00508 鼎亿集团投资财务报表/环境、社会及管治资料：二零二五年年报

Financial Sumary

财务概要

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

SEGMENT REVENUE BY GEOGRAPHICAL MARKET

Revenue from external

customers

来自外部客户之收入

二零二四年

HK$’000

港币千元

Mainland China中国内地862,189

The folowing is a sumary of the total asets, total liabilities, total

equity, share capital, results and other financial information of DINGYI

GROUP INVESTMENT LIMITED (the “Company”) and its subsidiaries

colectively, the “Group”) as of year ended 31 March for the last five

years.

Financials (HK$ Milion)财务项目（港币百万元）2024202320222021

二零二四年二零二三年二零二年二零二一年

Total asets总资产2,6443,9454,4163,956

Total liabilities总负债1,4482,6882,9412,482

Total equity总权益1,1961,2571,4751,474

Shareholders’ funds股东资金1,1961,2571,4751,474

(Restated)(Restated)(Restated)

（经重列）（经重列）（经重列）

Share capital股本

– in number (Milion)－数目（百万股）736736736736

– in value－数值74747474

Revenue收入8621,217155226

(Los)/profit atributable to the

owners of the Company

本公司拥有人应占

（亏损）╱盈利405(101)43

Per Share Basis (HK cents)每股基本（港仙）

(Restated)(Restated)(Restated)

（经重列）（经重列）（经重列）

(Los)/earnings（亏损）╱盈利

– Basic－基本5.430.63(13.77)5.84

– Diluted－摊薄5.430.63(13.77)5.84

Dividends股息–

Net aset value资产净值162.55170.83200.44200.34

按地区市场划分之分类收入

下列为鼎亿集团投资有限公司（「本公司」）及其附属

公司（统称「本集团」）于过往五年截至三月三十一日

止年度之总资产、总负债、总权益、股本、业绩及

其他财务资料概况。

Corporate Information

企业资料

鼎亿集团投资有限公司

二零二五年报

BOARD OF DIRECTORS

Executive Directors

Mr. SU Xiaonong (Chief Executive Oficer)

Mr. ZENG Shan

Non-executive Directors

Mr. YUE Ying (Chairman)

Ms. LIU Miaomiao

Independent Non-executive Directors

Mr. CHOW Shiu Ki

Mr. IP Chi Wai

Mr. CHEUNG Chi Wai

COMPANY SECRETARY

Mr. CHAN Kwong Leung, Eric

AUDITOR

Confucius International CPA Limited

LEGAL ADVISERS

Jefrey Mak Law Firm

AUTHORISED REPRESENTATIVES

Mr. ZENG Shan

Mr. CHAN Kwong Leung, Eric

AUDIT COMITE

Mr. CHOW Shiu Ki (Chairman)

Mr. IP Chi Wai

Mr. CHEUNG Chi Wai

REMUNERATION COMITE

Mr. CHOW Shiu Ki (Chairman)

Mr. SU Xiaonong

Mr. IP Chi Wai

Mr. CHEUNG Chi Wai

董事会

执行董事

苏晓浓先生（行政总裁）

曾山先生

非执行董事

岳鹰先生（主席）

刘苗女士

独立非执行董事

周肇基先生

叶志威先生

张志伟先生

公司秘书

陈邝良先生

核数师

天健国际会计师事务所有限公司

法律顾问

麦振兴律师事务所

授权代表

曾山先生

陈邝良先生

审核委员会

周肇基先生（主席）

叶志威先生

张志伟先生

薪酬委员会

周肇基先生（主席）

苏晓浓先生

叶志威先生

张志伟先生

4DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Information

企业资料

提名委员会

岳鹰先生（主席）

刘苗女士

周肇基先生

叶志威先生

张志伟先生

主要往来银行

中国建设银行股份有限公司（湛江分行）

中国建设银行（亚洲）股份有限公司

恒生银行有限公司

注册办事处

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10, Bermuda

于香港之主要营业地点

香港湾仔港湾道1号

会展广场办公大楼

27楼2703室

于百慕达之股份过户登记总处

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

于香港之股份过户登记分处

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

股份上市

香港联合交易所有限公司

股份代号：508

网址

htp:/w.dingyi.hk

NOMINATION COMITE

Mr. YUE Ying (Chairman)

Ms. LIU Miaomiao

Mr. CHOW Shiu Ki

Mr. IP Chi Wai

Mr. CHEUNG Chi Wai

PRINCIPAL BANKERS

China Construction Bank Corporation Zhanjiang Branch

China Construction Bank (Asia) Corporation Limited

Hang Seng Bank Limited

REGISTERED OFICE

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM 10, Bermuda

PRINCIPAL PLACE OF BUSINES IN HONG KONG

Unit 2703, 27/F

Convention Plaza – Ofice Tower

1 Harbour Road, Wanchai, Hong Kong

PRINCIPAL SHARE REGISTRAR AND TRANSFER

AGENT IN BERMUDA

Apleby Global Corporate Services (Bermuda) Limited

Canon’s Court, 22 Victoria Stret

PO Box HM 1179, Hamilton HM EX

Bermuda

BRANCH SHARE REGISTRAR AND TRANSFER

OFICE IN HONG KONG

Tricor Investor Services Limited

17th Flor, Far East Finance Centre

16 Harcourt Road

Hong Kong

SHARE LISTING

The Stock Exchange of Hong Kong Limited

Stock Code: 508

WEBSITE

htp:/w.dingyi.hk

Chairman’s Statement

主席报告

鼎亿集团投资有限公司

二零二五年报

By abiding by the corporate spirit of “seizing early oportunities,

pursuing excelence, progresing proactively and forging ahead

inovatively”, over the years, we have ben adhering to the intrinsic

values of the industry as the core of our investment philosophy. We

believe al investment values are built on the growth and suces

of busines operations. We aply the comprehensive investment

evaluation and management system to select and invest in those

enterprises that demonstrate high growth potential and robust

performance in their respective industry sector. Meanwhile, we also

work closely with the management teams of prominent enterprises,

seking mutual development to maximize our own investment value

through joint growth with the investes.

As in the past, we continue to move forward dependably in achieving

to “leap into global markets with our fothold in China and become

a profesional investment institute with international competitivenes

focusing on investment in scalable industries”. Apart from our existing

securities trading, loan financing, property development and other

busineses, we persevered unremitingly to make the best use of

various resources and chanels to proactively sek meaningful

oportunities that are suitable for enterprise development, so as to

achieve growth for the Group in creating values to the shareholders of

the Company (the “Shareholders”) for their long-term suport.

During the past year, the Company devoted much time to exploring

diferent investment oportunities proactively. In adition, the

management team conducted some research acros diferent regions

in the world to explore and study other investment oportunities

in resources and energy projects, property development, financial

technology, pharmaceutical and marine industry. The Company is

confident about the prospect of such investment projects. We wil

update our Shareholders with important information whenever it is

available.

The net los of the Group for the year ended 31 March 2025 was

mainly atributable to the combined efect of (i) the reduction in sales

recognised for the properties development busines in the PRC; (i) the

provision for impairment los on loan and interest receivables; (i) write-

down of properties under development and properties held for sale; and

(iv) being partialy ofset by the gain arising from the changes in fair value

of financial asets.

秉承「把握先机、追求卓越、锐意进取、勇于创新」

的企业精神，多年来，我们一直坚持以产业内在价

值为核心的投资理念，我们相信，一切投资价值都

是建立在产业经营的成长与成功之上。我们运用完

善的投资评价管理体系，选择那些展示高成长性，

按照产业发展规律业绩亮丽的企业进行投资。与此

同时，我们还和这些优秀企业的经营管理团队紧密

合作，共谋发展，真正通过与被投资企业共同成长

来实现自身投资价值的最大化。

在实现「立足中国、面向环球市场，成为一家专注

于规模化产业投资、拥有国际竞争力的专业投资机

构」的征途上，我们一如既往的踏实前进著。除现

有证券买卖、贷款融资、物业发展及其他业务之

外，我们坚持不懈地使各种资源及平台得到最佳利

用，以积极寻求对适合企业发展的意味深长的机

会，从而为本公司股东（「股东」）的长期支持缔造价

值，亦实现本集团的成长。

过去一年，本公司除了投入不少时间积极探讨不同

的投资机会，管理团队对世界各地进行多项调查，

考察和研究资源及能源项目、物业开发、金融科

技、医药及海洋产业之投资机遇。本公司对这方面

的投资项目的前景有信心，若有重要消息，当尽快

通知股东。

本集团截至二零二五年三月三十一日止年度之净亏

损乃归因于以下因素的综合影响：(i)就中国物业发

展业务确认的销售额减少；(i)应收贷款及利息之减

值亏损拨备；(i)撇减发展中物业及持作出售的物

业；及(iv)部分被金融资产公允值变动产生之收益

所抵销业。

6DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Chairman’s Statement

主席报告

In March 2018, the Group completed the acquisition of the 100%

indirect equity interest in Xintai Investment Company Limited*

(湛江鑫泰投资有限公司) (“Xintai”). Xintai is principaly engaged in the

development, operation and investment of property. Xintai also holds

One Parkview* (公园一号), a complex land use development which

is located at Chikan District, Zhanjiang, Guangdong Province, the

PRC (the “Properties”). The Properties comprises of thre phases, (i)

phase I comprises of two blocks of residential buildings with a number

of retail shops, car parks and facilities; (i) phase I comprises of four

blocks of residential buildings with a number of retail shops, car parks

and facilities; and (i) phase I comprises of ten blocks of residential

buildings with a number of retail shops, car parks and facilities. The

Group has obtained pre-sales permit for certain blocks of the Phase I

of One Parkview project starting from June 2020 and is comencing

the pre-sales under the pre-sales permits. The Company is very

optimistic about the revenue and profit to be brought by the property

development industry in which it wil engage in the PRC in future.

On 31 March 2025, the Group completed the acquisition of the

100% indirect equity interest in Savor Dining Colective Limited (the

“Acquisition”). The Board considers that the Acquisition enables the

Group to re-enter the fod and beverage catering busines, which once

was the Group’s core busines for over a decade before the Group’s

withdrawal from this busines sector in 2020. After the Acquisition, the

Group now holds six restaurants which are al located in the prime areas

in Shenzhen. The Board considers these restaurants to be a strategic

platform for the Group to re-develop its presence in high-end catering

busines in the PRC in the future.

In the future, the Group wil continue to explore more investment

oportunities, especialy in new energy, finance, marine industry and

property development.

For identification purpose only 仅供识别

于二零一八年三月，本集团完成收购湛江鑫泰投资

有限公司（「鑫泰」）的100%间接股权。鑫泰主要从

事物业开发、营运及投资。鑫泰亦持有公园一号，

为一个位于中国广东省湛江市赤坎区之综合土地使

用发展项目（「该等物业」）。该等物业包括三期，(i)

第一期由两幢住宅楼宇连同多个零售舖位、停车位

及设施组成；(i)第二期由四幢住宅楼宇连同多个零

售舖位、停车位及设施组成；及(i)第三期由十幢住

宅楼宇连同多个零售舖位、停车位及设施组成。本

集团自二零二零年六月起就公园一号项目第三期若

干幢楼宇取得预售许可证，且已根据预售许可证展

开预售。本公司对于未来在国内将会从事的物业开

发行业，所带来的收入及盈利感到非常乐观。

于二零二五年三月三十一日，本集团已完成收购

Savor Dining Colective Limited的100%间接股权

（「该收购」）。董事会认为该收购使本集团得以重新

进军餐饮业务，而本集团于二零二零年退出该业务

领域前的十多年间，餐饮业务一直为本集团的核心

业务。收购事项后，现时本集团持有六间餐厅，该

等餐厅均位于深圳黄金地段。董事会认为，该等餐

厅将成为集团日后在中国重新发展高端餐饮业务的

战略平台。

在未来，本集团将继续探索更多投资机会，重点产

业放在新能源、金融业、海洋产业及物业开发等领

域上。

鼎亿集团投资有限公司

二零二五年报

Chairman’s Statement

主席报告

最后，本人谨借此机会感谢为本集团于本年度做出

宝贵贡献之所有人士，包括一直支持本集团之股

东、本公司之董事（「董事」）、业务伙伴、长期客户

以及努力不懈恳于奉献的员ェ，致以最衷心的谢

意。

成人道己，智慧鼎亿！

主席

岳鹰

Finaly, I would like to take this oportunity to expres my gratitude

and also my sincere thanks to al stakeholders who had made

valuable contributions to the Group this year. They include our loyal

Shareholders, felow directors of the Company (the “Directors”), our

busines partners, our steadfast customers, and those hardworking

and dedicated staf who have longed ben suporting us.

Reward Others While Enriching Ourselves, Thus Enlightening Dingyi!

YUE Ying

Chairman

Management Discusion and Analysis

管理层讨论及分析

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

BUSINES REVIEW

The Group is principaly engaged in securities trading, loan financing,

properties development, fod and beverage catering service busines

and other busines.

The Group’s revenue from its continuing operations for the year

amounted to aproximately HK$280 milion or HK$582 milion les

than that of the previous year. There was a los for the year atributable

to the Company’s owners of aproximately HK$138 milion (2024:

profit of HK$40 milion). The significant net los for the year was

mainly atributable to the combined efect of (1) the reduction in sales

recognised for the properties development busines in the PRC; (2) the

provision for impairment los on loan and interest receivables; (3) write-

down of properties under development and properties held for sale; and

(4) being partialy ofset by the gain arising from the changes in fair value

of financial asets.

The basic and diluted los per share was HK17.05 cents as compared

with earnings per share of HK5.43 cents last year.

Securities trading

During the year, the Group was involved in the securities trading

busines. The Group recorded a gain of aproximately HK$31 milion

(2024: los of aproximately HK$5 milion) arising from changes in

the fair value of the listed securities. As a result, the Group reported

a segment gain of aproximately HK$31 milion (2024: los of

aproximately HK$5 milion) during the year. Going forward, the Group

expects that the future performance of the listed securities investments

held by the Group wil be volatile and substantialy afected by overal

economic environment, equity market conditions, investor sentiment

and the busines performance and development of the investe

companies. The Board wil closely monitor the performance of the

investment portfolio from time to time.

Loan financing

During the year, the Group recorded a revenue of aproximately

HK$56 milion (2024: aproximately HK$71 milion) from loan financing

segment. The Group recorded alowance for impairment of loan and

interest receivables of aproximately HK$13 milion (2024: reversal of

alowance for impairment of aproximately HK$82 milion). As a result,

the Group reported a segment profit of aproximately HK$44 milion

(2024: aproximately HK$152 milion). The Group wil further develop

this segment in order to earn a higher interest income.

业务回顾

本集团主要从事证券买卖、贷款融资、物业发展、

餐饮服务及其他业务。

本集团于本年度之持续经营业务收入为约港币2.80

亿元，较去年减少港币5.82亿元。本公司之拥有人

应占年度亏损为约港币1.38亿元（二零二四年：盈

利港币4,000万元）。本年度录得重大净亏损，乃主

要由于以下各项之综合影响所致：(1)就中国物业发

展业务确认的销售额减少；(2)应收贷款及利息之减

值亏损拨备；(3)撇减发展中物业及持作出售的物

业；及(4)部分被金融资产公允值变动产生之收益所

抵销。

每股基本及摊薄亏损为17.05港仙，而去年则为每

股盈利5.43港仙。

证券买卖

年内，本集团开展证券买卖业务。本集团录得上市

证券公允值变动产生之收益约港币3,100万元（二

零二四年：亏损约港币500万元）。因此，年内，

本集团呈报分类收益约港币3,100万元（二零二四

年：亏损约港币500万元）。展望未来，本集团预

计，本集团持有的上市证券投资的未来表现将有所

波动，并很大程度上受整体经济环境、股权市场状

况、投资者情绪及被投资公司的业务表现及发展的

影响。董事会将不时密切监察投资组合之表现。

贷款融资

于本年度内，本集团从贷款融资分类录得收入约港

币5,600万元（二零二四年：约港币7,100万元）。本

集团就应收贷款及利息录得减值拨备约港币1,300

万元（二零二四年：减值拨备拨回约港币8,200万

元）。因此，本集团汇报分类盈利约港币4,400万元

（二零二四年：约港币1.52亿元）。本集团将进一步

发展此分类以赚取更高利息收入。

鼎亿集团投资有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

业务模式

就贷款融资业务而言，本集团针对各类公司客户提

供计息短期贷款，以满足彼等的流动资金需求。客

户来源主要由前及╱或现有客户及第三方转介。

资金来源

目前，贷款融资业务主要由(i)本集团的资金；及(i)

贷款融资业务分类所得的经营现金流量为其营运提

供资金。自业务开展以来，贷款融资业务尚未从任

何第三方取得任何银行借款及╱或融资信贷为其贷

款融资业务提供资金。

业务规模、贷款组合及客户基础

贷款融资业务透过前及╱或现有客户及第三方的推

荐以招揽其客户。

于二零二五年三月三十一日，应收贷款本金总额

约港币8.82亿元（二零二四年：港币8.54亿元）及应

收利息总额约港币6,600万元（二零二四年：港币

5,500万元）均记录于经审核财务报表中。应收贷款

的年利率介乎6%至8%。

于二零二五年三月三十一日，应收贷款本金介乎约

港币1,600万元至港币2,500万元。借款人来自不

同行业，主要从事IT技术创新；物业管理；电子商

务；住宿及餐饮；进出口业务；建筑材料贸易；农

产品加工；及物流业务。于二零二五年三月三十一

日，所有应收贷款均无抵押，并须于提款日起十二

个月内偿还，于本公司的历史资料中并无发生贷款

续期，亦无续期记录。

Busines model

In respect of the loan financing busines, the Group targeted on a

variety of corporate clients by providing interest bearing short-term

loans in order to met their liquidity neds. The sources of customers

are mainly referals from former and/or existing customers and third

parties.

Source of funding

Curently, the loan financing busines finances its operation primarily

from (i) funding from the Group; and (i) operating cash flow generated

from the loan financing busines segment. Since comencement of

the busines, the loan financing busines has not obtained any bank

borowing and/or financing facility from any third party to finance its loan

financing activities.

Scale of busines, loan portfolio and customer base

The loan financing busines solicits its customers by referal from former

and/or existing customers and third parties.

As at 31 March 2025, loan receivables with the agregate gros

principal amount of aproximately HK$882 milion (2024: HK$854

milion) and gros interest receivables amount of aproximately HK$66

milion (2024: HK$55 milion) were recorded in the audited financial

statements. The interest rates of the loan receivables ranged from 6%

to 8% per anum.

As at 31 March 2025, the principals of loan receivables ranged from

aproximately HK$16 milion to HK$25 milion. The borowers are

from diferent industries mainly engaged in inovation of IT technology;

property management; E-comerce; acomodation and catering;

import and export busines; trading of building materials; agricultural

products procesing; and logistics busines. As at 31 March 2025, al

of the loan receivables were unsecured and repayable within twelve

months from the drawdown date with no loan renewals having ocured

and boked in our records.

10DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Management Discusion and Analysis

管理层讨论及分析

融资业务结构及信贷风险评估

本集团的贷款融资业务以两级结构营运，即贷款审

批委员会（「委员会」）作为监督团队，及贷款融资管

理团队（「贷款团队」）作为委员会辖下的行政团队。

委员会由三名本公司高级管理层成员组成，并由本

公司执行董事王晓华先生领导。贷款团队由两个分

部组成，分别为贷款融资单位及信贷风险管理单

位，各自由一名经理（「经理」）领导。委员会及贷款

团队经理共同构成本集团贷款融资业务的核心管理

层。

贷款融资单位的主要职责为收集并审核借贷申请人

的背景资料并编制借贷申请人的尽职调查概要，综

合制成调查报告，交单位经理批准。

信贷风险管理单位的主要职责为对借贷申请人进行

信贷风险评估并提出贷款后管理，综合制成项目风

险报告，交单位经理批准。

委员会负责审议贷款申请，及经理提呈的贷款调查

报告及项目风险报告。

为实现本集团贷款融资业务的可持续均衡发展，贷

款融资业务的核心管理层具有全面的经验及技能及

专业知识，涵盖（其中包括）(i)风险管理；(i)法律及

合规；(i)项目评估；及(iv)企业管理。本公司认为，

贷款融资管理团队的多元化能力足以可持续的方

式经营本集团的贷款融资业务。

委员会及贷款团队进行的贷款融资业务流程涉及一

系列内部合规及控制程序：(i)接受贷款申请及了解

客户评估；(i)进行尽职调查；(i)信贷风险评估及贷

款批准；(iv)发放贷款；及(v)发放贷款后的审查及收

款。

Financial busines structure and credit risk

asesment

The loan financing busines of the Group is operated by a two-tiered

structure, being the Loan Aproval Comite (the “Comite”) as

the overseing team and the Loan Financing Management Team (the

“Loan Team”) as the administrative team responsible to the Comite.

The Comite comprises thre members of senior management of the

Company and is headed by Mr. Wang Xiaohua, an executive director of

the Company. The Loan Team comprises two divisions namely the Loan

Financing Unit and the Credit Risk Management Unit, each headed

by a manager (the “Manager”/“Managers”). The Comite and the

Managers of the Loan Team together constitute the core management

of the loan financial busines of the Group.

The primary duties of the Loan Financing Unit are to colect and review

borowing aplicants’ background information and prepare a sumary

of due diligence on the borowing aplicants, culminating in a Loan

Investigation Report aproved by the Manager of the unit.

The primary duties of the Credit Risk Management Unit are to cary out

credit risk asesment of the borowing aplicants and propose the

post-loan management, culminating in a Project Risk Report aproved

by the Manager of the unit.

The Comite is responsible for reviewing the loan aplications, Loan

Investigation Report and the Project Risk Report presented by the

Managers.

To achieve a sustainable and balanced development of the Group’s

loan financing busines, the core management of the loan financing

busines poseses a comprehensive range of experience and skils

and expertise covering, inter alia, (i) risk management; (i) legal and

compliance, (i) project evaluation; and (iv) corporate management. The

Company is of the opinion that the loan financing management team’s

diverse abilities are suficient to run the Group’s loan financing busines

in a sustainable maner.

The loan financing busines proceses undertaken by the Comite

and the Loan Team involve a series of internal compliance and control

procedures: (i) aceptance of loan aplications and Know-Your-Client

asesment; (i) conducting due diligence; (i) credit risk asesments

and loan aprovals; (iv) granting of loans; and (v) post-loan grant review

and colections.

鼎亿集团投资有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

就主要内部监控而言，贷款融资业务的核心管理层

亦考虑到进行贷款融资业务活动时的(i)信贷风险；

(i)营运风险；及(i)法律及合规风险。

信贷风险尤其被视为贷款融资业务的固有主要风

险。因此，贷款融资业务已制订信贷风险管理系

统，以有效识别、管理及降低与其发放的每笔贷款

有关的信贷风险。

于每笔贷款获批并发放予借款客户之前，本集团会

进行一系列的信贷风险评估程序，例如身份审查、

财务状况评估及公开搜索。于信贷评估中，本公司

将考虑的因素包括但不限于借款人的财务稳健性、

内部及外部信贷检查结果，以及（如适用）是否有任

何担保、抵押品及╱或其他形式的担保。根据上述

信贷政策，风险管理部负责人经参考贷款调查报告

及项目风险报告以进行信贷评估程序。

于提款后，当政策或经济环境出现变动及信贷评估

程序中我们获得的信息更新时，本集团将每季度或

委员会认为有必要的任何时间定期审阅。本集团亦

会积极审查及监察贷款偿还情况，以确保借款人通

过银行转账支付的所有利息及本金按时支付，并密

切跟进逾期款项（如有）。

倘未能如期偿还贷款，本公司将与借款人沟通以了

解违约原因及彼等的最新财务情况。根据情况及对

贷款风险的重新评估，本公司将考虑贷款重新计划

安排或对借款人采取法律行动是否为本公司的最佳

选择，以保障本公司及其全体股东的利益。

信贷政策会予以定期审查及修订，以配合现行市场

及经济状况、法律及监管要求以及委员会认为重要

的其他因素等变动。

From the key internal control’s perspective, the core management of the

loan financing busines also considers (i) credit risk; (i) operational risk;

and (i) legal and compliance risk, when conducting the loan financing

busines activities.

Credit risk in particular is considered to be the principal risk inherent

in the loan financing busines. Therefore, the loan financing busines

has developed a credit risk management system in order to efectively

identify, manage and minimize credit risks in conection with each loan

it grants.

A series of credit risk asesment procedures, such as identity checks,

financial position asesment and public searches, are performed

by the Group before each loan is aproved and advanced to the

borowing customers. In credit asesment, the Company wil take into

consideration factors including but not limited to the borower’s financial

soundnes, internal and external credit checking results, and, where

aplicable, the availability of any guarante, colateral and/or other

forms of security. Acording to the aforesaid credit policies, the head

of the risk management department caries out the credit asesment

procedures with reference to the loan investigation report and the

project risk report.

Subsequent to the drawdown, the Group wil regularly review on

a quarterly basis or any time the Comite finds necesary when

there is a change of policy or economic climate and an update on the

information we have obtained during the credit asesment procedures.

The Group also actively reviews and monitors the loan repayment status

to ensure al the interest and principal payments made by the borowers

through bank transfers are punctual and the past due amounts, if any,

are closely folowed up.

In the event that the loan repayments are not made on schedule, the

Company would comunicate with the borowers to understand the

reason for default and their latest financial situation. Based on the

situation and the re-asesment of risk of the loan, the Company would

consider whether a loan re-schedule arangement or a legal action

against the borowers would be the best choice for the Company in

order to protect the interest of the Company and its shareholders as a

whole.

The credit policy is reviewed and revised on a regular basis to

acomodate changes in the prevailing market and economic

conditions, legal and regulatory requirements, and other factors the

Comite considers to be important.

12DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Management Discusion and Analysis

管理层讨论及分析

营运风险为由于内部控制及系统不完善或有缺陷、

人为错误或外部事件导致的风险。贷款融资业务已

以下列方式采取并实施有效的营运政策及程序以应

对营运风险：

－建立完善的企业管治架构，订明委员会及高

级管理层的责任；

－于董事会及集体决策程序下设立委员会，以

降低贷款审批过程中单一决策者个人判断或

偏见的风险；

－采取并严格执行双重调查及尽职调查程序、

贷款申请调查评估或风险评估过程与贷款审

批分离政策、多级评估及审批程序、现场访

问及检查以及高级管理层与客户的业主或管

理层进行面谈等措施，以预防及识别潜在的

员工欺诈行为；

－对员工实施基于表现的补偿计划；及

－为员工提供专业培训，尤其是对负责评估及

审批贷款的员工。

贷款融资业务于受到高度监管的行业中运营，受不

断变化的法律、法规及政策的约束，且贷款融资业

务可能需要不时对其业务作出重大改动，以符合该

等法律、法规及政策的变动。委员会连同其他相关

部门就贷款融资业务适用的法律法规要求及申请限

制提出建议，并对任何违约客户发起法律诉讼。

Operational risk is the risk resulting from inadequate or failure of internal

controls and systems, human erors or external events. The loan

financing busines has adopted and implemented efective operational

policies and procedures to cope with the operational risk in the folowing

ways:

– established an adequate corporate governance structure with

clearly defined responsibilities of the Comite and senior

management;

– established the Comite under the Board and colective

decision making procedures to mitigate the risk relating to

personal judgment or prejudice of a single decision maker in the

proces of loan aproval;

– adopted and strictly implemented measures to prevent and

detect potential employe frauds, such as dual investigation and

due diligence proces, the policy of separating the investigation

and evaluation of loan aplications or risk asesment proces

from the aproval of loans, multilevel asesments and aproval

procedure, on-site visits and inspection, and interviews conducted

by our senior management with the owner or management of the

customers;

– implemented a performance-based compensation scheme for

staf; and

– provided staf with profesional training, especialy to those who

are responsible for asesment and aproval of loans.

The loan financing busines operates in a highly regulated industry that

is subject to continualy evolving laws, regulations and policies, and the

loan financing busines may be required to make significant changes

to its operations from time to time in order to comply with changes in

these laws, regulations and policies. The Comite together with other

departments involved, advises on legal and regulatory requirements

aplicable to the loan financing busines as wel as the aplication

restrictions, and initiate legal procedings against any defaulting

customers.

鼎亿集团投资有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

本公司认为贷款融资业务已制订适当的贷款审批及

评估以及监察程序。截至二零二五年三月三十一日

止年度，所有应收贷款均被评为低违约风险或自提

取后信贷风险未显著增加且并未发生信贷减值。董

事会认为其已就其贷款融资业务制定了充分而严格

的政策。该等政策成效可见于所有到期贷款均已于

报告日期悉数偿还及并无逾期。

贷款减值

尽管并无上述还款违约，贷款减值乃根据香港会计

师公会颁布的香港财务报告准则第9号金融工具参

考预期信贷亏损而确认。

截至二零二五年三月三十一日止年度，疫情导致经

济长期低迷，对借款人的还款能力造成不利影响，

从而影响本集团对贷款可收回性的预期。因此，根

据会计准则估计应收贷款违约率时，本集团已审慎

考虑截至二零二五年三月三十一日止年度各借款人

的违约率。

此外，透过与借款人进行沟通，参考彼等过往及当

前的还款记录、贷款条件及抵押物价值，根据借款

人目前的财务状况，本集团计算贷款减值时将进行

额外的独立调整。

截至二零二五年三月三十一日止年度，概无应收贷

款被识别为信贷减值或已撇销。鉴于本公司已就其

贷款融资业务制定充分及严格的政策，董事会认为

减值比率并不重大。

The Company considers that the loan financing busines has put

in place adequate loan aproval and asesment and monitoring

procedures. During the year ended 31 March 2025, al loan receivables

were asesed as low risk of default or there had not ben a significant

increase in credit risk since drawdown, nor was there credit impaired.

The Board considers it has put in place adequate and tight policies

towards its loan financing busines. The efectivenes of these policies is

reflected by the fact that al the loans due have ben fuly setled and no

past due has ocured as of the reporting date.

Loan impairment

Despite the fact that there was no repayment default as above

mentioned, the loan impairment was recognised with reference to the

expected credit loses in acordance with the Hong Kong Financial

Reporting Standard 9 Financial Instruments isued by the Hong Kong

Institute of Certified Public Acountants.

During the year ended 31 March 2025, the prolonged economic

downturn driven by the epidemic adversely afected the repayment

ability of the borowers, thus afecting the Group’s expectation of the

loan recoverability. Therefore, when estimating the default rate of loan

receivables acording to the acounting standards, the Group prudently

considered a default rate of each borower during the year ended 31

March 2025.

Besides, based on the borowers’ curent financial status as

comunicated with the borowers, with reference to their past and

curent repayment records, loan terms, and the value of the colateral,

the Group wil make aditional independent adjustments when

calculating the loan impairment.

During the year ended 31 March 2025, no loan receivables were

identified as credit impaired nor writen of. The Board considers that

the impairment ratio is insignificant, given that the Company has put in

place adequate and tight policies towards its loan financing busines.

14DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Management Discusion and Analysis

管理层讨论及分析

物业发展

年内，本集团录得收入约港币2.23亿元（二零二四

年：约港币7.91亿元）及分类亏损约港币1.87亿元

（二零二四年：约港币1,200万元）。收入减少乃主

要由于客户取得已竣工待售物业之控制权时确认之

物业发展业务收入减少所致。本集团已完成公园一

号项目第三期几栋大楼的建设，亦开始销售住宅楼

宇及商舖。就物业销售向客户预收的款项确认为合

约负债。本集团预计，于发展中物业竣工及出售已

竣工物业后，该分类于未来数年将继续录得收入及

正面业绩。

本集团已为本集团物业单位若干买家安排银行融

资，并就该等买家的还款责任提供担保。该等担保

在下列较早者终止：(i)出具房屋产权证，此证一般

在担保登记完成后两年内出具；或(i)物业买家支付

按揭贷款时。

根据担保条款，在该等买家拖欠按揭还款时，本集

团须负责向银行偿还欠款买家拖欠的按揭本金连同

应计利息及罚金，而本集团有权接收相关物业的法

定业权及管有权。本集团的担保期由授出按揭日期

起开始。董事认为买家拖欠付款之可能性极微，倘

发生拖欠付款，则有关物业之可变现价值净额可收

回尚未偿还按揭本金连同应计利息及罚金，因此该

等财务担保之公允值属非重大。

于二零二五年三月三十一日，就本集团物业买家获

授按揭融资向银行作出的担保金额总计约为港币

980万元（二零二四年三月三十一日：港币1,120万

元）。

Properties development

During the year, the Group recorded a revenue of aproximately

HK$223 milion (2024: aproximately HK$791 milion) and segment los

of aproximately HK$187 milion (2024: aproximately HK$12 milion).

The decrease in revenue was mainly due to the decrease in revenue

of properties development busines recognised upon the customers

obtaining control of the completed property for sale. The Group has

completed the construction of certain blocks of the Phase I of One

Parkview project and has comenced the sale of residential buildings

and retail shops. The payments received in advance from customers

for properties sales were recognised as contract liabilities. The Group

anticipates further revenue and positive results from this segment in the

folowing years upon completion of properties under development and

the sale of completed properties.

The Group has aranged bank financing for certain purchasers of the

Group’s property units and provided guarantes to secure obligations of

such purchasers for repayments. Such guarantes terminate upon the

earlier of (i) isuance of the real estate ownership certificate which wil

generaly be available within a period of two years upon the completion

of guarante registration; or (i) the satisfaction of mortgage loan by the

purchasers of properties.

Pursuant to the terms of the guarantes, upon default in mortgage

payments by these purchasers, the Group is responsible to repay

the outstanding mortgage principals together with acrued interest

and penalty owed by the defaulted purchasers to the banks and the

Group is entitled to take over the legal title and posesion of the

related properties. The Group’s guarante period starts from the date

of grant of the mortgage. The Directors consider that the likelihod of

default in payments by purchasers is minimal and in case of default in

payments, the net realisable value of the related properties can cover

the repayment of the outstanding mortgage principals together with

the acrued interest and penalty and therefore the fair value of these

financial guarantes is imaterial.

As at 31 March 2025, guarantes given to banks for mortgage

facilities granted to purchasers of the Group’s properties amounted to

aproximately HK$9.8 milion in total (31 March 2024: HK$11.2 milion).

鼎亿集团投资有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

餐饮服务

除证券买卖、贷款融资及物业发展等现有业务外，

本集团亦一直探寻潜在投资机会。董事会认为，于

二零二五年三月三十一日完成收购餐饮服务业务

后，本集团得以重新进军餐饮业务，而本集团于二

零二零年退出该业务领域前的十多年间，餐饮业

务一直为本集团的核心业务。收购事项后，现时

本集团将持有六间餐厅（即Ensue、Tera Madre、

L’AIée、L’Avenue、Mesa Casa Latino及颐亭），

该等餐厅均位于深圳黄金地段。董事会认为，该等

餐厅将成为集团日后在中国重新发展高端餐饮业务

的战略平台。

其他业务－酒类买卖

本集团已保存一定数量之优质酒。该等存货将于市

价高时卖出，以令本集团可获得理想之销售回报。

现时，该等存货存置于香港之酒窖。

资本架构

于二零二五年三月三十一日，本公司之已发行股

份总数为850,678,301股每股港币0.10元之股份

（二零二四年三月三十一日：735,678,301股每

股港币0.10元之股份）及其已发行股本为约港币

85,068,000元（二零二四年三月三十一日：约港币

73,568,000元）。

除上段及本报告附注30所披露者外，本公司于截

至二零二五年三月三十一日止年度之资本架构并无

变动。

Fod and beverage catering services

The Group has ben exploring potential investment oportunities apart

from its existing busineses of securities trading, loan financing and

properties development. The Board considers that the acquisition of

catering services busines completed on 31 March 2025 enables the

Group to re-enter the catering busines, which once was the Group’s

core busines for over a decade before the Group’s withdrawal from

this busines sector in 2020. After the acquisition, the Group now

holds six restaurants (namely Ensue, Tera Madre, L’AIée, L’Avenue,

Mesa Casa Latino and 颐亭) which are al located in the prime areas

in Shenzhen. The Board considers these restaurants to be a strategic

platform for the Group to re-develop its presence in high-end catering

busines in the PRC in the future.

Other busines – trading of wine

The Group has kept certain quantities of fine wines. The stocks wil be

ofered to sel when the market prices are so favourable that the Group

can obtain a god return on the sale. At present, the stocks are kept in

the wine celar situated in Hong Kong.

CAPITAL STRUCTURE

As at 31 March 2025, the total number of isued shares of the

Company was 850,678,301 of HK$0.10 each (31 March 2024:

735,678,301 of HK$0.10 each) and its isued share capital was

aproximately HK$85,068,000 (31 March 2024: aproximately

HK$73,568,000).

Save as disclosed in the above paragraph and Note 30 of this report,

there was no change in the capital structure of the Company during the

year ended 31 March 2025.

16DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Management Discusion and Analysis

管理层讨论及分析

财务回顾

收入

本集团之收入由二零二四年约港币8.62亿元减少至

二零二五年约港币2.80亿元，乃主要由于物业发展

分类收入减少所致。

毛利

毛利由二零二四年约港币1.08亿元减少至二零

二五年约港币6,000万元，减幅约港币4,800万元

或45%。毛利率由二零二四年约12.5%增加至二零

二五年约21.4%。

其他收入

本年度之其他收入轻微减少至约港币100万元（二

零二四年：约港币110万元）。

销售及营销成本及一般及行政费用

在物业市场普遍放缓的情况下，销售及营销成本维

持于高水平，约为港币4,500万元（二零二四年：约

港币4,500万元）。一般及行政费用维持稳定，约为

港币2,200万元（二零二四年：约港币2,200万元），

乃主要由于截至二零二五年三月三十一日止年度

实施成本控制导致成本节省。

物业、厂房及设备

物业、厂房及设备于本年度增加至约港币2,800万

元（二零二四年：约港币700万元）。物业、厂房

及设备大幅增加，乃主要由于二零二五年三月

三十一日完成收购餐饮服务业务所致。

重大投资

于二零二五年三月三十一日，本集团拥有于损益账

按公允值处理之金融资产，即在香港、上海及伦敦

上市的股权证券，为约港币4,100万元（二零二四

年：约港币900万元）。本集团录得上市证券公允

值变动产生之收益约港币3,100万元（二零二四年：

亏损约港币400万元）。由于本集团持有于损益账

按公允值处理之金融资产价值不超过本集团在二零

二五年三月三十一日的资产总值5%，因此本集团

概无持有重大投资。

FINANCIAL REVIEW

Revenue

The Group’s revenue decreased from aproximately HK$862 milion

in 2024 to aproximately HK$280 milion in 2025, mainly because of a

decrease of revenue in properties development segment.

Gros Profit

The gros profit decreased by aproximately HK$48 milion, or 45%,

from aproximately HK$108 milion in 2024 to aproximately HK$60

milion in 2025. The gros profit margin increased from aproximately

12.5% in 2024 to aproximately 21.4% in 2025.

Other Income

Other income decreased slightly aproximately HK$1.0 milion this year

(2024: aproximately HK$1.1 milion).

Seling and Marketing Costs and General and

Administrative Expenses

Seling and marketing costs remained high at aproximately HK$45

milion (2024: aproximately HK$45 milion) under the prevailing slow-

down of the property market. General and administrative expenses

were stable at aproximately HK$22 milion (2024: aproximately

HK$22 milion) which was mainly due to the cost saving resulting from

the implementation of cost control during the year ended 31 March

2025.

Property, Plant and Equipment

Property, plant and equipment increased to aproximately HK$28

milion this year (2024: aproximately HK$7 milion). The significant

increase in property, plant and equipment was mainly atributed to the

acquisition of the fod and beverage catering service busines which

was completed on 31 March 2025.

Significant Investment

As at 31 March 2025, the Group had financial asets at fair value

through profit or los, representing equity securities listed in Hong

Kong, Shanghai and London, of aproximately HK$41 milion

(2024: aproximately HK$9 milion). The Group recorded a gain of

aproximately HK$31 milion (2024: los of aproximately HK$4 milion)

arising from changes in fair value of listed securities. Since there was

no financial asets at fair value through profit or los held by the Group

valued more than 5% of the total asets of the Group as at 31 March

2025, there were no significant investments held by the Group.

鼎亿集团投资有限公司

二零二五年报

Management Discusion and Analysis

管理层讨论及分析

现金及银行结余

现金及银行结余由去年之约港币1.14亿元减少至本

年度约港币5,100万元。

股东资金及财务比率

于二零二五年三月三十一日，本公司拥有人应占之

本集团资产净值约港币10.64亿元（二零二四年：

港币11.96亿元），较二零二四年减少约港币1.32亿

元。

于二零二五年三月三十一日，总债务与权益比率

为0.92（二零二四年：0.82），而净债务与权益比率

为0.87（二零二四年：0.72），此乃分别将借款总额

及借款总额减现金及现金等价物除以总权益约港币

10.64亿元（二零二四年：港币11.96亿元）而得出之

比率。

可换股债券及其他贷款

于二零二五年三月三十一日，本集团其他贷款约

为港币9.80亿元（二零二四年三月三十一日：约港

币9.80亿元）。本公司于二零一八年三月二十六日

向一名前董事（李光煜先生）发行的初步转换价每股

转换股份港币0.80元之本金为港币980,000,000元

的可换股债券所附带的转换权于二零二三年三月

二十六日届满。因此，相关的可换股债券已成为普

通债项。

资产抵押

于二零二五年及二零二四年三月三十一日，本集团

并无已抵押之资产。

外汇风险

本集团的大部份资产以港币（「港币」）、人民币（「人

民币」）、美元（「美元」）及澳元（「澳元」）计值。考虑

到该等货币之间的汇率相对稳定，本集团认为人民

币、美元及澳元汇率波动的相应风险相对有限。本

集团并无涉及任何衍生金融工具或对冲工具。本集

团将持续检讨经济状况及其外币风险情况，并继续

积极监察外汇风险以尽量减少任何不利货币变动的

影响。

Cash and Bank Balances

Cash and bank balances decreased from aproximately HK$114 milion

last year to aproximately HK$51 milion this year.

Shareholders’ Funds and Financial Ratios

As at 31 March 2025, the Group’s net asets atributable to the owners

of the Company amounted to aproximately HK$1,064 milion (2024:

HK$1,196 milion), a decrease of aproximately HK$132 milion when

compared with that of 2024.

As at 31 March 2025, total debt to equity ratio was 0.92 (2024:

0.82) and net debt to equity ratio was 0.87 (2024: 0.72), which were

expresed as a percentage of total borowings and total borowings

les cash and cash equivalents respectively, over the total equity of

aproximately HK$1,064 milion (2024: HK$1,196 milion).

Other Loan

As at 31 March 2025, the Group’s other loan amounted to

aproximately HK$980 milion (31 March 2024: aproximately HK$980

milion). The conversion rights atached to the convertible bonds in

the principal amount of HK$980,000,000 isued by the Company to

a former director (Mr. Li Kwong Yuk) on 26 March 2018 at the initial

conversion price of HK$0.80 per conversion share expired on 26

March 2023, and as such the relevant convertible bonds had become a

straight debt.

Charge on Asets

As at 31 March 2025 and 2024, the Group had no charge on asets.

Foreign Exchange Exposure

Most of the Group’s asets are denominated in Hong Kong dolars

(“HKD”), Renminbi (“RMB”), United States dolars (“USD”) and

Australian dolars (“AUD”). Considering the exchange rates betwen

these curencies are relatively stable, the Group believed that the

coresponding exposure to RMB, USD and AUD exchange rate

fluctuations was relatively limited. The Group does not undertake any

derivative financial instruments or hedging instruments. The Group wil

constantly review the economic situation and its foreign curency risk

profile, and continues to actively monitor foreign exchange exposure to

minimise the impact of any adverse curency movement.

18DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Management Discusion and Analysis

管理层讨论及分析

或有负债

于二零二五年及二零二四年三月三十一日，本集团

并无或有负债。

资本承担

于二零二五年三月三十一日，本集团资本承担为约

港币5.26亿元（二零二四年：约港币5.36亿元）。

库务政策

本集团对现金及财务管理采取审慎之库务政策。为

更好管控风险及将资金成本降至最低，本集团之库

务事宜均集中处理。现金一般以大部份以港币、美

元、人民币或澳元为单位之短期存款存置。本集团

经常对其流动资金及融资需要作出检讨。因应新投

资项目，在维持适当之资产负债水平下，本集团将

考虑新的融资渠道。

报告期后事项

于二零二五年六月二十日，本公司与餐饮服务业务

（「目标集团」）的卖方（「卖方」）订立补充协议，以补

充日期为二零二五年三月三十一日之买卖协议，根

据补充协议，买卖协议的条款现已更改，额外代价

仅于目标集团截至二零二六年三月三十一日及二零

二七年三月三十一日止两个年度之经审核综合纯利

总额超过人民币480万元时，方会由本集团支付予

卖方。

策略及展望

除证券买卖、贷款融资、物业发展、餐饮服务等现

有业务及其他业务外，本集团将继续探索其他符合

本公司合理回报标准之潜在投资机遇。此举不仅将

巩固核心业务，亦将提升股东之价值。本集团一直

在物色若干于资源及能源项目、物业发展、金融科

技、医药及海洋产业之投资机遇。

Contingent Liabilities

As at 31 March 2025 and 2024, the Group had no contingent liabilities.

Capital Comitments

As at 31 March 2025, the Group had capital comitments of

aproximately HK$526 milion (2024: aproximately HK$536 milion).

TREASURY POLICIES

The Group adopts conservative treasury policies on cash and financial

management. To achieve beter risk control and minimise the cost of

funds, the Group’s treasury activities are centralised. Cash is generaly

placed in short-term deposits mostly denominated in HKD, USD, RMB

or AUD. The Group’s liquidity and financing requirements are frequently

reviewed. In anticipating new investments, the Group wil consider new

financing chanels while maintaining an apropriate level of gearing.

EVENTS AFTER THE REPORTING PERIOD

On 20 June 2025, the Company and the vendors (the “Vendors”)

of the fod and beverage catering service busines (the “Target

Group”) entered into a suplemental agrement to the sale and

purchase agrement dated 31 March 2025. Acording to suplemental

agrement, the terms of the sale and purchase agrement have

ben changed to the efect that the aditional consideration wil only

be payable by the Group to the Vendors if the agregate audited

consolidated net profits of the Target Group for the two years ending 31

March 2026 and 31 March 2027 exced RMB4.8 milion.

STRATEGY AND OUTLOK

Apart from the existing busineses of securities trading, loan financing,

properties development, fod and beverage catering services and

other busineses, the Group wil continue to explore other potential

investment oportunities with reasonable returns that met the

Company’s criteria. This wil not only strengthen our core busines but

also increase the shareholders’ values. The Group has ben exploring

some investment oportunities in resources and energy projects,

properties development, financial technology, pharmaceutical and

ocean industry.

Directors and Senior Management Profile

董事及高级管理层简介

鼎亿集团投资有限公司

二零二五年报

Set out below are the biographical details of the curent Directors:

EXECUTIVE DIRECTORS

Mr. Su Xiaonong (“Mr. Su”)

Mr. Su, aged 61, joined the Company as executive Director and chief

executive oficer of the Company (the “Chief Executive Oficer”) on 27

October 2011. He acted as the Acting Chairman of the Board and the

chairman of the nomination comite (the “Nomination Comite”)

from 30 December 2022 to 14 October 2024. He is also a member of

the remuneration comite (the “Remuneration Comite”) and

directors of various subsidiaries of the Company. Mr. Su graduated

from East China Colege of Political Science and Law in 1986. He has

ben director or management of various venture capital, private equity

and investment consultancy companies in the People’s Republic of

China (“PRC”), including 深圳市国发投资管理有限公司 (Shenzhen

Gofar Investment Management Co., Ltd.*) during the period from April

2003 to November 2007. Mr. Su curently works at 深圳市中联易业

投资顾问有限公司 (Shenzhen Union Venture Capital Consulting Co.,

Ltd.*) and 深圳市鼎亿万通投资有限公司 (Shenzhen Dingyi Wantong

Investment Co., Ltd.*). He is also a partner and vice president of 深圳市

鼎亿资本投资企业(有限合伙) (Shenzhen Dingyi Venture Capital L.P.*).

Mr. Zeng Shan (“Mr. Zeng”)

Mr. Zeng, aged 62, joined the Company as an executive Director on 15

October 2024. He graduated from Sichuan University with a bachelor’s

degre in Theoretical Physics in 1984. He completed a postgraduate

course in Demography at Renmin University of China in 1989. He also

holds a doctor’s degre in Economics from Southwestern University of

Finance and Economics. Mr. Zeng has over 30 years’ work experience

in investment, busines management and restructuring. He served

as the secretary and deputy director general at 中国中青年农村经

济研究会 (China Youth and Midle-aged Rural Economic Research

Asociation*) from February 1989 to November 1991 and worked as

director and deputy general manager in 中国中小企业投资有限公

司 (China Smal and Medium Enterprises Investment Co., Ltd.*) from

November 1991 to November 1994. Mr. Zeng was the general manager

of thre companies in the People’s Republic of China, namely 海南农

村发展建设联合总公司 (Hainan Rural Development and Construction

United Corporation*) from November 1994 to August 1996, 北京市华

For identification purpose only 仅供识别

现任董事之履历详情载列如下：

执行董事

苏晓浓先生（「苏先生」）

苏先生，61岁，于二零一年十月二十七日加入

本公司出任本公司之执行董事兼行政总裁（「行政

总裁」）。彼曾于二零二年十二月三十日至二零

二四年十月十四日担任董事会署理主席兼提名委

员会（「提名委员会」）主席。彼亦为本公司薪酬委员

会（「薪酬委员会」）之成员及多间附属公司之董事。

苏先生于一九八六年于华东政法学院毕业。彼一直

担任中华人民共和国（「中国」）多间风险资本、私募

股权及投资顾问公司之董事或管理层职务，其中包

括于二零三年四月至二零七年十一月期间任职

于深圳市国发投资管理有限公司。苏先生现任职于

深圳市中联易业投资顾问有限公司及深圳市鼎亿万

通投资有限公司。彼亦为深圳市鼎亿资本投资企业

（有限合伙）之合伙人兼副总裁。

曾山先生（「曾先生」）

曾先生，62岁，于二零二四年十月十五日加入本

公司出任执行董事。彼于一九八四年毕业于四川大

学，获理论物理学士学位。彼于一九八九年完成

中国人民大学的人口学研究生课程。彼亦持有西南

财经大学授予的经济学博士学位。曾先生于投资、

企业管理及重组方面拥有逾30年工作经验。彼自

一九八九年二月至一九一年十一月担任中国中青

年农村经济研究会干事及副总干事，自一九一年

十一月至一九四年十一月担任中国中小企业投资

有限公司董事兼副总经理。曾先生曾担任三家中华

人民共和国公司的总经理，即于一九四年十一月

至一九六年八月担任海南农村发展建设联合总公

司总经理、于一九六年八月至一九年六月担

任北京市华德实业公司总经理及于一九年八月

至二零一二年八月担任北京华德投资有限公司总经

理。于二零一二年九月，彼加入北京赛伯乐绿科投

20DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Directors and Senior Management Profile

董事及高级管理层简介

资管理有限公司，担任执行合伙人兼副董事长直至

二零二三年九月。自二零二三年十一月起，曾先生

一直担任深圳前海中力股权投资基金管理有限公司

高级合伙人。

非执行董事

岳鹰先生（「岳先生」）

岳先生，61岁，于二零二四年十月十五日加入本

公司出任非执行董事兼董事会主席。彼亦为提名

委员会主席。彼于一九八五年毕业于河南大学，

获经济学士学位。彼亦持有西南财经大学授予

的经济学硕士学位。岳先生于银行、金融及风险管

理方面拥有逾30年工作经验。自一九八年七月

至一九三年六月，岳先生加入中国建设银行广

东省分行，历任信贷员人事科长及支行长。自

一九三年六月至二零三年六月，彼历任广州黄

埔支行长、广州开发区支行长及东莞分行

长。自二零三年七月至二零九年二月，彼获委

任为广东省分行副行长，及自二零九年二月至二

零一三年十一月，彼获委任为苏州分行长。自二

零一三年十二月至二零二年一月岳先生加入招商

银行南京分行并担任行长，先后担任深圳分行长

及总行业务总监。岳先生目前亦受聘为深圳大学管

理学院的客座教授。此外，彼为南方科技大学教育

基金投委会主席及深圳妇女儿童发展基金荣誉会

长。

德实业公司 (Beijing Huade Industrial Company*) from August 1996 to

June 1999 and 北京华德投资有限公司 (Beijing Huade Investment Co.,

Ltd.*) from August 1999 to August 2012 respectively. In September

2012, he joined 北京赛伯乐绿科投资管理有限公司 (Beijing Cybernaut

Grentech Investment Management Co., Ltd.*) and served as the

managing partner and vice chairman until September 2023. As from

November 2023, Mr. Zeng has ben working as a senior partner at 深

圳前海中力股权投资基金管理有限公司 (Shenzhen Qianhai Zhongli

Equity Investment Fund Management Co., Ltd.*).

