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Contents 目录

Corporate Information 公司资料2-3

Chairman’s Statement 主席报告4-15

Major Awards 主要奖项16-18

Management Discusion and Analysis 管理层讨论及分析19-26

Report of the Directors 董事会报告27-42

Corporate Governance Report 企业管治报告43-65

Independent Auditor’s Report 独立核数师报告66-73

Audited Financial Statements 经审核财务报告

Consolidated Statement of Profit or Los 综合损益表74

Consolidated Statement of Comprehensive Income 综合全面收益表75

Consolidated Statement of Financial Position 综合财务状况表76-77

Consolidated Statement of Changes in Equity 综合权益变动表78-79

Consolidated Statement of Cash Flows 综合现金流量表80-82

Notes to Financial Statements 财务报告附注83-207

Particulars of Properties 物业详情208

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Information

公司资料

BOARD OF DIRECTORS

Executive Directors

TAI Tak Fung, Stephen (Chairman)

WU Mei Yung, Quinly (Vice Chairman)

TAI Chun Kit (Managing Director)

WU Wing Biu

TSE Siu Wan (Apointed on 9 November 2024)

WONG Fu Hang, Derek (Resigned on 9 November 2024)

Independent Non-executive Directors

CHAN Yuk Sang, Peter

Tsunao KIJIMA

CHEUNG Wing Choi

COMPANY SECRETARY

YAM Wai Wah, Jeny

AUDITOR

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

PLACE OF INCORPORATION

Cayman Islands

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Sterling Trust (Cayman) Limited

Whitehal House

238 North Church Stret

P.O. Box 1043

George Town

Grand Cayman KY1-1102

Cayman Islands

HONG KONG BRANCH SHARE

REGISTRAR AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

董事会

执行董事

戴德丰（主席）

胡美容（副主席）

戴进杰（董事总经理）

胡永标

谢少云（于二零二四年十一月九日获委任）

黄辅铿（于二零二四年十一月九日辞任）

独立非执行董事

陈玉生

木岛纲雄

张荣才

公司秘书

任慧华

核数师

安永会计师事务所

执业会计师

注册公众利益实体核数师

香港鲗鱼涌

英皇道979号

太古坊一座27楼

注册成立地点

开曼群岛

主要股份过户登记处

Sterling Trust (Cayman) Limited

Whitehal House

238 North Church Stret

P.O. Box 1043

George Town

Grand Cayman KY1-1102

Cayman Islands

香港股份过户登记分处

卓佳证券登记有限公司

香港

夏悫道16号

远东金融中心17楼

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四洲集团有限公司

二零二五年报

Corporate Information

公司资料

REGISTERED OFICE

JTC (Cayman) Limited

94 Solaris Avenue

2nd Flor, Camana Bay

P.O. Box 30745

Grand Cayman KY1-1203

Cayman Islands

PRINCIPAL PLACE OF BUSINES IN

HONG KONG

31/F., Four Seas Group Centre

No. 41 King Yip Stret

Kwun Tong, Kowlon

Hong Kong

PRINCIPAL BANKERS

Sumitomo Mitsui Banking Corporation

MUFG Bank, Ltd.

Mizuho Bank, Ltd.

The Hongkong and Shanghai Banking Corporation Limited

Bank of Comunications (Hong Kong) Limited

OCBC Bank (Hong Kong) Limited

Bank of China (Hong Kong) Limited

China Construction Bank (Asia) Corporation Limited

United Overseas Bank Limited

Standard Chartered Bank (Hong Kong) Limited

The Bank of East Asia, Limited

Chong Hing Bank Limited

Fubon Bank (Hong Kong) Limited

Kiraboshi Bank, Ltd

Hang Seng Bank Limited

WEBSITE

htp:/w.fourseasgroup.com.hk

注册办事处

JTC (Cayman) Limited

94 Solaris Avenue

2nd Flor, Camana Bay

P.O. Box 30745

Grand Cayman KY1-1203

Cayman Islands

香港主要营业地点

香港

九龙观塘

敬业街41号

四洲集团中心31楼

主要往来银行

三井住友银行

三菱UFJ银行

瑞穗银行有限公司

香港上海汇丰银行有限公司

交通银行（香港）有限公司

华侨银行（香港）有限公司

中国银行（香港）有限公司

中国建设银行（亚洲）股份有限公司

大华银行有限公司

渣打银行（香港）有限公司

东亚银行有限公司

创兴银行有限公司

富邦银行（香港）有限公司

Kiraboshi Bank, Ltd

恒生银行有限公司

网址

htp:/w.fourseasgroup.com.hk

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Chairman’s Statement

主席报告

Dear Shareholders,

During the year under review, the global economy faced ongoing

volatility, driven by escalating geopolitical tensions. The consumer

market remained under presure while the operating environment was

chalenging. The Group continued to be proactive, demonstrating

resilience and determination, while maintaining steady progres. By

capitalising on its strong brand, diverse strategies, and strong market

insights, the Group efectively navigated these chalenges, ensured

stable growth, and positioned itself to seize future oportunities.

The Group is comited to expanding its busines in Hong Kong,

Mainland China and Japan, using the conectivity of these markets

to drive growth, synergy, eficiency and competitivenes. In Hong

Kong, flagship store “Seas of Flavour” leverages the Group’s strong

brand by blending physical shop, online platform, marketing venue,

and inovative products to fuel expansion. The Group’s relocation to

the Four Seas Group Centre sets a solid foundation for future suces.

In Mainland China, begining with the Greater Bay Area, the Group

taps into the vast domestic market through its online and ofline

sales chanels to introduce international snacks, set fod trends, and

expand nationwide, while promoting Chinese fod globaly under the

Four Seas brand in paralel. In Japan, Miyata Co., Ltd. (“Miyata”)

contributes to the Group’s eforts in four areas, including products,

platforms, pricing, and market. The Group brings unique Japanese

products to Hong Kong and Greater Bay Area cities while exporting

Hong Kong and Mainland-made fods to Japan through Miyata’s

network, ofering Japanese consumers fresh and exciting flavours.

致各位股东：

于回顾期内，全球经济表现持续反复，地缘政治冲

突加剧，消费市场继续受压，经营环境充满挑战。

本集团一如既往，争取主动，砥砺前行，稳中求

进，凭借卓越品牌、多元策略以及敏锐触角，应对

逆境，保持平稳发展，开创未来机遇。

本集团致力争取香港、内地及日本市场的发展，发

挥三地的互联互通，实现业务协同与增长，提升整

体营运效率与市场竞争力。在香港，「四洲食品体验

馆」利用本集团品牌优势，结合实体店、网购点、营

销场和周边产品新玩意，发挥业务增长新动力；本

集团全面进驻「四洲集团中心」，为日后长远发展打

好基础。在内地，本集团从粤港澳大湾区出发，凭

藉国家市场深度和广度，继续扩大线上线下销售网

络，将海外零食引进内地，带领饮食潮流，逐步扩

展到全国层面，同时亦把中国食品通过「四洲」品牌

推广至全球。在日本，宫田株式会社（「宫田公司」）

继续在产品、平台、价格和市场四方面为集团作出

贡献。本集团将特色日本产品引入香港及大湾区城

市，同时将香港及内地生产的食品借助宫田公司网

络进军日本市场，为日本消费者带来崭新口味。

The Hon TAI Tak Fung, Stephen, GBM, GBS, SBS, JP, Chairman

戴德丰先生 GBM GBS SBS 太平绅士 主席

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Chairman’s Statement

主席报告

RESULTS

In the anual results for the year ended 31 March 2025, the

Group’s consolidated revenue was HK$3,625,422,000 (2024:

HK$3,898,222,000). The profit for the year atributable to equity

holders of the Company was HK$10,164,000 (2024: HK$34,657,000).

During the year under review, consumer markets in Hong Kong,

Mainland China, and Japan experienced a slowdown, leading to lower

turnover compared to the previous year. Consumer spending became

more cautious amid slower economic growth under the backdrop of

relatively high interest rates and ongoing geopolitical tension acros

the Group’s operating regions.

Facing a weak consumer gods market, the Group proactively sold

products at more afordable prices. Although this led to a short-term

decrease in revenue, it sucesfuly atracted more customers, brought

maximum benefits, and further strengthened the Group’s market

leadership. Aditionaly, the negative impacts above-mentioned were

partialy mitigated by the Group’s proactive cost control initiatives,

which included measures such as streamlining operational proceses,

negotiating beter terms with supliers, and optimizing labour costs

through workforce restructuring and scheduling eficiencies. Besides,

the weaker Renminbi and Japanese yen against the Hong Kong Dolar

suported the Group’s performance, keping results in line with

market expectations.

业绩表现

截至二零二五年三月三十一日止年度之全年业绩，

本集团综合营业额为3,625,422,000港元（二零二四

年：3,898,222,000港元）。本公司权益所有者应占溢

利为10,164,000港元（二零二四年：34,657,000港元）。

回顾期内，香港、内地和日本的消费市场表现放

缓，令营业额比去年有所下降。在本集团经营业务

地区，利率相对较高、地缘政治紧张局势持续的背

景下，经济增长放缓，消费者支出变得更加谨慎。

面对疲弱的消费品市场，本集团主动以更为亲民的

价格销售商品，虽然短期内令收入有所减少，但成

功吸引更多消费者，带来最大的利益，并进一步巩

固了本集团于市场的领导者地位。另外、本集团积

极采取成本控制措施，包括简化营运流程、与供应

商谈判更优惠条款、以及透过重组及调整劳动力安

排来优化人力成本，从而抵消部分上述负面影响。

加上人民币及日圆兑换港元的汇率于回顾期内均有

所贬值，为本集团业绩带来正面作用，令整体表现

符合市场期望。

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CM

MY

CMY

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Chairman’s Statement

主席报告

Hong Kong

Sales derived from the Hong Kong segment amounted to

HK$1,774,086,000 (2024: HK$1,851,052,000), acounting for 49%

of the Group’s total sales. The busineses in Hong Kong have ben

afected by various factors, including elevated interest rates, slower

economic growth and a growing shift toward cros-border shoping

and dining. These dynamics have created a chalenging outlok for the

consumer market. Nonetheles, the foundation of the Group remains

robust, with strong market suport for fod distribution, wholesale,

and retail operations.

Mainland China

Sales in Mainland China were HK$586,546,000 (2024:

HK$682,460,000), acounting for 16% of the Group’s total turnover.

In terms of Renminbi, sales in Mainland China were RMB543,299,000

(2024: RMB624,963,000). The slowdown in revenue from Mainland

China was partly due to consumers being relatively cautious about

their spending and having a strong desire to save, and also due to the

weak Renminbi during the review period, resulting in a coresponding

decrease when converted to Hong Kong dolars.

Japan

Sales in Japan were HK$1,264,790,000 (2024: HK$1,364,710,000),

acounting for 35% of the Group’s total turnover. In terms of Japanese

yen, revenue in Japan was JPY24,703 milion (2024: JPY25,179

milion). During the review period, the continuous rise in comodity

prices in Japan has led to a stronger tendency for consumers to

save and weak consumption growth. In adition, Japanese yen was

weakened generaly, resulting in a coresponding decline in sales

revenue when converted to Hong Kong dolars.

香港

香港地区营业额为1,774,086,000港元（二零二四年：

1,851,052,000港元），占本集团总营业额49%。香港

地区业务受到多种因素影响，包括高利率、经济增

长放缓以及跨境购物和餐饮的日益增长，这些因素

为消费市场带来了挑战。尽管如此，本集团基础稳

健，食品代理、批发及零售广为市场支持。

中国内地

中国内地区营业额为586,546,000港元（二零二四

年：682,460,000港元），占本集团总营业额16%，

以人民币计算，中国内地区营业额为人民币

543,299,000元（二零二四年：人民币624,963,000

元）。来自中国内地的营业额有所放缓，部份原因

是消费者在支出上相对谨慎且储蓄意愿强烈，而且

亦受人民币汇价于回顾期内偏软影响，导致人民币

收入兑换为港元时相应减少。

日本

日本地区营业额为1,264,790,000港元（二零二四年：

1,364,710,000港元），占本集团总营业额35%，以日

圆计算，日本地区营业额为24,703百万日圆（二零

二四年：25,179百万日圆）。于回顾期内，日本物价

格持续上涨，导致消费者节约倾向增强，消费增长

乏力。加上日圆汇价普遍疲弱，导致日圆营业额换

算成为港元时相应下跌。

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四洲集团有限公司

二零二五年报

Chairman’s Statement

主席报告

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Chairman’s Statement

主席报告

Distribution Busines

Fod distribution is the

core busines of the

Group, underpined by

long-term partnerships,

a robust distribution

network, and a diverse

range of products.

With a comitment

to inovation and

excelence, the Group

delivers high-quality

fod to consumers.

The Group has an extensive distribution network, including

department stores, supermarkets, convenience stores, fast fod chains,

wholesalers, retailers, restaurants, bars, hotels, airlines, as wel as its

own “Okashi Land” Japanese snack stores, “YOKU MOKU” cokies

stores, “Japanese Ice Cream House” and the newly launched flagship

store “Seas of Flavour”, seling the products it covers comprehensively

to met the diverse neds of Hong Kong consumers. The Group

establishes long-term partnerships with renowned fod manufacturers

and acts as an agent for many fod products from various countries

and regions worldwide. Fod categories covered milk powder,

biscuits, cakes, candies, chocolates, chips, snacks, instant nodles,

beverages, alcohol, soy sauce, seasonings, ham, sausages, chicken,

bef, pork, seafod, and vegetables. These products satisfied various

neds of Hong Kong consumers.

The Group also focuses on the distribution of high-quality fod

products related to people’s livelihod, including Japanese egs,

Japanese dairy products, “Imuraya” tofu, and Japanese rice. Japanese

egs, in particular, achieved outstanding sales performance and

became a stable income source for the Group.

Manufacturing Busines

The Group believes that fod safety is fundamental to building

consumer trust. It places great emphasis on fod quality and hygiene

to safeguard consumer health, achieving the goal of “Safe and Hapy

Eating”. The Group’s fod quality mets international standards

and is highly praised, receiving multiple quality fod certifications,

including “HACP”, “ISO 9001”, “ISO 22000”, and “GMP” system

certifications, the “Q-Mark License” of the Hong Kong Q-Mark

Certification Scheme for over 30 years, and the “HKQA Hong Kong

Registration – Oil” from the Hong Kong Quality Asurance Agency,

underscoring its unwavering comitment to fod safety.

食品代理业务

食品代理是本集团的核

心业务，本集团结合长

期的伙伴合作、完善的

分销网络及多元的食品

种类，加上追求创新及

精益求精的精神，为广

大消费者带来优质食品。

本集团拥有庞大的分销网络，包括百货公司、超级

市场、便利店、快餐店、批发商、零售商、酒楼、

酒吧、酒店、航空公司、自家经营的「零食物语」日

本零食专门店、「YOKU MOKU」曲奇饼店、「日本

雪糕屋」以及近期开幕的全新体验旗舰店「四洲食品

体验馆」等，透过与知名食品生产商的长期伙伴合

作关系，代理及销售来自世界各地多个国家及地区

的食品，涵盖种类包括奶粉、饼干、蛋糕、糖果、

朱古力、薯片、零食、即食面、饮品、酒类、酱油

调味料、火腿、香肠、鸡肉、牛肉、猪肉、海产及

蔬菜等，全方位满足香港消费者的不同需求。

本集团亦同时重点发展民生相关优质食品代理业

务，包括销售日本鸡蛋、日本奶类制品、「井村屋」

豆腐和日本米等，其中日本鸡蛋尤其大受欢迎，销

售成绩卓越，为本集团创造稳定的收入来源。

食品制造业务

本集团明白食品安全是建立消费者信心的关键，

因此一直秉持「食得放心、食得开心」的宗旨，将食

品质量及卫生安全放在首位，守护消费者健康。本

集团严格把关食品质，确保产品质量符合国际标

准，并荣获多项国际权威认证，包括「HACP」、

「ISO 9001」、「ISO 22000」及「GMP」系统。同时，

本集团拥有香港Q唛计划30年以上的「Q唛准用证」及

由「香港品质保证局」颁发的《香港品质保证局香港

注册－食油》证书，彰显本集团对食品安全的坚持。

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四洲集团有限公司

二零二五年报

Chairman’s Statement

主席报告

The Group operates 17 fod procesing plants in Hong Kong and the

Mainland China, producing a range of speciality fod, with a one-stop

production and flexible sales strategy, targeting diferent market neds

and consolidating its leading position in the industry. For example,

Calbe Four Seas Co., Ltd., has two fod production plants – one in

Tseung Kwan O Industrial Estate in Hong Kong and the other one in

Shantou, Mainland China– producing popular snacks like potato chips,

shrimp strips and corn sticks, for which there is high demand in both

Hong Kong and Mainland China.

Retail and Catering Busineses

The Group’s Chinese and Japanese restaurants are highly regarded in

Guangdong and Hong Kong. During the year, the catering operations

in Hong Kong and the Mainland China continued to atract customers,

with brands including “Shiki • Etsu” Japanese restaurant, “Kung Tak

Lam” Shanghai vegetarian restaurant, “Sushiyoshi” Japanese omakase

restaurant, Mainland China’s “Sushi Oh” revolving sushi restaurant

and the “Panxi” restaurant in Guangzhou – continuing to be loved by

diners. During the year under review, the Group launched the “Noble

Chiu Chow Restaurant” in Tsim Sha Tsui and “The CHOYA Ginza

BAR” in Causeway Bay, which specialises in umeshu tasting, further

invigorating the Group’s catering busineses. Aditionaly, Muray

Catering Company Limited, which focuses on providing lunchboxes

and tuck-shop services to Hong Kong schols, has achieved widely

recognised suces in its operations.

In the retail market, the Group’s brands – such as “Okashi Land”

Japanese snack special stores, “Japanese Ice Cream House” Japanese

specialty ice cream and snack stores, “Miyata Store” and “YOKU

MOKU” cokie stores, have become iconic snacks destinations in

Hong Kong, atracting a large group of customer base. Recently, the

Group further expanded its presence by opening the 20,000-square-

fot “Seas of Flavour” in Causeway Bay and a 6,000-square-fot

flagship “Four Seas Okashi Land” store in Shenzhen’s Luohu District,

near Sungang Metro Station. These outlets showcase the Group’s

premium distributed and

self-produced fod products.

The “Seas of Flavour”,

the Group’s largest retail

space in Hong Kong, ofers

an imersive experience

with global delicacies

and inovative interactive

displays, delivering the

latest in snack indulgence to

consumers.

本集团在中国内地和香港设有17家食品加工厂，专

注生产不同种类的特色食品，并实行一站式的生产

及销售策略，以灵活应对市场的多样需求，进一步

巩固本集团的领导地位。以本集团旗下的「卡乐B四

洲有限公司」为例，该公司目前拥有两大食品生产

基地，分别位于香港的将军澳工业邨和中国内地的

汕头市，专注于薯片、虾条及玉米条等休闲小食的

研发与生产，成功获得香港及中国内地消费者的喜

爱。

零售及餐饮业务

本集团旗下中、日式食肆誉满粤港两地，整体表现

保持稳定。期内，本集团在香港与内地的餐饮业务

继续获食客支持，旗下品牌包括「四季 • 悦」日本料

理、「功德林」上海素食、「寿司芳Sushiyoshi」，内

地的「寿司皇」日本回转寿司餐厅及位于广州的「泮

溪」，口碑载道。本集团于回顾年度内在尖沙咀开

设「潮尚居」潮州菜馆和专注于梅酒品尝、位于铜锣

湾的「The CHOYA 银座 BAR」，为餐饮业务注入多

元化的新动力。此外，本集团专门为香港学校提供

午膳饭盒及小卖部服务的美利饮食服务有限公司，

其业务经营成果获得广泛认可。

在零售市场方面，本集团精心打造的「零食物语」

日本零食专门店、「日本雪糕屋」日本特色雪糕及零

食专门店、「宫田商店」以及「YOKU MOKU」曲奇

饼店，已经成为香港美食品牌圣地，吸纳众多忠实

消费者。本集团更于近期在香港铜锣湾开设占地逾

20,000平方尺的「四洲食品体验馆」，以及深圳市罗

湖区笋岗地铁站旁占地6,000平方尺的「四洲零食物

语」旗舰店，销售及展示本集团旗下代理和自有生

产的优质食品。其中「四洲食品体验馆」更是本集团

在香港的最大零售

点，透过展示来自

世界各地的不同美

食及创新的互动装

置，为消费者带来

最新的零食体验。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Chairman’s Statement

主席报告

BRAND DEVELOPMENT

Established in 1971 and listed on the stock exchange in 1993,

the Group has grown alongside Hong Kong, with the city as its

headquarters. With over 50 years of dedicated operations, the Group

has expanded from wholesale distribution to retail busines, from fod

manufacturing to catering, achieving comprehensive diversification

while consistently pursuing inovation acros the suply chain. The

Group stands as a leader in the local snack and fod market, with its

brand being both wel-known and reputable.

As one of the largest fod enterprises in Hong Kong, the Group

adheres to the busines philosophy of keping pace with the times

and being inovative, serving Hong Kong consumers while playing

the important role of snack diplomat, and actively expanding into

the Mainland China and overseas markets. The acquisition five

years ago of Miyata, a busines with over 90 years of history in

Japan, has enabled the Group to form a large sales network spaning

acros Mainland China, Hong Kong, and Japan, while realising the

“interconection” of fod, introducing and promoting fod from

various regions, and facilitating the exchange of fod cultures.

集团品牌发展

四洲集团自1971年创立，于1993年在交易所成功挂

牌，以香港为基地，与香港同步成长。经过50多年

的不懈经营，业务发展由代理批发逐步拓展至零售

业务、食品制造及餐饮行业，全面多元，一直追求

创新，涵盖上中下游，现已成为本地零食及食品市

场的领导者，品牌深入民心，信誉卓越。

作为全港最大的食品企业之一，本集团坚持与时并

进，致力服务香港消费者，同时扮演「零食外交家」

的重要角色，积极开拓内地及海外市场。本集团于

5年前全资收购在日本拥有超过90年历史的宫田公

司，更进一步打造中、港、日的庞大销售网络，实

现美食的「互联互通」，促进各地美食的引入和推

广，实现跨品牌销售的协同效益，缔造多赢局面。

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四洲集团有限公司

二零二五年报

Chairman’s Statement

主席报告

CORPORATE SOCIAL RESPONSIBILITY

AND ENVIRONMENTAL PROTECTION

The Group upholds the spirit of “Taking from Society, Giving Back

to Society”, actively contributing to Hong Kong’s social development

through welfare initiatives, volunter eforts, and youth programes.

By embeding sustainability into every facet of its operations, the

Group suports diverse causes, including beach clean-ups and the

anual Hong Kong Tre Planting Day. Under its “Four Seas with

Love” moto, the Group works with comunities to build a sustainable

future for Hong Kong. During the year under review, Four Seas Group

received the “Super MD” title from the Employe Retraining Board

(EDB) for the year 2025 – 2030. Calbe Four Seas Co., Ltd. was

awarded the “Caring Company” by the Hong Kong Council of Social

Service for 20 consecutive years and was recognised as a signatory

of the Labour Department’s “God Employer Charter” for thre

consecutive terms (2018, 2020 and 2024), earning the “Suportive

Family-friendly God Employer” acreditation. Aditionaly, the

Group was honoured as a “10-Year God MPF Employer” and a “Best

Al-round MPF Employer” by the Mandatory Provident Fund Schemes

Authority.

The Group has also ben acknowledged in multiple areas: “YOKU

MOKU” was recognised as a “Quality Tourism Services” merchant

by the Hong Kong Tourism Board; “Okashi Land” was awarded the

“Top Mark” and “The Hong Kong Q-Mark Service (Cyan) Scheme”

by the Hong Kong Brand Development Council and the Chinese

Manufacturers’ Asociation of Hong Kong; “Sushiyoshi” was named

one of the “100 Top Tables 2025” by the South China Morning Post;

“LOTE Ice Cream” was honoured as “Star Supermarket Brand

(Ice Cream)” at the PARKnSHOP Super Brand Awards 2024 and

“Outstanding Sales Performance Awards” from 7-Eleven.

Environmental responsibility is deply embeded in the Group’s

values and busines practices. It has dedicated resources towards

minimising environmental impact through various initiatives

and operational improvements. Further details of the Group’s

environmentaly focused eforts are provided in our Environment,

Social and Governance Report 2025.

企业社会责任及环境保护

本集团秉持「取之社会，用之社会」的理念，致力推

动社会发展，积极参与社区服务、义务工作和青年

发展计划。本集团将可持续发展的理念贯彻于业务

营运的各个层面，并全力支持各类团体组织，例如

沙滩清洁活动及每年一度的香港植树日，实践「四

洲有爱」的社会责任承诺，共同为香港可持续发展

出一分力。在回顾年度内，四洲集团荣获「雇员再

培训局」(ERB)颁发《Super MD》尊称(2025-2030)、

卡乐B四洲有限公司连续20年荣获香港社会服务联

会颁发《商界展关怀》嘉许奖状及连续三届(2018、

2020及2024年）成为劳工处《好雇主约章》签署机构

及使用「『友』『家』好雇主」的资格并且获积金局获评

为「积金好雇主10年」及「全能积金好雇主」。

此外，本集团的各项业务也得到业界与社会的广泛

认可，包括「YOKU MOKU」获香港旅游发展局评选

为《优质旅游服务》认可商户、零食物语荣获香港品

牌发展局及香港中华厂商联合会颁发「香港名牌标

识（Top唛）」及香港Q唛优质服务（蓝金）计划、「寿

司芳Sushiyoshi」荣获南华早报颁发「100 Top Tables

2025」奖项、「日本乐天雪糕」于「百佳超卓品牌大

赏2024」获「星级超市品牌（雪糕）」、以及7-11颁发

「2024货品类别销售杰出表现大奖」等荣誉。

环境保护的意识亦渗入本集团的价值及商业营运，

通过投入资源及业务实践，尽量减少对环境的影

响。我们的二零二五年环境、社会及管治报告将提

供更多有关我们环保工作的细节。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Chairman’s Statement

主席报告

PROSPECTS AND GROWTH

The Group’s busines strategy is centred on “Roted in Hong Kong,

Expanding to Mainland China, and Reaching Out to the World”.

In light of the prevailing global economic trends, the Group plans

proactively for the future. Despite economic uncertainties acros the

globe, it remains confident in its future development. The Group wil

continue to present new products, flavours, styles, and experiences to

the customers. This wil fuel future growth and maintain the Group’s

leading position in the fod industry. Hong Kong is a culinary paradise

that seamlesly blends local and international flavours. The Group is

comited to enhancing its role in international exchanges, facilitating

the introduction of fod delights from Hong Kong, Mainland China

and Japan to the global stage.

Busines in Hong Kong

The Group continues to drive the comprehensive development of the

“Seas of Flavour” in Causeway Bay. Spaning over 20,000 square

fet, the store serves as an integrated platform combining exhibitions,

marketing, and retail of gourmet specialities, ofering local and

international fod enthusiasts a unique experience. Customers can

indulge in the Group’s diverse culinary oferings while exploring a

dynamic and inovative environment. This initiative not only expands

the Group’s sales chanels but also enhances the promotional impact

of its brand, suported by strong online sales. Furthermore, the

Group wil colaborate with JD.com, a leading e-comerce platform

in Mainland China, to further strengthen its e-comerce presence in

Hong Kong. With the steady recovery of tourist arivals and renewed

economic activities, the Group is confident that its distribution,

manufacturing, and catering busineses wil sustain growth

momentum.

Busines in Mainland China

Against the backdrop of a global economic downturn, the Mainland

China economy has performed relatively steadily. The Group has

built a strong reputation in Mainland China by ofering a wide range

of high-quality fod products and atentive services. Loking ahead,

the Group wil align with national development initiatives to increase

the market share, especialy in the Guangdong-Hong Kong-Macao

Greater Bay Area, creating more busines oportunities. Aditionaly,

the Group continues to drive busines development through both

online and ofline chanels, seling on major e-comerce platforms

such as Taobao, Tmal, and JD.com. By leveraging the momentum of

e-comerce and employing popular influencer marketing strategies,

the Group aims to bost sales and expand its market presence in

Mainland China. Furthermore, the Group wil enhance its visibility

through ofline initiatives, including the flagship store “Four Seas

Okashi Land”. Meanwhile, the Group is actively promoting Chinese

fod globaly, driving its international expansion.

展望未来

本集团以「立足香港、深耕内地、放眼全球」为业务

策略，切合环球经济趋势，超前部署，计划未来。

尽管环球经济前景颠簸，充满不确定性，本集团对

未来发展充满信心，凭借独到眼光及稳固根基，

以香港、内地及日本市场为本，继续拓展业务，以

零食为主，为市民提供与生活息的食品，用新产

品、新口味、新风格、新体验，为未来增长加添动

力，维持本集团在食品行业的领导地位。香港是中

外的美食天堂，本集团将会继续加强国际交往的角

色，让香港、内地和日本的美食「引进来」和「走出

去」。

香港业务

本集团将推动位于铜锣湾「四洲食品体验馆」的全

方位发展。体验馆占地逾20,000平方尺，将会是本

集团一个综合平台，结合展览、营销和零售美食特

色，为中外食家提供新体验，既可享受本集团琳琅

满目的美食，更是探索新奇好玩的地方，不但开拓

本集团更广阔的销售，更加强本集团品牌声势浩

大的广告效力，并配合网上销售。此外，本集团更

会和内地电商京东合作，在香港进一步扩展电商业

务。本集团相信，随著访港旅客持续回升，经济增

长重拾动力，将会有助代理、制造及餐饮三方面的

业务发展。

内地业务

在环球经济下行的背景下，内地经济表现相对稳

健。本集团凭借旗下众多优质食品和贴心服务，已

成为内地广受好评的品牌，未来将配合国家发展，

进一步提升内地市场的占有率，特别是粤港澳大湾

区，创造更多商机。在平台经济发展下，本集团将

继续推动内地的线上和线下双轨发展，持续扩展内

地市场的销售版图，包括把握电子商务的增长潜

力，在多个大型电商平台销售，例如淘宝、天猫和

京东，并利用不同的流行方式刺激销量，发掘更多

商机，与及透过线下渠道，例如「四洲零食物语」旗

舰店，提升市场知名度。同时，四洲集团继续带领

中国食品「走出去」，推广至全球。

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四洲集团有限公司

二零二五年报

Chairman’s Statement

主席报告

Busines in Japan

The acquisition of Miyata lays a solid foundation for the growth of

Four Seas Group in the future. The Group wil leverage Miyata’s

procurement network to introduce more high-quality Japanese fod

products to Hong Kong and Mainland China. Furthermore, the Group

wil utilise this platform to bring high-quality fod from Hong Kong

and Mainland China to the Japanese market, enhancing its role in

international exchanges and fostering conectivity among the fod

markets of Hong Kong, Mainland China, and Japan to achieve

synergistic benefits. The Group is confident that the busines strategy

wil enhance its performance, given Japan’s reputation for exceptional

snacks and the strong demand for Japanese cuisine in both Hong

Kong and Mainland China. Loking ahead, the Group wil continue to

expand the Japanese market, optimising and integrating its operations

to suport the overal suces of the Group.

ACKNOWLEDGEMENT

On behalf of the board of directors, I would like to expres our most

sincere gratitude to the management team and staf for their eforts

and the contribution they have made to our Group. I would also like to

take the oportunity to thank al shareholders and busines partners for

their confidence and continuous suport.

TAI Tak Fung, Stephen, GBM, GBS, SBS, JP

Chairman

Hong Kong, 27 June 2025

日本业务

四洲集团全资收购宫田公司为未来发展奠下重要基

石。本集团会进一步利用宫田公司的采购网络，引

进更多优质日本食品至香港及内地，并借助其平台

将香港和内地生产的优质食品引入日本市场，加强

发挥国际交往角色，推动香港、内地与日本食品市

场的「互联互通」，实现协同效益。本集团有信心这

一项业务策略将会成为业绩增长的其中一股动力，

因为日本是零食王国，加上香港及中国内地市场追

求日本美食，本集团未来会继续专注日本市场的发

展，优化并整合业务，为本集团业务作出贡献。

鸣谢

本人谨代表董事会，向为本集团作出努力及贡献的

管理团队及全体员工致以衷心感谢，本人亦借此机

会向全体股东及业务伙伴对本集团的信赖及鼎力支

持表示谢意。

戴德丰GBM GBS SBS太平绅士

主席

香港，二零二五年六月廿七日

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奖项╱嘉许 Award/Recognition	颁发机构 Organiser

金紫荆星章 Gold Bauhinia Star (GBS)	香港特别行政区政府 The Government of the Hong Kong Special Administrative Region

杰出工业家奖 Industrialist of the Year Award	香港工业总会 Federation of Hong Kong Industries

《领袖人物》• 年度人物大奖	领袖人物月刊和华商门户网

全球杰出华人‧功在家国奖	全球杰出华人协会及中国文献出版社

亚洲品牌十大商业领袖 Top 10 Business Leader of Asia Brand	亚洲品牌协会、《环球时报》社、中日韩经济发展协会、亚洲经济杂志社、国家 发改委中国经贸导刊杂志社、国家发改委宏观经济管理杂志社，及经济日报中国 经济讯息杂志社联合主办

中国证券金紫荆奖之「最具影响力上市公司领袖奖」 “Most Influential Listed Company Leader” of The China Securities Golden Bauhinia Awards	香港大公报联合北京上市公司协会、上海市股份公司联合会及香港中资证券业 协会等内地及香港证券机构和经济学家共同主办

《社会关爱企业计划》之「亚洲社会关爱领袖奖」 “Asian Social Caring Leadership Award” of Social Caring Pledge Scheme	社会企业研究所 Social Enterprise Research Institute

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Major Awards

主要奖项

本年度继续荣获多个嘉许及奖项

Continuous recognition & awards received during this year

四洲集团为全港最具规模的食品企业之一，代理来自世界各地的多个名牌食

品，并致力打造百分百本地自家品牌，更获奖无数，成为家喻户晓的优质品

牌。

Four Seas Group is one of the leading fod enterprises in Hong Kong,

distributing various kinds of renowned fod brands from around the world.

The Group has ben developing its own premium brand sucesfuly, and

has ben highly recognised and acredited with various awards.

本集团主席戴德丰博士荣获以下奖项：

The folowing awards are granted to our Group’s Chairman, Dr. Stephen Tai:

大紫荆勋章

Grand Bauhinia Medal (GBM)

香港特别行政区政府

The Government of the Hong Kong Special Administrative Region

旭日双光章

Order of the Rising Sun, Gold and Silver Rays

日本政府

The Government of Japan

2020年香港杰出品牌领袖奖

2020 Hong Kong Distinguished Brand Leader Award

香港品牌发展局

Hong Kong Brand Development Council

香港中华厂商联合会

The Chinese Manufacturers’ Asociation of Hong Kong

食品安全管理先进个人荣誉证书

Honorary Certificate of “Distinguished Management Entrepreneur”

中国食品安全年会

China Fod Safety Anual Conference

2011南方‧华人慈善盛典慈善人物奖广东省人民政府侨务办公室及广东南方电视台

2012-2013全球杰出潮商领袖奖

Worldwide Prominent Chiu Chow Busines Leader Award 2012-2013

2013年天下潮商经济年会

TXCS Economic Conference 2013

杰出贡献奖

Outstanding Contribution Award

资本杂志

Capital

《

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奖项╱嘉许 Award/Recognition	获奖单位╱机构 Awardees	颁发机构 Organiser

《Super MD》尊称2025-2030 “Super MD” Title for the year 2025–2030.	四洲集团 Four Seas Group	雇员再培训局 Employees Retraining Board

杰出上市公司大奖 2023 ListCo Excellence Awards 2023	四洲集团有限公司 Four Seas Mercantile Holdings Ltd.	am730 PR ASIA 亚洲公关 凤凰网港股

ISO9001质量管理体系认证 ISO9001 Quality Management System Certificate	四洲休闲食品(汕头)有限公司 CFSS Company Limited	中国质量认证中心 China Quality Certification Centre

20年Plus商界展关怀 20 Years Plus Caring Company	卡乐B四洲有限公司 Calbee Four Seas Company Limited	香港社会服务联会 Hong Kong Council of Social Service

GMP良好操作规范认证 GMP Certificate	卡乐B四洲有限公司 Calbee Four Seas Company Limited	香港通用公证 SGS Hong Kong Limited

ISO22000食品安全管理体系认证 ISO22000 Food Safety Management System Certificate	卡乐B四洲有限公司 Calbee Four Seas Company Limited	香港通用公证 SGS Hong Kong Limited

「积金好雇主10年」及「全能积金好雇主」 Good MPF Employer 10 Years and Best All-round MPF Employer	卡乐B四洲有限公司 Calbee Four Seas Company Limited	积金局 Mandatory Provident Fund Schemes Authority

FSSC22000 V6食品安全管理体系认证证书 FSSC 22000 v6 Food Safety System Certification	东莞四洲肉类制品有限公司	天祥公证 Intertek Certification Limited

高新技术企业	骏发(惠州)饼干厂有限公司 Tsun Fat (Huizhou) Biscuit Factory Ltd.	广东省科学技术厅 广东省财政厅 国家税务总局广东省税务局

「优质旅游服务」认可商户 “QTS Merchant” of the Quality Tourism Services Scheme	功德林上海素食 Kung Tak Lam Shanghai Vegetarian Cuisine	香港旅游发展局 Hong Kong Tourism Board

15年Plus商界展关怀 15 Years Plus Caring Company	零食物语 Okashi Land	香港社会服务联会 Hong Kong Council of Social Service

「优质旅游服务」认可商户 “QTS Merchant” of the Quality Tourism Services Scheme	零食物语 Okashi Land	香港旅游发展局 Hong Kong Tourism Board

「香港名牌标识（Top唛）」 Hong Kong Top Brand Mark (Top Mark)	零食物语 Okashi Land	香港品牌发展局 Hong Kong Brand Development Council 香港中华厂商联合会 The Chinese Manufacturers’ Association of Hong Kong

「香港名牌标识（Top唛）」 Hong Kong Top Brand Mark (Top Mark)	香港火腿厂控股有限公司 Hong Kong Ham Holdings Limited	香港品牌发展局 Hong Kong Brand Development Council 香港中华厂商联合会 The Chinese Manufacturers’ Association of Hong Kong

惠康超级人气杯之「至人气品牌 – 薯片及小食类」 “Top Favourite Brand – Chips & Snacks” of Brand Champions Awards	四洲 Four Seas	惠康超级市场 Wellcome Supermarket

「年度品牌大奖」 “Supreme Brand Awards”	卡乐B Calbee	惠康超级市场 Wellcome Supermarket

四洲集团有限公司

二零二五年报

Major Awards

主要奖项

20年Plus商界展关怀

20 Years Plus Caring Company

四洲集团

Four Seas Group

香港社会服务联会

Hong Kong Council of Social Service

《

“Super MD” Title for the year 2025–2030.Four Seas GroupEmployes Retraining Board

社会关爱企业卓越奖

Outstanding Social Caring Organisation Award

四洲集团

Four Seas Group

社会企业研究所

Social Enterprise Research Institute

ListCo Excelence Awards 2023Four Seas Mercantile Holdings Ltd.凤凰网港股

「香港优质商号」荣誉企业会员

Authenticated Member of Hong Kong Quality Brand

四洲集团

Four Seas Group

香港优质商号协会

Asociation of Hong Kong Quality Brand

ISO9001 Quality Management System CertificateCFS Company LimitedChina Quality Certification Centre

ISO22000食品安全管理体系认证

ISO22000 Fod Safety Management System Certificate

四洲休闲食品(汕头)有限公司

CFS Company Limited

中国质量认证中心

China Quality Certification Centre

20 Years Plus Caring CompanyCalbe Four Seas Company LimitedHong Kong Council of Social Service

人才企业嘉许计划之「Super MD 2023-2028」尊称

“Super MD 2023-2028” of Manpower Developer Award Scheme

卡乐B四洲有限公司

Calbe Four Seas Company Limited

雇员再培训局

Employes Retraining Board

GMP CertificateCalbe Four Seas Company LimitedSGS Hong Kong Limited

HACP危害分析及关键控制点系统认证

HACP Certificate

卡乐B四洲有限公司

Calbe Four Seas Company Limited

香港通用公证

SGS Hong Kong Limited

ISO22000 Fod Safety Management System CertificateCalbe Four Seas Company LimitedSGS Hong Kong Limited

成为《好雇主约章》签署机构及使用「『友』『家』好雇主」的资格

Signatory of “God Employer Charter” and “Suportive Family-friendly God

Employer” acreditation

卡乐B四洲有限公司

Calbe Four Seas Company Limited

劳工处

Labour Department

「

God MPF Employer 10 Years and Best Al-round MPF EmployerCalbe Four Seas Company LimitedMandatory Provident Fund Schemes Authority

HACP危害分析及关键控制点体系认证要求 (V1.0)

HACP Hazard Analysis and Critical Control Point System Certification

Requirements (V1.0)

东莞四洲肉类制品有限公司天祥公证

Intertek Certification Limited

FSC 22000 v6 Fod Safety System CertificationIntertek Certification Limited

ISO9001:2015 管理体系认证书

ISO 9001:2015 Quality Management System Certificate

东莞四洲肉类制品有限公司天祥公证

Intertek Certification Limited

国家税务总局广东省税务局

必吃食店大奖2015之必吃日菜

“Best-Ever Japanese Cuisine” of Best-Ever Dining Awards 2015

四季• 悦日本餐厅

Shiki Etsu Japanese Restaurant

新假期周刊

Wekend Wekly Magazine

「

“QTS Merchant” of the Quality Tourism Services SchemeKung Tak Lam Shanghai Vegetarian CuisineHong Kong Tourism Board

100 Top Tables 2025寿司芳

Sushiyoshi

南华早报

South China Morning Post

15 Years Plus Caring CompanyOkashi LandHong Kong Council of Social Service

港澳信誉游标志

The Most Popular Hong Kong and Macau Brand

零食物语

Okashi Land

中华传媒

China Media

「

“QTS Merchant” of the Quality Tourism Services SchemeOkashi LandHong Kong Tourism Board

「香港优质商号」荣誉企业会员

Authenticated Member of Hong Kong Quality Brand

零食物语

Okashi Land

香港优质商号协会

Asociation of Hong Kong Quality Brand

「

The Chinese Manufacturers’ Asociation of Hong Kong

百佳超卓品牌大赏2025之「星级超市品牌(早餐火腿)」

“Star-grade Supermarket Brand (Breakfast Ham)” of PARKnSHOP

Super Brands Award 2025

金妹牌

Maid Brand

百佳超级市场

PARKnSHOP Supermarket

「

The Chinese Manufacturers’ Asociation of Hong Kong

百佳超卓品牌大赏2025之「星级超市品牌(零食)」

“Star-grade Supermarket Brand (Snacks)” of

PARKnSHOP Super Brands Award 2025

四洲

Four Seas

百佳超级市场

PARKnSHOP Supermarket

“Top Favourite Brand – Chips & Snacks” of Brand Champions AwardsFour SeasWelcome Supermarket

7-Eleven薯片及饼干类别之「销售杰出表现大奖」

“Outstanding Sales Performance Award” of 7-Eleven, “Chips and Biscuits”

卡乐B

Calbe

7-Eleven便利店

7-Eleven Convenience Store

「

“Supreme Brand Awards”CalbeWelcome Supermarket

香港Q唛计划 30年以上认证

HK Q-Mark Product Scheme for over 30 years – Q-Mark Licence

金妹牌火腿

Maid Ham

香港优质标志局

Hong Kong Q-Mark Council

部份嘉许/奖项只提供官方中文名称。

Certain recognition/awards are only provided with oficial Chinese name.

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总代理：四洲贸易有限公司总代理：四洲贸易有限公司

210714_Choya_Ad_210x285.pdf 1 15/7/2021 下午3:17

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2025
二零二五年
HK$’000
港币千元
3,625,422
868,285
144,656
10,164
23.9%
0.3%
40
61
35

四洲集团有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

FINANCIAL HIGHLIGHTS

Year ended 31 March

截至三月三十一日止年度

2024Change

二零二四年同期比

NotesHK$’000

附注港币千元

Key items of consolidated statement of

profit or los

主要综合损益表项目

Revenue收入3,898,222–7.0%

Gros Profit毛利912,186–4.8%

EBITDA未计利息、所得税、折旧及

摊销前溢利1161,383–10.4%

Profit atributable to equity holders

of the Company

归属于本公司权益所有者溢利

34,657–70.7%

Key financial ratios主要财务比率

Gros profit margin毛利率23.4%

Net profit margin纯利率20.9%

Inventory turnover days存货周转天数337

Trade receivables turnover days应收贸易账款周转天数460

Trade payables turnover days应付贸易账款周转天数33535

Notes:

1. EBITDA refers to earnings before interest (other than interest on lease

liabilities), income tax, depreciation of property, plant and equipment,

depreciation of right-of-use asets relating to prepaid land lease payments

and leasehold land, and amortisation but exclude share of profits and

loses of asociates and joint ventures.

2. Net profit margin is calculated as profit atributable to equity holders of

the Company divided by revenue.

3. The calculation of inventory and trade payables turnover days is based on

the average of the opening and closing balances divided by cost of sales

and multiplied by number of days for the year.

4. The calculation of trade receivables turnover days is based on the average

of the opening and closing balances divided by revenue and multiplied by

number of days for the year.

During the year, revenue of the Group was HK$3,625,422,000 (2024:

HK$3,898,222,000) representing a decrease of 7.0%. Gros profit

as a percentage of the revenue was 23.9% (2024: 23.4%) for the

year. Gros profit decreased from HK$912,186,000 in the previous

year to HK$868,285,000 in the year, representing a decrease of

HK$43,901,000 which is equivalent to a decrease of 4.8%. EBITDA of

the Group for the year was HK$144,656,000 (2024: HK$161,383,000)

and profit atributable to equity holders of the Company for the year

was HK$10,164,000 (2024: HK$34,657,000).

财务摘要

附注：

1. 、所得税、折旧及摊销前溢利是指未计利

息（租赁负债利息除外）、所得税、物业、厂房及设

备折旧、预付土地租赁付款及租赁土地相关使用权

资产折旧及摊销前溢利（不包括应占联营公司及合营

企业溢利及亏损）。

1. 。

3. 存货及应付贸易账款周转天数的计算按期初及期末

结余的平均数除以销售成本再乘以年内天数计算。

4. 应收贸易账款周转天数的计算按期初及期末结余的

平均数除以收入再乘以年内天数计算。

年内，本集团之收入为3,625,422,000港元（二零二四

年：3,898,222,000港元），下降7.0%。本年度毛利

与收入之比例为23.9%（二零二四年：23.4%）。毛

利金额由去年之912,186,000港元减少至本年度之

868,285,000港元，亦即减少了43,901,000港元，相

等于减少4.8%。本年度之本集团未计利息、所得

税、折旧及摊销前溢利为144,656,000港元（二零

二四年：161,383,000港元），而本年度归属于本公

司权益所有者溢利为10,164,000港元（二零二四年：

34,657,000港元）。

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ai172102434061_Anual report_285x210m OP.pdf 1 15/7/2024 2:19 PM

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2025
二零二五年
HK$’000
港币千元
1,454,699
1,110,739
386,457
156,420
229,825

四洲集团有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

During the year under review, sales revenue of the major items of the

Group are:

Year ended 31 March

截至三月三十一日止年度

2024Change

二零二四年同期比

HK$’000

港币千元

Snack小食1,536,522-5%

Confectionery糖果1,214,599-9%

Ham, sausage and other grocery fod items火腿、香肠及其他杂货食品416,996-7%

Beverage and dairy products饮料及乳制产品158,304-1%

Fod materials/ingredients and alcoholic drinks食品原料╱配料及酒类饮品248,593-8%

The Group experienced a decline in revenue for its major products

during the year, atributed to a slowdown in market consumption.

Consumer spending has become more cautious amid slower economic

growth, influenced by relatively high interest rates and ongoing

geopolitical tensions in the regions where the Group operates.

Snack items remain the Group’s primary oferings. Revenue from

snacks has declined as compared to that of last year, though products

such as potato chips, sticks, and prawn crackers continue to resonate

with customers in Hong Kong, Mainland China, and Japan. To met the

evolving neds of its customers, the Group plans to leverage Miyata’s

sourcing network to expand its snack product portfolio.

Confectionery items remain as the second most popular category for

the Group, though this category has sen a revenue decline due to the

curent economic climate.

Revenue from ham, sausage, and other grocery fod items has

decreased in paralel with the overal decline in the Group’s revenue.

Despite this downturn, the “Maid” brand ham and sausage remain

popular among consumers due to their high quality.

Sales of beverages and dairy products remained relatively stable,

with a slight decline of about 1%. This stability sugests consistent

consumer demand for these items.

The trend for fod materials, ingredients, and alcoholic drinks aligns

with the overal revenue trend of the Group. A slowdown in the

catering busines in Hong Kong, the primary customer base for these

items, has contributed to the decreased demand in this category.

于回顾年度，本集团主要产品之销售收入如下：

由于市场消费放缓，本集团主要产品的收入于年内

下降。受相对较高的利率及本集团经营地区持续的

地缘政治紧张局势影响，消费者在经济增长放缓的

情况下消费变得更为谨慎。

小食产品继续是本集团之主要产品。虽然小食的收

入比去年下降，薯片、薯条和虾条等受欢迎产品继

续在香港、中国内地及日本引起消费者的青睐。为

满足客户不断转变的需求，本集团计划利用宫田的

采购网络，扩大小食产品组合。

糖果产品仍然是本集团第二大最受欢迎的产品类

别，尽管受当前经济环境影响，该类产品的收入有

所下降。

火腿、香肠及其他杂货食品的收入随著本集团整体

收入下降而同步减少。尽管如此，金妹牌火腿和香

肠因其高品质仍深受消费者欢迎。

饮料及乳制产品的销售额保持相对稳定，轻微下跌

约1%。这种稳定性表明消费者对该等商品的需求始

终如一。

食品原料╱配料及酒类饮品的趋势与本集团整体收

入趋势一致。香港的餐饮业务是该等产品的主要客

户群，而香港餐饮业务的放缓导致此类产品的需求

下降。

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四洲集团有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

Capital, liquidity and financial resources

The Group generaly finances its operations with internaly

generated cash flows and facilities granted by its principal bankers.

As at 31 March 2025, the Group held cash and cash equivalents

of HK$631,977,000. As at 31 March 2025, the Group had banking

facilities of HK$2,709,158,000 of which 46% had ben utilised. The

Group had a net debt gearing ratio of 52% as at 31 March 2025.

This is expresed as the total bank borowings les cash and cash

equivalents divided by equity atributable to equity holders of the

Company. Bank borowings of the Group, denominated in Hong Kong

dolars, Japanese yen and Renminbi, mainly comprise trust receipt

loans and bank loans (the “Interest-Bearing Bank Borowings”)

at prevailing market interest rates. The Interest-Bearing Bank

Borowings which are clasified as curent liabilities are repayable on

demand or within one year. The Interest-Bearing Bank Borowings

which are clasified as non-curent liabilities are either repayable over

one year or the Group has the right to rol over for another year.

Charges on asets

As at 31 March 2025, the Group pledged its land and buildings

of aproximately HK$282,064,000 and investment properties of

aproximately HK$16,245,000 to secure the banking facilities granted

to the Group.

Capital comitments

The Group had capital comitments in respect of property, plant and

equipment which were contracted but not provided for in the financial

statements of HK$1,155,000 as at 31 March 2025.

Foreign curency exposure

The Group has transactional curency exposures mainly from sales

and purchases transactions in Japanese yen and Renminbi. The

apreciation or devaluation of Japanese yen or Renminbi against Hong

Kong dolar wil have impact on the Group’s operating results.

The Group’s foreign exchange position is monitored on an ongoing

basis in order to minimise the impact from the unfavourable

fluctuation of foreign curencies. The Group curently does not

maintain a foreign curency hedging policy.

资本、流动资金及财政资源

本集团一般以内部流动现金及主要往来银行授

出之信贷作为业务之融资。于二零二五年三月

三十一日，本集团拥有之现金及现金等值项目为

631,977,000港元。于二零二五年三月三十一日，

本集团拥有银行信贷额共2,709,158,000港元，其中

46%经已动用。本集团于二零二五年三月三十一日

之净负债资本比率为52%，亦即银行借款总额减去

现金及现金等值项目后除以本公司权益所有者应占

权益之比例。本集团之银行借款以港元、日圆及人

民币为结算货币，并主要为根据当时通行市场息率

之信托收据贷款及银行贷款（「须缴付利息之银行贷

款」）。分类为流动负债之须缴付利息之银行贷款须

按要求或于一年内偿还。分类为非流动负债之须缴

付利息之银行贷款会在一年后偿还，或本集团有权

将其延期至另一年。

资产抵押

于二零二五年三月三十一日，本集团已抵押约

282,064,000港元的土地及楼宇及约16,245,000港元

的投资物业，以取得授予本集团的银行信贷。

资本承担

于二零二五年三月三十一日，本集团就物业、厂房

及设备之已订约但未于财务报告拨备之资本承担为

1,155,000港元。

外汇风险

本集团之交易货币风险主要来自以日圆及人民币进

行之买卖交易。日圆或人民币兑港元升值或贬值将

对本集团之经营业绩造成影响。

本集团持续监察外汇状况，以将不利之外币波动影

响降至最低。本集团现时并无外币对冲政策。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Management Discusion and Analysis

管理层讨论及分析

Staf employment and remuneration policies

The total number of employes of the Group as at 31 March 2025 was

aproximately 2,600. Remuneration packages are generaly structured

by reference to market terms and individual qualifications. Salaries

and wages are normaly reviewed anualy based on performance

apraisals and other relevant factors.

Environmental policies and performance

The Group recognises the importance of environmental conservation

and employs various environmental protection and energy saving

measures in the busines operation. In general, employes are

encouraged to reduce paper consumption, recycle paper and toner

cartridges, use electronic comunication and filing, and reduce

traveling by using conference cals. The Group also instals energy

saving lighting systems in the workplaces.

The factories of the Group continuously devote efort in the

improvement of the water usage management and sewage treatment,

atmospheric emisions and energy utilisation eficiency. The measures

include construction of sewage stations to proces waste water

discharged from factories and enhancement of the water coling

system in factories resulted in reduction of water usage; instalation of

dust bag filters and fume extraction and filtration system to reduce air

emisions; and review of energy consumption level on regular basis to

control the usage and find out further energy saving methods.

Compliance with relevant laws and regulations

Compliance procedures are in place to ensure the compliance in

material respects with the relevant laws and regulations that have a

significant impact on the busines and operation of the Group.

Relationships with key stakeholders

Employes

The Group recognises human resources as an important capital and

emphasises on retention and development of staf.

Remuneration packages are generaly structured by reference to market

terms and individual qualifications. Salaries and wages are normaly

reviewed anualy based on performance apraisals and other relevant

factors. Staf performance is asesed anualy under an objective

framework. Interim reviews are also conducted to remunerate

employes with outstanding performances. To motivate staf in

achieving the Group’s busines goal, incentives like performance–

based bonuses are rewarded to staf.

员工聘用及薪酬政策

本集团于二零二五年三月三十一日之聘用员工总数

约2,600人。雇员薪酬一般参考市场条款及个别资历

而厘定。薪金及工资一般按表现及其他相关因素而

作每年检讨。

环保政策及表现

本集团知悉环保的重要性，并于业务营运中采用多

项环保及节能措施。整体而言，本集团鼓励员工减

少纸张消耗、回收纸张及碳粉匣、使用电子通信及

存档，并使用电话会议以减少出差。本集团亦于工

作间安装节能照明系统。

本集团之厂房一直致力改善用水管理及污水处理、

大气排放及能源效益。有关措施包括兴建污水处理

站处理厂房所排出的污水，并加强厂房之水冷却系

统致使减少用水；安装尘袋式过滤器及排烟及过滤

系统以减少空气物排放；及定期检讨能源用量水平

以控制用量及寻求进一步节约方法。

遵守相关法律及法规

本集团设有合规程序，以确保在各重大方面遵守对

本集团之业务及营运有重大影响之相关法律及法规。

与主要持份者之关系

雇员

本集团知悉人力资源为重要资本，重视挽留人材及

员工的发展。

雇员薪酬一般参考市场条款及个别资历而厘定。薪

金及工资一般按表现及其他相关因素而作每年检

讨。本集团根据一套客观标准每年评估员工表现，

亦会进行中期评估以奖励表现优异的员工。为鼓励

员工达致本集团之业务目标，本集团亦为员工设立

绩效花红作为奖励。

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四洲集团有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

To recognise staf loyalty, prizes are awarded to long-serving

staf anualy as an apreciation of their long term services and

comitment to the Group. The Group also launches model employe

campaign each year in order to recognise the dedicated staf for their

outstanding performance and contributions to the Group. The Group

provides to staf both training held in-house and conducted by external

organisation covering a variety of subjects on sales techniques,

management skils, technical topics and personal development.

Members of the Group are acredited “God MPF Employer” award

for ten consecutive years and “Best Al-round MPF Employer” award

by Mandatory Provident Fund Schemes Authority and “Super MD

2025-2030” of Manpower Developer Award Scheme by Employes

Retraining Board.

Customers

The Group values customers’ satisfaction and trust on the products

and services provided by the Group. The Group endeavors to source

brand new products and produce various fod products in god quality

for the enjoyments of consumers in Hong Kong, Mainland China and

Japan.

Understanding the preference and fedback of consumers is important

for improving the quality of the Group’s products and services.

Various comunication chanels including customer hotline, company

website and social media are in place to enhance comunications with

our customers.

Supliers and busines partners

The Group distributes various internationaly renowned brands of

quality fod products from many areas. Therefore, the Group places

strong emphasis on relationships and comunications with supliers.

The Group believes that constructive interactions and efective

comunications with supliers can enhance the eficiency of the entire

suply chain proces including products procurement and inventory

management.

The Group has developed long-standing relationships with major

supliers. The Group invites key supliers to strategy metings,

aranges tours to the retail outlets and ofices of the Group, invites

them in busines events and parties, and shares information about local

sales performance, new products and personel. Likewise, the Group

visits the supliers’ factories and understands their production proces

and products development. Personalising the relationship and geting

to know one another creates a solid partnership and builds up trust on

each other. Being a pioner of importing fod products from Japan

to Hong Kong, the Group received apreciation leters from various

Japanese busines partners for the recognition of the Group’s efort in

distribution of their products.

为对员工的忠诚作出肯定，本集团每年向资深员工

授予奖项作为对该等员工为本集团长期服务及奉

献的赞赏。本集团亦每年举办模范员工选举以表扬

杰出员工的出色表现及贡献。本集团为员工提供公

司内部及外界组织所举办之培训，内容涵盖销售技

巧、管理技巧、技术专题及个人发展等不同范畴。

本集团成员公司荣获强制性公积金计划管理局连

续十年颁发「积金好雇主」及颁发「全能积金好雇

主」。同时获雇员再培训局颁发人才企业嘉许计划

之「Super MD 2025-2030」。

客户

本集团重视客户对本集团所提供产品及服务之满意

度及信心。本集团致力为香港、中国内地及日本之

客户引入全新的产品及生产各种优质食品。

了解客户喜好及反馈对提升本集团产品及服务质素

实为重要。本集团设有不同沟通渠道以促进与客户

之沟通，包括客户服务热线、公司网页及社交媒体。

供应商及业务伙伴

本集团分销来自多个地方之国际知名品牌优质食

品。因此，本集团非常著重与供应商之关系及沟

通。本集团相信，与供应商之建设性互动及有效沟

通将提高整个供应链过程的效率，包括产品采购及

库存管理。

本集团与主要供应商已建立长期合作关系。本集团

邀请主要供应商参与策略会议、参观本集团之零

售店舖及办事处，邀请其参与业务活动及聚会，并

分享有关地方销售表现、新产品及员工信息。同样

地，本集团亦会造访供应商厂房以了解彼等的生产

过程及产品开发。个人化的关系及彼此了解建立了

巩固及互信的合作关系。作为从日本进口食品到香

港之先驱，本集团取得多名日本业务伙伴之嘉许

状，以认同本集团分销其货品所付出的努力。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Management Discusion and Analysis

管理层讨论及分析

Comunity

“Taken from Society and Give Back to Society” is always the belief of

the Group. The Group is participating actively in comunity services,

suporting the charity activities and youth programs. The Group

suports the comunity by sponsoring its fod products to diferent

parties including Junior Police Cal, schols, elderly and women’s care

organisations, youth organisations, kaifong welfare organisations and

federations of asociations. People from diferent sectors can enjoy the

Group’s delicate products, and share its spirit of “Eating Hapily”.

Principal risks

Operational risks

Socioeconomic change risk

There are many ongoing trends in society that can impact the demand

for a product. Customers have more choices nowadays and have raised

their expectations on fod quality and variety. The Group keps on

engaging in product reformulation that makes it conform more closely

to social trend. In adition, the Group keps abreast of the curent

trend in retailing and catering busineses and continues to introduce

brand new retailing and catering experience to the consumers.

