01173 威高国际财务报表/环境、社会及管治资料：2025年年报

Contents 目录页次 Page 公司资料 Corporate Information 2-4 主席报告书 Chairman’s Statement 5-11 董事会报告书 Directors’ Report 12-24 企业管治报告书 Corporate Governance Report 25-53 独立核数师报告书 Independent Auditor’s Report 54-61 综合损益及其他 Consolidated Statement of Profit or Loss 62 全面收入表 and Other Comprehensive Income 综合财务状况表 Consolidated Statement of Financial Position 63 综合权益变动表 Consolidated Statement of Changes in Equity 64-65 综合现金流量表 Consolidated Statement of Cash Flows 66-67 综合财务报表附注 Notes to the Consolidated Financial Statements 68-179 财务摘要 Financial Summary 180 1

Corporate Information 公司资料董事 Directors 执行董事 Executive directors 郑钟文先生（主席） Mr. CHENG Chung Man, Johnny (Chairman) 林玉森女士（行政总裁） Ms. LAM Yuk Sum (Chief Executive Officer) 非执行董事 Non-executive director 林文钿先生 Mr. LAM Man Tin 独立非执行董事 Independent non-executive directors 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong 郑文龙先生 Mr. CHENG Man Loong, Monty 刘诗彤女士（于2024年12月15日获委任） Ms. LAU Sze Tung (appointed on 15th December, 2024) 杨永基先生（于2024年12月15日辞任） Mr. YEUNG Wing Kay (resigned on 15th December, 2024) 审核委员会成员 Audit Committee Members 刘诗彤女士（主席） Ms. LAU Sze Tung (Chairlady) （于2024年12月15日获委任） (appointed on 15th December, 2024) 杨永基先生（主席） Mr. YEUNG Wing Kay (Chairman) （于2024年12月15日辞任） (resigned on 15th December, 2024) 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong 郑文龙先生 Mr. CHENG Man Loong, Monty 提名委员会成员 Nomination Committee Members 郑钟文先生（主席） Mr. CHENG Chung Man, Johnny (Chairman) 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong 郑文龙先生 Mr. CHENG Man Loong, Monty 林玉森女士 Ms. LAM Yuk Sum 刘诗彤女士（于2024年12月15日获委任） Ms. LAU Sze Tung (appointed on 15th December, 2024) 杨永基先生（于2024年12月15日辞任） Mr. YEUNG Wing Kay (resigned on 15th December, 2024) 薪酬委员会成员 Remuneration Committee Members 刘诗彤女士（主席） Ms. LAU Sze Tung (Chairlady) （于2024年12月15日获委任） (appointed on 15th December, 2024) 杨永基先生（主席） Mr. YEUNG Wing Kay (Chairman) （于2024年12月15日辞任） (resigned on 15th December, 2024) 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong 郑钟文先生 Mr. CHENG Chung Man, Johnny 郑文龙先生 Mr. CHENG Man Loong, Monty 林玉森女士 Ms. LAM Yuk Sum 2

Corporate Information 公司资料授权代表 Authorised Representatives 郑钟文先生 Mr. CHENG Chung Man, Johnny 林玉森女士 Ms. LAM Yuk Sum 公司秘书 Company Secretary 周敏怡女士（于2025年2月1日获委任） Ms. CHOW Man Yee (appointed on 1st February, 2025) 黄智英女士（于2025年2月1日辞任） Ms. WONG Chi Ying (resigned on 1st February, 2025) 法律顾问：开曼群岛法律 Legal Adviser as to Cayman Islands Law Conyers Dill & Pearman, Cayman Conyers Dill & Pearman, Cayman Zephyr House Zephyr House George Town George Town Grand Cayman Grand Cayman British West Indies British West Indies 法律顾问：香港法律 Legal Adviser as to Hong Kong Law 赵不渝•马国强律师事务所 Chiu & Partners 香港 40th Floor, Jardine House 康乐广场1号 1 Connaught Place 怡和大厦40楼 Hong Kong 核数师 Auditor 安永会计师事务所 Ernst & Young 执业会计师 Certified Public Accountants 注册公众利益实体核数师 Registered Public Interest Entity Auditor 香港鲗鱼涌 27th Floor, One Taikoo Place 英皇道979号 979 King’s Road 太古坊一座27楼 Quarry Bay, Hong Kong 注册办事处 Registered Office Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands 3

Corporate Information 公司资料总办事处及主要营业地点 Head Office and Principal Place of Business 香港 10th Floor, Wyler Centre Phase II 新界葵涌 192-200 Tai Lin Pai Road 大连排道192-200号 Kwai Chung, New Territories 伟伦中心二期十楼 Hong Kong 股份过户登记总处 Principal Share Registrar and Transfer Office Conyers Trust Company (Cayman) Limited Conyers Trust Company (Cayman) Limited Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands 香港股份过户登记分处 Hong Kong Branch Share Registrar and Transfer Office 卓佳证券登记有限公司 Tricor Investor Services Limited 香港 17/F, Far East Finance Centre 夏悫道16号 16 Harcourt Road 远东金融中心17楼 Hong Kong 主要往来银行 Principal Bankers 中国银行（香港）有限公司 Bank of China (Hong Kong) Limited 中国信托商业银行股份有限公司 CTBC Bank Co., Ltd. 星展银行（香港）有限公司 DBS Bank (Hong Kong) Limited 王道商业银行股份有限公司 O-Bank Co., Ltd. 网址 Website Addresses www.veeko.com.hk www.veeko.com.hk www.irasia.com/listco/hk/veeko/index.htm www.irasia.com/listco/hk/veeko/index.htm 股份代号 Stock Code 1173 1173 4

Chairman’s Statement 主席报告书管理层论述与分析 MANAGEMENT DISCUSSION AND ANALYSIS 本集团为销售美妆产品及女仕服饰之零售商，透过位于香 The Group is a retailer which sells cosmetics products and ladies 港及澳门105个销售点组成之零售网络，以Colourmix及 fashion through our retail network consisting of 105 points of sale MORIMOR化妆品专门店和Veeko及Wanko女仕服饰专门 in Hong Kong and Macau, to provide quality and value for money 店分别提供优质且物超所值之美妆产品及时尚服装和配饰 cosmetics products and fashion apparel and accessories to a wide range 予广大消费者。 of consumers at cosmetics stores, namely Colourmix and MORIMOR, and ladies fashion stores, namely Veeko and Wanko, respectively. 业务回顾 Business Review 于截至2025年3月31日止年度（「本年度」），本集团录得营业 During the year ended 31st March, 2025 (the “Year”), the Group 额481,484,000港元（2024年：586,710,000港元），较去年同 recorded revenue of HK$481,484,000 (2024: HK$586,710,000), 期减少17.9%。香港经济仍然面临严峻挑战，营业额之下跌 representing a decrease of 17.9% as compared to the same period 乃因本集团于本年度的店舖数目减少、香港居民持续北上 last year. Hong Kong economy continued to face grave challenges. 消费及外游以及入境旅客消费放缓所致。本集团本年度的 The decrease in revenue was driven by the decrease in the number of 毛利金额为221,168,000港元，较去年同期之259,321,000港 stores of the Group during the Year, continued northbound spending 元减少14.7%。整体毛利率则上调1.7个百分点，由上年度的 and overseas travel by Hong Kong residents and reduced consumption 44.2%升至本年度的45.9%。本年度化妆品业务之毛利率较 from tourists. The Group recorded a gross profit of HK$221,168,000 上年度上升，时装业务之毛利率则大致持平。 for the Year, representing a decrease of 14.7% as compared with HK$259,321,000 for the same period last year, whereas the overall gross profit margins increased by 1.7 percentage points to 45.9% for the Year from 44.2% for the previous year. The gross profit margin of cosmetics segment increased in the Year when compared with that of the previous year, while the gross profit margin of fashion segment remained at the same level. 集团于本年度录得税后亏损124,767,000港元（2024年：税 During the Year, the Group recorded a loss after tax of 后亏损40,043,000港元）。于本年度本集团投资物业公平价 HK$124,767,000 (2024: a loss after tax of HK$40,043,000). During 值下跌40,918,000港元，而上年度则录得5,324,000港元升 the Year, the fair value of investment properties of the Group declined 值。此外，由于银行利率持续高企，致使融资成本由上年 by HK$40,918,000, compared to an increase of HK$5,324,000 for the 度之34,805,000港元增加至本年度之39,781,000港元，上升 previous year. In addition, due to persistently high bank interest rates, 4,976,000港元。 finance costs increased by HK$4,976,000 from HK$34,805,000 in the previous year to HK$39,781,000 in the Year. 5

Chairman’s Statement 主席报告书业务回顾（续） Business Review (Continued) 化妆品业务 Cosmetics Business 于2025年3月31日，本集团共设有53 间Colourmix及 As at 31st March, 2025, the Group had a total of 53 cosmetics stores MORIMOR化妆品专门店（2024年3月31日：57间），其中 (31st March, 2024: 57), namely Colourmix and MORIMOR, with 49 49间位于香港，4间位于澳门。本集团化妆品业务营业额为 located in Hong Kong and 4 in Macau. The cosmetics business of the 350,815,000港元（2024年：426,537,000港元），较去年同期 Group recorded revenue of HK$350,815,000 (2024: HK$426,537,000), 减少17.8%。化妆品业务录得分类业绩亏损32,612,000港元 representing a decrease of 17.8% as compared to the same period （2024年：亏损19,467,000港元）。于本年度内，面对北上消 last year. The cosmetics business recorded a segment loss of 费潮及出境旅游增加等因素影响，零售环境持续低迷，本 HK$32,612,000 (2024: loss of HK$19,467,000). During the Year, 集团因应市况调整销售和营销策略，并结束若干表现欠佳 the continued trend of northbound consumption as well as overseas 的店舖，致令化妆品业务之营业额虽较往年有所减少，但 travels by Hong Kong residents led to a continued sluggishness in the 毛利率则略为上升。 retail environment, the Group have adjusted its sales and marketing strategies in response to market conditions, and closed certain underperforming stores, resulting into a decrease in the revenue of the cosmetics business over the previous year, whereas the gross profit margin increased slightly. 6

Chairman’s Statement 主席报告书业务回顾（续） Business Review (Continued) 时装业务 Fashion Business 于2025年3月31日，集团旗下女装品牌Veeko和Wanko店舖 As at 31st March, 2025, the Group had a total of 52 ladies fashion 数目共52间（2024年3月31日：60间），其中49间位于香港， stores (31st March, 2024: 60), namely Veeko and Wanko, with 49 3间位于澳门。集团时装业务之营业额为130,669,000港元 located in Hong Kong and 3 in Macau. The revenue of the Group’s （2024年： 160,173,000港元），较去年同期减少18.4%。时 fashion business was HK$130,669,000 (2024: HK$160,173,000), 装业务的分类业绩录得亏损25,297,000港元（2024年：亏损 representing a decrease of 18.4% as compared to the same period last 3,618,000港元）。于本年度，时装业务之营业额因店舖数目 year. The fashion business recorded a segment loss of HK$25,297,000 减少而有所下跌，毛利率则大致持平。由于集团时装业务 (2024: loss of HK$3,618,000). During the Year, the revenue of the 之生产资源集中在集团之国内自置厂房，故此能灵活控制 fashion business has dropped due to the increase in the number of 成本，面对严峻的经营环境，较具弹性安排产量，减低存 stores, while the gross profit margin remained at the same level. 货水平及生产成本支出。 As the production resources of the Group’s fashion business were concentrated in its self-owned plant in Mainland China, we were able to control costs with flexibility. In face of challenging operating environments, the Group arranged production flexibly, as a bid to reduce inventory level, production costs and expenses. 7

Chairman’s Statement 主席报告书展望 Prospect 面对香港居民持续北上消费及外游以及入境旅客消费放缓 In view of those factors such as Hong Kong residents’ continued 等因素影响，预期香港零售市场来年仍会面对充满挑战的 northbound consumption and overseas travels as well as the reduced 环境。尽管零售环境低迷，管理层迅速地采取多项应对措 consumption from tourists, it is expected that the Hong Kong retail 施务求积极恢复盈利能力，并对未来长远前景保持审慎乐 market will continue to face a challenging environment in the coming 观。透过实施一系列经调节的销售和营销策略，本集团的 year. Despite the sluggish retail environment, management has taken 销售表现取得改善，于2025年4月至6月中旬，时装业务之 a number of swift countermeasures to proactively restore profitability 同店销售额按年录得个位数字的增长，而化妆品业务之毛 and remains cautiously optimistic about the long-term prospects. 利率则较上年度同期有所提升。 Through the implementation of a series of sales and marketing strategies, the Group’s sales performance has improved. From April to mid June 2025, the same-store sales of the fashion business recorded a single-digit year-on-year growth, while the gross profit margin of the cosmetics business increased as compared with the same period in the Previous Year. 与此同时，本集团将继续与业主磋商合理租金，务求降低 At the same time, the Group will continue to negotiate reasonable 租金成本，并会结束租约到期但未达营运效益的店舖，策 rents with landlords to reduce rental costs, close those stores whose 略性地调整及优化其零售网络。于2026年3月31日止财政年 leases have expired but have not achieved operational efficiency, and 度，本集团有58间店舖的租约已到期或将会到期，占所有 strategically adjust and optimize its retail network. In the financial 店舖租约56%，在目前疲弱的零售租务市场下，相信本集团 year ending 31st March, 2026, the Group has 58 stores whose leases 会有较强的议租能力，为集团协商更佳的租赁条款。 have expired or will expire, accounting for 56% of all store leases. In the current weak retail leasing market, the Group believes that it will have stronger bargaining power to negotiate better rental terms for the Group. 集团会继续致力优化化妆品及时装的货品组合，加强货品 The Group will strive to continuously optimise the product 吸引力，为顾客提供优质的产品和销售服务，以提升整体 combination of cosmetics and fashion, enhance the attractiveness 营业额及毛利率。化妆品业务方面，除实体的零售店舖 of its products and provide customers with quality products and 外，集团亦会继续透过与知名电商平台合作，例如天猫国 sales services, with a view to boosting its overall revenue and gross 际、京东及抖音抖店等，专注线上线下业务，以提升品牌 profit margin. For the cosmetics business, apart from physical retail 知名度及拓展客户群。此外，本集团刚于今年5月底推出全 stores, the Group will also continue to collaborate with renowned 新手机应用程式，加强线上线下业务整合，为消费者提供 e-commerce platforms, such as Tmall Global, JD.com and Douyin 更全面和优质的购物体验。 Shop, committing to both online and offline businesses to enhance brand awareness and expand its customer base. In addition, the Group has launched a new mobile application at the end of May this year to enhance the integration of its online and offline business, providing consumers with a more comprehensive and quality shopping experience. 8

Chairman’s Statement 主席报告书展望（续） Prospect (Continued) 本集团主要从事化妆品及时装零售业务，同时亦持有投资 The Group is primarily engaged in cosmetics and fashion retail 物业及自用物业。此等物业于2025年3月31日根据独立合资 businesses, and also holds investment properties and self-occupied 格专业估值师仲量联行有限公司及仲量联行企业评估及咨 properties. The properties were valued at HK$698,646,000 as at 31st 询有限公司进行之估值合共698,646,000港元，作为对本集 March, 2025, based on the valuations conducted by independent 团财政上的支持。于2025年3月31日，本集团未抵押物业价 qualified professional valuers Jones Lang LaSalle Limited and Jones 值约为101,484,000港元，可于有需要时用作本集团获取新 Lang LaSalle Corporate Valuation &Advisory Limited, as financial 银行授信之抵押品。而于2025年3月31日，本集团之银行借 support to the Group. As at 31st March, 2025, unpledged properties 贷总额为178,095,000港元。近月香港银行同业拆息处于低 of the Group were valued at approximately HK$101,484,000, which 位水平，有利于本集团减低利息之开支。此外，为偿还本 are available as securities for the Group to obtain new banking 集团部份之银行授信贷款以减少未来利息支出以及提供本 facilities when necessary. As at 31st March, 2025, the Group’s total 集团在正常业务过程中的营运资金，本公司之执行董事在 bank borrowings were HK$178,095,000. The low level of Hong Kong 无资产抵押下向集团提供最高375,000,000港元之循环贷款 Interbank Offered Rate in recent months has helped the Group reduce 授信，此举亦反映彼等对集团未来之信心及支持。集团并 its interest expenses. Besides, with the purpose of repaying loans under 将继续审慎管理财务和现金状况。 the Group’s banking facilities in order to reduce interest expenses in the future and to provide working capital conduct in the normal course of business, the executive directors of the Company have provided financial support with revolving loan facilities up to HK$375,000,000 to the Group without asset pledged, which also reflects their confidence and support for the Group’s future. The Group will continue to prudently manage its financial and cash position. 尽管未来仍然充满挑战，本集团将继续专注其化妆品及时 Despite all challenges ahead, the Group will continue focusing on 装零售业务，并采取多项应对措施，包括但不限于继续与 its cosmetics and fashion retail businesses, and initiated numerous 业主磋商合理租金，策略性地调整及优化其零售网络，并 countermeasures, including but not limited to continuing to negotiate 适时实施针对性的销售和营销策略，完善货品组合，加强 reasonable rents with landlords, strategically adjusting and optimising 货品吸引力，以提升销售表现，同时严格控制成本和支 its retail network, implementing targeted sales and marketing 出，期望两个核心零售分类业绩能回复增长，集团能尽快 strategies in a timely manner, and refining the product mix to enhance 达致收支平衡，重拾上升的轨道。 the attractiveness of our products and improve sales performance. Meanwhile, we will strictly control the costs and expenses, aiming at achieving a return to growth in the results of the two core retail segments, achieving breakeven for the Group as soon as possible and getting back on an upward trajectory. 物业 Properties 本集团位于香港及中国内地的物业包括投资物业、租赁土 The Group’s properties located in Hong Kong and Mainland China 地及楼宇以及香港境外的租赁土地。于2025年3月31日， including investment properties, leasehold land and buildings and 该等物业的估值合共为698,646,000港元（2024年3月31日： leasehold land outside Hong Kong. The valuation of such properties as 742,583,000港元）。 at 31st March, 2025 in aggregate amounted to HK$698,646,000 (31st March, 2024: HK$742,583,000). 9

Chairman’s Statement 主席报告书物业（续） Properties(Continued) 于2025年3月31日，投资物业于综合财务状况表按公平价 The investment properties were stated at fair value in the consolidated 值列账为513,552,000港元（2024年3月31日：552,651,000港 statement of financial position, amounted to HK$513,552,000 as at 元）。 31st March, 2025 (31st March, 2024: HK$552,651,000). 本集团若干物业按成本扣除累计折旧列账于综合财务状况 Certain of the Group’s properties were stated at cost less depreciation 表，包括于2025年3月31日账面值为11,651,000港元（2024 in the consolidated statement of financial position, including leasehold 年3月31日：12,766,000港元）的租赁土地及楼宇，以及于 land and buildings with carrying amount of HK$11,651,000 as at 31st 2025年3月31日账面值为2,098,000港元（2024年3月31日： March, 2025 (31st March, 2024: HK$12,766,000) and leasehold land 2,362,000港元）的香港境外租赁土地。于2025年3月31日， outside Hong Kong with carrying amount of HK$2,098,000 at 31st 该等物业的公平价值为185,094,000港元（2024年3月31日： March, 2025 (31st March, 2024: HK$2,362,000). The fair value of such 189,932,000港元）。 properties as at 31st March, 2025 was HK$185,094,000 (31st March, 2024: HK$189,932,000). 流动资金及财务资源 Liquidity & Financial Resources 于本报告期末，本集团之现金及银行结余（主要为港元及 At the end of the reporting period, the Group’s cash and bank balances 人民币）及抵押存款分别为13,126,000港元（2024年3月31 (mainly in Hong Kong dollar and Renminbi) and pledged deposits, 日：8,537,000港元）及13,070,000港元（2024年3月31日： amounted to HK$13,126,000 (31st March, 2024: HK$8,537,000) and 2,231,000港元）。未偿还银行借贷（主要为港元）及两名 HK$13,070,000 (31st March, 2024: HK$2,231,000), respectively. 董事的贷款分别为178,095,000港元（2024年3月31日： The outstanding bank borrowings (mainly in Hong Kong Dollar) and 390,454,000港元）及369,100,000港元（2024年3月31日： loans from two directors amounted to HK$178,095,000 (31st March, 37,450,000港元）。 2024: HK$390,454,000) and HK$369,100,000 (31st March, 2024: 37,450,000), respectively. 于本报告期末，本集团之流动比率为0.60（2024年3月31 At the end of the reporting period, the current ratio was 0.60 (31st 日：0.29），而负债比率为2.25（2024年3月31日：1.92），乃 March, 2024: 0.29) and the gearing ratio of the Group was 2.25 按本集团银行借贷总额178,095,000港元（2024年3月31日： (31st March, 2024: 1.92) which was calculated based on the Group’s 390,454,000港元）以及总权益79,277,000港元（2024年3月31 total bank borrowings of HK$178,095,000 (31st March, 2024: 日：203,321,000港元）计算。 HK$390,454,000) and the total equity of HK$79,277,000 (31st March, 2024: HK$203,321,000). 于2025年3月31日，本集团之银行授信为241,767,000港元 At 31st March, 2025, the Group had banking facilities amounting to （2024年3月31日：440,950,000港元），当中本集团已动用之 HK$241,767,000 (31st March, 2024: HK$440,950,000), of which 融资金额为180,625,000港元（2024年3月31日：394,967,000 HK$180,625,000 (31st March, 2024: HK$394,967,000) was utilised by 港元）。 the Group. 有关本集团就现金流管理之详情已于「管理层论述与分析」 For the details of the cashflow management of the Group, please 内「展望」项下提述。 refer to the “Prospect” of the “Management Discussion and Analysis” section. 10

Chairman’s Statement 主席报告书外汇风险 Foreign Exchange Exposure 本公司数家附属公司均有外币采购（主要为美元、欧元、 Several subsidiaries of the Company have foreign currency purchases 瑞士法郎及日元），导致本集团须承受外币风险。本年度约 (mainly in United States Dollar, Euro, Swiss Franc and Japanese Yen), 29%（2024年：30%）之采购成本为外币。管理层密切监察外 which expose the Group to foreign currency risk. Approximately 29% 汇风险，并会于有需要时考虑通过订立远期合约对冲重大 (2024: 30%) of purchases costs are in foreign currencies for the year. 外币风险。 The management closely monitors foreign exchange exposure and will consider hedging significant foreign currency risk by entering into forward contracts should the need arises. 资产抵押 Pledge of Assets 于本报告期末，就本集团获授一般银行授信而向若干银 At the end of the reporting period, the amount of assets pledged by the 行作抵押之资产为473,006,000港元（2024年3月31日： Group to certain banks to secure general banking facilities granted to 570,010,000港元）。 the Group was HK$473,006,000 (31st March, 2024: HK$570,010,000). 或然负债 Contingent Liabilities 于2025年3月31日，本集团就本公司若干附属公司获授之银 At 31st March, 2025, the Group had provided guarantees of 行授信向若干银行提供252,600,000港元（2024年3月31日： HK$252,600,000 (31st March, 2024: HK$838,857,000) to certain 838,857,000港元）之担保。 banks in respect of banking facilities granted to certain subsidiaries of the Company. 员工及薪酬政策 Staff & Remuneration Policies 于2025年3月31日，本集团雇有约850名员工（2024年3月31 At 31st March, 2025, the Group had approximately 850 employees 日：约870名）。本集团主要根据业内惯例厘定员工薪酬， (31st March, 2024: approximately 870). The Group mainly determines 包括保险及医疗福利。本集团亦已根据个人表现采取一套 staff remuneration (including insurance and medical benefits) in 奖励计划予员工。除基本薪酬福利外，部份主要员工更获 accordance with the industry’s practices. The Group also implemented 分配购股权，以作为奖励及巩固员工对集团的归属感。 a reward scheme for its staff based on their individual performance. In addition to their basic remuneration and welfare, some key employees were granted share options as reward and incentive to enhance their loyalty to the Group. 致谢 Appreciation 本人谨代表董事会同仁，衷心感谢全体员工之忠诚服务、 On behalf of the Board, I would like to extend my heartfelt thanks to 贡献及努力，对一直支持本集团之各位股东、客户、供应 all the employees for their devotion, contribution and diligence and 商及业务伙伴亦深表感谢。 my deepest gratitude to all the shareholders, customers, suppliers and business partners for their continuous support. 主席 Cheng Chung Man, Johnny 郑钟文 Chairman 香港，2025年6月27日 Hong Kong, 27th June, 2025 11

Directors’ Report 董事会报告书董事谨提呈截至2025年3月31日止年度本公司的年报及经审 The directors present their annual report and the audited consolidated 核综合财务报表。 financial statements of the Company for the year ended 31st March, 2025. 主要业务 Principal Activities 本公司乃一间投资控股公司。本公司之主要附属公司的主 The Company is an investment holding company. The principal 要业务载于综合财务报表附注1。 activities of its principal subsidiaries are set out in note 1 to the consolidated financial statements. 业务回顾 Business Review 本年度回顾与表现及主要风险与不明朗因素 Review and Performance of the Year and Principal Risks and Uncertainties 本集团业务回顾与其未来发展、以财务关键表现指标就本 A review of the business of the Group during the year and its future 集团表现进行之分析和本集团所面对之主要风险与不明朗 development, an analysis of the Group’s performance using financial 因素的描述，均在本年报第5至第11页之主席报告书内提 key performance indicators and a description of the principal risks 供，亦构成本董事会报告书一部份。本集团的财务风险管 and uncertainties facing the Group are provided in the “Chairman’s 理目标及政策载于综合财务报表附注33。 Statement” section on pages 5 to 11 of this annual report, which constitute part of this directors’ report. The financial risk management objectives and policies of the Group are shown in note 33 to the consolidated financial statements. 环境政策及表现 Environmental Policies and Performance 本公司力求实现环境及社会的可持续发展。本集团致力遵 The Company is committed to the sustainable development of the 守有关环保的法律法规，并采用有效的环保政策，确保其 environment and our society. The Group has endeavoured to comply 项目符合环保方面的所需标准及操守。 with laws and regulations regarding environmental protection and adopted effective environmental policies to ensure its projects meet the required standards and ethics. 遵守相关法律及法规 Compliance with Relevant Laws and Regulations 于回顾年度内，据董事会及管理层所知，本集团并无重大 During the year under review, as far as the Board of Directors (the 违反或不遵守对本集团的业务及营运有重大影响的适用法 “Board”) and management are aware, there was no material breach 律及法规。 of or non-compliance with the applicable laws and regulations by the Group that has a significant impact on the businesses and operations of the Group. 12

Directors’ Report 董事会报告书与持份者的重要关系 Key Relationships with Stakeholders 本公司认同员工、客户及供应商以及业务伙伴为本公司成 The Company recognises that our employees, customers and suppliers 功的主要持份者。我们致力透过鼓励员工、向客户提供优 and business associates are key stakeholders to the Company’s success. 质产品及服务、与业务伙伴（包括供应商及承包商）合作提 We strive to achieve corporate sustainability through engaging our 供高质素及可持续产品及服务，以及给予社会支持，借以 employees, providing quality products and services to our customers, 达致企业可持续性。 collaborating with business partners (including suppliers and contractors) to deliver quality sustainable products and services and supporting our community. 业绩及分派 Results and Appropriations 截至2025年3月31日止年度本集团的业绩，载于本年报第62 The results of the Group for the year ended 31st March, 2025 are 页之综合损益及其他全面收入表。 set out in the consolidated statement of profit or loss and other comprehensive income on page 62 of the annual report. 于本年度内，并无宣派中期股息。董事会已议决不派付截 No interim dividend was declared for the year. The Board has decided 至2025年3月31日止年度末期股息。 not to declare a final dividend for the year ended 31st March, 2025. 股本 Share Capital 本公司之股本于本年度内之变动详情载于综合财务报表附 Details of movements in the share capital of the Company during the 注26。 year are set out in note 26 to the consolidated financial statements. 本公司之可供分派储备 Distributable Reserves of the Company 董事认为，本公司于2025年3月31日可供分派予股东之储备 In the opinion of the directors, the Company’s reserves available for 合共53,490,000港元（2024年：104,947,000港元），包括股份 distribution to its shareholders as at 31st March, 2025 amounted to 溢价211,064,000港元（2024年：211,064,000港元）、缴入盈 HK$53,490,000 (2024: HK$104,947,000), comprise of share premium 余53,135,000港元（2024年：53,135,000港元）及扣除累积亏 amounting to HK$211,064,000 (2024: HK$211,064,000), contributed 损210,709,000港元（2024年：159,252,000港元）。 surplus amounting to HK$53,135,000 (2024: HK$53,135,000) and net of accumulated losses amounting to HK$210,709,000 (2024: HK$159,252,000). 13

Directors’ Report 董事会报告书董事 Directors 本公司于本年度内及截至本报告日期的董事为： The directors of the Company during the year and up to the date of this report were: 执行董事 Executive directors 郑钟文先生（主席） Mr. CHENG Chung Man, Johnny (Chairman) 林玉森女士（行政总裁） Ms. LAM Yuk Sum (Chief Executive Officer) 非执行董事 Non-executive director 林文钿先生 Mr. LAM Man Tin 独立非执行董事 Independent non-executive directors 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong 郑文龙先生 Mr. CHENG Man Loong, Monty 刘诗彤女士（于2024年12月15日获委任） Ms. LAU Sze Tung (appointed on 15th December, 2024) 杨永基先生（于2024年12月15日辞任） Mr. YEUNG Wing Kay (resigned on 15th December, 2024) 根据本公司组织章程细则第108条，郑钟文先生及林文钿 In accordance with article 108 of the Company’s Articles of 先生将于本公司应届股东周年大会（「股东周年大会」）上轮 Association, Mr. Cheng Chung Man, Johnny and Mr. Lam Man Tin 值告退。此外，刘诗彤女士于2024年12月15日获董事会委 shall retire by rotation at the forthcoming annual general meeting of 任，根据本公司组织章程细则112条，其任期仅直至其获委 the Company (“AGM”). In addition Ms. Lau Sze Tung who has been 任后的首届股东周年大会为止。所有上述退任董事均符合 appointed by the Board on 15th December, 2024 shall hold office only 资格并愿膺选连任。 until the first AGM after her appointment in accordance with article 112 of the Company’s Articles of Association. All of the above retiring directors, being eligible, will offer themselves for re-election. 董事的服务合约 Directors’ Service Contracts 各执行董事均已和本公司订立服务协议，为期3年，需每3 Each of the executive directors has entered into a service agreement 年重续1次，直至由其中一方向另一方发出3个月的事先书 with the Company for a term of three years which should be renewable 面通知予以终止为止。非执行董事及各独立非执行董事均 for each term of three years until terminated by either party by three 已和本公司签署委任函，为期2年。 months’ prior written notice. The non-executive director and each of the independent non-executive directors has signed an appointment letter with the Company for a term of two years. 除上文所披露者外，拟于股东周年大会上重选连任的董 Save as disclosed above, none of the directors being proposed for re- 事，概无与本公司或其任何附属公司订立不可由本集团于1 election at the AGM has a service contract with the Company or any of 年内不付赔偿（法定赔偿除外）而终止的任何服务合约。 its subsidiaries which is not determinable by the Group within one year without payment of compensation, other than statutory compensation. 14

Directors’ Report 董事会报告书管理合约 Management Contracts 于本年度内，概无订立或存在任何有关本公司全部业务或 No contracts concerning the management and administration of the 任何重大部分业务之管理及行政之合约。 whole or any substantial part of the business of the Company were entered into or existed during the year. 获准许之弥偿条文 Permitted Indemnity Provision 于本年度及截至本董事会报告书日期，以本公司董事为受 During the year and up to the date of this directors’ report, a 益人之获准许弥偿条文（定义见香港法例第622章公司条例 permitted indemnity provision (as defined under section 469 of the （「公司条例」）第469条）经已并仍然生效。 Companies Ordinance Cap. 622 of Laws of Hong Kong (“Companies Ordinance”)), for the benefit of the directors of the Company has been and is still in force. 董事及高级管理人员简历 Biographies of Directors and Senior Management 执行董事 Executive directors 郑钟文先生（前名：郑增文），68岁，为本集团主席。彼亦 Mr. CHENG Chung Man, Johnny (former name: Cheng Tsang Man), 为董事会提名委员会之主席以及薪酬委员会之成员。彼于 aged 68, is the chairman of the Group. He is also the chairman of the 1984年成立本集团，负责本集团的整体策划及制订公司政 nomination committee and a member of the remuneration committee 策。郑先生在生产及零售业务方面拥有逾41年经验。郑先 of the Board. He established the Group in 1984 and is responsible for 生于2001年11月获颁发香港青年工业家奖，并于2012年11 the overall strategic planning and formulation of corporate policies 月获颁发安永企业家奖2012中国。彼为林玉森女士之丈夫。 of the Group. Mr. Cheng has over 41 years of experience in the manufacturing and retail business. Mr. Cheng was awarded the Young Industrialist Awards of Hongkong in November 2001 and the Ernst & Young Entrepreneur Award of the Year 2012 China in November 2012. He is the husband of Ms. Lam Yuk Sum. 林玉森女士，65岁，为本集团行政总裁及董事会薪酬委员 Ms. LAM Yuk Sum, aged 65, is the chief executive officer of the 会与提名委员会之成员。彼负责本集团之日常管理，特别 Group and a member of each of the remuneration committee and 是采购管理以及设计与产品发展的工作。彼于1987年加入 nomination committee of the Board. She is responsible for the day- 本集团，于时装设计及零售业务方面拥有逾38年经验。彼 to-day management of the Group, specifically the merchandising 为郑钟文先生之妻子。 management and design and product development. She joined the Group in 1987 and has over 38 years of experience in fashion design and retail business. She is the wife of Mr. Cheng Chung Man, Johnny. 15

Directors’ Report 董事会报告书非执行董事 Non-executive director 林文钿先生，66岁，自2016年2月2日起为本公司独立非执 Mr. LAM Man Tin, aged 66, has been an independent non-executive 行董事并于2018年7月13日起获调任为非执行董事。彼于 director of the Company since 2nd February, 2016 and re-designated 2016年2月2日至2018年7月12日期间为董事会审核委员会、 as a non-executive director with effect from 13th July, 2018. He was 薪酬委员会及提名委员会之成员。彼于1996年7月毕业于赫 a member of each of the audit committee, remuneration committee 尔大学，获颁授策略营销学硕士学位（遥距课程）。林先生 and nomination committee of the Board from 2nd February, 2016 于1992年加入Aeon Stores Co., Ltd.，于零售及服务行业拥有 to 12th July, 2018. He graduated from the University of Hull with a 逾30年经验。彼于1999年5月至2012年5月担任永旺（香港） master degree in strategic marketing (distance learning) in July 1996. 百货有限公司（「永旺（香港）百货」，于香港联合交易所有限 Mr. Lam joined Aeon Stores Co., Ltd. in 1992 and has over 30 years 公司（「联交所」）主板上市的公司，股份代号：984）的执行董 of experience in retail and service industries. He was an executive 事。林先生于2006年5月至2012年5月担任永旺（香港）百货 director of Aeon Stores (Hong Kong) Co., Limited (“Aeon Stores 的董事总经理。彼辞去永旺（香港）百货的董事会职位后获 HK”), a company listed on the Main Board of The Stock Exchange of 委聘为永旺（香港）百货的顾问，直至2012年9月为止。林先 Hong Kong Limited (the “Stock Exchange”) (stock code: 984) from 生于2013年5月至2017年7月担任港大零售国际控股有限公 May 1999 to May 2012. Mr. Lam served as the managing director 司（现称TATA健康国际控股有限公司）（为于联交所主板上 of Aeon Stores HK from May 2006 to May 2012. Following his 市的公司，股份代号：1255）之独立非执行董事、审核委员 resignation from the board of directors of Aeon Stores HK, he was 会及薪酬委员会成员以及提名委员会主席。彼于2013年9月 engaged as a consultant of Aeon Stores HK until September 2012. Mr. 至2020年7月担任岁宝百货控股（中国）有限公司（于联交所 Lam was an independent non-executive director, a member of each of 主板上市的公司，股份代号：312）的行政总裁策略师。彼亦 the audit committee and the remuneration committee and the chairman 为香港又一村狮子会的创会会员。 of the nomination committee of S. Culture International Holdings Limited (currently known as TATA Health International Holdings Limited), a company listed on the Main Board of the Stock Exchange (stock code: 1255) from May 2013 to July 2017. He has been the chief executive officer strategist of Shirble Department Store Holdings (China) Limited, a company listed on the Main Board of the Stock Exchange (stock code: 312) from September 2013 to July 2020. He is also the founding member of the Hong Kong Yau Yat Chuen Lions Club. 16

Directors’ Report 董事会报告书独立非执行董事 Independent non-executive directors 欧阳厚昌先生，76岁，自2018年7月13日起为本公司独立非 Mr. AU-YEUNG Hau Cheong, aged 76, has been as an independent 执行董事。彼亦为董事会审核委员会、提名委员会及薪酬 non-executive director of the Company since 13th July, 2018. He 委员会之成员。彼自1970年起在地产租赁行业取得丰富经 is also a member of each of the audit committee, the nomination 验。于1970年3月至2004年12月，欧阳先生任职于新鸿基地 committee and the remuneration committee of the Board. He has 产代理有限公司，离开前职位为租赁部门总经理。欧阳先 obtained extensive experience in property leasing industry since 生于2004年12月至2008年10月任职于领汇管理有限公司， 1970. From March 1970 to December 2004, Mr. Au-Yeung worked at 离开前职位为项目租赁部门之项目租赁主管。于2015年8月 Sun Hung Kai Real Estate Agency Limited and his last position was 至2016年4月，欧阳先生曾出任壹家壹品（香港）控股有限公 general manager at the leasing department. Mr. Au-Yeung worked at 司（前称家梦控股有限公司）（于联交所创业板上市之公司， The Link Management Limited from December 2004 to October 2008 股份代号：8101）（已于2022年12月被除牌）之独立非执行董 and his last position was head of project leasing at the project leasing 事、提名委员会主席、以及薪酬委员会及审核委员会成员。 department. Mr. Au-Yeung was an independent non-executive director, the chairman of the nomination committee, a member of each of the remuneration committee and the audit committee of EJE (Hong Kong) Holdings Limited (formerly known as Jia Meng Holdings Limited), a company listed on the Growth Enterprise Market of the Stock Exchange (stock code: 8101) (which was delisted in December 2022), from August 2015 to April 2016. 郑文龙先生，78岁，自2019年9月26日起为本公司独立非执 Mr. CHENG Man Loong, Monty, aged 78, has been an independent 行董事。彼亦为董事会审核委员会、薪酬委员会及提名委 non-executive director of the Company since 26th September, 2019. 员会之成员。郑先生在玩具产品的贸易、销售及制造行业 He is also a member of each of the audit committee, remuneration 拥有丰富经验。彼自1968年起从事相关业务。于1968年至 committee and nomination committee of the Board. Mr. Cheng 2012年，郑先生任职于不同公司，包括Nasta (Hong Kong) has extensive experience in trading, sale and manufacturing of toy Limited，主要从事玩具产品的贸易、销售及制造业务。 products. He has been engaged in relevant business since 1968. Mr. Cheng worked at various companies, including Nasta (Hong Kong) Limited, that were principally engaged in trading, sale and manufacturing of toy products between 1968 and 2012. 刘诗彤女士，34岁，自2024年12月15日起为本公司独立非 Ms. LAU Sze Tung, aged 34, has been an independent non-executive 执行董事。彼亦为董事会审核委员会及薪酬委员会之主席 director of the Company since 15th December, 2024. She is also the 以及提名委员会之成员。刘女士于2012年取得香港大学会 chairlady of each of the audit committee and remuneration committee 计及金融工商管理学士学位，并自2017年起成为香港会计 and a member of the nomination committee of the Board. Ms. Lau 师公会注册会计师。彼于2012年至2019年期间任职于香港 obtained a Bachelor degree of Business Administration in Accounting 立信德豪会计师事务所有限公司审计部，拥有7年审计经 and Finance from The University of Hong Kong in 2012 and has 验；及自2019年起任职于跨国企业，拥有6年管理经验。 been a certified public accountant of The Hong Kong Institute of Certified Public Accountants since 2017. She has seven years of auditing experience when she worked at the assurance department of BDO Limited between 2012 and 2019; and six years of managerial experience in multinational corporations since 2019. 17

Directors’ Report 董事会报告书高级管理人员 Senior management 邝俊铭先生，46岁，为本集团财务总监。彼于2021年9月加 Mr. KWONG Chun Ming, Alex, aged 46, is the chief financial officer 入本集团。邝先生持有香港理工大学会计学文学士学位。 of the Group. He joined the Group in September 2021. Mr. Kwong 彼为香港会计师公会会员及特许公认会计师公会资深会 holds a Bachelor degree of Arts in Accountancy from The Hong Kong 员。彼拥有逾20年会计及审核经验。于加入本集团前，邝 Polytechnic University. He is a member of the Hong Kong Institute of 先生于2017年5月至2021年9月，担任德益控股有限公司（现 Certified Public Accountants and a fellow member of the Association 名为香港智云科技建设有限公司，于联交所主板上市的公 of Chartered Certified Accountants. He has over 20 years of experience 司，股份代号：9900）之财务总监及公司秘书。此外，彼亦 in accounting and auditing. Prior to joining the Group, Mr. Kwong 曾任职于国际会计师行有13年时间。 worked as chief financial officer and company secretary of Gain Plus Holdings Limited, a company listed on the Main Board of the Stock Exchange (currently known as Hong Kong ZCloud Technology Construction Limited, stock code: 9900) from May 2017 to September 2021. Besides, he worked in international accounting firms for thirteen years. 周敏怡女士，48岁，为本公司的公司秘书。周女士持有香 Ms. CHOW Man Yee, aged 48, is the company secretary of the 港大学社会科学学士学位及香港城市大学专业会计与企业 Company. Ms. Chow holds a Bachelor degree of Social Sciences 管治理学硕士学位。彼现时为香港公司治理公会及英国特 from The University of Hong Kong and a Master degree of Science 许公司治理公会之会员。彼于2001年加入本集团，在企业 in Professional Accounting and Corporate Governance from City 管治及行政方面拥有逾20年的经验。 University of Hong Kong. She is an associate member of each of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom. She has joined the Group since 2001 and has over 20 years of experience in corporate governance and administration. 股票挂钩协议 Equity-Linked Agreements 除下文所载之购股权计划外，于截至2025年3月31日止年 Save as the share option schemes set out below, during the year ended 度，本公司并无新订立或现有股票挂钩协议。 31st March, 2025, the Company did not have newly entered or existing equity-linked agreements. 购股权计划 Share Option Schemes 2013年购股权计划 2013 Share Option Scheme 根据本公司于2013年8月30日举行的股东周年大会，本公 Pursuant to the AGM of the Company held on 30th August, 2013, the 司已批准及采纳一项购股权计划（「2013年购股权计划」）。 Company approved and adopted a share option scheme (“2013 Share 2013年购股权计划已于2023年8月30日（即其采纳日期起计 Option Scheme”). The 2013 Share Option Scheme expired on 30th 第10周年）届满。 August, 2023, being the 10th anniversary of its adoption date. 于2013年购股权计划届满后，概不得进一步授出购股权， Upon expiry of the 2013 Share Option Scheme, no further option can 惟就使行使届满前已授出但仍未行使之任何购股权生效而 be granted thereunder, but the provisions of the 2013 Share Option 言，2013年购股权计划条文将继续具有效力及生效，且行 Scheme shall remain in force and effect to the extent necessary to 使该等购股权须遵守其授出条款、2013年购股权计划之条 give effect to the exercise of any options granted thereunder prior to 文及联交所证券上市规则（「上市规则」）并受上列各项所规 its expiry which remain outstanding, and the exercise of such options 限。有关2013年购股权计划的详情，请参阅本公司2023年 shall be subject to and in accordance with the terms on which they 年报。 were granted, the provisions of the 2013 Share Option Scheme and the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”). Please refer to the 2023 Annual Report of the Company for details of the 2013 Share Option Scheme. 本集团采纳之2013年购股权计划之详情载于综合财务报表 Particulars of the 2013 Share Option Scheme adopted by the Group are 附注27。 set out in note 27 to the consolidated financial statements. 18

Directors’ Report 董事会报告书于本年度内，本公司概无向董事或主要股东授出购股权， No options were granted to the directors or substantial shareholders 2013年购股权计划项下亦无尚未行使之购股权。 of the Company during the year or outstanding under the 2013 Share Option Scheme. 下表披露截至2025年3月31日止年度，根据2013年购股权计 The following table discloses details of options held by employees of 划本集团雇员持有之购股权及该等购股权之变动详情： the Group and movements in such holdings pursuant to the 2013 Share Option Scheme during the year ended 31st March, 2025: 于2024年于年度内于年度内于年度内于年度内于2025年每股行使价 4月1日授出行使注销失效 3月31日 Exercise 之结余 Granted Exercised Cancelled Lapsed 尚未行使授出日期行使前持有期行使期间 price Balance during during during during Outstanding Date of grant Vesting period Exercise period per share at 1.4.2024 the year the year the year the year at 31.3.2025 2021年1月29日 2021年1月29日至 2024年1月29日至 0.0534港元 16,800,000 – – (350,000) (1,900,000) 14,550,000 29th January, 2021 2024年1月28日 2026年1月28日 HK$0.0534 29th January, 2021 to 29th January, 2024 to 28th January, 2024 28th January, 2026 2021年1月29日 2021年1月29日至 2026年1月29日至 0.0534港元 16,450,000 – – – (1,900,000) 14,550,000 29th January, 2021 2026年1月28日 2028年1月28日 HK$0.0534 29th January, 2021 to 29th January, 2026 to 28th January, 2026 28th January, 2028 2022年2月16日 2022年2月16日至 2025年2月16日至 0.0506港元 5,150,000 – – – (1,400,000) 3,750,000 16th February, 2022 2025年2月15日 2027年2月15日 HK$0.0506 16th February, 2022 to 16th February, 2025 to 15th February, 2025 15th February, 2027 2022年2月16日 2022年2月16日至 2027年2月16日至 0.0506港元 5,150,000 – – – (1,400,000) 3,750,000 16th February, 2022 2027年2月15日 2029年2月15日 HK$0.0506 16th February, 2022 to 16th February, 2027 to 15th February, 2027 15th February, 2029 43,550,000 – – (350,000) (6,600,000) 36,600,000 2013年购股权计划项下可供发行之股份总数为36,600,000 The total number of shares available for issue under the 2013 Share 股，相当于本报告日期本公司已发行股份（不包括库存股 Option Scheme is 36,600,000, represent approximately 1.5% of the 份）约1.5%。 issued shares (excluding treasury shares) of the Company as at the date of this report. 2023年购股权计划 2023 Share Option Scheme 根据本公司于2023年9月11日举行的股东周年大会，本公 Pursuant to the AGM of the Company held on 11th September, 2023, 司已批准及采纳一项全新购股权计划（「2023年购股权计 the Company approved and adopted a new share option scheme (“2023 划」）。截至2025年3月31日，2023年购股权计划余下有效期 Share Option Scheme”). The remaining life of the 2023 Share Option 约为8年零5个月。 Scheme is around eight years and five months as at 31st March, 2025. 本集团采纳2023年购股权计划之详情载于综合财务报表附 Particulars of the 2023 Share Option Scheme adopted by the Group are 注27。 set out in note 27 to the consolidated financial statements. 19

Directors’ Report 董事会报告书年内概无根据2023年购股权计划授出购股权，而2023年购 No options were granted during the year or outstanding under the 2023 股权计划项下亦无尚未行使之购股权。 Share Option Scheme. 2023年购股权计划项下可供发行股份总数为251,800,133 The total number of shares available for issue under the 2023 Share 股，相当于本报告日期本公司已发行股份（不包括库存股 Option Scheme is 251,800,133, represent approximately 10% of the 份）约10%。 issued shares (excluding treasury shares) of the Company as at the date of this report. 于2024年4月1日及2025年3月31日，根据计划授权可供授出 The number of options available for grant under the scheme mandate 之购股权数目分别为251,800,133份及251,800,133份。 as at 1st April, 2024 and 31st March, 2025 was 251,800,133 and 251,800,133 respectively. 购股权计划之进一步详情载于综合财务报表附注27。 Further details of the share option schemes are disclosed in note 27 to the consolidated financial statements. 董事及行政总裁于股份、相关股份及债券 Directors’ and Chief Executive Officer’s Interests 之权益及淡仓 and Short Positions in Shares, Underlying Shares and Debentures 于2025年3月31日，根据本公司按证券及期货条例（「证券及 As at 31st March, 2025, the interests of the directors and the chief 期货条例」）第352条而存置之登记册所纪录，或根据上市规 executive officer in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part 则所载《上市发行人董事进行证券交易之标准守则》（「标准 XV of the Securities and Futures Ordinance (“SFO”)), as recorded in 守则」）而须知会本公司及联交所之规定，董事及行政总裁 the register maintained by the Company pursuant to Section 352 of the 于本公司及其相联法团（见证券及期货条例第XV部之定义） SFO, or as otherwise notified to the Company and the Stock Exchange 的股份、相关股份及债券中拥有的权益如下： pursuant to the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) contained in the Listing Rules, were as follows: 本公司已发行所持有已发行股本百分比身份╱权益性质普通股数目 Percentage of the Capacity/ Number of issued issued share capital 董事姓名 Name of director Nature of interest ordinary shares held of the Company 郑钟文先生 Mr. Cheng Chung Man, Johnny 创办人及信托受益人 1,393,347,737 Founder and （附注） Beneficiary of Trust (Note) 实益拥有人 185,219,227 Beneficial owner 1,578,566,964 62.69% 林玉森女士 Ms. Lam Yuk Sum 信托受益人 1,393,347,737 （行政总裁） (Chief Executive Officer) Beneficiary of Trust （附注） (Note) 实益拥有人 272,916,013 Beneficial owner 1,666,263,750 66.17% 附注：该等1,393,347,737股份由Silver Crown Profits Limited Note: These 1,393,347,737 shares are beneficially owned by Silver （「Silver Crown」）实益拥有。Silver Crown的股份乃由全 Crown Profits Limited (“Silver Crown”). The shares in Silver 权信托The J Cheng Family Trust的信托人所持有，该全 Crown are in turn held by the trustee of The J Cheng Family Trust, 权信托的受益人包括郑钟文先生及林玉森女士的家族 a discretionary trust, the discretionary objects of which include 成员。 family members of Mr. Cheng Chung Man, Johnny and Ms. Lam Yuk Sum. 20

