截至2025

年3月31日止年度，确认物业、厂房及设

备的减值亏损约为27,889,000港元（2024

年：约46,917,000港元）以及使用权资产的

减值亏损约为10,282,000港元（2024年：

约15,776,000港元）。

日本酒店业务

由于日本酒店业务分部意外表现不佳，董事

认为存在减值迹象。相关物业、厂房及设备

的可收回金额已根据日本分部的酒店业务现

金产生单位的使用价值或公允价值减出售成

本（以较高者为准）厘定。由于可收回金额高

于相关账面值，因此截至2025年3月31日止

年度未确认任何减值亏损。

2025
HK$’000
千港元
–

2025
HK$’000
千港元
130,535

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

于2025年3月31日，使用权资产约

130,535,000港元（2024年：约

147,023,000港元）指位于中国之土地

使用权。租赁期通常介乎两年至三十

年。

、厂房及设备（续）

日本酒店业务（续）

于2025年3月31日，本集团已抵押账

面值约为354,165,000港元（2024年：

398,767,000港元）之服务式公寓以担保授

予本集团之银行借贷（附注28）。

21. 按公允价值计入损益之金融资

产

20. PROPERTY, PLANT AND EQUIPMENT

(Continued)

Hotel operation in Japan (Continued)

As at 31 March 2025, the Group has pledged the

serviced apartments with carying amount of aproximately

HK$354,165,000 (2024: HK$398,767,000) to secure the bank

borowings granted to the Group (note 28).

21. FINANCIAL ASET AT FVTPL

HK$’000

千港元

Unlisted equity securities in the PRC中国的未上市权益证券–

Note: As at 31 March 2025 and 2024, the unlisted equity securities

represented an investment of 10% equity interest in a private entity

established in the PRC. They were measured at fair value at the end

of the reporting period. No fair value changes have ben recognised

in the consolidated statement of profit or los for the years ended 31

March 2025 and 2024.

22. LEASES

(i) Right-of-use asets

HK$’000

千港元

Land use right土地使用权147,023

As at 31 March 2025, right-of-use asets of aproximately

HK$130,535,000 (2024: aproximately HK$147,023,000)

represent the land use right located in the PRC. The lease terms

generaly range from two to thirty years.

附注：于2025年及2024年3月31日，未上市权益

证券指投资于在中国成立的私人实体的10%

股权。彼等于报告期末按公允价值计量。

于截至2025年及2024年 3月31日止年度

综合损益表中未确认公允价值变动。

22. 租赁

(i) 使用权资产

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

22. LEASES (Continued)

(i) Right-of-use asets (Continued)

During the year ended 31 March 2024, the Group entered

into a termination agrement to terminate the lease agrement

in respect of leased property (included in land use right)

located in the PRC and the right-of-use asets of aproximately

HK$1,835,000 has ben derecognised.

The weighted average lese’s incremental borowing rates

aplied to the lease liabilities was 4.42% (2024: 5.63%) per

anum as at 31 March 2025.

As at 31 March 2025, the Group’s land use right with

carying amounts of aproximately HK$130,535,000 (2024:

aproximately HK$147,023,000) have ben pledged to

secure the bank borowings granted to the Group (note 28).

As at 31 March 2025 and 2024, the Directors conducted

an impairment asesment of the Group’s right-of-use asets

in relation to the Chongqing property segment. Details of the

asesment are set out in note 20.

（续）

(i) 使用权资产（续）

截至2024年3月31日止年度，本集团

订立一份终止协议，以终止有关位于

中国的租赁物业（包括在土地使用权

中）的租赁协议，且终止确认使用权资

产约1,835,000港元。

于2025年3月31日应用于租赁负债的

加权平均承租人增量借款利率为每年

4.42%（2024年：5.63%）。

于2025年3月31日，本集团账面值

约为130,535,000港元（2024年：约

147,023,000港元）的土地使用权已

作抵押以担保授予本集团的银行借贷

（附注28）。

于2025年及2024年3月31日，董事

对本集团与重庆物业分部有关的使用

权资产进行减值评估。评估的详情载

于附注20。

2025
HK$’000
千港元
22,598
61,917
84,515

2025
HK$’000
千港元
22,598
19,753
42,164
84,515
(22,598)
61,917

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(i) 租赁负债

22. LEASES (Continued)

(i) Lease liabilities

HK$’000

千港元

Curent流动344

Non-curent非流动–

Amounts payable under lease liabilities

HK$’000

千港元

Within one year一年内344

After one year but within two years一年后但两年内–

After two years but within five years两年后但五年内–

Les: Amount due for setlement

within 12 months (shown

under curent liabilities)

减：于12个月内到期结算

之款项（于流动负债下列示）

(344)

Amount due for setlement after

12 months

于十二个月后到期结算之款项

–

根据租赁负债应付款项

2025
HK$’000
千港元
4,985
–
1,255
467
2,161

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(i) 租赁负债（续）

根据租赁负债应付款项（续）

截至2025年3月31日止年度，本集团

透过收购一间附属公司就于中国租用

的一幢楼宇用作分租确认租赁负债约

90,640,000港元（附注36）。根据各

租赁协议所载条款及条件，租赁包含

基于附属公司溢利的浮动租赁付款条

款。于2025年3月31日，附属公司

溢利增加5%预计将使租赁付款增加约

111,000港元。

截至2024年3月31日止年度，本集团

订立一份终止协议，以终止有关位于

中国的租赁物业（包括在土地使用权

中）的租赁协议，并相应终止确认租赁

负债约8,774,000港元。

(i) 于损益中确认之金额

22. LEASES (Continued)

(i) Lease liabilities (Continued)

Amounts payable under lease liabilities (Continued)

During the year ended 31 March 2025, the Group

recognised lease liabilities of aproximately HK$90,640,000

(note 36) in respect of a rented building located in the PRC

for subleasing purpose through acquisition of a subsidiary.

The lease contains variable lease payment terms that are

based on profit of the subsidiary pursuant to the terms and

conditions as set out in the respective rental agrements. At 31

March 2025, it is estimated that an increase in profit of the

subsidiary by 5% would have increased the lease payments by

aproximately HK$111,000.

During the year ended 31 March 2024, the Group entered

into a termination agrement to terminate the lease agrement

in respect of leased property (included in land use right)

located in the PRC and the lease liabilities of aproximately

HK$8,774,000 has ben derecognised.

(i) Amounts recognised in profit or los

HK$’000

千港元

Depreciation expense on land

use right

土地使用权折旧开支

5,242

Depreciation expense on

leased property

租赁物业折旧开支

Interest on lease liabilities租赁负债利息360

Expense relating to short-term leases短期租赁开支1,583

Expense relating to variable

lease payments not included

in the measurement of

the lease liabilities

与浮动租赁付款有关但尚未计入

租赁负债计量的开支

–

(iv) Others

During the year ended 31 March 2025, the total cash outflow

for leases amount to aproximately HK$10,410,000 (2024:

aproximately HK$3,287,000).

As at 31 March 2025 and 2024, the lease agrements do

not impose any covenants other than the security interests in the

leased asets that are held by the lesor. Leased asets may

not be used as security for borowing purposes.

(iv) 其他

截至2025年3月31日止年度，租赁

现金流出总额约为10,410,000港元

（2024年：约3,287,000港元）。

于2025年及2024年3月31日，除出

租人所持有的租赁资产抵押权益外，

租赁协议并无施加任何契诺。租赁资

产不可用作借贷的抵押。

596	1,019	1,615
(9)	–	(9)
587	1,019	1,606

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

23. INTANGIBLE ASETS

License

Cros

boundary

vehicle

licenseTotal

牌照跨境车牌总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Cost and carying value成本及账面值

At 1 April 2023于2023年4月1日6331,0191,652

Exchange diference汇兑差额(37)–(37)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Exchange diferences汇兑差额

At 31 March 2025于2025年3月31日

Cros boundary vehicle license

Intangible aset of aproximately HK$1,019,000 as at 31 March

2025 and 2024 represents the cros boundary vehicle license

which has a legal life of one year but are renewable every year at

minimal cost. The Directors are of the opinion that the Group would

renew the license continuously and has the ability to do so. Various

studies including market, competitive and environmental trends have

ben performed by the directors of the Company, which suports

that the license has no foreseable limit to the period over which are

expected to generate net cash flows for the Group.

The recoverable amount of the cros boundary vehicle license is

estimated individualy. During the years ended 31 March 2025 and

2024, the Directors considered that the carying amount of the cros

boundary vehicle license does not exced the recoverable amount

based on fair value les costs of disposal and no impairment has

ben recognised.

23. 无形资产

跨境车牌

于2025年及2024年3月31日，无形资产约

1,019,000港元指法定期限为一年但每年以

最低成本可予更新之跨境车牌。董事认为本

集团将会一直并有能力重续牌照。本公司董

事已进行各种研究（包括市场、竞争及环境

趋势），认为该牌照对本集团预期产生现金

流量净额之期间并无可预见之限制。

跨境车牌的可收回金额乃单独估计。截至

2025年及2024年3月31日止年度，董事认

为跨境车牌的账面值并未超过其按公允价值

减去处置成本后的可收回金额，并且未确认

任何减值。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

牌照

于2025年3月31日，无形资产约为

587,000港元（2024年：约596,000港

元），指中国建筑装修装饰工程一级承包资

质，其与装修及装饰分部有关。因其预期将

产生无限现金流入净额，董事认为该牌照具

无限可使用年期。牌照将不予摊销，直至其

可使用年期被厘定为有限。此外，本集团将

每年及在有迹象显示其可能出现减值时对其

进行减值测试。

就该牌照的减值测试而言，可收回金额乃通

过现金产生单位的使用价值计算确定，具体

为装修及装饰分部。截至2025年及2024年

3月31日止年度，董事认为该牌照的账面值

不超过基于使用价值计算的可回收金额，并

且未确认任何减值。

23. INTANGIBLE ASETS (Continued)

License

As at 31 March 2025, intangible aset of aproximately

HK$587,000 (2024: aproximately HK$596,000) represents

the PRC Grade One Construction and Decoration Enginering

Contractor qualification, which is related to renovation and

decoration segment. The license is considered by the Directors as

having indefinite useful lives because it is expected to contribute to

net cash inflows indefinitely. The license wil not be amortised until

its useful life is determined to be finite. Instead it wil be tested for

impairment anualy and whenever there is an indication that it may

be impaired.