Suply chain risk – inadequate suplier performance

The Group sources fod materials and fod products for production

and distribution. The stability of the suply and quality of the fod

materials and products from vendors are critical to the busines

operation of the Group. In order to mitigate the risk of posible

suply chain failure, the Group sources fod materials and products

from a portfolio of supliers. The Group also established a stringent

suplier selection proces including the asesment of qualifications of

supliers, inspection of the products, visit to supliers’ factories etc.

Financial risks

The financial risk management objectives and policies of the Group

are shown in note 39 to the financial statements.

社区

「取之于社会，用之于社会」是本集团的信念。本集

团积极参与社区服务、支持慈善活动及青年计划。

本集团透过赞助不同团体的活动，如少年警讯、学

校、长者及妇女组织、青年团体、街坊福利会及社

团联会等，让不同阶层的人士可以享受本集团美

食，一同分享「食得开心」的精神。

主要风险

营运风险

社会经济变动风险

社会潮流转变可影响对产品的需求。现今客户有更

多选择，因此增加对食品质素及种类的期望。本集

团不断进行产品改良以迎合社会趋势。此外，本集

团一直留意零售及餐饮业务的现行趋势，并继续为

客户引进全新零售及餐饮体验。

供应链风险－供应商表现未如理想

本集团采购食品材料及食品进行生产及分销。供应

商提供稳定及优质的食材及食品供应对本集团业务

营运至关重要。为减低可能出现有关供应链问题的

风险，本集团向众多供应商采购食品材料及产品。

本集团亦建立了严谨的供应商筛选程序，包括评估

供应商资格、检验产品及参观供应商厂房等。

财务风险

本集团之财务风险管理目标及政策载于财务报告附

注39。

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

The board of directors (the “Board”) of the Company present their

report and the audited financial statements of the Group for the year

ended 31 March 2025.

PRINCIPAL ACTIVITIES AND BUSINES

REVIEW

The principal activity of the Company is investment holding. Details

of the principal activities of the principal subsidiaries are set out in

note 1 to the financial statements. There were no significant changes in

the nature of the Group’s principal activities during the year.

A discusion and review on the busines activities of the Group,

including a description of the principal risks and uncertainties facing

the Group and an indication of likely future development in the

Group’s busines, are set out in the sections headed “Chairman’s

Statement” and “Management Discusion and Analysis” on pages 4

to 15 and pages 19 to 26 of this anual report, respectively. Certain

financial key performance indicators, a discusion on the Group’s

environment policies and performance and its compliance with

the relevant laws and regulations, and an acount of the Group’s

relationship with its key stakeholders are included in the “Management

Discusion and Analysis”. These discusions form part of this Report

of the Directors. In light of the Environmental, Social and Governance

Reporting Guide as set out in Apendix C2 of the Rules Governing

the Listing of Securities on The Stock Exchange of Hong Kong

Limited (the “Stock Exchange”) (the “Listing Rules”), a separate

Environmental, Social and Governance Report wil be published on the

same day of the publication date of anual report.

In adition, the financial risk management objectives and policies of

the Group are shown in note 39 to the financial statements.

RESULTS AND DIVIDENDS

The Group’s profit for the year ended 31 March 2025 and the Group’s

financial position at that date are set out in the financial statements on

pages 74 to 207.

An interim dividend of HK3.0 cents per ordinary share was paid

on 17 January 2025. The Board recomends the payment of a final

dividend of HK6.5 cents per ordinary share in respect of the year

to shareholders on the register of members of the Company on 8

September 2025 and the record date wil be on 8 September 2025.

本公司董事会（「董事会」）谨提呈董事会报告及本集

团截至二零二五年三月三十一日止年度之经审核财

务报告。

主要业务及业务回顾

本公司之主要业务为投资控股。主要附属公司之主

要业务详情载列于财务报告附注1。本集团主要业

务之性质于年内概无重大变动。

有关本集团业务活动之讨论及回顾（包括本集团面对

之主要风险及不明朗因素之概述及本集团业务之可

能未来发展情况说明）分别载于本年报第4至15页及

第19至26页之「主席报告」及「管理层讨论及分析」等

节。若干关键财务表现指标、本集团环保政策及表

现与其遵守相关法例及法规情况之讨论以及本集团

与主要持份者之关系载于「管理层讨论及分析」内。

该等讨论构成本董事会报告之部份。鉴于香港联合

交易所有限公司（「联交所」）证券上市规则（「上市规

则」）附录C2所载之环境、社会及管治报告指引，本

集团将于年报刊发日期同日刊发环境、社会及管治

报告。

此外，本集团之财务风险管理目标及政策载于财务

报告附注39。

业绩及股息

本集团截至二零二五年三月三十一日止年度之溢利

及本集团于该日之财政状况载列于财务报告第74页

至第207页之内。

本集团于二零二五年一月十七日派付中期股息每股

普通股3.0港仙。董事会建议就本年度派发末期股息

每股普通股6.5港仙予二零二五年九月八日名列本公

司股东名册之股东，而记录日期将为二零二五年九

月八日。

---

2025
二零二五年
HK$’000
港币千元
3,625,422
8,789
10,164
(1,375)
8,789

2025
二零二五年
HK$’000
港币千元
3,172,765
(1,952,894)
1,219,871

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

SUMARY FINANCIAL INFORMATION

A sumary of the results and of the asets and liabilities of the Group

for the last five financial years, as extracted from the published audited

financial statements, is set out below:

Year ended 31 March

截至三月三十一日止年度

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

RESULTS业绩

REVENUE收入3,898,2224,150,8864,729,9764,579,837

PROFIT FOR THE YEAR年内溢利33,29643,35819,81231,648

Atributable to:归属于：

Equity holders of the Company本公司权益

所有者34,65740,73212,63430,127

Non-controling interests非控股权益(1,361)2,6267,1781,521

33,29643,35819,81231,648

As at 31 March

于三月三十一日

二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

ASETS AND LIABILITIES资产及负债

TOTAL ASETS总资产2,928,1433,244,0703,352,2413,560,839

TOTAL LIABILITIES总负债(1,678,391)(1,939,188)(1,981,552)(2,183,056)

1,249,7521,304,8821,370,6891,377,783

The information set out above does not form part of the audited

financial statements.

财务资料概要

本集团过去五个财政年度之业绩及资产和负债资料

由已公布及经审核的财务报告中摘取，并载列如下：

此项概要并不构成经审核财务报告的一部份。

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

SHARE CAPITAL

Details of movements in the Company’s share capital during the year

are set out in notes 32 to the financial statements.

PURCHASE, SALE OR REDEMPTION OF

LISTED SECURITIES OF THE COMPANY

For the year ended 31 March 2025, the Company repurchased certain

of its shares on the Stock Exchange, details of which are set out as

folows:

Month of repurchase

Number

of shares

repurchasedPrice per share

Agregate

consideration

购回月份购回股份数目每股购回价格代价总额

HighestLowest

最高最低

HK$HK$HK$’000

港元港元港币千元

September 2024二零二四年九月34,0002.52.585

December 2024二零二四年十二月2,522,0002.62.486,478

January 2025二零二五年一月1,542,0002.582.53,977

March 2025二零二五年三月24,0002.62.560

4,122,00010,600

As of the date of this report, the Company repurchased a total of

4,122,000 shares and 4,098,000 shares were canceled.

The repurchase of the Company’s shares during the year was efected

by the directors, pursuant to the mandates granted by shareholders at

the anual general metings held on 29 August 2024, with a view to

benefiting shareholders as a whole by enhancing the net aset value

per share and earnings per share of the Group.

Save as disclosed above, neither the Company nor any of its

subsidiaries purchased, sold or redemed any of the Company’s listed

securities (whether on the Stock Exchange or otherwise) for the year

ended 31 March 2025 (including sale of treasury shares (as defined

under the Listing Rules). As at 31 March 2025, the Company did not

hold any treasury shares (as defined under the Listing Rules).

股本

于年内本公司之股本变动详情载于财务报告附注32。

本公司上市证券之购买、出售或赎

回

截至二零二五年三月三十一日止年度，本公司于联

交所购回若干股份，有关详情载列如下：

截至本报告日期，本公司购回合共4,122,000股份

及4,098,000股份已于其后注销。

董事根据分别于二零二四年八月二十九日举行之股

东周年大会上股东授予之授权购回本公司之股份，

藉著增加本公司之每股资产净值及每股盈利，为整

体股东缔造利益。

除上述披露者，本公司及其任何附属公司于截至二

零二五年三月三十一日止年度，概无购买、出售或

赎回本公司任何上市证券（不论在联交所或其他地

方）（包括出售库存股（定义见上市规则）。于二零

二五年三月三十一日，本公司并无持有任何库存股

份（定义见上市规则）。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

PRE-EMPTIVE RIGHTS

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

articles of asociation or the laws of the Cayman Islands which would

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

shareholders.

DISTRIBUTABLE RESERVES

At 31 March 2025, the Company’s reserves available for

cash distribution and/or distribution in specie amounted to

HK$261,130,000, of which HK$24,706,000 has ben proposed as a

final dividend for the year.

DIRECTORS

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

report were:

Executive Directors:

TAI Tak Fung, Stephen (Chairman)

WU Mei Yung, Quinly (Vice Chairman)

TAI Chun Kit (Managing Director)

WU Wing Biu

TSE Siu Wan (Apointed on 9 November 2024)

WONG Fu Hang, Derek (Resigned on 9 November 2024)

Independent Non-executive Directors:

CHAN Yuk Sang, Peter

Tsunao KIJIMA

CHEUNG Wing Choi

In acordance with article 119 of the articles of asociation of the

Company, Ms. Wu Mei Yung, Quinly, Mr. Chan Yuk Sang, Peter

and Mr. Tsunao Kijima shal retire and being eligible, wil ofer shal

retire and being eligible, wil ofer themselves for re-election at the

forthcoming anual general meting.

In acordance with article 101 of the articles of asociation of the

Company, Mr. Tse Siu Wan shal retire and being eligible, wil ofer

himself for re-election at the forthcoming anual general meting.

The Company has received anual confirmations of independence

from Mr. Chan Yuk Sang, Peter, Mr. Tsunao Kijima and Mr. Cheung

Wing Choi pursuant to Rule 3.13 of the Listing Rules and stil

considers them to be independent.

优先购股权

本公司之公司组织章程细则或开曼群岛之法例，并

无规定本公司必须向其现有股东按持股比例发行新

股份之优先购买权。

可供分派储备

于二零二五年三月三十一日，本公司可供以现金分

派及╱或实物分派之储备为261,130,000港元，其中

24,706,000港元已建议作为本年度的末期股息。

董事

于年内及直至本报告日期，本公司之董事如下：

执行董事：

戴德丰（主席）

胡美容（副主席）

戴进杰（董事总经理）

胡永标

谢少云（于二零二四年十一月九日获委任）

黄辅铿（于二零二四年十一月九日辞任）

独立非执行董事：

陈玉生

木岛纲雄

张荣才

根据本公司之组织章程细则第119条，胡美容女士、

陈玉生先生及木岛纲雄先生将于即将举行之股东周

年大会上退任，惟彼等均符合资格并愿意膺选连任。

根据本公司之组织章程细则第101条，谢少云先生

将于即将举行之股东周年大会上退任，惟彼符合资

格并愿意膺选连任。

本公司已收到陈玉生先生、木岛纲雄先生及张荣才

先生根据上市规则第3.13条有关其独立性作出的年

度确认函，而本公司认为彼等均属独立人士。

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

DIRECTORS’ SERVICE CONTRACTS

None of the directors who is proposed for re-election at the

forthcoming anual general meting has a service contract with the

Company which is not determinable by the Company within one year

without payment of compensation, other than statutory compensation.

DIRECTORS’ REMUNERATION

The directors’ remuneration is determined by the Company’s board

of directors with reference to directors’ duties, responsibilities and

performance and the results of the Group, and reviewed by the

remuneration comite of the Company. Details of remuneration

of the directors are set out in note 9 of the financial statements.

Particulars of the duties and responsibilities of the remuneration

comite are set out in “Corporate Governance Report” of this anual

report.

PERMITED INDEMNITY PROVISION

Pursuant to the Company’s articles of asociation and subject to the

provisions of the Companies Act (As Revised) of the Cayman Islands,

every director or other oficer of the Company shal be entitled to

be indemnified out of asets of the Company against al loses or

liabilities which he may sustain or incur in or about the execution of

the duties of his ofice or otherwise in relation thereto. The Company

has aranged apropriate directors’ and oficers’ liability insurance

coverage for the directors and oficers of the Group.

DIRECTORS’ INTERESTS IN

TRANSACTIONS, ARANGEMENTS OR

CONTRACTS

No director or a conected entity of a director had a material interest,

either directly or indirectly, in any transactions, arangements or

contracts of significance to the busines of the Group to which the

Company or any of the Company’s subsidiaries was a party during the

year.

MANAGEMENT CONTRACT

Save for employment contracts, no other contracts relating to the

management and/or administration of the whole or any substantial part

of any busines of the Group were entered into or subsisted for the

year ended 31 March 2025.

董事服务合约

拟于即将举行之股东周年大会上重选连任之董事，

并无与本公司订立任何不可于一年内在不予赔偿（法

定赔偿除外）的情况下终止之服务合约。

董事酬金

董事酬金乃由本公司董事会根据各董事之职务、职

责及表现以及本集团业绩厘定，并由本公司薪酬委

员会检阅。有关董事之酬金详情载于财务报告附注

9。薪酬委员会之职责及责任的详细资料载于本年

报「企业管治报告」内。

获准许的弥偿保证条文

根据本公司之组织章程细则及开曼群岛公司法（经

修订）之条文，本公司各董事或其他高级职员有权就

其执行职务或有关其职务之其他方面所蒙受或产生

之所有损失或责任，从本公司之资产中获得弥偿。

本公司已为本集团董事及高级职员安排适当之董事

及高级职员责任保险。

董事于交易、安排或合约之权益

于年度内，各董事或其关连实体概无于本公司或其

任何附属公司之任何与本集团业务有关的重大交

易、安排或合约中直接或间接拥有重大权益。

管理合约

截至二零二五年三月三十一日止年度，除雇佣合约

外，本集团概无订立或订有任何与本集团全部或任

何重大部分业务有关的管理及╱或行政合约。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND/OR SHORT POSITIONS

IN THE SHARES AND UNDERLYING

SHARES OF THE COMPANY OR ANY

ASOCIATED CORPORATION

As at 31 March 2025, the interests and short positions of the directors

and chief executive of the Company in the shares and underlying

shares of the Company or any of its asociated corporation (within

the meaning of Part XV of the Securities and Futures Ordinance

(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”) contained in Apendix C3 of the Listing Rules, were as

folows:

Long positions in the ordinary shares of the Company:

Number of

ordinary shares

held/interested

Aproximate

percentage of

the Company’s

total isued shares

(Note (i)

Name of directors董事名称

Notes

附注Capacity身份

持有╱拥有

普通股份数目

占本公司

已发行股份总数

概约百分比

（附注(i)）

Tai Tak Fung, Stephen戴德丰(i)Interest of controled

corporations

控制公司权益216,528,00056.96%

Interest of spouse配偶权益18,000,0004.73%

Wu Mei Yung, Quinly胡美容Beneficial owner实益拥有人18,000,0004.73%

(i) (a)Interest of controled

corporations

控制公司权益33,050,0008.69%

(i) (b)Interest of spouse配偶权益183,478,00048.27%

Tai Chun Kit戴进杰Beneficial owner实益拥有人11,600,0003.05%

Notes:

(i) Such shares comprise:

(a) 70,000,000 shares, representing aproximately 18.42% of the

Company’s total isued shares, are held by Careful Guide Limited

(“CGL”) which is wholy owned by Mr. Tai Tak Fung, Stephen.

Acordingly, Mr. Tai Tak Fung, Stephen is demed to be interested

in the 70,000,000 shares of the Company held by CGL;

董事及最高行政人员于本公司或任

何相联法团股份及相关股份之权益

及╱或淡仓

于二零二五年三月三十一日，本公司董事及最高行

政人员于本公司或其任何相联法团（定义见证券及

期货条例（「证券及期货条例」）第XV部）之股份及相

关股份中，拥有本公司根据证券及期货条例第352

条规定所存置之登记册所记录，或根据上市规则附

录C3所载之上市发行人董事进行证券交易的标准守

则（「标准守则」）须知会本公司及联交所之权益及淡

仓如下：

于本公司普通股份之好仓：

附注：

(i) 有关股份包括：

(a) 70,000,000股份（占本公司已发行股份总数约

18.42%）乃由Careful Guide Limited（「CGL」）持

有，该公司由戴德丰先生全资拥有。因此，戴

德丰先生被视为于CGL所持有之70,000,000股本

公司股份中拥有权益；

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND/OR SHORT POSITIONS

IN THE SHARES AND UNDERLYING

SHARES OF THE COMPANY OR ANY

ASOCIATED CORPORATION (continued)

Long positions in the ordinary shares of the Company: (continued)

Notes: (continued)

(i) Such shares comprise: (continued)

(b) 33,050,000 shares, representing aproximately 8.69% of the

Company’s total isued shares, are held by Special Aces Limited

(“SAL”) which is wholy owned by Mr. Tai Tak Fung, Stephen and

his spouse, Ms. Wu Mei Yung, Quinly. Acordingly, Mr. Tai Tak

Fung, Stephen and Ms. Wu Mei Yung, Quinly are demed to be

interested in the 33,050,000 shares of the Company held by SAL;

and

(c) 113,478,000 shares, representing aproximately 29.85% of

the Company’s total isued shares, are held by Capital Season

Investments Limited (“CSI”). CSI is wholy owned by Advance

Finance Investments Limited (“AFI”) which is a wholy-owned

subsidiary of Hong Kong Fod Investment Holdings Limited

(“HKFH”). Acordingly, HKFH is demed to be interested in the

113,478,000 shares of the Company. HKFH is owned as to 0.07%

by the Company, 2.61% by Mr. Tai Tak Fung, Stephen, 20.55% by

SAL, and 12.01% by CGL. As Ms. Wu Mei Yung, Quinly is the

spouse of Mr. Tai Tak Fung, Stephen, Ms. Wu Mei Yung, Quinly is

demed to be interested in the shares of Mr. Tai Tak Fung, Stephen

and vice versa. Therefore, Mr. Tai Tak Fung, Stephen and his

spouse, Ms. Wu Mei Yung, Quinly are considered to have demed

interests in the 113,478,000 shares of the Company by virtue of

their interests in HKFH.

(i) (a) As mentioned in note (i)(b) above, Ms. Wu Mei Yung, Quinly and

her spouse, Mr. Tai Tak Fung, Stephen are demed to be interested

in the 33,050,000 shares of the Company held by SAL.

(b) Ms. Wu Mei Yung, Quinly is demed to be interested in 70,000,000

shares of the Company through the interests of her spouse, Mr. Tai

Tak Fung, Stephen, in CGL as mentioned in note (i)(a) above. In

adition, she is also demed to be interested in 113,478,000 shares

of the Company as mentioned in note (i)(c).

(i) The calculation is based on the total number of 380,123,640 shares in

isue as of 31 March 2025.

董事及最高行政人员于本公司或任

何相联法团股份及相关股份之权益

及╱或淡仓（续）

于本公司普通股份之好仓：（续）

附注：（续）

(i) 有关股份包括：（续）

(b) 33,050,000股份（占本公司已发行股份总数约

8.69%）乃由Special Aces Limited（「SAL」）持

有，该公司由戴德丰先生及其配偶胡美容女士

全资拥有。因此，戴德丰先生及胡美容女士均

被视为于SAL所持有之33,050,000股本公司股份

中拥有权益；及

(c) 113,478,000股份（占本公司已发行股份总

数约29.85%）乃由Capital Season Investments

Limited（「CSI」）持有。CSI由Advance Finance

Investments Limited（「AFI」）全资拥有，而AFI

则为香港食品投资控股有限公司（「香港食品」）

之全资附属公司。因此，香港食品被视为拥

有本公司113,478,000股份。香港食品分别由

本公司拥有0.07%，戴德丰先生拥有2.61%，

SAL拥有20.55%，及CGL拥有12.01%。由于胡

美容女士为戴德丰先生之配偶，胡美容女士

被视为拥有戴德丰先生之股份权益，反之亦

然。因此，戴德丰先生及其配偶胡美容女士透

过彼等于香港食品之权益被视为持有本公司

113,478,000股份。

(i) (a) 诚如上文附注(i)(b)所述，胡美容女士及其配偶

戴德丰先生均被视为于SAL所持有之33,050,000

股本公司股份中拥有权益。

(b) 诚如上文附注(i)(a)所述，胡美容女士透过

其配偶戴德丰先生之权益而被视为于CGL之

70,000,000股本公司股份中拥有权益。此外，

诚如附注(i)(c)所述，彼亦被视为于本公司之

113,478,000股份中拥有权益。

(i) 根据截至二零二五年三月三十一日已发行股份总数

380,123,640股计算。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND/OR SHORT POSITIONS

IN THE SHARES AND UNDERLYING

SHARES OF THE COMPANY OR ANY

ASOCIATED CORPORATION (continued)

Long positions in the ordinary shares of the Company: (continued)

Save as disclosed above, as at 31 March 2025, none of the directors

and chief executive of the Company had any interests or short

positions in the shares and underlying shares of the Company or any of

its asociated corporation (within the meaning of Part XV of 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.

During the year ended 31 March 2025, none of the directors and chief

executive of the Company (including their spouses and children under

18 years of age) had ben granted or exercised, any rights to subscribe

for shares of the Company required to be disclosed pursuant to the

SFO.

DIRECTORS’ RIGHTS TO ACQUIRE

SHARES OR DEBENTURES

Save as disclosed above, at no time during the year were rights to

acquire benefits by means of the acquisition of shares in or debentures

of the Company granted to any of the directors or their respective

spouses or minor children, or were any such rights exercised by them;

or was the Company, its holding company, or any of its subsidiaries or

felow subsidiaries a party to any arangement to enable the directors

to acquire such rights in any other body corporate.

董事及最高行政人员于本公司或任

何相联法团股份及相关股份之权益

及╱或淡仓（续）

于本公司普通股份之好仓：（续）

除上述所披露者外，于二零二五年三月三十一日，

本公司董事及最高行政人员于本公司或其任何相联

法团（定义见证券及期货条例第XV部）之股份及相

关股份中，均无拥有本公司根据证券及期货条例第

352条所须存置之登记册所记录，或根据标准守则

须知会本公司及联交所之权益或淡仓。

于截至二零二五年三月三十一日止年度内，本公司

董事及最高行政人员（包括彼等之配偶及未满十八

岁的子女）均无获授予或行使任何权利借以认购本

公司股份，而须根据证券及期货条例予以披露。

董事购买股份或债券之权利

除上文披露者外，年内，本公司并无授予权利给董

事或彼等各自之配偶或未成年之子女以透过购买本

公司之股份或债券而获取利益或行使该等权利；本

公司、其控股公司或其任何附属公司或同系附属公

司亦无订立任何安排以致董事购入任何其他法人团

体之该等权利。

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

SUBSTANTIAL SHAREHOLDERS’

INTERESTS AND/OR SHORT POSITIONS

IN THE SHARES AND UNDERLYING

SHARES OF THE COMPANY

As at 31 March 2025, the folowing parties (other than the directors

and chief executive of the Company as disclosed above) had interests

of 5% or more in the isued shares of the Company as recorded in the

register required to be kept by the Company under section 336 of the

SFO:

Long positions in the ordinary shares of the Company:

Number of

ordinary shares

held/interested

Aproximate

percentage of

the Company’s

total isued shares

(Note (iv)

Name of substantial

Shareholders主要股东名称

Notes

附注Capacity身份

持有╱拥有

普通股份数目

占本公司

已发行股份总数

概约百分比

（附注(iv)）

SALBeneficial owner实益拥有人33,050,0008.69%

CGLBeneficial owner实益拥有人70,000,00018.42%

CSIBeneficial owner实益拥有人113,478,00029.85%

AFI(i)Interest of controled

corporation

控制公司权益113,478,00029.85%

HKFH香港食品(i)Interest of controled

corporation

控制公司权益113,478,00029.85%

Realord Group Holdings

Limited

伟禄集团控股

有限公司

(i)Beneficial owner实益拥有人23,332,000 6.13%

Manuren Holdings

Limited

美林控股

有限公司

(i)Interest of controled

corporation

控制公司权益23,332,0006.13%

Lin Xiaohui林晓辉(i)Interest of controled

corporation

控制公司权益23,332,0006.13%

Su Jiaohua苏娇华(i)Interest of spouse配偶权益23,332,0006.13%

主要股东于本公司股份及相关股份

之权益及╱或淡仓

于二零二五年三月三十一日，以下人士（上文所披

露之本公司董事及最高行政人员除外）于本公司根

据证券及期货条例第336条之规定所须存置之登记

册所记录拥有本公司已发行股份5%或以上之权益：

于本公司普通股份之好仓：

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

SUBSTANTIAL SHAREHOLDERS’

INTERESTS AND/OR SHORT POSITIONS

IN THE SHARES AND UNDERLYING

SHARES OF THE COMPANY (continued)

Long positions in the ordinary shares of the Company: (continued)

Notes:

(i) The entire isued share capital of CSI is held by AFI which in turn is

wholy owned by HKFH. Acordingly, each of AFI and HKFH is demed

to be interested in the same 113,478,000 shares of the Company held by

CSI.

(i) Based on the disclosure of interest notices filed by Realord Group

Holdings Limited (“Realord”), Manuren Holdings Limited

(“Manuren”), Mr. Lin Xiaohui (“Mr. Lin”) on 29 February 2024,

23,332,000 shares, representing aproximately 6.07% of the Company’s

total shares at that time, are held by Realord, which is owned as to

62.69% by Manuren which, in turn, is owned as to 70% by Mr. Lin.

Therefore, each of Manuren and Mr. Lin is demed to be interested in

the shares of the Company in which Realord is interested under the SFO.

(i) Based on the disclosure of interest notice filed by Ms. Su Jiaohua, being

the spouse of Mr. Lin, is demed to be interested in 23,332,000 shares of

the Company through the interests of Mr. Lin, in Manuren by virtue of

the SFO.

(iv) The calculation is based on the total number of 380,123,640 shares in

isue as of 31 March 2025.

Save as disclosed above, to the best knowledge of the directors of the

Company, as at 31 March 2025, no persons (other than the directors

and chief executive of the Company, whose interests are set out in the

above section headed “Directors’ and chief executive’s interests and/or

short positions in the shares and underlying shares of the Company or

any asociated corporation”) had any interests or short positions in the

shares and underlying shares of the Company which were recorded in

the register required to be kept by the Company under section 336 of

the SFO.

SHARE OPTION SCHEME

The Company has no outstanding share options at the begining and

at the end of the year under review. The share option scheme adopted

by the Company on 28 August 2012 (the “Scheme”) which had a term

of 10 years had expired on 27 August 2022. Since the expiration of the

Scheme, the Company has not adopted any new share option scheme,

resulting in no efective share option scheme during the year under

review.

主要股东于本公司股份及相关股份

之权益及╱或淡仓（续）

于本公司普通股份之好仓：（续）

附注：

(i) AFI持有CSI全部已发行股本，而AFI则由香港食品全

资拥有。因此，AFI及香港食品均被视为于CSI所持

有之本公司113,478,000股份中拥有同等权益。

(i) 根据伟禄集团控股有限公司（「伟禄」）、美林控股有限

公司（「美林」）、林晓辉先生（「林先生」）于二零二四

年二月二十九日呈交的权益披露通知，由伟禄持有

之23,332,000股份，相当于本公司当时股份总数约

6.07%。伟禄由美林持有62.69%权益，而美林则由林

先生持有70%权益。因此，根据证券及期货条例，美

林及林先生均被视为于伟禄所持有之本公司股份中

拥有权益。

(i) 根据苏娇华女士（为林先生之配偶）的权益披露通

知，根据证券及期货条例，彼被视为透过林先生于

美林之权益而于本公司之23,332,000股份中拥有权

益。

(iv) 根据截至二零二五年三月三十一日已发行股份总数

380,123,640股计算。

除上述所披露者外，就本公司董事所深知，于二零

二五年三月三十一日，于本公司根据证券及期货条

例第336条所须设置登记册之纪录中，并无人士（于

上文「董事及最高行政人员于本公司或任何相联法

团股份及相关股份之权益及╱或淡仓」一节拥有权

益之本公司董事及最高行政人员除外）于本公司股

份及相关股份中拥有任何权益或淡仓。

购股权计划

本公司于回顾年度开始及结束时，并无任何未行使

之购股权。本公司于二零一二年八月二十八日采纳

的购股权计划（「计划」）为期十年，已于二零二年

八月二十七日届满。自该计划届满以来，本公司并

未采纳任何新的购股权计划，因此在回顾年度内没

有任何生效的购股权计划。

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

PROFILES OF DIRECTORS AND SENIOR

MANAGEMENT

Executive Directors

Dr. the Honourable TAI Tak Fung, Stephen, GBM, GBS, SBS,

JP, PhD (honoris causa), aged 76, has ben an executive director of

the Company since June 1993. Dr. Tai is the founder and chairman

of the Group, in charge of corporate and policy planing. He has

ben awarded the Grand Bauhinia Medal, Gold Bauhinia Star, Silver

Bauhinia Star and Justice of the Peace by the Government of the Hong

Kong Special Administrative Region. He served as a member of the

National Comite of the Chinese People’s Political Consultative

Conference (“CPC”) from 2003 to 2018, during which period he

was a standing comite member of the CPC from 2008 to 2018.

He also served as a member of the Guangdong Provincial Comite

of the CPC from 1998 to 2022, during which he was a standing

comite member of the Guangdong Provincial Comite of the

CPC from 2003 to 2022. Dr. Tai was awarded the Order of the

Rising Sun, Gold and Silver Rays by the Japanese Emperor in 2017

and he was also awarded the 30th Fod Industry Distinguished Service

Award of Japan and the Award of the Ministry of Agriculture, Forestry

and Fisheries of Japan for the Overseas Promotion of Japanese Fod

by the Government of Japan, in recognition of his contributions

towards the promotion of Japanese fod products in China. He is

curently a member of the Board of Trustes of Jinan University and

serves several public positions, including the president of the Hong

Kong Fodstufs Asociation, the permanent honorary president of

Friends of Hong Kong Asociation, the founding chairman of the

Hong Kong CPC (Provincial) Members Asociation, the founding

chief president of the Asociation of the Hong Kong Members of

Guangdong’s CPC Comites, the chairman of the Hong Kong

Guangdong Chamber of Foreign Investors, and a special advisor to

China National Fod Industry Asociation. He received a number

of awards including Hong Kong Distinguished Brand Leader Award

confered by Hong Kong Brand Development Council and the Chinese

Manufacturers’ Asociation of Hong Kong and Industrialist of the

Year Award confered by Federation of Hong Kong Industries. Other

acolades include Asia’s Leading Fod Entrepreneur of the Year 2020,

Certificate of Honor for Busines Lifetime Achievement for Producing

Quality Fod Products, the Worldwide Prominent Chiu Chow Busines

Leader Award 2012-2013, the World Outstanding Chinese Award,

the Philanthropist Award of the Grand Charity Ceremony 2011, the

Outstanding Contribution Award of the China National Fod Industry,

the China Fod Safety Anual Conference Award of Distinguished

Management Entrepreneur, “Honourable Citizen of Shantou City”,

“Honourable Citizen of Guangzhou City” and “Honourable Citizen

of Jilin City” in Mainland China. Dr. Tai is also a non-executive

director of Hong Kong Fod Investment Holdings Limited (“HKFH”),

a substantial shareholder of the Company. He is also a non-executive

director of The Sincere Company, Limited (“Sincere”). The shares

of HKFH and Sincere are listed on the Main Board of the Stock

Exchange. Dr. Tai is also a director of Careful Guide Limited and

Special Aces Limited, both of which are the substantial shareholders

of the Company. He is the spouse of Dr. Wu Mei Yung, Quinly, the

vice chairman and executive director of the Company, and the father

of Mr. Tai Chun Kit, the managing director and executive director of

the Company. Dr. Tai is also a brother-in-law of Mr. Wu Wing Biu, an

executive director of the Company.

董事及高级管理人员履历简介

执行董事

戴德丰博士，大紫荆勋贤，GBS，SBS，太平绅

士，荣誉工商管理博士，76岁，自一九三年六月

起出任为本公司执行董事。戴博士为本集团之创

办人兼主席。彼掌管企业及政策规划。戴博士获

香港特别行政区政府授予香港大紫荆勋章、金紫

荆星章、银紫荆星章及太平绅士。戴博士于2003年

至2018年担任全国政协委员，于此期间由2008年至

2018年担任全国政协常委。彼亦于1998年至2022年

担任广东省政协委员，并于2003年至2022年期间担

任广东省政协常委兼港区召集人。戴博士于2017年

获日本天皇颁授「旭日双光章」，并先后获日本政府

颁发「第三十届日本食品产业功劳赏」和「农林水产

大臣奖」，以表扬他对日本食品在中国普及化作出的

贡献。彼现时为暨南大学校董，并出任多个社会公

职，包括香港食品商会长、香港友好协进会永远

荣誉会长、港区省级政协委员联谊会创会主席、香

港广东各级政协委员联谊会创会首席会长、香港广

东外商公会主席及中国食品工业协会特邀顾问。彼

又曾荣获多项奖项，包括由香港品牌发展局和香港

中华厂商联合会颁发的香港杰出品牌领袖奖、香港

工业总会颁发的杰出工业家奖，其他获得的殊荣包

括亚洲领先食品企业家年度奖2020、优质食品终身

成就奖、2012–2013全球杰出潮商领袖奖、世界杰出

华人奖、2011南方 • 华人慈善盛典年度「慈善人物」

奖、中国食品工业杰出贡献奖、中国食品安全年会

优秀管理企业家、中国汕头市荣誉市民、广州市荣

誉市民及吉林市荣誉市民。戴博士同时为香港食品

投资控股有限公司（「香港食品」）之非执行董事，该

公司为本公司主要股东，彼亦为先施有限公司（「先

施」）之非执行董事，香港食品与先施之股份均于联

交所主板上市。戴博士亦为Careful Guide Limited及

Special Aces Limited之董事，此两间公司均为本公

司之主要股东。彼为本公司副主席兼执行董事胡美

容博士之配偶及本公司董事总经理兼执行董事戴进

杰先生之父亲。戴博士亦为本公司执行董事胡永标

先生之姐夫。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

PROFILES OF DIRECTORS AND SENIOR

MANAGEMENT (continued)

Executive Directors (continued)

Dr. WU Mei Yung, Quinly, PhD (honoris causa), aged 72, has ben

an executive director of the Company since June 1993. Dr. Wu is

a co-founder and the vice chairman of the Group, responsible for

overseing and cordinating the policy seting of the Group. She

has more than 40 years’ experience in the fod and confectionery

busines. Dr. Wu is also a director of Careful Guide Limited and

Special Aces Limited, both of which are the substantial shareholders

of the Company. She is the spouse of Dr. Tai Tak Fung, Stephen, the

chairman and an executive director of the Company, and the mother

of Mr. Tai Chun Kit, the managing director and an executive director

of the Company. Dr. Wu is also a sister of Mr. Wu Wing Biu, an

executive director of the Company.

Mr. TAI Chun Kit, aged 42, has ben an executive director of the

Company since December 2017. Mr. Tai is the managing director

of the Group and is responsible for new busines planing and the

development of the Group’s busines asociated with overseas brands.

He is also overseing the Group’s operation policies and leading

the Group’s core busines. Mr. Tai holds a Bachelor of Busines

Administration (Hons) degre from the City University of Hong Kong,

he is a Felow of CPA Australia. He has extensive experience in retail

management, brands development and marketing planing. He joined

the Group in 2004. Mr. Tai has contributed to various sectors of the

comunity, he curently holds positions as member of Guangdong

Provincial Comite of the Chinese People’s Political Consultative

Conference, director of China Overseas Friendship Asociation,

comite member of The Chamber of Hong Kong Listed Companies

General Comite, chairman of The 13th Military Sumer Camp

For Hong Kong Youth, the non-oficial member of Hong Kong

Imigration Department Users’ Comite, executive vice chairman

of Hong Kong Guangdong Chamber of Foreign Investors, vice

chairman of Hong Kong Guangdong Youth Asociation, member of

Friends of Hong Kong Asociation Limited, comite member of

Concerted Eforts Resource Centre, member of the Asociation of

the Hong Kong Members of Guangdong’s Chinese People’s Political

Consultative Conference Comites and comite member of

Hong Kong Trade Development Council Mainland Busines Advisory

Comite. Mr. Tai was honored with a number of awards such as

being an awarde of the “Directors Of The Year Awards 2022” for

Executive Directors of the Listed Companies Categories confered by

The Hong Kong Institute of Directors and the “2022 Guangdong-HK-

Macao Greater Bay Area Outstanding Young Entrepreneur Award”

given by the Guangdong-HK-Macao Greater Bay Area Entrepreneur

Union. He is also the chairman and an executive director of HKFH.

Mr. Tai is also an independent non-executive director of Niche-

Tech Semiconductor Materials Limited (formerly named Niche-Tech

Group Limited), the shares of which are listed on GEM of the Stock

Exchange. Mr. Tai is a son of Dr. Tai Tak Fung, Stephen, and Dr. Wu

Mei Yung, Quinly, both are executive directors of the Company and

serve the position of the chairman and vice chairman of the Company,

respectively. Mr. Tai is the nephew of Mr. Wu Wing Biu, an executive

director of the Company.

董事及高级管理人员履历简介（续）

执行董事（续）

胡美容博士，72岁，荣誉工商管理博士，自

一九三年六月起出任本公司之执行董事。胡博士

为本集团之共同创办人兼副主席，专责掌管及协调

本集团之政策制订及策略规划。彼于食品及糖果

业拥有逾 40年经验。胡博士同时亦为Careful Guide

Limited及 Special Aces Limited之董事。此两间公

司均为本公司之主要股东。彼为本公司主席兼执行

董事戴德丰博士之配偶及为本公司董事总经理兼执

行董事戴进杰先生之母亲，亦为本公司执行董事胡

永标先生之胞姊。

戴进杰先生，42岁，自二零一七年十二月起出任本

公司之执行董事。戴先生为本集团之董事总经理，

负责本集团新业务之策划及海外品牌的业务发展，

彼亦掌管集团之营运方针、领导集团之核心业务。

戴先生持有香港城市大学工商管理（荣誉）学士学

位，彼为澳洲资深注册会计师。彼具有丰富之零售

管理、品牌发展及市场策划经验。戴先生于二零

四年加入本集团。戴先生热心参与社会服务，现担

任多项社会公职包括：中国人民政治协商会议广东

省委员会委员、中华海外联谊会理事、香港上市公

司商会常务委员会委员、第十三届香港青少年军事

夏令营主席、香港广东外商公会常务副主席、香港

广东青年总会副主席、香港友好协进会当然会员、

群力资源中心委员、香港广东各级政协委员联谊会

会员及香港贸发局内地商贸咨询委员会委员。戴先

生获得多项荣誉，包括香港董事学会颁发的2022年

度上市公司执行董事组别之「杰出董事奖」，以及粤

港澳大湾区企业家联盟授予的「第三届粤港澳大湾

区杰出青年企业家奖」。彼同时为香港食品之主席

及执行董事，此为联交所上市公司及本公司之主要

股东。戴先生现亦为骏码半导体材料有限公司（前

称骏码科技集团有限公司）之独立非执行董事，该

公司之股份于联交所 GEM上市。戴先生为戴德丰

博士及胡美容博士之儿子，戴博士及胡博士均为本

公司之执行董事，并分别担任本公司之主席及副主

席职务。戴先生为本公司执行董事胡永标先生之外

甥。

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

PROFILES OF DIRECTORS AND SENIOR

MANAGEMENT (continued)

Executive Directors (continued)

Mr. WU Wing Biu, aged 65, has ben an executive director of the

Company since June 1993. Mr. Wu is experienced in sales, marketing

and merchandising and is now responsible for the establishment of

close relationship with Mainland China and overseas supliers. He

has more than 30 years’ experience in the fod and confectionery

industry. Mr. Wu joined the Group in 1978. He is a brother-in-law of

Dr. Tai Tak Fung, Stephen, the chairman and an executive director

of the Company, and a brother of Dr. Wu Mei Yung, Quinly, the vice

chairman and an executive director of the Company. Mr. Wu is an

uncle of Mr. Tai Chun Kit, the managing director and an executive

director of the Company.

Mr. TSE Siu Wan, aged 64, has ben apointed as the executive

director of the Company since 9 November 2024. Mr. Tse is curently

the managing director of Hong Kong Ham Holdings Limited (“HK

Ham”), a wholy-owned subsidiary of the Company. He is also a

director of various subsidiaries of the Company. He joined HK Ham

in 1980. Mr. Tse has extensive experience in fod manufacturing

and factory production management. He is also an executive director

of HKFH, since August 1992. He is responsible for the fod quality

control of HKFH.

Independent Non-executive Directors

Mr. CHAN Yuk Sang, Peter, aged 79, has ben an independent non-

executive director of the Company since July 2000. Mr. Chan was

the chairman of a company listed on the Stock Exchange until July

2002. He was a senior general manager of a local bank until November

1998. Mr. Chan was also an executive director of a joint Chinese

foreign bank in Shenzhen until 1995. He has more than 30 years’

experience in the banking and finance industry. Mr. Chan served as an

independent non-executive director for a number of listed companies

of Hong Kong including GOME Electrical Apliances Holding

Limited from May 2004 to June 2015 and FDB Holdings Limited

from January 2018 to September 2024 respectively, companies whose

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

董事及高级管理人员履历简介（续）

执行董事（续）

胡永标先生，65岁，自一九三年六月起出任本公

司之执行董事。胡先生于销售、市务及采购均拥有

丰富经验，现负责与中国大陆及海外供应商建立紧

密联系。彼于食品及糖果业拥有超过30年经验。彼

于一九七八年加入本集团。彼为本公司主席兼执行

董事戴德丰博士之内弟及本公司副主席兼执行董事

胡美容博士之胞弟，亦为本公司董事总经理兼执行

董事戴进杰先生之舅父。

谢少云先生，64岁，自二零二四年十一月九日起出

任本公司之执行董事。谢先生目前为本集团全资附

属公司香港火腿厂控股有限公司（「香港火腿厂」）

之董事总经理。彼同时出任本公司多间附属公司

之董事。彼于一九八零年加入香港火腿厂。谢先生

于食品制造及生产管理方面有丰富经验。彼亦自

一九二年八月起被委任为香港食品之执行董事。

彼负责香港食品之食品质监察。

独立非执行董事

陈玉生先生，79岁，自二零年七月起出任本公

司之独立非执行董事。陈先生曾为一家于联交所上

市的公司主席直至二零二年七月。彼亦曾为本地

一家银行之高级总经理直至一九八年十一月。

于一九五年前，陈先生一直为深圳一家中外合资

银行之执行董事。彼于银行及金融业拥有逾30年经

验。陈先生曾为数家香港上市公司之独立非执行董

事（包括分别于二零四年五月至二零一五年六月

曾为国美电器控股有限公司及于二零一八年一月至

二零二四年九月曾为丰展控股有限公司之独立非执

行董事），该等公司的股份均于联交所主板上市。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

PROFILES OF DIRECTORS AND SENIOR

MANAGEMENT (continued)

Independent Non-executive Directors (continued)

Mr. Tsunao KIJIMA, aged 77, has ben an independent non-executive

director of the Company since July 2011. He holds a Bachelor of Arts

degre in Economics from Keio University in Japan. Mr. Kijima was

the executive vice president of Mitsubishi Corporation and also the

chief representative for China and Europe of Mitsubishi Corporation

during diferent periods of time. He was a managing executive oficer

of Nisin Fods Holdings Co., Ltd., a company listed on the Tokyo

Stock Exchange. Mr. Kijima was also a non-executive director of

Premier Fods Plc, a company listed on the London Stock Exchange.

He has more than 45 years’ experience of worldwide trading of

procesed fods, beverages, snack fods and other fod products. Mr.

Kijima served as a non-executive director of Lianhua Supermarket

Holdings Co., Ltd., a company listed on the Main Board of the Stock

Exchange, from 2001 to 2006. He was an independent non-executive

director of the Company from 1997 to 2006.

Mr. CHEUNG Wing Choi, aged 70, has ben an independent

non-executive director of the Company since April 2023. Mr. Cheung

holds a Bachelor of Comerce degre and a Postgraduate Diploma in

Information Procesing from University of Quensland in Australia.

He is a felow member of the Hong Kong Institute of Certified

Public Acountants, an asociate member of the Chartered Institute

of Management Acountants in the United Kingdom and a Chartered

Global Management Acountant. He has over 30 years of profesional

and comercial experience both in Hong Kong and Australia. He is

also an independent non-executive director of HKFH.

Senior Management

Ms. VONG Cheng I, Carmen, aged 61, is the director of the Group’s

human resources department, responsible for human resources

management and people strategy development. She holds a Bachelor

of Busines Administration degre in Human Resources Management

from Simon Fraser University in Canada and a Master of Busines

Administration degre from The University of Hong Kong. Ms. Vong

has extensive experience in Hong Kong and China on human resources

management and strategic planing. Prior to joining the Group, she

was the general manager, human resources for Hong Kong and China

of an international FMCG firm. Ms. Vong joined the Group in 2017.

董事及高级管理人员履历简介（续）

独立非执行董事（续）

木岛纲雄先生，77岁，自二零一年七月起出任本

公司之独立非执行董事。彼持有日本庆应大学之经

济文学士学位，木岛先生曾为三菱商事株式会社副

行政总裁及于不同时间出任三菱商事株式会社驻

中国及欧洲首席代表。彼曾担任于东京证券交易所

上市的日清食品控股株式会社之常务执行董事。木

岛先生亦曾担任於伦敦证券交易所上市的Premier

Fods Plc之非执行董事。彼在加工食品、饮品、小

食及其他食品之国际贸易方面拥有超过45年经验。

二零一年至二零六年间，木岛先生曾出任联华

超市股份有限公司的非执行董事，该公司于联交所

主板上市。彼亦曾于一九七年至二零六年担任

本公司之独立非执行董事。

张荣才先生，70岁，自二零二三年四月起出任本公

司之独立非执行董事。张先生持有澳洲昆士兰大学

商科学士学位和资讯处理深造文凭。彼为香港会计

师公会之资深会员、英国特许管理会计师公会员

及全球特许管理会计师，于香港及澳洲拥有超过30

年之专业和商业经验。彼亦是香港食品之独立非执

行董事。

高级管理人员

王正宜女士，61岁，本集团人力资源及行政部董

事，负责人力资源管理和策略发展。彼持有加拿大

西门菲莎大学人力资源管理及工商管理学士学位和

香港大学工商管理硕士学位。王女士拥有丰富的香

港和中国人力资源管理策略及计划经验。加入本集

团之前，彼曾任职于国际快速消费品公司之香港和

中国人力资源部总经理。王女士于二零一七年加入

本集团。

---

四洲集团有限公司

二零二五年报

Report of the Directors

董事会报告

PROFILES OF DIRECTORS AND SENIOR

MANAGEMENT (continued)

Senior Management (continued)

Ms. YAM Wai Wah, Jeny, aged 54, is the Group’s finance director

and company secretary, responsible for acounting and finance

functions, and company secretarial afairs of the Group. Ms. Yam

holds a bachelor’s degre of Acounting and Financial Analysis from

The University of Warwick in the United Kingdom. She is a Felow of

the Hong Kong Institute of Certified Public Acountants and a felow

member of the Asociation of Chartered Certified Acountants in

the United Kingdom. Ms. Yam has extensive finance and acounting

experiences and had worked for several publicly listed companies. Ms.

Yam joined the Group in 2022.

Ms. TSE Lai Ho, Colour, aged 44, is the director of the Group’s

Hong Kong, Macau and overseas sales department, responsible for

strategic sales management. Ms. Tse holds a Bachelor of Busines

Administration degre from The Hong Kong University of Science

and Technology. She has more than twenty years’ experience in sales,

marketing and brand management profesion. Prior to joining the

Group, Ms. Tse held various management positions with Hong Kong

and multinational FMCG companies in the region. Ms. Tse joined the

Group in 2022.

Mr. TONG Kam Weng, Nelson, aged 51, is the Asociate Director

of the Group’s Information Technology department, responsible for

formulating and implementing the Group’s IT and busines solution

strategies. Mr. Tong holds a Bachelor of Science degre in Aplied

Mathematics from The University of Hong Kong and a Master of

Information Technology degre from The Hong Kong Polytechnic

University. Mr. Tong has extensive experience in seting strategic

direction of information technology to improve operation eficiency

and busines performance. Prior to joining the Group, he was the

senior IT manager for a renowned Hong Kong FMCG firm. Mr. Tong

joined the Group in 2024.

Mr. YAU Siu Hong, Tony, aged 42, is the General Manager of the

Group’s logistics department, responsible for the logistics operations

and strategic planing function. Mr. Yau holds a degre of Bachelor

of Busines Administration from the Lingnan University. Mr. Yau has

extensive experience in suply chain and logistics management. Prior

to joining the Group, he worked for various logistics management

positions in Hong Kong retail and services industries. Mr. Yau joined

the Group in 2023.

董事及高级管理人员履历简介（续）

高级管理人员（续）

任慧华女士，54岁，为本集团财务董事及公司秘

书，负责本集团之会计及财务功能及公司秘书事

务。任女士持有英国华威大学之会计及金融分析学

士学位。彼为香港会计师公会资深会计师及英国特

许公认会计师公会资深会员。任女士拥有丰富之财

务及会计经验，曾于多间上市公司工作。任女士于

二零二年加入本集团。

谢丽荷女士，44岁，本集团港澳及海外营业部董

事，负责香港、澳门及海外之销售业务发展、策略

规划及管理。谢女士持有香港科技大学工商管理学

士学位，彼于销售、市务策略及品牌管理方面拥有

超过20年的丰富经验。在加入本集团前，彼曾任职

于多间香港及国际快速消费品公司管理职位。谢女

士于二零二年加入本集团。

唐锦荣先生，51岁，本集团资讯科技部总监，负责

制订和实施集团的资讯科技及业务解决方案策略。

唐先生持有香港大学应用数学士学位和香港理工

大学资讯科技硕士学位。在加入本集团前，彼曾任

职于著名快速消费品公司之高级资讯科技经理，在

制订资讯科技策略方向以提升营运效率及业务表现

方面拥有丰富经验。唐先生于二零二四年加入本集

团。

丘兆康先生，42岁，本集团物流部总经理，负责物

流运作策划及管理。丘先生持有岭南大学工商管理

学士学位。在加入本集团前，彼曾任职于多间香港

零售及物流服务供应公司管理职位，并在供应链管

理方面拥有丰富经验。丘先生于二零二三年加入本

集团。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告

MAJOR CUSTOMERS AND SUPLIERS

In the year under review, sales to the Group’s five largest customers

acounted for les than 30% of the Group’s total sales for the year.

Purchases from the Group’s five largest supliers acounted for les

than 30% of the Group’s total purchases for the year.

None of the directors of the Company or any of their asociates or any

shareholders (which, to the best knowledge of the directors, own more

than 5% of the Company’s total number of isued shares) had any

beneficial interest in the Group’s five largest customers and supliers.

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company and

within the knowledge of the directors, at least 25% of the Company’s

total number of isued shares were held by the public as at the date of

this report.

CORPORATE GOVERNANCE

Details of the Company’s corporate governance practices are set out in

the “Corporate Governance Report” of this anual report.

AUDIT COMITE

The Company has an audit comite which was established in

compliance with Rule 3.21 of the Listing Rules, for the purposes

of reviewing and providing supervision over the Group’s financial

reporting proces and the risk management and internal control

systems. The audit comite comprises the independent non-executive

directors of the Company.

The sumary of duties and works of the audit comite is set out in

the “Corporate Governance Report” of this anual report.

AUDITOR

Ernst & Young retire and a resolution for their reapointment as

auditor of the Company wil be proposed at the forthcoming anual

general meting. There has ben no change of auditor in the past thre

years.

ON BEHALF OF THE BOARD

TAI Tak Fung, Stephen, GBM, GBS, SBS, JP

Chairman

Hong Kong, 27 June 2025

主要客户及供应商

于回顾年度内，本集团向五位最大客户作出的销售

额占本集团年度总销售额少于30%。本集团向五位

最大供应商进行之采购占本集团年度总采购额少于

30%。

本公司董事或彼等之任何关联人士或任何股东（据

董事所深知，拥有本公司已发行股份总数5%以上

者）概无于本集团五位最大客户及供应商中拥有任

何实益权益。

足够之公众持股量

根据本公司所得的公开资料及就董事所知，于本报

告日期，本公司已发行股份数目总额中最少25%由

公众人士持有。

企业管治

本公司之企业管治常规之详情载于本年报「企业管

治报告」内。

审核委员会

本公司之审核委员会乃按照上市规则第3.21条而设

立，以审核并监督本集团之财务报告程序及风险管

理及内部监控系统。审核委员会由本公司之独立非

执行董事组成。

审核委员会之职责及工作之概要载于本年报「企业

管治报告」内。

核数师

安永会计师事务所任满退任，惟本公司将于即将举

行之股东周年大会上提呈决议案，续聘其为本公司

之核数师。本公司于过去三年并无更换核数师。

代表董事会

戴德丰 GBM GBS SBS 太平绅士

主席

香港，二零二五年六月二十七日

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四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

The board of directors (the “Board”) of the Company is pleased to

present this Corporate Governance Report in the Group’s anual report

for the year ended 31 March 2025 (the “Anual Report”).

The Company’s corporate governance policies and practices are

aplied and implemented in the maners as stated in the below

Corporate Governance Report.

CORPORATE GOVERNANCE CULTURE

The Company has always regarded fod hygiene, safety and

quality as the top priority. It strives to instil an overarching culture

of compliance, honesty, integrity and ethical behaviour with its

stakeholders to build trust and credibility. Such culture is consistent

and wel aligned with the Company’s purpose to be a leading

corporation in the fod industry, and the Company’s values of acting

lawfuly, ethicaly and responsibly acros al levels of the Company.

The spirit of “Eating Hapily” provide the basis for the Company’s

philosophy and serve as the abiding values of its foundation.

To achieve the purpose and safeguard the long-term prospects of the

Company, the Board adopted and implemented a corporate strategy

with a view to maintain its leading position in fod industry, sourcing

delicacies from al over the world and introducing more types of

fod so that customers can enjoy overseas flavors anytime, anywhere

to increase market share. Also, the Board ensures these values are

embeded throughout al levels of the Company that shaping our

corporate culture and aligning our purpose. By so acting, the Board

believes that Shareholders’ wealth wil be maximised in the long term

and that its employes, those with whom it does busines and the

comunities in which it operates wil al benefit.

CORPORATE GOVERNANCE PRACTICES

The Company and the management are comited to maintaining

a god corporate governance with an emphasis on the principles of

transparency, acountability and independence to al shareholders.

The Company believes that god corporate governance standards are

esential to a continual growth and enhancement of shareholders’

value. The Company periodicaly reviews its corporate governance

practices with reference to the latest development of corporate

governance. Throughout the year under review, the Company has

aplied the principles of corporate governance and complied with the

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

as set out in Apendix C1 of the Rules Governing the Listing of

Securities on The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) (the “Listing Rules”), details wil be set out below.

本公司董事会（「董事会」）欣然于本集团截至二零

二五年三月三十一日止年度的年报（「年报」）内呈报

其企业管治报告。

本公司之企业管治政策及常规乃根据下文之企业管

治报告所载之方式应用及实行。

企业管治文化

本公司一直将食品卫生、安全和质量视为首要，并

致力向持份者灌输合规、诚实、诚信、正直及道德

行为的总体文化，以建立信任及信誉。这种文化与

本公司成为食品行业领先企业的目标以及本公司于

所有层面上秉持合法、道德和负责任的价值观一致

且相互配合。「食得开心」的精神是本公司理念的基

础，并为其永恒的价值观。

为达致本公司的目标及保障其长远前景，董事会已

采纳及实施企业策略，以维持其于食品行业的领先

地位，从世界各地采购美食及引进更多种类的食

品，让客户随时随地享受海外美食，以增加市场份

额。此外，董事会确保该等价值观融入本公司各个

层面，塑造我们的企业文化并配合我们的目标。董

事会相信恪守此理念长远可为股东取得最大的回

报，而雇员、业务伙伴及公司营运业务的社区亦可

受惠。

企业管治常规

本公司及管理层致力维持良好的企业管治，著重于

对全体股东的透明度、问责性及独立性的原则。本

公司相信，良好的企业管治标准对达致持续增长及

提高股东回报实为重要。本公司参考企业管治之最

新发展定期审阅其企业管治常规。本公司于整个回

顾年度内已采用于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C1所载之企业

管治守则（「企管守则」）之企业管治原则，并加以遵

守其中之守则条文，详情载列如下。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

The key corporate governance principles and practices of the Company

are sumarized as folows:

BOARD OF DIRECTORS

Responsibilities, Acountabilities and Contributions of the Board

and Management

The role of the Board is to set up strategic goals, performance

objectives and operational policies; establish a framework of prudent

and efective controls which enables risks (including but not limited

to busines, operation as wel as environmental, social and governance

(“ESG”) risks) to be asesed and managed; delegate authorities to the

management to manage and supervise the busines of the Group; and

ensure the management monitor performance against objectives being

set.

The Company has formalised a writen guideline for the division

of responsibilities betwen the Board and the management. Certain

responsibilities or functions have ben delegated by the Board to the

management which include the day-to-day busines operation of the

Group, execution of corporate strategies, busines and financial plans

and budgets aproved by the Board; and preparation of anual and

interim financial statements. The Board has reserved for its decision

maters of the Group covering the aproval of significant changes in

acounting or capital structure; aproval of public anouncements

and financial statements; aproval of major acquisitions, disposals

and major capital projects; aproval of material borowings and any

isuing or buying back of equity securities; and aproval of the anual

budget and seting of the dividend policy.

Al directors of the Company have ful and timely aces to al the

information of the Company and may, upon request, sek independent

profesional advice in apropriate circumstances, at the Company’s

expenses for discharging their duties to the Company.

The Company has established mechanisms which wil ensure that there

are chanels (in adition to independent non-executive directors of the

Company) where independent views are available, including the aces

by directors of the Company to external independent profesional

advice to asist their performance of duties.

本公司的主要企业管治原则及常规概述如下：

董事会

董事会及管理层之责任、问责及贡献

董事会的职责是制定策略性目标、表现目标及营运

政策；建立审慎且有效的监控框架以确保能评估及

管理风险（包括但不限于业务、营运及环境、社会

及管治（「环境、社会及管治」）风险）；下放权力予

管理层以管理及监察本集团的业务；并确保管理层

按所定目标监察表现。

本公司已制定一套书面指引订明董事会与管理层之

间的职责分设。董事会已指派若干职责或职能予管

理层，包括经营本集团的日常业务营运、执行经董

事会批准的公司策略、业务和财务计划及预算；并

编制全年和中期财务报告。董事会已保留其对本集

团事宜的决定权，范围涉及批准重大会计或资本架

构变动；批准公告及财务报告；批准主要收购、出

售及主要资本项目；批准重大借款及发行或购回任

何权益证券；及批准年度预算及制定股息政策。

本公司所有董事均可完全及随时获取本公司的所有

资料，并可应要求在适当情况下就履行其对本公司

的职责而寻求独立专业意见，费用由本公司承担。

本公司已建立机制，确保设有渠道（除本公司独立

非执行董事外）提供独立意见，包括本公司董事获

取外部独立专业意见以协助其履行职责。

---

四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

BOARD OF DIRECTORS (continued)

Board Composition

As at 31 March 2025, the Board of the Company comprises eight

directors consisting of five executive directors and thre independent

non-executive directors.

