00948 阿尔法企业财务报表/环境、社会及管治资料：二零二五年年报

阿尔法企业控股有限公司

•

二零二五年报

Corporate Information

公司资料

董事会

执行董事

赵磊先生（行政总裁）

高鹏先生（于二零二四年五月三十一日

获委任及于二零二四年九月十一日辞任）

伍非子女士（于二零二五年七月二日辞任）

独立非执行董事

李泽雄先生

涂春安先生（于二零二四年四月二十五日获委任）

陈建国先生（于二零二四年七月十五日获委任）

程浩亮先生（于二零二四年五月三十一日辞任）

委员会

审核委员会

李泽雄先生（主席）

涂春安先生（于二零二四年四月二十五日获委任）

陈建国先生（于二零二四年七月十五日获委任）

程浩亮先生（于二零二四年五月三十一日停任）

薪酬委员会

陈建国先生（主席）（于二零二四年七月十五日获委任）

赵磊先生

李泽雄先生

涂春安先生（于二零二四年四月二十五日获委任）

程浩亮先生（于二零二四年五月三十一日

停任主席及成员）

伍非子女士（于二零二五年七月二日停任）

提名委员会

李泽雄先生（主席）

赵磊先生

涂春安先生（于二零二四年四月二十五日获委任）

陈建国先生（于二零二四年七月十五日获委任）

程浩亮先生（于二零二四年五月三十一日停任）

信贷委员会

赵磊先生

高鹏先生（于二零二四年五月三十一日获委任

及于二零二四年九月十一日停任）

伍非子女士（于二零二五年七月二日停任）

李泽雄先生（于二零二五年七月二日停任主席

及成员）

BOARD OF DIRECTORS

Executive Directors

Mr. Zhao Lei (Chief Executive Oficer)

Mr. Gao Peng (apointed on 31 May 2024 and

resigned on 11 September 2024)

Ms. Wu Feizi (resigned on 2 July 2025)

Independent Non-executive Directors

Mr. Li Chak Hung

Mr. Tu Chunan (apointed on 25 April 2024)

Mr. Chen Jianguo (apointed on 15 July 2024)

Mr. Cheng Haoliang (resigned on 31 May 2024)

COMITES

Audit Comite

Mr. Li Chak Hung (Chairman)

Mr. Tu Chunan (apointed on 25 April 2024)

Mr. Chen Jianguo (apointed on 15 July 2024)

Mr. Cheng Haoliang (ceased on 31 May 2024)

Remuneration Comite

Mr. Chen Jianguo (Chairman) (apointed on 15 July 2024)

Mr. Zhao Lei

Mr. Li Chak Hung

Mr. Tu Chunan (apointed on 25 April 2024)

Mr. Cheng Haoliang (ceased to be the chairman and

a member on 31 May 2024)

Ms. Wu Feizi (ceased on 2 July 2025)

Nomination Comite

Mr. Li Chak Hung (Chairman)

Mr. Zhao Lei

Mr. Tu Chunan (apointed on 25 April 2024)

Mr. Chen Jianguo (apointed on 15 July 2024)

Mr. Cheng Haoliang (ceased on 31 May 2024)

Credit Comite

Mr. Zhao Lei

Mr. Gao Peng (apointed on 31 May 2024 and

ceased on 11 September 2024)

Ms. Wu Feizi (ceased on 2 July 2025)

Mr. Li Chak Hung (ceased to be the chairman and

a member on 2 July 2025)

阿尔法企业控股有限公司

•

二零二五年报

Corporate Information

公司资料

COMPANY SECRETARY

Mr. Chan Chun Hong

AUTHORISED REPRESENTATIVES

Mr. Zhao Lei

Mr. Chan Chun Hong

AUDITOR

Crowe (HK) CPA Limited

9th Flor, Leighton Centre, 77 Leighton Road

Causeway Bay, Hong Kong

REGISTERED OFICE

The Penthouse, 5 Reid Stret

Hamilton, HM 11, Bermuda

SHARE REGISTRAR

Tricor Investor Services Limited

17th Flor, Far East Finance Centre

16 Harcourt Road, Hong Kong

LEGAL ADVISER

& Co.

Rom 1225, 12th Flor, Prince’s Building

10 Chater Road, Central, Hong Kong

PRINCIPAL BANKER

Bank of China (Hong Kong) Limited

Citibank (Hong Kong) Limited

Dah Sing Bank, Limited

PRINCIPAL OFICE

Rom 1902, 19th Flor, Alied Kajima Building

138 Gloucester Road, Wanchai, Hong Kong

STOCK CODE

WEBSITE

w.hk-alpha.com

公司秘书

陈振康先生

授权代表

赵磊先生

陈振康先生

核数师

国富浩华（香港）会计师事务所有限公司

香港铜锣湾

礼顿道

号礼顿中心

楼

注册办事处

The Penthouse, 5 Reid Stret

Hamilton, HM 11, Bermuda

股份过户登记处

卓佳证券登记有限公司

香港夏悫道

号

远东金融中心

楼

法律顾问

胡百全律师事务所

香港中环遮打道

号

太子大厦

楼

室

主要往来银行

中国银行（香港）有限公司

花旗银行（香港）有限公司

大新银行有限公司

主要办事处

香港湾仔告士打道

号

联合鹿岛大厦

楼

室

股份代号

网址

w.hk-alpha.com

4ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Management Discusion and Analysis

管理层讨论与分析

财务业绩

截至二零二五年三月三十一日止年度，

Alpha

Profesional Holdings Limited

阿尔法企业控

股有限公司

（「本公司」）及其附属公司（统称

「本集团」）的收入约为

40.5

百万港元（二零

二四年：

96.3

百万港元），较去年减少

57.9%

。

收入大幅下降主要是由于奶粉销量下降及物

业投资（「物业投资」）收入减少所致。本年度

亏损约为

198.5

百万港元（二零二四年：

38.3

百万港元）。每股基本亏损为

56.5

港仙（二零

二四年：

11.0

港仙）。截至二零二五年三月

三十一日止年度的大幅亏损主要由于以下因

素的综合影响：

(i)

亏损约

24.6

百万澳元（「澳元」）（相等

于约

125.2

百万港元）根据澳大利亚国

际商事仲裁中心（「澳大利亚国际商事

仲裁中心」）于二零二五年四月二十八

日就

The Infant Fod Company Pty

Limited

（「

IFC

」，

Bubs Australia Limited

（「

Bubs Australia

」）的全资附属公

司）与香港维勒斯贸易有限公司（「维

勒斯贸易」）及香港爱丽丝贸易有限公

司（「爱丽丝贸易」）（均为本公司的间

接全资附属公司）之间的该等仲裁（「该

（等）仲裁」）作出的该等仲裁决（「该

（等）仲裁判决」）确认为「补偿拨备」。

根据适用于本集团的会计准则，由于

维勒斯贸易及爱丽丝贸易于报告期末

已存在现有责任，该等仲裁决的财

务影响构成报告期后的调整事项，因

此，该亏损须于本集团截至二零二五

年三月三十一日止年度的综合财务报

表内予以反映；

(i)

按公平价值计入损益之金融资产之公

平价值变动所产生之未变现收益约

7.2

百万港元；

(i)

截至二零二五年三月三十一日止年度

录得销售及分销开支大幅增加约

13.0

百万港元，乃主要由于奶粉及食品贸易

（「奶类产品业务」）（包括本集团于截

至二零二五年三月三十一日止年度新

收购的电子商务平台）营运的销售员工

人数增加导致员工成本增加所致；及

(iv)

截至二零二五年三月三十一日止年度

录得行政费用大幅增加约

29.2

百万港

元，乃主要由于法律及专业费用增加，

以及奶类产品业务（包括新收购的电子

商务平台）营运及本集团物流服务业务

分部的行政员工人数增加导致员工成

本增加所致。

FINANCIAL RESULTS

The revenue of Alpha Profesional Holdings Limited

（

the “Company”) and

its subsidiaries (colectively the “Group”) for the year ended 31 March 2025

was aproximately HK$40.5 milion (2024: HK$96.3 milion), representing

a decrease of 57.9% compared to the previous year. The substantial drop

in revenue was mainly due to a drop in sales volume of milk powder and

revenue from the property investment (the “Property Investment”). The

los for the year was aproximately HK$198.5 milion (2024: HK$38.3

milion). The basic los per share amounted to HK56.5 cents (2024: HK11.0

cents). The significant los for the year ended 31 March 2025 was primarily

atributable to the combined efect of:

(i) a los of aproximately Australian dolars (“AUD”) 24.6 milion

(equivalent to aproximately HK$125.2 milion) was recognised as

a “provisions for compensation” pursuant to the arbitral awards

(the “Arbitration Award(s)”) handed down on 28 April 2025 by the

Australian Centre for International Comercial Arbitration (“ACICA”)

on the arbitrations (the “Arbitration(s)”) betwen The Infant Fod

Company Pty Limited (“IFC”), a wholy-owned subsidiary of Bubs

Australia Limited (“Bubs Australia”) and each of Wilis Trading Limited

(“Wilis Trading”) and Alice Trading Limited (“Alice Trading”), both being

indirect wholy-owned subsidiaries of the Company. Acording to the

acounting standards aplicable to the Group, the financial impacts of

the Arbitration Awards constitute adjusting events after the reporting

period since Wilis Trading and Alice Trading have present obligations

at the end of the reporting period, and acordingly, a los is required

to be reflected in the Group’s consolidated financial statements for the

year ended 31 March 2025;

(i) an unrealised gain of aproximately HK$7.2 milion arising from

changes in fair value of financial asets at fair value through profit or

los;

(i) a significant increase of aproximately HK$13.0 milion in seling and

distribution costs was recorded during the year ended 31 March

2025, which was mainly due to an increase in staf costs resulting

from the growth in the number of sales staf for the operations of

the trading of milk powder and fods (the “Milk Products Busines”)

(including the e-comerce platform(s) newly acquired by the Group

during the year ended 31 March 2025); and

(iv) a significant increase of aproximately HK$29.2 milion in

administrative expenses was recorded during the year ended 31

March 2025, which was mainly due to the increase in legal and

profesional fes and an increase in staf costs resulting from the

growth in the number of administrative staf for the operations of the

Milk Products Busines (including the newly acquired e-comerce

platform(s) as wel as the Group’s logistics services busines

segment.

仅供识别

阿尔法企业控股有限公司

•

二零二五年报

Management Discusion and Analysis

管理层讨论与分析

业务回顾

截至二零二五年三月三十一日止年度，本集

团主要从事奶类产品业务、提供仓储物流服

务（「物流业务」）及物业投资。

奶类产品业务

本集团的奶类产品业务主要集中于在中华人

民共和国（「中国」）及香港进行跨境奶粉贸

易。于二零二四年六月二十七日，本集团透

过合约安排完成收购沈阳金蚁电子商务有限

公司（「沈阳金蚁」）

70%

权益，该公司于中国

从事电子商务业务。本集团现正处理将沈阳

金蚁的电子商务平台与其奶类产品业务整合

的事宜。于截至二零二五年三月三十一日止

年度，本集团成功邀请数个海外奶粉品牌加

入有关平台，于中国销售其产品。考虑到本

集团贸易业务的多元化发展，食品、个人护

理及家居用品亦可于沈阳金蚁平台购买。

作为战略投资，本集团于二零二四年九月

完成向

Australian Dairy Nutritionals Limited

（「

Australian Dairy

」，一间于澳洲注册成

立的公司，其股份于澳洲证券交易所（「澳

交所」）上市（澳交所股份代号：

AHF

）认购

48,477,509

股份（「

AHF

股份」）。

Australian

Dairy

及其控制实体拥有及经营牧场、生产婴

儿配方基粉并分销婴儿配方产品。交易详情

载于本公司日期为二零二四年九月五日的公

告。

截至二零二五年三月三十一日止年度，奶

类产品业务的收入约为

15.6

百万港元（二零

二四年：

93.1

百万港元），且收入减少乃主要

由于奶粉销量下降所致。须予报告分部亏损

（经调整

EBITDA

）约为

188.8

百万港元（二零

二四年：

31.3

百万港元）。须予报告分部亏损

大幅增加乃主要由于计入维勒斯贸易及爱

丽丝贸易计提的仲裁索赔的补偿拨备

125.2

百万港元，以及法律及专业费用及员工成本

增加所致。奶类产品业务的员工人数自二零

二四年三月起增加，以扩展中国业务。

BUSINES REVIEW

For the year ended 31 March 2025, the Group is principaly engaged in the

Milk Products Busines, the provision of warehouse logistics services (the

“Logistics Busines”) and the Property Investment.

Milk Products Busines

The Group runs its Milk Products Busines focusing on cros-border milk

powder trading in the People’s Republic of China (the “PRC”) and Hong

Kong. On 27 June 2024, through contractual arangements, the Group

completed the acquisition of 70% interest in Shenyang Jinyi e-comerce

Co., Ltd.*

（沈阳金蚁电子商务有限公司）

(“Shenyang Jinyi”), which is

engaged in the busines of e-comerce in the PRC. The Group is now in

procesing to integrate the e-comerce platform(s) from Shenyang Jinyi

with its Milk Products Busines. During the year ended 31 March 2025,

the Group sucesfuly invited several overseas milk powder brands to

join such platform(s) for seling their products in the PRC. Considering the

diversification of the Group’s trading busines, fods, personal care and

household products can also be found on Shenyang Jinyi’s platform.

As strategic investment, the Group completed in September 2024, the

subscription of 48,477,509 shares (the “AHF Shares”) from Australian Dairy

Nutritionals Limited (“Australian Dairy”), a company incorporated in Australia,

the shares of which are listed on the Australian Securities Exchange

(“ASX”) (ASX stock code: AHF). Australian Dairy and its controled entities

own and operate dairy farms, manufacture infant formula base powders,

and distribute infant formulas. Details of the transaction are set out in the

anouncement of the Company dated 5 September 2024.

For the year ended 31 March 2025, the revenue of the Milk Products

Busines was aproximately HK$15.6 milion (2024: HK$93.1 milion), and

the decrease in revenue was mainly due to drop in sales volume of milk

powder. The reportable segment los (adjusted EBITDA) was aproximately

HK$188.8 milion (2024: HK$31.3 milion). The significant increase in

reportable segment los was mainly due to the inclusion of the HK$125.2

milion of provisions for compensation for arbitration claim provided by Wilis

Trading and Alice Trading and increase in legal and profesional fe and staf

cost. The staf number under Milk Product Busines grew since March 2024

for the expansion of the busines in the PRC.

For identification purpose only

6ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Management Discusion and Analysis

管理层讨论与分析

本集团收购沈阳金蚁时确认约

11.4

百万港元

的商誉。根据本集团的会计政策，商誉按收

购业务当日厘定的成本减累计减值亏损（如

有）列账。已分配商誉的现金产生单位（「现

金产生单位」）每年进行减值测试，或当有迹

象显示该单位可能出现减值时则更频密地

进行。就减值测试而言，商誉的账面值

11.4

百万港元已分配至现金产生单位，包括整个

奶类产品业务（「奶类产品业务现金产生单

位」）。奶类产品业务现金产生单位的可收回

金额乃根据须使用假设的使用价值计算厘

定。根据上述市场状况及奶类产品业务现金

产生单位的财务表现，管理层更新了未来现

金流量预测。一间香港独立估值公司根据最

新的未来现金流量预测对使用价值进行估

值，并确认于截至二零二五年三月三十一日

止年度的商誉减值亏损约为

3.0

百万港元。

物流业务

为进一步拓展物流业务，本集团于二零二四

年六月十一日完成收购合盈（香港）有限公

司（「合盈」）及其附属公司（「合盈集团」）的

100%

权益。合盈集团的主要业务为保税仓库

储存、一般仓库储存、拆箱及货运代理服务。

合盈集团位于香港荃湾，拥有超过

13,000

立

方米的仓库空间，并从事物流业务已逾

年。合盈集团提供的仓库空间具备优质的储

存环境，温度及湿度均控制得宜。合盈集团

仓库储存的客户产品包括食品、饮料及烟

草。

截至二零二五年三月三十一日止年度，物流

业务的收入约为

24.9

百万港元（二零二四年：

1.5

百万港元），须予报告分部溢利（经调整

EBITDA

）约为

9.1

百万港元（二零二四年：

0.1

百万港元）。

物业投资

本集团拥有位于

152 Milpera Road, Revesby,

NSW 2212, New South Wales, Australia

之一

块总占地面积约

2,462

平方米之地块，及一个

建于其上内部可供租用总面积约

1,906

平方

米之仓库（「物业」）。收购物业的初始代价为

7.5

百万澳元。物业自其于二零二一年一月被

收购起一直对外出租以赚取租金，并自二零

二四年四月起一直处于空置状态。

本集团将物业确认为一项投资物业并按于各

报告日期的公平价值计量。于二零二五年三

月三十一日，物业的公平价值预计约为

8.5

百

万澳元（二零二四年三月三十一日：

8.1

百万

澳元）（相等于约

41.2

百万港元（二零二四年：

41.4

百万港元），占本集团资产总额约

27.6%

（二零二四年：

20.9%

）。

A godwil of aproximately HK$11.4 milion was recognised by the Group

when Shenyang Jinyi was acquired. Acording to the Group’s acounting

policy, godwil is caried at cost as established at the date of acquisition

of the busines les acumulated impairment loses, if any. A cash-

generating unit (the “CGU”) to which godwil has ben alocated is tested for

impairment anualy or more frequently whenever there is indication that the

unit may be impaired. For the purposes of impairment testing, the carying

amount of godwil HK$11.4 milion has ben alocated to the CGU including

the whole Milk Products Busines (the “Milk Products Busines CGU”).

The recoverable amount of the Milk Products Busines CGU is determined

based on value-in-use calculation which requires the use of asumptions.

Acording to aforesaid market situation and financial performance of Milk

Products Busines CGU, the management updated a future cash flow

projections. A valuation on the value-in-use based on the updated future

cash flow projections was caried out by an independent firm of valuer in

Hong Kong, and impairment loses on godwil amounting to aproximately

HK$3.0 milion was recognised for the year ended 31 March 2025.

Logistics Busines

To further expand its Logistics Busines, the Group completed the

acquisition of 100% interests in Welfit (HK) Limited (“Welfit”) and its

subsidiaries (the “Welfit Group”) on 11 June 2024. Welfit Group’s principal

busines is bonded warehouse storage, general warehouse storage,

devaning, and freight forwarder services.

Located in Tsuen Wan, Hong Kong, Welfit Group has more than 13,000

cubic meters of warehousing space and has ben in the logistics busines

for more than 30 years. Welfit Group provide warehousing space with a high-

quality storage environment, temperature and humidity are wel controled.

The products from the customers of Welfit Group stored in our warehouses

range from fods, beverages and tobaco.

For the year ended 31 March 2025, the revenue of the Logistics Busines

was aproximately HK$24.9 milion (2024: HK$1.5 milion) and the reportable

segment profit (adjusted EBITDA) was aproximately HK$9.1 milion (2024:

HK$0.1 milion).

Property Investment

The Group owns a piece of land at 152 Milpera Road, Revesby, NSW 2212,

New South Wales, Australia, with a total site area of aproximately 2,462

square metres and has a warehouse erected thereon with a total internal

letable area of aproximately 1,906 square metres (the “Property”). The

initial consideration for the acquisition of the Property was AUD7.5 milion.

The Property has ben leased out for rental since its acquisition in January

2021 and was vacant since April 2024.

The Property was recognised by the Group as an investment property and

was measured at fair value on each reporting date. As at 31 March 2025, the

fair value of the Property was estimated at aproximately AUD8.5 milion (31

March 2024: AUD8.1 milion) (equivalent to aproximately HK$41.2 milion

(2024: HK$41.4 milion), representing aproximately 27.6% (2024: 20.9%) of

the total asets of the Group.

阿尔法企业控股有限公司

•

二零二五年报

Management Discusion and Analysis

管理层讨论与分析

截至二零二五年三月三十一日止年度，本集

团正就物业物色一名新租户（二零二四年：物

业出租予一名承租人，并为本集团带来租金

收入约

1.7

百万港元）。须予报告分部溢利（经

调整

EBITDA

）约为

2.0

百万港元（二零二四年：

1.9

百万港元）。

财务回顾

财务资源、流动资金及资本架构

本集团于截至二零二五年三月三十一日止年

度之资本开支、日常经营及投资主要由经营

产生之现金及由第三方贷款提供资金。本集

团定期检讨其流动资金及财务需求。截至二

零二五年三月三十一日止年度，本集团获一

名第三方贷款人

AP Diamond Limited

（作为贷

款人）（「贷款人」）授出额外贷款

10.0

百万港

元。

于二零二五年三月三十一日，本集团之流动

资产约为

26.3

百万港元（二零二四年：

156.7

百万港元）及流动负债约为

199.5

百万港元

（二零二四年：

79.8

百万港元）。本集团流动

资金之流动比率（流动资产除以流动负债）为

0.13

倍（二零二四年：

1.97

倍）。

于二零二五年三月三十一日，本集团持有

之现金及现金等价物约

10.7

百万港元（二零

二四年：

47.3

百万港元），其中

81.8%

（二零

二四年：

80.5%

）以港元（「港元」）或美元（「美

元」）计值、

12.7%

（二零二四年：

2.4%

）以人

民币（「人民币」）计值及

4.0%

（二零二四年：

17.1%

）以澳元计值。现金及现金等价物较

二零二四年三月三十一日减少约

36.6

百万港

元，乃主要由于经营活动及投资活动的现金

流出净额（包括收购合盈集团及确认为按公

平价值计入损益之金融资产的

AHF

股份投资

所用资金）。

于二零二五年三月三十一日，本集团之贸

易及其他应收款项约为

11.5

百万港元（二零

二四年：

107.7

百万港元），该减少乃主要由

于结清截至二零二五年三月三十一日止年度

奶类产品业务项下客户之未偿还贸易应收款

项、奶类产品业务之产品销售减少，以及奶

类产品业务为贸易应收款项计提的亏损拨备

增加所致。

For the year ended 31 March 2025, the Group was loking for a new tenant

for the Property (2024: the Property was leased to a lese and generated

rental income to the Group of aproximately HK$1.7 milion). The reportable

segment profit (adjusted EBITDA) was aproximately HK$2.0 milion (2024:

HK$1.9 milion).

FINANCIAL REVIEW

Financial Resources, Liquidity and Capital Structure

The Group’s capital expenditure, daily operations and investments during

the year ended 31 March 2025 were mainly funded by cash generated

from its operations and a loan from a third party. The liquidity and financing

requirements of the Group are reviewed on a regular basis. During the year

ended 31 March 2025, an aditional loan of HK$10.0 milion was granted by

AP Diamond Limited (as lender) (the “Lender”), a third-party lender.

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

HK$26.3 milion (2024: HK$156.7 milion) and curent liabilities of

aproximately HK$199.5 milion (2024: HK$79.8 milion). The liquidity of

the Group as evidenced by the curent ratio (curent asets over curent

liabilities) was 0.13 times (2024: 1.97 times).

As at 31 March 2025, the Group maintained cash and cash equivalents of

aproximately HK$10.7 milion (2024: HK$47.3 milion), of which 81.8%

(2024: 80.5%) were denominated in Hong Kong dolars (“HK$”) or United

States dolars (“US$”), 12.7% (2024: 2.4%) were denominated in Renminbi

(“RMB”) and 4.0% (2024: 17.1%) were denominated in AUD. The decrease

of cash and cash equivalents of aproximately HK$36.6 milion as compared

to the position as at 31 March 2024 was mainly due to the net cash outflow

in operating activities and in investment activities, including the funds used in

the acquisition of Welfit Group and the investment in AHF Shares recognised

as financial aset at fair value through profit or los.

As at 31 March 2025, the trade and other receivables of the Group were

aproximately HK$11.5 milion (2024: HK$107.7 milion), the decrease of

which was mainly atributable to the setlement of the outstanding trade

receivables from customers under the Milk Products Busines during the

year ended 31 March 2025, the decrease in sales of products for the Milk

Products Busines, and the increase in los alowance for trade receivables

provided by the Milk Products Busines.

8ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Management Discusion and Analysis

管理层讨论与分析

本集团管理层密切监控贸易应收款项的账

龄，并定期与客户沟通，如发现有任何较长

的拖欠，便会跟进发票的结算情况。根据本

集团的会计政策，贸易应收款项的亏损拨备

按相等于全期预期信贷亏损（「预期信贷亏

损」）的金额计量。于各财政期间╱年度末的

报告日期，预期信贷亏损均会重新计量，以

反映贸易应收款项的信贷风险较初始确认

时的变化。于计量预期信贷亏损时，本集团

考虑了信贷亏损的概率加权估算、货币时间

价值以及在无须付出过多成本或努力即可

获得的有关合理且有证据支持的资料（包括

有关过去事件、当前状况及未来经济状况预

测的资料）。根据上述会计政策，本集团已聘

请一间香港独立估值公司，对本集团于二零

二五年三月三十一日的贸易应收款项的预期

信贷亏损进行评估，并已考虑影响信贷风险

的各种因素，包括但不限于贸易应收款项账

龄的增加、市场状况及贸易应收款项的历史

回收率。根据评估结果，于二零二五年三月

三十一日，本集团确认贸易应收款项预期信

贷亏损的亏损拨备

53.2

百万港元（二零二四

年：

33.3

百万港元），以及导致截至二零二五

年三月三十一日止年度出现贸易应收款项减

值亏损净额

22.5

百万港元（二零二四年：

25.5

百万港元）。

在收回逾期贸易应收款项方面，本公司董事

（「董事」）会（「董事会」）已积极采取以下行

动：

－

监测与其客户的业务交易频率及发票

结算进度，并定期发出发票结算提醒；

－

密切监督其主要客户的还款情况，并

注意到其客户已不时进行发票结算，

于截至二零二五年三月三十一日止年

度，已安排支付并以资产约

12.1

百万

澳元（相等于约

58.7

百万港元）清偿；及

－

定期审查客户的信誉，必要时本集团

将要求客户提供额外担保（包括但不限

于初始现金按金、担保及抵押品）。

董事会将继续监测贸易应收款项的账龄，并

考虑日后采取进一步行动（包括但不限于与

客户协商以不同方式偿还，及向本集团客户

提出法律诉讼）以收回贸易应收款项，从而保

障本公司及其股东的利益。

The management of the Group has closely monitored the aging of the

trade receivables and regularly comunicated with the customers to folow

up on the setlement of the invoices if any prolonged delay has ben

observed. Acording to the Group’s acounting policy, los alowances for

trade receivables are measured at an amount equal to lifetime expected

credit loses (the “ECLs”). At each reporting date of a financial period/

year-end, ECLs are re-measured to reflect the change(s) in the credit risk

of the trade receivables compared to the initial recognition. In measuring

ECLs, the Group takes into acount the probability weighted estimate of

credit loses, the time value of money, and such reasonable information

suported by evidence that is available without undue cost or efort, which

includes information about past events, curent conditions and forecasts of

future economic conditions. The Group has engaged an independent firm of

valuer in Hong Kong to cary out an asesment of the ECLs on the trade

receivables of the Group as at 31 March 2025 acording to the aforesaid

acounting policy, and considered various factors afecting the credit risk,

including but not limited to an increase in aging of trade receivables, the

market conditions and the historical recovery rate of the trade receivables.

Based on the asesment results, the Group recognised a los alowance for

ECLs on the trade receivables amounting to HK$53.2 milion (2024: HK$33.3

milion) as at 31 March 2025 and resulted a net impairment loses of trade

receivable of HK$22.5 milion (2024: HK$25.5 milion) for the year ended 31

March 2025.

In recovering the overdue trade receivables, the the board (the “Board”)

of directors (the “Director(s)”) of the Company has proactively taken the

folowing actions:

– monitoring the frequency of busines transactions with its customers

and progres of setlement of invoices, and isuing invoice setlement

reminders regularly;

– closely supervising the repayment from its major customers, and

noted that there has ben setlement of invoices from its customers

from time to time, whereby they have aranged payment and

discharged with asets of aproximately AUD12.1 milion (equivalent

to aproximately HK$58.7 milion) during the year ended 31 March

2025; and

– regularly reviewing the credit worthines of the customers and the

Group wil request aditional security from them when necesary

(including but not limited to initial cash deposit, guarantes and

colateral).

The Board wil continue to monitor the aging of the trade receivables, and

is mindful of taking further actions (including but not limited to negotiating

with the customers for a setlement from diferent means and initiating legal

procedings against the customers of the Group) in the future to recover the

trade receivables in order to protect the interests of the Company and its

shareholders.

阿尔法企业控股有限公司

•

二零二五年报

Management Discusion and Analysis

管理层讨论与分析

本集团之贸易及其他应付款项由于二零二四

年三月三十一日之约

45.4

百万港元减少至于

二零二五年三月三十一日之约

37.2

百万港

元。

于二零二五年三月三十一日，本集团未偿还

借贷约

41.1

百万港元（二零二四年：

33.2

百万

港元）须于一年内偿还。并无未偿还借贷须于

一年后偿还（二零二四年：无）。本集团未偿

还借贷

10.0

百万港元以港元计值，而余下借

贷以澳元计值，且按浮动利率计息。

经考虑欠付

IFC

的贸易应付款项

5.7

百万澳元

（相等于约

27.4

百万港元）已被确认，及应收

IFC

的其他应收款项

3.6

百万澳元（相等于约

17.7

百万港元）将自将予计提的拨备中撤销

后，拨备

21.0

百万澳元（相等于约

101.8

百万

港元）已根据该等仲裁决确认为流动负债，

用以补偿仲裁索赔。

本集团于二零二五年三月三十一日之资产负

债比率（通过负债净额除以权益总额计算）如

下：

财资政策及财务管理

本集团的财资政策旨在确保

(i)

能够满足本集

团资本承担、投资及运营的资金需求；及

(i)

能

够管理流动资金，以确保资金流入被配对以

履行所有到期还款之责任，加强现金流量管

理。

本集团旨在最大限度地减低其财务风险。本

集团的政策为不从事投机性衍生金融交易，

亦不会将其现有资本资源投资于具有重大风

险之金融产品。

The trade and other payables of the Group decreased from aproximately

HK$45.4 milion as at 31 March 2024 to aproximately HK$37.2 milion as at

31 March 2025.

As at 31 March 2025, the Group had an outstanding borowing of

aproximately HK$41.1 milion (2024: HK$33.2 milion) repayable within

one year. There was no outstanding borowing repayable after one year

(2024: Nil). The Group’s outstanding borowing of HK$10.0 milion was

denominated in HK$ while the remaining was denominated in AUD and was

charged with interest at floating rate.

After considering that the trade payables of AUD5.7 milion (equivalent to

aproximately HK$27.4 milion) due to IFC had already ben recognised

and by writing of the other receivable of AUD3.6 milion (equivalent

to aproximately HK$17.7 milion) due from IFC against provisions to

be provided, provisions amounting to AUD21.0 milion (equivalent to

aproximately HK$101.8 milion) was recognised under curent liabilities for

compensating the arbitration claims acording to the Arbitration Awards.

The gearing ratio (calculated by net debt over total equity) of the Group as at

31 March 2025 was as folows:

31 March 2025

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

HK$’000HK$’000

千港元千港元

Total debt (sum of curent liabilities and

non-curent liabilities)

负债总额（流动负债及

非流动负债总和）

214,71180,073

Les: cash and cash equivalents

减：现金及现金等价物

(10,701)(47,277)

Net debt

负债净额

204,01032,796

Total (capital deficiency)/equity

（资本亏绌）／权益总额

(65,134)118,233

Gearing ratio

资产负债比率

(313.2%)27.7%

Treasury Policy and Financial Management

The Group’s treasury policy aims to ensure that (i) the funding requirements

for capital comitments, investments and operations of the Group can be

fulfiled; and (i) liquidity can be managed to ensure that fund inflows are

matched against al maturing repayment obligations to enhance cash flow

management.

The Group aims to minimise its financial risk exposure. The Group’s policy

is to not engage in speculative derivative financial transactions and not to

invest its existing capital resources in financial products with significant risks.

10ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Management Discusion and Analysis

管理层讨论与分析

外汇波动风险

本集团之外汇风险主要来自以外币（主要以

澳元、人民币及美元）计值之交易、营运资金

及投资。于截至二零二五年三月三十一日止

年度，本集团并无使用任何金融工具作对冲

用途，而于二零二五年三月三十一日，本集

团并无任何未偿还之对冲工具。

本集团将密切监察本集团现有业务及未来潜

在新投资产生的汇率风险，并将于适当时实

施必要对冲安排以减轻任何重大外汇风险。

本集团资产抵押

本集团作为借款人与第三方贷款人就融资

（「融资」）订立贷款协议，且于二零二五年三

月三十一日，本集团已使用融资约

41.1

百万

港元（二零二四年：约

33.2

百万港元）。融资分

别由本公司及

GA Australia Investment Pty Ltd

（「

GA Investment

」，本公司的间接全资附属

公司）作担保。融资亦以下列各项作抵押：

(i)

本公司及维勒斯贸易就其各自的业务、财产

及资产所分别设立的第一固定及浮动押记的

债权证，作为到期支付融资项下所有应付款

项的担保；

(i) GA Investment

订立的按揭，以

向贷款人设立物业的质押；

(i) GA Investment

订立的担保契据，作为到期支付融资项下应

付担保款项的担保；及

(iv)

维勒斯贸易订立的

按揭，以向贷款人设立

GA Investment

股份的

质押。

或然负债

本集团于二零二五年三月三十一日并无或然

负债。（二零二四年：于二零二三年七月十九

日，维勒斯贸易及爱丽丝贸易留意到来自

IFC

的两份仲裁通知（「仲裁通知」）已提交至澳大

利亚国际商事仲裁中心，请求分别就维勒斯

贸易及爱丽丝贸易未偿还之到期债务进行该

等仲裁。该等仲裁于二零二三年七月二十六

日获澳大利亚国际商事仲裁中心受理。

IFC

向维勒斯贸易及爱丽丝贸易索赔未偿还贸易

应付款项总额约

5.7

百万澳元、约

34.2

百万澳

元的损失和损害、该等仲裁的成本及开支、

利息及其他济助。该等仲裁项下所索赔的应

付予

IFC

的未偿还贸易应付款项约

5.7

百万澳

元（相等于约

28.9

百万港元）已在本集团于二

零二四年三月三十一日的账簿内悉数确认，

同时，本集团亦确认

IFC

结欠本集团未偿还

的其他应收款项约为

3.6

百万澳元（相等于约

18.6

百万港元），此为爱丽丝贸易先前就购买

货物向

IFC

作出的预付款。）

重大资本承担

本集团于二零二五年三月三十一日并无重大

资本承担（二零二四年：无）。

Risk of Foreign Exchange Fluctuation

The Group’s foreign exchange risk primarily arises from transactions, working

capitals and investments denominated in foreign curencies, mainly in AUD,

RMB and US$. During the year ended 31 March 2025, the Group did not

use any financial instruments for hedging purposes and the Group did not

have any hedging instruments outstanding as at 31 March 2025.

The Group wil closely monitor the exchange rate risk arising from the

Group’s existing operations and potential new investments in future, and

wil implement necesary hedging arangements to mitigate any significant

foreign exchange risk when and if apropriate.

Charge on Group Asets

The Group as the borower entered into a loan agrement with the third-

party Lender, for a loan facility (the “Loan Facility”), and the Group had

utilised aproximately HK$41.1 milion under it as at 31 March 2025 (2024:

aproximately HK$33.2 milion). The Loan Facility was guaranted by the

Company and GA Australia Investment Pty Ltd (“GA Investment”), an indirect

wholy-owned subsidiary of the Company, respectively. The Loan Facility was

also secured by: (i) debentures created by the Company and Wilis Trading,

respectively, of a first fixed and floating charge over each of the Company’s

and Wilis Trading’s undertaking, property and asets as security for the

due payment of al monies payable under the Loan Facility; (i) a mortgage

entered by GA Investment to create the pledge of the Property to the Lender;

(i) a security ded entered by GA Investment to undertake as security for the

due payment of the secured money payable under the Loan Facility; and (iv)

a mortgage entered by Wilis Trading to create the pledge of the shares of

GA Investment to the Lender.

Contingent Liabilities

The Group had no contingent liabilities as at 31 March 2025. (2024: On

19 July 2023, Wilis Trading and Alice Trading noticed that two notices

of Arbitration (“Arbitration Notices”) from IFC were filed to the ACICA for

requesting Arbitrations regarding the outstanding debt due by Wilis Trading

and Alice Trading, respectively. The Arbitrations were acepted by the

ACICA on 26 July 2023. IFC claims Wilis Trading and Alice Trading for

outstanding trade payables of totaling aproximately AUD5.7 milion, loses

and damages of aproximately AUD34.2 milion, costs and expenses of

Arbitrations, interests and other relief. The outstanding trade payables of

aproximately AUD5.7 milion (equivalent to aproximately HK$28.9 milion)

due to IFC claimed under Arbitrations were fuly recognised on the boks of

the Group as at 31 March 2024, while at the same time, the Group has also

recognised an other receivable of aproximately AUD3.6 milion (equivalent

to aproximately HK$18.6 milion) outstanding from IFC to the Group which

was a prepayment previously made by Alice Trading to IFC for purchase of

gods.)

Material Capital Comitments

The Group had no material capital comitments as at 31 March 2025 (2024:

Nil).

阿尔法企业控股有限公司

•

二零二五年报

Management Discusion and Analysis

管理层讨论与分析

所持重大投资

于二零二五年三月三十一日，本集团持有

48,477,509

股（二零二四年：无）

AHF

股份，

占

Australian Dairy

于二零二五年三月三十一

日已发行股本约

6.52%

（二零二四年：无）。

48,477,509

股

AHF

股份的总投资成本约为

1.0

百万澳元（相等于约

5.0

百万港元）。于

AHF

股

份之投资乃由本集团确认为按公平价值计入

损益之金融资产，并于各报告日期按公平价

值计量。

48,477,509

股

AHF

股份于二零二五

年三月三十一日之公平价值约为

2.5

百万澳元

（二零二四年：无）（相等于约

12.2

百万港元

（二零二四年：无），占本集团资产总额约

8.2%

（二零二四年：无），导致按公平价值计

入损益之金融资产的公平价值变动产生的未

变现收益约

7.2

百万港元（二零二四年：无）。

于截至二零二五年三月三十一日止年度，概

无就本集团持有的

AHF

股份自

Australian Dairy

收取股息（二零二四年：无）。

Australian Dairy

为一间于澳洲注册成立之

公司，其股份于澳交所上市（澳交所股份代

号：

AHF

）。

Australian Dairy

及其控制实体拥

有及经营牧场、生产婴儿配方基粉并分销婴

儿配方产品。本集团目前预期将继续持有

48,477,509

股

AHF

股份。此项投资让本集团

有机会与

Australian Dairy

建立关系。

除本段及「业务回顾－物业投资」一段所披露

者外，于二零二五年三月三十一日及截至该

日止年度，本集团并无持有其他重大投资。

重大收购及出售

于二零二四年六月十一日，

Vantage Edge

Investments Limited

（「买方」，本公司的直接

全资附属公司及作为买方）与

Alied Services

Holding Limited

（「

Alied Services

」，作为

卖方）订立买卖协议，据此，

(i)

买方将收购

而

Alied Services

将出售一股

Smart Front

Developments Limited

（「

Smart Front

」）普通

股（相等于

Smart Front

（一间持有合盈已发行

股份之

80%

之公司）之全部已发行股本）；及

(i) Alied Services

将向买方转让股东贷款约

17.3

百万港元，总代价为

17.5

百万港元（「收

购事项

(Smart Front)

」）。同日，买方（作为买

方）与周博裕先生（「周先生」，作为卖方）订立

买卖协议，据此，买方将收购而周先生将出

售

700,000

股合盈普通股（相等于合盈已发行

股份之

20%

），代价约为

4.4

百万港元（「收购

事项（合盈）」）。合盈集团主要从事保税仓库

储存、一般仓库储存、拆箱及货运代理服务

业务。

Significant Investments Held

As at 31 March 2025, the Group held 48,477,509 (2024: Nil) AHF Shares,

which represents aproximately 6.52% of the isued share capital of

Australian Dairy as at 31 March 2025 (2024: Nil). The total investment cost

of 48,477,509 AHF Shares is aproximately AUD1.0 milion (equivalent

to aproximately HK$5.0 milion). The investment in AHF Shares was

recognised by the Group as financial asets at fair value through profit or los

and was measured at fair value on each reporting date. The fair value of the

48,477,509 AHF Shares as at 31 March 2025 amounted to aproximately

AUD2.5 milion (2024: Nil) (equivalent to aproximately HK$12.2 milion

(2024: Nil), representing aproximately 8.2% (2024: Nil) of the total asets of

the Group, resulting in an unrealised gain arising from changes in fair value

of financial asets at fair value through profit or los of aproximately HK$7.2

milion (2024: Nil). There was no dividend received from Australian Dairy for

the AHF Shares held by the Group during the year ended 31 March 2025

(2024: Nil).

Australian Dairy is a company incorporated in Australia, the shares of which

are listed on ASX (ASX stock code: AHF). Australian Dairy and its controled

entities own and operate dairy farms, manufacture infant formula base

powders, and distribute infant formulas. It is curently expected that the

Group wil continue to hold the 48,477,509 AHF Shares. This investment

provides the Group with the oportunity to build up a relationship with

Australian Dairy.

Save as disclosed in this paragraph and in the paragraph headed “Busines

Review – Property Investment”, the Group did not hold other significant

investments as at and for the year ended 31 March 2025.

MATERIAL ACQUISITIONS AND DISPOSALS

On 11 June 2024, Vantage Edge Investments Limited (the “Purchaser”), a

direct wholy-owned subsidiary of the Company and as purchaser, entered

into a sale and purchase agrement with Alied Services Holding Limited

(“Alied Services”), as vendor, pursuant to which (i) the Purchaser shal

acquire, and Alied Services shal sel one ordinary share of Smart Front

Developments Limited (“Smart Front”), representing the entire isued share

capital of Smart Front, a company which holds 80% of the isued shares of

Welfit; and (i) the shareholder’s loan of aproximately HK$17.3 milion shal

be asigned by Alied Services to the Purchaser, at the total consideration

of HK$17.5 milion (the “Acquisition (Smart Front)”). On the same date, the

Purchaser, as purchaser, entered into a sale and purchase agrement with

Mr. Chow Pok Yu Augustine (“Mr. Chow”), as vendor, pursuant to which the

Purchaser shal acquire, and Mr. Chow shal sel, 700,000 ordinary shares of

Welfit, representing 20% of the isued shares of Welfit, at the consideration

of aproximately HK$4.4 milion (the “Acquisition (Welfit)”). Welfit Group is

principaly engaged in the busines of bonded warehouse storage, general

warehouse storage, devaning and freight forwarder services.

12ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Management Discusion and Analysis

管理层讨论与分析

收购事项

(Smart Front)

及收购事项（合盈）各

自于二零二四年六月十一日完成。于收购事

项

(Smart Front)

及收购事项（合盈）完成后，

Smart Front

及合盈各自已成为本公司的间接

全资附属公司。收购事项

(Smart Front)

及收购

事项（合盈）之详情均载于本公司日期为二零

二四年六月十一日的公告。

于二零二四年六月二十七日，本集团订立一

份债务清偿协议，内容有关（其中包括）收购

沈阳金蚁

70%

的经济利益及转让金额为人民

币

2.4

百万元的股东贷款权利予本集团，代价

为本集团同意免除总额为

5.1

百万澳元的贸

易应收款项。沈阳金蚁主要在中国从事（其中

包括）电子商务业务，并持有其电子商务业务

所需的必要许可及批准，包括但不限于

(1)

增

值电信业务经营许可证，及

(2)

网络文化经营

许可证。完成后，沈阳金蚁作为本公司拥有

70%

权益的附属公司入账。交易详情分别载

于本公司日期为二零二四年六月二十七日及

二零二四年七月十七日的公告。

除上文所披露者外，截至二零二五年三月

三十一日止年度，本集团并无其他重大收购

及出售附属公司、联营公司或合营企业。

诉讼

于二零二三年七月十九日，维勒斯贸易及

爱丽丝贸易（均为本公司之间接全资附属公

司）留意到来自

IFC

的两份仲裁通知已提交至

澳大利亚国际商事仲裁中心，请求分别就维

勒斯贸易及爱丽丝贸易未偿还之到期债务

进行该等仲裁。该等仲裁于二零二三年七月

二十六日获澳大利亚国际商事仲裁中心受

理。于二零二五年四月二十八日，澳大利亚

国际商事仲裁中心已宣布该等仲裁决，据

此责令（其中包括）：

(i)

维勒斯贸易应向

IFC

支付约

3.7

百万澳元

（即与

IFC

所订立协议项下的未付款项

2.7

百万澳元、成本及裁决前利息减去

IFC

应付维勒斯贸易的款项）以及截至

付款日期止有关裁决金额的裁决后利

息；及

(i)

爱丽丝贸易应向

IFC

支付约

23.0

百万澳

元（即与

IFC

所订立协议项下的未付款

项

3.0

百万澳元、损害赔偿、成本及裁

决前利息减去

IFC

应付爱丽丝贸易的金

额约

3.6

百万澳元）以及截至付款日期

止有关裁决金额的裁决后利息。

董事会对澳大利亚国际商事仲裁中心的决定

深表遗憾。

Each of the Acquisition (Smart Front) and the Acquisition (Welfit) was

completed on 11 June 2024. Upon completion of the Acquisition (Smart

Front) and the Acquisition (Welfit), each of Smart Front and Welfit has

become an indirect wholy-owned subsidiary of the Company. Details of both

the Acquisition (Smart Front) and the Acquisition (Welfit) are set out in the

anouncement of the Company dated 11 June 2024.

On 27 June 2024, a debt setlement agrement was entered into by the

Group in relation to, among other things, the acquisition of 70% of economic

benefit of Shenyang Jinyi and the transfer of the rights of a shareholder’s loan

amounting to RMB2.4 milion to the Group, in consideration of the Group

agreing to discharge the trade receivables in the sum of AUD5.1 milion.

Shenyang Jinyi is principaly engaged in the busines of, among others,

e-comerce in the PRC and holds requisite permit and aproval required

for its e-comerce busines, including but not limited to (1) Value-Aded

Telecomunications Busines Operating License

（增值电信业务经营许可

证）

, and (2) Online Culture Operating License

（网络文化经营许可证）

. Upon

the completion, Shenyang Jinyi was acounted as a 70%-owned subsidiary

of the Company. Details of the transaction are set out in the anouncements

of the Company dated 27 June 2024 and 17 July 2024, respectively.

Save as disclosed above, the Group had no other material acquisitions and

disposal of subsidiaries, asociates or joint ventures for the year ended 31

March 2025.

LITIGATION

On 19 July 2023, Wilis Trading and Alice Trading, both indirect wholy-

owned subsidiaries of the Company, noticed that two Arbitration Notices

from IFC, were filed to ACICA for requesting Arbitrations regarding the

outstanding debt due by Wilis Trading and Alice Trading, respectively. The

Arbitrations were acepted by the ACICA on 26 July 2023. On 28 April

2025, the ACICA handed down the Arbitration Awards, whereby it is ordered

that, among others:

(i) Wilis Trading shal pay to IFC an amount of aproximately AUD3.7

milion (being AUD2.7 milion outstanding under the agrement with

IFC, costs and pre-award interests, les the amount payable by IFC to

Wilis Trading) and the post-award interests on the awarded amount

up to the date of payment; and

(i) Alice Trading shal pay to IFC an amount of aproximately AUD23.0

milion (being AUD3.0 milion outstanding under the agrement with

IFC, damages, costs and pre-award interests, les an amount of

aproximately AUD3.6 milion payable by IFC to Alice Trading) and

the post-award interests on the awarded amount up to the date of

payment.

The Board deply regrets the decision by ACICA.

阿尔法企业控股有限公司

•

二零二五年报

Management Discusion and Analysis

管理层讨论与分析

报告期末后事项

于二零二五年四月二十八日，澳大利亚国际

商事仲裁中心向维勒斯贸易及爱丽丝贸易宣

布该等仲裁决。根据本集团适用的会计准

则，由于维勒斯贸易及爱丽丝贸易于报告期

末有现有责任，故该等仲裁决之财务影响

构成报告期后的调整事项，因此财务影响须

反映于本集团截至二零二五年三月三十一日

止年度的综合财务报表中。故此，根据该等

仲裁决于截至二零二五年三月三十一日止

年度的综合财务报表中额外拨备约

101.8

百

万港元作为负债及确认亏损约

125.2

百万港

元。

于二零二五年五月二日，澳大利亚联邦法院

（「

FCA

」）针对维勒斯贸易、

GA Investment

（一间维勒斯贸易的全资附属公司）及

Australia Trading Pty Ltd

（一间

GA Investment

的全资附属公司）（统称「资产冻结令答辩

人」）发布资产冻结令

(

「资产冻结令」），据此

责令（其中包括）

(i)

每位资产冻结令答辩人不

得从澳大利亚转移或以任何方式处置或处理

于澳大利亚及世界各地的资产或减少其价值

（以裁决债务之无债务负担价值为上限，金

额为

3.7

百万澳元）；及

(i)

资产冻结令答辩人

应在资产冻结令发出日期起计五个工作天内

将其各自的资产明细通知

IFC

。维勒斯贸易于

二零二五年五月十九日提供了一份核实资产

冻结令答辩人各自于资产冻结令项下的资产

的宣誓书。维勒斯贸易已向

FCA

提交非正式

申请，要求撤销资产冻结令，该申请于二零

二五年六月十九日遭

FCA

驳回。

兹提述贷款人（作为贷款人）（本公司的第三

方）授予维勒斯贸易（作为借款人）的融资，

融资原定于二零二五年六月十六日偿还。

融资由以下各项作抵押（其中包括）：

(i) GA

Investment

对贷款人提供的抵押品，包括一

项物业按揭；

(i)

以维勒斯贸易及本公司的

业务、财产及资产所分别设立的第一固定

及浮动押记的债权证；

(i)

维勒斯贸易以于

GA Investment

的股份及由维勒斯贸易向

Investment

提供的财务通融向贷款人授予抵

押权益；

(iv)

本公司对贷款人的担保；及

(v) GA

Investment

对贷款人的担保和弥偿（统称「抵

押品」）。于二零二五年五月七日，维勒斯贸

易接获贷款人（透过其法律顾问）发出的催缴

函（「催缴函」），通知维勒斯贸易尚未支付融

资的未偿还本金累计利息约

0.3

百万港元已

构成融资违约，以及融资项下的债务及所有

其他应支付款项将即时到期并须予支付。因

此，贷款人要求维勒斯贸易于二零二五年五

月九日前偿还融资项下截至二零二五年五月

七日的未偿还债务，包括

6.5

百万澳元（于二

零二五年五月七日相等于约

32.6

百万港元）

以及约

10.7

百万港元（统称「该负债」），否则

贷款人将开始强制行使抵押品，并对维勒斯

贸易及任何其他担保人采取一切必要的行

动以追讨该负债及所有法律费用和开支，而

不作另行通知。其后，贷款人亦分别于二零

二五年五月七日及二零二五年五月九日向本

公司及

GA Investment

发出催缴函，要求本公

司及

GA Investment

向贷款人支付该负债。

EVENTS AFTER THE END OF THE REPORTING PERIOD

On 28 April 2025, the ACICA handed down the Arbitration Awards to each

of Wilis Trading and Alice Trading. Acording to acounting standards

aplicable to the Group, the financial impacts of the Arbitration Awards

constitute adjusting events after the reporting period since Wilis Trading and

Alice Trading have present obligations at the end of the reporting period, and

acordingly, the financial impacts are required to be reflected in the Group’s

consolidated financial statements for the year ended 31 March 2025. As

a result, aditional provision of aproximately HK$101.8 milion was made

as liabilities and a los of aproximately HK$125.2 milion was recognised

pursuant to Arbitration Awards in the consolidated financial statements for

the year ended 31 March 2025.

On 2 May 2025, the Federal Court of Australia (“FCA”) isued a frezing

order (“Frezing Order”) against Wilis Trading, GA Investment

（

a wholy-

owned subsidiary of Wilis Trading) and GA Australia Trading Pty Ltd (a

wholy-owned subsidiary of GA Investment) (colectively, “Frezing Order

Respondent(s)”), whereby it is ordered that, among others, (i) each Frezing

Order Respondent must not remove from Australia or in any way dispose

of, deal with or diminish the value of its asets in Australia and throughout

the world up to the unencumbered value of the award debt amounting to

AUD3.7 milion; and (i) the Frezing Order Respondents shal inform IFC of

details of their respective asets within five working days from the date of

being served with the Frezing Order. An afidavit verifying the Frezing Order

Respondents’ respective asets under the Frezing Order was provided by

Wilis Trading on 19 May 2025. Wilis Trading had submited to the FCA an

interlocutory aplication for an order to vacate the Frezing Order, which was

dismised by the FCA on 19 June 2025.

Reference is made to the Loan Facility granted by the Lender (as lender) (a

third party to the Company) to Wilis Trading (as borower) which shal be

repaid on 16 June 2025 originaly. The Loan Facility was secured by, among

others, (i) a security by GA Investment in favour of the Lender, which covers

a mortgage of the Property; (i) debentures incorporating first fixed and

floating charge over the undertaking, property and asets of Wilis Trading

and the Company, respectively; (i) a grant of security interest by Wilis

Trading in favour of the Lender in the shares of GA Investment and financial

acomodation made available by Wilis Trading to GA Investment; (iv) a

guarante by the Company in favour of the Lender; and (v) a guarante

and indemnity by GA Investment in favour of the Lender (colectively, the

“Securities”). On 7 May 2025, Wilis Trading received a demand leter (the

“Demand Leter”) from the Lender (via its legal advisers) informing Wilis

Trading that it failed to pay interest acrued on the outstanding principal

of the Loan Facility in the amount of aproximately HK$0.3 milion,

constituting a default of the Loan Facility, and that the indebtednes and

al other sums payable under the Loan Facility shal imediately become

due and payable. Acordingly, the Lender demanded Wilis Trading to repay

the outstanding indebtednes under the Loan Facility as at 7 May 2025,

comprising the amounts of AUD6.5 milion (equivalent to aproximately

HK$32.6 milion at 7 May 2025) and aproximately HK$10.7 milion

(colectively, the “Indebtednes”) by 9 May 2025, failing which the Lender

shal proced with enforcing the Securities and pursue al necesary actions

against Wilis Trading as wel as any other securing parties for recovery

of the Indebtednes together with al legal costs and expenses without

further notice. Subsequently, the Lender also isued demand leters to the

Company and GA Investment on 7 May 2025 and 9 May 2025, respectively,

demanding the Company and GA Investment to pay to the Lender the

Indebtednes.

14ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Management Discusion and Analysis

管理层讨论与分析

于二零二五年六月二日，爱丽丝贸易收到

代表

IFC

行事的律师根据香港法例第

章公

司（清盘及杂项条文）条例第

178(1)(a)

或第

327(4)(a)

条发出的法定要求偿债书（「法定要

求偿债书」），要求爱丽丝贸易支付（其中包

括）爱丽丝贸易根据

IFC

与爱丽丝贸易之间该

仲裁（「爱丽丝贸易仲裁」）的仲裁决下之判

决债务、利息及

IFC

于爱丽丝贸易仲裁中之费

用（「债务」）。根据法定要求偿债书，爱丽丝

贸易须于法定要求偿债书送达日期起计三周

内支付债务，否则

IFC

可能会对爱丽丝贸易提

出清盘呈请。

于二零二五年六月十八日，代表

IFC

行事的律

师对爱丽丝贸易发出通知并随附由香港高等

法院原讼法庭（「香港法院」）发出日期为二零

二五年六月十六日的命令（「爱丽丝贸易法院

命令」），据此责令

(i) IFC

获准以具有同等效力

的香港法院之判决或命令的同等方式执行爱

丽丝贸易仲裁日期为二零二五年四月二十八

日的该等仲裁决，及

(i)

在爱丽丝贸易法院

命令送达爱丽丝贸易日期起计十四天内，爱

丽丝贸易可申请撤销爱丽丝贸易法院命令，

直至该期间结束前不得执行裁决，或如果爱

丽丝贸易于该期间内申请撤销爱丽丝贸易法

院命令，则直至该申请最终处置完成前亦不

得执行裁决。

此外，于二零二五年六月十八日，代表

IFC

行

事的律师对维勒斯贸易发出通知并随附由香

港法院发出日期为二零二五年六月十六日的

命令（「维勒斯贸易法院命令」），据此责令

(i)

IFC

获准以具有同等效力的香港法院之判决

或命令的同等方式执行

IFC

与维勒斯贸易仲

裁日期为二零二五年四月二十八日的该等仲

裁决，及

(i)

在维勒斯贸易法院命令送达维

勒斯贸易日期起计十四天内，维勒斯贸易可

申请撤销维勒斯贸易法院命令，直至该期间

结束前不得执行该等仲裁决，或如果维勒

斯贸易于该期间内申请撤销维勒斯贸易法院

命令，则直至该申请最终处置完成前亦不得

执行该等仲裁决。

维勒斯贸易及爱丽丝贸易均于香港注册成

立，其营运自二零二三年七月左右与

Bubs

Australia

终止业务关系后不可避免地缩减规

模。目前爱丽丝贸易仅持有极少的资产，而

维勒斯贸易及其附属公司（即资产冻结令答

辩人）的主要资产包括物业投资业务分部项

下的物业，及物业已抵押予贷款人作为抵押

品的一部分，以向维勒斯贸易授出融资及自

二零二四年四月起闲置。根据本公司法律顾

问的了解，母公司一般而言是可自其附属公

司活动所产生的法律责任中被排除。董事会

预计，该等仲裁及资产冻结令将不会对本公

司的运营及本集团其他附属公司的业务造成

影响。董事会对澳大利亚国际商事仲裁中心

的决定深表遗憾，维勒斯贸易及爱丽丝贸易

的管理层正在寻求法律建议，以采取可能的

行动解决该等仲裁引发的问题。

On 2 June 2025, Alice Trading received a statutory demand (“Statutory

Demand”) from the solicitors acting on behalf of IFC pursuant to Sections

178(1)(a) or 327(4)(a) of the Companies (Winding Up and Miscelaneous

Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong), demanding

Alice Trading to pay, among others, the judgment debt of Alice Trading under

the Arbitration Award of the Arbitration betwen IFC and Alice Trading (the

“AT Arbitration“), interest and IFC’s costs for the AT Arbitration (the “Debt”).

Acording to the Statutory Demand, Alice Trading is required to pay the Debt

within thre weks from the date of service of the Statutory Demand, failing

which IFC may present a winding-up petition against Alice Trading.

On 18 June 2025, the solicitors acting on behalf of IFC served a notice to

Alice Trading enclosing an order (“AT Court Order”) by the Court of First

Instance of the High Court of Hong Kong (“HK Court”) dated 16 June 2025,

pursuant to which it was ordered that (i) IFC do have leave to enforce the

Arbitration Award dated 28 April 2025 in the AT Arbitration in the same

maner as a judgment or order of the HK Court to the same efect, and (i)

within 14 days after service of the AT Court Order on Alice Trading, Alice

Trading may aply to set aside the AT Court Order, and the award shal not

be enforced until after the expiration of that period or, if Alice Trading aplies

within the period to set aside the AT Court Order, until after the aplication is

finaly disposed of.

Furthermore, on 18 June 2025, the solicitors acting on behalf of IFC served

a notice to Wilis Trading enclosing an order (“WT Court Order”) by the HK

Court dated 16 June 2025, pursuant to which it was ordered that (i) IFC

do have leave to enforce the Arbitration Award dated 28 April 2025 in the

Arbitration betwen IFC and Wilis Trading in the same maner as a judgment

or order of the HK Court to the same efect, and (i) within 14 days after

service of the WT Court Order on Wilis Trading, Wilis Trading may aply

to set aside the WT Court Order, and the Arbitration Award shal not be

enforced until after the expiration of that period or, if Wilis Trading aplies

within the period to set aside the WT Court Order, until after the aplication is

finaly disposed of.

Both Wilis Trading and Alice Trading are incorporated in Hong Kong,

the operations of them have no choice but to be scaled-down after the

cesation of busines relationships with Bubs Australia from around July

2023. Alice Trading now holds only minimal asets, while the main asets of

Wilis Trading and its subsidiaries (i.e. Frezing Order Respondents) comprise

the Property under the busines segment of Property Investment, and the

Property was mortgaged as part of the Securities to the Lender for the

grant of the Loan Facility to Wilis Trading and was vacant since April 2024.

As understod from the Company’s legal advisors, a parent company is in

generaly speaking insulated from legal liability arising out of the activities of

its subsidiaries. The Board expects that the operation of the Company and

the busineses under the other subsidiaries of the Group wil not be afected

by either the Arbitrations nor the Frezing Order. The board deply regrets

the decision by ACICA, and the management of Wilis Trading and Alice

Trading are in the course of seking legal advice on the posible actions to

take to resolve the isues arising from the Arbitrations.

阿尔法企业控股有限公司

•

二零二五年报

Management Discusion and Analysis

管理层讨论与分析

于收到贷款人发出的催缴函后，维勒斯贸易

试图就维勒斯贸易状况与贷款人进行沟通，

并就解决融资违约所引发问题的可能措施进

行协商。如上所述，维勒斯贸易及其附属公

司的主要资产包括物业投资业务分部项下的

物业，物业已抵押予贷款人作为抵押品的一

部分。鉴于物业于二零二五年三月三十一日

的公平价值为

8.5

百万澳元，倘贷款人执行抵

押品，其几乎足以清偿该负债，因此预计本

公司无须就融资向维勒斯贸易提供任何额外

的财务援助。

考虑到维勒斯贸易及爱丽丝贸易各自资不抵

债的财务状况、维勒斯贸易收到的催缴函及

送达爱丽丝贸易的法定要求偿债书，维勒斯

贸易及爱丽丝贸易的管理层将考虑所有可能

的措施以缓解有关问题及保障维勒斯贸易及

爱丽丝贸易的利益，惟无法排除债权人提出

清盘呈请的可能性。

于二零二五年六月二十五日，本公司与庄舜

而女士（「庄女士」，本公司主要股东，实益持

有本公司

59.27%

权益）订立贷款协议，据此，

庄女士同意向本公司提供最高

80.0

百万港元

的免息信贷额度，自协议日期起计

个月。

董事会已批准该笔贷款，并同意贷款交易按

一般商业条款或更优条款进行，且不以本集

团任何资产作抵押。

雇员

于二零二五年三月三十一日，本集团有

名雇员（二零二四年：

名）。于截至二零

二五年三月三十一日止年度，员工成本总额

（包括董事酬金）约为

24.4

百万港元（二零

二四年：

6.9

百万港元）。本集团维持具竞争

力之薪酬政策。雇员薪酬包括薪金及酌情表

现花红，乃经参考本集团之业绩、市场水平

以及雇员的个人表现和贡献而厘定。本集团

定期检讨包括表现花红在内之薪酬待遇。

此外，本集团采纳一项购股权计划。自获采

纳有关计划以来，概无购股权已获授出、行

使、注销或告失效。

本集团为雇员提供培训及发展课程，涵盖入

职培训、领导及管理技巧以及在职培训等多

个领域，旨在提高雇员在工作中履行彼等职

责的效率、知识及技巧及更好地装备自己以

取得杰出表现及保持求知欲。本集团鼓励雇

员规划自己的培训时间，并灵活选择培训资

源。

After receiving the Demand Leter from the Lender, Wilis Trading atempted

to comunicate with the Lender regarding the situation of Wilis Trading and

to negotiate posible actions to resolve the isues arising from the breach

of the Loan Facility. As abovementioned, the main asets of Wilis Trading

and its subsidiaries comprise the Property under the busines segment

of Property Investment, and the Property was mortgaged as part of the

Securities to the Lender. Considering the fair value of the Property as at 31

March 2025, amounting to AUD8.5 milion, is nearly enough to setle the

Indebtednes if the Lender enforces the Securities, it is expected that the

Company wil not be required to provide any aditional financial asistance to

Wilis Trading in conection with the Loan Facility.

Considering the insolvent financial position of each of Wilis Trading and

Alice Trading, the Demand Leter received by Wilis Trading and the Statutory

Demand served to Alice Trading, the management of Wilis Trading and

Alice Trading wil consider al posible measures to mitigate the isues and

to safeguard the interests of Wilis Trading and Alice Trading, but canot

eliminate the posibility of winding up petition(s) to be initiated by the

creditors.

On 25 June 2025, the Company and Ms. Chong Sok Un (“Ms. Chong”),

a substantial shareholder of the Company, who beneficialy holds 59.27%

interests in the Company, entered into a loan agrement, in which Ms.

Chong agres to provide an interest fre line of credit up to HK$80.0 milion

to the Company for 18 months from the date of the agrement. The Board

has aproved the loan and agred that the loan transaction is conducted on

normal comercial terms or beter, and is not secured by any asets of the

Group.

EMPLOYES

As at 31 March 2025, the Group had 104 employes (2024: 80). Total

staf cost, including Directors’ emoluments, of aproximately HK$24.4

milion (2024: HK$6.9 milion) was incured during the year ended 31 March

2025. The Group maintains a policy of paying competitive remuneration.

The remuneration of employes which includes salary and discretionary

performance bonus is decided with reference to the results of the Group,

the market level as wel as individual performance and contributions.

Remuneration packages (including performance bonuses) are reviewed on a

regular basis by the Group.

In adition, the Group has adopted a share option scheme. No share option

has ben granted, exercised, canceled or lapsed since its adoption.

The Group provides employes with training and development courses

which cover various areas, including orientation, leadership and management

skils and on-job training etc. The goal is to improve employes’ eficiency,

knowledge and skils for discharging their duties at work, as wel as to beter

equip themselves for achieving outstanding performance and maintaining

intelectual curiosity. Employes are encouraged to plan their own training

schedules and to chose their training sources with flexibility.

16ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Management Discusion and Analysis

管理层讨论与分析

企业策略

本集团透过持续提升其业务表现及恪守其重

视履行社会责任、满足客户需求及促进雇员

发展的核心价值观，致力于为股东创造最大

价值。

业务发展

本集团将持续向其奶类产品业务投入资源。

于截至二零二五年三月三十一日止年度，本

集团完成收购沈阳金蚁

70%

的经济利益，该

公司主要在中国从事电子商务业务。本集团

目前正将沈阳金蚁的电子商务平台与其奶类

产品业务进行融合。透过该电子商务平台，

本集团将进一步开发线上市场推广及销售渠

道，以巩固业务并提高其竞争力。

除奶类产品外，本集团亦已开始著手透过纳

入其他食品、饮料及酒类促进其产品组合的

多元化。于截至二零二五年三月三十一日止

年度，本集团推出新的自有咖啡品牌「明安

迪」，于中国电子商务平台上销售。

就物流业务而言，本集团完成收购合盈集团

100%

权益。本集团旨在透过最大化合盈集团

仓库的平均出租率来增加分部溢利。合盈集

团将持续优化其服务质量及资讯科技系统。

展望

本集团分别于二零二四年六月十一日及二零

二四年六月二十七日完成合盈集团及沈阳

金蚁各自的收购事项，该等收购事项预期能

加强本集团现有奶类产品业务及物流业务，

巩固本集团之竞争优势，与本集团一直以来

的业务策略「巩固现有业务基础；强化本集

团之竞争优势；及积极寻求业务发展及多元

化的机遇」相吻合。为加强与

Australian Dairy

的关系，本集团于二零二四年九月完成认购

48,477,509

股

AHF

股份。

Australian Dairy

于二

零二五年四月在中国推出「

Future

」品牌，进

一步扩大了其影响力，有关产品目前已于本

集团的电子商务平台上销售。

CORPORATE STRATEGIES

The Group is dedicated to emphasise shareholders’ values through

persistent improvement in its busines performance and comitment to

its core values, which emphasises fulfiling social responsibilities, satisfying

customers’ neds, and promoting employes’ development.

BUSINES DEVELOPMENT

The Group wil continualy devote resources to its Milk Products Busines.

During the year ended 31 March 2025, the Group completed the acquisition

of 70% of economic benefit of Shenyang Jinyi, which is principaly engaged

in the busines of e-comerce in the PRC. The Group is now integrating the

e-comerce platform from Shenyang Jinyi with its Milk Products Busines.

Through the e-comerce platform, the Group wil further develop the online

marketing and seling chanel to solidify the busines and enhance its

competitivenes.

In adition to milk products, the Group is ahead in advancing the

diversification of its product portfolio by including other fods, beverages and

wines. During the year ended 31 March 2025, the Group launched a new

self-owned brand of cofe named “Ming Andy

（明安迪）

”, which is available

for sale on the e-comerce platform in the PRC.

Regarding the Logistics Busines, the Group completed the acquisition of

100% interest in Welfit Group. The Group aims to increase the segment’s

profit by maximising the average ocupancy rate of Welfit Group’s

warehouses. Welfit Group wil continue to optimise its service quality and

information technology systems.

OUTLOK

The Group completed the acquisitions of each of the Welfit Group and

Shenyang Jinyi on 11 June 2024 and 27 June 2024, respectively. These

acquisitions are expected to strengthen the Group’s existing Milk Products

Busines and Logistics Busines, consolidating the Group’s competitive

edge. This aligns with the Group’s long-standing busines strategies of

“reinforcing the existing busines foundation; strengthening the Group’s

competitive edge; and actively seking oportunities for busines

development and diversification”. To build up the relationship with Australian

Dairy, the Group completed the subscription of 48,477,509 AHF Shares in

September 2024. The launch of Australian Dairy’s “Future” brand in the PRC

in April 2025 has further expanded its presence, with products now available

on the Group’s e-comerce platform.

阿尔法企业控股有限公司

•

二零二五年报

Management Discusion and Analysis

管理层讨论与分析

China and Hong Kong continue to face economic headwinds, despite

government measures to stabilise growth. Hong Kong’s economic growth

is expected to remain moderate in 2025. The retail markets in Hong Kong

apear to be a trend of slowing down afected by the high interest rate

maintained by the Federal Reserve of the United States. The enthusiasm

for Hong Kong residents to travel abroad and the rising popularity of

“northbound consumption” after the lifting of pandemic restrictions, coupled

with the changing consumption patern of visitors to Hong Kong, further

impacted Hong Kong’s economy and the outlok of the local retail industry.

The logistics and warehousing market in Hong Kong is inevitably afected.

The recent Sino-United States tarif tensions may disrupt suply chains and

increase costs. Despite the United States having temporarily reduced its

reciprocal tarifs, the market closely observes the outcome of discusions

betwen China and the United States, hoping for policy adjustments to ease

economic uncertainty. To mitigate various adverse economic and political

chalenges, logistics companies ned to continuously improve their service

quality and introduce more advanced information technology systems to

enhance their eficiency in order to met customer demands, and thus

survive and suced in an environment of fierce competition and economic

slowdown.

In recent years, the PRC milk product market, particularly the infant milk

market, has become increasingly uncertain and chalenging. The milk

product market in the PRC is facing presure from the country’s low birth

rate, increased competition, stricter fod regulations, and chalenging

macroeconomic conditions. While the domestic milk powder market

continues to shrink as the number of new births in China continues

to decline, several major foreign milk powder brands show that the

performance of foreign milk powder brands in China has increased rather

than declined, and that major foreign milk powder brands have continued

to grow in terms of performance or market share in China in 2024. Recent

data sugest that demand on “English Label Products” are growing in

China folowing the COVID period, indicating that Chinese consumers are

increasingly seking high-quality overseas products at a reasonable price.

By focusing on high-end products, foreign milk powder brands can generaly

have higher profit margins, and their customer base tends to have stronger

brand loyalty compared to domestic brands.

Although the Group curently does not have any detailed plans for material

investment or capital aset, the Group wil continue to folow the Company’s

busines strategy as described above to develop the Company’s busines.

The Group wil also focus on exploring the integration of the Group’s

busineses with a view to utilising resources and asets more eficiently to

create synergies among the Group’s busines segments.