For the impairment testing of the license, the recoverable amount is

determined through value-in-use calculations from the cash-generating

unit, specificaly the renovation and decoration segment. During the

years ended 31 March 2025 and 2024, the Directors considered

that the carying amount of license does not exced the recoverable

amount based on value-in-use and no impairment has ben

recognised.

2025
HK$’000
千港元
20,627
(4,045)
16,582
25,094
(1,682)
1,393
24,805
41,387
(39,247)
2,140
16,589

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

24. 贸易及其他应收账款及合约资

产

24. TRADE AND OTHER RECEIVABLES AND

CONTRACT ASETS

HK$’000

千港元

Trade receivables贸易应收账款22,294

Les: al lowance for impairment of

trade receivables

减：贸易应收账款减值拨备

(4,938)

17,356

Deposits and other receivables

(note (i)

按金及其他应收账款

（附注(i)）20,950

Les: a lowance for impairment of

other receivables

减：其他应收账款减值拨备

(1,682)

Prepayments预付款项1,345

20,613

Total trade and other receivables贸易及其他应收账款总额37,969

Portion clasified as curent asets分类为流动资产部分(37,969)

Non-curent portion非流动部分–

Contract asets (note (i)合约资产（附注(i)）7,768

At as 31 March 2025, the gros amount of trade receivable

arising from contracts with customers amounted to aproximately

HK$20,627,000 (2024: aproximately HK$22,294,000).

于2025年3月31日，客户合约所产生的贸易

应收账款总额约为20,627,000港元（2024

年：约22,294,000港元）。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

24. 贸易及其他应收账款及合约资

产（续）

附注：

(i) 本集团计量相等于12个月预期信贷亏损

的亏损拨备，除非信贷风险自初步确认

后显著增加或被视为信用减值，本集团

则会确认全期预期信贷亏损。评估全期

预期信贷亏损是否应确认乃根据违约发

生的可能性或风险自初步确认后显著增

加。就2025年3月31日的按金及其他应

收账款约23,412,000港元（2024年：约

19,268,000港元）而言，预期信贷亏损极

低，原因为该等按金及应收账款近期并无

违约记录且在报告期末并无不利现状及预

测未来经济状况。

其他应收账款之减值亏损拨备变动载列如

下：

24. TRADE AND OTHER RECEIVABLES AND

CONTRACT ASETS (Continued)

Notes:

(i) The Group measures the los alowance equal to 12-month ECL,

unles when there has a significant increase in credit risk since initial

recognition or considered as credit-impaired, the Group recognises

lifetime ECL. The asesment of whether lifetime ECL should be

recognised is based on significant increase in the likelihod or risk

of a default ocuring since initial recognition. For the deposits and

other receivables of aproximately HK$23,412,000 as at 31 March

2025 (2024: aproximately HK$19,268,000), the ECL was minimal

as these deposits and receivables had no recent history of default

and there was no unfavorable curent conditions and forecast future

economic conditions at the end of the reporting period.

Movements of alowance for impairment loses on other receivables

are as folows:

Individual

provision as

Lifetime ECL

credit-impaired

个别拨备

作为全期预期信贷

亏损信用减值

HK$’000

千港元

As at 1 April 2023于2023年4月1日1,067

Provided for the year (note)年内拨备（附注）615

As at 31 March 2024, 1 April 2024 and 31 March 2025于2024年3月31日、2024年4月1日及

2025年3月31日1,682

Note:

There has ben no change in the estimation techniques or significant

asumptions made during the curent reporting period.

附注：

于本报告期内，估值技术或所作出重大假

设概无任何变动。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

24. 贸易及其他应收账款及合约资

产（续）

附注：（续）

(i) 计入合约资产的应收保固金指本集团就已

进行但尚未开具发票的工程收取代价的权

利，原因为该等权利须待客户于合约规定

的一定期间内对服务质量表示满意后方可

作实。合约资产于权利成为无条件时（通常

为本集团提供保证期间的届满日期）转拨至

贸易应收账款。

就合约资产而言，本集团已应用香港财务

报告准则第9号允许的简化方法计量全期预

期信贷亏损的信贷亏损拨备。合约资产使

用与贸易应收账款相同的基准及方法评估

预期信贷亏损。经董事评估后，于2025年

及2024年3月31日，合约资产的预期信贷

亏损拨备对本集团而言并不重大。

于本报告期内，估值技术或所作出重大假

设概无任何变动。

本集团将该等合约资产分类为流动资产，原

因为本集团预期于其正常营运周期内变现该

等资产。

本集团并无就该等结余持有任何抵押品。

24. TRADE AND OTHER RECEIVABLES AND

CONTRACT ASETS (Continued)

Notes: (Continued)

(i) Included in contract asets are retention receivables that represents

the Group’s right to receive consideration for work performed and not

yet biled because the rights are conditional on the satisfaction of the

service quality by the customers over a certain period as stipulated in

the contracts. The contract asets are transfered to trade receivables

when the rights become unconditional, which is typicaly at the expiry

date of the period for the provision of asurance by the Group.

For contract asets, the Group has aplied the simplified aproach

permited by HKFRS 9 to measure the alowance for credit loses at

lifetime ECL. The contract asets are asesed for ECL by using the

same basis and aproach as trade receivables. After the asesment by

the Directors, the alowance for ECL on contract asets are insignificant

to the Group as at 31 March 2025 and 2024.

There has ben no change in the estimation techniques or significant

asumptions made during the curent reporting period.

The Group clasifies these contract asets under curent asets

because the Group expects to realise them in its normal operating

cycle.

The Group does not hold any colaterals over these balances.

2025
HK$’000
千港元
14,533
291
608
363
787
16,582

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

24. 贸易及其他应收账款及合约资

产（续）

本集团允许其贸易客户享有0至60天之平均

信贷期。下表乃于报告期末按发票日期（与

收入确认日期相若）呈列之贸易应收账款（扣

除贸易应收账款减值拨备）之账龄分析。

24. TRADE AND OTHER RECEIVABLES AND

CONTRACT ASETS (Continued)

The Group alows an average credit period of 0 – 60 days to

its trade customers. The folowing is an aged analysis of trade

receivables net of alowance for impairment of trade receivables

presented based on the invoice date, which aproximates to revenue

recognition date, at the end of the reporting period.

HK$’000

千港元

0 – 30 days0至30天15,026

31 – 90 days31至90天997

91 – 180 days91至180天424

180 – 365 days181天至365天624

More than 365 days365天以上285

17,356

The Group measures the los alowance for trade receivables at

an amount equal to lifetime ECL. The ECL on trade receivables are

estimated individualy for customer with significant balances or credit-

impaired and/or colectively using a provision matrix 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 as wel as the forecast direction of

conditions at the reporting date, including time value of money where

apropriate.

There has ben no change in the estimation techniques or significant

asumptions made during the curent reporting period.

As the Group’s historical credit los experience does not indicate

significantly diferent los paterns for diferent customer segments, the

los alowance based on past due status is not further distinguished

betwen the Group’s diferent customer bases. The grouping is

regularly reviewed by management to ensure relevant information

about specific debtors is updated.

本集团按相等于全期预期信贷亏损金额计量

贸易应收账款之亏损拨备。贸易应收账款的

预期信贷亏损乃就涉及重大结余或信贷减值

的客户单独进行估计及╱或基于本集团过往

信贷亏损经验使用拨备矩阵共同进行估计，

并就债务人的特定因素、整体经济状况以及

对报告日期的当前状况及方向预测的评估，

包括货币时间价值（倘适用）作出调整。

于本报告期内，估值技术或所作出重大假设

概无任何变动。

根据本集团之过往信贷亏损经验，不同客户

分部并未显示出亏损模式之重大差异，基于

逾期状态之亏损拨备不会于本集团不同客户

群之间进一步区分。管理层定期检查群组以

确保有关特定债务人之相关信息得到更新。

4,938
(862)
(31)
4,045

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

24. TRADE AND OTHER RECEIVABLES AND

CONTRACT ASETS (Continued)

The Directors individualy asesed and considered that trade

receivables of aproximately HK$4,045,000 (2024: aproximately

HK$4,938,000) had 100% expected los rate as these trade

receivables were credit-impaired. The ECL on the remaining trade

receivables with gros amounts of aproximately HK$16,582,000

(2024: aproximately HK$17,356,000) are estimated using a

provision matrix. No impairment was made on the remaining trade

receivables as at 31 March 2025 and 2024 as the expected los

rate is imaterial.

The movement in alowance for impairment of trade receivables is set

out below:

Lifetimes

ECL (credit-

impaired)

全期预期信贷

亏损

（有信贷减值）

HK$’000

千港元

As at 1 April 2023于2023年4月1日4,721

Exchange diferences汇兑差额217

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

Reversal of impairment los减值亏损拨回

Exchange diferences汇兑差额

As at 31 March 2025于2025年3月31日

24. 贸易及其他应收账款及合约资

产（续）

董事单独评估并认为贸易应收账款约

4,045,000港元（2024年：约4,938,000港

元）的预期亏损率为100%，原因为该等贸

易应收账款已出现信贷减值。余下贸易应收

账款总额约16,582,000港元（2024年：约

17,356,000港元）的预期信贷亏损乃使用

拨备矩阵估计。于2025年及2024年3月31

日，由于预期亏损率并不重大，故余下贸易

应收款项并无减值。

贸易应收账款之减值拨备变动载列如下：

2025
HK$’000
千港元
22,147
50,725
3,666
85,005
161,543

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

25. 现金及等同现金

现金及等同现金包括用于履行本集团短期现

金承担的手头现金及短期银行存款，截至

2025年及2024年3月31日止年度，该等存

款按现行市场利率计息。

以人民币计值结余换算为外币以及自中国汇

出该等以外币计值的银行结余及现金，须遵

守中国政府颁布的有关外汇管制规则及规

例。

现金及等同现金中包括约395,000港元

（2024年：约397,000港元）的银行余额因

附注43所披露的法律案件被法院冻结。

26. 贸易及其他应付账款

25. CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand and short-term

bank deposits for the purpose of meting the Group’s short term cash

comitment, which cary interest at prevailing market rates during the

years ended 31 March 2025 and 2024.