NON-EXECUTIVE DIRECTORS

Mr. Yue Ying (“Mr. Yue”)

Mr. Yue, aged 61, joined the Company as a non-executive Director

and the Chairman of the Board on 15 October 2024. He is also the

chairman of the Nomination Comite. He graduated from Henan

University with a bachelor’s degre in Economics in 1985. He also holds

a master’s degre in Economics awarded by Southwestern University of

Finance and Economics. Mr. Yue has over 30 years’ work experience in

banking, finance and risk management. From July 1988 to June 1993,

Mr. Yue joined 中国建设银行广东省分行 (Guangdong Branch of China

Construction Bank*) and served sucesively as its loan oficer, section

chief of the Human Resources Department and sub-branch president.

From June 1993 to June 2003, he sucesively worked as president of

广州黄埔支行 (Guangzhou Huangpu Sub-branch*), president of 广州开

发区支行 (Guangzhou Development Zone Sub-branch*) and president

of 东莞分行 (Donguan Branch*). From July 2003 to February 2009, he

was apointed the vice president of 广东省分行 (Guangdong Branch*)

and from February 2009 to November 2013, he was apointed as

president of 苏州分行 (Suzhou Branch*). From December 2013 to

January 2022, Mr. Yue joined 招商银行南京分行 (Nanjing Branch of

China Merchants Bank*) as president and, sucesively served as

president of 深圳分行 (Shenzhen Branch*), and busines director of the

head ofice of the bank. Mr. Yue is also curently employed as a visiting

profesor at 深圳大学管理学院 (Colege of Management, Shenzhen

University*). Besides, he is the chairman of 南方科技大学教育基金

投委会 (the investment comite of Southern University of Science

and Technology Education Foundation*) and the honorary president of 深

圳妇女儿童发展基金 (Shenzhen Women and Children Development

Foundation*).

For identification purpose only 仅供识别

鼎亿集团投资有限公司

二零二五年报

Directors and Senior Management Profile

董事及高级管理层简介

刘苗女士（「刘女士」）

刘女士，35岁，于二零二四年十二月二十三日加

入本公司出任非执行董事。彼亦为提名委员会成

员。彼于二零一年毕业于深圳大学，获经济学

士学位。彼亦持有北京大学授予的工商管理硕士学

位。刘女士于组织管理及业务整合方面拥有逾十年

工作经验。于二零一二年二月至二零一八年四月，

彼担任比利时王国驻广州总领事馆瓦隆地区商务处

深圳首席代表。于二零一八年五月至二零二三年五

月，彼担任巴林王国经济发展委员会大中华区首席

代表。刘女士现任阿联酋哈伊马角经济区中国区业

务发展总监。

独立非执行董事

周肇基先生（「周先生」）

周先生，57岁，于二零一年十月二十七日加入

本公司出任独立非执行董事。彼亦为审核委员会

（「审核委员会」）及薪酬委员会各会之主席及提名委

员会之成员。周先生在核数、会计及企业融资方面

累积多年的工作经验。彼持有专业会计学硕士学

位。周先生为英国特许公认会计师公会资深会员及

香港会计师公会资深会员。彼曾于多家私人企业及

上市公司出任高级管理层职务。彼现于一间顾问服

务公司担任高管职务。彼曾于二零一年十二月至

二零二一年三月于中国融保金融集团有限公司（一

间于联交所GEM上市之公司，股份代号：8090，

于二零二一年三月十二日除牌）任独立非执行董事。

Ms. Liu Miaomiao (“Ms. Liu”)

Ms. Liu, aged 35, joined the Company as non-executive Director on 23

December 2024. She is also a member of the Nomination Comite.

She graduated from Shenzhen University in 2011 with a bachelor’s

degre in Economics. She also holds a master’s degre in Busines

Administration awarded by Peking University. Ms. Liu has over 10

years’ work experience in organization & management and busines

integration. From February 2012 to April 2018, she worked as the chief

representative at Shenzhen Ofice at 比利时王国驻广州总领事馆瓦

隆地区商务处 (Walonia Export – Investment Agency of the Consulate

General of Belgium in Guangzhou*). From May 2018 to May 2023,

she served as the chief representative, Greater China at 巴林王国经

济发展委员会 (Bahrain Economic Development Board*). Ms. Liu is

curently the Busines Development Director – China at Ras Al Khaimah

Economic Zone.

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. Chow Shiu Ki (“Mr. Chow”)

Mr. Chow, aged 57, joined the Company as independent non-executive

Director on 27 October 2011. He is also the chairman of each of the

Audit Comite (the “Audit Comite”) and the Remuneration

Comite and a member of the Nomination Comite. Mr. Chow

has acumulated years of working experience in auditing, acounting

and corporate finance areas. He holds a Master Degre in Profesional

Acounting. Mr. Chow is a felow member of The Asociation of

Chartered Certified Acountants and a felow member of The Hong

Kong Institute of Certified Public Acountants. He has worked for

various private and listed companies at senior management level. He is

curently serving in a senior management role in a consultancy services

company. He served as an independent non-executive director of

China Asurance Finance Group Limited (a company listed on GEM of

the Stock Exchange, stock code: 8090 and was delisted on 12 March

2021) from December 2011 to March 2021.

For identification purpose only 仅供识别

22DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Directors and Senior Management Profile

董事及高级管理层简介

叶志威先生（「叶先生」）

叶先生，57岁，于二零一六年三月三十一日加入

本公司出任独立非执行董事。彼亦为审核委员会、

提名委员会及薪酬委员会各会之成员。彼毕业于香

港大学，持有法学士学位。彼为香港之合资格律

师，拥有逾二十年法律执业经验。叶先生现为泛海

国际集团有限公司（股份代号：129）之独立非执行

董事，该公司于联交所主板上市。彼自二零一七年

六月至二零二五年五月为浩森金融科技集团有限公

司（股份代号：3848）（该公司于联交所主板上市）

之独立非执行董事及自二零三年十二月至二零

二三年四月期间为泛海酒店集团有限公司（该公司

之股份于二零二四年十月二十二日在联交所撤销上

市地位）之独立非执行董事。

张志伟先生（「张先生」）

张先生，70岁，于二零二四年十二月二十三日加

入本公司出任独立非执行董事。彼亦为提名委员

会成员。彼于一九八二年毕业于湖北财经学院（现

更名为中南财经政法大学），获国民经济计划学士

学位。彼拥有超过40年管理及银行工作经验。于

一九八二年一月，张先生加入中国建设银行广东省

分行并于计划会计处工作至一九八三年七月。于

一九八三年八月至一九八四年九月，彼担任中国建

设银行广州铁路支行副行长。于一九八四年十月至

一九八六年七月及一九八六年八月至一九一年七

月，张先生先后担任中国建设银行广东省分行办

公室副主任及办公室主任。于一九一年八月至

一九三年十一月及一九三年十二月至一九五

年六月，张先生先后担任中国建设银行广东省肇庆

市分行长及中国建设银行广东省分行副行长。于

一九五年七月至一九年九月及一九年十

月至二零年四月，张先生先后担任中国建设银

行广州市分行长及中国建设银行广东省分行副行

长。于二零年五月至二零一年七月，张先生

担任中国建设银行广东省分行副行长（负责整体营

运）。于二零一年八月至二零六年五月，彼出

任深圳市众益福实业发展有限公司总经理。张先生

现任广东今盛文化艺术策划有限公司董事长。

Mr. Ip Chi Wai (“Mr. Ip”)

Mr. Ip, aged 57, joined the Company as independent non-executive

Director on 31 March 2016. He is also a member of each of the

Audit Comite, the Nomination Comite and the Remuneration

Comite. He graduated from The University of Hong Kong with a

Degre of a Bachelor of Laws. He is a qualified solicitor in Hong Kong

and has more than 20 years of experience in the legal profesion. Mr.

Ip is curently an independent non-executive director of Asia Standard

International Group Limited (stock code: 129) which is listed on the Main

Board of the Stock Exchange. He was an independent non-executive

director of Haosen Fintech Group Limited (stock code: 3848), which

is listed on the Main Board of the Stock Exchange, from June 2017 to

May 2025 and an independent non-executive director of Asia Standard

Hotel Group Limited, the shares of which were withdrawn from listing

on the Stock Exchange on 22 October 2024, from December 2003 to

April 2023.

Mr. Cheung Chi Wai (“Mr. Cheung”)

Mr. Cheung, aged 70, joined the Company as independent non-executive

Director on 23 December 2024. He is also a member of the Nomination

Comite. He graduated from 湖北财经学院 (Hubei University of Finance

and Economics*) (now renamed Zhongnan University of Economics

and Law) in 1982 with a bachelor’s degre in National Economic

Planing. He has over 40 years’ work experience in management and

banking. In January 1982, Mr. Cheung joined 中国建设银行广东省分

行 (Guangdong Branch of China Construction Bank*) and worked in

the Planing and Acounting Department til July 1983. From August

1983 to September 1984, he worked as the vice president of 中国建设

银行广州铁路支行 (Guangzhou Railway Branch of China Construction

Bank*). From October 1984 to July 1986 and from August 1986 to July

1991, Mr. Cheung served sucesively as a deputy director of the ofice

and a director of the ofice at 中国建设银行广东省分行 (Guangdong

Branch of China Construction Bank*). From August 1991 to November

1993 and from December 1993 to June 1995, he sucesively worked

as the president of 中国建设银行广东省肇庆市分行 (Zhaoqing Branch

of China Construction Bank, Guangdong Province*) and the vice

president of 中国建设银行广东省分行 (Guangdong Branch of China

Construction Bank*). From July 1995 to September 1999 and from

October 1999 to April 2000, Mr. Cheung served sucesively as the

president of 中国建设银行广州市分行 (Guangzhou Branch of China

Construction Bank*) and the vice president of 中国建设银行广东省分

行 (Guangdong Branch of China Construction Bank*). From May 2000

to July 2001, Mr. Cheung served as the vice president (responsible for

the overal operation) of 中国建设银行广东省分行 (Guangdong Branch

of China Construction Bank*). From August 2001 to May 2006, he

served as the general manager of 深圳市众益福实业发展有限公司

(Shenzhen Zhongyifu Industrial Development Co., Ltd.*). Mr. Cheung is

the chairman of 广东今盛文化艺术策划有限公司 (Guangdong Jinsheng

Culture and Art Planing Co., Ltd.*).

For identification purpose only 仅供识别

鼎亿集团投资有限公司

二零二五年报

Directors and Senior Management Profile

董事及高级管理层简介

SENIOR MANAGEMENT

Mr. Ji Jiaqi (“Mr. Ji”)

Mr. Ji, aged 58, joined the Company as executive president on 20

February 2017. Mr. Ji has over 20 years of experience in scientific

research and practical work on risk control and investment operation

in financial market. Mr. Ji holds a Bachelor’s Degre in Science from

South China Normal University, a Postgraduate Degre in Economics

from the Comunist Party Schol in Guangdong and a Doctoral

Degre in Finance from Colege of Economics of Jinan University.

He has published numerous articles in major periodicals relating to

financial and public management sectors. He once worked in provincial

governments, universities, and engaged in the bankruptcy works of

(广东国际信托投资公司) Guangdong International Trust Investment

Corporation* and reorganization of Guangdong Holdings Limited.

He is curently an adjunct profesor of Tsinghua University and Jinan

University respectively, and also a distinguished visiting profesor of

Central University of Finance and Economics.

Ms. Kuang Yating (“Ms. Kuang”)

Ms. Kuang, aged 35, joined the Company as an investment analyst

on 3 January 2017. Ms. Kuang has 5 years of experience in data

analysis, corporate finance and investment management. Ms. Kuang

holds a Dual Bachelor’s Degre in Management and Law from Jinan

University, a Master’s Degre in Finance from University of Bath,

England. She was granted the international mathematical modeling

award. She obtained the Chartered Financial Analyst (CFA) and

Financial Risk Manager (FRM) Licenses and is a member of the HK

Society of Financial Analysts. She worked at the group busines unit

of China Construction Bank Corporation, specializing in constructing

performance models for banks and provision of investment and

financing proposals for clients.

For identification purpose only 仅供识别

高级管理层

纪家琪先生（「纪先生」）

纪先生，58岁，于二零一七年二月二十日加入本

公司，担任执行总裁。纪先生于金融市场风险管控

及投资运作之科研与实践工作拥有逾二十年经验。

纪先生持有华南师范大学理学士学位、中共广东

省委党校经济学研究生及暨南大学经济学院金融学

博士学位。彼曾发表多篇文章于金融及公共管理领

域之重要杂志。彼曾任职于省政府、高校，参与过

广东国际信托投资公司破产和广东粤海控股集团有

限公司重组工作。彼目前仍分别担任清华大学及暨

南大学之兼职教授，并为中央财经大学特聘教授。

邝雅婷女士（「邝女士」）

邝女士，35岁，于二零一七年一月三日加入本公

司，担任投资分析师。邝女士于数据分析、企业融

资及投资管理拥有五年经验。邝女士持有暨南大学

管理学及法学双学士学位，英国巴斯大学金融学硕

士学位。彼曾获国际数学建模奖项。彼持特许金融

分析师证书及金融风险管理师证书，并为香港财经

分析师学会员。彼曾任职于中国建设银行股份有

限公司之集团客户部门，专长于为银行构建业绩模

型及为客户提供投融资方案。

Corporate Governance Report

企业管治报告书

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

CORPORATE GOVERNANCE CODE

The Company is comited to maintaining a high standard of

corporate governance and has introduced corporate governance

practices apropriate to the conduct and growth of its busines.

The Company’s corporate governance practices are based on

the principles and the code provisions as set out in the Corporate

Governance Code (the “CG Code”) contained in Apendix C1 to the

Rules Governing the Listing of Securities (the “Listing Rules”) on the

Stock Exchange.

In the opinion of the Directors, the Company complied with al code

provisions of the CG Code during the year ended 31 March 2025

except for certain deviations disclosed in this report.

CORPORATE CULTURE

The Board leads to establish, promote and continualy reinforce the

desired corporate culture of the Company which is underpined by

our corporate values of comiting the highest standard of busines

ethics and integrity. Our sound corporate culture reaches al levels of

the Group, and aligns with the Company’s mision, corporate values

and strategies.

DIRECTORS’ SECURITIES TRANSACTIONS

The Company has adopted the Model Code (the “Model Code”) for

Securities Transactions by Directors of Listed Isuers as set out in

Apendix C3 to the Listing Rules as its code of conduct for securities

transactions by Directors during the year ended 31 March 2025.

企业管治守则

本公司致力于维持高水平之企业管治，并已引入适

合其业务之进行及发展之企业管治常规。

本公司之企业管治常规乃根据联交所证券上市规则

（「上市规则」）附录C1所载企业管治守则（「企业管

治守则」）内载有之原则及守则条文制定。

董事认为，除本报告披露的若干偏离外，本公司已

于截至二零二五年三月三十一日止年度内遵守企业

管治守则之所有守则条文。

企业文化

董事会领导建立、推广并不断加强本公司所期望的

企业文化，其以最高标准的商业道德及诚信企业价

值观为基础。我们健全的企业文化深入至本集团的

各个层面，并与本公司的使命、企业价值观及战略

保持一致。

董事进行之证券交易

本公司已采纳上市规则附录C3所载之上市发行人

董事进行证券交易的标准守则（「标准守则」）作为其

董事于截至二零二五年三月三十一日止年度内进行

证券交易的守则。

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

于二零二四年四月三十日，本公司获本公司附属

公司的主要股东兼董事李光煜先生（「李先生」）告

知，彼已于二零二四年四月二十九日收购本公司

合共20,000股份的权益，总代价为港币5,350元

（不包括相关交易费），平均价为每股港币0.2675

元（「交易一」）。于二零二四年十月三十日，本公司

获李先生告知，彼已于二零二四年十月二十九日收

购本公司合共75,000股份的权益，总代价为港

币34,925元（不包括相关交易费），平均价为每股

港币0.4657元（「交易二」）。作为本公司附属公司

的董事，李先生于禁售期（即(i)由二零二四年四月

二十八日起至二零二四年六月二十七日刊发截至二

零二四年三月三十一日止年度全年业绩公布当日

止期间；及(i)由二零二四年十月二十八日起至二零

二四年十一月二十七日刊发截至二零二四年九月

三十日止六个月中期业绩公布当日止期间）内不得

买卖本公司证券。

李先生在得悉该等交易于禁售期内进行后，已自发

即时知会本公司有关交易一及交易二（统称「该等交

易」）的情况。彼就指示经纪下单进行该等交易的无

心之失致歉，并承认其违反标准守则第A.3条及第

B.8条的规定。李先生确认：(i)彼于进行该等交易

时并不知悉任何本公司须予披露但尚未披露之内幕

消息；及(i)彼承诺将在该等交易项下所收购及日后

出售（在禁售期以外）的本公司相关股份的任何所得

收益（如有）捐赠作慈善用途。

为避免日后发生类似事件，本公司将继续采取以下

行动：(i)提醒本集团全体董事及雇员在买卖本公司

股份时遵守上市规则附录C3的重要性，尤其是在

进行任何拟进行的买卖前发出书面通知的重要性；

(i)提醒本集团全体董事及雇员指示彼等各自的经

纪，在上市规则附录C3所载的任何禁售期内，不

得处理及进行任何有关本集团董事及雇员买卖本公

司股份的指示；及(i)举办简报会以增进及提升董事

的知识，并加强彼等对良好企业管治常规的认识，

包括有关董事职责、企业管治及标准守则的进修课

程。

On 30 April 2024, the Company was informed by Mr. Li Kwong Yuk

(“Mr. Li”), the substantial shareholder and a director of the Company’s

subsidiaries, that he had acquired interests of an agregate of

20,000 shares of the Company for an agregate consideration of

HK$5,350 (excluding the relevant transaction fes) at an average

price of HK$0.2675 per share on 29 April 2024 (“Transaction 1”).

On 30 October 2024, the Company was informed that Mr. Li had

acquired interests of an agregate of 75,000 shares of the Company

for an agregate consideration of HK$34,925 (excluding the relevant

transaction fes) at an average price of HK$0.4657 per share on 29

October 2024 (“Transaction 2”). As a director of the Company’s

subsidiaries, Mr. Li was prohibited from dealing in the securities of

the Company during the blackout period (being (i) the period from

28 April 2024 up to the date of publication of the anouncement of

anual results for the year ended 31 March 2024 on 27 June 2024;

and (i) the period from 28 October 2024 up to the date of publication

of the anouncement of interim results for the six months ended 30

September 2024 on 27 November 2024).

Mr. Li voluntarily and imediately notified the Company of the

Transactions after he realized the Transaction 1 and Transaction 2

(colectively the “Transactions”) were conducted during the blackout

period. He apologised for the inadvertent oversight of instructing the

broker to place orders for the Transactions and acknowledged that he

had breached Rules A.3 and B.8 of the Model Code. Mr. Li confirmed

that: (i) he did not poses any inside information of the Company that

is required but not yet disclosed at the time of the Transactions; and

(i) he undertok to donate any gain (if any) from the acquisition and

future sale (outside of the blackout period) of the relevant shares of the

Company under the Transactions for charitable purpose.

In order to avoid similar incidents in the future, the Company wil

continue to implement the folowing actions: (i) remind al Directors and

employes of the Group the importance of complying with Apendix C3

to the Listing Rules in their dealings of the shares of the Company and

in particular the importance of giving writen notice prior to conducting

any intended dealings; (i) remind al Directors and employes of the

Group to instruct their respective brokers to refrain from procesing and

carying out any instructions for dealings in the shares of the Company

by Directors and employes of the Group during any prohibition period

under Apendix C3 to the Listing Rules; and (i) provide briefings

to develop and refresh the Directors’ knowledge and enhance their

awarenes of god corporate governance practices, including a

refresher course as to the directors’ duties, corporate governance and

the Model Code.

26DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

除上文披露者外，经向全体董事作出具体查询，彼

等已确认于截至二零二五年三月三十一日止年度内

已遵守标准守则所载的规定准则。

董事会

董事会负责整体管理本公司的业务，其肩负著领导

及控制本公司的责任，并共同承担指导及监督本公

司事务的责任，推动本公司达致成功。全体董事

应以本公司及本公司股东（「股东」）的整体利益为依

归，客观地作出决策。董事会已授权本公司之管理

层在董事会的监察下监管本集团的日常营运事务。

董事会直接或透过董事委员会履行职能。为确保董

事会在知情的情况下行使其职权，董事会全体成员

均获提供所有全面及适时的相关资料，并可于有需

要时寻求独立专业意见。

行政总裁及本公司管理层均全力支持董事会履行其

责任。

本集团已为董事安排适当之责任保险，就本集团的

董事及高级管理层因安排本集团企业活动而引致对

其展开的法律诉讼提供保障。

董事会负责履行企业管治守则的守则条文第A.2.1

条所载的企业管治职责。

Save as disclosed above, having made specific enquiries to al the

Directors, al of the them have confirmed that they complied with the

required standard set out in the Model Code throughout the year ended

31 March 2025.

THE BOARD OF DIRECTORS

The overal management of the busines of the Company is vested

in the Board, which asumes the responsibility for leadership and

control of the Company and is colectively responsible for promoting

the suces of the Company by directing and supervising its afairs.

Al Directors should make decisions objectively in the interests of the

Company and the shareholders of the Company (the “Shareholders”)

as a whole. The Board has delegated the power to overse the daily

operational maters of the Group to the management of the Company

under the supervision of the Board.

The functions of the Board are caried out either directly or through the

Board comites. To ensure the Board is in a position to exercise its

power in an informed maner, al members of the Board have ful and

timely aces to al relevant information and may sek independent

profesional advice if necesary.

The Board has ful suport from the Chief Executive Oficer and the

management of the Company to discharge its responsibilities.

Apropriate insurance cover for the Directors’ liabilities in respect of

legal actions against the Directors and senior management of the Group

arising out of corporate activities of the Group has ben aranged.

The Board is responsible for performing the corporate governance

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

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

董事会组成

于截至二零二五年三月三十一日止年度内及直至本

报告日期，董事会包括下列董事，彼等各自之职位

载列如下：

执行董事

苏晓浓先生（行政总裁）

（于二零二四年十月十五日辞任代理主席）

曾山先生（于二零二四年十月十五日获委任）

王晓华先生（于二零二四年十月十五日辞任）

何昌衡先生（于二零二四年十月十五日辞任）

非执行董事

岳鹰先生（主席）（于二零二四年十月十五日获委任）

刘苗女士（于二零二四年十二月二十三日获委任）

独立非执行董事

周肇基先生

叶志威先生

张志伟先生（于二零二四年十二月二十三日获委任）

曹贶予先生（于二零二四年十二月二十三日辞任）

曾山先生及岳鹰先生（于二零二四年十月十五日分

别获委任为执行董事及非执行董事）确认，彼等已

于二零二四年九月十一日取得上市规则第3.09D条

所述的法律意见。刘苗女士及张志伟先生（于二

零二四年十二月二十三日分别获委任为非执行董事

及独立非执行董事）确认，彼等已分别于二零二四

年十二月十八日及二零二四年十月十八日取得上市

规则第3.09D条所述的法律意见。上述所有董事均

了解其作为本公司董事的责任。

各现任董事之履历详情载于本年报「董事及高级管

理层简介」一节。彼等之职责及职能刊载于联交所

及本公司之网站。

BOARD COMPOSITION

During the year ended 31 March 2025 and up to the date of this report,

the Board comprised the folowing Directors and their respective roles

are set out as folows:

Executive Directors

Mr. Su Xiaonong (Chief Executive Oficer)

(resigned as the Acting Chairman on 15 October 2024)

Mr. Zeng Shan (apointed on 15 October 2024)

Mr. Wang Xiaohua (resigned on 15 October 2024)

Mr. Ho Cheong Hang Edmond (resigned on 15 October 2024)

Non-executive Directors

Mr. Yue Ying (Chairman) (apointed on 15 October 2024)

Ms. Liu Miaomiao (apointed on 23 December 2024)

Independent Non-executive Directors

Mr. Chow Shiu Ki

Mr. Ip Chi Wai

Mr. Cheung Chi Wai (apointed on 23 December 2024)

Mr. Cao Kuangyu (resigned on 23 December 2024)

Mr. Zeng Shan and Mr. Yue Ying, who were apointed as an executive

Director and a non-executive Director respectively on 15 October

2024, confirmed that they both had obtained the legal advice refered

to in Rule 3.09D of the Listing Rules on 11 September 2024. Ms.

Liu Miaomiao and Mr. Cheung Chi Wai, who were apointed as a

non-executive Director and an independent non-executive Director

respectively on 23 December 2024, confirmed that they had obtained

the legal advice refered to in Rule 3.09D of the Listing Rules on

18 December 2024 and 18 October 2024 respectively. Al the

abovementioned Directors understod their obligations as Directors of

the Company.

The biographical details of each curent Director are set out in the

“Directors and Senior Management Profile” in this anual report.

Their roles and functions are published on the websites of the Stock

Exchange and the Company.

28DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

董事会具备经营本公司业务所需之各种技能及经

验。执行董事及独立非执行董事之均衡分配比例亦

使董事会上有强大之独立元素，能够有效地作出独

立判断及客观地为本公司之最佳利益制订决策。本

公司将定期检讨董事会之组成，确保董事会拥有适

当及所需之专长、技能及经验，以满足本集团之业

务发展需求。

周肇基先生及叶志威先生已出任董事会超过九年。

彼等明确展现出尽职及行使独立判断的意愿以及向

本公司管理层提供客观意见。概无证据显示任期时

长对彼等之独立性构成任何不利影响。因此，董事

会认为尽管周肇基先生及叶志威先生任期较长，但

彼等仍属独立。

本公司已接获各独立非执行董事根据上市规则第

3.13条所载之独立性指引发出之书面年度独立确认

书，且认为全体独立非执行董事均属独立。

本公司已建立机制，确保董事会能获得独立的观点

和意见。透过让董事自法律顾问及核数师处获取外

部独立专业建议，以及全部独立非执行董事出席截

至二零二五年三月三十一日止年度内举行的近乎所

有董事会及其相关委员会议以达致此目标。董事

会每年都会审阅上述机制的执行情况及有效性。

The Board poseses a balance of skils and experience which are

apropriate for the requirements of the busines of the Company. A

balanced composition of executive Directors and independent non-

executive Directors also generates a strong independent element on

the Board, which alows independent and objective decision making

proces for the best interest of the Company. The Company wil review

the composition of the Board regularly to ensure the Board poseses

the apropriate and necesary expertise, skils and experience to met

the neds of the busines development of the Group.

Mr. Chow Shiu Ki and Mr. Ip Chi Wai have served on the Board for more

than nine years. They have clearly demonstrated diligence and their

wilingnes to exercise independent judgement and provide objective

opinions to the management of the Company. There is no evidence that

length of tenure has any adverse impact on their independence. The

Board therefore considers that Mr. Chow Shiu Ki and Mr. Ip Chi Wai

remain independent, notwithstanding the length of their tenure.

The Company has received a writen anual confirmation of

independence from each of the independent non-executive Directors

in acordance with the independence guidelines set out in Rule 3.13 of

the Listing Rules and considers al independent non-executive Directors

to be independent.

The Company has put in place mechanisms to ensure independent

views and input are available to the Board. This is achieved by giving

Directors aces to external independent profesional advice from legal

advisers and auditors, as wel as the atendance of al independent

non-executive Directors at almost al the metings of the Board and

its relevant comites held during the year ended 31 March 2025.

The Board reviews the implementation and efectivenes of the

aforementioned mechanisms on an anual basis.

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

董事会议

董事会以亲身出席或透过其他电子通讯方式举行会

议以监察计划之执行、检讨本集团之业务表现及审

阅财务报告，以及所有其他重要事项。董事会于

截至二零二五年三月三十一日止年度内举行9次会

议。各董事于董事会议之个人出席记录载于本

报告第39及40页之表格内。企业管治守则之守则

条文第C.5.3条规定，应就定期董事会议发出至

少14日通知，令全体董事有机会出席。截至二零

二五年三月三十一日止年度，7次董事会议以少

于14日通知召开，以令董事会能够就本集团内部

事务及时回应及迅速作出决策。尽管如此，所有董

事会议均已按本公司之公司细则订明的方式召开

及举行。董事会将于日后尽合理努力遵守企业管治

守则之守则条文第C.5.3条。董事会议及审核委

员会、薪酬委员会及提名委员会议之会议记录会

发送予全体董事供彼等发表意见及批准。经签署的

上述会议记录公开供全体董事查阅。倘主要股东或

董事于董事会将予考虑之事项中有冲突利益，而董

事会认为该事项属重大，则有关事项须以举行董事

会议而非书面决议案处理，而董事会将确保有足

够数量之独立非执行董事参与考虑相关事项。本公

司鼓励独立非执行董事于董事会议上担当积极角

色。

董事会成员间之关系

董事会成员间并无财务、业务、家族或其他重大╱

2025. Individual atendance record of each member of the Audit

Comite is set out in the table on pages 39 and 40 of this report.

34DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

薪酬委员会

本公司根据企业管治守则之有关守则条文成立薪酬

委员会，并载有书面职权范围。

于截至二零二五年三月三十一日止年度及直至本报

告日期，薪酬委员会由三名独立非执行董事，即周

肇基先生（薪酬委员会主席）、曹贶予先生（于二零

二四年十二月二十三日辞任）、叶志威先生及张志

伟先生（于二零二四年十二月二十三日获委任），以

及一名执行董事，即苏晓浓先生组成。

薪酬委员会之主要职责为，包括但不限于，就本公

司有关全体董事及本公司高级管理层薪酬之政策及

架构以及就制定薪酬政策建立正式及透明之程序向

董事会提出建议。薪酬委员会之职责与责任详情于

「薪酬委员会之职权范围」内披露，其已刊载于联交

所及本公司之网站内。

本集团薪酬政策目标为维持本集团业务表现及长期

可持续增长间的适当平衡。具体而言，概无个人董

事会成员或彼之任何联系人可参与厘定彼自身之薪

酬。应付董事之薪金由董事会经参考薪酬委员会推

荐意见及董事表现、职责及责任及现行市场状况厘

定。

于截至二零二五年三月三十一日止年度内，薪酬委

员会审阅及向董事会建议本公司现任董事及高级管

理人员以及新委任董事之薪酬待遇。

于截至二零二五年三月三十一日止年度内，薪酬委

员会已举行3次会议。薪酬委员会各成员之个别出

席情况记录载于本报告第39及40页之表格内。

Remuneration Comite

The Remuneration Comite was established with writen terms of

reference in compliance with the relevant code provisions of the CG

Code.

During the year ended 31 March 2025 and up to the date of this

report, the Remuneration Comite comprised thre independent

non-executive Directors, namely Mr. Chow Shiu Ki (chairman of

the Remuneration Comite), Mr. Cao Kuangyu (resigned on 23

December 2024), Mr. Ip Chi Wai and Mr. Cheung Chi Wai (apointed

on 23 December 2024), and one executive Director, namely Mr. Su

Xiaonong.

The principal responsibilities of the Remuneration Comite include

but not limited to, making recomendations to the Board on the

Company’s policy and structure for the remuneration of al Directors

and the senior management of the Company and establishment of

a formal and transparent procedure for developing the remuneration

policy. Details of the duties and responsibilities of the Remuneration

Comite are set out in the “Terms of Reference of the Remuneration

Comite” which are available on the websites of the Stock Exchange

and the Company.

The remuneration policy of the Group aims to maintain an apropriate

balance betwen busines performance and long-term sustainable

growth of the Group. In particular, no individual Board member or any of

his asociates should participate in deciding his/her own remuneration.

The emoluments payable to Directors are determined by the Board with

reference to the Remuneration Comite’s recomendation as wel as

the Directors’ performance, duties and responsibilities and the prevailing

market conditions.

During the year ended 31 March 2025, the Remuneration Comite

reviewed and made recomendations to the Board on the remuneration

packages of the existing Directors and senior management of the

Company and the newly apointed Directors.

The Remuneration Comite held 3 metings during the year ended

31 March 2025. Individual atendance record of each member of the

Remuneration Comite is set out in the table on pages 39 and 40 of

this report.

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

Remuneration of Members of Senior Management by

Band

Pursuant to code provision E.1.5 of the CG Code, the remuneration of

the senior management by band for the year ended 31 March 2025 is

set out below:

No. of employes

雇员人数

Nil – HK$1,000,000零至港币1,000,000元2

Nomination Comite

The Nomination Comite was established with writen terms of

reference in compliance with the relevant code provisions of the CG

Code.

During the year ended 31 March 2025 and up to the date of this report,

the Nomination Comite comprised the folowing members:

Executive Director

Mr. Su Xiaonong (chairman of Nomination Comite)

(resigned on 15 October 2024)

Non-executive Directors

Mr. Yue Ying (chairman of Nomination Comite)

(apointed on 15 October 2024)

Ms. Liu Miaomiao (apointed on 30 June 2025)

Independent non-executive Directors

Mr. Chow Shiu Ki

Mr. Ip Chi Wai

Mr. Cheung Chi Wai (apointed on 30 June 2025)

The principal responsibilities of the Nomination Comite include

but not limited to, reviewing the structure, size and composition

(including the skils, knowledge, experience, length of service and

diversity of perspectives) of the Board at least anualy and making

recomendations on any proposed changes to the Board to

complement the Company’s corporate strategies. Details of the duties

and responsibilities of the Nomination Comite are set out in the

“Terms of Reference of the Nomination Comite” which are available

on the websites of the Stock Exchange and the Company.

按范围计的高级管理层成员薪酬

根据企业管治守则之守则条文第E.1.5条，截至二

零二五年三月三十一日止年度，按范围计的高级管

理层成员薪酬载列如下：

提名委员会

本公司根据企业管治守则之有关守则条文成立提名

委员会，并载有书面职权范围。

于截至二零二五年三月三十一日止年度及直至本报

告日期，提名委员会成员如下：

执行董事

苏晓浓先生（提名委员会主席）

（于二零二四年十月十五日辞任）

非执行董事

岳鹰先生（提名委员会主席）

（于二零二四年十月十五日获委任）

刘苗女士（于二零二五年六月三十日获委任）

独立非执行董事

周肇基先生

叶志威先生

张志伟先生（于二零二五年六月三十日获委任）

提名委员会之主要职责为，包括但不限于，至少每

年检讨董事会之架构、规模及组成（包括技能、知

识、经验、服务年期及多元化观点），并就任何建

议变动向董事会作出推荐建议，以配合本公司之企

业策略。提名委员会之职责与责任详情载于「提名

委员会之职权范围」内，其于联交所及本公司之网

站可供查阅。

36DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

董事会采纳董事会成员多元化政策（「董事会成员多

元化政策」），当中载列达致董事会成员多元化的方

法。本公司寻求透过多方面考虑（包括但不限于性

别、年龄、文化及教育背景、种族、专业资格、技

能、知识及服务年期）而达致董事会成员多元化。

所有董事会委任均以用人唯才为原则，并于考虑人

选时以客观条件充分顾及董事会成员多元化之裨

益。

于二零二五年三月三十一日，董事会由一名女性

董事（非执行董事）及六名男性董事（包括两名执行

董事、一名非执行董事及三名独立非执行董事）组

成，占董事会组成七分之一。董事会的目标为至少

维持目前的女性代表比例，对于董事会中女性董事

的人数并无即时的数字目标。管理层相信，为实现

董事会的性别多元化设定数字目标及时间表是一个

重要的企业目标。

董事会已透过提名委员会审阅董事会成员多元化政

策的实施及有效性，并确认董事会拥有适当的技能

及经验组合以实现本公司策略。

于二零二五年三月三十一日，本集团之女性雇员约

占40%。董事会认为，本集团雇员在性别上属多元

化。下表概述于二零二五年三月三十一日本集团各

职位级别女性分布。

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

Policy”) which sets out the aproach to achieving diversity on the

Board. The Company seks to achieve Board diversity through

the consideration of 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.

As at 31 March 2025, the Board comprised one female Director (non-

executive Director) and six male Directors (comprising two executive

Directors, one non-executive Director and thre independent non-

executive Directors), representing one over seven of the Board’s

composition. The Board targets to maintain at least the curent level of

female representation, with no imediate numerical targets as to the

number of female Directors on the Board. The management believes

that seting numerical targets and timelines for achieving gender

diversity on the Board is a valuable enterprise goal.

The Board, through the Nomination Comite, has reviewed the

implementation and efectivenes of the Board Diversity Policy and

confirms that the Board has an apropriate mix of skils and experience

to deliver the Company’s strategies.

As at 31 March 2025, aproximately 40% of the Group’s workforce

was female. The Board considers that the Group’s workforce is diverse

in terms of gender. The table below sumarizes the representation of

women at diferent position levels acros the Group as at 31 March

2025.

Level

级别

GenderDirector

Senior

ManagementManagerEmploye

性别董事高级管理层经理雇员

Male6310140

男性

Female15792

女性

Note: The above data is calculated based on the total number of employes of the

Group as at 31 March 2025.

附注：上述数据乃根据本集团于二零二五年三月三十一日之

雇员总数计算得出。

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

董事会亦已采纳提名董事的政策（「提名政策」），正

式载列委任董事及董事继任计划的标准及提名程

序。根据提名政策，董事甄选及委任的最终责任由

整个董事会或股东大会的股东（视乎情况而定）承

担。董事会将相关筛选及评估的过程委派予提名委

员会，提名委员会物色合适合资格的候选人及向董

事会推荐。于评估建议候选人是否合适时，提名委

员会将考虑该候选人的性格、诚信、胜任与否、技

能、与本公司主营业务相关的知识及经验、其对董

事会是否投入足够时间及关注、是否满足上市规则

所载的独立性规定（就独立非执行董事而言）以及符

合董事会成员多元化等因素。于达致其决定后，提

名委员会将向董事会提名有关董事候选人以供批准

及╱或考虑新委任，并就任何董事会现有董事的续

聘作出推荐建议，以使建议候选人于股东大会膺选

连任。董事会将有与推荐候选人作为董事于股东周

年大会上膺选连任有关的最终决定权。

The Board has also adopted a Directors’ nomination policy (the

“Nomination Policy”) to formaly set out the criteria and nomination

procedures for the apointment of Directors and sucesion planing of

Directors. Acording to the Nomination Policy, the ultimate responsibility

for selection and apointment of Directors rests with the entire Board

or the Shareholders at a general meting, as the case may be. The

Board has delegated the relevant screning and evaluation proces

to the Nomination Comite, which identifies suitably qualified

candidates and recomends them to the Board. In asesing the

suitability of the proposed candidate, the Nomination Comite takes

into consideration the candidate’s character, integrity, competence,

skils, knowledge and experience relevant to the Group’s principal

busines, devoting suficient time and atention to the Board, fulfilment

of the independence requirements as set out in the Listing Rules (for

independent non-executive Directors) and diversity on the Board. After

reaching its decision, the Nomination Comite nominates relevant

Director candidates to the Board for aproval of new apointment and/

or for consideration and recomendation in respect of re-apointment

of any existing Director(s) of the Board, for the proposed candidate

to stand for re-election at a general meting. The Board wil have the

final decision relating to its recomendation of candidates to stand for

re-election as Directors at anual general metings.

38DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

于截至二零二五年三月三十一日止年度内，提名委

员会已履行以下职责：

(a) 检讨董事会之架构、规模及组成；

(b) 评估全体独立非执行董事之独立性；

(d) 向董事会推荐于二零二四年股东周年大会上

重选的退任董事提名；及

(e) 向董事会推荐委任新董事。

于截至二零二五年三月三十一日止年度内，提名委

员会已举行3次会议。提名委员会各成员之个别出

席情况记录载于本报告第39及40页之表格内。

核数师之酬金

于截至二零二五年三月三十一日止年度内，就核数

师提供之核数服务已支付╱应付核数师费用如下：

During the year ended 31 March 2025, the Nomination Comite

performed the folowing duties:

(a) reviewed the structure, size and composition of the Board;

(b) asesed the independence of al independent non-executive

Directors;

(d) recomended to the Board on the nomination of retiring Directors

for re-election at the 2024 AGM; and

(e) recomended to the Board on the apointment of new Directors.

The Nomination Comite held 3 metings during the year ended

31 March 2025. Individual atendance record of each member of the

Nomination Comite is set out in the table on pages 39 and 40 of

this report.

AUDITOR’S REMUNERATION

During the year ended 31 March 2025, the fes paid/payable to the

Auditor in respect of audit services provided by the Auditor were as

folows:

Amount

金额

Nature of servicesAuditor HK$’000

服务性质核数师港币千元

Audit services– Confucius International CPA Limited1,600

核数服务－天健国际会计师事务所有限公司

Non-audit services– Confucius International CPA Limited–

非核数服务－天健国际会计师事务所有限公司

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

会议出席记录

于截至二零二五年三月三十一日止年度内，各董事

于董事会议、审核委员会议、薪酬委员会

议、提名委员会议、于二零二五年三月三十一日

举行的二零二四年股东周年大会及本公司股东特别

大会（「股东特别大会」）之个别出席记录载列如下：

ATENDANCE RECORDS OF METINGS

During the year ended 31 March 2025, the individual atendance

records of the Directors at the Board metings, the Audit Comite

metings, the Remuneration Comite metings, the Nomination

Comite metings, the 2024 AGM and the special general meting of

the Company (the “SGM”) held on 31 March 2025 are set out below:

Atended/Eligible to atend

已出席╱合资格出席

Name

Board

Meting

Audit

Comite

Meting

Remuneration

Comite

Meting

Nomination

Comite

Meting2024 AGMSGM

姓名

董事会

会议

审核委员会

会议

薪酬委员会

会议

提名委员会

会议

二零二四年

股东周年大会股东特别大会

Executive Directors

执行董事

Mr. Su Xiaonong6/9N/A1/31/21/10/1

苏晓浓先生不适用

Mr. Zeng Shan (apointed on

15 October 2024)

3/4N/AN/AN/AN/A0/1

曾山先生（于二零二四年

十月十五日获委任）

不适用不适用不适用不适用

Mr. Wang Xiaohua (resigned on

15 October 2024)

4/4N/AN/AN/A1/1N/A

王晓华先生（于二零二四年

十月十五日辞任）

不适用不适用不适用不适用

Mr. Ho Cheong Hang Edmond

(resigned on 15 October 2024)

3/4N/AN/AN/A1/1N/A

何昌衡先生（于二零二四年

十月十五日辞任）

不适用不适用不适用不适用

Non-executive Directors

非执行董事

Mr. Yue Ying (apointed on

15 October 2024)

3/4N/AN/A0/1N/A1/1

岳鹰先生（于二零二四年

十月十五日获委任）

不适用不适用不适用

Ms. Liu Miaomiao (apointed on

23 December 2024)

2/2N/AN/AN/AN/A0/1

刘苗女士（于二零二四年

十二月二十三日获委任）

不适用不适用不适用不适用

40DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

董事之确认

董事确认彼等根据法定规定及适用会计准则编制财

务报表之责任。董事并不知悉关于可能对本公司持

续经营能力存在重大疑问之事件或状况之任何重大

不确定性。

核数师声明

本公司核数师关于其对于截至二零二五年三月

三十一日止年度财务报表之申报责任之声明，载于

本年报「独立核数师报告」内。

Atended/Eligible to atend

已出席╱合资格出席

Name

Board

Meting

Audit

Comite

Meting

Remuneration

Comite

Meting

Nomination

Comite

Meting2024 AGMSGM

姓名

董事会

会议

审核委员会

会议

薪酬委员会

会议

提名委员会

会议

二零二四年

股东周年大会股东特别大会

Independent non-executive

Directors

独立非执行董事

Mr. Chow Shiu Ki9/93/33/33/31/11/1

周肇基先生

Mr. Ip Chi Wai9/93/33/33/31/11/1

叶志威先生

Mr. Cheung Chi Wai (apointed

on 23 December 2024)

1/21/10/0N/AN/A1/1

张志伟先生（于二零二四年

十二月二十三日获委任）

不适用不适用

Mr. Cao Kuangyu (resigned on

23 December 2024)

2/61/21/2N/A1/1N/A

曹贶予先生（于二零二四年

十二月二十三日辞任）

不适用不适用

DIRECTORS’ ACKNOWLEDGEMENT

The Directors acknowledged their responsibility for the preparation of

the financial statements in acordance with the statutory requirements

and aplicable acounting standards. The Directors are not aware of

any material uncertainties relating to events or conditions which may

cast significant doubt upon the Company’s ability to continue as a

going concern.

AUDITOR’S STATEMENT

The statement by the Company’s auditor about their reporting

responsibilities for the financial statements for the year ended 31 March

2025 is set out in the “Independent Auditor’s Report” of this anual

report.

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

风险管理及内部监控

于截至二零二五年三月三十一日止年度内，本集团

已透过建立适当且有效的风险管理及内部监控系统

遵守企业管治守则的第D.2条原则。管理层负责设

计、实施及监控有关系统，同时董事会持续监察管

理层履行其职责。风险管理及内部监控系统的主要

特点载于下文各节：

风险管理系统

本集团采用风险管理系统管理与其业务及营运有关

的风险。该系统包含下列阶段：

：识别自身风险、业务目标及可能影响

目标实现的风险。

：分析风险的可能性及影响并相应评估

风险组合。

：考虑风险应对，确保向董事会有效沟

通及持续监督剩余风险。

根据截至二零二五年三月三十一日止年度进行的风

险评估，并无识别出任何重大风险。

内部监控系统

本公司已制定符合Comite of Sponsoring

Organizations of the Treadway Comision

（「COSO」）二零一三年框架的内部监控系统。该框

架使本集团能实现有关营运的效能及效率、财务报

告的可靠性及符合适用法律及法规的目标。该框架

的各部分列示如下：

：一套为进行本集团内部监控提供

基础的准则、程序及架构。

：一个不断转变而反复的过程，以

识别及分析达成本集团目标的风险，形成厘

定如何管理风险的依据。

RISK MANAGEMENT AND INTERNAL CONTROL

During the year ended 31 March 2025, the Group complied with

Principle D.2 of the CG Code by establishing apropriate and efective

risk management and internal control systems. Management is

responsible for the design, implementation and monitoring of such

systems, while the Board overses management in performing its duties

on an ongoing basis. Main features of the risk management and internal

control systems are described in the sections below:

Risk management system

The Group adopts a risk management system which manages the risks

asociated with its busines and operations. The system comprises the

folowing phases:

: Identify ownership of risks, busines objectives and

risks that could afect the achievement of objectives.

: Analyse the likelihod and impact of risks and evaluate

the risk portfolio acordingly.

: Consider the risk responses, ensure efective

comunication to the Board and on-going monitoring of the

residual risks.

Based on the risk asesments conducted during the year ended 31

March 2025, no significant risk was identified.

Internal control system

The Company has put in place an internal control system which is

compatible with the Comite of Sponsoring Organizations of the

Treadway Comision (“COSO”) 2013 framework. The framework

enables the Group to achieve objectives regarding efectivenes and

eficiency of operations, reliability of financial reporting and compliance

with aplicable laws and regulations. The components of the framework

are shown as folows:

: A set of standards, proceses and

structures that provide the basis for carying out internal control

acros the Group.

: A dynamic and iterative proces for identifying

and analysing risks to achieve the Group’s objectives, forming a

basis for determining how risks should be managed.

42DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

：根据政策及程序确立的行动，以

确保执行管理层为减低风险以达成目标所作

出的指示。

：内部及外部沟通以向本集团提

供进行日常监控所需的资料。

：持续及个别评估以查明内部监控的各

元素是否存在并运作正常。

为提升本集团处理内幕消息的制度，及确保真实、

准确、完备及时公开披露，本集团亦采纳及实施

内幕消息政策及程序。本集团已不时实施若干合理

措施以确保存在适当的保护措施以防违反与本集团

有关的披露规定，其包括：

。拥有内

幕消息的雇员完全熟知彼等的保密义务。

（如媒体、分析师或投资者）沟通时，

执行董事为代表本公司的指定发言人。

根据截至二零二五年三月三十一日止年度进行的内

部监控审阅，并无识别出任何重大监控瑕疵。

: Action established by policies and procedures

to help ensure that management directives to mitigate risks to the

achievement of objectives are caried out.

: Internal and external

comunication to provide the Group with the information neded

to cary out day-to-day controls.

: Ongoing and separate evaluations to ascertain

whether each component of internal control is present and

functioning.

In order to enhance the Group’s system of handling inside information,

and to ensure the truthfulnes, acuracy, completenes and timelines

of its public disclosures, the Group also adopts and implements an

inside information policy and procedures. Certain reasonable measures

have ben taken from time to time to ensure that proper safeguards

exist to prevent a breach of a disclosure requirement in relation to the

Group, which include:

• The aces to information is restricted to a limited number of

employes on a ned-to-know basis. Employes who are in

posesion of inside information are fuly conversant with their

obligations to preserve confidentiality.

• Confidentiality agrements are in place when the Group enters

into significant negotiations.

• The executive Directors are designated persons who speak on

behalf of the Company when comunicating with external parties

such as the media, analysts or investors.

• Reference can be made to inside information policy and

procedures for more details.

Based on the internal control reviews conducted during the year ended

31 March 2025, no significant control deficiency was identified.

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

风险管理及内部监控系统有效性的检讨

于截至二零二五年三月三十一日止年度内，审核委

员会获董事会授权进行本集团风险管理及内部监控

系统有效性的年度检讨，包括相关财务、营运及合

规监控及风险管理程序以识别、评估及管理本集团

所面临的重大风险（包括环境、社会及管治风险）。

有关系统乃设计为合理但非绝对地确保不会出现未

能实现业务目标及重大错误陈述或损失的情况。

内部核数师

本集团的内部审核（「内部审核」）职能通过委聘独立

于本集团日常运营的独立专业公司来履行，每年对

本集团内部监控及风险管理系统之有效性进行检

讨。所委聘的独立专业公司已对二零二四年四月一

日至二零二五年三月三十一日期间之内部监控及风

险管理系统之有效性进行检讨。有关检讨涵盖所有

主要监控，并基于经交易测试、报告及对账所补充

之查询、观察及分析检讨程序。本集团内部监控及

风险管理系统整体上令人满意。

内部审核计划已获本公司管理层批准。根据既定计

划，每年对风险管理及内部监控系统进行审阅，其

后通过审核委员会向董事会报告结果。

风险管理及内部监控系统的效能

董事会负责本集团的风险管理及内部监控系统及确

保每年对该等系统的效能进行审阅。于董事会的审

阅中，已考虑若干领域，包括但不限于(i)自上一次

年度审阅以来，重大风险的性质及范围的改变，及

本集团对其业务及外部环境变化的应对能力；及(i)

管理层持续监察风险及内部监控系统的范围及质

量。

Review of efectivenes of risk management and

internal control systems

During the year ended 31 March 2025, the Audit Comite, with the

delegated authority from the Board, has conducted an anual review of

the efectivenes of the risk management and internal control systems

of the Group including the relevant financial, operational and compliance

controls and risk management procedures for identification, evaluation

and management of the significant risks (including ESG risks) faced by

the Group. Such systems are designed to provide reasonable but not

absolute asurance against failure to achieve busines objectives and

material mistatement or los.

INTERNAL AUDITORS

The Group’s internal audit (“IA”) function is performed by engaging

an independent profesional firm which is independent of the Group’s

daily operations and caries out a review of the efectivenes of the

Group’s internal control and risk management systems anualy. The

independent profesional firm engaged performed a review of the

efectivenes of the internal control and risk management systems for

the period from 1 April 2024 to 31 March 2025. The review covered

al key controls and was based on inquiry, observation and analytical

review procedures suplemented by testing of transactions, reports

and reconciliation. The overal opinion on the internal control and risk

management systems of the Group is satisfactory.

An IA plan has ben aproved by the management of the Company.

Acording to the established plan, review of the risk management

and internal control systems is conducted anualy and the results

are reported to the Board through the Audit Comite afterwards.

EFECTIVENES OF THE RISK MANAGEMENT AND

INTERNAL CONTROL SYSTEMS

The Board is responsible for the risk management and internal control

systems of the Group and ensuring review of the efectivenes of these

systems is conducted anualy. Several areas have ben considered

during the Board’s reviews, which include but not limited to (i) the

changes in the nature and extent of significant risks since the last

anual review, and the Group’s ability to respond to changes in its

busines and the external environment; and (i) the scope and quality of

management’s ongoing monitoring of risks and of the internal control

systems.

44DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

The Board, through its reviews and the reviews made by IA function and

the Audit Comite, concluded that the risk management and internal

control systems were efective and adequate. Such systems, however,

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

busines objectives, and can only provide reasonable but not absolute

asurance against material mistatement or los. The Board also

considered that the resources, qualifications and experience of staf of

the Group’s acounting and financial reporting functions were adequate

and their training programes and budget provided were suficient.

ESG COMPLIANCE AND GOVERNANCE

The Group recognises the importance of climate change avoidance

and has developed internal strategies which aim at creating sustainable

value for its stakeholders and minimizing its negative impact on the

environment. To cary out the Group’s sustainability strategy from

top to botom, the Board has ultimate responsibility for ensuring the

efectivenes of the Group’s ESG strategies, including those relating to

climate change.

Dedicated teams have ben established within each busines division

to manage ESG isues and monitor progres toward corporate goals of

adresing climate change. These teams are responsible for enforcing

and overseing the implementation of relevant ESG policies throughout

the Group and have designated staf members to cary out these tasks.

The Group’s management and responsible teams regularly review

and adjust its sustainability policies to met the evolving neds of

stakeholders, including those related to climate change. Detailed ESG risk

and information on the Group’s management aproaches and specific

strategies adopted for environmental and social aspects including climate

change avoidance can be found in various sections of the ESG Report

of the Company dated 30 June 2025. The Board is satisfied with the

adequacy of the Group’s resources, staf qualifications and experience,

training programs and budget relating to ESG performance and reporting.