The folowing chart shows the structure and membership of the Board

and Board Comites as at 31 March 2025:

Board of Directors

董事会

Executive directors

执行董事

Tai Tak Fung, Stephen (Chairman)

戴德丰（主席）

Wu Mei Yung, Quinly (Vice Chairman)

胡美容（副主席）

Tai Chun Kit (Managing Director)

戴进杰（董事总经理）

Wu Wing Biu

胡永标

Tse Siu Wan

谢少云

Independent non-executive directors

独立非执行董事

Chan Yuk Sang, Peter

陈玉生

Tsunao Kijima

木岛纲雄

Cheung Wing Choi

张荣才

Executive Comite

执行委员会

Tai Tak Fung, Stephen

(Chairman)

戴德丰（主席）

Wu Mei Yung, Quinly

胡美容

Tai Chun Kit

戴进杰

Wu Wing Biu

胡永标

Audit Comite

审核委员会

Cheung Wing Choi

(Chairman)

张荣才（主席）

Chan Yuk Sang, Peter

陈玉生

Tsunao Kijima

木岛纲雄

Remuneration Comite

薪酬委员会

Chan Yuk Sang, Peter

(Chairman)

陈玉生（主席）

Wu Mei Yung, Quinly

胡美容

Cheung Wing Choi

张荣才

Nomination Comite

提名委员会

Tai Tak Fung, Stephen

note (1)

(Chairman)

戴德丰（主席）

附注(1)

Wu Mei Yung, Quinly

note (2)

胡美容

附注(2)

Chan Yuk Sang, Peter

note (3)

陈玉生

附注(3)

Cheung Wing Choi

张荣才

Company Secretary

公司秘书

Yam Wai Wah, Jeny

任慧华

董事会（续）

董事会组合

于二零二五年三月三十一日，本公司董事会包括八

名董事，其中包括五名执行董事及三名独立非执行

董事。

于二零二五年三月三十一日，董事会及董事委员会

的架构及成员载列于下表：

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

BOARD OF DIRECTORS (continued)

Board Composition (continued)

The biographical information of the directors of the Company

is set out in the section headed “Profile of Directors and Senior

Management” of this Anual Report. The relationships betwen

the directors of the Company are disclosed in the respective

directors under the section headed “Profile of Directors and Senior

Management” of this Anual Report. Save as disclosed above, there

is no relationships (including financial, busines, family or other

material/relevant relationship(s) betwen the Board members and in

particular, betwen the Chairman and the Managing Director.

Notes:

1. Mr. Tai Tak Fung, Stephen, ceased to be the chairman and a member of

the Nomination Comite with efect from 27 June 2025.

2. Ms. Wu Mei Yung, Quinly, has ben apointed as a member of the

Nomination Comite with efect from 27 June 2025.

3. Mr. Chan Yuk Sang, Peter, has ben re-designated from a member to the

chairman of the Nomination Comite with efect from 27 June 2025.

董事会（续）

董事会组合（续）

本公司董事之履历载于本年报「董事及高级管理人

员履历简介」一节。本公司董事之间的关系已于本

年报「董事及高级管理人员履历简介」一节各自之董

事简介中披露。除上文所披露者外，董事会成员之

间，尤其是主席及董事总经理之间，并无任何关系

（包括财务、业务、家庭或其他重大╱相关系）。

附注：

1. ，自二

零二五年六月二十七日起生效。

1. ，自二零二五

年六月二十七日起生效。

3. 陈玉生先生已由提名委员会成员调任为提名委员会

主席，自二零二五年六月二十七日起生效。

---

四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

BOARD OF DIRECTORS (continued)

Board Meting

Number of Metings and Directors’ Atendance

The Board mets regularly throughout the year to discus and

formulate overal strategies for the Company, monitor financial

performance and discus the interim and anual results, as wel as

other significant maters.

The Board has convened four regular metings during the year ended

31 March 2025 and the atendance record of each director at the said

board metings and general metings of the Company is set out below:

Number of metings

atended/held

出席╱举行会议次数

Regular Board

Metings

General

Meting

Name of directors董事名称董事会定期会议股东大会

Executive directors执行董事

Tai Tak Fung, Stephen (Chairman)戴德丰（主席）4/41/1

Wu Mei Yung, Quinly (Vice Chairman)胡美容（副主席）4/41/1

Tai Chun Kit (Managing Director)戴进杰（董事总经理）4/41/1

Wu Wing Biu胡永标4/41/1

Wong Fu Hang, Derek黄辅铿2/21/1

Tse Siu Wan谢少云2/2N/A

Independent non-executive directors独立非执行董事

Chan Yuk Sang, Peter陈玉生4/41/1

Tsunao Kijima木岛纲雄4/41/1

Cheung Wing Choi张荣才4/41/1

• , Derek resigned as executive director of the Company

on 9 November 2024.

Mr. Tse Siu Wan has ben apointed as executive director of the

Company on 9 November 2024.

董事会（续）

董事会议

会议次数及董事出席率

董事会于年内定期召开会议以讨论及制定本公司的

整体策略、监察财务表现及讨论中期和全年业绩，

以及其他重大事项。

董事会于截至二零二五年三月三十一日止年度共召

开四次定期会议，各董事于所述之董事会及股东大

会的出席纪录载列如下：

* 黄辅铿先生于二零二四年十一月九日辞任本公司之

执行董事。

谢少云先生于二零二四年十一月九日获委任本公司

之执行董事。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

BOARD OF DIRECTORS (continued)

Board Meting (continued)

Practices and Conduct of Metings

Notice of regular Board metings is served to al directors at least 14

days before the metings while reasonable notice is generaly given for

other Board metings. For comite metings, notices are served in

acordance with the required notice period stated in the relevant terms

of reference.

Board papers together with al apropriate, complete and reliable

information are sent to al directors or comite members at least

3 days before each Board meting and each comite meting

to kep the directors or comite members aprised of the latest

developments and financial position of the Company and to enable

them to make informed decisions. Al directors are encouraged to take

independent profesional advice, at the Company’s expense, upon the

performance of their duties as and when demed necesary. The Board

and each director have separate and independent aces to the senior

management where necesary.

Minutes of al Board metings and comite metings are kept by

the Company Secretary. Draft minutes are normaly sent to directors

or comite members for their coments within a reasonable period

of time after each meting and final version is open for directors’

inspection.

If a substantial shareholder or a director has a conflict of interest in

a mater to be considered material by the Board, the mater wil be

dealt with in acordance with aplicable rules and regulations and, if

apropriate, an independent Board comite wil be set up to deal

with the mater.

Directors’ Apointment and Re-election

The Board is empowered under the articles of asociation of the

Company (the “Articles of Asociation”) from time to time and at any

time to apoint any person as a director either to fil a casual vacancy

or as an aditional member of the Board. Apointments are first

considered by the Nomination Comite and recomendations of the

Nomination Comite are then put to the Board for decision. Details

in respect of the proces and criteria for the Nomination Comite to

select and recomend candidates for directorship are provided in the

section headed “Nomination Comite” in this Corporate Governance

Report.

董事会（续）

董事会议（续）

会议常规及操守

董事会定期会议通告最少于会议前14日发送予全

体董事，而就其他董事会议一般均有合理的通知

期。就委员会议而言，通告乃根据有关职权范围

所规定之通知期发出。

董事会文件连同一切适当、完整及可靠资料最少于

各董事会议或各委员会议前3日送呈全体董事

或委员会成员，以便令全体董事或委员会成员知悉

本公司之最新发展及财务状况，确保彼等能作出知

情决定。全体董事可于彼等视为有需要时取得独立

专业意见以履行其职责，费用由本公司支付。董事

会及各董事于有需要时可个别及独立地联络高级管

理人员。

所有董事会议及委员会议的会议纪录乃由公司

秘书保管。会议纪录之初稿一般于各会议后之一段

合理时间内发送予董事或委员会成员审阅，而最终

定稿可供董事查阅。

倘主要股东或董事于董事会认为重大的事宜中存

有利益冲突，则有关事宜将根据适用规则及规例处

理，并将于适当情况下，成立独立董事委员会处理

有关事宜。

董事委任及重选

董事会根据本公司之组织章程细则（「组织章程细

则」）获授权可不时及随时委任何人士出任董事以

填补董事会临时空缺或作为新增成员。提名委员会

首先商议有关委任，然后向董事会提交推荐建议，

以作出决定。有关提名委员会挑选及推荐董事候选

人之程序及准则载于本企业管治报告内「提名委员

会」一节。

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四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

BOARD OF DIRECTORS (continued)

Directors’ Apointment and Re-election (continued)

In acordance with the Articles of Asociation, one-third of the

directors for the time being or, if their number is not thre or a

multiple of thre, then the number nearest to but not les than

one-third, shal retire from ofice by rotation and re-election by

shareholders at the anual general meting of the Company, such that

every director is subject to retirement by rotation at least once every

thre years.

Directors’ Continuous Profesional Development

Each newly apointed director receives a comprehensive, formal

and tailored induction on the first ocasion of his/her apointment

to ensure proper understanding of the operations and busines

of the Company and ful awarenes of director’s responsibilities

and obligations under the Listing Rules and relevant regulatory

requirements.

Al directors have complied with the code provision C.1.4 of the CG

Code in relation to continuous profesional development to develop

and refresh their knowledge and skils. The Company has aranged an

anual training sesion on the new development of the Listing Rules

and statutory updates for the Board during the year. In adition, some

directors have atended seminars and workshops on topics which

are relevant to their work and responsibilities so as to update their

technical knowledge and profesional skils during the year ended 31

March 2025. Relevant reading materials on corporate governance,

regulatory developments and changes of acounting standards and

other topics relevant to the Company’s busines and director’s duties

and responsibilities have ben given to the directors of the Company

from time to time during the year under review.

董事会（续）

董事委任及重选（续）

根据组织章程细则，三分之一的在任董事（或其数

目并非为三或三的倍数，则为最接近但不少于三分

之一的人数）须于本公司股东周年大会上轮席退任

并由股东重选，而各董事须最少每三年轮席退任一

次。

董事之持续专业发展

各新委任的董事于其首次获委任后获得全面、正式

及度身订造的讲解，以确保充份理解本公司的营运

和业务，并全面了解在上市规则及有关监管规定下

的董事责任及职责。

全体董事已遵守企管守则之守则条文第C.1.4条有关

持续专业发展，以提高及更新彼等之知识及技能。

年内，本公司已为董事会安排一个有关上市规则最

新发展及法定更新资料的年度培训课程。此外，截

至二零二五年三月三十一日止年度，部份董事出席

与彼等工作及职责相关之座谈会及工作坊，以更新

彼等的技术知识及专业技能。本公司之董事于回顾

年度内，不时收到有关企业管治、法规发展及会计

标准之改变及其他有关本公司业务以及董事职能及

职责议题之相关阅读资料。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

BOARD OF DIRECTORS (continued)

Directors’ Continuous Profesional Development (continued)

Participation by individual directors in continuous profesional

development during the year under review is sumarised below:

Name of directors董事名称

Types of training

培训类别

Executive directors执行董事

Tai Tak Fung, Stephen (Chairman)戴德丰（主席）B, C

Wu Mei Yung, Quinly (Vice Chairman)胡美容（副主席）B, C

Tai Chun Kit (Managing Director)戴进杰（董事总经理）A, B, C

Wu Wing Biu胡永标B, C

Wong Fu Hang, Derek黄辅铿B, C

Tse Siu Wan谢少云B, C

Independent non-executive directors独立非执行董事

Chan Yuk Sang, Peter陈玉生A, B, C

Tsunao Kijima木岛纲雄B, C

Cheung Wing Choi张荣才A, B, C

A – Atending briefings/seminars/conferences/forums

B – Atending in-house anual training sesion

C – Reading updates on relevant topics including corporate governance and

regulatory update

• , Derek resigned as executive director of the Company

on 9 November 2024.

Mr. Tse Siu Wan has ben apointed as executive director of the

Company on 9 November 2024.

Chairman and Managing Director

Curently, Mr. Tai Tak Fung, Stephen and Mr. Tai Chun Kit hold

the positions of Chairman and Managing Director respectively. Their

respective responsibilities are clearly defined and set out in writing.

The Chairman provides leadership for the Board and is responsible

for the efective functioning of the Board in acordance with

god corporate governance practices. With the suport of the

executive directors and senior management, the Managing Director

is responsible for new busines planing and the development of

the Group’s busines asociated with overseas brands. He is also

overseing the Group’s operation policies and leading the Group’s

core busines.

董事会（续）

董事之持续专业发展（续）

于回顾年度内参与持续专业发展之个别董事详情概

述如下：

A － 出席简报会╱座谈会╱会议╱论坛

B － 出席内部年度培训课程

C － 阅览相关议题之更新资料，包括企业管治及法规更

新

* 黄辅铿先生于二零二四年十一月九日辞任本公司之

执行董事。

谢少云先生于二零二四年十一月九日获委任本公司

之执行董事。

主席及董事总经理

现时，戴德丰先生及戴进杰先生分别担任主席及董

事总经理职务。彼等各自的责任已清楚界定并以书

面列明。

主席领导董事会，并负责根据良好企业管治常规令

董事会有效地运作。在执行董事及高级管理人员的

协助下，董事总经理负责新业务策划及海外品牌之

业务发展。彼亦负责掌管集团之营运方针及领导集

团之核心业务。

---

四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

BOARD OF DIRECTORS (continued)

Independent Non-executive Directors

During the year ended 31 March 2025, the Board at al times met

the requirements of the Listing Rules relating to the apointment of

at least thre independent non-executive directors, representing one

third of the Board, with at least one of them posesing apropriate

profesional qualifications or acounting or related financial

management expertise as required under Rules 3.10(1) and (2), and

3.10A of the Listing Rules. The Company has received a writen

anual confirmation from each independent non-executive director of

his/her independence and the Company is of the view that the existing

independent non-executive directors are independent under the

independence guidelines set out in Rule 3.13 of the Listing Rules up to

the date of this Anual Report.

BOARD COMITES

The Board has established four comites, namely the Executive

Comite, the Audit Comite, the Remuneration Comite

and the Nomination Comite, for overseing particular aspects of

the Company’s afairs. Al Board comites of the Company are

established with specific writen terms of reference which are available

to shareholders upon request. The terms of reference of the Board

comites, except those of Executive Comite, are also available

for viewing on the websites of the Company and the Stock Exchange.

Executive Comite

The Executive Comite was established with specific writen terms

of reference and al of its members are executive directors.

The primary duties of the Executive Comite include aproval and

execution of the corporate guarantes to be provided by the Company

to individual bankers in respect of the banking facilities granted to

any company of the Group, including wholy-owned subsidiaries, non

wholy-owned subsidiaries and asociates within the meaning of the

Hong Kong Financial Reporting Standards.

The Executive Comite has held seventen metings during the

year for the purposes of aproving, inter alia, to give guarantes for

banking facilities granted to companies of the Group and to provide

guarantes and/or indemnities with respect to the obligations of a

wholy-owned subsidiary in tenancy agrements.

董事会（续）

独立非执行董事

于截至二零二五年三月三十一日止年度，董事会于

任何时间均达致上市规则有关委任最少三名独立非

执行董事，占董事会成员三分之一，且当中最少一

名需具备上市规则第3.10(1)及(2)以及3.10A条所规定

之合适专业资格或会计或相关财务管理专门知识。

本公司已接获各独立非执行董事就其独立性发出之

年度确认书，而本公司认为，根据上市规则第3.13

条所载有关独立性的指引，截至本年报日期止，现

任独立非执行董事均保持其独立性。

董事委员会

董事会已成立四个委员会，分别为执行委员会、审

核委员会、薪酬委员会及提名委员会，以监察本公

司特定方面的事务。本公司所有董事委员会均以书

面的特定职权范围成立，该等职权范围可按股东要

求供其查阅。有关董事委员会之职权范围（执行委

员会除外）已登载于本公司及联交所网站内，以供

查阅。

执行委员会

执行委员会已成立，并以书面订明具体的职权范

围，其所有成员均为执行董事。

执行委员会的主要职责包括批准及签立本公司就本

集团任何成员公司（包括根据香港财务报告准则所

定义的全资附属公司、非全资附属公司及联营公司）

获授予的银行融资向个别银行提供的公司担保。

执行委员会于年内曾举行十七次会议，以批准（其

中包括）就本集团成员公司获授银行融资提供担保

及就一间全资附属公司于租赁协议项下之责任提供

担保及╱或弥偿保证。

董事会（续）

董事之持续专业发展（续）

于回顾年度内参与持续专业发展之个别董事详情概

述如下：

A － 出席简报会╱座谈会╱会议╱论坛

B － 出席内部年度培训课程

C － 阅览相关议题之更新资料，包括企业管治及法规更

新

* 黄辅铿先生于二零二四年十一月九日辞任本公司之

执行董事。

谢少云先生于二零二四年十一月九日获委任本公司

之执行董事。

主席及董事总经理

现时，戴德丰先生及戴进杰先生分别担任主席及董

事总经理职务。彼等各自的责任已清楚界定并以书

面列明。

主席领导董事会，并负责根据良好企业管治常规令

董事会有效地运作。在执行董事及高级管理人员的

协助下，董事总经理负责新业务策划及海外品牌之

业务发展。彼亦负责掌管集团之营运方针及领导集

团之核心业务。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

BOARD COMITES (continued)

Executive Comite (continued)

The atendance records of the Executive Comite during the year are

set out below:

Number of metings

atended/held

Name of Executive Comite members执行委员会成员名称出席╱举行会议次数

Tai Tak Fung, Stephen (Chairman of Executive Comite)戴德丰（执行委员会主席）17/17

Wu Mei Yung, Quinly胡美容17/17

Tai Chun Kit戴进杰17/17

Wu Wing Biu胡永标17/17

Audit Comite

The Audit Comite was established with specific writen terms

of reference and al of its members are independent non-executive

directors, one of them poseses the apropriate profesional

qualifications or acounting or related financial management expertise.

The Audit Comite curently comprises thre independent non-

executive directors, namely Mr. Cheung Wing Choi (Chairman of the

Audit Comite), Mr. Chan Yuk Sang, Peter and Mr. Tsunao Kijima.

The primary duties of the Audit Comite are to review and

supervise the financial reporting proces and the risk management

and internal control systems of the Group, to monitor the integrity of

the Company’s financial statements and review significant financial

reporting judgements contained in them, to maintain an apropriate

relationship with the Company’s external auditor and to overse the

audit proces.

The Audit Comite has held two metings during the year ended 31

March 2025 to review the acounting principles and practices adopted

by the Group and discus internal controls and financial reporting

maters including a review of the interim financial statements for

the six months ended 30 September 2024 and the anual financial

statements for the year ended 31 March 2024 of the Group. The Audit

Comite has also reviewed the anual results for the year ended 31

March 2025 of the Group.

董事委员会（续）

执行委员会（续）

执行委员会于年内的出席纪录载列如下：

审核委员会

审核委员会已成立，并以书面订明具体的职权范

围，其所有成员均为独立非执行董事，其中一名成

员具备适当的专业资格或会计或相关财务管理专业

知识。审核委员会现时包括三名独立非执行董事，

计为张荣才先生（审核委员会主席）、陈玉生先生及

木岛纲雄先生。

审核委员会之主要职责为检讨及监管本集团之财务

申报程序以及风险管理及内部监控系统、监察本公

司财务报告之完整性，并审阅当中所载有关财务汇

报之重大判断、维持与本公司外聘核数师适当的关

系及监察审计程序。

审核委员会于截至二零二五年三月三十一日止年度

曾举行两次会议，以审阅本集团所采纳的会计政策

及常规，并讨论内部监控及财务报告等事宜，包括

审阅本集团截至二零二四年九月三十日止六个月的

中期财务报告，以及截至二零二四年三月三十一日

止年度的年度财务报告。审核委员会亦已审阅本集

团截至二零二五年三月三十一日止年度之年度业绩。

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四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

BOARD COMITES (continued)

Audit Comite (continued)

The atendance records of the Audit Comite during the year are set

out below:

Number of metings

atended/held

Name of Audit Comite members审核委员会成员名称出席╱举行会议次数

Cheung Wing Choi (Chairman of Audit Comite)张荣才（审核委员会主席）2/2

Chan Yuk Sang, Peter陈玉生2/2

Tsunao Kijima木岛纲雄2/2

Remuneration Comite

The Remuneration Comite was established with specific writen

terms of reference and is curently constituted by two independent

non-executive directors, namely Mr. Chan Yuk Sang, Peter (Chairman

of the Remuneration Comite) and Mr. Cheung Wing Choi and an

executive director, namely Ms. Wu Mei Yung, Quinly.

The Company has adopted the model where the Remuneration

Comite makes recomendations to the Board on the remuneration

packages of individual executive directors and senior management.

The primary duties of the Remuneration Comite are to make

recomendations to the Board on the policy and structure of the

Company for the remuneration of al directors and senior management

and the remuneration packages of individual directors and senior

management.

The Remuneration Comite has held one meting during the year

ended 31 March 2025 to review, inter alia, the Group’s remuneration

policy and structure, the remuneration packages of al directors and

senior management by reference to the individual performance,

skils and knowledge, time comitment and responsibilities, and

performance and profitability of the Group, and the service contracts

of the directors for the year under review. Details of the remuneration

of each director of the Company are set out in note 9 to the financial

statements.

董事委员会（续）

审核委员会（续）

审核委员会于年内的出席纪录载列如下：

薪酬委员会

薪酬委员会已成立，并以书面订明具体的职权范

围，现时成员包括两名独立非执行董事陈玉生先生

（薪酬委员会主席）及张荣才先生，以及一名执行董

事胡美容女士。

本公司采纳就薪酬委员会对个别执行董事及高级管

理人员之薪酬待遇向董事会提出建议之模式。薪酬

委员会之主要职责为就本公司全体董事及高级管理

人员之本公司薪酬政策及架构，以及个别董事及高

级管理人员之薪酬待遇向董事会提出建议。

薪酬委员会于截至二零二五年三月三十一日止年度

内曾举行一次会议，以（其中包括）审阅本集团的薪

酬政策和架构；参考个别表现、技能及知识、所付

出的时间及责任以及本集团表现及盈利能力，以审

阅全体董事及高级管理人员之薪酬待遇；以及审阅

回顾年度内董事之服务合约。本公司各董事的薪酬

详情载述于财务报告附注9。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

BOARD COMITES (continued)

Remuneration Comite (continued)

The atendance records of the Remuneration Comite during the

year are set out below:

Number of meting

atended/held

Name of Remuneration Comite members薪酬委员会成员名称出席╱举行会议次数

Chan Yuk Sang, Peter (Chairman of Remuneration Comite)陈玉生（薪酬委员会主席）1/1

Wu Mei Yung, Quinly胡美容1/1

Cheung Wing Choi张荣才1/1

For the year ended 31 March 2025, the remuneration of the members

of the senior management, not being the directors of the Company, by

band is set out below:

Remuneration band薪酬组别Number of persons

(HK$)（港元）人数

Nil to 1,000,000零至1,000,0003

Over 1,000,0001,000,000以上2

Further particulars regarding the directors’ and chief executive’s

remuneration and the five highest paid employes as required to be

disclosed pursuant to Apendix D2 of the Listing Rules are set out in

notes 9 and 10 to the financial statements.

Nomination Comite

The Nomination Comite was established with specific writen

terms of reference. During the year under review, it comprised an

executive director, namely Mr. Tai Tak Fung, Stephen (Chairman

of the Nomination Comite) and two independent non-executive

directors, namely Mr. Chan Yuk Sang, Peter and Mr. Cheung Wing

Choi.

On 27 June 2025, Mr. Tai Tak Fung, Stephen has ceased to be the

chairman and a member of the Nomination Comite; Ms. Wu

Mei Yung, Quinly, the vice chairman and an executive director of

the Company, has ben apointed as a member of the Nomination

Comite; and Mr. Chan Yuk Sang, Peter, has ben re-designated

from a member to the chairman of the Nomination Comite.

董事委员会（续）

薪酬委员会（续）

薪酬委员会于年内的出席纪录载列如下：

截至二零二五年三月三十一日止年度非任职本公司

董事之高级管理人员之薪酬组别如下：

根据上市规则附录D2须就董事及最高行政人员之薪

酬以及五位薪酬最高雇员披露之进一步详情载于财

务报告附注9及10。

提名委员会

提名委员会已成立，并以书面订明具体的职权范

围。于回顾年度内，提名委员会由一名执行董事戴

德丰先生（提名委员会主席）及两名独立非执行董事

陈玉生先生及张荣才先生组成。

于二零二五年六月二十七日，戴德丰先生已不再担

任提名委员会主席及成员；本公司副主席兼执行董

事胡美容女士已获委任为提名委员会成员；而陈玉

生先生已由提名委员会成员调任为提名委员会主席。

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四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

BOARD COMITES (continued)

Nomination Comite (continued)

The primary duties of the Nomination Comite are to review the

Board composition, to develop and formulate the relevant procedures

for nomination and apointment of directors, to monitor the

apointment of directors and sucesion planing for directors and to

ases the independence of independent non-executive directors. The

Nomination Comite wil also identify individuals suitably qualified

to become members of the Board and make recomendations to the

Board on the selection of individuals nominated for directorships when

there are vacancies on the Board. Al apointments wil be made based

on merits and against objective criteria with due regard to the Board

diversity policy of the Company.

The Nomination Comite has held one meting during the year

to review, inter alia, the Board’s structure, size and composition

to ensure that it had a balance of expertise, skils and experience

apropriate to the requirements of the busines of the Company and

asesed the independence of the independent non-executive directors

of the Company.

The atendance records of the Nomination Comite during the year

are set out below:

Number of meting

atended/held

Name of Nomination Comite members提名委员会成员名称出席╱举行会议次数

Tai Tak Fung, Stephen (Chairman of Nomination Comite)戴德丰（提名委员会主席）1/1

Chan Yuk Sang, Peter陈玉生1/1

Cheung Wing Choi张荣才1/1

Nomination Policy

1. Purpose

This nomination policy of the Company (“Nomination Policy”)

sets out the aproach and procedures which are adopted by

the Company for the nomination and selection of directors of

the Company (the “Director(s)”), including the apointment of

aditional Directors, replacement of Directors, and re-election of

Directors.

2. Policy Statement

To ensure that the Board consists of Directors with qualities and

range of skils and experience which sustain the suces and

growth of Group in a way that the interests of the shareholders

and stakeholders of the Company are promoted and protected.

董事委员会（续）

提名委员会（续）

提名委员会之主要职责为检讨董事会之成员组合、

发展及制定提名及委任董事之有关程序、监察董事

委任及董事继任计划，以及评估独立非执行董事之

独立性。提名委员会亦会在董事会出现空缺时物色

具备合适资格担任董事会成员的个别人士，并在挑

选个别获提名担任董事的人士上向董事会作出建

议。所有委任将会基于有关人士的专长比对客观准

则以充分配合本公司的董事会成员多元化政策。

提名委员会于年内曾举行一次会议，以审阅（其中

包括）董事会架构、人数及组成，以确保适合本公

司业务所需之专业知识、技能及经验取得平衡，并

已评估本公司独立非执行董事之独立性。

提名委员会于年内之出席纪录载列如下：

提名政策

1. 目的

本公司的提名政策（「提名政策」）载列本公司就

本公司董事（「董事」）的提名及甄选所采用的方

法及程序，包括委任额外董事、更换董事及重

选董事。

2. 政策声明

为确保董事会由优质及具备不同技能及经验的

董事组成，以促进及保障本公司股东及持份者

利益之方式维持本集团的成功及发展。

董事委员会（续）

薪酬委员会（续）

薪酬委员会于年内的出席纪录载列如下：

截至二零二五年三月三十一日止年度非任职本公司

董事之高级管理人员之薪酬组别如下：

根据上市规则附录D2须就董事及最高行政人员之薪

酬以及五位薪酬最高雇员披露之进一步详情载于财

务报告附注9及10。

提名委员会

提名委员会已成立，并以书面订明具体的职权范

围。于回顾年度内，提名委员会由一名执行董事戴

德丰先生（提名委员会主席）及两名独立非执行董事

陈玉生先生及张荣才先生组成。

于二零二五年六月二十七日，戴德丰先生已不再担

任提名委员会主席及成员；本公司副主席兼执行董

事胡美容女士已获委任为提名委员会成员；而陈玉

生先生已由提名委员会成员调任为提名委员会主席。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

BOARD COMITES (continued)

Nomination Policy (continued)

3. Selection Criteria

When selecting a candidate to be nominated for directorship,

considerations wil be given to a variety of factors including

without limitation the folowing in asesing the suitability of the

proposed candidate:

3.1 Be an individual of highest character and integrity.

3.2 The potential contribution that the candidate is expected

to bring in sustaining the suces and growth of the Group

and monitoring the management team of the Company to

implement its corporate objectives.

3.3 Be an individual posesing atributes which are

complementary to the other curent Directors and in line

with the board diversity policy of the Company. Atributes

to be consider shal include profesional experience, skils,

knowledge, cultural and educational background, gender,

age and other personal qualities of the candidate.

3.4 The candidate to be nominated as an Independent non-

executive director (“INED”) shal satisfy the independence

requirements as listed in the Listing Rules. The INED

candidate shal also poses the necesary qualification and

apropriate expertise, where aplicable.

3.5 Any other relevant factors as may be determined by the

Nomination Comite or the Board from time to time as

apropriate.

4. Nomination Proces

4.1 Apointment of New and Replacement Director

Subject to the provisions in the Articles of Asociation,

if the Board determines that an aditional or replacement

Director is required, the folowing procedures shal be

adopted:

(i) The Nomination Comite, with or without asistance

from Human Resources Department of the Company,

deploy multiple chanels for identifying suitable

director candidates.

董事委员会（续）

提名政策（续）

3. 甄选标准

于甄选获提名担任董事的候选人时，在评估拟

议候选人的适合性时将考虑多种因素，包括但

不限于下列各项：

3.1 为具有最高品格及诚信的人。

3.2 预期候选人为维持本集团的成功及增长以

及监察本公司管理团队以实施其企业目标

方面所带来的潜在贡献。

3.3 为具有与其他现任董事互补且符合本公司

董事会多元化政策特性的个人。所考虑的

特性应包括候选人的专业经验、技能、知

识、文化和教育背景、性别、年龄及其他

个人素质。

3.4 获提名出任独立非执行董事（「独立非执行

董事」）的候选人须符合上市规则所载的

独立性规定。独立非执行董事候选人亦应

具备必要的资格及合适的专业知识（如适

用）。

3.5 提名委员会或董事会可能不时厘定的任何

其他相关因素（如适用）。

4. 提名程序

4.1 委任新任命及替换董事

于符合本公司之章程细则之条文所规限

下，倘若董事会确定需要增加或替换董

事，则应采取以下程序：

(i) 提名委员会（不论是否于本公司人力

资源部的协助下）利用不同渠道以识

别合适的董事候选人。

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四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

BOARD COMITES (continued)

Nomination Policy (continued)

4. Nomination Proces (continued)

4.1 Apointment of New and Replacement Director (continued)

(i) The Nomination Comite shal evaluate the

biographical information (or relevant details) of the

candidate to ases the suitability of the candidate in

becoming a Director of the Company in acordance

with the selection criteria set out above in this

Nomination Policy.

(i) If an apropriate candidate is identified by

the Nomination Comite, it shal then make

recomendation to the Board for the directorship

apointment.

(iv) The Board shal decide the apointment based on the

recomendation of the Nomination Comite.

4.2 Re-election of Director

A retiring Director, being eligible, ofers himself/herself for

re-election at an anual general meting of the Company,

shal folow the requirements of the Articles of Asociation

and the Listing Rules with a circular containing the

requisite information of the retiring Director be sent to the

shareholders of the Company prior to the anual general

meting in which the retiring Director is to be re-elected.

5. Review and Monitoring

5.1 The Nomination Comite shal monitor the

implementation of this Nomination Policy.

5.2 The Nomination Comite shal from time to time review

this Nomination Policy, as apropriate, to ensure the

efectivenes of this Nomination Policy.

6. Disclosure of Policy

A sumary of this Nomination Policy wil be disclosed in the

Corporate Governance Report to be included in the Company’s

Anual Report.

董事委员会（续）

提名政策（续）

1. （续）

4.1 委任新任命及替换董事（续）

(i) 提名委员会须评估候选人的履历资料

（或相关详情），根据本提名政策上文

所载之甄选标准评估将成为本公司董

事之候选人的合适性。

(i) 倘若提名委员会确定合适的候选人，

则应向董事会推荐董事任命。

(iv) 董事会应根据提名委员会的建议决定

委任。

4.2 重选董事

符合资格并愿意于本公司股东周年大会上

膺选连任的退任董事，须遵守章程细则及

上市规则之规定，并附有一份载有退任董

事所需资料的通函，于退任董事重选连任

的股东周年大会之前寄发予本公司股东。

5. 审查及监控

5.1 提名委员会应监控本提名政策的实施。

5.2 提名委员会应不时审查本提名政策，以确

保本提名政策的有效性（如适用）。

6. 披露政策

本提名政策的概要将于本公司年报所载之企业

管治报告中披露。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

BOARD COMITES (continued)

Sumary of the Board Diversity Policy

The Company considers increasing diversity at the Board level

as an esential element in maintaining a competitive advantage.

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

which sets out the aproach to achieve diversity on the Board of the

Company. Under the Policy, the Nomination Comite wil consider

a number of aspects, including but not limited to gender, age, cultural

and educational background, ethnicity, profesional experience, skils,

knowledge and length of service in reviewing and asesing the Board

composition. The Nomination Comite has asesed the composition

of the Board against these aspects and has come to the conclusion that

it is a balanced board of directors.

An analysis of the Board’s composition for the year ended 31 March

2025 based on the measurable objectives is set out below:

GenderAge Group

Male: 7 Directors41-50: 1 Director

Female: 1 Director61-70: 3 Directors

71-80: 4 Directors

Gender Diversity

Details on the gender ratio of the Group together with relevant data

can be found in the Environmental, Social and Governance Report on

page 21.

Corporate Governance Functions

The Board is responsible for performing the corporate governance

functions set out in code provision A.2.1 of the CG Code.

During the year under review, the Board reviewed the Company’s

corporate governance policies and practices, training and continuous

profesional development of directors and senior management, the

Company’s policies and practices in compliance with legal and

regulatory requirements, the compliance of the Model Code for

Securities Transactions by Directors of Listed Isuers (the “Model

Code”) as set out in Apendix C3 of the Listing Rules, and the

Company’s compliance with the CG Code and disclosure in this

Corporate Governance Report.

董事委员会（续）

董事会成员多元化政策概要

本公司认为提高董事会的成员多元化是维持竞争优

势的重要元素。本公司已采纳一套董事会成员多元

化政策（「该政策」），当中载列落实达致本公司董

事会成员多元化的方针。根据该政策，提名委员会

于检讨及评估董事会组成架构时，将会从多方面考

虑，包括但不限于性别、年龄、文化及教育背景、

种族、专业经验、技能、知识及服务任期。提名委

员会在评估董事会组成架构时经已考虑该等方面，

得出结论为董事会组成架构均衡。

根据可计量目标对截至二零二五年三月三十一日止

年度董事会组成之分析如下：

性别年龄组别

男性：7名董事41-50岁：1名董事

女性：1名董事61-70岁：3名董事

71-80岁：4名董事

性别多元化

有关本集团性别比例的详情及相关数据，请参阅环

境、社会及管治报告的第21页。

企业管治职能

董事会负责履行企管守则之守则条文第A.2.1条所载

之企业管治职能。

于回顾年度内，董事会已审阅本公司之企业管治政

策及常规、董事及高级管理人员之培训及持续专业

发展、本公司遵守法律及监管规定之政策及常规、

遵守上市规则附录C3所载之上市发行人董事进行证

券交易的标准守则（「标准守则」）之情况，及本公司

遵守企管守则之情况和在本企业管治报告之披露。

---

四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

MODEL CODE FOR SECURITIES

TRANSACTIONS

The Company has adopted the Model Code as the Company’s code of

conduct regarding securities transactions by directors of the Company

(the “Code of Conduct”). Having made specific enquiry of al directors

of the Company, the directors have confirmed that they have complied

with the required standard of dealings as set out in the Code of

Conduct throughout the year ended 31 March 2025.

The Company has also established the Code for Securities

Transactions by Relevant Employes (the “Employes Code”) on no

les exacting terms than the Model Code for securities transactions by

the employes who are likely to be in posesion of inside information

of the Company. No incident of non-compliance of the Employes

Code by the employes was noted by the Company throughout the year

ended 31 March 2025.

ACOUNTABILITY AND AUDIT

Financial Reporting

The directors acknowledge their responsibility for preparing the

financial statements of the Company for the year ended 31 March

2025. In preparing the financial statements for the year ended 31

March 2025, apropriate acounting principles and policies are

selected and aplied consistently; judgments and estimates made are

apropriate and reasonable; and these financial statements have ben

prepared on a going concern basis.

The senior management of the Company provides the Board with

such information and explanations as are necesary to enable the

Board to cary out an informed asesment of the Company’s financial

information and position, which are put to the Board for aproval.

The Board is also responsible for presenting a balanced, clear and

understandable asesment of both anual and interim reports, inside

information anouncements and other disclosures required under the

Listing Rules and other regulatory requirements.

The reporting responsibilities of the Company’s external auditor, Ernst

& Young (“EY”), are set out in the Independent Auditor’s Report of

this Anual Report.

The directors are not aware of any material uncertainties relating

to events or conditions that may cast significant doubt upon the

Company’s ability to continue as a going concern.

证券交易标准守则

本公司已采纳标准守则，作为本公司董事进行证券

交易之本公司操守则（「操守则」）。经向本公司

全体董事作出特定查询后，董事们确认，彼等于截

至二零二五年三月三十一日止年度内一直遵守操守

守则所规定之买卖标准。

本公司亦已按可能拥有本公司内幕消息之有关雇员

进行不逊于证券交易之标准守则之条款订定有关雇

员进行证券交易守则（「雇员守则」）。于截至二零

二五年三月三十一日止年度内，本公司并无获悉雇

员未有遵守雇员守则之情况。

问责及审核

财务报告

董事明悉彼等编制本公司截至二零二五年三月

三十一日止年度之财务报告之责任。董事在编制截

至二零二五年三月三十一日止年度之财务报告时，

已选择及贯彻应用适当的会计原则及政策；作出了

适当和合理的判断及估算；及已按持续经营基准编

制该等财务报告。

本公司高级管理人员会向董事会提供所需资料及解

释，使彼等就提交予董事会批准之本公司财务资料

及状况作出知情评估。

董事会亦负责对年度财务报告及中期财务报告、内

幕消息之公告以及上市规则及其他监管规定所规定

之其他披露事宜作出平衡、清晰及可理解的评估。

本公司外聘核数师安永会计师事务所（「安永」）的汇

报职责载于本年报之独立核数师报告。

董事并不知悉任何有关事件或情况之重大不明朗因

素而可能对本公司持续经营之能力构成重大疑问。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

ACOUNTABILITY AND AUDIT (continued)

External Auditors’ Remuneration

EY has ben re-apointed as the Company’s external auditor by

shareholders at the 2024 anual general meting until the conclusion

of the next anual general meting. They are primarily responsible for

providing audit services in conection with the financial statements for

the year ended 31 March 2025.

An analysis of the remuneration of EY for the year ended 31 March

2025 is set out as folows:

Fe paid/payable

已付/应付费用

HK$’000

Services rendered提供之服务港币千元

Audit services审计服务8,300

Non-audit services非审计服务789

Auditors’ remuneration (including underprovision of prior year)

of HK$9,409,000 as set out in note 6 to the financial statements

comprises of remuneration for audit services provided by (i) EY of

HK$8,300,000; and (i) auditors other than EY of HK$1,109,000 for

acting as auditors to certain subsidiaries of the Company.

RISK MANAGEMENT AND INTERNAL

CONTROLS

The Board acknowledges its overal responsibilities for maintaining

adequate risk management and internal control systems to safeguard

shareholders’ investments and the Group’s asets and reviewing their

efectivenes. The systems, including the strategies, policies and

expectations on the oversight, have ben designed to manage rather

than to eliminate the risk of failure in achieving the Group’s busines

objectives. Therefore, it can only provide reasonable but not absolute

asurance against material mistatement, los or fraud.

Risk management and internal control systems are designed and put

in place with a view to safeguard the Group’s asets and busines

operations. In order to sucesfuly implement, suport and sustain the

risk management proces, the Group has taken into acount the factors

including risk-aware culture, risk prioritisation, as wel as alocation

of roles and responsibilities. The systems are featured with defined

organisational and management structure with authorities properly

delegated to qualified personel from diferent management levels

within the Group.

问责及审核（续）

外聘核数师酬金

安永已于二零二四年股东周年大会上获股东续聘

为本公司之外聘核数师，任期直至下届股东周年大

会止。安永主要负责提供关于截至二零二五年三月

三十一日止年度财务报告的审核服务。

截至二零二五年三月三十一日止年度安永之酬金分

析如下：

载列于财务报告附注6之核数师酬金（包括去年拨备

不足）9,409,000港元包括给予提供审计服务的(i)安

永8,300,000港元；及(i)作为本公司若干附属公司核

数师之安永以外的核数师1,109,000港元。

风险管理及内部监控

董事会知悉须整体负责维持妥善的风险管理及内部

监控系统，以保障股东投资及本集团资产，并审阅

其成效。有关系统（包括监察之策略、政策及预期

效果）的设计旨在管理而非消除未能达致本集团商

业目标之风险。因此，内部监控只能合理地而非绝

对地确保避免重大错误陈述、损失或舞弊。

设计及实施风险管理及内部监控系统旨在保障本集

团资产及业务营运。为成功实施、支援及维持风险

管理程序，本集团已考虑多项因素，包括风险意识

文化、风险优先排序以及职能及职责分配等。有关

系统具有界定组织及管理架构，集团内不同管理阶

层的合资格人员均获指派合适职权。

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四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

RISK MANAGEMENT AND INTERNAL

CONTROLS (continued)

The regular monitoring of the risk management and internal control

systems is mainly conducted by the delegated executive directors

and senior management. With the oversight of the Audit Comite,

the delegated executive directors lead the senior management in

overseing the design, implementation and monitoring of the risk

management and internal control systems.

Executive directors of the Company determine the busines strategies

and objectives of the Group, and evaluate and determine the nature and

extent of risks (including but not limited to busines, operation as wel

as ESG risks) the Group is wiling to take in achieving the Group’s

strategic objectives and therefore are acountable for the efectivenes

of the risk management.

Senior management from diferent departments identifies and

evaluates the risks (including but not limited to busines, operation

as wel as ESG risks) which may potentialy impact the major

busines proceses, including key operational and financial proceses,

regulatory compliance and information security, monitors the risks and

takes measures to mitigate risks in daily operations.

Periodic metings are held betwen the delegated executive directors

and senior management. Standing instructions have ben provided to

management of the Group that if any material isue relating to risk

management and internal control systems that may have or have had

a material impact on the busines of the Group arise, it should be

reported on a timely basis.

Internal control procedures are designed to protect the Group’s asets

against misapropriation and disposition; ensure proper maintenance

of acounting records for provision of reliable financial information

used for busines decision or publication; and to provide reasonable

asurance against material mistatement. The internal audit function

reviews the major operational, financial and compliance controls and

risk management function on a continuing basis to cover the major

operations of the Group.

The delegated executive directors and senior management has reported

to the Board the efectivenes of the risk management and internal

control systems for the year under review. The Board has reviewed

the efectivenes of the systems including the adequacy of resources,

staf qualifications and experience of the Group’s acounting and

financial reporting functions and considers that the risk management

and internal control systems of the Group are efective and adequate.

风险管理及内部监控（续）

风险管理及内部监控系统主要由获授权执行董事及

高级管理人员定期监察。在审核委员会之监管下，

获授权执行董事带领高级管理人员，监督设计、实

行及监控风险管理及内部监控系统。

本公司执行董事制定本集团之业务策略及目标，评

估及厘定于实现本集团策略目标时所愿意承担之风

险（包括但不限于业务、营运及环境、社会及管治

风险）性质及程度，因此负责风险管理之有效性。

各部门的高级管理人员确定及评估风险（包括但不

限于业务、营运及环境、社会及管治风险）可能对

主要业务流程的潜在影响，包括关键营运及财务流

程、监管合规及信息安全、监控风险及采取措施，

以将日常营运所承担之风险减至最低。

获授权执行董事及高级管理人员会定期进行会议，

本集团管理层已获常行指示，倘若发现任何与风险

管理及内部监控系统相关重大事项可能或已对本集

团业务造成重大影响，应即时作出汇报。

内部监控程序乃为保障本集团资产免遭挪用及不当

处置；确保会计记录得以妥善保管以提供可靠的财

务资料用作业务决策或刊发；及针对避免作出重大

失实陈述提供合理保证而设立。内部审计功能持续

检讨涵盖本集团主要业务营运之主要营运、财务及

合规监控以及风险管理职能。

获授权执行董事及高级管理层已向董事会汇报风险

管理及内部监控系统于回顾年度之成效。董事会已

检讨系统之成效，包括本集团会计及财务汇报部门

资源、员工资历及经验之足够性，并认为本集团之

风险管理及内部监控系统有效及足够。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

RISK MANAGEMENT AND INTERNAL

CONTROLS (continued)

The Company has developed its disclosure policy which provides a

general guide to the Company’s directors, oficers, senior management

and relevant employes in handling inside information, monitoring

information disclosure and responding to enquiries.

COMPANY SECRETARY

Ms. Yam Wai Wah, Jeny is the company secretary of the Company.

During the year under review, she undertok at least 15 hours of

relevant profesional training.

SHAREHOLDERS’ RIGHTS

Convening of Extraordinary General Meting by Shareholders

Pursuant to Article 73 of the Articles of Asociation, the Board may,

whenever it thinks fit, convene an extraordinary general meting.

General metings shal also be convened on the writen requisition

of shareholders holding at the date of deposit not les than one-

tenth of the paid up capital of the Company which caries the right to

vote deposited at the principal ofice of the Company in Hong Kong

specifying the objects of the meting and signed by the requisitionists.

If the Board does not within 30 days from the date of deposit of the

requisition proced to convene the general meting, the requisitionists

themselves may convene the general meting in the same maner, as

nearly as posible, as that in which metings may be convened by the

Board, and al reasonable expenses incured by the requisitionists as

a result of the failure of the Board shal be reimbursed to them by the

Company.

Proposing a Person for Election as a Director

The procedures for shareholders to propose a person for election as a

director of the Company are available for viewing on the Company’s

website at htp:/w.fourseasgroup.com.hk.

Shareholders’ Enquiries and Proposals

Shareholders may send their enquiries or requests for puting forward

proposals at shareholders’ metings to the Company’s principal place

of busines in Hong Kong at 31/F., Four Seas Group Centre, No. 41

King Yip Stret, Kwun Tong, Kowlon, Hong Kong for the atention

of the Company Secretary.

Puting Forward Enquiries to the Board

For puting forward any enquiries to the Board, Shareholders may send

writen enquiries to the Company. The Company wil not normaly

deal with verbal or anonymous enquiries.

风险管理及内部监控（续）

本公司已制定其披露政策，为本公司董事、高级职

员、高级管理人员及相关雇员于处理内幕消息、监

控信息披露及回应查询方面提供整体指引。

公司秘书

任慧华女士为本公司之公司秘书。于回顾年度，彼

已进行最少15小时之相关专业培训。

股东权利

股东召开股东特别大会

根据组织章程细则第73条，董事会可于其认为适合

时召开股东特别大会。股东大会亦可应股东书面要

求召开，彼等须于递交请求书当日持有不少于附带

投票权的本公司已缴股本十分之一，并向本公司之

香港主要办事处递交请求书，当中列明召开该大会

的目的，并由提出要求的人士签署。

倘若董事会于接获请求书日期起计30日内未有召开

股东大会，则提出要求人士本身可按由董事会召开

大会的相同或最接近的方式召开股东大会，而提出

要求人士因董事会未能召开大会而产生的一切合理

开支将由本公司向彼等偿付。

提名人选参选为董事

有关股东提名人选参选为本公司董事之程序可于本

公司网站htp:/w.fourseasgroup.com.hk查阅。

股东查询及建议

股东可将查询或拟于股东大会上提呈其建议之要求

发送至本公司之香港主要营业地点，地址为香港九

龙观塘敬业街41号四洲集团中心31楼，注明公司秘

书收启。

向董事会提出查询

如欲向董事会作出任何查询，股东可将书面查询寄

送至本公司。本公司一般不会处理口头或匿名查询。

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四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

SHAREHOLDERS’ RIGHTS (continued)

Contact Details

Shareholders may send their enquiries or requests as mentioned above

to the folowing:

Adres: 31/F., Four Seas Group Centre, No. 41 King Yip Stret,

Kwun Tong, Kowlon, Hong Kong

(For the atention of the Board of Directors)

Email: info@fourseasgroup.com.hk

For the avoidance of doubt, Shareholders must deposit and send the

original duly signed writen requisition, notice or statement, or enquiry

(as the case may be) to the above adres and provide their ful name,

contact details and identification in order to give efect thereto.

Shareholders’ information may be disclosed as required by law.

COMUNICATION WITH

SHAREHOLDERS

The Board has adopted a Shareholders’ Comunication Policy

reflecting mostly curent practices of the Company for comunication

with its shareholders. Such policy aims at diseminating information

in relation to the Group to shareholders in a timely maner through a

number of formal chanels, which include interim and anual reports,

anouncements and circulars, and is reviewed regularly by the Board

to ensure its efectivenes.

The Company maintains a website at htp:/w.fourseasgroup.com.hk

as a comunication platform with shareholders and investors, where

information and updates on the Company’s anouncements, busines

developments/operations and other information are available for public

aces.

The Company’s anual general meting provides a forum for

comunication betwen the Board and the shareholders. The chairmen

of the Board and Board comites actively participate in the anual

general meting and answer questions from the shareholders. Notice

of the anual general meting is sent to the shareholders at least 21

days before the meting. Al resolutions put forward at shareholder

metings including the anual general meting wil be voted on by

pol pursuant to the Listing Rules and the pol results wil be posted

on the websites of the Company and the Stock Exchange after each

shareholder meting.

During the year under review, the Company has not made any

changes to its Articles of Asociation. A consolidated version of the

Memorandum and Articles of Asociation of the Company is available

on the websites of the Company and the Stock Exchange.

股东权利（续）

联络资料

股东可将上述的查询或要求发送至：

地址： 香港九龙观塘敬业街41号

四洲集团中心31楼

（收件人为董事会）

电邮： info@fourseasgroup.com.hk

为释疑虑，股东必须将妥为签署的书面要求、通知

或声明正本或查询（视情况而定）递交及寄发至上述

地址，并提供其全名、联络资料及身份，以使其生

效。股东资料可能须按法律规定予以披露。

与股东之沟通

董事会已采纳股东通讯政策以反映本公司目前与股

东沟通之常规。此政策旨在透过多项正式渠道及时

向股东传达有关本集团之资料，包括中期及年度报

告、公告及通函，而董事会定期进行检讨以确保成

效。

本公司设立其网站于htp:/w.fourseasgroup.com.hk，

作为与股东及投资者沟通的平台，公众可于此网站

获取有关本公司的公告、业务发展╱经营状况的最

新资料及其他资料。

本公司的股东周年大会为董事会与股东之间的沟通

平台。董事会及董事委员会主席积极参与股东周年

大会及回答股东的提问。股东周年大会通告最少于

大会前21日寄予股东。根据上市规则，于股东大会

（包括股东周年大会）上提呈之所有决议案将以投票

方式表决，而投票结果将于各股东大会后刊载于本

公司及联交所网站内。

于回顾年度内，本公司并无就组织章程细则作出任

何修改。综合版本的本公司组织章程大纲及章程细

则可于本公司及联交所网站查阅。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告

DIVIDEND POLICY

1. Purpose

This dividend policy of the Company (“Dividend Policy”) sets

out the principles and guidelines in relation to the declaration,

payment or distribution of the Company’s distributable reserves

as dividends to its shareholders.

2. Principles

2.1 It is the goal of the Company to maintain a balance betwen

meting expectations of shareholders of the Company and

prudent capital management with a sustainable dividend

policy.

2.2 In considering the payment of dividends of the Company,

shareholders of the Company shal be eligible to participate

in the Company’s profits whilst preserving the Company’s

liquidity to capture future growth oportunities.

3. Guidelines

In deciding whether to propose a dividend and in determining

the dividend amount, the Board of the Company shal take into

acount, inter alia:

3.1 the general financial condition and the liquidity position of

the Group;

3.2 the actual and expected financial performance of the

Group;

3.3 corporate development plans of the Group;

3.4 the Group’s expected working capital requirements and

capital expenditure;

3.5 the retained profits and other distributable reserves of the

Company and other member companies of the Group;

3.6 the requirements and restrictions under the Companies Law

of the Cayman Islands and the memorandum and articles of

asociation of the Company;

3.7 general economic conditions, busines cycle of the Group’s

busines and other internal or external factors that may have

an impact on the busines or financial performance and

position of the Group; and

3.8 any other factors that the Board may consider relevant.

股息政策

1. 目的

本公司的股息政策（「股息政策」）载列有关本公

司可分派储备的宣派、派付或分派作为给予股

东的股息的原则及指引。

2. 原则

2.1 本公司的目标是满足本公司股东的期望及

谨慎的资本管理与可持续股息政策之间保

持平衡。

2.2 于考虑派付本公司股息时，本公司股东符

合资格参与本公司的溢利，同时保留本公

司的流动资金以掌握未来的增长机会。

3. 指引

在决定是否建议股息及厘定股息金额时，本公

司董事会须考虑（其中包括）：

3.1 本集团的一般财务状况及流动资金状况；

3.2 本集团的实际及预期财务表现；

3.3 本集团的公司发展计划；

3.4 本集团的预期营运资金需求及资本支出；

3.5 本公司及本集团其他成员公司的保留溢利

及其他可分派储备；

3.6 根据开曼群岛公司法及本公司之组织章程

大纲及章程细则的规定及限制；

3.7 一般经济状况、本集团业务的业务周期及

可能对本集团的业务或财务表现以及状况

造成影响的其他内部或外部因素；及

3.8 董事会可能认为相关的任何其他因素。

---

四洲集团有限公司

二零二五年报

Corporate Governance Report

企业管治报告

DIVIDEND POLICY (continued)

4. Review of the Dividend Policy

The Board wil review the Dividend Policy from time to time and

may exercise at its sole and absolute discretion to update, amend

and/or modify the Dividend Policy at any time as it dems fit and

necesary.

5. Form of Dividend Payment

The Company may declare and pay dividends by way of cash or

scrip or by other means that the Board considers apropriate.

This Dividend Policy shal in no way constitute a legaly binding

comitment by the Company in respect of its future dividend

and/or in no way obligate the Company to declare a dividend at

any time or from time to time.

股息政策（续）

4. 审查股息政策

董事会将不时审查股息政策，并可于其认为合

适及必要时随时全权酌情决定更新、修订及╱

或修改股息政策。

5. 股息派付形式

本公司可以现金或以股代息或董事会认为适当

的其他方式宣派及派付股息。

本股息政策绝不构成本公司未来股息的具有法

律约束力承诺，及╱或绝不构成本公司于任何

时候或不时宣派股息的责任。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

To the shareholders of Four Seas Mercantile Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Four Seas

Mercantile Holdings Limited (the “Company”) and its subsidiaries

(the “Group”) set out on pages 74 to 207, which comprise the

consolidated statement of financial position as at 31 March 2025, and

the consolidated statement of profit or los, the consolidated statement

of 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

HKFRS Acounting Standards as isued by the Hong Kong Institute

of Certified Public Acountants (“HKICPA”) and have ben properly

prepared in compliance with the disclosure requirements of the Hong

Kong Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

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

under those standards are further described in the Auditor’s

responsibilities for the audit of the consolidated financial statements

section of our report. We are independent of the Group in acordance

with the HKICPA’s Code of Ethics for Profesional Acountants

(the “Code”), and we have fulfiled our other ethical responsibilities

in acordance with the Code. We believe that the audit evidence we

have obtained is suficient and apropriate to provide a basis for our

opinion.

致四洲集团有限公司全体股东

（于开曼群岛注册成立的有限公司）

意见

我们已审计列载于第74至207页的四洲集团有限公司

（「贵公司」）及其附属公司（「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的综合损益

表、综合全面收益表、综合权益变动表和综合现金

流量表，以及综合财务报告附注，包括重大会计政

策资料。

我们认为，该等综合财务报表已根据香港会计师公

会（「香港会计师公会」）颁布的香港财务报告准则会

计准则真实而中肯地反映了 贵集团于二零二五年

三月三十一日的综合财务状况及截至该日止年度的

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拟备。

意见的基础

我们已根据香港会计师公会颁布的香港审计准则

（「香港审计准则」）进行审计。我们在该等准则下承

担的责任已在本报告核数师就审计综合财务报表承

担的责任部分中作进一步阐述。根据香港会计师公

会颁布的专业会计师道德守则（「守则」），我们独

立于 贵集团，并已履行守则中的其他专业道德责

任。我们相信，我们所获得的审计凭证能充足及适

当地为我们的审计意见提供基础。

Ernst & Young

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

安永会计师事务所

香港鲗鱼涌英皇道979号

太古坊一座27楼

Tel 电话: +852 2846 9888

Fax 传真: +852 2868 4432

ey.com

Ernst & Young

22/F, CITIC Tower

1 Tim Mei Avenue

Central, Hong Kong

Tel : +852 2846 9888

Fax : +852 2868 4432

ey.com

---

四洲集团有限公司

二零二五年报

Independent Auditor’s Report

独立核数师报告

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. For each mater

below, our description of how our audit adresed the mater is

provided in that context.

We have fulfiled the responsibilities described in the Auditor’s

responsibilities for the audit of the consolidated financial statements

section of our report, including in relation to these maters.

Acordingly, our audit included the performance of procedures

designed to respond to our asesment of the risks of material

mistatement of the consolidated financial statements. The results of

our audit procedures, including the procedures performed to adres

the maters below, provide the basis for our audit opinion on the

acompanying consolidated financial statements.

Key audit mater

关键审计事项

How our audit adresed the key audit mater

该事项在审计中是如何应对的

Impairment of godwil, intangible asets and property, plant and equipment

商誉、无形资产以及物业、厂房及设备减值

As at 31 March 2025, the Group had godwil of HK$101,871,000,

intangible asets of HK$39,249,000 and property, plant and equipment

of HK$896,547,000, including right-of-use asets of HK$399,372,000.

The Group is required to perform impairment test for godwil at

least on an anual basis, and intangible asets and property, plant and

equipment where an indicator of impairment of these asets exists.

The impairment test is based on the recoverable amounts of cash-

generating units to which the godwil, intangible asets and property,

plant and equipment are asociated with. During the year, impairment

loses of HK$2,239,000 have ben recorded to reduce the carying

amounts of certain property, plant and equipment, including right-of-

use asets, to their estimated recoverable amounts.

于二零二五年三月三十一日， 贵集团之商誉为101,871,000港元、

无形资产为39,249,000港元以及物业、厂房及设备为896,547,000港

元，包括使用权资产为399,372,000港元。 贵集团最少每年须就商

誉，以及存在资产减值迹象之无形资产、物业、厂房及设备进行减

值测试。减值测试基于商誉、无形资产以及物业、厂房及设备相

关之现金产生单位之可收回金额进行。年内，已记录减值亏损为

2,239,000港元以将若干物业、厂房及设备（包括使用权资产）之账

面值减至其估计可收回金额。

We performed the folowing procedures in relation

to impairment of godwil, intangible asets and

property, plant and equipment:

我们已就商誉、无形资产以及物业、厂房及设备减

值进行下列程序：

• ’s impairment asesments

based on the Group’s acounting policies and

procedures, and our understanding of the Group’s

busines;

• 根据 贵集团之会计政策及程序以及我们对 贵

集团业务之理解评估管理层之减值评估；

关键审计事项

关键审计事项是根据我们的专业判断，认为对本期

综合财务报表的审计最为重要的事项。这些事项是

在对综合财务报表整体进行审计并形成意见的背

景下进行处理的，我们不对这些事项提供单独的意

见。我们对下述每一事项在审计中是如何应对的描

述也以此为背景。

我们已经履行了本报告核数师就审计综合财务报表

承担的责任部分阐述的责任，包括与这些关键审计

事项相关的责任。相应地，我们的审计工作包括执

行为应对评估的综合财务报表重大错误陈述风险而

设计的审计程序。我们执行审计程序的结果，包括

应对下述关键审计事项所执行的程序，为综合财务

报表整体发表审计意见提供了基础。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

Key audit mater

关键审计事项

How our audit adresed the key audit mater

该事项在审计中是如何应对的

Impairment of godwil, intangible asets and property, plant and equipment (continued)

商誉、无形资产以及物业、厂房及设备减值（续）

When performing the impairment tests, management determined the

recoverable amounts of the relevant cash-generating units as at 31

March 2025 based on the higher of fair value les cost of disposal

and value-in-use calculations using the discounted cash flow method.

Management has estimated the fair value les cost of disposal of

certain cash-generating units with the asistance of independent

profesional valuers. For the value-in-use calculations, management’s

asesment proces involves significant judgements and asumptions,

including the expected future cash flow forecasts, asociated

growth rates and the discount rate aplied, which were sensitive for

expected future market conditions and cash-generating units’ actual

performance.

于进行减值测试时，管理层已根据公平值减出售成本或使用现金

流贴现法计算之使用价值计量（以较高者为准）厘定相关现金产生

单位于二零二五年三月三十一日之可收回金额。管理层在独立专

业估值师协助下估计若干现金产生单位之公平值减去出售成本。

就使用价值计量，管理层的评估程序涉及较容易受预期未来市况

及现金产生单位实际表现影响之重大判断及假设，包括预期未来

现金流预测、相关增长率及所应用之贴现率。

Relevant disclosures are included in notes 3, 14, 17 and 18 to the

consolidated financial statements.

