Anual Report

年报

Corporate Information

公司资料

EXECUTIVE DIRECTORS

Mr. WU Jiangtao (Chairman)

Mr. TAO Jingyuan (Chief Executive Oficer)

Mr. LAI Xiaopeng Michael

Ms. NING Mengmeng (Apointed on 19 December 2024)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. CHOI Tze Kit, Samy

Mr. CHEUNG Miu

Mr. CHEUNG Pak To

COMPANY SECRETARY

Ms. KWAN Sau In

AUTHORISED REPRESENTATIVES

Mr. LAI Xiaopeng Michael

Ms. KWAN Sau In

AUDIT COMITE

Mr. CHOI Tze Kit, Samy (Chairman)

Mr. CHEUNG Miu

Mr. CHEUNG Pak To

REMUNERATION COMITE

Mr. CHEUNG Miu (Chairman)

Mr. WU Jiangtao

Mr. CHEUNG Pak To

NOMINATION COMITE

Mr. WU Jiangtao (Chairman)

Mr. CHEUNG Miu

Mr. CHEUNG Pak To

REGISTERED OFICE

Cricket Square, Hutchins Drive

PO Box 2681

Grand Cayman, KY1-1111

Cayman Islands

执行董事

吴江涛先生（主席）

陶静远先生（行政总裁）

赖晓鹏先生

宁蒙女士（于2024年12月19日获委任）

独立非执行董事

蔡子杰先生

张渺先生

张伯陶先生

公司秘书

关秀妍女士

授权代表

赖晓鹏先生

关秀妍女士

审核委员会

蔡子杰先生（主席）

张渺先生

张伯陶先生

薪酬委员会

张渺先生（主席）

吴江涛先生

张伯陶先生

提名委员会

吴江涛先生（主席）

张渺先生

张伯陶先生

注册办事处

Cricket Square, Hutchins Drive

PO Box 2681

Grand Cayman, KY1-1111

Cayman Islands

民商创科控股有限公司

2025年报3

Corporate Information

公司资料

HEADQUARTERS AND PRINCIPAL PLACE OF

BUSINES IN HONG KONG

Unit 4201, 42/F

Tower One Lipo Centre

89 Quensway, Admiralty, Hong Kong

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

PO Box 2681

Grand Cayman, KY1-1111

Cayman Islands

HONG KONG BRANCH SHARE REGISTRAR AND

TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road, Hong Kong

INDEPENDENT AUDITOR

Cheng & Cheng Zhongxinghua CPA Limited

Certified Public Acountants

Registered Public Interest Entity Auditor

PRINCIPAL BANKERS

China Minsheng Banking Corp., Ltd

STOCK CODE

WEBSITE

w.minshangct.com

总部及香港主要营业地点

香港金钟金钟道89号

力宝中心一期

42楼4201室

股份过户登记总处

Conyers Trust Company (Cayman) Limited

Cricket Square, Hutchins Drive

PO Box 2681

Grand Cayman, KY1-1111

Cayman Islands

香港股份过户登记分处

卓佳证券登记有限公司

香港夏悫道16号

远东金融中心17楼

独立核数师

中兴华郑会计师事务所有限公司

执业会计师

注册公众利益实体核数师

主要往来银行

中国民生银行股份有限公司

股份代号

网址

w.minshangct.com

Minshang Creative Technology Holdings Limited

Anual Report 20254

Chairman’s Statement

主席报告

尊敬的各位股东：

本人谨代表民商创科控股有限公司（「本公司」，

连同其附属公司，统称「本集团」）董事会（「董事

会」）呈报本集团截至2025年3月31日止年度的

年度业绩，连同截至2024年3月31日止年度的

比较资料。

业务回顾

2024/25年又是充满不确定性及难以预测的一年，

由于地缘政治紧张局势上升、不同国家政策变

化以及全球经济低迷，极大地影响客户的投资

信心及消费欲望，本集团一直面临严峻挑战。

尽管形势如此，本集团加大业务调整及转型力

度，并进一步聚焦新的发展战略，令其在现有业

务和发展新商机之间取得平衡。

于截至2025年3月31日止年度，本集团已录得

总收益0.2百万港元及本公司股东应占亏损约

56.8百万港元，分别较2024年同期减少97.5%

及增加58.7%。

前景

为应对快速变化的外部环境，本公司计划整合

其资源并专注于现有业务，同时继续探索新的

利润增长点。展望未来，我们相信全球及国内经

济将会逐步恢复及稳定，我们对本集团于资讯

科技解决方案行业的长期前景保持乐观。

数字经济和知识经济已经成为社会经济发展的

方向，资讯科技产业现在比以往任何时候都更

能影响企业的推广和发展方式。本集团希望不

断发展现有的资讯科技解决方案业务，同时探

索商机以开拓新领域。

TO OUR SHAREHOLDERS

On behalf of the board of directors (the “Board”) of Minshang

Creative Technology Holdings Limited (the “Company”, together

with its subsidiaries, the “Group”), I hereby present the anual results

of the Group for the year ended 31 March 2025, together with the

comparative information for the year ended 31 March 2024.

BUSINES REVIEW

2024/25 was another year ful of uncertainties and unpredictability,

the Group was facing severe chalenges due to the rise tension of the

geographical politics, change of policies from diferent nations and

the downturn of the global economy, which has greatly afected the

confidence of the customers in investing and the desire in consuming.

Nevertheles, the Group enhanced its eforts in busines adjustment

and transformation, and gave greater focus on new development

strategies, which alowed itself to strike a balance betwen the existing

busines and to develop new busines oportunities.

During the year ended 31 March 2025, the Group has recorded total

revenue of HK$0.2 milion and los atributable to the Shareholders

of the Company of aproximately HK$56.8 milion which represented

97.5% decrease and 58.7% increase, respectively, as compared to the

coresponding period in 2024.

PROSPECTS

In order to cope with the ever-changing external environment, the

Company plans to consolidate its resource and focus on the existing

busineses, at the same time kep exploring for new profit drivers.

Loking ahead, we believe that the global and domestic economy

wil be gradualy recovering and stabilize, we remain optimistic on the

Group’s long-term prospects, in IT solution industry.

Digital economy and intelectual economy have become the

socioeconomic development direction, and the IT industry is now

undermining how busineses are being promoted and developed

more than ever. The Group wishes to develop our existing IT Solution

Busines relentlesly, while exploring busines oportunities to open up

new horizons.

民商创科控股有限公司

2025年报5

Chairman’s Statement

主席报告

除资讯科技解决方案业务外，本集团致力于发

展可再生能源科技业务。环境可持续发展是全

球最热门的话题之一，特别是《巴黎协定》签署

后，多国已达成共识，将在各方面为实现气候目

标、低碳及绿色能源转型做出贡献。预计未来五

年中国将在可再生能源发展中发挥重要作用。

中国政府承诺，于2030年前达到二氧化碳排放

峰值及于2060年前实现碳中和，以减少二氧化

碳排放。为实现该目标，中国政府鼓励使用可再

生能源及已出台多项提倡使用绿色甲醇的政策

及指引。

绿色甲醇是一种稳定及具有成本效益的航运业

绿色替代燃料。《国际防止船舶造成污染公约》

（「《国际防止船舶造成污染公约》」）、《中华人民

共和国海洋环境保护法》、《防治船舶污染海洋

环境管理条例》、《上海市船舶污染防治条例》已

对废气及其他污染物的排放施加若干规定。

以可再生能源替代高碳排放燃料油已成趋势。

中远等航运公司已开始密切关注船舶清洁燃料

的技术开发以及清洁燃料在船队、堆场拖车等不

同场景中的应用。马士基(A.P. Moler-Maersk)及

长荣海运(Evergren)等大型集装箱货运公司正在

引领这种转变，该等公司订购更多可由甲醇作

为燃料的船舶，表明绿色甲醇乃其低碳燃料选择。

绿色甲醇亦极有可能取代汽油及柴油用于车辆。

吉利汽车已生产甲醇驱动汽车。

目前，绿色甲醇的生产集中于西欧地区。据生物

质能产业促进会（由中国产业发展促进会成立）

估计，现有的绿色甲醇产量仅能满足约1%的有

关能源需求。

鉴于上文所述，董事会认为，于中国发展可再生

能源科技业务具有广阔的增长前景及本集团将

具备在该行业探索机会的良好条件。

Apart from our IT Solution Busines, the Group is dedicated to develop

Renewable Energy Technology Busines. Environmental sustainability

development is one of the most trending topics globaly, especialy

folowing the signing of the “Paris Agrement”, a number of countries

have reached a consensus on contributing in various aspects to achieve

the climate goals, low-carbon and gren energy transformation. It is

anticipated that the PRC wil play a major role in developing renewable

energy in the next five years. The PRC government is comited to

reduce carbon dioxide emisions by achieving peak carbon dioxide

emisions before 2030 and achieving carbon neutrality by 2060.

To achieve such goal, the PRC government encourages the use of

renewable energy and have isued a number of policies and guidelines

which promote the use of gren methanol.

Gren methanol is a stable and cost eficient alternative gren fuel for

the shiping industry. The International Convention for the prevention

Polution from Ships (“MARPOL”), Marine Environmental Protection

Law of the PRC, Regulations on Prevention and Control of Marine

Environment Polution by Ships, Regulations on Prevention and Control

of Polution from Ships in Shanghai have imposed certain requirements

on emisions of exhaust gas and other polutants.

It is the trend to replace high carbon emision fuel oils with renewable

energy sources. Shiping companies, e.g. COSCO, have started to pay

close atention to the technological development of clean fuel for ships

and the aplication of clean fuel in diferent scenarios such as flet

and yard trailer. Giant container lines such as A.P. Moler-Maersk and

Evergren are leading the change by ordering more methanol-capable

ships, indicating gren methanol is their low-carbon fuel of choice.

Gren methanol has also great potential to replace gasoline and diesel

for use in vehicles. Gely Automobile has produced methanol driven

vehicles.

Curently, the production of gren methanol is concentrated in the West

European region. Acording to Biomas Energy Industry Promotion

Asociation (which was established by China Asociation for the

Promotion of Industrial Development), it is estimated that the existing

production volume of the gren methanol can only satisfy aproximately

1% of the demand of such energy.

In light of the above, the Board considers that there is an expansive

growth prospects for developing the Renewable Energy Technology

Busines in the PRC and the Group wil be wel positioned to explore

oportunities in this industry.

Minshang Creative Technology Holdings Limited

Anual Report 20256

Chairman’s Statement

主席报告

致谢

本人谨借此机会，向所有股东、董事会成员和全

体员工多年来所付出的热诚和努力致谢。此外，

本人亦代表董事会向我们所有客户及商业伙伴

不断的支持致以深切谢意。

主席

吴江涛

香港，2025年6月20日

APRECIATION

I would like to take this oportunity to expres my gratitude to al our

Shareholders, felow members of the Board and staf of al levels for

their dedication and efort over the years. In adition, on behalf of the

Board, I would also like to expres our most sincere thanks to al our

customers and busines partners for their continuous suport.

WU Jiangtao

Chairman

Hong Kong, 20 June 2025

民商创科控股有限公司

2025年报7

Management Discusion and Analysis

管理层讨论及分析

During the year ended 31 March 2025 (the “Year under Review”),

Minshang Creative Technology Holdings Limited (the “Company”,

together with its subsidiaries, the “Group”), had thre principal

busineses which are operated in the People’s Republic of China (the

“PRC”): (i) information technology (“IT”) solution busines; (i) trading

busines; and (i) renewable energy technology busines.

BUSINES REVIEW

IT SOLUTION BUSINES

During the Year under Review, the Group provided IT solution services

to its customers in the PRC through its wholy-owned subsidiaries and

also its asociate.

The Group aims to provide digital solutions for industrial upgrading

and digital marketing to its B-end customers, including but not limited

to banks and other financial institutions, real estate developers and

merchants ranging from retail, fod and beverage, lifestyle sectors etc.

By relying on its scene marketing system and suply chain management

capabilities, the Group ofers its customers (i) busines origination

services; (i) operation suport services; (i) design and develop of

member benefits program & customer loyalty program; (iv) staf welfare

program; and (v) customised development services etc. It provides a

one-stop solution for the institutional customers in busines origination,

customer loyalty, platform operation and the stafs welbeing. The

Group also procure and sel merchandise to customers of banks

through its self-developed e-comerce platforms and sel merchandise

to financial institutions and other large corporations through bidings.

In the curent digital era, the science and technology is developing

rapidly. AI is being widely promoted and adopted acros various

sectors, which has demonstrated significant transformative power

and created a new AI-enabled ecosystem. There is an urgent ned for

traditional industries to adopt advanced technology to kep pace with

inovative development, which has created vast market oportunities

for us. Therefore, the Group has prospectively explored and developed

layout in the AI field and is exploring to developing and promoting AI

scenario aplications. By utilizing open-source or comercial and

large comon models as the foundation, we have created a range of

AI products that can function in real scenarios. These products include

C-end products and B-end services.

截至2025年3月31日止年度（「回顾年度」），民

商创科控股有限公司（「本公司」，连同其附属公

司，统称「本集团」）有三个于中华人民共和国（「中

国」）经营的主营业务：(i)资讯科技（「资讯科技」）

解决方案业务；(i)贸易业务；及(i)可再生能源

科技业务。

业务回顾

资讯科技解决方案业务

于回顾年度，本集团透过其全资附属公司及其

联营公司于中国向其客户提供资讯科技解决方

案服务。

本集团旨意向B端客户提供数字产业升级解决方

案以及数字化营销，包括但不限于银行及其他

金融机构、地产开发商以及零售、餐饮、生活方

式等领域之商户。

通过依赖其场景营销系统及供应链管理能力，

本集团向其客户提供(i)客户推荐服务；(i)营运支

持服务；(i)设计及开发会员福利计划及客户忠

诚度计划；(iv)员工福利计划；及(v)定制开发服

务等。其为机构客户提供客户推荐、客户忠诚度、

平台运营及员工福利方面的一站式解决方案。

本集团亦透过其自主开发的电子商务平台采购

及向银行客户销售商品以及透过招标向金融机

构及其他大型企业销售商品。

在当前科技迅速发展的数字化时代，AI 的广泛

推出及运用于各行各业都展现出了巨大的变革

力量，形成了AI 赋能新生态。传统行业均迫切

需要采用先进技术跟上创新发展，为我们带来

了极为广阔的市场机遇。因此，本集团在AI 领

域进行了前瞻性的探索与布局及探索开发和推

广AI 的场景应用，通过利用开源或者商用的通

用大模型作为基座，我们构建了一系列能够在

实际场景中发挥作用的AI 产品。这些产品分为C

端产品和B端服务。

Minshang Creative Technology Holdings Limited

Anual Report 20258

Management Discusion and Analysis

管理层讨论及分析

本集团管理层坚定不移地专注于发展其资讯科

技解决方案业务，并在探索机会，包括但不限于

加强其对联营公司的控制，本集团已开始修订

有关联营公司的组织章程细则及董事会组成，

以利用本集团管理层于该领域的专业知识，为

其客户提供更全面及优质的服务及进一步发展

资讯科技解决方案业务。

可再生能源科技业务

兹提述本公司日期为2024年4月29日的公告，

本公司于2024年4月27日透过其全资附属公司

民商深圳与北京生物易能及海南聚能订立合作

协议，据此，民商深圳、北京生物易能及海南聚

能同意成立一间非全资附属公司（即旭科氢醇（海

南）科技有限公司（「旭科氢醇」）以发展可再生

能源科技业务。旭科氢醇之注册资本为人民币

50百万元，其中民商深圳将出资人民币25.5百

万元，相当于旭科氢醇注册资本之51%。

于回顾年度，本集团亦于中国成立若干附属公司，

包括运营公司及研究实验室，运营公司已与中

国当地政府签署谅解备忘录以发展该地区的项目，

而研究实验室将专注于该领域的技术研究。同时，

本集团亦已聚集一个经验丰富的专业人士团队，

以发展有关可再生能源科技业务。

此外，于2024年10月30日，本公司与两名独立

投资者订立两份认购协议以筹集资金30百万港

元，其中大部分所得款项将被投资于可再生能源

科技业务。本公司于2024年11月18日及25日

分别完成配发及发行20,000,000股及40,000,000

股认购股份（请参阅本公司日期为2024年10月

30日、2024年11月18日及2024年11月25日的

公告），及已如上文所述将人民币25.5百万元（相

当于所得款项净额约95%）用作旭科氢醇的实缴

资本。

The management of the Group is unswervingly focused on developing

its IT Solution Busines, and is exploring oportunities, including but not

limited to, enhancing its control over the asociate, which the Group

has already initiated the amendment of the article of asociation and

the composition of the board of directors in such asociate, in order

to utilise the expertise of the management of the Group in this field, to

achieve more comprehensive and quality services to its customers and

further growth in the IT solution busines.

RENEWABLE ENERGY TECHNOLOGY BUSINES

Reference is made to the Company’s anouncement dated 29 April

2024, the Company, through its wholy-owned subsidiary, Minshang

Shenzhen, entered into the Coperation Agrement with Beijing Bio-

Energy and Hainan Energy on 27 April 2024, pursuant to which

Minshang Shenzhen, Beijing Bio-Energy and Hainan Energy agred to

establish the a non-wholy owned subsidiary, namely 旭科氢醇(海南)

科技有限公司 (Xuke Qingchun (Hainan) Technology Company Limited*,

“Xuke Qingchun”) to develop the Renewable Energy Technology

Busines. The registered capital of Xuke Qingchun is RMB50 milion,

of which Minshang Shenzhen shal contribute RMB25.5 milion,

acounting for 51% of the registered capital of Xuke Qingchun.

During the Year under Review, the Group also established certain

subsidiaries in the PRC including operation company and research

laboratory of which the operation company has signed a memorandum

of understanding with local government in the PRC for development

of the project in that region, while the research laboratory wil focus

on technical researches in this sector. Meanwhile, the Group has also

gathered a team of seasoned profesionals to develop such Renewable

Energy Technology Busines.

Furthermore, on 30 October 2024, the Company entered into two

subscription agrements with two independent investors to raise

funds of HK$30 milion, of which a major part of the proceds wil be

invested in the Renewable Energy Technology Busines. The Company

completed the alotment and isue of the 20,000,000 and 40,000,000

subscription shares on 18 and 25 November 2024, respectively (Please

refer to the Company’s anouncements dated 30 October 2024, 18

November 2024 and 25 November 2024), and has invested RMB25.5

milion (representing aproximately 95% of the net proceds) as the

paid-up capital of Xuke Qingchun as abovementioned.

民商创科控股有限公司

2025年报9

Management Discusion and Analysis

管理层讨论及分析

于回顾年度，本集团已就于抚州生产绿色甲醇

与中国江西省抚州市政府部门签署框架协议，

并正与传统甲醇生产商磋商合作事宜，以利用

其专有技术及专利协助传统甲醇生产商转向绿

色甲醇生产。

于2025年3月31日，当地政府部门已批准环境

影响评估报告及本集团已获得当地相关政府部

门关于建设生物质油生产设施的必要许可并已

开展建设工作。施工现场整体进度已完成70%

以上，综合体有望在近期封顶，生产设备及材料

已运至施工现场安装。

于2025年5月，本集团与一家传统甲醇生产商

完成了一项实验室实验生产。于本集团生物质

油生产设施建设完成后，预计本集团可向传统

甲醇生产商提供自产生物质油，为大规模试生

产做准备，且本集团拟委聘该甲醇生产商进行

绿色甲醇的批量生产，并向市场销售绿色甲醇。

本集团管理层致力推进该项目，并认为，在中国

政府实施的利好政策的支持下，可再生能源科

技业务正按照预期时间表进展良好。

During the Year under Review, the Group has signed framework

agrement with the government authorities in Fuzhou City, Jiangxi

Province, the PRC, in respect of the production of gren methanol in

Fuzhou, and is in negotiation with traditional methanol manufacturers

for co-operation to use its proprietary know-how and patents to asist

traditional methanol manufacturers in transitioning to gren methanol

production.

As at 31 March 2025, the local government authorities have already

aproved the environmental impact asesment report and the Group

has obtained the necesary permits from relevant local government

authorities in respect of the construction of the production facilities of

biomas oil and has comenced the construction works. The overal

progres of the construction site has ben completed by more than

70%, the complex is expected to be toping out in near future, and

the production equipment and materials have ben delivered to the

construction site for instalation.