Directors’ Report 董事会报告书除上文所披露者及若干董事以信托形式代本集团持有附属 Other than disclosed above and certain nominee shares in subsidiaries 公司中的若干代名人股份外，于2025年3月31日，根据本公 held by certain directors in trust for the Group, none of the directors 司按证券及期货条例第352条而存置之登记册所纪录，或根 and the chief executive officer had any interests or short positions in 据标准守则而须知会本公司及联交所之规定，董事及行政 the shares, underlying shares and debentures of the Company or any 总裁概无于本公司及其任何相联法团（见证券及期货条例第 of its associated corporations (within the meaning of part XV of the XV部之定义）的股份、相关股份及债券中拥有权益或淡仓。 SFO) as at 31st March, 2025, as required to be recorded in the register maintained by the Company pursuant to Section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code. 董事购入股份或债券的权利 Directors’ Rights to Acquire Shares or Debentures 除本公司购股权计划外，在本年度任何时间内，本公司、 Other than the share option schemes of the Company, at no time 其控股公司或其任何附属公司或同系附属公司概无参与任 during the year was the Company, its holding company or any of its 何安排，致令本公司董事可藉购入本公司或任何其他公司 subsidiaries or fellow subsidiaries, a party to any arrangements to 的股份或债券而获得利益。 enable the directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate. 独立非执行董事之独立性 Independence of Independent Non-Executive Directors 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 The Company has received, from each of the independent non- 独立性作出之年度确认书。本公司认为所有独立非执行董 executive directors, an annual confirmation of his independence 事均为独立人士。 pursuant to Rule 3.13 of the Listing Rules. The Company considers that all of the independent non-executive directors are independent. 董事于重大交易、协议或合约之权益 Directors’ Interests in Transactions, Arrangements or Contracts of Significance 除综合财务报表附注22及30(a)所披露者外，概无本公司董 Save as disclosed in notes 22 and 30(a) to the consolidated financial 事或与董事有关连的实体（定义见公司条例第486条）于年底 statements, no transactions, arrangements or contracts of significance, 或本年度内任何时间存续而以本公司、其控股公司或其任 to which the Company, its holding company or any of its subsidiaries 何附属公司或同系附属公司为订约方之重大交易、协议或 or fellow subsidiaries was a party and in which a director of the 合约中直接或间接拥有重大权益。 Company or an entity connected with a director (as defined under Section 486 of the Companies Ordinance) had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year. 关连交易 Connected Transaction 本公司确认，综合财务报表附注30(a)所披露的关联方交易 The Company confirms that the related party transaction as disclosed 为上市规则第14A.76条的符合最低豁免水平的交易之关连 in note 30(a) to the consolidated financial statements is connected 交易，获全面豁免。 transaction that falls under the de minimis transactions exemption and is fully exempt under Rule 14A.76 of the Listing Rules. 21

Directors’ Report 董事会报告书除上文所披露者外，概无其他关连交易╱持续关连交易须 Save as disclosed above, there were no other connected transactions/ 根据上市规则第十四A章的规定于本年报内披露。 continuing connected transactions which are required to be disclosed in this annual report in accordance with the requirements of Chapter 14A of the Listing Rules. 主要股东于股份、相关股份及债券之权益 Substantial Shareholders’ Interests or Short Positions 或淡仓 in Shares, Underlying Shares and Debentures 除上文「董事及行政总裁于股份、相关股份及债券之权益及 Other than disclosed above under the section headed “Directors’ and 淡仓」一节中所披露之权益及下表所披露其他主要股东之权 Chief Executive Officer’s Interests and Short Positions in Shares, 益外，于2025年3月31日，根据本公司按证券及期货条例第 Underlying Shares and Debentures” and other substantial shareholders’ 336条而存置之主要股东登记册所显示，本公司并未获任何 interests disclosed in the following table, at 31st March, 2025, the 人（董事及行政总裁以外）知会于本公司的股份、相关股份 register of substantial shareholders maintained by the Company 及债券中之任何其他有关权益或淡仓。 pursuant to Section 336 of the SFO showed that the Company had not been notified by any persons (other than the directors and the chief executive officer) of any other relevant interests or short positions in the shares, underlying shares and debentures of the Company. 本公司已发行所持有已发行股本百分比普通股数目 Percentage of the 股东名称身份╱权益性质 Number of issued issued share capital Name of shareholder Capacity/Nature of interest ordinary shares held of the Company Silver Crown 实益拥有人 1,393,347,737 55.34% Beneficial owner Well Feel Group Limited 控制企业之权益（附注） 1,393,347,737 55.34% (“Well Feel”) Interest of a controlled corporation (Note) HSBC International Trustee Limited 信托人（附注） 1,393,347,737 55.34% (“HSBC International”) Trustee (Note) 附注： Note: Silver Crown之全部已发行股本由Well Feel持有，而Well Feel乃 The entire issued share capital of Silver Crown was held by Well Feel HSBC International之全资附属公司。根据证券及期货条例第XV which in turn was a wholly-owned subsidiary of HSBC International. By 部条文之规定，Well Feel及HSBC International各自被视作于该 virtue of the provisions of Part XV of the SFO, each of Well Feel and 等由Silver Crown拥有权益之所有本公司股份中拥有权益。 HSBC International was deemed to be interested in all the shares of the Company in which Silver Crown was interested. 22

Directors’ Report 董事会报告书主要客户及供应商 Major Customers and Suppliers 于本年度内，本集团五大供应商所占的总采购额占本年 During the year, the aggregate purchases attributable to the Group’s 度总采购额之43%，其中本公司最大供应商的采购额则为 five largest suppliers accounted for 43% of the total purchases for the 14%，而本集团五大客户所占的总销售额则少于本集团本年 year and purchases from the largest supplier included there is amounted 度总销售额的30%。 to 14% whereas the aggregate sales attributable to the Group’s five largest customers were less than 30% of the Group’s total sales for the year. 各董事、彼等的紧密联系人士或据董事所知，拥有本公司 None of the directors, their close associates or any shareholders of the 已发行股份5%以上的任何股东，概无在本集团任何五大客 Company (which to the knowledge of the directors own more than 5% 户或供应商拥有任何权益。 of the Company’s issued shares) had an interest in any of the Group’s five largest customers or suppliers. 优先购买权 Pre-emptive Rights 本公司的组织章程细则或开曼群岛（本公司注册成立之司法 There are no provisions for pre-emptive rights under the Company’s 权区）适用法例，均无规定本公司必须按比例向本公司现有 Articles of Association, or the applicable laws of the Cayman Islands, 股东优先发售新股。 being the jurisdiction in which the Company was incorporated, which would oblige the Company to offer new shares on a pro-rata basis to existing shareholders of the Company. 购买、出售或赎回本公司的上市证券 Purchase, Sale or Redemption of the Company’s Listed Securities 于本年度内，本公司或其任何附属公司概无购入、出售或 During the year, neither the Company nor any of its subsidiaries 赎回任何本公司的上市证券（包括出售库存股份）。于2025 purchased, sold or redeemed any of the Company’s listed securities 年3月31日，本公司并无持有任何库存股份。 (including sale of treasury shares). As at 31st March, 2025, the Company did not hold any treasury shares. 酬金政策 Emolument Policy 本集团高级管理人员之酬金政策由薪酬委员会根据雇员之 The emolument policy of the senior management of the Group is 表现、资历及能力制订。 set up by the Remuneration Committee on the basis of their merit, qualifications and competence. 本公司董事之酬金乃经薪酬委员会参照本公司之经营业 The emoluments of the directors of the Company are recommended 绩、个别表现及可供比较之市场统计数据后向董事会提出 to the Board by the Remuneration Committee, having regard to the 建议。 Company’s operating results, individual performance and comparable market statistics. 本公司已采纳购股权计划，作为对董事及合资格雇员之鼓 The Company has adopted share option schemes as an incentive to 励措施，而有关计划之详情载于综合财务报表附注27。 directors and eligible employees and details of the scheme are set out in note 27 to the consolidated financial statements. 23

Directors’ Report 董事会报告书足够公众持股量 Sufficiency of Public Float 按本公司可公开取得之资料，且就董事所知，本公司于截 Based on the information that is publicly available to the Company and 至2025年3月31日止整个年度及直至本年报刊发前的最后实 within the knowledge of the directors, the Company has maintained a 际可行日期止按上市规则要求一直保持足够公众持股量。 sufficient public float throughout the year ended 31st March, 2025 and up to the latest practicable date prior to the issue of this annual report as required under the Listing Rules. 核数师 Auditor 综合财务报表已由安永会计师事务所审核，彼将于股东周 The consolidated financial statements have been audited by Ernst 年大会告退，并愿膺选连任。本公司将于股东周年大会上 & Young, who will retire at the conclusion of the AGM and offer 提呈续聘安永会计师事务所为本公司核数师之议案。 themselves for re-appointment. A resolution will be submitted to the AGM to re-appoint Ernst & Young as auditor of the Company. 代表董事会 On behalf of the Board 主席 Cheng Chung Man, Johnny 郑钟文 Chairman 香港，2025年6月27日 Hong Kong, 27th June, 2025 24

Corporate Governance Report 企业管治报告书本公司董事会（「董事会」）谨此提呈载于本集团截至2025年3 The board of directors (the “Board”) of the Company hereby presents 月31日止年度之年报内之企业管治报告书。 this Corporate Governance Report in the Group’s annual report for the year ended 31st March, 2025. 企业管治文化 CORPORATE GOVERNANCE CULTURE 本公司致力确保以崇高的道德标准营运业务，反映公司坚 The Company is committed to ensuring that its affairs are conducted in 信如要达到长远的业务目标，必须以诚信、透明及负责的 accordance with high ethical standards. This reflects its belief that, in 态度行事。本公司相信恪守此理念长远可为股东取得最大 the achievement of its long-term objectives, it is imperative to act with 的回报，而雇员、业务伙伴及公司营运业务的社区亦可受 probity, transparency and accountability. By so acting, the Company 惠。 believes that its shareholder wealth will be maximised in the long term and that its employees, those with whom it does business and the communities in which it operates will all benefit. 企业管治是董事会指导本集团管理层如何营运业务以确保 Corporate governance is the process by which the Board instructs 实现业务目标的过程。董事会致力维持及建立完善的企业 management of the Group to conduct its affairs with a view to ensuring 管治常规，旨在确保： that its objectives are met. The Board is committed to maintaining and developing robust corporate governance practices that are intended to ensure: －为股东带来满意及可持续的回报； – satisfactory and sustainable returns to shareholders; －保障与本公司有业务往来者的利益； – that the interests of those who deal with the Company are safeguarded; －了解并适当地管理整体业务风险； – that overall business risk is understood and managed appropriately; －提供令顾客满意的高质素产品与服务；及 – the delivery of high-quality products and services to the satisfaction of customers; and －维持崇高的道德标准。 – that high standards of ethics are maintained. 25

Corporate Governance Report 企业管治报告书企业管治常规 CORPORATE GOVERNANCE PRACTICES 本公司深明公众上市公司有责任提高其透明度及问责性， Recognising the importance of a publicly listed company’s 故本公司一直致力维持高水平之企业管治，以符合股东的 responsibilities to enhance its transparency and accountability, the 利益。董事会相信高水平的企业管治标准对本公司提供以 Company is committed to maintain a high standard of corporate 保障股东利益及提升企业价值和问责性至关重要。 governance in the interests of its shareholders. The Board believes that good corporate governance standards are essential in providing a framework for the Company to safeguard the interests of shareholders and to enhance corporate value and accountability. 本公司已应用香港联合交易所有限公司（「联交所」）证券上 The Company has applied the principles and code provisions in Part 市规则（「上市规则」）附录C1所载企业管治守则（「企业管治 2 of the Corporate Governance Code (the “CG Code”) contained in 守则」）第二部分的原则及守则条文，作为本公司企业管治 Appendix C1 to the Rules Governing the Listing of Securities (the 常规的基准。 “Listing Rules”) on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) as the basis of the Company’s corporate governance practices. 董事会认为，于截至2025年3月31日止年度，本公司一直遵 The Board is of the view that the Company has complied with all the 守企业管治守则所列全部适用的守则条文。 applicable code provisions as set out in the CG Code throughout the year ended 31st March, 2025. 本公司将继续不时检讨其企业管治常规，以提升企业管治 The Company continues to review its corporate governance practices in 水平、符合日益严格之监管要求，并达致股东及投资者之 order to enhance its corporate governance standard, to comply with the 更高期望。 increasingly tightened regulatory requirements and to meet the rising expectations of shareholders and investors. 26

Corporate Governance Report 企业管治报告书进行证券交易之标准守则 M O D E L C O D E F O R S E C U R I T I E S TRANSACTIONS 本公司已采纳上市规则附录C3所载之「上市发行人董事进行 The Company has adopted the Model Code for Securities Transactions 证券交易的标准守则」（「标准守则」），作为其有关董事进行 by Directors of Listed Issuers (the “Model Code”) as set out in 证券交易之操守守则。经具体查询后，所有董事确认彼等 Appendix C3 to the Listing Rules as its own code of conduct regarding 于截至2025年3月31日止年度内一直遵守标准守则所载的准 directors’ securities transactions. Having made specific enquiries, all 则。 of the directors confirmed that they have complied with the required standards as set out in the Model Code throughout the year ended 31st March, 2025. 本公司亦已就可能拥有本公司内幕消息之雇员买卖本公司 The Company has also established written guidelines on terms no less 证券制定书面指引（「雇员书面指引」），且有关指引之条款 exacting than the Model Code (the “Employees Written Guidelines”) 并不比标准守则宽松。本公司并无察觉有任何有关雇员不 for securities transactions by employees who are likely to possess 遵守雇员书面指引之事件。 inside information of the Company. No incident of non-compliance of the Employees Written Guidelines by the employees was noted by the Company. 董事会 BOARD OF DIRECTORS 本公司由有效的董事会带领；董事会负有领导及监控公司 The Company is headed by an effective Board which assumes 的责任，并集体负责统管及监督本公司事务以促使本公司 responsibility for its leadership and control and be collectively 成功。董事应以本公司最佳利益作出客观决定。 responsible for promoting the Company’s success by directing and supervising the Company’s affairs. Directors should take decisions objectively in the best interests of the Company. 董事会具有切合本公司业务所需之技能、经验及多元化的 The Board has a balance of skills, experience and diversity of 观点与角度。董事会定期审阅董事履行其对本公司的责任 perspectives appropriate to the requirements of the Company’s 所需的贡献及董事是否付出足够时间履行与彼等相称的角 business and regularly reviews the contribution required from a 色及董事会责任。董事会中执行董事与非执行董事（包括独 director to perform his/her responsibilities to the Company, and 立非执行董事）的组合均衡，以使董事会上有强大的独立元 whether the director is spending sufficient time performing them that 素，能够有效地作出独立判断。 are commensurate with their role and the Board responsibilities. The Board includes a balanced composition of executive directors and non- executive directors (including independent non-executive directors) so that there is a strong independent element on the Board, which can effectively exercise independent judgement. 27

Corporate Governance Report 企业管治报告书董事会的组成 Board Composition 董事会现时由6位成员组成，包括2位执行董事、1位非执行 The Board currently comprises six members, consisting of two 董事及3位独立非执行董事。 executive directors, one non-executive director and three independent non-executive directors. 董事会之组成如下： The composition of the Board is as follows: 执行董事 Executive Directors 郑钟文先生（主席） Mr. CHENG Chung Man, Johnny (Chairman) 林玉森女士（行政总裁） Ms. LAM Yuk Sum (Chief Executive Officer) 非执行董事 Non-executive Director 林文钿先生 Mr. LAM Man Tin 独立非执行董事 Independent Non-executive Directors 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong 郑文龙先生 Mr. CHENG Man Loong, Monty 刘诗彤女士 Ms. LAU Sze Tung 下表显示董事会于2025年3月31日之多元化状况： The following chart shows the diversity profile of the Board as at 31st March, 2025: 董事人数 Number of Directors 6 女性 5 独立 71-80 21-30 Female 非执行董事 Independent non-executive 4 directors 管理 Management 3 华人非执行董事 Chinese Non-executive 61-70 男性 director 2 Male 0-10 执行董事 1 Executive directors 会计 31-40 Accounting 0 服务年期性别职衔种族年龄组别专才 Length of Gender Designation Ethnicity Age Group Expertise Service 28

女性	独立
Female	非执行董事 Independent non-executive		71-80	21-30
	directors	华人			管理 Management
男性 Male	非执行董事 Non-executive director	Chinese	61-70
	执行董事 Executive			0-10
	directors		31-40		会计 Accounting

Corporate Governance Report 企业管治报告书于截至2025年3月31日止年度内获委任为独立非执行董事的 Ms. Lau Sze Tung, who has been appointed as the independent 刘诗彤女士已于2024年12月12日就适用于彼作为上市发行 non-executive director during the year ended 31st March, 2025, 人董事的上市规则规定及向联交所作出虚假声明或提供虚 has obtained the legal advice on Hong Kong Law as regards the 假信息可能造成的后果获取香港法律的法律意见，且确定 requirement under the Listing Rules that are applicable to her as a 其作为上市发行人董事的责任。 director of a listed issuer and the possible consequences of making a false declaration or giving false information to the Stock Exchange on 12th December, 2024, and she has confirmed she understood her obligations as a director of a listed issuer. 董事之简历资料载于本年报第15至第17页「董事会报告书」 The biographical information of the directors are set out in the section 项下。 headed “Directors’ Report” on pages 15 to 17 of this annual report. 除郑钟文先生及林玉森女士为夫妇关系外，董事会成员之 Save that Mr. Cheng Chung Man, Johnny and Ms. Lam Yuk Sum are 间概无财务、业务、家庭或其他重大╱相关关系。 husband and wife, there are no financial, business, family or other material/relevant relationships among members of the Board. 主席及行政总裁 Chairman and Chief Executive Officer 主席及行政总裁之间职责分明，并由不同个别人士担任， There is a clear division in the roles of Chairman and Chief Executive 以确保权力及职权获得平衡分配。 Officer which are performed by different individuals. This ensures a balanced distribution of power and authority. 董事会主席郑钟文先生负责领导及管理董事会、确保有效 Mr. Cheng Chung Man, Johnny, the Chairman of the Board, is 执行董事会之功能及鼓励董事全心全意、积极参与董事会 responsible for the leadership for and management of the Board, 之事务，以及确保所有重大及主要事项均已作出讨论及有 ensuring the effective functioning of the Board and encouraging 需要时由董事会及时议决。 directors to make full and active contribution to the Board’s affairs as well as ensuring that all significant and key issues are discussed and where required, resolved by the Board in a timely manner. 本公司之行政总裁林玉森女士，负责本公司之日常管理。 Ms. Lam Yuk Sum, the Chief Executive Officer of the Company, is 彼在高级管理人员协助下，负责执行经董事会批准及委派 responsible for the day-to-day management of the Company. She is 之本公司的策略、目标及政策。 responsible for implementing the Company’s strategy, objectives and policies approved and delegated by the Board with the assistance of the senior management. 由于郑钟文先生及林玉森女士之职务及责任已清楚界定， The husband and wife relationship between Mr. Cheng Chung 并以书面列载，故其夫妇关系并不会损害董事会及管理层 Man, Johnny and Ms. Lam Yuk Sum does not impair the balance of 之权力平衡。 power between the Board and the management as their duties and responsibilities are clearly defined and set out in writing. 独立非执行董事 Independent Non-executive Directors 于截至2025年3月31日止年度，本公司一直遵守上市规则之 During the year ended 31st March, 2025, the Company has at all times 规定，委任最少3名独立非执行董事而其中最少1名拥有合 met the requirements of the Listing Rules relating to the appointment of 适之专业资格、或会计或相关之财务管理专长。 at least three independent non-executive directors with at least one of them possessing appropriate professional qualifications, or accounting or related financial management expertise. 29

Corporate Governance Report 企业管治报告书本公司已接获各独立非执行董事根据上市规则第3.13条所载 The Company has received written annual confirmation from each 有关独立性之指引就其独立性作出之年度确认书。本公司 independent non-executive director in respect of his independence in 认为所有独立非执行董事均属独立人士。 accordance with the independence guidelines set out in Rule 3.13 of the Listing Rules. The Company is of the view that all independent non- executive directors are independent. 董事会独立性评估 Board Independence Evaluation 于2022年11月，本公司已制订董事会独立性评估机制，当 The Company has established a Board Independence Evaluation 中载列流程及程序，以确保董事会具备强大的独立元素， Mechanism in November 2022 which sets out the processes and 让董事会可以有效行使独立判断，为股东利益带来更佳保 procedures to ensure a strong independent element on the Board, which 障。 allows the Board effectively exercises independent judgment to better safeguard shareholders’ interests. 根据董事会独立性评估机制，董事会将每年审视其独立 Pursuant to the Board Independence Evaluation Mechanism, the 性。董事会独立性评估报告将提呈予董事会，董事会将共 Board will conduct annual review on its independence. The Board 同讨论结果及改进行动计划（倘适合）。 Independence Evaluation Report will be presented to the Board which will collectively discuss the results and the action plan for improvement, if appropriate. 于截至2025年3月31日止年度，全体董事均个别地以问卷形 During the year ended 31st March, 2025, all directors has completed 式完成独立性评估。董事会已审阅董事会独立性评估机制 the independence evaluation in the form of a questionnaire 的实施及成效，结果令人满意。 individually. The Board has reviewed the implementation and effectiveness of the Board Independence Evaluation Mechanism and the results were satisfactory. 非执行董事及董事遴选 Non-executive Directors and Directors’ Election 本公司各董事均以服务协议（就执行董事而言）或委任函（就 Each of the directors of the Company is engaged on a service 非执行董事及独立非执行董事而言）获聘用，任期分别为3 agreement (for executive director) or an appointment letter (for non- 年及2年。执行董事之委任可由任何一方发出3个月事先书 executive director and independent non-executive director) for a term 面通知予以终止。 of 3 and 2 years, respectively. The appointment of executive director may be terminated by either party by giving three months’ prior written notice. 根据本公司组织章程细则（「细则」），本公司所有董事均须 Pursuant to the Company’s Articles of Association (“Articles”), all 最少每3年于本公司之股东周年大会轮值告退一次，而任 directors of the Company are subject to retirement by rotation at least 何为填补临时空缺或作为董事会新增成员而获委任之新董 once every three years at the Company’s annual general meeting and 事，其任期仅直至获委任后本公司之首届股东周年大会为 any director appointed by the Board to fill a casual vacancy or as an 止，并须于该会上接受重选。 addition to the Board shall hold office until the first annual general meeting of the Company after his/her appointment and be subject to re- election at such meeting. 30

Corporate Governance Report 企业管治报告书董事会及管理层之职责、问责及贡献 Responsibilities, Accountabilities and Contributions of the Board and Management 董事会负责透过设立企业及策略目标及政策，并监察及检 The Board is responsible for the leadership and control of, and 讨本公司之经营活动及财务表现，从而领导及监控本公 promoting the success of the Company. This is achieved by the 司，促使本公司迈向成功。 setting up of corporate and strategic objectives and policies, and the monitoring and evaluations of operating activities and financial performance of the Company. 全体董事均时刻本著真诚态度并遵守适用法律及法规履行 All the directors carry out their duties in good faith and in compliance 职责，并客观地作出决策及以本公司及股东之利益为依归。 with applicable laws and regulations, taking decisions objectively and acting in the interests of the Company and its shareholders at all times. 本公司已制订及采纳董事会所承担及授予管理层之书面职 The Company has formalised and adopted written terms on the 权范围书。董事会负责就本公司重大事项作出决策，包括 division of functions reserved to the Board and those delegated to the 批准及监督所有政策事宜、整体策略及预算、内部监控及 management. The Board reserves for its decision on major matters 风险管理系统、重大交易（特别是可能涉及利益冲突者）、 of the Company, including the approval and monitoring of all policy 财务资料、董事任命及其他重大财务及营运事宜。 matters, overall strategies and budgets, internal control and risk management systems, material transactions (in particular those that may involve conflict of interests), financial information, appointment of directors and other significant financial and operational matters. 本公司之日常管理、行政及营运委派予本公司之行政总裁 The day-to-day management, administration and operations of the 及高级管理人员。董事会向该等管理人员授予部份执行董 Company are delegated to the Chief Executive Officer and senior 事会决策的责任。董事会定期检讨所委派之职能及工作任 management of the Company. The Board has delegated a schedule 务。上述管理人员在订立任何重要交易前须事先取得董事 of responsibilities to these officers for the implementation of Board 会批准。 decisions. The Board periodically reviews the delegated functions and work tasks. Prior to entering into any significant transactions, the aforesaid officers have to obtain Board approval. 全体董事均可全面及适时地取得所有相关资料以及公司秘 All directors have full and timely access to all relevant information 书及高级管理人员之意见及服务，以确保符合董事会议事 as well as the advice and services of the Company Secretary and 程序及所有适用法律和法规。在适合情况下，任何董事均 senior management, with a view to ensuring compliance with Board 可向董事会提出合理要求后，寻求咨询独立专业意见，费 procedures and all applicable laws and regulations. Any director may 用概由本公司承担。 request independent professional advice in appropriate circumstances at the Company’s expense, upon reasonable request being made to the Board. 31

Corporate Governance Report 企业管治报告书会议常规及守则 Practices and Conduct of Meetings 董事会每年至少举行4次董事会定期会议，如需讨论重要事 The Board conducts at least four regular Board meetings a year and 项，将安排额外会议，董事亲身出席或透过电子或其他通 additional meetings are arranged as and when required to discuss 讯设备方式积极参与。年度会议时间表及各会议之议程初 significant issues, involving active participation, either in person or 稿通常预早供董事查阅，使其有机会将事项载入议程。董 by means of electronic or other communication facilities. Schedules 事会常规会议召开前最少给予14日通知。就其他董事会及 for annual meeting and draft agenda of each meeting are sent to all 委员会会议而言，通知一般于合理时间内发出。 directors in advance to enable them to have an opportunity to include matters in the agenda. Notice of at least 14 days is given of a regular Board meeting. For other Board and committee meetings, reasonable notice is generally given. 董事会文件连同所有适当、完整及可靠之资料最少于各董 Board papers together with all appropriate, complete and reliable 事会常规会议前3天寄发予各位董事以确保董事有足够时间 information are despatched to all directors at least 3 days before each 审阅相关文件，为会议作充份准备。董事会及各董事于有 regular Board meeting to ensure that the directors have sufficient 需要时亦可各自及独立地接触高级管理人员。 time to review the related documents and be adequately prepared for the meeting. The Board and each director also have separate and independent access to the senior management whenever necessary. 公司秘书负责保存所有董事会会议及委员会会议之会议纪 The Company Secretary is responsible to keep minutes of all Board 录。会议纪录草稿于会议后一段合理时间内供全体董事传 meetings and committee meetings. Draft minutes are circulated to all 阅以就纪录提出意见，而最终定稿则公开供董事查阅。 directors for comments within a reasonable time after each meeting and the final versions are open for directors’ inspection. 公司细则载有条文规定，董事须在有关会议上就批准彼等 The Company’s Articles contains provisions requiring directors to 或任何彼等之联系人士拥有重大权益之交易放弃投票权且 abstain from voting and not to be counted in the quorum at meetings 不计入会议之法定人数内。 for approving transactions in which such directors or any of their associates have a material interest. 董事之持续专业发展 Continuous Professional Development of Directors 董事应及时了解规管发展及变更，以有效履行职责及确保 Directors shall keep abreast of regulatory developments and changes 彼等对董事会之贡献仍然是知情及相关的。 in order to effectively perform their responsibilities and to ensure that their contribution to the Board remains informed and relevant. 每名新委任的董事在首次接受委任时会获得本公司正式、 Every newly appointed director will receive formal, comprehensive 全面及特别为彼而设之就任须知，以确保彼对本公司的业 and tailored induction on the first occasion of his/her appointment 务及营运有适当认识，并且对上市规则及相关法定规定下 to ensure appropriate understanding of the business and operations 董事之职责及义务有充分的认识。 of the Company and full awareness of directors’ responsibilities and obligations under the Listing Rules and relevant statutory requirements. 32

Corporate Governance Report 企业管治报告书董事应参与适当之持续专业发展，以发展及更新彼等之知 Directors should participate in appropriate continuous professional 识及技能。在适当情况下，本公司会为董事安排内部促成 development to develop and refresh their knowledge and skills. 之简报，并会就相关主题向董事提供阅读资料。 Internally-facilitated briefings for directors would be arranged and reading materials on relevant topics would be provided to directors where appropriate. 根据本公司纪录，于截至2025年3月31日止年度内，董事已 According to the records maintained by the Company, the directors 参与下列培训，培训重点在于彼等作为上市公司董事之角 received the following trainings during the year ended 31st March, 色、职能与责任︰ 2025 with emphasis on their roles, functions and duties as directors of a listed company: 董事姓名 Name of Directors 培训类型（附注） Type of Training (Note) 执行董事 Executive Directors 郑钟文先生 Mr. CHENG Chung Man, Johnny A,B 林玉森女士 Ms. LAM Yuk Sum A,B 非执行董事 Non-executive Director 林文钿先生 Mr. LAM Man Tin A,B 独立非执行董事 Independent Non-executive Directors 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong A,B 郑文龙先生 Mr. CHENG Man Loong, Monty A,B 刘诗彤女士（于2024年12月15日获委任） Ms. LAU Sze Tung (appointed on 15th December, 2024) A 杨永基先生（于2024年12月15日辞任） Mr. YEUNG Wing Kay (resigned on 15th December, 2024) A,B 附注： Note: 培训类型 Types of Training A：出席培训课程，包括但不限于简报、研讨会、学术会 A: Attending training sessions, including but not limited to, briefings, 议及工作坊 seminars, conferences and workshops B：阅读相关新闻发布、报章、期刊、杂志及相关刊物 B: Reading relevant news alerts, newspapers, journals, magazines and relevant publications 全体董事明白持续专业发展之重要性，并致力参与任何合 All the directors understand the importance of continuous professional 适之培训，以增进及更新彼等之知识及技能。 development and are committed to participating in any suitable training to develop and refresh their knowledge and skills. 33

Corporate Governance Report 企业管治报告书董事委员会 BOARD COMMITTEES 董事会已成立3个委员会，分别为薪酬委员会、提名委员会 The Board has established three committees, namely, the 及审核委员会，以监察本公司特定方面之事务。本公司所 Remuneration Committee, the Nomination Committee and the Audit 有董事委员会均已订明书面职权范围。3个委员会之职权 Committee, for overseeing particular aspects of the Company’s 范围刊载于本公司网站及香港交易及结算所有限公司之网 affairs. All Board committees of the Company are established with 站，亦可应本公司股东要求提供。 defined written terms of reference. The terms of reference of all three committees are posted on the Company’s website and Hong Kong Exchanges and Clearing Limited’s website and are available to shareholders of the Company upon request. 审核委员会之所有成员及薪酬委员会和提名委员会之大多 All members of the Audit Committee while the majority of the 数成员为独立非执行董事，而各董事委员会之主席及成员 members of each of the Remuneration Committee and Nomination 名单载于本年报第2至第4页之「公司资料」。 Committee are independent non-executive directors and the list of the chairman and members of each Board committee is set out under “Corporate Information” on pages 2 to 4 of this annual report. 董事委员会均获提供充裕资源履行职务，在适当情况下经 The Board committees are provided with sufficient resources to 提出合理要求后，亦可寻求独立专业意见，费用由本公司 discharge their duties and, upon reasonable request, are able to seek 承担。 independent professional advice in appropriate circumstances, at the Company’s expense. 薪酬委员会 Remuneration Committee 薪酬委员会包括本公司全体董事（除林文钿先生外），大部 The Remuneration Committee consists of all directors of the Company 份为独立非执行董事。 except Mr. Lam Man Tin, the majority of them are independent non- executive directors. 薪酬委员会之主要职能包括就检讨本公司对全体董事及高 The principal functions of the Remuneration Committee include 级管理人员之薪酬政策及架构以及所有董事及高级管理人 reviewing and making recommendations to the Board on the 员之薪酬待遇，向董事会提出建议。薪酬委员会亦负责建 Company’s policy and structure of all directors and senior management 立正规而具透明度之程序以制定该等薪酬政策与架构，确 remuneration and on the remuneration packages of all directors and 保概无董事或其任何联系人士参与决定其个人薪酬，而薪 senior management. The Remuneration Committee is also responsible 酬将参照个人及公司表现与市场惯例及情况而厘定，以及 for establishing formal and transparent procedures for developing 根据上市规则第十七章审阅及╱或审批有关股份计划的事 such remuneration policy and structure to ensure that no director 宜。 or any of his/her associates will participate in deciding his/her own remuneration, which remuneration will be determined by reference to the performance of the individual and the Company as well as market practice and conditions, and reviewing and/or approving matters relating to share schemes under Chapter 17 of the Listing Rules. 34

Corporate Governance Report 企业管治报告书截至2025年3月31日止年度，薪酬委员会举行了5次会议。 The Remuneration Committee held five meetings during the year ended 会议期间，薪酬委员会已履行下列工作：(i)审阅及向董事会 31st March, 2025. During the meetings, the Remuneration Committee 建议不向董事及高级管理人员支付2024年花红；(ii)检讨及 has performed the following work: (i) reviewing and recommending 向董事会建议所有董事及高级管理人员2025╱2026年财政 to the Board no bonus payment to directors and senior management 年度之薪酬待遇；(iii)审阅及向董事会建议1名独立非执行董 for the year 2024; (ii) reviewing and recommending to the Board 事及1名非执行董事的薪酬待遇（于其委任函续期时）；(iv)审 the salary packages of all directors and senior management for the 阅及向董事会建议新加入高级管理人员之薪酬待遇；及(v) financial year 2025/2026; (iii) reviewing and recommending to the 审阅及向董事会建议新委任独立非执行董事之薪酬待遇。 Board regarding the remuneration package of one independent non- executive director and one non-executive director upon renewal of their respective appointment letters; (iv) reviewing and recommending to the Board regarding the remuneration package of the newly joined senior management; and (v) reviewing and recommending to the Board regarding the remuneration package of the newly appointed independent non-executive director. 本公司之薪酬政策旨在确保向雇员（包括董事及高级管理人 The Company’s remuneration policy is to ensure that the remuneration 员）提供之薪酬乃基于其技能、知识、职责及参与本公司 offered to employees, including directors and senior management, 事务程度而厘定。执行董事之薪酬待遇亦参照本公司之经 is based on skill, knowledge, responsibilities and involvement in the 营业绩、有关职位之市价及各执行董事之表现及承担而厘 Company’s affairs. The remuneration packages of executive directors 定。执行董事之薪酬包括基本工资及津贴。执行董事可获 are also determined with reference to the Company’s operating 得根据本公司购股权计划授予的购股权。非执行董事及独 results, the market rates for the position and the performance and 立非执行董事之薪酬政策旨在确保非执行董事及独立非执 commitment of each executive director. The remuneration for the 行董事按其为本公司事务（包括参与董事会委员会）所付出 executive directors comprises basic salary and allowance. Executive 的精力及时间而获得合适报酬。非执行董事及独立非执行 directors shall receive share options to be granted under the Company’s 董事之薪酬主要包括董事酬金，其由经参考市况后厘定。 share option scheme. The remuneration policy for non-executive 非执行董事及独立非执行董事不得收取根据本公司购股权 director and independent non-executive directors is to ensure that 计划将予授出的购股权。各董事及高级管理人员并无参与 non-executive director and independent non-executive directors are 厘定其本身的薪酬。 adequately compensated for their efforts and time dedicated to the Company’s affairs, including their participation in Board committees. The remuneration for the non-executive director and independent non-executive directors mainly comprises director’s fee which is determined with reference to the market practice. Non-executive director and independent non-executive directors shall not receive share options to be granted under the Company’s share option scheme. Individual directors and senior management have not been involved in deciding their own remuneration. 35

Corporate Governance Report 企业管治报告书高级管理层酬金 Senior Management’s Emoluments 根据企业管治守则之守则条文第E.1.5条，截至2025年3月31 Pursuant to code provision E.1.5 of the CG Code, details of the 日止年度，高级管理层成员（董事除外）的薪酬按范围分类 remuneration of the members of the senior management (other than 载列如下： directors) by band for the year ended 31st March, 2025 are as follows: 雇员人数 Number of employees 不超过1,000,000港元 Not exceeding HK$1,000,000 4 各董事于截至2025年3月31日止年度之薪酬详情载于综合财 Details of the remuneration of each of the directors for the year ended 务报表附注8。 31st March, 2025 are set out in note 8 to the consolidated financial statements. 提名委员会 Nomination Committee 提名委员会包括本公司全体董事（除林文钿先生外），大部 The Nomination Committee consists of all directors of the Company 份为独立非执行董事。 except Mr. Lam Man Tin, the majority of them are independent non- executive directors. 提名委员会之主要职责包括检讨董事会之架构、规模及组 The principal duties of the Nomination Committee include reviewing 成、物色具备合适资格成为董事会成员之人选、就委任董 the structure, size and composition of the Board, identifying 事及董事接任计划向董事会作出推荐建议，以及评核独立 individuals suitably qualified to become Board members, making 非执行董事之独立性。 recommendations to the Board on the appointment and succession planning for directors, and assessing the independence of independent non-executive directors. 36

Corporate Governance Report 企业管治报告书提名委员会每年检讨董事会的架构、人数及组成，并在适 The Nomination Committee reviews annually the structure, size 当情况下向董事会就变动提出相关建议，以配合本公司的 and composition of the Board and where appropriate, make relevant 企业策略。于评估董事会的组成及物色与遴选合适的董事 recommendations on changes to the Board to complement the 人选时，提名委员会考虑董事会成员多元化政策所载的各 Company’s corporate strategy. In assessing the Board composition 个范畴以推行本公司的企业策略。提名委员会于需要时会 and identifying and selecting suitable candidates for directorships, the 就达致董事会成员多元化而商议及协定可计量的目标，并 Nomination Committee would take into account various aspects set 向董事会提出建议以供采纳。 out in the Board Diversity Policy to implement the corporate strategy of the Company. The Nomination Committee would discuss and agree on measurable objectives for achieving diversity on the Board, where necessary, and recommend them to the Board for adoption. 于截至2025年3月31日止年度，提名委员会举行了3次会议 During the year ended 31st March, 2025, the Nomination Committee 以向董事会就有关续聘1名独立非执行董事及1名非执行董 held three meetings to recommend to the Board on the renewal of 事、独立非执行董事之辞任及委任新独立非执行董事提出 appointment of one independent non-executive director and one non- 推荐建议、检讨董事会的架构、人数及组成、评核独立非 executive director, resignation of an independent non-executive 执行董事的独立性，以及考虑退任董事于股东周年大会上 director and appointment of a new independent non-executive director, 重选的资格。 to review the structure, size and composition of the Board, to assess the independence of the independent non-executive directors, and to consider the qualifications of the retiring directors standing for election at the annual general meeting. 董事会多元化政策 Board Diversity Policy 本公司已采纳一项董事会成员多元化政策，当中载有达致 The Company has adopted a Board Diversity Policy which sets 董事会多元化的方法。本公司认同并深信多元化的董事会 out the approach to achieve diversity of the Board. The Company 裨益良多，并视董事会层面日益多元化是维持本公司竞争 recognises and embraces the benefits of having a diverse Board and 优势的关键元素。 sees increasing diversity at the Board level as an essential element in maintaining the Company’s competitive advantage. 根据董事会多元化政策，提名委员会将每年检讨董事会的 Pursuant to the Board Diversity Policy, the Nomination Committee will 架构、人数及组成，并在适当情况下向董事会就变动提出 review annually the structure, size and composition of the Board and 建议，以配合本公司的企业策略，并确保董事会维持平衡 where appropriate, make recommendations on changes to the Board to 及多元化的组合。就检讨及评估董事会的组成，提名委员 complement the Company’s corporate strategy and to ensure that the 会致力于所有层面达致多元化，并将考虑多个方面，包括 Board maintains a balanced diverse profile. In relation to reviewing 但不限于性别、年龄、文化及教育背景、专业资格、技 and assessing the Board composition, the Nomination Committee 能、知识以及区域及行业经验。 is committed to diversity at all levels and will consider a number of aspects, including but not limited to gender, age, cultural and educational background, professional qualifications, skills, knowledge and regional and industry experience. 本公司力求将与本公司业务增长有关的多元化观点维持适 The Company aims to maintain an appropriate balance of diversity 当平衡，亦致力确保妥善安排各级（董事会以下）的招聘及 perspectives that are relevant to the Company’s business growth and is 遴选工作，以将各类候选人纳入考虑范围。 also committed to ensuring that recruitment and selection practices at all levels (from the Board downwards) are appropriately structured so that a diverse range of candidates are considered. 37

Corporate Governance Report 企业管治报告书董事会将考虑设定可计量目标，以推行董事会多元化政策 The Board will consider setting measurable objectives to implement 并不时检讨该等目标，确保其合适度及确定达致该等目标 the Board Diversity Policy and review such objectives from time to 之进展。 time to ensure their appropriateness and ascertain the progress made towards achieving those objectives. 目前，提名委员会认为董事会已有充分的多元性及有效性 At present, the Nomination Committee considered that the Board 以配合本公司的企业策略，而董事会尚未制定任何可计量 is sufficiently diverse and effective to complement the Company’s 目标。 corporate strategy, and the Board has not set any measurable objectives. 提名委员会在适当情况下将检讨董事会多元化政策，以确 The Nomination Committee will review the Board Diversity Policy, as 保其有效性。 appropriate, to ensure its effectiveness. 性别多元化 Gender Diversity 本公司重视本集团所有层级的性别多元化。下表载列本集 The Company values gender diversity across all levels of the Group. 团员工的性别比例，包括于截至本年报日期的董事会及高 The following table sets out the gender ratio in the workforce of the 级管理层： Group, including the Board and senior management as at the date of this annual report: 女性男性 Female Male 百分比百分比 % % （人数）（人数） (Headcounts) (Headcounts) 董事会 Board 33.3% 66.7% (2) (4) 高级管理层 Senior management 50% 50% (1) (1) 其他雇员 Other employees 86.9% 13.1% (740) (112) 整体员工 Overall workforce 86.4% 13.6% (743) (117) 董事会已订立目标去达致并已达致本集团最少33.3%（2名） The Board had targeted to achieve and had achieved at least 33.3% (2) 女性董事、50%（1名）女性高级管理人员及86.9%（740名）其 of female directors, 50% (1) of female senior management and 86.9% 他女性雇员，以及认为上述现有性别多元化令人满意。 (740) of other female employees of the Group and considers that the above current gender diversity is satisfactory. 38

Corporate Governance Report 企业管治报告书提名政策 Nomination Policy 董事会已授予本公司提名委员会其职责及权限以遴选及委 The Board has delegated its responsibilities and authority for selection 任董事。 and appointment of directors to the Nomination Committee of the Company. 本公司已采纳提名政策，当中载有有关本公司董事提名及 The Company has adopted a Nomination Policy which sets out the 委任之遴选标准及程序以及董事会继任计划之考虑因素， selection criteria and process and the Board succession planning 旨在确保董事会拥有本公司所需及董事会可延续运作的各 considerations in relation to nomination and appointment of directors 项技能、经验及多元化观点，且于董事会层面上具备适当 of the Company and aims to ensure that the Board has a balance of 的领导力。 skills, experience and diversity of perspectives appropriate to the Company and the continuity of the Board and appropriate leadership at Board level. 提名政策载有评估建议候选人的适合性及可能对董事会带 The Nomination Policy sets out the criteria for assessing the suitability 来贡献之准则，包括但不限于以下各项： and the potential contribution to the Board of a proposed candidate, including but not limited to the following: • 候选人的年龄、技能、知识、经验、专长、专业资 • age, skills, knowledge, experience, expertise, professional and 格、学历、背景及其他个人素质； educational qualifications, background, and other personal qualities of the candidates; • 对董事会的组成及成员多元化之影响； • effect on the Board’s composition and diversity; • 候选人投入充足的时间且有效地履行其职责的承 • commitment of the candidate to devote sufficient time to 诺。就此而言，应考虑候选人于公众公司或组织所 effectively carry out his/her duties. In this regard, the number 任职位的数量及性质，及其他行政委任或其他重要 and nature of offices held by the candidate in public companies 的工作承担； or organisations, and other executive appointments or significant commitments will be considered; • 候选人因获选而引发潜在╱实际的利益冲突； • potential/actual conflicts of interest that may arise if the candidate is selected; • 候选人的独立性； • independence of the candidate; • 就建议续任独立非执行董事而言，彼已在任之服务 • in the case of a proposed re-appointment of an independent 年期；及 non-executive director, the number of years he/she has already served; and • 提名委员会按照个别情况而认为有关系的其他因 • other factors considered to be relevant by the Nomination 素。 Committee on a case by case. 39

Corporate Governance Report 企业管治报告书提名政策亦载有于股东大会上遴选及委任新董事及重选董 The Nomination Policy also sets out the procedures for the selection 事的程序如下： and appointment of new directors and re-election of directors at general meetings as follows: 委任新董事 Appointment of New Director (i) 提名委员会依据提名政策所列之准则，不论是在借 (i) the Nomination Committee identifies or selects candidates 助或没有借助外部机构或本公司之援助的情况下， recommended to the Nomination Committee, with or without 物色或挑选向提名委员会推荐的候选人； assistance from external agencies or the Company, pursuant to the criteria set out in the Nomination Policy; (ii) 提名委员会可使用任何认为适当评估候选人的流 (ii) the Nomination Committee may use any process it deems 程，其中可能包括个人访谈、背景调查、陈述或由 appropriate to evaluate the candidates, which may include 候选人及第三方提供之书面参考； personal interviews, background checks, presentations or written submissions by the candidates and third party references; (iii) 提名委员会应透过举行会议审议事项，除非举行会 (iii) the Nomination Committee will hold a physical meeting to 议并不实际，否则应避免以书面决议之方式作出决 consider the matter and avoid the making of decisions by 定； written resolutions unless it is impractical that a physical meeting be held; (iv) 提名委员会向董事会提供所有关于候选人所需资 (iv) the Nomination Committee provides to the Board with all the 料，包括上市规则第13.51(2)条内载列之所需资料； information required including information set out in Rule 13.51(2) of the Listing Rules in relation to the candidates; (v) 提名委员会向董事会作出推荐建议，包括任期及委 (v) the Nomination Committee makes recommendation to the 任条件； Board including the terms and conditions of the appointment; (vi) 董事会依据提名委员会的建议而审议及决定有关委 (vi) the Board deliberates and decides on the appointment based 任； upon the recommendation of the Nomination Committee; (vii) 董事的所有委任应透过委任函予以确定，而委任函 (vii) all appointments of director should be confirmed by letter of 应经过提名委员会批准，列明董事委任的主要条款 appointment setting out the key terms and conditions of the 及条件；及 appointment of the directors, which should be approved by the Nomination Committee; and (viii) 根据上市规则第13.74条，凡股东须就选举或重新选 (viii) pursuant to Rule 13.74 of the Listing Rules, where shareholders 举董事进行表决，附有相关股东大会通知的通函应 are required to vote on electing or re-electing a director, the 载有上市规则第13.51(2)条规定之候选人的所有资 circular accompanying the notice of the relevant general 料。 meeting should contain all the information of the candidates required under Rule 13.51(2) of the Listing Rules. 40

Corporate Governance Report 企业管治报告书于股东大会重选董事 Re-election of Director at General Meeting 在重新委任现任董事之情况下，须根据载于提名政策内之 In cases of re-appointments of existing directors, a meeting will be 准则，透过举行会议考虑有关续任的事宜。 held to consider the re-appointment based on the criteria set out in the Nomination Policy. 截至2025年3月31日止年度，董事会的组成有所变动。杨永 During the year ended 31st March, 2025, there was change in the 基先生于2024年12月15日辞任本公司独立非执行董事之职 composition of the Board. Mr. Yeung Wing Kay resigned as an 务，继杨先生之辞任后，刘诗彤女士获委任为独立非执行 independent non-executive director of the Company with effect from 董事，自2024年12月15日起生效。 15th December, 2024. Following the resignation of Mr. Yeung, Ms. Lau Sze Tung was appointed as an independent non-executive director with effect from 15th December, 2024. 审核委员会 Audit Committee 审核委员会包括所有3名独立非执行董事，其中主席具备适 The Audit Committee comprises all the three independent non- 当专业资格及会计专长。委员会中并无任何成员为本公司 executive directors with the chairman of which possesses the 外聘核数师之前度合伙人。 appropriate professional qualifications and accounting expertise. None of the committee members is a former partner of the Company’s external auditor. 审核委员会之主要职责有：监督本公司与外聘核数师之关 The main duties of the Audit Committee are: to oversee the Company’s 系；审阅财务资料；监督本公司之财务汇报制度、风险管 relationship with the external auditor; to review the financial 理及内部监控系统；以及检讨内部审核功能的效能和相应 information; to oversee the Company’s financial reporting system, 安排，使雇员可就本公司于财务汇报、内部监控或其他事 risk management and internal control systems; and to review the 宜上可能出现之不当行为提出关注。 effectiveness of the internal audit function, arrangements to enable employees to raise concerns about possible improprieties in financial reporting, internal control or other matters of the Company. 截至2025年3月31日止年度，审核委员会举行了5次会议， During the year ended 31st March, 2025, the Audit Committee held 董事会主席及行政总裁出席其中4次会议。审核委员会于本 five meetings of which the Chairman of the Board and the Chief 年度内已完成之工作概要如下： Executive Officer attended four of these meetings. A summary of work performed by the Audit Committee during the year was as follows: (i) 分别就截至2024年3月31日止年度之经审核年度业 (i) reviewed and commented on audited annual results for the year 绩及截至2024年9月30日止6个月之未经审核中期业 ended 31st March, 2024 and unaudited interim results for the 绩进行审阅及提出意见； six months ended 30th September, 2024 respectively; 41