COMPANY SECRETARY

The Company has apointed Mr. Chan Kwong Leung, Eric (“Mr.

Chan”) as the Company Secretary from an external secretarial service

provider. The primary corporate contact person at the Company with

the external secretarial service provider during the year was Mr. Su

Xiaonong, the executive Director and the Chief Executive Oficer.

In acordance with Rule 3.29 of the Listing Rules, Mr. Chan confirmed

that he tok no les than 15 hours of the relevant profesional training

during the year ended 31 March 2025.

董事会透过其审阅及由内部审核职能及审核委员会

进行的审阅，认定风险管理及内部监控系统为有效

及完备。然而，有关系统乃制定以管理（而非消除）

业务目标未能达标的风险，且仅能提供合理（而非

绝对）的保证，以防出现严重误报或损失的情况。

董事会亦认为本集团会计及财务申报职能员工的资

源、资格及经验充足以及所提供的培训计划及预算

为足够。

环境、社会及管治合规与治理

本集团深明避免气候变化的重要性并已制定内部策

略，旨在为其持份者创造可持续价值及尽量减少其

对环境的负面影响。为全面贯彻实行本集团的可持

续性发展策略，董事会负有确保本集团环境、社会

及管治策略（包括气候变化相关策略）有效性的最终

责任。

各业务部门已成立专责团队管理相关的环境、社会

及管治事宜，并监督应对气候变化的公司目标方面

之进展。该等团队负责执行及监督本集团内有关环

境、社会及管治政策的落实，并已指派专责职员开

展有关工作。

本集团管理层及专责团队会定期检讨及调整其可持

续发展策略，以满足持份者不断转变的需求（包括

气候变化相关需求）。有关本集团环境、社会及管

治风险详情以及就环境及社会层面（包括避免气候

变化）所采纳的管理方针及特定策略之资料，可于

本公司日期为二零二五年六月三十日的环境、社会

及管治报告各章节查阅。董事会信纳本集团与环

境、社会及管治绩效及报告有关的资源、员工资历

及经验、培训计划及预算之充足性。

公司秘书

陈邝良先生（「陈先生」）获本公司委任为公司秘书，

彼来自外部秘书服务供应商。年内本公司与外部秘

书服务供应商之主要公司联络人为执行董事兼行政

总裁苏晓浓先生。

根据上市规则第3.29条，于截至二零二五年三月

三十一日止年度内，陈先生确认彼已接受不少于

15小时之相关专业培训。

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

股东权利

召开股东特别大会之权利

股东可根据本公司公司细则及载于百慕达一九八一

年公司法（「百慕达公司法」）第74条之条文召开本

公司股东特别大会（「股东特别大会」）。董事会须应

于递呈请求书之日期持有不少于附带于本公司股东

大会投票权之本公司缴足股本十分之一之股东之请

求正式召开股东特别大会。该请求书须说明召开股

东特别大会之目的并须经发出请求者签署及送达本

公司于香港之主要营业地点香港湾仔港湾道1号会

展广场办公大楼27楼2703室，其可由形式类似及

每份由一名或以上发出请求者签署之若干份文件组

成。

倘董事会未能于递呈请求书之日期起计21日内正

式召开股东特别大会，则发出请求者或代表全部发

出请求者总投票权一半以上之任何发出请求者可自

行根据百慕达公司法第74(3)条之条文召开股东特

别大会，惟如此召开之股东特别大会不得于上述日

期起计三个月届满后举行。

股东向董事会作出查询之程序

本公司致力透过不同渠道与股东维持双向沟通。欢

迎股东透过本公司电邮info@dingyi.hk或邮寄至本

公司于香港之主要营业地点香港湾仔港湾道1号会

展广场办公大楼27楼2703室，查询有关本集团之

事项。所有查询将会尽快处理。本公司亦欢迎股东

出席股东周年大会及股东特别大会，直接向董事会

发问。大会通告将正式寄发予股东，确保各股东已

获通知出席股东周年大会及股东特别大会。董事会

主席、薪酬委员会、提名委员会及审核委员会各自

之主席、高级管理人员以及核数师将会出席股东周

年大会，并即时回应股东之查询。进行表决之程序

将由股东周年大会及股东特别大会之主席于上述大

会开始时作出口头解释。

SHAREHOLDERS’ RIGHTS

Rights to convene a special general meting

Shareholders may convene a special general meting (the “SGM”) of

the Company acording to the Bye-Laws of the Company and the

provisions as set out in Section 74 of the Companies Act 1981 of

Bermuda (the “Bermuda Act”). The Board shal, on the requisition of

Shareholders holding at the date of the deposit of the requisition not

les than one-tenth of the paid-up capital of the Company as at the

date of the deposit carying the right of voting at general metings

of the Company, forthwith proced duly, to convene the SGM. The

requisition must state the purposes of the SGM, and must be signed

by the requisitionists and deposited at the principal place of busines

in Hong Kong of the Company at Unit 2703, 27/F, Convention

Plaza – Ofice Tower, 1 Harbour Road, Wanchai, Hong Kong, and may

consist of several documents of similar form each signed by one or

more requisitionists.

If the Board does not within 21 days from the date of the deposit of

the requisition proced duly to convene the SGM, the requisitionists or

any of them representing more than one half of the total voting rights

of al of them, may themselves convene the SGM in acordance with

the provisions of Section 74(3) of the Bermuda Act, but any SGM so

convened shal not be held after the expiration of 3 months from the

said date.

Procedures for puting enquiries by the Shareholders

to the Board

The Company endeavors to maintain two-way comunication with

the Shareholders through various chanels. The Shareholders are

encouraged to put their enquiries about the Group through the

Company’s email at info@dingyi.hk or by mail to the principal place of

busines of the Company in Hong Kong at Unit 2703, 27/F, Convention

Plaza – Ofice Tower, 1 Harbour Road, Wanchai, Hong Kong. Al the

enquiries are dealt with in a timely maner. The Shareholders are also

encouraged to atend the anual general meting and the SGM and

to put their enquiries to the Board directly. Notices are duly circulated

to the Shareholders in order to ensure each Shareholder is informed

to atend the anual general meting and the SGM. The Chairman

of the Board, the chairman of each of the Remuneration Comite,

the Nomination Comite and the Audit Comite, the senior

management and the Auditor wil atend the anual general meting

and respond to the Shareholders’ enquiries in a prompt maner. The

procedures for conducting a pol wil be explained by the chairman of

the anual general meting and the SGM oraly at the begining of the

aforesaid metings.

46DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Corporate Governance Report

企业管治报告书

于股东大会上提出建议之程序

(i) 根据百慕达公司法（第79及80条，于发出请

求书日期有权于请求书相关之大会上投票之

占所有股东总投票权不少于二十分之一的任

何股东数目或不少于100名股东可以书面方

式请求本公司(a)向有权收取下届股东周年大

会通告之股东提供可能于该大会上正式动议

及拟动议之任何决议案；及(b)向有权拥有获

寄发任何股东大会通告之股东发出有关将于

该大会上处理之任何建议决议案或事务中所

提述事宜不超过1,000字之任何声明。

任何有关拟动议决议案之通知须连同一笔合

理足以支付本公司相关费用之款项，于大会

前不少于六个星期前（就要求发出决议案通知

之请求书而言）及于大会不少于一个星期前

（就任何其他请求书而言）寄送至上述本公司

之香港主要营业地点。

于接获请求书后，本公司将根据百慕达公司

法第79及80条所载条文项下之规定，采取适

当行动及作出必要安排。

(i) 至于股东提议人士参选董事之程序，请参阅

本公司网站htp:/w.dingyi.hk所载之资料。

股息政策

本公司于二零一九年三月采纳一项股息政策（「股息

政策」）。

本公司认为，根据股息政策配合盈利而派发股息属

合适，并确保其能够以可持续及可承担基准支付股

息。本公司可于任何财政年度经考虑本公司之财

务状况、流动资金及现金流量、未来增长之资金需

求、经济状况及董事所考虑之任何其他因素后宣派

股息。本公司将于若干情况下从保留盈利中宣派股

息，因此无法保证于任何指定年度建议或宣派股

息。

Procedures for puting forward proposals at the

general metings

(i) Pursuant to Sections 79 and 80 of the Bermuda Act, either any

number of the Shareholders representing not les than one-

twentieth of the total voting rights of al the Shareholders having at

the date of the requisition a right to vote at the meting to which

the requisition relates, or not les than 100 Shareholders, can

request the Company in writing to (a) give to the Shareholders

entitled to receive notice of the next anual general meting of

any resolution which may properly be moved and is intended to

be moved at that meting; and (b) circulate to the Shareholders

entitled to have notice of any general meting sent to them any

statement of not more than 1,000 words with respect to the

mater refered to in any proposed resolution or the busines to

be dealt with at that meting.

Notice of any such intended resolution shal be deposited to the

above-stated principal place of busines of the Company in Hong

Kong not les than six weks before the meting (in the case of

a requisition requiring notice of a resolution); and not les than

one wek before the meting (in the case of any other requisition)

together with a sum reasonably suficient to met the relevant

expenses of the Company.

Upon receiving the requisition, the Company would take

apropriate actions and make necesary arangements in

acordance with the requirements under the provisions as stated

in Sections 79 and 80 of the Bermuda Act.

(i) For procedures for the Shareholders to propose a person for

election as a Director, please refer to the information available on

the website of the Company at htp:/w.dingyi.hk.

DIVIDEND POLICY

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

March 2019.

Under the Dividend Policy, the Company considers it apropriate to

align the dividend payments with profit and ensure that it is able to pay

dividend on a sustainable and afordable basis. The Company may

declare dividend in any financial year after taking into consideration the

Company’s financial position, liquidity and cash flow, capital requirement

for future growth, economic conditions and any other factors to be

considered by the Directors. The Company wil declare dividend out of

retained profit under certain circumstances, and therefore there can be

no asurance that a dividend wil be proposed or declared in any given

year.

鼎亿集团投资有限公司

二零二五年报

Corporate Governance Report

企业管治报告书

与股东及投资者沟通

董事会通过各种渠道与股东及投资者进行沟通。董

事会成员于股东周年大会及其他股东大会上与股东

及投资者会面及沟通，会上股东可更深入了解本集

团业务及营运表现。公司通讯（例如中期及年度报

告、通告、通函及公告）会适时寄发予股东，并可

于本公司及联交所网站查阅。

本公司经已采纳股东通讯政策，该政策可于本公司

网站查阅，并阐明本集团向股东和投资群体提供清

晰、完整、准确和及时的本集团资料的目标。董

事会透过股东周年大会及其他股东大会与股东直接

沟通。董事会已检讨股东通讯政策以及于截至二零

二五年三月三十一日止年度进行的股东及投资者参

与及沟通活动，并信纳股东通讯政策的实施及有效

性。

投资者关系

为促进有效沟通，本公司设有网站

htp:/w.dingyi.hk以刊载本公司之业务经营及发

展、财务资料、企业管治常规及其他资料。

宪章文件

于截至二零二五年三月三十一日止年度内，本公司

的宪章文件并无变动。

COMUNICATION WITH SHAREHOLDERS AND

INVESTORS

The Board comunicates with the Shareholders and investors through

various chanels. The Board members met and comunicate with

the Shareholders and investors at anual general metings and other

general metings where Shareholders can obtain a beter understanding

of the busines and operating performance of the Group. Corporate

comunications (such as interim and anual reports, notices, circulars

and anouncements) are sent to Shareholders in a timely maner and

are available on the websites of the Company and the Stock Exchange.

The Company has adopted the Shareholders Comunication

Policy, which is available on the Company’s website and sets out

the Group’s objective of providing clear, ful, acurate and timely

information about the Group to the Shareholders and the investing

comunity. The Board comunicates directly with Shareholders

through anual and other general metings. The Board reviewed the

Shareholders Comunication Policy and the Shareholders and investor

engagement and comunication activities conducted during the year

ended 31 March 2025 and was satisfied with the implementation and

efectivenes of the Shareholders Comunication Policy.

INVESTOR RELATIONS

To promote efective comunication, the Company maintains a website

at htp:/w.dingyi.hk, where the Company’s busines operations and

developments, financial information, corporate governance practices

and other information are posted.

CONSTITUTIONAL DOCUMENTS

There was no change in the Company’s constitutional documents

during the year ended 31 March 2025.

Environmental, Social and Governance Report

环境、社会及管治报告

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

ABOUT THIS REPORT

DINGYI GROUP INVESTMENT LIMITED (the “Company”), together

with its subsidiaries (colectively, the “Group”), is pleased to present

this Environmental, Social and Governance (the “ESG”) Report (the

“Report”) to provide an overview of the Group’s management of

significant isues afecting its operation, including environmental, social

and governance isues.

The objective of this Report is to highlight the Group’s ESG performance

for the purpose of asisting al stakeholders in understanding the

Group’s ESG concepts and practices in achieving sustainable

development for the future.

The Group is principaly engaged in loan financing, securities trading

and properties development. At 31 March 2025, the Group has

completed the acquisition of Savor Dining Colective Limited and its

subsidiaries (“Savor Group”), which is primarily engaged in sale of fod

and beverages in Shenzhen, the PRC. The environmental performance

of Savor Group has not ben included in this Report. The Board of

Directors (the “Board”) acknowledged the responsibility for monitoring

and managing ESG-related risks and the efectivenes of the ESG

management system. The Board reviews and discuses the goals and

targets under the ESG initiatives to optimise eficient use of resources

and to minimise the impact on the environment and natural resources

from the Group’s operation on an anual basis.

Sustainable development is an integral part of the Group’s busines

strategy in order to achieve busines excelence and enhance

capabilities for long-term competitivenes. The Group is comited to

operating in a maner that is economicaly, socialy and environmentaly

sustainable while balancing the interests of various stakeholders and

fostering a positive impact on the society. The Group’s sustainability

strategy is based on compliance with the aplicable legal requirements,

principle of sustainability and opinions from stakeholders. The Group

has established and implemented various policies to manage and

monitor the risks related to the environment, employment, operating

practices and comunity.

The Board believes that a sound environmental, social and governance

structure is vital for the continued sustainability and development of the

Group’s activities. The Group is wiling to take more responsibilities for

the society but with a view to balancing the Shareholders’ interests and

the society’s benefits. The Group wil continue to strengthen the eforts

in information colection for beter performance in the ESG areas and

broader disclosure of related information in sustainable development.

关于本报告

鼎亿集团投资有限公司（「本公司」）连同其附属公司

（统称「本集团」）欣然提呈本环境、社会及管治（「环

境、社会及管治」）报告（「报告」），总结本集团对影

响运营的重大问题的管理包括环境、社会及管治的

问题。

本报告目的强调本集团的环境、社会及管治表现，

旨在协助所有持份者了解本集团在实现未来可持续

发展方面的环境、社会及管治理念及常规。

本集团主要从事贷款融资、证券买卖及物业发

展。于二零二五年三月三十一日，本集团已完成

收购Savor Dining Colective Limited及其附属公司

（「Savor集团」），其主要于中国深圳从事餐饮销

售。Savor集团的环境表现并未纳入本报告内。董

事会（「董事会」）认同监察及管理环境、社会及管治

相关风险的责任及环境、社会及管治管理系统的有

效性。董事会每年审视及讨论环境、社会及管治措

施的目的及目标，以优化善用资源并降低本集团营

运对环境及天然资源的影响。

可持续发展为本集团业务策略的组成部分，借以取

得业务上的卓越成就及提升维持长远竞争力的能

力。本集团致力于以经济、社会及环境可持续的方

式营运，同时兼顾各持份者的利益，并为社会带来

积极影响。本集团之可持续策略乃基于遵守适用法

例规定、可持续原则及持份者意见。本集团已制定

及实施各项政策以管理及监察环境、雇佣、营运常

规及社区的相关风险。

董事会认为，健全的环境、社会及管治架构对本集

团业务今后的可持续发展及增长相当重要。本集团

愿意为社会承担更多责任，同时兼顾股东利益及社

会利益。本集团将继续加强资源收集方面的力度，

务求环境、社会及管治范畴的表现得以改善，且就

可持续发展的相关资讯作更广泛的披露。

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

良好的环境、社会及管治与业务的可持续发展密不

可分。董事会承担本集团的环境、社会及管治的管

理责任。其负责监督环境、社会及管治政策的制定

和汇报工作，以及识别和控制于环境、社会及管治

方面的风险，从而确保订立适当的环境、社会及管

治政策。董事会将环境、社会及管治的管理及实行

权力下放至各部门管理层，由管理层落实执行所订

立的环境、社会及管治政策及措施。

报告准则及原则

本报告乃依照主板上市规则附录C2－「环境、社会

及管治报告指引」编制，并遵守上市规则「不遵守就

解释」条文。

本集团已依照以下报告原则编制本报告：

Quality ESG governance is inextricably linked to the sustainable

development of busines. The Board asumes the ESG management

responsibility of the Group. It is responsible for monitoring the

formulation and report of the ESG policy and identifying and controling

the risks related to ESG to ensure apropriate ESG governance

policies are formulated. The Board delegates ESG management and

implementation powers to the management of each department,

and the management wil implement the ESG policies and measures

established.

REPORTING STANDARDS AND PRINCIPLES

This Report is prepared in acordance with Apendix C2 of the Main

Board Listing Rules – “Environmental, Social and Governance Reporting

Guide” and has complied with the “comply or explain” provision in the

Listing Rules.

The Group has prepared this Report in acordance with the folowing

reporting principles:

•Materiality:Important and relevant information to stakeholders on diferent ESG aspects is covered in the

Report. A materiality asesment was conducted to determine material ESG isues with results

aproved by the Board.

重大性：本报告涵盖于不同环境、社会及管治方面对持份者而言属重要且相关的资料。我们已进行重大性

评估以厘定重大环境、社会及管治事宜，且评估结果获董事会批准。

•Quantitative:The relevant standards, methodologies and asumptions used to prepare the quantitative

information is disclosed, as apropriate. Quantitative information is provided with narative and

comparative figures, where posible.

量化：用于编制量化资料的相关标准、方法及假设已酌情披露。在可能情况下，通过叙述及比较数字提

供量化资料。

•Consistency:Consistent methodologies are used to prepare and present ESG data in the Report, unles

otherwise specified, to alow for meaningful comparisons.

一致性：除另有指明外，本报告使用一致的方法编制及呈列环境、社会及管治数据，以便进行有意义的比

较。

•Balance:The information is presented without the inapropriate use of selections, omisions or other forms

of manipulation that would influence a decision or judgment by the reader.

平衡度：资料的呈列并无不恰当地使用影响读者决策或判断的选择、遗漏或其他形式的操纵。

50DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

报告期间及范围

本报告阐述本集团于二零二四年四月一日至二零

二五年三月三十一日报告期间（「报告期间」）的可持

续发展措施。本集团于过往年度所用的方法或关键

绩效指标（「关键绩效指标」）并无重大变动。本报告

重点说明本集团在报告期内于香港及中国的环境及

社会表现，并披露相关的关键绩效指标。

持份者参与及重大性评估

本集团重视持份者的意见，其对提升环境、社会及

管治方面的表现有重大价值。因此，我们致力透过

多种沟通渠道与不同持份者进行有效沟通，聆听并

回应持份者的期望与要求。

本集团认同自持份者对本集团业务活动之见解、查

询及持续关注所得资料之重要性。本集团已识别对

本集团业务而言属重要之主要持份者，并设立多种

沟通渠道。下表提供本集团主要持份者以及用于接

触、聆听及回应的各种沟通平台及方式的概要。

REPORTING PERIOD AND BOUNDARY

This Report demonstrates the Group’s sustainability initiatives

during the reporting period from 1 April 2024 to 31 March 2025 (the

“Reporting Period”). There was no material change to the methods

or key performance indicators (“KPIs”) used by the Group in previous

years. The Report focuses on the environmental and social performance

of the Group in Hong Kong and PRC during the Reporting Period and

the disclosure of relevant key performance indicators.

STAKEHOLDER ENGAGEMENT AND MATERIALITY

ASESMENT

The Group values the opinions of our stakeholders have significant

value in improving the ESG performances. Therefore, we are comited

to efective comunication with diferent stakeholders through a variety

of comunication chanels to listen and respond to the expectations

and requirements of the stakeholders.

The Group acknowledges the importance of inteligence gained from

the stakeholders’ insights, inquiries and continuous interest in the

Group’s busines activities. The Group has identified key stakeholders

that are important to the Group’s busines and established various

chanels for comunication. The folowing table provides an overview

of the Group’s key stakeholders, and various platforms and methods of

comunication are used to reach, listen and respond.

Key stakeholdersMain concernsChanels for comunication/response

主要持份者主要关注沟通╱回应渠道

Government and regulatory

authorities

政府及监管机构

– Compliance with laws and

regulations

– Anouncement and other regulatory

reports

－遵守法律法规－公告及其他监管报告

Shareholders– Operation performance– General meting

股东－营运表现－股东大会

– Risk management– Company’s anouncements

－风险管理－公司公告

– Email and telephone comunications

－电邮及电话通讯

– Company’s website

－公司网站

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

透过与持份者进行一般沟通，本集团了解到持份者

的期望及关注。所获得的反馈让本集团能够作出更

为明智的决策，且更好地评估及管理由此产生的影

响。

本集团通过了解对本集团业务而言属重要的关键环

境、社会及管治事宜，于环境、社会及管治报告中

采用重大性原则。根据环境、社会及管治报告指引

（上市规则附录C2）的建议，本报告就所有关键环

境、社会及管治事宜及关键绩效指标作出汇报。

Key stakeholdersMain concernsChanels for comunication/response

主要持份者主要关注沟通╱回应渠道

Supliers/service providers– Close comunication– Metings

供应商╱服务提供者－密切沟通－会议

– Order/contract execution– Email and telephone comunications

－履行指令╱合约－电邮及电话通讯

– Product quality

－产品质素

Customers– Customer relationship– Customer hotlines

客户－客户关系－客户热线

– Responsible investment– Sugestion box

－负责任投资－意见箱

– Risk management– Email and telephone comunications

－风险管理－电邮及电话通讯

Employes– Long-term carer development– Metings

雇员－长期职业发展－会议

– Health and safety– Email and telephone comunications

－健康与安全－电邮及电话通讯

– Remuneration and benefits

－薪酬及福利

– Staf training

－员工培训

The Public – Comunity service– Company’s anouncements

公众－社区服务－公司公告

– Company’s website

－公司网站

Through general comunication with stakeholders, the Group

understands the expectations and concerns of stakeholders. The

fedbacks obtained alow the Group to make more informed decisions,

and to beter ases and manage the resulting impact.

The Group have adopted the principle of materiality in the ESG reporting

by understanding the key ESG isues that are important to the busines

of the Group. Al the key ESG isues and KPIs are reported in the

Report acording to the recomendations of the ESG Reporting Guide

(Apendix C2 of the Listing Rules).

52DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

本集团已透过以下步骤评估环境、社会及管治方面

的重大性及重要性：

步骤一：识别－行业基准

、社会

及管治报告，确定相关的环境、社会及管治

范畴。

、社会及管治范畴对本集团的

重要性，透过管理层的内部讨论及环境、社

会及管治报告守则（上市规则附录C2）建议，

厘定各个环境、社会及管治范畴的重大性。

步骤二：排序－持份者的参与

、社会及管

治范畴与主要持份者进行讨论，以确保涵盖

所有关键方面。

步骤三：确认－厘定重大议题

• 根据与主要持份者的讨论以及管理层之间的

内部讨论，本集团的管理层确保所有对业务

发展至关重要的关键及重大环境、社会及管

治范畴已予报告并遵守环境、社会及管治报

告指引。

The Group has evaluated the materiality and importance of ESG aspects

through the folowing steps:

Step 1: Identification – Industry Benchmarking

• Relevant ESG areas were identified through the review of relevant

ESG reports of the local and international industry pers.

• The materiality of each ESG area was determined based on

the importance of each ESG area to the Group through internal

discusion of the management and the recomendation of the

ESG Reporting Code (Apendix C2 of the Listing Rules).

Step 2: Prioritisation – Stakeholder Engagement

• The Group discused with key stakeholders about key ESG areas

identified above to ensure that al the key aspects were covered.

Step 3: Validation – Determining Material Isues

• Based on the discusion with key stakeholders and internal

discusion among the management, the Group’s management

ensured that al the key and material ESG areas, which were

important to the busines development, were reported and in

compliance with ESG Reporting Guide.

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

持份者反馈

本集团欢迎持份者对本报告提出本集团可持续发展

措施方面的反馈。请电邮至info@dingyi.hk联络我

们。

A. 环境层面

本集团主要从事办公室营运，其业务活动对

环境或天然资源并无重大影响。尽管如此，

本集团仍致力于不断改进业务环境层面之可

持续发展，并确保环境因素为履行环境及社

区责任时的主要关注之一。为表明本集团致

力于可持续发展，其已制定相关节能减排措

施，以管理排放及维持绿色营运。

年内，本集团全面遵守香港所有相关环境法

例及法规，例如空气污染管制条例（第311

章）、污水处理服务条例（第463章）及废物处

置条例（第354章）。此外，于报告期间，本

集团概不知悉任何未遵守有关气体及温室气

体排放、向水及土地排污、产生有害及无害

废弃物之相关法律及法规而对本集团产生重

大影响之情况。另外，本集团定期了解适用

于环境保护的法律及法规的最新发展。

A1. 排放

空气污染物排放

气体排放控制对减低环境影响及保障雇

员健康至关重要。由于本集团主要从事

一般办公室业务，且管理层及员工避免

不必要的出行，仅乘坐公共交通出行，

故本集团并无产生任何空气排放物。

STAKEHOLDER FEDBACK

The Group welcomes stakeholders’ fedback on this Report for

the Group’s sustainability initiatives. Please contact us by email at

info@dingyi.hk.

A. ENVIRONMENTAL ASPECTS

The Group is mainly involved in ofice operations and its busines

activities do not have a significant impact on the environment or

natural resources. In spite of this, the Group are comited to

continuously improving the environmental sustainability of the

Group’s busines and ensuring that environmental consideration

remains one of the key focuses in fulfiling the obligations to both

the environment and comunity. To demonstrate the comitment

to sustainable development, the Group have established relevant

emision reduction and energy-saving initiatives to manage the

emision and maintain gren operations.

Throughout the year, the Group fuly complied with al of the

relevant environmental laws and regulations in Hong Kong,

such as the Air Polution Control Ordinance (Chapter 311),

the Sewage Services Ordinance (Chapter 463) and the Waste

Disposal Ordinance (Chapter 354). Besides, during the Reporting

Period, the Group were not aware of any non-compliance with

relevant laws and regulations that had a significant impact on the

Group related to air and grenhouse gas emisions, discharges

into water and land, and generation of hazardous and non-

hazardous waste. The Group also regularly update with the

latest development of the aplicable laws and regulations on

environmental protection.

A1. Emisions

Air Polutant Emisions

Air emision control is esential to mitigate environmental

impacts and protect employes’ health. As the Group

is mainly involved in general ofice activities and our

management and staf avoided unecesary traveling and

only tok public transport for traveling, there are no air

emisions generated by the Group.

54DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

温室气体（「温室气体」）排放

本集团的温室气体排放来源仅来自于外

购电力。温室气体排放大幅减少，是由

于物业发展业务的项目完工所致。与本

报告期间相比，本集团的目标是在未来

三年内将目前的温室气体排放减少或保

持在稳定水平。

于报告期间，本集团的污染物排放量及

温室气体排放如下：

Grenhouse Gas (“GHG”) Emisions

The only source of GHG emisions of the Group was from

the purchased electricity. The GHG emisions decreased

significantly due to the completion of projects in the

property development busines. The Group aims to reduce

or maintain the curent GHG emisions at a stable level in

the next 3 years in the future compared to this Reporting

Period.

The polutants emisions and GHG emisions of the Group

during the Reporting Period were as folows:

Type of air polutantsUnits20252024

空气污染物类别单位二零二五年二零二四年

Scope 2

tones of CO

-e49.5146

范围二

吨二氧化碳当量

Total GHG Emisiontones of CO

-e49.5146

温室气体总排放量吨二氧化碳当量

GHG Intensitytones of CO

-e/milion of dolars

of revenue*

0.180.17

温室气体密度吨二氧化碳当量╱百万元收益*

Scope 2: Indirect emisions from the generation of purchased

electricity consumed by the Group.

, the Group revenue is HK$279.71 milion.

This data wil also be used for calculation of intensities.

范围二：来自本集团所消耗的购入电力

产生的间接排放。

，本集团收

入为港币279.71百万元。该数据亦将用

于计算强度。

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

污水排放

由于本集团的性质以在办公室办公为

主，其日常营运中的耗水量并不重大，

故其业务活动并未产生大量向水排污。

由于本集团排出的污水被排入市政污水

管网至区域污水净化厂，本集团的耗水

被视为污水排放。

有害及无害废弃物

本集团深知减废之重要性，并已推行废

弃物管理措施以将废弃物产生量减至最

低，并降低本集团营运对环境之影响。

鉴于本集团的业务经营性质，报告期间

内并无产生有害废弃物。

鉴于办公室营运的性质，无害废弃物主

要源自办公室生活垃圾。于香港办公室

中，使用过的墨盒将由供应商回收。使

用过的电池及灯管将从生活垃圾中分类

出来，并弃置于指定的回收箱中。本集

团致力减少无害废弃物产生量，并透过

引入本报告「资源使用」一节所述的各种

减废措施及教育以提高雇员的环保意

识。与本报告期间相比，本集团目标为

于未来日后三年将目前无害废弃物量减

少或维持于稳定水平。

于报告期间，本集团产生的无害废弃物

如下：

Sewage Discharge

The Group does not consume a significant volume of water

in its daily operation due to its ofice-based nature, therefore

its busines activities did not generate a material portion

of discharge into water. Since the sewage discharged by

the Group is discharged into the municipal sewage pipe

network to the regional water purification plant, water

consumed by the Group is considered sewage discharged.

Hazardous and Non-hazardous Wastes

The Group recognises the importance of waste reduction.

Waste management measures have ben introduced to

minimise the amount of waste generated and reduce the

impact of the Group’s operation on the environment. Due to

the Group’s busines operation nature, no hazardous waste

was generated during the Reporting Period.

Due to the nature of ofice operation, non-hazardous waste

was mainly atributed to domestic wastes of ofice. The

used ink cartridge in Hong Kong ofice are colected by

the suplier. Used bateries and light tubes are separated

from domestic waste and disposed at the designated

recycling bin. The Group strives to reduce the amount

of non-hazardous waste generated and strengthen the

environmental awarenes of employes by introducing

various waste reduction measures and education as

mentioned in the section “Use of Resources” of this Report.

The Group aims to reduce or maintain the curent non-

hazardous consumption at a stable level in the next 3 years

in the future compared to this Reporting Period.

The non-hazardous waste generated by the Group during

the Reporting Period was as folows:

Type of wasteUnits20252024

废弃物类别单位二零二五年二零二四年

Non-hazardous wastetones0.250.25

无害废弃物吨

Non-hazardous waste intensitytones/milion dolars of revenue<0.001<0.001

无害废弃物密度吨╱百万元收益

56DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

A2. 资源使用

本集团视环境保护为可持续及负责任企

业的重要组成部分。本集团已深入了解

保障环境可持续发展的重要性，因此在

日常业务营运过程中推行各种措施，藉

此强调有效使用资源。本集团深明员工

参与是达致有关目标的关键，因而采纳

能源效益及用水效益措施政策，激励雇

员参加资源保育活动。

能源耗用

本集团致力持守高环境标准，以促进环

保。在整个本集团内，我们已采取以下

措施来减少碳足迹及能源足迹：

－办公室的室内温度保持于最合适

温度；

－采用低辐射玻璃阻隔紫外线，从

而减少空调系统耗电量；

－选择环保材料及节能灯具和电

器；

－关掉闲置的电器；及

－定期保养及维修机动车辆，以减

少能源浪费。

A2. Use of Resources

The Group considers environmental protection as an

esential component of a sustainable and responsible

busines. The Group has an in-depth understanding of

the importance of safeguarding sustainable development

of the environment and ataches importance to eficient

utilisation of resources by introducing various measures

in daily busines operations. The Group understand that

staf participation is the key to achieving such goals. The

Group have adopted energy and water eficiency initiatives

policies to motivate the employes to participate in resource

conservation activities.

Energy Consumption

The Group is comited to upholding high environmental

standards in order to promote environmental friendlines.

Throughout the Group, the folowing actions have ben

taken to reduce carbon and energy fotprints:

– maintain the indor temperature of ofices at an

optimal temperature;

– adopt low-emisivity glas to block ultraviolet, which

in turn reduces the power consumption of the air

conditioning system;

– chosing environmentaly friendly materials and

energy-saving lightings and electrical apliances;

– switch of idle electrical apliances; and

– regular maintenance and repair for motor vehicles to

lower energy waste.

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

与本报告期间相比，本集团目标为于未

来日后三年将目前的能源消耗减少或维

持于稳定水平。

于报告期间，本集团的能源消耗如下：The energy consumption of the Group during the Reporting

Period was as folows:

Energy consumptionUnits20252024

能源类别单位二零二五年二零二四年

Purchased electricityMWh84254

购入电力兆瓦时

Total energy consumptionMWh84254

能源总消耗量兆瓦时

Energy intensityMWh/milion dolars of revenue0.30.3

能源密度兆瓦时╱百万元收益

The Group aims to reduce or maintain the curent energy

consumption at the stable level in the next 3 years in the

future compared to this Reporting Period.

58DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

与本报告期间相比，本集团目标为于未

来日后三年将目前的耗水量减少或维持

于稳定水平。

使用包装材料

鉴于业务性质，由于本集团并无任何工

业生产或任何制造设施，本集团并无消

耗大量产品包装材料。

耗水

食水是珍贵的天然资源。本集团于租赁

办公场所经营业务，供水仅受楼宇管理

公司控制及集中管理。在此情况下，我

们无法提供耗水数据，原因是每个办公

单位并无单独设置水表以记录用水数

据。尽管如此，我们仍透过鼓励雇员关

紧水龙头以防止滴水，并首选有效节水

的产品，积极探索方法减少日常营运中

的耗水量。如以上所述，鉴于本集团的

业务性质以在办公室办公为主，并无求

取水源的问题。于报告期间，本集团的

耗水量如下：

Water Consumption

Water is an important natural resource. The busines of

the Group is operated in leased ofice premises where the

water suply is solely controled and centraly managed

by the building management company. In this case, it is

not feasible for us to provide water consumption data as

there is no separate meter for each individual ofice unit

to record water usage data. In spite of this, we stil activity

sek ways to reduce water consumption in daily operation

by encouraging employes to turn taps of tightly to prevent

driping of water and giving priority to efective water-saving

products. As said, due to the Group’s ofice-based busines

nature, there is no isue in water sourcing. The water

consumption of the Group during the Reporting Period was

as folows:

Water consumptionUnits20252024

耗水量单位二零二五年二零二四年

Waterm

4,2163,833

用水立方米

Water intensitym

/milion dolars of revenue15.14

耗水量强度立方米╱百万元收益

The Group aims to reduce or maintain the curent water

consumption at a stable level in the next 3 years compared

to this Reporting Period.

Use of Packaging Material

Due to the busines nature, the Group does not consume

a significant amount of product packaging materials as the

Group does not have any industrial productions nor any

manufacturing facilities.

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

A3. 环境及天然资源

本集团深明推行环保可降低营运风险，

并增加业务机遇。鉴于本集团的业务性

质，本集团并不知悉业务活动对环境及

天然资源产生的任何重大影响。尽管如

此，本集团致力实施上述减废措施及节

约资源举措，不断改进环境表现。本集

团将继续物色进一步减少排放及耗用资

源的机会，务求将对环境及天然资源的

影响降至最低。

A4. 气候变化

随著全球变暖加速，气候变化的重要性

日益凸显，气候变化已成为最具挑战性

的全球性问题。结合气候变化情况，本

集团分析面对气候变化的风险及机遇，

并披露与气候变化相关的资料。

本集团通过考虑气候变化可能造成的影

响及产业特点，确定过渡风险及物理风

险方面的气候风险。

A3. The Environment and Natural Resources

The Group understands that implementing environmental

protection can reduce operational risk and increase

busines oportunities. Regarding the busines nature

of the Group, the Group do not aware of any significant

impact of the busines activities on the environment and

natural resources. Despite this, the Group endeavour to

consistently improve the environmental performance by

implementing the aforementioned waste reduction measures

and resource-saving initiatives. The Group wil continue to

sek oportunities to further reduce emisions and resource

consumption with the aim to reduce the impacts on the

environment and natural resources to minimal.

A4. Climate Change

With the aceleration of global warming, the significance

of climate change is increasing, and climate change has

become the most chalenging global isue. Combining the

climate change scenario, the Group analyzed its risks and

oportunities in the face of climate change and disclosed

information related to climate change.

The Group identified climate risks in the aspect of transition

and physical risks by considering the posible impact of

climate change and the industrial characteristics.

60DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

Transition Risks

Aspects inClimate change risksMajor impacts

有关方面气候变化风险主要影响

Laws and regulations

法律法规

Emision targets and policies

排放目标及政策

• Stel and building materials wil son be included

in the scope of the second batch of mandatory

carbon trading, which may increase the

construction costs.

• 钢铁及建筑材料即将纳入第二批强制碳交易范

围，这可能会增加建筑成本。

the requirements for the building wil be stricter,

which may increase our operating costs.

，对建筑的要求将更

加严格，这可能会增加我们的运营成本。

• The requirement of gren construction in China

in the future wil increase costs in building design

and construction investment.

• 未来中国对绿色建筑的要求将增加建筑设计及施

工投资的成本。

Technology

技术

Technological inovation and

product R&D

技术创新及产品研发

• Reduction in carbon emision from buildings

through investment and research and

development of new construction technologies.

，减少建筑物的碳排

放。

, low-carbon

emision technologies related to building design

and construction have developed rapidly, and the

costs of independent research and development

have ben reduced. However, the competition

with other advanced enterprises wil become

fierce.

，与建筑设计和施工相关

的低碳排放技术发展迅速，自主研发成本降低。

然而，与其他先进企业的竞争也将变得激烈。

• Posibility of failure in the investment in new

low-carbon and environmental protection

technologies.

过渡风险

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

Aspects inClimate change risksMajor impacts

有关方面气候变化风险主要影响

Market

市场

Changes in customer behaviour

客户行为的变化

• The increase in the demand for environmental-

friendly and low-carbon products leads to a

reduction in demand for our products.

，导致对我们产品

的需求减少。

• Development of sustainable buildings to met

the demand of customers.

，满足客户需求。

Reputation

声誉

Changes in investor evaluation

投资者评价的变化

’ expectations increase. Failure to

improve/upgrade in time would bring adverse

impact to the Group.

。倘不能及时改进╱提升，

将会给本集团带来不利影响。

Physical Risks

Aspects inClimate change risksMajor impacts

有关方面气候变化风险主要影响

Acute risks

急性风险

Frequent abnormal climate

phenomena

异常气候现象频发

, rainstorms, flods, droughts

and other abnormal climate phenomena wil

afect the construction proces and afect the

transportation, use and storage of raw materials,

leading to delays in the construction period of

the project.

、暴雨、洪水、干旱等异常气候现象

会影响施工进程，影响原材料的运输、使用及储

存，导致项目工期延误。

• Abnormal climate phenomena may lead to

damage to buildings and generate coresponding

repair costs.

，并产生相应

的维修费用。

Chronic risks

慢性风险

Rise in average temperature

平均气温上升

• The temperature rise wil increase the burden on

energy consumption and workers, resulting in an

increase in the costs of operation.

，导致运

营成本增加。

物理风险

62DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

针对气候变化及极端天气带来的工程风

险，本集团重点关注台风、暴雨、高

温、强对流天气等恶劣气候动态，有针

对性地组织各类专项检查，及时发现潜

在的质量安全风险，最大限度地降低极

端天气对工程进度及质量的影响。落实

《关于加强冬季施工管理的通知》，提出

具体的冬季施工措施。该通知适用于所

有项目，对在不同施工阶段采取保温防

冻措施以消除冬季施工质量安全隐患及

预防质量安全事故的发生提出指导意

见；各市级公司亦根据当地情况制定详

细的应对方案。

B. 社会层面

雇佣及劳工常规

B1. 雇佣

所有与劳工有关的事宜，如薪酬、工作

时间、休息时间、招聘及晋升、解雇程

序、平等机会、多样性及反歧视等，均

符合香港《雇佣条例》及中国《劳动法》的

规定。

本集团致力创造没有歧视及骚扰的工作

氛围。本集团严格禁止在雇佣各阶段出

现基于国籍、身体能力、性别、年龄及

任何其他受法律保护身分的歧视行为或

动机。我们鼓励员工举报任何非法歧视

或任何形式的骚扰行为。一旦确认相关

指控，本集团会迅速进行调查，并采取

适当的纠正措施。

本集团致力将员工流失率保持于可接受

水平，以促进专业技能及经验的积累。

在报告期内，本集团概无发现任何与薪

酬及解雇、招聘及晋升、工作时间、休

息时间、平等机会、多样性及歧视有关

的重大违规行为。

In view of the project risks brought by climate change and

extreme weather, the Group focused on severe climate

dynamics such as typhons, rainstorms, high temperatures

and severe convective weather, and organized various

special inspections in a targeted maner to detect the

potential quality and safety risks and minimize the impact

of extreme weather on project progres and quality. Notice

on Strengthening Construction Management in Winter,

which proposed specific winter construction measures,

is implemented. The notice is aplicable to al projects

and provides guidelines for taking heat preservation and

anti-frezing measures in diferent construction stages to

eliminate construction quality and safety risks in winter and

prevent quality and safety acidents; al city companies also

formulated detailed response plans acording to the local

situation.

B. SOCIAL ASPECTS

Employment and Labour Practices

B1. Employment

Al labour-related isues in terms of compensation,

working hours, rest periods, recruitment and promotion,

dismisal procedures, equal oportunity, diversity and anti-

discrimination are in compliance with the Employment

Ordinance in Hong Kong, the Labour Law of the PRC.

The Group is comited to creating a working atmosphere

fre of discrimination and harasment. Discriminatory acts

or motives in al phases of employment on the grounds

of nationality, physical ability, gender, age and any other

legaly protected status are strictly prohibited in the

Group. Employes are encouraged to report any unlawful

discrimination or any form of harasment. The Group

investigates expeditiously and takes apropriate corective

actions once we have confirmed the alegations.

The Group strives to maintain the employe turnover rate

at an aceptable level so as to facilitate the acumulation

of profesional skils and experience. During the Reporting

Period, the Group did not become aware of any material

non-compliance relating to compensation and dismisal,

recruitment and promotion, working hours, rest periods,

equal oportunity, diversity, discriminations.

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

于二零二五年三月三十一日，按性别、

雇员类别、年龄组别及地理区域划分的

雇员组成（以雇员（不包括独立非执行董

事）数目计算）如下：

As at 31 March 2025, the employe compositions (in

numbers of employes, excluding independent non-

executive directors) by gender, employe category, age

group and geographical region were as folows:

Employe structure雇员结构二零二五年二零二四年

By gender按性别

Male男性15932

Female女性10517

By age按年龄

Aged below 3030岁以下1389

Aged 30–5030至50岁9226

Aged 51 or above51岁或以上3414

By employment type按雇员类型

Ful time全职25249

Part time兼职12–

By employment category按雇员类别

Senior management高级管理层87

Midle management中级管理层264

General staf一般员工23038

By geographical region按地理区域

PRC中国24835

Hong Kong香港1514

Others其他1–

64DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

于报告期间，雇员流失率为16%。于报

告期间，按性别、年龄组别及地理区域

划分的雇员流失率如下：

The employe turnover rate was 16% during the Reporting

Period. The employe turnover rates by gender, age group

and geographical region during the Reporting Period were as

folows:

Units2025

Employment雇佣单位二零二五年

By gender按性别

Male男性%10%

Female女性%9%

By age按年龄

Aged below 3030岁以下%10%

Aged 30–5030至50岁%9%

Aged 51 or above51岁或以上%29%

By geographical region按地理区域

PRC中国%18%

Hong Kong香港%/

B2. Health and Safety

Work safety is the key to the sustainable development of

the Group. We continue to strictly comply with the laws

and regulations related to ocupational health and safety,

such as the Ocupational Safety and Health Ordinance,

in our endeavour to create a safe and healthy working

environment for employes. Rescue, fire and evacuation

drils are conducted regularly to increase employes’

awarenes and involvement in acident prevention. The

Group also creates a pleasant and comfortable workplace

by carying out various measures, including the provision

of adjustable seats and regular repair and maintenance of

ofice equipment.

B2. 健康与安全

工作安全是本集团可持续发展的关键。

我们继续严格遵守有关职业健康与安

全的法律法规，如《职业安全及健康条

例》，致力为员工创造安全健康的工作

环境。我们定期进行救援、消防及疏散

演习，提升员工的事故防范意识及参与

程度。本集团亦实施多项措施，缔造舒

适惬意的工作环境，如提供可调校高度

的座椅以及定期维修保养办公室设备

等。

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

遵守法律法规

于报告期间，本集团根据相关法律法规

制定并严格执行内部安全与健康政策，

包括但不限于：

Compliance with Laws and Regulations

The Group has established and stringently implemented its

internal safety and health policies in line with the relevant

laws and regulations during the Reporting Period, including

but not limited to:

PRCProduction Safety Law

中国《安全生产法》

Law on Prevention and Control of Ocupational Diseases

《职业病防治法》

Regulation on Work-Related Injury Insurances

《工伤保险条例》

Hong KongOcupational Safety and Health Ordinance

香港《职业安全与健康条例》

Ocupational health and safety statistics202520242023

职业健康及安全统计情况二零二五年二零二四年二零二三年

Number of lost days due to work injury–

因工伤损失的日数

Number of work-related fatalities–

与工作有关的死亡人数

Number of work injuries incident–

工伤事故宗数

66DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

B3. 发展及培训

本集团鼓励雇员参与在职培训及持续进

修，为职业发展创造机会。在职培训专

为我们的工作场所而设计，令参与员工

能够具备所需知识及相关工作技能。除

了为雇员提供多元化的在职培训，使雇

员能够应付本集团及市场上不断变化的

需求之外，藉著持续培训，员工在履行

职责时会获得满足感及乐趣，且能激励

士气。员工必须遵守相关规例所规定的

持续专业培训及考试要求。

由于在报告期末收购 Savor Dining，员

工人数大幅增加，导致整体培训参与率

下降。于报告期间的培训详情如下：

B3. Development and Training

The Group encourages employes to participate in

on-the-job training and continuing education to create

oportunity for carer development. On-the-job training

is tailored to equip our workplace with the necesary

knowledge and skils relevant to work. Other than providing

diversified on-the-job training to employes and ensuring

employes met the changing demands in the Group and

the market. By providing continuous training, employes

gain satisfaction and enjoyment from fulfiling their roles

and bost morale. Employes are required to comply

with continuous profesional training and examination

requirements as stipulated in relevant regulations.

Due to the acquisition of Savor Dining at the end of

Reporting Period, the number of staf has significantly

increased and lead to the overal low participation rate of

training. The training details during the Reporting Period

were as folows:

The percentage of employes trained

by gender

按性别划分的

受训雇员百分比

Male男性7.5%

Female女性6.7%

The percentage of employes trained

by employment category

按雇佣类别划分的

受训雇员百分比

General and frontline staf一般及前线员工3.5%

Management管理层23.5%

Average training hours for employes

by gender

按性别划分的

雇员平均培训时数

Male男性2 hours小时

Female女性3 hours小时

Average training hours for employes

by employment category

按雇佣类别划分的

雇员平均培训时数

General and frontline staf一般及前线员工2.5 hours小时

Management管理层2.3 hours小时

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

B4. 劳工准则

本集团的营运要求高阶金融业培训及房

地产开发策划，故本集团并不依赖劳工

或涉及任何劳工密集工作。因此，管理

层确定本集团不会涉及聘用童工或强制

劳工。此外，本集团的雇佣政策注重个

人能力，而不论性别或族群等个人特

质。

本集团一直严格遵守《中华人民共和国

劳动合同法》。加班工作按照相关法律

法规给予补偿。根据香港《雇佣条例》、

《禁止使用童工规定》及《中华人民共和

国未成年人保护法》，以及《中华人民共

和国劳动法》就雇佣管理列明的规定，

本集团的营运并无童工及强制劳工。

在报告期内，本集团概无发现任何不遵

守有关童工及强迫劳动的法律法规的情

况。

营运惯例

B5. 供应链管理

本集团的业务性质为服务主导。本集团

的主要供应链业务伙伴为建筑供应商、

承包商及其他办公室服务供应商。除考

虑供应商声誉、质量及价值绩效比率等

因素外，本集团亦会优先考虑在社会责

任及环境保护政策方面具有相若价值的

供应商。在报告期内，在房地产开发业

务方面在中国有30家指定供应商及合

资格分包商。

本集团倾向于选用回收价值较高、包装

材料较少、能源效益较高的产品。在绿

色采购原则下，我们亦会不断评估材料

的使用情况，以避免过度储存及浪费资

源。

B4. Labour Standards

The operations of the Group require sophisticated

training in the field of finance and the planing of property

development. Hence the Group does not rely on labour or

involve in any labour-intensive work. As such, management

is certain that the Group would not be involved in child

or forced labour. Further, the employment policies of the

Group focus on the capabilities of the particular regardles

of personal traits such as gender or ethnic groups.

The Group has strictly complied with the Labour Contract

Law of the People’s Republic of China. Overtime work is

compensated in acordance with the relevant laws and

regulations. Acording to the Employment Ordinance of

Hong Kong and the Provisions on the Prohibition of Using

Child Labour and the Law of the People’s Republic of

China on the Protection of Minors and as stipulated by the

Labour Law of the People’s Republic of China in terms of

employment management, there is neither child nor forced

labour in the Group’s operation.

During the Reporting Period, the Group did not aware of

any non-compliance with laws and regulations regarding

child labour and forced labour.

Operating Practices

B5. Suply Chain Management

The Group’s busines nature is service-oriented. The

major suply chain busines partners of the Group are

construction supliers, contractors and other ofice services

supliers. Apart from taking into acount the factors such

as reputation, quality and the price-performance ratio of

supliers, the Group also priorities supliers with a similar

value in social responsibility and environmental protection

policy. During the Reporting Period, there are 30 designated

supliers and qualified sub-contractors in PRC for the

busines of property development.

The Group has a preference on chosing products with

higher recycling value, fewer packing materials and

higher energy eficiency. Under the principles of gren

procurement, we also ases the use of materials constantly

to avoid overstocking and waste of resources.

68DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

B6. 产品责任

本集团努力为客户创造最大价值，以取

得他们的信任及支持。本集团已将房地

产开发项目的建筑工程外包予独立建筑

公司。因此，全面的供应链管理对于提

供高质量物业乃至关重要，足以确保客

户健康及安全。本集团在不同阶段及经

营范围实施控制措施，以保护客户利

益，提高满意度。在报告期内，概无任

何已售出的物业因安全及健康理由而须

收回。

此外，我们已设有内部控制及合规程

序，以确保遵守所有相关法律法规。在

报告期内，本集团概无发现任何违反与

我们提供的产品及服务有关的任何法律

法规的情况。

客户满意度

通过提供尽心的客户服务，本集团得以

与广大客户群建立信任关系。为提供优

质服务予客户，本集团在项目开始前与

客户进行沟通，确认客户的期望及方

向，并在提供服务的过程中积极与客户

协调。

当客户提出投诉时，本集团将尽一切努

力公平、及时地调查及解决纠纷。在报

告期内，概无收到任何投诉。

消费者资料保护及私隐政策

作为一系列金融服务的服务提供者，本

集团能够接触到承租人、顾客及潜在客

户大量财务资料及个人资料，因此，保

障客户资料私隐乃本集团极为重视的事

务之一。

B6. Product Responsibility

The Group strives to create maximum value for our

customers to gain their trust and suport. The Group

has outsourced the construction works in property

development projects to independent construction firms.

Thus, a comprehensive suply chain management is of

great importance for the provision of high-quality properties,

which can ensure that customers are healthy and safe.

The Group has implemented control measures at diferent

stages and scopes of operation to protect customers’

benefits and bost satisfaction. During the Reporting

Period, no properties sold are recaled for safety and health

reasons.

Further, internal control and compliance procedures are

in place to ensure compliance with al relevant laws and

regulations. During the Reporting Period, the Group did not

aware of any violation of any laws or regulations regarding

to the products and services we provided.

Customer Satisfaction

The Group has earned trusted relationships with its broad

customer base through providing dedicated customer

services. In order to provide quality service to our clients, the

Group comunicates with our customers and confirms their

expectation and direction prior to project comencement

and actively cordinated with customers in the proces of

providing service.

When customers lodge a complaint, the Group wil make

every efort to investigate and resolve the disputes fairly

and promptly. During the Reporting Period, there are no

complaints received.

Customer Data Protection and Privacy

Policies

Being a service provider with a range of financial services,

the Group has aces to significant financial information and

personal data of the lese, clients and potential customers;

therefore, ensuring the privacy of customer information is

one of the isues the Group cares about the most.