尽管政府采取措施稳定经济增长，但中国及

香港继续面临经济逆风。预计香港经济于二

零二五年仍将保持温和增长。受美国联邦储

备委员会维持高利率的影响，香港的零售市

场呈现放缓趋势。疫情通关后的港人外游和

「北上消费」热度持续上升，加上访港旅客

的消费模式出现转变，进一步影响香港经济

及本地零售业前景。香港物流及仓储市场无

可避免受到影响。近期中美关税紧张可能会

扰乱供应链并增加成本。尽管美国暂时降低

了互惠关税，但市场密切关注中美谈判的结

果，希望政策调整以缓解经济的不确定性。

为了减轻各种不利的经济及政治挑战，物流

企业需持续提升其服务质量并引进更先进的

资讯科技系统提升效率以满足客户要求，才

能在激烈竞争和经济放缓的环境下生存及取

得成功。

近年，中国奶类产品市场（尤其是婴幼儿奶

粉市场）局势愈加不明朗，且越来越具挑战

性。中国奶类产品市场正面临来自中国出生

率低、竞争加剧、食品法规愈加严格的影响

及严峻宏观经济形势的压力。随著中国新出

生人口的持续下降，国内奶粉市场也持续萎

缩，但多家大型外资奶粉品牌的外资奶粉品

牌在中国市场业绩不降反增，二零二四年大

型外资奶粉品牌在中国的业绩或市场份额

持续增长。最近数据显示，于

COVID

期间后，

「英文标签产品」需求在中国持续增长，这

表明中国消费者越来越希望以合理的价格购

买高质量的海外产品。外资奶粉主打高端产

品，能够有更多的利润空间，客户群体的品

牌忠诚度相对国产品牌也较高。

尽管本集团现时并无任何重大投资或资本资

产之详细计划，本集团将继续遵循上述本公

司业务策略以发展本公司业务。本集团亦会

著力探讨整合本集团业务，期望更高效地利

用资源及资产，以于本集团业务分部间创造

协同效应。

18ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

本公司致力于加强本公司及其附属公司（统称

「本集团」）之企业管治标准，以保障本公司

股东（「股东」）、本公司客户及雇员之长远利

益。本公司董事（「董事」）会（「董事会」）持续

监察及审阅所采纳之企业管治常规，并竭力

切合股东日渐提高之期望及履行维持高度企

业管治以达到本集团长远成功之承诺。

遵守企业管治守则

本公司于整个截至二零二五年三月三十一

日止年度内已应用香港联合交易所有限公司

（「联交所」）证券上市规则（「上市规则」）附

录

第二部分所载之企业管治守则（「企业管

治守则」）的原则及遵守所有适用守则条文，

惟以下偏离情况除外：

于二零二四年一月二十六日，独立非执行董

事以及本公司审核委员会（「审核委员会」）、

提名委员会（「提名委员会」）及薪酬委员会

（「薪酬委员会」）各自的成员蔡健民先生

（「蔡先生」）因病离世。本公司因而

(i)

仅有两

名独立非执行董事，而未能符合上市规则第

3.10(1)

条规定之独立非执行董事最低人数；

(i)

仅有两名审核委员会成员，而未能符合上

市规则第

3.21

条规定之审核委员会最低人

数；及

(i)

薪酬委员会中仅有两名独立非执行

董事，而未能符合上市规则第

3.25

条规定之

薪酬委员会中大部份成员须为独立非执行董

事之规定。

本公司已透过可信的业务伙伴推荐人选以尽

快物色合适人选填补蔡先生离世后出现的空

缺。于二零二四年四月二十五日，涂春安先生

（「涂先生」）获委任为独立非执行董事，以及

审核委员会、提名委员会及薪酬委员会各自

的成员。紧随涂先生的委任，本公司已遵守

(i)

上市规则第

3.10(1)

条下最低三位独立非执行

董事之规定；

(i)

上市规则第

3.21

条下审核委

员会最低人数之规定；及

(i)

上市规则第

3.25

条下薪酬委员会中大部份成员须为独立非执

行董事之规定。

The Company is comited to enhancing the standards of corporate

governance of the Company and its subsidiaries (colectively the “Group”) in

order to safeguard the long-term interests of shareholders of the Company

(the “Shareholders”), customers and employes of the Company. The board

(the “Board”) of directors (the “Director(s)”) of the Company continues to

monitor and review the corporate governance practices as adopted and

strives to met the rising expectations of the Shareholders and fulfil the

comitment to maintain high standards of corporate governance which

delivers long-term suces of the Group.

COMPLIANCE WITH CORPORATE GOVERNANCE CODE

The Company has aplied the principles of, and complied with al aplicable

code provisions of the Corporate Governance Code (the “CG Code”) as set

out in part 2 of Apendix C1 to the Rules Governing the Listing of Securities

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

“Stock Exchange”) throughout the year ended 31 March 2025, save and

except for the deviations as folows:

On 26 January 2024, Mr. Choi Kin Man (“Mr. Choi”), an independent non-

executive Director, and a member of each of the audit comite (the “Audit

Comite”), the nomination comite (the “Nomination Comite”)

and the remuneration comite (the “Remuneration Comite”) of the

Company, pased away due to il health. Thus, the Company has (i) two

independent non-executive Directors, which results in the number of

independent non-executive Directors faling below the minimum number

required under Rule 3.10(1) of the Listing Rules; (i) two members of the

Audit Comite, which results in the number of the Audit Comite

members faling below the minimum number required under Rule 3.21 of the

Listing Rules; and (i) only two independent non-executive Directors in the

Remuneration Comite, which results in the Company’s failure to maintain

a majority of independent non-executive Directors in the Remuneration

Comite as required under Rule 3.25 of the Listing Rules.

The Company has endeavoured to find suitable candidates to fil the vacancy

arising from the pasing away of Mr. Choi by seking referals from trusted

busines partners. On 25 April 2024, Mr. Tu Chunan (“Mr. Tu”) has ben

apointed as an independent non-executive Director, and a member of each

of the Audit Comite, the Nomination Comite and the Remuneration

Comite. Folowing the apointment of Mr. Tu, the Company has complied

with (i) the minimum number requirement of thre independent non-executive

Directors under Rule 3.10(1) of the Listing Rules; (i) the minimum number

requirement in the Audit Comite under Rule 3.21 of the Listing Rules; and

(i) the majority of independent non-executive Directors requirement in the

Remuneration Comite under Rule 3.25 of the Listing Rules.

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

On 31 May 2024, Mr. Cheng Haoliang (“Mr. Cheng”) resigned as an

independent non-executive Director, and also ceased to be the chairman

and a member of the Remuneration Comite, and a member of each

of the Audit Comite and the Nomination Comite. Folowing the

resignation of Mr. Cheng, the Company has (i) two independent non-

executive Directors, which results in the number of independent non-

executive Directors faling below the minimum number required under

Rule 3.10(1) of the Listing Rules; (i) two members of the Audit Comite,

which results in the number of the Audit Comite members faling below

the minimum number required under Rule 3.21 of the Listing Rules; and

(i) no independent non-executive Director as the chairman and only two

independent non-executive Directors in the Remuneration Comite, which

results in the Company’s failure (a) to have an independent non-executive

Director as a chairman; and (b) to maintain a majority of independent non-

executive Directors in the Remuneration Comite as required under Rule

3.25 of the Listing Rules.

The Company has taken active steps (including seking referals and

meting with potential candidates) to find suitable candidates to fil the

vacancy arising from the resignation of Mr. Cheng. On 15 July 2024, Mr.

Chen Jianguo (“Mr. Chen”) has ben apointed as an independent non-

executive Director, the chairman and a member of the Remuneration

Comite, and a member of each of the Audit Comite and the

Nomination Comite. Thus, the Company has complied with (i) the

minimum number requirement of thre independent non-executive Directors

under Rule 3.10(1) of the Listing Rules; (i) the minimum number requirement

in the Audit Comite under Rule 3.21 of the Listing Rules; and (i) the

chairman acting by an independent non-executive Director and the majority

of independent non-executive Directors requirement in the Remuneration

Comite under Rule 3.25 of the Listing Rules.

The position of the chairman of the Company (the “Chairman”) was vacated

upon the resignation of the former Chairman, and those responsibilities

continued to be shared among the members of the Board since 1 October

2022. During the year, the Company had not met the requirements of (i) the

roles of chairman and chief executive under code provision C.2.1 and (i) the

responsibilities of chairman under code provisions C.2.2 to C.2.9 of the CG

Code. The Board and the Nomination Comite wil continuously review

and discus the adjustment to the composition of the Board.

Events After the Reporting Period

On 2 July 2025, Ms. Wu Feizi (“Ms. Wu”) resigned as an executive Director,

and also ceased to be a member of each of the Remuneration Comite

and the Credit Comite. Folowing the resignation of Ms. Wu, the

Company has a single gender Board, which fails to met the board diversity

requirement under Rule 13.92 of the Listing Rules.

The Company wil use its best endeavours to identify and apoint a suitable

female candidate as a Director to met the relevant requirement as son as

practicable, in any event within thre months from the date of resignation of

Ms. Wu.

于二零二四年五月三十一日，程浩亮先生

（「程先生」）辞任独立非执行董事，并停任薪

酬委员会主席及成员以及审核委员会和提名

委员会各自的成员。紧随程先生的辞任，本

公司

(i)

仅有两名独立非执行董事，而未能符

合上市规则第

3.10(1)

条规定之独立非执行董

事最低人数；

(i)

仅有两名审核委员会成员，而

未能符合上市规则第

3.21

条规定之审核委员

会成员最低人数；及

(i)

薪酬委员会中并无独

立非执行董事出任主席，且仅有两名独立非

执行董事，而未能符合上市规则第

3.25

条规

定之

(a)

有一名独立非执行董事出任主席；及

(b)

薪酬委员会中大部份成员须为独立非执行

董事之规定。

本公司已采取积极措施（包括寻求推荐及与

有潜质的人选会见），以物色合适人选填补

因程先生辞任而产生的空缺。于二零二四年

七月十五日，陈建国先生（「陈先生」）获委任

为独立非执行董事、薪酬委员会的主席及成

员，以及审核委员会及提名委员会各自的成

员。因此，本公司已遵守

(i)

上市规则第

3.10(1)

条下最低三位独立非执行董事之规定；

(i)

上

市规则第

3.21

条下审核委员会最低人数之规

定；及

(i)

上市规则第

3.25

条下薪酬委员会须

由独立非执行董事出任主席及大部份成员须

为独立非执行董事之规定。

自二零二年十月一日起，本公司主席（「主

席」）职位在前主席辞任后悬空，该等职责继

续由董事会成员分担。年内，本公司未能符

合企业管治守则的

(i)

守则条文

C.2.1

项下主

席及行政总裁之角色及

(i)

守则条文

C.2.2

至

C.2.9

项下主席的职责的规定。董事会及提名

委员会将继续审视及商讨调整董事会之组

成。

报告期后事项

于二零二五年七月二日，伍非子女士（「伍女

士」）辞任执行董事，并停任薪酬委员会及信

贷委员会各自的成员。紧随伍女士辞任，本

公司仅有单一性别董事会，因此未能符合上

市规则第

13.92

条的董事会成员多元化之规

定。

本公司将竭尽所能并于实际可行情况下，惟

无论如何于伍女士辞任日期起三个月内，尽

快物色及委任合适女性人选出任董事，以符

合相关规定。

20ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

董事会

董事会职责

董事会负责为本公司提供高水平指引、领导

及监控。董事会制定中长期策略、监察经营

及财务表现、审阅年度业务计划及财务预

算、确保良好企业管治及为本公司作出重要

决策，包括但不限于该等影响本集团的战略

政策、主要投资及集资决策以及与营运相关

的重大承诺。

董事会组成

董事会目前有四名董事，由一名执行董事及

三名独立非执行董事组成。于本年度内及直

至本年报刊发日期之董事会成员载列如下：

执行董事：

赵磊先生（行政总裁）

高鹏先生（于二零二四年五月三十一日

获委任及于二零二四年九月十一日辞任）

伍非子女士（于二零二五年七月二日辞任）

独立非执行董事：

李泽雄先生

涂春安先生（于二零二四年四月二十五日获委任）

陈建国先生（于二零二四年七月十五日获委任）

程浩亮先生（于二零二四年五月三十一日辞任）

董事之履历详情载于本年报第

页至第

页

之「董事及高级管理层个人资料」。

高鹏先生、涂春安先生及陈建国先生分别已

于二零二四年五月二十三日、二零二四年四

月二十四日及二零二四年七月十日取得各自

根据上市规则第

3.09D

条所述的法律意见，并

确认明白彼等作为董事的责任。

本公司目前有三名独立非执行董事（占董事

会三分之一以上），以就策略、政策、主要委

任及行为准则等事宜提供独立判断。全体独

立非执行董事之委任期为期三年，惟可根据

各委任函、本公司细则（「细则」）及上市规则

的轮值退任及重选连任规定以及其他相关条

文而提前终止。在独立非执行董事中，至少

一名独立非执行董事具备上市规则第

3.10

条

所规定之适当的专业资格、会计或相关财务

管理专长。本公司已收悉各独立非执行董事

按上市规则第

3.13

条有关其独立性之年度确

认函，并继续认为所有独立非执行董事确属

独立。

BOARD

Board Responsibilities

The Board is responsible for providing high-level guidance, leadership

and control for the Company. The Board formulates mid and long-term

strategies, monitors operational and financial performance, reviews the

anual busines plans and financial budgets, ensures god corporate

governance and makes key decisions of the Company, including but not

limited to those afecting strategic policies of the Group, major investment

and funding decisions and major comitments relating to the operations of

the Group.

Board Composition

The Board curently has four Directors comprising one executive Director

and thre independent non-executive Directors. Members of the Board

during the year and up to the date of publication of this anual report are set

out as below:

Executive Directors:

Mr. Zhao Lei (Chief Executive Oficer)

Mr. Gao Peng (apointed on 31 May 2024

and resigned on 11 September 2024)

Ms. Wu Feizi (resigned on 2 July 2025)

Independent Non-executive Directors:

Mr. Li Chak Hung

Mr. Tu Chunan (apointed on 25 April 2024)

Mr. Chen Jianguo (apointed on 15 July 2024)

Mr. Cheng Haoliang (resigned on 31 May 2024)

The biographical details of the Directors are set out in the “Biographical

Information of Directors and Senior Management” of this anual report on

pages 55 to 56.

Each of Mr. Gao Peng, Mr. Tu Chunan and Mr. Chen Jianguo had obtained

legal advice pursuant to Rule 3.09D of the Listing Rules on 23 May 2024, 24

April 2024 and 10 July 2024, respectively, and confirmed they understod

their obligations as a Director.

The Company curently has thre independent non-executive Directors,

representing more than one-third of the Board, to bring an independent

judgement to bear on isues of strategy, policy, key apointments and

standards of conduct. Al independent non-executive Directors are apointed

for a term of thre years subject to early termination in acordance with the

terms of the respective leters of apointment and retirement by rotation and

re-election and other related provisions as stipulated in the bye-laws of the

Company (the “Bye-laws”) and the Listing Rules. Among the independent

non-executive Directors, at least one of the independent non-executive

Directors has the apropriate profesional qualifications or acounting or

related financial management expertise under Rule 3.10 of the Listing Rules.

The Company has received from each of the independent non-executive

Directors an anual confirmation of his independence pursuant to Rule

3.13 of the Listing Rules and the Company continues to consider al the

independent non-executive Directors to be independent.

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

董事之委任及重选

根据细则第

84(1)

条，尽管细则有任何其他规

定，于各股东周年大会上，现时三分之一的

董事须轮值退任，惟每名董事须至少每三年

轮值退任一次。李泽雄先生及涂春安先生将

于二零二五年九月九日（星期二）举行的本公

司应届股东周年大会（「股东周年大会」）上退

任董事职务，并符合资格及将愿意于股东周

年大会上重选为董事，并须以独立决议案形

式于股东周年大会上审议通过。

根据细则第

83(2)

条，董事将有权不时及随时

委任何人士为董事以填补董事会临时空缺

或增加现有董事会人数之名额。任何获董事

会委任以填补临时空缺或增加现有董事会人

数之董事之任期仅直至其获委任后本公司

首届股东周年大会为止，并符合资格重选连

任。

董事会成员之间关系

董事会成员之间概无关系（包括财务、业务、

家族或其他重大╱相关系）。

董事会及委员会议

于本年度内，本公司已举行六次董事会

议。各董事于董事会、审计委员会、提名委员

会、薪酬委员会、信贷委员会之会议以及股

东周年大会的个别出席记录载列如下：

附注：

于本年度内董事之出席情况乃参考于彼等各自之任期

内举行之有关会议次数作出。

Apointment and Re-election of Directors

Pursuant to bye-law 84(1) of the Bye-laws, notwithstanding any other

provisions in the Bye-laws, at each anual general meting one-third of the

Directors for the time being shal retire from ofice by rotation provided that

every Director shal be subject to retirement at least once every thre years.

Mr. Li Chak Hung and Mr. Tu Chunan wil retire from ofice as Director at the

forthcoming anual general meting of the Company to be held on Tuesday,

9 September 2025 (the “AGM”) and, being eligible, wil ofer themselves for

re-election as Director at the AGM, and be subject to separate resolutions to

be aproved at the AGM.

Pursuant to bye-law 83(2) of the Bye-laws, the Directors shal have the

power from time to time and at any time to apoint any person as a Director

either to fil a casual vacancy on the Board or as an adition to the existing

Board. Any Director apointed by the Board to fil a casual vacancy or as

an adition to the existing Board shal hold ofice only until the first anual

general meting of the Company after his apointment and shal then be

eligible for re-election.

Relationship Betwen Board Members

There is no relationship (including financial, busines, family or other material/

relevant relationships) betwen Board members.

Board and Comites Metings

During the year, the Company held six Board metings. The individual

atendance records of each Director at the metings of the Board, the Audit

Comite, the Nomination Comite, the Remuneration Comite, the

Credit Comite and anual general meting are set out below:

Number of metings atended/held

出席╱举行会议次数

DirectorsBoard

Audit

Comite

Nomination

Comite

Remuneration

Comite

Credit

Comite

Anual

general

meting

董事董事会

审核

委员会

提名

委员会

薪酬

委员会

信贷

委员会

股东

周年大会

Executive Directors

执行董事

Zhao Lei (Chief Executive Oficer)

赵磊（行政总裁）

6/6N/A

不适用

1/11/11/11/1

Gao Peng (apointed on 31 May 2024

and resigned on 11 September 2024)

高鹏（于二零二四年五月三十一日获委任

及于二零二四年九月十一日辞任）

2/3N/A

不适用

N/A

不适用

N/A

不适用

0/00/1

Wu Feizi (resigned on 2 July 2025)

伍非子（于二零二五年七月二日辞任）

5/6N/A

不适用

N/A

不适用

1/10/11/1

Independent Non-executive Directors

独立非执行董事

Li Chak Hung

李泽雄

6/63/31/11/11/11/1

Tu Chunan (apointed on 25 April 2024)

涂春安（于二零二四年四月二十五日获委任）

6/63/31/11/1N/A

不适用

1/1

Chen Jianguo (apointed on 15 July 2024)

陈建国（于二零二四年七月十五日获委任）

4/41/10/00/0N/A

不适用

1/1

Cheng Haoliang (resigned on 31 May 2024)

程浩亮（于二零二四年五月三十一日辞任）

0/01/10/00/0N/A

不适用

0/0

Note:

Atendances of the Directors during the year were made by reference to the number of such

metings held during their respective tenures.

22ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

主席及行政总裁

主席领导及负责确保董事会及本集团之整体

策略的有效及顺畅运作，并确立良好企业管

治常规及程序。主席亦确保全体董事均适当

知悉于董事会议上提呈的所有事项，并及

时得到充分、完备、可靠的资料。

行政总裁则集中于整体管理、本集团之运作

及业务发展，并推行董事会所采纳的重要政

策及发展战略，以确保本集团业务的日常管

理畅顺。

此职责区分确保加强彼等之独立性、责任及

问责性。

于本年度内，行政总裁的职位由赵磊先生担

任。然而，于本年度内，主席职位仍然悬空。

主席之职责继续由董事会成员分担，且于本

年度内，没有举行主席与独立非执行董事在

没有其他执行董事出席的情况下的会议。

董事会独立性

本公司已设立机制以确保董事提供独立观点

及意见，亦提供足够资源予董事以履行其职

责，包括但不限于在适当情况下，可寻求外

部独立专业意见，费用由本公司支付。此外，

董事将获持续提供上市规则及其他适用监管

规定之重大发展资料，以确保彼等遵守及维

持良好企业管治常规。董事会认为该机制已

有效地执行。

Chairman and Chief Executive Oficer

The Chairman provides leadership and is responsible for ensuring efective

and smoth functioning and operation of the Board and the overal strategy

of the Group and establishing god corporate governance practices and

procedures. The Chairman also ensures that al Directors are properly briefed

on al isues arising at Board metings and receive adequate, acurate and

reliable information in a timely maner.

The Chief Executive Oficer focuses on the overal management, operation

and busines development of the Group and implementing important policies

and development strategies as adopted by the Board in order to ensure a

sucesful day-to-day management of the busines of the Group.

This segregation of roles ensures reinforcement of their independence,

responsibility and acountability.

During the year, the position of the Chief Executive Oficer was held by Mr.

Zhao Lei. However, the position of the Chairman remained vacant during

the year. Those responsibilities of the Chairman continued to be shared

among the members of the Board, and no meting of the Chairman with the

independent non-executive Directors without the presence of other executive

Directors was held during the year.

Board Independence

The Company has established mechanisms to ensure independent views

and input from the Directors, and also provides the Directors with suficient

resources to perform their duties, including but not limited to sek external

independent profesional advice, in apropriate circumstances, at the

Company’s expenses. In adition, Directors wil be continuously updated on

the major developments of the Listing Rules and other aplicable regulatory

requirements to ensure compliance and upkep of corporate governance

practices. The Board considers that the implementation of mechanisms is

efective.

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

董事之持续专业发展培训

本公司已收悉各董事之确认书，确认彼等已

根据企业管治守则之守则条文第

C.1.4

条于

本年度内参与持续专业发展培训，以发展及

更新其知识及技术。根据董事所提供及本公

司存置的记录，董事于本年度内接受的培训

概述如下：

培训形式：

授课╱讲座

网上学习

阅读材料

董事会成员多元化

本公司采纳董事会成员多元化政策（「多元

化政策」），旨在制定达致董事会成员多元化

的方案。本公司明白并深信董事会成员多元

化对提升其表现质素裨益良多。为达致可持

续和均衡的发展，本公司认为提升董事会层

面成员多元化乃有助其达到策略目标及可持

续发展之重要元素。在制定董事会成员的组

成时，本公司会从多方面考虑董事会成员多

元化，包括但不限于性别、年龄、文化和教

育背景、种族、专业经验、技能、知识和服务

任期。在充分考虑董事会成员多元化的裨益

下，所有董事会成员之委任将以任人唯贤为

原则，及以客观标准考量候选人。提名委员

会将在适当时候检讨多元化政策，以确保其

有效性。

Directors’ Continuous Profesional Development Training

The Company has received confirmation from each of the Directors that he

or she had participated in continuous profesional development training to

develop and refresh his or her knowledge and skils in acordance with code

provision C.1.4 of the CG Code during the year. Acording to the records

provided by the Directors and maintained by the Company, the training

received by the Directors during the year is sumarised as folows:

Directors

Corporate

governance

Updates to

laws, rules and

regulations

Finance/

management

董事企业管治

法例、规则及

规例之更新财务╱管理

Executive Directors

执行董事

Zhao Lei (Chief Executive Oficer)

赵磊（行政总裁）

ACACAC

Gao Peng (apointed on 31 May 2024

and resigned on 11 September 2024)

高鹏（于二零二四年五月三十一日获委任

及于二零二四年九月十一日辞任）

–

Wu Feizi (resigned on 2 July 2025)

伍非子（于二零二五年七月二日辞任）

ACAC–

Independent Non-executive Directors

独立非执行董事

Li Chak Hung

李泽雄

ABCABCABC

Tu Chunan (apointed on 25 April 2024)

涂春安（于二零二四年四月二十五日获委任）

ACAC–

Chen Jianguo (apointed on 15 July 2024)

陈建国（于二零二四年七月十五日获委任）

ACAC–

Cheng Haoliang (resigned on 31 May 2024)

程浩亮（于二零二四年五月三十一日辞任）

–C–

Form of training:

A: Tutorial/Seminar

B: Online learning

C: Reading materials

Board Diversity

The Company has adopted a Board diversity policy (the “Diversity Policy”)

seting out the aproach to achieve diversity of the Board. The Company

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

the quality of its performance. With a view to achieving a sustainable

and balanced development, the Company ses increasing diversity at

the Board level as an esential element in suporting the atainment of

its strategic objectives and its sustainable development. In designing the

Board’s composition, Board diversity has ben considered from a number

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

background, ethnicity, profesional experience, skils, knowledge and

length of service. Al Board apointments wil be based on meritocracy, and

candidates wil be considered against objective criteria, having due regard for

the benefits of diversity on the Board. The Nomination Comite wil review

the Diversity Policy, as apropriate, to ensure its efectivenes.

24ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

在评估多元化政策的执行情况时，女性董事

会代表的比例为本公司的一个可衡量的目

标。于本年度内，董事会五名董事中有一名

女性，实现了董事会的性别多元化，占

20%

。

紧随伍小姐于报告期后即二零二五年七月

二日辞任执行董事，本公司仅有由四名男性

董事组成单一性别的董事会，因此未能符合

上市规则第

13.92

条的董事会成员多元化之

规定。本公司将竭尽所能并于实际可行情况

下，惟无论如何于伍女士辞任日期起三个月

内，尽快物色及委任合适女性董事，以符合

相关规定，而最终目标为在找到合适的候选

人时，逐步增加女性成员的比例。

四名董事来自多元及互补的背景，包括业务

发展、销售及市场推广、会计、财务管理、企

业融资、资产管理、投资、产业园区物业管

理、运营服务创新及产业转型升级。彼等为

我们的业务带来的宝贵经验及专业知识，对

本集团的长期发展至关重要。

于本年度内，董事会对多元化政策的实施及

有效性进行年度检讨，并确信多元化政策已

得到适当的实施且有效。

在致力保持性别多元化的过程中，招聘及挑

选高级管理层及一般员工时也作出了类似的

考虑。截至二零二五年三月三十一日，作为

性别多元化的可衡量目标的

1:0.68

男女性别

比例，已在员工（包括高级管理层）中实现。

有关本集团员工组成的进一步资料已载于独

立的「环境、社会及管治报告」内。

董事之证券交易

本公司已采纳上市规则附录

所载上市发

行人董事进行证券交易的标准守则（「标准守

则」）。

经对每名董事作出具体查询后，全体董事均

确认，彼等于截至二零二五年三月三十一日

止年度内已遵守标准守则所载之所需标准。

董事会委任

本公司管理层已获授权负责本集团的日常管

理及一般经营的决策。董事会就其权限及管

理层须向董事会汇报的情况向管理层提供明

确方向。

本公司已就董事可能面对之法律行动安排适

当的董事及高级职员责任保险。此外，根据

细则，各董事或本公司其他高级职员可自本

公司的资产获取弥偿，以补偿彼等履行职责

时或就此在其他方面蒙受或产生的所有损失

或责任。

The proportion of female Board representation is a measurable objective of

the Company in asesing the implementation of the diversity policy. During

the year, the Board had one female Director out of five Directors, achieved

the gender diversity of the Board at 20%. Folowing the resignation of Ms.

Wu as an executive Director after the reporting period on 2 July 2025,

the Company has a single gender Board comprises four male Directors,

which does not met the board diversity requirement under Rule 13.92

of the Listing Rules. The Company wil use its best endeavours to identify

and apoint a suitable female Director as son as practicable, in any event

within thre months from the date of resignation of Ms. Wu to met such

requirement, with the ultimate goal of increasing the proportion of female

members over time as and when suitable candidates are identified.

The four Directors are from diverse and complementary backgrounds,

including busines development, sales and marketing, acounting, finance

management, corporate finance, aset management, investment, industrial

park property management, operation service inovation and industrial

transformation and upgrading. The valuable experience and expertise they

bring to our busines are critical for the long-term growth of the Group.

During the year, the Board has conducted an anual review of the

implementation and efectivenes of the Diversity Policy and is satisfied that

the Diversity Policy has ben properly implemented and is efective.

In striving to maintain gender diversity, similar considerations aplied when

recruiting and selecting senior management and general staf. As of 31

March 2025, a 1:0.68 male to female gender ratio, being a measurable

objective for gender diversity, has ben achieved in the workforce (including

senior management). Further information about the composition of the

Group’s workforce is set out in the separate “Environmental, Social and

Governance Report”.

Directors’ Securities Transactions

The Company has adopted the Model Code for Securities Transactions by

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

the Listing Rules.

Specific enquiry has ben made to each of the Directors and al Directors

confirmed that they had complied with the required standards as set out in

the Model Code during the year ended 31 March 2025.

DELEGATION BY THE BOARD

Day-to-day management and operation of the Group are delegated to the

management of the Company. The Board provides clear directions to the

management as to its powers and circumstances in which the management

shal report to the Board.

The Company has aranged apropriate Directors’ and oficers’ liability

insurance in respect of legal action against Directors. In adition, each

Director or other oficers of the Company shal be entitled to be indemnified

out of the asets of the Company against al loses or liabilities which he or

she may sustain or incur in or about the execution of the duties of his or her

ofice or otherwise in relation thereto in acordance with the Bye-laws.

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

管理层

管理层在行政总裁的领导下，负责本集团业

务的日常管理、执行董事会批准的策略及在

董事会授权下本公司的一般营运。董事会密

切监察及定期检讨有关授权。管理层须向董

事会作出汇报，而在代表本公司作出任何重

要决策或任何承诺前需要取得董事会的批

准。

董事委员会

董事会已授权予审核委员会、提名委员会、

薪酬委员会及信贷委员会，以处理界定职权

范围内的指明事宜，该等职权范围经定期审

阅及更新以确保维持合适及与本集团的业务

及管治常规更新保持一致。

薪酬委员会

于本年报刊发日期，薪酬委员会由一名执行

董事（赵磊先生）及三名独立非执行董事（李

泽雄先生、涂春安先生及陈建国先生（薪酬

委员会主席）组成，获董事会授予权力，以

制定、审阅及向董事会建议本集团之薪酬政

策及惯例。程浩亮先生于二零二四年五月

三十一日停任薪酬委员会主席及成员，以及

伍非子女士于二零二五年七月二日停任薪酬

委员会成员。

薪酬委员会之职权范围遵从企业管治守则所

载之指引，并可于联交所及本公司之网站查

阅。

薪酬委员会之主要职责是向董事会建议执行

董事及高级管理层的薪酬待遇、向董事会建

议全体董事及高级管理层的薪酬政策及架

构，以确保概无董事或其任何联系人参与厘

定其自身之薪酬以及审阅及批准酬金相关事

项。

于本年度内，薪酬委员会已举行一次会议（成

员于会议上的出席记录载于上文「董事会－

董事会及委员会议」一节），并透过传阅文

件方式处理事务，其已履行之工作包括审阅

所有董事及高级管理层的薪酬政策及架构，

向董事会建议执行董事及高级管理层的薪酬

以及新委任董事之薪酬待遇。董事酬金详情

载于综合财务报表附注

。

The Management

The management, under the leadership of the Chief Executive Oficer, is

responsible for the day-to-day management of the Group’s busineses,

implementation of the strategies aproved by the Board and general

operations of the Company as delegated by the Board. Such delegation is

closely monitored and regularly reviewed by the Board. The management

has to report to the Board and obtain the Board’s aproval prior to any

significant decisions or any comitments to be entered into on behalf of the

Company.

Board Comites

The Board has delegated authority to the Audit Comite, the Nomination

Comite, the Remuneration Comite and the Credit Comite to deal

with specific maters under defined terms of reference which are reviewed

and updated regularly to ensure that they remain apropriate and in line with

the Group’s busines and changes in governance practices.

REMUNERATION COMITE

As at the date of publication of this anual report, the Remuneration

Comite, consisting of one executive Director (Mr. Zhao Lei) and thre

independent non-executive Directors (Mr. Li Chak Hung, Mr. Tu Chunan

and Mr. Chen Jianguo (chairman of the Remuneration Comite), is

delegated with the authority from the Board to establish, review and make

recomendations to the Board on the remuneration policy and practices of

the Group. Mr. Cheng Haoliang ceased to be the chairman and a member of

the Remuneration Comite on 31 May 2024 and Ms. Wu Feizi ceased to

be a member of the Remuneration Comite on 2 July 2025.

The terms of reference of the Remuneration Comite folow the guidelines

as set out in the CG Code and are available on the websites of the Stock

Exchange and the Company.

The main duties of the Remuneration Comite are to make

recomendations to the Board on the remuneration packages of executive

Directors and senior management, recomend to the Board the policy and

structure on the remuneration of al Directors and senior management to

ensure that no Director or any of his or her asociates is involved in deciding

his or her own remuneration and in reviewing and aproving compensation-

related isues.

During the year, the Remuneration Comite held one meting (the

atendance records of the members at the meting is set out in the section

headed “Board – Board and Comites Metings” above) and also dealt

with maters by way of circulation. It performed works including to review

the policy and structure on the remuneration of al Directors and senior

management, recomend to the Board the remuneration of executive

Directors and senior management, and the remuneration packages for the

newly apointed Directors. Particulars of the Directors’ emoluments are set

out in note 11 to the consolidated financial statements.

26ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

于本年度内，鉴于在购股权计划下概无授出

购股权（见董事会报告），因此并无根据上市

规则第十七章下须由薪酬委员会审阅或批准

有关购股权计划的重大事宜。薪酬委员会亦

已于本年度内评估执行董事的表现，并批准

执行董事服务合约的条款。

高级管理层薪酬

本集团高级管理层中五名（二零二四年：六

名）董事之酬金载于综合财务报表附注

。

根据企业管治守则之守则条文第

E.1.5

条，截

至二零二五年三月三十一日止年度按范围

划分之应付其余一名高级管理层成员（二零

二四年：两名成员）之薪酬载列如下：

提名委员会

于本年报刊发日期，提名委员会由一名执行

董事（赵磊先生）及三名独立非执行董事（李

泽雄先生（提名委员会主席）、涂春安先生及

陈建国先生）组成，获董事会授予权力，就提

名候选人制定及实行政策供董事会批准以及

评核独立非执行董事之独立性及承诺。程浩

亮先生已于二零二四年五月三十一日停任提

名委员会成员。

提名委员会之职权范围遵从企业管治守则所

载之指引，并可于联交所及本公司之网站查

阅。

提名委员会之主要职责为检讨董事会架构、

规模及组成、就董事之委任及重任以及本公

司高级管理层（包括董事）继任计划制定政策

及向董事会提出建议，并评核独立非执行董

事之独立性。

During the year, since there were no shares granted under the Share Option

Scheme (as stated in the Directors’ Report), no material maters relating

to the Share Option Scheme under Chapter 17 of the Listing Rules were

required to be reviewed or aproved by the Remuneration Comite.

The Remuneration Comite has also asesed the performance of the

executive Directors and aproved the terms of the executive Directors’

services contract during the year.

Senior Management’s Remuneration

Of the senior management of the Group, emoluments of five (2024: six)

Directors are set out in note 11 to the consolidated financial statements. The

remuneration payable to the remaining one member (2024: two members) of

senior management by band for the year ended 31 March 2025, pursuant to

code provision E.1.5 of the CG Code, were as folows:

Number of Individuals

人数

二零二五二零二四年

Nil to HK$1,000,000

零至

1,000,000

港元

NOMINATION COMITE

As at the date of publication of this anual report, the Nomination

Comite, consisting of one executive Director (Mr. Zhao Lei) and thre

independent non-executive Directors (Mr. Li Chak Hung (chairman of

the Nomination Comite), Mr. Tu Chunan and Mr. Chen Jianguo), is

delegated with the authority from the Board to formulate and implement the

policy for nominating candidates for aproval of the Board and ases the

independence and comitment of independent non-executive Directors. Mr.

Cheng Haoliang ceased to be a member of the Nomination Comite on

31 May 2024.

The terms of reference of the Nomination Comite folow the guidelines

as set out in the CG Code and are available on the websites of the Stock

Exchange and the Company.

The main duties of the Nomination Comite are to review the

structure, size and composition of the Board, formulate policy and make

recomendations to the Board on apointment or reapointment of the

Directors and sucesion planing for senior management of the Company

(including Directors), and ases the independence of independent non-

executive Directors.

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

于本年度内，提名委员会已举行一次会议（成

员于会议上的出席记录载于上文「董事会－

董事会及委员会议」一节），并透过传阅文

件方式处理事务，其已履行之工作包括检讨

多元化政策及提名政策、检讨董事会架构、

规模及组成以及董事履行彼等职责所承诺付

出的时间、讨论本公司高级管理层的继任计

划、考虑董事退任及重选、评核独立非执行

董事之独立性、向董事会建议新委任董事，

以及董事委员会组成之变动。

提名政策

本公司重视董事会成员甄选过程之高透明

度。提名委员会制定的提名政策旨在确保董

事会在技能、经验及观点多元化上保持平衡

以适应本公司的业务需求。提名委员会已获

授权以识别具备合适资格成为董事会成员的

人士，并就已被提名担任董事职位的人士进

行甄选或向董事会提出建议。考虑候选人是

否合适的准则应为彼是否有能力投入足够的

时间和精力处理本公司事务，并为董事会成

员多元化作出贡献。本公司采纳该准则以建

立一个可以达到性别多元化的董事会候选

人管道。最终甄选和任命新董事由董事会负

责。

问责及核数

财务申报

董事会须负责就本年报中本集团的表现及前

景以及上市规则规定的其他财务披露，呈列

平衡、清晰及简明的评估。董事亦知悉其以

持续经营之基础编制财务报表之责任，以提

供本集团真实及公正之财政状况。本公司外

聘核数师的汇报责任声明载于「独立核数师

报告」内。

董事知悉本集团截至二零二五年三月三十一

日止年度产生净亏损

198,499,000

港元。于

该日，本集团之流动负债超过其流动资产

173,173,000

港元及本集团之负债总额超过

其资产总额

65,134,000

港元。诚如「独立核数

师报告」内「有关持续经营的重大不确定性」

一节中所述，该等情况连同综合财务报表附

注

2(c)

所述的其他事项显示存在可能导致对

本集团持续经营能力产生重大疑问之重大不

确定性。本公司外聘核数师的意见并无就此

事项进行修改。截至二零二五年三月三十一

日止年度的综合财务报表按持续经营基准编

制。

During the year, the Nomination Comite held one meting (the

atendance record of the members at the meting is set out in the section

headed “Board – Board and Comites Metings” above) and also dealt

with maters by way of circulation. It performed works including to review

the Diversity Policy and the Nomination Policy, review the structure, size

and composition of the Board, and the time comitment of Directors in

performing their responsibilities, discus the sucesion planing of the

senior management of the Company, consider the retirement and re-election

of Directors, ases the independence of the independent non-executive

Directors and make recomendation to the Board on the new apointment

of Directors, and the changes to the composition of Board comites.

Nomination Policy

The Company embraced high transparency in the Board member selection

proces. The nomination policy formulated by the Nomination Comite

aims to ensure the Board maintains a balance of skils, experience

and diversity of perspectives apropriate to the requirements of the

Company’s busines. The Nomination Comite has ben delegated

with the responsibility to identify individuals suitably qualified to become

Board members and select or make recomendations to the Board on

the selection of individuals nominated for directorships. The criteria in

considering whether a candidate is qualified shal be his or her ability to

devote suficient time and atention to the afairs of the Company and

contribute to the diversity of the Board. By adopting such criteria, it facilitates

the Company in developing a pipeline of candidates to the Board to achieve

gender diversity. The Board is ultimately responsible for the selection and

apointment of new Directors.

ACOUNTABILITY AND AUDIT

Financial Reporting

The Board is responsible for presenting a balanced, clear and

understandable asesment of the Group’s performance and prospects in

this anual report and other financial disclosures as required by the Listing

Rules. The Directors also acknowledge their responsibility for preparing the

financial statements that give a true and fair view of the Group’s financial

position on a going concern basis. A statement by the external auditor

of the Company in respect of its reporting responsibilities is set out in the

“Independent Auditor’s Report”.

The Directors are aware that the Group incured a net los of

HK$198,499,000 for the year ended 31 March 2025. As of that date, the

Group’s curent liabilities exceded its curent asets by HK$173,173,000

and the Group’s total liabilities exceded its total asets by HK$65,134,000.

As set out in the section headed “Material Uncertainty Related to Going

Concern” in the “Independent Auditor’s Report”, these conditions, along

with other maters as set forth in note 2(c) to the consolidated financial

statements, indicate that a material uncertainty exists that may cast

significant doubt on the Group’s ability to continue as a going concern. The

opinion of the external auditor of the Company is not modified in respect

of this mater. The consolidated financial statements for the year ended 31

March 2025 are prepared on a going concern basis.

28ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

除上述及综合财务报表附注

2(c)

所披露者

外，董事并不知悉有任何可能会对本集团持

续经营能力产生重大疑问之重大不确定性事

件或情况。

风险管理及内部监控

董事会极为重视风险管理及内部监控，并知

悉对持续监督本集团风险管理及内部监控系

统的设计、实施及监察负有最终责任。董事

会亦知悉其需负责检讨本集团风险管理及内

部监控系统的充足性及有效性。

本集团维持风险管理及内部监控系统，有关

系统乃为管理而非消除未能达到业务目标的

风险，并就在决策过程判断、人为错误、欺诈

或其他违规行为所引致的重大错误陈述或损

失提供合理而非绝对的保证而设计。该等系

统涵盖财务、营运及合规之关键监控，当中

包括但不限于风险管理功能、本集团会计及

财务汇报职能方面的资源充足程度以及年度

监控和自我风险评估程序。

为遵守企业管治守则载列的适用守则条文，

董事会已委聘独立专业事务所为外聘内部核

数师，旨在协助促进资源充足及提高审阅质

素，使本集团内部审核职能满足联交所规定

并协助董事会对本集团于截至二零二五年三

月三十一日止年度的风险管理及内部监控系

统的效能进行年度审议。董事会已检讨内部

审核职能的必要性，并认为鉴于本集团业务

的规模和复杂性，委任外聘内部核数师来执

行内部审计职能将对本集团而言更具成本效

益及更切合其需求。然而，董事会将继续并

至少每年检讨一次内部审核职能的必要性。

董事会就本公司在会计、内部审核、财务汇

报职能方面以及环境、社会及管治表现和汇

报方面相关的资源、员工资历及经验、有关

员工所接受的培圳课程及预算是否足够作出

检讨。

于本年度内，本集团已进行年度风险评估，

此举可识别本集团的相关策略风险、营运风

险、财务风险及合规风险。根据采纳风险主

导的审核方法后的风险评估结果，本集团已

制定一个三年审核计划，该计划将所识别的

风险按其优先次序列入年度审核项目。按审

核计划进行的年度审阅，旨在协助董事会及

审核委员会评估本集团风险管理及内部监控

系统的效能。本集团已根据于风险评估及内

部监控系统检查期间所发现的若干弱点，采

取进一步措施增强其风险管理及内部监控系

统，并已加强实施所有风险管理及内部监控

系统。

Save as abovementioned and disclosed in note 2(c) to the consolidated

financial statements, the Directors are not aware of any material uncertainties

relating to events or conditions that might cast significant doubt on the

Group’s ability to continue as a going concern.

Risk Management and Internal Control

The Board places great importance on risk management and internal control

and acknowledges that it has the ultimate responsibility for overseing

the management in the design, implementation and monitoring of the risk

management and internal control systems of the Group on an on-going

basis. The Board also acknowledges that it is responsible for reviewing the

adequacy and efectivenes of the Group’s risk management and internal

control systems.

The Group maintained the risk management and internal control systems

which are designed to manage rather than eliminate the risk of failure to

achieve busines objectives, and to provide reasonable and not absolute

asurance against material mistatement or loses caused by judgement in

decision making proces, human eror, fraud or other iregularities. These

systems cover key controls over financial, operational and compliance

controls and, including but not limited to, risk management functions,

adequacy of resources of the Group’s acounting and financial reporting

functions and an anual control and risk self-asesment proces.

In order to comply with the aplicable code provisions set out in the CG

Code, the Board has retained an external independent profesional firm as

the outsourced internal auditor with a view to facilitating the adequacy of

resources and quality of review to satisfy the Group’s internal audit function

as required by the Stock Exchange and to asist the Board to perform

anual reviews on the efectivenes of the Group’s risk management and

internal control systems for the year ended 31 March 2025. The Board has

reviewed the ned for an internal audit function and is of the view that in light

of the size and complexity of the busines of the Group, it would be more

cost efective to apoint the outsourced internal auditor to perform internal

audit function for the Group in order to met its neds. Nevertheles, the

Board wil continue to review at least anualy the ned for an internal audit

function.

The Board had reviewed the adequacy of resources, qualifications

and experience of staf, their training programes and budget of the

Company’s acounting, internal audit, financial reporting functions, as wel

as those relating to the Company’s environmental, social and governance

performance and reporting.

During the year, the Group had conducted an anual risk asesment

which identified respective strategic risks, operational risks, financial risks

and compliance risks for the Group. Based on the risk asesment results

folowing a risk-based methodology audit aproach, a thre-year audit plan

was devised which prioritised the risks identified into anual audit projects.

The anual review was performed acording to the audit plan with a view

to asist the Board and the Audit Comite in evaluating the efectivenes

of the Group’s risk management and internal control systems. The Group

had taken further steps to enhance its risk management and internal control

systems based on some weakneses identified during risk asesment

and examination of the internal control systems, and had strengthened the

implementation of al the risk management and internal control systems.

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

本集团已同时建立以准确及安全的方式处理

及公布内幕消息的政策，以避免不当处理本

集团的内幕消息。该等程序主要包括以下各

项：

•

任何董事或员工不得向任何第三方披

露内幕消息。知晓内幕消息的董事或

员工有义务保密并仅限于在必需及保

密的基础上将其提供予第三方；

•

本公司有义务遵守香港法例第

章

证券及期货条例之要求及尽快就任何

内幕消息作出公布（如董事会认为有必

要作出公布）；及

•

任何董事或员工在其意识到任何潜

在内幕消息后应立即告知行政总裁、

本公司财务总监和公司秘书（「公司秘

书」）。

于本年度内，董事会已透过审核委员会检讨

风险管理及内部监控系统之有效性，并认为

该等系统是有效及足够。

风险及不确定因素

本集团面对的主要风险及不确定因素载于

「董事会报告」内「风险及不确定因素」一节

中。

审核委员会

于本年报刊发日期，审核委员会由三名独立

非执行董事（李泽雄先生（审核委员会主席）、

涂春安先生及陈建国先生）组成，获董事会授

予权力，为本集团之财务报表及汇报、风险

管理及内部监控系统，以及外部及内部审核

之充足程度进行审视并提供独立监督。程浩

亮先生已于二零二四年五月三十一日停任审

核委员会成员。

审核委员会之职权范围遵从企业管治守则所

载之指引，并可于联交所及本公司之网站查

阅。

审核委员会之主要职责为协助董事会审阅财

务报表及报告以及重要财务申报的判断、内

部审核职能的有效性、风险管理及内部监控

系统、审核程序及外聘核数师的委任、重任

及罢免、本公司雇员于保密情况下就财务汇

报、内部监控或本公司其他方面可能发生的

不正当行为可提出意见之安排。

The Group has also established a policy on handling and disemination of

inside information that sets out the procedures in handling inside information

in an acurate and secure maner and to avoid posible mishandling of

inside information within the Group. Those procedures mainly include the

folowing:

• no Directors or employes shal disclose inside information to any

third parties. Directors or employes who are in posesion of inside

information are obliged to preserve confidentiality and restrict aces

to the information on a ned-to-know and confidential basis;

• the Company is obliged to comply with the requirements of the

Securities and Futures Ordinance (Chapter 571 of the Laws of Hong

Kong) and make disclosure of any inside information as son as

practicable if the Board decides an anouncement is required; and

chief financial oficer and company secretary (the “Company

Secretary”) of the Company imediately when he or she is aware of

any potential inside information.

During the year, the Board, through the Audit Comite, has conducted

a review of the efectivenes of the risk management and internal control

systems and considers them efective and adequate.

Risks and Uncertainties

The principal risks and uncertainties faced by the Group are set out in the

section headed “Risks and Uncertainties” under the “Directors’ Report”.

Audit Comite

As at the date of publication of this anual report, the Audit Comite,

consisting of thre independent non-executive Directors, namely Mr. Li

Chak Hung (chairman of the Audit Comite), Mr. Tu Chunan and Mr.

Chen Jianguo, is delegated with the authority from the Board to review and

provide independent oversight of the financial statements and reporting, risk

management and internal control systems, and the adequacy of the external

and internal audits. Mr. Cheng Haoliang ceased to be a member of the Audit

Comite on 31 May 2024.

The terms of reference of the Audit Comite folow the guidelines as set

out in the CG Code and are available on the websites of the Stock Exchange

and the Company.

The main duties of the Audit Comite are to asist the Board in reviewing

the financial statements and reports and significant financial reporting

judgements, efectivenes of internal audit function, risk management

and internal control systems, audit proces, apointment, reapointment

and removal of the external auditors, arangements which employes of

the Company can use, in confidence, to raise concerns about posible

improprieties in financial reporting, internal control or other maters of the

Company.

30ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

审核委员会已连同本公司管理层审阅本集

团所采纳之会计准则及惯例，并已审阅及批

准本年报所载本集团截至二零二五年三月

三十一日止年度之经审核综合财务报表。

于本年度内，审核委员会已举行三次会议（成

员于会议上的出席记录载于上文「董事会－

董事会及委员会议」一节），并透过传阅文

件方式处理事务，其已履行之工作包括审阅

本集团中期及年度业绩并讨论及向董事会建

议批准相关财务报告、内部审核职能、本集

团风险管理及内部监控系统的有效性、重大

会计及审核事项、审核范围、外聘核数师的

重任及其独立性、风险评估结果及内部审核

活动、本公司在会计及财务汇报职能方面的

资源、员工资历及经验以及有关员工所接受

的培圳课程及预算是否足够并检讨举报政

策、审阅及讨论外聘核数师的审核计划并批

准外聘核数师的薪酬及聘用条款。

于本年度内，董事会与审核委员会就甄选、

委任、辞任或罢免外聘核数师并无意见分

歧。

审核委员会监察外聘核数师向本集团提供的

核数及非核数服务，及确保外聘核数师不会

因提供其他非核数服务而削弱其核数工作的

独立性或客观性。外聘核数师已向审核委员

会确认其于审核本集团截至二零二五年三月

三十一日止年度之综合财务报表及随后直至

本年报之日止的期间内根据香港会计师公会

之独立性要求为独立于本集团。

外聘核数师酬金

截至二零二五年三月三十一日止年度，就已

付╱应付予本集团外聘核数师国富浩华（香

港）会计师事务所有限公司及其分支机构提

供之审计及非审计服务之薪酬分析如下：

The Audit Comite had reviewed the acounting principles and practices

adopted by the Group together with the management of the Company, and

had reviewed and aproved the audited consolidated financial statements of

the Group for the year ended 31 March 2025 as set out in this anual report.

During the year, the Audit Comite held thre metings (the atendance

records of the members at the meting are set out in the section headed

“Board – Board and Comites Metings” above) and also dealt with

maters by way of circulation. It performed works including to review the

interim and anual results of the Group and discus and recomend for

the Board’s aproval the relevant financial reports, the efectivenes of the

internal audit function, the Group’s risk management and internal control

systems, significant acounting and audit isues, scope of audit, re-

apointment of external auditor and its independence, risk asesment result

and internal audit activities, the adequacy of resources, qualifications and

experiences of staf of the Company’s acounting and financial reporting

functions, and their training programes and budget and review the whistle

blower policy, review and discus the audit plan from the external auditor and

aprove the remuneration and terms of engagement of the external auditor.

There was no disagrement betwen the Board and the Audit Comite on

the selection, apointment, resignation or dismisal of the external auditor

during the year.

The Audit Comite monitors the audit and non-audit services rendered

to the Group by the external auditor and ensures that the engagement

of the external auditor in other non-audit services wil not impair its audit

independence or objectivity. The external auditor had confirmed to the Audit

Comite that during the course of its audit on the Group’s consolidated

financial statements for the year ended 31 March 2025 and thereafter up to

the date of this anual report, it is independent of the Group in acordance

with the independence requirements of the Hong Kong Institute of Certified

Public Acountants.

External Auditor’s Remuneration

An analysis of the remuneration paid/payable to the Group’s external auditor,

Crowe (HK) CPA Limited, and its afiliates in respect of audit and non-audit

services for the year ended 31 March 2025 is set out as folows:

HK$’000

Services rendered for the Group:

已为本集团提供之服务：千港元

Audit service

核数服务

1,320

Non-audit services

非核数服务

1,710

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

于本年度内，审核委员会已审阅及批准外聘

核数师及其分支机构对本集团提供的核数服

务及非核数服务所收取之上述费用。截至二

零二五年三月三十一日止年度之非核数服务

主要包括审阅中期报告、内部核数审阅及风

险评估以及审阅环境、社会及管治报告。

企业管治职能

董事会确认董事集体负责企业管治职责，该

等职责包括但不限于：

•

制定及检讨本公司的企业管治政策及

常规，并提出建议；

•

检讨及监察董事及本公司高级管理层

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；

•

制定、检讨及监察适用于本集团雇

员及董事的操守准则及合规手册（如

有）；及

•

检讨本公司遵守企业管治守则的情况

及在企业管治报告内的披露。

于本年度内，董事会已检讨及履行上述企业

管治职能。

信贷委员会

于本年报刊发日期，信贷委员会由一名执行

董事（赵磊先生）作为成员组成，负责制定本

集团信贷政策以确定本集团业务风险受到监

管。高鹏先生于二零二四年五月三十一日获

委任为信贷委员会成员及已于二零二四年九

月十一日停任信贷委员会成员，伍非子女士

于二零二五年七月二日停任信贷委员会成员

以及李泽雄先生已于二零二五年七月二日停

任信贷委员会主席及成员。

本公司将于实际可行情况下尽快物色及委任

合适人选以填补信贷委员会（包括主席职位）

之空缺。

于本年度内，信贷委员会已举行一次会议（成

员于会议上的出席记录载于上文「董事会－

董事会及委员会议」一节），其已履行之工

作包括检讨信贷政策及其执行。

The Audit Comite had reviewed and aproved the above fe in respect

of audit service and non-audit services provided to the Group by the external

auditor and its afiliates for the year. The non-audit services for the year

ended 31 March 2025 included review of interim results, internal audit review

and risk asesment, and review of environmental, social and governance

report.

CORPORATE GOVERNANCE FUNCTIONS

The Board recognises that the Directors are colectively responsible for the

corporate governance duties. Such duties are, including but not limited to:

’s policies and practices on

corporate governance and making recomendations;

• reviewing and monitoring the training and continuous profesional

development of the Directors and senior management of the

Company;

’s policies and practices on

compliance with legal and regulatory requirements;

, reviewing and monitoring the code of conduct and

compliance manual (if any) aplicable to employes of the Group and

the Directors; and

’s compliance with the CG Code and the

disclosure in the corporate governance report.

During the year, the Board had reviewed and performed the abovementioned

corporate governance functions.

CREDIT COMITE

As at the date of publication of this anual report, the Credit Comite

consisted of one executive Director (Mr. Zhao Lei) as member, which

is responsible for formulating the credit policy of the Group to ensure

the busines risks of the Group are monitored. Mr. Gao Peng has ben

apointed as a member of the Credit Comite on 31 May 2024 and

ceased to be a member of the Credit Comite on 11 September 2024,

while Ms. Wu Feizi ceased to be a member of the Credit Comite on 2

July 2025 and Mr. Li Chak Hung ceased to be the chairman and a member

of the Credit Comite on 2 July 2025.

The Company wil identify and apoint suitable candidate(s) to fil up the

vacancy(ies) in the Credit Comite (including chairmanship) as son as

practicable.

During the year, the Credit Comite held one meting (the atendance

records of the members at the meting is set out in the section headed

“Board – Board and Comites Metings” above). It performed works

including to review the credit policy and its implementation.

32ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Corporate Governance Report

企业管治报告

股东及投资者关系

与股东之通讯

董事会制定了股东通讯政策（「股东通讯政

策」），列出本公司有关股东通讯的原则，旨

在确保与股东的沟通为适时、具透明度、准

确及坦诚。

公司资料透过以下方式传递：

•

本公司股东周年大会可让董事与股东

会面及沟通。就股东周年大会而言，股

东通告将于大会举行前至少足二十一

日发送，而就所有其他股东大会而言，

股东通告将于大会举行前至少足十四

日发送。以股数投票方式进行表决之

详细程序乃于大会开始时向股东解

释。股东可就本集团之业务表现及未

来发展直接向董事会提出问题。投票

表决结果于本公司网站及联交所网站

公布。

•

刊发年报、中期报告、公告及通函。

•

本公司及联交所网站，而本公司之财

务报告及最新资料之电子副本可于有

关网站查阅。

本公司网站向股东提供本公司之联络资料，

例如电话号码、传真号码、电邮地址及邮寄

地址。股东可透过该等方式向董事会提出彼

等之查询及问题。

于本年度内，董事会已安排检讨股东通讯政

策的执行及有效性，审议了上文详列的多渠

道沟通和安排及股东通讯政策，董事会确信

股东通讯政策已适当地执行且具有效性。

股东大会

于本年度内，股东周年大会于二零二四年九

月九日举行。

股息政策

本公司采纳一项股息政策（「股息政策」），

当中载列建议股息付款之方式。根据股息政

策，股息的宣派取决于本公司支付股息的能

力而决定，并取决于（包括但不限于）本公司

的财务表现及状况、业务状况及策略及董事

会认为相关的任何其它因素。除中期及╱或

年度股息外，董事会亦可考虑不时宣派特别

股息。董事会按要求检讨股息政策及其有效

性以确保股东整体利益于建议及宣派股息时

不时予以考虑。

SHAREHOLDER AND INVESTOR RELATIONS

Comunication with Shareholders

The Board established a shareholders’ comunication policy (the

“Shareholders’ Comunication Policy”) seting out the principles of the

Company in relation to shareholders’ comunications, with the objective

of ensuring that its comunications with the Shareholders are timely,

transparent, acurate and open.

Corporate information disemination is achieved via the folowing means:

• The anual general meting of the Company alows the Directors

to met and comunicate with the Shareholders. The notice to

Shareholders is to be sent in the case of anual general meting at

least 21 days before the meting and to be sent at least 14 days

in case of al other general metings. An explanation of the detailed

procedures of conducting a pol is provided to the Shareholders at the

comencement of the meting. The Shareholders can raise questions

directly to the Board in respect of busines performance and future

development of the Group. The pol results are published on the

websites of the Company and the Stock Exchange.

, interim reports, anouncements and

circulars.

, on which the

electronic copies of financial reports and the latest information of the

Company are available.

The website of the Company provides the Shareholders with contact details

of the Company such as telephone number, fax number, email adres and

postal adres. The Shareholders may adres their enquiries and concerns

to the Board via these means.

During the year, the Board conducted a review of the implementation and

efectivenes of the Shareholders’ Comunication Policy. Having considered

the multiple chanels of comunication and engagement in place as

detailed above and in the Shareholders’ Comunication Policy, the Board

is satisfied that the Shareholders’ Comunication Policy has ben properly

implemented and is efective.

General Meting

During the year, the anual general meting was held on 9 September 2024.

Dividend Policy

The Company adopted a dividend policy (the “Dividend Policy”) seting

out the aproach to recomend the dividend payment. Acording to the

Dividend Policy, the declaration of dividends is subject to the Company’s

ability to pay dividends, which wil depend upon, including but not limited to,

the financial performance and position of the Company, busines conditions

and strategies, and any other factors that the Board may dem relevant.

The Board may consider declaring special dividends from time to time,

in adition to the interim and/or anual dividends. The Board reviews the

Dividend Policy and its efectivenes as required to ensure the benefit of the

Shareholders as a whole is taken into consideration from time to time during

recomendation and declaration of dividends.

阿尔法企业控股有限公司

•

二零二五年报

Corporate Governance Report

企业管治报告

股东权利

本公司已向股东提供本公司之联络资料，以

便彼等提出任何有关本公司之查询。此外，

股东如对彼等之持股量及股息分配有任何查

询，可联络本公司股份过户登记处。

根据细则之第

条，持有合共不少于本公司

股本十分之一的投票权的股东，可要求召开

股东特别大会及╱或在会议程中增加决议

案，该要求应透过书面方式向董事会或公司

秘书提出，要求董事会召开股东特别大会以

处理上述要求中列明的任何事宜。上述大会

应于相关要求递呈后两个月内举行。倘董事

会于递呈要求后

日内未能召开该大会，递

呈要求的股东可自行召开股东特别大会。

本公司鼓励有意提出建议或决议案的股东按

照上述段落召开股东特别大会。

投资者关系

截至二零二五年三月三十一日止年度，于本

公司及联交所网站上可供查阅之细则并无变

动。

公司秘书

公司秘书为本公司之全职雇员并获董事会

委任。公司秘书对董事会负责，确保董事会

程序得以正确遵循、董事会获得所有法律及

监管最新发展之资讯，并就所有企业管治事

宜向董事会作出意见。遵照上市规则第

3.29

条，公司秘书已于本年度内接受最少

个小

时之相关专业培训。

有关公司秘书的进一步资料，请参阅本年报

第

至

页「董事及高级管理层个人资料」。

Shareholders’ Rights

Shareholders are provided with contact details of the Company in order

to enable them to make any enquiries that they may have with respect to

the Company. In adition, Shareholders can contact the share registrar

and transfer ofice of the Company if they have any enquiries about their

shareholdings and entitlements to dividends.

Pursuant to bye-law 58 of the Bye-laws, Shareholders holding in agregate

not les than one-tenth of the voting rights in the share capital of the

Company may also make a requisition to convene a special general meting

and/or ad resolutions to the agenda of a meting. Such requisition shal

be made in writing to the Board or the Company Secretary, to request

the Board to convene a special general meting for the transaction of any

busines specified in such requisition. Such meting shal be held within

two months after the deposit of such requisition. If, within 21 days of

such deposit, the Board does not proced duly to cal such meting, the

Shareholders who requested such meting may themselves cal a special

general meting.

Shareholders who wish to make proposals or move a resolution are

encouraged to convene a special general meting in acordance with the

paragraph hereinabove.

Investor Relations

For the year ended 31 March 2025, there was no change in the Bye-

laws, which are available on the websites of the Company and the Stock

Exchange.

COMPANY SECRETARY

The Company Secretary is a ful-time employe of the Company and is

apointed by the Board. The Company Secretary is acountable to the

Board for ensuring that corect Board procedures are folowed, that the

Board is fuly briefed on al legislative and regulatory developments, and to

advise the Board on al corporate governance maters. In compliance with

Rule 3.29 of the Listing Rules, the Company Secretary undertok at least 15

hours of relevant profesional training during the year.

Please refer to the “Biographical Information of Directors and Senior

Management” of this anual report on pages 55 to 56 for further information

of the Company Secretary.

34ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

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

presents this anual report together with the audited consolidated financial

statements of the Company and its subsidiaries (colectively the “Group”) for

the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company acts as an investment holding company. The principal

activities and details of its principal subsidiaries as at 31 March 2025 are set

out in note 36 to the consolidated financial statements of this anual report.

The principal activities of the Group are the trading of milk powder and

fods, provision of warehouse logistics services and property investment.

An analysis of the performance of the Group for the year ended 31 March

2025 by busines segments is set out in note 5 to the consolidated financial

statements.

RESULTS AND DIVIDEND

The results of the Group for the year ended 31 March 2025 are set out in the

consolidated statement of profit or los and other comprehensive income on

pages 64 to 65 of this anual report.

The Board does not recomend the payment of a final dividend for the year

ended 31 March 2025 (2024: Nil). No interim dividend was declared or paid

to the shareholders of the Company (the “Shareholders”) for the six months

ended 30 September 2024 (30 September 2023: Nil).

The Company has not made any arangement under which a Shareholder

has waived or agred to waive any dividends.

DIVIDEND POLICY

The Company has adopted a dividend policy seting out the aproach

to recomend the dividend payment. Please refer to the section headed

“Dividend Policy” under the “Corporate Governance Report” for details.

ANUAL GENERAL METING

The anual general meting of the Company (the “AGM”) is scheduled to be

held on Tuesday, 9 September 2025 and the notice of AGM wil be published

and isued to the Shareholders as required by the Listing Rules in due

course.

本公司董事（「董事」）会（「董事会」）谨此呈览

本公司及其附属公司（统称「本集团」）截至二

零二五年三月三十一日止年度之年报及经审

核综合财务报表。

主要业务

本公司乃一间投资控股公司，其主要附属公

司截至二零二五年三月三十一日之主要业务

及详情列于本年报综合财务报表附注

。

本集团之主要业务为奶粉及食品贸易、提供

仓储物流服务及物业投资。按业务分部划分

之截至二零二五年三月三十一日止年度之本

集团表现分析载于综合财务报表附注

。

业绩及股息

本集团于截至二零二五年三月三十一日止年

度之业绩载于本年报第

至

页之综合损益

及其他全面收益表。

董事会不建议派付截至二零二五年三月

三十一日止年度的末期股息（二零二四年：

无）。概无就截至二零二四年九月三十日止六

个月向本公司股东（「股东」）宣派或派付中期

股息（二零二三年九月三十日：无）。

本公司并无就股东放弃或同意放弃任何股息

作出任何安排。

股息政策

本集团采纳一项股息政策，当中载列建议派

息的方法。有关详情请参阅「企业管治报告」内

「股息政策」一节。

股东周年大会

本公司股东周年大会（「股东周年大会」）定于

二零二五年九月九日（星期二）举行，而股东

周年大会通告将按上市规则之规定于适当时

候公告并寄发予股东。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

CLOSURE OF REGISTER OF MEMBERS

For the purpose of determining Shareholders’ entitlement to atend and vote

at the AGM, the register of members of the Company wil be closed from

Thursday, 4 September 2025 to Tuesday, 9 September 2025, both days

inclusive, during which period no transfer of shares of the Company (the

“Share(s)”) wil be registered. In order to be eligible to atend and vote at

the AGM, unregistered holders of the Shares should ensure that al transfer

documents acompanied by the relevant share certificates must be lodged

with the Company’s share registrar, Tricor Investor Services Limited of 17/F.,

Far East Finance Centre, 16 Harcourt Road, Hong Kong for registration not

later than 4:30 p.m. on Wednesday, 3 September 2025.

BUSINES REVIEW

The busines review of the Group for the year ended 31 March 2025 is

set out in the “Management Discusion and Analysis”, and “Corporate

Governance Report” from pages 4 to 17 and pages 18 to 33 of this anual

report and the paragraphs below. The important events afecting the

Company that ocured since the end of the year ended 31 March 2025 and

outlok of the Group is set out in “Management Discusion and Analysis”

from pages 4 to 17 of this anual report. A discusion on the Group’s

environmental policies and performance and the Group’s compliance with

relevant laws and regulations as wel as an acount of the Group’s key

relationships with its employes, customers and supliers and others that

have a significant impact on the Group are also set out in the separate

“Environmental, Social and Governance Report”. Al such discusions form

part of this Directors’ Report.

Risks and Uncertainties

The folowing section lists out the principal risks and uncertainties faced

by the Group. It is a non-exhaustive list and there may be other risks and

uncertainties in adition to the key risk areas outlined below.

General Economic and Market Conditions

The busineses of the Group may be afected by the global economic and

market conditions. Slow economic growth or a recesion could afect the

operating results of the Group. The Group canot control market conditions

but believes it has adequate measures in place to respond to the changes.

Competitive Environment

The Group faces competition from other distributors, manufacturers and

service providers. Failure to compete sucesfuly with the existing and/

or potential competitors may adversely afect the Group’s busines,

financial condition and operating results. To mitigate the risk of competition,

the Group continues to focus on product and service quality, sales and

marketing, network, product and service varieties, pricing, service, and

source of resources.

暂停办理股份过户登记

为厘定股东出席股东周年大会并于会上投票

之资格，本公司将由二零二五年九月四日（星

期四）至二零二五年九月九日（星期二）（包括

首尾两天）暂停办理本公司股份（「股份」）过

户登记手续，在此期间股份过户登记手续将

不予办理。为符合资格出席股东周年大会并

于会上投票，未登记之股份持有人必须于二

零二五年九月三日（星期三）下午四时三十

分前将所有过户文件连同有关股票送交本公

司之股份过户登记处卓佳证券登记有限公司

（地址为香港夏悫道

号远东金融中心

楼）办理过户登记手续。

业务回顾

本集团于截至二零二五年三月三十一日止年

度之业务回顾载于本年报第

至

页及第

至

页之「管理层讨论与分析」及「企业管治

报告」以及以下之段落内。截至二零二五年三

月三十一日止年度终结后发生对本公司有影

响之重大事件及本集团之展望载于本年报第

至

页之「管理层讨论与分析」。有关本集团

环境政策及表现及本集团遵守相关法律及法

规的情况的讨论以及本集团与其雇员、客户

及供应商以及对本集团有重大影响之其他人

士的重要关系之说明亦载于独立的「环境、社

会及管治报告」。所有这些讨论均构成本董事

会报告的一部分。

风险及不确定因素

以下章节列出本集团所面对之主要风险及不

确定因素。此为简易列表及可能会出现下文

概述之主要风险范围以外之其他风险及不确

定因素。

整体经济及市场环境

本集团的业务将受全球经济及市场环境影

响。经济增长放缓或衰退可影响本集团的经

营业绩。本集团无法控制市场状况，但相信

已采取适当措施应对变化。

竞争环境

本集团面临著与其他分销商、制造商及服务

供应商的竞争。未能与现有及╱或潜在竞争

对手成功竞争可能对本集团的业务、财务状

况及经营业绩造成不利影响。为降低竞争风

险，本集团持续专注于其产品及服务质量、

销售和市场推广、网络、产品及服务种类、价

格、服务及资源来源。

36ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

Risks and Measures for Reliance on Supliers and Customers

During the year, the Group’s five largest customers combined acounted for

40.5% of the sales of the Group, and the five largest supliers combined

acounted for 91.5% of the purchases of the Group.

In minimising the risk of heavy reliance on a narow base of customers, the

Group has ben actively pursuing new potential customers and expanding

the product and service categories in order to broaden its customer base.

The Group has maintained long-term relationships with its supliers and also

established a strategic suplier system via strategic coperation with key

supliers, forming a framework for mutual growth and suport.

Relationship with Supliers

The Group has established strong relationships with its supliers. However,

the operations of the Group largely depend on a stable suply of products

from its supliers. Failure to maintain a relationship with its supliers may

adversely afect the Group’s operating results. The Group dedicates to

fostering strong and long-term coperation relationships with its supliers

to ensure a stable, reasonably priced and quality suply of products for its

operation.

Financial Risk

The Group is exposed to a variety of financial risks. A discusion of the

policies and procedures on the management of each of the major types

of financial risks which the Group is facing is included in note 37 to the

consolidated financial statements of this anual report.

Compliance with Relevant Laws and Regulations

The Group is comited to ensuring compliance with the laws and

regulations which govern the Group’s busineses and operations. The Group

has complied with al the relevant laws and regulations that have a significant

impact on the Group throughout the year. Further details about the Group’s

compliance with the relevant laws and regulations that have a significant

impact on the Group are set out in the separate “Environmental, Social and

Governance Report”.

Financial Key Performance Indicators

Details about the Group’s financial key performance indicators are set out in

the “Management Discusion and Analysis” in this anual report.

Environmental Policies and Performance

Details about the Group’s environmental policies and performance are

set out in the “Environmental, Social and Governance Report” separately

released on the website of The Stock Exchange of Hong Kong Limited

(“Stock Exchange”) and the website of the Company in the Anual Reports

section, the discusions of which form part of this anual report.

To aces the online version of the Environmental, Social and Governance

Report, please refer to the website adres set out in the “Corporate

Information” on page 3 of this anual report.

依赖供应商及客户的风险及措施

于本年度内，本集团五大客户合共占本集团

的销售额

40.5%

及五大供应商合共占本集团

的采购额

91.5%

。

为减低过度依赖狭窄的客户群的风险，本集

团一直积极寻求新的潜在客户并扩阔产品及

服务类别，以扩大其客户群。

本集团已与其供应商维持长期关系，并已著

手筹备建立战略供应商体系，对关键供应商

采取战略合作模式，形成合作共荣、扶持发

展的格局。

与供应商的关系

本集团已与其供应商建立紧密的关系。然

而，本集团的经营很大程度上取决于其供应

商稳定的产品供应。未能与其供应商保持关

系可能对本集团的经营业绩产生不利影响。

本集团致力与其供应商建立良好且长期的合

作关系，以确保本集团在营运中能得到供应

稳定、价格合理及品质优良之产品供应。

金融风险

本集团面临各种金融风险。有关本集团面对

各主要类别金融风险之管理政策及程序之论

述，收录于本年报综合财务报表附注

。

遵守相关法律及规例

本集团对遵守监管其业务及经营之法律及法

规十分重视。本集团于本年度内一直遵守对

本集团有重大影响的相关法律及法规。有关

本集团遵守对本集团有重大影响的相关法律

及法规的进一步详情载于独立的「环境、社会

及管治报告」内。

财务表现关键指标

有关本集团财务表现关键指标之详情载于本

年报内之「管理层讨论与分析」。

环境政策及表现

有关本集团环境政策及表现之详情载于「环

境、社会及管治报告」内，分别登载于香港联

合交易所有限公司（「联交所」）网站及本公

司网站年报一栏，其讨论构成本年报的一部

分。

如需获取「环境、社会及管治报告」的网络

版，请参阅本年报第

页「公司资料」中所载的

网址。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

Relationship with Employes

The Group strongly believes that its staf is an invaluable aset to the Group

and is significant to the Group’s busines. Therefore, the Group recognises

the importance of maintaining a god relationship with its employes. The

Group maintains a policy of paying competitive remuneration. Remuneration

of employes, which includes salary and discretionary performance bonus, is

decided with reference to the results of the Group, the market level as wel as

individual performance and contributions. Remuneration packages including

performance bonuses are reviewed on a regular basis by the Group.

Further information on the Group’s relationships with employes are also set

out in the separate “Environmental, Social and Governance Report”.

Relationships with Customers and Supliers

The Group has established strong relationships with its customers. It wil

maintain existing relationships with its customers and expand its customer

base to enhance its market presence.

The Group dedicates itself to fostering strong and long-term coperation

relationships with its supliers to ensure stable, reasonably priced and quality

suply of components and products for its operation.

