ANUAL REPORT

年报

2024/25

同心

．

光速

．

破局

WITH ONE HEART

．

LIGHTNING SPED

．

TURNING THE TIDE

同心 WITH ONE HEART 面对不确定的市场环境，「同心」是嘉利稳定前行的基石。我们重视团队合作与上下贯通，由管理层至前线人员，齐心落实每一项策略部署，形成强大的凝聚力与执行力，确保集团在变局中保持稳健推进。 In the face of an uncertain market environment, “With One Heart” serves as the foundation of Karrie’s steady progress. We place great importance on teamwork and alignment across all levels, from management to the front line, working together to implement each strategic initiative with cohesion and strong execution, ensuring the Group moves forward with stability amidst change.	光速 LIGHTNING SPEED 「光速」是以更高效的节奏推动业务执行。我们持续优化产能与流程管理，加快回应客户及市场需求，让资源配置更灵活、决策执行更迅速，在竞争中保持领先。 “Lightning Speed” is about moving with purpose and efficiency. We continuously optimize capacity and streamline workflows to accelerate decision-making and resource deployment, ensuring fast, precise responses to customer and market needs.	破局 TURNING THE TIDE 嘉利以「破局」为驱动力，积极拓展新平台与新客户，拥抱技术创新，突破原有限制，在稳健基础上不断寻求突破与成长，为未来发展注入新动能。 Driving forward with the spirit of “Turning the tide“, we actively expand into new platforms, engage new customers and embrace technological innovation to push beyond limits, relentlessly pursuing breakthroughs and growth and injecting new momentum into its future development.

「同心」是嘉利稳定前行的基石。我们重视团队合作与上下贯通，由管理层至前线人员，齐心落实每一项策略部署，形成强大的凝聚力与执行力，确保集团在变局中保持稳健推进。 In the face of an uncertain market environment, “With One Heart” serves as the foundation of Karrie’s steady progress. We place great importance on teamwork and alignment across all levels, from management to the front line, working together to implement each strategic initiative with cohesion and strong execution, ensuring the Group moves forward with stability amidst change.

「同心、光速、破局」乃集团推动稳健发展的重要理念，凝聚团队力量，不断提升营运效率，突破

固有格局，为股东创造长远价值。

“With One Heart • Lightning Sped • Turning the Tide“ These thre principles embody the Group’s

aproach to steady growth, unifying our team, enhancing operational eficiency, and breaking

through conventional boundaries to create long-term value for shareholders.

Corporate Information2

公司资料

Key Information for Shareholders4

主要股东资料

Corporate Calendar6

企业大事日志

Financial Highlights9

财务概要

Chairman’s Statement12

主席报告

Corporate Governance Report30

企业管治报告书

Senior Management Profile67

高级管理人员之个人资料

Report of the Directors74

董事会报告

Independent Auditor’s Report121

独立核数师报告

Consolidated Financial Statements130

综合财务报表

Five-Year Financial Sumary287

五年财务摘要

Corporate Information

公司资料

2KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

REGISTERED OFICE

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

HEAD OFICE AND PRINCIPAL PLACE OF BUSINES

9th Flor

Southeast Industrial Building

611–619 Castle Peak Road

Tsuen Wan

New Teritories

Hong Kong

WEBSITE

htp:/w.karie.com

DIRECTORS

Executive Directors

Mr. HO Cheuk Fai (Chairman & CEO)

Ms. CHAN Ming Mui, Silvia

Mr. ZHAO Kai

Mr. CHAN Raymond

Mr. HO Wai Hon, Brian

(was apointed on 24 June 2025)

Independent Non-executive Directors

Mr. FONG Hoi Shing

Mr. YAM Chung Shing

(resigned on 6 September 2024)

Dr. LAU Kin Wah

Mr. LAM Yin Shing, Donald

(was apointed on 1 July 2024)

AUDIT COMITE

Mr. FONG Hoi Shing (Chairman)

Mr. YAM Chung Shing

(resigned on 6 September 2024)

Dr. LAU Kin Wah

Mr. LAM Yin Shing, Donald

(was apointed on 1 July 2024)

REMUNERATION COMITE

Mr. YAM Chung Shing (Chairman)

(resigned on 6 September 2024)

Dr. LAU Kin Wah (Chairman) (re-designated

on 6 September 2024)

Ms. CHAN Ming Mui, Silvia

Mr. FONG Hoi Shing

(was apointed on 6 September 2024)

注册办事处

Clarendon House

2 Church Stret

Hamilton HM11

Bermuda

总办事处及主要营业地点

香港

新界

荃湾

青山公路611–619号

东南工业大厦

9楼

网址

htp:/w.karie.com

董事

执行董事

何焯辉先生（主席兼行政总裁）

陈名妹小姐

赵凯先生

陈毅文先生

何伟汗先生

（二零二五年六月二十四日获委任）

独立非执行董事

方海城先生

任重诚先生

（二零二四年九月六日辞任）

刘健华博士

林燕胜先生

（二零二四年七月一日获委任）

审核委员会

方海城先生（主席）

任重诚先生

（二零二四年九月六日辞任）

刘健华博士

林燕胜先生

（二零二四年七月一日获委任）

薪酬委员会

任重诚先生（主席）

（二零二四年九月六日辞任）

刘健华博士（主席）

（二零二四年九月六日调任）

陈名妹小姐

方海城先生

（二零二四年九月六日获委任）

Corporate Information

公司资料

3ANUAL REPORT 2024/25 年报

NOMINATION COMITE

Mr. YAM Chung Shing (Chairman)

(resigned on 6 September 2024)

Dr. LAU Kin Wah (Chairman) (re-designated

on 6 September 2024)

Mr. FONG Hoi Shing

Ms. CHAN Ming Mui, Silvia

(was apointed on 6 September 2024)

COMPANY SECRETARY

Mr. TANG Wing Fai

AUDITOR

KPMG

Certified Public Acountants

Public Interest Entity Auditor registered in acordance

with the Acounting and Financial Reporting Council

Ordinance

8th Flor Prince’s Building

10 Chater Road

Central, Hong Kong

LEGAL ADVISER

Bird & Bird

6/F, The Anex, Central Plaza

18 Harbour Road

Hong Kong

PRINCIPAL BANKERS

Hang Seng Bank

The Hongkong and Shanghai

Banking Corporation Limited

The Bank of East Asia, Limited

Standard Chartered Bank (Hong Kong) Limited

Mizuho Bank, Ltd.

Sumitomo Mitsui Banking Corporation

PRINCIPAL SHARE REGISTRAR AND TRANSFER OFICE

Apleby Global Corporate Services

(Bermuda) Limited

Canon’s Court

22 Victoria Stret, PO Box HM 1179

Hamilton HM EX

Bermuda

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Computershare Hong Kong Investor Services Limited

Roms 1712–1716, 17th Flor

Hopewel Centre

183 Quen’s Road East

Wanchai, Hong Kong

提名委员会

任重诚先生（主席）

（二零二四年九月六日辞任）

刘健华博士（主席）

（二零二四年九月六日调任）

方海城先生

陈名妹小姐

（二零二四年九月六日获委任）

公司秘书

邓荣辉先生

核数师

毕马威会计师事务所

执业会计师

于《会计及财务汇报局条例》下的

注册公众利益实体核数师

香港中环

遮打道10号

太子大厦8楼

法律顾问

鸿鹄律师事务所

香港湾仔

港湾道18号

中环广场新翼6楼

主要往来银行

恒生银行

香港上海汇丰银行有限公司

东亚银行有限公司

渣打银行（香港）有限公司

瑞穗银行

三井住友银行

主要股份过户登记处

Apleby Global Corporate Services

(Bermuda) Limited

Canon’s Court

22 Victoria Stret, PO Box HM 1179

Hamilton HM EX

Bermuda

香港股份过户登记分处

香港中央证券登记有限公司

香港湾仔

皇后大道东183号

合和中心

17楼1712–1716室

4KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

FINANCIAL CALENDAR 2025

Financial Year End

31 March 2025

Anouncement of 2024/25 results

25 June 2025

Last day to register for the entitlement to atend and

vote at the 2024/25 Anual General Meting

29 August 2025

2024/25 Anual General Meting

5 September 2025

Last day to register for 2024/25

Final Dividends

10 September 2025

2024/25 Final Dividend expected Payment Date

30 September 2025

SHARE CAPITAL

As at

截至

31 March 202530 June 2025

二零二五年

三月三十一日

二零二五年

六月三十日

Authorised (HK$)法定（港元）400,000,000400,000,000

Isued (HK$) (excluding Treasury

Shares)

已发行（港元）（不包括库

存股份）202,111,320202,111,320

MARKET CAPITALISATION

As at 31 March 2025

(Closing Price: HK$0.82)

HK$1,657,312,824

As at 30 June 2025

(Closing Price: HK$0.88)

HK$1,778,579,616

二零二五年财务年志

财务年结日

二零二五年三月三十一日

二零二四年╱二五年度业绩公布日期

二零二五年六月二十五日

享有参与二零二四年╱二五年度股东

周年大会及投票之最后登记日期

二零二五年八月二十九日

二零二四年╱二五年股东周年大会

二零二五年九月五日

二零二四年╱二五年度末期股息

最后登记日期

二零二五年九月十日

预计二零二四年╱二五年度末期股息

派息日

二零二五年九月三十日

股本

市值

截至二零二五年三月三十一日

（收市价：0.82港元）

1,657,312,824港元

截至二零二五年六月三十日

（收市价：0.88港元）

1,778,579,616港元

Key Information for Shareholders

主要股东资料

5ANUAL REPORT 2024/25 年报

STOCK CODE

The Stock Exchange of Hong Kong Limited

(the “Stock Exchange”)

Main Board

BOARD LOT

2,000 ordinary shares of Karie International Holdings

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

“Group”) (the “Share(s)”)

SHAREHOLDER SERVICES

Any maters relating to your shareholding, such as transfer

of shares, change of name or adres, and los of share

certificates should be adresed in writing to the Hong

Kong branch share registrar of the Company:

Computershare Hong Kong Investor Services Limited

Roms 1712–16, 17th Flor

Hopewel Centre

183 Quen’s Road East

Wanchai, Hong Kong

Tel: (852) 2862–8628

Fax: (852) 2529–6087

INVESTOR RELATIONS

For enquiries, please contact:

Ms. Lam Nok Wun, Isabela

Senior Corporate Comunications Manager

Karie International Holdings Limited

9th Flor, Southeast Industrial Building

611–619 Castle Peak Road

Tsuen Wan, New Teritories

Hong Kong

Tel: (852) 2411–0913

Fax: (852) 2415–1608

Email: ir@karie.com

股份编号

香港联合交易所有限公司

（「联交所」）

主板

每手股数

嘉利国际控股有限公司（「本公司」）2,000

普通股份（「股份」），连同其附属公司

（「本集团」）

股东服务

假若有任何关于阁下股份之事宜，包

括股份转让、更改姓名或地址、遗失

股票等，请以书面联络本公司的香港股

份过户登记分处：

香港中央证券登记有限公司

香港湾仔

皇后大道东183号

合和中心17楼

1712–16室

电话：(852) 2862-8628

传真：(852) 2529-6087

投资者关系

如有任何垂询，请联络：

林诺媛小姐

高级企业传讯经理

嘉利国际控股有限公司

香港

新界荃湾青山公路611–619号

东南工业大厦9楼

电话：(852) 2411-0913

传真：(852) 2415-1608

电邮：ir@ karie.com

Key Information for Shareholders

主要股东资料

6KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2024年

6月

June

集团泰国厂房成功出货数据中心相关订单予新客户，泰国厂房的生产及交

付能力获得认可，相关业务持续录得增长。

The Group’s Thailand factory has sucesfuly fulfiled its first data center

related orders for a new customer, earning recognition for its production

capabilities and delivery competence, with related busines showing steady

growth.

7月

July

连续获香港联合国儿童基金(UNICEF)颁发“Say Yes To Breastfeding母乳喂

哺友善工作间”证书，彰显嘉利坚定支持员工及社会关怀文化。

The Group was consecutively awarded the “Say Yes To Breastfeding Friendly

Workplace” certificate by UNICEF Hong Kong, demonstrating Karie’s

unwavering suport for employe welfare and social care culture.

林燕胜先生获委任为本公司之独立非执行董事及审核委员会成员，自二零

二四年七月一日起生效。

Mr. Lam Yin Shing Donald was apointed as an Independent Non-executive

Director and member of the Audit Comite of the Company, efective 1

July 2024.

8月

August

举办首次股份奖励颁授典礼，嘉许优秀员工的卓越贡献，并鼓励员工驱动

长期价值创造与绩效成长。

The Group hosted its inaugural Share Award Presentation Ceremony to

comend outstanding employes for their exceptional contributions, while

encouraging al staf to drive long-term value creation and performance

growth.

获香港雇员再培训局「ERB人才企业嘉许计划」评选为Super MD，肯定嘉利

在人才培训与发展上的长期投入。

The Group was acredited as a “Super MD” under the Employe Retraining

Board (ERB) Manpower Developer Award Scheme, recognising its sustained

investment in talent training and development.

荣获中银香港企业低碳环保领先大奖（环保先驱10年＋标志），肯定集团多

年来在节能减碳和绿色营运上的持续努力。

The Group received the BOC Hong Kong Corporate Low-Carbon

Environmental Leadership Award (10 Years+ EcoPioner), acknowledging its

ongoing eforts in energy conservation, carbon reduction, and sustainable

operations.

授予香港绿色机构认证Energywi$e证书，彰显嘉利在能源效益上的承诺。

The Group was awarded the Energywi$e Certificate under the Hong Kong

Gren Organisation Certification, underpining Karie’s comitment to

energy eficiency.

正式成立工程及研发中心，强化技术创新与工程能力，加速新产品研发节

奏。

The Group oficialy established its new Enginering & R&D Centre,

strengthening its inovation and enginering capabilities and acelerating

new product development.

Corporate Calendar

企业大事日志

7ANUAL REPORT 2024/25 年报

2024年

9月

September

集团透过「工业献爱心」表扬计划荣获「卓越关怀大奖」及「飞跃进步奖」，体

现企业社会责任精神。

The Group received the “Excelence in Caring Award” and “Leap Forward

Progres Award” under the Industrial Care Recognition Scheme, reflecting its

strong comitment to corporate social responsibility.

10月

October

荣获香港中小型企业总商会颁发「友商有良嘉许计划」的「10+卓越企业嘉许

状」，表扬公司多年来在诚信经营、履行企业责任及与供应链伙伴共建良

性商业环境方面的持续贡献。

The Group was honoured with the “10+ Outstanding Enterprise Certificate”

under the Partner Employer Award Scheme by the Hong Kong General

Chamber of Smal & Medium Busines, in recognition of its long-term

contributions to ethical busines conduct, corporate responsibility, and

fostering a positive comercial ecosystem with suply chain partners.

凭借于品质稳定、产品保证、自动化技术创新及新项目高效落地方面的卓

越表现，获得客户戴尔（Del）高度评价，并获其颁发「卓越大奖」，彰显集团

于项目执行力方面的专业实力。

Owing to outstanding performance in quality consistency, product asurance,

automation inovation, and eficient execution of new projects, the Group

received high comendations from Del and was presented with the

“Excelence Award,” underscoring its profesional execution capability.

荣获「全能积金好雇主10+」殊荣，反映集团在员工退休保障与福利管理方

面的优异实践。

The Group was named an “Al-round MPF God Employer 10+,” reflecting

its exceptional practices in employe retirement protection and benefits

management.

11月

November

经香港生产力促进局认可，取得ESG One Membership资格，进一步突显集

团在环境、社会及管治三方面持续实践与承诺。

The Group obtained the ESG One Membership certification from the Hong

Kong Productivity Council, further emphasising its continuous comitment to

environmental, social, and governance standards.

12月

December

为表彰集团于过去二十年在日本电气(NEC)磁带产品生产及出货上的长期

支持与卓越表现，NEC特别致送感谢信，对嘉利在第十代产品项目所展现

的优质贡献致以衷心谢意。

In recognition of the Group’s outstanding efort and coperation in the

production and shipment of NEC magnetic-tape products over the past 20

years, NEC extended a leter of apreciation, expresing sincere gratitude for

Karie’s quality contribution for the 10th-generation product.

Corporate Calendar

企业大事日志

8KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2025年

1月

January

于二零二五年一月十日，集团公布订立土地买卖协议，斥资约5.02亿泰铢（约

合1.15亿港元）收购位于泰国春武里府安美德工业园面积约70,019平方米之

土地。集团计划于该地兴建全新生产基地，用以制造伺服器机壳及相关周

边产品，以扩充海外产能、配合全球伺服器市场需求增长，并进一步优化

供应链布局及强化区域弹性。

On 10 January 2025, the Group anounced a land acquisition agrement

to purchase aproximately 70,019 sqm in Amata Industrial Park, Chonburi,

Thailand, for around THB 502 milion (aproximately HKD115 milion). The

site wil be developed into a new production facility for server chasis and

related peripheral products, expanding overseas capacity, aligning with global

server demand, and optimising suply chain fotprint and regional resilience.

于二零二五年一月十日，集团公布订立租赁协议，租用安美德工业园约10,349

平方米生产厂房，用作仓储、注塑生产线及模具部门。

On 10 January 2025, the Group entered into a lease agrement for

aproximately 10,349 sqm of factory space in Amata Industrial Park,

designated for warehousing, injection lines, and toling development

department.

3月

March

已成功完成位于泰国春武里府安美德工业园所购土地及租赁厂房的交付程

序，加快集团海外产能布局的实质落地。

The handover of the acquired land and leased factory in Amata Industrial

Park, Chonburi, Thailand, has ben sucesfuly completed, laying a solid

foundation for the Group’s overseas capacity expansion.

荣获由凤岗镇委员会及人民政府颁发的「2024年度凤岗镇实际出口总额前

10名工业企业」奖项，肯定嘉利在支持地方经济发展与推动出口贸易中的

杰出表现。

The Group received the “Top 10 Industrial Exporters by Export Volume

in Fengang Town 2024” award from the Fengang Town Comite and

People’s Government, recognising its outstanding contributions to local

economic development and export trade.

4月

April

获香港职业安全健康局颁发「精神健康友善卓越机构」。

The Group received the “Mental Health Friendly Supreme Organisation“

recognition from Ocupation Safety and Health Council of Hong Kong.

6月

June

何伟汗先生获委任为本公司之执行董事，由二零二五年六月二十四日起生

效。

Mr. Ho Wai Hon, Brian was apointed as an Executive Director of the

Company, efective 24 June 2025.

Corporate Calendar

企业大事日志

938
3,075

779
3,082

286
263

680
2,793

190
255

204
182

9ANUAL REPORT 2024/25 年报

20212022*20232024

22.3

27.2

19.1

11.5

9.5

5.55.5

3,473

4,013

3,861

8.4

10.1

5.5

2,916

3,231

Revenue (HK$ milion)Profit for the year (HK$ milion)

收入（百万港元）

Basic earnings per share (HK cents)

每股基本溢利（港仙）

年度溢利（百万港元）

Dividends per share (HK cents)

每股息（港仙）

Continuing operations

持续经营业务

Discontinued operations

已终止经营业务

Continuing operations

持续经营业务

Discontinued operations

已终止经营业务

* Include discontinued operations

* 包含已终止经营业务

Financial Highlights

财务概要

3,231
472
285
204
2,533
1,079
2,021
10.1
10.1
5.5
53
14.6
6.3
1.2
0.8
43
9.7
54.5
9.4
105.8

10KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

20252024% Changes

二零二五年二零二四年变动百分比

HK$ milion百万港元

Revenue收入2,91611%

Gros profit毛利37028%

Operating profit经营溢利22825%

Profit for the year年度溢利17020%

Total asets资产总值2,4035%

Total equity总值权益9939%

In Milion百万股

Number of Shares股份数目2,021—

Per Share Data每股资料

HK cents港仙

Basic earnings基本溢利8.420%

Diluted earnings摊薄后溢利8.420%

Total cash dividends per Share每股总现金股息5.5—

Net aset value per Share每股资产净值498%

Financial Ratios财务比率

Gros profit margin (%)边际毛利(%)12.715%

Net profit margin (%)边际纯利(%)5.89%

Curent ratio流动比率1.19%

Quick ratio速动比率0.714%

Net gearing ratio (%)净负债比率(%)3910%

Interest coverage利息涵盖比率7.529%

Dividend payout (%)派息比率(%)65.5-17%

Revenue to net bank borowings收入与净银行借贷比率7.722%

Non-curent asets to total equity (%)非流动资产与权益总值比率(%)106.7-1%

% of its

total turnover for the year ended 31 March 2025.

，直接运往美国之货物可能需缴纳美国进口关税，约占其总营业额之1%。

Turnover percentage by businesTurnover percentage by geographical location

(based on the country in which the final

destination of shipment is located or services are

provided)

按产品所在地划分的营业额百分率

（根据最终付运目的地或服务提供所在国家分配）

按业务划分的营业额百分率

Metal and Plastic Busines

五金塑胶业务

Electronics Manufacturing Services Busines

电子专业代工业务

35%

1%13%

20%

23%

Japan

日本

Asia (excluding Japan, Hong Kong and Mainland China)

亚洲（不包括日本、香港及中国内地）

North America*

北美洲

Western Europe

西欧

Hong Kong

香港

Mainland China

中国内地

63%

37%

59%

41%

37%

14%

21%

19%

Financial Highlights

财务概要

11ANUAL REPORT 2024/25 年报

DEFINITIONS

Basic earnings

per Share

Profit atributable to equity shareholders

Weighted average number of Shares

Diluted earnings

per Share

Profit atributable to equity shareholders

Diluted weighted average number of Shares

Net aset value

per Share

Net asets

Number of Shares as at year end

Gros profit

margin (%)

Gros profit

x 100%

Revenue

Net profit

margin (%)

Profit for the year

x 100%

Revenue

Curent ratio

Curent asets

Curent liabilities

Quick ratio

Curent asets les inventories

Curent liabilities

Net gearing

ratio (%)

Bank borowings, leased liabilities and loan from a

controling shareholder les

cash and bank deposits

Total equity

Interest coverage

Earnings before interest expenses,

tax, depreciation and amortisation

Interest expenses

Dividend

payout (%)

Dividend per Share

x 100%

Earnings per Share

Revenue to net

bank borowings

Revenue

Bank borowings les cash and bank deposits

Non-curent asets

to total equity (%)

Non-curent asets

Total equity

定义

每股基本溢利

权益持有人应占溢利

加权平均股数

每股摊薄后溢利

权益持有人应占溢利

摊薄加权平均股数

每股资产净值

资产净值

年底股数

边际毛利(%)

毛利

x 100%

收入

边际纯利(%)

年度溢利

x 100%

收入

流动比率

流动资产

流动负债

速动比率

流动资产减存货

流动负债

净负债

比率(%)

银行借贷、租赁负债及

控股东贷款减

现金及银行存款

权益总值

利息涵盖比率

扣除利息支出、

税项、折旧及摊销前溢利

利息支出

派息比率(%)

每股息

x 100%

每股溢利

收入与净银行

借贷比率

收入

银行借贷减现金及银行存款

非流动资产与

权益总值比率(%)

非流动资产

权益总值

Financial Highlights

财务概要

12KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

主要业务及业绩

截至二零二五年三月三十一日止（「本年

度」），集团主要从事：

— 五金塑胶业务（「五金塑胶」）：提供

机械工程解决方案，制造及销售

金属及塑胶部件，主要包括资讯

及通讯科技产业之模具、相关塑

胶与金属部件产品等；及

— 电子专业代工业务（「电子代工」）：

制造及销售磁带机数据储存器、

收银机系统及其他电脑周边产品

等。

（一）业务回顾

I. 业绩方面

(a) 截至二零二五年三月

三十一日止年度，集团

之收入为3,231,329,000

港元（截至二零二四年

三月三十一日止年度：

2,915,981,000港元）较去

年同期增加了约11%，

而本公司权益持有人应

占溢利为204,481,000

港元（截至二零二四年

三月三十一日止年度：

169,659,000港元）较去年

同期增加了约21%。截至

二零二五年三月三十一日

止年度之增长主要受惠

于生成式人工智能(AI)应

用的迅速扩展，推动全

球对高效能伺服器需求

显著上升。集团部分新

一代伺服器订单已陆续

进入量产，带动规模效

益，推升整体毛利与盈

利能力。同时，泰国厂

房运作渐趋成熟，生产

流程高效稳定，配合客

户订单增长，扩产成效

渐现，年内对集团有正

面贡献。此外，集团亦

成功拓展伺服器以外的

产品订单，包括机柜散

件配件、网络交换器机

壳、电动车充电桩外壳

等，为收入来源注入更

多元化动能。

PRINCIPAL ACTIVITIES AND RESULTS

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

Group was principaly engaged in:

— Metal and Plastic Busines (“M&P”): providing

mechanical enginering solutions, manufacturing

and sales of metal and plastic parts, mainly including

moulds and the relevant plastic and metal parts

products for information and comunication

technology industry, etc.; and

— Electronic Manufacturing Services Busines (“EMS”):

manufacturing and sales of magnetic tape data

storage, point-of-sale system, and other computer

peripherals, etc.

(I) Busines Review

I. Results

(a) For the year ended 31 March 2025,

the revenue of the Group from was

HK$3,231,329,000, representing an increase

of aproximately 11% as compared to last

year (for the year ended 31 March 2024:

HK$2,915,981,000). Profit atributable to

the equity shareholders of the Company

amounted to HK$204,481,000 (for the year

ended 31 March 2024: HK$169,659,000),

which increased by aproximately 21% as

compared to last year. Increment for the

year ended 31 March 2025 was mainly

atributable to the rapid expansion of

the aplication of generative artificial

inteligence (“AI”), which drove the

significant increase in demand for highly

eficient servers around the world. Certain

new generation server orders of the Group

have proceded to mas production, driving

the economy of scale and promoting

the overal gros profit and profitability.

Meanwhile, operation of our plant in

Thailand is becoming more sophisticated

and its production proces is eficient and

stable. Together with the increase in client

orders, the efects of production expansion

are gradualy materializing and bring

positive contribution to the Group during

the year. In adition, the Group sucesfuly

expanded product orders beyond servers,

including rack parts, network exchanger

casings, electric vehicle charger station

casings, which in turn diversified our

revenue sources.

Chairman’s Statement

主席报告

13ANUAL REPORT 2024/25 年报

(b) 五金塑胶于截至二零二五

年三月三十一日止年度

之收入为2,027,028,000

港元（截至二零二四年

三月三十一日止年度：

1,725,255,000港元），按

年增长约17%。受惠于

伺服器外壳与模具订单

稳步上升，以及大型充

电桩外壳产品需求增加，

带动整体收入增长。

年三月三十一日止年度

之收入较去年同期上升

了约1%至1,204,282,000

港元（截至二零二四年

三月三十一日止年度：

1,190,648,000港元）。电

子代工业务收入于本年

度表现平稳。

(d) 年内，全球市场高度关

注中美贸易局势演变。

尽管美国政府于年内宣

布针对中国商品实施额

外对等关税，但集团直

接出口至美国且须缴纳

关税的货物仅占本年度

总收入约1%，短期影响

轻微。惟集团对潜在风

险持续保持高度警觉，

并不断评估及部署相关

应对策略，并积极加强

供应链灵活性及业务应

变能力，以提升整体营

运韧性。详情请参阅二

零二五年四月七日本公司

之自愿公告。

(b) The revenue of M&P for the year ended

31 March 2025 was HK$2,027,028,000

(for the year ended 31 March 2024:

HK$1,725,255,000), representing a

year-on-year growth of aproximately 17%.

Benefited from the steady increase in orders

for server casings and moulds as wel as the

increased demand for large charger station

casings products, the overal revenue was

bosted.

March 2025 increased by aproximately 1%

to HK$1,204,282,000 as compared to last

year (for the year ended 31 March 2024:

HK$1,190,648,000). Its performance was

fairly stable during the year.

(d) During the Year, the global market paid

close atention to the changes of Sino-US

trade situation. Although the US government

anounced aditional reciprocal tarifs on

gods of the PRC during the year, gods of

the Group that were directly exported to

the US and subject to tarifs acounted for

only aproximately 1% of our total revenue

of the Year. The short-term efects were

minimal. The Group has continued to stay

highly alert for potential risks and constantly

evaluate and deploy coresponding

strategies, and actively enhanced the

flexibility of the suply chain and busines

adaptability to promote overal operational

resilience. For details, please refer to the

voluntary anouncement of the Company

dated 7 April 2025.

Chairman’s Statement

主席报告

14KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(e) 集团位于泰国春武里府

安美德工业园的生产厂

房于年内持续扩展，运

作流畅，产能规模稳步

提升，随著主要供应数

据中心的新增订单带动，

整体订单增长理想。为

配合长远发展，集团于

二零二五年一月收购安

美德工业园内三幅合共

约70,000平方米土地，

总代价约为115,366,000

港元，计划兴建集模具

开发、冲压、注塑、喷

涂、数控与组装功能于

一体之一站式生产基地，

进一步优化其全球产能

配置，为未来业务发展打

下稳固基础。详情请参

阅本公司于二零二五年一

月十日之公告。

在新厂房落成前，集团

已租用邻近临时厂房，

将会设立模具部门与注

塑产线，并将原有厂房

的仓储功能迁往新址，

释放空间以增设冲压设

备及产能。透过上述配

置，集团能迅速回应客

户需求，灵活且高效地

提供完整的机架产品

生产方案，进一步实现

中泰两地产线协同及互

补。

(e) The production plant of the Group located

at Amata City, Chonburi, Industrial Estate

Thailand continued to expand during the

Year with smoth operation and steady

increase in production capacity. Along with

the new orders of the main suply data

center, the overal increment in orders was

satisfying. In order to cope with long-term

development, the Group acquired 3

parcels of land in Amata Industrial Estate

with a total area of aproximately 70,000

square meter in January 2025. The total

consideration amounted to aproximately

HK$115,366,000. The Group planed

to build an one-stop production base

which consisted al functions including

moulds development, stamping dies,

plastic injection, spray-painting, computer

numerical control and asembly, to further

optimize its global production capacity

configuration and lay a solid foundation for

its future busines development. For details,

please refer to the anouncement of the

Company dated 10 January 2025.

Before the new production plant is

completed, the Group has rented a

temporary factory nearby. A mould

department and plastic injection line wil be

setup and the storage of the existing plant

wil be relocated to the new plant in order

to release space for the aditional stamping

dies equipment and capacity. Leveraging

on the aforementioned configuration, the

Group wil be able to rapidly respond to

customers’ neds, provide comprehensive

rack product production solutions in a

flexible and highly eficient maner, so

as to further materialize the synergy and

complementarity betwen the production

lines of the PRC and Thailand.

Chairman’s Statement

主席报告

15ANUAL REPORT 2024/25 年报

此外，在承传内地生产

厂房的管理机制之下，集

团在泰国积极落实本地

化管理架构，持续建立

高效的管理与工程项目团

队，推动人才本地培育，

并塑造符合当地文化的

管理机制。同时，集团

亦引入自动化设备，以

减少新增订单时对人手

的依赖，提升整体生产

弹性，进一步增强对国

际客户需求的即时反应

能力。

In adition, while inheriting the

management system of the production plant

in the PRC, the Group actively implemented

localized management structure in

Thailand, continued to build highly eficient

management and enginering project

team, promote local talent cultivation and

formulate a management system that fits the

local culture. Meanwhile, the Group also

introduced automated equipment to reduce

the dependence on manpower in case of

increment of new orders, enhance overal

production flexibility and further promote

the instant capability to respond to the

neds of international clients.

集团已于2025年3月顺利完成泰国新购土地及租赁厂房的交付程序。

The handover of the acquired land and leased factory in Thailand has ben sucesfuly

completed in March 2025.

位于泰国春武里府安美德工业园的生产厂房。

Production facility located in Amata Industrial Estate, Chonburi, Thailand.

Chairman’s Statement

主席报告

16KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(f) In terms of the production plants in the

PRC, the core base located in Yuquan,

Donguan continued to act as the main

production site of the Group. In order to

cope with the expansion of our servers

busines, the Group has expanded its B6

comprehensive production building, to

consolidate the large-scale stamping dies

and storage functions, with an aim to

eficiently suport server casings production

with various specifications and cope with

the ned for rapid delivery from local and

international customers. We also constantly

enhanced inteligent production capability

of our production plants, optimized team

management and production synergy, and

maintained steady production capacity and

quality.

(g) In order to get familiar with the market and

customers, the Group actively consolidated

and reorganized sales, production and

enginering R&D teams among the PRC,

the US and Taiwan to strengthen local

marketing and technical suport capability

in a comprehensive maner. In terms of

product R&D, we further strengthened the

integrated design and proces development

capabilities of the “New Product

Technology Development Department”

and “R&D Enginering Center”, promoting

automated, inteligent and energy saving

production. At the same time, we continued

to promote the vision and adaptability to

industry trends of the midle and senior

management team by ways of internal

training program.

(f) 内地生产厂房方面，位

于东莞玉泉的核心基地

持续发挥本集团主力生

产作用。为配合伺服器

业务规模日益增长，集

团早前已扩建B6综合生

产大楼，整合大型冲压

设备与仓储功能，有效

支援多规格伺服器外壳

生产与应付国内外客户

的快速交付需求。生产

厂房亦持续提升智能制

造能力，优化团队管理

与生产协同，维持稳定

产能与品质。

(g) 为进一步贴近市场与客

户，集团积极整合重组

中、美、台三地的销售、

生产及工程研发团队，

全面强化本地化营销与

技术支援能力。于产品

研发层面，进一步强化

「新品技术开发部」及「研

发工程中心」之整合设

计与工艺开发能力，推

动自动化、智能化与节

能制造。同时透过内部

培训计划，持续提升中

高层管理团队对产业趋

势的前瞻视野与应变能

力。

Chairman’s Statement

主席报告

17ANUAL REPORT 2024/25 年报

(h) 年内，多个重点项目按

计划量产并完成交付，

除巩固原有客户基础外，

集团亦于中国市场拓展

多个具潜力的新客户。

受惠AI伺服器市场热度，

Chairman’s Statement

主席报告

18KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

总结

当前环球政治及经济局势变化频

繁，地缘政治摩擦与贸易政策调

整令供应链格局更趋不确定，产

业竞争日益激烈。面对多重挑战，

集团将秉持以下核心方向：

同心：依循董事会既定策略目

标，同心协力，凝聚共

识，稳步前行，开拓新局

面；

光速：快速应对客户需求与市场

变化，发挥灵活高效的营

运体系，并提供合适的生

产方案；及

破局：以创业精神持续推进产品

多元化、市场多角化及产

能国际化，减少对单一市

场、产品与客户的依赖，

为集团开创下一阶段的增

长动力。

集团将持续以专业、可靠与创新的

精神服务客户，致力实现「客户得

利、公司得益」的双赢目标，巩固

客户信任，强化市场竞争力。

（二）股息政策

依照现有的股息政策列出决定股

息的派发金额时所须考虑的因素，

如本公司股权持有人应占溢利、现

金流量及投资预算。董事会经审

慎考虑上述各项因素后，及维持本

公司上市以来连续每年皆能派发

股息的记录，建议派发末期股息

每股3.0港仙，予所有于二零二五年

九月十二日当日名列于本公司股东

名册内的股东。

Conclusion

The curent global political and economic condition

are rapidly changing. Geopolitical conflicts and trade

policy adjustments have made the suply chain even

more uncertain and industry competition increasingly

intense. In the face of multiple chalenges, the Group

wil adhere to the folowing core strategies:

With one

Heart:

Adhering to the strategic goals

predetermined by the Board, work

together, create consensus, progres

steadily, and explore new prospects;

Lightning

Sped:

Rapidly respond to customers’ neds and

market changes, leverage on the flexible

and highly eficient operating system,

and provide apropriate production

solutions; and

Turning the

Tide:

Continue to promote product

diversification, market diversification

and internationalization of production

capacity with entrepreneurial spirit,

reduce dependence on a single market,

product and customer, and create a

growth momentum for the Group in the

next phrase.

The Group wil continue to serve its customers with

the spirit if profesionalism, reliability and inovation,

and strive to achieve the win-win goal of “return for

customer and benefits for the Company”, strengthen

customer trust and enhance market competitivenes.

(I) Dividend Policy

In acordance with the existing dividend policy, which

outlines the factors that should be taken into acount

in determining the amount of dividend for distribution,

such as the profit atributable to equity shareholders

of the Company, cash flow and investment budgets.

After careful consideration of the aforementioned

factors, and for the purpose of maintaining the

track record of consecutive anual payment of

dividends since the Company’s listing, the Board has

recomended the payment of a final dividend of

HK3.0 cents per share to al the shareholders whose

names apear on the register of members of the

Company on 12 September 2025.

Chairman’s Statement

主席报告

19ANUAL REPORT 2024/25 年报

（三）地域分布

集团一向采取多元化模式付运产

品，减轻对单一市场的依赖。集团

地域分布的详情列于本年报综合

财务报表于附注5名为「分部报告」

之段落内。

（四）展望

展望未来，AI伺服器与充电桩相

关产品预期仍将为集团带来的主

要业务动力。随着本地化销售团

队持续强化与生产效率不断提升，

集团将积极拓展新客户及新产品，

扩阔业务基础。针对各国新增对

等关税措施，集团将密切关注政

策发展，并按实际情况适时部署，

降低对业务与营运可能带来的潜

在影响。

泰国厂房的完善建设为本集团的

未来发展策略重心之一。在全球贸

易局势不明朗的大环境下，集团将

复制内地厂房成熟的营运架构，

进一步扩充泰国产能，完善模具、

冲压、注塑至组装等一站式生产

能力，并提升当地制造不同产品

的灵活性与规模。中泰产线协同

将进一步巩固集团的全球供应链

的韧性与应变能力。同时，集团

将继续强化泰国本地管理与执行

团队，确保营运体系稳健高效。内

地生产基地方面，将持续发挥核

心角色，专注提升排产效率与品质

稳定性，维持本集团整体生产布

局的平衡与竞争力。

(I) Geographical Distribution

The Group has adopted a diversified aproach

in product delivery to reduce its reliance on one

single market. Details of the Group’s geographical

distribution are set out in the paragraphs headed

“Segment Reporting” in Note 5 to the consolidated

financial statements of the Group in this anual

report.

(IV) Prospects

Loking forward, AI servers and charging stations

related products are expected to be the main

busines drivers of the Group. Along with constant

enhancement of localized sales team and production

eficiency, the Group wil actively explore new

customers and new products to broaden its busines

foundation. In terms of aditional reciprocal tarifs

by diferent countries, the Group wil closely monitor

development on policies, make timely arangements

based on actual circumstances to reduce the potential

impacts on its busines and operations.

The complete construction of our plant in Thailand

wil remain as one of the Group’s key strategies of

future development. Against the backdrop of uncertain

global trade condition, the Group wil replicate

the mature operating structure of its PRC plants to

further expand the production capacity in Thailand,

optimize the one-stop production capabilities from

moulds, stamping dies, plastic injection to asembly,

and enhance the flexibility and scale of local

manufacturing of diferent products. The synergies

betwen PRC and Thailand production lines wil

further strengthen the resilience and adaptability of

the Group’s global suply chains. Meanwhile, the

Group wil continue to strengthen local management

and execution team in Thailand to ensure a robust and

eficient operating system. In terms of the production

base in the PRC, it wil continue to act as a pivotal

role, focusing on improving scheduled production

eficiency and quality stability to maintain the balance

and competitivenes of the overal production layout

of the Group.

Chairman’s Statement

主席报告

20KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

全球经济和市场环境维持多变，

集团将灵活应对外在变化，快速

响应客户需求，持续提升工艺与技

术能力，开拓具潜力的新客户与产

品领域，并重视专业人才的培养

与发展，全面巩固竞争优势。

为配合人工智能及数据中心应用迅

速发展所带来的市场契机，集团已

完成新一代AI伺服器样板的准备

工作，并争取尽快纳入本集团主要

客户之优选清单；同时，亦已向现

有客户提供配备风冷及水冷配置

的伺服器产品，以满足其多元化需

求。为因应未来产能配置可能出现

的变化，集团亦积极拓展内地新客

户，以提升内地与泰国之间的产

能调配灵活性。在产品多元化策

略方面，集团持续加强研发资源

投入，扩展伺服器周边产品线，包

括机柜、支架、导轨等系统部件，

并积极推进水冷系统开发及新物

料应用，进一步强化整体解决方

案能力。

此外，集团已逐步导入AI技术应用

于库存管理、物流调度与自动化生

产流程中，持续推动降本增效。财

务管理方面，集团将一如既往秉持

审慎理财原则，保持稳健现金流与

健康借贷比率，灵活调配资源、监

控营运风险，增强企业抗逆力，以

稳步应对复杂多变的经营环境。

The global economy and market environment

remain volatile. The Group wil respond flexibly

to external changes, respond quickly to customer

neds, continuously improve its proces and technical

capabilities, explore new customers and products

area with potential, and atach importance to the

training and development of profesional talents

to comprehensively consolidate its competitive

advantages.

In order to seize the market oportunities brought by

the rapid development of artificial inteligence and

data center aplications, the Group has completed

the preparation of the next-generation AI servers

prototype and strives to ofer it to the prefered list

of major customers of the Group as son as posible.

Meanwhile, the Group has also provided server

products equiped with air coling and water coling

configurations to existing customers to satisfy their

diverse neds. In order to cope with posible changes

in production capacity alocation in the future, the

Group is also actively exploring new customers in the

PRC to enhance the flexible alocation of production

capacity betwen the PRC and Thailand. In terms of

product diversification strategies, the Group continues

to deploy resources in R&D and expand its server

peripheral product line, including cabinets, racks, rails

and other system components, and actively promotes

the development of water coling systems and the

aplication of new materials to further enhance its

overal solution capabilities.

In adition, the Group has gradualy introduced AI

technology into inventory management, logistics

scheduling and automated production proceses, and

continued to promote cost reduction and eficiency

improvement. In terms of financial management,

the Group wil continue to adhere to the principle

of prudent financial management, maintain steady

cash flow and healthy debt ratio, flexibly alocate

resources, monitor operational risks, enhance

corporate resilience, and steadily respond to the

complex and changing operating environment.

Chairman’s Statement

主席报告

21ANUAL REPORT 2024/25 年报

财务资源

库务政策

我们将继续依循审慎之政策管理本集

团的现金及现金等价物并维持强劲且

稳健的流动资金水平，以确保本集团作

好准备把握未来的增长机遇。

借贷

于二零二五年三月三十一日之净计息借

贷

约为466,349,000港元及净计息借

贷比率（即净计息借贷总额相对权益总

额之比例）为43%（于二零二四年三月

三十一日：净计息借贷约为383,879,000

港元及净计息借贷比率为约39%）。

于二零二五年三月三十一日及二零二四

年三月三十一日，本公司及本集团之附

属公司为部分银行授信额度及借款提

供交叉担保。本集团财务状况仍然非

常健康。

净计息借贷代表银行借贷、租赁负债及

控股东贷款减现金及银行存款。

于二零二五年三月三十一日，以泰铢

计值之银行借贷63,250,000港元（二零

二四年：18,900,000港元），以人民币

计值之银行借贷164,550,000港元（二

零二四年：131,630,000港元）及以港元

计值之银行借贷308,359,000港元（二零

二四年：379,162,000港元）。

FINANCIAL RESOURCES

Treasury policy

We wil continue to folow a prudent policy in managing

the Group’s cash and cash equivalents and maintain

a strong and healthy liquidity position to ensure that

the Group is wel-placed to capture future growth

oportunities.

Borowings

The net interest-bearing borowings

as at 31 March 2025

were aproximately HK$466,349,000 and the net interest-

bearing borowings ratio (being the proportion of total net

interest-bearing borowings over total equity) was 43% (as

at 31 March 2024: net interest-bearing borowings were

aproximately HK$383,879,000 and net interest-bearing

borowings ratio was aproximately 39%).

As at 31 March 2025 and 31 March 2024, the Company

and the Group’s subsidiaries provide cros guarante for

certain banking facilities and borowings. The financial

position of the Group remains healthy.

Net interest-bearing borowings represents bank borowings,

lease liabilities and loan from a controling shareholder les

cash and bank deposits.

As at 31 March 2025, bank borowings amounting

to HK$63,250,000(2024: HK$18,900,000) which

are denominated in THB, HK$164,550,000 (2024:

HK$131,630,000) which are denominated in RMB and

HK$308,359,000 (2024: HK$379,162,000) which are

denominated in HKD.

Chairman’s Statement

主席报告

22KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

于二零二年五三月三十一日及二零二四

年三月三十一日，本公司及本集团之附

属公司为部分银行授信额度及借款提

供交叉担保。本公司在担保项下之最大

责任为担保涵盖的附属公司提取的融资

金额，即536,159,000港元（于二零二四

年三月三十一日：529,692,000港元）。我

们认为公司不大可能因向其附属公司授

予银行融资而向金融机构提供担保安

排而提出索偿。

资产负债比率

本集团透过资产负债比率（即净负债除

以资本）监管其资本架构。净负债按银

行借贷、租赁负债及控股东贷款减

现金及现金等价物计算。资本指本公

司于综合财务状况表显示之拥有人应

占权益。于二零二五年三月三十一日及

二零二四年三月三十一日，本集团之资

产负债比率分别约为43%及39%。净负

债比率增加乃由于截至二零二五年三月

三十一日止年度的银行及其他贷款增加

所致。

非流动资产与股东资金比率

于二零二五年三月三十一日，非流动

资产与权益总额比率维持于106%之健

康水平（于二零二四年三月三十一日：

107%），代表本集团之大部分非流动资

产如厂房及机器皆以稳定之权益总额

所支持。

固定资产投资

于本年报日期，初步估计二零二五╱

二六财政年度之固定资产投资约为

217,000,000港元。截至二零二五年三月

三十一日止年度固定资产投资主要是用

作兴建厂房、购买机械设备及电脑系

统之使用。

As at 31 March 2025 and 31 March 2024, the Company

and the Group’s subsidiaries provide cros guarante for

certain banking facilities and borowings. The maximum

liability of the Company at the end of the reporting

period under the guarantes is the amount of the facilities

drawn down by the subsidiaries that are covered by the

guarantes, being HK$536,159,000 (as at 31 March 2024:

HK$529,692,000). We do not consider it is probable

that a claim wil be made against the Company under

the guarante arangement to financial institutions in

conection with the banking facilities granted to its

subsidiaries.

Gearing Ratio

The Group monitors its capital structure through gearing

ratio, which is net debt divided by total capital. Net debt is

calculated as bank borowings, leased liabilities and loan

from a controling shareholder les cash and bank deposits.

Total capital is calculated as the total equity as shown in

the consolidated statement of financial position. As at 31

March 2025 and 31 March 2024, the net gearing ratios of

the Group were aproximately 43% and 39% respectively.

The increase in gearing ratio was a result of the increase

in total bank borowings during the year ended 31 March

2024.

Non-curent Asets to Shareholders’ Fund Ratio

The non-curent asets to total equity ratio as at 31 March

2025 maintained at the healthy level of 106% (as at 31

March 2024: 107%), which represents that most of the

Group’s non-curent asets, such as plant and machineries

are suported by the stable total equity of the Group.

Capital Expenditure (“CAPEX”)

As at the date of this anual report, the initial estimate

of the CAPEX budget for the financial year 2025/26 is

aproximately HK$217,000,000. The CAPEX was mainly

used for construction of factory, acquiring machinery and

equipment and computer system for the year ended 31

March 2025.

Chairman’s Statement

主席报告

23ANUAL REPORT 2024/25 年报

Liquidity and Financial Resources

Curently, the total interest-bearing bank borowings

are aproximately HK$536,159,000. The Group is

confident that with the cash in hand and bank deposits of

aproximately HK$191,177,000 and the unutilised banking

facilities of aproximately HK$853,675,000, it is able

to met its curent operational and capital expenditure

requirements and to make strategic investments when

oportunities arise.

Exchange Rate Exposure

Most of the Group’s asets, liabilities and transactions

are denominated in Hong Kong dolars, United States

dolar and Renminbi (“RMB”). Foreign curency risk arises

from comercial transactions, recognised asets and

liabilities and net investments in foreign operations that

are denominated in a curency other than the Group’s

functional curency, which in turn exerts presure on

the Group’s production cost. To mitigate the impact of

exchange rate fluctuation of RMB on its busines, the

Group wil actively comunicate with its customers in

order to adjust the seling prices of its products and may

use foreign exchange forward contracts to hedge against

foreign curency risk (if and when necesary).

Contingent Liabilities

As at 31 March 2025, the Group had no significant

contingent liabilities.

SUBSEQUENT EVENT AFTER THE REPORTING PERIOD

The Company has no significant event after the year ended

31 March 2025 and up to the date of this anual report.

EMPLOYES AND REMUNERATION POLICIES

The Group had aproximately 3,650 employes on average

(an average of 3,400 employes in the coresponding

period last year) during the year. With a god reputation

in the local comunity, the Group rarely encounters major

dificulties in recruiting employes.

可动用资源

现时计息银行借贷总额约为536,159,000

港元，而手持现金及银行存款约为

191,177,000港元与及银行未动用借贷额

约853,675,000港元，集团有信心足够应

付现时营运与及资本性开支及如机遇

出现时的策略性投资的需要。

汇兑风险

本集团之大部分资产、负债及业务交易

均以港元、美元及人民币计值。自外国

业务之商业交易、经确认资产及负债以

及净投资产生之外汇风险均以本集团

功能货币以外之货币计值，继而对本集

团之生产成本造成压力。为了降低人

民币汇率波动对其业务之影响，本集团

将积极与其客户沟通，从而调整其产

品之售价及可能使用外汇远期合约以对

冲外汇风险（如需要）。

或然负债

于二零二五年三月三十一日，集团并无

重大或然负债。

报告期后事项

截至二零二五年三月三十一日后至本年

报日期，本公司并无重大事项。

雇员及薪酬政策

本集团于本年度内平均聘有雇员约3,650

人（去年同期平均3,400人）。由于本集团

在当地建立了良好的信誉，故此于招聘

人员上并未遇到重大困难。

Chairman’s Statement

主席报告

24KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

Employe remuneration packages include salary

and bonuses which are determined in acordance

with prevailing market standards and the employe’s

performance and experience. The Group wil also grant

bonuses to employes with outstanding performance based

on its own audited busines performance and the apraisal

and reward system. Other employe benefits include

medical insurance and mandatory provident fund.

In adition, to cope with domestic development in

Mainland China and the actual ned for talent retention,

the Group establishes a “Coperative Home” to encourage

and finance potential elites setled down localy in buying a

flat as a means to retain talents who may otherwise be lost

in the competitive labour market.

Performance Based Incentives

The Group has adopted performance-based bonus system

and objective performance asesment. Employes with

outstanding performance wil now receive more bonus

than before the new system was implemented.

DIVIDEND

The Board has recomended to pay a final dividend of

HK3.0 cents per share (2023/24 final dividend: HK4.0

cents per share), to shareholders whose names apear on

the register of members of the Company on 12 September

2025. Together with the interim dividend of HK2.5 cents

per share (2023/24 interim dividend: HK1.5 cents per

share), total dividend paid/payable for this year amounted

to HK5.5 cents per share (2023/24: HK5.5 cents per share).

The final dividend wil be subject to the aproval of the

shareholders of the Company at the forthcoming anual

general meting (the “AGM”) of the Company to be held on

5 September 2025.

雇员薪酬待遇（包括人工及花红）乃根据

一般市场标准及雇员之表现及经验厘

定，本集团并会根据公司已审核的业绩

透过奖赏评核政策，对有良好表现的

员工发放花红。其他员工福利包括医疗

保险及强制性公积金。

此外，为配合内地发展及实际挽留人才

需要，集团设有「合作置业计划」，透过

是项计划，鼓励及资助公司重点栽培

人才于当地安居乐业，于竞争激烈的人

才市场有效挽留人才。

表现为先

本集团已采纳表现挂勾的奖金制及较

客观的表现评估，有超卓表现的员工则

会获发比以往更为可观的奖金。

股息

董事会已建议派发末期股息每股3.0港

仙（二零二三╱二四年度末期股息：每股

4.0港仙）予所有于二零二五年九月十二日

当日名列于本公司股东名册内的股东。

连同中期股息每股2.5港仙（二零二三╱

二四年度中期股息每股1.5港仙），全年

股息派发╱应付共达每股5.5港仙（二零

二三╱二四年度：每股5.5港仙）。末期

股息须待本公司股东于二零二五年九月

五日举行之应届股东周年大会（「股东周

年大会」）上批准后方可作实。

Chairman’s Statement

主席报告

25ANUAL REPORT 2024/25 年报

AUDIT COMITE

The Company has established an audit comite

comprising thre independent non-executive Directors

whose duties include resolving isues in relation to

audit such as reviewing and supervising the Company’s

financial reporting proces and internal control systems.

The audit comite and the management have reviewed

the acounting principles and major policies adopted

by the Group and have discused the auditing, internal

control and financial reporting in the curent year with the

external auditors. The audit comite has reviewed the

consolidated anual results of the Group for the year ended

31 March 2025.

APRECIATION

We would like to thank our customers, supliers, bankers,

shareholders and others who have extended their

invaluable suport to the Group, and my felow Directors,

managers and al staf for their considerable contributions

to the Group.

审核委员会

本公司已成立审核委员会，该委员会包

括三位独立非执行董事组成。审核委

员会负责处理审核范围内的事宜，包

括审视及监督本公司之财务申报程序及

内部监控。审核委员会及管理层已审阅

本集团已采纳之会计准则及主要政策，

并与外部核数师就本年度之审计、内

部监控及财务报告进行商讨。审核委

员会已审阅本集团截至二零二五年三月

三十一日止的综合年度业绩。

感谢

我们谨向一直鼎力支持集团的所有客

户、供应商、银行家、股东、以及所有

给予本公司支持者致以衷心致谢。此外

更感谢一直为集团作出宝贵贡献之董

事、经理及员工们。

Chairman’s Statement

主席报告

26KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

APENDIX 1

Dividend and Dividend Policy:

股息及股息政策:

An unbroken 29 years’ record of dividend payment

二十九年以来派息从未间断

The Group’s policy to distribute 30% or more of its profits atributable to shareholders as dividend

本集团既定股息政策为股东应占溢利30%或以上用作派息

Al dividend paid shown below is in HK cents per Share

下列每股份派发之股息全以港仙计算

InterimFinalSubtotal

Interim

Special

Final

Special

SubtotalTotalDividend Payout Ratio

中期末期小计

中期

特别股息

末期

特别股息

特别

股息小计合计股息派发比率

(excluding)*(Including)

（不包括在内）*（包括在内）

1996/97Nil 无5.405.40Nil 无Nil 无Nil 无5.4024%N/A 不适用

1997/98Nil 无1.001.00Nil 无Nil 无Nil 无1.0013%N/A 不适用

1998/992.002.004.00Nil 无Nil 无Nil 无4.0058%N/A 不适用

1999/002.202.204.40Nil 无Nil 无Nil 无4.4077%N/A 不适用

2000/011.103.804.90Nil 无6.206.2011.1069%156%

2001/025.005.9010.905.0014.1019.1030.0050%138%

2002/038.0011.0019.00Nil 无5.005.0024.0060%75%

2003/048.0012.0020.00Nil 无Nil 无Nil 无20.0087%N/A 不适用

2004/058.5012.5021.00Nil 无Nil 无Nil 无21.0058%N/A 不适用

2005/069.0013.0022.00Nil 无3.003.0025.0048%55%

2006/078.503.0011.50Nil 无Nil 无Nil 无11.5038%N/A 不适用

2007/080.75Nil 无0.75Nil 无Nil 无Nil 无0.7527%N/A 不适用

2008/09Nil 无1.501.50Nil 无Nil 无Nil 无1.5039%N/A 不适用

2009/10Nil 无1.001.00Nil 无Nil 无Nil 无1.0045%N/A 不适用

2010/11Nil 无1.101.10Nil 无Nil 无Nil 无1.1032%N/A 不适用

2011/12Nil 无1.001.00Nil 无Nil 无Nil 无1.0038%N/A 不适用

2012/13Nil 无1.201.20Nil 无Nil 无Nil 无1.2061%N/A 不适用

2013/14Nil 无1.001.00Nil 无Nil 无Nil 无1.0058%N/A 不适用

2014/150.501.802.30Nil 无1.001.003.3061%87%

2015/160.752.753.50Nil 无Nil 无Nil 无3.5059%N/A 不适用

2016/171.304.205.50Nil 无1.001.006.5065％77％

2017/181.604.756.352.55Nil 无2.558.9069%97%

2018/193.005.008.00Nil 无Nil 无Nil 无8.0072%N/A 不适用

2019/204.005.009.00Nil 无Nil 无Nil 无9.0071%N/A 不适用

2020/214.007.0011.000.50Nil 无0.5011.5049%52%

2021/224.504.008.501.00Nil 无1.009.5031%35%

2022/234.001.505.50Nil 无Nil 无Nil 无5.5029%N/A 不适用

2023/241.504.005.50Nil 无Nil 无Nil 无5.5066%N/A 不适用

2024/252.503.005.50Nil 无Nil 无Nil 无5.5055%N/A 不适用

Remarks:* Excluding special dividend

Including special dividend

备注：* 不包括特别股息

包括特别股息

附录一

Chairman’s Statement

主席报告

66
70

27ANUAL REPORT 2024/25 年报

APENDIX 2

Inventory & Debtor Turnover

存货及应收账周转期

Inventory turnover 存货周转期

Debtor turnover 应收账周转期

No. of days

日数

21/2220/2119/2022/2323/2424/25

(No. of days)（日数）19/2020/2121/2222/2323/2424/25

Inventory turnover

存货周转期8156997873

Debtor turnover

应收账周转期3869555378

Inventory turnover = (Based on year end inventory value/cost of revenue) x 365 days

存货周转期=（以年底存货值╱收入成本）×365日

Debtor turnover = (Based on year end trade and bils receivables/revenue) x 365 days

应收账周转期=（以年底贸易及票据应收账款╱收入）×365日

附录二

Chairman’s Statement

主席报告

14.6*
6.3*
3,231*
204*

28KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

APENDIX 3

Gros Proﬁt Margin & Net Proﬁt Margin

边际毛利及纯利

(%)

边际毛利 (%)

边际纯利 (%)Net Profit margin

Gros Profit margin

21/2220/2119/2022/2323/2424/25

(%)19/2020/2121/2222/2323/2424/25

Gros profit margin

边际毛利18.227.214.210.912.7*

Net profit margin

边际纯利8.612.88.35.95.8*

HK$(milion)

（百万港元）

Revenue

收入2,9023,4733,0753,0822,916*

Profit for the year

年度溢利250445254182170*

* Include continuing operations only

* 只包括持续经营业务

附录三

Chairman’s Statement

主席报告

162,797
285,026

29ANUAL REPORT 2024/25 年报

APENDIX 4

Industrial Busineses CAPEX

工业务固定资产投资

Industrial

busineses

CAPEX

工业务固定

资产投资

HK$’000

千港元

Operating

profit for

industrial

busineses

工业务

经营溢利

HK$’000

千港元

50,000

100,000

150,000

200,000

250,000

300,000

50,000

100,000

150,000

200,000

250,000

300,000

23/2424/2522/2321/2220/2125/26*

(HK$’000)

（千港元）20/2121/2222/2323/2424/2525/26*

Industrial busineses

CAPEX

工业务固定资产投资79,418220,318136,381152,450217,000

Operating profit for

industrial busineses

工业务经营溢利302,993310,256210,785228,372

Not

aplicable

不适用

* Budget

* 预算

附录四

Chairman’s Statement

主席报告

30KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

The Company and its subsidiaries (the “Group”) are

comited to achieving high standards of corporate

governance to safeguard the interests of shareholders of the

Company (the “Shareholders”) and to enhance corporate

value and acountability.

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

has aplied the principles of the recently promulgated

Corporate Governance Code (the “CG Code”) as set out

in Apendix C1 to the Rules Governing the Listing of

Securities on The Stock Exchange of Hong Kong Limited

(the “Listing Rules”) and complied with the code provision

(the “Code Provisions”) of the CG Code, save for the

deviation from Code Provisions B.2.2 and C.2.1 of the

CG Code. This report describes our Group’s corporate

governance practices and explains the said deviations from

the CG Code.

Code Provision B.2.2 of CG Code stipulates that every

director, including those apointed for a specific term,

should be subject to retirement by rotation at least once

every thre years.

Acording to the Company’s Bye-laws, at each anual

general meting, one-third of the Directors for the time

being or, if their number is not 3 or a multiple of 3, the

number nearest to one-third but not greater than one-

third shal retire from ofice provided that notwithstanding

anything contrary in the Company’s Bye-laws, the

Chairman of the Directors and/or the Managing Director

of the Company shal not, whilst holding such ofice, be

subject to retirement by rotation or be taken into acount

in determining the number of Directors to retire in each

year. Furthermore, any Director apointed to fil a casual

vacancy or as an adition to the Board should hold ofice

only until the next folowing anual general meting and

would then be eligible for re-election. The Chairman and/

or the Managing Director of the Group wil consider to

voluntarily retire at the anual general meting at least

once every thre years in line with Code Provision B.2.2

of the CG Code. As such, the Company considers that

suficient measures have ben taken to ensure god

corporate governance of the Company.

为保障全体本公司股东（「股东」）权益及

提升企业价值和问责性，本公司及其附

属公司（「本集团」）一向承诺恪守奉行最

严谨之企业管治。

于截至二零二五年三月三十一日止年度

（「本年度」）内，本集团已应用最新颁布

并载于香港联合交易所有限公司证券上

市规则（「上市规则」）附录C1之企业管治

常规守则（「企业管治守则」）所规定之原

则及遵守所有守则条文（「守则条文」）（除

了偏离企业管治守则之守则条文B.2.2

及C.2.1外），本报告书详述本集团之企

业管治惯例，并阐释企业管治守则之原

则应用及偏离企业管治守则的行为。

企业管治守则之守则条文B.2.2规定每

名董事（包括有指定任期之董事）应至少

每三年轮值退任一次。

根据本公司之细则，在本公司每一届股

东周年大会上，三分之一之当时在任之

董事（或倘其人数并非三或三之倍数，

则最接近但不多于三分之一之数目）须

轮值退任，惟本公司董事会主席及╱或

董事总经理在不违反本公司细则下，不

须按此规定轮值退任或在厘定每年退

任董事人数时被计算在内。此外，任

何填补空缺而获委任之董事或为董事

会新增之成员仅可任职至下届股东周年

大会为止，届时彼可膺选连任。然而，

本集团主席及╱或董事总经理将至少

每三年考虑自愿退任，从而符合企业管

治守则之守则条文B.2.2。因此，本公司

认为已采取足够措施，以确保本公司良

好企业管治。

Corporate Governance Report

企业管治报告书

31ANUAL REPORT 2024/25 年报

Moreover, Code Provision C.2.1 of the CG Code stipulates

that the roles of chairman and chief executive should

be separate and should not be performed by the same

individual. The Company does not segregate the roles of its

chairman and chief executive oficer and Mr. Ho Cheuk Fai

(“Mr. Ho”) curently holds both positions.

Being the founder of the Group, Mr. Ho has substantial

experience in the manufacturing industry, as wel as in the

property development and cultural related busines. At

the same time, Mr. Ho has the apropriate management

skils and busines acumen that are the pre-requisites for

asuming the role of the chief executive oficer. The Board

believes that vesting the roles of both the chairman and the

chief executive oficer in the same person would provide

the Group with strong and consistent leadership and alow

the Group to be more efective and eficient in developing

long-term busines strategies and executing busines

plans. Hence, the Board considers that there is no ned to

segregate the roles of the chairman and the chief executive

oficer and both roles should continue to be performed

by Mr. Ho. The Board believes that the balance of power

and authority is adequately ensured by the operation of

the Board which comprises experienced and high calibre

individuals with a suficient number thereof independent

non-executive Directors.

The Company wil continue to review its practices

from time to time to achieve high standard of corporate

governance.

A. BOARD OF DIRECTORS

1. The Board of Directors

1.1 As at 31 March 2025, the Board consisted of

seven Directors, comprising Mr. Ho Cheuk

Fai (Chairman and Chief Executive Oficer),

Ms. Chan Ming Mui, Silvia, Mr. Zhao

Kai and Mr. Chan Raymond as executive

Directors, and Mr. Fong Hoi Shing, Dr. Lau

Kin Wah and Mr. Lam Yin Shing, Donald as

the independent non-executive Directors.

The Board has the colective responsibility

for the leadership and promotion of the

suces of the Group’s busines by directing

and supervising the Group’s afairs. Mr.

Ho Wai Hon, Brian was apointed as an

executive Director with efect from 24 June

2025.

此外，企业管治守则之守则条文C.2.1规

定应区分主席与行政总裁的角色，并不

应由一人同时兼任。本公司并无区分主

席与行政总裁的角色，何焯辉先生（「何

先生」）目前兼任该两个职位。

何先生为本集团的创办人，于制造业及

房地产与文化相关产业具备丰富经验。

同时，何先生具备担当行政总裁所需之

合适管理技巧及商业触觉之先决条件。

董事会相信，由一人同时担任主席与行

政总裁的角色为本集团提供强大兼一

致的领导，并可让本集团更有效及有效

率地发展长远业务策略及执行业务计

划。因此董事会认为无须区分主席及行

政总裁之角色，并由何先生继续担任这

两个角色。鉴于董事会乃由经验丰富及

具有卓越的人才组成，且董事会有足够

人数的独立非执行董事，故董事会相

信，透过董事会之运作足以确保权力及

授权均衡分布。

本公司将继续不时检讨其常规，以达至

高水平之企业管治。

A. 董事会

1. 董事会

1.1 于二零二五年三月三十一

日，董事会由七名董事

组成。包括执行董事：何

焯辉先生（主席兼行政总

裁）、陈名妹小姐、赵凯

先生及陈毅文先生。独

立非执行董事：方海城先

生、刘健华博士及林燕

胜先生。董事会成员共

同负责本集团事务之领导

及管治工作，并共同承

担指引及监督本集团事

务之责任。于二零二五年

六月二十四日，何伟汗先

生获委任为执行董事。

Corporate Governance Report

企业管治报告书

32KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

During the Year and up to the date of this

anual report, the Company apointed Mr.

Ho Wai Hon, Brian as an executive Director

and Mr. Lam Yin Shing, Donald (“Mr. Lam”).

Each of Mr. Ho Wai Hon, Brian and Mr. Lam

had obtained the legal advice as refered

refered to in Rule 3.09D of the Listing

Rules on 23 June 2025 and 27 June 2024,

respectively, and each of Mr. Ho Wai Hon,

Brian and Mr. Lam has confirmed that he

understod his obligations as a director of a

listed isuer.

1.2 The Board is comited to the Group’s

objectives of enhancing the Shareholders’

value and provision of superior products

and services. The Board is colectively

responsible for formulating the overal

objective and strategy of the Group;

monitors and evaluates its operating

and financial performance and reviews

the standard of corporate governance of

the Group. It also makes decisions on

maters such as aproving the anual

results, interim and quarterly results,

conected transactions, apointment and

re-apointment of Directors, declaring

dividends and adopting acounting policies.

The Board has delegated the authority and

responsibility for implementing busines

strategies and management of the daily

operations of the Group’s busineses to the

management.

1.3 The Board conducts regular scheduled

metings on a quarterly basis. Ad-hoc

metings are convened when circumstances

require.