The conversion of RMB-denominated balances into foreign curencies

and the remitance of such foreign curencies denominated bank

balances and cash out of the PRC are subject to relevant rules and

regulation of foreign exchange control promulgated by the PRC

government.

Included in cash and cash equivalents represented bank balance of

aproximately HK$395,000 (2024: aproximately HK$397,000)

was frozen by the court regarding legal case as disclosed in note 43.

26. TRADE AND OTHER PAYABLES

HK$’000

千港元

Trade payables贸易应付账款10,582

Construction costs acruals and

payables (note)

建筑成本应计费用及

应付账款（附注）55,105

Contract liabilities合约负债3,579

Other acruals and payables其他应计费用及应付账款76,604

145,870

Note:

As disclosed in note 19, the Group is embroiled in a legal dispute with

the contractor concerning a longstanding construction cost payable of

aproximately HK$8,798,000 (2024: aproximately HK$15,684,000) and

the certain units of the properties held for sales of the Group were sealed as at

31 March 2025 and 2024 based on court orders and potentialy subject to

auction proces based on the court orders. Details of the litigation are set out

in note 43 to the consolidated financial statements.

附注：

诚如附注19所披露，本集团与承建商就一项约

8,798,000港元（2024年：约15,684,000港元）

的长期应付建设成本陷入法律纠纷，而本集团持

作出售物业的若干单位已根据法院颁令于2025年

及2024年3月31日封存，并可能根据法院颁令进

行拍卖流程。诉讼详情载于综合财务报表附注43。

2025
HK$’000
千港元
2,826
4,280
3,778
11,263
22,147

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

基于发票日期于报告期末所呈列贸易应付账

款账龄分析载列如下。

26. TRADE AND OTHER PAYABLES

(Continued)

The folowing is an aged analysis of trade payables presented based

on the invoice date at the end of the reporting period.

HK$’000

千港元

0 – 30 days0至30天1,449

31 – 90 days31至90天2,613

91 – 180 days91至180天2,307

More than 180 days180天以上4,213

10,582

The average credit period of trade payables is 30 days. The Group

has financial risk management policies in place to ensure that al

payables are setled within the credit timeframe.

27. AMOUNT DUE FROM (TO) RELATED

COMPANIES

These amounts represent amounts due from (to) companies which

are wholy-owned by Mr. Hu, an executive director and the

ultimate controling party of the Company. Except for amounts due

from related parties of aproximately HK$7,811,000 (2024:

aproximately HK$8,797,000) that are unsecured, interest-fre

and trade in nature with a credit period of 60 days, the remaining

amounts are unsecured, non-trade nature, interest-fre and repayable

on demand.

贸易应付账款平均信贷期为30天。本集团已

制定金融风险管理政策以确保所有应付账款

于信贷期内结清。

（付）关连公司款项

该等款项指应收（付）由本公司执行董事兼最

终控制方胡先生全资拥有的公司的款项。

除应收关连方款项约7,811,000港元（2024

年：约8,797,000港元）为无抵押、免息及

属贸易性质，且信贷期为60天外，余下款项

为无抵押、非贸易性质、免息及须按要求偿

还。

2025
HK$’000
千港元
53
–
–
7,758
7,811

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（付）关连公司款项（续）

下表乃于报告期末按发票日期（与各自收入

确认日期相若）呈列之应收关连公司贸易账

款账龄分析。

27. AMOUNT DUE FROM (TO) RELATED

COMPANIES (Continued)

The folowing is an aged analysis of trade receivables from

related companies presented based on the invoice date, which

aproximates to the respective revenue recognition dates, at the end

of the reporting period.

HK$’000

千港元

0 – 30 days0至30天6,003

31 – 90 days31至90天1,571

91 – 180 days91至180天781

More than 180 days180天以上442

8,797

For trade receivables from related companies, the Group aplied the

simplified aproach permited by HKFRS 9 to measure the alowance

for credit loses at lifetime ECL. After the asesment by the directors

of the Company, the alowance for ECL on contract asets are

insignificant to the Group as at 31 March 2025 and 2024.

There has ben no change in the estimation techniques or significant

asumptions made during the curent reporting period.

就应收关连公司贸易账款而言，本集团应用

香港财务报告准则第9号准许的简化方法，

按全期预期信贷亏损计量信贷亏损拨备。经

本公司董事评估后，于2025年及2024年3

月31日，合约资产的预期信贷亏损拨备对本

集团而言并不重大。

于本报告期内，估值技术或所作出重大假设

概无任何变动。

2025
HK$’000
千港元
100,908
1,483,675
1,584,583
1,498
882
1,295,443
188,232
1,486,055
87,886
10,642
98,528
1,584,583

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

28. 银行及其他借贷28. BANK AND OTHER BOROWINGS

HK$’000

千港元

Other borowings – unsecured其他借贷－无抵押85,055

Bank borowing – secured银行借贷－有抵押1,374,641

1,459,696

Curent:流动：

Unsecured other borowings – principal

portion (note (i)

无抵押其他借贷－本金部分

（附注(i) ）2,700

Unsecured other borowings – interest

portion (note (i)

无抵押其他借贷－利息部分

（附注(i) ）5,078

Secured bank borowing – principal

portion (note (i)

有抵押银行借贷－本金部分

（附注(i) ）1,307,597

Secured bank borowing – interest port

ion (note (i)

有抵押银行借贷－利息部分

（附注(i)）67,044

1,382,419

Non-curent:非流动：

Unsecured other borowings – principal

portion (notes (i) and (i)

无抵押其他借贷－本金部分

（附注(i)及(i) ）69,096

Unsecured other borowings – interest

portion (notes (i) and (i)

无抵押其他借贷－利息部分

（附注(i)及(i) ）8,181

77,277

Total bank and other borowings银行及其他借贷总额1,459,696

2025
HK$’000
千港元
1,486,055
–
98,528
1,584,583

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

应偿还账面值（根据贷款协议载列定期偿还

日期）：

28. BANK AND OTHER BOROWINGS

(Continued)

Carying amount repayable (based on scheduled repayment dates

set out in the loan agrements):

HK$’000

千港元

Within 1 year or on demand一年内或按要求偿还1,382,419

More than 1 year but les than 2 years超过一年但少于两年77,277

More than 2 years but les than 5 years超过两年但少于五年–

1,459,696

Notes:

(i) The unsecured other borowings as at 31 March 2025 represented the

unsecured borowings from related companies, which are beneficialy

owned by Mr. Hu, with totaling outstanding principal amount of

RMB1,400,000 (2024: RMB2,500,000), equivalent to aproximately

HK$1,498,000 (2024: aproximately HK$2,700,000) carying fixed

interest rate of 15% per anum (2024: 15% per anum); and total

interest payable of aproximately RMB824,000 (2024: aproximately

RMB4,702,000), equivalent to aproximately HK$882,000 (2024:

aproximately HK$5,078,000), which are repayable on the maturity

date.

As of 14 May 2023, the repayment date for the outstanding

principal amount of RMB1,400,000, equivalent to aproximately

HK$1,512,000 and interest payable of aproximately RMB612,000,

equivalent to aproximately HK$661,000, both as at 31 March

2024, has ben extended from 14 May 2023 to 14 May 2025. Al

other terms remain unchanged. On 16 June 2025, the repayment date

for the outstanding principal and interest payable has ben extended

from 14 May 2025 to 14 May 2027. Al other terms remain

unchanged.

附注：

(i) 于2025年3月31日，无抵押其他借贷指

由胡先生实益拥有的关连公司授出未偿

还本金总额为人民币1,400,000元（2024

年：人民币2,500,000元）的无抵押借

贷，相当于约1,498,000港元（2024年：

约2,700,000港元），固定年利率为15厘

（2024年：15厘）；及应付利息总额约

人民币824,000元（2024年：约人民币

4,702,000元），相当于约882,000港元

（2024年：约5,078,000港元），须于到期

日偿还。

截至2023年5月14日，未偿还本金人民币

1,400, 000元（相当于约1,512,000港元）

及应付利息约人民币612,000元（相当于约

661,000港元）（均截至2024年3月31日）的

还款日期已由2023年5月14日延长至2025

年5月14日。所有其他条款维持不变。于

2025年6月16日，未偿还本金及应付利息

的还款日期已由2025年5月14日延长至

2027年5月14日。所有其他条款维持不变。

2025
HK$’000
千港元
354,165
261,080
130,535
1,012,220

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

附注：（续）

(i) 有抵押银行借贷的本金总额为约人民

币1,210,694,000元（2024年：约人

民币1,210,738,000元），相当于约

1,295,443,000港元（2024年：约

1,307,597,000港元）。

于2022年3月31日，有抵押银行借贷

按7厘的固定年利率计息。于2022年

12月19日，本集团获授新的固定利

率，即年利率5.3厘，利息按季度支

付，而有抵押银行借贷的其他条款维

持不变，且根据借贷协议将于2035年

3月30日到期。

于报告期末，本集团抵押以担保本集

团之银行借贷之资产账面值如下。

28. BANK AND OTHER BOROWINGS

(Continued)

Notes: (Continued)

(i) The total principal amount of the secured bank borowing

amounted to aproximately RMB1,210,694,000 (2024:

aproximately RMB1,210,738,000), equivalent to

aproximately HK$1,295,443,000 (2024: aproximately

HK$1,307,597,000).

The secured bank borowing caries a fixed interest rate of

7% per anum as at 31 March 2022. On 19 December

2022, the Group was granted a new fixed interest rate of

5.3% per anum with interest payable quarterly while the other

terms of the secured bank borowing remained unchanged

and wil mature on 30 March 2035 based on the borowing

agrement.

At the end of the reporting period, carying amounts of the

Group’s asets pledged to secure the bank borowing of the

Group are as folows.

HK$’000

千港元

Property, plant and equipment物业、厂房及设备398,767

Properties held for sale持作出售物业306,986

Right-of-use asets使用权资产147,023

Investment properties投资物业1,280,227

As at 31 March 2025, the Group’s secured bank borowing

with carying amount of aproximately HK$1,295,443,000

(2024: aproximately HK$1,307,597,000) is subject to the

fulfilment of covenants relating to certain usage restriction. If the

Group were to breach the covenants the drawn down facilities

would become payable on demand. The Group regularly

monitors its compliance with these covenants.