Further information on the Group’s relationships with customers and

supliers are also set out in the separate “Environmental, Social and

Governance Report”.

DIRECTORS

The list of the Directors during the year and thereafter up to the date of this

anual report is set out below, their biographical information is set out in

the “Biographical Information of Directors and Senior Management” from

pages 55 to 56 of this anual report, and the details of changes in directors’

information are set out in the “Corporate Governance Report” of this anual

report.

Executive Directors

Zhao Lei (Chief Executive Oficer)

Wu Feizi

Gao Peng (apointed on 31 May 2024

and resigned on 11 September 2024)

Independent Non-executive Directors

Li Chak Hung

Tu Chunan (apointed on 25 April 2024)

Chen Jianguo (apointed on 15 July 2024)

Cheng Haoliang (resigned on 31 May 2024)

与雇员的关系

本集团确信其员工为本集团宝贵资产，对本

集团业务至关重要，因此本集团深明与其雇

员保持良好关系的重要性。本集团维持具竞

争力之薪酬政策。雇员薪酬包括薪金及酌情

表现花红，乃经参考本集团之业绩、市场水

平以及雇员个别表现和贡献而厘定。本集团

定期检讨包括表现花红在内之薪酬待遇。

有关本集团与雇员之关系的进一步详情亦载

于独立的「环境、社会及管治报告」内。

与客户及供应商之关系

本集团已经与客户建立了紧密的关系，并将

透过维持与现有客户的关系及扩大客户基础

以加强本集团的市场地位。

本集团致力与供应商建立良好且长期的合

作关系，以确保本集团在营运中能得到供应

稳定、价格合理及品质优良之零件及产品供

应。

有关本集团与客户及供应商之关系的进一步

详情亦载于独立的「环境、社会及管治报告」

内。

董事

于本年度及之后截至本年报日期为止，董事

名单载于下文，彼等的履历资料载于本年报

第

页至

页之「董事及高级管理层个人资

料」及董事资料变更的详情载于本年报之「企

业管治报告」。

执行董事

赵磊（行政总裁）

伍非子

高鹏（于二零二四年五月三十一日获委任

及于二零二四年九月十一日辞任）

独立非执行董事

李泽雄

涂春安（于二零二四年四月二十五日获委任）

陈建国（于二零二四年七月十五日获委任）

程浩亮（于二零二四年五月三十一日辞任）

38ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

Each of Mr. Gao Peng, Mr. Tu Chunan and Mr. Chen Jianguo had obtained

legal advice pursuant to Rule 3.09D of the Listing Rules on 23 May 2024, 24

April 2024 and 10 July 2024, respectively, and confirmed they understod

their obligations as a Director.

Pursuant to bye-law 83(2) of the Bye-laws, the Directors shal have the

power from time to time and at any time to apoint any person as a Director

either to fil a casual vacancy on the Board or as an adition to the existing

Board. Any Director apointed by the Board to fil a casual vacancy or as

an adition to the existing Board shal hold ofice only until the first anual

general meting of the Company after his apointment and shal then be

eligible for re-election.

Pursuant to bye-law 84 of the Bye-laws, Mr. Li Chak Hung and Mr. Tu

Chunan wil retire from ofice as Directors at the AGM and, being eligible, wil

ofer themselves for re-election as Directors at the AGM, and be subject to

separate resolutions to be aproved at the AGM.

The Company has received from each of the independent non-executive

Directors an anual confirmation of his independence pursuant to Rule

3.13 of the Listing Rules and the Company continues to consider each of

independent non-executive Directors to be independent.

Directors’ Service Contracts

None of the Directors proposed for re-election at the AGM had a service

contract with the Group which was not determinable by the Group within one

year without payment of compensation, other than statutory compensation.

EMOLUMENT POLICY

Details of the Directors’ emoluments are set out in note 11 to the

consolidated financial statements.

The emoluments payable to Directors wil depend on their respective

contractual terms under their service contracts or apointment leters

as aproved by the Board on the recomendation of the Remuneration

Comite, with reference to the results of the Group, the market as wel as

individual performance and contributions.

EMPLOYE RETIREMENT BENEFITS

Details of the employe retirement benefits of the Group are set out in note

32 to the consolidated financial statements.

PERMITED INDEMNITY

Pursuant to bye-law 164(1) of the Bye-laws, each Director or other oficer

of the Company shal be entitled to be indemnified and secured harmles

out of the asets and profits of the Company from and against al actions,

costs, charges, loses, damages and expenses which he or she may

incur or sustain in or about the execution of the duties of his or her ofice

or otherwise in relation thereto. The Company has aranged apropriate

insurance in respect of the liabilities and costs asociated with any

procedings which may be brought against its Directors and oficers.

高鹏先生、涂春安先生及陈建国先生分别已

于二零二四年五月二十三日、二零二四年四

月二十四日及二零二四年七月十日取得各自

根据上市规则第

3.09D

条所述的法律意见，并

确认明白彼等作为董事的责任。

根据细则第

83(2)

条，董事将有权不时及随时

委任何人士为董事以填补董事会临时空缺

或增加现有董事会人数之名额。任何获董事

会委任以填补临时空缺或增加现有董事会人

数之董事之任期仅直至其获委任后本公司

首届股东周年大会为止，并符合资格重选连

任。

根据细则第

条，李泽雄先生及涂春安先生

将于股东周年大会上退任董事职务，并符合

资格及将愿意于股东周年大会上重选为董

事，惟须于股东周年大会上获得独立决议案

批准，方告作实。

本公司已接获各独立非执行董事之年度确认

书，确认彼等符合上市规则第

3.13

条之独立

性，而本公司继续认为各独立非执行董事为

独立人士。

董事服务合约

概无拟于股东周年大会上重选之董事与本集

团订立本集团于一年内毋须作出赔偿（法定

赔偿除外）而终止之服务合约。

酬金政策

董事酬金详情载于综合财务报表附注

。

应付董事之酬金将视乎薪酬委员会向董事会

提供之建议获批准后，按各自之服务合约或

委任函内之条款以及经参考本集团之业绩、

市场以及个别表现及贡献而作出。

雇员退休福利

本集团之雇员退休福利详情列于综合财务报

表附注

。

获准弥偿

根据细则第

164(1)

条，董事及本公司其他高

级职员就其执行职务或与此有关所蒙受或

招致之所有诉讼、费用、收费、损失、损害及

开支，均有权从本公司的资产及溢利获得弥

偿，并可获确保免就此受任何损害。本公司

已就其董事及高级职员因任何法律诉讼而引

致之任何责任及费用安排合适的责任保险。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES

OF THE COMPANY

Neither the Company nor any of its subsidiaries had purchased, sold or

redemed any of the listed securities of the Company for the year ended 31

March 2025.

SHARE CAPITAL

As at 31 March 2025, the total number of isued Shares was 349,280,383

of US$0.16 each (2024: 349,280,383 Shares of US$0.16 each).

Details of movements in share capital of the Company for the year ended

31 March 2025 are set out in note 34(b) to the consolidated financial

statements.

EQUITY-LINKED AGREMENTS

Save as disclosed in the section headed “Share Option Scheme”, no equity-

linked agrements that wil or may result in the Company isuing Shares or

that require the Company to enter into any agrements that wil or may result

in the Company isuing Shares were entered into by the Company during the

year or subsisted at the end of the year.

SHARE OPTION SCHEME

The Company had adopted a share option scheme (the “Share Option

Scheme”) at the anual general meting held on 8 September 2020. The

Share Option Scheme became efective on 8 September 2020 and, unles

otherwise canceled or amended, wil remain in force for 10 years from that

date.

The principal terms of the Share Option Scheme are set out as below:

1. Purpose

The purpose of the Share Option Scheme is to incentivise and reward

participants who have contributed to the Group and to encourage

participants to work towards enhancing the value of the Company and

its Shares for the benefit of the Company and its Shareholders as a

whole.

2. Participants

The participants are any Directors (including executive Directors,

non-executive Directors and independent non-executive Directors),

Shareholders and employes of the Group and any advisers and

consultants of any member of the Group who the Board considers, in

its sole discretion, have contributed or wil contribute to the Group.

购买、出售或赎回本公司上市证券

本公司或其任何附属公司于截至二零二五年

三月三十一日止年度内概无购买、出售或赎

回本公司任何上市证券。

股本

截至二零二五年三月三十一日，已发行股

份总数为每股面值

0.16

美元之

349,280,383

股份（二零二四年：每股面值

0.16

美元之

349,280,383

股份）。

本公司于截至二零二五年三月三十一日止年

度之股本变动详情载于综合财务报表附注

34(b)

。

股权挂钩协议

除于「购股权计划」一节所披露外，本公司于

本年度内并无订立或于本年度末并不存在任

何股票挂钩协议，将会或可能会导致本公司

发行股份或本公司须订立任何协议而将会或

可能导致本公司发行股份。

购股权计划

本公司已于二零二零年九月八日举行之股

东周年大会上采纳购股权计划（「购股权计

划」）。购股权计划由二零二零年九月八日起

生效，除另行取消或修订外，有效期为该日

起计十年。

购股权计划之主要条款如下：

目的

购股权计划旨在激励及奖励为本集团

作出贡献之参与者，并鼓励参与者为

本公司及其股东之整体利益努力提升

本公司及其股份之价值。

参与者

参与者为任何董事（包括执行董事、非

执行董事及独立非执行董事）、股东及

本集团的雇员以及董事会全权认为已

或将为本集团作出贡献之任何本集团

成员的顾问及咨询顾问。

40ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

3. Total number of Shares available for isue

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

al share options granted or to be granted under the mandate of the

Share Option Scheme at the begining and the end of the financial

year ended 31 March 2025 was 31,436,038 Shares, representing

10% of the isued Shares as at the date of adoption of the Share

Option Scheme and aproximately 9% of the isued Shares as at the

date of this anual report. The number of options available for grant

under the share option scheme mandate at the begining and the end

of the financial year ended 31 March 2025 was 31,436,038.

4. Maximum entitlement of each participant

The maximum number of Shares isued and to be isued upon

exercise of the options granted to each grante under the Share

Option Scheme (including both exercised and outstanding options) in

any 12-month period shal not exced 1% of the Shares in isue for

the time being, unles aproved by Shareholders. No service provider

sub-limit was set under the Share Option Scheme.

5. Period within which the Shares must be taken up under an

option

An option may be exercised in acordance with the terms of the Share

Option Scheme at any time during the period to be notified by the

Board to each grante upon the grant of options, such period which

shal not exced 10 years from the date of grant of the relevant option.

Options granted during the life of the Share Option Scheme shal

continue to be exercisable in acordance with their terms of grant after

the expiry of the Share Option Scheme.

6. Minimum period for which an option must be held before it can

be exercised

There is no general requirement on the minimum period for which

an option must be held or the performance targets which must be

achieved before the option can be exercised, under the terms of the

Share Option Scheme.

7. Amount payable on aceptance of the option and the payment

period

An ofer is demed to be acepted when the Company receives

from the grante the ofer leter signed by the grante specifying the

number of Shares in respect of which the ofer is acepted, and a

remitance to the Company of HK$1.00 as consideration for the grant

of the option within 28 days from the grant. Such remitance is not

refundable in any circumstance.

可供发行股份之总数

于二零二五年三月三十一日止财务年

度开始及结束时可根据购股权计划授

权授出或将予授出之所有购股权获行

使时可发行之股份数目为

31,436,038

股份，占于采纳购股权计划日期已

发行股份

10%

及于本年报日期已发行

股份约

。于二零二五年三月三十一

日止财务年度开始及结束时可根据购

股权计划授权可授出的购股权数目为

31,436,038

份。

各参与者之可获授权益上限

根据本公司之购股权计划于任何十二

个月期间授予各承授人购股权（包括已

行使及尚未行使之购股权）获行使时已

发行及将予发行之最高股份数目不得

超过当时已发行股份之

，惟获股东

批准则除外。于购股权计划下，概无订

立服务提供者分项限额。

购股权项下可认购股份之期限

购股权可于董事会于授出购股权时知

会各承授人之期间内随时根据购股权

计划之条款行使，惟不得超过自授出

相关购股权日期起计十年。在购股权

计划仍然有效之期间内授出之购股

权，在购股权计划届满后将可根据购

股权于授出时之条款继续行使。

行使前须持有购股权之最短期限

根据购股权计划之条款，于购股权可

获行使前，并无有关须持有购股权之

最短期限或行使购股权之前必须达致

的绩效目标之一般规定。

接纳购股权须付款项及付款期限

当本公司自授出日期起计

日内接获

一份由承授人发出并经其签署之要约

函件，列明接纳要约后所涉及的股份

数目，连同支付予本公司作为授予购

股权代价之

1.00

港元汇款，则购股权

要约被视为获接纳。该等汇款在任何

情况下均不获退还。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

8. Basis of determining the exercise price

The exercise price shal be determined by the Board in its absolute

discretion but in any event shal not be les than the higher of:

(a) the closing price of the Shares as stated in the daily quotations

shets isued by the Stock Exchange on the date of grant

which must be a busines day;

(b) the average closing price of the Shares as stated in the daily

quotations shets isued by the Stock Exchange for the five

busines days imediately preceding the date of the grant; and

9. Remaining life of the Share Option Scheme

The Share Option Scheme shal remain in force for 10 years

comencing on 8 September 2020 up to and including 7 September

2030.

As at 31 March 2025, the remaining life of the Share Option Scheme

is aproximately 5 years and 5 months.

Since the adoption of the Share Option Scheme on 8 September 2020

and up to 31 March 2025, no options were granted, exercised, lapsed or

canceled. At the begining and at the end of the financial year ended 31

March 2025, the Company has no outstanding options.

DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES

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

subsidiaries a party to any arangements to enable the Directors to acquire

benefits by means of the acquisition of Shares in, or debentures of, the

Company or any other body corporate with the exception of granting of

Share options to subscribe for Shares under the Share Option Scheme.

DIRECTORS’ INTERESTS IN SECURITIES

As at 31 March 2025, the interests of the Directors, chief executives and

their asociates in the shares, underlying shares and debentures of the

Company and its asociated corporation (within the meaning of Part XV

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

Hong Kong) (the “SFO”), as recorded in the register required to be kept

by the Company under section 352 of the SFO, or as otherwise notified

to the Company and the Stock Exchange pursuant to the Model Code for

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

set out in Apendix C3 to the Listing Rules were as folows:

厘定行使价之基准

行使价将由董事会全权酌情厘定，惟

无论如何不得低于下列各项中较高

者：

(a)

于授出日期（须为营业日）联交

所每日报价表所列的股份收市

价；

(b)

于紧接授出日期前五个营业日

联交所每日报价表所列的股份

平均收市价；及

(c)

股份面值。

购股权计划之期限

购股权计划将会于二零二零年九月八

日起至二零三零年九月七日（包括首尾

两日）为期十年期间维持生效。

于二零二五年三月三十一日，购股权

计划的余下年期约为五年及五个月。

自二零二零年九月八日采纳购股权计划至二

零二五年三月三十一日，概无授出、行使、失

效或注销购股权。于二零二五年三月三十一

日财政年度开始及结束时，本公司亦无未行

使的购股权。

董事购买股份或债券之权利

除按购股权计划授予可认购股份之购股权

外，于本年度内或年度末任何时间，本公司

或其任何附属公司概无参与任何安排，致使

董事可透过购买本公司或任何其他法人团体

的股份或债券而获取利益。

董事于证券之权益

于二零二五年三月三十一日，董事、主要行

政人员及彼等之联系人于本公司及其相联法

团（定义见香港法例第

章证券及期货条例

（「证券及期货条例」）第

部）的股份、相关

股份及债券中拥有的权益，该等权益乃记录

于根据证券及期货条例第

条须由本公司

备存的登记册内，或已根据上市规则附录

所载上市发行人董事进行证券交易的标准守

则（「标准守则」）另行知会本公司及联交所如

下：

42ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

Long Positions in the Shares, Underlying Shares and Debentures of

the Company

Name of Director

董事名称

Capacity

身份

Number of

Shares held

所持股份数目

Aproximate

percentage of the

total number of

isued Shares

(Note)

占已发行股份总数

之概约百分比

（附注）

Mr. Chen Jianguo

陈建国先生

Beneficial Owner

实益拥有人

1,428,0000.40%

Note: The percentage of the total number of isued Share is based on the 349,280,383

Shares isued as at 31 March 2025.

Save as disclosed above, as at 31 March 2025, none of the Directors, chief

executives of the Company nor their asociates had any other personal,

family, corporate and other interests or short positions in the Shares,

underlying Shares or debentures of the Company or any of its asociated

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

Ordinance (Chapter 571 of the Laws of Hong Kong) (the “SFO”) as recorded

in the register required to be kept by the Company under section 352 of

the SFO or as otherwise notified to the Company and the Stock Exchange

pursuant to the Model Code.

于本公司的股份、相关股份及债券中的好仓

附注：

已发行股份总数之百分比乃根据于二零二五年

三月三十一日已发行之

349,280,383

股份而

定。

除上文所披露者外，于二零二五年三月

三十一日，概无董事、本公司主要行政人员

及彼等之联系人于本公司或其任何相联法团

（定义见香港法例第

章证券及期货条例

（「证券及期货条例」）第

部）的股份、相关

股份或债券中拥有任何其他个人、家族、公

司及其他权益或淡仓而须记录于根据证券及

期货条例第

条须由本公司存置的登记册

内，或根据标准守则另行知会本公司及联交

所。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’

INTERESTS

As at 31 March 2025, the folowing persons or entities, other than Directors

or chief executives of the Company, had or were demed to have interests

or short positions in the Shares or underlying Shares which were recorded

in the register required to be kept by the Company under section 336 of the

SFO, or which were notified to the Company:

Long Positions in the Shares and Underlying Shares

Name of Director

股东名称

Capacity

身份

Number of

isued

Shares held

所持已发行

股份数目

Aproximate

percentage of the

total number of

isued Shares

(Note 1)

占已发行股份

总数之概约百分比

（附注

）

Ms. Chong Sok Un (“Ms. Chong”)

庄舜而女士（「庄女士」）

Interests of controled

corporation

受控法团权益

207,026,615

(Note 2)

（附注

）

59.27%

Wel Dynasty Investments Limited

(“Wel Dynasty”)

华得投资有限公司（「华得」）

Beneficial owner

实益拥有人

193,026,61555.26%

Mr. Le Ming-te

李明治先生

Beneficial owner

实益拥有人

20,974,0006.00%

Notes:

1. The percentage of the total number of isued Share is based on the 349,280,383

Shares isued as at 31 March 2025.

2. Wel Dynasty is a wholy-owned subsidiary of Miracle Planet Developments Limited,

which in turn is a company wholy owned by Ms. Chong. Vigor Online Ofshore

Limited, a wholy-owned subsidiary of China Spirit Limited, owns 14,000,000 Shares.

Ms. Chong owns 100% beneficial interests in China Spirit Limited. Acordingly, Ms.

Chong is demed to have an interest of (i) 193,026,615 Shares through Miracle Planet

Developments Limited and Wel Dynasty; and (i) 14,000,000 Shares through China

Spirit Limited and Vigor Online Ofshore Limited.

Save as disclosed above, as at 31 March 2025, there were no other

persons or entities, other than Directors or chief executives of the Company,

had or were demed to have interests or short positions in the Shares or

underlying Shares which were recorded in the register required to be kept by

the Company under section 336 of the SFO, or which were notified to the

Company.

主要股东及其他人士之权益

于二零二五年三月三十一日，以下人士或实

体（并非董事或本公司主要行政人员）于股份

或相关股份中，拥有或被视为拥有根据证券

及期货条例第

条规定本公司须存置在登

记册内，或另行知会本公司的权益或淡仓：

于股份及相关股份之好仓

附注：

已发行股份总数之百分比乃根据于二零二五年

三月三十一日已发行之

349,280,383

股份而

定。

华得为

Miracle Planet Developments Limited

之

全资附属公司，而

Miracle Planet Developments

Limited

为庄女士全资拥有之公司。

Vigor

Online Ofshore Limited

为

China Spirit Limited

之全资附属公司，拥有

14,000,000

股份。庄

女士于

China Spirit Limited

拥有

100%

实益权

益。因此，庄女士被视为

(i)

透过

Miracle Planet

Developments Limited

及华得拥有

193,026,615

股份；及

(i)

透过

China Spirit Limited

及

Vigor

Online Ofshore Limited

于

14,000,000

股份中

拥有权益。

除上文披露者外，于二零二五年三月三十一

日，概无其他人士或实体（并非董事或本公司

主要行政人员）于股份或相关股份中，拥有或

被视为拥有根据证券及期货条例第

条规

定本公司须存置在登记册内，或另行知会本

公司的权益或淡仓。

44ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

PRE-EMPTIVE RIGHTS

There are no provisions for pre-emptive rights under the Bye-laws or the laws

of Bermuda, being the jurisdiction in which the Company was incorporated,

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

the existing Shareholders.

TAXATION RELIEF AND EXEMPTION

The Company is not aware of any tax relief or exemption available to

Shareholders by reason of their holding of the Shares.

CONTINUING CONECTED TRANSACTIONS

Contractual Arangements

On 27 June 2024, a debt setlement agrement was entered into by the

Group in relation to, among other things, the acquisition of 70% of economic

benefit of Shenyang Jinyi e-comerce Co., Ltd.*

（沈阳金蚁电子商务有限

公司）

(“Shenyang Jinyi”) and the transfer of the rights of a shareholder’s loan

amounting to RMB2.4 milion to the Group, in consideration of the Group

agreing to discharge the trade receivables in the sum of AUD5.1 milion.

Shenyang Jinyi is principaly engaged in the busines of, among others,

e-comerce in the PRC and holds the requisite permit and aproval required

for its e-comerce busines, including but not limited to (1) Value-Aded

Telecomunications Busines Operating License

（增值电信业务经营许可

证）

(“ICP License”), and (2) Online Culture Operating License

（网络文化经营

许可证）

(“ICB License”).

As advised by the legal adviser to the Company as to the PRC laws (the

“PRC Legal Adviser”), Shenyang Jinyi and its subsidiary (“Shenyang Jinyi

Group”) is engaging in internet information service and online performance

which fal under the “restricted” and “prohibited” categories, respectively, so

the Company as a foreign investor are restricted and prohibited from holding

equity interests in Shenyang Jinyi. Due to such restriction and prohibition,

the Board concur with the PRC Legal Adviser that it is necesary for the

Group to conduct internet information service and online performance in

the PRC through Shenyang Jinyi Group via contractual arangements (the

“Contractual Arangements”) betwen Hangzhou Mingandi E-comerce

Co., Ltd.*

（杭州明安迪电子商务有限公司）

(“Hangzhou Mingandi”), a wholy

foreign owned enterprise established in the PRC with limited liability and a

wholy-owned subsidiary of the Company, Shenyang Jinyi, Mr. Zhang Xuekun

（张学坤）

, the registered shareholder of Shenyang Jinyi (the “Registered

Shareholder”) and the spouse of the Registered Shareholder.

For identification purpose only

优先购买权

细则或百慕达（本公司注册成立所在司法权

区）法律并无关于优先购买权的条款，致令本

公司必须按比例向现有股东发售新股份。

税项宽减及豁免

本公司并不知悉股东因持有股份而可获得任

何税项宽减及豁免。

持续关连交易

合约安排

于二零二四年六月二十七日，本集团就有关

事项签订债务清偿协议，（其中包括）收购沈

阳金蚁电子商务有限公司（「沈阳金蚁」）

70%

经济利益以及将总额为

2.4

百万人民币的股

东贷款权利转让予本集团，代价为本集团同

意免除

5.1

百万澳元的应收贸易款项。沈阳金

蚁主要在中国从事（其中包括）电子商务业

务，并持有其电子商务业务所需的必要许可

及批准，包括但不限于

(1)

增值电信业务经营

许可证（「

ICP

许可证」），及

(2)

网络文化经营许

可证（「

ICB

许可证」）。

据本公司中国法律顾问（「中国法律顾问」）

告知，沈阳金蚁及其附属公司（「沈阳金蚁集

团」）从事的互联网信息服务及线上演出业务

分别属「限制」及「禁止」类，因此本公司作为

外国投资者持有沈阳金蚁股权受到限制及禁

止。由于该等限制及禁止，董事会同意中国

法律顾问的意见，认为本集团有必要通过杭

州明安迪电子商务有限公司（「杭州明安迪」）

（一间于中国成立之有限责任外商独资企业

及本公司的全资附属公司）、沈阳金蚁、张学

坤先生（沈阳金蚁的登记股东（「登记股东」）

以及登记股东的配偶之间的合约安排（「合约

安排」）透过沈阳金蚁集团于中国进行互联网

信息服务及线上演出。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

Through the terms of the Contractual Arangements, the Group has

the power over Shenyang Jinyi Group to direct the relevant activities of

Shenyang Jinyi Group unilateraly and hence the Group has control over

Shenyang Jinyi Group. The members of Shenyang Jinyi Group become

subsidiaries of the Company and the financial positions and results of

operations of Shenyang Jinyi Group are consolidated into the consolidated

financial statements of the Company under IFRS Acounting Standards even

though the Company does not legaly own any equity interest in Shenyang

Jinyi, whether directly or indirectly.

Details of the Contractual Arangements are set out in the anouncements

of the Company dated 27 June 2024 and 17 July 2024 (colectively, “CT

Anouncements”).

Sumary of the major terms of the Contractual Arangements

(1) Exclusive Busines Coperation Agrement

Parties:(1) Hangzhou Mingandi; and (2) Shenyang Jinyi

Term:The Exclusive Busines Coperation Agrement

shal be valid upon execution thereof and remain

valid until Hangzhou Mingandi agres to terminate

the Exclusive Busines Coperation Agrement in

writing.

Subject Mater:Shenyang Jinyi and Hangzhou Mingandi

entered into the Exclusive Busines Coperation

Agrement, pursuant to which Shenyang

Jinyi agred to engage Hangzhou Mingandi

as its exclusive provider of technical suport,

consultation and other services.

根据合约安排的条款，本集团有权单方面对

沈阳金蚁集团的相关活动作出指示，因此本

集团对沈阳金蚁集团拥有控制权。沈阳金蚁

集团成员公司已成为本公司的附属公司，且

沈阳金蚁集团的财务状况及经营业绩已根据

国际财务报告准则会计准则并入本公司综合

财务报表，即使本公司并无直接或间接合法

拥有沈阳金蚁的任何股权。

合约安排之详情载于本公司日期为二零二四

年六月二十七日及二零二四年七月十七日的

公告（统称「持续关连交易公告」）内。

合约安排之主要条款概要

(1)

独家业务合作协议

订约方：

(1)

杭州明安迪；及

(2)

沈阳金蚁

期限：独家业务合作协议一

经订立即生效，并持

续有效直至杭州明安

迪同意书面终止独家

业务合作协议。

标的事项：沈阳金蚁与杭州明安

迪订立独家业务合作

协议，据此，沈阳金蚁

同意聘请杭州明安迪

作为其技术支持、咨

询及其他服务的独家

提供商。

46ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

In adition, pursuant to the Exclusive Busines

Coperation Agrement, without the prior writen

aproval from Hangzhou Mingandi, Shenyang

Jinyi shal not, and shal procure its subsidiaries

not to, acept the same or any similar services

provided by any third party and shal not establish

coperation relationships similar to that formed by

the Exclusive Busines Coperation Agrement

with any third party.

The Exclusive Busines Coperation Agrement

also provides that, (i) al intelectual property rights

developed or created during the performance of

the Exclusive Busines Coperation Agrement

belong to Hangzhou Mingandi, (i) Hangzhou

Mingandi is entitled to authorize Shenyang Jinyi

and its subsidiaries to use the intelectual property

rights, and (i) Hangzhou Mingandi is authorized to

use al existing intelectual property rights created

by Shenyang Jinyi and its subsidiaries before

execution of the Exclusive Busines Coperation

Agrement for fre.

Fe:Pursuant to the Exclusive Busines Coperation

Agrement, the service fe shal be determined by

Hangzhou Mingandi anualy (or at any other time

mutualy agred upon by both parties). The service

fe paid each year (or during any other agred-

upon period) shal consist of a management fe

and a service provision fe. The specific amount of

the service fe shal be determined by Hangzhou

Mingandi based on (i) the complexity and dificulty

level of the service; (i) the level of employes

of Hangzhou Mingandi and the time required to

provide such services; (i) the specific content,

scope and comercial value of the service; (iv)

market reference prices for similar type of services;

and (v) the busines situation of Shenyang Jinyi.

The service fe paid by Shenyang Jinyi shal not

be les than seventy percent (70%) of its after-tax

profits.

此外，根据独家业务

合作协议，未经杭州

明安迪事先书面批

准，沈阳金蚁不得且

应促使其附属公司不

得接受任何第三方提

供的相同或任何类似

服务，且不得与任何

第三方建立类似于独

家业务合作协议所形

成的合作关系。

独家业务合作协议亦

规定，

(i)

在履行独家

业务合作协议期间开

发或创造的所有知识

产权均属于杭州明安

迪，

(i)

杭州明安迪有权

授权沈阳金蚁及其附

属公司使用知识产权；

及

(i)

授权杭州明安迪

免费使用沈阳金蚁及

其附属公司于签署独

家业务合作协议之前

所创建的所有现有知

识产权。

费用：根据独家业务合作协

议，服务费由杭州明

安迪每年（或双方共同

约定的任何其他时间）

厘定。每年（或在任何

其他约定期间）支付的

服务费应包括管理费

及服务提供费。服务

费的具体金额由杭州

明安迪根据

(i)

服务的

复杂性及难度；

(i)

杭州

明安迪的员工水准及

提供此类服务所需的

时间；

(i)

服务的具体

内容、范围及商业价

值；

(iv)

Directors’ Report

董事会报告

(2) Exclusive Option Agrement

Parties:(1) Hangzhou Mingandi; (2) The Registered

Shareholder; and (3) Shenyang Jinyi.

Term:The Exclusive Option Agrement comenced

upon the signing date of the agrement, until it is

terminated upon the transfer of the 70% equity

interests held by the Registered Shareholder and/

or the transfer of al the asets of Shenyang Jinyi

to Hangzhou Mingandi or its designated person in

acordance with the Exclusive Option Agrement.

Subject Mater

and

Consideration:

Hangzhou Mingandi, Shenyang Jinyi and the

Registered Shareholder entered into the Exclusive

Option Agrement, pursuant to which the

Registered Shareholder granted irevocably and

unconditionaly to Hangzhou Mingandi the rights to

require the Registered Shareholder to transfer any

or al of his 70% equity interests in Shenyang Jinyi

and/or to require Shenyang Jinyi to transfer 70%

of its asets to Hangzhou Mingandi and/or a third

party designated by it, in whole or in part at any

time and from time to time, at zero consideration,

or, if so required under the laws of the PRC, a

minimum purchase price permited under PRC

laws and regulations.

The consideration for the exercise of the option

by Hangzhou Mingandi to purchase 70% of the

equity interest held by the Registered Shareholder

shal be determined based on the equity transfer

agrement separately entered into betwen

Hangzhou Mingandi (or its designated person) and

the Registered Shareholder (provided that such

price does not violate the provisions of PRC laws

and regulations and is recognized by Hangzhou

Mingandi) (“Benchmark Purchase Price”). If, at the

time of the exercise of the option by Hangzhou

Mingandi, the PRC laws impose any mandatory

requirements on the consideration for the equity

interest to be purchased, resulting in a minimum

price permited by the PRC laws that is higher than

the Benchmark Purchase Price, the consideration

for the purchase shal be determined based on the

minimum price permited by the PRC laws (“Equity

Purchase Price”). In this case, the Registered

Shareholder hereby waives the right to receive any

consideration exceding the Benchmark Purchase

Price.

(2)

独家购买权协议

订约方：

(1)

杭州明安迪；

(2)

登记

股东；及

(3)

沈阳金蚁。

期限：独家购买权协议自协

议签署之日起生效，

直至根据独家购买权

协议将登记股东持有

的

70%

股权及╱或沈

阳金蚁的全部资产转

让予杭州明安迪或其

指定人士时终止。

标的事项及

代价：

杭州明安迪、沈阳金

蚁及登记股东订立独

家购买权协议，据此，

登记股东不可撤销且

无条件地授予杭州明

安迪权利按零代价或

倘中国法律有要求，

则为中国法律及法规

允许的最低购买价

格，要求登记股东转

让其于沈阳金蚁

70%

股权的部分或全部及

╱或要求沈阳金蚁随

时及不时将其

70%

的

资产全部或部分转让

予杭州明安迪及╱或

其指定的第三方。

杭州明安迪行使购买

权购买登记股东所持

70%

股权的代价应根

据杭州明安迪（或其指

定人士）与登记股东单

独订立的股权转让协

议确定（惟该价格不

违反中国法律及法规

的规定并得到杭州明

安迪认可）（「基准购买

价格」）。倘杭州明安

迪行使购买权时，中

国法律对拟购买股权

的代价施加强制性要

求，导致中国法律允

许的最低价格高于基

准购买价格，则购买

代价应按照中国法律

允许的最低价格（「股

权购买价格」）确定。于

该情况下，登记股东

特此放弃收取任何超

过基准购买价格的代

价的权利。

48ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

(3) Equity Pledge Agrement

Parties:(1) Hangzhou Mingandi; (2) Registered Shareholder; and

(3) Shenyang Jinyi.

Term:The Equity Pledge Agrement take efect upon the

execution date and shal remain valid until (i) al the

obligations under the Contractual Arangements (other

than the Equity Pledge Agrement) have ben fulfiled;

(i) the Registered Shareholder has transfered his equity

interests in the Shenyang Jinyi in acordance with the

Exclusive Option Agrement; (i) Shenyang Jinyi has

transfered its asets in acordance with the Exclusive

Option Agrement; (iv) al the agrements underlying the

Contractual Arangements (other than the Equity Pledge

Agrement) have ben terminated; and (v) the Equity

Pledge Agrement has ben unilateraly terminated by

Hangzhou Mingandi.

Subject

Mater:

Hangzhou Mingandi, Shenyang Jinyi and the Registered

Shareholder entered into the Equity Pledge Agrement,

pursuant to which the Registered Shareholder has

agred to pledge al of his equity interests in Shenyang

Jinyi (including equity interests to be acquired by the

Registered Shareholder in the future through capital

increase or otherwise) to Hangzhou Mingandi as a

security interest to guarante the performance of

contractual obligations and the payment of outstanding

debts under the Contractual Arangements.

(3)

股权质押协议

订约方：

(1)

杭州明安迪；

(2)

登记

股东；及

(3)

沈阳金蚁。

期限：股权质押协议自签署

之日起生效，且持续

有效直至

(i)

合约安排

（股权质押协议除外）

项下的所有义务履行

完毕；

(i)

登记股东已根

据独家购买权协议转

让其于沈阳金蚁的股

权；

(i)

沈阳金蚁已根

据独家购买权协议转

让其资产；

(iv)

合约安

排相关的所有协议（股

权质押协议除外）已终

止；及

(v)

杭州明安迪单

方面终止股权质押协

议。

标的事项：杭州明安迪、沈阳金

蚁与登记股东已订立

股权质押协议，据此，

登记股东同意向杭州

明安迪质押其于沈阳

金蚁的全部股权（包括

登记股东未来透过增

资或其他方式获得的

股权）作为担保权益，

以保证履行合约义务

及支付合约安排项下

未偿债务。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

(4) Power of Atorney and Undertaking Leter

Parties:(1) Hangzhou Mingandi; (2) Registered Shareholder; and

(3) Shenyang Jinyi.

Term:The Power of Atorney and Undertaking Leter wil have

an indefinite term and wil remain valid so long as the

Registered Shareholder remains as a shareholder of

Shenyang Jinyi.

Subject

Mater:

Each of Shenyang Jinyi, the Registered Shareholder

and Hangzhou Mingandi entered into the Power of

Atorney and Undertaking Leter, pursuant to which, the

Registered Shareholder wil irevocably, unconditionaly

and exclusively apoint Hangzhou Mingandi or its

designated person, as his atorney-in-fact to exercise

such shareholder’s rights (representing 70% equity

interests in Shenyang Jinyi) in Shenyang Jinyi.

(5) Spouse undertaking

The spouse of the Registered Shareholder has signed the Spouse

Undertaking to the efect that:

(i) the equity interests of Shenyang Jinyi held and to be held by

the Registered Shareholder (together with any other interests

therein) do not fal within the scope of comunal properties;

(i) the spouse irevocably and unconditionaly abandons any right

or interest over the equity interests of Shenyang Jinyi held by his

spouse that he might be granted acording to any aplicable

law, and undertakes that he wil not take any claim relating to

such equity interests;

(i) the rights and obligations under the Contractual Arangements

do not aply to the spouse. The performance, amendment or

termination of the Contractual Arangements or the signing of

other documents to replace the Contractual Arangements by

the Registered Shareholder does not require consent from the

spouse; and

(iv) in the event that the spouse obtains any equity interests in

Shenyang Jinyi, she wil be subject to and abide by the terms

of the Contractual Arangements as if she was a signing party

to such Contractual Arangements, and at the request of

Hangzhou Mingandi, she wil sign any documents in the form

and substance consistent with the Contractual Arangements.

(4)

授权委托书

订约方：

(1)

杭州明安迪；

(2)

登记

股东；及

(3)

沈阳金蚁。

期限：授权委托书无限期且

持续有效，只要登记

股东仍为沈阳金蚁的

股东。

标的事项：沈阳金蚁、登记股东

与杭州明安迪各自已

订立授权委托书，据

此，登记股东将不可

撤销、无条件及独家

任命杭州明安迪或其

指定人士作为其实际

代理人，行使该等股

东于沈阳金蚁的权利

（占沈阳金蚁

70%

股

权）。

(5)

配偶同意函

登记股东的配偶已签署配偶同意函，

内容如下：

(i)

登记股东持有及将持有的沈阳

金蚁股权（连同其中的任何其他

权益）不属于共有财产的范围；

(i)

配偶不可撤销地及无条件地放

弃根据任何适用法律可能授予

其配偶持有的沈阳金蚁股权的

任何权利或权益，并承诺不会就

该等股权提出任何申索；

(i)

合约安排项下的权利及义务不

适用于配偶。登记股东履行、修

改或终止合约安排或签署替代

合约安排的其他文件无须征得

配偶的同意；及

(iv)

倘配偶获得沈阳金蚁的任何股

权，彼将须受合约安排条款的规

限及约束，犹如彼为上述合约安

排的签订方，且应杭州明安迪的

要求，彼将签署形式及内容与合

约安排一致的任何文件。

50ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

于二零二四年六月二十七日之后直至二零

二五年三月三十一日，杭州明安迪、沈阳金

蚁以及登记股东之间概无订立、重续及╱或

复制其他新的合约安排。于二零二四年六月

二十七日之后直至二零二五年三月三十一

日，合约安排及╱或其采纳后的情况并无重

大变更。

由于登记股东为沈阳金蚁的主要股东，持有

沈阳金蚁

99%

的股权，根据上市规则第

14A

章，为本公司于附属公司层面之关连人士，

因此根据上市规则第

14A

章，合约安排项下

之拟进行的交易构成本公司的持续关连交

易。根据上市规则第

14A.101

条，合约安排项

下之交易须遵守适用于关连交易的申报及公

告规定，惟获豁免通函、独立财务意见及股

东批准之规定。

本公司已申请且联交所已授出豁免，豁免严

格遵守

(i)

根据上市规则第

14A.52

条设定合约

安排期限的规定及

(i)

根据上市规则第

14A.53

条就沈阳金蚁根据合约安排应付杭州明安迪

的费用设定最高年度上限总额的规定，前提

是股份维持于联交所上市并符合若干条件，

详情载于持续关连交易公告。

独立非执行董事之确认

独立非执行董事已审阅合约安排，并确认于

截至二零二五年三月三十一日止年度内进行

的交易之订立为：

(a)

本集团的通常及惯常业务运作；

(b)

按照正常或更优商业条款；

(c)

根据合同安排的相关条款且属公平合

理，并符合本公司股东的整体利益；

(d)

沈阳金蚁集团并无向登记股东作出股

息或其他分派，而该等股息或其他分

派其后并无因本集团凭借合约安排所

控制的

70%

股权而以其他方式出让或

转让予本集团；及

(e)

本集团与沈阳金蚁集团于截至二零

二五年三月三十一日止年度内并无订

立、重续或复制任何新合约。

There were no other new contractual arangements entered into, renewed

and/or reproduced betwen Hangzhou Mingandi, Shenyang Jinyi and the

Registered Shareholder after 27 June 2024 and up to 31 March 2025.

There was no material change in the Contractual Arangements and/or the

circumstances under which they were adopted after 27 June 2024 and up to

to 31 March 2025.

The transactions contemplated under the Contractual Arangements

constitute continuing conected transactions of the Company under Chapter

14A of the Listing Rules as the Registered Shareholder is a substantial

shareholder of Shenyang Jinyi holding 99% equity interest in Shenyang Jinyi

and therefore a conected person of the Company at subsidiary level under

Chapter 14A of the Listing Rules. By virtue of Rule 14A.101 of the Listing

Rules, the transactions under the Contractual Arangements are subject

to the reporting and anouncement requirements aplicable to conected

transactions, but are exempt from the circular, independent financial advice

and shareholders’ aproval requirements.

The Company has aplied for, and the Stock Exchange has granted, a

waiver from strict compliance with (i) the requirement of fixing the term of

the Contractual Arangements under Rule 14A.52 of the Listing Rules and

(i) the requirement of seting a maximum agregate anual cap for the fes

payable by Shenyang Jinyi to Hangzhou Mingandi under the Contractual

Arangements under Rule 14A.53 of the Listing Rules, for so long as the

Shares are listed on the Stock Exchange, on several conditions, details

which are set out in the CT Anouncements.

Confirmation from independent non-executive Directors

The independent non-executive Directors have reviewed the Contractual

Arangements and confirmed that the transactions caried out during the

year ended 31 March 2025 have ben entered into:

(a) in the ordinary and usual course of busines of the Group;

(b) on normal comercial terms or beter;

Arangements that are fair and reasonable and in the interests of the

shareholders of the Company as a whole;

(d) no dividends or other distributions have ben made by Shenyang

Jinyi Group to the Registered Shareholder which are not otherwise

subsequently asigned or transfered to the Group by virtue of

the 70% equity interest controled by the Group by virtue of the

Contractual Arangements; and

(e) no new contracts entered into, renewed or reproduced betwen the

Group and Shenyang Jinyi Group during the year ended 31 March

2025.

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

本公司独立核数师之确认

本公司核数师（「核数师」）已向董事会提交函

件，确认有关合约安排：

(a)

核数师并无发现任何使其相信已披露

的持续关连交易未经董事会批准的情

况；

(b)

于涉及本集团提供商品或服务的交易

中，核数师并无发现任何使其相信该

等交易（在所有重大方面）并非按照本

集团价格政策的情况；

(c)

核数师并无发现任何使其相信该等交

易（在所有重大方面）并非按照监管该

等交易的相关合约安排项下之相关协

议进行的情况；及

(d)

于合约安排项下与沈阳金蚁集团之已

披露的持续关连交易中，核数师并无

发现任何使其相信沈阳金蚁集团已向

登记股东作出其后不会以其他方式出

让或转让予集团的股息或其他分派的

情况。

本年报综合财务报表附注

及其他部分所载

之本集团于截至二零二五年三月三十一日止

年度订立的关连方交易属于

(i)

非关连交易或

持续关连交易；或

(i)

上市规则下构成可获全

面豁免的关连交易之交易。

董事于竞争业务之权益

于本年度及截至本年报日期为止，伍非子女

士为

JHL International Trading Pty Ltd

（一间

涉足母婴产品贸易及服务的跨境电子商务公

司）的唯一董事及总经理，根据上市规则，被

视为与本集团业务竞争或有可能的竞争业务

中持有权益。

上述董事虽因彼同时于另一间公司担任职务

而持有竞争性权益，彼已履行及将会履行其

受信责任，以确保彼于任何时候均以股东及

本公司之整体最佳利益行事。故此，本集团

得以按公平原则以独立于该等公司业务之方

式进行其本身之业务。

除上文所披露者外，概无董事及彼等各自的

联系人于与本集团业务构成或可能构成竞争

之业务中拥有直接或间接权益。

Confirmation from the Company’s Independent Auditor

The auditor of the Company (the “Auditor”) has confirmed in a leter to the

Board that, with respect to the Contractual Arangements:

(a) nothing has come to their atention that causes the Auditor to believe

that the disclosed continuing conected transactions have not ben

aproved by the Board;

(b) for transactions involving the provision of gods or services by the

Group, nothing has come to their atention that causes the Auditor

to believe that the transactions were not, in al material respects, in

acordance with the pricing policies of the Group;

that the transactions were not entered into, in al material respects,

in acordance with the relevant agrements under the relevant

Contractual Arangements governing such transactions; and

(d) with respect of the disclosed continuing conected transactions

with Shenyang Jinyi Group under the Contractual Arangements,

nothing has come to their atention that causes the Auditor to believe

that dividends or other distributions have ben made by Shenyang

Jinyi Group to the Registered Shareholder which are not otherwise

subsequently asigned or transfered to the Group.

The related party transactions entered into by the Group during the

year ended 31 March 2025 as disclosed in note 39 and elsewhere in

the consolidated financial statements of this anual report are either (i)

not conected transactions or continuing conected transactions; or (i)

transactions that constituted fuly exempted conected transactions under

the Listing Rules.

DIRECTORS’ INTERESTS IN COMPETING BUSINES

During the year and up to the date of this anual report, Ms. Wu Feizi is the

sole director and general manager of JHL International Trading Pty Ltd, a

company engaged in cros-border e-comerce for trading and servicing of

mother and baby products, who is considered to have interests in a busines

which competes or is likely to compete with the busineses of the Group

pursuant to the Listing Rules.

Although the above-mentioned Director had competing interests in another

company by virtue of her positions, she has fulfiled and wil fulfil her

fiduciary duties in order to ensure that she wil act in the best interests of the

Shareholders and the Company as a whole at al times. Hence, the Group is

capable of carying on its busineses independently of, and at arm’s length

from, the busineses of such companies.

Save as disclosed above, none of the Directors and their respective

asociates had any direct or indirect interest in a busines which competes

or is likely to compete, either directly or indirectly, with the busineses of the

Group.

52ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

DIRECTORS’ INTERESTS IN TRANSACTIONS, ARANGEMENTS

OR CONTRACTS

No transactions, arangements or contracts of significance in relation to

the busines of the Group to which the Group was a party, and in which a

Director or his conected entity had a material interest, whether directly or

indirectly, subsisted as at 31 March 2025 or at any time during the year.

CONTRACTS OF SIGNIFICANCE WITH CONTROLING

SHAREHOLDERS

There were not any contracts of significance entered into betwen the Group

and any controling Shareholders or its subsidiaries during or at the end of

the year ended 31 March 2025.

There were no contracts of significance for the provision of services to the

Company or any of its subsidiaries by the Company’s controling Shareholder

or any of its subsidiaries during the year.

MANAGEMENT CONTRACTS

Save for employment contracts, no other contracts concerning the

management and/or administration of the whole or any substantial part of

the busines of the Company were entered into or subsisted during the year.

MAJOR CUSTOMERS AND SUPLIERS

During the year, the agregate sales atributable to the Group’s five largest

customers and the agregate purchases atributable to the Group’s five

largest supliers were aproximately 40.5% and 91.5% of the Group’s sales

and purchases, respectively.

During the year, the agregate sales atributable to the Group’s largest

customer and the agregate purchases atributable to the Group’s largest

suplier were aproximately 15.4% and 47.1% of the Group’s sales and

purchases, respectively.

Based on the available information to the Directors, none of the Directors, or

any of their close asociates or any Shareholders (which owns more than 5%

of the total number of isued Shares (excluding treasury shares, if any) had

an interest in these major supliers or customers of the Group.

INVESTMENT PROPERTY

The Group’s investment property was revalued on 31 March 2025 at

aproximately AUD8.5 milion (equivalent to aproximately HK$41.2 milion).

The fair value gain on investment property of aproximately HK$2.0 milion

has ben credited to the consolidated statement of profit or los and other

comprehensive income.

董事于交易、安排或合约之权益

于二零二五年三月三十一日或于本年度内任

何时间，概无董事或与其有关连之实体于本

集团为其中一方之任何对本集团业务属重大

之交易、安排或合约中直接或间接拥有重大

权益。

与控股东订立之重要合约

于截至二零二五年三月三十一日止年度或于

二零二五年三月三十一日，概无任何本集团

与本公司控股东或其附属公司之间所订立

之重要合约。

于本年度内并无本公司控股东或任何其附

属公司向本公司或任何其附属公司提供服务

的重要合约。

管理合约

除雇佣合约外，于本年度内并无订立或存续

其他与本公司业务全部或任何重大部分有关

的管理及╱或行政合约。

主要客户及供应商

于本年度，本集团最大五位客户之销售总额

及本集团最大五位供应商之采购总额分别为

本集团之销售额及采购额约

40.5%

及

91.5%

。

于本年度，本集团最大客户之销售总额及本

集团最大供应商之采购总额分别为本集团之

销售额及采购额约

15.4%

及

47.1%

。

根据可供董事查阅的资料，概无董事或其任

何紧密联系人士或任何股东（持有本公司已

发行股份（不包括库存股份，如有）总数

以

上者）于本集团主要供应商或客户中拥有权

益。

投资物业

于二零二五年三月三十一日，本集团之投资

物业重新估算价值约为

8.5

百万澳元（相等于

约

41.2

百万港元）。投资物业公平价值收益约

2.0

百万港元已计入综合损益及其他全面收

益表。

阿尔法企业控股有限公司

•

二零二五年报

Directors’ Report

董事会报告

于二零二五年三月三十一日，本集团持有作

投资用途之物业详情载于本年报第

页。

于本年度内之投资物业之变动列示于综合财

务报表附注

。

物业、厂房及设备

于本年度内之物业、厂房及设备之变动列示

于综合财务报表附注

。

借贷

于二零二五年三月三十一日，本集团未偿还

借贷约

41.1

百万港元（二零二四年：

33.2

百万

港元）须于一年内偿还。并无未偿还借贷须于

一年后偿还（二零二四年：无）。本集团未偿

还借贷

10.0

百万港元以港元计值，而余下借

贷以澳元计值，且按浮动利率计息。

于本年度内之借贷详情列示于综合财务报表

附注

。

储备

截至二零二五年三月三十一日，根据百慕达

一九八一年公司法（经修订）之计算，本公司

并无可供分派之储备。

财务概要

本集团于过往五个财政年度之业绩、资产及

负债概要载于本年报第

页。

捐款

本集团于本年度内并无作出任何慈善捐款

（二零二四年：无）。

企业管治

本公司致力于维持高水准之企业管治常规及

程序。本公司所采纳的主要企业管治常规报

告载于本年报第

页至第

页之「企业管治

报告」。

足够公众持股量

截至本年报刊发日期前之最后实际可行日期

（即二零二五年七月二十四日），根据本公

司公开可得的资料及就董事所知，本公司已

维持上市规则规定的足够公众持股量。

Particulars of property held for investment of the Group at 31 March 2025

are set out on page 220 of this anual report.

Movements in the investment property during the year are shown in note 15

to the consolidated financial statements.

PROPERTY, PLANT AND EQUIPMENT

Movements in property, plant and equipment during the year are shown in

note 16 to the consolidated financial statements.

BOROWING

As at 31 March 2025, the Group had an outstanding borowing of

aproximately HK$41.1 milion (2024: HK$33.2 milion) repayable within

one year. There was no outstanding borowing repayable after one year

(2024: Nil). The Group’s outstanding borowing of HK$10.0 milion was

denominated in Hong Kong Dolars while the remaining was denominated in

Australia Dolars and was charged with interest at floating rate.

Details of borowing during the year are shown in note 28 to the

consolidated financial statements.

RESERVES

As at 31 March 2025, the Company has no reserves available for

distribution, calculated in acordance with the provisions of the Companies

Act 1981 of Bermuda (as amended).

FINANCIAL SUMARY

The results, asets and liabilities of the Group for the last five financial years

are sumarised on page 219 of this anual report.

DONATIONS

The Group did not make any charitable donations during the year (2024: Nil).

CORPORATE GOVERNANCE

The Company is comited to maintaining a high standard of corporate

governance practices and procedures. A report on the principal corporate

governance practices adopted by the Company is set out in the “Corporate

Governance Report” on pages 18 to 33 of this anual report.

SUFICIENCY OF PUBLIC FLOAT

As at the latest practicable date prior to the isue of this anual report (being

24 July 2025), based on information that is publicly available to the Company

and within the knowledge of the Directors, the Company has maintained a

suficient public float as required under the Listing Rules.

54ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Directors’ Report

董事会报告

AUDITOR

Crowe (HK) CPA Limited acted as the auditor of the Company and audited

the Group’s consolidated financial statements for the year ended 31 March

2025.

Crowe (HK) CPA Limited shal retire and, being eligible, ofer themselves

for re-apointment. A resolution for the re-apointment of Crowe (HK) CPA

Limited as auditor of the Company wil be proposed at the AGM.

There has ben no change in the auditor of the Company for the past thre

years.

On behalf of the Board

Alpha Profesional Holdings Limited

Zhao Lei

Executive Director

Hong Kong, 30 June 2025

核数师

国富浩华（香港）会计师事务所有限公司担

任本公司核数师，负责审核本集团截至二零

二五年三月三十一日止年度之综合财务报

表。

国富浩华（香港）会计师事务所有限公司将告

退并符合资格再获委任。再度委任国富浩华

（香港）会计师事务所有限公司为本公司核

数师的决议案，将于股东周年大会上提呈。

本公司在过去三年内没有更换核数师。

代表董事会

Alpha Profesional Holdings Limited

阿尔法企业控股有限公司

赵磊

执行董事

香港，二零二五年六月三十日

仅供识别

阿尔法企业控股有限公司

•

二零二五年报

Biographical Information of Directors and Senior Management

董事及高级管理层个人资料

董事

赵磊先生（「赵先生」）

赵先生，现年四十三岁，于二零二三年三月

一日获委任为本公司独立非执行董事，并于

二零二三年九月二十五日调任为执行董事及

获委任为本公司行政总裁。他亦是本公司提

名委员会、薪酬委员会及信贷委员会各自的

成员，以及本公司若干附属公司的董事。赵

先生持有中华人民共和国（「中国」）北京对外

经济贸易大学经济学硕士学位及信息管理学

学士学位。他为美国特许金融分析师协会特

许金融分析师。

赵先生在资产管理、企业融资及投资方面拥

有丰富经验，并曾任职于中国、香港及新加

坡多间公司。彼现于亚太资源有限公司（股份

代号：

）任职发展总监，该公司之股份于

联交所主板上市。

伍非子女士（「伍女士」）

伍女士，现年四十三岁，自二零二年十月

十八日起出任本公司执行董事。她亦是本公

司薪酬委员会及信贷委员会各自的成员。伍

女士持有温州师范学院（现称温州大学）美术

教育证书、中央广播电视大学（现称国家开放

大学）公共事业管理（教育管理）学士学位及

澳洲

Elite Education Vocational Institute

（精英

教育职业学院

）商业文凭。她于二零二一年

十月加入本集团。

伍女士于跨境电子商务、业务发展以及销售

及市场推广拥有逾二十年经验。她现为

JHL

International Trading Pty Ltd

（「

JHL

」）（一间

涉足母婴产品贸易及服务的跨境电子商务公

司）的唯一董事及总经理。于加入

JHL

之前，

伍女士曾创立多间涉足不同产品（其中包括

酒类及母婴产品）的销售及市场推广公司。

李泽雄先生（「李先生」）

李先生，六十岁，自二零一九年十月十八日

起出任本公司独立非执行董事。他亦是本公

司审核委员会及提名委员会各自的主席，以

及薪酬委员会的成员。彼于二零二三年九月

二十五日至二零二五年七月二日为本公司

信贷委员会主席及成员。李先生持有香港中

文大学之工商管理学士学位。他亦为香港会

计师公会执业会计师及香港税务学会资深

会员。

李先生于会计、审计、税务及财务管理方面

拥有逾三十年经验。他现时出任亚证地产有

限公司（股份代号：

）的独立非执行董

事，以及曾于二零一八年十月至二零二四年

一月出任凯升控股有限公司（股份代号：

）

（「凯升」）的独立非执行董事并随后于二零

二五年三月十一日再度委任为凯升的独立非

执行董事，该等公司之股份均于联交所主板

上市。

仅供识别

DIRECTORS

ZHAO Lei (“Mr. Zhao”)

Mr. Zhao, aged 43, was apointed as an independent non-executive director

of the Company on 1 March 2023, and re-designated as an executive

director and apointed as the chief executive oficer of the Company on 25

September 2023. He is also a member of each of the nomination comite,

the remuneration comite and the credit comite of the Company, and

a director of certain subsidiaries of the Company. Mr. Zhao holds a Master’s

Degre in Finance and a Bachelor’s Degre in Information Management, both

from the University of International Busines and Economics in Beijing, the

People’s Republic of China (the “PRC”). He is a Chartered Financial Analyst

of CFA Institute.

Mr. Zhao has broad experience in aset management, corporate finance and

investments and has previously worked for several companies in the PRC,

Hong Kong and Singapore. He curently works as Development Director at

APAC Resources Limited (Stock Code: 1104) which is listed on the Main

Board of the Stock Exchange.

WU Feizi (“Ms. Wu”)

Ms. Wu, aged 43, has ben an executive director of the Company since 18

October 2022. She is also a member of each of the remuneration comite

and the credit comite of the Company. Ms. Wu holds a certificate in

fine art education from Wenzhou Normal Colege (now known as Wenzhou

University), a Bachelor’s Degre in Public Service Management (Educational

Management) from the China Central Radio and TV University (now known

as The Open University of China) and a Diploma in Busines from Elite

Education Vocational Institute in Australia. She joined the Group in October

2021.

Ms. Wu has over 20 years of experience in cros-border e-comerce,

busines development, and sales and marketing. She is curently the sole

director and general manager of JHL International Trading Pty Ltd (“JHL”), a

company engaged in cros-border e-comerce for trading and servicing of

mother and baby products. Prior to joining JHL, Ms. Wu had also founded

companies that participated in the sales and marketing of various products,

including wine and mother and baby products.

LI Chak Hung (“Mr. Li”)

Mr. Li, aged 60, has ben an independent non-executive director of the

Company since 18 October 2019. He is also the chairman of each of the

audit comite and the nomination comite, and a member of the

remuneration comite of the Company. He was the chairman and a

member of the credit comite of the Company from 25 September 2023

to 2 July 2025. Mr. Li holds a Bachelor’s Degre of Busines Administration

from The Chinese University of Hong Kong. He is also a Certified Public

Acountant (Practising) of the Hong Kong Institute of Certified Public

Acountants and a felow of The Taxation Institute of Hong Kong.

Mr. Li has over 30 years of experience in acounting, auditing, taxation and

financial management. Mr. Li is curently an independent non-executive

director of Asiasec Properties Limited (Stock Code: 271), and was an

independent non-executive director of Sumit Ascent Holdings Limited

(Stock Code: 102) (“Sumit Ascent”) from October 2018 to January 2024

and subsequently re-apointed as an independent non-executive director of

Sumit Ascent on 11 March 2025, the shares of these companies are listed

on the Main Board of the Stock Exchange.

56ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Biographical Information of Directors and Senior Management

董事及高级管理层个人资料

TU Chunan (“Mr. Tu”)

Mr. Tu, aged 61, has ben an independent non-executive director of the

Company since 25 April 2024. He is also a member of each of the audit

comite, the remuneration comite and the nomination comite of

the Company. Mr. Tu holds a Master’s Degre in Busines Administration

from Shenzhen Research Institute of Renmin University of China and a

Bachelor’s Degre in Education from Shanxi Education Colege (curently

known as Shanxi Xueqian Normal University). He has obtained the

qualification for certified property manager isued by Ministry of Construction

of the PRC.

Mr. Tu has broad experience in industrial park property management and

operation service inovation, industrial transformation and upgrading. He

was the general manager of Shenzhen Tianan Smart Park Operation Co.,

Limited from 2011 to 2022 and has ben the chairman since July 2022.

He was also the party comite secretary and the general manager of

Shum Yip Inteligent Park Operation (Shenzhen) Co., Limited from 2018 to

2022. He also acts as the vice chairman of Shenzhen Property Management

Asociation since 2005 and the executive vice chairman of Shenzhen

Electronic Chamber of Comerce since 2015.

CHEN Jianguo (“Mr. Chen”)

Mr. Chen, aged 56, has ben an independent non-executive director of the

Company since 15 July 2024. He is also the chairman of the remuneration

comite, and a member of each of the audit comite and the

nomination comite of the Company. Mr. Chen holds a Bachelor’s Degre

in Enginering from Baotou Stel and Iron Institute (curently known as Iner

Mongolia University of Science and Technology) and a degre of Master of

Busines Administration from China Europe International Busines Schol.

Mr. Chen has broad experience in corporate investment and busines

management, particularly in the fields of healthcare, new energy, suply

chain finance and new materials. He curently serves as a chief executive

oficer at Ke Rui Si Medical Technology (Shanghai) Company Limited* (

科锐

斯医疗科技（上海）有限公司

SENIOR MANAGEMENT

CHAN Chun Hong

Mr. Chan Chun Hong, aged 47, has ben the chief financial oficer, the

company secretary and the authorised representative of the Company

since 7 January 2020. Mr. Chan holds a Bachelor’s Degre of Busines

Administration from Hong Kong Baptist University. He is also a member of

the Hong Kong Institute of Certified Public Acountants and the Institute of

Chartered Acountants in England and Wales.

Mr. Chan Chun Hong has more than 23 years of experience working

in auditing, acounting and financial management. Prior to joining the

Company, he had worked for several listed companies in Hong Kong.

For identification purpose only

涂春安先生（「涂先生」）

涂先生，现年六十一岁，自二零二四年四月

二十五日起出任本公司独立非执行董事。他

亦是本公司审核委员会、薪酬委员会及提名

委员会各自的成员。涂先生持有中国人民大

学深圳研究生院工商管理硕士学位及陕西教

育学院（现称陕西学前师范学院）教育学士学

位。他已获取由中国建设部颁发的物业管理

师资格。

涂先生在产业园区物业管理、运营服务创新

及产业转型升级拥有丰富经验。他于二零

一年至二零二年出任深圳天安智慧园区

运营有限公司总经理及自二零二年七月起

出任董事长。他曾于二零一八年至二零二

年出任深业智慧园区运营（深圳）有限公司党

委书记及总经理。他亦自二零五年起担任

深圳市物业管理协会副会长及自二零一五年

起担任深圳电子商会常务副会长。

陈建国先生（「陈先生」）

陈先生，现年五十六岁，自二零二四年七月

十五日出任本公司独立非执行董事。他亦是

本公司薪酬委员会主席，以及审核委员会及

提名委员会各自的成员。陈先生持有包头钢

铁学院（现称内蒙古科技大学）工学士学位

及中欧国际工商学院工商管理硕士学位。

陈先生于企业投资及商业管理方面（主要涉

及医疗、新能源、供应链金融及新材料等领

域）拥有丰富的经验。他目前担任科锐斯医疗

科技（上海）有限公司的行政总裁。

高级管理层

陈振康先生

陈振康先生，四十七岁，自二零二零年一月

七日起出任本公司财务总监、公司秘书以及

授权代表。陈先生持有香港浸会大学之工商

管理学士学位。他亦为香港会计师公会及英

格兰及威尔斯特许会计师公会员。

陈振康先生于审计、会计及财务管理方面拥

有逾二十三年经验。于加入本公司前，他曾

任职多间香港上市公司。

阿尔法企业控股有限公司

•

二零二五年报

Independent Auditor’s Report

独立核数师报告

致

ALPHA PROFESIONAL HOLDINGS LIMITED

阿尔法企业控股有限公司

股东的独立核数师报告

（于百慕达注册成立的有限公司）

意见

吾等已审核列载于第

至

页

Alpha

Profesional Holdings Limited

阿尔法企业控

股有限公司

（「贵公司」）及其附属公司（统称

「贵集团」）的综合财务报表，此综合财务报

表包括于二零二五年三月三十一日的综合财

务状况表与截至该日止年度之综合损益及其

他全面收益表、综合权益变动表及综合现金

流量表，以及综合财务报表附注（包括重大会

计政策资料）。

吾等认为，综合财务报表已遵照国际会计准

则理事会（「国际会计准则理事会」）颁布之国

际财务报告准则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

的披露规定妥为编制。

意见基础

吾等乃根据香港会计师公会（「香港会计师公

会」）颁布之香港审计准则（「香港审计准则」）

进行审核。吾等在该等准则下之责任详述于

本报告「核数师就审核综合财务报表承担的

责任」一节。根据香港会计师公会之「专业会

计师道德守则」（「守则」），吾等独立于贵集

团，且吾等已按照守则履行其他道德责任。

吾等相信，吾等所获得之审核证据可充分恰

当地为吾等之意见提供基础。

有关持续经营的重大不确定性

吾等谨请阁下垂注综合财务报表附注

2(c)

，

当中显示贵集团于截至二零二五年三月

三十一日止年度录得净亏损

198,499,000

港

元。于该日，贵集团之流动负债超过其流

动资产

173,173,000

港元及贵集团之负债

总额超过其资产总额

65,134,000

港元。该等

情况连同附注

2(c)

所述的其他事宜显示存在

可能导致对贵集团持续经营能力产生重大

疑问之重大不确定性。吾等的意见并无就此

事项进行修改。

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF

ALPHA PROFESIONAL HOLDINGS LIMITED

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Alpha Profesional

Holdings Limited (the “Company”) and its subsidiaries (together the “Group”)

set out on pages 64 to 218, which comprise the consolidated statement of

financial position as at 31 March 2025, and the consolidated statement of

profit or los and other comprehensive income, the consolidated statement

of changes in equity and the consolidated statement of cash flows for

the year then ended, and notes to the consolidated financial statements,

including material acounting policy information.

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 IFRS Acounting Standards as

isued by the International Acounting Standards Board (the “IASB”) and

have ben properly prepared in compliance with the disclosure requirements

of the Hong Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

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

Acountants (“HKICPA”). Our responsibilities under those standards

are further described in the “Auditor’s responsibilities for the audit of

the consolidated financial statements” section of our report. We are

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

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

ethical responsibilities in acordance with the Code. We believe that the audit

evidence we have obtained is suficient and apropriate to provide a basis

for our opinion.

MATERIAL UNCERTAINTY RELATED TO GOING CONCERN

We draw atention to note 2(c) in the consolidated financial statements,

which indicates that the Group incured a net los of HK$198,499,000 for

the year ended 31 March 2025. As of that date, the Group’s curent liabilities

exceded its curent asets by HK$173,173,000 and the Group’s total

liabilities exceded its total asets by HK$65,134,000. These conditions,

along with other maters as set forth in note 2(c), indicate that a material

uncertainty exists that may cast significant doubt on the Group’s ability to

continue as a going concern. Our opinion is not modified in respect of this

mater.

58ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Independent Auditor’s Report

独立核数师报告

关键审核事项

根据吾等的专业判断，关键审核事项为吾等

审核本期间综合财务报表中最重要的事项。

吾等在审核整体综合财务报表和就此形成意

见时处理此等事项，而不会就此等事项单独

发表意见。除「有关持续经营的重大不确定

性」一节所述事项外，吾等已确定下文所述事

项为本报告中将予沟通的关键审核事项。

物业、厂房及设备、其他无形资产及商誉

的减值评估

请参阅综合财务报表附注

、

及

以及附注

2(l)(i)

所载的会计政策。

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. In adition to the mater described in the “Material

uncertainty related to going concern” section, we have determined the

maters described below to be the key audit maters to be comunicated in

our report.

, plant and equipment, other

intangible asets and godwil

Refer to notes 16, 17 and 18 to the consolidated financial statements

and the acounting policies in note 2(l)(i).

The Key Audit Mater

How the mater was adresed in

our audit

关键审核事项吾等于审核中如何处理该事项

We identified the impairment asesment of property, plant and

equipment, other intangible asets and godwil as a key audit

mater due to the significance of the balance to the consolidated

financial statements as a whole, combined with the significant

degre of judgement made by the management asociated with the

determination.

结合管理层作出的与厘定有关的判断的重要性程度，由于结余对综

合财务报表的整体重要性，吾等识别物业、厂房及设备、其他无形资

产及商誉的减值评估为一项关键审核事项。

As at 31 March 2025, the carying amount of property, plant and

equipment, other intangible asets and godwil is HK$29,344,000,

HK$23,653,000 and HK$13,351,000, respectively and including the

impairment los on godwil of HK$3,030,000 for the year ended 31

March 2025.

于二零二五年三月三十一日，物业、厂房及设备、其他无形资产及商

誉的账面值分别为

29,344,000

港元、

23,653,000

港元及

13,351,000

港元，包括截至二零二五年三月三十一日止年度的商誉减值亏损

3,030,000

港元。

The recoverable amounts are based on value in use calculations using

discounted cash flow model, which require significant asumptions

and estimates with respect to the discount rates and the forecasted

cash flows, in particular the revenue growth rate, taking into acount

the management expectations for the Group’s busines.

可收回金额以使用价值计算为基础，采用现金流量贴现模式计算，

当中需要就贴现率及预测现金流量（尤其是收入增长率）作出重大假

设及估计，并计及管理层对贵集团业务的预期。

Our procedures in relation to

impairment asesment of property,

plant and equipment, other intangible

asets and godwil included:

吾等就物业、厂房及设备、其他无形

资产及商誉的减值评估进行的程序包

括：

’s

identification of cash generating

units (“CGUs”), the alocation

of asets to each CGU and

the methodology adopted by

management in its impairment

asesments with reference to

the requirements of prevailing

acounting standards;

•

参考现行会计准则的要求，评估

管理层对现金产生单位（「现金

产生单位」）的认定、各项资产在

现金产生单位之间的分配以及

管理层于进行减值评估中采用

的方法；

experience, capability and

objectivity of the external valuer

engaged by management to

perform the valuation of the

relevant CGUs;

•

评价管理层所委聘为对相关现

金产生单位进行估算的外部估

值师的资历、经验、能力和客观

性；

阿尔法企业控股有限公司

•

二零二五年报

Independent Auditor’s Report

独立核数师报告

The Key Audit Mater

How the mater was adresed in

our audit

关键审核事项吾等于审核中如何处理该事项

In determining the value in use of the cash generating units (“CGUs”)

where the property, plant and equipment, other intangible asets

and godwil belongs to, valuation is caried out by directors of the

Company with the asistance from an independent profesional

valuer with reference to discounted cash flow forecast prepared by

management.

于厘定物业、厂房及设备、其他无形资产及商誉所属之现金产生单位

（「现金产生单位」）的使用价值时，贵公司董事在独立专业估值师

的协助下，经参考管理层编制之贴现金流量预测进行估值。

• evaluating the asumptions and

significant inputs adopted in the

preparation of discounted cash

flow forecasts for the purpose

of the impairment asesment,

including projected future

growth rates for income and

expenses, with reference to our

understanding of the busines,

historical trends and available

market data;

•

参考吾等对业务的理解、历史趋

势及现有市场数据，评估为减值

评估而编制贴现金流量预测

所采用的假设及重要输入数据，

包括收入及开支的预计未来增

长率；

• involving our internal valuation

specialists to evaluate

management’s valuation

methodology adopted in the

impairment asesment with

reference to the requirements

of the prevailing acounting

standards; and ases whether

the discount rates aplied in the

cash flow forecasts prepared for

the purpose of asesing the

impairment were within the range

adopted by other companies

operating in the same industry;

•

与内部估值专家一起参照现行

会计准则的要求，对管理层于减

值评估中采用的估值方法进行

评估；及评估为评估减值而编制

的现金流量预测所采用的贴现

率是否在同行业其他公司所采

用的范围内；

• evaluating the sensitivity analysis

prepared by management for

each of the key asumptions

adopted in the discounted cash

flow forecast and considering

the posibility of eror or

management bias; and

•

评估管理层就贴现金流量预

测所采用的每项主要假设而编

制的敏感度分析，并考虑出现错

误或管理层偏差的可能性；及

• asesing the disclosures in the

consolidated financial statements

in respect of impairment

testing with reference to the

requirements of the prevailing

acounting standards.

•

参考现行会计准则的规定，评估

综合财务报表中有关减值测试

的披露。

60ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Independent Auditor’s Report

独立核数师报告

B. Valuation of investment property

Refer to note 15 to the consolidated financial statements and the

acounting policies in note 2(i).

The Key Audit Mater

How the mater was adresed in

our audit

关键审核事项吾等于审核中如何处理该事项

We identified the valuation of investment property as a key audit

mater due to the significance of the balance to the consolidated

financial statements as a whole, combined with significant degre of

judgment asociated with determining the fair value. As at 31 March

2025, the fair value of the investment property was HK$41,232,000.

结合与厘定公平价值有关的判断的重要性程度，由于结余对综合财

务报表的整体重要性，吾等识别投资物业之估值为一项关键审核事

项。于二零二五年三月三十一日，投资物业之公平价值为

41,232,000

港元。

As disclosed in notes 2(i) and 15 to the consolidated financial

statements, the investment property is stated at fair value based on

valuation performed by the independent profesional property valuer.

In determining the fair value of investment property, the independent

profesional property valuer adopted market comparison aproach.