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

为确保所有已接收的承租人资料仅用作

拟定用途，以及防止资料泄漏，本集团

已制定一系列收集、保留、使用、保

护、公开及存取资料的私隐原则，例

如：

－对承租人的所有资料设置存取限

制；

－规定雇员不得保有任何有关本集

团业务的机密资料及其他敏感机

密资料，以及向任何第三方披露

前述资料；及

－规定雇员不得向承租人及其关联

方索取任何不必要的资料。

在报告期内，本集团概无发现任何违反

与客户资料保护及与所提供服务有关的

广告的法律法规的情况。

B7. 反贪污

抵制贪污腐败、倡导廉洁自律是本集团

一贯的原则。本集团继续严格遵守与防

止贿赂、勒索、欺诈及洗黑钱相关的法

律法规，如《防止贿赂条例》。

本集团建立明确的利益申报制度，员工

不可从事与本集团有利益冲突的投资活

动，并明确规定员工必须申报任何可能

与本集团有直接或间接利益冲突的情

况。本集团亦已制定举报政策，为员工

提供渠道，以书面形式举报任何可疑的

不道德行为。倘发现案件有充分证据支

持，则本集团会向有关当局报告。在报

告期内，概无针对发行人、本集团及员

工的贪污行为提起法律诉讼。

The Group has formulated a set of privacy principal

in colection, retention, use, security, openes and

acesibility of information to ensure al leses’ information

received is only for its intended purpose and to prevent

information leakage, such as:

– Aces control to al information of leses;

– Requiring employes not to retain and disclose any

confidential information about the Group’s busines

and other sensitive, confidential data to any third

party; and

– Requiring employes not to obtain any unecesary

information from the leses and its asociated

parties.

During the Reporting Period, the Group did not notice any

violations of laws or regulations regarding customer data

protection and advertising relating to the services provided.

B7. Anti-Coruption

It is the unwavering principle of the Group to combat

coruption and advocate integrity and self-discipline. The

Group continues to strictly comply with the laws and

regulations relating to bribery prevention, extortion, fraud

and money laundering, such as the Prevention of Bribery

Ordinance.

A mechanism for declaration of interest is in place by the

Group to prohibit employes engagement in any investment

activities that colide with the interest of the Group, and

requires employes to report any situations that may involve

conflict of direct or indirect interest with the Group. There

is also a whistle-blowing policy to provide a chanel for

employes to report any suspicious cases of unethical

behaviours in writing. The Group would report the cases

to the authorities if the case was found to be suficiently

suported with evidence. During the Reporting Period, no

legal cases regarding corupt practices brought against the

isuer, the Group and our employes.

70DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

反洗黑钱

本集团严格实施一系列防止及侦测洗黑

钱及恐怖份子资金筹集活动的政策与程

序。本集团已采取以下措施防止及侦测

洗黑钱及恐怖份子资金筹集活动：

－透过参考可靠独立文件来源核实

客户身份，借以进行了解你的客

户程序；

－向相关政府部门汇报任何可疑交

易；及

－还款及存款仅可以支票、在客户

的银行账户进行银行转账的方式

作出。

在报告期内，本集团概无发现在香港及

中国有任何不遵守有关贪污、欺诈、洗

黑钱及贿赂的法律法规的情况。

社区

B8. 社区投资

作为一家对社会负责的公司，本集团致

力于了解所在社区的需求。本集团积极

倡导雇员寻求与慈善机构合作的机会，

参与各类慈善活动，以吸引社会各界的

关注，带动员工进一步参与社区服务。

本集团相信，透过积极参与社区服务活

动，可培养员工的社会责任感，进一步

提升本集团作为积极社区建设者的声

誉。

展望未来，本集团将继续秉承对股东、

投资者、供应商、客户及公众负责的原

则，寻求进一步发展机会，与持份者保

持和谐关系。

Anti-Money Laundering

The Group strictly implements a series of policies and

procedures to prevent and detect money laundering and

terorist financing. Folowing measures have ben taken to

prevent and detect money laundering and terorist financing:

– caries out know-your-client procedures by verifying

customers’ identity with reference to a reliable and

independent source of documents;

– reports any suspicious transactions to the relevant

government department; and

– repayments and deposits are only made by cheque,

bank transfer with customers’ bank acounts.

During the Reporting Period, The Group did not become

aware of any non-compliances of laws and regulations

relating to coruption, fraud, money laundering and bribery

in Hong Kong and China.

Comunity

B8. Comunity Investment

As a socialy responsible company, the Group is comited

to understanding the neds of the comunities in which

the Group operates. The Group actively advocate our

employes to sek oportunities to work with charitable

organizations and participate in various charitable activities

to draw the atention of the comunity and drive our

employes to further participate in comunity services.

The Group believes that through active participation in

comunity service activities, employes can develop a

sense of social responsibility and further enhance our

reputation as an active comunity builder.

Loking ahead, the Group wil continue to adhere to the

principle of responsibility to our shareholders, investors,

supliers, customers and the public, sek further

development oportunities and maintain a harmonious

relationship with our stakeholders.

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

环境、社会及管治报告索引ENVIRONMENTAL, SOCIAL AND GOVERNANCE

REPORTING INDEX

Subject areas, aspects, general disclosures and

Key Performance Indicators (KPIs)Section

主题范畴、层面、一般披露及关键绩效指标（关键绩效指标）章节

A. Environmental

A.环境

A1: Emisions

A1：排放物

General Disclosure“Emisions”

一般披露「排放」

KPI A1.1The types of emisions and respective emisions data“Emisions – Air Polutant Emisions”

关键绩效指标

A1.1

排放物类别及相关排放数据「排放－空气污染物排放」

KPI A1.2Grenhouse gas emisions in total and, where apropriate, intensity“Emisions – Grenhouse Gas

Emision”

关键绩效指标

A1.2

温室气体总排放量及（倘适用）密度「排放－温室气体排放」

KPI A1.3Total hazardous waste produced and, where apropriate, intensityNot aplicable – The Group

generates no hazardous waste.

关键绩效指标

A1.3

所产生有害废弃物总量及（倘适用）密度不适用－本集团并无有害废弃物产

生。

KPI A1.4Total non-hazardous waste produced and, where apropriate, intensity“Emisions – Hazardous and

Non-hazardous Wastes”

关键绩效指标

A1.4

所产生无害废弃物总量及（倘适用）密度「排放－有害及无害废弃物」

KPI A1.5Description of measures to mitigate emisions and results achieved“Emisions – Grenhouse Gas

Emision”

关键绩效指标

A1.5

描述减低排放量的措施及所获成效「排放－温室气体排放」

KPI A1.6Description of how hazardous and non-hazardous wastes are handled,

reduction initiatives and results achieved

“Emisions – Hazardous and

Non-hazardous Wastes”

关键绩效指标

A1.6

描述处理有害及无害废弃物的方法、减废措施及所获成效「排放－有害及无害废弃物」

72DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

Subject areas, aspects, general disclosures and

Key Performance Indicators (KPIs)Section

主题范畴、层面、一般披露及关键绩效指标（关键绩效指标）章节

A2: Use of Resources

A2：资源使用

General Disclosure“Use of Resources”

一般披露「资源使用」

KPI A2.1Direct and/or indirect energy consumption by type in total and intensity“Use of Resources – Energy

Consumption”

关键绩效指标

A2.1

按类型划分的直接及╱或间接能源总耗量及密度「资源使用－能源消耗」

KPI A2.2Water consumption in total and intensity“Use of Resources – Water

Consumption”

关键绩效指标

A2.2

总耗水量及密度「资源使用－水消耗」

KPI A2.3Description of energy use eficiency initiatives and

results achieved

“Use of Resources – Energy

Consumption”

关键绩效指标

A2.3

描述能源使用效益措施及所获成效「资源使用－能源耗用」

KPI A2.4Description of whether there is any isue in sourcing water that is fit for

purpose, water eficiency initiatives and results achieved

“Use of Resources – Water

Consumption”

关键绩效指标

A2.4

描述求取适用水源是否有任何问题、用水效益措施及所获成效「资源使用－水耗用」

KPI A2.5Total packaging material used for finished products and,

if aplicable, with reference to per unit produced

“Use of Resources – Use of

Packing Material”

关键绩效指标

A2.5

制成品所用包装物料的总量及（倘适用）每生产单位占量「资源使用－包装材料使用」

A3: The Environment and Natural Resources

A3：环境及天然资源

General Disclosure“The Environment and Natural

Resources”

一般披露「环境及天然资源」

KPI A3.1Description of the significant impacts of activities on the environment

and natural resources and the actions taken to manage them

No significant impact of activities

on the environment and natural

resources was noted.

关键绩效指标

A3.1

描述业务活动对环境及天然资源的重大影响以及所采取管理有关影响

的行动

并未发现业务活动对环境及天然资

源的重大影响。

A4: Climate Change

A4：气候变化

General Disclosure“Climate Change”

一般披露「气候变化」

KPI A4.1Description of the significant climate-related isues which have

impacted, and those which may impact, the isuer, and the

actions taken to manage them

“Climate Change”

关键绩效指标

A4.1

描述已对及可能对发行人构成影响的重大气候相关问题，以及所采取

处理该等问题的行动

「气候变化」

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

Subject areas, aspects, general disclosures and

Key Performance Indicators (KPIs)Section

主题范畴、层面、一般披露及关键绩效指标（关键绩效指标）章节

B. Social

B.社会

Employment and Labour Practices

雇佣及劳工常规

B1: Employment

B1：雇佣

General Disclosure“Employment”

一般披露「雇佣」

KPI B1.1Total workforce by gender, employment category, age group

and geographical region

“Employment”

关键绩效指标

B1.1

按性别、雇员类别、年龄组别及地理区域划分的雇员总数「雇佣」

KPI B1.2Employe turnover rate by gender, age group and

geographical region

“Employment”

关键绩效指标

B1.2

按性别、年龄组别及地理区域划分的雇员流失率「雇佣」

B2: Health and Safety

B2：健康与安全

General Disclosure“Health and Safety”

一般披露「健康与安全」

KPI B2.1Number and rate of work-related fatalitiesNo case of work-related fatality was

noted.

关键绩效指标

B2.1

因工亡故的人数及比率并未发现因工亡故的个案。

KPI B2.2Lost days due to work injuryNo case of work injury was noted.

关键绩效指标

B2.2

因工伤损失工作日数并无发现工伤个案。

KPI B2.3Description of ocupational health and safety measures

adopted, how they are implemented and monitored

“Health and Safety”

关键绩效指标

B2.3

描述所采取的职业健康及安全措施、实施及监察方式「健康与安全」

74DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

Subject areas, aspects, general disclosures and

Key Performance Indicators (KPIs)Section

主题范畴、层面、一般披露及关键绩效指标（关键绩效指标）章节

B3: Development and Training

B3：发展及培训

General Disclosure“Development and Training”

一般披露「发展及培训」

KPI B3.1The percentage of employe trained by gender and employe category“Development and Training”

关键绩效指标

B3.1

按性别及雇员类别划分的受训雇员百分比「发展及培训」

KPI B3.2The average training hours completed per employe by gender and

employe category

“Development and Training”

关键绩效指标

B3.2

按性别及雇员类别划分的每名员工完成受训的平均时数「发展及培训」

B4: Labour Standards

B4：劳工准则

General Disclosure“Labour Standards”

一般披露「劳工准则」

KPI B4.1Description of measures to review employment practices to avoid child

and forced labour

“Labour Standards”

关键绩效指标

B4.1

描述检讨雇佣惯例的措施以避免聘用童工及强制劳工「劳工准则」

KPI B4.2Description of steps taken to eliminate such practices when discoveredNo non-compliance with relevant

laws and regulations related

to recruitment of child labour

or forced labour practices was

noted.

关键绩效指标

B4.2

描述在发现违规情况时消除该等行为所采取的步骤并未发现任何未遵守有关聘用童工

或强制劳工行为的相关法律及法

规的情况。

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

Subject areas, aspects, general disclosures and

Key Performance Indicators (KPIs)Section

主题范畴、层面、一般披露及关键绩效指标（关键绩效指标）章节

Operating Practices

营运常规

B5: Suply Chain Management

B5：供应链管理

General Disclosure“Suply Chain Management”

一般披露「供应链管理」

KPI B5.1Number of supliers by geographical region“Suply Chain Management”

关键绩效指标

B5.1

按地理区域划分的供应商数目「供应链管理」

KPI B5.2Description of practices relating to engaging supliers, number of

supliers where the practices are being implemented, how they are

implemented and monitored

“Suply Chain Management”

关键绩效指标

B5.2

描述委聘供应商的常规、实施有关常规的供应商数目、实施及监察方式「供应链管理」

KPI B5.3Description of practices used to identify environmental and social risks

along the suply chain, and how they are implemented and monitored

“Suply Chain Management”

关键绩效指标

B5.3

描述用以识别供应链中环境及社会风险的常规，以及实施及监察方式「供应链管理」

KPI B5.4Description of practices used to promote environmentaly preferable

products and services when selecting supliers, and how they are

implemented and monitored

“Suply Chain Management”

关键绩效指标

B5.4

描述用以于挑选供应商时提倡环保产品及服务的常规，以及实施及监察

方式

「供应链管理」

76DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Environmental, Social and Governance Report

环境、社会及管治报告

Subject areas, aspects, general disclosures and

Key Performance Indicators (KPIs)Section

主题范畴、层面、一般披露及关键绩效指标（关键绩效指标）章节

B6: Product Responsibility

B6：产品责任

General Disclosure“Product Responsibility”

一般披露「产品责任」

KPI B6.1Percentage of total products sold or shiped subject to recals for

safety and health reasons

No product sold or shiped subject

to recals for safety and health

reasons.

关键绩效指标

B6.1

已出售或出运产品总数中因安全及健康原因而须回收的百分比并无已出售或出运产品因安全及健

康原因而须回收。

KPI B6.2Number of products and services related complaints received and how

they are dealt with

No products and services related

complaints received.

关键绩效指标

B6.2

接获有关产品及服务的投诉宗数及处理方式并未接获有关产品及服务的投诉。

KPI B6.3Description of practices relating to observing and protecting intelectual

property rights

“Product Responsibility”

关键绩效指标

B6.3

描述遵守及保护知识产权的相关常规「产品责任」

KPI B6.4Description of quality asurance proces and recal procedures“Product Responsibility”

关键绩效指标

B6.4

描述质量检定过程及回收程序「产品责任」

KPI B6.5Description of consumer data protection and privacy policies,

how they are implemented and monitored

“Product Responsibility”

关键绩效指标

B6.5

描述消费者资料保护及私隐政策、实施及监察方式「产品责任」

鼎亿集团投资有限公司

二零二五年报

Environmental, Social and Governance Report

环境、社会及管治报告

Subject areas, aspects, general disclosures and

Key Performance Indicators (KPIs)Section

主题范畴、层面、一般披露及关键绩效指标（关键绩效指标）章节

B7: Anti-coruption

B7：反贪污

General Disclosure“Anti-coruption”

一般披露「反贪污」

KPI B7.1Number of concluded legal cases regarding corupt practices brought

against the isuer or its employes during the reporting period and

the outcomes of the case

No concluded legal case regarding

corupt practices was noted.

关键绩效指标

B7.1

于报告期内向发行人或其雇员提出的已结案贪污法律案件数目及案件

结果

并未发现已结案的贪污法律案件。

KPI B7.2Description of preventive measures and whistle-blowing procedures,

how they are implemented and monitored

“Anti-coruption”

关键绩效指标

B7.2

描述预防措施及举报程序、实施及监察方式「反贪污」

KPI B7.3Description of anti-coruption training provided to directors

and staf

“Anti-coruption”

关键绩效指标

B7.3

描述向董事及员工提供的反贪污培训「反贪污」

Comunity

社区

B8: Comunity Investment

B8：社区投资

General Disclosure“Comunity Investment”

一般披露「社区投资」

KPI B8.1Focus areas of contribution (e.g. education, environmental concerns,

labour neds, health, culture, sport)

“Comunity Investment”

关键绩效指标

B8.1

专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、体育）「社区投资」

KPI B8.2Resources contributed (e.g. money or time) to the focus areaN/A

关键绩效指标

B8.2

对专注范畴所动用的资源（如金钱或时间）不适用

Report of the Directors

董事会报告书

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

The Directors present this report together with the audited financial

statements of the Group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding and the

principal activities of its subsidiaries are set out in Note 39 to the

consolidated financial statements.

The Group’s revenue and results for the year ended 31 March

2025 analysed by reportable segment are set out in Note 7 to the

consolidated financial statements.

BUSINES REVIEW

The busines review of the Group for the year ended 31 March 2025 is

provided in the Chairman’s Statement and Management Discusion and

Analysis of this anual report. An analysis of the Group’s performance

during the year under review using financial key performance indicators is

provided in the Financial Sumary on page 2 of this anual report.

RESULTS AND APROPRIATIONS

The results of the Group for the year ended 31 March 2025 are set

out in the consolidated statement of profit or los on page 103 of this

anual report. No interim dividend was paid during the year. The Board

does not recomend the payment of a final dividend in respect of the

year ended 31 March 2025.

SHARE CAPITAL AND CONVERTIBLE BONDS

Movement in the share capital during the year ended 31 March 2025 is

set out in Note 30 to the consolidated financial statements.

RESERVES

Movements in reserves of the Group and the Company during the

year ended 31 March 2025 are set out on pages 105 to 108 of this

anual report and Note 38(a) to the consolidated financial statements

respectively.

As at 31 March 2025, there was no reserve for the Company which is

available for distribution to Shareholders (2024: nil).

董事会提呈本报告及本集团于截至二零二五年三月

三十一日止年度之经审核财务报表。

主要业务

本公司之主要业务为投资控股及其附属公司之主要

业务载于合并财务报表附注39内。

本集团于截至二零二五年三月三十一日止年度按须

予呈报分类之收入及业绩分析载于合并财务报表附

注7内。

业务回顾

本集团于截至二零二五年三月三十一日止年度之业

务回顾载于本年报之主席报告及管理层讨论及分析

内。本集团采用财务关键表现指标对回顾年内表现

作出的分析则载于本年报第2页之财务概要。

业绩及拨用

本集团于截至二零二五年三月三十一日止年度之业

绩载于本年报第103页之合并损益表内。于年内并

无派发中期股息。董事会不建议派发截至二零二五

年三月三十一日止年度之末期股息。

股本及可换股债券

于截至二零二五年三月三十一日止年度内，股本之

变动载于合并财务报表附注30内。

储备

于截至二零二五年三月三十一日止年度内，本集团

及本公司储备之变动分别载于本年报第105至108

页及合并财务报表附注38(a)内。

于二零二五年三月三十一日，本公司概无可供分派

予股东之储备（二零二四年：无）。

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

物业、厂房及设备

于截至二零二五年三月三十一日止年度内，本集团

物业、厂房及设备之变动载于合并财务报表附注

16内。

财务概要及财务回顾

本集团之财务概要及财务回顾分别载于本年报第2

页及第16至18页。

主要客户及供应商

于截至二零二五年三月三十一日止年度，本集团

之五大客户所占之总收入占本集团之总收入约4%

及本集团之五大供应商所占之购买总额占本集团之

总购买额约86%。各董事、其联系人士或任何股

东（就董事所知，拥有本公司已发行股本逾5%之股

东）概无于本集团的五大供应商或五大客户中拥有

任何权益。

雇员及薪酬政策

于二零二五年三月三十一日，本集团旗下附属公司

于全球雇用264名全职员工（二零二四年：49名）。

于截至二零二五年三月三十一日止年度，员工总成

本为约港币1,000百万元（二零二四年：港币900万

元）。本集团之薪酬政策乃根据雇员之工作性质、

市场趋势、公司业绩及个别员工之表现而定期作出

检讨。其他员工福利包括酌情发放花红奖赏、退休

计划及本公司购股权计划。

优先购买权

本公司之公司细则并无优先购买权之规定，虽然根

据本公司之注册地百慕达之法例，对此权利并无作

出任何限制。

PROPERTY, PLANT AND EQUIPMENT

Movements in property, plant and equipment of the Group during the

year ended 31 March 2025 are set out in Note 16 to the consolidated

financial statements.

FINANCIAL SUMARY AND FINANCIAL REVIEW

A financial sumary and the financial review of the Group are shown on

page 2 and on pages 16 to 18 respectively of this anual report.

MAJOR CUSTOMERS AND SUPLIERS

For the year ended 31 March 2025, the agregate amount of revenue

atributable to the Group’s five largest customers acounted for

aproximately 4% of the Group’s total revenue and the agregate

amount of purchases atributable to the Group’s five largest supliers

acounted for aproximately 86% of the Group’s total purchases.

None of the Directors, their asociates nor any Shareholders (who,

to the knowledge of the Directors, owns more than 5% of the

Company’s isued share capital) has any interest in the Group’s five

largest supliers or five largest customers.

EMPLOYES AND REMUNERATION POLICIES

The Group employed 264 ful-time staf under its subsidiaries globaly

as at 31 March 2025 (2024: 49). Total staf costs amounted to

aproximately HK$10 milion for the year ended 31 March 2025 (2024:

HK$9 milion). The remuneration policies of the Group are reviewed

periodicaly on the basis of job nature, market trend, company

performance and individual performance. Other staf benefits include

bonuses awarded on a discretionary basis, retirement schemes and the

share option scheme of the Company.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Bye-Laws of the

Company although there are no restrictions against such rights under

the laws in Bermuda where the Company is incorporated.

80DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

与雇员之关系

本集团雇员为本集团的最重要资产及利益攸关方之

一，而彼等之贡献及支持一直备受重视。本集团参

考行业标准及雇员之个别表现定期检讨补偿及福利

政策，并提供其他额外福利、强制性公积金及购股

权以挽留忠诚雇员，旨在组成一支可为本集团带来

不同层面成功之专业员工及管理队伍。

与客户及供应商之关系

董事认为，维持与客户之良好关系一直为本集团成

功之至关重要因素之一。我们的业务模式为维持及

构建我们与客户基础之坚固关系。我们的使命为

向我们的客户提供最优质服务，而本集团正持续寻

求途径以透过强化服务提升客户关系。就证券买卖

及贷款融资业务而言，本集团并无主要供应商，而

就其他主要业务而言，本集团一直与供应商维持良

好关系以确保彼等于可预见将来对本集团之持续支

持。

购买、出售或赎回上市证券

截至二零二五年三月三十一日止年度，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上

市证券。

RELATIONSHIPS WITH EMPLOYES

The employes of the Group are one of the most important asets and

stakeholders of the Group and their contribution and suport are highly

valued at al times. The Group regularly reviews compensation and

benefits policies with reference to industry benchmarks as wel as the

individual performance of employes. Other fringe benefits, mandatory

provident fund and share options are provided to retain loyal employes

with the aim to form a profesional staf and management team that

can bring diferent levels of suces to the Group.

RELATIONSHIP WITH CUSTOMERS AND

SUPLIERS

The Directors believe that maintaining god relationships with

customers has ben one of the critical factors for the Group’s

suces. Our busines model is to maintain and build on our strong

relationships within our client base. Our mision is to provide the

finest services to our customers and the Group is constantly loking

for ways to improve customer relations through enhanced services.

Regarding the securities trading and loan financing busineses,

the Group has no major supliers. Whereas regarding the other

principal busineses, the Group has maintained god relationships

with the supliers to ensure their continued suport to the Group in the

foreseable future.

PURCHASE, SALE OR REDEMPTION OF LISTED

SECURITIES

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

redemed any of the listed securities of the Company during the year

ended 31 March 2025.

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

董事

于截至二零二五年三月三十一日止年度内及截至本

报告日期止之在任董事如下：

执行董事

苏晓浓先生（行政总裁）

（于二零二四年十月十五日辞任署理主席）

曾山先生（于二零二四年十月十五日获委任）

王晓华先生（于二零二四年十月十五日辞任）

何昌衡先生（于二零二四年十月十五日辞任）

非执行董事

岳鹰先生（主席）（于二零二四年十月十五日获委任）

刘苗女士（于二零二四年十二月二十三日获委任）

独立非执行董事

周肇基先生

叶志威先生

张志伟先生（于二零二四年十二月二十三日获委任）

曹贶予先生（于二零二四年十二月二十三日辞任）

根据公司细则第95条，岳鹰先生、曾山先生、刘

苗女士及张志伟先生的任期仅至彼等获委任后的

本公司首届股东周年大会为止。彼等符合资格并愿

意于应届股东周年大会（「二零二五年股东周年大

会」）上膺选连任。

根据本公司之公司细则第112条细则，叶志威先生

将于二零二五年股东周年大会上退任并符合资格愿

意膺选连任。

于截至二零二五年三月三十一日止年度内直至本报

告日期止于本公司附属公司之董事会任职之人士如

下：

李光煜先生

苏晓浓先生

劳筠女士

DIRECTORS

The Directors who held ofice during the year ended 31 March 2025

and up to the date of this report were:

Executive Directors

Mr. Su Xiaonong (Chief Executive Oficer)

(resigned as the Acting Chairman on 15 October 2024)

Mr. Zeng Shan (apointed on 15 October 2024)

Mr. Wang Xiaohua (resigned on 15 October 2024)

Mr. Ho Cheong Hang Edmond (resigned on 15 October 2024)

Non-Executive Directors

Mr. Yue Ying (Chairman) (apointed on 15 October 2024)

Ms. Liu Miaomiao (apointed on 23 December 2024)

Independent Non-executive Directors

Mr. Chow Shiu Ki

Mr. Ip Chi Wai

Mr. Cheung Chi Wai (apointed on 23 December 2024)

Mr. Cao Kuangyu (resigned on 23 December 2024)

In acordance with bye-law 95 of the Bye-laws, Mr. Yue Ying, Mr.

Zeng Shan, Ms. Liu Miaomiao and Mr. Cheung Chi Wai shal hold

ofice only until the first anual general meting of the Company after

their apointment. They, being eligible, have ofered themselves for

re-election at the forthcoming anual general meting (“2025 AGM”).

In acordance with bye-law 112 of the Company’s Bye-laws, Mr. Ip

Chi Wai shal retire from ofice and, being eligible, ofer himself for re-

election at the 2025 AGM.

The folowing persons who have served on the boards of directors of

the subsidiaries of the Company during the year ended 31 March 2025

and up to the date of this report were:

Mr. Li Kwong Yuk

Mr. Su Xiaonong

Ms. Lo Kwan

82DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

董事资料变动

根据上市规则第13.51B(1)条，董事资料变动载列

如下：

(a) 苏晓浓先生的年薪已调整至约港币651,000

元，自二零二四年四月一日起生效。

(b) 叶志威先生退任联交所主板上市公司浩森金

融科技集团有限公司（股份代号：3848）的独

立非执行董事一职，自二零二五年五月七日

起生效。

除上文披露者外，概无其他资料须根据上市规则第

13.51B(1)条予以披露。

独立非执行董事之独立性

本公司已收到各现有独立非执行董事就其于截至二

零二五年三月三十一日止年度内之独立性作出之年

度书面确认，并认为全体独立非执行董事仍均为独

立。

董事之服务合约

拟于股东周年大会重选连任之董事概无与本公司订

立在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。

董事于合约内之权益

除合并财务报表附注37所载「有关连人士之交易」

一节所披露者外，于本年底或于截至二零二五年三

月三十一日止年度内任何时间，本公司或其任何附

属公司并无签订任何董事直接或间接拥有重大权益

之有关本集团业务之重大合约。

管理合约

于截至二零二五年三月三十一日止年度内，本公司

概无订立有关管理或经营整体业务或任何重大业务

之合约。

CHANGES OF INFORMATION OF THE DIRECTORS

Pursuant to Rule 13.51B(1) of the Listing Rules, the changes in

information of the Directors are set out below:

(a) The anual salary of Mr. Su Xianong has ben adjusted to

aproximately HK$651,000 with efect from 1 April 2024.

(b) Mr. Ip Chi Wai retired as an independent non-executive director of

Haosen Fintech Group Limited (stock code: 3848), which is listed

on the Main Board of the Stock Exchange, with efect from 7 May

2025.

Save as disclosed above, there is no other information required to be

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

INDEPENDENCE OF INDEPENDENT NON-

EXECUTIVE DIRECTORS

The Company has received an anual writen confirmation from each

of the existing independent non-executive Directors in respect of their

independence during the year ended 31 March 2025 and al of them

are stil being considered to be independent.

DIRECTORS’ SERVICE CONTRACTS

None of the Directors who are proposed for re-election at the anual

general meting has a service contract with the Company which is not

determinable within one year without payment of compensation, other

than statutory compensation.

DIRECTORS’ INTERESTS IN CONTRACTS

Save as disclosed in the section headed “Related Party Transactions” as

set out in Note 37 to the consolidated financial statements, no contracts

of significance relating to the busines of the Group to which the

Company or any of its subsidiaries was a party and in which a Director

had a material interest, whether directly or indirectly, subsisted at the

end of the year or at any time during the year ended 31 March 2025.

MANAGEMENT CONTRACTS

During the year ended 31 March 2025, the Company had no contract

entered into in respect of the management or administration of the

overal busines or any material busines.

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

董事于竞争性业务之权益

于截至二零二五年三月三十一日止年度内，概无董

事于与本集团业务直接或间接构成竞争或可能构成

竞争之任何业务中有任何权益。

董事及主要行政人员之证券权益

于二零二五年三月三十一日，本公司董事及主要行

政人员于本公司及其相联法团（定义见证券及期货

条例（「证券及期货条例」）第XV部）之股份、相关股

份及债券中所拥有已根据证券及期货条例第XV部

第7及第8分部知会本公司及联交所之权益及淡仓

（包括根据证券及期货条例之有关条文被列为或视

作拥有之权益及淡仓），或必须记录于本公司根据

证券及期货条例第352条规定须予存置之登记册内

之权益及淡仓，或根据标准守则须另行知会本公司

及联交所之权益及淡仓如下：

于本公司普通股及相关股份之好仓

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

During the year ended 31 March 2025, none of the Directors had

interests in busines which competes or is likely to compete, either

directly or indirectly, with the busines of the Group.

DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS

IN SECURITIES

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

and the chief executive of the Company in the shares, underlying shares

and debentures of the Company and its asociated corporations,

within the meaning of Part XV of the Securities and Futures Ordinance

(the “SFO”), which have ben notified to the Company and the Stock

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

interests and short positions which they were taken or demed to have

taken under such provisions of the SFO), or which were required to be

recorded in the register to be kept by the Company pursuant to Section

352 of the SFO or as otherwise required to be notified to the Company

and the Stock Exchange pursuant to the Model Code were as folows:

Long positions in ordinary shares and underlying

shares of the Company

Name of DirectorsCapacity

Number of

ordinary shares

Aproximate

percentage of

total number of

isued shares

of the Company

董事姓名身份普通股数目

占本公司

已发行股份

总数之

概约百分比

(Note)

（附注）

Mr. Su Xiaonong

苏晓浓先生

Beneficial owner

实益拥有人

1,465,5000.17%

Mr. Zeng Shan

曾山先生

Beneficial owner

实益拥有人

20,546,5002.42%

Note: Based on 850,678,301 ordinary shares of the Company in isue as at 31

March 2025.

附注：按于二零二五年三月三十一日已发行850,678,301股

本公司普通股计算。

84DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

主要股东之证券权益

于二零二五年三月三十一日，就本公司董事及主要

行政人员所知，下列人士或法团（本公司董事或主

要行政人员除外）于本公司股份或相关股份中所拥

有须记录于本公司根据证券及期货条例第336条存

置之登记册内之权益及淡仓如下：

于本公司普通股及相关股份之好仓

SUBSTANTIAL SHAREHOLDERS’ INTERESTS IN

SECURITIES

As at 31 March 2025, so far as is known to the Directors and the chief

executive of the Company, the interests and short positions of the

persons or corporations other than the Director or chief executive of

the Company, in the shares or underlying shares of the Company as

recorded in the register required to be kept by the Company under

Section 336 of the SFO were as folows:

Long positions in ordinary shares and underlying

shares of the Company

Name of substantial

ShareholdersCapacity

Number of

ordinary shares

Aproximate

percentage of

total number of

isued shares

of the Company

主要股东姓名╱名称身份普通股数目

占本公司

已发行股份

总数之

概约百分比

(Note 1)

（附注1）

Mr. Li Kwong Yuk

李光煜先生

Beneficial owner

实益拥有人

26,757,000

Interest of controled corporation

受控制法团权益

299,314,540

(Note 2)

（附注2）

326,071,54038.33%

Wincon Capital Investment

Limited

永冠资本投资有限公司

Beneficial owner

实益拥有人

297,967,04035.03%

China State Shipbuilding

Corporation Limited* (Note 4)

中国船舶集团有限公司（附注4）

Interest of controled corporation

受控制法团权益

90,868,50010.68%

China Shipbuilding Capital

Limited (Note 4)

中国船舶资本有限公司（附注4）

Beneficial owner

实益拥有人

90,868,50010.68%

For identification purpose only 仅供识别

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

附注：

,678,301股

本公司普通股计算。

（「永冠资本」）

持有其中297,967,040股份、由永冠资产管理有

限公司（「永冠资产」）持有其中1,147,500股份及

由WinMaster Group Limited（「WMGL」）持有其中

200,000股份。永冠资本、永冠资产及WMGL乃由

李先生全资实益拥有。根据证券及期货条例，李先生

被视为于该等299,314,540股份中拥有权益。

3. 中国船舶资本有限公司由中国船舶集团有限公司全资

拥有。根据证券及期货条例，中国船舶集团有限公司

被视为于中国船舶资本有限公司持有之本公司股份中

拥有权益。

除上文所披露者外，于二零二五年三月三十一日，

就本公司董事及主要行政人员所知，概无其他人士

（本公司董事或主要行政人员除外）于本公司之股份

或相关股份中拥有须记录于本公司根据证券及期货

条例第336条存置之登记册内之权益或淡仓，或直

接或间接拥有附带可在任何情况下在本公司股东大

会上投票之权利之任何类别股本面值5%或以上权

益。

购股权计划

旧购股权计划

于二零一二年九月二十一日，股东批准采纳旧购股

权计划，该计划有效期为十年，已于二零二年九

月二十日届满。根据上市规则披露之旧购股权计划

之主要条款概要如下：

旧购股权计划旨在令本集团向合资格参与者授出购

股权，作为彼等对本集团之贡献之奖励或回报。

Notes:

1. Based on 850,678,301 ordinary shares of the Company isued as at 31 March

2025.

2. These shares were held by Wincon Capital Investment Limited (“WCIL”) as

to 297,967,040 shares, Wincon Aset Management Limited (“WAML”) as to

1,147,500 shares and Win Master Group Limited (“WMGL”) as to 200,000

shares. WCIL, WAML and WMGL were wholy and beneficialy owned by Mr. Li.

Pursuant to the SFO, Mr. Li was demed to be interested in these 299,314,540

shares.

3. China Shipbuilding Capital Limited was wholy owned by 中国船舶集团有限公

司 (China State Shipbuilding Corporation Limited*). By virtue of the SFO, 中国船

舶集团有限公司 (China State Shipbuilding Corporation Limited*) was demed

to be interested in the shares of the Company held by China Shipbuilding

Capital Limited.

Save as disclosed above, as at 31 March 2025, so far as is known to

the Directors and the chief executive of the Company, no other person

(other than the Director or chief executive of the Company) had interests

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

as recorded in the register required to be kept by the Company under

Section 336 of the SFO, or, were directly or indirectly, interested in 5%

or more of the nominal value of any clas of share capital carying rights

to vote in al circumstances at general metings of the Company.

SHARE OPTION SCHEME

Old Share Option Scheme

On 21 September 2012, the Shareholders aproved the adoption

of the Old Share Option Scheme, which is valid and efective for a

period of ten years and expired on 20 September 2022. A sumary of

the principal terms of the Old Share Option Scheme, as disclosed in

acordance with the Listing Rules, are as folows:

The purpose of the Old Share Option Scheme was to enable the Group

to grant the share options to the eligible participants as incentives or

rewards for their contribution to the Group.

For identification purpose only 仅供识别

86DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

根据旧购股权计划，董事可根据旧购股权计划之条

款及上市规则向以下人士或实体（「合资格参与者」）

授出购股权以认购股份：

(a) 任何本公司、其任何附属公司（「附属公司」）

或本集团任何成员公司持有股权之任何实体

（「投资实体」）之雇员（无论全职或兼职并包括

董事）；

(b) 任何董事（包括非执行董事及独立非执行董

事）、任何附属公司或任何投资实体；

或服务之任何供应商；

(d) 本集团任何成员公司或任何投资实体之任何

客户；

(e) 向本集团之任何成员公司或任何投资实体提

供研究、开发或其他技术支援之任何人士或

实体；

(f) 本集团任何成员公司或任何投资实体之任何

股东或本集团之任何成员公司或任何投资实

体发行之任何证券之任何持有人；

(g) 董事认为已经或将为本集团之增长及发展作

出贡献之任何咨询人（专业或其他方面）、专

家顾问、个人或实体；

(h) 已经或可能藉合营企业、业务联盟或其他业

务安排而对本集团的发展及增长作出贡献的

任何其他组别或类别参与者；及

(i) 由一名或多名合资格参与者全资拥有之任何

公司。

于任何12个月期间向各承授人已发行及因行使购

股权及行使根据本集团任何其他购股权计划授出之

购股权（包括已行使或尚未行使之购股权）而可能发

行之股份总数不得超过本公司当时已发行股份之

1%。

Under the Old Share Option Scheme, the Directors may grant share

options to the folowing persons or entities (the “Eligible Participants”)

to subscribe for shares in acordance with the provisions of the Old

Share Option Scheme and the Listing Rules:

(a) any employe (whether ful-time or part-time and including

the Directors) of the Company, any of its subsidiaries (the

“Subsidiaries”) or any entity in which any member of the Group

holds an equity interest (the “Invested Entity”);

(b) any Directors (including non-executive Directors and independent

non-executive Directors), any Subsidiaries or any Invested Entity;

any Invested Entity;

(d) any customer of any member of the Group or any Invested Entity;

(e) any person or entity that provides research, development or

other technological suport to any member of the Group or any

Invested Entity;

(f) any shareholder of any member of the Group or any Invested

Entity or any holder of any securities isued by any member of the

Group or any Invested Entity;

(g) any adviser (profesional or otherwise), consultant, individual or

entity who in the opinion of the Directors has contributed or wil

contribute to the growth and development of the Group;

(h) any other group or clases of participants who have contributed

or may contribute by way of joint venture, busines aliance or

other busines arangement to the development and growth of

the Group; and

(i) any company wholy-owned by one or more Eligible Participants.

The total number of shares isued and which may fal to be isued upon

exercise of the share options and the share options granted under any

other share option scheme of the Group (including both exercised or

outstanding share options) to each grante in any 12-month period shal

not exced 1% of the isued shares of the Company for the time being.

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

In respect of any particular option, such period as the Directors may

determine, may not be later than 10 years from the date of grant of the

relevant share options.

There is no minimum period required under the Old Share Option

Scheme for holding of the share options before it can be exercised.

An ofer of the grant of an option shal remain open for aceptance for

a period of 21 days from the date of grant. An ofer of the grant of the

option shal be regarded as having ben acepted when the duplicate

of the leter by the grante together with a remitance in favour of the

Company of HK$1.00 by way of consideration for the grant thereof is

received by the Company.

The exercise price shal not be les than the highest of (i) the closing

price of the shares as stated in the Stock Exchange’s daily quotation

shet on the date of grant; (i) the average closing price of the shares

as stated in the Stock Exchange’s daily quotation shet for the five

busines days imediately preceding the date of grant; and (i) the

nominal value of a share.

The Directors were entitled at any time within 10 years comencing on

21 September 2012 to make an ofer for the grant of a share option.

As mentioned above, the Old Share Option Scheme expired on 20

September 2022 and the 73,530,607 share options, being the scheme

mandate limit of the Old Share Option Scheme and adjusted to reflect

the efect of the share consolidation completed on 22 August 2023

(the “Share Consolidation”), were refreshed at the anual general

meting held on 18 September 2019 and none of these refreshed share

options were granted imediately before and upon the expiration of the

Old Share Option Scheme. However, there were 609,500,000 share

options granted on 11 April 2019 under the Old Share Option Scheme,

which were adjusted to 60,950,000 share options imediately after the

Share Consolidation becoming efective, has lapsed on 11 April 2024.

During the year ended 31 March 2025, no share options were granted,

exercised and canceled under the Old Share Option Scheme. As at 31

March 2025, there were no share options remaining outstanding.

就任何特定购股权而言，董事可厘定之有关期限不

可迟于自授出有关购股权之日期起计10年。

旧购股权计划项下并无规定于购股权可获行使前须

持有购股权之最短期限。

授出购股权之要约将自授出日期起计21日之期间

内维持可供接纳。当本公司自承授人收到有关函件

副本连同以本公司为受益人之汇款港币1.00元作为

授出代价时，授出购股权之要约将视为已获接纳。

行使价不得少于以下最高者：(i)股份于授出日期于

联交所每日报价表所列之收市价；(i)股份于紧接授

出日期前五个营业日于联交所每日报价表所列之平

均收市价；及(i)股份之面值。

董事有权于二零一二年九月二十一日起计10年内

随时提呈授出购股权。

如上文所述，旧购股权计划于二零二年九月二十

日到期，且73,530,607份购股权（即旧购股权计划

的计划授权限额并经调整以反映于二零二三年八月

二十二日完成的股份合并（「股份合并」）的影响）已

于二零一九年九月十八日举行的股东周年大会上获

更新，该等已更新购股权均未于紧接旧购股权计划

到期前及紧随旧购股权计划到期后获授予。然而，

根据旧购股权计划于二零一九年四月十一日授出的

609,500,000份购股权已于股份合并生效后，立即

调整至60,950,000份购股权，该等购股权已于二

零二四年四月十一日失效。截至二零二五年三月

三十一日止年度，概无购股权根据旧购股权计划

获授出、行使及被注销。于二零二五年三月三十一

日，概无购股权尚未行使。

88DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

于截至二零二五年三月三十一日止年度内，根据旧

购股权计划所授出之购股权之变动详情如下表所

示：

The movements in the share options granted under the Old Share

Option Scheme during the year ended 31 March 2025 are shown

below:

Number of share options

购股权数目

Name or category

of participant

1 April

Granted

during

the year

Exercised

during

the year

Canceled

during

the year

Lapsed

during

the year

31 March

Date of grant

of share options

Validity period

of share options

Exercise price

of share

options

参与者姓名或类别

于二零二四年

四月一日于年内授出于年内行使于年内注销于年内失效

于二零二五年

三月三十一日

购股权

授出日期购股权有效期购股权行使价

HK$ per share

每股港币

Executive Director

执行董事

Mr. Su Xiaonong5,000,000–5,000,000–11-04-201911-04-2019 to 10-04-20244.56

苏晓浓先生二零一九年四月十一日二零一九年四月十一日至

二零二四年四月十日

Sub-total

小计5,000,000–5,000,000–

Others

其他

Employes23,050,000–23,050,000–11-04-201911-04-2019 to 10-04-20244.56

雇员二零一九年四月十一日二零一九年四月十一日至

二零二四年四月十日

Other eligible participants32,900,000–32,900,000–11-04-201911-04-2019 to 10-04-20244.56

其他合资格参与者二零一九年四月十一日二零一九年四月十一日至

二零二四年四月十日

Sub-total

小计55,950,000–55,950,000–

Total

总计60,950,000–60,950,000–

The closing price of the Company’s shares imediately before the

date on which the share options were granted was HK$0.455 per

share (adjusted to HK$4.55 imediately upon the Share Consolidation

becoming efective).

于紧接购股权授出日期前本公司股份收市价为每股

港币0.455元（紧随股份合并生效后调整至港币4.55

元）。

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

新购股权计划

于二零二三年十一月三日，本公司采纳了一项新购

股权计划（「新购股权计划」），期限为10年。根据

新购股权计划，董事会有权向董事会可能全权酌情

选择的任何合资格参与者（定义见下文）授予购股

权。

根据上市规则披露的新购股权计划概要载列如下：

(1) 新购股权计划的目的

新购股权计划的目的为让董事会可授出购股

权予合资格参与者（定义见下文），以作为彼

等对本集团所作出或将会作出的贡献的激励

或奖赏。任何合资格参与者获授购股权资格

的基准，乃由董事会不时根据董事会认为彼

等对本集团的发展及增长所作出或将会作出

的贡献而厘定。

(2) 新购股权计划的合资格参与者

新购股权计划的合资格参与者包括：

(i) 本公司或其任何附属公司董事及雇员

（不论全职或兼职）（包括作为与本公司

或其任何附属公司签订雇佣合约的奖

励而获授购股权的人士）（「雇员参与

者」）；及

(i) 符合以下任何一个类别并在本集团日常

及一般业务过程中持续及经常性地提供

董事会厘定为有利于本集团长期发展的

服务的人士（「服务提供者」）。

New Share Option Scheme

On 3 November 2023, the Company adopted a new share option

scheme (the “New Share Option Scheme”) for a term of 10 years.

Under the New Share Option Scheme, the Board shal be entitled to

grant options to any eligible participant (as defined hereinafter) as the

Board may in its absolute discretion select.

Sumary of the New Share Option Scheme disclosed in acordance

with the Listing Rules are set out below:

(1) Purpose of the New Share Option Scheme

The purpose of the New Share Option Scheme is to enable

the Board to grant share options to the eligible participants (as

defined hereinafter) as incentives or rewards for their contribution

or potential contribution to the Group. The basis of eligibility of

any of the Eligible Participants to the grant of Share Options shal

be determined by the Board from time to time on the basis of the

Board’s opinion as to his/her contribution or potential contribution

to the development and growth of the Group.

(2) Eligible participants of the New Share Option

Scheme

Eligible participants of the New Share Option Scheme include:

(i) the directors and employes (whether ful time or part time)

of the Company or any of its subsidiaries (including persons

who are granted Share Options as an inducement to enter

into employment contracts with the Company or any of its

subsidiaries) (the “Employe Participants”); and

(i) the persons that fal into any one of the folowing categories

and who provide services to the Group on a continuing

and recuring basis in its ordinary and usual course of

busines which are in the interests of the long-term growth

of the Group as determined by the Board (the “Service

Providers”).

90DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

(3) 于本年报日期根据新购股权计划可

供发行的股份总数及已发行股份百

分比

于二零二四年四月一日及于二零二五年三月

三十一日，根据新购股权计划的计划授权可

供授予的购股权总数为73,567,830份，分别

占本公司已发行普通股的10%及约8.65%。

于二零二四年四月一日及于二零二五年三月

三十一日，就根据新购股权计划以及本公司

任何其他购股权计划或股份奖励计划向服务

提供者可供授出的所有购股权或股份奖励而

可能配发及发行的股份总数（「服务提供者分

项限额」）为7,356,783股，分别占本公司已发

行普通股的1%及约0.86%。

截至二零二五年三月三十一日止年度，并无

根据新购股权计划授出任何购股权。因此，

于二零二五年三月三十一日，新购股权计划

项下并无尚未行使的购股权，亦无根据计划

可能发行的本公司股份。

于本年报日期，根据新购股权计划可供发行

的股份总数仍为73,567,830股，约占本公司

已发行普通股的8.65%。

(4) 新购股权计划项下各参与者的配额

上限

于任何12个月期间直至有关授出日期（包括

该日），就根据新购股权计划或本公司任何其

他购股权计划或股份奖励计划项下授出的所

有购股权及股份奖励（不包括根据计划条款已

失效的任何购股权及股份奖励）向每名合资格

参与者发行及可能发行的股份总数不得超过

已发行股份总数的1%。

(3) Total number of shares available for isue under

the New Share Option Scheme and percentage

of isued shares as at the date of this Anual

Report

The total number of share options available for grant under the

scheme mandate of the New Share Option Scheme as at 1 April

2024 and as at 31 March 2025 was 73,567,830, representing

aproximately 10% and 8.65% of the ordinary shares of the

Company in isue, respectively.

The total number of shares which may be aloted and isued in

respect of al share options or share awards available for grant to

Service Providers under the New Share Option Scheme and any

other share option scheme(s) or share award scheme(s) of the

Company (the “Service Provider Sublimit”) as at 1 April 2024

as at 31 March 2025 was 7,356,783, representing aproximately

1% and 0.86% of the ordinary shares of the Company in isue,

respectively.

During the year ended 31 March 2025, no share option was

granted under the New Share Option Scheme. Acordingly, as at

31 March 2025, there was no share option outstanding under the

New Share Option Scheme and no shares of the Company that

might be isued pursuant thereto.

As at the date of this anual report, the total number of shares

available for isue under the New Share Option Scheme remained

at 73,567,830 shares, representing aproximately 8.65% of the

ordinary shares of the Company in isue.

(4) Maximum entitlement of each participant under

the New Share Option Scheme

The total number of shares isued and which may fal to be isued

in respect of al share options and share awards granted under the

New Share Option Scheme or any other share option scheme(s)

or share award scheme(s) of the Company (excluding any share

options and share awards lapsed in acordance with the terms of

the scheme) to each eligible participant in any 12-month period

up to and including the date of such grant must not exced 1% of

the total number of shares in isue.

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

(5) 承授人根据新购股权计划可行使购

股权的期限

将由董事厘定及通知有关承授人且不超过自

向合资格参与者作出购股权要约之日期（「要

约日期」）起计10年的期间。

(6) 根据新购股权计划授予的购股权的

归属期

新购股权计划项下授出的购股权的归属期须

不少于12个月。向雇员参与者授出的购股权

的任何较短归属期须在董事酌情决定下经董

事会及╱或本公司薪酬委员会批准，惟有关

承授人须于董事会授出有关批准前明确指定。

任何服务提供者根据新购股权计划授出的购

股权的归属期在任何情况下均不得少于12个

月。

(7) 于申请或接纳购股权时及必须或可

能须付款或催缴或须就有关目的偿

还贷款的期间须缴纳的款项

自要约日期起计30天内支付港币1.00元作为

授予购股权的代价。

(8) 厘定已授出购股权的行使价的基准

任何购股权的行使价须由董事酌情决定，惟

须至少为以下各项的最高者：(a)于要约日

期，联交所发布的每日报价表所列的股份收

市价；(b)紧接要约日期前五个营业日，联

交所发布的每日报价表所列的股份平均收市

价；及(c)股份于要约日期之面值。

(9) 新购股权计划的余下年期

新购股权计划将自采纳日期（即二零二三年

十一月三日）起计10年期间内有效及生效，

以及于该计划十周年前一天营业时间结束时

届满。

(5) The period within which the share option may be

exercised by the Grante under the New Share

Option Scheme

A period to be determined and notified by the Directors to the

Grante and not more than 10 years from the date of ofer of

share options (the “Ofer Date”) to eligible participants.

(6) The vesting period for options granted under the

New Share Option Scheme

The vesting period for share options granted under the New

Share Option Scheme must not be les than 12 months. Any

shorter vesting period in respect of share options granted to

Employe Participants must be aproved by the Board and/or

the remuneration comite of the Company at the Directors’

discretion, provided that such Grante(s) has ben specificaly

identified by the Board before granting such aproval.

The vesting period for share options granted under the New

Share Option Scheme must not be les than 12 months in any

circumstances for any Service Providers.

(7) The amount payable on aplication or

aceptance of the option and the period within

which payments or cals must or may be made

or loans for such purposes must be repaid

HK$1.00 is to be paid as consideration for the grant of share

options within 30 days from the Ofer Date.

(8) The basis of determining the exercise price of

share options granted

The exercise price in respect of any share option shal be at the

discretion of the Directors, provided that it must be at least the

highest of (a) the closing price of the shares as stated in the daily

quotation shets isued by the Stock Exchange on the Ofer

Date; (b) the average closing price of the shares as stated in the

daily quotation shets isued by the Stock Exchange for the five

busines days imediately preceding the Ofer Date; and (c) the

nominal value of the shares on the Ofer Date.

(9) The remaining life of the New Share Option

Scheme

The New Share Option Scheme shal be valid and efective for a

period of 10 years comencing on the date of adoption (i.e. 3

November 2023) and expiring at the close of busines on the day

imediately preceding the tenth aniversary thereof.

92DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

有关连人士之交易及关连交易

于本集团日常业务过程中进行的有关连人士之交易

详情载于合并财务报表附注37。概无有关连人士

之交易构成上市规则项下须予披露的不获豁免关连

交易或不获豁免的持续关连交易。

退休计划

本公司之退休福利计划详情载于合并财务报表附注

36内。

收购股份或债券之安排

除于本报告第85至91页「购股权计划」一节所披露

者外，于截至二零二五年三月三十一日止年度内任

何时间，概无向任何董事或彼等各自的配偶或未成

年子女授出权利以藉收购本公司股份或债权证的方

式获益，彼等亦无行使任何该等权利；或本公司或

任何其控股公司、附属公司或同系附属公司概无订

立任何安排以令董事可获得任何其他法人团体的相

关权利。

企业管治

有关本公司之企业管治常规之全面详情载于本年报

第24至47页。

环境政策

本集团致力于所有潜在业务营运方面减少其碳排放

量及自然资源消耗。其环境策略为于服务质量及效

率与减少温室气体排放及环境恶化之间达致平衡。

因此，本集团已采取积极措施，透过电话、电邮及

会议或其他高效且环保之通讯方式进行内部及外部

交流。此外，本集团可减少差旅及印刷。

RELATED PARTY TRANSACTIONS AND

CONECTED TRANSACTIONS

Details of the related party transactions undertaken in the normal course

of busines of the Group are set out in Note 37 to the consolidated

financial statements. None of the related party transactions constituted

discloseable non-exempt conected transaction or non-exempt

continuing conected transaction under the Listing Rules.