In May 2025, the Group completed a laboratory experiment production

with a traditional methanol manufacturer. After the completion of

construction of the Group’s production facilities of biomas oil, it is

expected that the Group can provide self-produced biomas oil to

the traditional methanol manufacturer for the preparation for large

scale trial production and the Group intends to engage such methanol

manufacturer to cary out mas production of the gren methanol and

sel the gren methanol to the market.

The management of the Group is comited to pushing forward the

project and is of the view that, being suported by the favourable

policies imposed by the PRC government, the Renewable Energy

Technology Busines is progresing wel in acordance with the

expected timeline.

Minshang Creative Technology Holdings Limited

Anual Report 202510

Management Discusion and Analysis

管理层讨论及分析

财务回顾

收益

本集团的收益由截至2024年3月31日止年度的

8.0百万港元减少约7.8百万港元至截至2025年

3月31日止年度的0.2百万港元。收益减少主要

由于回顾年度资讯科技解决方案业务的收益减少。

资讯科技解决方案业务的收益

资讯科技解决方案业务的收益由截至2024年3

月31日止年度的8.0百万港元减少97.5%或7.8

百万港元至截至2025年3月31日止年度的0.2百

万港元。收益减少乃主要由于中国严峻的宏观

经济环境导致需求疲软所致。

贸易业务收益

尽管中国内经济逐渐复苏，惟整体商业环境

仍然复杂多变。鉴于贸易业务可产生的毛利率

被认为比本集团的其他业务部门为低，管理层

仍对贸易业务持观望态度，并暂时将可用资源

重新分配到本集团的其他业务部门，以便为本

公司及其股东整体实现最佳回报。

本集团贸易业务一直面临多重挑战。然而，倘有

合适机会，本集团将继续发展贸易业务并使其

产品结构多样化。预计全球经济将逐步复苏，本

集团对贸易业务的中长期前景保持乐观。

FINANCIAL REVIEW

REVENUE

Revenue of the Group decreased by aproximately HK$7.8 milion,

from HK$8.0 milion for the year ended 31 March 2024 to HK$0.2

milion for the year ended 31 March 2025. The decrease in revenue was

mainly due to the decrease in revenue from IT solution busines during

the Year under Review.

REVENUE OF IT SOLUTION BUSINES

The revenue of IT Solution Busines decreased by 97.5%, or HK$7.8

milion, from HK$8.0 milion for the year ended 31 March 2024 to

HK$0.2 milion for the year ended 31 March 2025. Such decrease in

revenue was mainly due to the severe macro-economic environment in

the PRC, resulted in softening of demands.

REVENUE OF TRADING BUSINES

Despite the gradual recovery of domestic economy in the PRC, the

overal busines environment remains complex and volatile. Given the

profit margin can be generated from the trading busines is considered

to be minimal as compared to other busines segments of the Group,

the management remains siting on the fence in respect of the trading

busines, and to temporarily re-alocate the available resources to other

busines segments of the Group, so as to achieve the best return for

the Company and its shareholders as a whole.

The Group’s trading busines has ben encountering various

chalenges. Nonetheles, the Group wil continue to develop the trading

busines and diversify its products mix should suitable oportunities

arise. It is expected that the global economy wil recover gradualy,

the Group remains optimistic on the mid to long-term prospects of its

trading busines.

民商创科控股有限公司

2025年报11

Management Discusion and Analysis

管理层讨论及分析

可再生能源科技业务的收益

本集团的可再生能源科技业务仍处于项目投资

及建设阶段，因此，该分部于回顾年度并无产生

收益。

收益成本

收益成本指资讯科技解决方案业务成本及贸易

业务成本。收益成本由截至2024年3月31日止

年度的7.6百万港元减少5.1百万港元至回顾年

度的2.5百万港元。

资讯科技解决方案业务成本

资讯科技解决方案业务的收益成本由截至2024

年3月31日止年度的7.6百万港元减少100%或

7.6百万港元至回顾年度的零港元。该减少与资

讯科技解决方案业务收益减少一致。

贸易业务已售存货成本

本集团贸易业务于回顾年度的收益成本约2.5百

万港元指撇减若干陈旧存货价值。

REVENUE OF RENEWABLE ENERGY TECHNOLOGY

BUSINES

The Group’s Renewable Energy Technology Busines is stil at the

investment and construction phase of the project, thus, there was no

revenue generated in this segment during the Year under Review.

COST OF REVENUE

The cost of revenue represented the cost of IT Solution Busines and

cost of trading busines. Cost of revenue decreased by HK$5.1 milion,

from HK$7.6 milion for the year ended 31 March 2024 to HK$2.5

milion for the Year under Review.

COST OF IT SOLUTION BUSINES

The cost of revenue from IT solution busines decreased by 100%, or

HK$7.6 milion, from HK$7.6 milion for the year ended 31 March 2024

to HK$Nil for the Year under Review. Such decrease was in line with

the drop in revenue from IT Solution Busines.

COST OF INVENTORIES SOLD FROM TRADING

BUSINES

The Group’s cost of revenue from trading busines for the Year under

Review of aproximately HK$2.5 milion represented the write down of

value of certain obsolete inventories.

Minshang Creative Technology Holdings Limited

Anual Report 202512

Management Discusion and Analysis

管理层讨论及分析

可再生能源科技业务成本

本集团的可再生能源科技业务仍处于投资及建

设阶段，本集团目前正在推进绿色甲醇相关生

产设施的建设。因此，该分部并无产生收益及并

未产生成本。

员工成本

本集团的员工成本由截至2024年3月31日止年

度的4.2百万港元增加167.0%或7.1百万港元至

回顾年度的11.3百万港元。该增加主要是由于

本集团已聚集一个经验丰富的专业人士团队以

发展可再生能源科技业务导致员工人数增加所致。

物业租金及相关开支

本集团的物业租金及相关开支约0.4百万港元指

于回顾年度产生的办公室租金开支。

应占联营公司业绩

本集团透过一间全资附属公司民商创科投资有

限公司持有北京民商智惠电子商务有限公司（「民

商智惠」）之50%股权，其已获确认为于联营公

司之投资。民商智惠主要从事科技及电子商贸

相关业务，专注于依赖其场景营销系统及供应

链管理能力，为多间银行、金融机构及大型企

业提供电子商贸服务。民商智惠主要为中国商

业银行开发及营运电子商贸平台，并透过于为

大型企业开发之平台及民商智惠拥有之平台（即

聚惠商城、惠福关怀及E商旅）上销售货品产生

溢利。应占联营公司除税后业绩由截至2024年

3月31日止年度的亏损13.2百万港元减少34.8%

或4.6百万港元至回顾年度的17.8百万港元。民

商智惠产生的亏损包括其经营业绩及若干一次

性减值亏损，乃主要由于中国严峻的宏观经济

环境所致。民商智惠的主要客户为金融机构，而

宏观经济压力严重影响金融机构的利润，进而

导致直接削减客户促销优惠及员工福利。

鉴于上述理由，本集团于回顾年度亦已确认于

联营公司的投资之减值亏损约16.4百万港元。

COST OF RENEWABLE ENERGY TECHNOLOGY

BUSINES

The Group’s Renewable Energy Technology Busines is stil at the

investment and construction phase, which the Group is curently

pushing forward the construction of the gren methanol-related

production facilities. Thus, there was no revenue generated and cost

incured in this segment.

STAF COSTS

The Group’s staf costs increased by 167.0%, or HK$7.1 milion, from

HK$4.2 milion for the year ended 31 March 2024 to HK$11.3 milion

for the Year under Review. Such increase was primarily due to the

increase in headcount as the Group has gathered a team of seasoned

profesionals to develop the Renewable Energy Technology Busines.

PROPERTY RENTALS AND RELATED EXPENSES

The Group’s property rentals and related expenses of aproximately

HK$0.4 milion represents the ofice rental expenses incured during the

Year under Review.

SHARE OF RESULTS OF ASOCIATES

The Group held 50% equity interest in 北京民商智惠电子商务有限公

司 (Beijing Minshang Zhihui E-comerce Co., Ltd*, “Minshang Zhihui”)

through a wholy-owned subsidiary, MSCT Investment Limited (民商创

科投资有限公司), which was recognised as investment in asociate.

Minshang Zhihui was primarily engaged in technology and e-comerce

related busines with a focus on its scenario marketing system

and suply chain management capability to provide various banks,

financial institutions and sizable corporations with e-comerce service.

Minshang Zhihui mainly developed and operated e-comerce platforms

for comercial banks in the PRC, and generated profits by seling

gods on platforms developed for large-scale corporation and platforms

owned by Minshang Zhihui (i.e. 聚惠商城, 惠福关怀 and E商旅).

Share of post-tax results of asociate decreased by 34.8%, or HK$4.6

milion, from los of HK$13.2 milion for the year ended 31 March 2024

to HK$17.8 milion for the Year under Review. The los incured by

Minshang Zhihui included its operating results and also certain one-of

impairment loses, and was mainly due to the severe macro-economic

environment in the PRC. The major customers of Minshang Zhihui are

financial institutions, under the presure of the macro economy, which

has severely impacted the profit of the institutions, which in turn, led to

a direct cut back in customer benefits promotion and staf welfares.

Given the above reasons, the Group has also recognised an impairment

los of investment in asociates of aproximately HK$16.4 milion

during the Year under Review.

民商创科控股有限公司

2025年报13

Management Discusion and Analysis

管理层讨论及分析

股份架构

本公司于2025年3月31日之已发行股本为

2,383,187港元，分为953,274,910股每股面值为

0.0025港元之本公司普通股。

本公司股东应占亏损

受上述因素影响，截至2025年3月31日止年度

本公司股东应占亏损约为56.8百万港元，而截

至2024年3月31日止年度本公司股东应占亏损

约为35.8百万港元。

流动资金及财务资源

于2025年3月31日，本集团的现金及现金等价

物为22.4百万港元，较2024年3月31日的10.5

百万港元增加113.3%或11.9百万港元。

本公司已发行股份（「股份」）自2016年11月29日

（「上市日期」）起于香港联合交易所有限公司（「联

交所」）主板上市（「上市」）。本集团将继续利用

内部产生的现金流量及上市所得款项为未来发

展提供资金。

于2025年3月31日，本集团的流动资产总值及

流动负债总额分别为58.1百万港元（2024年：

61.1百万港元）及39.5百万港元（2024年：26.7

百万港元），而流动比率为约1.5倍（2024年：2.3

倍）。

于2025年3月31日，本集团并无银行及其他借

款（2024年：相同）。

SHARE STRUCTURE

The Company’s isued share capital as at 31 March 2025 was

HK$2,383,187 divided into 953,274,910 ordinary shares of the

Company with par value of HK$0.0025 each.

LOS ATRIBUTABLE TO SHAREHOLDERS OF THE

COMPANY

Being afected by the factors refered to above, the los atributable to

the shareholders of the Company was aproximately HK$56.8 milion

for the year ended 31 March 2025 as compared to the los atributable

to the shareholders of the Company of aproximately HK$35.8 milion

for the year ended 31 March 2024.

LIQUIDITY AND FINANCIAL RESOURCES

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

HK$22.4 milion, representing an increase of 113.3%, or HK$11.9

milion, as compared with HK$10.5 milion as at 31 March 2024.

The isued shares of the Company (the “Shares”) were listed on the

Main Board of The Stock Exchange of Hong Kong Limited (the “Stock

Exchange”) since 29 November 2016 (the “Listing Date” and the

“Listing”, respectively). The Group wil continue to use the internal

generated cash flows and proceds received from the Listing as a

source of funding for future developments.

As at 31 March 2025, the Group’s total curent asets and curent

liabilities were HK$58.1 milion (2024: HK$61.1 milion) and HK$39.5

milion (2024: HK$26.7 milion) respectively, while the curent ratio was

about 1.5 times (2024: 2.3 times).

As at 31 March 2025, the Group had no bank and other borowings

(2024: Same).

Minshang Creative Technology Holdings Limited

Anual Report 202514

Management Discusion and Analysis

管理层讨论及分析

上市所得款项净额用途

股份于上市日期在联交所上市，股份全球发售

所得款项净额为70.9百万港元。诚如本公司于

2019年9月19日、2021年9月24日及2023年11

月10日刊发的「变更上市所得款项用途」公告所

披露，仔细考虑本集团当前的营商环境和发展需

求，本公司董事会（「董事会」）已于2019年9月

19日决议变更原分配作扩阔提供的菜式的部分

未动用所得款项净额的拟定用途，金额为20百

万港元，以(i)投资有关食品及其他消费品供应贸

易的新业务；及(i)用于营运资金及一般企业用途；

并于2021年9月24日决议变更原分配作扩阔提

供的菜式之部分未动用所得款项净额10百万港

元的拟定用途，以用于营运资金及一般企业用途；

并于2023年11月10日进一步决议变更余下未动

用所得款项净额合共9.7百万港元（其中7.0百万

港元原分配用于扩阔提供的菜式、2.2百万港元

原分配用于升级及扩充食品加工中心及0.5百万

港元原分配用于升级资讯科技系统）的拟定用途，

以用于营运资金及一般企业用途。

USE OF NET PROCEDS FROM THE LISTING

The Shares were listed on the Stock Exchange on the Listing Date

with net proceds from the global ofering of the Shares of HK$70.9

milion. As disclosed in the anouncements of the Company “Change

in Use of Proceds from Listing” published on 19 September 2019,

24 September 2021 and 10 November 2023, having carefuly

considered the curent busines environment and development neds

of the Group, the board of directors of the Company (the “Board”)

has resolved to change the proposed use of part of the Unutilised

Net Proceds in the amount of HK$20 milion originaly alocated for

broadening cuisine oferings, to (i) investing in new busineses on

suply trading on fod and other consumer gods; and (i) working

capital and general corporate purposes on 19 September 2019;

and resolved to change the proposed use of part of the Unutilised

Net Proceds in the amount of HK$10 milion originaly alocated for

broadening cuisine oferings to working capital and general corporate

purposes on 24 September 2021; and further resolved to change the

proposed use of the remaining Unutilised Net Proceds in an agregate

amount of HK$9.7 milion, of which HK$7.0 milion originaly alocated

for broadening cuisine oferings, HK$2.2 milion for upgrade and expand

fod procesing centre and HK$0.5 milion for upgrade information

technology systems, to working capital and general corporate purposes

on 10 November 2023.

民商创科控股有限公司

2025年报15

Management Discusion and Analysis

管理层讨论及分析

于2025年3月31日，上市所得款项净额大致用

于下列用途：

已用所得款项净额及未动用所得款项净额已╱

将根据本公司日期为2016年11月17日之招股章

程（「招股章程」）「未来计划及所得款项用途」一

节、本公司日期为2019年9月19日、2020年8

月13日、2021年9月24日及2023年11月10日

的公告所述建议用途而动用。

The use of the net proceds from the Listing as at 31 March 2025 was

aproximately as folows:

Original

alocationRe-alocations

Revised

alocation

Amount

utilised

Amount

remaining

Expected

timeline

for utilisation

of the Unutilised

Net Proceds

Use of Proceds所得款项用途原始分配重新分配更改分配已动用金额余下金额

未动用所得款项

净额预期使用

时间表

(in HK$

milion)

(in HK$

milion)

(in HK$

milion)

(in HK$

milion)

(in HK$

milion)

（百万港元）（百万港元）（百万港元）（百万港元）（百万港元）

Maintain and expand Viet’s Choice

brand restaurants

维持及扩充越栈

品牌餐厅

16.5–16.5(16.5)–N/A

不适用

Broaden cuisine oferings扩阔提供的菜式43.6(37.0)6.6(6.6)–N/A

不适用

Upgrade and expand fod

procesing centre

升级及扩充食品加工

中心

2.3(2.2)0.1(0.1)–N/A

不适用

Upgrade information

technology systems

升级资讯科技系统1.9(0.5)1.4(1.4)–N/A

不适用

Broaden the promotion of

brand image and recognition

提升品牌形象及

知名度

1.1–1.1(1.1)–N/A

不适用

Working capital and general

corporate purposes

营运资金及一般企业

用途

5.529.735.2(33.7)1.5By March 2026

2026年3月

或之前

Invest in new suply chain busines投资新供应链业务010.010.0(10.0)–N/A

不适用

Total总计70.9–70.9(69.4)1.5

The Net Proceds utilised and the Unutilised Net Proceds were/wil

be utilised acording to the proposed aplication as specified in the

section headed “Future Plans and Use of Proceds” in the prospectus

of the Company dated 17 November 2016 (“Prospectus”), the

Company’s anouncements dated 19 September 2019, 13 August

2020, 24 September 2021 and 10 November 2023.

Minshang Creative Technology Holdings Limited

Anual Report 202516

Management Discusion and Analysis

管理层讨论及分析

认购新股份所得款项净额用途

诚如本公司日期为2024年11月18日及25日的

公告所披露，本公司完成认购事项并按每股认购

股份0.5港元配发及发行60,000,000股认购股份。

认购事项的所得款项总额为30百万港元，经扣

除认购事项的相关专业费用及所有相关开支后，

所得款项净额为29百万港元。

于2025年3月31日，认购事项所得款项净额大

致用于下列用途：

认购事项已用所得款项净额及未动用所得款项

净额已╱将根据本公司日期为2024年10月30

日、11月18日及25日的公告所述建议用途而动

用。

USE OF NET PROCEDS FROM THE SUBSCRIPTION

OF NEW SHARES

As disclosed in the Company’s anouncements dated 18 and 25

November 2024, the Company completed the Subscription and aloted

and isued 60,000,000 Subscription Shares at HK$0.5 per Subscription

Share. The gros proceds from the Subscription was HK$30 milion,

after deducting related profesional fes and al related expenses for

the Subscription, the net proceds was HK$29 milion.

The use of the net proceds from the Subscription as at 31 March

2025 was aproximately as folows:

Alocation

Amount

utilised

Amount

remaining

Expected timeline for

utilization of

the unutilised

net proceds

Use of proceds所得款项用途分配已动用金额余下金额

未动用所得款项净额

预期使用时间表

(in HK$ milion)(in HK$ milion)(in HK$ milion)

（百万港元）（百万港元）（百万港元）

Development of the Renewable

Energy Technology Busines

发展可再生能源

科技业务

28.0(28.0)–N/A

不适用

General working capital一般营运资金1.0–1.0By March 2027

2027年3月或之前

Total总计29.0(28.0)1.0

The net proceds utilised and the unutilised net proceds from the

Subscription were/wil be utilised acording to the proposed aplication

as specified in the Company’s anouncements dated 30 October, 18

and 25 November 2024.

民商创科控股有限公司

2025年报17

Management Discusion and Analysis

管理层讨论及分析

重大投资、重大收购及出售附属公

司、联营公司及合营公司

诚如本公司日期为2024年4月29日的公告所披

露，本公司一直积极探索各种机会，以增强本集

团之竞争力及提升本公司对其股东之价值。民

商深圳与北京生物易能及海南聚能于2024年4

月27日订立合作协议以成立附属公司发展可再

生能源科技业务。民商深圳须就成立附属公司

出资人民币25.5百万元。

兹提述本公司日期为2024年10月30日的公告，

本公司于2024年10月30日与该等认购人订立该

等认购协议，据此，本公司已有条件同意根据一

般授权向该等认购人配发及发行而该等认购人

已有条件同意根据一般授权认购合共60,000,000

股认购股份，认购价为每股认购股份0.5港元。

认购事项的所得款项总额为30百万港元，扣除

认购事项的相关专业费用及所有相关开支后，

认购事项所得款项净额约为29百万港元。

民商深圳于2024年11月25日完成对附属公司的

注资。

SIGNIFICANT INVESTMENTS, MATERIAL

ACQUISITIONS AND DISPOSALS OF

SUBSIDIARIES, ASOCIATES AND JOINT

VENTURES

As disclosed in the Company’s anouncement dated 29 April 2024,

the Company has ben actively exploring oportunities to enhance

the competitivenes of the Group and to enhance the value of the

Company to its Shareholders. Minshang Shenzhen entered into the

Coperation Agrement with Beijing Bio-Energy and Hainan Energy

on 27 April 2024 to set up the Subsidiary to develop the Renewable

Energy Technology Busines. Minshang Shenzhen is required to

contribute RMB25.5 milion for the establishment for the Subsidiary.