The valuation is dependent on certain key inputs that involve

the management and independent profesional property valuer’s

judgement. The key inputs used in valuing the investment property

by the independent profesional property valuer include recent prices

achieved by similar properties, curent market conditions, market

rental and market yield as adopted in the valuation.

诚如综合财务报表附注

2(i)

及

所披露，投资物业按照独立专业物

业估值师进行之估值按公平价值列报。于厘定投资物业之公平价值

时，独立专业物业估值师采用市场比较法。估值取决于若干关键性

输入数据，涉及管理层和独立专业物业估值师的判断。独立专业物

业估值师用于评估投资物业的关键性输入数据包括估值中所采纳的

类似物业近期成交价格、当前市况、市场租金及市场收益。

Our procedures in relation to the

valuation of investment property

included:

吾等有关投资物业估值的程序包括：

capability and objectivity of

the independent profesional

property valuer;

•

评估独立专业物业估值师的资

历、能力及客观性；

• Obtaining an understanding from

the independent profesional

property valuer about the

valuation methodology, the

performance of the property

markets, significant asumptions

adopted, critical judgement on

key inputs and data used in the

valuation;

•

自独立专业物业估值师了解估

值方法、物业市场表现、所采用

的重大假设、对估值中使用的关

键性输入数据及资料的关键判

断；

• Asesing whether the property

was valued on a consistent basis

using a consistent methodology

by inquiring of management

and independent profesional

property valuer; and

•

透过咨询管理层及独立专业物

业估值师，评估物业是否在一致

的基础上使用一致的方法进行

估值；及

• Asesing the reasonablenes

of source data used in the

valuations by benchmarking the

asumptions to relevant market

information on sales prices and

rentals achieved by the similar

properties in the neighbourhod.

•

透过将邻近地区类似物业销售

价格及租金的有关市场资料的

假设标准化，以评估值中使用

的来源数据的合理性。

投资物业之估值

请参阅综合财务报表附注

及附注

2(i)

所载的会计政策。

阿尔法企业控股有限公司

•

二零二五年报

Independent Auditor’s Report

独立核数师报告

其他资料

贵公司董事须对其他资料负责。其他资料包

括刊载于年报内的资料，惟不包括综合财务

报表及吾等的核数师报告。

吾等对综合财务报表的意见并不涵盖其他资

料，且吾等亦不对该等其他资料发表任何形

式的鉴证结论。

结合吾等对综合财务报表的审核，吾等的责

任为阅读其他资料，在此过程中，考虑其他

资料是否与综合财务报表或吾等在审核过程

中所了解的情况存在重大抵触或者似乎存在

重大错误陈述的情况。

基于吾等已执行的工作，倘吾等认为其他资

料存在重大错误陈述，吾等需要报告该事

实。就此而言，吾等并无任何报告。

董事及肩负管治责任者就综合财务报表承

担的责任

贵公司董事须负责根据国际会计准则理事会

颁布的国际财务报告准则会计准则及香港公

司条例的披露规定编制真实而公平的综合财

务报表，并对其认为使综合财务报表的编

制不存在由于欺诈或错误而导致的重大错误

陈述所需的内部监控负责。

在编制综合财务报表时，贵公司董事负责

评估贵集团持续经营的能力，并在适用情

况下披露与持续经营有关的事项，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，或别无其他实际的替

代方案。

肩负管治责任者负责监察贵集团的财务报

告过程。

OTHER INFORMATION

The directors of the Company are responsible for the other information. The

other information comprises 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 AND THOSE

CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of the

consolidated financial statements that give a true and fair view in acordance

with IFRS Acounting Standards isued by the IASB 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 of the

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

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

and using the going concern basis of acounting unles the directors either

intend to liquidate the Group or to cease operations, or have no realistic

alternative but to do so.

Those charged with governance are responsible for overseing the Group’s

financial reporting proces.

62ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Independent Auditor’s Report

独立核数师报告

核数师就审核综合财务报表承担的责任

吾等的目的为获取综合财务报表作为一个整

体是否不存在由于欺诈或错误而导致的重大

错误陈述的合理核证，并出具一份包含吾等

意见的核数师报告。本报告乃根据百慕达公

司法第

条仅向阁下（作为整体）作出，除

此之外别无其他用途。吾等并不会就本报告

的内容向任何其他人士负上或承担责任。

合理核证属高层次的核证，惟不能担保根据

香港审计准则进行的审核工作总能发现所有

存在的重大错误陈述。错误陈述可源于欺诈

或错误，倘个别或整体在合理预期情况下可

影响使用者根据该等综合财务报表作出的经

济决定时，被视为重大错误陈述。

作为根据香港审计准则进行审核的一部分，

吾等在整个审核期间运用专业判断并保持专

业怀疑态度。吾等亦：

•

识别及评估由于欺诈或错误而导致综

合财务报表存在重大错误陈述的风

险，设计及执行审计程序以应对该等

风险，以及获取足够及合适之审核证

据，为吾等意见提供基础。由于欺诈可

能涉及串谋、伪造、蓄意遗漏、虚假陈

述，或凌驾于内部监控之上，因此未能

发现因欺诈而导致出现重大错误陈述

的风险高于未能发现因错误而导致出

现重大错误陈述的风险。

•

了解与审核相关之内部监控，以设计

在有关情况下属适当之审核程序，但

目的并非对贵集团内部监控之有效

性发表意见。

•

评估董事所采用会计政策之适当性及

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适当

性作出结论，并根据所获取的审核证

据，确定是否存在与事项或情况有关

且可能导致对贵集团的持续经营能

力产生重大疑虑的重大不确定性。倘

吾等认为存在重大不确定性，则须在

核数师报告中提请注意综合财务报表

中之相关披露，或倘有关之披露不足，

则修订吾等之意见。吾等之结论乃基

于直至核数师报告日期止所取得之审

核证据。然而，未来事项或情况可能导

致贵集团不能持续经营。

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, 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.

• 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.

阿尔法企业控股有限公司

•

二零二五年报

Independent Auditor’s Report

独立核数师报告

•

评估综合财务报表之整体列报方式、

结构及内容（包括披露）以及综合财务

报表是否公平反映相关交易及事项。

•

计划及进行集团审核以就集团内各实

体或业务单位之财务资料获取足够合

适之审核证据，作为形成集团财务报

表意见的基础。吾等负责指导、监督及

检讨就集团审核进行之工作。吾等须

为吾等之审核意见承担全部责任。

吾等与肩负管治责任者就（其中包括）审核之

计划范围及时间以及重大审核发现，包括吾

等在审核中识别出内部监控之任何重大不足

之处进行沟通。

吾等亦向肩负管治责任者提交声明，表明吾

等已符合有关独立性之相关道德要求，并与

彼等沟通可能合理被认为会影响吾等独立性

的所有关系及其他事项以及在适用的情况

下，消除威胁之行动或采取之防范措施。

从与肩负管治责任者沟通之事项中，吾等确

定该等对本期间综合财务报表之审核最为重

要的事项，因而构成关键审核事项。吾等在

核数师报告中阐释该等事项，除非法律或法

规不允许公开披露此等事项，或在极端罕见

的情况下，合理预期倘于吾等之报告中沟通

某事项而造成的负面后果将会超过产生的公

众利益，则吾等决定不应在报告中沟通该事

项。

国富浩华（香港）会计师事务所有限公司

执业会计师

香港，二零二五年六月三十日

梁柏麒

执业证书编号

P08014

仅供识别

, 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 work performed for the purposes of the group audit.

We remain solely responsible for our audit opinion.

We comunicate with those charged with governance regarding, among

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

audit findings, including any significant deficiencies in internal control that we

identify during our audit.

We also provide those charged with governance with a statement that we

have complied with relevant ethical requirements regarding independence,

and to comunicate with them al relationships and other maters that may

reasonably be thought to bear on our independence, and where aplicable,

actions taken to eliminate threats or safeguards aplied.

From the maters comunicated with those charged with governance, we

determine those maters that were of most significance in the audit of the

consolidated financial statements of the curent period and are therefore the

key audit maters. We describe these maters in our auditor’s report unles

law or regulation precludes public disclosure about the mater or when, in

extremely rare circumstances, we determine that a mater should not be

comunicated in our report because the adverse consequences of doing

so would reasonably be expected to outweigh the public interest benefits of

such comunication.

Crowe (HK) CPA Limited

Certified Public Acountants

Hong Kong, 30 June 2025

Leung Pak Ki

Practising Certificate Number P08014

64ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Revenue

收入

6(a)40,52096,310

Cost of sales and services rendered

销售及所提供服务之成本

(33,349)(92,243)

Gros profit

毛利

7,1714,067

Net impairment loses of financial asets

金融资产减值亏损净额

9(c)(27,220)(27,201)

Impairment loses on godwil

商誉减值亏损

9(c)(3,030)(2,161)

Impairment loses on property,

plant and equipment

物业、厂房及设备减值

亏损

9(c)–(983)

Other income

其他收入

72,6433,161

Other gains and loses, net

其他收益及亏损，净额

8(118,826)(6,894)

Seling and distribution costs

销售及分销开支

(14,815)(1,809)

Administrative expenses

行政费用

(41,258)(12,106)

LOS FROM OPERATIONS

来自经营之亏损

(195,335)(43,926)

Finance costs

融资成本

9(a)(3,941)(4,448)

LOS BEFORE TAXATION

除税前亏损

9(199,276)(48,374)

Income tax credit

所得税抵免

10(a)77710,053

LOS FOR THE YEAR

本年度亏损

(198,499)(38,321)

OTHER COMPREHENSIVE INCOME/

(LOS) FOR THE YEAR, NET OF

INCOME TAX

本年度其他全面收益／

（亏损），扣除

所得税

Item that may be reclasified

subsequently to profit or los:

其后可能重新分类至

损益的项目：

Exchange diferences on translation of

foreign operations

换算海外业务引致的

汇兑差额

9,099(2,266)

Other comprehensive income/(los)

for the year, net of income tax

本年度其他全面收益／

（亏损），扣除所得税

9,099(2,266)

TOTAL COMPREHENSIVE LOS FOR

THE YEAR, NET OF INCOME TAX

本年度全面亏损总额，

扣除所得税

(189,400)(40,587)

阿尔法企业控股有限公司

•

二零二五年报

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

LOS FOR THE YEAR

ATRIBUTABLE TO:

本年度亏损

应占方：

Owners of the Company

本公司股东

(197,268)(38,321)

Non-controling interests

非控股权益

(1,231)–

(198,499)(38,321)

TOTAL COMPREHENSIVE LOS FOR

THE YEAR, NET OF INCOME TAX

ATRIBUTABLE TO:

本年度全面亏损总额，

扣除所得税

应占方：

Owners of the Company

本公司股东

(188,158)(40,587)

Non-controling interests

非控股权益

(1,242)–

(189,400)(40,587)

HK CentsHK Cents

港仙港仙

LOS PER SHARE

每股亏损

Basic

基本

13(56.5)(11.0)

The notes on pages 70 to 218 form part of these consolidated financial

statements.

第

至

页之附注为本综合财务报表之组

成部分。

66ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Consolidated Statement of Financial Position

综合财务状况表At 31 March 2025

于二零二五年三月三十一日

二零二五年二零二四年NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets

非流动资产Investment property

投资物业

1541,23241,350

Property, plant and equipment

物业、厂房及设备

1629,34418

Other intangible asets

其他无形资产

1723,653–

Godwil

商誉

1813,351–

Interests in joint venture

于合营企业之权益

19–

Financial asets at fair value through profit or los

按公平价值计入损益之金融资产

2012,228–

Refundable rental deposit

可退回租赁按金

223,411203

Defered tax asets

递延税项资产

30(a)21–

123,24041,571

Curent asets

流动资产Inventories

存货

Trade and other receivables

贸易及其他应收款项

228,060107,528

Prepayments

预付款项

234,658186

Income tax recoverable

可收回所得税

2,6031,735

Cash and cash equivalents

现金及现金等价物

24(a)10,70147,277

26,337156,735

Curent liabilities

流动负债Trade and other payables

贸易及其他应付款项

2537,21445,358

Contract liabilities

合约负债

26–172

Lease liabilities

租赁负债

2719,251675

Other borowing

其他借贷

2841,08133,182

Provisions

拨备

31101,849–

Income tax payable

应付所得税

199,51079,757

Net curent (liabilities)/asets

流动（负债）／资产净额

(173,173)76,978

Total asets les curent liabilities

资产总额减流动负债

(49,933)118,549

Non-curent liabilities

非流动负债Lease liabilities

租赁负债

279,302316

Defered tax liabilities

递延税项负债

30(c)5,477–

Defined benefit obligation

界定福利责任

29422–

15,201316

Net (liabilities)/asets

（负债）／资产净额

(65,134)118,233

Capital and reserves

资本及储备Share capital

股本

34(b)435,252435,252

Reserves

储备

34(c)(505,177)(317,019)

Equity atributable to owners

of the Company本公司股东应占

权益

(69,925)118,233

Non-controling interests

非控股权益

4,791–

Total (capital deficiency)/equity

（资本亏绌）／权益总额

(65,134)118,233

Aproved and authorised for isue by the board (the “Board”) of directors

(the “Directors”) of the Company on 30 June 2025 and are signed on its

behalf by:

Zhao LeiTu Chunan

赵磊涂春安Executive DirectorIndependent Non-executive Director

执行董事独立非执行董事

于二零二五年六月三十日获本公司董事（「董

事」）会（「董事会」）批准及授权刊发，并由下

列董事代表签署：

The notes on pages 70 to 218 form part of these consolidated financial

statements.

第

至

页之附注为本综合财务报表之组

成部分。

阿尔法企业控股有限公司

•

二零二五年报

Consolidated Statement of Changes in Equity

综合权益变动表For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Atributable to owners of the Company

本公司股东应占

capital

premium

Foreign

curency

translation

reserve

Acumulated

losesTotal

Non-

controling

interests

Total

equity

股本股份溢价外币换算储备累计亏损总额非控股权益权益总额

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元

(note 34(b)(note 34(c)(i)(note 34(c)(i)

（附注

34(b)

）（附注

34(c)(i)

）（附注

34(c)(i)

）

At 1 April 2023

于二零二三年四月一日

435,252592,019(8,891)(859,560)158,820–158,820

Change in equity for 2024

二零二四年之权益变动

Los for the year

本年度亏损

–(38,321)(38,321)–(38,321)

Exchange diferences on translation

of foreign operations

换算海外业务引致

的汇兑差额

–(2,266)–(2,266)–(2,266)

Total comprehensive los for the year

本年度全面亏损总额

–(2,266)(38,321)(40,587)–(40,587)

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

435,252592,019(11,157)(897,881)118,233–118,233

Change in equity for 2025

二零二五年之权益变动

Los for the year

本年度亏损

–(197,268)(197,268)(1,231)(198,499)

Exchange diferences on translation of

foreign operations

换算海外业务引致

的汇兑差额

–9,110–9,110(11)9,099

Total comprehensive los for the year

本年度全面亏损总额

–9,110(197,268)(188,158)(1,242)(189,400)

Capital contribution by non-controling

interests of subsidiary

附属公司非控股权益

注资

–293293

Acquisition of subsidiaries (note 38(i)

收购附属公司（附注

38(i)

）

–5,7405,740

At 31 March 2025

于二零二五年三月三十一日

435,252592,019(2,047)(1,095,149)(69,925)4,791(65,134)

The notes on pages 70 to 218 form part of these consolidated financial

statements.

第

至

页之附注为本综合财务报表之组

成部分。

68ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Consolidated Statement of Cash Flows

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

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Operating activities

经营活动

Los before taxation

除税前亏损

(199,276)(48,374)

Adjustments for:

调整：

Interest income

利息收入

7(57)(1)

Fair value gain on investment

property

投资物业公平价值

收益

8(2,033)(515)

(Gain)/los on financial asets at

fair value through

profit or los

按公平价值计入损益之

金融资产（收益）╱

亏损

– Listed equity securities

－上市股本证券

8(7,192)5,006

Finance costs

融资成本

9(a)3,9414,448

Depreciation

折旧

9(c)10,117718

Amortisation of other intangible

asets

其他无形资产之

摊销

9(c)1,705–

Net provision for impairment loses

on financial asets

金融资产减值亏损

拨备净额

9(c)27,22027,201

Impairment loses on godwil

商誉减值亏损

9(c)3,0302,161

Impairment loses on property, plant

and equipment

物业、厂房及设备

减值亏损

9(c)–983

Provisions for compensation

补偿拨备

8125,220–

Unrealised exchange gain

未变现汇兑收益

–(33)

Operating cash flows before

working capital changes

营运资金变动前之

经营现金流量

(37,325)(8,406)

(Increase)/decrease in inventories

存货（增加）╱减少

(306)3,923

Decrease in trade and

other receivables

贸易及其他应收款项

减少

35,13143,972

(Increase)/decrease in prepayments

预付款项（增加）╱减少

(4,472)10,538

Decrease in trade and

other payables

贸易及其他应付款项

减少

(9,777)(5,436)

(Decrease)/increase in contract liabilities

合约负债（减少）╱增加

(172)172

Cash (used in)/generated from

operations

经营（所用）╱所得

现金

(16,921)44,763

Australia Corporate Income Tax paid

已付澳洲企业所得税

(261)(396)

Hong Kong Profits Tax paid

已付香港利得税

(1,075)(538)

Net cash (used in)/generated from

operating activities

经营活动（所用）／所得

现金净额

(18,257)43,829

阿尔法企业控股有限公司

•

二零二五年报

Consolidated Statement of Cash Flows

综合现金流量表For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

二零二五年二零二四年

NotesHK$’000HK$’000

附注千港元千港元

Investing activities

投资活动

Purchase of property,

plant and equipment

购置物业、厂房

及设备

(592)(12)

Purchase of other intangible asets

购置其他无形资产

(49)–

Interest received

已收利息

Payment for rental deposits

租赁按金付款

(284)–

Purchase of financial asets at

fair value through profit or los

购置按公平价值计入

损益之金融资产

(5,036)–

Proceds from disposal of financial

asets at fair value through

profit or los

来自于出售按公平价值

计入损益之金融资产

之所得款项

–6,541

Net cash outflow from acquisition

of subsidiaries

收购附属公司之现金

流出净额

38(i) & (i)(11,183)–

Net cash (used in)/generated from

investing activities

投资活动（所用）／所得

现金净额

(17,087)6,530

Financing activities

融资活动

Capital element of lease liabilities paid

已付租赁负债之资本部分

24(b)(10,318)(704)

Interest element of lease liabilities paid

已付租赁负债之利息部分

24(b)(671)(21)

Proceds from other borowing

其他借贷之所得款项

24(b)10,000–

Repayment of other borowing

偿还其他借贷

24(b)–(13,056)

Interest paid for other borowing

已付其他借贷利息

24(b)(3,270)(4,427)

Capital contribution from non-controling

interests of subsidiary

附属公司非控股权益

注资

293–

Net cash used in financing activities

融资活动所用现金净额

(3,966)(18,208)

Net (decrease)/increase in cash and

cash equivalents

现金及现金等价物

（减少）／增加净额

(39,310)32,151

Cash and cash equivalents at

begining of the year

年度初现金及现金

等价物

47,27713,686

Efect of foreign exchange rate

changes, net

外汇率变动之影响，

净额

2,7341,440

Cash and cash equivalents at

end of the year

年度末现金及现金

等价物

24(a)10,70147,277

The notes on pages 70 to 218 form part of these consolidated financial

statements.

第

至

页之附注为本综合财务报表之组

成部分。

70ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

1 GENERAL INFORMATION

Alpha Profesional Holdings Limited (Registration No. 39519) (the

“Company”) was incorporated in Bermuda on 30 January 2007 under

the Companies Act 1981 of Bermuda as an exempted company with

limited liability. The registered ofice of the Company is located at The

Penthouse, 5 Reid Stret, Hamilton, HM 11, Bermuda with efect

from 24 March 2025. Its principal place of busines is located at

Rom 1902, 19th Flor, Alied Kajima Building, 138 Gloucester Road,

Wanchai, Hong Kong.

At 31 March 2025, the Company’s imediate parent was Wel

Dynasty Investments Limited, a company incorporated in Hong Kong

with limited liability. The ultimate parent of the Company was Miracle

Planet Developments Limited, a company incorporated in the British

Virgin Islands with limited liability, and the ultimate controling party

of the Company was Ms. Chong Sok Un. Neither of them produces

consolidated financial statements available for public use.

The Company is an investment holding company. The principal

activities of its principal subsidiaries are set out in note 36.

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION

(a) Statement of compliance

These consolidated financial statements have ben prepared

in acordance with IFRS Acounting Standards isued by the

International Acounting Standards Board (the “IASB”) and

the disclosure requirements of the Hong Kong Companies

Ordinance. These consolidated financial statements also

comply with the aplicable disclosure provisions of the Rules

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

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

Material acounting policy information adopted by the Company

and its subsidiaries (together refered to as the “Group”) are

disclosed below.

The IASB has isued certain new and amendments to IFRS

Acounting Standards which are mandatorily efective or

available for early adoption for the curent acounting period

of the Group. Note 4 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 consolidated

financial statements.

一般资料

Alpha Profesional Holdings Limited

阿

尔法企业控股有限公司

（注册编号

）（「本公司」）于二零七年一

月三十日根据百慕达一九八一年公司

法在百慕达注册成立为获豁免有限

公司，本公司的注册办事处位于

The

Penthouse, 5 Reid Stret, Hamilton,

HM 11, Bermuda

（自二零二五年三月

二十四日起生效）。其主要营业地点位

于香港湾仔告士打道

号联合鹿岛

大厦

楼

室。

于二零二五年三月三十一日，本公司

直接母公司为华得投资有限公司（一

间于香港注册成立的有限公司）。

本公司最终母公司为

Miracle Planet

Developments Limited

（一间于英属处

女群岛注册成立之有限公司），本公司

最终控股方为庄舜而女士。彼等概无

编制可供公众使用的综合财务报表。

本公司为一间投资控股公司。其主要

附属公司的主要业务载于附注

。

编制基准及重大会计政策资料

(a)

遵例声明

本综合财务报表乃根据国际会

计准则理事会（「国际会计准则

理事会」）颁布之国际财务报告

准则会计准则及香港公司条例

之披露规定编制。本综合财务

报表亦遵守香港联合交易所有

限公司（「联交所」）证券上市规

则（「上市规则」）适用之披露条

文。本公司及其附属公司（统称

为「本集团」）所采用之重大会计

政策资料披露如下。

国际会计准则理事会已颁布若

干于本集团现行会计期间强制

生效或可供提早采纳之新订及

经修订国际财务报告准则会计

准则。附注

提供因首次应用该

等发展所产生而与本集团现行

会计期间相关并在本综合财务

报表内反映之任何会计政策变

动的资料。

仅供识别

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(b)

财务报表编制基准

计入本集团各实体财务报表的

项目已使用实体经营所在的主

要经济环境的货币（「功能货币」）

计算。综合财务报表以港元（「港

元」）呈列，并为本公司的功能货

币及呈列货币。除另有所指外，

所有价值均约整至最接近千港

元。

综合财务报表乃以历史成本基

准为计量基准编制，除下列按其

公平价值列账的资产外（诚如下

文所载之会计政策所阐述）：

－

投资物业（包括本集团为

物业权益的注册拥有人的

持做投资物业的租赁土地

及楼宇的权益）（见附注

2(i)

）。

－

股本证券投资。

编制符合国际财务报告准则会

计准则之综合财务报表需要管

理层作出判断、估计及假设，而

该等判断、估计及假设会影响政

策之应用及所呈报资产、负债、

收入及开支的金额。该等估计及

有关假设乃根据过往经验及管

理层相信于该等情况下乃属合

理之各项其他因素而作出，所得

结果构成管理层在无法依循其

他来源得知资产及负债之账面

值时作出判断之基准。实际结果

可能与该等估计有所不同。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(b) Basis of preparation of the financial statements

Items included in the financial statements of each entity in

the Group 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 (“HK$”) which is the Company’s

functional and presentation curency, and al value are rounded

to the nearest thousand HK$ except where otherwise indicated.

The measurement basis used in the preparation of the

consolidated financial statements is the historical cost basis

except that the folowing aset is stated at its fair value as

explained in the acounting policies set out below:

– investment property, including interests in leasehold land

and buildings held as investment property where the

Group is the registered owner of the property interest

(se note 2(i).

– investment in equity securities.

The preparation of consolidated financial statements

in conformity with IFRS 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 believed to be reasonable under the

circumstances, the results of which form the basis of making

the judgements about carying amounts of asets and liabilities

not readily aparent from other sources. Actual results may

difer from these estimates.

72ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(b)

财务报表编制基准（续）

估计及相关假设会持续作出检

讨。会计估计之修订如仅影响当

期，则有关会计估计修订将于当

期确认，或倘该修订影响本期间

及以后期间，则有关会计估计修

订将于当期及以后期间确认。

管理层于应用国际财务报告准

则会计准则时所作出对综合财

务报表有重大影响的判断，以及

估计不确定性的主要来源于附

注

讨论。

(c)

持续经营基准

截至二零二五年三月三十一

日止年度，本集团录得净亏损

198,499,000

港元。于该日，本

集团之流动负债超过其流动资

产

173,173,000

港元及本集团

之负债总额超过其资产总额

65,134,000

港元。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(b) Basis of preparation of the financial statements

(Continued)

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

IFRS Acounting Standards that have significant efect on

the consolidated financial statements and major sources of

estimation uncertainty are discused in note 3.

The Group incured a net los of HK$198,499,000 for the year

ended 31 March 2025. As of that date, the Group’s curent

liabilities exceded its curent asets by HK$173,173,000

and the Group’s total liabilities exceded its total asets by

HK$65,134,000.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(c)

持续经营基准（续）

鉴于此等情况，董事已编制本集

团涵盖十五个月之现金流量预

测。在编制该现金流量预测时，

董事已审慎考虑其营运需求、本

集团未来流动资金及其可用融

资来源，以评估本集团能否偿还

未偿债务及满足未来营运资金

与其他财务需求。

此外，董事正实施多项计划及措

施以改善本集团的流动资金及

财务状况，包括（其中包括）：

(i)

本集团已征求法律顾问

的意见并认为，该等仲裁

（定义见附注

）的结果

不会对本集团产生不利的

现金流量影响。目前，由

于与

Bubs Australia Limited

（「

Bubs Australia

」）及其

全资附属公司

The Infant

Fod Company Pty Limited

（「

IFC

」）（当时的供应

商及该等仲裁的原告）终

止业务关系，本公司间接

全资附属公司及该等仲

裁的被告香港爱丽丝贸

易有限公司（「爱丽丝贸

易」）及香港维勒斯贸易

有限公司（「维勒斯贸易」）

的运营规模均已缩减，

除维勒斯贸易透过其全

资附属公司

GA Australia

Investment Pty Ltd

（「

Investment

」）间接持有投

资物业外，爱丽丝贸易及

维勒斯贸易持有的资产均

极少。董事根据获得的法

律意见预计，本公司及本

集团其他附属公司（均为

独立的法人实体）的业务

及资产不会受到法定要求

偿债书（定义见附注

）及

该等仲裁决（定义见附

注

）的影响。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

In view of such circumstances, the Directors have prepared a

cash flow forecast of the Group covering a period of fiften-

month. In preparing the cash flow forecast, the Directors have

given careful consideration to its operating neds, the future

liquidity of the Group and its available sources of financing

in asesing whether the Group wil be able to repay the

outstanding debts and be able to finance its future working

capital and other financial requirements.

In adition, the Directors are undertaking a number of plans and

measures to improve the Group’s liquidity and financial position,

including, inter alia:

(i) The Group has sought an opinion from the legal advisor

and considered that the results of the Arbitrations

(defined in note 31) would not result in adverse cash

flow impact to the Group. Curently, operations of both

Alice Trading Limited (“Alice Trading”) and Wilis Trading

Limited (“Wilis Trading”), both are indirect wholy-

owned subsidiaries of the Company and the defendants

of the Arbitrations, have ben scaled-down due to

the cesation of their busines relationship with Bubs

Australia Limited (“Bubs Australia”) and its wholy-owned

subsidiary, The Infant Fod Company Pty Limited (“IFC”),

the then suplier and the plaintif of the Arbitrations.

Other than the investment property held indirectly by

Wilis Trading through its wholy-owned subsidiary, GA

Australia Investment Pty Ltd (“GA Investment”), both

Alice Trading and Wilis Trading hold minimal asets. The

Directors, based on the legal opinion obtained, expect

that the operations and asets of the Company and the

other subsidiaries of the Group, al being separate legal

entities, would not be afected by the Statutory Demand

(defined in note 31) and the Arbitration Awards (defined in

note 31).

74ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(c)

持续经营基准（续）

(i)

本公司主要股东庄舜而女

士（「庄女士」）同意向本集

团提供财务支持，尤其是

于二零二五年六月二十五

日，庄女士与本公司订立

贷款协议，以提供本金为

80,000,000

港元的无息信

贷额度，用于向本集团提

供一般营运资金。

(i)

本集团将采取更谨慎的方

法来管理项目进度及相关

成本，以期通过控制成本

及改善经营现金流出使本

集团的业务更有利可图。

根据现金流量预测及假设上述

计划能够按计划成功实施，董事

认为，本集团将有充足的营运资

金为其营运提供资金及于现金

流量预测期内按时履行到期的

财务义务，从而使本集团能够持

续经营。因此，董事认为，按持

续经营基准编制本综合财务报

表属适当。

上述事件及情况显示存在重大

不确定性，可能对本集团持续经

营的能力产生重大疑问，因此本

集团或无法在正常业务过程中

变现其资产及清偿其负债。

本综合财务报表并无包括任何

若持续经营编制基准被确定为

不适当时所需要作出的调整。该

等调整可能包括将本集团的资

产撇减至其可变现净值，为可能

出现的任何负债作出拨备，以及

将非流动资产及非流动负债分

别重新分类为流动资产及流动

负债。该等调整的影响并无于本

综合财务报表中反映。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(i) The substantial shareholder of the Company, Ms. Chong

Sok Un (“Ms. Chong”) agred to provide financial suport

to the Group, particularly on 25 June 2025, Ms. Chong

entered into a loan agrement with the Company for

an interest-fre line of credit with principal amount of

HK$80,000,000 for the purpose of providing general

working capital to the Group.

(i) The Group wil take a more vigilant aproach in managing

the progres of projects and related costs with the aim

to enable the Group to atain more profitable operations

by controling costs and to improve its operating cash

outflows.

Based on the cash flow forecast, asuming the above plans can

be sucesfuly implemented as scheduled, the Directors are of

the opinion that the Group would have suficient working capital

to finance its operations and to met its financial obligations as

and when they fal due over the period of the cash flow forecast

so as to enable the Group to continue as a going concern.

Therefore, the Directors considered that it is apropriate to

prepare these consolidated financial statements on a going

concern basis.

The above events and conditions indicate that the existence

of a material uncertainty which may cast significant doubt

about the Group’s ability to continue as a going concern and,

therefore it may be unable to realise its asets and discharge its

liabilities in the normal course of busines.

These consolidated financial statements do not include any

adjustments that may be necesary should the going concern

basis of preparation be determined to be inapropriate.

These would include any adjustments to write down the

Group’s asets to their net realisable amounts, to provide for

any liabilities which may arise and to reclasify non-curent

asets and non-curent liabilities as curent asets and curent

liabilities, respectively. The efect of these adjustments has not

ben reflected in these consolidated financial statements.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合

本综合财务报表包括本公司及

其附属公司，其中包括在中华

人民共和国（「中国」）注册的由

本公司直接或间接拥有的实体

（「外商独资企业」）及本公司透

过合约安排获得其经济利益的

主要受益人的可变利益实体的

财务报表。本公司、其附属公司

及可变利益实体之间的所有交

易及结余皆已于综合时抵销。收

购或出售的附属公司业绩自收

购生效日期起或截至出售生效

日期止（倘适用）计入本综合损

益及其他全面收益表。

附属公司指满足以下条件的实

体：

(i)

本公司直接或间接控制其

超过

50%

的投票权；或

(i)

根据法

规或根据股东或权益持有人之

间的协议，本公司有权委任或罢

免被投资公司大多数董事会成

员，或可在其董事会议上投多

数票，或可规管其财务及运营政

策。若可变利益实体的权益持有

人并无控制性财务权益的特征

或并无足够的风险资本，以致该

实体如无其他方的额外次级财

务支持即无法为其活动提供资

金，则该可变利益实体须由其主

要受益人合并。

由于外资在增值电信服务（包括

互联网内容供应商业务）等的持

股和投资受到法律限制，本公司

通过与由中国公民注册成立并

拥有的可变利益实体达成各种

合约安排（「合约安排」）经营外

资在中国受到限制或禁止的电

子商务业务。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

These consolidated financial statements includes the financial

statements of the Company and its subsidiaries, which include

entities registered in the People’s Republic of China (the “PRC”)

directly or indirectly owned by the Company (“WFOE”) and

VIEs over which the Company is the primary beneficiary for

their economic benefits through contractual arangements. Al

transactions and balances among the Company, its subsidiaries

and the VIEs have ben eliminated upon consolidation. The

results of subsidiaries acquired or disposed of are recorded

in these consolidated statement of profit or los and other

comprehensive income from the efective date of acquisition or

up to the efective date of disposal, as apropriate.

A subsidiary is an entity in which (i) the Company directly or

indirectly controls more than 50% of the voting power; or (i)

the Company has the power to apoint or remove the majority

of the members of the board of directors or to cast a majority

of votes at the metings of the board of directors or to govern

the financial and operating policies of the investe pursuant

to a statute or under an agrement among the shareholders

or equity holders. A VIE is required to be consolidated by the

primary beneficiary of the entity if the equity holders in the entity

do not have the characteristics of a controling financial interest

or do not have suficient equity at risk for the entity to finance its

activities without aditional subordinated financial suport from

other parties.

Due to legal restrictions on foreign ownership and investment in,

among other areas, value-aded telecomunication services,

which include the operations of internet content providers, the

Company operates its e-comerce busines in which foreign

investment is restricted or prohibited in the PRC through various

contractual arangements (the “Contractual Arangements”) with

VIE that is incorporated and owned by citizen of the PRC.

76ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

本集团透过一间外商独资企业

与沈阳金蚁电子商务有限公司

（「沈阳金蚁」，可变利益实体）

订立独家业务合作协议，令本集

团有权获得可变利益实体业绩

的

70%

。此外，本集团与可变利

益实体的权益持有人订立若干

协议，包括独家购买权协议（以

在中国法律、法规及规定允许

的情况下收购可变利益实体股

权）、权益持有人所持股权的股

权质押协议以及授权委托书（不

可撤销地授权本集团指定的个

人行使权益持有人对可变利益

实体的权利）。

本公司代表可变利益实体之架

构详情载列如下：

独家购买权协议（「独家购买权协

议」）

可变利益实体之权益持有人已

不可撤销且无条件地授予外商

独资企业权利按零代价或倘中

国法律有要求，则为中国法律及

法规允许的最低购买价格，要求

权益持有人转让其于可变利益

实体

70%

股权的部分或全部及╱

或要求可变利益实体随时及不

时将其

70%

的资产全部或部分转

让予外商独资企业及╱或其指

定的第三方。

权益持有人及可变利益实体进

一步作出以下承诺：

(i)

未经外商独资企业事先书

面同意，可变利益实体不

得以任何形式补充、修改

或修正可变利益实体的公

司章程，增加或减少其注

册资本，或以其他方式改

变其资本结构；

(i)

权益持有人应按照健全的

财务及业务标准及惯例，

维持可变利益实体的存

续，获取并维持其业务运

营所需的一切必要政府许

可及执照，并审慎有效地

经营其业务并处理其事

务；

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

The Group, through a WFOE, has entered into exclusive

busines coperation agrement with Shenyang Jinyi

e-comerce Co., Limited (literal translation of

沈阳金蚁电子商

务有限公司

) (“Shenyang Jinyi”, the VIE) which entitle the Group

to receive 70% of the results of the VIE. In adition, the Group

has entered into certain agrements with the equity holders of

the VIE, including exclusive option agrement to acquire the

equity interests in the VIE when permited by the PRC laws,

rules and regulations, equity pledge agrement of the equity

interests held by the equity holder, and power of atorney

and undertaking leter that irevocably authorise individuals

designated by the Group to exercise the equity owner’s rights

over the VIE.

Details of the structure of the Company’s representative VIE are

set forth below:

Exclusive option agrement (the “Exclusive Option

Agrement”)

The equity holder of the VIE has granted irevocably and

unconditionaly to the WFOE the rights to require the equity

holder to transfer any or al of his 70% equity interests in the

VIE and/or to require the VIE to transfer 70% of its asets to the

WFOE and/or a third party designated by it, in whole or in part

at any time and from time to time, at zero consideration, or, if so

required under the laws of the PRC, a minimum purchase price

permited under PRC laws and regulations.

The equity holder and the VIE further undertake the below:

(i) without the prior writen consent of the WFOE, the VIE

shal not suplement, modify, or amend the articles of

asociation of the VIE in any form, increase or decrease

its registered capital, or otherwise alter its capital

structure;

(i) the equity holder shal, in acordance with sound financial

and busines standards and practices, maintain the

existence of the VIE, obtain and maintain al necesary

government permits and licenses required for its busines

operations, and prudently and efectively operate its

busines and handle its afairs;

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

独家购买权协议（「独家购买权协

议」）（续）

(i)

未经外商独资企业事先书

面同意，权益持有人不得

出售、转让、抵押或以其

他方式处置可变利益实体

的任何重大资产、业务或

收入权利或权益，或允许

在其上设立任何其他担保

权益；

(iv)

未经外商独资企业事先书

面同意，权益持有人不得

产生、承担、担保或允许

存在任何债务，惟正常业

务过程中产生而非透过借

款产生的应付账款除外；

(v)

可变利益实体应在日常业

务过程中继续经营其所

有业务，以维持其资产价

值，且不得采取任何可能

对可变利益实体的经营状

况及资产价值产生不利影

响的作为或不作为；

(vi)

未经外商独资企业事先书

面同意，可变利益实体不

得与任何人士订立任何重

大合约，但在日常业务过

程中订立的合约除外；

(vi)

未经外商独资企业事先书

面同意，可变利益实体不

得向任何人士提供贷款或

信贷；

(vi)

应外商独资企业的要求，

可变利益实体应提供有关

其经营及财务状况的所有

信息；

(ix)

倘外商独资企业提出要

求，可变利益实体应向外

商独资企业指定的保险公

司购买并维持与其资产及

业务相关的保险，保险金

额及类型应与从事类似业

务的公司一致；

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Exclusive option agrement (the “Exclusive Option

Agrement”) (Continued)

(i) without the prior writen consent of the WFOE, the equity

holder shal not sel, transfer, mortgage, or otherwise

dispose of any significant asets, busineses, or rights or

interests in income of the VIE, or alow the creation of any

other security interests thereon;

(iv) without the prior writen consent of the WFOE, the VIE

shal not incur, asume, guarante, or alow the existence

of any debts, except for acounts payable that arise

in the normal course of busines and are not incured

through borowing;

(v) the VIE shal continue to operate al its busineses in the

ordinary course of busines to maintain its aset value

and shal refrain from taking any action or omision that

would have an adverse efect on the operating condition

and aset value of the VIE;

(vi) without the prior writen consent of the WFOE, the

VIE shal not enter into any material contracts with any

person, except for contracts entered into in the ordinary

course of busines;

(vi) without the prior writen consent of the WFOE, the VIE

shal not provide loans or credit to any person;

(vi) upon request by the WFOE, the VIE shal provide

al information regarding its operation and financial

condition;

(ix) if requested by the WFOE, the VIE shal purchase and

maintain insurance related to its asets and busines

from an insurance company designated by the WFOE,

and the amount and type of insurance shal be consistent

with companies engaged in similar busines;

78ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

独家购买权协议（「独家购买权协

议」）（续）

(x)

未经外商独资企业事先书

面同意，可变利益实体不

得与任何人士合并或组建

合资企业，或收购或投资

任何人士；

(xi)

可变利益实体应立即通知

外商独资企业已发生或可

能发生的与可变利益实体

资产、业务、收入或股权

有关的任何诉讼、仲裁或

行政诉讼；

(xi)

可变利益实体应保持对其

所有资产的完全所有权，

签署所有必要或适当的

文件，采取一切必要或适

当的行动，并对任何索赔

进行一切必要或适当的抗

辩；

(xi)

未经外商独资企业事先书

面同意，可变利益实体不

得以任何形式向股东分配

股息，但应外商独资企业

的要求，可变利益实体应

立即向股东分配所有可分

配溢利；

(xiv)

应外商独资企业的要求，

可变利益实体应任命外商

独资企业指定的人士担任

可变利益实体的董事或执

行董事；

(xv)

未经外商独资企业事先书

面同意，可变利益实体不

得从事任何与外商独资企

业或其联属公司有竞争关

系的业务；

(xvi)

除中国法律要求外，未经

外商独资企业书面同意，

可变利益实体不得开始解

散或清算；及

(xvi)

当中国法律允许外国投资

者于可变利益实体进行的

主营业务中持有控股及╱

或全资权益，且中国相关

部门开始审查该业务时，

外商独资企业行使购买权

后，可变利益实体应立即

向外商独资企业或其指定

人士转让股权。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Exclusive option agrement (the “Exclusive Option

Agrement”) (Continued)

(x) without the prior writen consent of the WFOE, the VIE

shal not merge or form any joint venture with any person,

or acquire or invest in any person;

(xi) the VIE shal imediately notify the WFOE of any

litigation, arbitration, or administrative procedings that

have ocured or may ocur relating to the asets,

busines, income, or equity of the VIE;

(xi) the VIE shal maintain ful ownership of al its asets,

execute al necesary or apropriate documents, take

al necesary or apropriate actions, bring al necesary

or apropriate actions, and make al necesary or

apropriate defenses against any claims;

(xi) without the prior writen consent of the WFOE, the

VIE shal not distribute dividends to its shareholders in

any form, but upon the request of the WFOE, the VIE

shal imediately distribute al distributable profits to its

shareholder;

(xiv) upon the request by the WFOE, the VIE shal apoint

person(s) designated by the WFOE as a director or an

executive director of the VIE;

(xv) without the prior writen consent of the WFOE, the VIE

shal not engage in any busines that competes with the

WFOE or its afiliated companies;

(xvi) unles required by the PRC law, without writen consent

of the WFOE, the VIE shal not comence any disolution

or liquidation; and

(xvi) when the PRC laws alow foreign investors to hold a

controling and/or wholy-owned interest in the principal

busines conducted by the VIE, and the relevant PRC

authorities begin reviewing such busines, upon the

exercise of the option by the WFOE, the VIE shal

imediately transfer its shareholding to the WFOE or its

designated person.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

独家购买权协议（「独家购买权协

议」）（续）

此外，权益持有人承诺：

(i)

未经外商独资企业事先书

面同意，权益持有人不得

出售、转让、抵押或处置

其于可变利益实体股权中

的法定或实益权利及权

益，或允许于其上设立任

何其他担保权益，惟根据

合约安排确立的权利除

外；

(i)

权益持有人应确保，未经

外商独资企业事先书面同

意，可变利益实体股东大

会及╱或董事会（或执行

董事）不得批准出售、转

让、抵押或处置权益持有

人持有的可变利益实体股

权的任何法定权利或实益

权利，亦不得批准于其上

设立任何其他担保权益，

惟根据合约安排确立的权

利除外；

(i)

未经外商独资企业事先书

面同意，权益持有人应促

使可变利益实体股东大会

及╱或董事会（或执行董

事）不得批准与任何人士

合并或组建任何合资企

业、或收购或投资任何人

士；

(iv)

权益持有人应立即通知外

商独资企业已发生或可能

发生的与权益持有人拥有

的可变利益实体股权有关

的任何诉讼、仲裁或行政

诉讼；

(v)

权益持有人应确保可变利

益实体股东大会或董事会

（或执行董事）根据独家

购买权协议规定对所购股

权的转让投赞成票，并采

取外商独资企业要求的任

何其他行动；

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Exclusive option agrement (the “Exclusive Option

Agrement”) (Continued)

In adition, the equity holder undertakes that:

(i) without the prior writen consent of the WFOE, the equity

holder shal not sel, transfer, mortgage, or dispose of its

legal or beneficial rights and interests in the equity of the

VIE, or alow the creation of any other security interests

thereon, except for the rights established under the

Contractual Arangements;

(i) the equity holder shal ensure that the shareholders’

meting and/or the board of directors (or executive

directors) of the VIE shal not aprove the sale, transfer,

mortgage, or disposal of any legal rights or beneficial

rights on the equity interest of the VIE held by the equity

holder without the prior writen consent of the WFOE,

nor shal they aprove the creation of any other security

interests thereon, except for the rights established under

the Contractual Arangements;

(i) without the prior writen consent of the WFOE, the equity

holder shal facilitate that the shareholders’ meting and/

or the board of directors (or executive directors) of the

VIE shal not aprove the merger or formation of any

joint venture with any person, or the acquisition of or

investment in any person;

(iv) the equity holder shal imediately notify the WFOE of

any litigation, arbitration, or administrative procedings

that have ocured or may ocur regarding the equity

interest of the VIE owned by the equity holder;

(v) the equity holder shal ensure that the shareholders’

meting or the board of directors (or executive directors)

of the VIE shal vote in favor of the transfer of the

purchased equity interest as stipulated in the Exclusive

Option Agrement and take any other actions requested

by the WFOE;

80ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

独家购买权协议（「独家购买权协

议」）（续）

(vi)

权益持有人应保持对股权

的完全所有权，签署所有

必要或适当的文件，采取

一切必要或适当的行动，

并对任何索赔进行一切必

要或适当的抗辩；

(vi)

应外商独资企业的要求，

权益持有人应任命外商独

资企业指定的任何人士担

任可变利益实体的董事或

执行董事；

(vi)

倘权益持有人从可变利益

实体获得任何溢利分配、

股息或清算收益，则权益

持有人应立即以中国法律

允许的方式将该等溢利、

股息或清算收益转予外商

独资企业或外商独资企业

指定的任何人士；及

(ix)

权益持有人应严格遵守独

家购买权协议及权益持有

人、可变利益实体与外商

独资企业签署的任何其他

协议的规定，履行该等协

议项下的义务，不得有任

何影响该等协议有效性及

可执行性的作为或不作

为。倘权益持有人对独家

购买权协议、股权质押协

议（定义见下文）或权益

持有人授权委托书项下的

股权保留任何权利，除外

商独资企业另有书面指示

外，权益持有人不得行使

该等权利。

独家购买权协议自协议签署之

日起生效，直至将权益持有人持

有的

70%

股权及╱或可变利益

实体的全部资产转让予外商独

资企业或其指定人士时终止。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Exclusive option agrement (the “Exclusive Option

Agrement”) (Continued)

(vi) the equity holder shal maintain ful ownership of

the equity interest, sign al necesary or apropriate

documents, take al necesary or apropriate actions,

bring al necesary or apropriate actions, and make al

necesary or apropriate defenses against any claims;

(vi) upon the request of the WFOE, the equity holder shal

apoint any person designated by the WFOE as a

director or executive director of the VIE;

(vi) if the equity holder obtains any profit distribution,

dividends, or liquidation proceds from the VIE, the

equity holder shal promptly transfer such profit,

dividends, or liquidation proceds to the WFOE or any

person designated by the WFOE in a maner permited

by the PRC laws; and

(ix) the equity holder shal strictly comply with the provisions

of the Exclusive Option Agrement and any other

agrements signed by the equity holder, the VIE and the

WFOE, fulfil the obligations under these agrements,

and refrain from any acts or omisions that would afect

the validity and enforceability of these agrements. If

the equity holder retains any rights with respect to the

equity interest under the Exclusive Option Agrement,

the Equity Pledge Agrement (as defined hereunder), or

the authorisation leter from the equity holder, the equity

holder shal not exercise such rights unles instructed

otherwise by the WFOE in writing.

The Exclusive Option Agrement comenced upon the signing

of the agrement, until it is terminated upon the transfer of

the 70% equity interests held by the equity holder and/or

the transfer of al the asets of the VIE to the WFOE or its

designated person.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

授权委托书（「授权委托书」）

根据授权委托书，权益持有人不

可撤销、无条件及独家任命外商

独资企业或其指定人士作为其

实际代理人，行使该等股东于可

变利益实体的权利（占可变利益

实体

70%

股权），包括但不限于

下列权利：

(i)

召集并出席可变利益实体

股东大会；

(i)

行使权益持有人根据中国

法律及可变利益实体章程

享有的全部股东权利及投

票权；

(i)

处理股权（全部或部分）的

出售、转让、质押或处置，

包括但不限于代表权益持

有人签署与处置可变利益

实体股权有关的所有必要

股权转让文件及其他辅助

文件，并办理所有必要的

手续；

(iv)

代表权益持有人以可变利

益实体股东及可变利益实

体董事的身份签署任何决

议及会议记录；

(v)

代表权益持有人提名、选

举、任免可变利益实体的

法定代表人、董事、监事、

总经理、财务总监及其他

高级管理人员；及

(vi)

批准修改可变利益实体章

程。

权益持有人进一步承诺，其不会

增资、减资、转让、质押或处置

或以其他方式改变可变利益实

体的股本。

授权委托书无限期，只要权益持

有人仍为可变利益实体的股东，

则授权委托书持续有效。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Power of atorney and undertaking leter (the “Power of

Atorney and Undertaking Leter”)

Pursuant to the Power of Atorney and Undertaking Leter,

the equity holder irevocably, unconditionaly and exclusively

apoints WFOE or its designated person, as his atorney-in-fact

to exercise such shareholder’s rights (representing 70% equity

interests in the VIE) in the VIE, including without limitation to, the

rights to:

(i) convene and atend shareholders’ metings of the VIE;

(i) exercise al shareholders’ rights and voting rights enjoyed

by the equity holder under the PRC laws and the articles

of asociation of the VIE;

(i) handle the sale, transfer, pledge, or disposal of the equity

interest (in whole or in part), including but not limited to

representing the equity holder in signing al necesary

equity transfer documents and other ancilary documents

in relation to the disposal of the equity interest in the VIE

and undergo al necesary procedures;

(iv) on behalf of the equity holder, signing any resolutions and

meting minutes in the capacity as a shareholder of the

VIE and a director of the VIE;

(v) represent the equity holder in nominating, electing,

apointing and removing the legal representative,

directors, supervisors, general manager, chief financial

oficer and other senior management personel of the

VIE; and

(vi) aprove the amendment of the articles of asociation of

the VIE.

The equity holder further undertakes that he would not increase

capital, reduce capital, transfer, pledge or dispose of or

otherwise alter the share capital of the VIE.

The Power of Atorney and Undertaking Leter has an indefinite

term and remain valid so long as the equity holder remains as a

shareholder of the VIE.

82ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

股权质押协议（「股权质押协议」）

根据股权质押协议，权益持有人

同意向外商独资企业质押其于

可变利益实体的全部股权（包括

权益持有人未来透过增资或其

他方式获得的股权）作为担保权

益，以保证履行合约义务及支付

合约安排项下未偿债务。

根据股权质押协议，权益持有人

应向外商独资企业陈述并保证：

(i)

权益持有人或其继承者、

继任者、代表或任何其他

人士不得透过法律程序中

断或阻碍外商独资企业就

股权质押协议享有的权

利；

(i)

倘可变利益实体在质押期

间宣派任何股息，外商独

资企业有权获得所有该等

股息、红股或质押股权产

生的其他收入（如有）。倘

任何权益持有人或可变利

益实体违反或未能履行合

约安排相关协议项下的义

务，外商独资企业（作为

承押人）有权优先从处置

质押股权的收益中获得赔

偿。

此外，权益持有人及可变利益实

体向外商独资企业承诺（其中包

括），未经外商独资企业事先书

面同意，其不增加或减少可变利

益实体的注册资本、不转让其于

可变利益实体股权中的权益或

设立或允许任何可能影响外商

独资企业权利及权益的质押。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Equity pledge agrement (the “Equity Pledge Agrement”)

Pursuant to the Equity Pledge Agrement, the equity holder

agred to pledge al of his equity interests in the VIE (including

equity interests to be acquired by the equity holder in the

future through capital increase or otherwise) to the WFOE as a

security interest to guarante the performance of contractual

obligations and the payment of outstanding debts under the

Contractual Arangements.

Under the Equity Pledge Agrement, the equity holder

represents and warants to the WFOE that:

(i) the rights enjoyed by the WFOE with respect to the

Equity Pledge Agrement shal not be interupted or

hindered by the equity holder or his sucesor, heirs,

representatives or any other person through legal

procedings;

(i) if the VIE declares any dividend during the term of

the pledge, the WFOE is entitled to receive al such

dividends, bonus isue or other income arising from

the pledged equity interests, if any. If any of the equity

holder or the VIE breaches or fails to fulfil the obligations

under the agrements underlying the Contractual

Arangements, the WFOE, as the pledge, has the

priority to be indemnified from the proceds from the

disposal of pledged equity interests.

Further, the equity holder and the VIE undertake to the WFOE,

among other things, not to increase or reduce the registered

capital of the VIE, transfer the interest in his equity interests in

the VIE or create or alow any pledge thereon that may afect

the rights and interest of the WFOE without its prior writen

consent.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

股权质押协议（「股权质押协议」）

（续）

股权质押协议自签署之日起生

效，且持续有效直至

(i)

合约安排

（股权质押协议除外）项下的所

有义务履行完毕；

(i)

权益持有人

已根据独家购买权协议转让其

于可变利益实体的股权；

(i)

可变

利益实体已根据独家购买权协

议转让其资产；

(iv)

合约安排相关

的所有协议（股权质押协议除外）

已终止；及

(v)

外商独资企业单方

面终止股权质押协议。

独家业务合作协议（「独家业务合

作协议」）

沈阳金蚁与外商独资企业已订

立独家业务合作协议，据此，可

变利益实体同意聘请外商独资

企业作为其技术支持、咨询及其

他服务的独家提供商，包括：

(a)

授出由外商独资企业依法

拥有且与可变利益实体主

营业务相关的技术及软件

的使用权；

(b)

设计、开发、维护及更新

可变利益实体主营业务所

需的技术，并提供技术咨

询及服务；

(c)

设计、安装及管理计算机

网络系统及相关数据库以

及其日常维护与更新；

(d)

为可变利益实体相关人员

提供技术支持及专业培

训；

(e)

协助可变利益实体收集及

研究相关技术及市场信息

（不包括中国法律限制的

外商独资企业的市场研究

活动）；

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Equity pledge agrement (the “Equity Pledge Agrement”)

(Continued)

The Equity Pledge Agrement takes efect upon the execution

date and shal remain valid until (i) al the obligations under

the Contractual Arangements (other than the equity pledge

agrement) have ben fulfiled; (i) the equity holder has

transfered his equity interests in the VIE in acordance with

the Exclusive Option Agrement; (i) the VIE has transfered its

asets in acordance with the Exclusive Option Agrement; (iv)

al the agrements underlying the Contractual Arangements

(other than the Equity Pledge Agrement) have ben

terminated; and (v) the Equity Pledge Agrement has ben

unilateraly terminated by the WFOE.

Exclusive busines coperation agrement (the “Exclusive

Busines Coperation Agrement”)

Shenyang Jinyi and WFOE had entered into an Exclusive

Busines Coperation Agrement, pursuant to which VIE would

agre to engage WFOE as its exclusive provider of technical

suport, consultation and other services, including:

(a) to grant the right to use the technologies and software

relating to the principal busines of VIE legaly owned by

WFOE;

(b) to design, develop, maintain and update the technology

required for VIE’s principal busines, and to provide

technical consultation and services;

system and related databases, as wel as their daily

maintenance and updates;

(d) to provide technical suport and profesional training for

relevant personel of VIE;

(e) to asist VIE in colecting and researching relevant

technical and market information (excluding market

research activities restricted by the PRC laws for wholy

foreign owned enterprises);

84ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

独家业务合作协议（「独家业务合

作协议」）（续）

(f)

为可变利益实体提供企业

管理咨询；

(g)

为可变利益实体提供营销

及推广服务；

(h)

开发及测试新产品；

(i)

安排设备及资产的租赁；

及

(j)

在中国法律允许的范围

内，根据可变利益实体的

要求提供其他相关服务。

此外，根据独家业务合作协议，

未经外商独资企业事先书面批

准，可变利益实体不得且应促使

其附属公司不得接受任何第三

方提供的相同或任何类似服务，

且不得与任何第三方建立类似

于独家业务合作协议所形成的

合作关系。

独家业务合作协议亦规定，

(i)

在

履行独家业务合作协议期间开

发或创造的所有知识产权均属

于外商独资企业，

(i)

外商独资企

业有权授权可变利益实体及其

附属公司使用知识产权，及

(i)

授

权外商独资企业免费使用可变

利益实体及其附属公司于签署

独家业务合作协议之前所创建

的所有现有知识产权。

独家业务合作协议一经订立即

生效，并持续有效直至外商独资

企业同意书面终止独家业务合

作协议。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Exclusive busines coperation agrement (the “Exclusive

Busines Coperation Agrement”) (Continued)

(f) to provide enterprise management consultation for VIE;

(g) to provide marketing and promotional services for VIE;

(h) to develop and test new products;

(i) to arange leasing of equipment and asets; and

(j) to provide other related services as required by VIE, to

the extent permited by the PRC laws.

In adition, pursuant to the Exclusive Busines Coperation

Agrement, without the prior writen aproval from the WFOE,

VIE shal not, and shal procure its subsidiaries not to, acept

the same or any similar services provided by any third party

and shal not establish coperation relationships similar to that

formed by the Exclusive Busines Coperation Agrement with

any third party.

The Exclusive Busines Coperation Agrement also provides

that, (i) al intelectual property rights developed or created

during the performance of the Exclusive Busines Coperation

Agrement belong to the WFOE, (i) the WFOE is entitled to

authorise VIE and its subsidiaries to use the intelectual property

rights, and (i) the WFOE is authorised to use al existing

intelectual property rights created by VIE and its subsidiaries

before execution of the Exclusive Busines Coperation

Agrement for fre.

The Exclusive Busines Coperation Agrement is valid upon

execution thereof and remains valid until the WFOE agres to

terminate the Exclusive Busines Coperation Agrement in

writing.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(d)

可变利益实体（「可变利益实体」）

的综合（续）

独家业务合作协议（「独家业务合

作协议」）（续）

根据独家业务合作协议，服务费

由外商独资企业每年（或双方共

同约定的任何其他时间）厘定。

可变利益实体每年（或在任何其

他约定期间）应付的服务费应包

括管理费及服务提供费，有关费

用不得低于其税后溢利的

70%

。

根据该等合约安排，本公司认

为，由于沈阳金蚁的权益持有人

无须承担重大的风险权益，亦不

具有控制性财务利益的特征，故

其应被视为可变利益实体。鉴于

本公司为沈阳金蚁的主要受益

人，故本公司认为，应根据上述

架构将沈阳金蚁综合入账。

可变利益实体并无任何重大的

关连方交易，且可变利益实体与

本集团其他附属公司之间的该

等交易均已于综合入账时抵销。

根据与可变利益实体订立的合

约安排，本公司有权主导可变利

益实体的活动，并可在其控制下

将资产从可变利益实体转出。因

此，除注册资本及中国法定储备

外，本公司认为并无任何可变利

益实体的资产仅限于用作清偿

可变利益实体的债务。由于可变

利益实体乃根据相关司法辖区

公司法注册成立为有限责任公

司，故对于可变利益实体的任何

负债，可变利益实体的债权人对

本公司的一般信贷并无追索权。

目前，本公司并无订立任何须向

可变利益实体提供额外财务支

持的合约安排。然而，由于本公

司主要根据其可变利益实体所

持有的牌照及批文开展电子商

务业务，考虑到可变利益实体的

业务需求以及本公司自身的未

来业务目标，本公司已经并将继

续向可变利益实体提供财务支

持。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(d) Consolidation of variable interest entities (“VIE(s)”)

(Continued)

Exclusive busines coperation agrement (the “Exclusive

Busines Coperation Agrement”) (Continued)

Pursuant to the Exclusive Busines Coperation Agrement, the

service fe shal be determined by the WFOE anualy (or at any

other time mutualy agred upon by both parties). The service

fe payable by the VIE each year (or during any other agred-

upon period) shal consist of a management fe and a service

provision fe, which shal not be les than 70% of its after-tax

profits.

Based on these Contractual Arangements, the Company

believes that the Shenyang Jinyi should be considered as VIE

because the equity holders of it do not have significant equity at

risk nor do they have the characteristics of a controling financial

interest. Given that the Company is the primary beneficiary of

Shenyang Jinyi, the Company believes that Shenyang Jinyi

should be consolidated based on the structure as described

above.

The VIE did not have any material related party transactions,

and those transactions among the VIE with other subsidiaries of

the Group were eliminated upon consolidation.

Under the Contractual Arangements with the VIE, the

Company has the power to direct activities of the VIE and

can have asets transfered out of the VIE under its control.

Therefore, the Company considers that there is no aset in

any of the VIE that can be used only to setle obligations of the

VIE, except for registered capital and PRC statutory reserves.

As the VIE is incorporated as limited liability company under

the Company Law of the coresponding jurisdictions, creditors

of the VIE do not have recourse to the general credit of the

Company for any of the liabilities of the VIE.

Curently, there is no contractual arangement which requires

the Company to provide aditional financial suport to the VIE.

However, as the Company conducts its e-comerce busines

primarily based on the licenses and aprovals held by its VIE,

the Company has provided and wil continue to provide financial

suport to the VIE considering the busines requirements of the

VIE as wel as the Company’s own busines objectives in the

future.

86ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(e)

附属公司及非控股权益

附属公司指本集团控制的实体。

倘本集团因参与实体的营运而

获得或有权享有可变回报，并

能通过对该实体行使权力影响

该等回报时，则本集团控制该实

体。评估本集团是否拥有权力

时，仅考虑本集团及其他各方所

持实质权利。倘事实及情况反映

控制因素的一项或多项发生变

动，则本集团会重估其是否控制

实体。

于附属公司的投资自开始取得

控制权日期起在综合财务报表

内综合入账，直至失去控制权之

日为止。如有需要，会对附属公

司之财务报表作出调整，使其会

计政策与本集团之会计政策一

致。集团内公司间结余、交易及

现金流量以及来自集团内公司

间交易的任何未变现溢利，在编

制综合财务报表时全数对销。因

集团内公司间交易产生的未变

现亏损以与未变现收益一样的

方式对销，惟以没有减值迹象的

情况为限。

非控股权益指并非本公司直接

或间接应占附属公司之股权，而

本集团并无就此与该等权益之

持有人协定任何额外条款，以致

本集团整体须就该等权益承担

符合金融负债定义的合约责任。

非控股权益于综合财务状况表

之权益中呈列，与本公司股东应

占权益分开。本集团业绩内的非

控股权益于综合损益及其他全

面收益表内呈列，作为非控股权

益与本公司股东之间的年度损

益总额及全面收益或亏损总额

分配。附属公司的全面收益总额

归属于本公司股东及非控股权益

（即使此举导致非控股权益出

现亏绌结余）。非控股权益持有

人的贷款及对该等持有人的其

他合约责任于综合财务状况表

内呈列为金融负债。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(e) 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. The

Group reaseses whether or not it controls an entity if facts

and circumstances indicate that there are changes to one or

more of the elements of control.

An investment in a subsidiary is consolidated into the

consolidated financial statements from the date that control

comences until the date that control ceases. Where

necesary, adjustments are made to the financial statements

of subsidiaries to bring the acounting policies used into line

with the Group’s acounting policies. 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.

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.

Non-controling interests are presented in the consolidated

statement of financial position within equity, separately from

equity atributable to the owners 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 other comprehensive income as an alocation of the total

profit or los and total comprehensive income or los for the

year betwen non-controling interests and the owners of

the Company. Total comprehensive income of subsidiaries

is atributed to the owners of the Company and to the non-

controling interests even if this results in the non-controling

interests having a deficit balance. Loans from holders of non-

controling interests and other contractual obligations towards

these holders are presented as financial liabilities in the

consolidated statement of financial position.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(e)

附属公司及非控股权益（续）

本集团于现有附属公司之拥有权

权益变动

倘本集团于附属公司的权益变

动并无导致失去控制权，则入账

列作权益交易，并据此调整综合

权益内的控股及非控股权益金

额，以反映相关权益的变动，惟

不会调整商誉，亦不会确认收益

或亏损。调整非控股权益的金额

与已付或已收代价的公平价值

之间的任何差额直接在权益中

确认并归属于本公司股东。

当本集团失去对附属公司的控

制权，则按出售该附属公司的全

部权益入账，所产生的收益或亏

损则于损益确认。所有先前于其

他全面收益就该附属公司确认

的金额会予以入账，犹如本集团

已直接出售该附属公司的相关

资产或负债（即按适用国际财务

报告准则会计准则的规定╱许

可重新分类至损益或转拨至另

一类权益）。于失去控制权当日

仍保留的前附属公司任何权益

按公平价值确认，而该金额被视

为初始确认金融资产的公平价

值，或（倘适用）投资于一间联营

公司或合营企业的初始确认成

本。

本公司财务状况表中，于附属公

司的投资按成本减去减值亏损

列账（见附注

2(l)(i)

），惟有关投

资分类为持作出售（或纳入已分

类为持作出售的出售组别）则除

外。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(e) Subsidiaries and non-controling interests (Continued)

Changes in the Group’s ownership interests in existing

subsidiaries

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. Any diference betwen the amount by which the

non-controling interests are adjusted, and the fair value of the

consideration paid or received is recognised directly in equity

and atributed to owners of the Company.

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. Al

amounts previously recognised in other comprehensive income

in relation to that subsidiary are acounted for as if the Group

had directly disposed of the related asets or liabilities of the

subsidiary (i.e. reclasified to profit or los or transfered to

another category of equity as specified/permited by aplicable

IFRS Acounting Standards). 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 or joint

venture.

In the Company’s statement of financial position, an investment

in a subsidiary is stated at cost les impairment los (se note

2(l)(i), unles the investment is clasified as held for sale (or

included in a disposal group that is clasified as held for sale).

88ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(f)

业务合并及资产收购

可选集中度测试

本集团可选择按每项交易采用

可选集中度测试，以简化评估所

收购的一套活动及资产是否为

业务。若所收购总资产之绝大部

分公平价值集中于一项单一可

识别资产或一组类似的可识别

资产，则符合集中度测试。经评

估的总资产不包括现金及现金

等价物、递延税项资产以及因递

延税项负债影响而产生的商誉。

倘符合集中度测试，则会厘定该

套活动及资产并非业务，且无需

进一步评估。

资产收购

于本集团收购一组不构成业务

的资产及负债时，本集团透过首

先将购买价按各自的公平价值

分配予金融资产╱金融负债，以

识别及确认所收购的个别可识

别资产及所承担的负债，而后将

购买价的余下部分按其在购买

日期的相对公平价值分配予其

他可识别资产及负债。有关交易

不会产生商誉或议价购买收益。

业务合并

业务为一组集成的活动及资产，

其中包括投入及实质性过程，共

同对创造产出的能力作出重大

贡献。倘获得的过程对于继续生

产出的能力至关重要，包括具

有执行相关过程的必要技能、知

识或经验的有组织的劳工，或彼

等对继续生产出的能力有重

大贡献且被视为独特或稀缺或

倘不付出巨大成本、努力或延迟

继续生产出的能力就无法被

替代，有关过程则被视为实质性

过程。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(f) Busines combinations and aset acquisitions

Optional concentration test

The Group can elect to aply an optional concentration test,

on a transaction-by-transaction basis, that permits a simplified

asesment of whether an acquired set of activities and asets

is not a busines. The concentration test is met if substantialy

al of the fair value of the gros asets acquired is concentrated

in a single identifiable aset or group of similar identifiable

asets. The gros asets under asesment exclude cash and

cash equivalents, defered tax asets, and godwil resulting

from the efects of defered tax liabilities. If the concentration

test is met, the set of activities and asets is determined not to

be a busines and no further asesment is neded.

Aset acquisitions

When the Group acquires a group of asets and liabilities

that do not constitute a busines, the Group identifies and

recognises the individual identifiable asets acquired and

liabilities asumed by alocating the purchase price first to

financial asets/financial liabilities at the respective fair values,

the remaining balance of the purchase price is then alocated to

the other identifiable asets and liabilities on the basis of their

relative fair values at the date of purchase. Such a transaction

does not give rise to godwil or bargain purchase gain.

Busines combinations

A busines is an integrated set of activities and asets which

include an input and a substantive proces that together

significantly contribute to the ability to create output. The

acquired proceses are considered substantive if they are

critical to the ability to continue producing outputs, including an

organised workforce with the necesary skils, knowledge, or

experience to perform the related proceses or they significantly

contribute to the ability to continue producing outputs and are

considered unique or scarce or canot be replaced without

significant cost, efort, or delay in the ability to continue

producing outputs.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(f)

业务合并及资产收购（续）

业务合并（续）

业务收购以收购法入账。于业务

合并中转让之代价按公平价值

计量，即本集团转让之资产、本

集团向被收购方前拥有人产生

之负债及本集团为换取被收购

方控制权而发行之股本权益于

收购日期之公平价值总和。收购

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(f)

业务合并及资产收购（续）

业务合并（续）

–

根据国际财务报告准则第

号「持作出售之非流动资

产及已终止经营业务」分

类为持作出售之资产（或

出售组别）乃根据该准则

计量；及

–

租赁负债按余下租赁付款

（定义见国际财务报告准

则第

号「租赁」（「国际财

务报告准则第

号」）之

现值确认及计量，犹如所

收购租赁于收购日期为新

租赁，惟

(a)

租期于收购日

期起计

个月内结束；或

(b)

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(f)

业务合并及资产收购（续）

业务合并（续）

倘本集团于业务合并中转让的

代价包括或然代价安排，则或然

代价按其于收购日期的公平价

值计量，并计入于业务合并转让

的代价之一部分。本集团会对符

合计量期间调整资格的或然代

价的公平价值变动进行追溯调

整。计量期间调整为于「计量期

间」（不得超过收购日期起计一

年）因取得与于收购日期存在的

事实及情况有关的额外资料而

作出之调整。

不符合计量期间调整资格的或

然代价的后续会计处理取决于

该或然代价的分类。分类为权益

的或然代价不会于后续报告日

期重新计量，其后续结算于权益

内入账。分类为资产或负债的或

然代价于后续报告日期按公平

价值重新计量，相应的收益或亏

损于损益内确认。

倘业务合并分阶段完成，则本

集团过往所持有被收购方之股

权会重新计量至收购日期（即本

集团取得控制权当日）之公平价

值，所产生之收益或亏损（如有）

会于损益或其他全面收益（如适

用）内确认。如本集团已直接出

售先前持有之股权，则先前已于

其他全面收益确认并根据国际

财务报告准则第

号「金融工具」

（「国际财务报告准则第

号」）

计量的在收购日期前于被收购

方的权益所产生之金额将须按

相同基准入账。

倘业务合并的初始会计处理于

合并发生的报告期末尚未完成，

本集团须按暂定金额来呈报未

完成之会计处理项目。此暂定金

额可于计量期（见上文）内追溯

调整及确认额外资产或负债，以

反映就收购日期已存在之事实

和情况（倘已知会影响于该日期

确认的金额）所获得的新资料。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(f) Busines combinations and aset acquisitions (Continued)

Busines combinations (Continued)

When the consideration transfered by the Group in a busines

combination includes a contingent consideration arangement,

the contingent consideration is measured at its acquisition-

date fair value and included as part of the consideration

transfered in a busines combination. Changes in the fair value

of the contingent consideration that qualify as measurement

period adjustments are adjusted retrospectively. Measurement

period adjustments are adjustments that arise from aditional

information obtained during the “measurement period” (which

canot exced one year from the acquisition date) about facts

and circumstances that existed at the acquisition date.

The subsequent acounting for the contingent consideration

that does not qualify as measurement period adjustments

depends on how the contingent consideration is clasified.

Contingent consideration that is clasified as equity is not

remeasured at subsequent reporting dates and its subsequent

setlement is acounted for within equity. Contingent

consideration that is clasified as an aset or a liability is

remeasured to fair value at subsequent reporting dates, with the

coresponding gain or los being recognised in profit or los.

When a busines combination is achieved in stages, the

Group’s previously held equity interest in the acquire is

remeasured to fair value at the acquisition date (i.e. the date

when the Group obtains control), and the resulting gain or los,

if any, is recognised in profit or los or other comprehensive

income, as apropriate. Amounts arising from interests in the

acquire prior to the acquisition date that have previously ben

recognised in other comprehensive income and measured

under IFRS 9 “Financial Instruments” (“IFRS 9”) would be

acounted for on the same basis as would be required if the

Group had disposed directly of the previously held equity

interest.

If the initial acounting for a busines combination is incomplete

by the end of the reporting period in which the combination

ocurs, the Group reports provisional amounts for the items

for which the acounting is incomplete. Those provisional

amounts are adjusted retrospectively during the measurement

period (se above), and aditional asets or liabilities are

recognised, to reflect new information obtained about facts

and circumstances that existed at the acquisition date that, if

known, would have afected the amounts recognised at that

date.

92ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(f)

业务合并及资产收购（续）

商誉

收购业务所产生的商誉按收购

业务当日订立的成本减累计减

值亏损（如有）列账。

为进行减值测试，商誉会被分配

至预期可受惠于合并的协同效

益的本集团各现金产生单位（或

现金产生单位组别），即就内部

管理而言监控商誉且不大于经

营分部的最低层级。

获分配商誉的现金产生单位（或

现金产生单位组别）每年进行减

值测试，或当有迹象显示该单位

（或现金产生单位组别）可能出

现减值则更频密地进行。就报告

期内进行收购所产生的商誉而

言，获分配商誉的现金产生单位

（或现金产生单位组别）会于该

报告期末前进行减值测试。当可

收回金额低于其账面值，则首先

分配减值亏损以减少任何商誉

的账面值，其后按单位（或现金

产生单位组别）内各资产的账面

值按比例分配至其他资产，惟资

产的账面值不会减少至低于其

本身的公平价值减出售成本（倘

可计量）、使用价值（倘可厘定）

与零的最高者。

出售相关现金产生单位或现金

产生单位组别内的任何现金产

生单位时，商誉应占的金额会

在厘定出售损益金额时包括在

内。当本集团出售属于现金产生

单位（或一组现金产生单位内的

现金产生单位）的业务时，所出

售商誉的金额按所出售业务（或

现金产生单位）及现金产生单位

（或现金产生单位组别）的保留

部分的相对价值计量，惟本集团

可证明若干其他方法能更好地

反映与出售业务相关的商誉则

作别论。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(f) Busines combinations and aset acquisitions (Continued)

Godwil

Godwil arising on an acquisition of a busines is caried at

cost as established at the date of acquisition of the busines

les acumulated impairment loses, if any.

For the purposes of impairment testing, godwil is alocated to

each of the Group’s cash-generating units (or groups of cash-

generating units) that is expected to benefit from the synergies

of the combination, which represents the lowest level at which

the godwil is monitored for internal management purposes

and not larger than an operating segment.

A cash-generating unit (or group of cash-generating units) to

which godwil has ben alocated is tested for impairment

anualy or more frequently whenever there is indication that

the unit (or group of cash-generating units) may be impaired.

For godwil arising on an acquisition in a reporting period,

the cash-generating unit (or group of cash-generating units)

to which godwil has ben alocated is tested for impairment

before the end of that reporting period. If the recoverable

amount is les than its carying amount, the impairment los

is alocated first to reduce the carying amount of any godwil

and then to the other asets on a pro-rata basis based on the

carying amount of each aset in the unit (or group of cash-

generating units), except that the carying value of an aset wil

not be reduced below the highest of its individual fair value les

costs of disposal (if measurable), value in use (if determinable)

and zero.

On disposal of the relevant cash-generating unit or any of

the cash-generating unit within the group of cash-generating

units, the atributable amount of godwil is included in the

determination of the amount of profit or los on disposal. When

the Group disposes of an operation within the cash-generating

unit (or a cash-generating unit within a group of cash-generating

units), the amount of godwil disposed of is measured on

the basis of the relative values of the operation (or the cash-

generating unit) disposed of and the portion of the cash-

generating unit (or the group of cash-generating units) retained,

unles the Group can demonstrate that some other method

beter reflects the godwil asociated with the operation

disposed of.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(g)

于股本证券的其他投资

本集团有关股本证券的投资（于

附属公司及合营企业的投资除

外）的政策载列如下：

于股本证券的投资乃于本集团

承诺购入╱出售该投资日期确

认╱取消确认。所有以常规方

式买卖股本证券均按交易日确

认及取消确认。以常规方式买卖

指需要在市场法规或惯例规定

的期限内交付资产的股本证券

买卖。该等投资初步按公平价值

加直接应占交易成本列账，惟按

公平价值计入损益计量之该等

投资除外，其交易成本直接于损

益确认。有关本集团如何厘定金

融工具公平价值的阐释，见附注

37(f)

。该等投资其后视乎其分类

列账如下。

于股本证券的投资会被分类为

按公平价值计入损益之金融资

产，除非该股本投资并非持作买

卖，并在初始确认投资时本集团

不可撤销选择指定该投资按公

平价值计入其他全面收益（不可

转回），以致后续公平价值变动

在其他全面收益中确认。该等选

择以个别工具基准作出，但只有

当投资符合发行人角度下的股

本定义时方可进行。若作出此选

择，在该投资被出售前，于其他

全面收益中累计的金额仍保留

在公平价值储备（不可转回）中。

在出售时，公平价值储备（不可

转回）中累计的金额会转入保留

溢利，而不会透过损益拨回。来

自分类为按公平价值计入其他

全面收益股本的证券投资（不论

是否分类为按公平价值计入损

益或按公平价值计入其他全面

收益）的股息均于损益中确认为

其他收入，除非股息明确表示为

收回部分投资成本。

按公平价值计入损益之金融资

产于各报告期末按公平价值计

量，并于损益确认任何公平价值

收益或亏损。于损益确认的收益

或亏损净额不包括就金融资产

赚取的任何股息或利息并计入

其他收益及亏损，除非股息明确

表示为收回部分投资成本。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(g) Other investments in equity securities

The Group’s policies for investments in equity securities, other

than investments in subsidiaries and joint venture, are set out

below:

Investments in equity securities are recognised/derecognised

on the date the Group comits to purchase/sel the investment.

Al regular way purchases or sales of equity securities are

recognised and derecognised on a trade date basis. Regular

way purchases or sales are purchases or sales of equity

securities that require delivery of asets within the time frame

established by regulation or convention in the market place.

The investments are initialy stated at fair value plus directly

atributable transaction costs, except for those investments

measured at fair value through profit or los for which

transaction costs are recognised directly in profit or los. For

an explanation of how the Group determines fair value of

financial instruments, se note 37(f). These investments are

subsequently acounted for as folows, depending on their

clasification.

An investment in equity security is clasified as financial

asets at fair value through profit or los 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 fair value through other

comprehensive income (non-recycling) such that subsequent

changes in fair value are recognised in other comprehensive

income. Such election is 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 fair value reserve (non-

recycling) until the investment is disposed of. At the time of

disposal, the amount acumulated in the fair value reserve (non-

recycling) is transfered to retained profits. It is not recycled

through profit or los. Dividends from an investment in equity

security clasified at fair value through other comprehensive

income, irespective of whether clasified as at fair value

through profit or los or fair value through other comprehensive

income, are recognised in profit or los as other income, unles

the dividends clearly represent a recovery of part of the cost of

the investment.

Financial asets at fair value through profit or los are measured

at fair value at the end of each reporting period, with any fair

value gains or loses recognised in profit or los. The net gain

or los recognised in profit or los excludes any dividend or

interest earned on the financial aset and is included in the

other gains and loses, unles the dividends clearly represent a

recovery of part of the cost of the investment.

94ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(h)

物业、厂房及设备

下列物业、厂房及设备项目按

成本减累计折旧及减值亏损列账

（见附注

2(l)(i)

）：

－

倘本集团并非物业权益

的注册拥有人，因租赁物

业的租赁所产生的使权资

产；及

－

其他物业、厂房及设备项

目（包括租赁相关厂房及

设备所产生的使用权资

产）。

折旧乃使用直线法按以下项目

的估计可使用年期计算，以撇销

物业、厂房及设备项目的成本减

其估计剩余价值（如有）

位于其上的租赁土地及楼宇在

未到期的租赁期内折旧。

家具及固定装置

至

年

办公设备及工具

至

年

租赁装修租赁年期内或

年（以较

短者为准）

汽车

年

倘物业、厂房及设备项目之各部

分有不同的可使用年期，则项目

成本按合理基准在各部分之间

分配，而各部分乃分开计算折

旧。资产的可使用年期及其剩余

价值（如有）均每年作检讨。

歴史成本包括直接归因于收购

物业、厂房及设备项目的开支。

成本亦可包括转拨自以外币购

买物业、厂房及设备的合资格现

金流量对冲之任何收益或亏损

之权益。

只有在与项目有关的未来经济

利益将有可能流入本集团及项

目成本能可靠计量时，后续成本

方会计入资产账面值或确认为

独立资产（按适用情况而定）。作

为独立资产入账的任何部分的

账面值于重置时取消确认。所有

其他维修及保养费用在产生的

报告期间内于损益确认。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Property, plant and equipment

The folowing items of property, plant and equipment are stated

at cost les acumulated depreciation and impairment loses

(se note 2(l)(i):

– right-of-use asets arising from leases over leasehold

properties where the Group is not the registered owner of

the property interest; and

– other items of property, plant and equipment, including

right-of-use asets arising from leases of underlying plant

and equipment.

Depreciation is calculated to write of the cost of items of

property, plant and equipment, les their estimated residual

value, if any, using the straight line method over their estimated

useful lives as folows:

Leasehold land and buildings situated thereon is depreciated

over the unexpired term of lease.

Furniture and fixtures3 to 5 years

Ofice equipment and Tols3 to 5 years

Leasehold improvementsOver the shorter of the term

of the lease or 5 years

Motor vehicles4 years

Where parts of an item of property, plant and equipment

have diferent useful lives, the cost of the item is alocated

on a reasonable basis betwen the parts and each part is

depreciated separately. Both the useful life of an aset and its

residual value, if any, are reviewed anualy.

Historical cost includes expenditure that is directly atributable

to the acquisition of an item of property, plant and equipment.

Cost may also include transfers from equity of any gains or

loses on qualifying cash flow hedges of foreign curency

purchases of property, plant and equipment.

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 any component

acounted for as a separate aset is derecognised when

replaced. Al other repairs and maintenance are recognised

in profit or los during the reporting period in which they are

incured.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(h)

物业、厂房及设备（续）

倘资产账面值高于预计可收回

金额，则立即撇减该资产账面值

至可收回金额。

来自报废或出售物业、厂房及设

备项目的收益或亏损，按出售所

得款项净额与项目账面值之间

的差额厘定，并于报废或出售日

期于损益确认。

(i)

投资物业

投资物业指为赚取租金收入及╱

或为资本增值而拥有或以租赁权

益（见附注

2(k)

）持有之土地及╱或

楼宇。该等投资物业包括现时所

持有而未厘定未来用途之土地及

现正兴建或发展以于未来用作投

资物业之物业。

投资物业初步按成本计量，其后

按公平价值计量，除非彼等于报

告期末尚处于建设或发展中且

其公平价值于当时不能可靠计

量。公平价值变动或报废或出售

投资物业产生之任何收益或亏

损于损益中确认。来自投资物业

之租金收入按附注

2(y)(i)

所述方

式入账。

就在建投资物业产生的建筑成

本会拨充资本，作为在建投资物

业账面值的一部分。

投资物业于出售时或在投资物

业永久不再使用及预期出售该

物业不会产生未来经济利益时

取消确认。取消确认物业所产生

之任何收益或亏损（按出售所得

款项净额及资产账面值的差额

计算）计入取消确认有关物业期

间之损益。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(h) Property, plant and equipment (Continued)

An aset’s carying amount is writen down imediately to its

recoverable amount if the aset’s carying amount is greater

than its estimated recoverable amount.

Gain or los arising from the retirement or disposal of an item of

property, plant and equipment is determined as the diference

betwen the net proceds on disposal and the carying amount

of the item and is recognised in profit or los on the date of

retirement or disposal.

(i) Investment property

Investment property is land and/or buildings which is owned

or held under a leasehold interest (se note 2(k) 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.

Investment property is initialy measured at cost and

subsequently 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. Rental income from investment property is

acounted for as described in note 2(y)(i).

Construction costs incured for investment properties under

construction are capitalised as part of the carying amount of

the investment properties under construction.

An investment property is derecognised upon disposal or when

the investment property is permanently withdrawn from use and

no future economic benefits are expected from its disposal. Any

gain or los arising on derecognition of the property (calculated

as the diference betwen the net disposal proceds and the

carying amount of the aset) is included in profit or los in the

period in which the property is derecognised.

96ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(j)

无形资产（商誉除外）

于业务合并中收购的无形资产

与商誉分开确认，并初步按收购

日期的公平价值（视为其成本）

确认。

初步确认后，于业务合并中收购

的具有限可使用年期的无形

资产按成本减累计摊销及任何

累计减值亏损列账。有限可使用

年期的无形资产摊销于其估计

可使用年期内以直线法确认。估

计可使用年期及摊销方法于各

报告期末审阅，任何估计变动影

响按预期基准入账。无限使用年

期的无形资产按成本减任何其

后累计减值亏损列账。

下列具有限可使用年期的无

形资产自可供使用之日起摊销，

其估计可使用年期如下：

－

许可证及技术

年

无形资产于出售时或预期使用

或出售将不会带来未来经济利

益时终止确认。终止确认无形资

产所产生的收益或亏损，按出售

所得款项净额与资产账面值之

间的差额计量，于终止确认资产

时于损益中确认。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(j) Intangible asets (other than godwil)

Intangible asets acquired in a busines combination

Intangible asets acquired in a busines combination are

recognised separately from godwil and are initialy recognised

at their fair value at the acquisition date (which is regarded as

their cost).

Subsequent to initial recognition, intangible asets acquired

in a busines combination with finite useful lives are caried

at cost les acumulated amortisation and any acumulated

impairment loses. Amortisation for intangible asets with

finite useful lives is recognised on a straight-line basis over

their estimated useful lives. The estimated useful lives and

amortisation method are reviewed at the end of each reporting

period, with the efect of any changes in estimate being

acounted for on a prospective basis. Intangible asets with

indefinite useful life are caried at cost les any subsequent

acumulated impairment loses.

The folowing intangible asets with finite useful lives are

amortised from the date they are available for use and their

estimated useful lives are as folows:

– Licenses and know-how 12 years

An intangible aset is derecognised on disposal, or when no

future economic benefits are expected from use or disposal.

Gain or los arising from derecognition of an intangible aset,

measured as the diference betwen the net disposal proceds

and the carying amount of the aset, is recognised in profit or

los when the aset is derecognised.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(k)

租赁

订立合约时，本集团会评估有关

合约是否属租赁或包含租赁。

本集团仅于合约条款及条件在

其后变更时方会重新评估合约

是否属租赁或包含租赁。倘合约

为换取代价而给予在一段时间

内控制可识别资产使用的权利，

则该合约属租赁或包含租赁。当

客户有权指示可识别资产的用

途以及从该用途中获得绝大部

分经济利益时，即表示拥有控制

权。

(i)

作为承租人

倘合约包含租赁部分及非

租赁部分，本集团已选择

不单独划分非租赁部分，

并将各租赁部分及任何相

关非租赁部分作为所有租

赁的单一租赁部分入账。

于租赁开始日期，本集团

确认使用权资产及租赁负

债，惟租赁期为

个月或

以下且不具购买选择权的

短期租赁及低价值资产的

租赁除外。当本集团就低

价值资产订立租赁时，本

集团决定是否按个别租赁

基准将租赁拨充资本。与

未资本化租赁相关的租赁

付款于租赁期内按系统化

基准确认为开支。

当租赁于租赁开始日期资

本化时，租赁负债初始于

租赁期内按应付租赁付款

现值（扣减任何应收租赁

优惠）确认，并使用租赁

隐含之利率贴现，或倘无

法即时厘定利率，则使用

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(k)

租赁（续）

(i)

作为承租人（续）

于初始确认后，租赁负债

按摊销成本计量，而利息

开支使用实际利率法计

算。

当租赁资本化时，所确认

使用权资产初始按成本计

量，包括租赁负债之初始

金额加上开始日期或之前

之任何租赁付款扣减任何

所收租赁优惠，与任何所

产生的初始直接成本。在

适用的情况下，使用权资

产之成本亦包括拆除及移

除相关资产，或恢复相关

资产或其恢复相关资产所

在地之成本估算，贴现至

现值，根据国际会计准则

第

号确认及计量拨备。

除获分类为投资物业并按

公平价值计量者外，使用

权资产其后按成本减累计

折旧及减值亏损列账（见

附注

2(h)

），并就租赁负债

的任何重新计量进行调

整。

倘租赁于租赁期末将相关

资产的所有权转移至本集

团，或倘使用权资产的成

本反映本集团将行使购买

选择权，则本集团应自开

始日期至相关资产的使用

寿命终止时对使用权资产

作出折旧。否则，本集团

自开始日期至使用权资产

使用寿命终止时或租赁期

结束（以较早者为准）时对

使用权资产作出折旧。

当本集团于租赁期末获

得相关租赁资产的所有

权时，于行使购买选择权

时，相关使用权资产以及

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(k)

租赁（续）

(i)

作为承租人（续）

根据适用于按摊销成本计

量的金融资产的会计政

策，可退回已付租金按金

的初始公平价值与使用

权资产分开列账（见附注

2(o)

、

2(l)(i)

、

2(t)

及

2(y)(i)

）。

按金的初始公平价值与面

值的任何差额入账列作额

外租赁付款并计入使用权

资产成本。

本集团将不符合投资物业

定义的使用权资产呈列于

「物业、厂房及设备」，倘

拥有相应相关资产，则于

同一项目内呈列。

当用于厘定付款的指数或

利率变动引致未来租赁付

款变动，或本集团根据剩

余价值担保预期应付款项

之估计有变，通过使用不

变的贴现率对经修订租赁

付款进行贴现（除非浮动

利率变动导致租赁付款变

动）。在此情况下，承租人

将使用反映利率变动的经

修订贴现率。因重新评估

本集团是否将会合理地确

定行使购买、延期或终止

选择权而引起的变动，租

赁负债透过使用经修订贴

现率（即剩余租赁期间的

租赁内含利率或本集团于

重新评估日期的增量借款

利率（倘租赁内含利率不

能较容易地确定）贴现经

修订租赁付款重新计量。

当租赁负债以该等方式之

其中一种重新计量，则会

就使用权资产之账面值作

出相应调整，或倘使用权

资产之账面值减至零，则

于损益中入账。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(k) Leases (Continued)

(i) As a lese (Continued)

The initial fair value of refundable rental deposit paid is

acounted for separately from the right-of-use aset

in acordance with the acounting policy aplicable to

financial asets measured at amortised cost (se notes

2(o), 2(l)(i), 2(t) and 2(y)(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 Group presents right-of-use asets, that do not met

the definition of investment property, in “property, plant

and equipment”, the same line item within which the

coresponding underlying asets would be presented if

they were owned.

The lease liability is remeasured when there is a change

in future lease payments arising from a change in an

index or rate used to determine those payments, or

there is a change in the Group’s estimate of the amount

expected to be payable under a residual value guarante,

by discounting the revised lease payments using an

unchanged discount rate, unles the change in lease

payments results from a change in floating interest rates.

In that case, the lese shal use a revised discount rate

that reflects changes in the interest rate. When there is

a change arising from the reasesment of whether the

Group wil be reasonably certain to exercise a purchase,

extension or termination option, the lease liability is

remeasured by discounting the revised lease payments

using a revised discount rate, being the interest rate

implicit in the lease for the remainder of the lease term,

or the Group’s incremental borowing rate at the date

of reasesment, if the interest rate implicit in the lease

canot be readily determined. When the lease liability

is remeasured in either of these ways, 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.

100ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(k)

租赁（续）

(i)

作为承租人（续）

当租赁范畴发生变化或租

赁合同原先并无规定的租

赁代价发生变化（「租赁修

订」），且未作为单独的租

赁入账时，则亦要对租赁

负债进行重新计量。在此

情况下，经修改合约中的

代价按租赁部分相对独立

价格基准获分配至各租赁

部分及有关非租赁部分计

入各自的租赁部分。租赁

负债根据经修订的租赁付

款和租赁期限，使用经修

订的贴现率在修改生效日

重新计量。

本集团于综合财务状况表

将租赁负债作为单独的项

目呈列。于综合财务状况

表内，长期租赁负债的即

期部分厘定为应于报告期

后十二月内结算的合同付

款的现值。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(k) Leases (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”) and that is not acounted

for as a separate lease. In this case, the consideration

in the modified contract is alocated to each lease

component on the basis of the relative stand-alone

price of the lease component and the asociated non-

lease components are included in the respective lease

components. 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 Group presents lease liabilities as a separate line

item in the consolidated statement of financial position.

In the consolidated statement of financial position, the

curent portion of long-term lease liabilities is determined

as the present value of contractual payments that are

due to be setled within twelve months after the reporting

period.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(k)

租赁（续）

(i)

作为出租人

倘本集团为出租人，其在

租赁开始时厘定各项租赁

是否属融资租赁或经营租

赁。将相关资产拥有权附

带的绝大部分风险及回报

转移至承租人的租赁分类

为融资租赁，否则分类为

经营租赁。磋商及安排经

营租赁产生的初步直接成

本加入租赁资产的账面

值，而该等成本于租期内

以直线法基准确认为开

支，惟按公平价值模型计

量的投资物业除外。

倘合约包含租赁及非租赁

部分，则本集团会按相对

独立售价基准将合约代价

分配至各部分。来自经营

租赁的租金收入根据附注

2(y)(i)

确认。

已收可退回租赁按金乃根

据国际财务报告准则第

号入账，初步按公平价值

计量。于初始确认时对公

平价值作出的调整被视为

来自承租人的额外租赁付

款。

倘本集团为出租中介，则

经参考总租赁产生的使

用权资产将转租赁分类为

融资租赁或经营租赁。倘

总租赁为本集团采用附注

2(k)(i)

所述豁免的短期租

赁，则本集团将转租赁分

类为经营租赁。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(k) Leases (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. Initial direct costs incured in negotiating

and aranging an operating lease are aded to the

carying amount of the leased aset, and such costs

are recognised as an expense on a straight-line basis

over the lease term except for investment properties

measured under fair value model.

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(y)(i).

Refundable rental deposits received are acounted

for under IFRS 9 and initialy measured at fair value.

Adjustments to fair value at initial recognition are

considered as aditional lease payments from leses.

When the Group is an intermediate lesor, the sub-lease

is clasified as a finance lease or as an operating lease

with reference to the right-of-use aset arising from the

head lease. If the head lease is a short-term lease to

which the Group aplies the exemption described in

note 2(k)(i), then the Group clasifies the sub-lease as an

operating lease.

102ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值

(i)

金融工具及租赁应收款项

产生的信贷亏损

本集团就按摊销成本计量

的金融资产（包括现金及

现金等价物、贸易应收款

项、其他应收款项及租赁

按金，乃持作收取合约现

金流量，即纯粹为获得本

金及利息付款）及租赁应

收款项确认预期信贷亏损

（「预期信贷亏损」）的亏

损拨备。

按公平价值计量的金融资

产（包括按公平价值计入

损益计量的股本证券）毋

须进行预期信贷亏损评

估。

计量预期信贷亏损

预期信贷亏损是于金融工

具预计存续期之信贷亏

损的概率加权估计。信贷

亏损以所有预期现金短缺

（即根据合约应归还予本

集团的现金流量与本集团

预计收到的现金流量之间

的差额）的现值计量。

预期现金短缺在贴现影响

属重大的情况下采用下列

贴现率予以贴现：

－

定息金融资产、贸

易及其他应收款

项：于初始确认时

厘定的实际利率或

其近似值；

－

可变息金融资产：

现行实际利率；

－

租赁应收款项：计

量租赁应收款项时

所用的贴现率。

在估计预期信贷亏损时所

考虑的最长期间为本集团

面临信贷风险的最长合约

期。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets

(i) Credit loses from financial instruments and lease

receivables

The Group recognises a los alowance for expected

credit loses (“ECLs”) on the financial asets measured

at amortised cost (including cash and cash equivalents,

trade receivables, other receivables and rental deposits,

which are held for the colection of contractual cash flows

which represent solely payments of principal and interest)

and lease receivables.

Financial asets measured at fair value, including equity

securities measured at fair value through profit or los,

are not subject to the ECL asesment.

Measurement of ECLs

ECLs are a probability-weighted estimate of credit loses

over the expected life of the financial instrument. Credit

loses are measured as the present value 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).

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;

– lease receivables: discount rate used in the

measurement of the lease receivable.

The maximum period considered when estimating ECLs

is the maximum contractual period over which the Group

is exposed to credit risk.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

计量预期信贷亏损（续）

在计量预期信贷亏损时，

本集团会考虑无须付出过

多成本或努力即可获得

的合理及有理据的资料。

这包括有关过往事件的资

料、现行状况及关于未来

经济状况的预测。

预期信贷亏损乃按下列任

一项基准计量：

－

个月预期信贷亏

损（「

个月预期信

贷亏损」）：指预期

因于报告日期之后

个月内的可能违

约事件而将产生的

损失；及

－

全期预期信贷亏

损：指预期因于金

融工具的预期存续

期的所有可能违约

事件而将产生的损

失。

没有重大融资成分的贸易

应收款项及租赁应收款项

的亏损拨备始终按相等于

全期预期信贷亏损的金额

计量。贸易应收款项的预

期信贷亏损乃根据本集团

的过往信贷亏损经验采用

拨备矩阵╱内部信贷评级

进行估计，并就对债务人

而言属特定的因素及于报

告日期对当前与预测一般

经济状况的评估作出调

整。

就所有其他金融工具而

言，本集团确认相等于

个月预期信贷亏损的亏损

拨备，惟金融工具的信贷

风险自初始确认以来已显

著增加则除外，在此情况

下亏损拨备按相等于全期

预期信贷亏损的金额计

量。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (Continued)

Measurement of ECLs (Continued)

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.

ECLs are measured on either of the folowing bases:

– 12-month ECLs (“12-m 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 life of a financial instrument.

Los alowances for trade receivables without significant

financing component and lease receivables are always

measured at an amount equal to lifetime ECLs. ECLs on

trade receivables are estimated using a provision matrix/

internal credit rating 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-m 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.

104ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

信贷风险显著增加

在评估金融工具的信贷风

险自初始确认后是否显著

增加时，本集团将于报告

日期评估金融工具的违约

风险与初始确认日期评估

的违约风险作比较。在进

行此评估时，本集团考虑

了合理且有理据的定量及

定性资料，包括历史经验

及无须付出过多成本或努

力即可获得的前瞻性资

料。

尤其在评估自初始确认后

信贷风险是否显著增加

时，会考虑以下资料：

－

未能在合约到期日

支付本金或利息；

－

金融工具外部或内

部的信贷评级（如

有）实际或预期显著

恶化；

－

债务人经营业绩实

际或预期显著恶

化；

－

技术、市场、经济或

法律环境的现有或

预测改变对债务人

履行其对本集团责

任的能力构成重大

不利影响；

－

对借款人实际或预

期的内部信贷评级

下调；

－

借款人经营业绩实

际或预期显著变

动；

－

相同借款人其他金

融工具的信贷风险

显著增加；

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (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 asesment, the Group

considers both quantitative and qualitative information

that is reasonable and suportable, including historical

experience and forward-loking information that is

available without undue cost or efort.

In particular, the folowing information is taken into

acount when asesing whether credit risk has

increased significantly since initial recognition:

– failure to make payments of principal or interest on

their contractualy due dates;

– an actual or expected significant deterioration in

a financial instrument’s external or internal credit

rating (if available);

– an actual or expected significant deterioration in

the operating results of the debtor;

– 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;

– an actual or expected internal credit rating

downgrade for the borower;

– an actual or expected significant change in the

operating results of the borower;

– significant increases in credit risk on other financial

instruments of the same borower;

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

信贷风险显著增加（续）

－

债务抵押品的价值

或第三方提供的担

保或信用增级质量

发生显著变化。这

些变化预期将降低

借款人按合约规定

期限还款的经济动

机或者影响违约概

率；及

－

借款人预期表现和

行为发生显著变

化。

本集团认为，当合约付款

逾期超过

日，则自初始

确认以来信贷风险已显著

增加，除非本集团有合理

且有理据的资料作证明。

尽管有上述规定，本集团

假设，倘金融工具于报告

日期被厘定为信贷风险

较低，则自初始确认后，

该金融工具的信贷风险没

有显著增加。倘

(i)

金融工

具的违约风险较低，

(i)

债

务人在短期内有很强的能

力履行其合约现金流量义

务，以及

(i)

长期经济及商

业状况的不利变动可能会

但不一定会降低债务人履

行其合约现金流量义务的

能力，则该金融工具被厘

定为信贷风险较低。根据

全球公认的定义，当金融

工具的内部或外部信用评

级为「投资级」时，本集团

认为其信贷风险较低。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (Continued)

Significant increases in credit risk (Continued)

– significant changes in the value of the colateral

suporting the obligation or in the quality of third-

party guarantes or credit enhancements, which

are expected to reduce the borower’s economic

incentive to make scheduled contractual payments

or to otherwise have an efect on the probability of

a default ocuring; and

– significant changes in the expected performance

and behaviour of the borower.

The Group presumes that the credit risk has increased

significantly since initial recognition when contractual

payments are more than 30 days past due, unles the

Group has reasonable and suportable information that

demonstrates otherwise.

Despite the foregoing, the Group asumes that the

credit risk on a financial instrument has not increased

significantly since initial recognition if the financial

instrument is determined to have low credit risk at the

reporting date. A financial instrument is determined to

have low credit risk if (i) the financial instrument has a

low risk of default, (i) the debtor has a strong capacity

to met its contractual cash flow obligations in the near

term and (i) adverse changes in economic and busines

conditions in the longer term may, but wil not necesarily,

reduce the ability of the debtor to fulfil its contractual

cash flow obligations. The Group considers a financial

instrument to have low credit risk when it has an internal

or external credit rating of “investment grade” as per

globaly understod definitions.

106ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

信贷风险显著增加（续）

根据金融工具的性质，信

贷风险显著增加的评估按

个别或集体基准进行。当

评估以集体基准进行时，

会按照金融工具的共同信

贷风险特徴（例如过期状

态及信贷风险评级）归类。

违约的定义

就内部信贷风险管理而

言，本集团认为，倘

(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）等行动的情况下向本

集团悉数支付其信贷承

担；或

(i)

金融资产已逾期

日（除非本集团有合理

及有理据资料显示更加

滞后的违约标准更为恰

当），则发生违约事件。本

集团考虑了合理且有理据

的定量及定性资料，包括

历史经验及无须付出过多

成本或努力即可获得的前

瞻性资讯。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (Continued)

Significant increases in credit risk (Continued)

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.

Definition of default

For internal credit risk management, 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 unles the Group has reasonable

and suportable information to demonstrate that a more

laging default criterion is more apropriate. 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.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

信贷风险显著增加（续）

信贷减值的金融资产

于各报告日期，本集团会

评估金融资产是否出现信

贷减值。当一项或多项对

金融资产的估计未来现金

流量有负面影响的事件发

生时，则金融资产出现信

贷减值。

金融资产出现信贷减值的

证据包括以下可观察事

件：

－

债务人面对重大财

务困难；

－

违反合约，如拖欠

或逾期事件；

－

借款人的贷款人出

于与借款人的财务

困难有关的经济或

合约原因向借款人

授出贷款人在其他

情况下不会考虑的

宽限；

－

借款人有可能破产

或进行其他财务重

组；

－

技术、市场、经济或

法律环境的重大变

动对债务人构成不

利影响；

－

以大幅折扣购买或

源生一项金融资

产，该折扣反映了

发生信贷亏损的事

实；或

－

由于发行人出现财

务困难，金融资产

活跃市场消失。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (Continued)

Significant increases in credit risk (Continued)

Credit-impaired financial asets

At each reporting date, the Group aseses 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 dificulty of the debtor;

– a breach of contract, such as a default or past due

event;

– the lender(s) of the borower, for economic or

contractual reasons relating to the borower’s

financial dificulty, having granted to the borower

a concesion(s) that the lender(s) would not

otherwise consider;

– it is becoming probable that the borower wil enter

into bankruptcy or other financial reorganisation;

– significant changes in the technological, market,

economic or legal environment that have an

adverse efect on the debtor;

– the purchase or origination of a financial aset at

a dep discount that reflects the incured credit

loses; or

– the disapearance of an active market for that

financial aset because of financial dificulties of

the isuer.

108ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

撇销政策

倘没有实际可收回的前

景，金融资产及租赁应收

款项的账面总值（部分或

全部）会被撇销。该情况通

常于本集团确定债务人没

有资产或收入来源可产生

足够的现金流量以偿还须

予撇销之款项时出现。已

撇销金融资产仍可面临本

集团收回款项程序之强制

执行活动，包括寻求法律

意见（如适用）。

先前撇销的资产的后续收

回在收回期间于损益内确

认为减值拨回。

预期信贷亏损的计量及确

认

预期信贷亏损为对金融工

具预期年期信贷亏损之概

率加权估计。估计预期信

贷亏损时考虑之最长期间

为本集团面对信贷风险之

最长合约期间。

在计量预期信贷亏损时，

本集团会考虑无须付出过

多成本或努力即可获得

的合理及有理据的资料。

这包括有关过往事件的资

料、现行状况及关于未来

经济状况的预测。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (Continued)

Write-of policy

The gros carying amount of a financial aset and lease

receivables 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. Financial asets writen

of may stil be subject to enforcement activities under the

Group’s recovery procedures, taking into acount legal

advice where apropriate.

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.

Measurement and recognition of ECL

ECL are a probability-weighted estimate of credit loses

over the expected life of the financial instrument. The

maximum period considered when estimating ECL is the

maximum contractual period over which the Group is

exposed to credit risk.

In measuring ECL, 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.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

预期信贷亏损的计量及确

认（续）

预期信贷亏损的计量为违

约概率、违约损失率（即违

约时的亏损程度）及违约

风险的函数。评估违约概

率及违约亏损率的依据是

过往数据及前瞻性资料。

预期信贷亏损的估计反映

以发生相关违约风险的金

额作为加权数值而厘定的

无偏概率加权金额。对于

金融资产违约风险，是指

资产在报告日期的账面总

额。

本集团使用可行权宜方

法，运用拨备矩阵估计贸

易应收款项及租赁应收款

项之预期信贷亏损，当中

考虑历史信贷亏损经验及

无须付出过多成本或努力

即可获得的前瞻性资料。

个别重大贸易应收款项的

预期信贷亏损乃根据所有

合理及有理据的资料（包

括前瞻性资料）个别估

计，并就债务人的特定因

素以及于报告日期对当前

及预测一般经济状况的评

估作出调整。过往亏损率

乃经调整以反映影响客户

结清应收款项能力的宏观

经济因素之现时及前瞻性

资料。本集团已将其销售

货品及服务的国家的国内

生产总值及失业率确定为

最相关因素，并据此根据

该等因素的预期变动调整

历史亏损率。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (Continued)

Measurement and recognition of ECL (Continued)

The measurement of ECL is a function of the probability

of default, los given default (i.e. the magnitude of the

los if there is a default) and the exposure at default. The

asesment of the probability of default and los given

default is based on historical data and forward-loking

information. Estimation of ECL reflects an unbiased and

probability-weighted amount that is determined with

the respective risks of default ocuring as the weights.

As for the exposure at default, for financial aset, it is

represented by the aset’s gros carying amount at the

reporting date.

The Group uses a practical expedient in estimating

ECL on trade receivables and lease receivables using

a provision matrix taking into consideration historical

credit los experience and forward-loking information

that is available without undue cost or efort. ECL on

individualy significant trade receivables are estimated

individualy based on al reasonable and suportable

information, including that which is forward-loking,

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. The historical

los rates are adjusted to reflect curent and forward-

loking information on macroeconomic factors afecting

the ability of the customers to setle the receivables. The

Group has identified the gros domestic products and

unemployment rates of the countries in which it sels

its gods and services to be the most relevant factors,

and acordingly adjusts the historical rates based on the

expected changes in these factors.

110ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

金融工具及租赁应收款项

产生的信贷亏损（续）

预期信贷亏损的计量及确

认（续）

预期信贷亏损在各报告

日期重新计量，以反映自

初始确认后金融工具信贷

风险的变化。预期信贷亏

损金额的任何变化均于损

益中确认为减值收益或亏

损。本集团确认所有金融

工具的减值收益或亏损

时，会对其账面值进行相

应调整，惟相应调整乃透

过亏损拨备账确认的贸易

应收款项除外。

(i)

非金融资产减值

商誉、尚未可供使用之无

形资产及具无限使用年期

之无形资产每年进行减值

测试；或倘发生事项或情

况变动表明须作出减值则

须更频繁进行减值测试。

其他资产于发生事项或情

况变动而显示账面值未必

可收回时进行减值测试。

于各报告期末审阅内部及

外部的资料，以识别以下

资产可能出现减值，或先

前确认的减值亏损不再存

在或可能已经减少的迹

象：

－

物业、厂房及设备，

包括使用权资产；

－

其他无形资产；及

－

本公司财务状况表

所列于附属公司的

投资。

倘存在任何有关迹象，则

会对资产的可收回金额作

出估计。此外，就商誉而

言，其可收回金额会每年

进行评估（无论是否存在

任何减值迹象）。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Credit loses from financial instruments and lease

receivables (Continued)

Measurement and recognition of ECL (Continued)

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, with the exception of trade

receivables where the coresponding adjustment is

recognised through a los alowance acount.

(i) Impairment of non-financial asets

Godwil, intangible asets that are not yet available

for use and intangible asets that have an indefinite

useful life are tested anualy for impairment, or more

frequently if events or changes in circumstances

indicate that they might be impaired. Other asets are

tested for impairment whenever events or changes in

circumstances indicate that the carying amount may

not be recoverable. Internal and external sources of

information is reviewed at the end of each reporting

period to identify indications that the folowing asets

may be impaired or an impairment los previously

recognised no longer exists or may have decreased:

– property, plant and equipment, including right-of-

use asets;

– other intangible asets; and

– investments in subsidiaries in the Company’s

statement of financial position.

If any such indication exists, the aset’s recoverable

amount is estimated. In adition, for godwil, the

recoverable amount is estimated anualy whether or not

there is any indication of impairment.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

非金融资产减值（续）

－

计算可收回金额

资产可收回金额为

其公平价值减出售

成本与使用价值两

者中的较高者。评

估使用价值时，按

反映当时市场对货

币时间价值及资产

特定风险评估的税

前贴现率，将估计

未来现金流量贴现

至其现值。倘资产

并无产生大致上独

立于其他资产的现

金流入，则以能独

立产生现金流入的

最小资产组别（即现

金产生单位）厘定可

收回金额。倘可按

合理一致的基准进

行分配，则公司资产

（例如总办事处大

楼）的部分账面值会

分配至个别现金产

生单位，否则会分

配至最小现金产生

单位组别。

－

确认减值亏损

倘资产或其所属现

金产生单位的账面

值超过其可收回金

额时，则于损益中

确认减值亏损。就

现金产生单位确认

的减值亏损会首先

予以分配，减少分

配至现金产生单位

（或单位组别）的

任何商誉账面值，

再按比例减少该单

位（或单位组别）内

其他资产的账面

值，惟资产的账面

值将不会减至低于

其个别公平价值减

出售成本（倘可计

量）、使用价值（倘

可厘定）与零的最高

者除外。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Impairment of non-financial asets (Continued)

– Calculation of recoverable amount

The recoverable amount of an aset is the higher

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). A

portion of the carying amount of a corporate aset

(for example, head ofice building) is alocated to

an individual cash-generating unit if the alocation

can be done on a reasonable and consistent basis,

or to the smalest group of cash-generating units if

otherwise.

– Recognition of impairment loses

An impairment los is recognised in profit or

los whenever the carying amount of an aset,

or the cash-generating unit to which it belongs,

exceds its recoverable amount. Impairment los

recognised in respect of a cash-generating unit

is 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 the highest of its individual fair value les

costs of disposal (if measurable), value in use (if

determinable) and zero.

112ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(l)

信贷亏损及资产减值（续）

(i)

非金融资产减值（续）

－

拨回减值亏损

就商誉以外的资产

而言，倘用作厘定

可收回金额的估计

出现有利的变动，

则减值亏损予以拨

回。有关商誉的减

值亏损并无拨回。

所拨回的减值亏损

以过往年度并无确

认减值亏损下已厘

定的资产账面值为

限。所拨回的减值

亏损于确认拨回的

年度计入损益。

(i)

中期财务报告及减值

根据上市规则，本集团须

就财政年度首六个月编制

符合国际会计准则第

号

「中期财务报告」规定的

中期财务报告。本集团在

中期末应用与财政年度

末所应用者相同的减值测

试、确认及拨回准则。

于中期确认有关商誉的减

值亏损不会于随后期间拨

回。即使仅在该中期所属

的财政年度末方会评估减

值并确认没有亏损或所确

认的亏损较少，仍不会拨

回减值亏损。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(l) Credit loses and impairment of asets (Continued)

(i) Impairment of non-financial asets (Continued)

– Reversal of impairment loses

In respect of asets other than godwil, an

impairment los is reversed if there has ben

a favourable change in the estimates used to

determine the recoverable amount. An impairment

los in respect of godwil is not reversed.

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.

(i) Interim financial reporting and impairment

Under the Listing Rules, the Group is required to prepare

an interim financial report in compliance with IAS 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.

Impairment loses recognised in an interim period in

respect of godwil 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.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(m)

存货

存货是指日常业务过程中持有

以作销售、处在为该等销售的生

产过程中，或以在生产过程中或

提供服务时将予耗用的材料或

物料形式持有的资产。

存货按成本与可变现净值两者

的较低者列示。

成本按加权平均成本法计算，包

括全部采购成本、加工成本及将

存货运至现址及达致现状所产

生的其他成本。

可变现净值为日常业务过程中

的估计售价减估计完成本及

为作出销售而属必要的估计成

本。作出销售而属必要的成本包

括销售直接应占增量成本及本

集团作出销售须产生的非增量

成本。

出售存货时，该等存货的账面值

于确认相关收益的期间确认为

开支。

任何由存货撇减为可变现净值

的金额和所有存货亏损于撇减

或亏损产生期间确认为开支。存

货撇减的任何拨回金额，均在拨

回期间于确认为开支的存货金

额中确认为扣除。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(m) Inventories

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 or in the rendering of services.

Inventories are caried at the lower of cost and net realisable

value.

Cost is calculated using the weighted average cost formula

and comprises 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 sale. Costs

necesary to make the sale include incremental costs directly

atributable to the sale and non-incremental costs which the

Group must incur to make the sale.

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.

114ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(n)

合约负债

本集团确认相关收入前，合约负

债在客户支付不可退还代价时

确认（见附注

2(u)

）。如本集团有

无条件权利在本集团确认相关

收入前收取不可退还代价，则合

约负债亦会获确认。在相关情

况下，相应收款项亦会获确认

（见附注

2(o)

）。

合约包含重大融资成分时，合约

结余包括按实际利率法累计的

利息。

(o)

贸易及其他应收款项

应收款项在本集团拥有无条件

权利收取代价时确认。倘支付代

价到期前只需经过一段时间，则

收取该代价的权利属无条件。倘

收入在本集团拥有无条件权利

收取代价前确认，则金额呈列为

合约资产。

不包含重大融资成分的贸易应

收款项初步按其交易价格计量。

包含重大融资成分的贸易应收

款项及其他应收款项初步按公

平价值加交易成本计量。所有

应收款项其后使用实际利率法

按摊销成本减预期信贷亏损拨备

（见附注

2(l)(i)

）列账。

(p)

现金及现金等价物

现金及现金等价物包括银行存

款及手头现金、存放银行及其他

金融机构的活期存款，以及可以

随时换算为已知现金额且价值

变动风险不大，并在购入后三个

月内到期的短期和高流动性投

资。现金及现金等价物乃根据附

注

2(l)(i)

所载政策就预期信贷亏损

进行评估。

倘本集团动用银行结余受第三

方合约限制所规限，该等银行结

余乃计入现金的一部分，除非有

关限制导致银行结余不再符合

现金的定义。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(n) Contract liabilities

A contract liability is recognised when the customer pays non-

refundable consideration before the Group recognises the

related revenue (se note 2(u). 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(o).

When the contract includes a significant financing component,

the contract balance includes interest acrued under the

efective interest method.

(o) 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.

Trade receivables that do not contain a significant financing

component are initialy measured at their transaction price.

Trade receivables that contain a significant financing component

and other receivables are initialy measured at fair value plus

transaction costs. Al receivables are subsequently stated

at amortised cost using the efective interest method, les

alowance for ECL (se note 2(l)(i).

(p) 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 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. Cash and cash

equivalents are asesed for ECLs in acordance with the

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

Bank balances for which use by the Group is subject to third

party contractual restrictions are included as part of cash unles

the restrictions result in a bank balance no longer meting the

definition of cash.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(q)

借贷

借贷初步按公平价值减交易成

本计量。在初始确认后，该等借

贷以实际利率法按摊销成本列

账。借贷成本的利息开支乃根据

本集团的会计政策确认。倘部分

或全部融资将很可能会被提取，

设立借贷融资时支付的费用确

认为借贷的交易成本。于此情况

下，费用递延至提取借贷为止。

倘并无证据证明部分或全部融

资将很可能会被提取，则该费

用资本化作为流动资金服务的

预付款项，并按有关融资期间摊

销。

该等借贷分类为流动负债，除

非本集团有权于报告期末将负

债的结算延迟至报告期后至少

十二个月。

(r)

贸易及其他应付款项

贸易及其他应付款项按公平价

值初始确认。初始确认后，贸易

及其他应付款项按摊销成本列

账，除非贴现影响并不重大，在

此情况下，则按发票金额入账。

(s)

股本

普通股分类为权益。发行新普通

股直接应占的增量成本于权益

中列为所得款项的扣减。就购买

本公司普通股所支付之代价（包

括任何直接应占增量成本）直接

于权益中确认及扣除。本公司并

无就购买、出售、发行或注销本

公司普通股于损益中确认任何

收益或亏损。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(q) Borowings

Borowings are measured initialy at fair value les transaction

costs. Subsequent to initial recognition, these borowings are

stated at amortised cost using the efective interest method.

Interest expense is recognised in acordance with the Group’s

acounting policy for borowing costs. Fes paid on the

establishment of loan facilities are recognised as transaction

costs of the loan to the extent that it is probable that some

or al of the facility wil be drawn down. In this case, the fe is

defered until the drawdown ocurs. To the extent there is no

evidence that it is probable that some or al of the facility wil be

drawn down, the fe is capitalised as a prepayment for liquidity

service and amortised over the period of the facility to which it

relates.

These borowings are clasified as curent liabilities unles the

Group has the right, at the end of the reporting period, to defer

setlement of the liability for at least twelve months after the

reporting period.

(r) Trade and other payables

Trade and other payables are initialy recognised at fair value.

Subsequent to initial recognition, trade and other payables are

stated at amortised cost unles the efect of discounting would

be imaterial, in which case they are stated at invoice amounts.

(s) Share capital

Ordinary shares are clasified as equity. Incremental costs

directly atributable to the isue of new ordinary shares

are shown in equity as a deduction from the proceds.

Consideration paid, including any directly atributable

incremental costs, for purchase of the Company’s ordinary

shares is recognised and deducted directly in equity. No gain or

los is recognised in profit or los on the purchase, sale, isue

or cancelation of the Company’s ordinary shares.

116ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(t)

取消确认金融资产

只有当自资产取得现金流量之

合约权利届满时，或转让金融资

产而将资产所有权的绝大部分

风险及回报转移予另一实体时，

本集团方会取消确认金融资产。

倘本集团并未转让亦未保留所

有权的绝大部分风险及回报，并

继续控制已转让资产，则本集团

确认其于资产之保留权益并就

其可能须支付之金额确认相关

负债。倘本集团保留已转让金融

资产所有权的绝大部分风险及

回报，则本集团继续确认金融资

产并亦确认已收所得款项的有

抵押借贷。

于取消确认按摊销成本计量之

金融资产时，资产账面值与已收

及应收之代价总和之间的差额

于损益确认。

(u)

取消确认金融负债

当且仅当本集团责任获解除、取

消或届满时，本集团方会终止确

认金融负债。取消确认的金融负

债账面值与已付及应付代价之

间的差额于损益确认。

(v)

雇员福利

(i)

短期雇员福利及定额供款

退休计划之供款

薪金、年度花红、有薪年

假、定额供款退休计划之

供款及非货币利益成本于

雇员提供相关服务之年度

内累计。所有短期雇员福

利均确认为支出，除非另

一项国际财务报告准则要

求或允许将该福利计入作

资产成本。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(t) Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire, or

when it transfers the financial aset and substantialy al the

risks and rewards of ownership of the aset to another entity.

If the Group neither transfers nor retains substantialy al the

risks and rewards of ownership and continues to control the

transfered aset, the Group recognises its retained interest

in the aset and an asociated liability for amounts it may

have to pay. If the Group retains substantialy al the risks and

rewards of ownership of a transfered financial aset, the Group

continues to recognise the financial aset and also recognises a

colateralised borowing for the proceds received.

On derecognition of a financial aset measured at amortised

cost, the diference betwen the aset’s carying amount

and the sum of the consideration received and receivable is

recognised in profit or los.

(u) Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only

when, the Group’s obligations are discharged, canceled or

have expired. The diference betwen the carying amount of

the financial liability derecognised and the consideration paid

and payable is recognised in profit or los.

(v) Employe benefits

(i) Short term employe benefits and contributions to

defined contribution retirement plans

Salaries, anual bonuses, paid anual leave,

contributions to defined contribution retirement plans

and the cost of non-monetary benefits are acrued in

the year in which the asociated services are rendered

by employes. Al short-term employe benefits are

recognised as an expense unles another IFRS requires

or permits the inclusion of the benefit in the cost of an

aset.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(v)

雇员福利（续）

(i)

界定福利计划的义务

本集团拥有一项界定福利

计划，即根据香港雇佣条

例的长期服务金（「长服

金」）。本集团就长服金的

界定福利义务净额已在综

合财务状况表中确认。本

集团的界定福利义务净额

通过贴现计算，贴现金额

为本集团在当前及之前期

间内，雇员因其服务所赚

取的福利的预估成本，并

扣除由于已归属雇员的强

制性公积金（「强积金」）供

款所产生的负服务成本，

该等供款被视为相关雇员

的供款。

界定福利义务之计算由合

格精算师采用预计单位

给付法执行，并于各报告

期末进行精算评估。本集

团于厘定界定福利义务

现值、相关当期服务成本

及适用时之过往服务成

本时，依据福利计划条款

将福利分配至服务期间。

然而，倘雇员后期服务年

资所产生之福利显著高于

前期，本集团则以直线基

准进行福利分摊，自雇员

服务首度符合福利计划资

格之日（无论该福利是否

需以持续服务为条件）起

算，直至雇员的后续服务

将不会在后续计划福利中

引致重大金额（后续加薪

除外）之日为止。

界定福利成本（包括即期

服务成本、任何过往服务

成本及结算收益或亏损以

及界定福利义务的利息

支出净额）均于损益中确

认。净利息乃以年初厘定

之界定福利义务净额及贴

现率厘定，并已计及年内

因供款或支付福利而产生

之界定福利义务净额之任

何变动。界定福利计划所

产生的重新计量（包括精

算损益、计划资产回报率

（不包括利息）及任何资

产上限的影响（不包括利

息）即时确认为其他全面

收益。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(v) Employe benefits (Continued)

(i) Defined benefit plan obligations

The Group has a defined benefit plan, representing

long service payment (“LSP”) under the Hong Kong

Employment Ordinance. The Group’s net defined

benefit obligation in respect of LSP is recognised in the

consolidated statement of financial position. The Group’s

net defined benefit obligation is measured by discounting

the estimated cost to the Group of the benefit that

employes have earned in return for their service in the

curent and prior periods, after deducting the negative

service cost arising from the acrued benefits derived

from the Group’s Mandatory Provident Fund (“MPF”)

contributions that have ben vested with employes,

which are demed to be contributions from the relevant

employes.

The calculation of defined benefit obligation is performed

by a qualified actuary using the projected unit credit

method, with actuarial valuation being caried out at

the end of each reporting period. In determining the

present value of its defined benefit obligation and the

related curent service cost and, where aplicable, past

service cost, the Group atributes benefit to periods of

service under the plan’s benefit formula. However, if an

employe’s service in later years wil lead to a materialy

higher level of benefit than in earlier years, the Group

shal atribute benefit on a straight-line basis from

the date when service by the employe first leads to

benefits under the plan (whether or not the benefits are

conditional on further service) until the date when further

service by the employe wil lead to no material amount

of further benefits under the plan, other than from further

salary increases.

Defined benefit costs, comprising curent service cost,

any past service cost and gain or los on setlement and

net interest expense on defined benefit obligation, are

recognised in profit or los. Net interest is determined

by using the net defined benefit obligation and the

discount rate determined at the begining of the year,

and also taking into acount any changes in the net

defined benefit obligation during the year resulting from

contributions or benefit payments. Remeasurements

arising from defined benefit plan, which comprise

actuarial gains and loses, return on plan asets

(excluding interest), and the efect of any aset ceiling

(excluding interest), are recognised imediately in other

comprehensive income.

118ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(v)

雇员福利（续）

(i)

股权结算以股份为基础之

付款

授予雇员之购股权之公

平价值确认为雇员成本，

并对权益内之以股份为基

础之付款储备作出相应

增加。公平价值于授出日

期使用估值法计量（未经

考虑所有非市场归属条

件），当中会考虑购股权

之授出条款及条件。倘雇

员需达致归属条件方可无

条件享有购股权，则购股

权之估计公平价值总额会

于归属期内摊分，当中会

考虑购股权将会归属之可

能性。

于归属期内，本公司会审

阅预期会归属之购股权

数目。因审阅而对过往年

度所确认之累计公平价值

作出之任何调整，于审阅

年度内在损益中扣除╱计

入，除非原雇员开支合资

格确认为一项资产，则对

以股份为基础之付款储备

作出相应调整。于归属期

末，确认为开支之金额会

就反映实际归属之购股权

数目作出调整（并对以股

份为基础之付款储备作出

相应调整），惟购股权仅

因无法达致市场归属条件

（如与本公司股份市价相

关之条件）而被没收则除

外。权益金额于以股份为

基础之付款储备中确认，

直至购股权获行使（转拨

至股份溢价账时）或购股

权届满（直接拨回累计亏

损时）为止。

(iv)

离职福利

离职福利会在本集团不能

再撤回该等福利的要约及

确认涉及支付离职福利的

重组成本时（以较早者为

准）确认。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(v) Employe benefits (Continued)

(i) Equity-setled share-based payments

The fair value of share options granted to employes is

recognised as an employe cost with a coresponding

increase in a share-based payments reserve within equity.

The fair value is measured at grant date, without taking

into consideration of al non-market vesting conditions,

using the valuation model, taking into acount the terms

and conditions upon which the options were granted.

Where the employes have to met vesting conditions

before becoming unconditionaly entitled to the share

options, the total estimated fair value of the share options

is spread over the vesting period, taking into acount the

probability that the options wil vest.

During the vesting period, the number of share options

expected to vest is reviewed. Any resulting adjustment

to the cumulative fair value recognised in prior years is

charged/credited to the profit or los for the year of the

review, unles the original employe expenses qualify for

recognition as an aset, with a coresponding adjustment

to the share-based payments reserve. At the end of the

vesting period, the amount recognised as an expense

is adjusted to reflect the actual number of share options

that vest (with a coresponding adjustment to the share–

based payments reserve) except where forfeiture is

only due to not achieving market vesting conditions

(e.g. conditions that relate to the market price of the

Company’s shares). The equity amount is recognised in

the share-based payments reserve until either the option

is exercised (when it is transfered to the share premium

acount) or the option expires (when it is released directly

to acumulated loses).

(iv) Termination benefits

Termination benefits are recognised at the earlier of when

the Group can no longer withdraw the ofer of those

benefits and when it recognises restructuring costs

involving the payment of termination benefits.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(w)

所得税

本年度所得税包括即期税项以

及递延税项开支。即期税项以及

递延税项资产及负债的变动于

损益确认，惟与在其他全面收益

或直接于权益确认的项目相关

者除外，在此情况下，有关的税

款分别在其他全面收益或直接

于权益内确认。就因对业务合并

进行初步会计处理而产生的即

期税项或递延税项而言，税务影

响乃计入业务合并的会计处理

内。

即期税项为年内就应课税收入

使用在报告期末已颁布或实质

上已颁布的税率计算的预期应

付税项，以及对过往年度应付税

项作出的任何调整。

递延税项资产及负债分别由可

扣减及应课税暂时差额产生，即

资产及负债就财务报告而言的

账面值与其税基之间的差额。递

延税项资产亦源自未动用税项

亏损及未动用税项抵免。

除若干有限的例外情况外，所有

递延税项负债及所有递延税项

资产（以于可能有未来应课税溢

利令相关资产可予动用者为限）

均会予以确认。可能支持确认由

可扣减暂时差额所产生递延税

项资产的未来应课税溢利，包括

拨回现有应课税暂时差额而产

生的金额，惟此等差额须与同一

税务机关及同一应课税实体有

关，并预期在可扣减暂时差额预

计拨回的同一期间或递延税项

资产所产生税项亏损可结回或

结转的期间内拨回。在厘定现有

应课税暂时差额是否支持确认

未动用税项亏损及抵免所产生

的递延税项资产时，亦会采用相

同准则，即实体拥有与同一税务

机关及同一应课税实体有关的

充足的应课税暂时差额，其将导

致可动用应课税金额抵销未动

用税项亏损及未动用税项抵免。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(w) Income tax

Income tax for the year comprises curent tax and defered tax

expenses. 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. Where curent tax or defered tax

arises from the initial acounting for a busines combination,

the tax efect is included in the acounting for the busines

combination.

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.

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 that 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 diferences 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, the entity has suficient taxable

temporary diferences relating to the same taxation authority

and the same taxable entity, which wil result in taxable amounts

against which the unused tax loses or unused tax credits can

be utilised.

120ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(w)

所得税（续）

确认递延税项资产及负债的有

限例外情况包括：

－

不可扣税商誉产生的暂时

差额，

－

不影响会计或应课税溢利

（并非业务合并一部分）

的资产或负债初始确认产

生的暂时差额且不会产生

同等应课税及可抵扣暂时

差额，

－

于附属公司及合营企业的

投资相关的暂时差额，则

仅限于本集团控制拨回时

间且于可见未来可能不会

拨回的差额，或倘属可扣

减差额，则除非属于将来

可能拨回的差额及将可获

得的应课税溢利，及

－

与所得税有关的暂时差

额，产生于为实施经济合

作与发展组织公布的支柱

二立法模板而颁布或是实

质颁布的税法。

当投资物业按公平价值列账，除

非该等物业可折旧且乃于旨在

随时间推移（而非透过出售）而

获取隐含于该等物业之绝大部

分经济利益的商业模式内持有，

否则已确认递延税项的金额按

于报告日期以账面值出售的该

等物业所适用的税率计量。

在所有其他情况下，已确认的递

延税项金额按照资产与负债账

面值的预期变现或清偿方式，使

用报告期末已颁布或实质已颁

布的税率计量。递延税项资产与

负债均不予以贴现。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(w) Income tax (Continued)

The limited exceptions to recognition of defered tax asets and

liabilities are:

– temporary diferences arising from godwil not

deductible for tax purposes,

– temporary diferences arising from the initial recognition

of asets or liabilities that afect neither acounting nor

taxable profit (provided they are not part of a busines

combination) and do not give rise to equal taxable and

deductible temporary diferences,

– temporary diferences relating to investments in

subsidiaries and joint venture to the extent that 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 and taxable

profits wil be available, and

– temporary diferences related to income taxes arising

from tax laws enacted or substantively enacted to

implement the Pilar Two model rules published by

the Organisation for Economic Co-operation and

Development.

Where investment properties are caried at their fair value, 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 properties are depreciable

and are held within a busines model whose objective is to

consume substantialy al of the economic benefits embodied in

the properties 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.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(w)

所得税（续）

递延税项资产的账面值会于各

报告期末予以检讨，并在不可能

再获得足够的应课税溢利可抵

扣相关税项利益时予以扣减。倘

有可能获得足够的应课税溢利，

则扣减金额予以拨回。

因分派股息而额外产生的所得

税在支付相关股息的责任确立

时确认。

即期税项结余及递延税项结余

及其变动会分开列示，且不予抵

销。即期税项资产及递延税项资

产只会在集团实体有法定行使

权以即期税项资产抵销即期税

项负债，并且符合以下额外条件

的情况下，方可以分别抵销即期

税项负债及递延税项负债：

－

即期税项资产及负债：集

团实体计划按净额基准结

算，或同时变现该资产及

清偿该负债；或

－

递延税项资产及负债：该

等资产及负债必须与同一

税务机关就以下其中一项

征收的所得税有关：

－

同一应课税实体；

及

－

不同的应课税实

体。该等实体计划

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

回的期间内，按净

额基准变现即期税

项资产及清偿即期

税项负债，或同时

娈现该资产及清偿

该负债。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(w) Income tax (Continued)

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.

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 a group entity 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 group

entity 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.

122ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(w)

所得税（续）

于评估所得税处理的任何不确

定性时，本集团会考虑税务机关

是否有可能会接纳不确定税务

处理。倘税务机关可能会接纳不

确定税务处理，本集团将厘定应

课税溢利（税项亏损）、税基、未

动用税项亏损、未动用税项抵免

或税率与集团实体就其所得税

申报所采用或计划将采用的税

务处理一致。倘税务机关不可能

接纳不确定税务处理，本集团应

于厘定相关应课税溢利（税项亏

损）、税基、未动用税项亏损、未

动用税项抵免或税率时，通过采

用最可能的金额法或预期价值法

（视乎本集团预期借助何种方

法能更好地预测不确定性的解

决方案而定）反映不确定性的影

响。

(x)

拨备、或然负债及有偿合约

(i)

拨备及或然负债

倘本集团目前因过去事件

而承担法定或推定责任，

可能须为履行责任而导致

经济利益流出，且能够可

靠估计流出金额时，则确

认拨备。倘货币的时间价

值属重大，则按预计履行

责任所需开支的现值呈列

拨备。

倘不大可能导致经济利

益流出，或无法可靠估计

有关金额，除非经济利益

流出的可能性甚微，否则

将有关责任披露为或然负

债。倘可能须承担的责任

须视乎一宗或多宗不完全

在本集团控制范围内的未

来不确定事件是否发生才

能确定是否存在，则该等

责任亦会披露为或然负

债，惟经济利益流出的可

能性甚微则作别论。

倘预期结算拨备所需的部

分或所有开支将由另一方

偿还，则本集团会就基本

确定能够收到的任何预期

偿还金额单独确认一项资

产。所确认的偿还金额不

超过拨备的账面值。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(w) Income tax (Continued)

In asesing any uncertainty over income tax treatments, the

Group considers whether it is probable that a taxation authority

wil acept an uncertain tax treatment. If it is probable that the

taxation authority wil acept an uncertain tax treatment, the

Group shal determine the taxable profit (tax los), tax bases,

unused tax loses, unused tax credits or tax rates consistently

with the tax treatment used or planed to be used by a group

entity in its income tax filings. If it is not probable that the

taxation authority wil acept an uncertain tax treatment, the

Group shal reflect the efect of uncertainty in determining the

related taxable profit (tax los), tax bases, unused tax loses,

unused tax credits or tax rates, by using either the most likely

amount method or the expected value method, depending

on which method the Group expects to beter predict the

resolution of the uncertainty.

(x) Provisions, contingent liabilities and onerous contracts

(i) Provisions and contingent liabilities

Provisions are recognised when the Group has a present

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 uncertain future

events not wholy within the control of the Group is 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.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(x)

拨备、或然负债及有偿合约（续）

(i)

有偿合约

当本集团为达成合约责任

而不可避免会产生的成本

超逾预期自该合约收取

的经济利益时，即视为存

在有偿合约。履行合约的

成本包括与合约直接相关

的成本，包括履行合约的

增量成本（如直接人工及

材料）；及分配与履行合

约直接相关的其他成本，

如分配用于履行合约的物

业、厂房及设备项目的折

旧费。有偿合约的拨备乃

按终止合约的预期成本与

履行合约的成本净值两者

的较低者之现值计量。在

为有偿合约单独计提拨备

之前，本集团会确认用于

履行合约的资产所发生的

任何减值亏损。

(y)

收入及其他收入

于本集团日常业务过程中，本集

团将销售货物、提供服务或其他

方使用本集团租赁资产所产生

的收入分类为收入。

在厘定本集团乃作为委托人抑

或代理人行事时，本集团会考

虑其于产品或服务转让予客户

前是否获得该等产品或服务的

控制权。控制权指本集团能够指

示产品或服务的用途以及从产

品或服务中获得绝大部分剩余

利益。当本集团作为代理人行事

时，其会就为换取另一方安排提

供的指定货物或服务而预期有

权收取的任何费用或佣金额

确认收入。

收入在产品或服务的控制权转

移至客户或承租人有权使用资

产时，按本集团预期有权收取的

承诺代价金额（不包括代表第三

方收取的款项）确认。收入不包

括增值税或其他销售税，并经扣

除任何贸易折扣。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(x) Provisions, contingent liabilities and onerous contracts

(Continued)

(i) Onerous contracts

An onerous contract exists when the Group has a

contract under which the unavoidable costs of meting

the obligations under the contract exced the economic

benefits expected to be received from the contract.

The cost of fulfiling a contract comprises the costs that

relate directly to the contract, which consist of both the

incremental costs of fulfiling that contract (e.g., direct

labour and materials); and an alocation of other costs

that relate directly to fulfiling contracts

－

for example,

an alocation of the depreciation charge for an item

of property, plant and equipment used in fulfiling that

contract. Provisions for onerous contracts are measured

at the present value of the lower of the expected cost

of terminating the contract and the net cost of fulfiling

with the contract. Before a separate provision for an

onerous contract is established, the Group recognises

any impairment los that has ocured on asets used in

fulfiling the contract.

(y) 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.

In determining whether the Group acts as a principal or as an

agent, it considers whether it obtains control of the products or

services before they are transfered to the customers. Control

refers to the Group’s ability to direct the use of and obtain

substantialy al of the remaining benefits from the products

or services. When the Group acts as an agent, it recognises

revenue in the amount of any fe or comision to which

it expects to be entitled in exchange for aranging for the

specified gods or services to be provided by the other party.

Revenue is recognised when control over a product or service

is transfered to the customer, or the lese has the right to use

the aset, 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.

124ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(y)

收入及其他收入（续）

倘符合以下任何一项条件，控制

权随时间转移，而收入则随时间

推移确认：

(a)

客户于本集团履约时同时

收取及消耗本集团履约所

提供的利益；

(b)

本集团的履约创建或增强

客户于资产被创建或增强

时所控制的资产（如在建

工程）；或

(c)

本集团的履约并无创建对

本集团另有用途的资产，

而本集团拥有可强制执行

权利收取迄今已履约部分

的款项。

否则，收入会于客户获得明确货

物或服务之控制权的时间点确

认。

本集团通过使用产出法计量完

全履行履约责任的进展情况而

随时间推移确认收入，该方法描

述了本集团于转移对承诺予客

户的货物或服务的控制权方面

的表现。产出法根据迄今已转让

的货物或服务相对于合约项下

承诺的剩余货物或服务对客户

的价值的直接计量确认收入。

倘合约中承诺的代价包括可变

金额，本集团将使用预期价值法

估算其为向客户转让所承诺货

物或服务而将有权收取的可变

代价金额。估计可变代价仅于可

变代价相关的不确定性其后获

解除时已确认累计收入金额极

不可能发生重大拨回的情况下

方会计入交易价格。于各报告期

末，本集团会更新估计交易价格

（包括更新其对可变代价估计

是否受限之评估），以真实反映

于报告期末存在的情况以及于

报告期内的情况变动。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(y) Revenue and other income (Continued)

Control is transfered over time and revenue is recognised over

time if one of the folowing criteria is met:

(a) the customer simultaneously receives and consumes

the benefits provided by the Group’s performance as the

Group performs;

(b) the Group’s performance creates or enhances an aset

(for example, work in progres) that the customer

controls as the aset is created or enhanced; or

an alternative use to the Group and the Group has an

enforceable right to payment for performance completed

to date.

Otherwise, revenue is recognised at a point in time when the

customer obtains control of the distinct god or service.

The Group recognises revenue over time by measuring the

progres towards complete satisfaction of that performance

obligation, using output method, that depicts the Group’s

performance in transfering control of gods or services

promised to a customer. Output method recognises revenue on

the basis of direct measurement of the value to the customer

of the gods or services transfered to date relative to the

remaining gods or services promised under the contract.

If the consideration promised in a contract includes a variable

amount, the Group shal estimate the amount of variable

consideration, to which the Group wil be entitled in exchange

for transfering the promised gods or services to a customer,

using the expected value method. The estimated variable

consideration is included in the transaction price only to the

extent that it is highly probable that a significant reversal in the

amount of cumulative revenue recognised wil not ocur when

the uncertainty asociated with the variable consideration is

subsequently resolved. At the end of each reporting period,

the Group updates the estimated transaction price (including

updating its asesment of whether an estimate of variable

consideration is constrained) to represent faithfuly the

circumstances present at the end of the reporting period and

the changes in circumstances during the reporting period.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(y)

收入及其他收入（续）

倘合约中包含为客户提供超

个月的重大融资利益的融资部

分，则收入按应收金额的现值计

量，并使用于合约开始时与客户

的单独融资交易中反映的贴现

率贴现，而利息收入按实际利率

法单独累计。倘合约中包含为本

集团提供重大融资利益的融资

部分，则根据该合约确认的收入

包括按实际利率法计算的合约

负债所产生的利息开支。本集团

运用国际财务报告准则第

号

第

段的实际权宜方法，当融资

期限为

个月或以下时，则不会

就重大融资部分的任何影响调

整代价。

有关本集团收入及其他收入确

认政策的进一步详情如下：

(i)

销售货物及提供服务

收入于客户拥有并接受产

品或服务时确认。倘产品

或服务是履行部分涵盖其

他货物及╱或服务的合

约，则按该合约交易总价

的适当比例确认收入金

额，并于相对独立销售价

格基础上在合约项下承诺

的所有货物和服务之间分

配。

(i)

来自经营租赁的租金收入

根据经营租赁应收的租金

收入于租期所涵盖的期间

以等额分期方式在损益

中确认，惟有另一基准更

能代表将从租赁资产的使

用中获得的利益模式则除

外。已授出的租赁优惠于

损益确认为应收租赁付款

总净额的一部分。毋须视

乎指数或数率厘定的可变

租赁付款于赚取有关款项

的会计期间内作为收入确

认。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(y) 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 at contract inception, 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 IFRS 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) Sale of gods and provision of services

Revenue is recognised when the customer takes

posesion of and acepts the products or services.

If the products or services are a partial fulfilment of a

contract covering other gods and/or services, then

the amount of revenue recognised is an apropriate

proportion of the total transaction price under the

contract, alocated betwen al the gods and services

promised under the contract on a relative stand-alone

seling price basis.

(i) Rental income from operating leases

Rental income receivable under 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.

Lease incentives granted are recognised in profit or los

as an integral part of the agregate net lease payments

receivable. Variable lease payments that do not depend

on an index or a rate are recognised as income in the

acounting period in which they are earned.

126ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(y)

收入及其他收入（续）

(i)

利息收入

利息收入于产生时以实际

利率法使用透过将金融资

产的预计使用年限内的估

计未来现金收入准确贴现

至金融资产的总账面值之

利率确认。对于未出现信

贷减值且按摊销成本计量

的金融资产（已购入或已

发起信贷减值的金融资产

除外），实际利率适用于

资产的总账面值。就信贷

减值金融资产而言，利息

收入透过对金融资产的摊

销成本（即扣除亏损拨备

的总账面值）应用实际利

率计算。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(y) Revenue and other income (Continued)

(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 (other

than purchased or originated credit-impaired financial

asets) measured at amortised cost that are not credit-

impaired, the efective interest rate is aplied to the

gros carying amount of the aset. For credit-impaired

financial asets, interest income is calculated by aplying

the efective interest rate to the amortised cost (i.e. gros

carying amount net of los alowance) of the financial

aset.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(z)

外币换算

年内外币交易乃按于交易日适

用之外币汇率换算为集团实体

的功能货币。以外币计值之货币

资产及负债乃按于报告期末适

用之外币汇率换算为集团实体

的功能货币。汇兑收益及亏损乃

于损益内确认，惟因用作有效对

冲海外业务投资净额之外币借

贷而产生之汇兑收益及亏损则

于其他全面收益中确认，以及既

无计划亦不可能发生结算（因此

构成海外业务投资净额的一部

分）之应收或应付予海外业务的

货币项目的汇兑差额，有关差额

于其他全面收益中初步确认，并

在处置或部分处置本集团海外

业务投资净额时由权益重新分

类至损益。

以外币的历史成本计量之非货

币资产及负债乃使用于交易日

适用之外币汇率换算为集团实

体的功能货币且并未重新换算。

交易日为集团实体初始确认该

等非货币资产或负债之日期。按

公平价值列账之外币计值之非

货币资产及负债乃使用于计量

公平价值当日适用之外币汇率

换算。当非货币项目的公平价值

收益或亏损于损益确认时，该收

益或亏损的任何汇兑部分亦于

损益确认。当非货币项目的公平

价值收益或亏损于其他全面收

益确认时，该收益或亏损的任何

汇兑部分亦于其他全面收益确

认。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(z) Translation of foreign curencies

Foreign curency transactions during the year are translated into

the functional curency of a group entity at the foreign exchange

rates ruling at the transaction dates. Monetary asets and

liabilities denominated in foreign curencies are translated into

the functional curency of a group entity at the foreign exchange

rates ruling at the end of the reporting period. Exchange gains

and loses are recognised in profit or los, except those arising

from foreign curency borowings used as efective hedge a

net investment in a foreign operation which are recognised in

other comprehensive income and for exchange diferences

on monetary items receivable from or payable to a foreign

operation for which setlement is neither planed nor likely to

ocur (therefore forming part of the net investment in the foreign

operation), which are recognised initialy in other comprehensive

income and reclasified from equity to profit or los on disposal

or partial disposal of the Group’s net investment in the foreign

operation.