于本年度及截至本年报日

期，本公司分别委任何伟

汗先生及林燕胜先生（「林

先生」）为执行董事及独立

非执行董事，何伟汗先

生及林先生已分别于二零

二五年六月二十三日及二

零二四年六月二十七日获

取《上市规则》第3.09D条

所述的法律意见，且何伟

汗先生及林先生均已确

认了解其作为上市发行人

董事的责任。

1.2 董事会致力实现本集团有

关提升股东价值以及提

供优越产品与服务之目

标。董事会订立集团之

整体目标及策略，并监

管及评估集团在营运与

财务上之表现，以及检讨

集团之企业管治水平。

董事会亦须决定各项事

宜，其中包括全年业绩、

中期业绩及季度营运状

况、关连交易、董事聘

任或续聘、股息分派及

采纳会计政策。董事会

已授权管理层负责推行本

集团商业策略及管理本

集团之日常业务运作。

1.3 董事会每季举行定期会

议，并于情况需要时召

开特别会议。

Corporate Governance Report

企业管治报告书

33ANUAL REPORT 2024/25 年报

The Board had convened nine Board

metings during the Year and considered,

reviewed and aproved the Group’s anual

results for the year ended 31 March 2024,

quarterly and interim results of the Group

for the Year.

The atendance records of Board metings

and general metings held during the Year

are set out below:

Atendance of individual Directors

at Board metings and general

metings during the Year

本年度董事会及股东大会议

个别董事的出席率

No. of board

metings

atended/held

No. of general

metings

atended/held

董事会

出席次数╱

会议次数

股东大会

出席次数╱

会议次数

Executive Directors执行董事

Mr. Ho Cheuk Fai何焯辉先生9/91/1

Ms. Chan Ming Mui, Silvia陈名妹小姐9/91/1

Mr. Zhao Kai赵凯先生9/91/1

Mr. Chan Raymond陈毅文先生9/91/1

Independent Non-executive

Directors

独立非执行董事

Mr. Fong Hoi Shing方海城先生9/91/1

Mr. Yam Chung Shing任重诚先生4/41/1

Dr. Lau Kin Wah刘健华博士9/91/1

Mr. Lam Yin Shing, Donald

林燕胜先生

8/81/1

* resigned on 6 September 2024

was apointed on 1 July 2024

A list of Directors and their roles and

functions was published on the websites of

the Company and the Stock Exchange.

董事会于本年度内已召

开九次会议，并已考虑、

审阅及批准集团截至二

零二四年三月三十一日之

全年业绩及于本年度之

季度及中期业绩。

以下是本年度董事会

议及股东大会的出席纪

录：

* 于二零二四年九月六日

辞任

于二零二四年七月一日

获委任

董事名单及其角色及职

务刊载于本公司及联交

所网站。

Corporate Governance Report

企业管治报告书

34KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

1.4 To maximize the efectivenes of the Board

and to encourage active participation and

contribution from Board members, the

Board has established an audit comite, a

nomination comite and a remuneration

comite. Detailed descriptions of each of

these Board comites are set out below.

Al of these comites adopt, as far as

practicable, the principles, procedures and

arangements of the Board in relation to

the scheduling and proceding of metings,

notice of metings and inclusion of agenda

items, records and availability of minutes.

The Board has devised its specific writen

terms of reference seting out its duties,

responsibilities, powers and functions which

include the folowings:

• developing and reviewing the

Company’s policies and practices on

corporate governance and making

recomendations to the Board;

• reviewing and monitoring the

training and continuous profesional

development of Directors and senior

management;

• reviewing and monitoring the

Company’s policies and practices on

compliance with legal and regulatory

requirements;

• developing reviewing and monitoring

the code of conduct aplicable to

employes and Directors; and

’s compliance

with the code and disclosure in the

corporate governance report in its

anual report.

1.4 为提高董事会成效以及

鼓励董事会成员积极参

与及作出贡献，董事会已

成立审核委员会、提名

委员会及薪酬委员会。下

文载列各董事委员会之

详细说明。董事委员会

按实际可行情况采纳董

事会有关拟定会议时间

表及会议进行方式、会

议通告及载入议程项目、

保存及提供会议记录等

之原则、程序及安排。

董事会制定其特定书面

职权范围，载列职务、

职责、权力及职能，当中

包括以下各项：

• 制定及检讨本公司

的企业管治政策及

常规，并向董事会

提出建议；

• 省览及监察董事及

高级管理层的培训

及持续专业发展；

• 检讨及监察本公司

在遵守法律及监管

规定方面的政策及

常规；

、检讨及监察

雇员及董事的操守

准则；及

• 省览本公司遵守

则的情况及在其年

报的企业管治报告

内的披露。

Corporate Governance Report

企业管治报告书

35ANUAL REPORT 2024/25 年报

2. Board Composition

2.1 As at 31 March 2025, the Board comprised

seven Directors: four executive Directors

and thre independent non-executive

Directors. Mr. Ho Wai Hon, Brian was

apointed as an executive Director with

efect from 24 June 2025. Mr. Ho Wai Hon,

Brian is the son of Mr. Ho Cheuk Fai, an

executive Director, the chairman of the

Board and the chief executive oficer of the

Company.

2.2 The atributes, skils and expertise among

the existing Directors are considered

apropriate so as to efectively lead,

supervise and manage the Group, taking

into acount the scope and nature of the

operations. The Directors have a mix of core

competencies in areas such as acounting

and finance, busines and management,

production and quality control techniques,

suply chain management, industry

knowledge and marketing strategies. Details

of the experience and qualifications of

Directors and senior management are

set out in the section headed “Senior

Management Profile” in this anual report.

3. Board Diversity Policy

The Company has adopted a board diversity

policy, which sets out the purpose and

principles regarding board diversity for the

purpose of achieving the Company’s strategic

objectives of balanced diversity at the Board

as for as practicable. Directors’ apointment

wil be based on merit and candidates wil

be considered against measurable objectives,

taking into acount the Company’s busines and

development.

Selection of candidates wil be based on a

range of diversity criteria, including but not

limited to gender, age, cultural background and

ethnicity, in adition to educational background,

profesional experience, skils, knowledge and

length of service. The ultimate decision wil be

based on merit and contribution that the selected

candidates wil bring to the Board.

2. 董事会组成

2.1 于二零二五年三月三十一

日，董事会由七名董事

组成，包括四名执行董

事及三名独立非执行董

事。于二零二五年六月

二十四日，何伟汗先生获

委任为执行董事。何伟

汗先生为本公司执行董

事、主席兼行政总裁何

焯辉先生之子。

2.2 就本集团之业务范畴及

性质而言，现任董事所具

备之特质、技能及专业

知识足以令彼等能有效

地引领及监控本集团。

董事具有各方面如会计

及财务、商业及管理、

生产及品质控制技术、

供应链管理、项目发展、

行业知识及市场策略等

实质专才。有关董事及高

级管理人员之经验及资

历资料载于本年报中「高

级管理人员之个人资料」

一节。

3. 董事会成员多元化政策

本公司采纳董事会成员多元化

政策，当中确立董事会多元化

的目标及原则，以实现本公司

董事会成员尽可能均衡多元化

的战略目标。董事之委任将以

价值为基础，从本公司的业务

及发展出发，根据可衡量的目

标考虑候选人。

候选人的挑选将根据一系列

多元化标准，包括但不只限于

性别、年龄、文化背景及种族

成份、加上教育背景、专业经

验、技能、知识及服务年限。

最终的决定将依据所挑选的

候选人能为董事会提供的价

值及作出的贡献而定。

Corporate Governance Report

企业管治报告书

36KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

During the Year, the nomination comite

and Board reviewed the structure, size and

composition of the Board and was of the opinion

that the Board composition is wel balanced and

diversified, and with the apropriate structure,

size and necesary skils, knowledge, experience

and diversity of perspectives required for the

busines of the Group. The Board also reviewed

and evaluated the board diversity policy and its

implementation, and considered it to be efective

during the Year.

As at the date of this anual report, the Board

comprises at least 1 female Director. The Board

considers that the gender diversity in respect

of the Board is satisfactory and wil continue to

maintain a diverse Board.

To develop a pipeline of potential sucesor to

ensure gender diversity, the Board wil engage

human resources agencies and/or through open

selection proces to identify potential sucesors

for the Board as and when apropriate and

enhance gender diversity in the coming years

and wil emphasize gender as a factor to be

taken into consideration for achieving the Board

diversity.

As at 31 March 2025, the ratio of female to male

in the workforce (excluding Directors) was 34:66.

For details of gender distribution, please refer to

the environmental, social and governance report

of the Company for the year ended 31 March

2025.

On 25 March 2019, the Board adopted a separate

nomination policy (the “Nomination Policy”),

which provides the key selection criteria,

nomination proces and principles of the Board

in making decisions in the apointment and re-

apointment of directors and sucesion planing

of directors, to emphasise our comitment on

transparent nomination proces.

本年度内，提名委员会及董事

会审阅董事会之结构、大小及

组成；并认为董事会组成仍

均衡及多元化，连同合适的

结构、大小及应有的技能、知

识、经验及本集团业务前景

多元化所需。董事会仍会审

视及衡量董事多元化政策及

其执行情况，并认于年内仍

然成效。

于本年报日，董事会包含至少

一名女性董事。董事会认为

有关董事会性别多元化情况

满意及将持续维持多元董事

会。

发展培养在继任者管道，确

保性别多元化，董事会将在

未来数年在合适时间通过聘

请人力资源机构及╱或通过

公开选拔程序来寻找潜在的

董事会继任者并提升性别多

元化，并将强调把性别作为实

现董事会多元化的一个考虑

因素。

于二零二五年三月三十一日，

劳动力人口女性及男性比例

（董事除外）为34：66。有关

性别分布详情，请参阅本公

司截至二零二五年三月三十一

日止年度之环境、社会及管治

报告。

董事会已于二零一九年三月

二十五日采纳独立的提名政策

（「提名政策」），该政策提供董

事会于委任及重选董事继任

计划时所采用的主要甄选标

准、提名程序及原则，以强调

本集团致力落实具透明度的

提名程序。

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37ANUAL REPORT 2024/25 年报

The Board comprises of seven members

including one female Director as at 31 March

2025. The Company shal continue to adopt

measures encouraging gender diversity in the

Board composition. The Company shal maintain

at least one female Director. The nomination

comite of the Company (the “NC”) which

includes one female Director as a comite

member, shal review the situation of gender

diversity from time to time so as to reach the

target of gender diversity in the Board. The

Board considers by engaging human resources

agencies and/or through open selection proces

to identify potential sucesors for the Board. In

recognition of the importance of gender diversity,

the Company has taken and wil continue to take

steps to promote gender diversity in the Board so

as to ensure apropriate gender diversity in the

Board is always achieved.

4. Apointment, Re-election and Removal of

Directors

4.1 At each anual general meting of the

Company (“AGM”), one-third of the

Directors are required to retire from ofice

by rotation. The Directors, since his last

election or apointment who has ben the

longest in ofice shal retire and be eligible

for re-election at the AGM. Pursuant to the

bye-laws of the Company, the Chairman

and/or the Managing Director of the Group

shal not, when holding such ofice, be

subject to retirement by rotation or be taken

into acount in determining the number of

Directors to retire in each year. To comply

with Code Provision B.2.2 of the CG Code,

the Chairman and/or the Managing Director

of the Group wil voluntarily retire at the

AGM at least once every thre years.

4.2 As at 31 March 2025, the independent non-

executive Directors are apointed for a

fixed term not exceding thre years. Al

independent non-executive Directors are

subject to the requirements of retirement by

rotation and re-election by Shareholders at

the AGM in acordance with the Company’s

bye-laws.

于二零二五年三月三十一日，

董事会包含七位成员，其中一

位为女性。本公司将继续采

取措施鼓励董事成员性别多

元化，本公司将维持至少一位

女性董事。本公司提名委员会

（「提名委员会」）包含一名女性

董事组成，委员会将不时审

阅性别多元化的情况，以达

致董事多元化的目标。董事会

考虑未来数年通过聘请人力

资源机构及╱或通过公开选

拔程序来寻找潜在的董事会

继任者并提升性别多元化。

知悉性别多元化的重要性，本

公司将采取及会继续采取步

骤，以确保达经常至合适性别

多元化。

、重选及罢免

4.1 于每届股东周年大会

（「股东周年大会」）上，三

分之一董事须轮席退任。

每年之退任董事须为彼

等自上次获选或重选以

来任期为最长者并合资

格于股东周年大会上膺

选连任。根据本公司细

则，担任集团主席及╱

或董事总经理受制于轮

席退任或于厘定股东周

年大会上须轮席退任之

董事人数时，毋须计及。

然而，为遵守企业管治守

则之守则条文B.2.2，集

团主席及行政总裁将至

少每三年自愿退任。

4.2 于二零二五年三月三十一

日，独立非执行董事以

固定任期委任，惟不超

过三年。所有独立非执

行董事并须根据本公司

之公司细则于股东周年

大会上轮席退任并重选

连任。

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38KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

4.3 The names and biographical details of the

Directors who wil ofer themselves for

election or re-election at the forthcoming

AGM are set out in the circular to

Shareholders to asist Shareholders in

making an informed decision on their

elections.

5. Liability Insurance for the Directors

The Company has put in force apropriate

insurance coverages on directors’ and oficers’

liabilities arising from the Group’s busines.

The Company reviews the extent of insurance

coverage on an anual basis.

6. Directors’ Continuous Profesional

Development

Every newly apointed Director wil be given

an induction. As part of the ongoing proces

of directors’ training, the company secretary

of the Company (the “Company Secretary”)

continuously updates al directors on latest

developments regarding the Listing Rules and

other aplicable regulatory requirements.

Al Directors are encouraged to atend

external forum or training courses on relevant

topics which may count towards continuous

profesional development training.

4.3 将于应届股东周年大会

上膺选连任董事之姓名

及履历载于致股东之通

函内，以协助彼等于表

决时作出知情决定。

5. 董事的责任保险

本公司已就董事及行政人员因

履行本集团业务而引起之责

任购买适当保险，本公司会每

年检讨保险所保障之范围。

6. 董事之持续专业发展

每名新任董事将获安排简介。

作为对董事持续培训之一部

份，本公司公司秘书（「公司秘

书」）不断向全体董事更新有关

上市规则及其他适用监管规

定之最新发展资料。董事会

鼓励全体董事出席外界举办

有关课题之座谈会或培训课

程，作为持续专业发展培训

一部分。

Corporate Governance Report

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39ANUAL REPORT 2024/25 年报

For the Year, al Directors have participated in

apropriate continuous profesional development

activities either by atending training courses,

seminars, conferences and forums or by reading

materials relevant to the Group’s busines and

Directors’ duties and responsibilities. Each

of them has provided a record of training

they received for the Year to the Company. A

Directors’ training course was held on 5 March

2025 concerning review of the Corporate

Governance Code and related Listing Rules and

proposed amendments to the further expansion

of the paperles listing regime and other rules.

The training received by each Director for the

Year is sumarized as below:

Reading

materials

Atending

training courses,

seminars,

conferences

and forums

阅览相关资料

出席培训课、

研讨会、

会议及论坛

Executive Directors执行董事

Mr. Ho Cheuk Fai何焯辉先生✓

Ms. Chan Ming Mui, Silvia陈名妹小姐✓

Mr. Zhao Kai赵凯先生✓

Mr. Chan Raymond陈毅文先生✓

Independent Non-executive

Directors

独立非执行董事

Mr. Fong Hoi Shing方海城先生✓

Mr. Yam Chung Shing任重诚先生✓

Dr. Lau Kin Wah刘健华博士✓

Mr. Lam Yin Shing, Donald

林燕胜先生

✓

* resigned on 6 September 2024

was apointed on 1 July 2024

本年度，全体董事均透过出席

培训课程、研讨会、会议及

论坛或阅读本集团业务或董

事职能及职责相关资料之方

式参与合适之专业发展培训活

动。本年度，每一位董事提供

予本公司所接受之培训记录

于二零二五年三月五日举行了

一个董事培训课程，内容有关

《企业管治守则》及相关《上市

规则》条文检讨及关于进一步

扩大无纸化上市制度及其他

规则修订建议。本年度董事

各自接受培训之概要如下：

* 于二零二四年九月六日辞任

于二零二四年七月一日获委

任

Corporate Governance Report

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40KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

7. Corporate Governance and Chairman and Chief

Executive Oficer

The chairman of the Board (the “Chairman”)

should be responsible for ensuring that directors

receive adequate, clear, complete and reliable

information in a timely maner.

The Chairman should:

• ensure that the Board works efectively and

performs its responsibilities, and that al key

and apropriate isues are discused by it in

a timely maner;

• ensure that god corporate governance

practices and procedures are established;

• encourage the Directors with diferent views

to voice their concerns, alow suficient

time for discusion of isues and ensure

that Board decisions fairly reflect Board’s

consensus;

• ensure that apropriate steps are taken

to provide efective comunication with

shareholders and that their views are

comunicated to the Board as a whole; and

• promote a culture of open and active

discusion by facilitating the efective

contribution of non-executive directors

in particular, and ensuring constructive

relations betwen executive and non-

executive Directors.

The chief executive oficer of the Company

(“CEO”) should be responsible for managing the

Group’s busines including the implementation

of strategy and initiatives with the suport of

executive Directors and senior management and

within those authorities delegated by the Board.

7. 企业管治及主席及行政总裁

本公司主席董事会（「主席」）应

负责确保董事及时收到充分

的资讯，而有关资讯亦必须准

确清晰及完备可靠。

主席应：

且履行应有职责，并及时

就所有重要的适当事项

进行讨论；

• 确保本公司制定良好的

企业管治常规及程序；

• 鼓励持不同意见的董事

均表达出本身关注的事

宜、给予这些事宜充足

时间讨论，以及确保董

事会的决定能公正反映

董事会的共识；

• 确保采取适当步骤保持

与股东有效联系，以及

确保股东意见可传达到

整个董事会；及

、积极讨论的

文化，促进董事（特别是

非执行董事）对董事会作

出有效贡献，并确保执

行董事与非执行董事之

间维持建设性的关系。

本公司行政总裁（「行政总裁」）

在其他执行董事及高级管理

人员的协助及董事会授权范围

下，负责管理本集团的业务，

包括执行策略及发展计划。

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41ANUAL REPORT 2024/25 年报

8. 独立非执行董事

根据上市规则第3.10(1)条及第

3.10(2)条，本公司已委任三名

独立非执行董事，而其中一

位拥有合适专业资历或会计

或相关财务管理专长。根据

上市规则第3.10A条，独立非

执行董事数目已代表不少于董

事会三分之一人数。

本公司已收到各独立非执行

董事根据上市规则第3.13条发

出之年度独立性确认书及已

根据上市规则3.13所载的独立

标准审核了各独立非执行董

事的独立性，而本公司继续认

为其全体独立非执行董事均

为独立人仕。

倘若重选服务董事会超过九

年的独立非执行董事，其继

续委任须以独立决议案取得

本公司股东批准。

9. 独立意见机制

董事会应包括至少三名独立

非执行董事。于本年报日期，

大部份本公司之独立非执行

董事于董事会的任职时间少

于9年及至少一名独立非执行

董事须拥有适当专业资格或

会计或相关财务管理专业知

识。本公司须委任至少占董

事会三分之一人数的独立非

执行董事。本公司将在未能达

到要求后的三个月内委任足够

数量的独立非执行董事，以

满足上述最低人数要求。

8. Independent Non-executive Directors

Pursuant to Rules 3.10(1) and 3.10(2) of the

Listing Rules, the Company has apointed thre

independent non-executive Directors and one of

them has apropriate profesional qualifications

or acounting or related financial management

expertise. Pursuant to Rule 3.10A of the Listing

Rules, the number of independent non-executive

Directors represents no les than one-third of the

Board.

The Company has received from each of its

independent non-executive Directors an anual

confirmation of independence pursuant to Rule

3.13 of the Listing Rules and having reviewed

the independence of each of the independent

non-executive Directors against the independent

criteria as set out in Rule 3.13 of the Listing

Rules, the Company considers that al of the

independent non-executive Directors are

independent.

Any re-election of an independent non-executive

Director who has served the Board for more than

nine years, his/her further apointment should be

subject to a separate resolution to be aproved

by shareholders of the Company.

9. Independent View Mechanism

The Board should comprise at least thre

independent non-executive Directors. As at

the date of this anual report, a majority of the

independent non-executive Directors of the

Company has served les than 9 years on the

Board. At least one of the independent non-

executive Directors must have apropriate

profesional qualifications or acounting or

related financial management expertise. The

Company must apoint independent non-

executive Directors representing at least one-

third of the Board. The Company shal apoint a

suficient number of independent non-executive

Directors to met the minimum number required

above within thre months after failing to met

the requirement(s).

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42KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

所有董事委员会大多数成员

由独立非执行董事组成。

董事应于其获委任时及出现

变动时及时向本公司披露其

于公众公司或组织中担任的

职务数量及性质以及其他重

要承担。董事亦须向本公司披

露其于公众公司或组织的身

份。

由于加入董事会需要投入大

量时间，于挑选独立非执行

董事时，应考虑候选人可投入

的时间。独立非执行董事必

须于董事会议之前花时间

阅读材料，以有效地利用会

议时间。彼等亦须学会了解本

公司复杂的业务及营运细节、

市场资源及未来前景。

董事会提名委员会应了解可能

影响个人投入本公司时间的

因素。

在合理的要求下，董事可在适

当情况下寻求独立专业意见，

费用由本公司承担。所有董事

均可获得本公司公司秘书之意

见及服务，以确保董事会程

序及所有适用法律、规则及规

例均获遵守。

经审阅现时独立观点机制，董

事会对独立意见机制于截至

二零二五年三月三十一日止年

度的执行情况及成效满意。

Al Board comites comprise a majority of

independent non-executive Directors.

Directors should disclose to the Company at

the time of their apointments, and in a timely

maner for any changes, the number and

nature of ofices held in public companies or

organisations and other significant comitments.

The identity of the public companies or

organisations should also be disclosed.

When selecting independent non-executive

Directors, the candidates’ availability should

be considered as siting on a Board involves a

significant time comitment. Independent non-

executive Directors must dedicate time to reading

materials prior to Board metings in order to

make the hours spent in metings efective. They

also have to learn to understand the Company’s

complex busines and operational details, market

forces and future perspectives.

The nomination comite of the Board should

be aware of the factors which may afect an

individual’s time comitment to the Company.

Upon reasonable request, Directors may sek

independent profesional advice in apropriate

circumstances, at the Company’s expense. Al

Directors should have aces to the advice

and services of the company secretary of the

Company to ensure that Board procedures, and

al aplicable law, rules and regulations, are

folowed.

Having reviewed the existing independent

view mechanism, the Board was satisfied with

the implementation and efectivenes of the

independent view mechanism for the year ended

31 March 2025.

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43ANUAL REPORT 2024/25 年报

B. 董事委员会

1. 薪酬委员会

1.1 薪酬委员会最少每年举

行一次会议，任重诚先

生已辞任薪酬委员会主

席、刘健华博士由薪酬

委员会成员调任为主席

及方海城先生获委任为

薪酬委员会成员，自二零

二四年九月六日起生效，

于二零二五年三月三十一

日及截至本年报日期，薪

酬委员会由刘健华博士

担任主席，并包括两位

其他成员：陈名妹小姐及

方海城先生。薪酬委员

会成员包括一位执行董

事及两位独立非执行董

事。薪酬委员会处理事

务之法定人数为两人。

薪酬委员会之职权范围

会不时更新以符合企业

管治守则所载新规定，

并已刊载于本公司及联交

所之网页内。

1.2 薪酬委员会主要职能包

括：

• 制定本集团薪酬政

策，就薪酬政策作

出检讨并向董事会

作出建议；

• 考虑同类公司支付

的薪酬、须付出的

时间及职责、以及

集团内其他职位的

雇用条件；

• 符合董事会不时指

定或本公司组织章

程不时所载或上市

规则或任何适用法

例不时所定的任

何要求、指示及规

例；

• 就非执行董事的薪

酬向董事会提出建

议；

B. BOARD COMITES

1. Remuneration Comite (the “RC”)

1.1 The RC mets at least once a year. Mr.

Yam Chung Shing resigned as the chairman

of the RC, Dr. Lau Kin Wah has ben re-

designated from a member to the chairman

of the RC and Mr. Fong Hoi Shing has

ben apointed as a member of the RC,

with efect from 6 September 2024, As at

31 March 2025 and as at the date of this

anual report, the RC is chaired by Dr. Lau

Kin Wah and comprises two other members,

namely Ms. Chan Ming Mui, Silvia and

Mr. Fong Hoi Shing. The RC members

comprise one executive Director and two

independent non-executive Directors.

The quorum necesary for the transaction

of busines by the RC is two. The terms

of reference of RC shal be updated from

time to time to comply with the new

requirements set out in the CG Code

and are published on the websites of the

Company and the Stock Exchange.

1.2 The principal responsibilities of the RC are

• to formulate remuneration policy

of the Group, review and make

recomendations to the Board in

respect of the remuneration policy;

• to consider salaries paid by comparable

companies, time comitment and

responsibilities and employment

conditions elsewhere in the Group;

direction, and regulation that may

from time to time be prescribed by the

Board or contained in the constitution

of the Company or imposed by the

Listing Rules or any aplicable law;

• to make recomendations to the Board

on the remuneration of non-executive

Directors;

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44KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

• to determine the remuneration

packages, terms of service contract,

equity-based remuneration and share

award plan of the executive Directors

and the senior management; and

/or aprove maters

relating to share schemes under

Chapter 17 of the Listing Rules.

1.3 The RC met once during the Year. The

contents are as folows:

1. aproving the terms of leters of

apointment of INEDs apointed

during the Year;

2. aproving the remuneration packages

of INEDs apointed during the Year;

3. recomending to the Board regarding

the re-apointment of directors subject

to the re-election at the AGM; and

, the

remuneration policy of the Group

and the remuneration packages of

Directors and senior management

staf. It also asesed the performance

of the Directors and evaluated the

remuneration policy.

• 厘定执行董事及

高级管理层之薪酬

待遇、服务合约条

款、股东权益酬金

及奖励计划；及

╱或批准上

市规则第17章有关

股份计划事宜。

1.3 薪酬委员会于本年度已

举行一次会议记录。内

容如下：

1. 年内批准委任独立

非执行董事之信函

条款；

2. 年内批准委任独立

非执行董事之薪酬

待遇；

3. 向董事会推荐有关

按照股东周年大会

重选机制重新委任

董事；及

本集团的薪酬政策

及董事和高级管理

层之薪酬，亦会评

估各董事的表现及

评价薪酬政策。

Corporate Governance Report

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45ANUAL REPORT 2024/25 年报

The atendance record of the meting of the

RC during the Year is set out below:

No. of

atended/held

出席次数╱

会议次数

Mr. Yam Chung Shing

(chairman of the RC)*

任重诚先生

（薪酬委员会主席）*

1/1

Dr. Lau Kin Wah

(chairman of the RC)

刘健华博士

（薪酬委员会主席）

1/1

Ms. Chan Ming Mui, Silvia陈名妹小姐1/1

Mr. Fong Hoi Shing

方海城先生

0/0

* resigned on 6 September 2024

@ was apointed on 6 September 2024

# re-designated as chairman of the RC on 6

September 2024

Remuneration of Directors and Senior

Management

The particulars regarding Directors’ remuneration

and the five highest paid individuals as required

to be disclosed pursuant to Apendix D2 to

the Listing Rules are set out in Note 26 to the

consolidated financial statements in this anual

report.

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

the remuneration of the members of the senior

management by band for the Year is set out

below:

Number of

persons

Remuneration bands (HK$)薪酬组别（港币）人数

1 to 1,000,0001至1,000,0002

1,000,001 to 2,000,0001,000,001至2,000,0001

薪酬委员会于本年度会

议之出席记录如下：

* 于二零二四年九月六日

辞任

@ 于二零二四年九月六日

获委任

# 于二零二四年九月六日

调任为薪酬委员会主席

董事及高级管理人员薪酬

根据上市规则附录D2须予披

露有关董事酬金及五名最高

薪酬人仕之进一步详情载于

本年报所载之综合财务报表

附注26。

根据企业管治守则之守则条

文E.1.5，本年度，按薪酬组别

划分之高级管理人员薪酬载

列如下：

Corporate Governance Report

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46KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2. 审核委员会

2.1 林燕胜先生获委任为审

核委员会成员，由二零

二四年七月一日起生效，

任重诚先生辞任审核委

员会成员，由二零二四年

九月六日起生效，于二零

二五年三月三十一日及本

年报日期，审核委员会

均为独立非执行董事组

成：

方海城先生

（审核委员会主席）

任重诚先生*

刘健华博士

林燕胜先生

* 于二零二四年九月六日

辞任

于二零二四年七月一日

获委任

董事会认为，审核委员

会成员拥有足够会计及财

务管理专业知识或经验，

以履行彼等之职务。

2.2 职权范围已被采纳作为

运作审核委员会。审核

委员会之职权范围已刊载

于本公司及联交所之网页

内。审核委员会之主要

职责包括：

‧ 于全年董事例会

中，审阅中期及全

年业绩及检讨风险

管理及本公司内审

的效能；

2. Audit Comite (the “AC”)

2.1 Mr. Lam Yin Shing, Donald was apointed

as an independent non-executive Director

with efect from 1 July 2024. Mr. Yam

Chung Shing resigned as the member of

the AC with efect from 6 September 2024.

The AC comprises the independent non-

executive Directors as at 31 March 2025

and as at the date of this anual report:

Mr. Fong Hoi Shing

(chairman of the AC)

Mr. Yam Chung Shing*

Dr. Lau Kin Wah

Mr. Lam Yin Shing, Donald

* resigned on 6 September 2024

was apointed on 1 July 2024

The Board is of the opinion that members

of the AC have suficient acounting

and financial management expertise or

experience to discharge their duties.

2.2 The terms of reference had ben adopted

for the operations of the AC. The terms of

reference of the AC were posted on the

websites of the Company and the Stock

Exchange. The main duties of the AC

include:

• to review interim and anual results

and review the risk management

and internal control systems, the

efectivenes of the Company’s internal

audit function during the regular Board

metings during the Year;

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47ANUAL REPORT 2024/25 年报

‧ 检讨及监控本集团

之财务报告程序，

包括审阅本集团的

季度、中期及年度

业绩；

‧ 检讨外聘核数师的

委任、重新委任、

批准其薪酬及任何

有关其辞任或辞退

之任何事宜；

‧ 按适用的标准检讨

及监察外聘核数师

是否独立客观及核

数程序是否有效；

‧ 检讨本集团内部监

控系统之有效性，

包括定期检讨各项

有关企业及业务的

程序；

‧ 审阅本集团内审功

能及其成效；

‧ 在考虑到潜在风险

的性质及迫切性

的情况下体现企业

目标及策略以确保

本集团业务运作有

效。该等检讨包括

财务、营运、监管

规则的遵守及风险

管理等范围；及

‧ 与管理层讨论风险

及内部监控系统，

确保管理层已履行

职责建立有效的系

统。

’s

financial reporting proces including

the review of quarterly, interim and

anual results of the Group;

apointment, remuneration and any

maters relating to their resignation or

termination;

• to review and monitor the external

auditor’s independence and objectivity

and the efectivenes of the audit

proces in acordance with aplicable

standards;

• to examine the efectivenes of the

Group’s internal control system which

involves regular review in various

corporate structures and busines

proces;

• to review the internal audit function of

the Group and its efectivenes;

• to realize corporate objective and

strategy by taking into acount the

potential risk and the nature of

its urgency in order to ensure the

efectivenes of the Group’s busines

operations. The scope of such reviews

includes finance, operations, regulatory

compliance, internal control systems

and risk management; and

• to discus the risk management

and internal control systems with

management to ensure that the

management has performed its duties

of establishing efective systems.

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48KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2.3 审核委员会于本年度召开

两次会议，并审阅了集团

截至二零二四年九月三十

日中期及截至二零二四

年三月三十一日止年度的

全年业绩。审核委员会

亦审阅了本集团的财务

报告制度、外聘核数师

的独立性、薪酬及审核

序程的成效、内审之成

效、内部控制度、风

险管理系统和相关的程

式，以确保其充分性和

有效性及履行《企业管治

守则》所列其他责任。审

核委员会之详尽会议记

录由公司秘书存置。审

核委员会于本年度会议

出席记录如下：

* 于二零二四年九月六日

辞任

于二零二四年七月一日

获委任

2.3 The AC convened two metings during

the Year and reviewed the interim

results of the Group for the six months

ended 30 September 2024 and the

anual results of the Group for the year

ended 31 March 2024. The AC had also

reviewed the Group’s financial reporting

system, internal control system, external

auditor’s independence, remuneration

and efectivenes of the audit proces, the

efectivenes of the internal audit function,

risk management system and asociated

procedures to ensure their adequacy and

efectivenes and its other duties under the

CG Code. The Company Secretary keps al

minutes of the AC. The atendance record of

the meting of the AC during the Year is set

out below:

No. of

atended/held

出席次数╱

会议次数

Mr. Fong Hoi Shing

(chairman of the AC)

方海城先生

（审核委员会主席）2/2

Mr. Yam Chung Shing任重诚先生1/1

Dr. Lau Kin Wah刘健华博士2/2

Mr. Lam Yin Shing, Donald

林燕胜先生

1/1

* resigned on 6 September 2024

was apointed on 1 July 2024

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49ANUAL REPORT 2024/25 年报

3. 提名委员会

3.1 提名委员会于二零二年

一月成立。任重诚先生

辞任提名委员会主席、

刘健华博士由提名委员

会成员调任为主席及陈

名妹小姐获委任为提名

委员会成员，由二零二四

年九月六日起生效，于二

零二五年三月三十一日，

提名委员会成员包括方海

城先生、刘健华博士及

陈名妹小姐两名独立非

执行董事及一位执行董

事。独立非执行董事刘

健华博士已获委任为提

名委员会主席。最少一

名女性（其他性别）为提

名委员会之委员。本公司

已采纳董事提名政策。

该提名政策载有董事（包

括独立非执行董事）的提

名程序。

3.2 提名委员会的职责如下：

‧ 至少每年检讨董事

会架构、人数及组

成（包括技能、知识

及经验方面），并就

任何为配合公司的

公司策略而计划对

董事会作出的变动

提出建议；

‧ 物色董事候选人及

评估董事候选人是

否合适和具备资格

成为董事，并挑选

被提名人士出任董

事或就此向董事会

提出建议；

‧ 评核独立非执行董

事的独立性；及

3. Nomination Comite (the “NC”)

3.1 The NC was established in January 2022.

Mr. Yam Chung Shing resigned as the

chairman of the NC, Dr. Lau Kin Wah has

ben re-designated from a member to the

chairman of the NC and Ms. Chan Ming

Mui, Silvia has ben apointed as a member

of the NC with efect from 6 September

2024. The NC comprises two independent

non-executive Directors and one executive

Director, namely Mr. Fong Hoi Shing, Dr.

Lau Kin Wah and Ms. Chan Ming Mui, Silvia

as at 31 March 2025. Dr. Lau Kin Wah,

the independent non-executive Director,

was apointed as the chairman of the

NC. At least one member of NC is female

(other gender). The Company adopted the

Nomination Policy. The nomination proces

of Directors, including independent non-

executive Directors, is included in the

Nomination Policy.

3.2 The duties of the NC are as folows:

, size and

composition (including the skils,

knowledge and experience) of the

Board at least anualy and make

recomendations on any proposed

changes to the Board to complement

the Company’s corporate strategy;

, and ases the suitability

and qualification of, candidates to

become Board members and select or

make recomendation to the Board on

the selection of individuals nominated

for directorships;

• to ases the independence of the

independent non-executive Directors;

and

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50KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

‧ 就董事的委任或重

新委任以及董事继

任计划（尤其是董

事会主席及行政总

裁）向董事会作出推

荐。

3.3 董事会已采纳提名政策，

该政策于评估及甄选提

名候选人为董事的合适

性。甄选标准包括但不

只限于：

‧ 诚信；

‧ 于相关业务╱行业

的成就、经验及声

誉；

‧ 承诺投入足够时

间、代表界别的利

益及关注本公司的

业务；

‧ 董事会各方面的多

元化，包括但不限

于性别、年龄、文

化╱教育和专业背

景、技能、知识和

经验；

‧ 有能力协助和支持

管理层，并对本公

司的成功作出重大

贡献；

‧ 符合载列于上市规

则第3.10A及第3.13

条对委任独立非执

行董事所规定的独

立性准则；及

‧ 董事会不时决定的

任何其他相关因

素。

• to make recomendation to the Board

on the apointment or re-apointment

of Directors and sucesion planing

for Directors, in particular, the

chairman of the Board and the chief

executive of the Company.

3.3 The Board has adopted the Nomination

Policy, which set out the selection criteria

in asesing the suitability of a proposed

candidate as Director. Such criteria include

but are not limited to:

;

, experience and

reputation in the relevant industries/

sectors;

• comitment in respect of suficient

time, interest and atention to the

Company’s busines;

, including

but not limited to gender, age,

cultural/educational and profesional

background, skils, knowledge and

experience;

• ability to asist and suport

management and make significant

contributions to the Company’s

suces;

• compliance with the criteria of

independence as prescribed under

Rules 3.10A and 3.13 of the Listing

Rules for the apointment of an

independent non-executive Director;

and

• any other relevant factors as may be

determined by the Board from time to

time.

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51ANUAL REPORT 2024/25 年报

3.4 提名委员会及╱或董事会

可能透过不同渠道，包

括但不限于内部擢升、

调任、管理层其他成员

转介及外部招聘代理，

甄选董事人选。

3.5 提名程序包括：

‧ 董事会主席将向董

事会提名合适人选

及召开会议，并邀

请董事会考虑。董

事会成员亦可提名

候选人供董事会考

虑。

‧ 就委任何董事会

候选人而言，董事

会须就个别候选人

进行充分的尽职审

查，以供审批。

‧ 就重新委任董事会

任何现有成员而言，

董事会将考虑，让

候选人可于股东大

会上膺选连任。

‧ 有关股东提名任何

候选人参选董事的

程序，请参阅登载

于本公司网站的「股

东提名候选董事的

程序」。

‧ 对推荐候选人于股

东大会上参选的所

有事宜，董事会拥

有最终决定权。

3.4 The NC and/or the Board may select

candidates for directorship from various

chanels, including but not limited to

internal promotion, re-designation, referal

by other member of the management and

external recruitment agents.

3.5 The nomination procedures are as folows:

• The chairman of the Board shal

nominate suitable candidates to the

Board and therefore shal convene a

meting, and invite Board members,

for consideration by the Board.

The Board members may also

nominate candidates for the Board’s

consideration.

• In the context of apointment of any

candidate to the Board, the Board shal

undertake adequate due diligence in

respect of such individual and make

aproval.

• In the context of re-apointment of any

existing member(s) of the Board, the

Board shal consider for the candidates

to stand for re-election at a general

meting.

“Procedures for

a Shareholder to Propose a Person

for Election as a Director”, which is

available on the Company’s website,

for procedures for Shareholders’

nomination of any proposed candidate

for election as a director.

• The Board shal have the final decision

on al maters relating to candidates to

stand for election at a general meting.

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52KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3.6 提名委员会将在适当时

候检讨本公司董事会成

员多元化政策，以确保

其行之有效，并讨论任何

或需作出修订，再提交

董事会考虑审批。

3.7 每年至少一次召开提名

委员会。提名委员会处

理事务之法定人数为两

人。本年度，提名委员会

举行了一次会议。提名委

员会于本年度会议之出

席记录如下：

* 于二零二四年九月六日

辞任

于二零二四年九月六日

获委任

于二零二四年九月六日

调任为提名委员会主席

3.6 The NC wil review the board diversity

policy of the Company, as apropriate,

to ensure its efectivenes and discus

may revisions that may be required and

recomended any such revisions to the

Board for consideration and aproval.

3.7 The NC mets at least once a year. The

quorum necesary for the transaction of

busines by the nomination comite is

two. During the Year, the NC met once. The

atendance record of the meting of the NC

during the Year is set out as below:

No. of

atended/held

出席次数╱

会议次数

Mr. Fong Hoi Shing方海城先生1/1

Mr. Yam Chung Shing

(chairman of the NC)*

任重诚先生

（提名委员会主席）*

1/1

Dr. Lau Kin Wah

(chairman of the NC)

刘健华博士

（提名委员会主席）

1/1

Ms. Chan Ming Mui, Silvia

陈名妹小姐

0/0

* resigned on 6 September 2024

was apointed on 6 September 2024

re-designated as chairman of the NC on 6

September 2024

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C. 董事进行证券交易

1.1 本公司已采纳本集团董事进

行证券交易的标准守则（「公司

标准守则」），其条款并不较上

市规则附录C3所载上市公司

董事进行证券交易的标准守则

（「标准守则」）之条款宽松。

1.2 经向全体董事作出具体查询

后，彼等确认已于截至二零

二五年三月三十一日止年度期

间全面遵守标准守则及公司

标准守则所载之标准规定。

D. 问责及审核

1. 财务汇报

1.1 董事会知悉其责任乃编

制反映本公司及本集团

真实公平财政状况之账

目（按持续经营基准，并

在有需要时以假设及保

留意见支援）。于编制本

年度之账目时，董事已挑

选适合之会计政策及贯

彻应用，并作出审慎合

理之判断及估计。

1.2 本公司管理层向董事会提

供该等阐释及资料，使

董事会对其须批准之财

务及其他资料能作出知

情评估。

C. SECURITIES TRANSACTIONS BY DIRECTORS

1.1 The Company has adopted a Code for Securities

Transactions by Directors of the Group (the

“Company’s Model Code”) on terms no les

exacting than the required standard set out

in Model Code for Securities Transactions by

Directors of Listed Companies (the “Model

Code”) contained in Apendix C3 to the Listing

Rules.

1.2 Having made specific enquiries to al Directors,

they have confirmed that they had complied

with the required standards set out in both the

Company’s Model Code and the Model Code

throughout the year ended 31 March 2025.

D. ACOUNTABILITY AND AUDIT

1. Financial Reporting

1.1 The Board acknowledges its responsibility

for preparing the Group’s acounts which

gives a true and fair view of the state of

afairs of the Company and of the Group

on a going concern basis, with suporting

asumption or qualification as necesary.

In preparing the acounts for the Year, the

Directors have selected suitable acounting

policies and aplied them consistently,

made judgments and estimates that are

prudent and reasonable.

1.2 The management of the Company provides

explanation and information to the Board

as to enable the Board to make informed

asesments of the financial and other

information put before the Board for

aproval.

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54KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

1.3 董事会致力确保对本集

团之状况及前景作出客

观、明确及可理解之评

估，并将范围扩大至本

集团之年度、中期及季度

报告、其他涉及股价敏

感资料的公布、其他根

据上市规则须予披露之

财务资料、致监管机构

之报告书以及法定须予

披露之其他资料。

2. 内部监控

董事会负责本集团之内部监

控系统，并致力管理经营风

险及确保内部监控系统稳健

妥善且有效，以保障股东之投

资及本集团的资产。

于本年度，本集团内部审计部

（「内部审计部」）在董事会及审

核委员会的监督下，已对本集

团每年内部监控制度及风险管

理之有效性进行检讨及汇报，

范围包括财务、营运、合规

监控及风险管理功能。根据

检讨结果，董事会认为本集

团之风险管理及内部监控制

度年内仍然成效及充分。

董事会已采纳风险管理政策

及内部风险管理审计划，其

中包括本集团的风险管理系

统及结构。内部审计部连同

审核委员会至少每年将就风

险管理的成效性进行检讨。

董事会审阅其已考足够的资

源、员工资历及经验、员工所

接受的培训课程、本公司会计

的预算及财务汇报职能及认

为其所有于年内仍成效及足

够。

1.3 The Board endeavours to ensure the making

of balanced, clear and understandable

asesments of the Group’s position and

prospects and extending the coverage of

such information to include anual, interim

and quarterly reports, price-sensitive

anouncements and financial disclosures

as required under the Listing Rules, reports

to regulators as wel as any information

that is required to be disclosed pursuant to

statutory requirements.

2. Internal Controls

The Board is responsible for the Group’s system

of risk management and internal controls

and is comited to managing busines risks

and maintaining sound and efective internal

control systems to safeguard the Shareholders’

investment and the Group’s asets.

During the Year, the internal audit department

of the Group (the “Internal Audit Department”)

under the supervision of the Board and the AC,

has reviewed and reported on the adequacy of

efectivenes of the risk management and internal

control systems of the Group, covering financial,

operational, compliance and risk management

control functions anualy. Based on the results

of the review, the Board considers that the

Group’s risk management and internal control

systems were efective and adequate during the

Year.

The Board adopted the risk management

policy and internal risk management audit

plan, including structure and system of risk

management of the Group. The Internal Audit

Department together with the AC wil review

the adequacy of the efectivenes of the risk

management at least once a year.

The Board had reviewed the adequacy of

resources, staf qualifications and experience,

training programes and budget of the

Company’s acounting and financial reporting

function and considered al these to be efective

and adequate during the Year.

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内部监控系统乃提供合理，

但非绝对地，确保没有重大

错误陈述或损失，以及旨在

管理而非消除营运制度失当之

风险及达致本集团之目标。

内部审计部进行定期审核，了

解与分析本集团内部风险管

理项目执行情况，并向董事会

及审核委员会汇报风险及主

要的内部监控。部门主管将

获通知其监控不足之处以进

行修正。于本年度，内部审计

部对工厂流程、采购管理、

物流管理、进出口关务活动及

易耗品管理等营运管理及风

险指数较高的项目进行审计。

审计结果已提呈高级管理层、

审核委员会及董事会。

就根据上市规则第13.09及

13.10条以及香港法例第571章

《证券及期货条例》第XIVA部

处理及发布内幕消息而言，本

集团已采取多项程序及措施，

包括提高本集团内幕消息的

保密意识、签订保密协议、定

期向董事和有关雇员发送禁

售期和证券交易限制的通知、

仅对需要知情的指定人员发

布信息以及严格遵守证券及

期货事务监察委员会于二零

一二年六月发布的「内幕消息

披露指引」。

The internal control system is designed to

provide reasonable, but not absolute, asurance

of no material mistatement or los and to

manage instead of eliminating risks of failure

in operational systems and achievement of the

Group’s objectives.

The Internal Audit Department performs regular

audit reviews and reports risks and key controls

of the Group to the Board and the AC. The

responsible department heads wil be notified of

the control deficiencies noted for rectification.

For the Year, the Internal Audit Department

mainly conducted operational management audit

over proces of manufacturing, procurement

management, logistics management, import

and export customs activities and consumable

material management etc and other items with

higher risk index. The audit results have ben

presented to the senior management, the AC and

the Board.

For the purpose of handling and diseminating

inside information pursuant to Rules 13.09 and

13.10 of the Listing Rules and Part XIVA of

the Securities and Futures Ordinance (Chapter

571 of the Laws of Hong Kong), the Group

has taken various procedures and measures,

including arousing the awarenes to preserve

confidentiality of inside information within the

Group, signing of confidentiality agrement,

sending blackout period and securities dealing

restrictions notifications to the Directors and

relevant employes regularly, diseminating

information to specified persons on a ned-to-

know basis and observing the “Guidelines on

Disclosure of Inside Information” isued by the

Securities and Futures Comision in June 2012

stringently.

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56KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3. 风险管理

一：风险管理

风险可视为事件发生机率

及其后果的影响的结合

体。具负面影响的事件为

可阻碍价值创造或减低

现有价值的风险。为向我

们的股东创造价值及减

低本公司损失，我们必须

了解公司面对的风险类型

并作出适当应对措施。

一般而言，本集团成功的

风险可分为四大类：(1)战

略；(2)营运；(3)合规；及

(4)财务及报告。各类型

风险的具体例子载于下

表：

战略• 业务活性下

降（由于业

务策略、客

户消费者模

式、产生开

发及科技变

动等）

‧ 损失知识产

权及商业机

密

‧ 人才竞争

‧ 对声誉的负

面影响

营运‧ 产品供应中

断

‧ 假冒

‧ 低效使用资

源╱材料成

本上升

‧ 实体财产损

害╱干扰

‧ 全球数据流

中断

3. Risk Management

I. Risk Management

Risks can be viewed as the combination of

the probability of an event and the impact

of its consequences. Events with a negative

impact represent risk that can prevent value

creation or erode existing value. In order to

deliver value to our shareholders and reduce

los of the Company, we must understand

the types of risks faced by our corporation

and adres them apropriately.

Generaly, risks to the Group’s suces

can be grouped into four categories: (1)

Strategic, (2) Operational, (3) Compliance

and (4) Financial & Reporting. Specific

examples of each type of risks are included

in the table below:

Strategic• Reduction in busines

vitality (due to change in

busines strategy, customer

spending patens, product

discovery & development,

changing technology, etc.)

• Los of intelectual

property & trade secrets

• Competition for talent

• Negative impact to

reputation

Operational• Disruption to product

suply

• Counterfeiting

• Ineficient use of

resources/increase cost of

materials

/damage/

disruption

• Discontinuation of global

data flows

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合规• 违反法例或

监管范畴，

包括

(a) 环境

(b) 雇员健康及

安全

护

(d) 地区税项及

法律

财务及

报告

资金及现金

流、信贷风

险

‧ 财务失实陈

述

二：风险管理系统

本公司建立了企业风险

管理系统，确保能够适

当地控制和治理本集团

所面对的主要风险，包

括：

• 明确风险管理

念，确定风险管理

范围；

• 明确风险汇报流

程，建立风险治理

架构，识别以及评

估风险可能给公司

造成的影响；

• 制定风险治理控制

点，对含有风险的

主要控制事项制定

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58KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

三：风险管理架构

董事会乃监督者的角色，

而审核委员会负责风险

管治，向董事会汇报本

集团的风险系统的有效

性，实际风险执行者为

各部门负责人。董事会把

实施风险措施的责任分

配给执委会代表负责。

本集团的内部审计部门

每年会按风险管理审计

计划独立地对公司的风

险管理系统作出审核，

并向董事会提交报告。

四：风险识别

本集团采用自上而下和自

下而上的混合方式来识

别风险，从而进行风险

分析与评定，以辨认风

险根源、风险类别和风

险指数。

自上而下，执委会代表及

风险管理部须以问卷的

形式进行风险识别。

自下而上，风险负责人将

各部门的风险进行整理，

在风险执行人的协助下

完成风险登记册，提交

到风险管理部或上报分

管理人员。

I. Risk Management Framework

The Board is playing the role as an

overser, and the AC is responsible for risk

governance, report the efectivenes of

the risk system of the Group to the Board

and the actual risk executor is the person

in charge of each department. The Board

asigns the representative of the Executive

Comite the responsibility of being in

charge of implementing the risk measures.

The internal audit department of the Group

wil conduct an independent anual review

on the risk management system of the

Group acording to the audit plan on risk

management, and submit the report to the

Board.

IV. Risk Identification

The Group identifies risks through a mixture

of top-down and botom-up aproaches,

thereby conducting analysis and apraisal

on risk, and identifying the source, type and

index of risks.

For top-down aproach, the representatives

of Executive Comite and Risk

Management Department have to conduct

risk identification through questionaires.

For botom-up aproach, the person-in-

charge of the risk wil colect the risks from

each department, complete the risk register

under the asistance of risk executor, and

submit to risk management department or

report to respective management personel.

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五：风险评估

风险分为固有风险与剩

余风险两个层面，风险

评估在两个层面上就各

风险可能对本集团造成

的影响按照既定方法计

算风险指数。通过采取

控制行动和缓解措施，

将剩余风险层面上所有

风险指数的总和，控制

在本集团事先设定的风

险偏好界限内。

六：风险处理

风险指数总和在任何时

候都不应超过本集团风

险偏好上限。任何高风

险指数的风险都应及时

采取控制措施来进行风

险治理。该风险治理的

目的在于降低发生可能

性或降低风险的影响（而

不一定能悉数删除）。每

一个拟议的风险管理措

施╱应对措施都需指定

负责人及预计完成日期，

便于风险负责人监督管

理进度，以确保风险应

对措施生效。

4. 举报政策

董事会自二零二年六月起采

纳举报政策（「举报政策」）。举

报政策之目的为致力于尽可能

达到最高水准的开放、廉洁

及问责。其为本集团雇员提

供保护、支持、举报渠道及

举报指引。根据举报政策所

接获的投诉的性质、状况及

处理结果须向指定高级职员

及审核委员会报告。截至二零

二五年三月三十一日止年度，

概无发现对本集团的财务报

表或整体营运有重大影响的

欺诈或不当行为事件。审核

委员会每年检讨举报政策，以

确保其成效。

V. Risk Asesment

The risk is then clasified into two levels,

namely intrinsic risk and residual risk. The

risk asesment calculates the risk index on

these two levels acording to the established

methods in respect of the posible impact

of each risk on the Group. It controls the

sum of al risk indices on residual risk

within the risk limit pre-set by the Group

through taking control action and mitigation

measures.

VI. Risk Handling

The sum of risk indices shal at no time

exced the cap of risk preference of the

Group. The control measures shal be taken

to conduct risk governance on any risk with

high risk index in a timely maner. Such risk

governance aims at reducing the posibility

of ocurence or mitigating the impact

of risk (and may not be fuly eliminated).

Each of the proposed risk management

measures/countermeasures is asigned to

a person in charge with an estimated date

of completion, so as to enable the person-

in-charge of risk to monitor the proces

of management easier to ensure risk

countermeasures have come into force.

4. Whistleblowing Policy

The Board has adopted a whistleblowing policy

(the “Whistleblowing Policy”) since June 2022.

The purpose of the Whistleblowing Policy is

to comit to the highest posible standards of

openes, probity and acountability. It provides

the employes of the Group with protection,

suport, reporting chanels and guidance on

whistleblowing. The nature, status and the

results of the complaints received under the

Whistleblowing Policy are reported to designated

oficers and the AC. No incident of fraud or

misconduct that have material efect on the

Group’s financial statements or overal operations

tok place for the year ended 31 March 2025

has ben discovered. The Whistleblowing Policy

is reviewed anualy by the AC to ensure its

efectivenes.

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60KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

5. 反贪污

本集团已制定并实施反腐败

及反贿赂制度。在管理团队

授权下，内部审计部执行日常

反腐败及反欺诈措施，包括

处理投诉、确保对举报人的

保护及进行内部调查，并向

董事会汇报。就任何发现的

贪腐或欺诈行为，本集团采

取整治措施，并提出预防方

法，以避免日后再度出现同类

事件。

本集团定期向高级管理层及

员工提供反腐败合规培训，

例如「ICAC反贪腐商业道德培

训」，提高他们对相关法律法

规的了解，并在员工手册、员

工道德纪律规范中纳入相关

政策及禁止违规行为的明确

规定。全体新入职员工于本年

度均已接受反腐败合规培训；

全体董事会成员均已接受董

事职责培训，当中包含监督本

集团反腐败及反贿赂事宜。

6. 核数师酬金

于本年度内，支付予本公司外

聘核数师毕马威会计师事务

所3,417,000港元为本集团提

供核数服务及约1,336,000港

元为非核数相关服务（主要为

税务服务及其他非审计服务

费）。

5. Anti-coruption

The Group has developed and implemented

anti-coruption and anti-bribery systems.

Under the authorisation of the management,

the Internal Audit Department implements

daily anti-coruption and anti-fraud measures,

including handling complaints, ensuring the

protection of whistleblowers, conducting internal

investigations, and reporting to the Board. For

any discovered corupt or fraudulent behavior,

the Group takes remedial measures and

preventive methods to avoid similar incidents in

future.

The Group regularly provides anti-coruption

compliance training to senior management

and employes, such as “ICAC Anti-coruption

Busines Ethics Training”, enhancing their

understanding of relevant laws and regulations.

Relevant policies and explicit provisions

prohibiting violations have incorporated in the

Employe Handbok and the Employe Code of

Ethics. During the year, al new employes have

received anti-coruption compliance training;

al board members have received director

responsibility training, including supervising the

Group’s anti-coruption and antibribery maters.

6. Auditors’ remuneration

During the Year, the fes paid to KPMG, the

Group’s external auditor, were HK$3,417,000

for audit services of the Group, and for non-

audit related services, were aproximately

HK$1,336,000, representing mainly taxation

services and other non-audit service fes.

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E. 与股东之沟通

详尽、适时及定期的相关资

讯，亦重视股东的意见与建

议，并妥善处理其关注事项。

所有股东意见将整体转达予

董事会参考。

2. 本公司已采纳股东通讯政策

（「股东通讯政策」），并会定期

作出检阅以确保其成效。本

政策的目的为确保各股东获

迅速而平等的途径以取得本

公司的资料，包括但不限于

财务表现、公司目标及策略、

重大发展、企业管治及风险，

借以使股东可得悉本公司的整

体表现、以知情的方式行使

彼等的权利，以及积极参与本

公司业务。

、中期报

告、公布、通函、业绩公布

及新闻发报与股东沟通。所

有与股东之通讯亦载于本公

司网站 w.karie.com 。

4. 本公司于召开股东大会均根

据上市规则，向股东发出充

分通知。股东周年大会为股

东与董事会提供宝贵的沟通

平台，使股东可就公司业务表

现及公司事务提出问题。董事

会主席、执行董事、独立非执

行董事及相关高级管理层会

尽可能亲自出席，积极回应股

东的查询与关注。

5. 每个实质上无关连之个别事项

（包括选举个别董事），以独立

决议案提呈于股东大会上。

E. COMUNICATION WITH SHAREHOLDERS

1. The Company strives to convey to Shareholders

pertinent information in a clear, detailed, timely

maner and on a regular basis and to take into

consideration their views and inputs, and to

adres the Shareholders’ concerned. Their views

are comunicated to the Board comprehensively.

2. The Company adopted a shareholders’

comunication policy (the “Shareholders’

Comunication Policy”) and reviews it on

an anual basis to ensure its efectivenes.

The purpose of this policy is to ensure the

Shareholders are provided with prompt and

equal aces to information about the Company

(including but not limited to its financial

performance, corporate goals and strategies,

significant developments, corporate governance

and risk exposure), in order to enable the

Shareholders to ases the Company’s overal

performance, exercise their rights in an informed

maner and engage actively with the Company.

3. The Company comunicates with the

Shareholders through the publication of anual

reports, interim reports, anouncements,

circulars, results anouncements and news

releases. Al comunications to Shareholders

are also available on the Company’s website at

w.karie.com.

4. The Company convened general metings

acording to the Listing Rules and had provided

suficient notice for Shareholders. The AGM

provides a valuable comunication platform

betwen the Board and Shareholders, which

available to Shareholders for asking queries

about company’s busines and afairs. The

chairman of the Board, executive Directors,

independent non-executive Directors and

relevant senior executives wil make an efort to

atend to answer Shareholders’ questions.

5. Separate resolutions are proposed at general

metings on each substantialy separate isue,

including the election of individual Directors.

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62KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

6. 股东大会上的表决必须以投

票形式进行。根据本公司公司

细则（「细则」）第66条，大会

主席会因此要求股东周年大

会上的决议皆由投票形式表

决。

F. 投资者关系

1. 业绩公布

董事会深知与投资者之有效

沟通，乃建立投资者信心及吸

引新投资者之关键。

本集团已于上市规则规定的

期间内编制年度及中期报告，

并刊发予全体股东。所有业

绩公布及报告均载于本公司网

站及联交所网站。本公司仍

然能够就本公司之财务状况，

向股东及投资者提供足够资

料及透明度。

、分析员及投资者之交

流

本集团致力提高透明度，定期

于中期及全年业绩发布后与

新闻界、分析员及机构和个人

投资者紧密沟通，不时按情

况以简报会、午餐会、会议

或电话会议等形式，分享集团

于有关期间之表现，汇报集团

业务的最新发展及策略，并

提供足够机会予各界进行提

问和沟通。此外，当接获传

媒及个别股东查询时，本集

团均及时回复及处理。

6. Al votes of the Shareholders at a general meting

must be taken by pol acording to the Listing

Rules. The chairman of the meting wil therefore

demand a pol for every resolution put to the

vote of the AGM pursuant to bye-law 66 of the

bye-laws of the Company (the “Bye-laws”).

F. INVESTOR RELATIONS

1. Results anouncement

The Board recognizes that efective

comunication with investors is the key to

establish investor confidence and to atract new

investors.

Anual reports and interim reports are prepared

and isued to al Shareholders within the

prescribed periods stipulated by the Listing

Rules. Al results anouncements and reports

are published on the Company’s website and the

Stock Exchange’s website. The Company can stil

provide the Shareholders and investors with an

adequate degre of transparency and information

of the financial position of the Company.

2. Comunication of media, analysts and

investors

The Group endeavours to enhance the

transparency. We have close comunication

with media, analysts and both institutional and

individual investors after the release of the

interim and final results by way of presentation,

luncheons, metings or telephone conferences

etc. acording to circumstances from time to

time in order to share the performances of the

Group during the relevant period and to report

the new development and strategy of the Group’s

busines. There is also ample oportunity for

al parties to ask questions and to comunicate

with each other. Furthermore, the Group

shal reply and handle rapidly, as we have

received enquiries from media and individual

Shareholders.

Corporate Governance Report

企业管治报告书

63ANUAL REPORT 2024/25 年报

3. 与个人投资者茶叙

自二零四╱零五年度第一季

起，本集团已不时举办投资者

茶叙，为个人投资者提供与管

理层面对面交流的平台，促

进互动沟通，从而加深对本

集团的了解。茶叙期间，管理

层会分享集团最新的业务发

展及聆听投资者对集团的意

见及感受。下一次茶叙预定于

二零二五年八月十六日举行，

欢迎有兴趣的投资者浏览本

公司网站 w.karie.com 以了

解详情。

4. 网站

本集团定期于本公司网站公布

公司资料，例如其所获得奖

项及本集团发展之最新消息

等。本集团欢迎公众人士透

过本公司网站提出意见及查

询，管理层将会迅速跟进。

5. 股东通讯政策

董事会已审阅截至二零二五年

三月三十一日止年度的股东政

策其执行情况及成效。本公司

已根据股东通讯政策向股东

提供适当的通讯渠道，因此

现有股东通讯政策合适于本

公司及认为股东政策于年内

仍然有效。

3. Tea-Break with individual investors

Since the first quarter of 2004/05, the Group

has ben aranging tea-break with individual

investors from time to time to build up an

interactive and direct comunication chanel.

This alows individual investors talking to the

management of the Group. Meanwhile, the

Group would give an update about the status

of the Group’s development and share of their

felings toward the Group. The next tea-break

wil be held on 16 August 2025. Interested

investors are invited to visit the Company’s

website at w.karie.com for more details.

4. Website

The Group regularly releases corporate

information, such as awards received, and the

latest news of the Group’s developments on its

Company’s website. The public are welcome to

give their coments and make their enquiries

through the Company’s website, the management

wil give their prompt response.

5. Shareholder Comunication Policy

The Board has reviewed the Shareholders’

Comunication Policy and its implementation

and efectivenes for the year ended 31 March

2025. The Company has provided apropriate

comunication chanels to the Shareholders

in acordance with the Shareholders’

Comunication Policy and therefore the

existing Shareholders’ Comunication Policy in

apropriate to the Company and considered that

the Shareholders’ Comunication Policy was

efective during the Year.

Corporate Governance Report

企业管治报告书

64KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

G. 股东权利

1. 股东召开股东特别大会之程

序

根据百慕达公司法第74条，于

递呈请日期持有不少于本公

司缴入股本（附有于本公司股

东大会表决权利）十分之一的

任何一名或以上的股东，有

权于任何时间透过位于香港

新界荃湾青山公路611-619号

东南工业大厦9楼向董事会或

公司秘书发出书面呈请，要求

董事会召开股东特别大会，以

处理有关呈请中指明的任何

事项；而有关大会须于寄交呈

请书后两个月内举行。如董

事会未有于呈请书递交日期起

计二十一天内安排召开股东特

别大会，呈请人或占全体呈

请人所持总股数一半以上之

呈请人，可自行召开会议，但

任何据此召开之会议，须于呈

请书递交日期起计三个月内举

行。

2. 向董事会提出查询的程序

股东可随时以书面透过本公司

总办事处及主要营业地点或

本公司网站向董事会提出查

询。

’ RIGHT

1. Procedures for Shareholders to convene a

Special General Meting

Pursuant to Section 74 of the Bermuda

Companies Act, members holding at the date of

deposit of the requisition not les than one-tenth

of the paid up capital of the Company carying

the right of voting at general metings of the

Company shal at al times have the right, by

writen requisition to the Board or the company

secretary of the Company at 9/F, Southeast

Industrial Building, 611–619 Castle Peak Road,

Tsuen Wan, New Teritories, Hong Kong, to

require a special general meting to be caled

by the Board for the transaction of any busines

specified in such requisition; and such meting

shal be held within two months after the deposit

of such requisition. If within twenty-one days

of such deposit the Board fails to proced to

convene such meting the requisitionists, or

any of them representing more than one half of

the voting rights of al of them, may themselves

convene a meting, but any meting so

convened shal not be held after the expiration

of thre months from the date of deposit of the

requisition.

2. Procedures for which enquiries may be put to

the Board

Shareholders may at any time send their

enquiries to the Board in writing at the

Company’s head ofice and principal place of

busines or the Company’s website.

Corporate Governance Report

企业管治报告书

65ANUAL REPORT 2024/25 年报

3. 股东于股东大会上提呈议案

之程序

根据百慕达1981年公司法第79

条，占全体股东总投票权不

少于二十分之一的股东或不少

于一百名股东可向本公司总办

事处及主要营业地点提出书

面呈请：

(a) 向本公司有权收取下一届

股东周年大会通告之股

东告知于该大会上任何

可能正式动议及拟动议

之决议案；及

(b) 向有权获发送任何股东

大会通告之股东传阅不

超过1,000字之陈述书，

以告知于该大会上提呈

之决议案所述事宜或将

处理之事项。

倘股东如有查询或建议，可

致函本公司总办事处及主要

营业地点位于香港新界荃湾

青山公路611–619号东南工业

大厦9楼予董事会或本公司公

司秘书或电邮ir@ karie.com 至

本公司。

3. Procedures for puting forward proposals by

shareholders at the shareholders’ meting

Pursuant to Section 79 of the Bermuda

Companies Act 1981, shareholders representing

not les than one-twentieth of the total voting

rights of al shareholders; or not les than 100

shareholders may make requisition in writing to

the head ofice and principal place of busines of

the Company:

(a) to give to shareholders of the Company

entitled to receive notice of the next anual

general meting notice of any resolution

which may properly be moved and is

intended to be moved at that meting; and

(b) to circulate to shareholders entitled to have

notice of any general meting sent to them

any statement of not more than 1,000 words

with respect to the mater refered to in any

proposed resolution or the busines to be

dealt with at that meting.

Any enquires or sugestions by Shareholders can

be sent in writing to the Board or the company

secretary of the Company at our head ofice

and principal place of busines at 9/F, Southeast

Industrial Building, 611–619 Castle Peak Road,

Tsuen Wan, New Teritories, Hong Kong or email

ir@karie.com to the Company.

Corporate Governance Report

企业管治报告书

66KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

H. COMPANY SECRETARY

The Company Secretary is an employe of the

Company and has day-to-day knowledge of the

Group’s afairs and asists the Board in functionary

efectively. Al Directors also have aces to the

advice and services of the Company Secretary. During

the Year, the Company Secretary has confirmed

that he has taken no les than 15 hours of relevant

profesional training in acordance with the relevant

requirements under Rule 3.29 of the Listing Rules.

I. CONSTITUTIONAL DOCUMENTS

During the Year, the Company has amended its Bye-

laws. Pursuant to the anouncement dated 15 July

2024 in relation to the amendments to the Bye-laws

and the aproval of the resolution in relation to the

amendments to the Bye-laws at the anual general

meting held on 30 August 2024 (the “2024 AGM”),

the amended and restated Bye-laws which came into

efect after the conclusion of the 2024 AGM were

published on 30 August 2024 on the websites of the

Company and the Stock Exchange of Hong Kong

Limited.