Reference is made to the Company’s anouncement dated 30 October

2024, the Company entered into the Subscription Agrements with

the Subscribers on 30 October 2024, pursuant to which the Company

has conditionaly agred to alot and isue to the Subscribers, and the

Subscribers have conditionaly agred to subscribe for, an agregate

of 60,000,000 Subscription Shares at the Subscription Price of

HK$0.5 per Subscription Share under the General Mandate. The gros

proceds from the Subscription is HK$30 milion, after deducting the

related profesional fes and al related expenses for the Subscription,

the net proceds of the Subscription is amount to aproximately

HK$29 milion.

Minshang Shenzhen completed capital injection of the Subsidiary on 25

November 2024.

Minshang Creative Technology Holdings Limited

Anual Report 202518

Management Discusion and Analysis

管理层讨论及分析

报告期后事项

(i) 于2025年5月19日，本集团与民商智惠订

立贷款延长函件，将新股东贷款由2025年

6月11日进一步延期至2026年6月11日及

将贷款本金额由11,000,000港元修订为

9,500,000港元，自2025年6月11日起生

效。详情请参阅本公司日期为2025年5月

19日的公告。

(i) 于2025年6月13日，本集团与润铭订立贷

款延长函件，将贷款由2025年10月6日进

一步延期至2026年10月6日及将贷款本金

金额由9,500,000港元修订为9,000,000港

元，自2025年10月6日起生效。详情请参

阅本公司日期为2025年6月13日的公告。

(i) 于2025年6月17日，民商智惠举行股东大

会并议决(i)修订民商智惠的组织章程细则，

自于相关政府机关完成相关登记手续起生

效，修订内容将包括（其中包括）本公司将

有权委任民商智惠董事会五名董事中的三

名董事；及(i)委任本公司提名的三名董事

为民商智惠的董事，于此之后民商智惠董

事会五名董事中的三名董事由本公司提名。

本集团将继续持有民商智惠的50%股权。

由于上述变动，自于相关政府机关完成相

关登记手续起，本集团能够对民商智惠的

董事会行使多数控制权，因此民商智惠将

成为本公司的非全资附属公司，且其财务

业绩将于截至2026年3月31日止财政年度

及之后综合入账至本集团的财务业绩中。

请参阅本公司日期为2025年6月17日的公

告。

除其他部分所披露者外，自回顾年度末起及直

至本报告日期概无发生任何重大事项。

EVENTS AFTER THE REPORTING PERIOD

(i) On 19 May 2025, the Group entered into an loan extension leter

with Minshang Zhihui, to extend the new shareholder’s loan

for a further term from 11 June 2025 to 11 June 2026 and to

revise the principal amount of the loan from HK$11,000,000 to

HK$9,500,000 with efect from 11 June 2025. Please refer to the

Company’s anouncement dated 19 May 2025 for detail.

(i) On 13 June 2025, the Group entered into an loan extension

leter with RUNMING, to extend the loan for a further term from

6 October 2025 to 6 October 2026 and to revise the principal

amount of the loan from HK$9,500,000 to HK$9,000,000 with

efect from 6 October 2025. Please refer to the Company’s

anouncement dated 13 June 2025 for detail.

(i) On 17 June 2025, Minshang Zhihui held a shareholders’ meting

and resolved that (i) the articles of asociation of Minshang

Zhihui be amended with efect from the completion of the

relevant registration procedures with the aplicable government

authorities which wil include amendments to the efect that,

among others, the Company shal have the right to apoint thre

out of five directors to the board of directors of Minshang Zhihui;

and (i) thre directors nominated by the Company be apointed

as directors of Minshang Zhihui, after which thre out of the

five directors on the board of directors of Minshang Zhihui are

nominated by the Company.

The Group shal continue to hold 50% equity interests in

Minshang Zhihui. As a result of the aforementioned change, with

efect from the completion of the relevant registration procedures

with the aplicable government authorities, the Group is able to

exercise majority control over the board of directors of Minshang

Zhihui and as a result Minshang Zhihui wil become a non-wholy

owned subsidiary of the Company and its financial results wil be

consolidated into that of the Group for the financial year ending

31 March 2026 and going forward.

Please refer to the Company’s anouncement dated 17 June

2025.

Save as otherwise disclosed, there was no significant events ocured

since the end of the Year under Review and up to the date of this

report.

民商创科控股有限公司

2025年报19

Management Discusion and Analysis

管理层讨论及分析

雇员及薪酬政策

于2025年3月31日，本集团拥有45名雇员（2024

年：9名雇员）。薪酬乃经参考现行市场条款并

根据各雇员的个人表现、资历及经验而厘定。本

集团也鼓励雇员通过持续进修和培训课程，提

升彼等对事业的全面发展及知识技能，以便发

挥个人潜能。

董事之酬金乃经参考彼等各自对本公司事宜所

投入时间、精力及专长并根据本公司薪酬委员

会之推荐意见而厘定。本公司已于2016年11月

8日采纳一项购股权计划（「购股权计划」）以奖励

其项下所界定的参与者对本集团成就作出的贡

献以及激励彼等继续为本集团作出贡献。购股

权计划已于2016年11月29日生效。此外，雇员

有权享有表现及酌情年终花红。

于回顾年度概无授出购股权。于2025年3月31

日，本公司并无根据购股权计划尚未行使之购

股权。

资产质押

于2025年3月31日，本集团并无任何资产按揭

或质押。

重大投资及资本资产的未来计划

本公司的远景目标是成为一个多元化、一体化

的高效产业链及规模化经营集团，立志建立多

元化、一体化的消费者产品电子商务平台，同时

探索低碳及绿色能源转型的机会。

EMPLOYES AND REMUNERATION POLICIES

As at 31 March 2025, the Group had 45 employes (2024: 9

employes). Remuneration is determined by reference to prevailing

market terms and in acordance with the performance, qualification and

experience of each individual employe. The Group also encouraged

employes to enhance their overal carer development and knowledge

and skils through continuous education and training courses, so as to

realize their personal potential.

The emoluments of the Directors are recomended by the

remuneration comite of the Company, with reference to their

respective contribution of time, efort and expertise on the Company’s

maters. The Company has adopted a share option scheme (the “Share

Option Scheme”) on 8 November 2016 to reward the participants

defined thereunder for their contribution to the Group’s suces and

to provide them with incentives to further contribute to the Group. The

Share Option Scheme has become efective on 29 November 2016. In

adition, employes are entitled to performance and discretionary year-

end bonuses.

No share option was granted during the Year Under Review. As at 31

March 2025, the Company had no outstanding share option under the

Share Option Scheme.

CHARGES ON ASETS

As at 31 March 2025, the Group did not have any mortgage or charge

over its asets.

FUTURE PLANS FOR MATERIAL INVESTMENTS

AND CAPITAL ASETS

The Company’s long-term goal is to become a diversified and integrated

group of high-eficiency industrial chain and scale busines with a

determination to establish a diversified and integrated e-comerce

platform of consumer products, while exploring the oportunities in

low-carbon and gren energy transformation.

Minshang Creative Technology Holdings Limited

Anual Report 202520

Management Discusion and Analysis

管理层讨论及分析

外汇风险

本集团的业务乃于中国进行，及本集团的买卖

主要以人民币计值。本集团因其于中国的贸易

业务所产生的港元兑人民币的波动而面临外汇

风险。本集团并无运用任何金融工具作对冲用途。

尽管董事会现时预期货币波动不会对本集团的

经营产生重大影响，但董事会将于适当时候不

时检讨本集团的外汇风险。

或然负债

于2025年3月31日，本集团并无任何重大或然

负债。

前景

本公司的战略目标是成为一个多元化、一体化的

高效产业链及规模化经营集团，立志建立多元化、

一体化的消费者产品电子商务平台，同时探索

低碳及绿色能源转型的机会。在可预见的未来，

我们对集团的业务前景依然充满信心。

I. 可再生能源科技业务

甲醇在中国能源及化工行业占据重要地位，

推动了甲醇作为重要燃料及关键化工原料

的广泛应用。

由于严格的环境法规及中国在其「双碳」目

标下的碳中和承诺，严重依赖煤炭及天然

气的传统甲醇生产工艺面临不断增加的挑

战。这导致了由依赖化石燃料的传统生产

方法转变为从生物质及废弃物等可再生资

源中提取绿色甲醇。该转变符合低碳及可

持续能源解决方案的全球趋势以及中国严

格的环境政策及碳中和目标。

FOREIGN CURENCY EXPOSURE

The Group’s busineses are conducted in the PRC, and the Group’s

sales and purchases were mainly denominated in RMB. The Group was

exposed to foreign exchange risk based on the fluctuations betwen

HK$ and RMB arising from the trading busines in the PRC. The Group

does not employ any financial instruments for hedging purposes. While

the Board curently does not expect curency fluctuations to materialy

impact the Group’s operations, the Board wil review the foreign

exchange exposure of the Group from time to time as apropriate.

CONTINGENT LIABILITIES

As at 31 March 2025, the Group did not have any material contingent

liabilities.

PROSPECTS

The Company’s strategic goal is to become a diversified and integrated

group of high-eficiency industrial chain and scale busines with a

determination to establish a diversified and integrated e-comerce

platform of consumer products, while exploring the oportunities in

low-carbon and gren energy transformation. In the foreseable future,

we remain confident in the busines prospects of the Group.

I. RENEWABLE ENERGY TECHNOLOGY

BUSINES

Methanol ocupies a pivotal position in the PRC’s energy and

chemical industry, driven methanol’s versatile aplications as

important fuel and key chemical fedstocks.

The traditional methanol production proces, which relies heavily

on coal and natural gas, faces increasing chalenges due to

stringent environmental regulations and the PRC’s comitment

to carbon neutrality under its “dual carbon” goals. This has led to

the transition from traditional production methods, which rely on

fosil fuels, to gren methanol, which is derived from renewable

sources such as biomas and waste. This shift aligns with global

trends toward low-carbon and sustainable energy solutions, as

wel as the PRC’s stringent environmental policies and carbon

neutrality goals.

民商创科控股有限公司

2025年报21

Management Discusion and Analysis

管理层讨论及分析

董事会认为，可再生能源科技业务乃本公

司于新兴绿色及低碳行业探索机会的战略

举措，有利于加快布局可再生能源。本集

团拥有一批经验丰富的专业人士提供必要

的技术支持。董事会认为，本集团将具备

在可再生能源科技业务探索机会之良好条件。

I. 资讯科技解决方案业务

随著过去十年的科技进展，数码经济突飞

猛进，成为商家与用户互动的大势所趋。

今时今日，众多行业的发展均围绕用户需

求，要给予终端用户更佳体验，提供优质

服务及产品，透过数码转型赢取终端用户

对品牌的忠诚，对企业发展有著重大战略

意义。

本公司相信，随著许多中国企业开始从硬

件基础设施转向基于云的基础设施，中国

的SaS行业有很大的发展空间。加上本集

团现有的资讯科技解决方案业务，本集团

努力维持其资讯科技解决方案业务的现有

客户群，并希望通过发掘客户和业务需求，

推动电子商务平台运营、直播运营和资讯

科技解决方案外包服务，进一步提高其市

场份额。

The Board considers that the Renewable Energy Technology

Busines represents a strategic initiative for the Company to

explore oportunities in the emerging gren and low-carbon

industry, which facilitates the aceleration of the deployment of

renewable energy. The Group poseses the requisite technology

with a suport of a group of seasoned profesionals. The

Board believes that the Group wil be wel positioned to explore

oportunities in the Renewable Energy Technology Busines.

I. IT SOLUTION BUSINES

Along with the technological advancement in the last decade,

digital economy has ben rapidly developing and becomes a

major trend of interaction betwen merchants and users. The

development of various industries in the curent era is focusing on

user demand, ofering beter end-users experience and providing

high-quality services and products, which is of great strategic

significance to the development of enterprises by gaining end-

users’ loyalty to the brand through digital transformation.

The Company believes that the SaS industry in the PRC has a

significant rom for expansion with a lot of the Chinese enterprises

start to shift away from hardware infrastructure to cloud-based

infrastructure. Together with the Group’s existing IT Solution

Busines, the Group strives to maintain the existing customers

base of its IT Solution Busines, and aims to further increase its

market shares by exploring the customer and busines neds and

promoting the e-comerce platform operations, live broadcast

operations and IT solutions outsourcing services.

Minshang Creative Technology Holdings Limited

Anual Report 202522

Management Discusion and Analysis

管理层讨论及分析

未来，本集团会坚定不移地优化资讯科技

解决方案业务，不断为各行各业的各式公

司加强产品和服务体验以为企业缔造增值

收益，加强市场营销及客户关系工作，包

括但不限于扩大本集团的客户基础及将其

服务延伸至现有银行客户的更多银行分行、

金融机构及国有企业。同时，管理层亦打

算进行市场调查，以了解目标客户及潜在

客户群体需求的最新趋势。通过加深了解

最新市场需求，本集团将为客户提供及时

及个性化的服务，以维护现有客户及吸引

新客户。本集团将持续优化产品及服务能

力，包括更新产品控制、改善售后服务及

提升技术能力。

I. 贸易业务

尽管本集团面临世界及中国经济环境的多

重挑战，本集团仍然将努力保持及发展贸

易业务，并于贸易业务探索新的机会。

IV. 餐厅业务

香港餐饮业一直面临挑战。然而，管理层

仍正在探索餐饮业新机遇，倘出现合适机

会，或会继续从事餐饮业务。

我们的管理团队高瞻远瞩，广纳贤才。经过不断

的探索，本集团相信挑战与机遇并存，力求以亮

丽的业绩，乘风破浪，砥砺前行，朝著成为行业

翘楚的目标奋力迈进，为本集团创造更高盈利，

为股东缔造更大价值，谱写时代华章。

In the future, the Group wil unswervingly optimise our IT Solution

Busines by continuously enhancing the experience of products

and services to a wide range of enterprises in diferent industries

in order to create value-aded benefits to the enterprises, by

enhancing the marketing and customer relationship eforts,

including but not limited to expanding the Group’s customer base

and extending its services to more banks branches of existing

banks customers, financial institutions and also state-owned

enterprises. Meanwhile, the management also intends to conduct

market researches to understand the latest trend of the neds of

the target customers and potential customers group. By obtaining

more understanding on the up-to-date market demands, the

Group shal provide client with timely and personalised services

so as to maintain existing customers and atract new customers.

The Group wil continuously optimise the products and services

capabilities, including updating product control, improving after-

sales services and upgrading its technology capabilities.

I. TRADING BUSINES

Despite the chalenges the Group is facing under the global and

domestic economy environment, the Group wil stil strive to

maintain and develop its Trading Busines as wel as exploring

new oportunities in trading busines.

IV. RESTAURANT BUSINES

The fod and beverage industry in Hong Kong has ben

chalenging. Yet, the management is stil exploring for new

oportunities in the fod and beverage industry and may continue

its fod and beverage busines should suitable oportunities

arise.

Our management team has a long-term vision and a marvelous pol

of talents. Through continuous exploration, the Group believes that

chalenges wil bring oportunities and it strives to achieve briliant

results by riding on the wind and waves and forging ahead towards

the goal of becoming the mainstay of the industry, in a bid to generate

higher profits for the Group and greater value for Shareholders and

create a grand chapter for the era.

民商创科控股有限公司

2025年报23

Biographies of Directors and Senior Management

董事及高级管理层履历

EXECUTIVE DIRECTORS

MR. WU JIANGTAO

Mr. WU Jiangtao (“Mr. Wu”), aged 49, is the Chairman of the Board

and an executive Director of the Company since 6 July 2018. Mr. Wu

obtained a bachelor’s degre in monetary and banking from Jiangxi

University of Finance and Economics in July 1998, a master’s degre

of economics from Chinese Academy of Social Science in July 2007

and a Ph.D degre in finance from Jiangxi University of Finance and

Economics in December 2012. Mr. Wu was the chairman of the board

of directors and chief executive oficer of Minsheng E-Comerce Co.,

Ltd (民生电子商务有限责任公司) from December 2013 to April 2015.

Mr. Wu has ben the chairman of the board of directors of Minsheng

E-Comerce Holdings (Shenzhen) Co., Ltd (“Minsheng E-Comerce”)

since April 2015 until now. Prior to joining Minsheng E-Comerce Co.,

Ltd, Mr. Wu served as the branch manager of China Minsheng Bank

Wuhan Branch from November 2011 to December 2013.

Mr. Wu has entered into a service agrement with the Company as

an executive Director for a term of one year subject to retirement

by rotation in acordance with the articles of asociation of the

Company (the “Articles”). Mr. Wu receives a director’s remuneration of

HK$10,000 monthly, which was determined with reference to his duties

and responsibilities with the Company, his experience and the prevailing

market conditions.

MR. TAO JINGYUAN

Mr. TAO Jingyuan (“Mr. Tao”), aged 40, is an executive Director of the

Company since 6 March 2020 and the chief executive oficer of the

Company since 30 November 2022. Mr. Tao received his bachelor’s

degre in Enginering Mechanics at Tsinghua University in July 2007

and his master’s degre in Finance at the University of Hong Kong

in June 2012. Prior to joining the Company, Mr. Tao had worked as

senior manager of corporate busines department of Harvest Fund

Management Co., Ltd. from July 2007 to July 2010; vice president of

Asia Pacific region busines department of Harvest Global Investments

from August 2010 to May 2012; General Manager of private banking

department of China Minsheng Banking Corp., Ltd Wuhan Branch

from May 2012 to July 2015. After that, Mr. Tao joined Minsheng

E-Comerce in September 2015 and has ben serving as vice president

of Minsheng E-Comerce & General Manager of Finance Division and

is apointed as the chief executive oficer of Minsheng E-Comerce

since July 2022.

执行董事

吴江涛先生

吴江涛先生（「吴先生」），49岁，自2018年7月

6日起为本公司董事会主席及执行董事。吴先生

于1998年7月从江西财经大学取得货币银行学

学士学位，于2007年7月从中国社会科学院取

得经济学硕士学位，以及于2012年12月从江西

财经大学取得财政学博士学位。吴先生于2013

年12月至2015年4月为民生电子商务有限责任

公司之董事会主席及行政总裁。吴先生自2015

年4月起至今一直担任民生电商控股（深圳）有限

公司（「民生电商」）之董事会主席。于加入民生

电子商务有限责任公司前，吴先生于2011年11

月至2013年12月担任中国民生银行武汉分行之

分行长。

吴先生已与本公司订立执行董事服务协议，为

期一年，并须根据本公司组织章程细则（「章程」）

轮席退任。吴先生收取董事薪酬每月10,000港

元，其乃经参考彼于本公司之职务及职责、其经

验及现行市况后厘定。

陶静远先生

陶静远先生（「陶先生」），40岁，自2020年3月6

日起为本公司执行董事及自2022年11月30日起

为本公司行政总裁。陶先生于2007年7月自清

华大学获得工程力学士学位及于2012年6月

自香港大学获得金融硕士学位。于加入本公司

前，陶先生于2007年7月至2010年7月担任嘉

实基金管理有限公司之机构业务部高级经理；于

2010年8月至2012年5月担任嘉实国际资产管

理之亚太业务部副董事；于2012年5月至2015

年7月担任中国民生银行股份有限公司武汉分行

私人银行部总经理。其后，于2015年9月，陶先

生加入民生电商并一直任职民生电商副总裁兼

金融事业部总经理，并于2022年7月起获委任

为民生电商行政总裁。

Minshang Creative Technology Holdings Limited

Anual Report 202524

Biographies of Directors and Senior Management

董事及高级管理层履历

Mr. Tao has entered into a service agrement with the Company as

an executive Director for a term of one year subject to retirement by

rotation in acordance with the Articles. Mr. Tao receives a director’s

remuneration of HK$10,000 monthly, which was determined with

reference to his duties and responsibilities with the Company, his

experience and the prevailing market conditions, but wil not receive

remuneration for his services as the CEO of the Company.

MR. LAI XIAOPENG MICHAEL

Mr. LAI Xiaopeng Michael (“Mr. Lai”), aged 38, is an executive Director

of the Company since 30 November 2022. Mr. Lai joined the Group

since July 2018, served as deputy general manager of Hong Kong

busines department of Minsheng E-Comerce, promoted and as

general manager of Hong Kong busines department of Minsheng

E-Comerce from January 2023. Mr. Lai received his bachelor’s degre

in Law at Jiangxi University of Finance and Economics in July 2012 and

has over 10 years of experience in cros boarder busines, specialising

in Hong Kong-Mainland China busineses. Prior to joining the Group,

Mr. Lai worked in China Minsheng Banking Corp., Ltd, Hong Kong

Branch, as relationship manager of comodities and frozen product

department from September 2012 to May 2015, and was promoted as

the team head of cros boarder busines department from May 2015

to June 2018.