Corporate Governance Report 企业管治报告书 (ii) 审阅截至2024年3月31日止年度、截至2024年6月 (ii) reviewed the business performance for the year ended 31st 30日止3个月、截至2024年9月30日止6个月及截至 March, 2024, three months ended 30th June, 2024, six months 2024年12月31日止9个月之业务表现； ended 30th September, 2024 and nine months ended 31st December, 2024; (iii) 检讨审核工作范围、核数师酬金及聘用条款，并就 (iii) reviewed the scope of audit work, auditor’s remuneration and 续聘核数师安永会计师事务所提供推荐意见； terms of engagement and recommending the re-appointment of the auditor, Ernst & Young; (iv) 检讨财务汇报及内部监控系统（包括本集团之财 (iv) reviewed the effectiveness of the systems of financial reporting 务、营运及合规监控及风险管理职能）之效能； and internal control including financial, operational and compliance controls and risk management functions of the Group; (v) 审阅及批核2025╱2026、2026╱2027及2027╱2028 (v) reviewed and approved the internal audit plan for financial 财政年度内部审计计划； years 2025/2026, 2026/2027 and 2027/2028; (vi) 审阅由审核委员会发出并由执行董事回复之问卷； (vi) reviewed the questionnaires issued by the Audit Committee and answered by the executive directors; (vii) 审阅现金流量预测，并考虑本集团的未来流动资金 (vii) reviewed the cash flow projection and considered the future 及表现，以及与其持续经营评估相关的可用资金来 liquidity and performance of the Group and its available source 源；及 of finance in relation to its going concern assessment; and (viii) 审阅本公司截至2025年3月31日止年度第1及第3季 (viii) reviewed the reports on right-of-use assets-related issues of the 使用权资产相关事项的报告。 Company for the first and third quarters of the year ended 31st March, 2025. 审核委员会亦检讨内部审计项目和企业风险管理项目最新 The Audit Committee also reviewed the reports on the latest progress 进展。 of internal audit assignments and enterprise risk management project. 审核委员会亦在执行董事及管理层避席之情况下，与外聘 The Audit Committee also met the external auditor once without the 核数师举行了1次会议。 presence of the executive directors and the management. 本公司截至2025年3月31日止年度之全年业绩已经审核委员 The Company’s annual results for the year ended 31st March, 2025 会审阅。 have been reviewed by the Audit Committee. 董事会与审核委员会之间并无就外聘核数师之续聘出现意 There is no disagreement between the Board and the Audit Committee 见分歧。 regarding the re-appointment of the external auditor. 42

Corporate Governance Report 企业管治报告书企业管治职能 CORPORATE GOVERNANCE FUNCTIONS 董事会负责履行企业管治守则内守则条文第A.2.1条所载之 The Board is responsible for performing the functions set out in the 职能。 code provision A.2.1 of the CG Code. 董事会已审阅本公司之企业管治政策及常规、董事及高级 The Board has reviewed the Company’s corporate governance policies 管理人员之培训及持续专业发展、本公司在遵守法律及监 and practices, training and continuous professional development 管规定方面之政策及常规、标准守则及雇员书面指引之遵 of directors and senior management, the Company’s policies and 守情况，以及本公司遵守企业管治守则之情况以及于本企 practices on compliance with legal and regulatory requirements, the 业管治报告书中所作出之披露。 compliance of the Model Code and Employees Written Guidelines, and the Company’s compliance with the CG Code and disclosure in this Corporate Governance Report. 董事及委员会成员之出席记录 ATTENDANCE RECORDS OF DIRECTORS AND COMMITTEE MEMBERS 各董事出席本公司于截至2025年3月31日止年度举行之董事 The attendance records of each director at the Board and Board 会及董事委员会会议以及股东大会之出席记录列于下表： committee meetings and the general meeting of the Company held during the year ended 31st March, 2025 are set out in the table below: 出席次数╱会议次数 Attendance/Number of Meetings 股东周年大会薪酬委员会提名委员会审核委员会 Annual 董事会 Remuneration Nomination Audit General 董事姓名 Name of Directors Board Committee Committee Committee Meeting 执行董事 Executive Directors 郑钟文先生 Mr. CHENG Chung Man, Johnny 24/24 5/5 3/3 不适用 1/1 N/A 林玉森女士 Ms. LAM Yuk Sum 24/24 5/5 3/3 不适用 1/1 N/A 非执行董事 Non-executive Director 林文钿先生 Mr. LAM Man Tin 17/24 不适用不适用不适用 1/1 N/A N/A N/A 独立非执行董事 Independent Non-executive Directors 欧阳厚昌先生 Mr. AU-YEUNG Hau Cheong 17/24 5/5 3/3 5/5 1/1 郑文龙先生 Mr. CHENG Man Loong, Monty 16/24 5/5 3/3 4/5 1/1 刘诗彤女士（于2024年 Ms. LAU Sze Tung (appointed on 15th 5/9 2/2 1/1 2/2 不适用 12月15日获委任） December, 2024) N/A 杨永基先生（于2024年 Mr. YEUNG Wing Kay (resigned on 12/15 3/3 2/2 3/3 1/1 12月15日辞任） 15th December, 2024) 除上述董事会会议外，主席亦于年内在执行董事及非执行 Besides the above–mentioned Board meetings, the Chairman also held 董事避席之情况下与独立非执行董事举行了1次会议。 a meeting with the independent non-executive directors without the presence of executive director and non-executive director during the year. 43

Corporate Governance Report 企业管治报告书董事于综合财务报表中之责任 DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE CONSOLIDATED FINANCIAL STATEMENTS 董事确认其编制本公司截至2025年3月31日止年度综合财务 The directors acknowledge their responsibility for preparing the 报表之责任，以确保该综合财务报表真实及公平地反映本 consolidated financial statements of the Company for the year ended 集团之事务状况，并已按法例规定及适用之会计准则编制。 31st March, 2025 and ensure that the consolidated financial statements give a true and fair view of the state of affairs of the Group and are prepared in accordance with statutory requirements and applicable accounting standards. 董事已根据香港会计师公会颁布的香港财务报告准则会计 The directors have prepared the financial statements in accordance 准则拟备财务报表，并一直贯彻使用及应用合适的会计政 with the HKFRS Accounting Standards as issued by the Hong Kong 策（就本年度财务报表首次采纳新订及经修订准则、准则修 Institute of Certified Public Accountants. Appropriate accounting 订本及诠释除外）。 policies have also been used and applied consistently except the adoption of new and revised standards, amendments to standards and interpretation for the first time for current year’s financial statements. 诚如本年报内综合财务报表附注2.1所披露，鉴于截至 As disclosed in note 2.1 to the consolidated financial statements in 2025年3月31日止年度，本集团录得净亏损124,767,000港 this annual report, during the year ended 31st March, 2025, the Group 元，而截至该日为止，本集团的流动负债超过其流动资产 incurred a net loss of HK$124,767,000 and, as of that date, the Group’s 120,964,000港元，董事于编制该等综合财务报表时已审慎 current liabilities exceeded its current assets by HK$120,964,000. In 考虑本集团未来流动资金及表现以及其可用资金来源，以 preparing the consolidated financial statements, the directors have 评估本集团是否有足够财务资源以持续经营。 given careful consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. 本公司董事已审阅管理层编制的本集团现金流量预测，包 The directors of the Company have reviewed the Group’s cash flow 括业务收入及开支增长、营运资金需求以及银行授信的持 projection prepared by management, which includes revenue and 续续期。彼等认为，在考虑已实施或正在实施的措施后， expenditure growth of the business, working capital needs, and the 本集团将有足够的营运资金在该等综合财务报表获批准之 continuing renewal of the banking facilities. They are of the opinion 日起至少未来12个月内为其营运提供资金并履行其财务责 that, after taking into account the measures implemented or being 任。因此，本公司董事认为按持续经营基准编制本集团截 implemented, the Group will have sufficient working capital to finance 至2025年3月31日止年度的综合财务报表为恰当。 its operation and to meet its financial obligations for at least the next twelve months from the date of approval of the consolidated financial statements. Accordingly, the directors of the Company believe it is appropriate to prepare the consolidated financial statements of the Group for the year ended 31st March, 2025 on a going concern basis. 本公司之外聘核数师安永会计师事务所已于「独立核数师报 The Company’s external auditor, Ernst & Young, has issued an 告书」中「有关持续经营之重大不确定因素」一节发出无修订 unmodified opinion with a “Material Uncertainty related to Going 的意见。有关详情请参照本年报内第54页起之「独立核数师 Concern” section in the “Independent Auditor’s Report”. Please refer 报告书」。 to the “Independent Auditor’s Report” from page 54 of this annual report for details. 44

Corporate Governance Report 企业管治报告书本公司独立核数师有关其于综合财务报表之呈报责任声明 The statement of the independent auditor of the Company about their 载于本年报第54页至第61页之「独立核数师报告书」中。 reporting responsibilities on the consolidated financial statements is set out in the Section headed “Independent Auditor’s Report” on pages 54 to 61 of this annual report. 核数师酬金 AUDITOR’S REMUNERATION 有关本公司于截至2025年3月31日止年度就核数服务及非核 An analysis of the remuneration paid/payable to the Company’s 数服务而已付╱应付予外聘核数师安永会计师事务所的酬 external auditor, Ernst & Young in respect of audit services and non- 金分析如下： audit services for the year ended 31st March, 2025 is set out below: 已付╱应付费用服务类别 Category of Services Fee Paid/Payable 千港元 HK$’000 核数服务 Audit Service 2,100 非核数服务 Non-audit Services －税务服务 – Tax services 164 －其他专业服务 – Other professional services 244 合计 TOTAL 2,508 风险管理及内部监控 RISK MANAGEMENT AND INTERNAL CONTROL 目标及目的 Objective and Purpose 企业风险管理对于实现集团战略目标至关重要。董事会和 Enterprise risk management is fundamental and essential to the 管理层负责识别和分析实现业务目标所隐含之风险，并厘 achievement of the Group’s strategic objectives. The Board and the 定如何管理和缓解风险。董事会负责监督本集团之潜在风 management are responsible for identifying and analyzing the risks 险及其相应之缓解策略，并确保风险管理之有效性。董事 underlying the achievement of business objectives, and for determining 会确保本集团已设立及维持适当及有效之风险管理及内部 how such risks should be managed and mitigated. The Board oversees 监控系统，及审阅其有效性。该系统旨在就重大错误陈述 the Group’s potential risks and their respective mitigation strategies 或损失提供合理而非绝对防范保证，因其设计乃为管理而 and ensures risk management effectiveness. The Board ensures that 非消除于本集团业务经营期间未能达至业务目标之风险。 the Group has established and maintained a proper and effective risk management and internal control systems, as well as reviewing the effectiveness of the systems. The systems can only provide reasonable but not absolute assurance against material misstatement or loss, as they are designed to manage, rather than eliminate the risk of failure to achieve business objectives during the Group’s business operation. 45

Corporate Governance Report 企业管治报告书风险管理及内部监控系统的主要特点 Main Features of the Risk Management and Internal Control Systems 透过审核委员会，董事会每年评估本集团所有涵盖重要监 The Board, through the Audit Committee, assesses on an annual basis 控之风险管理及内部监控系统的有效性，包括财务、营运 the effectiveness of the risk management and internal control systems 及合规监控，亦考虑在资源、员工能力及经验、培训课程 of the Group, which covers all material controls, including financial, 及本集团的会计及财务汇报职能于预算上的充分性。有关 operational, compliance, as well as considers the sufficiency of budget 内部审核部、外聘专业顾问及外聘核数师所送呈管理层函 with respect to resources, employees’ capabilities and experience, 件内之重要事项知会审核委员会，确保迅速采取补救措 training courses and the Group’s accounting and financial reporting 施。所有建议将妥善跟进，以确保于合理期间内推行有关 function. Significant issues from internal audit department, external 建议。 professional consultants and management letters from external auditor are brought to the attention of the Audit Committee to ensure that prompt remedial action is taken. All recommendations will be properly followed up to ensure they are implemented within a reasonable period of time. 本公司设有内部审核部门，处理内部审核职能。内部审核 The Company has an Internal Audit Department to handle the internal 部门负责就风险管理及内部监控系统是否充足及有效进行 audit function. The Internal Audit Department is responsible for 独立检讨。董事会已检讨内部审核职能之有效性且检讨结 performing independent review of the adequacy and effectiveness 果属满意。 of the risk management and internal control systems. The Board has reviewed the effectiveness of the internal audit function and the review result is satisfactory. 风险管理框架及主要工作 Risk Management Framework and Major Tasks 本公司的业务部门的日常营运均按本公司的企业风险管理 The management of daily operations of the Company’s business 框架管理。企业风险管理框架列出4个风险类别包括战略、 departments is based on the Company’s corporate risk management 财务、营运及合规风险。 framework. The corporate risk management framework addresses four risk categories, including strategic, financial, operation and compliance risks. 风险工作小组（「风险工作小组」）旨在监察本集团之风险。 There is Risk Management Taskforce (“RMT”) which seek to 风险工作小组由管理层及高级管理层成员组成，向董事会 monitor the risks of the Group. The RMT was made up of members 报告出现之重要事项。风险工作小组通过审核委员会向董 of management and senior management, who reports to the Board 事会报告。风险工作小组负责监督风险责任人（负责库存管 on matters of significance that arise. The RMT reports via the Audit 理、信息技术、市场营销和营运等）。风险责任人向风险工 Committee to the Board. The RMT oversees the risk owners, who 作小组报告其涉及之风险和计划缓解该等风险的措施。 are responsible for inventory management, information technology, marketing and operation, etc. The risk owners reported to the RMT their involved risks and the planned measures to mitigate those risks. • 于本年度，风险工作小组曾举行2次会议。 • During the current year, the RMT held two meetings. 46

Corporate Governance Report 企业管治报告书 • 该等会议涉及有关现有风险和缓解该等风险的措施 • The meetings involved the discussion of the existing risks and 之讨论，而风险工作小组已重新评估本集团截至 measures to mitigate those risks and the RMT have re-assessed 2025年3月31日止年度之十大重点风险。 the top 10 priority risks of the Group for the year ended 31st March, 2025. 管理层已向董事会及审核委员会确认截至2025年3月31日止 The management has confirmed to the Board and the Audit Committee 年度风险管理及内部监控系统的有效性。董事会于审核委 on the effectiveness of the risk management and internal control 员会及管理人员报告以及内部审核结果之支援下，审阅本 systems for the year ended 31st March, 2025. The Board, as supported 集团截至2025年3月31日止年度的风险管理及内部监控系 by the Audit Committee as well as the management report and the 统，包括财务、营运及合规监控，并认为该等系统属有效 internal audit findings, reviewed the risk management and internal 及充分。年度检讨亦覆盖财务汇报及员工资格、经验及相 control systems of the Group, including the financial, operational 关资源。 and compliance controls, for the year ended 31st March, 2025, and considered that such systems are effective and adequate. The annual review also covered the financial reporting and staff qualifications, experience and relevant resources. 已有安排以方便本公司雇员以保密方式提出对本集团财务 Arrangements are in place to facilitate employees of the Company 汇报、内部监控或其他事宜可能有不恰当情况之关注。 to raise, in confidence, concerns about the possible improprieties in financial reporting, internal control or other matters of the Group. 本公司设有举报政策，供本公司雇员及与本公司有往来的 The Company has in place the Whistleblowing Policy for employees of 人士以保密及匿名的方式向审核委员会提出与本公司有关 the Company and those who deal with the Company to raise concerns, 的任何事项中可能存在的不当行为。 in confidence and anonymity, with the Audit Committee about possible improprieties in any matters related to the Company. 本公司亦设有反贪污政策，以防止本公司内部出现贪污及 The Company has also in place the Anti-Corruption Policy to safeguard 贿赂。本公司已开放保密举报渠道，可供本公司雇员举报 against corruption and bribery within the Company. The Company 任何涉嫌贪污及贿赂的行为。 has a confidential reporting channel that is open and available for employees of the Company to report any suspected corruption and bribery. 截至2025年3月31日止年度，并无贿赂及贪污等违规案件。 During the year ended 31st March, 2025, there were no non- compliance cases in relation to bribery and corruption. 就处理及发布内幕消息而言，董事会自2013年8月起已采纳 For the handling and dissemination of inside information, a Disclosure 披露政策，旨在向本公司董事、管理人员、高级管理人员 Policy has been adopted by the Board since August 2013 with an aim 及相关雇员提供一般指引，以按适用法律和法规处理机密 to provide a general guide to the directors, officers, senior management 资料及╱或监察信息披露。 and relevant employees of the Company in handling of confidential information and/or monitoring of information disclosure pursuant to applicable laws and regulations. 47

Corporate Governance Report 企业管治报告书监控程序已于披露政策中列明及确定。本公司设有资料保 The control procedures were stated and identified in the Disclosure 密及管理实际或潜在利益冲突之程序。本公司设有内部审 Policy. The Company has procedures in place to keep information 核部门，以就处理内部审核职能而直接向审核委员会及本 confidential and manage actual or potential conflicts of interest. The 公司行政总裁报告，并于定期会议上向审核委员会报告本 Company has an Internal Audit Department to handle the internal 公司截至2025年3月31日止年度有关内部监控之事宜。 audit functions, which reports directly to the Audit Committee and the Chief Executive Officer of the Company, and also reports the matters concerning internal control of the Company for the year ended 31st March, 2025 to the Audit Committee during its regular meetings. 公司秘书 COMPANY SECRETARY 黄智英女士于2025年2月1日辞任本公司之公司秘书的职 Ms. Wong Chi Ying has resigned as the Company Secretary of 务。继黄女士之辞任后。周敏怡女士获委任为本公司之公 the Company with effect from 1st Feburary, 2025. Following the 司秘书，自2025年2月1日起生效。截至2025年3月31日止年 resignation of Ms. Wong, Ms. Chow Man Yee has been appointed as 度，黄女士及周女士均已遵守上市规则对其资格及培训之 the Company Secretary of the Company with effect from 1st February, 规定。 2025. Both Ms. Wong and Ms. Chow complied with the qualification and training requirements under the Listing Rules for the year ended 31st March, 2025. 股东权利 SHAREHOLDERS’ RIGHTS 为保障股东权益及权利，本公司于股东大会就各重大个别 To safeguard shareholders’ interests and rights, a separate resolution 事宜（包括选举个别董事）提呈独立决议案，以供股东考虑 is proposed for each substantially separate issue in general meetings, 及投票。所有于股东大会上提呈之决议案将根据上市规则 including the election of individual directors, for shareholders’ 以按股数投票方式表决，投票结果于各股东大会结束后刊 consideration and voting. All resolutions put forward in general 载于本公司及香港交易及结算所有限公司网站。详细投票 meetings are taken by poll pursuant to the Listing Rules and the 程序亦于大会上作出解释。 poll results are posted on the websites of the Company and of Hong Kong Exchanges and Clearing Limited after each general meeting. Detailed procedures for conducting a poll are also explained during the proceedings of meetings. 股东召开股东特别大会 Convening an Extraordinary General Meeting by Shareholders 根据公司细则第64条，股东特别大会可应一位或以上股东 Extraordinary general meetings may be convened on the requisition （合共至少本公司股本十分之一的投票权（按每人一票的原 of one or more shareholders holding in aggregate at least one tenth of 则））要求予以召开。有关要求须以书面形式向董事会或公 the voting rights (on a one vote per share basis) in the share capital 司秘书提出，当中列明拟处理之事项，并由请求者签署。 of general meetings pursuant to article 64 of the Company’s Articles. 股东须跟随公司细则所载之规定及程序行事。 Such requisition shall be made in writing to the Board or the Company Secretary, stating the business to be transacted, and signed by the requisitionist(s). Shareholders should follow the requirements and procedures as set out in the Company’s Articles. 48

Corporate Governance Report 企业管治报告书于股东大会上提出建议 Putting Forward Proposals at General Meetings 公司细则或开曼群岛公司法并无载列有关股东于股东大会 There are no provisions in the Company’s Articles or the Cayman 上提呈新决议案之条文。有意提出决议案之股东可根据前 Islands Companies Act for shareholders to move new resolutions at 一段落所述之程序向本公司要求召开股东大会。 general meetings. Shareholders who wish to move a resolution may request the Company to convene a general meeting in accordance with the procedures set out in the preceding paragraph. 有关提名人选参选为本公司董事，请参阅本公司网站所载 As regards proposing a person for election as a director of the 之「股东提名人选参选董事的程序」。 Company, please refer to the “Procedures for Shareholders to Propose a Person for Election as a Director” which is posted on the Company’s website. 向董事会作出查询 Putting Forward Enquiries to the Board 至于向本公司董事会作出任何查询，股东可将书面查询发 For putting forward any enquiries to the Board of the Company, 送至本公司。 shareholders may send written enquiries to the Company. 附注：本公司一般不会处理口头或匿名的查询。 Note: The Company normally will not deal with verbal or anonymous enquiries. 联络详情 Contact Details 股东可将上述查询或要求发送至下列： Shareholders may send their enquiries or requests as mentioned above to the following: 地址：香港新界葵涌大连排道192-200号伟伦中心二期十楼 Address: 10th Floor., Wyler Centre Phase II, 192-200 Tai Lin Pai （注明公司秘书收启） Road, Kwai Chung, New Territories, Hong Kong (For the attention of the Company Secretary) 传真： (852) 2310 9017 Fax: (852) 2310 9017 电邮： contact@veeko.com.hk Email: contact@veeko.com.hk 本公司鼓励股东提供（其中包括，尤其是）彼等之电邮地址 Shareholders are encouraged to provide, amongst other things, in 以令沟通更有效适时。 particular, their email addresses to the Company in order to facilitate timely and effective communication. 为免生疑，股东须将经正式签署的书面请求、通知或声明 For the avoidance of doubt, shareholder(s) must deposit and send 或查询（视情况而定）之正本送交及发出至上述地址，并提 the original duly signed written requisition, notice or statement, or 供彼等之全名、联络详情及身份，以使之生效。股东资料 enquiry (as the case may be) to the above address and provide their full 或会根据法律规定予以披露。 name, contact details and identification in order to give effect thereto. Shareholders’ information may be disclosed as required by law. 49

Corporate Governance Report 企业管治报告书投资者关系 INVESTOR RELATIONSHIP 与股东及投资者之沟通 Communications with shareholders and investors 本公司与股东及投资者沟通时，一直尽量保持高透明度。 The Company endeavors to maintain a high level of transparency in 本公司致力继续维持开放有效之沟通政策，并在相关监管 communicating with shareholders and the investment community at 规定下，透过年报、中期报告书、公告及其他企业通讯， large. The Company is committed to continue to maintain an open and 及时向股东、投资者及公众提供与业务有关之最新资料。 effective communication policy and to update shareholders, investors and general public on relevant information on its business in a timely manner, subject to relevant regulatory requirements, through the annual reports, interim reports, announcements and other corporate communications. 董事会欢迎股东就影响本集团之事宜发表意见，并鼓励彼 The Board welcomes shareholders’ views on matters affecting 等出席股东大会，就彼等之任何疑虑与董事会或管理层直 the Group, and encourages their attendance at general meetings 接沟通。本公司之股东周年大会为特别重要的平台。为鼓 to communicate any concerns they may have with the Board or 励及便利股东出席股东周年大会，本公司会发出至少足21 management directly. The Company’s annual general meeting is 日通知，并提供详尽议程。董事会主席及各董事委员会之 an especially important forum. In order to encourage and facilitate 主席（或其委派代表）会于股东大会上解答问题。 shareholders’ attendance at its annual general meeting, the Company gives at least 21 days’ prior notice together with a detailed agenda. The Chairman of the Board and the chairman of each Board committees (or their delegates) are available to answer questions at general meetings. 作为促进有效沟通之渠道，本公司设立网站（网址： As a channel to promote effective communication, the Company www.irasia.com/listco/hk/veeko/index.htm）刊发有关最新资 maintains a website at www.irasia.com/listco/hk/veeko/index.htm, 料及关于本公司之架构、董事会、公告、财务资料及其他 where up-to-date information and updates on the Company’s structure, 资料之更新。 board of directors, announcements, financial information and other information are posted. 宪章文件 Constitutional document 于回顾年度内，本公司之细则并无变动。本公司之章程大 During the year under review, there was no change in the Company’s 纲及细则之最新版本可于本公司及香港交易及结算所有限 Articles. An up-to-date version of the Company’s Memorandum and 公司网站查阅。 Articles is available on the websites of the Company and Hong Kong Exchanges and Clearing Limited. 50

Corporate Governance Report 企业管治报告书股东通讯政策 Shareholder’s Communication Policy 本公司设有股东通讯政策以促进与股东及其他持份者之有 The Company has in place a Shareholders’ Communication Policy 效沟通、鼓励股东积极关注本公司及让股东有效行使彼等 to promote effective communication with shareholders and other 作为股东之权利。董事会已审阅股东通讯政策的实施及成 stakeholders, encourage shareholders to engage actively with 效，结果令人满意。 the Company and enable shareholders to exercise their rights as shareholders effectively. The Board reviewed the implementation and effectiveness of the Shareholders’ Communication Policy and the results were satisfactory. 本公司已建立以下多个途径以维持与股东进行持续沟通： The Company has established a number of channels for maintaining an on-going dialogue with its shareholders as follows: (a) 公司通讯 (a) Corporate Communication 上市规则所界定的「公司通讯」是指本公司为供其任 “Corporate Communication” as defined under the Listing Rules 何证券持有人知悉或采取行动而发出或将发出的任 refers to any document issued or to be issued by the Company 何文件，包括但不限于本公司的下列文件：(a)董事 for the information or action of holders of any of its securities, 会报告书、年度帐目连同核数师报告书以及（倘适 including but not limited to the following documents of the 用）财务摘要报告；(b)中期报告书及（倘适用）中期 Company: (a) the directors’ report, annual accounts together 摘要报告；(c)会议通告；(d)上市文件；(e)通函；及 with a copy of the auditor’s report and, where applicable, its (f)委任代表表格。 summary financial report; (b) the interim report and, where applicable, its summary interim report; (c) a notice of meeting; (d) a listing document; (e) a circular; and (f) a proxy form. 本公司的公司通讯将按照上市规则的规定适时在香 The Corporate Communication of the Company will be 港交易及结算所有限公司网站(www.hkexnews.hk) published on the website of the Hong Kong Exchanges and 登载。 Clearing Limited (www.hkexnews.hk) in a timely manner as required by the Listing Rules. 公司通讯将以中、英文版本（或在允许的情况下， Corporate Communication will be provided to shareholders 以单一语言）按照上市规则的规定适时向股东及非 and non-registered holders of the Company’s securities in both 登记的本公司证券持有人提供。 English and Chinese versions or where permitted, in a single language, in a timely manner as required by the Listing Rules. (b) 根据上市规则规定的公告及其他文件 (b) Announcements and Other Documents pursuant to the Listing Rules 本公司应根据上市规则的规定于香港交易及结算所 The Company shall publish announcements (on price sensitive 有限公司网站适时登载公告（就股价敏感资料、企 information, corporate actions and transactions etc.) and other 业行动及交易等事宜）及其他文件（例如章程大纲及 documents (e.g. Memorandum and Articles) on the website of 细则）。 the Hong Kong Exchanges and Clearing Limited in a timely manner in accordance with the Listing Rules. 51

Corporate Governance Report 企业管治报告书 (c) 公司网站 (c) Corporate Website 任何登载于香港交易及结算所有限公司网站的 Any information or documents of the Company posted on 本公司资料或文件亦将登载于本公司的网站 the website of the Hong Kong Exchanges and Clearing （http://www.irasia.com/listco/hk/veeko/index.htm） Limited are also published on the Company’s website 内。 (http://www.irasia.com/listco/hk/veeko/index.htm). (d) 股东大会 (d) Shareholders’ Meetings 本公司的股东周年大会及其他股东大会是本公司与 The annual general meeting and other general meetings of the 股东沟通的首要平台。 Company are primary forum for communication between the Company and its shareholders. 本公司应按照上市规则的规定适时向股东提供在股 The Company shall provide shareholders with relevant 东大会上建议的决议案的相关资料，所提供的应是 information on the resolutions(s) proposed at a general meeting 合理所需的资料，以便股东能够就建议的决议案作 in a timely manner in accordance with the Listing Rules. The 出有根据的决定。 information provided shall be reasonably necessary to enable shareholders to make an informed decision on the proposed resolution(s). 本公司鼓励股东参与股东大会或在彼等未能出席大 Shareholders are encouraged to participate in general meetings 会时委任代表出席及于会上代其投票。 or to appoint proxies to attend and vote at the meetings for and on their behalf if they are unable to attend the meetings. 在合适或需要的情况下，董事会主席，其他董事会 Where appropriate or required, the chairman of the Board and 成员、董事会辖下委员会的主席或其委任的代表， other Board members, the chairmen of board committees or 以及外聘核数师应出席本公司的股东大会并在会上 their delegates, and the external auditors should attend general 回答股东提问（如有）。 meetings of the Company to answer shareholders’ questions (if any). 董事会辖下的独立委员会（如有）的主席亦应出席任 The chairman of the independent board committee (if any) 何批准关连交易或任何其他须经股东独立批准的交 should also be available to answer questions at any general 易的股东大会，并于会上回应提问。 meeting to approve a connected transaction or any other transaction that is subject to independent shareholders’ approval. 52

Corporate Governance Report 企业管治报告书 (e) 股东查询 (e) Shareholders’ Enquiries 关于持股事项的查询 Enquiries about Shareholdings 股东可透过以下方式，向本公司的股份过户 Shareholders should direct their enquiries about their 登记分处卓佳证券登记有限公司作出有关持 shareholdings to the Company’s branch share registrar, 股事项的查询：使用其网站内的在线持股查 Tricor Investor Services Limited, via its online holding 询服务（网址：www.tricoris.com) 或发电邮 enquiry service at www.tricoris.com, or send email to 至 is-enquiries@vistra.com 或致电热线电话 is-enquiries@vistra.com or call its hotline at (852) 2980 1333, (852) 2980 1333或亲身前往其公众柜台（地址为香港 or go in person to its public counter at 17/F, Far East Finance 夏悫道16号远东金融中心17楼）。 Centre, 16 Harcourt Road, Hong Kong. 向董事会及本公司查询关于企业管治或其他方面的 Enquiries about Corporate Governance or Other Matters to be 事项 put to the Board and the Company 一般而言，本公司不会处理口头或匿名查询。股东 The Company will not normally deal with verbal or anonymous 可透过以下方式向本公司发出书面查询，抬头人为 enquiries. Shareholders may send written enquiries to the 公司秘书：发电邮至contact@veeko.com.hk、传真 Company, for the attention of Company Secretary, by email: 至2310 9017、或邮寄至香港新界葵涌大连排道192- contact@veeko.com.hk, fax: 2310 9017, or mail to 10th Floor, 200号伟伦中心二期十楼。股东如需任何协助，可 Wyler Centre Phase II, 192-200 Tai Lin Pai Road, Kwai 致电本公司，电话号码为2887 0888。 Chung, New Territories, Hong Kong. Shareholders may call the Company at 2887 0888 for any assistance. 股息政策 Dividend Policy 本公司已就派付股息采纳股息政策。本公司并无任何预定 The Company has adopted a Dividend Policy on payment of dividends. 派息率。取决于本公司及本集团之财务状况以及股息政策 The Company do not have any pre-determined dividend payout ratio. 内所载条件及因素，董事会于财政年度期间可建议派付 Depending on the financial conditions of the Company and the Group 及╱或宣派股息，而财政年度之任何末期股息须经股东批 and the conditions and factors as set out in the Dividend Policy, 准。 dividends may be proposed and/or declared by the Board during a financial year and any final dividend for a financial year will be subject to the shareholders’ approval. 53

Independent Auditor’s Report 独立核数师报告书 Ernst & Young (cid:4543)(cid:8814)(cid:7481)(cid:16446)(cid:5217)(cid:1217)(cid:2319)(cid:6262) Tel(cid:19761)(cid:16551): +852 2846 98 88 27/F, One Taikoo Place (cid:20431)(cid:9317)(cid:21048)(cid:20880)(cid:9154) Fax(cid:1769)(cid:11605): +852 2868 44 32 979 King’s Road (cid:14631)(cid:11453)(cid:18057)979(cid:15509) ey.com Quarry Bay, Hong Kong (cid:3936)(cid:2586)(cid:3456)(cid:1078)(cid:5341)27(cid:8265) 致威高国际控股有限公司股东 TO THE SHAREHOLDERS OF VEEKO INTERNATIONAL HOLDINGS LIMITED （于开曼群岛注册成立之有限公司） (Incorporated in the Cayman Islands with limited liability) 意见 Opinion 吾等已完成审核威高国际控股有限公司（「贵公司」）及其附 We have audited the consolidated financial statements of Veeko 属公司（统称「贵集团」）载于第62页至第179页之综合财务 International Holdings Limited (the “Company”) and its subsidiaries 报表，此综合财务报表包括于2025年3月31日之综合财务状 (collectively referred to as the “Group”) set out on pages 62 to 179, 况表，及截至该日止年度之综合损益及其他全面收入表、 which comprise the consolidated statement of financial position as at 综合权益变动表及综合现金流量表，以及综合财务报表附 31st March, 2025, and the consolidated statement of profit or loss and 注，包括重大会计政策资料。 other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. 吾等认为上述的综合财务报表已根据由香港会计师公会 In our opinion, the consolidated financial statements give a true and （「香港会计师公会」）颁布之香港财务报告准则会计准则真 fair view of the consolidated financial position of the Group as at 31st 实及公平地反映贵集团于2025年3月31日的综合财务状况 March, 2025, and of its consolidated financial performance and its 及其截至该日止年度的综合财务表现和综合现金流量，并 consolidated cash flows for the year then ended in accordance with 已遵照香港公司条例之披露要求而妥善编制。 HKFRS Accounting Standards as issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance. 54

Independent Auditor’s Report 独立核数师报告书意见之基础 Basis for Opinion 吾等已根据香港会计师公会颁布之香港审计准则（「香港审 We conducted our audit in accordance with Hong Kong Standards on 计准则」）进行审计。本行在该等准则下承担之责任已在本 Auditing (“HKSAs”) as issued by the HKICPA. Our responsibilities 报告之核数师就审计综合财务报表须承担之责任部份中作 under those standards are further described in the Auditor’s 进一步阐述。根据香港会计师公会之专业会计师道德守则 responsibilities for the audit of the consolidated financial statements （「守则」），本行独立于贵集团，并已履行守则中之其他 section of our report. We are independent of the Group in accordance 道德责任。本行相信，本行所获得之审计凭证能充足及适 with the HKICPA’s Code of Ethics for Professional Accountants 当地为本行之审计意见提供基础。 (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 有关持续经营之重大不确定因素 Material Uncertainty related to Going Concern 吾等谨此提请注意综合财务报表附注2.1，当中显示于截至 We draw attention to note 2.1 to the consolidated financial 2025年3月31日止年度，贵集团录得净亏损124,767,000港 statements, which indicates that the Group incurred a net loss of 元，及截至该日为止，贵集团之流动负债超过其流动资产 HK$124,767,000 during the year ended 31st March, 2025 and, as of 120,964,000港元。该等情况连同综合财务报表附注2.1所载 that date, the Group’s current liabilities exceeded its current assets by 的其他事项，显示存在重大不确定因素，可能会对贵集 HK$120,964,000. These conditions, along with other matters as set 团持续经营能力产生重大疑问。吾等就此事宜的意见并无 forth in note 2.1 to the consolidated financial statements, indicate the 修订。 existence of a material uncertainty 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 matter. 关键审计事项 Key Audit Matters 关键审计事项是根据本行之专业判断，对本期综合财务报 Key audit matters are those matters that, in our professional judgement, 表之审计最为重要之事项。该等事项是在本行审计整体综 were of most significance in our audit of the consolidated financial 合财务报表及出具意见时进行处理。本行不会对该等事项 statements of the current period. These matters were addressed in 提供单独之意见。除有关持续经营之重大不确定因素一节 the context of our audit of the consolidated financial statements as a 所述的事项外，吾等已将以下所述事项确定为将于吾等之 whole, and in forming our opinion thereon, and we do not provide a 报告论述之关键审计事项。 separate opinion on these matters. In addition to the matter described in the Material Uncertainty related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report. 55

Independent Auditor’s Report 独立核数师报告书关键审计事项本行之审计工作如何处理关键审计事项 Key audit matter How our audit addressed the key audit matter 已识别之产业、厂房及设备以及已识别之使用权资产（定义见下文）之减值评估 Impairment assessment of the Identified PPE and the Identified ROU assets (as defined below) 吾等已识别贵集团之租赁楼宇装潢、厂房及机器、家私及装置以本行就与已识别之产业、厂房及设备以及已识别之使用权资产之减值及办公室设备（「已识别之产业、厂房及设备」）及零售店舖、办公室评估相关之审计程序包括以下：物业及汽车之使用权资产（「已识别之使用权资产」）之减值评估。于 Our audit procedures in relation to the impairment assessment of the 2025年3月31日，已识别之产业、厂房及设备以及已识别之使用权 Identified PPE and the Identified ROU assets included the following: 资产之账面值分别为4,351,000港元及87,831,000港元。 We identified the impairment assessment of the Group’s leasehold • 检阅贵集团于年内之使用价值之计算及减值支出之计算； improvements, plant and machinery, furniture and fixtures and office • Reviewed the Group’s calculation of value in use, and the equipments (“Identified PPE”) and right-of-use assets of retail stores, calculation of impairment charges during the year; office properties and motor vehicles (“Identified ROU assets”). The carrying amounts of the Identified PPE and the Identified ROU assets • 聘请本行内部估值专家以评估使用价值计算所用的折现率； as at 31st March, 2025 were HK$4,351,000 and HK$87,831,000, • Involved our internal specialists to evaluate the discount rates used respectively. in the value in use calculations; 于截至2025年3月31日止年度，减值亏损分别计提482,000港元及 • 评估对使用价值计算当中管理层所作出的假设及估计（包括对 5,495,000港元，以将已识别之产业、厂房及设备及已识别之使用预测营业额及毛利率的估计（经参考相关零售店舖之过往表权资产之账面值减低至其可收回金额。现）、对市场发展的预期及贵集团的未来营运计划）； During the year ended 31st March, 2025, impairment losses of • Assessed the assumptions and estimates adopted by management HK$482,000 and HK$5,495,000 were provided to write down the in the value in use calculations including forecasted revenue and carrying amounts of the Identified PPE and the Identified ROU assets gross profit margins with reference to the past performance of to their recoverable amounts, respectively. relevant retail stores, expectations on the market development and the future operating plans of the Group; 贵集团之管理层已通过使用折现现金流预测（基于管理层对市场发展的预期以及过往表现）对该等资产所属的个别零售店舖进行使用 • 根据本集团管理层所应用预测营业额、毛利率及折现率的可能价值计算，从而厘定该等资产的可收回金额，当中的主要输入参数变化，评估对使用价值计算的影响；及包括预测营业额、毛利率及折现率。倘应用不同假设，减值评估之 • Evaluated the impact on the value in use calculations based on the 结果可能存在显著差异。由于就评估该等资产的可收回金额或该等 possible changes of the forecasted revenue, gross profit margins 资产所属的现金生产单位或现金生产单位之最小组别须使用的假设 and discount rates applied by the management of the Group; and 及估计乃涉及固有估计不确定因素，吾等将此视为关键审计事项。 The recoverable amounts of these assets have been determined by the • 评估综合财务报表中有关非流动资产减值之披露是否足够。 management of the Group by applying the value in use calculations • Assessed the adequacy of disclosures about the impairment of of individual retail stores to which these assets belong using the non-current assets in the consolidated financial statements. discounted cash flow forecasts based on management’s expectations of the market development and the past performance, where the key input parameters include forecasted revenue, gross profit margins and discount rates. The outcome of impairment assessment could vary significantly when different assumptions are applied. Due to inherent estimation uncertainty pertaining to the assumptions and estimation required to assess the recoverable amounts of these assets or the cash- generating unit or the smallest group of cash-generating units to which those assets belong, we considered this as a key audit matter. 相关披露载于综合财务报表附注3、14及15。 The relevant disclosures are included in notes 3, 14 and 15 to the consolidated financial statements. 56

Independent Auditor’s Report 独立核数师报告书关键审计事项本行之审计工作如何处理关键审计事项 Key audit matter How our audit addressed the key audit matter 投资物业之估值 Valuation of investment properties 于2025年3月31日，贵集团拥有投资物业513,552,000港元，占资本行就投资物业估值相关之审计程序包括：产总额之63.2%，并按公平价值计量。 Our audit procedures in relation to the valuation of investment properties As at 31st March, 2025, the Group had investment properties of included: HK$513,552,000, which represented 63.2% of the total assets and were measured at fair value. • 评估估值师的客观性、独立性、专业性及能力； • Evaluated the objectivity, independence, expertise and 投资物业的估值由管理层委聘的独立合资格估值师（「估值师」）厘 competence of the Valuers; 定。估值乃取决于估值方法及模式之主要输入数据（包括管理层作出之判断）。于厘定投资物业之公平价值时，估值师考虑主要输入 • 检阅物业相关数据，包括资本化比率、市值月租、折现率及市参数例如资本化比率、每平方呎╱米之市值月租以及类似物业之近场单位销售价格；期交易价格。由于厘定投资物业公平价值时所需之假设及估计的固 • Reviewed the property related data, including the capitalisation 有估计之不确定性，本行将其视为一项关键审计事项。 rates, monthly market rents, discount rates and market unit selling The valuation of investment properties was determined by independent prices; qualified valuers (the “Valuers”) engaged by management. The valuations are dependent on the valuation method and key inputs to the • 聘请本行内部估值专家协助吾等评估估值师所采用的估值方法 model that includes judgements made by management. In determining 和假设；及 the fair value of the investment properties, the Valuers considered key • Involved our internal valuation specialists to assist us in input parameters such as capitalisation rates, monthly market rents per evaluating the valuation methodologies and assumptions adopted square foot/metre and recent transaction prices of similar properties. by the Valuers; and Due to inherent estimation uncertainty pertaining to the assumptions and estimations required when determining the fair value of the • 评估与综合财务报表内投资物业之估值有关的披露是否足够。 investment properties, we considered this as a key audit matter. • Assessed the adequacy of disclosures relating to the valuation of investment properties in the consolidated financial statements. 相关披露载于综合财务报表附注3及13。 The relevant disclosures are included in notes 3 and 13 to the consolidated financial statements. 57

Independent Auditor’s Report 独立核数师报告书包括在年报内的其他资料 Other Information included in the Annual Report 贵公司董事须对其他资料负责。其他资料包括年报内之资 The directors of the Company are responsible for the other information. 料，综合财务报表及本行之核数师报告除外。 The other information comprises the information included in the annual report, other than the consolidated financial statements and our auditor’s report thereon. 本行对综合财务报表之意见并不涵盖其他资料。本行亦不 Our opinion on the consolidated financial statements does not cover 对该等其他资料发表任何形式之鉴证结论。 the other information and we do not express any form of assurance conclusion thereon. 就本行对综合财务报表之审计而言，本行之责任乃阅读其 In connection with our audit of the consolidated financial statements, 他资料，并在此过程中考虑其他资料是否与综合财务报表 our responsibility is to read the other information and, in doing so, 或本行在审计过程中了解之情况存在重大抵触或者似乎存 consider whether the other information is materially inconsistent with 在重大错误陈述之情况。基于本行已执行之工作，倘本行 the consolidated financial statements or our knowledge obtained in 认为其他资料出现重大错误陈述，本行需要报告该事实。 the audit or otherwise appears to be materially misstated. If, based 本行就对此并无任何事项须报告。 on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 董事就综合财务报表须承担之责任 Responsibilities of the Directors for the Consolidated Financial Statements 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 The directors of the Company are responsible for the preparation 告准则会计准则及香港公司条例之披露规定编制真实而公 of the consolidated financial statements that give a true and fair 平之综合财务报表，董事认为所需之内部监控足以使综合 view in accordance with HKFRS Accounting Standards as issued 财务报表之编制不存在由于欺诈或错误而导致之重大错误 by the HKICPA and the disclosure requirements of the Hong Kong 陈述。 Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 在编制综合财务报表时，贵公司董事负责评估贵集团 In preparing the consolidated financial statements, the directors of the 持续经营之能力，并在适用情况下披露与持续经营有关之 Company are responsible for assessing the Group’s ability to continue 事项，以及使用持续经营为会计基础，除非贵公司董事 as a going concern, disclosing, as applicable, matters related to going 有意将贵集团清盘或停止经营，或别无其他实际之替代 concern and using the going concern basis of accounting unless the 方案。 directors of the Company either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. 贵公司董事在审核委员会的协助下履行其监督贵集团之 The directors of the Company are assisted by the Audit Committee in 财务汇报过程之职责。 discharging their responsibilities for overseeing the Group’s financial reporting process. 58

Independent Auditor’s Report 独立核数师报告书核数师就审计综合财务报表须承担之责任 Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements 本行之目标乃对综合财务报表整体是否不存在由于欺诈或 Our objectives are to obtain reasonable assurance about whether the 错误而导致之重大错误陈述取得合理保证，并出具包括本 consolidated financial statements as a whole are free from material 行意见之核数师报告。本行之报告仅供阁下（作为整体）参 misstatement, whether due to fraud or error, and to issue an auditor’s 考，除此之外别无其他目的。本行概不就本报告之内容对 report that includes our opinion. Our report is made solely to you, as 任何其他人士负责或承担责任。 a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. 合理保证为高水平之保证，但不能保证按照香港审计准则 Reasonable assurance is a high level of assurance, but is not a 进行之审计总能发现重大错误陈述。错误陈述可以由欺诈 guarantee that an audit conducted in accordance with HKSAs will 或错误引起，倘合理预期其单独或汇总起来可能影响综合 always detect a material misstatement when it exists. Misstatements 财务报表使用者依赖综合财务报表所作出之经济决定，则 can arise from fraud or error and are considered material if, 有关之错误陈述可被视作重大。 individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. 作为根据香港审计准则进行审计其中一环，本行于整个审 As part of an audit in accordance with HKSAs, we exercise 计过程中行使专业判断并保持专业怀疑态度，本行亦： professional judgement and maintain professional scepticism throughout the audit. We also: • 识别及评估由于欺诈或错误而导致综合财务报表存 • Identify and assess the risks of material misstatement of the 在重大错误陈述之风险，设计及执行审核程序以应 consolidated financial statements, whether due to fraud or error, 对这些风险，以及获得充足和适当之审计凭证，作 design and perform audit procedures responsive to those risks, 为本行意见之基础。由于欺诈可能涉及串谋、伪 and obtain audit evidence that is sufficient and appropriate 造、蓄意遗漏、虚假陈述，或凌驾于内部监控之 to provide a basis for our opinion. The risk of not detecting 上，因此未能发现因欺诈而导致之重大错误陈述之 a material misstatement resulting from fraud is higher than 风险高于未能发现因错误而导致重大错误陈述之风 for one resulting from error, as fraud may involve collusion, 险。 forgery, intentional omissions, misrepresentations, or the override of internal control. • 了解与审计相关之内部监控，以设计适当之审计程 • Obtain an understanding of internal control relevant to the audit 序，但目的并非对贵集团之内部监控之有效性发 in order to design audit procedures that are appropriate in the 表意见。 circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • 评价董事所采用会计政策之恰当性及作出会计估计 • Evaluate the appropriateness of accounting policies used 及相关披露之合理程度。 and the reasonableness of accounting estimates and related disclosures made by the directors. 59

Independent Auditor’s Report 独立核数师报告书核数师就审计综合财务报表须承担之责任 Auditor’s Responsibilities for the Audit of the （续） Consolidated Financial Statements (Continued) • 对董事采用持续经营会计基础之恰当性作出结论。 • Conclude on the appropriateness of the directors’ use of the 根据所获取之审计凭证，并确定是否存在与事项或 going concern basis of accounting and, based on the audit 情况有关之重大不确定因素，从而可能导致对贵 evidence obtained, whether a material uncertainty exists related 集团之持续经营能力产生重大疑问。倘本行认为存 to events or conditions that may cast significant doubt on the 在重大不确定因素，则有必要在核数师报告中提请 Group’s ability to continue as a going concern. If we conclude 使用者注意综合财务报表中之相关披露，假若有关 that a material uncertainty exists, we are required to draw 之披露不足，则本行应当修改意见。本行之结论是 attention in our auditor’s report to the related disclosures in 基于核数师报告日止所取得之审计凭证。然而，未 the consolidated financial statements or, if such disclosures are 来事项或情况可能导致贵集团未能持续经营。 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. • 评估综合财务报表之整体呈列、架构及内容（包括 • Evaluate the overall presentation, structure and content of the 披露资料），以及综合财务报表有否中肯反映相关 consolidated financial statements, including the disclosures, 交易及事项。 and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. • 计划及进行集团审计以就贵集团内实体或业务单 • Plan and perform the group audit to obtain sufficient 位之财务资料获得充足、适当之审计凭证，作为对 appropriate audit evidence regarding the financial information 综合财务报表达成意见之基准。本行负责就贵集 of the entities or business units within the Group as a basis 团审计而言所进行审计工作之方向、监督和检讨。 forming an opinion on the consolidated financial statements. 本行为审计意见承担全部责任。 We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. 60

Independent Auditor’s Report 独立核数师报告书核数师就审计综合财务报表须承担之责任 Auditor’s Responsibilities for the Audit of the （续） Consolidated Financial Statements (Continued) 本行与审核委员会沟通审计之计划范围及时间以及重大审 We communicate with the Audit Committee regarding, among other 计发现等，包括本行在审计中识别出内部监控之任何重大 matters, the planned scope and timing of the audit and significant audit 缺陷。 findings, including any significant deficiencies in internal control that we identify during our audit. 本行亦向审核委员会提交声明，说明本行已符合有关独立 We also provide the Audit Committee with a statement that we have 性之相关道德要求，并与彼等沟通有可能合理地被认为会 complied with relevant ethical requirements regarding independence, 影响本行独立性之所有关系和其他事项，在适用的情况 and to communicate with them all relationships and other matters that 下，为消除威胁而采取的行动或相关的防范措施。 may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. 从与审核委员会沟通之事项中，本行确定该等对本期综合 From the matters communicated with the Audit Committee, we 财务报表之审计最为重要之事项，因而构成关键审计事 determine those matters that were of most significance in the audit 项。本行在核数师报告中描述该等事项，除非法律或法规 of the consolidated financial statements of the current period and 不允许公开披露这些事项，或在极端罕见之情况下，倘合 are therefore the key audit matters. We describe these matters in our 理预期在本行报告中沟通某事项造成之负面后果超过产生 auditor’s report unless law or regulation precludes public disclosure 之公众利益，本行决定不应在报告中沟通该事项。 about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 出具本独立核数师报告书之审计项目合伙人为林慧明（执业 The engagement partner on the audit resulting in the independent 证书编号：P04699）。 auditor’s report is Lam Wai Ming, Ada (practising certificate number: P04699). 安永会计师事务所 Ernst & Young 执业会计师 Certified Public Accountants 香港，2025年6月27日 Hong Kong, 27th June, 2025 61