RETIREMENT SCHEMES

Details of the Company’s retirement benefits scheme are set out in

Note 36 to the consolidated financial statements.

ARANGEMENT FOR ACQUISITION OF SHARES

OR DEBENTURES

Save as disclosed in the section headed “SHARE OPTION SCHEME”

on pages 85 to 91 of this report, at no time during the year ended

31 March 2025 were rights to acquire benefits by means of the

acquisition of shares in or debentures of the Company granted to

any Directors or their respective spouses or minor children, or were

any such rights exercised by them; or was the Company or any of its

holding companies, subsidiaries or felow subsidiaries a party to any

arangements to enable the Directors to acquire such rights in any other

body corporate.

CORPORATE GOVERNANCE

Ful details of the Company’s corporate governance practices are set

out on pages 24 to 47 of this anual report.

ENVIRONMENTAL POLICIES

The Group is comited to reducing its carbon fotprint and

consumption of natural resources in al posible aspects of busines

operations. Its environmental strategy is to achieve a balance betwen

the quality and eficiency of our services and the minimization of

grenhouse gas emisions and environmental degradation. Acordingly,

the Group has taken a proactive aproach to internal and external

comunication by means of telephone, emails and conferences or such

other comunication means which are eficient yet environmentaly

friendly. Also, the Group is able to minimize traveling and printing.

鼎亿集团投资有限公司

二零二五年报

Report of the Directors

董事会报告书

有关本集团于截至二零二五年三月三十一日止年度

的环境政策及表现的详细资料载于本年报第48至

77页的环境、社会及管治报告。

主要风险及不明朗因素

本集团面对之主要风险及不明朗因素包括策略、营

运及财务风险。

策略风险

董事根据其对外部环境之认识维持策略计划。本集

团将根据策略计划投资项目及作出投资以迎合市场

需求及预期。鉴于金融及股票市场之不可预见外部

环境之迅速变化，当改变策略计划以应对外部环境

之不可预期变化时，本集团面临投资之重大策略风

险。

营运风险

管理层定期审阅本集团之营运以确保本集团因欺

诈、差错、遗漏及其他营运及合规事宜导致之损失

风险（不论财务或其他）得到充足监管。

财务风险

主要财务风险载于合并财务报表附注32(b)「金融工

具」－「金融风险管理目的及政策」内。

股票挂钩协议

本报告第85至91页之「购股权计划」一节所披露者

外，本公司于截至二零二五年三月三十一日止年度

内并无订立任何股票挂钩协议。

Detailed information about the Group’s environmental policies and

performance for the year ended 31 March 2025 is set out in the

Environmental, Social and Governance Report on pages 48 to 77 of this

anual report.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the Group include strategic,

operational and financial risks.

Strategic risks

The Directors maintain a strategic plan based on their knowledge of the

external environments. The Group wil invest in projects and investments

based on the strategic plan in order to cope with the market demand

and expectation. Given the rapid change of unforeseable external

environments in the financial and equity markets, the Group is facing

significant strategic risks to its investments when changing the strategic

plans to adapt to the unexpected changes of external environments.

Operational risks

Management regularly reviews the Group’s operations to ensure that

the Group’s risk of loses, whether financial or otherwise, resulting from

fraud, erors, omisions and other operational and compliance maters,

is adequately managed.

Financial risks

The principal financial risks are set out in Note 32(b) to the consolidated

financial statements headed “FINANCIAL INSTRUMENTS” – “Financial

risk management objectives and policies”.

EQUITY-LINKED AGREMENTS

Save for disclosed in the section headed the section headed “SHARE

OPTION SCHEME” on pages 85 to 91 of this report, the Company did

not enter into any equity-linked agrements during the year ended 31

March 2025.

94DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Report of the Directors

董事会报告书

获允许弥偿条文

根据本公司之公司细则，本公司各董事或其他高级

职员以及本公司现时之清算人或受托人（如有）有权

就履行其职务或在其他有关方面蒙受或产生之所有

损失或负债自本公司之资产中获得弥偿。本公司已

就其董事及本公司其他高级职员可能面对任何诉讼

时产生之所有损失及负债购买保险。

遵守法律及法规

于截至二零二五年三月三十一日止年度内，本公司

并无注意到有任何对本公司产生重大影响之不遵守

任何相关法律及法规。

足够公众持股量

于本年报刊发前之最后实际可行日期，根据本公司

获得之公开资料及据董事所知，本公司一直维持上

市规则所规定之足够公众持股量。

核数师

开元信德会计师事务所有限公司于二零二四年股东

周年大会结束时任满退任本公司核数师。天健国际

会计师事务所有限公司（「天健国际」）已于二零二五

年三月三十一日举行之本公司股东特别大会上获委

任为本公司核数师。根据本公司的公司细则，天健

国际的任期直至二零二五年股东周年大会结束为

止。截至二零二五年三月三十一日止年度的财务报

表已由天健国际审核。

本公司将于二零二五年股东周年大会上提呈决议

案，续聘天健国际为本公司核数师。

承董事会命

主席

岳鹰

香港，二零二五年六月三十日

PERMITED INDEMNITY PROVISION

Pursuant to the Company’s Bye-laws, every Director or other oficer of

the Company and the liquidator or trustes (if any) for the time being of

the Company shal be entitled to be indemnified out of the asets of the

Company against al loses or liabilities, which he may sustain or incur in

or about the execution of the duties of his ofice or otherwise in relation

thereto. The Company has taken out insurance against al loses and

liabilities asociated with defending any procedings which may be

brought against Directors and other oficers of the Company.

COMPLIANCE WITH LAWS AND REGULATIONS

During the year ended 31 March 2025, the Company was not aware of

any non-compliance with any relevant laws and regulations that had a

significant impact on it.

SUFICIENCY OF PUBLIC FLOAT

Based on the information that is publicly available to the Company and

within the knowledge of the Directors, the Company has maintained

suficient public float as required under the Listing Rules as at the latest

practicable date prior to the isue of this anual report.

AUDITOR

Elite Partners CPA Limited retired as the auditor of the Company upon

expiration of its term of ofice at the conclusion of the 2024 AGM.

Confucius International CPA Limited (“Confucius International”)

has ben apointed as the auditor of the Company at the special

general meting of the Company held on 31 March 2025. Confucius

International shal hold the ofice until the conclusion of the 2025 AGM

pursuant to the Bye-laws of the Company. The financial statements for

the year ended 31 March 2025 were audited by Confucius International.

A resolution wil be submited to the 2025 AGM to re-apoint Confucius

International as the auditor of the Company.

By order of the Board

YUE Ying

Chairman

Hong Kong, 30 June 2025

Independent Auditor’s Report

独立核数师报告

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

鼎亿集团投资有限公司

二零二五年报

香港湾仔庄士敦道181号大有大厦15楼1501–08室

Roms 1501–08, 15th Flor, Tai Yau Building,

181 Johnston Road, Wanchai, Hong Kong

电话 Tel: (852) 3103 6980

传真 Fax: (852) 3104 0170

电邮 Email: info@pcpa.hk

INDEPENDENT AUDITOR’S REPORT

TO THE SHAREHOLDERS OF DINGYI GROUP INVESTMENT

LIMITED

(incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of Dingyi Group

Investment Limited (the “Company”) and its subsidiaries (colectively

refered to as the “Group”) set out on pages 103 to 208, which

comprise the consolidated statement of financial position as at 31

March 2025, and the consolidated statement of profit or los and other

comprehensive income, the consolidated statement of changes in

equity and the consolidated statement of cash flows for the year then

ended, and notes to the consolidated financial statements, including a

sumary of 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 (“HKFRSs”) isued by the Hong Kong

Institute of Certified Public Acountants (the “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.

独立核数师报告

致鼎亿集团投资有限公司股东

（于百慕达注册成立之有限公司）

意见

本核数师（以下简称「我们」）已审核列载于第103至

208页鼎亿集团投资有限公司（以下简称「贵公司」）

及其附属公司（统称「贵集团」）的合并财务报表，此

合并财务报表包括于二零二五年三月三十一日的合

并财务状况表与截至该日止年度的合并损益及其他

综合收益表、合并权益变动表及合并现金流量表，

以及合并财务报表附注（包括重大会计政策资料概

要）。

我们认为，该等合并财务报表已根据香港会计师公

会（「香港会计师公会」）颁布之香港财务报告准则

会计准则（「香港财务报告准则」）真实而公平地反

映贵集团于二零二五年三月三十一日的合并财务

状况，及其截至该日止年度的合并财务表现及合并

现金流量，并已按照香港《公司条例》的披露规定妥

为编制。

意见的基础

我们已根据香港会计师公会颁布之香港审计准则

（「香港审计准则」）进行审计。我们在该等准则下

承担的责任已在本报告「核数师就审计合并财务报

表承担的责任」部分中作进一步阐述。根据香港会

计师公会颁布之专业会计师道德守则（以下简称「守

则」），我们独立于贵集团，并已履行守则中的其

他专业道德责任。我们相信，我们所获得的审计凭

证能充足及适当地为我们的审计意见提供基础。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

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.

Impairment Asesment on Loan and Interest

Receivables

Refer to Note 24 to the consolidated financial statements.

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理关键审计事项

As at 31 March 2025, the carying amounts of loan and

interest receivables was aproximately HK$851,696,000.

Management has asesed the expected credit loses

of loan and interest receivables with los alowance of

aproximately HK$96,291,000 made against loan and

interest receivables as at 31 March 2025.

于二零二五年三月三十一日，应收贷款及利息的账面值约

为港币851,696,000元。管理层已评估应收贷款及利息的预

期信贷亏损，并就二零二五年三月三十一日应收贷款及利

息作出亏损拨备约为港币96,291,000元。

Management judgment is required in asesing and

determining the recoverability of loan and interest receivables

and adequacy of alowance made using the expected

credit loses (“ECL”) model under HKFRS 9 “Financial

Instruments”.

管理层须于根据香港财务报告准则第9号「金融工具」使用预

期信贷亏损（「预期信贷亏损」）模型评估及厘定应收贷款及

利息的可收回性以及所计提拨备的充足性时作出判断。

We have identified the ECL for loan and interest receivables

as a key audit mater because the determination of ECL for

loan and interest receivables are based on management’s

estimation by taking into acount the credit los experience,

repayment history, financial background and financial

condition of each borower, al of which involve a significant

degre of management judgment.

我们已将应收贷款及利息的预期信贷亏损识别为关键审计

事项，乃因为厘定应收贷款及利息的预期信贷亏损是基于

管理层计及各借款人的信贷亏损经验、还款历史、财务背

景及财务状况作出的估计，所有事宜均涉及管理层判断的

重大程度。

Our audit procedures in relation to the impairment

asesment of loan and interest receivables included the

folowing:

我们有关应收贷款及利息减值评估的审核程序包括以下各

项：

– Understanding the procedures performed by

management, including periodic review on overdue

receivables and the asesment of expected credit

loses alowance on the loan and interest receivables;

－了解管理层进行的程序，包括定期审阅逾期应收款项

及评估应收贷款及利息的预期信贷亏损拨备；

– Understanding and evaluating the modeling

methodologies for expected credit loses

measurement, asesed the reasonablenes of the

model selection and key measurement parameters

determination;

－了解及评估预期信贷亏损计量的模型方法，评估模型

选择及主要计量参数的厘定方法是否合理；

– Understanding the management’s identification

of significant increase in credit risk, defaults and

credit-impaired loans, coroborated management’s

explanation with suporting evidence for the historical

information;

－了解管理层识别信用风险显著增加、违约及已出现信

贷减值的贷款的方法，并以过往资料的支持证据证实

管理层的解释；

关键审计事项

关键审计事项是根据我们的专业判断，认为对本期

合并财务报表的审计最为重要的事项。这些事项是

在我们审计整体合并财务报表及出具意见时进行处

理的。我们不会对这些事项提供单独的意见。

应收贷款及利息的减值评估

请参阅合并财务报表附注24。

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

鼎亿集团投资有限公司

二零二五年报

Independent Auditor’s Report

独立核数师报告

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理关键审计事项

– Asesing the reasonablenes of economic indicator

selection, economic scenarios and weightings

aplication, asesed the reasonablenes of the

estimation by comparing with industry data for

forward-loking measurement;

－评估经济指标选择、经济情景及权重应用的合理性，

评估计合理性，方式为透过就前瞻性计量比较行业

数据；

– Checking major data inputs used in the expected

credit loses models, on sample basis, to the Group’s

record; and

－对本集团记录抽样检查预期信贷亏损模型所用的主要

输入数据；及

– Evaluating the competence, capabilities and objectivity

of the independent external valuer taking into acount

its experience and qualifications.

－评估独立外部估值师的适任性、能力及客观性时，会

考虑其经验及资格。

KEY AUDIT MATERS (Continued)

Impairment Asesment on Loan and Interest

Receivables (Continued)

关键审计事项（续）

应收贷款及利息的减值评估（续）

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

关键审计事项（续）

发展中物业及持作出售的已竣工物业的可

变现净值评估

请参阅合并财务报表附注19及20。

KEY AUDIT MATERS (Continued)

Asesment of Net Realisable Value of Properties

under Development and Completed Properties

Held for Sale

Refer to Notes 19 and 20 to the consolidated financial statements.

Key audit materHow the mater was adresed in our audit

关键审计事项我们的审计如何处理关键审计事项

As at 31 March 2025, the carying amounts of properties

under development (“PUD”) and completed properties held

for sale (“PHS”) were aproximately HK$156,038,000 and

HK$893,361,000 respectively. The management asesed

the net realisable value (“NRV”) of PUD and PHS and the

carying amounts of PUD and PHS were stated at the

lower of cost and NRV. As at 31 March 2025, write-down

of PUD and PHS were aproximately HK$40,053,000 and

HK$99,468,000, respectively.

于二零二五年三月三十一日，发展中物业（「发展中物业」）

及持作出售的已竣工物业（「持作出售的已竣工物业」）的账

面值分别约为港币156,038,000元及港币893,361,000元。

管理层评估发展中物业及持作出售的已竣工物业的可变现

净值（「可变现净值」），发展中物业及持作出售的已竣工物

业的账面值按成本及可变现净值之较低者列账。于二零

二五年三月三十一日，发展中物业及持作出售的已竣工物

业之撇减分别为约港币40,053,000元及港币99,468,000元。

The asesment requires management judgement and

estimates. The risk in relation to asesment of net realisable

value of properties under development and properties held

for sale is considered relatively higher due to high degre of

management judgement.

评估需要管理层作出判断及估计。有关评估发展中物业及

持作出售物业可变现净值的因管理层的高度判断而被视为

具有相对较高的风险。

We have identified the asesment of net realisable value

of properties under development and completed properties

held for sales as a key audit mater because the asesment

requires management judgement and estimates. The

asesment of net realisable value of properties under

development and properties held for sale is considered

relatively higher due to high degre of management

judgement.

鉴于管理层须就发展中物业及持作出售的已竣工物业之可

变现净值评估作出判断及估计，我们已将有关评估确定为

关键审计事项。鉴于管理层的高度判断，发展中物业及持

作出售物业之可变现净值评估的风险被认为相对较高。

Our audit procedures in relation to the asesment of

net realisable value of properties under development and

completed properties held for sale included the folowing:

我们有关评估发展中物业及持作出售的已竣工物业可变现

净值的审核程序包括以下各项：

– Evaluating management’s asesment by comparing,

on a sample basis, the estimated seling price

les seling expenses and the estimated costs to

completion used in the asesment with the price and

cost data from recent transactions or available market

information;

－评估管理层作出的评估，方式为抽样将评估所用的估

计售价减销售开支及估计竣工成本与来自近期交易或

可得市场资料的成本数据进行比较；

– Obtaining understanding from management and

performing asesment on the latest status and

development plans of the underlying property projects,

such as budgeted estimated costs to completion

aproved by management;

－向管理层了解相关物业项目最近期状况及发展计划

（例如管理层批准的预算估计竣工成本），并就此进行

评估；

– Checking management’s adjustments to recoverable

amounts of the underlying property projects if their

carying amounts are below net realisable value; and

－倘相关物业项目的账面值低于可变现净值，则检查管

理层对相关物业项目可收回金额作出的调整；及

– Evaluating the competence, capabilities and objectivity

of the independent external valuer taking into acount

its experience and qualifications.

－评估独立外部估值师的适任性、能力及客观性时，会

考虑其经验及资格。

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

鼎亿集团投资有限公司

二零二五年报

Independent Auditor’s Report

独立核数师报告

其他资料

董事须对其他资料负责。其他资料包括年报内的资

料，但不包括合并财务报表及我们的核数师报告。

我们对合并财务报表的意见并不涵盖其他资料，我

们亦不对该等其他资料发表任何形式的鉴证结论。

结合我们对合并财务报表的审计，我们的责任是阅

读其他资料，在此过程中，考虑其他资料是否与合

并财务报表或我们在审计过程中所了解的情况存在

重大抵触或者似乎存在重大错误陈述的情况。基于

我们已执行的工作，如果我们认为其他资料存在重

大错误陈述，我们需要报告该事实。在此方面，我

们并无任何汇报。

董事及审核委员会就合并财务报表须

承担的责任

董事须负责根据香港会计师公会颁布之香港财务报

告准则及香港公司条例的披露规定拟备真实而中肯

的合并财务报表，并对其认为使合并财务报表的

拟备不存在由于欺诈或错误而导致的重大错误陈述

所需的内部控制负责。

在拟备合并财务报表时，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，除非董

事有意将贵集团清盘或停止经营，或别无其他实

际的替代方案。

审核委员会须负责监察贵集团的财务报告过程。

OTHER INFORMATION

The directors 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 THE AUDIT

COMITE FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors are responsible for the preparation of the consolidated

financial statements that give a true and fair view in acordance with

HKFRSs isued by the HKICPA and the disclosure requirements of

the Hong Kong Companies Ordinance, and for such internal control

as the directors determine is necesary to enable the preparation

of consolidated financial statements that are fre from material

mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

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

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

and using the going concern basis of acounting unles the directors

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

realistic alternative but to do so.

The audit comite is responsible for overseing the Group’s financial

reporting proces.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

其他事宜

贵集团截至二零二四年三月三十一日止年度的合并

财务报表乃经另一名核数师审核，该名核数师已于

二零二四年六月二十七日就该等报表发表无保留意

见。

核数师就审计合并财务报表承担的责

任

我们的目标是合理保证合并财务报表整体是否不

存在任何重大错误陈述（不论是否因欺诈或错误而

导致），并根据百慕达一九八一年公司法第90条仅

向阁下全体出具载有我们意见的核数师报告，除

此以外，我们的报告不可用作其他用途。我们概不

就本报告的内容，对任何其他人士负责或承担责

任。合理保证乃属高水平保证，但并不保证根据香

港审计准则进行的审计工作一定能发现重大错误陈

述（倘存在）。错误陈述可能由欺诈或错误引起，并

且倘若个别或整体合理预期可能影响使用者根据该

等合并财务报表所作出的经济决定，则被视为重大

错误陈述。

作为根据香港审计准则进行审计工作的一部分，我

们在整个审计工作中运用专业判断及维持专业怀疑

态度。我们亦：

• 识别及评估由于欺诈或错误而导致合并财务

报表存在重大错误陈述的风险，设计及执行

审计程序以应对该等风险，以及获取充足及

适当的审计凭证，作为我们意见的基础。由

于欺诈可能涉及串谋、伪造、蓄意遗漏、虚

假陈述，或凌驾于内部控制之上，因此未能

发现因欺诈而出现的重大错误陈述的风险高

于未能发现因错误而出现的重大错误陈述的

风险。

，以设计在有

关情况下属适当的审核程序，但目的并非

对贵集团内部控制的有效性发表意见。

• 评估董事所采用会计政策的适当性以及作出

会计估计及相关披露的合理性。

OTHER MATER

The consolidated financial statements of the Group for the year ended

31 March 2024 were audited by another auditor who expresed an

unmodified opinion on those statements on 27 June 2024.

AUDITOR’S RESPONSIBILITY 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 Section 90 of the Bermuda Companies Act 1981, and for no other

purpose. We do not asume responsibility towards or acept liability to

any other person for the contents of this report. Reasonable asurance

is a high level of asurance, but is not a guarante that an audit

conducted in acordance with HKSAs wil always detect a material

mistatement when it exists. Mistatements can arise from fraud or

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

could reasonably be expected to influence the economic decisions of

users taken on the basis of these consolidated financial statements.

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

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.

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

鼎亿集团投资有限公司

二零二五年报

Independent Auditor’s Report

独立核数师报告

核数师就审计合并财务报表承担的责

任（续）

• 对贵公司董事采用持续经营基准会计法的

适当性作出结论，并根据所获取的审计凭

证，确定是否存在与可能导致对贵集团持

续经营能力产生重大疑虑的事项或情况有关

的重大不确定因素。倘我们断定存在重大不

确定因素，则我们须在核数师报告中提请垂

注合并财务报表中的相关披露，或倘若有关

披露不足，则修订我们的意见。我们的结论

乃基于截至核数师报告日期止所获得的审计

凭证。然而，未来事项或情况可能导致贵

集团不能持续经营业务。

、结构及

内容（包括披露事项）以及合并财务报表是否

公平呈列相关交易及事项。

• 计划及执行集团审计以就贵集团内实体或

业务单位的财务资料获取充足适当的审计凭

证，作为对贵集团财务报表发表意见的基

准。我们负责指引、监督及审阅为集团审计

而执行的审计工作。我们仅为我们的审计意

见承担责任。

除其他事项外，我们与审核委员会沟通了计划的审

计范围、时间安排、重大审计发现等，包括我们在

审计中识别出内部控制的任何重大缺陷。

我们亦向审核委员会提交声明，表明我们已符合有

关独立性的相关专业道德要求，并与其沟通有可能

合理地被认为会影响我们独立性的所有关系及其他

事项及（倘适用）用以消除威胁的行动或采取的防范

措施。

AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF

THE CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

’s directors’

use of the going concern basis of acounting and, based on the

audit evidence obtained, whether a material uncertainty exists

related to events or conditions that may cast significant doubt

on the Group’s ability to continue as a going concern. If we

conclude that a material uncertainty exists, we are required to

draw atention in our auditor’s report to the related disclosures in

the consolidated financial statements or, if such disclosures are

inadequate, to modify our opinion. Our conclusions are based on

the audit evidence obtained up to the date of our auditor’s report.

However, future events or conditions may cause the Group to

cease to continue as a going concern.

, structure and content of the

consolidated financial statements, including the disclosures,

and whether the consolidated financial statements represent the

underlying transactions and events in a maner that achieves fair

presentation.

• Plan and perform the group audit to obtain suficient apropriate

audit evidence regarding the financial information of the entities or

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

on the group financial statements. We are responsible for the

direction, supervision and review of the audit work performed for

purposes of the group audit. We remain solely responsible for our

audit opinion.

We comunicate with the audit comite regarding, among other

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

findings, including any significant deficiencies in internal control that we

identify during our audit.

We also provide the audit comite with a statement that we have

complied with relevant ethical requirements regarding independence,

and to comunicate with them al relationships and other maters that

may reasonably be thought to bear on our independence, and where

aplicable, actions taken to eliminate threats or safeguards aplied.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Independent Auditor’s Report

独立核数师报告

核数师就审计合并财务报表承担的责

任（续）

从与审核委员会进行沟通的事项中，我们确定对本

期合并财务报表的审计工作最为重要的事项，并因

此将该等事项定为关键审计事项。我们在核数师报

告中描述该等事项，除非法律或法规不允许公开披

露该等事项，或于极端罕见情况下，倘合理预期在

报告中沟通某事项造成的负面后果超过其产生的公

众利益，则我们决定不应在报告中沟通该事项。

天健国际会计师事务所有限公司

执业会计师

陈伟楠先生

执业证书编号：P05957

香港，二零二五年六月三十日

AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF

THE CONSOLIDATED FINANCIAL STATEMENTS

(Continued)

From the maters comunicated with the audit comite, we

determine those maters that were of most significance in the audit

of the consolidated financial statements of the curent period and are

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

auditor’s report unles law or regulation precludes public disclosure

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

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

adverse consequences of doing so would reasonably be expected to

outweigh the public interest benefits of such comunication.

Confucius International CPA Limited

Certified Public Acountants

Chan Wai Nam, Wiliam

Practising Certificate Number: P05957

Hong Kong, 30 June 2025

2025
二零二五年
HK$’000
港币千元
279,708
(219,761)
59,947
851
31,312
(12,581)
(139,521)
(63)
(45,505)
(21,688)
(106 )
(127,354)
(10,841)
(138,195)
(47,075)
(185,270)
(17.05)

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

鼎亿集团投资有限公司

二零二五年报

Consolidated Statement of Profit or Los and Other Comprehensive Income

合并损益及其他综合收益表

二零二四年

NOTESHK$’000

附注港币千元

Revenue收入6862,189

Cost of sales销售成本(754,171)

Gros profit毛利108,018

Other income其他收入81,127

Gains/(loses) arising from financial asets at

fair value through profit or los

于损益账按公允值处理之金融

资产生之收益╱（亏损）(4,470)

(Alowance for impairment)/reversal of

alowance for impairment of loan and

interest receivables

应收贷款及利息之（减值拨备）╱

减值拨备拨回

81,727

Write-down of properties under development

and completed properties held for sale

发展中物业及持作出售的已竣工

物业之撇减–

Impairment los on godwil商誉之减值亏损–

Seling and distribution costs销售及分销成本(45,165)

General and administrative expenses一般及行政费用(21,590)

Finance costs融资成本9(3,100)

(Los)/profit before tax除税前（亏损）╱盈利10116,547

Income tax expense所得税费用12(76,563)

(Los)/profit for the year atributable to the

owners of the Company

本公司拥有人应占年度

（亏损）╱盈利39,984

Other comprehensive expenses for the year年度其他综合支出

Item that may be reclasified subsequently

to profit or los:

其后可能重新分类至损益之

项目：

Exchange diference arising on translating

foreign operations

换算海外业务产生之汇兑差额

(100,850)

Total comprehensive expenses for

the year atributable to the owners of

the Company

本公司拥有人应占年度综合支出

总额

(60,866)

(Los)/earnings per share每股（亏损）╱盈利

Basic and diluted (HK cents)基本及摊薄（港仙）145.43

2025
二零二五年
HK$’000
港币千元
38,280
28,310
43,086
–
1,436
24,073
135,185
156,038
893,361
12,364
1,024
266,473
851,696
40,665
51,473
2,273,094
59,346
90,879
41,686
131,709
11,830
980,000
1,315,450
957,644
1,092,829

Consolidated Statement of Financial Position

合并财务状况表

As at 31 March 2025 于二零二五年三月三十一日

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

二零二四年

NOTESHK$’000

附注港币千元

Non-curent asets非流动资产

Investment properties投资物业1514,378

Property, plant and equipment物业、厂房及设备167,318

Right-of-use asets使用权资产17(a)5,375

Godwil商誉18–

Other receivables, prepayments and

deposits

其他应收账款、预付款项及

按金231,379

Defered tax asets递延税项资产3125,624

54,074

Curent asets流动资产

Properties under development发展中物业19275,807

Completed properties held for sale持作出售的已竣工物业201,095,947

Inventories存货217,250

Trade receivables贸易应收账款22–

Other receivables, prepayments

and deposits

其他应收账款、预付款项及

按金23262,917

Loan and interest receivables应收贷款及利息24824,899

Financial asets at fair value through

profit or los

于损益账按公允值处理之金融

资产259,353

Cash and cash equivalents现金及现金等价物26113,981

2,590,154

Curent liabilities流动负债

Trade and other payables贸易及其他应付账款28(a)21,383

Contract liabilities合约负债28(b)105,226

Amounts due to related companies应付关连公司账款2762,699

Tax payables应付税项275,797

Lease liabilities租赁负债17(b)2,157

Other loan其他贷款29980,000

1,447,262

Net curent asets流动资产净值1,142,892

Total asets les curent liabilities总资产减流动负债1,196,966

2025
二零二五年
HK$’000
港币千元
85,068
978,841
1,063,909
28,920
1,092,829

As at 31 March 2025 于二零二五年三月三十一日

鼎亿集团投资有限公司

二零二五年报

Consolidated Statement of Financial Position

合并财务状况表

二零二四年

NOTESHK$’000

附注港币千元

Capital and reserves股本及储备

Share capital股本3073,568

Reserves储备1,122,297

Total equity总权益1,195,865

Non-curent liability非流动负债

Lease liabilities租赁负债17(b)1,101

1,196,966

The consolidated financial statements were aproved and authorised

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

its behalf by:

SU XiaonongZENG Shan

苏晓浓曾山

DirectorDirector

董事董事

合并财务报表于二零二五年六月三十日由董事会批

准及授权刊发并由下列董事代表签署：

Attributable to the owners of the Company
本公司拥有人应占
Share capital	Share premium	Capital redemption reserve (Note (i))	Share option reserve (Note (ii))	Other reserves (Note (iii))	Exchange fluctuation reserve (Note (iv))	Accumulated losses	Total equity
股本	股份溢价	资本赎回储备（附注(i)）	购股权储备（附注(ii)）	其他储备（附注(iii)）	汇兑波动储备（附注(iv)）	累计亏损	总权益
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
73,568	3,313,708	14	129,180	(795,421)	(226,719)	(1,298,465)	1,195,865
–	–	–	–	–	–	(138,195)	(138,195)
–	–	–	–	–	(47,075)	–	(47,075)
–	–	–	–	–	(47,075)	(138,195)	(185,270)
11,500	42,550	–	–	–	–	–	54,050
–	(736)	–	–	–	–	–	(736)
–	–	–	(129,180)	–	–	129,180	–
85,068	3,355,522	14	–	(795,421)	(273,794)	(1,307,480)	1,063,909

Consolidated Statement of Changes in Equity

合并权益变动表

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

At 1 April 2024于二零二四年四月一日

Los for the year年度亏损

Other comprehensive expenses for the year年度其他综合支出

– Exchange diference arising on translating

foreign operations

－换算海外业务产生之汇兑差额

Total comprehensive expenses

for the year

年度综合支出总额

Isue of shares发行股份

Share isuing expenses股份发行开支

Lapse of share options购股权失效

At 31 March 2025于二零二五年三月三十一日

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

鼎亿集团投资有限公司

二零二五年报

Consolidated Statement of Changes in Equity

合并权益变动表

Atributable to the owners of the Company

本公司拥有人应占

capital

premium

Capital

redemption

reserve

(Note (i)

option

reserve

(Note (i)

Other

reserves

(Note (i)

Exchange

fluctuation

reserve

(Note (iv)

Acumulated

losesTotal equity

股本股份溢价

资本赎回

储备

（附注(i)）

购股权储备

（附注(i)）

其他储备

（附注(i)）

汇兑波动

储备

（附注(iv)）累计亏损总权益

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元港币千元

At 1 April 2023于二零二三年四月一日73,5683,313,70814129,180(795,421)(125,869)(1,338,449)1,256,731

Profit for the year年度盈利–39,98439,984

Other comprehensive expenses for the year年度其他综合支出

– Exchange diference arising on translating

foreign operations

－换算海外业务产生之汇兑差额

–(100,850)–(100,850)

Total comprehensive (expenses)/income

for the year

年度综合（支出）╱收入总额

–(100,850)39,984(60,866)

At 31 March 2024于二零二四年三月三十一日73,5683,313,70814129,180(795,421)(226,719)(1,298,465)1,195,865

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Consolidated Statement of Changes in Equity

合并权益变动表

Notes:

(i) Capital redemption reserve in acordance with law of Bermuda which has ben

paid out of the distributable reserves of the Company.

(i) Share option reserve represents the fair value of unexercised share options

granted by the Company recognised in acordance with the acounting

policy of share-based payments set out in Note 4 to the consolidated financial

statements.

(i) Other reserves represents:

(a) The change in the Group’s ownership interests in existing subsidiaries

that do not result in los of control over those subsidiaries; and

(b) The recognition of demed contribution from Mr. Li Kwong Yuk (“Mr.

Li”) under merger acounting upon the completion of acquisition of

United Faith Investments Limited (“United Faith”) and its subsidiaries

(hereinafter colectively refered to as the “United Faith Group”) on 26

March 2018, representing the diferences amongst the investment cost

for the acquisition of United Faith Group and the amount due to related

companies, and elimination of the share capital of the United Faith.

(iv) The exchange fluctuation reserve comprises al foreign exchange diferences

arising from the translation of the financial statements of foreign operations.

The reserve is dealt with in acordance with the acounting policies set out in

Note 4 to the consolidated financial statements.

附注：

(i) 资本赎回储备指根据百慕达法例已自本公司可供分派

储备支付。

(i) 购股权储备指本公司根据合并财务报表附注4所载以

股份为基础的付款之会计政策已确认授出之尚未行使

购股权之公允值。

(i) 其他储备指：

(a) 本集团于现有附属公司之拥有权益之变动而

并无导致本集团对附属公司失去控制权；及

(b) 于二零一八年三月二十六日完成收购团信投资

有限公司（「团信」）及其附属公司（「下文统称为

「团信集团」）后确认于合并会计下李光煜先生

（「李先生」）视作供款指收购团信集团之投资成

本与应付关连公司账款之间的差额及团信股本

的对销。

(iv) 汇兑波动储备包括换算海外业务财务报表所产生之所

有外汇差额。该储备已按合并财务报表附注4所载之

会计政策处理。

2025
二零二五年
HK$’000
港币千元
(127,354)
(107)
106
957
900
3,116
(31,312)
12,581
8
139,521
63
(1,521)
75,731
62,040
2,242
(54,281)
–
(1,123)
(13,205)
69,883
–
(149,582)
(79,699)

Consolidated Statement of Cash Flows

合并现金流量表

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

鼎亿集团投资有限公司

二零二五年报

二零二四年

NOTESHK$’000

附注港币千元

OPERATING ACTIVITIES经营活动

(Los)/profit before tax除税前（亏损）╱盈利116,547

Adjustments for:已调整以下各项：

Bank interest income银行利息收入(420)

Finance costs融资成本3,100

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

Depreciation of investment properties投资物业折旧907

Depreciation of right-of-use asets使用权资产折旧3,362

(Gains)/loses arising from financial asets at

fair value through profit or los

于损益账按公允值处理之金融

资产生之（收益）╱亏损4,470

(Alowance for impairment)/reversal of

alowance for impairment) of loan and

interest receivables

应收贷款及利息之（减值

拨备）╱减值拨备拨回

(81,727)

Writen-of of property, plant and equipment物业、厂房及设备撇销–

Write-down of properties under development

and completed properties held for sale

发展中物业及持作出售的已竣

工物业之撇减–

Impairment los on godwil商誉之减值亏损18–

Operating cash flows before movements

in working capital

营运资金变动前之经营现金流量

47,212

Decrease in properties under development发展中物业减少1,140,674

Decrease/(increase) in completed properties

held for sale

持作出售已竣工物业减少╱

（增加）(776,461)

Decrease/(increase) in other receivables,

prepayments and deposits

其他应收账款、预付款项及按

金减少╱（增加）(240,841)

(Increase)/decrease in loan and interest

receivables

应收贷款及利息（增加）╱减少

996,136

Proceds from disposal of financial asets at

fair value through profit or los

出售于损益账按公允值处理的

金融资产的所得款项872

Decrease in trade and other payables贸易及其他应付账款减少(3,577)

Decrease in contract liabilities合约负债减少(889,561)

Cash generated from operations营运所得之现金274,454

Interest paid已付利息(31,765)

Income tax paid已付所得税(16,903)

NET CASH (USED IN)/GENERATED FROM

OPERATING ACTIVITIES

经营活动（所用）╱所得之现金

净额225,786

2025
二零二五年
HK$’000
港币千元
–
107
446
553
(20,059)
–
(3,140)
53,314
30,115
(49,031)
113,981
(13,477)
51,473

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Consolidated Statement of Cash Flows

合并现金流量表

二零二四年

NOTESHK$’000

附注港币千元

INVESTING ACTIVITIES投资活动

Purchases of property, plant and

equipment

购买物业、厂房及设备

(59)

Bank interest income received已收银行利息收入420

Cash inflow on acquisition of subsidiaries收购附属公司的现金流入40–

NET CASH GENERATED FROM

INVESTING ACTIVITIES

投资活动所得之现金净额

FINANCING ACTIVITIES融资活动

Repayment to related companies偿还关连公司款项(30,831)

Repayment of other loan偿还其他贷款(279,500)

Repayment of lease liabilities偿还租赁负债17(d)(3,961)

Net proced from isue of shares发行股份所得款项净额–

NET CASH GENERATED FROM/

(USED IN) FINANCING ACTIVITIES

融资活动产生╱（所用）之现金

净额(314,292)

NET DECREASE IN CASH AND CASH

EQUIVALENTS

现金及现金等价物减少净额

(88,145)

CASH AND CASH EQUIVALENTS

AT 1 APRIL

于四月一日之现金及现金等价物

206,333

Efect of changes in foreign exchange rates外汇率变动之影响(4,207)

CASH AND CASH EQUIVALENTS

AT 31 MARCH

于三月三十一日之现金及现金等

价物26113,981

Notes to the Consolidated Financial Statements

合并财务报表附注

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

鼎亿集团投资有限公司

二零二五年报

1. GENERAL INFORMATION

DINGYI GROUP INVESTMENT LIMITED (the “Company”) was

incorporated in Bermuda with limited liability and its shares were

listed on the Main Board of the Stock Exchange of Hong Kong

Limited (the “Stock Exchange”).

The registered ofice of the Company is located Victoria Place,

5th Flor 31 Victoria Stret Hamilton HM 10 Bermuda and the

principal place of busines in Hong Kong of the Company is at

Unit 2703, 27/F Convention Plaza – Ofice Tower 1, Harbour

Road, Wanchai, Hong Kong.

The directors of the Company (the “Directors”) regard Wincon

Capital Investment Limited (“Wincon Capital”), a private limited

liability company incorporated in the British Virgin Islands, as the

imediate and ultimate holding company of the Company. Its

ultimate controling party is Mr. Li Kwong Yuk (“Mr. Li”).

The principal activity of the Company is investment holding

and its subsidiaries (colectively refered to as the “Group”) are

principaly engaged in loan financing, securities trading, properties

development and fod and beverage catering services.

The consolidated financial statements are presented in thousands

of units of Hong Kong dolar (“HK$’000”), unles otherwise stated,

which is the same as the functional curency of the Company.

Other than those subsidiaries established in the People’s Republic

of China (the “PRC”), whose functional curency is Renminbi

(“RMB”), the functional curency of its subsidiaries is Hong Kong

dolar (“HK$”).

2. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS

The consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards (“HKFRSs”)

isued by the Hong Kong Institute of Certified Public Acountants

(“HKICPA”). In adition, the consolidated financial statements

include aplicable disclosures required by the Rules Governing

the Listing of Securities on the Stock Exchange (“Listing Rules”)

and by the disclosure requirements of the Hong Kong Companies

Ordinance.

1. 一般资料

鼎亿集团投资有限公司（「本公司」）为百慕达

注册成立的有限公司及其股份于香港联合交

易所有限公司（「联交所」）主板上市。

本公司注册办事处位于Victoria Place, 5th

Flor 31 Victoria Stret Hamilton HM 10

Bermuda及本公司主要营业地点位于香港湾

仔港湾道1号会展广场办公大楼27楼2703室。

本公司董事（「董事」）将永冠资本投资有限公

司（「永冠资本」）（于英属维尔京群岛注册成立

之私人有限公司）视为本公司之直接及最终控

股公司，其最终控股人士为李光煜先生（「李

先生」）。

本公司主要业务为投资控股，而其附属公司

（统称为「本集团」）主要从事贷款融资、证券

买卖、物业发展及餐饮服务。

除另有指明外，合并财务报表以港币千元

（「港币千元」）呈列，与本公司之功能货币相

同。除于中华人民共和国（「中国」）成立及功

能货币为人民币（「人民币」）之该等附属公司

外，其附属公司之功能货币为港币（「港币」）。

2. 合并财务报表编制基准

合并财务报表乃根据香港会计师公会（「香港

会计师公会」）所颁布的香港财务报告准则会

计准则（「香港财务报告准则」）编撰。此外，

合并财务报表包括联交所证券上市规则（「上

市规则」）及香港公司条例之披露规定所规定

之适用披露。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

合并财务报表乃以历史成本基准编撰，惟于

各报告期末按公允值计量之若干金融资产及

负债除外。

持续经营基准

截至二零二五年三月三十一日止年度，本

集团产生本公司拥有人应占年度亏损约港

币138,195,000元。本集团的收入由截至

二零二四年三月三十一日止年度的约港币

862,189,000元减少至截至二零二五年三月

三十一日止年度的约港币279,708,000元。

于二零二五年三月三十一日，本集团录得流

动资产净值约港币957,644,000元，本集团

结欠最终控股人士李先生的其他贷款约为港

币980,000,000元，而其现金及现金等价物

约为港币51,473,000元。

鉴于上述者，董事于评估本集团是否有足够

的财务来源继续持续经营时，已审慎考虑本

集团的未来流动资金及表现以及其最终控股

人士的持续财务支持。

董事已审阅管理层编制的本集团现金流量预

测，该预测涵盖自二零二五年三月三十一日

起计不少于十二个月的期间，乃基于最终控

股人士李先生作出的承诺，彼向本公司作出

不可撤销及无条件承诺及契诺，并将于二零

二六年三月三十一日之前不会就结欠彼之其

他贷款向本公司提出任何要求或申索，前提

是本公司将继续与李先生就结算其他贷款的

替代方案进行真诚磋商。彼等认为，本集团

将拥有足够的营运资金为其营运提供资金并

履行其于二零二五年三月三十一日起十二个

月内到期的财务义务。因此，董事信纳，按

持续经营基准编制合并财务报表属适当。

2. BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS (Continued)

The consolidated financial statements have ben prepared on

the historical cost basis, except for certain financial asets and

liabilities that are measured at fair values at the end of each

reporting period.

Going concern basis

The Group incured a los for the year atributable to the owner

of the Company of aproximately HK$138,195,000 during the

year ended 31 March 2025. The Group’s revenue decreased

from aproximately HK$862,189,000 for the year ended 31

March 2024 to aproximately HK$279,708,000 for the year

ended 31 March 2025. As at 31 March 2025, the Group recorded

net curent asets of aproximately HK$957,644,000, and the

Group’s other loan owing to the ultimate controling party, Mr. Li

amounted to aproximately HK$980,000,000, while its cash and

cash equivalents amounted to aproximately HK$51,473,000.

In view of the abovementioned, the Directors have given careful

consideration to the future liquidity and performance of the Group

and the continuing financial suport from its ultimate controling

party in asesing whether the Group wil have suficient financial

sources to continue as a going concern.

The Directors have reviewed the Group’s cash flow projections

prepared by management, which cover a period of not les

than twelve months from 31 March 2025, on the basis of an

undertaking given by the ultimate controling party, Mr Li, who is

irevocably and unconditionaly undertake and covenant to the

Company and shal withold any demand or claims against the

Company for the other loan owing to him until 31 March 2026

provided that the Company wil continue to negotiate with Mr.

Li on alternative proposal in setlement of the other loan in god

faith. They are of the opinion that the Group wil have suficient

working capital to finance its operations and to met its financial

obligations as and when they fal due within twelve months from

31 March 2025. Acordingly, the Directors are satisfied that it is

apropriate to prepare the consolidated financial statements on a

going concern basis.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

3. APLICATION OF NEW AND AMENDMENTS TO

HKFRSs

Amendments to HKFRSs that are mandatory

efective for the curent year

In the curent year, the Group has aplied the folowing

amendments to HKFRSs isued by HKICPA for the first time,

which are mandatorily efective for the Group’s anual period

begining on 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

Amendments to HKAS 1Non-Curent Liabilities with Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance Arangements

The aplication of these amendments to HKFRSs in the curent

year did not have any material impact on the Group’s financial

performance and positions for the curent and prior years and/or

the disclosures set out in these consolidated financial statements.

3. 应用新订及经修订香港财务报告

准则

本年度强制生效的经修订香港财务

报告准则

于本年度，本集团编制合并财务报表时已首

次应用以下香港会计师公会所颁布之经修订

香港财务报告准则，该等准则已于本集团二

零二四年四月一日开始的年度期间强制生效：

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）

将负债分类为流动或非流动

香港会计准则第1号

（修订本）

附带契诺的非流动负债

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

于本年度应用该等经修订香港财务报告准则

对本集团本年度及过往年度的财务表现及状

况及╱或该等合并财务报表所载之披露并无

任何重大影响。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

董事预期应用所有经修订香港财务报告准则

于可见将来将不会对合并财务报表造成重大

影响。

3. 应用新订及经修订香港财务报告

准则（续）

已颁布但尚未生效之新订及经修订

香港财务报告准则

3. APLICATION OF NEW AND AMENDMENTS TO

HKFRSs (Continued)

New and amendments to HKFRSs in isue but

not yet efective

Efective for

anual periods

begining on or

after

于以下日期或

之后开始之

年度期间生效

HKFRS 18Presentation and Disclosure in Financial

Statements

1 January 2027

香港财务报告准则第18 号财务报表之呈列及披露二零二七年一月一日

Amendments to HKFRS 9 and

HKFRS 7

Amendments to Clasification and Measurement

of Financial Instruments

1 January 2026

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）

金融工具之分类及计量修订二零二六年一月一日

Amendments to HKFRS 9 and

HKFRS 7

Contracts Referencing Nature-dependent

Electricity

1 January 2026

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二零二六年一月一日

Amendments to HKFRS 10 and

HKAS 28

Sales or Contribution of Asets betwen an

investor and its Asociate or Joint Venture

1 January 2026

香港财务报告准则第10号及香港会计准则

第28 号（修订本）

投资者及其联营公司或合营企业之间的资产

出售或出资

二零二六年一月一日

Amendments to HKFRS Acounting

Standards

Anual Improvements to HKFRS Acounting

Standards – Volume 11

1 January 2026

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之年度改进－

第11卷

二零二六年一月一日

Amendments to HKAS 21Lack of Exchangeability1 January 2025

香港会计准则第21 号（修订本）缺乏可兑换性二零二五年一月一日

The Directors anticipated that the aplication of al amendments

to HKFRSs wil have no material impact on the consolidated

financial statements in the foreseable future.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

4. 重大会计政策

合并基准

合并财务报表包括本公司及本公司控制的实

体及其附属公司的财务报表。在以下情况

下，本公司获得控制权：

• 承受及享有其所参与投资对象的浮动回

报的风险或权利；及

合并附属公司于本集团取得该附属公司的控

制权时开始，并于本集团失去该附属公司的

控制权时结束。特别是，于年内已收购或出

售的附属公司的收入及开支自本集团取得控

制权之日起至本集团不再控制该附属公司之

日止列入合并损益表。

损益及其他全面收益之每个项目均归属于本

公司拥有人及非控股权益。该等附属公司之

全面收益总额归属于本公司拥有人及非控股

权益，即使此举会导致非控股权益之业绩为

赤字结余。

为使附属公司的会计政策与本集团的会计政

策一致，必要时已对附属公司的财务报表进

行调整。

与本集团成员公司之间交易有关的所有集团

内部资产及负债、权益、收入、支出及现金

流均在合并账目时全数对销。

4. MATERIAL ACOUNTING POLICIES

Basis of consolidation

The consolidated financial statements incorporate the 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.

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 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.

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.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

投资物业

投资物业乃持有以赚取租金的物业。

已拥有的投资物业初步按成本（包括任何直接

应占开支）计量。于初步确认后，投资物业按

成本减其后累计折旧及任何累计减值亏损列

账。折旧乃按投资物业的估计可使用年期并

考虑其估计剩余价值后以直线法撇销其成本

进行确认。

于投资物业出售或永久停止使用或预计不会

从出售该物业中获得未来经济收益时，投资

物业会被取消确认。倘本集团作为中间出租

人将分租分类为融资租赁，则确认为使用权

资产的租赁物业会被终止确认。取消确认物

业所产生之任何收益或亏损（按出售所得款项

净值与该资产之账面值之差额计算）于物业被

取消确认期间计入损益账内。

物业、厂房及设备

物业、厂房及设备包括持作生产或提供服务

或作行政用途之楼宇，以成本减其后累计折

旧及其后累计减值亏损（如有）于合并财务状

况表列账。

折旧乃按撇销物业、厂房及设备项目成本减

估计可使用年期剩余价值，以直线法确认。

估计可使用年期、剩余价值及折旧方法乃于

各报告期末检讨，任何估计变动之影响按预

先计提之基准入账。估计可使用年期载列如

下：

楼宇20年

租赁物业装修租赁年期或3年之

较短者

家私、装置及办公室

设备

/3%

汽车20%

4. MATERIAL ACOUNTING POLICIES (Continued)

Investment properties

Investment properties are properties held to earn rentals.

Investment properties are initialy measured at cost, including

any directly atributable expenditure. Subsequent to initial

recognition, investment property is stated at cost les subsequent

acumulated depreciation and any acumulated impairment

loses. Depreciation is recognised so as to write of the cost of

investment property over the estimated useful live and after taking

into acount of the estimated residual value, using the straight-line

method.

An investment property is derecognised upon disposal or

when the investment property is permanently withdrawn from

use and no future economic benefits are expected from its

disposal. A leased property which is recognised as a right-of-

use aset is derecognised if the Group as intermediate lesor

clasifies the sublease as a finance lease. Any gain or los arising

on derecognition of the property (calculated as the diference

betwen the net disposal proceds and the carying amount of

the aset) is included in profit or los in the period in which the

property is derecognised.

Property, plant and equipment

Property, plant and equipment including buildings held for own

use in the production or suply of services, or for administrative

purposes are stated in the consolidated statement of financial

position at cost les subsequent acumulated depreciation and

acumulated impairment loses, if any.

Depreciation is recognised so as to write of the cost of items

of property, plant and equipment les their residual values over

their estimated useful lives, 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.

The estimated useful lives are as folows:

Buildings20 years

Leasehold improvementsOver the shorter of lease term or

3 years

Furniture, fixtures and ofice

equipment

/3%

Motor vehicles20%

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

物业、厂房及设备（续）

物业、厂房及设备项目乃于出售后或当预期

持续使用该资产将不会产生未来经济利益时

不再确认。于出售或弃置物业、厂房及设备

项目时产生之任何收益或亏损（以出售所得款

项与该资产之账面值之差额厘定）乃于损益确

认。

物业、厂房及设备、投资物业以及

使用权资产（商誉除外）减值

于各报告期末，本集团检讨其物业、厂房及

设备、投资物业以及有限定使用年限的使用

权资产之账面值，以厘定有否迹象显示该等

资产出现减值亏损。倘出现任何有关迹象，

则会估计相关资产之可收回金额，以厘定减

值亏损（如有）之程度。

物业、厂房及设备、投资物业以及使用权资

产的可收回金额乃个别估计。倘无法个别估

计可收回金额，则本集团会估计该资产所属

现金产生单位之可收回金额。

就减值测试现金产生单位时，公司资产将分

配至相关现金产生单位，否则将其分配至可

以建立合理及一致的分配基础的最小现金产

生单位。可收回金额乃就公司资产所属的现

金产生单位或一组现金产生单位厘定，并与

相关现金产生单位或一组现金产生单位的账

面值进行比较。

4. MATERIAL ACOUNTING POLICIES (Continued)

Property, plant and equipment (Continued)

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.

Impairment on property and plant and

equipment, investment properties and right-of-

use asets other than godwil

At the end of each reporting period, the Group reviews the

carying amounts of its property, plant and equipment, investment

properties and right-of-use asets with finite useful life 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 amount of property, plant and equipment,

investment properties 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, corporate

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.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

物业、厂房及设备、投资物业以及

使用权资产（商誉除外）减值（续）

可收回金额为公允值减销售成本与使用价值

两者中之较高者。于评估使用价值时，估计

未来现金流以税前贴现率贴现至现值，税前

贴现率反映货币时间价值之现时市场评估及

资产（或现金产生单位）特有之风险（尚未就其

估计未来现金流量予以调整）。

倘某项资产（或现金产生单位）之可收回金额

估计低于其账面值，则该项资产（或现金产生

单位）之账面值减至其可收回金额。对于无法

合理及一致分配予现金产生单位的公司资产

或公司资产的一部分，本集团将一组现金产

生单位的账面值（包括分配予该组现金产生单

位的公司资产或公司资产的账面值），与该组

现金产生单位的可收回金额进行比较。分配

减值亏损时，减值亏损首先被分配以减少任

何商誉（如适用）的账面值，随后根据该单位

各项资产或一组现金产生单位的账面值按比

例分配至其他资产。资产的账面值不低于其

公允值减出售成本（如可计量），其使用价值

（如可厘定）与零之中的最高值。原应分配至

资产的减值亏损金额按比例分配至该单位或

一组现金产生单位的其他资产。减值亏损即

时于损益确认。

倘减值亏损其后拨回，则该项资产（或现金产

生单位或一组现金产生单位）之账面值会增加

至其可收回金额之经修订估计值，惟增加后

之账面值不得超出假设过往年度并无就该项

资产（或现金产生单位或一组现金产生单位）

确认减值亏损原应厘定之账面值。减值亏损

拨回即时于损益确认。

4. MATERIAL ACOUNTING POLICIES (Continued)

Impairment on property and plant and

equipment, investment properties and right-of-

use asets other than godwil (Continued)

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.