H. 公司秘书

公司秘书为本公司雇员，对本集团

的日常事务有所认识并协助董事会

有效运作。全体董事均可联络公

司秘书及获取其意见及服务。年

内，公司秘书已经确认，已按上市

规则3.29条相关规定，进行不少于

十五小时的相关专业培训。

I. 章程文件

本年度，公司修订了公司细则。根

据二零二四年七月十五日有关修订

公司细则的公告及于二零二四年八

月三十日股东周年大会（「2024股东

大会」）通过了有关修订及重列公司

细则的议案，该次修订于2024股东

大会通过后生效，并于二零二四年

八月三十日刊登于本公司网站及联

交所网站。

Corporate Governance Report

企业管治报告书

Senior Management Profile

高级管理人员之个人资料

67ANUAL REPORT 2024/25 年报

DIRECTORS

Executive Directors

Mr. HO Cheuk Fai, aged 79, was apointed as a Director

of the Company in October 1996 and is the chairman

and chief executive oficer of the Company as wel as the

founder of the Group. He is also the director of certain

subsidiaries of the Group. Prior to founding the Group in

1980, Mr. Ho has experience in factory management for

several decades and in runing operations specializing in

manufacturing plastic, metal and electronic products. He is

responsible for the Group’s overal corporate strategies and

objectives. He is also a director of New Sense Enterprises

Limited, Honford Investments Limited, Castfast Properties

Development Co., Ltd. and The Weding City Co., Limited,

a corporate substantial shareholder of the Company, and

the husband of Ms. Ho Po Chu, who is a member of

management team. He is also the father of Mr. Ho Wai

Hon, Brian, an executive Director.

董事

执行董事

何焯辉先生，七十九岁，于一九六

年十月获委任为本公司董事，并为本

公司主席兼行政总裁及本集团的创办

人。彼亦为本集团若干附属公司之董

事。于一九八零年成立本集团前，彼

拥有数十年工厂管理及塑胶、金属与

电子产品制造经验。彼负责集团之整

体企业策略及目标。彼为本公司法团

大股东New Sense Enterprises Limited、

Honford Investments Limited、嘉辉房

地产拓展有限公司及婚纱城有限公司

之董事，及为何宝珠女士（管理团队成

员之一）之丈夫。彼亦为执行董事何伟

汗先生之父亲。

Senior Management Profile

高级管理人员之个人资料

68KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

Mr. Ho was apointed as member of the 10th Guangdong

Provincial Comite of Political Consultative Conference

in January 2008 and was reapointed as a member

of the 11th Chinese People’s Political Consultative

Conference, Donguan City, Guangdong Province in

January 2007. He was also awarded as the Honorable

Citizen of Donguan City and Honorable Citizen of

Yixing City. The solid busines knowledge and working

experience gained by Mr. Ho throughout the years

are recognized by the industries. He was awarded the

Honorary Felowship of the Profesional Validation

Council of Hong Kong Industries in October 2020. He

was also the Honorary Vice-Chairman of The Hang Seng

University of Hong Kong — Foundation and the Honorary

Director of Hong Kong CPC (Provincial) Members

Asociation Foundation. Mr. Ho curently participates in

afairs of diferent social and comercial asociations,

which include Former Guangdong Province CPC

Members Asociation, Overseas Friendship Asociation

of Donguan, Former Donguan City CPC Members

Asociation, The Asociation of the Hong Kong Members

of Donguan’s (Hong Kong & Macau) CPC, Guangdong

Overseas Chinese Enterprises Asociation, Hong Kong

Metals Manufacturers Asociation, World Donguan

Entrepreneurs, Donguan City Fengang Asociation of

Enterprises with Foreign Investment, Federation of Hong

Kong Guangdong Comunity Organisations, Hong Kong

Fengang (Donguan) Natives Asociation Limited, The

Hong Kong Chinese Importers’ & Exporter’s Asociation,

Donguan Foundation for the Disabled and Donguan City

Fengang Industrial Development Asociation (东莞市凤岗

产业发展促进会).

彼于二零八年一月获委任为广东省第

十届政协委员及于二零七年一月续任

广东省东莞市第十一届政协委员，另分

别获颁授东莞市荣誉市民及宜兴市荣

誉市民。凭借多年于商界的深厚经验

及阅历，得到了业界的肯定，于二零二

零年十月获香港工业专业评审局授予荣

誉院士名衔。亦为香港恒生大学 — 基

金之荣誉副主席及港区省级政协委员

联谊会基金名誉董事。同时亦积极参与

多个社会团体及商会事务，其中包括有

广东省历届政协委员联谊会、东莞市海

外联谊会、东莞市历届政协委员联谊

会、香港东莞政协（港澳）委员联谊会、

广东省侨商投资企业协会、香港金属

制造业协会、世界莞商联合会、东莞市

凤岗外商投资企业协会、香港广东社团

总会、香港东莞凤岗同乡会、香港中华

出入口商会、东莞市残疾人福利基金会

及东莞市凤岗产业发展促进会等。

Senior Management Profile

高级管理人员之个人资料

69ANUAL REPORT 2024/25 年报

Ms. CHAN Ming Mui, Silvia, aged 53, was apointed

as an executive Director in November 2010. She is

also a member of the remuneration comite and the

nomination comite and is the General Manager —

Human Resources and Administration of the Group and

responsible for the overal operation of human resources,

administration and IT department of the Group. Ms. Chan

is one of the members of the Executive Comite and

Internal Audit Comite of the Group. She is also the

director of certain subsidiaries of the Group. Ms. Chan

graduated from The City University of Hong Kong majoring

in Public Administration and Management. She also holds a

Master of Busines Administration from Wrexham Glyndwr

University in the United Kingdom. She joined the Group in

1996 and has over 25 years’ experience in administration

and management.

Mr. ZHAO Kai, aged 50, was apointed as a Director of

the Company in November 2012. He has ben apointed

as the General Manager and the Convener of Executive

Comite of the Group with efect from 1 April 2013,

responsible for overal manufacturing management

and operation of the Group. Mr. Zhao graduated from

Xihua University (formerly known as Sichuan Institute of

Technology) in the PRC with a Bachelor Degre in Foundry

Enginering. He has over 20 years’ experience in metal

plastic, mould enginering and project management and

more than 15 years’ experience in production management

and operation. Mr. Zhao joined the Group in December

2011.

Mr. CHAN Raymond, aged 58, was apointed as an

executive Director in June 2016. He is also the Marketing

Executive General Manager and a member of the Executive

Comite of the Group, responsible for the Group’s

marketing and busines development. He is also the

director of certain subsidiaries of the Group. He joined the

Group in 1985 and has over 30 years’ experience in sales

and marketing.

陈名妹小姐，五十三岁，于二零一零年

十一月获委任为执行董事，彼亦为薪酬

委员会及提名委员会成员，并为本集团

人力资源及行政总经理，负责本集团人

力资源、行政及电脑部之整体运作。陈

小姐是本集团执行委员会及内部审计

管理委员会之成员。彼亦为本集团若干

附属公司之董事。陈小姐于香港城市

大学毕业，主修公共行政及管理；及持

有英国格林多大学工商管理硕士学位。

彼于一九六年加入本集团，拥有逾

二十五年行政及管理经验。

赵凯先生，五十岁，于二零一二年十一

月获委任为执行董事，彼于二零一三年

四月一日获委任为本集团总经理及执行

委员会召集人，负责集团制造业务之整

体营运及管理。赵先生持有中国西华大

学（前称中国四川工业学院）铸造工程学

士学位。彼拥有逾二十年五金塑胶、工

模工程及项目管理经验，亦具有逾十五

年工厂生产管理及营运经验。赵先生

于二零一年十二月加入本集团。

陈毅文先生，五十八岁，于二零一六年

六月获委任为执行董事，现时亦为本集

团市场执行总经理及执行委员会成员，

负责集团市场业务拓展。彼亦为本集

团若干附属公司之董事。彼于一九八五

年加入本集团，拥有逾三十年销售及市

场推广经验。

Senior Management Profile

高级管理人员之个人资料

70KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

Mr. Ho Wai Hon, Brian, aged 35, was apointed as an

executive director and the head of finance and acounting

department of the Company in June 2025. Mr. Brian Ho

graduated with a Bachelor of Science with Honours in

Economics from University of York, United Kingdom in July

2011 and obtained a Master of Science (MSc) in Investment

Analysis in Aston Busines Schol, United Kingdom in

March 2013. Mr. Ho has over ten years of experience

in finance, management and the property industry. He

started his carer as an asistant to the general manager

of Karie Industrial Company Limited, a subsidiary of the

Company, from November 2012 to June 2014. He has ben

an asistant to the chairman of Karie Industrial Company

Limited since July 2014 and head of finance and acounting

department of the same company since November 2017.

Mr. Brian Ho is the son of Mr. Ho Cheuk Fai, chairman

of the Board and chief executive oficer of the Company.

Mr. Brian Ho was apointed as an executive director of

KRP Development Holdings Limited (“KRP”) in September

2020 (Stock Code: 2421), the shares of which are listed on

the Main Board of the Stock Exchange. He is responsible

for overal corporate strategies and planing, busines

development and corporate relationship functions of KRP.

Independent Non-executive Directors

Mr. FONG Hoi Shing, aged 61, was apointed as an

independent non-executive Director in December

2004. He is also the chairman of the audit comite

and a member of the remuneration comite and the

nomination comite. He has extensive experience in

acounting, finance and management. He holds a master

degre in profesional acounting, a postgraduate diploma

in corporate administration and a higher diploma in

acountancy from The Hong Kong Polytechnic University.

He is an asociate member of the Hong Kong Institute of

Certified Public Acountants and a Chartered Secretary,

a Chartered Governance Profesional and an asociate of

the Chartered Governance Institute and the Hong Kong

Chartered Governance Institute.

何伟汗先生，三十五岁，于二零二五年

六月获委任为本公司之执行董事兼财会

部主管。何伟汗先生于二零一年七月

毕业于英国约克大学，获得经济学理

学荣誉学士学位，并于二零一三年三月

获得英国阿斯顿大学投资分析理学硕

士学位。何伟汗先生于财务、管理及物

业行业方面拥有逾十年经验。彼自二零

一二年十一月至二零一四年六月于本公

司的附属公司嘉利产品有限公司展开其

事业，担任总经理助理。彼自二零一四

年七月起于嘉利产品有限公司担任主

席助理，并自二零一七年十一月担任同

一公司的财务及会计部主管。何伟汗先

生为本公司董事会主席兼行政总裁何

焯辉先生的儿子。何伟汗先生于二零二

零年九月获委任为嘉创房地产控股有

限公司（「嘉创」）（股份编号：2421）的执

行董事，其股份于香港联合交易所有限

公司主板上市，他主要负责嘉创的整体

企业策略及规划、业务发展及企业关

系职能。

独立非执行董事

方海城先生，六十一岁，于二零四年

十二月获委任为独立非执行董事，彼亦

为审核委员会主席以及薪酬委员会及

提名委员会成员。方先生于会计、财务

及管理方面拥有丰富经验。彼持有香

港理工大学颁授的专业会计硕士、公

司行政管理深造文凭及会计学高级文

凭，彼为香港会计师公会员，亦为特

许秘书、公司治理师及香港公司治理公

会及英国特许公司治理公会员。

Senior Management Profile

高级管理人员之个人资料

71ANUAL REPORT 2024/25 年报

Dr. LAU Kin Wah, MH, JP, aged 65, has ben apointed

as an independent non-executive Director, a member of

the audit comite, the chairman of the remuneration

comite and nomination comite of the Company.

Dr. Lau has rich and extensive experience in busines

operation and management and is the founder, chairman

and managing director of Hanvile Co. Ltd. He holds a

Doctor of Busines Administration from Bulacan State

University in Philipines and becomes a prominent figure

in watch and clock industry. He graduated from the Le

Wai Le Technical Institute in the 1980s. He was presented

with the 20th Aniversary Award for Outstanding Graduate

by the VTC in 2002. Also, he was an awarde of the Young

Industrialist Awards of Hong Kong in 2004 and confered

the VTC Honorary Felowship in 2013. On 1 July 2013 he

was apointed a justice of the peace.

Dr. Lau is also a Vice-Convenor of The Employes

Retraining Board Industry Consultative Networks (Busines

Services), a Chairman of Education Bureau Curiculum

Development Council Ad Hoc Comite on Aplied

Learning Chinese (for non-Chinese speaking students),

a Member of Hong Kong Productivity Council Hong

Kong Watch & Clock Technology Centre Management

Comite and an Advisor of Hong Kong Brand

Development Council.

Mr. LAM Yin Shing, Donald, aged 61, was apointed as an

independent non-executive Director and a member of the

audit comite of the Company with efect from 1 July

2024. He has extensive experience in banking industry. He

has ben with Hang Seng Bank Limited (the “Bank”) for

the past 21 years, lastly as Head of Comercial Banking

(Greater China) and a member of the Bank’s Executive

Comite before his retirement in January 2024. He

planed, directed and managed the Bank’s comercial

banking busines in the Greater China region as wel as

the functional departments of global trade and receivable

finance, global payment solutions, insurance sales and

corporate wealth management. Prior to this, he had ben

with HSBC Hong Kong for 14 years lastly as Head of

Corporate Marketing and Planing for value transformation

of the corporate and institutional banking busines, before

serving briefly as finance director of a HK-listed company

in Hong Kong for les than 3 years.

刘健华博士，MH，太平绅士，六十五岁，

并获委任为本公司之独立非执行董事、

审核委员会成员、薪酬委员会及提名委

员会主席。刘博士有丰富营商及管理经

验，为敍资有限公司之创办人、主席兼

董事总经理，彼持有菲律宾布拉干国

立大学工商管理博士学位，为钟表业界

举足轻重的人物。彼于一九八零年代毕

业于李惠利工业学院，于二零二年获

颁发职业训练局二十周年杰出毕业生

奖，二零四年亦获得香港青年工业家

奖及于二零一三年获颁授职业训练局

(VTC)荣誉院士荣衔，同年七月一日起

获香港政府委任为太平绅士。

刘博士亦为雇员再培训局「商业服务业

行业咨询网络」副召集人、教育局课程

发展议会应用学习中文（非华语学生适

用）专责委员会主席、香港生产力促进

局香港钟表科技中心管理委员会委员及

香港品牌发展局顾问。

林燕胜先生，六十一岁，于二零二四年

七月获委任为本公司之独立非执行董

事及审核委员会成员，林先生于银行业

拥有丰富经验。彼于恒生银行有限公司

（「该银行」）任职二十一年，于二零二四

年一月退休前，最后任职大中华区商业

银行业务总监及该银行执行委员会成

员。彼规划、指导及管理该银行大中华

区的商业银行业务，以及全球贸易及应

收账款融资、全球支付解决方案、保险

销售及企业财富管理等职能部门。在

此之前，彼于香港汇丰任职十四年，最

后任职企业营销及规划主管，负责企业

及机构银行业务之价值转型，之后曾短

暂担任一家香港上市公司之财务总监，

任职不到三年。

Senior Management Profile

高级管理人员之个人资料

72KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

He is a certified banker of the Hong Kong Institute of

Bankers and a chartered banker of the Chartered Banker

Institute, UK. He obtained his Bachelor of Social Science

(First Clas Honor) in Economics and Management

Studies from the University of Hong Kong in 1987 and

Master of Science in e-Comerce and Master of Busines

Administration both from The Chinese University of Hong

Kong.

Mr. Lam is an active participant in various comunity

services. He served as board member, second vice

president, campaign comite chairman and member

of Executive Comite of the Comunity Chest from

2021 to 2022; a member of Chinese People’s Political

Consultative Conference of Guangxi Autonomous Region

from 2013 to 2022; a member of Chinese People’s Political

Consultative Conference of Changsha City from 2008 to

2012; and a member of Disciplinary Comite of the

Hong Kong Institute of Certified Public Acountants from

2016 to 2022.

With efect from 19 April 2024, Mr. Lam has ben

apointed as an executive director of each of Chiney

Investments, Limited (“Chiney”) (Stock Code: 216) and

Hon Kwok Land Investment Company, Limited (“Hon

Kwok”) (Stock Code: 160). He is primarily responsible for

the overal financial management of Chiney and Hon

Kwok. Chiney and Hon Kwok are the listed companies

in Hong Kong listed on the Main Board of the Stock

Exchange. He has also ben apointed as an independent

non-executive director of Best Pacific International

Holdings Limited (Stock Code: 2111) with efect from 25

June 2024, which is also a company listed on the Main

Board of the Stock Exchange.

彼为香港银行学会之银行专业会士及

英国特许银行家学会之特许银行家。彼

于一九八七年取得香港大学经济及管理

学社会科学士（一级荣誉）及香港中文

大学科学（电子商贸）硕士及工商管理硕

士学位。

林先生积极参与多项社区服务。彼于

二零二一年至二零二年担任公益金董

事会成员、第二副会长、筹募委员会主

席及执行委员会成员；二零一三年至二

零二年，担任广西壮族自治区政协委

员；二零八年至二零一二年，担任长

沙市政协委员；二零一六年至二零二

年，担任香港会计师公会纪律委员会委

员。

由二零二四年四月十九日生效，林先生

已获建业实业有限公司（「建业」）（股份

代号：216）及汉国置业有限公司（「汉国」）

（股份代号：160）委任为执行董事。彼

主要负责建业及汉国的整体财务管理，

建业及汉国皆为香港联交所主板上市

的上市公司。彼亦已获香港联交所主板

上市公司超盈国际控股有限公司（股份

代号：2111）委任为独立非执行董事，由

二零二四年六月二十五日生效。

Senior Management Profile

高级管理人员之个人资料

73ANUAL REPORT 2024/25 年报

MANAGEMENT

Ms. HO Po Chu, aged 76, is the Director of Administration

of the Group. She is also a director of certain subsidiaries

of the Group. Ms. Ho is one of the founding members

of the Group in 1980. She is mainly responsible for

supervising human resources and overal administration of

the Group. She is also the wife of Mr. Ho Cheuk Fai, who is

one of the executive Directors, the chairman and the chief

executive oficer of the Company.

Mr. LO Wai Kit, aged 55, is the Marketing General

Manager of the Group and a member of the Executive

Comite of the Group, responsible for the Group’s

busines development and product management. Mr. Lo

graduated from The Hong Kong Baptist University with a

Bachelor of Arts (Honors) in Sociology. He has over 25

years’ experience in sales and marketing.

Mr. FUNG Siu Nang, aged 51, has served the Group

for over 26 years and holds the degre of Bachelor of

Science in Enginering Physics from the Hong Kong

Polytechnic University. He is the Operation and Quality

General Manager of the Group and a member of the

Executive Comite of the Group. He is responsible

for quality system and system integration operations

management of the Group and has extensive experience

in quality management and project enginering operation

management.

管理人员

何宝珠女士，七十六岁，本集团行政总

监。彼亦为本集团若干附属公司之董

事。何女士为本集团于一九八零年成

立时的创办人之一。彼主要负责监督本

集团之人力资源及整体行政工作。彼

为何焯辉先生（本公司执行董事成员之

一、主席兼行政总裁）之夫人。

劳伟杰先生，五十五岁，本集团市场总

经理及执行委员会成员之一，负责本集

团业务拓展及产品管理。劳先生毕业

于香港浸会大学，持有社会学（荣誉）文

学士学位。彼拥有逾二十五年销售及市

场推广经验。

冯兆能先生，五十一岁，服务本集团逾

二十六年，持有香港理工大学工程物理

学士学位，为本集团运作及品质总

经理及本集团执行委员会成员，彼负责

本集团品质体系及系统整合运作管理，

有丰富品质管理及工程项目运作管理经

验。

Report of the Directors

董事会报告

74KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

The Board has the pleasure of presenting the report

together with the audited financial statements of the Group

for the Year.

PRINCIPAL ACTIVITIES

The Company is an investment holding company. The

Group is principaly engaged in

— Metal and Plastic Busines (“M&P”): providing

mechanical enginering solutions, manufacturing

and sales of metal and plastic parts, mainly including

moulds and the relevant plastic and metal parts

products for information and comunication

technology industry, etc.; and

— Electronic Manufacturing Services Busines (“EMS”):

manufacturing and sales of magnetic tape data

storage, point-of-sale system, and other computer

peripherals, etc.

Further discusion and analysis of the Group’s activities as

required under Schedule 5 to the Companies Ordinance

(Cap. 622 of the Laws of Hong Kong), including a

discusion of the principal risks and uncertainties facing

the Group, an indication of likely future developments

in the Group’s busines and an analysis using financial

key performance indicators, can be found in Chairman’s

Statement on pages 12 to 29, in Report of the Directors in

pages 74 to 120 and Financial Highlights on pages 9 to 11

of this anual report.

A discusion on the Group’s compliance with the relevant

laws and regulations that have a significant impact on the

Group is contained in Corporate Governance Report on

pages 30 to 66 of this anual report.

The Group’s turnover by principal product busines

segment and geographical locations for the Year are set out

in Note 5 to the consolidated financial statements of this

anual report.

董事会谨此呈上本集团本年度之报告及

经审核财务报表。

主要业务

本公司之主要业务为投资控股，集团主

要从事

— 五金塑胶业务（「五金塑胶」）：提供

机械工程解决方案，制造及销售

金属及塑胶部件，主要包括资讯

及通讯科技产业之模具、相关塑

胶与金属部件产品等；及

— 电子专业代工业务（「电子代工」）：

制造及销售磁带机数据储存器、

收银机系统及其他电脑周边产品

等。

按（香港法律第622章）《公司条例》附表

5规定对本集团业务之进一步讨论及分

析（包括有关本集团面临的主要风险及

不明朗因素的讨论、本集团业务的未来

可能发展动向及使用主要财务业绩指

标作出之分析）可于本年报第12至29页

之主席报告、第74至120页的董事会报

告及第9至11页的财务概要。

有关本集团之遵守对本集团有重大影

响的有关法律及规例的情况之讨论载

于本年报第30至66页之企业管治报告

书。

本集团本年度之营业额按主要业务分部

及地区之分析详载于本年报内综合财

务报表附注5。

Report of the Directors

董事会报告

75ANUAL REPORT 2024/25 年报

DIVIDENDS

The Board has recomended to pay a final dividend of

HK3.0 cents per share (2023/24 final dividend: HK4.0

cents per share), to shareholders whose names apear on

the register of members of the Company on 12 September

2025. Together with the interim dividend of HK2.5 cents

per share (2023/24 interim dividend: HK1.5 cents per

share), total dividend paid/payable for this year amounted

to HK5.5 cents per share (2023/24: HK5.5 cents per share).

The final dividend wil be subject to the aproval of the

shareholders of the Company at the forthcoming AGM to

be held on 5 September 2025.

RESULTS AND APROPRIATIONS

Details of the Group’s results for the Year are set out in the

consolidated statement of profit or los on page 133 of this

anual report.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements in property, plant and equipment

of the Group and of the Company during the Year are set

out in Note 6 to the consolidated financial statements of

this anual report.

SHARE CAPITAL

As at 31 March 2025, the Company had a total of

2,021,459,200 ordinary Shares (of which 346,000 Shares

were repurchased by the Company and held as treasury

shares). Details of the share capital of the Company are set

out in Note 16 to the consolidated financial statements of

this anual report.

RESERVES

Movements in reserves of the Group and the Company

during the Year are set out in Note 18 to the consolidated

financial statements of this anual report.

For the year ended 31 March 2025, the Company’s reserves

of aproximately HK$248,115,000 mainly representing the

contributed surplus and retained earnings were available

for distribution to the Company’s shareholders.

DONATIONS

Charitable and other donations made by the Group during

the Year amounted to HK$416,000.

股息

董事会已建议派发末期股息每股3.0港

仙（二零二三╱二四年度末期股息：每股

4.0港仙）予所有于二零二五年九月十二日

当日名列于本公司股东名册内的股东。

连同中期股息每股2.5港仙（二零二三╱

二四年度中期股息每股1.5港仙），全年

股息派发╱应付共达每股5.5港仙（二零

二三╱二四年度：每股5.5港仙）。末期

股息须待本公司股东于二零二五年九月

五日举行之应届股东周年大会上批准后

方可作实。

业绩与分派

本集团本年度之业绩，详载于本年报第

133页之综合损益表内。

物业、厂房及设备

本集团及本公司在本年度内之物业、厂

房及设备变动情况详载于本年报综合

财务报表附注6。

股本

于二零二五年三月三十一日，本公司

共有2,021,459,200股（其中本公司回购

346,000股，作为库存股份）本公司股本

情况详载于综合财务报表附注16。

储备

本集团及本公司在本年度之储备变动情

况载于本年报综合财务报表附注18。

截至二零二五年三月三十一日止，本

公司可供分派予本公司股东的储备约

248,115,000港元，为缴入盈余及保留溢

利。

捐款

本集团于本年度进行之慈善及其他捐款

达416,000港元。

Report of the Directors

董事会报告

76KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

PURCHASE, SALE OR REDEMPTION OF THE

COMPANIES’ LISTED SECURITIES

The Company repurchased a total of 346,000 shares on the

Stock Exchange during the year ended 31 March 2025 at

an agregate consideration of HK$265,320 and these shares

were held by the Company as treasury shares. Details of

these transactions are as folows:

Month/year

Number

of Shares

repurchased

Highest

price paid

per Share

Lowest

price paid

per Share

Agregate

consideration

年╱月

购回

股份数目

每股已付

最高价格

每股已付

最低价格累计代价

(HK$)(HK$)(HK$)

（港元）（港元）（港元）

December 2024

二零二四年十二月346,0000.770.76265,320

346,000265,320

The Board believes that the repurchase of shares reflects

the Board’s confidence in the Company’s long-term

strategy and development while maintaining suficient

financial resources and wil benefit the Company and its

shareholders as a whole.

Save as disclosed above, the Company has not redemed

any of its shares during the Year and neither the Company

nor any of its subsidiaries had purchased, sold or redemed

any of the Company’s listed securities (including treasury

shares) during the year.

购买、出售或赎回本公司上市证券

本公司于截至二零二五年三月三十一日

止年度内在联交所购回共346,000股

份，总支付作价为265,320港元，而该

等股份由本公司持作库存股份。详细资

料如下述：

董事会相信回购股份反映了董事会对公

司长期策略和发展的信心，同时保持充

足的财务资源，对公司及股东整体上

受益。

除上述所披露外，本公司于本年度并没

有赎回其股份及本公司及其附属公司在

本年度内概无购买、出售或赎回本公司

上市证券（包括库存股份）。

Report of the Directors

董事会报告

77ANUAL REPORT 2024/25 年报

环境政策及表现

本集团认识到善用资源的重要性，不能

剥削下一代使用资源的权力。秉承本集

团主席何焯辉先生理念：「凡事用心去

做；将资源留给下一代」。故本集团生产

从源头著手减少能量或物料消耗的理

念出发，采取多种环保措施及添置节能

设备。贯彻执行绿色清洁生产的理念，

本集团持续制定绿色生产、节能政策

及引入不同环境设备以达到清洁生产，

保护环境的目标，并竭力遵守相关环保

法规。在制定指标及重要范畴，持份

者，包括股东、合作伙伴、雇员、供应

商、监管者及公众人士与本集团沟通了

解是十分重要。

根据上市规则第13.91条及附录C2所载

之环境、社会及管治报告指引，本公司

之可持续发展报告将于刊发本年报时，

同时刊发于本公司及联交所网站公布。

ENVIRONMENTAL POLICIES AND PERFORMANCE

The Group has recognized the importance of god

utilization of resources long time ago and not to exploit the

rights of using resources for the next generation. The Group

adheres to the vision of the Chairman, Mr. Ho Cheuk Fai,

that is with heartfelt dedication in al details, and saves

resources for the next generation. As such, the Group’s

production adheres to the concept of reducing energy or

material consumption from the sources with the adoption

of various environmental friendly measures and adition of

energy-saving equipment. With the concept of gren and

cleaner production implemented in practice, the Group

continues to formulate policies for gren production and

energy-saving policies, while introducing diferent kinds of

environmentaly friendly equipment to atain the objectives

of cleaner production and environmental protection and

to comply with relevant environmental regulations. It is of

paramount importance to have efective comunication

and understanding betwen the Group and its stakeholders

including Shareholders, partners, employes, supliers,

regulators and the public in coming up with benchmarks

and regarding key isues.

In acordance with Rule 13.91 and the Environmental,

Social and Governance Report Guide contained in

Apendix C2 to the Listing Rules, the Company’s

Sustainability Report wil be available on the Company’s

website and the Stock Exchange’s website at the same time

as the publication of the anual report.

Report of the Directors

董事会报告

78KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

COMPLIANCE WITH LAWS AND REGULATIONS

The Group recognises the importance of compliance with

regulatory requirements and the risk of non-compliance

with such requirements. The Group has ben implementing

system and alocating staf resources to ensure ongoing

compliance with rules and regulations.

The Group’s operations are mainly caried out by the

Company’s subsidiaries in Hong Kong and the PRC while

the Company itself was incorporated in Bermuda and its

shares are listed on the Main Board of the Stock Exchange.

Our establishment and operations acordingly shal comply

with relevant laws and regulations in Hong Kong, Bermuda

and the PRC. The Group had complied with al relevant

aplicable laws and regulations in al material respects.

RELATIONSHIPS WITH EMPLOYES, CUSTOMERS AND

SUPLIERS

The Group ensures al staf are reasonably remunerated

and it regularly reviews and improves its policies on

remuneration and benefits, training, ocupational health

and safety.

The Group maintains god relationship with its customers.

A customer complaint handling mechanism is in place

to receive, analyse and study complaints and make

recomendations on remedies with the aim of improving

service quality.

The Group is in god relationship with its supliers and

conducts a fair and strict apraisal of its supliers.

遵守法律及法规

本集团深明遵守监管规定的重要性及

违反该等规定的风险。本集团持续投

入系统及人手资源，确保一直遵守规则

及法规。

本集团的营运主要由本公司位于香港及

中国的附属公司进行，而本公司本身乃

于百慕达注册成立，其股份并于联交所

主板上市。因此，我们的成立及营运须

遵守香港、百慕达及中国内地的有关法

律及法规。本集团在有重要方面已遵守

所有相关适用法律及法规。

与雇员、顾客及供应商之关系

本集团确保给予所有员工合理待遇，并

定期检讨和完善，其薪酬福利、培训、

职业健康与安全政策。

本集团与顾客关系良好。本集团已制定

客户投诉处理机制，收集、分析及研究

投诉事件及提出改善意见，以不断提高

服务质素。

本集团与供应商关系良好，并会对供

应商进行公平及严格审核。

Report of the Directors

董事会报告

79ANUAL REPORT 2024/25 年报

PRINCIPAL RISKS AND UNCERTAINTIES

The Group adopts an integrated top-down and botom-

up aproach in identifying risks and thereby conducts risk

analysis and asesment to identify the sources, categories

and indicators of risks. The folowings are the key part of

the risks and uncertainties identified by the Group:

(i) Concentration of clients

The customers in industrial busines of the

Group are mainly concentrated in global leading

technology corporations. The Group may be

unable to atract new customers if no new

product has ben developed. The concentration

of customers and/or the concentration of

geographical location that exceds an aceptable

level may increase the busines risk and may

reduce the market share of the Group. The Group

may also be exposed to the risk of significant

reduction in profit in case a few important clients

are lost.

(i) Suplies of raw materials

Since market fluctuations may lead to delay,

shortage and price fluctuation in raw materials

suply, these may heighten the Group’s risks in

maintaining timely delivery to customers and a

fal in profit.

(i) Volatile in global economy and market

environment

Geopolitical conflicts and trade policy

adjustments, especialy the aditional reciprocal

tarifs on gods of the PRC, have made the

suply chain even more uncertain and industry

competition increasingly intense.

主要风险及不确定因素

本集团采用自上而下及自下而上的混合

方式来识别风险，从而进行风险分析与

评定，以辨认风险根源、风险类别和风

险指数。本集团已识别下列主要风险及

不确定因素：

(i) 客户集中度高

本集团工业客户主要集中于

国际领先科技企业，倘未开

发新的产品项目，或未能吸引

新的客户，客户的集中度和╱

或地理位置的集中度超过可

接受水准，或会增加商业风

险，而可能减低本集团市场份

额。倘丧失数个主要客户会

导致利润显著减少的风险。

(i) 原材料供应

因市场波动或会导致原材料

供应延误、短缺或价格波动，

从而增加本集团向客户准时

付运或利润减少的风险。

(i) 多变的全球经济及市场环境

地缘政治摩擦及贸易政策调

整，特别是对中国商品实施

额外对等关税，使供应链格

局更趋不稳定。

Report of the Directors

董事会报告

80KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

The Group has already adopted the folowing

coresponding measures to mitigate operational risks:

(i) Concentration of clients:

The Group adopt practical measures of

“recruiting talents, inovating research and

development, diversifying products, extending

the production bases and market expansion” and

provide solutions to our customers so as to met

the constant chalenges. The Group also adopted

the core strategy of “with one heart, lightning

sped and turning the tide”.

(i) Suplies of raw materials:

The Group wil sek to stock up suficient raw

materials in acordance with market conditions

and sales and production plan, in order to stay

clear of short-term fluctuation in market suply

and price.

The Group always values clients and supliers as

long-term close partners. The Group wil timely

comunicate with upstream and downstream

supliers over the market status of the raw

materials and wil proactively search for solutions

to achieve a win-win busines partnership.

(i) The Group has continued to stay highly alert

for potential risks and constantly evaluate and

deploy coresponding strategies and actively

enhanced the flexibility of the suply chain

and busines adaptability to promote overal

operational resilience.

Furthermore, the future plant in Thailand wil

further enhance the synergies betwen PRC

and Thailand production lines so as to maintain

the balance and competitivenes of the overal

production layout of the Group.

(2) Finance

Foreign curency risks arising from dealings with

customers and supliers in foreign curencies are

discused in the Chairman’s Statement of this anual

report. Other financial risks and uncertainties are set

out in Note 3 to the consolidated financial statements

of this anual report.

本集团已采取下列相应措施以减

轻营运风险：

(i) 客户集中度高：

本集团采纳「广纳人才、创新

研发、多元产品、伸延产品

及开拓市场」的实际措施，为

客户提供解决方案，以应对

不断的挑战。本集团亦采取

「同心、光速及破局」之核心策

略。

(i) 原材料供应：

本集团根据市场情况及销售

生产计划备用足够的原材料，

避免市场短期之供应或价格

波动。

本集团一直以来视客户及供应

商为长期紧密之合作伙伴。并

会及时与上下游供应商沟通原

材料之市场情况，积极寻求

方案以实践共缔双赢的商业

伙伴关系。

(i) 本集团对潜在风险持续保持

高度警觉，并不断评估及部署

Report of the Directors

董事会报告

81ANUAL REPORT 2024/25 年报

SHARE SCHEME

SHARE OPTION SCHEME

A. The Old Scheme

The share option scheme was adopted on 24 August

2012 (the “Old Scheme”) and was terminated on

24 August 2021 by shareholders of the Company.

The shareholders of the Company adopted another

share option scheme on 24 August 2021 (the “2021

Scheme”). The termination of the 2021 Scheme and

the adoption of a new share option scheme were

aproved by the Shareholders (the “New Scheme”) on

30 August 2023. The key terms of the Old Scheme are

sumarized as below:

(i) (a) The Old Scheme is a share incentive

scheme which is established to recognise

and acknowledge the contributions which

the eligible participants have made or wil

make to the Group or invested entity (as

defined in the Old Scheme).

(b) The Old Scheme wil provide the eligible

participants with an oportunity to have a

personal stake in the Company with a view

to motivating the eligible participants to

utilise their performance and eficiency for

the benefit of the Group or invested entity;

and atracting and retaining or otherwise

maintaining an ongoing relationship with the

eligible participants whose contributions are

or wil be beneficial to the long term growth

of the Group or invested entity.

(i) The Board may at its discretion grant options to:

(a) any director (whether executive, non-

executive or independent non-executive

director), employe (whether ful time or

part time employe), consultant, customer,

suplier, agent, partner, joint venture

partner or advisers of or contractor to the

Group or invested entity; and

股份计划

购股权计划

甲、旧计划

购股权计划于二零一二年八月

二十四日采纳（「旧计划」）及已于二

零二一年八月二十四日获本公司股

东终止。本公司股东于二零二一年

八月二十四日采纳另一购股权计划

（「二零二一计划」）。于二零二三年

八月三十日已获股东通过终止二零

二一年计划及采纳新购股计划（「新

计划」），旧计划之详细摘要如下：

(i) (a) 旧计划乃一项股份奖励

计划，设立之目的旨在表

扬及嘉许曾经或将对本

集团或投资实体作出贡

献的合资格参与人士（按

旧计划定义）。

(b) 旧计划将向合资格参与

人士提供于本公司拥有个

人权益的机会，借以鼓

励合资格参与人士发挥

所长，提升工作效率贡献

本集团或投资实体，并

且招揽及挽留或以其他

方式与其贡献有利于或

将有利于本集团或投资

实体长远发展的合资格

参与人士维系持久的业

务关系。

(i) 董事会可酌情授出购股权予：

(a) 本集团或投资实体的任

何董事（执行、非执行或

独立非执行董事）、雇员

（全职或兼职）、咨询人

员、客户、供应商、代

理、合作伙伴、合营企

业伙伴、顾问或合约商；

及

Report of the Directors

董事会报告

82KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(b) any discretionary trust whose discretionary

objects include any director (whether

executive, non-executive or independent

non-executive director), employe (whether

ful time or part time employe), consultant,

customer, suplier, agent, partner, joint

venture partner or adviser of or contractor

to the Group or invested entity.

(i) The total number of shares that may be isued

by the Company if al options granted under the

Old Scheme have ben exercised was 1,150,000,

which represented aproximately 0.06% of the

isued share capital of the Company as at 30

June 2025.

(iv) The overal limit on the number of Shares which

may be isued upon exercise of al outstanding

options granted and yet to be exercised under

the Old Scheme and any other share option

schemes for the time being of the Company shal

not, in agregate, exced such number of Shares

equaling to 30% of the Shares in isue from time

to time. No option may be granted under the Old

Scheme or any other share option scheme of the

Company if it wil result in the above-mentioned

30% limit being exceded.

(v) The total number of Shares which may be isued

upon exercise of al options to be granted under

the Old Scheme and any other share option

scheme of the Company must not, in agregate,

exced 10% of the Shares in isue as at the

date of aproval of the Old Scheme by the

Shareholders (the “Old Scheme Limit”), unles

Shareholders’ aproval has ben obtained.

Options lapsed in acordance with the terms

of the Old Scheme or any other share option

scheme of the Company wil not be counted for

the purpose of calculating the Old Scheme Limit.

(b) 本集团或投资实体的任

何全权信托对象，包括

任何董事（执行、非执行

或独立非执行董事）、雇

员（全职或兼职）、咨询

人员、客户、供应商、

代理、合作伙伴、合营

企业伙伴、顾问或合约

商。

(i) 根据旧计划已授出的所有购股

权若然行使，本公司可发行之

股份总数为1,150,000股，相

当于二零二五年六月三十日本

公司已发行股本约0.06%。

(iv) 根据旧计划及本公司当时任何

其他购股权计划已授出但尚

待行使的所有尚未行使购股

权获行使时可发行的股份数

目之整体限额，合共不得超

过不时已发行股份之30%，惟

须以下列条件为前提。倘有关

授出将导致超过上述30%限

额，则概不可根据旧计划或本

公司任何其他购股权计划授

出购股权。

(v) 根据旧计划及本公司任何其

他购股权计划将予授出的所

有购股权获行使而可能发行

之股份总数，合共不得超过

于股东批准旧计划日期已发

行股份总数之10%（「旧计划授

权限额」）。就计算旧计划授权

限额而言，根据旧计划或本公

司任何其他购股权计划之条

款失效之购股权将不予计算

在内。

Report of the Directors

董事会报告

83ANUAL REPORT 2024/25 年报

(vi) (a) Unles aproved by Shareholders in

a general meting, no option may be

granted to any eligible participant which, if

exercised in ful, would result in the total

number of Shares isued and to be isued

upon exercise of al options already granted

or to be granted to such eligible participant

(including exercised, canceled and

outstanding options) in the 12-month period

up to and including the date of such new

grant exceding 1% of the Shares in isue as

at the date of such new grant.

(b) Any grant of options to a director, chief

executive or substantial shareholder of the

Company or its subsidiaries or any of their

respective asociates under the Old Scheme

must be subject to the prior aproval of

the independent non-executive Directors

(excluding any independent non-executive

Director who is a grante of the relevant

options).

(vi) (a) 除非经股东于股东大会

上批准，于截至及包括

授出新购股权之日止12

个月期间内，倘悉数行

使向任何合资格参与人

士授出的购股权将导致

根据所有已授予或将授

予该合资格参与人士的

购股权（包括已行使、注

销及尚未行使的购股权）

获行使而已发行及将予

发行之股份总数超过于

该授出日期已发行股份之

1%，则不得授出任何该

等购股权。

(b) 根据旧计划向本公司或

其附属公司董事、主要行

政人员或主要股东或任

何彼等各自之联系人士

授出任何购股权，均须

经本公司独立非执行董事

（惟任何身为有关购股权

之承授人之独立非执行

董事除外）事先批准。

Report of the Directors

董事会报告

84KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

shareholder or an independent non-

executive director of the Company or any

of their respective asociates would result

in the Shares isued and to be isued upon

exercise of al options already granted and

to be granted (including options exercised,

canceled and outstanding) to such person

in the 12-month period up to and including

the date of such grant:

% of

the Shares in isue, and

, based

on the closing price of the Shares at

the date of each grant, in exces of

HK$5,000,000.

then such further grant must be subject to

the aproval by Shareholders at a general

meting taken on a pol.

(vi) The period within which the options must be

exercised wil be specified by the Company at

the time of grant, but shal expire no later than 10

years from the relevant date of grant.

(vi) At the time of grant of the options, the Company

may specify any minimum period(s) for which an

option must be held before it can be exercised.

The Old Scheme does not contain any such

minimum period.

(ix) At the time of the grant of the options, the

Company may specify any performance target(s)

which must be achieved before the options can

be exercised. The Old Scheme does not contain

any performance targets.

独立非执行董事或任何

彼等各自之联系人士授

出购股权，将导致已发

行股份及因行使于截至

及包括授出该购股权日

期止12个月期间内已向及

将向该人士授出的全部

购股权（包括已行使、注

销及尚未行使的购股权）

时将发行之股份：

(1) 合共占已发行股份

逾0.1%；及

(2) 根据股份于各授

出日期的收市价

计算的总值超过

5,000,000港元。

则该进一步授出购股权

须经股东以投票表决方

式批准。

(vi) 本公司将于授出时指定须行

使购股权之期间，但须自有

关授出日期起计不超过10年届

满。

(vi) 于授出购股权时，本公司可指

定购股权可行使前必须持有

的任何最短期限。旧计划并

无列明任何最短期限。

(ix) 于授出购股权时，本公司可指

定购股权可行使前必须达到

的任何表现目标。旧计划并

无列明任何表现目标。

Report of the Directors

董事会报告

85ANUAL REPORT 2024/25 年报

(x) A non-refundable remitance of HK$10 by way

of consideration for the grant of an option is

refunded to be paid by each grante upon

aceptance of the opinion.

(xi) Subject to adjustments made in a situation

contemplated under the Old Scheme, the

subscription price in respect of any option shal

be at the discretion of the Board, provided that it

shal not be les than the highest of:

(a) the closing price of a share as shown in the

daily quotations shet of the Stock Exchange

on the date of grant (which must be a

busines day) in respect of such option;

(b) the average of the closing prices of the

shares as shown in the daily quotations

shet of the Stock Exchange for the five

busines days imediately preceding the

relevant date of grant in respect of such

option; and

The Old Scheme was terminated on 24 August

2021 (the “Termination Date”), and no further

options has ben granted under the Old Scheme

since the Termination Date.

(x) 获授人在接纳购股权时须支

付10港元作为获授购股权之

代价，款项概不退回。

(xi) 待根据旧计划所拟定情况作出

调整后，任何购股权的认购

价须按董事会的酌情权决定，

但其不得少于以下最高者：

(a) 联交所于该购股权授出

日期（该日必须为营业日）

发出的每日报表所列股

份收市价；

(b) 紧接有关该购股权授出

日期前五个营业日联交

所发出的每日报表所列

的股份平均收市价；及

旧计划已于二零二一年八月

二十四日终止（「终止日」）及自

终止日，概无再按照旧计划授

出任何购股权。

Report of the Directors

董事会报告

86KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(xi) Details of movements of the outstanding options

granted under the Old Scheme during the Year

are as folows:

Category of Eligible Participants

Date

of Grant

Exercise

Price

per share

Exercise

Period

Closing

Price before

date of grant

Price

at exercise

date

of options

Number

of options

outstanding

1 April 2024

Number

of options

granted

during

the year

Number

of options

exercised

during

the year

Number

of options

lapsed/

canceled

during

the year

Number

of options

outstanding

at 31 March

合资格参与者类别授出日期每股行使价格行使期

于购股权

授出日前

之价格

于购股权

行使日

之价格

二零二四年

四月一日

尚未行使

购股权数目

于本年度

获授予

购股权数目

于本年度

行使

购股权数目

于本年度

失效╱取消

购股权数目

二零二五年

三月三十一日

尚未行使

购股权数目

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

（港元）（港元）（港元）(千)(千)(千)(千)(千)

Other Eligible

Participants

其他合资格参与者

Employes

雇员

11/08/20140.41901/08/2015–

10/08/2024

0.420—

11/08/20140.41901/08/2017–

10/08/2024

0.420—

27/10/20160.7001/07/2017–

26/10/2026

0.69—180—180

27/10/20160.7001/07/2018–

26/10/2026

0.69—380—(50)330

27/10/20160.7001/07/2019–

26/10/2026

0.69—1,440—(800)640

(xi) 于本年度根据旧计划授予之尚

未行使的购股权变动详情如

下：

Report of the Directors

董事会报告

87ANUAL REPORT 2024/25 年报

Notes:

1. On 11 August 2014, a total of 18,000,000 share

options (the “2014 Share Options”) were granted

to certain qualified participants of the Group

(including an executive director of the Company)

under the Old Scheme. The total estimated fair

value at the measurement date of the 2014 Share

Options was aproximately from HK$3,168,000

to HK$3,492,000. The closing price of the Shares

imediately before the date of grant was HK$0.42

per share.

2. On 27 October 2016, the Company granted a

total of 24,700,000 share options (the “2016

Share Options”) to certain qualified participants

of the Group (including executive directors of

the Company) under the Old Scheme. The total

estimated fair value at the measurement date of

the 2016 Share Options was aproximately from

HK$5,903,000 to HK$6,694,000. The closing price

of the Shares imediately before the date of grant

was HK$0.69 per share.

3. On 20 April 2021, the Company granted a total

of 15,000,000 share options (the “2021 Share

Options”) to certain qualified participants of

the Group (including executive directors of the

Company) under the Old Scheme. The total

estimated fair value at the measurement date of

the 2021 Share Options was aproximately from

HK$3,764,000 to HK$3,780,000. The closing price

of the Shares imediately before the date of grant

was HK$1.49 per share.

4. Save as disclosed above, no share options had

ben further granted under the Old Scheme up to

the Termination Date of the Old Scheme, no share

options had ben canceled or lapsed under the

Old Scheme during the Year, and no share options

granted remained outstanding under the Old

Scheme as at 31 March 2025.

5. The estimate of the fair value of the 2014 Share

Options, 2016 Share Options and 2021 Share

Options granted were measured based on the

Trinomial Model, after taking into acount the

terms and conditions under the Old Scheme upon

which the share options were granted.

附注：

一、根据旧计划，于二零一四

年八月十一日本公司共有

18,000,000份购股权（「二零

一四购股权」）已授予本集团

若干合资格之参与者（包括

本公司的执行董事）。二零

一四购股权于计量日之估计

公平值约为3,168,000港元至

3,492,000港元。股份于紧接

有关该购股权授出日期前之

收市价为每股0.42港元。

二、根据旧计划，于二零一六

年十月二十七日本公司共有

24,700,000份购股权（「二零

一六购股权」）已授予本集团

若干合资格之参与者（包括

本公司之执行董事）。二零

一六购股权于计量日的估计

公平值约为5,903,000港元至

6,694,000港元。股份于紧接

有关该购股权授出日期前之

收市价为每股0.69港元。

三、根据旧计划，于二零二一

年四月二十日本公司共有

15,000,000份购股权（「二零

二一购股权」）已授予本集团

若干合资格之参与者（包括

本公司之执行董事）。二零

二一购股权于计量日的估计

公平值约为3,764,000港元至

3,780,000港元。股份于紧接

有关该购股权授出日期前之

收市价为每股1.49港元。

四、除以上所述，直至旧计划终

止日，并再没有根据旧计划

授出任何购股权。本年度

内，根据旧计划并无取消或

失效之购股权；及于二零二五

年三月三十日，并无根据旧

计划授出而尚未行使之购股

权。

五、所授出二零一四购股权、二

零一六购股权及二零二一购

股权的公平值估计于计及该

等购股权据以按照旧计划授

出之条款及条件后根据三项

式模型计量。

Report of the Directors

董事会报告

88KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

A profesional actuarial firm has ben engaged

in the year of 2014/15, 2016/17 and 2021/22 to

perform a valuation of the share options granted

under the Old Scheme.

Acording to the Hong Kong Financial Reporting

Standard 2 (“HKFRS2”), the fair value of the share

option on the date grant should be amortised in

profit or los as expenses over the period from

the date of grant until they are exercisable by the

grante. The expenses required to be reported

for share options granted from 1 April 2014 to 31

March 2025 under the Old Scheme are estimated

as folows:

Financial Year

财政年度

2014/15

(Actual)

2015/16

(Actual)

2016/17

(Actual)

2017/18

(Actual)

2018/19

(Actual)

2019/20

(Actual)

2020/21

(Actual)

2021/22

(Actual)

2022/23

(Actual)

2023/24

(Actual)

2024/25

(Actual)Total

2014/15

（实际）

2015/16

（实际）

2016/17

（实际）

2017/18

（实际）

2018/19

（实际）

2019/20

（实际）

2020/21

（实际）

2021/22

（实际）

2022/23

（实际）

2023/24

（实际）

2024/25

（实际）总计

P&L expenses

(HK$’000)

损益账支出

（千港元）1,2671,0202,5612,9081,186230—3,768—12,940

根据旧计划，一间专业估值

公司分别于二零一四╱一五年

度、二零一六╱一七年度及二

零二一╱二年度获聘请评估

本公司之购股权价值。

根据香港财务报告准则第二

号（「香港财务报告准则2」），

购股权于授出日期的公平值

须于有关的权益期内摊销（由

授出日至获授人可行使购股

权），摊销支出从损益账户扣

除。有关于二零一四年四月一

日至二零二五年三月三十一日

根据旧计划授出的购股权所

产生的支出遂评估如下：

Report of the Directors

董事会报告

89ANUAL REPORT 2024/25 年报

Employe share option expenses charged to the

consolidated profit or los are determined with

the trinomial model valuation model based on

the folowing asumptions:

(1) The share options were granted on 11

August 2014:

Date of valuation11 August 2014

Date of grant 11 August 2014

Option valueHK$0.176–

HK$ 0.194

Market price at date of grantHK$0.405

Exercisable priceHK$0.419

Risk-fre interest rate1.97%

Life of options10 years

Expected Volatility

(120 months)

52.84%

Expected Dividend yield2.47%

于综合损益表中扣除之雇员

认股权费用乃根据以下假设及

按三项式模型计算：

（一）于二零一四年八月十一日

授出之购股权：

估值日期二零一四年

八月十一日

授出日期二零一四年

八月十一日

认股权价值0.176港元–

0.194港元

于授出日之

市场价值

0.405港元

行使价0.419港元

无风险利率1.97%

认股权有效

年期

十年

预期波幅

（120

个月）

52.84%

预期每股

股息

2.47%

Report of the Directors

董事会报告

90KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(2) The share options were granted on 27

October 2016:

Date of valuation27 October 2016

Date of grant 27 October 2016

Option valueHK$0.239–

HK$ 0.271

Market price at date of grantHK$0.70

Exercisable priceHK$0.70

Risk-fre interest rate1.00%

Life of options10 years

Expected Volatility (120

months)

51.27%

Expected Dividend yield5.00%

（二）于二零一六年十月二十七

日授出之购股权：

估值日期二零一六年

十月二十七日

授出日期二零一六年

十月二十七日

认股权价值0.239港元–

0.271港元

于授出日之

市场价值

0.70港元

行使价0.70港元

无风险利率1.00%

认股权有效

年期

十年

预期波幅

（120

个月）

51.27%

预期每股

股息

5.00%

Report of the Directors

董事会报告

91ANUAL REPORT 2024/25 年报

(3) The share options were granted on 20 April

2021:

Date of valuation20 April 2021

Date of grant 20 April 2021

Option valueHK$0.2509–

HK$ 0.2520

Market price at date of grantHK$1.69

Exercisable priceHK$1.69

Risk-fre interest rate0.05%

Life of options1 year

Expected Volatility

(120 months)

44.58%

Expected Dividend yield5.00%

Note: The vesting of the share options is subject to

the performance of the Group.

（三）于二零二一年四月二十日

授出之购股权：

估值日期二零二一年

四月二十日

授出日期二零二一年

四月二十日

认股权价值0.2509港元–

0.2520港元

于授出日之

市场价值

1.69港元

行使价1.69港元

无风险利率0.05%

认股权有效

年期

一年

预期波幅

（120

个月）

44.58%

预期每股

股息

5.00%

附注：授购股权取决于本集

团之业绩。

Report of the Directors

董事会报告

92KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

There are several relevant measures that may

be considered to ases the financial impact

of the share option schemes, including the

expense of share-based transactions under

generaly acepted financial reporting standards

(e.g., HKFRS2). The expense of the share-based

transactions is atributed over the period from

the original transaction date (i.e., grant date) to

the date when the recipient’s entitlement to the

payment has ben fuly realized (i.e., vested).

The expected volatility is based on the historic

volatility, adjusted for any expected changes

to future volatility based on publicly available

information. Change in the subjective input

asumptions could materialy afect the fair value

estimate.

The result of the trinomial model can be

materialy afected by changes in these

asumptions so an option’s actual value may

difer from the estimated fair value of the options

due to limitations of the trinomial model.

In asesing the value of the share options

granted during the Year and the expense

of share-based transactions under HKFRS2

requirement, the trinomial option pricing model

has ben used. The trinomial model is one of

the generaly most acepted methods used to

calculate the value of options and expense of

share-based transactions.

The parameters of the trinomial model include

the risk fre rate, dividend yield, exit rate and

triger price multiple. The risk fre rate has

made reference to the yield of exchange fund

notes as at the grant date. The dividend yield

makes reference to the dividend history and it is

asumed that the grante wil exercise the option

in acordance with their sub-optimal exercise

policy.

现时有数种计量方法可以考

虑用作评估购股权计划对财

务报表的影响，包括于普遍

采纳的财务报告标准（如香港

财务报告准则2）下以股份支付

的交易的有关支出。至于以股

份支付的交易的相关支出则会

于原定交易日（即授出日）至收

款人全数确认收取款项（即已

归属）期间摊销。

预期波动率是依据历史波动

率，并且就按照可公开获得

的资料预期未来波动率的任

何预期变化作出调整后得出。

主观输入假设的变动可能严

重影响所估计的公平值。

倘上述假设出现变动，足以

严重影响三项式模型的结果，

故股权的实际价值可能因三

项式模型的限制而有别于购

股权的估计公平值。

香港财务准则2规定下在本年

度以股份支付的交易的相关支

出乃使用三项式模型评估。三

项式模型乃计算购股权价值

及股份支付的交易的有关支出

最为普遍接纳之方法之一。

三项式模型之参数包括购股

权之无风险利率、股息回报

率、提早行使购股权和价格

波动等因素。无风险利率乃参

照香港外汇基金票据之回报

率。股息回报率乃反映有关过

往纪录及假设授让者将根据

次佳行使政策行使购股权。

Report of the Directors

董事会报告

93ANUAL REPORT 2024/25 年报

B. The 2021 Scheme

No share option has ben granted under the 2021

Scheme since its adoption on 24 August 2021 and up

to its termination date on 30 August 2023. The key

terms of the 2021 Scheme are sumarized as below:

(i) (a) The 2021 Scheme is a share incentive

scheme which is established to recognize

and acknowledge the contributions which

the eligible participants have made or wil

make to the Group or invested entity (as

defined in 2021 Scheme).

(b) The 2021 Scheme wil provide the eligible

participants with an oportunity to have a

personal stake in the Company with a view

to motivating the eligible participants to

utilise their performance and eficiency for

the benefit of the Group or invested entity;

and atracting and retaining or otherwise

maintaining an ongoing relationship with the

eligible participants whose contributions are

or wil be beneficial to the long term growth

of the Group or invested entity.

(i) The Board may at its discretion grant options to:

(a) any director (whether executive,

nonexecutive or independent non-executive

director), employe (whether ful time or

part time employe), consultant, customer,

suplier, agent, partner, joint venture

partner or advisers of or contractor to the

Group or invested entity; and

乙、二零二一计划

自二零二一年八月二十四日采纳二

零二一计划以来直至二零二三年八

月三十日止，并未有按照二零二一

计划而授出购股权。二零二一计划

之主要条款如下：

(i) (a) 二零二一计划乃一项股份

奖励计划，设立之目的

旨在表扬及嘉许曾经或

将对本集团或投资实体

作出贡献的合资格参与

人士（按二零二一计划购

股权计划定义）。

(b) 二零二一计划将向合资

格参与人士提供于本公

司拥有个人权益的机会，

借以鼓励合资格参与人

士发挥所长，提升工作

效率贡献本集团或投资

实体，并且招揽及挽留

或以其他方式与其贡献

有利于或将有利于本集

团或投资实体长远发展

的合资格参与人士维系

持久的业务关系。

(i) 董事会可酌情授出购股权予：

(a) 本集团或投资实体的任

何董事（执行、非执行或

独立非执行董事）、雇员

（全职或兼职）、咨询人

员、客户、供应商、代

理、合作伙伴、合营企

业伙伴、顾问或合约商；

及

Report of the Directors

董事会报告

94KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(b) any discretionary trust whose discretionary

objects include any director (whether

executive, non-executive or independent

non-executive director), employe (whether

ful time or part time employe), consultant,

customer, suplier, agent, partner, joint

venture partner or adviser of or contractor

to the Group or invested entity.

(i) The overal limit on the number of Shares which

may be isued upon exercise of al outstanding

options granted and yet to be exercised under

the 2021 Scheme and any other share option

schemes for the time being of the Company

shal not, in agregate, exced such number of

Shares equaling to 30% of the Shares in isue

from time to time. No option may be granted

under the 2021 Scheme or any other share option

scheme of the Company if it wil result in the

abovementioned 30% limit being exceded.

(iv) The total number of Shares which may be isued

upon exercise of al options to be granted under

the 2021 Scheme and any other share option

scheme of the Company must not, in agregate,

exced 10% of the Shares in isue as at the

date of aproval of the 2021 Scheme by the

Shareholders (the “2021 Scheme Limit”), unles

Shareholders’ aproval has ben obtained.

Options lapsed in acordance with the terms

of the 2021 Scheme or any other share option

scheme of the Company wil not be counted

for the purpose of calculating the 2021 Scheme

Limit.

(b) 本集团或投资实体的任

何全权信托对象，包括

任何董事（执行、非执行

或独立非执行董事）、雇

员（全职或兼职）、咨询

人员、客户、供应商、

代理、合作伙伴、合营

企业伙伴、顾问或合约

商。

(i) 根据二零二一计划及本公司当

时任何其他购股权计划已授

出但尚待行使的所有尚未行使

购股权获行使时可发行的股

份数目之整体限额，合共不得

超过不时已发行股份之30%，

惟须以下列条件为前提。倘有

关授出将导致超过上述30%

限额，则概不可根据二零二一

计划或本公司任何其他购股

权计划授出购股权。

(iv) 根据二零二一计划及本公司任

何其他购股权计划将予授出

的所有购股权获行使而可能

发行之股份总数，合共不得

超过于股东批准二零二一计

划日期已发行股份总数之10%

（「二零二一计划限额」）。就计

算二零二一计划限额而言，根

据二零二一计划或本公司任何

其他购股权计划之条款失效

之购股权将不予计算在内。

Report of the Directors

董事会报告

95ANUAL REPORT 2024/25 年报

(v) (a) Unles aproved by Shareholders in

a general meting, no option may be

granted to any eligible participant which, if

exercised in ful, would result in the total

number of Shares isued and to be isued

upon exercise of al options already granted

or to be granted to such eligible participant

(including exercised, canceled and

outstanding options) in the 12-month period

up to and including the date of such new

grant exceding 1% of the Shares in isue as

at the date of such new grant.

(b) Any grant of options to a director, chief

executive or substantial shareholder of

the Company or its subsidiaries or any

of their respective asociates under the

2021 Scheme must be subject to the prior

aproval of the independent non-executive

Directors (excluding any independent

nonexecutive Director who is a grante of

the relevant options).

shareholder or an independent nonexecutive

director of the Company or any of their

respective asociates would result in

the Shares isued and to be isued upon

exercise of al options already granted and

to be granted (including options exercised,

canceled and outstanding) to such person

in the 12-month period up to and including

the date of such grant:

% of

the Shares in isue, and

, based

on the closing price of the Shares at

the date of each grant, in exces of

HK$5,000,000.

(v) (a) 除非经股东于股东大会

上批准，于截至及包括

授出新购股权之日止12

个月期间内，倘悉数行

使向任何合资格参与人

士授出的购股权将导致

根据所有已授予或将授

予该合资格参与人士的

购股权（包括已行使、注

销及尚未行使的购股权）

获行使而已发行及将予

发行之股份总数超过于

该授出日期已发行股份之

1%，则不得授出任何该

等购股权。

(b) 根据二零二一计划向本

公司或其附属公司董事、

主要行政人员或主要股

东或任何彼等各自之联

系人士授出任何购股权，

均须经本公司独立非执

行董事（惟任何身为有关

购股权之承授人之独立

非执行董事除外）事先批

准。

独立非执行董事或任何

彼等各自之联系人士授

出购股权，将导致已发

行股份及因行使于截至

及包括授出该购股权日

期止12个月期间内已向及

将向该人士授出的全部

购股权（包括已行使、注

销及尚未行使的购股权）

时将发行之股份：

(1) 合共占已发行股份

逾0.1%；及

(2) 根据股份于各授

出日期的收市价

计算的总值超过

5,000,000港元。

Report of the Directors

董事会报告

96KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

then such further grant must be subject to

the aproval by Shareholders at a general

meting taken on a pol.

(vi) The period within which the options must be

exercised wil be specified by the Company at

the time of grant, but shal expire no later than 10

years from the relevant date of grant.

(vi) At the time of grant of the options, the Company

may specify any minimum period(s) for which an

option must be held before it can be exercised.

The 2021 Scheme does not contain any such

minimum period.

(vi) At the time of the grant of the options, the

Company may specify any performance target(s)

which must be achieved before the options can

be exercised. The 2021 Scheme does not contain

any performance targets.

(ix) A non-refundable remitance of HK$10 by way

of consideration for the grant of an option is

refunded to be paid by each grante upon

aceptance of the opinion.

(x) Subject to adjustments made in a situation

contemplated under the 2021 Scheme, the

subscription price in respect of any option shal

be at the discretion of the Board, provided that it

shal not be les than the highest of:

(a) the closing price of a share as shown in the

daily quotations shet of the Stock Exchange

on the date of grant (which must be a

busines day) in respect of such option;

(b) the average of the closing prices of the

shares as shown in the daily quotations

shet of the Stock Exchange for the five

busines days imediately preceding the

relevant date of grant in respect of such

option; and

则该进一步授出购股权

须经股东以投票表决方

式批准。

(vi) 本公司将于授出时指定须行

使购股权之期间，但须自有

关授出日期起计不超过10年届

满。

(vi) 于授出购股权时，本公司可指

定购股权可行使前必须持有

的任何最短期限。二零二一计

划并无列明任何最短期限。

(vi) 于授出购股权时，本公司可指

定购股权可行使前必须达到

的任何表现目标。二零二一计

划并无列明任何表现目标。

(ix) 获授人在接纳购股权时须支

付10港元作为获授购股权之

代价，款项概不退回。

(x) 待根据二零二一计划所拟定

情况作出调整后，任何购股

权的认购价须按董事会的酌

情权决定，但其不得少于以下

最高者：

(a) 联交所于该购股权授出

日期（该日必须为营业日）

发出的每日报表所列股

份收市价；

(b) 紧接有关该购股权授出

日期前五个营业日联交

所发出的每日报表所列

的股份平均收市价；及

Report of the Directors

董事会报告

97ANUAL REPORT 2024/25 年报

(xi) Since the adoption date of the 2021 Scheme and

up to the termination date of the 2021 Scheme,

no share options had ben granted, exercised,

vested, outstanding, lapsed or canceled under

the 2021 Scheme. As at the termination date

of the 2021 Scheme, no share options was

outstanding under the 2021 Scheme.

(xi) The 2021 Scheme was terminated on 30 August

2023 and no further share options has ben

granted under the 2021 Scheme since the

aforesaid termination date.

C. The New Scheme

A new share option scheme of the Company was

aproved by the Shareholders of the Company and

adopted on 30 August 2023 (the “New Scheme”) and

is valid for 10 years. No option has ben granted,

exercised, vested, canceled or lapsed under the New

Scheme during the Year. No options has ben granted

since the adoption of the New Scheme, acordingly,

there was no outstanding options as at 31 March

2025. Unles otherwise specified, capitalised terms

used in this section shal have the same meanings as

those defined in the circular of the Company dated 31

July 2023 (the “Circular”). The key terms of the New

Scheme are sumarized as below:

(i) The New Scheme is to motivate the Eligible

Participants to optimise their performance and

eficiency for the benefit of the Group; and

atract and retain or otherwise maintain ongoing

busines relationship with the Eligible Participants

whose contributions are, wil or expected to be

beneficial to the Group.

(xi) 由采纳二零二一年计划日期直

至二零二一年计划终止日，概

无根据二零二一计划被授予、

行使、归属、尚未行使、失

效或取消。截至二零二一年计

划终止日，根据二零二一年计

划并无尚未行使的购股权。

(xi) 二零二一计划已于二零二三年

八月三十日终止及自上述终止

日起，再无按照二零二一计划

授出任何购股权。

丙、新计划

本公司新购股计划已于二零二三年

八月三十日已获本公司股东所通过

及采纳（「新计划」）有效期为十年。

本年度内并未有按照新计划而授

出、行使、归属、取消或失效之购

股权。自采纳新计划以来，并未有

授出购股权，因此于二零二五年三

月三十一日，并无尚未行使的购股

权。除另有指明外，本节所用词汇

与本公司通函日期为二零二三年七

月三十一日（「通函」）所界定者具有

相同涵义。新计划主要条款之摘

要如下：

(i) 新计划旨在激励合资格参与

者为本集团的利益提升彼等

的绩效及效率及吸纳及留住

或以其他方式与合资格参与

者保持续的业务关系，此等

合资格参与者的贡献是、将

会或预期有利于本集团。

Report of the Directors

董事会报告

98KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(i) The Board may at its discretion grant Options to

any (a) Employe Participant; (b) Related Entity

Participant; and (c) Service Provider.

(i) Any grant of Options to any Director, chief

executive or substantial shareholder of the

Company or any their respective asociates must

be aproved by al of the independent non-

executive Directors excluding, for al purposes,

any independent non-executive Director who is a

proposed Grante.