Consolidated Statement of Profit or Loss and Other Comprehensive Income 综合损益及其他全面收入表截至2025年3月31日止年度 For the year ended 31st March, 2025 2025 2024 附注千港元千港元 Notes HK$’000 HK$’000 营业额 Revenue 4 481,484 586,710 销售成本 Cost of goods sold (260,316) (327,389) 毛利 Gross profit 221,168 259,321 其他收入及收益净额 Other income and gains, net 5 15,161 18,034 销售及分销成本 Selling and distribution costs (206,319) (214,516) 行政费用 Administrative expenses (67,327) (68,925) 投资物业公平价值之 Change in fair value of investment 变动净额 properties, net (40,918) 5,324 应收贸易款项之预期信贷亏损之 Reversal of expected credit loss for trade 回拨 receivables – 3,381 产业、厂房及设备之减值 Impairment of property, plant and equipment (482) (442) 使用权资产之减值 Impairment of right-of-use assets (5,495) (5,783) 融资成本 Finance costs 7 (39,781) (34,805) 除税前亏损 Loss before tax 6 (123,993) (38,411) 利得税开支 Income tax expense 10 (774) (1,632) 本年度亏损 Loss for the year (124,767) (40,043) 本年度其他全面 Other comprehensive (loss)/income for （亏损）╱收入 the year 其后将无法重新分类至 Item that will not be reclassified 损益之项目 subsequently to profit or loss 物业重估之收益 Gain on revaluation of properties, net （扣除递延税项） of deferred tax 1,606 60,168 其后可能重新分类至 Item that may be reclassified 损益之项目 subsequently to profit or loss 换算海外业务产生之 Exchange differences arising on 汇兑差额 translation of foreign operations (963) (4,579) 本年度其他全面收入 Other comprehensive income for the year 643 55,589 本年度总全面（亏损）╱收入 Total comprehensive (loss)/income for the year (124,124) 15,546 母公司普通权益拥有人应占 Loss per share attributable to ordinary 每股亏损 equity holders of the parent 12 －基本（港仙） – Basic (in HK cents) (4.955) (1.590) －摊薄（港仙） – Diluted (in HK cents) (4.955) (1.590) 62

2025
千港元
HK$’000
481,484
(260,316)
221,168
15,161
(206,319)
(67,327)
(40,918)
–
(482)
(5,495)
(39,781)
(123,993)
(774)
(124,767)
1,606
(963)
643
(124,124)
(4.955)
(4.955)

Consolidated Statement of Financial Position 综合财务状况表于2025年3月31日 At 31st March, 2025 2025 2024 附注千港元千港元 Notes HK$’000 HK$’000 非流动资产 Non-current Assets 投资物业 Investment properties 13 513,552 552,651 产业、厂房及设备 Property, plant and equipment 14 16,002 18,517 使用权资产 Right-of-use assets 15(a) 89,929 127,848 已付租金按金 Rental deposits paid 9,559 13,157 总非流动资产 Total Non-current Assets 629,042 712,173 流动资产 Current Assets 存货 Inventories 17 120,605 106,501 应收贸易款项 Trade receivables 18 1,957 5,969 预付款项及其他应收款项 Prepayment and other receivables 16 8,740 5,695 已付租金及水电按金 Rental and utility deposits paid 25,287 26,116 可收回之税项 Tax recoverable 126 378 抵押存款 Pledged deposits 19 13,070 2,231 现金及现金等值项目 Cash and cash equivalents 19 13,126 8,537 总流动资产 Total Current Assets 182,911 155,427 流动负债 Current Liabilities 应付贸易款项 Trade payables 20 23,555 30,620 其他应付款项及应计费用 Other payables and accruals 21 36,114 42,178 已收租金按金 Rental deposits received 927 656 计息之银行借贷 Interest-bearing bank borrowings 23 178,095 390,454 租赁负债 Lease liabilities 15(b) 64,544 78,103 拨备 Provision 24 329 898 应付税项 Tax payable 311 274 总流动负债 Total Current Liabilities 303,875 543,183 流动负债净值 Net Current Liabilities (120,964) (387,756) 总资产减流动负债 Total Assets Less Current Liabilities 508,078 324,417 非流动负债 Non-current Liabilities 其他应付款项 Other payables 21 2,369 3,523 其他借贷 Other borrowings 22 369,100 37,450 已收租金按金 Rental deposits received 1,803 1,859 递延税项负债 Deferred tax liabilities 25 18,071 17,756 租赁负债 Lease liabilities 15(b) 37,458 60,508 总非流动负债 Total Non-current Liabilities 428,801 121,096 资产净值 Net Assets 79,277 203,321 权益 Equity 股本 Share capital 26 25,180 25,180 储备 Reserves 54,097 178,141 总权益 Total Equity 79,277 203,321 主席 Cheng Chung Man, Johnny 郑钟文 Chairman 董事 Lam Yuk Sum 林玉森 Director 63

2025
千港元
HK$’000
513,552
16,002
89,929
9,559
629,042
120,605
1,957
8,740
25,287
126
13,070
13,126
182,911
23,555
36,114
927
178,095
64,544
329
311
303,875
(120,964)
508,078
2,369
369,100
1,803
18,071
37,458
428,801
79,277
25,180
54,097
79,277

Consolidated Statement of Changes in Equity 综合权益变动表截至2025年3月31日止年度 For the year ended 31st March, 2025 物业重估购股权储备# 储备# 股本股份溢价# Property 汇兑储备# 特别储备# 法定储备# Share 累积亏损# Share Share revaluation Translation Special Statutory option Accumulated 合计 capital premium# reserve# reserve# reserve# reserves# reserve# losses# Total （附注(a)）（附注(b)）（附注(c)） (Note (a)) (Note (b)) (Note (c)) 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 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 于2023年4月1日 At 1st April, 2023 25,180 223,654 92,998 (1,570) 1,668 4,028 453 (146,201) 200,210 本年度亏损 Loss for the year – – – – – – – (40,043) (40,043) 本年度其他全面收入： Other comprehensive income for the year: 物业重估之收益 Gain on revaluation of properties, （扣除递延税项） net of deferred tax – – 60,168 – – – – – 60,168 换算海外业务产生之汇兑差额 Exchange differences arising on translation of foreign operations – – – (4,579) – – – – (4,579) 本年度总全面收入 Total comprehensive income for the year – – 60,168 (4,579) – – – (40,043) 15,546 确认权益结算之以股份 Recognition of equity-settled 为基础之偿付 share-based payments – – – – – – 155 – 155 已失效之购股权 Share options lapsed – – – – – – (3) 3 – 已付股息 Dividend paid – (12,590) – – – – – – (12,590) 于2024年3月31日及 At 31st March, 2024 and 2024年4月1日 1st April, 2024 25,180 211,064 153,166 (6,149) 1,668 4,028 605 (186,241) 203,321 本年度亏损 Loss for the year – – – – – – – (124,767) (124,767) 本年度其他全面收入： Other comprehensive income for the year: 物业重估之收益 Gain on revaluation of properties, （扣除递延税项） net of deferred tax – – 1,606 – – – – – 1,606 换算海外业务产生之汇兑差额 Exchange differences arising on translation of foreign operations – – – (963) – – – – (963) 本年度总全面亏损 Total comprehensive loss for the year – – 1,606 (963) – – – (124,767) (124,124) 确认权益结算之以股份 Recognition of equity-settled 为基础之偿付 share-based payments – – – – – – 80 – 80 已注销之购股权 Share options cancelled – – – – – – (4) 4 – 已失效之购股权 Share options lapsed – – – – – – (74) 74 – 于2025年3月31日 At 31st March, 2025 25,180 211,064 154,772 (7,112) 1,668 4,028 607 (310,930) 79,277 # 该等储备账包括综合财务状况表内的综合储备 # These reserve accounts comprise the consolidated reserves of 54,097,000港元（2024年：178,141,000港元）。 HK$54,097,000 (2024: HK$178,141,000) in the consolidated statement of financial position. 64

–	–	–	–	–	–	–	(124,767)	(124,767)
–	–	1,606	–	–	–	–	–	1,606
–	–	–	(963)	–	–	–	–	(963)
–	–	1,606	(963)	–	–	–	(124,767)	(124,124)
–	–	–	–	–	–	80	–	80
–	–	–	–	–	–	(4)	4	–
–	–	–	–	–	–	(74)	74	–
25,180	211,064	154,772	(7,112)	1,668	4,028	607	(310,930)	79,277

Consolidated Statement of Changes in Equity 综合权益变动表截至2025年3月31日止年度 For the year ended 31st March, 2025 附注： Notes: (a) 物业重估储备乃因将用途由自用物业变更至于转让 (a) The property revaluation reserve arose from a change in use 当日按公平价值入账之投资物业而产生。 from an owner-occupied property to an investment property carried at fair value upon the date of transfer. (b) 本集团的特别储备乃指下列两者之总和： (b) The special reserve of the Group represents the aggregate of: (i) 由于1999 年集团重组，Veeko Holdings (i) the difference between the nominal value of the share Limited的股本面值与本公司发行作为收购 capital of Veeko Holdings Limited and the nominal 代价的股本面值的差额；及 value of the share capital issued by the Company as consideration for the acquisition, arisen from the group reorganisation in 1999; and (ii) Veeko Holdings Limited于集团重组前购入 (ii) the difference between the aggregate nominal value 附属公司时，该等附属公司股本的总面值与 of the share capital of the subsidiaries when they were Veeko Holdings Limited发行作为收购代价 acquired by Veeko Holdings Limited prior to the group 的股本面值的差额。 reorganisation and the nominal value of the share capital issued by Veeko Holdings Limited as consideration for the acquisition. (c) 根据中国相关法律及法规，于中国注册的本集团旗 (c) Pursuant to the relevant laws and regulations in the PRC, the 下公司须将除税后纯利（抵销任何过往年度亏损后） companies comprising the Group which are registered in the 的若干百分比拨至储备金，金额根据中国企业一般 PRC shall appropriate a certain percentage of their net profit 适用会计原则计算。当该储备结余达实体资本的 after tax (after offsetting any prior years’ losses) calculated 50%时，可选择性地作出任何进一步拨款。法定储 under the accounting principles generally applicable to the PRC 备可用作抵销往年亏损或增加资本。然而，于该等 enterprises to reserve funds. When the balance of this reserve 用途后法定盈余储备的结余须维持于实体资本的至 reaches 50% of the entity’s capital, any further appropriation 少25%。 is optional. The statutory reserve can be utilised to offset prior years’ losses or to increase capital. However, the balance of the statutory surplus reserve must be maintained at a minimum of 25% of the capital after those usages. 65

Consolidated Statement of Cash Flows 综合现金流量表截至2025年3月31日止年度 For the year ended 31st March, 2025 2025 2024 附注千港元千港元 Notes HK$’000 HK$’000 经营业务 OPERATING ACTIVITIES 除税前亏损 Loss before tax (123,993) (38,411) 就下列项目作出调整： Adjustments for: 融资成本 Finance costs 7 39,781 34,805 利息收入 Interest income 5 (3,506) (1,237) 出售产业、厂房及设备项目之 (Loss)/gain on disposal of items of property, 5 （亏损）╱收益净额 plant and equipment, net 280 (275) 修订租赁之收益 Gains on modification of leases 5 (48) (499) 终止租赁之收益 Gains on termination of leases 5 (6) (755) 投资物业公平价值之变动净额 Change in fair value of investment 6 properties, net 40,918 (5,324) 产业、厂房及设备之折旧 Depreciation of property, 6 plant and equipment 3,682 4,879 使用权资产之折旧 Depreciation of right-of-use assets 6 92,869 93,137 产业、厂房及设备 Impairment of property, plant and 6 之减值 equipment 482 442 使用权资产之减值 Impairment of right-of-use assets 6 5,495 5,783 应收贸易款项之预期信贷亏损之 Reversal of expected credit loss for trade 6 回拨 receivables – (3,381) 存货之（回拨）╱拨备 (Reversal of)/provision for inventories 6 (1,906) 987 存货之撇账 Write-off of inventories 6 1,502 1,421 亏损性合约之（回拨）╱拨备 (Reversal of)/provision for onerous 6 contracts (569) 314 以股份为基础之偿付开支 Share-based payment expenses 6 80 155 营运资金变动前之经营业务 Operating cash flows before movements in 现金流量 working capital 55,061 92,041 存货增加 Increase in inventories (13,700) (15,734) 应收贸易款项及其他 Decrease in trade and other receivables 应收款项减少 197 1,799 已付租金及水电按金减少 Decrease in rental and utility deposits paid 3,514 207 应付贸易款项及其他 (Decrease)/increase in trade and 应付款项（减少）╱增加 other payables (14,156) 16,396 已收租金按金增加╱（减少） Increase/(decrease) in rental deposits received 224 (664) 已付租金按金减少╱（增加） Decrease/(increase) in rental deposits paid 1,490 (3,467) 经营业务所产生之现金净额 Net cash generated from operations 32,630 90,578 已付利息 Interest paid (8,111) (7,778) 已付香港利得税 Hong Kong profits tax paid (574) (599) 于其他司法权区之已退╱（已付） Tax refund/(paid) in other jurisdictions 税项 40 (187) 来自经营业务的现金净额 NET CASH FROM OPERATING ACTIVITIES 23,985 82,014 66

2025
千港元
HK$’000
(123,993)
39,781
(3,506)
280
(48)
(6)
40,918
3,682
92,869
482
5,495
–
(1,906)
1,502
(569)
80
55,061
(13,700)
197
3,514
(14,156)
224
1,490
32,630
(8,111)
(574)
40
23,985

Consolidated Statement of Cash Flows 综合现金流量表截至2025年3月31日止年度 For the year ended 31st March, 2025 2025 2024 附注千港元千港元 Notes HK$’000 HK$’000 投资业务 INVESTING ACTIVITIES 已收利息 Interest received 1,949 13 购买产业、厂房及设备项目 Purchase of items of property, plant and equipment (2,503) (6,139) 来自出售产业、厂房及设备 Proceeds from disposal of property, 之收益 plant and equipment 31 348 抵押存款之存放 Placement of pledged deposits (52,991) (2,231) 抵押存款之提取 Withdrawal of pledged deposits 42,152 – 用于投资业务的现金净额 NET CASH USED IN INVESTING ACTIVITIES (11,362) (8,009) 融资业务 FINANCING ACTIVITIES 新增银行及其他贷款 New bank and other loans 668,156 231,720 偿还银行及其他贷款 Repayment of bank and other loans (507,686) (215,682) 新增进口贷款 New import loans 142,120 268,117 偿还进口贷款 Repayment of import loans (181,117) (256,041) 租赁付款的本金部分 Principal portion of lease payments (96,001) (93,643) 已付利息 Interest paid (31,296) (27,027) 已付股息 Dividend paid – (12,590) 用于融资业务的 NET CASH USED IN 现金净额 FINANCING ACTIVITIES (5,824) (105,146) 现金及现金等值项目 NET INCREASE/(DECREASE) IN 增加╱（减少）净值 CASH AND CASH EQUIVALENTS 6,799 (31,141) 年初的现金及现金等值项目 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 6,355 38,097 外币汇率变动之影响 EFFECT OF FOREIGN EXCHANGE RATE CHANGES (28) (601) 年终的现金及现金等值项目 CASH AND CASH EQUIVALENTS AT END OF YEAR 13,126 6,355 现金及现金等值项目结余之分析 ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS 现金及银行结余 Cash and bank balances 19 13,126 8,537 抵押存款 Pledged deposits 19 13,070 2,231 26,196 10,768 质押作银行授信抵押品的存款 Deposits pledged as security for banking facilities (13,070) (2,231) 银行透支 Bank overdrafts 23 – (2,182) 于综合现金流量表所列现金及现金等 Cash and cash equivalents as stated in the 值项目 consolidated statement of cash flows 13,126 6,355 67

2025
千港元
HK$’000
1,949
(2,503)
31
(52,991)
42,152
(11,362)
668,156
(507,686)
142,120
(181,117)
(96,001)
(31,296)
–
(5,824)
6,799
6,355
(28)
13,126
13,126
13,070
26,196
(13,070)
–
13,126

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 1. 公司及集团资料 1. Corporate and Group Information 威高国际控股有限公司（「本公司」）于开曼群岛注册成立为 Veeko International Holdings Limited (the “Company”) was 受豁免有限公司，其股份在香港联合交易所有限公司（「联 incorporated as an exempted company with limited liability in the 交所」）上市。本公司之注册办事处及主要营业地点于本年 Cayman Islands and its shares are listed on The Stock Exchange of 报「公司资料」中披露。 Hong Kong Limited (the “Stock Exchange”). The addresses of the registered office and the principal place of business of the Company are disclosed in “Corporate Information” of the annual report. 本公司董事认为其控股公司及最终控股公司为Silver Crown In the opinion of the directors of the Company, the holding company Profits Limited，该公司于英属处女群岛注册成立，其最 and ultimate holding company is Silver Crown Profits Limited, a 终由HSBC International Trustee Limited 代表The J Cheng company incorporated in the British Virgin Islands, which is ultimately Family Trust持有。 owned by HSBC International Trustee Limited for The J Cheng Family Trust. 于年内，本公司及其附属公司（统称「本集团」）从事以下主 During the year, the Company and its subsidiaries (collectively 要业务： referred to as the “Group”) were involved in the following principal activities: －制造及销售女仕时装 – manufacture and sale of ladies fashion －销售化妆品 – sale of cosmetics －投资控股 – investment holding 68

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 1. 公司及集团资料（续） 1. Corporate and Group Information (Continued) 附属公司之资料 Information about subsidiaries 本公司主要附属公司之详情如下： Particulars of the Company’s principal subsidiaries are as follows: 注册╱成立╱ 已发行及缴足股本╱ 附属公司名称营运地点注册资本本公司应占权益百分比主要业务 Place of Issued and incorporation/ fully paid Percentage of establishment/ share capital/ equity attributable Name of subsidiary operations registered capital to the Company Principal activities 直接间接 Direct Indirect Veeko Holdings Limited 英属处女群岛╱香港 618.56美元投资控股 BVI/Hong Kong US$618.56 100% – Investment holding 威高时装有限公司香港 2,400,000港元成衣零售 Veeko Fashion Company Hong Kong HK$2,400,000 – 100% Retailing of garments Limited Wina Success Limited 香港 100港元持有物业 Hong Kong HK$100 – 100% Property holding 卡莱美化妆品有限公司香港 1,000,000港元化妆品及护肤品零售 Colourmix Cosmetics Hong Kong HK$1,000,000 – 100% Retailing of Company Limited cosmetics and skincare products Colourmix Cosmetics Retail 香港 100,000港元化妆品及护肤品零售 Company Limited Hong Kong HK$100,000 – 100% Retailing of cosmetics and skincare products 卡莱美国际控股有限公司香港 10,000港元持有物业 Colourmix International Hong Kong HK$10,000 – 100% Property holding Holdings Limited 汕头华南迪高时装有限公司中国╱中国内地 20,000,000港元成衣制造（附注） Shantou Huanan Digao PRC/Mainland HK$20,000,000 – 100% Manufacture of Fashion Company China garments Limited (Note) 69

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 1. 公司及集团资料（续） 1. Corporate and Group Information (Continued) 附属公司之资料（续） Information about subsidiaries (Continued) 本公司主要附属公司之详情如下：（续） Particulars of the Company’s principal subsidiaries are as follows: (Continued) 注册╱成立╱ 已发行及缴足股本╱ 附属公司名称营运地点注册资本本公司应占权益百分比主要业务 Place of Issued and incorporation/ fully paid Percentage of establishment/ share capital/ equity attributable Name of subsidiary operations registered capital to the Company Principal activities 直接间接 Direct Indirect 汕头韵高时装有限公司中国╱中国内地 36,000,000港元成衣制造及持有物业（附注） Shantou Yungao Fashion PRC/Mainland HK$36,000,000 – 100% Manufacture of Company Limited China garments and (Note) property holding 附注：该等公司以全资拥有外商投资企业之形式注册。 Note: The companies are registered in the form of wholly-foreign-owned enterprises. 上述附属公司于年终或年内任何时间概无任何尚未偿还的 None of the subsidiaries had any debt securities outstanding at the end 债务证券。 of the year or at any time during the year. 上表列出董事认为于年内主要影响本集团业绩或于年终时 The above table lists the subsidiaries of the Company which, in the 构成本集团大部份资产或负债之附属公司。董事认为列出 opinion of the directors, principally affected the results of the Group 其他附属公司之详情会令资料过于冗长。 for the year or formed a substantial portion of the assets or liabilities of the Group at the end of the year. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length. 70

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策 2. Accounting Policies 2.1. 编制基准 2.1. Basis of Preparation 该等财务报表乃遵照由香港会计师公会（「香港会计师公 The financial statements have been prepared in accordance with 会」）颁布之香港财务报告准则会计准则（当中包括所有香港 HKFRS Accounting Standards (which include all Hong Kong Financial 财务报告准则（「香港财务报告准则」）、香港会计准则（「香 Reporting Standards (“HKFRSs”), Hong Kong Accounting Standards 港会计准则」）及诠释）及香港公司条例之披露要求而编制。 (“HKASs”) and Interpretations) as issued by the Hong Kong Institute 该等财务报表乃按照历史成本法编制，惟投资物业按公平 of Certified Public Accountants (“HKICPA”) and the disclosure 价值计量除外。除另有指明者外，该等财务报表乃以港元 requirements of the Hong Kong Companies Ordinance. They have been （「港元」）呈列，而所有金额均约整至最接近的千位。 prepared under the historical cost convention, except for investment properties which have been measured at fair value. These financial statements are presented in Hong Kong dollars (“HK$”) and all values are rounded to the nearest thousand except when otherwise indicated. 持续经营基准 Going concern basis 截至2025年3月31日止年度，本集团录得净亏损124,767,000 During the year ended 31st March, 2025, the Group incurred a net loss 港元，而截至该日为止，本集团的流动负债超过其流动资 of HK$124,767,000 and, as of that date, the Group’s current liabilities 产120,964,000港元。 exceeded its current assets by HK$120,964,000. 于2025年3月31日，本集团一年内到期或附带按要求偿还条 As at 31st March, 2025, the Group’s interest-bearing bank borrowings 款之计息银行借贷为178,095,000港元。于2025年3月31日， due within one year or contain a repayable on demand clause amounted 本集团之现金及现金等值项目为13,126,000港元。 of HK$178,095,000. As at 31st March, 2025, the Group had cash and cash equivalents of HK$13,126,000. 鉴于上述情况，董事已审慎考虑本集团未来流动资金及表 In view of the above circumstances, the directors have given careful 现以及其可用财务来源，以评估本集团是否有足够财务资 consideration to the future liquidity and performance of the Group and 源以持续经营。 its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern. 本公司董事已审阅管理层编制的本集团现金流量预测，包括 The directors of the Company have reviewed the Group’s cashflow 业务收入及开支增长、营运资金需求以及银行授信的持续续 projection prepared by management, which includes revenue and 期。 expenditure growth of the business, working capital needs and, the continuing renewal of the banking facilities. 71

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.1. 编制基准（续） 2.1. Basis of Preparation (Continued) 持续经营基准（续） Going concern basis (Continued) 本公司董事认为，经考虑下列因素后，本集团将具备充足资 In the opinion of directors of the Company, the Group will have 金持续经营： adequate funds available to enable it to operate as a going concern after taking into the following: (i) 于2025年4月，本集团偿还2千万港元循环贷款，并 (i) In April 2025, the Group repaid revolving loan of HK$20 于同月磋商及取得新增2千万港元按揭贷款，按180 million and in the same month, a new HK$20 million mortgage 个月分期偿还； loan, repayable in 180 monthly installments, was negotiated and obtained; (ii) 持续磋商现有银行授信与外部融资的续期事宜，包 (ii) on going negotiation for renewal of existing banking facilities 括但不限于取得新增银行授信；及 and external financing, including but not limited to, obtaining further banking facilities; and (iii) 考虑潜在的下行风险因素、营运资金敏感度及识别 (iii) consideration of potential downside risk factors, working 有助进一步减少现金支出及满足营运现金流量而采 capital sensitivities and identified mitigating actions that could 取的缓解措施。 be taken to further reduce cash expenditure and meet operating cashflow. 本公司董事认为，在考虑已实施或正在实施的措施后，本集 The directors of the Company are of the opinion that, after taking 团将有足够的营运资金在该等综合财务报表获批准之日起至 into account the measures implemented or being implemented, the 少未来12个月内为其营运提供资金并履行其财务责任。因 Group will have sufficient working capital to finance its operation and 此，本公司董事认为按持续经营基准编制本集团截至2025年 to meet its financial obligations for at least the next twelve months 3月31日止年度的综合财务报表为恰当。 from the date of approval of these consolidated financial statements. Accordingly, the directors of the Company believe it is appropriate to prepare the consolidated financial statements of the Group for the year ended 31st March, 2025 on a going concern basis. 本集团能否产生足够的现金流以持续经营将取决于上述措 Whether the Group will be able to generate adequate cashflows to 施的成果。 continue as a going concern would depend on the successful outcome of the above measures. 倘持续经营假设并不恰当，则可能需要进行调整，将资产 Should the going concern assumption be inappropriate, adjustments 价值减至其可收回金额，以拨备可能产生的进一步负债， may have to be made to write down the values of assets to their 并将非流动资产和非流动负债重新分类为流动资产和流动 recoverable amounts, to provide for further liabilities that might arise, 负债。该等调整的影响并未反映在该等综合财务报表中。 and to reclassify non-current assets and non-current liabilities as current assets and current liabilities. The effects of these adjustments have not been reflected in these consolidated financial statements. 综合账目之基准 Basis of consolidation 综合财务报表包括本集团截至2025年3月31日止年度之财务 The consolidated financial statements include the financial statements 报表。附属公司指本公司直接或间接控制的实体。当本集 of the Group for the year ended 31st March, 2025. A subsidiary is an 团通过参与投资对象的业务而承受可变回报的风险或享有 entity, directly or indirectly, controlled by the Company. Control is 其权利，以及有能力运用其对投资对象的权力（即令本集团 achieved when the Group is exposed, or has rights, to variable returns 现时有能力指令投资对象的相关活动的现有权利）以影响该 from its involvement with the investee and has the ability to affect 等回报时，即取得控制权。 those returns through its power over the investee (i.e. existing rights that give the Group the current ability to direct the relevant activities of the investee). 72

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.1. 编制基准（续） 2.1. Basis of Preparation (Continued) 综合账目之基准（续） Basis of consolidation (Continued) 一般而言，大多数投票权推定为形成控制权。倘本公司直 Generally, there is a presumption that a majority of voting rights results 接或间接拥有少于投资对象大多数投票权或类似权利，则 in control. When the Company has, directly or indirectly, less than 本集团在评估其是否拥有对投资对象的权力时会考虑所有 a majority of the voting or similar rights of an investee, the Group 相关事实及情况，包括： considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) 与投资对象其他投票权益持有人之间的合约安排； (a) the contractual arrangement with the other vote holders of the investee; (b) 因其他合约安排产生的权利；及 (b) rights arising from other contractual arrangements; and (c) 本集团的投票权及潜在投票权。 (c) the Group’s voting rights and potential voting rights. 附属公司采用与本公司一致之会计政策编制相同报告期间 The financial statements of the subsidiaries are prepared for the same 的财务报表。附属公司之业绩乃于本集团取得控制权之日 reporting period as the Company, using consistent accounting policies. 期起综合入账，并继续综合入账直至该等控制权终止为止。 The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. 所有集团内资产及负债、权益、收入、开支及与本集团成 All intra-group assets and liabilities, equity, income, expenses and 员公司之间交易相关的现金流均于账目综合时全面抵销。 cash flows relating to transactions between members of the Group are eliminated in full on consolidation. 倘事实及情况显示以上所列控制权之三个元素中的一个或 The Group reassesses whether or not it controls an investee if facts 多个有所变动，本集团会重新评估其是否控制投资对象。 and circumstances indicate that there are changes to one or more of the 在不失去控制权之情况下，附属公司之所有权权益变动按 three elements of control described above. A change in the ownership 股权交易列账。 interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. 倘本集团失去对附属公司的控制权，则终止确认相关的资 If the Group loses control over a subsidiary, it derecognises the related 产、负债及汇兑储备及确认所保留任何投资的公平价值及 assets, liabilities and exchange translation reserve and recognises 损益中任何因此产生的盈余或亏损。先前于其他全面收入 the fair value of any investment retained and any resulting surplus or 内确认的本集团应占部分按照与本集团直接出售有关资产 deficit in profit or loss. The Group’s share of components previously 或负债所须的相同基准重新分类至损益或滚存溢利（倘适 recognised in other comprehensive income is reclassified to profit or 用）。 loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities. 73

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.2. 会计政策及披露之变动 2.2. Changes in Accounting Policies and Disclosures 本集团已于本年度财务报表首次采纳下列经修订香港财务 The Group has adopted the following amended HKFRS Accounting 报告准则会计准则︰ Standards for the first time for the current year’s financial statement: 香港财务报告准则售后租回的租赁负债 Amendments to HKFRS 16 Lease Liability in a Sale and 第16号修订本 Leaseback 香港会计准则负债分类为流动或 Amendments to HKAS 1 Classification of Liabilities as 第1号修订本非流动（「2020年修订本」） Current or Non-current (the “2020 Amendments”) 香港会计准则附带契约之非流动 Amendments to HKAS 1 Non-current Liabilities with 第1号修订本负债（「2022年 Covenants 修订本」） (the “2022 Amendments”) 香港会计准则第7号及香港财供应商融资安排 Amendments to HKAS 7 and Supplier Finance Arrangements 务报告准则第7号修订本 HKFRS 7 经修订香港财务报告准则会计准则之性质及影响阐述如下： The nature and the impact of the amended HKFRS Accounting Standards that are described below: (a) 香港财务报告准则第16号修订本指定卖方承租人 (a) Amendments to HKFRS 16 specify the requirements that a 在计量售后租回交易中产生的租赁负债时使用的规 seller-lessee uses in measuring the lease liability arising in a 定，以确保卖方承租人不确认与其保留的使用权相 sale and leaseback transaction to ensure the seller-lessee does 关的任何损益金额。由于自首次应用香港财务报告 not recognise any amount of the gain or loss that relates to the 准则第16号日期以来，本集团概无订立毋须取决于 right of use it retains. Since the Group has no sale and leaseback 指数或利率的可变租赁付款的售后租回交易，故此 transactions with variable lease payments that do not depend on 该等修订本对本集团的财务状况或表现并无任何影 an index or a rate occurring from the date of initial application 响。 of HKFRS 16, the amendments did not have any impact on the financial position or performance of the Group. 74

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.2. 会计政策及披露之变动（续） 2.2. Changes in Accounting Policies and Disclosures (Continued) (b) 2020年修订本澄清将负债分类为流动或非流动的规 (b) The 2020 Amendments clarify the requirements for classifying 定，包括延迟清偿权利的含义，以及报告期末必须 liabilities as current or non-current, including what is meant by 存在的延迟权利。负债的分类不受该实体行使权利 a right to defer settlement and that a right to defer must exist 延迟清偿的可能性所影响。该等修订本亦澄清，负 at the end of the reporting period. Classification of a liability 债可以用其自身的权益工具进行结算，仅于可转换 is unaffected by the likelihood that the entity will exercise its 负债的转换权本身作为权益工具入账时，负债的条 right to defer settlement. The amendments also clarify that a 款方不会影响其分类。2022年修订本进一步澄清， liability can be settled in its own equity instruments, and that 于贷款安排所产生的负债契约中，仅实体于报告日 only if a conversion option in a convertible liability is itself 期或之前须遵守的契约方会影响负债分类为流动或 accounted for as an equity instrument would the terms of a 非流动。对于实体于报告期后12个月内须遵守未来 liability not impact its classification. The 2022 Amendments 契约的非流动负债，须对相关负债作出额外披露。 further clarify that, among covenants of a liability arising from a loan arrangement, only those with which an entity must comply on or before the reporting date affect the classification of that liability as current or non-current. Additional disclosures are required for non-current liabilities that are subject to the entity complying with future covenants within 12 months after the reporting period. 本集团已重新评估2023年及2024年4月1日之负债的 The Group has reassessed the terms and conditions of its 条款及条件并认为负债之流动或非流动分类自首次 liabilities as at 1st April, 2023 and 2024 and concluded 应用该等修订本以来概无变动。因此，该等修订本 that the classification of its liabilities as current or non- 对本集团的财务状况或表现并无任何影响。 current remained unchanged upon initial application of the amendments. Accordingly, the amendments did not have any impact on the financial position or performance of the Group. (c) 香港会计准则第7号及香港财务报告准则第7号修订 (c) Amendments to HKAS 7 and HKFRS 7 clarify the 本澄清供应商融资安排的特点，并规定须就该等安 characteristics of supplier finance arrangements and require 排作出额外披露。该等修订本的披露规定旨在协助 additional disclosure of such arrangements. The disclosure 财务报表的使用者了解供应商融资安排对实体的负 requirements in the amendments are intended to assist users 债、现金流及流动资金风险的影响。由于本集团概 of financial statements in understanding the effects of supplier 无任何供应商融资安排，故此该等修订本对本集团 finance arrangements on an entity’s liabilities, cash flows and 的财务报表并无任何影响。 exposure to liquidity risk. As the Group does not have supplier finance arrangements, the amendments did not have any impact on the Group’s financial statements. 75

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.3. 已颁布但尚未生效之香港财务报告准 2.3. Issued But Not Yet Effective HKFRS Accounting 则会计准则 Standards 本集团并无于此等财务报表内应用下列已颁布但尚未生效 The Group has not applied the following new and amended HKFRS 的新订及经修订香港财务报告准则会计准则。本集团拟于 Accounting Standards, that have been issued but are not yet effective, 该等新订及经修订香港财务报告准则会计准则生效后（如适 in these financial statements. The Group intends to apply these new 用）应用该等新订及经修订准则。 and amended HKFRS Accounting Standards, if applicable, when they become effective. 香港财务报告准则于财务报表呈列及 HKFRS 18 Presentation and Disclosure in 第18号披露3 Financial Statements3 香港财务报告准则无公共问责性的附属公司： HKFRS 19 Subsidiaries without Public 第19号披露3 Accountability: Disclosures3 香港财务报告准则金融工具的分类及 Amendments to HKFRS 9 and Amendments to the Classification 第9号及香港财务报告准则计量修订2 HKFRS 7 and Measurement of Financial 第7号修订本 Instruments2 香港财务报告准则依赖自然能源生产 Amendments to HKFRS 9 and Contracts Referencing Nature- 第9号及香港财务报告准则电力的合约2 HKFRS 7 dependent Electricity2 第7号修订本香港财务报告准则投资者与其联营公司或合营 Amendments to HKFRS 10 and Sale or Contribution of Assets 第10号及香港会计准则公司之间的资产出售或 HKAS 28 between an Investor and its 第28号修订本注资4 Associate or Joint Venture4 香港会计准则第21号修订本缺乏可兑换性1 Amendments to HKAS 21 Lack of Exchangeability1 香港财务报告准则香港财务报告准则 Annual Improvements to HKFRS Amendments to HKFRS 1, 会计准则的年度第1号、香港财务报告准则 Accounting Standards – HKFRS 7, HKFRS 9, HKFRS 10 改进－第11卷第7号、香港财务报告准则 Volume 11 and HKAS 72 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2 1 于2025年1月1日或之后开始之年度期间生效 1 Effective for annual periods beginning on or after 1st January, 2025 2 于2026年1月1日或之后开始之年度期间生效 2 Effective for annual periods beginning on or after 1st January, 2026 3 于2027年1月1日或之后之年度╱报告期间生效 3 Effective for annual/reporting periods beginning on or after 1st January, 2027 4 并未订定强制生效日期，但已可供采纳 4 No mandatory effective date yet determined but available for adoption 76

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.3. 已颁布但尚未生效之香港财务报告准 2.3. Issued But Not Yet Effective HKFRS Accounting 则会计准则（续） Standards (Continued) 下文载述有关预期将适用于本集团之该等香港财务报告准 Further information about those HKFRS Accounting Standards that are 则会计准则之进一步资料： expected to be applicable to the Group is described below: (a) 香港财务报告准则第18号取代香港会计准则第1号 (a) HKFRS 18 replaces HKAS 1 Presentation of Financial 财务报表的呈列。尽管香港会计准则第1号的多个 Statements. While a number of sections have been brought 章节已被纳入而变动有限，香港财务报告准则第18 forward from HKAS 1 with limited changes, HKFRS 18 号就损益表内呈列方式引入新规定，包括指定的总 introduces new requirements for presentation within the 计及小计。实体须将损益表内所有收益及开支分类 statement of profit or loss, including specified totals and 为以下五个类别之一：经营、投资、融资、所得税 subtotals. Entities are required to classify all income and 及已终止经营业务，并呈列两项新界定小计。其亦 expenses within the statement of profit or loss into one of the 规定於单一附注中披露有关管理层所界定的绩效指 five categories: operating, investing, financing, income taxes 标，并对主要财务报表及附注中资料的组合（合并 and discontinued operations and to present two new defined 及分类）和位置提出更严格的规定。若干早前已纳 subtotals. It also requires disclosures about management- 入香港会计准则第1号的规定移至香港会计准则第8 defined performance measures in a single note and introduces 号会计政策、会计估计变更及错误，并更名为香港 enhanced requirements on the grouping (aggregation and 会计准则第8号财务报表的呈列基准。由于颁布香 disaggregation) and the location of information in both the 港财务报告准则第18号，对香港会计准则第7号现 primary financial statements and the notes. Some requirements 金流量表、香港会计准则第33号每股盈利及香港会 previously included in HKAS 1 are moved to HKAS 8 计准则第34号中期财务报告作出有限但广泛适用的 Accounting Policies, Changes in Accounting Estimates and 修订。此外，其他香港财务报告准则会计准则亦有 Errors, which is renamed as HKAS 8 Basis of Preparation 轻微的相应修订。香港财务报告准则第18号及其他 of Financial Statements. As a consequence of the issuance 香港财务报告准则会计准则的相应修订于2027年1 of HKFRS 18, limited, but widely applicable, amendments 月1日或之后开始的年度期间生效，须追溯应用， are made to HKAS 7 Statement of Cash Flows, HKAS 33 并可提早应用。本集团现正分析该等新规定并评估 Earnings per Share and HKAS 34 Interim Financial Reporting. 香港财务报告准则第18号对本集团财务报表的呈列 In addition, there are minor consequential amendments to 及披露的影响。 other HKFRS Accounting Standards. HKFRS 18 and the consequential amendments to other HKFRS Accounting Standards are effective for annual periods beginning on or after 1st January, 2027 with earlier application permitted. Retrospective application is required. The Group is currently analysing the new requirements and assessing the impact of HKFRS 18 on the presentation and disclosure of the Group’s financial statements. 77

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.3. 已颁布但尚未生效之香港财务报告准 2.3. Issued But Not Yet Effective HKFRS Accounting 则会计准则（续） Standards (Continued) (b) 香港财务报告准则第19号允许合资格实体选择应 (b) HKFRS 19 allows eligible entities to elect to apply reduced 用减少的披露规定，同时仍应用其他香港财务报告 disclosure requirements while still applying the recognition, 准则会计准则的确认、计量及呈列规定。为符合资 measurement and presentation requirements in other HKFRS 格，于报告期末，实体须为香港财务报告准则第10 Accounting Standards. To be eligible, at the end of the 号综合财务报表所界定的附属公司，且毋须作出公 reporting period, an entity must be a subsidiary as defined in 共问责，并须拥有一间编制可供公众使用符合香港 HKFRS 10 Consolidated Financial Statements, cannot have 财务报告准则会计准则的综合财务报表的母公司 public accountability and must have a parent (ultimate or （最终或中间公司）。允许提前应用。由于本公司为 intermediate) that prepares consolidated financial statements 上市公司，故此并不符合资格选择应用香港财务报 available for public use which comply with HKFRS Accounting 告准则第19号。本公司若干附属公司正考虑于其特 Standards. Earlier application is permitted. As the Company 定财务报表中应用香港财务报告准则第19号。 is a listed company, it is not eligible to elect to apply HKFRS 19. Some of the Company’s subsidiaries are considering the application of HKFRS 19 in their specified financial statements. (c) 香港财务报告准则第9号及香港财务报告准则第7号 (c) Amendments to HKFRS 9 and HKFRS 7 Amendments to the 修订本金融工具的分类及计量修订阐明终止确认金 Classification and Measurement of Financial Instruments 融资产或金融负债的日期，并引入一项会计政策选 clarify the date on which a financial asset or financial liability 择，在符合特定条件的情况下，终止确认于结算日 is derecognised and introduce an accounting policy option 前透过电子付款系统结算的金融负债。该等修订本 to derecognise a financial liability that is settled through 厘清如何评估具有环境、社会及管治以及其他类似 an electronic payment system before the settlement date if 或然特征的金融资产的合约现金流量特点。此外， specified criteria are met. The amendments clarify how to 该等修订本厘清具有无追索权特征的金融资产及合 assess the contractual cash flow characteristics of financial 约挂钩工具的分类规定。该等修订本亦包括指定以 assets with environmental, social and governance and other 公平价值计量并计入其他全面收入的股权工具投资 similar contingent features. Moreover, the amendments 及具有或然特征的金融工具的额外披露。该等修订 clarify the requirements for classifying financial assets with 本须追溯应用，并于首次应用日期对期初滚存溢利 non-recourse features and contractually linked instruments. （或权益的其他组成部分）进行调整。过往期间毋须 The amendments also include additional disclosures for 重列，且仅可在不作出预知的情况下重列。允许同 investments in equity instruments designated at fair value 时提前应用所有修订，或仅允许提前应用与金融资 through other comprehensive income and financial instruments 产分类相关的修订。该等修订本预期不会对本集团 with contingent features. The amendments shall be applied 的财务报表产生任何重大影响。 retrospectively with an adjustment to opening retained profits (or other component of equity) at the initial application date. Prior periods are not required to be restated and can only be restated without the use of hindsight. Earlier application of either all the amendments at the same time or only the amendments related to the classification of financial assets is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements. 78

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.3. 已颁布但尚未生效之香港财务报告准 2.3. Issued But Not Yet Effective HKFRS Accounting 则会计准则（续） Standards (Continued) (d) 香港财务报告准则第9号及香港财务报告准则第7号 (d) Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing 修订本依赖自然能源生产电力的合约澄清范围内合 Nature-dependent Electricity clarify the application of the 约中「自用」规定的应用，并修改将该等范围内合 “own-use” requirements for in-scope contracts and amend 约作为现金流对冲关系中的对冲工具处理的指定规 the designation requirements for a hedged item in a cash flow 定。该等修订本还包括额外的披露，以使财务报表 hedging relationship for in-scope contracts. The amendments 使用者能够了解这些合约对实体的表现和未来现金 also include additional disclosures that enable users of the 流的影响。该等修订本中与自用豁免有关的规定应 financial statements to understand the effects these contracts 追溯适用。过往期间毋须重列，且仅可在不作出预 have on an entity’s performance and future cash flows. The 知的情况下重列。于初始应用日期或之后，与对冲 amendments relating to the own-use exception shall be applied 会计相关的修订应前瞻性地应用于指定的新对冲关 retrospectively. Prior periods are not required to be restated 系。允许提前应用。香港财务报告准则第9号及香 and can only be restated without the use of hindsight. The 港财务报告准则第7号的修订应同时应用。该等修 amendments relating to the hedge accounting shall be applied 订本预期不会对本集团的财务报表造成任何重大影 prospectively to new hedging relationships designated on 响。 or after the date of initial application. Earlier application is permitted. The amendments to HKFRS 9 and HKFRS 7 shall be applied at the same time. The amendments are not expected to have any significant impact. (e) 香港财务报告准则第10号及香港会计准则第28号 (e) Amendments to HKFRS 10 and HKAS 28 address an 的修订本解决香港财务报告准则第10号与香港会计 inconsistency between the requirements in HKFRS 10 and in 准则第28号之间有关投资者与其联营公司或合营公 HKAS 28 in dealing with the sale or contribution of assets 司之间的资产出售或注资两者规定的不一致性的问 between an investor and its associate or joint venture. The 题。该等修订本规定，当资产出售或注资构成一项 amendments require a full recognition of a gain or loss resulting 业务时，须悉数确认下游交易产生的收益或亏损。 from a downstream transaction when the sale or contribution 当交易涉及不构成一项业务的资产时，由该交易产 of assets constitutes a business. For a transaction involving 生的收益或亏损于该投资者的损益内确认，惟仅以 assets that do not constitute a business, a gain or loss resulting 不相关投资者于该联营公司或合营公司的权益为 from the transaction is recognised in the investor’s profit or 限。该等修订本将于未来期间应用。香港会计师公 loss only to the extent of the unrelated investor’s interest in 会已取消以往对香港财务报告准则第10号及香港会 that associate or joint venture. The amendments are to be 计准则第28号修订本的强制生效日期。然而，该等 applied prospectively. The previous mandatory effective date of 修订本现时可供采纳。 amendments to HKFRS 10 and HKAS 28 was removed by the HKICPA. However, the amendments are available for adoption now. 79

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.3. 已颁布但尚未生效之香港财务报告准 2.3. Issued But Not Yet Effective HKFRS Accounting 则会计准则（续） Standards (Continued) (g) 香港财务报告准则会计准则的年度改进－第11卷载 (g) Annual Improvements to HKFRS Accounting Standards – 列香港财务报告准则第1号、香港财务报告准则第7 Volume 11 set out amendments to HKFRS 1, HKFRS 7 (and 号（及实施香港财务报告准则第7号的随附指引）、 the accompanying Guidance on implementing HKFRS 7), 香港财务报告准则第9号、香港财务报告准则第10 HKFRS 9, HKFRS 10 and HKAS 7. Details of the amendments 号及香港会计准则第7号的修订。预期适用于本集 that are expected to be applicable to the Group are as follows: 团的该等修订详情如下：（续） (Continued) • 香港会计准则第7号现金流量表：于先前删 • HKAS 7 Statement of Cash Flows: The amendments 除「成本法」的定义后，该等修订于香港会计 replace the term “cost method” with “at cost” in 准则第7号第37段以「按成本」一词取代「成 paragraph 37 of HKAS 7 following the prior deletion 本法」。允许提早应用。预期该等修订本不 of the definition of “cost method”. Earlier application 会对本集团的财务报表产生任何影响。 is permitted. The amendments are not expected to have any impact on the Group’s financial statements. 2.4. 重大会计政策 2.4. Material Accounting Policies 公平价值计量 Fair value measurement 本集团于每个报告期末按公平价值计量其投资物业。公平 The Group measures its investment properties at fair value at the end 价值为于计量日期市场参与者之间进行的有序交易中，就 of each reporting period. Fair value is the price that would be received 出售资产所收取或转让负债所支付的价格。公平价值计量 to sell an asset or paid to transfer a liability in an orderly transaction 乃基于出售资产或转让负债的交易于资产或负债的主要市 between market participants at the measurement date. The fair value 场进行，在未有主要市场的情况下则于资产或负债的最有 measurement is based on the presumption that the transaction to sell the 利市场进行的假设。主要或最有利市场须为本集团可进入 asset or transfer the liability takes place either in the principal market 的市场。资产或负债的公平价值基于市场参与者为资产或 for the asset or liability, or in the absence of a principal market, in the 负债定价时所采用的假设计量，并假设市场参与者基于最 most advantageous market for the asset or liability. The principal or 佳经济利益行事。 the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. 83

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 公平价值计量（续） Fair value measurement (Continued) 非金融资产之公平价值计量乃计入市场参与者以其最高和 A fair value measurement of a non-financial asset takes into account 最佳用法使用该资产或将之售予应可以其最高和最佳用法 a market participant’s ability to generate economic benefits by using 使用该资产之另一市场参与者以产生经济利益之能力。 the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. 本集团使用适用于不同情况且具备足够可用数据以计量公 The Group uses valuation techniques that are appropriate in the 平价值的估值技术，以尽可能使用相关可观察输入数据及 circumstances and for which sufficient data are available to measure 尽可能减少使用不可观察输入数据。 fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. 于财务报表计量或披露公平价值的所有资产及负债，均根 All assets and liabilities for which fair value is measured or disclosed 据对公平价值计量整体而言属重大的最低层级输入数据按 in the financial statements are categorised within the fair value 下述公平价值层级进行分类： hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: 第1层 — 基于相同资产或负债在活跃市场的报价（未予 Level 1 – based on quoted prices (unadjusted) in active markets 调整） for identical assets or liabilities 第2层 — 基于可直接或间接观察得到对公平价值计量 Level 2 – based on valuation techniques for which the lowest 而言属重大的最低层级输入数据的估值技术 level input that is significant to the fair value measurement is observable, either directly or indirectly 第3层 — 基于不可观察得到对公平价值计量而言属重 Level 3 – based on valuation techniques for which the lowest 大的最低层级输入数据的估值技术 level input that is significant to the fair value measurement is unobservable 就于财务报表中经常性确认的资产及负债而言，本集团于 For assets and liabilities that are recognised in the financial statements 每个报告期末根据对整体公平价值计量而言属重大的最低 on a recurring basis, the Group determines whether transfers have 层级输入数据重新评估分类，厘定不同层级间有否发生转 occurred between levels in the hierarchy by reassessing categorisation 移。 (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. 84

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 非金融资产之减值 Impairment of non-financial assets 倘有迹象显示存在减值，或须就资产（存货、递延税项资 Where an indication of impairment exists, or when annual impairment 产、金融资产及投资物业除外）进行年度减值测试，则会 testing for an asset is required (other than inventories, deferred 估计该资产的可收回金额。资产的可收回金额为该资产或 tax assets, financial assets and investment properties), the asset’s 现金产生单位的使用价值与其公平价值减出售成本的较高 recoverable amount is estimated. An asset’s recoverable amount is 金额，并就个别资产厘定，除非有关资产并无产生在很大 the higher of the asset’s or cash-generating unit’s value in use and its 程度上独立于其他资产或资产组别的现金流入，在此情况 fair value less costs of disposal, and is determined for an individual 下，可收回金额就资产所属现金产生单位厘定。于对现金 asset, unless the asset does not generate cash inflows that are largely 产生单位进行减值测试时，倘能于合理及一致的基准上分 independent of those from other assets or groups of assets, in which 配，则将企业资产的部分账面值分配至个别现金产生单 case the recoverable amount is determined for the cash-generating 位，否则分配至最小的现金产生单位组别。 unit to which the asset belongs. In testing a cash-generating unit for impairment, a portion of the carrying amount of a corporate asset is allocated to an individual cash-generating unit if it can be allocated on a reasonable and consistent basis or, otherwise, to the smallest group of cash-generating units. 减值亏损仅于资产的账面值超逾其可收回金额时确认。于 An impairment loss is recognised only if the carrying amount of an 评估使用价值时，估计未来现金流量按可反映现时市场对 asset exceeds its recoverable amount. In assessing value in use, the 货币时间价值及资产特定风险的评估的税前折现率折现至 estimated future cash flows are discounted to their present value using 现值。减值亏损于产生期间自损益中与减值资产功能一致 a pre-tax discount rate that reflects current market assessments of the 之支出类别扣除。 time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. 于各报告期末评估是否有迹象显示过往确认的减值亏损可 An assessment is made at the end of each reporting period as to whether 能不再存在或已减少。如存在该迹象，则会估计可收回金 there is an indication that previously recognised impairment losses 额。过往确认的资产减值亏损，仅会于用以厘定该资产可 may no longer exist or may have decreased. If such an indication 收回金额的估计改变时回拨，惟回拨后的金额不得高于假 exists, the recoverable amount is estimated. A previously recognised 设过往年度并无就资产确认减值而应已厘定的账面值（扣除 impairment loss of an asset is reversed only if there has been a change 任何折旧）。减值亏损回拨于产生期间计入损益。 in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises. 85