相关披露资料载于综合财务报告附注3、14、17及18。

• ’s methodology in the

determination of the recoverable amounts based

on higher of fair value les cost of disposal

and discounted cash flow projections for the

determination of value-in-use and asesing

key asumptions such as the budgeted gros

margin and growth rates by comparison to recent

historical financial performance of the cash-

generating units;

• 审查管理层根据公平值减出售成本或就厘定使

用价值之贴现金流预测（以较高者为准）厘定

可收回款项之方法，及透过比较现金产生单位

之最新过往财务表现来评估主要假设，例如预

算毛利率及增长率；

• performing sensitivity analysis on the key

asumptions and discounted cash flow

projections; and

• ；

及

• involving our internal valuation experts to

asist us with our asesment of the fair value

les cost of disposal of cash-generating units

and our asesment of the discount rates by

making reference to market data and comparable

companies in the industry for the discount rates

used and the methodology in determining the

value-in-use calculations of the cash-generating

units.

• 我们邀请我们的内部估值专家协助我们评估现

金产生单位之公平值或出售成本及评估贴现

率，方法为参考市场数据及行业之可比较公司

就厘定现金产生单位之使用价值计量所使用之

贴现率。

KEY AUDIT MATERS (continued)关键审计事项（续）

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四洲集团有限公司

二零二五年报

Independent Auditor’s Report

独立核数师报告

Key audit mater

关键审计事项

How our audit adresed the key audit mater

该事项在审计中是如何应对的

Recoverability of trade receivables

应收贸易账款之可收回性

As at 31 March 2025, the Group had gros trade receivables of

HK$597,426,000 before impairment of HK$5,022,000. The Group’s

acounting for impairment on trade receivables was based on a

forward-loking expected credit los (“ECL”) aproach, and the

measurement on the Group’s trade receivables under such aproach

was estimated by management through the aplication of judgements

and use of highly subjective asumptions. The impact of economic

factors, both curent and future, and forward-loking factors specific

to the debtors were also considered in management’s asesment of the

likelihod of recovery from customers.

于二零二五年三月三十一日， 贵集团之应收贸易账款总额为

597,426,000港元（扣除减值5,022,000港元前）。 贵集团应收贸易

账款减值的会计处理乃基于前瞻性的预期信贷损失（「预期信贷损

失」）法，根据有关方法对 贵集团应收贸易账款的计量涉及管理层

应用判断作出的估计及高度主观判断。管理层于评估从客户收回

可能性时亦已考虑目前及未来经济因素及债务人特定前瞻性因素

的影响。

Due to the significance of trade receivables and the uncertainty

inherent in such estimates, we considered this as a key audit mater.

由于应收贸易账款的重要性及该等估计固有的不确定性，我们认

为此乃关键审计事项。

Relevant disclosures are included in notes 3 and 23 to the consolidated

financial statements.

相关披露资料载于综合财务报告附注3及23。

We performed the folowing procedures in relation to

recoverability of trade receivables:

我们已就应收贸易账款之可收回性进行下列程序：

• ’s expected credit los

provisioning methodology, key data input and

the asumptions, including both historical and

forward-loking information, used to determine

the expected credit loses by checking to the

payment history, ageing of the trade receivables

and other relevant information on a sampling

basis;

• 、应收贸易账款账龄及其他

相关资料，评估管理层于厘定预期信用损失所

使用的预期信贷损失拨备方法、关键输入数据

及假设，包括过往及前瞻性资料；

• testing the ageing clasification of receivables on

a sampling basis; and

• ；及

• evaluating los alowance rates based on the

curent economic conditions and forward-loking

information.

• 根据当前的经济状况及前瞻性资料评估亏损拨

备率。

关键审计事项（续）KEY AUDIT MATERS (continued)

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

OTHER INFORMATION INCLUDED IN

THE ANUAL REPORT

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

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the preparation

of the consolidated financial statements that give a true and fair

view in acordance with HKFRS Acounting Standards as isued

by the HKICPA and the disclosure requirements of the Hong Kong

Companies Ordinance, and for such internal control as the directors

determine is necesary to enable the preparation of consolidated

financial statements that are fre from material mistatement, whether

due to fraud or eror.

In preparing the consolidated financial statements, the directors of the

Company are responsible for asesing the Group’s ability to continue

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

concern and using the going concern basis of acounting unles the

directors of the Company either intend to liquidate the Group or to

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

The directors of the Company are asisted by the Audit Comite in

discharging their responsibilities for overseing the Group’s financial

reporting proces.

刊载于年度报告内其他信息

贵公司董事需对其他信息负责。其他信息包括刊载

于年度报告内的信息，但不包括综合财务报表及我

们的核数师报告。

我们对综合财务报表的意见并不涵盖其他信息，我

们亦不对该等其他信息发表任何形式的鉴证结论。

结合我们对综合财务报表的审计，我们的责任是阅

读其他信息，在此过程中，考虑其他信息是否与综

合财务报表或我们在审计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

我们已执行的工作，如果我们认为其他信息存在重

大错误陈述，我们需要报告该事实。在这方面，我

们没有任何报告。

董事就综合财务报表须承担的责任

贵公司董事须负责根据香港会计师公会颁布的香港

财务报告准则会计准则及香港公司条例的披露规定

拟备真实而中肯的综合财务报表，并对其认为使

综合财务报表的拟备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控制负责。

在拟备综合财务报表时， 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 贵公司董事有意将 贵集团清盘或

停止经营，或别无其他实际的替代方案。

审核委员会协助 贵公司董事履行职责，监督 贵

集团的财务报告过程。

---

四洲集团有限公司

二零二五年报

Independent Auditor’s Report

独立核数师报告

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. Our report is made solely to you, as

a body, 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.

核数师就审计综合财务报表承担的

责任

我们的目标，是对综合财务报表整体是否不存在由

于欺诈或错误而导致的重大错误陈述取得合理保

证，并出具包括我们意见的核数师报告。我们仅对

全体股东作出报告，除此以外，本报告并无其他用

途。我们不会就核数师报告的内容向任何其他人士

负上或承担任何责任。

合理保证是高水平的保证，但不能保证按照香港审

计准则进行的审计，在某一重大错误陈述存在时总

能发现。错误陈述可以由欺诈或错误引起，如果合

理预期它们单独或汇总起来可能影响综合财务报表

使用者依赖综合财务报表所作出的经济决定，则有

关的错误陈述可被视作重大。

在根据香港审计准则进行审计的过程中，我们运用

了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财务

报表存在重大错误陈述的风险，设计及执行

审计程序以应对这些风险，以及获取充足和

适当的审计凭证，作为我们意见的基础。由

于欺诈可能涉及串谋、伪造、蓄意遗漏、虚

假陈述，或凌驾于内部控制之上，因此未能

发现因欺诈而导致的重大错误陈述的风险高

于未能发现因错误而导致的重大错误陈述的

风险。

• ，以设计适当的

审计程序，但目的并非对 贵集团内部控制

的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作出会

计估计和相关披露的合理性。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (continued)

• ’ use of the

going concern basis of acounting and, based on the audit

evidence obtained, whether a material uncertainty exists related

to events or conditions that may cast significant doubt on the

Group’s ability to continue as a going concern. If we conclude

that a material uncertainty exists, we are required to draw

atention in our auditor’s report to the related disclosures in

the consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on

the audit evidence obtained up to the date of our auditor’s report.

However, future events or conditions may cause the Group to

cease to continue as a going concern.

• , structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities

or busines units within the Group as a basis for forming

an opinion on the consolidated financial statements. We are

responsible for the direction, supervision and review of the audit

work performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among other

maters, the planed scope and timing of the audit and significant audit

findings, including any significant deficiencies in internal control that

we identify during our audit.

We also provide the Audit Comite 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.

核数师就审计综合财务报表承担的

责任（续）

• 对董事采用持续经营会计基础的恰当性作出

结论。根据所获取的审计凭证，确定是否存

在与事项或情况有关的重大不确定性，从而

可能导致对 贵集团的持续经营能力产生重

大疑虑。如果我们认为存在重大不确定性，

则有必要在核数师报告中提请使用者注意综

合财务报中的相关披露。假若有关的披露不

足，则我们应当发表非无保留意见。我们的

结论是基于核数师报告日止所取得的审计凭

证。然而，未来事项或情况可能导致 贵集

团不能持续经营。

• 、结构和

内容，包括披露，以及综合财务报表是否中

肯反映交易和事项。

• ，以就 贵集团内实体

或业务单位的财务资料获取充足及适当的审

核凭证，作为对 贵集团财务报表发表意见

的基础。我们负责指导、监督和审阅为进行

集团审核而执行的审核工作。我们就审核意

见承担全部责任。

除其他事项外，我们与审核委员会沟通了计划的审

计范围、时间安排、重大审计发现等，包括我们在

审计中识别出内部控制的任何重大缺陷。

我们还向审核委员会提交声明，说明我们已符合有

关独立性的相关专业道德要求，并与他们沟通有可

能合理地被认为会影响我们独立性的所有关系和其

他事项，以及在适用的情况下，采取行动消除威胁

或应用相关的防范措施。

---

四洲集团有限公司

二零二五年报

Independent Auditor’s Report

独立核数师报告

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (continued)

From the maters comunicated with the Audit Comite, we

determine those maters that were of most significance in the audit

of the consolidated financial statements of the curent period and

are therefore the key audit maters. We describe these maters in our

auditor’s report unles law or regulation precludes public disclosure

about the mater or when, in extremely rare circumstances, we

determine that a mater should not be comunicated in our report

because the adverse consequences of doing so would reasonably

be expected to outweigh the public interest benefits of such

comunication.

The engagement partner on the audit resulting in this independent

auditor’s report is Lai Ho Yin (practicing certificate number: P06765).

Ernst & Young

Certified Public Acountants

Hong Kong

27 June 2025

核数师就审计综合财务报表承担的

责任（续）

从与审核委员会沟通的事项中，我们确定哪些事项

对本期综合财务报表的审计最为重要，因而构成关

键审计事项。我们在核数师报告中描述这些事项，

除非法律法规不允许公开披露这些事项，或在极端

罕见的情况下，如果合理预期在我们报告中沟通某

事项造成的负面后果超过产生的公众利益，我们决

定不应在报告中沟通该事项。

出具本独立核数师报告的审计项目合伙人是黎浩贤

（执业证书编号：P06765）。

安永会计师事务所

执业会计师

香港

二零二五年六月二十七日

---

2025
二零二五年
HK$’000
港币千元
3,625,422
(2,757,137)
868,285
15,717
(444,065)
(349,928)
(13,778)
(58,103)
(610)
6,932
24,450
(15,661)
8,789
10,164
(1,375)
8,789
HK cents
港仙
2.7

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Consolidated Statement of Profit or Los

综合损益表

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

二零二四年

NotesHK$’000

附注港币千元

REVENUE收入53,898,222

Cost of sales销售成本(2,986,036)

Gros profit毛利912,186

Other income and gains/(loses), net其他收入及收益╱

（亏损），净额5(1,415)

Seling and distribution expenses销售及分销费用(459,497)

Administrative expenses行政开支(347,365)

Other operating expenses, net其他营运开支，净额6(18,638)

Finance costs融资成本7(48,646)

Share of profits and loses of joint ventures应占合营企业溢利及亏损(2,299)

Share of profits and loses of asociates应占联营公司溢利及亏损12,606

PROFIT BEFORE TAX除税前溢利846,932

Income tax expense所得税开支11(13,636)

PROFIT FOR THE YEAR年内溢利33,296

Atributable to:归属于：

Equity holders of the Company本公司权益所有者34,657

Non-controling interests非控股权益(1,361)

33,296

HK cents

港仙

EARNINGS PER SHARE ATRIBUTABLE

TO ORDINARY EQUITY HOLDERS OF

THE COMPANY

本公司普通权益所有者

应占每股盈利

– Basic and diluted– 基本及摊薄139.0

---

2025
二零二五年
HK$’000
港币千元
8,789
10,677
(6,577)
(456)
3,644
9,664
(3,311)
286
(98)
6,541
10,185
18,974
20,551
(1,577)
18,974

四洲集团有限公司

二零二五年报

Consolidated Statement of Comprehensive Income

综合全面收益表

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

二零二四年

HK$’000

港币千元

PROFIT FOR THE YEAR年内溢利33,296

OTHER COMPREHENSIVE INCOME/(LOS)其他全面收益╱（亏损）

Other comprehensive income/(los) that may be

reclasified to profit or los in subsequent periods:

将于往后期间可能重新分类至

损益之其他全面收益╱（亏损）：

Exchange diferences:汇兑差额：

Exchange diferences on translation of foreign

operations

换算海外业务之汇兑差额

(52,790)

Release of exchange fluctuation reserve for

voluntary liquidation of foreign operations

自愿清盘海外业务之

汇兑变动储备回拨(138)

Share of other comprehensive los of asociates应占联营公司其他全面亏损(2,102)

Net other comprehensive income/(los) that may be

reclasified to profit or los in subsequent periods

将于往后期间可能重新分类至损益

之其他全面收益╱（亏损）净额(55,030)

Other comprehensive income that wil not be

reclasified to profit or los in subsequent periods:

将不会于往后期间重新分类至

损益之其他全面收益：

Financial asets at fair value through other

comprehensive income:

按公平值透过其他全面收益

入账的金融资产：

Changes in fair value公平值变动6,545

Income tax efect所得税影响(2,242)

Defined benefit obligations:界定福利承担：

Gains on remeasurement重新计量之收益459

Income tax efect所得税影响(157)

Net other comprehensive income that wil not be

reclasified to profit or los in subsequent periods

将不会于往后期间重新分类至

损益之其他全面收益净额4,605

OTHER COMPREHENSIVE INCOME/(LOS)

FOR THE YEAR, NET OF TAX

年内其他全面收益╱（亏损），

除税后(50,425)

TOTAL COMPREHENSIVE INCOME/(LOS)

FOR THE YEAR

年内总全面收益╱（亏损）

(17,129)

Atributable to:归属于：

Equity holders of the Company本公司权益所有者(15,120)

Non-controling interests非控股权益(2,009)

(17,129)

---

2025
二零二五年
HK$’000
港币千元
896,547
33,957
101,871
39,249
12,362
186,995
16,964
24,877
28,132
20,743
10,810
1,372,507
330,127
592,404
159,568
2,571
83,611
631,977
1,800,258
–
1,800,258
461,790
979,841
111,943
5,325
1,558,899
241,359
1,613,866

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二四年

NotesHK$’000

附注港币千元

(Restated)

（经重列）

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、厂房及设备14740,905

Investment properties投资物业1634,445

Godwil商誉17101,740

Other intangible asets其他无形资产1842,976

Investments in joint ventures于合营企业之投资194,558

Investments in asociates于联营公司之投资20181,046

Financial asets at fair value through

profit or los

按公平值透过损益入账的

金融资产2522,361

Financial asets at fair value through other

comprehensive income

按公平值透过其他全面收益

入账的金融资产2116,515

Prepayments, deposits and other receivables预付款项、订金及其他应收

款项2428,281

Tax recoverable可收回税项25,936

Defered tax asets递延税项资产319,413

Total non-curent asets非流动资产总值1,208,176

CURENT ASETS流动资产

Inventories存货22269,280

Trade receivables应收贸易账款23625,047

Prepayments, deposits and other receivables预付款项、订金及其他应收

款项24128,087

Tax recoverable可收回税项563

Financial asets at fair value through

profit or los

按公平值透过损益入账的金融

资产2558,608

Cash and cash equivalents现金及现金等值项目26625,940

1,707,525

Non-curent asets clasified as held for sale分类为持作出售之非流动资产2712,442

Total curent asets流动资产总值1,719,967

CURENT LIABILITIES流动负债

Trade payables, other payables and acruals应付贸易账款、其他应付款项

及应计负债28489,748

Interest-bearing bank borowings须缴付利息之银行贷款29663,591

Lease liabilities租赁负债15114,656

Tax payable应付税项15,558

Total curent liabilities流动负债总值1,283,553

NET CURENT ASETS流动资产净额436,414

TOTAL ASETS LES CURENT

LIABILITIES

总资产减流动负债

1,644,590

---

2025
二零二五年
HK$’000
港币千元
271,231
104,938
2,182
5,881
9,763
393,995
1,219,871
38,012
1,159,117
1,197,129
22,742
1,219,871

四洲集团有限公司

二零二五年报

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二四年

NotesHK$’000

附注港币千元

(Restated)

（经重列）

NON-CURENT LIABILITIES非流动负债

Interest-bearing bank borowings须缴付利息之银行贷款29235,634

Lease liabilities租赁负债15140,455

Other payables and acruals其他应付款项及应计负债282,129

Defined benefit obligations界定福利承担305,759

Defered tax liabilities递延税项负债3110,861

Total non-curent liabilities非流动负债总值394,838

Net asets资产净额1,249,752

EQUITY权益

Equity atributable to equity holders

of the Company

归属于本公司权益所有者的

权益

Isued capital已发行股本3238,422

Reserves储备331,185,196

1,223,618

Non-controling interests非控股权益26,134

Total equity权益总值1,249,752

TAI Tak Fung, Stephen 戴德丰WU Wing Biu 胡永标

Director 董事Director 董事

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Consolidated Statement of Changes in Equity

综合权益变动表

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

Atributable to equity holders of the Company

归属于本公司权益所有者

Isued

capital

Share

premium

acount

Reserve

funds

Capital

reserve

Fair value

reserve of

financial

asets at

fair value

through other

comprehensive

income

Remeasurement

reserve

Capital

redemption

reserve

Exchange

fluctuation

reserve

Retained

profitsTotal

Non-

controling

interests

Total

equity

已发行股本股份溢价账储备金资本储备

按公平值

透过其他全面

收益入账的

金融资产之

公平值储备

重新

计量储备

资本

赎回储备

汇兑

波动储备保留溢利总计非控股权益权益总值

NoteHK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

附注港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

(note 32)(note 33)(note 33)(note 33)(note 33)

（附注32）（附注33）（附注33）（附注33）（附注33）

At 1 April 2023于二零二三年四月一日38,422199,21218,6064,2919781,3701,5342,5941,008,2091,275,21629,6661,304,882

Profit/(los) for the year年内溢利╱（亏损）–34,65734,657(1,361)33,296

Other comprehensive income/(los)

for the year:

年内其他全面收益╱（亏损）：

Exchange diferences on translation of

foreign operations

换算海外业务的汇兑差额

–(54,382)–(54,382)(648)(55,030)

Changes in fair value of financial

asets at fair value through other comprehensive

income, net of tax

按公平值透过其他全面收益

入账的金融资产之公平值

变动，扣除税项–4,303–4,303–4,303

Remeasurement of defined benefit

obligations, net of tax

重新计量界定福利承担，

扣除税项–302–302–302

Total comprehensive los for the year年内总全面亏损–4,303302–(54,382)34,657(15,120)(2,009)(17,129)

Derecognition of a subsidiary终止确认一间附属公司–2424(24)–

Dividends paid to non-controling

shareholders

已付予非控股东股息

–(1,499)(1,499)

Final 2023 dividend declared宣派二零二三年末期股息12–(24,974)(24,974)–(24,974)

Interim 2024 dividend二零二四年中期股息12–(11,528)(11,528)–(11,528)

At 31 March 2024于二零二四年三月三十一日38,422199,21218,6064,2915,2811,6721,534(51,788)1,006,3881,223,61826,1341,249,752

---

38,422	199,212	18,606	4,291	5,281	1,672	1,534	(51,788)	1,006,388	1,223,618	26,134	1,249,752
–	–	–	–	–	–	–	–	10,164	10,164	(1,375)	8,789
–	–	–	–	–	–	–	3,846	–	3,846	(202)	3,644
–	–	–	–	6,353	–	–	–	–	6,353	–	6,353
–	–	–	–	–	188	–	–	–	188	–	188
–	–	–	–	6,353	188	–	3,846	10,164	20,551	(1,577)	18,974
(410)	(10,130)	–	–	–	–	350	–	(410)	(10,600)	–	(10,600)
–	–	–	–	(8,967)	–	–	–	8,967	–	–	–
–	–	–	–	–	–	–	–	–	–	45	45
–	–	–	–	–	–	–	–	–	–	(1,860)	(1,860)
–	–	–	–	–	–	–	–	(24,974)	(24,974)	–	(24,974)
–	–	–	–	–	–	–	–	(11,466)	(11,466)	–	(11,466)
38,012	189,082*	18,606*	4,291*	2,667*	1,860*	1,884*	(47,942)*	988,669*	1,197,129	22,742	1,219,871

四洲集团有限公司

二零二五年报

Consolidated Statement of Changes in Equity

综合权益变动表

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

Atributable to equity holders of the Company

归属于本公司权益所有者

Isued

capital

Share

premium

acount

Reserve

funds

Capital

reserve

Fair value

reserve of

financial

asets at

fair value

through other

comprehensive

income

Remeasurement

reserve

Capital

redemption

reserve

Exchange

fluctuation

reserve

Retained

profitsTotal

Non-

controling

interests

Total

equity

已发行股本股份溢价账储备金资本储备

按公平值

透过其他全面

收益入账的

金融资产之

公平值储备

重新

计量储备

资本

赎回储备

汇兑

波动储备保留溢利总计非控股权益权益总值

NotesHK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

附注港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

(note 32)(note 33)(note 33)(note 33)(note 33)

（附注32）（附注33）（附注33）（附注33）（附注33）

At 1 April 2024于二零二四年四月一日

Profit/(los) for the year年内溢利╱（亏损）

Other comprehensive income/(los)

for the year:

年内其他全面收益╱（亏损）：

Exchange diferences on translation

of foreign operations

换算海外业务的汇兑差额

Changes in fair value of financial asets at fair value

through other comprehensive income, net of tax

按公平值透过其他全面收益

入账的金融资产之公平值

变动，扣除税项

Remeasurement of defined benefit

obligations, net of tax

重新计量界定福利承担，

扣除税项

Total comprehensive income/(los)

for the year

年内总全面收益╱（亏损）

Repurchase of shares购回股份32

Transfer of fair value reserve upon disposal of financial

asets at fair value through other comprehensive

income

出售按公平值透过其他全面

收益入账的金融资产时转拨

公平值储备

Capital contribution by non-controling shareholders非控股东出资

Dividends paid to non-controling shareholders已付予非控股东股息

Final 2024 dividend declared宣派二零二四年末期股息12

Interim 2025 dividend二零二五年中期股息12

At 31 March 2025于二零二五年三月三十一日

* These reserve acounts comprise the consolidated reserves of

HK$1,159,117,000 (2024: HK$1,185,196,000) in the consolidated

statement of financial position.

* 该等储备账为计入综合财务状况表中之综合储备

为1,159,117,000港元（二零二四年：1,185,196,000港

元）。

---

2025
二零二五年
HK$’000
港币千元
24,450
610
(6,932)
(4,572)
–
(1,569)
483
536
58,103
(6,577)
1,334
70,813
140,749
691
(224)
3,840
593
1,646
3,068
2,955
289,997

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Consolidated Statement of Cash Flows

综合现金流量表

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

二零二四年

NotesHK$’000

附注港币千元

CASH FLOWS FROM OPERATING

ACTIVITIES

经营业务之现金流量

Profit before tax除税前溢利46,932

Adjustments for:就下列各项作出调整：

Share of profits and loses of joint ventures应占合营企业溢利及亏损2,299

Share of profits and loses of asociates应占联营公司溢利及亏损(12,606)

Bank interest income银行利息收入5(6,612)

Interest income利息收入5(1,490)

Dividend income股息收入5(1,039)

Net fair value loses on investment properties投资物业之公平值亏损净额5383

Net fair value loses on financial asets at

fair value through profit or los

按公平值透过损益入账的金

融资产之公平值亏损净额520,869

Finance costs融资成本748,646

Los/(gain) on voluntary liquidation of

subsidiaries

附属公司自愿清盘之亏损╱

（收益）6143

Los on disposal/write-of of items of

property, plant and equipment, net

出售╱撇销物业、厂房及设

备项目之亏损，净额62,202

Depreciation of items of property, plant and

equipment, except right-of-use asets

物业、厂房及设备项目之折

旧，使用权资产除外875,514

Depreciation of right-of-use asets使用权资产之折旧8130,539

Defined benefit expenses界定福利开支8887

Gain on derecognition of right-of-use asets,

net

终止确认使用权资产之收

益，净额8(726)

Amortisation of other intangible asets其他无形资产之摊销84,065

Impairment of items of property, plant and

equipment, except right-of-use asets

物业、厂房及设备项目之减

值，使用权资产除外61,641

Impairment of right-of-use asets使用权资产之减值61,550

Impairment of trade receivables应收贸易账款之减值61,625

Write-down of slow-moving inventories滞销存货撇销82,921

317,743

---

2025
二零二五年
HK$’000
港币千元
(59,170)
45,149
(29,246)
(307)
(36,543)
209,880
(12,029)
(18,893)
(10,050)
168,908
4,572
1,569
69
(271,108)
2,078
(8,414)
12,442
8,955
18,090
(29,074)
(16,832)
–
(277,653)

四洲集团有限公司

二零二五年报

Consolidated Statement of Cash Flows

综合现金流量表

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

二零二四年

NotesHK$’000

附注港币千元

Decrease/(increase) in inventories存货之减少╱（增加）54,840

Decrease in trade receivables应收贸易账款之减少14,395

Decrease/(increase) in prepayments, deposits and

other receivables

预付款项、订金及其他应收款

项之减少╱（增加）9,574

Setlement of defined benefit obligations偿付界定福利承担(572)

Decrease in trade payables, other payables and

acruals

应付贸易账款、其他应付款项

及应计负债之减少(24,311)

Cash generated from operations经营业务所得之现金371,669

Interest portion of lease payments租赁付款之利息部分34(b)(7,553)

Hong Kong profits tax paid已付香港利得税(20,223)

Overseas taxes paid已付其他税项(5,822)

Net cash flows from operating activities经营业务之现金流入净额338,071

CASH FLOWS FROM INVESTING

ACTIVITIES

投资业务之现金流量

Interest received已收利息8,102

Dividends received from listed investments收取上市投资股息1,039

Dividends received from asociates收取联营公司股息125

Purchases of items of property, plant and

equipment and leasehold land

购入物业、厂房及设备项目及

租赁土地14(a), (b)(54,758)

Proceds from disposal of items of property,

plant and equipment

出售物业、厂房及设备项目

所得款项188

Capital contributions in joint ventures向合营企业注资(6,857)

Proceds from disposal of asets held for sale出售持作出售资产之所得款项–

Proceds from disposal of financial asets at

fair value through profit or los

出售按公平值透过损益入账之

金融资产之所得款项674

Proceds from disposal of financial asets at

fair value through other comprehensive

income

出售按公平值透过其他全面

收益入账之金融资产之所得

款项55

Purchases of financial asets at fair value

through profit or los

购入按公平值透过损益入账之

金融资产(18,240)

Purchases of financial asets at fair value

through other comprehensive income

购入按公平值透过其他全面

收益入账的金融资产(595)

Capital return from an asociate一间联营公司之股本返还3,509

Net cash flows used in investing activities投资业务之现金流出净额(66,758)

---

2025
二零二五年
HK$’000
港币千元
2,004,195
(1,653,623)
(46,074)
(10,600)
(140,487)
(36,440)
(1,860)
115,111
6,366
625,940
(329)
631,977
522,000
109,977
631,977

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Consolidated Statement of Cash Flows

综合现金流量表

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

二零二四年

NotesHK$’000

附注港币千元

CASH FLOWS FROM FINANCING

ACTIVITIES

融资活动之现金流量

New bank and trust receipt loans新增银行贷款及信托收据贷款1,273,164

Repayment of bank and trust receipt loans银行贷款及信托收据贷款之

还款(1,429,730)

Interest paid已付利息(41,093)

Repurchase of shares购回股份32–

Principal portion of lease payments租赁付款之本金部分34(b)(128,097)

Dividends paid已付股息(36,502)

Dividends paid to non-controling shareholders已付予非控股东股息(1,499)

Net cash flows from/(used in) financing activities融资活动之现金流入╱（流出）

净额(363,757)

NET INCREASE/(DECREASE) IN CASH

AND CASH EQUIVALENTS

现金及现金等值项目增加╱

（减少）净额(92,444)

Cash and cash equivalents at begining of year年初之现金及现金等值项目735,180

Efect of foreign exchange rate changes, net汇率变动影响，净额(16,796)

CASH AND CASH EQUIVALENTS

AT END OF YEAR

年终之现金及

现金等值项目625,940

ANALYSIS OF BALANCES OF CASH

AND CASH EQUIVALENTS

现金及现金等值项目

结存之分析

Cash and bank balances现金及银行结存26497,597

Time deposits定期存款26128,343

Cash and cash equivalents现金及现金等值项目625,940

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

1. CORPORATE AND GROUP

INFORMATION

Four Seas Mercantile Holdings Limited (the “Company”) is a

limited liability company incorporated in the Cayman Islands.

The registered ofice of the Company is located at the ofice

of JTC (Cayman) Limited, with the adres being 94 Solaris

Avenue, 2nd Flor, Camana Bay, P.O. Box 30745, Grand

Cayman KY1-1203, Cayman Islands.

During the year, the Group was principaly engaged in

investment holding, manufacturing and trading of snack fods,

confectionery, beverages, frozen fod products, nodles, ham and

ham-related products, and the operations of restaurants.

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as

folows:

Name

名称

Place of

incorporation/

registration and

busines

注册成立╱

登记及经营地点

Isued ordinary/

registered and

fuly paid-up

capital

已发行

普通股╱注册

及缴足股本

Percentage of equity

atributable to the Company

本公司应占权益百分比

Principal activities

主要业务

Direct

直接

Indirect

间接

Ascent Land LimitedHong KongHK$10,000–100.0Property investment

升域有限公司香港10,000港元物业投资

Champ Busines Development LimitedHong KongHK$20,000,000–70.0Investment holding

俊业发展有限公司香港20,000,000港元投资控股

Cowboy Fod Company Limited

牛仔食品有限公司

Hong Kong

香港

HK$6,000,000

6,000,000港元

–85.0Manufacturing

of snack fods

小食制造

Crowne Profits LimitedBritish Virgin IslandsUS$1–100.0Investment holding

英属处女群岛1美元投资控股

E-Options Technology LimitedBritish Virgin IslandsUS$1–100.0Property holding

英属处女群岛1美元物业控股

Elegant Town Investments LimitedHong KongHK$1–100.0Investment holding

雅城投资有限公司香港1港元投资控股

Ever Media LimitedHong KongHK$10,000,000–100.0Investment holding

香港10,000,000港元投资控股

Fancy Talent Ecomerce Company Limited

零食物语电子商务有限公司

Hong Kong

香港

HK$10,000,000

10,000,000港元

–100.0Sales of confectionery and

fod products

销售糖果及食品

1. 公司及集团资料

四洲集团有限公司（「本公司」）为一家于开曼群

岛注册成立之有限公司。本公司之注册办事处

位于 JTC (Cayman) Limited 之办公室，地址为

94 Solaris Avenue, 2nd Flor, Camana Bay, P.O.

Box 30745, Grand Cayman KY1-1203, Cayman

Islands。

年内，本集团之主要业务为投资控股、制造及

销售零食、糖果、饮料、冷冻食品、面食、火

腿及火腿有关产品，以及经营餐厅。

有关附属公司之资料

本公司之主要附属公司详情如下：

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

Name

名称

Place of

incorporation/

registration and

busines

注册成立╱

登记及经营地点

Isued ordinary/

registered and

fuly paid-up

capital

已发行

普通股╱注册

及缴足股本

Percentage of equity

atributable to the Company

本公司应占权益百分比

Principal activities

主要业务

Direct

直接

Indirect

间接

Fancy Talent Limited

零食物语有限公司

Hong Kong

香港

HK$100,000,000

100,000,000港元

–100.0Marketing

of snack fods

小食之市场推广

Four Seas (Guangzhou) Fod Import and Export

Trading Company Limited

^

四洲（广州）食品进出口贸易有限公司

^

PRC/Mainland China

中国╱中国大陆

RMB29,000,000

人民币29,000,000元

–100.0Trading in confectionery

and

fod products

糖果及食品之贸易

Four Seas (Hebei) Fod Company Limited

^

四洲（河北）食品有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$24,000,000

24,000,000港元

–100.0Procesing of chestnuts

栗子加工

Four Seas (Japan) Holdings Company Limited

四洲（日本）控股有限公司

Hong Kong

香港

HK$10,000

10,000港元

–100.0Investing holding

投资控股

Four Seas (Qingyuan) Tourism

Development Company Limited

^

四洲（清远）旅游发展有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$20,000,000

20,000,000港元

–100.0Property holding and

restaurant operations

物业控股及餐厅经营

Four Seas (Shantou) Fods Industrial Park

Management Co., Ltd.

^

四洲（汕头）食品工业城管理有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$30,500,000

30,500,000港元

–100.0Property holding

物业控股

Four Seas (Suzhou) Fod Co., Ltd.

^

四洲（苏州）食品有限公司

^

PRC/Mainland China

中国╱中国大陆

US$20,800,000

20,800,000美元

–100.0Manufacturing of

beverages

饮品制造

Four Seas (Yang Shan) Development Company

Limited

^

四洲（阳山）发展有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$20,000,000

20,000,000港元

–100.0Property holding

物业控股

Four Seas Candy (Shantou) Co., Ltd.

^

四洲糖果（汕头）有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$50,203,380

50,203,380港元

–100.0Manufacturing

of candies

糖果制造

1. CORPORATE AND GROUP

INFORMATION (continued)

Information about subsidiaries (continued)

Particulars of the Company’s principal subsidiaries are as

folows: (continued)

1. （续）

有关附属公司之资料（续）

本公司之主要附属公司详情如下：（续）

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

Name

名称

Place of

incorporation/

registration and

busines

注册成立╱

登记及经营地点

Isued ordinary/

registered and

fuly paid-up

capital

已发行

普通股╱注册

及缴足股本

Percentage of equity

atributable to the Company

本公司应占权益百分比

Principal activities

主要业务

Direct

直接

Indirect

间接

Four Seas Candy Company Limited

四洲糖果有限公司

Hong Kong

香港

HK$50,550,000

50,550,000港元

–100.0Investment holding

投资控股

Four Seas Catering Enterprises Company Limited

四洲饮食企业有限公司

Hong Kong

香港

HK$10,000

10,000港元

–100.0Investment holding

投资控股

Four Seas China Holdings Limited

四洲中国投资有限公司

British Virgin Islands

英属处女群岛

US$1,000,000

1,000,000美元

–100.0Investment holding

投资控股

Four Seas Confectionery (Shantou)

Company Limited

^

汕头四洲制果有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$33,320,000

33,320,000港元

–100.0Manufacturing

of cakes

蛋糕制造

Four Seas Ecomerce Company Limited

四洲电子商贸有限公司

Hong Kong

香港

HK$2,900,000

2,900,000港元

–100.0E-comerce retailing

of confectionery

and fod products

糖果及食品之

电子商贸零售

Four Seas Enterprises (BVI) LimitedBritish Virgin Islands

英属处女群岛

US$20,000

20,000美元

100.0–Investment holding

投资控股

Four Seas Fods (Shantou) Co., Ltd.

^

四洲食品（汕头）有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$96,000,000

96,000,000港元

–100.0Trading in confectionery

and

fod products

糖果及食品之贸易

Four Seas Greater Bay Area Headquarter Holdings

Limited

四洲大湾区总部控股有限公司

Hong Kong

香港

HK$10,000,000

10,000,000港元

–100.0Investment holding

投资控股

Four Seas Investment Holdings Limited

四洲投资控股有限公司

Hong Kong

香港

HK$50,000,000

50,000,000港元

100.0–Investment holding

投资控股

1. CORPORATE AND GROUP

INFORMATION (continued)

Information about subsidiaries (continued)

Particulars of the Company’s principal subsidiaries are as

folows: (continued)

1. （续）

有关附属公司之资料（续）

本公司之主要附属公司详情如下：（续）

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

Name

名称

Place of

incorporation/

registration and

busines

注册成立╱

登记及经营地点

Isued ordinary/

registered and

fuly paid-up

capital

已发行

普通股╱注册

及缴足股本

Percentage of equity

atributable to the Company

本公司应占权益百分比

Principal activities

主要业务

Direct

直接

Indirect

间接

Four Seas Logistics Company Limited

四洲物流有限公司

Hong Kong

香港

HK$200,000

200,000港元

–100.0Provision of transportation

services

运输服务

Four Seas Mercantile Limited

四洲贸易有限公司

Hong Kong

香港

(i) Ordinary HK$200

(i) Non-voting defered

HK$20,000,000

(i)普通股200港元

(i)无投票权

递延股份

20,000,000港元

–100.0Trading in snack fods,

confectionery and

beverages

小食、糖果及

饮品之贸易

Four Seas Property Holdings Limited

四洲物业有限公司

Hong Kong

香港

HK$50,000,000

50,000,000港元

–100.0Investment holding

投资控股

FS-Sushiyoshi Company LimitedHong Kong

香港

HK$2,000,000

2,000,000港元

–55.0Restaurant operations

餐厅经营

Guang Dong Fourseas Frozen Fod

Products Co., Ltd.

^

广东四洲冷冻食品有限公司

^

PRC/Mainland China

中国╱中国大陆

RMB83,300,000

人民币83,300,000元

–100.0Trading in frozen

fod products and

snack fods

冷冻食品及小食之贸易

Guangzhou Sushi Oh Catering Co., Ltd.

^

广州寿司皇饮食有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$6,000,000

6,000,000港元

–33.2*Restaurant operations

餐厅经营

Homeright Properties Limited

家权产业有限公司

British Virgin Islands

英属处女群岛

US$1

1美元

–100.0Holding of trademarks

持有商标

Hong Kong Biscuit (International) Limited

香港饼干（国际）有限公司

Hong Kong

香港

HK$40,000,000

40,000,000港元

–99.3Investment holding

投资控股

Hong Kong Confectionery Company Limited

香港糖果有限公司

Hong Kong

香港

HK$7,000,000

7,000,000港元

–100.0Investment holding

投资控股

1. CORPORATE AND GROUP

INFORMATION (continued)

Information about subsidiaries (continued)

Particulars of the Company’s principal subsidiaries are as

folows: (continued)

1. （续）

有关附属公司之资料（续）

本公司之主要附属公司详情如下：（续）

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

Name

名称

Place of

incorporation/

registration and

busines

注册成立╱

登记及经营地点

Isued ordinary/

registered and

fuly paid-up

capital

已发行

普通股╱注册

及缴足股本

Percentage of equity

atributable to the Company

本公司应占权益百分比

Principal activities

主要业务

Direct

直接

Indirect

间接

Hong Kong Ham Holdings Limited

香港火腿厂控股有限公司

Hong Kong

香港

HK$20

20港元

–100.0Manufacturing and

packaging of ham and

ham-related products

制造及包装火腿

及有关火腿类产品

IFSCO Hong Kong LimitedHong Kong

香港

HK$57,200,000

57,200,000港元

100.0–Investment holding

投资控股

J. P. Inglis Company Limited

英利士洋行有限公司

Hong Kong

香港

HK$1,000,000

1,000,000港元

–100.0Trading in

fod materials

食品原料贸易

KTC Corporation

鹿儿岛商事株式会社

Japan

日本

JPY10,000,000

10,000,000日圆

–100.0Trading in cakes

蛋糕贸易

Kung Tak Lam Shanghai Vegetarian

Cuisine Limited

功德林上海素食有限公司

Hong Kong

香港

HK$3,660,000

3,660,000港元

–99.0Restaurant operations

餐厅经营

Li Fok (Qingdao) Fods Co., Ltd.

^

利福（青岛）食品有限公司

^

PRC/Mainland China

中国╱中国大陆

US$5,220,000

5,220,000美元

–100.0Manufacturing

of nodles

面食制造

Men Taishou Co., Limited

面大将有限公司

Hong Kong

香港

HK$1

1港元

–100.0Restaurant operations

餐厅经营

Miyata Co., Ltd. (“MYC”)

宫田株式会社（「MYC」）

Japan

日本

JPY50,000,000

50,000,000日圆

–100.0Trading in snack fods

and confectionery

小食及糖果贸易

Miyata (Tianjin) International Trading Co., Ltd.

^

宫田世佳国际贸易（天津）有限公司

^

PRC/Mainland China

中国╱中国大陆

US$400,000

400,000美元

–100.0Trading in snack fods

and confectionery

小食及糖果贸易

1. CORPORATE AND GROUP

INFORMATION (continued)

Information about subsidiaries (continued)

Particulars of the Company’s principal subsidiaries are as

folows: (continued)

1. （续）

有关附属公司之资料（续）

本公司之主要附属公司详情如下：（续）

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

Name

名称

Place of

incorporation/

registration and

busines

注册成立╱

登记及经营地点

Isued ordinary/

registered and

fuly paid-up

capital

已发行

普通股╱注册

及缴足股本

Percentage of equity

atributable to the Company

本公司应占权益百分比

Principal activities

主要业务

Direct

直接

Indirect

间接

Muray Catering Company Limited

美利饮食服务有限公司

Hong Kong

香港

HK$1,000,000

1,000,000港元

–70.0Provision of lunch box

and tuck shop services

提供饭盒及

小卖部服务

Namtien Nodle Limited

南天制面有限公司

Hong Kong

香港

HK$1,000

1,000港元

–51.0Manufacturing of nodles

面食制造

New Kondo Trading Company Limited

近藤贸易有限公司

Hong Kong

香港

HK$1,000,000

1,000,000港元

–100.0Trading in Japanese

fod materials

日本食品原料贸易

Nico Four Seas (Shantou) Co., Ltd.

^

你口四洲（汕头）有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$28,000,000

28,000,000港元

–60.0Manufacturing of seawed

products

紫菜食品制造

Nico-Nico Four Seas Company Limited

你口四洲有限公司

Hong Kong

香港

HK$28,000,000

28,000,000港元

–60.0Investment holding

投资控股

Okashi Land (Macau) Company Limited

菓子（澳门）有限公司

Macau

澳门

MOP500,000

500,000澳门圆

–100.0Retailer of snack fods

小食之零售商

Restaurant Shiki LimitedHong Kong

香港

HK$3,200,000

3,200,000港元

–100.0Restaurant operations

餐厅经营

Tsun Fat (Huizhou) Biscuit Factory Limited

^

骏发（惠州）饼干厂有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$73,000,000

73,000,000港元

–99.3Manufacturing of biscuits

饼干制造

T & M Advertising Company Limited

德美广告有限公司

Hong Kong

香港

HK$20

20港元

–100.0Advertising agency

广告代理

Vast Asets Limited

置鹏有限公司

Hong Kong

香港

HK$10,000

10,000港元

–100.0Property investment

物业投资

1. CORPORATE AND GROUP

INFORMATION (continued)

Information about subsidiaries (continued)

Particulars of the Company’s principal subsidiaries are as

folows: (continued)

1. （续）

有关附属公司之资料（续）

本公司之主要附属公司详情如下：（续）

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

Name

名称

Place of

incorporation/

registration and

busines

注册成立╱

登记及经营地点

Isued ordinary/

registered and

fuly paid-up

capital

已发行

普通股╱注册

及缴足股本

Percentage of equity

atributable to the Company

本公司应占权益百分比

Principal activities

主要业务

Direct

直接

Indirect

间接

上海升诚贸易有限公司

^

PRC/Mainland China

中国╱中国大陆

RMB3,500,000

人民币3,500,000元

–100.0Trading in confectionery

and fod products

糖果及食品之贸易

东莞四洲肉类制品有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$37,000,000

37,000,000港元

–100.0Manufacturing and

packaging of ham and

ham-related products

制造及包装火腿及

有关火腿类产品

恭道贸易(深圳)有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$5,600,000

5,600,000港元

–100.0Trading in

fod materials

食品原料之贸易

深圳四洲贸易有限公司

^

PRC/Mainland China

中国╱中国大陆

HK$67,000,000

67,000,000港元

–100.0Trading in snacks

and confectionery

小食及零食之贸易

广州市泮溪酒家有限公司

^

(“GZ Panxi”) (「广州泮溪」)

PRC/Mainland China

中国╱中国大陆

RMB73,959,210

人民币73,959,210元

–99.0

#

Restaurant operations

餐厅经营

四洲(汕头)新零售有限公司

^

PRC/Mainland China

中国╱中国大陆

RMB500,000

人民币500,000元

–100.0Sales of snacks

and confectionery

销售小食及零食

1. CORPORATE AND GROUP

INFORMATION (continued)

Information about subsidiaries (continued)

Particulars of the Company’s principal subsidiaries are as

folows: (continued)

1. （续）

有关附属公司之资料（续）

本公司之主要附属公司详情如下：（续）

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

1. CORPORATE AND GROUP

INFORMATION (continued)

Information about subsidiaries (continued)

• , Ltd. is a subsidiary of a non-

wholy-owned subsidiary of the Company and, acordingly, is

acounted for as a subsidiary by virtue of the Company’s control

over it.

^ These subsidiaries are registered as wholy-foreign-owned

enterprises under PRC law.

^ This subsidiary is registered as a Hong Kong, Macao, Taiwan and

domestic joint venture under PRC law.

#

Pursuant to the stock purchase agrement entered into by the

Group and 广州市荔湾区人民政府国有资产监督管理局 (the

“Vendor”) for the acquisition of GZ Panxi, the Vendor retains a

1% shareholding in GZ Panxi and is not entitled to any share of

the profit or los in GZ Panxi nor has the right to participate in the

operation or management of GZ Panxi but has the veto right in the

folowing:

– the alteration of the tax registration of GZ Panxi in Liwan

District, Guangzhou, the PRC;

– the alteration of the use of the building ocupied by GZ Panxi

other than the Cantonese style restaurant operation; and

– the use of the trademark of GZ Panxi.

The above table lists the subsidiaries of the Company which, in

the opinion of the directors, principaly afected the results for

the year or formed a substantial portion of the net asets of the

Group. To give details of other subsidiaries would, in the opinion

of the directors, result in particulars of excesive length.

2. ACOUNTING POLICIES

2.1 BASIS OF PREPARATION

These financial statements have ben prepared in acordance

with HKFRS Acounting Standards (which include al Hong

Kong Financial Reporting Standards, Hong Kong Acounting

Standards (“HKASs”) and Interpretations) as isued by the Hong

Kong Institute of Certified Public Acountants (“HKICPA”)

and the disclosure requirements of the Hong Kong Companies

Ordinance. They have ben prepared under the historical cost

convention, except for investment properties, financial asets at

fair value through profit or los and financial asets at fair value

through other comprehensive income, which have ben measured

at fair value. These financial statements are presented in Hong

Kong dolars (“HK$”) and al values are rounded to the nearest

thousand except when otherwise indicated.

1. （续）

有关附属公司之资料（续）

* 广州寿司皇饮食有限公司为本公司一家非全资

附属公司之附属公司，因此透过本公司对其之

控制权被列作附属公司。

^ 该等附属公司乃按中国法律注册为全资外商投

资企业。

^ 该附属公司乃按中国法律注册为港澳台与境内

合资企业。

#

根据本集团与广州市荔湾区人民政府国有资产

监督管理局（「卖方」）就收购广州泮溪订立之购

股协议，卖方保留1%之广州泮溪持股权，但无

权分享广州泮溪之任何溢利或亏损，亦无权参

与广州泮溪之经营或管理，惟对下列各项拥有

否决权：

– 变更广州泮溪于中国广州市荔湾区之税务

登记；

– 将广州泮溪所占用之楼房变更为粤菜酒家

经营以外之用途；及

– 广州泮溪商标之使用。

董事认为以上所述为于年内对集团之业绩有重

大影响或占集团之重大部分净资产之主要附属

公司，董事认为如详列余下附属公司会使篇幅

过份冗长。

2. 会计政策

2.1 编制基准

本财务报表乃根据香港会计师公会（「香港会计

师公会」）颁布之香港财务报告准则会计准则

（当中包括所有香港财务报告准则、香港会计

准则（「香港会计准则」）和诠释）以及香港公司

条例的披露规定编制。除投资物业及按公平值

透过损益入账的金融资产、按公平值透过其他

全面收益入账的金融资产已按公平值计量外，

本财务报表根据历史成本法编制。本财务报表

以港币呈列，除另有注明者外，所有数值均进

位至最接近千位数。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries (colectively

refered to as the “Group”) for the year ended 31 March 2025. A

subsidiary is an entity (including a structured entity), directly or

indirectly, controled by the Company. Control is achieved when

the Group is exposed, or has rights, to variable returns from its

involvement with the investe and has the ability to afect those

returns through its power over the investe (i.e., existing rights

that give the Group the curent ability to direct the relevant

activities of the investe).

Generaly, there is a presumption that a majority of voting rights

results in control. When the Company has les than a majority of

the voting or similar rights of an investe, the Group considers

al relevant facts and circumstances in asesing whether it has

power over an investe, including:

(a) the contractual arangement with the other vote holders of

the investe;

(b) rights arising from other contractual arangements; and

(c) the Group’s voting rights and potential voting rights.

The financial statements of the subsidiaries are prepared for

the same reporting period as the Company, using consistent

acounting policies. The results of subsidiaries are consolidated

from the date on which the Group obtains control, and continue to

be consolidated until the date that such control ceases.

Profit or los and each component of other comprehensive

income are 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. Al intra-group

asets and liabilities, equity, income, expenses and cash flows

relating to transactions betwen members of the Group are

eliminated in ful on consolidation.

The Group reaseses whether or not it controls an investe if

facts and circumstances indicate that there are changes to one

or more of the thre elements of control described above. A

change in the ownership interest of a subsidiary, without a los of

control, is acounted for as an equity transaction.

2.1 编制基准（续）

综合账目基准

综合财务报告包括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

度的财务报告。附属公司为本公司直接或间接

控制的实体（包括结构性实体）。当本集团通过

参与投资对象的活动而承受浮动回报之风险或

享有获得浮动回报之权利，并能透过于投资对

象之权力（即赋予本集团现有能力指引投资对

象相关活动之既存权利）影响该等回报时，即

取得控制权。

一般而言，假定拥有大多数投票权即拥有控制

权。倘本公司拥有少于投资对象大多数投票权

或类似权利，本集团会于评估其是否对投资对

象拥有权力时考虑所有相关事实及情况，包括：

(a) 与投资对象其他投票权持有人所订之合约

安排；

(b) 其他合约安排所产生之权利；及

(c) 本集团之投票权及潜在投票权。

附属公司与本公司的财务报表的报告期间相

同，并采用一致会计政策编制。附属公司的业

绩由本集团取得控制权之日起综合入账，并继

续综合入账至该等控制权终止之日为止。

溢利或亏损及其他全面收益之各项目乃归属于

本公司拥有人及非控股权益，即使非控股权益

会产生亏绌结存。本集团内各公司间之交易所

引致之集团内各公司间的资产及负债、权益、

收入、支出及现金流均于综合账目内全数抵销。

倘有事实及情况显示上文所述之三项控制权要

素有一项或多项出现变动，则本集团会重新评

估其是否对被投资方拥有控制权。当附属公司

之拥有权益有所变动而并无失去控制权，于

入账时列作权益交易。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.1 BASIS OF PREPARATION (continued)

Basis of consolidation (continued)

If the Group loses control over a subsidiary, it derecognises

the related asets (including godwil), liabilities, any non-

controling interest and the exchange fluctuation reserve; and

recognises the fair value of any investment retained and any

resulting surplus or deficit in profit or los. The Group’s share

of components previously recognised in other comprehensive

income is reclasified to profit or los or retained profits, as

apropriate, on the same basis as would be required if the Group

had directly disposed of the related asets or liabilities.

2.2 CHANGES IN ACOUNTING POLICIES

AND DISCLOSURES

The Group has adopted the folowing revised HKFRS Acounting

Standards for the first time for the curent year’s financial

statements.

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent (the

“2020 Amendments”)

Amendments to HKAS 1Non-curent Liabilities with

Covenants (the “2022

Amendments”)

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The nature and the impact of the revised HKFRS Acounting

Standards are described below:

(a) Amendments to HKFRS 16 specify the requirements that

a seler-lese uses in measuring the lease liability arising

in a sale and leaseback transaction to ensure the seler-

lese does not recognise any amount of the gain or los that

relates to the right of use it retains. Since the Group has no

sale and leaseback transactions with variable lease payments

that do not depend on an index or a rate ocuring from the

date of initial aplication of HKFRS 16, the amendments

did not have any impact on the financial position or

performance of the Group.

2.1 编制基准（续）

综合账目基准（续）

倘本集团失去对一间附属公司之控制权，则其

撤销确认相关资产（包括商誉）、负债、任何非

控股权益及汇兑波动储备；及确认所保留任何

投资之公平值及损益中任何因此产生之盈余或

亏损。先前于其他全面收益表内确认之本集团

应占部份按假设本集团直接出售相关资产或负

债所须采用之相同基准，视乎情况重新分类至

损益或保留溢利。

2.2 会计政策及披露之变动

本集团已采纳在本年度财务报表首次应用以下

经修订香港财务报告会计准则。

香港财务报告准则

第16号（修订本）

售后租回之租赁负债

香港会计准则第1号

（修订本）

负债分类为流动或非

流动（「二零二零年

修订本」）

香港会计准则第1号

（修订本）

附带契诺之非流动负

债（「二零二年修

订本」）

香港会计准则第7号及

香港财务报告准则

第7号（修订本）

供应商融资安排

经修订香港财务报告准则会计准则之性质及影

响载列如下：

(a) 香港财务报告准则第16号的修订本规定了

卖方之承租人在计量售后租回交易中产生

的租赁负债时所使用的要求，以确保卖方

之承租人不会确认与租赁权相关的任何收

益或损失金额使用它保留。由于本集团并

无自首次适用香港财务报告准则第16号之

日起发生的可变租赁付款额不依赖于指数

或利率的售后租回交易，因此该等修订对

本集团的财务状况或业绩并无任何影响。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.2 CHANGES IN ACOUNTING POLICIES

AND DISCLOSURES (continued)

(b) The 2020 Amendments clarify the requirements for

clasifying liabilities as curent or non-curent, including

what is meant by a right to defer setlement and that a

right to defer must exist at the end of the reporting period.

Clasification of a liability is unafected by the likelihod

that the entity wil exercise its right to defer setlement.

The amendments also clarify that a liability can be setled

in its own equity instruments, and that only if a conversion

option in a convertible liability is itself acounted for as an

equity instrument would the terms of a liability not impact

its clasification. The 2022 Amendments further clarify

that, among covenants of a liability arising from a loan

arangement, only those with which an entity must comply

on or before the reporting date afect the clasification

of that liability as curent or non-curent. Aditional

disclosures are required for non-curent liabilities that are

subject to the entity complying with future covenants within

12 months after the reporting period.

The Group has reasesed the terms and conditions of

its liabilities as at 1 April 2023 and 2024 upon initial

aplication of the amendments. As at 1 April 2024, the

Group had an interest-bearing bank loan with carying

amounts of HK$195,250,000, which was repayable within

12 months. The loan was drawn down from a 3-year banking

facility expiring on 31 July 2026 and the Group has the right

to rol over the loan for another year. Prior to the initial

aplication of the amendments, the interest-bearing bank

loan was clasified as a curent liability as the Group did

not have an unconditional right to defer the setlement for

at least 12 months after the reporting period. Upon initial

aplication of the amendments, the loan was reclasified

as a non-curent liability since the Group has the right to

rol over the interest-bearing bank loan for at least twelve

months after 1 April 2024 under its existing loan facility.

As at 1 April 2023, the clasification of the Group’s

liabilities as curent or non-curent remained unchanged

because the Group did not have the right to rol over its

loans for another year, and therefore, the amendments did

not have any impact on the financial position of the Group

as at 1 April 2023. Acordingly, the consolidated statement

of financial position as of 1 April 2023 is not presented

upon initial aplication of the amendments.

2.2 会计政策及披露之变动（续）

(b) 二零二零年修订本厘清将负债分类为流动

或非流动的规定，包括延迟清偿权利的含

义，以及报告期末必须存在延迟权利。负

债的分类不受该实体行使权利延迟清偿的

可能性所影响。该等修订亦厘清，负债可

以用其自身的股权工具进行结算，仅于可

转债的转换权本身作为股权工具入账时，

负债的条款方不会影响其分类。二零二

年修订进一步澄清，于贷款安排所产生的

负债契约中，仅实体于报告日期或之前须

遵守的契约方会影响负债分类为流动或非

流动。对于实体于报告期后12个月内须遵

守未来契约的非流动负债，须对有关负债

作出额外披露。

于首次应用该等修订后，本集团已重新评

估其于二零二三年及二零二四年四月一日

之负债的条款及条件。于二零二四年四月

一日，本集团有一项账面值为195,250,000

港元之附息银行贷款，须于十二个月内偿

还。该贷款于二零二六年七月三十一日到

期之三年期银行融资贷款中提取，而本集

团有权将该贷款延期一年。于首次应用该

等修订前，该附息银行贷款已被分类为流

动负债，此乃由于本集团并无可将有关结

算递延至报告期间后至少十二个月之无条

件权利。当首次应用该等修订后，该贷款

已被重新分类为非流动负债，此乃由于本

集团有权根据其现有贷款融资将附息银行

贷款由二零二四年四月一日后延期至少

十二个月。

于二零二三年四月一日，由于本集团无权

将其贷款延长一年，故本集团负债分类为

流动或非流动的分类维持不变，因此，该

等修订对本集团于二零二三年四月一日的

财务状况并无任何影响。因此，截至二零

二三年四月一日的综合财务状况表并无于

首次应用该等修订时呈列。

---

As at 31 March 2025
于二零二五年 三月三十一日
HK$’000
港币千元
(242,581)
(242,581)
242,581
242,581
242,581
242,581

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.2 CHANGES IN ACOUNTING POLICIES

AND DISCLOSURES (continued)

(b) (continued)

The quantitative impact on the consolidated statements of

financial position is sumarised below.

Increase/(decrease)

增加╱（减少）

As at

31 March

于二零二四年

三月三十一日

HK$’000

港币千元

CURENT LIABILITIES流动负债

Interest-bearing bank borowings须缴付利息之银行贷款(195,250)

Total curent liabilities流动负债总值(195,250)

NET CURENT ASETS流动资产净额195,250

TOTAL ASETS LES CURENT

LIABILITIES

总资产减流动负债

195,250

NON-CURENT LIABILITIES非流动负债

Interest-bearing bank borowings须缴付利息之银行贷款195,250

Total non-curent liabilities非流动负债总值195,250

The adoption of the amendments did not have any impact

on the basic and diluted earnings per share atributable to

ordinary equity holders of the parent, profit or los, other

comprehensive income and the consolidated statements of

cash flows for the years ended 31 March 2025 and 2024.

(c) Amendments to HKAS 7 and HKFRS 7 clarify the

characteristics of suplier finance arangements and require

aditional disclosure of such arangements. The disclosure

requirements in the amendments are intended to asist

users of financial statements in understanding the efects of

suplier finance arangements on an entity’s liabilities, cash

flows and exposure to liquidity risk. As the Group does not

have suplier finance arangements, the amendments did not

have any impact on the Group’s financial statements.

2.2 会计政策及披露之变动（续）

(b) （续）

综合财务状况表之量化影响概述如下：

采纳该等修订对截至二零二五年及二零

二四年三月三十一日止年度的母公司普通

权益持有人应占每股基本及摊薄盈利、损

益、其他全面收益及综合现金流量表并无

任何影响。

(c) 香港会计准则第7号及香港财务报告准则

第7号的修订本澄清了供应商融资安排的

特征，并要求额外披露该等安排。修订本

中的揭露要求旨在帮助财务报表使用者了

解供应商融资安排对实体负债、现金流量

和流动性风险敞口的影响。由于本集团并

无供应商融资安排，此等修订对本集团之

财务报表并无任何影响。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

The Group has not aplied the folowing new and revised HKFRS

Acounting Standards, that have ben isued but are not yet

efective, in these financial statements. The Group intends to

aply these new and revised HKFRS Acounting Standards, if

aplicable, when they become efective.

HKFRS 18Presentation and Disclosure in

Financial Statements

HKFRS 19Subsidiaries without Public

Acountability: Disclosures

Amendments to HKFRS 9

and HKFRS 7

Amendments to the Clasification

and Measurement of Financial

Instruments

Amendments to HKFRS 9

and HKFRS 7

Contracts Referencing Nature-

dependent Electricity

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution of Asets

betwen an Investor and its

Asociate or Joint Venture

Amendments to HKAS 21Lack of Exchangeability

Amendment to HKFRS 1,

HKFRS 7, HKFRS 9,

HKFRS 10 and

HKAS 7

Anual Improvements to

HKFRS Acounting

Standards – Volume 11

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/reporting periods begining on or after 1

January 2027

No mandatory efective date yet determined but available for

adoption

2.3 已颁布但未生效之香港财务报告

准则

本集团在本财务报告中还没有采纳以下已颁布

但未生效之新订及已修订之香港财务报告准则

会计准则。本集团拟于该等新订及已修订之香

港财务报告准则会计准则生效后应用该等新订

及已修订之香港财务报告准则会计准则（如适

用）。

香港财务报告准则

第18号

财务报表之呈列及披露

香港财务报告准则

第19号

无公共受托责任之附属

公司：披露

香港财务报告准则

第9号及香港财务

报告准则第7号

（修订本）

金融工具分类及计量的

修订

香港财务报告准则

第9号及香港财务报告

准则第7号（修订本）

涉及依赖自然能源生产

电力的合约

香港财务报告准则

第10号及香港会计

准则第28号（修订本）

投资者与其联营公司及

合营企业之间的资产

出售或注入资产

香港会计准则第21号

（修订本）

缺乏可兑换性

香港财务报告准则

第1号、香港财务报告

准则第7号、香港财务

报告准则第9号、香港

财务报告准则第10号及

香港会计准则第7号

（修订本）

香港财务报告准则会计

准则年度改进－

第11册

二零二五年一月一日或之后开始的年度期间生

效

二零二六年一月一日或之后开始的年度期间生

效

二零二七年一月一日或之后开始的年度╱报告

期间生效

强制生效日期待定，惟已可应用

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(continued)

Further information about those HKFRS Acounting Standards

that are expected to be aplicable to the Group is described

below.

