---

2Corporate Information公司资料

4Leter from the Board董事会函件

5Management Discusion and Analysis管理层讨论及分析

12Corporate Governance Report企业管治报告

32Biographies of Directors and Senior Management董事及高级管理层履历

35Directors’ Report董事报告

48Independent Auditor’s Report独立核数师报告

55Consolidated Statement of Profit or Los and

Other Comprehensive Income

综合损益及其他全面收益表

56Consolidated Statement of Financial Position综合财务状况表

58Consolidated Statement of Changes in Equity综合权益变动表

59Consolidated Statement of Cash Flows综合现金流量表

61Notes to the Consolidated Financial Statements综合财务报表附注

148Financial Sumary财务摘要

149Definitions释义

CONTENTS

目录

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE INFORMATION

公司资料

COMPANY DIRECTORS

Executive Directors

Ms. Li Kai Lai Miranda

Ms. Wo Lan Ying (apointed on 2 July 2024)

Mr. Chui Kwong Kau (resigned on 2 July 2024)

Independent Non-executive Directors

Mr. Cheung Sze Ming

Mr. Wong Siu Keung Joe

Mr. Yiu To Wa

AUDIT AND COMPLIANCE COMITE

(THE “AUDIT AND COMPLIANCE COMITE”)

Mr. Wong Siu Keung Joe (Chairman)

Mr. Cheung Sze Ming

Mr. Yiu To Wa

REMUNERATION COMITE

(THE “REMUNERATION COMITE”)

Mr. Cheung Sze Ming (Chairman)

Mr. Wong Siu Keung Joe

Mr. Yiu To Wa

NOMINATION COMITE

(THE “NOMINATION COMITE”)

Mr. Cheung Sze Ming (Chairman)

Mr. Wong Siu Keung Joe

Mr. Yiu To Wa

COMPANY SECRETARY

Mr. Kwong Chun Chung (apointed on 1 May 2025)

Ms. Choi Ye Man (resigned on 1 May 2025)

AUDITOR

Baker Tily Hong Kong Limited

Level 8, K11 ATELIER King’s Road

728 King’s Road, Quary Bay

Hong Kong

公司董事

执行董事

李嘉丽女士

胡兰英女士（于二零二四年七月二日获委任）

崔光球先生（于二零二四年七月二日辞任）

独立非执行董事

张诗敏先生

黄兆强先生

姚道华先生

审核及合规委员会

（「审核及合规委员会」）

黄兆强先生（主席）

张诗敏先生

姚道华先生

薪酬委员会（「薪酬委员会」）

张诗敏先生（主席）

黄兆强先生

姚道华先生

提名委员会（「提名委员会」）

张诗敏先生（主席）

黄兆强先生

姚道华先生

公司秘书

邝振忠先生（于二零二五年五月一日获委任）

蔡绮雯女士（于二零二五年五月一日辞任）

核数师

天职香港会计师事务所有限公司

香港

鲗鱼涌英皇道728号

K11 ATELIER King’s Road 8楼

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煜荣集团控股有限公司

2024/25年报

CORPORATE INFORMATION

公司资料

主要往来银行

中国银行（香港）有限公司

星展银行（香港）有限公司

广东顺德农村商业银行股份有限公司

注册办事处

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman

KY1-1111

Cayman Islands

香港主要营业地点

香港九龙湾

宏照道19号

金利丰国际中心

8楼E3室

开曼群岛主要股份过户登记处

Conyers Trust Company (Cayman) Limited

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

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

股份代号

公司网址

w.yukwing.com

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

DBS Bank (Hong Kong) Limited

Guangdong Shunde Rural Comercial Bank Company Limited

REGISTERED OFICE

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman

KY1-1111

Cayman Islands

PRINCIPAL PLACE OF BUSINES IN HONG KONG

Unit E3, 8/F.

Kingston International Centre

19 Wang Chiu Road

Kowlon Bay, Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE IN CAYMAN ISLANDS

Conyers Trust Company (Cayman) Limited

Cricket Square

Hutchins Drive

P.O. Box 2681

Grand Cayman, KY1-1111

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

STOCK CODE

COMPANY WEBSITE

w.yukwing.com

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

LETER FROM THE BOARD

董事会函件

Dear Shareholders,

On behalf of the board (the “Board”) of directors (the “Director(s)”) of

Yuk Wing Group Holdings Limited (the “Company”) and its subsidiaries

(colectively refered to as the “Group”), I would like to present the

2024/25 anual report of the Group for the year ended 31 March 2025.

REVIEW

For the year ended 31 March 2025 (the “Year”), the Group’s revenue

was aproximately HK$217.1 milion (2024: aproximately HK$148.2

milion). Such increase was mainly atributable to the recovering busines

environment in Hong Kong, leading to a higher level of construction

works and projects available during the Year when compared with the

year ended 31 March 2024, resulting in a higher than expected demand

for our products.

The Group recorded a net los of aproximately HK$12.2 milion for

the Year as compared to the net los of aproximately HK$22.6 milion

for the year ended 31 March 2024. This was mainly atributable to the

increase in revenue and gros profit, and increase in gain on fair value

changes of financial asets at fair value through profit or los during the

Year.

PROSPECTS

During the Year, the Group continued to develop its various busines and

geographical segments. In Hong Kong, the busines environment had

remained stagnant due to the uncertain economic outlok.

Internationaly, as the Group continues to develop the international

markets, it is expected the revenue generated from international

customers wil increase as a result.

Overal, the Group is cautious towards the future of the construction

market and the busines of the Group in Hong Kong. At the international

level, the Group wil continue its eforts to capture busines oportunities

in the overseas markets.

APRECIATION

Lastly, I would like to expres our sincere gratitude to our shareholders,

customers and busines partners for their continuous suport, and to

our management and staf members for their diligence, dedication and

contribution to the growth of the Group.

By order of the Board

Yuk Wing Group Holdings Limited

Li Kai Lai Miranda

Executive Director

Hong Kong, 30 June 2025

致各位股东：

本人谨代表煜荣集团控股有限公司（「本公司」）

及其附属公司（统称「本集团」）董事（「董事」）

会（「董事会」）呈报本集团截至二零二五年三

月三十一日止年度的二零二四╱二五年报。

回顾

截至二零二五年三月三十一日止年度（「本年

度」），本集团收益约为217.1百万港元（二

零二四年：约148.2百万港元）。该增加主要

归因于香港营商环境复苏，令本年度的建筑

活动及可施工项目较截至二零二四年三月

三十一日止年度有所增加，导致对我们产品

的预期需求增加。

本集团于本年度录得净亏损约12.2百万港元，

而截至二零二四年三月三十一日止年度则录

得净亏损约22.6百万港元。此乃主要由于本

年度收益及毛利增加、以及透过损益按公平

值入账之金融资产公平值变动收益增加所致。

前景

于本年度，本集团继续发展其多个业务及地

区分部。于香港，由于经济前景不明朗，营

商环境持续停滞。

于国际层面，随著本集团持续开拓国际市场，

预计自国际客户产生的收益将随之增加。

总括而言，本集团对建筑市场及本集团于香

港的业务前景持审慎态度。在国际层面，本

集团将持续不懈地抓住海外市场的商机。

感谢

最后，本人谨此衷心感谢股东、客户及业务

伙伴一直以来的支持，同时亦就管理层及全

体员工为本集团发展所作出的默耕耘、竭

诚奉献及宝贵贡献向彼等致以谢意。

承董事会命

煜荣集团控股有限公司

执行董事

李嘉丽

香港，二零二五年六月三十日

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煜荣集团控股有限公司

2024/25年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

BUSINES REVIEW

The Group is principaly engaged in the manufacturing and trading of

DTH rockdriling tols, trading of piling and driling machineries and

rockdriling equipment.

During the Year, the market environments have gradualy recovered

and increase in rockdriling projects available in the Hong Kong and

Macau market. At the international level, the revenue generated from

the Scandinavia market has decreased during the Year as a result of the

decrease in busines activities in the region. Busineses from China has

sen increase in activities, leading to increase in revenue contributed

from the regions. This had resulted in an increase in contribution to our

Group’s revenue as our local customers have increased their purchases

of our products. There have ben increases in fair value gain in financial

asets at fair value through profit or los, where the fair value gain

amounted to aproximately HK$7.0 milion during the Year (2024: fair

value los of aproximately HK$3.1 milion), write down of inventories of

aproximately HK$3.0 milion (2024: aproximately HK$2.0 milion), and

impairment los of trade receivables of aproximately HK$5.9 milion

(2024: aproximately HK$4.0 milion) during the Year. The efects as

mentioned above have resulted in an decrease in the los position during

the Year, where the los for the Year is aproximately HK$12.2 milion,

as compared with the los of aproximately HK$22.6 milion for the year

ended 31 March 2024.

Hong Kong remains the Group’s major market, where revenue generated

from Hong Kong contributed to aproximately HK$196.3 milion for the

Year (2024: HK$142.6 milion), representing 90.4% of total revenue (2024:

96.2%). Revenue from Macau was HK$1.7 milion (2024: HK$0.5 milion).

At the international level, Scandinavia contributed HK$1.0 milion (2024:

HK$1.5 milion), representing 0.5% of total revenue (2024: 1.0%). The

PRC market showed significant growth at HK$15.1 milion (2024: HK$0.6

milion), while Germany contributed HK$1.1 milion (2024: HK$1.5 milion).

业务回顾

本集团主要从事制造及买卖潜孔凿岩工具、

买卖打桩机及钻机和凿岩设备。

本年度内，市场环境逐渐复苏，香港及澳门

市场的凿岩项目增多。于国际层面而言，由

于斯堪的纳维亚市场的业务活动减少，我们

自该地区产生的收益于本年度有所减少。中

国的业务活动增加，使得该地区贡献的收益

增加。由于我们的本地客户增加对我们产品

的购买，从而对本集团收益的贡献增加。透

过损益按公平值入账之金融资产之公平值收

益增加，于本年度，公平价值收益约7.0百万

港元（二零二四年：公平值亏损约3.1百万港

元），于本年度撇减存货约3.0百万港元（二零

二四年：约2.0百万港元），及贸易应收款项

减值亏损约5.9百万港元（二零二四年：约4.0

百万港元）。上述影响令本年度亏损状况有

所改善，本年度亏损约12.2百万港元，而截

至二零二四年三月三十一日止年度则亏损约

22.6百万港元。

香港仍为本集团的主要市场，其中于本年度

在香港产生的收益约为196.3百万港元（二零

二四年：142.6百万港元），占总收益90.4%

（二零二四年：96.2%）。澳门产生的收益为

1.7百万港元（二零二四年：0.5百万港元）。

于国际层面，斯堪的纳维亚半岛贡献1.0百万

港元（二零二四年：1.5百万港元），占总收益

0.5%（二零二四年：1.0%）。中国市场增长显

著，为15.1百万港元（二零二四年：0.6百万

港元），而德国贡献1.1百万港元（二零二四

年：1.5百万港元）。

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

业务回顾（续）

制造及买卖潜孔凿岩工具

本集团主要从事制造及买卖潜孔凿岩工具。

我们自主设计及制造的潜孔凿岩工具主要分

为以下类别：潜孔锤、套管系统（包括驱导钻

头及套管钻头）及其他杂项产品（包括球齿钻

头及扩孔器）以及新开发产品、钻杆、丛式

钻具及套管。制造及买卖潜孔凿岩工具的收

益占本年度总收益约98.1%（二零二四年：约

92.1%）。

买卖打桩机及钻机和凿岩设备

本集团亦从事根据凿岩技术解决方案向客户

买卖打桩机及钻机和凿岩设备。于本年度来

自买卖打桩机及钻机以及凿岩设备的收益占

本年度总收益约1.9%（二零二四年：约7.9%）。

财务回顾

收益

本集团的收益由截至二零二四年三月三十一

日止年度约148.2百万港元增加约68.9百万

港元或46.5%至截至本年度的约217.1百万港

元。收益增加主要由于香港营商环境面临挑

战，与截至二零二四年三月三十一日止年度

相比，于本年度的建筑活动及可施工项目数

量处于较高水平，导致对我们产品的需求高

于预期。

毛利及毛利率

本集团的毛利由截至二零二四年三月三十一

日止年度约34.1百万港元增加约9.7百万港元

或28.4%至本年度约43.8百万港元，主要由

于上述收益增加所致。于本年度的毛利率约

为20.2%，而截至二零二四年三月三十一日

止年度的毛利率约为23.0%。毛利率下降主

要由是于本年度香港营商环境充满挑战，对

我们的制造及买卖潜孔凿岩工具分部产品的

售价构成压力。

BUSINES REVIEW (Continued)

Manufacturing and Trading of DTH Rockdriling Tols

The Group is principaly engaged in the manufacturing and trading of DTH

rockdriling tols. Our self-designed and manufactured DTH rockdriling

tols can be categorised into the folowing main categories, namely DTH

hamers, casing systems (comprising driver bits and casing bits), and

other miscelaneous products including buton bits and bit openers, as

wel as our newly developed products, dril pipes, cluster drils and casing

tubes. Revenue from the manufacturing and trading of DTH rockdriling

tols contributed to aproximately 98.1% of the total revenue during the

Year (2024: aproximately 92.1%).

Trading of Piling and Driling Machineries and Rockdriling Equipment

The Group is also engaged in the trading of piling and driling machineries

and rockdriling equipment to our customers as part of our technical

rockdriling solutions. Revenue from trading of piling and driling

machineries and rockdriling equipment contributed to aproximately

1.9% of the total revenue during the Year (2024: aproximately 7.9%).

FINANCIAL REVIEW

Revenue

Revenue for the Group has increased from aproximately HK$148.2

milion for the year ended 31 March 2024 to aproximately HK$217.1

milion for the Year, an increase of aproximately HK$68.9 milion or

46.5%. The increase in revenue is primarily caused by the recovering

busines environment in Hong Kong, leading to a higher level of

construction works and projects available during the Year when

compared with the year ended 31 March 2024, resulting in a higher than

expected demand for our products.

Gros Profit and Gros Profit Margin

The Group’s gros profit increased by aproximately HK$9.7 milion, or

28.4%, to aproximately HK$43.8 milion for the Year, from aproximately

HK$34.1 milion for the year ended 31 March 2024, primarily due to

the increase in revenue as mentioned above. Gros profit margin was

aproximately 20.2% for the Year as compared to gros profit margin of

aproximately 23.0% for the year ended 31 March 2024. The decrease in

gros profit margin is mainly due to the chalenging busines environment

in Hong Kong during the Year, which has exerted presure on the

seling prices of our products in the manufacturing and trading of DTH

rockdriling tols segment.

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煜荣集团控股有限公司

2024/25年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

其他收益及亏损

本集团于本年度录得其他收益净额约5.3百

万港元，而截至二零二四年三月三十一日止

年度的其他亏损净额约为5.0百万港元。这主

要归因于本年度透过损益按公平值入账之金

融资产公平值变动收益约7.0百万港元（二零

二四年：亏损约3.1百万港元），以及于本年

度撇销存货约3.0百万港元（二零二四年：撇

销约2.0百万港元）。

透过损益按公平值入账之金融资产之公平

值变动及证券投资

于二零二五年三月三十一日，本公司持有的

上市证券公平值约为27.3百万港元（二零二四

年三月三十一日：约20.3百万港元）。于本年

度自上市证券投资收到股息收入约为1.3百万

港元（二零二四年：约1.1百万港元）。除本报

告所披露者外，于本年度概无其他额外上市

证券收购或出售事项。

本集团定时监察其投资表现，并定时作出适

合的投资决定。此外，本集团将不时分配部

分其闲置资源购买本金担保的理财产品，以

增加其整体回报。

销售及分销开支

本集团的销售及分销开支由截至二零二四年

三月三十一日止年度约8.6百万港元增加约2.8

百万港元至本年度约11.4百万港元，主要由

于本年度收益增加令运费、交通及储存成本

增加所致。

行政开支

本集团的行政开支由截至二零二四年三月

三十一日止年度约40.2百万港元增加约5.1百

万港元至本年度约45.3百万港元，主要由于

本年度营运成本增加所致。

FINANCIAL REVIEW (Continued)

Other gains and loses

The Group recorded net other gains of aproximately HK$5.3 milion for

the Year as compared to the net other loses of aproximately HK$5.0

milion for the year ended 31 March 2024. This was mainly atributable

to the gains (2024: loses) on fair value changes of financial asets at fair

value through profit or los for the Year of aproximately HK$7.0 milion

(2024: aproximately HK$3.1 milion), and the write down of inventories

of aproximately HK$3.0 milion (2024: write down of aproximately

HK$2.0 milion) during the Year.

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

los and securities investment

As at 31 March 2025, the fair value of the listed securities held by the

Company amounted to aproximately HK$27.3 milion (31 March 2024:

aproximately HK$20.3 milion). Dividend income of aproximately

HK$1.3 milion were received from the investment of listed securities

during the Year (2024: aproximately HK$1.1 milion). Save as disclosed

in this report, there was no other aditional acquisition or disposal of

listed securities during the Year.

The Group regularly monitors its investment performance and make

apropriate investment decisions regularly. In adition, the Group would

alocate part of its idle resources from time to time to purchase principal-

guaranted wealth management products to increase its overal return.

Seling and Distribution Expenses

The Group’s seling and distribution expenses increased by aproximately

HK$2.8 milion, to aproximately HK$11.4 milion for the Year, from

aproximately HK$8.6 milion for the year ended 31 March 2024, mainly

due to the increase in freight, transportation and storage costs as a result

of the increase in revenue during the Year.

Administrative Expenses

The Group’s administrative expenses increased by aproximately HK$5.1

milion, to aproximately HK$45.3 milion for the Year, from aproximately

HK$40.2 milion for the year ended 31 March 2024, primarily due to the

increase in operational costs during the Year.

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

财务回顾（续）

净亏损

本集团于本年度录得净亏损约12.2百万港元，

而截至二零二四年三月三十一日止年度则录

得净亏损约22.6百万港元。此乃主要由于本

年度收益及毛利增加，以及透过损益按公平

值入账之金融资产之公平值收益增加所致。

策略及前景

于本年度，本集团继续发展其多个业务及地

区分部。于香港，由于经济前景不明朗，营

商环境持续停滞。

于国际层面，随著本集团持续开拓国际市场，

预计自国际客户产生的收益将随之增加。

总括而言，本集团对建筑市场及本集团于香

港的业务前景持审慎态度。在国际层面，本

集团将持续不懈地抓住海外市场的商机。

流动资金及财务资源

于二零二五年三月三十一日，本集团的现金

及现金等价物总额约为42.2百万港元（二零

二四年三月三十一日：约46.6百万港元）。

于二零二五年三月三十一日，本集团之银行

借贷约5.0百万港元（二零二四年三月三十一

日：约10.0百万港元）按浮息计算，须于一年

内偿还，由本公司担保。于二零二五年三月

三十一日，本集团之其他借贷约8.0百万港

元（二零二四年三月三十一日：约13.0百万

港元）乃按固定年利率1.0%（二零二四年三月

三十一日：1.0%）计息并须于一年内偿还，无

抵押。于二零二五年三月三十一日，本集团

之银行借贷及其他借贷以港元计值（二零二四

年三月三十一日：以港元计值）。

于二零二五年三月三十一日，本集团的资产

与负债比率（定义为本集团的总计息负债除以

本集团的总权益）约为9.6%（二零二四年三月

三十一日：约21.9%）。资产与负债比率下降

主要由于本年度银行及其他借贷减少所致。

FINANCIAL REVIEW (Continued)

Net Los

The Group recorded a net los of aproximately HK$12.2 milion for

the Year as compared to the net los of aproximately HK$22.6 milion

for the year ended 31 March 2024. This was mainly atributable to the

increase in revenue and gros profit, and increase in gain on fair value

changes of financial asets at fair value through profit or los during the

Year.

STRATEGY AND PROSPECTS

During the Year, the Group continued to develop its various busines and

geographical segments. In Hong Kong, the busines environment had

remained stagnant due to the uncertain economic outlok.

Internationaly, as the Group continues to develop the international

markets, it is expected the revenue generated from international

customers wil increase as a result.

Overal, the Group is cautious towards the future of the construction

market and the busines of the Group in Hong Kong. At the international

level, the Group wil continue its eforts to capture busines oportunities

in the overseas markets.

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 March 2025, the Group’s total cash and cash equivalents

amounted to aproximately HK$42.2 milion (31 March 2024:

aproximately HK$46.6 milion). As at 31 March 2025, the Group had

bank borowings of aproximately HK$5.0 milion (31 March 2024:

aproximately HK$10.0 milion) with variable interest rate, which were

repayable within one year and were guaranted by the Company. As at

31 March 2025, the Group’s other borowing of aproximately HK$8.0

milion (31 March 2024: aproximately HK$13.0 milion) had fixed interest

rate of 1.0% (31 March 2024: 1.0%) per anum and was repayable within

one year, which was unsecured. As at 31 March 2025, the Group’s bank

borowings and other borowing were denominated in Hong Kong dolar

(31 March 2024: denominated in Hong Kong dolar).

The gearing ratio of the Group as at 31 March 2025 (defined as the

Group’s total interest-bearing liabilities divided by the Group’s total

equity) was aproximately 9.6% (31 March 2024: aproximately 21.9%).

The decrease in gearing ratio is mainly due to the decrease in bank and

other borowings during the Year.

---

煜荣集团控股有限公司

2024/25年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

库务政策

本集团采纳库务政策旨在更好地控制其库务

运作及降低借贷成本。因此，本集团致力维

持充足的现金及现金等价物水平，以应对短

期资金需要。董事会亦会根据本集团的需要

考虑多个融资来源，确保以最具成本效益及

效率的方式运用财务资源，履行本集团的财

务责任。本集团于各持牌银行的存款一直并

将持续根据本集团的库务政策进行。董事会

不时检视及评估本集团的库务政策，以确保

其充分有效。

重大投资及资本资产的未来计

划

于二零二五年三月三十一日，本集团并无重

大投资及资本资产的计划。

重大投资、重大收购及出售

除本年报所披露者外，于本年度，本集团概

无任何重大投资、重大收购或出售附属公司

及联营公司的事项。

或然负债

本集团于二零二四年三月三十一日及二零

二五年三月三十一日并无任何重大或然负债。

资本承担

于二零二四年三月三十一日及二零二五年三

月三十一日，本集团并无任何资本承担。

集团资产押记

于二零二五年三月三十一日，本集团的银

行借贷约为5.0百万港元（二零二四年三月

三十一日：10.0百万港元），由本公司担保。

TREASURY POLICIES

The Group adopts a treasury policy that aims to beter control its treasury

operations and lower its borowing cost. As such, the Group endeavours

to maintain an adequate level of cash and cash equivalents to adres

short-term funding neds. The Board also considers various funding

sources depending on the Group’s neds to ensure that the financial

resources have ben used in the most cost-efective and eficient way

to met the Group’s financial obligations. The deposits of the Group at

various licensed banks have ben and wil continue to be conducted in

acordance with the Group’s treasury policy. The Board reviews and

evaluates the Group’s treasury policy from time to time to ensure its

adequacy and efectivenes.

FUTURE PLANS FOR MATERIAL INVESTMENT AND

CAPITAL ASETS

As at 31 March 2025, the Group did not have plan for material investment

and capital asets.

SIGNIFICANT INVESTMENTS, MATERIAL ACQUISITIONS

AND DISPOSALS

Save as disclosed in this anual report, there has ben no significant

investment, material acquisition or disposal of subsidiaries and asociated

companies by the Group during the Year.

CONTINGENT LIABILITIES

The Group has not had any material contingent liability as at 31 March

2024 and 31 March 2025.

CAPITAL COMITMENTS

As at 31 March 2024 and 31 March 2025, the Group had no capital

comitments.

CHARGE ON GROUP ASETS

As at 31 March 2025, the Group had bank borowings of aproximately

HK$5.0 milion (31 March 2024: aproximately HK$10.0 milion) which

were guaranted by the Company.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

资产负债表外交易

于二零二五年三月三十一日，本集团并无订

立任何重大资产负债表外交易（二零二四年：

无）。

现金流量管理及流动资金风险

本集团现金流量管理之目标为透过结合内部

资源、银行借贷及其他债务或股本证券（如适

用），在资金持续性与灵活性之间达致平衡。

本集团满意其现有财务及流动资金状况，并

将继续维持合理充裕之流动资金作缓冲，以

确保具备充足资金随时满足周转需要。

根据一般授权配售新股份

于二零二四年十月九日，本公司已与不少于

六名承配人（「承配人」）（为个人、机构或其他

专业投资者，其最终实益拥有人（如有）为独

立于本公司及其关连人士的第三方）订立配售

协议（「配售协议」），以按配售价每股配售股

份0.085港元（「配售价」）配售合共76,000,000

股本公司新普通股（「配售股份」），总代价约

6.2百万港元（「配售事项」）。配售价较(a)股份

于二零二四年十月九日（即配售协议日期）下

午四时正在联交所报收市价每股0.1040港

元折让约18.27%；及(b)股份于紧接配售协议

日期前股份最后五个交易日在联交所报平

均收市价每股约0.1010港元折让约15.84%。

经扣除专业费用及所有相关开支后，于配售

事项完成后本公司自配售事项取得的所得款

项净额约为6.2百万港元。基于此，每股配售

股份的净发行价约为每股0.0808港元。鉴于

市况，董事认为配售事项为巩固本公司财务

状况及一般营运资金的良机。配售事项已于

二零二四年十月三十日完成。详情请参阅本

公司日期为二零二四年十月三十日之公告。

OF-BALANCE SHET TRANSACTIONS

As at 31 March 2025, the Group did not enter into any material of-

balance shet transactions (2024: Nil).

CASH FLOW MANAGEMENT AND LIQUIDITY RISK

The Group’s objective regarding cash flow management is to maintain

a balance betwen continuity of funding and flexibility through a

combination of internal resources, bank borowings, and other debt

or equity securities, as apropriate. The Group is comfortable with the

present financial and liquidity position, and wil continue to maintain a

reasonable liquidity bufer to ensure suficient funds are available to met

liquidity requirements at al times.

PLACING OF NEW SHARES UNDER GENERAL MANDATE

On 9 October 2024, the Company has entered into placing agrements

(the “Placing Agrements”) with not les than six places (the

“Places”), who are individuals, institutional or other profesional

investors, and who and whose ultimate beneficial owners (if any) are

third parties independent of the Company and its conected persons,

for the placing of an agregate 76,000,000 new ordinary shares of the

Company (the “Placing Shares”) for an agregate consideration of

aproximately HK$6.2 milion at the placing price (the “Placing Price”)

of HK$0.085 per Placing Share (the “Placing”). The Placing Price

represents: (a) a discount of aproximately 18.27% to the closing price of

HK$0.1040 per Share as quoted on the Stock Exchange on the date on

9 October 2024 at 4:00 p.m., being the date of the Placing Agrements;

and (b) a discount of aproximately 15.84% to the average closing

price of aproximately HK$0.1010 per Share as quoted on the Stock

Exchange for the last five trading days on Shares imediately prior to

the date of the Placing Agrements. The net proceds from the Placing

received by the Company upon completion of the Placing amounted to

aproximately HK$6.2 milion after deducting profesional fes and al

related expenses. On this basis, the net isue price per Placing Share is

aproximately HK$0.0808 per Share. In view of the market conditions,

the Directors considered the Placing as a god oportunity to strengthen

the financial position and general working capital of the Company. The

Placing was completed on 30 October 2024. For details please refer to

the anouncement of the Company dated 30 October 2024.

---

煜荣集团控股有限公司

2024/25年报

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

外汇风险

本集团主要于香港及中华人民共和国（「中国」）

营运，而大部分营运交易、收益、开支、货

币资产及负债均以港元及人民币计值。因此，

董事认为，本集团的外汇风险并不重大，且

我们应具有足够资源应付外汇需要（如有）。

本集团并无使用任何衍生工具对冲其外汇风险。

雇员及薪酬政策

于二零二五年三月三十一日，本集团于香港

及中国拥有约101名雇员（二零二四年三月

三十一日：约88名雇员）。本集团定期检讨

薪酬政策并参考市场条款、公司表现以及个

人资历及表现后厘定。其他员工福利包括按

酌情基准发放的花红、为香港雇员而设的强

制性公积金计划及为中国雇员而设的国家资

助退休计划。本集团亦向其雇员提供各种不

同的培训计划。

FOREIGN EXCHANGE RISK

Our Group’s operations are mainly in Hong Kong and the People’s

Republic of China (the “PRC”), and most of the operating transactions,

revenue, expenses, monetary asets and liabilities are denominated in

Hong Kong dolars and Renminbi. As such, the Directors are of the view

that the Group’s risk in foreign exchange is insignificant and that we

should have suficient resources to met foreign exchange requirements

as and if it arises. The Group has not engaged in any derivative to hedge

its exposure to foreign exchange risk.

EMPLOYES AND REMUNERATION POLICIES

As at 31 March 2025, the Group had aproximately 101 employes (31

March 2024: aproximately 88 employes) in Hong Kong and the PRC.

The Group’s remuneration policy is reviewed periodicaly and determined

by reference to market terms, company performance, and individual

qualifications and performance. Other staf benefits include bonuses

awarded on discretionary basis, mandatory provident fund scheme for

Hong Kong employes, and state-sponsored retirement plans for PRC

employes. The Group also ofers a variety of training schemes to its

employes.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

COMPLIANCE OF THE CODE

The Company focuses on maintaining a high standard of corporate

governance for purposes of enhancing the value for its shareholders and

protecting their interests. The Company has established the corporate

governance structure in acordance with the Listing Rules and the

Corporate Governance Code (the “Code”) provided in Apendix C1

to the Listing Rules and has set up a series of corporate governance

measures. The Company has adopted and complied with such provisions

of the Code (the “Code Provision(s)”) as stated in the Code during the

Year except for the Code Provision of C.2.1.

In acordance with Code Provision C.2.1, the roles of chairman and chief

executive should be separated and should not be performed by the same

individual. The division of responsibilities betwen the chairman and chief

executive should be clearly established and set out in writing. Ms. Wo

Lan Ying has ben the chief executive oficer of the Company since 2

July 2024. The Company curently does not have any oficer with the title

of chairman. The functions of chairman were performed by the Executive

Directors. Notwithstanding the aforementioned, the Board wil review

the curent structure from time to time and as and when apropriate if

candidate with suitable leadership, knowledge, skils and experience is

identified, the Company may make the necesary modification to the

management structure.

The Board wil examine and review, from time to time, the Company’s

corporate governance practices and operations in order to met

the relevant provisions under the Listing Rules and to protect the

shareholders’ interests.

MODEL CODE FOR SECURITIES TRANSACTIONS BY

DIRECTORS

The Company has adopted the Model Code for Securities Transactions

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

C3 of the Rules Governing the Listing of Securities on the Stock

Exchange (the “Listing Rules”) as its code of conduct for regulating

securities transactions by Directors. Folowing a specific enquiry to

al Directors by the Company, al Directors have confirmed that they

have complied with the required standard set out in the Model Code

throughout the Year.

遵守则

本公司专注于维持高水平的企业管治，旨在

为其股东提升价值及保障彼等的权益。本公

司已根据上市规则及上市规则附录C1所规定

的企业管治守则（「守则」）设定企业管治架构，

并设立一系列企业管治措施。于本年度，本

公司已采纳及遵守则所载的守则条文（「守

则条文」），惟守则条文第C.2.1条除外。

根据守则条文第C.2.1条，主席及行政总裁的

职务应分开，且不应由同一人担任。主席与

行政总裁的职责区分应明确制定及以书面方

式载述。胡兰英女士自二零二四年七月二日

起一直担任本公司行政总裁。本公司目前并

无任何高级职员具有主席职衔。主席的职能

由执行董事执行。尽管上文所述，董事会将

不时检讨现行架构，倘于适当时候物色到具

备合适领导才能、知识、技能及经验的人选，

本公司或会对管理架构作出必要修订。

董事会将不时审查及检讨本公司的企业管治

常规与运作模式，以符合上市规则的有关条

文及保障股东权益。

董事进行证券交易的标准守则

本公司已采纳联交所证券上市规则（「上市规

则」）附录C3所载的上市发行人董事进行证券

交易的标准守则（「标准守则」），以此作为规

管董事进行证券交易的行为守则。经本公司

向全体董事作出特定查询后，全体董事已确

认，彼等于本年度期间一直遵守标准守则所

载的必守准则。

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会

董事会的成员组合

于二零二五年三月三十一日及本报告日期，

董事会由(i)两名执行董事（即李嘉丽女士及胡

兰英女士）；及(i)三名独立非执行董事（即张

诗敏先生、黄兆强先生及姚道华先生）组成。

最新董事名单与其角色和职能分别刊载于联

交所网站(w.hkexnews.hk )及本公司网站

(w.yukwing.com )。

董事会成员之间并无财务、业务、家庭或其

他重大关系。

于本年度，本公司拥有最少三名独立非执行

董事（占董事会人数最少三分之一）以符合上

市规则第3.10(1)及(2)条以及第3.10A条的规

定，其中最少一名独立非执行董事具有专业

资格或会计知识或有关财务管理的专业知识。

董事会相信，董事会成员的组成有足够之独

立性以保障股东利益。

确认独立性

根据上市规则第3.13条，经考虑有关独立非

执行董事的独立性评估因素及各独立非执行

董事提供的年度独立性书面确认后，董事会

认为所有独立非执行董事均符合上市规则第

3.13条所载的评估独立性的指引及具有独立性。

独立机制

本公司已制定机制以确保董事会获得独立

观点及意见。全体董事（包括独立非执行董

事）均有权向董事会发表意见，并可个别独

立接触本集团管理层以作出知情决定。董事

有权向本公司的公司秘书寻求意见或在合理

要求下寻求独立专业意见，费用由本公司承

担，以协助董事履行其对本公司的职责。所

有独立非执行董事均已出席于本年度召开的

所有董事会及其相关委员会议。

BOARD OF DIRECTORS

Board Composition

As at 31 March 2025 and the date of this report, the Board comprises

(i) two Executive Directors, namely Ms. Li Kai Lai Miranda and Ms. Wo

Lan Ying; and (i) thre Independent Non-executive Directors, namely Mr.

Cheung Sze Ming, Mr. Wong Siu Keung Joe and Mr. Yiu To Wa.

An updated list of the Directors and their roles and functions is published

on the websites of the Stock Exchange (w.hkexnews.hk ) and of the

Company (w.yukwing.com ) respectively.

There are no financial, busines, family or other material relationships

among members of the Board.

During the Year, the Company has at least thre Independent Non-

executive Directors (representing at least one-third of the Board), in

compliance with the requirements of Rules 3.10(1) and (2) and 3.10A

of the Listing Rules and among whom, at least one Independent Non-

executive Director poses profesional qualifications or acounting

knowledge or profesional knowledge related to finance management.

The Board believes there is suficient independence element in the Board

to safeguard the interest of Shareholders.

Confirmation of independence

After taking into consideration of the factors regarding the evaluation of

the independence of the Independent Non-executive Directors pursuant

to Rule 3.13 of the Listing Rules, and the anual writen confirmation of

independence given by each of the Independent Non-executive Directors,

the Company is of the view that al Independent Non-executive Directors

met the guidelines for asesing independence set out in Rule 3.13 of

the Listing Rules and are independent.

Independence mechanisms

The Company has put in place mechanisms to ensure independent

views and input are available to the Board. Al the Directors, including

the Independent Non-executive Directors, have the right to expres their

views to the Board and separately and independently aces to the

management of the Group to make informed decisions. The Directors are

entitled to sek advice from the company secretary of the Company or,

upon reasonable request, sek independent profesional advice at the

Company’s expenses to asist the Directors to discharge their duties to

the Company. Al Independence Non-executive Directors atended al the

metings of the Board and its relevant comites held during the Year.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

董事会的成员组合（续）

独立机制（续）

任何董事或其联系人如在董事会将予审议的

事项中存在利益冲突，将通过实体董事会

议而非书面决议案处理。有关董事须于会议

前申报其利益及放弃投票，且不被计入有关

决议案的法定人数。独立非执行董事及其联

系人如于有关事项中并无利益，应出席董事

会议。

董事会已检讨并认为有关机制可有效确保于

本年度向董事会提供独立意见及建议。

董事责任

董事会对本集团活动具有最终监督权。其主

要职能为制定及指导本公司的策略，并监控

及计量管理层表现。董事会负责本集团的整

体策略发展，旨在提升股东价值。重大事项

留待董事会考虑或决定，其中包括本集团的

整体策略、业务计划、年度预算、重大资本

支出、中期及年度业绩及报告、股息政策及

付款、重大收购、出售或投资建议、董事委

任、重新委任或罢免及其他重大交易。

董事会已将其部分责任委派予审核及合规委

员会、薪酬委员会及提名委员会。其亦将本

集团业务的日常营运委派予高级管理层。

BOARD OF DIRECTORS (Continued)

Board Composition (Continued)

Independence mechanisms (Continued)

Any Director or his/her asociate who has a conflict of interest in a

mater to be considered by the Board wil be dealt with by a physical

Board meting rather than by writen resolutions. Such Director wil be

required to declare his/her interests before the meting and abstain from

voting and not counted towards the quorum on the relevant resolutions.

Independent non-executive Directors who, and whose asociates, have

no interest in the mater should atend the Board meting.

The Board has reviewed and considered that the mechanisms are

efective in ensuring that independent views and input are provided to the

Board during the Year.

Directors’ Responsibilities

The Board has an ultimate oversight of the Group’s activities. Its primary

functions are to set and direct the Company’s strategy and to monitor

and measure the management’s performance. The Board is acountable

for the overal strategic development of the Group with the objective to

enhance shareholder value. Material maters are reserved for the Board’s

considerations or decisions which include, among other things, overal

strategy of the Group, busines plans, anual budgets, significant capital

expenditure, interim and anual results and reports, dividend policy and

payments, material acquisitions, disposals or investment proposals,

directors’ apointments, re-apointments or removal, and other material

transactions.

The Board has delegated certain of its responsibilities to the Audit

and Compliance Comite, the Remuneration Comite and the

Nomination Comite. It has also delegated the day-to-day operations

of the Group’s busines to the senior management.

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

管理层的授权

高级管理层负责具体执行董事会决议案及本

集团的日常业务管理及营运，包括制定(i)本

公司的营运计划及投资方案；(i)内部管理部

门成立计划；(i)本公司基本管理制度；及(iv)

本公司的具体规例。执行董事及高级行政人

员定期会面以检讨本集团整体业务表现、统

筹整体资源及作出财务及营运决策。董事会

亦就其管理层权力作出明确指示，包括管理

层应进行汇报的情况，并将定期检讨授权安

排，以确保其仍适合本集团的需要。

董事会议

根据守则的守则条文第C.5.1条，董事会应定

期举行会议，而董事会议应每年最少举行

四次，即约每季一次。董事会议程须呈

交董事提供意见及批准。各董事可于议程中

加入任何项目。于每次董事会议前，须向

董事会提供足够、及时及可靠，并与本集团

业务及发展有关的资料，令董事可积极参与

及在知情况下讨论。根据守则的规定，董

事会定期会议通告须于会议召开前最少14天

向全体董事发出，该通告会载列会议召开日

期、时间及地点及该会议将采用的形式。董

事会其他临时会议通告在合理情况下向所有

董事发出。

出席董事会议的法定最低人数为两位董事。

董事可亲身或透过电子通讯方式参与任何董

事会议，就计算法定人数而言，有关参与

人数构成出席会议，犹如亲身出席会议。本

公司董事会秘书负责准备及保管董事会议

纪录以及确保董事可查询有关会议纪录。

BOARD OF DIRECTORS (Continued)

Delegation to Management

The senior management is responsible for the specific implementation of

the resolutions of the Board and of the daily busines management and

operations of the Group, which includes formulating (i) the Company’s

operating plan and investment proposal; (i) the plan of establishing the

internal management authority; (i) the basic management system of the

Company; and (iv) the Company’s specific regulations. The Executive

Directors and senior executives met regularly to review the performance

of the busineses of the Group as a whole, co-ordinate overal resources

and make financial and operational decisions. The Board also gives clear

directions as to their powers of management including circumstances

where management should report back, and wil review the delegation

arangements on a periodic basis to ensure that they remain apropriate

to the neds of the Group.

Board Metings

Pursuant to the Code Provision C.5.1 of the Code, the Board should

met regularly and Board metings should be held at least four times

a year at aproximately quarterly intervals. Agenda of Board metings

are presented to the Directors for coments and aproval. Each

Director may include any item in the agenda. The Board is provided with

adequate, timely and reliable information about the Group’s busines and

developments before each Board meting at which the Directors actively

participate and hold informed discusions. A notice of regular board

meting shal be given to al directors at least 14 days before the meting

is convened pursuant to the requirements of the Code, and such notice

shal state the date, time and venue of the meting to be convened and

the format to be adopted of such meting. Other interim Board metings

have reasonable notices be delivered to al Directors.

The quorum for a Board meting shal be the presence of two Directors.