Mr. Lai has entered into a service agrement with the Company as

an executive Director for a term of one year subject to retirement by

rotation in acordance with the Articles. With efect from 1 April 2024,

Mr. Lai receives a director’s remuneration of HK$54,000 monthly, which

was determined with reference to his duties and responsibilities with the

Company, his experience and the prevailing market conditions.

MS. NING MENGMENG

Ms. NING Mengmeng (“Ms. Ning”), aged 39, is apointed as an

executive Director of the Company on 19 December 2024, has over

10 years of experience in financial investment management. Ms.

Ning joins the Group as an executive Director of the Company and

is responsible for investment management. She was the vice general

manager of Hainan Pin Yi Investment Company Limited * (海南品奕投

资有限公司) from August 2022 to December 2024, a company which

principaly engages in financial investment management. Ms. Ning has

also worked in Beijing Zhaocaiyu Investment Management Limited* (北

京招财鱼资产管理有限公司), a company which principaly engages in

financial investment management, and she was the general manager of

this company from June 2019 to June 2020. Ms. Ning was graduated

from Nanchang Institute of Technology.

陶先生已与本公司订立执行董事服务协议，为

期一年，并须根据章程轮席退任。陶先生收取董

事薪酬每月10,000港元，其乃经参考彼于本公

司之职务及职责、其经验及现行市况后厘定，但

将不会就出任本公司行政总裁收取薪酬。

赖晓鹏先生

赖晓鹏先生（「赖先生」），38岁，自2022年11月

30日起为本公司执行董事。赖先生于2018年7

月加入本集团，担任民生电商香港业务部副总

经理，并于2023年1月起升任民生电商香港业

务部总经理。赖先生于2012年7月自江西财经

大学获得法学士学位及于跨境业务方面拥有

逾十年经验，并专注于香港及中国内地跨境业务。

于加入本集团前，赖先生于2012年9月至2015

年5月担任中国民生银行股份有限公司香港分行

之大宗及冷冻商品部客户经理，其后于2015年5

月至2018年6月晋升为跨境业务部团队主管。

赖先生已与本公司订立执行董事服务协议，为

期一年，并须根据章程轮席退任。自2024年4月

1日起，赖先生收取董事薪酬为每月54,000港元，

其乃经参考彼于本公司之职务及职责、其经验

及现行市况后厘定。

宁蒙女士

宁蒙女士（「宁女士」），39岁，于2024年12月

19日获委任为本公司执行董事，于金融投资管

理方面拥有逾10年经验。宁女士作为本公司执

行董事加入本集团，负责投资管理。彼于2022

年8月至2024年12月为海南品奕投资有限公司

（该公司主要从事金融投资管理）副总经理。宁

女士亦曾于北京招财鱼资产管理有限公司（该公

司主要从事金融投资管理）工作，彼于2019年6

月至2020年6月担任该公司总经理。宁女士毕

业于南昌理工学院。

For identification purpose only 仅供识别

民商创科控股有限公司

2025年报25

Biographies of Directors and Senior Management

董事及高级管理层履历

Ms. Ning has entered into a service agrement with the Company

as an executive Director for a term of one year subject to retirement

by rotation in acordance with the Articles. Ms. Ning wil receive a

director’s remuneration of HK$10,000 monthly, which was determined

with reference to her duties and responsibilities with the Company, her

experience and the prevailing market conditions.

INDEPENDENT NON-EXECUTIVE DIRECTORS

MR. CHOI TZE KIT, SAMY

Mr. CHOI Tze Kit, Samy (“Mr. Choi”), aged 62, is an independent

non-executive Director and the chairman of the audit comite of the

Company since 6 July 2018. Mr. Choi has over 35 years of experience

in finance and auditing. Mr. Choi has ben an independent non-

executive director of Prinx Chengshan Holdings Limited, the shares

of which are listed on the Hong Kong Stock Exchange (stock code:

1809.HK) since 10 September 2018. From October 2016 to August

2017, Mr. Choi was an independent non-executive director of Ernest

Borel Holdings Limited, the shares of which are listed on the Hong

Kong Stock Exchange (stock code: 1856.HK). From January 2007 to

November 2015, Mr. Choi was an independent non-executive director

of Fufeng Group Limited, the shares of which are listed on the Hong

Kong Stock Exchange (stock code: 546.HK) and from February 2016

to February 2017, he was an independent non-executive director of

PanAsialum Holdings Company Limited, the shares of which are listed

on the Hong Kong Stock Exchange (stock code: 2078.HK).

Mr. Choi graduated from Hong Kong Shue Yan Colege (curently

known as Hong Kong Shue Yan University) in 1985. He is a felow

member of the Institute of Chartered Acountants in England and Wales

(“ICAEW”), a felow member of the Asociation of Chartered Certified

Acountants (“ACA”), a felow Certified Public Acountant of the Hong

Kong Institute of Certified Public Acountants (the “HKICPA”), a felow

member of the Taxation Institute of Hong Kong and a felow member of

the Hong Kong Institute of Directors.

Mr. Choi has ben a council member of Hong Kong Chiu Chow

Merchants Mutual Asistance Society Limited since October 2013.

He was a council member of The Society of Chinese Acountants

and Auditors from 2010 to 2015. He has ben elected as an honorary

financial advisor of Hong Kong and Kowlon Ratan Ware Merchants

Asociation (Wing Hing Tong) in 2018.

宁女士已与本公司订立执行董事服务协议，为

期一年，并须根据章程轮席退任。宁女士将收取

董事薪酬每月10,000港元，其乃经参考彼于本

公司之职务及职责、其经验及现行市况后厘定。

独立非执行董事

蔡子杰先生

蔡子杰先生（「蔡先生」），62岁，自2018年7月

6日起为本公司之独立非执行董事及审核委员会

主席。蔡先生在财务与核数方面具有逾35年经

验。自2018年9月10日起，蔡先生担任其股份

于香港联交所上市之公司浦林成山控股有限公

司（股份代号：1809.HK）之独立非执行董事。自

2016年10月至2017年8月，蔡先生为其股份于

香港联交所上市之公司依波路控股有限公司（股

份代号：1856.HK）之独立非执行董事。自2007

年1月至2015年11月，蔡先生为其股份于香港

联交所上市之公司阜丰集团有限公司（股份代号：

546.HK）之独立非执行董事，并自2016年2月至

2017年2月出任其股份于香港联交所上市之公

司荣阳实业集团有限公司（股份代号：2078.HK）

之独立非执行董事。

蔡先生于1985年毕业于香港树仁学院（现称为香

港树仁大学）。彼为英格兰及威尔士特许会计师

协会（「英格兰及威尔士特许会计师协会」）资深

会员、英国特许公认会计师公会（「英国特许公

认会计师公会」）资深会员、香港会计师公会（「香

港会计师公会」）资深执业会计师、香港税务学

会资深会员及香港董事学会资深会员。

蔡先生自2013年10月起为香港潮商互助社有限

公司理事会委员。彼自2010年至2015年为香港

华人会计师公会理事。彼于2018年当选为港九

永兴堂藤器同业商会的荣誉财务顾问。

Minshang Creative Technology Holdings Limited

Anual Report 202526

Biographies of Directors and Senior Management

董事及高级管理层履历

Mr. Choi has entered into a leter of apointment with the Company as

an independent non-executive Director for a term of one year subject

to retirement by rotation in acordance with the Articles. Mr. Choi

receives a director’s remuneration of HK$240,000 anualy, which was

determined with reference to his duties and responsibilities with the

Company, his experience and the prevailing market conditions.

MR. CHEUNG MIU

Mr. CHEUNG Miu (“Mr. M. Cheung”), aged 55, is an independent

non-executive Director of the Company since 6 July 2018, obtained

a bachelor’s degre in busines administration from The Chinese

University of Hong Kong in December 1992 and a master’s degre

in busines administration from The University of New South Wales

in May 1998. Mr. M. Cheung has years of experiences in the finance

industry. He joined CITIC Capital Holdings Limited in 1999 and is

curently a senior managing director and head of structured investment

and finance of CITIC Capital Holdings Limited. He was a director of

China National Investment & Guaranty Corporation, shares of which are

listed on the National Equities Exchange and Quotations, from 25 April

2017 to 14 July 2022. He was employed by Comonwealth Bank of

Australia from January 1998 to May 1999 and his last position with the

bank was as executive in the corporate finance department. He was

the asistant manager of the investment banking department of Societe

Generale Asia Limited from January 1995 to February 1996.

Mr. M. Cheung has entered into a leter of apointment with the

Company as an independent non-executive Director for a term of one

year subject to retirement by rotation in acordance with the Articles.

Mr. M. Cheung receives a director’s remuneration of HK$240,000

anualy, which was determined with reference to his duties and

responsibilities with the Company, his experience and the prevailing

market conditions.

蔡先生已与本公司订立独立非执行董事委任函，

为期一年，并须根据章程轮席退任。蔡先生收取

董事薪酬每年240,000港元，其乃经参考彼于本

公司之职务及职责、其经验及现行市况后厘定。

张渺先生

张渺先生（「张渺先生」），55岁，自2018年7月6

日起为本公司之独立非执行董事。彼于1992年

12月从香港中文大学取得工商管理学士学位，

及于1998年5月从新南威尔斯大学取得工商管

理硕士学位。张渺先生于财务业拥有多年经验。

彼于1999年加入中信资本控股有限公司，目前

为中信资本控股有限公司之高级董事总经理及

结构性投资及融资主管。自2017年4月25日至

2022年7月14日曾担任中国投融资担保股份有

限公司（其股份于全国中小企业股份转让系统上

市）之董事。彼于1998年1月至1999年5月受聘

于Comonwealth Bank of Australia，彼于该银行

之最后职位为企业融资部行政人员。彼于1995

年1月至1996年2月为Societe Generale Asia

Limited之投资银行部助理经理。

张渺先生已与本公司订立独立非执行董事委任函，

为期一年，并须根据章程轮席退任。张渺先生收

取董事薪酬每年240,000港元，其乃经参考彼于

本公司之职务及职责、其经验及现行市况后厘定。

民商创科控股有限公司

2025年报27

Biographies of Directors and Senior Management

董事及高级管理层履历

张伯陶先生

张伯陶先生（「张伯陶先生」），铜紫荆星章，76

岁，自2018年7月6日起为本公司之独立非执行

董事。彼目前为宝积资本控股有限公司（股份代

号：8168.HK）之独立非执行董事、绿心集团有

限公司（股份代号：94.HK）之独立非执行董事

及中国金融投资管理有限公司（股份代号：605.

HK）之独立非执行董事。于2017年1月1日至

2019年11月8日，张伯陶先生曾担任国农控股

有限公司（股份代号：1236.HK）之独立非执行董

事。张伯陶先生持有香港大学公共行政管理硕

士学位并于2007年获选为优秀校友。张伯陶先

生拥有丰富管理及行政经验。自1969年起，张

伯陶先生曾服务于英国政府当时的驻港部队担

任行政管理工作达21年，最后任文职行政官员。

此后自1989年起，彼受雇于香港证券及期货事

务监察委员会，任职达20年。彼之最后职位为

财务及行政部高级经理。在社会及社区贡献责

任方面，张伯陶先生曾于香港民众安全服务队

担任志愿官员，服务长达30年，在此期间，彼

亦自1990年至1999年连续十年担任前港督卫奕

信勋爵及彭定康先生；及前香港政府特首董建

华先生的名誉副官。张伯陶先生退役时职衔为

香港民众安全服务队助理处长，并于2003年获

香港政府颁授铜紫荆星章。自2015年6月起，张

先生担任三军会的主席。

张伯陶先生已与本公司订立独立非执行董事委

任函，为期一年，并须根据章程轮席退任。张先

生收取董事薪酬每年240,000港元，其乃经参考

彼于本公司之职务及职责、其经验及现行市况

后厘定。

MR. CHEUNG PAK TO

Mr. CHEUNG Pak To (“Mr. P.T. Cheung”), BS, aged 76, is an

independent non-executive Director of the Company since 6 July

2018. He is curently an independent non-executive director of Amase

Capital Holdings Limited (stock code: 8168.HK), an independent non-

executive director of Grenheart Group Limited (stock code: 94.HK) and

also an independent non-executive director of China Financial Services

Holdings Limited (stock code: 605.HK). He was an independent non-

executive director of National Agricultural Holdings Limited (stock code:

1236.HK) from 1 January 2017 to 8 November 2019. Mr. P.T. Cheung

holds a master’s degre in public administration from the University of

Hong Kong of which he was acorded as a distinguished alumnus in

2007. Mr. P.T. Cheung has extensive management and administrative

experiences. From 1969, Mr. P.T. Cheung had served with the United

Kingdom Government, British Forces in Hong Kong for 21 years, with

his final post as a Civilian Executive Oficer. Thereafter from 1989,

he was employed by the Securities and Futures Comision Hong

Kong for 20 years, with his final position as Senior Manager of the

Finance & Administration Department. On the social and comunity

responsibilities front, Mr. P.T. Cheung was a devoted volunter oficer

in the Hong Kong Civil Aid Service for 30 years during which he was

apointed as honorary Aide-de-Camp to the former Governors Lord

Wilson and Mr. Christopher Paten; and Mr. Tung Che-hwa, the former

Chief Executive of Hong Kong Government, for 10 consecutive years

from 1990 to 1999. Mr. P.T. Cheung achieved the rank of Asistant

Comisioner in the Hong Kong Civil Aid Service and was awarded

the Bronze Bauhinia Star by the Hong Kong Government in 2003. Mr.

Cheung has ben the chairman of United Services Recreation Club

Limited since June 2015.

Mr. P.T. Cheung has entered into a leter of apointment with the

Company as an independent non-executive Director for a term of one

year subject to retirement by rotation in acordance with the Articles.

Mr. Cheung receives a director’s remuneration of HK$240,000 anualy,

which was determined with reference to his duties and responsibilities

with the Company, his experience and the prevailing market conditions.

Minshang Creative Technology Holdings Limited

Anual Report 202528

Corporate Governance Report

企业管治报告

CORPORATE GOVERNANCE

The Company is comited to fulfiling its responsibilities to its

Shareholders and protecting and enhancing Shareholders’ value

through god corporate governance.

Corporate governance is the proces by which the Board instructs

management of the Group to conduct its afairs with a view of ensuring

that its objectives are met. The Board is comited to maintaining and

developing robust corporate governance practices that are intended to

ensure:

– satisfactory and sustainable returns to shareholders;

– that the interests of those who deal with the Company are

safeguarded;

– that overal busines risk is understod and managed

apropriately; and

– that high standards of ethic are maintained.

The Board is comited to achieving high corporate governance

standards.

The Directors recognise the importance of incorporating elements of

god corporate governance in the management structures, internal

control and risk management procedures of the Group so as to achieve

efective acountability.

The Company has adopted the Corporate Governance Code (the

“CG Code”) as contained in Apendix C1 to the Rules Governing the

Listing of Securities on The Stock Exchange of Hong Kong Limited

(“Listing Rules”) as disclosed in this anual report, has complied with

al aplicable code provisions as set out in the CG Code during the year

ended 31 March 2025.

企业管治

本公司致力履行对其股东的责任，并透过良好

企业管治维护及提高股东价值。

企业管治乃董事会指示本集团管理层处理其事

务之程序，以确保其目标得以达成。董事会致力

维持及发展健全的企业管治常规，旨在确保：

－为股东带来令人满意及可持续的回报；

－与本公司交易的人士的利益获得保障；

－了解及适当管理整体业务风险；及

－维持高道德标准。

董事会致力于实现高标准的企业管治。

董事深明在本集团管理架构、内部控制及风险

管理程序中引进良好企业管治元素的重要性，

从而达致有效的问责性。

诚如本年报所披露，本公司已采纳香港联合交

易所有限公司证券上市规则（「上市规则」）附录

C1所载的企业管治守则（「企业管治守则」），并

已于截至2025年3月31日止年度内一直遵守企

业管治守则所载的所有适用守则条文。

民商创科控股有限公司

2025年报29

Corporate Governance Report

企业管治报告

SECURITIES TRANSACTIONS BY DIRECTORS

The Company has adopted the Model Code for Securities Transactions

by Directors of Listed Isuers (the “Model Code”) as contained in

Apendix C3 to the Listing Rules as its own code of conduct governing

the securities transactions by the Directors. Folowing a specific enquiry

made by the Company on each of the Directors, al Directors have

confirmed that they had complied with the Model Code during the year

ended 31 March 2025.

BOARD OF DIRECTORS

RESPONSIBILITIES

The Board is primarily responsible for overseing and supervising the

management of the busines afairs and the overal performance of the

Group. The Board sets the Group’s values and standards and ensures

that the requisite financial and human resources suport is in place for

the Group to achieve its objectives. The functions performed by the

Board include but are not limited to formulating the Group’s busines

plans and strategies, deciding al significant financial (including major

capital expenditure) and operational isues, developing, monitoring

and reviewing the Group’s corporate governance practices and al

other functions reserved to the Board under the Articles. The Board

has established Board comites and has delegated to these Board

comites various responsibilities as set out in their respective

terms of reference. The Board may from time to time delegate certain

functions to management of the Group if and when considered

apropriate. The management is mainly responsible for the execution of

the busines plans, strategies and policies adopted by the Board and

asigned to it from time to time.

The Directors have ful aces to information of the Group and are

entitled to sek independent profesional advice in apropriate

circumstances at the Company’s expense.

董事进行证券交易

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之标准守则（「标准守则」），

作为董事进行证券交易之操守准则。经本公司

向各董事作出具体查询后，全体董事已确认彼

等于截至2025年3月31日止年度一直遵守标准

守则。

董事会

职责

董事会主要负责监察及监管本集团之业务事宜

管理及整体表现。董事会确立本集团之价值及

标准，并确保本集团拥有必需之财务及人力资

源支持以达致其目标。董事会履行的职能包括

但不限于制订本集团业务计划及策略、决定所

有重大财务（包括主要的资本支出）及营运事项，

发展、监察及审查本集团的企业管治常规，及所

有其他根据章程须由董事会负责的职能。董事

会已成立董事委员会，并向该等董事委员会授

权多项职责（如其各自之职权范围所载）。董事

会可不时于其认为适当时候向本集团管理层转

授若干职能。管理层主要负责执行董事会所采

纳及不时获指派的业务计划、策略及政策。

董事有权查阅本集团所有资料，亦有权在适当

情况下寻求独立专业意见，费用由本公司支付。

Minshang Creative Technology Holdings Limited

Anual Report 202530

Corporate Governance Report

企业管治报告

董事委员会组成

本公司一向认为董事会中执行董事与独立非执

行董事（「独立非执行董事」）之组成应保持均衡，

使董事会在很大程度上保持独立，从而能够有

效作出独立判断。

于本年报日期，董事会由以下七名董事组成，其

中四名为执行董事及其他三名为独立非执行董事。

有关按类别划分彼等组成之详情如下：

执行董事

吴江涛先生（主席）

陶静远先生（行政总裁）

赖晓鹏先生

宁蒙女士（附注）（于2024年12月19日获委任）

独立非执行董事

蔡子杰先生

张渺先生

张伯陶先生

附注︰宁蒙女士自2024年12月19日起获委任为执

行董事。宁女士于2024年12月12日就其作为上

市发行人董事所适用的上市规则规定及向联交

所作出虚假声明或提供虚假资料所可能引致的

后果，取得上市规则第3.09D条所述有关香港法

律的法律意见，并确认其已明白其作为上市发

行人董事的责任。

有关各董事的履历详情载于本年报「董事及高级

管理层履历」一节。董事之间的关系在本年报「董

事及高级管理层履历」一节下各董事的履历中披

露。除上文所披露者外，董事会成员之间，尤其

是主席与行政总裁之间并无任何关系（包括财务、

业务、家族或其他重大╱相关系）。

COMPOSITION OF BOARD COMITES

The Company is comited to holding the view that the Board should

include a balanced composition of executive Directors and independent

non-executive Directors (the “INEDs”) so that there is a strong

independent element on the Board, which can efectively exercise

independent judgment.