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 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.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

业务合并及商誉

业务合并乃以收购法入账。转让之代价乃以

收购日期公允值计量，该公允值为本集团所

转让资产于收购日期之公允值、本集团向被

收购方前拥有人承担的负债及本集团发行以

换取被收购方控制权之股本权益的总和。就

各项业务并购而言，本集团会选择以公允值

或以应占被收购方可识别资产净值的比例，

计算非控股权益（即现有所有权益及赋予其

持有人在清盘时按比例分占净资产的权利）。

非控股权益之一切其他部分乃按公允值计

量。收购相关成本于产生时列为开支。

当所收购的一组活动及资产包括共同对创造

产出的能力作出重大贡献的一项投入及一项

实质性过程时，本集团厘定其已收购一项业

务。

当本集团收购一项业务时，其根据合约条

款、于收购日期之经济环境及相关条件对所

承担金融资产及负债进行评估，以进行适当

分类及确认。此中包括将嵌入式衍生工具从

被收购方主合约分开。

倘业务合并按阶段进行，则先前持有的股权

按其收购日期公允值重新计量，因而产生之

任何收益或亏损于损益确认。

收购方将转拨的任何或然代价按于收购日期

的公允值确认。分类为资产或负债之或然

代价按公允值计量，而公允值变动于损益确

认。分类为权益的或然代价毋须重新计量，

其日后结算于权益内入账。

4. MATERIAL ACOUNTING POLICIES (Continued)

Busines combinations and godwil

Busines combinations are acounted for using the acquisition

method. The consideration transfered is measured at the

acquisition date fair value which is the sum of the acquisition date

fair values of asets transfered by the Group, liabilities asumed

by the Group to the former owners of the acquire and the

equity interests isued by the Group in exchange for control of

the acquire. For each busines combination, the Group elects

whether to measure the non-controling interests in the acquire

that are present ownership interests and entitle their holders to a

proportionate share of net asets in the event of liquidation at fair

value or at the proportionate share of the acquire’s identifiable

net asets. Al other components of non-controling interests are

measured at fair value. Acquisition-related costs are expensed as

incured.

The Group determines that it has acquired a busines when

the acquired set of activities and asets includes an input and a

substantive proces that together significantly contribute to the

ability to create outputs.

When the Group acquires a busines, it aseses the financial

asets and liabilities asumed for apropriate clasification and

designation in acordance with the contractual terms, economic

circumstances and pertinent conditions as at the acquisition date.

This includes the separation of embeded derivatives in host

contracts of the acquire.

If the busines combination is achieved in stages, the previously

held equity interest is remeasured at its acquisition date fair value

and any resulting gain or los is recognised in profit or los.

Any contingent consideration to be transfered by the acquirer

is recognised at fair value at the acquisition date. Contingent

consideration clasified as an aset or liability is measured

at fair value with changes in fair value recognised in profit or

los. Contingent consideration that is clasified as equity is not

remeasured and subsequent setlement is acounted for within

equity.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

4. MATERIAL ACOUNTING POLICIES (Continued)

Busines combinations and godwil (Continued)

Godwil is initialy measured at cost, being the exces of

the agregate of the consideration transfered, the amount

recognised for non-controling interests and any fair value of the

Group’s previously held equity interests in the acquire over the

identifiable net asets acquired and liabilities asumed. If the sum

of this consideration and other items is lower than the fair value

of the net asets acquired, the diference is, after reasesment,

recognised in profit or los as a gain on bargain purchase gain.

After initial recognition, godwil is measured at cost les

any acumulated impairment loses. Godwil is tested for

impairment anualy or more frequently if events or changes in

circumstances indicate that the carying value may be impaired.

The Group performs its anual impairment test of godwil as at

31 December. For the purpose of impairment testing, godwil

acquired in a busines combination is, from the acquisition date,

alocated to each of the Group’s cash-generating units, or groups

of cash-generating units, that are expected to benefit from the

synergies of the combination, irespective of whether other asets

or liabilities of the Group are asigned to those units or groups of

units.

Impairment is determined by asesing the recoverable amount of

the cash-generating unit (group of cash-generating units) to which

the godwil relates. Where the recoverable amount of the cash

generating unit (group of cash-generating units) is les than the

carying amount, an impairment los is recognised. An impairment

los recognised for godwil is not reversed in a subsequent

period.

Where godwil has ben alocated to a cash-generating unit (or

group of cash-generating units) and part of the operation within

that unit is disposed of, the godwil asociated with the operation

disposed of is included in the carying amount of the operation

when determining the gain or los on the disposal. Godwil

disposed of in these circumstances is measured based on the

relative value of the operation disposed of and the portion of the

cash-generating unit retained.

（续）

业务合并及商誉（续）

商誉初步按成本计量，即已转让代价、非控

股权益之已确认金额及本集团先前所持于

被收购方之股本权益之任何公允值之总额超

出所收购可识别资产净值及所承担负债之差

额。倘有关代价及其他项目之总和低于所收

购资产净值之公允值，则于重新评估后之差

额会于损益确认为议价收购收益。

初步确认后，商誉按成本减任何累计减值亏

损计量。商誉每年进行减值测试，或倘有

事件或情况变化显示账面值可能出现减值，

则进行更为频密之测试。本集团对于十二月

三十一日的商誉进行年度减值测试。就进行

减值测试而言，业务合并中购入之商誉由收

购日期起分配至预期将从合并之协同效应中

受益之本集团各现金产生单位或现金产生单

位组别，而不论本集团之其他资产或负债是

否分配至该等单位或单位组别。

减值按对与商誉有关之现金产生单位（现金产

生单位组别）可收回金额进行之评估厘定。倘

现金产生单位（现金产生单位组别）之可收回

金额低于其账面值，则确认减值亏损。就商

誉确认之减值亏损不会于随后期间拨回。

当商誉获分配至现金产生单位（或现金产生单

位组别）而该单位所在业务之某部分被出售，

则于厘定出售之收益或亏损时，与所出售业

务相关之商誉将计入该业务之账面值内。在

此等情况下所出售之商誉将以所出售业务和

保留之现金产生单位部分相对价值为基础作

计量。

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

发展中物业及持作出售的已竣工物

业

拟于开发完成后出售的发展中物业及持作出

售的已竣工物业分类为流动资产。除租赁

土地部分根据使用权资产之会计政策按成本

模型计量外，发展中物业及持作出售的已竣

工物业以成本与可变现净值两者中的较低者

列账。成本根据特定识别基准确定，包括分

配已发生的相关开发支出以及在适当情况下

资本化的借贷成本。可变现净值指物业的估

计售价减估计完成本及进行销售所需的成

本。作出销售的必要成本包括直接归属于销

售的递增成本及本集团为作出销售须产生的

非递增成本。

发展中物业在竣工后转至持作出售的已竣工

物业。

现金及现金等价物

合并财务状况表所列之现金包括银行及手头

现金及于金融机构的现金。就合并现金流量

表而言，现金及现金等价物包括以上界定的

现金。

4. MATERIAL ACOUNTING POLICIES (Continued)

Properties under development and completed

properties held for sale

Properties under development which are intended to be sold

upon completion of development and completed properties held

for sale are clasified as curent asets. Except for the leasehold

land element which is measured at cost model in acordance with

the acounting policies of right-of-use asets, properties under

development and completed properties held for sale are caried

at the lower of cost and net realisable value. Cost is determined

on a specific identification basis including alocation of the related

development expenditure incured and where apropriate,

borowing costs capitalised. Net realisable value represents the

estimated seling price for the properties les estimated cost

to completion and costs necesary to make the sales. Costs

necesary to make the sale include incremental costs directly

atributable to the sale and non-incremental costs which the

Group must incur to make the sale.

Properties under development are transfered to completed

properties held for sale upon completion.

Cash and cash equivalents

Cash in the consolidated statement of financial position comprise

cash at banks and in hand and cash at financial institutions. For

the purpose of the consolidated statement of cash flows, cash

and cash equivalents consist of cash, as defined above.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具

金融资产及金融负债乃于当集团实体成为工

具合约条文之订约方时确认。所有常规购买

或出售金融资产乃按交易日基准确认及取消

确认。常规买卖指须于按市场规则或惯例设

定时限内交付资产的金融资产买卖。

除了客户合约所产生的贸易应收款项根据香

港财务报告准则第15号初步计量。金融资产

及金融负债初步按公允值计算，因收购或发

行金融资产及金融负债（于损益账按公允值处

理（「于损益账按公允值处理」）之金融资产或

金融负债除外）而直接应占的交易成本，于初

步确认时按适用情况于该项金融资产或金融

负债的公允值中加入或扣除。因收购于损益

账按公允值处理之金融资产或金融负债而直

接应占的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

销成本以及分配相关期间的利息收入及利息

开支之方法。实际利率乃于金融资产或金融

负债之预期可用年期或（如适用）较短期间内

将估计日后现金收入及款项（包括构成实际利

率不可或缺部分而已付或已收之所有费用、

交易成本及其他溢价或折让）准确折现至初步

确认之账面净值之比率。

4. MATERIAL ACOUNTING POLICIES (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 or financial liabilities 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.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具（续）

金融资产

金融资产分类及其后计量

符合以下条件的金融资产其后按摊销成本计

量：

• 以收取合约现金流量为目的之业务模式

下持有之金融资产；及

• 合约条款于指定日期产生之现金流量纯

粹为支付本金及未偿还本金之利息。

摊销成本及利息收入

就其后按摊销成本计量的金融资产而言，利

息收入采用实际利率法确认。就金融工具（除

了收购或原有信贷减值的金融资产）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。就其后出现信贷减值的金融资产而

言，利息收入透过对金融资产于下一报告期

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降低，使金融资产不再

出现信贷减值，则利息收入在断定资产不再

出现信贷减值后，透过对金融资产于该报告

期开始时的账面总值应用实际利率确认。

4. MATERIAL ACOUNTING POLICIES (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.

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. 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.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具（续）

金融资产（续）

于损益账按公允值处理的金融资产

不符合按摊销成本或于其他综合收益账按公

允值处理计量的标准的金融资产乃于损益账

按公允值处理计量。

于损益账按公允值处理的金融资产于各报告

期末按公允值计量，任何公允值收益或亏损

于损益中确认。已于损益中确认之收益或亏

损净额不包括金融资产所赚取之任何股息或

利息并计入「于损益账按公允值处理之金融资

产生之亏损」或「出售于损益账按公允值处

理之金融资产亏损」。

受限于香港财务报告准则第9号项下

减值评估的金融资产减值

本集团根据香港财务报告准则第9号就须予

减值评估之金融资产（包括贸易应收账款、应

收贷款及利息、其他应收账款、按金以及现

金及现金等价物）按预期信贷亏损（「预期信贷

亏损」）模型进行减值评估。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。

整个存续期预期信贷亏损指相关工具的预期

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整个存续期

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

况及对未来状况预测的评估作出调整。

本集团计量按摊销成本列账的金融资产的亏

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，则本集团确认

整个存续期预期信贷亏损。是否应确认整个

存续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的显著增加

程度。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Financial asets at FVTPL

Financial asets that do not met the criteria for being measured

at amortised cost or fair value through other comprehensive

income 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 “los arising from financial

asets at fair value through profit or los” line item or “los on

disposal of financial asets at fair value through profit or los”.

Impairment of financial asets subject to

impairment asesment under HKFRS 9

The Group performs impairment asesment under expected

credit los (“ECL”) model on financial asets (including trade

receivables, loan and interest receivables, other receivables,

deposits and cash and cash equivalents) 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 measures the los alowance for financial asets

at amortised cost 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.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具（续）

金融资产（续）

受限于香港财务报告准则第9号项下

减值评估的金融资产减值（续）

信贷风险大幅增加

在评估自初始确认以来信贷风险是否大幅增

加时，本集团会比较截至报告日期金融工具

发生违约风险与截至初始确认日期金融工具

发生违约风险。于作出该评估时，本集团考

虑合理且有理据支持的量性及质性的资料，

包括过往经验及无需付出不必要的成本或努

力即可取得的前瞻性资料。

尤其是，在评估信贷风险是否显著增加时，

将考虑以下资料：

－金融工具的外部（倘有）或内部信用评级

的实际或预期显著恶化；

－特定债务人的外部市场信贷风险指标显

著恶化，如信贷息差大幅增加、债务人

信用违约掉期价格或金融资产的公允值

低于其摊销成本的时间长或幅度；

－业务、财务或经济条件出现或预期出现

不利变动，可能导致债务人偿债能力大

幅下降；

－债务人经营业绩出现实际或预期出现显

著恶化；

－债务人的监管、经济或技术环境出现实

际或预期出现重大不利变动，可能导致

债务人偿债能力大幅下降。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9

(Continued)

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 for a particular debtor, e.g. a significant increase

in the credit spread, the credit default swap prices for the

debtor, or the length of time or the extent to which the fair

value of a financial aset has ben les than its amortised

cost;

– existing or forecast adverse changes in busines, 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;

– 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.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具（续）

金融资产（续）

受限于香港财务报告准则第9号项下

减值评估的金融资产减值（续）

信贷风险大幅增加（续）

无论上述评估结果如何，本集团假设，于合

约付款逾期超过30日时，信贷风险已自初始

确认起大幅增加，除非本集团有合理且有理

据支持的资料证明可予收回则当别论。

本集团定期监控用于识别信贷风险是否大幅

增加的标准的有效性，并适当对其作出修

订，以确保该标准能在款项逾期前识别信贷

风险的大幅增加。

违约定义

本集团认为以下事项构成内部信贷风险管理

违约事件，此乃由于过往经验显示符合以下

任何一项标准的应收款项通常无法收回：

－对手方违反财务契约时；或

－内部建立或自外部取得的资料显示，债

务人不大可能支付全额款项予债权人

（包括本集团）（并未考虑本集团所持有

的任何抵押品）。

本集团认为，倘金融资产逾期超过90日时则

发生违约，除非本集团有合理且有理据支持

的资料证明更滞后的违约标准属更合适。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9

(Continued)

Significant increase in credit risk (Continued)

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.

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.

Definition of default

The Group considers the folowing as constituting an event of

default for internal credit risk management purposes as historical

experience indicates that receivables that met either of the

folowing criteria are generaly not recoverable:

– when there is a breach of financial covenants by the debtor;

– 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).

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.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具（续）

金融资产（续）

受限于香港财务报告准则第9号项下

减值评估的金融资产减值（续）

发生信贷减值的金融资产

当发生一个或多个事项对金融资产的未来现

金流量的估计有不利影响时，则金融资产会

已发生信贷减值。其金融资产信贷减值的现

象包括以下可观察的数据：

－发行者或借款方发生严重的财务困难；

－违反合约，如未能及时支付本金或利息

或逾期；

－借款人的贷款人出于与借款人财困相关

的经济或合约原因，而向借款人授予贷

款人原本不会考虑的优惠；

－借款方很可能进入破产或其他财务重组

程序；或

－由于财政困难导致金融资产缺乏活跃市

场。

撇销政策

当有资料显示对手方有严重财务困难及没有

实际可收回预期，例如，当对手方被清算或

已进入破产程序时，本集团会把该金融资产

撇销。根据本集团收回程序并考虑法律建议

（如适用），金融资产撇销可能仍受到执法活

动的约束。任何收回均于损益中确认。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9

(Continued)

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:

– significant financial dificulty of the isuer or the borower;

– a breach of contract, such as a default or past due event;

– the lender(s) of the borower, for economic or contractual

reasons relating to the borower’s financial dificulty, having

granted to the borower a concesion(s) that the lender(s)

would not otherwise consider;

– it is becoming probable that the borower wil enter

bankruptcy or other financial reorganisation; or

– the disapearance of an active market for that financial aset

because of financial dificulties.

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, e.g. when the

counter party 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.

Any recoveries made are recognised in profit or los.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具（续）

金融资产（续）

受限于香港财务报告准则第9号项下

减值评估的金融资产减值（续）

计量及确认预期信贷亏损

计量预期信贷亏损乃指违约概率、违约损失

率程度（即倘违约损失的程度）及违约风险的

函数。评估违约概率及违约损失率程度根据

历史数据作出，并根据前瞻性资料调整（如上

文所述）。对预期信贷亏损的估计反映无偏和

概率加权金额，该金额以发生违约的风险为

权重厘定。关于违约风险，对于金融资产而

言，乃指资产于报告日期的账面总值。

就金融资产而言，预期信贷亏损乃估计为本

集团根据合约应收所有合约现金流量与本集

团预期将收回的所有现金流量之间的差额，

并按最初实际利率贴现。

管理层定期检讨分组，确保各组的组成部分

继续具有类似的信贷风险特征。

倘本集团于之前报告期按相等于整个存续期

预期信贷亏损之金额计量金融工具的亏损拨

备，但于当前报告日期确定不再符合整个存

续期预期信贷亏损之条件，则本集团于当前

报告日期按相等于12个月预期信贷亏损的金

额计量亏损拨备，惟采用简化法之资产除外。

本集团于损益中确认所有金融工具的减值收

益或亏损，并通过亏损拨备账对其账面值进

行相应调整。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to

impairment asesment under HKFRS 9

(Continued)

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 adjusted by forward-loking information as described above.

Estimation of ECL reflects an unbiased and probability-weight

amount that is determined with the respective risks of default

ocuring as the weights. As for the exposure at default, for

financial asets, this is represented by the asets’ gros carying

amount at the reporting date.

For financial asets, the ECL is estimated as the diference

betwen al contractual cash flows that are due to the Group

in acordance with the contract and al the cash flows that the

Group expects to receive, discounted at the original efective

interest rate.

The grouping is regularly reviewed by management to ensure the

constituents of each group continue to share similar credit risk

characteristics.

If the Group has measured the los alowance for a financial

instrument at an amount equal to lifetime ECL in the previous

reporting period, but determines at the curent reporting date

that the conditions for lifetime ECL are no longer met, the Group

measures the los alowance at an amount equal to 12-month

ECL at the curent reporting date, except for asets for which

simplified aproach was used.

The Group recognises an impairment gain or los in profit or los

for al financial instruments with a coresponding adjustment to

their carying amount through a los alowance acount.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

金融工具（续）

金融资产（续）

终止确认金融资产

仅当自资产收取现金流量的合约权利届满，

或转移金融资产及其所有权的绝大部分风险

及回报予其他实体时，本集团才终止确认该

金融资产。

在终止确认一项按摊销成本计量的金融资产

时，该资产的账面值与已收取及应收代价总

和之间的差额已于损益内确认。

金融负债及权益

分类为债项或权益

由集团实体发行之债务及权益工具乃根据合

同安排之性质与金融负债及权益工具之定义

分类为金融负债或权益。

权益工具

权益工具乃证明实体于扣减其所有负债后之

资产中拥有剩余权益之任何合同。集团实体

发行的权益工具乃按已收取的所得款项（扣除

直接发行成本）确认。

按摊销成本列账的金融负债

金融负债（包括贸易及其他应付账款、应付关

连公司账款及其他贷款）其后采用实际利率法

按摊销成本计量。

终止确认金融负债

本集团仅于其责任获解除、取消或已到期时

终止确认金融负债。终止确认之金融负债之

账面值与已付及应付代价（包括任何所转让非

现金资产或所承担负债）之差额于损益中确

认。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial instruments (Continued)

Financial asets (Continued)

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 isued by a group entity 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 a group entity are recognised at the

proceds received, net of direct isue costs.

Financial liabilities at amortised cost

Financial liabilities including trade and other payables, amounts

due to related companies and other loan, are subsequently

measured at amortised cost, using the efective interest method.

Derecognition of financial liabilities

The Group derecognises financial liabilities when, and only when,

the Group’s obligations are discharged, canceled or they expire.

The diference betwen the carying amount of the financial

liability derecognised and the consideration paid and payable,

including any non-cash asets transfered or liabilities asumed, is

recognised in profit or los.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

以股份为基础之付款

权益结算以股份为基础之付款交易

授予雇员之购股权

若购股权于授出日期即时归属，参考授出购

股权的公允值厘定之所接收服务之公允值即

时于损益支销，股本（即购股权储备）相应增

加。

于行使购股权时，以往于购股权储备确认的

金额将转拨至股份溢价。购股权于归属日期

后被没收或于届满日期仍未获行使时，则先

前于购股权储备确认的金额将转拨至累计亏

损。

授予顾问的购股权

为换取货品或服务而发行之购股权按所获货

品或服务之公允值计量，惟倘公允值不能可

靠计量，则所获货品或服务的价值乃参考所

授购股权之公允值计量。当本集团取得货品

或当对手方提供服务时，所获货品或服务之

公允值即时确认为开支，权益（购股权储备）

亦相应增加，惟货品或服务符合资格确认为

资产则除外。

4. MATERIAL ACOUNTING POLICIES (Continued)

Share-based payments

Equity-setled share-based payments

transactions

Share options granted to employes

For share options that vest imediately at the date of grant, the

fair value of services received determined by reference to the fair

value of the share options granted is expensed imediately to

profit or los, with a coresponding increase in equity (i.e. share

option reserve).

When share options are exercised, the amount previously

recognised in share option reserve wil be transfered to share

premium. When the share options are forfeited after the vesting

date or are stil not exercised at the expiry date, the amount

previously recognised in share option reserve wil be transfered to

acumulated loses.

Share options granted to consultants

Share options isued in exchange for gods or services are

measured at the fair values of the gods or services received,

unles that fair value canot be reliably measured, in which case

the gods or services received are measured by reference to

the fair value of the share options granted. The fair values of the

gods or services received are recognised as expenses, with a

coresponding increase in equity (share option reserve), when

the Group obtains the gods or when the counterparties render

services, unles the gods or services qualify for recognition as

asets.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

收入确认

收入按向客户转移所承诺货品或服务的金额

确认，该金额反映有关实体预期有权就该等

货品或服务从客户换取的代价。具体而言，

本集团采用五步法确认收入：

步骤一：确定与客户订立的合约

步骤二：确定合约中的履约义务

步骤三：厘定交易价格

步骤四：将交易价格分摊至合约中的履约义

务

步骤五：当（或于）本集团完成履约义务时确

认收入

本集团当（或于）履约义务获完成时确认收

入，即当与特定履约义务相关的货品或服务

「控制权」转移至客户时。

履约义务指可明确区分的一项货品或服务（或

一组货品或服务）或一系列大致相同的可明确

区分的货品。

4. MATERIAL ACOUNTING POLICIES (Continued)

Revenue recognition

Revenue is recognised to depict the transfer of promised gods or

services to customers at an amount that reflects the consideration

to which an entity expects to be entitled in exchange for those

gods or services to a customer. Specificaly, the Group uses a

five-step aproach to recognise revenue:

Step 1: Identify the contract(s) with a customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Alocate the transaction price to the performance

obligations in the contract

Step 5: Recognise revenue when (or as) the Group satisfies a

performance obligation

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 obligations is transfered to

customer.

A performance obligation represents gods or services (or a

bundle of gods or services) that is distinct or a series of distinct

gods that are substantialy the same.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

收入确认（续）

倘符合下列任一标准，则控制权会随时间转

移，而收入会随著有关履约义务的完成进度

在一段时间内确认：

－客户在本集团履约时同时取得并消耗本

集团履约所带来的利益；

－本集团的履约产生或提升一项资产，而

该项资产于产生或提升时由客户控制；

或

－本集团的履约并未产生对本集团有替代

用途的资产，且本集团对迄今已履约部

分的付款享有可强制执行的权利。

否则，收入于客户获得可明确区分货品的控

制权的时间点确认。

收入按客户合约指定的代价计量，不包括代

表第三方收取的金额及销售相关税费。

合约负债指本集团已收客户代价（或应收客户

代价金额）而应向客户转移货品的义务。倘本

集团于其确认相关收入前拥有无条件权利可

收取代价，合约负债亦将予以确认。在此情

况下，亦会确认相应的应收款项。

就与客户的单一合约而言，呈列合约资产净

额或合约负债净额。就多项合约而言，无关

联合约之合约资产及合约负债不会按净额基

准呈列。

本集团就来自下列主要来源确认收入：

－销售物业

4. MATERIAL ACOUNTING POLICIES (Continued)

Revenue recognition (Continued)

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;

– the Group’s performance creates or enhances an aset that

the customer controls as the aset is created or enhanced;

– the Group’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.

Otherwise, revenue is recognised at a point in time when the

customer obtains control of the distinct gods.

Revenue is measured based on the consideration specified in a

contract with a customer, excludes amounts colected on behalf

of third parties and sales related taxes.

A contract liability represents the Group’s obligation to transfer

gods to a customer for which the Group has received

consideration (or an amount of consideration is due) from the

customer. A contract liability would also be recognised if the

Group has an unconditional right to receive consideration before

the Group recognises the related revenue. In such cases, a

coresponding receivable would also be recognised.

For a single contract with the customer, either a net contract aset

or a net contract liability is presented. For multiple contracts,

contract asets and contract liabilities of unrelated contracts are

not presented on a net basis.

The Group recognised revenue from the folowing major source:

– Sales of properties

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

收入确认（续）

物业销售

本集团的物业发展活动主要在中国进行。经

计及合约条款、本集团的业务惯例及法律及

监管环境后，物业销售合约收入于某个时间

点确认。根据香港财务报告准则第15号转移

控制权方法，物业销售收入通常于客户接受

物业时或根据合约被视为获接受（以较早者为

准）时确认，乃为当客户有能力直接使用物业

并取得该物业之绝大部分余下利益之某个时

间点。

本集团于客户签订买卖协议时收取客户按

金。有关按金导致合约负债于整个物业建造

期间内就合约价格全款确认。

租赁

租赁之定义

本集团作为承租人

租赁负债

于租赁开始日期，本集团按照当日的未付租

赁付款的现值确认及计量租赁负债。于计算

租赁付款的现值时，倘本集团未能即时厘定

租赁所隐含的利率，则会使用租赁开始日期

的增量借款利率。

于开始日期后，租赁负债按应计利息及租赁

付款进行调整。

本集团于综合财务状况表以独立项目形式呈

列租赁负债。

4. MATERIAL ACOUNTING POLICIES (Continued)

Revenue recognition (Continued)

Sales of properties

The Group’s property development activities are mainly caried out

in the PRC. Taking into acount the contract terms, the Group’s

busines practice and the legal and regulatory environment,

revenue from property sales contracts is recognised at a point

in time. Under the transfer-of-control aproach in HKFRS 15,

revenue from property sales is generaly recognised when the

property is acepted by the customer, or demed as acepted

acording to the contract, whichever is earlier, which is the point

in time when the customer has the ability to direct the use of the

property and obtain substantialy al of the remaining benefits of

the property.

The Group receives the deposits from customers when they

sign the sale and purchase agrement. Such deposits result

in contract liabilities being recognised throughout the property

construction period for the ful amount of the contract price.

Lease

Definition of a lease

The Group as a lese

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.

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.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

租赁（续）

租赁之定义（续）

本集团作为出租人

租赁分类及计量

本集团作为出租人之租赁分类为融资租赁或

经营租赁。凡租约条款规定相关资产拥有权

之大部份风险及回报拨归承租人之租约均列

为融资租赁。所有其他租约均列为经营租赁。

经营租赁之租金收入乃按有关租赁之租期以

直线法于损益确认。因商议及安排经营租赁

所引致之首次直接成本则计入已出租资产之

账面值，除投资物业按公允值模式计量外，

该成本于租期内按直线法确认为开支。

不会视乎指数或比率而定的可变租赁付款于

其产生时确认为收入。

4. MATERIAL ACOUNTING POLICIES (Continued)

Lease (Continued)

Definition of a lease (Continued)

The Group as a lesor

Clasification and measurement of leases

Leases for which the Group is a lesor are clasified as finance

or operating leases. Whenever the terms of the lease transfer

substantialy al the risks and rewards incidental to ownership of

an underlying aset to the lese, the contract is clasified as a

finance lease. Al other leases are clasified as operating leases.

Rental income from operating leases is recognised in profit or los

on a straight-line basis over the term of the relevant lease. Initial

direct costs incured in negotiating and aranging an operating

lease are aded to the carying amount of the leased aset, and

such costs are recognised as an expense on a straight-line basis

over the lease term except for investment properties measured

under fair value model.

Variable lease payments that do not depend on an index or a rate

are recognised as income when they arise.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

租赁（续）

本集团作为承租人

使用权资产

使用权资产的成本包括：

－租赁负债的初始计量金额；

－于开始日期或之前作出的任何租赁付

款，减已收取的任何租赁优惠；

－本集团产生的任何初始直接成本；及

－本集团拆除及移除相关资产、恢复相关

资产所在场地或将相关资产恢复至租赁

条款及条件所规定状态将产生的估计成

本。

使用权资产按成本减去任何累计折旧及减值

亏损计量，并就租赁负债的任何重新计量作

出调整。

倘本集团合理确信在租赁期届满时取得相关

租赁资产的拥有权，则使用权资产于开始日

期起至可使用年期届满期间折旧。否则，使

用权资产按其估计可使用年期及租赁期两者

中的较短者以直线法折旧。

本集团于合并财务状况表中将使用权资产列

为单独项目。

4. MATERIAL ACOUNTING POLICIES (Continued)

Lease (Continued)

The Group as a lese

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;

– any initial direct costs incured by the Group; 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 in which the Group is reasonably certain to

obtain ownership of the underlying leased asets at the end of the

lease term are depreciated from comencement date to the end

of the useful life. Otherwise, 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.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

外币

编制各个别集团实体之财务报表时，以该实

体之功能货币以外之货币（外币）进行之交易

乃按交易日之现行汇率以其功能货币（即该实

体营运所在之主要经济环境之货币）记录。于

报告期末，以外币列值之货币项目乃按该日

之现行汇率重新换算。按历史成本计量以外

币定值之非货币项目毋须重新换算。

结算货币项目及重新换算货币项目所产生之

汇兑差额于产生期间内在损益中确认。

就呈列合并财务报表而言，本集团海外业务

之资产及负债乃采用于各报告期末之现行汇

率换算为本集团之呈列货币（即港币）。收入

及开支项目乃按年内之平均汇率换算。产生

之汇兑差额（如有）于其他综合收入内确认并

于权益内汇兑波动储备项下累计。

对于出售海外业务，就该项归属于本公司拥

有人的经营于权益累计的所有汇兑差额均重

新分类至损益。

4. MATERIAL ACOUNTING POLICIES (Continued)

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 recorded in the

respective functional curency (i.e. the curency of the primary

economic environment in which the entity operates) at the rates of

exchanges prevailing at 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.

For the purposes of presenting the consolidated financial

statements, the asets and liabilities of the Group’s foreign

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 year. Exchange diferences

arising, if any, are recognised in other comprehensive income and

acumulated in equity under the heading of exchange fluctuation

reserve.

On the disposal of a foreign operation, al of the exchange

diferences acumulated in equity in respect of that operation

atributable to the owners of the Company is reclasified to profit

or los.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

雇员福利

退休福利成本

就本公司中国附属公司雇员向国家管理之退

休福利计划及就本公司香港附属公司雇员向

香港强制性公积金计划（「强积金计划」）作出

之付款乃当雇员提供服务令彼等有权享有供

款时确认为开支。

短期雇员福利

短期雇员福利按雇员提供服务时预期支付的

未贴现金额确认。除非另一项香港财务报告

准则规定或允许将福利纳入资产成本，否则

所有短期雇员福利均确认为开支。

负债于扣除已支付的任何金额后，就应计雇

员福利（如工资及薪金、年假及病假）予以确

认。

长期服务金

长期服务金责任之预计将来利益金额是在扣

除本集团已归属雇员之强积金供款所产生之

累算福利之负服务成本后厘定，该等福利被

视为相关雇员之供款。

4. MATERIAL ACOUNTING POLICIES (Continued)

Employe benefits

Retirement benefit costs

Payments to the state-managed retirement benefit schemes in

relation to employes of the Company’s subsidiaries in the PRC

and the Mandatory Provident Fund Scheme (the “MPF” Scheme)

in relation to employes of the Company’s subsidiaries in Hong

Kong are recognised as an expense when employes have

rendered service entitling them to the contributions.

Short-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.

Long service payment

The estimated amount of future benefit in respect of long service

payment obligation 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 relevant

employes.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

税项

所得税开支指即期及递延所得税开支的总和。

即期应付税项按年内应课税溢利计算。由于

其他年度的应课税或可扣税收支项目以及毋

须课税或不可扣税项目，应课税溢利有别于

除税前亏损。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

暂时性差异确认。递延税项负债一般就所有

应课税暂时性差异确认。递延税项资产则一

般就所有可扣税暂时性差异确认，直至应课

税溢利可用作抵销该等可扣税暂时性差异。

倘暂时性差异是在一项交易中对资产及负债

进行初始确认（业务合并除外）时产生，而该

交易既不影响应课税溢利，亦不影响会计溢

利，且在交易时不产生同等的应课税及可抵

扣暂时性差异，则不确认此类资产及负债。

递延税项资产的账面值于各报告期末检讨，

并扣减至不可能再有足够应课税溢利以收回

全部或部分资产为止。

递延税项资产及负债以清偿负债或变现资产

的期间预期适用的税率计量，并以报告期末

前已颁布或实质上已颁布的税率（及税法）为

基础。

4. MATERIAL ACOUNTING POLICIES (Continued)

Taxation

Income tax expense represents the sum of curent and defered

income tax expense.

The tax curently payable is based on taxable profit for the year.

Taxable profit difers from los before tax because of income or

expense 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 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.

The carying amount of defered tax asets is reviewed at the end

of each reporting period and reduced to the extent that it is no

longer probable that suficient taxable 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.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

税项（续）

递延税项负债及资产的计量，应反映本集团

在报告期末预期收回或清偿其资产及负债账

面金额的方式所导致的税务后果。

当有法定可执行权利将当期税项资产抵销当

期税项负债时，以及当有关项目与同一税

务机关对同一应课税实体征收的所得税有关

时，递延所得税资产及负债均予以抵销。

即期及递延税项均于损益中确认，惟与于其

他综合收益或直接于权益中确认的项目有关

时，即期及递延税项亦分别于其他综合收益

或直接于权益中确认。当即期税项或递延税

项产生于业务合并的初始会计核算时，则税

务影响计入业务合并的会计核算中。

于评估所得税处理的任何不确定性时，本集

团考虑相关税务机关是否有可能接受个别集

团实体在其所得税申报中使用或拟使用的不

确定税务处理。倘有可能，即期及递延税项

的厘定与所得税申报中的税务处理一致。倘

相关税务机关不可能接受不确定税务处理，

则使用最可能金额或预期价值反映各不确定

性的影响。

4. MATERIAL ACOUNTING POLICIES (Continued)

Taxation (Continued)

The measurement of defered liabilities and asets reflects the tax

consequences 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.

Defered tax asets and liabilities are ofset when there is a legaly

enforceable right to set of curent tax asets against curent 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. Where

curent tax or defered tax arises from initial acounting for a

busines combination, the tax efect is included in the acounting

for busines combination.

In asesing any uncertainty over income tax treatments,

the Group considers whether it is probable that the relevant

tax authority wil acept the uncertain tax treatment used, or

proposed to be used by individual group entities in their income

tax filings. If it is probable, the curent and defered taxes are

determined consistently with the tax treatment in the income tax

filings. If it is not probable that the relevant taxation authority wil

acept an uncertain tax treatment, the efect of each uncertainty

is reflected by using either the most likely amount or the expected

value.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

合约资产及负债

在与客户订立合约时，本集团获得从客户处

收取代价的权利，并承担向客户转让货物或

提供服务的履约义务。根据剩余权利及履约

义务间的关系，该等权利及履约义务的组合

会产生净资产或净负债。倘剩余权利的计量

超过剩余履约义务的计量，则合约为资产并

确认为合约资产。当权利成为无条件时，合

约资产转为应收账款。反之，倘剩余履约义

务的衡量标准超过剩余权利的衡量标准，则

合约为负债并确认为合约负债。合约负债在

本集团履行合约时确认为收入。

或有负债

倘本集团预计可收回与客户订立合约的增量

成本，则在合约资产中确认该等成本。

或有负债指因已发生的事件而产生的现有责

任，但由于可能不需要流出具有经济利益的

资源以履行责任，故不予确认。

倘本集团须共同及个别承担责任，则预期由

其他方履行的责任部分会被视为或有负债，

而不会于合并财务报表确认。

本集团持续评估以厘定包含经济利益的资源

流出是否可能。倘先前作为或有负债处理的

项目可能须流出未来经济利益，则于发生可

能性变动的报告期间于合并财务报表确认拨

备，惟在极端罕见的情况下无法作出可靠估

计则除外。

4. MATERIAL ACOUNTING POLICIES (Continued)

Contract asets and liabilities

Upon entering into a contract with a customer, the Group obtains

rights to receive consideration from the customer and asumes

performance obligations to transfer gods or provide services to

the customer. The combination of those rights and performance

obligations gives rise to a net aset or a net liability depending

on the relationship betwen the remaining rights and the

performance obligations. The contract is an aset and recognised

as contract asets if the measure of the remaining rights exceds

the measure of the remaining performance obligations. Contract

asets are transfered to trade receivables when the rights

become unconditional. Conversely, the contract is a liability and

recognised as contract liabilities if the measure of the remaining

performance obligations exceds the measure of the remaining

rights. Contract liabilities are recognised as revenue when the

Group performs under the contract.

Contingent liabilities

The Group recognises the incremental costs of obtaining a

contract with a customer within contract asets if the Group

expects to recover those costs.

A contingent liability is a present obligation arising from past

events but is not recognised because it is not probable that

an outflow of resources embodying economic benefits wil be

required to setle the obligation.

Where the Group is jointly and severaly liable for an obligation, the

part of the obligation that is expected to be met by other parties

is treated as a contingent liability and it is not recognised in the

consolidated financial statements.

The Group aseses continualy to determine whether an outflow

of resources embodying economic benefits has become probable.

If it becomes probable that an outflow of future economic

benefits wil be required for an item previously dealt with as a

contingent liability, a provision is recognised in the consolidated

financial statements in the reporting period in which the change

in probability ocurs, except in the extremely rare circumstances

where no reliable estimate can be made.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

5. 关键会计估计及判断

用于编制该等合并财务报表的估计及判断，

乃基于过往经验及其他因素，包括预期日后

在有关情况下相信合理出现的事件而作出评

估并以此为基准。本集团作出有关未来的估

计及假设。按其释义，所作的会计估计甚少

与有关的实际结果相同。下文所述的估计及

假设可能会对下一个财政年度资产与负债的

账面值造成重大影响。

(a) 所得税及递延税项

本集团须缴纳中国所得税。于厘定所得

税拨备时，需要作出重大判断。在日常

业务过程中，许多交易及计算的最终厘

定并非确定。当该等事宜的最终税务结

果与最初记录金额不同时，有关差额将

影响于作出厘定年度的所得税和递延税

项拨备。

当管理层认为将来可能有应课税利润可

用以抵销若干暂时差额或税务亏损时，

有关若干暂时差额及税项亏损的递延所

得税资产乃予以确认。实际应用的结果

可能不同。

5. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS

Estimates and judgements used in preparing these consolidated

financial statements are evaluated and based on historical

experience and other factors, including expectations of

future events that are believed to be reasonable under the

circumstances. The Group makes estimates and asumptions

concerning the future. The resulting acounting estimates wil, by

definition, seldom equal the related actual results. The estimates

and asumptions that may have a significant efect on the carying

amounts of asets and liabilities within the next financial year are

discused below.

(a) Income taxes and defered taxation

The Group is subject to income taxes in the PRC. Significant

judgement is required in determining the provision for

income taxes. There are many transactions and calculations

for which the ultimate determination is uncertain during the

ordinary course of busines. Where the final tax outcome

of these maters is diferent from the amounts that were

initialy recorded, such diference wil impact the income

tax and defered tax provision in the year in which such

determination is made.

Defered income tax asets relating to certain temporary

diferences and tax loses are recognised when

management considers to be probable that future taxable

profit wil be available against which the temporary

diferences or tax loses can be utilised. The outcome of

their actual utilisation may be diferent.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 中国土地增值税（「土地增值

税」）

中国土地增值税乃累进税率对土地增值

额征收，土地增值额为出售物业所得

款项减可扣减拨备及开支（包括销售费

用、借款成本及所有物业发展开支）。

本集团根据相关法律及法规须支付中国

土地增值税。于确认中国土地增值税

时，管理层已参考本集团物业所在之中

国城市之最近税法估计适用于本集团之

税率。然而，中国土地增值税率可能会

于落实付款后出现变动。

中物业之估计可变现净值

管理层于各报告期对持作出售的已竣工

物业及发展中物业之账面值进行审阅。

根据管理层之审阅，当估计可变现净值

跌至低于账面值时，将会对持作出售的

已竣工物业及发展中物业作出撇减。管

理层会按照近期环球及本地经济发展、

本集团及周边地区其他同类物业之最近

销售交易、本集团现有物业之市场吸引

力、由独立物业估值师所提供之市场调

查报告、内部可得资料及管理层对未来

销售之预测厘定持作出售的已竣工物业

及发展中物业之可变现净值。

5. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

(b) PRC Land Apreciation Tax (“LAT”)

The PRC LAT is levied at progresive rates on the

apreciation of land value, being the proceds of sales

of properties les deductible alowance and expenditures

including sales charges, borowing costs and al properties

development expenditures.

The Group is subject to the PRC land apreciation tax

in acordance with the relevant rules and regulations. In

recognising the PRC land apreciation tax, the management

estimated the tax rates enacted to the Group with reference

to the latest tax jurisdictions of the cities of the PRC in which

the properties of the Group situated in. However, the PRC

land apreciation tax rates might vary upon the finalisation

of payment.

properties held for sale and properties

under development

Management performs a review at each reporting period

on the carying amounts of completed properties held

for sale and properties under development. Based on

management’s review, write-down of completed properties

held for sale and properties under development wil be

made when the estimated net realisable value has declined

below the carying amount. In determining the net realisable

value of completed properties held for sale and properties

under development, management based on recent global

and local economic developments, recent sales transactions

of the Group and other similar properties in the surounding

areas, marketability of the Group’s existing properties,

market survey reports available from independent property

valuers, internaly available information and management’s

expectation on future sales.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

中物业之估计可变现净值（续）

于二零二五年三月三十一日，持作出售

的已竣工物业及发展中物业之账面值分

别约为港币893,361,000元（二零二四

年：约港币1,095,947,000元）及约港币

156,038,000元（二零二四年：约港币

275,807,000元）。截至二零二五年三

月三十一日止年度，于损益确认的持作

出售的已竣工物业及发展中物业之撇减

金额分别为约港币99,468,000元（二零

二四年：约港币18,730,000元）及港币

40,053,000元（二零二四年：零）。

(d) 应收贷款及利息之预期信贷亏

损拨备

应收贷款及利息的预期信贷亏损个别进

行评估。应收贷款及利息的减值拨备乃

基于有关预期信贷亏损的假设。本集团

在作出该等假设及选择减值计算的输入

数据时，乃根据个别应收贷款及利息未

清偿的天数以及本集团于报告期末的前

瞻性资料作出判断。该等假设及估计的

变动可能对评估结果产生重大影响，且

可能有必要于合并损益表中作出额外减

值拨备。

于二零二五年三月三十一日，应收贷

款及利息的账面值约港币851,696,000

元（二零二四年：约港币824,899,000

元），扣除拨备约港币96,291,000元（二

零二四年：约港币83,710,000元）。有

关预期信贷亏损以及本集团的应收贷款

及利息的资料于附注24披露。

5. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

properties held for sale and properties

under development (Continued)

As at 31 March 2025, the carying amounts of the

completed properties held for sales and properties under

development were aproximately HK$893,361,000 (2024:

aproximately HK$1,095,947,000) and aproximately

HK$156,038,000 (2024: aproximately HK$275,807,000)

respectively. The amounts of write-down of completed

properties held for sale and properties under development

were aproximately HK$99,468,000 (2024: aproximately

HK$18,730,000) and aproximately HK$40,053,000 (2024:

nil) were recognised in profit or los during the year ended

31 March 2025.

(d) Provision of ECL for loan and interest

receivables

ECL on loan and interest receivables are asesed

individualy. Alowance for impairment of loan and interest

receivables are based on asumptions about ECL. The

Group uses judgment in making these asumptions and

selecting the inputs to the impairment calculation, bases

on the number of days that an individual loan and interest

receivable is outstanding as wel as the Group’s forward-

loking information at the end of the reporting period.

Changes in these asumptions and estimates could

materialy afect the result of the asesment and it may be

necesary to make aditional alowance for impairment to

the consolidated statement of profit or los.

As at 31 March 2025, the carying amount of loan and

interest receivables was aproximately HK$851,696,000

(2024: aproximately HK$824,899,000), net of alowance

of aproximately HK$96,291,000 (2024: aproximately

HK$83,710,000). The information about the ECL and the

Group’s loan and interest receivables are disclosed in Note

24.

2025
二零二五年
HK$’000
港币千元
223,234
56,474
279,708

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(e) 收购一间附属公司及其附属公

司的购买价分配估值

于截至二零二五年三月三十一日止年度

收购一间附属公司及其附属公司入账为

企业合并，其要求本集团根据收购日期

的估计公平值将收购价格分配至所收购

资产、所承担负债及已识别无形资产

（如有）。所收购资产、所承担负债及已

识别无形资产（如有）的公平值采用贴现

现金流量法确定，并涉及多项主要假设

及估计。改变假设及估计，包括现金流

量预测中的贴现率或增长率，可能会对

所收购资产、所承担负债及已识别无形

资产的公平值产生重大影响。按总额计

算，已识别净资产总额的公平值约为港

币21,937,000元，并已于收购日期在合

并财务状况表中确认。

6. 收入

收入指贷款融资、证券买卖及物业开发产生

的已收及应收款项（不包括代表第三方收取的

款项及销售相关税项）。本集团收入之分析如

下：

5. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

(e) Valuation of purchase price alocation

for acquisition of a subsidiary and its

subsidiaries

The acquisition of a subsidiary and its subsidiaries during

the year ended 31 March 2025 was acounted for as

a busines combination, which required the Group to

alocate the purchase price to the asets acquired, liabilities

asumed, and identified intangible asets (if any), based on

their estimated fair values at the date of acquisition. The

fair values of the asets acquired, liabilities asumed and

identified intangible asets (if any) were determined using

the discounted cash flow aproach and involved various

key asumptions and estimates. Changing the asumptions

and estimates, including the discount rates or the growth

rate in the cash flow projections, could materialy afect

the fair values of the asets acquired, liabilities asumed

and identified intangible asets. In agregate, the fair value

of total identifiable net asets amounted to aproximately

HK$21,937,000 and was recognised in the consolidated

statement of financial position as at the acquisition date.

6. REVENUE

Revenue represents the amount received and receivable arising

from loan financing, securities trading and properties development,

excludes amounts colected on behalf of third parties and sales

related taxes. An analysis of the Group’s revenue is as folows:

二零二四年

HK$’000

港币千元

Revenue from contracts with customer

within the scope of HKFRS 15

香港财务报告准则第15号范围内

客户合约收入

Sales of properties – at point of time销售物业－于时间点791,386

Revenue from other sources其他来源收入

Interest income from provision of loan

financing services

提供贷款融资服务之利息收入

70,803

862,189

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

分摊至余下履约义务之交易价格

于二零二五年三月三十一日，分摊至有关销

售物业合约之余下履约义务（未履行或部分未

履行）之交易价格为约港币90,879,000元（二

零二四年：约港币105,226,000元），并预计

于一年内确认为收入。

该等合约之最终代价将取代于未来客户能否

履行合约而定。因此，上述事项未必能反映

本集团日后之实际表现。有关分析仅为根据

香港财务报告准则第15号有关分摊至余下履

约义务之交易价格之披露规定而作出。

7. 分类资料

向董事会（即主要营运决策者「主要营运决策

者」）呈报之资料乃就资源分配及评估分类表

现而作出，侧重于所交付货物或所提供服务

之类别。

本集团有四个可呈报及营运分类：(i)证券买

卖业务；(i)贷款融资业务；(i)物业发展业务；

及(iv)餐饮服务业务。分类收入以合并损益表

中一致的方法计量。

6. REVENUE (Continued)

Transaction price alocated to the remaining

performance obligations

The amount of transaction prices alocated to the remaining

performance obligations (unsatisfied or partialy unsatisfied)

regarding contracts for sale of properties as at 31 March 2025

was aproximately HK$90,879,000 (2024: aproximately

HK$105,226,000) and is expected to be recognised as revenue

within one year.

The ultimate consideration for those contracts wil depend on the

ocurence or non-ocurence of future customer’s fulfilment

of contracts. Acordingly, the above may not reflect the actual

performance of the Group in the future. The analysis is solely for

compliance with the HKFRS 15 disclosure requirement in respect

of the transaction price alocated to the remaining performance

obligations.

7. SEGMENT INFORMATION

Information reported to the board of directors, being the chief

operating decision maker (“CODM”), for the purpose of resources

alocation and asesment of segment performance focuses on

types of gods delivered or service rendered.

The Group has four reportable and operating segments (i)

securities trading busines; (i) loan financing busines; (i)

properties development busines; and (iv) fod and beverage

catering service busines. Segment revenue is measured in a

maner consistent with that in the consolidated statement of profit

or los.

Securities trading business	Loan financing business	Properties development business	Food and beverage catering service business	Total
证券买卖业务	贷款融资业务	物业开发业务	餐饮服务业务	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元
–	56,474	223,234	–	279,708
31,312	–	–	–	31,312
–	–	(139,521)	–	(139,521)
–	(12,581)	–	–	(12,581)
31,312	43,893	(186,508)	–	(111,303)
				107
				(106)
				(63)
				744
				(16,733)
				(127,354)

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

分类收入及业绩

本集团按须予呈报及经营分类划分之收入及

业绩分析如下：

截至二零二五年三月三十一日止年度

7. SEGMENT INFORMATION (Continued)

Segment revenue and results

The folowing is an analysis of the Group’s revenue and results by

reportable and operating segment:

Year ended 31 March 2025

Revenue收入

External revenue外部收入

Gain arising from financial asets at

FVTPL

于损益账按公允值处理之

金融资产生之收益

Write-down of property under

development and completed

properties held for sale

撇减开发中物业及持作出售

的已竣工物业

Alowance for impairment of loan and

interest receivables

应收贷款及利息之

减值拨备

Segment profit/(los)分类盈利╱（亏损）

Bank interest income银行利息收入

Finance costs融资成本

Impairment los on godwil商誉减值亏损

Unalocated corporate income未分配公司收入

Unalocated corporate expenses未分配公司开支

Los before tax除税前亏损

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

经营分类之会计政策与附注4所述之本集团

之会计政策相同。分类（亏损）╱盈利指各分

类（产生之亏损）╱赚取之盈利，而并无分配

若干其他收入、银行利息收入、融资成本、

商誉减值亏损及若干一般及行政费用。就资

源分配及表现评估而言，此乃向主要营运决

策者呈报之措施。

（续）

分类收入及业绩（续）

截至二零二四年三月三十一日止年度

7. SEGMENT INFORMATION (Continued)

Segment revenue and results (Continued)

Year ended 31 March 2024

Securities

trading

busines

Loan

financing

busines

Properties

development

businesTotal

证券买卖业务贷款融资业务物业开发业务总额

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Revenue收入

External revenue外部收入–70,803791,386862,189

Los arising from financial asets at FVTPL于损益账按公允值处理之

金融资产生之亏损(4,470)–(4,470)

Reversal of alowance for impairment of

loan and interest receivables

拨回应收贷款及利息之

减值拨备–81,727–81,727

Segment (los)/profit分类（亏损）╱盈利(4,470)152,530(12,211)135,849

Bank interest income银行利息收入420

Finance costs融资成本(3,100)

Unalocated corporate income未分配公司收入706

Unalocated corporate expenses未分配公司开支(17,328)

Profit before tax除税前盈利116,547

The acounting policies of the operating segments are the

same as the Group’s acounting policies described in Note 4.

Segment (los)/profit represents the (los from)/profit earned by

each segment without alocation of certain other income, bank

interest income, finance costs, impairment los on godwil and

certain general and administrative expenses. This is the measure

reported to the CODM for the purposes of resources alocation

and performance asesment.

2025
二零二五年
HK$’000
港币千元
40,665
851,696
1,401,713
78,804
2,372,878
35,401
2,408,279
–
–
127,082
56,867
183,949
1,160,421
1,344,370

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

分类资产及负债

本集团按须予呈报及经营分类划分之资产及

负债分析如下：

7. SEGMENT INFORMATION (Continued)

Segment asets and liabilities

The folowing is an analysis of the Group’s asets and liabilities by

reportable and operating segment:

二零二四年

HK$’000

港币千元

Segment asets分类资产

Securities trading busines证券买卖业务9,353

Loan financing busines贷款融资业务824,899

Properties development busines物业开发业务1,771,127

Fod and beverage catering service

busines

餐饮服务业务

–

Total segment asets分类资产总额2,605,379

Unalocated corporate asets未分配公司资产38,849

Total consolidated asets合并资产总值2,644,228

Segment liabilities分类负债

Securities trading busines证券买卖业务–

Loan financing busines贷款融资业务–

Properties development busines物业开发业务199,531

Fod and beverage catering service

busines

餐饮服务业务

–

Total segment liabilities分类负债总额199,531

Unalocated corporate liabilities未分配公司负债1,248,832

Total consolidated liabilities合并负债总额1,448,363

For the purposes of monitoring segment performance and

alocating resources betwen segments:

• al asets are alocated to operating segments other than

certain property, plant and equipment, certain right-of-

use asets, defered tax asets, certain other receivables,

prepayments and deposits and cash and cash equivalents;

and

• al liabilities are alocated to operating segments other

than certain other payables, tax payables, amounts due to

related companies, other loan and lease liabilities.