The Directors may participate in any meting of the Board either in

person or through electronic means of comunications, for the purpose

of counting a quorum, such participation shal constitute presence at a

meting as if those participating were present in person. The secretary

of the Company’s Board is responsible for preparing and safekeping

the minutes of the Board metings and ensuring that the Directors can

enquire about such minutes.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

董事会议（续）

董事的会议出席记录

于报告期内，本公司曾举行十次董事会议、

三次审核及合规委员会议、一次薪酬委员

会议、两次提名委员会议及一次股东大

会。于本年度，董事出席该等会议的情况如

下：

董事委任、重选及罢免

各董事已与本公司订立委任函。根据细则，

其各自须于本公司股东周年大会上轮值告退

及重选连任。根据细则第83(3)条，董事会有

权不时及随时委任何人士为董事，以填补

董事会临时空缺或出任现时董事会的新增董

事。由董事会委任以填补临时空缺或出任现

时董事会的新增董事的任何董事，其任期仅

分别至本公司下届股东周年大会为止，且届

时根据细则符合资格重选连任。

BOARD OF DIRECTORS (Continued)

Board Metings (Continued)

Atendance record of Directors

10 Board metings, 3 Audit and Compliance Comite metings, 1

Remuneration Comite meting, 2 Nomination Comite metings

and one general meting were held during the Reporting Period.

Atendances of these metings by Directors held during the Year are set

out below:

Number of metings atended/Number of metings held for

the year ended 31 March 2025

截至二零二五年三月三十一日止年度出席会议次数╱举行会议次数

Board

Audit and

Compliance

Comite

Remuneration

Comite

Nomination

Comite

General

metings

Directors董事董事会

审核及

合规委员会薪酬委员会提名委员会股东大会

Executive Directors执行董事

Ms. Li Kai Lai Miranda李嘉丽女士10/10N/A不适用N/A不适用N/A不适用1/1

Ms. Wo Lan Ying

(apointed on 2 July 2024)

胡兰英女士

（于二零二四年

七月二日获委任）

5/6N/A不适用N/A不适用N/A不适用1/1

Mr. Chui Kwong Kau

(resigned on 2 July 2024)

崔光球先生

（于二零二四年

七月二日辞任）

4/4N/A不适用N/A不适用N/A不适用N/A不适用

Independent non-executive

Directors

独立非执行董事

Mr. Cheung Sze Ming张诗敏先生7/103/31/12/21/1

Mr. Wong Siu Keung Joe黄兆强先生7/103/31/12/21/1

Mr. Yiu To Wa姚道华先生8/103/31/12/21/1

Apointment, Re-election and Removal of Directors

Each of the Directors has entered into a leter of apointment with the

Company. Each of them is subject to his retirement by rotation and re-

election at an anual general meting of the Company in acordance

with the Articles. Pursuant to Article 83(3) of the Articles, the Board shal

have power from time to time and at any time to apoint any person as

a Director either to fil a casual vacancy on the Board or as an aditional

to the existing Board. Any Director apointed by the Board to fil a casual

vacancy or as an adition to the existing Board shal hold ofice only until

the next folowing anual general meting of the Company respectively

and shal then be eligible for re-election at the meting in acordance

with the Articles.

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会（续）

董事委任、重选及罢免（续）

根据细则第84(1)条，于本公司每届股东周年

大会上，当时三分之一之董事须轮席退任，

惟每位董事须至少每三年于股东周年大会退

任一次，且符合资格及愿意重选连任。

根据细则第83(5)条，即使细则或本公司与该

董事订立的任何协议有任何相反规定，本公

司股东仍可于根据细则召开及举行的任何股

东大会上，在董事任期届满前随时以普通决

议案罢免董事。

胡兰英女士于二零二四年七月二日获委任为

执行董事。彼于其获委任前确认，彼已获得

上市规则第3.09D条项下所述的法律意见，

且亦获悉彼根据上市规则分别担任本公司董

事的义务、责任及职责。

董事的培训及专业发展

每名新委任董事均获提供全面迎新资料，以

确保其对本集团之营运及业务以及董事职务、

职责和于上市规则及相关监管规定下之责任

有适当理解。

于本年度，董事获定期提供有关本集团业务

及营运之最新资料，并获提供涵盖包括但不

限于有关守则、内幕消息披露及合规、与本

集团营运业务相关之立法及监管规定更新及

变动等主题，以及有关其职务及职责之阅读

资料以供彼等研究及参考。于本年度，所有

董事均已参与持续职业发展，以根据守则的

守则条文第C.1.4条发展及更新彼等的知识及

技能。

BOARD OF DIRECTORS (Continued)

Apointment, Re-election and Removal of Directors (Continued)

Pursuant to Article 84(1) of the Articles, at each anual general meting

of the Company, one-third of the Directors for the time being, shal retire

from ofice by rotation provided that every Director shal be subject to

retirement at an anual general meting at least once every thre years

and, being eligible, ofer themselves for re-election.

Pursuant to Article 83(5) of the Articles, the members of the Company

may, at any general metings convened and held in acordance with the

Articles, remove a Director by ordinary resolution at any time before the

expiration of his period of ofice notwithstanding anything to the contrary

in the Articles or in any agrement betwen the Company and such

Director.

Ms. Wo Lan Ying was apointed as the Executive Director on 2 July

2024. She confirmed prior to her apointment that she has obtained the

legal advice as refered to under Rule 3.09D of the Listing Rules and also

understod her obligations, duties and responsibilities of a director of the

Company under the Listing Rules.

Directors’ Training and Profesional Development

Each newly apointed Director is provided with comprehensive induction

to ensure that he/she has a proper understanding of the operations and

busineses of the Group as wel as the director’s duties, responsibilities,

and obligations under the Listing Rules and relevant regulatory

requirements.

During the Year, the Directors were provided with regular updates on

the Group’s busines and operation and the information which covered

topics, including but not limited to, the Code, disclosure and compliance

of inside information, updates and changes in relation to legislative and

regulatory requirements in which the Group conducts its busines, and

reading materials which are relevant to their duties and responsibilities for

their study and reference. During the Year, al Directors have participated

in continuous profesional development to develop and refresh their

knowledge and skils pursuant to the Code Provision C.1.4 of the Code.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

企业管治职能

董事会负责履行的企业管治职务包括：

(i) 制定及审阅本公司企业管治政策及常规；

(i) 审阅及监督董事及高级管理人员的培训

及持续专业发展；

(i) 审阅及监督本公司关于遵守法律及监管

规定的政策及常规；

(iv) 制定、审阅及监督适用于雇员及董事的

行为准则及合规手册（如有）；及

(v) 检讨本公司有否遵守则。

于本年度，董事会已履行上述职责。

CORPORATE GOVERNANCE FUNCTIONS

The Board is responsible for performing the corporate governance duties

including:

(i) to develop and review the Company’s policies and practices on

corporate governance;

(i) to review and monitor the training and continuous profesional

development of Directors and senior management;

(i) to review and monitor the Company’s policies and practices on

compliance with legal and regulatory requirements;

(iv) to develop, review and monitor the code of conduct and

compliance manual (if any) aplicable to employes and Directors;

and

(v) to review the Company’s compliance with the Code.

The Board had performed the above duties during the Year.

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会

董事会各个委员会获委派履行若干职责。根

据有关法律、规例、组织章程细则及若干规

则及规例，我们已成立三个董事会委员会，

分别为审核及合规委员会、薪酬委员会及提

名委员会。

审核及合规委员会

本公司已根据上市规则第3.21条及守则成立

审核及合规委员会，并书面订明其职权范围。

审核及合规委员会包括三名独立非执行董事，

分别为黄兆强先生（即审核及合规委员会主

席）、张诗敏先生及姚道华先生。黄兆强先生

及姚道华先生具备适当的专业及会计资格。

审核及合规委员会的主要职责包括（其中包

括）(i)就本公司外聘核数师的委聘、续聘及罢

免以及其薪酬向董事会提出建议；(i)审阅本

公司的中期及年度财务报表及其他财务报告；

及(i)审阅本公司的财务报告系统、内部监控

程序（包括监控内部审计职能的成效）及风险

管理系统。

于本年度，审核及合规委员会与独立核数师

及本公司高级管理层共举行3次会议，以考

虑独立核数师的独立性及审核范围，并审阅

及讨论本集团的风险管理及内部监控制度、

本公司内部审计及风险控制职能的成效、本

集团的综合中期及年度财务报表以及独立核

数师的意见及报告，然后向董事会汇报及提

呈审批。

BOARD COMITES

Our Board delegates certain responsibilities to various comites. In

acordance with relevant laws, regulations, the Articles of Asociation

and the certain rules and regulations, we have formed thre board

comites, namely the Audit and Compliance Comite, the

Remuneration Comite and the Nomination Comite.

Audit and Compliance Comite

The Company has established the Audit and Compliance Comite with

writen terms of reference in acordance with Rule 3.21 of the Listing

Rules and the Code. The Audit and Compliance Comite consists of

thre Independent Non-executive Directors, namely Mr. Wong Siu Keung

Joe (being the chairman of the Audit and Compliance Comite), Mr.

Cheung Sze Ming and Mr. Yiu To Wa. Mr. Wong Siu Keung Joe and

Mr. Yiu To Wa poseses the apropriate profesional and acounting

qualifications.

The principal duties of the Audit and Compliance Comite include,

among other things, (i) recomending to the Board on the apointment,

re-apointment and removal of the Company’s external auditor and

on its remuneration; (i) reviewing the Company’s interim and anual

financial statements and other financial reports; and (i) reviewing the

Company’s financial reporting system, internal control procedures

(including monitoring the efectivenes of the internal audit function) and

risk management system.

During the Year, the Audit and Compliance Comite held 3 metings

with the independent auditors and the senior management of the

Company to consider the independence and audit scope of independent

auditor, and to review and discus the risk management and internal

control systems of the Group, the efectivenes of the Company’s internal

audit and risk control function, consolidated interim and anual financial

statements of the Group and the opinion and report of independent

auditor before reporting and submiting to the Board for their aproval.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会（续）

薪酬委员会

本公司已根据上市规则第3.25条及守则成立

薪酬委员会，并书面订明其职权范围。薪酬

委员会包括三名独立非执行董事，分别为张

诗敏先生（即薪酬委员会主席）、黄兆强先生

及姚道华先生。

薪酬委员会的主要职责为订立及检讨董事及

高级管理层的薪酬政策及结构，设立表现评

估标准、程序及制度，每年评估董事及高级

管理层的表现，向董事会作出相应推荐建议，

以及履行董事会委派的其他职务及职责。

执行董事之薪酬乃按照董事之技能、知识、

个人表现及贡献以及其于本公司之职责及问

责范围，经考虑本公司之表现及现行市场状

况后而厘定。独立非执行董事之薪酬政策乃

为确保独立非执行董事就本公司事务（包括参

与各个董事会委员会）所贡献之努力及时间而

获得足够报酬。独立非执行董事之薪酬乃参

照其技能、经验、知识、职责及市场趋势而

厘定。董事及高级管理层的薪酬至少每年检

讨一次。

于本年度，薪酬委员会共举行1次会议，以检

讨董事及高级管理层的薪酬架构，并向董事

提出建议以供审批。

于本年度按级别划分应付予高级管理层成员

的薪酬详情载于综合财务报表附注11。

BOARD COMITES (Continued)

Remuneration Comite

The Company has established the Remuneration Comite with writen

terms of reference in acordance with Rule 3.25 of the Listing Rules and

the Code. The Remuneration Comite consists of thre Independent

Non-executive Directors, namely Mr. Cheung Sze Ming (being the

chairman of the Remuneration Comite), Mr. Wong Siu Keung Joe and

Mr. Yiu To Wa.

The principal responsibilities of the Remuneration Comite are to

establish and review the policy and structure of the remuneration for

the Directors and senior management, to establish the performance

evaluation standard, procedures and system, to anualy evaluate

the performance of the Directors and senior management, to make

coresponding recomendations to the Board, and to perform other

duties and responsibilities as asigned by the Board.

The emoluments of the Executive Directors are determined based on

the skils, knowledge, individual performance as wel as contributions,

the scope of responsibility and acountability of such Directors, taking

into consideration the Company’s performance and prevailing market

conditions. The remuneration policy of the Independent Non-executive

Directors is to ensure that they are adequately compensated for their

eforts and time dedicated to the Company’s afairs including their

participation in respective Board comites. The emoluments of

Independent Non-executive Directors are determined with reference

to their skils, experience, knowledge, duties and market trends. The

remuneration of Directors and senior management is reviewed at least

anualy.

During the Year, the Remuneration Comite held 1 meting to review

the remuneration structure of the Directors and senior management and

made recomendation to the Board for aproval.

Details of the remuneration payable to members of senior management

by band for the Year are set out in Note 11 to the consolidated financial

statements.

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会委员会（续）

提名委员会

本公司已根据上市规则第3.27A条及守则成

立提名委员会，并书面订明其职权范围。提

名委员会包括三名独立非执行董事，分别为

张诗敏先生（即提名委员会主席）、黄兆强先

生及姚道华先生。

提名委员会的主要职责为定期审阅董事会的

规模、结构及成员组合以及本公司采纳的董

事会成员多元化政策、考虑及向董事会推荐

合适的合资格董事及高级管理层人选、审阅

独立非执行董事的独立性，并履行董事会委

派的其他职务及职责。

于本年度，提名委员会共举行2次会议以(i)审

阅及考虑董事会的结构、规模、多元化及成

员组合；(i)评估独立非执行董事的独立性；(i)

于股东周年大会上考虑重选董事；(iv)考虑合

适的执行董事候选人以加入本公司；及(v)将

上述事宜提请董事会批准。

董事会成员多元化政策

自上市日期起，本公司已采纳董事会成员多

元化政策（「董事会成员多元化政策」）。为实

现可持续平衡发展，本公司认为董事会更多

元化是支持其达致策略目标及其可持续发展

的必要元素。于设计董事会的成员组合时，

董事会多元化事宜经由多方面考虑，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、知识及服务时间长短。所

有董事会任命均按个人才能作出，我们亦以

客观条件考虑候选人，并充分考虑董事会多

元化的裨益。

挑选候选人时将基于一系列的多元化观点，

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、知识及服务时间长

短。最终决定将以获挑选候选人将为董事会

带来的优势及贡献为基准。

BOARD COMITES (Continued)

Nomination Comite

The Company has established the Nomination Comite with writen

terms of reference in acordance with Rules 3.27A of the Listing Rules

and the Code. The Nomination Comite consists of thre Independent

Non-executive Directors, namely Mr. Cheung Sze Ming (being the

chairman of the Nomination Comite), Mr. Wong Siu Keung Joe and

Mr. Yiu To Wa.

The principal responsibilities of the Nomination Comite are to review

the scale, structure and composition of the Board and the board diversity

policy adopted by the Company on a regular basis, to consider and

recomend to the Board suitable and qualified candidates of the director

and senior management, to review the independence of the Independent

Non-executive Directors, and to perform other duties and responsibilities

as asigned by the Board.

During the Year, the Nomination Comite held 2 metings (i) to review

and consider the structure, size, diversity and composition of the Board;

(i) to ases the independence of Independent Non-executive Directors;

(i) to consider the re-election of Directors at the anual general meting;

(iv) to consider of suitable Executive director candidates for joining the

Company; and (v) to recomend the aforesaid maters to the Board for

aproval.

BOARD DIVERSIFICATION POLICY

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

Policy”) since the Listing Date. With a view to achieving a sustainable

and balanced development, the Company ses increasing diversity at

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

its strategic objectives and its sustainable development. In designing

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

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

and educational background, ethnicity, profesional experience, skils,

knowledge and length of service. Al Board apointments wil be based

on meritocracy, and candidates wil be considered against objective

criteria, having due regard for the benefits of diversity on the Board.

Selection of candidates wil be based on a range of diversity perspectives

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

background, ethnicity, profesional experience, skils, knowledge and

length of service. The ultimate decision wil be based on merit and

contribution that the selected candidates wil bring to the Board.

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

董事会成员多元化政策（续）

提名委员会负责确保董事会成员多元化，并

遵守上市规则项下规管董事会成员多元化的

相关守则。提名委员会及董事会将监控董事

会成员多元化政策的执行情况，并每年从多

元化角度检讨董事会成员多元化政策及董事

会成员组合，以确保其持续有效。提名委员

会将讨论任何可能需要的修改，并向董事会

建议任何有关修改以供考虑及批准。

于本年度，董事会已通过提名委员会审阅董

事会成员多元化政策的执行情况及成效以及

董事会成员组合，结论为本公司符合有关性

别、年龄、文化及教育背景、专业经验、技

能及知识的多元化要求。未来委任及重新委

任董事时，提名委员会将根据董事会成员多

元化政策规定提名新董事，以达致董事会成

员多元化的目的。

性别多元化

本公司亦已采取措施以促进本公司各级别的

性别多元化，包括但不限于董事会及管理层

级别。于本年度及于本报告日期，五名董事

中有至少一名为女性。董事会将尽最大努力

维持董事会及本集团中高层的性别多元化。

员工性别比例载于本公司刊发的环境、社会

及管治（「环境、社会及管治」）报告，同时本

年报分别于联交所及本公司网站上刊载。自

招聘及甄选过程以来，本集团于工作场所均

尽最大努力鼓励性别多元化。

BOARD DIVERSIFICATION POLICY (Continued)

The Nomination Comite is responsible for ensuring the diversity of

the Board members and compliance with relevant codes governing

board diversity under the Listing Rules. The Nomination Comite

and the Board wil monitor the implementation of the Board Diversity

Policy and review the Board Diversity Policy and the Board composition

under diversified perspectives anualy to ensure its continued

efectivenes. The Nomination Comite wil discus any revisions that

may be required, and recomend any such revisions to the Board for

consideration and aproval.

During the Year, the Board, through the Nomination Comite, has

reviewed the implementation and efectivenes of the Board Diversity

Policy and the composition of the Board, and concluded that the

Company had met the diversification requirements with regard to gender,

age, cultural and educational background, profesional experience, skils

and knowledge. When making the apointment and re-apointment of

Directors in the future, the Nomination Comite wil nominate new

Directors pursuant to the requirements of the Board Diversity Policy to

achieve the objective of diversity in Board members.

Gender diversity

The Company has also taken steps to promote gender diversity at al

levels of the Company, including but not limited to the Board and the

management levels. During the Year and as at the date of this report,

at least 1 out of the 5 Directors is female. The Board wil use its best

endeavour to maintain the gender diversity at the Board and at mid to

senior level of the Group.

Gender ratio in the workforce is set out in the Environmental, Social

and Governance (“ESG”) Report of the Company to be published at the

same time as this anual report is published on the websites of the Stock

Exchange and the Company respectively. The Group make its best

endeavour to encourage gender diversity since recruitment and selection

proces and acros its workplace.

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煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

提名政策

董事会亦已采纳提名政策（「提名政策」），其

中载列物色、甄选及推荐董事候选人的甄选

标准及提名程序。

甄选标准

就委任或重新委任何董事会现有董事而评

估董事会候选董事的合适性时，提名委员会

应考虑以下因素：

• 、诚信及有能力担任

本公司董事；

• 候选人应具备与本集团主要业务及公司

策略相关的资格（包括专业资格）、技

能、知识及经验；

• 候选人应能够投入充足时间以履行作为

董事会成员及其他董事职务的职责及重

大承担；

• 应根据客观标准并充分考虑公司董事会

成员多元化政策中规定的多元化观点来

考虑候选人；及

• 独立非执行董事的候选人应符合上市规

则所规定的「独立性」标准且董事会成员

组合应符合上市规则的规定。

提名委员会亦可考虑其认为符合本公司及股

东的整体最佳利益的有关其他因素。

NOMINATION POLICY

The Board has also adopted the nomination policy (the “Nomination

Policy”) which sets out the selection criteria and nomination procedures

to identify, select and recomend candidates for directorships.

Selection Criteria

When asesing the suitability of the proposed candidate to the Board

regarding the apointment or re-apointment of any existing director(s)

of the Board, the Nomination Comite should consider the folowing

factors:

• , integrity and

competent to act as director of the Company;

• The candidate should poses qualifications including profesional

qualifications, skils, knowledge and experience that are relevant to

the Group’s busines and corporate strategy;

• The candidate should be able to devote suficient time to discharge

duties as a Board member and other directorships and significant

comitments;

• , against objective

criteria and with due regard to the diversity perspectives set out in

the Board Diversity Policy of the Company; and

• The candidates for independent non-executive directorship should

met the “independence” criteria as required under the Listing

Rules and the composition of the Board is in conformity with the

provisions of the Listing Rules.

The Nomination Comite may also consider such other factors as it

may dem are in the best interests of the Company and the Shareholders

as a whole.

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

提名政策（续）

提名程序

1. 提名委员会应采用各种方法以物色董事

候选人，包括董事会成员、管理层及专

业猎头公司的推荐；

2. 提名委员会应考虑股东正式提交的董事

候选人；

1. ，提

名委员会应就任何董事会候选人的委任

进行充分的尽职调查；

4. 提名委员会应于股东大会上考虑并建议

董事会重选任何现任董事作为候选人；

及

5. 董事会应就于股东大会上建议重选董事

向股东提出建议。

NOMINATION POLICY (Continued)

Nomination Procedures

1. The Nomination Comite shal utilise various methods for

identifying candidates for directorship, including recomendations

from Board members, management, and profesional search firms;

2. The Nomination Comite shal consider candidates for

directorship properly submited by the Shareholders;

3. The Nomination Comite shal undertake adequate due diligence

in respect of apointment of any proposed candidate to the Board,

prior to making recomendations for the Board’s consideration

and aproval;

4. The Nomination Comite shal consider and recomend to the

Board the re-election of any existing Director(s) for the proposed

candidates at the general meting; and

5. The Board shal make recomendation to the Shareholders in

respect of the proposed re-election of director at the general

meting.

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控

董事会与高级管理层就监督落实本集团的内

部监控与风险管理程序以及其他措施承担整

体责任。本公司的风险管理及内部监控制度

旨在管理而非消除未能达成业务目标的风险。

此外，只能就不会有重大的失实陈述或将不

会导致重大损失的陈述作出合理而非绝对的

保证。

董事会已通过与审核及合规委员会进行讨论，

就本公司的风险管理及内部监控制度的成效

进行年度审阅。董事会认为本公司的风险管

理及内部监控制度有效且足够，并信纳本集

团已于本年度全面遵守有关内部监控之守则。

我们已委任外部专业顾问（包括核数师或其他

顾问），就我们如何遵守适用法律及法规提供

专业意见。

董事会已检讨内部审计职能之需要，且认为

基于本集团业务之规模、性质及复杂程度，

为符合其需要，委任外部独立专业人士为本

集团执行内部审计职能更具成本效益。

RISK MANAGEMENT AND INTERNAL CONTROLS

The Board and the senior management are acountable for the overal

responsibility in respect of monitoring the implementation of internal

control and risk management procedures and other measures in the

Group. The Company’s risk management and internal control system

aims at managing but not eliminating the risk of not being able to achieve

the busines objectives. Moreover, only reasonable but not absolute

waranties can be given for statements which are not materialy untrue or

wil not result in material loses.

The Board has conducted an anual review of the efectivenes of the

Company’s risk management and internal control systems through

discusion with the Audit and Compliance Comite. The Board

believed that the Company’s risk management and internal control

systems are efective and suficient, and is satisfied that the Group has

fuly complied with the Code in respect of internal controls during the

Year.

We have apointed external profesional advisors (including the auditor

or other advisors) for provision of profesional advice in respect of how

we observe aplicable laws and regulations.

The Board has reviewed the ned for an internal audit function and is of

the view that in light of the size, nature and complexity of the busines

of the Group, it would be more cost efective to apoint external

independent profesionals to perform internal audit function for the Group

in order to met its neds.

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

RISK MANAGEMENT AND INTERNAL CONTROLS (Continued)

During the Year, the Group apointed BT Corporate Governance Limited

(“BTCGL”) to:

• , including

ESG-related risks, through a series of discusions and interviews;

and

• independently perform internal control review and ases the

efectivenes of the Group’s risk management and internal control

systems.

The results of the independent review and asesment were reported

to the Audit and Compliance Comite and the Board. Moreover,

improvements in internal control and risk management measures as

recomended by BTCGL to enhance the risk management and internal

control systems, and risk mitigating measures of the Group were adopted

by the Board. Based on the findings and recomendations of BTCGL,

as wel as the coments from the Audit and Compliance Comite, the

Board considered the internal control and risk management systems are

efective and adequate.

Enterprise Risk Management Framework

The Group has established its enterprise risk management framework.

While the Board has the overal responsibility to ensure that sound and

efective internal controls are maintained, management is responsible for

designing and implementing internal control systems to manage al kinds

of risks faced by the Group.

Through the risk identification and asesment proceses, risks

are identified, asesed, prioritised and treated. The Group’s risk

management framework folows the COSO Enterprise Risk Management

— Integrated Framework, which alows the Board and management to

manage the risks of the Group efectively. The Board receives regular

reports through the Audit and Compliance Comite that overses risk

management and internal audit functions.

风险管理及内部监控（续）

于本年度，本集团委任哲慧企管专才有限公

司（「企管专才」），以：

• ，协助识别及评

估本集团之风险，包括与环境、社会及

管治相关的风险；及

• 独立进行内部监控之审阅及评估本集团

之风险管理及内部监控制度的成效。

独立审阅及评估之结果已报告予审核及合规

委员会及董事会。此外，董事会已采纳企管

专才对内部监控及风险管理措施之改善建议，

以加强风险管理及内部监控制度，并已采纳

减轻本集团风险之措施。基于企管专才之发

现及建议和审核及合规委员会之意见，董事

会认为内部监控及风险管理制度有效且足够。

企业风险管理框架

本集团已建立其企业风险管理框架。董事会

就确保维持良好及有效的内部监控承担整体

责任，而管理层则负责设计及实行内部监控

制度，以管理本集团面对之各种风险。

透过风险识别及评估程序，风险获识别、评

估、确定优先次序及处理。本集团之风险管

理框架遵循COSO企业风险管理 — 综合框

架，让董事会及管理层有效管理本集团之风

险。董事会定期透过审核及合规委员会接获

报告，而审核及合规委员会负责监督风险管

理及内部审计职能。

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控（续）

风险监控机制

本集团采纳「三道防线模式」企业管治架构，

由营运管理层进行营运管理及监控，并由财

务团队进行风险管理监控，而独立内部审计

职能则外判予企管专才并由其负责进行。本

集团已采纳风险管理政策及程序（「风险管理

政策」），并存置风险登记册以记录本集团所

有已识别主要风险。风险登记册为董事会、

审核及合规委员会及管理层提供其主要风险

情况，并记录管理层为降低相关风险所采取

的行动。每种风险乃根据其发生的可能性及

对本集团的潜在影响至少每年进行评估。风

险登记册由管理层作为风险拥有人于进行年

度风险评估后通过加入新风险及╱或移除现

有风险（如适用）至少每年更新一次。此检讨

程序可确保本集团积极管理其所面临的风险，

就此而言，即所有风险拥有人可查阅风险登

记册并知悉及察觉于彼等负责的范围内的该

等风险，以使彼等可有效及适时采取跟进行动。

本集团之风险管理活动由管理层按持续基准

进行。本集团风险管理框架的成效会至少每

年予以评估，且我们会定期举行管理层会议

以更新风险监控工作进度。管理层致力确保

风险管理构成日常业务营运程序的一部分，

以有效地使风险管理符合企业目标。

本公司会继续每年委聘外部独立专业人士对

本集团内部监控及风险管理制度进行审阅，

并于适当时进一步加强本集团的内部监控及

风险管理制度。

RISK MANAGEMENT AND INTERNAL CONTROLS (Continued)

Risk Control Mechanism

The Group adopts a “thre lines of defence model” corporate governance

structure with operational management and controls performed by

operations management, coupled with risk management monitoring

caried out by the finance team and independent internal audit function

outsourced to and conducted by BTCGL. The Group has adopted

risk management policy and procedures (the “Risk Management

Policy”) and maintains a risk register to kep track of al identified major

risks of the Group. The risk register provides the Board, the Audit and

Compliance Comite, and management with a profile of its major

risks and records management’s action taken to mitigate the relevant

risks. Each risk is evaluated at least anualy based on its likelihod of

ocurence and potential impact upon the Group. The risk register is

updated by management as the risk owners with adition of new risks

and/or removal of existing risks, if aplicable, at least anualy, after the

anual risk evaluation has ben performed. This review proces can

ensure that the Group proactively manages the risks faced by it in the

sense that al risk owners have aces to the risk register and are aware

of and alert to those risks in their area of responsibility so that they can

take folow-up action in an eficient and timely maner.

The Group’s risk management activities are performed by management

on an ongoing basis. The efectivenes of the Group’s risk management

framework is evaluated at least anualy, and periodic management

meting is held to update the progres of risk monitoring eforts.

Management is comited to ensure that risk management forms part of

the daily busines operation proceses in order to align risk management

with corporate goals in an efective maner.

The Company wil continue to engage external independent profesionals

to review the Group’s system of internal controls and risk management

anualy to further enhance the Group’s internal control and risk

management systems as apropriate.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

风险管理及内部监控（续）

处理及发布内幕消息

本公司高度重视内幕消息管理工作。为加强

内幕消息保密工作，维持资料公平披露，保

护广大投资者的合法利益及权利，本公司根

据上市规则、证券及期货条例（香港法例第

571章）（「证券及期货条例」）以及境内外法律、

法规及其他监管规定建立资料披露制度及机

制。自上市日期起，本公司已根据监管规定

严格展开资料披露工作，且明确规定本公司

的资料披露工作须由董事会统一管理并负责。

此外，我们会详细规定对董事、高级管理层

及分支机构或附属公司负责人的管理责任。

董事对财务报表承担的责任

董事确认其有责任根据法定要求及适用会计

准则以编制本集团的综合财务报表。董事亦

确认其有责任确保及时公布本集团的综合财

务报表。

核数师酬金

于本年度，本公司委任天职香港会计师事务

所有限公司（注册公众利益实体核数师）为本

公司提供审计服务，酬金约为0.6百万港元。

天职香港会计师事务所有限公司就综合财务

报表的职责载于本年报第52至54页。

于本年度，为本集团提供的非审计服务当中

约0.1百万港元与其他非审计服务有关。

RISK MANAGEMENT AND INTERNAL CONTROLS (Continued)

Handling and Disemination of Inside Information

The Company places a great emphasis on inside information

management. For purposes of strengthening the confidentiality of

inside information, maintaining the fairnes of information disclosure

and protecting the legal interests and rights of the vast number of

investors, the Company’s information disclosure system and mechanism

is established in acordance with the Listing Rules, the Securities

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

“SFO”) and domestic or foreign laws, regulations and other regulatory

requirements. Since the Listing Date, the Company has strictly developed

information disclosure pursuant to the regulatory requirements and

expresly stipulated that the Board shal manage in uniform maner and

be responsible for the Company’s information disclosure. Moreover,

detailed provisions in respect of the managerial responsibility of the

Directors, senior management and oficers in charge of branches or

subsidiaries shal be made.

DIRECTORS’ LIABILITY TO THE FINANCIAL STATEMENTS

The Directors acknowledge their responsibilities for preparing the

Group’s consolidated financial statements in acordance with statutory

requirements and aplicable acounting standards. The Directors

also acknowledge their responsibilities to ensure that the Group’s

consolidated financial statements are published in a timely maner.

REMUNERATION OF AUDITOR

For the Year, the Company has apointed Baker Tily Hong Kong Limited,

Registered Public Interest Entity Auditors, to provide the Company

with auditing service and the remuneration amounted to aproximately

HK$0.6 milion. The responsibilities of Baker Tily Hong Kong Limited as

to the consolidated financial statements are set out on pages 52 to 54 of

this anual report.

Non-audit services provided to the Group during the Year of

aproximately HK$0.1 milion for other non-audit services.

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

公司秘书

于本年度，蔡绮雯女士担任本公司之公司秘

书，直至其自二零二五年五月一日辞任为止。

本公司已根据服务合约委聘外聘服务提供商，

邝振忠先生（「郑先生」）获委任为本公司之公

司秘书，自二零二五年五月一日起生效。执

行董事李嘉丽女士为本公司与邝先生之间的

主要公司联络人。邝先生的履历载于本年报

「董事及高级管理层履历」。

于本年度，蔡绮雯女士已遵照上市规则第3.29

条接受不少于15小时的相关专业培训。

股东权利

召开股东特别大会

根据本公司组织章程细则的条文，股东应享

有以下权利：任何一名或多名股东于提交要

求当日持有本公司缴足股本（附有于本公司股

东大会上表决的权利）不少于十分之一，于任

何时间均有权向董事会或本公司秘书发出书

面要求，要求董事会召开股东特别大会，处

理有关要求中指明的任何事项。该大会须于

有关要求提交后两(2)个月内举行。倘董事会

未能于提交要求后二十一(21)日内召开有关

大会，提出要求的人士可按相同方式自行召

开大会，而提出要求的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。

关于股东提名人选参选董事宜，请参阅本

公司网页登载的程序。

于股东大会提呈建议

组织章程细则并无载列股东于股东大会上提

呈新决议案程序的条文。有意提呈新决议案

的股东可根据「召开股东特别大会」上一段所

载程序要求本公司召开股东大会。

COMPANY SECRETARY

During the Year, Ms. Choi Ye Man was the company secretary of the

Company until she resigned with efect from 1 May 2025. The Company

has engaged under a service contract with an external service provider,

Mr. Kwong Chun Chung (“Mr. Kwong”), who is apointed as the

company secretary of the Company with efect from 1 May 2025. Ms. Li

Kai Lai Miranda, an Executive Director, is the primary corporate contact

person of the Company with Mr. Kwong. The biography of Mr. Kwong is

set out in the “Biographies of Directors and Senior Management” section

of this anual report.

During the Year, Ms. Choi Ye Man has undertaken not les than 15

hours relevant profesional training in compliance with Rule 3.29 of the

Listing Rules.

SHAREHOLDERS’ RIGHTS

Convening an extraordinary general meting

In acordance with the provisions of the Articles of Asociation of the

Company, the Shareholders shal be entitled to the folowing right:

Any one or more Shareholder(s) holding at the date of deposit of the

requisition not les than one-tenth of the paid up capital of the Company

carying the right of voting at general metings of the Company shal at al

times have the right, by writen requisition to the Board or the secretary

of the Company, to require an extraordinary general meting to be

caled by the Board for the transaction of any busines specified in such

requisition. Such meting shal be held within two (2) months after the

deposit of such requisition. If within twenty-one (21) days of such deposit

the Board fails to proced to convene such meting the requisitionist(s)

himself (themselves) may do so in the same maner, and al reasonable

expenses incured by the requisitionist(s) as a result of the failure of the

Board shal be reimbursed to the requisitionist(s) by the Company.

As regards proposing a person for election as a Director by the

Shareholders, please refer to the procedures available on the website of

the Company.

Puting forward proposals at general metings

There is no provision in the Articles of Asociation seting out procedures

for the Shareholders to put forward new resolutions at general metings.

Shareholders who wish to put forward a new resolution may request

the Company to convene a general meting in acordance with the

procedures set out in the preceding paragraph heading “Convening an

extraordinary general meting”.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CORPORATE GOVERNANCE REPORT

企业管治报告

股东权利（续）

股东享有查询权利

股东可将董事会须关注的查询直接致函至本

公司香港主要营业地点，地址为香港九龙湾

宏照道19号金利丰国际中心8楼E3室。本公

司将会及时以适当方式处理所有查询。

股东沟通政策

本公司认为，与股东的平衡、清晰、透明及

有效沟通对提升投资者关系及投资者了解本

公司的业务及策略非常重要。本公司重视股

东的意见及建议，积极组织及举办各类投资

者关系活动，以与股东保持沟通，及时满足

各股东的合理需求。

为提升有效沟通，本公司设有网站

w.yukwing.com ，当中载列有关本公司的

业务营运及发展、财务资料、企业管治常规

及其他资料的最新资料，可供公众人士阅览。

本公司之股东大会为董事会与股东之间的直

接沟通提供了有用的平台。本公司鼓励股东

参与本公司的股东大会。根据细则及适用规

则及规例，本公司将向股东发出足够的股东

大会通知。董事、各董事委员会主席、本公

司管理层及（如适用）外聘核数师将出席股东

大会并回答股东提出的问题。

截至二零二五年三月三十一日止年度，本公

司于二零二四年八月十四日举行股东周年大

会，全体董事均亲身或透过电子设施方式出

席该大会以与股东沟通。所有公司通讯及监

管公告均及时刊载于本公司及联交所网站。

董事会已审阅股东通讯政策的实施情况及成

效，并认为本年度内已妥善实施及落实股东

通讯政策。

SHAREHOLDERS’ RIGHTS (Continued)

Shareholders are entitled to the inquiry right

Shareholders are entitled to make enquiries of which the Board should

pay atention, directly to the Company at its principal place of busines

in Hong Kong at Unit E3, 8/F. Kingston International Centre, 19 Wang

Chiu Road, Kowlon Bay, Hong Kong. The Company wil deal with al

enquiries in a timely and apropriate maner.

Shareholders Comunication Policy

The Company believes that balanced, clear, transparent and efective

comunications with the Shareholders is esential to enhancement of the

relationship with investors and enhancement of investors’ understanding

of the Company’s busines and strategies. The Company highly values

Shareholders’ opinions and sugestions, and actively organises and

conducts various activities related to the relationship with investors in

order to kep the comunications with Shareholders, and to timely

satisfy the reasonable demands of al Shareholders.

To enhance efective comunication, the Company maintains its website

at w.yukwing.com where latest information on the Company’s

busines operations and developments, financial information, corporate

governance practices and other information are available for public

aces.

The Company’s general meting provides a useful platform for direct

comunication betwen the Board and the Shareholders. The

Shareholders are encouraged to participate in general metings of

the Company. Suficient notice of general metings wil be given to

the Shareholders in acordance with the Articles and aplicable rules

and regulations. The Directors, chairman of each Board comite,

management of the Company and, if apropriate, the external auditors,

wil atend the general metings and answer questions raised by the

Shareholders.

During the year ended 31 March 2025, an anual general meting of the

Company was held on 14 August 2024 at which al the Directors atended

either by person or by means of electronic facilities to comunicate

with the Shareholders. Al corporate comunications and regulatory

anouncements were published on the websites of the Company

the Stock Exchange in a timely maner. The Board has reviewed the

implementation and efectivenes of the shareholders comunication

policy, and considered that the shareholders comunication policy has

ben properly implemented and efective during the Year.

---

煜荣集团控股有限公司

2024/25年报

CORPORATE GOVERNANCE REPORT

企业管治报告

与投资者的关系

本公司认为，良好投资者关系有助于建立更

稳固的股东基础，因此，自上市日期起，本

公司一直并将致力维持较高透明度，遵守上

市规则并及时向投资者提供全面、准确的资

料，持续履行上市公司资料披露的责任。本

公司将透过举办路演、参加投资者峰会、自

愿披露资料及其他方式加强与投资者之间的

沟通，让投资者了解企业策略及业务营运状况。

本公司将继续维持开放、有效的投资者沟通

政策，在本公司符合相关监管规定的情况下，

及时向投资者提供有关本公司业务的最新资料。

组织章程文件

在本公司于二零二三年八月十六日举行的股

东周年大会上，股东通过一项特别决议案，

采纳本公司的经修订及重列的组织章程大纲

及细则（「组织章程大纲及细则」）。本公司的

组织章程大纲及细则可于本公司网站及联交

所网站上查阅。

RELATIONSHIP WITH INVESTORS

The Company believes that god relationship with investors may help

build more stable and consolidated shareholder base. As a result,

since the Listing Date, the Company has ben and wil be dedicated

to maintaining a higher degre of transparency, observing the Listing

Rules and timely providing investors with comprehensive and acurate

information, and sustainably performing the obligation of disclosing

the information of a listed company. The Company wil strengthen its

comunications with investors and let investors understand corporate

strategies and busines operation by organising road shows, participating

in investors sumit, voluntary information disclosure and others.

The Company wil continue to maintain open-up and efective investors

comunication policies for purposes of timely providing investors with

the latest information on the Company’s busines when the Company is

in compliance with the relevant regulatory provisions.

CONSTITUTIONAL DOCUMENTS

At the anual general meting of the Company held on 16 August

2023, a special resolution was pased by the Shareholders to adopt

the amended and restated memorandum and articles of asociation of

the Company (the “Memorandum and Articles of Asociation”). The

Memorandum and Articles of Asociation is available on the Company’s

website and the Stock Exchange’s website.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

EXECUTIVE DIRECTORS

Ms. Li Kai Lai Miranda (“Ms. Li”), aged 51, has ben the Executive

Director since 15 January 2021. She also holds directorship in a

subsidiary of the Company. Ms. Li obtained a Diploma in Computer

Programing and Analysis from Seneca Colege of Aplied Arts

and Technology in Canada in June 2004. She has over 10 years of

experience in corporate management. From 2009 to 2014, she was

a director of Soho Workstation Limited, a private company which was

disolved by deregistration in January 2018, and was mainly responsible

for formulating marketing strategies and working on ad-hoc projects

related to busines centre field. From 2009 to 2022, she was a director

of Trusty Surveyors Limited, mainly responsible for rental related service

to tenants and asisting with lease renewal. From November 2010 to

June 2025, she was a director of Soho Funds Investment Limited, mainly

responsible for providing a spectrum of yachting solutions, including

insurance, berthing, captains and crew, management and emergency

suport services for luxury yacht charter. From 2018 to 2022, Ms. Li was

an independent non-executive director of Hing Ming Holdings Limited

(stock code: 8425) which is listed on GEM of the Stock Exchange. Since

December 2024, Ms. Li has ben an executive director of Far East

Holdings International Limited (Stock code：36) which is listed on the

Main Board of the Stock Exchange.