As at the date of this anual report, the Board comprises the folowing

seven Directors, four of whom are executive Directors and the other

thre are INEDs. Details of their composition by category are as folows:

Executive Directors

Mr. WU Jiangtao (Chairman)

Mr. TAO Jingyuan (Chief Executive Oficer)

Mr. LAI Xiaopeng Michael

Ms. NING Mengmeng (Note) (Apointed on 19 December 2024)

Independent Non-executive Directors

Mr. CHOI Tze Kit, Samy

Mr. CHEUNG Miu

Mr. CHEUNG Pak To

Note: Ms. Ning Mengmeng was apointed as an executive Director with efect

from 19 December 2024. Ms. Ning has obtained the legal advice refered

to in Rule 3.09D of the Listing Rules on Hong Kong law as regards the

requirements under the Listing Rules that are aplicable to her as a

director of a listed isuer and the posible consequences of making a

false declaration or giving false information to the Stock Exchange on 12

December 2024, and she has confirmed she understod her obligations as

a director of a listed isuer.

The biographical details of each of the Directors are set out in the

section headed “Biographies of Directors and Senior Management”

of this anual report. The relationships betwen the Directors are

disclosed in the respective Director’s biography under the section

“Biographies of Directors and Senior Management” of this Anual

Report. Saved as disclosed above, there is no relationships (including

financial, busines, family or other material/relevant relationship(s)

betwen the Board members and in particular, betwen the Chairman

and the Chief Executive.

民商创科控股有限公司

2025年报31

Corporate Governance Report

企业管治报告

独立非执行董事

独立非执行董事为董事会带来渊博的业务及财

务专业知识、经验及独立判断。通过积极参与董

事会议，在各董事委员会供职，全体独立非执

行董事将继续为本公司作出多方面贡献。

于截至2025年3月31日止年度，本公司有三名

独立非执行董事（占董事会成员超过三分之一），

已超过上市规则的规定（即独立非执行董事人数

必须最少占董事会成员三分之一），并符合至少

有一名独立非执行董事具备适当专业资格或会

计或相关财务管理专业知识的规定。

本公司已接获各独立非执行董事根据上市规则

第3.13条发出的书面年度独立性确认函。根据

有关确认函，本公司认为，于截至2025年3月

31日止年度及直至本年报日期，全体独立非执

行董事均具独立性，并已符合上市规则第3.13

条所载的独立性指引。

主席在无其他执行董事列席的情况下与独立非

执行董事最少每年举行一次会议。

本公司已就针对董事的法律诉讼作出适当投保

安排。

INDEPENDENT NON-EXECUTIVE DIRECTORS

The INEDs have brought in a wide range of busines and financial

expertise, experience and independent judgement to the Board.

Through active participation in the Board metings and serving on

various Board comites, al INEDs wil continue to make various

contributions to the Company.

During the year ended 31 March 2025, the Company had thre INEDs,

representing more than one-third of the Board members, which

has exceded the requirement of the Listing Rules that the number

of INEDs must represent at least one-third of the Board members,

and also met the requirement that at least one of the INEDs has

apropriate profesional qualifications or acounting or related financial

management expertise.

The Company has received an anual confirmation of independence

in writing from each of the INEDs pursuant to Rule 3.13 of the Listing

Rules. Based on such confirmation, the Company considers that al

the INEDs are independent and have met the independence guidelines

as set out in Rule 3.13 of the Listing Rules during the year ended 31

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

The Chairman holds at least one meting with the INEDs without the

presence of the other executive Directors anualy.

Proper insurance coverage in respect of legal actions against the

Directors has ben aranged by the Company.

Minshang Creative Technology Holdings Limited

Anual Report 202532

Corporate Governance Report

企业管治报告

董事就任须知及持续专业发展

各董事于首次接受委任时均已获提供正式、全面

及特为其而设的就任须知，以确保其对本公司

的运作及业务均有适当的理解，及完全清楚董

事根据法规及普通法、上市规则、其他法律及监

管规定须承担的责任以及本公司业务及管治政策。

本公司将不时向全体董事提供简报，使董事得

以增进及更新彼等的职责及责任，并鼓励全体

董事参加相关培训课程，费用由本公司承担，并

要求全体董事向本公司提供其培训记录。

于截至2025年3月31日止年度，董事已获提供

本公司表现及状况的月度更新资料，使董事会整

体及各董事履行其职责。本公司鼓励全体董事

参与持续专业发展，以提升及更新其知识及技能。

于截至2025年3月31日止年度，根据董事提供

的记录，董事所接受的培训概述如下：

持续专业发展计划的性质包括出席研讨会╱会

议╱论坛，或阅读与经济、整体业务、企业管治、

上市规则及其他法律及法规的修订以及董事职

责有关的报纸、期刊及最新消息。

DIRECTORS’ INDUCTION AND CONTINUING

PROFESIONAL DEVELOPMENT

Each of the Directors has received a formal, comprehensive and

tailored induction on the first ocasion of his/her apointment to ensure

that he/she has a proper understanding of the Company’s operations

and busines and is fuly aware of the director’s responsibilities under

statue and comon law, the Listing Rules, other legal and regulatory

requirements and the Company’s busines and governance policies.

The Company wil provide briefings to al Directors from time to time to

develop and refresh their duties and responsibilities. Al Directors are

also encouraged to atend relevant training courses at the Company’s

expense and they have ben requested to provide the Company with

their training records.

During the year ended 31 March 2025, the Directors were provided

with monthly updates on the Company’s performance and position

to enable the Board as a whole and each Director to discharge their

duties. Al Directors were encouraged to participate in continuous

profesional development to enhance and refresh their knowledge and

skils.

Acording to the records provided by the Directors, a sumary of

training received by Directors during the year ended 31 March 2025 is

as folows:

Name of Directors董事姓名

Continuous

profesional

development

programs

持续专业发展计划

Mr. WU Jiangtao吴江涛先生✔

Mr. TAO Jingyuan陶静远先生✔

Mr. LAI Xiaopeng Michael赖晓鹏先生✔

Ms. NING Mengmeng (Apointed on 19 December 2024)宁蒙女士（于2024年12月19日获委任）✔

Mr. CHOI Tze Kit, Samy蔡子杰先生✔

Mr. CHEUNG Miu张渺先生✔

Mr. CHEUNG Pak To张伯陶先生✔

The nature of continuous profesional development programs includes

atending seminars/conferences/forums or reading newspapers,

journals and updates relating to the economy, general busines,

corporate governance, Listing Rules and other laws and regulation

amendments and directors’ duties and responsibilities.

民商创科控股有限公司

2025年报33

Corporate Governance Report

企业管治报告

董事责任保险

本公司已为所有董事购买保险，以将其正常履

职中可能产生的风险降至最低。

董事会议及董事出席记录

董事会定期召开会议，每年最少举行四次会议，

约每季度一次，并提前向董事发出最少14日的

通知。有关所有其他董事会议，将事先于合理

时间发出通知。董事获准将任何须于会上讨论

及议决的事宜纳入议程。为使董事能够适当知

悉各董事会议提出之议题简要及作出知情决定，

议程及随附董事会议文件将于定期董事会

议拟定日期前最少三日或其他董事会议协定

期间前送交全体董事。本公司之公司秘书（「公

司秘书」）负责保存所有董事会议纪录。会议

纪录草案及定稿将于每次会议之后的合理时间

内分别向董事传阅以供其发表意见及记录，定

稿可供董事查阅。

LIABILITY INSURANCE ON DIRECTORS

The Company has purchased insurances for al Directors to

minimise risks that may be incured in their normal performance of

responsibilities.

METINGS OF THE BOARD AND DIRECTORS’

ATENDANCE RECORDS

The Board mets regularly, and at least four times a year at

aproximately quarterly intervals with notice given to the Directors at

least 14 days in advance. For al other Board metings, notice is given

in a reasonable time in advance. The Directors are alowed to include

any mater in the agenda that is required for discusion and resolution

at the meting. To enable the Directors to be properly briefed on

isues arising at each of the Board metings and to make informed

decisions, an agenda and the acompanying Board papers are sent

to al Directors at least thre days before the intended date of the

regular Board meting, or such other period as agred for other Board

metings. The company secretary of the Company (the “Company

Secretary”) is responsible for keping al Board metings’ minutes.

Draft and final versions of the minutes wil be circulated to the Directors

for coments and record respectively within a reasonable time after

each meting and the final version is open for the Directors’ inspection.

Minshang Creative Technology Holdings Limited

Anual Report 202534

Corporate Governance Report

企业管治报告

于截至2025年3月31日止年度，董事会以亲身

或电子通讯方式，一共召开过5次会议。各董事

于截至2025年3月31日止年度举行之本公司董

事会议及股东大会之出席记录如下：

During the year ended 31 March 2025, the Board convened a total

of 5 metings in person or by means of electronic comunication.

The atendance of each Director at the Board metings and general

metings of the Company held during the year ended 31 March 2025 is

as folows:

Name of Directors董事姓名

No. of Atendance/No. of Metings

出席次数╱会议次数

General

Meting

Board

Meting

股东大会董事会议

Executive Directors执行董事

Mr. WU Jiangtao吴江涛先生2/25/5

Mr. TAO Jingyuan陶静远先生2/25/5

Mr. LAI Xiaopeng Michael赖晓鹏先生2/25/5

Ms. NING Mengmeng

(Apointed on 19 December 2024)

宁蒙女士

（于2024年12月19日获委任）

1/1–

Independent Non-executive Directors独立非执行董事

Mr. CHOI Tze Kit, Samy蔡子杰先生2/25/5

Mr. CHEUNG Miu张渺先生2/25/5

Mr. CHEUNG Pak To张伯陶先生2/25/5

民商创科控股有限公司

2025年报35

Corporate Governance Report

企业管治报告

董事会多元化政策

本公司于2018年11月采纳董事会多元化政策

（「董事会多元化政策」），当中载列实现董事会

多元化的方法。

本公司明白并深信董事会成员多元化的裨益，

并致力确保董事会具备适用于本公司业务要求

的技能、经验及多元化思维的平衡配套。董事会

所有委任将继续用人唯才，兼顾董事会成员多

元化的裨益，并将根据一系列多元化思维（包括

但不限于性别、年龄、文化及教育背景、专业经

验、技能及知识以及服务年期）挑选候选人。

目前，提名委员会认为董事会已充分达致多元

化，而董事会亦有设立任何可计量目标。挑选董

事会候选人乃基于一系列可计量目标，包括但

不限于性别、年龄、文化及教育背景、种族、专

业经验、技能、知识及服务年期，并已充分顾及

本公司自身的业务模式及不时的特定需求。

鉴于现有董事会成员来自不同的业务及专业背景，

本公司认为董事会具备适用于本公司业务要求

的技能、经验、专业知识及多元化思维的平衡配

套。董事会将继续不时并且至少每年检讨其组成

及可计量目标，当中虑及本集团业务的特定需求。

根据上市规则第13.92条，成员全属单一性别的

董事会被联交所视为未达到董事会成员多元

化。于回顾年度，本公司董事会乃单一性别直至

2024年12月19日宁蒙女士获委任为执行董事

为止。宁女士获委任后，本公司已符合上市规则

的规定。董事会亦将采取措施于本公司各个层

级推广性别多元化。本公司员工团队的性别比

率载于环境、社会及管治报告。

BOARD DIVERSITY POLICY

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

Policy”) in November 2018 seting out the aproach to achieve

diversity of the Board.

The Company recognises and embraces the benefits of a diversity of

Board members. It endeavours to ensure that the Board has a balance

of skils, experience and diversity of perspectives apropriate to the

requirements of the Company’s busines. Al Board apointments wil

continue to be made on a merit basis with due regard for the benefits of

diversity of the Board members. Selection of candidates wil be based

on a range of diversity perspectives, including but not limited to gender,

age, cultural and educational background, profesional experience,

skils and knowledge and length of service.

At present, the Nomination Comite considered that the Board is

suficiently diverse and the Board had set any measurable objectives.

Selection of candidates to the Board is based on a range of measurable

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

educational background, ethnicity, profesional experience, skils,

knowledge and length of service, having due regard to the Company’s

own busines model and specific neds from time to time.

With the existing Board members coming from a variety of busines

and profesional background, the Company considers that the Board

poseses a balance of skils, experience, expertise and diversity

of perspectives apropriate to the requirements of the Company’s

busines. The Board wil continue to review its composition and the

measurable objectives from time to time and at least anualy taking

into consideration specific neds for the Group’s busines.

Pursuant to Rule 13.92 of the Listing Rules, the Stock Exchange wil

not consider diversity to be achieved for a single gender board. During

the Year under Review, the Company has a single gender Board until

19 December 2024, when Ms. Ning Mengmeng has be apointed as

an executive Director. After Ms. Ning’s apointment, the Company

has complied with the requirements of the Listing Rules. The Board

shal also take steps to promote gender diversity at al levels within

the Company. The gender ratio in the workforce is set out in the

Environmental, Social and Governance Report.

Minshang Creative Technology Holdings Limited

Anual Report 202536

Corporate Governance Report

企业管治报告

董事委员会

董事会已设立三个董事委员会，即审核委员会、

薪酬委员会及提名委员会，以监控本公司特定

方面之事务。董事委员会均获提供履行其职责

之充分资源。

董事委员会职权范围刊载于本公司网站及联交

所网站，并可应要求供股东索阅。

审核委员会

于2025年3月31日，审核委员会包括三名独立

非执行董事，即蔡子杰先生、张渺先生及张伯陶

先生。蔡子杰先生担任审核委员会主席，其于财

务申报事宜方面拥有相关专业资格及专业知识。

审核委员会已审阅本集团截至2025年3月31日

止年度的综合财务报表及年度业绩。审核委员

会认为综合财务报表已根据适用会计准则、上

市规则及法定条文编制，并已作出充分披露。

审核委员会的主要角色及职能包括但不限于：

、续聘及解聘向董事

会提供建议、批准外部核数师薪酬及聘用

条款，及处理任何有关其辞职或解聘的问题；

、客观性

及核数程序依据适用准则之有效性，并于

开始核数前与外部核数师商讨核数性质与

范畴及汇报责任；

BOARD COMITES

The Board has established thre Board comites, namely the

Audit Comite, the Remuneration Comite and the Nomination

Comite, to overse particular aspects of the Company’s afairs. The

Board comites are provided with suficient resources to discharge

their duties.

The terms of reference of the Board Comite are posted on the

Company’s website and the Stock Exchange’s website and are

available to Shareholders upon request.

AUDIT COMITE

As at 31 March 2025, the Audit Comite consists of thre

independent non-executive Directors, namely Mr. CHOI Tze Kit,

Samy, Mr. CHEUNG Miu and Mr. CHEUNG Pak To. The Audit

Comite is chaired by Mr. CHOI Tze Kit, Samy who poseses

relevant profesional qualification and expertise in financial reporting

maters.

The Audit Comite has reviewed the Group’s consolidated financial

statements and anual results for the year ended 31 March 2025.

The Audit Comite is of the view that the consolidated financial

statements have ben prepared in acordance with the aplicable

acounting standards, the Listing Rules and the statutory provisions,

and suficient disclosures have already ben made.

The principal roles and functions of the Audit Comite include but are

not limited to:

, re-

apointment and removal of the external auditors, and aproving

the remuneration and terms of engagement of the external

auditors, and handling any questions regarding its resignation or

dismisal;

’ independence

and objectivity and the efectivenes of the audit proces in

acordance with aplicable standards and discusing with

the external auditors on the nature and scope of the audit and

reporting obligations before the audit comences;

民商创科控股有限公司

2025年报37

Corporate Governance Report

企业管治报告

• 制定及落实委聘外部核数师提供非核数服

务的政策并向董事会呈报、识别须采取行

动或改善的任何事项并就此作出推荐建议；

、年度报告及账目以

及半年度报告之完整性，并审查其中所载

重大财务汇报判断；

、风险管理及内部控

制系统；

以确保管理层已履行其职责，提供相关有

效系统；

• 应董事会的委派或主动就风险管理及内部

控制事宜的重要调查结果及管理层对调查

结果的回应进行研究；

，确保内部

与外部核数师之间的协调，确保内部审核

职能在本公司内有足够资源运作及于本公

司内部有恰当立场，并审查及监察其有效性；

、核数

师就会计纪录、财务账目或控制系统而向

管理层提出的任何重大疑问及管理层作出

的回应；

• 确保董事会将及时回应于外部核数师给予

管理层的函件中提出的事宜；及

• developing and implementing a policy on engaging external

auditors to suply non-audit services and reporting to the Board,

identifying and making recomendations on any maters where

action or improvement is neded;

’s financial statements

and anual report and acounts, and half-year report, as wel as

reviewing significant financial reporting judgments contained in

them;

’s financial controls, and risk management

and internal control systems;

• discusing the risk management and internal control systems with

the management to ensure that the management has performed

its duty to have such efective systems;

• considering major investigation findings on risk management and

internal control maters as delegated by the Board or on its own

initiative and management’s response to these findings;

, ensuring co-ordination

betwen the internal and external auditors, ensuring that

the internal audit function is adequately resourced and has

apropriate standing within the Company, and reviewing and

monitoring its efectivenes;

’s financial and acounting policies and

practices;

’ management leter, any material

queries raised by the auditors to management about the

acounting records, financial acounts or systems of control and

management’s response;

• ensuring that the Board wil provide a timely response to the

isues raised in the external auditors’ management leters; and

• considering other topics as defined by the Board.

Minshang Creative Technology Holdings Limited

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企业管治报告

于截至2025年3月31日止年度，审核委员会曾

召开五次委员会议。各独立非执行董事于审

核委员会议之出席记录如下：

薪酬委员会

于2025年3月31日，薪酬委员会由三名成员组

成，包括两名独立非执行董事（即张渺先生及张

伯陶先生）以及一名执行董事（即吴江涛先生）。

张渺先生担任薪酬委员会主席。

薪酬委员会的主要角色及职能包括但不限于：

• 就本公司关于全体董事与高级管理层薪酬

的政策及结构，及就制定薪酬政策而设立

正式及透明程序而向董事会作出推荐建议；

，审查及

批准管理层薪酬建议；

• 就个别执行董事及高级管理层之薪酬组合

向董事会作出推荐建议，而有关薪酬组合

包括实物利益、退休金权利及补偿付款（包

括丧失或终止其任职或委任之任何应付补

偿）；

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

five comite metings. The atendance of each INED at the Audit

Comite metings is as folows:

Name of Directors董事姓名

No. of Atendance/

No. of Metings

出席次数╱会议次数

Mr. CHOI Tze Kit, Samy蔡子杰先生5/5

Mr. CHEUNG Miu张渺先生5/5

Mr. CHEUNG Pak To张伯陶先生5/5

REMUNERATION COMITE

As at 31 March 2025, the Remuneration Comite consists of thre

members, including two independent non-executive Directors, namely

Mr. CHEUNG Miu and Mr. CHEUNG Pak To, and one executive

Director, namely Mr. WU Jiangtao. Mr. CHEUNG Miu is the chairman of

the Remuneration Comite.

The principal roles and functions of the Remuneration Comite

include but are not limited to:

’s

policy and structure for the remuneration of al Directors and

senior management and on the establishment of a formal and

transparent procedure for developing the remuneration policy;

’s remuneration

proposals by reference to the Board’s corporate goals and

objectives;

• making recomendations to the Board on the remuneration

packages of individual executive Directors and senior management

including benefits in kind, pension rights and compensation

payments, including any compensation payable for los or

termination of their ofice or apointment;

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企业管治报告

• 就非执行董事之薪酬向董事会作出推荐建

议；

、投入时间、

责任及本集团其他成员之雇用条件；

• 检讨及批准就任何失去或终止其职务或委

任而应付本公司执行董事及高级管理层的

赔偿，以确保有关赔偿与合约条款相一致，

否则亦须公平而不致过多；

• 检讨及批准关于罢免或解聘行为不当董事

之赔偿安排，以确保有关赔偿安排与合约

条款相一致，否则亦须合理适当；及

（定义见

上市规则）参与厘定其本身薪酬。

于截至2025年3月31日止年度，薪酬委员会曾

召开三次委员会议。各董事以薪酬委员会成

员身份出席其会议之记录如下：

• making recomendations to the Board on the remuneration of

the non-executive Directors;

, time

comitment, responsibilities and employment conditions

elsewhere in the Group;

• reviewing and aproving the compensation payable to the

executive Directors and senior management of the Company for

any los or termination of ofice or apointment to ensure that it is

consistent with the contractual terms and is otherwise fair and not

excesive;

• reviewing and aproving the compensation arangements relating

to the dismisal or removal of Directors for misconduct to ensure

that they are consistent with the contractual terms and are

otherwise reasonable and apropriate; and

/her asociates (as

defined in the Listing Rules) is involved in deciding his/her own

remuneration.