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 关联方 Related parties 在下列情况下，有关方将视为与本集团有关联： A party is considered to be related to the Group if: (a) 有关方为个人或该人士的直属家庭成员，而该人 (a) the party is a person or a close member of that person’s family 士： and that person: (i) 控制或共同控制本集团； (i) has control or joint control over the Group; (ii) 对本集团有重大影响力；或 (ii) has significant influence over the Group; or (iii) 属本集团或本集团母公司的主要管理人员； (iii) is a member of the key management personnel of the Group or of a parent of the Group; 或 or (b) 有关方为实体并符合下列任何一项条件： (b) the party is an entity where any of the following conditions applies: (i) 该实体与本集团属同一集团的成员公司； (i) the entity and the Group are members of the same group; (ii) 一家实体为另一家实体的联营公司或合资企 (ii) one entity is an associate or joint venture of the other 业（或另一家实体的母公司、附属公司或同 entity (or of a parent, subsidiary or fellow subsidiary of 系附属公司）； the other entity); (iii) 该实体与本集团为同一第三方的合资企业； (iii) the entity and the Group are joint ventures of the same third party; (iv) 一家实体为第三方实体的合资企业，而另一 (iv) one entity is a joint venture of a third entity and the 实体为第三方实体的联营公司； other entity is an associate of the third entity; 86

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 关联方（续） Related parties (Continued) (b) 有关方为实体并符合下列任何一项条件：（续） (b) the party is an entity where any of the following conditions applies: (Continued) (v) 该实体为本集团或与本集团有关联的实体就 (v) the entity is a post-employment benefit plan for the 雇员福利设立的离职后福利计划； benefit of employees of either the Group or an entity related to the Group; (vi) 该实体受(a)所识别人士控制或共同控制； (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) (a)(i)所识别之人士对该实体有重大影响力 (vii) a person identified in (a)(i) has significant influence 或属该实体（或该实体的母公司）的主要管理 over the entity or is a member of the key management 人员；及 personnel of the entity (or of a parent of the entity); and (viii) 该实体、或其所属集团的任何成员公司向本 (viii) the entity, or any member of a group of which it is a 集团或本集团的母公司提供主要管理人员服 part, provides key management personnel services to the 务。 Group or to the parent of the Group. 产业、厂房及设备以及折旧 Property, plant and equipment and depreciation 产业、厂房及设备按成本减累计折旧及任何减值亏损列 Property, plant and equipment are stated at cost less accumulated 账。产业、厂房及设备项目的成本包括其购入价及使资产 depreciation and any impairment losses. The cost of an item of 处于拟定用途的运作状况及地点而产生的任何直接成本。 property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. 产业、厂房及设备项目投入运作后所涉及之费用（如维修保 Expenditure incurred after items of property, plant and equipment have 养费用）一般会在产生期间的损益中扣除。在符合确认准则 been put into operation, such as repairs and maintenance, is normally 的情况下，重大检查的支出可按拨充资本计入作为重置之 charged to profit or loss in the period in which it is incurred. In 资产账面值。倘产业、厂房及设备的重要部分需要不时重 situations where the recognition criteria are satisfied, the expenditure 置，本集团将确认该部分为个别具有特定使用年期之资产 for a major inspection is capitalised in the carrying amount of the 并相应计提折旧。 asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. 87

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 产业、厂房及设备以及折旧（续） Property, plant and equipment and depreciation (Continued) 产业、厂房及设备按各项目之估计可用年期以直线法计算 Depreciation is calculated on the straight-line basis to write off the 折旧，以撇销其成本至其残余价值。就此所采用之主要年 cost of each item of property, plant and equipment to its residual value 利率如下： over its estimated useful life. The principal annual rates used for this purpose are as follows: 租赁土地及楼宇按租赁年期 Leasehold land and buildings Over the lease terms of the leases 租赁楼宇装潢 20%或按租赁年期（以较短者 Leasehold improvements 20% or over the terms of the 为准） leases, whichever is shorter 厂房及机器 25% Plant and machinery 25% 家私及装置 20% Furniture and fixtures 20% 办公室设备 331/% Office equipment 331/% 3 3 汽车 20% Motor vehicles 20% 倘产业、厂房及设备项目之组成部分有不同之可用年期， Where parts of an item of property, plant and equipment have different 则该项目之成本按合理之基准分配至各组成部分，各组成 useful lives, the cost of that item is allocated on a reasonable basis 部分独立计算折旧。残余价值、可用年期及折旧方法至少 among the parts and each part is depreciated separately. Residual 于每个财政年度末进行检讨及调整（倘适用）。 values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. 产业、厂房及设备项目（包括初始确认之任何重要部分）将 An item of property, plant and equipment including any significant part 在被出售，或预计其使用或出售不再产生未来经济利益时 initially recognised is derecognised upon disposal or when no future 终止确认。出售或报废所产生之任何收益或亏损于资产终 economic benefits are expected from its use or disposal. Any gain or 止确认当年在损益中确认，其数额为出售有关资产所得款 loss on disposal or retirement recognised in profit or loss in the year the 项净额与其账面值之差额。 asset is derecognised is the difference between the net sales proceeds and the carrying amount of the relevant asset. 投资物业 Investment properties 投资物业为持作赚取租金收入及╱或作资本增值之土地及 Investment properties are interests in land and buildings (including 楼宇之权益（包括使用权资产）。该等物业初始以成本（包括 right-of-use asset) held to earn rental income and/or for capital 交易成本）计量。初始确认后，投资物业按公平价值呈列， appreciation. Such properties are measured initially at cost, including 反映报告期末的市况。 transaction costs. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the end of the reporting period. 88

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 投资物业（续） Investment properties (Continued) 投资物业公平价值之变动所产生之收益或亏损，计入所产 Gains or losses arising from changes in the fair values of investment 生年度之损益中。 properties are included in profit or loss in the year in which they arise. 报废或出售投资物业之任何收益或亏损均于报废或出售年 Any gains or losses on the retirement or disposal of an investment 度之损益中确认。 property are recognised in profit or loss in the year of the retirement or disposal. 倘本集团作为自用物业占用之物业成为投资物业，则本集 If a property occupied by the Group as an owner-occupied property 团根据「产业、厂房及设备以及折旧」项下政策将有关自用 becomes an investment property, the Group accounts for such property 物业入账，直至变更用途日期为止。根据上述「产业、厂房 in accordance with the policy stated under “Property, plant and 及设备以及折旧」项下政策，该物业当日账面值与公平价值 equipment and depreciation” for owned property up to the date of 之间任何差额入账列为重估。 change in use, and any difference at that date between the carrying amount and the fair value of the property is accounted for as a revaluation in accordance with the policy stated under “Property, plant and equipment and depreciation” above. 租赁 Leases 本集团于合约开始时评估合约是否为租赁或包含租赁。倘 The Group assesses at contract inception whether a contract is, or 合约为换取代价而给予在一段时间内控制使用可识别资产 contains, a lease. A contract is, or contains, a lease if the contract 的权利，则该合约为租赁或包含租赁。 conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 本集团作为承租人 Group as a lessee 本集团对所有租赁（惟短期租赁除外）采取单一确认及计量 The Group applies a single recognition and measurement approach for 方法。本集团确认租赁负债以作出租赁付款，而使用权资 all leases, except for short-term leases. The Group recognises lease 产指使用相关资产的权利。 liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (a) 使用权资产 (a) Right-of-use assets 本集团于租赁开始日期（即相关资产可供使用当日）确认使 Right-of-use assets are recognised at the commencement date of the 用权资产。使用权资产按成本减任何累计折旧及任何减值 lease (that is the date the underlying asset is available for use). Right- 亏损计量，并就任何重新计量租赁负债作出调整。 of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. 89

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 租赁（续） Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (a) 使用权资产（续） (a) Right-of-use assets (Continued) 使用权资产的成本包括： The cost of right-of-use assets includes: • 租赁负债的初始计量金额； • the amount of the initial measurement of the lease liability; • 于开始日期或之前作出的任何租赁付款，减任何已 • any lease payments made at or before the commencement date, 收租赁优惠； less any lease incentives received; • 本集团产生的任何初始直接成本；及 • any initial direct costs incurred by the Group; and • 本集团于清拆及搬迁相关资产、复原相关资产所在 • an estimate of costs to be incurred by the Group in dismantling 场地或复原相关资产至租赁的条款及条件所规定的 and removing the underlying assets, restoring the site on which 状况而产生的成本估计。 it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. 使用权资产按资产之租赁期及预计使用年限的较短者按直 Right-of-use assets are depreciated on a straight-line basis over the 线法计算折旧： shorter of the lease terms and the estimated useful lives of the assets as follows: 租赁土地 50年 Leasehold land 50 years 零售店舖及办公室物业 1至4年 Retail stores and office properties 1 to 4 years 汽车 4至5年 Motor vehicles 4 to 5 years 如果租赁资产的所有权于租赁期结束时转移至本集团或成 If ownership of the leased asset transfers to the Group by the end of 本反映购买选择权之行使，则使用资产之估计使用年限计 the lease term or the cost reflects the exercise of a purchase option, 算折旧。 depreciation is calculated using the estimated useful life of the asset. 本集团于综合财务状况表内将不符合投资物业定义之使用 The Group presents right-of-use assets that do not meet the definition 权资产呈列为一项单独项目。符合投资物业定义之使用权 of investment property as a separate line item on the consolidated 资产乃于「投资物业」内呈列。 statement of financial position. Right-of-use assets that meet the definition of investment property are presented in “Investment properties”. 90

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 租赁（续） Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (b) 租赁负债 (b) Lease liabilities 于租赁开始日期，本集团按该日未付的租赁付款现值确认 At the commencement date of a lease, the Group recognises and 及计量租赁负债。于计算租赁付款现值时，倘租赁隐含的 measures the lease liability at the present value of lease payments 利率难以厘定，则本集团使用租赁开始日期的增量借款利 that are unpaid at that date. In calculating the present value of lease 率计算。 payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. 租赁付款包括： The lease payments include: • 固定付款（包括实质固定付款）减任何应收租赁优 • fixed payments (including in-substance fixed payments) less 惠； any lease incentives receivable; • 视乎指数或利率而定的可变租赁付款（使用开始日 • variable lease payments that depend on an index or a 期的指数或利率初始计量）； rate, initially measured using the index or rate as at the commencement date; • 根据剩余价值担保预期本集团应付的金额； • amounts expected to be payable by the Group under residual value guarantees; • 购买选择权的行使价（倘本集团合理地确定会行使 • the exercise price of a purchase option if the Group is 该选择权）；及 reasonably certain to exercise the option; and • 终止租赁的罚款付款（倘租期反映本集团会行使选 • payments of penalties for terminating a lease, if the lease term 择权终止租赁）。 reflects the Group exercising an option to terminate the lease. 反映市场租金率变动的可变租赁付款使用于开始日期的市 Variable lease payments that reflect changes in market rental 场租金率初始计量。不会依赖指数或利率的可变租赁付款 rates are initially measured using the market rental rates as at the 不计入租赁负债及使用权资产计量，并在触发付款的事件 commencement date. Variable lease payments that do not depend on an 或条件出现的期间内确认为开支。 index or a rate are not included in the measurement of lease liabilities and right-of-use assets, and are recognised as an expense in the period in which the event or condition that triggers the payment occurs. 91

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 租赁（续） Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (b) 租赁负债（续） (b) Lease liabilities (Continued) 于开始日期后，租赁负债按累计利息及租赁付款作出调整。 After the commencement date, lease liabilities are adjusted by interest accretion and lease payments. 倘出现以下情况，本集团重新计量租赁负债（并就相关使用 The Group remeasures lease liabilities (and makes a corresponding 权资产作出相应调整）： adjustment to the related right-of-use assets) whenever: • 租赁期有所变动或行使购买选择权的评估发生变 • the lease term has been changed or there is a change in the 化，在此情况下，相关租赁负债透过使用重新评估 assessment of exercise of a purchase option, in which case the 日期的经修订折现率折现经修订租赁付款而重新计 related lease liability is remeasured by discounting the revised 量。 lease payments using a revised discount rate at the date of reassessment. • 因进行市场租金调查后市场租金率变动而导致租赁 • the lease payments have been changed due to changes in market 付款变动，在此情况下，相关租赁负债透过使用初 rental rates following a market rent review, in which case the 始折现率折现经修订租赁付款而重新计量。 related lease liability is remeasured by discounting the revised lease payments using the initial discount rate. 本集团于综合财务状况表中将租赁负债呈列为单独项目。 The Group presents lease liabilities as a separate line item in the consolidated statement of financial position. (c) 分配代价至合约组成部分 (c) Allocation of consideration to components of a contract 就含有租赁组成部分以及一项或多项额外租赁或非租赁组 For a contract that contains a lease component and one or more 成部分的合约而言，本集团将合约的代价分配至各租赁组 additional lease or non-lease components, the Group allocates the 成部分，基准是租赁组成部分的相对独立价格及非租赁组 consideration in the contract to each lease component on the basis of 成部分的总独立价格，包括收购物业所有权权益（包括租赁 the relative stand-alone price of the lease component and the aggregate 土地及非租赁楼宇组成部分）的合约，除非有关分配不能可 stand-alone price of the non-lease components including contract 靠作出。 for acquisition of ownership interests of a property which includes both leasehold land and non-lease building components, unless such allocation cannot be made reliably. 非租赁组成部分与租赁组成部分分开，并采用其他适用准 Non-lease components are separated from the lease component and are 则入账。 accounted for by applying other applicable standards. 92

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 租赁（续） Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (d) 短期租赁 (d) Short-term leases 本集团对自开始日期起12个月或以下之租赁期限及并无 The Group applies the short-term lease recognition exemption to leases 购置权之零售店舖及办公室物业租赁采用短期租赁确认豁 of retail stores and office properties that have a lease term of 12 months 免。短期租赁之租赁付款在租赁期内以直线法或另一系统 or less from the commencement date and do not contain a purchase 性基准确认为开支。 option. Lease payments on short-term leases are recognised as an expense on a straight-line basis or another systematic basis over the lease term. (e) 可退还租赁按金 (e) Refundable rental deposits 已付可退还租赁按金乃根据香港财务报告准则第9号入账并 Refundable rental deposits paid are accounted for under HKFRS 9 and 按公平价值初始计量。于初始确认时对公平价值之调整被 initially measured at fair value. Adjustments to fair value at initial 视为额外租赁付款并计入使用权资产成本。 recognition are considered as additional lease payments and included in the cost of right-of-use assets. (f) 租赁修订 (f) Lease modifications 倘出现以下情况，本集团将租赁修订作为一项单独的租赁 The Group accounts for a lease modification as a separate lease if: 进行入账： • 该项修订通过增加使用一项或多项相关资产的权 • the modification increases the scope of the lease by adding the 利，扩大租赁范围；及 right to use one or more underlying assets; and • 调增租赁的代价，增加的金额相当于范围扩大对应 • the consideration for the leases increases by an amount 的单独价格，以及为反映特定合约情况对单独价格 commensurate with the stand-alone price for the increase in 所作任何适当调整。 scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract. 就未作为一项单独租赁入账的租赁修订而言，本集团基于 For a lease modification that is not accounted for as a separate lease, 透过使用修订生效日期的经修订折现率折现经修订租赁付 the Group remeasures the lease liability less any lease incentives 款的经修订租赁的租期重新计量租赁负债扣减任何租赁优 receivable, based on the lease term of the modified lease by 惠应收款项。 discounting the revised lease payments using a revised discount rate at the effective date of the modification. 93

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 租赁（续） Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (f) 租赁修订（续） (f) Lease modifications (Continued) 本集团通过对相关使用权资产进行相应调整，对租赁负债 The Group accounts for the remeasurement of lease liabilities by 的重新计量进行会计处理。当经修订合约包含租赁组成部 making corresponding adjustments to the relevant right-of-use asset. 分和一个或多个额外租赁或非租赁组成部分时，本集团会 When the modified contract contains a lease component and one or 按租赁组成部分的相对单独价格及非租赁组成部分的总单 more additional lease or non-lease components, the Group allocates the 独价格的基准，将经修订合约中的代价分配至各租赁组成 consideration in the modified contract to each lease component on the 部分。 basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. 本集团作为出租人 Group as a lessor (a) 租赁的分类和计量 (a) Classification and measurement of leases 本集团作为出租人的租赁分类为融资租赁或经营租赁。倘 Leases for which the Group is a lessor are classified as finance or 租赁条款将与相关资产所有权有关的绝大部分风险和回报 operating leases. Whenever the terms of the lease transfer substantially 转移给承租人，合约则被分类为融资租赁。所有其他租赁 all the risks and rewards incidental to ownership of an underlying asset 均分类为经营租赁。 to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. 经营租赁之租金收入于有关租赁期内按直线法在损益中确 Rental income from operating leases is recognised in profit or loss on a 认。商讨及安排经营租赁产生之初始直接成本会加入所租 straight-line basis over the term of the relevant lease. Initial direct costs 赁资产的账面值，且该等成本于租赁期内按直线法确认为 incurred in negotiating and arranging an operating lease are added to 开支，惟以公平价值模式计量之投资物业除外。取决于指 the carrying amount of the leased asset, and such costs are recognised 数或利率的经营租赁可变租赁付款已予估计并计入将于租 as an expense on a straight-line basis over the lease term except for 赁期内以直线法确认的租赁付款总额。并非取决于指数或 investment properties measured under the fair value model. Variable 利率的可变租赁付款于其产生时确认为收入。 lease payments for operating leases that depend on an index or a rate are estimated and included in the total lease payments to be recognised on a straight-line basis over the lease term. Variable lease payments that do not depend on an index or a rate are recognised as income when they arise. (b) 分配代价至合约组成部分 (b) Allocation of consideration to components of a contract 当合约同时包含租赁及非租赁组成部分时，本集团应用香 When a contract includes both lease and non-lease components, the 港财务报告准则第15号来自客户合约之收入将合约代价分 Group applies HKFRS 15 Revenue from Contracts with Customers to 配至租赁及非租赁组成部分。非租赁组成部分基于其相对 allocate consideration in a contract to lease and non-lease components. 单独售价与租赁组成部分分开。 Non-lease components are separated from the lease component on the basis of their relative stand-alone selling prices. 94

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 租赁（续） Leases (Continued) 本集团作为出租人（续） Group as a lessor (Continued) (c) 可退还租赁按金 (c) Refundable rental deposits 已收可退还租赁按金乃根据香港财务报告准则第9号入账及 Refundable rental deposits received are accounted for under HKFRS 9 初始按公平价值计量。初始确认时对公平价值作出的调整 and initially measured at fair value. Adjustments to fair value at initial 被视作承租人的额外租赁付款。 recognition are considered as additional lease payments from lessees. (d) 租赁修订 (d) Lease modification 并非原条款及条件一部分的租赁合约的代价变动作为租赁 Changes in considerations of lease contracts that were not part of the 修订入账，包括通过宽免或宽减租金提供的租赁优惠。 original terms and conditions are accounted for as lease modifications, including lease incentives provided through forgiveness or reduction of rentals. 鉴于与原租约相关的任何预付或累计租赁付款为新租约租 The Group accounts for a modification to an operating lease as a new 赁付款的一部分，本集团自修订生效日期起将经营租赁修 lease from the effective date of the modification, considering any 订入账列作新租赁。 prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. 投资及其他金融资产 Investments and other financial assets 初始确认及计量 Initial recognition and measurement 金融资产于初始确认时分类为其后按摊销成本、按公平价 Financial assets are classified, at initial recognition, as subsequently 值计入其他全面收入及按公平价值计入损益计量。 measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. 于初始确认时，金融资产分类取决于金融资产的合约现金 The classification of financial assets at initial recognition depends 流量特点及本集团管理该等金融资产的业务模式。除不含 on the financial asset’s contractual cash flow characteristics and the 重大融资部分或本集团已应用可行权宜方法不调整重大融 Group’s business model for managing them. With the exception of 资部分的影响的应收贸易款项外，本集团初步按公平价值 trade receivables that do not contain a significant financing component 计量金融资产；如属并非按公平价值计入损益的金融资 or for which the Group has applied the practical expedient of not 产，则另加交易成本。不含重大融资部分或本集团已应用 adjusting the effect of a significant financing component, the Group 可行权宜方法的应收贸易款项乃根据下文「收入确认」所载 initially measures a financial asset at its fair value plus in the case of 的政策，按香港财务报告准则第15号来自客户合约之收入 a financial asset not at fair value through profit or loss, transaction 厘定的交易价格计量。 costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under HKFRS 15 Revenue from Contracts with Customers in accordance with the policies set out for “Revenue recognition” below. 95

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 投资及其他金融资产（续） Investments and other financial assets (Continued) 初始确认及计量（续） Initial recognition and measurement (Continued) 为使金融资产按摊销成本或按公平价值计入其他全面收入 In order for a financial asset to be classified and measured at amortised 分类及计量，需产生纯粹为支付本金及未偿还本金利息 cost or fair value through other comprehensive income, it needs to give （「纯粹为支付本金及利息」）的现金流量。现金流量并非纯 rise to cash flows that are solely payments of principal and interest 粹为支付本金及利息的金融资产，不论业务模式如何，均 (“SPPI”) on the principal amount outstanding. Financial assets with 按公平价值计入损益分类及计量。 cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. 本集团管理金融资产的业务模式指其如何管理金融资产以 The Group’s business model for managing financial assets refers to 产生现金流量。该业务模式确定现金流量是否来自收取合 how it manages its financial assets in order to generate cash flows. 约现金流量、出售金融资产，或两者兼有。按摊销成本分 The business model determines whether cash flows will result from 类及计量的金融资产的业务模式旨在持有金融资产以收取 collecting contractual cash flows, selling the financial assets, or both. 合约现金流量，而按公平价值计入其他全面收入分类及计 Financial assets classified and measured at amortised cost are held 量的金融资产的业务模式旨在持有以收取合约现金流量及 within a business model with the objective to hold financial assets in 出售。并非于上述业务模式内持有的金融资产按公平价值 order to collect contractual cash flows, while financial assets classified 计入损益分类及计量。 and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss. 须按照一般市场规定或惯例订定的期间内交付资产的金融 Purchases or sales of financial assets that require delivery of assets 资产买卖于交易日期确认，即本集团承诺买卖该资产之日 within the period generally established by regulation or convention in 期。 the marketplace are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. 按摊销成本计量的金融资产（债务工具）的其后计量 Subsequent measurement of financial assets at amortised cost (debt instruments) 按摊销成本计量的金融资产其后使用实际利率法计量，并 Financial assets at amortised cost are subsequently measured using the 或会出现减值。当资产终止确认、修订或减值时，收益及 effective interest rate method and are subject to impairment. Gains and 亏损于损益中确认。 losses are recognised in profit or loss when the asset is derecognised, modified or impaired. 96

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 解除确认金融资产 Derecognition of financial assets 金融资产（或一项金融资产的一部分或一组同类金融资产的 A financial asset (or, where applicable, a part of a financial asset or 一部分，倘适用）于下列情况下将首先解除确认（即自本集 part of a group of similar financial assets) is primarily derecognised 团综合财务状况表剔除）： (i.e. removed from the Group’s consolidated statement of financial position) when: • 收取该项资产所得现金流量的权利经已届满；或 • the rights to receive cash flows from the asset have expired; or • 本集团已转让其收取该项资产所得现金流量的权 • the Group has transferred its rights to receive cash flows from 利，或根据「转付」安排，在无严重延误的情况下， the asset or has assumed an obligation to pay the received 已承担全数支付第三方已收现金流量的责任；及(a) cash flows in full without material delay to a third party 本集团已转让该项资产的绝大部分风险及回报，或 under a “pass-through” arrangement; and either (a) the Group (b)本集团并无转让或保留该项资产的绝大部分风险 has transferred substantially all the risks and rewards of the 及回报，但已转让该项资产的控制权。 asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. 当集团已转让其收取资产所得现金流量的权利或订立转付 When the Group has transferred its rights to receive cash flows from 安排时，会评估其是否保留该项资产所有权的风险及回报 an asset or has entered into a pass-through arrangement, it evaluates if, 以及保留的程度。倘其并无转让或保留该项资产的绝大部 and to what extent, it has retained the risk and rewards of ownership 分风险及回报，且并无转让该项资产的控制权，本集团将 of the asset. When it has neither transferred nor retained substantially 继续以持续参与程度为限确认所转让资产。在该情况下， all the risks and rewards of the asset nor transferred control of the 本集团亦确认相关负债。已转让资产及相关负债按反映本 asset, the Group continues to recognise the transferred asset to the 集团已保留的权利及责任的基准计量。 extent of the Group’s continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. 以担保转让资产的方式作出的持续参与，按该资产的原账 Continuing involvement that takes the form of a guarantee over the 面值与本集团可能需偿还的最高代价两者中的较低者计量。 transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. 97

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 金融资产减值 Impairment of financial assets 本集团就所有并非按公平价值计入损益持有的债务工具确 The Group recognises an allowance for expected credit losses 认预期信贷亏损（「预期信贷亏损」）拨备。预期信贷亏损 (“ECLs”) for all debt instruments not held at fair value through profit 乃基于根据合约到期的合约现金流量与本集团预期收取的 or loss. ECLs are based on the difference between the contractual cash 所有现金流量之间的差额计算，以原定实际利率近似值折 flows due in accordance with the contract and all the cash flows that 现。预期现金流量将包括出售所持抵押品的现金流量或组 the Group expects to receive, discounted at an approximation of the 成合约条款的其他信贷提升措施。 original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. 一般方法 General approach 预期信贷亏损分两个阶段确认。对自初始确认起信贷风险 ECLs are recognised in two stages. For credit exposures for which 并无显著增加的信贷风险敞口，需为于未来12个月内可能 there has not been a significant increase in credit risk since initial 发生的违约事件导致的信贷亏损计提预期信贷亏损（12个月 recognition, ECLs are provided for credit losses that result from default 预期信贷亏损）拨备。对该等自初始确认起信贷风险显著增 events that are possible within the next 12 months (a 12-month ECL). 加的信贷风险敞口，需为于敞口剩余期间内预期的信贷亏 For those credit exposures for which there has been a significant 损作出亏损拨备（不论违约时间如何）（全期预期信贷亏损）。 increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). 于各报告日期，本集团评估金融工具自初始确认起信贷风 At each reporting date, the Group assesses whether the credit risk 险是否显著增加。于进行评估时，本集团对金融工具于报 on a financial instrument has increased significantly since initial 告日期发生违约的风险与金融工具于初始确认日期发生违 recognition. When making the assessment, the Group compares the risk 约的风险进行比较，并考虑在无需繁重成本或努力下可取 of a default occurring on the financial instrument as at the reporting 得的合理及可支持资料，包括过往及前瞻性资料。本集团 date with the risk of a default occurring on the financial instrument 认为，合约金额逾期30天以上代表信贷风险已大幅上升。 as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers that there has been a significant increase in credit risk when contractual amounts are more than 30 days past due. 本集团认为金融资产于合约付款逾期90天时属违约。然 The Group considers a financial asset in default when contractual 而，于若干情况下，当经计及本集团所持的任何信贷提升 payments are 90 days past due. However, in certain cases, the Group 措施前，内部或外部资料显示本集团不太可能全数收回尚 may also consider a financial asset to be in default when internal or 未偿还合约金额时，本集团亦可能认为金融资产属违约。 external information indicates that the Group is unlikely to receive the 当无法合理预期收回合约现金流量时，金融资产予以撇销。 outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. 98

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 金融资产减值（续） Impairment of financial assets (Continued) 一般方法（续） General approach (Continued) 按摊销成本计量的金融资产于一般方法下或会出现减值， Financial assets at amortised cost are subject to impairment under the 其按以下计量预期信贷亏损的阶段分类，惟应用下文所述 general approach and they are classified within the following stages 简化方法的应收贸易款项除外。 for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below. 第1阶段－自初始确认起信贷风险并未显著增加及其亏 Stage 1 – Financial instruments for which credit risk has not 损拨备按相等于12个月预期信贷亏损的金额 increased significantly since initial recognition and 计量的金融工具 for which the loss allowance is measured at an amount equal to 12-month ECLs 第2阶段－自初始确认起信贷风险显著增加但并非信贷 Stage 2 – Financial instruments for which credit risk has 减值金融资产及亏损拨备按相等于全期预期 increased significantly since initial recognition but 信贷亏损的金额计量的金融工具 that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs 第3阶段－于报告日期已作信贷减值（但并非购买或源 Stage 3 – Financial assets that are credit-impaired at the 生已发生信贷减值）及亏损拨备按相等于全 reporting date (but that are not purchased or 期预期信贷亏损的金额计量的金融资产 originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs 信贷减值 Credit-impaired 当发生一项或多项对金融资产估计未来现金流量有不利影 A financial asset is credit-impaired when one or more events of default 响的违约事件时，金融资产出现信贷减值。金融资产信贷 that have a detrimental impact on the estimated future cash flows of 减值的证据包括有关以下事件的可观察数据： that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: a) 发行人或借款人出现重大财政困难； a) significant financial difficulty of the issuer or the borrower; b) 违约，例如拖欠或逾期事项； b) a breach of contract, such as a default or past due event; c) 借款人的贷款人因与借款人出现财务困难有关之经 c) the lender(s) of the borrower, for economic or contractual 济或合约理由而给予借款人在其他情况下贷款人不 reasons relating to the borrower’s financial difficulty, having 予考虑之优惠条件；或 granted to the borrower a concession(s) that the lender(s) would not otherwise consider; or d) 借款人有可能破产或进行其他财务重组。 d) it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation. 99

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 金融资产减值（续） Impairment of financial assets (Continued) 撇销政策 Write-off policy 倘有资料显示交易方陷入严重财务困难且无实际可收回之 The Group writes off a financial asset when there is information 期望（如交易方已进行清盘或进入破产程序），本集团则撇 indicating that the counterparty is in severe financial difficulty 销金融资产。经考虑法律意见（倘适用）后，已撇销之金融 and there is no realistic prospect of recovery, for example, when 资产仍可能受制于本集团收回程序下之执法活动。撇销构 the counterparty has been placed under liquidation or has entered 成解除确认事件。其后的任何收回均在损益中确认。 into bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in profit or loss. 简化方法 Simplified approach 对于并无重大融资部分的应收贸易款项，或当本集团使用 For trade receivables that do not contain a significant financing 不调整重大融资部分的影响的可行权宜方法时，本集团应 component or when the Group applies the practical expedient of not 用简化方法计算预期信贷亏损。根据简化方法，本集团并 adjusting the effect of a significant financing component, the Group 无追踪信贷风险的变动，惟于各报告日期根据全期预期信 applies the simplified approach in calculating ECLs. Under the 贷亏损确认亏损拨备。本集团已设立根据本集团过往信贷 simplified approach, the Group does not track changes in credit risk, 亏损经验及违约概率计算的拨备矩阵，并按照与债务人相 but instead recognises a loss allowance based on lifetime ECLs at each 关的前瞻性因素及经济环境作出调整。此外，本集团已对 reporting date. The Group has established a provision matrix that is 各债务人应收贸易款项的全期预期信贷亏损进行个别评估。 based on its historical credit loss experience, probability of default, adjusted for forward-looking factors specific to the debtors and the economic environment. In addition, the Group has assessed the lifetime ECLs for trade receivables individually for each debtor. 金融负债 Financial liabilities 初始确认及计量 Initial recognition and measurement 金融负债于初始确认时分类为贷款、借贷或应付款项（倘适 Financial liabilities are classified, at initial recognition, as loans and 用）。 borrowings or payables, as appropriate. 所有金融负债初始以公平价值确认，倘为贷款及借贷以及 All financial liabilities are recognised initially at fair value and, in the 应付款项，则扣除直接应占交易成本。 case of loans and borrowings and payables, net of directly attributable transaction costs. 100

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 金融负债（续） Financial liabilities (Continued) 初始确认及计量（续） Initial recognition and measurement (Continued) 本集团将供应商融资安排产生的金融负债分类为财务状况 The Group classifies financial liabilities that arise from a supplier 表中的应付贸易款项及应付票据，倘若其性质和功能与应 finance arrangement within trade and bills payables in the statement 付贸易款项类似。如果供应商融资安排是本集团正常经营 of financial position if they have a similar nature and function to trade 周期中使用的营运资金的一部分，提供的担保水平与应付 payables. This is the case if the supplier finance arrangement is part 贸易款项类似，且作为供应链融资安排一部分的负债条款 of the working capital used in the Group’s normal operating cycle, the 与不属该安排的应付贸易款项条款没有实质性差异，则属 level of security provided is similar to trade payables and the terms 这种情况。与财务状况表中分类为应付贸易款项及应付票 of the liabilities that are part of the supply chain finance arrangement 据的供应商融资安排产生的负债相关的现金流计入现金流 are not substantially different from the terms of trade payables that are 量表中的经营业务中。 not part of the arrangement. Cash flows related to liabilities arising from supplier finance arrangements that are classified in trade and bills payables in the statement of financial position are included in operating activities in the statement of cash flows. 按摊销成本计量的金融负债（贸易及其他应付款项，及借 Subsequent measurement of financial liabilities at amortised cost 贷）的其后计量 (trade and other payable, and borrowings) 于初始确认后，贸易及其他应付款项，及计息借贷其后以 After initial recognition, trade and other payables, and interest-bearing 实际利率法按摊销成本计量，除非折现的影响并不重大， borrowings are subsequently measured at amortised cost, using the 在此情况下则按成本列账。解除确认负债及透过实际利率 effective interest rate method unless the effect of discounting would be 摊销过程中产生的收益及亏损于损益中确认。 immaterial, in which case they are stated at cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest rate amortisation process. 计算摊销成本时会考虑收购所产生的任何折让或溢价，亦 Amortised cost is calculated by taking into account any discount or 包括构成实际利率不可或缺的一部分的费用或成本。实际 premium on acquisition and fees or costs that are an integral part of 利率摊销计入损益中的融资成本。 the effective interest rate. The effective interest rate amortisation is included in finance costs in profit or loss. 解除确认金融负债 Derecognition of financial liabilities 金融负债于该负债的责任解除或取消或届满时解除确认。 A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. 当现有金融负债被另一项来自相同贷款人且条款有重大不 When an existing financial liability is replaced by another from the 同的金融负债所取代，或现有负债的条款经重大修订，该 same lender on substantially different terms, or the terms of an existing 等取代或修订按解除确认原负债并确认一项新负债处理， liability are substantially modified, such an exchange or modification 相关账面值的差额于损益中确认。 is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognised in profit or loss. 101

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 金融工具的抵销 Offsetting of financial instruments 倘于目前有强制执行的法律权利可抵销已确认金额并有意 Financial assets and financial liabilities are offset and the net amount is 以净额基准结算或同时变现资产及偿还负债时，金融资产 reported in the consolidated statement of financial position if there is a 和金融负债可抵销并按净额列报于综合财务状况表内。 currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. 存货 Inventories 存货乃按成本与可变现净值两者中的较低者列账。成本乃 Inventories are stated at the lower of cost and net realisable value. 按加权平均基准计算，而就在制品及制成品而言，包括直 Cost is determined on the weighted average basis and, in the case of 接材料、直接工资及合适比例的运作费用。可变现净值乃 work in progress and finished goods, comprises direct materials, direct 根据估计售价减去完成及销售所需的任何估计成本计算。 labour and an appropriate proportion of overheads. Net realisable value is based on estimated selling prices less any estimated costs to be incurred to completion and disposal. 现金及现金等值项目 Cash and cash equivalents 于财务状况表的现金及现金等值项目包括手头及银行现 Cash and cash equivalents in the statement of financial position 金，以及一般于3个月内到期的短期高流动存款，其可随时 comprise cash on hand and at banks, and short-term highly liquid 兑换为已知数额现金、价值变动风险不重大且持作以满足 deposits with a maturity of generally within three months that 短期现金承诺。 are readily convertible into known amounts of cash, subject to an insignificant risk of changes in value, and held for the purpose of meeting short-term cash commitments. 就综合现金流量表之目的而言，现金及现金等值项目由手 For the purpose of the consolidated statement of cash flows, cash and 头及银行现金以及上述所界定的短期存款所组成，并减去 cash equivalents comprise cash on hand and at banks, and short-term 须按要求偿还及构成本集团现金管理不可或缺的一部分的 deposits as defined above, less bank overdrafts which are repayable on 银行透支。 demand and form an integral part of the Group’s cash management. 拨备 Provisions 倘因过往事件须承担现时责任（法定或推定），而履行该责 A provision is recognised when a present obligation (legal or 任可能导致未来资源流出，且该责任所涉金额能够可靠估 constructive) has arisen as a result of a past event and it is probable that 计，则确认拨备。 a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. 当折现的影响属重大时，所确认拨备的金额乃为预期履行 When the effect of discounting is material, the amount recognised for 责任所需的未来开支于报告期末的现值。因时间流逝而导 a provision is the present value at the end of the reporting period of 致折现的现值增加的数额，乃计入损益内。 the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in profit or loss. 102

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 拨备（续） Provisions (Continued) 亏损性合约 Onerous contracts 亏损性合约项下所产生的现时责任乃确认及计量为拨备。 Present obligations arising under onerous contracts are recognised and 当本集团为履行其所拥有合约项下责任无可避免地产生的 measured as provisions. An onerous contract is considered to exist 成本超出预期自该合约收取的经济利益时，则被视为存在 where the Group has a contract under which the unavoidable costs 亏损性合约。 of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract. 重置拨备 Restoration provisions 将租赁资产按照租赁条款及条件的规定恢复至其原状的成 Provisions for the costs to restore leased assets to their original 本拨备，乃于租赁开始日期按董事最佳估计的恢复资产所 condition, as required by the terms and conditions of the lease, are 需支出确认。估计乃定期审阅及就新情况作出适当调整。 recognised at the date of inception of the lease at the directors’ best estimate of the expenditure that would be required to restore the assets. Estimates are regularly reviewed and adjusted as appropriate for new circumstances. 所得税 Income tax 所得税包括即期及递延税项。与于损益以外确认的项目有 Income tax comprises current and deferred tax. Income tax relating to 关的所得税会于损益以外确认，分别于其他全面收入或直 items recognised outside profit or loss is recognised outside profit or 接于权益中确认。 loss, either in other comprehensive income or directly in equity. 即期税项资产及负债根据于报告期末前已颁布或实质颁布 Current tax assets and liabilities are measured at the amount expected 的税率（及税法），并考虑到本集团业务所在国家的现行诠 to be recovered from or paid to the taxation authorities, based on 释及惯例后按预计从税务机关退回或向税务机关支付的金 tax rates (and tax laws) that have been enacted or substantively 额计量。 enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates. 就于报告期末资产及负债的税基与彼等就财务报告而言的 Deferred tax is provided, using the liability method, on all temporary 账面值之间的所有暂时性差额，乃以负债法计提递延税项 differences at the end of the reporting period between the tax bases of 拨备。 assets and liabilities and their carrying amounts for financial reporting purposes. 递延税项负债乃就所有应课税暂时性差额确认入账，除非： Deferred tax liabilities are recognised for all taxable temporary differences, except: • 在交易时不影响会计溢利或应课税溢利或亏损且不 • when the deferred tax liability arises from the initial 产生同等应课税及可扣减暂时性差额的非业务合并 recognition of an asset or liability in a transaction that is not a 之交易中，初始确认资产或负债所产生的递延税项 business combination and, at the time of the transaction, affects 负债；及 neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and 103

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 所得税（续） Income tax (Continued) • 就与于附属公司的投资有关的应课税暂时性差额而 • in respect of taxable temporary differences associated with 言，倘暂时性差额的拨回时间可予控制及暂时性差 investments in subsidiaries, when the timing of the reversal 额可能不会在可见将来拨回。 of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. 递延税项资产乃就所有可扣减暂时性差额、结转的未动用 Deferred tax assets are recognised for all deductible temporary 税项抵免及任何未动用税项亏损予以确认。所确认的递延 differences, and the carryforward of unused tax credits and any unused 税项资产以可能出现应课税溢利以动用可扣减暂时性差 tax losses. Deferred tax assets are recognised to the extent that it 额、结转的未动用税项抵免及未动用税项亏损为限，惟下 is probable that taxable profit will be available against which the 列各项除外： deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilised, except: • 在交易时不影响会计溢利或应课税溢利或亏损且不 • when the deferred tax asset relating to the deductible temporary 产生同等应课税及可扣减暂时性差额的非业务合并 differences arises from the initial recognition of an asset or 之交易中，初始确认资产或负债产生可扣减暂时性 liability in a transaction that is not a business combination and, 差额有关的递延税项资产；及 at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and • 就与于附属公司的投资相关的可扣减暂时性差额而 • in respect of deductible temporary differences associated 言，仅在暂时性差额有可能在可见将来拨回，而且 with investments in subsidiaries, deferred tax assets are only 有可能出现应课税溢利，可用以抵扣该等暂时性差 recognised to the extent that it is probable that the temporary 额时，方会确认递延税项资产。 differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. 递延税项资产的账面值在报告期末予以审阅，并于不再可 The carrying amount of deferred tax assets is reviewed at the end of the 能有足够应课税溢利用以抵扣全部或部分递延税项资产之 reporting period and reduced to the extent that it is no longer probable 情况下作出相应扣减。未确认的递延税项资产于报告期末 that sufficient taxable profit will be available to allow all or part of the 重新评估，并于可能有足够应课税溢利用以收回全部或部 deferred tax asset to be utilised. Unrecognised deferred tax assets are 分递延税项资产时确认。 reassessed at the end of the reporting period and are recognised to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. 递延税项资产及负债乃根据于报告期末已颁布或实质已颁 Deferred tax assets and liabilities are measured at the tax rates that are 布的税率（及税法）按预期应用于该期间（当资产被变现或负 expected to apply to the period when the asset is realised or the liability 债被清还时）的税率计量。 is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. 104

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 所得税（续） Income tax (Continued) 当及仅当本集团存在可依法强制执行的权利，可以即期税 Deferred tax assets and deferred tax liabilities are offset if and only if 项资产抵销即期税项负债，及倘递延税项资产及递延税项 the Group has a legally enforceable right to set off current tax assets 负债与同一税务机关向同一课税实体或不同课税实体征收 and current tax liabilities and the deferred tax assets and deferred tax 的所税有关，而在预期结清或收回重大递延税项负债或资 liabilities relate to income taxes levied by the same taxation authority 产款额的各未来期间，该等课税实体有意以净额结清即期 on either the same taxable entity or different taxable entities which 税项负债及资产，或同时变现资产及结清负债，则递延税 intend either to settle current tax liabilities and assets on a net basis, 项资产与递延税项负债可互相抵销。 or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 政府补贴 Government grants 如能合理确保将获得补贴，且所有附带条件将被遵守，则 Government grants are recognised at their fair value where there is 政府补贴按公平价值确认。如补贴与开支项目有关，则会 reasonable assurance that the grant will be received and all attaching 有系统地于拟用作补偿成本的列支期间确认为收入。 conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the costs, for which it is intended to compensate, are expensed. 收入确认 Revenue recognition 来自客户合约之收入 Revenue from contracts with customers 本集团于完成履约责任时（或就此）确认收入，即于特定履 The Group recognises revenue when (or as) a performance obligation 约责任相关的货品的「控制权」转让予客户时。 is satisfied, i.e., when “control” of the goods underlying the particular performance obligation is transferred to the customer. 履约责任指可区分的单一货品（或一批货品）或一系列大致 A performance obligation represents a good (or a bundle of goods) that 相同的可区分货品。 is distinct or a series of distinct goods that are substantially the same. 105

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 收入确认（续） Revenue recognition (Continued) 来自客户合约之收入（续） Revenue from contracts with customers (Continued) 倘符合下列其中一项标准，控制权随时间转移，而收入会 Control is transferred over time and revenue is recognised over time by 按随时间就已完成相关履约责任的进度而确认： reference to the progress towards complete satisfaction of the relevant performance obligation if one of the following criteria is met: • 于本集团履约时，客户同时取得并耗用本集团履约 • the customer simultaneously receives and consumes the 所提供的利益； benefits provided by the Group’s performance as the Group performs; • 本集团的履约产生或提升一项资产，而该项资产于 • the Group’s performance creates or enhances an asset that the 本集团履约时由客户控制；或 customer controls as the Group performs; or • 本集团的履约并未产生对本集团有替代用途的资 • the Group’s performance does not create an asset with an 产，且本集团对迄今已完成履约的付款具有可强制 alternative use to the Group and the Group has an enforceable 执行的权利。 right to payment for performance completed to date. 否则，收入会在客户获得可区分的货品的控制权时在某一 Otherwise, revenue is recognised at the point in time when the 时点确认。 customer obtains control of the distinct goods. 来自其他来源之收入 Revenue from other sources 租金收入于租赁期按时间比例确认，并不依赖指数或利率 Rental income is recognised on a time proportion basis over the lease 的可变租赁付款于其产生的会计期间确认为收入。 terms. Variable lease payments that do not depend on an index or a rate are recognised as income in the accounting period in which they are incurred. 其他收入 Other income 利息收入使用实际利率法按应计基准确认，而实际利率为 Interest income is recognised on an accrual basis using the effective 在金融工具的预计年期或在较短期间内（倘适用）将估计未 interest method by applying the rate that exactly discounts the 来现金收入实际折现为金融资产账面净值的利率。 estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. 106

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 合约负债 Contract liabilities 合约负债在本集团转让相关货物或服务前自客户收取款项 A contract liability is recognised when a payment is received or a 或款项到期（以较早者为准）时确认。合约负债于本集团履 payment is due (whichever is earlier) from a customer before the 行合约（即向客户转移相关货物制权）时确认为收入。 Group transfers the related goods or services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e. transfers control of the related goods to the customer). 客户忠诚度计划 Customer loyalty programme 本集团实施客户忠诚度计划，若干顾客于购物时累积之积 The Group operates a customer loyalty programme, where certain 分，可让他们免费或以折扣价购物。客户忠诚度计划产生 customers accumulate points for purchases made which entitle them to 单独的履约义务，原因为其向客户提供一项重大权利且根 purchase goods for free or at a discounted price. The customer loyalty 据相对独立的销售价格将一部分交易价格分配至授予客户 programme gives rise to a separate performance obligation because it 的忠诚度积分。 provides a material right to the customer and allocates a portion of the transaction price to the loyalty credits awarded to customers based on the relative stand-alone selling price. 已发放的奖赏积分将结转至下一会计年度末（所有已发放的 The awarded points issued will be carried forward to next fiscal 奖赏积分将于每年3月31日到期）。于合约的任何订约方已 year end (All awarded points will expire on 31 March of each year). 履约时，视乎本集团的履约及客户的付款之间的关系，本 When either party to a contract has performed, the Group presents 集团于综合财务状况表中将合约呈列为合约资产或合约负 the contract in the consolidated statement of financial position as a 债。 contract asset or a contract liability, depending on the relationship between the Group’s performance and the customer’s payment. 倘本集团向客户转让承诺商品前客户支付代价或本集团有 If a customer pays consideration or the Group has a right to an amount 权无条件取得代价金额，则本集团在收讫付款或应收款项 of consideration that is unconditional, before the Group transfers the 入账时（以较早者为准）将合约呈列为合约负债。合约负债 promised goods to the customer, the Group presents the contract as 指本集团转让承诺商品予客户的责任，本集团就此从客户 a contract liability when the payment is received or a receivable is 收取代价（或到期的代价金额）。 recorded (whichever is earlier). A contract liability is the Group’s obligation to transfer the promised goods to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer. 应收款项于本集团对代价拥有无条件权利时入账。倘代价 A receivable is recorded when the Group has an unconditional right 仅随时间推移即会成为到期应付，则收取代价的权利为无 to consideration. A right to consideration is unconditional if only the 条件。 passage of time is required before payment of that consideration is due. 107

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 以股份为基础之偿付 Share-based payments 本公司实施购股权计划。本集团的雇员（包括董事）按以股 The Company operates share option schemes. Employees (including 份为基础之偿付方式收取酬金，据此雇员以提供服务以换 directors) of the Group receive remuneration in the form of share-based 取权益工具的代价（「权益结算交易」）。 payments, whereby employees render services in exchange for equity instruments (“equity-settled transactions”). 与雇员进行权益结算交易的成本参考其授出日期的公平价 The cost of equity-settled transactions with employees is measured by 值进行计量。公平价值以柏力克—舒尔斯期权定价模式厘 reference to the fair value at the date at which they are granted. The 定，进一步详情载于综合财务报表附注27中。 fair value is determined by using the Black-Scholes option pricing model, further details of which are given in note 27 to the consolidated financial statements. 权益结算交易的成本连同权益相应增加部分，在达至业绩 The cost of equity-settled transactions is recognised in employee 及╱或服务条件期间于雇员福利开支内确认为权益结算交 benefit expense, together with a corresponding increase in equity, 易的累计开支反映归属日期届满时的水平及本集团对最终 over the period in which the performance and/or service conditions 归属的权益工具数目的最佳估计。于某期间内损益的扣除 are fulfilled. The cumulative expense recognised for equity-settled 或入账反映于该期间开始及结束时确认的累计开支变动。 transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to profit or loss for a period represents the movement in the cumulative expense recognised as at the beginning and end of that period. 108