Ms. Wo Lan Ying (“Ms. Wo”), aged 57, was apointed as an

executive Director on 2 July 2024. Ms. Wo is an entrepreneur

operating various busineses, including but not limited to consultancy

and entertainment busines, and has extensive experience in corporate

management and project investments. Ms. Wo also involved in a lot of

charitable and comunity activities and was a member of the Campaign

Comite of The Comunity Chest of Hong Kong for the year of

2018/2019. Ms. Wo had ben apointed as an executive director and

vice chairwoman of Hing Ming Holdings Limited (Stock Code: 8425)

from March 2021 to January 2022, and was apointed as an executive

director on 1 December 2020 and redesignated as chairwoman of the

board of directors on 30 June 2021 of Jisheng Group Holdings Limited

(Stock Code: 8133), both companies are listed on the GEM of the Stock

Exchange. Ms. Wo had ben apointed as an executive Director and

vice chairperson of Silkware Inc (Stock Code: 471) since 14 May 2024

and had ben apointed as an executive director and chairwoman of the

NOVA Group Holdings Limited (Stock Code: 1360) since 9 January 2025,

both companies are listed in the Main Board of the Stock Exchange.

执行董事

李嘉丽女士（「李女士」），51岁，自二零二一

年一月十五日起担任本公司执行董事。彼亦

担任本公司一间附属公司之董事职位。李女

士于二零四年六月取得加拿大圣力嘉应用

文理学院的电脑程式设计及分析文凭学位。

李女士拥有逾10年的企业管理经验。彼由二

零九年至二零一四年担任智财汇馆商务中

心有限公司（一间于二零一八年一月通过撤销

注册解散的私人公司）董事及主要负责制订营

销策略及处理有关商务中心领域的特别项目。

彼自二零九年至二零二年担任中信测计

师有限公司董事，主要负责向租户提供租赁

相关服务及协助续租。彼自二零一零年十一

月起至二零二五年六月担任智财基金投资有

限公司董事，主要就豪华游艇租赁负责提供

一系列游艇方案（包括保险、停泊、船长及船

员、管理及紧急援助服务）。自二零一八年至

二零二年，李女士担任兴铭控股有限公司

（股份代号：8425，于联交所GEM上市）的独

立非执行董事。自二零二四年十二月起，李

女士一直担任远东控股国际有限公司（股份代

号：36，于联交所主板上市）的执行董事。

胡兰英女士（「胡女士」），57岁，于二零二四

年七月二日获委任为执行董事。胡女士是一

位企业家，经营多项业务，包括但不限于顾

问及娱乐业务，并于企业管理及项目投资方

面拥有丰富经验。胡女士亦参与许多慈善及

社区活动，并为香港公益金二零一八╱二零

一九年度活动委员会成员。胡女士曾于二零

二一年三月至二零二年一月获委任为兴铭

控股有限公司（股份代号：8425）之执行董

事及副主席，并于二零二零年十二月一日获

委任为吉盛集团控股有限公司（股份代号：

8133）之执行董事及于二零二一年六月三十

日调任为董事会主席，两间公司均于联交所

GEM上市。胡女士自二零二四年五月十四日

起获委任为中播数据有限公司（股份代号：

471）之执行董事兼副主席，并自二零二五年

一月九日起获委任为诺发集团控股有限公司

（股份代号：1360）之执行董事兼主席，两间

公司均于联交所主板上市。

---

煜荣集团控股有限公司

2024/25年报

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

独立非执行董事

张诗敏先生（「张先生」），56岁，自二零二四

年一月三十一日起获委任为独立非执行董事。

彼担任提名委员会及薪酬委员会主席以及审

核及合规委员会成员。彼于一间国际核数师

行及多间公众上市公司积逾30年工作经验。

张先生持有香港理工大学会计学士学位。

彼亦为英国特许公认会计师公会资深会员及

香港会计师公会员。张先生现时为远东控

股国际有限公司（股份代号：36）及佰金生命

科学控股有限公司（前称为钱唐控股有限公司

（股份代号：1466）的执行董事、财务总监及

公司秘书，两间公司股份均于联交所主板上

市。彼为长城天下控股有限公司（股份代号：

524，一间于联交所主板上市的公司）的独立

非执行董事。彼亦为远航港口发展有限公司

（股份代号：8502）的独立非执行董事，该公

司于联交所GEM上市。

黄兆强先生（「黄先生」），60岁，自二零二四

年一月三十一日起获委任为独立非执行董事。

彼担任审核及合规委员会主席以及提名委员

会及薪酬委员会成员。彼持有香港城市大学

颁发之国际会计文学硕士学位及香港理工大

学企业管治硕士学位。彼为香港会计师公会

会员及英国特许公认会计师公会资深会员。

黄先生于税务、会计、财务及审计方面以及

于公众上市公司拥有多年资深经验。黄先生

现时为德泰新能源集团有限公司（股份代号：

559）的执行董事、财务总监及公司秘书，并

为中国水业集团有限公司（股份代号：1129）

及佰金生命科学控股有限公司（前称为钱唐控

股有限公司（股份代号：1466）的独立非执

行董事，该等公司的股份均于联交所主板上

市。彼亦为恒泰裕集团控股有限公司（股份代

号：8081）的独立非执行董事，该公司于联交

所GEM上市。自二零一六年六月至二零二三

年六月，黄先生曾为盛良物流有限公司（股份

代号：8292）的独立非执行董事，该公司于联

交所GEM上市。

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Cheung Sze Ming (“Mr. Cheung”), aged 56, has ben the

Independent Non-executive Director since 31 January 2024. He is

the chairman of the Nomination Comite and the Remuneration

Comite and a member of the Audit and Compliance Comite. He

has over 30 years of working experience in an international audit firm

and public listed companies. Mr. Cheung holds a Bachelor’s Degre in

Acountancy from the Hong Kong Polytechnic University. He is also a

felow member of the Asociation of Chartered Certified Acountants and

a member of the Hong Kong Institute of Certified Public Acountants. Mr.

Cheung is curently an executive director, the chief financial oficer and

the company secretary of Far East Holdings International Limited (stock

code: 36), a company listed on the Main Board of the Stock Exchange

and Baijin Life Science Holdings Limited (formerly known as Afluent

Partners Holdings Limited) (stock code: 1466), both companies whose

shares are listed on the Main Board of the Stock Exchange. He was an

independent non-executive director of Great Wal Teroir Holdings Limited

(stock code: 524), a company listed on the Main Board of the Stock

Exchange. He is also an independent non-executive director of Ocean

Line Port Development Limited (stock code: 8502), a company listed on

the GEM of the Stock Exchange.

Mr. Wong Siu Keung Joe (“Mr. Wong”), aged 60, has ben the

Independent Non-executive Director since 31 January 2024. He is the

chairman of the Audit and Compliance Comite and a member of the

Nomination Comite and the Remuneration Comite. He holds a

Degre of Master of Arts in International Acounting from City University

of Hong Kong and a Master’s Degre of Corporate Governance from

Hong Kong Polytechnic University. He is an asociate member of Hong

Kong Institute of Certified Public Acountants and a felow member of the

Asociation of Chartered Certified Acountants. Mr. Wong has extensive

experience in taxation, acounting, financing, audit field and public listed

companies for many years. Mr. Wong is curently an executive director,

chief financial oficer and company secretary of DeTai New Energy Group

Limited (stock code: 559), and an independent non-executive director of

China Water Industry Group Limited (stock code: 1129) and Baijin Life

Science Holdings Limited (formerly known as Afluent Partners Holdings

Limited) (stock code: 1466), both companies whose shares are listed on

the Main Board of the Stock Exchange. He is also an independent non-

executive director of Hang Tai Yue Group Holdings Limited (stock code:

8081), a company listed on the GEM of the Stock Exchange. Mr. Wong

was an independent non-executive director of Worldgate Global Logistics

Ltd (stock code: 8292) from June 2016 to June 2023, a company listed

on the GEM of the Stock Exchange.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层履历

独立非执行董事（续）

姚道华先生（「姚先生」），42岁，自二零二零

年五月二十七日起担任独立非执行董事。彼

为审核及合规委员会、薪酬委员会及提名委

员会成员。姚先生于二零五年获得香港中

文大学之专业会计课程工商管理学士学位

及自二零八年起为香港会计师公会之执业

会计师。彼于香港上市公司之财务会计及审

计方面拥有逾十五年经验。姚先生目前为中

国环保能源投资有限公司（股份代号：986）

的独立非执行董事及荣尊国际控股集团有限

公司（前称B & D Strategic Holdings Limited，

股份代号：1780）之独立非执行董事，该等公

司均于香港联合交易所有限公司主板上市。

彼自二零二一年五月至二零二一年七月为一

间联交所主板上市公司德泰新能源集团有限

公司（股份代号：559）的执行董事。自二零

二四年十一月起，姚先生一直担任环球大通

集团有限公司（股份代号：8063，于联交所

GEM上市）的独立非执行董事。

公司秘书

邝振忠先生（「邝先生」）为香港公司治理公会

会员及香港会计师公会资深会员。邝先生于

香港上市公司之公司秘书、会计、审计及财

务方面拥有丰富工作经验。此外，邝先生持

有香港中文大学工商管理硕士学位。

INDEPENDENT NON-EXECUTIVE DIRECTORS (Continued)

Mr. Yiu To Wa (“Mr. Yiu”), aged 42, has ben the Independent Non-

executive Director since 27 May 2020. He is a member of the Audit

and Compliance Comite, the Remuneration Comite and the

Nomination Comite. Mr. Yiu obtained his bachelor’s degre of

busines administration in profesional acountancy program from

The Chinese University of Hong Kong in 2005 and has ben a certified

public acountant of Hong Kong Institute of Certified Public Acountants

since 2008. He has over 15 years of experience in financial acounting

and auditing of listed companies in Hong Kong. Mr. Yiu is curently an

independent non-executive director of China Environmental Energy

Investment Limited (stock code: 986) and Rongzun International Holdings

Group Limited (formerly known as B & D Strategic Holdings Limited,

stock code: 1780), al of which are listed on the Main Board of The Stock

Exchange of Hong Kong Limited. He was an executive director of DeTai

New Energy Group Limited (stock code: 559), a company listed on the

Main Board of the Stock Exchange, from May 2021 to July 2021. Mr. Yiu

has ben an independent non-executive director of Global Mastermind

Holdings Limited (Stock code：8063) which is listed on the GEM of the

Stock Exchange, since November 2024.

COMPANY SECRETARY

Mr. Kwong Chun Chung (“Mr. Kwong”) is an asociate member of

The Hong Kong Chartered Governance Institute and a felow member

of the Hong Kong Institute of Certified Public Acountants. Mr. Kwong

has extensive working experience in company secretarial, acounting,

auditing and finance for listed companies in Hong Kong. In adition,

Mr. Kwong holds a Master of Busines Administration degre from The

Chinese University of Hong Kong.

---

煜荣集团控股有限公司

2024/25年报

DIRECTORS’ REPORT

董事报告

The Directors hereby presents the anual report and the audited

consolidated financial statements for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The Company is an investment holding company and details of the

principal activities of its subsidiaries are set out in Note 33 to the

consolidated financial statements. There was no significant change in the

Group’s principal activities during the Year.

BUSINES REVIEW

Details of busines review and future development of the Group’s busines

are set out respectively in the sections headed “Busines Review” and

“Strategy and Prospects” under “Management Discusion and Analysis”

of this anual report.

SEGMENT INFORMATION

An analysis of the Group’s performance for the Year by operating

segment is set out in Note 5 to the consolidated financial statements.

RESULTS AND APROPRIATIONS

The results of the Company and its subsidiaries for the year ended 31

March 2025 are set out in the consolidated statement of profit or los

and other comprehensive income on page 55 of this anual report.

The Board does not recomend the distribution of a final dividend for the

year ended 31 March 2025.

RISKS AND UNCERTAINTIES

Principal risks and uncertainties the Group faces include (i) risk of

over-concentration of customers and supliers; (i) risks related to the

increasing raw materials price and labor costs with labour shortage; (i)

risk of reduction in market demand; and (iv) risks related to failure of

apointment of chairman and chief executive.

The Group’s financial risk management objectives and policies of the

Group are set out in Note 29 to the consolidated financial statements.

董事谨此提呈截至二零二五年三月三十一日

止年度的年报及经审核综合财务报表。

主要业务

本公司为投资控股公司，其附属公司之主要

业务详情载于综合财务报表附注33。本集团

之主要业务于本年度概无重大变动。

业务回顾

本集团业务的业务回顾及未来发展的详情分

别载于本年报「管理层讨论及分析」的「业务

回顾」及「策略及前景」两节。

分部资料

本集团于本年度按经营分部划分之表现分析

载于综合财务报表附注5。

业绩及分配

本公司及其附属公司截至二零二五年三月

三十一日止年度的业绩载于本年报第55页综

合损益及其他全面收益表。

董事会不建议就截至二零二五年三月三十一

日止年度派付末期股息。

风险及不确定因素

本集团面临的主要风险及不确定因素包括(i)

客户及供应商过度集中的风险；(i)与劳动力

短缺导致原材料价格及劳动力成本不断上涨

相关的风险；(i)市场需求减少的风险；及(iv)

与未能委任主席及行政总裁有关的风险。

本集团的财务风险管理目标及本集团的政策

载于综合财务报表附注29。

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DIRECTORS’ REPORT

董事报告

与雇员、客户及供应商之关系

本集团深明，本集团业务的成功取决于其主

要持份者的支持（包括雇员、客户、供应商、

银行、监管机构及股东）的支持。于本年度，

本集团与其主要持份者之间并无主要及重大

争议。本集团将继续确保与其主要持份者进

行有效沟通及保持良好关系。有关详情，请

参阅本公司之独立刊发的「环境、社会及管治

报告2024/25」。

股本

本公司股本于本年度之变动载于综合财务报

表附注25。

股息政策

根据本公司采纳之股息政策，董事会须考虑

（其中包括）(i)股东的利益；(i)法定及监管限制；

(i)本集团之实际及预期财务业绩；(iv)影响本

集团业务或财务表现及状况之因素；(v)本公

司之业务策略；(vi)本集团现时及预期营运、

流动资金状况及资本需求；及(vi)对本集团信

誉的可能影响、本集团受规限的财务契诺以

及本集团贷款人可能就派付股息施加的任何

限制。此外，本公司宣派股息亦须遵守本公

司之组织章程大纲及细则、上市规则及适用

法律及法规。

本公司将不时审阅股息政策，并保留按其全

权及绝对酌情权更新、修订及╱或修改股息

政策的权利。股息政策并不构成本公司具有

法律约束力的承诺，亦不保证将于任何特定

期间以任何特定金额派付股息。

RELATIONSHIPS WITH EMPLOYES, CUSTOMERS AND

SUPLIERS

The Group understands the suces of the Group’s busines depends on

the suport from its key stakeholders, including employes, customers,

supliers, banks, regulators and shareholders. During the Year, there

were no material and significant dispute betwen the Group and its key

stakeholders. The Group wil continue to ensure efective comunication

and maintain god relationship with each of its key stakeholders. For

details, please refer to the Company’s standalone “Environmental, Social

and Governance Report 2024/25”.

SHARE CAPITAL

Movements of the share capital of the Company during the Year are set

out in Note 25 to the consolidated financial statements.

DIVIDEND POLICY

Acording to the dividend policy adopted by the Company, the Board

shal consider, among others, (i) the interest of the shareholders; (i)

statutory and regulatory restrictions; (i) the actual and expected financial

results of the Group; (iv) factors having impacts on the busines or

financial performance and position of the Group; (v) the Company’s

busines strategy; (vi) the curent and expected operations, liquidity

position and capital requirements of the Group; and (vi) the posible

efects on the Group’s credit-worthines, the financial covenants to which

the Group is subject and any restrictions on the payment of dividends

that may be imposed by the Group’s lenders. Further, the Company’s

declaration of dividends is also subject to the compliance with the

Company’s Memorandum and Articles of Asociation, the Listing Rules,

and aplicable laws and regulations.

The Company wil review the dividend policy from time to time and

reserves the right in its sole and absolute discretion to update, amend

and/or modify the dividend policy. The dividend policy shal not constitute

a legaly binding comitment by the Company and there is no asurance

that dividends wil be paid in any particular amount in any given period.

---

煜荣集团控股有限公司

2024/25年报

DIRECTORS’ REPORT

董事报告

环境政策及表现

本集团致力于其经营业务所在环境及社区的

长期可持续发展。作为负责任的企业，本集

团已遵守有关环境保护、健康及安全、工作

场所环境及雇佣的所有相关法律及法规，并

致力将可持续发展的实践与政策及程序结合。

通过采纳绿色营运常规，本集团致力减少营

运对环境的影响。

本公司将于本公司及联交所网站刊载环境、

社会及管治报告。

遵守法律及法规

本公司于开曼群岛注册成立，而股份于联交

所主板上市。本集团之附属公司于英属处女

群岛、香港及中国注册成立。本集团之业务

主要由本集团之香港及中国附属公司进行，

而本集团亦于香港设有企业及行政办公室。

因此，其成立及营运须遵守开曼群岛、英属

处女群岛、中国及香港的相关法律及法规。

本集团承认遵守监管规定的重要性以及不遵

守适用法律及法规的风险。据董事所深知，

于本年度，本集团在各重大方面一直遵守对

本集团业务及营运有重大影响的相关法律及

法规。于本年度，本集团概无发生严重违反

或不遵守适用法律及法规的情况。

购买、出售及赎回本公司已上市

证券

于本年度，本公司或其任何附属公司概无购

买、出售或赎回任何本公司已上市证券。

优先购买权

组织章程细则或本公司注册成立所在的开曼

群岛适用法律概无有关优先购买权的条文，

规定本公司须按比例向现有股东发售新股份。

ENVIRONMENTAL POLICIES AND PERFORMANCE

The Group is comited to the long term sustainability of the environment

and comunities in which it operates. As a responsible corporation,

the Group has complied with al relevant laws and regulations regarding

environmental protection, health and safety, workplace conditions and

employment and has endeavored to incorporate sustainability practices

into the policies and procedures. By adopting gren operational

practices, the Group strives to reduce the environmental impacts caused

by the operations.

The Company wil publish an ESG Report on the websites of the

Company and the Stock Exchange.

COMPLIANCE WITH LAWS AND REGULATIONS

The Company is incorporated in the Cayman Islands with the Shares

listed on the Main Board of the Stock Exchange. The Group’s

subsidiaries are incorporated in the British Virgin Islands, Hong Kong

and the PRC. The Group’s operations are mainly caried out by the

Group’s subsidiaries in Hong Kong and China while the Group also has a

corporate and administrative ofice in Hong Kong.

Its establishments and operations acordingly shal comply with relevant

laws and regulations in the Cayman Islands, the British Virgin Islands, the

PRC and Hong Kong.

The Group recognises the importance of compliance with regulatory

requirements and the risk of non-compliance with the aplicable rules

and regulations. To the best knowledge of the Directors, the Group has

complied in material respects with the relevant laws and regulations that

have a significant impact on the busines and operation of the Group

during the Year. There was no material breach of or non-compliance with

the aplicable laws and regulations by the Group for the Year.

PURCHASE, SALE AND REDEMPTION OF THE LISTED

SECURITIES OF THE COMPANY

Neither the Company nor any of its subsidiaries purchased, sold or

redemed any of the Company’s listed securities during the Year.

PRE-EMPTIVE RIGHT

There are no provisions for pre-emptive rights under the Articles

of Asociation or aplicable laws of the Cayman Islands where the

Company is incorporated, which would oblige the Company to ofer new

shares on a pro-rata basis to existing Shareholders.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DIRECTORS’ REPORT

董事报告

储备

本集团储备于本年度的变动详情载于本年报

第58页之综合权益变动表。本公司于二零

二五年三月三十一日可供分派予股东的储备

约为64,849,000港元。

财务概要

本集团业绩以及资产及负债之概要载于本年

报第148页。

物业、厂房及设备

本集团物业、厂房及设备于本年度之变动详

情载于综合财务报表附注14。

银行及其他借贷

本集团于本年度的银行及其他借贷之详情载

于综合财务报表附注22。

董事

于本年度及直至本年报日期止之董事为：

执行董事

李嘉丽女士

胡兰英女士（于二零二四年七月二日获委任）

崔光球先生（于二零二四年七月二日辞任）

独立非执行董事

张诗敏先生

黄兆强先生

姚道华先生

于本报告日期在职董事之简介载于本年报第

32至第34页。

本公司已根据上市规则第3.13条接获各独立

非执行董事的年度独立性确认书，并认为所

有独立非执行董事均属独立人士。

RESERVES

The details in relation to the changes in the reserves of the Group during

the Year are set out in the consolidated statement of changes in equity

on page 58 of this anual report. The Company’s reserves available

for distribution to shareholders as at 31 March 2025 are aproximately

HK$64,849,000.

FINANCIAL SUMARY

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

set out on page 148 of this anual report.

PROPERTY, PLANT AND EQUIPMENT

Details of the movements during the Year in the property, plant and

equipment of the Group are set out in Note 14 to the consolidated

financial statements.

BANK AND OTHER BOROWINGS

Details of the Group’s bank and other borowings during the Year are set

out in Note 22 to the consolidated financial statements.

DIRECTORS

The Directors during the Year and up to the date of this anual report

were:

Executive Directors

Ms. Li Kai Lai Miranda

Ms. Wo Lan Ying (apointed on 2 July 2024)

Mr. Chui Kwong Kau (resigned on 2 July 2024)

Independent Non-executive Directors

Mr. Cheung Sze Ming

Mr. Wong Siu Keung Joe

Mr. Yiu To Wa

The profiles of Directors who are in ofice as at the date of this report are

set out on pages 32 to 34 of this anual report.

The Company has received the anual confirmations of the

independence from each of the Independent Non-executive Directors in

acordance with Rule 3.13 of the Listing Rules and is of the opinion that

al Independent Non-executive Directors are independent.

---

煜荣集团控股有限公司

2024/25年报

DIRECTORS’ REPORT

董事报告

董事（续）

根据组织章程细则第84(1)条，执行董事李嘉

丽女士及独立非执行董事姚道华先生将于应

届股东周年大会上退任，彼符合资格且愿意

重选连任。

董事服务合约

概无符合资格于应届股东周年大会上重选连

任之董事与本集团订立本集团于一年内不可

在不予赔偿（法定赔偿除外）的情况下终止之

服务合约。

董事及五名最高薪酬人士的薪酬

本公司董事及本集团五名最高薪酬人士的薪

酬详情载于综合财务报表附注11。

董事（及其关连实体）于重大交

易、安排或合约中的权益

据董事所深知，概无董事（及其关连实体）现

时或曾经于任何本公司或其控股东或彼等

各自的任何附属公司在报告期内任何时间订

立或在本年度末存续的任何重大交易、安排

或合约中直接或间接拥有重大权益。

董事于竞争业务的权益

于本年度，概无董事或其联系人（定义见上市

规则）在与本集团任何业务直接或间接构成竞

争的该等业务中拥有任何竞争权益。

DIRECTORS (Continued)

In acordance with Article 84(1) of the Articles of Asociation, Ms.

Li Kai Lai Miranda as an Executive Director and Mr. Yiu To Wa as

an Independent Non-executive Director shal retire from ofice at the

forthcoming anual general meting and she, being eligible, wil ofer

herself for re-election.

SERVICE CONTRACTS OF DIRECTORS

No Director eligible for re-election at the forthcoming anual general

meting has a service contract with the Group which is not determinable

by the Group within one year without payment of compensation, other

than statutory compensation.

REMUNERATION OF DIRECTORS AND THE FIVE HIGHEST

PAID INDIVIDUALS

The details of the remuneration of the Company’s Directors and the

five highest paid individuals of the Group are set out in Note 11 to the

consolidated financial statements.

INTERESTS OF DIRECTORS (AND THEIR CONECTED

ENTITIES) IN MATERIAL TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

To the best knowledge of the Directors, none of the Directors (and their

conected entities) is or was materialy interested, directly or indirectly,

in any transaction, arangement or contract of significance entered into

by the Company or its controling shareholders or any of their respective

subsidiaries at any time during the Reporting Period or subsisted at the

end of the Year.

INTERESTS OF DIRECTORS IN COMPETING BUSINES

During the Year, none of the Directors nor their asociates (as defined in

the Listing Rules) had any competing interests in such busines that is in

direct or indirect competition with any of the Group’s busines.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DIRECTORS’ REPORT

董事报告

董事及主要行政人员于股份、

相关股份及债权证的权益及淡

仓

除本报告所披露者外，于二零二五年三月

三十一日，概无董事为于本公司股份及相关

股份中拥有根据证券及期货条例第XV部第2

及3分部条文须向本公司披露的权益或淡仓

的本公司董事或雇员，亦概无董事、本公司

主要行政人员及其联系人（定义见上市规则）

于本公司股份、本公司或任何相联法团（定义

见证券及期货条例第XV部）的相关股份及债

权证中拥有(i)须根据证券及期货条例第XV部

第7及8分部知会本公司及联交所的任何其他

权益或淡仓（包括根据证券及期货条例有关条

文被当作或视作该董事或本公司主要行政人

员拥有的权益或淡仓）；或(i)须记入本公司根

据证券及期货条例第XV部第352条所存置登

记册的任何其他权益或淡仓；或(i)根据标准

守则须知会本公司或联交所的任何其他权益

或淡仓。

THE INTEREST AND SHORT POSITIONS OF THE

DIRECTORS AND CHIEF EXECUTIVE IN THE SHARES,

UNDERLYING SHARES AND DEBENTURES

Save as disclosed in this report, as at 31 March 2025, none of the

Directors is a director or employe of a company which has an interest

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

which would fal to be disclosed to the Company under the provision

of Divisions 2 and 3 Part XV of the SFO, and none of the Directors, the

chief executive of the Company nor their asociates (as defined in the

Listing Rules) had any other interests or short positions in the shares of

the Company, underlying shares and debentures of the Company or any

asociated corporations (within the meaning of Part XV of the SFO) which

(i) were required to be notified to the Company and the Stock Exchange

pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests

or short positions which any such Director or the chief executive of the

Company is taken or demed to have under such provisions of the SFO);

or (i) were required to be entered into the register maintained by the

Company pursuant to Section 352 of Part XV of the SFO; or (i) were

required to be notified to the Company or the Stock Exchange pursuant

to the Model Code.

---

煜荣集团控股有限公司

2024/25年报

DIRECTORS’ REPORT

董事报告

主要股东于本公司股份及相关

股份的权益及╱或淡仓

于二零二五年三月三十一日，诚如本公司根

据证券及期货条例第336条所规定存置的主

要股东权益及淡仓登记册所记录，据董事所

深知，以下人士╱实体（董事或本公司主要行

政人员除外）已或被视为或当作于本公司股份

及相关股份拥有权益或淡仓：

本公司主要股东

表格附注：

• 「L」表示该人士在有关股份中所持的好

仓（定义见证券及期货条例第XV部）。字母

「S」表示该人士在有关股份中所持的淡仓（定

义见证券及期货条例第XV部）。

• ,192,000股份由彩辉持有，而彩辉之

全部已发行股本由何笑明先生持有。于二零

二五年三月三十一日，何笑明先生亦为彩辉

的唯一董事。

• ，根据日期为二

零一八年二月一日由金利丰证券有限公司（作

为承押人）及彩辉（作为抵押人）订立的股份

押记，彩辉已将188,192,000股份抵押予

金利丰证券有限公司作为抵押品。

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND/

OR SHORT POSITIONS IN THE SHARES, UNDERLYING

SHARES OF THE COMPANY

As at 31 March 2025, to the best knowledge of the Directors, the

folowing persons/entities (other than Directors or chief executive of

the Company) had or were demed or taken to have interests or short

positions in the shares and underlying shares of the Company as

recorded in the register of interests and short positions of substantial

shareholders required to be kept by the Company pursuant to section

336 of the SFO:

Substantial Shareholders of the Company

Name of ShareholderNature of interest

Number of Shares

(share)

(1)

Aproximate

percentage of the total

isued share capital of

the Company (%)

股东姓名权益性质股份数目（股）

(1)

占本公司已发行股本

总额的概约百分比(%)

Colour ShineBeneficial owner188,192,000 (L)41.27%

彩辉实益拥有人188,192,000 (S)

(3)

41.27%

Mr. He Xiaoming

(2)

Interest of a controled corporation188,192,000 (L)41.27%

何笑明先生

(2)

受控法团权益188,192,000 (S)

(3)

41.27%

Mr. Huang ShixinBeneficial owner27,304,000 (L)5.99%

黄世鑫先生实益拥有人

Table Notes:

• “L” denotes a person’s long position (as defined under part XV of

the SFO) in such Shares. The Leter “S” denotes a person’s short position (as

defined under part XV of the SFO) in such Shares.

• ,192,000 Shares are held by Colour Shine whose entire isued share

capital is held by Mr. He Xiaoming. Mr. He Xiaoming is also the sole director

of Colour Shine as at 31 March 2025.

• ,192,000 Shares to Kingston Securities

Limited as security as at 31 March 2025 pursuant to the share charge

entered into betwen Kingston Securities Limited as charge and Colour

Shine as charger dated 1 February 2018.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DIRECTORS’ REPORT

董事报告

主要股东于本公司股份及相关

股份的权益及╱或淡仓（续）

除上文所披露者外，于二零二五年三月

三十一日，诚如本公司根据证券及期货条例

第336条所规定存置的主要股东权益及淡仓

登记册所记录，董事并不知悉任何人士╱实

体（董事或本公司主要行政人员除外）已或被

视为或当作于本公司股份及相关股份拥有任

何其他权益或淡仓。

管理合约

于本年度，本集团并无就全部或任何重大部

分业务的管理及行政工作订立任何合约，惟

与本集团董事及全体雇员订立的服务合约除

外，亦并不存在与全部或任何重大部分业务

的管理及行政工作有关的任何合约，惟与本

集团董事及全体雇员订立的服务合约除外。

关连交易

我们已与本公司关连人士订立若干交易。根

据上市规则第十四A章，该等交易已构成本

公司的关连交易或持续关连交易。

SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND/

OR SHORT POSITIONS IN THE SHARES, UNDERLYING

SHARES OF THE COMPANY (Continued)

Save as disclosed above, as at 31 March 2025, the Directors were not

aware of any persons/entities (other than Directors or chief executive

of the Company) who/which had or were demed or taken to have any

other interests or short positions in the shares or underlying shares of the

Company as recorded in the register of interests and short positions of

substantial shareholders required to be kept by the Company pursuant to

section 336 of the SFO.

MANAGEMENT CONTRACTS

During the Year, the Group did not enter into any contracts in respect of

the management and administration of al or any significant portion of the

busines (except for such service contracts entered into with the Group’s

Directors and al employes) and there existed no such contracts in

respect of the management and administration of al or any significant

portion of the busines (except for such service contracts entered into

with the Group’s Directors and al employes).

CONECTED TRANSACTIONS

We have entered into some transactions with conected persons of the

Company. In acordance with Chapter 14A of the Listing Rules, such

transactions have constituted the conected transactions or continuing

conected transactions of the Company.

---

煜荣集团控股有限公司

2024/25年报

DIRECTORS’ REPORT

董事报告

关连交易（续）

持续关连交易 — 租赁协议

泰昌实业有限公司与震东机械设备有限公

司（「震东机械」）订立以下租赁协议（「租赁协

议」），据此，泰昌实业有限公司（作为出租人）

同意向震东机械（作为承租人）出租以下三个

营业场所（「柴湾营业场所」）：

• ，泰昌实业有

限公司与震东机械订立有关位于香港柴

湾新业街6号安力工业中心15楼9室之

营业场所的租赁协议，作为我们于香港

的工业仓库，租期为两年。租约已获重

续。租赁期限及协定月租载列如下：

期限

协定月租

（不包括政府

地租、水电

开支、管理费

及其他开支）

二零一五年十二月一日至

二零一七年十一月三十日21,900港元

二零一七年十二月一日至

二零一九年十一月三十日21,900港元

二零一九年十二月一日至

二零二零年十一月三十日27,000港元

二零二零年十二月一日至

二零二一年十一月三十日27,000港元

二零二一年十二月一日至

二零二年十一月三十日27,000港元

二零二年十二月一日至

二零二三年十一月三十日27,000港元

二零二三年十二月一日至

二零二四年十一月三十日27,000港元

二零二四年十二月一日至

二零二五年十一月三十日27,000港元

CONECTED TRANSACTIONS (Continued)

Continuing Conected Transaction — Lease Agrements

Top Champion Industries Limited entered into the folowing lease

agrements with Top Mark Mechanical Equipment Limited (“Top Mark”)

(the “Lease Agrements”), pursuant to which Top Champion Industries

Limited as lesor agred to lease to Top Mark as lese the folowing

thre premises (the “Chai Wan Premises”):

a. Top Champion Industries Limited entered into a lease agrement

with Top Mark on 1 December 2015 in relation to the premises

situated at Unit 9, 15/F, Honour Industrial Centre, 6 Sun Yip Stret,

Chai Wan, Hong Kong for use as our industrial warehouse in Hong

Kong for a term of 2 years. The lease was renewed. The terms and

agred monthly rental of the lease are set out belows:

Terms

Agred monthly rental

(excluding government

rates, utilities,

management fes

and other outgoings)

from 1 December 2015 to

30 November 2017HK$21,900

from 1 December 2017 to

30 November 2019HK$21,900

from 1 December 2019 to

30 November 2020HK$27,000

from 1 December 2020 to

30 November 2021HK$27,000

from 1 December 2021 to

30 November 2022HK$27,000

from 1 December 2022 to

30 November 2023HK$27,000

from 1 December 2023 to

30 November 2024HK$27,000

from 1 December 2024 to

30 November 2025HK$27,000

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DIRECTORS’ REPORT

董事报告

关连交易（续）

持续关连交易 — 租赁协议（续）

• ，泰昌实业

有限公司与震东机械订立有关位于香港

柴湾新业街6号安力工业中心15楼2室

之营业场所的租赁协议，作为我们于香

港的营运团队办公室，为期一年。租约

已获重续。租赁期限及协定月租载列如

下：

期限

协定月租

（不包括政府

地租、水电

开支、管理费

及其他开支）

二零二零年四月一日至

二零二一年三月三十一日19,740港元

二零二一年四月一日至

二零二年三月三十一日19,740港元

二零二年四月一日至

二零二三年三月三十一日19,740港元

二零二三年四月一日至

二零二四年三月三十一日21,100港元

二零二四年四月一日至

二零二五年三月三十一日19,740港元

• ，泰昌实业

有限公司与震东机械订立有关位于香港

柴湾新业街6号安力工业中心25楼10

室之营业场所的租赁协议，作为我们于

香港的营运团队办公室，为期一年。租

约已获重续。租赁期限及协定月租载列

如下：

期限

协定月租

（不包括政府

地租、水电

开支、管理费

及其他开支）

二零二零年四月一日至

二零二一年三月三十一日20,850港元

二零二一年四月一日至

二零二年三月三十一日20,850港元

二零二年四月一日至

二零二三年三月三十一日20,850港元

二零二三年四月一日至

二零二四年三月三十一日22,240港元

二零二四年四月一日至

二零二五年三月三十一日22,240港元

CONECTED TRANSACTIONS (Continued)

Continuing Conected Transaction — Lease Agrements (Continued)

b. Top Champion Industries Limited entered into a lease agrement

with Top Mark on 25 March 2020 in relation to the premises

situated at Unit 2, 15/F, Honour Industrial Centre, 6 Sun Yip Stret,

Chai Wan, Hong Kong for use as our operation team ofice in Hong

Kong for a term of 1 year. The lease was renewed. The terms and

agred monthly rental of the lease are set out belows:

Terms

Agred monthly rental

(excluding government

rates, utilities,

management fes

and other outgoings)

from 1 April 2020 to

31 March 2021HK$19,740

from 1 April 2021 to

31 March 2022HK$19,740

from 1 April 2022 to

31 March 2023HK$19,740

from 1 April 2023 to

31 March 2024HK$21,100

from 1 April 2024 to

31 March 2025HK$19,740

c. Top Champion Industries Limited entered into a lease agrement

with Top Mark on 25 March 2020 in relation to the premises

situated at Unit 10, 25/F, Honour Industrial Centre, 6 Sun Yip

Stret, Chai Wan, Hong Kong for use as our operation team ofice

in Hong Kong for a term of 1 year. The lease was renewed. The

terms and agred monthly rental of the lease are set out belows:

Terms

Agred monthly rental

(excluding government

rates, utilities,

management fes

and other outgoings)

from 1 April 2020 to

31 March 2021HK$20,850

from 1 April 2021 to

31 March 2022HK$20,850

from 1 April 2022 to

31 March 2023HK$20,850

from 1 April 2023 to

31 March 2024HK$22,240

from 1 April 2024 to

31 March 2025HK$22,240

---

煜荣集团控股有限公司

2024/25年报

DIRECTORS’ REPORT

董事报告

关连交易（续）

持续关连交易 — 租赁协议（续）

泰昌实业有限公司为于一九年七月十六

日在香港注册成立的有限公司，由陈梁材先

生拥有95%的权益。陈梁材先生担任本集团

若干附属公司之董事职务。因此，泰昌实业

有限公司根据上市规则第14A.12(1)(c)条为本

公司关连人士的联系人。

于本年度，我们与租赁柴湾营业场所有关的

租金开支（不包括政府地租、水电开支、管理

费及其他开支）约为828,000港元。

震东机械根据租赁协议应付的租金额乃经

参考类似场所当时市场租金后厘定。董事（包

括独立非执行董事）认为订立租赁协议乃符合

本公司及股东的整体利益。

由于租赁协议各项适用百分比率（溢利比率

除外）按年度基准计低于5%，总代价少于

3,000,000港元，且交易乃按正常商业条款订

立，故根据上市规则第十四A章，交易获全

面豁免遵守申报、年度审阅、公告、通函及

独立股东批准规定。

本公司确认已根据上市规则第十四A章遵守

有关披露规定。

CONECTED TRANSACTIONS (Continued)

Continuing Conected Transaction — Lease Agrements (Continued)

Top Champion Industries Limited is a company incorporated in Hong

Kong with limited liability on 16 July 1999, and is owned as to 95% by

Mr. Chan Leung Choi. Mr. Chan Leung Choi holds director positions at

certain subsidiaries of our Group. Therefore, Top Champion Industries

Limited is an asociate of a conected person of our Company by virtue

of Rule 14A.12(1)(c) of the Listing Rules.

Our rental expenses (excluding government rates, utilities, management

fes and other outgoings) in relation to the leasing of the Chai Wan

Premises for the Year are aproximately HK$828,000.

The rental amounts payable by Top Mark under the Lease Agrements

were determined with reference to the prevailing market rent at that

time for similar premises. Our Directors (including our Independent Non-

executive Directors) consider that it is in the interests of our Company

and Shareholders as a whole to enter into the Lease Agrements.

Since each of the aplicable percentage ratios (other than the profit

ratio) for the Lease Agrements is les than 5% on an anual basis, the

total consideration is les than HK$3,000,000, and the transaction is

on normal comercial terms, the transaction is fuly exempt from the

reporting, anual review, anouncement, circular, and independent

shareholders’ aproval requirements under Chapter 14A of the Listing

Rules.

The Company confirmed that it has complied with the disclosure

requirements in acordance with Chapter 14A of the Listing Rules.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DIRECTORS’ REPORT

董事报告

退休及雇员福利计划

本集团的退休及雇员福利计划详情载于综合

财务报表附注31。

遵守企业管治守则

作为联交所上市公司，本公司始终致力维持

高水平的企业管治常规。有关本公司采纳的

企业管治常规的资料，载于本年报第12至31

页的企业管治报告内。

公众持股量

根据公开可得资料及据董事所知，本公司于

整个年度内及本年报日期拥有占本公司已发

行股份至少25%的充足公众持股量，符合上

市规则的规定。

主要客户及供应商

于本年度，五大客户应占收益约为122.4百

万港元（二零二四年：约81.9百万港元），

占本集团总收益约56.4%（二零二四年：约

55.2%）。

于本年度，对五大供应商的采购额约为133.6

百万港元（二零二四年：约65.7百万港元），

占我们总采购约80.9%（二零二四年：约

89.2%）。

本集团的五大客户及供应商于报告期内均为

独立第三方，且概无董事、其联系人或任何

据董事所知于本报告日期持有本公司股本5%

以上之股东于本年度持有我们五大客户或供

应商的任何权益。

报告期后事项

除本年报已披露者外，于报告期后及直至本

年报日期止，并无影响本集团的重大事项。

RETIREMENT AND EMPLOYE BENEFIT PLANS

Details of the retirement and employe benefits plans of the Group are

set out in Note 31 to the consolidated financial statements.