HKFRS 18 replaces HKAS 1 Presentation of Financial

Statements. While a number of sections have ben brought

forward from HKAS 1 with limited changes, HKFRS 18

introduces new requirements for presentation within the

statement of profit or los, including specified totals and

subtotals. Entities are required to clasify al income and

expenses within the statement of profit or los into one of the

five categories: operating, investing, financing, income taxes

and discontinued operations and to present two new defined

subtotals. It also requires disclosures about management-defined

performance measures in a single note and introduces enhanced

requirements on the grouping (agregation and disagregation)

and the location of information in both the primary financial

statements and the notes. Some requirements previously included

in HKAS 1 are moved to HKAS 8 Acounting Policies, Changes

in Acounting Estimates and Erors, which is renamed as

HKAS 8 Basis of Preparation of Financial Statements. As a

consequence of the isuance of HKFRS 18, limited, but widely

aplicable, amendments are made to HKAS 7 Statement of Cash

Flows, HKAS 33 Earnings per Share and HKAS 34 Interim

Financial Reporting. In adition, there are minor consequential

amendments to other HKFRS Acounting Standards. HKFRS 18

and the consequential amendments to other HKFRS Acounting

Standards are efective for anual periods begining on or after

1 January 2027 with earlier aplication permited. Retrospective

aplication is required. The Group is curently analysing the

new requirements and asesing the impact of HKFRS 18 on the

presentation and disclosure of the Group’s financial statements.

HKFRS 19 alows eligible entities to elect to aply reduced

disclosure requirements while stil aplying the recognition,

measurement and presentation requirements in other HKFRS

Acounting Standards. To be eligible, at the end of the reporting

period, an entity must be a subsidiary as defined in HKFRS

10 Consolidated Financial Statements, canot have public

acountability and must have a parent (ultimate or intermediate)

that prepares consolidated financial statements available for

public use which comply with HKFRS Acounting Standards.

Earlier aplication is permited. As the Company is a listed

company, it is not eligible to elect to aply HKFRS 19. Some of

the Company’s subsidiaries are considering the aplication of

HKFRS 19 in their specified financial statements.

2.3 已颁布但未生效之香港财务报告

准则（续）

有关上述预期将适用于本集团之香港财务报告

准则会计准则的进一步资料载于下文。

香港财务报告准则第18号取代了香港会计准则

第1号财务报表列报。虽然香港财务报告准则

第18号从香港会计准则第1号引入了多个条款，

并作出了有限的修改，但财务报告准则第18号

亦引入了有关在损益表内列报的新要求，包括

指定的总额及小计数额。各实体须将损益表内

的所有收入及开支分类为以下五个类别之一：

经营、投资、融资、所得税及终止营运，并列

报两个经定义的新小计数额。此外，财务报告

准则第18号亦要求在单一附注中披露有关管理

层定义的表现指标，并就财务报表及附注中信

息的分组（汇总及分拆）及位置引入了增强的要

求。原本包含在香港会计准则第1号中的部分

要求，已转移到香港会计准则第8号会计政策

会计估计变更及错误，已更名为香港会计准则

第8号财务报表的编制基础。香港财务报告准

则第18号发出后，对香港会计准则第7号现金流

量表、香港会计准则第33号每股收益及香港会

计准则第34号中期财务报告作出了有限但广泛

适用的修订。此外，其他香港财务报告准则亦

有次要的后续修订。财务报告准则第18号及其

他香港财务报告准则的后续修订将于二零二七

年一月一日或之后开始的年度期间生效，并允

许提前应用。需要追溯应用。本集团目前正在

分析新要求，并评估财务报告准则第18号对本

集团财务报表的列报及披露的影响。

香港财务报告准则第19号允许符合资格的实

体选择应用简化的披露要求，同时仍然应用其

他香港财务报告准则中的确认、计量及列报要

求。要符合资格，在报告期末，实体必须是根

据香港财务报告准则第10号合并财务报表所定

义的子公司，不能具有公共责任，并且必须有

一个（最终或中间）母公司，该母公司编制的合

并财务报表可供公众使用并符合香港财务报告

准则。提前应用是被允许的。由于本公司为一

间上市公司，故并不符合选择应用香港财务报

告准则第19号的资格。本公司若干附属公司正

在考虑应用香港财务报告准则第19号编制其特

定财务报表。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(continued)

Amendments to HKFRS 9 and HKFRS 7 Amendments to the

Clasification and Measurement of Financial Instruments

clarify the date on which a financial aset or financial liability

is derecognised and introduce an acounting policy option

to derecognise a financial liability that is setled through

an electronic payment system before the setlement date if

specified criteria are met. The amendments clarify how to ases

the contractual cash flow characteristics of financial asets

with environmental, social and governance and other similar

contingent features. Moreover, the amendments clarify the

requirements for clasifying financial asets with non-recourse

features and contractualy linked instruments. The amendments

also include aditional disclosures for investments in equity

instruments designated at fair value through other comprehensive

income and financial instruments with contingent features. The

amendments shal be aplied retrospectively with an adjustment

to opening retained profits (or other component of equity) at

the initial aplication date. Prior periods are not required to be

restated and can only be restated without the use of hindsight.

Earlier aplication of either al the amendments at the same time

or only the amendments related to the clasification of financial

asets is permited. The amendments are not expected to have any

significant impact on the Group’s financial statements.

Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing

Nature-dependent Electricity clarify the aplication of the

“own-use” requirements for in-scope contracts and amend the

designation requirements for a hedged item in a cash flow

hedging relationship for in-scope contracts. The amendments

also include aditional disclosures that enable users of financial

statements to understand the efects these contracts have on

an entity’s financial performance and future cash flows. The

amendments relating to the own-use exception shal be aplied

retrospectively. Prior periods are not required to be restated

and can only be restated without the use of hindsight. The

amendments relating to the hedge acounting shal be aplied

prospectively to new hedging relationships designated n or after

the date of initial aplication. Earlier aplication is permited.

The amendments to HKFRS 9 and HKFRS 7 shal be aplied at

the same time. The amendments are not expected to have any

significant impact on the Group’s financial statements.

2.3 已颁布但未生效之香港财务报告

准则（续）

对香港财务报告准则第9号及香港财务报告准

则第7号金融工具分类及计量的修订，厘清了金

融资产或金融负债终止确认的日期，并引入了

一项会计政策选项，如果符合指定标准，允许

在结算日期之前通过电子支付系统结算的金融

负债进行终止确认。这些修订说明了如何评估

具有环境、社会及管治以及其他类似条件特征

的金融资产的合同现金流量特征。此外，这些

修订还澄清了对具有无追索权特征的金融资产

和合同关联工具的分类要求。这些修订还包括

对指定以公允价值计量且其变动计入其他综合

收益的权益工具投资以及具有条件特征的金融

工具的额外披露要求。这些修订应追溯应用，

并在首次应用日期对期初留存收益（或权益的

其他组成部分）进行调整。不要求重述前期数

字，且只能在不使用后见之明的情况下进行重

述。允许同时提前应用所有修订，或仅提前应

用与金融资产分类相关的修订。预计这些修订

不会对本集团的财务报表产生任何重大影响。

对香港财务报告准则第9号及香港财务报告准

则第7号涉及依赖自然能源生产电力的合约的

修订，厘清了「自用」要求在相关合同中的应

用，并修订了在现金流量套期关系中被套期项

目的指定要求。这些修订还包括额外的披露要

求，使财务报表使用者能够了解这些合同对实

体财务表现及未来现金流量的影响。与「自用」

例外相关的修订应追溯应用。不要求重述前期

数字，且只能在不使用后见之明的情况下进行

重述。与套期会计相关的修订应在首次应用日

期或之后指定的新套期关系中前瞻性应用。允

许提前应用。对香港财务报告准则第9号及香

港财务报告准则第7号的修订应同时应用。预

计这些修订不会对本集团的财务报表产生任何

重大影响。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(continued)

Amendments to HKFRS 10 and HKAS 28 adres an

inconsistency betwen the requirements in HKFRS 10 and in

HKAS 28 in dealing with the sale or contribution of asets

betwen an investor and its asociate or joint venture. The

amendments require a ful recognition of a gain or los resulting

from a downstream transaction when the sale or contribution of

asets constitutes a busines. For a transaction involving asets

that do not constitute a busines, a gain or los resulting from the

transaction is recognised in the investor’s profit or los only to

the extent of the unrelated investor’s interest in that asociate or

joint venture. The amendments are to be aplied prospectively.

The previous mandatory efective date of amendments to HKFRS

10 and HKAS 28 was removed by the HKICPA. However, the

amendments are available for adoption now.

Amendments to HKAS 21 specify how an entity shal ases

whether a curency is exchangeable into another curency and

how it shal estimate a spot exchange rate at a measurement

date when exchangeability is lacking. The amendments require

disclosures of information that enable users of financial

statements to understand the impact of a curency not being

exchangeable. Earlier aplication is permited. When aplying

the amendments, an entity canot restate comparative

information. Any cumulative efect of initialy aplying the

amendments shal be recognised as an adjustment to the opening

balance of retained profits or to the cumulative amount of

translation diferences acumulated in a separate component of

equity, where apropriate, at the date of initial aplication. The

amendments are not expected to have any significant impact on

the Group’s financial statements.

2.3 已颁布但未生效之香港财务报告

准则（续）

香港财务报告准则第10号及香港会计准则第28

号（修订本）针对香港财务报告准则第10号及

香港会计准则第28号之间有关投资者与其联营

公司或合营企业之间之资产出售或注资两者规

定之不一致。该修订规定，当资产出售或注资

构成一项业务时，须全数确认下游交易产生的

收益或亏损。当交易涉及资产不构成一项业务

时，由该交易产生之收益或亏损于该投资者之

损益内确认，惟仅以不相关投资者于该联营公

司或合营企业之权益为限。该等修订将按前瞻

基准应用。香港会计师公会取消了之前香港财

务报告准则第10号及香港会计准则第28号（修

订本）的强制生效日期。然而，该等修订可供

现时采纳。

香港会计准则第21号修订本订明实体应如何评

估某种货币可否兑换为另一种货币，以及在缺

乏可兑换性的情况下，实体应如何估计量日

期的即期汇率。该等修订要求披露信息，使财

务报表使用者了解货币不可兑换的影响。允许

提早应用。在应用该等修订时，实体不得重列

比较资料。首次应用该等修订的任何累计影响

应在首次应用之日确认为对保留溢利期初余额

的调整或于权益单独组成部分的累计折算差额

的调整（如适用）。该等修订预期不会对本集团

的财务报表产生任何重大影响。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(continued)

Anual Improvements to HKFRS Acounting Standards –

Volume 11 set out amendments to HKFRS 1, HKFRS 7 (and the

acompanying Guidance on implementing HKFRS 7), HKFRS

9, HKFRS 10 and HKAS 7. Details of the amendments that are

expected to be aplicable to the Group are as folows:

• : Disclosures: The

amendments have updated certain wording in paragraph

B38 of HKFRS 7 and paragraphs IG1, IG14 and IG20B

of the Guidance on implementing HKFRS 7 for the

purpose of simplification or achieving consistency with

other paragraphs in the standard and/or with the concepts

and terminology used in other standards. In adition, the

amendments clarify that the Guidance on implementing

HKFRS 7 does not necesarily ilustrate al the requirements

in the referenced paragraphs of HKFRS 7 nor does it create

aditional requirements. Earlier aplication is permited.

The amendments are not expected to have any significant

impact on the Group’s financial statements.

• : The amendments clarify

that when a lese has determined that a lease liability

has ben extinguished in acordance with HKFRS 9, the

lese is required to aply paragraph 3.3.3 of HKFRS 9

and recognise any resulting gain or los in profit or los. In

adition, the amendments have updated certain wording in

paragraph 5.1.3 of HKFRS 9 and Apendix A of HKFRS

9 to remove potential confusion. Earlier aplication is

permited. The amendments are not expected to have any

significant impact on the Group’s financial statements.

• : The

amendments clarify that the relationship described in

paragraph B74 of HKFRS 10 is just one example of various

relationships that might exist betwen the investor and

other parties acting as de facto agents of the investor,

which removes the inconsistency with the requirement

in paragraph B73 of HKFRS 10. Earlier aplication is

permited. The amendments are not expected to have any

significant impact on the Group’s financial statements.

• : The amendments replace

the term “cost method” with “at cost” in paragraph 37

and HKAS 7 folowing the prior deletion of the definition

of “cost method”. Earlier aplication is permited. The

amendments are not expected to have any impact on the

Group’s financial statements.

2.3 已颁布但未生效之香港财务报告

准则（续）

《香港财务报告准则会计准则年度改进–第11册》

对香港财务报告准则第1号、香港财务报告准

则第7号（以及实施香港财务报告准则第7号的

指引）、香港财务报告准则第9号、香港财务报

告准则第10号及香港会计准则第7号作出修订。

预计适用于本集团的修订详情如下：

‧ 香港财务报告准则第7号–金融工具：披

露：修订更新了香港财务报告准则第7号

第B38段以及实施香港财务报告准则第7号

的指引第IG1、IG14及IG20B段的某些措

辞，目的是简化或与准则中的其他段落及

╱或其他准则中使用的概念和术语保持一

致。此外，修订还澄清实施香港财务报告

准则第7号的指引并非必然阐释香港财务

报告准则第7号参考段落中的所有要求，

亦不会创建额外要求。允许提前应用。预

计这些修订不会对本集团的财务报表产生

任何重大影响。

‧ 香港财务报告准则第9号–金融工具：修订

厘清，当承租人根据香港财务报告准则第

9号确定租赁负债已终止时，承租人须应

用香港财务报告准则第9号第3.3.3段，并

将由此产生的收益或损失确认于利润或亏

损中。此外，修订更新了香港财务报告准

则第9号第5.1.3段及香港财务报告准则第

9号附录A的某些措辞，以消除可能的混

淆。允许提前应用。预计这些修订不会对

本集团的财务报表产生任何重大影响。

‧ 香港财务报告准则第10号–合并财务报表：

修订厘清，香港财务报告准则第10号第

B74段所描述的关系只是投资者与其他作

为投资者实际代理人的各方之间可能存在

之各种关系的一个例子，这消除了与香港

财务报告准则第10号第B73段要求的不一

致。允许提前应用。预计这些修订不会对

本集团的财务报表产生任何重大影响。

‧ 香港会计准则第7号–现金流量表：修订将

香港会计准则第7号第37段中的「成本法」

一词替换为「按成本计价」，此前已删除了

「成本法」的定义。允许提前应用。预计这

些修订不会对本集团的财务报表产生任何

影响。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

Investments in asociates and joint ventures

An asociate is an entity in which the Group has a long term

interest of generaly not les than 20% of the equity voting rights

and over which it has significant influence. Significant influence

is the power to participate in the financial and operating policy

decisions of the investe, but is not control or joint control over

those policies.

A joint venture is a type of joint arangement whereby the parties

that have joint control of the arangement have rights to the

net asets of the joint venture. Joint control is the contractualy

agred sharing of control of an arangement, which exists

only when decisions about the relevant activities require the

unanimous consent of the parties sharing control.

The Group’s investments in asociates and joint ventures are

stated in the consolidated statement of financial position at

the Group’s share of net asets under the equity method of

acounting, les any impairment loses. The Group’s share of

the post-acquisition results and other comprehensive income

of asociates and joint ventures is included in the consolidated

statement of profit or los and consolidated other comprehensive

income, respectively. In adition, when there has ben a change

recognised directly in the equity of the asociate or joint

venture, the Group recognises its share of any changes, when

aplicable, in the consolidated statement of changes in equity.

Unrealised gains and loses resulting from transactions betwen

the Group and its asociates and joint ventures are eliminated to

the extent of the Group’s investments in the asociates or joint

ventures, except where unrealised loses provide evidence of an

impairment of the asets transfered. Godwil arising from the

acquisition of asociates and joint ventures is included as part of

the Group’s investments in asociates and joint ventures.

If an investment in an asociate becomes an investment in a joint

venture or vice versa, the retained interest is not remeasured.

Instead, the investment continues to be acounted for under

the equity method. In al other cases, upon los of significant

influence over the asociate or joint control over the joint

venture, the Group measures and recognises any retained

investment at its fair value. Any diference betwen the carying

amount of the asociate or joint venture upon los of significant

influence or joint control and the fair value of the retained

investment and proceds from disposal is recognised in profit or

los.

2.4 重大会计政策摘要

于联营公司及合营企业之投资

联营公司乃本集团长期持有其权益投票权一般

不少于20%及足以对有重大影响力之实体。重

大影响力指参与投资对象财政及经营决策的权

力，但非控制或联合控制该等政策。

合营企业为一种联合安排，拥有共同控制权的

各方可分享合营企业的净资产。共同控制权指

按合约协定共享安排控制权，仅在相关活动决

策须经共享控制权的各方一致同意的情况下方

存在。

本集团于联营公司及合营企业之投资乃根据权

益会计法按本集团所占资产净值减任何减值亏

损计入综合财务状况表。本集团所占联营公司

及合营企业收购后之业绩及其他全面收益分别

计入综合损益表及综合其他全面收益。此外，

倘直接于联营公司或合营企业之权益确认有关

变动，则本集团会视乎情况于综合权益变动表

确认其应占任何变动。本集团与其联营公司及

合营企业交易之未变现收益及亏损将以本集团

于联营公司或合营企业之投资为限对销，惟倘

未变现亏损为所转让资产减值之凭证。收购联

营公司及合营企业产生之商誉乃作为本集团于

联营公司及合营企业之投资一部分列账。

倘于联营公司之投资变为于合营企业之投资，

或于合营企业之投资变为于联营公司之投资，

保留权益不会重新计量。反之，投资将继续按

权益法列账。在所有其他情况下，于失去对联

营公司之重大影响力或对合营企业之共同控制

权后，本集团按公平值计量及确认任何保留投

资。于失去重大影响力或共同控制权后联营公

司或合营企业之账面值与保留投资公平值及出

售所得款项之间的任何差异乃于损益账确认。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Busines combinations and godwil

Busines combinations are acounted for using the acquisition

method. The consideration transfered is measured at the

acquisition date fair value which is the sum of the acquisition

date fair values of asets transfered by the Group, liabilities

asumed by the Group to the former owners of the acquire and

the equity interests isued by the Group in exchange for control

of the acquire. For each busines combination, the Group elects

whether to measure the non-controling interests in the acquire

at fair value or at the proportionate share of the acquire’s

identifiable net asets. Al other components of non-controling

interests are measured at fair value. Acquisition-related costs are

expensed as incured.

The Group determines that it has acquired a busines when the

acquired set of activities and asets includes an input and a

substantive proces that together significantly contribute to the

ability to create outputs.

When the Group acquires a busines, it aseses the financial

asets and liabilities asumed for apropriate clasification and

designation in acordance with the contractual terms, economic

circumstances and pertinent conditions as at the acquisition date.

This includes the separation of embeded derivatives in host

contracts of the acquire.

If the busines combination is achieved in stages, the previously

held equity interest is remeasured at its acquisition fair value and

any resulting gain or los is recognised in profit or los or other

comprehensive income, as apropriate.

Any contingent consideration to be transfered by the acquirer

is recognised at fair value at the acquisition date. Contingent

consideration clasified as an aset or liability is measured at

fair value with changes in fair value recognised in profit or

los. Contingent consideration that is clasified as equity is not

remeasured and subsequent setlement is acounted for within

equity.

Godwil is initialy measured at cost, being the exces of

the agregate of the consideration transfered, the amount

recognised for non-controling interests and any fair value of the

Group’s previously held equity interests in the acquire over the

identifiable net asets acquired and liabilities asumed. If the sum

of this consideration and other items is lower than the fair value

of the net asets acquired, the diference is, after reasesment,

recognised in profit or los as a gain on bargain purchase.

2.4 重大会计政策摘要（续）

业务合并及商誉

业务合并乃以收购法入账。转让之代价乃以收

购日期的公平值计算，该公平值为本集团转让

的资产于收购日期的公平值、本集团对收购方

之前度拥有人承担的负债，及本集团发行以换

取被收购方控制权的股本权益的总和。于各业

务合并中，本集团可选择以公平值或按比例应

占被收购方可识别资产净值计量非控股权益。

一切其他非控股权益部份乃按公平值计量。收

购相关成本于产生时支销。

当所收购的一组活动及资产包括一项投入及一

项实质过程，而两者对创造产出的能力具重大

贡献，则本集团认为其已收购一项业务。

当本集团收购一项业务时，会根据合约条款、

于收购日期的经济环境及相关条件，评估将承

接的金融资产及负债，以作出适合的分类及标

示，其中包括将被收购方主合约中的嵌入式衍

生工具进行分离。

倘企业合并分阶段进行，先前持有的股权按收

购公平值重新计量，任何收益或亏损于损益表

或其他全面收益（如适用）确认。

任何将由收购方转让之或然代价乃于收购日期

按公平值确认。分类为资产或负债之或然代价

按公平值计量，公平值变动则在损益确认。分

类为权益之或然代价不会重新计量，其后结算

于权益内入账。

商誉起初按成本计量，即已转让总代价、已确

认非控股权益及本集团先前持有的被收购方股

权的公平值总额，超逾与所收购可识别资产净

值及所承担负债的差额。如总代价及其他项目

低于所收购资产净值的公平值，于评估后其差

额将于损益内确认为议价收购收益。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Busines combinations and godwil (continued)

After initial recognition, godwil is measured at cost les

any acumulated impairment loses. Godwil is tested for

impairment anualy or more frequently if events or changes in

circumstances indicate that the carying value may be impaired.

The Group performs its anual impairment test of godwil as

at 31 March. For the purpose of impairment testing, godwil

acquired in a busines combination is, from the acquisition date,

alocated to each of the Group’s cash-generating units, or groups

of cash-generating units, that are expected to benefit from the

synergies of the combination, irespective of whether other asets

or liabilities of the Group are asigned to those units or groups of

units.

Impairment is determined by asesing the recoverable amount

of the cash-generating unit (group of cash-generating units) to

which the godwil relates. Where the recoverable amount of

the cash-generating unit (group of cash-generating units) is les

than the carying amount, an impairment los is recognised. An

impairment los recognised for godwil is not reversed in a

subsequent period.

Where godwil has ben alocated to a cash-generating unit

(or group of cash-generating units) and part of the operation

within that unit is disposed of, the godwil asociated with the

operation disposed of is included in the carying amount of the

operation when determining the gain or los on the disposal.

Godwil disposed of in these circumstances is measured based

on the relative value of the operation disposed of and the portion

of the cash-generating unit retained.

Fair value measurement

The Group measures its investment properties, financial asets

at fair value through profit or los and financial asets at fair

value through other comprehensive income at fair value at the

end of each reporting period. Fair value is the price that would be

received to sel an aset or paid to transfer a liability in an orderly

transaction betwen market participants at the measurement date.

The fair value measurement is based on the presumption that the

transaction to sel the aset or transfer the liability takes place

either in the principal market for the aset or liability, or in the

absence of a principal market, in the most advantageous market

for the aset or liability. The principal or the most advantageous

market must be acesible by the Group. The fair value of

an aset or a liability is measured using the asumptions that

market participants would use when pricing the aset or liability,

asuming that market participants act in their economic best

interest.

2.4 重大会计政策摘要（续）

业务合并及商誉（续）

于初始确认后，商誉按成本减任何累计减值亏

损计量。商誉须每年作减值测试，若有事件发

生或情况改变显示账面值有可能减值时，则会

更频密地进行检讨。本集团于三月三十一日进

行商誉之年度减值测试。为进行减值测试，因

业务合并而购入的商誉自购入之日被分配至预

期可从合并产生的协同效益中获益的本集团各

个现金产生单位或现金产生单位组别，而无论

本集团其他资产或负债是否已分配予该等单位

或单位组别。

减值乃通过评估与商誉有关的现金产生单位

（或现金产生单位组别）的可收回金额厘定。当

现金产生单位（或现金产生单位组别）的可收回

金额低于账面金额时，减值亏损便予以确认。

已就商誉确认的减值亏损不得于未来期间拨回。

倘商誉分配至现金产生单位（或现金产生单位

组别）而该单位的部份业务已出售，则在厘定

出售的收益或亏损时，与所出售业务相关的商

誉会计入该业务的账面值。在该情况下出售的

商誉，乃根据所出售业务的相对价值及现金产

生单位的保留份额进行计量。

公平值计量

本集团于各报告期末按公平值计量其投资物

业、按公平值透过损益入账的金融资产及按公

平值透过其他全面收益入账的金融资产。公平

值为市场参与者于计量日期在有序交易中出售

资产所收取之价格或转让负债所支付之价格。

公平值计量乃根据假设出售资产或转让负债之

交易于资产或负债主要市场或（在无主要市场

情况下）最具优势市场进行而作出。主要及最

具优势市场须为本集团可进入之市场。资产或

负债公平值乃按假设市场参与者于资产或负债

定价时会以最佳经济利益行事计量。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Fair value measurement (continued)

A fair value measurement of a non-financial aset takes into

acount a market participant’s ability to generate economic

benefits by using the aset in its highest and best use or by seling

it to another market participant that would use the aset in its

highest and best use.

The Group uses valuation techniques that are apropriate in

the circumstances and for which suficient data are available to

measure fair value, maximising the use of relevant observable

inputs and minimising the use of unobservable inputs.

Al asets and liabilities for which fair value is measured or

disclosed in the financial statements are categorised within the

fair value hierarchy, described as folows, based on the lowest

level input that is significant to the fair value measurement as a

whole:

Level 1–based on quoted prices (unadjusted) in active

markets for identical asets or liabilities

Level 2–based on valuation techniques for which the lowest

level input that is significant to the fair value

measurement is observable, either directly or

indirectly

Level 3–based on valuation techniques for which the lowest

level input that is significant to the fair value

measurement is unobservable

For asets and liabilities that are recognised in the financial

statements on a recuring basis, the Group determines whether

transfers have ocured betwen levels in the hierarchy by

reasesing categorisation (based on the lowest level input that is

significant to the fair value measurement as a whole) at the end of

each reporting period.

2.4 重大会计政策摘要（续）

公平值计量（续）

非金融资产公平值计量须计及市场参与者能自

最大限度使用该资产达致最佳用途，或将该资

产出售予将最大限度使用该资产达致最佳用途

之其他市场参与者，所产生之经济效益。

本集团采纳适用于不同情况且具备充分数据以

供计量公平值之估值方法，以尽量使用相关可

观察输入值及尽量减少使用不可观察输入值。

所有于本财务报告中计量或披露公平值之资产

及负债，乃按对整体公平值计量具重大影响之

最低层输入值分类至下述之公平值等级：

第一层－基于相同资产或负债于活跃市场

之报价（未经调整）

第二层－按估值技术计量，而该技术采用

对公平值计量具重大影响之最低

层输入值可直接或间接观察得出

第三层－按估值技术计量，而该技术采用

对公平值计量具重大影响之最低

层输入值不可以观察得出

就按经常性基准于财务报告确认之资产及负债

而言，本集团透过于各报告期末重新评估分类

（基于对公平值计量整体而言属重大之最低层

输入值）确定是否发生不同等级转移。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Impairment of non-financial asets

Where an indication of impairment exists, or when anual

impairment testing for an aset is required (other than inventories,

defered tax asets, investment properties and non-curent asets

clasified as held for sale), the aset’s recoverable amount is

estimated. An aset’s recoverable amount is the higher of the

aset’s or cash-generating unit’s value in use and its fair value

les costs of disposal, and is determined for an individual aset,

unles the aset does not generate cash inflows that are largely

independent of those from other asets or groups of asets, in

which case the recoverable amount is determined for the cash-

generating unit to which the aset belongs.

In testing a cash-generating unit for impairment, a portion of

the carying amount of a corporate aset (e.g., a headquarters

building) is alocated to an individual cash-generating unit

if it can be alocated on a reasonable and consistent basis or,

otherwise, to the smalest group of cash-generating units.

An impairment los is recognised only if the carying amount

of an aset exceds its recoverable amount. 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. An impairment los is charged to the

statement of profit or los in the period in which it arises in those

expense categories consistent with the function of the impaired

aset.

An asesment is made at the end of each reporting period as

to whether there is an indication that previously recognised

impairment loses may no longer exist or may have decreased.

If such an indication exists, the recoverable amount is estimated.

A previously recognised impairment los of an aset other than

godwil is reversed only if there has ben a change in the

estimates used to determine the recoverable amount of that aset,

but not to an amount higher than the carying amount that would

have ben determined (net of any depreciation/amortisation) had

no impairment los ben recognised for the aset in prior years. A

reversal of such an impairment los is credited to the statement of

profit or los in the period in which it arises.

2.4 重大会计政策摘要（续）

非金融资产减值

倘有显示出现减值，或当需要对资产（存货、

递延税项资产、投资物业及分类为持作出售的

非流动资产除外）作每年减值测试，则须估计

资产之可收回价值。资产之可收回价值按资产

或现金产生单位之使用价值，以及其公平值减

出售成本之较高者计算，并就各个别资产而厘

订，除非资产并未能在大致独立于其他资产或

组别资产之情况下赚取现金流入，在此情况

下，须厘订资产所属的现金产生单位之可收回

金额。

于对现金产生单位进行减值测试时，倘可按合

理一致基础分配，公司资产（即总部大楼）之部

分账面值可分配至个别现金产生单位，否则其

将分配至最小现金产生单位组别。

减值亏损只于资产之账面值超过其可收回数额

时确认。于评估使用价值时使用反映当时市场

对货币时间值以及与资产相关的特定风险的除

税前贴现率贴现出估计未来现金流量之现值。

减值亏损于其产生之期间在损益表中支销，并

计入与减值资产功能一致之相关费用类别内。

于各报告期末，将评估是否有显示之前确认之

减值亏损已不会出现或可能已减少。倘出现有

关显示，则须估计可收回之金额。之前确认之

资产（商誉除外）减值亏损只能于用以厘订资产

之可收回数额之估计出现变动始能拨回，惟该

数额不得超过假设有关资产于过往年度并未有

确认减值亏损而予以厘订之账面值（扣除任何

折旧╱摊销）。该拨回之减值亏损乃于其产生

之期间计入损益表。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Related parties

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that person’s

family and 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 of a parent of the Group;

or

(b) the party is an entity where any of the folowing conditions

aplies:

(i) the entity and the Group are members of the same

group;

(i) one entity is an asociate or joint venture of the other

entity (or of a parent, subsidiary or felow subsidiary of

the other entity);

(i) the entity and the Group are joint ventures of the same

third party;

(iv) one entity is a joint venture of a third entity and the

other entity is an asociate of the third entity;

(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);

and

(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 parent of the Group.

2.4 重大会计政策摘要（续）

关连人士

在下列情况下，一方将被视为与本集团有关：

(a) 该方为任何人士或其家族的亲密成员，而

该人士

(i) 控制或共同控制本集团；

(i) 对本集团施以重大影响；或

(i) 为本集团或本集团之母公司的主要管

理层成员；

或

(b) 该方为符合下列任何条件的实体：

(i) 该实体与本集团属同一集团的成员公

司；

(i) 一个实体为另一实体（或另一实体的

母公司、附属公司或同系附属公司）

的联营公司或合营企业；

(i) 该实体与本集团为同一第三方的合营

企业；

(iv) 一个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；

(v) 该实体为本集团或与本集团有关连的

实体就雇员福利设立的离职福利计

划；

(vi) 该实体受(a)所定义人士控制或受其共

同控制；

(vi) 于(a)(i)所定义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）

管理层其中一名主要成员；及

(vi) 该实体或其任何集团成员公司提供主

要管理人员服务予本集团或本集团之

母公司。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Property, plant and equipment and depreciation

Property, plant and equipment, other than construction in

progres, are stated at cost les acumulated depreciation and

any impairment loses. When an item of property, plant and

equipment is clasified as held for sale or when it is part of a

disposal group clasified as held for sale, it is not depreciated

and is acounted for in acordance with HKFRS 5. The cost of

an item of property, plant and equipment comprises its purchase

price and any directly atributable costs of bringing the aset to

its working condition and location for its intended use.

Expenditure incured after items of property, plant and equipment

have ben put into operation, such as repairs and maintenance, is

normaly charged to the statement of profit or los in the period

in which it is incured. In situations where the recognition criteria

are satisfied, the expenditure for a major inspection is capitalised

in the carying amount of the aset as a replacement. Where

significant parts of property, plant and equipment are required

to be replaced at intervals, the Group recognises such parts as

individual asets with specific useful lives and depreciates them

acordingly.

Land and buildings, which are clasified as right-of-use asets

and owned asets, are measured at cost les any subsequent

acumulated depreciation and impairment loses.

Depreciation is calculated on the straight-line basis to write

of the cost or valuation of each item of property, plant and

equipment to its residual value over its estimated useful life. The

principal anual rates used for this purpose are as folows:

Owned asets

Frehold land Not depreciated

Buildings 2% – 33

/3%

Leasehold improvements 4½% – 33

/3%

Furniture, fixtures and equipment 5% – 50%

Plant and machinery 10% – 50%

Motor vehicles 15% – 30%

2.4 重大会计政策摘要（续）

物业、厂房及设备及折旧

物业、厂房及设备（在建工程除外）乃按成本扣

除累计折旧及任何减值亏损列账。倘物业、厂

房及设备项目被分类为持作出售或倘其构成分

类为持作出售出售组别的一部份时，该项目将

不作折旧并根据香港财务报告准则第5号入帐。

物业、厂房及设备项目之成本值包括其购入价

及令资产达致符合预计用途之操作状况及运到

使用地点之任何直接应计费用。

在物业、厂房及设备项目投产后产生之开支，

例如维修及保养，通常在产生之期间从损益

表扣除。如达致确认标准，大型检修开支将当

作更换进行资本化，列入资产之账面值。在物

业、厂房及设备之重要部份需要定期更换时，

本集团会将这些部份作为具有特定可使用期限

及随之折旧之个别资产进行确认。

分类为使用权资产及自置资产之土地及楼宇乃

按成本减其后任何累计折旧及减值亏损计量。

折旧乃以直线法计算，并按各物业、厂房及设

备项目之估计可使用期限撇销其成本值或估值

至其余值。所采用之主要折旧年率如下：

自置资产

永久业权土地 不计提折旧

楼宇 2%至33

/3%

租赁楼宇装修 4½%至33

/3%

家私、装置及设备 5%至50%

厂房及机器 10%至50%

汽车 15%至30%

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Property, plant and equipment and depreciation (continued)

Right-of-use asets are recognised at the comencement date

of the lease (that is the date the underlying aset is available

for use). Right-of-use asets are measured at cost, les any

acumulated depreciation and any impairment loses, and

adjusted for any remeasurement of lease liabilities. The cost

of right-of-use asets includes the amount of lease liabilities

recognised, initial direct costs incured, and lease payments made

at or before the comencement date les any lease incentives

received. Right-of-use asets are depreciated on a straight-line

basis over the shorter of the lease terms and the estimated useful

lives of the asets as folows:

Right-of-use asets

Leasehold land Over the lease terms

Buildings Over the shorter of the

lease terms and 20 years

Furniture, fixtures and equipment Over the lease terms

Plant and machinery Over the lease terms

Motor vehicles Over the lease terms

If ownership of the leased aset transfers to the Group by the end

of the lease term or the cost reflects the exercise of a purchase

option, depreciation is calculated using the estimated useful life

of the aset.

Where parts of an item of property, plant and equipment have

diferent useful lives, the cost of that item is alocated on a

reasonable basis among the parts and each part is depreciated

separately. Residual values, useful lives and the depreciation

method are reviewed, and adjusted if apropriate, at least at each

financial year end.

An item of property, plant and equipment including any

significant part initialy recognised is derecognised upon disposal

or when no future economic benefits are expected from its use or

disposal. Any gain or los on disposal or retirement recognised in

the statement of profit or los in the year the aset is derecognised

is the diference betwen the net sales proceds and the carying

amount of the relevant aset.

2.4 重大会计政策摘要（续）

物业、厂房及设备及折旧（续）

使用权资产于租赁开始日期（其为相关资产可

供使用之日期）确认。使用权资产乃按成本减

任何累计折旧及任何减值亏损计量，并就租赁

负债之任何重新计量作出调整。使用权资产之

成本包括已确认租赁负债金额、已产生初始直

接成本及于开始日期或之前作出之租赁付款减

任何已收取之租赁优惠。使用权资产于租赁期

及资产估计可使用年期（以较短者为准）内按直

线法折旧，详情如下︰

使用权资产

租赁土地 按租期

楼宇 按租期或20年之较短者

家私、装置及设备 按租期

厂房及机器 按租期

汽车 按租期

倘于租赁期结束时租赁资产之拥有权转让至本

集团或成本反映购买权之行使，折旧则按资产

之估计可使用年期计算。

倘物业、厂房及设备项目之各部分有不同之可

使用年期，此项目各部分成本将按合理之基础

分配，而每部分将作个别折旧。余值、可使用

年期及折旧法乃最少于各财政年度结算日予以

检讨，并在有需要时作出调整。

物业、厂房及设备项目及已初步确认之任何重

要部份于出售或当预期不会从其使用或出售获

取未来经济利益时终止确认。物业、厂房及设

备出售或报废所产生之收益或损失按售出净额

减去该等资产账面净值后之差额确认于本年度

损益表中。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Investment properties

Investment properties are interests in land and building (including

right-of-use asets) held to earn rental income and/or for capital

apreciation. Such properties are measured initialy at cost,

including transaction costs. Subsequent to initial recognition,

investment properties are stated at fair value, which reflects

market conditions at the end of the reporting period.

Gains or loses arising from changes in the fair value of

investment properties are included in the consolidated statement

of profit or los in the year in which they arise.

Any gains or loses on the retirement or disposal of an investment

property are recognised in the consolidated statement of profit or

los in the year of the retirement or disposal.

Intangible asets (other than godwil)

Intangible asets acquired separately are measured on initial

recognition at cost. The cost of intangible asets acquired in a

busines combination is the fair value at the date of acquisition.

The useful lives of intangible asets are asesed to be either

finite or indefinite. Intangible asets with finite lives are

subsequently amortised over the useful economic life and

asesed for impairment whenever there is an indication that the

intangible aset may be impaired. The amortisation period and the

amortisation method for an intangible aset with a finite useful

life are reviewed at least at each financial year end.

Customer relationships

Customer relationships are stated at cost les any impairment

loses and are amortised on the straight-line basis over their

estimated useful lives as folows:

Customer relationships 6 – 15 years

Leases

The Group aseses at contract inception whether a contract is, or

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

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

period of time in exchange for consideration.

2.4 重大会计政策摘要（续）

投资物业

投资物业为于持作赚取租金收入及╱或资本增

值（包括使用权资产）的土地及楼宇之权益。该

等物业初始以成本（包括交易成本）列账。于初

次确认后，投资物业以反映于报告期末之市况

之公平值列账。

投资物业之公平值变动之盈亏，计入所产生年

度之综合损益表。

报废或出售投资物业之任何盈亏，于报废或出

售年度在综合损益表中确认。

无形资产（商誉除外）

独立购买之无形资产于初始确认时按成本计

量。于业务合并时收购之无形资产之成本以收

购日期之公平值计量。无形资产之可使用年期

可评估为有限或无限。可使用年期有限之无形

资产其后于可使用经济年期内摊销，并于该无

形资产出现减值证据时进行减值评估。可使用

年期有限之无形资产之摊销期及摊销方法须至

少于每个财政年度末检讨一次。

客户关系

客户关系按成本减任何减值亏损列账，并以直

线法按以下其估计之使用年期摊销：

客户关系 6年至15年

租赁

本集团于合约开始时评估合约是否为或包含租

赁。倘合约为换取代价而给予在一段时间内控

制可识别资产使用之权利，则该合约为或包含

租赁。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Leases (continued)

Group as a lese

The Group aplies a single recognition and measurement

aproach for al leases, except for short-term leases and leases of

low-value asets. The Group recognises lease liabilities to make

lease payments and right-of-use asets representing the right to

use the underlying asets.

(a) Lease liabilities

Lease liabilities are recognised at the comencement date

of the lease at the present value of lease payments to be

made over the lease term. The lease payments include fixed

payments (including in-substance fixed payments) les

any lease incentives receivable, variable lease payments

that depend on an index or a rate, and amounts expected

to be paid under residual value guarantes. The lease

payments also include the exercise price of a purchase

option reasonably certain to be exercised by the Group and

payments of penalties for termination of a lease, if the lease

term reflects the Group exercising the option to terminate

the lease. The variable lease payments that do not depend on

an index or a rate are recognised as an expense in the period

in which the event or condition that trigers the payment

ocurs.

In calculating the present value of lease payments, the

Group uses its incremental borowing rate at the lease

comencement date because the interest rate implicit in the

lease is not readily determinable. After the comencement

date, the amount of lease liabilities is increased to reflect

the acretion of interest and reduced for the lease payments

made. In adition, the carying amount of lease liabilities

is remeasured if there is a modification, a change in the

lease term, a change in lease payments (e.g., a change to

future lease payments resulting from a change in an index or

rate) or a change in asesment of an option to purchase the

underlying aset.

The Group’s lease liabilities are presented separately in the

consolidated statement of financial position.

2.4 重大会计政策摘要（续）

租赁（续）

本集团作为承租人

本集团对所有租赁（惟短期租赁及低价值资产

租赁除外）采取单一确认及计量方法。本集团

确认租赁负债以作出租赁付款，而使用权资产

指使用相关资产之权利。

(a) 租赁负债

租赁负债于租赁开始日期按租赁期内作出

的租赁付款之现值确认。租赁付款包括固

定付款（包括实质固定付款）减任何应收租

赁优惠、取决于某一指数或比率之浮动租

赁付款以及预期根据剩余价值担保支付之

金额。租赁付款亦包括本集团合理确定将

予行使之购买选择权之行使价，以及在租

赁条款反映了本集团行使选择权终止租赁

之情况下因终止租赁而支付之罚款。并非

取决于某一指数或比率之浮动租赁付款于

触发付款之事件或条件发生期间确认为开

支。

于计算租赁付款之现值时，由于租赁中隐

含之利率不易确定，本集团使用其于租赁

开始日期之递增借款利率。于开始日期

后，租赁负债之金额会增加以反映利息之

增长，并就所作出之租赁付款作出扣减。

此外，倘存在修改、租赁期更改、租赁付

款更改（即某一指数或比率发生变化而导

致未来租赁付款更改）或购买相关资产之

选择权评估变更，则重新计量租赁负债之

账面值。

本集团之租赁负债于综合财务状况表独立

呈列。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Leases (continued)

Group as a lese (continued)

(b) Short-term leases and leases of low-value asets

The Group aplies the short-term lease recognition

exemption to its short-term leases (that is those leases

that have a lease term of 12 months or les from the

comencement date and do not contain a purchase option).

When the Group enters into a lease in respect of a low-value

aset, the Group decides whether to capitalise the lease on a

lease-by-lease basis.

Lease payments on short-term leases and leases of low-value

asets are recognised as an expense on a straight-line basis

over the lease term.

Group as a lesor

When the Group acts as a lesor, it clasifies at lease inception

(or when there is a lease modification) each of its leases as either

an operating lease or a finance lease.

Leases in which the Group does not transfer substantialy al

the risks and rewards incidental to ownership of an aset are

clasified as operating leases. 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. Rental income is acounted for on a straight-

line basis over the lease term and is included in revenue in the

statement of profit or los due to its operating nature. Initial

direct costs incured in negotiating and aranging an operating

lease are aded to the carying amount of the leased aset and

recognised over the lease term on the same basis as rental

income. Contingent rents are recognised as revenue in the period

in which they are earned.

Leases that transfer substantialy al the risks and rewards

incidental to ownership of an underlying asets to the lese are

acounted for as finance leases.

2.4 重大会计政策摘要（续）

租赁（续）

本集团作为承租人（续）

(b) 短期租赁及低价值资产租赁

本集团就其短期租赁（即自开始日期起计

租期12个月或以下，并且不包含购买选择

权之租赁）应用短期租赁确认豁免。

当本集团就低价值资产订立租赁时，本集

团按个别租赁基准决定是否将租赁资本

化。

短期租赁及低价值资产租赁之租赁付款于

租赁期内按直线法确认为开支。

本集团作为出租人

当本集团担任出租人，其于租赁开始时（或当

出现租赁修改时）将其租赁各自分类为经营租

赁或融资租赁。

本集团并未转让资产拥有权所附带之绝大部分

风险及回报之租赁会分类为经营租赁。倘合约

包含租赁及非租赁部分，本集团根据相对独立

售价基准将合约代价分配至各部分。由于其营

运性质使然，租金收入于租赁期内按直线法入

账并计入于损益表中之收益内。于磋商及安排

经营租赁时产生之初始直接成本会加至租赁资

产之账面值，并于租赁期内按相同基准确认为

租金收入。或然租金乃于其赚取期间内确认为

收益。

相关资产拥有权所附带之绝大部分风险及回报

会转移至承租人之租赁乃入账为融资租赁。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Investments and other financial asets

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as

subsequently measured at amortised cost, fair value through other

comprehensive income, and fair value through profit or los.

The clasification of financial asets at initial recognition

depends on the financial aset’s contractual cash flow

characteristics and the Group’s busines model for managing

them. With the exception of trade receivables that do not contain

a significant financing component or for which the Group has

aplied the practical expedient of not adjusting the efect of a

significant financing component, the Company initialy measures

a financial aset at its fair value plus in the case of a financial

aset not at fair value through profit or los, transaction costs.

Trade receivables that do not contain a significant financing

component or for which the Group has aplied the practical

expedient are measured at the transaction price determined under

HKFRS 15 in acordance with the policies set out for “Revenue

recognition” below.

In order for a financial aset to be clasified and measured at

amortised cost or fair value through other comprehensive income,

it neds to give rise to cash flows that are solely payments

of principal and interest (“SPI”) on the principal amount

outstanding. Financial asets with cash flows that are not SPI

are clasified and measured at fair value through profit or los,

irespective of the busines model.

The Group’s busines model for managing financial asets

refers to how it manages its financial asets in order to generate

cash flows. The busines model determines whether cash flows

wil result from colecting contractual cash flows, seling the

financial asets, or both. Financial asets clasified and measured

at amortised cost are held within a busines model with the

objective to hold financial asets in order to colect contractual

cash flows, while financial asets clasified and measured at

fair value through other comprehensive income are held within

a busines model with the objective of both holding to colect

contractual cash flows and seling. Financial asets which are not

held within the aforementioned busines models are clasified

and measured at fair value through profit or los.

2.4 重大会计政策摘要（续）

投资及其他金融资产

初始确认及计量

金融资产于初始确认时分类为其后按摊销成

本、按公平值透过其他全面收益入账及按公平

值透过损益入账计量。

金融资产于初始确认时的分类视乎金融资产合

约现金流量的特征及本集团管理该等资产的业

务模式。除并无重大融资成分或本集团并未就

此应用不调整重大融资成分影响实际权宜方法

的应收贸易账款外，本公司初步按其公平值加

（倘并非按公平值透过损益入账的金融资产）交

易成本计量金融资产。根据下文「收入确认」所

载政策，并无重大融资成分或本集团并未就此

应用实际权宜方法的应收贸易账款按香港财务

报告准则第15号厘定的交易价格计量。

为使金融资产按摊销成本或按公平值透过其他

全面收益入账分类及计量，需就未偿还本金产

生仅为支付本金及利息（「SPI」）的现金流量。

现金流量并非SPI之金融资产按公平值透过损

益分类及计量，而不论业务模式。

本集团管理金融资产的业务模式指为产生现金

流量而管理金融资产的方式。业务模式厘定现

金流量会否来自收取合约现金流量、出售金融

资产或以上两者。按摊销成本分类及计量之金

融资产以目的为持有金融资产以收取合约现金

流量之业务模式持有，而按公平值透过其他全

面收益分类及计量之金融资产以目的为持作收

取合约现金流量及出售之业务模式持有。并非

按上述业务模式持有之金融资产乃按公平值透

过损益分类及计量。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Investments and other financial asets (continued)

Initial recognition and measurement (continued)

Purchases or sales of financial asets that require delivery of

asets within the period generaly established by regulation or

convention in the marketplace are recognised on the trade date,

that is, the date that the Group comits to purchase or sel the

aset.

Subsequent measurement

The subsequent measurement of financial asets depends on their

clasification as folows:

Financial asets at amortised cost (debt instruments)

Financial asets at amortised cost are subsequently measured

using the efective interest method and are subject to impairment.

Gains and loses are recognised in the statement of profit or los

when the aset is derecognised, modified or impaired.

Financial asets at fair value through other comprehensive

income (equity investments)

Upon initial recognition, the Group can elect to clasify

irevocably its equity investments as equity investments

designated at fair value through other comprehensive income

when they met the definition of equity under HKAS 32

Financial Instruments: Presentation and are not held for trading.

The clasification is determined on an instrument-by-instrument

basis.

Gains and loses on these financial asets are never recycled

to the consolidated statement of profit or los. Dividends are

recognised as other income in the consolidated statement of profit

or los when the right of payment has ben established, except

when the Group benefits from such proceds as a recovery of

part of the cost of the financial aset, in which case, such gains

are recorded in other comprehensive income. Equity investments

designated at fair value through other comprehensive income are

not subject to impairment asesment.

2.4 重大会计政策摘要（续）

投资及其他金融资产（续）

初始确认及计量（续）

购买或出售金融资产指需在市场规例或惯例规

定的期限内交付资产，乃按交易日（即本集团

承诺购买或出售资产之日）基准确认。

后续计量

金融资产之后续计量乃视乎彼等之下列分类：

按摊销成本计量的金融资产（债务工具）

按摊销成本计量的金融资产随后使用实际利率

法计量，并可予减值。收益及亏损于资产终止

确认、修改或减值时于损益表中确认。

按公平值透过其他全面收益入账之金融资产

（权益投资）

于初步确认时，本集团可选择于权益投资符合

香港会计准则第32号金融工具：呈报项下的权

益定义且并非持作买卖时，将其权益投资不可

撤回地分类为指定为按公平值透过其他全面收

益入账之权益投资。分类乃按个别工具基准厘

定。

该等金融资产的收益及亏损概不会被划转至综

合损益表。在支付权确立时，股息于综合损益

表中确认为其他收入，惟当本集团于作为收回

金融资产一部分成本的所得款项中获益时则除

外，于此情况下，该等收益于其他全面收益入

账。指定为按公平值透过其他全面收益入账之

权益投资不受减值评估影响。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Investments and other financial asets (continued)

Financial asets at fair value through profit or los

Financial asets at fair value through profit or los are caried in

the consolidated statement of financial position at fair value with

net changes in fair value recognised in the consolidated statement

of profit or los.

This category includes equity investments which the Group had

not irevocably elected to clasify at fair value through other

comprehensive income. Dividends on the equity investments are

also recognised as other income in the consolidated statement of

profit or los when the right of payment has ben established.

Derecognition of financial asets

A financial aset is primarily derecognised when:

• ;

or

• the Group has transfered its rights to receive cash flows

from the aset or has asumed an obligation to pay the

received cash flows in ful without material delay to a third

party under a “pas-through” arangement; and either (a) the

Group has transfered substantialy al the risks and rewards

of the aset, or (b) the Group has neither transfered nor

retained substantialy al the risks and rewards of the aset,

but has transfered control of the aset.

When the Group has transfered its rights to receive cash flows

from an aset or has entered into a pas-through arangement,

it evaluates if, and to what extent, it has retained the risk and

rewards of ownership of the aset. When it has neither transfered

nor retained substantialy al the risks and rewards of the aset

nor transfered control of the aset, the Group continues to

recognise the transfered aset to the extent of the Group’s

continuing involvement. In that case, the Group also recognises

an asociated liability. The transfered aset and the asociated

liability are measured on a basis that reflects the rights and

obligations that the Group has retained.

Continuing involvement that takes the form of a guarante over

the transfered aset is measured at the lower of the original

carying amount of the aset and the maximum amount of

consideration that the Group could be required to repay.

2.4 重大会计政策摘要（续）

投资及其他金融资产（续）

按公平值透过损益入账之金融资产

按公平值透过损益入账之金融资产按公平值于

综合财务状况表列账，而公平值变动净额于综

合损益表中确认。

该类别包括本集团并无不可撤销地选择按公平

值透过其他全面收益进行分类的权益投资。当

付款权利确立时，权益投资股息亦于综合损益

表内确认为其他收入。

终止确认金融资产

金融资产在下列情况下将基本终止确认：

• ；或

• ，

或已承担根据「过账」安排而在没有重大时

差下悉数将已收取之现金流支付有关第三

者之责任；及(a)本集团已转让资产的绝大

部份风险及回报，或(b)本集团并无转让或

保留资产的绝大部份风险及回报，但已转

让资产之控制权。

倘本集团已转让其收取从该项资产所得的现金

流量之权利或已订立过账安排，其将评估其是

否保留该项资产之拥有权的风险及回报以及保

留之程度。当其并无转让或保留资产的绝大部

份风险及回报，亦无转让资产之控制权，本集

团继续按本集团持续参与之程度确认所转让之

资产。于该情况下，本集团亦确认相关负债。

已转让资产及相关负债乃按反映本集团保留之

权利及义务之基准计量。

以担保形式对已转让资产之持续参与乃按资产

原账面值与本集团可能须偿还最高代价两者之

较低者计量。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Impairment of financial asets

The Group recognises an alowance for expected credit loses

(“ECLs”) for al debt instruments not held at fair value through

profit or los. ECLs are based on the diference betwen the

contractual cash flows due in acordance with the contract and al

the cash flows that the Group expects to receive, discounted at an

aproximation of the original efective interest rate. The expected

cash flows wil include cash flows from the sale of colateral held

or other credit enhancements that are integral to the contractual

terms.

General aproach

ECLs are recognised in two stages. For credit exposures for

which there has not ben a significant increase in credit risk since

initial recognition, ECLs are provided for credit loses that result

from default events that are posible within the next 12 months (a

12-month ECL). For those credit exposures for which there has

ben a significant increase in credit risk since initial recognition,

a los alowance is required for credit loses expected over the

remaining life of the exposure, irespective of the timing of the

default (a lifetime ECL).

At each reporting date, the Group aseses whether the credit risk

on a financial instrument has increased significantly since initial

recognition. When making the asesment, the Group compares

the risk of a default ocuring on the financial instrument as

at the reporting date with the risk of a default ocuring on the

financial instrument as at the date of initial recognition and

considers reasonable and suportable information that is available

without undue cost or efort, including historical and forward-

loking information. The Group considers that there has ben a

significant increase in credit risk when contractual payments are

more than 90 days past due.

The Group considers a financial aset to be in default when

internal or external information indicates that the Group is

unlikely to receive the outstanding contractual amounts in ful

before taking into acount any credit enhancements held by

the Group. A financial aset is writen of when there is no

reasonable expectation of recovering the contractual cash flows.

2.4 重大会计政策摘要（续）

金融资产减值

本集团就所有并非按公平值透过损益入账持有

的债务工具确认预期信贷损失（「预期信贷损

失」）拨备。预期信贷损失乃以根据合约应付的

合约现金流量与本集团预期收取的所有现金流

量之间的差额为基准，按原有实际利率相近的

差额贴现。预期现金流量将包括来自销售所持

有抵押品或其他信用增级的现金流量，此乃合

约条款不可或缺的部分。

一般方法

预期信贷损失于两个阶段进行确认。对于自初

始确认后并无显著增加的信贷风险，预期信贷

损失就可能于未来12个月内（12个月预期信贷

损失）出现的违约事件计提拨备。对于自初始

确认以来有显著增加的信贷风险，须在信贷亏

损风险预期的剩余年期计提亏损拨备，不论违

约事件于何时发生（全期预期信贷损失）。

于各报告日期，本集团评估自初始确认以来金

融工具的信贷风险是否显著增加时。于作出评

估时，本集团将于报告日期金融工具发生的违

约风险与于初始确认日期金融工具发生的违约

风险进行比较，并考虑无需付出不必要的成本

或努力而可得的合理且具支持性的资料，包括

历史及前瞻性资料。本集团认为，当合约付款

逾期超过90日时，信贷风险会大幅增加。

当内部或外部资料显示本集团不可能在本集团

采取任何信贷提升安排前悉数收回未偿还合约

金额时，本集团可将该金融资产视为违约。倘

无法合理预期可收回合约现金流量，则撇销金

融资产。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Impairment of financial asets (continued)

General aproach (continued)

Financial asets at amortised cost are subject to impairment under

the general aproach and they are clasified within the folowing

stages for measurement of ECLs except for trade receivables

which aply the simplified aproach as detailed below.

Stage 1 – Financial instruments for which credit risk has not

increased significantly since initial recognition

and for which the los alowance is measured at an

amount equal to 12-month ECLs

Stage 2 – Financial instruments for which credit risk has

increased significantly since initial recognition but

that are not credit-impaired financial asets and for

which the los alowance is measured at an amount

equal to lifetime ECLs

Stage 3 – Financial asets that are credit-impaired at the

reporting date (but that are not purchased or

originated credit-impaired) and for which the los

alowance is measured at an amount equal to lifetime

ECLs

Simplified aproach

For trade receivables that do not contain a significant financing

component or when the Group aplies the practical expedient

of not adjusting the efect of a significant financing component,

the Group aplies the simplified aproach in calculating ECLs.

Under the simplified aproach, the Group does not track changes

in credit risk, but instead recognises a los alowance based on

lifetime ECLs at each reporting date. The Group has established

a provision matrix that is based on its historical credit los

experience, adjusted for forward-loking factors specific to the

debtors and the economic environment.

Financial liabilities

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition, as

financial liabilities at fair value through profit or los, loans and

borowings, or payables, as apropriate.

Al financial liabilities are recognised initialy at fair value and,

in the case of loans and borowings and payables, net of directly

atributable transaction costs.

2.4 重大会计政策摘要（续）

金融资产减值（续）

一般方法（续）

按摊销成本计量的金融资产均根据一般方法减

值，且除应用简化法的应收贸易账款（如下文

详述）外，有关资产于以下阶段分类以计量预

期信贷损失。

第一阶段 － 金融工具自初始确认以来信贷风

险并未显著增加，且其亏损拨备

相等于12个月预期信贷损失

第二阶段 － 金融工具自初始确认以来信贷风

险已显著增加，但并非信贷减值

金融资产且其亏损拨备相等于全

期预期信贷损失

第三阶段 － 于报告日期为信贷减值的金融

资产（惟并非购入或原为信贷减

值），其亏损拨备相等于全期预

期信贷损失

简化法

就不包含重大融资成分的应收贸易账款，或当

本集团应用实际权宜方法而不会就重大融资成

分的影响调整而言，本集团采用简化法进行预

期信贷损失计量。根据简化法，本集团不会追

踪信贷风险的变化，而是于各报告日期按全期

预期信贷损失确认亏损拨备。本集团已根据其

历史信贷亏损经验建立拨备矩阵，并根据债务

人及经济环境的前瞻性因素作出调整。

金融负债

初步确认与计量

金融负债于初始确认时分类为按公平值透过

损益入账之金融负债、贷款及借贷或应付款项

（如适用）。

所有金融负债初步按公平值确认及倘为贷款及

借贷以及应付款项，则应扣除直接应占交易成

本。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Financial liabilities (continued)

Initial recognition and measurement (continued)

The Group’s financial liabilities include trade payables, other

payables and acruals, interest-bearing bank borowings and lease

liabilities.

Subsequent measurement of financial liabilities at amortised

cost (trade and other payables, and (borowings)

After initial recognition, trade and other payables, and interest-

bearing borowings are subsequently measured at amortised

cost, using the efective interest rate method unles the efect of

discounting would be imaterial, in which case they are stated

at cost. Gains and loses are recognised in profit or los when

the liabilities are derecognised as wel as through the efective

interest rate amortisation proces.

Amortised cost is calculated by taking into acount any discount

or premium on acquisition and fes or costs that are an integral

part of the efective interest rate. The efective interest rate

amortisation is included in finance costs in consolidated

statement of profit or los.

Derecognition of financial liabilities

A financial liability is derecognised when the obligation under

the liability is discharged or canceled, or expires.