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 以股份为基础之偿付（续） Share-based payments (Continued) 于厘定奖励于授予日期的公平价值时不计及服务及非市场 Service and non-market performance conditions are not taken into 表现条件，但会评估满足条件的可能性，作为本集团对最 account when determining the grant date fair value of awards, but the 终将归属的权益工具数目最佳估计的一部分。市场表现条 likelihood of the conditions being met is assessed as part of the Group’s 件会在授予日期公平价值内体现。奖励附带但并无相关服 best estimate of the number of equity instruments that will ultimately 务要求的任何其他条件被视为非归属条件。非归属条件于 vest. Market performance conditions are reflected within the grant 奖励的公平价值内反映并导致奖励直接列为开支，除非还 date fair value. Any other conditions attached to an award, but without 存在服务及╱或表现条件。 an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. 就因未达至非市场表现及╱或服务条件而最终未归属的奖 For awards that do not ultimately vest because non-market 励而言，并无开支予以确认。倘奖励包括一项市场或非归 performance and/or service conditions have not been met, no expense 属条件，不论是否达至该市场或非归属条件，只要达至所 is recognised. Where awards include a market or non-vesting 有其他表现及╱或服务条件，交易即视作归属处理。 condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. 倘若以权益结算之奖励的条款经修订，而若达至奖励的原 Where the terms of an equity-settled award are modified, as a minimum 有条款，所确认的开支最少须达至犹如条款并无修订的水 an expense is recognised as if the terms had not been modified, if 平。此外，倘若按修订日期计量，任何修改导致以股份为 the original terms of the award are met. In addition, an expense is 基础之偿付总公平价值增加，或对雇员带来其他利益，则 recognised for any modification that increases the total fair value of 应就该修订确认开支。倘若以权益结算之奖励被注销，应 the share-based payments, or is otherwise beneficial to the employee 被视为已于注销日期归属，任何尚未确认之奖励开支应立 as measured at the date of modification. Where an equity-settled award 即予以确认。 is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognised for the award is recognised immediately. 未行使购股权的摊薄效应在计算每股盈利时反映为额外的 The dilutive effect of outstanding options is reflected as additional 股份摊薄。 share dilution in the computation of earnings per share. 109

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 其他雇员福利 Other employee benefits 退休金计划 Pension schemes 本集团根据《强制性公积金计划条例》为其所有香港雇员 The Group operates a defined contribution Mandatory Provident Fund 实施一项界定供款强制性公积金退休福利计划（「强积金计 retirement benefit scheme (the “MPF Scheme”) under the Mandatory 划」）。根据强积金计划的规则，供款基于雇员基本薪金的 Provident Fund Schemes Ordinance for all of its employees in Hong 某个百分比作出并于应付时自损益扣除。强积金计划的资 Kong. Contributions are made based on a percentage of the employees’ 产于一个独立管理基金内与本集团资产分开存放。本集团 basic salaries and are charged to profit or loss as they become payable 的雇主供款于缴入强积金计划时全部归属于雇员。 in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme. 本集团于中国内地经营的附属公司的雇员必须参加由当地 The employees of the Group’s subsidiaries which operate in Mainland 市政府运行的中央退休金计划。该等附属公司须按其工资 China are required to participate in a central pension scheme operated 成本的某一百分比向中央退休金计划供款。根据中央退休 by the local municipal government. These subsidiaries are required 金计划的规则，供款于应付时自损益中扣除。 to contribute a certain percentage of their payroll costs to the central pension scheme. The contributions are charged to profit or loss as they become payable in accordance with the rules of the central pension scheme. 于中国内地以外司法权区向国家管理的退休福利计划作出 Payments to state-managed retirement benefit schemes in jurisdictions 的付款，于雇员提供服务使其有权获得供款时扣作开支。 other than Chinese Mainland are charged as expenses when employees have rendered services entitling them to the contributions. 终止福利 Termination benefits 终止福利之负债于集团实体不再有权撤销终止福利要约时 A liability for a termination benefit is recognised at the earlier of when 及于其确认涉及终止福利付款的任何相关重组成本时（以较 the group entity can no longer withdraw the offer of the termination 早者为准）予以确认。 benefit and when it recognises any related restructuring costs involving the payment of termination benefit. 短期雇员福利 Short-term employee benefits 短期雇员福利于雇员提供服务时，按预期须予支付之福利 Short-term employee benefits are recognised at the undiscounted 之未折现金额予以确认。除非另一香港财务报告准则规定 amount of the benefits expected to be paid as and when employees 或允许将福利计入一项资产的成本当中，否则所有短期雇 rendered the services. All short-term employee benefits are recognised 员福利确认为支出。 as an expense unless another HKFRS requires or permits the inclusion of the benefits in the cost of an asset. 负债乃就应计雇员福利（如工资及薪金、年假及病假）扣除 A liability is recognised for benefits accruing to employees (such as 任何已付金额后予以确认。 wages and salaries, annual leave and sick leave) after deducting any amount already paid. 110

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 借贷成本 Borrowing costs 借贷成本乃于其产生之期间列支。借贷成本包括一间实体 Borrowing costs are expensed in the period in which they are incurred. 就借入资金所产生之利息及其他成本。 Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 股息 Dividends 于股东大会获得股东批准时，末期股息被确认为一项负债。 Final dividends are recognised as a liability when they are approved by the shareholders in a general meeting. 外币 Foreign currencies 该等财务报表乃以港元（即本公司的功能货币）呈列。本集 These financial statements are presented in HK$, which is the 团各实体自行厘定其功能货币，各实体的财务报表中的项 Company’s functional currency. Each entity in the Group determines 目均以该功能货币计量。本集团内的实体确认的外币交易 its own functional currency and items included in the financial 初始按交易日彼等各自功能货币的现行汇率换算入账。以 statements of each entity are measured using that functional currency. 外币计值的货币资产及负债，按功能货币于报告期末的汇 Foreign currency transactions recorded by the entities in the Group 率换算。结算或换算货币项目所产生的差额于损益中确认。 are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognised in profit or loss. 以外币列值按历史成本计算的非货币项目按初始交易日期 Non-monetary items that are measured in terms of historical cost in a 的汇率换算。以外币列值并按公平价值计量的非货币项目 foreign currency are translated using the exchange rates at the dates 按计量公平价值当日的汇率换算。换算按公平价值计量非 of the initial transactions. Non-monetary items measured at fair value 货币项目所产生的收益或亏损以与确认该项目公平价值变 in a foreign currency are translated using the exchange rates at the 动的收益或亏损一致的方式处理（即于其他全面收入或损益 date when the fair value was measured. The gain or loss arising on 中确认公平价值收益或亏损的项目的换算差额亦分别于其 translation of a non-monetary item measured at fair value is treated in 他全面收入或损益中确认）。 line with the recognition of the gain or loss on change in fair value of the item (i.e. translation difference on the item whose fair value gain or loss is recognised in other comprehensive income or profit or loss is also recognised in other comprehensive income or profit or loss, respectively). 111

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 2. 会计政策（续） 2. Accounting Policies (Continued) 2.4. 重大会计政策（续） 2.4. Material Accounting Policies (Continued) 外币（续） Foreign currencies (Continued) 于解除确认涉及预付代价的非货币资产或非货币负债时， In determining the exchange rate on initial recognition of the related 为确定相关资产、开支或收入于初始确认时的汇率，初始 asset, expense or income on the derecognition of a non-monetary asset 交易日期为本集团初始确认预付代价所产生非货币资产或 or non-monetary liability relating to an advance consideration, the date 非货币负债的日期。倘存在多次付款或收取预付款项，则 of initial transaction is the date on which the Group initially recognises 本集团厘定每次付款或收取预付款项的交易日期。 the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration. 若干海外附属公司的功能货币为港元以外的货币。于报告 The functional currencies of certain overseas subsidiaries are 期末，该等实体的资产及负债按报告期末的现行汇率换算 currencies other than the HK$. As at the end of the reporting period, 为港元，且其损益按与该等交易日期现行的汇率相若的汇 the assets and liabilities of these entities are translated into HK$ at 率换算为港元。 the exchange rates prevailing at the end of the reporting period and their profit or loss is translated into HK$ at the exchange rates that approximate to those prevailing at the dates of the transactions. 所产生的汇兑差额于其他全面收入中确认，并于汇兑储备 The resulting exchange differences are recognised in other 中累计，惟归因于非控股权益的差额除外。于出售一项海 comprehensive income and accumulated in the translation reserve, 外业务时，与该特定海外业务有关于储备中累计的金额于 except to the extent that the differences are attributable to non- 损益中确认。 controlling interest. On disposal of a foreign operation, the cumulative amount in the reserve relating to that particular foreign operation is recognised in profit or loss. 就综合现金流量表而言，海外附属公司之现金流量按现金 For the purpose of the consolidated statement of cash flows, the cash 流量当日之汇率换算为港元。海外附属公司于整个年度之 flows of overseas subsidiaries are translated into HK$ at the exchange 经常性现金流量则按本年度加权平均汇率换算为港元。 rates ruling at the dates of the cash flows. Frequently recurring cash flows of overseas subsidiaries which arise throughout the year are translated into HK$ at the weighted average exchange rates for the year. 112

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 3. 主要会计判断及估计 3. Significant Accounting Judgements and Estimates 编制本集团财务报表需要管理层作出判断、估计及假设， The preparation of the Group’s financial statements requires 该等判断、估计及假设会影响营业额、开支、资产及负债 management to make judgements, estimates and assumptions that 的报告金额及其附带披露，以及或然负债的披露。有关该 affect the reported amounts of revenues, expenses, assets and 等假设及估计之不确定性可能导致须对日后受到影响的资 liabilities, and their accompanying disclosures, and the disclosure 产或负债的账面值作出重大调整。 of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future. 判断 Judgements 在应用本集团会计政策的过程中，管理层已作出以下判断 In the process of applying the Group’s accounting policies, （涉及估计者除外），该等判断对于财务报表内确认的金额 management has made the following judgements, apart from those 产生重大影响： involving estimations, which have the most significant effect on the amounts recognised in the financial statements: 投资物业之递延税项 Deferred taxation on investment properties 就计量采用公平价值模式计量之投资物业所产生的递延税 For the purposes of measuring deferred tax liabilities arising from 项负债而言，本公司董事已审阅本集团之投资物业组合， investment properties that are measured using the fair value model, 并认为： the directors of the Company have reviewed the Group’s investment property portfolios and concluded that: (i) 本集团位于香港之投资物业并非透过随时间消耗该 (i) the Group’s investment properties located in Hong Kong are 等物业所包含的绝大部分经济利益之商业模式持 not held under a business model whose objective is to consume 有。因此，于计量本集团位于香港之投资物业之递 substantially all of the economic benefits embodied in the 延税项时，本公司董事已决定按公平价值模式计量 investment properties over time. Therefore, in measuring the 之投资物业之账面值可透过出售全数收回之假定并 Group’s deferred taxation on investment properties located in 无被驳回。由于本集团无须就出售其投资物业缴纳 Hong Kong, the directors of the Company have determined 任何所得税，故此本集团并无按位于香港之投资物 that the presumption that the carrying amounts of investment 业公平价值变动确认任何递延税项。 properties measured using the fair value model are recovered entirely through sale is not rebutted. As a result, the Group has not recognised any deferred taxes on changes in fair value of investment properties located in Hong Kong as the Group is not subject to any income taxes on disposal of its investment properties. 113

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 3. 主要会计判断及估计（续） 3. Significant Accounting Judgements and Estimates (Continued) 判断（续） Judgements (Continued) 投资物业之递延税项（续） Deferred taxation on investment properties (Continued) (ii) 本集团位于中国内地之投资物业乃以透过随时间消 (ii) the Group’s investment properties located in Mainland China 耗该等物业所包含的绝大部分经济利益之商业模式 are held under a business model whose objective is to consume 持有。因此，于计量本集团位于中国内地之投资物 substantially all of the economic benefits embodied in the 业之递延税项时，本公司董事已决定按公平价值模 investment properties over time. Therefore, in measuring the 式计量之投资物业之账面值可透过出售全数收回之 Group’s deferred taxation on investment properties located in 假定已被驳回。本集团按投资物业公平价值变动确 Mainland China, the directors of the Company have determined 认递延税项，基准为递延税项将跟随本集团预期于 whether the presumption that the carrying amounts of 报告期末收回投资物业账面值之方式反映税务影 investment properties measured using the fair value model are 响。 recovered entirely through sale is rebutted and the Group has recognised deferred tax on changes in fair value of investment properties on the basis that the deferred tax reflects the tax consequences that will follow from the manner in which the Group expects at the end of the reporting period to recover the carrying amount of the investment properties. 估计之不确定性 Estimation uncertainty 下文所述为有关未来以及报告期未估计不确定性的其他主 The key assumptions concerning the future and other key sources of 要来源的主要假设，该等假设具在下一个财政年度内对资 estimation uncertainty at the end of the reporting period, that have 产及负债的账面值进行重大调整的重大风险。 a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. 已识别之产业、厂房及设备及已识别之使用权资产之减值 Impairment of the Identified PPE and the Identified ROU assets 已识别之产业、厂房及设备及已识别之使用权资产乃按成 The Identified PPE and the Identified ROU assets are carried at cost 本减累计折旧及累计减值亏损（如有）列账。于厘定资产是 less accumulated depreciation and accumulated impairment losses, 否发生减值时，本集团管理层须行使判断并作出假设，特 if any. In determining whether an asset is impaired, the management 别是当评估：(1)是否有事件已发生或有任何指标可能影响 of the Group has to exercise judgement and make assumptions, 资产价值；(2)资产账面值是否能够由可收回金额支持，如 particularly when assessing: (1) whether an event has occurred or any 为使用价值，即按照持续使用资产估计的未来现金流量的 indicators that may affect the asset value; (2) whether the carrying 净现值；及(3)将应用于包括在现金流量预测中的估计使用 value of an asset can be supported by the recoverable amount, in the 价值的适当关键假设。 case of value in use and the net present value of future cash flows which are estimated based upon the continued use of the asset; and (3) the appropriate key assumptions to be applied in estimating the value in use included in the cash flow projections. 114

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 3. 主要会计判断及估计（续） 3. Significant Accounting Judgements and Estimates (Continued) 估计之不确定性（续） Estimation uncertainty (Continued) 已识别之产业、厂房及设备及已识别之使用权资产之减值 Impairment of the Identified PPE and the Identified ROU assets （续） (Continued) 倘不可能估计个别资产的可收回金额，本集团会估计资产 When it is not possible to estimate the recoverable amount of an 所属现金产生单位的可收回金额，包括当可确立合理及一 individual asset, the Group estimates the recoverable amount of the 致的分配基准时分配企业资产，否则按获分配相关企业资 cash-generating unit to which the asset belong, including allocation of 产之现金产生单位之最小组别厘定可收回金额。变更基本 corporate assets when a reasonable and consistent basis of allocation 假设及主要输入数据（包括但不限于现金流量预测中的预测 can be established, otherwise the recoverable amount is determined 营业额、毛利率及折现率）可能会对预估可收回金额造成重 at the smallest group of cash-generating units, for which the relevant 大影响。 corporate assets have been allocated. Changing the underlying assumptions and key inputs, including but not limited to the forecasted revenue, gross profit margins and discount rates, in the cash flow projections, could materially affect the estimated recoverable amounts. 于2025年3月31日，已识别之产业、厂房及设备及已识别 As at 31st March, 2025, the carrying amounts of the Identified PPE and 之使用权资产之账面值分别为4,351,000港元（2024年： the Identified ROU assets were HK$4,351,000 (2024: HK$5,751,000) 5,751,000港元）及87,831,000 港元（2024年：125,486,000 and HK$87,831,000 (2024: HK$125,486,000), respectively. The 港元）。已识别之产业、厂房及设备及已识别之使用权资 recoverable amounts of the Identified PPE and the Identified ROU 产之可收回金额已由本集团管理层通过对该等资产所属个 assets have been determined by the management of the Group using 别零售店舖进行使用价值计算厘定。使用价值计算使用基 value in use calculations of the individual retail stores to which 于管理层对市场发展的预期以及过去表现的折现现金流预 these assets belong. The value in use calculations are based on the 测，当中的主要输入参数包括预测营业额、毛利率及折现 discounted cash flow projections based on management’s expectations 率。由于无法个别估计各已识别之产业、厂房及设备及已 on the market development and the past performance, where the key 识别之使用权资产的可收回金额，故此本集团估计各零售 input parameters include forecasted revenue, gross profit margins and 店舖的可收回金额。截至2025年3月31日止年度，就已识 discount rates. The Group estimates the recoverable amount of each 别之产业、厂房及设备以及已识别之使用权资产分别于损 retail store as it is not possible to estimate the recoverable amount of 益中确认减值亏损482,000港元（2024年：442,000港元）及 each of the Identified PPE and the Identified ROU assets individually. 5,495,000港元（2024年：5,783,000港元）。 During the year ended 31st March, 2025, impairment losses on the Identified PPE and Identified ROU assets of HK$482,000 (2024: HK$442,000) and HK$5,495,000 (2024: HK$5,783,000), respectively, were recognised in profit or loss. 投资物业之估值 Valuation of investment properties 各项投资物业于各报告日期由独立外部估值师按其市场价 The fair value of each investment property is individually determined 值评估个别厘定。 at each reporting date by independent external valuers based on a market value assessment. 115

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 3. 主要会计判断及估计（续） 3. Significant Accounting Judgements and Estimates (Continued) 估计之不确定性（续） Estimation uncertainty (Continued) 投资物业之估值（续） Valuation of investment properties (Continued) 管理层与估值师紧密合作、行使判断以制定适当之估值技 Management works closely with the valuers and exercises judgement 术和模式之主要输入数据。用于厘定泊车位和一个位于香 to establish the appropriate valuation technique and key inputs to the 港的工业物业之公平价值的主要输入数据包括类似物业于 model. The key inputs used in determining the fair values of parking 市场上的可观察交易、并考虑到直接比较法项下的该等投 spaces and an industrial property located in Hong Kong include 资物业位置及状况之差异。用于厘定位于香港的商用物业 market observable transactions of similar properties and taking into 和位于中国内地的工业物业之公平价值的主要输入数据包 account the differences in the location and condition of the investment 括收入资本化法项下的资本化比率及每平方呎╱米之市值 properties under the direct comparison approach. The key inputs 月租。 used in determining the fair value of the commercial properties in Hong Kong and industrial properties in Mainland China include capitalisation rates and monthly market rents per square foot/metre under income capitalisation approach. 管理层认为本集团的投资物业之估值属最佳估计。该等假 The management considers the valuations of the Group’s investment 设的变动，包括宏观经济环境变化、国际贸易紧张局势及 properties are the best estimates. Changes to these assumptions, 地缘政治愈趋复杂、政策方向及╱或抵押要求的变化或其 including the potential risk of any market violation, policy, geopolitical 他突发事件导致的任何市场违规、政策、地缘政治和社会 and social changes or other unexpected incidents as a result of 变化或其他突发事件的风险，将导致本集团投资物业的公 change in macroeconomic environment, the increased complexity in 平价值产生变动，并对损益中报告的收益或亏损金额作出 international trade tension and geopolitics, changes in policy direction 相应调整。 and/or mortgage requirements, or other unexpected incidents would result in changes in the fair values of the Group’s investment properties and the corresponding adjustments to the amount of gain or loss reported in profit or loss. 于2025年3月31日，本集团投资物业之公平价值为 As at 31st March, 2025, the fair value of the Group’s investment 513,552,000港元（2024年：552,651,000港元）。进一步详情 properties amounted to HK$513,552,000 (2024: HK$552,651,000). 载于综合财务报表附注13，当中包括公平价值计量所用的 Further details, including the key assumptions used for fair value 主要假设及敏感度分析。 measurement and a sensitivity analysis, are given in note 13 to the consolidated financial statements. 存货拨备 Allowance for inventories 存货按成本与可变现净值两者间的较低者列账。管理层已 Inventories are stated at the lower of cost and net realisable values. 按存货账龄分析、预期市况改变（影响需求及价格），以及 Management has determined the allowance for obsolete and slow- 将存货账面值与其估计可变现净值（主要按最近期售价估 moving inventory items at the end of reporting period with reference to 计）作比较，以决定于报告期末之废弃及慢流存货项目之拨 the inventory ageing analysis, changes in expected market conditions 备。估计存货之可变现净值时，当中涉及重大程度之管理 impacting the demand and pricing and by comparing the carrying 层判断、假设及估计。当存货的可变现净值低于预期时， amount of inventories with their estimated net realisable values, 可能产生进一步拨备。 primarily based on the latest selling prices. When estimating the net realisable value of the inventories, a significant degree of management judgement, assumptions and estimation are applied. When the net realisable values of the inventories are lower than expectation, further allowance may arise. 116

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 3. 主要会计判断及估计（续） 3. Significant Accounting Judgements and Estimates (Continued) 估计之不确定性（续） Estimation uncertainty (Continued) 存货拨备（续） Allowance for inventories (Continued) 于2025年3月31日，存货账面值（扣除存货拨备额 As at 31st March, 2025, the carrying amount of inventories was 12,944,000港元（2024年：18,095,000港元））为120,605,000 HK$120,605,000 (2024: HK$106,501,000) after netting off the 港元（2024年：106,501,000港元）。 allowance for inventories of HK$12,944,000 (2024: HK$18,095,000). 4. 营业额及分类资料 4. Revenue and Segment Information (a) 营业额 (a) Revenue 截至2025年3月31日止年度 For the year ended 31st March, 2025 分拆来自客户合约之收入 Disaggregation of revenue from contracts with customers 化妆品时装总计 Cosmetics Fashion Total 千港元千港元千港元 HK$’000 HK$’000 HK$’000 商品类别 Types of goods 销售化妆品 Sale of cosmetics 350,815 – 350,815 制造及销售女仕时装 Manufacture and sale of ladies fashion – 130,669 130,669 总计 Total 350,815 130,669 481,484 收入确认的时间 Timing of revenue recognition 在某一时点 At point in time 350,815 130,669 481,484 地区市场 Geographical markets 香港及澳门 Hong Kong and Macau 350,815 130,669 481,484 中国之其他地区 Other regions of the PRC – – – 总计 Total 350,815 130,669 481,484 117

化妆品	时装	总计
Cosmetics	Fashion	Total
千港元	千港元	千港元
HK$’000	HK$’000	HK$’000
350,815	–	350,815
–	130,669	130,669
350,815	130,669	481,484
350,815	130,669	481,484
350,815	130,669	481,484
–	–	–
350,815	130,669	481,484

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 4. 营业额及分类资料（续） 4. Revenue and Segment Information (Continued) (a) 营业额（续） (a) Revenue (Continued) 截至2024年3月31日止年度 For the year ended 31st March, 2024 分拆来自客户合约之收入 Disaggregation of revenue from contracts with customers 化妆品时装总计 Cosmetics Fashion Total 千港元千港元千港元 HK$’000 HK$’000 HK$’000 商品类别 Types of goods 销售化妆品 Sale of cosmetics 426,537 – 426,537 制造及销售女仕时装 Manufacture and sale of ladies fashion – 160,173 160,173 总计 Total 426,537 160,173 586,710 收入确认的时间 Timing of revenue recognition 在某一时点 At point in time 426,537 160,173 586,710 地区市场 Geographical markets 香港及澳门 Hong Kong and Macau 426,537 160,147 586,684 中国之其他地区 Other regions of the PRC – 26 26 总计 Total 426,537 160,173 586,710 就向批发市场销售女仕时装而言，收入于货品控制权转移 For sales of ladies fashion to the wholesale market, revenue is 时确认（即货品已付运至批发商的特定地点（交付））。于 recognised when control of the goods has been transferred, being 交付后，批发商可全权酌情决定分销方式及出售货品的价 when the goods have been shipped to the wholesaler’s specific 格、于出售货品时承担主要责任并承担货品陈旧过时及损 location (delivery). Following the delivery, the wholesaler has the full 失的风险。正常信贷期为交付后的60天至120天。 discretion over the manner of distribution and price to sell the goods, has the primary responsibility when selling the goods and bears the risks of obsolescence and loss in relation to the goods. The normal credit term is 60 to 120 days upon delivery. 就向零售客户出售化妆品及女仕时装而言，收入于货品的 For sales of cosmetics products and ladies fashion to retail customers, 控制权转移时（即客户于零售店购买货品的时间点）确认。 revenue is recognised when control of the goods has been transferred, 交易价的付款应于紧随客户购买货品的时间点后支付。就 being at the point when the customer purchases the goods at the retail 透过百货公司的销售柜位销售女仕时装予零售顾客而言， stores. Payment of the transaction price is due immediately at the point 正常信贷期为顾客购买货品后的30天至60天。 when the customer purchases the goods. For sales of ladies fashion to retail customers through sales counters in department stores, the normal credit term is 30 to 60 days upon the customer purchases the goods. 118

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 4. 营业额及分类资料（续） 4. Revenue and Segment Information (Continued) (a) 营业额（续） (a) Revenue (Continued) 于报告期末，概无分配至履约责任的交易价尚未获偿付（或 There are no transaction prices allocated to the performance 部分尚未获偿付）。 obligations that are unsatisfied (or partially unsatisfied) as at the end of the reporting period. (b) 分类资料 (b) Segment information 向本公司执行董事（即主要营运决策人（「主要营运决策 Information reported to the executive directors of the Company, being 人」））报告之资料乃为针对所交付的货品类别作出资源分 the chief operating decision makers (“CODM”), for the purposes of 配及评核分类表现。向主要营运决策人报告的资料会进一 resource allocation and assessment of segment performance focuses on 步按香港及澳门境内不同零售店舖划分，而该等零售店舖 the types of goods delivered. The information reported to the CODM 各自被主要营运决策人视作独立营运分类。就分类报告而 is further categorised into different retail stores within Hong Kong and 言，该等个别营运分类已合并为单一报告分类。本集团呈 Macau, each of which is considered as a separate operating segment 列以下两个报告分类： by the CODM. For segment reporting, these individual operating segments have been aggregated into a single reportable segment. The Group has presented the following two reportable segments: (a) 从事化妆品销售业务的化妆品分类；及 (a) the cosmetics segment engages in the sales of cosmetics; and (b) 从事女仕时装制造及销售业务的时装分类。 (b) the fashion segment engages in the manufacture and sale of ladies fashion. 营运分类之会计政策与综合财务报表附注2.4所述本集团之 The accounting policies of the operating segments are the same as 重大会计政策相同。 the Group’s material accounting policies described in note 2.4 to the consolidated financial statements. 分类表现根据报告分类亏损评估，此乃经调整除税前亏损 Segment performance is evaluated based on reportable segment loss, 的计量方式。除投资物业的公平价值变动、若干其他收入 which is a measure of adjusted loss before tax. The adjusted loss before 及收益净额、中央行政费用、银行及其他借贷利息开支及 tax is measured consistently with the Group’s loss before tax except the 若干租赁负债之利息外，经调整除税前亏损的计量方法与 change in fair value of investment properties, certain other income and 本集团的除税前亏损的计量方式一致。 gains, net, central administration costs, interest expense on bank and other borrowings and interest on certain lease liabilities. 由于主要营运决策人并无审阅分类资产及负债之资料以分 No analysis of segment assets and liabilities is presented as the CODM 配资源及评估表现，故并无呈列有关分析。 do not review such information for the purposes of resource allocation and performance assessment. 分类间之销售及转让参考向第三方销售的当时市价之售价 Inter-segment sales and transfers are transacted with reference to the 而进行。 selling prices used for sales made to third parties at the prevailing market prices. 119

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 4. 营业额及分类资料（续） 4. Revenue and Segment Information (Continued) (b) 分类资料（续） (b) Segment information (Continued) 分类收益及业绩 Segment revenue and results 截至2025年3月31日止年度 For the year ended 31st March, 2025 化妆品时装分类总额抵销综合 Segment Cosmetics Fashion total Eliminations Consolidated 千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 营业额 REVENUE 对外销售 External sales 350,815 130,669 481,484 – 481,484 分类间之销售 Inter-segment sales – 36 36 (36) – 350,815 130,705 481,520 (36) 481,484 分类亏损 SEGMENT LOSS (32,612) (25,297) (57,909) – (57,909) 投资物业公平价值下降 Decrease in fair value of investment properties (40,918) 其他收入及收益净额 Other income and gains, net 12,158 中央行政费用 Central administration costs (5,501) 融资成本 Finance costs (31,823) 除税前亏损 Loss before tax (123,993) 120

化妆品	时装	分类总额	抵销	综合
Cosmetics	Fashion	Segment total	Eliminations	Consolidated
千港元	千港元	千港元	千港元	千港元
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
350,815	130,669	481,484	–	481,484
–	36	36	(36)	–
350,815	130,705	481,520	(36)	481,484
(32,612)	(25,297)	(57,909)	–	(57,909)
				(40,918)
				12,158
				(5,501)
				(31,823)
				(123,993)

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 4. 营业额及分类资料（续） 4. Revenue and Segment Information (Continued) (b) 分类资料（续） (b) Segment information (Continued) 分类收益及业绩（续） Segment revenue and results (Continued) 截至2024年3月31日止年度 For the year ended 31st March, 2024 化妆品时装分类总额抵销综合 Segment Cosmetics Fashion total Eliminations Consolidated 千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 营业额 REVENUE 对外销售 External sales 426,537 160,173 586,710 – 586,710 分类间之销售 Inter-segment sales – 12 12 (12) – 426,537 160,185 586,722 (12) 586,710 分类亏损 SEGMENT LOSS (19,467) (3,618) (23,085) – (23,085) 投资物业公平价值上升 Increase in fair value of investment properties 5,324 其他收入及收益净额 Other income and gains, net 12,459 中央行政费用 Central administration costs (6,042) 融资成本 Finance costs (27,067) 除税前亏损 Loss before tax (38,411) 121

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 4. 营业额及分类资料（续） 4. Revenue and Segment Information (Continued) (b) 分类资料（续） (b) Segment information (Continued) 其他分类资料 Other segment information 化妆品时装分类总额公司综合 Segment Cosmetics Fashion total Corporate Consolidated 千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 2025年 2025 存货之拨备╱（回拨） Provision for/(reversal of) inventories 3,305 (5,211) (1,906) – (1,906) 存货之撇账 Write-off of inventories 747 755 1,502 – 1,502 产业、厂房及设备之折旧 Depreciation of property, plant and equipment 1,861 1,693 3,554 128 3,682 使用权资产之折旧 Depreciation of right-of-use assets 55,437 36,965 92,402 467 92,869 出售产业、厂房及设备项目 Loss on disposal of items of property, 之亏损 plant and equipment 258 22 280 – 280 资本开支 Capital expenditure －产业、厂房及设备 – Property, plant and equipment 1,201 1,302 2,503 – 2,503 －使用权资产 – Right-of-use assets 27,377 33,445 60,822 – 60,822 亏损性合约之回拨 Reversal of onerous contracts (569) – (569) – (569) 产业、厂房及设备 Impairment of property, plant 之减值 and equipment 252 230 482 – 482 使用权资产之减值 Impairment of right-of-use assets 1,661 3,834 5,495 – 5,495 122

化妆品	时装	分类总额	公司	综合
Cosmetics	Fashion	Segment total	Corporate	Consolidated
千港元	千港元	千港元	千港元	千港元
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
3,305	(5,211)	(1,906)	–	(1,906)
747	755	1,502	–	1,502
1,861	1,693	3,554	128	3,682
55,437	36,965	92,402	467	92,869
258	22	280	–	280
1,201	1,302	2,503	–	2,503
27,377	33,445	60,822	–	60,822
(569)	–	(569)	–	(569)
252	230	482	–	482
1,661	3,834	5,495	–	5,495

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 4. 营业额及分类资料（续） 4. Revenue and Segment Information (Continued) (b) 分类资料（续） (b) Segment information (Continued) 其他分类资料（续） Other segment information (Continued) 化妆品时装分类总额公司综合 Segment Cosmetics Fashion total Corporate Consolidated 千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 2024年 2024 存货之拨备╱（回拨） Provision for/(reversal of) inventories 4,722 (3,735) 987 – 987 存货之撇账 Write-off of inventories 1,082 339 1,421 – 1,421 产业、厂房及设备之折旧 Depreciation of property, plant and equipment 1,367 2,165 3,532 1,347 4,879 使用权资产之折旧 Depreciation of right-of-use assets 52,359 40,657 93,016 121 93,137 出售产业、厂房及设备项目 Loss/(gain) on disposal of items of 之亏损╱（收益） property, plant and equipment 18 (293) (275) – (275) 资本开支 Capital expenditure －产业、厂房及设备 – Property, plant and equipment 4,041 2,098 6,139 – 6,139 －使用权资产 – Right-of-use assets 103,253 43,837 147,090 2,337 149,427 亏损性合约之 Provision for/(reversal of) 拨备╱（回拨） onerous contracts 443 (129) 314 – 314 产业、厂房及设备 Impairment of property, plant 之减值 and equipment 421 21 442 – 442 使用权资产之减值 Impairment of right-of-use assets 5,403 380 5,783 – 5,783 应收贸易款项之预期信贷亏损 Reversal of expected credit loss 之回拨 for trade receivables – (3,381) (3,381) – (3,381) 123

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 4. 营业额及分类资料（续） 4. Revenue and Segment Information (Continued) (b) 分类资料（续） (b) Segment information (Continued) 地区资料 Geographical information 本集团之营运主要位于香港及澳门。本集团来自外来客户 The Group’s operations are principally located in Hong Kong 之收入的资料乃按营运所在地区呈列。 and Macau. Information about the Group’s revenue from external customers is presented based on the geographical locations of operations. 2025 2024 千港元千港元 HK$’000 HK$’000 香港及澳门 Hong Kong and Macau 481,484 586,684 中国之其他地区 Other regions of the PRC – 26 481,484 586,710 概无来自本集团任何客户之营业额占超过本集团相应年度 No revenue from a customer of the Group contributed over 10% of the 总营业额10%。 total revenue of the Group for the corresponding years. 有关本集团非流动资产（不包括金融工具）之资料乃按资产 Information about the Group’s non-current assets (excluding financial 所在地区呈列。 instruments) is presented based on the geographical locations of the assets. 2025 2024 千港元千港元 HK$’000 HK$’000 香港及澳门 Hong Kong and Macau 527,964 606,739 中国之其他地区 Other regions of the PRC 91,302 91,563 南韩 South Korea 217 714 619,483 699,016 124

2025
千港元
HK$’000
481,484
–
481,484

2025
千港元
HK$’000
527,964
91,302
217
619,483

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 5. 其他收入及收益净额 5. Other Income and Gains, Net 2025 2024 千港元千港元 HK$’000 HK$’000 其他收入 Other income 银行利息收入 Bank interest income 1,949 13 已付租金按金之利息收入 Interest income from rental deposits paid 1,557 1,224 来自投资物业之租金收入 Rental income from investment properties, with （包括可省略之支出） negligible outgoings 10,148 11,564 13,654 12,801 收益净额 Gains, net 出售产业、厂房及设备项目 (Loss)/gain on disposal of items of property, 之（亏损）╱收益 plant and equipment, net (280) 275 净汇兑差额 Foreign exchange differences, net 41 1,012 亏损性合约之回拨╱（拨备） Reversal of/(provision for) onerous contract （附注24） (note 24) 569 (314) 修订租赁之收益 Gains on modification of leases 48 499 终止租赁之收益 Gains on termination of leases 6 755 租户提前终止租赁之罚款 Penalties from tenants for early termination of leases 58 868 其他 Others 1,065 2,138 1,507 5,233 15,161 18,034 125

2025
千港元
HK$’000
1,949
1,557
10,148
13,654
(280)
41
569
48
6
58
1,065
1,507
15,161

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 6. 除税前亏损 6. Loss Before Tax 本集团的除税前亏损乃经（计入）╱扣除下列各项后达至： The Group’s loss before tax is arrived at after (crediting)/charging: 2025 2024 千港元千港元 HK$’000 HK$’000 已售存货成本 Cost of inventories sold 260,720 324,981 产业、厂房及设备之折旧 Depreciation of property, plant and equipment 3,682 4,879 使用权资产之折旧包括在： Depreciation of right-of-use assets included in: – 已售货品成本 – Cost of goods sold 125 138 – 销售及分销成本 – Selling and distribution costs 90,183 89,953 – 行政费用 – Administrative expenses 2,561 3,046 92,869 93,137 不包括在计量租赁负债内的 Lease payments not included in the measurement 租赁付款 of lease liabilities 8,549 13,293 核数师酬金 Auditors’ remuneration – 核数服务 – audit services 2,110 2,258 – 非核数服务 – non-audit services 420 392 员工福利开支（包括董事酬金） Employee benefits expense (including directors’ （附注8）： emoluments) (note 8): 薪酬和其他福利 Salaries and other benefits 115,643 115,701 以股份为基础之偿付 Share-based payments 80 155 退休福利计划供款** Retirement benefit scheme contributions** 6,610 6,518 122,333 122,374 126

2025
千港元
HK$’000
260,720
3,682
125		138 89,953 3,046 93,137
90,183
2,561
92,869

8,549
2,110
420
115,643		115,701 155 6,518 122,374
80
6,610
122,333

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 6. 除税前亏损（续） 6. Loss Before Tax (Continued) 2025 2024 千港元千港元 HK$’000 HK$’000 净汇兑差额 Foreign exchange differences, net (41) (1,012) 应收贸易款项之预期信贷亏损之回拨 Reversal of expected credit loss for trade receivables – (3,381) 产业、厂房及设备之减值 Impairment of property, plant and equipment 482 442 使用权资产之减值 Impairment of right-of-use assets 5,495 5,783 存货之（回拨）╱拨备* (Reversal of)/provision for inventories* (1,906) 987 存货之撇账* Write-off of inventories* 1,502 1,421 亏损性合约之（回拨）╱拨备 (Reversal of)/provision for onerous contracts (569) 314 投资物业公平价值之变动净额 Change in fair value of investment properties, net 40,918 (5,324) 出售产业、厂房及设备项目之亏损╱ Loss/(gains) on disposal of items of property, （收益） plant and equipment 280 (275) * 年内存货报废、耗损及慢流存货之拨备计入综合损益 * Scrap, shrinkage and provision for slow-moving inventories for 及其他全面收入表之「销售成本」内。 the year are included in “cost of goods sold” in the consolidated statement of profit or loss and other comprehensive income. ** 本集团作为雇主并无已没收之供款可供动用以减少现 ** There are no forfeited contributions that may be used by the Group 有之供款水平。 as the employer to reduce the existing level of contributions. 7. 融资成本 7. Finance Costs 2025 2024 千港元千港元 HK$’000 HK$’000 银行借贷的利息开支 Interest expense on bank borrowings 15,605 25,917 租赁负债的利息开支 Interest expense on lease liabilities 8,111 7,778 来自董事贷款的利息开支 Interest expense on loans from directors 16,065 1,110 39,781 34,805 127

2025
千港元
HK$’000
(41)
–
482
5,495
(1,906)
1,502
(569)
40,918
280

2025
千港元
HK$’000
15,605
8,111
16,065
39,781

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 8. 董事及行政总裁酬金 8. Directors’ and Chief Executive’s Remuneration 根据上市规则、香港公司条例第383(1)(a)、(b)、(c)及(f)条 Directors’ and chief executive’s remuneration for the year, disclosed 及公司（披露董事利益资料）规例第2部披露之年内董事及行 pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of 政总裁酬金如下： the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows: 2025年 2025 执行董事（附注a） Executiv e director (note a) 林玉森女士非执行（行政总裁）* 董事（附注b） Ms. Lam Non-executive 独立非执行董事（附注b）郑钟文先生 Yuk Sum director (note b ) Independent non-executive director (note b) Mr. Cheng (Chief 林文钿先生欧阳厚昌先生郑文龙先生刘诗彤女士杨永基先生 Chung Man, Executive Mr. Lam Mr. Au-Yeung Mr. Cheng Man Ms. Lau Mr. Yeung 合计 Johnny Officer)* Man Tin Hau Cheong Loong, Monty Sze Tung Wing Kay Total 千港元千港元千港元千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 （附注d）（附注e） (note d) (note e) 袍金 Fees – – 130 130 130 38 106 534 其他酬金 Other emoluments 薪金及津贴 Salaries and allowances 1,560 660 – – – – – 2,220 退休福利计划供款 Retirement benefit scheme contributions 18 31 – – – – – 49 酬金总额 Total emoluments 1,57 8 69 1 13 0 13 0 13 0 3 8 10 6 2,80 3 128

执行董事（附注a）
Executive director (note a)
	林玉森女士（行政总裁）*	非执行董事（附注b）
郑钟文先生	Ms. Lam Yuk Sum	Non-executive director (note b)	独立非执行董事（附注b） Independent non-executive director (note b)
Mr. Cheng Chung Man, Johnny	(Chief Executive Officer)*	林文钿先生 Mr. Lam Man Tin	欧阳厚昌先生 Mr. Au-Yeung Hau Cheong	郑文龙先生 Mr. Cheng Man Loong, Monty	刘诗彤女士 Ms. Lau Sze Tung	杨永基先生 Mr. Yeung Wing Kay	合计 Total
千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
					（附注d）	（附注e）
					(note d)	(note e)
–	–	130	130	130	38	106	534
1,560	660	–	–	–	–	–	2,220
18	31	–	–	–	–	–	49
1,578	691	130	130	130	38	106	2,803

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 8. 董事及行政总裁酬金（续） 8. Directors’ and Chief Executive’s Remuneration (Continued) 2024年 2024 执行董事（附注a） Executiv e director (note a) 林玉森女士非执行（行政总裁）* 董事（附注b） Ms. Lam Non-executive 独立非执行董事（附注b）郑钟文先生 Yuk Sum director (note b) Indepen dent non-executive director (note b) Mr. Cheng (Chief 林文钿先生欧阳厚昌先生郑文龙先生杨永基先生 Chung Man, Executive Mr. Lam Mr. Au-Yeung Mr. Cheng Man Mr. Yeung 合计 Johnny Officer)* Man Tin Hau Cheong Loong, Monty Wing Kay Total 千港元千港元千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 （附注e） (note e) 袍金 Fees – – 130 130 130 150 540 其他酬金 Other emoluments 薪金及津贴 Salaries and allowances 1,560 660 – – – – 2,220 退休福利计划供款 Retirement benefit scheme contributions 18 31 – – – – 49 酬金总额 Total emoluments 1,57 8 69 1 13 0 13 0 13 0 15 0 2,80 9 * 林玉森女士亦为本公司行政总裁，上述披露有关彼之 * Ms. Lam Yuk Sum is also the Chief Executive Officer of the 酬金包括彼担任行政总裁时所提供之服务。 Company and her emoluments disclosed above included those services rendered by her as the Chief Executive Officer. 附注： Notes: (a) 上表所示之执行董事酬金主要就彼等管理本公司及本 (a) The executive directors’ emoluments shown above were mainly for 集团事务之相关服务而发放。 their services in connection with the management of the affairs of the Company and the Group. (b) 上表所示之非执行董事及独立非执行董事酬金主要就 (b) The non-executive director’s and independent non-executive 彼等担任本公司董事之服务而发放。 directors’ emoluments shown above were mainly for their services as directors of the Company. (c) 截至2025年及2024年3月31日止年度，本集团并无向 (c) During the years ended 31st March, 2025 and 2024, no emoluments 董事及行政总裁支付酬金，作为其加入本集团之诱因 were paid by the Group to the directors and the Chief Executive 或离职补偿。此外，行政总裁或任何董事概无于截至 Officer as an inducement to join or upon joining the Group or 2025年及2024年3月31日止年度放弃任何酬金。 as compensation for loss of office. In addition, neither the Chief Executive Officer nor any of the directors waived any emoluments during the years ended 31st March, 2025 and 2024. (d) 刘诗彤女士于2024年12月14日获委任为独立非执行董 (d) Ms. Lau Sze Tung was appointed as an independent non-executive 事。 director on 15th December, 2024. (e) 杨永基先生于2024年12月14日辞任为独立非执行董事。 (e) Mr. Yeung Wing Kay resigned as an independent non-executive director on 15th December, 2024. 129

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 9. 五位最高薪雇员 9. Five Highest Paid Employees 于本年度内，5位最高薪人士包括1位（2024年：1位）本公 During the year, the five highest paid individuals included one (2024: 司董事，有关其酬金的详情载于上文附注8，余下4位（2024 one) director of the Company, whose emoluments are set out in note 8 年：4位）最高薪人士的酬金如下： above. The emoluments of the remaining four (2024: four) highest paid individuals are as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 薪金、以股份为基础之偿付及 Salaries, share-based payment and 其他福利 other benefits 3,440 3,518 与表现相关之奖励款项 Performance related incentive payments 28 – 退休福利计划供款 Retirement benefit scheme contributions 69 72 3,537 3,590 酬金属于下列范围的非董事及非主要行政人员最高薪雇员 The number of non-director and non-chief executive highest paid 人数如下： employees whose remuneration fell within the following bands is as follows: 雇员人数 Number of employees 2025 2024 零至1,000,000港元 Nil to HK$1,000,000 4 4 截至2025年及2024年3月31日止年度，本集团并无向该5位 During the years ended 31st March, 2025 and 2024, no emoluments 最高薪人士支付酬金，作为其加入本集团之诱因或离职补 were paid by the Group to these five highest paid individuals as an 偿。 inducement to join or upon joining the Group or as compensation for loss of office. 130

2025
千港元
HK$’000
3,440
28
69
3,537

2025
4

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 10. 利得税 10. Income Tax 2025 2024 千港元千港元 HK$’000 HK$’000 即期－香港 Current – Hong Kong 本年度开支 Charge for the year 369 572 过往年度拨备不足 Underprovision in prior years 283 – 652 572 即期－其他司法权区 Current – Other jurisdictions 本年度开支 Charge for the year 92 (2) 过往年度拨备不足╱（超额拨备） Underprovision/(overprovision) in prior years 79 (69) 171 (71) 递延税项（附注25） Deferred tax (note 25) (49) 1,131 774 1,632 除本集团一间附属公司为利得税两级制下的合资格实体 Hong Kong profits tax has been provided at the rate of 16.5% (2024: 外，根据年内于香港产生之估计应课税溢利按16.5%（2024 16.5%) on the estimated assessable profits arising in Hong Kong 年：16.5%）之税率拨备香港利得税。该附属公司的首 during the year, except for one subsidiary of the Group which is a 2,000,000港元（2024年：2,000,000港元）应课税溢利按8.25% qualifying entity under the two-tiered profits tax rates regime. The （2024年：8.25%）的税率征税，而余下应课税溢利则按 first HK$2,000,000 (2024: HK$2,000,000) of assessable profits of 16.5%（2024年：16.5%）的税率征税。 this subsidiary are taxed at 8.25% (2024: 8.25%) and the remaining assessable profits are taxed at 16.5% (2024: 16.5%). 若干于澳门营运之附属公司须按12%（2024年：12%）税率 Certain subsidiaries operating in Macau are subject to Macau 缴付澳门补充税，惟仍有待相关税务当局敲定税务负债。 complementary tax of 12% (2024: 12%), subject to finalisation of 此外，于截至2025年及2024年3月31日止年度，特别所得补 the tax liability with the relevant tax authority. In addition, for the 充税减免措施予以实行，在有关措施下，应课税收入的免 years ended 31st March, 2025 and 2024, a special complementary tax 税额为600,000澳门币（相等于582,000港元），超出600,000 incentive was provided to the effect that the tax-free income threshold 澳门币（相等于582,000港元）的溢利则按固定税率12%（2024 was Macau Pataca (“MOP”) 600,000 (equivalent to HK$582,000) with 年：12%）征税。 profit above MOP600,000 (equivalent to HK$582,000) being taxed at a fixed rate of 12% (2024: 12%). 根据《中华人民共和国企业所得税法》（「企业所得税法」）及 Under the Law of the PRC on Enterprise Income Tax (“EIT”) (the “EIT 企业所得税法实施细则，中国附属公司之税率为25%（2024 Law”) and the Implementation Regulations of the EIT Law, the tax rate 年：25%）。 of the PRC subsidiaries is 25% (2024: 25%). 131

2025
千港元
HK$’000
369
283
652
92
79
171
(49)
774

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 10. 利得税（续） 10. Income Tax (Continued) 本年度之利得税开支与综合损益及其他全面收入表之除税 The income tax expense for the year can be reconciled to the loss 前亏损调节如下： before tax per the consolidated statement of profit or loss and other comprehensive income as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 除税前亏损 Loss before tax (123,993) (38,411) 按香港利得税税率16.5%计算的税项 Tax at the Hong Kong profits tax rate of 16.5% (20,459) (6,338) 适用于其他司法权区的业务之 Effect of different tax rates applicable to 不同税率之影响 operations in other jurisdictions 186 407 就税项而言不可扣减开支之税项影响 Tax effect of expenses not deductible for tax purposes 8,107 1,816 就税项而言无须课税收入之税项影响 Tax effect of income not taxable for tax purposes (50) (3,446) 动用先前尚未确认之税项亏损 Utilisation of tax losses previously not recognised (1,330) (151) 尚未确认之税项亏损之税项影响 Tax effect of tax losses not recognised 14,346 10,495 尚未确认之可扣减暂时性差额之 Tax effect of deductible temporary 税项影响 difference not recognised 34 (909) 调整先前期间的即期税项 Adjustments in respect of current tax of previous periods 107 (69) 利得税两级制╱免税之税项影响 Tax effect of the two-tiered profits tax rates regime/tax exemption (167) (173) 本年度的利得税开支 Income tax expense for the year 774 1,632 11. 股息 11. Dividends 董事会不建议派付截至2025年3月31日止年度任何末期股息 The board of directors did not recommend the payment of any final （2024年：无）。 dividend for the year ended 31st March, 2025 (2024: nil). 132

2025
千港元
HK$’000
(123,993)
(20,459)
186
8,107
(50)
(1,330)
14,346
34
107
(167)
774

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 12. 每股亏损 12. Loss Per Share 每股基本亏损金额乃根据于年内母公司普通权益拥有人 The calculation of the basic loss per share amounts is based on the loss 应占年内亏损124,767,000港元（2024年：40,043,000港元） for the year of HK$124,767,000 (2024: HK$40,043,000) attributable to 及已发行普通股加权平均数2,518,001,334股（2024年： ordinary equity holders of the parent and the weighted average number 2,518,001,334股）计算。 of ordinary shares of 2,518,001,334 (2024: 2,518,001,334) in issue during the year. 由于截至2025年及2024年3月31日止年度之每股摊薄亏损 No adjustment has been made to the basic loss per share amounts 之计算时并无假设本公司之购股权会获行使，因为行使该 presented for the years ended 31st March, 2025 and 2024 in respect 等购股权的话，每股亏损会减少，故并无对截至2025年及 of dilution as the calculation of diluted loss per share for the year 2024年3月31日止年度呈列的每股基本亏损金额作出任何摊 ended 31st March, 2025 and 2024 does not assume the exercise of the 薄调整。 Company’s share options since their assumed exercise would result in a decrease in loss per share. 13. 投资物业 13. Investment Properties 2025 2024 千港元千港元 HK$’000 HK$’000 年初 At the beginning of the year 552,651 472,456 转自产业、厂房及设备（附注） Transferred from property, plant and equipment (note) 1,057 78,200 转自使用权资产（附注） Transferred from right-of-use assets (note) 1,649 – 于损益中确认之公平价值 Net (decrease)/increase in fair value recognised 净（下降）╱上升 in profit or loss (40,918) 5,324 汇兑调整 Exchange realignment (887) (3,329) 年终 At the end of the year 513,552 552,651 133