COMPLIANCE WITH THE CORPORATE GOVERNANCE

CODE

Being a company listed on the Stock Exchange, the Company is always

dedicated to maintaining the corporate governance practices at a high

level. Information on the corporate governance practices adopted by the

Company is set out in the Corporate Governance Report on pages 12 to

31 of this anual report.

PUBLIC FLOAT

Based on publicly available information and to the knowledge of the

Directors, there is suficient public float of at least 25% of the Company’s

isued shares throughout the year and as at the date of this anual

report, in compliance with the requirements of the Listing Rules.

MAJOR CUSTOMERS AND SUPLIERS

During the Year, the revenue atributable to our top five customers was

aproximately HK$122.4 milion (2024: aproximately HK$81.9 milion),

acounting for aproximately 56.4% (2024: aproximately 55.2%) of the

total revenue of the Group.

During the Year, our purchases from our top five supliers were

aproximately HK$133.6 milion (2024: aproximately HK$65.7 milion),

acounting for aproximately 80.9% (2024: aproximately 89.2%) of our

total purchases.

The Group’s top five customers and supliers during the reporting

period were independent third parties, and none of our Directors, their

asociates or any shareholder (who, to the knowledge of our Directors,

owned more than 5% of our Company’s share capital as at the date of

this report) had any interest in any of our top five customers or supliers

during the Year.

EVENTS AFTER REPORTING PERIOD

Save as disclosed in this anual report, there are no significant events

afecting the Group after the Reporting Period and up to the date of this

anual report.

---

煜荣集团控股有限公司

2024/25年报

DIRECTORS’ REPORT

董事报告

获准许的弥偿条文

以本公司董事为受益人的准许弥偿保证条款

现时生效且于本年度一直有效。本公司已购

买及维持董事及高级职员责任保险，为（其中

包括）本公司董事提供适当保障。

捐款

本集团于本年度已作出慈善或其他捐款约

13,000港元。

核数师

截至二零二年至二零二五年三月三十一日

止年度之综合财务报表已由天职香港会计师

事务所有限公司审核。本公司核数师于过往

三年的任何一年概无其他变动。

天职香港会计师事务所有限公司将于应届股

东周年大会上退任，并符合资格获重新委任。

重新委任天职香港会计师事务所有限公司为

本公司核数师的决议案将于应届股东周年大

会上提呈。

代表董事会

执行董事

李嘉丽

香港，二零二五年六月三十日

PERMITED INDEMNITY PROVISIONS

A permited indemnity provision for the benefit of the Directors of the

Company is curently in force and was in force throughout the Year. The

Company has taken out and maintained Directors and oficers liability

insurance which provides apropriate cover for, among others, the

Directors of the Company.

DONATIONS

The Group made charitable or other donations of aproximately

HK$13,000 during the Year.

AUDITOR

The consolidated financial statements for the years ended 31 March

2022 to 2025 have ben audited by Baker Tily Hong Kong Limited.

There has ben no change in the auditors of the Company in any of the

preceding thre years.

Baker Tily Hong Kong Limited, who wil retire and, being eligible, ofer

themselves for re-apointment at the forthcoming anual general

meting. A resolution for the re-apointment of Baker Tily Hong Kong

Limited as auditor of the Company wil be proposed at the forthcoming

anual general meting.

On behalf of the Board

Li Kai Lai Miranda

Executive Director

Hong Kong, 30 June 2025

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

致煜荣集团控股有限公司各股东的

独立核数师报告

（于开曼群岛注册成立的有限公司）

意见

本行已审核第55至147页所载煜荣集团控股

有限公司（「贵公司」）及其附属公司（以下统

称「贵集团」）的综合财务报表，当中包括于二

零二五年三月三十一日的综合财务状况表，

以及截至该日止年度的综合损益及其他全面

收益表、综合权益变动表及综合现金流量表，

以及综合财务报表附注（包括重大会计政策资

料）。

本行认为，综合财务报表已根据香港会计师

公会（「香港会计师公会」）颁布的香港财务

报告准则会计准则真实且公平反映 贵集团

于二零二五年三月三十一日的综合财务状况

及 贵集团截至该日止年度的综合财务表现

及综合现金流量，并已按照香港公司条例的

披露规定妥为编制。

意见基准

本行已根据香港会计师公会颁布的香港核数

准则（「香港核数准则」）进行审核。本行于该

等准则项下的责任已于本报告中核数师就审

核综合财务报表须承担的责任一节中进一步

详述。本行根据香港会计师公会颁布之专业

会计师道德守则（「守则」）独立于 贵集团，

本行亦已根据守则履行其他道德责任。本行

相信，本行所获得的审核凭证充足及适当地

为本行的意见提供基准。

Independent auditor’s report to the shareholders of

Yuk Wing Group Holdings Limited

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Yuk Wing

Group Holdings Limited (the “Company”) and its subsidiaries (colectively

refered to as the “Group”) set out on pages 55 to 147, which comprise

the consolidated statement of financial position as at 31 March 2025,

and the consolidated statement of profit or los and other comprehensive

income, consolidated statement of changes in equity and consolidated

statement of cash flows for the year then ended, and notes to the

consolidated financial statements, including material acounting policy

information.

In our opinion, the consolidated financial statements give a true and fair

view of the consolidated financial position of the Group as at 31 March

2025, and of its consolidated financial performance and its consolidated

cash flows for the year then ended in acordance with HKFRS

Acounting Standards isued by the Hong Kong Institute of Certified

Public Acountants (“HKICPA”) and have ben properly prepared

in compliance with the disclosure requirements of the Hong Kong

Companies Ordinance.

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong Standards on

Auditing (“HKSAs”) isued by the HKICPA. Our responsibilities under

those standards are further described in the “Auditor’s Responsibilities for

the Audit of the Consolidated Financial Statements” section of our report.

We are independent of the Group in acordance with the HKICPA’s

Code of Ethics for Profesional Acountants (the “Code”), and we have

fulfiled our other ethical responsibilities in acordance with the Code.

We believe that the audit evidence we have obtained is suficient and

apropriate to provide a basis for our opinion.

---

煜荣集团控股有限公司

2024/25年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审核事项

关键审核事项为根据本行的专业判断而言，

认为对本期间综合财务报表的审计最为重要

的事项。该等事项于本行审计整体综合财务

报表及提出意见时已处理，而本行不会对该

等事项另行发表意见。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional judgment,

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.

Key audit materHow our audit adresed the key audit mater

关键审核事项本行之审计工作如何处理关键审核事项

Impairment asesment of trade receivables

贸易应收款项减值评估

We identified impairment asesment of trade receivables as a

key audit mater due to the significance of trade receivables to

the Group’s consolidated financial position and the involvement

of subjective judgment and management estimates in evaluating

the expected credit loses (“ECL”) of the Group’s trade

receivables at the end of the reporting period.

本行将贸易应收款项的减值评估识别为关键审核事项，乃由

于贸易应收款项对 贵集团的综合财务状况有重大影响，且

于报告期末评估 贵集团贸易应收款项的预期信贷亏损（「预

期信贷亏损」）时涉及主观判断及管理层估计。

Our procedures in relation to impairment asesment of

trade receivables included:

本行有关贸易应收款项的减值评估的程序包括：

• Obtaining an understanding on the key controls over

ECL asesment and evaluating management’s

proces in determining the estimated los rates,

aging grouping of trade receivables, and significant

balances and credit-impaired balances which are

asesed individualy;

• 了解预期信贷亏损评估的主要控制因素并评估管

理层厘定估计亏损率、贸易应收款项账龄分组以

及个别评估的重大结余及信贷减值结余的过程；

• Asesing the reasonablenes of the estimated

los rates with reference to historical default rates

over the expected life of the debtors based on the

aging grouping of trade receivable and the forward-

loking information considered by the management

of the Group;

• 根据贸易应收款项账龄分组及 贵集团管理层考

虑的前瞻性资料，参考债务人在预期限内的过

往违约率，评估计损失率的合理性；

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow our audit adresed the key audit mater

关键审核事项本行之审计工作如何处理关键审核事项

Impairment asesment of trade receivables

贸易应收款项减值评估

As disclosed in Note 17 to the consolidated financial statements,

as at 31 March 2025, the Group’s net trade receivables

amounting to HK$41,016,000. As disclosed in Notes 4 and

29 to the consolidated financial statements, the management

estimates the amount of lifetime ECL of trade receivables

individualy or colectively. Except for significant balances or

credit-impaired amounts which are asesed for impairment

individualy, the remaining trade receivables are grouped under

a colective asesment after considering internal credit ratings

of trade debtors, ageing, repayment history and/or past due

status of respective trade receivables. Estimated los rates are

based on historical observed default rates over the expected life

of the debtors and are adjusted for suportable forward-loking

information that is reasonable and suportable available without

due costs or efort.

如综合财务报表附注17所披露，于二零二五年三月三十一

日， 贵集团的贸易应收款项净额为41,016,000港元。如综合

财务报表附注4及29所披露，管理层个别或集体估计贸易应

收款项的全期预期信贷亏损的金额。除重大结余或信贷减值

金额作个别减值评估外，其余贸易应收款项于考虑贸易债务

人的内部信贷评级、账龄、还款记录及╱或相关贸易应收款

项逾期状态后，按集体评估分组。估计亏损率乃根据过往于

债务人预计年期内观察所得的违约率厘定，并就毋须花费不

必要成本或努力即可获得的合理且有理据支持的前瞻性资料

作出调整。

As disclosed in Note 29 to the consolidated financial statements,

the Group recognised net aditional amount of HK$5,905,000

of impairment of trade receivables for the year and the Group’s

lifetime ECL on trade receivables as at 31 March 2025

amounted to HK$16,051,000.

如综合财务报表附注29所披露， 贵集团于年内就贸易应收

款项确认5,905,000港元的额外减值净额，及 贵集团的贸易

应收款项于二零二五年三月三十一日的全期预期信贷亏损为

16,051,000港元。

• Testing the acuracy of information used by the

management in determining credit los alowance

including trade receivables ageing analysis as at

31 March 2025, on a sample basis, by comparing

individual items in the analysis with the relevant

sales invoices and other suporting documents;

and

• 通过比较贸易应收款项账龄分析内的个别项目与

相关销售发票及其他证明文件，对管理层于厘定

于二零二五年三月三十一日的信贷亏损拨备（包

括该分析）所用资料的准确性进行抽样测试；及

• Evaluating the disclosures regarding the impairment

asesment of trade receivables in Note 29 to the

consolidated financial statements with reference

to the requirements of the prevailing acounting

standards.

• 参考现行会计准则的规定评估综合财务报表附注

29内有关贸易应收款项的减值评估的披露。

---

煜荣集团控股有限公司

2024/25年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

其他资料

贵公司董事须对其他资料负责。其他资料包

括年报中所载资料，惟不包括综合财务报表

及本行就此发出的核数师报告。

本行对综合财务报表提供的意见并未涵盖其

他资料，且本行不会就此发表任何形式的核

证结论。

就审核综合财务报表而言，本行的责任是阅

读其他资料，从而考虑其他资料是否与综合

财务报表或本行在审核过程中获悉的资料存

在重大抵触情况，或似乎存在重大错误陈述。

倘若本行基于已进行的工作认为其他资料出

现重大错误陈述，本行须报告该事实。本行

就此并无任何事项须报告。

董事及治理层就综合财务报表

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

例的披露规定编制真实公平反映意见的综合

财务报表，并负责董事认为确保编制综合财

务报表时不存在由于欺诈或错误而导致重大

错误陈述所需的内部监控。

在编制综合财务报表时，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，惟董事有意将 贵集团清盘或

停止经营，或并无其他实际的替代方案则除外。

治理层须负责监督 贵集团的财务报告过程。

OTHER INFORMATION

The directors of the Company are responsible for the other information.

The other information comprises the information included in the anual

report, but does not include the consolidated financial statements and

our auditor’s report thereon.

Our opinion on the consolidated financial statements does not cover

the other information and we do not expres any form of asurance

conclusion thereon.

In conection with our audit of the consolidated financial statements,

our responsibility is to read the other information and, in doing so,

consider whether the other information is materialy inconsistent with the

consolidated financial statements or our knowledge obtained in the audit,

or otherwise apears to be materialy mistated. If, based on the work we

have performed, we 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 DIRECTORS AND THOSE

CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED

FINANCIAL STATEMENTS

The directors of the Company are responsible for the preparation of

the consolidated financial statements that give a true and fair view

in acordance with HKFRS Acounting Standards isued by the

HKICPA and the disclosure requirements of the Hong Kong Companies

Ordinance, and for such internal control as the directors determine is

necesary to enable the preparation of consolidated financial statements

that are fre from material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

responsible for asesing the Group’s ability to continue as a going

concern, disclosing, as aplicable, maters related to going concern and

using the going concern basis of acounting unles the directors either

intend to liquidate the Group or to cease operations, or have no realistic

alternative but to do so.

Those charged with governance are responsible for overseing the

Group’s financial reporting proces.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审核综合财务报表须

承担的责任

本行的目标乃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，并根据吾等的协定委聘条款

向 阁下全体出具包括本行意见的核数师报

告。除此之外本报告不作其他用途。本行概

不就本报告内容对任何其他人士负责或承担

责任。

尽管合理保证属高层次核证，但不能保证按

照香港核数准则进行的审核总能发现存在的

重大错误陈述。错误陈述可以由欺诈或错误

引起，倘错误陈述个别或整体而言可合理预

期在使用者根据该等综合财务报表作出经济

决定时可影响有关决定，则视为重大错误陈述。

作为根据香港核数准则进行审核工作的其中

一环，本行运用专业判断，于整个审核过程

中保持专业怀疑态度。本行亦：

• 识别及评估由于欺诈或错误而导致综

合财务报表存在重大错误陈述的风险、

设计及执行审核程序以应对该等风险，

以及获取充足及适当的审核凭证，作为

本行意见的基础。由于欺诈可能涉及串

谋、伪造、蓄意遗漏、虚假陈述，或凌

驾内部监控，因此未能发现因欺诈而导

致重大错误陈述的风险高于未能发现因

错误而导致重大错误陈述的风险。

• ，以设

计在有关情况下属适当的审核程序，但

目的并非对 贵集团内部监控的效能发

表意见。

• 评估董事所采用会计政策是否适当以及

作出的会计估计及相关披露是否合理。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an auditor’s

report that includes our opinion solely to you, as a body, in acordance

with our agred terms of engagement, and for no other purpose. We do

not asume responsibility towards or acept liability to any other person

for the contents of this report.

Reasonable asurance is a high level of asurance, but is not a guarante

that an audit conducted in acordance with HKSAs wil always detect a

material mistatement when it exists. Mistatements can arise from fraud

or eror and are considered material if, individualy or in the agregate,

they could reasonably be expected to influence the economic decisions

of users taken on the basis of these consolidated financial statements.

As part of an audit in acordance with HKSAs, we exercise profesional

judgment and maintain profesional skepticism throughout the audit. We

also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

provide a basis for our opinion. The risk of not detecting a material

mistatement resulting from fraud is higher than for one resulting

from eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion on

the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

---

煜荣集团控股有限公司

2024/25年报

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

• 总结董事采用持续经营为会计基础是否

适当，并根据所获取的审核凭证，总结

是否存在对 贵集团持续经营能力产生

重大疑虑的事件或情况的重大不明朗因

素。倘本行总结认为存在重大不明朗因

素，则有必要在核数师报告中提请使用

者注意综合财务报表中的相关披露，假

若有关披露不足，则修订本行的意见。

本行的结论乃基于直至核数师报告日期

止所取得的审核凭证。然而，未来事件

或情况可能导致 贵集团不能再持续经

营业务。

• （包括披露事项）的整

体呈报方式、结构及内容，以及综合财

务报表是否公平反映相关交易及事项。

• 规划并开展集团审计以就 贵集团内各

实体或业务单位的财务资料获取充足适

当的审核凭证，作为对集团财务报表发

表意见的基准。本行须负责指导、监督

及审查为集团审核而进行的审核工作。

本行为审核意见承担全部责任。

本行与治理层沟通（其中包括）审核的计划范

围及时间以及重大审核发现，当中包括本行

于审核期间识别出有关内部监控的任何重大

不足之处。

本行亦向治理层提交声明，表明本行已符合

有关独立性的相关专业道德要求，并就可能

合理被认为会影响本行独立性的所有关系及

其他事项，以及在适用的情况下相关的防范

措施与彼等沟通。

• ’ use of the going

concern basis of acounting and, based on the audit evidence

obtained, whether a material uncertainty exists related to events

or conditions that may cast significant doubt on the Group’s ability

to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw atention in our auditor’s

report to the related disclosures in the consolidated financial

statements or, if such disclosures are inadequate, to modify our

opinion. Our conclusions are based on the audit evidence obtained

up to the date of our auditor’s report. However, future events or

conditions may cause the Group to cease to continue as a going

concern.

• , structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

busines units within the group as a basis for forming an opinion on

the group financial statements. We are responsible for the direction,

supervision and review of the audit work performed for purposes of

the group audit. We remain solely responsible for our audit opinion.

We comunicate with those charged with governance regarding, among

other maters, the planed scope and timing of the audit and significant

audit findings, including any significant deficiencies in internal control that

we identify during our audit.

We also provide those charged with governance with a statement

that we have complied with relevant ethical requirements regarding

independence, and to comunicate with them al relationships and other

maters that may reasonably be thought to bear on our independence,

and where aplicable, actions taken to eliminate threats or safeguards

aplied.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

本行从与治理层沟通的事项中，确定该等对

本期间综合财务报表的审核最为重要的事项，

该等事项因而构成关键审核事项。本行在核

数师报告中阐述该等事项，惟法律或规例不

允许公开披露该等事项，或在极端罕见的情

况下，如果合理预期在本行报告中沟通某事

项造成的负面后果超过产生的公众利益，本

行决定不应在报告中沟通该事项则除外。

出具本独立核数师报告的审核项目董事为李

文进。

天职香港会计师事务所有限公司

执业会计师

香港，二零二五年六月三十日

李文进

执业证书编号P08302

From the maters comunicated with those charged with governance,

we determine those maters that were of most significance in the audit

of the consolidated financial statements of the curent period and are

therefore the key audit maters. We describe these maters in our

auditor’s report unles law or regulation precludes public disclosure

about the mater or when, in extremely rare circumstances, we determine

that a mater should not be comunicated in our report because the

adverse consequences of doing so would reasonably be expected to

outweigh the public interest benefits of such comunication.

The engagement director on the audit resulting in this independent

auditor’s report is Li Man Chun Jese.

Baker Tily Hong Kong Limited

Certified Public Acountants

Hong Kong, 30 June 2025

Li Man Chun Jese

Practising certificate number P08302

---

2025
二零二五年
HK$’000
千港元
217,074
(173,248)
43,826
2,488
(5,905)
5,323
(11,372)
(45,287)
(1,022)
(11,949)
(255)
(12,204)
(2,240)
(14,444)
(12,524)
320
(12,204)
(13,672)
(772)
(14,444)
HK cents
港仙
(3.04)

煜荣集团控股有限公司

2024/25年报

CONSOLIDATED STATEMENT OF

PROFIT OR LOS AND OTHER COMPREHENSIVE INCOME

综合损益及其他全面收益表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

二零二四年

NotesHK$’000

附注千港元

Revenue收益5148,231

Cost of sales销售成本(114,085)

Gros profit毛利34,146

Other income其他收入63,526

Impairment loses under expected

credit los model, net

预期信贷亏损模式项下的减值

亏损净额7(4,000)

Other gains and loses其他收益及亏损7(5,011)

Seling and distribution expenses销售及分销开支(8,551)

Administrative expenses行政开支(40,249)

Finance costs融资成本8(1,189)

Los before tax除税前亏损9(21,328)

Taxation charge税项支出10(1,233)

Los for the year年内亏损(22,561)

Other comprehensive expense

for the year

年内其他全面开支

Item that may be reclasified subsequently

to profit or los:

其后可能重新分类至损益的项目：

Exchange diferences arising on translation

of foreign operations

换算海外业务所产生的汇兑差额

(2,495)

Total comprehensive expense for the year年内全面总开支(25,056)

(Los) profit for the year atributable to:以下人士应占年内（亏损）溢利：

Owners of the Company本公司拥有人(18,674)

Non-controling interests非控制权益(3,887)

(22,561)

Total comprehensive expense

for the year atributable to:

以下人士应占年内全面总开支：

Owners of the Company本公司拥有人(20,006)

Non-controling interests非控制权益(5,050)

(25,056)

HK cents

港仙

Los per share, basic每股基本亏损13(4.91)

---

2025
二零二五年
HK$’000
千港元
11,979
890
1,864
14,733
49,471
66,611
27,288
134
42,174
185,678
34,879
6,994
733
–
13,000
55,606
130,072
144,805

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025 于二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备144,882

Right-of-use asets使用权资产158,976

Defered tax asets递延税项资产241,804

15,662

Curent asets流动资产

Inventories存货1644,956

Trade and other receivables贸易及其他应收款项1774,205

Financial asets at fair value through

profit or los

透过损益按公平值入账之

金融资产1820,297

Tax recoverable可收回税项–

Bank balances and cash银行结余及现金1946,616

186,074

Curent liabilities流动负债

Trade and other payables贸易及其他应付款项2012,489

Contract liabilities合约负债212,821

Lease liabilities租赁负债233,330

Tax payable应缴税项79

Bank and other borowings银行及其他借贷2223,000

41,719

Net curent asets流动资产净值144,355

Total asets les curent liabilities总资产减流动负债160,017

---

2025
二零二五年
HK$’000
千港元
57
181
238
144,567
45,600
69,633
115,233
29,334
144,567

煜荣集团控股有限公司

2024/25年报

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025 于二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

Non-curent liabilities非流动负债

Defered tax liabilities递延税项负债2483

Lease liabilities租赁负债237,121

7,204

Net asets资产净值152,813

Capital and reserves资本及储备

Share capital股本2538,000

Reserves储备84,707

Equity atributable to owners

of the Company

本公司拥有人应占权益

122,707

Non-controling interests非控制权益30,106

Total equity总权益152,813

The consolidated financial statements on pages 55 to 147 were aproved

and authorised for isue by the board of directors on 30 June 2025 and

are signed on its behalf by:

第55至147页的综合财务报表已由董事会于

二零二五年六月三十日批准及授权刊发，并

由下列董事代表签署：

Li Kai Lai MirandaWo Lan Ying

李嘉丽胡兰英

DirectorDirector

董事董事

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

Atributable to owners of the Company

本公司拥有人应占

Share

capital

Share

premium

Merger

reserve

Statutory

reserve

Exchange

reserve

Other

reserve

Retained

profitsSub-total

Non-

controling

interestsTotal

股本股份溢价并购储备法定储备汇兑储备其他储备保留溢利小计非控制权益总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

(note i)(note i)(note i)

（附注i）（附注i）（附注i）

At 1 April 2023于二零二三年

四月一日38,000124,553(67,096)2,851(1,185)1945,571142,71335,156177,869

Los for the year年内亏损–(18,674)(18,674)(3,887)(22,561)

Exchange diferences arising on

translation of foreign operations

换算海外业务所产生

的汇兑差额–(1,332)–(1,332)(1,163)(2,495)

Total comprehensive expense

for the year

年内全面总开支

–(1,332)–(18,674)(20,006)(5,050)(25,056)

At 31 March 2024于二零二四年

三月三十一日38,000124,553(67,096)2,851(2,517)1926,897122,70730,106152,813

Los for the year年内亏损–(12,524)(12,524)320(12,204)

Exchange diferences arising on

translation of foreign operations

换算海外业务所产生

的汇兑差额–(1,148)–(1,148)(1,092)(2,240)

Total comprehensive expense

for the year

年内全面总开支

–(1,148)–(12,524)(13,672)(772)(14,444)

Transfer转拨–328–(328)–

Isue of shares (Note 25)发行股份（附注25）7,600(1,402)–6,198–6,198

At 31 March 2025于二零二五年

三月三十一日45,600123,151(67,096)3,179(3,665)1914,045115,23329,334144,567

Note i: Amount represents diference betwen the nominal value of the share

capital isued by Hang Wing Holdings Limited (“Hang Wing”), a wholy-

owned subsidiary of the Company, for the acquisition of the entire

equity interests and the amount of share capital in Top Mark Mechanical

Equipment Limited (“Top Mark”), Tristate International Industrial Limited

(“Tristate International”), Top Glory Construction Equipment Limited

and MAXA RockDrils Limited.

Note i: Amount represents statutory reserve of 佛山市顺德区莱利达工程设备

有限公司 (Nory Tech Enginering Equipment Limited) (“Nory Tech”),

a subsidiary of the Company. Acording to the relevant laws in the

People’s Republic of China (the “PRC”), Nory Tech is required to transfer

at least 10% of their net profit after taxation, as determined under the

PRC acounting regulations, to a non-distributable reserve fund until the

reserve balance reaches 50% of its registered capital. The transfer to this

reserve must be made before the distribution of a dividend to owners.

Such reserve fund can be used to ofset the previous years’ loses, if any,

and is non-distributable other than upon liquidation.

Note i: Amount arising from acquisition of aditional interests in subsidiaries in

2017.

附注i： 该款项指本公司之全资附属公司铿荣控股

有限公司（「铿荣」）为收购震东机械设备有

限公司（「震东机械」）、联亚国际实业有限

公司（「联亚国际」）、震东建筑设备有限公

司及MAXA RockDrils Limited全部股权而发

行的股本面值与震东机械设备有限公司、

联亚国际实业有限公司、震东建筑设备有

限公司及MAXA RockDrils Limited的股本面

值之差额。

附注i： 该款项指本公司附属公司佛山市顺德区莱

利达工程设备有限公司（「莱利达」）的法定

储备。根据中华人民共和国（「中国」）相关

法律，莱利达须将根据中国会计法规计算

的除税后纯利最少10%转拨至不可分派储

备基金，直至该储备结余达致注册资本的

50%，且须在向拥有人分派股息前转拨。

有关储备基金可用于抵销过往年度亏损（如

有），除清盘外，不可分派。

附注i： 于二零一七年收购附属公司额外权益产生

的金额。

---

2025
二零二五年
HK$’000
千港元
(11,949)
5,905
3,025
1,736
2,876
(945)
(6,991)
(1,664)
1,022
(420)
(1,301)
(8,706)
(7,540)
1,689
22,390
4,173
12,006
(276)
(276)
11,454

煜荣集团控股有限公司

2024/25年报

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

Operating activities经营活动

Los before tax除税前亏损(21,328)

Adjustments for:就以下各项调整：

Impairment loses under

expected credit los model, net

预期信贷亏损模式项下的

减值亏损净额4,000

Write down of inventories存货撇减1,989

Depreciation of property, plant and equipment物业、厂房及设备折旧1,500

Depreciation of right-of-use asets使用权资产折旧2,642

Gain on disposal of property, plant and equipment出售物业、厂房及设备收益–

(Gain) los on fair value changes of financial

asets at fair value through profit or los

透过损益按公平值入账之

金融资产的公平值变动（收益）亏损3,052

Gain on early termination of lease contracts提早终止租赁合约的收益–

Interest expense利息开支1,189

Interest income利息收入(458)

Dividend income股息收入(1,131)

Operating cash flows before movements

in working capital

营运资金变动前经营现金流量

(8,545)

(Increase) decrease in inventories存货（增加）减少9,526

Decrease (increase) in trade and other receivables贸易及其他应收款项减少（增加）(11,138)

Increase in trade and other payables贸易及其他应付款项增加3,226

Increase (decrease) in contract liabilities合约负债增加（减少）(1,076)

Cash generated from (used in) operations经营所得（所用）现金(8,007)

PRC Enterprise Income Tax (paid) refunded已（支付）退回中国企业所得税111

Hong Kong Profits Tax paid已支付香港利得税(85)

Net cash from (used in) operating activities经营活动所得（所用）现金净额(7,981)

---

2025
二零二五年
HK$’000
千港元
1,301
420
1,479
(9,454)
(6,254)
(2,663)
(10,000)
(393)
(629)
6,198
(7,487)
(2,287)
46,616
(2,155)
42,174

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025 截至二零二五年三月三十一日止年度

二零二四年

HK$’000

千港元

Investing activities投资活动

Dividend received from financial asets at

fair value through profit or los

自透过损益按公平值入账之金融资产

收取的股息1,131

Interest received已收利息458

Proceds from disposal of property,

plant and equipment

出售物业、厂房及设备所得款项

Purchase of property, plant and equipment购买物业、厂房及设备(1,294)

Net cash (used in) from investing activities投资活动（所用）所得现金净额297

Financing activities融资活动

Repayment of lease liabilities偿还租赁负债(2,605)

Repayment of bank and other borowings偿还银行及其他借贷(5,210)

Interest on lease liabilities租赁负债利息(444)

Interest paid已付利息(745)

Proceds from isue of shares发行股份所得款项–

Net cash used in financing activities融资活动所用现金净额(9,004)

Net decrease in cash and cash equivalents现金及现金等价物减少净额(16,688)

Cash and cash equivalents at begining

of the year

年初现金及现金等价物

65,969

Efect of foreign exchange rate changes汇率变动的影响(2,665)

Cash and cash equivalents at end

of the year, represented by bank

balances and cash

年末现金及现金等价物，

指银行结余及现金

46,616

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

1 一般资料

煜荣集团控股有限公司（「本公司」）根据

开曼群岛一九六一年第3号法例第22章

公司法（以经综合及修订者为准）于开

曼群岛注册成立并登记为获豁免有限公

司。本公司股份于香港联合交易所有限

公司（「联交所」）上市。

本公司的注册办事处地址位于Cricket

Square, Hutchins Drive, PO Box 2681,

Grand Cayman, KY1-1111, Cayman

Islands。本公司的主要营业地点位于香

港九龙湾宏照道19号金利丰国际中心8

楼E3室。本公司董事认为本公司的直接

及最终控股公司为彩辉投资有限公司（一

间于英属处女群岛（「英属处女群岛」）注

册成立的私人有限公司）。

本公司为一间投资控股公司。本公司及

其附属公司（统称「本集团」）主要从事制

造及买卖潜孔（「潜孔」）凿岩工具，以及

买卖打桩机及钻机和凿岩设备。

综合财务报表以本公司功能货币港元

（「港元」）呈列。

1 GENERAL INFORMATION

Yuk Wing Group Holdings Limited (the “Company”) was

incorporated and registered as an exempted company with limited

liability in the Cayman Islands under the Companies Law Chapter

22 (Law 3 of 1961, as consolidated and revised) of the Cayman

Islands. The shares of the Company are listed on The Stock

Exchange of Hong Kong Limited (the “Stock Exchange”).

The registered ofice adres of the Company is located at Cricket

Square, Hutchins Drive, PO Box 2681, Grand Cayman, KY1-1111,

Cayman Islands. The principal place of busines of the Company

is located at Unit E3, 8/F., Kingston International Centre, 19

Wang Chiu Road, Kowlon Bay, Hong Kong. The directors of the

Company consider that the Company’s imediate and ultimate

holding company is Colour Shine Investments Limited, a private

limited company incorporated in the British Virgin Islands (the “BVI”).

The Company is an investment holding company. The Company

and its subsidiaries (colectively refered to as the “Group”) are

principaly engaged in the manufacturing and trading of down-

the-hole (“DTH”) rockdriling tols and trading of piling and driling

machineries and rockdriling equipment.

The consolidated financial statements are presented in Hong

Kong Dolars (“HK$”) which is also the functional curency of the

Company.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 应用新订香港财务报告准

则会计准则及其修订本

(a) 于本年度强制生效的香港财务

报告准则会计准则及其修订本

于本年度，本集团已首次应用由

香港会计师公会（「香港会计师公

会」）颁布且已于二零二四年四月

一日或之后开始之年度期间强制

生效之以下香港财务报告准则会

计准则修订本，以编制综合财务

报表：

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

非流动及香港

诠释第5号

（二零二零年）之

相关修订

香港会计准则第1号

（修订本）

附带契诺之非流动

负债

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

除下文所述者外，于本年度应用

香港财务报告准则会计准则修订

本对本集团本年度及过往年度之

财务状况及表现及╱或该等综合

财务报表内所载披露内容并无重

大影响。

2 APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS

(a) Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year

In the curent year, the Group has aplied the folowing

amendments to HKFRS Acounting Standards isued by

the Hong Kong Institute of Certified Public Acountants

(“HKICPA”) for the first time, which are mandatorily efective

for the anual periods begining on or after 1 April 2024 for

the preparation of the consolidated financial statements:

Amendments to HKFRS 16Lease Liability in a Sale and

Leaseback

Amendments to HKAS 1Clasification of Liabilities as

Curent or Non-curent and

related amendments to Hong

Kong Interpretation 5 (2020)

Amendments to HKAS 1Non-curent Liabilities with

Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

Except as described below, the aplication of the

amendments to HKFRS Acounting Standards in the curent

year has had no material impact on the Group’s financial

positions and performance for the curent and prior years

and/or on the disclosures set out in these consolidated

financial statements.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 应用新订香港财务报告准

则会计准则及其修订本（续）

(a) 于本年度强制生效的香港财务

报告准则会计准则及其修订本

（续）

应用香港会计准则第1号（修订

本）负债分类为流动或非流动及

香港诠释第5号之相关修订本（二

零二零年）（「二零二零年修订本」）

及香港会计准则第1号（修订本）

附带契诺之非流动负债（「二零

二年修订本」）之影响

本集团于本年度首次应用该等修

订本。

二零二零年修订本为评估将结算

期限递延至报告日期后最少十二

个月的权利提供澄清及额外指引，

以将负债分类为流动或非流动，

当中：

• 订明负债应基于报告期末已

存在的权利而分类为流动或

非流动。具体而言，该分类

不受管理层在12个月内结算

负债的意向或预期所影响。

• 澄清负债的结算可以是向

对手方转让现金、货品或服

务，或实体本身的权益工

具。倘若负债具有条款，可

由对手方选择透过转让实体

本身的权益工具进行结算，

则仅当实体应用香港会计准

则第32号「金融工具：呈列」

将选择权单独确认为权益工

具时，该等条款方不会对其

分类为流动或非流动造成影

响。

2 APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS (Continued)

(a) Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year (Continued)

Impacts on aplication of Amendments to HKAS 1

Clasification of Liabilities as Curent or Non-curent

and related amendments to Hong Kong Interpretation 5

• “2020 Amendments”) and Amendments to

HKAS 1 Non-curent Liabilities with Covenants (the “2022

Amendments”)

The Group has aplied the amendments for the first time in

the curent year.

The 2020 Amendments provide clarification and aditional

guidance on the asesment of right to defer setlement for

at least twelve months from reporting date for clasification of

liabilities as curent or non-curent, which:

• specify that the clasification of liabilities as curent

or non-curent should be based on rights that are

in existence at the end of the reporting period.

Specificaly, the clasification should not be afected by

management intentions or expectations to setle the

liability within 12 months.

• clarify that the setlement of a liability can be a transfer

of cash, gods or services, or the entity’s own equity

instruments to the counterparty. If a liability has terms

that could, at the option of the counterparty, result in

its setlement by the transfer of the entity’s own equity

instruments, these terms do not afect its clasification

as curent or non-curent only if the entity recognises

the option separately as an equity instrument aplying

HKAS 32 “Financial Instruments: Presentation”.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 应用新订香港财务报告准

则会计准则及其修订本（续）

(a) 于本年度强制生效的香港财务

报告准则会计准则及其修订本

（续）

应用香港会计准则第1号（修订

本）负债分类为流动或非流动及

香港诠释第5号之相关修订本（二

零二零年）（「二零二零年修订本」）

及香港会计准则第1号（修订本）

附带契诺之非流动负债（「二零

二年修订本」）之影响（续）

对于以遵守契诺为条件的将结算

延迟至报告日期后最少十二月个

月的权利，二零二年修订本特

别澄清，即使契诺的遵守情况仅

于报告日期后评估，仅实体于报

告期末或之前须遵守的契诺方会

影响该实体将负债的结算延迟至

报告日期后最少12个月的权利。

二零二年修订本亦订明，实体

于报告日期后必须遵守的契诺（即

未来契诺）不会影响负债于报告日

期的流动或非流动分类。然而，

倘若实体延迟结算负债的权利取

决于实体于报告期后12个月内遵

守契诺的情况，则实体须披露有

关资料以使财务报表使用者能够

了解该等负债须于报告期后十二

个月内偿还的风险。该等资料将

包括有关契诺的资料、相关负债

的账面值以及表明实体可能难以

遵守契诺的事实及情况（如有）。

于本年度应用修订本并无对综合

财务报表产生重大影响。

2 APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS (Continued)

(a) Amendments to HKFRS Acounting Standards that are

mandatorily efective for the curent year (Continued)

Impacts on aplication of Amendments to HKAS 1

Clasification of Liabilities as Curent or Non-curent

and related amendments to Hong Kong Interpretation 5

• “2020 Amendments”) and Amendments to

HKAS 1 Non-curent Liabilities with Covenants (the “2022

Amendments”) (Continued)

For rights to defer setlement for at least twelve months from

reporting date which are conditional on the compliance with

covenants, the 2022 Amendments specificaly clarify that

only covenants that an entity is required to comply with on

or before the end of the reporting period afect the entity’s

right to defer setlement of a liability for at least twelve

months after the reporting date, even if compliance with the

covenant is asesed only after the reporting date. The 2022

Amendments also specify that covenants with which an entity

must comply after the reporting date (i.e. future covenants)

do not afect the clasification of a liability as curent or non-

curent at the reporting date. However, if the entity’s right to

defer setlement of a liability is subject to the entity complying

with covenants within twelve months after the reporting

period, an entity discloses information that enables users of

financial statements to understand the risk of the liabilities

becoming repayable within twelve months after the reporting

period. This would include information about the covenants,

the carying amount of related liabilities and facts and

circumstances, if any, that indicate that the entity may have

dificulties complying with the covenants.

The aplication of the amendments in the curent year had no

material impact on the consolidated financial statements.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 应用新订香港财务报告准

则会计准则及其修订本（续）

(b) 已颁布但尚未生效的新订香港

财务报告准则会计准则及其修

订本

本集团尚未提早应用以下已颁布

但尚未生效的新订香港财务报告

准则会计准则及其修订本：

香港财务报告准则第9号

及香港财务报告准则

第7号（修订本）

金融工具分类及计

量之修订

香港财务报告准则第9号

及香港财务报告准则

第7号（修订本）

涉及依赖自然能源

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

司或合资企业之

间的资产出售或

出资

香港财务报告准则会计

准则（修订本）

香港财务报告准则

会计准则的年度

改进 — 第11册

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18号

财务报表的呈列及

披露

于一个待定日期或之后开始之

年度期间生效

于二零二五年一月一日或之后

开始之年度期间生效

于二零二六年一月一日或之后

开始之年度期间生效

于二零二七年一月一日或之后

开始之年度期间生效

除下文所述新订及香港财务报告

准则会计准则修订本外，本公司

董事预期应用所有香港财务报告

准则会计准则修订本于可预见未

来将不会对综合财务报表产生重

大影响。

2 APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS (Continued)

(b) New and amendments to HKFRS Acounting Standards in

isue but not yet efective

The Group has not early aplied the folowing new and

amendments to HKFRS Acounting Standards that have

ben isued but are not yet efective:

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 HKFRS

Acounting Standards

Anual Improvements to HKFRS

Acounting Standards — Volume 11

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and Disclosure in Financial

Statements

Efective for anual periods begining on or after a date to be

determined.

Efective for anual periods begining on or after 1 January

2025.

Efective for anual periods begining on or after 1 January

2026.

Efective for anual periods begining on or after 1 January

2027.

Except for the new and amendments to HKFRS Acounting

Standards mentioned below, the directors of the Company

anticipate that the aplication of al other amendments to

HKFRS Acounting Standards wil have no material impact

on the consolidated financial statements in the foreseable

future.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 应用新订香港财务报告准

则会计准则及其修订本（续）

(b) 已颁布但尚未生效的新订香港

财务报告准则会计准则及其修

订本（续）

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

香港财务报告准则第9号修订本阐

明金融资产及金融负债的确认及

终止确认，并加入例外情况，允

许实体在符合特定条件的情况下，

将使用电子支付系统以现金结算

的金融负债视作于结算日前解除。

该等修订本亦就评估金融资产之

合约现金流量是否与基本借贷安

排相一致提供指引。该等修订本

订明，实体应关注实体所获得的

补偿而非补偿金额。倘合约现金

流量与并非基本借贷风险或成本

的变量挂钩，则其与基本借贷安

排不一致。该等修订本声明，于

若干情况下，或然特征可能于合

约现金流量变动之前及之后引致

与基本贷款安排一致之合约现金

流量，惟或然事件本身之性质与

基本借贷风险及成本之变化并不

直接相关。此外，该等修订本中

加强对「无追索权」一词之描述，

并澄清「合约关联工具」之特性。

该等修订本于二零二六年一月一

日或之后开始之年度报告期间生

效，并允许提早应用。应用该等

修订本预期不会对本集团之财务

状况及表现产生重大影响。

2 APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS (Continued)

(b) New and amendments to HKFRS Acounting Standards in

isue but not yet efective (Continued)

Amendments to HKFRS 9 and HKFRS 7 Amendments

to the Clasification and Measurement of Financial

Instruments

The amendments to HKFRS 9 clarify the recognition and

derecognition for financial aset and financial liability and

ad an exception which permits an entity to dem a financial

liability to be discharged before the setlement date if it is

setled in cash using an electronic payment system if, and

only if certain conditions are met.