(iv) Where any grant of Options to an independent

non-executive Director or a substantial

Shareholder of the Company, or any of their

respective asociates, would result in the total

number of the Shares isued and to be isued

in respect of al options (including the Options)

an awards granted to such person under the

New Scheme and al other share schemes in any

12-month period up to and including the date of

such grant representing in agregate over 0.1%

of the Shares in isue (excluding treasury shares),

such grant of Options must be aproved by the

Shareholders in general meting in the maner

set out in Rule 17.04(4) of the Listing Rules. The

Grante, his asociates and al core conected

persons of the Company must abstain from

voting in favour at such general meting. The

Company must send a circular to its shareholders

containing the information required under the

Listing Rules.

(v) The maximum number of Shares which may be

isued in respect of al options and awards to be

granted under the New Scheme and any other

share schemes shal not, in agregate, exced

10% of the Shares in isue as at the Adoption

Date (the “Scheme Mandate Limit”), i.e.

202,145,920 Shares, representing 10% of the total

isued shares of the Company (excluding treasury

shares) as at the date of this anual report.

(i) 董事会可酌情向(a)雇员参与

者；(b)关联实体参与者；及(c)

服务提供者授出购股权。

(i) 向任何董事、行政总裁或本

公司主要股东或其各自任何

联系人授予购股权时，须获

得所有独立非执行董事（就所

有目的而言，不包括属于建议

承授人的任何独立非执行董

事）批准。

(iv) 倘向独立非执行董事或本公

司主要股东或其各自联系人

授予购股权，将导致在截至

及包括该授予日期的任何十二

个月期间，根据新计划及所有

其他股份计划授予该人士的

所有购股权（包括购股权）及奖

励已发行及将发行的股份（不

包括库存股份）总数超过0.1%

的已发行股份，该购股权的授

予必须由本公司股东在股东

大会上按上市规则第17.04(4)

条规定的方式批准。承授人、

其联系人及本公司的所有核心

关连人士必须在该股东大会

上放弃投票赞成。本公司必须

向其股东发送一份载有上市

规则所要求的资料的通函。

(v) 根据新计划及任何其他股份

计划授予的所有购股权及奖

励可予发行的最高股份数量，

合共不得超过采纳日期已发行

股份的10%（「计划授权上限」）

即202,145,920股占本公司截

至本年报日期已发行股份（不

包括库存股份）总数的10%。

Report of the Directors

董事会报告

99ANUAL REPORT 2024/25 年报

(vi) The maximum number of Shares which may be

isued in respect of al options and awards to be

granted under the New Scheme and any other

share schemes to Service Providers must not, in

agregate exced 1% of the number of Shares

in isue as at the Adoption Date (the “Service

Provider Sub-limit”), i.e. 20,214,592 Shares,

representing 1% of the total isued shares of the

Company (excluding treasury shares) as at the

date of this anual report.

(vi) The Board may sek separate Shareholders’

aproval in general meting to grant Options

beyond the Scheme Mandate Limit provided that

the Options in exces of the Scheme Mandate

Limit are granted only to the Eligible Participants

specified by the Company before such aproval

is sought and the Company must isue a circular

to the Shareholders containing such relevant

information from time to time required by the

Listing Rules in relation to any such proposed

grant to such Eligible Participants.

(vi) The Company may sek aproval by the

Shareholders in general meting for refreshing

the Scheme Mandate Limit and the Service

Provider Sub-limit after thre (3) years from the

date of the first Shareholders’ aproval for such

limits or for the last refreshment (as the case may

be). Any refreshment within any thre year period

must be aproved by the Shareholders, with any

controling shareholders and their asociates (or

if there is no controling shareholder, Directors

(excluding independent non-executive Directors)

and the chief executive of the Company and their

respective asociates) abstaining from voting in

favour of the relevant resolution at the general

meting. The total number of Shares which may

be isued in respect of al options and awards

to be granted under al of the share scheme(s)

under the scheme mandate as refreshed must

not exced 10% of the Shares in isue (excluding

treasury shares) as at the date of aproval of the

refreshed scheme mandate.

(vi) 根据新购股权计划及任何其

他股份计划向服务提供者授

予的所有购股权及奖励而可

能发行的最高股份数量，合

计不得超过在采纳日期已发

行股份数量的1%（「服务提供

者分项限额」）即20,214,592股

占本公司截至本年报日期已发

行股份（不包括库存股份）总数

的1%。

(vi) 董事会可于股东大会另行寻

求股东批准，授出超过计划

授权限额的购股权，惟仅可向

本公司在寻求批准前指明的

合资格参与者授出超过计划

授权限额的购股权，且本公司

须向股东发出一份通函，当中

载有上市规则不时规定有关

建议向该等合资格参与者授

出购股权的相关资料。

(vi) 本公司可于在股东大会上寻求

股东批准，在第一次股东批

准该限额或最后一次更新（视

情况而定）之日起三(3)年后更

新授权计划限额及服务提供

者分项上限。在任何三年内

的任何更新必须得到股东的

批准，任何控股东及其联

系人（或如无控股东，本公

司的董事（不包括独立非执行

董事）及行政总裁及其各自的

联系人）在股东大会上放弃投

票赞成有关决议。根据经更

新计划授权，就所有股份计

划授予的所有购股权及奖励

而可能发行的股份总数不得

超过经更新计划授权批准之

日已发行股份（不包括库存股

份）总数的10%。

Report of the Directors

董事会报告

100KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(ix) The maximum number of Shares isued or to

be isued in respect of al options and awards

granted to a Grante at any one time or in

agregate under the New Scheme and al other

share schemes (excluding any options and

awards lapsed in acordance with the terms

of the respective share schemes) in any 12-

month period up to and including the date of

such relevant grant should not exced 1% of

the isued share capital (excluding treasury

shares) of the Company (the “Individual Limit”).

Where any grant of Options to a Grante may

result in exceding the Individual Limit, the

Company shal not grant such Options unles

it is separately aproved by the Shareholders

in general meting, with such Grante and his

close asociates (or asociates if the Grante is a

conected person) abstaining from voting.

(x) The period within which the Options must be

exercised wil be specified by the Company at

the time of grant, but shal expire no later than 10

years from the relevant date of grant.

(xi) At the time of grant of the Options, the Company

may specify any minimum period(s) for which an

Option must be held before it can be exercised.

The New Scheme does not contain any such

minimum period.

(xi) At the time of the grant of the Options, the

Company may specify any performance target(s)

which must be achieved before the Options can

be exercised. The New Scheme does not contain

any performance targets.

(xi) A non-refundable remitance of HK$1 by way

of consideration for the grant of an Option is

refunded to be paid by each Grante upon

aceptance of the Option.

(ix) 根据新计划及所有其他股份

计划（不包括根据有关股份计

划的条款而失效的任何购股

权及奖励），在任何十二个月

内直至及包括有关授出日期），

向承授人在任何时间或合共

授出的所有购股权及奖励所

发行或将予发行的股份最高

数目，不得超过本公司已发行

股本（不包括库存股份）的1%

（「个别限额」）。若向承授人的

任何授予可能导致超过个别

限额，本公司不得授予该等购

股权，除非在股东大会上获

得股东的另行批准，而该承授

人及其紧密联系人（或若承授

人为联系人，则其关连人士）

应放弃投票。

(x) 本公司将于授出时指定须行

使购股权之期间，但须自有

关授出日期起计不超过10年届

满。

(xi) 于授出购股权时，本公司可指

定购股权可行使前必须持有

的任何最短期限。新计划并

无列明任何最短期限。

(xi) 于授出购股权时，本公司可指

定购股权可行使前必须达到

的任何表现目标。新计划并

无列明任何表现目标。

(xi) 获授人在接纳购股权时须支

付1港元作为获授购股权之代

价，款项概不退回。

Report of the Directors

董事会报告

101ANUAL REPORT 2024/25 年报

(xiv) Subject to adjustments made in a situation

contemplated under the New Scheme, the

subscription price in respect of any Option shal

be at the discretion of the Board, provided that it

shal not be les than the highest of:

(a) the closing price of a share as shown in the

daily quotations shet of the Stock Exchange

on the date of grant (which must be a

busines day) in respect of such option;

(b) the average of the closing prices of the

shares as shown in the daily quotations

shet of the Stock Exchange for the five

busines days imediately preceding the

relevant date of grant in respect of such

option; and

(xv) The New Scheme shal remain in force for a

period of 10 years comencing on the date of

the adoption of the New Scheme by reduction

of the Company period on 30 August 2023.

Acordingly, the remaining life of the New

Scheme is aproximately 8 years.

(xvi) The vesting period granted under the New

Scheme shal be no les than 12 months.

For more details, please refer to Apendix I to the

Circular.

(xiv) 待根据新计划所拟定情况作

出调整后，任何购股权的认购

价须按董事会的酌情权决定，

但其不得少于以下最高者：

(a) 联交所于该购股权授出

日期（该日必须为营业日）

发出的每日报表所列股

份收市价；

(b) 紧接有关该购股权授出

日期前五个营业日联交

所发出的每日报表所列

的股份平均收市价；及

(xv) 新计划自二零二三年八月三十

日本公司决议案通过开始，有

效期为十年。据此，新计划

及股份奖励计划之剩余时间

约为八年。

(xvi) 根据新计划授出之归属期不

少于十二个月。

详细条款请参阅通函附录I。

Report of the Directors

董事会报告

102KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

SHARE AWARD PLAN

The share award plan (the “Share Award Plan”) was

aproved by the shareholders of the Company and adopted

on 30 August 2023, which was subsequently amended on

25 June 2025. The Share Award Plan is valid for 10 years.

Acordingly, the remaining life of the Share Award Plan is

aproximately 8 years. Folowing the introduction of the

treasury share regime under the Listing Rules, to benefit

from such treasury share regime by alowing flexibility in

managing the capital structure through share buy-back and

resale of treasury shares of the Company and to reduce

administrative costs, on 25 June 2025, the Board pased a

resolution to amend the terms of the Share Award Plan to

the efect that the Company may use treasury shares for

the purpose of the Share Award Plan, where apropriate,

in particular, the Company may, in adition to isue new

Shares, transfer treasury shares, if any, to fund any awards

granted under the Share Award Plan. 5,720,000 share

awards had ben granted under the Share Award Plan

during the Year. The Awarded Shares to be vested to the

relevant grantes wil be funded by the existing Shares out

of the trust established for the purpose of the Share Award

Plan. Unles otherwise specified, capitalised terms used in

this section shal have the same meanings as those defined

in the Circular. The key terms of the Share Award Plan have

ben sumarized as below:

股份奖励计划

股份奖励计划已于二零二三年八月三十

日获本公司股东所通过及采纳（「股份奖

励计划」），其后于二零二五年六月二十五

日修订，股份奖励计划有效期为十年，

据此，股份奖励计划之剩余时间约为八

年。上市规则引入库存股份制度后，为

可透过股份回购及转售本公司库存股份

灵活管理资本架构，并降低行政成本，

从而受惠于库存股份制度，董事会于二

零二五年六月二十五日通过决议案修订

股份奖励计划的条款，以使本公司可将

库存股份用于股份奖励计划（如适用），

具体而言，除发行新股份外，本公司亦

可转让库存股份（如有），为根据股份奖

励计划授出的任何购股权拨资。自采

纳股份奖励计划后，本年度内按股份奖

励计划而授出5,720,000股奖励股份。

授予相关承授人的奖励股份，将由为股

份奖励计划目的已设立信托现有股份

提供资金。除非另有界定，本部份内所

有词汇与通函所界定者具有相同涵义。

股份奖励计划之主要条款摘要如下：

Report of the Directors

董事会报告

103ANUAL REPORT 2024/25 年报

(i) The purpose and objective of the Share Award Plan is:

(a) to recognise and reward the contribution of certain

Eligible Participants to the growth and development of

the Group and to provide incentives in order to retain

them for continual operation and development of the

Group; and (b) to atract suitable personel for further

development of the Group.

(i) The Board may at its discretion grant an Award to any

(i) Employe Participant; (i) Related Entity Participant;

and (i) Service Provider.

(i) The maximum number of Shares which may be

isued in respect of al options and awards to be

granted under the Share Award Plan and any other

share schemes shal not, in agregate, exced 10%

of the Shares in isue as at the Adoption Date, i.e.

202,145,920 Shares, representing 10% of the total

isued shares of the Company (excluding treasury

shares) as at the date of this anual report.

(iv) The maximum number of Shares which may be isued

in respect of al options and awards to be granted

under the Share Award Plan and any other share

schemes to Service Providers must not, in agregate

exced 1% of the number of Shares in isue as at the

Adoption Date, i.e. 20,214,592 Shares, representing

1% of the total isued shares of the Company

(excluding treasury shares) as at the date of this anual

report.

(v) The maximum number of Shares isued or to be isued

in respect of al options and awards granted to a

Selected Participant at any one time or in agregate

under the Share Award Plan and al other share

schemes (excluding any options and awards lapsed

in acordance with the terms of the respective share

schemes) in any 12-month period up to and including

the date of such relevant grant should not exced 1%

of the isued share capital of the Company (excluding

treasury shares). Where any Award to a Selected

Participant may result in exceding the Individual

Limit, the Company shal not grant such Awards

unles it is separately aproved by the Shareholders

in general meting, with such Selected Participant

and his close asociates (or asociates if the Selected

Participant is a conected person) abstaining from

voting.

(i) 股份奖励计划的目的及目标为：(a)

认可及奖励若干合资格参与者对

本集团增长及发展作出的贡献，并

提供激励以就本集团的持续营运

及发展挽留该等人士；及(b)为本集

团进一步发展吸引合适人士。

(i) 董事会可酌情向(i)雇员参与者；(i)

关联实体参与者；及(i)服务提供

者授出奖励。

(i) 根据股份奖励计划及任何其他股

份计划授予的所有购股权及奖励

可予发行的最高股份数量，合共

不得超过采纳日期已发行股份的

10%，即202,145,920股，占本公司

截至本年报日期已发行股份（不包

括库存股份）总数的10%。

(iv) 根据股份奖励计划及任何其他股

份计划向服务提供者授予的所有购

股权及奖励而可能发行的最高股份

数量，合计不得超过在采纳日期已

发行股份数量的1%，即20,214,592

股，占本公司截至本年报日期已发

行股份（不包括库存股份）总数的

1%。

(v) 根据股份奖励计划及所有其他股

份计划（不包括根据有关股份计划

的条款而失效的任何购股权及奖

励），在任何12个月内直至及包括

有关授出日期），向受选参与者在

任何时间或合共授出的所有购股权

及奖励所发行或将予发行的股份

最高数目，不得超过本公司已发行

股本（不包括库存股份）的1%。若

向受选参与者的任何奖励可能导

致超过个别限额，本公司不得授予

该等奖励，除非在股东大会上获

得股东的另行批准，而该受选参

与者及其紧密联系人（或若受选参

与者为联系人，则其关连人士）应

放弃投票。

Report of the Directors

董事会报告

104KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

(vi) Where any Award to a Director (other than an

independent non-executive Director) or chief

executive of the Company, or any of his asociates

would result in the Shares isued and to be isued in

respect of al awards granted to such person under

the Share Award Plan and al other share award plans

(excluding any awards lapsed in acordance with the

terms of the respective share award plans) in any 12-

month period up to and including the date of such

relevant grant, representing in agregate over 0.1% of

the isued share capital of the Company (excluding

treasury shares), such further Award must be aproved

by the Shareholders in general meting, with such

Selected Participant, his asociates and al core

conected persons of the Company abstaining from

voting in favour at such general meting.

(vi) Where any Award to an independent non-executive

Director or substantial shareholder of the Company, or

any of his asociates would result in the Shares isued

and to be isued in respect of al options and awards

granted to such person under the Share Award Plan

and al other share schemes (excluding any options

or awards lapsed in acordance with the terms of the

respective share schemes) in the 12-month period up

to and including the date of such grant, representing

in agregate over 0.1% of the isued share capital of

the Company (excluding treasury shares), such Award

must be aproved by the Shareholders in general

meting, with such Selected Participant, his asociates

and al core conected persons of the Company

abstaining from voting in favour at such general

meting.

(vi) The vesting period of Award granted under Share

Award Plan shal be not les than 12 months. There

is no amount payable on aceptance of the Award

and no purchase price is payable by the Eligible

Participants upon vesting of the Awards.

For more details, please refer to Apendix IV to the

Circular.

(vi) 倘向董事（独立非执行董事除外）或

本公司主要行政人员或其任何联

系人授予任何奖励，将导致在截

至及包括该相关授予日期的任何

十二个月期间，根据股份奖励计

划及所有其他股份奖励计划授予

该人士的所有奖励（不包括根据相

关股份奖励计划条款已失效的任

何奖励）而已发行及将发行的股份

总数，超过本公司已发行股本（不

包括库存股份）的0.1%，该进一步

奖励必须由股东在股东大会上批

准。有关受选参与者、其联系人

及本公司的所有核心关连人士必须

在该股东大会上放弃投票赞成。

(vi) 倘向独立非执行董事或本公司主要

股东或其任何联系人授予任何奖

励，将导致在截至及包括该授予日

期的十二个月期间，根据股份奖励

计划及所有其他股份计划授予该

人士的所有购股权及奖励（不包括

根据相关股份计划条款已失效的

任何购股权或奖励）而已发行及将

发行的股份总数，超过本公司已发

行股本（不包括库存股份）的0.1%，

该奖励必须由股东在股东大会上

批准。有关受选参与者、其联系人

及本公司的所有核心关连人士必须

在该股东大会上放弃投票赞成。

(vi) 根据股份奖励计划授出之股份的

归属期不少于十二个月。于接受奖

励时无须支付金额及于归属获授

奖励时合资格人士无须支付购买

价。

详细条款请参阅通函附录IV。

Report of the Directors

董事会报告

105ANUAL REPORT 2024/25 年报

(ix) Details of the movements of the Awarded Shares

under the Share Award Plan during the Year are as

folows:

Grantes

Date

of grant

Purchase

price

per Share

Fair value

per Share

Vesting

Period

Closing

price

before

date

of grant

Number

unvested

Awarded

Shares as

at 1 April

Number

Awarded

granted

during

the Year

Number

Awarded

vested

during

the Year

Number

Awarded

lapsed/

canceled

during

the Year

Number

unvested

Awarded

as at

31 March

承授人授出日期

每股份

购买价格

每股份

公平值归属期

授出日前

之价格

二零二四年

四月一日未

归属奖励

股份数目

于本年度

获授予

奖励股份

数目

于本年度

已归属

奖励股份

数目

于本年度

失效╱取消

奖励股份

数目

二零二五年

三月

三十一日

未归属奖励

股份数目

(’000)(’000)(’000)(’000)(’000)

（千）（千）（千）（千）（千）

(i) Directors/Chief

Executives

董事及最高行政人员

Mr. Zhao Kai01/08/2024—0.7701/08/20250.79—300—300

赵凯先生

Ms. Chan Ming Mui,

Silvia01/08/2024—0.7701/08/20250.79—300—300

陈名妹小姐

Mr. Chan Raymond01/08/2024—0.7701/08/20250.79—300—300

陈毅文先生

Mr. Ho Wai Hon,

Brian*01/08/2024—0.7701/08/20250.79—200—200

何伟汗先生*

(i) Other Eligible

Participants

其他合资格参与者

Employes01/08/2024—0.7701/08/20250.79—4,620—4,620

雇员

* was apointed on 24 June 2025

(ix) 根据股份奖励计划于本年度之奖

励股份变动详情如下：

* 于二零二五年六月二十四日获委任

Report of the Directors

董事会报告

106KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

The vesting of the awarded Shares above is subject to the

achievement of certain vesting conditions as set out in the

individual grant leters of the grantes. The Group has a

standardized performance apraisal system in place for its

employes to comprehensively evaluate their performance,

satisfaction of certain key performance indicators and

contribution to the Group. The Company wil determine

whether the grantes met the individual performance

target based on their performance apraisal results for

the relevant year/period. In case of partial achievement

and satisfaction of the performance targets, the aplicable

awarded Shares may be vested in proportion to the

performance targets actualy achieved for the relevant year/

period. For details of the fair value of awards at the date

of grant and the acounting standard and policy adopted,

please refer to Note 2(s) to the consolidated financial

statements of the Group.

Acording to the Scheme Mandate Limit, the maximum

total number of new Shares which may be isued upon

exercise of al options and awards to be granted under

the Share Award Plan together with the New Scheme

(colectively the “Share Schemes”), and other share

schemes of the Company must not in agregate exced

10% of the total number of Shares in isue as at the

Adoption Date. Acordingly, the number of Options and/

or Awards available for grant under the Scheme Mandate

Limit of the Share Schemes at the begining and the end

of the Year were 202,145,920 and 196,425,920 Shares in

agregate, respectively.

In adition, the Service Provider Sublimit in respect of the

total number of Shares which may be isued upon exercise

of al options and awards to be granted under the Share

Schemes, and other share schemes of the Company must

not in agregate exced 1% of the total number of Shares

in isue as at the aforesaid adoption date. Acordingly, the

number of Options and/or Awards available for grant under

the Service Provider Sublimit at the begining and the

end of the Year were 20,214,592 and 20,214,592 Shares in

agregate, respectively.

As the Awarded Shares to be vested to the relevant

grantes wil be funded by the existing Shares out of

the trust established for the purpose of the Share Award

Plan, the number of Shares that may be isued in respect

of options and awards granted under al schemes of the

Company during the Year divided by the weighted average

number of Shares in isue (i.e. 2,016,325,784) is nil.

上述奖励股份的归属须待承授人个别

授予函所载的若干归属条件达成后方

可作实。本集团设有标准化绩效考核体

系，供员工综合评估员工的工作表现、

某些关键绩效指标的满意度及对集团

的贡献。本公司将根据承授人相关期间

的绩效评估结果判断是否达到个人绩效

目标。如果部分实现并满足业绩目标，

则可按照相关年度╱期间实际实现的

业绩目标的比例授予适用的奖励股份。

有关奖励授序日的公允价值及所采用

的会计准则及政策详情，请参阅本集

团财务表附注2(s)。

于采纳日期，根据本公司股份授权上限

可发行的新股份（新计划连同股份奖励

计划合称「股份计划」）总数最高不得超

过已发行股份总数的10%。因此，于年

内开始及期末，根据计划授权限额可供

授出的购股权及╱或奖励金额合共分

别为202,145,920股及196,425,920股。

此外，根据本公司股份计划及其他股份

计划授予的所有购股权及奖励可予行

使发行的新股份总数制订服务提供者

分项限额，不得超过于采纳日期已发行

股份总数的1%。因此，于本年度内开

始及结束时，根据服务提供者分项限额

可供授予的购股权及╱或奖励数目合共

分别为20,214,592股及20,214,592股。

由于将归属于相关承授人的奖励股份，

此由为股份奖励计划而设立的信托中

的现有股份提供资金。本年度内，除本

公司库存股份外（如有），根据本公司所

有计划所授出的购股权及奖励可发行

的股份数量除已发行股份的加权平均

数量（即2,016,325,784股）为零。

Report of the Directors

董事会报告

107ANUAL REPORT 2024/25 年报

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the

Company’s Bye-laws and there was no restriction against

such rights under the laws of Bermuda.

TAX RELIEF

The Company is not aware of any relief from taxation

available to the Shareholders by reason of their holding of

the shares in the Company.

FIVE-YEAR FINANCIAL SUMARY

A sumary of the results and of the asets and liabilities

of the Group for the last five financial years is set out on

pages 285 to 286 of this anual report.

MANAGEMENT CONTRACTS

No contracts concerning the management and

administration of the whole or any substantial part of the

busines of the Company were entered into or existed

during the Year.

PERMITED INDEMNITY PROVISION

The Company’s Bye-laws provides that the Directors shal

be indemnified out of the asets of the Company against

any actions, costs, charges, loses, damages and expenses

as a result of any act or failure to act in carying out their

functions.

The Company has aranged directors’ and oficers’ liability

insurance cover in respect of legal action against the

Directors during the Year.

ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES

AND ASOCIATED COMPANIES

The Group did not have any material acquisitions or

disposals of subsidiaries, asociates or joint ventures during

the year ended 31 March 2025.

SIGNIFICANT INVESTMENT HELD BY THE GROUP

As at 31 March 2025, the Group did not hold any

significant investment.

优先权

公司细则规定概无载有本公司须按比例

向现有股东发行新股之优先权条文，而

百慕达法例中亦无限制有关优先权之

条文。

税务宽减

本公司概不知悉股东因持有本公司股份

而享有任何税务宽减。

五年财务概要

本集团过去五个财政年度之业绩及资

产与负债摘要载于本年报第285至286

页。

管理合约

本年度内，本公司概无就整体业务或任

何重大业务之管理或行政工作订立任何

合约，亦无存有此等合约。

获准许弥偿条文

本公司细则规定，董事均可从本公司资

产获得弥偿，以补偿履行职务时因进行

或未进行任何行为而招致的任何诉讼、

成本、费用、损失、损害及支出。

本公司已安排就董事于年内面对的法律

诉讼之董事及高级管理人员责任保险。

收购及出售附属公司及联管公司

截至二零二五年三月三十一日止年度内，

本集团并无任何有关附属公司、联营

公司或合营企业之重大收购或出售事

宜。

本集团所持重大投资

于二零二五年三月三十一日，本集团并

未持有任何重大投资。

Report of the Directors

董事会报告

108KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

PLEDGE OF ASETS

As at 31 March 2025, a banking facility of the Group is

secured by the property, plant and equipment with an

agregate carying amount of HK$17,037,000 (as at 31

March 2024: HK$15,630,000).

As at 31 March 2025 and 31 March 2024, the Company

and the Group’s subsidiaries provide cros guarantes for

certain banking facilities and borowings. The maximum

liability of the Company at the end of the reporting

period under the guarantes is the amount of the facilities

drawn down by the subsidiaries that are covered by

the guarantes, being HK$536,159,000 (as at 31 March

2024: $529,692,000). We do not consider it is probable

that a claim wil be made against the Company under

the guarante arangement to financial institutions in

conection with the banking facilities granted to its

subsidiaries.

SUBSIDIARIES

Particulars of the principal subsidiaries of the Company are

set out in Note 9 to the consolidated financial statements.

BANK BOROWINGS

Particulars of bank borowings of the Group as at 31 March

2025 are set out in Notes 20 to the consolidated financial

statements.

BOARD OF DIRECTORS

The Directors who held ofice as at the date of this anual

report were:

Executive Directors

Mr. Ho Cheuk Fai (Chairman & Chief Executive Oficer)

Ms. Chan Ming Mui, Silvia

Mr. Zhao Kai

Mr. Chan Raymond

Mr. Ho Wai Hon, Brian

Independent Non-executive Directors

Mr. Fong Hoi Shing

Dr. Lau Kin Wah

Mr. Lam Yin Shing, Donald

资产抵押和担保

于二零二五年三月三十一日，集团以

物业、厂房及设备为一份总价值为

17,037,000港元的银行融资合约做

抵押（于二零二四年三月三十一日：

15,630,000港元）。

于二零二五年三月三十一日及二零二四

年三月三十一日，本公司及本集团之附

属公司为部分银行授信额度及借款提

供交叉担保。本公司在担保项下的最大

责任为担保涵盖的附属公司提取的融

资金额，即536,159,000元（于二零二四

年三月三十一日：529,692,000元）。我们

认为公司不大可能因向其附属公司授予

银行融资而向金融机构提供担保安排

而提出索偿。

附属公司

本公司主要附属公司之详情，载于财务

报表附注9。

银行借贷

本集团于二零二五年三月三十一日之银

行借贷详情列于财务报表附注20。

董事会

于本年报日期，在任之董事如下：

执行董事

何焯辉先生（主席兼行政总裁）

陈名妹小姐

赵凯先生

陈毅文先生

何伟汗先生

独立非执行董事

方海城先生

刘健华博士

林燕胜先生

Report of the Directors

董事会报告

109ANUAL REPORT 2024/25 年报

Mr. Fong Hoi Shing, Dr. Lau Kin Wah and Mr. Lam Yin

Shing, Donald entered into an apointment leter with

the Company for a term of one year with efect from 1

July 2024 subject to extension by mutual agrement and

retirement by rotation and re-election at the anual general

meting of the Company as and when required under the

bye-laws of the Company (the “Bye-laws”).

Furthermore, pursuant to Bye-law 86(2) of the Bye-laws,

any Director apointed by the Board to fil a casual

vacancy on the Board shal hold ofice only until the next

folowing anual general meting of the Company and shal

then be eligible for re-election at that meting. Mr. Ho

Wai Hon, Brian was apointed as an executive Director

by the Board with efect from 24 June 2025 to fil a casual

vacancy on the Board. In acordance with Bye-law 86(2)

of the Bye-laws, Mr. Ho Wai Hon, Brian shal retire from

ofice at the AGM and being eligible, wil ofer themselves

for re-election.

In acordance with Bye-laws 87 of the Company’s Bye-laws

and paragraph B.2.2 of the Corporate Governance Code as

set out in Apendix C1 to the Listing Rules. Ms. Chan Ming

Mui, Silvia, Mr. Chan Raymond and Mr. Fong Hoi Shing

wil retire from ofice by rotation at the forthcoming anual

general meting. Al such Directors, being eligible, ofer

themselves for re-election.

DIRECTORS’ SERVICE CONTRACTS AND LETERS OF

APOINTMENT

None of the Directors who are proposed for re-election

at the forthcoming AGM has a service contract or leter

of apointment, as aplicable, with the Company which

is not determinable by the Company within one year

without payment of compensation, other than statutory

compensation.

方海城先生、刘健华博士及林燕胜先生

已签订为期一年的董事委任函，于二零

二四年七月一日生效。双方同意延期外

及直至再次依本公司细则（「细则」）于股

东周年大会上告退及膺选连任为止。

此外，根据公司细则第86(2)条，任何

董事获董事会委任，以填补董事会临

时空缺的董事之任期仅直至下一届本公

司股东周年大会为止，并符合资格在该

会议上膺选连任。何伟汗先生获董事

会委任为执行董事，以填补董事会临时

空缺，自二零二五年六月二十四日起生

效。按照公司细则第86(2)条规定，何伟

汗先生须于股东周年大会上退任，并有

资格按其愿意膺选连任。

按照本公司章程细则第87条规定及上

市规则附录C1内的企业管治守则B.2.2

段，陈名妹小姐、陈毅文先生及方海

城先生将于即将举行之股东周年大会

上轮席退任。所有该等董事为有资格，

并愿意膺选连任。

董事之服务合约及委任函

本公司并无与拟于股东周年大会上重

选连任之董事订立任何不可于一年内

由本公司无偿终止之服务合约或委任函

（如适用）（法定赔偿除外）。

Report of the Directors

董事会报告

110KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

During the Year, no transactions, arangements or contracts

of significance to which any of the Group companies was

a party and in which a Director was materialy interested,

either directly or indirectly, subsisted at the end of the Year

or at any time.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR

DEBENTURES

Save as otherwise disclosed in this anual report, for the

year ended 31 March 2025, there were no such rights

to acquire benefits by means of acquisition of Shares

or debentures of the Company granted to any Directors

or their respective spouse or children under 18 years of

age, nor were any such rights exercised by them. There

was no arangement to which the Company and any of

its subsidiaries is a party to any arangement to enable

the Directors, or their respective spouse or children

under 18 years of age, to acquire such rights in any other

corporation.

CONECTED TRANSACTION AND CONTINUING

CONECTED TRANSACTION

During the Year, the Group did not enter into any

conected transaction or continuing conected transaction

that are not exempted from anual reporting requirement

under the Listing Rules. The related party transactions set

out in Note 32 to the consolidated financial statements are

not the conected transactions under Chapter 14A of the

Listing Rules.

董事于交易，安排或合约之利益

本年度内，本公司或其附属公司于本年

度内任何时间概无签订涉及本公司之业

务而本公司董事直接或间接拥有重大

利益之重要交易，安排或合约。

董事购买股份或债券之权利

除本年报披露外，截至二零二五年三月

三十一日止年度，并无向董事或彼等之

配偶或十八岁以下子女授予可认购本公

司股权或债券之权利，而彼等亦无行使

任何该等权利；且本公司其附属公司亦

无作出任何安排致使董事或彼等之配偶

或十八岁以下子女可购入任何其他法人

团体之任何该等权利。

关连交易及持续关连交易

本年度内，本集团并无订立任何上市规

则项下年度报告规定的不获豁免之关连

交易或持续关连交易。于综合财务报表

附注32所述之关连人仕交易皆不属于

关连交易及上市规则14A章的持续关连

交易。

Report of the Directors

董事会报告

111ANUAL REPORT 2024/25 年报

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS IN

As at 31 March 2025

The interests and short positions of the Directors and the

chief executive of the Company in the shares and the

underlying shares of the Company and any asociated

corporations (as defined in Part XV of the Securities and

Futures Ordinance (the “SFO”) (a) as recorded in the

SFO; or (b) otherwise notified to the Company and the

Stock Exchange pursuant to Divisions 7 and 8 of Part XV

of the SFO (including interests or short positions which

were taken or demed to have under such provisions of

the SFO); or (c) as otherwise notified to the Company and

The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) pursuant to the Model Code were as folows:

(A) Interests in the Company

Number of ordinary shares of HK$0.10 each

每股面值0.1港元之普通股数目

Personal

interests

Family

interests

Corporate/

Other interestsTotal interests

% of isued

share capital

个人权益家属权益

法团权益或

其他权益合计权益持股百分比

Mr. Ho Cheuk Fai何焯辉先生278,712,000

(Note 1)

（附注一）

110,350,000

(Note 1)

（附注一）

1,077,608,000

(Note 2)

（附注二）

1,466,670,00072.57

Ms. Chan Ming Mui, Silvia陈名妹小姐6,700,000

(Note 3)

（附注三）

—6,700,0000.33

Mr. Zhao Kai赵凯先生11,382,000

(Note 4)

（附注四）

—11,382,0000.56

Mr. Chan Raymond陈毅文先生4,752,000

(Note 5)

（附注五）

—4,752,0000.24

Mr. Ho Wai Hon, Brian何伟汗先生3,298,000

(Note 6)

（附注六）

—3,298,0000.16

董事及最高行政人员之股份权益

于二零二五年三月三十一日

本公司各董事及最高行政人员在本公司

及任何相联法团（释义见《证券及期货条

例》（「《证券条例》」）第XV部）的股份及相

关股份中拥有的权益及淡仓，而该等

权益及淡仓(a)根据《证券条例》第352条

须予备存之登记册所记录者；或(b)根据

证券及期货条例第xv部第7及8分部（包

括其根据证券及期货条例该条文被假

设或视为拥有的权益及淡仓）通知本公

司及联交所或(c)依据标准守则通知本

公司及香港联合交易所有限公司（「联交

所」），如下：

（甲）于本公司之权益

Report of the Directors

董事会报告

112KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

Number of ordinary shares of HK$0.10 each

每股面值0.1港元之普通股数目

Personal

interests

Family

interests

Corporate/

Other interestsTotal interests

% of isued

share capital

个人权益家属权益

法团权益或

其他权益合计权益持股百分比

Mr. Fong Hoi Shing方海城先生42,000

(Note 7)

（附注七）

—42,0000.00

Ms. Ho Po Chu何宝珠女士110,350,000

(Note 8)

（附注八）

538,712,000

(Note 8)

（附注八）

817,608,000

(Note 2)

（附注二）

1,466,670,00072.57

Notes:

1. Mr. Ho Cheuk Fai’s personal interest consisted of

278,712,000 Shares. He is demed to be interested in

110,350,000 Shares held by his spouse, Ms. Ho Po Chu,

as beneficial owner.

2. The 1,077,608,000 Shares comprised (i) 487,608,000

Shares held by New Sense Enterprises Limited (“New

Sense”); and (i) 330,000,000 Shares held by Castfast

Properties Development Co., Limited (“Castfast

Properties”), 87% of the isued share capital of which

is beneficialy owned by Honford Investments Limited

(“Honford Investments”), where New Sense and Honford

Investments are each wholy-owned by TMF (B.V.I.) Ltd.

(“TMF”) as truste for a discretionary trust, which is a

family trust with Mr. Ho Cheuk Fai as setlor (“The Ho

Family Trust”), and (i) 260,000,000 Shares held by

The Weding City Co., Limited (“The Weding City”),

90% and 10% of the isued share capital of which is

beneficialy owned by Mr. Ho Cheuk Fai and Ms. Ho

Po Chu, respectively. Mr. Ho Cheuk Fai is demed to

be interested in the 817,608,000 Shares in (i) and (i)

as founder of The Ho Family Trust and in 260,000,000

Shares in (i) through The Weding City. Ms. Ho Po Chu

is the beneficiary of The Ho Family Trust and is thus

demed to be interested in the 817,608,000 Shares held

under The Ho Family Trust. Therefore, the interests of

Mr. Ho Cheuk Fai and Ms. Ho Po Chu in the 817,608,000

Shares duplicate with each other.

附注：

一、何焯辉先生之个人权益包括

278,712,000股份。何焯辉先生

被视为持有其配偶何宝珠女士作

为实益拥有人持有之110,350,000

股份。

二、 1,077,608,000股份包括(i)由

New Sense Enterprises Limited

（「New Sense」）持有之487,608,000

股份；(i)嘉辉房地产拓展有

限公司（「嘉辉房地产」）持有之

330,000,000股份，其已发行股

本之87%乃由Honford Investments

Limited（「Honford Investments」）

实益拥有。New Sense及Honford

Investments由TMF (B.V.I.）Ltd.

（「TMF」）作为全权信托The Ho

Family Trust之受托人全资拥有，

何焯辉先生作为家族信托之成立

者（「The Ho Family Trust」）；(i)婚

纱城有限公司（「婚纱城」）持有之

260,000,000股份，其发行股本

之90%及10%分别由何焯辉先生及

何宝珠女士实益拥有。何焯辉先

生作为The Ho Family Trust之创立

人，被视为于该等817,608,000股

股份中拥有(i)及(i)及(i)婚纱城之

260,000,000股份之权益。何宝

珠女士为The Ho Family Trust之受

益人，故被视为于The Ho Family

Trust持有之817,608,000股份拥

有权益。故此，何焯辉先生及何宝

珠女士于该等817,608,000股份

之权益彼此重叠。

Report of the Directors

董事会报告

113ANUAL REPORT 2024/25 年报

3. Ms. Chan Ming Mui, Silvia beneficialy owns 6,400,000

Shares, and is interested in 300,000 awarded shares

granted to her under the Share Award Plan, which remain

unvested as at the date of this anual report.

4. Mr. Zhao Kai beneficialy owns 11,082,000 Shares, and

is interested in 300,000 awarded shares granted to him

under the Share Award Plan, which remain unvested as at

the date of this anual report.

5. Mr. Chan Raymond beneficialy owns 4,452,000 Shares,

and is interested in 300,000 awarded shares granted to

her under the Share Award Plan, which remain unvested

as at the date of this anual report.

6. Mr. Ho Wai Hon, Brian was apointed as executive

Director on 24 June 2025 and beneficialy owns

3,098,000 Shares and is interested in 200,000 awarded

shares granted to him under the Share Award Plan, which

remain unvested as at the date of this anual report.

7. The personal interests of Mr. Fong Hoi Shing comprise

42,000 Shares.

8. The personal interests of Ms. Ho Po Chu comprise

110,350,000 Shares. Ms. Ho Po Chu is also demed

to be interested in (a) 278,712,000 Shares held and

260,000,000 Shares demed to be held by her spouse,

Mr. Ho Cheuk Fai, and (b) 817,608,000 Shares refered to

in Note 2 above.

Save as disclosed above, none of the Directors and chief

executive of the Company or their respective asociates

had any interests and short positions in the shares,

underlying shares or debentures of the Company or any of

its asociated corporations (within the meaning of Part XV

of the SFO) (a) as recorded in the register maintained by

the Company pursuant to Section 352 of the SFO; or (b)

otherwise notified to the Company and the Stock Exchange

pursuant to Divisions 7 and 8 of Part XV of the SFO

(including interests or short positions which were taken or

demed to have under such provisions of the SFO); or (c)

pursuant to the Model Code as at 31 March 2025.

三、陈名妹小姐实益拥有6,400,000股

股份，并拥有根据股份奖励计划授

予其300,000股奖励股份的权益，

该等股份于本年报日期仍未归属。

四、赵凯先生之实益拥有11,082,000股

股份，并拥有根据股份奖励计划授

予其300,000股奖励股份的权益，

该等股份于本年报日期仍未归属。

五、陈毅文先生之实益拥有4,452,000

股份，并拥有根据股份奖励计

划授予其300,000股奖励股份的权

益，该等股份于本年报日期仍未归

属。

六、何伟汗先生于二零二五年六月

二十四日获委任为执行董事，并实

益拥有3,098,000股份，且拥有

根据股份奖励计划授予其200,000

股奖励股份的权益，该等股份于

年报日期仍未归属。

七、方海城先生之个人权益由42,000股

股份组成。

八、何宝珠女士之个人权益由

110,350,000股份组成。何宝

珠女士被视为持有(a)其配偶何

焯辉先生作为实益拥有人持有之

278,712,000股份及260,000,000

股份；及(b)817,608,000股份之

权益，被视为何宝珠女士（如附注

二所述）重叠之同一权益。

除上文所披露外，本公司董事及最高行

政人员或彼等各自联系人士概无于本公

司或其任何相关法团（定义见证券及期

货条例第XV部）(a)根据证券及期货条例

第352条记录在本公司存备的登记册；或

(b)依据证券及期货条例第XV部第7及8

分部（包括其根据证券及期货条例该等

条文被假设或视为拥有的权益及淡仓）

通知本公司及联交所；或(c)根据于二零

二五年三月三十一日的标准守则。

Report of the Directors

董事会报告

114KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

DIRECTORS’ INTEREST IN COMPETING BUSINES

As at 31 March 2025, none of Directors were interested

in any busines apart from the Company’s busines which

competed or was likely to complete, either directly or

indirectly with the busineses of the Company and its

subsidiaries to Rule 8.10 of the Listing Rules.

The power to make material busines decisions for the

Group is vested in the Board. Whenever the Board

considers that there may be a conflict of interest betwen

the Group and any Director, such Director wil be required

to abstain from voting. Therefore, the Board is capable of

carying on the Group’s busines independently of, and at

arm’s length, from the busines of Directors.

SUBSTANTIAL SHAREHOLDERS

As at 31 March 2025

The interests or short positions of the persons (other than a

Director or Chief Executive of the Company) in the shares

or underlying shares of the Company which would fal

to be disclosed to the Company under the provisions of

Divisions 2 and 3 of Part XV of the SFO, or be directly or

indirectly interested in 5% or more of the nominal value

of any clas of share capital carying rights to vote in al

circumstances of general metings, or as recorded in the

336 of the SFO are as folows:

Number of ordinary shares of HK$0.10 each

每股面值0.1港元之普通股数目

Name of ShareholderPersonal interests

Corporate/Other

interests

Shareholding

percentage

股东名称个人权益

法团权益或

其他权益持股百分比

New Sense487,608,000

(Note 1附注一)

—24.12%

Castfast Properties嘉辉房地产330,000,000

(Note 2附注二)

—16.33%

The Weding City婚纱城260,000,000

(Note 3附注三)

—12.86%

Honford Investments—330,000,000

(Note 2附注二)

16.33%

TMF—817,608,000

(Note 4附注四)

40.45%

董事于竞争业务之权益

于二零二五年三月三十一日，概无董事

依据上市规则8.10条于任何直接或间接

与本公司及其附属公司业务构成竞争或

可能构成竞争之任何业务（本公司业务

除外）中拥有任何权益。

本集团之重大商业决定乃委予董事会，

无论何时，当董事会认为可能出现有董

事与本集团有利益冲突时，该名董事将

会放弃投票。因此，董事会便能独立于

及公平于董事业务而营运本集团之业

务。

主要股东

于二零二五年三月三十一日

根据证券及期货条例第XV部第2及第3

分部规定，以下人士（不包括董事及本公

司之最高行政人员）于本公司股份及相

关股份中的权益或淡仓，或直接或间

接拥有任何类别股本面值5%或以上的

权益，并有权在股东大会的所有情况下

投票或拥有根据本公司须按《证券条例》

第336条存置之登记册之权益及淡仓：

Report of the Directors

董事会报告

115ANUAL REPORT 2024/25 年报

Notes:

1. The entire isued share capital of New Sense was owned by

TMF as truste for The Ho Family Trust.

% of the isued share capital of Castfast Properties is

beneficialy owned by Honford Investments. The entire isued

share capital of Honford Investments was owned by TMF as

truste for a discretionary trust, The Ho Family Trust. The

interests of Honford Investments duplicate with those of the

Castfast Properties.

,000,000 Shares were beneficialy held by The Weding

City. 90% and 10% of the isued share capital of which is

beneficialy owned by Mr. Ho Cheuk Fai and Ms. Ho Po Chu,

respectively. The interests of The Weding City therefore

duplicate with those of Mr. Ho Cheuk Fai refered to in Note

2 to the section “Directors’ and Chief Executive’s Interests in

Shares — (A) Interests in the Company” above.

4. TMF is demed to be interested in these Shares held by New

Sense, Castfast Properties and Honford Investments by virtue of

acting as the truste for The Ho Family Trust.

Save as disclosed above, as at 31 March 2025, no

person, other than the Directors and chief executives of

the Company, whose interests are set out in the section

“Directors’ and Chief Executive’s Interests in Shares”

above, had an interest or short position in the Shares and

underlying Shares of the Company which would fal to be

disclosed to the Company under the provisions of Divisions

2 and 3 of Part XV of the SFO, or be directly or indirectly

interested in 5% or more of the nominal value of any clas

of share capital carying rights to vote in al circumstances

of general metings, or that was required to be recorded

in the register required to be kept under Section 336 of the

SFO.

附注：

一、 New Sense之全部已发行股本乃由TMF以

信托代The Ho Family Trust持有。

二、嘉辉房地产已发行股本之87%乃由

Honford Investments实益拥有。Honford

Investments之全部已发行股本乃由TMF

作为全权信托The Ho Family Trust之受

托人持有。Honford Investments之权益

与嘉辉房地产之权益重叠。

三、婚纱城实益持有260,000,000股份。

其已发行股本之90%及10%分别由何焯

辉先生及何宝珠女士实益拥有。故此，

婚纱城之权益被视为何焯辉先生于以上

「董事及最高行政人员之股份权益 —（甲）

于本公司之权益」一节附注二所述之权

益重叠。

四、 TMF被视为以The Ho Family Trust之受

托人身份于New Sense、嘉辉房地产及

Honford Investments所持有股份中拥有

权益。

除上文及董事及最高行政人员于「董事

及最高行政人员之股份权益」中披露外，

于二零二五年三月三十一日，并无人士

拥有本公司之股份及相关股份中根据

证券及期货条例第XV部第2及第3分部

的规定须向本公司披露之权益或淡仓，

或直接或关接拥有任何类别股本面值

5%或以上的权益在股东大会的所有情

况下有投票权，或而该等权益或淡仓需

根据《证券条例》第336条须予备存之登

记册所记录。

Report of the Directors

董事会报告

116KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

UPDATES ON DIRECTORS’ INFORMATION UNDER RULE

13.51B(1) OF THE LISTING RULES

Change of information of the Directors, which is required

to be disclosed pursuant to Rule 13.51B(1) of the Listing

Rules are set out below:

Name of DirectorDetail of Change

董事姓名变动详情

Mr. Ho Cheuk Fai

何焯辉先生

anual salary increased from HK$4,838,400 to HK$4,862,400

(excluding discretionary bonus) with efect from 1 July 2024, which is

determined by the Board with reference to his experience, performance

and duties as wel as the prevailing market conditions.

年薪由4,838,400港元增加至4,862,400港元（不包括酌量花红），自二零

二四年七月一日生效，其薪酬由董事会参考其工作表现，经验、职责

及当前市场情况而厘定。

Ms. Chan Ming Mui, Silvia

陈名妹小姐

anual salary increased from HK$980,496 to HK$1,016,496 (excluding

discretionary bonus) with efect from 1 July 2024, which is determined

by the Board with reference to her experience, performance and duties

as wel as the prevailing market conditions. She has ben apointed as

a member of the nomination comite of the Company with efect

from 6 September 2024.

年薪由980,496港元增加至1,016,496港元（不包括酌量花红），自二零

二四年七月一日生效，其薪酬由董事会参考其工作表现，经验、职责

及当前市场情况而厘定。于二零二四年九月六日，彼委任为本公司提

名委员会成员。

Mr. Zhao Kai

赵凯先生

anual salary increased from HK$1,312,308 to HK$1,345,296

(excluding discretionary bonus) with efect from 1 July 2024, which is

determined by the Board with reference to his experience, performance

and duties as wel as the prevailing market conditions.

年薪由1,312,308港元增加至1,345,296港元（不包括酌量花红），自二零

二四年七月一日生效，其薪酬由董事会参考其工作表现，经验、职责

及当前市场情况而厘定。

Mr. Chan Raymond

陈毅文先生

anual salary increased from HK$1,122,000 to HK$1,152,000

(excluding discretionary bonus) with efect from 1 July 2024, which is

determined by the Board with reference to his experience, performance

and duties as wel as the prevailing market conditions.

年薪由1,122,000港元增加至1,152,000港元（不包括酌量花红），自二零

二四年七月一日生效，其薪酬由董事会参考其工作表现，经验、职责

及当前市场情况而厘定。

根据上市规则第13.51B(1)条作出之董事

资料更新

根据上市规则第13.51B(1)条须予披露之

董事资料变动载列如下：

Report of the Directors

董事会报告

117ANUAL REPORT 2024/25 年报

Name of DirectorDetail of Change

董事姓名变动详情

Mr. Fong Hoi Shing

方海城先生

anual salary increased from HK$150,000 to HK$170,000 (excluding

discretionary bonus) with efect from 1 July 2024, which is determined

by the Board with reference to his experience, performance and duties

as wel as the prevailing market conditions. He has ben apointed as

a member of the remuneration comite of the Company with efect

from 6 September 2024.

年薪由150,000港元增加至170,000港元（不包括酌量花红），自二零二四

年七月一日生效，其薪酬由董事会参考其工作表现，经验、职责及当

前市场情况而厘定。于二零二四年九月六日，彼委任为本公司薪酬委

员会成员。

Dr. Lau Kin Wah

刘健华博士

anual salary increased from HK$150,000 to HK$170,000 (excluding

discretionary bonus) with efect from 1 July 2024, which is determined

by the Board with reference to his experience, performance and

duties as wel as the prevailing market conditions. He has ben re-

designated from a member to the chairman of each of the remuneration

comite and nomination comite of the Company with efect from

6 September 2024.

年薪由150,000港元增加至170,000港元（不包括酌量花红），自二零二四

年七月一日生效，其薪酬由董事会参考其工作表现，经验、职责及当

前市场情况而厘定。于二零二四年九月六日，彼由本公司薪酬委员会

成员及提名委员会成员调任为主席。

Mr. Yam Chung Shing

任重诚先生

He has resigned as an independent non-executive Director, the member

of the audit comite, the chairman of the remuneration comite

and the chairman of the nomination comite of the Board with efect

from 6 September 2024 due to his other busines comitments.

彼因其他个人事务安排，已辞任董事会独立非执行董事、审核委员会

成员、薪酬委员会主席及提名委员会主席职务，自二零二四年九月六

日起生效。

Mr. Lam Yin Shing, Donald

林燕胜先生

He has ben apointed as an independent non-executive Director and

a member of the audit comite of the Company with efect from 1

July 2024.

彼获委任为本公司之独立非执行董事及审核委员会成员，自二零二四

年七月一日起生效。

Mr. Ho Wai Hon, Brian

何伟汗先生

He has ben apointed as an executive Director and the head of

Finance and Acounting Department with efect from 24 June 2025.

彼获委任为执行董事兼财会部主管，自二零二五年六月二十四日起生

效。

Report of the Directors

董事会报告

118KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

DISCLOSURES PURSUANT TO RULE 13.21 OF THE

LISTING RULES

Save as disclosed in this anual report, the Company did

not have any other disclosure obligations under Rules 13.21

of the Listing Rules during the year ended 31 March 2025.

MAJOR CUSTOMERS AND SUPLIERS

The percentages of purchases and sales for the year ended

31 March 2025 atributable to the Group’s major supliers

and customers are as folows:

Purchases

The largest suplier49%

Five largest supliers combined63%

Sales

The largest customer37%

Five largest customers combined90%

None of the Directors, their close asociates, or any

shareholders (which, to the knowledge of the Directors,

owned more than 5% of the Company’s share capital

(excluding treasury shares) had a beneficial interest in the

Group’s major supliers or customers noted above.

DIVIDEND AND CLOSURE OF REGISTER OF MEMBERS

Asuming that the final dividend is aproved by the

shareholders of the Company at the AGM, for the purposes

of ascertaining the entitlement to the final dividend, the

Thursday, 11 September 2025 to Friday, 12 September

2025 (both dates inclusive) during which period no

transfer of shares wil be registered. In order to qualify for

the final dividend, al properly completed transfer forms

acompanied by the relevant share certificates must be

lodged with the Company’s branch share registrar and

transfer ofice in Hong Kong, Computershare Hong Kong

Investor Services Limited, Shops 1712–1716, 17th Flor,

Hopewel Centre, 183 Quen’s Road East, Wanchai,

Hong Kong not later than 4:30 p.m. on Wednesday, 10

September 2025. It is expected that the final dividend

wil be payable and isued to those entitled on or around

Tuesday, 30 September 2025.

根据上市规则第13.21条作出之披露

除本年报披露者外，截至二零二五年三

月三十一日止，本公司并无根据上市规

则第13.21条承担任何其他披露责任。

主要客户及供应商

截至二零二五年三月三十一日止年度，

本集团在主要供应商及客户之购买及销

售百分比为：

购买

最大供应商49%

五大供应商共占63%

销售

最大客户37%

五大客户共占90%

除上述外，各董事、彼等的紧密联系人

或以董事所知拥有本公司股本（不包括

库存股份）超过5%之股东并无拥有任何

上述本集团主要供应商及客户之权益。

股息及暂停办理过户登记

假设末期股息于股东周年大会上获本

公司股东批准，为确定享有末期股息之

权利，本公司将由二零二五年九月十一

日（星期四）至二零二五年九月十二日（星

期五）（包括首尾两日）暂停办理股份过

户登记手续。如欲符合获派末期股息

之资格，所有填妥之股份转让文件连

同有关之股票，须于二零二五年九月十

日（星期三）下午四时三十分前送达本公

司于香港之股份过户登记分处：香港中

央证券登记有限公司；地址为香港湾仔

皇后大道东183号合和中心17楼1712至

1716室。末期股息预计将于或约于二零

二五年九月三十日（星期二）派发及发行

予本公司合资格股东。

Report of the Directors

董事会报告

119ANUAL REPORT 2024/25 年报

ANUAL GENERAL METING AND CLOSURE OF

For the purposes of ascertaining the entitlement to atend

and vote at the AGM to be held on 5 September 2025, the

Monday, 1 September 2025 to Friday, 5 September 2025

(both dates inclusive) during which period no transfer of

shares wil be registered. In order to qualify to atend and

vote at the AGM, al properly completed transfer forms

acompanied by the relevant share certificates must be

lodged with the Company’s branch share registrar and

transfer ofice in Hong Kong, Computershare Hong Kong

Investor Services Limited, Shops 1712–1716, 17th Flor,

Hopewel Centre, 183 Quen’s Road East, Wanchai, Hong

Kong not later than 4:30 p.m. on Friday, 29 August 2025.

PUBLIC FLOAT

As at the date of this anual report, based on public

information available to the Company and to the best

knowledge of the Directors, the Company maintained

suficient public float, being 25% of the isued share

capital of the Company as required under the Listing Rules.

EQUITY-LINKED AGREMENTS

Save as set out in the section of “Share Schemes” in this

anual report, no equity-linked agrements were entered

into by the Group, or existed during the year ended 31

March 2025.

股东周年大会及暂停办理过户登记

为确定享有出席将于二零二五年九月五

日举行之股东周年大会并于会上投票之

权利，本公司将由二零二五年九月一日

（星期一）至二零二五年九月五日（星期五）

（包括首尾两日）暂停办理股份过户登记

手续。如欲享有出席股东周年大会并

于会上投票之资格，所有填妥之股份转

让文件连同有关之股票，须于二零二五

年八月二十九日（星期五）下午四时三十

分前送达本公司于香港之股份过户登

记分处：香港中央证券登记有限公司；

地址为香港湾仔皇后大道东183号合和

中心17楼1712至1716室。

公众持股量

于本年报刊发日期，根据本公司获得的

公开资料及据本公司董事知悉，本公司

拥有足够的公众持股量，即不少于上市

规则规定下本公司已发行股份的25%。

股票挂钩协议

除于本年报内之「股份计划」部份所述

外，截至本年度二零二五年三月三十一

日，本集团并无订立或存续股票挂钩协

议。

Report of the Directors

董事会报告

120KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

AUDITORS

The financial statements have ben audited by Mesrs.

KPMG who shal retire and, being eligible, ofer themselves

for re-apointment.

A resolution for their re-apointment as auditors of the

Company wil be proposed at the AGM.

The Company has not changed its auditors in the past thre

years.

On behalf of the Board

Ho Cheuk Fai

Chairman

Hong Kong, 25 June 2025

核数师

本年度之账目由毕马威会计师事务所审

核；该核数师即将任满，惟有资格并愿

意膺选连任。

本公司将于股东周年大会上就彼等之重

新委任提呈决议案。

过去三年本公司并未变更核数师。

承董事会命

主席

何焯辉

香港，二零二五年六月二十五日

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

121ANUAL REPORT 2024/25 年报

Independent Auditor’s Report To the shareholders of

Karie International Holdings Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of

Karie International Holdings Limited (“the Company”) and

its subsidiaries (“the Group”) set out on pages 130 to 286,

which comprise the consolidated statement of financial

position as at 31 March 2025, the consolidated statement

of profit or los, the consolidated statement of profit or

los and other comprehensive income, the consolidated

statement of changes in equity and the consolidated

cash flow statement for the year then ended and notes,

comprising material acounting policy information and

other explanatory information.

In our opinion, the consolidated financial statements give

a true and fair view of the consolidated financial position

of the Group as at 31 March 2025 and of its consolidated

financial performance and its consolidated cash flows for

the year then ended in acordance with HKFRS Acounting

Standards isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the disclosure requirements of

Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

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

Our responsibilities under those standards are further

described in the Auditor’s responsibilities for the audit of

the consolidated financial statements section of our report.

We are independent of the Group in acordance with

the HKICPA’s Code of Ethics for Profesional Acountants

(“the Code”) together with any ethical requirements that

are relevant to our audit of the consolidated financial

statements in Bermuda, and we have fulfiled our

other ethical responsibilities in acordance with these

requirements and the Code. We believe that the audit

evidence we have obtained is suficient and apropriate to

provide a basis for our opinion.

致嘉利国际控股有限公司全体股东之

独立核数师报告

（于百慕达注册成立之有限公司）

意见

吾等已审核列载于第130至第286页嘉

利国际控股有限公司（「贵公司」）及其附

属公司（称「贵集团」）之综合财务报表，

此综合财务报表包括于二零二五年三月

三十一日之综合财务状况表及截至该日

止年度之综合损益表、综合损益及其

他全面收入表、综合权益变动表及综

合现金流量表，以及财务报表附注，包

括重要会计政策和其他解释资料。

吾等认为，该等综合财务报表已根据

香港会计师公会颁布之《香港财务报告

会计准则》真实而公平地反映了贵集

团于二零二五年三月三十一日之综合财

务状况及截至该日止年度之综合财务表

现及综合现金流量，并已遵照香港《公

司条例》之披露要求妥为拟备。

意见之基础

吾等已根据香港会计师公会颁布之《香

港审计准则》进行审计。吾等在该等准

则下承担之责任已在本报告「核数师就

审计综合财务报表承担之责任」部分中

作进一步阐述。根据香港会计师公会

颁布之《专业会计师道德守则》（以下简称

「守则」）以及与吾等对百慕达综合财务

报表之审计相关之道德要求，吾等独立

于贵集团，并已履行这些道德要求以

及守则中之其他专业道德责任。吾等相

信，吾等所获得之审计凭证能充足及适

当地为吾等之审计意见提供基础。

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

122KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the

consolidated financial statements of the curent period.

These maters were adresed in the context of our audit

of the consolidated financial statements as a whole, and

in forming our opinion thereon, and we do not provide a

separate opinion on these maters.

Timing of revenue recognition

Refer to note 24 to the consolidated financial statements

and the acounting policy note 2(v).

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项吾等之审计如何处理该事项

The principal activities of the Group are the

manufacture and sales of metal and plastic

products and electronic products.

贵集团主要从事制造及销售五金及塑胶产品，以

及电子产品。

The revenue is recognised when the gods are

delivered to the customer’s designated location

which is considered to be the point in time when

the Group transfers the control over gods to the

customers.

收入在产品送达客户指定之地点，即贵集团将

产品控制权转移给客户时确认。

Our audit procedures to ases the valuation of

inventories included the folowing:

吾等处理收入确认之时间之审计程序包括以下：

• obtaining an understanding of and asesing

the design, implementation and operating

efectivenes of the Group’s key internal

controls in relation to revenue recognition;

• 了解及评估贵集团关于收入确认之关键内

部控制之设计、实施及运作之有效性；

• inspecting key customer contracts to

identify terms and conditions relating to

gods aceptance and asesing the Group’s

revenue recognition policies with reference

to the requirements of the prevailing

acounting standards;

• 检查关键客户合约以识别与货物验收有关

之条款及条件，以及参照现行会计准则之要

求评估贵集团之收入确认政策；

关键审计事项

关键审计事项乃根据吾等之专业判断，

认为对本期综合财务报表之审计最为

重要之事项。此等事项是在吾等审计

整体综合财务报表及出具意见时进行

处理。吾等不会对这些事项提供单独

之意见。

收入确认时间

参阅综合财务报表附注24及附注2(v)之

会计政策。

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

123ANUAL REPORT 2024/25 年报

KEY AUDIT MATERS (CONTINUED)

Timing of revenue recognition (continued)

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项吾等之审计如何处理该事项

The Group’s sales contracts with customers,

which principaly comprise of large-sized

international technology corporations, have a

variety of terms and conditions. Such terms may

afect the timing of the recognition of sales to

those customers. The Group evaluates the terms

of each sales contract in order to determine the

apropriate timing of revenue recognition.

贵集团与客户（主要包括大型国际科技公司）订立

之销售合约设有一系列交易条款及条件。该等

条款可能会影响确认对这些客户进行销售之时

间。贵集团因应各销售合约就风险转移之有关

条款去厘定收入确认之适当时间。

We identified the timing of revenue recognition

as a key audit mater because each sales contract

may have diferent terms and conditions which

increases the risk of eror in the recognition

of revenue and because it is one of the key

performance indicators of the Group and could

be subject to manipulation to met targets or

expectations.

吾等把五金塑胶及电子专业代工业务之收入确认

之时间列为关键审计事项，因各销售合约订有不

同条款及条件，因而可能增加收入确认错误之风

险。同时，因收入是贵集团其中一项关键业绩

指标，可能受到人为操纵以达成目标或期望。

, on a sample basis, specific

revenue transactions recorded before and

after the financial year end date with gods

delivery documents and underlying sales

invoices to determine whether the revenue

had ben recognised in the apropriate

financial period; and

• 抽样比较在年末前后已入账之具体收入交

易与相关销售凭证及商品交付文件，以厘定

相关收入是否在适当之年期内予以确认；及

• inspecting underlying documentation

for manual journal entries relating to

revenue raised during the year which were

considered to specific risk-based criteria.

• 检查符合特定风险标准且与收入有关之手

动输入会计分录之相关文件。

关键审计事项（续）

收入确认时间（续）

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

124KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

KEY AUDIT MATERS (CONTINUED)

Valuation of inventories

Refer to note 14 to the consolidated financial statements

and the acounting policy note 2(l)(i).

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项吾等之审计如何处理该事项

The carying value for inventories as at 31 March

2025 was HK$501 milion, which represented

19.8% of the Group’s total asets.

于二零二五年三月三十一日，贵集团存货账面

值为501,000,000元，相当于贵集团资产总值

19.8%。

Inventories are caried at the lower of cost and

net realisable value. The Group maintains its

inventory levels based on customer orders and

forecast demand.

存货按成本与可变现净值之间之较低者估

值。贵集团根据客户订单和预期需求维持其存

货水平。

A significant proportion of the Group’s products

are manufactured to met specific customer

requirements. There is a risk that inventories may

be stated at more than their net realisable value

if a customer experiences financial dificulty or

there is a demand isue with a customer’s product

that includes a component manufactured by the

Group.

贵集团的大部分产品是为满足具体客户之要求

而制造。如果客户面临财务困难，或客户之产品

（包括由贵集团制造的组件）存在需求问题，则

会形成存货可能以超过其可变现净值列账之风

险。

Our audit procedures to ases the valuation of

inventories included the folowing:

吾等就存货估值之审计程序包括以下各项：

• obtaining an understanding of and

asesing the design and implementation

of the Group’s key internal controls over

the proces for asesing provisions for

inventories;

• 了解和评估贵集团有关评估存货减值拨备

之程序之关键内部控制之设计及实施；

• asesing whether the inventory items in the

inventory ageing report were categorised

in the apropriate ageing bracket by

comparing individual items therein with

suplier invoices and other underlying

documentation on a sample basis;

评估存货账龄报告内之存货项目是否被归

类于适当之账龄框架；

, on a sample

basis, at reporting date and comparing

their carying value to their subsequent

seling prices as indicated in sales invoices

subsequent to the reporting date;

，比较其账面

值与报告日后销售凭证上之售价；

关键审计事项（续）

存货估值

参阅综合财务报表附注14及附注2(l)(i)

之会计政策。

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

125ANUAL REPORT 2024/25 年报

KEY AUDIT MATERS (CONTINUED)

Valuation of inventories (Continued)

The Key Audit MaterHow the mater was adresed in our audit

关键审计事项吾等之审计如何处理该事项

Management aseses the level of provisions for

inventories required at each reporting date after

considering inventory ageing and other relevant

factors. This asesment involves significant

management judgement.

管理层在计及存货之账龄及其他相关因素后，于

每个报告日评估所需存货拨备之水平。该评估涉

及重大管理层判断。

We identified the valuation of inventories as

a key audit mater because the Group held

significant inventories at the reporting date and

because of the significant degre of management

judgement involved in evaluating the provisions

for inventories.

吾等把存货估值列为关键审计事项，因为贵集

团于报告日持有大量存货，以及在评价存货拨备

时涉及了重大管理层判断。

• obtaining an understanding of the

Group’s inventory write-down policy and

asesing whether this policy apropriate

with reference to the Group’s curent

circumstances and the requirements of the

prevailing acounting standards; and

，并评估该等

政策是否仍然适用于贵集团之当前状况

并符合现行会计准则的要求；

• examining the subsequent utilisation or

release of stock write-downs recorded as

at the end of previous financial year and

aditional write-down recognised in the

curent year in respect of stocks on hand as

at previous financial year to ases whether

the judgement made by management in

estimating the write-downs in the prior year

indicated posible management bias.

‧ 查核对于上一会计年度记录的撇减之使用

或拨回，以及就对于上一会计年度之手头存

货在本年度作出之新撇减，评估管理层以往

对存货撇减是否存在管理偏差；

关键审计事项（续）

存货估值（续）

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

126KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

INFORMATION OTHER THAN THE CONSOLIDATED

FINANCIAL STATEMENTS AND AUDITOR’S REPORT

THEREON

The Directors are responsible for the other information. The

other information comprises al the information included

in the anual report, other than the consolidated financial

statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does

not cover the other information and we do not expres any

form of asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other

information and, in doing so, consider whether the other

information is materialy inconsistent with the consolidated

financial statements or our knowledge obtained in the audit

or otherwise apears to be materialy mistated.