2025
千港元
HK$’000
552,651
1,057
1,649
(40,918)
(887)
513,552

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 13. 投资物业（续） 13. Investment Properties (Continued) 附注：于截至2025年3月31日止年度，账面值分别为433,000 Note: During the year ended 31st March, 2025, the industrial properties 港元（2024年：18,032,000港元）及132,000港元（2024 previously included in property, plant and equipment and the 年：无）并于早前列入产业、厂房及设备之工业物业及 relevant land use rights included in right-of-use assets with 已列入使用权资产之相关土地使用权已转移至投资物 carrying values of HK$433,000 (2024: HK$18,032,000) and 业。转移产业、厂房及设备以及使用权资产之公平价 HK$132,000 (2024: nil), respectively, were transferred to 值收益分别为624,000港元（2024年：60,168,000港元） investment properties. The fair value gains on transfer of property, 及1,517,000港元（2024年：无）（经扣除递延税项分别 plant and equipment and right-of-use assets of HK$624,000 (2024: 为156,000港元（2024年：无）及379,000港元（2024年： HK$60,168,000) and HK$1,517,000 (2024: nil), net of deferred tax 无）），于转移当日于其他全面收入中确认。 charges of HK$156,000 (2024: Nil) and HK$379,000 (2024: nil), respectively, were recognised in other comprehensive income on the date of transfer. 该等物业于转移当日由仲量联行有限公司及仲量联行 The properties were valued by Jones Lang LaSalle Limited (“JLL”) 企业评估及咨询有限公司根据收入资本化法估值。 and Jones Lang LaSalle Corporate Appraisal and Advisory Limited (“JLLCAA”) based on the income capitalisation approach at the date of transfer. 本集团之投资物业即位于香港的一幢工业大厦内之泊车 The investment properties of the Group represents the parking spaces 位、位于香港的商用物业及位于中国内地及香港的若干工 in an industrial building located in Hong Kong, commercial properties 业物业。本集团为赚取租金及╱或为资本增值目的而持有 located in Hong Kong and certain industrial properties located in 之所有物业权益均利用公平价值模式计值，并分类及列作 Mainland China and Hong Kong. All of the Group’s properties 投资物业。 interests held to earn rental and/or for capital appreciation purposes are measured using the fair value model and are classified and accounted for as investment properties. 本集团投资物业于2025年及2024年3月31日之公平价值乃 The fair values of the Group’s investment properties at 31st March, 根据与本集团并无关连之独立合资格专业估值师仲量联行 2025 and 2024 have been arrived at on the basis of valuations 有限公司及仲量联行企业评估及咨询有限公司进行之估值 carried out on that date by JLL and JLLCAA, independent qualified 计算，该等公司于相关地点之物业估值具备适当资格及经 professional valuers not connected with the Group and possessing the 验。仲量联行有限公司及仲量联行企业评估及咨询有限公 appropriate qualifications and experience in the valuation of properties 司为香港测量师学会会员。 in the relevant locations. JLL and JLLCAA are members of the Hong Kong Institute of Surveyors. 134

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 13. 投资物业（续） 13. Investment Properties (Continued) 估值乃采用1)直接比较法（于位于香港的泊车位及工业物业） The valuations were determined using 1) the direct comparison 及2)收入资本化法（于位于香港的商用物业和位于中国内地 approach for parking spaces and an industrial property located in 的工业物业）厘定。 Hong Kong and 2) the income capitalisation approach for commercial properties located in Hong Kong and industrial properties located in Mainland China. 直接比较法反映类似物业于市场上可观察之交易，主要因 The direct comparison approach reflects market observable 应投资物业之位置及状况之差异而作出调整。 transactions for similar properties, mainly adjusted for differences in the location and condition of the investment properties. 收入资本化法反映未到期租约期间之合约租约租金收入拨 The income capitalisation approach reflects the rental income of 充资本，以及租约届满后之复归市场租金。于年度内，所 contractual tenancy capitalised for the unexpired terms of tenancy and 采用的估值技术并无变动。 the reversionary market rent after expiry of tenancy in capitalisation. There have been no changes to the valuation technique used during the years. 于估计物业公平价值时，物业最高及最佳用途被视为其目 When estimating the fair value of the properties, the highest and best 前用途。 use of the properties is considered to be their current use. 直接比较法 Direct comparison approach 评估泊车位价值时所用之其中一项主要输入数据为类似泊 One of the key inputs used when valuing the parking spaces was 车位于市场上可观察之价格介乎1,480,000港元至3,000,000 the market observable price of similar parking spaces which ranged 港元（2024年：1,568,000港元至4,350,000港元）不等。 from HK$1,480,000 to HK$3,000,000 (2024: HK$1,568,000 to HK$4,350,000). 评估位于香港的工业物业价值时所用之其中一项主要输入 One of the key inputs used in valuing the industrial property located in 数据为类似物业于市场上可观察之价格介乎每平方呎4,485 Hong Kong was the market observable price per square foot of similar 港元至每平方呎6,543港元（2024年：每平方呎4,574港元至 properties which ranged from HK$4,485 per square foot (“sq.ft.”) 每平方呎6,537港元）不等。 to HK$6,543 per sq.ft. (2024: HK$4,574 per sq.ft. to HK$6,537 per sq.ft.). 位于香港的泊车位之市场价格及工业物业之每平方呎价格 The increase in the market prices of the parking spaces and the price 上升，将导致位于香港的泊车位及工业物业公平价值上 per square foot of industry properties located in Hong Kong would 升，反之亦然。 result in an increase in the fair value of the parking spaces and the industrial property located in Hong Kong respectively, and vice versa. 135

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 13. 投资物业（续） 13. Investment Properties (Continued) 收入资本化法 Income capitalisation approach 评估位于香港之商用物业价值所用之其中两项主要输入数 Two of the key inputs used in valuing the commercial properties 据为1)资本化比率2.9%（2024年：2.5%）及2)市值月租每平方 located in Hong Kong were 1) the capitalisation rate of 2.9% (2024: 呎242港元（2024年：250港元）。 2.5%) and 2) the monthly market rent of 242 (2024: HK$250) per sq.ft.. 评估位于中国内地之工业物业价值所用之其中两项主要输 Two of the key inputs used in valuing the industrial properties located 入数据为1)资本化比率5%（2024年：5%）及2)每平方米之市 in Mainland China were 1) the capitalisation rate of 5% (2024: 5%) 值月租介乎人民币22元至人民币60元（2024年：人民币21元 and 2) the monthly market rent ranging from RMB22 to RMB60 (2024: 至人民币60元）不等。 RMB21 to RMB60) per square metre. 资本化比率的任何上升，将导致该等商用及工业物业之公 Any increase in the capitalisation rate would result in a decrease in the 平价值下降，反之亦然，而每平方呎╱米之市值月租的任 fair value of the commercial and industrial properties, and vice versa 何上升将会导致该等商用及工业物业之公平价值上升，反 and, any increase in the monthly market rent per square foot/meter 之亦然。 would result in an increase in the fair value of the commercial and industrial properties, and vice versa. 于2025年及2024年3月31日，本集团之投资物业已予分类为 The Group’s investment properties are categorised within level 3 of the 公平价值层级当中的第3层。 fair value hierarchy as at 31st March, 2025 and 2024. 于本年度内，并无第3层之输入或输出数据。 There were no transfers into or out of Level 3 during the year. 本集团已抵押总值454,218,000港元（2024年：552,651,000港 The Group has pledged investment properties with a total of 元）之投资物业，以取得本集团获授予的一般银行授信（附 HK$454,218,000 (2024: HK$552,651,000) to secure general banking 注29）。 facilities granted to the Group (note 29). 136

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 14. 产业、厂房及设备 14. Property, Plant and Equipment 租赁土地租赁及楼宇楼宇装潢厂房及机器家私及装置办公室设备汽车合计 Leasehold land and Leasehold Plant and Furniture and Office Motor buildings improvements machinery fixtures equipment vehicles Total 千港元千港元千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 成本值 COST 于2023年4月1日 At 1st April, 2023 71,003 75,129 20,804 59,127 23,507 6,016 255,586 汇兑调整 Exchange realignment (855) (307) (890) (73) (22) (22) (2,169) 添置 Additions – 4,582 – 749 808 – 6,139 出售 Disposals – (4,153) (23) (1,546) (195) (3,007) (8,924) 转至投资物业 Transferred to investment properties (33,66 6) – – – – – (33,66 6) 于2024年3月31日及2024年4月1日 At 31st March, 2024 and 1st April, 2024 36,482 75,251 19,891 58,257 24,098 2,987 216,966 汇兑调整 Exchange realignment (189) (102) (211) (17) (11) (5) (535) 添置 Additions – 1,539 29 374 561 – 2,503 出售 Disposals – (9,327) (100) (4,560) (110) (484) (14,581) 转至投资物业 Transferred to investment properties (77 4) – – – – – (77 4) 于2025年3月31日 At 31st March, 2025 35,51 9 67,36 1 19,60 9 54,05 4 24,53 8 2,49 8 203,57 9 累计折旧及减值 ACCUMULATED DEPRECIATION AND IMPAIRMENT 于2023年4月1日 At 1st April, 2023 37,887 72,978 20,725 58,587 23,164 5,893 219,234 汇兑调整 Exchange realignment (348) (282) (887) (63) (19) (22) (1,621) 年内拨备 Provided for the year 1,811 2,070 60 344 471 123 4,879 减值亏损 Impairment loss – 324 – 118 – – 442 出售╱撇账时抵销 Eliminated on disposals/write-off – (4,087) (23) (1,539) (195) (3,007) (8,851) 转至投资物业 Transferred to investment properties (15,63 4) – – – – – (15,63 4) 于2024年3月31日及2024年4月1日 At 31st March, 2024 and 1st April, 2024 23,716 71,003 19,875 57,447 23,421 2,987 198,449 汇兑调整 Exchange realignment (83) (100) (210) (16) (11) (5) (425) 年内拨备 Provided for the year 576 2,302 20 311 473 – 3,682 减值亏损 Impairment loss – 422 – 60 – – 482 出售╱撇账时抵销 Eliminated on disposals/write-off – (9,075) (100) (4,501) (110) (484) (14,270) 转至投资物业 Transferred to investment properties (34 1) – – – – – (34 1) 于2025年3月31日 At 31st March, 2025 23,868 64,552 19,585 53,301 23,773 2,498 187,577 账面净值 NET CARRYING AMOUNT 于2025年3月31日 At 31st March, 2025 11,651 2,809 24 753 765 – 16,002 于2024年3月31日 At 31st March, 2024 12,76 6 4,24 8 1 6 81 0 67 7 – 18,51 7 137

36,482	75,251	19,891	58,257	24,098	2,987	216,966
(189)	(102)	(211)	(17)	(11)	(5)	(535)
–	1,539	29	374	561	–	2,503
–	(9,327)	(100)	(4,560)	(110)	(484)	(14,581)
(774)	–	–	–	–	–	(774)
35,519	67,361	19,609	54,054	24,538	2,498	203,579

23,716	71,003	19,875	57,447	23,421	2,987	198,449
(83)	(100)	(210)	(16)	(11)	(5)	(425)
576	2,302	20	311	473	–	3,682
–	422	–	60	–	–	482
–	(9,075)	(100)	(4,501)	(110)	(484)	(14,270)
(341)	–	–	–	–	–	(341)
23,868	64,552	19,585	53,301	23,773	2,498	187,577

11,651	2,809	24	753	765	–	16,002

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 14. 产业、厂房及设备（续） 14. Property, Plant and Equipment (Continued) 本集团之租赁土地及楼宇位于香港及中国内地。 The Group’s leasehold land and buildings are located in Hong Kong and Mainland China. 本集团已抵押账面值5,181,000港元（2024年：12,766,000港 The Group has pledged leasehold land and buildings with a carrying 元）之租赁土地及楼宇，以取得本集团获授予的一般银行授 value of HK$5,181,000 (2024: HK$12,766,000) to secure general 信（附注29）。 banking facilities granted to the Group (note 29). 于截至2025年3月31日止年度，账面值433,000港元（2024 During the year ended 31st March, 2025, leasehold land and buildings 年：18,032,000港元）之租赁土地及楼宇已转移至投资物业， with a carrying value of HK$433,000 (2024: HK$18,032,000) were 导致重估物业收益624,000港元（2024年：60,168,000港元）以 transferred to investment properties, resulting in a gain on revaluation 及相关递延税项开支为156,000（2024年：零）于其他全面收 of properties of HK$624,000 (2024: HK$60,168,000), and the 入中确认。 related deferred tax charge of 156,000 (2024: nil) recognised in other comprehensive income. 已识别之产业、厂房及设备以及已识别之 Impairment assessment of the Identified PPE and the 使用权资产之减值评估 Identified ROU assets 鉴于本集团若干零售店舖之表现欠佳，管理层认为有减值 Giving the underperformance of the Group’s certain retail stores, 迹象并就香港及澳门所有零售店舖进行减值评估。 management concluded there was an indication for impairment and performed impairment assessment for all retail stores in Hong Kong and Macau. 倘不可能估计一项个别资产的可收回金额，则本集团会估 The Group estimates the recoverable amount of the cash-generating 计该项资产所属的现金产生单位的可收回金额。现金产生 unit to which the assets belong when it is not possible to estimate 单位的可收回金额已根据使用价值计算厘定。该项计算使 the recoverable amount individually. The recoverable amount of the 用基于经本集团管理层批核之预测之现金流量预测，并涵 cash-generating unit has been determined based on a value in use 盖余下租赁期，于2025年3月31日的税前折现率介乎每年 calculations using cash flow projections based on forecasts approved 13.4%至13.8%（2024年：每年13.9%至14.4%）不等。预测营 by the management of the Group covering the remaining lease terms 业额及毛利率乃经参考预期市场发展及零售店舖之过往表 with a pre-tax discount rate ranging from 13.4% to 13.8% per annum 现而厘定。 (2024: 13.9% to 14.4% per annum) as at 31st March, 2025. The forecasted revenue and gross profit margin have been determined with reference to the expected market development and the past performance of the retail stores. 138

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 14. 产业、厂房及设备（续） 14. Property, Plant and Equipment (Continued) 已识别之产业、厂房及设备以及已识别之 Impairment assessment of the Identified PPE and the 使用权资产之减值评估（续） Identified ROU assets (Continued) 管理层就已识别之产业、厂房及设备以及已识别之使用权 Management conducted impairment assessment on the recoverable 资产之可收回金额进行减值评估（如本附注及附注15所披 amounts of the Identified PPE and the Identified ROU assets 露），其账面值分别为4,351,000港元（2024年：5,751,000港 as disclosed in this note and note 15, with carrying amounts 元）及87,831,000港元（2024年：125,486,000港元），经扣 of HK$4,351,000 (2024: HK$5,751,000) and HK$87,831,000 除累计折旧及减值亏损分别为161,211,000港元（2024年： (2024: HK$125,486,000), net of accumulated depreciation and 171,746,000港元）及599,031,000港元（2024年：539,880,000 impairment losses of HK$161,211,000 (2024: HK$171,746,000) and 港元）。 HK$599,031,000 (2024: HK$539,880,0000), respectively. 根据评估结果，本集团管理层认为若干现金产生单位的可 Based on the result of the assessment, the management of the 收回金额低于其相应账面值。减值金额已分配至已识别之 Group determined that the recoverable amounts of certain cash- 产业、厂房及设备及已识别之使用权资产之各个类别，以 generating units are lower than the corresponding carrying amounts. 使各资产类别的账面值不会被减至低于其使用价值、其公 The impairment amount has been allocated to each category of the 平价值减出售成本后之金额及零之最高者。根据使用价值 Identified PPE and the Identified ROU assets such that the carrying 计算及分配，已分别确认已识别之产业、厂房及设备及已 amount of each category of asset is not reduced below the highest of 识别之使用权资产之账面值之减值亏损为482,000港元（2024 its value in use, fair value less cost of disposal and zero. Based on 年：442,000港元）及5,495,000港元（2024年：5,783,000港 the value in use calculations and the allocation, impairment losses 元）。 of HK$482,000 (2024: HK$442,000) and HK$5,495,000 (2024: HK$5,783,000) have been recognised against the carrying amounts of the Identified PPE and the Identified ROU assets, respectively. 139

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 14. 产业、厂房及设备（续） 14. Property, Plant and Equipment (Continued) 已识别之产业、厂房及设备以及已识别之 Impairment assessment of the Identified PPE and the 使用权资产之减值评估（续） Identified ROU assets (Continued) 租赁土地及楼宇、汽车及香港境外的租赁土地之账面值于 The carrying amounts of the leasehold land and buildings, motor 2025年及2024年3月31日并无调减，原因为租赁土地及楼 vehicles and leasehold land outside Hong Kong as at 31st March, 2025 宇、汽车及香港境外的租赁土地之公平价值减出售成本的 and 2024 have not been reduced since the amounts of fair value less 金额高于其账面值。 costs of disposal of the leasehold land and buildings, motor vehicles and leasehold land outside Hong Kong are higher than their carrying amounts. 15. 租赁 15. Leases 本集团作为承租人 Group as a lessee 为自拥有人取得香港境外的租赁土地（租赁期为50年），一 Lump sum payments were made upfront to acquire the leasehold land 整笔款项已预先支付，根据该等土地租赁的条款，毋须持 outside Hong Kong from the owners with lease periods of 50 years, and 续付款。 no ongoing payments will be made under the terms of these land leases. 本集团订有供营运使用的多项零售店舖、办公室物业及汽 The Group has lease contracts for various items of retail stores, office 车的租赁合约。零售店舖及办公室物业的租期通常为1至4 properties and motor vehicles in its operations. Leases of retail stores 年（2024年：1至3年），而汽车的租期通常为4至5年。一般而 and office properties generally have lease terms between 1 and 4 years 言，本集团不可向本集团以外人士转让及分租租赁资产。 (2024: between 1 and 3 years), while motor vehicles generally have 目前订有若干包含延期选择权和可变租赁付款的租赁合 lease terms between 4 to 5 years. Generally, the Group is restricted 约，有关详情进一步论述如下。 from assigning and subleasing the leased assets outside the Group. There are several lease contracts that include extension options and variable lease payments, which are further discussed below. 租赁条款乃按个别基准磋商，并包含不同条款及条件。于 Lease terms are negotiated on an individual basis and contain different 厘定租赁期及评估不可撤销期间的长度时，本集团应用合 terms and conditions. In determining the lease term and assessing the 约的定义并厘定合约可执行的期间。 length of the non-cancellable period, the Group applies the definition of a contract and determines the period for which the contract is enforceable. 140

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 15. 租赁（续） 15. Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (a) 使用权资产 (a) Right-of-use assets 香港境外的零售店舖及租赁土地办公室物业汽车总计 Leasehold Retail stores land outside and office Motor Hong Kong properties Vehicles Total 千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 于2023年4月1日 At 1st April, 2023 2,584 78,425 – 81,009 汇兑调整 Exchange realignment (111) (35) – (146) 添置（包括来自租赁修订之调整） Additions (including adjustments arising from lease modification) – 146,096 3,331 149,427 租赁之终止 Termination of leases – (3,522) – (3,522) 折旧开支 Depreciation charge (111) (92,853) (173) (93,137) 已确认之减值亏损 Impairment loss recognised – (5,783) – (5,783) 于2024年3月31日 At 31st March, 2024 及2024年4月1日 and 1st April, 2024 2,362 122,328 3,158 127,848 汇兑调整 Exchange realignment (24) (41) – (65) 添置（包括来自租赁修订之调整） Additions (including adjustments arising from lease modification) – 60,822 – 60,822 租赁之终止 Termination of leases – (180) – (180) 折旧开支 Depreciation charge (108) (92,045) (716) (92,869) 已确认之减值亏损 Impairment loss recognised – (5,495) – (5,495) 转移至投资物业 Transferred to investment properties (132) – – (132) 于2025年3月31日 At 31st March, 2025 2,09 8 85,38 9 2,44 2 89,92 9 于2025年3月31日，本集团已抵押账面值537,000港元（2024 As at 31st March, 2025, the Group has pledged right-of-use assets 年：2,362,000港元）的使用权资产，以取得本集团获授予的 with a carrying value of HK$537,000 (2024: HK$2,362,000) to secure 一般银行授信（附注29）。 general banking facilities granted to the Group (note 29). 于截至2025年3月31日止年度，计入使用权资产且账面值 During the year ended 31st March, 2025, the land use rights included 为132,000港元（2024年：无）之土地使用权已转移至投资物 in right-of-use assets with a carrying amount of HK$132,000 (2024: 业。使用权资产之公平价值收益1,517,000港元（2024年： nil) were transferred to investment properties. The fair value gain 无）以及相关递延税项开支379,000港元（2024年：无）已于转 of right-of-use assets of HK$1,517,000 (2024: nil), and the related 移日在其他全面收入中确认。 deferred tax charge of HK$379,000 (2024: nil) were recognised in other comprehensive income at the date of transfer. 141

2,362	122,328	3,158	127,848
(24)	(41)	–	(65)
–	60,822	–	60,822
–	(180)	–	(180)
(108)	(92,045)	(716)	(92,869)
–	(5,495)	–	(5,495)
(132)	–	–	(132)
2,098	85,389	2,442	89,929

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 15. 租赁（续） 15. Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (a) 使用权资产（续） (a) Right-of-use assets (Continued) 于本年度，5,495,000港元（2024年：5,783,000港元）之减值 During the year, impairment of HK$5,495,000 (2024: HK$5,783,000) 确认于已识别之使用权资产，其详情载于附注14。 was recognised on the Identified ROU assets, details of which are included in note 14. (b) 租赁负债 (b) Lease liabilities 于本年度，租赁负债的账面值及变动如下： The carrying amount of lease liabilities and the movements during the year are as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 年初 At the beginning of the year 138,611 91,069 汇兑调整 Exchange realignment (47) (37) 新租赁 New leases 8,383 45,682 于本年度确认之利息增幅 Accretion of interest recognised during the year 8,111 7,778 付款 Payments (104,112) (101,421) 租赁修订 Lease modification 51,056 95,540 年终 At the end of the year 102,002 138,611 分析为： Analysed into: 流动部分 Current portion 64,544 78,103 非流动部分 Non-current portion 37,458 60,508 102,002 138,611 142

2025
千港元
HK$’000
138,611
(47)
8,383
8,111
(104,112)
51,056
102,002
64,544
37,458
102,002

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 15. 租赁（续） 15. Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (b) 租赁负债（续） (b) Lease liabilities (Continued) 租赁负债之期限分析如下： The maturity analysis of lease liabilities is as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 1年以内 Within one year 64,543 78,103 第2年 In the second year 31,344 57,678 第3至第5年（包括首尾两年） In the third to fifth years, inclusive 6,115 2,830 102,002 138,611 应用于租赁负债的加权平均增量借款年利率介乎4.85%至 The weighted average incremental borrowing rates applied to lease 7.82%（2024年：2.46%至7.81%）不等。 liabilities range from 4.85% to 7.82% (2024: 2.46% to 7.81%) per annum. 按相关集团实体功能货币以外的货币计值的租赁责任列载 Lease obligations that are denominated in currencies other than the 如下： functional currencies of the relevant group entities are set out below: 2025 2024 千港元千港元 HK$’000 HK$’000 港元 HK$ 7,091 6,349 (c) 于损益中确认的租赁相关金额如下： (c) The amounts recognised in profit or loss in relation to leases are as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 租赁负债利息 Interest on lease liabilities 8,111 7,778 使用权资产折旧开支 Depreciation charge of right-of-use assets 92,869 93,137 修订租赁之收益 Gains on modification of leases (48) (499) 终止租赁之收益 Gains on termination of leases (6) (755) 与短期租赁有关的开支* Expense relating to short-term leases* 7,485 10,903 不计入租赁负债计量之可变租赁付款* Variable lease payments not included in the measurement of lease liabilities* 1,064 2,390 使用权资产之减值 Impairment of right-of-use assets 5,495 5,783 114,970 118,737 * 该等项目计入综合损益及其他全面收入表之「销售及分 * These items are included in “Selling and distribution costs” in the 销成本」内。 consolidated statement of profit or loss and other comprehensive income. 143

2025
千港元
HK$’000
64,543
31,344
6,115
102,002

2025
千港元
HK$’000
7,091

2025
千港元
HK$’000
8,111
92,869
(48)
(6)
7,485
1,064
5,495
114,970

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 15. 租赁（续） 15. Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (d) 延期选择权 (d) Extension options 本集团就多项零售店舖租赁具有延期选择权。该等选择权 The Group has extension options in a number of leases for retail 乃用于令管理本集团营运所用资产方面的营运灵活性达至 stores. There are used to maximise operational flexibility in terms of 最大。本集团持有的大部分延期选择权仅可由其行使，相 managing the assets used in the Group’s operations. The majority of 关出租人不得行使。 extension options held are exercisable only at the option of the Group and not by the respective lessors. 本集团于租赁开始日期评估是否合理地确定会行使延期选 The Group assesses at the lease commencement date whether it is 择权。 reasonably certain to exercise the extension options. 于2025年及2024年3月31日，本集团并无未能合理地确定会 As at 31st March, 2025 and 2024, there are no extension options in 行使之延期选择权。 which the Group is not reasonably certain to exercise. (e) 本集团租入多家零售店舖及处所，其中包含基于本 (e) The Group leases a number of retail stores and premises 集团零售店舖的营业额的可变租赁付款条款。下文 which contain variable lease payment terms that are based 提供有关本集团可变租赁付款的资料，包括与固定 on the Group’s turnover generated from the retail stores. 付款有关的数额： The following provides information on the Group’s variable lease payments, including the magnitude in relation to fixed payments: 固定付款可变付款总计 Fixed payments Variable payments Total 千港元千港元千港元 HK$’000 HK$’000 HK$’000 2025年 2025 固定租金 Fixed rents 7,485 – 7,485 仅可变租金 Variable rents only – 1,064 1,064 总计 Total 7,48 5 1,06 4 8,54 9 2024年 2024 固定租金 Fixed rents 10,903 – 10,903 仅可变租金 Variable rents only – 2,390 2,390 总计 Total 10,90 3 2,39 0 13,29 3 144

7,485	–	7,485
–	1,064	1,064
7,485	1,064	8,549

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 15. 租赁（续） 15. Leases (Continued) 本集团作为承租人（续） Group as a lessee (Continued) (f) 租赁的现金流出总额于综合财务报表附注28(c)中作 (f) The total cash outflow for leases is disclosed in note 28(c) to the 出披露。 consolidated financial statements. 本集团作为出租人 Group as a lessor 本集团出租其根据经营租赁安排持有作为出租或持有作资 The Group leases its investment properties (note 13) consisting of 9 本增值的投资物业（附注13），包括位于香港的9个（2024年： (2024: 9) carparks and 5 (2024: 5) properties located in Hong Kong 9个）泊车位及5个（2024年：5个）物业以及位于中国内地的一 and 25 (2024: 20) portions of a property located in Mainland China 个物业的25个（2024年：20个）部分。租赁条款一般要求租户 held to be leased under operating lease arrangements or held for capital 支付抵押按金。 appreciation. The terms of the leases generally require the tenants to pay security deposits. 本集团于本年度确认的租金收入为10,148,000港元（2024年： Rental income recognised by the Group during the year was 11,564,000港元），有关详情载于综合财务报表附注5。 HK$10,148,000 (2024: HK$11,564,000), details of which are included in note 5 to the consolidated financial statements. 所持有之物业均已有承诺租赁介乎6个月至5年（2024年：3个 All of the properties held have committed tenants with terms that 月至5年）期之租户。于本报告期末，本集团于未来期间根 ranged from 6 months to 5 years (2024: 3 months to 5 years). At the end 据不可撤销经营租赁应自其租户收取的未折现租赁付款如 of the reporting period, the undiscounted lease payments receivable 下： by the Group in future periods under non-cancellable operating leases with its tenants are as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 1年内 Within one year 8,973 8,802 第2年 In the second year 4,386 6,336 第3年 In the third year 972 2,341 第4年 In the fourth year 691 38 第5年 In the fifth year 537 – 15,559 17,517 16. 预付款项及其他应收款项 16. Prepayments and Other Receivables 2025 2024 千港元千港元 HK$’000 HK$’000 预付款项 Prepayments 5,077 3,375 其他应收款项（附注） Other receivables (note) 3,663 2,320 8,740 5,695 附注： Note: 计入上述结余的金融资产与近期并无拖欠记录及逾期金额的应 The financial assets included in the above balances relate to receivables for 收款项有关。于2025年及2024年3月31日，亏损拨备经评估属轻 which there was no recent history of default and past due amounts. As at 微。 31st March, 2025 and 2024, the loss allowance was assessed to be minimal. 145

2025
千港元
HK$’000
8,973
4,386
972
691
537
15,559

2025
千港元
HK$’000
5,077
3,663
8,740

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 16. 预付款项及其他应收款项（续） 16. Prepayments and Other Receivables (Continued) 附注：（续） Note: (Continued) 该金额包括支付予一间关连公司之租赁按金300,000港元（2024 The amount included a rental deposit paid to a related company of 年：300,000港元），其由本公司主要股东实益拥有。有关结余为 HK$300,000 (2024: HK$300,000), which is beneficially owned by the 免息，并须按要求偿还。 substantial shareholder of the Company. The balance is interest-free and repayable on demand. 17. 存货 17. Inventories 2025 2024 千港元千港元 HK$’000 HK$’000 原料 Raw materials 2,060 3,085 在制品 Work in progress 6,218 5,729 制成品 Finished goods 112,327 97,687 120,605 106,501 18. 应收贸易款项 18. Trade Receivables 2025 2024 千港元千港元 HK$’000 HK$’000 应收贸易款项 Trade receivables 1,957 5,969 减值亏损净额 Impairment losses, net – – 1,957 5,969 本集团就其位于百货公司的销售柜位应收款项给予30日至 The Group allows credit periods of 30 to 60 days for receivables from 60日之信贷期；而给予批发客户之信贷期介乎60日至120 department stores in which sales counters are located and credit periods 日。以下为于本报告期末，按发票日期呈列之应收贸易款 of 60 to 120 days for its wholesale customers. The following is an 项之账龄分析： ageing analysis of trade receivables presented based on the invoice date at the end of the reporting period: 2025 2024 千港元千港元 HK$’000 HK$’000 30日内 Within 30 days 1,579 5,136 31至60日 31 to 60 days 290 530 61至90日 61 to 90 days – 278 91至120日 91 to 120 days – – 逾120日 Over 120 days 88 25 1,957 5,969 146

2025
千港元
HK$’000
2,060
6,218
112,327
120,605

2025
千港元
HK$’000
1,957
–
1,957

2025
千港元
HK$’000
1,579
290
–
–
88
1,957

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 18. 应收贸易款项（续） 18. Trade Receivables (Continued) 本集团于接纳任何新批发客户前，会先调查客户之过往信 Before accepting any new wholesale customers, the Group assesses 贷记录，以评估潜在客户之信贷状况，并订定客户之信贷 the potential customers’ credit quality by investigating their historical 额度。本集团会为信贷记录良好且可信之客户提供信贷销 credit record and defines credit limits by customer. Credit sales are 售，并定期审核授予客户之信贷额度。 made to customers with a satisfactory and trustworthy credit history. Credit limits attributed to customers are reviewed regularly. 于2025年及2024年3月31日，本集团并无应收贸易款项于 As at 31st March, 2025 and 2024, there are no trade receivables 报告日已逾期。逾期已超过90日或以上的余额不被视为违 which were past due as at the reporting date. The balances past due 约。根据历史经验及经计及前赡性资料，本公司董事认为 for 90 days or more are not considered as in default. The directors of 收回该债务的可能性为高。本集团并无就该等余额持有任 the Company consider that the recoverability of these debts is high 何抵押品。 based on historical experience and taking into consideration forward- looking information. The Group does not hold any collateral over these balances. 应收贸易款项及其他应收款项的减值评估详情载于附注33。 Details of the impairment assessment of trade and other receivables are set out in note 33. 19. 现金及现金等值项目 19. Cash and Cash Equivalents 2025 2024 千港元千港元 HK$’000 HK$’000 现金及银行结余 Cash and bank balances 13,126 8,537 抵押存款 Pledged deposits 13,070 2,231 小计 Subtotal 26,196 10,768 减：为银行授信作抵押（附注29） Less: pledged for banking facilities (note 29) (13,070) (2,231) 现金及现金等值项目 Cash and cash equivalents 13,126 8,537 于本报告期末，本集团以人民币（「人民币」）计值之现金及 At the end of the reporting period, the Group’s cash and bank balances 银行结余为1,279,000港元（2024年：594,000港元）。人民币 denominated in Renminbi (“RMB”) amounted to HK$1,279,000 (2024: 不能自由兑换为其他货币。然而，根据中国内地之外汇管 HK$594,000). The RMB is not freely convertible into other currencies, 制条例及结汇以及售汇及付汇管理规定，本集团获准透过 however, under Mainland China’s Foreign Exchange Control 认可进行外汇交易业务的银行将人民币兑换为其他货币。 Regulations and Administration of Settlement, and Sale and Payment of Foreign Exchange Regulations of the PRC, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business. 银行结余存于信誉良好且并无近期违约记录之银行内。本 The bank balances are deposited with creditworthy banks with no 集团之银行结余及存款按现行银行存款年利率介乎0.001% recent history of default. The Group’s bank balances and deposits 至6.220%（2024年：0.001%至4.750%）计息，原订期限为3个 carry interest at prevailing bank deposit rates ranging from 0.001% 月或以下。 to 6.220% (2024: 0.001% to 4.750%) per annum and have an original maturity of three months or less. 147

2025
千港元
HK$’000
13,126
13,070
26,196
(13,070)
13,126

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 20. 应付贸易款项 20. Trade Payables 于各报告期末应付贸易款项根据发票日期呈列之账龄分析 An ageing analysis of the trade payables as at the end of each reporting 如下： period, based on the invoice date, is as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 30日内 Within 30 days 7,231 16,401 31至60日 31 to 60 days 12,269 10,267 61至90日 61 to 90 days 2,946 3,016 逾90日 Over 90 days 1,109 936 23,555 30,620 应付贸易款项为不计息，一般于30日至60日之信贷期内结 Trade payables are non-interest-bearing and are normally settled on 清。 credit terms of 30 to 60 days. 21. 其他应付款项及应计费用 21. Other Payables and Accruals 2025 2024 附注千港元千港元 Notes HK$’000 HK$’000 应计费用 Accrued expenses 24,289 27,368 其他应付款项 Other payables (a) 3,745 3,509 还原成本拨备 Provision for reinstatement costs (b) 8,697 9,180 合约负债 Contract liabilities (c) 1,656 5,533 其他应付税项 Other taxes payable 96 111 38,483 45,701 减：非即期部分 Less: non-current portion －还原成本拨备 – Provision for reinstatement costs (2,369) (3,523) 即期部分 Current portion 36,114 42,178 148

2025
千港元
HK$’000
7,231
12,269
2,946
1,109
23,555

2025
千港元
HK$’000
24,289
3,745
8,697
1,656
96
38,483
(2,369)
36,114

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 21. 其他应付款项及应计费用（续） 21. Other Payables and Accruals (Continued) 附注： Notes: (a) 其他应付款项为不计息，且金额为按要求或在1个月内 (a) Other payables are non-interest-bearing and the amounts are 按信贷期结算。 repayable on demand or settled on a credit term within 1 month. (b) 本集团就还原成本拨备之变动如下： (b) Movements in the Group’s provision for reinstatement costs are as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 年初 At the beginning of the year 9,180 10,067 年内拨备 Provision during the year 205 680 实际已付成本 Actual costs paid (687) (1,567) 8,698 9,180 年内，还原成本拨备为205,000港元（2024年：680,000港元）已入 During the year, provision for reinstatement costs of HK$205,000 账至使用权资产。 (2024: HK$680,000) has been recorded in right-of-use assets. (c) 合约负债之详情如下： (c) Details of contract liabilities are as follows: 2025年 2024年 2023年 3月31日 3月31日 4月1日 31st March, 31st March, 1st April, 2025 2024 2023 千港元千港元千港元 HK$’000 HK$’000 HK$’000 已收客户之短期垫款 Short-term advances received from customers 化妆品零售 Retail sales of cosmetics 1,235 5,533 6,126 客户忠诚度计划 Customer loyalty programme 421 – – 1,65 6 5,53 3 6,12 6 合约负债包括就预订化妆品所收之短期垫款。2025年及2024年 Contract liabilities include short-term advances received for the reservation 合约负债减少主要由于年底已收客户之短期垫款减少。 of cosmetics. The decrease in contract liabilities in 2025 and 2024 was mainly due to the decrease in short-term advances received from customers at the end of the year. 149

2025年 3月31日
31st March, 2025
千港元
HK$’000
1,235
421
1,65 6

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 22. 其他借贷 22. Other Borrowings 来自董事的贷款为无抵押，按香港银行同业拆息加1%计息 The loans from directors are unsecured, interest-bearing at Hong Kong 及需于2027年偿还（2024年：需于2025年至2026年偿还）。 Inter-bank Offered Rate (“HIBOR”) +1% and repayable in 2027 (2024: repayable in 2025 to 2026). 23. 计息之银行借贷 23. Interest-Bearing Bank Borrowings 2025 2024 千港元千港元 HK$’000 HK$’000 银行透支 Bank overdraft – 2,182 银行贷款 Bank loans 166,647 337,827 进口贷款 Import loans 11,448 50,445 178,095 390,454 有抵押银行借贷须按下列偿还： The secured bank borrowings are repayable as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 须按原到期期限偿还之本金金额*： Principal amounts repayable based on original maturity terms*: 按要求 On demand – 2,182 1年内 Within one year 171,988 382,561 第2年 In the second year 3,127 1,738 第3至第5年（包括首尾两年） In the third to fifth years, inclusive 2,98 0 3,97 3 178,095 390,454 * 该等金额的到期日乃贷款协议所载既定还款日期。 * The amounts due are based on the scheduled repayment dates set out in the loan agreements. 150

2025
千港元
HK$’000
–
166,647
11,448
178,095

2025
千港元
HK$’000
–
171,988
3,127
2,980
178,095

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 23. 计息之银行借贷（续） 23. Interest-Bearing Bank Borrowings (Continued) 借贷的账面金额以下列的货币计值： The carrying amounts of borrowings are dominated in the following currencies: 2025 2024 千港元千港元 HK$’000 HK$’000 港元 HK$ 174,962 390,309 美元 USD – 145 人民币 RMB 3,133 – 178,095 390,454 本集团之借贷乃浮动利率借贷，按实际年利率（亦等于订约 The Group’s borrowings are floating-rate borrowings which carry 利率）介乎2.90%至7.09%（2024年：3.85%至7.66%）计息。 interest at effective interest rates (which are also equal to contracted interest rates) ranging from 2.90% to 7.09% (2024: 3.85% to 7.66%) per annum. 本集团之贷款含按要求还款之条文，因此于2025年及2024 The Group’s loans containing a repayment on demand clause hence 年3月31日被列为流动负债。 shown as current liabilities as at 31st March, 2025 and 2024. 于该等财务报表之批准日期，本集团并无违反任何银行契 At the date of approval of these financial statements, the Group did not 约。 breach any bank covenants. 银行借贷以本集团若干资产为抵押（附注29）。 The bank borrowings are secured by certain assets of the Group (note 29). 151

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 24. 拨备 24. Provision 于本年度及过往年度内，所确认之亏损性合约拨备及其变 The following are the provision for onerous contracts recognised and 动如下： its movement during the current and prior years: 2025 2024 千港元千港元 HK$’000 HK$’000 年初 At the beginning of the year 898 584 年内（回拨）╱拨备 (Reversed)/provided for the year (569) 314 年终 At the end of the year 329 898 亏损性合约拨备乃根据就本集团履行附带短期租赁的租赁 Provision for onerous contracts is made based on an assessment of 协议项下责任时产生且超出预期将自所有化妆品及时装业 the unavoidable costs of meeting the obligations under the lease 务表现欠佳的零售店舖取得之经济利益之不可避免成本所 agreement, with short-term leases, that exceed the economic benefits 进行之评估而作出。本集团根据本集团的会计政策审阅于 expected to be received under it from all underperforming retail 不可撤销租赁期之各租赁协议中附带不可撤销条文的所有 stores of the cosmetics and fashion businesses. In accordance with the 具有短期租赁之零售店舖的经折现现金流量预测，厘定是 Group’s accounting policies, the Group reviews the discounted cash 否有任何迹象显示零售店舖表现欠佳。 flow forecasts of all of the retail stores with short-term leases under the non-cancellable clause in the respective lease agreements to determine whether there is any indication of underperforming of the retail stores. 亏损性合约拨备乃根据本集团于对其具短期租赁的所有表 The provision for onerous contracts is calculated based on discounted 现欠佳的零售店舖进行截至不可撤销租赁期末之折现现 cash flow forecasts of all of the Group’s underperforming retail stores 金流量预测计提，并按介乎每年13.4%至13.8%（2024年： with short-term leases to the end of the non-cancellable lease period 13.9%至14.4%）之税前折现率进行折现。经折现现金流量 and discounted with a pre-tax discount rate ranging from 13.4% to 的主要假设包括营业额增长、毛利率及余下租赁期的不可 13.8% (2024: 13.9% to 14.4%) per annum. Key assumptions used 避免成本。金额乃根据过往表现及管理层对市场发展的预 when determining the discounted cash flow forecasts include revenue 期，经考虑业务之营业额及开支增长而厘定。于2025年3月 growth, gross profit margins and unavoidable costs that will be 31日，亏损性合约拨备为329,000港元（2024年：898,000港 incurred during the remaining lease period. Amounts are determined 元）。 based on past performance and management’s expectations on the market development, after taking into consideration revenue and expenditure growth of the business. As at 31st March, 2025, the provision for onerous contracts was HK$329,000 (2024: HK$898,000). 152

2025
千港元
HK$’000
898
(569)
329

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 25. 递延税项 25. Deferred Tax 下文为本年度及过往年度确认之主要递延税项（负债）╱资 The following are the major deferred tax (liabilities)/assets recognised 产及其变动： and the movements thereon during the current and prior years: 税项折旧所致之暂时性差额 Temporary 重估物业 difference Revaluation from tax 总计 of properties depreciation Total 千港元千港元千港元 HK$’000 HK$’000 HK$’000 于2023年4月1日 At 1st April, 2023 (17,635) 386 (17,249) 于损益中扣除 Charged to profit or loss (1,050) (81) (1,131) 汇兑调整 Exchange realignment 62 4 – 62 4 于2024年3月31日 At 31st March, 2024 及2024年4月1日 and 1st April, 2024 (18,061) 305 (17,756) 于损益中扣除 Charged to profit or loss 130 (81) 49 于其他全面收入中扣除 Charged to other comprehensive income （附注13） (note 13) (535) – (535) 汇兑调整 Exchange realignment 17 1 – 17 1 于2025年3月31日 At 31st March, 2025 (18,29 5) 22 4 (18,07 1) 153

(18,061)	305	(17,756)
130	(81)	49
(535)	–	(535)
171	–	171
(18,295)	224	(18,071)

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 25. 递延税项（续） 25. Deferred Tax (Continued) 并无就以下项目确认递延税项资产： Deferred tax assets have not been recognised in respect of the following items: 2025 2024 千港元千港元 HK$’000 HK$’000 税项亏损 Tax losses 824,400 741,010 可扣减暂时性差额 Deductible temporary differences 1,810 1,810 826,210 742,820 上述税项亏损包括于香港产生的808,595,000港元（2024年： The above tax losses which included HK$808,595,000 (2024: 722,413,000港元），其可无限期动用；于澳门产生的10,032,000 HK$722,413,000) arising in Hong Kong are available indefinitely; 港元（2024年：9,856,000港元），其将于3年内届满；及于中国 HK$10,032,000 (2024: HK$9,856,000) arising in Macau will expire 内地产生的5,773,000港元（2024年：8,741,000港元），其将于1 in three years; and HK$5,773,000 (2024: HK$8,741,000) arising in 至5年内届满，用以抵销产生亏损之公司的未来应课税溢利。 Mainland China that will expire in one to five years for offsetting 并无就上述项目确认递延税资产，此乃由于不大可能有可用 against future taxable profits of the companies in which the losses 上述项目抵扣的应课税溢利。 arose. Deferred tax assets have not been recognised in respect of the above items as it is not considered probable that taxable profits will be available against which the above items can be utilised. 根据中国企业所得税法，于中国成立之外商投资企业向海 Pursuant to the PRC Corporate Income Tax Law, a 10% withholding 外投资者宣派的股息时须缴纳10%的预扣税。有关规定于 tax is levied on dividends declared to foreign investors from the foreign 2008年1月1日起生效，并适用于2007年12月31日之后的盈 investment enterprises established in the PRC. The requirement is 利。倘中国内地与海外投资者的司法权区订有税务条约， effective from 1st January, 2008 and applies to earnings after 31st 则可能享有较低的预扣税率。就本集团而言，适用税率为 December, 2007. A lower withholding tax rate may be applied if 5%（2024年：5%）。因此，本集团须就中国附属公司于2008 there is a tax treaty between Mainland China and the jurisdiction of 年1月1日起赚取盈利后宣派的股息缴纳预扣税。 the foreign investors. For the Group, the applicable rate is 5% (2024: 5%). The Group is therefore liable for withholding taxes on dividends distributed by the PRC subsidiaries in respect of their earnings generated from 1st January, 2008. 于2025年3月31日，本集团并未就与附属公司的未分派溢利 At 31st March, 2025, the Group has not recognised deferred tax 有关的暂时性差额确认因分派此等滚存溢利而应付的递延 liabilities of HK$45,554,000 (2024: HK$43,019,000) in respect 税项负债45,554,000港元（2024年：43,019,000港元），原因 of temporary differences relating to the undistributed profits of 是本公司可控制此等附属公司的股息政策，并已决定有关 subsidiaries, that would be payable on the distribution of these 溢利可能不会在可见将来分派。 retained profits as the Company controls the dividend policy of these subsidiaries and determines that it is not probable that these profits will be distributed in the foreseeable future. 154

2025
千港元
HK$’000
824,400
1,810
826,210

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 26. 股本 26. Share Capital 2025 2024 千港元千港元 HK$’000 HK$’000 法定： Authorised: 10,000,000,000（2024年：10,000,000,000） 10,000,000,000 (2024: 10,000,000,000) 股每股0.01港元之普通股 ordinary shares of HK$0.01 each 100,000 100,000 已发行及缴足： Issued and fully paid: 2,518,001,334（2024年：2,518,001,334） 2,518,001,334 (2024: 2,518,001,334) 股每股0.01港元之 ordinary shares of HK$0.01 each 普通股 25,180 25,180 27. 购股权计划 27. Share Option Scheme 2023年购股权计划 2023 Share Option Scheme 根据本公司于2023年9月11日举行之股东周年大会上通过之 Pursuant to an ordinary resolution passed at the annual general meeting 普通决议案，本公司采纳一项购股权计划（「2023年购股权 of the Company on 11th September, 2023, a share option scheme 计划」），旨在向合资格参与者提供机会以取得本公司之独 (the “2023 Share Option Scheme”) was adopted by the Company for 有权益，并鼓励参与者为提升本公司及其股份之价值而努 the purpose of providing eligible participants with the opportunity 力，致使本公司及其股东整体受惠。本公司董事会全权酌 to acquire proprietary interests in the Company and encouraging 情认为曾经或将会对本集团作出贡献之全体董事、全职雇 participants to work towards enhancing the value of the Company and 员及任何其他人士均符合资格参与2023年购股权计划。 its shares for the benefit of the Company and its shareholders as a whole. All directors, full-time employees and any other persons who, in the sole discretion of the board of directors of the Company, have contributed or will contribute to the Group are eligible to participate in the 2023 Share Option Scheme. 根据2023年购股权计划或本公司采纳之任何其他购股权计 Shares which may be issued upon exercise of all options to be granted 划，因行使所授出之所有购股权而发行的股份，合计不得 under the 2023 Share Option Scheme or any other share option scheme 超过于采纳日期本公司已发行股份之10%。 adopted by the Company must not in aggregate exceed 10% of the shares of the Company in issue on the date of adoption. 本公司在股东批准下可更新此10%限制，惟每次更新则不得 The Company may renew this 10% limit with shareholders’ approval 超过于股东批准之日本公司已发行股份之10%。 provided that each such renewal may not exceed 10% of the shares in the Company in issue as at the date of the shareholders’ approval. 155

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 27. 购股权计划（续） 27. Share Option Scheme (Continued) 2023年购股权计划（续） 2023 Share Option Scheme (Continued) 除非取得本公司股东批准，否则在任何12个月期间内，根 Unless approved by shareholders of the Company, the total number 据2023年购股权计划或本公司采纳之任何其他购股权计 of shares of the Company issued and to be issued upon the exercise of 划，因行使向各参与者所授出之购股权（包括已行使及尚未 the options granted to each participant (including both exercised and 行使购股权）而发行及将予发行的本公司股份总数，不得超 unexercised options) under the 2023 Share Option Scheme or any other 过本公司已发行股份之1%。 share option scheme adopted by the Company in any 12-month period must not exceed 1% of the shares of the Company in issue. 购股权之行使期间将由本公司于授出时厘定，该期间不得 The period within which the options must be exercised will be 迟于购股权授出日期起计10年后届满。于授出购股权时， specified by the Company at the time of grant. This period must expire 本公司可厘定在行使前须持有购股权之最低期限。授出购 no later than 10 years from the date of grant of the options. At the 股权之要约须于向该参与者发出载有该要约函件日期起计 time of grant of the options, the Company may specify a minimum 的21日内接纳，而于接纳购股权时须支付1港元。 period for which an option must be held before it can be exercised. The offer of a grant of share options may be accepted within 21 days from the date on which the letter containing the offer is delivered to that participant and the amount payable on acceptance of an option is HK$1. 行使购股权时将予发行之本公司股份的认购价，不得低于 The subscription price for the shares of the Company to be issued 下列3者之最高者：(i)于要约日期，本公司股份于联交所发 upon exercise of the options shall be no less than the highest of (i) 出之每日报价表之股份收市价；(ii)紧接要约日期前5个办公 the closing price of the shares of the Company as stated in the daily 日本公司股份于联交所发出之每日报价表之股份平均收市 quotations sheets issued by the Stock Exchange on the date of offer; 价；及(iii)于要约日期之本公司股份面值。本公司董事会向 (ii) the average closing price of the shares of the Company as stated 参与者提供购股权时厘定认购价。 in the daily quotations sheets issued by the Stock Exchange for the five business days immediately preceding the date of offer; and (iii) the nominal value of a share of the Company on the date of offer. The subscription price will be established by the board of directors of the Company at the time when the option is offered to the participants. 在采纳2023年购股权计划10周年之日期后本公司不得根据 No options may be granted under the 2023 Share Option Scheme after 计划授出购股权。 the date of the tenth anniversary of the adoption of the scheme. 于截至2025年及2024年3月31日止年度内，本公司概无根据 No options were granted to the directors of the Company for the 2023年购股权计划向本公司董事授出购股权。 years ended 31st March, 2025 and 2024 under the 2023 Share Option Scheme. 156