于2025年3月31日，本集团账面值

约1,295,443,000港元（2024年：约

1,307,597,000港元）的有抵押银行借

贷须符合有关若干用途限制的契诺。

倘本集团违反该等契诺，所提取的融

资须应要求偿还。本集团定期监察其

遵守该等契诺的情况。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

附注：（续）

(i) （续）

截至2024年3月31日止年度，本集团

违反银行借贷的某些条款，主要与本

集团的违约付款有关。因上述违反情

形，根据借款协议，银行有权要求立

即还款，因此，银行有权发出通知，

要求本集团于2025年3月31日偿还全

部本金及逾期利息约1,483,675,000

港元（2024年：约1,374,641,000港

元）。于2014年7月22日，年利率（包

括违约利率）由7.425厘调整为7.275

厘。银行已对本集团提起法律诉讼，

以追回所欠的未偿还贷款金额。截至

报告日期及于2025年3月31日，法律

案件仍在审理中。因此，该银行贷款

于2025年3月31日分类为流动状况。

法律程序的详情载于本报告附注43。

(i) 于2021年7月1日，一间由胡先生实

益拥有的关连公司授出固定年利率为

8厘，且融资金额为100,000,000港

元之无抵押循环贷款融资，到期日为

2025年12月31日。于2025年2月28

日，到期日延长至2027年12月31日。

于2025年3月31日，已提取本金总

额约87,886,000港元（2024年：约

69,096,000港元）之无抵押循环贷

款融资及应付利息约10,642,000

港元（2024年：约8,181,000港

元），将于到期日偿还。剩余本金额

约12,114,000港元（2024年：约

30,904,000港元）的贷款融资尚未动

用。

28. BANK AND OTHER BOROWINGS

(Continued)

Notes: (Continued)

(i) (Continued)

During the year ended 31 March 2024, the Group breached

certain terms of the bank borowing, which are primarily

related to the default payment of the Group. As a result of

the above breach, the bank has right to demand imediate

repayment based on the borowing agrement, and as a

result, the bank has the right to serve a notice and require

the Group to repay the entire principal and defaulted interest

of aproximately HK$1,483,675,000 as at 31 March

2025 (2024: aproximately HK$1,374,641,000). On 22

July 2014, the interest rate including the defaulted interest

is adjusted from 7.425% to 7.275% per anum. The bank

has initiated legal procedings against the Group to recover

the outstanding loan amount owed to them. Up to the date

of report, and as at 31 March 2025, the legal case is

in the proces. Thus, the bank loan was clasified as a

curent position as at 31 March 2025. Details of the legal

procedings are set out in note 43 to this report.

(i) On 1 July 2021, an unsecured revolving loan facility with

facility amount of HK$100,000,000 has ben granted from

a related company, which is beneficialy owned by Mr. Hu,

which caries a fixed interest rate of 8% per anum, with

maturity date on 31 December 2025. On 28 February 2025,

the maturity date has ben extended to 31 December 2027.

As at 31 March 2025, unsecured revolving loan facility

with agregate principal amount of aproximately

HK$87,886,000 (2024: aproximately HK$69,096,000)

has ben drawn down and interest payable of aproximately

HK$10,642,000 (2024: aproximately HK$8,181,000),

which wil be repayable on the maturity date. The remaining

loan facility with principal amount of aproximately

HK$12,114,000 (2024: aproximately HK$30,904,000)

has not yet ben utilised.

2025
HK$’000
千港元
951,502

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

29. PROMISORY NOTES

HK$’000

千港元

Promisory notes:承兑票据：

– W ithin 1 year (2024: more than 1 year but

les than 2 years)

－一年内（2024年：超过一年

但少于两年）903,862

On 28 July 2016, the Company isued promisory notes with

agregate principal amount of HK$1,168,000,000 as part of

the consideration to acquire the entire equity interest in Gloryear

Investments Limited and its subsidiaries. The promisory notes are

unsecured, caries a fixed interest rate of 8% per anum and would

mature on 28 July 2019. Al interests wil be paid on the maturity

date. The Company may redem (in ful or in part) the promisory

notes at any time after the date of isue of the promisory notes and

before the maturity date by serving prior notice to the promisory

notes holder. The promisory notes are measured at amortised cost,

using the efective interest rates at 8%.

Promisory notes with agregate principal amount of

HK$390,000,000 were early redemed by the Company during

the year ended 31 March 2017, while promisory notes with

agregate principal amount of HK$778,000,000 remained

outstanding.

On 15 December 2017, promisory notes with agregate principal

amount of HK$778,000,000 have ben transfered to Total Idea

International Limited (“Total Idea”), in which Mr. Hu, the executive

director and chairman of the Company, is the ultimate beneficial

owner.

On 5 December 2018, the maturity date of the promisory notes has

ben extended from 28 July 2019 to 28 July 2020. Details are set

out in the Company’s anouncement dated 5 December 2018.

29. 承兑票据

于2016年7月28日，本公司发行本金总额为

1,168,000,000港元之承兑票据，作为收购

誉年投资有限公司及其附属公司全部股权之

部分代价。承兑票据为无抵押、按固定年利

率8厘计息，并于2019年7月28日到期。所

有利息将于到期日支付。本公司可于承兑票

据发行日期后至到期日前随时向承兑票据持

有人发出事先通知，赎回全部或部分承兑票

据。承兑票据使用实际利率8厘按摊销成本

计量。

本公司已于截至2017年3月31日止年度提

早赎回本金总额390,000,000港元之承兑票

据，而本金总额778,000,000港元之承兑票

据尚未偿还。

于2017年12月15日，本金总额为

778,000,000港元的承兑票据已转让予本公

司执行董事兼主席胡先生为最终实益拥有人

之全意国际有限公司（「全意」）。

于2018年12月5日，承兑票据的到期日由

2019年7月28日延长至2020年7月28日。

详情载于本公司日期为2018年12月5日的公

告。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

于2019年9月26日，承兑票据的到期日由

2020年7月28日进一步延长至2021年7月

28日。详情载于本公司日期为2019年9月

26日的公告。

于2020年9月4日，承兑票据的到期日由

2021年7月28日进一步延长至2022年7月

28日。详情载于本公司日期为2020年9月4

日的公告。

于2021年10月，本公司已提早赎回本金总

额228,000,000港元之承兑票据，而本金总

额为550,000,000港元之承兑票据尚未偿

还。

于2021年11月30日，承兑票据的到期日由

2022年7月28日进一步延长至2023年7月

28日。详情载于本公司日期为2021年11月

30日的公告。

于2023年3月14日，承兑票据的到期日由

2023年7月28日进一步延长至2025年12月

31日。详情载于本公司日期为2023年3月

14日的公告。

于2023年12月1日，本公司与全意订立附

函，据此承兑票据的利率将由每年8%调整至

4%，自2023年12月1日起生效，直至到期

日。详情载于本公司日期为2023年12月1日

的公告。

于2025年4月11日，承兑票据的到期日已

由2025年12月31日进一步延长至2027年

12月31日，而直至2025年4月11日的应付

利息已被全意豁免。详情载于本公司日期为

2025年3月18日及2025年4月11日之公告。

29. PROMISORY NOTES (Continued)

On 26 September 2019, the maturity date of the promisory notes

has ben further extended from 28 July 2020 to 28 July 2021.

Details are set out in the Company’s anouncement dated 26

September 2019.

On 4 September 2020, the maturity date of the promisory notes has

ben further extended from 28 July 2021 to 28 July 2022. Details

are set out in the Company’s anouncement dated 4 September

2020.

In October 2021, promisory notes with agregate principal

of HK$228,000,000 were early redemed by the Company

while promisory notes with agregate principal amount of

HK$550,000,000 remained outstanding.

On 30 November 2021, the maturity date of the promisory notes

has ben further extended from 28 July 2022 to 28 July 2023.

Details are set out in the Company’s anouncement dated 30

November 2021.

On 14 March 2023, the maturity date of the promisory notes has

ben further extended from 28 July 2023 to 31 December 2025.

Details are set out in the Company’s anouncement dated 14 March

2023.

On 1 December 2023, the Company and Total Idea entered into a

side leter on which the interest rate of promisory notes shal acrue

from 8% to 4% per anum with efect from 1 December 2023

and up to the maturity date. Details are set out in the Company’s

anouncement dated 1 December 2023.

On 11 April 2025, the maturity date of the promisory notes has

ben further extended from 31 December 2025 to 31 December

2027 and the interest payable until 11 April 2025 was waived

by Total Idea. Details are set out in the Company’s anouncements

dated 18 March 2025 and 11 April 2025.

2025
HK$’000
千港元
372,172
152,706
524,878
13,785
13,785
538,663

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

30. 董事无抵押借贷30. UNSECURED BOROWINGS FROM A

DIRECTOR

HK$’000

千港元

Unsecured borowings denominated

in RMB (note (i)

以人民币列账的无抵押借贷

（附注(i)）

– principal portion－本金部分363,051

– interest portion－利息部分120,817

483,868

Unsecured borowing denominated

in HK$ (note (i)

以港元列账的无抵押借贷

（附注(i)）

– interest portion－利息部分14,765

14,765

498,633

Notes:

(i) On 1 June 2018 and 29 August 2018, an unsecured revolving loan

facility with an agregate facility amount of RMB500,000,000 has

ben granted from Mr. Hu to certain subsidiaries established in the

PRC which caries a fixed interest rate of 9% per anum, which wil be

repayable on the maturity date.

On 30 November 2021, the maturity date of the above-mentioned

loan facility has ben further extended from 6 July 2022 to 6 July

2023 while the other terms remained unchanged.

On 14 March 2023, the maturity date of the above-mentioned loan

facility has ben further extended to 31 December 2025 while the

other terms remained unchanged.

On 28 February 2025, the maturity date of the above-mentioned loan

facility has ben further extended to 31 December 2027 while the

other terms remained unchanged.