The amendments also provide guidance on the asesment

of whether the contractual cash flows of a financial aset

are consistent with a basic lending arangement. The

amendments specify that an entity should focus on what an

entity is being compensated for rather than the compensation

amount. Contractual cash flows are inconsistent with a

basic lending arangement if they are indexed to a variable

that is not a basic lending risk or cost. The amendments

state that, in some cases, a contingent feature may give rise

to contractual cash flows that are consistent with a basic

lending arangement both before and after the change in

contractual cash flows, but the nature of the contingent event

itself does not relate directly to changes in basic lending risks

and costs. Furthermore, the description of the term “non-

recourse” is enhanced and the characteristics of “contractualy

linked instruments” are clarified in the amendments.

The amendments are efective for anual reporting periods

begining on or after 1 January 2026, with early aplication

permited. The aplication of the amendments is not

expected to have significant impact on the financial position

and performance of the Group.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

2 应用新订香港财务报告准

则会计准则及其修订本（续）

(b) 已颁布但尚未生效的新订香港

财务报告准则会计准则及其修

订本（续）

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18号「财务报

表之呈列及披露」载列财务报表之

呈列及披露规定，将取代香港会

计准则第1号「财务报表之呈列」。

此新订香港财务报告准则会计准

则在延续香港会计准则第1号中众

多规定之同时，引入于损益表中

呈列指定类别及定义小计之新规

定；就财务报表附注中管理层界

定之表现计量提供披露及改进于

财务报表中将予披露之合并及分

类资料。此外，香港会计准则第1

号之部分段落已移至香港会计准

则第8号「会计政策，变更会计估

计和差错」及香港财务报告准则第

7号「金融工具：披露」。香港会计

准则第7号「现金流量表」及香港

会计准则第33号「每股盈利」亦作

出细微修订。

应用新准则预期将会影响损益表

之呈列以及未来财务报表之披露。

本集团正在评估香港财务报告准

则第18号对本集团综合财务报表

之详细影响。

2 APLICATION OF NEW AND AMENDMENTS TO

HKFRS ACOUNTING STANDARDS (Continued)

(b) New and amendments to HKFRS Acounting Standards in

isue but not yet efective (Continued)

HKFRS 18 Presentation and Disclosure in Financial

Statements

HKFRS 18 “Presentation and Disclosure in Financial

Statements”, which sets out requirements on presentation

and disclosures in financial statements, wil replace HKAS

1 “Presentation of Financial Statements”. This new HKFRS

Acounting Standard, while carying forward many of the

requirements in HKAS 1, introduces new requirements

to present specified categories and defined subtotals in

the statement of profit or los; provide disclosures on

management-defined performance measures in the notes

to the financial statements and improve agregation and

disagregation of information to be disclosed in the financial

statements. In adition, some HKAS 1 paragraphs have

ben moved to HKAS 8 “Acounting Policies, Changes in

Acounting Estimates and Eror” and HKFRS 7 “Financial

Instruments: Disclosures”. Minor amendments to HKAS

7 “Statement of Cash Flows” and HKAS 33 “Earnings per

Share” are also made.

The aplication of the new standard is expected to afect the

presentation of the statement of profit or los and disclosures

in the future financial statements. The Group is in the proces

of asesing the detailed impact of HKFRS 18 on the Group’s

consolidated financial statements.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料

3.1 综合财务报表的编制基准

综合财务报表已根据香港会计师

公会颁布的香港财务报告准则会

计准则编制。就编制综合财务报

表而言，倘合理预期有关资料将

影响主要使用者的决策，有关资

料即被视为重大。此外，综合财

务报表载有联交所证券上市规则

（「上市规则」）及香港公司条例规

定的适用披露。

如下文所载的会计政策所述，综

合财务报表已在各报告期末以历

史成本为基准编制（若干按公平值

计量的金融工具除外）。

历史成本一般基于就换取商品及

服务所给予的代价的公平值。

公平值为于计量日期在市场参与

者之间按有序交易出售资产将收

取的价格或转让负债时将支付的

价格，而不论该价格是否可直接

观察所得或采用其他估值技术估

计得出。于估计资产或负债的公

平值时，本集团计及市场参与者

于计量日期就资产或负债进行定

价时将会考虑的资产或负债特征。

该等综合财务报表中用作计量

及╱或披露用途的公平值按此基

准厘定，惟香港财务报告准则第2

号「以股份为基础的支付」范畴内

的以股份为基础的支付交易、根

据香港财务报告准则第16号「租

赁」入账的租赁交易及与公平值类

似但并非公平值的计量（例如，香

港会计准则第2号「存货」中的可

变现净值或香港会计准则第36号

「资产减值」中的使用价值）除外。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

3.1 Basis of preparation of consolidated financial statements

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards isued by the

HKICPA. For the purpose of preparation of the consolidated

financial statements, information is considered material if such

information is reasonably expected to influence decisions

made by primary users. In adition, the consolidated financial

statements include aplicable disclosures required by the

Rules Governing the Listing of Securities on The Stock

Exchange (the “Listing Rules”) and by the Hong Kong

Companies Ordinance.

The consolidated financial statements have ben prepared

on the historical cost basis except for certain financial

instruments that are measured at fair values at the end of

each reporting period, as explained in the acounting policies

set out below.

Historical cost is generaly based on the fair value of the

consideration given in exchange for gods and services.

Fair value is the price that would be received to sel an aset

or paid to transfer a liability in an orderly transaction betwen

market participants at the measurement date, regardles of

whether that price is directly observable or estimated using

another valuation technique. In estimating the fair value

of an aset or a liability, the Group takes into acount the

characteristics of the aset or liability if market participants

would take those characteristics into acount when pricing

the aset or liability at the measurement date. Fair value

for measurement and/or disclosure purposes in these

consolidated financial statements is determined on such a

basis, except for share-based payment transactions that

are within the scope of HKFRS 2 “Share-based Payment”,

leasing transactions that are acounted for in acordance

with HKFRS 16 “Leases”, and measurements that have

some similarities to fair value but are not fair value, such as

net realisable value in HKAS 2 “Inventories” or value in use in

HKAS 36 “Impairment of Asets”.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.1 综合财务报表的编制基准（续）

就按公平值交易的金融工具及于

其后期间计量公平值使用不可观

察参数的估值技术而言，估值技

术予以调整，以使于初步确认时

估值技术结果等同交易价格。

此外，就财务申报而言，公平值

计量按公平值计量的参数的可观

察程度及参数对公平值计量整体

的重要性划分为第一、二或三级，

详述如下：

• 第一级参数为实体于计量日

期可获得的相同资产或负债

于活跃市场的报价（未经调

整）；

• 第二级参数为可直接或间接

观察的资产或负债参数（计

入第一级的报价除外）；及

• 第三级参数为资产或负债的

不可观察参数。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.1 Basis of preparation of consolidated financial statements

(Continued)

For financial instruments which are transacted at fair value

and a valuation technique that unobservable inputs are to

be used to measure fair value in subsequent periods, and

valuation technique is calibrated so that at initial recognition

the results of the valuation technique equals the transaction

price.

In adition, for financial reporting purposes, fair value

measurements are categorised into Level 1, 2 or 3 based on

the degre to which the inputs to the fair value measurements

are observable and the significance of the inputs to the fair

value measurement in its entirety, which are described as

folows:

• Level 1 inputs are quoted prices (unadjusted) in active

markets for identical asets or liabilities that the entity

can aces at the measurement date;

• , other than quoted prices

included within Level 1, that are observable for the

aset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the aset or

liability.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料

综合基准

综合财务报表结合本公司及由本

公司及其附属公司控制的实体之

财务报表。本公司在下列情况下

取得控制权：

• ；

• 因参与投资对象业务而承担

可变回报的风险或享有可变

回报的权利；及

• 。

倘事实及情况显示上文所列控制

权的三项元素中一项或多项有变，

则本集团重新评估其是否控制投

资对象。

附属公司于本集团取得该附属公

司的控制权时开始综合入账，于

本集团丧失该附属公司的控制权

时终止综合入账。具体而言，于

年内收购或出售的附属公司收支

自本集团取得控制权当日起直至

本集团不再控制附属公司当日止

计入综合损益及其他全面收益表。

损益及其他全面收益各项目归于

本公司拥有人及非控制权益所有。

即使会导致非控制权益的结余为

负数，附属公司的全面总收益亦

归于本公司拥有人及非控制权益

所有。

附属公司的财务报表于必要时会

作出调整，以使其会计政策与本

集团的会计政策一致。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information

Basis of consolidation

The consolidated financial statements incorporate financial

statements of the Company and entities controled by the

Company and its subsidiaries. Control is achieved when the

Company:

• ;

• , or has rights, to variable returns from its

involvement with the investe; and

• has the ability to use its power to afect its returns.

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 listed above.

Consolidation of a subsidiary begins when the Group obtains

control over the subsidiary and ceases when the Group loses

control of the subsidiary. Specificaly, income and expenses

of a subsidiary acquired or disposed of during the year are

included in the consolidated statement of profit or los and

other comprehensive income from the date the Group gains

control until the date when the Group ceases to control the

subsidiary.

Profit or los and each item of other comprehensive income

are atributed to the owners of the Company and to the

non-controling interests. Total comprehensive income of

subsidiaries is atributed to the owners of the Company and

to the non-controling interests even if this results in the non-

controling interests having a deficit balance.

When necesary, adjustments are made to the financial

statements of subsidiaries to bring their acounting policies in

line with the Group’s acounting policies.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

综合基准（续）

所有集团内公司间的资产与负债、

股本、收入、开支以及本集团成

员公司间交易现金流量于综合入

账时悉数对销。

于附属公司的非控制权益应与本

集团之权益单独列示，乃指其持

有者有权按比例分占相关附属公

司清盘时之净资产的当前拥有权

权益。

源自客户合约的收益

本集团于完成履约责任时（或就此）

确认收益，即与特定履约责任相

关的商品或服务的「控制权」转让

予客户时。

履约责任指个别的商品或服务（或

一组商品或服务）或一系列大致相

同的个别商品或服务。

倘符合以下其中一项标准，则控

制权随时间转移，而收益则参照

完全履行相关履约责任的进展情

况而随时间确认：

• ，客户同时

取得并消耗本集团履约所提

供的利益；

• ，本集团的

履约产生或加强一项客户控

制的资产；或

• 本集团的履约并未产生让本

集团有替代用途的资产，且

本集团对迄今已完成履约的

付款具有可强制执行的权利。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Basis of consolidation (Continued)

Al intragroup asets and liabilities, equity, income, expenses

and cash flows relating to transactions betwen members of

the Group are eliminated in ful on consolidation.

Non-controling interests in subsidiaries are presented

separately from the Group’s equity therein, which represent

present ownership interests entitling their holders to a

proportionate share of net asets of the relevant subsidiaries

upon liquidation.

Revenue from contracts with customers

The Group recognises revenue when (or as) a performance

obligation is satisfied, i.e. when “control” of the gods or

services underlying the particular performance obligation is

transfered to the customer.

A performance obligation represents a god or service (or

a bundle of gods or services) that is distinct or a series of

distinct gods or services that are substantialy the same.

Control is transfered over time and revenue is recognised

over time by reference to the progres towards complete

satisfaction of the relevant performance obligation if one of

the folowing criteria is met:

• the customer simultaneously receives and consumes

the benefits provided by the Group’s performance as

the Group performs;

• ’s performance creates or enhances an aset

that the customer controls as the Group performs; or

• ’s performance does not create an aset

with an alternative use to the Group and the Group

has an enforceable right to payment for performance

completed to date.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

源自客户合约的收益（续）

否则，收益于客户获得个别商品

或服务控制权的时间点确认。

合约负债指本集团因已向客户收

取代价（或代价金额已到期），而

须向客户转让商品或服务的责任。

提供服务

打桩机及钻机以及设备的服务收

入乃参照完成履行相关履约责任

之进展情况随时间确认，原因在

于客户随著本集团的履约同时收

取及消耗本集团履约所提供之利

益。本集团就每月提供的服务开

出固定金额账单。本集团选择应

用可行权宜方法，确认本集团有

权开具发票之金额的收益。如香

港财务报告准则第15号「来自客

户合约收益」所准许，分配至该等

未履行合约之交易价格不予披露。

服务收入并非源自本集团日常业

务并呈列为其他收入。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Revenue from contracts with customers (Continued)

Otherwise, revenue is recognised at a point in time when the

customer obtains control of the distinct god or service.

A contract liability represents the Group’s obligation to

transfer gods or services to a customer for which the Group

has received consideration (or an amount of consideration is

due) from the customer.

Rendering of services

Service income of piling and driling machineries and

equipment is recognised over time by reference to the

progres towards complete satisfaction of the relevant

performance obligation, as the customer simultaneously

receives and consumes the benefits provided by the Group’s

performance as the Group performs. The Group bils a fixed

amount for each month of service provided. The Group

elected to aply the practical expedient by recognising

revenue in the amount to which the Group has right to

invoice. As permited under HKFRS 15 “Revenue from

Contracts with Customers”, the transaction price alocated

to these unsatisfied contracts is not disclosed. The service

income is not derived from the Group’s ordinary course of

busines and is presented as other income.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁

本集团根据香港财务报告准则第

16号的定义于合约开始日评估合

约是否为租赁或包含租赁。除非

合约的条款及条件其后有变，否

则不会重新评估有关合约。

本集团作为承租人

将代价分配至合约组成部分

就包含租赁组成部分以及一项或

多项额外租赁或非租赁组成部分

的合约而言，本集团根据租赁组

成部分的相对独立价格及非租赁

组成部分的合计独立价格基准将

合约代价分配至各项租赁组成部分。

非租赁组成部分乃自租赁组成部

分开并应用其他适用准则入账。

短期租赁

对于租期自开始日期起计为12个

月或以内且不包含购买选择权的

租赁，本集团应用短期租赁确认

豁免。短期租赁的租赁付款按直

线法基准于租期内确认为开支。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases

The Group aseses whether a contract is or contains a

lease based on the definition under HKFRS 16 at inception

of the contract. Such contract wil not be reasesed unles

the terms and conditions of the contract are subsequently

changed.

The Group as a lese

Alocation of consideration to components of a

contract

For a contract that contains a lease component and one or

more aditional lease or non-lease components, the Group

alocates the consideration in the contract to each lease

component on the basis of the relative stand-alone price of

the lease component and the agregate stand-alone price of

the non-lease components.

Non-lease components are separated from lease component

and are acounted for by aplying other aplicable

standards.

Short-term leases

The Group aplies the short-term lease recognition exemption

to leases that have a lease term of 12 months or les from

the comencement date and do not contain a purchase

option. Lease payments on short-term leases are recognised

as expense on a straight-line basis over the lease term.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产的成本包括：

• ；

• 在开始日期或之前作出的任

何租赁付款，减去收到的任

何租赁奖励措施；

• 本集团产生的任何初始直接

成本；及

• 本集团在拆卸和拆除相关资

产，恢复其所在地点或将相

关资产恢复到租赁条款和条

件所规定状态将予产生的估

计成本。

使用权资产按成本计量，减任何

累计折旧及减值亏损，并就租赁

负债的任何重新计量作出调整。

使用权资产于其估计可使用年期

及租期（以较短者为准）内按直线

法计提折旧。

本集团于综合财务状况表内将使

用权资产呈列为单独项目。

可退还租赁按金

已付可退还租赁按金乃根据香港

财务报告准则第9号「金融工具」

入账并按公平值初步计量。于初

步确认时对公平值之调整被视为

额外租赁付款并计入使用权资产

成本。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets

The cost of right-of-use aset includes:

• the amount of the initial measurement of the lease

liability;

• any lease payments made at or before the

comencement date, les any lease incentives

received;

• ; and

• an estimate of costs to be incured by the Group

in dismantling and removing the underlying asets,

restoring the site on which it is located or restoring the

underlying aset to the condition required by the terms

and conditions of the lease.

Right-of-use asets are measured at cost, les any

acumulated depreciation and impairment loses, and

adjusted for any remeasurement of lease liabilities.

Right-of-use asets are depreciated on a straight-line basis

over the shorter of its estimated useful life and the lease term.

The Group presents right-of-use asets as a separate line

item on the consolidated statement of financial position.

Refundable rental deposits

Refundable rental deposits paid are acounted under HKFRS

9 “Financial Instruments” and initialy measured at fair value.

Adjustments to fair value at initial recognition are considered

as aditional lease payments and included in the cost of

right-of-use asets.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁负债

于租赁开始日期，本集团按该日

未付的租赁付款现值确认及计量

租赁负债。于计算租赁付款现值

时，倘租赁隐含的利率难以厘定，

则本集团使用租赁开始日期的增

量借贷利率计算。

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。

于开始日期后，租赁负债就利息

增长及租赁付款作出调整。

本集团于综合财务状况表内将租

赁负债呈列为单独项目。

租赁修改

倘出现以下情况，本集团将租赁

修改作为单独租赁入账：

• 修改透过加入使用一项或多

项相关资产的权利扩大租赁

范围；及

• ，增加的金

额相当于范围扩大对应的单

独价格的金额及为反映特定

合约情况而对该单独价格进

行的任何适当调整。

就不作为单独租赁入账的租赁修

改而言，本集团根据经修改租赁

的租期，透过使用于修改生效日

期的经修订折现率折现经修订租

赁付款而重新计量租赁负债（减任

何应收租赁优惠）。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease liabilities

At the comencement date of a lease, the Group recognises

and measures the lease liability at the present value of

lease payments that are unpaid at that date. In calculating

the present value of lease payments, the Group uses the

incremental borowing rate at the lease comencement

date if the interest rate implicit in the lease is not readily

determinable.

The lease payments include fixed payments (including

in-substance fixed payments) les any lease incentives

receivable.

After the comencement date, lease liabilities are adjusted

by interest acretion and lease payments.

The Group presents lease liabilities as a separate line item on

the consolidated statement of financial position.

Lease modifications

The Group acounts for a lease modification as a separate

lease if:

• the modification increases the scope of the lease by

ading the right to use one or more underlying asets;

and

• the consideration for the leases increases by an amount

comensurate with the stand-alone price for the

increase in scope and any apropriate adjustments to

that stand-alone price to reflect the circumstances of

the particular contract.

For a lease modification that is not acounted for as a

separate lease, the Group remeasures the lease liability, les

any lease incentives receivable, based on the lease term of

the modified lease by discounting the revised lease payments

using a revised discount rate at the efective date of the

modification.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

租赁（续）

本集团作为承租人（续）

租赁修改（续）

本集团透过对相关使用权资产进

行相应调整，将租赁负债的重新

计量入账。

当经修订合约含有租赁部分以及

一项或多项额外租赁或非租赁部

分，本集团将经修订合约的代价

分配至各租赁部分，并以租赁部

分的相对独立价格及非租赁部分

的总独立价格为基准。

物业、厂房及设备

物业、厂房及设备是为用于生产

或供应商品或服务或管理目的而

持有的有形资产。物业、厂房及

设备于综合财务状况表按成本减

其后累计折旧及其后累计减值亏

损（如有）列账。

折旧采用直线法，以在资产的估

计可使用年期内撇销其成本减剩

余价值确认。估计可使用年期、

剩余价值及折旧方法于各报告期

末检讨，估计的任何变动影响按

预先计提基准入账。

物业、厂房及设备项目于出售时

或预期继续使用资产不会产生未

来经济利益时终止确认。物业、

厂房及设备项目出售或报废时产

生的任何收益或亏损按销售所得

款项与资产账面值的差额厘定，

并于损益确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Leases (Continued)

The Group as a lese (Continued)

Lease modifications (Continued)

The Group acounts for the remeasurement of lease liabilities

by making coresponding adjustments to the relevant right-

of-use aset.

When the modified contract contains a lease component and

one or more aditional lease or non-lease components, the

Group alocates the consideration in the modified contract

to each lease component on the basis of the relative stand-

alone price of the lease component and the agregate stand-

alone price of the non-lease components.

Property, plant and equipment

Property, plant and equipment are tangible asets that are

held for use in the production or suply of gods or services,

or for administrative purposes. Property, plant and equipment

are stated in the consolidated statement of financial position

at cost les subsequent acumulated depreciation and

subsequent acumulated impairment loses, if any.

Depreciation is recognised so as to write of the cost of

asets over their estimated useful lives les their residual

values, using the straight-line method. The estimated useful

lives, residual values and depreciation method are reviewed

at the end of each reporting period, with the efect of any

changes in estimate acounted for on a prospective basis.

An item of property, plant and equipment is derecognised

upon disposal or when no future economic benefits are

expected to arise from the continued use of the aset. Any

gain or los arising on the disposal or retirement of an item of

property, plant and equipment is determined as the diference

betwen the sales proceds and the carying amount of the

aset and is recognised in profit or los.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备以及使用权资

产的减值

于报告期末，本集团审阅其物业、

厂房及设备以及使用权资产的账

面值，衡量是否有迹象显示此等

资产已出现减值亏损。倘出现任

何该等迹象，则会估计相关资产

的可收回金额，以厘定减值亏损

（如有）之程度。

本集团会个别估计物业、厂房及

设备以及使用权资产的可收回金

额。若不可能逐项估计可收回金

额，本集团会估计该资产所属现

金产生单位的可收回金额。

于测试现金产生单位之减值时，

于可设立合理和一贯分配基准的

情况下，公司资产会被分配到相

关的现金产生单位，否则会被分

配到可设立合理和一贯分配基准

的最小现金产生单位组别。可收

回金额按公司资产所属的现金产

生单位或现金产生单位组别厘定，

并与相关现金产生单位或现金产

生单位组别的账面值作比较。

可收回金额为公平值减出售成本

与使用价值两者中之较高者。于

评估使用价值时，估计日后现金

流量乃采用税前折现率折现至其

现值，该折现率反映货币时间价

值之现行市场评估及尚未就日后

现金流量之估计作出调整之资产

（或现金产生单位）之特有风险。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Impairment on property, plant and equipment and right-

of-use asets

At the end of the reporting period, the Group reviews the

carying amounts of its property, plant and equipment

and right-of-use asets to determine whether there is any

indication that these asets have sufered an impairment los.

If any such indication exists, the recoverable amount of the

relevant aset is estimated in order to determine the extent of

the impairment los (if any).

The recoverable amounts of property, plant and equipment

and right-of-use asets are estimated individualy. When it is

not posible to estimate the recoverable amount individualy,

the Group estimates the recoverable amount of the cash-

generating unit to which the aset belongs.

In testing a cash-generating unit for impairment, corporates

asets are alocated to the relevant cash-generating unit

when a reasonable and consistent basis of alocation can be

established, or otherwise they are alocated to the smalest

group of cash-generating units for which a reasonable

and consistent alocation basis can be established. The

recoverable amount is determined for the cash-generating

unit or group of cash-generating units to which the corporate

aset belongs, and is compared with the carying amount of

the relevant cash-generating unit or group of cash-generating

units.

Recoverable amount is the higher of fair value les costs

of disposal and value in use. In asesing value in use, the

estimated future cash flows are discounted to their present

value using a pre-tax discount rate that reflects curent

market asesments of the time value of money and the risks

specific to the aset (or a cash-generating unit) for which the

estimates of future cash flows have not ben adjusted.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

物业、厂房及设备以及使用权资

产的减值（续）

倘估计资产（或现金产生单位）之

可收回金额将少于其账面值，则

资产（或现金产生单位）之账面值

将调减至其可收回金额。就未能

按合理一致基准分配至现金产生

单位的公司资产或一部分公司资

产而言，本集团会将一组现金产

生单位的账面值（包括分配至该现

金产生单位组别的公司资产或一

部分公司资产的账面值）与该组现

金产生单位的可收回金额作比较。

于分配减值亏损时，首先分配减

值亏损以减少任何商誉的账面值

（如适用），其后根据该单位或现

金产生单位组别各资产的账面值

按比例分配至其他资产。资产账

面值不得减少至低于其公平值减

出售成本（如可计量）、其使用价

值（如可厘定）及零之中的最高值。

会另行分配至资产之减值亏损数

额按比例分配至该单位或现金产

生单位组别的其他资产。减值亏

损即时于损益确认。

倘减值亏损其后拨回，该项资产

（或现金产生单位或现金产生单位

组别）之账面值将增加至其经修订

之估计可收回金额，惟增加后之

账面值不得超过倘若该资产（或现

金产生单位或现金产生单位组别）

于过往年度并无确认减值亏损所

厘定之账面值。减值亏损之拨回

即时于损益确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Impairment on property, plant and equipment and right-

of-use asets (Continued)

If the recoverable amount of an aset (or a cash-generating

unit) is estimated to be les than its carying amount, the

carying amount of the aset (or a cash-generating unit) is

reduced to its recoverable amount. For corporate asets

or portion of corporate asets which canot be alocated

on a reasonable and consistent basis to a cash-generating

unit, the Group compares the carying amount of a group

of cash-generating units, including the carying amounts of

the corporate asets or portion of corporate asets alocated

to that group of cash-generating units, with the recoverable

amount of the group of cash-generating units. In alocating

the impairment los, the impairment los is alocated first to

reduce the carying amount of any godwil (if aplicable)

and then to the other asets on a pro-rata basis based on

the carying amount of each aset in the unit or the group

of cash-generating units. The carying amount of an aset is

not reduced below the highest of its fair value les costs of

disposal (if measurable), its value in use (if determinable) and

zero. The amount of the impairment los that would otherwise

have ben alocated to the aset is alocated pro rata to the

other asets of the unit or the group of cash-generating units.

An impairment los is recognised imediately in profit or los.

Where an impairment los subsequently reverses, the

carying amount of the aset (or cash-generating unit or a

group of cash-generating units) is increased to the revised

estimate of its recoverable amount, but so that the increased

carying amount does not exced the carying amount that

would have ben determined had no impairment los ben

recognised for the aset (or a cash-generating unit or a group

of cash-generating units) in prior years. A reversal of an

impairment los is recognised imediately in profit or los.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

现金及现金等价物

现金及现金等价物于综合财务状

况表呈列，包括：

(a) 现金，其包括手头现金及银

行结余，不包括受监管限制

而导致有关结余不再符合现

金定义的银行结余；及

(b) 现金等价物，其包括短期（通

常原到期日为三个月或更

短）、可随时转换为已知数

额现金且价值变动风险不大

的高流动性投资。现金等价

物持作满足短期现金承担，

而非用于投资或其他目的。

就综合现金流量表而言，现金及

现金等价物包括上文定义的现金

及现金等价物。

存货

存货按成本与可变现净值的较低

者列账。存货成本根据先进先出

法厘定。可变现净值指存货的估

计售价减全部估计完工成本及所

需销售成本。作出销售的必要成

本包括直接导致销售的增量成本

及本集团必须导致作出销售的非

增量成本。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Cash and cash equivalents

Cash and cash equivalents presented on the consolidated

statement of financial position include:

(a) cash, which comprises of cash on hand and bank

balances, excluding bank balances that are subject to

regulatory restrictions that result in such balances no

longer meting the definition of cash; and

(b) cash equivalents, which comprises of short-term

(generaly with original maturity of thre months or les),

highly liquid investments that are readily convertible to

a known amount of cash and which are subject to an

insignificant risk of changes in value. Cash equivalents

are held for the purpose of meting short-term cash

comitments rather than for investment or other

purposes.

For the purposes of the consolidated statement of cash

flows, cash and cash equivalents consist of cash and cash

equivalents as defined above.

Inventories

Inventories are stated at the lower of cost and net realisable

value. Costs of inventories are determined on a first-in, first-

out method. Net realisable value represents the estimated

seling price for inventories les al estimated costs of

completion and costs necesary to make the sale. Cost

necesary to make the sale include incremental costs directly

atributable to the sale and non-incremental costs which the

Group must incur to make the sale.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具

当集团实体成为工具合约条文之

订约方，则确认金融资产及金融

负债。所有日常购买或出售之金

融资产均按交易日基准确认及终

止确认。日常购买或出售指须于

市场规则或惯例确立之时限内交

付资产之金融资产购买或出售。

金融资产及金融负债初步按公平

值计量（除与客户签订合约产生的

贸易应收款项初步根据香港财务

报告准则第15号计量外）。收购或

发行金融资产及金融负债（透过损

益按公平值（「透过损益按公平值」）

入账之金融资产除外）直接应占之

交易成本于初步确认时加入金融

资产或金融负债之公平值或从中

扣除（如适用）。收购透过损益按

公平值入账之金融资产或金融负

债直接应占之交易成本即时于损

益确认。

实际利率法为计算金融资产或金

融负债的摊销成本及于相关期间

分配利息收入及利息开支的方法。

实际利率为于金融资产或金融负

债的预期年期或（如适用）较短期

间内将估计未来现金收入及付款

（包括构成实际利率不可或缺一部

分的所有已付或已收费用及贴息、

交易成本以及其他溢价或折让）准

确折现至于初步确认时的账面净

值之利率。

利息收入按金融资产的实际利率

基准确认，并以其他收入列示。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments

Financial asets and financial liabilities are recognised when

a group entity becomes a party to the contractual provisions

of the instrument. Al regular way purchases or sales of

financial asets are recognised and derecognised on a trade

date basis. Regular way purchases or sales are purchases or

sales of financial asets that require delivery of asets within

the time frame established by regulation or convention in the

market place.

Financial asets and financial liabilities are initialy measured

at fair value except for trade receivables arising from

contracts with customers which are initialy measured in

acordance with HKFRS 15. Transaction costs that are

directly atributable to the acquisition or isue of financial

asets and financial liabilities (other than financial asets at

fair value through profit or los (“FVTPL”) are aded to or

deducted from the fair value of the financial asets or financial

liabilities, as apropriate, on initial recognition. Transaction

costs directly atributable to the acquisition of financial asets

or financial liabilities at FVTPL are recognised imediately in

profit or los.

The efective interest method is a method of calculating

the amortised cost of a financial aset or financial liability

and of alocating interest income and interest expense over

the relevant period. The efective interest rate is the rate

that exactly discounts estimated future cash receipts and

payments (including al fes and points paid or received

that form an integral part of the efective interest rate,

transaction costs and other premiums or discounts) through

the expected life of the financial aset or financial liability,

or, where apropriate, a shorter period, to the net carying

amount on initial recognition.

Interest income is recognised on an efective interest basis for

financial asets and are presented as other income.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产

金融资产的分类及后续计量

符合下列条件的金融资产其后按

摊销成本计量：

• 金融资产以收取合约现金流

量为目的之业务模式持有；

及

• 合约条款会于指定日期产生

现金流量，其性质纯粹为支

付本金及未偿还本金的利息。

所有其他金融资产其后透过损益

按公平值计量，于初步确认金融

资产除外，倘该股权投资并非持

作交易或收购方应用香港财务报

告准则第3号「业务合并」于业务

合并确认的或有代价，本集团可

不可撤销地选择在其他全面收益

列示股权投资其后公平值变动。

倘为以下情况，金融资产为持作

交易：

• ；

或

• ，其为已识别金

融工具组合的一部分，由本

集团一同管理并有近期短期

获利回吐的实际模式；或

• 其为非指定及有效为对冲工

具的衍生工具。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets

Clasification and subsequent measurement of

financial asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model

whose objective is to colect contractual cash flows;

and

• the contractual terms give rise on specified dates to

cash flows that are solely payments of principal and

interest on the principal amount outstanding.

Al other financial asets are subsequently measured at

FVTPL, except that at the date of initial recognition of a

financial aset the Group may irevocably elect to present

subsequent changes in fair value of an equity investment

in other comprehensive income if that equity investment

is neither held for trading nor contingent consideration

recognised by an acquirer in a busines combination to which

HKFRS 3 “Busines Combinations” aplies.

A financial aset is held for trading if:

• it has ben acquired principaly for the purpose of

seling in the near term; or

• on initial recognition it is a part of a portfolio of identified

financial instruments that the Group manages together

and has a recent actual patern of short-term profit-

taking; or

• it is a derivative that is not designated and efective as a

hedging instrument.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的分类及后续计量（续）

此外，本集团可不可撒销地指定

须按摊销成本或透过其他全面收

益按公平值（「透过其他全面收益

按公平值」）计量的金融资产为透

过损益按公平值计量，倘使用此

方法，则消除或大幅减少会计错配。

(i) 摊销成本及利息收入

其后按摊销成本计量的金融

资产使用实际利率法确认利

息收入。就购买或发起的信

贷减值金融资产以外的金融

工具而言，利息收入透过对

金融资产的账面总值应用实

际利率计算，惟其后出现信

贷减值的金融资产除外（见

下文）。就其后出现信贷减

值的金融资产而言，利息收

入自下一个报告期起透过对

金融资产的摊销成本应用实

际利率确认。倘信贷减值金

融工具的信贷风险得以改

善，使金融资产不再出现信

贷减值，则于厘定资产不再

出现信贷减值之后的报告期

初起，利息收入透过对金融

资产的账面总值应用实际利

率确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

In adition, the Group may irevocably designate a financial

aset that are required to be measured at the amortised cost

or fair value through other comprehensive income (“FVTOCI”)

as measured at FVTPL if doing so eliminates or significantly

reduces an acounting mismatch.

(i) Amortised cost and interest income

Interest income is recognised using the efective interest

method for financial asets measured subsequently

at amortised cost. For financial instruments other

than purchased or originated credit-impaired financial

asets, interest income is calculated by aplying the

efective interest rate to the gros carying amount of

a financial aset, except for financial asets that have

subsequently become credit-impaired (se below). For

financial asets that have subsequently become credit-

impaired, interest income is recognised by aplying

the efective interest rate to the amortised cost of the

financial aset from the next reporting period. If the

credit risk on the credit-impaired financial instrument

improves so that the financial aset is no longer credit-

impaired, interest income is recognised by aplying the

efective interest rate to the gros carying amount of

the financial aset from the begining of the reporting

period folowing the determination that the aset is no

longer credit-impaired.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的分类及后续计量（续）

(i) 透过损益按公平值入账之金

融资产

不达成按摊销成本或指定为

透过其他全面收益按公平值

入账之金融资产乃透过损益

按公平值计量。

透过损益按公平值入账之金

融资产连同任何于损益中确

认的公平值收益或亏损乃按

每个报告期末的公平值计

量。于损益中确认的收益或

亏损净额不包括任何股息或

自金融资产获得的利息，并

计入「其他收益及亏损」项目

中。

当本集团收取股息的权利确

立时，该等资产的股息于损

益中确认，并计入「其他收

入」项目中。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

(i) Financial asets at FVTPL

Financial asets that do not met the criteria for being

measured at amortised cost or designated as FVTOCI

are measured at FVTPL.

Financial asets at FVTPL are measured at fair value

at the end of each reporting period, with any fair value

gains or loses recognised in profit or los. The net

gain or los recognised in profit or los excludes any

dividend or interest earned on the financial aset and is

included in the “other gains and loses” line item.

Dividends from these asets are recognised in profit or

los when the Group’s right to receive the dividends is

established, and are included in the “other income” line

item.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的减值

本集团对根据香港财务报告准则

第9号须作减值评估之金融资产（包

括贸易应收款项、其他应收款项、

按金及银行结余）进行预期信贷亏

损（「预期信贷亏损」）模式项下的

减值评估。预期信贷亏损的金额

于各报告日期更新，以反映自初

始确认后信贷风险的变化。

全期预期信贷亏损指于相关工具

的预期使用期内所有可能的违约

事件产生之预期信贷亏损。相反，

12个月预期信贷亏损（「12个月预

期信贷亏损」）指预期于报告日期

后12个月内可能发生的违约事件

导致之全期预期信贷亏损部分。

评估乃根据本集团的历史信贷亏

损经验进行，并根据债务人特有

的因素、一般经济状况以及对报

告日期当前状况以及预测未来状

况的评估作出调整。

本集团一直就贸易应收款项确认

全期预期信贷亏损。

就所有其他工具而言，本集团计

量的亏损拨备等于12个月预期信

贷亏损，除非自初始确认后信贷

风险显著增加，在该情况下，本

集团确认全期预期信贷亏损。是

否应确认全期预期信贷亏损的评

估乃基于自初始确认以来发生违

约之可能性或风险是否有显著增加。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets

The Group performs impairment asesment under expected

credit los (“ECL”) model on financial asets including trade

receivables, other receivables, deposits and bank balances

which are subject to impairment asesment under HKFRS

9. The amount of ECL is updated at each reporting date to

reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that wil result from al

posible default events over the expected life of the relevant

instrument. In contrast, 12-month ECL (“12m ECL”)

represents the portion of lifetime ECL that is expected to

result from default events that are posible within 12 months

after the reporting date. Asesments are done based on the

Group’s historical credit los experience, adjusted for factors

that are specific to the debtors, general economic conditions

and an asesment of both the curent conditions at the

reporting date as wel as the forecast of future conditions.

The Group always recognises lifetime ECL for trade

receivables.

For al other instruments, the Group measures the los

alowance equal to 12m ECL, unles there has ben a

significant increase in credit risk since initial recognition,

in which case the Group recognises lifetime ECL. The

asesment of whether lifetime ECL should be recognised

is based on significant increases in the likelihod or risk of a

default ocuring since initial recognition.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的减值（续）

(i) 信贷风险显著增加

于评估自初始确认后信贷风

险是否显著增加时，本集团

将于报告日期金融工具发生

之违约风险与初始确认日期

金融工具发生之违约风险进

行比较。在进行该评估时，

本集团会考虑合理且有理据

支持的定量和定性资料，包

括历史经验及毋须花费不必

要成本或努力即可获得的前

瞻性资料。

特别是，在评估信贷风险是

否显著增加时，会考虑以下

资料：

• （如有）

或内部信贷评级的实

际或预期显著恶化；

• 外部市场信贷风险指

标的显著恶化，如信贷

利差大幅增加、债务人

的信贷违约掉期价格；

• 预计会导致债务人偿

还债务能力大幅下降

的业务、财务或经济状

况之现有或预测的不

利变化；

• 债务人经营业绩的实

际或预期显著恶化；

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group

compares the risk of a default ocuring on the financial

instrument as at the reporting date with the risk of a

default ocuring on the financial instrument as at the

date of initial recognition. In making this asesment,

the Group considers both quantitative and qualitative

information that is reasonable and suportable,

including historical experience and forward-loking

information that is available without undue cost or efort.

In particular, the folowing information is taken into

acount when asesing whether credit risk has

increased significantly:

• an actual or expected significant deterioration in

the financial instrument’s external (if available) or

internal credit rating;

• significant deterioration in external market

indicators of credit risk, e.g. a significant increase

in the credit spread, the credit default swap prices

for the debtor;

• ,

financial or economic conditions that are

expected to cause a significant decrease in the

debtor’s ability to met its debt obligations;

• an actual or expected significant deterioration in

the operating results of the debtor;

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的减值（续）

(i) 信贷风险显著增加（续）

• 导致债务人偿还债务

能力大幅下降的债务

人监管、经济或技术环

境之实际或预期的重

大不利变化。

不论上述评估之结果如何，

本集团认为，当合约付款逾

期超过30天，则信贷风险自

初始确认以来已显著增加，

除非本集团有合理且可支持

之资料证明事实并非如此。

尽管如此，倘一项债务工具

于报告日期确定为信贷风险

较低，则本集团假设该债务

工具的信贷风险自初始确认

以来并无大幅增加。倘一项

债务工具(i)违约风险较低；(i)

借款人近期具充分偿付合约

现金流量责任的能力及(i)长

远而言经济及业务状况的不

利变动可能但未必会降低借

款人偿付合约现金流量责任

的能力，则该项债务工具可

确定为信贷风险较低。倘债

务工具的内部或外部信贷评

级为「投资级别」（根据国际

通用释义），则本集团认为

该债务工具有低信贷风险。

本集团定期监察用以识别信

贷风险是否已显著增加的标

准之成效，并对其作出修订

（如适用），从而确保有关标

准能够于款项逾期前识别信

贷风险显著增加。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Significant increase in credit risk (Continued)

• an actual or expected significant adverse change

in the regulatory, economic, or technological

environment of the debtor that results in a

significant decrease in the debtor’s ability to met

its debt obligations.

Irespective of the outcome of the above asesment,

the Group presumes that the credit risk has increased

significantly since initial recognition when contractual

payments are more than 30 days past due, unles the

Group has reasonable and suportable information that

demonstrates otherwise.

Despite the foregoing, the Group asumes that the

credit risk on a debt instrument has not increased

significantly since initial recognition if the debt

instrument is determined to have low credit risk at the

reporting date. A debt instrument is determined to have

low credit risk if (i) it has a low risk of default, (i) the

borower has a strong capacity to met its contractual

cash flow obligations in the near term and (i) adverse

changes in economic and busines conditions in the

longer term may, but wil not necesarily, reduce the

ability of the borower to fulfil its contractual cash flow

obligations. The Group considers a debt instrument to

have low credit risk when it has an internal or external

credit rating of ‘investment grade’ as per globaly

understod definitions.