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 27. 购股权计划（续） 27. Share Option Scheme (Continued) 2013年购股权计划（续） 2013 Share Option Scheme (Continued) 根据本公司于2013年8月30日举行之股东周年大会上通过之 Pursuant to an ordinary resolution passed at the annual general meeting 普通决议案，本公司采纳一项购股权计划（「2013年购股权 of the Company on 30th August, 2013, a share option scheme (the 计划」），主要目的为奖励董事及合资格雇员等参与者，而 “2013 Share Option Scheme”) was adopted by the Company for the 该计划已于2023年8月30日届满。概无进一步购股权将根据 primary purpose of providing incentives to, among other participants, 2013年购股权计划予以授出。 directors and eligible employees and expired on 30th August, 2023. No further share options would be granted under 2013 Share Option Scheme. 下表披露本集团雇员所持有根据2013年购股权计划授出之 The following tables disclose details of options granted under the 2013 购股权详情及该等购股权之变动。 Share Option Scheme held by employees of the Group and movements in such holdings. 于截至2025年3月31日止年度内： During the year ended 31st March, 2025: 于2024年于年度内于年度内于年度内于2025年 4月1日授出失效注销 3月31日每股行使价之结余 Granted Lapsed Cancelled 尚未行使授出日期行使前持有期行使期间 Exercise price Balance at during during during Outstanding at Date of grant Vesting period Exercise period per share 1st April, 2024 the year the year the year 31st March, 2025 2021年1月29日 2021年1月29日至 2024年1月29日至 0.0534港元 16,800,000 – (1,900,000) (350,000) 14,550,000 29th January, 2021 2024年1月28日 2026年1月28日 HK$0.0534 29th January, 2021 to 29th January, 2024 to 28th January, 2024 28th January, 2026 2021年1月29日 2021年1月29日至 2026年1月29日至 0.0534港元 16,450,000 – (1,900,000) – 14,550,000 29th January, 2021 2026年1月28日 2028年1月28日 HK$0.0534 29th January, 2021 to 29th January, 2026 to 28th January, 2026 28th January, 2028 2022年2月16日 2022年2月16日至 2025年2月16日至 0.0506港元 5,150,000 – (1,400,000) – 3,750,000 16th February, 2022 2025年2月15日 2027年2月15日 HK$0.0506 16th February, 2022 to 16th February, 2025 to 15th February, 2025 15th February, 2027 2022年2月16日 2022年2月16日至 2027年2月16日至 0.0506港元 5,150,000 – (1,400,000) – 3,750,000 16th February, 2022 2027年2月15日 2029年2月15日 HK$0.0506 16th February, 2022 to 16th February, 2027 to 15th February, 2027 15th February, 2029 43,550,000 – (6,600,000) (350,000) 36,600,000 可于年终行使 Exercisable at the end of the year 18,300,00 0 加权平均行使价 Weighted average exercise price 0.052 7 – 0.052 2 0.053 4 0.052 8 157

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 27. 购股权计划（续） 27. Share Option Scheme (Continued) 2013年购股权计划（续） 2013 Share Option Scheme (Continued) 于截至2024年3月31日止年度内： During the year ended 31st March, 2024: 于2023年于年度内于年度内于年度内于2024年 4月1日授出失效注销 3月31日每股行使价之结余 Granted Lapsed Cancelled 尚未行使授出日期行使前持有期行使期间 Exercise price Balance at during during during Outstanding at Date of grant Vesting period Exercise period per share 1st April, 2023 the year the year the year 31st March, 2024 2017年1月9日 2017年1月9日至 2022年1月9日至 0.1832港元 2,500,000 – (2,500,000) – – 9th January, 2017 2022年1月8日 2024年1月8日 HK$0.1832 9th January, 2017 to 9th January, 2022 to 8th January, 2022 8th January, 2024 2021年1月29日 2021年1月29日至 2024年1月29日至 0.0534港元 16,800,000 – – – 16,800,000 29th January, 2021 2024年1月28日 2026年1月28日 HK$0.0534 29th January, 2021 to 29th January, 2024 to 28th January, 2024 28th January, 2026 2021年1月29日 2021年1月29日至 2026年1月29日至 0.0534港元 16,800,000 – – (350,000) 16,450,000 29th January, 2021 2026年1月28日 2028年1月28日 HK$0.0534 29th January, 2021 to 29th January, 2026 to 28th January, 2026 28th January, 2028 2022年2月16日 2022年2月16日至 2025年2月16日至 0.0506港元 5,150,000 – – – 5,150,000 16th February, 2022 2025年2月15日 2027年2月15日 HK$0.0506 16th February, 2022 to 16th February, 2025 to 15th February, 2025 15th February, 2027 2022年2月16日 2022年2月16日至 2027年2月16日至 0.0506港元 5,150,000 – – – 5,150,000 16th February, 2022 2027年2月15日 2029年2月15日 HK$0.0506 16th February, 2022 to 16th February, 2027 to 15th February, 2027 15th February, 2029 46,400,000 – (2,500,000) (350,000) 43,550,000 可于年终行使 Exercisable at the end of the year 16,800,00 0 加权平均行使价 Weighted average exercise price 0.059 8 – 0.183 2 0.053 4 0.052 7 158

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 27. 购股权计划（续） 27. Share Option Scheme (Continued) 2013年购股权计划（续） 2013 Share Option Scheme (Continued) 截至2025年3月31日止年度内，并无购股权获行使（2024 No share options were exercised during the year ended 31st March, 年：无）。 2025 (2024: nil). 本集团确认于截至2025年3月31日止年度与本公司授出之 The Group recognised the total expense of HK$80,000 for the year 行使前持有购股权有关之总开支为80,000港元（2024年： ended 31st March, 2025 (2024: HK$155,000) in relation to the vesting 155,000港元）。 of share options granted by the Company. 截至2025年3月31日止年度后及直至该等财务报表之批准日 Subsequent to the year ended 31st March, 2025 and up to the date of 期，并无购股权已失效。 approval of these financial statements, no share options were lapsed. 于本报告期末，本公司共有36,600,000（2024年：43,550,000） At the end of the reporting period, the Company had 36,600,000 份2013年购股权计划下尚未行使的购股权。根据本公司当前 (2024: 43,550,000) share options outstanding under the 2013 Share 的资本架构，悉数行使尚未行使之购股权将令本公司额外发 Option Scheme. The exercise in full of the outstanding share options 行36,600,000（2024年：43,550,000）股普通股及366,000港元 would, under the present capital structure of the Company, result （2024年：435,500港元）的股本以及1,567,000港元（2024年： in the issue of 36,600,000 (2024: 43,550,000) additional ordinary 1,861,000港元）的股份溢价（未扣除发行费用）。 shares of the Company and additional share capital of HK$366,000 (2024: HK$435,500) and share premium of HK$1,567,000 (2024: HK$1,861,000) (before issuing expenses). 于该等财务报表之批准日期，本公司共有36,600,000份2013 At the date of approval of these financial statements, the Company had 年购股权计划下尚未行使的购股权，占本公司于该日已发行 36,600,000 share options outstanding under the 2013 Share Option 股份约1.5%。 Scheme, which represented approximately 1.5% of the Company’s shares in issue as at that date. 于截至2025年及2024年3月31日止年度内，本公司概无根据 No options were granted to the directors of the Company for the 2013年购股权计划向本公司董事授出购股权。 years ended 31st March, 2025 and 2024 under the 2013 Share Option Scheme. 159

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 28. 综合现金流量表之附注 28. Notes To The Consolidated Statement Of Cash Flows (a) 主要非现金交易 (a) Major non-cash transactions 于本年度内，本集团就零售店舖（2024年：零售店舖及汽车） During the year, the Group had non-cash additions including 所拥有非现金添置包括使用权资产及租赁负债之租赁修订所 adjustments arising from lease modification to right-of-use assets 产生的调整分别为60,822,000港元（2024年：149,427,000港 and lease liabilities of HK$60,822,000 (2024: HK$149,427,000) and 元）及59,439,000港元（2024年：141,222,000港元）。 HK$59,439,000 (2024: HK$141,222,000), respectively, in respect of retail stores (2024: retail stores and motor vehicles). (b) 融资业务产生的负债变动 (b) Changes in liabilities arising from financing activities 其他借贷计息之银行借贷租赁负债 Other Interest-bearing borrowings bank borrowings Lease liabilities 千港元千港元千港元 HK$’000 HK$’000 HK$’000 于2023年4月1日 At 1st April, 2023 13,790 383,818 91,069 融资现金流净额 Financing cash flows, net 23,660 6,636 (93,643) 已订立的新租赁╱已修订的租赁 New leases entered/leases modified – – 141,222 利息开支 Interest expenses – – 7,778 分类为经营业务现金流的已付利息 Interest paid classified as operating cash flows – – (7,778) 汇兑调整 Exchange realignment – – (37 ) 于2024年3月31日及2024年4月1日 At 31st March, 2024 and 1st April, 2024 37,450 390,454 138,611 融资现金流净额 Financing cash flows, net 331,650 (212,359) (96,001) 已订立的新租赁╱已修订的租赁 New leases entered/leases modified – – 59,439 利息开支 Interest expenses – – 8,111 分类为经营业务现金流的已付利息 Interest paid classified as operating cash flows – – (8,111) 汇兑调整 Exchange realignment – – (4 7) 于2025年3月31日 At 31st March, 2025 369,10 0 178,09 5 102,00 2 160

37,450	390,454	138,611
331,650	(212,359)	(96,001)
–	–	59,439
–	–	8,111
–	–	(8,111)
–	–	(47)
369,100	178,095	102,002

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 28. 综合现金流量表之附注（续） 28. Notes To The Consolidated Statement Of Cash Flows (Continued) (c) 租赁现金流出总额 (c) Total cash outflow for leases 2025 2024 千港元千港元 HK$’000 HK$’000 经营业务内 Within operating activities 16,660 21,071 融资业务内 Within financing activities 96,001 93,643 112,661 114,714 29. 资产抵押 29. Pledge of Assets 于本报告期末，本集团抵押予若干银行以获得授予本集团 At the end of the reporting period, the following assets were pledged by 的一般银行授信的资产如下： the Group to certain banks to secure general banking facilities granted to the Group: 2025 2024 附注千港元千港元 Notes HK$’000 HK$’000 投资物业 Investment properties 13 454,218 552,651 租赁土地及楼宇 Leasehold land and buildings 14 5,181 12,766 使用权资产 Right-of-use assets 15(a) 537 2,362 抵押存款 Pledged deposits 19 13,070 2,231 473,006 570,010 161

2025
千港元
HK$’000
16,660
96,001
112,661

2025
千港元
HK$’000
454,218
5,181
537
13,070
473,006

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 30. 关联方交易 30. Related Party Transactions (a) 除了该等财务报表其他部分详述之交易，本集团于 (a) In addition to the transactions detailed elsewhere in these 本年度亦有以下与关联方之交易： financial statements, the Group had the following transactions with related parties during the year: 2025 2024 千港元千港元 HK$’000 HK$’000 交易性质 Nature of transactions 有关短期租赁之开支* Expenses relating to short-term leases* 1,800 1,800 付予董事的利息 Interest paid to directors 16,065 1,110 * 该实体由本公司执行董事郑钟文先生控制。 * The entity is controlled by Mr. Cheng Chung Man, Johnny, an executive director of the Company. (b) 主要管理人员之补偿 (b) Compensation of key management personnel 于本年度内，董事及其他主要管理人员之薪酬如下： The remuneration of directors and other members of key management during the year was as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 短期福利 Short-term benefits 4,521 5,362 雇用后福利 Post-employment benefits 106 121 以股份为基础之偿付 Share-based payments 39 47 4,666 5,530 董事及主要管理人员之其他成员之薪酬乃由薪酬委员会视 The remuneration of directors and other members of key management 乎个别表现及市场趋势而向董事会提出建议。 is recommended to the board of directors by the remuneration committee having regard to the performance of individuals and market trends. 162

2025
千港元
HK$’000
1,800
16,065

2025
千港元
HK$’000
4,521
106
39
4,666

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 31. 按类别划分的金融工具 31. Financial Instruments by Category 于报告期末，各类金融工具之账面值如下： The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows: 2025 2024 千港元千港元 HK$’000 HK$’000 按摊销成本计量之金融资产 Financial assets at amortised cost 已付租金及水电按金 Rental and utility deposits paid 34,846 39,273 应收贸易款项 Trade receivables 1,957 5,969 其他应收款项 Other receivables 783 752 抵押存款 Pledged deposits 13,070 2,231 现金及现金等值项目 Cash and cash equivalents 13,126 8,537 63,782 56,762 按摊销成本计量之金融负债 Financial liabilities at amortised cost 应付贸易款项 Trade payables 23,555 30,620 其他应付款项及应计费用 Other payables and accruals 12,474 15,781 已收租金按金 Rental deposits received 2,730 2,515 计息之银行借贷 Interest-bearing bank borrowings 178,095 390,454 其他借贷 Other borrowings 369,100 37,450 租赁负债 Lease liabilities 102,002 138,611 687,956 615,431 163

2025
千港元
HK$’000
34,846
1,957
783
13,070
13,126
63,782
23,555
12,474
2,730
178,095
369,100
102,002
687,956

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 32. 金融工具公平价值及公平价值层级 32. Fair Value and Fair Value Hierarchy of Financial Instruments 管理层评估现金及现金等值项目，抵押存款、应收贸易款 Management has assessed that the fair values of cash and cash equivalents, 项、应付贸易款项、已付租金及水电按金即期部分、其他 pledged deposits, trade receivables, trade payables, current portion of 应收款项、其他应付款项及应计费用、已收租金按金以及 rental and utility deposits paid, other receivables, other payables and 计息之银行借贷之公平价值与其账面值相若，主要由于该 accruals, rental deposits received and interest-bearing bank borrowings 等工具乃于短期内到期。 approximate to their carrying amounts largely due to the short-term maturities of these instruments. 已付租金按金、已收租金按金及其他借贷非流动部分的公 The fair value of non-current portion of rental deposits paid, rental 平价值已采用有类似条款、信贷风险及余下期限之当前可 deposits received and other borrowings have been calculated by 动用工具利率折现预期未来现金流量计算。于2025年3月31 discounting the expected future cash flows using rates currently 日，因本集团本身的其他借贷不履约风险而导致的公平价 available for instruments with similar terms, credit risk and remaining 值变动被评估为不重大。 maturities. The changes in fair value as a result of the Group’s own non-performance risk for other borrowings as at 31st March, 2025 were assessed to be insignificant. 本集团以财务总监为首的财务部门负责厘定金融工具公平 The Group’s finance department headed by the chief financial officer 价值计量的政策及程序。财务总监直接向董事会及审核委 is responsible for determining the policies and procedures for the fair 员会报告。于各报告日期，财务部门分析金融工具的价值 value measurement of financial instruments. The chief financial officer 变动并厘定估值所适用的主要参数。估值由董事会审核并 reports directly to the board of directors and the audit committee. At 批准。估值过程及结果与审核委员会每年讨论两次以进行 each reporting date, the finance department analyses the movements 中期及年度财务报告。 in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the board of directors. The valuation process and results are discussed with the audit committee twice a year for interim and annual financial reporting. 金融资产及负债的公平价值按自愿方之间的当前交易（强制 The fair values of the financial assets and liabilities are included 或清算销售除外）中可交换工具的金额列账。估计公平价值 at the amount at which the instrument could be exchanged in a 时已采用以下方法及假设： current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: 于2025年及2024年3月31日，本集团并无任何按公平价值计 The Group did not have any financial assets and liabilities measured at 量之金融资产及负债。于年内，金融资产及金融负债第1层 fair value as at 31st March, 2025 and 2024. During the year, there were 与第2层之间并无公平价值计量转移，亦无转入或转出第3 no transfers of fair value measurements between Level 1 and Level 层（2024年：无）。 2 and no transfers into or out of Level 3 for both financial assets and financial liabilities (2024: nil). 164

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策 33. Financial Risk Management Objectives and Policies 本集团之金融工具包括应收贸易款项、其他应收款项、已 The Group’s financial instruments include trade receivables, other 付租金及水电按金、现金及现金等值项目、抵押存款、应 receivables, rental and utility deposits paid, cash and cash equivalents, 付贸易款项、其他应付款项及应计费用，已收租金按金、 pledged deposits, trade payables, other payables and accruals, rental 计息之银行借贷、其他借贷及租赁负债。 deposits received, interest-bearing bank borrowings, other borrowings and lease liabilities. 与此等金融工具有关之风险包括市场风险（指利率风险及外 The risks associated with these financial instruments include market 币风险）、信贷风险及流动资金风险。下述为缓减此等风险 risk (represented by interest rate risk and foreign currency risk), credit 之政策。管理层管理及监控此等风险，以确保可及时及有 risk and liquidity risk. The policies on how to mitigate these risks are 效地采取适合的措施。 set out below. Management manages and monitors these exposures to ensure appropriate measures are implemented on a timely and effective manner. 利率风险 Interest rate risk 本集团面对主要与短期银行结余及存款（附注19）、以浮动 The Group’s exposure to the risk of changes in market interest rates 利率计息之银行借贷（附注23）及其他借贷（附注22）有关之 relates primarily to the short-term bank balances and deposits (note 市场利率变动风险。本集团之政策乃将其借贷利率保持浮 19), interest-bearing bank borrowings (note 23) and other borrowings 动，从而减少公平价值利率之风险。所承受之短期银行结 (note 22) with floating interest rates. It is the Group’s policy to keep 余之利率风险并不重大。 its borrowings at floating interest rates so as to minimise the fair value interest rate risk. The exposure to the interest rate risk for short-term bank balances is insignificant. 本集团之现金流利率风险，主要来自本集团银行贷款产生 The Group’s cash flow interest rate risk is mainly concentrated on 之香港银行同业拆息及担保隔夜融资利率之波动。本集团 the fluctuation of HIBOR and Secured Overnight Financing Rate 现时并无就公平价值及现金流利率风险实施任何利率对冲 arising from the Group’s bank loans. The Group currently does not 政策。然而，管理层持续监察利率之变动，并在有需要时 have any interest rate hedging policy in relation to fair value and cash 考虑对重大利率变动风险进行对冲。 flow interest rate risks. However, management monitors interest rate exposure on an ongoing basis and will consider hedging significant interest rate risk should the need arise. 以下敏感度分析乃根据银行及其他借贷之利率风险而厘 The sensitivity analysis below has been determined based on the 定。该分析乃假设于本报告期末之负债金额乃全年之余额 exposure to interest rates of bank and other loans. The analysis is 而编制。50个（2024年：50个）基点增加或减少代表管理层 prepared assuming the amount of liability outstanding at the end of the 对利率合理可能变动之评估。倘利率提高╱降低50个（2024 reporting period was outstanding for the whole year. A 50 (2024: 50) 年：50个）基点及所有其他变动因素保持不变，本集团截至 basis point increase or decrease represents management’s assessment 2025年3月31日止年度之税后亏损将增加╱减少2,285,000港 of the reasonably possible change in interest rates. If interest rates had 元（2024年：1,786,000港元）。 been 50 (2024: 50) basis point higher/lower and all other variables were held constant, the Group’s post-tax loss for the year ended 31st March, 2025 would increase/decrease by HK$2,285,000 (2024: HK$1,786,000). 165

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 外币风险 Foreign currency risk 本集团面对交易货币风险。该等风险来自计息之银行借贷 The Group has transactional currency exposures. Such exposures 及营运单位使用单位功能货币以外货币进行之采购。此 arise from interest-bearing bank borrowings and purchases by 外，集团实体因集团内部应收及应付之款项（该等应收及应 operating units in currencies other than the units’ functional 付款项并非以相关集团公司之功能货币结算）而承受外币风 currencies. In addition, group entities are exposed to foreign currency 险。 risk attributable to intra-group receivables and payables where the denomination of the receivables and payables is in currencies other than the functional currency of the relevant group entities. 本集团现时并无一套外币对冲政策。然而，管理层密切监 The Group currently does not have a foreign currency hedging policy. 察外汇风险水平，并会在有需要时考虑对重大外汇风险进 However, management closely monitors the foreign exchange exposure 行对冲。 and will consider hedging significant foreign currency exposure should the need arise. 本集团之外汇风险主要来自现金及现金等值项目、应收贸 The Group’s currency risk is mainly attributable to the exposure to 易款项及其他应收款项、应付贸易款项及其他应付款项、 cash and cash equivalents, trade and other receivables, trade and other 计息之银行借贷，其他借贷及集团之间应收款项及应付款 payables, interest-bearing bank borrowings, other borrowings and 项，该等款项以人民币、港元及美元列示。于本报告期 intra-group receivables and payables denominated in RMB, HK$ and 末，其账面值如下： USD. The carrying amounts at the end of the reporting period are as follows: 资产负债 Assets Liabilities 2025 2024 2025 2024 千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 人民币 RMB 74 7 149 – 港元 HK$ 80,844 40,941 7,836 6,965 美元 USD 5,687 1,906 – 145 敏感度分析 Sensitivity analysis 因港元与美元挂钩，本集团预期美元╱港元汇率不会有任 As HK$ is pegged to USD, the Group does not expect any significant 何重大变动。就此而言，本集团并无来自美元之重大货币 movements in the USD/HK$ exchange rate. In this regard, the Group 风险。 does not expose to significant currency risk arising from USD. 166

2025
千港元
HK$’000
74
80,844
5,687

2025
千港元
HK$’000
149
7,836
–

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 外币风险（续） Foreign currency risk (Continued) 敏感度分析（续） Sensitivity analysis (Continued) 下表显示在所有其他变动因素维持不变之情况下，于本报 The following table demonstrates the sensitivity at the end of the 告期末，本集团之除税后溢利╱亏损对人民币及港元汇率 reporting period to a reasonably possible change in the RMB and HK$ 的合理可能变动之敏感度，该等变动乃由于本集团未折算 exchange rates, with all other variables held constant, of the Group’s 的外币结算货币项目以及集团内部应收及应付款项（该等应 profit/loss after tax due to changes in the fair values of the Group’s 收及应付款项并非以相关集团公司之功能货币结算）之公平 outstanding foreign currency denominated monetary items, intra-group 价值变动所致。 receivables and payables where the denomination of the receivables and payables is in currencies other than the functional currency of the relevant group entities. 港元汇率除税后亏损上升╱（下降）增加╱（减少） Increase/ Increase/ (decrease) in (decrease) in HK$ rate loss after tax 百分比千港元 % HK$’000 2025年 2025 倘港元兑人民币贬值 If the Hong Kong dollar weakens against the RMB (5) (3,045) 倘港元兑人民币升值 If the Hong Kong dollar strengthens against the RMB 5 3,045 港元汇率除税后亏损上升╱（下降）增加╱（减少） Increase/ Increase/ (decrease) in (decrease) in HK$ rate loss after tax 百分比千港元 % HK$’000 2024年 2024 倘港元兑人民币贬值 If the Hong Kong dollar weakens against the RMB (5) (1,419) 倘港元兑人民币升值 If the Hong Kong dollar strengthens against the RMB 5 1,419 167

港元汇率上升╱（下降）	除税后亏损增加╱（减少）
Increase/ (decrease) in HK$ rate	Increase/ (decrease) in loss after tax
百分比	千港元
%	HK$’000
(5)	(3,045)
5	3,045

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 信贷风险 Credit Risk 由于对约方未能履行有关各类已确认金融资产之责任，本 The Group’s maximum exposure to credit risk which will cause a 集团须承担并引致本集团出现财务亏损之最大信贷风险为 financial loss to the Group due to the failure to discharge an obligation 综合财务状况表内该等资产之账面值。本集团并无持有任 by the counterparties arises from the carrying amounts of the respective 何抵押品或其他信贷提升措施以涵盖其财务资产相关之信 recognised financial assets as stated in the consolidated statement of 贷风险。 financial position. The Group does not hold any collateral or other credit enhancements to cover its credit risks associated with its financial assets. 本集团就预期信贷亏损模式下之金融资产进行减值评估。 The Group performed impairment assessment for financial assets under 有关本集团之信贷风险管理、最大信贷风险敞口及相关减 the ECL model. Information about the Group’s credit risk management, 值评估（倘适用）之资料概述如下： maximum credit risk exposures and the related impairment assessment, if applicable, is summarised below: 为尽量减低信贷风险，本集团管理层已委派团队负责厘定 In order to minimise the credit risk, the management of the Group has 信贷额度、信贷审批及其他监察程序，以确保采取跟进行 delegated a team responsible for the determination of credit limits, 动追收逾期债项。此外，本集团根据预期信贷亏损模式对 credit approvals and other monitoring procedures to ensure that a 债务人的应收贸易款项个别进行减值评估。估计亏损率乃 follow-up action is taken to recover overdue debts. In addition, the 根据债务人的可观察历史违约率并结合毋须繁重成本或努 Group performs impairment assessment under ECL model on trade 力即可获得的前瞻性资料（包括但不限于行业预期的增长 receivables individually for debtors. The estimated loss rates are 率）而估计得出。就此而言，本公司董事认为本集团的信贷 estimated based on historical observed default rates over the expected 风险已大幅降低。 lives of the debtors and are adjusted for forward-looking information, including but not limited to the expected growth rate of the industry that is available without undue cost or effort. In this regard, the directors o the Company consider that the Group’s credit risk is significantly reduced. 本集团按地理位置划分的信贷风险主要集中在中国内地及 The Group’s concentration of credit risk by geographical location is 香港。 mainly in Mainland China and Hong Kong. 由于银行结余及存款存放于被国际信贷评级机构评定为高 The credit risks on bank balances and deposits are limited because 信贷评级的银行，故信贷风险有限。除存放于若干具有良 the counterparties are banks with high credit ratings assigned by 好信誉和高信贷评级的银行中的流动资金存在集中信贷风 international credit-rating agencies. Other than the concentration of 险情况，有关风险分散至若干对约方及客户，故本集团并 credit risk on liquid funds which are deposited with several banks with 无任何其他重大信贷风险集中。 good reputation and high credit ratings, the Group does not have any other significant concentration of credit risk, with exposure spread over a number of counterparties and customers. 168

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 信贷风险（续） Credit Risk (Continued) 本集团认为其他应收款项、已付租金及水电按金、银行结 The Group has considered that credit risk on other receivables, rental 余及存款的信贷风险自初始确认起无显著增加，并且基于 and utility deposits paid, bank balances and deposits has not increased 本集团对相关对约方违约风险的评估，按照12个月预期信 significantly since initial recognition and has assessed the ECL rate 贷亏损法评估预期信贷亏损率。 under the 12-month (“12m”) ECL method based on the Group’s assessment in the risk of default of the respective counterparties. 本集团之内部信贷风险评估级别包括以下类别： The Group’s internal credit risk grading assessment comprises the following categories: 类别描述应收贸易款项其他金融资产 Category Description Trade receivables Other financial assets 低风险对约方的违约风险属低，且并无任何逾期款项全期预期信贷亏损－ 12个月预期信贷亏损并无信贷减值 Low risk The counterparty has a low risk of default and Lifetime ECL – 12m ECL does not have any past-due amounts not credit-impaired 观察名单债务人经常于逾期后悉数偿付全期预期信贷亏损－ 12个月预期信贷亏损并无信贷减值 Watch list Debtor frequently repays after the due dates but Lifetime ECL – 12m ECL usually settles in full after the due dates not credit-impaired 存疑信贷风险自透过内部建立的资料或外部资源初始确全期预期信贷亏损－全期预期信贷亏损－认起大幅增加已信贷减值已信贷减值 Doubtful There has been a significant increase in Lifetime ECL – Lifetime ECL – credit risk since initial recognition through credit-impaired credit-impaired information developed internally or external resources 亏损有证据显示资产已信贷减值全期预期信贷亏损－全期预期信贷亏损－已信贷减值已信贷减值 Loss There is evidence indicating that the asset is Lifetime ECL – Lifetime ECL – credit-impaired credit-impaired credit-impaired 撇销有证据显示债务人处于严峻财务困难，且本集团并款项已撇销款项已撇销无实际收回的可能 Write-off There is evidence indicating that the debtor is in Amount is written off Amount is written off severe financial difficulty and the Group has no realistic prospect of recovery 169

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 信贷风险（续） Credit Risk (Continued) 下表载列本集团金融资产所面临之信贷风险详情，该等风 The table below details the credit risk exposures of the Group’s 险须进行预期信贷亏损评估： financial assets, which are subject to ECL assessment: 12个月或 2025年 2024年外部信贷评级内部信贷评级全期预期信贷亏损账面总值账面总值 2025 2024 附注 External Internal 12m or Gross carrying Gross carrying Notes credit rating credit rating lifetime ECL amount amount 千港元千港元 HK$’000 HK$’000 应收贸易款项 18 不适用附注i 全期预期信贷亏损－ 1,957 5,969 并无信贷减值 Trade receivables N/A Note i Lifetime ECL – not credit-impaired 其他应收款项 16 不适用附注ii 12个月预期信贷亏损 783 752 Other receivables N/A Note ii 12m ECL 抵押存款 19 Aa3至A1 附注ii 12个月预期信贷亏损 13,070 2,231 Pledged deposits Aa3 to A1 Note ii 12m ECL 现金及现金等值项目 19 Aa3至A1 附注ii 12个月预期信贷亏损 13,126 8,537 Cash and cash equivalents Aa3 to A1 Note ii 12m ECL 已付租金及水电按金不适用附注ii 12个月预期信贷亏损 34,846 39,273 Rental and utility deposits paid N/A Note ii 12m ECL 附注： Notes: i. 就应收贸易款项而言，本集团应用香港财务报告准则 i. For trade receivables, the Group has applied the simplified 第9号简化方法按全期预期信贷亏损计量亏损拨备。本 approach in HKFRS 9 to measure the loss allowance at lifetime 集团根据个别评估厘定的应收贸易款项的预期信贷亏 ECL. The Group determines the ECL for trade receivables based on 损。于2025年3月31日，本集团认为就应收贸易款项的 individual assessment. As at 31st March, 2025, the Group considers 预期信贷亏损的拨备为零（2024年：零）。 that the allowance for ECL for trade receivables is nil (2024: nil). ii. 就内部信贷风险管理而言，由于信贷风险自初始确认 ii. For the purposes of internal credit risk management, the Group 以来并无大幅上升，本集团已应用香港财务报告准则 has applied the general approach in HKFRS 9 to measure the loss 第9号的一般方法，以12个月预期信贷亏损计算亏损拨 allowance at 12m ECL as there is no significant increase in credit 备。本集团透过评估违约率厘定其他应收款项、现金 risk since initial recognition. The Group determines the ECL for 及现金等值项目、抵押存款以及已付租金及水电按金 other receivables, cash and cash equivalents, pledged deposits, 的预期信贷亏损。截至2025年及2024年3月31日止年 and rental and utility deposits paid by assessment of probability 度，鉴于该等结余的性质、过往偿还记录及对约方的 of default. During the years ended 31st March, 2025 and 2024, in 良好声誉，本集团认为就其他应收款项、现金及现金 view of the nature of these balances, historical settlement records 等值项目、抵押存款以及已付租金及水电按金减值亏 and good reputations of the counterparties, the Group considers the 损作出的拨备并不重大。 provision for impairment losses for other receivables, cash and cash equivalents, pledged deposits, and rental and utility deposits paid is insignificant. 170

2025年账面总值
2025 Gross carrying amount
千港元
HK$’000
1,957
783
13,070
13,126
34,846

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 信贷风险（续） Credit Risk (Continued) 下表提供应收贸易款项（于全期预期信贷亏损内于2025年3 The following table provides information about the exposure to credit 月31日个别进行评估）所面临之信贷风险资料。于2025年3 risk for trade receivables which are assessed individually as at 31st 月31日账面总值为零（2024年：零）的信贷减值债务人乃个 March, 2025 within lifetime ECL. Credit-impaired debtors with a gross 别进行评估。 carrying amount of nil as at 31st March, 2025 (2024: nil) were assessed individually. 账面总值 Gross carrying amount 平均亏损率应收贸易款项 Average Trade 于2025年3月31日 At 31st March, 2025 loss rate receivables 千港元 HK$’000 内部信贷评级 Internal credit rating 低风险 Low risk # 1,957 观察名单 Watch list # – 存疑 Doubtful 100% – 1,957 平均亏损率应收贸易款项 Average Trade 于2024年3月31日 At 31st March, 2024 loss rate receivables 千港元 HK$’000 内部信贷评级 Internal credit rating 低风险 Low risk # 5,969 观察名单 Watch list # – 存疑 Doubtful 100% – 5,969 # 百分比少于0.1% # The percentage was lower than 0.1% 171

平均亏损率	应收贸易款项
Average	Trade
loss rate	receivables
	千港元
	HK$’000
#	1,957
#	–
100%	–
100%	1,957

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 信贷风险（续） Credit Risk (Continued) 考虑到贸易债务人的预期后续及历史还款情况，本公司董 In the opinion of the directors of the Company, the trade receivables 事认为，于本报告期末已逾期超过90日属于低风险及观察 within low risk and watch list at the end of the reporting period which 名单组别之应收贸易款项并未违约。 have been past due over 90 days are not considered as in default by considering the expected subsequent and historical repayment from trade debtors. 于截至2025年及2024年3月31日止年度，本集团就除应收贸 For the years ended 31st March, 2025 and 2024, the Group performed 易款项以外之金融资产进行减值评估，并认为对约方违约 impairment assessment on financial assets other than trade receivables 的可能性并不重大，因此并无就预期信贷亏损计提拨备。 and concluded that the probability of default of the counterparty is insignificant and accordingly, no allowance for ECL is provided. 下表列示已根据简化方法就应收贸易款项确认的全期预期 The following table shows the movements in lifetime ECL (credit- 信贷亏损（已信贷减值）的变动。 impaired) that has been recognised for trade receivables under the simplified approach. 2025 2024 千港元千港元 HK$’000 HK$’000 年初 At the beginning of the year – 3,818 减值之回拨 Reversal of impairment – (3,381) 汇兑调整 Exchange realignment – (43 7) 年终 At the end of the year – – 172

2025
千港元
HK$’000
–
–
–
–

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 流动资金风险 Liquidity risk 本集团监控及维持管理层认为充足之现金及现金等值项目 In the management of liquidity risk, the Group monitors and 水平，为本集团营运提供资金及减低现金流波动之影响， maintains a level of cash and cash equivalents deemed adequate by 以管理流动资金风险。管理层监察有抵押银行借贷的使用 management to finance the Group’s operations and mitigate the effects 情况（附注23），以确保未动用之银行授信属足够，及确保 of fluctuations in cash flows. Management monitors the utilisation 遵守贷款契约或向相关银行取得豁免（倘本集团未能满足 of secured bank borrowings (note 23) to ensure unutilised banking 任何契约规定）。倘出现任何潜在违反承诺或财务契约的 facilities are adequate and ensure compliance with loan covenants 情况，本集团将积极与银行协商并获得有关承诺或财务契 or to obtain waiver from the relevant banks if the Group is not able 约的豁免，以避免银行要求立即偿还根据授信提取的任何 to satisfy any of the covenant requirements. When there is any 尚未偿还的银行借款，从而使授信及银行借款可继续供本 potential breach of undertaking or financial covenants, the Group will 集团使用。于2025年3月31日，本集团可用的未动用银行 actively negotiate with the bank to obtain a waiver for the relevant 授信为61,142,000港元（2024年：45,983,000港元），包括 undertaking or financial covenants to avoid the bank from requesting 17,585,000港元（2024年：17,825,000港元）未动用银行担保 for immediate repayment of any outstanding bank borrowings drawn 授信。 under the facility, such that the facility and bank borrowings will continue to be available to the Group. As at 31st March, 2025, the Group has unutilised banking facilities of HK$61,142,000 (2024: HK$45,983,000) including HK$17,585,000 (2024: $17,825,000) unutilised bank guarantee facilities available. 截至2025年3月31日止年度，本集团录得来自营运的净亏损 During the year ended 31st March, 2025, the Group incurred a net 124,767,000港元及于2025年3月31日，本集团的流动负债 loss of HK$124,767,000 from operations and as at 31st March, 超过其流动资产120,964,000港元（2024年：387,756,000港 2025, the Group’s current liabilities exceeded its current assets by 元）。此外，本集团之现金及现金等值项目为13,126,000港 HK$120,964,000 (2024: HK$387,756,000). In addition, the Group had 元（2024年：8,537,000港元），而于一年内到期或含须按要 cash and cash equivalents of HK$13,126,000 (2024: HK$8,537,000) 求还款条款之银行借贷总额为178,095,000港元（2024年： with total bank borrowings due within one year or contain a 390,454,000港元）。 repayable on demand clause amounting to HK$178,095,000 (2024: HK$390,454,000). 本集团成功重续于年内已到期的银行授信。此外，本公司 The Group successfully renewed the banking facilities that were 董事已评估本集团目前未提取的银行授信及可重续银行借 due during the year. The directors of the Company have evaluated 贷。管理层就持续遵守贷款契约，监控银行借贷的到期情 the Group’s current undrawn banking facilities and renewable bank 况以及银行授信的增加或赎回现有债务，与本集团的主要 borrowings and management maintains continuous communication 银行保持持续沟通。本公司股东会向本集团提供持续财务 with the Group’s principal banks on the ongoing loan covenant 支持以履行到期债务。 compliance, monitoring the maturity of bank borrowings as well as the increase of banking facilities or redemption of existing debt. The shareholders of the Company will provide continuous financial support to the Group to meet their liabilities as and when they fall due. 于本年度，本公司董事向本集团一家全资附属公司提供最 During the year, the directors of the Company provided loan facilities 高为375,000,000港元的贷款授信，以提供本集团在正常业 of up to HK$375,000,000 to a wholly-owned subsidiary of the Group to 务过程中的营运资金以及偿还本集团的银行授信贷款以减 provide working capital for the normal course of business of the Group 少借贷利息支出。 and to repay the loans under the Group’s banking facilities so as to reduce loan interest. 173

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 流动资金风险（续） Liquidity risk (Continued) 本公司董事已评估该等可得的所有相关事实及已检讨本集 The directors of the Company have evaluated all the relevant facts 团的银行借贷及本集团可用之银行授信，并认为银行贷款 available and reviewed the Group’s bank loans and banking facilities 及银行授信将于其当前期限届满时予以重续。截至该等综 available to the Group. In opinion of the directors of the Company that 合财务报表获批准之日，本公司董事并不知悉本集团的主 the bank loans and banking facilities would be renewed when their 要银行有意于报告期末后未来12个月内撤回已授出的银行 current terms expire. Up to the date of approval of these consolidated 授信或要求提前偿还已使用的授信。 financial statements, the directors of the Company are not aware of any intention of the Group’s principal banks to withdraw their banking facilities granted or request early repayment of the utilised facilities within the next twelve months from the end of the reporting period. 尽管存在附注2.1所述之不确定因素，本公司董事认为，经 Despite the uncertainties mentioned in note 2.1, the directors of 考虑现金及现金等值项目、现有银行授信、本公司董事之 the Company consider that, after taking into account the cash and 贷款授信及经营活动所产生的现金流量后，本集团将有足 cash equivalents, existing banking facilities, loan facilities from 够资金自该等综合财务报表获批准之日起计未来最少12个 the directors of the Company and cash flows to be generated from 月内履行其财务责任。 operations, the Group will have sufficient funds to meet its financial obligations for at least the next twelve months from the date of approval of these consolidated financial statements. 下表载列本集团非衍生金融负债之合约到期日之详情，其 The following tables detail the Group’s contractual maturity for its 乃按金融负债的未折现现金流量根据本集团最早可被要求 non-derivative financial liabilities. The tables have been drawn up 付款的日期编制。具体而言，内含须按要求偿还条款之银 based on the undiscounted cash flows of financial liabilities based 行借贷乃列入最早的时段内而不论银行选择行使其权利之 on the earliest date on which the Group can be required to pay. 可能性。其他非衍生金融负债之到期日乃以经协定还款日 Specifically, bank borrowings containing a repayment on demand 为基准。 clause are included in the earliest time band regardless of the probability of the banks choosing to exercise their rights. The maturity dates for other non-derivative financial liabilities are based on the agreed repayment dates. 此表包括利息及本金现金流量。在利息流量为浮动利率的 The tables include both interest and principal cash flows. To the extent 情况下，未折现金额将按于报告期末的利率曲线厘定。 that interest flows are floating rate, the undiscounted amount is derived from the interest rate curve at the end of the reporting period. 174

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 流动资金风险（续） Liquidity risk (Continued) 于2025年按要求或未折现现金 3月31日加权平均利率少于1年流量总额之账面值 Weighted On demand Total Carrying average or less than 1年至2年 2年至5年 undiscounted amount interest rate 1 year 1 to 2 years 2 to 5 years cash flows at 31.3.2025 百分比千港元千港元千港元千港元千港元 % HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 2025年 2025 应付贸易款项及其他应付款项 Trade and other payables – 38,759 – – 38,759 38,759 计息之银行借贷 Interest-bearing bank borrowings －浮息 – variable rate 5.79 180,071 – – 180,071 178,095 其他借贷 Other borrowings 4.73 – 395,581 – 395,581 369,100 租赁负债 Lease liabilities 6.60 68,806 34,499 7,649 110,954 102,002 287,636 430,080 7,649 725,365 687,956 于2024年按要求或未折现现金 3月31日加权平均利率少于1年流量总额之账面值 Weighted On demand Total Carrying average or less than 1年至2年 2年至5年 undiscounted amount interest rate 1 year 1 to 2 years 2 to 5 years cash flows at 31.3.2024 百分比千港元千港元千港元千港元千港元 % HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 2024年 2024 应付贸易款项及其他应付款项 Trade and other payables – 48,916 – – 48,916 48,916 计息之银行借贷 Interest-bearing bank borrowings －浮息 – variable rate 6.64 416,380 – – 416,380 390,454 其他借贷 Other borrowings 5.80 – 40,950 – 40,950 37,450 租赁负债 Lease liabilities 6.32 83,036 63,228 3,507 149,771 138,611 548,332 104,178 3,507 656,017 615,431 175

于2025年
	按要求或			未折现现金	3月31日
加权平均利率	少于1年			流量总额	之账面值
Weighted average interest rate	On demand or less than 1 year	1年至2年 1 to 2 years	2年至5年 2 to 5 years	Total undiscounted cash flows	Carrying amount at 31.3.2025
百分比	千港元	千港元	千港元	千港元	千港元
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
–	38,759	–	–	38,759	38,759
5.79	180,071	–	–	180,071	178,095
4.73	–	395,581	–	395,581	369,100
6.60	68,806	34,499	7,649	110,954	102,002
6.60	287,636	430,080	7,649	725,365	687,956

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 流动资金风险（续） Liquidity risk (Continued) 于上列之到期日分析中，内含须按要求还款条款之银行借 Bank borrowings with a repayment on demand clause are included in 贷乃列入「按要求或少于1个月」之时段内。于2025年3月31 the “on demand or less than 1 month” time band in the above maturity 日，该等银行借贷之合计账面值为178,095,000港元（2024 analysis. As at 31st March, 2025, the aggregate carrying amounts 年：390,454,000港元）。考虑到本集团之财务状况，本公 of these bank borrowings amounted to HK$178,095,000 (2024: 司董事不相信银行会行使其酌情权要求即时还款。董事相 HK$390,454,000). Taking into account the Group’s financial position, 信，有关银行借贷将根据贷款协议载列之协定还款日期于 the directors of the Company do not believe that it is probable that the 报告期末之后4年（2024年：4年）内偿还，详情载列于下表： banks will exercise their discretionary rights to demand immediate repayment. The directors believe that such bank borrowings will be repaid within four years (2024: four years) after the end of the reporting period in accordance with the scheduled repayment dates set out in the loan agreements, details of which are set out in the table below: 到期日分析－内含须按要求还款条文之银行借贷（按协定还款日期呈列） Maturity analysis – Bank borrowings with a repayment on demand clause based on scheduled repayments 按要求或未折现现金少于1个月流出总额 On demand or 3个月至1年 5年以上 Total 账面值 less than 1至3个月 3 months 1至2年 2至5年 More than undiscounted Carrying 1 month 1 to 3 months to 1 year 1 to 2 years 2 to 5 years 5 years cash outflow amount 千港元千港元千港元千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 于2025年3月31日 As at 31st March, 2025 163,911 5,298 3,831 3,402 3,629 – 180,071 178,095 于2024年3月31日 As at 31st March, 2024 386,872 4,258 19,160 1,853 4,237 – 416,380 390,454 176

163,911	5,298	3,831	3,402	3,629	–	180,071	178,095

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 33. 财务风险管理目标及政策（续） 33. Financial Risk Management Objectives and Policies (Continued) 资本管理 Capital management 本集团管理其资本以确保本集团之实体将能够持续经营， The Group manages its capital to ensure that entities in the Group will 并透过优化债务及权益结余为股东带来最大回报。自过往 be able to continue as a going concern while maximising the return to 年度，本集团之整体策略维持不变。 stakeholders through the optimisation of the debt and equity balance. The Group’s overall strategy remains unchanged from prior years. 本集团之资本架构包括净债务，其包括于附注23披露之计 The capital structure of the Group consists of net debt, which includes 息之银行借贷、扣减现金及现金等值项目及母公司普通权 interest-bearing bank borrowings disclosed in note 23, net of cash and 益拥有人应占权益，其包括已发行股本及储备。 cash equivalents and equity attributable to ordinary equity holders of the parent, comprising issued share capital and reserves. 本公司董事定期审阅资本架构。作为此审阅之一环，董事 The directors of the Company review the capital structure on a 考虑资本成本及与各类别资本相关之风险。本集团将根据 regular basis. As part of this review, the directors consider the cost of 董事之建议透过监控计息之银行借贷的到期情况以及银行 capital and the risks associated with each class of capital. Based on 授信的增加以平衡其整体资本架构。 recommendations of the directors, the Group will balance its overall capital structure through monitoring the maturity of interest-bearing bank borrowings as well as the increase of banking facilities. 177

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 34. 本公司财务状况表 34. Statement of Financial Position of the Company 2025 2024 千港元千港元 HK$’000 HK$’000 非流动资产 Non-current Assets 附属公司权益 Interests in subsidiaries 53,631 53,631 流动资产 Current Assets 其他应收款项 Other receivables 336 348 附属公司欠款 Due from subsidiaries 248,387 299,933 银行结余及现金 Bank balances and cash 106 43 248,829 300,324 流动负债 Current Liabilities 其他应付款项 Other payables 843 842 欠附属公司之款项 Due to subsidiaries 222,340 222,381 223,183 223,223 流动资产净值 Net Current Assets 25,646 77,101 资产净值 Net Assets 79,277 130,732 权益 Equity 股本 Share capital 25,180 25,180 储备（附注） Reserves (note) 54,097 105,552 总权益 Total Equity 79,277 130,732 178

2025
千港元
HK$’000
53,631
336
248,387
106
248,829
843
222,340
223,183
25,646
79,277
25,180
54,097
79,277

Notes to the Consolidated Financial Statements 综合财务报表附注截至2025年3月31日止年度 For the year ended 31st March, 2025 34. 本公司财务状况表（续） 34. Statement of Financial Position of the Company (Continued) 附注： Note: 股份溢价缴入盈余购股权储备累积亏损合计 Share Share Contributed option Accumulated premium surplus reserve losses Total 千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 于2023年4月1日 At 1st April, 2023 223,654 53,135 453 (156,449) 120,793 本年度亏损及总全面亏损 Loss and total comprehensive loss for the year – – – (2,803) (2,803) 确认权益结算之以股份为基础 Recognition of equity-settled share-based 之偿付 payments – – 155 – 155 已失效之购股权 Share options lapsed – – (3) – (3) 已付股息 Dividend paid (12,590) – – – (12,59 0) 于2024年3月31日 At 31st March, 2024 and 及2024年4月1日 1st April, 2024 211,064 53,135 605 (159,252) 105,552 本年度亏损及总全面亏损 Loss and total comprehensive loss for the year – – – (51,457) (51,457) 确认权益结算之以股份为基础 Recognition of equity-settled share-based 之偿付 payments – – 80 – 80 已注销之购股权 Share options cancelled – – (4) – (4) 已失效之购股权 Share options lapsed – – (74) – (7 4) 于2025年3月31日 At 31st March, 2025 211,064 53,135 607 (210,70 9) 54,09 7 35. 比较金额 35. Comparative Amounts 若干比较金额已重列以符合本年度的呈列和披露。 Certain comparative amounts have been re-presented to conform with the current year’s presentation and disclosures. 36. 批核财务报表 36. Approval of the Financial Statements 董事会已于2025年6月27日批核及授权发放本财务报表。 The financial statements were approved and authorised for issue by the board of directors on 27th June, 2025. 179

211,064	53,135	605	(159,252)	105,552
–	–	–	(51,457)	(51,457)
–	–	80	–	80
–	–	(4)	–	(4)
–	–	(74)	–	(74)
211,064	53,135	607	(210,709)	54,097

Financial Summary 财务摘要业绩 RESULTS 截至3月31日止年度 Year ended 31st March, 2021 2022 2023 2024 2025 千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 营业额 REVENUE 517,24 6 499,84 9 472,62 5 586,71 0 481,48 4 除税前（亏损）╱溢利 (LOSS)/PROFIT BEFORE TAX (179,319) (52,431) 6,109 (38,411) (123,993) 利得税开支 INCOME TAX EXPENSE (5,56 3) (93 5) (1,08 2) (1,63 2) (77 4) 年度（亏损）╱溢利 (LOSS)/PROFIT FOR THE YEAR (184,88 2) (53,36 6) 5,02 7 (40,04 3) (124,76 7) 资产与负债 ASSETS AND LIABILITIES 于3月31日 At 31st March, 2021 2022 2023 2024 2025 千港元千港元千港元千港元千港元 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 资产总额 TOTAL ASSETS 812,025 759,450 772,588 867,600 811,953 负债总额 TOTAL LIABILITIES (615,60 9) (560,03 9) (572,37 8) (664,27 9) (732,67 6) 股东资金 SHAREHOLDERS’ FUNDS 196,41 6 199,41 1 200,21 0 203,32 1 79,27 7 180

2025
千港元
HK$’000
481,484
(123,993)
(774)
(124,767)

2025
千港元
HK$’000
811,953
(732,676)
79,277

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