During the year ended 31 March 2025, the Remuneration Comite

convened thre comite meting. The atendance of each Director

in the capacity of a member of the Remuneration Comite at its

meting is as folows:

Name of Directors董事姓名

No. of Atendance/

No. of Metings

出席次数╱会议次数

Mr. CHEUNG Miu张渺先生3/3

Mr. WU Jiangtao吴江涛先生3/3

Mr. CHEUNG Pak To张伯陶先生3/3

Minshang Creative Technology Holdings Limited

Anual Report 202540

Corporate Governance Report

企业管治报告

提名委员会

于2025年3月31日，提名委员会由三名成员组

成，包括两名独立非执行董事（即张伯陶先生及

张渺先生）以及一名执行董事（即吴江涛先生）。

吴江涛先生亦为董事会主席及提名委员会主席。

提名委员会的主要角色及职能包括但不限于：

、规模及组成（包

括技能、知识及经验），并就任何建议变动

向董事会作出推荐建议，以配合本公司的

企业策略；

• 物色具备合适资格可担任董事会成员的人

选，并挑选有关提名人士出任董事职务或

就此向董事会作出推荐建议；

；及

（尤其是本公

司主席及主要行政人员）继任计划向董事

会作出推荐建议。

于截至2025年3月31日止年度，提名委员会曾

召开两次委员会议。各董事以提名委员会成

员身份出席其会议之记录如下：

NOMINATION COMITE

As at 31 March 2025, the Nomination Comite consists of thre

members, including two independent non-executive Directors,

namely Mr. CHEUNG Pak To and Mr. CHEUNG Miu, and one

executive Director, namely Mr. WU Jiangtao. Mr. WU Jiangtao is

also the Chairman of the Board, and the chairman of the Nomination

Comite.

The principal roles and functions of the Nomination Comite include

but are not limited to:

, size and composition (including the

skils, knowledge and experience) of the Board at least anualy

and making recomendations on any proposed changes to the

Board to complement the Company’s corporate strategy;

• identifying individuals suitably qualified to become members of the

Board and selecting or making recomendations to the Board on

the selection of individuals nominated for directorships;

; and

• making recomendations to the Board on the apointment or

re-apointment of Directors and the sucesion planing for the

Directors, in particular, the Chairman and the chief executives of

the Company.

During the year ended 31 March 2025, the Nomination Comite

convened two comite meting. The atendance of each Director in

the capacity of a member of the Nomination Comite at its meting

is as folows:

Name of Directors董事姓名

No. of Atendance/

No. of Metings

出席次数╱会议次数

Mr. WU Jiangtao吴江涛先生2/2

Mr. CHEUNG Pak To张伯陶先生2/2

Mr. CHEUNG Miu张渺先生2/2

民商创科控股有限公司

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企业管治报告

提名政策（「提名政策」）于2018年11月获本公司

采纳。根据提名政策，于评估及甄选任何董事候

选人时，提名委员会将考虑以下标准，包括（其

中包括）品格与诚信，资格（文化及教育背景、

专业资格、技能、知识及经验以及董事会多元化

政策所提述的多元化因素）、候选人的资格、技

能、经验、独立性及多元化方面可为董事会带来

的任何潜在贡献、投入足够时间履行身为董事

会及╱或董事委员会成员职责的意愿及能力。

提名委员会及╱或董事会在收到委任新董事的

建议及候选人的履历资料（或相关详情）后，依

据上述准则评估该候选人，以决定该候选人是

否合资格担任董事。提名委员会随后应根据本

公司的需要及每位候选人的资历查核按优先顺

序对候选人进行排名（如适用）以向董事会推荐

委任适当候选人为董事。

企业管治职能

董事会明白企业管治应为董事的集体责任，其

中包括但不限于：

• 制定及检讨本公司的企业管治政策及常规

以及向董事会提出推荐建议；

• 审阅及监察董事及高级管理层的培训及持

续专业发展；

• 审阅及监察本公司遵守法律及监管规定的

政策及常规；

、审阅及监察适用于雇员及董事的行

为守则及合规手册（如有）；及

• 审阅本公司遵守企业管治守则的情况及在

本报告中的披露。

The nomination policy (the “Nomination Policy”) was adopted by the

Company in November 2018. Pursuant to the Nomination Policy, in

evaluating and selecting any candidate for directorship, the Nomination

Comite would consider the folowing criteria, including, among other

things, character and integrity, qualifications (cultural and educational

background, profesional qualifications, skils, knowledge and

experience and diversity aspects under the Board Diversity Policy), any

potential contributions the candidate can bring to the Board in terms

of qualifications, skils, experience, independence and diversity, and

wilingnes and ability to devote adequate time to discharge duties as a

member of the Board and/or Board comite(s).

The Nomination Comite and/or the Board should, upon receipt

of the proposal on apointment of new director and the biographical

information (or relevant details) of the candidate, evaluate such

candidate based on the criteria as set out above to determine whether

such candidate is qualified for directorship. The Nomination Comite

should then recomend to the Board to apoint the apropriate

candidate for directorship with a ranking of the candidates (if aplicable)

by order of preference based on the neds of the Company and

reference check of each candidate.

CORPORATE GOVERNANCE FUNCTIONS

The Board recognises that corporate governance should be the

colective responsibility of the Directors, which includes but is not limited

to:

’s policies and practices

on corporate governance and making recomendations to the

Board;

• reviewing and monitoring the training and continuous profesional

development of the Directors and senior management;

’s policies and practices

on compliance with legal and regulatory requirements;

, reviewing and monitoring the code of conduct and

compliance manual (if any) aplicable to employes and the

Directors; and

’s compliance with the CG Code and

disclosure in this report.

Minshang Creative Technology Holdings Limited

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企业管治报告

委任及重选董事

各董事已与本公司订立服务协议，为期一年，须

依据章程轮席退任。

各非执行董事已与本公司订立委任函，为期一年，

须依据章程轮席退任。

任何获董事会委任以填补临时空缺之董事应任

职至其获委任后的本公司首届股东大会，并须

于该大会上参与重选，及任何获董事会委任作

为现时董事会之新增成员之董事仅可任职至下

届股东周年大会为止，届时合资格重选连任。

全体董事（包括独立非执行董事）须依据章程轮

席退任及合资格重选连任。于本公司各股东周

年大会（「股东周年大会」）上，当时三分之一董

事（或倘人数并非三的倍数，则取最接近但不少

于三分之一的人数）须轮席退任，惟每位董事须

最少每三年于股东周年大会退任一次。退任董

事合资格重选连任及于其退任之大会整个会议

期间继续担任董事。轮席退任的董事包括（就确

定轮席退任董事数目而言属必需）愿意退任且不

再参与重选连任的任何董事。任何如此退任的

其他董事乃自上次连任或委任起计任期最长而

须轮席退任的其他董事，惟倘有数位人士于同

日出任或连任董事，则将予退任的董事（除非彼

等之间另有协议）须由抽签决定。

董事及高级管理层薪酬

于截至2025年3月31日止年度董事的薪酬详情

载于综合财务报表附注10。

APOINTMENT AND RE-ELECTION OF

DIRECTORS

Each of the Directors has entered into a service agrement with the

Company for a year subject to retirement by rotation in acordance

with the Articles.

Each of the non-executive Directors has entered into a leter of

apointment with the Company for a year subject to retirement by

rotation in acordance with the Articles.

Any Director apointed by the Board to fil a causal vacancy shal

hold ofice until the first general meting of the Company after his/her

apointment and be subject to re-election at such meting and any

Director apointed by the Board as an adition to the existing Board

shal hold ofice only until the next folowing anual general meting and

shal then be eligible for re-election.

Al the Directors, including INEDs, are subject to retirement by rotation

and eligible for re-election in acordance with the Articles. At each

anual general meting of the Company (“AGM”), one-third of the

Directors for the time being (or, if their number is not a multiple of thre,

the number nearest to but not les than one-third) shal retire from ofice

by rotation provided that every Director shal be subject to retirement

at the AGM at least once every thre years. A retiring Director shal be

eligible for re-election and shal continue to act as a Director throughout

the meting at which he/she retires. The Directors to retire by rotation

shal include (so far as necesary to ascertain the number of Directors

to retire by rotation) any Director who wishes to retire and does not ofer

himself/herself for re-election. Any further Directors so to retire shal be

those who have ben the longest in ofice since their last re-election or

apointment and so that as betwen the persons who became or were

last re-elected Directors on the same day, those to retire shal (unles

they otherwise agre among themselves) be determined by lot.

REMUNERATION OF DIRECTORS AND SENIOR

MANAGEMENT

Particulars of the Directors’ remuneration for the year ended 31 March

2025 are set out in Note 10 to the consolidated financial statements.

民商创科控股有限公司

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企业管治报告

独立核数师薪酬

于截至2025年3月31日止年度，中兴华郑会

计师事务所有限公司获聘为本集团的独立核数师。

于截至2025年3月31日止年度已付╱应付中兴

华郑会计师事务所有限公司的薪酬载列如下：

董事对财务报表的责任

董事知悉彼等有责任编制本集团截至2025年3

月31日止年度的综合财务报表。

董事并不知悉有关任何事项或情况之重大不明

朗因素，而可能使本公司持续经营之能力受到

重大质疑。

此外，中兴华郑会计师事务所有限公司已于

独立核数师报告述明对本公司截至2025年3月

31日止年度综合财务报表的申报责任。

INDEPENDENT AUDITOR’S REMUNERATION

For the year ended 31 March 2025, Cheng & Cheng Zhongxinghua

CPA Limited was engaged as the Group’s independent auditor.

The remuneration paid/payable to Cheng & Cheng Zhongxinghua CPA

Limited for the year ended 31 March 2025 is set out below:

Fe paid/payable

已付╱应付费用

HK$’000

千港元

Audit services核数服务1,150

Non-audit services非核数服务250

Total总计1,400

DIRECTORS’ RESPONSIBILITY FOR THE

FINANCIAL STATEMENTS

The Directors acknowledge their responsibility for the preparation of the

consolidated financial statements of the Group for the year ended 31

March 2025.

The Directors were not aware of any material uncertainties relating

to events or conditions that may cast significant doubt upon the

Company’s ability to continue as a going concern.

In adition, Cheng & Cheng Zhongxinghua CPA Limited has stated

in the independent auditor’s report its reporting responsibilities on the

Company’s consolidated financial statements for the year ended 31

March 2025.

Minshang Creative Technology Holdings Limited

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企业管治报告

风险管理及内部控制

董事会知悉其监管本集团的风险管理及内部控

制系统的责任，以及透过审核委员会每年检讨有

关系统之成效。审核委员会协助董事会进行监

管并实现其就本集团财务、营运、合规、风险管

理及内部控制之企业角色，而管理层设计、执行

及监督风险管理及内部控制系统，并向董事会

及审核委员会就该等系统之成效作出汇报。然而，

该等系统及内部控制仅能够合理但非彻底地确

保避免出现重大错误陈述或亏损，原因为其乃

设计用作管理而非消除未能实现本集团业务目

标之风险。

于截至2025年3月31日止年度，本集团已就本

集团有关财务、营运及合规控制之风险管理及

内部控制系统之成效及效率作出年度检讨，并

总结有关结果及与审核委员会及董事会进行讨论。

审核委员会及董事会满意本集团风险管理及内

部控制系统之成效及效率。

审核委员会协助董事会按持续基准检讨本集团

风险管理及内部控制系统之成效。董事获审核

委员会告知可能影响本集团表现之重大风险（包

括环境、社会及管治（「环境、社会及管治」）相关

风险）。

于截至2025年3月31日止年度，董事会认为本

集团之风险管理及内部控制系统属有效及充分。

审核委员会已审阅并信纳本集团会计、内部审

核、财务之申报职能以及本集团之环境、社会及

管治表现及报告的资源充足性、员工资历及经验。

本集团在所有重大方面均维持有效之风险管理

及内部控制，董事会未发现任何有关风险管理

及内部控制之重要或重大缺陷。董事会已就本

集团之风险管理及内部控制系统之成效进行检讨，

并认为其属有效及充分。

RISK MANAGEMENT AND INTERNAL

CONTROLS

The Board acknowledges its responsibility for overseing the Group’s

risk management and internal control systems and reviewing the

efectivenes of such systems through the Audit Comite on an

anual basis. The Audit Comite asists the Board in fulfiling its

oversight and corporate roles in the Group’s financial, operational,

compliance, risk management and internal controls, while management

designs, implements and monitors the risk management and internal

control systems, and provides reports to the Board and the Audit

Comite on the efectivenes of these systems. However, systems

and internal controls can only provide reasonable but not absolute

asurance against material mistatement or los, as they are designed

to manage, rather than to eliminate the risk of failure to achieve the

Group’s busines objectives.

During the year ended 31 March 2025, the Group has conducted an

anual review on the efectivenes and eficiency of the Group’s risk

management and internal control systems in relation to the financial,

operational and compliance controls, and the results were sumarised

and discused with the Audit Comite and the Board. The Audit

Comite and the Board are satisfied with the efectivenes and

eficiency of the risk management and internal control systems of the

Group.

The Audit Comite asists the Board in the review of the efectivenes

of the Group’s risk management and internal control systems on an

ongoing basis. The Directors through the Audit Comite are kept

informed of significant risks (including Environmental, Social and

Governance (“ESG”)-related risks) that may impact on the Group’s

performance.

During the year ended 31 March 2025, the Board considered the risk

management and internal control systems of the Group to be efective

and adequate. The Audit Comite has reviewed and is satisfied with

the adequacy of resources, staf qualifications and experience of the

Group’s acounting, internal audit, financial reporting function, as wel

as the Group’s ESG performance and reporting.

The Group maintained efective risk management and internal control in

al material respects, and the Board of Directors was not aware of any

significant or material defects in relation to the risk management and

internal control. The Board of Directors has conducted a review of the

efectivenes of the risk management and internal control systems of

the Group and considered them efective and adequate.

民商创科控股有限公司

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企业管治报告

风险管理及内部控制系统之主要

特点

本集团已采纳风险管理政策，该政策之主要目

标为确保业务持续稳定增长并提出呈报、评估

及解决业务相关风险（包括环境、社会及管治相

关风险）之前瞻性方法，以就风险相关事宜之决

定作出指引。

该政策之明确目标为：

1. 确保本集团目前与未来的所有重大风险得

到识别、评估、量化、妥善缓和、减至最

低及管理，即确保适当的风险管理系统。

2. 就本集团风险管理程序设立一套框架并确

保其执行。

（倘适

用）。

风险评估程序

风险识别乃基于与不同部门的管理层的讨论及

会面。管理层从风险全域初步识别风险，而风险

全域乃为基于环境分析及外部基准建立的风险

集合，而其可能在实体或特定业务流程层面对

本集团产生影响。主要风险因素乃于其后通过

综合讨论及会面的结果识别。

风险评估乃评估已识别主要风险因素的相对影

响及可能性的第二步。该等已识别主要风险因

素由管理层透过规模评级程序进一步评估，以

评估其影响及可能性。

风险优先级排序为一项风险定位工作。风险定

位乃用作根据已识别主要风险因素的影响及可

能性对其进行优先排序。

MAIN FEATURES OF THE RISK MANAGEMENT

AND INTERNAL CONTROL SYSTEMS

The Group has adopted a risk management policy, the main objectives

of which is to ensure sustainable busines growth with stability and to

promote a pro-active aproach in reporting, evaluating and resolving

risks (including ESG-related risks) asociated with the busines, in order

to guide decisions on risk related isues.

The specific objectives of the policy are:

1. to ensure that al the curent and future material risk exposures

of the Group are identified, asesed, quantified, apropriately

mitigated, minimized and managed i.e. to ensure adequate

systems for risk management.

’s risk management

proces and to ensure its implementation.

, wherever

aplicable, through the adoption of best practices.

4. to asure busines growth with financial stability.

RISK ASESMENT PROCES

Risk identification is based on discusions and interviews with

management from diferent departments. Risks are preliminary identified

by management from the risk universe which is a colection of risks built

on environmental analysis and external benchmarking that can impact

the Group at the entity or specific busines proces level. Key risk

factors are then identified by integrating the results of the discusions

and interviews.

Risk evaluation is the second step to ases the relative impact and

likelihod of identified key risk factors. These identified key risk factors

are further asesed by a scale rating proces by the management to

evaluate their impact and likelihod.

Risk prioritization is a maping exercise. A risk map is used to prioritize

the identified key risk factors acording to their impact and likelihod.

Minshang Creative Technology Holdings Limited

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内部审核职能

本集团之内部审核职能主要负责制定各类内部

控制守则及程序及对关键营运流程及相关内部

控制进行审阅，以确保符合本集团风险管理及

内部控制之政策及程序。此外，董事会对风险管

理及内部控制系统的有效性进行年度审阅，涉

及财务、营运及合规控制等所有重要控制层面。

此外，通过进行内部控制审阅以按持续基准审

阅本集团的内部控制系统。有关审阅须每年进行。

董事会认为本集团于本年度的风险管理及内部

控制系统均属有效且充足。

披露内幕消息

本集团知悉其根据香港法例第571章证券及期货

条例及上市规则所应履行的责任，整体原则是

内幕消息必须在有所决定后即时公布。处理及

发布内幕消息的程序及内部控制措施如下：

• 本集团处理其事务时会充分考虑上市规则

项下的披露规定以及香港证券及期货事务

监察委员会于2012年6月颁布的「内幕消

息披露指引」；

、公告及本公司网站

等途径向公众广泛及非独家披露资料，以

实施及披露其公平披露政策；

• 本集团已严格禁止未经授权使用机密或内

幕消息；及

• 本集团已就外界查询本集团事务订立及执

行回应程序，据此，只有执行董事、公司

秘书及本公司投资者关系专员方获授权与

本集团外部人士沟通。

INTERNAL AUDIT FUNCTION

The Group has an internal audit function which is primarily responsible

for developing various internal control manuals and procedures,

conducting reviews on the key operational proceses and the

related internal controls to ensure compliance with the Group’s risk

management and internal control policies and procedures. In adition,

the Board conducted an anual review on the efectivenes of risk

management and internal control systems, covering al material controls

such as financial, operational and compliance controls. In adition,

internal control review was conducted to review the internal control

systems of the Group on an on-going basis. Such review shal be

conducted anualy. The Board considered that the risk management

and internal control systems of the Group for the year were efective

and adequate.

DISCLOSURE OF INSIDE INFORMATION

The Group acknowledges its responsibilities under the Securities and

Futures Ordinance, Chapter 571 of the laws of Hong Kong and the

Listing Rules and the overiding principle that inside information should

be anounced imediately when it is the subject of a decision. The

procedures and internal controls for the handling and disemination of

inside information are as folows:

• the Group conducts its afairs with close regard to the disclosure

requirement under the Listing Rules as wel as the “Guidelines on

Disclosure of Inside Information” published by the Securities and

Futures Comision of Hong Kong in June 2012;

• the Group has implemented and disclosed its policy on fair

disclosure by pursuing broad, non-exclusive distribution of

information to the public through chanels such as financial

reporting, public anouncements and the Company’s website;

• the Group has strictly prohibited unauthorised use of confidential

or inside information; and

• the Group has established and implemented procedures for

responding to external enquiries about the Group’s afairs, so

that only the executive Directors, the Company Secretary and

the head of investor relations of the Company are authorised to

comunicate with parties outside the Group.

民商创科控股有限公司

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公司秘书

关秀妍女士（「关女士」）获委任为公司秘书。彼

现为卓佳专业商务有限公司公司秘书服务部高

级经理。该公司是全球性的专业服务公司，为客

户提供商务、企业及投资者综合服务。

全体董事均可就企业管治以及董事会常规及事

宜获公司秘书提供意见及服务。执行董事赖晓

鹏先生已获指定为本公司主要联络人，将就本

公司企业管治以及秘书及行政事宜与关女士进

行工作及沟通。

于截至2025年3月31日止年度，为遵照上市规

则第3.29条规定，关女士已接受不少于15小时

的相关专业培训。

股息政策

本公司已于2018年11月采纳股息政策（「股息政

策」）。该政策旨在让股东分享本公司溢利，同

时预留本公司的流动资金以捕捉未来增长机遇。

董事会计划建议派发年度股息，相关金额合共

将不少于整个财政年度之股东应占日常业务纯

利的30%，惟须受（其中包括）本公司之营运需

求、盈利、财务状况、营运资本要求及董事会可

能于相关时间视作相关的未来业务计划所规限。

该计划并不等于任何保证或声明或表示本公司

必须或将会按相关方式宣派及派付股息，甚至

不会宣派及派付任何股息。本公司股份之现金

股息（如有）将以港元派付。

本公司可不时考虑派付中期股息及特别股息。

董事会可全权决定是否派付股息，惟须待股东

批准后方可作实（倘适用）。

董事会将不时审阅该政策及可能于相关时间进

行适当修改。

COMPANY SECRETARY

Ms. KWAN Sau In (“Ms. Kwan”) was apointed as the Company

Secretary. She is curently a senior manager of the Company Secretarial

Services Division of Tricor Services Limited, a global profesional

services provider specializing in integrated busines, corporate and

investor services.