The Group regularly monitors the efectivenes of

the criteria used to identify whether there has ben a

significant increase in credit risk and revises them as

apropriate to ensure that the criteria are capable of

identifying significant increase in credit risk before the

amount becomes past due.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的减值（续）

(i) 违约的定义

就内部信贷风险管理而言，

本集团认为，倘内部生成或

自外部来源获得之资料显示

债务人不太可能向其债权人

（包括本集团）悉数付款（不

考虑本集团持有的任何抵押

品），则发生违约事件。

无论上述分析结果如何，倘

金融资产逾期超过90日，本

集团将视作已发生违约，除

非本集团拥有合理及有理据

支持之资料证明较宽松的违

约标准更为适用，则当别论。

(i) 信贷减值金融资产

金融资产在一项或多项对该

金融资产的估计未来现金流

量构成不利影响的事件发生

时出现信贷减值。金融资产

出现信贷减值的证据包括有

关下列事件的可观察数据：

(a) 发行人或借款人出现

重大财务困难；

(b) 违反合约，如拖欠或逾

期事件；

(c) 借款人的贷款人出于

与借款人财务困难相

关的经济或合约原因

而向借款人授予贷款

人在其他情况下不会

考虑授出的优惠；或

(d) 借款人将有可能面临破

产或进行其他财务重组。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(i) Definition of default

For internal credit risk management, the Group

considers an event of default ocurs when information

developed internaly or obtained from external sources

indicates that the debtor is unlikely to pay its creditors,

including the Group, in ful (without taking into acount

any colaterals held by the Group).

Irespective of the above, the Group considers that

default has ocured when a financial aset is more

than 90 days past due unles the Group has reasonable

and suportable information to demonstrate that a

more laging default criterion is more apropriate.

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or more

events that have a detrimental impact on the estimated

future cash flows of that financial aset have ocured.

Evidence that a financial aset is credit impaired

includes observable data about the folowing events:

(a) significant financial dificulty of the isuer or the

borower;

(b) a breach of contract, such as a default or past

due event;

(c) the lender(s) of the borower, for economic or

contractual reasons relating to the borower’s

financial dificulty, having granted to the borower

a concesion(s) that the lender(s) would not

otherwise consider; or

(d) it is becoming probable that the borower wil

enter bankruptcy or other financial reorganisation.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的减值（续）

(iv) 撇销政策

当有资料显示对手方陷入严

重财务困难且并无实际收

回的可能时（例如对手方已

清盘或进入破产程序时），

本集团则撇销金融资产。于

在适当情况下考虑法律意见

后，已撇销的金融资产仍可

根据本集团的收回程序进行

强制执行活动。撇销构成取

消确认事项。任何其后收回

于损益中确认。

(v) 预期信贷亏损之计量及确认

预期信贷亏损之计量为违约

概率、违约亏损率（即违约

时亏损大小）及违约时风险

敞口之函数。违约概率及违

约亏损率之评估乃基于历史

数据及前瞻性资料。预期信

贷亏损之估计反映无偏颇及

概率加权之数额，其乃根据

加权之相应违约风险而厘定。

一般而言，预期信贷亏损为

根据合约应付本集团之所有

合约现金流量与本集团预期

收取之现金流量之间之差

额，按初步确认时厘定之实

际利率折现。

若干贸易应收款项的全期预

期信贷亏损乃经考虑逾期资

料及前瞻性宏观经济资料等

相关信贷资料后按整体基准

考虑。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(iv) Write-of policy

The Group writes of a financial aset, when there is

information indicating that the counterparty is in severe

financial dificulty and there is no realistic prospect

of recovery, for example, when the counterparty has

ben placed under liquidation or has entered into

bankruptcy procedings. Financial asets writen of

may stil be subject to enforcement activities under

the Group’s recovery procedures, taking into acount

legal advice where apropriate. A write-of constitutes

a derecognition event. Any subsequent recoveries are

recognised in profit or los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the probability

of default, los given default (i.e. the magnitude of the

los if there is a default) and the exposure at default.

The asesment of the probability of default and los

given default is based on historical data and forward-

loking information. Estimation of ECL reflects an

unbiased and probability-weighted amount that is

determined with the respective risks of default ocuring

as the weights.

Generaly, the ECL is the diference betwen al

contractual cash flows that are due to the Group in

acordance with the contract and the cash flows

that the Group expects to receive, discounted at the

efective interest rate determined at initial recognition.

Lifetime ECL for certain trade receivables are

considered on a colective basis taking into

consideration past due information and relevant credit

information such as forward loking macroeconomic

information.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

金融资产的减值（续）

(v) 预期信贷亏损之计量及确认

（续）

就集体评估而言，于制定分

组时，本集团考虑下列特征：

• ；

• 、规模及

行业；及

• （倘可得）。

管理层定期检讨分组方法，

以确保各组别的组成项目继

续具有相似的信贷风险特征。

利息收入根据金融资产的账

面值总额计算，惟金融资产

存在信贷减值除外，在此情

况下，利息收入乃按金融资

产的摊销成本计算。

除透过亏损拨备账确认贸易

应收款项的相应调整外，本

集团就所有金融工具通过调

整其账面值于损益内确认减

值收益或亏损。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets (Continued)

(v) Measurement and recognition of ECL (Continued)

For colective asesment, the Group takes into

consideration the folowing characteristics when

formulating the grouping:

• ;

• , size and industry of debtors; and

• External credit ratings where available.

The grouping is regularly reviewed by management

to ensure the constituents of each group continue to

share similar credit risk characteristics.

Interest income is calculated based on the gros

carying amount of the financial aset unles the

financial aset is credit-impaired, in which case interest

income is calculated based on amortised cost of the

financial aset.

The Group recognises an impairment gain or los in

profit or los for al financial instruments by adjusting

their carying amount, with the exception of trade

receivables, where the coresponding adjustment is

recognised through a los alowance acount.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融资产（续）

外汇收益及亏损

以外币计值的金融资产账面值以

该外币厘定，并于各报告期末按

即期汇率换算。

终止确认金融资产

只有当资产现金流量的合约权利

届满时，或向其他实体转让该金

融资产及转移该资产所有权的绝

大部分风险及回报时，本集团方

会终止确认金融资产。

于终止确认以摊销成本计量之金

融资产时，该资产的账面值与已

收及应收代价之和之间的差额于

损益确认。

金融负债及股本

分类为债务或股本

债务及股本工具乃根据合约安排

的性质与金融负债及股本工具的

定义分类为金融负债或股本。

股本工具

股本工具乃证明实体于扣减其所

有负债后于资产中拥有剩余权益

的任何合约。本公司发行的股本

工具按已收所得款项扣减直接发

行成本确认。

按摊销成本计量的金融负债

金融负债（包括贸易及其他应付款

项以及银行及其他借贷）其后使用

实际利率法按摊销成本计量。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Foreign exchange gains and loses

The carying amount of financial asets that are denominated

in a foreign curency is determined in that foreign curency

and translated at the spot rate at the end of each reporting

period.

Derecognition of financial asets

The Group derecognises a financial aset only when the

contractual rights to the cash flows from the aset expire, or

when it transfers the financial aset and substantialy al the

risks and rewards of ownership of the aset to another entity.

On derecognition of a financial aset measured at amortised

cost, the diference betwen the aset’s carying amount

and the sum of the consideration received and receivable is

recognised in profit or los.

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either financial

liabilities or as equity in acordance with the substance of the

contractual arangements and the definitions of a financial

liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual

interest in the asets of an entity after deducting al of its

liabilities. Equity instruments isued by the Company are

recognised at the proceds received, net of direct isue

costs.

Financial liabilities at amortised cost

Financial liabilities including trade and other payables and

bank and other borowings are subsequently measured at

amortised cost, using the efective interest method.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

金融工具（续）

金融负债及股本（续）

外汇收益及亏损

对于以外币计值并于各报告期末

按摊销成本计量的金融负债，外

汇收益及亏损乃根据工具的摊销

成本厘定。

终止确认金融负债

本集团当且仅当其责任获履行、

取消或届满时终止确认金融负债。

终止确认的金融负债之账面值与

已付及应付代价的差额于损益确认。

抵销金融资产及金融负债

当且仅当本集团目前有法律上可

强制执行的权利来抵销已确认金

额时，金融资产及金融负债被抵

销，并于综合财务状况表中呈报

净额，并打算以净额结算或同时

变现资产及结算负债。

借贷成本

所有借贷成本在产生期间于损益

确认。

退休福利成本

向强制性公积金计划（「强积金计

划」）及国家管理退休福利计划作

出的付款于雇员提供服务而享有

供款时确认为开支。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Financial instruments (Continued)

Financial liabilities and equity (Continued)

Foreign exchange gains and loses

For financial liabilities that are denominated in a foreign

curency and are measured at amortised cost at the end

of each reporting period, the foreign exchange gains and

loses are determined based on the amortised cost of the

instruments.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only

when, the Group’s obligations are discharged, canceled or

have expired. The diference betwen the carying amount of

the financial liability derecognised and the consideration paid

and payable is recognised in profit or los.

Ofseting a financial aset and a financial liability

A financial aset and a financial liability are ofset and the net

amount presented in the consolidated statement of financial

position when, and only when, the Group curently has a

legaly enforceable right to set of the recognised amounts;

and intends either to setle on a net basis, or to realise the

aset and setle the liability simultaneously.

Borowing costs

Al borowing costs are recognised in profit or los in the

period in which they are incured.

Retirement benefit costs

Payments to Mandatory Provident Fund Scheme (“MPF

Scheme”) and state-managed retirement benefit schemes

are recognised as an expense when employes have

rendered service entitling them to the contributions.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

退休福利成本（续）

本集团根据香港雇佣条例订有长

期服务金（「长期服务金」）定额福

利计划。

本集团定额福利计划的承担净额

乃透过估计雇员当期及过往期间

已赚取的未来福利金额并对该金

额进行折现来计算。对于长期服

务金责任，未来福利的估计金额

乃经扣除已归属于雇员的本集团

强制性公积金供款所产生的累算

权益（被视为相关雇员供款）产生

的负服务成本后厘定。

当前服务成本乃依照本期间雇员

服务所产生的定额福利责任的现

值增加额计量。本期间的利息开

支净额乃将报告期初用于计量界

定福利责任的贴现率应用于当时

的定额福利责任净额，并计及期

内定额福利责任净额的任何变动

而厘定。定额福利计划净额的当

期服务成本及利息支出净额于损

益中确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Retirement benefit costs (Continued)

The Group has the defined benefit plans of Long Service

Payment (“LSP”) under the Hong Kong Employment

Ordinance.

The Group’s net obligation in respect of defined benefit

plans is calculated separately for each plan by estimating the

amount of future benefit that employes have earned in the

curent and prior periods and discounting that amount. For

LSP obligations, the estimated amount of future benefit is

determined after deducting the negative service cost arising

from the acrued benefits derived from the Group’s MPF

contributions that have ben vested with employes, which

are demed to be contributions from the relevant employes.

Curent service cost is measured as the increase in the

present value of the defined benefit obligation resulting from

employe service in the curent period. Net interest expense

for the period is determined by aplying the discount rate

used to measure the defined benefit obligation at the

begining of the reporting period to the then net defined

benefit liability, taking into acount any changes in the net

defined benefit liability during the period. Curent service cost

and net interest expense on the net defined benefit plans are

recognised in profit or los.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

短期及其他长期雇员福利

短期雇员福利于雇员提供服务时

按预期支付福利的未折现金额确

认。所有短期雇员福利均确认为

开支，除非有另一项香港财务报

告准则规定或允许将福利计入资

产成本则作别论。

雇员累计福利（如工资及薪金、年

假及病假）于扣除已付金额后确认

为负债。

就其他长期雇员福利确认的负债，

按本集团预计在截至报告日期就

员工提供的服务作出的估计未来

现金流出现值计量。由于服务成

本、利息和重新计量产生的负债

账面值之任何变动于损益确认，

除非另有香港财务报告准则要求

或允许将其纳入资产成本。

外币

编制各个别集团实体的财务报表

时，以该实体功能货币以外的货

币（外币）进行的交易按交易日的

当前汇率确认。于报告期末，以

外币计值的货币项目按该日的当

前汇率重新换算。按历史成本以

外币计量的非货币项目不予重新

换算。

结算货币项目及重新换算货币项

目的汇兑差额于产生期间在损益

确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Short-term and other long-term employe benefits

Short-term employe benefits are recognised at the

undiscounted amount of the benefits expected to be paid

as and when employes rendered the services. Al short-

term employe benefits are recognised as an expense unles

another HKFRS requires or permits the inclusion of the

benefit in the cost of an aset.

A liability is recognised for benefits acruing to employes

(such as wages and salaries, anual leave and sick leave)

after deducting any amount already paid.

Liabilities recognised in respect of other long-term employe

benefits are measured at the present value of estimated future

cash outflows expected to be made by the Group in respect

of services provided by employes up to the reporting date.

Any changes in the liabilities’ carying amounts resulting from

service cost, interest and remeasurements are recognised

in profit or los except to the extent that another HKFRS

requires or permits their inclusion in the cost of an aset.

Foreign curencies

In preparing the financial statements of each individual group

entity, transactions in curencies other than the functional

curency of that entity (foreign curencies) are recognised

at the rates of exchanges prevailing on the dates of the

transactions. At the end of the reporting period, monetary

items denominated in foreign curencies are retranslated at

the rates prevailing at that date. Non-monetary items that are

measured in terms of historical cost in a foreign curency are

not retranslated.

Exchange diferences arising on the setlement of monetary

items, and on the retranslation of monetary items, are

recognised in profit or los in the period in which they arise.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

外币（续）

就综合财务报表呈列而言，本集

团业务当中资产及负债乃按于各

报告期末之当前汇率换算为本集

团呈列货币（即港元）。收入及开

支项目按该期间之平均汇率换算，

惟于该期间之汇率大幅波动时，

则使用各项交易日期之汇率换算。

产生之汇兑差异（如有）于其他全

面收益确认，并于权益下以非控

制权益应占汇兑储备（如适用）累

计。

税项

所得税开支指即期及递延税项开

支的总和。

即期应付税项按年度应课税溢利

计算。鉴于其他年度的应课税或

可扣税收支项目及毋须课税或不

可扣税项目，故应课税溢利有别

于除税前溢利╱亏损。本集团的

即期税项负债按报告期末前已实

施或已实质实施的税率计算。

递延税项按综合财务报表中资产

及负债的账面值与计算应课税溢

利所用相应税基之间的暂时差额

确认。递延税项负债一般就所有

应课税暂时差额确认。递延税项

资产一般于所有可扣减暂时差额

可用以抵销应课税溢利时予以确

认。倘于交易中初步确认（业务合

并除外）的资产及负债所产生的暂

时差额并不影响应课税溢利或会

计溢利以及于交易发生时不产生

同等的应课税暂时差额及可抵扣

暂时差异，则不确认递延税项资

产及负债。此外，倘若暂时差额

乃由初始确认产生，则不确认递

延所得税负债。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Foreign curencies (Continued)

For the purposes of presenting the consolidated financial

statements, the asets and liabilities of the Group’s

operations are translated into the presentation curency

of the Group (i.e. HK$) using exchange rates prevailing at

the end of each reporting period. Income and expenses

items are translated at the average exchange rates for the

period, unles exchange rates fluctuate significantly during

that period, in which case, the exchange rates at the date

of transactions are used. Exchange diferences arising, if

any, are recognised in other comprehensive income and

acumulated in equity under the heading of exchange reserve

(atributed to non-controling interests as apropriate).

Taxation

Income tax expense represents the sum of curent and

defered tax expense.

The tax curently payable is based on taxable profit for the

year. Taxable profit difers from profit/los before tax because

of income or expenses that are taxable or deductible in other

years and items that are never taxable or deductible. The

Group’s liability for curent tax is calculated using tax rates

that have ben enacted or substantively enacted by the end

of the reporting period.

Defered tax is recognised on temporary diferences

betwen the carying amounts of asets and liabilities in the

consolidated financial statements and the coresponding tax

bases used in the computation of taxable profit. Defered tax

liabilities are generaly recognised for al taxable temporary

diferences. Defered tax asets are generaly recognised for

al deductible temporary diferences to the extent that it is

probable that taxable profits wil be available against which

those deductible temporary diferences can be utilised. Such

defered tax asets and liabilities are not recognised if the

temporary diference arises from the initial recognition (other

than in a busines combination) of asets and liabilities in

a transaction that afects neither the taxable profit nor the

acounting profit and at the time of the transaction does

not give rise to equal taxable and deductible temporary

diferences. In adition, defered tax liabilities are not

recognised if the temporary diference arises from the initial

recognition of godwil.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

除非本集团可控制有关暂时差额

的拨回及暂时差额在可预见未来

可能不会拨回，否则递延税项负

债会就于附属公司投资的相关应

课税暂时差额确认。与该等投资

相关的可抵扣暂时差额所产生的

递延税项资产仅于可能有足够应

课税溢利用于动用暂时差额利益

及预期会于可预见未来拨回时确认。

递延税项资产的账面值于各报告

期末审阅，并扣减至不再可能有

足够应课税溢利可供收回所有或

部分资产时为止。

递延税项资产及负债以预期于负

债偿还或资产变现期间所适用的

税率计量，根据于报告期末前已

实施或实质上已实施的税率（及税

法）计算。

递延税项负债及资产的计量反映

本集团预期在报告期末收回或清

偿资产及负债账面值的方式所导

致的税务后果。

就计量本集团确认使用权资产及

相关租赁负债的租赁交易之递延

税项而言，本集团首先厘定税务

扣减乃归于使用权资产或租赁负债。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

Defered tax liabilities are recognised for taxable temporary

diferences asociated with investments in subsidiaries,

except where the Group is able to control the reversal of the

temporary diference and it is probable that the temporary

diference wil not reverse in the foreseable future. Defered

tax asets arising from deductible temporary diferences

asociated with such investments are only recognised to

the extent that it is probable that there wil be suficient

taxable profits against which to utilise the benefits of the

temporary diferences and they are expected to reverse in the

foreseable future.

The carying amount of defered tax asets is reviewed at the

end of reporting period and reduced to the extent that it is no

longer probable that suficient taxable profits wil be available

to alow al or part of the aset to be recovered.

Defered tax asets and liabilities are measured at the tax

rates that are expected to aply in the period in which the

liability is setled or the aset is realised, based on tax rate (and

tax laws) that have ben enacted or substantively enacted by

the end of the reporting period.

The measurement of defered tax liabilities and asets reflects

the tax consequences that would folow from the maner in

which the Group expects, at the end of the reporting period,

to recover or setle the carying amount of its asets and

liabilities.

For the purposes of measuring defered tax for leasing

transactions in which the Group recognises the right-of-

use asets and the related lease liabilities, the Group first

determines whether the tax deductions are atributable to the

right-of-use asets or the lease liabilities.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

3 综合财务报表的编制基准

及重大会计政策资料（续）

3.2 重大会计政策资料（续）

税项（续）

就税务扣减归于租赁负债之租赁

交易而言，本集团分别对租赁交

易及相关资产应用香港会计准则

第12号规定。本集团于可能出现

可用于扣减暂时差额之应课税溢

利时就所有可扣减暂时差额确认

与租赁负债相关的递延税项资产

及递延税项负债。

递延税项资产及负债于可依法将

即期税项资产与税项负债抵销时，

及于该等递延税项资产及负债乃

与同一税务机关向同一应课税实

体征收的所得税相关时方予以抵销。

即期及递延税项在损益确认，惟

倘与在其他全面收益或直接在权

益中确认之项目有关，则即期及

递延税项亦会分别于其他全面收

益或直接于权益确认。

4 估计不明朗因素的主要来

源

应用本集团的会计政策（附注3所述）

时，本公司董事须对未能从其他来源确

定的资产及负债的账面值作出判断、估

计及假设。有关估计及相关假设以过往

经验及其他视为相关的因素为依据。实

际结果可能有别于此等估计。

该等估计及相关假设须持续检讨。倘会

计估计的修订仅影响作出修订的期间，

则有关修订会在该期间确认，而倘修订

对现时及未来期间均有影响，则须在作

出修订的期间及未来期间确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION (Continued)

3.2 Material acounting policy information (Continued)

Taxation (Continued)

For leasing transactions in which the tax deductions are

atributable to the lease liabilities, the Group aplies HKAS

12 requirements to the lease liabilities and the related asets

separately. The Group recognises a defered tax aset related

to lease liabilities to the extent that it is probable that taxable

profit wil be available against which the deductible temporary

diference can be utilised and a defered tax liability for al

taxable temporary diferences.

Defered tax aset and liabilities are ofset when there is a

legaly enforceable right to set of curent tax asets against

tax liabilities and when they relate to income taxes levied to

the same taxable entity by the same taxation authority.

Curent and defered tax are recognised in profit or los,

except when they relate to items that are recognised in other

comprehensive income or directly in equity, in which case,

the curent and defered tax are also recognised in other

comprehensive income or directly in equity respectively.

4 KEY SOURCES OF ESTIMATION UNCERTAINTY

In the aplication of the Group’s acounting policies, which are

described in Note 3, the directors of the Company are required to

make judgments, estimates and asumptions about the carying

amounts of asets and liabilities that are not readily aparent

from other sources. The estimates and underlying asumptions

are based on historical experience and other factors that are

considered to be relevant. Actual results may difer from these

estimates.

The estimates and underlying asumptions are reviewed on an

ongoing basis. Revisions to acounting estimates are recognised in

the period in which the estimate is revised if the revision afects only

that period, or in the period of the revision and the future periods if

the revision afects both curent and future periods.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4 估计不明朗因素的主要来

源（续）

以下为有关日后的主要假设及于报告期

末估计不明朗因素的其他主要来源，其

可能构成导致下一个财政年度资产的账

面值出现重大调整的重大风险。

贸易应收款项之减值评估

本集团个别或集体计算贸易应收款项的

预期信贷亏损。除重大结余或信贷减值

金额作个别减值评估外，其余贸易应收

款项于考虑贸易债务人的内部信贷评

级、账龄、还款记录及╱或各贸易应收

款项的逾期状况后，按集体评估分组。

估计亏损率乃基于债务人于预期年期的

过往观察所得的违约率估计，并就毋须

花费不必要成本或努力即可获得的合理

且有理据支持的前瞻性资料作出调整。

于各报告日期会重新评估过往已观察的

违约率及考虑前瞻性资料的变动。

预期信贷亏损之拨备对估计变动尤为敏

感。有关预期信贷亏损及本集团的贸易

应收款项的资料分别于附注29及附注

17披露。

于二零二五年三月三十一日，贸易应收

款项的账面值为41,016,000港元（二零

二四年：53,284,000港元），已扣除减

值亏损16,051,000港元（二零二四年：

10,146,000港元）。

4 KEY SOURCES OF ESTIMATION UNCERTAINTY

(Continued)

The folowing are the key asumptions concerning the future,

and other key sources of estimation uncertainty at the end of

the reporting period that may have a significant risk of causing a

material adjustment to the carying amounts of asets within the

next financial year.

Impairment asesment of trade receivables

The Group calculates ECL for the trade receivables individualy

or colectively. Except for significant balances or credit-impaired

amounts which are asesed for impairment individualy, the

remaining trade receivables are grouped under a colective

asesment after considering internal credit ratings of trade debtors,

ageing, repayment history and/or past due status of respective

trade receivables. Estimated los rates are based on historical

observed default rates over the expected life of the debtors and

are adjusted for suportable forward-loking information that is

reasonable and suportable available without undue costs or efort.

At every reporting date, the historical observed default rates are

reasesed and changes in the forward-loking information are

considered.

The provision of ECL is sensitive to changes in estimates. The

information about the ECL and the Group’s trade receivables are

disclosed in Note 29 and Note 17 respectively.

As at 31 March 2025, the carying amount of trade receivables is

HK$41,016,000 (2024: HK$53,284,000), net of impairment los of

HK$16,051,000 (2024: HK$10,146,000).

---

2025
二零二五年
HK$’000
千港元
212,877
4,197
217,074

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

4 估计不明朗因素的主要来

源（续）

估计存货撇减

管理层根据彼等的行业知识及经验，于

报告期末评估存货是否按成本及可变现

净值之较低者呈列并估计存货拨备的金

额。管理层根据成本与存货的估计可变

现净值之较低者估计存货拨备的金额。

于厘定本集团存货之可变现净值时，

管理层考虑当前市况、重大价格波动及

其后用途或销售。当实际可变现净值低

于预期时，有关差额将影响存货的账面

值。于截至二零二五年三月三十一日止

年度，本集团确认存货撇减3,025,000

港元（二零二四年：1,989,000港元）。

于二零二五年三月三十一日，存货账

面值为49,471,000港元（二零二四年：

44,956,000港元）。

5 收益及分部资料

收益

本集团主要从事(i)制造及买卖潜孔凿岩

工具；及(i)买卖打桩机及钻机以及凿岩

设备业务。

收益明细

本集团收益的分析如下：

就按地理位置划分的收益明细于下文地

区资料披露。

4 KEY SOURCES OF ESTIMATION UNCERTAINTY

(Continued)

Estimated write down of inventories

The management aseses whether the inventories are stated

at the lower of cost and net realisable values and estimates the

alowance for inventories based on their industry knowledge and

experience at the end of the reporting period. The management

estimates the amount of alowance for inventories based on

the lower of cost and their estimated net realisable value. In

determining the net realisable values of the Group’s inventories,

the management considers the curent market conditions, material

price fluctuation and subsequent usage or sales. When the actual

net realisable values are lower than expectation, such diference wil

impact the carying amounts of inventories. During the year ended

31 March 2025, the Group recognises a write down of inventories

of HK$3,025,000 (2024: HK$1,989,000). As at 31 March 2025,

the carying amount of inventories is HK$49,471,000 (2024:

HK$44,956,000).

5 REVENUE AND SEGMENT INFORMATION

Revenue

The Group is principaly engaged in (i) manufacturing and trading

of DTH rockdriling tols; and (i) trading of piling and driling

machineries and rockdriling equipment.

Disagregation of revenue

An analysis of the Group’s revenue is as folows:

二零二四年

HK$’000

千港元

Recognised at a point in time:于某一时间点确认：

Manufacturing and trading of DTH

rockdriling tols

制造及买卖潜孔凿岩工具

136,542

Trading of piling and driling machineries

and rockdriling equipment

买卖打桩机及钻机以及凿岩设备

11,689

148,231

Disagregation of revenue by geographical location is disclosed in

geographical information below.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

收益（续）

就与客户之间合约的履约责任

本集团所有收益均于货品的控制权已转

移（即当货品交付至客户指定地点）时确

认。当货品交付至客户处所时，本集团

确认应收款项，原因为此代表收取代价

之权利成为无条件的一个时间点，于款

项到期前只须待时间过去。一般信贷期

为交货后0至90天。当客户收到货品并

接受后，客户并无权利退回货品，或延

迟或逃避支付货款。与客户签署的合约

为短期及固定价格合约。

分配至客户合约的余下履约责任的交

易价格

尚未履行履约责任之客户合约之原预期

期限为一年或以下。如香港财务报告准

则第15号所准许的情况，分配至该等尚

未履行履约责任之交易价格未予披露。

分部资料

就资源分配及分部表现评估而向本公司

执行董事（即主要经营决策者（「主要经

营决策者」）提交的报告资料侧重已出

售产品类型。

本集团经营分部的详情如下：

(i) 制造及买卖潜孔凿岩工具

(i) 买卖打桩机及钻机以及凿岩设备

该等经营分部亦即本集团的可呈报分

部。在设定本集团的可呈报分部时并无

汇合主要经营决策者所识别的经营分部。

5 REVENUE AND SEGMENT INFORMATION (Continued)

Revenue (Continued)

Performance obligations for contracts with customers

Al of the Group’s revenue is recognised when the control of

gods is transfered, being when the gods are delivered to the

customer’s specific location. A receivable is recognised by the

Group when the gods are delivered to the customer’s premises as

this represents the point in time at which the right to consideration

becomes unconditional, as only the pasage of time is required

before payment is due. The normal credit term is 0 to 90 days upon

delivery. The customers have neither rights of return nor rights to

defer or avoid payment for the gods once they are acepted by

the customers upon receipt of gods. The contracts signed with

the customers are short-term and fixed price contracts.

Transaction price alocated to the remaining performance

obligation for contracts with customers

Contracts with customers with unsatisfied performance obligations

have original expected durations of one year or les. As permited

under HKFRS 15, the transaction prices alocated to these

unsatisfied performance obligations are not disclosed.

Segment information

Information reported to the executive directors of the Company,

being the chief operating decision maker (the “CODM”), for the

purposes of resource alocation and asesment of segment

performance focuses on the types of products sold.

The details of the Group’s operating segments are as folows:

(i) Manufacturing and trading of DTH rockdriling tols

(i) Trading of piling and driling machineries and rockdriling

equipment

These operating segments also represent the Group’s reportable

segments. No operating segments identified by the CODM have

ben agregated in ariving at the reportable, segments of the

Group.

---

Manufacturing and trading of DTH rockdrilling tools	Trading of pilling and drilling machineries and rockdrilling equipment	Total
制造及买卖 潜孔凿岩工具	买卖打桩机及 钻机以及凿岩设备	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
212,877	4,197	217,074
42,766	1,060	43,826
		(56,659)
		2,488
		(5,905)
		5,323
		(1,022)
		(11,949)

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

分部资料（续）

分部收益及业绩

以下载列本集团按经营及可呈报分部划

分的收益及业绩分析：

截至二零二五年三月三十一日止年度

5 REVENUE AND SEGMENT INFORMATION (Continued)

Segment information (Continued)

Segment revenue and results

The folowing is an analysis of the Group’s revenue and results by

operating and reportable segments:

For the year ended 31 March 2025

Segment and external sales分部及外界销售

Segment result分部业绩

Unalocated expenses未分配开支

Other income其他收入

Impairment loses under

ECL model, net

预期信贷亏损模式项下的

减值亏损净额

Other gains and loses其他收益及亏损

Finance costs融资成本

Los before tax除税前亏损

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

分部资料（续）

分部收益及业绩（续）

截至二零二四年三月三十一日止年度

经营分部的会计政策与附注3所述本集

团的会计政策相同。分部业绩指分配未

分配开支（包括销售及分销开支和行政

开支）、其他收入、预期信贷亏损模式

项下的减值亏损净额、其他收益及亏损

和融资成本前各分部所赚溢利。该计量

方式会呈报本集团主要经营决策者以作

资源分配及表现评估。

分部资产及负债

由于并无定期向本集团主要经营决策者

提供分部资产或分部负债分析，因此并

无呈列该分析。

5 REVENUE AND SEGMENT INFORMATION (Continued)

Segment information (Continued)

Segment revenue and results (Continued)

For the year ended 31 March 2024

Manufacturing

and trading

of DTH

rockdriling

tols

Trading of piling

and driling

machineries and

rockdriling

equipmentTotal

制造及买卖

潜孔凿岩工具

买卖打桩机及

钻机以及凿岩设备总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Segment and external sales分部及外界销售136,54211,689148,231

Segment result分部业绩33,91523134,146

Unalocated expenses未分配开支(48,800)

Other income其他收入3,526

Impairment loses under

ECL model, net

预期信贷亏损模式项下的

减值亏损净额(4,000)

Other gains and loses其他收益及亏损(5,011)

Finance costs融资成本(1,189)

Los before tax除税前亏损(21,328)

The acounting policies of the operating segments are the same

as the Group’s acounting policies described in Note 3. Segment

result represents the profit earned by each segment without

alocation of unalocated expenses (including seling and distribution

expenses and administrative expenses), other income, impairment

loses under ECL model, net, other gains and loses and finance

costs. This is the measure reported to the CODM of the Group for

the purposes of resource alocation and performance asesment.

Segment asets and liabilities

No analysis of segment asets or segment liabilities is presented as

they are not regularly provided to the CODM of the Group.

---

Manufacturing and trading of DTH rockdrilling tools	Trading of pilling and drilling machineries and rockdrilling equipment	Total
制造及买卖 潜孔凿岩工具	买卖打桩机及 钻机以及凿岩设备	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
913	–	913
527	–	527
3,025	–	3,025

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

分部资料（续）

其他分部资料

截至二零二五年三月三十一日止年度

截至二零二四年三月三十一日止年度

5 REVENUE AND SEGMENT INFORMATION (Continued)

Segment information (Continued)

Other segment information

For the year ended 31 March 2025

Amounts regularly provided to the

CODM but not included in the

measurement of segment result:

定期向主要经营决策者提供

但不用于计量分部业绩的

款项：

Depreciation of property,

plant and equipment

物业、厂房及设备折旧

Depreciation of right-of-use asets使用权资产折旧

Write down of inventories存货撇减

For the year ended 31 March 2024

Manufacturing

and trading

of DTH

rockdriling

tols

Trading of piling

and driling

machineries and

rockdriling

equipmentTotal

制造及买卖

潜孔凿岩工具

买卖打桩机及

钻机以及凿岩设备总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Amounts regularly provided to the

CODM but not included in the

measurement of segment result:

定期向主要经营决策者提供

但不用于计量分部业绩的

款项：

Depreciation of property,

plant and equipment

物业、厂房及设备折旧

382–382

Depreciation of right-of-use asets使用权资产折旧1,475–1,475

Write down of inventories存货撇减1,989–1,989

---

2025		2025
二零二五年		二零二五年
HK$’000		HK$’000
千港元		千港元
142,629 1,527 510 593 1,476 1,496
196,253		2,090
1,006		–
1,693		–
15,112		10,779
1,110		–
1,900		–
148,231
217,074		12,869

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

分部资料（续）

地区资料

下表载列(i)本集团按客户所在地划分的

来自外界客户收益及(i)本集团按资产所

在地划分的非流动资产（不包括递延税

项资产）的资料。

5 REVENUE AND SEGMENT INFORMATION (Continued)

Segment information (Continued)

Geographical information

The folowing table sets out information about (i) the Group’s

revenue from external customers by the location of customers and

(i) the Group’s non-curent asets (excluded defered tax asets)

by location of asets.

Revenue from

external customersNon-curent asets

来自外界客户收益非流动资产

For the year ended 31 MarchAs at 31 March

截至三月三十一日止年度于三月三十一日

二零二四年

HK$’000

千港元

Hong Kong香港2,986

Scandinavia斯堪的纳维亚–

Macau澳门–

The PRC中国10,872

Germany德国–

Others其他–

13,858

---

2025
二零二五年
HK$’000
千港元
43,366
26,211
25,798
N/A不适用(c)

2025
二零二五年
HK$’000
千港元
420
1,301
472
295
2,488

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

5 收益及分部资料（续）

分部资料（续）

主要客户资料

于各年度来自占本集团收益10%或以上

之主要客户的收益载列如下：

附注：

(a) 收益来自制造及买卖潜孔凿岩工具。

(b) 收益来自制造及买卖潜孔凿岩工具以

及买卖打桩机及钻机以及凿岩设备。

(c) 年内来自客户的收益低于本集团总收

益的10%。

6 其他收入

5 REVENUE AND SEGMENT INFORMATION (Continued)

Segment information (Continued)

Information about major customers

Revenue from major customers which acounted for 10% or more

of the Group’s revenue for each of the year are set out below:

二零二四年

HK$’000

千港元

Customer A (note (b)客户A（附注(b)）N/A不适用

(c)

Customer B (note (a)客户B（附注(a)）N/A不适用

(c)

Customer C (note (a)客户C（附注(a)）18,098

Customer D (note (b)客户D（附注(b)）34,590

Notes:

(a) The revenue was derived from manufacturing and trading of DTH

rockdriling tols.

(b) The revenue was derived from manufacturing and trading of DTH

rockdriling tols and trading of piling and driling machineries and

rockdriling equipment.

(c) Revenue from the customer is les than 10% of the total revenue of

the Group for the year.

6 OTHER INCOME

二零二四年

HK$’000

千港元

Bank interest income银行利息收入458

Dividend income from financial asets

at FVTPL

来自透过损益按公平值入账之

金融资产的股息收入1,131

Scrap and acesory sales废料及配件销售1,417

Sundry income杂项收入520

3,526

---

2025
二零二五年
HK$’000
千港元
(5,905)
(1,252)
945
(3,025)
6,991
1,664
5,323

2025
二零二五年
HK$’000
千港元
629
393
1,022

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

7 预期信贷亏损模式项下的

减值亏损净额以及其他收

益及亏损

8 融资成本

7 IMPAIRMENT LOSES UNDER EXPECTED CREDIT

LOS MODEL, NET AND OTHER GAINS AND LOSES

二零二四年

HK$’000

千港元

Impairment loses under ECL model, net

include the folowing:

预期信贷亏损模式项下的

减值亏损净额包括以下项目：

Impairment loses on trade receivables, net贸易应收款项减值亏损净额(4,000)

Details of impairment asesment are

set out in Note 29.

减值评估的详情载于附注29。

Other gains and loses include the folowings:其他收益及亏损包括以下各项：

Net foreign exchange (los) gain外汇（亏损）收益净额30

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备收益

–

Write down of inventories存货撇减(1,989)

Gain (los) on fair value changes of

financial asets at FVTPL

透过损益按公平值入账之金融

资产公平值变动收益（亏损）(3,052)

Gain on early termination of lease contracts提早终止租赁合约收益–

(5,011)

8 FINANCE COSTS

二零二四年

HK$’000

千港元

Interest on bank and other borowings银行及其他借贷利息745

Interest on lease liabilities租赁负债利息444

1,189

---

2025
二零二五年
HK$’000
千港元
420
24,106
1,830
26,356
1,736
2,876
630
173,248

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

9 除税前亏损

* 确认为开支的存货成本包括涉及员

工成本及折旧的6,820,000港元（二零

二四年：6,882,000港元），该等金额

亦计入就该等各项开支于本附注单独

披露的相关总金额内。

9 LOS BEFORE TAX

二零二四年

HK$’000

千港元

Los before tax has ben arived at

after charging:

除税前亏损已扣除以下项目：

Directors’ remuneration (Note 11)董事酬金（附注11）600

Other staf costs其他员工成本27,136

Contributions to retirement benefit schemes退休福利计划供款1,937

Total staf costs员工成本总额29,673

Depreciation of property, plant and equipment物业、厂房及设备折旧1,500

Depreciation of right-of-use asets使用权资产折旧2,642

Auditor’s remuneration核数师酬金630

Cost of inventories recognised as an expense确认为开支之存货成本114,085

• $6,820,000

(2024: HK$6,882,000) relating to staf costs and depreciation,

in which these amounts are also included in the respective total

amounts disclosed separately in this note for each of these expenses.

---

2025
二零二五年
HK$’000
千港元
(100)
(518)
(618)
(3)
280
277
(341)
86
(255)

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10 税项支出

于两个年度的合资格集团实体的香港

利得税就首2百万港元估计应课税溢利

根据利得税两级制按8.25%计算，而

就超过2百万港元的估计应课税溢利按

16.5%计算。不符合资格采用该制度的

集团实体的香港利得税乃按估计应课税

溢利划一的税率16.5%计算。

根据中国企业所得税法（「企业所得税

法」）及企业所得税法实施条例，于中国

成立的附属公司于两个年度均须按应课

税溢利的25%计算中国企业所得税。

10 TAXATION CHARGE

二零二四年

HK$’000

千港元

Curent tax:即期税项：

Hong Kong香港(225)

PRC Enterprise Income Tax中国企业所得税(38)

(263)

(Under) over-provision in prior years:过往年度拨备（不足）超额：

Hong Kong香港–

PRC Enterprise Income Tax中国企业所得税(377)

(377)

Curent tax charge即期税项支出(640)

Defered tax credit (charge) (Note 24)递延税项抵免（支出）（附注24）(593)

(1,233)

The Hong Kong Profits Tax of the qualifying group entity under the

two-tiered profits tax rates regime is calculated at 8.25% on the first

HK$2 milion of the estimated asesable profits and at 16.5% on

the estimated asesable profits above HK$2 milion for both years.

The Hong Kong Profits Tax of the group entities not qualifying for

the regime is calculated at a flat rate of 16.5% of the estimated

asesable profits.

Under the Law of the PRC on Enterprise Income Tax (the “EIT

Law”) and Implementation Regulation of the EIT Law, the PRC

Enterprise Income Tax is calculated at 25% of the asesable

profits for the subsidiary established in the PRC for both years.