就监察分类表现及向分类间分配资源而言：

（若干物

业、厂房及设备、若干使用权资产、递

延税项资产、若干其他应收账款、预付

款项及按金以及现金及现金等价物除

外）；及

（若干其他

应付账款、应付税项、应付关连公司款

项、其他贷款及租赁负债除外）。

Securities trading business	Loan financing business	Properties development business	Food and beverage catering service business	Unallocated	Total
证券买卖业务	贷款融资业务	物业开发业务	餐饮服务业务	未分配	总额
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
–	–	–	–	1,263	1,263
–	–	957	–	–	957
–	–	900	–	–	900
–	–	–	–	3,116	3,116

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

其他分类资料

截至二零二五年三月三十一日止年度

7. SEGMENT INFORMATION (Continued)

Other segment information

For the year ended 31 March 2025

Amounts included in the

measure of segment profit or

los or segment asets:

于计量分类盈利或

亏损或分类资产时

计入之金额：

Aditions to non-curent asets

(other than defered tax

asets)

非流动资产之添置

（除递延税项

资产外）

Depreciation of property, plant

and equipment

物业、厂房及设备

折旧

Depreciation of investment

properties

投资物业折旧

Depreciation of right-of-use

asets

使用权资产折旧

For the year ended 31 March 2024

Securities

trading

busines

Loan

financing

busines

Properties

development

businesUnalocatedTotal

证券买卖业务贷款融资业务物业开发业务未分配总额

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

Amounts included in the measure of

segment profit or los or segment

asets:

于计量分类盈利或亏损或

分类资产时计入之金额：

Aditions to non-curent asets

(other than defered tax asets)

非流动资产添置（不包括递延

税项资产）–593,2163,275

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

–973–973

Depreciation of investment properties投资物业折旧–907–907

Depreciation of right-of-use asets使用权资产折旧–3,3623,362

截至二零二四年三月三十一日止年度

2025
二零二五年
HK$’000
港币千元
134,113
1,072
135,185

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

地区资料

本集团之营运全部位于中国。由于本集团仅

从中国产生收入，故并无按照地点呈列本集

团外部客户收入的地理资料。

有关本集团来自外部客户之收入之资料按经

营所在地呈列。有关本集团之非流动资产（预

付款项及按金及递延税项资产除外）之资料按

资产所在地理位置呈列。

7. SEGMENT INFORMATION (Continued)

Geographical information

The Group’s operations are al located in the PRC. No

geographical information about the Group’s revenue from external

customers based on location is presented as the Group’s revenue

is located only in the PRC.

Information about the Group’s revenue from external customers

is presented based on the location of the operations. Information

about the Group’s non-curent asets (other than prepayment

and deposits and defered tax asets) is presented based on the

geographical location of the asets.

Non-curent asets

非流动资产

As at 31 March

于三月三十一日

二零二四年

HK$’000

港币千元

The PRC中国51,394

Hong Kong香港2,680

54,074

The Group had no inter-segment sales for the years ended 31

March 2025 and 2024.

Information about major customers

For the years ended 31 March 2025 and 2024, none of customers

contributed 10% or more of the Group’s revenue.

本集团于截至二零二五年及二零二四年三月

三十一日止年度并无内部间分类销售。

有关主要客户的资料

于截至二零二五年及二零二四年三月三十一

日止年度，概无客户贡献本集团收入的10%

或以上。

2025
二零二五年
HK$’000
港币千元
107
617
127
851

2025
二零二五年
HK$’000
港币千元
–
106
106

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

8. 其他收益8. OTHER INCOME

二零二四年

HK$’000

港币千元

Bank interest income银行利息收益420

Rental income租金收入473

Others其他234

1,127

9. FINANCE COSTS

二零二四年

HK$’000

港币千元

Interest on other loan其他贷款之利息3,001

Interest on lease liabilities租赁负债之利息99

3,100

9. 融资成本

2025
二零二五年
HK$’000
港币千元
1,963
7,459
650
10,072
219,761
1,600
–
43,172
957
900
3,116
2,221
8

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（亏损）╱盈利

除税前（亏损）╱盈利已扣除下列各项：

/PROFIT BEFORE TAX

(Los)/profit before tax has ben arived at after charging:

二零二四年

HK$’000

港币千元

Directors’ and chief executive’s emoluments董事及主要行政人员酬金1,645

Other staf costs (excluding directors’ and

chief executive’s emoluments)

其他员工成本（不包括董事及

主要行政人员酬金）7,518

Retirement benefit schemes contribution

(excluding directors’ and chief executive’s

emoluments)

退休福利计划供款（不包括董事及

主要行政人员酬金）

Total staf costs员工成本总额9,418

Costs of properties sold已出售物业成本754,171

Auditors’ remuneration核数师酬金

– Audit services－审核服务1,427

– Non-audit services－非审核服务–

Advertising and promotion expenses广告宣传费43,028

Depreciation of property, plant and equipment物业、厂房及设备之折旧973

Depreciation of investment properties投资物业折旧907

Depreciation of right-of-use asets使用权资产折旧3,362

Legal and profesional fes法律和专业费用2,109

Writen-of of property, plant and equipment物业、厂房及设备之撇销–

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Fees	Salaries and other benefits	Retirement benefits scheme contribution	Total
袍金	薪金及其他福利	退休福利计划供款	总额
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
–	651	23	674
–	98	5	103
–	163	8	171
–	275	9	284
275	–	–	275
33	–	–	33
90	–	–	90
150	–	–	150
150	–	–	150
33	–	–	33
731	1,187	45	1,963

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

11. 董事及主要行政人员之薪酬

(a) 董事及主要行政人员之酬金

已支付或应付本年度董事及主要行政人

员各自之酬金如下：

11. DIRECTORS’ AND CHIEF EXECUTIVE’S

EMOLUMENTS

(a) Directors’ and Chief Executive’s

emoluments

Emoluments paid or payable to each of the directors and

chief executive for the year are as folows:

Executive Directors:执行董事：

Su Xiaonong苏晓浓

Wang Xiaohua (resigned on

15 October 2024)

王晓华（于二零二四年十月

十五日辞任）

Ho Cheong Hang Edmond

(resigned on 15 October 2024)

何昌衡（于二零二四年十月

十五日辞任）

Zeng Shan (apointed on

15 October 2024)

曾山（于二零二四年十月

十五日获委任）

Non-Executive Directors:非执行董事：

Yue Ying (apointed on

15 October 2024)

岳鹰（于二零二四年十月

十五日获委任）

Liu Miaomaio (apointed on

23 December 2024)

刘苗（于二零二四年

十二月二十三日获委任）

Independent Non-Executive

Directors:

独立非执行董事：

Cao Kuangyu (resigned on

23 December 2024)

曹贶予（于二零二四年十二月

二十三日辞任）

Chow Shiu Ki周肇基

Ip Chi Wai叶志威

Cheung Chi Wai (apointed on

23 December 2024)

张志伟（于二零二四年十二月

二十三日获委任）

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(a) 董事及主要行政人员之酬金（续）

11. DIRECTORS’ AND CHIEF EXECUTIVE’S

EMOLUMENTS (Continued)

(a) Directors’ and Chief Executive’s

emoluments (Continued)

For the year ended 31 March 2024

截至二零二四年三月三十一日止年度

Fes

Salaries and

other benefits

Retirement

benefits

scheme

contributionTotal

袍金

薪金及

其他福利

退休福利

计划供款总额

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

Executive Directors:执行董事：

Su Xiaonong苏晓浓–67051721

Wang Xiaohua王晓华–1809189

Ho Cheong Hang Edmond何昌衡–30015315

Independent Non-Executive

Directors:

独立非执行董事：

Cao Kuangyu曹贶予120–120

Chow Shiu Ki周肇基150–150

Ip Chi Wai叶志威150–150

4201,150751,645

2025
二零二五年
HK$’000
港币千元
3,056
68
3,124

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(a) 董事及主要行政人员之酬金（续）

苏晓浓先生亦为本公司之主要行政人员

而其在上文所披露之酬金包括其身为主

要行政人员所提供之服务而获得之酬

金。

于截至二零二五年及二零二四年三月

三十一日止年度，本集团概无向本公司

董事及主要行政人员支付或应付酬金，

作为吸引加入或于加入本集团时的奖金

或离职补偿。

上述执行董事酬金乃与彼等就管理本公

司及本集团事务所提供之服务有关。上

述独立非执行董事酬金乃为支付彼等担

任本公司董事所提供之服务。

(b) 五名最高薪人士

五名最高薪人士包括本公司两名董事

（二零二四年：两名），彼等酬金之详情

载列于上文附注11(a)。支付予余下三

名（二零二四年：三名）最高薪人士之酬

金如下：

11. DIRECTORS’ AND CHIEF EXECUTIVE’S

EMOLUMENTS (Continued)

(a) Directors’ and Chief Executive’s

emoluments (Continued)

Mr. Su Xiaonong is also the chief executive of the Company

and his emoluments disclosed above include those for

services rendered by him as the chief executive.

No emoluments were paid or payable by the Group to

the directors and chief executive of the Company as

an inducement to join or upon joining the Group, or as

compensation for los of ofice during the years ended 31

March 2025 and 2024.

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.

(b) Five highest paid individuals

The five highest paid individuals included two directors

(2024: two) of the Company, details of whose emoluments

are set out in Note 11(a) above. The emoluments paid to the

remaining thre (2024: thre) highest paid individuals are as

folows:

二零二四年

HK$’000

港币千元

Salaries and other benefits薪金及其他福利2,119

Retirement benefits scheme contribution退休福利计划供款54

2,173

2025
二零二五年
No. of employees
雇员人数
2
1

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 五名最高薪人士（续）

薪酬划分为下列范围：

11. DIRECTORS’ AND CHIEF EXECUTIVE’S

EMOLUMENTS (Continued)

(b) Five highest paid individuals (Continued)

The emoluments were within the folowing bands:

二零二四年

No. of

employes

雇员人数

Nil–HK$1,000,000零至港币1,000,000元2

HK$1,000,001–HK$1,500,000港币1,000,001元至

港币1,500,000元1

No emoluments were paid or payable by the Group to the

highest paid individuals as an inducement to join or upon

joining the Group or as compensation for los of ofice

during the years ended 31 March 2025 and 2024.

于截至二零二五年及二零二四年三月

三十一日止年度期间，本集团概无已付

或应付最高薪人士酬金，作为吸引加入

或于加入本集团时的奖励，或作为离职

补偿。

2025
二零二五年
HK$’000
港币千元
8,822
468
1,551
10,841

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

12. 所得税费用12. INCOME TAX EXPENSE

二零二四年

HK$’000

港币千元

Curent income tax当期所得税

The PRC Enterprise Income Tax (“EIT”)中国企业所得税（「企业所得税」）16,988

The PRC LAT中国土地增值税43,840

Defered tax递延税项15,735

Income tax expense所得税费用76,563

(i) Under the two-tiered profits tax rates regime of Hong Kong

profits tax, the first HK$2 milion of profits of the qualifying

group entity wil be taxed at 8.25%, and profits above HK$2

milion wil be taxed at 16.5%.

Since group entities are not qualifying for the two-tiered

profits tax rates regime, Hong Kong Profits tax was

calculated at a flat rate of 16.5% of the estimated asesable

profits (2024: 16.5%). No provision for Hong Kong tax has

ben made during the years ended 31 March 2025 and

2024 as there are no asesable profits for both years.

(i) Under the Law of the People’s Republic of China on

Enterprise Income Tax (the “EIT Law”) and Implementation

Regulation of the EIT Law, the tax rate of the PRC

subsidiaries is 25% for both years.

(i) Pursuant to the laws and regulations of the British Virgin

Islands (the “BVI”), Singapore and Bermuda, the Group is

not subject to any income tax in the BVI, Singapore and

Bermuda for both years.

(iv) LAT in the PRC is levied on properties developed by the

Group for sale, at progresive rates ranging from 30% to

60% (2024: ranging from 30% to 60%) on the apreciation

of land value, which under the aplicable regulations, is

calculated based on the proceds of sales of properties les

deductible expenditures including cost of land use rights

and al properties development expenditures.

(i) 根据香港利得税的利得税率两级制，合

资格集团实体首港币200万元盈利之税

率为8.25%，而超过港币200万元盈利

之税率为16.5%。

由于集团实体不符合利得税率两级制资

格，香港利得税就估计应课税盈利按

16.5%的划一税率计算（二零二四年：

16.5%）。因截至二零二五年及二零

二四年三月三十一日止年度并没有应课

税盈利，故无就该两年的香港税项计提

拨备。

(i) 根据中华人民共和国企业所得税法（「企

业所得税法」）及企业所得税法实施条

例，中国附属公司于两个年度之税率为

25%。

(i) 根据英属维尔京群岛（「英属维尔京群

岛」）、新加坡及百慕达之法例及规例，

本集团于两个年度毋须缴付英属维尔京

群岛、新加坡及百慕达之任何所得税。

(iv) 中国土地增值税乃就本集团发展作销售

之物业，以累进税率30%至60%（二零

二四年：30%至60%）对土地增值额征

收，根据适用规例，其计算方法乃以出

售物业所得款项扣除可扣减开支（包括

土地使用权成本及所有物业发展开支）

作出。

2025
二零二五年
HK$’000
港币千元
(127,354)
(31,839)
37,310
(5,167)
11,633
(117)
(1,447)
468
10,841

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

本年度所得税费用与合并损益及其他综合收

益表列示之除税前（亏损）╱盈利对账如下：

12. INCOME TAX EXPENSE (Continued)

The income tax expense for the year can be reconciled to the

(los)/profit before tax per the consolidated statement of profit or

los and other comprehensive income as folows:

二零二四年

HK$’000

港币千元

(Los)/profit before tax除税前（亏损）╱盈利116,547

Tax at the domestic income tax rate of 25%

(2024: 25%) (Note (i)

按本地所得税率25%（二零二四年：

25%）计算之税项（附注(i)）29,137

Tax efect of non-deductible expenses不可抵扣支出之税务影响7,063

Tax efect of non-taxable income毋须课税收益之税务影响(19)

Tax efect of tax loses not recognised未确认之税项亏损之税务影响5,675

LAT deductible for EIT purposes可抵扣企业所得税之土地增值税(10,960)

Efect of diferent tax rates of subsidiaries

operating in other jurisdictions

于其他司法权区经营附属公司之

不同税率影响1,827

LAT土地增值税43,840

Income tax expense所得税费用76,563

Note:

(i) The domestic tax rate in the PRC is used as it is where the operation of

the Group is substantialy based.

13. DIVIDENDS

No dividend was paid or proposed during the year ended 31

March 2025, nor has any dividend ben proposed since the end

of the reporting period (2024: nil).

附注：

(i) 由于本集团大部分业务均于中国经营，故采用

中国的本地税率。

13. 股息

于截至二零二五年三月三十一日止年度内概

无派付或建议任何股息，亦无自报告期末以

来建议任何股息（二零二四年：无）。

2025
二零二五年
HK$’000
港币千元
(138,195)

’000
千股
810,665

HK cents
港仙
(17.05)

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（亏损）╱盈利

本公司拥有人应占每股基本及摊薄（亏损）╱

盈利乃按照以下数据计算：

/EARNINGS PER SHARE

The calculation of the basic and diluted (los)/earnings per share

atributable to the owners of the Company is based on the

folowing data:

二零二四年

HK$’000

(Los)/profit（亏损）╱盈利港币千元

(Los)/profit for the year atributable to the

owners of the Company

本公司拥有人应占年度（亏损）╱

盈利39,984

’000

Number of shares股份数目千股

Weighted average number of ordinary shares

for the purpose of basic and diluted earnings

per share

计算每股基本及摊薄盈利之普通股

加权平均数

735,678

HK cents

(Los)/earnings per share每股（亏损）╱盈利港仙

Basic and diluted基本及摊薄5.43

The basic and diluted los per share for the year ended 31 March

2025 are the same since the computation of diluted los per share

does not asume the conversion or exercise of the Company’s

outstanding share options since they would result in decrease in

los per share for the year ended 31 March 2025.

The computation of diluted earnings per share for the year ended

31 March 2024 does not asume the exercise of the Company’s

share options because both of the exercise price of the share

options was higher than the average market price for shares for

the year ended 31 March 2024.

截至二零二五年三月三十一日止年度之每股

基本及摊薄亏损相同，原因为计算每股摊薄

亏损时并无假设本公司尚未行使之购股权获

转换或行使，因转换或行使将导致截至二零

二五年三月三十一日止年度之每股亏损减少。

计算截至二零二四年三月三十一日止年度之

每股摊薄盈利时并无假设本公司购股权获

行使，原因为购股权行使价均高于截至二零

二四年三月三十一日止年度的股份平均市价。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

15. 投资物业15. INVESTMENT PROPERTIES

Investment

properties

投资物业

HK$

港币

COST成本

At 1 April 2023于二零二三年四月一日20,931

Exchange diference汇兑差额(719)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日20,212

Transfer from completed properties held for sale转拨自持作出售的已竣工物业25,244

Exchange diference汇兑差额(552)

At 31 March 2025于二零二五年三月三十一日44,904

ACUMULATED DEPRECIATION累计折旧

At 1 April 2023于二零二三年四月一日5,099

Charge for the year年度开支907

Exchange diference汇兑差额(172)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日5,834

Charge for the year年度开支900

Exchange diference汇兑差额(110)

At 31 March 2025于二零二五年三月三十一日6,624

CARYING VALUES账面值

At 31 March 2025于二零二五年三月三十一日38,280

At 31 March 2024于二零二四年三月三十一日14,378

The fair value of the Group’s investment properties at 31 March

2025 was aproximately HK$48,221,000 (2024: aproximately

HK$30,158,000). As at 31 March 2025, the fair value has ben

arived at based on a valuation caried out by an independent

valuer, Peak Vision Apraisals Limited (2024: International

Valuation Limited).

As certain of significant inputs used in the determination of fair

value of investment properties are arived at by reference to

certain significant unobservable market data, the fair value of al

investment properties of the Group are included in level 3 of the

fair value measurement hierarchy.

The Group lease out the kindergarten and shops under operating

lease with rental payable quarterly and the Group is not exposed

to foreign curency risk as a result of the lease arangements, as

the lease is denominated in the respective functional curency of

group entities.

于二零二五年三月三十一日，本集团之投资

物业公允值约为港币48,221,000元（二零二四

年：约港币30,158,000元）。于二零二五年三

月三十一日，公允值乃基于独立估值师澋锋

评估有限公司（二零二四年：国际评估有限公

司）进行的估值计算得出。

由于若干用于厘定投资物业的公允价值的重

大输入数据乃参考若干重大不可观察市场数

据达致，故本集团所有投资物业的公允价值

被列为公允价值计量层级的第三级。

本集团根据经营租赁出租幼儿园及商舖，每

季度支付租金，而由于租赁以集团实体各自

的功能货币计值，因此本集团不会因租赁安

排而面临外汇风险。

Carrying Amount	Fair value at level 3 as at 31 March 2025
账面值	于二零二五年三月三十一日于第3级之公允值
HK$’000	HK$’000
港币千元	港币千元
11,255	20,047
27,025	28,174

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

公允值乃根据比较法参考可资比较物业之实

际价格或目前询价厘定。不可观察输入数据

为按楼面积计算的市场价格。不可观察输

入数据范围介乎每平方公呎约港币7,600元

至港币14,000元（二零二四年：约港币9,100

元至港币15,000元）。市价越高，公允值越

高，反之亦然。于上个年度，所用估值技术

并无变动。

于评估本集团投资物业的公允值时，该等物

业之最高及最佳用途为彼等目前用途。

本集团于报告期末的投资物业详情及有关公

允值等级的资料如下：

15. INVESTMENT PROPERTIES (Continued)

The fair value was determined based on the comparison aproach

with reference to the realised price or curent asking prices for

the comparable properties. The unobservable input is the market

price per flor area. The range of unobservable input is betwen

aproximately HK$7,600 to HK$14,000 per square meter (2024:

aproximately HK$9,100 to HK$15,000). The higher the market

price, the higher the fair value, and vice versa. There has ben no

change from the valuation techniques used in the prior year.

In estimating the fair value of the Group’s investment properties,

the highest and best use of the property is their curent use.

Details of the Group’s investment properties and information

about the fair value hierarchy as at the end of the reporting period

are as folowings:

Kindergarten located in the PRC位于中国之幼儿园

Shops located in the PRC位于中国之商舖

Carying

Amount

Fair value

at level 3

as at

31 March 2024

账面值

于二零二四年

三月三十一日

于第3级之

公允值

HK$’000HK$’000

港币千元港币千元

Kindergarten located in the PRC位于中国之幼儿园12,26824,268

Shops located in the PRC位于中国之商舖2,1115,890

The above investment properties are depreciated on a straight-

line basis over the term of lease of 20 years.

上述投资物业以直线法按20年租期计提折

旧。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

16. PROPERTY, PLANT AND EQUIPMENT

Buildings

Leasehold

improvements

Furniture,

fixtures, and

ofice

equipment

Motor

vehiclesTotal

楼宇租赁物业装修

家私、装置及

办公室设备汽车总额

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

COST成本

At 1 April 2023于二零二三年四月一日18,5367,4959,87115,66051,562

Aditions添置–59–59

Exchange diference汇兑差额(636)–(322)(143)(1,101)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日17,9007,4959,60815,51750,520

Acquisition of subsidiaries收购附属公司–16,8295,250–22,079

Writen of撇销–(175)–(175)

Exchange diference汇兑差额(316)–(130)(71)(517)

At 31 March 2025于二零二五年三月三十一日17,58424,32414,55315,44671,907

ACUMULATED DEPRECIATION累计折旧

At 1 April 2023于二零二三年四月一日10,2037,4959,87115,46743,036

Charge for the year年度开支964–9–973

Exchange diference汇兑差额(347)–(319)(141)(807)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日10,8207,4959,56115,32643,202

Charge for the year年度开支957–957

Writen of撇销–(167)–(167)

Exchange diference汇兑差额(197)–(129)(69)(395)

At 31 March 2025于二零二五年三月三十一日11,5807,4959,26515,25743,597

CARYING VALUES账面值

At 31 March 2025于二零二五年三月三十一日6,00416,8295,28818928,310

At 31 March 2024于二零二四年三月三十一日7,080–471917,318

、厂房及设备

2025
二零二五年
HK$’000
港币千元
11,830
28,920
40,750

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

17. 使用权资产及租赁负债

(a) 使用权资产

17. RIGHT-OF-USE ASETS AND LEASE

LIABILITIES

(a) Right-of-use asets

Leasehold

land

Leased

propertiesTotal

租赁土地租赁楼宇总计

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

As at 1 April 2023于二零二三年四月一日2,3103,3705,680

Aditions添置–3,2163,216

Depreciation during the year年内折旧(66)(3,296)(3,362)

Exchange diference汇兑差额(79)(80)(159)

As at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日2,1653,2105,375

Aditions添置–1,2631,263

Acquisition of subsidiaries收购附属公司–39,60939,609

Depreciation during the year年内折旧(65)(3,051)(3,116)

Exchange diference汇兑差额(37)(8)(45)

As at 31 March 2025于二零二五年三月三十一日2,06341,02343,086

Leasehold land represent land use rights located in the PRC

and under medium-term lease. The lease terms of leased

properties range from 2 to 3 years (2024: 2 to 3 years).

(b) Lease liabilities

二零二四年

HK$’000

港币千元

Curent portion流动部分2,157

Non-curent portion非流动部分1,101

3,258

租赁土地指位于中国之土地使用权，并

按中期租赁持有。租赁物业的租赁期限

介乎2至3年（二零二四年：2至3年）。

(b) 租赁负债

2025
二零二五年
HK$’000
港币千元
11,830
28,920
40,750
(11,830)
28,920

2025
二零二五年
HK$’000
港币千元
3,051
65
106

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 租赁负债（续）

17. RIGHT-OF-USE ASETS AND LEASE

LIABILITIES (Continued)

(b) Lease liabilities (Continued)

二零二四年

HK$’000

港币千元

Amounts payable under lease liabilities:租赁负债项下应付款项：

Within one year一年内2,157

After one year but within two years一年后但两年内1,101

3,258

Les: Amount due for setlement within

12 months (shown under curent

liabilities)

减：于12个月内到期结算之

金额（于流动负债项

下列示）(2,157)

1,101

The weighted average incremental borowing rates aplied

to lease liabilities range from 2.18% to 6.66% (2024: from

2.96% to 4.63%).

二零二四年

HK$’000

港币千元

Depreciation expenses on right-of-use

asets

使用权资产之折旧开支

– Leased properties－租赁楼宇3,296

– Leased land－租赁土地66

Interest expenses on lease liabilities租赁负债之利息开支99

(d) Others

During the year ended 31 March 2025, total cash outflow

for leases amount to aproximately HK$3,140,000 (2024:

aproximately HK$3,961,000).

(d) 其他

于截至二零二五年三月三十一日止

年度，租赁之现金流出总额达约港

币3,140,000元（二零二四年：约港币

3,961,000元）。

适用于租赁负债之加权平均增量借款利

率介乎2.18%至6.66%（二零二四年：

介乎2.96%至4.63%）。

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

18. 商誉18. GODWIL

HK$’000

港币千元

COST成本

At 1 April 2023, 31 March 2024 and 1 April 2024于二零二三年四月一日、二零二四年

三月三十一日及二零二四年四月一日–

Arising on acquisition of subsidiaries (Note 40)收购附属公司产生（附注40）63

At 31 March 2025于二零二五年三月三十一日63

IMPAIRMENT减值

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–

Impairment los recognised in the year年内确认减值亏损63

At 31 March 2025于二零二五年三月三十一日63

CARYING VALUE账面值

At 31 March 2025于二零二五年三月三十一日–

At 31 March 2024于二零二四年三月三十一日–

On 31 March 2025, the Group acquired 100% equity interest in

Savor Dining Colective Limited (“Savor Dining”) and its subsidiaries

(colectively refered to “Savor Group”), which principaly engaged

in fod and beverage catering services in Shenzhen, the PRC.

The total consideration of the acquisition wil be not more than

HK$69,000,000, which comprises two tranches, being: (i) the

base consideration, amounting to HK$22,000,000, and (i) the

aditional consideration, with a maximum cap of HK$47,000,000,

wil be payable, only when the agregate audited consolidated net

profits of the Savor Group for the years ending 31 March 2026

and 31 March 2027 exced RMB4.8 milion.

The Group engaged Peak Vision Apraisals Limited (“Peak

Vision”), an independent valuer to perform a purchase price

alocation analysis of Savor Group. The projected agregate

consolidated net profits does not met the threshold of

guaranted agregate consolidated net profits for years ending 31

March 2026 and 31 March 2027. Hence, the Group determines

that there are no contingent considerations based on the best

estimation.

于二零二五年三月三十一日，本集团收

购Savor Dining Colective Limited（「Savor

Dining」）及其附属公司（统称「Savor集团」）之

100%股权益，该集团主要于中国深圳从

事餐饮服务业务。该收购之总代价将不超过

港币69,000,000元，并分为两部分：(i)基本

代价港币22,000,000元；及(i)额外代价（上限

为港币47,000,000元），且将仅于Savor集团

截至二零二六年三月三十一日及二零二七年

三月三十一日止年度之经审核综合纯利总额

超过人民币480万元时方予支付。

本集团委聘独立估值师澋锋评估有限公司

（「澋锋」）对Savor集团进行收购价格分配分

析。于截至二零二六年三月三十一日及二零

二七年三月三十一日止年度之预测综合纯利

总额不能达到保证综合纯利总额门槛。因

此，基于最佳估计，本集团确定并无或然代

价。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

另一方面，基本代价（即港币22,000,000

元）超出所收购可辨认资产及所承担负债于

收购日的公允值（即已识别净资产约港币

21,937,000元）之部分约为港币63,000元，

已确认为商誉。该商誉已分配至Savor集团之

现金产生单位（「Savor集团现金产生单位」）。

于二零二五年三月三十一日，本集团根据澋

锋使用贴现金流量法计算之使用价值并参

考Savor集团的业务估值评估Savor集团现金

产生单位的可收回金额。计算方法采用基于

五年期财务预算的现金流量预测，并参考选

定的中国上市可资比较公司的财务资料，该

公司的主要业务与Savor集团可资比较。预

测期内的年度收入增长率为2% ，超过五年

期的现金流量已使用2%的长期增长率进行推

断。该增长率基于相关行业增长预测，且不

超过相关行业的平均长期增长率。

倘现金产生单位的可收回金额估计低于其账

面值，则将现金产生单位的账面值减至其可

收回金额，并将于损益中确认减值亏损。于

二零二五年三月三十一日，Savor集团现金

产生单位的可收回金额约为港币21,937,000

元，Savor集团现金产生单位的账面值约为

港币22,000,000元。截至二零二五年三月

三十一日止年度，确认的减值亏损约为港币

63,000元。

18. GODWIL (Continued)

On the other hand, the exces of the base consideration, i.e.

HK$22,000,000 over the acquisition date-fair values of the

identifiable asets acquired and the liabilities asumed, i.e. net

asets identified of aproximately HK$21,937,000 amounted to

aproximately HK$63,000 and was recognised as godwil. The

godwil is alocated to the CGU of Savor Group (“Savor Group

CGU”).

As at 31 March 2025, the Group asesed the recoverable

amount of Savor Group CGU with reference to a busines

valuation of Savor Group based on value-in-use calculation using

discounted cash flow method performed by Peak Vision. The

calculation used cash flow projection based on financial budgets

covering a 5-year period with reference to the financial information

of the selected PRC listed comparable companies, whose

principal busineses were comparable to that of Savor Group.

The anual revenue growth rate within the forecast period was 2%

and the cash flows beyond the 5-year period were extrapolated

using a 2% long-term growth rate. This growth rate was based

on the relevant industry growth forecasts and did not exced the

average long-term growth rate for the relevant industry.

If the recoverable amount of the CGU is estimated to be les

than its carying amount, the carying amount of the CGU is

reduced to its recoverable amount. The impairment los wil be

recognised in profit or los. As at 31 March 2025, the recoverable

amount of Savor Group CGU is aproximately HK$21,937,000

and the carying amount of the Savor CGU is aproximately

HK$22,000,000. An impairment los of aproximately HK$63,000

is recognised for the year ended 31 March 2025.

2025
二零二五年
HK$’000
港币千元
275,807
81,990
(157,721)
(40,053)
(3,985)
156,038

2025
二零二五年
HK$’000
港币千元
1,011,559
(118,198)
893,361

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

19. 发展中物业19. PROPERTIES UNDER DEVELOPMENT

二零二四年

HK$’000

港币千元

At the begining of the financial year于财政年度初1,470,254

Aditions添置220,096

Transfers to completed properties

held for sale

转至持作出售的已竣工物业

(1,360,770)

Write-down撇减–

Exchange diference汇兑差额(53,773)

At the end of the financial year于财政年度末275,807

Properties under development are clasified as curent asets as

the construction period of the relevant properties development

project is expected to be completed in the normal operating

cycle.

20. COMPLETED PROPERTIES HELD FOR SALE

The Group’s completed properties held for sale are situated on a

leasehold land in the PRC. Al the completed properties held for

sale are stated at lower of cost and net realisable value.

二零二四年

HK$’000

港币千元

Completed properties held for sale持作出售的已竣工物业1,114,677

Les: write-down减：撇减(18,730)

1,095,947

发展中物业分类为流动资产，乃由于相关物

业发展项目之建筑期预计在一般营运周期内

完成。

20. 持作出售的已竣工物业

本集团持作出售的已竣工物业位于中国的租

赁土地。所有持作出售的已竣工物业均按成

本与可变现净值两者之较低者列账。

2025
二零二五年
HK$’000
港币千元
5,114
7,250
12,364

2025
二零二五年
HK$’000
港币千元
1,411
(387)
1,024

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

21. 存货21. INVENTORIES

二零二四年

HK$’000

港币千元

Fod and beverage餐饮–

Wine (for trading)酒（用于买卖）7,250

7,250

22. TRADE RECEIVABLES

二零二四年

HK$’000

港币千元

Trade receivables贸易应收账款–

Les: alowance for impairment减：减值拨备–

–

Trade receivables arises from fod and beverage catering services

busines. The trading terms with the customers are mainly on

cash and smart card setlement, except for wel-established

corporate customers for which the credit term is generaly 90 days

(2024: N/A). The Group seks to maintain strict control over its

outstanding receivables to minimise credit risk. Overdue balances

are reviewed regularly by senior management. The Group does

not hold any colateral or other credit enhancements over its trade

receivable balances. Trade receivables are non-interest-bearing.

They are stated net of los alowance.

22. 贸易应收账款

贸易应收账款乃产生自餐饮服务业务。与客

户之贸易条款主要以现金及智能卡结算，惟

大规模之企业客户除外，其信贷期一般为90

天（二零二四年：不适用）。本集团致力对

其未收回应收款项维持严格监控，以尽量降

低信贷风险。高级管理层会定期检视逾期结

余。本集团并无对应收账款结余持有任何抵

押品或实施其他信贷增强措施。贸易应收账

款不计息。其列账时已扣除亏损拨备。

2025
二零二五年
HK$’000
港币千元
1,024

2025
二零二五年
HK$’000
港币千元
259,238
8,251
420
267,909
1,436
266,473
267,909

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

22. TRADE RECEIVABLES (Continued)

The Group normaly alows credit period of 0–90 days to its

customers. An ageing analysis of the trade receivables as a the

end of the reporting period, based on the invoice date, is as

folows:

二零二四年

HK$’000

港币千元

0–90 days0至90天–

23. OTHER RECEIVABLES, PREPAYMENTS AND

DEPOSITS

二零二四年

HK$’000

港币千元

Prepayments预付款项261,361

Deposits paid已付按金2,776

Other receivables其他应收账款159

264,296

Analysed for reporting purposes:作报告用途之分析：

Non-curent asets非流动资产1,379

Curent asets流动资产262,917

264,296

（续）

本集团通常向其客户提供0至90天的信贷

期。于报告期末，根据发票日期划分之应收

账款账龄分析如下：

、预付款项及按金

2025
二零二五年
HK$’000
港币千元
882,143
65,844
947,987
(96,291)
851,696

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

24. 应收贷款及利息24. LOAN AND INTEREST RECEIVABLES

二零二四年

HK$’000

港币千元

Loan receivables应收贷款853,983

Interest receivables应收利息54,626

908,609

Les: alowance for impairment减：减值拨备(83,710)

824,899

The loans and interest receivables are due from independent third

parties, which are unsecured and their relevant due dates are in

June 2025 (2024: in April 2024 to June 2024). The interest rates

on the loan and interest receivables are fixed ranging from 6% to

8% per anum (2024: 6% to 15% per anum).

The movement in the alowance for impairment of loan and

interest receivables is as folows:

Total

总计

HK$’000

港币千元

Balance as at 1 April 2023于二零二三年四月一日之结余165,437

Reversal of alowance for impairment减值拨备拨回(81,727)

Balance as at 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日之结余83,710

Alowance for impairment减值拨备12,581

Balance as at 31 March 2025于二零二五年三月三十一日之结余96,291

There has ben no change in the estimation techniques or

significant asumptions made.

应收贷款及利息乃应收独立第三方之款项，

为无抵押及其相关偿还日期为二零二五年六

月（二零二四年：为二零二四年四月至二零

二四年六月止）。应收贷款及利息之利率定于

介乎每年6%至8%（二零二四年：每年6%至

15%）。

应收贷款及利息减值拨备之变动如下：

估计技巧或所作出的重大假设概无变动。

2025
二零二五年
HK$’000
港币千元
–
–
851,696
–
851,696

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

本集团已根据前瞻性资料及计量预期信贷亏

损所用适当模式及假设进行预期信贷亏损评

估。相关假设包括未来宏观经济状况及借款

人的信贷质素（如拖欠的可能性及相关亏损）。

于报告期末，应收贷款及利息（扣除已确认应

收贷款及利息之减值拨备）按贷款提取日期及

应计利息呈报之账龄分析如下：

24. LOAN AND INTEREST RECEIVABLES (Continued)

The Group has conducted an asesment of ECL acording to

forward-loking information and used apropriate model and

asumption in its measurement of expected credit loses. The

asumptions included the future macroeconomic conditions and

borower’s creditworthines. (e.g. the probability of default and

the coresponding loses).

The folowing is an ageing analysis of loan and interest receivables,

net of alowance for impairment of loan and interest receivables

recognised presented based on the loan drawn down date and

interests acrued at the end of the reporting period:

二零二四年

HK$’000

港币千元

Within 90 days90日内–

91 days to 180 days91至180日–

181 days to 365 days181至365日824,899

Over 365 days365日以上–

824,899

The Group’s loan financing customers included in the loan and

interest receivables are due for setlement at the date specified

in the respective loan agrements. The Group did not hold any

colateral over these balances.

The credit risk of loan and interest receivables is considered as

low since initial recognition as loan and interest receivables at

the end of both reporting periods are not past due. There was

no recent history of default of the debtors. To measure the ECL

of loan and interest receivables, loan and interest receivables are

asesed individualy by the management of the Group, based

on the credit los experience, the customers’ repayment history,

financial background and financial condition of each borower and

reasonable and suportable forward-loking information such as

macroeconomic data that is available without undue cost or efort.

计入应收贷款及利息之本集团贷款融资客户

于各贷款协议内指定之日期到期应结算。本

集团并无就该等结余持有任何抵押品。

由于两个报告期末的应收贷款及利息均未

逾期，应收贷款及利息的信贷风险被视为

自初次确认以来为低。债务人近期没有违约

历史。为计算应收贷款及利息的预期信贷亏

损，本集团管理层会根据各借款人的信贷亏

损经验、客户还款纪录、财务背景及财务状

况以及合理及有理据的前瞻性资料（如毋须

花费不必要成本或努力可获得的宏观经济数

据），个别评估应收贷款及利息。

31 March 2025
二零二五年三月三十一日
HK$’000
港币千元
40,665

31 March 2025
二零二五年三月三十一日
HK$’000
港币千元
681
39,825
159
40,665

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

25. 于损益账按公允值处理之金融资

产

25. FINANCIAL ASETS AT FAIR VALUE THROUGH

PROFIT OR LOS

31 March

二零二四年

三月三十一日

Financial asets measured

at FVTPL

于损益账按公允值处理计量

之金融资产

HK$’000

港币千元

Listed equity securities held for trading持作买卖上市股本证券9,353

The fair value of listed equity securities is determined based on

the quoted market bid prices available on the Stock Exchange,

the Shanghai Stock Exchange and the London Stock Exchange.

The Group’s financial asets at FVTPL are denominated in the

folowing curencies:

31 March

二零二四年

三月三十一日

HK$’000

港币千元

HKD港币390

British Pound (“GBP”)英镑（「英镑」）8,827

RMB人民币136

9,353

已上市股本证券之公允值乃根据于联交所、

上海证券交易所及伦敦证券交易所可用之所

报市场出价而厘定。

本集团的于损益账按公允值处理之金融资产

以下列货币列值：

2025
二零二五年
HK$’000
港币千元
51,473

2025
二零二五年
HK$’000
港币千元
274
7
51,147
2
43
51,473

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

26. 现金及现金等价物

现金及现金等价物包括银行现金、手头现金

及原到期限为三个月或以内之存于金融机

构之现金如下：

26. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank, cash in hand

and cash at financial institutions with an original maturity of thre

months or les:

二零二四年

HK$’000

港币千元

Cash at bank and in hand银行现金及手头现金113,981

Cash at bank and financial institutions caried interest at market

rates which range from 0.01% to 0.1% (2024: 0.05% to 0.2%)

per anum.

The Group’s cash and cash equivalents denominated in RMB

which are placed with banks in the PRC are subject to the Foreign

Exchange Control Regulations imposed by the PRC government.

The Group’s cash and cash equivalents are denominated in the

folowing curencies:

二零二四年

HK$’000

港币千元

HK$港币354

Australian dolar (“AUD”)澳元（「澳元」）32

RMB人民币113,547

United States dolar (“USD”)美元（「美元」）5

Others其他43

113,981

27. AMOUNTS DUE TO RELATED COMPANIES

The amounts are non-interest bearing, unsecured and repayable

on demand.

银行现金及于金融机构之现金按介乎每年

0.01%至0.1%（二零二四年：0.05%至0.2%）

之市场利率计息。

本集团之现金及现金等价物以人民币计值，

并存置于中国之银行，且受限于中国政府实

施之外汇管制条例。

本集团现金及现金等价物以下列货币计值：

27. 应付关连公司款项

该款项为免息、无抵押及须于要求时偿还。

2025
二零二五年
HK$’000
港币千元
15,861
9,944
11,541
22,000
59,346

2025
二零二五年
HK$’000
港币千元
743
1,008
257
3,299
10,554
15,861

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

28. 贸易及其他应付账款及合约负债

(a) 贸易及其他应付账款

28. TRADE AND OTHER PAYABLES AND

CONTRACT LIABILITIES

(a) Trade and other payables

二零二四年

HK$’000

港币千元

Trade payables贸易应付账款2,950

Acruals应计费用15,051

Other payables其他应付账款3,382

Consideration payable (Note 40)应付代价（附注40）–

21,383

The folowing is an aged analysis of trade payables

presented based on the invoice date at the end of the

reporting period.

二零二四年

HK$’000

港币千元

0–30 days30日内–

31–60 days31至60日80

61–90 days61至90日1,409

91–180 days91至180日–

Over 181 days181日以上1,461

2,950

The average credit term on purchase of gods is 30–180

days (2024: 60–180 days). The Group has financial risk

management policies in place to ensure that al payables are

setled within the credit timeframe.

于报告期末，贸易应付账款按发票日期

呈报之账龄分析如下。

采购货品之平均信贷期为30至180日

（二零二四年：60至180日）。本集团已

制定财务风险管理政策，确保所有应付

款项于信贷期限内清偿。

2025
二零二五年
HK$’000
港币千元
90,879

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

附注：

(i) 于二零二三年六月，本集团悉数偿付其他贷款

港币220,000,000元及港币59,500,000元。

(i) 于二零二五年六月九日，为向本公司提供额

外保障及支持，李先生（作为本公司的最终控

股东及其他贷款的借款人）已签署一份支持

函，并谨此不可撤销及无条件地向本公司承诺

及作出契诺，彼将于二零二六年三月三十一日

之前暂缓向本公司提出任何要求或申索，惟前

提是本公司将继续就结算其他债券的替代方案

与彼进行真诚磋商。

28. 贸易及其他应付账款及合约负债

（续）

(b) 合约负债

28. TRADE AND OTHER PAYABLES AND

CONTRACT LIABILITIES (Continued)

(b) Contract liabilities

二零二四年

HK$’000

港币千元

Contract liabilities合约负债105,226

As at 1 April 2023, the carying amounts of contract

liabilities were aproximately HK$1,032,818,000.

The Group receives the deposits from customers when

they sign the sale and purchase agrement. Such deposits

result in contract liabilities being recognised throughout

the property construction period until the customer obtains

control of the completed property for sales.

Revenue of aproximately HK$59,265,000 and

HK$663,051,000 were recognised relates to arived-

forward contract liabilities upon the respective performance

obligations were satisfied during the years ended 31 March

2025 and 2024.

29. OTHER LOAN

HK$’000

港币千元

At 1 April 2023于二零二三年四月一日1,259,500

Repayment during the year (Note (i)年内偿付（附注(i)）(279,500)

At 31 March 2024, 1 April 2024 and 31 March 2025于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980,000

Notes:

(i) In June 2023, other loans of HK$220,000,000 and HK$59,500,000

were entirely repaid by the Group.

(i) On 9 June 2025, Mr. Li, as the Company’s ultimate controling

shareholder and the borower of the other loan, with a view to providing

it aditional comfort and suport to the Company, has signed a

suporting leter and hereby irevocably and unconditionaly undertakes

and covenants to the Company that he shal withold any demand or

claims against the Company until 31 March 2026 provided that the

Company wil continue to negotiate with him on alternative proposal in

setlement of the other bond in god faith.

于二零二三年四月一日，合约负债的账

面值约港币1,032,818,000元。

本集团于客户签订买卖协议时收取客户

按金。有关按金导致合约负债于整个物

业建造期间内确认，直至客户取得已竣

工待售物业之控制权。

截至二零二五年及二零二四年三月

三十一日止年度，各项履约责任已履

行后已确认与已到期合约负债有关之

收入为约港币59,265,000元及港币

663,051,000元。

29. 其他贷款

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

30. 股本30. SHARE CAPITAL

Number of

capital

股份数目股本

’000HK$’000

千股港币千元

Authorised ordinary shares:法定普通股：

At 1 April 2023 of HK$0.01 per share于二零二三年四月一日

每股港币0.01元10,500,000105,000

Increase in share capital (Note (a)(i)股本增加（附注(a)(i)）9,500,00095,000

Share consolidation (Note (a)(i)股份合并（附注(a)(i)）(18,000,000)–

At 31 March 2024, 1 April 2024 and

31 March 2025 of HK$0.1 per share

于二零二四年三月三十一日、

二零二四年四月一日及二零二五年

三月三十一日每股港币0.1元2,000,000200,000

Isued and fuly paid ordinary shares:已发行及缴足股款之普通股：

At 1 April 2023 of HK0.01 per share于二零二三年四月一日

每股港币0.01元7,356,78373,568

Share consolidation (Notes (a)(i)股份合并（附注(a)(i)）(6,621,105)–

At 31 March 2024 and 1 April 2024 of

HK$0.1 per share

于二零二四年三月三十一日及

二零二四年四月一日每股港币0.1元735,67873,568

Isue of shares (Note (b)发行股份（附注(b)）115,00011,500

At 31 March 2025 of HK$0.1 per share于二零二五年三月三十一日

每股港币0.1元850,67885,068

Notes:

(a) On 18 August 2023, the Company pased ordinary resolutions in

relation to the folowing by the shareholders of the Company:

(i) an increase in authorised share capital of the Company from

HK$105,000,000 to HK$200,000,000; and

(i) the consolidation of every ten (10) isued and unisued shares

of HK$0.01 each in the capital of the Company into one (1)

consolidated share of HK$0.10 (“Share Consolidation”).

As al the conditions of the Share Consolidation were fulfiled, the Share

Consolidation became efective on 22 August 2023.

(b) On 3 July 2024, arangements were made for a private placement to

independent third parties of 115,000,000 shares of HK$0.47 each,

which represents a discount of aproximately 11.3% to the closing

market price of the Company’s shares on 3 July 2024. As al the

conditions of the placement were fulfiled, the placing became efective

on 5 August 2024.

附注：

(a) 于二零二三年八月十八日，本公司获本公司股

东通过以下普通决议案：

(i) 将本公司法定股本由港币105,000,000

元增至港币200,000,000元；及

(i) 将本公司股本中每十(10)股每股面值港

币0.01元的已发行及未发行股份合并为

一(1)股每股面值港币0.10元的合并股份

（「股份合并」）。

由于股份合并的所有条件已获达成，股份合并

已于二零二三年八月二十二日起生效。

(b) 于二零二四年七月三日，本公司安排向独立

第三方私人配售115,000,000股每股面值港币

0.47元之股份，较本公司股份于二零二四年七

月三日之收市价折让约11.3%。由于配售事项

所有条件已获达成，配售事项已于二零二四年

八月五日生效。

2025
二零二五年
HK$’000
港币千元
24,073

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

31. 递延税项

倘有可依法强制执行之权利将当期税项资产

抵销当期税项负债及当递延所得税与同一财

政机关有关时，递延所得税资产及递延所得

税负债互相抵销。

就财务报告目的而言，递延税项资产及负债

经抵销相同应课税实体的若干递延税项资产

及递延税项负债后，分析如下：

31. DEFERED TAXATION

Defered income tax asets and defered income tax liabilities are

ofset when there is a legaly enforceable right to set of curent

tax asets against curent tax liabilities and when the defered

income tax relates to the same fiscal authority.

The folowing is the analysis of the defered tax asets and

liabilities, after set of certain defered tax asets against defered

tax liabilities of the same taxable entity, for financial reporting

purposes:

The Group

本集团

二零二四年

HK$’000

港币千元

Defered tax asets递延税项资产25,624

The folowing are the major defered tax asets recognised and

movements thereon during the curent and prior years:

Alowance for

impairment of

loan and

interest

receivable

Write-of of

completed

properties

held for salesTotal

应收贷款及

利息之减值

拨备

持作出售的

已竣工物业

撇销总计

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

At 1 April 2023于二零二三年四月一日41,359–41,359

(Charged)/credited to profit or los于损益（扣除）╱计入(20,432)4,697(15,735)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日

及二零二四年四月一日20,9274,69725,624

Credited/(charged) to profit or los于损益计入╱（扣除）3,146(4,697)(1,551)

At 31 March 2025于二零二五年三月三十一日24,073–24,073

以下为本年度及过往年度已确认之主要递延

税项资产及其变动情况：

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

于报告期末，本集团有未动用税项亏损约

港币660,047,000元（二零二四年：约港币

612,359,000元）可供抵销未来盈利。由于

未来盈利来源之不可预测，故概无就该等税

项亏损确认递延税项资产（二零二四年：同

样）。未确认税项亏损包括将于未来五年届满

之亏损约港币44,394,000元（二零二四年：约

港币11,405,000元）。其他亏损可无限期结

转。

根据企业所得税法，自二零八年一月一日

起就中国附属公司所赚取盈利宣派之股息须

征收预扣税。并无于合并财务报表内就中国

附属公司之累计盈利约港币44,577,000元（二

零二四年：约港币130,418,000元）应占之暂

时差额之递延税项作出拨备，原因为本集团

能够控制该等暂时差额之拨回时间及该等暂

时差额将不大可能于可预见将来拨回。

32. 资本风险管理

本集团管理其资本架构，以确保集团内各实

体有能力以持续基准经营，同时透过优化债

务及权益结余为股东争取最大回报。本集团

整体策略自上一年度维持不变。

本集团之资本架构包括债务净额（包括可换股

债券、租赁负债、银行借款、其他债券、承

兑票据及应付一间关连公司账款）、扣除现金

及现金等价物以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结构。作为该检讨

之一部分，本公司董事考虑各类资本有关之

资本成本及风险。本集团会根据本公司董事

之推荐建议，透过派付股息、发行新股及股

份购回以及发行新债务或赎回现有债务以平

衡其整体资本结构。

31. DEFERED TAXATION (Continued)

At the end of the reporting period, the Group has unused tax

loses of aproximately HK$660,047,000 (2024: aproximately

HK$612,359,000) available for ofset against future profits. No

defered tax aset has ben recognised in respect of these

tax loses due to the unpredictability of future profit streams

(2024: same). Included in unrecognised tax loses are loses

of aproximately HK$44,394,000 (2024: aproximately

HK$11,405,000) that wil expire in the next five years. Other

loses may be caried forward indefinitely.

Under the EIT Law, witholding tax is imposed on dividends

declared in respect of profits earned by PRC subsidiaries from

1 January 2008 onwards. Defered taxation has not ben

provided for in the consolidated financial statements in respect of

temporary diferences atributable to acumulated profits of the

PRC subsidiaries amounting to aproximately HK$44,577,000

(2024: aproximately HK$130,418,000) as the Group is able to

control the timing of the reversal of the temporary diferences and

it is probable that the temporary diferences wil not reverse in the

foreseable future.

32. CAPITAL RISK MANAGEMENT

The Group manages its capital structure to ensure that the entities

in the Group wil be able to continue as a going concern while

maximising the return to shareholders through the optimisation of

the debt and equity balance. The Group’s overal strategy remains

unchanged from prior year.

The capital structure of the Group consists of net debt, which

includes convertible bonds, lease liabilities, bank borowing, other

bond, promisory note and amount due to a related company 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

periodicaly. As part of this review, the directors of the Company

consider the cost of capital and the risk asociated 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 and share

buy-backs as wel as the isue of new debt or the redemption of

existing debt.

2025
二零二五年
HK$’000
港币千元
40,665
912,864
953,529
1,121,782

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

33. 金融工具

(a) 金融工具的类别

33. FINANCIAL INSTRUMENTS

(a) Categories of financial instruments

二零二四年

HK$’000

港币千元

Financial asets金融资产

Financial asets at FVTPL于损益账按公允值处理之金融

资产9,353

Financial asets at amortised cost

(including cash and cash equivalents)

按摊销成本计量之金融资产

（包括现金及现金等价物）951,974

961,327

Financial liabilities金融负债

Financial liabilities measured at amortised

cost

按摊销成本计量之金融负债

1,067,340

(b) Financial risk management objectives and

policies

The Group’s major financial instruments include other

receivables and deposits, loan and interest receivables,

financial asets at FVTPL, cash and cash equivalents, trade

and other payables, amounts due to related companies

and other bonds. Details of the financial instruments are

disclosed in respective notes. The risks asociated with

these financial instruments include market risk (interest

rate risk, curency risk and other 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 on a timely and efective maner.