附注：

(i) 于2018年6月1日及2018年8月29日，

胡先生向若干于中国成立的附属公司授出

固定年利率为9厘，且融资总额为人民币

500,000,000元之无抵押循环贷款融资，

将于到期日偿还。

于2021年11月30日，上述贷款融资到期

日已由2022年7月6日进一步延长至2023

年7月6日，而其他条款维持不变。

于2023年3月14日，上述贷款融资到期日

已进一步延长至2025年12月31日，而其

他条款维持不变。

于2025年2月28日，上述贷款融资到期日

已进一步延长至2027年12月31日，而其

他条款维持不变。

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

附注：（续）

(i) （续）

于2023年6月27日，胡先生向若干于中国

成立的附属公司授出额外融资总额为人民

币300,000,000元之贷款。

于2023年10月1日，固定年利率由9厘调

整至5厘，适用于2023年10月1日至2024

年3月31日期间。其后按9厘计算年息。

于2025年3月31日，已提取本金总额

约为人民币347,824,000元（2024年：

约人民币336,158,000元），相当于

约372,172,000港元（2024年：约

363,051,000港元）之无抵押借贷，

尚余约人民币452,176,000元（2024

年：约人民币463,842,000元），相当

于约483,828,000港元（2024年：约

500,949,000港元）未动用。

(i) 于2019年1月7日，胡先生向本公司之间

接全资附属公司授出固定年利率为8厘之另

一笔无抵押循环贷款融资（最高融资金额为

100,000,000港元），到期日为2022年7月

6日。

于2021年10月12日，无抵押借贷的本金

100,000,000港元通过发行本公司认购股

份进行偿还。

于2023年3月14日，上述贷款融资到期日

已延长至2025年12月31日。

于2025年2月28日，上述贷款融资到期日

已进一步延长至2027年12月31日。

于2025年3月31日，本集团并没有提取该

融资（2024年：无）。

30. UNSECURED BOROWINGS FROM A

DIRECTOR (Continued)

Notes: (Continued)

(i) (Continued)

On 27 June 2023, an aditional facility amount of RMB300,000,000

has ben granted from Mr. Hu to certain subsidiaries established in the

PRC.

On 1 October 2023, the fixed interest rate is adjusted down from 9% to

5% per anum for the period from 1 October 2023 to 31 March 2024.

Afterwards, it is caried at 9% per anum.

As at 31 March 2025, unsecured borowings with agregate principal

amount of aproximately RMB347,824,000 (2024: aproximately

RMB336,158,000), equivalent to aproximately HK$372,172,000

(2024: aproximately HK$363,051,000), has ben drawn down,

remaining aproximately RMB452,176,000 (2024: aproximately

RMB463,842,000), equivalent to aproximately HK$483,828,000

(2024: aproximately HK$500,949,000), has not yet utilised.

(i) On 7 January 2019, another unsecured revolving loan facility with

maximum facility amount of HK$100,000,000 has ben granted

from Mr. Hu to an indirectly wholy-owned subsidiary of the Company,

which caries a fixed interest rate of 8% per anum, with maturity date

on 6 July 2022.

On 12 October 2021, principal amount of unsecured borowings of

HK$100,000,000 were setled by the isuance of subscription shares

of the Company.

On 14 March 2023, the maturity date of the above-mentioned loan

facility has ben extended to 31 December 2025.

On 28 February 2025, the maturity date of the above-mentioned loan

facility has ben further extended to 31 December 2027.

As at 31 March 2025, none of the facility (2024: nil) has ben drawn

down.

2025
HK$’000
千港元
583,828

2025
HK$’000
千港元
21,130
(36,378)
(15,248)

–	–	(10,119)	(105)	(10,224)
22,660	(28,890)	–	–	(6,230)
(1,544)	1,889	907	–	1,252
14	74	(135)	1	(46)
21,130	(26,927)	(9,347)	(104)	(15,248)

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

于报告期末，本集团一名董事授出的未提取

融资如下：

30. UNSECURED BOROWINGS FROM A

DIRECTOR (Continued)

At the end of the reporting period, the Group has the folowing

undrawn facilities granted from a director:

HK$’000

千港元

Fixed rate固定利率

– expiring on 31 December 2027

(2024: 31 December 2025)

－于2027年12月31日届满

（2024年：2025年12月31

日）600,949

31. DEFERED TAX

The analysis of defered income tax asets (liabilities) is as folows:

HK$’000

千港元

Defered income tax asets递延所得税资产–

Defered income tax liabilities递延所得税负债(10,224)

(10,224)

The folowing are the major defered income tax asets (liabilities)

recognised and movements thereon during the both years ended:

Lease

liabilities

Fair

value

adjustment of

investment

property

Fair

value

adjustment

of property,

plant and

equipmentOtherTotal

租赁负债

投资物业之

公允价值调整

物业、

厂房及设备之

公允价值调整其他总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

1 April 20232023年4月1日–(12,593)(110)(12,703)

Credited to profit or los计入损益–971–971

Exchange diferences汇兑差额–1,50351,508

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Acquisition of a subsidiary收购一间附属公司

(Charged) credited to profit or los（自损益扣除）计入损益

Exchange diferences汇兑差额

At 31 March 2025于2025年3月31日

31. 递延税项

递延所得税资产（负债）分析如下：

以下为截至两个年度止已确认的主要递延所

得税资产（负债）及其变动：

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

于2025年3月31日，本集团分别拥

有约742,941,000港元（2024年：约

558,951,000港元）及318,831,000港

元（2024年：约280,660,000港元）可用

作抵销未来溢利之估计未动用税项亏损

及可抵扣暂时性差异。由于无法预期未

来溢利来源，概无分别就估计未动用税

项亏损约742,941,000港元（2024年：

约558,951,000港元）及可抵扣暂时性

差异约318,831,000港元（2024年：约

280,660,000港元）确认递延所得税资产

（2024年：零）。税项亏损约36,560,000

港元（2024年：约36,560,000港元）

并无届满日期，而余下未动用税项亏

损约706,381,000港元（2024年：约

522,391,000港元）将于相关会计年度结算

日后五年内届满。

32. 股本

31. DEFERED TAX (Continued)

At 31 March 2025, the Group has estimated unused tax loses and

deductible temporary diference of aproximately HK$742,941,000

(2024: aproximately HK$558,951,000) and HK$318,831,000

(2024: aproximately HK$280,660,000), respectively available

for ofseting against future profits. No defered income tax asets

(2024: nil) have ben recognised in respect of the estimated unused

tax loses and deductible temporary diference of aproximately

HK$742,941,000 (2024: aproximately HK$558,951,000) and

HK$318,831,000 (2024: aproximately HK$280,660,000),

respectively due to unpredictability of future profit streams. Tax

loses of aproximately HK$36,560,000 (2024: aproximately

HK$36,560,000) have no expiry date, while the remaining

unused tax loses of aproximately HK$706,381,000 (2024:

aproximately HK$522,391,000) wil be expired in five years after

the relevant acounting year end date.

32. SHARE CAPITAL

Number

of shares

capital

股份数目股本

’000HK$’000

千股千港元

Ordinary shares普通股

Authorised法定

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

(Par value of HK$0.5 each)

于2023年4月1日、2024年

3月31日、2024年4月1日及

2025年3月31日

（每股面值0.5港元）1,000,000500,000

Isued and fuly paid已发行及缴足

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

(Par value of HK$0.5 each)

于2023年4月1日、2024年

3月31日、2024年4月1日及

2025年3月31日

（每股面值0.5港元）647,199323,599

Al isued shares rank pari pasu in al respects with each other.所有已发行股份在各方面享有同等权益。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

33. 购股权计划

于2012年8月17日，本公司采纳2012年购

股权计划（「2012年计划」），据此，董事可

向合资格人士授予购股权，合资格人士可根

据当中所载条款及条件认购本公司股份。除

另行注销或修订外，2012年计划于采纳日

期起计为期十年持续有效。

2012年计划旨在提供奖励予合资格参与

者，使彼等为本集团作出贡献，并让本集团

得以招聘及吸纳具有卓越才干之雇员成为本

集团之宝贵资源。根据2012年计划，董事

可向身为本集团雇员、高级人员、代理或顾

问（包括本公司及其附属公司之执行或非执

行董事）之任何人士授出购股权，以认购本

公司股份，认购价由董事会厘定，惟相等于

下列三项中之最高者：(a)股份于购股权授

出日期（必须为交易日）在联交所录得之收市

价；(b)股份在紧接购股权授出日期前五个交

易日在联交所录得之平均收市价；及(c)股份

面值。

2012年计划及本集团任何其他购股权计划

项下发行之股份总数，不得超过于2012年

计划采纳日期已发行股份数目或于该日因

拆细或合并股份数目而产生之股份数目之

10%。在2012年计划条文之规限下，本公

司可在股东大会征求股东批准更新此10%之

限额，惟2012年计划项下可发行之股份总

数不得超过届时已发行股份数目的30%。

33. SHARE OPTION SCHEME

On 17 August 2012, the Company adopted the 2012 share option

scheme (the “2012 Scheme”) under which the Directors may grant

options to eligible persons to subscribe for the Company’s shares

subject to the terms and conditions as stipulated therein. Unles

otherwise canceled or amended, the 2012 Scheme wil remain

valid for a period of 10 years from the adoption date.

The purpose of the 2012 Scheme is to provide incentives to the

eligible participants to contribute to the Group and to enable the

Group to recruit high-caliber employes and atract resources that are

valuable to the Group. Under the 2012 Scheme, the Directors may

grant options to any person being an employe, oficer, agent, or

consultant of the Group including executive or non-executive directors

of the Company and its subsidiaries, to subscribe for shares in the

Company at a price to be determined by the board of directors

being the highest of (a) the closing price of the shares on the Stock

Exchange on the date of grant of the option, which must be a

trading day; (b) the average closing price of the shares of the Stock

Exchange for the five trading days imediately preceding the date of

grant of the option; and (c) the nominal value of the shares.

The total number of shares in respect of which the 2012 Scheme

and any other share option schemes of the Group is not permited to

exced 10% of the number of shares in isue at the date of adoption

of the 2012 Scheme or such number of shares as a result from a

sub-division or consolidation of the number of shares at that date.

Subject to as provided in the 2012 Scheme, the Company may sek

aproval from its shareholders in general meting to refresh this 10%

limit, but the total number of shares which may be isued under the

2012 Scheme must not exced 30% of the number of shares in isue

from time to time.