Al Directors have aces to the advice and services of the Company

Secretary on corporate governance and board practices and maters.

Mr. LAI Xiaopeng Michael, an Executive Director has ben designated

as the primary contact person at the Company who would work and

comunicate with Ms. Kwan on the Company’s corporate governance

and secretarial and administrative maters.

For the year ended 31 March 2025, Ms. Kwan has undertaken not

les than 15 hours of relevant profesional training respectively in

compliance with Rule 3.29 of the Listing Rules.

DIVIDEND POLICY

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

in November 2018. The policy aims to alow the Shareholders to

participate in the Company’s profits whilst preserving the Company’s

liquidity to capture future growth oportunities. The Board intends to

recomend an anual dividend which would amount in total of not

les than 30% of the net profit from ordinary activities atributable to

Shareholders for ful financial year but subject to, among other things,

the Company’s operational neds, earnings, financial condition, working

capital requirements and future busines plans as the Board may dem

relevant at such time. Such intention does not amount to any guarante

or representation or indication that the Company must or wil declare

and pay dividend in such maner nor declare and not pay any dividend

at al. Cash dividends on the shares of the Company, if any, wil be paid

in Hong Kong dolars.

The Company may from time to time consider paying interim dividends

and special dividends. The Board has complete discretion on whether

to pay a dividend, subject to Shareholders’ aproval, where aplicable.

The Board wil review this policy from time to time and may adopt

changes as apropriate at the relevant time.

Minshang Creative Technology Holdings Limited

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企业管治报告

股东权利

在股东大会上提呈建议的程序

根据本公司组织章程大纲及组织章程细则（「大

纲及细则」）或开曼群岛法例，概无条文允许股

东于股东周年大会上提呈建议或动议。然而，有

意提呈建议或动议的股东可按照下文所载「股东

召开股东特别大会的程序」召开股东特别大会（「股

东特别大会」）。

股东召开股东特别大会的程序

于提出要求当日持有本公司附有可于本公司股

东大会上表决权利的实缴股本不少于10%的任

何一名或多名股东（「合资格股东」），将有权随

时书面要求董事会或公司秘书召开股东特别大

会，以处理有关要求中指明的任何事项，包括于

股东特别大会提呈建议或动议。

有意就于股东特别大会提呈建议或动议而召开

股东特别大会的合资格股东必须将经有关合资

格股东签署的书面要求（「要求书」）递交至本公

司于香港的主要营业地点（现时为香港金钟金钟

道89号力宝中心一座42楼4201室），收件人为

公司秘书。

要求书必须清楚列明有关合资格股东的姓名、

其于本公司的股权、召开股东特别大会的原因

及建议程。

SHAREHOLDERS’ RIGHTS

PROCEDURES FOR PUTING FORWARD

PROPOSALS AT SHAREHOLDERS’ METINGS

There is no provision alowing Shareholders to make proposals or move

resolutions at the AGMs under the memorandum of asociation and the

Articles of Asociation of the Company (the “M&A”) or the laws of the

Cayman Islands. Shareholders who wish to make proposals or move

a resolution may, however, convene an extraordinary general meting

(the “EGM”) in acordance with the “Procedures for Shareholders to

convene an EGM” set out below.

PROCEDURES FOR SHAREHOLDERS TO CONVENE

AN EGM

Any one or more Shareholders holding at the date of deposit of the

requisition not les than 10% of the paid-up capital of the Company

carying the right of voting at general metings of the Company

(the “Eligible Shareholder(s)”) shal at al times have the right, by

writen requisition to require an EGM to be caled by the Board or the

Company Secretary for the transaction of any busines specified in

such requisition, including making proposals or moving a resolution at

the EGM.

Eligible Shareholders who wish to convene an EGM for the purpose

of making proposals or moving a resolution at the EGM must

deposit a writen requisition (the “Requisition”) signed by the Eligible

Shareholder(s) concerned at the principal place of busines of the

Company in Hong Kong (presently Unit 4201, 42/F, Tower One Lipo

Centre, 89 Quensway, Admiralty, Hong Kong) for the atention of the

Company Secretary.

The Requisition must state clearly the name of the Eligible

Shareholder(s) concerned, his/her/their shareholding in the Company,

the reason(s) to convene an EGM and the proposed agenda.

民商创科控股有限公司

2025年报49

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企业管治报告

本公司将查检要求书，合资格股东的身份及股

权则由本公司的香港股份过户登记分处核实。

倘确定要求书为合适及适当，公司秘书将要求

董事会于提出要求书后两个月内召开股东特别

大会及╱或于股东特别大会纳入合资格股东提

出的建议或提呈的决议案。相反，倘要求书核实

为不适当，则有关合资格股东将获知会此结果，

因此董事会将不会召开股东特别大会亦不会于

股东特别大会纳入合资格股东提出的建议或提

呈的决议案。

倘董事会未能在要求书递交后21日内召开有关

大会，则要求人可按相同方式自行召开大会，而

本公司须向有关合资格股东偿付因董事会未能

召开该大会令有关合资格股东产生的所有合理

费用。

股东向董事会提出查询的程序

股东可向董事会提出查询及顾虑，透过邮件送

达本公司于香港的主要营业地点（现时为香港金

钟金钟道89号力宝中心一座42楼4201室）或电

邮至ir-hk@msok.com，收件人为公司秘书。

收到该等查询后，公司秘书将转发以下有关通讯：

2. 有关董事委员会职责范围内的事项至相应

委员会主席；及

（例如建议、查询及客户投诉）

至本公司相应管理层。

The Company wil check the Requisition and the identity and

shareholding of the Eligible Shareholder(s) wil be verified with the

Company’s branch share registrar and transfer ofice in Hong Kong.

If the Requisition is found to be proper and in order, the Company

Secretary wil ask the Board to convene an EGM and/or include

the proposal(s) made or the resolution(s) proposed by the Eligible

Shareholder(s) at the EGM within 2 months after the deposit of the

Requisition. On the contrary, if the Requisition has ben verified as not

in order, the Eligible Shareholder(s) concerned wil be advised of the

outcome and acordingly, the Board wil not cal for an EGM nor include

the proposal(s) made or the resolution(s) proposed by the Eligible

Shareholder(s) at the EGM.

If within 21 days of the deposit of the Requisition the Board fails to

proced to convene such meting, the requisitionist(s) himself/herself

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

expenses incured by the Eligible Shareholder(s) concerned as a

result of the failure of the Board shal be reimbursed to the Eligible

Shareholder(s) by the Company.

PROCEDURES FOR SHAREHOLDERS TO SEND

ENQUIRIES TO THE BOARD

Shareholders may send their enquiries and concerns to the Board by

adresing them to the principal place of busines of the Company

in Hong Kong, presently at Unit 4201, 42/F, Tower One Lipo

Centre, 89 Quensway, Admiralty, Hong Kong, by post or by email at

ir-hk@msok.com, for the atention of the Company Secretary.

Upon receipt of the enquiries, the Company Secretary wil forward the

comunications relating to:

’s purview to the executive

Directors;

’s area of responsibility to

the chairman of the apropriate comite; and

, such as sugestions, enquiries

and client complaints to the apropriate management of the

Company.

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企业管治报告

股东通讯

本公司已采纳股东通讯政策，目的为确保股东

将可平等及时取得本公司的信息，使股东在

知情况下行使彼等权利及允许彼等积极参与

本公司事务。

资料将透过本公司财务报告、股东周年大会及

其他可能召开的股东特别大会与向联交所提交

的所有已刊发披露资料知会股东。

章程文件

截至2025年3月31日止年度，本公司章程文件

并无变动。

COMUNICATION WITH THE SHAREHOLDERS

The Company has adopted a Shareholders’ comunication policy

with the objective of ensuring that the Shareholders wil have equal and

timely aces to information about the Company in order to enable the

Shareholders to exercise their rights in an informed maner and alow

them to engage actively with the Company.

Information wil be comunicated to the Shareholders through the

Company’s financial reports, AGMs and other EGMs that may be

convened as wel as al the published disclosures submited to the

Stock Exchange.

CONSTITUTIONAL DOCUMENTS

There was no change in the constitutional documents of the Company

during the year ended 31 March 2025.

民商创科控股有限公司

2025年报51

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环境、社会及管治报告

ABOUT THIS REPORT

Minshang Creative Technology Holdings Limited (the “Company”,

together with its subsidiaries, the “Group” or “we”) hereby presents its

eighth environmental, social and governance (the “ESG”) report (the

“Report”), which discloses the Group’s activities and performance on

isues of sustainable development in a transparent and open maner,

with the aim of enhancing the confidence and understanding of the

stakeholders toward the Group.

The scope of the Report covers the Group’s operation in the People’s

Republic of China (the “PRC”): (i) information technology (“IT”) solution

busines; (i) trading busines; and (i) renewable energy technology

busines.

The Report forms an integral part of our anual reporting and should be

read in conjunction with our 2024/25 Anual Report, and in particular

the Corporate Governance Report contained therein.

REPORTING PERIOD

Al information herein reflects the performance of the Group in

environmental management and social responsibility from 1 April 2024

to 31 March 2025 (the “Reporting Period”). The ESG disclosure scope

of this year is consistent with that of the anual report.

关于本报告

民商创科控股有限公司（「本公司」，连同其附属

公司统称「本集团」或「我们」）谨此提呈本年度环

境、社会及管治（「环境、社会及管治」）报告（「本

报告」），本报告以透明公开的方式披露本集团

有关可持续发展议题的活动及表现，旨在增加

持份者对本集团的信心及了解。

本报告范围涵盖本集团于中华人民共和国（「中

国」）经营的主营业务：(i)资讯科技（「资讯科技」）

解决方案业务；(i)贸易业务；及(i)可再生能源

科技业务。

本报告构成我们年度报告的一部分，及应与

2024/25年报，尤其是当中载列的企业管治报

告一并阅读。

报告期间

本报告中的所有资料均反映本集团于2024年4

月1日至2025年3月31日（「报告期间」）在环境

管理及社会责任方面的表现。本年度的ESG披

露范围与年报披露范围一致。

Minshang Creative Technology Holdings Limited

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报告准则及原则

本报告乃根据香港联合交易所有限公司（「联交

所」）证券上市规则附录C2所载环境、社会及管

治报告指引（「环境、社会及管治指引」）而编制。

本集团已遵守环境、社会及管治指引所载的「不

遵守就解释」条文及遵循当中所载报告原则，以

界定报告内容及确保所呈列资料的质素，报告

原则包括：

REPORTING STANDARDS AND PRINCIPLES

The Report is prepared in acordance to the Environmental, Social and

Governance Reporting Guide (the “ESG Guide”) as set out in Apendix

C2 to the Rules Governing the Listing of Securities on The Stock

Exchange of Hong Kong Limited (the “Stock Exchange”). The Group

has complied with the “comply or explain” provisions and folowed

the Reporting Principles set out in the ESG Guide to define the report

content and to ensure the quality of information presented, including:

Materiality

重要性

Quantitative

量化

Balance

平衡

Consistency

一致性

•

Material ESG isues have ben identified through stakeholder

engagement and materiality asesment and reviewed by the top

management to ensure their significance to our busines operation.

重大环境、社会及管治议题乃通过持份者参与及重要性评估而识别，

及由高级管理层审查以确保其对我们业务营运的重要性。

量化指标已予披露以监察及评估我们的环境、社会及管治表现以便进

行年度比较及跟踪我们达成环境、社会及管治目标的进度。

本报告通过强调我们在环境、社会及管治管理方面的成就及需要改进

的领域，呈报对本集团环境、社会及管治表现的公正评估。

本报告采用一致的方法，使我们的环境、社会及管治表现于日后可作

公平比较。本集团已披露在适用情况下使用的方法或关键绩效指标

（「关键绩效指标」）的变动。

Quantitative metrics have ben disclosed to monitor and evaluate our

ESG performance for year-to-year comparisons and kep track of our

progres toward our ESG targets.

The Report presented an unbiased asesment of the Group’s ESG

performance by highlighting our achievements and areas for

improvement in ESG management.

The Report has adopted consistent methodologies for a fair comparison

of our ESG performance over time. The Group has disclosed the

changes to the methods or key performance indicators (“KPIs”) used

where aplicable.

民商创科控股有限公司

2025年报53

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环境、社会及管治报告

数据来源及可靠性

本报告载有来自本集团的内部文件、统计报告

或相关公开资料的资料。本报告由本集团编制，

承诺确保当中并无包含任何虚假信息、误导性

陈述或重大遗漏。本集团就报告内容的真实性、

准确性及完整性承担一切责任。

确认及批准

环境、社会及管治报告经本公司管理层确认后，

于2025年6月20日由本公司董事会（「董事会」）

批准。环境、社会及管治报告以中英文两种语言

编制。倘环境、社会及管治报告中英文版本之间

存在任何歧义，概以英文版本为准。

持份者之意见反馈

我们的持续进步有赖阁下对我们的表现及汇

报方式发表宝贵意见。阁下如对本报告有任何

疑问或建议，欢迎电邮至ir-hk@msok.com，从而

令我们不断改善环境、社会及管治常规。

环境、社会及管治方面的治理与

管理

本集团确保建立适当的架构与流程以构建信任、

透明及问责的氛围以及保障持份者的权益。有

效治理的基本目标是保障所有内外部持份者（包

括我们服务的社区）的权益。

董事会声明

董事会明白落实可持续发展实践具有重大意义，

并致力于将环境、社会及管治制度融入其决策

过程中。董事会对监督本集团的环境、社会及管

治相关风险及机遇，制定及批准环境、社会及管

治相关战略及目标，评估本集团在实现环境、社

会及管治相关目标及指标的进度负有最终责任。

SOURCE OF DATA AND RELIABILITY

This Report contains information that has ben obtained from the

Group’s internal documents, statistical reports or relevant public

materials. This Report has ben prepared by the Group with a

comitment to ensuring that it does not contain any false information,

misleading statement or material omision. The Group takes ful

responsibilities for the authenticity, acuracy and completenes of the

report content.

CONFIRMATION AND APROVAL

The ESG Report was aproved by the board of directors of the

Company (the “Board”) on June 20, 2025 upon confirmation by the

management of the Company. The ESG Report is prepared in both

Chinese and English. In case of any discrepancy betwen the Chinese

and English versions of the ESG Report, the English version shal

prevail.

STAKEHOLDERS’ FEDBACK

Your valuable coments on our performance and reporting format are

esential for our continuous progres. You are welcome to email any

question or sugestion on the Report to ir-hk@msok.com, which wil

enable us to continuously improve our ESG practices.

ESG GOVERNANCE AND MANAGEMENT

The Group ensures that the apropriate structure and proceses

are in place to foster an atmosphere of trust, transparency, and

acountability, as wel as safeguard the interests of stakeholders. The

foundational goal of efective governance is protecting the interests of

al stakeholders, both internal and external, including the comunity we

serve.

BOARD STATEMENT

The Board recognises the significance of implementing sustainability

practices and is comited to incorporating ESG systems into their

decision-making proces. The Board holds the ultimate responsibility

for overseing the Group’s ESG-related risks and oportunities, creating

and aproving the ESG-related strategy and objectives, asesing the

progres made towards achieving the Group’s ESG-related targets and

goals.

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Anual Report 202554

Environmental, Social and Governance Report

环境、社会及管治报告

董事会进行定期评估以识别及评估风险，包括

与环境、社会及管治因素相关的风险。董事会亦

保证本集团已制定有效的风险管理及内部控制

系统以应对该等风险。董事会定期举行会议讨

论，以评估此等系统的有效性。凭借落实适当的

环境、社会及管治实践，本集团可加强长远可持

续发展业务，有效满足持份者的期望。董事会明

确其对监督及指导本集团环境、社会及管治的

策略及报告负有整体责任。

环境、社会及管治之管治架构

环境、社会及管治工作小组已成立，由中高层管

理人员组成。该小组协助董事会落实环境、社会

及管治策略及目标，对环境、社会及管治议题进

行重要性评估及从各职能部门收集环境、社会

及管治数据。倘出现任何重大问题，工作小组负

责立即通知董事会。

环境、社会及管治工作小组的职责包括评估为

回应环境、社会及管治关注事项而采取的行动

是否有效及识别任何偏离本集团既定环境、社

会及管治目标及宗旨的情况。该小组与相关部

门协作解决该等偏离情况。每年定期举行会议，

检查所实施环境、社会及管治举措的成效。通过

开展行业研究及遵守监管准则，该小组有效识

别及应对新挑战。

The Board conducts regular evaluations to identify and ases the risks,

including those related to ESG factors. The Board also ensures the

Group has established efective risk management and internal control

systems to adres these risks. Regular metings and discusions

are held by the Board to ases the efectivenes of these systems.

By implementing apropriate ESG governance practices, the Group

can enhance its long-term busines sustainability and efectively met

the expectations of its stakeholders. The Board recognises its overal

responsibility for overseing and directing the Group’s ESG strategy

and reporting.

ESG GOVERNANCE STRUCTURE

An ESG task force has ben established, consisting of individuals from

midle to senior management. This task force asists the Board in

implementing the ESG strategy and objectives by conducting materiality

asesments of ESG isues and colecting ESG data from various

functional departments. Should any critical isues arise, the task force

is tasked with promptly notifying the Board.

The responsibilities of the ESG task force include evaluating the

efectivenes of actions taken in response to ESG concerns and

identifying any variances from the Group’s established ESG goals

and objectives. In adresing these discrepancies, the task force

colaborates with relevant departments. Regular anual metings are

conducted to review the eficacy of the ESG initiatives that have ben

put in place. Through industry research and compliance with regulatory

standards, the task force efectively identifies and adreses emerging

chalenges.

民商创科控股有限公司

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Environmental, Social and Governance Report

环境、社会及管治报告

管治架构

董事会董事会负责制定、管理与评估环

境、社会及管治工作，监督所有

1. Grenhouse Gas

(“GHG”) & Air Emisions

温室气体（「温室气体」）

及废气排放

2. Energy and Water

Consumption

能源消耗及用水量

3. Waste Management

废物管理

4. Climate Change

气候变化

5. Packaging Materials

Consumption

包装材料消耗

6. Product Responsibility

产品责任

7. Suply Chain

Management

供应链管理

8. Product Related

Complaints

产品相关投诉

9. Anti-coruption

Awarenes

反贪污意识

10. Intelectual Property

知识产权

11. Employment

雇佣

12. Labor Standards

劳工准则

13. Health and Safety

健康与安全

14. Development and

Training

发展与培训

15. Privacy Protection

私隐保护

16. Comunity Investment

社区投资

ENVIRONMENT PROTECTION

Through years of engagement in environmental protection practice,

the Group endeavoured to show an outstanding performance in

environmental protection. To preserve our natural environment,

we focus on optimizing resource consumption and preventing and

controling emisions and polution. In FY2025, the Group was in

compliance with related environmental laws and regulations and had

a proper implementation of environmental protection measures in our

operations regarding energy and GHG emisions management, air and

water polution control, and waste management and reduction. Through

continuously engaging our employes and customers, the Group

strives to create long-term environmental values for its stakeholders

and society.

During the Reporting Period, the Group was not aware of any cases of

violation of environmental protection laws and regulations.