Non-monetary asets and liabilities measured in terms of

historical cost in a foreign curency are translated into the

functional curency of a group entity using the foreign exchange

rates ruling at the transaction dates and are not re-translated.

The transaction date is the date on which a group entity

initialy recognises such non-monetary asets or liabilities.

Non-monetary asets and liabilities denominated in foreign

curencies stated at fair value are translated using the foreign

exchange rates ruling at the dates the fair value was measured.

When a fair value gain or los on a non-monetary item is

recognised in profit or los, any exchange component of that

gain or los is also recognised in profit or los. When a fair value

gain or los on a non-monetary item is recognised in other

comprehensive income, any exchange component of that gain

or los is also recognised in other comprehensive income.

128ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(z)

外币换算（续）

就呈列综合财务报表而言，海外

业务的资产及负债按报告日的

汇率换算。海外业务之业绩使用

期内之平均汇率换算成港元，除

非期内汇率大幅波动，则在此情

况下使用于交易日适用之外币

汇率。于二零五年四月一日或

以后收购海外业务所产生的商

誉及资产及负债账面值的任何

公平价值调整均按报告期末的

收市汇率换算为港元。于二零

五年四月一日前收购海外业务

所产生的商誉及资产及负债账

面值的任何公允值调整均按收

购该海外业务当日的外币汇率

换算。由此产生的汇兑差额于其

他全面收益中确认，并于权益中

的汇兑储备中单独累计，惟汇兑

差额分配至非控股权益者除外。

出售海外业务（即出售本集团于

海外业务的全部权益、或出售涉

及失去包含海外业务的附属公

司之控制权，或部分出售于包含

海外业务的合营企业的权益（其

保留权益成为一项金融资产）

时，本公司股东就该业务应占的

所有于权益累计的汇兑差额乃

重新分类至损益。

此外，就部分出售一间包含海外

业务的附属公司（惟并未导致本

集团失去对该附属公司的控制

权）而言，按比例分占的累计汇

兑差额乃重新计入非控股权益

而并不于损益内确认。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(z) Translation of foreign curencies (Continued)

For the purpose of presenting consolidated financial

statements, the asets and liabilities of the foreign operations

are translated at exchange rates prevailing on the reporting

date. The results of foreign operations are translated into

HK$ at the average exchange rates for the period, unles

exchange rates fluctuate significantly during that period, in

which case the foreign exchange rates ruling at the dates of the

transactions are used. Godwil and any fair value adjustments

to the carying amounts of asets and liabilities arising on the

acquisition of foreign operation on or after 1 April 2005, are

translated into HK$ at the closing foreign exchange rate at

the end of the reporting period. Godwil and any fair value

adjustments to the carying amounts of asets and liabilities

arising on acquisition of a foreign operation before 1 April

2005 are translated at the foreign exchange rate at the date

of acquisition of the foreign operation. The resulting exchange

diference is recognised in other comprehensive income and

acumulated separately in equity in the exchange reserve,

except to the extent that the translation diference is alocated

to non-controling interests.

On the disposal of a foreign operation (that is, a disposal of

the Group’s entire interest in a foreign operation, or a disposal

involving los of control over a subsidiary that includes a

foreign operation, or a partial disposal of an interest in a joint

venture that includes a foreign operation of which the retained

interest becomes a financial aset), al the exchange diferences

acumulated in equity in respect of that operation atributable to

the owners of the Company are reclasified to profit or los.

In adition, in relation to a partial disposal of a subsidiary that

includes a foreign operation that does not result in the Group

losing control over the subsidiary, the proportionate share of

acumulated exchange diferences is re-atributed to non-

controling interests and is not recognised in profit or los.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(a)

借贷成本

收购、建设或生产需要一段较长

时间方可达致拟定用途或出售

之资产直接应占之借贷成本会

拨充资本，作为该资产之部分成

本。其他借贷成本于产生期间支

销。

资本化借贷成本作为合资格资

产的成本的一部分于资产生

开支、产生借贷成本及进行使资

产达致其拟定用途或出售的必

要活动时开始。借贷成本的资本

化于进行使合资格资产达致其

拟定用途或出售的绝大部分必

要活动中止或完成时暂停或不

再进行。

(ab)

关连方

倘属以下人士，即该人士

或该人士之家庭近亲成员

与本集团有关连：

控制或共同控制本

集团；

对本集团有重大影

响力；或

担任本集团或本集

团母公司之主要管

理人员。

倘符合下列任何条件，则

实体与本集团有关连：

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）。

一间实体为另一间

实体之联营公司或

合营企业（或另一实

体为成员公司之集

团旗下成员公司之

联营公司或合营企

业）。

实体与本集团均为

同一第三方的合营

企业。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(a) 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.

(ab) 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 the entity and the Group are joint ventures of

the same third party.

130ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

编制基准及重大会计政策资料（续）

(ab)

关连方（续）

（续）

iv)

一间实体为第三方

实体的合营企业，

而另一实体为该第

三方实体的联营公

司。

该实体是以本集团

或本集团关连实体

之雇员为受益人之

离职后福利计划。

vi)

该实体受

(a)

项所识

别人士控制或共同

控制。

vi) (a)(i)

项所识别人士

对该实体有重大影

响力或属该实体（或

该实体的母公司）之

主要管理人员。

vi)

向本集团或本集团

的母公司提供主要

管理人员服务之实

体或其所属集团的

任何成员公司。

有关人士的家庭近亲成员

为预期可在与实体进行交

易时对该人士有影响力或

受其影响之家庭成员。

(ac)

分部报告

经营分部及财务报表呈报的各

分部项目金额乃自为向本集团

的各业务线及地区分配资源并

评估其表现而定期提供予执行

董事（主要营运决策者）的独立

财务资料中予以确认。

就财务报告而言，个别重大的经

营分部并不予以合算，除非该等

分部具有相似经济特性，并在产

品及服务性质、生产程序性质、

客户类别或种类、用以分销产

品或提供服务的方式及监管环

境的性质等方面相似，则另当别

论。并非个别重大的经营分部倘

符合大部分该等标准，则可予以

合算。

2 BASIS OF PREPARATION AND MATERIAL ACOUNTING

POLICY INFORMATION (Continued)

(ab) Related parties (Continued)

b) (Continued)

iv) One entity is a joint venture of a third entity and the

other entity is an asociate of the third entity.

v) The entity is a post-employment benefit plan for

the benefit of employes of either the Group or an

entity related to the Group.

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.

(ac) Segment reporting

Operating segments, and the amounts of each segment item

reported in the financial statements, are identified from the

discrete financial information provided regularly to the executive

Directors (the chief operating decision maker) for the purposes

of alocating resources to, and asesing the performance

of, the Group’s various lines of busines and geographical

locations.

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.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

会计判断及估计不确定性

编制本集团的综合财务报表时，管理

层须作出会影响所呈报收入、开支、资

产及负债的金额及该等项目的随附披

露及或然负债披露的判断、估计及假

设。有关该等假设及估计的不确定性

或会导致须在日后就受影响的资产或

负债账面值作出重大调整。

(a)

重大会计判断

于应用本集团会计政策的过程

中，管理层已作出以下会计判

断：

(i)

委托人与代理人之考量

（委托人）

本集团从事奶粉及食品贸

易（「奶类产品业务」）。本

集团之履约义务乃按合约

及销售订单规定向客户销

售奶粉及食品。本集团于

向客户交付货品前控制该

货品，并面临存货风险。

当本集团履行履约义务

时，本集团按合约中规定

的预期可得代价总额确认

贸易收入。

于截至二零二五年三月

三十一日止年度，本集团

就有关销售奶粉及食品

确认收入金额

13,991,000

港元（二零二四年：

93,087,000

港元）。

(i)

委托人与代理人之考量

（代理人）

由于本集团在向客户交付

产品之前并未取得对产品

的控制权，考虑到本集团

无法主导从第三方取得之

货品的使用权，因此本集

团被视为与客户订立有关

若干销售奶粉及食品的合

约代理人。当本集团履行

履约义务时，本集团按合

约规定的预期应得金额确

认佣金收入。

截至二零二五年三月

三十一日止年度，本集

团作为代理人自销售奶

粉及食品确认佣金收入

1,583,000

港元（二零二四

年：无）。

3. ACOUNTING JUDGEMENTS AND ESTIMATION

UNCERTAINTIES

The preparation of the Group’s consolidated financial statements

requires management to make judgements, estimates and

asumptions that afect the reported amounts of revenues, expenses,

asets and liabilities, and their acompanying disclosures, and

the disclosure of contingent liabilities. Uncertainty about these

asumptions and estimates could result in outcomes that could

require a material adjustment to the carying amounts of the asets or

liabilities afected in the future.

(a) Significant acounting judgements

In the proces of aplying the Group’s acounting policies,

management has made the folowing acounting judgements:

(i) Principal versus agent consideration (principal)

The Group engages in the trading of milk powder and

fods (the “Milk Products Busines”). The performance

obligation of the Group is to sel the milk powder and

fods to the customers as specified in the contracts

and sales orders. The Group controls the gods before

pasing to the customers and is subject to inventory risk.

When the Group satisfies the performance obligation, the

Group recognises trading revenue in the gros amount of

consideration to which the Group expects to be entitled

as specified in the contracts.

During the year ended 31 March 2025, the Group

recognised revenue relating to sales of milk powder and

fods of HK$13,991,000 (2024: HK$93,087,000).

(i) Principal versus agent consideration (agent)

The Group is considered as an agent for its contracts

with customers relating to certain sales of milk powder

and fods as the Group did not obtain the control over

product before pasing on to customers taking into

consideration that the Group canot direct the use of

the gods obtained from the third parties. When the

Group satisfies the performance obligation, the Group

recognises a comision revenue in the amount it

expects to be entitled as specified in the contracts.

During the year ended 31 March 2025, the Group acted

as an agent recognised comision revenue from sales

of milk powder and fods of HK$1,583,000 (2024: Nil).

132ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

会计判断及估计不确定性（续）

(a)

重大会计判断（续）

(i)

厘定包含续租选择权的合

约的租赁期

于厘定包含续租选择权的

租赁合约（其中本集团为

承租人）的租赁期（尤其是

有关办公室的租赁）时，本

集团须作出判断。对于本

集团是否合理确定行使续

租选择权的评估影响租赁

期，进而对所确认之租赁

负债及使用权资产的金额

产生重大影响。倘出现承

租人控制范围内且影响评

估的重大事件或情况的重

大变动，则会进行重新评

估。

于评估合理确定性时，本

集团会考虑所有相关事实

及情况，包括行使或不行

使选择权之经济鼓励╱处

罚。所考虑的因素包括：

•

选择期间的合约条

款及条件与市场价

格的比较（例如选择

期间的付款金额是

否低于市场价格）；

•

本集团进行的租赁

装修程度；及

•

有关终止租赁的成

本（例如搬迁成本、

识别适合本集团需

要的另一项相关资

产的成本）。

3. ACOUNTING JUDGEMENTS AND ESTIMATION

UNCERTAINTIES (Continued)

(a) Significant acounting judgements (Continued)

(i) Determination on lease term of contracts with

renewal options

The Group aplies judgement to determine the lease

term for lease contracts in which it is a lese that

include renewal options, specificaly, the leases relating

to ofices. The asesment of whether the Group is

reasonably certain to exercise renewal options impacts

the lease term, which significantly afects the amount of

lease liabilities and right-of-use asets recognised. Re-

asesment is performed upon the ocurence of either a

significant event or a significant change in circumstances

that is within the control of lese and that afects the

asesment.

When asesing reasonable certainty, the Group

considers al relevant facts and circumstances including

economic incentives/penalties for exercising or not

exercising the options. Factors considered include:

• contractual terms and conditions for the optional

periods compared with market rates (e.g. whether

the amount of payments in the optional periods is

below the market rates);

• the extent of leasehold improvements undertaken

by the Group; and

• costs relating to termination of the lease (e.g.

relocation costs, costs of identifying another

underlying aset suitable for the Group’s neds).

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

会计判断及估计不确定性（续）

(a)

重大会计判断（续）

(iv)

对可变利益实体的控制权

兹提述附注

2(d)

及

，根

据本集团与沈阳金蚁电子

商务有限公司（「沈阳金

蚁」）名义股东订立之合约

安排，沈阳金蚁及其附属

公司金蚁（海南）电子商务

有限公司为本集团的可变

利益实体。

董事根据本集团是否有实

际能力单方面主导可变利

益实体的相关活动，以及

本集团是否因参与可变利

益实体而面临或享有可变

回报的风险或权利，以评

估本集团是否对可变利益

实体拥有控制权。于作出

判断时，董事认为，本集

团根据合约安排拥有沈阳

金蚁

70%

的投票权，使其

有足够权力主导影响本集

团回报金额的可变利益实

体的相关活动。因此，本

集团对可变利益实体拥有

控制权。

(b)

估计不确定性的主要来源

(i)

贸易应收款项预期信贷亏

损拨备

具有重大结余且已发生信

贷减值的贸易应收款项会

单独进行预期信贷亏损评

估。此外，于估计并非使

用拨备矩阵单独评估的贸

易应收款项之预期信贷亏

损时，本集团采用可行权

宜方法。拨备比率乃按不

同账款的账龄分组而定，

已考虑本集团的过往违约

率及在无须付出过高成本

或努力即可获得之合理及

有理据之前瞻性资料。于

各报告日期，重新评估过

往观察违约率，并考虑前

瞻性资料变动。

预期信贷亏损拨备对估计

变动尤为敏感。有关本集

团贸易应收款项及预期信

贷亏损的资料分别于附注

及

37(a)

披露。

3. ACOUNTING JUDGEMENTS AND ESTIMATION

UNCERTAINTIES (Continued)

(a) Significant acounting judgements (Continued)

(iv) Control over VIEs

Reference is made to notes 2(d) and 36 that Shenyang

Jinyi e-comerce Co., Ltd (“Shenyang Jinyi”) and its

subsidiary, Jinyi (Hainan) e-comerce Co., Ltd., are VIEs

of the Group pursuant to the contractual arangement

entered into betwen the Group and the nomine

shareholder of Shenyang Jinyi.

The Directors asesed whether the Group has control

over VIEs based on whether the Group has the practical

ability to direct the relevant activities of VIEs unilateraly

and whether the Group has the exposure, or rights, to

variable returns from its involvement with VIEs. In making

the judgement, the Directors considered the Group has

owned 70% voting rights over Shenyang Jinyi pursuant

to the contractual arangement which give it suficient

power to direct the relevant activities of VIEs which afect

the amount of the Group’s returns. As such, the Group

has control over VIEs.

(b) Key sources of estimation uncertainty

(i) Provision of ECL for trade receivables

Trade receivables with significant balances and credit-

impaired are asesed for ECL individualy. In adition,

the Group uses practical expedient in estimating ECL

on trade receivables which are not asesed individualy

using a provision matrix. The provision rates are based

on aging of debtors as groupings of various debtors

taking into consideration the Group’s historical default

rates and forward-loking information that is reasonable

and suportable available without undue costs or efort.

At every reporting date, the historical observed default

rates are reasesed and changes in the forward-loking

information are considered.

The provision of ECL is sensitive to changes in estimates.

The information about the Group’s trade receivables and

the ECL are disclosed in notes 22 and 37(a), respectively.

134ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

会计判断及估计不确定性（续）

(b)

估计不确定性的主要来源（续）

(i)

投资物业的公平价值

投资物业乃根据一名独立

专业物业估值师进行的估

值按公平价值列账。厘定

公平价值乃涉及附注

所

载之若干市况假设。

于依赖估值报告时，董事

已行使其判断并信纳估值

方法反映现时市况。该等

假设的变动将导致本集团

投资物业公平价值的变动

及对综合损益及其他全面

收益表内呈报的损益金额

作出相应调整。

于二零二五年三月三十一

日，本集团投资物业之

账面值为

41,232,000

港元（二零二四年：

41,350,000

港元）。

(i)

商誉、物业、厂房及设备

（包括使用权资产）以及

其他无形资产的估计减值

厘定商誉、物业、厂房及

设备（包括使用权资产）以

及其他无形资产有否减

值须估计获分配商誉、物

业、厂房及设备（包括使

用权资产）以及其他无形

资产之现金产生单位（或

现金产生单位组别）之可

收回金额，即使用价值或

公平价值减出售成本之

较高者。计算使用价值须

本集团估计预期现金产

生单位（或现金产生单位

组别）将产生之未来现金

流量及合适贴现率，以计

算现值。倘实际未来现金

流量低于预期，或事实及

情况有变导致下调未来

现金流量或上调贴现率，

则可能出现重大减值亏损

或进一步减值亏损。于二

零二五年三月三十一日，

商誉、物业、厂房及设备

（包括使用权资产）以及

其他无形资产的账面值分

别为

13,351,000

港元（二

零二四年：零）（经扣除累

计减值亏损

5,191,000

港元

（二零二四年：

2,161,000

港元）、

29,344,000

港元

（二零二四年：

18,000

港

元）及

23,653,000

港元（二

零二四年：零）。使用价

值的计算详情于附注

披

露。

3. ACOUNTING JUDGEMENTS AND ESTIMATION

UNCERTAINTIES (Continued)

(b) Key sources of estimation uncertainty (Continued)

(i) Fair value of investment property

Investment property is stated at fair value based on the

valuation performed by an independent profesional

property valuer. The determination of the fair value

involves certain asumptions of market conditions which

are set out in note 15.

In relying on the valuation report, the Directors have

exercised their judgement and are satisfied that the

method of valuation is reflective of the curent market

conditions. Changes to these asumptions would result

in changes in the fair value of the Group’s investment

property and the coresponding adjustments to the

amount of gain or los reported in the consolidated

statement of profit or los and other comprehensive

income.

As at 31 March 2025, the carying amount of the

Group’s investment property was HK$41,232,000 (2024:

HK$41,350,000).

(i) Estimated impairment of godwil, property, plant and

equipment (including right-of-use asets) and other

intangible asets

Determining whether godwil, property, plant and

equipment (including right-of-use asets) and other

intangible asets is impaired requires an estimation of

the recoverable amount of the cash-generating unit

(or group of cash-generating units) to which godwil,

property, plant and equipment (including right-of-use

asets) and other intangible asets has ben alocated,

which is the higher of the value in use or fair value les

costs of disposal. The value in use calculation requires

the Group to estimate the future cash flows expected

to arise from the cash-generating unit (or a group of

cash-generating units) and a suitable discount rate in

order to calculate the present value. Where the actual

future cash flows are les than expected, or changes

in facts and circumstances which result in downward

revision of future cash flows or upward revision of

discount rate, a material impairment los or further

impairment los may arise. As at 31 March 2025,

the carying amounts of godwil, property, plant and

equipment (including right-of-use asets) and other

intangible asets are HK$13,351,000 (2024: Nil) (net of

acumulated impairment los of HK$5,191,000 (2024:

HK$2,161,000), HK$29,344,000 (2024: HK$18,000) and

HK$23,653,000 (2024: nil), respectively. Details of the

calculation of value in use are disclosed in note 18.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

会计判断及估计不确定性（续）

(b)

估计不确定性的主要来源（续）

(iv)

其他无形资产的估计可使

用年期

本集团管理层厘定本集团

其他无形资产的估计可使

用年期及摊销费用。倘可

使用年期有别于先前估

计，本集团管理层将修订

摊销费用，或撇销或撇减

技术上过时或已放弃或出

售的非策略性资产。

(v)

拨备

本集团于计及所有可得证

据（其中包括法律顾问意

见）后评估诉讼索偿是否

存在现有责任。倘本集团

管理层认为存在现有责

任的可能性较高，且可就

结算索偿金额作出可靠

估计，则会就索偿确认拨

备。倘不存在现有责任的

可能性较高，本集团应披

露或然负债，除非于结清

时经济利益转移的可能性

极低。经济资源流出可能

性的假设或任何义务估计

的变动将会变更综合财务

报表中确认的价值。

(vi)

即期税项

本公司附属公司须缴付中

华人民共和国（「中国」）香

港及澳洲的所得税。于厘

定所得税拨备时，需要作

出重大判断。于日常业务

过程中，有多项交易之最

终税务厘定均难以明确作

出。倘该等交易之最终税

务结果与初始入账之金额

不同，该等差额将影响税

务厘定的财政期间内之即

期税项及递延税项拨备。

3. ACOUNTING JUDGEMENTS AND ESTIMATION

UNCERTAINTIES (Continued)

(b) Key sources of estimation uncertainty (Continued)

(iv) Estimated useful lives of other intangible asets

Management of the Group determines the estimated

useful lives and amortisation charge for the Group’s other

intangible asets. Management of the Group wil revise

the amortisation charge where useful lives are diferent

to previous estimates, or it wil write-of or write-down

technicaly obsolete or non-strategic asets that have

ben abandoned or sold.

(v) Provision

The Group evaluates whether a present obligation exists

under the litigation claim after taking into acount al

available evidence, including, among others, advice

from its legal advisors. A provision is recognised for

the claim if the management of the Group consider it

is more likely than not that present obligation exists

and a reliable estimate can be made on the setlement

amount of the claim. lf it is more likely than not that no

present obligation exists, the Group should disclose a

contingent liability, unles the posibility of any transfer

of economic benefits in setlement is remote. Changes

in the asumptions around the likelihod of an outflow of

economic resources or the estimation of any obligation

would change the values recognised in the consolidated

financial statements.

(vi) Curent tax

The subsidiaries of the Company are subject to income

tax in the People’s Republic of China (the “PRC”), Hong

Kong and Australia. Significant judgement is required in

determining the provision for income tax. There are many

transactions for which the ultimate tax determination is

uncertain during the ordinary course of busines. Where

the final tax outcome of these maters is diferent from

the amounts that were initialy recorded, such diferences

wil impact the curent tax and defered tax provisions in

the financial period in which such determination is made.

136ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

应用新订国际财务报告准则会计准

则及其修订本

本集团已就本会计年度的综合财务报

表首次应用国际会计准则理事会颁布

的以下国际财务报告准则会计准则修

订本，其于本集团于二零二四年四月

一日或之后开始之财政年度期间强制

生效：

国际会计准则

第

号修订本

将负债分类为流动

或非流动及附带

契诺的非流动

负债

国际会计准则

第

号及国际

财务报告准则

第

号修订本

供应商融资安排

国际财务报告

准则第

号

修订本

售后租回的租赁

负债

本集团并无应用于本会计期间尚未强

制生效之任何新订国际财务报告准则

会计准则及其修订本。于本年度应用

国际财务报告准则会计准则修订本对

本集团于本年度及过往年度的财务状

况及表现及／或综合财务报表所载披

露事项并无重大影响。

分部资料

本集团按不同分部管理其业务，而各

业务分部乃以业务线（产品及服务）组

成。与为了进行资源分配及表现评估

而在内部向执行董事（主要营运决策

者）呈报资料之方式一致，本集团呈列

以下三个须予报告分部。组成以下须

予报告分部时并无整合不同的经营分

部。

奶类产品业务；

提供仓储物流服务（「物流业

务」）；及

物业投资（「物业投资」）。

奶类产品业务之收入主要来自销售奶

粉及食品。

物流业务之收入主要来自提供仓储服

务。

物业投资之收入主要来自物业租赁产

生的租金收入。

4. APLICATION OF NEW AND AMENDMENTS TO IFRS

ACOUNTING STANDARDS

The Group has aplied the folowing amendments to IFRS Acounting

Standards isued by the IASB for the first time, which are mandatorily

efective for the Group’s financial anual period begining on or after

1 April 2024, to the consolidated financial statements for the curent

acounting year:

Amendments to IAS 1Clasification of Liabilities as Curent

or Non-curent and Non-curent

Liabilities with Covenants

Amendments to IAS 7

and IFRS 7

Suplier Finance Arangements

Amendments to IFRS 16Lease Liability in a Sale and Leaseback

The Group has not aplied any new standards and amendments to

IFRS Acounting Standards that are not yet mandatorily efective for

the curent acounting period. The aplication of the amendments to

IFRS Acounting Standards in the curent year has had no material

impact on the Group’s financial positions and performance for the

curent and prior years and/or on the disclosures set out in these

consolidated financial statements.

5. SEGMENT INFORMATION

The Group manages its busineses by divisions, which are organised

by busines lines (products and services). In a maner consistent with

the way in which information is reported internaly to the executive

Directors (the chief operating decision maker) for the purposes of

resource alocation and performance asesment, the Group has

presented the folowing thre reportable segments. No operating

segments have ben agregated to form the folowing reportable

segments.

1. The Milk Products Busines;

2. The provision of warehouse logistics services (the “Logistics

Busines”); and

3. Property investment (the “Property Investment”).

The Milk Products Busines derives revenue primarily from the sales of

milk powder and fods.

The Logistics Busines derives revenue primarily from the provision of

warehouse services.

The Property Investment derives revenue primarily from rental income

arising from the lease of a property.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

分部资料（续）

(a)

分部业绩、资产及负债

为了评估分部表现及在各分部

之间分配资源，执行董事（主

要营运决策者（「主要营运决策

者」）按以下基准监察各个须予

报告分部的业绩、资产及负债：

分部资产包括所有形资产、无

形资产及流动资产，惟按公平价

值计入损益之金融资产及其他

企业资产除外。分部负债包括个

别分部的活动应占之贸易及其

他应付款项、合约负债、租赁负

债、应付所得税、拨备、递延税

项负债及界定福利责任。

收入及开支乃根据须予报告分

部所产生的销售以及该等分部

所产生的开支或该等分部应占

之资产折旧及摊销另外产生之

开支，分配至该等分部。

用于申报分部（亏损）╱溢利之

计量方法为「经调整

EBITDA

」，

即「扣除利息、税项、折旧及摊

销前之经调整盈利」，其中「利

息」被视为包括投资收入而「折

旧及摊销」被视为包括非流动资

产之减值亏损。为计量经调整

EBITDA

，本集团之盈利乃对并

非指定属于个别分部之项目（如

董事及核数师的薪酬以及其他

总办事处或企业行政开支）作出

进一步调整。

除取得有关经调整

EBITDA

的分

部资料外，执行董事亦获得有关

分部直接管理的现金结余及借

贷的利息收入及开支、折旧、摊

销、减值亏损、投资物业公平价

值收益、拨备以及分部于营运中

使用的非流动分部资产添置的

分部资料。

经营分部的会计政策资料与附

注

所述的本集团重大会计政策

资料相同。

5. SEGMENT INFORMATION (Continued)

(a) Segment results, asets and liabilities

For the purposes of asesing segment performance and

alocating resources betwen segments, the executive Directors

(the chief operating decision maker (“CODM”) monitor the

results, asets and liabilities atributable to each reportable

segment on the folowing bases:

Segment asets include al tangible, intangible asets and

curent asets with the exception of financial asets at fair value

through profit or los, and other corporate asets. Segment

liabilities include trade and other payables, contract liabilities,

lease liabilities, income tax payable, provisions, defered tax

liabilities and defined benefit obligation atributable to the

activities of the individual segments.

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 and amortisation of asets

atributable to those segments.

The measure used for reporting segment (los)/profit is

“adjusted EBITDA” i.e. “adjusted earnings before interest,

taxes, depreciation and amortisation”, where “interest” is

regarded as including investment income and “depreciation and

amortisation” is regarded as including impairment loses on

non-curent asets. To arive at adjusted EBITDA, the Group’s

earnings are further adjusted for items not specificaly atributed

to individual segments, such as Directors’ and auditors’

remuneration and other head ofice or corporate administration

costs.

In adition to receiving segment information concerning

adjusted EBITDA, executive Directors are provided with

segment information concerning interest income and expense

from cash balances and borowings managed directly by the

segments, depreciation, amortisation, impairment loses, fair

value gain on investment property, provisions and aditions

to non-curent segment asets used by the segments in their

operations.

The acounting policy information of the operating segments

are the same as the Group’s material acounting policy

information described in note 2.

138ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

分部资料（续）

(a)

分部业绩、资产及负债（续）

为进行资源分配及评估分部表

现而向执行董事所提供之截至

二零二五年及二零二四年三月

三十一日止年度按收入确认时

间划分来自客户合约之收入连

同与本集团须予报告分部相关

之资料载于下文。

5. SEGMENT INFORMATION (Continued)

(a) Segment results, asets and liabilities (Continued)

Disagregation of revenue from contracts with customers

by the timing of revenue recognition, as wel as information

regarding the Group’s reportable segments as provided to the

executive Directors for the purposes of resource alocation and

asesment of segment performance for the years ended 31

March 2025 and 2024 is set out below.

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Milk

Products

Busines

Logistics

Busines

Property

InvestmentTotal

奶类产品业务物流业务物业投资总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Reportable segment revenue

须予报告分部收入

Disagregated by timing of

revenue recognition

按收入确认时间

划分

Point in time

即时

15,574–15,574

Over time

随时间推移

–24,946–24,946

Revenue from contracts with

external customers

来自外部客户合约之

收入

15,57424,946–40,520

Gros rentals from investment property

投资物业租金总额

–

Reportable segment revenue

须予报告分部收入

15,57424,946–40,520

Profit or los

损益

Reportable segment (los)/profit

(adjusted EBITDA)

须予报告分部（亏损）╱

溢利（经调整

EBITDA

）

(188,799)9,0742,010(177,715)

Bank interest income

银行利息收入

Depreciation

折旧

(10,117)

Amortisation

摊销

(1,705)

Finance costs

融资成本

(3,941)

Gain on financial asets mandatorily

measured at fair value through

profit or los

强制按公平价值计入

损益计量之金融资产的

收益

7,192

Impairment loses on non-financial asets

非金融资产之减值亏损

(3,030)

Unalocated head ofice and corporate

income and expenses other than

bank interest income, depreciation,

amortisation and finance costs

未分配之总办事处及企业

收入及开支（银行利息

收入、折旧、摊销及

融资成本除外）

(10,017)

Consolidated los before taxation

除税前综合亏损

(199,276)

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

分部资料（续）

(a)

分部业绩、资产及负债（续）

5. SEGMENT INFORMATION (Continued)

(a) Segment results, asets and liabilities (Continued)

At 31 March 2025

于二零二五年三月三十一日

Milk

Products

Busines

Logistics

Busines

Property

InvestmentTotal

奶类产品业务物流业务物业投资总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Reportable segment asets

须予报告分部资产

45,85849,45941,263136,580

Unalocated head ofice and

corporate asets

未分配之总办事处及

企业资产

– Cash and cash equivalents

－现金及现金等价物

– Financial asets at fair value

through profit or los

－按公平价值计入损益之

金融资产

12,228

– Other unalocated asets

－其他未分配之资产

Consolidated total asets

综合资产总额

149,577

Reportable segment liabilities

须予报告分部负债

143,86727,935131171,933

Unalocated head ofice and

corporate liabilities

未分配之总办事处及

企业负债

– Other borowing

－其他借贷

41,081

– Other unalocated liabilities

－其他未分配之负债

1,697

Consolidated total liabilities

综合负债总额

214,711

Year ended 31 March 2025

截至二零二五年三月三十一日止年度

Milk

Products

Busines

Logistics

Busines

Property

InvestmentUnalocatedTotal

奶类产品业务物流业务物业投资未分配总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Other segment information

其他分部资料

Amounts included in the measure of

segment (los)/profit or segment

asets:

计入分部（亏损）╱

溢利或分部资产

计量之款项：

Net impairment loses of

trade receivables

贸易应收款项减值

亏损净额

(22,478)(106)86–(22,498)

Net impairment loses of

other receivables

其他应收款项减值

亏损净额

(4,722)–(4,722)

Aditions to non-curent

segment asets

非流动分部资产之

添置

– Other intangible asets

－其他无形资产

25,412–25,412

– Godwil

－商誉

11,4414,971–16,412

– Property, plant and equipment

－物业、厂房及设备

2,92236,537–39,459

Fair value gain on

investment property

投资物业

公平价值收益

–2,033–2,033

Provisions for compensation

补偿拨备

(125,220)–(125,220)

Amount regularly provided to the

CODM but not included in the

measure of segment (los)/profit

or segment asets:

定期提供予主要营运

决策者但未计入分部

（亏损）╱溢利或分部

资产计量之款项：

Bank interest income

银行利息收入

4214–157

Depreciation

折旧

(978)(9,139)–(10,117)

Amortisation

摊销

(1,705)–(1,705)

Finance costs

融资成本

(47)(605)–(3,289)(3,941)

Impairment loses of

non-financial asets

非金融资产之减值

亏损

– Godwil

－商誉

(3,030)–(3,030)

140ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

分部资料（续）

(a)

分部业绩、资产及负债（续）

5. SEGMENT INFORMATION (Continued)

(a) Segment results, asets and liabilities (Continued)

Year ended 31 March 2024

截至二零二四年三月三十一日止年度

Milk

Products

Busines

Logistics

Busines

Property

InvestmentTotal

奶类产品业务物流业务物业投资总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Reportable segment revenue

须予报告分部收入

Disagregated by timing of

revenue recognition

按收入确认时间划分

Point in time

即时

93,087–93,087

Over time

随时间推移

–1,493–1,493

Revenue from contracts with

external customers

来自外部客户合约之

收入

93,0871,493–94,580

Gros rentals from investment property

投资物业租金总额

–1,7301,730

Reportable segment revenue

须予报告分部收入

93,0871,4931,73096,310

Profit or los

损益

Reportable segment (los)/profit

(adjusted EBITDA)

须予报告分部（亏损）╱

溢利（经调整

EBITDA

）

(31,274)861,905(29,283)

Bank interest income

银行利息收入

Depreciation

折旧

(718)

Finance costs

融资成本

(4,448)

Los on financial asets at fair value

through profit or los

按公平价值计入损益之金

融资产的亏损

(5,006)

Impairment loses on non-financial asets

非金融资产之减值亏损

(3,144)

Unalocated head ofice and corporate

income and expenses other than

bank interest income, depreciation and

finance costs

未分配之总办事处及企业

收入及开支（银行利息

收入、折旧及融资成本

除外）

(5,776)

Consolidated los before taxation

除税前综合亏损

(48,374)

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

分部资料（续）

(a)

分部业绩、资产及负债（续）

于截至二零二五年及二零二四

年三月三十一日止年度，并无分

部间收入。

5. SEGMENT INFORMATION (Continued)

(a) Segment results, asets and liabilities (Continued)

At 31 March 2024

于二零二四年三月三十一日

Milk

Products

Busines

Logistics

Busines

Property

InvestmentTotal

奶类产品业务物流业务物业投资总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Reportable segment asets

须予报告分部资产

125,896–42,077167,973

Unalocated head ofice and

corporate asets

未分配之总办事处

及企业资产

– Cash and cash equivalents

－现金及现金等价物

30,300

– Other unalocated asets

－其他未分配资产

Consolidated total asets

综合资产总额

198,306

Reportable segment liabilities

须予报告分部负债

44,817–66445,481

Unalocated head ofice and

corporate liabilities

未分配之总办事处

及企业负债

– Other borowing

－其他借贷

33,182

– Other unalocated liabilities

－其他未分配之负债

1,410

Consolidated total liabilities

综合负债总额

80,073

Year ended 31 March 2024

截至二零二四年三月十一日止年度

Milk

Products

Busines

Logistics

Busines

Property

InvestmentUnalocatedTotal

奶类产品业务物流业务物业投资未分配总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Other segment information

其他分部资料

Amounts included in the measure

of segment (los)/profit or

segment asets:

计入分部（亏损）╱

溢利或分部资产

计量之款项：

Net impairment loses of

trade receivables

贸易应收款项减值

亏损净额

(25,455)–(25,455)

Net impairment loses of

other receivables

其他应收款项减值

亏损净额

(1,746)–(1,746)

Aditions to non-curent

segment asets

非流动分部资产之

添置

– Property, plant and equipment

－物业、厂房及设备

1,360–1,360

Fair value gain on investment property

投资物业公平价值收益

–515–515

Amount regularly provided to the

CODM but not included in the

measure of segment (los)/profit

or segment asets:

定期提供予主要营运

决策者但未计入分部

（亏损）╱溢利或分部

资产计量之款项：

Bank interest income

银行利息收入

1–1

Depreciation

折旧

(717)–(1)(718)

Finance costs

融资成本

(21)–(4,427)(4,448)

Impairment loses of

non-financial asets

非金融资产之减值

亏损

– Property, plant and equipment

－物业、厂房及设备

(983)–(983)

– Godwil

－商誉

(2,161)–(2,161)

There are no inter-segment revenue during the years ended

31 March 2025 and 2024.

142ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

分部资料（续）

(b)

来自主要产品及服务之收入

(c)

地区资料

以下为

(i)

本集团来自外部客户之

收入及

(i)

本集团的投资物业、物

业、厂房及设备、其他无形资产

以及商誉之所在地区分析。客户

所在地区按所提供服务或货物

送达所在地划分。投资物业以及

物业、厂房及设备之所在地区乃

基于所考虑资产的实际位置而

定。就其他无形资产及商誉而

言，乃基于彼等获分配的经营所

在地而定。

5. SEGMENT INFORMATION (Continued)

(b) Revenue from major products and services

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Milk powder and fods

奶粉及食品

15,57493,087

Gros rentals from investment property

投资物业租金总额

–1,730

Warehouse logistics income

仓储物流收入

24,9461,493

40,52096,310

The folowing is an analysis of geographical location of (i) the

Group’s revenue from external customers and (i) the Group’s

investment property, property, plant and equipment, other

intangible asets and godwil. The geographical location

of customers is based on the location at which the services

were provided or the gods were delivered. The geographical

location of investment property and property, plant and

equipment is based on the physical location of the aset

under consideration. In the case of other intangible asets and

godwil, it is based on the location of the operation to which

they are alocated.

Revenue from external

customers

Non-curent asets

(excluding financial

instruments and defered

tax asets)

来自外部客户之收入

非流动资产

（不包括金融工具及

递延税项资产）

Year ended 31 MarchAt 31 MarchAt 31 March

截至三月三十一日止年度

二零二五年二零二四年

二零二五年二零二四年三月三十一日三月三十一日

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Hong Kong (place of domicile)

香港（居住地点）

24,946–32,368–

Australia

澳洲

–23,85241,23241,350

The PRC

中国

15,57472,45833,98018

40,52096,310107,58041,368

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

分部资料（续）

(d)

有关主要客户之资料

来自贡献本集团收入

10%

或以

上的客户（本集团视在共同控制

下的一组实体为单一客户）之收

入如下：

5. SEGMENT INFORMATION (Continued)

(d) Information about major customers

Revenue from customers (a group of entities known to the

Group to be under comon control is considered as a single

customer) contributing 10% or more of the Group’s revenue are

as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue from provision of

warehouse logistics services

来自提供仓储物流服务

之收入

– Customer A

－客户甲

6,221–

Revenue from sales of milk

powder and fods

来自销售奶粉及食品

之收入

– Customer B

－客户乙

–33,905

– Customer C

－客户丙

–30,269

– Customer D

－客户丁

–10,970

– Customer E

－客户戊

–9,678

Revenue from property investment

来自物业投资之收入

– Customer C

－客户丙

–1,344

144ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

收入

(a)

按主要产品或服务类别划分之

来自客户合约之收入如下：

按收入确认时间及按地区市场

划分之来自客户合约之收入分

别于附注

5(a)

及

5(c)

披露。

(b)

下表载列于本报告期间确认的

收入金额，该等金额于报告期初

已计入合约负债内：

(c)

预期未来将就于报告日期存续

的客户合约确认的收入：

符合国际财务报告准则第

号

范围的所有客户销售合约为期

一年或以内。诚如国际财务报告

准则第

号所允许，就该等未达

成合约分配的交易价格并未披

露。

6. REVENUE

(a) Disagregation of revenue from contracts with customers by

major products or service lines is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue from contracts with

customers within the scope of

IFRS 15

符合国际财务报告准则

第

号范围的来自

客户合约之收入

Disagregated by major products or

service lines

按主要产品或服务类别划分

– Sales of milk powder and

fods

－销售奶粉

及食品

15,57493,087

– Warehouse logistics income

－仓储物流收入

24,9461,493

40,52094,580

Revenue from other sources

来自其他来源之收入

Gros rentals from investment property

投资物业租金总额

– Lease payments that are fixed

－固定租赁付款

–1,730

Total revenue

总收入

40,52096,310

Disagregation of revenue from contracts with customers by the

timing of revenue recognition and by geographic markets are

disclosed in notes 5(a) and 5(c), respectively.

(b) The folowing table shows the amounts of revenue recognised

in the curent reporting period that were included in the contract

liabilities at the begining of the reporting period:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue recognised that was

included in contract liabilities at the

begining of the reporting period:

于报告期初计入合约负债内

的已确认收入：

Sales of milk powder and fods

销售奶粉及食品

172–

contracts with customers in existence at the reporting date:

Al sales contracts with customers within the scope of IFRS 15

are for periods of one year or les. As permited under IFRS 15,

the transaction price alocated to these unsatisfied contracts is

not disclosed.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

其他收入

其他收益及亏损，净额

7. OTHER INCOME

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest income on financial asets measured

at amortised cost

按摊销成本计量之金融

资产利息收入

– Bank interest income

－银行利息收入

Marketing service income

市场推广服务收入

1062,900

Sundry income

杂项收入

2,480260

2,6433,161

8. OTHER GAINS AND LOSES, NET

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Net foreign exchange los

汇兑亏损净额

(2,831)(2,403)

Gain/(los) on financial asets mandatorily

measured at fair value through

profit or los

强制按公平价值计入

损益计量之金融资产的

收益╱（亏损）

– Listed equity securities

－上市股本证券

7,192(5,006)

Fair value gain on investment

property (note 15)

投资物业公平价值

收益（附注

）

2,033515

Provisions for compensation (note 31)

补偿拨备（附注

）

(125,220)–

(118,826)(6,894)

146ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

除税前亏损

除税前亏损乃于扣除╱（计入）以下各

项后达致：

9. LOS BEFORE TAXATION

Los before taxation is arived at after charging/(crediting) the

folowing:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

(a) Finance costs:(a)

融资成本：

Interest on other borowing (note 24(b)

其他借贷之利息（附注

24(b)

）

3,2704,427

Interest on lease liabilities (note 24(b)

租赁负债之利息（附注

24(b)

）

Total interest expense on financial liabilities

not at fair value through

profit or los

并非按公平价值计入损益

之金融负债利息开支

总额

3,9414,448

(b) Employe benefits expenses (including

Directors’ emoluments):

(b)

雇员福利开支（包括董事

酬金）：

Salaries, wages and other benefits

薪金、工资及其他福利

22,7226,594

Defined contribution retirement benefits

scheme contributions (note 32)

界定供款退休福利计划

供款（附注

）

1,685352

24,4076,946

其他项目：

Cost of inventories (note 21)

存货成本（附注

）

9,26090,836

Auditor’s remuneration

核数师酬金

– Audit services

－核数服务

1,320930

– Non-audit services

－非核数服务

Depreciation charges (note 16)

折旧费用（附注

）

– Owned property, plant and equipment

－自有物业、厂房及设备

– Right-of-use asets

－使用权资产

9,696704

Amortisation of other

intangible asets (note 17)

其他无形资产

摊销（附注

）

1,705–

Net impairment loses of

financial asets

金融资产减值

亏损净额

– Trade receivables (note 37(a)

－贸易应收款项（附注

37(a)

）

22,49825,455

– Other receivables (note 37(a)

－其他应收款项（附注

37(a)

）

4,7221,746

27,22027,201

Impairment loses on godwil (note 18)

商誉减值亏损（附注

）

3,0302,161

Impairment loses on property,

plant and equipment (note 16)

物业、厂房及设备减值亏损

（附注

）

–983

Expense relating to short-term leases

与短期租赁有关之开支

5,92768

Rental income from investment property

les direct operating expense of Nil

(2024: HK$86,000) from investment

property that generated rental income

来自投资物业之租金收入

减产生租金收入的投资物业

的直接经营开支零

（二零二四年：

86,000

港元）

–(1,644)

Direct operating expenses from investment

property that did not generate rental

income

并未产生租金收入的

投资物业的

直接经营开支

201–

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

10. INCOME TAX

(a) Amounts recognised in profit or los:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Curent tax

即期税项

– Australia Corporate income tax

for the year

－本年度澳洲企业

所得税

–212

Over-provision in respect of prior years

过往年度超额拨备

– Hong Kong Profits Tax

－香港利得税

(326)–

– Australia Corporate income tax

－澳洲企业所得税

–(86)

(326)(86)

Defered tax – origination and reversal of

temporary diferences

(note 30(a) and (c)

递延税项－暂时差额的

产生及拨回

（附注

30(a)

及

(c)

）

(451)1,325

Reversal of witholding tax

预扣税拨回

–(11,504)

Income tax credit

所得税抵免

(777)(10,053)

Notes:

(i) The Group’s subsidiaries in Hong Kong are subject to Hong Kong

Profits Tax at 16.5% of the estimated asesable profits for the

year, except for one subsidiary of the Group which is a qualifying

corporation under the two-tiered profits tax rate regime. For this

subsidiary, the first HK$2 milion of asesable profits is subject to tax

at 8.25% and the remaining asesable profits are subject to tax at

16.5%.

No Hong Kong profits tax has ben provided for in the consolidated

financial statements as the Group has no asesable profits for the

years ended 31 March 2025 and 2024.

(i) The Group’s subsidiaries registered in the PRC are not subject to the

PRC Enterprise Income Tax (“EIT”) as they have no asesable profit

for the years ended 31 March 2025 and 2024.

(i) The Group’s subsidiaries established in Australia are subject to

Australia Corporate Income Tax at the rate of 30% for the year ended

31 March 2025 (2024: 30%).

(iv) The Group is not subject to any taxation under the jurisdiction of

Bermuda and the British Virgin Islands (“BVI”) for the years ended 31

March 2025 and 2024.

10.

所得税

(a)

于损益内确认的金额：

附注：

(i)

本集团香港附属公司乃按年内

估计应课税溢利以税率

16.5%

缴纳香港利得税，惟本集团一

间为利得税两级制项下合资格

企业的附属公司除外。就该附

属公司而言，首

百万港元之应

课税溢利以

8.25%

的税率征税，

而其余应课税溢利以

16.5%

的

税率征税。

截至二零二五年及二零二四年

三月三十一日止年度，本集团

并无应课税溢利，因此并无于

综合财务报表计提香港利得税

拨备。

(i)

截至二零二五年及二零二四年

三月三十一日止年度，本集团

于中国登记成立的附属公司并

无应课税溢利，因此无须缴纳

中国企业所得税（「企业所得

税」）。

(i)

截至二零二五年三月三十一日

止年度，本集团于澳洲成立的

附属公司须以

30%

（二零二四

年：

30%

）的税率缴纳澳洲企业

所得税。

(iv)

截至二零二五年及二零二四年

三月三十一日止年度，本集团

毋须缴纳百慕达及英属处女群岛

（「英属处女群岛」）司法辖区的

任何税项。

148ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

10. INCOME TAX (Continued)

(b) Reconciliation betwen tax expenses and acounting los at

aplicable tax rate:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Los before taxation

除税前亏损

(199,276)(48,374)

Tax credit at the domestic Hong Kong

Profits tax rate of 16.5%

(2024: 16.5%)

按

16.5%

的境内香港利得税

税率计算之税项抵免

（二零二四年：

16.5%

）

(32,881)(7,981)

Efect of diferent tax rates arising from

other tax jurisdictions

产生自其他税务司法权区

的不同税率的影响

(1,989)63

Tax efect of non-deductible expenses

不可扣税开支之税务影响

23,4552,091

Tax efect of non-taxable income

毋须课税收入之税务影响

(2,283)(401)

Tax efect of tax loses/deductible

temporary diferences

not recognised

并无确认之税项亏损╱

可扣除暂时差额之

税务影响

13,2867,072

Utilisation of tax loses previously not

recognised

动用过往未确认之

税项亏损

(25)(99)

Over-provision in prior years

过往年度超额拨备

(326)(86)

Reversal of witholding tax

预扣税拨回

–(11,504)

Others

其他

(14)792

Income tax credit

所得税抵免

(777)(10,053)

10.

所得税（续）

(b)

税项开支与会计亏损之间按适

用税率之对账：

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

11. DIRECTORS’ EMOLUMENTS

Directors’ emoluments disclosed pursuant to section 383(1) of the

Hong Kong Companies Ordinance and Part 2 of the Companies

(Disclosure of Information about Benefits of Directors) Regulation are

as folows:

Year ended 31 March 2025

Salaries,

alowance

and benefit

in kindBonuses

Retirement

benefits

scheme

contributionsTotal

袍金

薪金、津贴

及实物利益花红

退休福利

计划供款总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Executive Directors:

执行董事：

Zhao Lei

(Chief Executive Oficer)

(note (i)

赵磊

（行政总裁）

（附注

(i)

）

–

Wu Feizi

伍非子

–180–180

Gao Peng (Apointed on

31 May 2024 and

resigned on 11

September 2024)

(note (i)

高鹏（于二零二四年

五月三十一日获委任

及于二零二四年

九月十一日辞任）

（附注

(i)

）

–

Independent

non-executive

Directors:

独立非执行董事：

Li Chak Hung

李泽雄

180–180

Tu Chunan

(Apointed on

25 April 2024)

涂春安

（于二零二四年四月

二十五日获委任）

47–47

Chen Jianguo

(Apointed on

15 July 2024)

陈建国

（于二零二四年

七月十五日获委任）

36–36

Cheng Haoliang

(Apointed on

22 December 2023

and resigned on

31 May 2024)

程浩亮

（于二零二三年十二月

二十二日获委任及于

二零二四年五月

三十一日辞任）

8–8

271180–451

11.

董事酬金

根据香港公司条例第

383(1)

条及公司

（披露董事利益资料）规例第

部分披

露的董事酬金如下：

截至二零二五年三月三十一日止年度

150ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

11. DIRECTORS’ EMOLUMENTS (Continued)

Year ended 31 March 2024

Salaries,

alowance

and benefit

in kindBonuses

Retirement

benefits

scheme

contributionsTotal

袍金

薪金、津贴

及实物利益花红

退休福利

计划供款总计HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Executive Directors:

执行董事：Zhao Lei

(Chief Executive Oficer)

(re-designated on

25 September 2023

from independent

non-executive Director)

(note (i)

赵磊

（行政总裁）

（于二零二三年九月

二十五日由独立

非执行董事

调任）

（附注

(i)

）

–

Wu Feizi

伍非子

–315–315

Chen Xu (resigned on 28

August 2023)陈煦（于二零二三年

八月二十八日辞任）

–148–148

Independent

non-executive

Directors:

独立非执行董事：

Li Chak Hung

李泽雄

180–180

Zhao Lei

赵磊

87–87

Cheng Haoliang

(Apointed on

22 December 2023)

程浩亮

（于二零二三年十二月

二十二日获委任）

39–39

Choi Kin Man

(Pased away on

26 January 2024)

蔡健民

（于二零二四年

一月二十六日离世）

150–150

456463–919

Notes:

(i): Mr. Zhao Lei is an executive Director and chief executive

oficer of the Company (the “Chief Executive Oficer”) and is

responsible for the Company’s day to day management and

the overal activities.

Under the service contract entered by Mr. Zhao Lei with

the Company, Mr. Zhao Lei wil not receive any salary or

director’s fe for the capacity as executive Director and Chief

Executive Oficer. Nevertheles, Mr. Zhao Lei is an employe

of an entity (“Service Entity I”) which provides consultancy

services to the Group starting from the year ended 31 March

2024 and charges service fe to the Company pursuant

to an agrement entered into betwen the Company and

the Service Entity I. The total service fe charged to the

Group during the year ended 31 March 2025, which has

not ben included in the above table, is HK$600,000 (2024:

HK$245,000).

(i): Mr. Gao Peng is an executive Director. Under the service

contract entered by Mr. Gao Peng with the Company, Mr.

Gao Peng wil not receive any salary or director’s fe for

the capacity as executive Director. Nevertheles, Mr. Gao

Peng is an employe of an entity (“Service Entity I”) which

provides consultancy services to the Group starting from

year ended 31 March 2025 and charged service fe to the

Company pursuant to an agrement entered into betwen

the Company and the Service Entity I. The total service

fe charged to the Group during the year ended 31 March

2025, which has not ben included in the above table, is

HK$95,000 (2024: Nil).

11.

董事酬金（续）

截至二零二四年三月三十一日止年度

附注：

(i)

：

赵磊先生为本公司执行董事

兼行政总裁（「行政总裁」），

负责本公司日常管理及整体

业务。

根据赵磊先生与本公司订立

的服务合约，赵磊先生将不

收取作为执行董事及行政总

裁之任何薪金或董事袍金。

然而，赵磊先生为一间实体

（「服务实体

」）之雇员，该

实体于截至二零二四年三月

三十一日止年度开始向本集

团提供咨询服务，并根据本

公司与服务实体

订立的协议

向本公司收取服务费。截至

二零二五年三月三十一日止

年度向本集团收取服务费总

额

600,000

港元（二零二四年：245,000

港元），并未计入上

表内。

(i)

：

高鹏先生为执行董事。根据

高鹏先生与本公司订立的服

务合约，高鹏先生将不收取

作为执行董事之任何薪金或

董事袍金。然而，高鹏先生为

一间实体（「服务实体

」）之雇

员，该实体于截至二零二五

年三月三十一日止年度开

始向本集团提供咨询服务，

并根据本公司与服务实体

订立的协议向本公司收取服

务费。截至二零二五年三月

三十一日止年度向本集团收

取服务费总额

95,000

港元（二

零二四年：零），并未计入上

表内。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

11. DIRECTORS’ EMOLUMENTS (Continued)

The executive Directors’ emoluments were for their services in

conection with the management of the afairs of the Company and

the Group.

The independent non-executive Directors’ emoluments were for their

services as directors of the Company.

During the years ended 31 March 2025 and 2024, no emolument was

paid by the Group to the Directors or the Chief Executive Oficer as an

inducement to join or upon joining the Group or as compensation for

los of ofice.

There was no arangement under which the Directors or the Chief

Executive Oficer have waived or agred to waive any emoluments

during the years ended 31 March 2025 and 2024.

12. INDIVIDUALS WITH HIGHEST EMOLUMENTS

Of the five individuals with the highest emoluments, no individual

(2024: Nil) is a Director whose emolument is disclosed in note 11. The

agregate emoluments of the remaining five (2024: five) individuals

were as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries and other emoluments

薪金及其他酬金

3,1832,283

Retirement benefits scheme contributions

退休福利计划供款

3,5562,373

The emoluments of the five (2024: five) individuals (who are not

Directors of the Company) with the highest emoluments are within the

folowing band:

二零二五年二零二四年

Number of

individuals

Number of

individuals

人数人数

Nil to HK$1,000,000

零至

1,000,000

港元

During the years ended 31 March 2025 and 2024, no emolument

was paid by the Group to the five highest paid individuals as an

inducement to join or upon joining the Group or as compensation for

los of ofice. There was no arangement under which the five highest

paid individuals have waived or agred to waive any emoluments

during the years ended 31 March 2025 and 2024.

11.

董事酬金（续）

执行董事的酬金用于支付彼等于管理

本公司及本集团事务方面所提供的服

务。

独立非执行董事的酬金用于支付彼等

作为本公司董事所提供的服务。

于截至二零二五年及二零二四年三月

三十一日止年度，本集团并无向董事

或行政总裁支付酬金，作为鼓励彼等

加入本集团，或作为加入本集团时之

奖励或离职补偿。

于截至二零二五年及二零二四年三月

三十一日止两个年度，概无董事或行

政总裁订立有关放弃或同意放弃任何

酬金之安排。

12.

最高酬金之个别人士

在五名最高酬金个别人士当中，没有

个别人士（二零二四年：无）为董事，其

酬金在附注

中披露。余下五名（二零

二四年：五名）个别人士之酬金总额如

下：

该五名（二零二四年：五名）最高酬金

个别人士（并非本公司董事）之酬金介

乎一下范围：

于截至二零二五年及二零二四年三月

三十一日止年度，本集团并无向五名

最高酬金个别人士支付酬金，作为鼓

励彼等加入本集团，或作为加入本集

团时之奖励或离职补偿。于截至二零

二五年及二零二四年三月三十一日止

两个年度，五名最高酬金个别人士概

无订立任何有关放弃或同意放弃任何

酬金之安排。

152ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

13. LOS PER SHARE

(a) Basic los per share

The calculation of basic los per share is based on the

los for the year atributable to owners of the Company of

HK$197,268,000 (2024: HK$38,321,000) and the weighted-

average number of aproximately 349,280,000 (2024:

349,280,000) ordinary shares in isue during the year ended 31

March 2025, calculated as folows:

二零二五年二零二四年

’000’000

千股千股

Weighted-average number of

ordinary shares during the year

本年度普通股

加权平均数

349,280349,280

HK cents

港仙

HK cents

港仙

Basic los

per share

每股基本

亏损

(56.5)(11.0)

(b) Diluted los per share

No diluted los per share for the years ended 31 March 2025

and 2024 is presented as there is no potential ordinary share in

isue during the both years.

14. DIVIDEND

The Board does not recomend the payment of any final dividend for

the year ended 31 March 2025 (2024: Nil).

15. INVESTMENT PROPERTY

Fair value

公平价值

HK$’000

千港元

At 1 April 2023

于二零二三年四月一日

42,094

Net fair value gain recognised in

profit or los (note 8)

于损益确认之公平价值收益净额

（附注

）

Exchange diferences

汇兑差额

(1,259)

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

41,350

Net fair value gain recognised in

profit or los (note 8)

于损益确认之公平价值收益净额

（附注

）

2,033

Exchange diferences

汇兑差额

(2,151)

At 31 March 2025

于二零二五年三月三十一日

41,232

13.

每股亏损

(a)

每股基本亏损

每股基本亏损乃根据本公司股

东应占本年度亏损

197,268,000

港元（二零二四年：

38,321,000

港元）及于截至二零二五年三月

三十一日止年度已发行普通股

的加权平均数约

349,280,000

股

（二零二四年：

349,280,000

股）

计算，计算如下：

(b)

每股摊薄亏损

由于截至二零二五年及二零

二四年三月三十一日止年度并

无已发行之潜在普通股，故并无

呈列两个年度之每股摊薄亏损。

14.

股息

董事会不建议派付截至二零二五年三

月三十一日止年度的任何末期股息（二

零二四年：无）。

15.

投资物业

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. INVESTMENT PROPERTY (Continued)

Fair value adjustment of investment property amounting to gain of

HK$2,033,000 (2024: HK$515,000) is recognised in the profit or los

and is included in “other gains and loses, net” as “Fair value gain on

investment property” (note 8).

The Group leased out an investment property under operating leases

during the year ended 31 March 2024 and the investment property

was vacant during the year ended 31 March 2025. The leases typicaly

run for an initial period of thre years, with an option held by leses

only to extend the leases beyond initial periods and al terms are

renegotiated. None of the leases includes variable lease payments.

The Group is not exposed to foreign curency risk as a result of the

lease arangements, as al leases are denominated in the respective

functional curencies of group entities. The lease contracts do not

contain residual value guarante and/or leses’ options to purchase

the properties at the end of lease terms.

As at 31 March 2025 and 2024, the Group’s investment property of

HK$41,232,000 (2024: HK$41,350,000) is pledged to the lender for

the Group’s other borowing (note 28).

Reference is made to the Arbitrations in note 31, further to the

handing down of the Arbitration Awards (defined in note 31) and

an aplication made by IFC, the Federal Court of Australia isued

a frezing order (the “Frezing Order”) against Wilis Trading, GA

Investment and GA Australia Trading Pty Ltd (“GA Trading”, a wholy-

owned subsidiary of GA Investment) (colectively “Frezing Order

Respondent(s)”) on 2 May 2025, whereby it is ordered that, among

others, each Frezing Order Respondent must not remove from

Australia or in any way dispose of, deal with or diminish the value of its

asets in Australia and throughout the world up to the unencumbered

value of the award debt amounting to AUD3,687,000 (equivalent to

aproximately HK$17,885,000) (the “Award Debt”). The investment

property located in Australia is one of the asets of GA Investment and

hence is subject to the Frezing Order. Considered that the Frezing

Order is isued to the Group after the end of the reporting period,

the fair value measurement of investment property does not take into

acount the implication of the Frezing Order as there is no restriction

on the sale or use of the property at the end of the reporting period.

Fair value measurement of investment property

(i) Fair value hierarchy

The folowing table presents the fair value of the Group’s

investment property measured at the end of the reporting

period on a recuring basis, categorised into the thre-level fair

value hierarchy as defined in IFRS 13 “Fair Value Measurement”

(“IFRS 13”). The level into which a fair value measurement is

clasified is determined with reference to the observability and

significance of the inputs used in the valuation technique as

folows:

15.

投资物业（续）

投资物业的公平价值调整录得收益

2,033,000

港元（二零二四年：

515,000

港元），于损益确认，并作为「投资物

业公平价值收益」计入「其他收益及亏

损，净额」（附注

）。

本集团根据经营租赁于截至二零二四

年三月三十一日止年度出租投资物

业，而投资物业于截至二零二五年三

月三十一日止年度闲置。租赁的初始

存续期通常为三年，承租人于初始存

续期后可选择重续租约，届时所有条

款均重新磋商。该等租赁概无包括可

变租赁付款。

由于所有租赁以集团实体相关功能货

币计值，因此本集团并无因租赁安排

而承担外汇风险。租赁合约不包含剩

余价值担保及╱或承租人于租赁期末

购入物业的选择权。

于二零二五年及二零二四年三

月三十一日，本集团的投资物业

41,232,000

港元（二零二四年：

41,350,000

港元）已抵押予贷款人，用

于本集团的其他借贷（附注

）。

兹提述附注

的仲裁，继该等仲裁决

（定义见附注

）后及由

IFC

提出申请

且澳大利亚联邦法院于二零二五年五

月二日对维勒斯贸易、

GA Investment

及

GA Australia Trading Pty Ltd

（「

Trading

」，一间

GA Investment

的全资

附属公司）（统称「资产冻结令答辩人」）

发出资产冻结令（「资产冻结令」），据

此责令（其中包括）每位资产冻结令

答辩人不得从澳大利亚转移或以任何

方式处置或处理于澳大利亚及世界各

地的资产或减少其价值（以裁决债务

3,687,000

澳元（相等于约

17,885,000

港

元）（「裁决债务」）之无债务负担价值为

上限）。位于澳大利亚的投资物业为

Investment

的资产之一，因此受资产冻

结令规限。考虑到资产冻结令乃于报

告期末后向本集团发出，由于报告期

末并无限制出售或使用该物业，故投

资物业的公平价值计量并无计及资产

冻结令的影响。

投资物业的公平价值计量

(i)

公平价值层级

下表呈列本集团投资物业于报

告期末按经常性基准计量并分

类为三个等级公平价值层级（定

义见国际财务报告准则第

号

「公平价值计量」（「国际财务报

告准则第

号」）的公平价值。公

平价值计量分类之等级乃参考

估值技术所采用输入数据之可

观察程度及重要性而厘定如下：

154ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. INVESTMENT PROPERTY (Continued)

Fair value measurement of investment property (Continued)

(i) Fair value hierarchy (Continued)

– Level 1 valuations: Fair value measured using only Level

1 inputs i.e. unadjusted quoted prices in active markets

for identical asets or liabilities at the measurement date

– Level 2 valuations: Fair value measured using Level 2

inputs i.e. observable inputs which fail to met Level

1, and not using significant unobservable inputs.

Unobservable inputs are inputs for which market data are

not available

– Level 3 valuations: Fair value measured using significant

unobservable inputs

Fair value measurements as at

31 March 2025 categorised into

于二零二五年三月三十一日之公平价值计量分类为

Fair value at

31 March

2025Level 1Level 2Level 3

于二零二五年

三月三十一日

之公平价值第一级第二级第三级

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value

measurement

经常性公平价值计量

Investment property

located in Australia

位于澳洲之

投资物业

41,232–41,232–

Fair value measurements as at

31 March 2024 categorised into

于二零二四年三月三十一日之公平价值计量分类为

Fair value at

31 March

2024Level 1Level 2Level 3

于二零二四年

三月三十一日

之公平价值第一级第二级第三级

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value

measurement

经常性公平价值计量

Investment property

located in Australia

位于澳洲之

投资物业

41,350–41,350–

15.

投资物业（续）

投资物业的公平价值计量（续）

(i)

公平价值层级（续）

－

第一级估值：公平价值仅

采用第一级输入数据计

量，即于计量日相同资产

或负债于活跃市场之未经

调整报价

－

第二级估值：公平价值采

用第二级输入数据计量，

即未符合第一级之可观察

输入数据，并且不使用显

著不可观察输入数据。不

可观察输入数据为无法获

得市场数据值之输入数据

－

第三级估值：公平价值采

用显著不可观察输入数据

计量

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

15. INVESTMENT PROPERTY (Continued)

Fair value measurement of investment property (Continued)

(i) Fair value hierarchy (Continued)

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.

The Group’s investment property was revalued as at 31

March 2025 and 2024. The valuation was caried out by an

independent firm of valuers in Hong Kong, Norton Apraisals

Holdings Limited, who have among their staf member of

Hong Kong Institute of Surveyors with recent experience in the

location and category of property being valued.

In estimating the fair value of the properties, the highest and

best use of the properties is their curent use.

(i) Valuation techniques and inputs used in Level 2 fair value

measurements

The fair value of investment property located in Australia is

determined using market comparison aproach by reference

to recent sales prices and rentals achieved of comparable

properties on a price per square meter basis using market data

which are publicly available.

The Group’s management has discusion with the valuers

on the valuation asumptions and valuation results when the

valuation is performed at each interim and anual reporting

date.

There were no changes to valuation techniques during the years

ended 31 March 2025 and 2024.

15.

投资物业（续）

投资物业的公平价值计量（续）

(i)

公平价值层级（续）

于截至二零二五年及二零二四

年三月三十一日止年度，并无第

一级及第二级间之转拨，或自第

三级转入或转出。本集团之政策

为于公平价值层级各等级间之

转拨产生之报告期末确认有关

转拨。

于二零二五年及二零二四年三

月三十一日，本集团之投资物

业已被重估。估值乃由香港独

立估值师行

Norton Apraisals

Holdings Limited

（其员工具备香

港测量师学会员资格，对被

估值之物业所在位置及所属类

别具有近期相关之估值经验）进

行。

于估计物业的公平价值时，物业

的最高及最佳用途为其目前用

途。

(i)

第二级公平价值计量所用的估值

技术及输入数据

位于澳洲的投资物业的公平价

值乃使用市场比较法厘定，其经

参考可供比较物业利用市场公

开数据按每平方米价格基准计

算的近期已达成价及租金。

本集团管理层已就于各中期报

告及年报日期进行估值时所采

用之估值假设及估值结果与估

值师进行讨论。

于截至二零二五年及二零二四

年三月三十一日止年度内并无

更改估值技术。

156ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

16. PROPERTY, PLANT AND EQUIPMENT

Properties

leased for

own use

Furniture

and fixtures

Leasehold

improvement

Ofice

equipment

and tols

Motor

vehiclesTotal

供自用的

租赁物业

家具及

固定装置租赁装修

办公设备

及工具汽车总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

Cost

成本

At 1 April 2023

于二零二三年四月一日

2,75948–2,807

Aditions

添置

1,34812–1,360

Exchange diferences

汇兑差额

–(2)–(2)

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

4,10758–4,165

Aditions

添置

37,89064166–36238,482

Acquisition of subsidiaries

(notes 38(i) and (i)

收购附属公司

（附注

38(i)

及

(i)

）

–486148168175977

Exchange diferences

汇兑差额

(21)(2)(1)–(24)

At 31 March 2025

于二零二五年三月三十一日

41,97660631316853743,600

Acumulated depreciation

and impairment

累计折旧及减值

At 1 April 2023

于二零二三年四月一日

2,42027–2,447

Charge for the year

(note 9(c)

本年度支出

（附注

9(c)

）

70414–718

Impairment loses

recognised in profit

or los (note 9(c)

于损益中确认的

减值亏损

（附注

9(c)

）

983–983

Exchange diferences

汇兑差额

–(1)–(1)

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

4,10740–4,147

Charge for the year

(note 9(c)

本年度支出

（附注

9(c)

）

9,696135139569110,117

Exchange diferences

汇兑差额

(7)(1)–(8)

At 31 March 2025

于二零二五年三月三十一日

13,796174139569114,256

Carying amounts

账面值

At 31 March 2025

于二零二五年三月三十一日

28,18043217411244629,344

At 31 March 2024

于二零二四年三月三十一日

–18–18

16.

物业、厂房及设备

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

16. PROPERTY, PLANT AND EQUIPMENT (Continued)

Impairment asesment

The Group estimates the recoverable amount of the cash-generating

unit (the “CGU”) of the Milk Products Busines and the Logistics

Busines to which the asets belong when it is not posible to

estimate the recoverable amount individualy, including alocation

of corporate asets when reasonable and consistent basis can be

established.

Impairment asesment of the CGUs (containing property, plant and

equipment (including right-of-use asets), other intangible asets and

related godwil) is disclosed in note 18 to the consolidated financial

statements. Based on the results of the asesment, impairment

loses of Nil (2024: HK$983,000) has ben recognised in profit or

los against the carying amount of property, plant and equipment

(including right-of-use asets) and included in the consolidated

statement of profit or los and other comprehensive income during the

year.

Right-of-use asets

The analysis of the net bok value of right-of-use asets by clas of

underlying aset is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Properties leased for own use,

caried at cost les depreciation

and impairment

供自用的租赁物业，

以成本减折旧及

减值列账

28,180–

16.

物业、厂房及设备（续）

减值评估

当无法个别估算资产的可收回金额

时，本集团会估计奶类产品业务及物

流业务所属现金产生单位（「现金产

生单位」）的可收回金额，包括在能够

确立合理及一致的基础上分配企业资

产。

现金产生单位（包含物业、厂房及设备

（包括使用权资产）、其他无形资产及

相关商誉）的减值评估于综合财务报表

附注

中披露。根据评估结果，已就物

业、厂房及设备（包括使用权资产）的

账面值于损益中确认减值亏损零（二零

二四年：

983,000

港元），并计入本年度

的综合损益及其他全面收益表中。

使用权资产

按相关资产类别划分的使用权资产账

面净值分析如下：

158ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

16. PROPERTY, PLANT AND EQUIPMENT (Continued)

Right-of-use asets (Continued)

The analysis of expense items in relation to leases recognised in profit

or los is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Depreciation charge of right-of-use asets

by clas of underlying aset:

按相关资产类别划分的使用

权资产之折旧费用：

Properties leased for own use

供自用的租赁物业

9,696704

Impairment loses of right-of-use asets

by clas of underlying aset:

按相关资产类别划分的使用

权资产之减值亏损：

Properties leased for own use

供自用的租赁物业

–983

Interest on lease liabilities

(note 9(a)

租赁负债之利息

（附注

9(a)

）

Expense relating to short-term leases

与短期租赁有关之开支

5,92768

The Group has obtained the right to use certain properties as its

ofice, warehouse and parking spaces through tenancy agrements.

The leases typicaly run for an initial period of 2 years. None of the

leases includes variable lease payment.

The Group also entered into short-term leases for ofice, warehouse

and parking spaces. In adition to the portfolio of short-term leases

for ofice which are regularly entered into by the Group, the Group has

acounted several leases for ofice, warehouse and parking spaces

as short-term leases during the year ended 31 March 2025 as these

leases are with lease terms ends within 12 months of the acquisition

date when the Group acquired these subsidiaries during the year

ended 31 March 2025. As at 31 March 2024, the portfolio of short-

term leases is similar to the portfolio of short-term leases to which the

short-term lease expense disclosed above.

During the year ended 31 March 2025, aditions to right-of-use

asets were HK$37,890,000 (2024: HK$1,348,000), which is related

to the capitalised lease payments payable under new tenancy

agrements.

Details of total cash outflow for leases and the maturity analysis of

lease liabilities are set out in notes 24(c) and 27, respectively.

Lease liabilities of HK$28,553,000 are recognised with related right-of-

use asets of HK$28,180,000 at 31 March 2025 (2024: lease liabilities

of HK$991,000 and related right-of-use asets of Nil). The lease

agrements do not impose any covenants other than the security

interests in the leased asets that are held by the lesor. Leased

asets may not be used as security for borowing purposes.

16.