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

倘向某一参与者授出购股权，而倘有关购股

权获接纳及全面行使，将导致有关参与者有

权认购之股份数目，加上于紧接购股权建议

授出日期前12个月期间内已向彼授出及将

予授出之所有购股权，以及根据本公司及╱

或任何附属公司之任何其他购股权计划已向

彼授出及将予授出之所有购股权（包括已行

使、已注销及尚未行使之购股权）获行使而

已发行及可予发行之股份总数，合共超过建

议授出日期之已发行股份数目的1%，则不得

授出有关购股权。

2012年计划之有效期由2022年8月17日起

计为期十年。

授出之购股权必须于授出日期起计28日内

获接纳，并须就每次购股权之授出支付1港

元。根据2012年计划之规定，各承授人可

于购股权期间随时行使购股权。购股权期间

将由董事知会各承授人，由授出日期（或董

事会可能决定之较后日期）起计，并将于董

事会决定之日期届满，惟购股权期间由授出

日期起计不得超逾十年，并须受董事会酌情

施加之任何限制所规限。

截至2025年及2024年3月31日止年度，并

无根据2012年计划授出、行使、注销或失

效之购股权。于2025年及2024年3月31

日，概无2012年计划项下之购股权未获行

使。

33. SHARE OPTION SCHEME (Continued)

No participant shal be granted an option which, if acepted and

exercised in ful, would result in the participant becoming entitled to

subscribe for such number of shares as, when agregated with the

total number of shares already isued and which may be isued upon

exercise of al options granted and to be granted to him, together

with al options granted and to be granted to him under any other

share option schemes of the Company and/or any subsidiaries,

within the 12-month period imediately preceding the proposed date

of grant (including exercised, canceled and outstanding options),

would exced 1% of the number of shares in isue as at the proposed

date of grant.

The 2012 Scheme shal be valid and efective for a period of 10

years comencing 17 August 2022.

Options granted must be taken up within 28 days of the date of

grant upon payment of HK$1 for each grant of options. Subject to

as provided in the 2012 Scheme, options may be exercised at any

time during the option period, which is to be notified by the Directors

to each grante, comencing on the date of grant or such later date

as the board of directors may decide and expiring on such date

as the board of directors may determine, provided that such period

is not to exced ten years from the date of grant, and subject to

any restrictions that may be imposed by the board of directors in its

discretion.

No share option has ben granted, exercised, canceled or

lapsed under the 2012 Scheme during the years ended 31 March

2025 and 2024. No share options under the 2012 Scheme are

outstanding as at 31 March 2025 and 2024.

2025
HK$’000
千港元
4,017

2025
HK$’000
千港元
57,248
57,523
54,971
39,529
9,138
567
218,976

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

34. 资本承担34. CAPITAL COMITMENT

HK$’000

千港元

Capital expenditure in respect of

refurbishment of properties

contracted but not provided for in

the consolidated financial statements

有关翻新物业的已订约但未

于综合财务报表拨备之

资本开支

4,236

35. OPERATING LEASE ARANGEMENT

The Group as lesor

The Group leases out investment properties under operating leases.

The leases typicaly run for an initial period of 1 to 7 years. Lease

payments are usualy increased every year to reflect market rentals.

The Group’s leases included variable lease payments that not depend

on an index or rate, which is excluded from the undiscounted lease

payments under non-cancelable operating leases as below.

Undiscounted lease payments under non-cancelable operating leases

in place at the reporting date wil be receivable by the Group in

future periods as folows:

HK$’000

千港元

Within one year一年内5,942

After one year but within two years一年后但两年内5,590

After two years but within thre years两年后但三年内3,035

After thre years but within four years三年后但四年内2,283

After four years but within five years四年后但五年内1,348

After five years五年后–

18,198

35. 经营租赁安排

本集团作为出租人

本集团出租经营租赁项下之投资物业。租赁

一般初步为期1至7年。租赁付款通常每年增

加，以反映市场租金。本集团的租赁包括并

非取决于指数或利率的浮动租赁付款，不包

括在以下不可撤销经营租赁项下的未贴现租

赁付款中。

本集团将于未来期间根据于报告日期已订立

之不可撤销经营租赁应收之未贴现租赁付款

如下：

HK$’000
千港元
5,350

HK$’000
千港元
115,560
10
22,660
6,058
2,571
2,389
(4,015)
(76)
(90,640)
(28,890)
25,627
5,350
(25,627)
(20,277)

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

36. ACQUISITION OF A SUBSIDIARY

On 30 November 2024, the Group acquired 100% of the equity

interest of Chengdu Dof Comercial Management Limited Liability

Company* (“Chengdu Dof”) at a consideration of aproximately

HK$5,350,000 (equivalent to aproximately RMB5,000,000)

from Zhongtou Huawei Mobile Comunication Technology

(Beijing) Company Limited* which is controled by the controling

shareholder of the Company. This acquisition has ben acounted

for using the acquisition method. Chengdu Dof is engaged in

providing comercial property management services. Chengdu

Dof was acquired to enhance the Group’s revenue stream and

further strengthen the busines capacity of the Group in the property

management industry in the PRC.

Consideration transfered已转让代价

Cash paid已付现金

Asets acquired and liabilities recognised at the date of acquisition

are as folows:

Consideration transfered已转让代价

Investment properties投资物业

Property, plant and equipment物业、厂房及设备

Defered income tax asets递延所得税资产

Trade and other receivables贸易及其他应收账款

Amounts due from related companies应收关连公司款项

Cash and cash equivalents现金及等同现金

Trade and other payables贸易及其他应付账款

Amounts due to related companies应付关连公司款项

Lease liabilities租赁负债

Defered income tax liabilities递延所得税负债

Demed contribution from a controling shareholder视作控股东的注资

Consideration transfered已转让代价

Les: Fair value of identifiable net asets acquired减：所收购可识别净资产公允价值

Demed contribution from a controling shareholder

recognised as other reserve

确认为其他储备的视作

控股东的注资

36. 收购一间附属公司

于2024年11月30日，本集团向本公司控

股东控制的中投华为移动通讯技术（北

京）有限公司收购成都多弗商业管理有限

责任公司（「成都多弗」）的100%股权，代

价约为5,350,000港元（相当于约人民币

5,000,000元）。该收购已使用收购法入

账。成都多弗从事提供商业物业管理服务。

收购成都多弗旨在扩阔本集团的收入来源并

进一步提升本集团于中国物业管理行业的业

务能力。

于收购日期所收购之资产及确认之负债如

下：

* For identification purpose only

HK$’000
千港元
5,350
(2,389)
2,961

2025
HK$’000
千港元
8,475
131
8,606

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

36. ACQUISITION OF A SUBSIDIARY

(Continued)

Net cash outflow on acquisition of Chengdu Dof:

Cash consideration paid已付现金代价

Les: cash and cash equivalent balances acquired减：所收购现金及等同现金结余

Net outflow of cash – investing activities现金流出净额—投资活动

Included in the los for the year, there is a los of aproximately

HK$2,271,000 atributable to the busines generated by Chengdu

Dof. Revenue for the year includes aproximately HK$9,467,000

generated from Chengdu Dof.

37. RELATED PARTY TRANSACTIONS

(a) Key management compensation

Key management personel includes executive directors and

senior management of the Company. The compensation paid

or payable to key management for employe services is shown

below:

HK$’000

千港元

Short-term benefits短期福利7,509

Post-employment benefits离职后福利130

7,639

The remuneration of executive directors and senior

management of the Company is determined by the

remuneration comite having regard to the performance of

operating results and individual performance.

（续）

收购成都多弗的现金流出净额：

本年度亏损中包括成都多弗产生的业务应占

亏损约2,271,000港元。本年度收入包括成

都多弗产生的约9,467,000港元。

37. 关连方交易

(a) 主要管理人员之薪酬

主要管理人员包括本公司执行董事及

高级管理人员。就提供雇员服务已付

或应付予主要管理人员之薪酬载列如

下：

本公司执行董事及高级管理人员之酬

金乃由薪酬委员会按营运业绩表现及

个人表现而厘定。

2025
HK$’000
千港元
8,260
26,500
258
47,640
36,438

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

(b) 关连方交易

除综合财务报表其他部分所披露的资

料外，本集团按关连方相互同意的条

款进行以下有关本集团业务营运的关

连方交易。

37. RELATED PARTY TRANSACTIONS

(Continued)

(b) Related party transactions

In adition to the information disclosed elsewhere in the

consolidated financial statements, the Group had the folowing

related party transactions related to the operations of the

Group, were mutualy agred with the related parties.

Related party relationshipNature of transactionHK$’000

关连方关系交易性质千港元

Entities which are under control

of Mr. Hu

Property management services

income

10,873

由胡先生控制的实体物业管理服务收入

Renovation and decoration

services income

29,745

装修及装饰服务收入

Interest expense on other

borowings

1,466

其他借贷产生的利息开支

Interest expense on

promisory notes

36,727

承兑票据产生的利息开支

Mr. HuInterest expense on unsecured

borowings

25,801

胡先生无担保借贷产生的利息开支

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

38. 退休福利计划

本集团为所有香港合资格雇员参加强积金计

划。强积金计划之资产由独立信托人所控制

基金持有，并与本集团之资产分开持有。本

集团向强积金计划支付之供款额为有关薪

酬成本之5%，供款上限为每月1,500港元

（2024年：1,500港元），与雇员所支付者匹

配。

本集团中国附属公司之雇员为由中国当地政

府营办之国家管理退休福利计划之成员。中

国附属公司须就退休福利计划支付平均基本

薪金之10%至15%（2024年：10%至15%）作

为福利资金。就退休福利计划而言，本集团

之唯一责任为支付指定供款。

诚如日本规例及法规所规定，日本的附属公

司须为其全体雇员按其雇员基本薪金的－定

百分比向国家管理的退休计划作出供款，惟

受到一定的上限所规限。国家管理的退休计

划负责向所有退休雇员支付全部退休金。根

据国家管理的退休计划，本集团对实际退休

金付款或超过年度供款的退休后福利并无进

一步的责任。

在综合损益表中总开支约5,268,000港元

（2024年：约5,186,000港元），为本集团

于截至2025年3月31日止年度须向上述计划

作出之供款。

38. RETIREMENT BENEFITS SCHEMES

The Group participates in the MPF Scheme for al qualifying

employes in Hong Kong. The asets of the MPF Scheme are held

separately from those of the Group, in funds under the control of an

independent truste. The Group contributes 5% of relevant payrol

costs to the MPF Scheme, caped at HK$1,500 (2024: HK$1,500)

per month, in which the contribution is matched by employes.