---

2025
二零二五年
HK$’000
千港元
(11,949)
1,972
(509)
2,083
(4,060)
280
–
178
(299)
2
101
(3)
(255)

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

10 税项支出（续）

于本年度税项支出与除税前亏损对账如

下：

10 TAXATION CHARGE (Continued)

The taxation charge for the year can be reconciled to the los

before tax as folows:

二零二四年

HK$’000

千港元

Los before tax除税前亏损(21,328)

Tax at the domestic income tax rate of 16.5%按本地所得税率16.5%计算之税项3,519

Tax efect of expenses not deductible for

tax purposes

不可扣税开支之税务影响

(1,671)

Tax efect of income not taxable for

tax purposes

毋须课税收入之税务影响

Tax efect of tax loses not recognised未确认税项亏损之税务影响(2,476)

Utilisation of tax loses previously not

recognised

动用先前未确认的税项亏损

–

Tax efect of deductible temporary

diferences not recognised

未确认可扣税暂时差异之税务影响

(1,130)

Utilisation of deductible temporary

diferences previously not recognised

动用先前未确认的可扣减

暂时性差额–

Tax efect of diferent tax rate of subsidiary

operating in other jurisdiction

于其他司法权区经营之附属公司

采用不同税率的税务影响291

Tax concesion税务减免3

Tax efect of two-tiered profits tax rates regime两级利得税率制度的税务影响165

Under-provision in prior years过往年度拨备不足(377)

Taxation charge税项支出(1,233)

---

Fee	Salaries and other benefits	Performance related incentive payments (note)	Contributions to retirement benefit schemes	Total
袍金	薪金及 其他福利	绩效奖金 （附注）	退休福利 计划供款	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
60	–	–	–	60
–	–	–	–	–
–	–	–	–	–
60	–	–	–	60
120	–	–	–	120
120	–	–	–	120
120	–	–	–	120
360	–	–	–	360
420	–	–	–	420

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11 董事、行政总裁及雇员酬金

董事及行政总裁

本年度董事及行政总裁酬金，根据适用

上市规则及香港公司条例披露如下：

截至二零二五年三月三十一日止年度

11 EMOLUMENTS OF DIRECTORS AND CHIEF

EXECUTIVE AND EMPLOYES

Directors and Chief Executive

Directors’ and chief executive’s remuneration for the year,

disclosed pursuant to the aplicable Listing Rules and Hong Kong

Companies Ordinance is as folows:

For the year ended 31 March 2025

Executive directors执行董事

Mr. Chui Kwong Kau (note (i)崔光球先生（附注(i)）

Ms. Li Kai Lai Miranda李嘉丽女士

Ms. Wo Lan Ying (note (i)胡兰英女士（附注(i)）

Independent non-executive

directors

独立非执行董事

Mr. Cheung Sze Ming (note (i)张诗敏先生（附注(i)）

Mr. Wong Siu Keung Joe (note (i)黄兆强先生（附注(i)）

Mr. Yiu To Wa姚道华先生

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11 董事、行政总裁及雇员酬金

（续）

董事及行政总裁（续）

本年度董事及行政总裁酬金，根据适用

上市规则及香港公司条例披露如下：（续）

截至二零二四年三月三十一日止年度

附注：

(i) 于二零二四年七月二日，崔光球先生

辞任本公司执行董事，而胡兰英女士

获委任为本公司执行董事。

(i) 于二零二四年一月三十一日，张诗敏

先生及黄兆强先生获委任为本公司独

立非执行董事。

(i) 于二零二四年一月三十一日，刘量源

先生及林凯如女士辞任本公司独立非

执行董事。

上文所示执行董事的酬金乃与彼等管理

本公司及本集团事务所提供的服务有

关。上文所示独立非执行董事的酬金与

彼等担任本公司董事所提供的服务有关。

11 EMOLUMENTS OF DIRECTORS AND CHIEF

EXECUTIVE AND EMPLOYES (Continued)

Directors and Chief Executive (Continued)

Directors’ and chief executive’s remuneration for the year,

disclosed pursuant to the aplicable Listing Rules and Hong Kong

Companies Ordinance is as folows: (continued)

For the year ended 31 March 2024

Fe

Salaries

and other

benefits

Performance

related

incentive

payments

(note)

Contributions

to retirement

benefit

schemesTotal

袍金

薪金及

其他福利

绩效奖金

（附注）

退休福利

计划供款总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Executive directors执行董事

Mr. Chui Kwong Kau崔光球先生240–240

Ms. Li Kai Lai Miranda李嘉丽女士–

240–240

Independent non-executive

directors

独立非执行董事

Mr. Cheung Sze Ming张诗敏先生20–20

Mr. Wong Siu Keung Joe黄兆强先生20–20

Mr. Yiu To Wa姚道华先生120–120

Ms. Lam Hoi Yu Nicki (note (i)林凯如女士（附注(i)）100–100

Mr. Lau Leong Yuen (note (i)刘量源先生（附注(i)）100–100

360–360

600–600

Notes:

(i) On 2 July 2024, Ms. Chiu Kwong Kau resigned and Ms. Wo Lan

Ying was apointed as executive director of the Company.

(i) On 31 January 2024, Mr. Cheung Sze Ming and Mr. Wong Siu

Keung Joe were apointed as independent non-executive directors

of the Company.

(i) On 31 January 2024, Ms. Lam Hoi Yu Nicki and Mr. Lau Leong Yuen

resigned as independent non-executive directors of the Company.

The executive directors’ emoluments shown above were for their

services in conection with the management of the afairs of the

Company and the Group. The independent non-executive directors’

emoluments shown above were for their services as directors of the

Company.

---

2025
二零二五年
HK$’000
千港元
8,407
943
217
9,567

2025
二零二五年
2
1
1
1
–
5

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

11 董事、行政总裁及雇员酬金

（续）

五名最高薪酬雇员

截至二零二五年及二零二四年三月

三十一日止年度，本集团五名最高薪酬

雇员并不包括本公司任何董事。截至二

零二五年三月三十一日止年度，五名（二

零二四年：五名）并非本公司董事或行

政总裁的最高薪酬雇员的薪酬详情如下：

附注： 绩效奖金视乎本年度的个人表现及集

团实体盈利情况而定。

酬金符合以下范围的该等最高薪酬雇员

的人数如下：

截至二零二五年及二零二四年三月

三十一日止年度，本集团概无向本公司

董事或五名最高薪酬人士（包括董事及

雇员）支付酬金，作为加入或加入本集

团后的奖励或作为离职补偿。截至二零

二五年及二零二四年三月三十一日止年

度，概无董事放弃或同意放弃任何酬金。

11 EMOLUMENTS OF DIRECTORS AND CHIEF

EXECUTIVE AND EMPLOYES (Continued)

Five highest paid employes

The five highest paid employes of the Group during the years

ended 31 March 2025 and 2024 do not include any directors of the

Company. Details of the remuneration for the year ended 31 March

2025 of the five (2024: five) highest paid employes who are neither

director nor chief executive of the Company are as folows:

二零二四年

HK$’000

千港元

Salaries, alowances and benefits in kind薪金、津贴及实物利益8,421

Performance related incentive payments (note)绩效奖金（附注）2,414

Contributions to retirement benefit schemes退休福利计划供款357

11,192

Note: The performance related incentive payments are determined on

the performance of the individuals and the profitability of the group

entities during the year.

The number of these highest paid employes, whose emolument

fel within the folowing bands is as folows:

二零二四年

HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元3

HK$1,500,001 to HK$2,000,0001,500,001港元至2,000,000港元–

HK$2,000,001 to HK$2,500,0002,000,001港元至2,500,000港元–

HK$2,500,001 to HK$3,000,0002,500,001港元至3,000,000港元1

HK$4,000,001 to HK$4,500,0004,000,001港元至4,500,000港元1

No emoluments were paid by the Group to the directors of the

Company or the five highest paid individuals (including directors

and employes) as an inducement to join or upon joining the Group

or as compensation for los of ofice for the years ended 31 March

2025 and 2024. None of the directors waived or agred to waive

any emoluments for the years ended 31 March 2025 and 2024.

---

2025
二零二五年
HK$’000
千港元
(12,524)

’000
千股
411,858

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

12 股息

于两个年度，概无向本公司普通股东

派付或建议派付股息，自报告期末以来

亦无建议派付任何股息。

13 每股亏损

由于截至二零二五年及二零二四年三月

三十一日止年度并无已发行潜在普通

股，故并无呈列两个年度的每股摊薄亏

损。

12 DIVIDENDS

No dividend was paid or proposed for ordinary shareholders of the

Company during both years, nor has any dividend ben proposed

since the end of the reporting period.

13 LOS PER SHARE

二零二四年

HK$’000

千港元

Los for the purpose of calculating

basic los per share:

用以计算每股基本亏损的亏损：

Los for the year atributable to owners

of the Company

本公司拥有人应占年内亏损

(18,674)

’000

千股

Number of shares:股份数目：

Weighted average number of ordinary

shares for the purpose of calculating basic

los per share

用以计算每股基本亏损

的普通股加权平均数

380,000

No diluted los per share for the years ended 31 March 2025 and

2024 was presented as there were no potential ordinary shares in

isue during both years.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

14 物业、厂房及设备

上述物业、厂房及设备项目按下列年比

率以直线基准折旧：

家私、固定装置及

办公设备

20%

汽车25%–30%

厂房及机器10%–25%

租赁物业装修按租赁期或

20%–33%

（以较短者为准）

14 PROPERTY, PLANT AND EQUIPMENT

Furniture,

fixtures

and ofice

equipment

Motor

vehicles

Plant

and

machineries

Leasehold

improvementsTotal

家私、

固定装置及

办公设备汽车厂房及机器租赁物业装修总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Cost成本

At 1 April 2023于二零二三年四月一日4,3896,17719,3524,30834,226

Curency realignment汇兑调整(185)(68)(910)(166)(1,329)

Aditions添置741,022198–1,294

Disposal出售(17)–(17)

At 31 March 2024于二零二四年三月三十一日4,2617,13118,6404,14234,174

Curency realignment汇兑调整(35)(15)(187)(207)(444)

Aditions添置434–8158,2059,454

Disposals出售(1,161)(3,440)(2,547)(2,854)(10,002)

At 31 March 2025于二零二五年三月三十一日3,4993,67616,7219,28633,182

Depreciation折旧

At 1 April 2023于二零二三年四月一日3,3715,28316,4263,85028,930

Curency realignment汇兑调整(148)(45)(764)(166)(1,123)

Provided for the year年内拨备3666063821461,500

Elimination on disposals出售时抵销(15)–(15)

At 31 March 2024于二零二四年三月三十一日3,5745,84416,0443,83029,292

Curency realignment汇兑调整(28)(11)(155)(163)(357)

Provided for the year年内拨备2304172298601,736

Elimination on disposals出售时抵销(1,026)(3,440)(2,148)(2,854)(9,468)

At 31 March 2025于二零二五年三月三十一日2,7502,81013,9701,67321,203

Carying values账面值

At 31 March 2025于二零二五年三月三十一日7498662,7517,61311,979

At 31 March 2024于二零二四年三月三十一日6871,2872,5963124,882

The above items of property, plant and equipment are depreciated

on a straight-line basis at the folowing rates per anum:

Furniture, fixtures and ofice

equipment

20%

Motor vehicles25%–30%

Plant and machineries10%–25%

Leasehold improvementsOver the shorter of the term of

lease, or 20%–33%

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 使用权资产15 RIGHT-OF-USE ASETS

Ofice

premise

Factory

premisesTotal

办公室物业工厂物业总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Cost成本

At 1 April 2023于二零二三年四月一日–18,75218,752

Adition添置–1,3641,364

At 31 March 2024于二零二四年三月三十一日–20,11620,116

Adition添置408–408

Early termination of lease contracts提早终止租赁合约–(17,908)(17,908)

At 31 March 2025于二零二五年三月三十一日4082,2082,616

Depreciation折旧

At 1 April 2023于二零二三年四月一日–8,4988,498

Provided for the year年内拨备–2,6422,642

At 31 March 2024于二零二四年三月三十一日–11,14011,140

Provided for the year年内拨备872,7892,876

Early termination of lease contracts提早终止租赁合约–(12,290)(12,290)

At 31 March 2025于二零二五年三月三十一日871,6391,726

Carying values账面值

At 31 March 2025于二零二五年三月三十一日321569890

At 31 March 2024于二零二四年三月三十一日–8,9768,976

---

2025
二零二五年
HK$’000
千港元
5,164
8,220

2025
二零二五年
HK$’000
千港元
23,308
5,731
20,432
49,471

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

15 使用权资产（续）

截至二零二五年三月三十一日止年度，

本集团租赁办公室物业及工厂物业以进

行经营（二零二四年：工厂物业）。所订

立的租赁合约的固定期限为2至12年。

租赁条款乃在个别基础上磋商，包含各

种不同条款及条件。于厘定租期及评估

不可撤回期间的长度时，本集团应用合

约的定义并厘定合约可强制执行的期间。

本集团定期订立员工宿舍、办公室物业

及工厂物业的短期租赁。于二零二五年

及二零二四年三月三十一日，短期租赁

组合与上文所披露之短期租赁开支所对

应的短期租赁组合相若。

截至二零二五年三月三十一日止年度，

本集团就办公室物业的新租赁安排订立

非现金交易（二零二四年：工厂物业）。

使用权资产及租赁负债分别为408,000

港元（二零二四年：1,364,000港元）及

408,000港元（二零二四年：1,364,000

港元），并于租赁开始时确认。

16 存货

15 RIGHT-OF-USE ASETS (Continued)

二零二四年

HK$’000

千港元

Expense relating to short-term leases与短期租赁有关的开支1,473

Total cash outflow for leases租赁现金流出总额4,522

For the year ended 31 March 2025, the Group leases ofice premise

and factory premises (2024: factory premises) for its operations.

Lease contracts are entered into for fixed term of 2 to 12 years.

Lease terms are negotiated on an individual basis and contain a

wide range of diferent terms and conditions. In determining the

lease term and asesing the length of the non-cancelable period,

the Group aplies the definition of a contract and determines the

period for which the contract is enforceable.

The Group regularly entered into short-term leases for staf

quarters, ofice premises and factory premises. As at 31 March

2025 and 2024, the portfolio of short-term leases is similar to the

portfolio of short-term leases to which the short-term lease expense

disclosed above.

During the year ended 31 March 2025, the Group entered into

a non-cash transaction regarding to new lease arangement in

respect of an ofice unit (2024: a factory premise). Right-of-use

asets and lease liabilities of HK$408,000 (2024: HK$1,364,000)

and HK$408,000 (2024: HK$1,364,000), were recognised at the

comencement of the lease, respectively.

16 INVENTORIES

二零二四年

HK$’000

千港元

Raw materials and consumables原材料及消耗品17,833

Work in progres在制品4,703

Finished gods制成品22,420

44,956

---

2025
二零二五年
HK$’000
千港元
57,067
(16,051)
41,016
12,770
10,028
2,607
190
66,611

2025
二零二五年
HK$’000
千港元
12,816
7,534
6,111
3,906
4,237
6,412
41,016

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17 贸易及其他应收款项

于二零二三年四月一日，与客户签订合

约产生的贸易应收款项为47,999,000港

元。

本集团给予客户的信贷期介乎交付货物

后0至90日。以下为于报告期末基于交

付货物日期的贸易应收款项（已扣除减

值亏损）账龄分析：

17 TRADE AND OTHER RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables贸易应收款项63,430

Les: Alowance for credit loses减：信贷亏损拨备(10,146)

53,284

Other receivables其他应收款项

— Value-aded tax recoverable— 可收回增值税6,688

— Prepayments— 预付款项11,393

— Deposits— 按金2,349

— Other receivables— 其他应收款项491

Total trade and other receivables贸易及其他应收款项总额74,205

As at 1 April 2023, trade receivables from contracts with customers

amounted to HK$47,999,000.

The Group grants a credit period ranged from 0 day to 90 days

upon delivery of gods to its customers. The folowing is an aging

analysis of trade receivables based on dates of delivery of gods,

net of impairment loses at the end of the reporting period:

二零二四年

HK$’000

千港元

0 to 30 days0至30日14,262

31 to 60 days31至60日9,300

61 to 90 days61至90日11,019

91 to 180 days91至180日5,557

181 days to 1 year181日至1年5,719

Over 1 year1年以上7,427

53,284

---

2025
二零二五年
HK$’000
千港元
787
136
1

2025
二零二五年
HK$’000
千港元
27,288

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

17 贸易及其他应收款项（续）

于二零二五年三月三十一日，本集

团的贸易应收款项结余包括总账

面值为25,900,000港元（二零二四

年：38,164,000港元）且已于报告

期末到期的应收账款。于逾期结余

中，13,512,000港元（二零二四年：

15,853,000港元）已逾期90日或以上，

并不被视为违约，原因为由于该等债务

人的长期╱持续关系及良好还款记录，

本公司董事认为该等结余仍被视为可予

悉数收回。本集团并无持有该等结余的

任何抵押品。

减值评估详情载于附注29。

本集团以相关集团实体功能货币以外的

货币计值之贸易及其他应收款项载列如

下：

18 透过损益按公平值入账之

金融资产

附注： 于联交所上市之证券透过参考活跃市

场的市场投标价，按经常性基准按公

平值计量。

17 TRADE AND OTHER RECEIVABLES (Continued)

At 31 March 2025, included in the Group’s trade receivables

balance are debtors with agregate carying amount of

HK$25,900,000 (2024: HK$38,164,000) which are past due at

the end of the reporting period. Out of the past due balances,

HK$13,512,000 (2024: HK$15,853,000) has ben past due 90

days or more and is not considered as in default as the directors

of the Company are of the opinion that the balances are stil

considered fuly recoverable due to long-term/on-going relationship

and god repayment records from these debtors. The Group does

not hold any colateral over these balances.

Details of impairment asesment are set out in Note 29.

The Group’s trade and other receivables that are denominated in

curency other than the functional curencies of the relevant group

entities are set out below:

二零二四年

HK$’000

千港元

Denominated in Renminbi (“RMB”)以人民币（「人民币」）计值2,608

Denominated in United States dolars (“US$”)以美元（「美元」）计值572

Denominated in Euro以欧元计值–

18 FINANCIAL ASETS AT FAIR VALUE THROUGH

PROFIT OR LOS

二零二四年

HK$’000

千港元

Financial asets mandatorily measured at

FVTPL:

透过损益按公平值强制计量之

金融资产：

Listed securities held for trading:持作买卖之上市证券：

— Equity securities listed on

the Stock Exchange (note)

— 于联交所上市之股本证券（附注）

20,297

Note: The listed securities on the Stock Exchange are measured at fair

value at recuring basis, by reference to market bid price in an active

market.

---

2025
二零二五年
HK$’000
千港元
2,018
611
1,115

2025
二零二五年
HK$’000
千港元
31,309
2,286
964
320
34,879

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

19 银行结余及现金

本集团以相关集团实体功能货币以外的

货币计值之银行结余及现金载列如下：

银行结余按介乎0.001%至0.250%

（二零二四年：0.001%至0.875%）的

当前市场年利率计息。

减值评估详情载于附注29。

20 贸易及其他应付款项

供应商授予的贸易应付款项的信贷期介

乎开具发票起计30至90日。

19 BANK BALANCES AND CASH

The Group’s bank balances and cash that are denominated in

curency other than the functional curencies of the relevant group

entities are set out below:

二零二四年

HK$’000

千港元

Denominated in RMB以人民币计值2,259

Denominated in US$以美元计值881

Denominated in Euro以欧元计值3

Bank balances cary interests at prevailing market rates ranging

from 0.001% to 0.250% (2024: 0.001% to 0.875%) per anum.

Details of impairment asesment are set out in Note 29.

20 TRADE AND OTHER PAYABLES

二零二四年

HK$’000

千港元

Trade payables贸易应付款项7,960

Acrued expenses应计开支2,976

Acrued housing provident fund应计住房公积金977

Other payables其他应付款项576

Total trade and other payables贸易及其他应付款项总额12,489

The credit period of trade payables granted by supliers is from 30

to 90 days upon the isue of invoices.

---

2025
二零二五年
HK$’000
千港元
5,174
4,297
6,161
10,590
5,087
–
31,309

2025
二零二五年
HK$’000
千港元
5
54

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

20 贸易及其他应付款项（续）

以下为贸易应付款项基于发票日期的账

龄分析。

本集团以相关集团实体功能货币以外的

货币计值之贸易及其他应付款项载列如

下：

20 TRADE AND OTHER PAYABLES (Continued)

The folowing is an aging analysis of trade payables based on the

invoice dates.

二零二四年

HK$’000

千港元

0 to 30 days0至30日3,444

31 to 60 days31至60日2,090

61 to 90 days61至90日–

91 to 180 days91至180日2,407

181 days to 1 year181日至一年–

Over 1 year一年以上19

7,960

The Group’s trade and other payables that are denominated in

curency other than the functional curencies of the relevant group

entities are set out below:

二零二四年

HK$’000

千港元

Denominated in Euro以欧元计值–

Denominated in US$以美元计值–

---

2025
二零二五年
HK$’000
千港元
6,994

2025
二零二五年
HK$’000
千港元
5,000
8,000
13,000
13,000

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

21 合约负债

于二零二三年四月一日，合约负债为

3,897,000港元。截至二零二五年三月

三十一日止年度，有关已结转合约负债

2,821,000港元（二零二四年：3,897,000

港元）悉数确认为收益。

合约负债指就制造及买卖潜孔凿岩工

具而预先收取的按金。就本集团若干客

户而言，本集团会于开始制造前收取按

金，从而产生合约负债，直至确认收益。

22 银行及其他借贷

21 CONTRACT LIABILITIES

二零二四年

HK$’000

千港元

Contract liabilities合约负债2,821

As at 1 April 2023, contract liabilities amounted to HK$3,897,000.

During the year ended 31 March 2025, an amount of

HK$2,821,000 (2024: HK$3,897,000) relating to brought-forward

contract liabilities was fuly recognised as revenue.

Contract liabilities represent deposits received in advance for

manufacturing and trading of DTH rockdriling tols. For certain

of the Group’s customers, the Group receives a deposit before

manufacturing comences, giving rise to contact liabilities until

revenue is recognised.

22 BANK AND OTHER BOROWINGS

二零二四年

HK$’000

千港元

Bank loans, guaranted有担保的银行贷款10,000

Other loans, unsecured无抵押的其他贷款13,000

23,000

Carying amounts repayable within one year

and included under curent liabilities

(with a repayable on demand clause)

应于一年内偿还并列示于流动负债

的账面值（包括按要求偿还条款）

23,000

---

2025
二零二五年
HK$’000
千港元
733
154
27
914
(733)
181

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

22 银行及其他借贷（续）

于二零二五年三月三十一日的银行贷款

按每年的香港银行同业拆息（「香港银行

同业拆息」）加3.5%（二零二四年：香港

银行同业拆息加3.5%）计息。银行贷款

的实际年利率为7.35%（二零二四年：

8.24%）。

于二零二五年三月三十一日的其他贷款

按年利率1%（二零二四年：1%）计息。

截至二零二五年三月三十一日止年度，

本集团与金融机构进一步订立协议，以

延长现有其他贷款一年额外年期（二零

二四年：一年）。

23 租赁负债

适用于租赁负债的加权平均增量借贷利

率介乎5.63%至5.88%（二零二四年：

4.13%至5.63%）。

22 BANK AND OTHER BOROWINGS (Continued)

The bank loans as at 31 March 2025 caried interest at Hong

Kong Interbank Ofered Rate (“HIBOR”) plus 3.5% (2024: HIBOR

plus 3.5%) per anum. The efective interest rates of the bank

borowings at 7.35% (2024: 8.24%) per anum.

The other loans as at 31 March 2025 cary interest at 1% (2024:

1%) per anum.

During the year ended 31 March 2025, the Group further entered

into an agrement with the financial institution to extend the existing

other loans for an aditional term of one year (2024: one year).

23 LEASE LIABILITIES

二零二四年

HK$’000

千港元

Lease liabilities payable应付租赁负债

Within one year一年内3,330

Within a period of more than one year

but not more than two years

一年以上但两年内期间

3,111

Within a period of more than two years

but not more than five years

两年以上但五年内期间

4,010

10,451

Les: Amount due for setlement within

12 months shown under curent

liabilities

减：须于12个月内结算之金额

（于流动负债内列示）

(3,330)

Amount due for setlement after 12 months

shown under non-curent liabilities

须于12个月后结算之金额

（于非流动负债内列示）7,121

The weighted average incremental borowing rates aplied to lease

liabilities ranged from 5.63% to 5.88% (2024: 4.13% to 5.63%).

---

2025
二零二五年
HK$’000
千港元
1,864
(57)
1,807

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24 递延税项资产╱负债

为于综合财务状况表呈列，若干递延税

项资产及负债已经抵销。以下为就财务

报告目的而言的递延税项结余分析：

以下为于本年度及过往年度确认的递延

税项资产（负债）以及其变动：

24 DEFERED TAX ASETS/LIABILITIES

For the purpose of presentation in the consolidated statement

of financial position, certain defered tax asets and liabilities

have ben ofset. The folowing is the analysis of the defered tax

balances for financial reporting purposes:

二零二四年

HK$’000

千港元

Defered tax asets递延税项资产1,804

Defered tax liabilities递延税项负债(83)

1,721

The folowing are the defered tax asets (liabilities) recognised and

movements thereon during the curent and prior years:

ECL

provision

Acelerated

tax

depreciationTax los

Right-of-use

asets

Lease

liabilitiesTotal

预期信贷

亏损拨备

加速

税项折旧税项亏损使用权资产租赁负债总计

HK$’000HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日533(62)1,843(2,370)2,3702,314

(Charged) credited to profit or los（自损益扣除）计入损益(481)(21)(91)527(527)(593)

At 31 March 2024于二零二四年三月三十一日52(83)1,752(1,843)1,8431,721

Credited (charged) to profit or los计入损益（自损益扣除）–86–1,843(1,843)86

At 31 March 2025于二零二五年三月三十一日5231,752–1,807

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

24 递延税项资产╱负债（续）

由于无法预测未来溢利来源，故并无就

尚未动用之税项亏损52,544,000港元（二

零二四年：27,937,000港元）确认递延

税项资产。税项亏损可无限期结转。

于二零二五年三月三十一日，本集团有

可扣减暂时差额780,000港元（二零二四

年：1,858,000港元）。由于产生可用作

抵销可扣减暂时差额的应课税溢利的可

能性不大，故概无就该等可扣减暂时差

额确认递延税项资产。

根据中国的企业所得税法，自二零八

年一月一日起，就中国公司赚取的溢利

所宣派的股息须缴付预扣税。并无就中

国附属公司保留溢利应占的可扣税暂

时差异23,532,000港元（二零二四年：

21,454,000港元）于综合财务报表中计

提递延税项拨备，原因是本集团有能力

控制拨回暂时差异的时间，且该暂时差

异在可见的将来很大可能不会拨回。

24 DEFERED TAX ASETS/LIABILITIES (Continued)

No defered tax aset has ben recognised in respect of the

unutilised tax loses of HK$52,544,000 (2024: HK$27,937,000)

due to the unpredictability of future profit streams. The tax loses

may be caried forward indefinitely.

As at 31 March 2025, the Group has deductible temporary

diferences of HK$780,000 (2024: HK$1,858,000). No defered tax

aset has ben recognised in relation to such deductible temporary

diference as it is not probable that taxable profit wil be available

against which the deductible temporary diferences can be utilised.

Under the EIT Law of PRC, witholding tax is imposed on dividends

declared in respect of profits earned by the PRC companies from

1 January 2008 onwards. Defered taxation has not ben provided

for in the consolidated financial statements in respect of deductible

temporary diferences atributable to retained profits of the PRC

subsidiary amounting to HK$23,532,000 (2024: HK$21,454,000) as

the Group is able to control the timing of reversal of the temporary

diferences and it is probable that the temporary diferences wil not

reverse in the foreseable future.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

25 股本

附注： 于二零二四年十月三十日，本公司按

配售价每股配售股份0.085港元配售合

共76,000,000股新股份，占紧随配售

完成后本公司已发行股本约16.7%。

配售所得款项总额约为6,460,000港

元。经扣除配售的相关开支后，配售

所得款项净额约为6,198,000港元。是

次股份配售详情载于本公司日期为二

零二四年十月九日及二零二四年十月

三十日之公告。

25 SHARE CAPITAL

Number ofShare

sharescapital

股份数目股本

’000HK$’000

千股千港元

Ordinary shares of HK$0.1 each每股面值0.1港元之普通股

Authorised:法定：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日500,00050,000

Isued and fuly paid:已发行及缴足：

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380,00038,000

Isue of shares发行股份76,0007,600

At 31 March 2025于二零二五年三月三十一日456,00045,600

Note: On 30 October 2024, the Company placed an agregate of

76,000,000 new shares, representing aproximately 16.7% of the

isued share capital of the Company imediately folowing the

completion of the placing at the placing price of HK$0.085 per

placing share. The gros proceds of the placing are aproximately

HK$6,460,000. The net proceds of the placing are aproximately

HK$6,198,000 after deducting the relevant expenses for the

placing. Details of this share placing are set out in the Company’s

anouncements dated 9 October 2024 and 30 October 2024.

---

2025
二零二五年
HK$’000
千港元
79,611
322
268
80,201
60
1,390
27,288
14,405
43,143
422
12,146
146
12,714
30,429
110,630
181
110,449
45,600
64,849
110,449

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

26 本公司财务状况表26 STATEMENT OF FINANCIAL POSITION OF THE

COMPANY

二零二四年

HK$’000

千港元

Non-curent asets非流动资产

Investment in a subsidiary于一间附属公司投资79,611

Right-of-use asets使用权资产–

Property, plant and equipment物业、厂房及设备14

79,625

Curent asets流动资产

Other receivables其他应收款项181

Amounts due from subsidiaries应收附属公司款项1,385

Financial asets at FVTPL透过损益按公平值入账之金融资产20,297

Bank balances and cash银行结余及现金9,095

30,958

Curent liabilities流动负债

Other payables其他应付款项690

Amount due to a subsidiary应付一间附属公司款项12,146

Lease liabilities租赁负债–

12,836

Net curent asets流动资产净值18,122

Total asets les curent liabilities总资产减流动负债97,747

Non-curent liability非流动负债

Lease liabilities租赁负债–

97,747

Capital and reserves资本及储备

Share capital股本38,000

Reserves储备59,747

97,747

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

26 本公司财务状况表（续）

本公司储备

26 STATEMENT OF FINANCIAL POSITION OF THE

COMPANY (Continued)

Reserves of the Company

Share

premium

Acumulated

losesTotal

股份溢价累计亏损总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日124,553(59,440)65,113

Los and total comprehensive

expense for the year

年内亏损及全面总开支

–(5,366)(5,366)

At 31 March 2024于二零二四年三月三十一日124,553(64,806)59,747

Profit and total comprehensive

income for the year

年内溢利及全面收入总额

–6,5046,504

Isue of shares (Note 25)发行股份（附注25）(1,402)–(1,402)

At 31 March 2025于二零二五年三月三十一日123,151(58,302)64,849

---

2025		2025
二零二五年		二零二五年
HK$’000
千港元
49% 49%
49%		20,437
49%		8,897
29,334

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27 本公司非全资附属公司详

情

下表列示本公司拥有重大非控制权益之

非全资附属公司的详情：

拥有重大非控制权益之上述两间公司的

财务资料概要载列如下。下述财务资料

概要指集团内对销前的金额。

27 PARTICULARS OF NON WHOLY-OWNED

SUBSIDIARIES OF THE COMPANY

The table below shows details of non wholy-owned subsidiaries of

the Company that have material non-controling interests:

Name of

subsidiary

Place of

incorporation

and principal

place of

busines

Proportion of ownership

interests and voting rights

held by non-controling

interests as at 31 March

Acumulated

non-controling

interests as at 31 March

附属公司名称

注册成立地点及

主要营业地点

于三月三十一日

非控制权益所持拥有权益

及投票权比例

于三月三十一日

累计非控制权益

二零二四年

HK$’000

千港元

Nory TechThe PRC19,877

莱利达中国

Tristate InternationalHong Kong10,229

联亚国际香港

30,106

Sumarised financial information in respect of the above two

companies that have material non-controling interests is set out

below. The sumarised financial information below represents

amounts before intragroup eliminations.

---

2025
二零二五年
HK$’000
千港元
75,012
10,779
44,083
21,271
20,437
148,799
145,428
3,371
1,719
1,652
3,371
(1,137)
(1,092)
(2,229)
582
560
1,142
13,285
(8,728)
4,557

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27 本公司非全资附属公司详

情（续）

莱利达

27 PARTICULARS OF NON WHOLY-OWNED

SUBSIDIARIES OF THE COMPANY (Continued)

Nory Tech

二零二四年

HK$’000

千港元

Curent asets流动资产53,504

Non-curent asets非流动资产3,498

Curent liabilities流动负债16,436

Equity atributable to owners of the Company本公司拥有人应占权益20,689

Non-controling interest of Nory Tech莱利达的非控制权益19,877

Revenue收益90,323

Expenses开支93,866

Profit (los) for the year年内溢利（亏损）(3,543)

Profit (los) atributable to owners of the

Company

本公司拥有人应占溢利（亏损）

(1,807)

Profit (los) atributable to the

non-controling interests of Nory Tech

莱利达的非控制权益应占

溢利（亏损）(1,736)

Profit (los) for the year年内溢利（亏损）(3,543)

Other comprehensive expense

atributable to owners of the Company

本公司拥有人应占其他全面开支

(1,210)

Other comprehensive expense atributable to

the non-controling interests of Nory Tech

莱利达非控制权益应占

其他全面开支(1,163)

Other comprehensive expense for the year年内其他全面开支(2,373)

Total comprehensive income (expense)

atributable to owners of the Company

本公司拥有人应占全面收益（开支）

总额(3,017)

Total comprehensive income (expense)

atributable to the non-controling

interests of Nory Tech

莱利达非控制权益应占

全面收益（开支）总额

(2,899)

Total comprehensive income (expense)

for the year

年内全面收益（开支）总额

(5,916)

Net cash inflow from operating activities经营活动所得现金流入净额1,497

Net cash outflow from investing activities投资活动所得现金流出净额(225)

Net cash inflow现金流入净额1,272

---

2025
二零二五年
HK$’000
千港元
16,683
1,587
113
9,260
8,897
148,062
150,781
(1,387)
(1,332)
(2,719)
670
–
(371)
299

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

27 本公司非全资附属公司详

情（续）

联亚国际

27 PARTICULARS OF NON WHOLY-OWNED

SUBSIDIARIES OF THE COMPANY (Continued)

Tristate International

二零二四年

HK$’000

千港元

Curent asets流动资产19,402

Non-curent asets非流动资产1,939

Curent liabilities流动负债465

Equity atributable to owners of the Company本公司拥有人应占权益10,647

Non-controling interest of Tristate International联亚国际的非控制权益10,229

Revenue收益96,091

Expenses开支100,480

Los and total comprehensive expense

atributable to owners of the Company

本公司拥有人应占亏损及

全面开支总额(2,238)

Los and total comprehensive expense

atributable to non-controling interests of

Tristate International

联亚国际非控制权益应占

亏损及全面开支总额

(2,151)

Los and total comprehensive expense

for the year

年内亏损及全面开支总额

(4,389)

Net cash inflow (outflow) from operating

activities

经营活动所得现金流入（流出）净额

(1,227)

Net cash inflow from investing activities投资活动所得现金流入净额3

Net cash outflow from financing activities融资活动所得现金流出净额(444)

Net cash inflow (outflow)现金流入（流出）净额(1,668)

---

2025
二零二五年
HK$’000
千港元
27,288
84,912
45,543

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

28 资本风险管理

本集团管理其资本以确保本集团旗下实

体能持续经营，并透过优化债务及权益

结余为股东带来最大回报。本集团的整

体策略与过往年度相比维持不变。

本集团资本架构包括债务净额（包括分

别于附注22及23披露的银行及其他借

贷及租赁负债，扣除现金及现金等价物）

及本公司拥有人应占权益（包括股本及

储备）。

本公司董事定期检讨资本架构。检讨

时，本公司董事考虑各类资本的成本

及相关风险。根据本公司董事的推荐

意见，本集团将透过派付股息、发行新

股，以及发行新债或赎回现有债务平衡

其整体资本架构。

29 金融工具

金融工具类别

28 CAPITAL RISK MANAGEMENT

The Group manages its capital to ensure that entities in the Group

wil be able to continue as a going concern while maximising the

return to the shareholders through the optimisation of the debt and

equity balance. The Group’s overal strategy remains unchanged

from prior years.

The capital structure of the Group consists of net debt, which

includes bank and other borowings and lease liabilities disclosed

in Notes 22 and 23 respectively, net of cash and cash equivalents

and equity atributable to owners of the Company, comprising

share capital and reserves.

The directors of the Company review the capital structure on a

regular basis. As part of this review, the directors of the Company

consider the cost and the risks asociates with each clas of

capital. Based on the recomendations of the directors of the

Company, the Group wil balance its overal capital structure

through the payment of dividends, new share isues as wel as the

isue of new debt or the redemption of existing debt.

29 FINANCIAL INSTRUMENTS

Categories of financial instruments

二零二四年

HK$’000

千港元

Financial asets金融资产

FVTPL — held for trading透过损益按公平值 — 持作买卖20,297

Amortised cost摊销成本101,471

Financial liabilities金融负债

Amortised cost摊销成本41,987

---

2025		2025
二零二五年		二零二五年
HK$’000		HK$’000
千港元		千港元
– – –
–		2,805
54		747
5		1,116

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策

本集团的主要金融工具包括贸易应收款

项、其他应收款项、按金、银行结余及

现金、透过损益按公平值入账之金融资

产、贸易及其他应付款项、银行及其他

借贷以及租赁负债。该等金融工具的详

情披露于相关附注。与该等金融工具有

关的风险包括市场风险（货币风险、利

率风险及股本价格风险）、信贷风险及

流动资金风险。缓减该等风险的政策载

于下文。管理层管理并监察该等风险以

确保及时有效落实适当措施。

市场风险

货币风险

本集团面对的货币风险主要来自美元、

欧元及人民币兑相关集团实体功能货币

的波动。集团实体功能货币以外的外币

计值货币资产及货币负债账面值如下。

管理层密切监控外汇风险敞口以缓解外

币风险。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies

The Group’s major financial instruments include trade receivables,

other receivables, deposits, bank balances and cash, financial

asets at FVTPL, trade and other payables, bank and other

borowings and lease liabilities. Details of these financial

instruments are disclosed in respective notes. The risks asociated

with these financial instruments include market risks (curency risk,

interest rate risk and equity price risk), credit risk and liquidity risk.

The policies on how to mitigate these risks are set out below. The

management manages and monitors these exposures to ensure

apropriate measures are implemented in a timely and efective

maner.

Market risks

Curency risk

The Group’s exposure to curency risk mainly arises from the

fluctuation of US$, Euro and RMB against the functional curencies

of the relevant group entities. The carying amounts of the foreign

curency denominated monetary asets and monetary liabilities

other than the functional curencies of the group entities are as

folows. The management closely monitors foreign exchange

exposure to mitigate the foreign curency risk.

LiabilitiesAsets

负债资产

二零二四年

HK$’000

千港元

RMB人民币4,867

US$美元1,453

Euro欧元3

---

2025
二零二五年
HK$’000
千港元
(117)
(46)

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

市场风险（续）

货币风险（续）

敏感度分析

根据联系汇率制度，港元与美元挂钩，

管理层预期并无有关港元兑美元汇率波

动的重大外汇风险。本集团主要面对美

元以外的外汇风险。

下表详述本集团在相关集团实体的功能

货币兑相关外币汇率上升5%情况下的

敏感度。5%为管理层评估外币汇率合

理可能变动时所采用的敏感度比率。敏

感度分析仅包括以外币计值的未偿还货

币项目，并对其于报告期末的换算作出

外币汇率变动5%的调整。下表所载负

数字表示相关集团实体功能货币兑相关

外币升值时本集团于本年度除税后亏损

的减少。相关集团实体功能货币贬值5%

则会对本集团年度除税后亏损产生同等

相反影响。

管理层认为，由于年末风险敞口并不能

反映年内风险敞口，故敏感度分析并不

代表外汇风险。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Market risks (Continued)

Curency risk (Continued)

Sensitivity analysis

Since HK$ is peged to US$ under the Linked Exchange Rate

System, the management does not expect significant foreign

curency exposure in relation to the exchange rate fluctuation

betwen HK$ and US$. The Group mainly exposes to foreign

curency risks other than US$.

The folowing table details the Group’s sensitivity to a 5% increase

in the functional curencies against the relevant foreign curency

of the relevant group entities. 5% is the sensitivity rate used in

management’s asesment of the reasonably posible change

in foreign exchange rates. The sensitivity analysis includes only

outstanding foreign curency denominated monetary items, and

adjusts their translation at the end of each reporting period for a

5% change in foreign curency rates. A negative number below

indicates a decrease in the Group’s los after tax for the year where

the functional curency of the relevant group entities strengthens

against the relevant foreign curency. For a 5% weakening of the

functional curency of the relevant group entities, there would be

an equal and oposite impact on the Group’s los after tax for the

year.