When an existing financial liability is replaced by another from

the same lender on substantialy diferent terms, or the terms of

an existing liability are substantialy modified, such an exchange

or modification is treated as a derecognition of the original

liability and a recognition of a new liability, and the diference

betwen the respective carying amounts is recognised in the

consolidated statement of profit or los.

Ofseting of financial instruments

Financial asets and financial liabilities are ofset and the net

amount is reported in the statement of financial position if there

is a curently enforceable legal right to ofset the recognised

amounts and there is an intention to setle on a net basis, or to

realise the asets and setle the liabilities simultaneously.

2.4 重大会计政策摘要（续）

金融负债（续）

初步确认与计量（续）

本集团之金融负债包括应付贸易账款、其他应

付款及应计负债、须缴付利息之银行贷款及租

赁负债。

按摊销成本计算之金融负债（应付贸易账款、

其他应付款项及借贷）之后续计量

于初步确认后，应付贸易账款、其他应付款项

及计息借贷其后按实际利率法以摊销成本计

量，惟倘折算之影响并不重大则以成本列账。

盈亏乃当负债被确认取消，并在按实际利率进

行摊销程序时在损益确认。

摊销成本于计及收购事项任何折让或溢价及属

实际利率不可或缺一部份之费用或成本后计

算。实际利率摊销计入综合损益表之融资成本

内。

终止确认金融负债

倘负债下之责任获履行或注销或届满，金融负

债终止确认。

当现有金融负债被同一贷款人以明显不同之条

款提供之另一金融负债取代，或现有负债之条

款大幅修订，此等交换或修订，则被视为终止

确认原负债而确认新负债，而相关之账面金额

之差额则在综合损益表确认。

金融工具的抵销

倘在现行可予执行之法律权利以抵销已确认金

额及有意按净额基准偿付，或变现资产与清还

负债同时进行，则抵销金融资产及金融负债及

于财务状况表内呈报净金额。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost is determined on the weighted average basis and

includes al costs of purchase, costs of conversion, and other

costs incured in bringing the inventories to their present location

and condition. In the case of work in progres and self-produced

finished gods, cost comprises direct materials, direct labour and

an apropriate proportion of overheads. Net realisable value is

based on estimated seling prices les any estimated costs to be

incured to completion and disposal.

Cash and cash equivalents

Cash and cash equivalents in the statement of financial position

comprise cash on hand and at banks, and short-term highly liquid

deposits with a maturity of generaly within thre months that

are readily convertible into known amounts of cash, subject to an

insignificant risk of changes in value and held for the purpose of

meting short-term cash comitments.

For the purpose of the consolidated statement of cash flows, cash

and cash equivalents comprise cash on hand and at banks, and

short-term deposits as defined above, les bank overdrafts which

are repayable on demand and form an integral part of the Group’s

cash management.

Income tax

Income tax comprises curent and defered tax. Income tax

relating to items recognised outside profit or los is recognised

outside profit or los, either in other comprehensive income or

directly in equity.

Curent tax asets and liabilities are measured at the amount

expected to be recovered from or paid to the taxation authorities,

based on tax rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period, taking

into consideration interpretations and practices prevailing in the

countries in which the Group operates.

Defered tax is provided, using the liability method, on al

temporary diferences at the end of the reporting period betwen

the tax bases of asets and liabilities and their carying amounts

for financial reporting purposes.

2.4 重大会计政策摘要（续）

存货

存货按成本值及可变现净值二者之较低者入

账。成本以加权平均法计算，包括购货之所有

成本、转换成本、将存货运至现时地点及达致

目前状态所产生之其他成本。于半成品及自制

产成品方面，成本包括直接材料、直接人工及

适量之经常费用分配。可变现净值乃将估计售

价减去预期于制成及出售时引致之额外成本计

算。

现金及现金等值项目

财务状况表中的现金及现金等值项目包括库存

现金和银行存款，以及一般在三个月内到期的

高流动性短期存款，这些存款可随时兑换成已

知金额的现金，价值变动风险很小，持有目的

是为了满足短期现金承诺。

就综合现金流量表而言，现金及现金等值项目

包括库存现金、银行存款和上述定义的短期存

款，减去应要求偿还并构成本集团现金管理组

成部分的银行透支。

所得税

所得税包括当期税项及递延税项。与于损益账

外确认之项目有关之所得税于损益账外之其他

全面收益或直接于权益确认。

当期税项资产及负债，乃根据已实施或于报告

期末已大致实施之税率（及税法），并考虑本集

团业务所在国家之现有诠释及惯例，按预期将

从税务局收回或将支付予税务局之金额计量。

递延税项就于报告期末资产及负债之税项基准

及其于账目中之账面值之所有暂时性差额以负

债法作出准备。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Income tax (continued)

Defered tax liabilities are recognised for al taxable temporary

diferences, except:

• when the defered tax liability arises from the initial

recognition of godwil or an aset or liability in a

transaction that is not a busines combination and, at the

time of the transaction, afects neither the acounting profit

nor taxable profit or los and does not give rise to equal

taxable and deductible temporary diferences; and

• in respect of taxable temporary diferences asociated

with investments in subsidiaries and asociates, when the

timing of the reversal of the temporary diferences can be

controled and it is probable that the temporary diferences

wil not reverse in the foreseable future.

Defered tax asets are recognised for al deductible temporary

diferences, and the caryforward of unused tax credits and any

unused tax loses. Defered tax asets are recognised to the extent

that it is probable that taxable profit wil be available against

which the deductible temporary diferences, and the caryforward

of unused tax credits and unused tax loses can be utilised,

except:

• when the defered tax aset relating to the deductible

temporary diferences arises from the initial recognition of

an aset or liability in a transaction that is not a busines

combination and, at the time of the transaction, afects

neither the acounting profit nor taxable profit or los and

does not give rise to equal taxable and deductible temporary

diferences; and

• in respect of deductible temporary diferences asociated

with investments in subsidiaries and asociates, defered tax

asets are only recognised to the extent that it is probable

that the temporary diferences wil reverse in the foreseable

future and taxable profit wil be available against which the

temporary diferences can be utilised.

2.4 重大会计政策摘要（续）

所得税（续）

所有应课税暂时性差额均被确认为递延税项负

债，惟：

• 当初次确认商誉或一项交易而该交易并非

为商业合并之资产或负债而产生，及于进

行交易时，不会对会计溢利或应课税溢利

或亏损构成影响，且不产生同等应纳税和

可抵扣暂时性差异之递延税项负债除外；

及

• 有关可控制拨回暂时性差额之时间及暂时

性差额于可预见之将来极不可能拨回之附

属公司与联营公司之投资之应课税暂时性

差额除外。

所有可被扣减之暂时性差额、未使用之税项资

产及任何未使用税务亏损之结转均被确认为递

延税项资产，惟仅限于可能有应课税溢利以对

销可扣减暂时差额、可动用未使用之税项资产

及未使用税务亏损结转才予确认，惟：

• 当初次确认一项交易而该交易并非为商业

合并之资产或负债而产生，及于进行交易

时不会对会计溢利或应课税溢利或亏损构

成影响，且并不产生同等应纳税和可抵扣

暂时性差异之递延税项资产除外；及

• 有关于附属公司与联营公司之投资所产生

之可扣减暂时性差额，递延税项资产以可

能出现之暂时性差额于可预见未来可拨回

及可能有足够可动用应课税溢利抵扣所动

用暂时性差额时予以确认。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Income tax (continued)

The carying amount of defered tax asets is reviewed at the

end of each reporting period and reduced to the extent that it is

no longer probable that suficient taxable profit wil be available

to alow al or part of the defered tax aset to be utilised.

Unrecognised defered tax asets are reasesed at the end of

each reporting period and are recognised to the extent that it has

become probable that suficient taxable profit wil be available to

alow al or part of the defered tax aset to be recovered.

Defered tax asets and liabilities are measured at the tax rates

that are expected to aply to the period when the aset is realised

or the liability is setled, based on tax rates (and tax laws) that

have ben enacted or substantively enacted by the end of the

reporting period.

Defered tax asets and defered tax liabilities are ofset if

and only if the Group has a legaly enforceable right to set of

curent tax asets and curent tax liabilities and the defered tax

asets and defered tax liabilities relate to income taxes levied

by the same taxation authority on either the same taxable entity

or diferent taxable entities which intend either to setle curent

tax liabilities and asets on a net basis, or to realise the asets

and setle the liabilities simultaneously, in each future period in

which significant amounts of defered tax liabilities or asets are

expected to be setled or recovered.

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognised when

control of gods or services is transfered to the customers at an

amount that reflects the consideration to which the Group expects

to be entitled in exchange for those gods or services.

When the consideration in a contract includes a variable amount,

the amount of consideration is estimated to which the Group wil

be entitled in exchange for transfering the gods or services to

the customer. The variable consideration is estimated at contract

inception and constrained until it is highly probable that a

significant revenue reversal in the amount of cumulative revenue

recognised wil not ocur when the asociated uncertainty with

the variable consideration is subsequently resolved.

2.4 重大会计政策摘要（续）

所得税（续）

递延税项资产之账面值于每个报告期末检讨，

并扣减至当不再可能有足够应课税溢利让所有

或部份递延税项资产被动用为止。未被确认之

递延税项资产会于每个报告期末重新评估，并

在可能有足够应课税溢利让所有或部份递延税

项资产被动用时才予以确认。

递延税项资产及负债以当资产被变现或负债被

清还时预期之适用税率衡量，并根据于报告期

末已制定或实际会制定之税率及（税务法例）计

算。

当及仅当本集团有可合法执行权利可将即期税

项资产与即期税项负债抵销，且递延税项资产

与递延税项负债与同一税务机关对同一应税实

体或于各未来期间预期有大额递延税项负债或

资产需要清偿或收回时，拟按净额基准清偿即

期税务负债及资产或同时变现资产及清偿负债

之不同税务实体征收之所得税相关，则递延税

项资产与递延税项负债可予抵销。

收入确认

客户合约收益

客户合约收益乃于货品或服务的控制权让予客

户时确认，该金额能反映本集团预期就交换该

等货品或服务有权获得的代价。

倘合约代价包含可变金额，则其根据本集团于

就交换向客户转让货品或服务时将享有的代价

金额进行估计。可变代价于合约开始时估计并

受到限制，直至与可变金额相关的不确定性于

其后解除时，有关累计已确认收益金额的重大

收益拨回极可能不会产生时方可解除。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Revenue recognition (continued)

Revenue from contracts with customers (continued)

When the contract contains a financing component which

provides the customer with a significant benefit of financing the

transfer of gods or services to the customer for more than one

year, 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 betwen the Group

and the customer at contract inception. When the contract

contains a financing component which provides the Group with

a significant financial benefit for more than one year, revenue

recognised under the contract includes the interest expense

acreted on the contract liability under the efective interest

method. For a contract where the period betwen the payment by

the customer and the transfer of the promised gods or services

is one year or les, the transaction price is not adjusted for the

efects of a significant financing component, using the practical

expedient in HKFRS 15.

Sale of gods

Revenue from the sale of gods is recognised at the point in

time when control of the asets is transfered to the customer,

generaly on delivery of the gods.

Revenue from other sources

Rental income is recognised on a time proportion basis over the

lease terms. 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 incured.

Other income

Interest income is recognised on an acrual basis using the

efective interest method by aplying the rate that exactly

discounts the estimated future cash receipts over the expected life

of the financial instrument or a shorter period, when apropriate,

to the net carying amount of the financial aset.

Dividend income is recognised when the shareholders’ right to

receive payment has ben established, it is probable that the

economic benefits asociated with the dividend wil flow to the

Group and the amount of the dividend can be measured reliably.

2.4 重大会计政策摘要（续）

收入确认（续）

客户合约收益（续）

倘合约包含融资部分，就为转让货品或服务予

客户融资向客户提供重大利益超过一年，则收

益按应收款项金额按本集团与客户在合约订立

时于个别融资交易内反映的贴现率贴现的现值

计量。倘合约载有为本集团提供超过一年重大

融资利益的融资部分，则收益根据有关合约确

认，包括根据实际利息法合约负债附有的利息

开支。就付款与转让承诺货品或服务之间的期

间为一年或以下的合约而言，本集团使用香港

财务报告准则第15号的实际权宜之策，即交易

价格不会就重大融资部分的影响作出调整。

销售货品

销售货品的收入于资产控制权转移予客户的时

间点确认，一般是于货品交付时。

其他来源之收益

租金收入乃按租期以时间比例确认。并非取决

于某一指数或比率之浮动租赁付款于产生付款

之会计期间确认为收入。

其他收入

利息收入为采用实际利率法计算，乃按累计基

准采用足以将金融工具于其预计年期或较短期

间（如适合）的估计未来现金收入准确贴现至金

融资产账面净值的利率。

股息收入于股东收取款项的权利被确立时确

认。与股息相关的经济利益很可能会流入本集

团，而股息金额将可靠计量。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Employe benefits

Pension schemes

The Group operates a defined contribution Mandatory Provident

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

the Mandatory Provident Fund Schemes Ordinance for those

employes who are eligible to participate in the MPF Scheme.

Contributions are made based on a percentage of the employes’

basic salaries and are charged to the statement of profit or los

as they become payable in acordance with the rules of the MPF

Scheme. The asets of the MPF Scheme are held separately from

those of the Group in an independently administered fund. The

Group’s employer contributions vest fuly with the employes

when contributed into the MPF Scheme, except for the Group’s

employer voluntary contributions, which are refunded to the

Group when the employe leaves employment prior to the

contributions vesting fuly, in acordance with the rules of the

MPF Scheme.

The employes of the Group’s subsidiaries which operate in

Mainland China are required to participate in a central pension

scheme operated by the local municipal government. These

subsidiaries are required to contribute 13% to 21% of their

payrol costs to the central pension scheme. The contributions are

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

in acordance with the rules of the central pension scheme.

Defined benefit obligations

The Group has unfunded defined benefit retirement plans which

cover al its qualifying employes and executive oficers in

Japan, depending on their length of service, salary in the final

years leading up to retirement and the retirement factor.

The liability recognised in the consolidated statement of

financial position in respect of defined benefit pension plans is

the present value of the defined benefit obligation. The defined

benefit obligation is calculated anualy by independent actuary

using the projected unit credit actuarial valuation method. The

present value of the defined benefit obligation is determined by

discounting the estimated future cash outflows using interest

rates of high-quality corporate bonds that are denominated in

the curency in which the benefits wil be paid, and that have

terms to maturity aproximating the terms of the related pension

obligation. If there is no dep market in such bonds, the market

rates on government bonds are used.

2.4 重大会计政策摘要（续）

雇员福利

退休金计划

本集团根据强制性公积金条例，为若干符合资

格的雇员设立定额供款强制性公积金退休福利

计划（「强积金计划」）。供款乃根据有关雇员

之基本薪金百分比计算，根据强积金计划之规

则于应支付时计入损益表。强积金计划之资产

乃与本集团之资产分开，并由独立管理基金持

有。根据强积金计划之规则，除了本集团之雇

主自愿性供款部份外，本集团之雇主供款权益

于供款时即时归属于雇员，倘雇员于有权获得

全数雇主自愿性供款前离职，则本集团可收回

该供款之未归属雇员部份。

本集团于中国大陆营运之附属公司的雇员均须

参加由地方市政府设立之中央退休保障计划。

该等附属公司须按其工资成本的13%至21%向

该中央退休保障计划作出供款。根据该中央退

休保障计划的规定，供款于应付时在损益表内

扣除。

界定福利承担

本集团向其于日本之所有合资格雇员及行政人

员提供非供款界定福利退休计划，有关福利乃

按照彼等之服务年期、退休前最后年度之薪金

以及退休因素而定。

在综合财务状况表内就有关界定福利退休金计

划而确认之负债，为界定福利承担之现值。界

定福利承担每年由独立精算师利用预期单位信

贷精算估值法计量。界定福利承担之现值按将

用以支付福利之货币为单位计值且到期日与有

关之退休金责任之年期近似之高质企业债券之

利率，将估计未来现金流出量贴现计算。倘该

等债券并无活跃市场，乃采用政府债券之市场

利率。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Employe benefits (continued)

Defined benefit obligations (continued)

Remeasurements of the defined benefit liability which include

actuarial gains and loses are recognised in other comprehensive

income in the period in which they arise and wil not be

reclasified to profit or los. Service costs and interest on the

defined benefit liability are recognised imediately in profit or

los.

Interest on the defined benefit liability is determined by

multiplying the defined benefit liability by the discount rate used

to measure defined benefit obligation at the start of the anual

reporting period, taking acount of any changes in the defined

benefit liability during the period as a result of contribution and

benefit payments.

Share-based payments

The Company operates a share option scheme. Employes

(including directors) of the Group receive remuneration in

the form of share-based payments, whereby employes render

services in exchange for equity instruments (“equity-setled

transactions”). The cost of equity-setled transactions with

employes is measured by reference to the fair value at the date

at which they are granted. The fair value is determined by an

external valuer using a binomial model or the Black-Scholes

model.

The cost of equity-setled transactions is recognised in employe

benefit expense, together with a coresponding increase in

equity, over the period in which the performance and/or service

conditions are fulfiled. The cumulative expense recognised for

equity-setled transactions at the end of each reporting period

until the vesting date reflects the extent to which the vesting

period has expired and the Group’s best estimate of the number

of equity instruments that wil ultimately vest. The charge or

credit to the statement of profit or los for a period represents

the movement in the cumulative expense recognised as at the

begining and end of that period.

2.4 重大会计政策摘要（续）

雇员福利（续）

界定福利承担（续）

重新计量界定福利负债（包括精算收益及亏损）

于产生期间在其他全面收益确认，并将不会重

新分类至损益。界定福利负债之服务成本及利

息即时于损益确认。

界定福利负债之利息乃将界定福利负债乘以用

于计量年度报告期初界定福利承担之贴现率而

厘定，并计及界定福利负债于期内由于供款及

福利支付而产生之任何变动。

以股份为基础之付款

本公司设有一项购股权计划。本集团雇员（包

括董事）可按以股份付款形式收取酬金，而

雇员则提供服务换取权益工具（「股本结算交

易」）。与雇员之权益结算交易之成本，参考购

股权授出之日之公平值计算。公平值由外部估

值师利用二项模式及柏力克－舒尔斯订价模式

厘订。

股本结算交易之成本在表现及╱或服务条件获

达成期间，连同股本之相应升幅一并在雇员福

利开支确认。就股本结算交易于各报告期末至

归属日期间确认之累计开支，反映过去归属期

以及本集团就最终归属之股本工具之数目之最

佳估计。期内在损益表扣除或计入损益表之金

额，指于该段期初及期终所确认之累计开支变

动。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Employe benefits (continued)

Share-based payments (continued)

Service and non-market performance conditions are not taken

into acount when determining the grant date fair value of

awards, but the likelihod of the conditions being met is asesed

as part of the Group’s best estimate of the number of equity

instruments that wil ultimately vest. Market performance

conditions are reflected within the grant date fair value. Any

other conditions atached to an award, but without an asociated

service requirement, are considered to be non-vesting conditions.

Non-vesting conditions are reflected in the fair value of an award

and lead to an imediate expensing of an award unles there are

also service and/or performance conditions.

For awards that do not ultimately vest because non-market

performance and/or service conditions have not ben met,

no expense is recognised. Where awards include a market or

non-vesting condition, the transactions are treated as vesting

irespective of whether the market or non-vesting condition is

satisfied, provided that al other performance and/or service

conditions are satisfied.

Where the terms of an equity-setled award are modified, as

a minimum an expense is recognised as if the terms had not

ben modified, if the original terms of the award are met. In

adition, an expense is recognised for any modification that

increases the total fair value of the share-based payments, or is

otherwise beneficial to the employe as measured at the date of

modification.

Where an equity-setled award is canceled, it is treated as

if it had vested on the date of cancelation, and any expense

not yet recognised for the award is recognised imediately.

This includes any award where non-vesting conditions within

the control of either the Group or the employe are not met.

However, if a new award is substituted for the canceled award,

and is designated as a replacement award on the date that it is

granted, the canceled and new awards are treated as if they were

a modification of the original award, as described in the previous

paragraph.

The dilutive efect of outstanding options is reflected as

aditional share dilution in the computation of earnings per share.

2.4 重大会计政策摘要（续）

雇员福利（续）

以股份为基础之付款（续）

厘定奖励授予日期之公平值时，不会考虑服务

及非市场表现条件，惟达成该等条件的可能性

被评定为本集团对将最终归属的股权工具数目

的最佳估计之一部份。市场表现条件在授予日

期之公平值中反映。奖励所附带但并无相关服

务规定之的任何其他条件被视为非归属条件。

非归属条件在奖励的公平值中反映，而除非亦

存在服务及╱或表现条件，否则会导致奖励即

时支销。

因未能达到非市场表现及╱或服务条件而最终

未有归属之奖励，不会确认支销。倘奖励包含

市场或非归属条件，只要所有其他表现及╱或

服务条件已经达成，则不论市场或非归属条件

是否达成，有关交易均会被视为已达成。

当股本结算奖励的条款修订时，所确认之开支

须最少达到犹如条款未经修订之水平（如达成

奖励之原定条款）。此外，倘若按修订日期的

计量，任何修订导致以股份为基础的公平值总

额有所增加，或对雇员带来其他利益，则应就

该等修订确认开支。

当股本结算奖励注销时，应被视作奖励已于注

销当日生效，而任何尚未确认的开支会即时确

认。包括本集团或雇员控制范围内未能达成非

归属条件之任何奖励。然而，倘一新奖励替代

已注销的奖励，并指定为授予日的替代奖励，

则该项注销及新奖励会如上段所述被视为原有

奖励的修订。

未行使之购股权之摊薄影响，于计算每股盈利

时，被反映为额外股份摊薄。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Employe benefits (continued)

Termination benefits

Termination benefits are recognised at the earlier of when the

Group can no longer withdraw the ofer of those benefits and

when the Group recognises restructuring costs involving the

payment of termination benefits.

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, i.e., asets that

necesarily take a substantial period of time to get ready for their

intended use or sale, are capitalised as part of the cost of those

asets. The capitalisation of such borowing costs ceases when

the asets are substantialy ready for their intended use or sale.

Al other borowing costs are expensed in the period in which

they are incured. Borowing costs consist of interest and other

costs that an entity incurs in conection with the borowing of

funds.

Dividends

Final dividends are recognised as a liability when they are

aproved by the shareholders in a general meting. Proposed final

dividends are disclosed in the notes to the financial statements.

Interim dividends are simultaneously proposed and declared,

because the Company’s memorandum and articles of asociation

grant the directors the authority to declare interim dividends.

Consequently, interim dividends are recognised imediately as a

liability when they are proposed and declared.

Foreign curencies

These financial statements are presented in Hong Kong dolars,

which is the Company’s functional curency. Each entity in the

Group determines its own functional curency and items included

in the financial statements of each entity are measured using

that functional curency. Foreign curency transactions recorded

by the entities in the Group are initialy recorded using their

respective functional curency rates prevailing at the dates of

the transactions. Monetary asets and liabilities denominated in

foreign curencies are translated at the functional curency rates

of exchange ruling at the end of the reporting period. Diferences

arising on setlement or translation of monetary items are

recognised in the consolidated statement of profit or los.

2.4 重大会计政策摘要（续）

雇员福利（续）

离职福利

离职福利于本集团不能取消提供该等福利之建

议时或本集团确认涉及支付离职福利之重组成

本时确认（以较早者为准）。

借贷成本

于购入、建设或生产合资格资产（即需要长时

间筹备方可供作其拟定用途或销售的资产）期

间，直接应占的借贷成本会被资本化为该等资

产的部分成本，直至该等资产已大致上可供作

其拟定用途或销售为止。所有其他借贷成本于

产生期间支销。借贷成本包括实体就借入资金

而产生的利息及其他成本。

股息

末期股息于股东大会上获股东批准后确认为负

债。建议末期股息已于财务报告附注披露。

由于本公司之公司组织章程大纲及细则授予董

事权力可宣派中期股息，中期股息将同时建议

及宣派。因此，中期股息将于其建议及宣派后

即时确认为负债。

外币

财务报告乃以港元（即本公司之功能货币）呈

列。本集团内各公司厘订本身之功能货币，而

计入各公司财务报告之项目乃利用该功能货币

而计量。本集团实体记录之外币交易初步以交

易日期彼等各自适用之功能货币汇率记录。以

外币计值之货币资产及负债，按报告期末之汇

率换算为功能货币。结算或兑换货币项目所产

生之差额均计入综合损益表。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Foreign curencies (continued)

Non-monetary items that are measured in terms of historical

cost in a foreign curency are translated using the exchange

rates at the dates of the initial transactions. Non-monetary items

measured at fair value in a foreign curency are translated using

the exchange rates at the date when the fair value was measured.

The gain or los arising on translation of a non-monetary item

measured at fair value is treated in line with the recognition

of the gain or los on change in fair value of the item (i.e.,

translation diference on the item whose fair value gain or los

is recognised in other comprehensive income or profit or los is

also recognised in other comprehensive income or profit or los,

respectively).

In determining the exchange rate on initial recognition of the

related aset, expense or income on the derecognition of a non-

monetary aset or non-monetary liability relating to an advance

consideration, the date of initial transaction is the date on which

the Group initialy recognises the non-monetary aset or non-

monetary liability arising from the advance consideration. If

there are multiple payments or receipts in advance, the Group

determines the transaction date for each payment or receipt of the

advance consideration.

The functional curencies of certain overseas subsidiaries and

asociates are curencies other than the Hong Kong dolar. As at

the end of the reporting period, the asets and liabilities of these

entities are translated into Hong Kong dolars at the exchange

rates prevailing at the end of the reporting period and their

consolidated statements of profit or los are translated into Hong

Kong dolars at the exchange rates that aproximate to those

prevailing at the dates of the transactions.

The resulting exchange diferences are recognised in other

comprehensive income and acumulated in the exchange

fluctuation reserve, except to the extent that the diferences are

atributable to non-controling interests. On disposal of a foreign

operation, the cumulative amount in the reserve relating to that

particular foreign operation is recognised in the consolidated

statement of profit or los.

2.4 重大会计政策摘要（续）

外币（续）

以外币历史成本计算之非货币项目，按初次交

易当日之汇率换算。以外币公平值计算之非货

币项目，按计量公平值当日之汇率换算。换算

按公平值计量之非货币项目产生的盈亏，按确

认该项目的公平值变动的盈亏一致的方法处理

（即某项目其公平值盈亏于其他全面收益或损

益中确认的，其换算差额亦分别于其他全面收

益或损益中确认）。

在确定非货币资产或负债终止确认时产生的开

支或收入或于同时产生相关资产的初始确认

时，关于预付或预收对价的汇率，初步交易日

期为本集团初始确认由预付或预收对价产生的

非货币资产或负债的日期。倘存在多个预付或

预收款项，则本集团厘定每次支付或收到预付

对价的交易日期。

若干海外附属公司及联营公司之功能货币并非

港元。于报告期末，该等公司之资产及负债按

报告期末之汇率换算为港元，而其综合损益表

乃按于交易日期即期汇率相近之汇率换算为港

元。

所得出汇兑变动于其他全面收益确认，并于汇

兑波动储备累计，非控股权益的差额除外。出

售海外公司时，有关该特定外国业务相关之储

备之累计金额在综合损益表中确认。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

2.4 MATERIAL ACOUNTING POLICIES

(continued)

Foreign curencies (continued)

Any godwil arising on the acquisition of a foreign operation

and any fair value adjustments to the carying amounts of asets

and liabilities arising on acquisition are treated as asets and

liabilities of the foreign operation and translated at the closing

rate.

For the purpose of the consolidated statement of cash flows, the

cash flows of overseas subsidiaries are translated into Hong Kong

dolars at the exchange rates ruling at the dates of the cash flows.

Frequently recuring cash flows of overseas subsidiaries which

arise throughout the year are translated into Hong Kong dolars at

the weighted average exchange rates for the year.

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

The preparation of the Group’s 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.

Judgements

In the proces of aplying the Group’s acounting policies,

management has made the folowing judgements, apart from

those involving estimations, which have the most significant

efect on the amounts recognised in the financial statements:

Defered tax asets

Defered tax asets are recognised for unused tax loses to

the extent that it is probable that future taxable profit wil be

available against which the loses can be utilised. Significant

management judgement is required to determine the amount of

defered tax asets that can be recognised, based upon the likely

timing and level of future taxable profits together with future tax

planing strategies.

2.4 重大会计政策摘要（续）

外币（续）

因收购海外业务而产生之商誉，以及收购所产

生之资产及负债之账面值进行公平值调整，则

列作海外业务之资产及负债，并于结算日换算。

就综合现金流量表而言，海外附属公司之现金

流量按现金流量当日之汇率换算为港元。海外

附属公司之全年经常性现金流量则按年内之加

权平均汇率换算为港元。

3. 主要会计判断及估计

编制本集团财务报告须要管理层对所报告之收

入、支出、资产及负债之金额以及彼等之相关

披露，以及或然负债之披露作出判断、估计及

假设。有关该等假设及估计之不确定因素可能

导致日后需要对受影响之资产或负债之账面值

作出重大调整。

判断

在采用本集团会计政策之过程中，除涉及估计

者外，管理层已作出下列对财务报告已确认之

金额产生最重大影响之判断：

递延税项资产

在很有可能将有足够的未来应课税溢利来抵扣

税务亏损的限度内，应就未利用的税务亏损确

认递延税项资产。这需要管理层作出重大判断

来估计未来应课税溢利发生的时间和金额，结

合未来税务规划策略，以决定应确认的递延税

项资产的金额。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

(continued)

Judgements (continued)

Significant judgement in determining the lease term of

contracts with renewal options

The Group has several lease contracts that include extension and

termination options. The Group aplies judgement in evaluating

whether or not to exercise the option to renew or terminate

the lease. That is, it considers al relevant factors that create

an economic incentive for it to exercise either the renewal or

termination. After the comencement date, the Group reaseses

the lease term if there is a significant event or change in

circumstances that is within its control and afects its ability to

exercise or not to exercise the option to renew or to terminate the

lease (e.g., construction of significant leasehold improvements).

Estimation uncertainty

The key asumptions concerning the future and other key sources

of estimation uncertainty at the end of the reporting period, that

have a significant risk of causing a material adjustment to the

carying amounts of asets and liabilities within the next financial

year, are described below.

Provision for expected credit loses on trade receivables

The Group uses a provision matrix to calculate ECLs for trade

receivables. The provision rates are based on days past due for

groupings of various customer segments that have similar los

paterns (i.e., by geographic region and customer type).

The provision matrix is initialy based on the Group’s historical

observed default rates. The Group wil calibrate the matrix to

adjust the historical credit los experience with forward-loking

information. For instance, if forecast economic conditions are

expected to deteriorate over the next year which can lead to an

increased number of defaults in the manufacturing sector, the

historical default rates are adjusted. At each reporting date, the

historical observed default rates are updated and changes in the

forward-loking estimates are analysed.

The asesment of the corelation among historical observed

default rates, forecast economic conditions and ECLs is a

significant estimate. The amount of ECLs is sensitive to changes

in circumstances and forecast economic conditions. The Group’s

historical credit los experience and forecast of economic

conditions may also not be representative of a customer’s actual

default in the future. The information about the ECLs on the

Group’s trade receivables is disclosed in note 23 to the financial

statements.

1. （续）

判断（续）

厘定有重续选择权合约的租期时所用重大判断

本集团拥有多个包括延期及终止选择权的租赁

合约。本集团于评估是否行使重续或终止租赁

选择权时运用判断。其将所有会对行使重续或

终止构成经济激励的相关因素进行考量。于开

始日期后，如在本集团控制范围内有影响其行

使或不行使重续或终止租赁选择权的重大事件

或情况变动（如重大租赁物业装修），本集团会

重新评估租期。

估计之不明朗因素

下文载述于报告期末有关日后及估计之不明朗

因素之其他主要来源之主要假设，而具有重大

风险导致须对下一个财政年度内资产及负债之

账面值作出重大调整。

应收贸易账款预期信贷损失拨备

本集团使用拨备矩阵计算应收贸易账款的预期

信贷损失。拨备率乃基于具有类似亏损模式的

不同客户分部组合（即按地理位置及客户类型）

逾期日数厘定。

拨备矩阵初步基于本集团过往观察所得违约率

而厘定。本集团将调整矩阵，借以按前瞻性资

料调整过往信贷亏损经验。举例而言，倘预测

经济环境预期将于未来一年恶化，导致制造业

违约事件增加，则会调整过往违约率。于各报

告日期，过往观察所得违约率将予更新，并会

分析前瞻性估计变动。

对过往观察所得违约率、预测经济环境及预期

信贷损失之间的关连性进行的评估属重大估

计。预期信贷损失金额对情况及预测经济环境

的变化敏感。本集团过往信贷亏损经验及预测

经济环境亦可能无法代表客户日后的实际违约

情况。有关本集团应收贸易账款的预期信贷损

失的资料已于财务报告附注23披露。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

(continued)

Estimation uncertainty (continued)

Impairment of intangible asets and property, plant and

equipment

The Group determines whether intangible asets with definite

useful lives, property, plant and equipment, including right-

of-use asets are impaired when there are indicators that the

carying amounts may not be recoverable. An impairment exists

when the carying values of these asets exced their recoverable

amounts, which is the higher of its fair value les costs of

disposal and its value in use. The calculation of the fair values

les costs of disposal is based on available data from binding

sales transactions in an arm’s length transaction of similar asets

or observable market prices les incremental costs for disposing

of the aset. When value-in-use calculations are undertaken,

management must estimate the expected future cash flows from

the aset or cash-generating unit and chose a suitable discount

rate in order to calculate the present value of those cash flows.

Further details are given in notes 14 and 18 to the financial

statements.

Impairment of godwil

The Group determines whether godwil is impaired at least

on an anual basis. This requires an estimation of the value

in use of the cash-generating units to which the godwil is

alocated. Estimating the value in use requires the Group to make

an estimate of the expected future cash flows from the cash-

generating units and also to chose a suitable discount rate in

order to calculate the present value of those cash flows. Changes

to these key judgement and estimates could materialy afect

the determination of whether there is an impairment and the

related amounts. If there are significant adverse changes in the

aforementioned judgement and estimates, it may be necesary

to record significant aditional impairment charge in future

periods. The carying amount of godwil at 31 March 2025 was

HK$101,871,000 (2024: HK$101,740,000). Further details are

given in note 17 to the financial statements.

1. （续）

估计之不明朗因素（续）

无形资产以及物业、厂房及设备之减值

倘有迹象显示账面值可能无法收回，则本集团

会厘定有限可使用年期无形资产物业、厂房及

设备，包括使用权资产是否已减值。倘该等资

产账面值超过其可收回金额（即其公平值减出

售成本与其使用价值的较高者），则代表存在减

值。公平值减出售成本根据来自类似资产的公

平交易中具约束力的出售交易的可获得数据或

可观察市价减出售该资产的增量成本计算。当

计算使用价值时，管理层必须估计来自该资产

或现金产生单位的预期未来现金流量，并选择

合适的贴现率，以计算该等现金流量的现值。

进一步详情载于财务报告附注14及18。

商誉减值

本集团最少每年一次厘定商誉有否减值。此须

估计获分配商誉之现金产生单位之使用价值。

本集团估计使用价值需要估计现金产生单位之

预期未来现金流量，亦须挑选合适之贴现率，

以计算该等现金流量之现值。该等主要判断及

估计之变动可能对是否存在减值及相关金额之

厘定造成重大影响。倘上述判断及估计有重

大不利变动，则可能有需要于未来期间记录重

大的额外减值支出。于二零二五年三月三十一

日，商誉之账面值为101,871,000港元（二零

二四年：101,740,000港元）。详情已载于财务

报告附注17。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

4. OPERATING SEGMENT

INFORMATION

For management purposes, the Group is organised into busines

units based on geographical areas and has thre reportable

operating segments as folows:

(i) the Hong Kong segment is engaged in the manufacturing

and trading of snack fods, confectionery, beverages, frozen

fod products, ham and ham-related products, nodles,

the retailing of snack fods, confectionery and beverages,

provision of catering services, and the operations of

restaurants;

(i) the Mainland China segment is engaged in the

manufacturing and trading of snack fods, confectionery,

beverages, frozen fod products, ham and ham-related

products, nodles, and the operations of restaurants; and

(i) the Japan segment is engaged in the wholesaling and

distribution of snack fods and confectionery.

Management monitors the results of the Group’s operating

segments separately for the purpose of making decisions about

resources alocation and performance asesment. Segment

performance is evaluated based on reportable segment profit/

los, which is a measure of adjusted profit/los before tax. The

adjusted profit/los before tax is measured consistently with the

Group’s profit before tax except that interest income, dividend

income and unalocated gains/loses, non-lease-related finance

costs, share of profits and loses of joint ventures and asociates

and corporate and other unalocated expenses are excluded from

such measurement.

Segment asets exclude defered tax asets, tax recoverable,

investments in joint ventures and asociates, financial asets

at fair value through profit or los, financial asets at fair

value through other comprehensive income and cash and cash

equivalents as these asets are managed on a group basis.

Segment liabilities exclude interest-bearing bank borowings,

tax payable and defered tax liabilities as these liabilities are

managed on a group basis.

Intersegment sales and transfers are transacted with reference to

the seling prices used for sales made to third parties at the then

prevailing market prices.

4. 经营分部资料

就管理而言，本集团根据区域而划分业务单

位，并有以下三个须予报告之经营分部：

(i) 香港分部从事制造及销售小食、糖果、

饮料、冷冻食品、火腿及火腿类产品、面

食及零售小食、糖果及饮料，提供膳食服

务，以及经营餐厅；

(i) 中国大陆分部从事制造及销售小食、糖

果、饮料、冷冻食品、火腿及火腿类产

品、面食以及经营餐厅；及

(i) 日本分部从事批发及分销小食及糖果。

管理层独立监察本集团之经营分部业绩，以决

定资源分配及评估表现。分部表现根据须予报

告分部溢利╱亏损（即经调整除税前溢利╱亏

损之方式计算）评估。经调整除税前溢利╱亏

损之计算方法与本集团之除税前溢利一致，惟

利息收入、股息收入及未分配收益╱亏损、非

租赁相关的融资成本、应占合营企业及联营公

司溢利及亏损以及公司及其他未分配开支则不

拨入该项计算中。

分部资产不包括递延税项资产、可收回税项、

于合营企业及联营公司之投资、按公平值透过

损益入账的金融资产、按公平值透过其他全面

收益入账的金融资产及现金及现金等值项目，

此乃由于该等资产作为整体资产进行管理。

分部负债不包括须缴付利息之银行贷款、应付

税项及递延税项负债，此乃由于该等负债作为

整体负债进行管理。

各分部间之销售及转让乃经参考与第三方交易

时之售价，按当时现行市价进行交易。

---

1,774,086	586,546	1,264,790	3,625,422
42,433	191,931	38,606	272,970
1,816,519	778,477	1,303,396	3,898,392
			(272,970)
			3,625,422
89,682	(10,570)	13,866	92,978
			4,572
			1,033
			(46,074)
			(610)
			6,932
			(34,381)
			24,450

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

4. OPERATING SEGMENT

INFORMATION (continued)

Geographical segments

Year ended 31 March 2025

Hong Kong

Mainland

ChinaJapanTotal

香港中国大陆日本总计

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Segment revenue: (note 5)分部收入：（附注5）

Sales to external customers销售予外界客户

Intersegment sales内部销售

Total segment revenue总分部收入

Reconciliation:对账：

Elimination of intersegment sales内部销售抵销

Total revenue总收入

Segment results分部业绩

Reconciliation:对账：

Interest income利息收入

Dividend income and unalocated gains, net股息收入及未分配收益，净额

Finance costs (other than interest on lease

liabilities)

融资成本（租赁负债利息除外）

Share of profits and loses of joint ventures应占合营企业溢利及亏损

Share of profits and loses of asociates应占联营公司溢利及亏损

Corporate and other unalocated expenses公司及其他未分配开支

Profit before tax除税前溢利

1. （续）

地区分部

截至二零二五年三月三十一日止年度

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

4. OPERATING SEGMENT

INFORMATION (continued)

Geographical segments (continued)

Year ended 31 March 2024

Hong Kong

Mainland

ChinaJapanTotal

香港中国大陆日本总计

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Segment revenue: (note 5)分部收入：（附注5）

Sales to external customers销售予外界客户1,851,052682,4601,364,7103,898,222

Intersegment sales内部销售49,134193,73446,156289,024

Total segment revenue总分部收入1,900,186876,1941,410,8664,187,246

Reconciliation:对账：

Elimination of intersegment sales内部销售抵销(289,024)

Total revenue总收入3,898,222

Segment results分部业绩107,27815,0554,670127,003

Reconciliation:对账：

Interest income利息收入8,102

Dividend income and unalocated loses, net股息收入及未分配亏损，净额(19,830)

Finance costs (other than interest on lease

liabilities)

融资成本（租赁负债利息除外）

(41,093)

Share of profits and loses of joint ventures应占合营企业溢利及亏损(2,299)

Share of profits and loses of asociates应占联营公司溢利及亏损12,606

Corporate and other unalocated expenses公司及其他未分配开支(37,557)

Profit before tax除税前溢利46,932

1. （续）

地区分部（续）

截至二零二四年三月三十一日止年度

---

Hong Kong	Mainland China	Japan	Total
香港	中国大陆	日本	总计
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
1,399,619	667,855	479,423	2,546,897
			(365,042)
			12,362
			186,995
			791,553
			3,172,765
480,528	276,168	295,080	1,051,776
			(365,042)
			1,266,160
			1,952,894
944	2,118	6	3,068
7	2,800	148	2,955
24,510	41,150	8,993	74,653
116,119	17,409	7,221	140,749
593	–	–	593
1,646	–	–	1,646
(313)	8	1,639	1,334
–	432	51	483
249,146	21,618	344	271,108
498,398	355,157	218,069	1,071,624

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

4. OPERATING SEGMENT

INFORMATION (continued)

Geographical segments (continued)

Year ended 31 March 2025

Segment asets分部资产

Reconciliation:对账：

Elimination of intersegment receivables内部应收款项抵销

Investments in joint ventures于合营企业之投资

Investments in asociates于联营公司之投资

Corporate and other unalocated asets公司及其他未分配资产

Total asets资产总值

Segment liabilities分部负债

Reconciliation:对账：

Elimination of intersegment payables内部应付款项抵销

Corporate and other unalocated liabilities公司及其他未分配负债

Total liabilities负债总值

Other segment information:其他分部资料：

Impairment of trade receivables应收贸易账款减值

Write-down of slow-moving inventories滞销存货撇销

Depreciation and amortisation, except

for right-of-use asets

折旧及摊销

（不包括使用权资产）

Depreciation of right-of-use asets使用权资产折旧

Impairment of items of property, plant and

equipment, except right-of-use asets

物业、厂房及设备项目之

减值（不包括使用权资产）

Impairment of right-of-use asets使用权资产减值

Los/(gain) on disposal/write-of of items of

property, plant and equipment

出售╱撇销物业、厂房及

设备项目之亏损╱（收益）

Fair value los on investment properties投资物业之公平值亏损

Capital expenditure资本开支

Non-curent asets非流动资产

1. （续）

地区分部（续）

截至二零二五年三月三十一日止年度

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

4. OPERATING SEGMENT

INFORMATION (continued)

Geographical segments (continued)

Year ended 31 March 2024

Hong Kong

Mainland

ChinaJapanTotal

香港中国大陆日本总计

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Segment asets分部资产1,172,523671,100490,0822,333,705

Reconciliation:对账：

Elimination of intersegment receivables内部应收款项抵销(350,502)

Investments in joint ventures于合营企业之投资4,558

Investments in asociates于联营公司之投资181,046

Corporate and other unalocated asets公司及其他未分配资产759,336

Total asets资产总值2,928,143

Segment liabilities分部负债536,954264,116302,1791,103,249

Reconciliation:对账：

Elimination of intersegment payables内部应付款项抵销(350,502)

Corporate and other unalocated liabilities公司及其他未分配负债925,644

Total liabilities负债总值1,678,391

Other segment information:其他分部资料：

Impairment of trade receivables应收贸易账款减值7152806301,625

Write-down/(reversal of write-down) of

slow-moving inventories

滞销存货撇销╱（撇销回拨）

(115)3,466(430)2,921

Depreciation and amortisation,

except for right-of-use asets

折旧及摊销（不包括使用权资产）

22,16845,92011,49179,579

Depreciation of right-of-use asets使用权资产折旧106,20417,0317,304130,539

Impairment of items of property, plant and

equipment, except right-of-use asets

物业、厂房及设备项目之

减值（不包括使用权资产）250–1,3911,641

Impairment of right-of-use asets使用权资产减值1,550–1,550

Los on disposal/write-of of items of property,

plant and equipment

出售╱撇销物业、厂房及

设备项目之亏损5421,4592012,202

Fair value los/(gain) on investment properties投资物业之公平值亏损╱（收益）–437(54)383

Capital expenditure资本开支13,95339,7401,06554,758

Non-curent asets非流动资产303,849384,889231,328920,066

* The revenue information above is based on the locations of the

customers, except for a subsidiary within the Japan segment

whose sales to external customers of HK$69,821,000 (2024:

HK$73,158,000) arising from Mainland China.

Capital expenditure consists of aditions to property, plant and

equipment, excluding right-of-use asets arising from leased

buildings, furniture, fixtures and equipment, plant and machinery,

and motor vehicles.

* The non-curent aset information above is based on the locations of

the asets, except for a subsidiary within the Japan segment whose

non-curent asets of HK$46,000 (2024: HK$54,000) is based

in Mainland China, and excludes financial instruments, defered

tax asets, tax recoverable and investments in joint ventures and

asociates.

1. （续）

地区分部（续）

截至二零二四年三月三十一日止年度

* 除日本分部一间附属公司来自与中国大陆之

销售予外界客户之69,821,000港元。（二零二四

年：73,158,000港元）外，以上收入资料乃根据

其客户所在区域而划分。

资本开支包括添置物业、厂房及设备（不包括

由租赁楼宇、家私、装置及设备、厂房及机器

及汽车产生的使用权资产）。

* 除日本分部一间附属公司之非流动资产46,000

港元（二零二四年：54,000港元）位于中国大陆

外，以上非流动资产资料乃根据其资产所在区

域而划分并不包括金融工具、递延税项资产、

可收回税项及于合营企业及联营公司之投资。

---

2025
二零二五年
HK$’000
港币千元
3,625,422

2025
二零二五年
HK$’000
港币千元
1,774,086
586,546
1,264,790
3,625,422
3,625,422

2025
二零二五年
HK$’000
港币千元
2,118

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

5. REVENUE, OTHER INCOME AND

GAINS/(LOSES), NET

An analysis of revenue is as folows:

二零二四年

HK$’000

港币千元

Revenue from contracts with customers来自客户合约之收入3,898,222

Revenue from contracts with customers

(i) Disagregated revenue information

二零二四年

HK$’000

港币千元

Primary geographical markets:主要地区市场：

Hong Kong香港1,851,052

Mainland China中国大陆682,460

Japan日本1,364,710

Total revenue总收入3,898,222

Timing of revenue recognition:确认收益时间：

At a point in time在某个时间点3,898,222

* Including revenue from contracts with customers of

aproximately HK$69,821,000 (2024: HK$73,158,000)

arising from Mainland China.

The amounts of revenue recognised in the curent reporting

period that were included in the contract liabilities at the

begining of the reporting period are as folows:

二零二四年

HK$’000

港币千元

Sale of gods销售货品2,090

1. 、其他收入及收益╱

（亏损），净额

收入分析如下：

来自客户合约之收入

(i) 收入分类资料

* 包括来自与中国大陆客户的合约所产生

的收入约69,821,000港元（二零二四年：

73,158,000港元）。

于报告期初计入合约负债之当前报告期间

已确认之收益金额如下：

---

2025
二零二五年
HK$’000
港币千元
2,583

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

5. REVENUE, OTHER INCOME AND

GAINS/(LOSES), NET (continued)

Revenue from contracts with customers (continued)

(i) Performance obligations

Information about the Group’s performance obligations is

sumarised below:

Sale of gods

The performance obligation is satisfied upon delivery of

the gods and payment is generaly due within one to thre

months, extending up to four to five months for major

customers, from delivery, except for new customers, where

payment in advance is normaly required.

The amounts of transaction prices alocated to the remaining

performance obligations (unsatisfied or partialy unsatisfied)

as at 31 March are as folows:

二零二四年

HK$’000

港币千元

Amounts expected to be recognised

as revenue:

预期将确认为收入

之金额：

Within one year一年内2,118

The amounts of transaction prices alocated to the remaining

performance obligations are expected to be recognised as

revenue within one year.

1. 、其他收入及收益╱

（亏损），净额（续）

来自客户合约之收入（续）

(i) 履约责任

有关本集团履约责任之资料概述如下：

销售货品

履约责任于货品交付时获履行，付款一般

于交付起一至三个月内到期，就主要客户

而言，可延长至四至五个月，惟新客户一

般需要预先付款。

于三月三十一日，交易金额分配至剩余履

约责任（未达成或部份未达成）如下：

分配至剩余的履约责任之交易价金额预期

将于一年内获确认为收入。

---

2025
二零二五年
HK$’000
港币千元
4,572
1,569
2,959
–
7,636
16,736
(483)
(536)
(1,019)
15,717

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

5. REVENUE, OTHER INCOME AND

GAINS/(LOSES), NET (continued)

An analysis of other income and gains/(loses), net is as folows:

二零二四年

HK$’000

港币千元

Other income其他收入

Bank interest income银行利息收入6,612

Dividend income股息收入1,039

Rental income from investment properties

operating leases:

经营租赁投资物业之

租金收入：

Other lease payments, including fixed

payments

其他租赁付款，包括固定

付款3,037

Other interest income其他利息收入1,490

Others其他7,659

Total other income其他收入总额19,837

Gains/(loses), net收益╱（亏损），净额

Net fair value loses on investment

properties

投资物业之公平值

亏损净额(383)

Net fair value loses on financial asets at

fair value through profit or los

按公平值透过损益入账的

金融资产之公平值亏损净额(20,869)

Total loses, net总亏损，净额(21,252)

Total other income and gains/(loses), net总其他收入及收益╱（亏损），

净额(1,415)

1. 、其他收入及收益╱

（亏损），净额（续）

其他收入及收益╱（亏损），净额分析如下：

---

2025
二零二五年
HK$’000
港币千元
9,409
2,698
1,334
593
1,646
3,068
(6,577)
1,607
13,778

2025
二零二五年
HK$’000
港币千元
46,074
12,029
58,103

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

6. OTHER OPERATING EXPENSES, NET

An analysis of other operating expenses, net is as folows:

二零二四年

NotesHK$’000

附注港币千元

Auditors’ remuneration核数师酬金9,429

Bank charges银行费用2,161

Los on disposal/write-of of items of

property, plant and equipment, net

出售╱撇销物业、厂房

及设备项目之亏损，

净额2,202

Impairment of items of property, plant and

equipment, except right-of-use asets

物业、厂房及设备项目

减值（不包括使用

权资产）14(a)1,641

Impairment of right-of-use asets使用权资产减值14(b)1,550

Impairment of trade receivables应收贸易账款减值1,625

Los/(gain) on voluntary liquidation of

subsidiaries

附属公司自愿清盘之

亏损╱（收益）143

Others其他(113)

Total总计18,638

7. FINANCE COSTS

An analysis of finance costs is as folows:

二零二四年

HK$’000

港币千元

Interest on bank and trust receipt loans银行贷款及信托收据贷款利息41,093

Interest on lease liabilities租赁负债利息7,553

Total总计48,646

1. ，净额

其他经营开支，净额分析如下：

7. 融资成本

融资成本分析如下：

---

2025
二零二五年
HK$’000
港币千元
2,754,182
70,813
140,749
3,840
32,781
7,163
391,991
15,385
691
408,067
(224)
599
1,000
2,955

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

8. PROFIT BEFORE TAX

The Group’s profit before tax is arived at after charging/

(crediting):

二零二四年

NotesHK$’000

附注港币千元

Cost of inventories sold已售存货之成本2,983,115

Depreciation of items of property,

plant and equipment, except

right-of-use asets

物业、厂房及设备项目

之折旧，不包括使用权

资产14(a)75,514

Depreciation of right-of-use asets使用权资产之折旧14(b)130,539

Amortisation of other intangible asets其他无形资产之摊销184,065

Lease payments not included in the

measurement of lease liabilities:

于计算租赁负债时并无

计入之租赁付款：

Lease rental for short-term leases短期租赁之租金46,365

Contingent rent或然租金13,073

Employe benefit expense (excluding

directors’ and chief executive’s

remuneration (note 9):

雇员福利开支（不包括

董事及最高行政人员

酬金（附注9）：

Wages, salaries, alowances and

benefits in kind

工资、薪金、津贴及

实物福利385,364

Pension scheme contributions^退休金计划供款^16,621

Defined benefit expenses界定福利开支30887

Total总计402,872

Gain on derecognition of right-of-use

asets, net

终止确认使用权资产之

收益，净额(726)

Foreign exchange diferences, net汇兑差额，净额(3,774)

Direct operating expenses (including

repairs and maintenance) arising from

rental-earning investment properties

收租投资物业产生之

直接经营开支

（包括维修及保养）1,450

Write-down of slow-moving inventories滞销存货撇销2,921

^ At 31 March 2025, there are no forfeited contributions that may be

used by the Group as the employer to reduce the existing level of

contributions (2024: Nil).

• “Cost of

sales” in the consolidated statement of profit or los.

8. 除税前溢利

本集团之除税前溢利已扣除╱（计入）：

^ 于二零二五年三月三十一日，本集团作为雇主

无收回供款可用作减低现有供款水平（二零二四

年：无）。

• 「销售

成本」内。

---

2025
二零二五年
HK$’000
港币千元
1,108
11,887
338
83
12,308
13,416

2025
二零二五年
HK$’000
港币千元
120
468
120
708

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

9. DIRECTORS’ AND CHIEF

EXECUTIVE’S REMUNERATION

Directors’ and chief executive’s remuneration for the year,

disclosed pursuant to the Listing Rules, section 383(1)(a), (b),

(c) and (f) of the Hong Kong Companies Ordinance and Part 2

of the Companies (Disclosure of Information about Benefits of

Directors) Regulation, is as folows:

二零二四年

HK$’000

港币千元

Fes袍金1,108

Other emoluments:其他酬金：

Salaries, alowances and benefits in kind薪金、津贴及实物利益11,986

Discretionary bonus酌情花红306

Pension scheme contributions退休金计划之供款63

Subtotal小计12,355

Total总计13,463

(a) Independent non-executive directors

The fes paid to independent non-executive directors during

the year were as folows:

二零二四年

HK$’000

港币千元

Chan Yuk Sang, Peter陈玉生120

Tsunao Kijima木岛纲雄468

Cheung Wing Choi张荣才120

Total总计708

There were no other emoluments payable to the independent

non-executive directors during the year (2024: Nil).

9. 董事及最高行政人员酬金

年内董事及最高行政人员酬金按上市规则、香

港公司条例第383(1)(a)、(b)、(c)及(f)条以及公

司（披露董事利益资料）规例第2部之披露如下：

(a) 独立非执行董事

年内已给予独立非执行董事之袍金如下：

年内并无其他酬金应给予独立非执行董事

（二零二四年：无）。

---

80	3,9731	–	–	4,053
80	2,002	177	–	2,259
80	3,2172	–	27	3,324
80	1,588	135	9	1,812
49	719	–	12	780
31	388	26	35	480
400	11,887	338	83	12,708

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

9. DIRECTORS’ AND CHIEF

EXECUTIVE’S REMUNERATION

(continued)

(b) Executive directors and the chief executive

Fes

Salaries,

alowances

and benefits

in kind

Discretionary

bonus

Pension

scheme

contributions

Total

remuneration

袍金

薪金、津贴及

实物利益酌情花红

退休金计划

之供款薪酬总额

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

2025二零二五年

Tai Tak Fung, Stephen戴德丰

Wu Mei Yung, Quinly胡美容

Tai Chun Kit戴进杰

Wu Wing Biu胡永标

Wong Fu Hang, Derek黄辅铿

Tse Siu Wan

#

谢少云

#

Total总计

2024二零二四年

Tai Tak Fung, Stephen戴德丰803,840

–3,920

Wu Mei Yung, Quinly胡美容801,912171–2,163

Tai Chun Kit戴进杰803,710

–273,817

Wu Wing Biu胡永标801,341135181,574

Wong Fu Hang, Derek黄辅铿801,183–181,281

Total总计40011,9863066312,755

• , Derek resigned as executive director of

the Company with efect from 9 November 2024.

#

Mr. Tse Siu Wan was apointed as executive director of the

Company with efect from 9 November 2024.

Included in the above salaries, alowances and benefits in kind

is an estimated rental of HK$2,773,000 (2024: HK$3,840,000)

for a director’s quarter owned by the Group.

Including the rental expenses of HK$1,967,000 (2024:

HK$2,460,000) paid for a director’s quarter.

There was no arangement under which a director or the

chief executive waived or agred to waive any remuneration

during the year (2024: Nil).

1. （续）

(b) 执行董事及最高行政人员

* 黄辅铿先生于二零二四年十一月九日辞任

本公司之执行董事。

#

谢少云先生于二零二四年十一月九日获委

任本公司之执行董事。

包括于上述薪金、津贴及实物利益乃本集

团拥有及为该名董事提供之宿舍单位之

估计租金2,773,000港元（二零二四年：

3,840,000港元）

包括就董事宿舍已付之租金开支1,967,000

港元（二零二四年：2,460,000港元）

年内，各董事或最高行政人员概无根据

安排放弃或同意放弃领取任何酬金（二零

二四年：无）。

---

2025
二零二五年
HK$’000
港币千元
1,300

2025
二零二五年
HK$’000
港币千元
11,265
7,774
(3,378)
15,661

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

10. FIVE HIGHEST PAID EMPLOYES

The five highest paid employes during the year included four

(2024: four) directors which included the chief executive, details

of whose remuneration are set out in note 9 above. Details of

the remuneration for the year of the remaining one (2024: one)

highest paid employe who was neither a director nor chief

executive of the Company are as folows:

二零二四年

HK$’000

港币千元

Salaries, alowances and benefits in kind薪金、津贴及实物利益1,300

11. INCOME TAX

Hong Kong profits tax has ben provided at the rate of 16.5%

(2024: 16.5%) on the estimated asesable profits arising in

Hong Kong during the year, except for one subsidiary of the

Group which is a qualifying entity under the two-tiered profits

tax rates regime. The first HK$2,000,000 (2024: HK$2,000,000)

of asesable profits of this subsidiary are taxed at 8.25% (2024:

8.25%) and the remaining asesable profits are taxed at 16.5%

(2024: 16.5%). Taxes on profits asesable elsewhere have

ben calculated at the rates of tax prevailing in the countries/

jurisdictions in which the Group operates.

二零二四年

HK$’000

港币千元

Curent – Hong Kong当期－香港18,314

Curent – Elsewhere当期－其他地区7,828

Defered (note 31)递延（附注31）(12,506)

Total tax charge for the year本年度之总税项支出13,636

10. 五位薪酬最高雇员

年内，五位薪酬最高雇员包括四位董事（包括

最高行政人员）（二零二四年：四位），该等董事

之酬金详载于上文附注9。其余一位（二零二四

年：一位）薪酬最高雇员（并非本公司董事及最

高行政人员）于本年度之酬金详情如下：

11. 所得税

香港利得税乃按年内于香港所产生之估计应课

税溢利按16.5%（二零二四年：16.5%）之税率作

出拨备，惟本集团一间属利得税两级制下合资

格实体之附属公司除外。该附属公司应课税溢

利之首2,000,000港元（二零二四年：2,000,000

港元）之税率为8.25%（二零二四年：8.25%），

余下应课税溢利之税率为16.5%（二零二四年：

16.5%）。其他地区之应课税溢利之税项乃根据

本集团经营业务之国家╱司法管辖区之现行税

率计算。

---

2025
二零二五年
HK$’000	%
港币千元
24,450
1,945	8.0
(1,043)	(4.3)
(3,725)	(15.2)
7,897	32.3
14	0.1
(759)	(3.1)
9,180	37.5
2,152	8.8
15,661	64.1

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

11. INCOME TAX (continued)

A reconciliation of the tax expense aplicable to profit before

tax at the statutory rates for the countries/jurisdictions in which

the Company and the majority of its subsidiaries are domiciled

and/or operate to the tax expense at the efective tax rate, and a

reconciliation of the aplicable rates (i.e., the statutory tax rate)

to the efective tax rate, are as folows:

二零二四年

HK$’000%

港币千元

Profit before tax除税前溢利46,932

Tax at the aplicable tax rates按适用税率计算之税项6,59914.1

Profits and loses atributable to joint ventures

and asociates

应占合营企业及联营公司溢利

及亏损(1,701)(3.6)

Income not subject to tax毋须课税之收入(1,732)(3.7)

Expenses not deductible for tax不可用作税项扣减之支出5,36711.4

Efect of witholding tax of 5%-10%

(2024: 5%-10%) on distributable profits of

the Group’s subsidiaries in Mainland China

预扣税5%-10%（二零二四年：

5%-10%）对本集团之中国

大陆附属公司之可供分派溢

利之影响2410.5

Tax loses utilised from previous periods动用过往期间之税项亏损(1,658)(3.5)

Defered tax asets not recognised未确认之递延税项资产6,46913.8

Others其他510.1

Tax charge at the Group’s efective rate按本集团实际税率计算之

税项开支13,63629.1

The share of tax atributable to joint ventures and asociates

amounting to Nil (2024: Nil) and HK$952,000 (2024:

HK$1,652,000) are included in “Share of profits and loses of

joint ventures” and “Share of profits and loses of asociates” in

the consolidated statement of profit or los, respectively.