物业、厂房及设备（续）

使用权资产（续）

于损益中确认的有关租赁之开支项目

分析如下：

本集团已通过租赁协议取得权利将若

干物业用作办公室、仓库及停车位。租

赁的初始存续期通常为两年。该等租

赁概无包括可变租赁付款。

本集团亦就办公室、仓库及停车位订

立短期租赁。除本集团定期订立有关

办公室的短期租赁组合外，于截至二

零二五年三月三十一日止年度，本集

团已将若干办公室、仓库及停车位租

赁按短期租赁入账，原因是该等租约

之租期于本集团于截至二零二五年三

月三十一日止年度收购该等附属公司

之收购日期起计

个月内届满。于二

零二四年三月三十一日，短期租赁组

合与上文披露的短期租赁开支的短期

租赁组合相似。

于截至二零二五年三月三十一日止

年度，使用权资产增加

37,890,000

港元

（二零二四年：

1,348,000

港元），该增

加乃与新租赁协议项下之应付资本化

租赁付款有关。

有关租赁的总现金流出以及租赁负债

的到期分析之详情分别载于附注

24(c)

及

。

于二零二五年三月三十一日，确认租

赁负债

28,553,000

港元及有关使用权

资产

28,180,000

港元（二零二四年：租

赁负债

991,000

港元及有关使用权资产

零）。除出租人持有租赁资产的抵押权

益外，租赁协议概无施加任何契诺。租

赁资产不得用作借贷抵押。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

17. OTHER INTANGIBLE ASETS

Licenses and

know-how

许可证及技术

HK$’000

千港元

Cost

成本

At 1 April 2023,

31 March 2024 and

1 April 2024

于二零二三年四月一日、

二零二四年三月三十一日及

二零二四年四月一日

–

Acquisition of subsidiaries (note 38 (i)

收购附属公司（附注

38(i)

）

25,363

Aditions

添置

Exchange diferences

汇兑差额

(68)

At 31 March 2025

于二零二五年三月三十一日

25,344

Acumulated amortisation

累计摊销

At 1 April 2023,

31 March 2024 and

1 April 2024

于二零二三年四月一日、

二零二四年三月三十一日及

二零二四年四月一日

–

Charge for the year (note 9 (c)

本年度支出（附注

9(c)

）

1,705

Exchange diferences

汇兑差额

(14)

At 31 March 2025

于二零二五年三月三十一日

1,691

Carying amount

账面值

At 31 March 2025

于二零二五年三月三十一日

23,653

At 31 March 2024

于二零二四年三月三十一日

–

The amortisation charge for the year is included in “administrative

expenses” in the consolidated statement of profit or los and other

comprehensive income.

Included in licenses and know-how is an amount of HK$23,610,000

(2024: nil) representing the carying amount of Value-Aded

Telecomunications Busines Operating License, also known as the

“ICP License” and Online Culture Operating License, also known as

the “ICB License” acquired in the year ended 31 March 2025. The

licenses entitle the Group to conduct its Milk Products Busines via

e-comerce in the PRC as the operation of an e-comerce related

busines involves internet information service and online performance

under aplicable PRC laws and regulations, which the Group is

required to hold the relevant license to cary out such busines. The

net carying amount wil be amortised over the remaining estimated

useful lives of 11 years.

Impairment asesment of CGU (containing property, plant and

equipment (including right-of-use asets), other intangible asets with

finite useful lives and related godwil) is disclosed in note 18.

17.

其他无形资产

本年度之摊销费用计入综合损益及其

他全面收益表之「行政费用」。

许可证及技术包括

23,610,000

港元（二

零二四年：无），即截至二零二五年三

月三十一日止年度所收购之增值电信

业务经营许可证（亦称「

ICP

许可证」）及

网络文化经营许可证（亦称「

ICB

许可

证」）的账面值。由于根据适用的中国

法律及法规经营电子商务相关业务涉

及互联网信息服务及线上演出，而本

集团须持有相关许可证方可进行有关

业务，故该等许可证令本集团有权于

中国透过电子商务经营其奶类产品业

务。账面净值将于剩余估计可使用年

期

年内摊销。

现金产生单位（包含物业、厂房及设备

（包括使用权资产）、具有限可使用

年期之其他无形资产及相关商誉）之减

值评估于附注

中披露。

160ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. GODWIL

Milk

Products

Busines

CGU

Logistics

Busines

CGUTotal

奶类产品业务

现金产生单位

物流业务

现金产生单位总计HK$’000HK$’000HK$’000

千港元千港元千港元

Cost

成本At 1 April 2023,

31 March 2024

and 1 April 2024

于二零二三年四月一日、

二零二四年三月三十一日及二零

二四年四月一日

2,161–2,161

Acquisition of subsidiaries

(notes 38(i) and (i)收购附属公司

（附注

38(i)

及

(i)

）

11,4414,97116,412

Exchange diferences

汇兑差额

(31)–(31)

At 31 March 2025

于二零二五年三月三十一日

13,5714,97118,542

Acumulated impairment loses

累计减值亏损At 1 April 2023

于二零二三年四月一日

–

Impairment loses during

the year (note 9(c)年内减值亏损

（附注

9(c)

）

2,161–2,161

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

2,161–2,161

Impairment loses during

the year (note 9(c)年内减值亏损

（附注

9(c)

）

3,030–3,030

Exchange diferences

汇兑差额

–

At 31 March 2025

于二零二五年三月三十一日

5,191–5,191

Carying amounts

账面值At 31 March 2025

于二零二五年三月三十一日

8,3804,97113,351

At 31 March 2024

于二零二四年三月三十一日

–

Impairment asesment for CGUs containing godwil

In adition to godwil, property, plant and equipment (including right-

of-use asets and alocated corporate asets) and other intangible

asets that generate cash flows together with the related godwil are

also included in the CGUs for the purpose of impairment asesment.

The recoverable amounts of the CGUs is determined based on

value-in-use calculations which require the use of asumptions. The

calculations for Logistics Busines CGU use cash flow projections

based on financial budgets aproved by management of the Group

covering a five-year period. Cash flows beyond the five-year period

are extrapolated acording to a constant 3% growth asumption

for terminal value. These growth rates are consistent with forecasts

included in industry reports specific to the industry in which the CGU

operate.

For the Group’s Milk Products Busines CGU, as the Group derives

revenue from sales of milk powder and fods through the operations

of internet content providers with the use of licenses and know-how

which are estimated to have useful life of 12 years, the calculation

for the Milk Products Busines CGU use cash flow projections

based on financial budgets aproved by management of the Group

covering a five-year period, with the forecasted period after 5 years

up to the eleventh year adopting a growth rate not exceding the

market expected growth rate of 3%. The financial forecast of the

Milk Products Busines CGU covering a eleven-year period prepared

by management is considered apropriate for the milk powder and

fods e-comerce in China which takes into acount the historical

experience and expected industry operating cycle.

18.

商誉

对现金产生单位（包含商誉）进行了减值

评估

除商誉外，与相关商誉共同产生现金

流量的物业、厂房及设备（包括使用权

资产及获分配的企业资产）以及其他无

形资产就减值评估而言亦计入现金产

生单位。

现金产生单位的可收回金额乃基于使

用价值计算厘定，当中需要运用假设。

有关物流业务现金产生单位计算运用

现金流量预测，有关预测乃基于本集

团管理层批准的涵盖五年期间的财务

预算作出。五年期间后之现金流量乃

使用最终价值的

固定增长率假设推

算。该等增长率与行业报告中对各现

金产生单位营运所在行业特有的预测

一致。

就本集团的奶类产品业务现金产生单

位而言，由于本集团透过互联网内容

供应商使用许可证及技术经营奶粉及

食品的销售而获得收入，而该等许可

证及技术的有效期估计为

年，故计

算奶类产品业务现金产生单位时采用

基于本集团管理层批准的涵盖五年期

间的财务预算作出的现金流量预测，

而

年后至第十一年的预测期间采用

不超过市场预期增长率

的增长率。

奶类产品业务现金产生单位的财务预

测涵盖由管理层编制的十一年期间，

被视为适合中国奶粉及食品电子商

务，并已计及过往经验及预期行业营

运周期。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. GODWIL (Continued)

The folowing table sets out the key asumptions:

At 31/3/2025At 31/3/2024

于二零二五年三月三十一日于二零二四年三月三十一日

Milk

Products

Busines

CGU

Logistics

Busines

CGU

Milk

Products

Busines

CGU

Logistics

Busines

CGU

奶类产品业务

现金产生单位

物流业务

现金产生单位

奶类产品业务

现金产生单位

物流业务

现金产生单位

Growth rate (%)

增长率

(%)28% to 98%

28%

至

98%

3% to 8%

至

8%1%N/A

不适用

Pre-tax discount rate (%)

税前贴现率

(%)29%17%19%N/A

不适用

Budgeted gros margin (%)

预算毛利率

(%)8% to 10%

至

10%

9% to 24%

至

24%

3% to 5%

至

N/A

不适用

N/A

不适用

Management determined budgeted gros margin based on past

performance and its expectations of market development. The growth

rate was determined by the management based on expectation of

the market development and the busines development of the CGUs.

The discount rates used are pre-tax and reflect the curent market

asesment of the time value of money and specific risks relating to

the relevant CGUs.

For the Logistics Busines CGU, the recoverable amount is

significantly above the carying amount of this unit. Management

believes that any reasonably posible change in any of these

asumptions would not result in impairment.

During the year ended 31 March 2025, the Group’s performance was

adversely afected by the economic downturn and the Group’s Milk

Products Busines incured a significant los. Based on the result

of the asesment, an impairment los of HK$3,030,000 (2024:

HK$3,144,000) is recognised for the Milk Products Busines CGU

within the Milk Products Busines segment and is included in the

consolidated statement of profit or los and other comprehensive

income as separate line items, which included impairment loses on

godwil of HK$3,030,000 (2024: HK$2,161,000) and impairment

loses on property, plant and equipment of Nil (2024: HK$983,000).

As the Milk Products Busines CGU has ben reduced to its

recoverable amount of HK$40,527,000 at 31 March 2025, any

adverse change in the asumptions used in the calculation of

recoverable amount would result in further impairment los. If the

discount rate is increased by 0.5%, while other parameters remain

constant, the recoverable amount of the Milk Products Busines

CGU would be reduced by HK$1,024,000 and a further impairment

of godwil and/or other asets in this CGU of HK$1,024,000 would

be recognised. If the budgeted gros margin is 1% lower, while other

parameters remain constant, the recoverable amount of the Milk

Products Busines CGU would be reduced by HK$7,484,000 and

a further impairment of godwil and/or other asets in this CGU of

HK$7,484,000 would be recognised. If the budgeted growth rate is

3% lower, while other parameters remain constant, the recoverable

amount of the Milk Products Busines CGU would be reduced by

HK$5,196,000 and a further impairment of godwil and/or other

asets in this CGU of HK$5,196,000 would be recognised.

18.

商誉（续）

下表载列主要假设：

管理层根据过往表现及对市场发展的

预期厘定预算毛利率。增长率乃由管

理层根据对市场发展的预期及现金产

生单位的业务发展情况厘定。所使用

的贴现率为税前贴现率，并反映当前

市场对货币时间价值及相关现金产生

单位特定风险之评估。

就物流业务现金产生单位而言，可收

回金额远高于该单位的账面值。管理

层相信，任何该等假设的任何合理可

能变动均不会导致减值。

于截至二零二五年三月三十一日止年

度，本集团表现受到经济下行的不利

影响及本集团奶类产品业务出现重大

亏损。根据评估结果，奶类产品业务分

部内的奶类产品业务现金产生单位确

认减值亏损

3,030,000

港元（二零二四

年：

3,144,000

港元），并于综合损益及

其他全面收益表列作独立项目，其中

包括商誉减值亏损

3,030,000

港元（二

零二四年：

2,161,000

港元）及物业、厂

房及设备减值亏损为零（二零二四年：

983,000

港元）。

由于奶类产品业务现金产生单位于二

零二五年三月三十一日的可收回金额

已降至

40,527,000

港元，计算可收回

金额时所用假设的任何不利变动将

导致进一步减值亏损。倘贴现率增加

0.5%

，而其他参数保持不变，则奶类

产品业务现金产生单位的可收回金额

将减少

1,024,000

港元，并将就此现金

产生单位的商誉及╱或其他资产确认

进一步减值

1,024,000

港元。倘预算毛

利率减少

，而其他参数保持不变，

则奶类产品业务现金产生单位的可收

回金额将减少

7,484,000

港元，并将就

此现金产生单位的商誉及╱或其他资

产确认进一步减值

7,484,000

港元。倘

预算增长率减少

，而其他参数保持

不变，则奶类产品业务现金产生单位

的可收回金额将减少

5,196,000

港元，

并将就此现金产生单位的商誉及╱或

其他资产确认进一步减值

5,196,000

港

元。

162ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

18. GODWIL (Continued)

During the year ended 31 March 2024, due to the dispute with the

major suplier of the Group which the Group lost the major source of

the milk products, the purchase and sales volume of the Group’s milk

products declined significantly and the Group sufered an operating

los. For the year ended 31 March 2024, godwil related to the Milk

Products Busines CGU amounting to HK$2,161,000 has ben fuly

impaired and impairment amounting HK$983,000 had ben alocated

to property, plant and equipment (including right-of-use asets) to

the extent the carying amount of the aset is not reduced below the

highest of its fair value les costs of disposal, its value in use and zero

and the amounts of impairment loses are set out in note 16.

As at 31 March 2024, as the Milk Products CGU had ben reduced

to its recoverable amount of HK$20,332,000, and the godwil and

related property, plant and equipment is fuly impaired, any adverse

change in the asumptions used in the calculation of recoverable

amount would not result in further impairment loses. Acordingly, no

sensitivity analyses was performed by the management for 2024.

19. INTERESTS IN JOINT VENTURE

二零二五年二零二四年HK$’000HK$’000

千港元千港元

Cost of unlisted investments

in joint venture于合营企业之未上市投资

之成本

–

Share of post-acquisition profits and

other comprehensive income应占收购事项后溢利及

其他全面收益

–

Details of the Group’s interests in the joint venture, which are

acounted for using the equity method in the consolidated financial

statements, are as folows:

Proportion of ownership interest and voting rights

拥有权益及投票权的比例

Name of

joint venture

Form of

busines

structure

Place of

incorporation

and operation

Particulars of

isued and

paid up capital

Group’s

efective

interest and

voting right

Held by

the Company

Held by

a subsidiaryPrincipal activity

合营企业名称业务架构形式注册成立及营运地点已发行及缴足股本详情

本集团实际

权益及投票权本公司持有附属公司持有主要业务

Bubs Supreme

Partner Pty Ltd

IncorporatedAustraliaAUD10049%–49%Advertising, marketing and distribution

of infant nutrition products

Bubs Supreme

Partner Pty Ltd

注册成立澳洲

澳元

49%–49%

广告、营销及分销婴儿营养品

The shares of Bubs Supreme Partner Pty Ltd are unlisted whose

quoted market prices are not available.

Bubs Supreme Partner Pty Ltd was established by the Group with

Bubs Australia, a major infant products manufacturer in the Australia.

Bubs Supreme Partner Pty Ltd entered into a trademark licence ded

with Bubs IP Pty Ltd, a subsidiary of Bubs Australia, and was granted

by Bubs IP Pty Ltd an exclusive, royalty-fre and sub-licensable

licence to use the trademarks with the name “Bubs Supreme” (the

“Bubs Trademarks”) in the PRC, Hong Kong, Macau and Taiwan

for the purpose of advertising, marketing and distributing the infant

nutrition products manufactured and suplied by Bubs Australia or its

afiliates.

Bubs Supreme Partner Pty Ltd has not comenced any operation

and there is no sumarised financial information to be disclosed.

18.

商誉（续）

于截至二零二四年三月三十一日止年

度，由于与本集团的主要供应商发生

纠纷，令本集团失去奶类产品的主要

来源，本集团奶类产品的购销量大幅

下降，导致本集团出现营运亏损。截至

二零二四年三月三十一日止年度，与

奶类产品业务现金产生单位有关的商

誉

2,161,000

港元已悉数减值，且减值983,000

港元已分配至物业、厂房及设

备（包括使用权资产），惟资产的账面

值不得减至低于其公平价值减出售成

本、其使用价值及零之最高者，减值亏

损金额载于附注

。

于二零二四年三月三十一日，由于奶

类产品现金产生单位已减少至其可收

回金额

20,332,000

港元，以及商誉及相

关物业、厂房及设备悉数减值，计算可

收回金额使用的假设的任何不利变动

将不会导致进一步的减值亏损。因此，

管理层于二零二四年并无进行敏感度

分析。

19.

于合营企业的权益

本集团于合营企业的权益（按权益法于

综合财务报表入账）之详情如下：

Bubs Supreme Partner Pty Ltd

的股份

并未上市，故并无已报市价。

Bubs Supreme Partner Pty Ltd

由本集

团与澳洲主要婴儿产品制造商

Bubs

Australia

共同成立。

Bubs Supreme

Partner Pty Ltd

已与

Bubs Australia

的

附属公司

Bubs IP Pty Ltd

订立商标许

可契据，并获

Bubs IP Pty Ltd

授权于

中国、香港、澳门及台湾使用「

Bubs

Supreme

」商标（「

Bubs

商标」）的独家、

免专利权费及可转授许可，以可供用

于广告、营销及分销由

Bubs Australia

或其联属公司制造及供应的婴儿营养

品。

Bubs Supreme Partner Pty Ltd

尚未开

始营运，故并无汇总财务资料须予披

露。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

20. FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT

OR LOS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Listed equity securities in Australia

not held-for-trading

于澳洲上市之股本证券

（并非持作买卖）

12,228–

The carying amount of the financial

asets at fair value through profit or

los presented as non-curent asets

呈列为非流动资产按公平价值计入

损益之金融资产之

账面值

12,228–

At the date of subscription and at 31 March 2025, the Group intended

to hold the investment in 48,477,509 ordinary shares of Australian

Dairy Nutritionals Limited (the “AHF Shares”) for long-term strategic

purpose instead of held-for-trading.

The Company undertakes not to sel the AHF Shares to third party

at anytime within 12 months from the date of the isue of the AHF

Shares to the Company.

21. INVENTORIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Milk powder and fods

奶粉及食品

– Merchandise

－商品

The analysis of the amount of inventories recognised as an expense

and included in profit or los is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Carying amount of inventories sold

已售存货账面值

9,26090,836

Al of the inventories are expected to be recovered within one year.

20.

按公平价值计入损益之金融资产

于认购日期及于二零二五年三月

三十一日，本集团拟将于

Australian

Dairy Nutritionals Limited 48,477,509

股

普通股（「

AHF

股份」）的投资持作长期

战略目的，而非持作买卖。

本公司承诺自向本公司发行

AHF

股份

之日起

个月内的任何时间，不会向

第三方出售

AHF

股份。

21.

存货

确认为开支并计入损益的存货金额分

析如下：

所有存货预期将于一年内收回。

164ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

22.

贸易及其他应收款项

于二零二三年四月一日，来自客户合

约之贸易应收款项（扣除亏损拨备）为

162,079,000

港元。

除预期将于一年以后收回之租赁按金

3,411,000

港元（二零二四年：

203,000

港元）外，所有贸易及其他应收款项预

期将于一年内被收回。

22. TRADE AND OTHER RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables, net of los

alowance (note (i)

贸易应收款项，扣除亏损拨备

（附注

(i)

）

– Contracts with customers

－客户合约

2,84684,312

– Operating lease receivable

－经营租赁应收款项

–565

2,84684,877

Other receivables, net of los

alowance (note (i)

其他应收款项，扣除亏损拨备

（附注

(i)

）

1,43922,230

Rental deposits (note (i)

租赁按金（附注

(i)

）

3,618203

Other deposits

其他按金

3,274421

Financial asets measured at

amortised cost

按摊销成本计量之

金融资产

11,177107,731

Other tax recoverable

其他可收回税项

294–

11,471107,731

Representing:

其中：

Curent

流动

8,060107,528

Non-curent

非流动

3,411203

11,471107,731

At 1 April 2023, trade receivables from contracts with customers (net

of los alowance) amounted to HK$162,079,000.

Except for the rental deposit of HK$3,411,000 (2024: HK$203,000)

which is expected to be recovered after more than one year, al of the

trade and other receivables are expected to be recovered within one

year.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

22.

贸易及其他应收款项（续）

附注：

(i)

账龄分析

截至报告期末，根据发票日期的贸易应

收款项（扣除亏损拨备）的账龄分析如

下：

来自客户合约之贸易应收款项自记账

日期起计

至

日（二零二四年：

至

日）内到期。本集团信贷政策及贸易

应收款项产生的信贷风险的进一步详

情载于附注

37(a)

。

经营租赁应收款项每月支付。

于二零二五年三月三十一日，本集

团的贸易应收款项结余包括账面总

值为

52,967,000

港元（二零二四年：

84,309,000

港元）的账款，有关账款

于报告日期已逾期。于已逾期结余

中，

52,967,000

港元（二零二四年：

84,309,000

港元）已逾期

日或以上，

52,967,000

港元（二零二四年：零）被

视为违约，余下结余零（二零二四年：

84,309,000

港元）未被视为违约，原因是

零（二零二四年：

62,243,000

港元）于报

告期末后偿还。

(i)

租赁按金通常乃就租赁物业支付，可于

租赁到期后予以退还。

(i)

于二零二四年三月三十一日，其他应收

款项包括应收

IFC

的

3,640,000

澳元（相

等于约

18,580,000

港元），该笔款项已提

交仲裁处理，详情载于附注

。有关结

余原为本集团向

IFC

购买货物所作出的

预付款。于截至二零二四年三月三十一

日止年度终止购买合约后，预付款将退

还予本集团并被重新分类为其他应收

款项。于二零二四年三月三十一日，本

集团管理层认为，其他应收款项将于与

IFC

的纠纷结束后结算。

于二零二五年，根据

ACICA

（定义见

附注

）作出的仲裁决，

IFC

可追索

3,640,000

澳元，以清偿爱丽丝贸易被裁

定须支付予

IFC

的款项。因此，本集团管

理层认为，

3,640,000

澳元的有关其他应

收款项将不再可收回，并因此在爱丽丝

贸易拨备中撇销应收款项（附注

）。

22. TRADE AND OTHER RECEIVABLES (Continued)

Notes:

(i) Aging analysis

As of the end of the reporting period, the aging analysis of trade receivables

based on the invoice date and net of los alowance, is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

0 to 30 days0

至

日

1,538568

31 to 60 days31

至

日

927–

61 to 90 days61

至

日

361–

91 to 180 days91

至

日

20–

181 to 365 days181

至

日

–54,019

Over 365 days365

日以上

–30,290

2,84684,877

Trade receivables from contracts with customers are due within 0 to 180 days

(2024: 90 to 180 days) from the date of biling. Further details on the Group’s

credit policy and credit risk arising from trade receivables are set out in note

37(a).

Operating lease receivable is due monthly.

At 31 March 2025, included in the Group’s trade receivables balance

are debtors with agregate carying amount of HK$52,967,000 (2024:

HK$84,309,000) which are past due at the reporting date. Out of the past due

balances, HK$52,967,000 (2024: HK$84,309,000) has ben past due 90 days

or more, with HK$52,967,000 (2024: Nil) is considered as in default with the

remaining balance of Nil (2024: HK$84,309,000) is not considered as in default

as Nil (2024: HK$62,243,000) are repaid after the end of the reporting period.

(i) Rental deposits are typicaly paid for leased properties, which are refundable

after the expiry of the leases.

(i) At 31 March 2024, included in other receivables there is receivable of

AUD3,640,000 (equivalent to aproximately HK$18,580,000) due from IFC,

which was subject to the Arbitration, details of which are set out in note

31. Such balance was originaly a prepayment made by the Group for the

purchase of gods from IFC. Upon the termination of purchase contract during

the year ended 31 March 2024, the prepayment is refundable to the Group

and is reclasified as other receivable. At 31 March 2024, the management

of the Group considered the other receivable would be setled upon the

conclusion of the dispute with IFC.

For 2025, pursuant to the Arbitration Award granted by the ACICA (defined

in note 31), IFC may have recourse to the AUD3,640,000 in satisfaction of

the amounts ordered to be payable by Alice Trading, to IFC. Acordingly, the

management of the Group considered such other receivable of AUD3,640,000

would not be recovered anymore and therefore write of the receivable against

the provision provided by Alice Trading (note 31).

166ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

23.

预付款项

所有预付款项预期将于一年内被确认

为存货及开支。

24.

现金及现金等价物及其他现金流量

资料

现金及现金等价物包括：

银行现金按基于每日银行存款

利率的浮动利率赚取利息。

于二零二五年三月三十一日，于

中国大陆的现金及现金等价物

为

759,000

港元（二零二四年：

1,129,000

港元）。自中国内地汇

款出境须遵守相关外汇管制规

则及条例。

23. PREPAYMENTS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Prepayments to supliers

向供应商作出的预付款项

3,963–

Other prepaid expenses

其他预付开支

4,658186

Al the prepayments are expected to be recognised as inventories and

expenses within one year.

24. CASH AND CASH EQUIVALENTS AND OTHER CASH FLOW

INFORMATION

a) Cash and cash equivalents comprise:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cash at banks and on hands

银行现金及手头现金

10,70147,277

Cash and cash equivalents

stated in the consolidated

statement of financial position

and consolidated statement

of cash flows

载列于综合

财务状况表及

综合现金流量表内之

现金及现金

等价物

10,70147,277

Cash at banks earns interest at floating rates based on daily

bank deposit rates.

At 31 March 2025, cash and cash equivalents situated in

Mainland China amount to HK$759,000 (2024: HK$1,129,000).

Remitance of funds out of Mainland China is subject to relevant

rules and regulations of foreign exchange control.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

24.

现金及现金等价物及其他现金流量

资料（续）

融资活动产生的负债对账

有关租赁的总现金流出

就租赁计入综合现金流量表之

款项包括以下各项：

上文所有款项与已付租赁租金

有关。

24. CASH AND CASH EQUIVALENTS AND OTHER CASH FLOW

INFORMATION (Continued)

b) Reconciliation of liabilities arising from financing activities

Lease

liabilities

Other

borowingTotal

租赁负债其他借贷总计

HK$’000HK$’000HK$’000

千港元千港元千港元

(note 27)(note 28)

（附注

）（附注

）

At 1 April 2023

于二零二三年四月一日

34747,54447,891

Changes from financing cash flows

融资现金流量变动

(725)(17,483)(18,208)

Adjustment from lease modification

来自租赁修订的调整

1,348–1,348

Interest expenses (note 9(a)

利息开支（附注

9(a)

）

214,4274,448

Exchange diferences

汇兑差额

–(1,306)(1,306)

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

99133,18234,173

New leases

新租赁

37,890–37,890

Changes from financing cash flows

融资现金流量变动

(10,989)6,730(4,259)

Interest expenses (note 9(a)

利息开支（附注

9(a)

）

6713,2703,941

Exchange diferences

汇兑差额

(10)(2,101)(2,111)

At 31 March 2025

于二零二五年三月三十一日

28,55341,08169,634

c) Total cash outflow for leases

Amounts included in the consolidated statement of cash flows

for leases comprise the folowing:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within operating cash flows

在经营现金流量内

5,92768

Within financing cash flows

在融资现金流量内

10,989725

16,916793

Al the above amounts relate to the lease rentals paid.

168ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

25.

贸易及其他应付款项

所有贸易及其他应付款项预期将于一

年内获支付或须按要求偿还。

附注：

(i)

账龄分析

于报告期末，根据发票日期的贸易应付

款项的账龄分析如下：

附注：

于二零二五年三月三十一日，本集团确

认维勒斯贸易应付

IFC

的贸易应付款项

2,665,000

澳元（二零二四年：

2,665,000

澳元）及爱丽丝贸易应付

IFC

的贸易应

付款项

2,988,000

澳元（二零二四年：

2,988,000

澳元）（合计

5,653,000

澳元（相

等于约

27,419,000

港元）（二零二四年：

5,653,000

澳元（相等于约

28,856,000

港

元），该等款项为

IFC

于该等仲裁中索

偿的未偿还债务（附注

）。

25. TRADE AND OTHER PAYABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade payables (note (i)

贸易应付款项（附注

(i)

）

28,68028,861

Payables for marketing and

promotion expenses

应付营销及推广开支

–11,800

Other payables

其他应付款项

2,9611,237

Acruals

应计费用

3,6991,854

Salary payable

应付薪金

1,5771,220

Financial liabilities measured at

amortised cost

按摊销成本计量之金融负债

36,91744,972

Deposit received

已收按金

Other tax payable

其他应付税项

37,21445,358

Al of the trade and other payables are expected to be setled within

one year or are repayable on demand.

Note:

(i) Aging analysis

As of the end of the reporting period, the aging analysis of trade payables

based on the invoice date is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

0 to 30 days0

至

日

578–

31 to 60 days31

至

日

49–

61 to 90 days61

至

日

12–

91 to 180 days91

至

日

571–

181 to 365 days181

至

日

51–

Over 365 days (note)365

日以上（附注）

27,41928,861

28,68028,861

Note:

At 31 March 2025, the Group recognised trade payables due to IFC

amounting to AUD2,665,000 (2024: AUD2,665,000) by Wilis Trading

and AUD2,988,000 (2024: AUD2,988,000) by Alice Trading, totaling

AUD5,653,000 (equivalent to aproximately HK$27,419,000 (2024:

AUD5,653,000 (equivalent to aproximately HK$28,856,000), which are the

outstanding debts that are claimed by IFC in the Arbitrations (note 31).

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

26.

合约负债

于二零二三年四月一日，合约负债为

零。

若干客户须于下达销售订单时支付订

金，此举引致（直至本集团交付产品且

客户取得对产品的控制权时）合约负

债。

合约负债变动：

合约负债预期将于一年内确认为收

入。

26. CONTRACT LIABILITIES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Receipt in advance

预收款项

–172

At 1 April 2023, contract liabilities amounted to Nil.

Certain customers are required to pay deposits when they place the

sales order, which resulted in contract liabilities until the Group delivers

the products and the customers obtain control of the products.

Movements in contract liabilities:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Balance at begining of the year

于年度初之结余

172–

Increase in contract liabilities

as a result of biling in advance

of sale of gods

因预收销售货物款项

导致合约

负债增加

–172

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 reporting period

(note 6(b)

因于本年度确认

于报告期初计入

合约负债内的收入

导致合约

负债减少

（附注

6(b)

）

(172)–

Balance at end of the year

于年度末之结余

–172

The contract liabilities are expected to be recognised as income within

one year.

170ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

27.

租赁负债

于二零二五年三月三十一日，租赁负

债偿还期限如下：

适用于租赁负债的增量借贷利率介

乎每年

至

（二零二四年：每年

）。

28.

其他借贷

于二零二三年六月二十三日，本公司

间接全资附属公司维勒斯贸易作为借

款人与第三方贷款人（「贷款人」）订立

一份贷款补充协议，将其他借贷的融

资（「融资」）自原到期日二零二三年六

月十五日延长一年至二零二四年六月

十四日。

来自贷款人垫款按浮动利率计息之

其他借贷

6,500,000

澳元（相等于约

31,081,000

港元）及

10,000,000

港元（二

零二四年：

6,500,000

澳元（相等于约

33,182,000

港元）及零）须于二零二四

年六月十四日偿还。于二零二三年七

月五日前，其他借贷按年利率

12%

或

年利率

6.75%

及最优惠利率之和之浮

动利率之较高者计息。于二零二五年

及二零二四年三月三十一日，其他借

贷按年利率

8.5%

或年利率

2.5%

及最

优惠利率之和之浮动利率之较高者计

息。

其他借贷由本公司作担保，并以本公

司及维勒斯贸易就其各自的业务、财

产及资产所分别设立的第一固定及浮

动押记的债权证作抵押，作为到期支

付融资项下所有应付款项的担保。

27. LEASE LIABILITIES

At 31 March 2025, the lease liabilities were repayable as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 1 year

一年内

19,251675

After 1 year but within 2 years

一年后但两年内

9,302316

Balance at end of the year

于年度末之结余

28,553991

The incremental borowing rates aplied to lease liabilities range from

3% to 5% per anum (2024: 3% per anum).

28. OTHER BOROWING

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Repayable within one year and

contains repayment on demand

clause

须于一年内偿还且

包含按要求

偿还条款

41,08133,182

On 23 June 2023, Wilis Trading, an indirect wholy-owned subsidiary

of the Company, as the borower entered into a suplemental loan

agrement with the third-party lender (the “Lender”) to extend the loan

facility (the “Loan Facility”) of the other borowing for one year from the

original maturity date of 15 June 2023 to 14 June 2024.

The other borowing of AUD6,500,000 (equivalent to aproximately

HK$31,081,000) and HK$10,000,000 (2024: AUD6,500,000

(equivalent to aproximately HK$33,182,000) and Nil), at variable

interest advanced from the Lender is repayable on 14 June 2024.

Before 5 July 2023, the other borowing bears interest at higher of

12% per anum or variable interest rate of the agregate of 6.75%

per anum and prime rate. At 31 March 2025 and 2024, the other

borowing bear interest at the higher of 8.5% per anum or variable

interest rate of the agregate of 2.5% per anum and prime rate.

The other borowing was guaranted by the Company and was

secured by debentures created by the Company and Wilis Trading,

respectively, of a first fixed and floating charge over each of the

Company’s and Wilis Trading’s undertaking, property and asets as

security for the due payment of al monies payable under the Loan

Facility.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

28.

其他借贷（续）

于二零二三年十月十二日，维勒斯贸

易的全资附属公司

GA Investment

订立

(i)

按揭，以向贷款人设立其位于澳洲之

投资物业的质押（见附注

）；

(i)

担保

契据，作为到期支付融资项下应付担

保款项的担保；及

(i)

担保及赔偿契据，

为支付融资项下所有应付款项作出担

保。维勒斯贸易亦与贷款人订立按揭，

以向贷款人质押其于

GA Investment

股

份中的全部权益。

于二零二四年六月十一日，维勒斯贸

易作为借款人与贷款人订立第三份补

充贷款协议，将融资自二零二四年六

月十四日延长一年至二零二五年六月

十六日。

在报告期末后，于二零二五年五月七

日，由于维勒斯贸易未能于二零二五

年四月支付融资未偿还本金应计利息

约

337,000

港元，贷款人向维勒斯贸易

（作为借款人）以及本公司（作为担

保人）发出催缴函，要求

(i)

所有未偿还

贷款本金及其所有应计利息（「该负

债」）以及贷款协议项下所有其他应

付款项将即时到期；及

(i)

支付于二零

二五年五月七日的该负债

6,500,000

澳

元（于二零二五年五月七日相等于约

32,630,000

港元）及

10,662,000

港元。

由于维勒斯贸易未能于二零二五年五

月九日偿还该负债，贷款人于同日向

GA Investment

（作为担保人）发出催缴

函，要求于二零二五年五月十二日或

之前悉数偿还该负债。直至本综合财

务报表批准之日，本集团尚未清偿该

负债，现时拖欠利率为每年

11.5%

，直

至悉数清偿该负债为止，而贷款人可

强制行使抵押品及取得该投资物业的

所有权。

28. OTHER BOROWING (Continued)

On 12 October 2023, GA Investment, a wholy-owned subsidiary

of Wilis Trading, entered into (i) a mortgage to create the pledge of

its investment property located in Australia to the Lender (se note

15); (i) a security ded to undertake as security for the due payment

of the secured money payable under the Loan Facility; (i) a ded

of guarante and indemnity to guarante the payment of al money

payable under the Loan Facility. Wilis Trading also entered into a

mortgage with the Lender to pledge al its interests in shares of GA

Investment to the Lender.

On 11 June 2024, Wilis Trading as the borower entered into a third

suplemental loan agrement with the Lender to extend the Loan

Facility for one year from 14 June 2024 to 16 June 2025.

Subsequent to the end of the reporting period, on 7 May 2025, the

Lender, served leters to each of Wilis Trading, as the borower, and

the Company, as the guarantors, as a result of the failure to pay

interest of aproximately HK$337,000 acrued on the outstanding

principal amount of the Loan Facility in April 2025 by Wilis Trading,

demanding that (i) al outstanding loan principal amount and al

interest acrued thereon (the “Indebtednes”) and al other sums

payable under loan agrements shal imediately become due and

payable; and (i) payment of the Indebtednes as at 7 May 2025

of AUD6,500,000 (equivalent to aproximately HK$32,630,000 at

7 May 2025) and HK$10,662,000. As Wilis Trading failed to repay

the Indebtednes on 9 May 2025, the Lender served a leter to GA

Investment, as the guarantor, on the same date demanding the

repayment in ful of the Indebtednes on or before 12 May 2025. Up

to the date of the aproval of these consolidated financial statements,

the Group did not setle the Indebtednes, which is now caried

default interest rate of 11.5% per anum until the ful setlement of

the Indebtednes, and the Lender could proced with enforcing the

security and obtain posesion of the investment property.

172ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

29.

界定福利责任

拨备与政府规定的长期服务金有关。

30.

递延税项

(a)

已确认之递延税项资产

29. DEFINED BENEFIT OBLIGATION

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Analysed for reporting purposes as:

就报告目的分析为：

Non-curent liabilities

非流动负债

422–

Total

总计

HK$’000

千港元

At 1 April 2023, 31 March 2024 and

1 April 2024

于二零二三年四月一日、二零二四年

三月三十一日及二零二四年四月一日

–

Acquisition of subsidiaries (note 38(i)

收购附属公司（附注

38(i)

）

At 31 March 2025

于二零二五年三月三十一日

The provisions relates to government-mandated long service payment.

30. DEFERED TAX

(a) Defered tax asets recognised

Decelerated

tax depreciation

Credit los

alowance of

trade receivablesTotal

减速税项折旧

贸易应收款项

信贷亏损拨备总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

–1,3541,354

Charged to profit or los (note 10(a)

于损益扣除（附注

10(a)

）

–(1,325)(1,325)

Exchange diferences

汇兑差额

–(29)(29)

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

–

Credited to profit or los (note 10(a)

计入损益（附注

10(a)

）

64–64

Acquisition of subsidiaries (note 38(i)

收购附属公司（附注

38(i)

）

(43)–(43)

At 31 March 2025

于二零二五年三月三十一日

21–21

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

30.

递延税项（续）

(b)

未确认之递延税项资产

于二零二五年三月三十一日，

本集团估计未动用税项亏损约

62,937,000

港元（二零二四年：

19,721,000

港元）及其他可扣

除暂时差额

53,223,000

港元（二

零二四年：

35,018,000

港元）可

供抵销产生亏损之实体未来应

课税溢利。于二零二五年三月

三十一日，由于相关税务司法权

区及实体均不可能出现可用于

抵销亏损之未来应课税溢利，故

并未在综合财务状况表中确认

递延税项（二零二四年：无）。未

确认税项亏损的到期日如下：

税项亏损

20,908,000

港元（二零

二四年：

1,181,000

港元）及其到

期日于下表披露。其他税项亏损

42,011,000

港元（二零二四年：

18,540,000

港元）及其他可扣除

暂时差额可无限期结转。

30. DEFERED TAX (Continued)

(b) Defered tax asets not recognised

As at 31 March 2025, the Group has estimated unused

tax loses of aproximately HK$62,937,000 (2024:

HK$19,721,000) and other deductible temporary diferences

of HK$53,223,000 (2024: HK$35,018,000) available for ofset

against future taxable profits of the entities in which the loses

arose. No defered tax was recognised in the consolidated

statement of financial position as at 31 March 2025 (2024: Nil)

since it is not probable that future taxable profits against which

the loses can be utilised wil be available in the relevant tax

jurisdiction and entity. Expiry dates of unrecognised tax loses

are as folows:

Tax loses of HK$20,908,000 (2024: HK$1,181,000) with expiry

dates are disclosed in the folowing table. Other tax loses of

HK$42,011,000 (2024: HK$18,540,000) and other deductible

temporary diferences may be caried forward indefinitely.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

二零二七年

二零二八年

二零二九年

2,480518

二零三零年

17,770–

20,9081,181

174ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

30.

递延税项（续）

(c)

已确认之递延税项负债

(d)

未确认之递延税项负债

根据中国企业所得税法，自二零

零八年一月一日起，就中国附属

公司所赚取的溢利宣派股息时，

须缴纳预扣税。

根据澳洲企业所得税法，就澳洲

附属公司赚取的溢利宣派股息

时，须缴纳

30%

的预扣税。

于二零二五年三月三十一日，

与附属公司未分派溢利有关的

暂时差额为

3,132,000

港元（二

零二四年：

4,696,000

港元）。由

于本公司控制该等附属公司的

股息政策，并认定该等溢利可能

不会于可见将来分派，故并未就

分派该等保留溢利而应缴纳的

税项确认递延税项负债

940,000

港元（二零二四年：

1,409,000

港

元）。

30. DEFERED TAX (Continued)

Fair value

adjustments on

other intangible

asets upon

acquisition of

busines

收购业务时

其他无形资产的

公平价值调整

HK$’000

千港元

At 1 April 2023,

31 March 2024 and

1 April 2024

于二零二三年四月一日、

二零二四年三月三十一日及

二零二四年四月一日

–

Acquisition of subsidiaries (note 38(i)

收购附属公司（附注

38(i)

）

5,876

Credited to profit or los (note 10(a)

计入损益（附注

10(a)

）

(387)

Exchange adjustments

汇兑调整

(12)

At 31 March 2025

于二零二五年三月三十一日

5,477

(d) Defered tax liabilities not recognised

Under the EIT Law of the PRC, witholding tax is imposed on

dividends declared in respect of profits earned by the PRC

subsidiaries from 1 January 2008 onwards.

Under the Corporate Income Tax Law of Australia, witholding

tax of 30% is imposed on dividends declared in respect of

profits earned by the Australia subsidiaries.

At 31 March 2025, temporary diferences relating to the

undistributed profits of subsidiaries amounted to HK$3,132,000

(2024: HK$4,696,000). Defered tax liabilities of HK$940,000

(2024: HK$1,409,000) have not ben recognised in respect

of the tax that would be payable on the distribution of these

retained profits as the Company controls the dividend policy of

these subsidiaries and it has ben determined that it is probable

that these profits wil not be distributed in the foreseable

future.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

30.

递延税项（续）

(c)

已确认之递延税项负债

(d)

未确认之递延税项负债

根据中国企业所得税法，自二零

零八年一月一日起，就中国附属

公司所赚取的溢利宣派股息时，

须缴纳预扣税。

根据澳洲企业所得税法，就澳洲

附属公司赚取的溢利宣派股息

时，须缴纳

30%

的预扣税。

于二零二五年三月三十一日，

与附属公司未分派溢利有关的

暂时差额为

3,132,000

港元（二

零二四年：

4,696,000

港元）。由

于本公司控制该等附属公司的

股息政策，并认定该等溢利可能

不会于可见将来分派，故并未就

分派该等保留溢利而应缴纳的

税项确认递延税项负债

940,000

港元（二零二四年：

1,409,000

港

元）。

31.

拨备

31. PROVISIONS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Analysed for reporting purposes as:

就报告目的分析为：

Curent liabilities

流动负债

101,849–

Provisions for

compensation

补偿拨备

HK$’000

千港元

At 1 April 2024

于二零二四年四月一日

–

Aditional provisions made (note 8)

作出的额外拨备（附注

）

125,220

Set-of against the other receivables (note 22(i)

抵销其他应收款项（附注

22(i)

）

(17,655)

Exchange diferences

汇兑差额

(5,716)

At 31 March 2025

于二零二五年三月三十一日

101,849

176ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

31.

拨备（续）

于二零二三年七月十九日，维勒斯贸

易及爱丽丝贸易（均为本公司之间接全

资附属公司）留意到来自

Bubs Australia

之全资附属公司及本集团当时之供应

商

IFC

的两份仲裁通知（「仲裁通知」）

已提交至澳大利亚国际商事仲裁中心

（「澳大利亚国际商事仲裁中心」），

请求分别就维勒斯贸易及爱丽丝贸

易所欠未偿还债务进行仲裁（「该（等）

仲裁」）。该等仲裁于二零二三年七月

二十六日获澳大利亚国际商事仲裁中

心受理。

IFC

要求维勒斯贸易及爱丽丝

贸易支付总计约

5,653,000

澳元的未付

贸易应付款项（附注

）、

34,200,000

澳元的损失赔偿、该等仲裁之费用及

开支、利息及其他济助。于二零二四

年三月三十一日，除已确认的贸易应

付款项约

5,653,000

澳元（相等于约

28,856,000

港元）外，本集团并未于综

合财务报表内就

IFC

对本集团提出的其

他索偿作出拨备，原因是本集团管理

层认为本集团因该等仲裁败诉而须支

付所索偿损失赔偿的可能性不大。

于二零二五年四月二十八日，澳大利

亚国际商事仲裁中心就该等仲裁作

出裁决（「该等仲裁决」），认定维勒

斯贸易及爱丽丝贸易违反与

IFC

订立

的买卖协议，且因此须支付欠付

IFC

的贸易应付款项约

5,653,000

澳元。

此外，维勒斯贸易及爱丽丝贸易须

向

IFC

支付

(i)

损失赔偿、该等仲裁之

费用及开支以及裁决前利息分别约

1,022,000

澳元（相等于约

4,958,000

港元）及

23,614,000

澳元（相等于约

114,546,000

港元）；及

(i)

未付金额自该

等仲裁决日期至付款日期按年利率

至

10%

计算的裁决后利息。

因此，维勒斯贸易及爱丽丝贸易已就

与

IFC

的贸易纠纷有关的该等仲裁

决项下预期支付方案的最佳估计作出

拨备。截至二零二五年三月三十一日

止年度，维勒斯贸易及爱丽丝贸易已

于「其他收益及亏损，净额」中确认拨

备合共约

24,636,000

澳元（相等于约

125,220,000

港元）为「补偿拨备」（附注

），用于支付解决该等仲裁决所需

支付的损失赔偿、该等仲裁之费用及

开支、利息及其他济助。

31. PROVISIONS (Continued)

On 19 July 2023, Wilis Trading and Alice Trading, both indirect

wholy-owned subsidiaries of the Company, noticed that two notices

of arbitration (the “Arbitration Notices”) from IFC, a wholy-owned

subsidiary of Bubs Australia and the then suplier of the Group, were

filed to the Australian Centre for International Comercial Arbitration

(“ACICA”) for requesting arbitrations regarding the outstanding

debt due by Wilis Trading and Alice Trading, respectively (the

“Arbitration(s)”). The Arbitrations were acepted by the ACICA on 26

July 2023. IFC claims Wilis Trading and Alice Trading for outstanding

trade payables of totaling aproximately AUD5,653,000 (note 25),

loses and damages of AUD34,200,000, costs and expenses of

Arbitrations, interests and other relief. As at 31 March 2024, other

than the recognised trade payables of aproximately AUD5,653,000

(equivalent to aproximately HK$28,856,000), no provision was made

in the consolidated financial statements for the other claims made by

IFC against the Group, as the management of the Group considered

not probable that the Group would lose the Arbitrations that would

result in the Group to be required to setle the loses and damages

claimed.

On 28 April 2025, ACICA handed down the awards in the Arbitrations

(the “Arbitration Awards”) and ordered that Wilis Trading and Alice

Trading breached the sales and purchase agrements with IFC and

therefore are required to setle the trade payables of aproximately

AUD5,653,000 due to IFC. In adition, Wilis Trading and Alice

Trading are required to pay IFC (i) the loses and damages, costs and

expenses of Arbitrations, and pre-award interests of aproximately

AUD1,022,000 (equivalent to aproximately HK$4,958,000) and

AUD23,614,000 (equivalent to aproximately HK$114,546,000),

respectively, and (i) post-award interests on the outstanding amount

calculated at 2% to 10% per anum from the date of the Arbitration

Awards to the date of payment.

As a result, provisions were made by Wilis Trading and Alice Trading

for the best estimate of the expected setlement under the Arbitration

Awards in relation to the trade dispute with IFC. Wilis Trading and

Alice Trading recognised the agregate provisions of aproximately

AUD24,636,000 (equivalent to aproximately HK$125,220,000) in

“other gains and loses, net” as “provisions for compensation” (note 8)

for the year ended 31 March 2025 for the loses and damages, costs

and expenses of Arbitrations, interests and other relief that would be

required to setle the Arbitration Awards.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

31.

拨备（续）

根据澳大利亚国际商事仲裁中心作出

的该等仲裁决，

IFC

可追索

3,640,000

澳元（相等于约

17,655,000

港元）（附注

22(i)

），以清偿爱丽丝贸易被裁定须

支付予

IFC

的款项。因此，董事认为，有

关其他应收款项

3,640,000

澳元（相等

于约

17,655,000

港元）将不再收回，并

因此在爱丽丝贸易拨备中撇销应收款

项。

因此，于二零二五年三月三十一日，

维勒斯贸易及爱丽丝贸易确认的拨

备总额为

20,996,000

澳元（相等于约

101,849,000

港元）。

继该等仲裁决后及由

IFC

提出申请且

澳大利亚联邦法院于二零二五年五月

二日对维勒斯贸易、

GA Investment

及

GA Trading

发出资产冻结令，据此责令

（其中包括）每位资产冻结令答辩人

不得从澳大利亚转移或以任何方式处

置或处理于澳大利亚及世界各地的资

产或减少其价值（以裁决债务之无债务

负担价值为上限）。于二零二五年三月

三十一日，维勒斯贸易及其附属公司

之主要资产包括一项投资物业（即位

于澳大利亚之一幅地块及其上盖之所

有楼宇及建筑物），其于二零二五年三

月三十一日之账面值为

41,232,000

港

元。维勒斯贸易及其附属公司之其他

流动资产于二零二五年三月三十一日

为

2,078,000

港元。

此外，于二零二五年六月二日，爱丽丝

贸易收到代表

IFC

行事的律师根据香港

法例第

章公司（清盘及杂项条文）条

例第

178(1)(a)

或第

327(4)(a)

条发出的法

定要求偿债书（「法定要求偿债书」），

要求爱丽丝贸易支付（其中包括）爱丽

丝贸易根据

IFC

与爱丽丝贸易之间该仲

裁（「爱丽丝贸易仲裁」）的该等仲裁

决下之判决债务、利息及

IFC

于爱丽丝

贸易仲裁中之费用（「债务」）。根据法

定要求偿债书，爱丽丝贸易须于法定

要求偿债书送达日期二零二五年六月

二日起计三周内支付债务，否则

IFC

可

能会对爱丽丝贸易提出清盘呈请。直

至本综合财务报表批准之日，债务仍

未清偿。

31. PROVISIONS (Continued)

Pursuant to the Arbitration Awards granted by the ACICA, IFC may

have recourse to the AUD3,640,000 (equivalent to aproximately

HK$17,655,000) (note 22(i) in satisfaction of the amounts ordered

to be payable by Alice Trading to IFC. Acordingly, the Directors

considered such other receivable of AUD3,640,000 (equivalent to

aproximately HK$17,655,000) would not be recovered anymore and

therefore write of the receivable against the provision provided by

Alice Trading.

Acordingly, as at 31 March 2025, the agregate provisions

recognised by Wilis Trading and Alice Trading amounted to

AUD20,996,000 (equivalent to aproximately HK$101,849,000).

Further to the handing down of the Arbitration Awards and an

aplication made by IFC, the Federal Court of Australia isued a

Frezing Order against Wilis Trading, GA Investment and GA Trading

on 2 May 2025, whereby it is ordered that, among others, each

Frezing Order Respondent must not remove from Australia or in any

way dispose of, deal with or diminish the value of its asets in Australia

and throughout the world up to the unencumbered value of the

Award Debt. As at 31 March 2025, the main asets of Wilis Trading

and its subsidiaries comprise an investment property, being a land

parcel in Australia together with al buildings and structures erected

thereon, which caried at HK$41,232,000 at 31 March 2025. The

other curent asets of Wilis Trading and its subsidiaries amounted to

HK$2,078,000 at 31 March 2025.

Further on 2 June 2025, Alice Trading received a statutory demand

(the “Statutory Demand”) from the solicitors acting on behalf of IFC

pursuant to Sections 178(1)(a) or 327(4)(a) of the Companies (Winding

Up and Miscelaneous Provisions) Ordinance (Chapter 32 of the

Laws of Hong Kong), demanding Alice Trading to pay, among others,

the judgment debt of Alice Trading under the Arbitration Award of

the Arbitration betwen IFC and Alice Trading (the “AT Arbitration”),

interest and IFC’s costs for the AT Arbitration (the “Debt”). Acording

to the Statutory Demand, Alice Trading is required to pay the Debt

within thre weks from the date of service of the Statutory Demand

on 2 June 2025, failing which IFC may present a winding-up petition

against Alice Trading. Up to the date of the aproval of these

consolidated financial statements, the Debt is yet to be setled.

178ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

32.

雇员退休福利

定额供款退休计划

本集团根据香港强制性公积金计划条

例为受香港雇佣条例管辖之受聘雇员

设立强制性公积金计划（「强积金计

划」）。强积金计划是由独立受托人管

理之定额供款退休计划。根据强积金

计划，雇主及雇员各自均须按雇员有

关收入之

向计划作出供款，而每月

有关收入之上限为

30,000

港元。计划

供款即时归属，并无已没收供款可供

本集团用以减低现有供款水平。

本集团之中国附属公司之雇员均为中

国政府管理之国营退休福利计划之成

员。该等附属公司须按薪酬开支之指

定百分比向退休福利计划供款，为有

关福利提供资金。本集团对有关退休

福利计划之责任仅为作出指定之供

款。

并无已没收供款可用于减低日后应付

供款。截至二零二五年及二零二四年

三月三十一日止年度之董事及本集团

雇员之退休福利计划供款分别载于附

注

9(b)

、

及

。

32. EMPLOYE RETIREMENT BENEFITS

Defined contribution retirement plans

The Group operates a Mandatory Provident Fund Scheme (the “MPF

Scheme”) under the Hong Kong Mandatory Provident Fund Schemes

Ordinance for employes employed under the jurisdiction of the

Hong Kong Employment Ordinance. The MPF Scheme is a defined

contribution retirement plan administered by independent trustes.

Under the MPF Scheme, the employer and its employes are each

required to make contributions to the plan at 5% of the employes’

relevant income, subject to a cap of monthly relevant income of

HK$30,000. Contributions to the plan vest imediately, and there is

no forfeited contributions that may be used by the Group to reduce

the existing level of contribution.

The employes of the Group’s subsidiaries in the PRC are members

of a state-managed retirement benefits scheme operated by the

government of the PRC. The subsidiaries are required to contribute

a specified percentage of payrol costs to the retirement benefits

scheme to fund the benefits. The only obligation of the Group with

respect to the retirement benefits scheme is to make the specified

contributions.

No forfeited contribution is available to reduce the contribution payable

in the future. The retirement benefits scheme contributions of the

Directors and staf of the Group for the years ended 31 March 2025

and 2024 are stated in notes 9(b), 11 and 12, respectively.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

33.

公司层面之财务状况表

34.

资本及储备

(a)

本集团综合权益各组成部分于

年初与年末结余的对账载于

综合权益变动表。本公司权益

的个别组成部分于年度初及

年度末的变动详情载列如下：

本公司

33. COMPANY-LEVEL STATEMENT OF FINANCIAL POSITION

二零二五年二零二四年NotesHK$’000HK$’000

附注千港元千港元

Non-curent asets

非流动资产Investments in subsidiaries

于附属公司之投资

Financial asets at fair value

through profit or los按公平价值计入损益之

金融资产

12,228–

Amounts due from subsidiaries

附属公司欠款

48,21256,504

60,45056,514

Curent asets

流动资产Other receivable

其他应收款项

Amounts due from subsidiaries

附属公司欠款

12431,749

Cash and cash equivalents

现金及现金等价物

56930,163

72861,945

Curent liability

流动负债Acruals and other payables

应计费用及其他应付款项

1,4601,180

Net curent (liabilities)/asets

流动（负债）／资产净额

(732)60,765

NET ASETS

资产净额

59,718117,279

Capital and reserves

资本及储备Share capital

股本

34(b)435,252435,252

Reserves

储备

34(a)(375,534)(317,973)

TOTAL EQUITY

权益总额

59,718117,279

34. CAPITAL AND RESERVES

(a) The reconciliation betwen the opening and closing balances of

each component of the Group’s consolidated equity is set out

in the consolidated statement of changes in equity. Details of

the changes in the Company’s individual components of equity

betwen the begining and the end of the year are set out

below:

The Company

premium

Acumulated

loses

Total

reserves

股份溢价累计亏损储备总额

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

592,019(881,114)(289,095)

Los and total comprehensive

los for the year

本年度亏损及

全面亏损总额

–(28,878)(28,878)

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

592,019(909,992)(317,973)

Los and total comprehensive

los for the year

本年度亏损及

全面亏损总额

–(57,561)(57,561)

At 31 March 2025

于二零二五年三月三十一日

592,019(967,553)(375,534)

180ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

34.

资本及储备（续）

(b)

股本

普通股东有权收取不时宣派

的股息及有权于本公司大会上

按其所持每一股份投一票。就

本公司剩余资产而言，所有普通

股均享有同等地位。

34. CAPITAL AND RESERVES (Continued)

(b) Share capital

Number

of Shares

Amount

equivalent to

Amount

equivalent to

股份数目

相等于

金额

相等于

金额

US$’000HK$’000

千美元千港元

Authorised:

法定：

At 1 April 2023,

31 March 2024,

1 April 2024 and 31 March

2025, ordinary Shares of

US$0.16 each

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

每股面值

0.16

美元的普通股

625,000,000100,000778,000

Isued and fuly paid:

已发行及缴足：

At 1 April 2023,

31 March 2024,

1 April 2024 and 31 March

2025, ordinary Shares of

US$0.16 each

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

每股面值

0.16

美元的普通股

349,280,38355,885435,252

The owners of ordinary Shares are entitled to receive dividends

as declared from time to time and are entitled to one vote per

Share at metings of the Company. Al ordinary Shares rank

equaly with regard to the Company’s residual asets.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

34.

资本及储备（续）

(c)

储备的性质及目的

(i)

股份溢价

股份溢价于本公司按高于

股份面值的价格发行股

份时产生，并可以缴足红

股的形式分派。股份溢价

的应用受百慕达的百慕达

一九八一年公司法第四十

条规管。

(i)

外币换算储备

外币换算储备包括换算海

外业务财务报表而产生的

所有外汇差额。该储备乃

按附注

2(z)

所载的会计政

策处理。

(d)

股本管理

本集团管理股本旨在保障本集

团的持续经营能力，务求继续为

股东带来回报，以及为其他持份

者带来好处，并且维持最佳资本

结构以减少资本成本。

本集团将按风险比例制定资本

金额。本集团根据经济状况变动

及有关资产的风险特性管理及

调整资本结构。为维持或调整资

本结构，本集团或会调整派付股

息、发行新股、回购股份、新增

债务、赎回现有债务或出售资产

以减少债务。

本集团以负债净额对权益比率

为基准监控资本。该比率以负债

净额除以权益总额计算。负债净

额以负债总额减现金及现金等

价物计算。权益总额包括所有权

益部分（即股本、股份溢价、外币

换算储备及累计亏损）以及非控

股权益。

34. CAPITAL AND RESERVES (Continued)

(i) Share premium

Share premium arose from the isuance of Share by the

Company at prices in exces of their par value, and may

be distributed in the form of fuly paid bonus shares. The

aplication of the share premium is governed by section

40 of the Bermuda Companies Act 1981 of Bermuda.

(i) Foreign curency translation reserve

The foreign curency translation reserve comprises al

foreign exchange diferences arising from the translation

of the financial statements of foreign operations. The

reserve is dealt with in acordance with the acounting

policy set out in note 2(z).

(d) Capital management

The Group’s objectives when managing capital are to safeguard

the Group’s ability to continue as a going concern, so that they

can continue to provide returns for shareholders and benefits

for other stakeholders, and maintain an optimal capital structure

to reduce the cost of capital.

The Group sets the amount of capital in proportion to risk. The

Group manages the capital structure and makes adjustments

to it in the light of changes in economic conditions and the risk

characteristics of the underlying asets. In order to maintain or

adjust the capital structure, the Group may adjust the payment

of dividends, isue new shares, buy-back shares, raise new

debts, redem existing debts or sel asets to reduce debts.

The Group monitors capital on the basis of the net debt-to-

equity ratio. This ratio is calculated as net debt divided by

total equity. Net debt is calculated as total liabilities les cash

and cash equivalents. Total equity comprises al components

of equity (that is, share capital, share premium, foreign

curency translation reserve, and acumulated loses) and

non-controling interests.

182ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

34.

资本及储备（续）

(d)

股本管理（续）

本集团于二零二五年的策略相

较二零二四年并无变动。本集团

的策略为将负债净额对权益比

率尽力维持于最低水平，以确保

以合理成本获得资金。于报告期

末，负债净额对权益比率如下：

根据上市规则，最少

25%

股份应

由公众人士持有。除前文所述者

外，本公司或其任何附属公司不

受外部施加之资本规定限制。

35.

购股权计划

本公司已于二零二零年九月八日举

行之股东周年大会上采纳购股权计划

（「购股权计划」）。购股权计划由二零

二零年九月八日起生效，除另行取消

或修订外，有效期为该日起计十年。

34. CAPITAL AND RESERVES (Continued)

(d) Capital management (Continued)

During 2025, the Group’s strategy, which was unchanged

from 2024, was to maintain the net debt-to-equity ratio at the

lowest as posible, in order to secure aces to finance at a

reasonable cost. The net debt-to-equity ratio at the end of the

reporting period is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Total debt

负债总额

214,71180,073

Les: cash and cash equivalents

(note 24(a)

减：现金及现金等价物

（附注

24(a)

）

(10,701)(47,277)

Net debt

负债净额

204,01032,796

Total (capital deficiency)/equity

（资本亏绌）╱权益总额

(65,134)118,233

Net debt-to-equity ratio

负债净额对权益比率

(313.2%)27.7%

Acording to the Listing Rules, at least 25% of the Shares

should be held in the hands of the public. Saved and except for

the aforesaid, neither the Company nor any of its subsidiaries

are subject to externaly imposed capital requirements.

35. SHARE OPTION SCHEME

The Company had adopted a share option scheme (the “Share Option

Scheme”) at the anual general meting held on 8 September 2020.

The Share Option Scheme became efective on 8 September 2020

and, unles otherwise canceled or amended, wil remain in force for

10 years from that date.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35.

购股权计划（续）

购股权计划之主要条款载列如下：

目的

购股权计划旨在激励及奖励为

本集团作出贡献之参与者，并鼓

励参与者为本公司及其股东之

整体利益努力提升本公司及其

股份之价值。

参与者

参与者为任何董事（包括执行董

事、非执行董事及独立非执行董

事）、股东及本集团的雇员以及

董事会全权酌情认为已或将为

本集团作出贡献之任何本集团

成员公司的任何顾问及咨询顾

问。

可供发行股份之总数

根据购股权计划授权授出或

将予授出之所有购股权获行

使时可发行之股份数目为

31,436,038

股份，占于采纳

购股权计划日期已发行股份之

10%

及于本年报日期已发行股

份约

。

iv.

各参与者之可获授权益上限

根据购股权计划于任何十二个

月期间授予各承授人之购股权

（包括已行使及尚未行使之购

股权）获行使时，已发行及将予

发行之最高股份数目不得超过

当时已发行股份之

，惟获股

东批准则除外。

购股权项下须认购股份之期限

购股权可于董事会于授出购股

权时知会各承授人之期间内任

何时间根据购股权计划之条款

行使，有关期间惟不得超过自授

出相关购股权日期起计十年。在

购股权计划仍然有效之期间内

授出之购股权，在购股权计划届

满后将可根据购股权之授出条

款继续行使。

35. SHARE OPTION SCHEME (Continued)

The principal terms of the Share Option Scheme are set out as below:

i. Purpose

The purpose of the Share Option Scheme is to incentivise and

reward participants who have contributed to the Group and to

encourage participants to work towards enhancing the value of

the Company and its Shares for the benefit of the Company and

its Shareholders as a whole.

i. Participants

The participants are any directors (including executive directors,

non-executive directors and independent non-executive

directors), Shareholders and employes of the Group and any

advisers and consultants of any member of the Group who the

Board considers, in its sole discretion, have contributed or wil

contribute to the Group.

i. Total number of Shares available for isue

The number of Shares which may be isued upon the

exercise of al share options granted or to be granted under

the mandate of the Share Option Scheme was 31,436,038

Shares, representing 10% of the isued Shares as at the date of

adoption of the Share Option Scheme and aproximately 9% of

the isued Shares as at the date of this anual report.

iv. Maximum entitlement of each participant

The maximum number of Shares isued and to be isued upon

exercise of the options granted to each grante under the Share

Option Scheme (including both exercised and outstanding

options) in any 12-month period shal not exced 1% of the

Shares in isue for the time being, unles aproved by the

Shareholders.

v. Period within which the Shares must be taken up under an

option

An option may be exercised in acordance with the terms of

the Share Option Scheme at any time during the period to be

notified by the Board to each grante upon the grant of options,

such period which shal not exced 10 years from the date

of grant of the relevant option. Options granted during the life

of the Share Option Scheme shal continue to be exercisable

in acordance with their terms of grant after the expiry of the

Share Option Scheme.

184ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

35.

购股权计划（续）

购股权计划之主要条款载列如下：

（续）

vi.

可获行使前须持有购股权之最短

期限

根据购股权计划之条款，于购股

权可获行使前，并无有关须持有

购股权之最短期限或必须达致

的绩效目标之一般规定。

vi.

接纳购股权须付款项及付款期限

当本公司自授出日期起计

日

内接获一份由承授人发出并经

其签署之要约函件（当中列明获

接纳要约所涉及的股份数目），

连同支付予本公司作为授予购

股权代价之

1.00

港元汇款，则购

股权要约被视为获接纳。该等汇

款在任何情况下均不获退还。

vi.

厘定行使价之基准

行使价将由董事会全权酌情厘

定，惟无论如何不得低于下列各

项中较高者：

(a)

于授出日期（须为营业日）

联交所发布的每日报价表

所列的股份收市价；

(b)

于紧接授出日期前五个营

业日联交所发布的每日报

价表所列的股份平均收市

价；及

(c)

股份面值。

ix.

购股权计划之余下年期

购股权计划将会于二零二零年

九月八日起至及包括二零三零

年九月七日为期十年期间维持

生效。

于二零二五年三月三十一日，购

股权计划余下年期约为五年五

个月。

自二零二零年九月八日采纳购

股权计划至二零二五年三月

三十一日，概无购股权获授出、

行使、失效或注销。于二零二五

年及二零二四年三月三十一日，

本公司亦无未行使的购股权。

35. SHARE OPTION SCHEME (Continued)

The principal terms of the Share Option Scheme are set out as below:

(Continued)

vi. Minimum period for which an option must be held before

it can be exercised

There is no general requirement on the minimum period for

which an option must be held or the performance targets which

must be achieved before the option can be exercised, under the

terms of the Share Option Scheme.

vi. Amount payable on aceptance of the option and the

payment period

An ofer is demed to be acepted when the Company receives

from the grante the ofer leter signed by the grante specifying

the number of Shares in respect of which the ofer is acepted,

and a remitance to the Company of HK$1.00 as consideration

for the grant of the option within 28 days from the grant. Such

remitance is not refundable in any circumstance.

vi. Basis of determining the exercise price

The exercise price shal be determined by the Board in its

absolute discretion but in any event shal not be les than the

higher of:

(a) the closing price of the Shares as stated in the daily

quotations shets isued by the Stock Exchange on the

date of grant which must be a busines day;

(b) the average closing price of the Shares as stated in the

daily quotations shets isued by the Stock Exchange for

the five busines days imediately preceding the date of

the grant; and

ix. Remaining life of the Share Option Scheme

The Share Option Scheme shal remain in force for 10 years

comencing on 8 September 2020 up to and including 7

September 2030.

As at 31 March 2025, the remaining life of the Share Option

Scheme is aproximately 5 years 5 months.

Since the adoption of the Share Option Scheme on 8

September 2020 and up to 31 March 2025, no options were

granted, exercised, lapsed or canceled. As at 31 March 2025

and 2024, the Company has no outstanding options.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

36.

附属公司

于二零二五年三月三十一日，主要附

属公司及可变利益实体的详情如下：

36. SUBSIDIARIES

Particulars of the principal subsidiaries and VIE as at 31 March 2025

are as folows:

Name of subsidiary

Place of

establishment/

incorporation and

busines

Isued and

fuly paid-up/

registered capital

Percentage of economic

ownership interest held by the

CompanyPrincipal activities

附属公司名称

成立╱注册成立

及营业地点

已发行及缴足╱

注册资本

本公司所持经济

所有权益百分比主要业务DirectlyIndirectly

直接间接

Subsidiaries

附属公司

Alice Trading LimitedHong Kong2,000,000 ordinary shares–100%Inactive

香港爱丽丝贸易有限公司香港

2,000,000

股普通股不活跃

Alpha Distribution LimitedHong Kong10,000 ordinary shares–100%Trading of milk powder and fods

阿尔法分销有限公司香港

10,000

股普通股奶粉及食品贸易

Alpha Industrial Holdings LimitedHong Kong1 ordinary share100%–Inactive

阿尔法企业控股有限公司香港

股普通股不活跃

Alpha Overseas LimitedHong Kong10,000 ordinary shares–100%Investment holding

阿尔法海外有限公司香港

10,000

股普通股投资控股

Alpha Overseas Trading LimitedHong Kong10,000 ordinary shares–100%Trading of milk powder and fods

阿尔法海外贸易有限公司香港

10,000

股普通股奶粉及食品贸易

GA Australia Investment Pty LtdAustralia

澳洲

100 ordinary shares

of AUD1 each

–100%Property investment

物业投资100

股每股面值1

澳元的普通股

GA Australia Trading Pty LtdAustralia

澳洲

100 ordinary shares

of AUD1 each

–100%Inactive

不活跃100

股每股面值1

澳元的普通股

Golden Elect Investments Limited BVI

英属处女群岛

1 ordinary share

of US$1 each

100%–Inactive

不活跃1

股每股面值1

美元的普通股

Golden Joyous Ventures Limited BVI

英属处女群岛

1 ordinary share

of US$1 each

100%–Investment holding

投资控股1

股每股面值1

美元的普通股

Golden Splendid Group Limited

金豪集团有限公司

BVI

英属处女群岛

1 ordinary share

of US$1 each

100%– Investment holding

投资控股1

股每股面值1

美元的普通股

Golden Splendid HK LimitedHong Kong10,000 ordinary shares–100%Investment holding

香港

10,000

股普通股投资控股

Lucky Golden Ant LimitedHong Kong10,000 ordinary shares100%–Provision of management services to the Group

幸运金蚁有限公司香港

10,000

股普通股向本集团提供管理服务

San Tai Distribution Company LimitedHong Kong2 ordinary shares–100%Provision of warehouse logistics services

三泰集运有限公司香港

股普通股提供仓储物流服务

San Tai Logistics Company LimitedHong Kong2 ordinary shares–100%Inactive

三泰物流有限公司香港

股普通股不活跃

Smart Ant Trading LimitedHong Kong10,000 ordinary shares–100%Trading of milk powder and fods

智蚁贸易有限公司香港

10,000

股普通股奶粉及食品贸易

Smart Front Developments LimitedBVI

英属处女群岛

1 ordinary share

of US$1 each

–100%Investment holding

投资控股1

股每股面值

美元的普通股

Smart Tone International LimitedHong Kong100 ordinary shares100%–Provision of management services to the Group

俊丽国际有限公司香港

股普通股向本集团提供管理服务

Vantage Edge Investments Limited BVI

英属处女群岛

1 ordinary share

of US$1 each

100%–Investment holding

投资控股1

股每股面值1

美元的普通股

Welfit (HK) LimitedHong Kong3,500,000 ordinary shares–100%Investment holding

合盈（香港）有限公司香港

3,500,000

股普通股投资控股

186ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

Name of subsidiary

Place of

establishment/

incorporation and

busines

Isued and

fuly paid-up/

registered capital

Percentage of economic

ownership interest held by the

CompanyPrincipal activities

附属公司名称

成立╱注册成立

及营业地点

已发行及缴足╱

注册资本

本公司所持经济

所有权益百分比主要业务DirectlyIndirectly

直接间接

Subsidiaries (Continued)

附属公司

（续）

Wilis Trading LimitedHong Kong2,000,000 ordinary shares–100%Inactive

香港维勒斯贸易有限公司香港

2,000,000

股普通股不活跃

杭州金豪电子商务有限公司

PRC

中国

Paid-up capital of

RMB1,000,000 out of

registered capital of

RMB10,000,000

–100%Provision of management services to the Group

向本集团提供管理服务

注册资本人民币10,000,000

元，

其中缴足股本为

人民币

1,000,000

元

杭州明安迪电子商务有限公司

PRC

中国

Paid-up capital of

RMB17,500,000 out of

registered capital of

RMB19,000,000

–100%Trading of milk powder and fods

奶粉及食品贸易

注册资本人民币19,000,000

元，

其中缴足股本为

人民币

17,500,000

元

杭州沃玺电子商务有限公司

PRC

中国

Paid-up capital of

RMB1,000,000 out of

registered capital of

RMB1,000,000

–100%Trading of fods

食品贸易

注册资本人民币1,000,000

元，其中缴足

股本为人民币

1,000,000

元

Shenzhen Huolong e-comerce Co.

Ltd.* (“Shenzhen Huolong”)

（

note (i)

）

深圳火龙电子商务有限公司

（「深圳火龙」）（附注

(i)

）

PRC

中国

Paid-up capital of

RMB1,000,000 out of

registered capital of

RMB1,000,000

–50%Provision of management services to the Group

向本集团提供管理服务

注册资本人民币1,000,000

元，其中缴足股本

为人民币

1,000,000

元

温州晟易达供应链管理有限公司

PRC

中国

Paid-up capital of

RMB466,000 out of

registered capital of

RMB8,000,000

–100%Provision of warehouse logistics services

提供仓储物流服务

注册资本人民币

8,000,000

元，

其中缴足股本为

人民币

466,000

元

VIE

可变利益实体

Shenyang Jinyi e-comerce Co. Ltd.*

(“Shenyang Jinyi”) (note (i)

沈阳金蚁电子商务有限公司

（「沈阳金蚁」）（附注

(i)

）

PRC

中国

Paid-up capital of

RMB nil out of

registered capital of

RMB1,000,000

–70%Trading of milk powder and fods

奶粉及食品贸易

注册资本人民币1,000,000

元，其中缴足

股本为人民币零元

Jinyi (Hainan) e-comerce Co. Ltd.*

(“Jinyi Hainan”) (note (i)

金蚁（海南）电子商务有限公司

（「金蚁海南」）（附注

(i)

）

PRC

中国

Paid-up capital of

RMB1,000,000 out of

registered capital of

RMB1,000,000

–35.7%Inactive

不活跃

注册资本人民币1,000,000

元，其中缴足

股本为人民币

1,000,000

元

Registered as a wholy-foreign-owned enterprise under the PRC law.