The employes of the Group’s subsidiaries in the PRC are members

of a state-managed retirement benefits scheme being operated by

the local PRC government. The PRC subsidiaries are required to

contribute 10% to 15% (2024: 10% to 15%) of the average basic

salary to the retirement benefits scheme to fund the benefits. The only

obligation of the Group with respect to the retirement benefits scheme

is to make the specified contributions.

As stipulated by rules and regulations in Japan, subsidiaries in Japan

are required to contribute a state-managed retirement plan for al

its employes at a certain percentage of the basic salaries of its

employes, subject to a certain ceiling. The state-managed retirement

plan is responsible for the entire pension obligations payable to al

retired employes. Under the state-managed retirement plan, the

Group has no further obligations for the actual pension payments or

post-retirement benefits beyond the anual contributions.

The total expense charged to the consolidated statement of profit

or los of aproximately HK$5,268,000 (2024: aproximately

HK$5,186,000) represents contributions payable to these schemes

by the Group during the year ended 31 March 2025.

Non-cash changes
非现金变动
1 April 2024	Financing cash flows	Finance costs incurred	Acquisition of a subsidiary	Exchange differences	31 March 2025
2024年 4月1日	融资现金流量	产生融资成本	收购一间附属公司	汇兑差额	2025年 3月31日
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
344	(7,782)	1,255	90,640	58	84,515
21,552	(1,912)	–	76	(176)	19,540
903,862	–	47,640	–	–	951,502
498,633	11,482	33,316	–	(4,798)	538,633
1,459,696	12,763	126,328	–	(14,204)	1,584,583
2,884,087	14,551	208,539	90,716	(19,120)	3,178,773

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

39. 融资活动产生之负债对账

下表详列本集团因融资活动产生之负债变

动，包括现金及非现金变动。融资活动产生

之负债指现金流量或未来现金流量均于综合

现金流量表中分类为融资活动之现金流量之

负债。

39. RECONCILIATION OF LIABILITIES

ARISING FROM FINANCING ACTIVITIES

The table below details changes in the Group’s liabilities arising

from financing activities, including both cash and non-cash changes.

Liabilities arising from financing activities are those for which cash

flows were, or future cash flows wil be, clasified in the consolidated

statement of cash flows as cash flows from financing activities.

Lease liabilities租赁负债

Amounts due to related companies应付关连公司款项

Promisory notes承兑票据

Unsecured borowings from a director董事无抵押借贷

Bank and other borowings银行及其他借贷

Non-cash changes

非现金变动

1 April

Financing

cash flows

Finance

costs

incured

Termination

of Lease

(note 42)

Modification

(note 42)

Exchange

diferences

31 March

2023年

4月1日

融资

现金流量

产生

融资成本

租约终止

（附注42）

修订

（附注42）汇兑差额

2024年

3月31日

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

千港元千港元千港元千港元千港元千港元千港元

Lease liabilities租赁负债10,900(1,704)360(8,774)–(438)344

Amounts due to related companies应付关连公司款项2,33519,520–(303)21,552

Promisory notes承兑票据912,052–36,767–(44,957)–903,862

Unsecured borowings from a director董事无抵押借贷477,51619,91025,801–(24,594)498,633

Bank and other borowings银行及其他借贷1,461,4886,52874,296–(82,616)1,459,696

2,864,29144,254137,224(8,774)(44,957)(107,951)2,884,087

2025
HK$’000
千港元
–
208
335,225
393
335,826
1,978
925,862
524,768
1,452,608
(1,116,782)
(1,116,782)
–
(1,116,782)
323,599
(1,440,381)
(1,116,782)

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

40. 有关本公司财务状况表之资料40. INFORMATION ABOUT THE STATEMENT

OF FINANCIAL POSITION OF THE

COMPANY

NotesHK$’000

附注千港元

Non-curent aset非流动资产

Investments in subsidiaries于附属公司之投资(i)–

Curent asets流动资产

Deposits, prepayments and other

receivables

按金、预付款项及其他

应收账款327

Amounts due from subsidiaries应收附属公司款项(i)404,094

Cash and cash equivalents现金及等同现金1,700

406,121

Curent liabilities流动负债

Other payables其他应付账款3,110

Promisory notes承兑票据–

Amounts due to subsidiaries应付附属公司款项(i)507,790

510,900

Net curent liabilities流动负债净额(104,779)

Total asets les curent liabilities总资产减流动负债(104,779)

Non-curent liability非流动负债

Promisory notes承兑票据948,819

Net liabilities负债净额(1,053,598)

Capital and reserves资本及储备

Share capital股本323,599

Reserves储备(i)(1,377,197)

Total equity总权益(1,053,598)

2025
HK$’000
千港元
1,725,874
1,725,874
–
1,725,874
–

757,772	(2,134,969)	(1,377,197)
–	(63,184)	(63,184)
757,772	(2,198,153)	(1,440,381)

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

40. 有关本公司财务状况表之资料

（续）

附注：

(i) 于附属公司之投资

40. INFORMATION ABOUT THE STATEMENT

OF FINANCIAL POSITION OF THE

COMPANY (Continued)

Notes:

(i) Investments in subsidiaries

HK$’000

千港元

COST成本

At the begining and at the end of the year于年初及年末1,725,874

IMPAIRMENT减值

At the begining of the year于年初1,615,100

Impairment los recognised in profit or los于损益内确认减值亏损110,774

At the end of the year于年末1,725,874

CARYING AMOUNT账面值–

(i) The amounts are unsecured, non-interest bearing and repayable on

demand as at 31 March 2025 and 2024.

(i) Movement in reserves:

premium

Acumulated

losesTotal

股份溢价累计亏损总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日757,772(1,972,132)(1,214,360)

Los for the year年内亏损–(162,837)(162,837)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Los for the year年内亏损

At 31 March 2025于2025年3月31日

(i) 于2025年及2024年3月31日，有关款项为

无抵押、不计息及按要求偿还。

(i) 储备变动：

2025
Direct	Indirect
直接	间接
–	100%
–	100%
–	100%
–	100%
–	100%

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

41. 本公司主要附属公司资料41. PARTICULARS OF PRINCIPAL

SUBSIDIARIES OF THE COMPANY

Name of subsidiary

Place of

establishment/

operation and kind

of legal entityPaid up capital

Percentage of equity interest and

voting power atributable to the CompanyPrinciple activities

附属公司名称

成立╱营运地点及

法律实体之性质已缴足资本公司应占股权及投票权百分比主要业务

DirectIndirect

直接间接

Chongqing Kingstone Land

Co. Ltd*

The PRC, wholy-owned

foreign enterprise

US$67,389,400–100%Development, sales and

leasing of properties

and investment holding

重庆皇石置地有限公司中国，外商独资企业67,389,400美元物业发展、销售及租赁及

投资控股

Yoichi Country Kabushiki Kaisha*Japan, limited companyJPY310,000,000–100%Operation of hotel

余市乡村株式会社日本，有限公司310,000,000日圆酒店营运

Wenzhou Beichen construction

co., Ltd*

The PRC, non wholy-owned

foreign enterprise

RMB20,180,000–100%Provision of decoration

and renovation services

温州北宸建设有限公司中国，非外商独资企业人民币20,180,000元提供装饰及装修服务

Zhejiang Huiyong Property

Management Service Co., Ltd*

The PRC, wholy-owned

foreign enterprise

RMB467,500–100%Provision of property

management services

浙江晖永物业管理服务有限公司中国，外商独资企业人民币467,500元提供物业管理服务

Chengdu Dof Comercial

Management Limited Liability

Company*

The PRC, wholy-owned

foreign enterprise

RMB5,000,000–Leasing of properties and

provision of comercial

property management

成都多弗商业管理有限责任公司中国，外商独资企业人民币5,000,000元租赁物业及提供商业物业管理

* The English name is for identification purpose only

The above table lists the subsidiaries of the Group which, in the

opinion of the directors of the Company, principaly afected the

results or asets and liabilities of the Group. To give details of other

subsidiaries would, in the opinion of the directors of the Company,

result in particulars of excesive length.

At the end of the reporting period, the Group has other subsidiaries

that are not material to the Group.

上表列载本公司董事认为主要影响本集团业

绩或资产及负债之本集团附属公司。本公司

董事认为，提供其他附属公司详情将导致资

料过于冗长。

于报告期末，本集团拥有对本集团并不重大

之其他附属公司。

2025
5
9
1
3
9
13
2
2
44

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

（续）

该等附属公司之主要业务及营业地点概述如

下：

41. PARTICULARS OF PRINCIPAL

SUBSIDIARIES OF THE COMPANY

(Continued)

The principal activities and place of busines of these subsidiaries are

sumarised as folows:

Number of subsidiaries

Principal activities

主要业务

Principal place of busines

主要业务

附属公司数目

InactiveHong Kong6

并无业务香港

The PRC9

中国

Singapore1

新加坡

Japan3

日本

Investment holdingHong Kong10

投资控股香港

BVI15

英属处女群岛

The PRC1

中国

Provision of property management servicesThe PRC2

提供物业管理服务中国

None of the subsidiaries has isued any debt securities at the end of

or at any time during both reporting periods.

42. MAJOR NON-CASH TRANSACTIONS

(i) During the year ended 31 March 2024, the Group

terminated the leased property (included in the land use right)

and derecognised right-of-use asets and lease liabilities

of aproximately HK$16,298,000 and HK$8,774,000

respectively. As such, the los on termination of lease of

aproximately HK$7, 524, 000 has ben recognised.

(i) During the year ended 31 March 2024, the interest rate on

promisory notes decreased from 8% to 4%. This modification

is considered a contribution from the shareholder and is

recognised in the other reserve, as the shareholder of the

Company is the ultimate beneficial owner of the promisory

notes’ holder.