二零二四年

HK$’000

千港元

Foreign curency外币

RMB人民币(203)

Euro欧元–

In management’s opinion, the sensitivity analysis is unrepresentative

of the foreign exchange risk as the year end exposure does not

reflect the exposure during the year.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

市场风险（续）

利率风险

本集团就附注22及23分别所披露的定

息其他借贷及租赁负债承担公平值利率

风险。管理层持续监控利率风险。

本集团的现金流量利率风险主要与附

注19及22所披露浮息银行结余及银行

借贷因当前市场利率波动而引致的风险

有关。本集团现时并无利率风险对冲政

策。然而，管理层监察利率风险并于必

要时将考虑对冲重大利率风险。

敏感度分析

以下敏感度分析乃根据有关浮息银行借

贷的利率风险厘定。编制分析时假设于

各报告期未偿还的负债金额于整个年度

均未偿还。上升或下跌100个基点为管

理层对利率出现的合理可能变动进行的

评估。倘利率上升╱下跌100个基点而

所有其他变量保持不变，则本集团于截

至二零二五年三月三十一日止年度的除

税后亏损将增加╱减少42,000港元（二

零二四年：84,000港元）。

由于本公司董事认为浮息银行结余产生

的现金流量利率风险属微不足道，故银

行结余不包括敏感度分析。

股本价格风险

本集团透过损益按公平值入账之金融资

产包括香港上市股本证券。该等上市股

本证券受限于市价风险。管理层透过以

不同风险概况维持投资组合管理该风

险。透过损益按公平值入账之金融资产

的详情载于附注18。本集团管理层认

为，该等投资的市价风险对本集团而言

并不重大。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Market risks (Continued)

Interest rate risk

The Group is exposed to fair value interest rate risk in relation to

fixed-rate other borowings and lease liabilities as disclosed in

Notes 22 and 23 respectively. The management continuously

monitors interest rate exposure.

The Group’s cash flow interest rate risk relates primarily to variable-

rate bank balances and bank borowings as disclosed in Notes

19 and 22 respectively due to the fluctuation of the prevailing

market interest rate. The Group curently does not have a policy

on hedging interest rate risk. However, the management monitors

interest rate exposure and wil consider hedging significant interest

rate risk should the ned arise.

Sensitivity analysis

The sensitivity analysis below has ben determined based on the

exposure to interest rates for variable-rate bank borowings. The

analysis is prepared asuming the amount of liability outstanding

at each reporting period end was outstanding for the whole year.

A 100 basis point increase or decrease is used which represents

management’s asesment of the reasonably posible change in

interest rates. If interest rates had ben 100 basis points higher/

lower and al other variables were held constant, the Group’s

los after tax for the year ended 31 March 2025 would increase/

decrease by HK$42,000 (2024: HK$84,000).

Bank balances are excluded from sensitivity analysis as the

directors of the Company consider that the exposure of cash

flow interest rate risk arising from variable-rate bank balances is

insignificant.

Equity price risk

The Group’s financial asets at FVTPL include listed equity

securities in Hong Kong. These listed equity securities are subject

to market price risk. The management manages this exposure by

maintaining a portfolio of investments with diferent risk profiles.

Details of the financial asets at FVTPL are set out in Note 18. The

management of the Group considers that the market price risk of

these investments is not significant to the Group.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估

信贷风险指本集团的对手方违反其合约

责任而导致本集团蒙受财务损失的风

险。本集团的信贷风险主要归因于贸易

应收款项、其他应收款项、按金及银行

结余。本集团并无持有任何抵押品或其

他信贷增强措施，以弥补其与金融资产

有关的信贷风险。

与客户签订合约产生的贸易应收款项

接纳任何新客户前，本集团会评估潜在

客户之信贷质素，并厘定客户之信贷限

额。我们会定期检讨授予客户之信贷限

额。为尽量减低信贷风险，管理层已委

派团队负责厘定信贷限额、信贷批准及

其他监察程序，以确保采取跟进行动收

回逾期债项。此外，本集团个别或集体

计算贸易应收款项的预期信贷亏损。除

重大结余或信贷减值金额作个别减值评

估外，其余贸易应收款项于考虑贸易债

务人的内部信贷评级、账龄、还款记录

及╱或各贸易应收款项的逾期状况后，

按集体评估分组。估计亏损率乃基于债

务人于预期年期内的历史观察违约率估

计，并就毋须花费不必要成本或精力即

可获得的合理且有证据支持的前瞻性资

料作出调整。于各报告日期会重新评估

历史观察违约率及考虑前瞻性资料的变

动。就此而言，本公司董事认为，本集

团的信贷风险已大幅降低。

由于贸易应收款项总额之23%（二零

二四年：26%）为应收本集团于二零

二五年三月三十一日最大客户的款项及

贸易应收款项总额之57%（二零二四年：

55%）为应收于二零二五年三月三十一

日五大客户的款项，故本集团的信贷风

险集中。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s counterparties default

on their contractual obligations resulting in financial loses to the

Group. The Group’s credit risk exposures are primarily atributable

to trade receivables, other receivables, deposits and bank

balances. The Group does not hold any colateral or other credit

enhancements to cover its credit risks asociated with its financial

asets.

Trade receivables arising from contracts with customers

Before acepting any new customers, the Group aseses

the potential customer’s credit quality and defines credit limits

by customer. Credit limits granted to customers are reviewed

periodicaly. In order to minimise the credit risk, the management

has delegated a team responsible for determination of credit

limits, credit aprovals and other monitoring procedures to

ensure that folow-up action is taken to recover overdue debts.

In adition, the Group calculates ECL for the trade receivables

individualy or colectively. Except for significant balances or credit-

impaired amounts which are asesed for impairment individualy,

the remaining trade receivables are grouped under a colective

asesment after considering internal credit ratings of trade debtors,

ageing, repayment history and/or past due status of respective

trade receivables. Estimated los rates are based on historical

observed default rates over the expected life of the debtors and

are adjusted for suportable forward-loking information that is

reasonable and suportable available without undue costs or efort.

At every reporting date, the historical observed default rates are

reasesed and changes in the forward-loking information are

considered. In this regard, the directors of the Company consider

that the Group’s credit risk is significantly reduced.

The Group has concentration of credit risk as 23% (2024: 26%) of

the total gros trade receivables was due from the Group’s largest

customer as at 31 March 2025 and 57% (2024: 55%) of the total

gros trade receivables was due from the five largest customers as

at 31 March 2025.

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估（续）

其他应收款项及按金

本公司董事根据历史结算纪录、过往经

验以及合理及属有理据支持的前瞻性资

料之定量及定性资料对其他应收款项及

按金之可收回程度定期进行个别评估。

本公司董事认为自初步确认起该等金额

之信贷风险并无显著增加，而本集团已

根据12个月预期信贷亏损作出减值拨

备。截至二零二四年及二零二五年三月

三十一日止两个年度，本集团评估其他

应收款项及按金之预期信贷亏损属微不

足道，因此并无确认亏损拨备。

银行结余

由于对手方为信誉良好，并获国际信贷

评级机构授予高信贷评级之银行，故银

行结余之信贷风险有限。本集团参考有

关外部信贷评级机构所发布有关信贷评

级等级的违约概率及亏损的资料，评估

银行结余之12个月预期信贷亏损。根据

平均亏损率，银行结余之12个月预期信

贷亏损被认为属微不足道。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment (Continued)

Other receivables and deposits

The directors of the Company make periodic individual asesment

on the recoverability of other receivables and deposits based on

historical setlement records, past experience, and also quantitative

and qualitative information that is reasonable and suportable

forward-loking information. The directors of the Company believe

that there are no significant increase in credit risk of these amounts

since initial recognition and the Group provided impairment based

on 12m ECL. For both years ended 31 March 2024 and 2025, the

Group asesed the ECL for other receivables and deposits to be

insignificant and thus no los alowance was recognised.

Bank balances

Credit risk on bank balances is limited because the counterparties

are reputable banks with high credit ratings asigned by

international credit agencies. The Group asesed 12m ECL for

bank balances by reference to information relating to probability of

default and los given default of the respective credit rating grades

published by external credit rating agencies. Based on the average

los rates, the 12m ECL on bank balances is considered to be

insignificant.

---

External credit rating	Internal credit rating	12m or lifetime ECL	Gross carrying amount
外部 信贷评级	内部 信贷评级	12个月或 全期预期 信贷亏损	账面 总值
			HK$’000
			千港元
N/A 不适用	note 1 附注1	Lifetime ECL (collective assessment) 全期预期 信贷亏损 （集体评估）	8,718
N/A 不适用	Good to strong 良好至稳健	Lifetime ECL (individual assessment) 全期预期 信贷亏损 （个别评估）	20,178
N/A 不适用	Doubtful 可疑	Lifetime ECL (credit- impaired) 全期预期 信贷亏损 （信贷减值）	28,171
N/A 不适用	note 2 附注2	12m ECL 12个月预期 信贷亏损	1,722
Baa or higher Baa或更高	N/A 不适用	12m ECL 12个月预期 信贷亏损	42,168

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估（续）

下表列示本集团按摊销成本计量的金融

资产（视乎预期信贷亏损评估而定）的信

贷风险：

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment (Continued)

The table below detail the credit risk exposures of the Group’s

financial asets at amortised cost, which are subject to ECL

asesment:

At 31 March 2025于二零二五年三月三十一日

Financial asets at amortised

cost

按摊销成本计量之

金融资产

Trade receivables贸易应收款项

Other receivables and deposits其他应收款项及按金

Bank balances银行结余

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估（续）

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment (Continued)

External

credit

rating

Internal

credit

rating

12m or

lifetime

ECL

Gros

carying

amount

外部

信贷评级

内部

信贷评级

12个月或

全期预期

信贷亏损

账面

总值

At 31 March 2024于二零二四年三月三十一日HK$’000

千港元

Financial asets at

amortised cost

按摊销成本计量之

金融资产

Trade receivables贸易应收款项N/A

不适用

note 1

附注1

Lifetime ECL

(colective

asesment)

全期预期

信贷亏损

（集体评估）

11,773

N/A

不适用

Satisfactory to

strong

满意至稳健

Lifetime ECL

(individual

asesment)

全期预期

信贷亏损

（个别评估）

34,572

N/A

不适用

Doubtful

可疑

Lifetime ECL

(credit-

impaired)

全期预期

信贷亏损

（信贷减值）

17,085

Other receivables and deposits其他应收款项及按金N/A

不适用

note 2

附注2

12m ECL

12个月预期

信贷亏损

1,571

Bank balances银行结余Ba or

higher

Ba或更高

N/A

不适用

12m ECL

12个月预期

信贷亏损

46,478

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：

• ，本集团已应用

香港财务报告准则第9号之简化方法

计量全期预期信贷亏损之亏损拨备。

作为本集团信贷风险管理的一部份，

本集团应用的内部信贷风险评级之评

估包括以下几类：

质素分类定义：

「稳健」：经考虑相对规模、业务关

系及还款纪录，对手方违

约或然率甚低。债务人经

常于到期日之前结算。

「良好」：经考虑相对规模、业务关

系及还款纪录，对手方违

约风险为低。债务人经常

在到期日后结算，但通常

会悉数结清。

「满意」：经考虑相对规模、业务关

系及还款纪录，对手方违

约风险为中等。债务人经

常于逾期90日或以上日数

后结算。

「可疑」：经考虑相对规模、业务关

系及还款记录，对手方违

约风险较高。债务人有逾

期一年以上的长期未清偿

余额。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment (Continued)

Notes:

• , the Group has aplied the simplified aproach

in HKFRS 9 to measure the los alowance at lifetime ECL. As part

of the Group’s credit risk management. The Group aplied internal

credit risk grading asesment comprises the folowing categories:

Qualification clasification definition:

“Strong”The counterparty has low probability of default

considering relative size, busines relationship and

repayment history. Debtors frequently setles before

due date.

“God”The counterparty has low default risk considering

relative size, busines relationship and repayment

history. Debtors frequently setles after due date but

usualy setles in ful.

“Satisfactory”The counterparty has moderate default risk

considering relative size, busines relationship and

repayment history. Debtors frequently setles after

past due 90 days or more.

“Doubtful”The counterparty has high default risk considering

relative size, busines relationship and repayment

history. Debtors have long outstanding balances

which are past due over 1 year.

---

Gross carrying amount	Average loss rate	Loss allowance	Net carrying amount
总账面值	平均亏损率	亏损拨备	账面净值
HK$’000	%	HK$’000	HK$’000
千港元		千港元	千港元
1,357	–	–	1,357
5,465	0.8	43	5,422
1,896	5.2	99	1,797
8,718		142	8,576

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：（续）

• （续）

下表提供有关贸易应收款项的信贷风

险资料，该等贸易应收款项于全期预

期信贷亏损内集体评估（无信贷减值）

于二零二五年三月三十一日

于二零二四年三月三十一日

账面总值为20,178,000港元（二零二四

年：34,572,000港元）及28,171,000港

元（二零二四年：17,085,000港元）的

重大或信贷减值债务人的预期信贷亏

损已分别进行个别评估。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment (Continued)

Notes: (Continued)

(1) (Continued)

The folowing table provides information about the exposure to credit

risk for trade receivables which are asesed based on colective

basis within lifetime ECL (not credit-impaired).

At 31 March 2025

Trade receivables贸易应收款项

Strong稳健

God良好

Satisfactory满意

At 31 March 2024

Gros

carying

amount

Average

los rate

Los

alowance

Net carying

amount

总账面值平均亏损率亏损拨备账面净值

HK$’000%HK$’000HK$’000

千港元千港元千港元

Trade receivables贸易应收款项

Strong稳健2,709–2,709

God良好4,9980.4184,980

Satisfactory满意4,0661.6654,001

11,7738311,690

ECL on debtors with significant or credit-impaired balances with

gros carying amounts of HK$20,178,000 (2024: HK$34,572,000)

and HK$28,171,000 (2024: HK$17,085,000) were asesed

individualy, respectively.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：（续）

• （续）

估计亏损率乃按债务人于预期年期内

的历史观察违约率进行估计，并就无

须付出过多成本或精力即可获得之前

瞻性资料作出调整。归类工作由管理

层定期检讨，以确保更新与特定债务

人相关的资料。

下表列示已根据简化方法就贸易应收

款项确认之全期预期信贷亏损变动。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment (Continued)

Notes: (Continued)

(1) (Continued)

The estimated los rates are estimated based on historical observed

default rates over the expected life of the debtors and are adjusted

for forward-loking information that is available without undue cost

or efort. The grouping is regularly reviewed by the management to

ensure relevant information about specific debtors is updated.

The folowing table shows the movement in lifetime ECL that has

ben recognised for trade receivables under the simplified aproach.

Lifetime ECL

(not credit-

impaired)

Lifetime ECL

(credit-

impaired)Total

全期预期

信贷亏损

（无信贷减值）

全期预期

信贷亏损

（信贷减值）总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日6,146–6,146

Changes due to financial instruments

recognised as at 1 April 2023:

于二零二三年四月一日

已确认因金融工具

所产生的变动：

— Impairment loses reversed— 拨回减值亏损(5,643)–(5,643)

— Transfer to credit-impaired— 转拨至信贷减值(434)434–

— Impairment loses recognised— 确认减值亏损1,0595,8266,885

New financial asets originated新增源生金融资产1,1331,6252,758

At 31 March 2024于二零二四年三月三十一日2,2617,88510,146

Changes due to financial instruments

recognised as at 1 April 2024:

于二零二四年四月一日

已确认因金融工具

所产生的变动：

— Impairment loses reversed— 拨回减值亏损(1,520)(2,110)(3,630)

— Transfer to credit-impaired— 转拨至信贷减值(742)742–

— Impairment loses recognised— 确认减值亏损–5,2245,224

New financial asets originated新增源生金融资产9483,3634,311

At 31 March 2025于二零二五年三月三十一日94715,10416,051

---

Past due	Not past due/no fixed repayment terms	Total
逾期	并无逾期╱ 无固定偿还期	总计
HK$’000	HK$’000	HK$’000
千港元	千港元	千港元
–	1,722	1,722

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

信贷风险及减值评估（续）

附注：（续）

• ，就内部信

贷风险管理而言，本集团使用逾期资

料评估信贷风险自初步确认起是否已

大幅增加。

流动资金风险

本公司董事为流动资金风险管理承担最

终责任，彼等已建立合适的流动资金风

险管理框架以管理短、中及长期资金以

及流动资金管理需求。本集团通过维持

充足储备及借贷融资、持续监控预测及

实际现金流量以及配对金融资产及负债

的到期组合，以管理流动资金风险。

下列各表为本集团金融负债余下合约到

期日详情。该等表格根据本集团可能须

予支付的最早日期金融负债的未折现

金流量而编制。具体而言，具按要求偿

还条款的银行贷款计入最早时段，而不

论银行选择行使其权利的概率。其他非

衍生金融负债到期日乃根据协定还款日

期厘定。该等表格包括利息及本金现金

流量。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Credit risk and impairment asesment (Continued)

Notes: (Continued)

• , the purpose of internal credit

risk management, the Group uses past due information to ases

whether credit risk has increased significantly since initial recognition.

At 31 March 2025于二零二五年三月三十一日

Other receivables and deposits其他应收款项及按金

Past due

Not past

due/no fixed

repayment

termsTotal

逾期

并无逾期╱

无固定偿还期总计

At 31 March 2024于二零二四年三月三十一日HK$’000HK$’000HK$’000

千港元千港元千港元

Other receivables and deposits其他应收款项及按金–1,5711,571

Liquidity risk

Ultimate responsibility for liquidity risk management rests with the

directors of the Company, which has built an apropriate liquidity

risk management framework for the management’s short, medium

and long-term funding and liquidity management requirements. The

Group manages liquidity risk by maintaining adequate reserves and

borowing facilities, by continuously monitoring forecast and actual

cash flows and matching the maturity profiles of financial asets

and liabilities.

The folowing tables detail the Group’s remaining contractual

maturity for its financial liabilities. The tables have ben drawn up

based on the undiscounted cash flows of financial liabilities based

on the earliest date on which the Group can be required to pay.

Specificaly, bank loans with a repayment on demand clause are

included in the earliest time band regardles of the probability of

the banks chosing to exercise their rights. The maturity dates for

other non-derivative financial liabilities are based on the agred

repayment dates. The tables include both interest and principal

cash flows.

---

Weighted average interest rate	On demand or less than 3 months	3 months to 1 year	1–5 years	Total undiscounted cash flows	Carrying amounts
加权 平均利率	于要求时或 3个月内	3个月 至1年	1至5年	未折现 现金流量总额	账面值
%	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元
–	31,629	–	–	31,629	31,629
3,444	13,000	–	–	13,000	13,000
	44,629	–	–	44,629	44,629
5,784	220	539	186	945	914
	44,849	539	186	45,574	45,543

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

流动资金风险（续）

流动资金及利息风险表

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Liquidity risk (Continued)

Liquidity and interest risk tables

At 31 March 2025于二零二五年三月三十一日

Trade and other payables贸易及其他应付款项

Bank and other borowings银行及其他借贷

Lease liabilities租赁负债

Weighted

average

interest rate

On

demand or

les than

3 months

3 months

to 1 year

1–5

years

Total

undiscounted

cash flows

Carying

amounts

加权

平均利率

于要求时或

3个月内

3个月

至1年1至5年

未折现

现金流量总额账面值

%HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2024于二零二四年三月三十一日

Trade and other payables贸易及其他应付款项–8,536–8,5368,536

Bank and other borowings银行及其他借贷4.1523,000–23,00023,000

31,536–31,53631,536

Lease liabilities租赁负债4.3619132,7897,44011,14210,451

32,4492,7897,44042,67841,987

---

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

金融风险管理目标及政策（续）

流动资金风险（续）

流动资金及利息风险表（续）

附带按要求偿还条款的银行及其他借

贷计入上述到期日分析的「于要求时或

3个月内」时段内。于二零二五年三月

三十一日，该等银行及其他借贷的未

折现本金总额为13,000,000港元（二零

二四年：23,000,000港元）。考虑到本

集团的财务状况，本公司董事认为金融

机构不大可能行使酌情权要求即时还

款。本公司董事相信该等银行及其他借

贷将依照贷款协议所载计划还款日期于

报告期末后偿还。因此，于二零二五年

三月三十一日的本金及利息现金流出总

额将为13,104,000港元（二零二四年：

23,226,000港元）。

29 FINANCIAL INSTRUMENTS (Continued)

Financial risk management objectives and policies (Continued)

Liquidity risk (Continued)

Liquidity and interest risk tables (Continued)

Bank and other borowings with a repayment on demand clause

are included in the “on demand or les than 3 months” time

band in the above maturity analysis. As at 31 March 2025, the

agregate undiscounted principal amounts of these bank and other

borowings amounted to HK$13,000,000 (2024: HK$23,000,000).

Taking into acount the Group’s financial position, the directors

of the Company do not believe that it is probable that the financial

institution wil exercise their discretionary rights to demand

imediate repayment. The directors of the Company believe that

such bank and other borowings wil be repaid after the end of

reporting period in acordance with the scheduled repayment

dates set out in the loan agrements. As a result, the agregate

principal and interest cash outflows wil amount to HK$13,104,000

as at 31 March 2025 (2024: HK$23,226,000).

Maturity Analysis — Bank and other

borowings subject to a repayment on

demand clause based on

scheduled repayments

到期日分析 — 根据还款时间表

附带按要求偿还条款的银行及其他借贷

0–3

months

Total

undiscounted

cash flows

Carying

amount

0至3个月

未折现

现金流量总额账面值

HK$’000HK$’000HK$’000

千港元千港元千港元

At 31 March 2025二零二五年三月三十一日13,10413,10413,000

At 31 March 2024二零二四年三月三十一日23,22623,22623,000

---

31 March 2025
于二零二五年 三月三十一日
HK$’000
千港元
27,288

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

29 金融工具（续）

公平值

本公司董事认为按摊销成本计入综合财

务报表的金融资产及金融负债账面值与

其公平值相若。该等公平值根据普遍接

纳之定价模式按折现金流量分析厘定。

本集团按经常性基准按公平值计量的

金融资产公平值

透过损益按公平值入账之金融资产于每

个报告期末按公平值计量。

下表提供有关如何厘定金融资产公平值

的资料。

第一、第二及第三级之间于本年度概无

转换。

29 FINANCIAL INSTRUMENTS (Continued)

Fair value

The directors of the Company consider that the carying amounts

of financial asets and financial liabilities recorded at amortised

cost in the consolidated financial statements aproximate their fair

values. Such fair values have ben determined in acordance with

generaly acepted pricing models based on a discounted cash

flow analysis.

Fair value of the Group’s financial asets that are measured at

fair value on a recuring basis

The financial aset at FVTPL is measured at fair value at the end of

each reporting period.

The folowing table gives information about how the fair value of the

financial aset is determined.

Fair value as at

Fair value

hierarchy

Valuation

technique

and key input

公平值

Financial aset金融资产

31 March

于二零二四年

三月三十一日

HK$’000

千港元

公平值

等级制度

估值技术及

主要参数

Financial aset at FVTPL

— Equity securities listed

on the Stock Exchange

透过损益按公平值入账之

金融资产 — 于联交所上市

的股权证券

20,297Level 1

第一级

Quoted bid prices

in an active market.

于活跃市场所报

投标价。

There were no transfers betwen Level 1, 2 and 3 during the year.

---

2025
二零二五年
HK$’000
千港元
420
8,407
943
217
9,987

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

30 关联方披露

(i) 关联方交易

于截至二零二五年及二零二四年

三月三十一日止年度，本集团与

关联方并无其他重大交易及结余。

(i) 主要管理人员报酬

董事及其他主要管理人员于本年

度之薪酬如下：

31 退休福利计划

本集团参与根据强制性公积金计划条例

设立的强积金计划注册的定额供款计

划。该计划的资产与本集团资产分开处

理，由信托人管理的基金持有。强积金

计划成员方面，本集团每月按1,500港

元或相关薪酬成本的5%（以较低者为准）

向强积金计划供款，而雇员亦须作出等

额供款。本集团于本年度并无动用被没

收的供款。

本集团的中国附属公司雇员均为中国政

府营办的国家管理退休福利计划的成

员。该附属公司须按薪酬成本的特定百

分比向退休福利计划供款，以资助有关

福利。本集团就该退休福利计划承担的

责任仅为作出指定供款。

截至二零二五年三月三十一日止年度于

损益确认的总开支1,830,000港元（二零

二四年：1,937,000港元）指本集团按计

划规则所规定的比率已付及应付予该等

计划的供款。

30 RELATED PARTY DISCLOSURES

(i) Related party transactions

The Group had no significant transactions and balances with

related party during the years ended 31 March 2025 and

2024.

(i) Compensation of key management personel

The remuneration of directors and other members of key

management during the year is as folows:

二零二四年

HK$’000

千港元

Fe费用600

Salaries and alowances薪金及津贴8,421

Performance related incentive payments绩效奖金2,414

Contributions to retirement benefit

schemes

退休福利计划供款

11,792

31 RETIREMENT BENEFIT PLAN

The Group participates in a defined contribution scheme which

is registered under the MPF Scheme established under the

Mandatory Provident Fund Scheme Ordinance. The asets of the

schemes are held separately from those of the Group, in funds

under the control of trustes. For members of the MPF Scheme,

the Group contributes at the lower of HK$1,500 per month or 5%

of relevant payrol costs each month to the MPF Scheme, in which

the contribution is matched by the employe. There is no forfeited

contributions utilised by the Group during the year.

The employes of the Group’s subsidiary in the PRC are members

of a state-managed retirement benefit plan operated by the

government of the PRC. The subsidiary is required to contribute

a specified percentage of payrol costs to the retirement benefit

scheme to fund the benefits. The only obligation of the Group

with respect to the retirement benefit plan is to make the specified

contributions.

The total expenses recognised in profit or los of HK$1,830,000 for

the year ended 31 March 2025 (2024: HK$1,937,000) represent

contributions paid and payable to these plans by the Group at rates

specified in the rules of the plans.

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

32 融资活动产生之负债对账

下表为本集团融资活动产生之负债变动

详情，包括现金及非现金变动。融资活

动产生之负债乃为现金流量或将来现金

流量于本集团的综合现金流量表分类为

融资活动所用之现金流量之负债。

32 RECONCILIATION OF LIABILITIES ARISING FROM

FINANCING ACTIVITIES

The table below details changes in the Group’s liabilities arising

from financing activities, including both cash and non-cash

changes. Liabilities arising from financing activities are those for

which cash flows were, or future cash flows wil be, clasified in the

Group’s consolidated statement of cash flows as cash flows used

in financing activities.

Interest

payable

Bank and

other

borowings

Lease

liabilitiesTotal

应付利息

银行及

其他借贷租赁负债总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日–28,21011,69239,902

New lease entered订立新租赁–1,3641,364

Financing cash flows融资现金流量(745)(5,210)(3,049)(9,004)

Interest expense利息开支745–4441,189

At 31 March 2024于二零二四年

三月三十一日–23,00010,45133,451

New lease entered订立新租赁–408408

Early termination of lease

contracts

提早终止租赁合约

–(7,282)(7,282)

Financing cash flows融资现金流量(629)(10,000)(3,056)(13,685)

Interest expense利息开支629–3931,022

At 31 March 2025于二零二五年

三月三十一日–13,00091413,914

---

2025
二零二五年
%
100
100
100
100
51
51
100
100

煜荣集团控股有限公司

2024/25年报

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

33 附属公司详情

本集团附属公司于报告期末的详情载列

如下。

莱利达为外商独资企业。

于年末及于本年度期间，并无附属公司

发行任何债务证券。

33 PARTICULARS OF SUBSIDIARIES

Details of the Group’s subsidiaries at the end of the reporting

period are set out below.

Name of subsidiary

Place and of

incorporation/

establishment

Place of

operations

Isued and

fuly paid share capital/

registered capital

Atributable equity

interest to the GroupPrincipal activities

附属公司名称

注册成立╱

成立地点营运地点

已发行及缴足股本╱

注册资本

本集团

应占股权主要业务

二零二四年

%

Directly held直接持有

Hang WingBVIHong KongOrdinary shares HK$1100Investment holding

铿荣英属处女群岛香港普通股1港元投资控股

Top Standard LimitedHong KongHong KongOrdinary share HK$1100Inactive

上标有限公司香港香港普通股1港元暂无业务

Indirectly held间接持有

Top MarkHong KongHong KongOrdinary shares

HK$1,000,000

100Trading of DTH rockdriling tols,

rockdriling equipment and

piling and driling machineries

震东机械香港香港普通股1,000,000港元买卖潜孔凿岩工具、凿岩设备，

以及打桩机及钻机

MAXA RockDrils LimitedHong KongHong KongOrdinary shares HK$100100Trading of rockdriling equipment

香港香港普通股100港元买卖凿岩设备

Nory TechThe PRCThe PRCRegistered capital

HK$23,000,000

51Manufacturing of DTH

rockdriling tols

莱利达中国中国注册资本

23,000,000港元

制造潜孔凿岩工具

Tristate InternationalHong KongHong KongOrdinary shares

HK$10,000

51Trading of rockdriling equipment

and piling and driling machineries

联亚国际香港香港普通股10,000港元买卖凿岩设备，以及打桩机及钻机

Top Glory Construction

Equipment Limited

Hong KongHong KongOrdinary shares

HK$10,000

100Trading of rockdriling and piling

and driling equipment and

machineries

震东建筑设备有限公司香港香港普通股10,000港元买卖凿岩、打桩和钻孔设备及器械

Tristate (HK) Holding

Company Limited

Hong KongHong KongOrdinary share HK$1100Investment holding

香港香港普通股1港元投资控股

Nory Tech is a wholy foreign owned enterprise.

None of the subsidiaries had isued any debt securities at the end

of the year and during the year.

---

2025
二零二五年
HK$’000
千港元
217,074
(11,949)
(255)
(12,204)
(14,444)
(13,672)
(772)
(3.04)

2025
二零二五年
HK$’000
千港元
14,733
185,678
200,411
55,606
238
55,844
144,567
115,233
29,334
144,567

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

FINANCIAL SUMARY

财务摘要

For the 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

千港元千港元千港元千港元

Revenue收益148,231157,048141,748106,693

Los亏损(21,328)(6,516)(1,115)(7,434)

Tax (charge) credit税项（支出）抵免(1,233)2,940(360)897

Los for the year年内亏损(22,561)(3,576)(1,475)(6,537)

Total comprehensive (expense)

income for the year

年内全面总（开支）

收益(25,056)(8,436)319(1,732)

Total comprehensive (expense)

income atributable to:

以下人士应占全面

总（开支）收益：

Owners of the Company本公司拥有人(20,006)(6,617)461(1,106)

Non-controling interests非控制权益(5,050)(1,819)(142)(626)

Los per share, basic

(HK cents)

每股基本亏损

（港仙）(4.91)(0.92)(0.12)(1.16)

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

千港元千港元千港元千港元

Total non-curent asets非流动资产总值15,66217,96625,50228,243

Total curent asets流动资产总值186,074213,139207,294210,850

TOTAL ASETS总资产201,736231,105232,796239,093

Total curent liabilities流动负债总额41,71943,94135,45040,156

Total non-curent liabilities非流动负债总额7,2049,29511,04112,951

TOTAL LIABILITIES总负债48,92353,23646,49153,107

NET ASETS资产净值152,813177,869186,305185,986

Equity atributable to the owners

of the Company

本公司拥有人

应占权益122,707142,713149,330148,869

Non-controling interests非控制权益30,10635,15636,97537,117

TOTAL EQUITY总权益152,813177,869186,305185,986

---

煜荣集团控股有限公司

2024/25年报

DEFINITIONS

释义

“Articles” or “Articles of

Asociation”

the articles of asociation of the Company, as

amended from time to time

“asociate(s)”has the meaning ascribed thereto under the

Listing Rules

“Board” or

“Board of Directors”

the board of Directors

“Busines Day” or

“busines day”

a day on which banks in Hong Kong are

generaly open for normal banking busines to

the public and which is not a Saturday, Sunday

or public holiday in Hong Kong

“BVI”the British Virgin Islands

“Code”Corporate Governance Code as set out in

Apendix C1 to the Listing Rules, as amended

from time to time

“Colour Shine”Colour Shine Investments Limited 彩辉投资

有限公司, a company incorporated in the BVI

with limited liabilities, which is wholy-owned by

Mr. He Xiaoming, and became the Controling

Shareholders on 5 February 2018

“Companies

Ordinance”

the Companies Ordinance (Chapter 622 of

the Laws of Hong Kong), as amended or

suplemented from time to time

“Company”, “our

Company”,

“we” or “us”

Yuk Wing Group Holdings Limited 煜荣集团

控股有限公司, a company incorporated in

the Cayman Islands with limited liability on 17

March 2016

“conected person”has the meaning ascribed thereto in the Listing

Rules

“Controling

Shareholder(s)”

has the meaning ascribed thereto in the Listing

Rules and, unles the context otherwise

requires, means Mr. He Xiaoming and Colour

Shine from 5 February 2018

“Director(s)”the director(s) of the Company

“ESG”Environmental, Social and Governance

「细则」或

「组织章程

细则」

指本公司的组织章程细则，

经不时修订

「联系人」指具有上市规则赋予该词的

涵义

「董事会」指董事会

「营业日」指香港银行一般对公众开门

办理正常银行业务的日子

（星期六、星期日或香港

公众假期除外）

「英属处女

群岛」

指英属处女群岛

「守则」指上市规则附录C1所载企

业管治守则（经不时修订）

「彩辉」指彩辉投资有限公司，一间

于英属处女群岛注册成

立的有限公司，由何笑明

先生全资拥有，并于二零

一八年二月五日成为控股

股东

「公司条例」指香港法例第622章公司条

例，经不时修订或补充

「本公司」或

「我们」

指煜荣集团控股有限公司，

于二零一六年三月十七日

在开曼群岛注册成立的有

限公司

「关连人士」指具有上市规则赋予该词的

涵义

「控股东」指具有上市规则赋予该词

的涵义，除文义另有所指

外，自二零一八年二月五

日起，为何笑明先生及彩

辉

「董事」指本公司董事

「环境、社会

及管治」

指环境、社会及管治

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Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DEFINITIONS

释义

「欧元」指欧洲联盟的法定货币

「执行董事」指执行董事

「本集团」或

「我们」

指本公司及其附属公司，或

倘文义另有所指，对于本

公司尚未成为现有附属公

司之控股公司之时期，则

指本公司现有附属公司、

部分或任何附属公司及该

等附属公司或（视情况而

定）其前身公司经营的业

务

「铿荣」指铿荣控股有限公司，于二

零一六年三月十六日在英

属处女群岛注册成立的英

属处女群岛商业有限公

司，为本公司的全资附属

公司

「港元」或

「港仙」

指香港法定货币港元及港仙

「香港」指中国香港特别行政区

「独立非执行

董事」

指独立非执行董事

「独立第三方」指据我们董事于作出一切合

理查询后所知、所悉及所

信，根据上市规则与本公

司或我们的关连人士并无

关连的人士或公司及彼等

各自的最终实益拥有人

「上市日期」指本公司股份于联交所上市

及股份获准开始于联交所

主板买卖的日期，即二零

一七年一月十一日

“Euro”the lawful curency of the European Union

“Executive Director(s)”the executive Director(s)

“Group”, “our Group”,

“we” or “us”

the Company and its subsidiaries or, where

the context otherwise requires, in respect of

the period prior to our Company becoming the

holding company of its present subsidiaries, the

present subsidiaries of our Company, some or

any of them and the busineses caried on by

such subsidiaries or (as the case may be) their

predecesors

“Hang Wing”Hang Wing Holdings Limited 铿荣控股有限公

司, a BVI busines company incorporated in

the BVI with limited liability on 16 March 2016

and a wholy-owned subsidiary of the Company

“HK$” or “Hong Kong

dolars” or “HK

dolars” or “cents”

Hong Kong dolars and cents respectively, the

lawful curency of Hong Kong

“Hong Kong” or “HK”the Hong Kong Special Administrative Region

of the PRC

“Independent

Non-executive

Director(s)”

the independent non-executive Director(s)

“independent

third party(ies)”

person(s) or company(ies) and their respective

ultimate beneficial owner(s), who/which, to the

best of our Directors’ knowledge, information

and belief, having made al reasonable

enquiries, is/are not conected with our

Company or our conected persons as defined

under the Listing Rules

“Listing Date”the date, being, 11 January 2017, on which

the shares of the Company are listed on the

Stock Exchange and from which dealings in the

shares are permited to comence on the Main

Board of the Stock Exchange

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煜荣集团控股有限公司

2024/25年报

DEFINITIONS

释义

「上市规则」指香港联合交易所有限公司

证券上市规则，经不时修

订、补充或以其他方式修

改

「澳门」指中国澳门特别行政区

「Maxa

RockDrils」

指MAXA RockDrils Limited，

于二零年九月十五日

在香港注册成立的有限公

司，为本公司间接全资附

属公司

「强积金」指强制性公积金

「莱利达」指佛山市顺德区莱利达工程

设备有限公司，于二零

七年十月十六日在中国成

立的有限公司，由Tristate

Hong Kong拥有51%权益，

为本公司间接非全资附属

公司

「中国」指中华人民共和国，仅就本

年报而言，并不包括香港

特别行政区、澳门特别行

政区及台湾地区

「招股章程」指日期为二零一六年十二月

三十日有关我们的股份首

次公开发售及于联交所上

市的本公司招股章程

「报告期」指二零二四年╱二零二五年

（自二零二四年四月一日

至二零二五年三月三十一

日）

「人民币」指中国法定货币

「证券及期货

条例」

指香港法例第571章证券及

期货条例，经不时修订或

补充

「股份」指本公司普通股

「股东」指本公司股东

「联交所」指香港联合交易所有限公司

“Listing Rules”the Rules Governing the Listing of Securities on

The Stock Exchange of Hong Kong Limited (as

amended, suplemented or otherwise modified

from time to time)

“Macau”the Macau Special Administrative Region of the

PRC

“Maxa RockDrils”MAXA RockDrils Limited, a company

incorporated in Hong Kong with limited liability

on 15 September 2000 and is an indirect

wholy-owned subsidiary of our Company

“MPF”mandatory provident fund

“Nory Tech”佛山市顺德区莱利达工程设备有限公司

(Nory Tech Enginering Equipment Limited),

a company established in the PRC with limited

liability on 16 October 2007, owned as to 51%

by Tristate Hong Kong, and is an indirect non

wholy-owned subsidiary of our Company

“PRC”the People’s Republic of China, excluding for

the purpose of this anual report only, Hong

Kong Special Administrative Region, Macau

Special Administrative Region and Taiwan

region

“Prospectus”the prospectus of the Company dated 30

December 2016 in relation to the initial public

ofering and the listing of our Shares on the

Stock Exchange

“Reporting Period”2024/2025 (from 1 April 2024 to 31 March

2025)

“RMB” or “Renminbi”the lawful curency of the PRC

“SFO”the Securities and Futures Ordinance (Chapter

571 of the Laws of Hong Kong), as amended

or suplemented from time to time

“Share(s)”the ordinary share(s) of the Company

“Shareholder(s)”the shareholder(s) of the Company

“Stock Exchange”The Stock Exchange of Hong Kong Limited

---

Yuk Wing Group Holdings Limited

ANUAL REPORT 2024/25

DEFINITIONS

释义

「附属公司」指具有公司条例赋予该词的

涵义

「主要股东」指具有上市规则赋予该词的

涵义

「震东建筑」指震东建筑设备有限公司（前

称震东建筑设备有限公

司），于二零一五年三月

二十日在香港注册成立的

有限公司，为本公司间接

全资附属公司

「震东机械」指震东机械设备有限公司，

于一九七年七月二十八

日在香港注册成立的有限

公司，为本公司间接全资

附属公司

「Tristate

Hong

Kong」

指Tristate (HK) Holding

Company Limited，于二零

一六年四月十三日在香港

注册成立的有限公司，为

本公司间接全资附属公司

「联亚国际」指联亚国际实业有限公司，

于二零八年七月二十八

日在香港注册成立的有限

公司，由铿荣持有51%权

益，为本公司间接非全资

附属公司

「美国」指美利坚合众国，其领土、

属地及所有受其司法管辖

的地区

「美元」指美国现时法定货币美元

「本年度」指截至二零二五年三月

三十一日止年度

「%」指百分比

本年报中英文版本如有歧义，概以英文版本

为准。

“subsidiary” or

“subsidiaries”

has the meaning ascribed thereto under the

Companies Ordinance

“substantial

shareholder”

has the meaning ascribed thereto in the Listing

Rules

“Top Glory”Top Glory Construction Equipment Limited 震

东建筑设备有限公司, formerly known as Top

Mark Construction Equipment Limited 震东建

筑设备有限公司, a company incorporated in

Hong Kong with limited liability on 20 March

2015 and an indirect wholy-owned subsidiary

of the Company

“Top Mark”Top Mark Mechanical Equipment Limited 震东

机械设备有限公司, a company incorporated

in Hong Kong with limited liability on 28 July

1997 and an indirect wholy-owned subsidiary

of the Company

“Tristate Hong Kong”Tristate (HK) Holding Company Limited, a

company incorporated in Hong Kong with

limited liability on 13 April 2016, and an indirect

wholy-owned subsidiary of our Company

“Tristate International”Tristate International Industrial Limited 联亚

国际实业有限公司, a company incorporated

in Hong Kong with limited liability on 28 July

2008, and held as to 51% by Hang Wing, and

an indirect non-wholy owned subsidiary of our

Company

“U.S.”, “USA” or

“United States”

the United States of America, its teritories,

its posesions and al areas subject to its

jurisdiction

“US$”, “USD” or

“U.S. dolars”

United States dolars, the lawful curency for

the time being of the United States

“Year”Year ended 31 March 2025

“%”per cent

In the event of any inconsistency, the English text of this anual report

shal prevail over the Chinese text.

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