Registered as a domestic-owned enterprise under the PRC law.

Remark: None of the subsidiaries has isued any debt securities at the end of the

reporting period.

* For identification purpose only

根据中国法律注册为外商独资企业。

根据中国法律注册为内资企业。

注：

于报告期末，概无附属公司发行任何

债务证券。

36. SUBSIDIARIES (Continued)

Particulars of the principal subsidiaries and VIE as at 31 March 2025

are as folows: (Continued)

36.

附属公司（续）

于二零二五年三月三十一日，主要附

属公司及可变利益实体的详情如下：

（续）

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

36.

附属公司（续）

附注

(i)

：

沈阳金蚁由本公司透过上文附注

2(d)

所详述之合约安排间接持有

70%

权

益。

附注

(i)

：

金蚁海南根据中国法律注册为有限公

司，并由沈阳金蚁持有

51%

权益。

附注

(i)

：

深圳火龙根据中国法律注册为有限公

司，并由本集团及执行董事赵磊先生

分别持有

50%

权益。本集团可根据与

赵磊先生的一致行动协议控制深圳火

龙的董事会。

下表载列沈阳金蚁及金蚁海南（统称为

「沈阳金蚁集团」）（本集团拥有重大

非控股权益之附属公司）之相关资料。

以下呈列的财务资料概要为未计任何

公司间抵销前之金额。

36. SUBSIDIARIES (Continued)

Note (i): Shenyang Jinyi is held as to 70% by the Company indirectly through the

contractual arangement detailed in note 2(d) above.

Note (i): Jinyi Hainan is registered as a limited liability company under the PRC law

and held as to 51% by Shenyang Jinyi.

Note (i): Shenzhen Huolong is registered as a limited liability company under the

PRC law and held as to 50% by the Group and 50% by Mr. Zhao Lei, an

executive Director. The Group can control the board of directors of Shenzhen

Huolong pursuant to the acting in concert agrement with Mr. Zhao Lei.

The folowing table lists out the information relating to Shenyang Jinyi

and Jinyi Hainan (colectively “Shenyang Jinyi Group”), the subsidiaries

of the Group which have material non-controling interests. The

sumarised financial information presented below represents the

amounts before any inter-company elimination.

Shenyang Jinyi

Group

沈阳金蚁集团

二零二五年

HK$’000

千港元

Proportion of ownership interest and voting rights held

by non-controling interest (“NCI”)

非控股权益（「非控股权益」）持有的所有权益及

表决权之比例

30%

Curent asets

流动资产

1,992

Non-curent asets

非流动资产

23,617

Curent liabilities

流动负债

(5,068)

Non-curent liabilities

非流动负债

(5,477)

Net asets

资产净额

15,064

Net asets atributable to owners of Shenyang Jinyi Group

沈阳金蚁集团股东应占之资产净额

14,832

Carying amount of NCI of Jinyi Hainan

金蚁海南非控股权益的账面值

Carying amount of NCI of Shenyang Jinyi (note)

沈阳金蚁非控股权益的账面值（附注）

4,450

188ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

36. SUBSIDIARIES (Continued)

Shenyang Jinyi

Group

沈阳金蚁集团

From 27 June 2024

(date of acquisition)

to 31 March 2025

自二零二四年

六月二十七日

（收购日期）起至

二零二五年

三月三十一日

HK$’000

千港元

Revenue

收入

4,061

Los for the year

本年度亏损

(2,814)

Other comprehensive los

其他全面亏损

(88)

Total comprehensive los

全面亏损总额

(2,902)

Los atributable to owners of Shenyang Jinyi Group

沈阳金蚁集团股东应占亏损

(2,685)

Los alocated to NCI of Jinyi Hainan

分配予金蚁海南非控股权益的亏损

(129)

Los alocated to NCI of Shenyang Jinyi (note)

分配予沈阳金蚁非控股权益的亏损（附注）

(806)

Total comprehensive los atributable to owners of

Shenyang Jinyi Group

沈阳金蚁集团股东应占

全面亏损总额

(2,773)

Total comprehensive los alocated to NCI of Jinyi Hainan

分配予金蚁海南非控股权益的全面亏损总额

(129)

Total comprehensive los alocated to NCI of Shenyang Jinyi (note)

分配予沈阳金蚁非控股权益的全面亏损总额（附注）

(832)

Dividend paid to non-controling interests

向非控股权益派付股息

–

Net cash outflow from operating activities

来自经营活动的现金流出净额

(920)

Net cash inflow from investing activities

来自投资活动的现金流入净额

Net cash inflow from financing activities

来自融资活动的现金流入净额

–

Total net cash outflow

现金流出净额总额

(919)

Note:

The amount solely represents the carying amount of Shenyang Jinyi’s NCI as at 31

March 2025 and los and total comprehensive los alocated to Shenyang Jinyi’s NCI

for the year, as apropriate, which excludes the carying amounts of NCI of Shenyang

Jinyi’s subsidiary and los and total comprehensive los alocated to NCI of Shenyang

Jinyi’s subsidiary, as apropriate. The calculation is based on Shenyang Jinyi Group’s

net asets, los and total comprehensive los atributable to owners of Shenyang Jinyi

Group and NCI’s shareholding of 30% in Shenyang Jinyi.

36.

附属公司（续）

附注：

该金额仅指沈阳金蚁非控股权益于二零二五年

三月三十一日的账面值及分配至沈阳金蚁非控

股权益的年内亏损及全面亏损总额（如适用），

不包括沈阳金蚁附属公司非控股权益的账面值

及分配至沈阳金蚁附属公司非控股权益的亏损

及全面亏损总额（如适用）。该计算乃基于沈阳

金蚁集团股东应占沈阳金蚁集团资产净额、亏

损及全面亏损总额及非控股权益于沈阳金蚁的

30%

股权。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS

The Group’s major financial instruments include the folowings:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets

金融资产

Financial asets at fair value through

profit or los, mandatorily measured

at fair value through profit or los

按公平价值计入损益之金融

资产，强制按公平价值计入

损益计量

12,228–

Trade and financial asets included in

other receivables (note 22)

计入其他应收款项之贸易及

金融资产（附注

）

11,177107,731

Cash and bank balances (note 24(a)

现金及银行结余（附注

24(a)

）

10,70147,277

Financial asets measured at amortised cost

按摊销成本计量之金融资产

21,878155,008

Financial liabilities

金融负债

Trade and financial liabilities included in

other payables (note 25)

计入其他应付款项之贸易及

金融负债（附注

）

36,91744,972

Lease liabilities (note 27)

租赁负债（附注

）

28,553991

Other borowing (note 28)

其他借贷（附注

）

41,08133,182

Financial liabilities measured at amortised cost

按摊销成本计量之金融负债

106,55179,145

The main risks arising from the Group’s financial instruments are

credit risk, liquidity risk, interest rate risk, curency risk and equity

price risk. The Group’s exposure to these risks and the financial risk

management policies and practices used by the Group to manage

these risks are described below.

(a) Credit risk

Credit risk refers to the risk that a counterparty wil default on its

contractual obligations resulting in financial los to the Group.

Their gros carying amounts disclosed in the respective notes

represent their maximum exposure to credit risk, without taking

into acount the colateral, at the end of the reporting period.

The Group’s credit risk is primarily atributable to trade

receivables. The Group’s exposure to credit risk arising from

cash and bank balances is limited because the counterparties

are banks with high credit rating asigned by international

credit-rating agencies, which the Group considers to represent

low credit risk. The Group asesed 12-month ECL for bank

balances by reference to information relating to probability of

default and los given default of the respective credit rating

grades published by external credit rating agencies. Based on

the average los rates, the 12-month ECL on bank balances is

considered to be insignificant and therefore no los alowance

was recognised.

37.

金融风险管理及金融工具的公平价

值

本集团的主要金融工具包括以下各

项：

本集团金融工具所产生的主要风险为

信贷风险、流动性风险、利率风险、货

币风险及股本价格风险。下文载述本

集团承受的该等风险及本集团使用以

管理该等风险的金融风险管理政策及

惯例。

(a)

信贷风险

信贷风险指交易对手方将违反

其合约责任而导致本集团蒙受

财务亏损之风险。在各附注中披

露的总账面值代表其于报告期

末的最大信贷风险敞口（未计及

抵押品）。

本集团的信贷风险主要归因于

贸易应收款项。本集团来自现金

及银行结余的信贷风险有限，

因为交易对手方为获得国际信

贷评级机构高信贷评级的银行，

故本集团认为信贷风险较低。本

集团参考外部信贷评级机构所

发布有关各信贷评级等级的违

约概率及违约亏损率之资料评

估银行结余的

个月预期信贷

亏损。基于平均亏损率，银行结

余的

个月预期信贷亏损被视

为不重大，因此并无确认亏损拨

备。

190ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS

(a) Credit risk

The Group’s exposure to credit risk arising from refundable

rental deposits is considered to be insignificant, taking into

acount (i) the landlords’ credit rating and (i) the remaining lease

term and the period covered by the rental deposits.

Trade receivables

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. At the end of the reporting period, 38% (2024:

89%) and 67% (2024: 99%) of the trade receivables (net of los

alowance) was due from the Group’s largest trade debtor and

the five largest trade debtors, respectively.

The Group has established a credit risk management policy

under which 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 normaly due within 0 to 180

days (2024: 90 to 180 days) from the date of biling. Upon

request by the customers, the Group may further grant up to

90 days credit period. Normaly, the Group does not obtain

colateral from customers.

Other receivables

For other receivables, the Directors make periodic individual

asesment on the recoverability of other receivables based

on historical setlement records, past experience, and also

quantitative and qualitative information that is reasonable

and suportive forward-loking information. At 31 March

2025, the Group asesed the ECL for other receivables and

los alowance of HK$5,095,000 (2024: HK$1,755,000) was

recognised.

37.

金融风险管理及金融工具的公平价

值

(a)

信贷风险

经计及

(i)

业主的信贷评级及

(i)

余

下租期及租赁按金所涵盖的期

限，本集团认为其因可退回租赁

按金所面临的信贷风险并不重

大。

贸易应收款项

本集团的信贷风险主要受各客

户的个别特征所影响，而非受客

户经营所在行业或国家影响，故

信贷风险高度集中主要在本集

团就单一客户承担重大风险时

产生。于报告期末，

38%

（二零

二四年：

89%

）及

67%

（二零二四

年：

99%

）的贸易应收款项（扣除

亏损拨备）分别为应收本集团最

大贸易债务人及五大贸易债务

人的款项。

本集团已制定一项信贷风险管

理政策，据此对所有要求超过一

定信贷金额之客户进行个别信

贷评估。该等评估集中于客户

过往偿还到期款项之记录及目

前之还款能力并考虑客户之特

定资料以及有关客户经营所在

之经济环境。贸易应收款项一般

自记账日期起计

至

日（二零

二四年：

至

日）内到期。于

客户提出请求后，本集团或会进

一步授出至多

日的信贷期。本

集团一般不会收取客户的抵押

品。

其他应收款项

就其他应收款项而言，董事根据

历史结算记录、过往经验以及合

理及有理据之前瞻性定量和定

性资料，对其他应收款项的可收

回性进行定期个别评估。于二零

二五年三月三十一日，本集团就

其他应收款项评估预期信贷亏

损，并确认亏损拨备

5,095,000

港元（二零二四年：

1,755,000

港

元）。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Asesment of ECL based on internal credit rating

The Group’s internal credit risk grading asesment comprises

the folowing categories:

Internal credit

ratingDescription

Trade receivables/

lease receivable

Other financial

asets/other items

内部信贷评级描述

贸易应收款项╱

租赁应收款项

其他金融资产╱

其他项目

Low riskThe counterparty has a low risk of default

and does not have any past-due amounts

Lifetime ECL –

not credit-impaired

12-month ECL

低风险交易对手方违约风险低及并无任何逾期款项全期预期信贷亏损－

无信贷减值

个月预期信贷亏损

Watch listDebtor frequently repays after due dates

but usualy setle in ful

Lifetime ECL –

not credit-impaired

12-month ECL

观察名单债务人经常于到期日后还款但通常会悉数清偿全期预期信贷亏损－

无信贷减值

个月预期信贷亏损

DoubtfulThere have ben significant increases in credit

risk since initial recognition through information

developed internaly or external resources

Lifetime ECL –

not credit-impaired

Lifetime ECL

– not credit-impaired

可疑通过内部得出或外部资料来源显示，信贷风险

自初始确认以来显著增加

全期预期信贷亏损－

无信贷减值

全期预期信贷亏损－

无信贷减值

LosThere is evidence indicating the

aset is credit-impaired

Lifetime ECL –

credit-impaired

Lifetime ECL

– credit-impaired

亏损有证据显示资产已出现信贷减值全期预期信贷亏损－

信贷减值

全期预期信贷亏损－

信贷减值

Write-ofThere is evidence indicating that the debtor is in

severe financial dificulty and the Group has no

realistic prospect of recovery

Amount is writen ofAmount is writen of

撇销有证据显示债务人陷入严重财政困难且

本集团并无实际可收回的前景

款项已撇销款项已撇销

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

基于内部信贷评级的预期信贷亏

损评估

本集团内部信贷风险评级的评

估包括以下类别：

192ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Asesment of ECL based on internal credit rating

(Continued)

The tables below detail the credit risk exposures of the Group’s

financial asets which are subject to ECL asesment:

External credit

rating

Internal credit

rating

12-month ECL or

lifetime ECL

二零二五年

Gros

carying amount

二零二四年

Gros

carying amount

外部信贷评级内部信贷评级

个月预期信贷亏损或

全期预期信贷亏损账面总值账面总值

HK$’000HK$’000

千港元千港元

Financial asets at amortised cost

按摊销成本计量之金融资产

Other receivables and deposits

(note (i)

其他应收款项及按金（附注

(i)

）

N/ALow risk12-month ECL8,33119,250

不适用低风险

个月预期信贷亏损

N/ALosLife-time ECL-credit-impaired5,0955,359

不适用亏损全期预期信贷亏损－信贷减值

13,42624,609

Trade receivables

贸易应收款项

N/A(note (i)Lifetime ECL (not credit impaired

and colective asesment)

2,963654

不适用（附注

(i)

）全期预期信贷亏损（无信贷减值

及整体评估）

N/AWatch listLifetime ECL (not credit-impaired

and individual asesment)

–1,276

不适用观察名单全期预期信贷亏损（无信贷减值

及个别评估）

N/ADoubtfulLifetime ECL (not credit-impaired

and individual asesment)

–116,210

不适用可疑全期预期信贷亏损（无信贷减值

及个别评估）

N/ALosLifetime ECL (credit-impaired and

individual asesment)

52,967–

不适用亏损全期预期信贷亏损（信贷减值及

个别评估）

55,930118,140

Bank balances

银行结余

Ba3 to A1N/A12-month ECL (not credit-

impaired and asesed

individualy)

10,70147,277

Ba3

至

不适用

个月预期信贷亏损（无信贷减

值及个别评估）

80,057190,026

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

基于内部信贷评级的预期信贷亏

损评估（续）

下表详列了本集团须进行预期

信贷亏损评估的金融资产的信

贷风险：

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Asesment of ECL based on internal credit rating

(Continued)

Note:

(i) For the purpose of internal credit risk management, the Group uses

past due information to ases whether credit risk has ben increased

significantly since initial recognition.

二零二五年二零二四年

Past due

Not past due/

no fixed

repayment

terms TotalPast due

Not past due/

no fixed

repayment

termsTotal

已逾期

未逾期╱无固定

还款期总计已逾期

未逾期╱

无固定还款期总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

Other receivables

and deposits

其他应收款项及

按金

5,0958,33113,4265,35919,25024,609

(i) For trade receivables, the Group has aplied the simplified aproach

in IFRS 9 to measure the los alowance at lifetime ECL. Except for

debtors with significant outstanding balances, the Group determines

the ECL on these items on a colective basis grouped by past due

status.

Provision matrix – Debtors’ aging

As part of the Group’s credit risk management, the Group uses

debtors’ aging to ases the impairment for its customers in

relation to its operation because these customers consist of a

number of customers with comon risk characteristics that are

representative of the customers’ abilities to pay al amounts due

in acordance with the contractual terms. The folowing table

provides information about the exposure to credit risk for trade

receivables which are asesed on a colective basis by using

provision matrix within lifetime ECL (not credit-impaired).

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

基于内部信贷评级的预期信贷亏

损评估（续）

附注：

(i)

就内部信贷风险管理而言，本

集团使用逾期资料评估信贷风

险自初始确认以来是否显著增

加。

(i)

就贸易应收款项而言，本集团

应用国际财务报告准则第

号的

简化方法按全期预期信贷亏损

计量亏损拨备。除具重大未偿

还结余之账款外，本集团以整

体基准按逾期状况组别厘定该

等项目的预期信贷亏损。

拨备矩阵－账款的账龄

作为本集团信贷风险管理的一

部分，本集团使用账款的账龄为

其客户评估有关其运营的减值，

乃因该等客户由多个具有共同

风险特征的客户组成，风险特征

代表客户根据合约条款支付所

有到期款项的能力。下表提供有

关贸易应收款项面临的信贷风

险的资料，此乃以整体基准使用

全期预期信贷亏损（无信贷减值）

内的拨备矩阵而评估。

194ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Provision matrix – Debtors’ aging (Continued)

二零二五年

Average

los rate

Gros

carying

amount

Los

alowance

平均亏损率账面总值亏损拨备

%HK$’000HK$’000

千港元千港元

Curent (not past due)

即期（并无逾期）

3.0%1,49245

1-30 days past due

逾期

至

日

3.1%93129

31-60 days past due

逾期

至

日

5.9%46127

61-90 days past due

逾期

至

日

10.0%707

More than 90 days

past due

逾期

日

以上

100.0%99

Total

总计

2,963117

二零二四年

Average

los rate

Gros

carying

amount

Los

alowance

平均亏损率账面总值亏损拨备

%HK$’000HK$’000

千港元千港元

Curent (not past due)

即期（并无逾期）

0%3–

1-30 days past due

逾期

至

日

13.2%65186

Total

总计

Debtors with significant outstanding balances with gros

carying amounts of HK$52,967,000 as at 31 March 2025

(2024: HK$117,486,000) were asesed individualy.

The estimated los rates are estimated based on historical

observed default rates over the expected life of the debtors and

are adjusted for forward-loking information that is available

without undue cost or efort. The grouping is regularly reviewed

by management to ensure relevant information about specific

debtors is updated.

During the year ended 31 March 2025, the Group provided

HK$117,000 (2024: HK$86,000) impairment alowance for trade

receivables based on colective asesment. Net impairment

alowance of HK$22,381,000 (2024: HK$25,369,000) were

made on debtors with significant balances during the year

ended 31 March 2025.

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

拨备矩阵－账款的账龄（续）

于二零二五年三月三十一日，具

重大未偿还结余之账款的账面

总值

52,967,000

港元（二零二四

年：

117,486,000

港元）乃进行个

别评估。

估计亏损率于账款的预计年限

内根据过往观察违约率估计得

出，并就无须付出过多成本或努

力即可获得之前瞻性资料予以

调整。管理层定期检讨分组以确

保有关特定账款的相关资料获

得更新。

于截至二零二五年三月三十一

日止年度，本集团根据整体评估

就贸易应收款项计提

117,000

港

元（二零二四年：

86,000

港元）减

值拨备。于截至二零二五年三月

三十一日止年度，已就具有重大

结余的账款计提减值拨备净额

22,381,000

港元（二零二四年：

25,369,000

港元）。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Provision matrix – Debtors’ aging (Continued)

As at 31 March 2025, the los alowance for the trade debtors

asesed individualy amounted to HK$52,967,000 (2024:

HK$33,177,000).

Movement in the lifetime ECL alowance acount in respect of

trade receivables during the year is as folows:

Lifetime ECL

(not credit-

impaired)

Lifetime ECL

(credit-impaired)Total

全期预期

信贷亏损

（无信贷减值）

全期预期

信贷亏损

（信贷减值）总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

8,183–8,183

Changes atributable to

trade receivables

recognised at 1 April

2023:

因于二零二三年四月一日

确认的贸易应收款项引致

的变动：

– Impairment loses

recognised

－已确认减值

亏损

6,483–6,483

– Impairment loses

reversed

－已拨回减值

亏损

(2,592)–(2,592)

New trade receivables

recognised net of those

derecognised due to

setlement

已确认新增贸易

应收款项，

扣除因结算而

终止确认者

21,564–21,564

Exchange diferences

汇兑差额

(375)–(375)

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

33,263–33,263

Changes atributable to

trade receivables

recognised at 1 April

2024:

因于二零二四年四月一日

确认的贸易应收款项引致

的变动：

– Transfer to credit

impaired

－转为信贷

减值

(25,556)25,556–

– Impairment loses

recognised

－已确认减值

亏损

–30,05530,055

– Derecognition upon

setlement

－于结算后

终止确认

(7,674)–(7,674)

New trade receivables

recognised net of those

derecognised due to

setlement

已确认新增贸易

应收款项，

扣除因结算而

终止确认者

117–117

Exchange diferences

汇兑差额

(33)(2,644)(2,677)

At 31 March 2025

于二零二五年三月三十一日

11752,96753,084

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

拨备矩阵－账款的账龄（续）

于二零二五年三月三十一日，个

别评估的贸易账款亏损拨备为

52,967,000

港元（二零二四年：

33,177,000

港元）。

于本年度有关贸易应收款项的

全期预期信贷亏损拨备账之变

动如下：

196ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Provision matrix – Debtors’ aging (Continued)

The folowing significant changes in the gros carying amounts

of trade receivables contributed to the changes in the los

alowance:

– trade debtors with gros carying amount of

HK$52,967,000 are considered as credit-impaired

and resulted in an increase in los alowance of

HK$27,411,000 (2024: increase in past due balances

of gros amount of HK$116,210,000 which were

considered doubtful resulted in an increase in los

alowance of HK$27,670,000); and

– ful setlement by trade debtors with a gros carying

amount of HK$14,502,000 (2024: HK$15,885,000)

resulted in a decrease in los alowance of HK$7,674,000

(2024: HK$2,592,000).

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

拨备矩阵－账款的账龄（续）

以下为导致亏损拨备变动的贸

易应收款项的账面总值之重大

变动：

－

贸易债务人账面总值

52,967,000

港元被视为信

贷减值及导致亏损拨备增

加

27,411,000

港元（二零

二四年：逾期结余增加总

额

116,210,000

港元（被视

为可疑）导致亏损拨备增

加

27,670,000

港元）；及

－

贸易债务人悉数结算账面

总值

14,502,000

港元（二

零二四年：

15,885,000

港

元），导致亏损拨备减少

7,674,000

港元（二零二四

年：

2,592,000

港元）。

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

于本年度有关其他应收款项及

按金的预期信贷亏损拨备账之

变动如下：

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Movements in the ECL alowance acount in respect of other

receivables and deposits during the year are as folows:

12-month ECL

Lifetime ECL

(credit-

impaired)Total

个月预期

信贷亏损

全期预期

信贷亏损

（信贷减值）总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

25–25

Changes atributable to financial

instruments recognised at

1 April 2023:

因于二零二三年四月一日

确认的金融工具

引致的变动：

– Transfer to lifetime ECL

－转为全期预期信贷亏损

(24)24–

– Impairment loses recognised

－已确认减值亏损

–243243

– Impairment loses reversed

－已拨回减值亏损

(1)–(1)

New other receivable and deposits

recognised net of those derecognised

upon setlement

已确认的新增其他应收款项及

按金，扣除于结算后

终止确认者

–1,5041,504

Exchange diferences

汇兑差额

–(16)(16)

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

–1,7551,755

Changes atributable to financial

instruments recognised at

1 April 2024:

因于二零二四年四月一日

确认的金融工具

引致的变动：

– Impairment loses recognised

－已确认减值亏损

–3,5923,592

New other receivable and deposits

recognised net of those derecognised

upon setlement

已确认的新增其他应收款项及

按金，扣除于结算后

终止确认者

1,130–1,130

Write-of

撇销

(1,130)–(1,130)

Exchange diferences

汇兑差额

–(252)(252)

At 31 March 2025

于二零二五年三月三十一日

–5,0955,095

198ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(a)

信贷风险（续）

其他应收款项及按金的亏损拨

备变动乃主要由于：

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(a) Credit risk (Continued)

Changes in the los alowance for other receivables and

deposits are mainly due to:

Increase (decrease) in lifetime ECL

全期预期信贷亏损增加（减少）

Increase

(decrease) in

12-month ECL

Not credit-

impairedCredit-impaired

个月预期

信贷亏损

增加（减少）无信贷减值信贷减值

HK$’000HK$’000HK$’000

千港元千港元千港元

Year ended 31 March 2025

截至二零二五年三月三十一日

止年度

Increase in past due balances of other

receivables and deposits with gros

carying amounts of HK$5,095,000

账面总值为

5,095,000

港元的其他

应收款项及按金的逾期结余

增加

–3,592

Year ended 31 March 2024

截至二零二四年三月三十一日

止年度

Increase in other receivables

with gros carying amount

of HK$5,096,000

账面总值为

5,096,000

港元的

其他应收款项

增加

–1,504

Other receivable with a gros

amount of HK$263,000 defaulted

and transfered to credit-impaired

总额为

263,000

港元

的其他应收款项违约

并转为信贷减值

(24)–24

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(b)

流动性风险

本集团内的单独营运实体负责

各自的现金管理，包括就现金盈

余进行短期投资和贷款集资以

应付预期现金需求，惟需经母公

司的董事会批准。本集团之政策

是定期监察其流动性需求及其

遵守借贷契约之情况，以确保维

持充足的现金储备以及向主要

金融机构取得充足的承诺融资

额度，满足短期及长期流动性需

求。

下表载列本集团之非衍生金融

负债于报告期末之余下合约期

限，该等余下合约期限乃根据合

约未贴现金流量（包括使用合

约利率计算，或倘为浮动利率，

则根据报告期末之现行利率计

算的利息付款）以及本集团可能

须付款之最早日期计算。

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(b) Liquidity risk

Individual operating entities within the Group are responsible

for their own cash management, including the short term

investment of cash surpluses and the raising of loans to cover

expected cash demands, subject to the parent company’s

board aproval. The Group’s policy is to regularly monitor

its liquidity requirements and its compliance with lending

covenants to ensure that it maintains suficient reserves of cash

and adequate comited lines of funding from major financial

institutions to met its liquidity requirements in the short and

longer term.

The folowing tables set out the remaining contractual maturities

at the end of the reporting period of the Group’s non-derivative

financial liabilities based on contractual undiscounted cash

flows (including interest payments computed using contractual

rates or, if floating, based on rates curent at the end of the

reporting period) and the earliest date the Group can be

required to pay.

二零二五年

On demand

Within

1 year

More than

1 year but

les than 2

years

Total

contractual

undiscounted

cash flows

Carying

amount

at 31 March

按要求一年内

超过一年

但不超过两年

合约未贴现

现金流量总额

于二零二五年

三月三十一日

的账面值HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade and other payables

贸易及其他应付款项

3,69933,218–36,91736,917

Other borowing

其他借贷

41,081–41,08141,081

Lease liabilities

租赁负债

–19,9829,38029,36228,553

44,78053,2009,380107,360106,551

200ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(b)

流动性风险（续）

附带按要求偿还条款的其他借

贷计入上述到期分析的「按要

求」时间范围内，而不考虑贷款

人选择行使其权利的可能性。

于二零二五年三月三十一日，

该等其他借贷的账面总值为

41,081,000

港元（二零二四年：

33,182,000

港元）。其他借贷将

根据贷款协议所载计划还款日

期于报告期末后偿还，详情载于

下表：

到期分析－附带按要求偿还条款

的借贷（基于计划还款）

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(b) Liquidity risk (Continued)

二零二四年

On demand

Within

1 year

More than

1 year but

les than

2 years

Total

contractual

undiscounted

cash flows

Carying

amount

at 31 March

按要求一年内

超过一年

但不超过两年

合约未贴现

现金流量总额

于二零二四年

三月三十一日

的账面值

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Trade and other payables

贸易及其他应付款项

1,85443,118–44,97244,972

Other borowing

其他借贷

33,182–33,18233,182

Lease liabilities

租赁负债

–6943181,012991

35,03643,81231879,16679,145

Other borowing with a repayment on demand clause are

included in the “on demand” time band in the above maturity

analysis regardles of the probability of the Lender chosing to

exercise their rights. At 31 March 2025, the agregate carying

amount of the other borowing amounted to HK$41,081,000

(2024: HK$33,182,000). Other borowing wil be repaid after the

end of the reporting period in acordance with the scheduled

repayment dates set out in the loan agrement, details of which

are set out in the table below:

Maturity Analysis – Borowing with a repayment on demand

clause based on scheduled repayments

Within

1 year

More than

1 year but

les than

2 years

Total

contractual

undiscounted

cash flows

Carying

amount

一年内

超过一年

但不超过两年

合约未贴现

现金流量总额账面值

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 31 March 2025

于二零二五年三月三十一日

42,085–42,08541,081

At 31 March 2024

于二零二四年三月三十一日

33,955–33,95533,182

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(b)

流动性风险（续）

于二零二五年三月三十一日，

本集团之流动负债净额为

173,173,000

港元。流动负债包

括其他借贷

41,081,000

港元，

惟本集团于二零二五年三月

三十一日的现金及现金等价物

为

10,701,000

港元。除附注

2(c)

所披露者外，本公司主要股东庄

舜而女士同意向本集团提供财

务支持并与本公司订立无息及

本金额为

80,000,000

港元的

信贷额度的贷款协议，用于向本

集团提供一般营运资金。就此而

言，董事认为本集团的流动性风

险已降低。

(c)

利率风险

利率风险指金融工具的公平价

值或未来现金流量将因市场利

率变动而波动的风险。本集团的

利率风险主要来自固定利率的

租赁负债以及浮动利率的其他

借贷，令本集团分别面临公平价

值利率风险及现金流量利率风

险。管理层认为来自银行结余之

现金流量利率风险为不重大。

(i)

利率风险概况

下表向本集团管理层呈报

本集团金融负债于报告期

末的利率风险概况详情：

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(b) Liquidity risk (Continued)

As at 31 March 2025, the Group had net curent liabilities

of HK$173,173,000. The curent liabilities included other

borowing of HK$41,081,000, but the Group’s cash and

cash equivalents amounted to HK$10,701,000 as at 31

March 2025. Saved as disclosed in note 2(c), Ms. Chong

Sok Un, a substantial shareholder of the Company agred to

provide financial suport to the Group and entered into a loan

agrement with the Company for an interest-fre line of credit

with a principal amount of HK$80,000,000 for the purpose of

providing general working capital to the Group. In this regard,

the Directors consider the Group’s liquidity risk has ben

reduced.

Interest rate risk is the risk that the fair value or future cash

flows of a financial instrument wil fluctuate because of changes

in market interest rates. The Group’s interest rate risk arises

primarily from fixed rate lease liabilities and from variable rate

other borowing, which expose the Group to fair value interest

rate risk and cash flow interest rate risk respectively. The

management considers the exposure of cash flow interest rate

risk from bank balances is insignificant.

(i) Interest rate risk profile

The folowing table, as reported to the management

of the Group, details the interest rate risk profile of the

Group’s financial liabilities at the end of the reporting

period:

Carying amount

账面值

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Fixed rate borowings:

固定利率借贷：

Lease liabilities

租赁负债

28,553991

Variable rate borowings:

浮动利率借贷：

Other borowing

其他借贷

41,08133,182

202ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(c)

利率风险（续）

(i)

敏感度分析

于二零二五年三月三十一

日，在所有其他变量保持

不变的情况下，估计利率

整体上升╱下降

个基

点将令本集团除税后亏损

及累计亏损增加╱减少约

343,000

港元（二零二四年：

277,000

港元）。此乃主要

归因于本集团面临的浮动

利率借贷风险。

上述敏感度分析乃根据于

报告期末之利率风险而厘

定。该分析乃假设于报告

期末尚未行使之金融工具

于全年均未行使。浮动利

率借贷上升或下降

个

基点（二零二四年：

个

基点）于向主要管理层成

员内部报告利率风险时使

用，亦为管理层对利率合

理可能变动的评估。有关

分析乃按与二零二四年相

同之基准进行。

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(i) Sensitivity analysis

At 31 March 2025, it is estimated that a general increase/

decrease of 100 basis points in interest rates, with al

other variables held constant, would have increased/

decreased the Group’s los after tax and acumulated

loses by aproximately HK$343,000 (2024:

HK$277,000). This is mainly atributable to the Group’s

exposure to variable-rate borowing.

The sensitivity analyses above have ben determined

based on the exposure to interest rates at the end of

the reporting period. The analysis is prepared asuming

the financial instruments outstanding at the end of the

reporting period were outstanding for the whole year. A

100 basis points (2024: 100 basis) increase or decrease

in variable-rate borowing is used when reporting interest

rate risk internaly to key management personel and

represents management’s asesment of the reasonably

posible change in interest rates. The analysis is

performed on the same basis as 2024.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(d)

货币风险

(i)

承受之货币风险

本集团面对之货币风险主

要来自因买卖而产生之应

收款项、应付款项及现金

结余，该等项目乃按外币

（即交易所涉业务之功能

货币以外之货币）计值。

此外，本公司与若干附属

公司的集团内公司间结余

乃以外币计值，亦使本集

团面临外汇风险。产生有

关风险之货币主要为澳元

（「澳元」）、美元（「美元」）

及港元。本集团在必要的

情况下按即期汇率买卖

外币，以应付短期的不平

衡，确保所面临的风险净

额维持于可接受的水平。

下表详列本集团于报告期

末所面临以与实体有关的

功能货币以外的货币计值

之已确认资产或负债而产

生的货币风险。就呈列而

言，面临风险之金额乃以

港元列示，采用年结日的

即期汇率换算。将海外业

务的财务报表换算为本集

团的呈列货币所产生的差

额已排除在外。

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(d) Curency risk

(i) Exposure to curency risk

The Group is exposed to curency risk primarily through

sales and purchases which give rise to receivables,

payables and cash balances that are denominated in a

foreign curency, i.e. a curency other than the functional

curency of the operations to which the transactions

relate. In adition, the Company has intragroup balances

with several subsidiaries denominated in foreign

curencies which also expose the Group to foreign

curency risk. The curencies giving rise to this risk

are primarily Australian dolars (“AUD”), United States

dolars (“US$”) and HK$. The Group ensures that the

net exposure is kept to an aceptable level by buying or

seling foreign curencies at spot rates where necesary

to adres short-term imbalances.

The folowing table details the Group’s exposure at the

end of the reporting period to curency risk arising from

recognised asets or liabilities denominated in a curency

other than the functional curency of the entity to which

they relate. For presentation purposes, the amounts of

the exposure are shown in HK$, translated using the

spot rate at the year end date. Diferences resulting

from the translation of the financial statements of foreign

operations into the Group’s presentation curency are

excluded.

Exposure to foreign curencies (expresed in HK$)

外汇风险（以港元表示）

二零二五年二零二四年

US$AUDHK$US$AUDHK$

美元澳元港元美元澳元港元

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

Cash and bank balances

现金及银行结余

10089666302,546–

Trade and other payables

贸易及其他应付款项

–554–(131)

Other borowing

其他借贷

–(10,000)–

Intra-group balances

集团内公司间结余

–(34,917)–(8,265)(87,008)

Net exposure arising from

recognised asets and

liabilities

已确认资产及

负债产生的

风险净额

1008944,80530(5,719)(87,139)

204ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(d)

货币风险（续）

(i)

敏感度分析

下表载列本集团于报告期

末面临重大风险的外汇

率于该日出现变动（假设

所有其他风险变数保持不

变）对本集团除税后亏损

（及累计亏损）产生的即

时变动。就此而言，已假设

港元兑美元的挂钩汇率将

不会因美元兑其他货币的

任何价值变动而受到重大

影响。

上表所载分析结果指为呈

列目的而将以相关功能货

币计量的各集团实体除税

后溢利或亏损及权益按报

告期末汇率兑换为港元的

综合即时影响。

敏感度分析亦包括集团内

公司间结余，有关结余乃

以贷款人或借款人功能货

币以外的货币计值。

敏感度分析假设外汇率

变动已应用于重新计量本

集团所持有于报告期末面

临外汇风险的金融工具。

分析按与二零二四年相同

的基准进行。

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(d) Curency risk (Continued)

(i) Sensitivity analysis

The folowing table indicates the instantaneous change in

the Group’s los after tax (and acumulated loses) that

would arise if foreign exchange rates to which the Group

has significant exposure at the end of the reporting

period had changed at that date, asuming al other

risk variables remained constant. In this respect, it is

asumed that the peged rate betwen the HK$ and the

US$ would be materialy unafected by any changes in

value of the US$ against other curencies.

二零二五年二零二四年

Increase

(decrease)

in foreign

exchange

rate

Increase

(decrease)

in los after

tax and

acumulated

loses

Increase

(decrease)

in foreign

exchange

rate

Increase

(decrease)

in los after

tax and

acumulated

loses

外汇率

上升（下降）

除税后亏损

及累计亏损

增加（减少）

外汇率

上升（下降）

除税后亏损

及累计亏损

增加（减少）HK$’000HK$’000

千港元千港元

AUD

澳元

5%(4)5%239

(5%)4(5%)(239)

HK$

港元

5%1,8715%3,638

(5%)(1,871)(5%)(3,638)

Results of the analysis as presented in the above table

represent an agregation of the instantaneous efects

on each of the group entities’ profit or los after tax and

equity measured in the respective functional curencies,

translated into HK$ at the exchange rate ruling at the end

of the reporting period for presentation purposes.

The sensitivity analysis also includes intra-group balances

where the denomination of the balances is in a curency

other than the functional curency of the lender or the

borower.

The sensitivity analysis asumes that the change in

foreign exchange rates had ben aplied to re-measure

those financial instruments held by the Group which

expose the Group to foreign curency risk at the end of

the reporting period. The analysis is performed on the

same basis for 2024.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(e)

股本价格风险

本集团面临持作非交易目的之

按公平价值计入损益之金融资产

（附注

）产生的股本价格变动

风险。

本集团之上市投资于澳洲证券

交易所上市。本集团根据上市投

资的长期增长潜力，选择非为交

易目的而持有的上市投资，并定

期监察其表现是否符合预期。

于二零二五年三月三十一日，倘

所有其他变量保持不变，估计股

本证券价格增加╱（减少）

10%

将令本集团除税后亏损及累计

亏损减少╱增加如下：

敏感度分析于截至二零二四年

三月三十一日止年度不适用。

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(e) Equity price risk

The Group is exposed to equity price changes arising at

financial asets at fair value through profit or los held for

non-trading purposes (note 20).

The Group’s listed investment is listed on the Australian

Securities Exchange. Listed investments that are not held for

trading purposes have ben chosen based on their longer term

growth potential and are monitored regularly for performance

against expectations.

At 31 March 2025, it is estimated that an increase/(decrease) of

10% in the price of the equity security, with al other variables

held constant, would have decreased/increased the Group’s

los after tax and acumulated loses as folows:

二零二五年

Increase/

(decrease)

in price of

equity security

Decrease/

(increase)

in los after tax

Decrease/

(increase)

in acumulated

loses

股本证券价格

增加／（减少）

除税后亏损

减少／（增加）

累计亏损

减少／（增加）

%HK$’000HK$’000

千港元千港元

Change in the relevant

equity price risk variable:

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(f)

公平价值计量

(i)

按公平价值计量的金融资

产

公平价值层级

下表呈列本集团金融工具

于报告期末按经常性基准

计量并分类为三个等级公

平价值层级（定义见国际

财务报告准则第

号）的

公平价值。公平价值计量

分类之等级乃参考估值技

术所采用输入数据之可观

察程度及重要性而厘定如

下：

－

第一级估值：公平

价值仅采用第一级

输入数据计量，即

于计量日相同资产

或负债于活跃市场

之未经调整报价

－

第二级估值：公平

价值采用第二级输

入数据计量，即未

符合第一级之可观

察输入数据，并且

不使用显著不可观

察输入数据。不可

观察输入数据为无

法获得市场数据之

输入数据

－

第三级估值：公平

价值采用显著不可

观察输入数据计量

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(f) Fair value measurement

(i) Financial asets measured at fair value

Fair value hierarchy

The folowing table presents the fair value of the Group’s

financial instruments measured at the end of the

reporting period on a recuring basis, categorised into

the thre-level fair value hierarchy as defined in IFRS 13.

The level into which a fair value measurement is clasified

is determined with reference to the observability and

significance of the inputs used in the valuation technique

as folows:

– Level 1 valuations: Fair value measured using only

Level 1 inputs i.e. unadjusted quoted prices in

active markets for identical asets or liabilities at

the measurement date

– Level 2 valuations: Fair value measured using Level

2 inputs i.e. observable inputs which fail to met

Level 1, and not using significant unobservable

inputs. Unobservable inputs are inputs for which

market data are not available

– Level 3 valuations: Fair value measured using

significant unobservable inputs

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(f)

公平价值计量（续）

(i)

按公平价值计量的金融资

产（续）

公平价值层级（续）

于截至二零二五年及二零

二四年三月三十一日止年

度，并无公平价值层级第

一级及第二级间之转拨，

或自第三级转入或转出。

本集团之政策为于公平价

值层级各等级间之转拨产

生之报告期末确认有关转

拨。

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(f) Fair value measurement (Continued)

(i) Financial asets measured at fair value (Continued)

Fair value hierarchy (Continued)

Fair value measurements as at

31 March 2025 categorised into

fair value hierarchy

于二零二五年三月三十一日

分类至公平价值层级之公平价值计量

Fair value

at 31 March

2025Level 1Level 2Level 3

于二零二五年

三月三十一日

之公平价值第一级第二级第三级

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value

measurement

经常性公平价值

计量

Asets:

资产：

Financial asets at

fair value through

profit or los

按公平价值计入

损益之金融资产

Listed equity securities

上市股本证券

12,22812,228–

Fair value measurements as at

31 March 2024 categorised into

fair value hierarchy

于二零二四年三月三十一日

分类至公平价值层级之公平价值计量

Fair value

at 31 March

2024Level 1Level 2Level 3

于二零二四年

三月三十一日

之公平价值第一级第二级第三级

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Recuring fair value

measurement

经常性公平价值

计量

Asets:

资产：

Financial asets at

fair value through

profit or los

按公平价值计入

损益之金融资产

Listed equity securities

上市股本证券

–

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 of the fair value hierarchy.

The Group’s policy is to recognise transfers betwen

levels of fair value hierarchy at the end of the reporting

period in which they ocur.

208ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

37.

金融风险管理及金融工具的公平价

值（续）

(f)

公平价值计量（续）

(i)

并非按公平价值列账的金

融资产及负债的公平价值

于二零二五年及二零二四

年三月三十一日，本集团

按摊销成本列账的金融工

具账面值与其公平价值并

无重大差异。

38.

业务合并

截至二零二五年三月三十一日止年度

(i)

收购

Smart Front Developments

Limited

及合盈（香港）有限公司

于二零二四年六月十一

日，本集团收购

Smart Front

Developments Limited

及合盈（香

港）有限公司以及其附属公司

三泰集运有限公司及三泰物流

有限公司（统称「被收购集团」）

100%

权益以及被收购集团应向

卖方偿还的贷款权利。被收购

集团从事保税仓库储存、一般

仓库储存、拆箱及货运代理服

务业务。此次收购采用收购法

作为收购业务入账。收购成本

21,875,000

港元已以现金支付，

其中，

17,500,000

港元支付予服

务实体

控制的一间实体。收购

为本集团扩展其物流业务之良

机，预期将于未来为本集团带来

额外收入。

37. FINANCIAL RISK MANAGEMENT AND FAIR VALUE OF

FINANCIAL INSTRUMENTS (Continued)

(f) Fair value measurement (Continued)

(i) Fair value of financial asets and liabilities caried at

other than fair value

The carying amounts of the Group’s financial instruments

caried at amortised cost are not materialy diferent from

their fair values as at 31 March 2025 and 2024.

38. BUSINES COMBINATIONS

For the year ended 31 March 2025

(i) Acquisition of Smart Front Developments Limited and

Welfit (HK) Limited

On 11 June 2024, the Group acquired 100% interest in Smart

Front Developments Limited and Welfit (HK) Limited and their

subsidiaries, San Tai Distribution Company Limited and San Tai

Logistics Company Limited (colectively the “Acquired Group”)

and the rights of the loan due by the Acquired Group to the

vendor. The Acquired Group are engaged in the busines

of bonded warehouse storage, general warehouse storage,

devaning and freight forwarder services. The acquisition

has ben acounted for as acquisition of busines using the

acquisition method. The acquisition cost of HK$21,875,000

was satisfied in cash, of which HK$17,500,000 is paid to

an entity controled by Service Entity I. The acquisition is an

oportunity for the Group to expand its Logistics Busines,

which is expected to bring aditional revenue to the Group in

future.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

38.

业务合并（续）

截至二零二五年三月三十一日止年度

（续）

(i)

收购

Smart Front Developments

Limited

及合盈（香港）有限公司

（续）

因收购而确认的资产及负债如

下：

收购相关成本

226,000

港元已确

认为行政费用。

由于收购包括被收购集团的配

套劳动力及若干潜在合约（于

收购日期仍在与新客户进行磋

商），故收购被收购集团产生商

誉。由于该等利益不符合可识别

无形资产的确认标准，故该等利

益并无与商誉分开确认。

预期该收购产生的商誉就税务

目的而言不可扣减。

贸易及其他应收款项包括到期

之总合约金额

9,463,000

港元，

其中

139,000

港元于收购日期预

期不可收回。

38. BUSINES COMBINATIONS (Continued)

For the year ended 31 March 2025 (Continued)

(i) Acquisition of Smart Front Developments Limited and

Welfit (HK) Limited (Continued)

The asets and liabilities recognised as a result of the

acquisition are as folows:

Fair value

公平价值

HK$’000

千港元

Property, plant and equipment

(including right-of-use asets) (note 16)

物业、厂房及设备

（包括使用权资产）（附注

）

Trade and other receivables

贸易及其他应收款项

9,324

Cash and cash equivalents

现金及现金等价物

9,259

Trade and other payables

贸易及其他应付款项

(1,734)

Defined benefit obligation (note 29)

界定福利责任（附注

）

(422)

Income tax payable

应付所得税

(448)

Defered tax liabilities (note 30(a)

递延税项负债（附注

30(a)

）

(43)

Total identifiable net asets at fair value

按公平价值计量的可识别总资产净额

16,904

Godwil on acquisition (note 18)

收购之商誉（附注

）

4,971

Total consideration, satisfied by cash

总代价，以现金偿付

21,875

Net cash outflow arising on acquisition:

收购产生的现金流出净额：

Cash consideration

现金代价

21,875

Les: Cash and cash equivalents acquired

减：所收购的现金及现金等价物

(9,259)

Net cash outflow arising on acquisition

收购产生的现金流出净额

12,616

Acquisition-related costs amounting to HK$226,000 have ben

recognised as administrative expenses.

Godwil arises on the acquisition of the Acquired Group

because the acquisition included the asembled workforce of

the Acquired Group and some potential contracts which are stil

under negotiation with new customers as at acquisition date.

These benefits are not recognised separately from godwil

because they do not met the recognition criteria for identifiable

intangible asets.

None of the godwil arising on this acquisition is expected to

be deductible for tax purposes.

Trade and other receivables comprise gros contractual

amounts due of HK$9,463,000, of which HK$139,000 was

expected to be uncolectable at the date of acquisition.

210ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

38.

业务合并（续）

截至二零二五年三月三十一日止年度

（续）

(i)

收购

Smart Front Developments

Limited

及合盈（香港）有限公司

（续）

自收购起，被收购集团于截至二

零二五年三月三十一日止年度

分别为本集团贡献收入及综合

亏损

24,946,000

港元及

358,000

港元。

倘收购已于二零二四年四月一

日进行，本集团截至二零二五年

三月三十一日止年度的收入及

亏损将分别为

47,278,000

港元及

198,117,000

港元。备考资料仅

供说明用途，未必为本集团假设

收购于二零二四年四月一日已

完成之情况下实际应已达致之

收入及经营业绩之指标，亦不拟

作为未来业绩之预测。

(i)

收购沈阳金蚁

于二零二四年六月二十七日，本

集团收购沈阳金蚁及其非全资

附属公司（统称「沈阳金蚁集团」）

70%

权益以及沈阳金蚁应向卖

方偿还的贷款权利。沈阳金蚁于

中国从事电子商务等业务。此

次收购采用收购法作为收购业

务入账。收购成本

5,057,000

澳元

（相等于约

26,246,000

港元）通

过清偿本集团客户应付的贸易

债务而支付。收购旨在收回贸易

应收款项，以盘活本公司资源，

巩固其现有业务，尤其是奶类产

品业务，并开发新业务领域。

38. BUSINES COMBINATIONS (Continued)

For the year ended 31 March 2025 (Continued)

(i) Acquisition of Smart Front Developments Limited and

Welfit (HK) Limited (Continued)

Since the acquisition, the Acquired Group contributed

HK$24,946,000 to the Group’s revenue and HK$358,000 to the

consolidated los for the year ended 31 March 2025.

Had the acquisition taken place on 1 April 2024, the revenue

and the los of the Group for the year ended 31 March 2025

would have ben HK$47,278,000 and HK$198,117,000,

respectively. The pro forma information is for ilustrative

purposes only and is not necesarily an indication of revenue

and results of operations of the Group that actualy would have

ben achieved had the acquisition ben completed on 1 April

2024, nor is it intended to be a projection of future results.

(i) Acquisition of Shenyang Jinyi

On 27 June 2024, the Group acquired 70% interest in

Shenyang Jinyi and its non-wholy-owned subsidiary

(colectively “Shenyang Jinyi Group”) and the rights of the

loan due by Shenyang Jinyi to the vendor. Shenyang Jinyi is

engaged in the busines of, among others, e-comerce in the

PRC. The acquisition has ben acounted for as acquisition of

busines using the acquisition method. The acquisition cost of

AUD5,057,000 (equivalent to aproximately HK$26,246,000)

was satisfied by discharge the trade debts due by a customer

of the Group. The acquisition aims to recover trade receivables

with a view to revitalizing the Company’s resources to solidify

its existing busines, especialy the Milk Products Busines and

developing new lines of busines.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

38.

业务合并（续）

截至二零二五年三月三十一日止年度

（续）

(i)

收购沈阳金蚁（续）

因收购而确认的资产及负债如

下：

收购相关成本

1,015,000

港元已

确认为行政费用。

由于透过将奶粉及食品产品纳

入沈阳金蚁的平台，使得本集团

进入其产品于中国的零售市场，

收购沈阳金蚁集团可与本集团

主营业务产生协同效应，故收购

沈阳金蚁集团产生商誉。由于该

等利益不符合可识别无形资产

的确认标准，故该等利益并无与

商誉分开确认。

38. BUSINES COMBINATIONS (Continued)

For the year ended 31 March 2025 (Continued)

(i) Acquisition of Shenyang Jinyi (Continued)

The asets and liabilities recognised as a result of the

acquisition are as folows:

Fair value

公平价值

HK$’000

千港元

Property, plant and equipment (note 16)

物业、厂房及设备（附注

）

Other intangible asets (note 17)

其他无形资产（附注

）

25,363

Trade and other receivables

贸易及其他应收款项

1,187

Cash and cash equivalents

现金及现金等价物

1,433

Trade and other payables

贸易及其他应付款项

(1,571)

Defered tax liabilities (note 30(c)

递延税项负债（附注

30(c)

）

(5,876)

Total identifiable net asets at fair value

按公平价值计量的可识别总资产净额

20,545

Non-controling interests, based on their

proportionate interest in the recognised

amounts of the asets and liabilities of

Shenyang Jinyi Group

非控股权益（按其于沈阳

金蚁集团资产及负债

经确认金额中之

权益比例计算）

(5,740)

14,805

Godwil on acquisition (note 18)

收购之商誉（附注

）

11,441

Total consideration

总代价

26,246

Cash inflow arising on acquisition:

收购产生的现金流入：

Cash consideration

现金代价

–

Ad: Cash and cash equivalents acquired

加：所收购的现金及现金等价物

1,433

Cash inflow on acquisition

收购的现金流入

1,433

Acquisition-related costs amounting to HK$1,015,000 have

ben recognised as administrative expenses.

Godwil arises on the acquisition of Shenyang Jinyi Group

because it can create a synergy efect with the Group’s principal

busines by incorporating the milk powder and fods products

into the platforms of Shenyang Jinyi which the Group can

penetrate into the retail market of the Group’s products in

the PRC. These benefits are not recognised separately from

godwil because they do not met the recognition criteria for

identifiable intangible asets.

212ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

38.

业务合并（续）

截至二零二五年三月三十一日止年度

（续）

(i)

收购沈阳金蚁（续）

预期该收购产生的商誉就税务

目的而言不可扣减。

贸易及其他应收款项包括到期

之总合约金额

1,187,000

港元，

其中零于收购日期预期不可收

回。

自收购起，沈阳金蚁集团于截

至二零二五年三月三十一日止

年度分别为本集团贡献收入

及综合亏损

1,298,000

港元及

1,654,000

港元。

倘收购已于二零二四年四月一

日进行，本集团截至二零二五年

三月三十一日止年度的收入及

亏损将分别为

42,429,000

港元及

197,801,000

港元。备考资料仅

供说明用途，未必为本集团假设

收购于二零二四年四月一日已

完成之情况下实际应已达致之

收入及经营业绩之指标，亦不拟

作为未来业绩之预测。

截至二零二四年三月三十一日止年度

于截至二零二四年三月三十一日止年

度，概无业务合并。

38. BUSINES COMBINATIONS (Continued)

For the year ended 31 March 2025 (Continued)

(i) Acquisition of Shenyang Jinyi (Continued)

None of the godwil arising on this acquisition is expected to

be deductible for tax purposes.

Trade and other receivables comprise gros contractual

amounts due of HK$1,187,000, of which nil was expected to be

uncolectable at the date of acquisition.

Since the acquisition, Shenyang Jinyi Group contributed

HK$1,298,000 to the Group’s revenue and HK$1,654,000 to

the consolidated los for the year ended 31 March 2025.

Had the acquisition taken place on 1 April 2024, the revenue

and the los of the Group for the year ended 31 March 2025

would have ben HK$42,429,000 and HK$197,801,000,

respectively. The pro forma information is for ilustrative

purposes only and is not necesarily an indication of revenue

and results of operations of the Group that actualy would have

ben achieved had the acquisition ben completed on 1 April

2024, nor is it intended to be a projection of future results.

For the year ended 31 March 2024

During the year ended 31 March 2024, there is no busines

combination.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

39.

重大关连方交易及结余

除在此综合财务报表内其他部分详述

之交易外，本集团于本年度有以下与

关连方进行之交易：

(i)

于报告期间，本集团主要管理

人员之薪酬（包括付予董事（披

露于附注

）及若干最高薪雇员

（披露于附注

）之金额）如下：

上述薪酬计入「员工成本」内（见

附注

9(b)

）。

除附注

所披露者外，赵磊先生

及高鹏先生各自为服务实体

或

之雇员，该等实体各自向本集团

提供主要管理人员服务。于截至

二零二五年三月三十一日止年

度向本公司收取服务费

695,000

港元（二零二四年：

245,000

港

元）。

(i)

于二零二年八月二日，本集团

合营企业

Bubs Supreme Partner

Pty Ltd

将

Bubs

商标（定义见附注

）的使用许可转授予本集团附

属公司，于中国、香港、澳门及

台湾按非独家、免专利权费及永

久基准用于广告、营销及分销由

Bubs Australia

或其联属公司制

造及供应的婴幼儿营养品。

39. MATERIAL RELATED PARTY TRANSACTIONS AND

BALANCES

In adition to the transactions detailed elsewhere in these

consolidated financial statements, the Group had the folowing

transactions with related parties during the year:

(i) Remuneration for key management personel of the Group,

including amounts paid to the Directors as disclosed in note

11 and certain highest paid employes as disclosed in note 12

during the reporting period is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Short-term employe benefits

短期雇员福利

2,0672,345

Post-employment benefits

离职后福利

2,0852,402

The above-mentioned remuneration is included in “staf costs”

(se note 9(b).

Saved as disclosed in note 11, each of Mr. Zhao Lei and Mr.

Gao Peng are employes of the Service Entity I or I, each of

them provides key management personel services to the

Group. Services fe of HK$695,000 (2024: HK$245,000) was

charged to the Company for the year ended 31 March 2025.

(i) On 2 August 2022, Bubs Supreme Partner Pty Ltd, a joint

venture of the Group, sub-licensed the use of the Bubs

Trademarks (defined in note 19) to a subsidiary of the Group, on

a non-exclusive, royalty-fre and perpetual basis, in the PRC,

Hong Kong, Macau and Taiwan for the purpose of advertising,

marketing and distributing the infant nutrition products

manufactured and suplied by Bubs Australia or its afiliates.

214ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

39.

重大关连方交易及结余（续）

(i)

与服务实体

控制的实体的交易

服务实体

于二零二四年五月

三十一日（委任高鹏先生为董事

的日期）至二零二四年九月十一

日（高鹏先生辞任董事的日期）

向本公司提供主要管理人员服

务。由于向本公司提供管理人员

服务，根据国际会计准则第

号，服务实体

被视为本集团的

关连方。除此综合财务报表其他

部分所披露者外，于二零二四年

五月三十一日至二零二四年九

月十一日期间，本集团已与服

务实体

控制的实体进行以下交

易：

40.

经营租赁安排

本集团作为出租人

租赁之未贴现应收租赁付款如下：

41.

主要非现金交易

截至二零二五年三月三十一日止年度

除综合财务报表其他部分所披露之该

等交易外，本集团有以下主要非现金

交易：

(i)

于本年度，本集团订立为期两年

的新物业租赁协议。于租赁开始

日期，本集团分别确认使用权资

产及租赁负债

37,890,000

港元及

37,890,000

港元。

39. MATERIAL RELATED PARTY TRANSACTIONS AND

BALANCES (Continued)

(i) Transactions with entities controled by Service Entity I

Service Entity I provides key management personel services

to the Company from 31 May 2024 (apointment date of Mr.

Gao Peng as Director), to 11 September 2024 (resignation

date of Mr. Gao Peng as Director). By providing management

personel services to the Company, Service Entity I is demed

as a related party of the Group acording to IAS 24. Save as

disclosed elsewhere in these consolidated financial statements,

the Group had the folowing transactions with entities controled

by the Service Entity I during the period from 31 May 2024 to

11 September 2024:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Expenses relating to short-term leases

paid by the Group

本集团支付的与短期租赁

有关的开支

4,742–

40. OPERATING LEASE ARANGEMENTS

The Group as lesor

Undiscounted lease payments receivable on leases are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 1 year

一年内

–1,777

After 1 year but within 2 years

一年后但两年内

–1,777

After 2 years but within 3 years

两年后但三年内

–444

–3,998

41. MAJOR NON-CASH TRANSACTIONS

For the year ended 31 March 2025

In adition to those transactions disclosed elsewhere in the

consolidated financial statements, the Group had the folowing major

non-cash transactions:

(i) During the year, the Group entered into new lease agrements

for the use of properties for 2 years. On the comencement

dates of leases, the Group recognised right-of-use asets

and lease liabilities of HK$37,890,000 and HK$37,890,000

respectively.

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

41.

主要非现金交易（续）

截至二零二五年三月三十一日止年度（续）

(i)

就收购沈阳金蚁的收购成

本

5,057,000

澳元（相等于约

26,246,000

港元）通过清偿本集

团客户应付的贸易债务而支付

（附注

38(i)

）。

截至二零二四年三月三十一日止年度

于截至二零二四年三月三十一日止年

度，概无主要非现金交易。

42.

报告期后事项

除综合财务报表其他部分所披露之事

项外，报告期后发生的其他重大事项

如下：

兹提述附注

的该等仲裁，于二零

二五年六月十八日，代表

IFC

行事的律

师对爱丽丝贸易发出通知并随附由香

港高等法院原讼法庭（「香港法院」）发

出日期为二零二五年六月十六日的命

令（「爱丽丝贸易法院命令」），据此责

令

(i) IFC

获准以具有同等效力的香港法

院之判决或命令的同等方式执行

IFC

与

爱丽丝贸易仲裁日期为二零二五年四

月二十八日的该等仲裁决，及

(i)

在爱

丽丝贸易法院命令送达爱丽丝贸易日

期起计十四天内，爱丽丝贸易可申请

撤销爱丽丝贸易法院命令，直至该期

间结束前不得执行裁决，或如果爱丽

丝贸易于该期间内申请撤销爱丽丝贸

易法院命令，则直至该申请最终处置

完成前亦不得执行裁决。

此外，于二零二五年六月十八日，代表

IFC

行事的律师对维勒斯贸易发出通

知并随附由香港法院发出日期为二零

二五年六月十六日的命令（「维勒斯贸

易法院命令」），据此责令

(i) IFC

获准以

具有同等效力的香港法院之判决或命

令的同等方式执行

IFC

与维勒斯贸易仲

裁日期为二零二五年四月二十八日的

该等仲裁决，及

(i)

在维勒斯贸易法院

命令送达维勒斯贸易日期起计十四天

内，维勒斯贸易可申请撤销维勒斯贸

易法院命令，直至该期间结束前不得

执行该等仲裁决，或如果维勒斯贸

易于该期间内申请撤销维勒斯贸易法

院命令，则直至该申请最终处置完成

前亦不得执行该等仲裁决。

41. MAJOR NON-CASH TRANSACTIONS (Continued)

For the year ended 31 March 2025 (Continued)

(i) The acquisition cost of AUD5,057,000 (equivalent to

aproximately HK$26,246,000) for the acquisition of Shenyang

Jinyi was satisfied by discharge the trade debts due by a

customer of the Group (note 38(i).

For the year ended 31 March 2024

During the year ended 31 March 2024, there is no major non-cash

transaction.

42. EVENTS AFTER THE REPORTING PERIOD

In adition to the events disclosed elsewhere in the consolidated

financial statements, there are other major events after the end of the

reporting period as below:

Reference is made to the Arbitrations in note 31, on 18 June 2025,

the solicitors acting on behalf of IFC served a notice to Alice Trading

enclosing an order (“AT Court Order”) by the Court of First Instance of

the High Court of Hong Kong (the “HK Court”) dated 16 June 2025,

pursuant to which it was ordered that (i) IFC do have leave to enforce

the Arbitration Award dated 28 April 2025 in the Arbitration betwen

IFC and Alice Trading in the same maner as a judgment or order of

the HK Court to the same efect, and (i) within 14 days after service

of the AT Court Order on Alice Trading, Alice Trading may aply to set

aside the AT Court Order, and the award shal not be enforced until

after the expiration of that period or, if Alice Trading aplies within the

period to set aside the AT Court Order, until after the aplication is

finaly disposed of.

Furthermore, on 18 June 2025, the solicitors acting on behalf of

IFC served a notice to Wilis Trading enclosing an order (“WT Court

Order”) by the HK Court dated 16 June 2025, pursuant to which it

was ordered that (i) IFC do have leave to enforce the Arbitration Award

dated 28 April 2025 in the Arbitration betwen IFC and Wilis Trading

in the same maner as a judgment or order of the HK Court to the

same efect, and (i) within 14 days after service of the WT Court Order

on Wilis Trading, Wilis Trading may aply to set aside the WT Court

Order, and the Arbitration Award shal not be enforced until after the

expiration of that period or, if Wilis Trading aplies within the period

to set aside the WT Court Order, until after the aplication is finaly

disposed of.

216ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

43. 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 IASB has

isued a number of amendments and a new standard 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.

Amendments to IAS 21Lack of Exchangeability

Amendments to IFRS 9

and IFRS 7

Amendments to the Clasification and

Measurement of Financial Instruments

Amendments to IFRS 9

and IFRS 7

Contracts Referencing Nature-dependent

Electricity

Anual Improvements

to IFRS Acounting

Standards 2024

Amendments to IFRS 1, IFRS 7, IFRS 9,

IFRS 10 and IAS 7

IFRS 18 and

consequential

amendments to

other IFRSs

Presentation and Disclosure in Financial

Statements

IFRS 19Subsidiaries without Public Acountability:

Disclosures

Amendments to IFRS 10

and IAS 28

Sale or Contribution of Asets betwen

an Investor and its Asociate or Joint

Venture

43.

截至二零二五年三月三十一日止年

度已颁布但尚未生效之修订本、新

订准则及诠释之可能影响

直至刊发该等财务报表日期，国际会

计准则理事会已颁布截至二零二五年

三月三十一日止年度尚未生效且于该

等财务报表内尚未采纳的多项修订本

及一项新订准则。该等发展包括下列

可能与本集团相关之准则。

国际会计准则

第

号修订

本

缺乏可兑换性

国际财务报告

准则第

号

及国际财务

报告准则第

号修订本

金融工具之分类及计

量修订本

国际财务报告

准则第

号及

国际财务报

告准则第

号

修订本

依赖自然能源生产电

力的合约

国际财务报告

准则会计准

则二零二四

年之年度改

进

国际财务报告准则第

号、国际财务报

告准则第

号、国

际财务报告准则第

号、国际财务报

告准则第

号及国

际会计准则第

号

修订本

国际财务报告

准则第

号

及其他国际

财务报告准

则后续修订

本

财务报表的呈列及披

露

国际财务报告

准则第

号

不承担公共责任的附

属公司：披露资料

国际财务报告

准则第

号

及国际会计

准则第

号

修订本

投资者与其联营公司

或合营企业之间的

资产出售或注资

阿尔法企业控股有限公司

•

二零二五年报

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

43.

截至二零二五年三月三十一日止年

度已颁布但尚未生效之修订本、新

订准则及诠释之可能影响（续）

于二零二五年一月一日或之后开始之

年度期间生效

于二零二六年一月一日或之后开始之

年度期间生效

于二零二七年一月一日或之后开始之

年度期间生效

于待定日期或之后开始之年度期间生

效

除下文提及之国际财务报告准则新修

订本外，董事预计应用其他新订及经

修订国际财务报告准则会计准则于可

预见未来将不会对综合财务报表产生

任何重大影响。

国际财务报告准则第

号「财务报表的呈

列及披露」及其他国际财务报告准则后续

修订本

国际财务报告准则第

号取代国际会

计准则第

号「财务报表的呈列」（「国际

会计准则第

号」）。其沿用国际会计准

则第

号的多项规定，并无变动。国际

财务报告准则第

号为损益表及财务

报表附注带来以下主要变动：

(a)

国际财务报告准则第

号要求

实体：

(i)

于损益表内将收入与支出

分类为经营、投资及融资

类别，另加所得税及已终

止经营业务。

(i)

呈列两个新界定的小计，

分别为经营损益以及除融

资及所得税前损益。

(b)

其规定实体披露管理层所界定

的表现指标（「管理层表现指标」）

及管理层表现指标与国际财务

报告准则第

号所列小计或国

际财务报告准则所规定总计或

小计之间的对账。

43. POSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS

AND INTERPRETATIONS ISUED BUT NOT YET

EFECTIVE FOR THE YEAR ENDED 31 MARCH 2025

(Continued)

Efective for anual periods begining on or after 1 January 2025

Efective for anual periods begining on or after 1 January 2026

Efective for anual periods begining on or after 1 January 2027

Efective for anual periods begining on or after a date to be determined

Except for the new amendments to IFRSs mentioned below, the

Directors anticipate that the aplication of other new and amendments

to IFRS Acounting Standards wil have no material impact on the

consolidated financial statements in the foreseable future.

IFRS 18 “Presentation and Disclosure in Financial Statements”

and consequential amendments to other IFRSs

IFRS 18 replaces IAS 1 “Presentation of Financial Statements” (“IAS

1”). It caries forward many requirements from IAS 1 unchanged. IFRS

18 brings major changes to the statement of profit or los and notes

to the financial statements as folows:

(a) IFRS 18 requires an entity:

(i) to clasify income and expenses into operating, investing

and financing categories in the statement of profit or los,

plus income taxes and discontinued operations.

(i) to present two new defined subtotals, namely, operating

profit or los and profit or los before financing and

income taxes.

(b) It requires an entity to disclose management-defined

performance measures (“MPM”) and reconciliations betwen

MPM and subtotals listed in IFRS 18 or totals or subtotals

required by IFRSs.

218ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Notes to the Consolidated Financial Statements

综合财务报表附注For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

43.

截至二零二五年三月三十一日止年

度已颁布但尚未生效之修订本、新

订准则及诠释之可能影响（续）

(c)

其载列有助于实体确定应列入

主要财务报表或列入附注的相

关项目的资料的规定，并提供确

定资料所需详细程度的原则。

国际财务报告准则第

号亦载

列汇兑差额、货币状况净额的收

益或亏损及衍生工具及指定对

冲工具的收益及亏损的分类规

定。

此外，国际会计准则第

号的部

分段落已移至国际会计准则第

号「财务报表的编制基准」及国

际财务报告准则第

号。亦已对

国际会计准则第

号「现金流量

表」及国际会计准则第

号「每

股盈利」作出轻微修订。国际财

务报告准则第

号及其他国际

财务报告准则的后续修订本于

二零二七年一月一日或之后开

始的年度报告期间生效，并可提

前应用。

应用新准则预期将影响综合损

益表的呈列及未来综合财务报

表的披露。本集团现正评估对综

合财务报表的详细影响。

43. POSIBLE IMPACT OF AMENDMENTS, NEW STANDARDS

AND INTERPRETATIONS ISUED BUT NOT YET

EFECTIVE FOR THE YEAR ENDED 31 MARCH 2025

(Continued)

information about items should be in the primary financial

statements or in the notes and provides principles for

determining the level of detail neded for the information.

IFRS 18 also set out clasification requirements for foreign

exchange diferences, the gain or los on the net monetary

position, and gains and loses on derivatives and designated

hedging instruments.

In adition, some paragraphs in IAS 1 have ben moved to

IAS 8 “Basis of Preparation of Financial Statements” and IFRS

7. Minor amendments to IAS 7 “Statement of Cash Flows”

and IAS 33 “Earnings per Share” are also made. IFRS 18 and

consequential amendments to other IFRSs are efective for

anual reporting periods begining on or after 1 January 2027,

with early aplication permited.

The aplication of the new standard is expected to afect the

presentation of the consolidated statement of profit or los and

disclosures in the future consolidated financial statements. The

Group is in the proces of asesing the detailed impact on the

consolidated financial statements.

阿尔法企业控股有限公司

•

二零二五年报

Financial Sumary

财务概要

Financial year ended 31 March

截至三月三十一日止财政年度

二零二一年二零二年二零二三年二零二四年二零二五年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Results

业绩

Revenue (continuing

operations)

收入（持续

经营业务）

268,099438,353363,09396,31040,520

Profit/(los) for the year

本年内度溢利╱（亏损）

(14,993)(31,644)1,315(38,321)(198,499)

Atributable to:

应占方：

Owners of the Company

本公司股东

(14,993)(31,644)1,315(38,321)(197,268)

Non-controling interests

非控股权益

–(1,231)

(14,993)(31,644)1,315(38,321)(198,499)

Basic earnings/(los)

per share

每股基本盈利╱

（亏损）

(4.8)(10.1)0.4(11.0)(56.5)

港仙

HK cents

港仙

HK cents

港仙

HK cents

港仙

HK cents

港仙

HK cents

At 31 March

于三月三十一日

二零二一年二零二年二零二三年二零二四年二零二五年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Asets and liabilities

资产及负债

Total asets

资产总额

239,507178,820270,444198,306149,577

Total liabilities

负债总额

89,01562,469111,62480,073214,711

Equity atributable to owners

of the Company

本公司股东

应占权益

150,492116,351158,820118,233(69,925)

Non-controling interests

非控股权益

–4,791

Total equity/(capital deficiency)

权益╱（资本亏绌）总额

150,492116,351158,820118,233(65,134)

220ALPHA PROFESIONAL HOLDINGS LIMITED

•

Anual Report 2025

Particulars of Property Held for Investment

持作投资物业资料

LocationLot No.Existing UseLease Term% held by the Group

地点地段编号现时用途租赁期本集团持有

152 Milpera Road,

Revesby, NSW 2212,

New South Wales, Australia

1/1171671Warehouse

仓库

Frehold

永久业权

Contents

目录

Corporate Information

公司资料

Corporate Information

公司资料

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Les: cash and cash equivalents

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

2023. Alice Trading now holds only minimal asets, while the main asets of

Management Discusion and Analysis

管理层讨论与分析

2025. The Group maintains a policy of paying competitive remuneration.

Management Discusion and Analysis

管理层讨论与分析

Management Discusion and Analysis

管理层讨论与分析

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

2022. During the year, the Company had not met the requirements of (i) the

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Note:

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Form of training:

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate Governance Report

企业管治报告

Corporate information disemination is achieved via the folowing means:

Corporate Governance Report

企业管治报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report

董事会报告

Directors’ Report