1. （续）

按采用本公司及其主要附属公司注册及╱或经

营所在国家╱司法管辖区之法定税率计算且适

用于除税前溢利之税项支出及以实际税率计算

之税项支出对账，以及适用税率（即法定税率）

与实际税率之对账如下：

应占合营企业及联营公司之税项为零港元（二

零二四年：零港元）及952,000港元（二零二四

年：1,652,000港元）已分别包括于综合损益表

之「应占合营企业溢利及亏损」及「应占联营公

司溢利及亏损」内。

---

2025
二零二五年
HK$’000
港币千元
11,466
24,706
36,172

2025
二零二五年
HK$’000
港币千元
10,164

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

12. DIVIDENDS

二零二四年

HK$’000

港币千元

Interim – HK3.0 cents (2024: HK3.0 cents)

per ordinary share

中期－每股普通股3.0港仙

（二零二四年：每股普通股

3.0港仙）11,528

Proposed final – HK6.5 cents

(2024: HK6.5 cents) per ordinary share

建议末期－每股普通股6.5港仙

（二零二四年：每股普通股

6.5港仙）24,974

36,502

The proposed final dividend for the year is subject to the aproval

of the Company’s shareholders at the forthcoming anual general

meting.

During the year ended 31 March 2025, the Company repurchased

a total of 4,122,000 ordinary shares (2024: Nil) and 4,098,000

ordinary shares (2024: Nil) were canceled on The Stock

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

31 March 2025, the remaining 24,000 repurchased shares were

yet to be canceled but would be canceled subsequently. Al the

repurchased but not yet canceled shares wil not be entitled to

receive the final dividend for this financial year.

13. EARNINGS PER SHARE

ATRIBUTABLE TO ORDINARY

EQUITY HOLDERS OF THE COMPANY

The calculation of the basic earnings per share amount is based

on the profit for the year atributable to ordinary equity holders

of the Company, and the weighted average number of ordinary

shares outstanding during the year.

The calculation of basic and diluted earnings per share are based

on:

二零二四年

HK$’000

港币千元

Earnings盈利

Profit atributable to ordinary equity holders

of the Company, used in the basic and

diluted earnings per share calculation

计算每股基本及摊薄盈利

所使用之本公司普通权益

所有者应占溢利34,657

12. 股息

本年度之建议末期股息须于应届股东周年大会

上获本公司股东批准后方可作实。

截至二零二五年三月三十一日止年度，本公

司于香港联合交易所有限公司（「联交所」）购

回其4,122,000股普通股（二零二四年：无）及

4,098,000股普通股（二零二四年：无）已注销。

于二零二五年三月三十一日，余下24,000股购

回股份尚未被注销，但期后会被注销。所有已

购回但尚未注销的股份将无权收取本财政年度

的末期股息。

13. 本公司普通权益所有者应占每股

盈利

每股基本盈利乃根据本年度本公司普通权益所

有者应占溢利及年内发行在外普通股之加权平

均数计算。

每股基本及摊薄盈利乃根据下列基准计算：

---

2025
二零二五年
383,081,059

2025
二零二五年
HK$’000
港币千元
497,175
399,372
896,547

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

13. EARNINGS PER SHARE

ATRIBUTABLE TO ORDINARY

EQUITY HOLDERS OF THE COMPANY

(continued)

Number of shares

股份数目

二零二四年

Shares股份

Weighted average number of ordinary

shares outstanding during the year used

in the basic and diluted earnings

per share calculation

计算每股基本及摊薄盈利

之年度发行在外普通股之

加权平均数

384,221,640

The Group had no potentialy dilutive ordinary shares in isue

during the years ended 31 March 2025 and 2024.

14. PROPERTY, PLANT AND EQUIPMENT

二零二四年

NotesHK$’000

附注港币千元

Owned asets自置资产(a)410,417

Right-of-use asets使用权资产(b)330,488

Total总计740,905

13. 本公司普通权益所有者应占每股

盈利（续）

由于本集团于截至二零二五年及二零二四年三

月三十一日止年度均无具摊薄潜力之已发行普

通股。

1. 、厂房及设备

---

436,470	346,463	186,410	281,950	42,553	1,293,846
(191,011)	(271,190)	(169,486)	(215,360)	(36,382)	(883,429)
245,459	75,273	16,924	66,590	6,171	410,417
245,459	75,273	16,924	66,590	6,171	410,417
105,551	39,314	5,892	7,891	3,449	162,097
–	(1,225)	(881)	(1,171)	(135)	(3,412)
(11,399)	(37,493)	(7,890)	(11,421)	(2,610)	(70,813)
–	(371)	(117)	(105)	–	(593)
(55)	(82)	(194)	(181)	(9)	(521)
339,556	75,416	13,734	61,603	6,866	497,175
541,181	383,640	187,682	284,710	39,505	1,436,718
(201,625)	(308,224)	(173,948)	(223,107)	(32,639)	(939,543)
339,556	75,416	13,734	61,603	6,866	497,175

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

14. PROPERTY, PLANT AND EQUIPMENT

(continued)

(a) Owned asets

Land and

buildings

Leasehold

improvements

Furniture,

fixtures and

equipment

Plant and

machinery

Motor

vehiclesTotal

土地及楼宇租赁楼宇装修

家私、装置

及设备厂房及机器汽车总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元港币千元

31 March 2025二零二五年三月三十一日

At 1 April 2024:于二零二四年四月一日：

Cost成本

Acumulated depreciation

and impairment

累计折旧及减值

Net carying amount账面净值

At 1 April 2024, net of acumulated

depreciation and impairment

于二零二四年四月一日，

已扣除累计折旧及减值

Aditions添置

Disposals/write-of出售╱撇销

Depreciation provided during the year年内已拨备之折旧

Impairment减值

Exchange realignment汇兑调整

At 31 March 2025, net of acumulated

depreciation and impairment

于二零二五年三月三十一日，

已扣除累计折旧及减值

At 31 March 2025:于二零二五年三月三十一日：

Cost成本

Acumulated depreciation

and impairment

累计折旧及减值

Net carying amount账面净值

1. 、厂房及设备（续）

(a) 自置资产

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

14. PROPERTY, PLANT AND EQUIPMENT

(continued)

(a) Owned asets (continued)

Land and

buildings

Leasehold

improvements

Furniture,

fixtures and

equipment

Plant and

machinery

Motor

vehiclesTotal

土地及楼宇租赁楼宇装修

家私、装置

及设备厂房及机器汽车总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元港币千元

31 March 2024二零二四年三月三十一日

At 1 April 2023:于二零二三年四月一日：

Cost成本488,588321,883197,352301,02444,1361,352,983

Acumulated depreciation

and impairment

累计折旧及减值

(197,194)(249,011)(171,715)(219,761)(37,235)(874,916)

Net carying amount账面净值291,39472,87225,63781,2636,901478,067

At 1 April 2023, net of acumulated

depreciation and impairment

于二零二三年四月一日，

已扣除累计折旧及减值291,39472,87225,63781,2636,901478,067

Aditions添置–43,9054,3854,0682,40054,758

Disposals/write-of出售╱撇销–(351)(840)(809)(390)(2,390)

Transfer to non-curent asets clasified

as held for sale (note 27)

转拨至分类为持作出售的

非流动资产（附注27）(11,765)(677)–(12,442)

Depreciation provided during the year年内已拨备之折旧(11,520)(36,932)(11,123)(13,325)(2,614)(75,514)

Impairment减值(1,315)(76)(10)(240)–(1,641)

Exchange realignment汇兑调整(21,335)(3,468)(1,125)(4,367)(126)(30,421)

At 31 March 2024, net of acumulated

depreciation and impairment

于二零二四年三月三十一日，

已扣除累计折旧及减值245,45975,27316,92466,5906,171410,417

At 31 March 2024:于二零二四年三月三十一日：

Cost成本436,470346,463186,410281,95042,5531,293,846

Acumulated depreciation

and impairment

累计折旧及减值

(191,011)(271,190)(169,486)(215,360)(36,382)(883,429)

Net carying amount账面净值245,45975,27316,92466,5906,171410,417

1. 、厂房及设备（续）

(a) 自置资产（续）

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

14. PROPERTY, PLANT AND EQUIPMENT

(continued)

(a) Owned asets (continued)

As at 31 March 2025, the Group’s management identified

certain restaurants in Hong Kong (2024: certain restaurants

in Hong Kong) which were underperformed during the year

and an impairment los of HK$593,000 (2024: HK$250,000)

was made on owned asets. Further details are disclosed in

note 14(b) below.

As at 31 March 2024, the Group determined to dispose of

certain property, plant and equipment of HK$12,442,000,

which were reclasified as “non-curent asets clasified as

held for sale”, with an impairment los of HK$1,391,000

recognised based on the sales and purchase agrement

entered into subsequent to 31 March 2024.

At 31 March 2025, certain of the Group’s land and buildings

in Japan with a net carying amount of aproximately

HK$71,034,000 (2024: HK$72,158,000) were pledged to

secure general bank facilities granted to the Group (note

29(c).

At 31 March 2025, certain of the Group’s land and

buildings in Hong Kong with a net carying amount of

HK$103,899,000 were pledged to secure bank facilities

granted to the Group (note 29(d).

(b) Right-of-use asets

The Group has lease contracts for various items of

properties used in its operations. Lump sum payments were

made upfront to acquire the leased land from the owners

with lease periods of 10 to 20 years, and no ongoing

payments wil be made under the terms of these land

leases. Leases of properties generaly have lease terms

betwen 2 and 10 years. Generaly, the Group is restricted

from asigning and subleasing the leased asets outside

the Group. There are several lease contracts that include

extension and termination options and variable lease

payments, which are further discused below.

1. 、厂房及设备（续）

(a) 自置资产（续）

于二零二五年三月三十一日，本集团管理

层确认香港若干餐厅（二零二四年：香港若

干餐厅）于年内表现欠佳，并就自置资产

作出减值亏损593,000港元（二零二四年：

250,000港元）。有关详情于下文附注14(b)

披露。

于二零二四年三月三十一日，本集团决定

出售若干物业、厂房及设备12,442,000港

元，该等物业、厂房及设备已重新分类为

「分类为持作出售的非流动资产」，并根据

于二零二四年三月三十一日后订立的买卖

协议确认减值亏损1,391,000港元。

于二零二五年三月三十一日，本集团于日

本账面净值约为71,034,000港元（二零二四

年：72,158,000港元）之若干土地及楼宇已

质押作为本集团获授一般银行融资之担保

（附注29(c)）。

于二零二五年三月三十一日，本集团若干

位于香港账面净值为103,899,000港元之土

地及楼宇已质押作为本集团获授一般银行

融资之担保（附注29(d)）。

(b) 使用权资产

本集团就用于其业务营运之多项物业订

立租赁合约。已预先作出一次性付款以向

业主收购租赁土地，租期为10至20年，而

根据该等土地租赁之条款，将不会继续支

付任何款项。物业之租期通常介乎2至10

年。一般而言，本集团不得向本集团以外

人士转让及分租赁资产。若干租赁合约

包括延期及终止选择权及可变租赁付款，

于下文进一步讨论。

---

68,809	31,186	226,242	1,273	349	2,629	330,488
–	109,011	66,326	462	–	751	176,550
(2,544)	(3,257)	(132,867)	(535)	(281)	(1,265)	(140,749)
–	–	(1,646)	–	–	–	(1,646)
–	–	41,133	4	2	291	41,430
–	–	(6,339)	–	–	–	(6,339)
(255)	–	(116)	4	(2)	7	(362)
66,010	136,940	192,733	1,208	68	2,413	399,372

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

14. PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Right-of-use asets (continued)

The carying amounts of the Group’s right-of-use asets and

the movements during the year are as folows:

Prepaid

land lease

payments

Leasehold

land

Leased

buildings

Furniture,

fixtures and

equipment

Plant and

machinery

Motor

vehiclesTotal

预付土地

租赁款项租赁土地租赁楼宇

家私、

装置及设备厂房及机器汽车总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元港币千元港币千元

At 1 April 2023于二零二三年四月一日75,38932,563231,7251,4171,3623,143345,599

Aditions增加–53,321691–78054,792

Depreciation (note 8)折旧（附注8）(2,709)(1,377)(123,694)(513)(886)(1,360)(130,539)

Impairment (note 6)减值（附注6）–(1,550)–(1,550)

Lease modification租赁修改–73,0832347873,566

Disposals出售–(4,216)(146)–(24)(4,386)

Exchange realignment汇兑调整(3,871)–(2,427)(178)(130)(388)(6,994)

As at 31 March 2024 and

1 April 2024

于二零二四年三月三十一日

及二零二四年四月一日

Aditions增加

Depreciation (note 8)折旧（附注8）

Impairment (note 6)减值（附注6）

Lease modification租赁修改

Disposals出售

Exchange realignment汇兑调整

At 31 March 2025于二零二五年三月三十一日

1. 、厂房及设备（续）

(b) 使用权资产（续）

年内，本集团使用权资产之账面值及变动

载列如下：

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

14. PROPERTY, PLANT AND EQUIPMENT

(continued)

(b) Right-of-use asets (continued)

As at 31 March 2025, the Group’s management

identified certain restaurants in Hong Kong which

were underperformed during the year and estimated

the coresponding recoverable amounts based on their

respective cash-generating units. Based on these estimates,

impairment loses of HK$593,000, as disclosed in note

14(a) above, and HK$1,646,000 were recognised to write

down the carying amounts of owned asets and right-of-

use asets, respectively, to their agregate recoverable

amounts of HK$8,715,000 as at 31 March 2025. The

recoverable amounts of the respective cash-generating units

are determined based on value-in-use calculations using

cash flow projections based on financial budgets covering

a period of the remaining lease terms. The pre-tax discount

rate aplied for the cash flow projections was 11.2%.

As at 31 March 2024, the Group’s management

identified certain restaurants in Hong Kong which

were underperformed during the year and estimated

the coresponding recoverable amounts based on their

respective cash-generating units. Based on these estimates,

impairment loses of HK$250,000, as disclosed in note

14(a) above, and HK$1,550,000 were recognised to write

down the carying amounts of owned asets and right-of-

use asets, respectively, to their agregate recoverable

amounts of HK$1,032,000 as at 31 March 2024. The

recoverable amounts of the respective cash-generating units

are determined based on value-in-use calculations using

cash flow projections based on financial budgets covering

a period of the remaining lease terms. The pre-tax discount

rate aplied for the cash flow projections was 14.0%.

As 31 March 2025, certain of the Group’s leasehold land in

Hong Kong with a net carying amount of HK$107,131,000

were pledged to secure bank facilities granted to the Group

(note 29(d).

1. 、厂房及设备（续）

(b) 使用权资产（续）

于二零二五年三月三十一日，本集团管理

层确认香港若干餐厅于年内表现欠佳，并

根据彼等各自之现金产生单位估计相关可

收回金额。根据该等估计，已于二零二五

年三月三十一日确认减值亏损593,000港元

（于上文附注14(a)披露）及1,646,000港元以

分别将自置资产及使用权资产之账面值

撇减至彼等之可收回金额合共8,715,000港

元。各现金产生单位之可收回金额乃根据

使用价值估计，该计算方法乃采用剩余租

期财务预算的现金流量预测。现金流量预

测所采用之除税前贴现率为11.2%。

于二零二四年三月三十一日，本集团管理

层确认香港若干餐厅于年内表现欠佳，并

根据彼等各自之现金产生单位估计相关可

收回金额。根据该等估计，已于二零二四

年三月三十一日确认减值亏损250,000港元

（于上文附注14(a)披露）及1,550,000港元以

分别将自置资产及使用权资产之账面值

撇减至彼等之可收回金额合共1,032,000港

元。各现金产生单位之可收回金额乃根据

使用价值估计，该计算方法乃采用剩余租

期财务预算的现金流量预测。现金流量预

测所采用之除税前贴现率为14.0%。

于二零二五年三月三十一日，本集团若干

位于香港账面净值为107,131,000港元之租

赁土地已质押作为本集团获授一般银行融

资之担保（附注29(d)）。

---

2025
二零二五年
HK$’000
港币千元
255,111
67,539
12,029
(152,516)
41,405
(6,563)
(124)
216,881
111,943
104,938

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

15. LEASES

The Group as a lese

(a) Lease liabilities

The carying amounts of the lease liabilities and the

movements during the year are as folows:

二零二四年

HK$’000

港币千元

Carying amount at begining of year于年初之账面值263,620

New leases新租赁54,792

Acretion of interest recognised

during the year (note 7)

年内已确认利息增长

（附注7）7,553

Payments付款(135,650)

Lease modification租赁修改73,566

Disposals处置(5,112)

Exchange realignment汇兑调整(3,658)

Carying amount at end of year于年终之账面值255,111

Analysed into:分析为：

Curent portion流动部份114,656

Non-curent portion非流动部份140,455

The maturity analysis of lease liabilities is disclosed in note

39 to the financial statements.

15. 租赁

本集团作为承租人

(a) 租赁负债

租赁负债之账面值及年内变动载列如下：

租赁负债的到期日分析已于财务报告附注

39披露。

---

2025
二零二五年
HK$’000
港币千元
12,029
140,749
32,781
1,646
(224)
7,163
194,144

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

15. LEASES (continued)

The Group as a lese (continued)

(b) The amounts recognised in the consolidated profit or los

in relation to leases are as folows:

二零二四年

HK$’000

港币千元

Interest on lease liabilities (note 7)租赁负债之利息（附注7）7,553

Depreciation of right-of-use asets

(note 8)

使用权资产之折旧

（附注8）130,539

Expense relating to short-term leases

(included in seling and distribution

expenses/administrative expenses)

短期租赁相关开支

（计入销售及分销开支╱

行政开支内）46,365

Impairment of right-of-use asets使用权资产之减值1,550

Gain on derecognition of

right-of-use asets, net

终止确认使用权资产之收益，

净额(726)

Variable lease payments not included in

the measurement of lease liabilities

(included in cost of sales/seling and

distribution expenses)

不包括于计量租赁负债之

可变租赁付款

（计入销售成本╱销售及

分销开支内）13,073

Total amount recognised in profit

or los

于损益确认总额

198,354

(c) The total cash outflow for leases and future cash outflows

relating to leases that have not yet comenced are disclosed

in notes 34(b) and 35(b), respectively, to the financial

statements.

1. （续）

本集团作为承租人（续）

(b) 于综合损益就租赁确认之金额载列如下：

(c) 租赁之现金流出总额及尚未开始之租赁相

关之未来现金流出分别于财务报告附注

34(b)及35(b)披露。

---

2025
二零二五年
HK$’000
港币千元
1,583
554
6
2,143

2025
二零二五年
HK$’000
港币千元
34,445
(483)
(5)
33,957

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

15. LEASES (continued)

The Group as a lesor

The Group leases its investment properties (note 16) consisting of

one industrial property located in Mainland China, one industrial

property and one residential property located in Japan under

operating lease arangements. The terms of the leases generaly

require the tenants to pay security deposits and provide for

periodic rent adjustments acording to the then prevailing market

conditions. Rental income recognised by the Group during the

year was HK$2,959,000 (2024: HK$3,037,000), details of which

are included in note 5 to the financial statements.

At 31 March 2025, the undiscounted lease payments receivable

by the Group in future periods under non-cancelable operating

leases with its asociate and third-party tenants are as folows:

二零二四年

HK$’000

港币千元

Within one year一年内1,537

After one year but within two years一年后但两年内175

After two years but within thre years两年后但三年内–

Total总计1,712

16. INVESTMENT PROPERTIES

二零二四年

HK$’000

港币千元

Carying amount at begining of year于年初之账面值38,158

Net loses from fair value adjustments

(note 5)

公平值调整之净亏损

（附注5）(383)

Exchange realignment汇兑调整(3,330)

Carying amount at end of year于年终之账面值34,445

1. （续）

本集团作为出租人

本集团根据经营租赁安排租赁其投资物业（附

注16），包括位于中国大陆的一项工业物业、

日本的一项工业物业及一项住宅物业。租赁条

款一般要求租户支付保证金，并根据当时的市

况定期调整租金。本集团于年内已确认之租金

收入为2,959,000港元（二零二四年：3,037,000

港元），详情载于财务报告附注5。

于二零二五年三月三十一日，本集团根据与其

联营公司及第三方租户订立之不可撤回经营

租赁于未来期间应收之未贴现租赁付款载列如

下：

16. 投资物业

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

16. INVESTMENT PROPERTIES (continued)

The Group’s investment properties consist of one residential

property in Japan and two industrial properties in Mainland

China and Japan, respectively. The directors of the Group

have determined that the investment properties consist of two

clases of aset, i.e., residential and industrial, based on the

nature, characteristics and risks of each property. The Group’s

investment properties were revalued on 31 March 2025 based

on valuations performed by Cushman & Wakefield Limited and

Coliers International Japan K, independent profesionaly

qualified valuers, at an agregate valuation of HK$33,957,000

(2024: HK$34,445,000). Each year, the Group’s finance team

decides to apoint which external valuers to be responsible for

the external valuations of the Group’s properties. Selection

criteria include market knowledge, reputation, independence

and whether profesional standards are maintained. The Group’s

finance team has discusions with the valuers on the valuation

asumptions and valuation results when the valuations are

performed for anual financial reporting.

The investment property in Mainland China is leased to

an asociate of the Group under an operating lease and the

investment properties in Japan are leased to third parties under

operating leases, further sumary details of which are included

in notes 15 and 36(a)(iv) to the financial statements.

At 31 March 2025, the Group’s investment properties in Japan

with an agregate carying value of HK$16,245,000 (2024:

HK$16,234,000) were pledged to secure the banking facilities

granted to the Group as detailed in note 29(c) to the financial

statements.

Further particulars of the Group’s investment properties are

included on page 208 of the anual report.

1. （续）

本集团之投资物业包括一项位于日本之住宅物

及两项分别位于中国大陆及日本之工业物业。

本集团董事根据各物业的性质、特点及风险厘

定投资物业包括两类资产，即住宅及工业。本

集团之投资物业于二零二五年三月三十一日根

据由独立专业合资格估值师戴德梁行及Coliers

International Japan K进行之估值而重估总额

为33,957,000港元（二零二四年：34,445,000港

元）。每年，本集团之财务团队决定外聘估值

师为本集团的物业作出外部估值。选择标准包

括市场知识、声誉、独立性以及是否维持专业

水准。估值师因应本集团年度财务报告所需而

进行估值时，本集团的财务团队会与估值师因

应有关估值的假设及结果进行讨论。

中国大陆之投资物业以经营租约形式租赁予本

集团之联营公司，而日本之投资物业以经营租

约形式租赁予第三方，详情载于财务报告附注

15及36(a)(iv)。

于二零二五年三月三十一日，本集团于日

本账面总值为16,245,000港元（二零二四年：

16,234,000港元）的投资物业已质押作为本集团

获授银行融资之担保，详情载于财务报告附注

29(c)。

本集团投资物业之其他详情载于年报第208页。

---

–	–	8,615	8,615
–	–	25,342	23,342
–	–	33,957	33,957

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

16. INVESTMENT PROPERTIES (continued)

Fair value hierarchy

The folowing table ilustrates the fair value measurement

hierarchy of the Group’s investment properties:

Fair value measurement

as at 31 March 2025 using

于二零二五年三月三十一日之公平值计量采用

Quoted prices

in active

markets

(Level 1)

Significant

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3)Total

活跃

市场报价

（第一层）

重大可观察

的输入值

（第二层）

重大不可观察

的输入值

（第三层）总计

Recuring fair value measurement for:HK$’000HK$’000HK$’000HK$’000

以下项目的经常性公平值计量：港币千元港币千元港币千元港币千元

Residential property住宅物业

Industrial properties工业物业

Total总计

Fair value measurement

as at 31 March 2024 using

于二零二四年三月三十一日之公平值计量采用

Quoted prices

in active

markets

(Level 1)

Significant

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3)Total

活跃

市场报价

（第一层）

重大可观察

的输入值

（第二层）

重大不可观察

的输入值

（第三层）总计

Recuring fair value measurement for:HK$’000HK$’000HK$’000HK$’000

以下项目的经常性公平值计量：港币千元港币千元港币千元港币千元

Residential property住宅物业–8,5828,582

Industrial properties工业物业 –25,86325,863

Total总计–34,44534,445

During the year, there were no transfers of fair value

measurements betwen Level 1 and Level 2 and no transfers into

or out of Level 3 (2024: Nil).

1. （续）

公平值架构

下表说明本集团投资物业之公平值计量架构：

年内，第一层及第二层之间并无转移公平值

计量，而第三层并无转入或转出之情况（二零

二四年：无）。

---

8,582	25,863
–	(483)
33	(38)
8,615	25,342

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

16. INVESTMENT PROPERTIES (continued)

Fair value hierarchy (continued)

Reconciliation of fair value measurements categorised within

Level 3 of the fair value hierarchy:

Residential

property

Industrial

properties

住宅物业工业物业

HK$’000HK$’000

港币千元港币千元

Carying amount at 1 April 2023于二零二三年四月一日之账面值9,75228,406

Net gain/(los) from fair value adjustments

recognised in profit or los

于损益确认之公平值调整

收益╱（亏损）净额54(437)

Exchange realignment汇兑调整(1,224)(2,106)

Carying amount 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之账面值

Net los from fair value adjustments

recognised in profit or los

于损益确认之公平值调整

亏损净额

Exchange realignment汇兑调整

Carying amount at 31 March 2025于二零二五年三月三十一日

之账面值

1. （续）

公平值架构（续）

分类至公平值架构第三层的公平值计量对账：

---

2025
二零二五年
HK$111- HK$128 111港元- 128港元
4.3%
4.6%
HK$5,709 5,709港元
HK$7,058 7,058港元
HK$26 26港元
6.00%
6.00%

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

16. INVESTMENT PROPERTIES (continued)

Fair value hierarchy (continued)

Below is a sumary of the valuation technique used and the key

inputs to the valuation of the investment properties:

Valuation techniqueSignificant unobservable inputsRange or weighted average

估值技术重大不可观察的输入值范围或加权平均数

二零二四年

Residential property

In Japan

日本之住宅物业

Discounted cash flow

method under income

aproach

收益法中的贴现

现金流法

Monthly rental value

(per square metre)

每月租值（每平方米）

HK$108-

HK$135

108港元-

135港元

Discount rate

贴现率

4.4%

Terminal capitalisation rate

最终资本化率

4.7%

Industrial property in

Japan

日本之工业物业

Cost method

成本法

Building unit cost

(per square metre)

楼宇单位成本（每平方米）

HK$5,377

5,377港元

Land unit value

(per square metre)

土地单位价值（每平方米）

HK$6,928

6,928港元

Industrial property in

Mainland China

中国大陆之工业物业

Direct capitalisation

method

直接资本化法

Market rental value

(per square metre and per month)

市场租值（每平方米及每月）

HK$26

26港元

Term yield (per anum)

年期收益率（每年）

6.00%

Reversionary yield (per anum)

复归收益率（每年）

6.00%

1. （续）

公平值架构（续）

下列为投资物业估值所使用的估值技术及主要

输入值的概要：

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

16. INVESTMENT PROPERTIES (continued)

Fair value hierarchy (continued)

The Group has determined that the curent use of the industrial

properties is the highest and best use at the measurement date.

Under the cost method, a property’s fair value is estimated based

on the amount that would be required curently to replace the

service capacity of an aset.

A significant increase (decrease) in the market replacement cost

would result in a significant increase (decrease) in the fair value

of the investment properties.

Under the discounted cash flow method, fair value is estimated

using asumptions regarding the benefits and liabilities of

ownership over the aset’s life including an exit or terminal

value. This method involves the projection of a series of periodic

cash flows to an operating property. An apropriate discount

rate is aplied to the projected cash flow in order to establish the

present value of the income stream asociated with the aset. The

periodic cash flow is typicaly estimated as gros income les

vacancy and other operating expenses and other outgoings. The

series of periodic net operating income, along with an estimate of

the terminal value, anticipated at the end of the projection period,

is then discounted at the discount rate.

A significant increase (decrease) in the monthly rental in

isolation would result in a significant increase (decrease) in the

fair value of the investment property. A significant increase

(decrease) in the terminal capitalisation rate and the discount rate

in isolation would result in a significant decrease (increase) in the

fair value of the investment property.

Under the direct capitalisation method, a property’s fair value

is estimated based on the normalised net operating income

generated by the property, which is divided by the capitalisation

rate.

A significant increase (decrease) in the market rental value would

result in a significant increase (decrease) in the fair value of the

investment property. A significant increase (decrease) in the term

yield rate and reversionary yield rate in isolation would result in a

significant decrease (increase) in the fair value of the investment

property.

1. （续）

公平值架构（续）

本集团已确定该项工业物业目前之用途为计量

日期之最高及最佳用途。

根据成本法，物业之公平值乃根据目前替换资

产服务能力所需的金额估计。

市场重置成本大幅增加（减少）会导致投资物业

的公平值大幅增加（减少）。

根据贴现金流法，公平值乃采用有关于整个

资产寿命内所有权之利益及负债（包括退出价

值或最终价值）之假设进行估计。该方法涉及

对营运中物业之一连串定期现金流量之预测。

合适之贴现率应用于预测现金流量以便确立

与资产有关之收益流之现值。定期现金流量一

般指收入总额减空置、其他经营开支及其他支

出。该一连串定期经营收入净额，连同预测期

末预计之最终价值估计金额，其后按贴现率贴

现。

仅每月租金显著增加（减少）会导致投资物业的

公平值显著增加（减少）。仅最终资本化率及贴

现率大幅上升（下降）会导致投资物业之公平值

大幅下降（上升）。

根据直接资本化法，物业公平值乃根据该物业

所带来之归一化净经营收入除以资本化比率而

估计。

市场租值大幅增加（减少）会导致投资物业的公

平值大幅增加（减少）。仅年期收益率及复归收

益率之大幅增加（减少）会导致投资物业的公平

值大幅减少（增加）。

---

2025
二零二五年
HK$’000
港币千元
101,740
131
101,871
105,163
(3,292)
101,871

2025
二零二五年
HK$’000
港币千元
15,386
14,090
11,056
59,358
1,981
101,871

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

17. GODWIL

二零二四年

HK$’000

港币千元

Net carying amount at begining of year年初之账面净值111,648

Exchange realignment汇兑调整(9,908)

Net carying amount at end of year年终之账面净值101,740

At end of the year:于年终：

Cost成本105,032

Acumulated impairment累计减值(3,292)

Net carying amount账面净值101,740

The carying amount of godwil alocated to the cash-generating

units is as folows:

二零二四年

HK$’000

港币千元

Trading busines贸易业务15,443

Lunch box and tuck shop services operation

(the “Catering busines”)

饭盒及小卖部服务业务

（「餐饮业务」）14,090

Restaurant operation in Mainland China中国内地餐厅业务11,096

Snack fod and confectionery distribution

in Japan (the “Miyata group busines”)

于日本分销零食及糖果

（「宫田集团业务」）59,130

Others其他1,981

Total总计101,740

17. 商誉

分配至现金产生单位之商誉之账面值载列如

下：

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

17. GODWIL (continued)

Impairment testing of godwil

Mainland restaurant operation, trading busines, Catering

busines and Miyata group busines cash-generating units

The recoverable amounts of the trading busines cash-generating

unit, the Catering busines cash-generating unit, the Mainland

restaurant operation cash-generating unit and the Miyata group

busines cash-generating unit have ben determined based on

a value-in-use calculation using cash flow projections based

on financial budgets covering a five-year period aproved by

senior management. The discount rates aplied to the cash flow

projections are betwen 9.3% and 13.5% (2024: 10.7% and

14.0%). The growth rates used to extrapolate the cash flows of

the cash-generating units beyond the five-year period is 2.0%

(2024: betwen 2.0% and 2.4%).

Asumptions were used in the value-in-use calculation of the

Mainland restaurant operation cash-generating unit, the trading

busines cash-generating unit, the Catering busines cash-

generating unit and the Miyata group busines cash-generating

unit for the years ended 31 March 2025 and 2024. The folowing

describes each key asumption on which management has based

its cash flow projections to undertake impairment testing of

godwil:

Budgeted gros margins – The basis used to determine the value

asigned to the budgeted gros margins is the average gros

margins achieved in the year imediately before the budget year,

increased for expected eficiency improvements.

Discount rates – The discount rates used are before tax and

reflect specific risks relating to the relevant units.

Purchase price inflation – The basis used to determine the value

asigned to inventory price inflation is the forecast price indices

during the budget year from where inventories are sourced.

The values asigned to the key asumptions on expected

eficiency improvements, discount rates and purchase price

inflation are consistent with external information sources.

1. （续）

商誉之减值测试

内地餐厅业务、贸易业务、餐饮业务及宫田集

团业务现金产生单位

贸易业务现金产生单位、餐饮业务现金产生单

位、内地餐厅业务现金产生单位及宫田集团业

务现金产生单位之可收回款项乃根据使用价值

厘订。使用价值按照高级管理层所批准涵盖五

年之财政预算运用现金流预测计算。现金流预

测所使用之贴现率为9.3%至13.5%（二零二四

年：10.7%至14.0%）。超过五年期间之现金产

生单位之现金流增长率预测为2.0%（二零二四

年：介乎2.0%至2.4%）。

就计算截至二零二五年及二零二四年三月

三十一日止年度之内地餐厅业务现金产生单

位、贸易业务现金产生单位、餐饮业务现金产

生单位以及宫田集团业务现金产生单位之使用

价值已建基于若干假设。以下描述管理层于作

出现金流预测时采纳之各主要假设以进行商誉

减值测试：

预算毛利率－用以厘定预算毛利率之价值之基

准为紧接预算年度前一年取得之平均毛利率，

并会因应预计效率提升而增加。

贴现率－所采用之贴现率为除税前，且反映与

相关单位有关之个别风险。

采购价格上涨－存货价格上涨之决定基准乃按

预算年度内存货来源地之预测价格指标。

对预期效益改进、贴现率及采购价格上涨之主

要假设之价值与外部资料来源相符一致。

---

59,042
(16,066)
42,976
42,976
(3,840)
113
39,249
59,266
(20,017)
39,249

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

18. OTHER INTANGIBLE ASETS

Customer

relationships

客户关系

HK$’000

港币千元

At 1 April 2023:于二零二三年四月一日：

Cost成本67,367

Acumulated amortisation累计摊销(13,808)

Net carying amount账面净值53,559

Cost at 1 April 2023, net of acumulated amortisation于二零二三年四月一日之成本，

扣除累计摊销53,559

Amortisation provided during the year (note 8)年内摊销（附注8）(4,065)

Exchange realignment汇兑调整(6,518)

At 31 March 2024于二零二四年三月三十一日42,976

At 31 March 2024 and at 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：

Cost成本

Acumulated amortisation累计摊销

Net carying amount账面净值

Cost at 1 April 2024, net of acumulated amortisation于二零二四年四月一日之成本，

扣除累计摊销

Amortisation provided during the year (note 8)年内摊销（附注8）

Exchange realignment汇兑调整

At 31 March 2025于二零二五年三月三十一日

At 31 March 2025:于二零二五年三月三十一日：

Cost成本

Acumulated amortisation累计摊销

Net carying amount账面净值

18. 其他无形资产

---

2025
二零二五年
HK$’000
港币千元
12,362

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

19. 于合营企业之投资

本集团应收合营企业之其他应收款项结余已载

列于财务报告附注24。

主要合营企业详情如下：

该等合营企业的财政年度与本集团的不同，

其财政年度结算日为十二月三十一日。该等以

十二月三十一日为其财政年度结算日之合营企

业与其控股公司之呈报日期或法定要求相符。

19. INVESTMENTS IN JOINT VENTURES

二零二四年

HK$’000

港币千元

Share of net asets应占资产净值4,558

The Group’s other receivable balances due from the joint

ventures are disclosed in note 24 to the financial statements.

Particulars of the joint ventures are as folows:

Name

Particulars of

isued shares held

Place of

incorporation/

registration

and busines

Percentage of

百分比

Principal

activities

Ownership

interest

Voting

power

Profit

sharing

名称

持有

已发行股份详情

注册成立╱

登记及营业地点拥有权益投票权应占溢利主要业务

Four Seas Astrapto F&B ILP, L.P.US$14,000,000

14,000,000美元

Cayman Islands

开曼群岛

67%67%67%Investment

holding

投资控股

Four Seas Astrapto F&B LimitedUS$100

100美元

Cayman Islands

开曼群岛

60%60%60%Provision for

investment

management

services

提供投资

管理服务

Four Seas Astrapto F&B (BVI)

Limited

US$100

100美元

British Virgin Islands

英属处女群岛

60%60%60%Investment

holding

投资控股

The financial year of about joint ventures is not coterminous with

that of the Group and has financial year ending 31 December.

This joint venture uses 31 December as their financial year end

date to conform with its holding companies’ reporting date or

statutory requirements.

---

2025
二零二五年
HK$’000
港币千元
(610)
(610)
12,362

2025
二零二五年
HK$’000
港币千元
186,995

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

19. INVESTMENTS IN JOINT VENTURES

(continued)

The folowing table ilustrates the agregate financial information

of the Group’s joint ventures that are not individualy material:

二零二四年

HK$’000

港币千元

Share of the joint ventures’ loses for the year应占合营企业本年度亏损(2,299)

Share of the joint ventures’ total

comprehensive los

应占合营企业全面亏损总额

(2,299)

Agregate carying amount of the Group’s

investments in the joint ventures

本集团于合营企业投资的

总账面值4,558

20. INVESTMENTS IN ASOCIATES

二零二四年

HK$’000

港币千元

Share of net asets应占资产净值181,046

The Group’s trade payable balances with the asociates are

disclosed in note 28 to the financial statements.

1. （续）

下表阐述本集团个别而言不重大的合营企业之

合计财务资料：

20. 于联营公司之投资

本集团与联营公司之应付贸易账款结余已载列

于财务报告附注28。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

1. （续）

主要联营公司详情如下：

附注：

(i) 该等联营公司的财政年度与本集团的不同，

其财政年度结算日为十二月三十一日。该等以

十二月三十一日为其财政年度结算日之联营公

司与其控股公司之呈报日期或法定要求相符。

董事认为以上所述为于年内对本集团之业绩有

重大影响或占集团之重大部分净资产之本集团

联营公司，董事认为如详列余下联营公司会使

篇幅过份冗长。

上述联营公司之财政年度与本集团财政年度

如出一辙，惟上文附注(i)项所述之联营公司除

外。综合财务报告就彼等及本集团于财政年度

结算日之间之重大交易作出调整。

20. INVESTMENTS IN ASOCIATES

(continued)

Particulars of the principal asociates are as folows:

Name

Particulars

of isued

shares held

Place of

incorporation/

registration

and busines

Percentage of

ownership

interest

atributable

to the Group

Principal

activities

名称

持有已发行

股份详情

注册成立╱

登记及营业地点

本集团应占

拥有权益百分比主要业务

Calbe Four Seas Company Limited

卡乐B四洲有限公司

Ordinary shares

普通股

Hong Kong

香港

50.0Manufacturing of

snack fods

小食制造

四洲休闲食品(汕头)有限公司Paid-up capital

缴足股本

PRC/

Mainland China

中国╱中国大陆

50.0Manufacturing of

snack fods

小食制造

Want Want Four Seas Company Limited

(i)

旺四洲有限公司

(i)

Ordinary shares

普通股

Hong Kong

香港

30.0Trading in

snack fods

小食贸易

Note:

(i) The financial year of this asociate is not coterminous with that

of the Group and has financial year ending 31 December. This

asociate uses 31 December as their financial year end date to

conform with its holding companies’ reporting date or statutory

requirements.

The above table lists the asociates of the Group which, in the

opinion of the directors, principaly afected the results for the

year or formed a substantial portion of the net asets of the

Group. To give details of other asociates would, in the opinion

of the directors, result in particulars of excesive length.

The financial years of the above asociates are coterminous with

that of the Group, except for asociates as mentioned in note

(i) above, for which the consolidated financial statements are

adjusted for the material transactions betwen their financial year

end date and the Group’s year end date.

---

2025
二零二五年
HK$’000
港币千元
6,932
(456)
6,476
186,995

2025
二零二五年
HK$’000
港币千元
8,617
16,260
24,877

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

1. （续）

下表阐述本集团个别而言不重大的联营公司之

合计财务资料：

21. 按公平值透过其他全面收益入账

之金融资产

由于本集团认为上述权益投资具策略性质，因

此项投资已不可撤回地指定为按公平值透过

其他全面收益入账。

20. INVESTMENTS IN ASOCIATES

(continued)

The folowing table ilustrates the agregate financial information

of the Group’s asociates that are not individualy material:

二零二四年

HK$’000

港币千元

Share of the asociates’ profit for the year应占联营公司年内溢利12,606

Share of the asociates’ other comprehensive

los

应占联营公司其他全面

亏损(2,102)

Share of the asociates’ total comprehensive

income

应占联营公司总全面

收益10,504

Agregate carying amount of the Group’s

investments in asociates

本集团于联营公司之投资的

总账面值181,046

21. FINANCIAL ASETS AT FAIR VALUE

THROUGH OTHER COMPREHENSIVE

INCOME

二零二四年

HK$’000

港币千元

Listed equity investments at fair value上市权益投资，按公平值16,515

Unlisted equity investments at fair value非上市权益投资，按公平值–

Total总计16,515

The above equity investments were irevocably designated at

fair value through other comprehensive income as the Group

considers these investments to be strategic in nature.

---

2025
二零二五年
HK$’000
港币千元
113,573
17,762
198,792
330,127

2025
二零二五年
HK$’000
港币千元
597,426
(5,022)
592,404

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

22. INVENTORIES

二零二四年

HK$’000

港币千元

Raw materials原料82,065

Work in progres半成品23,533

Finished gods产成品163,682

Total总计269,280

23. TRADE RECEIVABLES

二零二四年

HK$’000

港币千元

Trade receivables应收贸易账款628,205

Impairment减值(3,158)

Net carying amount账面净值625,047

The Group’s trading terms with its customers are mainly on

credit, except for new customers, where payment in advance is

normaly required. The credit period is generaly for a period

of one to thre months, extending up to four to five months for

major customers. Each customer has a maximum credit limit.

The Group seks to maintain strict control over its outstanding

receivables to minimise credit risk. Overdue balances are

reviewed regularly by senior management. In view of the

aforementioned and the fact that the Group’s trade receivables

relate to a large number of diversified customers, there is no

significant concentration of credit risk. The Group does not

hold any colateral or other credit enhancements over its trade

receivables. Trade receivables are non-interest-bearing.

22. 存货

23. 应收贸易账款

本集团与客户之贸易账期以信贷为主，惟新客

户一般需要预先付款。信贷期一般为一至三个

月，就主要客户而言，可延长至四至五个月。

每个客户均有信贷额上限。本集团力求严格控

制其尚未收取之应收款项，借此将信贷风险降

至最低。高级管理层会定期检讨逾期结余。鉴

于上述措施，以及本集团之应收贸易账款与众

多元化的客户有关，因此并无重大信贷集中

风险。本集团并无就应收贸易账款持有任何抵

押品或其他信贷提升。应收贸易账款乃免息。

---

2025
二零二五年
HK$’000
港币千元
326,173
110,462
68,909
86,860
592,404

2025
二零二五年
HK$’000
港币千元
3,158
3,068
(1,204)
5,022

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

23. TRADE RECEIVABLES (continued)

An ageing analysis of the trade receivables as at the end of

the reporting period, based on the invoice date and net of los

alowance, is as folows:

二零二四年

HK$’000

港币千元

Within 1 month1个月内381,903

1 to 2 months1至2个月89,312

2 to 3 months2至3个月66,949

Over 3 months3个月以上86,883

Total总计625,047

Included in the trade receivables are amounts from subsidiaries

of Hong Kong Fod Investment Holdings Limited, a substantial

shareholder of the Company, of HK$216,000 (2024: HK$87,000),

which are repayable on credit terms similar to those ofered to the

major customers of the Group.

The movements in the los alowance for impairment of trade

receivables are as folows:

二零二四年

HK$’000

港币千元

At begining of year于年初4,422

Impairment loses, net (note 6)减值亏损，净额（附注6）1,625

Amount writen of as uncolectable由于不可收回而撇销之金额(2,889)

At end of year于年终3,158

An impairment analysis is performed at each reporting date

using a provision matrix to measure expected credit loses. The

provision rates are based on days past due for groupings of

various customer segments with similar los paterns (i.e., by

geographic region and customer type). The calculation reflects

the probability-weighted outcome, reasonable and suportable

information that is available at the reporting date about past

events, curent conditions and forecasts of future economic

conditions.

1. （续）

于报告期末，根据发票日期及扣除亏损拨备之

应收贸易账款之账龄分析如下：

应收贸易账款包括应收本公司一名主要股东香

港食品投资控股有限公司的附属公司之款项

216,000港元（二零二四年：87,000港元），而还

款期与本集团授予其主要客户之信贷账期类同。

应收贸易账款减值之亏损拨备之变动情况如

下：

于各报告日期均采用拨备矩阵进行减值分析，

以计量预期信贷损失。拨备率乃基于就拥有类

似亏损模式的多个客户分部进行分组（即按地

理位置及客户类型）的逾期日数计算。该计算

反映或然率加权结果及于报告日期可得的有关

过往事件、当前条件及未来经济条件预测的合

理及具支持性资料。

---

Past due
逾期
Current	Less than 1 month	1 to 3 months	Over 3 months	Total
即期	少于 一个月	一至 三个月	超过 三个月	总计
0.05%	3.06%	4.28%	20.36%	0.84%
532,484	30,358	19,878	14,706	597,426
247	930	851	2,994	5,022

2025
二零二五年
HK$’000
港币千元
20,931
166,769
187,700
(28,132)
159,568

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

1. （续）

下表载列就本集团应收贸易账款使用拨备矩阵

的信贷风险的资料：

于二零二五年三月三十一日

于二零二四年三月三十一日

1. 、订金及其他应收款项

附注： 于二零二五年三月三十一日，结余包括应收

合营企业款项5,873,000港元（二零二四年：

2,884,000港元）。应收合营企业款项为无抵

押、免息及按要求偿还。

23. TRADE RECEIVABLES (continued)

Set out below is the information about the credit risk exposure on

the Group’s trade receivables using a provision matrix:

As at 31 March 2025

Expected credit los rate预期信贷损失率

Gros carying amount (HK$’000)总账面值（港币千元）

Expected credit loses (HK$’000)预期信贷损失（港币千元）

As at 31 March 2024

Past due

逾期

Curent

Les than

1 month

1 to

3 months

Over

3 monthsTotal

即期

少于

一个月

一至

三个月

超过

三个月总计

Expected credit los rate预期信贷损失率0.03%1.84%3.99%6.28%0.50%

Gros carying amount (HK$’000)总账面值（港币千元）536,31754,38215,49622,010628,205

Expected credit loses (HK$’000)预期信贷损失（港币千元）1551,0026191,3823,158

24. PREPAYMENTS, DEPOSITS AND

OTHER RECEIVABLES

二零二四年

HK$’000

港币千元

Prepayments预付款项33,140

Deposits and other receivables (note)订金及其他应收款项（附注）123,228

Total总计156,368

Les: Portion clasified as non-curent asets减：划分为非流动资产之部分(28,281)

Curent portion流动部分128,087

Note: Balance included an amount due from joint ventures of

HK$5,873,000 (2024: HK$2,884,000) as at 31 March 2025. The

amount due from joint ventures are unsecured, interest-fre and

repayable on demand.

---

2025
二零二五年
HK$’000
港币千元
83,688
2,800
4,650
1,200
294
7,943
100,575
(16,964)
83,611

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

1. 、订金及其他应收款项

（续）

订金及其他应收款项之减值

于每个报告日期均考虑违约的可能性，或参考

本集团的过往亏损记录，采用亏损率方法进行

减值分析。于二零二五年及二零二四年三月

三十一日，亏损拨备被评估为极微。

25. 按公平值透过损益入账的金融资

产

本集团将上述权益投资指定为按公平值透过损

益入账的金融资产，乃由于本集团并无选择透

过其他全面收益确认公平值收益或亏损。

上述非上市投资为于中国内地之权益投资、于

香港之证券收益基金、于日本之保险费用及基

金组合、于香港之学校债券及于香港之会所债

券。彼等被强制归类为按公平值透过损益入账

的金融资产，乃由于彼等之合约现金流量不仅

是本金及利息的付款。

24. PREPAYMENTS, DEPOSITS AND

OTHER RECEIVABLES (continued)

Impairment of deposits and other receivables

An impairment analysis is performed at each reporting date by

considering the probability of default or by aplying a los rate

aproach with reference to the historical los record of the Group.

As at 31 March 2025 and 2024, the los alowance was asesed

to be minimal.

25. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

二零二四年

HK$’000

港币千元

Listed equity investments上市权益投资58,699

Other unlisted investments其他非上市投资

Equity investment权益投资7,888

Schol debenture学校债券4,650

Club debentures会所债券1,200

Fund wraps基金组合295

Securities income fund证券收益基金8,237

Total总计80,969

Les: Clasified as non-curent asets减：分类为非流动资产(22,361)

Curent portion流动部分58,608

The above equity investments were designated by the Group as

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

has not elected to recognise the fair value gain or los through

other comprehensive income.

The above unlisted investments were equity investment in

Mainland China, securities income fund in Hong Kong, insurance

premium and fund wraps in Japan, a schol debenture in Hong

Kong, and club debentures in Hong Kong. They were mandatorily

clasified as financial asets at fair value through profit or los as

their contractual cash flows are not solely payments of principal

and interest.

---

2025
二零二五年
HK$’000
港币千元
522,000
109,977
631,977

2025
二零二五年
HK$’000
港币千元
–

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

26. 现金及现金等值项目

于报告期末，本集团以人民币（「人民币」）列

值之现金及银行结存为182,861,000港元（二零

二四年：193,488,000港元）。人民币不得自由

兑换为其他货币，但根据中国大陆外汇管理条

例和结汇、售汇及付汇管理规定，本集团获准

透过获认可进行外汇兑换业务之银行将人民币

兑换为其他货币。

银行现金按每日银行存款利率以浮动利率赚

取利息。短期定期存款乃按介乎一日至三个月

（二零二四年：一日至三个月）之不同期间作

出，视乎本集团之即时现金需求，并按照各自

之短期定期存款利率赚取利息。银行结存乃存

于近期并无违约记录而具有良好信誉之银行。

27. 分类为持作出售的非流动资产

于二零二四年三月三十一日，本集团决定出

售若干物业、厂房及设备12,442,000港元（附注

14(a)）。相关资产已于二零二四年三月三十一

日重新分类为持作出售。

26. CASH AND CASH EQUIVALENTS

二零二四年

HK$’000

港币千元

Cash and bank balances现金及银行结存497,597

Time deposits with original maturity of

les than thre months when acquired

原有到期日

少于三个月之定期存款128,343

Cash and cash equivalents现金及现金等值项目625,940

At the end of the reporting period, the cash and bank balances

of the Group denominated in Renminbi (“RMB”) amounted

to HK$182,861,000 (2024: HK$193,488,000). The RMB is

not frely convertible into other curencies, however, under

Mainland China’s Foreign Exchange Control Regulations and

Administration of Setlement, and Sale and Payment of Foreign

Exchange Regulations, the Group is permited to exchange RMB

for other curencies through banks authorised to conduct foreign

exchange busines.

Cash at banks earns interest at floating rates based on daily bank

deposit rates. Short term time deposits are made for varying

periods of betwen one day and thre months (2024: one day and

thre months) depending on the imediate cash requirements

of the Group, and earn interest at the respective short term time

deposit rates. The bank balances are deposited with creditworthy

banks with no recent history of default.

27. NON-CURENT ASETS CLASIFIED

AS HELD FOR SALE

二零二四年

HK$’000

港币千元

Asets clasified as held for sale分类为持作出售的资产12,442

As at 31 March 2024, the Group determined to dispose of certain

property, plant and equipment of HK$12,442,000 (note 14(a),

which were reclasified as held for sale as at 31 March 2024.

---

2025
二零二五年
HK$’000
港币千元
258,832
202,557
2,583
463,972
(2,182)
461,790

2025
二零二五年
HK$’000
港币千元
193,224
51,425
12,054
2,129
258,832

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

1. 、其他应付款项及

应计负债

附注：

(a) 于报告期末，根据发票日期之应付贸易账款之

账龄分析如下：

应付贸易账款包括结欠本集团联营公司之款项

34,233,000港元（二零二四年：38,762,000港元）

及结欠本公司一名主要股东香港食品投资控股

有限公司的附属公司之款项855,000港元（二零

二四年：426,000港元），彼等一般按30至60日

期限结付。

应付贸易账款为免息及一般按30至60日期限结

付。其他应付款项乃免息，信贷期平均为三个

月。

28. TRADE PAYABLES, OTHER

PAYABLES AND ACRUALS

二零二四年

NotesHK$’000

附注港币千元

Trade payables应付贸易账款(a)266,196

Other payables and acruals其他应付款项及应计负债223,563

Contract liabilities合约负债(b)2,118

Total总计491,877

Les: Non-curent portion of

other payables and acruals

减：其他应付款项及应计

负债之非流动部份(2,129)

Curent portion流动部份489,748

Notes:

(a) An ageing analysis of the trade payables as at the end of the

reporting period, based on the invoice date, is as folows:

二零二四年

HK$’000

港币千元

Within 1 month1个月内189,509

1 to 2 months1至2个月57,589

2 to 3 months2至3个月8,329

Over 3 months3个月以上10,769

Total总计266,196

Included in trade payables are amounts due to the Group’s

asociates of HK$34,233,000 (2024: HK$38,762,000) and

subsidiaries of Hong Kong Fod Investment Holdings Limited, a

substantial shareholder of the Company, of HK$855,000 (2024:

HK$426,000), which are normaly setled on 30-day to 60-day

terms.

The trade payables are non-interest-bearing and are normaly setled

on 30-day to 60-day terms. Other payables are non-interest-bearing

and have an average term of thre months.

---

31 March 2025
二零二五年 三月三十一日
HK$’000
港币千元
2,583

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

28. TRADE PAYABLES, OTHER

PAYABLES AND ACRUALS (continued)

Notes: (continued)

(b) Details of contract liabilities are as folows:

31 March 20241 April 2023

二零二四年

三月三十一日

二零二三年

四月一日

HK$’000HK$’000

港币千元港币千元

Short-term advances received from

customers

短期预收客户款项

Sale of gods销售货品2,1182,090

Contract liabilities include short-term advances received to deliver

products to customers. The increase in contract liabilities in 2025

was mainly due to the increase in short-term advances received

from customers in relation to the sale of gods at the end of the

year.

1. 、其他应付款项及

应计负债（续）

附注：（续）

(b) 合约负债之详情载列如下：

合约负债包括为交付产品予客户之短期预收款

项。于二零二五年之合约负债增加主要由于年

底销售货品相关之短期预收客户款项增加。

---

2025
二零二五年
Effective interest rate	Maturity	HK$’000
实际利率	到期日	港币千元
1.49%-6.21%	Within 12 months or on demand 12个月内 或按要求	65,209
1.33%-5.81%	Within 12 months or on demand 12个月内 或按要求	805,974
1.80%-5.33%	Within 12 months 12个月内	108,658
		979,841
1.80%	2 years 2年	107,051
1.80%	2 years 2年	164,180
		271,231
		1,251,072

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

29. INTEREST-BEARING BANK

BOROWINGS

二零二四年

Efective

interest rateMaturityHK$’000

实际利率到期日港币千元

(Restated)

（经重列）

Curent

流动

Trust receipt loans – unsecured

无抵押信托收据贷款

0.92%-7.15%Within

12 months

or on demand

12个月内

或按要求

43,392

Bank loans – unsecured

无抵押银行贷款

4.70%-6.51%Within

12 months

or on demand

12个月内

或按要求

609,787

Bank loans – secured

有抵押银行贷款

1.25%Within

12 months

12个月内

10,412

Total – curent

流动总计663,591

Non-curent

非流动

Bank loans – unsecured

无抵押银行贷款

1.25%2 years

2年

99,379

Bank loans – secured

有抵押银行贷款

1.25%2 years

2年

136,255

Total – non-curent

非流动总计235,634

Total

总计899,225

29. 须缴付利息之银行贷款

---

2025
二零二五年
HK$’000
港币千元
979,841
271,231
1,251,072

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

29. INTEREST-BEARING BANK

BOROWINGS (continued)

二零二四年

HK$’000

港币千元

(Restated)

（经重列）

Analysed into:分析为：

Bank loans and trust receipt loans:银行贷款及信托收据贷款：

Within one year or on demand第一年内或按要求663,591

In the second year第二年内235,634

Total总计899,225

Notes:

(a) Al the bank and trust receipt loans bear interest at floating interest

rates.

(b) The bank loans were denominated in Hong Kong dolar, Japanese

yen and Renminbi at the end of the reporting period.

(c) Certain of the Group’s bank loans are secured by the pledge of

certain of the Group’s land in Japan, which had an agregate

carying value of aproximately HK$71,034,000 (2024:

HK$72,158,000) and certain of the Group’s investment properties

in Japan, which had an agregate carying value of HK$16,245,000

(2024: HK$16,234,000) at the end of the reporting period as

detailed in notes 14(a) and 16 to the financial statements.

(d) At 31 March 2025, certain of the Group’s property, plant

and equipment in Hong Kong with a net carying amount of

HK$211,030,000 were pledged to secure bank facilities granted to

the Group.

1. （续）

附注：

(a) 所有银行及信托收据贷款均以浮动利率计息。

(b) 于报告期末，银行贷款以港元、日圆及人民币

为单位。

(c) 本集团的若干银行贷款以本集团若干位于日

本之土地（账面总值约为71,034,000港元（二零

二四年：72,158,000港元）及本集团若干位于

日本之投资物业（于报告期末账面总值约为

16,245,000港元（二零二四年：16,234,000港元）

作为抵押，详情载于财务报告附注14(a)及16。

(d) 于二零二五年三月三十一日，本集团若干位于

香港账面净值为211,030,000港元之物业、厂房

及设备已质押作为本集团获授一般银行融资之

担保。

---

2025
二零二五年
2.1%
2.0%

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

30. DEFINED BENEFIT OBLIGATIONS

The Group has unfunded defined benefit retirement plans which

cover al its qualifying MYC’s employes and executive oficers

in Japan, depending on their length of service, salary in the final

years leading up to retirement and the retirement factor.

The plan is exposed to a number of risks, the most significant of

which are detailed below:

RisksDescriptions

风险描述

Change in bond yieldsA decrease in corporate bond yields wil increase plan liabilities, although this wil be

partialy ofset by an increase in the value of the plans’ bond holdings.

债券收益率变动企业债券收益率下降将增加计划负债，惟其部分将由计划债券价值之增幅所抵销。

Inflation riskThe majority of the plans’ benefit obligations are linked to inflation, and higher inflation

wil lead to higher liabilities.

通胀风险大部分计划福利责任与通胀有关，而通胀率上升将增加负债。

Life expectancyThe majority of the plans’ obligations are to provide benefits for the life of the member,

so increases in life expectancy wil result in an increase in the plan liabilities.

寿命大多数计划责任乃于成员有生之年提供福利，故寿命延长将导致计划负债增加。

The most recent actuarial valuation of the present value of the

defined benefit obligations was caried out on 31 March 2025

by IC Partners Co., Ltd., an independent qualified profesional

valuer, using the projected unit credit actuarial valuation method.

The principal actuarial asumptions used as at the end of the

reporting period are as folows:

二零二四年

Discount rate (%)贴现率(%)1.5%

Expected rate of salary increases (%)未来薪金增长率(%)2.0%

Asumptions regarding future mortality are set based on actuarial

advice in acordance with published statistics and experience.

These asumptions translate into an average life expectancy in

years for a regular employe and an executive oficer of MYC

retiring at age 60 and 65, respectively.