If, based on the work we have performed, we conclude that

there is a material mistatement of this other information,

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

report in this regard.

RESPONSIBILITIES OF THE DIRECTORS FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The Directors are responsible for the preparation of the

consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards

isued by the HKICPA and the disclosure requirements of

the Hong Kong Companies Ordinance and for such internal

control as the Directors determine is necesary to enable

the preparation of consolidated financial statements that

are fre from material mistatement, whether due to fraud

or eror.

In preparing the consolidated financial statements, the

Directors are responsible for asesing the Group’s ability

to continue as a going concern, disclosing, as aplicable,

maters related to going concern and using the going

concern basis of acounting unles the Directors either

intend to liquidate the Group or to cease operations, or

have no realistic alternative but to do so.

The Directors are asisted by the Audit Comite in

discharging their responsibilities for overseing the Group’s

financial reporting proces.

综合财务报表及其核数师报告以外之

信息

董事需对其他信息负责。其他信息包括

刊载于年报内之全部信息，但不包括综

合财务报表及吾等之核数师报告。

吾等对综合财务报表之意见并不涵盖

其他信息，吾等亦不对该等其他信息发

表任何形式之鉴证结论。

结合吾等对综合财务报表之审计，吾等

之责任是阅读其他信息，在此过程中，

考虑其他信息是否与综合财务报表或

吾等在审计过程中所了解之情况存在重

大抵触或者似乎存在重大错误陈述之

情况。

基于吾等已执行之工作，如果吾等认

为其他信息存在重大错误陈述，吾等

需要报告该事实。在这方面，吾等没有

任何报告。

董事就综合财务报表承担之责任

董事须负责根据香港会计师公会颁布

之《香港财务报告会计准则》及香港《公

司条例》之披露要求拟备真实而中肯之

综合财务报表，并对其认为使综合

财务报表之拟备不存在由于欺诈或错

误而导致之重大错误陈述所需之内部

控制负责。

在拟备综合财务报表时，董事负责评

估贵集团持续经营之能力，并在适用

情况下披露与持续经营有关之事项，以

及使用持续经营为会计基础，除非董事

有意将贵集团清盘或停止经营，或别

无其他实际之替代方案。

审核委员会协助董事履行监督贵集团

之财务报告过程之责任。

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

127ANUAL REPORT 2024/25 年报

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a whole

are fre from material mistatement, whether due to fraud

or eror, and to isue an auditor’s report that includes our

opinion. This report is made solely to you, as a body, in

acordance with Section 90 of the Bermuda Companies

Act 1981, and for no other purpose. We do not asume

responsibility towards or acept liability to any other

person for the contents of this report.

Reasonable asurance is a high level of asurance but is not

a guarante that an audit conducted in acordance with

HKSAs wil always detect a material mistatement when it

exists. Mistatements can arise from fraud or eror and are

considered material if, individualy or in the agregate, they

could reasonably be expected to influence the economic

decisions of users taken on the basis of these consolidated

financial statements.

As part of an audit in acordance with HKSAs, we

exercise profesional judgement and maintain profesional

scepticism throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether

due to fraud or eror, design and perform audit

procedures responsive to those risks, and obtain

audit evidence that is suficient and apropriate

to provide a basis for our opinion. The risk of not

detecting a material mistatement resulting from fraud

is higher than for one resulting from eror, as fraud

may involve colusion, forgery, intentional omisions,

misrepresentations or the overide of internal control.

• Obtain an understanding of internal control relevant

to the audit in order to design audit procedures that

are apropriate in the circumstances but not for the

purpose of expresing an opinion on the efectivenes

of the Group’s internal control.

核数师就审计综合财务报表承担之责

任

吾等之目标，是对综合财务报表整体是

否不存在由于欺诈或错误而导致之重

大错误陈述取得合理保证，并出具包

括吾等意见之核数师报告。吾等是按

照百慕达1981年《公司法案》第90条之规

定，仅向整体股东报告。除此以外，吾

等之报告不可用作其他用途。吾等概不

就本报告之内容，对任何其他人士负责

或承担法律责任。

合理保证是高水平之保证，但不能保证

按照《香港审计准则》进行之审计，在某

一重大错误陈述存在时总能发现。错

误陈述可以由欺诈或错误引起，如果合

理预期它们单独或汇总起来可能影响

综合财务报表使用者依赖财务报表所

作出之经济决定，则有关之错误陈述可

被视作重大。

在根据《香港审计准则》进行审计之过

程中，吾等运用了专业判断，保持了专

业怀疑态度。吾等亦：

• 识别和评估由于欺诈或错误而导

致综合财务报表存在重大错误陈

述之风险，设计及执行审计程序

以应对这些风险，以及获取充足

和适当之审计凭证，作为吾等意见

之基础。由于欺诈可能涉及串谋、

伪造、蓄意遗漏、虚假陈述，或凌

驾于内部控制之上，因此未能发

现因欺诈而导致之重大错误陈述

之风险高于未能发现因错误而导

致之重大错误陈述之风险。

，以

设计适当之审计程序，但目的并非

对贵集团内部控制之有效性发表

意见。

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

128KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

• Evaluate the apropriatenes of acounting policies

used and the reasonablenes of acounting estimates

and related disclosures made by the directors.

’ use

of the going concern basis of acounting and, based

on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that

may cast significant doubt on the Group’s ability to

continue as a going concern. If we conclude that

a material uncertainty exists, we are required to

draw atention in our auditor’s report to the related

disclosures in the consolidated financial statements

or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit

evidence obtained up to the date of our auditor’s

report. However, future events or conditions may

cause the Group to cease to continue as a going

concern.

, structure and

content of the consolidated financial statements,

including the disclosures, and whether the

consolidated financial statements represent the

underlying transactions and events in a maner that

achieves fair presentation.

• Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial

information of the entities or busines units within

the Group as a basis for forming an opinion on the

group financial statements. We are responsible for the

direction, supervision and review of the audit work

performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding,

among other maters, the planed scope and timing of

the audit and significant audit findings, including any

significant deficiencies in internal control that we identify

during our audit.

核数师就审计综合财务报表承担之责

任（续）

• 评价董事所采用会计政策之恰当

性及作出会计估计及相关披露之

合理性。

• 对董事采用持续经营会计基础之

恰当性作出结论。根据所获取之

审计凭证，确定是否存在与事项

或情况有关之重大不确定性，从而

可能导致对贵集团之持续经营能

力产生重大疑虑。如果吾等认为

存在重大不确定性，则有必要在核

数师报告中提请使用者注意综合

财务报中之相关披露。假若有关之

披露不足，则吾等应当发表非无保

留意见。吾等之结论是基于核数

师报告日止所取得之审计凭证。然

而，未来事项或情况可能导致贵

集团不能持续经营。

• 评价综合财务报表之整体呈列方

式、结构及内容，包括披露，以及

综合财务报表是否中肯反映交易及

事项。

，以获取

关于集团内实体或业务单位财务

信息之充足、适当之审计凭证，作

为对贵集团综合财务报表发表

形成意见之基础。我们负责指导、

监督及覆核就集团审计目的而执行

之审计工作。我们为审计意见承

担全部责任。

除其他事项外，吾等与审核委员会沟

通了计划之审计范围、时间安排、重大

审计发现等，包括吾等于审计中识别

出内部控制之任何重大缺陷。

Independent Auditor’s Report

独立核数师报告

(Expresed in Hong Kong dolars unles otherwise indicated) （除另有说明外，以港元列示）

129ANUAL REPORT 2024/25 年报

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

We also provide the Audit Comite with a statement

that we have complied with relevant ethical requirements

regarding independence and comunicate with them

al relationships and other maters that may reasonably

be thought to bear on our independence and, where

aplicable, related safeguards.

From the maters comunicated with the Audit Comite,

we determine those maters that were of most significance

in the audit of the consolidated financial statements of the

curent period and are therefore the key audit maters. We

describe these maters in our auditor’s report unles law

or regulation precludes public disclosure about the mater

or when, in extremely rare circumstances, we determine

that a mater should not be comunicated in our report

because the adverse consequences of doing so would

reasonably be expected to outweigh the public interest

benefits of such comunication.

The engagement partner on the audit resulting in this

independent auditor’s report is Yuen Man Ching, Derek

(Practising Certificate Number: P06054).

KPMG

Certified Public Acountants

Flor, Prince’s Building

10 Chater Road

Central, Hong Kong

25 June 2025

核数师就审计综合财务报表承担之责

任（续）

吾等还向审核委员会提交声明，说明

吾等已符合有关独立性之相关专业道

德要求，并与他们沟通有可能合理地被

认为会影响吾等独立性之所有关系和

其他事项，以及在适用之情况下，采取

相应防范措施。

从与审核委员会沟通之事项中，吾等

确定哪些事项对本期综合财务报表之

审计最为重要，因而构成关键审计事

项。吾等在核数师报告中描述这些事

项，除非法律法规不允许公开披露这些

事项，或在极端罕见之情况下，如果合

理预期在吾等报告中沟通某事项造成

之负面后果超过产生之公众利益，吾

等决定不应在报告中沟通该事项。

出具本独立核数师报告之审计项目合伙

人是袁文正（执业证书编号：P06054）。

毕马威会计师事务所

执业会计师

香港中环

遮打道10号

太子大厦8楼

二零二五年六月二十五日

Consolidated Statement of Financial Position

综合财务状况表

(Expresed in Hong Kong dolars)（以港元列示）

130KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

31 March 202531 March 2024

二零二五年

三月三十一日

二零二四年

三月三十一日

Note$’000$’000

附注千元千元

ASETS资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备6756,108693,169

Investment properties投资物业7185,544229,068

Intangible asets无形资产89423,824

Investments in asociates于联营公司之投资1089,44782,455

Other financial asets其他金融资产1319,98019,465

Other non-curent asets其他非流动资产1287,40329,353

Defered tax asets递延税项资产23(b)2,3432,581

1,141,7671,059,915

Curent asets流动资产

Inventories存货14501,196512,256

Trade and bils receivables贸易及票据应收账款12621,016619,157

Prepayments, deposits and other

receivables

预付款、按金及其他

应收账款1262,00353,509

Amounts due from related

companies

应收关连公司账款

32(b)10,9083,345

Curent tax recoverable本期可收回税项23(a)4,6395,121

Cash and bank deposits现金及银行存款15191,177149,418

1,390,9391,342,806

Total asets资产总值2,532,7062,402,721

Consolidated Statement of Financial Position

综合财务状况表

(Expresed in Hong Kong dolars)（以港元列示）

131ANUAL REPORT 2024/25 年报

31 March 202531 March 2024

二零二五年

三月三十一日

二零二四年

三月三十一日

Note$’000$’000

附注千元千元

EQUITY权益

Capital and reserves

atributable to equity

shareholders of the Company

本公司权益持有人

应占股本及储备

Share capital股本16202,146202,146

Other reserves其他储备18201,198189,229

Retained earnings保留溢利18675,440601,629

Total equity权益总值1,078,784993,004

LIABILITIES负债

Curent liabilities流动负债

Trade payables贸易应付账款19432,389462,793

Acruals and other payables应计费用及其他应付

账款19225,603307,684

Bank borowings银行借贷20381,659333,833

Lease liabilities租赁负债224,4963,329

Amount due to an asociate应付联营公司账款1011,7702,331

Amounts due to related

companies

应付关连公司账款

32(b)3,9193,696

Curent tax payable本期应付税项23(a)121,89899,077

1,181,7341,212,743

Consolidated Statement of Financial Position

综合财务状况表

(Expresed in Hong Kong dolars)（以港元列示）

132KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

31 March 202531 March 2024

二零二五年

三月三十一日

二零二四年

三月三十一日

Note$’000$’000

附注千元千元

Non-curent liabilities非流动负债

Bank borowings银行借贷20154,500195,859

Loan from a controling

shareholder

控股东贷款

21100,000—

Lease liabilities租赁负债2216,871276

Provision for long service

payments

长期服务金拨备

Defered tax liabilities递延税项负债23(b)208201

272,188196,974

Total liabilities负债总值1,453,9221,409,717

Total equity and liabilities权益及负债总值2,532,7062,402,721

Net curent asets流动资产净值209,205130,063

Total asets les curent

liabilities

资产总值减流动负债

1,350,9721,189,978

Aproved and authorised for isue by the board of directors

on 25 June 2025.

Ho Cheuk FaiChan Ming Mui, Silvia

何焯辉陈名妹

DirectorDirector

董事董事

The notes on pages 141 to 286 form part of these financial

statements.

于二零二五年六月二十五日由董事会批

准及授权刊发。

第141至286页之附注为本财务报表之一

部分。

Consolidated Statement of Profit or Los

综合损益表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

133ANUAL REPORT 2024/25 年报

二零二五年二零二四年

Note$’000$’000

附注千元千元

Revenue收入243,231,3292,915,981

Cost of revenue收入成本25(2,759,253)(2,545,842)

Gros profit毛利472,076370,139

Distribution and seling expenses分销及销售费用25(27,436)(22,556)

General and administrative

expenses

一般及行政费用

25(121,262)(89,271)

Other net income其他收入净额245,3016,110

Net valuation loses on

investment properties

投资物业估值亏损

净额7(43,653)(36,050)

Operating profit经营溢利285,026228,372

Finance income财务收入2,6292,704

Finance costs财务成本(41,086)(42,855)

Finance cost, net财务成本，净额27(38,457)(40,151)

Share of profits/(loses) of

asociates

应占联营公司

溢利╱（亏损）101,007(1,222)

Profit before taxation除税前溢利247,576186,999

Income tax所得税28(43,095)(17,340)

Profit for the year年度溢利204,481169,659

Earnings per share atributable

to equity shareholders of

the Company

本公司权益持有人

应占每股溢利

Basic earnings per share

(HK cents)

每股基本溢利

（港仙）2910.18.4

Diluted earnings per share

(HK cents)

摊薄后每股溢利

（港仙）2910.18.4

The notes on pages 141 to 286 form part of these financial

statements. Details of dividends payable to equity

shareholders of the Company atributable to the profit for

the year are set out in note 30.

第141至286页之附注为本财务报表之一

部分，属于本年度溢利之应付本公司权

益持有人之股息详载列附注30。

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收入表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

134KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

二零二五年二零二四年

Note$’000$’000

附注千元千元

Profit for the year年度溢利204,481169,659

Other comprehensive income

for the year:

年度其他全面收入：

Items that wil not be reclasified

to profit or los:

不会重新分类至损益

之项目：

Remeasurement of provision for

long service payments

长期服务金拨备之

重新计量129213

Share of other comprehensive

income of an asociate

应占联营公司之其他

全面收入10—2,070

Items that may be reclasified

subsequently to profit or los:

其后可能重新分类至

损益之项目：

Exchange diferences on

translation of financial

statements of operations

outside Hong Kong

换算香港以外业务财

务报表所产生之兑

换差异

1812,658(55,159)

Changes in fair value of other

financial asets

其他金融资产公平值

之变动18127103

Other comprehensive income

for the year

年度其他全面收入

12,914(52,773)

Total comprehensive income

for the year

年度全面收入总额

217,395116,886

The notes on pages 141 to 286 form part of these financial

statements.

第141至286页之附注为本财务报表之一

部分。

Consolidated Statement of Changes in Equity

综合权益变动表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

135ANUAL REPORT 2024/25 年报

capital

Other

reserves

Retained

earnings

Total

equity

股本其他储备保留溢利权益总值

(Note 16)(Note 18)

（附注16）（附注18）

Note$’000$’000$’000$’000

附注千元千元千元千元

Balance at 1 April 2024二零二四年四月一日之结余202,146189,229601,629993,004

Changes in equity

for the year ended

31 March 2025:

截至二零二五年三月三十一

日

止年度权益变动：

Profit for the year年度溢利—204,481204,481

Other comprehensive income其他全面收入—12,78512912,914

Total comprehensive income全面收入总额—12,785204,610217,395

Dividends paid in respect of

the previous year

已派上年度股息

30(b)—(80,858)(80,858)

Dividends paid in respect of

the curent year

已派本年度股息

30(a)—(50,536)(50,536)

Treasury shares and shares

purchased for share award

plan

库存股份及股份奖励计划之

股份购买

17(b)—(3,247)—(3,247)

Vesting of shares of share

award plan

股份奖励计划之股份归属

17(b)—3,026—3,026

Release upon lapse of share

options

股权失效之释放

18(a)—(595)595—

Balance at 31 March 2025二零二五年三月三十一日

之结余202,146201,198675,4401,078,784

Consolidated Statement of Changes in Equity

综合权益变动表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

136KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

capital

Other

reserves

Retained

earnings

Total

equity

股本其他储备保留溢利权益总值

(Note 16)(Note 18)

（附注16）（附注18）

Note$’000$’000$’000$’000

附注千元千元千元千元

Balance at 1 April 2023二零二三年四月一日之结余202,146244,285490,331936,762

Changes in equity

for the year ended

31 March 2024:

截至二零二四年三月三十一

日止年度权益变动：

Profit for the year年度溢利—169,659169,659

Other comprehensive income其他全面收入—(55,056)2,283(52,773)

Total comprehensive income全面收入总额—(55,056)171,942116,886

Dividends paid in respect of

the previous year

已派上年度股息

30(b)—(30,322)(30,322)

Dividends paid in respect of

the curent year

已派本年度股息

30(a)—(30,322)(30,322)

Balance at 31 March 2024二零二四年三月三十一日

之结余202,146189,229601,629993,004

The notes on pages 141 to 286 form part of these financial

statements.

第141至286页之附注为本财务报表之一

部分。

Consolidated Cash Flow Statement

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

137ANUAL REPORT 2024/25 年报

二零二五年二零二四年

Note$’000$’000

附注千元千元

Cash flows from operating

activities

经营活动之现金流量

Profit before taxation除税前溢利247,576186,999

Share of (profits)/loses of

asociates

应占联营公司

（溢利）╱亏损10(1,007)1,222

Depreciation and amortisation of

property, plant and equipment

物业、厂房及设备之

折旧及摊销6106,84489,153

Amortisation of intangible asets无形资产之摊销82,9261,656

Gain on disposal of property,

plant and equipment

出售物业、厂房及

设备之收益24(204)(131)

Write-down of obsolete and

slow-moving inventories

陈旧及滞销存货之

撇减14(b)10,4141,348

Recognition of los alowance for

trade and bils receivables

贸易及票据应收账款

亏损拨备之确认1212,8704,532

Provision for long service

payments

长期服务金拨备

Net valuation los on investment

properties

投资物业估值亏损

743,65336,050

Share based payment expenses:

Share award plan

股份支付费用：股份

奖励计划17(b)3,026—

Interest expenses利息支出41,08642,855

Interest income利息收入(2,629)(2,704)

Foreign exchange los/(gain)外币汇兑亏损╱

（收益）2,621(15,565)

Operating profit before working

capital changes caried

forward

营运资金变动前之

经营溢利结转

467,275345,484

Consolidated Cash Flow Statement

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

138KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

二零二五年二零二四年

Note$’000$’000

附注千元千元

Operating profit before working

capital changes brought

forward

承前营运资金变动前

之经营溢利

467,275345,484

(Increase)/decrease in inventories存货之（增加）╱减少(51,244)119,563

Increase in trade and bils

receivables

贸易及票据应收账款

之增加(14,728)(66,218)

Increase in prepayments,

deposits and other receivables

预付款、按金及其他

应收账款之增加(8,492)(14,275)

Increase in amounts due to

related companies

应付关连公司账款之

增加22379

(Decrease)/increase in trade

payables

贸易应付账款之

（减少）╱增加(30,434)116,309

Decrease in acruals and other

payables

应计费用及其他应付

账款之减少(83,091)(158,041)

Increase/(decrease) in amount

due to an asociate

应付联营公司账款之

增加╱（减少）9,439(1,327)

Increase in amounts due from

related companies

应收关连公司账款之

增加(7,563)(760)

Net cash generated from

operations

经营产生之净现金

281,385340,814

Hong Kong Profits Tax paid已付香港利得税(18,875)(21,970)

PRC tax paid已付中国税(755)(750)

Hong Kong Profits Tax refunded退还香港利得税8366

Net cash generated from

operating activities

经营活动产生之

净现金261,838318,160

Consolidated Cash Flow Statement

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

139ANUAL REPORT 2024/25 年报

二零二五年二零二四年

Note$’000$’000

附注千元千元

Cash flows from investing

activities

投资活动之现金流量

Payment for the purchase of

property, plant and equipment

购买物业、厂房及设

备之付款(145,536)(89,039)

Payment for aditions to

investment properties

添置投资物业之付款

7(129)(410)

Proceds from disposal of

property, plant and equipment

出售物业、厂房及设

备之所得款627765

Payment for acquisition of other

financial asets

购置其他金融资产之

付款—(5,881)

Payment for acquisition of

intangible asets

购置无形资产之付款

8(44)(2,193)

Interest received已收利息2,2402,323

Net cash used in investing

activities

投资活动所用之

净现金(142,842)(94,435)

Consolidated Cash Flow Statement

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 (Expresed in Hong Kong dolars)（以港元列示）

140KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

二零二五年二零二四年

Note$’000$’000

附注千元千元

Cash flows from financing

activities

融资活动之现金流量

Interest paid已付利息15(b)(39,257)(42,512)

Proceds from new bank

borowings

新银行借贷之所得款

15(b)605,581630,950

Repayment of bank borowings偿还银行借贷15(b)(602,763)(753,630)

Capital element of lease rental

paid

已付租赁租金之资本

部份15(b)(5,851)(6,267)

Interest element of lease rental

paid

已付租赁租金之利息

部份15(b)(998)(343)

Dividends paid已派股息(131,395)(60,644)

Proceds loan from a controling

shareholder

控股东贷款之

所得款15(b)100,000—

Purchase of own shares for share

award plan

股份奖励计划购回

公司股份17(b)(3,247)—

Net cash used in financing

activities

融资活动所用之

净现金(77,930)(232,446)

Net increase/(decrease) in cash

and cash equivalents

现金及现金等价物之

净增加╱（减少）41,066(8,721)

Cash and cash equivalents

at the begining of the year

年初之现金及现金等

价物15149,418159,445

Efect of foreign exchange

rate changes

外币汇率变动之影响

693(1,306)

Cash and cash equivalents

at the end of the year

年底之现金及现金等

价物15191,177149,418

The notes on pages 141 to 286 form part of these financial

statements.

第141至286页之附注为本财务报表之一

部分。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

141ANUAL REPORT 2024/25 年报

1 GENERAL INFORMATION

Karie International Holdings Limited (the “Company”)

and its subsidiaries (together the “Group”) are

principaly engaged in

— Metal and Plastic Busines (“M&P”): providing

mechanical enginering solutions, manufacturing

and sales of metal and plastic parts, including

moulds and the relevant plastic and metal parts

products for information and comunication

technology industry, etc.; and

— Electronic Manufacturing Services Busines

(“EMS”): manufacturing and sales of magnetic

tape data storage, point-of-sale system, and other

computer peripherals.

The Company is a limited liability company

incorporated in Bermuda on 29 October 1996. The

adres of its registered ofice is Clarendon House, 2

Church Stret, Hamilton HM11, Bermuda.

The shares of the Company have ben listed on the

Main Board of The Stock Exchange of Hong Kong

Limited since 16 December 1996.

These consolidated financial statements are presented

in unit of Hong Kong dolars (“HK$”), unles otherwise

stated.

1 一般资料

嘉利国际控股有限公司（「本公司」）

及其附属公司（合称「本集团」）主要

从事：

— 五金塑胶业务（「五金塑胶」）：

提供机械工程解决方案，制

造及销售金属及塑胶部件，

包括资讯及通讯科技产业之

模具及相关塑胶与金属部件

产品等；及

— 电子专业代工业务（「电子代

工」）：制造及销售磁带机数据

储存器、收银机系统及其他

电脑周边产品。

本公司于一九六年十月二十九

日于百慕达注册成立之有限责任

公司，办事处地址是Clarendon

House, 2 Church Stret, Hamilton

HM11, Bermuda。

本公司之股份于一九六年十二月

十六日于香港联合交易所有限公司

主板上市。

除非另有说明，此综合财务报表以

港元（「元」）呈报。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

142KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES

(a) Statement of compliance

These financial statements have ben prepared in

acordance with HKFRS Acounting Standards,

which colective term includes al aplicable

individual Hong Kong Financial Reporting

Standards (“HKFRSs”), Hong Kong Acounting

Standards (“HKASs”) and Interpretations isued

by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) and the disclosure

requirements of the Hong Kong Companies

Ordinance. These financial statements also

comply with the aplicable disclosure provisions

of the Rules Governing the Listing of Securities

on The Stock Exchange of Hong Kong Limited

(the “Listing Rules”). Material acounting policies

adopted by the Group are disclosed below.

The HKICPA has isued certain amendments

to HKFRS Acounting Standards that are first

efective or available for early adoption for

the curent acounting period of the Group.

Note 2(c) provides information on any changes

in acounting policies resulting from initial

aplication of these developments to the extent

that they are relevant to the Group for the curent

acounting period reflected in these financial

statements.

2 重要会计政策

(a) 遵例声明

此财务报表乃根据所有适用

之香港财务报告会计准则（「香

港财务报告会计准则」），此统

称包括香港会计师公会（「香港

会计师公会」）颁布之所有个别

适用之香港财务报告准则、香

港会计准则（「香港会计准则」）

与诠释、香港公认会计原则

及香港《公司条例》之披露规

定而编制。此财务报表亦符

合香港联合交易所有限公司

证券上市规则（「上市规则」）之

适用披露规定。本集团采纳

之重要会计政策披露如下。

香港会计师公会已颁布多项

香港财务报告会计准则之修

订，并于本集团之本会计期间

首次生效或可供提早采纳。

附注2(c)提供因最初应用该等

与本集团有关并已反映于本

会计期间之财务报表内之会

计政策变动之资料。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

143ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(b) Basis of preparation of the financial statements

The consolidated financial statements for the

year ended 31 March 2025 comprise the Group

and its interest in an asociate. The measurement

basis used in the preparation of the financial

statements is the historical cost basis except for

investment properties, other financial asets and

employe benefit liabilities which have ben

measured at the lower of carying amount and

fair value les cost to sel.

The preparation of financial statements in

conformity with HKFRS Acounting Standards

requires management to make judgements,

estimates and asumptions that afect the

aplication of policies and reported amounts

of asets, liabilities, income and expenses. The

estimates and asociated asumptions are based

on historical experience and various other factors

that are believed to be reasonable under the

circumstances, the results of which form the

basis of making the judgements about carying

values of asets and liabilities that are not readily

aparent from other sources. Actual results may

difer from these estimates.

The estimates and underlying asumptions are

reviewed on an ongoing basis. Revisions to

acounting estimates are recognised in the period

in which the estimate is revised if the revision

afects only that period, or in the period of the

revision and future periods if the revision afects

both curent and future periods.

Judgements made by management in the

aplication of HKFRS Acounting Standards that

have significant efect on the financial statements

and major sources of estimation uncertainty are

discused in note 4.

2 重要会计政策（续）

(b) 财务报表之编制基准

截至二零二五年三月三十一日

止年度之综合财务报表包括

本集团及其联营公司权益。本

财务报表采用历史成本法为

计量基准编制，惟投资物业、

其他金融资产及员工福利负

债皆以账面值及公平值减出

售成本两者之较低者列账。

编制符合香港财务报告会计

准则之财务报表需要管理层

作出判断、估计及假设有影

响政策之应用及资产、负债、

收入及支出之金额之呈报。

此等估计及相关假设乃按过

往经验及其他各种按情况相

信为合理之因素作为依据，为

未能透过其他方法容易确认

账面值之资产及负债判断其

账面值，实际结果可能有别于

此等估计。

此等估计及基本假设会持续

检讨。若已修改之会计估计

只影响相关期间，其修改于

该期间确认，或若修改影响

现时及未来期间，其修改则

会于现时及未来期间确认。

管理层因应用香港财务报告

会计准则而作出对本财务报表

有重大影响之判断之不确定

性主要来源已于附注4讨论。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

144KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

The Group has aplied the folowing amended

HKFRS Acounting Standards isued by the

HKICPA to these financial statements for the

curent acounting period:

Amendments to HKAS 1,

Presentation of financial

statements

Clasification of liabilities as

curent or non-curent

Amendments to HKAS 1,

Presentation of financial

statements

Non-curent liabilities with

covenants

Amendments to HKFRS 16Leases — Lease liability in a sale

and leaseback

Amendments to HKAS 7,

Statement of cash flows and

HKFRS 7

Financial instruments: Disclosures

— Suplier finance

arangements

The above developments do not have significant

impact on the Group’s results and financial

position or any substantial changes in the

Group’s acounting policies. In adition, the

Group has not adopted any new standard or

interpretation that is not yet efective for the

curent acounting period.

The “material acounting policies” set out on

note 2 sumaries the acounting policies of the

Group after the adoption of these policies to the

extent that they are relevant to the Group.

2 重要会计政策（续）

本集团已于本会计期间之财

务报表采纳以下由香港会计

师公会颁布之香港财务报告

会计准则之修订：

《香港会计准则》

第1号（修订本）

财务报表之呈列

负债分类为流动或

非流动

《香港会计准则》

第1号（修订本）

财务报表之呈列

附带契诺之非流动

负债

《香港财务报告准则》

第16号（修订本）

租赁：售后租回之

租赁负债

《香港会计准则》

第7号（修订本）

现金流量表及《香港

财务报告准则》

第７号

金融工具披露：

供应商融资安排

以上发展对本集团之业绩及

财务状况并无重大影响，对

本集团之会计政策亦无重大

更改。此外，本集团并无采用

任何在当前会计期间尚未生

效之新订准则或诠释。

附注二载列「重要会计政策」

概括了本集团采用这些政策后

与本集团相关之会计政策。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

145ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

Posible impact of amendments, new standards

and interpretations isued but not yet efective

for the year ended 31 March 2025.

Up to the date of isue of these financial

statements, the HKICPA has isued a number of

new or amended HKFRS Acounting Standards,

which are not yet efective for the year ended 31

March 2025 and which have not ben adopted in

these financial statements. These developments

include the folowing which may be relevant to

the Group.

Efective for

acounting

periods

begining on

or after

Amendments to HKAS 21, The efects of

changes in foreign exchange rates: Lack of

exchangeability

1 January 2025

Amendments to HKFRS 9, Financial instruments

and HKFRS 7, Financial instruments:

disclosures — Amendments to the

clasification and measurement of financial

instruments

1 January 2026

Anual improvements to HKFRS Acounting

Standards — Volume 11

1 January 2026

HKFRS 18, Presentation and disclosure in

financial statements

1 January 2027

HKFRS 19, Subsidiaries without public

acountability: Disclosures

1 January 2027

2 重要会计政策（续）

已颁布但于截至二零二五年三

月三十一日止年度尚未生效之

修订、新准则及诠释之可能影

响。

截至此财务报表刊发日期，

香港会计师公会已颁布多项

于二零二五年三月三十一日后

才生效之香港财务报告会计

准则新订或修订，而本财务报

表尚未采纳。可能对本集团

有关之发展如下。

于以下日期

或其后开始

之会计期间

生效

《香港会计准则》

第21号（修订本），外币

汇率变动之影响：缺乏

可兑换性

二零二五年

一月一日

《香港财务报告准则》

第9号（修订本），金融

工具及《香港财务报告

准则》第7号（修订本）

披露 — 金融工具分类

及计量之修订

二零二六年

一月一日

《香港财务报告会计准则》

之年度改进 — 第11卷

二零二六年

一月一日

《香港财务报告准则》

第18号，财务报表之

呈列及披露

二零二七年

一月一日

《香港财务报告准则》

第19号，非公共受托责

任子公司之披露

二零二七年

一月一日

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

146KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

The Group is in the proces of making an

asesment of what the impact of these

amendments is expected to be in the period

of initial aplication. So far it has concluded

that the adoption of them is unlikely to have a

significant impact on the consolidated financial

statements, except for HKFRS 18, where the

presentation and disclosure of the consolidated

financial statements are expected to change.

(d) Subsidiaries and non-controling interests

Subsidiaries are entities controled by the

Group. The Group controls an entity when it is

exposed, or has rights, to variable returns from

its involvement with the entity and has the ability

to afect those returns through its power over the

entity. When asesing whether the Group has

power, only substantive rights (held by the Group

and other parties) are considered.

An investment in a subsidiary is consolidated

into the consolidated financial statements from

the date that control comences until the

date that control ceases. Intra-Group balances,

transactions and cash flows, and any unrealised

profits arising from intra-Group transactions are

eliminated in ful in preparing the consolidated

financial statements. Unrealised loses resulting

from intra-Group transactions are eliminated in

the same way as unrealised gains but only to the

extent that there is no evidence of impairment.

2 重要会计政策（续）

本集团正在评估该等修订在

初始应用期间之预期影响。目

前得出结论，采纳该等修订

对综合财务报表预计不会产

生重大影响；惟就香港财务报

告准则第18号外该准则预期

会导致综合财务报表之呈列

及披露方式产生变化。

(d) 附属公司及非控股权益

附属公司乃指由本集团控制

之实体。当本集团处于有权

享有来自参与某实体业务之可

变回报，并能运用其权力以

影响该等回报，则本集团对

某实体有控制权。当评估本

集团是否有控制权时，只以实

质权利（本集团及其他方所持

有者）为考虑因素。

于附属公司之投资由取得控

制权当日起合并于综合财务

报表内，直至控制权结束当日

止。集团内公司间之结存、交

易及现金流，及集团内公司间

之交易所产生之任何未变现

盈利，于编制综合财务报表

时予以全面抵销。集团内公司

间之交易所产生之未变现亏

损按与相同之方式产生之未

变现盈利抵销，惟仅限于未

变现亏损并不显示存在减值

之情况。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

147ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(d) Subsidiaries and non-controling interests

(continued)

Non-controling interests represent the equity in

a subsidiary not atributable directly or indirectly

to the Company, and in respect of which the

Group has not agred any aditional terms with

the holders of those interests which would result

in the Group as a whole having a contractual

obligation in respect of those interests that mets

the definition of a financial liability. For each

busines combination, the Group can elect to

measure any non-controling interests either at

fair value or at the non-controling interests’

proportionate share of the subsidiary’s net

identifiable asets.

Non-controling interests are presented in the

consolidated statement of financial position

within equity, separately from equity atributable

to the equity shareholders of the Company.

Non-controling interests in the results of

the Group are presented on the face of the

consolidated statement of profit or los and the

consolidated statement of profit or los and

other comprehensive income as an alocation of

the total profit or los and total comprehensive

income for the year betwen non-controling

interests and the equity shareholders of the

Company.

Changes in the Group’s interests in a subsidiary

that do not result in a los of control are

acounted for as equity transactions, whereby

adjustments are made to the amounts of

controling and non-controling interests within

consolidated equity to reflect the change in

relative interests, but no adjustments are made to

godwil and no gain or los is recognised.

2 重要会计政策（续）

(d) 附属公司及非控股权益（续）

非控股权益乃指非由本公司

直接或间接应占之附属公司权

益，且本集团并没有与持有此

等权益之人士达成任何额外

条款，以至令本集团整体上须

就该等权益承担符合金融负

债定义之合约义务。就每项

业务合并，本集团可选择以公

平值或非控股权益按比例应

占附属公司可予识别资产净值

之份额以计量非控股权益。

非控股权益于综合财务状况

表之权益呈列，与本公司股权

持有人应占权益分开列账。

非控股权益应占本集团业绩

之权益，于综合损益表及综

合损益及其他全面收入表呈

列，并作为非控股权益与本

公司股权持有人应占年内总

损益及其他全面收入总额之

一分配项目。

若本集团于附属公司之权益

变动不构成失去控制权，则

按权益交易入账，于综合权

益之控股权益及非控股权益

将会被调整，以反映相关权

益之变动，但不会调整商誉

及确认收益或亏损。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

148KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(d) Subsidiaries and non-controling interests

(continued)

When the Group loses control of a subsidiary,

it is acounted for as a disposal of the entire

interest in that subsidiary, with a resulting gain

or los being recognised in profit or los. Any

interest retained in that former subsidiary at the

date when control is lost is recognised at fair

value and this amount is regarded as the fair

value on initial recognition of a financial aset or,

when apropriate, the cost on initial recognition

of an investment in an asociate (se note 2(e).

In the Company’s statement of financial position,

an investment in a subsidiary is stated at cost les

impairment loses (se note 2(k)(i).

(e) Asociates

An asociate is an entity in which the Group

has significant influence, but not control or

joint control, over its management, including

participation in the financial and operating policy

decisions.

2 重要会计政策（续）

(d) 附属公司及非控股权益（续）

当本集团失去附属公司之控

制权，则按出售该附属公司之

全部权益入账，其收益或亏

损于损益确认。于失去附属

公司控制权当日，任何仍然持

有之前附属公司权益将会以公

平值确认，而该金额将被视

为金融资产最初确认之公平

值，或（如适用）最初确认于

联营公司投资之成本（见附注

2(e)）。

于本公司财务状况表中之于

附属公司之投资，按成本减

去减值亏损列账（见附注2(k)

(i)）。

(e) 联营公司

联营公司乃指本集团可以对其

管理层产生重大影响，包括

参与财务及经营决策，但非

控制或共同控制其管理层之

实体。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

149ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(e) Asociates (continued)

An investment in an asociate is acounted

for in the consolidated financial statements

under the equity method. Under the equity

method, the investment is initialy recorded at

cost, adjusted for any exces of the Group’s

share of the acquisition-date fair values of

the investe’s identifiable net asets over the

cost of the investment (if any). Thereafter, the

investment is adjusted for the post-acquisition

change in the Group’s share of the investe’s

net asets and any impairment los relating

to the investment (se note 2(k)(i). Any

acquisition-date exces over cost, the Group’s

share of the post-acquisition, post-tax results of

the investes and any impairment loses for the

year are recognised in the consolidated statement

of profit or los, whereas the Group’s share of the

post-acquisition, post-tax items of the investes’

other comprehensive income is recognised in the

consolidated statement of profit or los and other

comprehensive income. Adjustments are made

on consolidation to the financial information of

asociates where necesary to ensure consistency

with the acounting policies adopted by the

Group. In cases where the reporting dates of

the asociates are diferent from that of the

Group, the atributable share of the results

and asociates is included in the consolidated

financial statements based on either financial

statements made up to 31 March or pro-rated

amounts adjusted for any material transactions or

events ocuring betwen the date the financial

statements are available and 31 March.

2 重要会计政策（续）

(e) 联营公司（续）

于联营公司之投资乃按权益

法于综合财务报表入账。按

照权益法，投资最初按成本

记录，及就本集团占该承资

公司可识别净资产于收购日

之公平值超出该项投资成本

之数额（如有）作出调整。本

集团厘定于分步收购中投资

于联营公司之成本为收购初

始权益已付之原定代价，加上

收购额外权益已付代价之总

额。其后，就本集团占该承资

公司净资产于收购后之变动

及与该项投资有关之任何减

值亏损作出调整（见附注2(k)

(i)）。于各报告日期，本集团

评估是否有客观证据该投资

需作减值，任何于收购日超

逾成本之差额、本集团所占

承资公司于收购后之除税后

业绩及年内任何减值亏损于

综合损益表确认，而本集团

于收购后所占承资公司除税

后之其他全面收入项目则于

综合损益及其他全面收入表

确认。必要时会对联营公司

之合并财务资讯进行调整，以

确保与本集团采用之会计政

策一致。若联营公司之报告日

期与本集团之报告日期不同，

则联营公司之业绩份额将根

据其截至三月三十一日之财务

报表，或根据联营公司财务报

表可供使用之日至三月三十一

日期间发生之任何重大交易

或事件进行比例调整后之金

额纳入合并财务报表。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

150KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(e) Asociates (continued)

When the Group’s share of loses exceds its

interest in the asociate, the Group’s interest

is reduced to $nil and recognition of further

loses is discontinued except to the extent that

the Group has incured legal or constructive

obligations or made payments on behalf of the

investe. For this purpose, the Group’s interest

is the carying amount of the investment under

the equity method, together with the Group’s

long-term interests that in substance form part of

the Group’s net investment in the asociate.

Unrealised profits and loses resulting from

transactions betwen the Group and its

asociates are eliminated to the extent of the

Group’s interest in the investes, except where

unrealised loses provide evidence of an

impairment of the aset transfered, in which

case they are recognised imediately in profit or

los.

If an investment in an asociate becomes an

investment in a joint venture, retained interest

is not remeasured. Instead, the investment

continues to be acounted for under the equity

method.

In al other cases, when the Group ceases to

have significant influence over an asociate, it is

acounted for as a disposal of the entire interest

in that investe, with a resulting gain or los

being recognised in profit or los. Any interest

retained in that former investe at the date when

significant influence is lost is recognised at fair

value and this amount is regarded as the fair

value on initial recognition of a financial aset

(se note 2(f).

2 重要会计政策（续）

(e) 联营公司（续）

当本集团应占联营公司之亏

损超越其应占权益，则本集

团之权益减至零，并停止确认

进一步亏损，惟本集团代表

承资公司所承担之法律或推

定义务或替其付款除外。就

此目的而言，本集团持有之权

益乃按权益法计算之投资账

面值，连同实质上构成本集

团于联营公司之应占投资净

值之长期权益。

本集团与各联营公司间之交

易所产生之未变现损益按本

集团于承资公司所占之权益

比率抵销，但若未变现亏损

提供证据证实已转让之资产

已产生减值，则此未变现亏

损即时于损益确认。

倘于联营公司之投资变成合

营企业投资，则保留权益不

予重新计量，而该投资继续

按权益法入账。

在所有其他情况下，当本集团

不再对联营公司拥有重大影

响，则按出售于该承资公司之

全部权益入账，其收益或亏

损于损益确认。于失去前承

资公司重大影响当日，任何仍

然持有该承资公司之权益以

公平值确认，而该金额将被

视为金融资产最初确认之公

平值（见附注2(f)）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

151ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(f) Other investments in debt and equity securities

The Group’s and the Company’s acounting

policies for investments in debt and equity

securities, other than investments in subsidiaries

and an asociate, are as folows:

Investments in debt and equity securities are

initialy stated at fair value, which is their

transaction price unles it is determined that the

fair value at initial recognition difers from the

transaction price and that fair value is evidenced

by a quoted price in an active market for an

identical aset or liability or based on a valuation

technique that uses only data from observable

markets. Cost includes atributable transaction

costs, except for those investments measured

at fair value through profit or los (“FVPL”) for

which transaction costs are recognised directly

in profit or los and where indicated otherwise

below. These investments are subsequently

acounted for as folows, depending on their

clasification.

(i) Investments other than equity

investments

Non-equity investment held by the Group

are clasified into one of the folowing

measurement categories:

— Amortised cost, if the investment is

held for the colection of contractual

cash flows which represent solely

payments of principal and interest.

Interest income from the investment is

calculated using the efective interest

method (se note 2(v)(i).

2 重要会计政策（续）

(f) 其他债务及股权证券投资

本集团及本公司就债务及股

权证券投资（附属公司及联营

公司之投资除外）之会计政策

如下：

债务及股权证券投资最初乃

按公平值，即以其交易价格列

账，除非最初确认之公平值

与交易价格不同，且此公平值

得到活跃市场上相同资产或

负债之报价佐证或根据只采

用来自可观察市场之数据之估

值技巧厘定。成本包括可归

属交易成本，惟按公平值计入

损益计量之投资除外，此等

投资之交易成本直接于损益

内确认及另行于以下指明外。

此等投资随后根据其分类按

以下方法入账。

(i) 股权投资以外之投资

本集团持有之非股权投

资归入以下其中一个计量

类别：

— 按摊销成本，倘持

有投资之目的为收

取合约现金流量，

即纯粹为支付本金

及利息。投资所得

利息收入乃使用实

际利率法计算（见附

注2(v)(i)）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

152KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(f) Other investments in debt and equity securities

(continued)

(i) Investments other than equity

investments (continued)

— Fair value through other comprehensive

income (“FVOCI”) (recycling), if

the contractual cash flows of the

investment comprise solely payments

of principal and interest and the

investment is held within a busines

model whose objective is achieved by

both the colection of contractual cash

flows and sale. Changes in fair value

are recognised in other comprehensive

income, except for the recognition in

profit or los of expected credit loses,

interest income (calculated using the

efective interest method) and foreign

exchange gains and loses. When the

investment is derecognised, the amount

acumulated in other comprehensive

income is recycled from equity to

profit or los.

— FVPL, if the investment does not met

the criteria for being measured at

amortised cost or FVOCI (recycling).

Changes in the fair value of the

investment (including interest) are

recognised in profit or los.

2 重要会计政策（续）

(f) 其他债务及股权证券投资

（续）

(i) 股权投资以外之投资

（续）

— 按公平值计入其他全

面收入（可转回），倘

投资之合约现金流量

仅包括本金及利息付

款，且投资乃于其目

的为同时收取合约现

金流量及出售之业务

模式中持有。公平值

之变动于其他全面收

益确认，惟预期信贷

亏损、利息收入（使用

实际利率法计算）及汇

兑收益及亏损于损益

确认。当投资被取消

确认，于其他全面收

益累计之金额将从权

益划转至损益。

— 按公平值计入损益，

倘投资不符合按摊销

成本计量或按公平值

计入其他全面收入（可

转回）计量之标准，投

资之公平值变动（包括

利息）于损益确认。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

153ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(f) Other investments in debt and equity securities

(continued)

(i) Equity investments

An investment in equity securities is

clasified as FVPL unles the equity

investment is not held for trading purposes

and on initial recognition of the investment

the Group makes an irevocable election

to designate the investment at FVOCI

(non-recycling) such that subsequent

changes in fair value are recognised in other

comprehensive income. Such elections are

made on an instrument-by-instrument basis,

but may only be made if the investment

mets the definition of equity from the

isuer’s perspective. Where such an election

is made, the amount acumulated in other

comprehensive income remains in the other

financial asets revaluation reserve until

the investment is disposed of. At the time

of disposal, the amount acumulated in the

other financial asets revaluation reserve

is transfered to retained earnings. It is not

recycled through profit or los. Dividends

from an investment in equity securities, if

any, irespective of whether clasified as at

FVPL or FVOCI, are recognised in profit or

los as other income.

(g) Investment properties

Investment properties are land and buildings

which are owned or held under a leasehold

interest (se note 2(i) to earn rental income and/

or for capital apreciation. These include land

held for a curently undetermined future use and

property that is being constructed or developed

for future use as investment property.

2 重要会计政策（续）

(f) 其他债务及股权证券投资

（续）

(i) 股权投资

股权证券投资分类为按

公平值计入损益，除非

股权投资并非持作买卖

目的，且于初次确认投资

时，本集团选择不可变更

之指定投资为按公平值

计入其他全面收入（不可

转回），以致公平值之后

续变动于其他全面收入

确认。有关选择乃按工

具个别作出，惟仅当发

行人认为投资符合权益

定义时方可作出。当作出

有关选择后，于其他全

面收入累计之金额继续

保留于其他金融资产之

重估储备，直至投资被

出售为止。出售时，于其

他金融资产之重估储备

累计之金额转拨至保留

溢利，而非划转至损益。

来自股权证券投资之股

息（如有）不论分类为按

公平值计入损益或按公

平值计入其他全面收入

与否，均于损益表确认

为其他收入。

(g) 投资物业

投资物业乃指为赚取租金收

入及╱或为资本增值并按租

赁权益（见附注2(i)）拥有或持

有之土地及楼宇，当中包括尚

未确定未来用途之土地，以

及正在建造或发展以供日后

作投资物业用途之物业。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

154KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(g) Investment properties (Continued)

Investment properties are stated at fair value,

unles they are stil in the course of construction

or development at the end of the reporting

period and their fair value canot be reliably

measured at that time. Any gain or los arising

from a change in fair value or from the retirement

or disposal of an investment property is

recognised in profit or los.

(h) Property, plant and equipment

Property, plant and equipment (including

right-of-use asets and land use rights) are stated

at historical cost les acumulated depreciation

or amortisation and impairment loses. Historical

cost includes expenditure that is directly

atributable to the acquisition of the items.

Subsequent costs are included in the aset’s

carying amount or recognised as a separate

aset, as apropriate, only when it is probable

that future economic benefits asociated with

the item wil flow to the Group and the cost of

the item can be measured reliably. The carying

amount of the replaced part is derecognised. Al

other repairs and maintenance are expensed in

profit or los during the financial period in which

they are incured.

Items may be produced while bringing an

item of property, plant and equipment to the

location and condition necesary for it to be

capable of operating in the maner intended by

management. The proceds from seling any such

items and the related costs are recognised in

profit or los.

2 重要会计政策（续）

(g) 投资物业（续）

投资物业乃按公平值列账，

除非投资物业于报告期末仍

在兴建或开发过程中，且当时

其公平值不能可靠计量则作

别论。投资物业公平值之变

动，或报废或出售投资物业

所产生之任何收益或亏损均

于损益确认。

(h) 物业、厂房及设备

物业、厂房及设备（包括使用

权资产及土地使用权）按历史

成本减去累计折旧或摊销及

减值亏损列账。历史成本包

括购置该项目直接应占之费

用。

后续成本仅当可能为本集团

带来与该项目有关之未来经

济利益，同时该项目之成本能

可靠计量时，才包括于资产之

账面值或确认为独立资产（如

适用），其取替部分之净值将

不在计算之列。所有其他维修

及保养费用于产生之财务期

间内于损益支销。

当物业、厂房及设备能符合

管理层预期运作方式之必要

状态及地点所生产之物品，

销售该等物品之所得款及其

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

155ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(h) Property, plant and equipment (continued)

Gain or loses arising from the retirement or

disposal of an item of property, plant and

equipment are determined as the diference

betwen the net disposal proceds and the

carying amount of the item and are recognised

in profit or los on the date of retirement or

disposal.

Construction-in-progres represents buildings,

plant and machinery under construction and

pending instalation and is stated at cost. Cost

includes the costs of construction of buildings,

the costs of plant and machinery, instalation,

testing and other direct costs. No depreciation is

made on construction-in-progres until such time

as the relevant asets are completed and ready

for intended use. When the asets concerned

are brought into use, the costs are transfered

to other property, plant and equipment and

depreciated in acordance with the policy as

stated in below.

Depreciation and amortisation is calculated to

write of the cost of items of property, plant and

equipment using the straight-line method over

their estimated useful lives. The anual rates used

for the calculation of depreciation are:

—Land use rights and

leasehold land

Over the lease term

—Buildings2% to 4%

—Fixtures and leasehold

improvements

8% to 33.33%

—Machinery6.67% to 20%

—Tols and equipment20% to 50%

—Furniture and computer

equipment

15%

—Properties leased for

own use

Over the lease term

2 重要会计政策（续）

(h) 物业、厂房及设备（续）

因物业、厂房及设备项目报废

或出售而产生之收益或亏损，

乃该项目出售收益净额与账

面值之差额，并于该项目报

废或出售日于损益确认。

在建工程乃指在建楼宇、厂房

及有待安装之机器，并按成本

列账。成本包括于楼宇建筑

之成本、厂房及机器之成本、

安装、测试及其他直接成本。

在建工程项目于直至有关资产

完成及可作拟定用途前不计

提折旧。当有关资产投入运

作时，成本将转拨至其他物

业、厂房及设备，并按本节以

下所述之政策计提折旧。

物业、厂房及设备项目乃使

用直线法按照其估计可用年

期撇销其成本计算折旧及摊

销。用以计算折旧之年率为：

— 土地使用权

及租赁土地

租赁期

— 楼宇2%至4%

— 装置及物业

装修

8%至33.33%

— 机器6.67%至20%

— 工具及设备20%至50%

— 家私及电脑

设备

15%

— 租赁物业自用租赁期

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

156KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(h) Property, plant and equipment (continued)

Both the useful life of an aset and its residual

value, if any, are reviewed anualy.

(i) Leased asets

At inception of a contract, the Group aseses

whether the contract is, or contains, a lease. A

contract is, or contains, a lease if the contract

conveys the right to control the use of an

identified aset for a period of time in exchange

for consideration. Control is conveyed where the

customer has both the right to direct the use of

the identified aset and to obtain substantialy al

of the economic benefits from that use.

(i) As a lese

Where the contract contains lease

component(s) and non-lease component(s),

the Group has elected not to separate

non-lease components and acounts for

each lease component and any asociated

non-lease components as a single lease

component for al leases.

At the lease comencement date, the

Group recognises a right-of-use aset and a

lease liability, except for short-term leases

that have a lease term of 12 months or les

and leases of low-value asets. When the

Group enters into a lease in respect of a

low-value aset, the Group decides whether

to capitalise the lease on a lease-by-lease

basis. The lease payments asociated with

those leases which are not capitalised are

recognised as an expense on a systematic

basis over the lease term.

2 重要会计政策（续）

(h) 物业、厂房及设备（续）

资产之可用年期及其剩余价值

（如有）皆每年检讨。

(i) 租赁资产

订立合约时，本集团评估合约

是否为租赁或包含租赁。倘

合约赋予权利于一段时间内

控制已识别资产之用途以换

取代价，则该合约为租赁或包

含租赁。在客户既有权指示

已识别资产之用途，亦有权

从该用途获得几乎所有经济

利益之情况下，则控制权已转

移。

(i) 作为承租人

倘合约包含租赁组成部

分及非租赁组成部分，

本集团已选择不分拆非

租赁组成部分，并对各

租赁组成部分及任何相

关之非租赁组成部分作

为一项单一之租赁组成部

分入账。

于租赁开始日，本集团确

认使用权资产及租赁负

债，惟租期为12个月或以

下之租赁及低价值资产之

租赁除外，当本集团就

一项低价值资产订立租

赁时，本集团决定是否

以逐项租赁为基准将租

赁资本化，与未资本化之

租赁相关之租赁付款在

租赁期内有系统地确认

为费用。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

157ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(i) Leased asets (continued)

(i) As a lese (continued)

Where the lease is capitalised, the lease

liability is initialy recognised at the present

value of the lease payments payable

over the lease term, discounted using the

interest rate implicit in the lease or, if that

rate canot be readily determined, using

a relevant incremental borowing rate.

After initial recognition, the lease liability

is measured at amortised cost and interest

expense is calculated using the efective

interest method. Variable lease payments

that do not depend on an index or rate are

not included in the measurement of the

lease liability and hence are charged to

profit or los in the acounting period in

which they are incured.

The right-of-use aset recognised when a

lease is capitalised is initialy measured at

cost, which comprises the initial amount of

the lease liability plus any lease payments

made at or before the comencement date,

and any initial direct costs incured. Where

aplicable, the cost of the right-of-use

asets also includes an estimate of costs

to dismantle and remove the underlying

aset or to restore the underlying aset or

the site on which it is located, discounted

to their present value, les any lease

incentives received. The right-of-use aset is

subsequently stated at cost les acumulated

depreciation and impairment loses (se

notes 2(h) and 2(k)(i).

2 重要会计政策（续）

(i) 租赁资产（续）

(i) 作为承租人（续）

当租赁被资本化，则租

赁负债以租赁期内应付

租赁付款之现值进行初

始确认，并使用该项租

赁之内含利率折现；或倘

内含利率无法轻易厘定，

则使用相关之增量借款

利率。初始确认后，租

赁负债以摊销成本计量，

且利息费用则采用实际

利率法计算。不取决于

指数或利率之可变租赁

付款并不包含于租赁负

债之计量中，并因此于

其产生之会计期间自损

益扣除。

租赁资本化时已确认之

使用权资产按成本进行

初始计量，其中包括租

赁负债之初始金额加上

任何于开始日或之前作

出之租赁付款，以及产

生之任何初始直接成本。

在适用之情况下，使用权

资产之成本亦包括将拆

卸、搬移相关资产或复

原相关资产或资产所在

地点之成本估算折现至

其现值，减去已收到之

租赁优惠。使用权资产

随后按成本减去累计折

旧及减值亏损列账（参阅

附注2(h)及2(k)(i)）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

158KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(i) Leased asets (continued)

(i) As a lese (continued)

The initial fair value of refundable rental

deposits is acounted for separately from

the right-of-use asets in acordance

with the acounting policy aplicable to

investments in debt securities caried at

amortised cost (se notes 2(f)(i), 2(v)(i) and

2(k)(i). Any diference betwen the initial

fair value and the nominal value of the

deposits is acounted for as aditional lease

payments made and is included in the cost

of right-of-use asets.

The lease liability is remeasured when

there is a change in future lease payments

arising from a change in an index or rate,

or there is a change in the Group’s estimate

of the amount expected to be payable

under a residual value guarante, or there

is a change arising from the reasesment

of whether the Group wil be reasonably

certain to exercise a purchase, extension or

termination option. When the lease liability

is remeasured in this way, a coresponding

adjustment is made to the carying amount

of the right-of-use aset, or is recorded in

profit or los if the carying amount of the

right-of-use aset has ben reduced to zero.

2 重要会计政策（续）

(i) 租赁资产（续）

(i) 作为承租人（续）

可退回租赁按金之初始

公平值与以根据适用于

以摊销成本计价之债务

证券投资会计政策（见附

注2(f)(i)、2(v)(i)及2(k)(i)）

之使用权资产分开入账

及按金之初始公平值与

面值之任何差异入账为

已付额外租赁付款及计

入使用权资产成本。

当指数或利率变动引起

未来租赁付款发生变动；

或本集团就余值担保下

预计应付之金额估计发

生变化；或由于重新评估

本集团是否合理地行使

购买、延期或终止选择

权而产生变化时，承租

人重新计量租赁负债。

当租赁负债以此方式重

新计量时，对使用权资

产之账面值作出相应调

整，或倘使用权资产之

账面值已调减至零，则

计入损益。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

159ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(i) Leased asets (continued)

(i) As a lese (continued)

The lease liability is also remeasured when

there is a change in the scope of a lease

or the consideration for a lease that is not

originaly provided for in the lease contract

(“lease modification”) that is not acounted

for as a separate lease. In this case the

lease liability is remeasured based on the

revised lease payments and lease term using

a revised discount rate at the efective date

of the modification. The only exceptions are

rent concesions that ocured as a direct

consequence of the COVID-19 pandemic

and met the conditions set out in paragraph

46B of HKFRS 16 Leases. In such cases, the

Group has taken advantage of the practical

expedient not to ases whether the rent

concesions are lease modifications, and

recognised the change in consideration as

negative variable lease payments in profit

or los in the period in which the event or

condition that trigers the rent concesions

ocured.

In the consolidated statement of financial

position, the Group presents right-of-use

asets that do not met the definition of

investment property in “property, plant and

equipment” and presents lease liabilities

separately. The curent portion of long-term

lease liabilities is determined as the

principal portion of contractual payments

that are due to be setled within twelve

months after the reporting period.

2 重要会计政策（续）

(i) 租赁资产（续）

(i) 作为承租人（续）

当租赁范围发生变化，

或租赁合约中原先没有

规定之租赁代价发生变化

（「租赁修改」），且未作为

单独租赁入账时，亦会

重新计量租赁负债。在

此情况下，租赁负债乃根

据经修订之租赁付款及

租赁期，使用经修订之

折现率于修订生效日重

新计量。唯一例外是任

何因COVID-19疫情而直

接产生之租金宽减，且

其须符合香港财务报告

准则第16号租赁第46B段

载列之条件。在该等情

况下，本集团利用不评估

租金宽减是否为租赁修

改之实际权宜法，并于

触发租金宽减之事件或

状况发生期间之损益确

认代价变更为负值可变

租赁付款。

于综合财务状况表中本

集团呈报不符合投资物

业定义之使用权资产于

「物业、厂房及设备」及

与租赁负债分开呈报。

长期租赁负债之流动部

分厘定为报告期后十二

个月内到期结付之合约

付款之本金部分。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

160KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(i) Leased asets (continued)

(i) As a lesor

When the Group acts as a lesor, it

determines at lease inception whether each

lease is a finance lease or an operating

lease. A lease is clasified as a finance lease

if it transfers substantialy al the risks and

rewards incidental to the ownership of an

underlying asets to the lese. If this is

not the case, the lease is clasified as an

operating lease.

When a contract contains lease and

non-lease components, the Group alocates

the consideration in the contract to each

component on a relative stand-alone

seling price basis. The rental income from

operating leases is recognised in acordance

with note 2(v)(i).

(j) Intangible asets

Other intangible asets that are acquired by

the Group are stated at cost les acumulated

amortisation and impairment loses (se note

2(k)(i). Operating rights acquired in a busines

combination are recognised at fair value at the

acquisition date. Amortisation of intangible asets

is charged to profit or los on a straight-line basis

over the asets’ estimated useful lives.

Both the period and method of amortisation are

reviewed anualy.

2 重要会计政策（续）

(i) 租赁资产（续）

(i) 作为出租人

当本集团为出租人时，

其于租赁开始时厘定各

租赁是否为融资租赁或

经营租赁。倘租赁将相

关资产之所有权绝大部

分风险及回报转移至承

租人，则本集团将有关租

赁分类为融资租赁。倘

不属于该情况，则租赁

分类为经营租赁。

当合约包含租赁组成部

分及非租赁组成部分，

本集团根据相对独立售

价基准将合约中之代价

分配予各组成部分。经

营租赁之租金收入根据

附注2(v)(i)确认。

(j) 无形资产

本集团购置之其他无形资产

按成本减去累计摊销及减值

亏损（见附注2(k)(i)）列账。在

业务合并中购入之经营权按

购买日之公平值确认。无形资

产之摊销以直线法按估计使

用年期于损益支销。

摊销期及方法均每年作出检

讨。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

161ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and impairment of asets

(i) Credit loses from financial instruments

and contract asets

The Group recognises a los alowance

for expected credit loses (“ECLs”) on the

folowing items:

— financial asets measured at amortised

cost (including cash and bank

deposits, trade and bils receivables

and prepayments, deposits and other

receivables);

— contract asets as defined in HKFRS 15

(se note 2(n); and

— debt securities measured at FVOCI

(recycling).

Financial asets measured at fair

value, including debt securities and

equity securities designated at FVOCI

(non-recycling), are not subject to the ECL

asesment.

Measurement of ECLs

ECLs are a probability-weighted estimate

of credit loses. Credit loses are measured

as the present values of al expected cash

shortfals (i.e. the diference betwen the

cash flows due to the Group in acordance

with the contract and the cash flows that the

Group expects to receive).

2 重要会计政策（续）

(k) 信贷亏损及资产之减值

(i) 金融工具及合约资产之

信贷亏损

本集团就下列各项之预

期信贷亏损确认亏损拨

备：

— 按摊销成本计量之

金融资产（包括现金

及银行存款、贸易

及票据应收账款及

预付款、按金及其

他应收账款）；

— 香港财务报告准则

第15号定义之合约

资产（见附注2(n)）；

及

— 按公平值计入其他

全面收入（可转回）

计量之债务证券。

按公平值计量之金融资

产（包括指定为按公平值

计入其他全面收入（不可

转回）之债务证券及股权

证券）无须进行预期信贷

亏损评估。

预期信贷亏损计量

预期信贷亏损乃以概率

加权估计之信贷亏损。

信贷亏损以所有预期现

金短缺（即根据合约应付

予本集团之现金流量及

本集团预期收取之现金

流量之间之差额）之现值

计量。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

162KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and impairment of asets

(continued)

(i) Credit loses from financial instruments

and contract asets (continued)

Measurement of ECLs (continued)

The expected cash shortfals are discounted

using the folowing discount rates where the

efect of discounting is material:

— fixed-rate financial asets, trade and

other receivables: efective interest rate

determined at initial recognition or an

aproximation thereof;

— variable-rate financial asets: curent

efective interest rate.

The maximum period considered when

estimating ECLs is the maximum contractual

period over which the Group is exposed to

credit risk.

In measuring ECLs, the Group takes into

acount reasonable and suportable

information that is available without undue

cost or efort. This includes information

about past events, curent conditions and

forecasts of future economic conditions.

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 金融工具及合约资产之

信贷亏损（续）

预期信贷亏损计量（续）

倘贴现影响属重大，预

期短缺现金将使用以下贴

现率贴现：

— 固定利率金融资

产，贸易及其他应

收账款：初始确认

厘定时之实际利率

或其近似值；

— 浮动利率金融资产：

当前实际利率。

于估计预期信贷亏损时

所考虑之最长期间为本

集团承受信贷风险之最

长合约期间。

于计量预期信贷亏损时，

本集团考虑合理及有理

据而毋须付出不必要之

成本或努力获得之资料，

包括过去事件、当前状

况及未来经济状况预测

等资料。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

163ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and Impairment of asets

(continued)

(i) Credit loses from financial instruments

and contract asets (continued)

Measurement of ECLs (continued)

ECLs are measured on either of the

folowing bases:

— 12-month ECLs: these are loses that

are expected to result from posible

default events within the 12 months

after the reporting date; and

— lifetime ECLs: these are loses that are

expected to result from al posible

default events over the expected lives

of the items to which the ECL model

aplies.

Los alowances for trade receivables and

contract asets are always measured at an

amount equal to lifetime ECLs. ECLs on

these financial asets are estimated using

a provision matrix based on the Group’s

historical credit los experience, adjusted

for factors that are specific to the debtors

and an asesment of both the curent and

forecast general economic conditions at the

reporting date.

For al other financial instruments, the

Group recognises a los alowance equal

to 12-month ECLs unles there has ben

a significant increase in credit risk of the

financial instrument since initial recognition,

in which case the los alowance is

measured at an amount equal to lifetime

ECLs.

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 金融工具及合约资产之

信贷亏损（续）

预期信贷亏损计量（续）

预期信贷亏损基于下列

其中一个基准计量：

— 十二个月预期信贷

亏损：预期于报告日

期后十二个月内可能

发生之违约事件而

导致之亏损；及

— 存续期之预期信贷

亏损：预期于采用

预期信贷亏损模式

之项目在预期年限

内所有可能发生之

违约事件而导致之

亏损。

贸易应收账款之亏损拨

备一般乃按等同于存续

期之预期信贷亏损之金

额计量。此金融资产之

预期信贷亏损是利用基

于本集团过往信贷亏损

经验之拨备矩阵进行估

算，并按于报告日期债务

人个别因素及对当前及

预测整体经济状况之评

估进行调整。

对于所有其他金融工具，

本集团确认相当于十二

个月预期信贷亏损之亏

损拨备，除非自初始确

认以来金融工具之信贷

风险显著增加，在此种

情况下，亏损拨备计量等

于存续期之预期信贷亏

损之金额。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

164KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and Impairment of asets

(continued)

(i) Credit loses from financial instruments

and contract asets (continued)

Significant increases in credit risk

In asesing whether the credit risk of

a financial instrument has increased

significantly since initial recognition,

the Group compares the risk of default

ocuring on the financial instrument

asesed at the reporting date with that

asesed at the date of initial recognition.

In making this reasesment, the Group

considers that a default event ocurs when

(i) the borower is unlikely to pay its credit

obligations to the Group in ful, without

recourse by the Group to actions such as

realising security (if any is held) or (i) the

financial aset is 90 days past due. The

Group considers both quantitative and

qualitative information that is reasonable

and suportable, including historical

experience and forward-loking information

that is available without undue cost or

efort.