于两个报告期末或期内任何时间，概无附属

公司已发行任何债务证券。

42. 主要非现金交易

(i) 截至2024年3月31日止年度，本集

团终止租赁物业（包括在土地使用

权中）的租赁，并相应终止确认约

16,298,000港元的使用权资产及约

8,774,000港元的租赁负债。因此，

确认租约终止亏损约7,524,000港元。

(i) 于截至2024年3月31日止年度，承兑

票据利率从8%降至4%。由于本公司股

东为承兑票据持有人的最终实益拥有

人，因此这一修订被视为股东出资，

并于其他储备确认。

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

43. 诉讼

(i) 本集团违反某些银行借贷条款，主要

与本集团的违约付款有关。该金融机

构（「银行」）已于2023年8月31日对本

集团提起法律诉讼，以追回所欠尚未

偿还的贷款金额（「法律程序」）。

于2024年6月27日，成渝金融法院

（「该法院」）就法律程序举行聆讯。于

2024年7月24日，本公司接获该法院

就法律程序作出的判决（「判决」）。根

据判决，该法院命令：(i)本集团需将截

至2024年5月31日的未偿还本金及利

息约1,413,568,000港元（相当于人民

币1,308,861,000元），以及自2024

年6月1日起至结算日的未偿还利息

（统称为「判决债务」），于判决生效日

起10天内偿还予银行；(i)银行有权根

据抵押权执行其对抵押财产的权利以

偿还判决债务；及(i)本集团及胡先生

需连带承担法律费用约6,735,000港

元（相当于约人民币6,236,000元），

其中，该项费用尚未于截至2024年及

2025年3月31日止年度的损益确认。

于2024年8月7日，本集团向重庆市

高级人民法院对判决提出上诉。有关

法律程序的进一步详情，请参阅本公

司日期为2024年6月5日、2024年6

月6日、2024年6月27日、2024年7

月24日、2024年8月7日、2024年10

月22日、2024年10月24日及2025年

1月9日的公告。

(i) 于2025年3月31日，本集团正与承建

商就一笔约为8,798,000港元的应付

建筑款项陷入法律纠纷，并且根据法

院命令，本集团持作出售的若干物业

单位已封存。

于2025年4月11日完成出售组别的非常重大

出售交易后，董事认为上述诉讼不会对余下

集团造成任何重大不利影响。

43. LITIGATIONS

(i) The Group breached certain of the terms of the bank

borowing, which are primarily related to the default payment

of the Group. The financial institution (the “Bank”) has

initiated legal procedings against the Group to recover the

outstanding loan amount owed to them on 31 August 2023

(the “Legal Procedings”).

On 27 June 2024, a hearing was held at the Chengyu

Financial Court* (成渝金融法院) (the “Court”) in respect

of the Legal Procedings. On 24 July 2024, the Company

has received a judgment (the “Judgment”) handed down

by the Court in respect of the Legal Procedings. Pursuant to

the Judgment, the Court has ordered, (i) the Group to repay

the outstanding principal and interests as of 31 May 2024

which aproximate to HK$1,413,568,000 (equivalent to

RMB1,308,861,000), and the outstanding interests for the

period from 1 June 2024 until date of setlement (colectively,

the “Judgment Debt”) to the Bank within 10 days from

the efective date of the Judgment; (i) that the Bank is entitled

to enforce its rights under the mortgage in respect of the

pledged properties for repayment of the Judgment Debt; and

(i) the Group and Mr. Hu to jointly bear the legal fes of

aproximately HK$6,735,000 (equivalent to aproximately

RMB6,236,000) of which has not yet ben recognised in the

profit or los for the year ended 31 March 2024 and 2025.

On 7 August 2024, the Group lodged an apeal against

the Judgment at the Chongqing City People’s Supreme

Court* (重庆市高级人民法院). For further details on the Legal

Procedings, please refer to the Company’s anouncements

dated 5 June 2024, 6 June 2024, 27 June 2024, 24 July

2024, 7 August 2024, 22 October 2024, 24 October

2024 and 9 January 2025.

(i) As at 31 March 2025, the Group is embroiled in a legal

dispute with the contractor concerning a construction payable

of aproximately HK$8,798,000 and the certain units of the

properties held for sales of the Group were sealed based on

court orders.

Upon completion of the very substantial disposal transaction of the

Disposal Group on 11 April 2025, the Directors consider that the

above litigations would not have any material adverse impact on the

remaining Group.

* For identification purpose only

2025
HK$’000
千港元
1,012,220
354,175
130,535
1,496,930
261,080
13
11,352
9,332
281,777
111,178
17,161
139,292
1,483,675
1,751,306
(1,469,529)
27,401
(524,878)
(497,477)

民生国际有限公司

二零二五年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

44. SUBSEQUENT EVENTS

(a) On 11 April 2025, the very substantial disposal and

conected transaction related to the segment – Chongqing

property has ben completed. The folowing is the

consolidated financial position of the Disposal Group as at 31

March 2025:

Non-curent asets非流动资产

Investment properties投资物业

Property, plant and equipment物业、厂房及设备

Right-of-use asets使用权资产

Curent asets流动资产

Properties held for sale持作出售物业

Inventories存货

Trade and other receivables贸易及其他应收账款

Cash and cash equivalents现金及等同现金

Curent liabilities流动负债

Trade and other payables贸易及其他应付账款

Amounts due to related companies应付关连公司款项

Tax payables应付税项

Bank and other borowings银行及其他借贷

Net curent liabilities流动负债净额

Total asets les curent liabilities总资产减流动负债

Non-curent liability非流动负债

Unsecured borowings from a director董事无抵押借贷

Net liabilities负债净额

44. 期后事项

(a) 于2025年4月11日，与该分部－重庆

物业有关的非常重大出售事项及关连

交易已完成。以下为出售组别于2025

年3月31日的综合财务状况：

2025
HK$’000
千港元
42,830
(30,236)
12,594
109
(3,286)
(32,572)
(10,282)
(27,889)
(43,466)
(258,547)
3
(156,264)
(519,600)
–
(519,600)

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)

综合财务报表附注（续）

For the year ended 31 March 2025

截至2025年3月31日止年度

44. SUBSEQUENT EVENTS (Continued)

(a) (Continued)

The folowing is the consolidated statement of profit or los of

the Disposal Group for the year ended 31 March 2025:

Revenue收入

Cost of sales销售成本

Gros profit毛利

Other income and gains (loses), net其他收入及净收益（亏损）

Seling expenses销售开支

Administrative expenses行政开支

Impairment los on right-of-use asets使用权资产减值亏损

Impairment los on property, plant and equipment物业、厂房及设备减值亏损

Impairment los on properties held for sale持作出售物业减值亏损

Decrease in fair value of investment properties投资物业公允价值减少

Finance income财务收入

Finance costs财务成本

Los before tax除税前亏损

Income tax expense所得税开支

Los for the year年内亏损

(b) On 11 April 2025, the maturity date of the promisory notes

has ben extended from 31 December 2025 to 31 December

2027. The outstanding interest acrued on the outstanding

promisory notes of aproximately HK$420,819,000 as at

31 March 2025 has ben waived by Total Idea.

（续）

(a) （续）

以下为出售组别截至2025年3月31日

止年度的综合损益表：

(b) 于2025年4月11日，承兑票据的到期

日已由2025年12月31日延长至2027

年12月31日。于2025年3月31日尚

未偿还承兑票据的尚未偿还应计利息

约420,819,000港元已被全意豁免。

2025
HK$’000
千港元
138,047
(590,903)
(926)
(591,829)
(592,211)
382
(591,829)
–
–
–
–
–
2,025,102
(3,520,388)
(665)
(1,494,621)

民生国际有限公司

二零二五年报

FIVE-YEAR FINANCIAL SUMARY

五年财务摘要

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Revenue收入126,710137,137116,656158,729

Los before tax除税前亏损(546,015)(481,271)(375,244)(514,965)

Income tax expenses所得税开支(5,508)(2,054)(366)(5,144)

Los for the year年内亏损(551,523)(483,325)(375,610)(520,109)

Los for the year atributable to:以下人士应占年内亏损：

Equity holders of the Company本公司权益持有人(551,828)(482,922)(371,735)(521,821)

Non-controling interests非控股权益305(403)(3,875)1,712

(551,523)(483,325)(375,610)(520,109)

Dividend per share每股息–

Interim dividend中期股息–

Special interim dividend特别中期股息–

Proposed final dividend拟派末期股息–

Proposed special dividend拟派特别股息–

Total asets总资产2,256,1502,815,3843,352,2683,502,799

Total liabilities总负债(3,184,564)(3,213,148)(3,162,109)(3,313,671)

Non-controling interest非控股权益(1,053)(1,430)(1,108)2,708

Equity atributable to owners of

the Company

本公司拥有人应占权益

(927,361)(396,334)191,267186,420

MAN SANG INTERNATIONAL LIMITED

Anual Report2025

PRINCIPAL PROPERTIES

主要物业

Below is a schedule of properties held by the Group in the PRC as at 31

March 2025:

LocationDescription and TenureUseGroup’s Interest

地点概况及年期用途本集团所占权益

Comercial portion of

the property located at

77 Qingnian Road,

Yuzhong District,

Chongqing, the PRC

The portion has a total gros flor area of

aproximately 49,166.19 square meters.

The portion is held under medium lease betwen

10 years and 50 years.

Comercial building100%

位于中国重庆市渝中区

青年路77号物业之

商业部分

该部分总建筑面积约49,166.19平方米。

该部分以介乎10至50年之中期租约持有。

商业楼宇100%

Serviced apartments portion

of the property located at

77 Qingnian Road,

Yuzhong District,

Chongqing, the PRC

The portion has a total gros flor area of

aproximately 22,470.90 square meters.

The portion is held under medium lease betwen

10 years and 50 years.

Serviced apartments100%

位于中国重庆市渝中区

青年路77号物业之

服务式公寓部分

该部分总建筑面积约22,470.90平方米。

该部分以介乎10至50年之中期租约持有。

服务式公寓100%

Residential portion of

the property located at

77 Qingnian Road,

Yuzhong District,

Chongqing, the PRC

The portion has a total gros flor area of

aproximately 18,757.48 square meters.

Residential building100%

位于中国重庆市渝中区

青年路77号物业之

公寓部分

该部分总建筑面积约18,757.48平方米。公寓楼宇100%

于2025年3月31日，本集团位于中国之物业附表

如下：