(b) 金融风险管理目的及政策

本集团的主要金融工具包括其他应收账

款及按金、应收贷款及利息、于损益账

按公允值处理之金融资产、现金及现金

等价物、贸易及其他应付账款、应付关

连公司账款及其他债券。该等金融工具

之详情于各相关附注内披露。与此等金

融工具相关的风险包括市场风险（利率

风险、货币风险及其他价格风险）、信

贷风险及流动资金风险。下文载列降低

此等风险的政策。管理层管理及监控该

等风险，以确保及时与有效地实施适当

措施。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

市场风险

(i) 利率风险

本集团因固定利率租赁负债及应

收贷款及利息承担面临公允值利

率风险。

本集团亦因以现行市场利率计息

之银行结余面临现金流量利率风

险。

本集团目前并无利率对冲政策。

然而，管理层会监控利率风险，

并将于预期出现重大利率风险时

考虑采取其他必要行动。

本集团因金融负债承受之利率风

险于本附注流动资金风险管理一

节详述。

本公司董事认为，有关银行结余

之利率风险并不重大，原因是未

偿还结余并不重大。

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Market risk

(i) Interest rate risk

The Group is exposed to fair value interest rate risk

in relation to fixed rate lease liabilities and loan and

interest receivables.

The Group is also exposed to cash flow interest rate

risk in relation to bank balances caried at prevailing

market rates.

The Group curently does not have any interest

rate hedging policy. However, the management

monitors interest rate exposure and wil consider

other necesary action when significant interest rate

exposure is anticipated.

The Group’s exposures to interest rates on financial

liabilities are detailed in the liquidity risk management

section of this note.

The directors of the Company consider that the

interest rate risk in relation to bank balances is

insignificant as the outstanding balances are not

significant.

2025
二零二五年
HK$’000
港币千元
7
2
39,825
43

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

市场风险（续）

(i) 外币风险

本集团主要于香港及中国经营业

务，其大部分交易主要以港币及

人民币结算。于二零二五年及二

零二四年三月三十一日，本集团

持有于损益账按公允值处理之金

融资产（见附注25）及银行结余

（见附注26），惟相关集团实体

的相关功能货币主要以澳元、美

元及英镑计值。外汇风险于当未

来商业交易或已确认资产以并非

本集团功能货币之货币计值时产

生。本集团并无外币对冲政策。

然而，管理层会监察外汇风险及

将于必要时考虑对冲潜在外币风

险。

于报告期末，本集团以除有关集

团实体之各自功能货币以外之

货币计值之货币资产之账面值如

下：

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Market risk (Continued)

(i) Foreign curency risk

The Group mainly operates in Hong Kong and PRC

with most transactions mainly setled in HK$ and

RMB. As at 31 March 2025 and 2024, the Group

holds financial asets at FVTPL (se Note 25) and

bank balances (se Note 26) other than the respective

functional curencies of the relevant group entities

mainly denominated in AUD, USD and GBP. Foreign

exchange risk arises when future comercial

transactions or recognised asets are denominated in

a curency that is not the Group’s functional curency.

The Group does not have a foreign curency hedging

policy. However, the management monitors foreign

exchange exposure and wil consider hedging the

potential foreign curency exposure should the ned

arise.

The carying amounts of the Group’s monetary asets

denominated in curencies other than the respective

functional curencies of the relevant group entities at

the end of the reporting period are as folows:

Asets

资产

二零二四年

HK$’000

港币千元

AUD澳元32

USD美元5

GBP英镑8,827

Others其他43

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

市场风险（续）

(i) 外币风险（续）

敏感度分析

由于本集团于二零二五年及二零

二四年三月三十一日概无任何重

大外币计值货币资产，本集团的

业绩不会因外汇变动而受到任何

重大影响，故并无列报敏感度分

析。

(i) 其他价格风险

本集团透过其上市股本证券投资

而面临股本价格风险，而该等投

资于合并财务状况表列作于损益

账按公允值处理之金融资产。管

理层透过维持不同风险之投资组

合管理该等风险。此外，管理层

已委任特别小组监察价格风险，

并于必要时考虑对冲有关风险。

于报告期末，下文之敏感度分析

已根据所面临股本价格风险厘

定。

倘有关上市股本证券的股价上

升╱下跌20%，且所有其他变

量维持不变，本集团于截至二零

二五年三月三十一日止年度之除

税后盈利将增加╱减少约港币

8,133,000元（二零二四年：约港

币1,871,000元），乃由于损益

账按公允值处理之金融资产之公

允值变动。

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Market risk (Continued)

(i) Foreign curency risk (Continued)

Sensitivity analysis

As the Group had no material foreign curency

denominated monetary asets at 31 March 2025

and 2024, no significant impacts on the results of

the Group would arise from the changes in foreign

curency rates, acordingly no sensitivity analysis is

presented.

(i) Other price risk

The Group is exposed to equity price risk through

its investments in listed equity securities and these

investments are clasified on the consolidated

statement of financial position as financial asets at

FVTPL. The management manages this exposure by

maintaining a portfolio of investments with diferent

risks. In adition, the management has apointed a

special team to monitor the price risk and wil consider

hedging the risk exposure should the ned arise.

The sensitivity analysis below has ben determined

based on the exposure to equity price risks at the end

of the reporting period.

If the share price of the respective listed equity

securities had ben increased/decreased by 20%

and al other variables were held constant, the post-

tax profit for the year ended 31 March 2025 would

increase/decrease by aproximately HK$8,133,000

(2024: aproximately HK$1,871,000) as a result of the

changes in fair value of financial asets at FVTPL.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

信贷风险

于二零二五年及二零二四年三月三十一

日，本集团所面对最高信贷风险将导致

本集团因对手方未能履行责任而产生财

务亏损，有关亏损乃来自合并财务状况

表所载各项已确认金融资产之账面值。

本集团之信贷风险主要来自银行结余、

应收贷款及利息、其他应收账款及按

金。该等结余之账面值指本集团可承受

有关金融资产之最大信贷风险。

为了尽量减低信贷风险，本集团管理层

已委派一组人员负责厘定信贷额度、信

贷批核及进行其他监测程序，以确保采

取跟进措施收回逾期未付债项。

于二零二五年三月三十一日，本集团根

据重大应收账款的个别评估，通过应用

加权平均预期信贷亏损率10.2%（二零

二四年：9.2%），确认应收贷款及利息

的12个月预期信贷亏损账面值约港币

851,696,000元（二零二四年：约港币

824,899,000元）。截至二零二五年三

月三十一日止年度计提减值拨备约港币

12,581,000元（二零二四年：减值拨备

拨回约港币81,727,000元）。本公司董

事认为，预期信贷亏损率变动主要由于

行业经济状况。

加权平均预期信贷亏损率乃根据前瞻性

资料及计量预期信贷亏损所用适当模式

及假设进行评估。本集团管理层将相关

前瞻性资料用于评估报告日期当前及未

来状况。有关详情于附注24披露。

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Credit risk

As at 31 March 2025 and 2024, the Group’s maximum

exposure to credit risk which wil cause a financial los

to the Group due to failure to discharge an obligation by

the counterparties is arising from the carying amount of

the respective recognised financial asets as stated in the

consolidated statement of financial position.

The credit risk of our Group mainly arises from bank

balances, loan and interest receivables, other receivables

and deposits. The carying amounts of these balances

represent our Group’s maximum exposure to credit risk in

relation to financial asets.

In order to minimise the credit risk, the management of the

Group 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.

The Group recognised 12m ECL for loan and interests

receivables with carying amount of aproximately

HK$851,696,000 (2024: aproximately HK$824,899,000)

as at 31 March 2025, based on individualy asesment for

significant debtors by aplying weighted average expected

credit los rate of 10.2% (2024: 9.2%). Alowance for

impairment of aproximately HK$12,581,000 is made for

the year ended 31 March 2025 (2024: reversal of alowance

for impairment of aproximately HK$81,727,000). The

directors of the Company consider that the changes in

expected credit los rates is mainly due to economic

condition of the industry.

The weighted average expected credit los rates are

estimated based on forward-loking information and used

apropriate model and asumption in its measurement of

expected credit loses. Such forward-loking information is

used by the management of the Group to ases both the

curent as wel as the forecast direction of conditions at the

reporting date. The details are disclosed in Note 24.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

信贷风险（续）

管理层认为，其他应收账款及按金的信

贷风险为低，因此于年内确认的减值拨

备以12个月预期信贷亏损为限。

本集团在资产的初始确认时考虑违约的

可能性，及在整个报告期间持续评估是

否信贷风险显著增加。为评估信贷风险

是否显著增加，本集团将报告日期的资

产发生违约的风险与初始确认日期的违

约风险进行比较，其亦考虑可获得的合

理及有理据的前瞻性资料。尤其是纳入

以下指标：

• 预期会造成借款人支付其债务的

能力重大变化的业务、财务或经

济状况的实际或预期重大不利变

动；

• 借款人的经营业绩的实际或预期

重大变动；及

• 借款人的预期表现或行为的重大

变化，包括本集团借款人的付款

情况之变化及借款人的经营业绩

之变化。

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

Management considered other receivables and deposits

to be low credit risk and thus the alowance for impairment

recognised during the year was limited to 12m ECL.

The Group considers the probability of default upon initial

recognition of aset and whether there has ben a significant

increase in credit risk on an ongoing basis throughout the

reporting period. To ases whether there is a significant

increase in credit risk the Group compares the risk of a

default ocuring on the aset as at the reporting date

with the risk of default as at the date of initial recognition.

It considers available reasonable and suportive forward-

loking information. Especialy the folowing indicators are

incorporated:

;

• actual or expected significant adverse changes

in busines, financial or economic conditions that

are expected to cause a significant change to the

borower’s ability to met its obligations;

• actual or expected significant changes in the operating

results of the borower; and

• significant changes in the expected performance

and behaviour of the borower, including changes in

the payment status of borowers in the Group and

changes in the operating results of the borower.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

信贷风险（续）

就本集团的贷款融资业务产生的应收

贷款及利息而言，于二零二五年三月

三十一日应收贷款及利息总额中的3%

（二零二四年：3%）乃应收本集团最

大客户的款项，而于二零二五年三月

三十一日应收贷款及利息总额中的15%

（二零二四年：16%）乃应收本集团的贷

款融资业务五大客户的款项。

本集团按地区划分之应收贷款及利息之

信贷风险集中于中国，占于二零二五

年三月三十一日之应收贷款及利息之

100%（二零二四年：100%）。

流动资金之信贷风险有限，乃由于对手

方为获得国际信贷评级机构指定之良好

信贷评级之银行。

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

In respect of the loan and interest receivables arising from

the Group’s loan financing busines, 3% (2024: 3%) of the

total gros loan and interest receivables as at 31 March

2025 was due from the Group’s largest customer and 15%

(2024: 16%) of the total gros loan and interest receivables

as at 31 March 2025 was due from the Group’s five largest

customers for the Group’s loan financing busines.

The Group’s concentration of credit risk by geographical

locations for loan and interest receivables is in the PRC,

which acounted for 100% (2024: 100%) of loan and

interest receivables as at 31 March 2025.

The credit risk on liquid funds is limited because the

counterparties are banks with high credit ratings asigned

by international credit-rating agencies.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

信贷风险（续）

本集团目前的信贷风险评级框架包括以

下类别：

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

The Group’s curent credit risk grading framework

comprises the folowing categories:

CategoryDescriptionBasis for recognising ECL

类别描述确认预期信贷亏损的基准

PerformingFor financial asets where there has low risk of default or

has not ben a significant increase in credit risk since initial

recognition and that are not credit impaired (refer to as

Stage 1)

12m ECL

良好违约风险较低或自初次确认起信贷风险未有大幅增加，且

无信贷减值之金融资产（为第一阶段）

12个月预期信贷亏损

DoubtfulFor financial asets where there has ben a significant

increase in credit risk since initial recognition but that are

not credit impaired (refer to as Stage 2)

Lifetime ECL — not credit impaired

可疑自初次确认起，信贷风险大幅增加但无信贷减值之金融资

产（为第二阶段）

整个存续期预期信贷亏损－无信贷减值

DefaultFinancial asets are asesed as credit impaired when

one or more events that have a detrimental impact on the

estimated future cash flows of that aset have ocured

(refer to as Stage 3)

Lifetime ECL — credit impaired

违约当一项或多项事件对金融资产的估计未来现金流量产生不

利影响时，该资产被评估为信贷减值（为第三阶段）

整个存续期预期信贷亏损－信贷减值

Write-ofThere is evidence indicating that the debtor is in severe

financial dificulty and the Group has no realistic prospect

of recovery

Amount is writen of

撇销有迹象表明债务人陷入严重的财务困境因而本集团收回款

项的希望渺茫

款项被撇销

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

信贷风险（续）

下表详细列出本集团金融资产之信贷质

量以及本集团按信贷风险评级评定的最

大信贷风险。

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Credit risk (Continued)

The tables below detail the credit quality of the Group’s

financial asets, as wel as the Group’s maximum exposure

to credit risk by credit risk rating grades.

Internal

credit rating

12m ECL or

lifetime ECL

Gros

carying

amount

Alowance

for

impairment

Net

carying

amount

内部信贷评级

12个月预期信贷亏损或

整个存续期预期信贷亏损账面总值减值拨备账面净值

HK$’000HK$’000HK$’000

港币千元港币千元港币千元

二零二五年

Trade receivablesPerformingLifetime ECL1,411(387)1,024

贸易应收账款良好整个存续期预期信贷亏损

Loan and interest receivablesPerforming12m ECL (not credit-impaired and

asesed individualy)

947,987(96,291)851,696

应收贷款及利息良好12个月预期信贷亏损（并无信贷减值及

个别进行评估）

Deposits and other receivablesPerforming12m ECL (not credit-impaired and

asesed individualy)

10,118(1,447)8,671

按金及其他应收账款良好12个月预期信贷亏损（并无信贷减值及

个别进行评估）

二零二四年

Loan and interest receivablesPerforming12m ECL (not credit-impaired and

asesed individualy)

908,609(83,710)824,899

应收贷款及利息良好12个月预期信贷亏损（并无信贷减值及

个别进行评估）

Deposits and other receivablesPerforming12m ECL (not credit-impaired and

asesed individualy)

2,935–2,935

按金及其他应收账款良好12个月预期信贷亏损（并无信贷减值及

个别进行评估）

On demand or within one year	More than one year but less than two years	More than two years but less than five years	More than five years	Total undiscounted cash flows	Carrying Amount
按要求或于一年内	超过一年但少于两年	超过两年但少于五年	超过五年	未贴现现金流量总额	账面值
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元	港币千元	港币千元
59,346	–	–	–	59,346	59,346
41,686	–	–	–	41,686	41,686
980,000	–	–	–	980,000	980,000
13,448	11,231	18,550	1,041	44,270	40,750
1,094,480	11,231	18,550	1,041	1,125,302	1,121,782

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

流动资金风险

管理流动资金风险方面，本集团监察及

维持现金及现金等价物于管理层视为充

足之水平，以提供本集团经营业务所需

资金，并减少现金流量波动之影响。

下表载列本集团非衍生金融负债之剩余

合约年期详情。该列表按于本集团可能

获要求付款最早日期之金融负债未贴现

现金流量编制。下表包括利息及本金现

金流。

资金流动表

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Liquidity risk

In the management of the liquidity risk, the Group monitors

and maintains a level of cash and cash equivalents demed

adequate by the management to finance the Group’s

operations and mitigate the efects of fluctuations in cash

flows.

The folowing table details the Group’s remaining contractual

maturity for its non-derivative financial liabilities. The table

has 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. The table includes both

interest and principal cash flows.

Liquidity tables

2025二零二五年

Non-derivative financial liabilities非衍生金融负债

Trade and other payables贸易及其他应付账款

Amounts due to related companies应付关连公司账款

Other loan其他贷款

Lease liabilities租赁负债

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

(b) 金融风险管理目的及政策（续）

流动资金风险（续）

资金流动表（续）

33. FINANCIAL INSTRUMENTS (Continued)

(b) Financial risk management objectives and

policies (Continued)

Liquidity risk (Continued)

Liquidity tables (Continued)

On demand

or within

one year

More than

one year but

les than

two years

Total

undiscounted

cash flows

Carying

Amount

按要求或

于一年内

超过一年

但少于两年

未贴现金

流量总额账面值

HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元

2024二零二四年

Non-derivative financial liabilities非衍生金融负债

Trade and other payables贸易及其他应付账款21,383–21,38321,383

Amounts due to related companies应付关连公司账款62,699–62,69962,699

Other loan其他贷款980,000–980,000980,000

Lease liabilities租赁负债2,2531,1203,3733,258

1,066,3351,1201,067,4551,067,340

2025
二零二五年
Level 1
第一级
HK$’000
港币千元
40,665

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

值计量

下表提供金融工具之分析，乃按就经常

性计量于各报告期末之公允值计量，并

根据本集团会计政策基于公允值可观察

之程度分类为第一级。

33. FINANCIAL INSTRUMENTS (Continued)

consolidated statement of financial position

The folowing table provides an analysis of financial

instruments that are measured at fair value at the end of

each reporting period for recuring measurement, grouped

into Level 1 based on the degre to which the fair value is

observable in acordance to the Group’s acounting policy.

二零二四年

Level 1

第一级

HK$’000

港币千元

Financial asets at FVTPL于损益账按公允值处理之

金融资产

Listed equity investments上市股本投资9,353

There were no transfers betwen level of fair value hierarchy

in curent and prior years.

The directors of the Company consider that the carying

amounts of other curent financial asets and liabilities

recorded at amortised cost in the consolidated financial

statements aproximate to their coresponding fair values

due to short-term maturities. The directors of the Company

consider that carying amounts of other non-curent

financial asets and liabilities aproximate to their fair value

as the impact of discounting of non-curent asets is not

significant and the non-curent liabilities are amortised at

market interest rates.

于本年度及过往年度，各公允值级别间

并无转拨。

本公司董事认为，由于短期到期性质，

于合并财务报表内以摊销成本记录之其

他流动金融资产及负债之账面值与其相

应之公允值相若。本公司董事认为，由

于非流动资产贴现之影响并不重大及非

流动负债乃按市场利率摊销，故其他非

流动金融资产及负债账面值与其公允值

相若。

31 March 2025
二零二五年三月三十一日
HK$’000
港币千元
319
326
595
1,333
2,573

2025
二零二五年
HK$’000
港币千元
276,632

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

34. 承担

(a) 经营租赁承担

本集团作为出租人

本集团于中国根据经营租赁租出投资物

业。初始租期通常为5年到20年。概无

租赁包含浮息租赁付款。所有租赁为固

定租赁付款。

于报告日期不可撤销经营租赁下之未贴

现租赁付款将由本集团于以下未来期间

收取：

34. COMITMENTS

(a) Operating lease comitments

The Group as lesor

The Group leases out investment properties under operating

leases in the PRC. The leases typicaly run for an initial

period from 5 to 20 years. None of the leases includes

variable lease payments. Al are fixed lease payments.

Undiscounted lease payments under non-cancelable

operating leases in place at the reporting date wil be

receivable by the Group in future periods as folows:

31 March 2024

二零二四年

三月三十一日

HK$’000

港币千元

Within one year一年内318

Betwen one and two years一年至两年448

Betwen two and five years两年至五年629

Over five years超过五年1,555

2,950

(b) Capital comitments

Contracted for but not provided in the

consolidated financial statements

二零二四年

HK$’000

港币千元

For properties under development有关发展中物业281,610

(b) 资本承担

已订约但未于合并财务报表中

拨备

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

35. 以股份为基础之付款开支

旧购股权计划

－项购股权计划（「旧购股权计划」）根据于二

零一二年九月二十一日通过之决议案获股

东采纳，主要目的乃向其雇员、董事以及其

他所选之参与者为彼等向本集团提供之贡献

作出激励及奖励，并鼓励彼等为本集团之发

展继续努力，从而提高本公司及其股份之价

值，从而令本公司及其全体股东均能受惠。

于二零二五年三月三十一日，旧购股权计划

项下之60,950,000份购股权已失效，占该日

本公司已发行股份之8.3%。截至二零二五年

三月三十一日，概无任何仍然未行使的购股

权。

于二零二四年三月三十一日，根据旧购股权

计划已授出且仍未行使之购股权之股份数目

为60,950,000股，相当于该日本公司已发行

股份的8.3%。

根据旧购股权计划及任何其他计划所授出之

购股权之股份总数不得超过本公司于股东批

准旧购股权计划当日已发行股份之10%（「计

划授权限额」），或于股东批准更新计划授权

限额当日，倘该10%限额获更新后之限额。

因根据旧购股权计划及任何其他购股权计划

已授出但尚未行使之所有未获行使之购股权

获行使而发行之最多股份总额，不得超过本

公司不时已发行之股份总数之30%。

未经股东于股东大会之事先批准，于任何一

个年度授予任何个别人士之购股权股份数目

不得超过当时本公司已发行股份之1%。

35. SHARE-BASED PAYMENTS EXPENSES

Old Share Option Scheme

A share option scheme (the “Old Share Option Scheme”) was

adopted by the shareholders pursuant to a resolution pased

on 21 September 2012 for the primary purpose of providing

incentives and rewards to its employes, the directors and other

selected participants for their contributions to the Group and to

encourage them to contribute further to the development of the

Group so as to enhance value of the Company and its shares for

the benefit of the Company and its shareholders as a whole.

As at 31 March 2025, the share options under the Old Share

Option Scheme of 60,950,000 were lapsed, representing 8.3% of

the shares of the Company in isue at that date. No share option

remained outstanding as at 31 March 2025.

As at 31 March 2024, the number of shares in respect of which

options had ben granted and remained outstanding under the

Old Share Option Scheme were 60,950,000, representing 8.3%

of the shares of the Company in isue at that date.

The total number of shares in respect of which options might

be granted under the Old Share Option Scheme and any other

schemes is not permited to exced 10% of the shares of the

Company in isue at the date of shareholders’ aproval of the

Old Share Option Scheme (the “Scheme Mandate Limit”) or,

if such 10% limit was renewed, at the date of shareholders’

aproval of the renewal of the Scheme Mandate Limit. The

maximum agregate number of shares which might be isued

upon the exercise of al outstanding options granted and yet to

be exercised under the Old Share Option Scheme and any other

share option schemes, must not exced 30% of the total number

of shares of the Company in isue from time to time.

The number of shares in respect of which options might be

granted to any individual in any one year was not permited to

exced 1% of the shares of the Company then in isue, without

prior aproval from the shareholders in general meting.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

旧购股权计划（续）

授予任何董事、主要行政人员或主要股东之

每一份购股权均须经本公司之独立非执行

董事批准。倘若向主要股东或独立非执行董

事或彼等各自任何联系人士授出之任何购股

权，会导致直至有关授出日期止十二个月内

期间因行使已获授及将获授之购股权而发行

及将予发行之本公司股份超过本公司已发行

股本之0.1%及价值超过港币5,000,000元，

有关授出购股权须获本公司股东之事先批准。

授出购股权须于授出日期起计21日内就每项

授出支付港币1元以接纳获授予之购股权。

购股权可根据旧购股权计划条款于该计划之

有效期限内任何时间行使，董事会将就有效

期限作出知会，有关期限不得迟于授出日期

起计十年。

行使价由本公司之董事厘定，将不少于本公

司股份于授出日期之收市价、本公司股份于

紧接授出日期前五个营业日在香港联交所之

平均收市价及本公司股份之面值，以最高者

为准。

35. SHARE-BASED PAYMENTS EXPENSES

(Continued)

Old Share Option Scheme (Continued)

Each grant of options to any director, chief executive or

substantial shareholder must be aproved by independent

non-executive directors of the Company. Where any grant

of options to a substantial shareholder or an independent

non-executive director or any of their respective asociates would

result in the shares of the Company isued and to be isued upon

exercise of options already granted and to be granted in exces

of 0.1% of the Company’s isued share capital and with a value

in exces of HK$5,000,000 in the 12-month period up to the date

of such grant must be aproved in advance by the Company’s

shareholders.

Options granted must be taken up within 21 days from the date

of grant, upon payment of HK$1 per grant. An option might be

exercised in acordance with the terms of the Scheme at any time

during the efective period of the Old Share Option Scheme to be

notified by the board of directors which shal not be later than 10

years from the date of grant.

The exercise price was determined by the directors of the

Company, and would not be les than the highest of the closing

price of the Company’s share on the date of grant, the average

closing price of the share on the Hong Kong Stock Exchange for

the five busines days imediately preceding the date of grant,

and the nominal value.

As at 31 March 2025
于二零二五年三月三十一日
Exercise price per Consolidated Share	Number of Consolidated Shares to be issued upon exercise of the outstanding share options
每股合并股份行使价	于未行使购股权获行使后将予发行的合并股份数目
HK$
港币
N/A不适用	–

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

与未行使购股权有关的上述调整与股份合并

于二零二三年八月二十二日同时生效。除上

述调整外，未行使购股权的所有其他条款及

条件均维持不变。

（续） 35. SHARE-BASED PAYMENTS EXPENSES

(Continued)

As at 31 March 2024

于二零二四年三月三十一日

Date of grant

Vesting

period

Exercise

period

Exercise

price per

Consolidated

Number of

Consolidated

Shares to be

isued upon

exercise of the

outstanding

share options

授出日期归属期行使期

每股

合并股份

行使价

于未行使

购股权

获行使后

将予发行的

合并股份数目

HK$

港币

11 April 2019Since the date of grant11 April 2019 to

10 April 2024

4.5660,950,000

二零一九年四月十一日自授出日期起二零一九年四月十一日至

二零二四年四月十日

The aforesaid adjustments in relation to the outstanding share

options tok efect simultaneously with the Share Consolidation

on 22 August 2023. Save for the above adjustments, al other

terms and conditions of the outstanding share options remain

unchanged.

Outstanding at 31 March 2025
于二零二五年三月三十一日尚未行使
–
–
–
–
–
N/A不适用

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

于截至二零二五年三月三十一日止年度，

60,950,000份购股权（占二零二四年三月

三十一日不可行使购股权的100%）已失效。

于截至二零二五年三月三十一日止年度，概

无购股权获授出、被没收或行使。

下表披露董事、雇员及顾问于二零二五年三

月三十一日所持的本公司购股权：

35. SHARE-BASED PAYMENTS EXPENSES

(Continued)

60,950,000 share options (represented 100% of the unexercisable

share options as at 31 March 2024) were lapsed during the year

ended 31 March 2025.

There was no granted, forfeited or exercised of share options

during the year ended 31 March 2025.

The folowing table discloses the Company’s share options held

by directors, employes and consultants as at 31 March 2025:

Option type购股权类型

Directors董事

11 April 2019二零一九年四月十一日

Employes雇员

11 April 2019二零一九年四月十一日

Consultants顾问

11 April 2019二零一九年四月十一日

Exercisable at the end of the year年末可行使

Weighted average exercise price加权平均行使价

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

于截至二零二四年三月三十一日止年度，概

无购股权获授出、被没收、行使或失效。

下表披露董事、雇员及顾问于二零二四年三

月三十一日所持的本公司购股权：

35. SHARE-BASED PAYMENTS EXPENSES

(Continued)

There was no granted, forfeited, exercised or lasped of share

options during the year ended 31 March 2024.

The folowing table discloses the Company’s share options held

by directors, employes and consultants as at 31 March 2024:

Outstanding

at 31 March

Option type购股权类型

于二零二四年

三月三十一日

尚未行使

Directors董事

11 April 2019二零一九年四月十一日5,700,000

Employes雇员

11 April 2019二零一九年四月十一日22,350,000

Consultants顾问

11 April 2019二零一九年四月十一日32,900,000

60,950,000

Exercisable at the end of the year年末可行使60,950,000

Weighted average exercise price加权平均行使价HK$4.56

港币4.56元

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

新购股权计划

本公司于二零二三年十一月三日举行的股东

特别大会上通过普通决议案，批准采纳新购

股权计划，其将自采纳日期起10年内有效及

生效。

新购股权计划的目的为让董事会可授出购股

权予合资格参与者（包括本公司或其任何附属

公司董事及雇员及在本集团日常及一般业务

过程中持续及经常性地提供董事会厘定为有

利于本集团长期发展的服务的服务提供者），

以作为彼等对本集团所作出或将会作出的贡

献的激励或奖赏。董事会相信采纳新购股权

计划可有助(i)令合资格参与者的利益与本集

团业务的成功增长保持一致，从而激励合资

格参与者为本集团的未来发展努力；及(i)提

升本集团吸引及挽留合适或有才能的雇员及

人员的能力，以促进本集团的进一步发展。

自其采纳以来，概无在新购股权计划项下授

出购股权。

35. SHARE-BASED PAYMENTS EXPENSES

(Continued)

New Share Option Scheme

The Company pased an ordinary resolution at the special general

meting held on 3 November 2023 aproving the adoption of the

New Share Option Scheme which shal be valid and efective for a

period of 10 years from the adoption date.

The purpose of the New Share Option Scheme is to enable the

Board to grant share options to the eligible participants (including

the directors and employes of the Company or any of its

subsidiaries and the service providers who provide services to the

Group on a continuing and recuring basis in its ordinary and usual

course of busines which are in the interests of the long-term

growth of the Group as determined by the Board) as incentives

or rewards for their contribution or potential contribution to the

Group. The Board believes that the adoption of the New Share

Option Scheme can serve to (i) motivate the eligible participants

to work hard for the Group’s future development by aligning their

interests with the sucesful growth of the Group’s busines; and

(i) enhance the Group’s ability to atract and retain suitable or

talented employes and personel for the further development of

the Group.

No share options have ben granted under the New Share Option

Scheme since its adoption.

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

36. 退休福利

香港

本集团根据《香港强制性公积金计划条例》为

其香港雇员运作强积金计划。强积金计划

为由独立受托人管理之一项定额供款退休计

划。根据强积金计划，本集团于香港之各公

司（「雇主」）及其雇员须按照强制性公积金法

例规定按雇员收入之5%向该计划作出供款。

于二零一四年六月一日前，雇主及雇员各自

之供款每月上限为港币1,250元，而自二零

一四年六月一日起每月上限为港币1,500元。

于截至二零二四年三月三十一日止年度，本

集团向该计划作出之供款总额于合并损益及

其他综合收益表内扣除，约为港币257,000

元（二零二四年：约港币161,000元）。

中国

根据中国有关规则及规例，于中国之附属公

司须按其雇员基本薪金之一定比例为其全

部雇员向由国家管理退休计划供款。国家管

理退休计划为定额供款退休计划及向全体退

休雇员支付之全部退休金负责。根据国家管

理退休计划，除每年之供款外，本集团并无

就实际退休金付款或退休后福利承担进一

步责任。截至二零二五年三月三十一日止年

度，本集团向该计划作出之供款总额于合

并损益及其他综合收益表内扣除，约为港

币438,000元（二零二四年：约港币242,000

元）。

37. 有关连人士之交易

除合并财务报表其他地方所披露者外，本集

团已与其有关连人士进行下列重大交易：

主要管理人员之酬金

年内董事及本集团其他主要管理人员之酬金

于附注11中披露。

36. RETIREMENT BENEFITS

Hong Kong

The Group operates the MPF Scheme under the Hong Kong

Mandatory Provident Fund Schemes Ordinance for employes in

Hong Kong. The MPF Scheme is a defined contribution retirement

plan administered by independent trustes. Under the MPF

Scheme, each of the Group companies (the “employer”) in Hong

Kong and its employes are required to make contributions to

the scheme at 5% of the employes’ earnings as defined under

the Mandatory Provident Fund Legislation. The contributions

from each of the employer and employes are subject to a cap

of HK$1,250 per month before 1 June 2014 and HK$1,500 per

month, since 1 June 2014 onwards. During the year ended 31

March 2024, the total amount contributed by the Group to this

scheme and charged to the consolidated statement of profit

or los and other comprehensive income was aproximately

HK$257,000 (2024: aproximately HK$161,000).

The PRC

As stipulated by rules and regulations in the PRC, subsidiaries in

the PRC are required to contribute to a state-managed retirement

plan for al its employes at a certain percentage of the basic

salaries of its employes. The state-managed retirement plan is

a defined contribution retirement plan and responsible for the

entire pension obligations payable to al retired employes. Under

the state-managed retirement plan, the Group has no further

obligations for the actual pension payments or post-retirement

benefits beyond the anual contributions. During the year ended

31 March 2025, the total amount contributed by the Group to

this scheme and charged to the consolidated statement of profit

or los and other comprehensive income was aproximately

HK$438,000 (2024: aproximately HK$242,000).

37. RELATED PARTY TRANSACTIONS

Such as disclosed in elsewhere of the consolidated financial

statement, the Group had the folowing significant transactions

with its related parties:

Compensation of key management personel

The emoluments of the directors and other key management

personel of the Group during the year were disclosed in Note 11.

2025
二零二五年
HK$’000
港币千元
314,244
536
1,072
315,852
112
642,266
4,184
127
646,689
24,338
88,837
21,932
1,101
980,000
1,116,208
(469,519)
(153,667)
85,068
(238,735)
(153,667)
–
(153,667)

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

38. 本公司财务状况表38. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY

二零二四年

HK$’000

港币千元

Non-curent asets非流动资产

Interests in subsidiaries所占附属公司之权益807,245

Prepayments and deposits预付款项及按金420

Right-of-use asets使用权资产2,680

810,345

Curent asets流动资产

Other receivables, prepayments and deposits其他应收账款、预付款项及按金43

Amounts due from subsidiaries应收附属公司账款639,401

Financial asets at fair value through

profit or los

于损益账按公允值处理之金融资产

Cash and cash equivalents现金及现金等价物231

640,602

Curent liabilities流动负债

Other payables and acruals其他应付账款及应计费用23,986

Amounts due to subsidiaries应付附属公司账款89,004

Amounts due to related companies应付关连公司账款62,162

Lease liabilities租赁负债1,589

Other loan其他贷款980,000

1,156,741

Net curent liabilities流动负债净值(516,139)

Total asets les curent liabilities总资产减流动负债294,206

Capital and reserves股本及储备

Share capital (Note 30)股本（附注30）73,568

Reserves (Note (a)储备（附注a）219,537

Total (capital deficiency)/equity总（资本亏绌）╱权益293,105

Non-curent liability非流动负债

Lease liabilities租赁负债1,101

294,206

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

附注：

(a) 储备

38. STATEMENT OF FINANCIAL POSITION OF THE

COMPANY (Continued)

Note:

(a) Reserves

premium

Contributed

surplus

Other

reserves

Capital

redemption

reserve

option

reserve

Acumulated

losesTotal

(Note (i)(Note (i)

股份溢价缴入盈余其他储备资本赎回储备购股权储备累计亏损总额

（附注(i)）（附注(i)）

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

港币千元港币千元港币千元港币千元港币千元港币千元港币千元

At 1 April 2023于二零二三年四月一日3,313,70855,215(795,421)14129,180(2,469,788)232,908

Los and total comprehensive los

for the year

年内亏损及综合亏损总额

–(13,371)(13,371)

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日3,313,70855,215(795,421)14129,180(2,483,159)219,537

Los and total comprehensive los

for the year

年内亏损及综合亏损总额

–(500,086)(500,086)

Isue of shares发行股份42,550–42,550

Shares isuing expenses股份发行开支(736)–(736)

Lapse of share options购股权失效–(129,180)129,180–

At 31 March 2025于二零二五年三月三十一日3,355,52255,215(795,421)14–(2,854,065)(238,735)

Notes:

(i) The contributed surplus of aproximately HK$55,215,000

represents the diference betwen the fair value of net asets of

subsidiaries acquired and the nominal amount of the Company’s

shares isued for the acquisition.

Under the Companies Act of 1981 of Bermuda (as amended), the

contributed surplus of the Company is available for distribution to

shareholders.

(i) Other reserves represents:

(a) The change in the Group’s ownership interests in existing

subsidiaries that do not result in los of control over those

subsidiaries; and

(b) The recognition of demed contribution from Mr. Li under

merger acounting upon the completion of acquisition

of United Faith Group on 26 March 2018, representing

the diferences amongst the investment cost for the

acquisition of United Faith Group and the amount due to

related companies, and elimination of the share capital of

the United Faith.

附注：

(i) 缴入盈余约港币55,215,000元指所收购

附属公司净资产之公允值与本公司就收

购所发行股份之面值之间之差额。

根据百慕达一九八一年公司法（经修

订），本公司之缴入盈余可供分派予股

东。

(i) 其他储备指：

(a) 本集团于现有附属公司之拥有权

权益之变动并无导致本集团对附

属公司失去控制权；及

(b) 于二零一八年三月二十六日完成

收购团信集团后确认于合并会计

下李先生视作供款指收购团信

集团之投资成本与应付关连公司

账款之间的差额及团信股本的对

销。

2025
二零二五年
Directly	Indirectly
直接	间接
%	%
–	100
–	100
–	100
–	100
–	100
–	100
–	100

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

39. 本公司主要附属公司之详情

于二零二五年及二零二四年三月三十一日，

本公司主要附属公司之详情如下：

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES

OF THE COMPANY

Details of the Company’s principal subsidiaries as at 31 March

2025 and 2024 are as folows:

Name of company

Place or country

of incorporation/

establishment/

operations

Isued and

paid up share

capital/registered

capital

Number

of shares

Proportion of ownership interest and

voting power held by the CompanyPrincipal activities

公司名称

注册成立╱成立╱

营业地点或国家

已发行及缴足

股本╱注册资本股份数目本公司持有之所有权益及投票权比例主要业务

二零二四年

DirectlyIndirectly

直接间接

Dingyi Jin Hui (Shenzhen)

Investment Consulting

Limited*

The PRCRegistered capital of

RMB50,000,000 and

paid-up capital of

RMB22,082,000

N/A–100Loan financing

鼎亿金汇（深圳）投资咨询

有限公司

中国注册资本

人民币50,000,000元

及缴足股本

人民币22,082,000元

不适用贷款融资

Golden Season International

Limited

The BVIUS$11–100Securities trading and

trading of wine

金季国际有限公司

英属维尔京群岛1美元证券买卖及酒类买卖

Ease Main Limited

The BVIUS$1,0001,000–100Investment holding and

securities trading

逸明有限公司

英属维尔京群岛1,000美元投资控股及证券买卖

Dingyi Financial Services

Investment Limited

Hong KongHK$11–100Loan financing

鼎亿金融服务投资有限公司

香港币1元贷款融资

Dingyi Bao Yin (Shenzhen)

Financial Leasing Limited*

The PRCRMB800,000,000N/A–100Loan financing

鼎亿宝银（深圳）融资租赁

有限公司

中国人民币800,000,000元不适用贷款融资

Zhanjiang Xintai Investment

Company Limited*

The PRCRMB50,000,000N/A–100Properties development

湛江鑫泰投资有限公司

中国人民币50,000,000元不适用物业开发

Dingyi Catering Investment

(Shenzhen) Company Limited*

The PRCRegistered capital

RMB50,000,000

and paid up capital of nil

N/A–Restaurant operations

and provision of fod

catering service

鼎亿餐饮投（深圳）有限公司

中国注册资本

人民币50,000,000元

及缴足资本零元

不适用经营食肆及提供餐饮

服务

2025
二零二五年
Directly	Indirectly
直接	间接
%	%
–	100
–	100
–	100
–	100
–	100

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

Name of company

Place or country

of incorporation/

establishment/

operations

Isued and

paid up share

capital/registered

capital

Number

of shares

Proportion of ownership interest and

voting power held by the CompanyPrincipal activities

公司名称

注册成立╱成立╱

营业地点或国家

已发行及缴足

股本╱注册资本股份数目本公司持有之所有权益及投票权比例主要业务

二零二四年

DirectlyIndirectly

直接间接

Loire Catering Investment

(Shenzhen) Company

Limited*

The PRCRMB5,000,000N/A–Restaurant operations

and provision of fod

catering service

卢瓦尔餐饮投资（深圳）

有限公司

中国人民币5,000,000元不适用经营食肆及提供餐饮

服务

Puzhi Catering Investment

(Shenzhen) Company Limited*

The PRCRegistered capital

RMB1,000,000

and paid up capital of nil

N/A–Restaurant operations

and provision of fod

catering service

璞至餐饮投资（深圳）有限公司

中国注册资本

人民币1,000,000元

及缴足资本零元

不适用经营食肆及提供餐饮

服务

Zhencheng Catering

Management (Shenzhen)

Company Limited*

The PRCRegistered capital

RMB500,000

and paid up capital of nil

N/A–Restaurant operations,

provision of fod

catering service and

provision of restaurant

management service

真呈餐饮管理（深圳）有限公司

中国注册资本

人民币500,000元

及缴足资本零元

不适用经营食肆, 提供餐饮服务

及提供餐饮管理服务

Yuequn Catering Investment

(Shenzhen) Company

Limited*

The PRCRegistered capital

RMB9,000,000 and

paid up capital of nil

N/A–Restaurant operations

and provision of fod

catering service

悦群餐饮投资（深圳）有限公司

中国注册资本

人民币9,000,000元

及缴足资本零元

不适用经营食肆及提供餐饮

服务

Shenzhen Qingya Catering

Investment Company Limited*

The PRCRegistered capital

RMB2,000,000

and paid up capital of

RMB1,000,000

N/A–Restaurant operations

and provision of fod

catering service

深圳卿雅餐饮投资有限公司

中国注册资本

人民币2,000,000元

及缴足资本

人民币1,000,000元

不适用经营食肆及提供餐饮

服务

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES

OF THE COMPANY (Continued)

（续）

2025
二零二五年
Directly	Indirectly
直接	间接
%	%
–	100

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

Name of company

Place or country

of incorporation/

establishment/

operations

Isued and

paid up share

capital/registered

capital

Number

of shares

Proportion of ownership interest and

voting power held by the CompanyPrincipal activities

公司名称

注册成立╱成立╱

营业地点或国家

已发行及缴足

股本╱注册资本股份数目本公司持有之所有权益及投票权比例主要业务

二零二四年

DirectlyIndirectly

直接间接

Ruijing Catering Management

Consulting (Shenzhen)

Company Limited*

The PRCRegistered capital

RMB2,000,000

and paid up capital of

RMB1,618,000

N/A–Provision of restaurant

management service

睿璟餐饮管理咨询（深圳）有限

公司

中国注册资本

人民币2,000,000元

及缴足资本

人民币1,618,000元

不适用提供餐饮管理服务

* The English translation of the company names is for reference only. The

oficial names of these companies are in Chinese.

Company with limited liabilities established in the PRC.

Company with limited liabilities incorporated in British Virgin Islands.

Company with limited liabilities incorporated in Hong Kong.

None of the subsidiaries had isued any debt securities neither at

the end of both years nor at any time during both years.

39. PARTICULARS OF PRINCIPAL SUBSIDIARIES

OF THE COMPANY (Continued)

（续）

。该等公司之官

方名称为中文。

于中国成立的有限责任公司。

于英属维尔京群岛注册成立的有限公司。

于香港注册成立的有限公司。

于两个年度末或两个年度内任何时间，各附

属公司概无发行任何债务证券。

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

40. 收购附属公司

收购Savor Dining Colective

Limited及其附属公司

于二零二五年三月三十一日，本公司一间全

资附属公司与独立第三方订立买卖协议，以

代价不超过港币69,000,000元收购于香港

注册成立之有限公司Savor Dining Colective

Limited（「Savor Dining」）之100%股权。

Savor Dining为一间投资控股公司，设立目的

为持有以下七间于中国注册成立之公司，分

别为鼎亿餐饮投资（深圳）有限公司、卢瓦尔

餐饮投资（深圳）有限公司、璞至餐饮投资（深

圳）有限公司、真呈餐饮管理（深圳）有限公

司、悦群餐饮投资（深圳）有限公司、深圳卿

雅餐饮投资有限公司及睿璟餐饮管理咨询（深

圳）有限公司（与Savor Dining统称为「Savor

集团」）。该七间公司于中国深圳从事餐饮服

务。交易已于签署买卖协议当日（即二零二五

年三月三十一日）完成。完成后，Savor集团

已成为本公司的全资附属公司。

40. ACQUISITION OF SUBSIDIARIES

Acquisition of Savor Dining Colective Limited

and its subsidiaries

On 31 March 2025, a wholy-owned subsidiary of the Company

entered into a sale and purchase agrement with an independent

third party for the acquisition of 100% equity interest in Savor

Dining Colective Limited (“Savor Dining”), a limited company

incorporated in Hong Kong at a consideration of not more than

HK$69,000,000. Savor Dining is an investment holding company

set up for holding the seven companies incorporated in the PRC

named Dingyi Catering Investment (Shenzhen) Company Limited*,

Loire Catering Investment (Shenzhen) Company Limited*, Puzhi

Catering Investment (Shenzhen) Company Limited*, Zhencheng

Catering Management (Shenzhen) Company Limited*, Yuequn

Catering Investment (Shenzhen) Company Limited*, Shenzhen

Qingya Catering Investment Company Limited and Ruijing

Catering Management Consulting (Shenzhen) Company Limited*

(together with Savor Dining as the “Savor Group”). These seven

companies are engaged in fod and beverage catering services in

Shenzhen, the PRC. Completion has ben taken place on the

date of the signing of the sale and purchase agrement, i.e. 31

March 2025. Upon Completion, Savor Group has became wholy

owned subsidiaries of the Company.

* The English translation of the company names is for reference only. The

oficial names of these companies are in Chinese.

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

（续）

收购Savor Dining Colective

Limited及其附属公司（续）

于收购日期所购置资产及所确认负债。

40. ACQUISITION OF SUBSIDIARIES (Continued)

Acquisition of Savor Dining Colective Limited

and its subsidiaries (Continued)

Asets acquired and liabilities recognised at the date of

acquisition.

HK$’000

港币千元

Property, plant and equipment物业、厂房及设备22,079

Right-of-use asets使用权资产39,609

Inventories存货5,114

Trade receivables贸易应收账款1,024

Other receivables, prepayments and deposits其他应收账款、预付款项及按金10,532

Cash and cash equivalents现金及现金等价物446

Trade and other payables and contract liabilities贸易及其他应付账款及合约负债(17,596)

Lease liabilities租赁负债(39,271)

Total identified net asets at fair value按公平值计量的已识别净资产总额21,937

Godwil arising from the acquisition收购产生的商誉

Consideration代价22,000

Les: total identified net asets at fair value减：按公平值计量的已识别净资产总额(21,937)

Godwil on acquisition因收购而得的商誉63

Had the acquisition ben completed on 1 April 2024, total

Group revenue for the year would have ben aproximately

HK$325,271,000, and los for the year would have ben

aproximately HK$171,409,000. The pro forma information is

ilustrative purposes only and is not necesarily an indication of

revenue and results of operations of the Group that actualy would

have ben achieved had the acquisition ben completed on 1

April 2024, nor it is intended to be a projection of future results.

HK$’000

港币千元

Net cash inflow arising on acquisition of subsidiaries收购附属公司产生之现金流出净额

Cash and cash equivalents acquired已收购现金及现金等价物446

倘收购事项已于二零二四年四月一日完成，

年内集团收益总额应约为港币325,271,000

元，而年内亏损应约为港币171,409,000

元。备考资料仅作参考，并不一定代表在收

购事项于二零二四年四月一日已完成的情况

下，本集团实际应当产生的收益及经营业

绩，亦非未来业绩的预测。

2025
二零二五年
HK$’000
港币千元
9,832

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

附注：本集团已为本集团物业单位若干买家安排银行

融资，并就该等买家的还款责任提供担保。该

等担保在出具房屋所有权证时终止。

根据担保条款，在该等买家拖欠按揭还款时，

本集团须负责向银行偿还欠款买家拖欠的按揭

本金连同应计利息及罚金，而本集团有权接收

相关物业的法定业权及管有权。本集团的担保

期由授出按揭日期起开始。董事认为买家拖欠

付款之可能性极微，倘发生拖欠付款，则有关

物业之可变现净值足以偿还尚未偿还按揭本金

连同应计利息及罚金，因此该等财务担保之公

允值属非重大。

41. 财务担保合同

本集团发出的财务担保面值分析如下：

41. FINANCIAL GUARANTE CONTRACTS

The face value of the financial guarantes isued by the Group is

analysed as below:

31 March

三月三十一日

二零二四年

HK$’000

港币千元

Guarantes given to banks for mortgage

facilities granted to purchasers of

the Group’s properties (Note)

向授予本集团物业买家按揭贷款的

银行作出担保（附注）

11,219

Note: The Group has aranged bank financing for certain purchasers of the

Group’s property units and provided guarantes to secure obligations of

such purchasers for repayments. Such guarantes terminate upon the

isuance of the real estate ownership certificate.

Pursuant to the terms of the guarantes, upon default in mortgage

payments by these purchasers, the Group is responsible to repay the

outstanding mortgage principals together with acrued interest and

penalty owed by the defaulted purchasers to the banks and the Group

is entitled to take over the legal title and posesion of the related

properties. The Group’s guarante period starts from the dates of

grant of the mortgages. The directors consider that the likelihod of

default in payments by purchasers is minimal and in case of default in

payments, the net realisable value of the related properties can cover

the repayment of the outstanding mortgage principals together with

the acrued interest and penalty and therefore the fair value of these

financial guarantes is imaterial.

Amounts due to related companies	Other loan	Lease liabilities	Total
应付关连公司账款	其他贷款	租赁负债	总额
HK$’000	HK$’000	HK$’000	HK$’000
港币千元	港币千元	港币千元	港币千元
62,699	980,000	3,258	1,045,957
(954)	–	(8)	(962)
–	–	1,263	1,263
–	–	106	106
–	–	39,271	39,271
(20,059 )	–	(3,140 )	(23,199 )
41,686	980,000	40,750	1,062,436

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

鼎亿集团投资有限公司

二零二五年报

Notes to the Consolidated Financial Statements

合并财务报表附注

42. 融资活动所产生负债的对账

下表为本集团融资活动所产生负债的变动详

情，包括现金及非现金变动。融资活动所产

生负债乃为现金流量或未来现金流量的合并

现金流量表分类为融资活动现金流量的负债。

42. 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 consolidated statement of cash flows as cash flows from

financing activities.

As at 1 April 2024于二零二四年四月一日

Non-cash movement非现金变动

Recognition of lease租赁确认

Efective interest expenses incured已产生实际利息开支

Acquisition of subsidiaries收购附属公司

Financing cash outflows融资现金流出

As at 31 March 2025于二零二五年

三月三十一日

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

DINGYI GROUP INVESTMENT LIMITED

ANUAL REPORT 2025

Notes to the Consolidated Financial Statements

合并财务报表附注

（续） 42. RECONCILIATION OF LIABILITIES ARISING

FROM FINANCING ACTIVITIES (Continued)

Amounts

due to

companies

Other

loan

Lease

liabilities

Acrued

interest

(included

in “trade

and other

payables”)Total

应付

关连公司

账款其他贷款租赁负债

应计利息

（计入「贸易

及其他

应付账款」）总额

HK$’000HK$’000HK$’000HK$’000HK$’000

港币千元港币千元港币千元港币千元港币千元

As at 1 April 2023于二零二三年四月一日96,9471,259,5003,56128,7641,388,772

Non-cash movement非现金变动(3,417)–79–(3,338)

Recognition of lease租赁确认–3,480–3,480

Efective interest expenses incured已产生实际利息开支–993,0013,100

Financing cash outflows融资现金流出(30,831)(279,500)(3,961)(31,765)(346,057)

As at 31 March 2024于二零二四年三月三十一日62,699980,0003,258–1,045,957

2025
二零二五年
2,408
1,344
1,064
1,064
851
85
280
(138)
(17.05)
(17.05)
–
125.08

Contents

目录

Financial Sumary

财务概要

Corporate Information

企业资料

Chairman’s Statement

主席报告

Management Discusion and Analysis

管理层讨论及分析

Directors and Senior Management Profile

董事及高级管理层简介

Corporate Governance Report

企业管治报告书

2025. Individual atendance record of each member of the Audit

Note: The above data is calculated based on the total number of employes of the

Environmental, Social and Governance Report

环境、社会及管治报告

Period was as folows:

Report of the Directors

董事会报告书

Note: Based on 850,678,301 ordinary shares of the Company in isue as at 31

Notes:

1. Based on 850,678,301 ordinary shares of the Company isued as at 31 March

2. These shares were held by Wincon Capital Investment Limited (“WCIL”) as

3. China Shipbuilding Capital Limited was wholy owned by 中国船舶集团有限公

Independent Auditor’s Report

独立核数师报告

We also:

Consolidated Statement of Profit or Los and Other Comprehensive Income

合并损益及其他综合收益表

Consolidated Statement of Financial Position

合并财务状况表

Consolidated Statement of Changes in Equity

合并权益变动表

Notes:

Consolidated Statement of Cash Flows

合并现金流量表

Adjustments for:已调整以下各项：

Notes to the Consolidated Financial Statements

合并财务报表附注

1. GENERAL INFORMATION

2. BASIS OF PREPARATION OF CONSOLIDATED

2. BASIS OF PREPARATION OF CONSOLIDATED

3. APLICATION OF NEW AND AMENDMENTS TO

3. APLICATION OF NEW AND AMENDMENTS TO

4. MATERIAL ACOUNTING POLICIES

Company:

4. MATERIAL ACOUNTING POLICIES (Continued)

The estimated useful lives are as folows:

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

5. CRITICAL ACOUNTING ESTIMATES AND

5. CRITICAL ACOUNTING ESTIMATES AND

5. CRITICAL ACOUNTING ESTIMATES AND

5. CRITICAL ACOUNTING ESTIMATES AND

6. REVENUE

6. REVENUE (Continued)