In particular, the folowing information is

taken into acount when asesing whether

credit risk has increased significantly since

initial recognition:

— failure to make payments of principal

or interest on their contractual due

dates;

— an actual or expected significant

deterioration in a financial instrument’s

external or internal credit rating (if

available);

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 金融工具及合约资产之

信贷亏损（续）

信贷风险大幅上升

评估金融工具之信贷风

险自初始确认以来有否大

幅上升时，本集团会比

较于报告日期及于初始

确认日期评估之金融工

具发生违约之风险。作

出该重新评估时，本集

团认为当(i)借款人不大可

能在本集团无追索权采

取变现抵押（如持有）等

行动之情况下向本集团悉

数支付其信贷义务；或(i)

金融资产已逾期九十日。

本集团会考虑合理可靠

之定量及定性资料，包

括过往经验及于无需付

出过多成本或努力下即可

获得之前瞻性资料。

特别是，当评估信贷风

险自初始确认以来有否

大幅上升时会考虑以下资

料：

— 未能按合约到期日

支付本金或利息；

— 金融工具外部或内

部信贷评级之实际

或预期显著恶化（如

有）；

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

165ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and Impairment of asets

(continued)

(i) Credit loses from financial instruments

and contract asets (continued)

Significant increases in credit risk

(continued)

— an actual or expected significant

deterioration in the operating results of

the debtor; and

— existing or forecast changes in the

technological, market, economic

or legal environment that have a

significant adverse efect on the

debtor’s ability to met its obligation to

the Group.

Depending on the nature of the financial

instruments, the asesment of a significant

increase in credit risk is performed on either

an individual basis or a colective basis.

When the asesment is performed on a

colective basis, the financial instruments

are grouped based on shared credit risk

characteristics, such as past due status and

credit risk ratings.

ECLs are remeasured at each reporting

date to reflect changes in the financial

instrument’s credit risk since initial

recognition. Any change in the ECL

amount is recognised as an impairment

gain or los in profit or los. The Group

recognises an impairment gain or los for al

financial instruments with a coresponding

adjustment to their carying amount

through a los alowance acount, except

for investments in debt securities that are

measured at FVOCI (recycling), for which

the los alowance is recognised in other

comprehensive income and acumulated in

the fair value reserve (recycling).

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 金融工具及合约资产之

信贷亏损（续）

信贷风险大幅上升（续）

— 债务人经营业绩之

实际或预期显著恶

化；及

— 技术、市场、经济

或法律环境之目前

或预期变动对债务

人履行其对本集团

义务之能力有重大

不利影响。

取决于金融工具之性质，

信贷风险大幅上升之评

估乃按个别基准或共同

基准进行。当评估为按

共同基准进行，金融工

具则按共同拥有之信贷

风险特征（如逾期状况

及信贷风险评级）进行分

组。

预期信贷亏损于各报告

日期进行重新计量以反

映金融工具自初始确认

以来之信贷风险变动。

预期信贷亏损金额之任

何变动于损益中确认为

减值收益或亏损。本集

团就所有金融工具确认

减值收益或亏损，并通

过亏损拨备账对彼等之

账面值作出相应调整，

惟于按公平值计入其他

全面收入（可转回）计量之

债务证券之投资除外。

有关投资之亏损拨备于

其他全面收入内确认并

于公平值储备（可转回）中

累计。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

166KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and Impairment of asets

(continued)

(i) Credit loses from financial instruments

and contract asets (continued)

Basis of calculation of interest income

Interest income recognised in acordance

with note 2(v)(i) is calculated based on the

gros carying amount of the financial aset

unles the financial aset is credit-impaired,

in which case interest income is calculated

based on the amortised cost (i.e. the gros

carying amount les los alowance) of the

financial aset.

At each reporting date, the Groups ases

whether a financial aset is credit-impaired.

A financial aset is credit-impaired when

one or more events that have a detrimental

impact on the estimated future cash flows of

the financial aset have ocured.

Evidence that a financial aset is credit-impaired

includes the folowing observable events:

— significant financial dificulties of the

debtor;

— a breach of contract, such as a default

or past due event;

— it becoming probable that the borower

wil enter into bankruptcy or other

financial reorganisation;

— significant changes in the technological,

market, economic or legal environment

that have an adverse efect on the

debtor; or

— the disapearance of an active market

for a security because of financial

dificulties of the isuer.

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 金融工具及合约资产之

信贷亏损（续）

利息收入之计算基准

根据附注2(v)(i)确认之

利息收入按金融资产之

账面总值计算，除非该

金融资产出现信贷减值，

于此等情况下，利息收入

按金融资产之已摊销成

本（即账面总值减亏损拨

备）计算。

于各报告日期，本集团评

估金融资产是否出现信

贷减值。当已发生一项或

多项对金融资产估计未

来现金流量有不利影响之

事件时，金融资产出现

信贷减值。

金融资产出现信贷减值

之证据包括以下可观察事

件：

— 债务人出现重大财

务困难；

— 违反合约，例如不

履行或逾期事件；

— 债务人可能破产或

进行其他财务重

组；

— 技术、市场、经济

或法律环境出现重

大变动而对债务人

产生负面影响；或

— 由于发行人出现财

务困难，证券活跃

市场消失。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

167ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and Impairment of asets

(continued)

(i) Credit loses from financial instruments

and contract asets (continued)

Write-of policy

The gros carying amount of a financial

aset is writen of (either partialy or in

ful) to the extent that there is no realistic

prospect of recovery. This is generaly the

case when the Group determines that the

debtor does not have asets or sources of

income that could generate suficient cash

flows to repay the amounts subject to the

write-of.

Subsequent recoveries of an aset that was

previously writen of are recognised as a

reversal of impairment in profit or los in the

period in which the recovery ocurs.

(i) Impairment of other asets

Internal and external sources of information

are reviewed at the end of each reporting

period to identify indications that the

folowing asets may be impaired or, except

in the case of godwil, an impairment los

previously recognised no longer exists or

may have decreased:

— property, plant and equipment;

— intangible asets;

— godwil; and

— investments in subsidiaries in the

Company’s statement of financial

position.

If any such indication exists, the aset’s

recoverable amount is estimated.

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 金融工具及合约资产之

信贷亏损（续）

撇销政策

倘日后实际上不可收回

款项，则会撇销（部分或

全部）金融资产之账面总

值。该情况通常出现在

本集团确定债务人没有

资产或可产生足够现金

流量之收入来源来偿还

应撇销之金额。

随后收回先前已撇销之

资产于收回期间于损益

内确认为减值回拨。

(i) 其他资产之减值

内部及外来资料之来源

于各报告期末进行检讨，

以辨识下列资产可能已受

损，或（商誉除外）之前

所确认之减值亏损已不

再存在或可能已减少：

— 物业、厂房及设

备；

— 无形资产；

— 商誉；及

— 于本公司财务状况

表内之于附属公司

投资。

倘存在任何迹象显示上

述情况，则需估计该资

产之可收回价值。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

168KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and Impairment of asets

(continued)

(i) Impairment of other asets (continued)

— Calculation of the recoverable amount

The recoverable amount of an aset is

the greater of its fair value les costs of

disposal and value in use. In asesing

value in use, the estimated future cash

flows are discounted to their present

value using a pre-tax discount rate that

reflects curent market asesments of

the time value of money and the risks

specific to the aset. Where an aset

does not generate cash inflows largely

independent of those from other asets,

the recoverable amount is determined

for the smalest Group of asets that

generates cash inflows independently

(i.e. a cash generating unit).

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 其他资产之减值（续）

— 可收回价值之计算

方法

资产之可收回价值

为其公平值减去出

售成本或使用价值

之间之较高者。在

衡量使用价值时，

估计未来现金流

量将按除税前贴现

率计算贴现值，以

反映市场目前对金

钱之时间值及该资

产之特定风险之评

估。倘某项资产所

赚取之现金流量并

非大致上独立于其

他资产之现金流，

则按独立赚取现金

流之最小一组资产

组合（即一个现金生

产单位）厘定可收回

之价值。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

169ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and impairment of asets

(continued)

(i) Impairment of other asets (continued)

— Recognition of impairment loses

An impairment los is recognised in

profit or los if the carying amount

of an aset, or the cash-generating

unit to which it belongs, exceds

its recoverable amount. Impairment

loses recognised in respect of

cash-generating units are alocated

first to reduce the carying amount

of any godwil alocated to the

cash-generating unit (or Group of

units) and then, to reduce the carying

amount of the other asets in the

unit (or Group of units) on a pro rata

basis, except that the carying value

of an aset wil not be reduced below

its individual fair value les costs of

disposal (if measurable) or value in use

(if determinable).

— Reversals of impairment loses

An impairment los is reversed if

there has ben a favourable change

in the estimates used to determine the

recoverable amount.

A reversal of an impairment los is

limited to the aset’s carying amount

that would have ben determined had

no impairment los ben recognised

in prior years. Reversals of impairment

loses are credited to profit or los

in the year in which the reversals are

recognised.

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 其他资产之减值（续）

— 减值亏损之确认

倘资产或其所属现

金生产单位之账面

值超逾其可收回价

值，则于损益确认

其减值亏损。为现

金生产单位而确认

之减值亏损，将首

先用以撇减该现金

生产单位（或一组单

位）之任何商誉之账

面值，然后按比例

减少单位（或一组单

位）内其他资产之账

面值，但资产之账

面值不可减至低于

其减去出售成本后

之公平值（如能计量）

或使用值（如能确

定）。

— 减值亏损之回拨

倘据以厘定可收回

金额之估计出现有

利转变，则减值亏

损会被回拨。

减值亏损之回拨额

不会超过假设该资

产往年从来没有确

认减值亏损而厘定

之账面值。减值亏

损之回拨将于确认

回拨之年度内于损

益确认。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

170KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(k) Credit loses and impairment of asets

(continued)

(i) Interim financial reporting and

impairment

Under the Listing Rules, the Group is

required to prepare an interim financial

report in compliance with HKAS 34, Interim

financial reporting, in respect of the first six

months of the financial year. At the end of

the interim period, the Group aplies the

same impairment testing, recognition, and

reversal criteria as it would at the end of the

financial year (se notes 2(k)(i) and 2(k)(i).

Impairment loses recognised in an interim

period in respect of other financial asets

are not reversed in a subsequent period.

This is the case even if no los, or a smaler

los, would have ben recognised had the

impairment ben asesed only at the end

of the financial year to which the interim

period relates. Consequently, if the fair

value of another financial aset increases in

the remainder of the anual period, or in

any other period subsequently, the increase

is recognised in other comprehensive

income and not profit or los.

2 重要会计政策（续）

(k) 信贷亏损及资产之减值（续）

(i) 中期财务报告及减值

根据上市规则，本集团

必须遵照香港会计准则

第34号「中期财务报告」

之规定编制每个财政年

度首六个月之中期财务报

告。在中期间结束时，

本集团应用之减值测试、

确认及回拨标准与财政

年度结束时将会采用之

相同（见附注2(k)(i)及2(k)

(i)）。

于中期确认之其他金融

资产减值亏损不会在往

后期间回拨，即使只于

与中期有关之财政年度

结束时进行减值评估，

亦不会导致确认亏损或

只会确认轻微亏损。因

此，倘其他金融资产之

公平值于年内余下时间，

或于其后任何其他期间

增加，则该增加会于其

他全面收入而非于损益

确认。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

171ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(l) Inventories and other contract costs

Inventories are asets which are held for sale in

the ordinary course of busines, in the proces

of production for such sale or in the form of

materials or suplies to be consumed in the

production proces.

Inventories are caried at the lower of cost and

net realisable value as folows:

(i) Manufacturing

Cost is determined using the first-in, first-out

method and comprise al costs of purchase,

costs of conversion and other costs incured

in bringing the inventories to their present

location and condition.

Net realisable value is the estimated seling

price in the ordinary course of busines les

the estimated costs of completion and the

estimated costs necesary to make the sales.

When inventories are sold, the carying

amount of those inventories is recognised

as an expense in the period in which the

related revenue is recognised. The amount

of any write-down of inventories to net

realisable value and al loses of inventories

are recognised as an expense in the period

the write-down or los ocurs. The amount

of any reversal of any write-down of

inventories is recognised as a reduction in

the amount of inventories recognised as an

expense in the period in which the reversal

ocurs.

2 重要会计政策（续）

(l) 存货及合同成本

存货乃指在日常业务过程中为

出售，为此类销售在生产过

程中或在生产过程中消耗之

材料或物料形式而持有之资

产。

以成本值及可变现净值两者

之较低者入账之存货如下：

(i) 制造业

成本利用先进先出法厘

定及其中包括所有采购

成本，转换成本及将存

货运至目前地点及使其

达至现状所产生之其他

成本。

可变现净值乃在日常业

务过程中之估计销售价，

减估计达成销售所需之

成本计算。

存货出售时，其账面值会

在相关收入确认期间被

确认为支出。存货按可

变现净值撇减及所有存

货亏损会于撇减或亏损

发生期间确认为支出。

因可变现净值增加而须

回拨之任何存货撇减会

于回拨发生期间所确认

之存货支出扣减。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

172KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(l) Inventories and other contract costs (continued)

(i) Other contract costs

Other contract costs are either the

incremental costs of obtaining a contract

with a customer or the costs to fulfil a

contract with a customer which are not

capitalised as inventory (se note 2(l)

(i),property, plant and equipment (se note

2(h) and intangible asets (se note 2(j).

Incremental costs of obtaining a contract are

those costs that the Group incurs to obtain

a contract with a customer that it would not

have incured if the contract had not ben

obtained (for example, an incremental sales

comision). Incremental costs of obtaining

a contract are capitalised when incured if

the costs relate to revenue which wil be

recognised in a future reporting period and

the costs are expected to be recovered.

Other costs of obtaining a contract are

expensed when incured.

2 重要会计政策（续）

(l) 存货及合同成本（续）

(i) 其他合同成本

其他合约成本是取得客

户合约之增量成本或履

行客户合约之成本，其并

无资本化为存货（见附注

2(l)(i)）、物业、厂房及设

备（见附注2(h)）或无形资

产（见附注2(j)）。

取得合约之增量成本为

本集团就取得客户合约

而产生，倘未能取得合

约则不会产生之成本（例

如增量销售佣金）。倘有

关收益之成本将在未来

报告期间内确认，而成

本预期可收回，则取得合

约之增量成本于产生时

会拨充资本。取得合约

之其他成本在产生时支

销。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

173ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(l) Inventories and other contract costs (continued)

(i) Other contract costs (continued)

Costs to fulfil a contract are capitalised

if the costs relate directly to an existing

contract or to a specificaly identifiable

anticipated contract; generate or enhance

resources that wil be used to provide gods

or services in the future; and are expected

to be recovered. Costs that relate directly

to an existing contract or to a specificaly

identifiable anticipated contract may include

direct labour, direct materials, alocations

of costs, costs that are explicitly chargeable

to the customer and other costs that are

incured only because the Group entered

into the contract (for example, payments

to sub-contractors). Other costs of fulfiling

a contract, which are not capitalised as

inventory, property, plant and equipment or

intangible asets, are expensed as incured.

Capitalised contract costs are stated at

cost les acumulated amortisation and

impairment loses. Impairment loses

are recognised to the extent that the

carying amount of the contract cost aset

exceds the net of (i) remaining amount

of consideration that the Group expects

to receive in exchange for the gods or

services to which the aset relates, les (i)

any costs that relate directly to providing

those gods or services that have not yet

ben recognised as expenses.

Amortisation of capitalised contract costs is

charged to profit or los when the revenue

to which the aset relates is recognised. The

acounting policy for revenue recognition is

set out in note 2(v).

2 重要会计政策（续）

(l) 存货及合同成本（续）

(i) 其他合同成本（续）

履行合约之成本会资本

化；产生或增强将来用于

提供商品或服务之资源；

预计将被收回。与现有

合约或特定可识别预期

合约直接相关之成本可

能包括直接人工，直接材

料，成本分配，明确向

客户收取之成本以及仅

因本集团订立合约而产生

之其他成本（例如，向分

包商付款）。履行合约之

其他成本（未作为存货，

物业，厂房及设备或无

形资产资本化）在产生时

计入费用。

已资本化合约成本按成本

减累计摊销及减值亏损

列账。当合约成本资产

超过(i)本集团预期因交

换资产相关货品或服务

而将收取之代价余额减

(i)尚未确认为开支之直

接与提供该等货品或服

务相关之任何成本之净

额时，确认减值亏损。

已资本化合约成本摊销

于确认资产相关收入时

从损益内扣除。收入确

认之会计政策载列附注

2(v)。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

174KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(m) Trade and other receivables

A receivable is recognised when the Group has

an unconditional right to receive consideration.

A right to receive consideration is unconditional

if only the pasage of time is required before

payment of that consideration is due. If revenue

has ben recognised before the Group has an

unconditional right to receive consideration, the

amount is presented as a contract aset (se note

2(n).

Receivables are stated at amortised cost using the

efective interest method les alowance for credit

loses (se note 2(k)(i).

(n) Contract asets and contract liabilities

A contract aset is recognised when the Group

recognises revenue (se note 2(v) before being

unconditionaly entitled to the consideration

under the payment terms set out in the

contract. Contract asets are asesed for ECL in

acordance with the policy set out in note 2(k)(i)

and are reclasified to receivables when the right

to the consideration has become unconditional

(se note 2(m).

A contract liability is recognised when the

customer pays non-refundable consideration

before the Group recognises the related revenue

(se note 2(v). A contract liability would also be

recognised if the Group has an unconditional

right to receive non-refundable consideration

before the Group recognises the related revenue.

In such cases, a coresponding receivable would

also be recognised (se note 2(m).

For a single contract with the customers, either

a net contract aset or a net contract liability is

presented. For multiple contracts, contract asets

and contract liabilities of unrelated contracts are

not presented on a net basis.

2 重要会计政策（续）

(m) 贸易及其他应收账款

应收账款于本集团拥有无条件

权利可收取代价时予以确认。

倘代价仅随时间推移即会成

为到期应付，则收取代价之权

利为无条件。倘收益已于本

集团有权无条件收取代价之

前已确认，则该金额呈列为

合约资产（见附注2(n)）。

应收账款使用实际利率法减

信贷亏损拨备按摊销成本列

账（见附注2(k)(i)）。

(n) 合约资产及合约负债

当本集团有权无条件获取合

约载列付款条款代价前确认

收入（见附注2(v)）时确认合约

资产。合约资产根据附注2(k)

(i)载列政策评估预期信贷亏

损，并于收取代价之权利成

为无条件时重新分类为应收

账款（见附注2(m)）。

当客户于本集团确认相关收

入前支付不可退还代价，即

确认合约负债（见附注2(v)）。

倘本集团拥有无条件权利可

于本集团确认相关收入之前

收取不可退还代价，亦会确认

合约负债。于此情况下，相应

应收账款亦会获确认（见附注

2(m)）。

就与客户之单一合约而言，呈

列合约资产净值或合约负债

净额。就多份合约而言，不相

关合约之合约资产及合约负债

不会按净额基准呈列。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

175ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(n) Contract asets and contract liabilities

(continued)

When the contract includes a significant

financing component, the contract balance

includes interest acrued under the efective

interest method (se note 2(v).

(o) Interest-bearing borowings

Interest-bearing borowings are measured initialy

at fair value les transaction costs. Subsequent

to initial recognition, interest-bearing borowings

are stated at amortised cost using the efective

interest method. Interest expenses is recognised

in acordance with the Group’s acounting

policy for borowing costs (se note 2(x).

(p) Trade and other payables

Trade payables are obligations to pay for gods

or services that have ben acquired in the

ordinary course of busines from supliers.

Trade and other payables are initialy recognised

at fair value, and are subsequently stated at

amortised cost unles the efect of discounting

would be imaterial, in which case they are

stated at cost.

(q) Cash and cash equivalents

Cash and cash equivalents comprise cash at bank

and on hand, demand deposits with banks and

other financial institutions, and short-term, highly

liquid investments that are readily convertible

into known amounts of cash and which are

subject to an insignificant risk of changes in

value, having ben within thre months of

maturity at acquisition. Bank overdrafts that

are repayable on demand and form an integral

part of the Group’s cash management are also

included as a component of cash and cash

equivalents for the purpose of the consolidated

cash flow statement. Cash and cash equivalents

are asesed for ECL in acordance with the

policy set out in note 2(k)(i).

2 重要会计政策（续）

(n) 合约资产及合约负债（续）

当合约包括重大融资部分，则

合约余额包括按实际利率法计

算之应计利息（见附注2(v)）。

(o) 带息借贷

带息借贷最初按公平值减交

易成本确认，其后则按摊销成

本从实际利率法列账。利息

支出按本集团之会计政策确

认为借贷成本（见附注2(x)）。

(p) 贸易及其他应付账款

贸易应付账款指于日常业务

过程中从供应商购买货品或

服务而应支付之义务。

贸易及其他应付账款最初按公

平值确认，其后则按摊销成

本列账，除非贴现影响轻微，

于此情况下则按成本列账。

(q) 现金及现金等价物

现金及现金等价物包括银行

存款及现金、存放于银行及

其他金融机构之活期存款，以

及流动性极高之短期投资，

而此等投资可即时转换为已知

数额之现金，须承受轻微价

值变动风险及于购入后三个

月内到期。就编制综合现金

流量表而言，按通知即时偿还

之银行透支视为本集团现金

管理之一组成部分，亦被包括

于现金及现金等价物。现金

及现金等价物之预期信贷亏

损按附注2(k)(i)之政策评估。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

176KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(r) Employe benefits

(i) Employe leave entitlement

Employe entitlements to anual leave and

long service leave are recognised when they

acrue to employes. A provision is made

for the estimated liability for anual leave

and long service leave as a result of services

rendered by employes up to the end of

the reporting period. Employe entitlements

to sick leave and maternity leave are not

recognised until the time of leave.

(i) Pension obligations

Group companies operate a defined

contribution plan under which the Group

pays fixed contributions into a separate

entity on a mandatory, contractual or

voluntary basis. The Group has no legal

or constructive obligations to pay further

contributions if the fund does not hold

suficient asets to pay al employes the

benefits relating to employe service in the

curent and prior periods. The contributions

are recognised as employe benefit expense

when they are due and are not reduced by

contributions forfeited by those employes

who leave the scheme prior to vesting fuly

in the contributions. Prepaid contributions

are recognised as an aset to the extent that

a cash refund or a reduction in the future

payments is available.

(i) Long service payments obligations

The Group has the long service payments

obligations under Hong Kong Employment

Ordinance as a defined benefit plan.

2 重要会计政策（续）

(r) 雇员福利

(i) 雇员享有假期之权利

雇员享有之年假及长期

服务休假于雇员应享有

时确认。截至报告期末

止为雇员已提供之服务

而产生之年假及长期服

务休假估计其负债作出

拨备。雇员享有之病假

及产假不作确认，直至

雇员正式休假为止。

(i) 退休金责任

本集团公司实行定额供

款计划，于该计划下本集

团以强制、合约或自愿

基准作出定额供款予一

独立实体。倘基金并无

持有足够资产向所有雇

员就当期及以往期间之

雇员服务支付福利，本集

团并无法律或推定义务

作出进一步供款。供款

于到期支付时确认为雇

员福利费用，并不会就雇

员在取得全数供款前退

出计划而没收之供款而

减少。预付供款按照现

金退还或扣减未来付款

时确认为资产。

(i) 长期服务金责任

本集团依香港雇佣条例，

承担长期服务金责任，

作为界定福利计划。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

177ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(r) Employe benefits (continued)

(i) Long service payments obligations

(continued)

The Group’s net obligation under the Hong

Kong Employment Ordinance in respect

of long service payments on cesation of

employment under certain circumstances is

the estimated discounted amount of future

benefit that employes have earned in

return for their services in the curent and

prior periods. The obligation is calculated

anualy using the projected unit credit

method, taking into acount ofsetable

acrued benefits related to the Group’s

Mandatory Provident Fund (“MPF”) Scheme

contributions. Under this method, the cost

of providing retirement benefits is charged

to the consolidated statement of profit or

los and the consolidated statement of other

comprehensive income so as to spread

the regular cost over the service lives of

employes.

The obligation is calculated using the

projected unit credit method, discounted

to its present value and reduced by

entitlements acrued under the Group’s

retirement plans that are atributable to

contributions made by the Group. The

discount rate is the yield at the end of the

reporting period on high quality corporate

bonds which have terms to maturity

aproximating the terms of the related

liability. The actuarial gains or loses are

credited or charged to the consolidated

statement of profit or los and other

comprehensive income in the curent

period.

2 重要会计政策（续）

(r) 雇员福利（续）

(i) 长期服务金责任（续）

当雇员在符合香港雇佣

条例之若干情况下终止

雇佣关系或退休时，本

集团有关向其雇员支付

长期服务金之责任净额

为雇员于本期间及过往

期间提供服务所赚取之

日后利益金额。本责任

每年根据预算单位信贷

记存法计算，并考虑本集

团于强制性公积金（强积

金）计划供款之相关可对

冲累算权益。根据该方

法，提供退休福利之成

本，计入综合损益表和综

合其他全面收入表，以便

将经常成本分摊到雇员

之整个服务年期中。

本责任以预计单位信贷

法计算其贴现值，并扣

除本集团退休计划下本

集团供款所占之应计权

益。贴现率为到期日与

本集团负债期相若之优

质企业债券于报告期末

之孳息率。精算收益或

亏损于当期之综合损益

及其他全面收入表计入

或支销。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

178KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(r) Employe benefits (continued)

(iv) Other compensations

Other directors’ and employes’ compensations

are recorded as a liability and charged

to profit or los when the Group is

contractualy obliged or when there is a

past practice that has created a constructive

obligation and the asociated services are

rendered by the employes.

(s) Share-based payments

The Company operated a number of

equity-setled, share-based compensation plans

including the Share Options Schemes and

Share Award Plan, under which the Company

received services from employes in return for

the granting of equity instruments (share options

or share awards) of the Company. The fair value

of share options and awarded shares granted

to employes is recognised as an employe

cost with a coresponding increase in a capital

reserve and shares held for share award scheme,

respectively, within equity. The total amount to

be expensed is determined by reference to the

fair value of the options granted:

— including any market performance

conditions;

— excluding the impact of any service and

nonmarket performance vesting conditions

(for example, profitability, sales growth

targets and remaining an employe of the

entity over a specified time period); and

— excluding the impact of any non-vesting

conditions (for example, the requirement for

employes to save).

2 重要会计政策（续）

(r) 雇员福利（续）

(iv) 其他补偿

当本集团有合同约束，或

依据过往做法产生推定

义务及由雇员提供相关

服务，董事及雇员之其他

补偿则记录为负债及于

损益支销。

(s) 以股份支付报酬

本公司设有数个以权益结算、

以股份支付之报酬计划，包

括购股权计划及股份奖励计

划，根据该等计划，本公司取

得雇员之服务以作为本公司

权益工具（购股权或股份奖励）

之代价。授予雇员之购股权

之公平值确认为雇员成本，

并在权益内相应增加资本储

备。支出之总金额按照授予

购股权之公平值厘定：

— 包括任何市场表现条件；

— 不包括任何服务及非市

场表现之授予条件（例如

盈利能力、销售增长目标

及在某特定时期留任为

实体之雇员）之影响；及

— 不包括任何非授予条件

（例如雇员储蓄之规定）

之影响。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

179ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(s) Share-based payments (continued)

Non-market vesting conditions are included in

asumptions about the number of options that are

expected to vest. The total expense is recognised

over the vesting period, which is the period over

which al of the specified vesting conditions

are to be satisfied. At the end of each reporting

period, the entity revises its estimates of the

number of options that are expected to vest

based on the non-marketing vesting conditions.

It recognises the impact of the revision to the

original estimates, if any, in profit or los, with a

coresponding adjustment to equity.

The cash received for the shares isued when the

options are exercised is credited to share capital

(nominal value) and share premium, net of any

directly atributable transaction costs.

The grant by the Company of options over its

equity instruments to employes of a subsidiary

in the Group is treated as a capital contribution.

The fair value of employe services received,

measured by reference to the grant date fair

value, is recognised over the vesting period

as an increase to investment in the subsidiary,

with a coresponding credit to share-based

compensation reserve until either the option is

exercised (when it is included in the amount

recognised in share capital for the shares isued)

or the option expires (when it is released directly

to retained profits).

For those awarded shares which are amortised

over the vesting periods, the Group revises

its estimates of the number of awarded shares

that are expected to ultimately vest based

on the vesting conditions at the end of each

reporting period. Any resulting adjustment to the

cumulative fair value recognised in prior years

is charged/credited to employe share-based

compensation expense in the curent year, with

a coresponding adjustment to shares held for

Share Award Plan.

2 重要会计政策（续）

(s) 以股份支付报酬（续）

非市场授予条件包括在有关

预期授予购股权数目之假设。

支出之总金额于归属期间确

认，归属期指符合所有特定

授予条件之期间。于每个结

算日，实体依据非市场授予

购股权条件估计其修订对预

期归属购股权之数目。实体

于损益确认对原估计修订（如

有）之影响，并对权益作出相

应调整。

在购股权行使时，认购发行

股份之现金拨入股本（面值）及

股本溢价，并扣除任何直接

归属交易费用。

本公司向本集团附属公司之雇

员授予其权益工具之购股权

被视为出资。收取雇员服务之

公平值乃按归属日之公平值计

量，并在归属期内确认为增加

于附属公司之投资，并相应计

入以股份支付之酬金储备直

至购股权被行使（当其计入就

已发行股份确认之股本金额）

或购股权到期（当直接冲回至

保留溢利）。

对于在归属期内进行摊销之

奖励股份，本集团会在每个

报告期末根据归属条件，重

新估算预计最终可归属之奖

励股份数量。任何对过去年

度已确认之累计公平值所作

之调整，均会在本年度计入员

工股份支付费用，并相应调

整股份奖励计划所持有之股

份。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

180KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(t) Income tax

Income tax for the year comprises curent tax

and movements in defered tax asets and

liabilities. Curent tax and movements in defered

tax asets and liabilities are recognised in profit

or los except to the extent that they relate

to items recognised in other comprehensive

income or directly in equity, in which case the

relevant amounts of tax are recognised in other

comprehensive income or directly in equity,

respectively.

Curent tax is the expected tax payable on the

taxable income for the year, using tax rates

enacted or substantively enacted at the end of

the reporting period, and any adjustment to tax

payable in respect of previous years.

Defered tax asets and liabilities arise from

deductible and taxable temporary diferences

respectively, being the diferences betwen the

carying amounts of asets and liabilities for

financial reporting purposes and their tax bases.

Defered tax asets also arise from unused tax

loses and unused tax credits.

2 重要会计政策（续）

(t) 所得税

本年度所得税包括本期税项

及递延税项资产及负债之变

动。本期税项和递延税项资

产及负债之变动于损益确认，

但倘与于其他全面收入或直

接于权益确认之项目有关，则

有关之税项分别于其他全面

收入或直接于权益确认。

本期税项乃按报告期末已颁

布或基本上已颁布之税率计

算之预期应付税项，及就以往

年度之应付税项作出之任何

调整。

递延税项资产及负债乃分别

源自资产及负债项目于用于财

务报告之账面值及其税项基

础值所产生之可扣税及应课

税之暂时性差异。递延税项

资产亦会来自尚未使用之税

务亏损及税务抵免。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

181ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(t) Income tax (continued)

Apart from certain limited exceptions, al

defered tax liabilities, and al defered tax

asets to the extent that it is probable that

future taxable profits wil be available against

which the aset can be utilised, are recognised.

Future taxable profits that may suport the

recognition of defered tax asets arising from

deductible temporary diferences include those

that wil arise from the reversal of existing

taxable temporary diferences, provided those

diferences relate to the same taxation authority

and the same taxable entity, and are expected to

reverse either in the same period as the expected

reversal of the deductible temporary diference

or in periods into which a tax los arising from

the defered tax aset can be caried back or

forward. The same criteria are adopted when

determining whether existing taxable temporary

diferences suport the recognition of defered

tax asets arising from unused tax loses and

credits, that is, those diferences are taken into

acount if they relate to the same taxation

authority and the same taxable entity, and are

expected to reverse in a period, or periods, in

which the tax los or credit can be utilised.

The limited exceptions to recognition of defered

tax asets and liabilities are those temporary

diferences arising from godwil not deductible

for tax purposes, the initial recognition of asets

or liabilities that afect neither acounting nor

taxable profit (provided they are not part of a

busines combination), and temporary diferences

relating to investments in subsidiaries to the

extent that, in the case of taxable diferences,

the Group controls the timing of the reversal

and it is probable that the diferences wil not

reverse in the foreseable future, or in the case

of deductible diferences, unles it is probable

that they wil reverse in the future.

2 重要会计政策（续）

(t) 所得税（续）

除若干有限度之特殊情况外，

所有递延税项负债均予确认，

而递延税项资产则应在预期

出现应课税溢利抵销之情况

下，予以确认。用以支持确

认源自可扣税暂时性差异之

递延税项资产之未来应课税

溢利包括因回拨现有应课税

暂时性差异时所产生者，惟

这些时差必须与同一税务机

关及同一应税实体有关，并

预期会在预期回拨可扣税暂

时性差异之同一期间或引至

递延税项资产之税务亏损可

向后期或前期结转之期间回

拨。在厘定现有应课税暂时

性差异是否支持确认未使用

之税务亏损及抵免所产生之

递延税项资产时，会采用上

述同一标准，即倘该些差异

与同一税务机关及同一应税

实体有关，并预期会在可使用

上述税务亏损或抵免之期间

内回拨，上述由税务亏损或抵

免所产生之递延税项资产便

需确认。

该等确认递延税项资产及负

债之有限例外情况，包括由不

可作扣税用途之商誉所产生

之暂时性差异、初步确认但

并不影响会计溢利及应课税

溢利之资产或负债（惟其不可

为企业合并之一部分）、以及

有关于附属公司投资所引致之

暂时差异（如为应课税差异，

只限于本集团可控制回拨之

时间，并且不大可能在可见未

来回拨之差异；或如为可扣减

差异，则只限于可能在未来回

拨之差异）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

182KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(t) Income tax (continued)

Where investment properties are caried at their

fair values in acordance with the acounting

policy set out in note 2(g), the amount of

defered tax recognised is measured using the

tax rates that would aply on sale of those

asets at their carying value at the reporting

date unles the property is depreciable and is

held within a busines model whose objective

is to consume substantialy al of the economic

benefits embodied in the property over time,

rather than through sale. In al other cases, the

amount of defered tax recognised is measured

based on the expected maner of realisation

or setlement of the carying amount of the

asets and liabilities, using tax rates enacted or

substantively enacted at the end of the reporting

period. Defered tax asets and liabilities are not

discounted.

The carying amount of a defered tax aset is

reviewed at the end of each reporting period

and is reduced to the extent that it is no longer

probable that suficient taxable profits wil be

available to alow the related tax benefit to be

utilised. Any such reduction is reversed to the

extent that it becomes probable that suficient

taxable profits wil be available.

Aditional income taxes that arise from the

distribution of dividends are recognised when

the liability to pay the related dividends is

recognised.

2 重要会计政策（续）

(t) 所得税（续）

当投资物业按照附注2(g)之会

计政策以公平值载列，确认

之递延税项金额之计量乃参

照于报告日以账面值出售适

用税率计算，除非该物业是可

以折旧及以一商业模式持有，

而该模式之目的是以长时间

去消耗该物业几乎所有之经

济利益，而非经出售。至于其

他资产，递延税项之计量基

于预计该等变现资产或交付

负债之账面值，以报告期末已

颁布或基本上已颁布之税率

计算。递延税项资产及负债

均不作贴现。

递延税项资产之账面值于各

报告期末予以审阅，若日后不

再可能有足够应课税溢利用

以抵扣相关税项利益，则扣

减递延税项资产账面值。若

日后可能有足够应课税溢利用

以抵扣，则回拨所扣减之数

额。

股息分派产生之额外所得税

于支付相关股息之负债获确

认时予以确认。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

183ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(t) Income tax (continued)

Curent tax balances and defered tax balances,

and movements therein, are presented separately

from each other and are not ofset. Curent tax

asets are ofset against curent tax liabilities, and

defered tax asets against defered tax liabilities,

if the Company or the Group has the legaly

enforceable right to set of curent tax asets

against curent tax liabilities and the folowing

aditional conditions are met:

— in the case of curent tax asets and

liabilities, the Company or the Group

intends either to setle on a net basis, or

to realise the aset and setle the liability

simultaneously; or

— in the case of defered tax asets and

liabilities, if they relate to income taxes

levied by the same taxation authority on

either:

— the same taxable entity; or

— diferent taxable entities, which, in

each future period in which significant

amounts of defered tax liabilities or

asets are expected to be setled or

recovered, intend to realise the curent

tax asets and setle the curent tax

liabilities on a net basis or realise and

setle simultaneously.

2 重要会计政策（续）

(t) 所得税（续）

本期税项结余及递延税项结

余及其变动额将各自呈列，并

不予抵销。本期税项资产及

递延税项资产只会在本集团

有合法可强制执行权利以本期

税项资产抵销本期税项负债

时，并且符合以下附带条件之

情况下，方可分别抵销本期及

递延税项负债：

— 就本期税项资产及负债

而言，本集团计划按净额

基准结算，或同时变现

该资产及清偿该负债；或

— 就递延税项资产及负债

而言，此等资产及负债必

须与同一税务机关就以

下其中一项征收之所得

税有关：

— 同一应课税实体；或

— 不同之应课税实

体，该等实体预期

在日后每个预计有

大额递延税项负债

需要清偿或大额递

延税项资产可以收

回之期间内，按净

额基准变现本期税

项资产及清偿本期

税项负债，或同时

变现该资产及清偿

该负债。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

184KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(u) Provisions and contingent liabilities

Provisions are recognised for other liabilities of

uncertain timing or amount when the Group

or the Company has a legal or constructive

obligation arising as a result of a past event, it is

probable that an outflow of economic benefits

wil be required to setle the obligation and a

reliable estimate can be made. Where the time

value of money is material, provisions are stated

at the present value of the expenditure expected

to setle the obligation.

Where it is not probable that an outflow of

economic benefits wil be required, or the

amount canot be estimated reliably, the

obligation is disclosed as a contingent liability,

unles the probability of outflow of economic

benefits is remote. Posible obligations, whose

existence wil only be confirmed by the

ocurence or non-ocurence of one or more

future events are also disclosed as contingent

liabilities unles the probability of outflow of

economic benefits is remote.

Where some or al of the expenditure required to

setle a provision is expected to be reimbursed

by another party, a separate aset is recognised

for any expected reimbursement that would be

virtualy certain. The amount recognised for the

reimbursement is limited to the carying amount

of the provision.

(v) Revenue and other income

Income is clasified by the Group as revenue

when it arises from the sale of gods, the

provision of services or the use by others of

the Group’s asets under leases in the ordinary

course of the Group’s busines.

Revenue is recognised when control over a

product is transfered to the customer, at the

amount of promised consideration to which the

Group is expected to be entitled, excluding those

amounts colected on behalf of third parties.

Revenue excludes value aded tax or other

sales taxes and is after deduction of any trade

discounts.

2 重要会计政策（续）

(u) 拨备及或然负债

当本集团因过往事件而须负

上法定或推定义务，而履行

该责任很可能导致经济利益

流出及能够就此作出可靠估计

时，方可确认拨备。当金额涉

及重大之时间价值时，则会

按预期用以履行责任之开支

之现值作出拨备。

倘不一定须流出经济利益履

行责任或未能可靠估计金额，

则该等责任将作为或然负债

予以披露，惟出现经济利益

流出之可能性极微则除外。可

能出现之责任（仅于一项或多

项未来事件发生或不发生之

情况下确定其是否存在）亦作

为或然负债予以披露，惟出现

经济利益流出之可能性极微

则除外。

倘清偿一项拨备所需之部分

或全部支出预计将由另一方偿

还，则为任何几乎确定之预

期偿还确认一项单独资产。

确认偿还之金额仅限于该拨

备之账面值。

(v) 收入及其他收入

当收益来自本集团业务于日

常业务过程中，销售货品、提

供服务或以租赁方式给其他

人使用本集团之资产，本集团

将该收益分类为收入。

当产品之控制权转移给客户

时，按照本集团预期有权获

得之承诺代价金额确认收入，

不包括代表第三方收取之金

额。收入不包括增值税或其

他销售税，并扣除任何贸易折

扣。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

185ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(v) Revenue and other income (continued)

Where the contract contains a financing

component which provides a significant financing

benefit to the customer for more than 12 months,

revenue is measured at the present value of the

amount receivable, discounted using the discount

rate that would be reflected in a separate

financing transaction with the customer, and

interest income is acrued separately under the

efective interest method. Where the contract

contains a financing component which provides

a significant financing benefit to the Group,

revenue recognised under that contract includes

the interest expense acreted on the contract

liability under the efective interest method. The

Group takes advantage of the practical expedient

in paragraph 63 of HKFRS 15 and does not adjust

the consideration for any efects of a significant

financing component if the period of financing is

12 months or les.

Further details of the Group’s revenue and other

income recognition policies are as folows:

(i) Sales of manufacturing gods

Revenue from the sales of gods is

recognised when the customer takes

posesion of and acepts the products. Any

advance payments received from customers

prior to delivery of gods are recorded as

contract liabilities (se note 2(n).

In the comparative period, revenue

from sales of manufacturing gods was

recognised when the gods are delivered to

the customer, the customer has acepted the

products and the related risks and rewards

of ownership and colectability of the

related receivables is reasonably asured.

2 重要会计政策（续）

(v) 收入及其他收入（续）

倘合约包含之融资成分为客

户提供超过十二个月之重大

融资利益，则收入按应收金

额之现值计量，并使用与单

独融资交易中反映之贴现率

贴现。客户和利息收入按实

际利率法单独计提。倘合约

包含为本集团提供重大融资

利益之融资成分，则根据该

合约确认之收益包括按实际

利率法计算之合约负债所产

生之利息开支。本集团利用香

港财务报告准则第15号第63

段之实际权宜之计，倘融资

期为十二个月或以下，则不会

就重大融资成分之任何影响

调整代价。

本集团收入及其他收入确认

政策之进一步详情如下：

(i) 制造货品销售

当客户拥有并接受货品，

销售货品所产生之收入

才确认。客户于送货前

预付之款项记录为合约

负债（见附注2(n)）。

于比较期间，当货品已

交付予客户，客户亦接收

产品及拥有者之有关风

险与回报，以及有关应

收款之收回可合理确保

时销售货品所产生之收

入才确认。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

186KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(v) Revenue and other income (continued)

(i) Rental income from operating leases

Rental income from operating leases

is recognised in profit or los in equal

instalments over the periods covered by

the lease term, except where an alternative

basis is more representative of the patern

of benefits to be derived from the use of the

leased aset.

(i) Interest income

Interest income is recognised as it acrues

under the efective interest method using

the rate that exactly discounts estimated

future cash receipts through the expected

life of the financial aset to the gros

carying amount of the financial aset. For

financial asets measured at amortised

cost or FVOCI (recycling) that are not

credit-impaired, the efective interest rate is

aplied to the gros carying amount of the

aset. For credit-impaired financial asets,

the efective interest rate is aplied to the

amortised cost (i.e. gros carying amount

net of los alowance) of the aset (se note

2(k)(i).

(iv) Government grants

Government grants are recognised in the

statement of financial position initialy when

there is reasonable asurance that they

wil be received and that the Group wil

comply with the conditions ataching to

them. Grants that compensate the Group for

expenses incured are recognised as income

in profit or los on a systematic basis in

the same periods in which the expenses

are incured. Grants that compensate the

Group for the cost of an aset are deducted

from the carying amount of the aset and

consequently are efectively recognised in

profit or los over the useful life of the aset

by way of reduced depreciation expenses.

2 重要会计政策（续）

(v) 收入及其他收入（续）

(i) 经营租赁之租金收入

经营租赁之租金收入按

租约期涉及之期间平均

摊分并于损益确认，倘

有其他基准更清楚地反

映使用租赁资产所产生

之收益模式则除外。

(i) 利息收入

利息收入以资产之实际

利率，按照将金融资产

之预计使用年限内之估

计未来现金收入与金融

资产之账面总值准确折

现之利率计算确认。就

信贷并无减值并按摊销

成本或按公平值计入其

他全面收入（可转回）计量

之金融资产而言，实际利

率用于该资产之账面总

值。就信贷出现减值之

金融资产而言，实际利率

用于该资产之摊销成本

（即账面总值减去亏损拨

备）（见附注2(k)(i)）。

(iv) 政府资助

当可合理保证将会收取政

府资助及本集团将会符

合资助所附带之条件时，

政府资助最初于财务状

况表确认。用以补偿本

集团已产生开支之资助

于该等开支产生之期间

于损益表有系统地确认

收入。用以补偿本集团资

产成本之资助，资助于

该资产账面值扣除及其

后按其可用年期减少折

旧费用之方式于损益实

际确认。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

187ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(w) Translation of foreign curencies

(i) Functional and presentation curency

Items included in the financial statements

of each of the Group’s entities are

measured using the curency of the primary

economic environment in which the entity

operates (the “functional curency”).

The consolidated financial statements are

presented in Hong Kong dolars, which is

the Company’s functional and presentation

curency.

(i) Transactions and balances

Foreign curency transactions during the

year are translated at the foreign exchange

rates ruling at the transaction dates.

Monetary asets and liabilities denominated

in foreign curencies are translated at the

foreign exchange rates ruling at the end of

the reporting period. Exchange gains and

loses are recognised in profit or los.

Non-monetary asets and liabilities that

are measured in terms of historical cost

in a foreign curency are translated using

the foreign exchange rates ruling at the

transaction dates. The transaction date is the

date on which the Group initialy recognises

such non-monetary asets or liabilities.

Non-monetary asets and liabilities

denominated in foreign curencies that are

stated at fair value are translated using the

foreign exchange rates ruling at the dates the

fair value was measured.

2 重要会计政策（续）

(w) 外币换算

(i) 功能及呈列货币

本集团各个实体之财务

报表所列项目均以该实

体营运所在之主要经济

环境之货币计量（「功能

货币」）。综合财务报表以

港元呈报，港元为本公

司之功能及呈列货币。

(i) 交易及结余

本年度内以外币结算之

交易按交易日之汇率换

算。以外币为单位之货

币性资产及负债则按报

告期末适用之外币汇率

换算。兑换收益及亏损

于损益确认。

以历史成本计量之非货

币性外币资产及负债按

交易日适用之外币汇率兑

换，交易日乃本集团初步

确认该等非货币资产或

负债之日期。以公平值

列账之外币非货币资产

及负债乃以计量公平值

当日适用之外币汇率兑

换。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

188KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(w) Translation of foreign curencies (continued)

(i) Transactions and balances (continued)

The results of operations with functional

curency other than Hong Kong dolars

are translated into Hong Kong dolars at

the exchange rates aproximating the

foreign exchange rates ruling at the dates

of the transactions. Statement of financial

position items are translated into Hong

Kong dolars at the closing foreign exchange

rates at the end of the reporting period.

The resulting exchange diferences are

recognised in other comprehensive income

and acumulated separately in equity in the

translation reserve.

On disposal of an operation with functional

curency other than Hong Kong dolars,

the cumulative amount of the exchange

diferences relating to that operation is

reclasified from equity to profit or los

when the profit or los on disposal is

recognised.

(x) Borowing costs

Borowing costs that are directly atributable to

the acquisition, construction or production of

an aset which necesarily takes a substantial

period of time to get ready for its intended use

or sale are capitalised as part of the cost of that

aset. Other borowing costs are expensed in the

period in which they are incured.

The capitalisation of borowing costs as part

of the cost of a qualifying aset comences

when expenditure for the aset is being

incured, borowing costs are being incured

and activities that are necesary to prepare the

aset for its intended use or sale are in progres.

Capitalisation of borowing costs is suspended

or ceases when substantialy al the activities

necesary to prepare the qualifying aset for its

intended use or sale are interupted or complete.

2 重要会计政策（续）

(w) 外币换算（续）

(i) 交易及结余（续）

非以港元为功能货币之

业务之业绩乃按与交易

日通行之外汇率相若

之汇率换算为港元，财

务状况表项目则按报告

期末之汇率换算为港元，

而所产生之兑换差异于

其他全面收入确认，并

另于权益之换算储备中

累计。

于出售非以港元为功能

货币之业务时，与该项

业务有关之累计兑换差

异于确认出售损益时，

由权益重新分类至损

益。

(x) 借贷成本

直接因收购、兴建或生产一

项须花一段很长时间始能投

入拟定用途或出售之资产之

借贷成本会被资本化为该资

产成本之一部份。其他借贷

成本乃于产生期间支销。

属于合资格资产成本一部分

之借贷成本于当资产开支产

生、借贷成本产生及使资产

投入拟定用途或出售所必需

之准备工作进行期间开始资

本化。当绝大部分合资格资产

投入拟定用途或出售所必需

之准备工作中断或完成，借贷

成本则暂停或停止资本化。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

189ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(y) Related parties

(a) A person, or a close member of that

person’s family, is related to the Group if

that person:

(i) has control or joint control over the

Group;

(i) has significant influence over the

Group; or

(i) is a member of the key management

personel of the Group or the Group’s

parent.

(b) An entity is related to the Group if any of

the folowing conditions aplies:

(i) The entity and the Group are members

of the same Group (which means that

each parent, subsidiary and felow

subsidiary is related to the others).

(i) One entity is an asociate or joint

venture of the other entity (or an

asociate or joint venture of a member

of a Group of which the other entity is

a member).

(i) Both entities are joint ventures of the

same third party.

(iv) One entity is a joint venture of a

third entity and the other entity is an

asociate of the third entity.

2 重要会计政策（续）

(y) 有关连人士

(a) 倘属以下人士，则该人士

或该人士之近亲与本集

团有关连：

(i) 拥有本集团之控制

权或共同控制权；

(i) 对本集团有重大影

响；或

(i) 为本集团或本集团

母公司之管理层成

员。

(b) 倘符合下列任何条件，则

一实体与本集团有关连：

(i) 该实体与本集团属

同一集团之成员公司

（即各母公司、附属

公司及同系附属公

司彼此间有关连）。

(i) 一实体为另一实体

之联营公司或合营

企业（或一实体为集

团旗下成员公司之联

营公司或合营企业

而另一实体为集团

成员公司）。

(i) 两间实体均为同一

第三方之合营企

业。

(iv) 一实体为第三方实

体之合营企业，而

另一实体为该第三

方实体之联营公

司。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

190KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(y) Related parties (continued)

(b) An entity is related to the Group if any of

the folowing conditions aplies: (continued)

(v) The entity is a post-employment

benefit plan for the benefit of

employes of either the Group or an

entity related to the Group.

(vi) The entity is controled or jointly

controled by a person identified in (a).

(vi) A person identified in (a)(i) has

significant influence over the entity or

is a member of the key management

personel of the entity (or of a parent

of the entity).

(vi) The entity, or any member of a Group

of which it is a part, provides key

management personel services to the

Group or to the Group’s parent.

Close members of the family of a person

are those family members who may be

expected to influence, or be influenced by,

that person in their dealings with the entity.

(z) Segment reporting

Operating segments, and the amounts of

each segment item reported in the financial

statements, are identified from the financial

information provided regularly to the Group’s

most senior executive management for the

purposes of alocating resources to, and asesing

the performance of, the Group’s various lines of

busines and geographical locations.

2 重要会计政策（续）

(y) 有关连人士（续）

(b) 倘符合下列任何条件，则

一实体与本集团有关连：

（续）

(v) 该实体为本集团或

为本集团有关连之

实体之雇员而设之

退休福利计划。

(vi) 实体受于附注(a)所

识别之人士控制或

受共同控制。

(vi) 于附注(a)(i)所识别

人士对实体有重大

影响力或属该实体

（或该实体之母公司）

主要管理层成员。

(vi) 该实体或该实体

所属集团之任何成

员公司向本集团或

本集团之母公司提

供主要管理人员服

务。

任何人士之家庭近亲成

员指在与实体往来之过

程中预期可影响该人士或

受其影响之家庭成员。

(z) 分部报告

营运分部及财务报表中各分

部项目之金额，均见于定期向

本集团最高行政管理人员汇

报之财务资料以对本集团内

不同部门及地区作出资源分

配及评估其表现。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

191ANUAL REPORT 2024/25 年报

2 MATERIAL ACOUNTING POLICIES (CONTINUED)

(z) Segment reporting (continued)

Individualy material operating segments are

not agregated for financial reporting purposes

unles the segments have similar economic

characteristics and are similar in respect of the

nature of products and services, the nature

of production proceses, the type or clas of

customers, the methods used to distribute

the products or provide the services, and the

nature of the regulatory environment. Operating

segments which are not individualy material may

be agregated if they share a majority of these

criteria.

(a) Distribution of non-cash asets to owners

Upon los of control of a subsidiary through

distribution of shares in the subsidiary to

the shareholders of the Company where the

subsidiary is ultimately controled by the same

parties both before and after the distribution, the

Group (a) derecognises the asets and liabilities

of the subsidiary at their carying amounts at

the date when control is lost; and (b) measures

the distribution and the liability to distribute

non-cash asets as a dividend to its owners

at the carying amount of the net asets to be

distributed.

2 重要会计政策（续）

(z) 分部报告（续）

个别重大之营运分部不会汇

集进行财务汇报，除非此等

分部有类似之经济特征、产

品与服务性质、生产过程性

质、客户类别或级别、分销产

品或提供服务之方法，以及

监管环境性质。倘个别并不

重大之营运分部符合上述大

部分条件，或会汇集处理。

(a) 非现金资产分派予拥有人

向拥有人分派非现金资产因

向本公司股东分派附属公司

之股份而对该附属公司失去

控制权，而附属公司于分派前

后最终受同一方控制时，本集

团(a)于失去控制权当日按附

属公司资产及负债之账面值

终止确认该等资产及负债；及

(b)按将予分派之资产净值之

账面值计量分派及向其拥有

人分派非现金资产作为股息

之负债。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

192KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS

(a) Financial risk factors

The Group’s activities expose it to a variety of

financial risks: curency risk, interest rate risk,

credit risk and liquidity risk. The Group’s overal

risk management programe focuses on the

unpredictability of financial markets and seks to

minimise potential adverse efects on the Group’s

financial performance.

Risk management is caried out by the Group’s

Finance and Acounting department (“Group

F&A”) under policies aproved by the Board of

Directors. Group F&A identifies, evaluates and

mitigates financial risks in close co-operation

with the Group’s operating units. The Board is

responsible for overal risk management which

covers curency risk, interest rate risk, credit risk,

use of derivative financial instruments and cash

management.

The Group’s exposure to the aforesaid risks

and the financial risk management policies and

practices used by the Group to manage these

risks are described below.

3 财务风险管理及金融工具公平值

(a) 财务风险因素

本集团业务承受多种财务风

险：外币风险、利率风险、信

贷风险及流动资金风险。本

集团之整体风险管理计划专

注于财务市场之难预测性，

并寻求尽量减低对本集团财

务表现之潜在不利影响。

风险管理由本集团之财会部

（「集团财会」）按照董事会批准

之政策执行。集团财会透过

与本集团经营单位之紧密合

作，负责厘定、评估及减轻

财务风险。董事会负责整体

风险管理涵盖外币风险、利

率风险、信贷风险、使用衍

生金融工具及现金管理。

本集团面对上述风险以及本

集团用于管理此等风险之财

务风险管理政策如下所述。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

193ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Curency risk

The Group operates primarily in Hong Kong

and the Mainland China and most of its

busines transactions, asets and liabilities

are denominated in HK$, United States

dolars (“US$”) and Renminbi (“RMB”).

Curency risk arises from comercial

transactions, recognised asets and liabilities

and net investments in foreign operations

that are denominated in a curency that

is not the entity’s functional curency. As

HK$ are peged against US$, management

considers that the Group is mainly exposed

to foreign curency risk with respect to

Renminbi. Management wil continue to

monitor foreign exchange exposure and wil

take measures to minimise the curency

translation risk. The conversion rate of

Renminbi to foreign curencies is subject

to the rules and regulations of foreign

exchange control promulgated by the PRC

Government.

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 外币风险

本集团主要在香港及中

国内地经营，大部份业

务交易、资产及负债以

港元、美元及人民币为

单位。外币风险来自非以

本实体功能货币为单位

之商业交易、已确认之

资产及负债及于海外营

运之投资净额。由于港

元与美元挂钩，管理层

认为本集团主要面对人

民币外汇风险。管理层

将持续监控外汇风险，

并会采取措施减低外币

换算风险。人民币对外币

之兑换率受制于中国政

府所颁布之外汇管制条

例及规则。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

194KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Curency risk (continued)

The folowing table details the curency

portfolio of the Group’s monetary asets/

(liabilities) denominated in a curency

other than the functional curency of the

entity to which they relate. For presentation

purposes, the amounts of the portfolio are

expresed in HK$, translated using the spot

rate at the end of the reporting period:

At 31 March 2025

于二零二五年三月三十一日

HK$US$RMBTHBOthers

港元美元人民币泰币其他

$’000$’000$’000$’000$’000

千元千元千元千元千元

Trade and bils receivables

and other receivables

贸易及票据应收账

款及其他应收

账款—512,4872,249—422

Other financial asets其他金融资产—19,980—

Cash and bank deposits现金及银行存款3,86993,06021,901541,000

Amounts due from related

companies

应收关连公司账款

—721—

Trade payables贸易应付账款(4)(280,429)(20,154)—

Acruals and other

payables

应计费用及其他应

付账款—(17)—

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 外币风险（续）

下表详列本集团以相关

实体功能货币以外其他

货币为单位之货币性资

产╱（负债）之货币组合。

为呈列用途，此组合之

金额以报告期末即期汇

率兑换，并以港元列示：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

195ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Curency risk (continued)

At 31 March 2024

于二零二四年三月三十一日

HK$US$RMBTHBOthers

港元美元人民币泰币其他

$’000$’000$’000$’000$’000

千元千元千元千元千元

Trade and bils receivables

and other receivables

贸易及票据应收账

款及其他应收

账款—552,3511,130—143

Other financial asets其他金融资产—19,465—

Cash and bank deposits现金及银行存款3,89379,5291,026393,344

Amounts due from related

companies

应收关连公司账款

—780—

Trade payables贸易应付账款—(310,320)(42,425)—(36)

Acruals and other

payables

应计费用及其他应

付账款—(40)—

At 31 March 2025, if HK$ had weakened/

strengthened by 5% against the RMB

with al other variables held constant,

post-tax profit for the year and retained

earnings would have decreased/increased

aproximately $392,000 (2024: $1,807,000),

mainly as a result of the net foreign

exchange gains/loses on translation of

Renminbi-denominated trade and other

receivables, cash and bank deposits, trade

and other payables and amounts due from/

to related companies.

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 外币风险（续）

于二零二五年三月三十一

日，倘其他变动因素维

持不变，港元兑人民币

贬值╱升值5%，年度税

后溢利将减少╱增加约

392,000元（二零二四年：

1,807,000元）。此乃主要

因换算以人民币计值之

贸易及票据应收账款及

其他应收账款、现金及

银行存款、贸易应付账款

及其他应付账款及应收

╱应付关连公司账款所

产生之净外汇收益╱亏

损。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

196KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Curency risk (continued)

The sensitivity analysis above indicates

the instantaneous change in the Group’s

profit after tax (and retained earnings) and

other components of equity that would

arise asuming that the change in foreign

exchange rate of HK$ against the RMB had

ocured at the end of the reporting period

and had ben aplied to re-measure those

financial instruments held by the Group

which expose the Group to foreign curency

risk, including inter-company payables

and receivables with the Group which are

denominated in a curency other than the

functional curencies of the lender or the

borower. The analysis is performed on the

same basis for 2024.

(i) Interest rate risk

Monetary asets/liabilities acquired at

variable rates and at fixed rates expose the

Group to cash flow interest rate risk and

fair value interest rate risk respectively. The

Group’s interest rate risk arises from bank

borowings and bank deposits which are

primarily isued at variable rates.

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 外币风险（续）

从上述敏感度分析显示，

假设于报告期末港元兑

人民币汇率变动，对本

集团之除税后溢利（及保

留溢利）及其他权益组合

产生之瞬间变动，及本

集团面对之外汇风险，

包括本集团旗下各实体并

非以贷款者或借款者之

功能货币为本位之公司

间应付账款及应收账款

已应用在重新计量本集

团拥有之金融工具。二零

二四年之分析以相同之

基准进行。

(i) 利率风险

以浮动利率及固定利率

购入之货币性资产╱负

债使本集团分别面对现

金流量利率风险及公平

值利率风险。本集团之

利率风险来自其主要以

浮动利率发放之银行借

贷及银行存款。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

197ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Interest rate risk (continued)

The folowing table details the interest rate

profile of the Group’s interest-bearing asets

and liabilities at the end of the reporting

period:

At 31 March 2025At 31 March 2024

于二零二五年三月三十一日于二零二四年三月三十一日

Note

Efective

interest rate

%$’000

Efective

interest rate

%$’000

附注实际利率千元实际利率千元

Fixed rate interest-bearing asets/

(liabilities):

固定利率带息资产╱

（负债）：

Deposits with banks with 3 months

or les to maturity when placed

三个月或更短到期之

银行存款152.88%72,6624.46%58,144

Key management insurance

contracts

主要管理层保险合约

132.01%19,9802.01%19,465

Lease liabilities租赁负债227.13%(21,367)5.43%(3,605)

Variable rate interest-bearing

asets/(liabilities):

浮动利率带息资产╱

（负债）：

Cash at bank银行存款150.01%116,8020.01%90,459

Bank borowings银行借贷204.50%(536,159)5.22%(529,692)

Loan from a controling shareholder控股东借贷213.88%(100,000)—

At 31 March 2025, with al other variables

held constant, if the interest rate had

increased/decreased by 50 basis points, the

coresponding increase/decrease in interest

expenses on bank borowings and loan

from a controling shareholder and interest

income from bank deposits at variable rates

wil result in a net decrease/increase in the

Group’s post-tax profit by aproximately

$2,072,000/$2,644,000 (2024: decrease/

increase $1,759,000/$2,202,000).

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 利率风险（续）

下表详列于报告期末本

集团带息资产及负债利

率之概况：

于二零二五年三月三十一

日，所有其他变动因素

维持不变，倘利率上调

╱下调五十个点子，相应

增加╱减少之银行借贷

利息支出及控股东贷

款利息支出及银行存款

利息收入将使本集团税

后溢利净减少╱增加约

2,072,000元╱2,644,000

元（二零二四年：减

少╱增加1,759,000元

╱2,202,000元）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

198KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Interest rate risk (continued)

The sensitivity analysis above indicates the

instantaneous change in the Group’s profit

after tax (and retained earnings) and other

components of equity that would arise

asuming that the change in interest rates

had ocured at the end of the reporting

period and had ben aplied to re-measure

those financial instruments held by the

Group which expose the Group to fair value

interest rate risk. In respect of the exposure

to cash flow interest rate risk arising from

floating rate non-derivative instruments held

by the Group at the end of the reporting

period, the impact on the Group’s profit

after tax (and retained earnings) and other

components of equity is estimated as an

anualised impact on interest expense or

income of such a change in interest rates.

The analysis is performed on the same basis

for 2024.

(i) Credit risk

Credit risk refers to the risk that a

counterparty wil default on its contractual

obligations resulting in a financial los to

the Group and is managed on a Group

basis. The Group’s credit risk mainly arises

from financial asets and deposits with

banks and financial institutions, as wel as

credit exposures to customers, including

outstanding trade and other receivables.

For banks and financial institutions, only

independent parties with high credit rating

are acepted.

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 利率风险（续）

从以上敏感度分析显示，

假设于报告期末利率发

生变动，而需重新计量

本集团持有之面临公平

值利率风险之金融工具，

本集团除税后溢利（及保

留溢利）及部分权益之其

他组成部分将会产生即

时变动。对于本集团于

报告期末持有之浮动利

率非衍生工具产生之现

金流量利率风险而言，对

本集团除税后溢利（及保

留溢利）及权益之其他组

成部分之影响乃基于该等

利率之改变对年度利息

支出或收入之影响而进

行估计。二零二四年之分

析以相同之基准进行。

(i) 信贷风险

信贷风险乃交易对方违

反合约义务导致本集团

财务损失，其照组合方

式管理。本集团信贷风

险主要来自金融资产及

银行与财务机构之存款，

亦有来自客户之信贷风

险，包括未偿还之贸易

及其他应收账款。对于

银行及财务机构，只会

接纳信用评级良好之独

立方。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

199ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Credit risk (continued)

Trade receivables and contract asets

The Group’s exposure to credit risk is

influenced mainly by the individual

characteristics of each customer rather

than the industry or country in which the

customers operate and therefore significant

concentrations of credit risk primarily

arise when the Group has significant

exposure to individual customers. There is

a concentration of credit risk in respect of

trade and bils receivables as the Group’s

sales are made primarily to a few key

customers. At 31 March 2025, the trade

and bils receivables from five largest

customers acounted for aproximately

77% (2024:84%) of the total trade and bils

receivables.

Individual credit evaluations are performed

on al customers requiring credit over a

certain amount. These evaluations focus

on the customer’s past history of making

payments when due and curent ability

to pay, and take into acount information

specific to the customer as wel as

pertaining to the economic environment

in which the customer operates. Trade

receivables are usualy due within 150

days from the date of biling. Normaly,

the Group does not obtain colateral from

customers.

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 信贷风险（续）

贸易应收账款及合约资产

本集团面对之信贷风险

主要受到各客户之个别

特征所影响，而非客户

所从事行业或所在国家，

因此，高度集中信贷风

险主要源自本集团个别客

户出现重大风险。于二

零二五年三月三十一日，

五大贸易及票据应收账

款之客户占贸易及票据

应收账款总额约77%（二

零二四年：84%）。

本集团对要求超过一定信

用额度之所有客户进行

个别信用评估。此等评

估针对客户过往于到期

时之还款记录及现时支

付能力，并考虑客户之特

定账户资料及客户所处经

济环境之相关资料。贸

易应收账款一般于结算

日起一百五十天内到期。

本集团一般不会向客户

收取抵押品。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

200KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(i) Credit risk (continued)

Prepayment, deposits and other receivables

Credit risk in respect of other receivables,

the Group monitors the exposures

and manages them based on historical

setlement records and past experience,

curent conditions and forecast of future

economic conditions.

Amounts due from related parties

Credit risk in respect of amounts due from

related parties are limited given that the

Group aseses and closely monitors their

financial conditions and the related parties

have suficient reserves of resources to setle

the amount as they fal due. Therefore, the

ECL alowance is considered insignificant.

Cash and bank deposits

The credit risk on cash at banks is limited

because the counterparties are banks with

high credit ratings asigned by international

credit rating agencies. Transactions in

relation to derivative financial instruments,

if any, are only caried out with financial

institutions of high reputation. The Group

has policies that limit the amount of credit

exposure to any one financial institution.

Cash and cash equivalent are normaly

placed with major licensed banks.

Management does not expect any of these

licensed banks or financial institutions to fail

to met their obligations.

(iv) Liquidity risk

Prudent liquidity risk management implies

maintaining suficient cash and the

availability of funding through an adequate

amount of credit facilities. The Group aims

to maintain flexibility in funding by keping

credit lines available at al times.

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(i) 信贷风险（续）

预付款、按金及其他应

收账款

有关其他应收账款之信

贷风险，本集团根据过

往还款记录及经验、当

前状况及未来经济状况

预测来监察及管理其风

险。

应收关连公司账款

应收关连公司账款之信

贷风险有限，因本集团

评估及密切监察关连公

司之财务条件及有充足

储备资源支付到期账款。

因此，预期信贷亏损被

视为并不显著。

现金及银行存款

于银行之现金信贷风险

有限，因交易对手为受

国际评级机构确定为信

用评级良好之银行。与

衍生金融工具有关之交易

（如有），亦只与良好信誉

之金融机构进行。本集

团有政策限制对任何一

间金融机构信贷风险之

金额。现金及现金等价

物一般存入主要持牌银

行，管理层预期任何此

等持牌银行或金融机构

不会未能履行其责任。

(iv) 流动资金风险

审慎之流动资金风险管

理意指维持充足现金及

透过取得充裕之信贷融

资获得可动用资金。本

集团经常致力保持信贷

可动用额度以维持资金

供应之灵活性。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

201ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(iv) Liquidity risk (continued)

The table below analyses the Group’s

financial liabilities clasified into relevant

maturity groupings based on the remaining

period at the end of the reporting period to

the contractual maturity date. The amounts

disclosed in the table are the contractual

undiscounted cash flows. Balances due

within twelve months equal their carying

balances as the impact of discounting is not

significant.