30. 界定福利承担

本集团向其日本之所有合资格MYC雇员及行政

人员提供非供款界定福利退休计划，有关福利

乃按照彼等之服务年期、退休前最后年度之薪

金以及退休因素而定。

计划承担多项风险，当中最重大者之详情如下：

界定福利承担现值之最近期精算估值由独立

合资格专业估值师IC Partners Co., Ltd.于二零

二五年三月三十一日使用预期单位贷记精算估

值法进行。

于报告期末所采用之主要精算假设如下：

有关未来死亡率之假设乃基于根据已公布统计

数据及经验之精算建议而定。该等假设可推算

出MYC一名正式雇员及一名执行董事分别于60

岁及65岁退休之预期平均寿命。

---

0.5	(300)	0.5	300
0.5	800	0.5	(800)

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

1. （续）

于报告期末，重大假设之定量敏感度分析列示

如下：

上述敏感度分析乃基于一项假设有所变动而所

有其他假设维持不变而作出。该等情况在现实

中不太可能发生。于计算界定福利承担对重大

精算假设之敏感度时，乃采用于计算综合财务

状况表内确认之退休金负债时所采用之同一方

法（界定福利承担之现值乃于报告期末按预期

单位信贷精算估值法计量）。

本集团以内部资源应付退休金计划之资金需

求，现时并无订立任何会影响未来供款之拨资

安排及拨资政策。

30. DEFINED BENEFIT OBLIGATIONS

(continued)

A quantitative sensitivity analysis for significant asumptions as

at the end of the reporting period is shown below:

Increase/Increase/

(decrease)(decrease)

in definedin defined

IncreasebenefitDecreasebenefit

in rateobligationsin rateobligations

比率上升

界定福利

承担增加╱

（减少）比率下降

界定福利

承担增加╱

（减少）

%HK$’000%HK$’000

港币千元港币千元

2025二零二五年

Discount rate贴现率

Expected rate of salary increases未来薪金增长率

2024二零二四年

Discount rate贴现率0.5(300)0.5300

Expected rate of salary increases未来薪金增长率0.54000.5(400)

The above sensitivity analysis is based on a change in an

asumption while holding al other asumptions constant.

In practice, this is unlikely to ocur. When calculating the

sensitivity of the defined benefit obligations to the significant

actuarial asumption, the same method (present value of the

defined benefit obligations calculated with the projected unit

credit actuarial valuation method at the end of the reporting

period) has ben aplied as when calculating the pension liability

recognised within the consolidated statement of financial

position.

The Group finances the funding requirements of the pension plan

by internal resources and does not have any funding arangements

and funding policy that wil afect future contributions.

---

2025
二零二五年
HK$’000
港币千元
608
83
691
691

2025
二零二五年
HK$’000
港币千元
286

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

30. DEFINED BENEFIT OBLIGATIONS

(continued)

The total expenses recognised in the consolidated statement of

profit or los in respect of the plan are as folows:

二零二四年

HK$’000

港币千元

Curent service cost当期服务成本810

Interest cost利息成本77

Net benefit expenses福利开支净额887

Recognised in administrative expenses已于行政开支确认887

The amount recognised in the consolidated statement of

comprehensive income in respect of the plan is as folows:

二零二四年

HK$’000

港币千元

Actuarial gains recognised已确认精算收益459

1. （续）

于综合损益表就计划确认之总开支载列如下：

于综合全面收益表就计划确认之款额如下：

---

2025
二零二五年
HK$’000
港币千元
5,759
608
83
(307)
(347)
61
–
24
5,881

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

30. DEFINED BENEFIT OBLIGATIONS

(continued)

The movements in the present value of the defined benefit

obligations are as folows:

二零二四年

HK$’000

港币千元

At begining of year于年初6,740

Curent service cost当期服务成本810

Interest cost利息成本77

Benefit paid已付福利(572)

Actuarial gain arising from changes in

financial asumptions

因财务假设变动而产生的

精算收益(304)

Actuarial los arising from experience

adjustments

因经验调整而产生的

精算亏损395

Actuarial gain arising from demographic

adjustments

因人口调整而产生的精算

收益(550)

Exchange realignment汇兑调整(837)

At end of year于年终5,759

The average duration of the defined benefit obligations at the end

of the reporting period is 9.5 years (2024: 9.5 years).

1. （续）

界定福利承担现值之变动如下：

界定福利承担于报告期末之平均持续时间为

9.5年（二零二四年：9.5年）。

---

Accelerated tax depreciation	Fair value adjustment arising from acquisition of subsidiaries	Revaluation of properties	Withholding taxes	Financial assets at fair value through other comprehensive income	Right-of-use assets	Others	Total
加速税项 折旧	因收购附属 公司而产生 之公平值调整	物业重估	预扣税	按公平值透过 其他全面收益 入账之 金融资产	使用权资产	其他	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
7,005	24,933	854	1,006	3,339	11,491	296	48,924
(865)	(4,660)	(108)	(319)	–	24	–	(5,928)
–	–	–	–	(1,170)	–	–	(1,170)
(84)	(1,240)	–	(4)	(136)	(26)	1	(1,489)
6,056	19,033	746	683	2,033	11,489	297	40,337

Impairment of financial assets	Decelerated tax depreciation	Losses available for offsetting against future taxable profits	Retirement benefit obligations	Lease liabilities	Others	Total
金融资产 之减值	减慢税项 折旧	可用作与将来 应课税溢利 抵销之亏损	退休 福利责任	租赁负债	其他	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
552	2,819	26,716	1,974	13,043	2,372	47,476
310	(10)	(3,839)	141	153	695	(2,550)
–	–	–	(98)	–	–	(98)
–	–	(3,444)	21	(20)	(1)	(3,444)
862	2,809	19,433	2,038	13,176	3,066	41,384

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

31. DEFERED TAX

The movements in defered tax liabilities and asets during the

year are as folows:

Defered tax liabilities

At 1 April 2024于二零二四年四月一日

Defered tax charged/(credited) to the statement of

profit or los during the year (note 11)

本年度于损益表内扣除╱

（计入）之递延税项（附注11）

Defered tax charged to the statement of

comprehensive income for the year

本年度于全面收益表内

扣除之递延税项

Exchange realignment汇兑调整

Gros defered tax liabilities at 31 March 2025于二零二五年三月三十一日

之递延税项负债总额

Defered tax asets

At 1 April 2024于二零二四年四月一日

Defered tax credited/(charged) to the

statement of profit or los during the year (note 11)

本年度于损益表内计入╱

（扣除）之递延税项（附注11）

Defered tax charged to the statement of

comprehensive income for the year

本年度于全面收益表内

扣除之递延税项

Exchange realignment汇兑调整

Gros defered tax asets at 31 March 2025于二零二五年三月三十一日

之递延税项资产总额

31. 递延税项

于年内递延税项负债及资产之变动如下：

二零二五年

递延税项负债

递延税项资产

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

1. （续）

二零二四年

递延税项负债

递延税项资产

31. DEFERED TAX (continued)

Defered tax liabilities

Acelerated

tax

depreciation

Fair value

adjustment

arising from

acquisition of

subsidiaries

Revaluation

of properties

Witholding

taxes

Financial asets

at fair value

through other

comprehensive

income

Right-of-use

asetsOthersTotal

加速税项

折旧

因收购附属

公司而产生

之公平值调整物业重估预扣税

按公平值透过

其他全面收益

入账之

金融资产使用权资产其他总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

At 1 April 2023于二零二三年四月一日8,13531,1559739581,35711,39333854,309

Defered tax charged/(credited) to the

statement of profit or los during the year

(note 11)

本年度于损益表内扣除╱

（计入）之递延税项

（附注11）(930)(2,543)(109)94–1,045–(2,443)

Defered tax charged to the statement of

comprehensive income for the year

本年度于全面收益表内

扣除之递延税项–2,242–2,242

Exchange realignment汇兑调整(200)(3,679)(10)(46)(260)(947)(42)(5,184)

Gros defered tax liabilities at 31 March 2024于二零二四年三月三十一日

之递延税项负债总额7,00524,9338541,0063,33911,49129648,924

Defered tax asets

Impairment of

financial asets

Decelerated

tax

depreciation

Loses

available for

ofseting

against future

taxable profits

Retirement

benefit

obligations

Lease

liabilitiesOthersTotal

金融资产

之减值

减慢税项

折旧

可用作与将来

应课税溢利

抵销之亏损

退休

福利责任租赁负债其他总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元港币千元港币千元

At 1 April 2023于二零二三年四月一日9932,49721,0442,29212,4551,94941,230

Defered tax credited/(charged) to the statement

of profit or los during the year (note 11)

本年度于损益表内计入╱（扣除）

之递延税项（附注11）(427)3227,8631241,66052110,063

Defered tax charged to the statement of

comprehensive income for the year

本年度于全面收益表内

扣除之递延税项–(157)–(157)

Exchange realignment汇兑调整(14)–(2,191)(285)(1,072)(98)(3,660)

Gros defered tax asets at 31 March 2024于二零二四年三月三十一日

之递延税项资产总额5522,81926,7161,97413,0432,37247,476

---

2025
二零二五年
HK$’000
港币千元
10,810
(9,763)
1,047

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

31. DEFERED TAX (continued)

For presentation purpose, certain defered tax asets and

liabilities have ben ofset in the statement of financial position.

The folowing is an analysis of the defered tax balances of the

Group for financial reporting purposes:

二零二四年

HK$’000

港币千元

Net defered tax asets recognised in the

consolidated statement of financial position

于综合财务状况表确认之

递延税项资产净额9,413

Net defered tax liabilities recognised in the

consolidated statement of financial position

于综合财务状况表确认之

递延税项负债净额(10,861)

Net defered tax liabilities递延税项负债净额(1,448)

The Group has unrecognised tax loses arising in Hong Kong of

aproximately HK$205,240,000 (2024: HK$195,830,000) that are

available indefinitely for ofseting against future taxable profits

of the companies in which the loses arose. The Group also has

unrecognised tax loses arising in Mainland China and Japan of

aproximately HK$169,558,000 (2024: HK$155,490,000) and

HK$79,108,000 (2024: HK$77,964,000) that wil expire in one

to five years and thre to ten years, respectively, for ofseting

against future taxable profits. Defered tax asets have not ben

recognised in respect of these loses as, in the opinion of the

directors, it is uncertain whether suficient future taxable profits

wil be available against which the tax loses can be utilised.

The Group is therefore liable for witholding taxes on dividends

distributed by those subsidiaries established in Mainland China

in respect of earnings generated from 1 January 2008. The

aplicable rate is 5% or 10% for the Group.

At 31 March 2025, except for the defered tax recognised for

certain PRC subsidiaries that wil distribute dividends, no other

defered tax has ben recognised for witholding taxes that would

be payable on the unremited earnings of the Group’s subsidiaries

established in Mainland China that are subject to witholding

taxes. In the opinion of the directors, it is not probable that

these subsidiaries wil distribute such earnings in the foreseable

future. The agregate amount of temporary diferences asociated

with investments in subsidiaries in Mainland China for which

defered tax liabilities have not ben recognised totaled

aproximately HK$108,370,000 (2024: HK$111,714,000) at 31

March 2025.

There are no income tax consequences ataching to the payment

of dividends by the Company to its shareholders.

1. （续）

就呈列而言，若干递延税项资产及负债已于财

务状况表内抵销。为作财务呈报目的而对本集

团之递延税项结余作出分析如下：

本集团有自香港产生之未确认税项亏损约

205,240,000港元（二零二四年：195,830,000港

元）可无限期用作抵扣该等出现亏损之公司之

未来应课税溢利。本集团亦有自中国大陆及日

本产生分别将于一至五年及三至十年到期之

未确认税项亏损约169,558,000港元（二零二四

年：155,490,000港元）及79,108,000港元（二零

二四年：77,964,000港元）可用作抵扣日后之应

课税溢利。该等税项亏损并无确认为递延税项

资产，因董事认为未能确定是否有足够未来应

课溢利可供抵扣税务亏损。

因此，本集团就于中国大陆成立之附属公司由

二零八年一月一日起产生之盈利所分派之

股息缴付预扣税。本集团的适用税率为5%或

10%。

于二零二五年三月三十一日，除就若干将予分

派股息之中国附属公司确认递延税项外，并无

就本集团于中国大陆成立之附属公司应付之

未汇出盈利所产生之预扣税确认其他递延税

项。董事认为，该等附属公司于可见将来不大

可能分派有关盈利。于二零二五年三月三十一

日，与于中国大陆之附属公司之投资有关之

未确认递延税项负债之暂时性差额合计约为

108,370,000港元（二零二四年：111,714,000港

元）。

本公司派发股息予股东之付款并没有附带所得

税影响。

---

2025
二零二五年
HK$’000
港币千元
100,000
38,012

384,221,640	38,422
(4,098,000)	(410)
380,123,640	38,012

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

32. SHARE CAPITAL

Shares

二零二四年

HK$’000

港币千元

Authorised:法定：

1,000,000,000 ordinary shares of

HK$0.10 each

1,000,000,000股每股面值

0.10港元之普通股100,000

Isued and fuly paid:已发行及缴足：

380,123,640 (2024: 384,221,640)

ordinary shares of HK$0.10 each

380,123,640股（二零二四年：

384,221,640股）每股面值

0.10港元之普通股38,422

A sumary of movements in the Company’s share capital is as

folows:

Number ofNominal value

ordinaryof ordinary

shareshares

普通股份数目普通股面值

HK$’000

港币千元

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

Repurchase and cancelation of shares (note)回购及已注销之股份（附注）

At 31 March 2025于二零二五年三月三十一日

Note:

The Company purchased 4,122,000 of its ordinary shares on the Hong

Kong Stock Exchange at a total consideration of HK$10,600,000, of

which 4,098,000 purchased shares were canceled during the curent

year and the remaining 24,000 purchased shares were yet to be canceled

but would be canceled subsequently. The consideration paid on the

repurchase of 24,000 shares not yet canceled as at 31 March 2025 was

debited to the capital redemption reserve. The total amount paid for the

purchase of the shares canceled as at 31 March 2025 of HK$410,000

and HK$10,130,000 have ben charged to retained profits and the share

premium acount of the Company, respectively.

32. 股本

股份

本公司股本变动概要如下：

附注：

本公司已于香港联合交易所购回其4,122,000股普通

股，总代价为10,600,000港元，其中4,098,000股购回

股份已于本年度注销，余下24,000股购回股份尚未注

销但将于其后注销。于二零二五年三月三十一日购

回24,000股尚未注销股份所支付的代价已记入资本赎

回储备。购回于二零二五年三月三十一日已注销股

份所支付的总金额410,000港元及10,130,000港元已分

别于本公司的保留溢利及股份溢价账中扣除。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

33. RESERVES

The amounts of the Group’s reserves and the movements therein

for the curent and prior years are presented in the consolidated

statement of changes in equity on pages 78 and 79 of the

financial statements.

The Group’s share premium acount includes (i) the credit of

HK$19,900,000 which represents the diference betwen the

nominal value of the share capital isued by the Company and the

agregate nominal value of the share capital of the subsidiaries

acquired pursuant to the group reorganisation in 1993; and (i)

the debit of HK$51,108,000 arising from the repurchase of shares

during the years ended 31 March 2025, 2023, 2015, 2013, 2011

and 2010.

Pursuant to the relevant laws and regulations for Foreign

Investment Enterprises, a portion of the profits of the Group’s

subsidiaries and the Group’s asociates operating as Foreign

Investment Enterprises in Mainland China has ben transfered

to the reserve funds. The reserve funds are non-distributable in

nature and can be utilised to ofset the loses incured.

The capital reserve represents the Group’s share of capitalisation

of retained profits by an asociate.

The capital redemption reserve represents the nominal value of

the shares canceled upon repurchase of the Company’s shares

and treasury shares held by the Group.

33. 储备

本集团在年内及过往年度之储备及其变动在财

务报告第78页及79页之综合权益变动表内呈列。

本集团股份溢价账包括：(i)为数19,900,000港

元之进账额，乃本公司已发行股本面值与根据

一九三年集团重组而收购之附属公司之股

本面值总额两者间之差额；及(i) 51,108,000港

元之扣账额，乃于截至二零二五年、二零二三

年、二零一五年、二零一三年、二零一年及

二零一零年三月三十一日止年度购回股份而产

生。

根据有关外商投资企业的法例和法规，由本集

团于中国大陆以外商投资企业方式经营之附属

公司及联营公司已按法定的比例拨备溢利为不

可分派的储备金，并可用作抵销所产生之亏损。

资本储备指本集团所占一联营公司之资本化保

留溢利。

资本赎回储备指购回本公司股份后注销该股份

及本集团持有库存股份之面值。

---

Lease	Interest-bearing
liabilities	bank borrowings
租赁负债	须缴付利息之 银行贷款
HK$’000	HK$’000
港币千元	港币千元
255,111	899,225
(140,487)	350,572
67,539	–
(6,563)	–
41,405	–
(124)	1,275
12,029	46,074
(12,029)	–
–	(46,074)
216,881	1,251,072

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

34. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(a) Major non-cash transactions

During the year, the Group had aditions to right-

of-use asets and lease liabilities of HK$67,539,000

(2024: HK$54,792,000) and HK$67,539,000 (2024:

HK$54,792,000), respectively, in respect of lease

arangements for property, plant and equipment.

(b) Changes in liabilities arising from financing activities

At 1 April 2024于二零二四年四月一日

Changes from financing cash flows融资现金流量变动

New leases新租赁

Termination of leases终止租赁

Reasesment and revision of lease terms重新评估及修订租赁条款

Foreign exchange movement汇兑变动

Interest expense (note 7)利息开支（附注7）

Interest paid clasified as operating

cash flows

分类为经营活动现金流之

已付利息

Interest paid clasified as financing

cash flows

分类为融资活动现金流之

已付利息

At 31 March 2025于二零二五年三月三十一日

34. 综合现金流量表附注

(a) 主要非现金交易

于年内，本集团就物业、厂房及设备之租

赁安排分别有增加使用权资产及租赁负债

67,539,000港元（二零二四年：54,792,000

港元）及67,539,000港元（二零二四年：

54,792,000港元）。

(b) 融资活动所产生负债之变动

二零二五年

---

2025
二零二五年
HK$’000
港币千元
51,973
140,487
192,460

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

34. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(continued)

(b) Changes in liabilities arising from financing activities

(continued)

LeaseInterest-bearing

liabilitiesbank borowings

租赁负债

须缴付利息之

银行贷款

HK$’000HK$’000

港币千元港币千元

At 1 April 2023于二零二三年四月一日263,6201,096,174

Changes from financing cash flows融资现金流变动 (128,097)(156,566)

New leases新租赁54,792–

Termination of leases终止租赁(5,112)–

Reasesment and revision of lease terms重新评估及修订租赁条款73,566–

Foreign exchange movement汇兑变动(3,658)(40,383)

Interest expense (note 7)利息开支（附注7）7,55341,093

Interest paid clasified as operating cash flows分类为经营活动现金流之

已付利息(7,553)–

Interest paid clasified as financing cash flows分类为融资活动现金流之

已付利息–(41,093)

At 31 March 2024于二零二四年三月三十一日255,111899,225

(c) Total cash outflow for leases

The total cash outflow for leases included in the

consolidated statement of cash flows is as folows:

二零二四年

HK$’000

港币千元

Within operating activities经营活动内66,991

Within financing activities融资活动内128,097

Total总计195,088

1. （续）

(b) 融资活动所产生负债之变动（续）

二零二四年

(c) 租赁之现金流出总额

综合现金流量表包括之租赁之现金流出总

额载列如下：

---

2025
二零二五年
HK$’000
港币千元
1,155

2025
二零二五年
HK$’000
港币千元
31,553

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

35. 承担

(a) 本集团于报告期末之合约承担如下：

此外，本集团亦向合营企业提供以下承担（包

括本集团与其他合营企业共同承担的份额），

该等承担未包括于上述承担中：

(b) 本集团有若干项于二零二五年三月三十一

日尚未开始的租赁合约。该等不可撤销租

赁合约之未来租赁付款零港元（二零二四

年：3,124,000港元）须于一年内支付及零

港元（二零二四年：4,546,000港元）须于第

二至第五年（包括首尾两年）支付。

35. COMITMENTS

(a) The Group had the folowing contractual comitments at

the end of the reporting period:

二零二四年

HK$’000

港币千元

Property, plant and equipment物业、厂房及设备1,810

In adition, the Group had the folowing comitments

provided to joint ventures (including the Group’s share of

comitments made jointly with other joint venturers), which

are not included in the above:

二零二四年

HK$’000

港币千元

Comitments in respect of capital

contribution to the investment private fund

就投资私募基金的

出资承担40,121

(b) The Group has various lease contracts that have not yet

comenced as at 31 March 2025. Nil (2024: HK$3,124,000)

future lease payments for these non-cancelable

lease contracts due within one year, and nil (2024:

HK$4,546,000) due in the second to fifth years, inclusive.

---

2025
二零二五年
HK$’000
港币千元
324,448
1,896
21,418
2,039
1,162
2,839
1,946
573
678
–
2,800

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

36. RELATED PARTY TRANSACTIONS

(a) In adition to the transactions and balances detailed

elsewhere in these financial statements, the Group had

the folowing material transactions with its related parties

during the year:

二零二四年

NotesHK$’000

附注港币千元

Asociates:联营公司：

Purchases of gods采购货品(i)362,863

Sales of gods销售货品(i)1,774

Promotion expenses reimbursed

by asociates

联营公司退还

宣传开支(i)25,416

Rental income租金收入(iv)1,744

Subsidiaries of a substantial

shareholder of the Group:

本集团主要股东之

附属公司：

Sales of gods销售货品(v)1,139

Purchases of gods采购货品(vi)1,647

Marketing service expense营销服务开支(vi)1,640

Consignment comision income寄卖佣金收入(vi)617

Rental expenses租金开支(ix)805

Handling income处理收入(x)319

Purchase of items of property,

plant and equipment

购买物业、厂房及

设备项目(xi)–

36. 关连人士交易

(a) 除此等财务报告其他地方所详述之交易及

结余外，年内本集团与其关连人士订立下

列重大交易：

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

1. （续）

(a) （续）

附注：

(i) 向联营公司采购之成本乃根据订约方预先

议定之价格而厘定。

(i) 向联营公司销售货品之售价乃参照向其他

主要客户提出之类似价格及条件厘定。

(i) 联营公司退还宣传开支乃根据本集团之实

际交易成本厘定。

(iv) 来自联营公司之租金收入乃由本集团与联

营公司厘定。

(v) 向本集团主要股东之附属公司销售货品之

售价乃参考向主要客户提出之类似价格及

条件厘定。

(vi) 来自本集团主要股东之附属公司之采购成

本乃根据订约方预先议定之价格而厘定。

(vi) 营销服务开支乃由本集团与本集团主要股

东之附属公司按一般商业条款厘定。

(vi) 寄卖佣金收入乃由本集团与本集团主要股

东之附属公司按一般商业条款厘定。

(ix) 租赁协议乃由本集团主要股东之附属公司

按相互同意之条款订立。租约可以延长及

重续直至任何一方终止。

(x) 处理收入由本集团与本集团主要股东的一

间附属公司按照正常商业条款厘定。

(xi) 向本集团主要股东之附属公司购买物业、

厂房及设备项目乃经订约各方同意。

上文第(v)至(x)项之关连人士交易构成上

市规则第14A章所界定之持续关连交易。

由于第(v)至(x)项之金额低于上市规则第

14A.76条之最低豁免水平限额，第(v)至

(x)项获全面豁免遵守上市规则项下之股东

批准、年度审阅及所有披露规定。

36. RELATED PARTY TRANSACTIONS

(continued)

(a) (continued)

Notes:

(i) The cost of purchases from asociates was made at pre-

determined prices agred betwen the parties.

(i) The seling prices of the gods sold to asociates were

determined by reference to prices and conditions similar to

those ofered to other major customers.

(i) The promotion expenses reimbursed by asociates were

determined by reference to the costs incured by the Group.

(iv) The rental income from an asociate was determined betwen

the Group and the asociate.

(v) The seling prices of the gods sold to subsidiaries of a

substantial shareholder of the Group were determined by

reference to prices and conditions similar to those ofered to

the major customers.

(vi) The cost of purchases from subsidiaries of a substantial

shareholder of the Group was made at pre-determined prices

agred betwen the parties.

(vi) The marketing service expense was determined betwen the

Group and the subsidiary of the substantial shareholder of the

Group on normal comercial terms.

(vi) The consignment comision income was determined

betwen the Group and the subsidiaries of the substantial

shareholder of the Group on normal comercial terms.

(ix) The tenancy agrements were entered into with the

subsidiaries of the substantial shareholder of the Group

on mutualy agred terms. The leases can be extended and

renewed until terminated by either party.

(x) The handling income was determined betwen the Group and

a subsidiary of the substantial shareholder of the Group on

normal comercial terms.

(xi) The purchase of items of property, plant and equipment from

the subsidiary of the substantial shareholder of the Group was

agred betwen parties.

The related party transactions in respect of items (v) to

(x) above constitute continuing conected transactions as

defined in Chapter 14A of the Listing Rules. Since the

amounts in respect of items (v) to (x) are below de minimis

threshold for the purposes of Rule 14A.76 of the Listing

Rules, items (v) to (x) are fuly exempt from shareholders’

aproval, anual review and al disclosure requirements

under the Listing Rules.

---

2025
二零二五年
HK$’000
港币千元
18,347
213
18,560

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

36. RELATED PARTY TRANSACTIONS

(continued)

(b) Outstanding balances with related parties:

Details of the Group’s trade balances with its asociates at

the end of the reporting period are disclosed in note 28 to

the financial statements.

(c) Comitments with related parties:

On 1 September 2024, a subsidiary of the Group entered

into one-year agrement with an asociate, to lease the

Group’s investment property in Mainland China to that

asociate. Details of the undiscounted lease payment

receivable are disclosed in note 15 to the financial

statements.

(d) Compensation of key management personel of the

Group:

二零二四年

HK$’000

港币千元

Short term employe benefits短期雇员福利17,891

Pension scheme contributions退休金计划供款206

Total总计18,097

Further details of directors’ and the chief executive’s

emoluments are included in note 9 to the financial

statements.

1. （续）

(b) 与关连人士之尚未偿还结余：

于报告期末，本集团之联营公司贸易结余

详情于财务报告附注28披露。

(c) 与关连人士之承担：

于二零二四年九月一日，本公司一间附属

公司与一间联营公司订立一年期协议，以

出租本集团于中国大陆之投资物业予该联

营公司。有关应收未贴现租赁付款之详情

已于财务报告附注15披露。

(d) 本集团主要管理人员之报酬：

董事及最高行政人员酬金之进一步详情载

于财务报告附注9。

---

Financial assets at fair value through profit or loss 按公平值透过损益 入账之金融资产		Financial assets at fair value through other comprehensive income 按公平值透过 其他全面收益 入账之 金融资产
Designated			Financial
as such	Mandatorily		assets at
upon initial	designated	Equity	amortised
recognition	as such	investments	cost	Total
于初始 确认时指定	强制指定	权益投资	按摊销成本 计量之 金融资产	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元
–	–	–	592,404	592,404
–	–	–	166,769	166,769
2,800	97,775	–	–	100,575
–	–	24,877	–	24,877
–	–	–	631,977	631,977
2,800	97,775	24,877	1,391,150	1,516,602

Financial liabilities at amortised cost
按摊销成本计量 之金融负债
HK$’000
港币千元
440,034
1,251,072
216,881
1,907,987

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

37. FINANCIAL INSTRUMENTS BY

CATEGORY

The carying amounts of each of the categories of financial

instruments as at the end of the reporting period are as folows:

Financial asets

Trade receivables应收贸易账款

Financial asets included in prepayments,

deposits and other receivables

包括于预付款项、订金及

其他应收款项之金融资产

Financial asets at fair value through profit or los按公平值透过损益入账之

金融资产

Financial asets at fair value through other

comprehensive income

按公平值透过其他全面收益

入账之金融资产

Cash and cash equivalents现金及现金等值项目

Total总计

Financial liabilities

Financial liabilities included in trade payables,

other payables and acruals

包括于应付贸易账款、其他应付款项

及应计费用之金融负债

Interest-bearing bank borowings须缴付利息之银行借贷

Lease liabilities租赁负债

Total总计

37. 金融工具之分类

于报告期末，各类金融工具之账面值如下：

二零二五年

金融资产

金融负债

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

37. FINANCIAL INSTRUMENTS BY

CATEGORY (continued)

Financial asets

Financial asets at fair value

through profit or los

按公平值透过损益

入账之金融资产

Financial asets

at fair value

through other

comprehensive

income

按公平值透过

其他全面收益

入账之

金融资产

DesignatedFinancial

as suchMandatorilyasets at

upon initialdesignatedEquityamortised

recognitionas suchinvestmentscostTotal

于初始确认时

指定强制指定权益投资

按摊销成本

计量之金融

资产总计

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

Trade receivables应收贸易账款–625,047625,047

Financial asets included in prepayments, deposits

and other receivables

包括于预付款项、订金及

其他应收款项之金融资产–123,228123,228

Financial asets at fair value through profit or los按公平值透过损益入账之

金融资产7,88873,081–80,969

Financial asets at fair value through other

comprehensive income

按公平值透过其他全面收益

入账之金融资产–16,515–16,515

Cash and cash equivalents现金及现金等值项目–625,940625,940

Total总计7,88873,08116,5151,374,2151,471,699

Financial liabilities

Financial

liabilities at

amortised cost

按摊销成本计量

之金融负债

HK$’000

港币千元

Financial liabilities included in trade payables,

other payables and acruals

包括于应付贸易账款、其他应付款项

及应计负债之金融负债464,476

Interest-bearing bank borowings须缴付利息之银行贷款899,255

Lease liabilities租赁负债255,111

Total总计1,618,842

1. （续）

二零二四年

金融资产

金融负债

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

38. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS

The Group’s financial asets at fair value through profit or los

and financial asets at fair value through other comprehensive

income were caried at fair value.

Management has asesed that the fair values of cash and cash

equivalents, trade receivables, financial asets included in

prepayments, deposits and other receivables, financial liabilities

included in trade payables, other payables and acruals and

interest-bearing bank borowings aproximate to their carying

amounts largely due to the short term maturities of these

instruments or with floating interest rates.

The Group’s finance team is responsible for determining the

policies and procedures for the fair value measurement of

financial instruments. The finance team reports directly to the

executive directors and the audit comite. At each reporting

date, the finance team analyses the movements in the values of

financial instruments and determines the major inputs aplied

in the valuation. The valuation is reviewed and aproved by

the executive directors. The valuation proces and results are

discused with the audit comite twice a year for interim and

anual financial reporting.

The fair values of the financial asets and liabilities are included

at the amount at which the instrument could be exchanged in a

curent transaction betwen wiling parties, other than in a forced

or liquidation sale.

The fair values of listed equity investments are based on quoted

market prices.

The fair values of schol and club debentures are based on

market observable transactions.

38. 金融工具之公平值及公平值架构

本集团之按公平值透过损益入账之金融资产及

按公平值透过其他全面收益入账之金融资产以

公平值列账。

管理层已经评估，由于有关工具的短期到期性

质或按浮动利率计息，现金及现金等值项目、

应收贸易账款、包括于预付款项、订金及其他

应收款项之金融资产、包括于应付贸易账款、

其他应付款项及应计负债之金融负债及须缴付

利息之银行借贷的公平值大致上与其账面值相

若。

本集团的财务团队负责决定金融工具公平值计

量的政策及程序。财务团队直接向执行董事及

审核委员会汇报。于每个报告日期，财务团队

分析金融工具价值的变动，并决定应用于估值

的主要输入值。估值由执行董事审阅及批准。

估值过程及结果每年两次于中期及全年财务报

告时与审核委员会讨论。

金融资产及负债的公平值以该工具与自愿交易

方（而非强迫或清盘出售）当前交易下的可交易

金额入账。

上市权益投资的公平值以市场报价为基础。

学校及会所债券的公平值以可观察市场交易为

基础。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

38. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (continued)

The fair value of the insurance premium clasified as financial

asets at fair value through profit or los is categorised within

Level 3 of the fair value hierarchy which is measured based on

significant unobservable inputs and has ben estimated based

on the surender value of the insurance. The fair value of the

insurance premium is mainly afected by its surender value as

the directors expected the other unobservable inputs such as

insurance risk would not have a significant impact on the fair

value of the insurance premium. The surender value of the

insurance premium was obtained from the insurance company

without any adjustment. The directors believe that the estimated

fair value and the related changes in fair values are reasonable,

and that they were the most apropriate values at the end of

the reporting period. In the opinion of the directors, since the

quantitative unobservable inputs are not developed by the Group

when measuring fair value of the insurance premium and the

quantitative unobservable inputs that are significant to the fair

value measurement are not reasonably available to the Group,

the Group is not required to create quantitative information to

disclose the significant unobservable inputs used in the fair value

measurement under HKFRS 13.93(d).

The fair value of the securities income fund is based on the fair

value of the underlying investment portfolio provided by the fund

manager.

The fair value of the fund wraps is based on the price quoted by

brokers.

The fair value of the unlisted equity investment at fair value

through profit or los has ben estimated using a discounted cash

flow model. The valuation requires management to make certain

asumptions about the model inputs, including forecast cash

flows, discount rate, credit rate and volatility. The probabilities of

the various estimates within the range can be reasonably asesed

and are used in management’s estimates of the fair value.

The fair value of the unlisted equity investment at fair value

through other comprehensive income has ben estimated by

reference to the isued prices of recent transactions.

38. 金融工具之公平值及公平值架构

（续）

本集团分类为按公平值透过损益入账之金融资

产的保险费用属于公平值层级第三层，乃基于

重大不可观察输入数据计量，并基于保单退保

价值计算。保险费用之公平值主要受其退保价

值所影响，因为董事预计保险风险等其他不可

观察输入数据不会对保险费用之公平值产生

重大影响。保险费用的退保价值自保险公司获

得，未经任何调整。董事认为，计算公平值及

公平值的相关变动乃属合理，且其于报告期末

为最适合价值。董事认为，由于本集团在计量

保险费用之公平值时并无产生定量不可观察输

入值且本集团无法合理获得对公平值计量属重

大之定量不可观察输入数据，根据香港财务报

告准则第13.93(d)条，本集团无需形成定量资

料以披露公平值计量所用的重大不可观察输入

值。

证券收益基金之公平值乃根据基金经理所提供

相关投资组合之公平值计算。

基金组合的公平值根据经纪的报价计算。

按公平值透过损益入账之非上市权益投资之公

平值乃使用贴现金流估值模型估计。估值要

求管理层就模型输入值作出若干假设，包括预

测现金流量、贴现率、信贷率及波动性。在范

围内的不同估计的概率可以合理评估，并用于

管理层对公平值的估计。

按公平值透过其他全面收益入账之非上市权益

投资之公平值乃参照近期交易的发行价估计。

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

38. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (continued)

Below is a sumary of significant unobservable inputs to the

valuation of financial instruments together with a quantitative

sensitivity analysis as at 31 March:

ValuationSignificantSensitivity of fair value

techniqueunobservable inputValueto the input

估值技术重大不可观察输入值价值公平值对输入值之敏感度

Unlisted equity

investment at fair value

through profit or los

Discounted cash

flow model

Discount rate2025: 14%

(2024: 16%)

5% increase in discount rate wil result in

decrease in fair value by aproximately

HK$324,000 and 5% decrease in discount

rate wil result in increase in fair value by

aproximately HK$324,000

按公平值透过损益入账

的非上市权益投资

贴现金流模型贴现率二零二五年：14%

（二零二四年：16%）

贴现率增加5%将导致公平值减少约324,000

港元，而贴现率减少5%将导致公平值增加

约324,000港元

Discount for lack of

marketability

2025: 30%

(2024: 30%)

5% increase in discount for lack of

marketability wil result in decrease in fair

value by aproximately HK$74,000 and 5%

decrease in discount for lack of marketability

wil result in increase in fair value by

aproximately HK$45,000

缺乏适销性贴现二零二五年：30%

（二零二四年：30%）

缺乏适销性贴现增加5%将导致公平值减少

约74,000港元，而缺乏适销性贴现减少5%将

导致公平值增加约45,000港元

Unlisted equity

investment at fair

value through other

comprehensive income

Market aproachIsued price of recent

transactions

2025: HK$1.084

(2024: Nil) per share

5% increase in isued price of recent

transactions wil result in increase in fair

value by aproximately HK$813,000 and 5%

decrease in isued price of recent transactions

wil result in decrease in fair value by

aproximately HK$813,000

按公平值透过其他

全面收益入账的

非上市权益投资

市场法近期交易的发行价二零二五年：

每股1.084港元

（二零二四年：零）

近期交易的发行价增加5%将导致公平值增

加约813,000港元，而近期交易的发行价减

少5%将导致公平值减少约813,000港元

38. 金融工具之公平值及公平值架构

（续）

以下为于三月三十一日对金融工具估值之重大

不可观察输入值连同定量敏感度分析之概要：

---

Fair value measurement as at 31 March 2025 using
于二零二五年三月三十一日之公平值计量采用
Quoted
prices in	Significant	Significant
active	observable	unobservable
markets	inputs	inputs
(Level 1)	(Level 2)	(Level 3)	Total
活跃 市场报价 （第一层）	重大可 观察输入值 （第二层）	重大不可 观察输入值 （第三层）	总计
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
8,617	–	–	8,617
–	–	16,260	16,260
83,688	–	–	83,688
–	–	2,800	2,800
–	4,650	–	4,650
–	1,200	–	1,200
–	294	–	294
–	7,943	–	7,943
92,305	14,087	19,060	125,452

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

38. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (continued)

Fair value hierarchy

The folowing tables ilustrate the fair value measurement

hierarchy of the Group’s financial instruments:

Asets measured at fair value:

As at 31 March 2025

Financial asets at fair value through

other comprehensive income:

按公平值透过其他全面

收益入账之金融资产：

Listed equity investments上市权益投资

Unlisted equity investments非上市权益投资

Financial asets at fair value through

profit or los:

按公平值透过损益入账

之金融资产：

Listed equity investments上市权益投资

Unlisted equity investments非上市权益投资

Schol debenture学校债券

Club debentures会所债券

Fund wraps基金组合

Securities income fund证券收益基金

Total总计

38. 金融工具之公平值及公平值架构

（续）

公平值架构

下表显示本集团金融工具的公平值计量架构：

按公平值计量的资产：

于二零二五年三月三十一日

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

38. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (continued)

Fair value hierarchy (continued)

As at 31 March 2024

Fair value measurement as at 31 March 2024 using

于二零二四年三月三十一日之公平值计量采用

Quoted

prices inSignificantSignificant

activeobservableunobservable

marketsinputsinputs

(Level 1)(Level 2)(Level 3)Total

活跃

市场报价

（第一层）

重大可

观察输入值

（第二层）

重大不可

观察输入值

（第三层）总计

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Financial asets at fair value through

other comprehensive income:

按公平值透过其他全面

收益入账之金融资产：

Listed equity investments上市权益投资16,515–16,515

Financial asets at fair value through

profit or los:

按公平值透过损益入账之

金融资产：

Listed equity investments上市权益投资58,701–58,701

Unlisted equity investments非上市权益投资–7,8887,888

Schol debenture学校债券–4,650–4,650

Club debentures会所债券–1,200–1,200

Fund wraps基金组合–295–295

Securities income fund证券收益基金–8,237–8,237

Total总计75,21614,3827,88897,486

The Group did not have any financial liabilities measured at fair

value as at 31 March 2025 (2024: Nil).

38. 金融工具之公平值及公平值架构

（续）

公平值架构（续）

于二零二四年三月三十一日

于二零二五年三月三十一日，本集团并无任何

按公平值计量之金融负债（二零二四年：无）。

---

–	7,888
16,260	–
–	(5,049)
–	(39)
16,260	2,800

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

38. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (continued)

Fair value hierarchy (continued)

Reconciliation for financial asets caried at fair value based on

significant unobservable inputs (Level 3) are as folows:

Equity investment

at fair value

through other

comprehensive

income

Equity investment

at fair value

through

profit and los

按公平值透过

其他全面收益入账

之权益投资

按公平值透过

损益入账之

权益投资

HK$’000HK$’000

港币千元港币千元

At 1 April 2023于二零二三年四月一日–17,979

Disposal of insurance premium出售保险费用–(525)

Remeasurement of unlisted equity investment重新计量非上市权益投资–(9,500)

Exchange realignment汇兑调整–(66)

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

Investment in equity investment投资于权益投资

Remeasurement of unlisted equity investment重新计量非上市权益投资

Exchange realignment汇兑调整

At 31 March 2025于二零二五年三月三十一日

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

The Group’s principal financial instruments comprise interest-

bearing bank borowings and cash and short term deposits.

The main purpose of these financial instruments is to raise

finance for the Group’s operations. The Group has various other

financial asets and liabilities such as financial asets at fair

value through profit or los, financial asets at fair value through

other comprehensive income, trade receivables, deposits and

other receivables, trade payables and other payables, and lease

liabilities which arise directly from its operations.

The main risks arising from the Group’s financial instruments

are interest rate risk, foreign curency risk, credit risk, liquidity

risk and equity price risk. The board of directors reviews and

agres policies for managing each of these risks and they are

sumarised below.

38. 金融工具之公平值及公平值架构

（续）

公平值架构（续）

根据重大不可观察输入值（第三层）对按公平值

入账之金融资产之对账载列如下：

39. 财务风险管理目标及政策

本集团之主要金融工具包括须缴付利息之银行

贷款及现金及短期定期存款。该等金融工具之

主要用途乃为本集团之营运融资。本集团拥有

按公平值透过损益入账之金融资产、按公平值

透过其他全面收益入账之金融资产、应收贸易

账款、按金及其他应收款项、应付贸易账款及

其他应付款项及租赁负债等各种其他金融资产

及负债，乃由其经营直接产生。

因本集团之金融工具而产生之主要风险为利率

风险、外汇风险、信贷风险、流动资金风险及

股权价格风险。董事会审核及同意管理各项该

等风险之政策概述如下。

---

25	(1,934)	–
25	(697)	–
25	(41)	–
(25)	1,934	–
(25)	697	–
(25)	41	–

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Interest rate risk

The Group’s exposure to the risk of changes in market interest

rates relates primarily to the Group’s short and long term debt

obligations with floating interest rates.

The Group’s policy is to manage its interest cost using variable

rate debts, which is regularly reviewed by senior management.

The folowing table demonstrates the sensitivity to a reasonably

posible change in interest rates, with al other variables held

constant, of the Group’s profit before tax (through the impact on

floating rate borowings) and the Group’s equity.

Increase/

Increase/(decrease)Increase/

(decrease)in profit(decrease)

in basis pointsbefore taxin equity*

基点

增加╱（减少）

除税前溢利

增加╱（减少）

权益*

增加╱（减少）

HK$’000HK$’000

港币千元港币千元

2025二零二五年

Hong Kong dolar港元

Japanese yen日圆

RMB人民币

Hong Kong dolar港元

Japanese yen日圆

RMB人民币

1. （续）

利率风险

本集团须承担市场利率变化之风险主要与本集

团以浮动利率计息之短期及长期债务责任有关。

本集团政策是使用浮动利率的债务管理利息成

本，并由高级管理层定期检查。

下表载列本集团之除税前溢利（透过浮息借款

的影响）及本集团权益对利率之合理可能变动

（所有其他可变因素维持不变）之敏感度。

---

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Interest rate risk (continued)

Increase/

Increase/(decrease)Increase/

(decrease)in profit(decrease)

in basis pointsbefore taxin equity*

基点

增加╱（减少）

除税前溢利

增加╱（减少）

权益*

增加╱（减少）

HK$’000HK$’000

港币千元港币千元

2024二零二四年

Hong Kong dolar港元25(1,331)–

Japanese yen日圆25(1,043)–

RMB人民币25(20)–

Hong Kong dolar港元(25)1,331–

Japanese yen日圆(25)1,043–

RMB人民币(25)20–

* Excluding retained profits

Foreign curency risk

The Group has transactional curency exposures. Such exposures

arise from sales or purchases by operating units in curencies

other than the units’ functional curency. The Group’s monetary

asets, financing and transactions are principaly denominated in

Hong Kong dolar, Japanese yen and RMB.

The folowing table demonstrates the sensitivity at the end

of the reporting period to a reasonably posible change in the

Japanese yen and RMB exchange rates, with al other variables

held constant, of the Group’s profit before tax and equity (due to

changes in the fair value of monetary asets and liabilities).

1. （续）

利率风险（续）

* 不包括保留溢利

外汇风险

本集团要面对交易货币风险。该等风险乃因为

经营单位以单位之功能货币以外之货币进行买

卖而产生。本集团之货币资产、融资及交易主

要以港元、日圆及人民币计算。

下表显示在所有其他可变因素维持不变之情况

下，本集团除税前溢利及权益（由于货币资产

及负债的公平值变动所致）于报告期末对日圆

及人民币汇率合理可能变动之敏感度。

---

1	(1,612)	–
1	2,304	–
(1)	1,612	–
(1)	(2,304)	–

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Foreign curency risk (continued)

Increase/

Increase/(decrease)Increase/

(decrease)in profit(decrease)

in ratebefore taxin equity*

汇率

增加╱（减少）

除税前溢利

增加╱（减少）

权益*

增加╱（减少）

%HK$’000HK$’000

港币千元港币千元

2025二零二五年

If the Hong Kong dolar weakens

against Japanese yen

若港元兑日圆弱势

If the Hong Kong dolar weakens

against RMB

若港元兑人民币弱势

If the Hong Kong dolar strengthens

against Japanese yen

若港元兑日圆强势

If the Hong Kong dolar strengthens

against RMB

若港元兑人民币强势

2024二零二四年

If the Hong Kong dolar weakens

against Japanese yen

若港元兑日圆弱势

1(1,525)–

If the Hong Kong dolar weakens

against RMB

若港元兑人民币弱势

12,132–

If the Hong Kong dolar strengthens

against Japanese yen

若港元兑日圆强势

(1)1,525–

If the Hong Kong dolar strengthens

against RMB

若港元兑人民币强势

(1)(2,132)–

* Excluding retained profits

1. （续）

外汇风险（续）

* 不包括保留溢利

---

12-month ECLs	Lifetime ECLs
12个月 预期 信贷损失	全期预期信贷损失
	Simplified
Stage 1	Stage 2	Stage 3	approach	Total
第一阶段	第二阶段	第三阶段	简化法	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元
–	–	–	597,426	597,426
166,769	–	–	–	166,769
631,977	–	–	–	631,977
798,746	–	–	597,426	1,396,172

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Credit risk

The Group trades only with recognised and creditworthy

customers. It is the Group’s policy that al customers who wish to

trade on credit terms are subject to credit verification procedures.

In adition, receivable balances are monitored on an ongoing

basis and the Group’s exposure to bad debts is not significant.

Maximum exposure and year-end staging

The tables below show the credit quality and the maximum

exposure to credit risk based on the Group’s credit policy, which

is mainly based on past due information unles other information

is available without undue cost or efort, and year-end staging

clasification as at 31 March. The amounts presented are gros

carying amounts for financial asets.

As at 31 March 2025

Trade receivables应收贸易账款

Financial asets included in

prepayments, deposits and

other receivables

计入预付款项、订金及

其他应收款项之

金融资产

– Normal－正常

Cash and cash equivalents现金及现金等值项目

– Not yet past due－尚未逾期

Total总计

1. （续）

信贷风险

本集团仅与获公认兼信誉可靠之客户进行交

易。按照本集团之政策，所有拟按信贷期进行

交易的客户，必须先通过信贷核实程序。此

外，本集团持续监察应收结余之情况，而本集

团之坏账风险并不重大。

最大风险及年结阶段

下表载列基于本集团的信贷政策的信贷质素及

最大信贷风险，主要基于逾期资料（除非其他

资料可在无须付出不必要成本或努力的情况下

获得），及于三月三十一日的年结阶段分类。

所呈列的有关金额指金融资产的总账面值。

于二零二五年三月三十一日

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Credit risk (continued)

Maximum exposure and year-end staging (continued)

As at 31 March 2024

12-month

ECLsLifetime ECLs

12个月

预期

信贷损失全期预期信贷损失

Simplified

Stage 1Stage 2Stage 3aproachTotal

第一阶段第二阶段第三阶段简化法总计

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

Trade receivables应收贸易账款–628,205628,205

Financial asets included in

prepayments, deposits and other

receivables

计入预付款项、订金及

其他应收款项之

金融资产

– Normal－正常123,228–123,228

Cash and cash equivalents现金及现金等值项目

– Not yet past due－尚未逾期625,940–625,940

Total总计749,168–628,2051,377,373

* For trade receivables to which the Group aplies the simplified

aproach for impairment, information based on the provision matrix

is disclosed in note 23 to the financial statements.

The credit quality of the financial asets included in prepayments,

deposits and other receivables is considered to be “normal” when

they are not past due and there is no information indicating that the

financial asets had a significant increase in credit risk since initial

recognition. Otherwise, the credit quality of the financial asets is

considered to be “doubtful”.

Further quantitative data in respect of the Group’s exposure to

credit risk arising from trade receivables are disclosed in note 23

to the financial statements.

1. （续）

信贷风险（续）

最大风险及年结阶段（续）

于二零二四年三月三十一日

* 就本集团对减值应用简化法的应收贸易账款而

言，基于拨备矩阵的资料于财务报告附注23披

露。

计入预付款项、订金及其他应收款项的金融资

产于未逾期时及并无资料显示其自初始确认以

来的信贷风险有大幅增加，则该等金融资产的

信贷质素被视为「正常」。否则，该等金融资产

的信贷质素被视为「呆坏」。

本集团源自应收贸易账款之信贷风险之详细定

量数据披露于财务报告附注23。

---

On demand
or less than	1 to 5	Over
12 months	years	5 years	Total
按要求或 少于12个月	1至5年	超过5年	总额
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
440,034	–	–	440,034
126,466	118,510	4,426	249,402
986,904	271,231	–	1,258,135
1,553,404	389,741	4,426	1,947,571

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Liquidity risk

The Group monitors its risk to a shortage of funds using a

recuring liquidity planing tol. This tol considers the maturity

of both its financial instruments and financial asets (e.g., trade

receivables) and projected cash flows from operations. The

Group’s objective is to maintain a balance betwen continuity of

funding and flexibility through the use of interest-bearing bank

borowings and lease liabilities.

The maturity profile of the Group’s financial liabilities as

at the end of the reporting period, based on the contractual

undiscounted payments, is as folows:

Year ended 31 March 2025

Financial liabilities included in

trade payables, other payables

and acruals

包括于应付贸易账款、

其他应付款项及

应计负债之金融负债

Lease liabilities租赁负债

Interest-bearing bank borowings须缴付利息之银行贷款

Total总计

1. （续）

流动资金风险

本集团透过采用经常性流动资金计划工具，监

察资金短缺风险。此工具会考虑其金融工具及

金融资产（如应收贸易账款）的到期日及来自经

营业务的预期现金流量。本集团的目标在于透

过运用须缴付利息之银行贷款及租赁负债，保

持资金持续性与灵活性的平衡。

根据已订约未贴现账款，以下载列本集团于报

告期末之金融负债到期情况：

截至二零二五年三月三十一日止年度

---

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Liquidity risk (continued)

Year ended 31 March 2024

On demand

or les than1 to 5Over

12 monthsyears5 yearsTotal

按要求或

少于12个月1至5年超过5年总额

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Financial liabilities included in

trade payables, other payables

and acruals

包括于应付贸易账款、

其他应付款项及

应计负债之金融负债464,476–464,476

Lease liabilities租赁负债125,267144,0524,497273,816

Interest-bearing bank borowings须缴付利息之银行贷款665,580235,634–901,214

Total总计1,255,323379,6864,4971,639,506

Equity price risk

Equity price risk is the risk that the fair values of equity

securities decrease as a result of changes in the levels of equity

indices and the value of individual securities. The Group is

exposed to equity price risk arising from individual equity

investments clasified as financial asets at fair value through

profit or los (note 25) and financial asets at fair value through

other comprehensive income (note 21) as at 31 March 2025.

If the prices of the respective listed equity investments

had ben 3% higher/lower, with al other variables held

constant, the Group’s profit after tax for the year would have

increased/decreased by aproximately HK$2,096,000 (2024:

HK$1,470,000), while the Group’s equity at the end of the year

would have increased/decreased by aproximately HK$170,000

(2024: HK$326,000) as a result of the changes in the fair value

of the Group’s financial asets at fair value through profit or los

and the changes in the fair value of the Group’s financial asets at

fair value through other comprehensive income, respectively.

1. （续）

流动资金风险（续）

截至二零二四年三月三十一日止年度

股票价格风险

股票价格风险是指因股权指数水平及个别证券

之价值变动而导致权益证券公平值降低之风

险。于二零二五年三月三十一日，本集团承受

因列作按公平值透过损益入账之金融资产（附

注25）及按公平值透过其他全面收益入账之金

融资产（附注21）之个别权益投资而引致股票价

格风险。

倘各上市权益投资之价格增加╱减少3%，其

他可变因素维持不变，本集团之本年度除税后

溢利将分别因本集团持有的按公平值透过损益

入账的金融资产之公平值变动及按公平值透过

其他全面收益入账的金融资产之公平值变动

而增加╱减少约2,096,000港元（二零二四年：

1,470,000港元）及本集团于年底之权益增加╱

减少约170,000港元（二零二四年：326,000港

元）。

---

2025
二零二五年
HK$’000
港币千元
1,251,072
1,197,129
105%

FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

39. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

(continued)

Capital management

The primary objectives of the Group’s capital management are to

safeguard the Group’s ability to continue as a going concern and

to maintain healthy capital ratios in order to suport its busines

and maximise shareholders’ value.

The Group manages its capital structure and makes adjustments

to it in light of changes in economic conditions. To maintain or

adjust the capital structure, the Group may adjust the dividend

payment to shareholders, isue new shares or repurchase shares.

No changes were made in the objectives, policies or proceses for

managing capital during the years ended 31 March 2025 and 31

March 2024.

The Group monitors capital using a gearing ratio, which is

interest-bearing bank borowings divided by equity atributable to

the equity holders of the Company. The gearing ratio is regularly

reviewed by senior management. The gearing ratios as at the end

of the reporting periods were as folows:

二零二四年

HK$’000

港币千元

Interest-bearing bank borowings须缴付利息之银行贷款899,225

Equity atributable to equity holders

of the Company

归属于本公司权益所有者的权益

1,223,618

Gearing ratio负债资本比率73%

1. （续）

资本管理

本集团之主要资本管理目标为确保本集团有能

力按持续经营业务之原则营运及维持健康资本

比率以支持其业务并最大化股东价值。

本集团根据经济条件之变化管理资本结构并加

以调整。为维持或调整资本结构，本集团可调

整对股东之派息、发行新股或购回股份。于截

至二零二五年三月三十一日及二零二四年三月

三十一日止年度内，资本管理之目标、政策或

流程并无出现变动。

本集团使用负债资本比率以监控资本，相等于

须缴付利息之银行贷款除以本公司权益所有者

应占权益所得比率。负债资本比率由高级管理

层定期检查。于报告期末，负债资本比率如下：

---

2025
二零二五年
HK$’000
港币千元
143,098
77
1,105
144,280
771,317
25,167
1,173
797,657
637,460
3,451
640,911
156,746
301,026
38,012
263,014
301,026

四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

40. STATEMENT OF FINANCIAL

POSITION OF THE COMPANY

Information about the statement of financial position of the

Company at the end of the reporting period is as folows:

二零二四年

HK$’000

港币千元

NON-CURENT ASETS非流动资产

Investments in subsidiaries于附属公司之投资143,098

Financial asets at fair value through

profit or los

按公平值透过损益入账的

金融资产94

Defered tax asets递延税项资产1,105

Total non-curent asets非流动资产总值144,297

CURENT ASETS流动资产

Due from subsidiaries应收附属公司764,872

Prepayments and other receivables预付款项及其他应收款项25,154

Cash and bank balances现金及银行结存1,640

Total curent asets流动资产总值791,666

CURENT LIABILITIES流动负债

Due to subsidiaries应付附属公司616,355

Acruals应计负债4,877

Total curent liabilities流动负债总值621,232

NET CURENT ASETS流动资产净额170,434

Net asets资产净额314,731

EQUITY权益

Isued capital已发行股本38,422

Reserves (note)储备（附注）276,309

Total equity权益总值314,731

TAI Tak Fung, Stephen 戴德丰WU Wing Biu 胡永标

Director 董事Director 董事

40. 本公司之财务状况表

于报告期末有关本公司财务状况表之资料载列

如下：

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Notes to Financial Statements

财务报告附注

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

40. STATEMENT OF FINANCIAL

POSITION OF THE COMPANY

(continued)

Note:

A sumary of the Company’s reserves is as folows:

ShareCapital

premiumredemptionRetained

acountreserveprofitsTotal

股份溢价账

资本

赎回储备保留溢利总计

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

At 1 April 2023于二零二三年四月一日233,0311,53447,764282,329

Total comprehensive income

for the year

年内总全面收益

–30,48230,482

Final 2023 dividend二零二三年末期股息–(24,974)(24,974)

Interim 2024 dividend二零二四年中期股息–(11,528)(11,528)

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233,0311,53441,744276,309

Total comprehensive income

for the year

年内总全面收益

–33,33533,335

Repurchase of shares购回股份(10,130)350(410)(10,190)

Final 2024 dividend declared宣派二零二四年末期股息–(24,974)(24,974)

Interim 2025 dividend二零二五年中期股息–(11,466)(11,466)

At 31 March 2025于二零二五年三月三十一日222,9011,88438,229263,014

The Company’s share premium acount includes (i) the credit

of HK$53,719,000 which represents the diference betwen the

nominal value of the share capital isued by the Company and

the combined net asets of the subsidiaries acquired pursuant

to the group reorganisation in 1993; and (i) the debit of

HK$51,108,000 arising from the repurchase of shares during the

years ended 31 March 2025, 2023, 2015, 2013, 2011 and 2010.

Under the Company Law (Revised) of the Cayman Islands, a

distribution may be made from the share premium acount in

certain circumstances.

The diference betwen the share premium acount of the

Company and that of the Group represents the diference

betwen the agregate nominal value of the share capital of the

subsidiaries and their combined net asets acquired, pursuant to

the group reorganisation in 1993, as detailed above.

The capital redemption reserve represents the nominal value of

the shares canceled upon repurchase of the Company’s shares.

1. （续）

附注：

本公司之储备概要如下：

本公司股份溢价账包括(i)为数53,719,000港元

之进账额，乃本公司已发行股本之面值与根据

一九三年集团重组所收购之附属公司之合

并资产净值两者间之差额；及(i)51,108,000港

元之扣账额，乃于截至二零二五年、二零二三

年、二零一五年、二零一三年、二零一年及

二零一零年三月三十一日止年度购回股份所产

生。根据开曼群岛公司法（经修订），在若干情

况下可从股份溢价账中进行股息分派。

本公司与本集团股份溢价之差额乃根据

一九三年集团重组，如上文所述，为收购之

附属公司之股本面值总额与彼等之合并资产净

值两者间之差额。

资本赎回储备指购回本公司股份后注销该股份

之面值。

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四洲集团有限公司

二零二五年报

Notes to Financial Statements

财务报告附注

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

41. COMPARATIVE AMOUNTS

As further explained in note 2.2(b), due to the implementation

of the Amendments to HKAS 1 during the curent year, the

presentation and disclosures of certain items and balances in the

financial statements have ben revised to comply with the new

requirements. Acordingly, certain comparative amounts have

ben restated to conform with the curent year’s presentation and

disclosures.

42. APROVAL OF THE FINANCIAL

STATEMENTS

The financial statements were aproved and authorised for isue

by the board of directors on 27 June 2025.

41. 可比较数额

若干比较数字已重新分类，以符合本年度之呈

列方式。按附注2.2(b)所详述，由于本年度实施

香港会计准则第1号（修订本），财务报表内若

干项目及结余的呈列和披露已作出修订以遵从

新规定。因此，已重列若干可比较数额以符合

本年度的呈列及披露。

42. 财务报告之批准

本财务报告已于二零二五年六月二十七日获董

事会批准并授权刊发。

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FOUR SEAS MERCANTILE HOLDINGS LIMITED

ANUAL REPORT 2025

Particulars of Properties

物业详情

31 March 2025 二零二五年三月三十一日

投资物业INVESTMENT PROPERTIES

Percentage of

atributable

interest of

LocationUseTenurethe Group

位置用途年期

本集团应占

权益百分比

Levels 1 and 2 (West Portion)

of Four Seas Group Guangdong

Headquarter Building Complex,

Yuepu South Industrial Zone,

Shantou, Guangdong Province,

The People’s Republic of China

IndustrialMedium term lease100

中华人民共和国

广东省汕头市月浦南工业区

四洲集团广东省总部

综合大楼一楼及二楼（西侧）

工业中期租约100

Miyata No. 2 Building,

1-31-11 Kinshi, Sumida-ku,

Tokyo, Japan

ResidentialMedium term lease100

宫田第二大厦

日本东京都墨田区锦系1丁目31-11

住宅中期租约100

Nagoya Center,

1-197 Hira, Nishi-ku,

Nagoya City, Aichi, Japan

IndustrialFrehold land100

名古屋中心

日本爱知県名古屋市西区比良1-197

工业永久业权土地100

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