Contractual undiscounted cash outflow

合同未折现金流出

Carying

amount

Les than

1 year

Betwen

1 and

2 years

Betwen

2 and 5

yearsTotal

账面值少于一年一至两年二至五年合共

$’000$’000$’000$’000$’000

千元千元千元千元千元

At 31 March 2025于二零二五年

三月三十一日

Trade payables贸易应付账款432,389432,389— — 432,389

Acruals and other payables应计费用及其他应付

账款192,919192,919— — 192,919

Amounts due to related

companies

应付关连公司账款

3,9193,919— — 3,919

Amount due to an asociate应付联营公司账款11,77011,770— — 11,770

Lease liabilities租赁负债21,3675,8525,57013,46124,883

Bank borowings银行借贷

— without repayable on

demand clause

— 没有按要求

偿还条款484,626344,948126,30136,275507,524

— with repayable on

demand clause (note)

— 附有按要求

偿还条款

（附注）51,53344,6858,518—53,203

Loan from a controling

shareholder

控股东贷款

100,0003,1203,882111,647118,649

1,298,5231,039,602144,271161,3831,345,256

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(iv) 流动资金风险（续）

下表分析本集团之金融

负债，该负债按由报告

期末至合约到期日余下期

间未分类至有关到期组

别。表中所披露金额为

合约未贴现之现金流量。

由于贴现之影响并不重

大，故十二个月内到期之

结余与其账面值相若。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

202KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(a) Financial risk factors (continued)

(iv) Liquidity risk (continued)

Contractual undiscounted cash outflow

合同未折现金流出

Carying

amount

Les than

1 year

Betwen

1 and

2 years

Betwen

2 and

5 yearsTotal

账面值少于一年一至两年二至五年合共

$’000$’000$’000$’000$’000

千元千元千元千元千元

At 31 March 2024于二零二四年

三月三十一日

Trade payables贸易应付账款462,793462,793—462,793

Acruals and other payables应计费用及其他应付

账款287,245287,245—287,245

Amounts due to related

companies

应付关连公司账款

3,6963,696—3,696

Amount due to an asociate应付联营公司账款2,3312,331—2,331

Lease liabilities租赁负债3,6053,403282—3,685

Bank borowings银行借贷

— without repayable on

demand clause

— 没有按要求

偿还条款404,544223,45793,170117,542434,169

— with repayable on

demand clause (note)

— 附有按要求

偿还条款125,14866,16458,8067,199132,169

1,289,3621,049,089152,258124,7411,326,088

Note: As disclosed in note 20, the Group does

not consider probable that the bank wil

exercise its discretion to demand repayment,

taking into acount such consideration as the

prevailing market conditions, its relationships

with finance providers and the status of

compliance with loan provisions to date.

Acordingly, the analysis also includes the

expected undiscounted cash outflows where

the future cash outflows are adjusted based

on the scheduled repayment dates.

3 财务风险管理及金融工具公平值

（续）

(a) 财务风险因素（续）

(iv) 流动资金风险（续）

附注：如附注20所述，本

集团考虑到当前市

场状况、本集团与

融资方之关系以及

迄今遵守贷款条文之

情况等因素，认为

银行不太可能行使酌

情权要求偿还贷款。

因此，该分析还包

含预期未拆现金

流出，其中未来现金

流出是根据预定还

款日期进行调整。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

203ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(b) Capital risk management

The Group’s objectives when managing capital

are to safeguard the Group’s ability to continue

as a going concern in order to provide returns

for equity shareholders and benefits for other

stakeholders and to maintain an optimal capital

structure.

In order to maintain or adjust the capital

structure, the Group may adjust the amount of

dividends paid to shareholders, return capital to

shareholders, isue new shares or sel asets to

reduce debt.

Consistent with others in the industry, the Group

monitors capital on the basis of the net gearing

ratio. This ratio is calculated as net debt divided

by total capital. Net debt is calculated as total

bank borowings and lease liabilities les cash

and bank deposits. Total capital is calculated as

the total equity as shown in the consolidated

statement of financial position.

3 财务风险管理及金融工具公平值

（续）

(b) 资金风险管理

本集团资金管理之目标为保

障本集团按持续经营基准继

续营运之能力，为权益持有人

带来回报，同时兼顾其他持

份者之利益，并维持最佳之

资本结构。

为维持或调整资本结构，本

集团或会调整支付予股东之

股息、退还予股东之股本、发

行新股或出售资产以减低债

务。

与业内其他公司一样，本集团

利用净负债比率监察其资本。

此比率按照净借贷额除以总

资本计算。净借贷额乃银行

借贷总额及租赁负债减现金

及银行存款。如综合财务状

况表所列，总资本为权益总

值。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

204KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

(b) Capital risk management (continued)

The Group’s strategy, which is unchanged from

prior year, is to maintain an aceptable net

gearing ratio. The net gearing ratios at 31 March

2025 and 2024 are as folows:

二零二五年二零二四年

$’000$’000

千元千元

Total bank borowings银行借贷总额536,159529,692

Loan from a controling

shareholder

控股东贷款

100,000—

Lease liabilities租赁负债21,3673,605

Les: Cash and bank deposits减：现金及银行存款(191,177)(149,418)

Net borowings净借贷466,349383,879

Total equity权益总值1,078,784993,004

Net gearing ratio净负债比率43%39%

The carying value les impairment provision

for trade and bils receivable, other receivables

and trade and other payables are a reasonable

aproximation of their fair values. The fair value

of financial liabilities for disclosure purposes is

estimated by discounting the future contractual

cash flows at the curent market interest rate that

is available to the Group for similar financial

instruments.

3 财务风险管理及金融工具公平值

（续）

(b) 资金风险管理（续）

本集团之策略不变，与往年

一致，即秉承维持可接受之净

负债比率。于二零二五年及二

零二四年三月三十一日之净银

行借贷比率如下：

贸易及票据应收账款减去亏

损拨备、其他应收账款及贸

易及其他应付账款之账面值

合理接近其公平值。作为披

露目的，财务负债公平值之估

计按未来合约现金流量以本

集团于目前市况相近之金融

工具之利率贴现计算。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

205ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

The table below analyses financial instruments

caried at fair value, by valuation method. The

diferent levels have ben defined as folows:

— Quoted prices (unadjusted) in active markets

for identical asets or liabilities (Level 1).

— Inputs other than quoted prices included

within Level 1 that are observable for the

aset or liability, either directly (that is, as

prices) or indirectly (that is, derived from

prices) (Level 2).

— Inputs for the aset or liability that are not

based on observable market data (that is,

unobservable inputs) (Level 3).

3 财务风险管理及金融工具公平值

（续）

下表利用估值法分析按公平

值入账之金融工具。不同层

级定义如下：

— 相同资产或负债在活跃市

场之报价（未经调整）（第

一层）。

— 除了第一层所包括之报价

外，该资产或负债之可观

察之数据，可为直接（即

例如价格）或间接（即源

自价格）（第二层）。

— 并非依据可观察市场数

据之资产或负债之数据

（即非可观察数据）（第三

层）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

206KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

The folowing table presents the Group’s financial

asets that are measured at fair value on a

recuring basis at 31 March 2025:

二零二五年二零二四年

$’000$’000

千元千元

Asets:资产：

Level 3第三层

— Key management insurance

contracts (note 13)

— 主要管理层保

险合约

（附注13）19,98019,465

The Group’s key management insurance

contracts categorised in Level 3 are managed

by independent insurers. The fair value of these

insurance contracts is recorded based on the

acount value suplied by the insurers.

During the year 31 March 2025, there were no

transfers betwen Level 1 and Level 2, or transfer

out or into of Level 3 (2024: nil).

3 财务风险管理及金融工具公平值

（续）

下表列报本集团于二零二五年

三月三十一日以经常性基础公

平值计量之金融资产：

本集团第三层主要管理层保

险合约由独立保险公司管理，

这些保险合约之公允价值，及

根据保险公司提供之账户价

值来记录。

截至二零二五年三月三十一日

止年度内，第一与第二层之间

并无转拨，或第三层无转出

或转入（二零二四年：无）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

207ANUAL REPORT 2024/25 年报

3 FINANCIAL RISK MANAGEMENT AND FAIR VALUE

OF FINANCIAL INSTRUMENTS (CONTINUED)

The movement during the year in the balance

of these Level 3 fair value measurements are as

folows:

二零二五年二零二四年

$’000$’000

千元千元

Key management insurance

contracts

主要管理层保险

合约

Begining of the year

年初

19,46513,067

Aditions

添加

—5,881

Interest income recognised

in profit or los

于损益确认之利息

收入

Exchange gain recognised

in profit or los

于损益确认之汇兑

收益

—34

Fair value gain recognised

in other comprehensive income

during the year

年内于其他全面收

入确认之公平值

收益

End of the year

年底

19,98019,465

There were no fair value gains or loses for the

years included in profit or los for these asets

held at 31 March 2025 and 2024.

3 财务风险管理及金融工具公平值

（续）

年内此等第三层公平值计量

之结余变动如下：

于二零二五年及二零二四年三

月三十一日所持有资产并没有

公平值收益或亏损包括于损

益内。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

208KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

4 ACOUNTING JUDGEMENT AND ESTIMATES

Estimates and judgements are continualy evaluated

and are based on historical experience and other

factors, including expectations of future events

that are believed to be reasonable under the

circumstances.

The Group makes estimates and asumptions

concerning the future. The resulting acounting

estimates may be diferent from the actual results.

The estimates and asumptions that have a significant

risk of causing a material adjustment to the carying

amounts of asets and liabilities in future years are

discused below.

(a) Expected credit los alowance for trade

receivables

The Group maintains a los alowances of trade

receivables measured at an amount equal to

lifetime ECL of receivables stated at amortised

cost. The los alowance is estimated using a

provision matrix based on the Group’s historical

credit los experience, adjusted for factor that

are specific to the debtors and an asesment of

both the curent and forecast general economic

conditions at the reporting date. If there is a

change in the financial condition of the debtors,

actual write-ofs would be higher or lower than

estimated.

(b) Write-down of inventories

Inventories are writen down to the net realisable

value based on an asesment of the realisability

of inventories. Write-downs on inventories

are recorded where events or changes in

circumstances indicate that the balances may not

be realised. The identification of write-downs

requires the use of judgement and estimates.

Where the expectation is diferent from the

original estimate, such diference wil impact the

carying value and write-downs of inventories.

4 会计判断及估计

估计及判断根据过往经验及其他

因素（包括在有关情况下相信对未

来事件之合理预测）被持续进行评

估。

本集团对未来作出估计及假设。所

得之会计估计可能与其实际结果

不相同。很大机会导致未来年度

之资产及负债之账面值作出重大

调整之估计及假设讨论如下。

(a) 贸易应收账款之预期信贷亏

损拨备

本集团维持贸易应收账款之

亏损拨备，计量相等于整个

存续期以摊销成本列账之预

期信贷亏损金额，该亏损拨

备估计使用拨备矩阵计算，

以本集团之过往信贷亏损经

验，根据债务人于报告日期

之特定因素及对当前及预计

一般经济状况之评估进行调

整。如债务人之财务状况有

变动，实际撇销会比估计高或

低。

(b) 存货撇减

根据存货变现性之评估撇减

存货至可变现净值。一旦事件

发生或情况改变显示存货结

余可能未能变现时入账存货

撇减。辨认撇减需要作出判

断及估计，当预期之金额与

原定估计有差异时，该差异

将影响存货账面值及存货撇

减。

Notes to the Financial Statements

财务报表附注

209ANUAL REPORT 2024/25 年报

5 SEGMENT REPORTING

The Group’s chief operating decision-maker (the

“Management”) reviews the Group’s internal reports

periodicaly in order to ases performance and

alocate resources. The Management has determined

the operating segments based on these reports.

The Group is organised on a worldwide basis into

two (2024: two) major operating segments. They

are (i) metal and plastic busines; and (i) electronic

manufacturing services busines during the years

ended 31 March 2025 and 2024.

The Management considers the busines from both

a geographic and products and services perspective.

From a products and services perspective, the

Management aseses the performance of metal

and plastic busines and electronic manufacturing

services busines. In adition, there is further

evaluation on a geographic basis (Japan, Hong Kong,

Mainland China, Asia (excluding Japan, Hong Kong

and Mainland China), North America and Western

Europe). The Management aseses the performance

of the operating segments based on operating profit.

Segment information provided to the Management for

decision making is measured in a maner consistent

with that in the financial statements.

A measurement of segment asets and liabilities is

not provided regularly to the Group’s most senior

executive management and acordingly, no segment

asets or liabilities information is presented.

Revenue and expenses are alocated to the reportable

segments with reference to sales generated by

those segments and the expenses incured by

those segments or which otherwise arise from the

depreciation or amortisation of asets atributable

to those segments. Segment profit is defined as

the operating profit generated from the reportable

segment before finance income, finance cost, share of

profit of asociate and income tax expense with inter

segment profit being excluded.

5 分部报告

本集团首席营运决策者（「管理层」）

定期审阅本集团之内部报告，以

评估业绩及分配资源。管理层以

该些报告为基础决定营运分部。

于二零二五年及二零二四年三月

三十一日，本集团遍及世界各地之

业务分为两（二零二四年：两）大主

要营运分部，分别是(i)五金塑胶业

务；及(i)电子专业代工业务。

管理层从地区、产品及服务角度

考虑其业务。管理层从产品及服

务角度评估五金塑胶业务及电子专

业代工业务之表现。并会进一步以

地区为基础（日本、香港、中国内

地、亚洲（不包括日本、香港及中

国内地）、北美洲及西欧）来评估。

管理层根据经营溢利评估营运分

部之表现。提供予管理层决策用之

分部资料之计量方式与财务报表

一致。

分部资产及负债之计量并无定期

提供予本集团之最高级执行管理

层，因此，并无呈列分部资产或负

债资料。

收入及开支乃参考该等分部所产

生之销售额及该等分部所产生之

开支或因该等分部之资产折旧或

摊销而产生之其他开支分配予各可

呈报分部。分部溢利之定义为财

务收入、财务成本、应占联营公司

溢利及所得税费用前之报告分部

产生之经营溢利，但不包括分部

间溢利。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

210KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

5 SEGMENT REPORTING (CONTINUED)

The segment results for the year ended 31 March 2025

are as folows:

二零二五年

Metal and

plastic busines

Electronic

manufacturing

services

businesOthersTotal

五金

塑胶业务

电子专业

代工业务其他合共

$’000$’000$’000$’000

千元千元千元千元

Segment revenue分部收入

Revenue from external customers外部客户之收入2,027,0281,204,282193,231,329

Inter-segment revenue分部间收入13,640— — 13,640

Reportable segment revenue报告分部收入2,040,6681,204,282193,244,969

Gros profit毛利429,46342,6121472,076

Distribution and seling expenses and

general and administrative expenses

分销及销售费用及一般及

行政费用(136,497)(11,686)(515)(148,698)

Other net income其他收入净额4,598636405,301

Net valuation los on investment

properties

投资物业估值亏损净额

—(43,653)(43,653)

Segment profit/(los)分部溢利╱（亏损）297,56430,989(43,527)285,026

Segment profit includes:分部溢利包括：

Depreciation and amortisation of

property, plant and equipment

物业、厂房及设备之折旧

及摊销103,9002,944—106,844

Amortisation of intangible asets无形资产之摊销2,926— — 2,926

Write-down of obsolete and

slow-moving inventories

陈旧及滞销存货之撇减

10,111303—10,414

Recognition of los alowance for trade

and bils receivables

贸易及票据应收账款亏损

拨备之确认10,9891,881—12,870

5 分部报告计（续）

截至二零二五年三月三十一日止年

度之分部业绩如下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

211ANUAL REPORT 2024/25 年报

5 SEGMENT REPORTING (CONTINUED)

The segment results for the year ended 31 March 2024

are as folows:

二零二四年

Metal and

plastic busines

Electronic

manufacturing

services

businesOthersTotal

五金

塑胶业务

电子专业

代工业务其他合共

$’000$’000$’000$’000

千元千元千元千元

Segment revenue分部收入

Revenue from external customers外部客户之收入1,725,2551,190,648782,915,981

Inter-segment revenue分部间收入20,791—20,791

Reportable segment revenue报告分部收入1,746,0461,190,648782,936,772

Gros profit毛利335,98834,151—370,139

Distribution and seling expenses and

general and administrative expenses

分销及销售费用及一般及

行政费用(102,216)(10,058)447(111,827)

Other net income其他收入净额5,0354356406,110

Net valuation los on investment

properties

投资物业估值亏损净额

—(36,050)(36,050)

Segment profit/(los)分部溢利╱（亏损）238,80724,528(34,963)228,372

Segment profit includes:分部溢利包括：

Depreciation and amortisation of

property, plant and equipment

物业、厂房及设备之折旧

及摊销85,5563,5603789,153

Amortisation of intangible asets无形资产之摊销1,656—1,656

Write-down/(reversal of write-down) of

obsolete and slow-moving inventories

陈旧及滞销存货之撇减╱

（回拨撇减）2,579(1,231)—1,348

Recognition of los alowance for trade

and bils receivables

贸易及票据应收账款亏损

拨备之确认4,333199—4,532

5 分部报告（续）

截至二零二四年三月三十一日止年

度之分部业绩如下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

212KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

5 SEGMENT REPORTING (CONTINUED)

A reconciliation of segment profit to profit before

taxation is provided as folows:

二零二五年二零二四年

$’000$’000

千元千元

Operating profit经营溢利285,026228,372

Finance income财务收入2,6292,704

Finance costs财务成本(41,086)(42,855)

Share of profits/(loses)

of asociates

应占联营公司之

溢利╱（亏损）1,007(1,222)

Profit before taxation除税前溢利247,576186,999

The folowing table sets out information about the

geographical location of (i) the Group’s revenue

and (i) the Group’s property, plant and equipment,

investment properties, intangible asets and

investment in an asociate (the “specified non-curent

asets”). The geographical location of revenue is

based on the country in which the final destination

of shipment is located or services are provided and

properties are located. The geographical location

of the specified non-curent asets is based on the

physical location of the aset, in the case of property,

plant and equipment, investment properties and the

location of the operations to which they are alocated,

in the case of intangible asets and investments in

asociates.

5 分部报告（续）

分部溢利对账至除税前溢利如下：

下表列载(i)本集团之收入及(i)本

集团之物业、厂房及设备、投资物

业、无形资产及于联营公司之投资

（「指定非流动资产」）所在地区之资

料。收入所在地区根据最终付运

目的地或服务提供及物业所在国

家分配。指定非流动资产所在地

区之区分，如为物业、厂房及设备

及投资物业乃根据该资产本身之

存放地点，如为无形资产及于联

营公司之投资乃根据其所分配经

营之所在地点。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

213ANUAL REPORT 2024/25 年报

5 SEGMENT REPORTING (CONTINUED)

The Group’s revenueSpecified non-curent asets

本集团之收入指定非流动资产

二零二五年二零二四年二零二五年二零二四年

$’000$’000$’000$’000

千元千元千元千元

Hong Kong (place of domicile)香港（所在地）1,123,7331,089,86516,10823,660

Japan日本17,26739,509—

Mainland China中国内地655,549604,411839,004842,567

Asia (excluding Japan, Hong Kong

and Mainland China)

亚洲（不包括日本、

香港及中国内地）264,931221,396176,929142,289

North America北美洲734,168549,995—

Western Europe西欧435,681410,805—

Sub-total小计2,107,5961,826,1161,015,933984,856

3,231,3292,915,9811,032,0411,008,516

The Group’s customer base includes four (2024: four)

customers with whom transactions have exceded

10% of the Group’s revenue. For the year ended

31 March 2025, the total revenue from sales of

merchandise in the metal and plastic busines and

electronic manufacturing services busines, including

sales to entities which are known to the Group to

be under comon control with these customers,

amounted to aproximately $2,814,531,000 (2024:

$2,630,416,000) and arose in al geographical

regions in which the busineses are active. Details

of concentrations of credit risk arising from these

customers are set out in note 3(a)(i).

The Group’s sales are made primarily to a few key

customers. For the year ended 31 March 2025, the

revenue derived from five largest customers acounted

for aproximately 90% (2024: 92%) of the Group’s

total revenue.

5 分部报告（续）

本集团有四名（二零二四：四名）客

户之交易量超过本集团10%之收

入。截至二零二五年三月三十一日

止年度，来自销售五金塑胶业务

及电子专业代工业务之商品销售

收入（包括向就本集团所知受到此

等客户共同控制之实体之销售）约

为2,814,531,000元（二零二四年：

2,630,416,000元），并于有关业务

活跃之所有地理区域产生。高度

集中信贷风险源自此等客户之详

情载列于附注3(a)(i)。

本集团之销售主要是由几名关键

客户组成。截至二零二五年三月

三十一日止年度，来自五大客户之

收入占本集团总收入约90%（二零

二四年：92%）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

214KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

6 PROPERTY, PLANT AND EQUIPMENT

Land use

rights and

leasehold landBuildings

Properties

leased for

own use

Construction-

in-progres

Fixtures and

leasehold

improvementsMachinery

Tols and

equipment

Furniture and

computer

equipmentTotal

土地使用权及

租赁土地楼宇租赁物业自用在建工程

装置及

物业装修机器工具及设备

家私及

电脑设备合共

$’000$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元千元

Cost:成本：

At 1 April 2024于二零二四年

四月一日21,491415,29220,127174168,274724,06995,846132,6681,577,941

Adjustment调整— — —(2,412)— — —(2,412)

Aditions添置—2,01323,4197653,68919,69258,8635,045162,797

Disposals出售— — — — (3,296)(856)(3,249)(7,401)

Reclasification重新分类— — —694—(694)—

Exchange adjustments兑换调整—1,261—2,0225,8243451329,584

At 31 March 2025于二零二五年

三月三十一日21,491417,30544,807250222,267746,289153,504134,5961,740,509

Acumulated depreciation,

amortisation and

impairment loses:

累计折旧、摊销及

减值亏损：

At 1 April 2024于二零二四年

四月一日8,33179,73316,886—74,953520,88363,293120,693884,772

Adjustment调整—(2,412)—(2,412)

Charge for the year年度扣除42310,5965,885—12,98144,99725,0896,873106,844

Writen back on disposals因出售之撇回— — — — (2,932)(801)(3,245)(6,978)

Reclasification重新分类—19—(19)—

Exchange adjustments兑换调整—1,090—43354396132,175

At 31 March 2025于二零二五年

三月三十一日8,75490,32923,861—85,974563,49187,658124,334984,401

Net bok value:账面净值：

At 31 March 2025于二零二五年

三月三十一日12,737326,97620,946250136,293182,79865,84610,262756,108

6 物业、厂房及设备

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

215ANUAL REPORT 2024/25 年报

6 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

Land use

rights and

leasehold landBuildings

Properties

leased for

own use

Construction-

in-progres

Fixtures and

leasehold

improvementsMachinery

Tols and

equipment

Furniture and

computer

equipmentTotal

土地使用权及

租赁土地楼宇租赁物业自用在建工程

装置及

物业装修机器工具及设备

家私及

电脑设备合共

$’000$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元千元

Cost:成本：

At 1 April 2023于二零二三年

四月一日22,777296,57620,853130,734161,072647,32292,989132,5811,504,904

Aditions添置—66692113,17315,521107,7939,1195,257152,450

Disposals出售—(1,405)(701)(735)(2,841)

Reclasification重新分类—135,866—(136,060)194(29)29—

Exchange adjustments兑换调整(1,286)(17,816)(1,647)(7,673)(8,513)(29,612)(5,590)(4,435)(76,572)

At 31 March 2024于二零二四年

三月三十一日21,491415,29220,127174168,274724,06995,846132,6681,577,941

Acumulated depreciation,

amortisation and

impairment loses:

累计折旧、摊销及

减值亏损：

At 1 April 2023于二零二三年

四月一日8,35474,94212,037—66,733500,31854,315117,557834,256

Charge for the year年度扣除4249,1785,786—11,56141,68312,8657,65689,153

Writen back on disposals因出售之撇回—(807)(702)(698)(2,207)

Reclasification重新分类—(1)1—

Exchange adjustments兑换调整(447)(4,387)(937)—(3,341)(20,310)(3,186)(3,822)(36,430)

At 31 March 2024于二零二四年

三月三十一日8,33179,73316,886—74,953520,88363,293120,693884,772

Net bok value:账面净值：

At 31 March 2024于二零二四年

三月三十一日13,160335,5593,24117493,321203,18632,55311,975693,169

Depreciation and amortisation expense of

$99,363,000 (2024: $81,907,000) and $7,481,000

(2024: $7,246,000) has ben charged to cost of

revenue and general and administrative expenses,

respectively.

6 物业、厂房及设备（续）

折旧及摊销费用中99,363,000

元（二零二四年：81,907,000元）

及7,481,000元（二零二四年：

7,246,000元）分别计入收入成本及

一般及行政费用。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

216KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

6 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

(a) Right-of-use asets

The Group’s interests in right-of-use asets at

their net bok values are analysed as folows:

二零二五年二零二四年

$’000$’000

千元千元

Leasehold land and buildings

in Hong Kong, held on

leases betwen 10 to 50

years (note (i)

于香港持有之租赁土

地及楼宇10至50年

期之租赁（附注(i)）

1,4541,559

Land use rights and buildings

in the PRC, held on leases

betwen 10 to 50 years

(note (i)

于中国持有土地使用权

及楼宇10至50年期

之租赁（附注(i)）

338,259347,160

339,713348,719

Properties leased for own use

caried at depreciated cost

(note (i)

租赁物业自用之折旧后

成本（附注(i)）

20,9463,241

360,659351,960

Notes:

(i) Leasehold land and buildings in Hong Kong held

for own use

The Group holds several buildings for its ofice and

warehouses. The Group is the registered owner of

these property interests, including the whole or part

of undivided share in the underlying land. Lump

sum payments were made upfront to acquire these

property interests from their previous registered

owners, and there are no ongoing payments to

be made under the terms of the land lease, other

than payments based on rateable values set by the

relevant government authorities. These payments

vary from time to time and are payable to the

relevant government authorities.

6 物业、厂房及设备（续）

(a) 使用权资产

本集团在使用权资产之权益

按其账面净值分析如下：

附注：

(i) 持有香港租赁土地及楼宇作

自用

本集团持有若干楼宇作为办

公室及仓库。本集团为此等

物业权益（包括相关土地之全

部或部分不可分割部分）之注

册拥有人。本集团以一笔过

预付款向此等物业之前注册

拥有人收购物业权益，除根

据有关政府部门设定之应课

差饷租值之付款外，本集团

概无根据土地租赁条款正在

进行之付款。此等付款不时

变动，并应支付予有关政府

部门。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

217ANUAL REPORT 2024/25 年报

6 PROPERTY, PLANT AND EQUIPMENT (CONTINUED)

(a) Right-of-use asets (continued)

Notes: (continued)

(i) Land use right and buildings in the PRC held for

own use

The Group holds several buildings for its factories.

The Group is the registered owner of these

property interests, including the underlying

land use rights. Lump sum payments were made

upfront to acquire these property interests from

their previous registered owners, and there are no

ongoing payments to be made under the terms of

the land lease.

(i) Properties leased for own use

The Group has obtained the right to use other

properties as its warehouses through tenancy

agrements. The leases typicaly run for an initial

period of 2 to 5 years with no extension options.

None of these leases includes variable lease

payments.

(b) Buildings leased out under operating leases

The Group leases out an insignificant portion of

factories located in PRC under operating leases.

The leases typicaly run for an initial period of 1

year. None of the leases includes variable lease

payments. Undiscounted lease payments under

non-cancelable operating leases in place at the

reporting date wil be receivable by the Group in

the coming year is $nil (2024: $nil).

6 物业、厂房及设备（续）

(a) 使用权资产（续）

附注：（续）

(i) 持有中国土地使用权及楼宇

作自用

本集团持有若干楼宇作为厂

房。本集团为此等物业权益

（包括相关土地使用权）之注

册拥有人。本集团以一笔过

预付款向此等物业之前注册

拥有人收购物业权益，本集

团概无根据土地租赁条款正

在进行之付款。

(i) 持有租赁物业作自用

本集团已透过租赁协议获

得物业作为其仓库之使用权

利。租期最初通常为期两年

至五年及无续租选择权。此

等租赁概无包括可变动租赁

付款。

(b) 根据经营租赁出租之楼宇

本集团以经营租赁之方式出

租位于中国之一小部分厂房，

租期最初通常为期一年，此等

租赁概无包括可变动租赁付

款。本集团于报告日已发生之

不可撤销经营租赁下之来年未

折现租赁应收租金为零元（二

零二四年：零元）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

218KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

7 INVESTMENT PROPERTIES

二零二五年二零二四年

$’000$’000

千元千元

Begining of the year年初229,068281,865

Aditions添置129410

Fair value los公平值亏损(43,653)(36,050)

Exchange diferences兑换差异—(17,157)

End of the year年底185,544229,068

The investment properties are under construction

and located in the PRC under lease terms of 40 years

expiring in August 2050 to January 2051.

Fair value measurement of properties

(a) Fair value hierarchy

As at 31 March 2025 and 31 March 2024, the fair

value measurement of the Group’s investment

properties is categorised into Level 3 of the fair

value hierarchy as defined in HKFRS 13, Fair

value measurement.

During the years ended 31 March 2025 and

2024, there were no transfers betwen Level

1 and Level 2, or transfers into or out of Level

3. The Group’s policy is to recognise transfers

betwen levels of fair value hierarchy as at the

end of the reporting period in which they ocur.

7 投资物业

于中国之在建中投资物业乃根据

为期四十年（于二零五零年八月至

二零五一年一月到期）之租赁期而

持有。

物业之公平值计量

(a) 公平值层级

于二零二五年三月三十一日及

于二零二四年三月三十一日，

本集团投资物业之公平值计

量是按香港财务报告准则第

13号，「公平值计量」之定义分

类为第三层公平值层级。

截至二零二五年及二零二四年

三月三十一日止年度内，第一

与第二层之间并无转拨，或

第三层无转出或转入。本集团

之政策乃于报告期末确认公

平值层级间发生之转移。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

219ANUAL REPORT 2024/25 年报

7 INVESTMENT PROPERTIES (CONTINUED)

Fair value measurement of properties (continued)

(a) Fair value hierarchy (continued)

The valuation of the Group’s investment

properties as at 31 March 2025 was conducted

by Masterpiece Valuation Advisory Limited,

an independent profesional valuer, which has

among its staf members of Hong Kong Institute

of Surveyors. The investment properties were

valued on the basis that it would be suspended

in development in acordance with the Group’s

latest development proposals. The Chief Financial

Oficer has discusion with the independent

profesional valuer in the valuation asumptions

and valuation results when the valuation is

performed at each anual reporting date.

Fair value adjustment of investment properties is

recognised in the line item “net valuation loses

on investment properties” on the face of the

consolidated statement of profit or los.

(b) Information about Level 3 fair value

measurements

Valuation aproachUnobservable inputsRange

估值方法不可观察之数据范围

Investment properties-land

in the PRC

Direct comparison

method

Adjustment factor on time, size and

location of the properties

-15% to -10%

(2024: -20% to -5%)

投资物业 — 于中国之土地直接比较法时间、物业面积及位置之调整因素-15%–-10%

（二零二四年：

-20%–-5%）

Investment properties-

property under

development in the PRC

Direct comparison

method

Adjustment factor on time, size and

location of the properties

-15% to -10%

(2024: -20% to -5%)

投资物业 — 于中国之

在建物业

直接比较法时间、物业面积及位置之调整因素-15%–-10%

（二零二四年：

-20%–-5%）

7 投资物业（续）

物业之公平值计量（续）

(a) 公平值层级（续）

于二零二五年三月三十一日，

本集团之投资物业经独立专

业评估睿力评估咨询有限公

司估值，其雇员包括香港测量

师学会之会员。投资物业乃

根据本集团最新发展建议书

之暂停开发之基础上进行估

值。在每个年度报告日进行

估值时，首席财务官与独立专

业评估师就估值假设和估值

结果进行讨论。

投资物业之公平值调整乃于

综合损益表上之「投资物业估

值亏损净额」一项确认。

(b) 有关第三层公平值计量之资

料

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

220KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

7 INVESTMENT PROPERTIES (CONTINUED)

Fair value measurement of properties (continued)

(b) Information about Level 3 fair value

measurements (continued)

The fair value of land that in the PRC clasified

as investment properties is determined using

the market comparison aproach by making

reference to the comparable sales transactions

as available in the relevant market was adopted.

The adjustment factors used have ben adjusted

for the size and location of the properties. The

fair value measurement is positively corelated to

the adjustment factors on size and location of the

properties.

The fair value of property under development

in the PRC clasified as investment properties is

determined using the residual method by making

reference to the comparable transactions or

asking cases as available in the relevant market

and it had taken into acount the construction

costs incured and profit with a discount on

suspended construction. The adjustment factors

used have ben adjusted for the size and location

of the properties. The fair value measurement is

positively corelated to the adjustment factors on

size and location of the properties.

7 投资物业（续）

物业之公平值计量（续）

(b) 有关第三层公平值计量之资

料（续）

于中国分类为投资物业之土

地之公平值乃使用市场比较

法厘定，并参考相关市场可获

得之可比较销售交易。使用之

调整因素已按物业之面积及

位置进行调整。公平值计量

与物业面积及位置之调整因

素乃正面相关。

于中国分类为投资物业之在

建物业之公平值乃使用剩余

法厘定，并参考相关市场可获

得之可比较销售交易，并已考

虑完成开发项目花费已产生

之建设成本及暂停施工之折

扣利润。使用之调整因素已

按物业之面积及位置进行调

整。公平值计量与物业面积

及位置之调整因素乃正面相

关。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

221ANUAL REPORT 2024/25 年报

8 INTANGIBLE ASETS

Computer

software

电脑软件

$’000

千元

Cost:成本：

At 1 April 2024于二零二四年四月一日16,643

Aditions添置44

At 31 March 2025于二零二五年三月三十一日16,687

Acumulated amortisation:累计摊销：

At 1 April 2024于二零二四年四月一日(12,819)

Charge for the year (note 25)年度扣除（附注25）(2,926)

At 31 March 2025于二零二五年三月三十一日(15,745)

Net Bok Value:账面净值：

At 31 March 2025于二零二五年三月三十一日942

Cost:成本：

At 1 April 2023 and at 31 March 2024于二零二三年四一日及

于二零二四年三月三十一日16,643

Acumulated amortisation:累计摊销：

At 1 April 2023于二零二三年四月一日(11,163)

Charge for the year (note 25)年度扣除（附注25）(1,656)

At 31 March 2024于二零二四年三月三十一日(12,819)

Net Bok Value:账面净值：

At 31 March 2024于二零二四年三月三十一日3,824

Amortisation of $2,926,000 (2024: $1,656,000) was

included in general and administrative expenses in the

consolidated statement of profit or los for the year

ended 31 March 2025.

8 无形资产

截至二零二五年三月三十一日止年

度，2,926,000元之摊销（二零二四

年：1,656,000元）包括于综合损益

表中一般及行政费用。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

222KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

9 SUBSIDIARIES

Particulars of the principal subsidiaries of the

Company as at 31 March 2025 are:

Name

Place of incorporation/

establishment and

types of legal entity

Principal activities and

place of operation

Particulars of isued/

paid-up capital

Interest

held

名称

法定实体类别主要业务及营运地点已发行╱已缴股本之详情所持股权

Karie Industrial Company LimitedHong Kong, limited liability

company

Sale of server casings, ofice

automation products, visual

acesories, plastic and metal parts,

metal stamping dies and plastic

injection moulds and provision of

management services, Hong Kong

Ordinary shares of

$1,000

Non-voting defered

shares of $5,000,000

(i)

100%

嘉利产品有限公司香港有限责任公司销售伺服器外壳、办公室文仪产品、

影视组件、塑胶及金属部件、金属

冲压模具及注塑模具及提供管理服

务，香港

普通股1,000元

无投票权递延股

5,000,000元(i)

100%

Karie Technologies Company LimitedHong Kong, limited liability

company

Manufacturing and sales of plastic

parts, sales of metal stamping

dies and plastic injection

moulds, provision of electronic

manufacturing services and

investment holdings, Hong Kong

Ordinary shares of

$30,000,000

100%

嘉利环球科技有限公司香港有限责任公司制造及销售塑胶部件、金属冲压模具

及注塑模具、提供电子专业代工服

务及投资控股，香港

普通股30,000,000元100%

9 附属公司

本公司于二零二五年三月三十一日

主要附属公司之资料：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

223ANUAL REPORT 2024/25 年报

Name

Place of incorporation/

establishment and

types of legal entity

Principal activities and

place of operation

Particulars of isued/

paid-up capital

Interest

held

名称

法定实体类别主要业务及营运地点已发行╱已缴股本之详情所持股权

Karwin Enginering Company LimitedHong Kong, limited liability

company

Design, manufacture and sale of

server casings, ofice automation

products and visual acesories; sale

of plastic and metal parts, metal

stamping dies, plastic injection

moulds and investment holdings,

Hong Kong

Ordinary shares of $10

Non-voting defered

shares of $100 (i)

100%

嘉运机械工程有限公司香港有限责任公司设计、制造及销售伺服器外壳、办公

室文仪产品及影视组件；销售塑胶

及金属部件、金属冲压模具及注塑

模具及投资控股，香港

普通股10元

无投票权递延股

100元(i)

100%

东莞凤岗嘉辉塑胶五金有限公司The PRC, limited liability

company

Manufacture of server casings, ofice

automation products and metal

parts, the PRC

Paid-up capital

$174,755,000 (i)

100%

中国有限责任公司制造伺服器外壳、办公室文仪产品及

金属部件，中国

已缴资本174,755,000元

(i)

100%

东莞凤岗嘉安塑胶五金有限公司The PRC, limited liability

company

Manufacture of server casings, ofice

automation products, visual

acesories, moulds and plastic

parts; provision of electronic

manufacturing services, the PRC

Paid-up capital

$129,823,000 (i)

100%

中国有限责任公司制造及销售伺服器外壳、办公室文仪

产品、影视组件、模具及塑胶部件

及提供电子专业代工服务，中国

已缴资本129,823,000元

(i)

100%

9 SUBSIDIARIES (CONTINUED)9 附属公司（续）

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

224KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

Name

Place of incorporation/

establishment and

types of legal entity

Principal activities and

place of operation

Particulars of isued/

paid-up capital

Interest

held

名称

法定实体类别主要业务及营运地点已发行╱已缴股本之详情所持股权

东莞嘉宝电子实业有限公司The PRC, limited liability

company

Property holding, the PRCPaid-up capital

$428,000,000 (iv)

100%

中国有限责任公司持有物业，中国已缴资本428,000,000元

(iv)

100%

宜兴嘉利商务大厦开发有限公司The PRC, limited liability

company

Property holding, the PRCPaid-up capital

US$20,000,000 (v)

100%

中国有限责任公司持有物业，中国已缴资本20,000,000

美元(v)

100%

宜兴海洋置业有限公司The PRC, limited liability

company

Property holding, the PRCPaid-up capital

US$16,000,000 (vi)

100%

中国有限责任公司持有物业，中国已缴资本16,000,000

美元(vi)

100%

Karwin Thai Advanced Technology

Industrial Limited

Thailand, limited liability

company

Manufacturing and seling of server

casing and metal parts, Thailand

Paid-up capital

THB448,450,000

100%

泰国有限责任公司制造及销售伺服器外壳及金属部件，

泰国

已缴资本448,450,000

泰铢

100%

9 SUBSIDIARIES (CONTINUED)9 附属公司（续）

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

225ANUAL REPORT 2024/25 年报

9 SUBSIDIARIES (CONTINUED)

Notes:

(i) The non-voting defered shares have no voting rights,

are not entitled to dividends, and are not entitled

to distributions upon winding up unles a sum of

$200,000,000,000 has ben distributed by the relevant

companies to holders of the ordinary shares.

(i) 东莞凤岗嘉辉塑胶五金有限公司 is a wholy-owned

foreign enterprise established in the PRC with an

operating period of 15 years up to 19 May 2026.

(i) 东莞凤岗嘉安塑胶五金有限公司 is a wholy-owned

foreign enterprise established in the PRC with an

operating period of 15 years up to 24 May 2026.

(iv) 东莞嘉宝电子实业有限公司 is a wholy-owned foreign

enterprise established in the PRC with an operating

period of 25 years up to 18 February 2030.

(v) 宜兴嘉利商务大厦开发有限公司 is a wholy-owned

foreign enterprise established in the PRC with an

operating period of 40 years up to 2 December 2049.

(vi) 宜兴海洋置业有限公司 is a wholy-owned foreign

enterprise established in the PRC with an operating

period of 40 years up to 22 March 2051.

9 附属公司（续）

附注：

(i) 无投票权递延股份无投票权，亦

无权分享股息及除非相关公司在

清盘时向其普通股东派发总额超

过200,000,000,000元，否则该等

股份无权分享任何分派。

(i) 东莞凤岗嘉辉塑胶五金有限公司乃

一于中国成立全资拥有外资企业，

其营业期限为十五年，于二零二六

年五月十九日届满。

(i) 东莞凤岗嘉安塑胶五金有限公司乃

一于中国成立全资拥有外资企业，

其营业期限为十五年，于二零二六

年五月二十四日届满。

(iv) 东莞嘉宝电子实业有限公司乃一于

中国成立全资拥有外资企业，其营

业期限为二十五年，于二零三零年

二月十八日届满。

(v) 宜兴嘉利商务大厦开发有限公司

乃一于中国成立全资拥有外资企

业，其营业期限为四十年，于二零

四九年十二月二日届满。

(vi) 宜兴海洋置业有限公司乃一于中

国成立全资拥有外资企业，其营业

期限为四十年，于二零五一年三月

二十二日届满。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

226KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

10 INVESTMENT IN ASOCIATES

二零二五年二零二四年

$’000$’000

千元千元

Share of net asets应占资产净值

Begining of the year年初82,45582,810

Share of profits/(loses) of

asociates for the year

应占联营公司之溢利╱

（亏损）1,007(1,222)

Share of other comprehensive

income of an asociate

应占联营公司之

其他全面收入—2,070

Exchange diference兑换差异5,985(1,203)

End of the year年底89,44782,455

Balances with an asociate与联营公司之结余

Amount due to an asociate

(note 32(b)

应付联营公司账款

（附注32(b)）11,7702,331

The outstanding balances due to an asociate are

unsecured, interest-fre and repayable on demand,

and are denominated in RMB.

10 于联营公司之投资

联营公司尚未偿还应付之结余为

无抵押，不计利息，并应要求时偿

还，及以人民币为单位。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

227ANUAL REPORT 2024/25 年报

10 INVESTMENT IN ASOCIATES (CONTINUED)

Particulars of the asociate of the Group is as folows:

Proportion of ownership interest

持有权益比例

Name of asociate

Place of establishment

and types of legal entity

Principal activities and

place of operation

Particulars of isued and

paid up capital

Group’s efective

interest

Held by

a subsidiary

联营公司名称

成立地点及

法定实体类别主要业务及营运地点

已发行╱已缴股本

之详情本集团实际权益由附属公司持有

广东翠峰机器人科技

股份有限公司

（「翠峰」）

(“Cuifeng”)

The PRC, limited liability

company

Research, sales of industrial

robots and robot

peripheral automation

equipment, and

provision of automation

solution, the PRC

Ordinary shares of

RMB10,000,000 (2024:

Ordinary shares of

RMB10,000,000)

30% (2024: 30%)30% (2024: 30%)

中国有限责任公司研究、销售工业机器人及

机器人周边自动设备，

及提供自动化解决方案，

中国

普通股人民币10,000,000元

（二零二四年：普通股

人民币10,000,000元）

30%

（二零二四年：

30%）

30%

（二零二四年：

30%）

T. Krungthai Industries

Public Co., Ltd

(“TKT”)

The Kingdom of Thailand,

limited liability

company

Manufacturing plastic

products, and produce

moulds (note)

Ordinary shares of

THB350,780,000

(2024: Ordinary shares

of THB350,780,000)

38.99%

(2024: 38.99%)

38.99%

(2024: 38.99%)

泰国有限责任公司制造塑胶部件及模具

（附注）

普通股350,780,000泰铢

（二零二四年：普通股

350,780,000泰铢）

38.99%

（二零二四年：

38.99%）

38.99%

（二零二四年：

38.99%）

Note: TKT is a listed corporate entity on Stock Exchange of

Thailand whose quoted market price is available.

Al of the above asociates are acounted for using

the equity method in the consolidated financial

statements.

10 于联营公司之投资（续）

本集团联营公司之详细情况如下：

附注： TKT于泰国证券交易所挂牌，并

有市场报价。

上述全部联营公司乃按权益法于

综合财务报表入账。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

228KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

10 INVESTMENT IN ASOCIATES (CONTINUED)

Sumarised financial information of the asociates

adjusted for any diferences in acounting policies and

reconciled to the carying amount in the consolidated

financial statement are disclosed below:

TKTCuifeng

翠峰

31 December

31 March

二零二四年

十二月

三十一日

二零二三年

十二月

三十一日

二零二五年

三月

三十一日

二零二四年

三月

三十一日

$’000$’000$’000$’000

千元千元千元千元

Gros amounts of the asociates联营公司之总额

Curent asets流动资产121,336117,17669,08852,009

Non-curent asets非流动资产142,916130,5972,6483,593

Curent liabilities流动负债(94,200)(100,009)(22,583)(9,621)

Non-curent liabilities非流动负债(22,517)(12,758)(279)(891)

Net asets/equity资产净值╱权益147,535135,00648,87445,090

For the

year ended

from

1 January

2024 to

31 December

For the

year ended

from

1 January

2023 to

31 December

由二零二四年

一月一日至

二零二四年

十二月

三十一日年度

由二零二三年

一月一日至

二零二三年

十二月

三十一日年度二零二五年二零二四年

$’000$’000$’000$’000

千元千元千元千元

Revenue收入250,798265,65659,30066,500

(Los)/profit for the year年度（亏损）╱溢利(328)(5,825)3,7843,496

Total comprehensive (los)/income

for the year

年度全面（亏损）╱

收入总额(328)(516)3,7843,496

10 于联营公司之投资（续）

根据会计政策之任何差异调整后

之联营公司财务资料概要，并与综

合财务报表之账面值进行对账披

露如下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

229ANUAL REPORT 2024/25 年报

TKTCuifeng

翠峰

31 December

31 March

二零二四年

十二月

三十一日

二零二三年

十二月

三十一日

二零二五年

三月

三十一日

二零二四年

三月

三十一日

$’000$’000$’000$’000

千元千元千元千元

Reconciled to the Group’s interests

in the asociates

调节至本集团于联营

公司之权益

Gros amounts of net asets of the

asociates

联营公司之

净资产总额147,535135,00648,87445,090

Fair value adjustments on

identifiable intangible asets

upon acquisition

收购中体现之

可辨认无形资产

公平值调整—28,40428,404

Fair value adjustment on

identifiable net asets upon

acquisition

收购中体现之

可辨认净资产

公平值调整25,81625,816—

Capital injection by the Group本集团注资—(12,960)(12,960)

173,351160,82264,31860,534

Group’s efective interest本集团之实际权益38.99%38.99%30%30%

Group’s share of net asets

of the asociates

本集团应占联营公司

资产净值67,58962,70419,29518,160

Godwil商誉—3,9433,943

Impairment loses recognised减值亏损确认—(2,490)(2,490)

Exchange diference兑换差异1,110138—

Carying amount in the

consolidated financial

statements

于综合财务报表中

账面值

68,69962,84220,74819,613

Market value of the listed shares上市股份市值

33,03055,145

Not

Aplicable

不适用

Not

Aplicable

不适用

The statutory financial year for TKT is 31 December.

The Group has recognised the share of result of TKT

for the period from 1 January 2024 to 31 December

2024 (2024: 1 January 2023 to 31 December 2023).

TKT之法定财政年为截至十二月

三十一日。本集团已确认分享自二

零二四年一月一日至二零二四年十二

月三十一日期间应占TKT之业绩（二

零二四年：二零二三年一月一日至二

零二三年十二月三十一日）。

10 INVESTMENT IN ASOCIATES (CONTINUED)10 于联营公司之投资（续）

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

230KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

11 按类别分类之金融工具11 FINANCIAL INSTRUMENTS BY CATEGORIES

Financial asets measured

at amortised cost

Financial asets measured

at fair value through other

comprehensive incomeTotal

以摊销成本计量之金融资产

按公平值计入其他全面收入

之金融资产合共

二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

Asets资产

Trade and bils receivables

(note 12)

贸易及票据应收

账款（附注12）621,016619,157— — 621,016619,157

Prepayments, deposits and

other receivables (note 12)

预付款、按金及

其他应收账款

（附注12）149,40682,862— — 149,40682,862

Other financial asets

(note 13)

其他金融资产

（附注13）—19,98019,46519,98019,465

Cash and bank deposits

(note 15)

现金及银行存款

（附注15）191,177149,418— — 191,177149,418

Amounts due from related

companies (note 32(b)

应收关连公司账款

（附注32(b)）10,9083,345— — 10,9083,345

972,507854,78219,98019,465992,487874,247

Financial asets measured at

amortised cost

以摊销成本计量之金融负债

二零二五年二零二四年

$’000$’000

千元千元

Liabilities负债

Trade payables, acruals and other

payables (note 19)

贸易应付账款、应计

费用及其他应付账款

（附注19）657,992770,477

Bank borowings (note 20)银行借贷（附注20）536,159529,692

Loan from a controling shareholder

(note 21)

控股东贷款

（附注21）100,000—

Amount due to an asociate

(note 10)

应付联营公司账款

（附注10）11,7702,331

Amounts due to related companies

(note 32(b)

应付关连公司账款

（附注32(b)）3,9193,696

1,309,8401,306,196

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

231ANUAL REPORT 2024/25 年报

12 TRADE AND BILS RECEIVABLES, PREPAYMENTS,

DEPOSITS AND OTHER RECEIVABLES

二零二五年二零二四年

$’000$’000

千元千元

Trade and bils receivables贸易及票据应收账款641,070626,341

Les: Lo s alowance for trade and

bils receivables

减：贸易及票据应收账

款亏损拨备(20,054)(7,184)

621,016619,157

Prepayments, deposits and other

receivables

预付款、按金及

其他应收账款149,40682,862

770,422702,019

Les: Ot her non-curent asets

(note)

减：其他非流动资产

（附注）(87,403)(29,353)

683,019672,666

Representing:代表：

Trade and bils receivables,

net of alowance

贸易及票据应收账款，

扣除拨备621,016619,157

Prepayments, deposits and

other receivables

预付款、按金及

其他应收账款62,00353,509

683,019672,666

Other non-curent asets其他非流动资产87,40329,353

Note: Other non-curent asets represent deposits paid

for the purchase of property, plant and equipment

and intangible asets amounted to aproximately

$87,403,000 (2024: $29,353,000).

12 贸易及票据应收账款、预付款、按

金及其他应收账款

附注：其他非流动资产代表购买物业、

厂房及设备及无形资产之已付

按金额约为87,403,000元（二

零二四年：29,353,000元）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

232KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

12 TRADE AND BILS RECEIVABLES, PREPAYMENTS,

DEPOSITS AND OTHER RECEIVABLES (CONTINUED)

The Group generaly grants credit periods ranging

from 30 to 90 days, except for six (2024: six) of the

customers who is granted a credit period over 90

days. An ageing analysis of trade and bils receivables,

based on invoice date, is as folows:

二零二五年二零二四年

$’000$’000

千元千元

0 to 90 days0至90日584,882599,932

91 to 180 days91至180日36,84624,886

181 to 360 days181至360日18,8491,518

Over 360 days360日以上4935

641,070626,341

The carying amounts of trade and bils receivables,

prepayments, deposits and other receivables

aproximate their fair values.

The receivables are expected to be recovered within

one year. Any amounts not expected to be recovered

within one year are not included in curent asets.

The Group measures los alowances for trade and

bils receivables at an amount equal to lifetime ECLs,

which is calculated using a provision matrix. As

the Group’s historical credit los experience does

not indicate significantly diferent los paterns for

diferent customer segments, the los alowance based

on past due status is not further distinguished betwen

the Group’s diferent customer bases.

12 贸易及票据应收账款、预付款、按

金及其他应收账款（续）

除其中六位（二零二四年：六位）客

户之数期超过90日外，本集团一般

给予客户之数期由30日至90日。贸

易及票据应收账款按发票日期计

算之账龄分析如下：

贸易及票据应收账款、预付款、按

金及其他应收账款之账面值与其

公平值相近。

应收账款预期在一年内收回，任

何金额预期不会在一年内收回则

不包括于流动资产内。

本集团贸易及票据应收账款之亏

损拨备计量为等于整个存续期之

预期信贷亏损之金额，该亏损拨

备使用拨备矩阵计算。由于本集团

之历史信贷亏损经验并未表明不

同客户群之损失模式存在显著差

异，因此，基于过期状态之亏损

拨备不会进一步区分本集团之不同

客户群。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

233ANUAL REPORT 2024/25 年报

12 TRADE AND BILS RECEIVABLES, PREPAYMENTS,

DEPOSITS AND OTHER RECEIVABLES (CONTINUED)

The folowing table provides information about the

Group’s exposure to credit risk and ECLs for trade and

bils receivables as at 31 March:

二零二五年

Expected

los rate

Gros

carying

amount

Los

alowance

预期亏损率账面总值亏损拨备

%$’000$’000

千元千元

Curent (not past due)当前（未逾期）0.21562,9181,211

1 to 90 days past due逾期1至90日5.1556,4132,909

91 to 180 days past due逾期91至180日55.4013,0177,212

Over 180 days past due逾期180日以上100.008,7228,722

641,07020,054

二零二四年

Expected

los rate

Gros

carying

amount

Los

alowance

预期亏损率账面总值亏损拨备

%$’000$’000

千元千元

Curent (not past due)当前（未逾期）0.11557,611597

1 to 90 days past due逾期1至90日6.3866,2394,225

91 to 180 days past due逾期91至180日92.811,7941,665

Over 180 days past due逾期180日以上100.00697697

626,3417,184

12 贸易及票据应收账款、预付款、按

金及其他应收账款（续）

下表资料提供于三月三十一日有关

本集团贸易及票据应收账款信贷

风险及预期信贷亏损：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

234KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

12 TRADE AND BILS RECEIVABLES, PREPAYMENTS,

DEPOSITS AND OTHER RECEIVABLES (CONTINUED)

Expected los rates are based on actual los

experience in the past. These rates are adjusted to

reflect diferences betwen economic conditions

during the period over which the historic data has

ben colected, curent conditions and the Group’s

view of economic conditions over the expected lives

of the receivables.

Movement in los alowance acount in respect of

trade and bils receivables is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Begining of the year年初7,1842,679

Recognition of alowance

during the year

年内拨备之确认

12,8704,532

Exchange diference兑换差异—(27)

End of the year年底20,0547,184

The recognition of alowance for impaired receivables

is included in general and administrative expenses in

the consolidated statement of profit or los.

Receivables that were past due but not impaired

related to a number of independent customers that

had a god track record with the Group. Based

on past experience, management believed that no

impairment alowance was necesary in respect

of these balances as there had ben no significant

change in credit quality and the balances were stil

considered fuly recoverable.

The maximum exposure to credit risk at the end of

the reporting period is the carying value of trade and

bils receivables, deposits and other receivables stated

above. The Group does not hold any colateral as

security.

12 贸易及票据应收账款、预付款、按

金及其他应收账款（续）

预期亏损率基于过去之实际亏损

经验，此等利率经调整以反映收集

历史数据期间之经济状况，当前

状况和本集团对应收账款预期年

期之经济状况看法之间之差异。

有关贸易及票据应收账款之亏损

拨备变动如下：

已减值应收账款拨备之确认包括

于综合损益表中一般及行政费用

内。

已逾期但未减值之应收账款与若

干与本集团有良好往绩记录之独

立客户有关。根据过往经验，管理

层认为毋须就该等结余作出减值

拨备，因为信贷质素并无重大变

动且余额仍被视为可全数收回。

于报告期末，信贷风险之最大风

险为上述贸易及票据应收账款，按

金及其他应收账款之账面值。本

集团并无持有任何作为质押之抵

押品。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

235ANUAL REPORT 2024/25 年报

12 TRADE AND BILS RECEIVABLES, PREPAYMENTS,

DEPOSITS AND OTHER RECEIVABLES (CONTINUED)

The credit quality of the Group’s trade and bils

receivables, deposits and other receivables that

are past due but not impaired has ben asesed

by reference to the historical information about

counterparty default rates. The existing counterparties

do not have significant defaults in the past and have

sound financial position to their liabilities past due.

Therefore, the specific ECL alowance is considered

insignificant.

13 OTHER FINANCIAL ASETS

二零二五年二零二四年

$’000$’000

千元千元

Financial asets measured

at FVOCI (recycling)

按公平值计入其他全面

收入（可转回）计量之

金融资产

— Key management insurance

contracts (unlisted investments)

(note (i)

— 主要管理层保险合约

（非上市投资）

（附注(i)）19,98019,465

Notes:

(i) At 31 March 2025, the insurance contracts represented

life insurance plans with investment elements relating

to two key management personel of the Group. The

total sum insured is US$11,141,000 (aproximately

$87,120,000) (2024: US$11,141,000 (aproximately

$87,120,000), with an anual minimum guaranted

return of 4.2% to 5.25% for the first years and 2.0% for

the years afterwards.

At 31 March 2025, if the Group terminated the insurance

contract, the acount value, net of a surender charge

of US$2,382,000 (aproximately $18,627,000) (2024:

US$2,307,000 (aproximately $18,039,000), would be

refunded to the Group. The amount of surender charge

decreases over time and is no longer required from the

18th year of contract conclusion onwards.

12 贸易及票据应收账款、预付款、按

金及其他应收账款（续）

参考过往客户拖欠率资料，本集团

对已到期而尚未减值之贸易及票据

应收账款、按金及其他应收账款

之作出信贷质素评估，现有客户过

去并没有重大拖欠记录及拥有良

好财务状况应对其逾期负债。因

此，特定预期信贷亏损被视为并

不显著。

13 其他金融资产

附注：

(i) 于二零二五年三月三十一日，该保

险合约为本集团两名主要管理层人

员之有投资成份之人寿保险，总保

额为11,141,000美元（约87,120,000

元）（二零二四年：11,141,000美元

（约87,120,000元），首年最低保证

回报率为每年4.2%至5.25%及其后

每年2.0%。

于二零二五年三月三十一日，倘本

集团终止该保险合约，保险账户价

值扣除退保费用后为2,382,000美

元（约18,627,000元）（二零二四年：

2,307,000美元（约18,039,000元）退

回予本集团。退保收费随时间而减少

及于该合约签定后第十八年起不用收

取。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

236KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

14 INVENTORIES

(a) Inventories in the consolidated statement of

financial position comprise:

二零二五年二零二四年

$’000$’000

千元千元

Raw materials原材料121,31599,777

Work-in-progres半制成品86,43485,570

Finished gods制成品293,447326,909

501,196512,256

(b) The analysis of the amount of inventories

recognised as an expense and included in “cost

of revenue” in the consolidated statement of

profit or los (note 25) is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Carying amount of inventories sold已售存货之

账面值2,307,9312,137,094

Write-down of obsolete and

slow-moving inventories

陈旧及滞销存货

之撇减10,4141,348

14 存货

(a) 于综合财务状况表之存货包

括：

(b) 存货之金额已确认为支出及

已包括于综合损益表内「收入

成本」（附注25）分析如下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

237ANUAL REPORT 2024/25 年报

15 CASH AND BANK DEPOSITS

(a) Cash and cash equivalents comprise:

二零二五年二零二四年

$’000$’000

千元千元

Cash at bank and in hand银行存款及现金118,51591,274

Deposits with banks with 3 months

or les to maturity when placed

三个月或更短到期

之银行存款72,66258,144

Cash and cash equivalents in the

consolidated cash flow statement

于综合现金流量

表中之现金及

现金等价物191,177149,418

Notes:

The bank balances of RMB20,997,000 (equivalent

to HKD22,677,000) and RMB28,197,000 (equivalent

HKD$30,453,000) as at 31 March 2025 and 2024

respectively placed with banks in Mainland China are

subject to relevant rules and regulations of foreign

exchange control promulgated by the People’s Republic

of China (“the PRC”) Government.

15 现金及银行存款

(a) 现金及现金等价物包括：

附注：

于二零二五年三月三十一日及二零二四年

三月三十一日存入中国内地银行之银行

结余分别为人民币20,997,000元（相当于

22,677,000元）及人民币28,197,000元（相

当于30,453,000元），须遵守于中华人民

共和国（「中国」）政府所颁布之外汇管制

条例及规则。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

238KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

15 CASH AND BANK DEPOSITS (CONTINUED)

(b) Reconciliation of liabilities arising from

financing activities

The table below details changes in the Group’s

liabilities from financing activities, including both

cash and non-cash changes. Liabilities arising

from financing activities are liabilities for which

cash flows were, or future cash flows wil be,

clasified in the Group’s consolidated cash flow

statement as cash flows from financing activities.

Bank

borowings

Lease

liabilities

Loan from a

controling

shareholderTotal

银行借贷租赁负债控股东贷款合共

(Note 20)(Note 22)(Note 21)

（附注20）（附注22）（附注21）

$’000$’000$’000$’000

千元千元千元千元

At 1 April 2024于二零二四年

四月一日529,6923,605—533,297

Changes from financing cash flows:融资现金流量之

变动：

Proceds from new bank borowings新银行借贷之

所得款605,581—605,581

Repayment of bank borowings偿还银行借贷(602,763)—(602,763)

Proceds loan from

a controling shareholder

控股东贷款之

所得款—100,000100,000

Capital element of lease rentals paid已付租赁租金之

资本部分—(5,851)—(5,851)

Interest element of lease rentals paid已付租赁租金之

利息部分—(998)—(998)

Interest paid已付利息(39,257)—(39,257)

Total changes from financing

cash flows

融资现金流量之

变动总值(36,439)(6,849)100,00056,712

Exchange adjustments兑换调整3,649194—3,843

Other changes:其他变动：

Increase in lease liabilities租赁负债之增加—23,419—23,419

Interest expenses利息支出39,257998—40,255

Total other changes其他变动总值39,25724,417—63,674

At 31 March 2025于二零二五年

三月三十一日536,15921,367100,000657,526

15 现金及银行存款（续）

(b) 融资活动所产生之负债对账

下表详述本集团来自融资活动

之负债变动，包括现金及非

现金变动。融资活动产生之

负债为其现金流量于过去或

未来在本集团综合现金流量

表中归类为融资活动所产生

现金流量之负债。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

239ANUAL REPORT 2024/25 年报

15 CASH AND BANK DEPOSITS (CONTINUED)

(b) Reconciliation of liabilities arising from

financing activities (continued)

Bank

borowings

Lease

liabilitiesTotal

银行借贷租赁负债合共

(Note 20)(Note 22)

（附注20）（附注22）

$’000$’000$’000

千元千元千元

At 1 April 2023于二零二三年

四月一日652,3729,737662,109

Changes from financing

cash flows:

融资现金流量之

变动：

Proceds from new bank

borowings

新银行借贷之

所得款630,950—630,950

Repayment of bank borowings偿还银行借贷(753,630)—(753,630)

Capital element of lease rentals

paid

已付租赁租金之

资本部分—(6,267)(6,267)

Interest element of lease rentals

paid

已付租赁租金之

利息部分—(343)(343)

Interest paid已付利息(42,512)—(42,512)

Total changes from financing

cash flows

融资现金流量之

变动总值(165,192)(6,610)(171,802)

Exchange adjustments兑换调整—(786)(786)

Other changes:其他变动：

Increase in lease liabilities租赁负债之增加—921921

Interest expenses利息支出44,46334344,806

Capitalised borowing costs资本化借贷成本(1,951)—(1,951)

Total other changes其他变动总值42,5121,26443,776

At 31 March 2024于二零二四年

三月三十一日529,6923,605533,297

15 现金及银行存款（续）

(b) 融资活动所产生之负债对账

（续）

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

240KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

15 CASH AND BANK DEPOSITS (CONTINUED)

Amounts included in the cash flow statement for

leases comprise the folowing:

二零二五年二零二四年

$’000$’000

千元千元

Within operating cash flows于经营业务现金

流量之内7,9088,010

Within financing cash flows于融资现金

流量之内6,8496,610

14,75714,620

16 SHARE CAPITAL

二零二五年二零二四年

Number of

Nominal

value

Number of

Nominal

value

股份数目面值股份数目面值

’000$’000’000$’000

千元千元

Authorised:法定股本：

Ordinary shares of HK10 cents

each

普通股每股面值

10港仙4,000,000400,0004,000,000400,000

Isued and fuly paid:已发行及已缴足股本：

Ordinary shares of HK10

cents each:

普通股每股面值

10港仙：

At the begining and

the end of the year

年初及年底

2,021,459202,1462,021,459202,146

15 现金及银行存款（续）

于现金流量表内之租赁金额

包含以下：

16 股本

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

241ANUAL REPORT 2024/25 年报

16 SHARE CAPITAL (CONTINUED)

(a) During the year ended 31 March 2025 and 31

March 2024, no share option has ben exercised

to subscribe for ordinary shares in the Company.

17 SHARE BASED PAYMENTS

(a) Share Option Scheme

The Company adopted a share option scheme

on 24 August 2012 (the “Scheme”) under which

it may grant options to employes of the Group

(including executive directors of the Company)

and other third parties to subscribe for shares

in the Company, subject to a maximum of 30%

of the nominal value of the isued share capital

of the Company from time to time excluding for

this purpose any shares isued on the exercise of

options. The exercise price wil be determined

by the Company’s board of directors and shal

at least be the highest of (i) the closing price of

the Company’s shares on the date of grant of

the options, and (i) an average closing price of

the Company’s shares for the five trading days

imediately preceding the date of grant of the

options.

16 股本（续）

(a) 截至二零二五年三月三十一日

及二零二四年三月三十一日止

年度内，本公司未有任何股份

期权被行使以认购普通股。

17 以股份付报酬

(a) 购股权计划

本公司于二零一二年八月

二十四日采用一项购股权计

划，可据此向本集团之雇员

（包括本公司之执行董事）及第

三者授出购股权以便认购本

公司之股份，惟最多以本公

司不时已发行股本面值（不包

括因行使购股权而发行之股

份）30%为限。该购股权行使

价将由本公司之董事会厘定，

以(i)本公司股份于购股权授予

日之收市价；及(i)紧接授予购

股权日前五个交易日本公司股

份之平均收市价。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

242KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

On 11 August 2014, a total of 18,000,000

share options (the “2014 Share Options”) were

granted to certain qualified participants of the

Group (including an executive director of the

Company) under the Scheme. The 2014 Share

Options entitle the grantes to subscribe for a

total of 18,000,000 new shares of $0.10 each in

the share capital of the Company. Depending

on the financial performance of the Group and

other conditions of the 2014 Share Options, not

more than 50% of the 2014 Share Options were

vested on 1 August 2015 and not more than 50%

of the 2014 Share Options were vested on 1

August 2017. The exercise price of the 2014 Share

Options is $0.419 per share, which represents

the highest of (i) the closing price of the shares

of the Company of $0.405 per share as stated

in the daily quotation shet isued by the Stock

Exchange on the date of grant; (i) the average

closing price of the shares of the Company of

$0.419 per share as stated in the daily quotation

shets isued by the Stock Exchange for the five

busines days imediately preceding the date of

grant; and (i) the nominal value of the shares

of the Company of $0.10 per share. Al the 2014

Share Options were acepted by the grantes.

17 以股份付报酬（续）

(a) 购股权计划（续）

于二零一四年八月十一日共

有18,000,000份购股权（「二零

一四购股权」）已授予本集团若

干合资格之参与者（包括本公

司之执行董事）。二零一四购

股权赋予承授人认购每股面

值为0.10元之本公司之股本合

共18,000,000新股。根据本集

团财务业绩及其他二零一四

购股权条件，不超过50%之二

零一四购股权将于二零一五

年八月一日被归属，及不超过

50%之二零一四购股权将于二

零一七年八月一日被归属。二

零一四购股权行使价为每股

0.419元，以(i)本公司股份于

购股权授予日联交所日报表

所报之收市价每股0.405元；

(i)紧接授予购股权日前五个

交易日本公司股份之平均收市

价每股0.419元；及(i)本公司

股份之每股面值0.10元，三者

以较高者为准。所有二零一四

购股权已由承授人接纳。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

243ANUAL REPORT 2024/25 年报

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

On 27 October 2016, the Company granted a

total of 24,700,000 share options (the “2016

Share Options”) to certain qualified participants

of the Group (including executive directors of the

Company) under the Scheme. The 2016 Share

Options entitle the grantes to subscribe for a

total of 24,700,000 new shares of $0.10 each in

the share capital of the Company. The exercise

price of the 2016 Share Options is $0.70 per

share, which represents the highest of (i) the

closing price of the shares of the Company of

$0.70 per share as stated in the daily quotation

shet isued by the Stock Exchange on the date

of grant; (i) the average closing price of the

shares of the Company of $0.656 per share as

stated in the daily quotation shets isued by

the Stock Exchange for the five busines days

imediately preceding the date of grant; and (i)

the nominal value of the shares of the Company

of $0.10 per share. Al the 2016 Share Options

were acepted by the grantes.

On 20 April 2021, the Company granted a total

of 15,000,000 share options (the “2021 Share

Options”) to certain qualified participants of

the Group (including executive directors of the

Company) under the Scheme. The 2021 Share

Options entitle the grantes to subscribe for a

total of 15,000,000 new shares of $0.10 each in

the share capital of the Company. The exercise

price of the 2021 Share Options is $1.69 per

share, which represents the highest of (i) the

closing price of the shares of the Company of

$1.69 per share as stated in the daily quotation

shet isued by the Stock Exchange on the date

of grant; (i) the average closing price of the

shares of the Company of $1.484 per share as

stated in the daily quotation shets isued by

the Stock Exchange for the five busines days

imediately preceding the date of grant; and (i)

the nominal value of the shares of the Company

of $0.10 per share. Al the 2021 Share Options

were acepted by the grantes.

17 以股份付报酬（续）

(a) 购股权计划（续）

于二零一六年十月二十七日，

本公司共有24,700,000份购股

权（「二零一六购股权」）已授予

本集团若干合资格之参与者

（包括本公司之执行董事）。二

零一六购股权赋予承授人认

购每股面值为0.10元之本公司

股本合共24,700,000新股。二

零一六购股权行使价为每股

0.70元，以(i)本公司股份于购

股权授予日联交所报之收市

价每股0.70元；(i)紧接授予购

股权日前五个交易日本公司股

份之平均收市价每股0.656元；

及(i)本公司股份之每股面值

0.10元，三者以较高者为准。

所有二零一六购股权已由承授

人接纳。

于二零二一年四月二十日，本

公司共有15,000,000份购股权

（「二零二一购股权」）已授予本

集团若干合资格之参与者（包

括本公司之执行董事）。二零

二一购股权赋予承授人认购每

股面值为0.10元之本公司之股

本合共15,000,0000新股。二

零二一购股权行使价为每股

1.69元，以(i)本公司股份于购

股权授予日联交所报之收市

价每股1.69元；(i)紧接授予购

股权日前五个交易日本公司股

份之平均收市价每股1.484元；

及(i)本公司股份之每股面值

0.10元，三者以较高者为准。

所有二零二一购股权已由承授

人接纳。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

244KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

(i) The terms and conditions of the Share

Options are as folows:

Exercise

price per

Number

of share

options

Vesting

conditionExpiry date

每股

行使价格购股权数目授予条件到期日期

Share options granted

to directors:

购股权授予董事：

— on 11 August 2014— 于二零一四年

八月十一日

$0.4195,000,000Not more than

5,000,000 share options

vesting on

1 August 2015*

10 August 2024

不多于5,000,000份

购股权于二零一五年

八月一日归属*

二零二四年

八月十日

— on 11 August 2014— 于二零一四年

八月十一日

$0.4195,000,000Not more than

5,000,000 share options

vesting on

1 August 2017*

10 August 2024

不多于5,000,000份

购股权于二零一七年

八月一日归属*

二零二四年

八月十日

— on 27 October 2016— 于二零一六年

十月二十七日

$0.703,150,000Vesting on 1 July 201726 October 2026

于二零一七年

七月一日归属

二零二六年

十月二十六日

— on 27 October 2016— 于二零一六年

十月二十七日

$0.703,150,000Vesting on 1 July 201826 October 2026

于二零一八年

七月一日归属

二零二六年

十月二十六日

— on 27 October 2016— 于二零一六年

十月二十七日

$0.704,200,000Vesting on 1 July 201926 October 2026

于二零一九年

七月一日归属

二零二六年

十月二十六日

17 以股份付报酬（续）

(a) 购股权计划（续）

(i) 购股权之条款及条件如

下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

245ANUAL REPORT 2024/25 年报

17 以股份付报酬（续）

(a) 购股权计划（续）

(i) 购股权之条款及条件如

下：（续）

Exercise

price per

Number

of share

options

Vesting

conditionExpiry date

每股

行使价格购股权数目授予条件到期日期

— on 20 April 2021— 于二零二一年

四月二十日

$1.693,150,000Vesting on 20 April

19 April 2022

二零二一年

四月二十日归属

二零二年

四月十九日

Share options granted

to employes:

购股权授予员工：

— on 11 August 2014— 于二零一四年

八月十一日

$0.4194,000,000Vesting on 1 August

10 August 2024

二零一五年

八月一日归属

二零二四年

八月十日

— on 11 August 2014— 于二零一四年

八月十一日

$0.4194,000,000Vesting on 1 August

10 August 2024

二零一七年

八月一日归属

二零二四年

八月十日

— on 27 October 2016— 于二零一六年

十月二十七日

$0.704,260,000Vesting on 1 July 201726 October 2026

于二零一七年

七月一日归属

二零二六年

十月二十六日

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

(i) The terms and conditions of the Share

Options are as folows: (continued)

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

246KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

Exercise

price per

Number

of share

options

Vesting

conditionExpiry date

每股

行使价格购股权数目授予条件到期日期

— on 27 October 2016— 于二零一六年

十月二十七日

$0.704,260,000Vesting on 1 July 201826 October 2026

于二零一八年

七月一日归属

二零二六年

十月二十六日

— on 27 October 2016— 于二零一六年

十月二十七日

$0.705,680,000Vesting on 1 July 201926 October 2026

于二零一九年

七月一日归属

二零二六年

十月二十六日

— on 20 April 2021— 于二零二一年

四月二十日

$1.6911,850,000Vesting on 20 April

19 April 2022

二零二一年

四月二十日归属

二零二年

四月十九日

Total number of share

options

购股权总数57,700,000

* The vesting of the Share Options granted

to an executive director of the Company is

subject to the performance of the Group and

other conditions.

* 向本公司执行董事授予

之购股权之归属取决于

本集团之业绩及其他条

件。

17 以股份付报酬（续）

(a) 购股权计划（续）

(i) 购股权之条款及条件如

下：（续）

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

(i) The terms and conditions of the Share

Options are as folows: (continued)

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

247ANUAL REPORT 2024/25 年报

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

(i) The number and weighted average exercise

prices of share options are as folows:

二零二五年二零二四年

Weighted

average

exercise price

Number of

share options

Weighted

average

exercise price

Number of

share options

加权平均

行使价

购股权

数目

加权平均

行使价

购股权

数目

’000’000

千

Outstanding at the

begining of the year

于年初尚未行使

$0.72,000$0.72,000

Exercised during the year年内行使—

Lapsed during the year年内失效$0.7(850)—

Outstanding at the end

of the year

于年底尚未行使

$0.71,150$0.72,000

Exercisable at the end

of the year

于年底可行使

$0.71,150$0.72,000

The Share Options outstanding as of 31

March 2025 had an exercise price of $0.7

(2024: $0.70) per share and a weighted

average remaining contractual life of 1.57

years (2024: 2.57 years). During the year

ended 31 March 2025, 850,000 share

options have lapsed (2024: nil share

options have lapsed). The value of vested

options which lapsed during the year was

amounting to $595,000 and was released

directly to retained profits (2024: $nil).

17 以股份付报酬（续）

(a) 购股权计划（续）

(i) 购股权数目及加权平均

行使价如下：

于二零二五年三月三十一

日，尚未行使之购股权

之行使价每股0.70元（二

零二四年：0.70元）及加

权平均行使合约年期1.57

年（二零二四年：2.57

年）。截至二零二五年三

月三十一日止年度内，

850,000（二零二四年：

无）股权失效。本年度失

效已归属购股权之价值

为595,000元（二零二四

年：零元）直接计入保留

溢利。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

248KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

(i) Fair value of the Share Options and

asumptions

The fair value of services received in return

for share options granted is measured by

reference to the fair value of share options

granted. The estimate of the fair value of

the 2014 Share Options and 2016 Share

Options granted was measured based

on the Trinomial Model, after taking into

acount the terms and conditions upon

which the share options were granted.

The contractual life of the share option

and expectations of early exercise were

incorporated into the Trinomial Model. The

significant asumptions and inputs used in

the valuation model are as folows:

Fair value of and asumptions for 2014

share options

Fair value at

measurement date

$0.176 to

$0.194

Share price$0.405

Exercise price$0.419

Risk-fre interest rate1.97%

Expected volatility52.84%

Expected dividend yield2.47%

Expected exercise multiple2.2 to 2.8

Fair value of and asumptions for 2016

share options

Fair value at

measurement date

$0.239 to

$0.271

Share price$0.70

Exercise$0.70

Risk-fre interest rate1.00%

Expected volatility51.27%

Expected dividend yield5.00%

Expected exercise multiple1.8 to 4.0

17 以股份付报酬（续）

(a) 购股权计划（续）

(i) 购股权之公平值及假设

所收到为换取获于年底

尚未行使授购股权之服

务之公平值乃参照所授

出购股权之公平值计量。

所授出二零一四购股权

及二零一六购股权之公

平值估计于计及该等购

股权据以授出之条款及

条件后根据三项式模型

计量。购股权之合约年

期及提早行使之预期获

纳入三项式模型内。估

值模式所使用之重大假

设及数据如下：

二零一四购股权公平值

及假设

于计量日之

公平值

$0.176至

$0.194

股价$0.405

行使价$0.419

无风险利率1.97%

预期波幅52.84%

预期股息

收益率

2.47%

预期行使倍数2.2至2.8

二零一六购股权公平值

及相关假设

于计量日之公

平值

$0.239至

$0.271

股价$0.70

行使价$0.70

无风险利率1.00%

预期波幅51.27%

预期股息收

益率

5.00%

预期行使倍数1.8至4.0

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

249ANUAL REPORT 2024/25 年报

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

(i) Fair value of the Share Options and

asumptions (continued)

Fair value of and asumptions for 2021

share options

Fair value at

measurement date

$0.2509 to

$0.2520

Share price$1.69

Exercise$1.69

Risk-fre interest rate0.05%

Expected volatility44.58%

Expected dividend yield5.00%

Expected exercise multiple2.2 to 2.8

Risk-fre interest rate is based on the yields

of the Hong Kong Exchange Fund Notes at

the grant date. Expected volatility is based

on the historical volatility (calculated based

on the weighted average remaining life of

the share options). Expected dividend yield

is based on historical dividend trend of the

Company and expected future dividend

policy determined by management.

The vesting of the share options granted are

subject to the performance of the Group

and other conditions. Such non-market

conditions have not ben taken into acount

in the grant date fair value measurement

of the share options. There are no market

conditions asociated with the share options

granted.

The Trinomial Model is subject to certain

fundamental limitations because of the

subjective nature of and uncertainty relating

to the asumptions and inputs to the model

as wel as certain inherent limitations of

the model itself. Any changes in the above

asumptions or inputs may materialy afect

the fair value estimation.

17 以股份付报酬（续）

(a) 购股权计划（续）

(i) 购股权之公平值及假设

（续）

二零二一购股权公平值

及假设

于计量日之

公平值

$0.2509至

$0.2520

股价$1.69

行使价$1.69

无风险利率0.05%

预期波幅44.58%

预期股息

收益率

5.00%

预期行使倍数2.2至2.8

无风险利率是根据香港

外汇基金债券在授出日

之收益率。预计波幅是

根据历史波幅（根据购股

权之加权平均剩余期限

计算）。预期股息率是基

于公司之股息历史记录

及管理层预计未来股息

政策。

授出之购股权之归属取

决于本集团之业绩及其

他条件。此非市场条件

在该购股权授出日尚未

考虑到公平值之计量。

现在没有与授出购股权

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

250KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

17 SHARE BASED PAYMENTS (CONTINUED)

(a) Share Option Scheme (continued)

(iv) The total expense recognised in profit or

los for the year ended 31 March 2025 in

respect of the Share Options is $nil (2024:

$nil) (note 26(a).

(b) Share Award Plan

On 30 August 2023 (“the Adoption Date”),

a share award plan (the “Share Award Plan”)

was aproved and adopted by the board of

directors of the Company under which shares

of the Company may be awarded to selected

participants which include employes, directors,

service providers of the Group. The purpose of

the Share Award Plan is to recognise and reward

the contribution of certain Eligible Participants

to the growth and development of the Group

and to provide incentives in order to retain them

for continual operation and development of the

Group; and atract suitable personel for further

development of the Group.

Unles otherwise canceled or amended, the

Share Award Plan shal be valid and efective for

a term of 10 years from the Adoption Date and

shal expire on 29 August 2033 unles terminated

earlier by the Board. Details of the Share Award

Plan are set out in the circular of the Company

dated 28 July 2023.

17 以股份付报酬（续）

(a) 购股权计划（续）

(iv) 截至二零二五年三月

三十一日止年度，无于损

益已确认之有关购股权

总费用（二零二四年：零

元）（附注26(a)）。

(b) 股份奖励计划

于二零二三年八月三十日（「采

纳日期」），本公司董事会批准

并采纳一项股份奖励计划（「股

份奖励计划」），根据该计划，

本公司股份可授予选定之参与

者，包括本集团之雇员、董事

及服务供应商。股份奖励计

划之目的，旨在表彰及奖励若

干合资格参与者对集团成长

与发展所作出之贡献，并提

供激励措施以挽留其持续参

与集团之营运与发展，以及吸

引合适人才以促进本集团进

一步发展。

除另有取消或修订外，该股

份奖励计划自采纳日起有效

期为十年，并将于二零三年

八月二十九日届满。除非董事

会提前终止股份奖励计划之

详细资讯已于二零二三年七

月二十八日之本公司通函中披

露。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

251ANUAL REPORT 2024/25 年报

17 SHARE BASED PAYMENTS (CONTINUED)

(b) Share Award Plan (continued)

During the year ended 31 March 2025, the

truste of the Company for the purpose of

the Share Award Plan at the direction of the

Board purchased an agregate of 5,796,000

existing shares of the Company from the

market amounting to aproximately $3,247,000.

The acquired shares were recognised and

acumulated in equity under the heading of

“Treasury shares and shares held for share award

plan”.

The Share Award Plan was subsequently

amended on 25 June 2025.

During the year ended 31 March 2025, details of

the shares awarded are set out below:

Date of awardVesting period

Fair value per

Number of

shares awarded

授予日归属日期每股平均值

授予股份之

奖励数量

1 August 20241 August 2024 to

1 August 2025

0.805,720,000

二零二四年八月一日二零二四年八月一日至

二零二五年八月一日

The fair value of the awarded shares was based

on the closing price per share that was publicly

traded on the Stock Exchange at the date of

grant and adjusted to acount for the dividends

asociated with the awarded shares. The

dividends are held in trust by the truste during

the vesting period, grantes are entitled to these

dividends, which wil be payable or transferable

upon vesting.

During the year ended 31 March 2025, the

share-based payments relating to the Share

Award Plan recognised as an expense in profit or

los amounted to HK$3,026,000 (2024: HK$nil)

(note 26(a).

17 以股份付报酬（续）

(b) 股份奖励计划（续）

截至二零二五年三月三十一

日止年度内，本公司为股份

奖励计划从市场购买总计

5,796,000股公司之股份，金

额约为3,247,000元。所购股

份已在权益中以「库存股份及

股份奖励计划持有之股份」项

目进行确认和累计。

股份奖励计划其后于二零二五

年六月二十五日修订

截至二零二五年三月三十一日

止年度内，授予股份之详情如

下：

授予股份之公平值乃根据授

予日于联交所公开交易之每股

收盘价来确定，并调整以考虑

所授予股份相关之股息。股

息在归属期间由受托人保管，

受赠人有权获得这些股息，股

息于归属后支付或转让。

截至二零二五年三月三十一日

止年度内，与股份奖励计划

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

252KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

18 其他储备及保留溢利

(a) 本集团

18 OTHER RESERVES AND RETAINED EARNINGS

(a) Group

Other reserve

其他储备

premium

Capital

reserve

Merger

reserve

Capital

redemption

reserve

Share-based

compensation

reserve

Other

financial

asets

revaluation

reserve

Translation

reserve

Treasury

shares and

shares held

for share

award plan

Total other

reserve

Retained

earnings

股份溢价资本储备合并储备

资本

赎回储备

以股份支付

之酬金储备

其他金融

资产之

重估储备换算储备

库存股份及

股份奖励计划

之股份购买

其他

储备总额保留溢利

(Note 17(b)

（附注17(b)）

$’000$’000$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元千元千元

Balance at 1 April 2024于二零二四年四月一日

之结余301,0982,608(38,000)1,941552256(79,226)—189,229601,629

Profit for the year年度溢利—204,481

Remeasurement of provision for

long service payment

长期服务金拨备

之重新计量—129

Dividends paid in respect of the

previous year

已派上年度股息

—(80,858)

Dividends paid in respect of the

curent year

已派本年度股息

—(50,536)

Curency translation diferences货币换算差异—12,658—12,658—

Fair value gain on other financial

asets (recycling)

其他金融资产公平值

之收益（可转回）—127—127—

Share of other comprehensive

income of asociate

应占联营公司之

其他全面收入—

Treasury shares and shares

purchased for share award plan

库存股份及股份奖励计

划之股份购买—(3,247)(3,247)—

Vesting of shares of share award

plan

股份奖励计划之

股份归属—3,0263,026—

Release upon lapse of share

options

股权失效之释放

—(595)—(595)595

Balance at 31 March 2025于二零二五年三月

三十一日之结余301,0982,608(38,000)1,941(43)383(66,568)(221)201,198675,440

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

253ANUAL REPORT 2024/25 年报

18 OTHER RESERVES AND RETAINED EARNINGS

(CONTINUED)

(a) Group (continued)

Other reserve

其他储备

premium

Capital

reserve

Merger

reserve

Capital

redemption

reserve

Share-based

compensation

reserve

Other

financial

asets

revaluation

reserve

Translation

reserve

Treasury

shares and

shares held

for share

award plan

Total other

reserve

Retained

earnings

股份溢价资本储备合并储备

资本

赎回储备

以股份支付

之酬金储备

其他金融

资产之

重估储备换算储备

库存股份及

股份奖励计划

之股份购买

其他

储备总额保留溢利

(Note 17(b)

（附注17(b)）

$’000$’000$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元千元千元

Balance at 1 April 2023于二零二三年四月一日

之结余301,0982,608(38,000)1,941552153(24,067)—244,285490,331

Profit for the year年度溢利—169,659

Remeasurement of provision for

long service payment

长期服务金拨备

之重新计量—213

Dividends paid in respect of

the previous year

已派上年度股息

—(30,322)

Dividends paid in respect of

the curent year

已派本年度股息

—(30,322)

Curency translation diferences货币换算差异—(55,159)—(55,159)—

Fair value gain on other financial

asets (recycling)

其他金融资产公平值

之收益（可转回）—103—103—

Share of other comprehensive

income of asociate

应占联营公司之

其他全面收入—2,070

Balance at 31 March 2024于二零二四年三月

三十一日之结余301,0982,608(38,000)1,941552256(79,226)—189,229601,629

18 其他储备及保留溢利（续）

(a) 本集团（续）

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

254KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

18 OTHER RESERVES AND RETAINED EARNINGS

(CONTINUED)

(b) Company

Other reserves

其他储备

premium

Capital

redemption

reserve

Contributed

surplus

Share-based

compensation

reserve

Other

financial

asets

revaluation

reserve

Treasury

shares and

shares held

for share

award plan

Total Other

reserve

Retained

earnings

股份溢价

资本

赎回储备缴入盈余

以股份支付

之酬金储备

其他金融资产

之重估储备

库存股份及

股份奖励计划

之股份购买

其他

储备总额保留溢利

(Note 17(b)

（附注17(b)）

$’000$’000$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元千元千元

Balance at 1 April 2024于二零二四年

四月一日之结余301,0981,941193,18555224—496,80087,327

Profit for the year年度溢利—98,369

Remeasurement of provision for long

service payment

长期服务金拨备之

重新计量—33

Dividend paid in respect of the

previous year

已派上年度股息

—(80,858)

Dividend paid in respect of curent

year

已派本年度股息

—(50,536)

Fair value loses on other financial

asets (recycling)

其他金融资产公平值

之亏损（可转回）—(3)—(3)—

Treasury shares and shares purchased

for share award plan

库存股份及股份奖励计划

之股份购买—(3,247)(3,247)—

Vesting of shares of share award plan股份奖励计划之

股份归属—3,0263,026—

Release upon lapse of share options股权失效之释放—(595)—(595)595

Balance at 31 March 2025于二零二五年

三月三十一日之结余301,0981,941193,185(43)21(221)495,98154,930

Balance at 1 April 2023于二零二三年

四月一日之结余301,0981,941193,18555236—496,81247,094

Profit for the year年度溢利—100,981

Remeasurement of provision for long

service payment

长期服务金拨备之

重新计量—(104)

Dividend paid in respect of the

previous year

已派上年度股息

—(30,322)

Dividend paid in respect of curent

year

已派本年度股息

—(30,322)

Fair value loses on other financial

asets (recycling)

其他金融资产公平值

之亏损（可转回）—(12)—(12)—

Balance at 31 March 2024于二零二四年

三月三十一日之结余301,0981,941193,18555224—496,80087,327

18 其他储备及保留溢利（续）

(b) 本公司

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

255ANUAL REPORT 2024/25 年报

18 OTHER RESERVES AND RETAINED EARNINGS

(CONTINUED)

(b) Company (continued)

Under the Bermuda Companies Act 1981,

contributed surplus is distributable to

shareholders, subject to the condition that the

Company canot declare or pay a dividend, or

make a distribution out of contributed surplus if

(i) it is, or would after the payment be, unable

to pay its liabilities as they become due, or (i)

the realisable value of its asets would thereby

be les than the agregate of its liabilities and its

isued share capital and share premium acount.

At 31 March 2025, the agregate amount of

reserves available for distribution to equity

shareholders of the Company was $248,115,000

(2024: $280,512,000). After the end of the

reporting period, the directors proposed a

final dividend of HK3.0 cents per ordinary

share (2024: final dividend of HK4.0 cents per

ordinary share), amounting to $60,633,000 (2024:

$80,858,000) (note 30a). This dividend has not

ben recognised as a liability at the end of the

reporting period.

(i) Translation reserve

The translation reserve comprises al

foreign exchange diferences arising from

the translation of the financial statements

of entities outside Hong Kong. The reserve

is dealt with in acordance with the

acounting policies set out in note 2(w).

18 其他储备及保留溢利（续）

(b) 本公司（续）

根据百慕达一九八一年公司法

案，缴入盈余可供分派予股

东，但若支付股息后(i)本公司

不能支付到期负债，或(i)其

资产之可变现价值将会因而少

于其债项及其已发行股本及

股份溢价之合计总额，则本公

司不可宣布、支付股息，或从

缴入盈余作出分派。

于二零二五年三月三十一日，

可供分配给公司权益持有人之

储备总额为248,115,000元（二

零二四年：280,512,000元）。

报告期末后，董事会建议派

发末期股息每股普通股3.0港

仙（二零二四年：末期股息每

股普通股4.0港仙），金额为

60,633,000元（二零二四年：

80,858,000元）（附注30(a)）。

此股息于报告期末并未确认

为负债。

(i) 换算储备

换算储备包括自换算香

港以外实体财务报表而

产生之所有外汇差异。

有关储备乃根据附注2(w)

载列之会计政策处理。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

256KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

18 OTHER RESERVES AND RETAINED EARNINGS

(CONTINUED)

(i) Merger reserve

Merger reserve represents the diference

betwen the consideration paid and the

net bok values of the acquires and debt

capitalisation during reorganisation due to

spin-of and separate listing of KRP Group.

(i) Other financial asets revaluation reserve

The other financial asets revaluation

reserve comprises the cumulative net

change in the fair value of other financial

asets held at the end of the reporting

period and is dealt with in acordance with

the acounting policies set out in note 2(f).

(iv) Capital redemption reserve

During the year ended 31 March 2025,

upon cancelation of 850,000 shares, an

amount equivalent to the par value of

the shares canceled of $595,000 was

transfered from share capital to the capital

redemption reserve.

18 其他储备及保留溢利（续）

(i) 合并储备

合并储备乃已付代价与被

收购方之账面值及因嘉

创集团分拆上市重组期

间债务资本化之差额。

(i) 其他金融资产重估储备

其他金融资产重估储备

包括于报告期末持有之

其他金融资产公平值之

累计变动净额，并根据

附注2(f)载列之会计政策

处理。

(iv) 资本赎回储备

截至二零二五年三月

三十一日止年度内，

850,000股份被注销，相

当于595,000元已注销股

份面值之金额由股本转

换至资本赎回储备。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

257ANUAL REPORT 2024/25 年报

19 TRADE PAYABLES, ACRUALS AND OTHER

PAYABLES

二零二五年二零二四年

$’000$’000

千元千元

Trade payables贸易应付账款432,389462,793

Acruals for short-term lease

expenses

应计短期租金

1,9281,928

Acruals for purchase of property,

plant and equipment

应计购买物业、厂房及

设备21,09521,242

Salaries and staf welfare payable应付薪金及员工福利97,605128,205

Other payables and acruals其他应付账款及应计

费用72,291116,168

Receipts in advance (se note (a)

below)

预收账款（见下列

附注(a)）32,68440,141

225,603307,684

657,992770,477

The carying amounts of trade payables, acruals and

other payables aproximate their fair values. Al trade

payables and acruals as at 31 March 2025 and 2024

are expected to be setled within one year.

19 贸易应付账款、应计费用及其他应

付账款

贸易应付账款、应计费用及其他应

付账款之账面值与公平值相近。

于二零二五年及二零二四年三月

三十一日之所有贸易应付账款、其

他应付账款及应计费用预期于一

年内清付。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

258KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

19 TRADE PAYABLES, ACRUALS AND OTHER

PAYABLES (CONTINUED)

Trade payables ageing analysis, based on invoice date,

is as folows:

二零二五年二零二四年

$’000$’000

千元千元

0 to 90 days0至90日387,796416,208

91 to 180 days91至180日42,13242,881

181 to 360 days181至360日1,8393,378

Over 360 days360日以上622326

432,389462,793

(a) Receipts in advance

Typical payment terms which impact on the

amount of contract liabilities recognised are as

folows:

— Manufacturing segment

When the Group receives a deposit before

the production activity comences, this wil

give rise to contract liabilities at the start

of a contract, until the revenue recognised

on the project exceds the amount of the

deposit. The amount of deposit is negotiated

on a case by case basis with customers.

19 贸易应付账款、应计费用及其他应

付账款（续）

贸易应付账款按发票日期计算之账

龄分析如下：

(a) 预收账款

预收账款影响已确认合约负

债金额之通常付款条款如下：

— 制造业分部

当本集团在生产活动开

始前收到按金时，这将

在合约开始时产生合约负

债，直到已确认之项目收

入超过按金额为止。

按金额根据具体情况

与客户协商。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

259ANUAL REPORT 2024/25 年报

19 TRADE PAYABLES, ACRUALS AND OTHER

PAYABLES (CONTINUED)

(a) Receipts in advance (continued)

Movements in contract liabilities:

二零二五年二零二四年

$’000$’000

千元千元

Begining of the year年初40,141172,732

Decrease in contract liabilities as

a result of recognising revenue

during the year that was included

in the contract liabilities at the

begining of the period

于年内确认年初

合约负债之营业

收入导致合约

负债减少

(19,702)(147,572)

Increase in contract liabilities as

a result of receiving receipts in

advances

收取预付账款

导致合约负债

增加12,24515,706

Exchange diference兑换差异—(725)

End of the year年底32,68440,141

As at 31 March 2025, the amount of receipts in

advance expected to be recognised as revenue

after more than one year are $nil (2024: $nil).

The Group has aplied the practical expedient in

paragraph 121 of HKFRS 15 to its sales contracts

for manufacturing products and properties

development such that information about

revenue that the Group wil be entitled to when

it satisfies the remaining performance obligations

that had an original expected duration of one

year or les ned not to be disclosed.

19 贸易应付账款、应计费用及其他应

付账款（续）

(a) 预收账款（续）

合约负债之变动：

于二零二五年三月三十一日，

无预收账款（二零二四年：无）

预计将于一年后确认为收入。

本集团已将香港财务报告准

则第15号第121段之可行权宜

方法应用于其制造业及房地

产业务之销售合约，因此关于

本集团将享有当其符合原定

预期限为一年或以下之剩余

履约责任之相关收入，其资料

不需要作出披露。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

260KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

20 BANK BOROWINGS

二零二五年二零二四年

$’000$’000

千元千元

Portion of bank borowings

repayable within one year or are

subject to repayment on demand

clauses, and clasified as curent

liabilities

一年内偿还或受应要求

偿还条款规限并分

类为流动负债之银行

借贷部份

381,659333,833

Portion of bank borowings

repayable after one year and

clasified as non-curent liabilities

一年后偿还并分类为

非流动负债之银行借

贷部份

After 1 year but within 2 years一年后但于二年内119,50083,859

After 2 years but within 5 years二年后但于五年内35,000112,000

154,500195,859

Total bank borowings银行借贷总额536,159529,692

Representing:代表：

Secured (note (i)有抵押（附注(i)）28,75015,630

Unsecured无抵押507,409514,062

Total bank borowings银行借贷总额536,159529,692

20 银行借贷

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

261ANUAL REPORT 2024/25 年报

20 BANK BOROWINGS (CONTINUED)

(i) As included in the bank borowings clasified as

curent liabilities, certain loan agrements with

a term of 2 years (2024: 2 years), amounting

to $51,533,000 (2024: $125,148,000), includes

an overiding repayment on demand clause,

which gives the lender the right to demand

repayment at any time at their sole discretion.

Notwithstanding that the Group does not expect

the lender to exercise its rights to demand

repayment provided that the Group timely repay

such loan as scheduled, these liabilities are

clasified as curent because the Group under

such an agrement does not have a right to defer

setlement of the liability for at least twelve

months after the reporting period.

(i) As at 31 March 2025, a banking facility of the

Group is secured by the property, plant and

equipment with an agregate carying amount of

$17,037,000 (2024: $15,630,000).

(i) The Group’s certain banking facilities are subject

to the fulfilment of covenants relating to the

Group’s statement of financial position ratios. If

the Group were to breach these covenants, the

drawn down facilities would become payable

on demand. As at 31 March 2025 and 2024,

al of these covenants have ben complied by

the Group. The Group did not identify any

dificulties complying with the covenants.

21 LOAN FROM A CONTROLING SHAREHOLDER

The loan from New Sense Enterprise Limited bears

a variable interest rate at a prevailing market rate

of 3-month HIBOR per anum, is unsecured and

repayable on 26 December 2029. New Sense

Enterprise Limited is a wholy owned subsidiary of

TMF (B.V.I) Ltd. with Mr. Ho Cheuk Fai as setlor.

20 银行借贷（续）

(i) 划入为流动负债之银行借

贷，多项为期两年之贷款协

议（二零二四年：二年），金额

为51,533,000元（二零二四年：

125,148,000元）包含凌驾于应

要求偿还条款，给予贷款人权

利可随时按要求还款。尽管

本集团并无预期贷款人在本

集团按时还款下行使其权利，

该项负债分类为流动乃基于

本集团在该协议下于报告期后

至少十二个月并无权利延迟

还款。

(i) 于二零二五年三月三十一日，

本集团之银行融资以账面总

额17,037,000元之物业、厂房

及设备作抵押（二零二四年：

15,630,000元）。

(i) 本集团若干银行融资须待达

成本集团有关财务报表比率

之契约后方可作实。倘本集

团违反该等契约，则已提取

之融资将须按要求偿还。于

二零二五年及二零二四年三月

三十一日，本集团已遵守全部

有关契约。本集团并未发现

对履行契约有任何困难。

21 控股东贷款

New Sense Enterprise Limited之贷

款利息以现行市场利率三个月香

港银行同业拆息计算，为无抵押贷

款，须于二零二九年十二月二十六

日偿还。New Sense Enterprise

Limited为TMF (B.V.I) Ltd.的全资子

公司，何焯辉先生为成立者。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

262KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

22 LEASE LIABILITIES

At 31 March 2025, the lease liabilities were repayable

as folows:

二零二五年二零二四年

Present value

of the lease

payments

Total lease

payments

Present value

of the lease

payments

Total lease

payments

租赁付款

之现值

租赁付款

总额

租赁付款

之现值

租赁付款

总额

$’000$’000$’000$’000

千元千元千元千元

Within 1 year一年内4,4965,8523,3293,403

After 1 year but within 2 years一年后但于二年内4,5275,570276282

After 2 years but within 5 years二年后但于五年内12,34413,461—

21,3673,605

Les: total future interest expenses减：未来利息开支总额(3,516)(80)

Present value of lease liabilities租赁负债之现值21,3673,605

22 租赁负债

于二零二五年三月三十一日之租赁

负债偿还如下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

263ANUAL REPORT 2024/25 年报

23 TAXATION IN THE CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

(a) Curent taxation

二零二五年二零二四年

$’000$’000

千元千元

Provision for Hong Kong Profits

Tax for the year

本年度香港利得税之

拨备27,62516,348

Provisional Hong Kong Profits

Tax paid

已付暂缴香港利得税

(18,791)(21,904)

8,834(5,556)

Balance of Hong Kong Profits

Tax provision relating to

prior years

以往年度香港利得税之

拨备结余

(1,460)529

Provision for PRC taxes中国所得税之拨备109,88598,983

117,25993,956

Curent tax recoverable本期可收回税项4,6395,121

Curent tax payable本期应付税项(121,898)(99,077)

(117,259)(93,956)

23 于综合财务状况表中税项

(a) 本期税项

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

264KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

23 TAXATION IN THE CONSOLIDATED STATEMENT OF

FINANCIAL POSITION (CONTINUED)

(b) Defered taxation

Acelerated

depreciation

Fair value

los of

investment

propertiesTotal

Defered tax liabilities递延税项负债加速折旧

投资物业

公平值之

损失合共

$’000$’000$’000

千元千元千元

At 1 April 2023于二零二三年

四月一日6151,7942,409

Credited to profit or los于损益计入(414)(1,685)(2,099)

Exchange diference兑换差异—(109)(109)

At 31 March 2024 and

1 April 2024

于二零二四年三月

三十一日及

二零二四年

四月一日201—201

Charged to profit or los于损益支销7—7

At 31 March 2025于二零二五年

三月三十一日208—208

23 于综合财务状况表中税项（续）

(b) 递延税项

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

265ANUAL REPORT 2024/25 年报

23 TAXATION IN THE CONSOLIDATED STATEMENT OF

FINANCIAL POSITION (CONTINUED)

(b) Defered taxation (continued)

Tax losesOthersTotal

Defered tax asets递延税项资产税项亏损其他合共

$’000$’000$’000

千元千元千元

At 1 April 2023于二零二三年

四月一日(6,636)(2,315)(8,951)

Charged/(credited) to

profit or los

于损益支销╱

（计入）6,105(127)5,978

Exchange diference兑换差异392—392

At 31 March 2024 and

1 April 2024

于二零二四年三月

三十一日及

二零二四年

四月一日(139)(2,442)(2,581)

Charged to profit or

los

于损益支销

At 31 March 2025于二零二五年

三月三十一日(98)(2,245)(2,343)

23 于综合财务状况表中税项（续）

(b) 递延税项（续）

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

266KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

23 TAXATION IN THE CONSOLIDATED STATEMENT OF

FINANCIAL POSITION (CONTINUED)

(b) Defered taxation (continued)

The defered tax asets and liabilities are ofset

when there is a legaly enforceable right to set

of and when the defered income taxes relate to

the same tax jurisdiction. The folowing amounts,

determined after apropriate ofseting, are

shown in the consolidated statement of financial

position:

二零二五年二零二四年

$’000$’000

千元千元

Defered tax asets递延税项资产(2,343)(2,581)

Defered tax liabilities递延税项负债208201

(2,135)(2,380)

At 31 March 2025, in acordance with the

acounting policy set out in note 2(t), the

Group had unrecognised defered tax asets of

aproximately $19,092,000 (2024: $19,502,000)

primarily representing the tax efect of

cumulative tax loses (subject to agrement by

relevant tax authorities) which can be caried

forward against future taxable income, of which,

tax loses of $115,709,000 (2024: $118,191,000)

can be caried forward indefinitely.

23 于综合财务状况表中税项（续）

(b) 递延税项（续）

当有法定权利可将递延税项

资产与递延税项负债抵销，

而递延所得税涉及同一税务

机关，则可将递延税项资产

与递延税项负债互相抵销。

于计入适当抵销后，下列金额

于综合财务状况表内显示：

于二零二五年三月三十一日，

按照载列会计政策附注2(t)，

本集团未确认递延税项资产

约19,092,000元（二零二四年：

19,502,000元），主要代表累

计税项亏损之税项影响（须受

有关税务机关同意），该金额

可与未来应税收入抵销，而

税项亏损约115,709,000元（二

零二四年：118,191,000元）可

无限期结转。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

267ANUAL REPORT 2024/25 年报

24 REVENUE, OTHER NET INCOME

二零二五年二零二四年

$’000$’000

千元千元

Revenue from contracts with

customers within the scope of

HKFRS 15

香港财务报告准则第15

号范围内与客户之合

约收入

Sales of merchandise商品销售

— Metal and plastic busines— 五金塑胶业务2,027,0281,725,255

— Electronic manufacturing

services busines

— 电子专业代工

业务1,204,2821,190,648

— Others— 其他1978

3,231,3292,915,981

Other net income:其他收入净额：

Fixed rental income固定租金收入2,3852,619

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备

之收益204131

Government grants received

(note (i)

获得之政府资助金

（附注(i)）1,3492,033

Others其他1,3631,327

5,3016,110

Notes:

(i) During the year ended 31 March 2025, the Group

received subsidies of $1,298,000 (2024: $746,000) from

the PRC government. The purposes of these subsidies are

to encourage the use of high-technologies machineries,

promote the development of human resources and to

provide financial suport to enterprise.

24 收入、其他收入净额

附注：

(i) 截至二零二五年三月三十一日止年

度内，本集团收取中国政府之补贴

1,298,000元（二零二四年：746,000

元），此等该补贴之目的乃鼓励使

用高科技机器、提升人才培训及

提供企业财务支援。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

268KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

25 EXPENSES BY NATURE

二零二五年二零二四年

$’000$’000

千元千元

Cost of materials物料成本2,307,9312,137,094

Depreciation and amortisation of

property, plant and equipment

(note 6)

物业、厂房及设备之

折旧及摊销

（附注6）106,84489,153

Amortisation of intangible asets

(note 8)

无形资产之摊销

（附注8）2,9261,656

Employe benefit expenses

(including directors’

remuneration) (note 26(a)

雇员福利开支

（包括董事酬金）

（附注26(a)）395,360358,426

Rental expenses of short-term leases短期租赁租金7,9088,010

Net exchange gain/(los)汇兑收益╱（亏损）

净额5,974(1,828)

Auditors’ remuneration核数师酬金3,4173,350

Recognition of los alowance for

trade and bils receivables

(note 12)

贸易及票据应收账款亏

损拨备之确认

（附注12）12,8704,532

Write-down of obsolete and

slow-moving inventories

陈旧及滞销存货之

撇减10,4141,348

Other expenses其他支出54,30755,928

2,907,9512,657,669

Representing:代表：

Cost of revenue收入成本2,759,2532,545,842

Distribution and seling expenses分销及销售费用27,43622,556

General and administrative

expenses

一般及行政费用

121,26289,271

2,907,9512,657,669

* The cost of materials excluded depreciation and

amortisation of property, plant and equipment, employe

benefit expenses and rental expenses.

25 按性质分类之费用

，厂房及设备

之折旧及摊销，雇员福利开支及租

赁租金。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

269ANUAL REPORT 2024/25 年报

26 EMPLOYE BENEFIT EXPENSES — INCLUDING

DIRECTORS’ REMUNERATION

(a) Employe benefit expenses during the year are as

folows:

二零二五年二零二四年

$’000$’000

千元千元

Wages and salaries薪酬及工资362,033331,815

Contributions to defined

contribution retirement plans

界定供款退休计

划之供款30,20226,542

Provision for long service payments长期服务金准备9969

Share-based payment股份支付3,026—

395,360358,426

26 雇员福利支出 — 包括董事酬金

(a) 年内雇员褔利支出如下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

270KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

26 EMPLOYE BENEFIT EXPENSES — INCLUDING

DIRECTORS’ REMUNERATION (CONTINUED)

(b) Directors’ remuneration

Directors’ remuneration disclosed pursuant

to section 383 of the Hong Kong Companies

Ordinance and Part 2 of the Companies

Ordinance (Disclosure of Information about

Benefits of Directors) Regulation is as folows:

二零二五年

FesSalary

Discretionary

& director’s

bonuses

Employer’s

contributions

to retirement

plans

Share-based

payment:

Share Award

PlanTotal

Name of director董事名称袍金薪金

酌情及

董事花红

退休金计划

之雇主供款

股份支付：

股份奖励

计划合共

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

Executive directors执行董事

Mr. Ho Cheuk Fai何焯辉先生—4,8563,705— — 8,561

Mr. Zhao Kai赵凯先生—1,3363,412421594,949

Ms. Chan Ming Mui, Silvia陈名妹小姐—1,0072,015181593,199

Mr. Chan Raymond陈毅文先生—1,1452,146181593,468

Independent non-executive

directors

独立非执行董事

Mr. Fong Hoi Shing方海城先生165— — — — 165

Mr. Yam Chung Shing (resigned

on 6 September 2024)

任重诚先生

（二零二四年

九月六日辞任）69— — — — 69

Mr. Lam Yin Shing, Donald

(apointed on 1 July 2024)

林燕胜先生

（二零二四年

七月一日获委任）188— — — — 188

Dr. Lau Kin Wah刘健华博士165— — — — 165

26 雇员福利支出 — 包括董事酬金

（续）

(b) 董事酬金

根据香港《公司条例》第383章

及公司条例之第二部份（有关

董事福利之披露资料）规例之

董事酬金披露如下：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

271ANUAL REPORT 2024/25 年报

26 EMPLOYE BENEFIT EXPENSES — INCLUDING

DIRECTORS’ REMUNERATION (CONTINUED)

(b) Directors’ remuneration (continued)

二零二四年

FesSalary

Discretionary

& director’s

bonuses

Employer’s

contributions

to retirement

plans

Share-based

payment:

Share Award

PlanTotal

Name of director董事名称袍金薪金

酌情及

董事花红

退休金计划

之雇主供款

股份支付：

股份奖励

计划合共

$’000$’000$’000$’000$’000$’000

千元千元千元千元千元千元

Executive directors执行董事

Mr. Ho Cheuk Fai何焯辉先生—4,8323,203—8,035

Mr. Zhao Kai赵凯先生—1,2942,90923—4,226

Ms. Chan Ming Mui, Silvia陈名妹小姐—9751,68218—2,675

Mr. Chan Raymond陈毅文先生—1,1161,89418—3,028

Non-executive directors非执行董事

Mr. Ho Cheuk Ming

(resigned on 20 November

2023)

何卓明先生

（二零二三年

十一月二十日

辞任）140—140

Mr. Ho Kai Man

(resigned on 28 March 2024)

何启文先生

（二零二四年

三月二十八日

辞任）—5062018—544

Independent non-executive

directors

独立非执行董事

Mr. Fong Hoi Shing方海城先生150—150

Mr. Yam Chung Shing任重诚先生150—150

Dr. Lau Kin Wah刘健华博士150—150

26 雇员福利支出 — 包括董事酬金

（续）

(b) 董事酬金（续）

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

272KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

26 EMPLOYE BENEFIT EXPENSES — INCLUDING

DIRECTORS’ REMUNERATION (CONTINUED)

The five individuals whose emoluments were the

highest in the Group for the year include four

(2024: four) directors whose emoluments are

reflected in the analysis presented above. The

emoluments payable to the remaining one (2024:

one) individual during the year are as folows:

二零二五年二零二四年

$’000$’000

千元千元

Basic salaries and alowances基本薪金及津贴1,011976

Discretionary bonus酌情发放之花红830830

Contributions to retirement plans退休计划之供款1818

Share-based payment 股份支付132—

1,9911,824

The emoluments fel within the folowing band:

Number of individuals

人士数目

二零二五年二零二四年

$1,500,001 to

$2,000,000

1,500,001至

2,000,00011

26 雇员福利支出 — 包括董事酬金

（续）

本年度集团五名最高薪酬之

人士包括四名（二零二四年：

四名）董事，其酬金已载于上

文分析。于年内其余一名（二

零二四年：一名）最高薪人士

之应付酬金如下：

该等酬金在下列组合范围内:

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

273ANUAL REPORT 2024/25 年报

27 FINANCE COSTS, NET

二零二五年二零二四年

$’000$’000

千元千元

Finance costs财务成本

— Interest expenses from financial

liabilities measured at

amortised cost

— 按摊销成本计量之

金融负债利息

支出40,08844,463

— Interest expenses on lease

liabilities

— 租赁负债之利息

支出998343

Les: interest expenses capitalised

into property, plant and

equipment (note)

减：待沽在建物业利息

支出资本化

（附注）—(1,951)

41,08642,855

Finance income财务收入

— Interest income from financial

asets measured at amortised

cost

— 按摊销成本计量之

金融资产利息

收入(2,240)(2,323)

— Other interest income from

financial asets measured

at fair value through other

comprehensive income

(recycling)

— 按公平值计入其他

全面收入（可转

回）计量之金融

资产其他利息

收入(389)(381)

(2,629)(2,704)

Finance costs, net财务成本，净额38,45740,151

Note: The borowing costs had ben capitalised at a rate of

5.79% per anum for the year ended 31 March 2024.

27 财务成本，净额

附注：截至二零二四年三月三十一日年

度，借贷成本以年利率5.79%被

资本化。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

274KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

28 INCOME TAX IN THE CONSOLIDATED STATEMENT

OF PROFIT OR LOS

The amount of taxation charged to consolidated

statement of profit or los represents:

二零二五年二零二四年

$’000$’000

千元千元

Curent taxation本期税项

Hong Kong Profits Tax香港利得税

— Curent year— 本年度27,62516,348

— Under provision for prior years— 往年之少提拨备3,5683,011

PRC taxes中国税项

— Corporate Income Tax— 企业所得税11,657(5,898)

Defered taxation递延税项2453,879

43,09517,340

Hong Kong Profits Tax has ben provided at the

rate of 16.5% (2024: 16.5%) on the estimated

asesable profit for the year for al Group companies

incorporated in Hong Kong.

The Group’s operations in the PRC are subject

to Corporate Income Tax Law of the PRC at the

standard tax rate of 25% (2024: 25%), except for two

PRC subsidiaries of the Group was rewarded with

Certificate of High and New Technology Enterprise

and entitled to a tax reduction from 25% to 15%. The

entitlement is subject to review every thre years.

28 于综合损益表中所得税

于综合损益表支销之税项如下：

所有于香港成立之集团公司乃根

据本期之估计应课税溢利按16.5%

（二零二四年：16.5%）之税率计提

香港利得税准备。

本集团于中国之业务须遵守中国

企业所得税法按标准税率25%（二

零二四年：25%）纳税，除了二家本

集团中国附属公司获颁高新技术

企业证书，并可以获减税，税率由

25%减至15%。此享有减税之权利

每三年检讨一次。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

275ANUAL REPORT 2024/25 年报

28 INCOME TAX IN THE CONSOLIDATED STATEMENT

OF PROFIT OR LOS (CONTINUED)

As at 31 March 2025, the Inland Revenue Department

of Hong Kong (“IRD”) has isued notices of aditional

profit tax asesment demanding aditional tax

payable of HK$21,151,000 in total for the years of tax

asesment from 2016/17 to 2018/19 in conection

with the tax treatment relating to contract procesing

arangement in the PRC.

Having reviewed the merits of the aditional tax

asesments, the directors of the Company have

determined to strongly contest the aditional

asesments raised by the IRD. As of 31 March

2025, the Group has lodged objections against the

aditional tax asesment for the year of asesment

2016/17 and 2017/18 and has aplied to hold over

the aditional tax demanded for the years of tax

asesment of 2018/19. The IRD has agred to the

holdover the payment of the aditional tax demanded

of $14,005,000 by way of purchasing an equivalent

amount of tax reserve certificates (“TRCs”) and has

agred to holdover the remainder of $7,146,000

unconditionaly. No aditional tax provision has

ben made during the year ended 31 March 2025 in

respect of the above aditional tax asesments on

the basis that the management considers the Company

has a technical position to defend the tax treatment

adopted.

The purchased TRCs of $5,386,000 were included in

“Prepayments, deposits and other receivables” in the

Group’s consolidated statement of financial position.

Subsequent to the year end of the reporting period,

the Company has further purchased the required TRCs

of $8,619,000.

28 于综合损益表中所得税（续）

截至二零二五年三月三十日，香港

税务局（税务局）已发出补加利得税

评税通知书，就2016/17至2018/19

课税年度与中国境内合约加工安排

相关之税务处理，要求合共补缴税

款21,151,000港元。

经审阅该等补加评税之依据后，本

公司董事已决定强烈抗辩税务局

提出之补加评税。截至二零二五年

三月三十日，本集团已就2016/17及

2017/18课税年度之补加评税提出

反对，并就2018/19课税年度之补

加评税申请暂缓缴付所要求之补加

税款。税务局已同意通过购买等值

金额之储税券（储税券）之方式，暂

缓缴纳所要求之14,005,000元补加

税款，并已无条件同意暂缓缴纳余

下之7,146,000元。在截至二零二五

年三月三十日止年度内，就上述补

加评税并未计提额外拨备，原因

是管理层认为公司有技术理据可

采用对税务处理方式进行辩护。

所购买之5,386,000元储税券已计

入本集团综合财务状况表内之「预

付款、按金及其他应收账款项」

中。在报告期年终后，本公司已进

一步购买所需之储税券8,619,000

元。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

276KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

28 INCOME TAX IN THE CONSOLIDATED STATEMENT

OF PROFIT OR LOS (CONTINUED)

Reconciliation betwen income tax expense and

acounting profit at aplicable tax rates:

二零二五年二零二四年

$’000$’000

千元千元

Profit before taxation除税前溢利247,576186,999

Profit before Hong Kong Profits Tax

and Corporate Income Tax

除香港利得税及企业

所得税前溢利247,576186,999

Notional tax calculated at

aplicable income tax rate

按适用税率计算之名义

税项38,61024,210

Share of (profits)/loses of asociates应占联营公司之（溢利）

╱亏损(201)245

Income not subject to taxation无须课税之收入(35,980)(26,188)

Expenses not deductible for taxation

purposes

不可扣税之支出

37,17216,497

Temporary diference not

recognised

未确认之暂时差异

391(124)

Under provision for Hong Kong

taxation in prior years

往年之香港税项之

少提拨备3,5683,011

Utilisation of previously

unrecognised tax loses

使用往年未确认税项

亏损(886)(411)

Unused tax loses not recognised未确认之未使用税项

亏损421100

Income tax expense所得税支出43,09517,340

28 于综合损益表中所得税（续）

所得税支出与按适用税率计算之

会计溢利之对账：

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

277ANUAL REPORT 2024/25 年报

29 EARNINGS PER SHARE

Basic earnings per share is calculated by dividing

the profit atributable to equity shareholders of the

Company by the weighted average number of ordinary

shares in isue during the year.

Diluted earnings per share is calculated by dividing

the profit atributable to equity shareholders of the

Company by weighted average number of ordinary

shares in isue after adjusting the potential dilutive

efect of the outstanding share options during the year.

二零二五年二零二四年

Profit atributable to equity

shareholders of the Company

($’000)

本公司权益持有人

应占溢利

（千元）204,481169,659

Alocation of profit atributable to

unvested shares held for Share

award plan ($’000)

股份奖励计划持有之未

归属股份之溢利分配

（千元）(385)—

Profit atributable to equity

shareholders of the Company

(adjusted) ($’000)

本公司权益持有人应占

溢利（已调整）

（千元）204,096169,659

Weighted average number of

ordinary shares in isue (in

thousand shares)

已发行普通股之

加权平均数

（千股）2,021,4592,021,459

Efect of shares purchased under

the Share award plan

(in thousand shares)

根据股份奖励计划购

买股份之影响

（千股）(5,232)—

Weighted average number of

ordinary shares (diluted) in isue

(in thousand shares)

已发行普通股（摊薄）之

加权平均数

（千股）2,016,2272,021,459

Efect of outstanding share options尚未行使购股权之影响99—

Weighted average number of

ordinary shares (diluted) in isue

(in thousand shares)

已发行普通股（摊薄）之

加权平均数

(千股)2,016,3262,021,459

Basic earnings per share (HK cents)每股基本溢利（港仙）10.18.4

Diluted earnings per share

(HK cents)

摊薄后每股溢利

（港仙）10.18.4

29 每股溢利

每股基本溢利乃根据本公司权益

持有人应占溢利除以年内已发行之

普通股加权平均数计算。

摊薄后每股溢利乃根据本公司权益

持有人应占溢利除以年内已发行之

普通股加权平均数及调整潜在摊

薄影响之尚未行使购股权计算。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

278KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

30 DIVIDENDS

(a) Dividends payable to equity shareholders of the

Company atributable to the year

二零二五年二零二四年

$’000$’000

千元千元

Interim dividend declared and paid

of HK2.5 cents per ordinary share

(2024: HK1.5 cents per ordinary

share)

已宣布及已派发中

期股息每普通

股2.5港仙（二零

二四年：每普通

股1.5港仙）50,53630,322

Final dividend proposed after the

end of the reporting period of

HK3.0 cents per ordinary share

(2024: HK4.0 cents per ordinary

share)

于报告期末后拟

派末期股息每

普通股3.0港仙

（二零二四年：

每普通股4.0港

仙）60,63380,858

111,169111,180

The final dividend proposed after the end of the

reporting period have not ben recognised as a

liability at the end of the reporting period.

30 每股息

(a) 属于本年度应付本公司权益

持有人之股息

于报告期末后拟派之末期股

息于报告期末并未确认为负

债。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

279ANUAL REPORT 2024/25 年报

30 DIVIDENDS (CONTINUED)

(b) Dividends payable to equity shareholders of the

Company atributable to the previous financial

year, aproved and paid during the year

二零二五年二零二四年

$’000$’000

千元千元

Final dividend in respect of the

previous financial year, aproved

and paid during the year, of

HK4.0 cents per ordinary share

(2024: HK1.5 cents per ordinary

share)

就上一财政年度已

批准及于年内

派发之末期股

息每普通股4.0

港仙（二零二四

年：每普通股

1.5港仙）80,85830,322

30 每股息（续）

(b) 属于上一财政年度，并于年内

批准及派发之应付本公司权

益持有人之股息

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

280KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

31 COMITMENTS AND CONTINGENT LIABILITIES

The Group had the folowing significant comitments

and contingent liabilities which were not provided for

in the consolidated financial statements:

(a) Capital comitments

The Group had the folowing authorised and

contracted capital comitments at 31 March

2025:

二零二五年二零二四年

$’000$’000

千元千元

Purchase of property,

plant and equipment

购买物业、厂房

及设备40,52927,965

Acquisition of land收购土地57,683—

In adition, the Group was comited at 31

March 2025 to enter into a new lease of 3 years

that is not yet comenced, the lease payments

under which amounted to $2,797,000 per anum.

(b) Guarantes

As at the end of the reporting period, the

Directors do not consider it is probable that

a claim wil be made against the Company

under the guarante arangement to financial

institutions in conection with the banking

facilities granted to its subsidiaries. The maximum

liability of the Company at the end of the

reporting period under the guarantes is the

amount of the facilities drawn down by the

subsidiaries that are covered by the guarantes,

being $536,159,000 (2024: $529,692,000).

31 承担及或然负债

本集团有以下未有于本综合财务报

表上计提准备之重要承担及或然

负债：

(a) 资本承担

于二零二五年三月三十一日本

集团有以下已授权及签约之资

本承担：

此外，本集团于2025年3月31

日承诺签订为期3年之新租

约，但该租约尚未开始，根

据租约每年租金为2,797,000

元。

(b) 担保

于报告期末，董事认为公司

不大可能因向其附属公司授

予银行融资而向金融机构提

供担保安排而提出索偿。于

报告期末，本公司在担保项下

之最大责任为担保涵盖之附

属公司提取之融资金额，即

536,159,000元（二零二四年：

529,692,000元）。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

281ANUAL REPORT 2024/25 年报

32 MATERIAL RELATED PARTY TRANSACTIONS

(a) Transactions with related parties

二零二五年二零二四年

$’000$’000

千元千元

Sales of gods:销售货物：

Sales of finished gods to related

companies

向关连公司销售

制成品98878

Others:其他：

Consultancy fe charged by an

asociated company

支付顾问费予联营

公司648648

Rental charged by related

companies

支付租金予关连

公司2,4682,467

Purchase of machinery from an

asociate

向联营公司购买

机器2,99712,470

Training fe charged by

an asociate

支付培训费予联营

公司5272

Repair and maintenance charged

by an asociate

支付维修及保养费

予联营公司6,6446,096

Rental income from a related

company

向关连公司收取

租金收入206206

Management fe income from

related company

向关连公司收取管

理费收入640640

Interest expenses to a controling

shareholder

支付利息予控股

股东830—

32 主要关连人士交易

(a) 与关连人士之交易

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

282KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

32 MATERIAL RELATED PARTY TRANSACTIONS

(CONTINUED)

(b) Balances with related parties

二零二五年二零二四年

$’000$’000

千元千元

Amount due to an asociate

(note 10)

应付联营公司账款

（附注10）11,7702,331

Amounts due to related companies应付关连公司

账款3,9193,696

Amounts due from related

companies

应收关连公司

账款10,9083,345

Loan from a controling shareholder控股东贷款100,000—

The amounts due to an asociate and related

companies are unsecured, interest-fre and

repayable on demand.

32 主要关连人士交易（续）

(b) 与关连人士之结余

应付联营公司及关连公司账

款为无抵押，不计利息，并在

要求时偿还。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

283ANUAL REPORT 2024/25 年报

32 MATERIAL RELATED PARTY TRANSACTIONS

(CONTINUED)

Remuneration for key management personel

of the Group, including amounts paid to the

Company’s directors as disclosed in note 26(b)

and certain of the highest paid employes as

disclosed in note 26(c), is as folows:

二零二五年二零二四年

$’000$’000

千元千元

Short-term employe benefits短期雇员福利24,36723,138

Post-employment benefits离职后福利114113

Share-based payment股份支付132—

24,61323,251

Total remuneration is included in “employe

benefit expenses” (se note 26(a).

(d) Aplicability of the Listing Rules relating to

conected transactions

Except for the rental charged by related

companies as disclosed in note 32(a) that

constitute conected transactions, none of the

related party transactions mentioned above fals

under the definition of conected transaction or

continuing conected transaction as defined in

Chapter 14A of the Listing Rules.

32 主要关连人士交易（续）

本集团主要管理人员之薪酬

（包括支付予本公司董事之款

项于附注26(b)披露，而若干

最高薪酬雇员之薪酬则于附

注26(c)披露）如下：

总酬金包括于「雇员福利支出」

内（见附注26(a)）。

(d) 与关连交易有关之上市规则

之适用性

除于附注32(a)所披露之支付

租金予关连公司构成关连交

易外，以上提及之关连人士

交易并无列入上市规则第14A

章所界定之关连交易或持续

关连交易。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

284KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

33 COMPANY-LEVEL STATEMENT OF FINANCIAL

POSITION

二零二五年二零二四年

Note$’000$’000

附注千元千元

ASETS资产

Non-curent asets非流动资产

Interests in subsidiaries于附属公司之权益747,874727,802

Other financial asets其他金融资产7,1196,982

754,993734,784

Curent asets流动资产

Amount due from a subsidiary应收附属公司

账款100,000100,000

Prepayments, deposits and

other receivables

预付款、按金及

其他应收账款221224

Curent tax recoverable本期可收回税项—23

Cash and cash equivalents现金及现金

等价物4,7604,084

104,981104,331

Total asets资产总值859,974839,115

EQUITY权益

Capital and reserves

atributable to equity

shareholders of the

Company

本公司权益

持有人应占

股本及储备

Share capital股本16202,146202,146

Other reserves其他储备18495,981496,800

Retained earnings保留溢利1854,93087,327

Total equity权益总值753,057786,273

33 公司层面之财务状况表

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

285ANUAL REPORT 2024/25 年报

33 COMPANY-LEVEL STATEMENT OF FINANCIAL

POSITION (CONTINUED)

二零二五年二零二四年

Note$’000$’000

附注千元千元

LIABILITIES负债

Non-curent liabilities非流动负债

Loan from a controling

shareholder

控股东贷款

100,000—

Provision for long service

payments

长期服务金拨备

100,097120

Curent liabilities流动负债

Acruals and other payables应计费用及其他

应付账款6,79123,562

Bank borowings银行借贷—29,160

Curent tax payable本期应付税项29—

6,82052,722

Total liabilities负债总值106,91752,842

Total equity and liabilities权益及负债总值859,974839,115

Net curent asets流动资产净值98,16151,609

Total asets les curent

liabilities

资产总值减流动

负债853,154786,393

Aproved and authorised for isue by the board of

directors on 25 June 2025.

Ho Cheuk FaiChan Ming Mui, Silvia

何焯辉陈名妹

DirectorDirector

董事董事

33 公司层面之财务状况表（续）

于二零二五年六月二十五日由董事

会批准及授权刊发。

Notes to the Financial Statements

财务报表附注

(Expresed in Hong Kong dolars unles otherwise indicated)（除另有说明外，以港元列示）

286KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

34 IMEDIATE AND ULTIMATE CONTROLING PARTY

At 31 March 2025, the directors regard TMF (B.V.I.)

Limited, which beneficialy owns 40.45% of the

Company’s equity interests, to be the imediate and

ultimate controling party of the Company. Mr. Ho

Cheuk Fai and Ms. Ho Po Chu are the beneficial

owners of TMF (B.V.I.) Limited. TMF (B.V.I.) Limited is

incorporated in the British Virgin Islands and does not

produce financial statements available for public use.

34 直接及最终控制人士

于二零二五年三月三十一日，董事

认为TMF (B.V.I.) Limited实益拥有

本公司40.45%股份利益，并为本公

司之直接及最终控制人士。何焯

辉先生及何宝珠女士为TMF (B.V.I.)

Limited之实益拥有人。TMF (B.V.I.)

Limited于英属处女群岛成立及没

有编制财务报表给公众使用。

Five-year Financial Sumary

五年财务摘要

287ANUAL REPORT 2024/25 年报

The results of the Group for the last five financial years

ended 31 March 2025 and the asets and liabilities of the

Group as at 31 March 2021, 2022, 2023 and 2024 are as

folows:

CONSOLIDATED RESULTS

Year ended 31 March

截至三月三十一日止年度

20252024202320222021 *

二零二五年二零二四年二零二三年二零二年二零二一年 *

(Restated)

（已重列）

$’000$’000$’000$’000$’000

千元千元千元千元千元

Revenue收入3,231,3292,915,9813,081,6973,075,0133,472,798

Operating profit经营溢利285,026228,372210,785303,296743,992

Finance income财务收入2,6292,7041,5041,62311,379

Finance costs财务成本(41,086)(42,855)(35,655)(9,876)(7,975)

Share of profits/(loses)

of asociates

应占联营公司

收益╱（亏损）1,007(1,222)15,1571,1641,487

Profit before taxation除税前溢利247,576186,999191,791296,207748,883

Income tax所得税(43,095)(17,340)(9,473)(41,934)(303,555)

Profit for the year from

continuing operations

持续经营业务之

年度溢利204,481169,659182,318254,273445,328

Profit for the year from

discontinued operations

已终止经营业务之

年度溢利—203,855294,829—

Profit for the year年度溢利204,481169,659386,173549,102445,328

本集团截至二零二五年三月三十一日止

五个财政年度之业绩，于二零二一年、

二零二年、二零二三年及二零二四年

三月三十一日之资产及负债如下：

综合业绩

, expenses and profit from discontinued operations.

、费用及溢利。

Five-year Financial Sumary

五年财务摘要

288KARIE INTERNATIONAL HOLDINGS LIMITED 嘉利国际控股有限公司

CONSOLIDATED ASETS AND LIABILITIES

At 31 March

于三月三十一日

二零二五年二零二四年二零二三年二零二年二零二一年

$’000$’000$’000$’000$’000

千元千元千元千元千元

ASETS资产

Non-curent asets非流动资产1,141,7671,059,9151,152,4701,309,6101,007,922

Curent asets流动资产1,390,9391,342,8061,398,3093,756,4563,422,966

Total asets资产总值2,532,7062,402,7212,550,7795,066,0664,430,888

EQUITY权益

Share capital股本202,146202,146202,146202,131201,244

Reserves储备876,638790,858734,6161,494,4211,495,462

Total equity权益总值1,078,784993,004936,7621,696,5521,696,706

LIABILITIES负债

Non-curent liabilities非流动负债272,188196,974236,317490,888632,330

Curent liabilities流动负债1,181,7341,212,7431,377,7002,878,6262,101,852

Total liabilities负债总值1,453,9221,409,7171,614,0173,369,5142,734,182

Total equity and liabilities权益及负债总值2,532,7062,402,7212,550,7795,066,0664,430,888

2024/25

同心

．

光速

．

破局

WITH ONE HEART

．

LIGHTNING SPED

．

TURNING THE TIDE

Contents

目录

Corporate Information

公司资料

Corporate Information

公司资料

Key Information for Shareholders

主要股东资料

Tel: (852) 2862–8628

Fax: (852) 2529–6087

Tel: (852) 2411–0913

Fax: (852) 2415–1608

Email: ir@karie.com

Key Information for Shareholders

主要股东资料

2024年

Corporate Calendar

企业大事日志

2024年

Corporate Calendar

企业大事日志

2025年

Corporate Calendar

企业大事日志

Financial Highlights

财务概要

Financial Highlights

财务概要

Financial Highlights

财务概要

Group was principaly engaged in:

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Heart:

Sped:

Tide:

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

2025. Together with the interim dividend of HK2.5 cents

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Remarks:* Excluding special dividend

Chairman’s Statement

主席报告

Chairman’s Statement

主席报告

Chairman’s Statement