民商创科控股有限公司

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Environmental, Social and Governance Report

环境、社会及管治报告

排放物

本集团之排放物主要来自本集团车辆的使用。

基于我们的业务性质，本集团的运营过程并不涉

及大量的废气排放、向水及向土的排污和有害

废弃物。故本集团认为相关排放量并不重大。因

此，本报告未披露相关信息，亦未设立相应的废

气排放及有害废弃物目标。于报告期间，本集团

并无发生违反废气排放的适用法律及法规的事项。

能源及温室气体消耗

我们的温室气体排放主要包括由车辆所消耗的

汽油所产生的直接温室气体排放，以及由使用

外购电力所产生间接的温室气体排放。我们办

公室的用电主要包括空调、照明及其他电子设

备用电。为提高能源效益及降低消耗，我们已实

施若干关键措施。该等措施包括推广节能电器、

推行时间分区系统以及于营业时间后关闭不必

要的照明。

公司致力通过有针对性的内部培训及持续沟通

来提高员工的环保意识。为减少废气污染物的

排放，我们已推出多项环保措施。本集团的高级

管理层积极监督及评估该等措施，以监察该等

措施在减少环境足迹方面的成效。由于本集团

出售餐饮业务后，温室气体排放及能源使用数

据大幅减少，待业务稳定后，本集团将会制定温

室气体排放及能源使用的目标。

用水

在用水方面，本集团并无于寻找合适水源方面

遭遇任何困难，所产生的废水主要来自生活污

水和生产污水，本集团留意水资源的使用情况，

并积极努力减少其运营过程中的用水量。我们

积极采取多项措施以防水资源浪费。该等措施

包括由我们的维修团队定期对供水基础设施进

行漏水测试、及时维修任何漏水的水龙头，以及

策略性地张贴宣传节约用水的海报，提醒个人

确保水龙头用后必须关紧。

EMISION

The Group’s emisions mainly come from the use of the Group’s

vehicles. Based on the nature of our busines, the Group’s operation

proces does not involve a large number of exhaust emisions, sewage

discharge to water and soil and hazardous wastes. Therefore, the

Group believes that the relevant emisions are not significant. Therefore,

this report does not disclose relevant information, nor does it set

coresponding targets for waste gas emision and hazardous waste.

During the Reporting Period, the Group did not violate the aplicable

laws and regulations on exhaust emisions.

ENERGY AND GRENHOUSE GAS CONSUMPTION

Our grenhouse gas emisions mainly include direct grenhouse gas

emisions caused by gasoline consumed by vehicles and indirect

grenhouse gas emisions caused by the use of purchased electricity.

The electricity consumption in our ofice mainly includes air conditioning,

lighting and other electronic equipment. In order to improve energy

eficiency and reduce consumption, we have implemented several

key measures. These measures include promoting energy-saving

apliances, implementing time division system and turning of

unecesary lighting after busines hours.

The company is comited to raising environmental awarenes among

our staf through targeted internal training and ongoing comunication.

In an efort to reduce air polutant emisions, we have launched several

go-gren initiatives. Our Group’s senior management takes an active

role in overseing and evaluating these initiatives to monitor their

efectivenes in reducing our environmental fotprint. As the data of

grenhouse gas emisions and energy use decreased significantly

after the sale of the catering busines, the Group wil set targets for

grenhouse gas emisions and energy use after the busines is stable.

WATER USAGE

In terms of water use, the Group has not encountered any dificulties

in finding suitable water sources. The wastewater generated mainly

comes from domestic sewage and production sewage. The Group is

mindful of water resource utilization and actively works to decrease

water consumption within its operations. We implement several

proactive measures to prevent water wastage. These include regular

leakage tests on water infrastructure, prompt repairs of any leaking

faucets by our maintenance teams, and strategic placement of posters

that promote water conservation, reminding individuals to ensure taps

are fuly closed after use.

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环境、社会及管治报告

管理及减少废物

本集团已采纳全面的废物管理策略，有效管理

其营运所产生的废物。于整个报告期间，我们的

营运并无产生或向环境释放任何有害废物，包

括固体废物或污水。鉴于我们的业务性质，我们

产生的废物通常微乎其微。为达成减少堆填区

废物的目标，我们提倡物料回收再用。

应对气候变化

本集团察悉全球气候变化并确认其业务无可避

免会受可能出现的各种状况影响，如天气模式

变化及极端天气事件。据此，我们将紧贴最新气

候变化状况，并持续改进营运手册。我们亦会制

定和监察应对台风或水浸等恶劣天气状况的应

变措施，并提高员工的环保意识和处理气候相

关紧急状态的能力。

为减少承受日益提高的环境及监管风险，并提

升其商业价值，本集团将继续留意香港政府政

策演变，并正在将气候变化纳入风险管理，制定

关于气候变化抵御力的指引和措施，以确保气

候风险及相关机遇得到妥善管理。

本集团已制定下列环境目标，以表明其应对气

候变化及减少环境影响的承诺：

－尽可能减少温室气体排放；

－通过安装升级恒温器控制及节能空调来提

高能源效益；及

－提高雇员有关能源节约及环境保护的意识。

WASTE MANAGEMENT AND REDUCTION

The Group has adopted a comprehensive waste management strategy

that efectively manages the waste produced by its operations.

Throughout the Reporting Period, our operations did not generate or

release any hazardous waste, including solid waste or sewage, into the

environment. Given the nature of our busines, we typicaly generate

minimal waste. In line with our objective to decrease landfil waste, we

promote recycling and the reuse of materials.

RESPONDING TO CLIMATE CHANGE

The Group is aware of the global climate change and acknowledges

that its busines is inevitably being afected by diferent potential

scenarios, such as shifting weather paterns and extreme weather

events. As such, we wil stay up to date on climate change and make

ongoing improvements to its operation manuals. We wil also formulate

and monitor our adaptation measures for responding to severe weather

conditions such as typhons or floding and enhance our employes’

environmental awarenes and ability to handle climate-related

emergencies.

To reduce the exposure to increasing environmental and regulatory

risks and enhance its busines value, the Group wil continue to monitor

the development of Hong Kong Government policies and is in the

proces of incorporating climate change into risk management and

formulating guidelines and measures on climate resiliency to ensure

climate risks and related oportunities are apropriately managed.

The Group has set the folowing environmental targets in order to

demonstrate its comitment to combating climate change and

reducing its environmental impact:

– Minimising grenhouse gas emision;

– Enhancing energy eficiency by upgrading thermostat controled

and energy eficient air conditioning; and

– Increasing employe’s awarenes for energy saving and

environmental protection.

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环境、社会及管治报告

目前，本集团已采取适当措施以缓解与气候相

关的风险，并认为上述对我们经营的潜在影响

不会十分重大。我们将持续监察和评估与气候

有关的最新演变，并制定适当的缓解措施，以减

少我们面临的气候相关风险。

Curently, the Group has taken apropriate measures to mitigate

climate-related risk, believing that the aforementioned potential impacts

on our operations won’t be material. We wil continue to monitor

and ases the latest climate-related developments and formulate

apropriate mitigation measures to minimize our exposure to the

climate-related risks.

Climate risk categorySpecific riskPotential impactOur countermeasures

气候风险类别具体风险潜在影响我们的对策

Acute Physical Risk

急性实体风险

Risk that are driven by

extreme weather events,

such as typhon, heavy

rainfal, and flods.

由极端天气事件引发的风险，

例如台风、暴雨及水灾。

These risks may increase

the posibility of health

and safety hazards to our

staf, increase insurance

premiums and cause

busines interuption.

该等风险或会增加我们员

工遭受健康及安全危害的

可能性，增加保险费并导

致业务中断。

The Group has formulated

operational procedures in

relation to rainy season and

extreme weather events

safeguard the health and

safety of our employes.

本集团已经制定有关雨季及

极端天气事件的操作程序，

以保障我们员工的健康及安

全。

Chronic Physical Risk

慢性实体风险

Risks asociated with

longer-term shifts in climate

paterns, such as sustained

high temperature, change in

precipitation paterns.

与气候模式长期转变有关的

风险，例如持续高温、降雨

模式的变化等。

Longer-term changes in the

climate, such as increasing

mean temperatures at our

busines locations may

increase operating and

maintenance costs.

气候的长期变化，例如业

务地点的平均温度上升，

可能会增加运营及维护成

本。

Energy-saving initiatives are

being implemented by the

Group in order to minimize

the impact of sustained higher

temperature.

本集团正在实施节能措施，

以减少持续高温的影响。

Transition Risk – Policy and

Legal

过渡风险－政策及法律

New policies and regulations

relating to a low-carbon

economy transition proposed

by the government.

政府提出与低碳经济转型有

关的新政策及法规。

More stringent policy

requirements towards

decarbonisation may cause

higher capital investment

and other non-compliance

fines.

更加严格的减碳政策规定

可能会导致更高的资本投

资及其他不合规罚款。

Our finance and legal

departments kep abreast

of the latest regulatory

development to ensure

compliance with the aplicable

laws and regulations in the

jurisdictions that we operate.

我们的财务和法律部门将会

及时掌握最新的监管发展，

以确保遵守适用于我们运营

所在的司法权区之法律和法

规。

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环境、社会及管治报告

人力资源管理

雇佣及劳工准则

本集团深知其雇员至关重要，将彼等视为我们

策略业务规划不可或缺的关键资产。本集团于

所有雇佣环节均严格遵守相关法律法规，包括

但不限于：

香港：

《雇佣条例》、

《最低工资条例》及

《雇员补偿条例》

中国内地：

《劳动合同法》、

《劳动法》、

《职工带薪年休假条例》、

《妇女权益保障法》、

《残疾人保障法》及

《社会保险法》

Climate risk categorySpecific riskPotential impactOur countermeasures

气候风险类别具体风险潜在影响我们的对策

Transition Risk – Reputation

过渡风险－声誉

Increasing public expectation

on lower-carbon economy

transition may cause

reputational impact on the

busines.

公众对低碳经济转型的期望

越来越高，可能会对企业的

声誉造成影响。

The Group’s reputation

would be adversely afected

if it does not take proactive

steps to adres climate

change and met the public

expectation.

倘不采取积极措施应对气

候变化及满足公众期望，

本集团的声誉将受到不良

影响。

The Group is exploring

oportunities to transform

its busines into low-carbon

operation, so as to avoid

negative impresion on the

enterprise due to lack of

progres.

本集团正在探索将其业务转

变为低碳运营的机会，以避

免因缺乏进展而对企业造成

负面印象。

HUMAN RESOURCES MANAGEMENT

EMPLOYMENT AND LABOUR STANDARDS

The Group acknowledges the critical importance of its employes,

viewing them as key asets integral to our strategic busines planing.

In al aspects of employment, the Group diligently adheres to relevant

laws and regulations, which include, but are not limited to:

In Hong Kong:

“Employment Ordinance”,

“Employment Ordinance”, and

“Employes’ Compensation Ordinance”

In Mainland China:

“Labour Contract Law”,

“Labour Law”,

“Regulations on Paid Anual Leave of Employes”,

“Law on the Protection of Women’s Rights and Interests”,

“Law on the Protection of Disabled Persons”, and

“Social Insurance Law”

民商创科控股有限公司

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Environmental, Social and Governance Report

环境、社会及管治报告

我们的承诺不仅限于合乎规定，我们还致力于

构建一个没有歧视的多元共融环境。我们确保

雇员于招聘或晋升过程中不因性别、种族、宗教

信仰、肤色、性取向、年龄、婚姻状况或家庭状

况而遭受歧视。为维护雇员权益及确保平等对待，

我们制定《女性雇员劳动保护规定》以及《反歧视

及反性骚扰程序》等政策，帮助我们公平地认可

及奖励人才。

我们对童工及强制劳动严格执行零容忍政策。

任何有关活动均被严格禁止，且为防止发生该

等行为，人力资源部对所有候选人均进行严格

的筛选及彻底的背景调查，包括核实申请时提

供的个人信息及确认身份以确保合规。

倘发现任何雇用童工或强制劳动的情况，将立

即终止有关个人的雇佣，随后开展全面调查以

查明根本原因。我们亦保留处罚对该等违法行

为负责任的任何雇员的权利。于整个报告期间，

本集团并无任何雇用童工或强制劳动的事件。

于报告期间，本集团并不知悉工作中存在任何

童工或强制劳动的个案。

职业健康与安全

我们优先考虑雇员的福祉及安全，并致力于降

低我们运营中的职业健康与安全（职安健）风险。

我们通过制定内部指引及定期实地巡查来维持

高安全标准，以确保我们的办公室有一个安全

积极的环境。我们主动识别、评估及减少潜在职

安健危害。

我们的目标是所有参与日常活动的员工均无发

生意外事故。我们及时有效地处理工作相关的

伤害及事故。所有事故必须呈报行政办公室，以

便详细调查及妥为记录。此外，我们为员工提供

全面的工伤保险。

未来，我们将继续加强我们的职安健措施，保护

员工免受职业风险，确保每个人都有一个安全

的工作环境。于报告期间，并无发生因工死亡及

受伤事故，因此损失工作日数。

Our comitment extends beyond compliance; we are dedicated to

creating a diverse and inclusive environment fre from discrimination.

We ensure no employe is discriminated against during hiring or

promotion based on gender, ethnicity, religion, color, sexual orientation,

age, marital status, or family status. To uphold employe rights and

ensure equitable treatment, we have enacted policies like the “Rules on

the Labour Protection of Female Employes” and “Anti-discrimination

and Harasment Procedures”, which help us recognize and reward

talent fairly.

We strictly enforce a zero-tolerance policy against child labor and

forced labor. Any such activities are strictly prohibited, and our Human

Resources Department conducts rigorous screning and thorough

background checks on al candidates to prevent these practices.

This includes verifying personal details provided on aplications and

confirming identities to ensure compliance.

Should any instances of child labor or forced labor be detected,

imediate termination of the involved individual’s employment wil

ocur, folowed by a comprehensive investigation to determine the rot

causes. We also reserve the right to discipline any employes found

responsible for these ofenses. Throughout the Reporting Period, there

were no incidents of child or forced labor within the Group.

During the Reporting Period, the Group was not aware of any cases

regarding the practice of child labour or forced labour at work.

OCUPATIONAL HEALTH AND SAFETY

We prioritize the wel-being and safety of our employes and are

dedicated to reducing Ocupational Health and Safety (OHS) risks

acros our operations. We maintain high safety standards by developing

internal guidelines and performing regular on-site inspections to ensure

a secure and positive environment in our ofices. We proactively identify,

ases, and mitigate potential OHS hazards.

Our goal is to achieve zero acidents among al staf engaged in daily

activities. We handle work-related injuries and acidents promptly and

efectively. Al incidents must be reported to our administrative ofice for

a detailed investigation and proper recording. Aditionaly, we provide

comprehensive insurance coverage for employes sufering from work-

related injuries

Moving forward, we wil continue to enhancing our OHS measures

to safeguard employes from ocupational risks and ensure a safe

working environment for everyone. During the Reporting Period, there

were no work-related deaths and injuries, resulting in lost working days.

Minshang Creative Technology Holdings Limited

Anual Report 202564

Environmental, Social and Governance Report

环境、社会及管治报告

培训及发展

我们非常重视员工发展，期望与员工共同成长。

因此，我们持续对雇员培训及发展计划投入资源，

协助员工提高专业知识及技能以履行工作职责，

并促进彼等全面发展，从而为我们客户提供更

优质的产品和服务。

我们鼓励持续进修，为员工提供入职培训及定

期在职培训，以发展实用知识和技能。作为本集

团沟通策略的一部分，我们定期召开营运会议，

确保讯息能准确传递至本集团不同部门。

我们为员工提供在职培训计划，使他们能够获得

为客户开发及实施尖端技术解决方案的实践经

验。该计划为我们的员工提供了一个宝贵的机会，

通过现实处境获得实际经验以提高技术技能。

产品及服务责任

本集团致力于为客户提供安全、优质及可靠的

产品及服务。此外，我们奉行全面优质管理的原

则，并坚持为雇员提供广泛的质量保证培训。

TRAINING AND DEVELOPMENT

We atach great importance to the staf development and aspire to

grow with our employes. As such, we continuously invest resources in

employe training and development plans in helping our employes to

enhance their profesional knowledge and skils for performing duties at

work and promoting their al-round development, thereby to provide our

customers with beter quality of products and services.

We encourage continuous education and provide employes with

induction training and regular on-the-job training to develop practical

knowledge and skils. As part of the Group’s comunication strategy,

regular operation metings are scheduled to ensure the acurate

disemination of information to diferent departments among the Group.

We provide on-the-job training program for our employes to enable

them to gain hands-on experience in developing and implementing

cuting-edge technology solutions for clients. The program has provided

our employes with a valuable oportunity to enhances their technical

skils through gaining practical experiences in a real-world seting.

PRODUCT AND SERVICE RESPONSIBILITY

The Group is dedicated to providing our customers with products and

services that are safe, of high quality, and reliable. Aditionaly, we

embrace the principles of total quality management and consistently

ofer extensive training in quality asurance to our employes.

民商创科控股有限公司

2025年报65

Environmental, Social and Governance Report

环境、社会及管治报告

产品质量及顾客满意度

本集团一直不断改善我们的产品及服务，确保

我们的客户得到最优质的服务。我们通过安装

防火墙、定期进行数据备份及采用侵入侦测系

统增强我们的安全措施。该等措施加强我们应

对数据保安事故的能力，提高我们侦测违规行

为及防范恶意程式入侵的能力。

我们透过电邮、顾客服务热线及顾客满意度调

查等多种渠道，与客户保持开放的沟通渠道。该

等互动方式帮助我们确认有待改善的地方及收

集有价值的反馈。作为我们持续业务发展的一

部分，我们致力于不断提升顾客体验，我们提供

全面的售后支持，包括营运培训、现场保养及检查。

于报告期间，并无录得顾客投诉。

供应链管理

本集团明白负责任的供应链管理对可持续增长

至关重要，因此致力于与供应商建立持久和谐

的关系。

作为我们日常管理实践的一部分，我们坚持评

估及监查供应商的表现及关系。本集团积极鼓

励我们的供应商将环境、社会及管治倡议纳入

其运营当中，特别是与环保及可持续发展有关

的倡议。此外，我们的标准采购合约包含可持续

性条款，要求我们的供应商遵守环境及职业安

全与健康标准。

PRODUCT QUALITY AND CUSTOMER

SATISFACTION

The Group consistently enhances our products and services, ensuring

our customers receive top-quality service. We have bolstered our

security measures by instaling firewals, conducting regular data

backups, and using intrusion detection systems. These steps improve

our response to data security incidents and bolster our capabilities in

detecting iregularities and guarding against malware.

We maintain open lines of comunication with our customers through

various chanels, such as email, a customer service hotline, and

customer satisfaction surveys. These interactions help us identify

areas for improvement and gather valuable fedback. Comited to

continualy enhancing the customer experience as part of our ongoing

busines development, we ofer comprehensive after-sales suport,

including operational training, on-site maintenance, and inspections.

During the Reporting Period, no customer complaints were recorded.

SUPLY CHAIN MANAGEMENT

Acknowledging the crucial importance of responsible suply chain

management for sustainable growth, the Group is dedicated to

cultivating lasting and harmonious relationships with our supliers.

We consistently ases and monitor our supliers’ performance and

relationships as part of our routine management practices. The Group

actively encourages our supliers to integrate ESG (Environmental,

Social, and Governance) initiatives into their operations, particularly

those concerning environmental protection and sustainability.

Furthermore, our standard procurement contracts include sustainability

clauses that mandate compliance with environmental and ocupational

safety and health standards by our supliers.

Minshang Creative Technology Holdings Limited

Anual Report 202566

Environmental, Social and Governance Report

环境、社会及管治报告

反贪污

本集团以诚信及道德为核心理念，据此，本集团

致力遵守有关反贪污的所有法律法规。我们察

悉采购及质量监控程序中存有内在贪污风险，

已就此采取应对措施。我们已制定行为守则，就

商业道德操守及维护商业诚信提供指引。全体

董事、高级人员及雇员均需遵守行为守则列出

的原则以及所有反贪污相关法律、规例及规则。

再者，本集团严格遵守《防止贿赂条例》的规定。

全体职工均严禁作出任何贪污行为。

于报告期间，并无针对本集团或其员工提起有

关贪污作为的已确认法律诉讼、索偿或纠纷个案。

尽管本集团于报告期间并未为董事及员工主办

任何反贪污培训，但我们理解改善我们培训课

程的需要，并致力于日后加强反贪污培训。

保障客户资料私隐及知识产权

本集团明白其对保护并落实知识产权负有的责

任并已实施有关程序，本集团亦已制定特定程

序及防御措施以保护客户资料免遭未经授权存取、

使用和泄漏，并维护其资料私隐。我们藉要求员

工和商业伙伴签署保密协议以保障我们的知识

产权，确保彼等对敏感资料保密。同时，我们亦

聘请法律顾问提供法律意见以保障我们的权利。

本集团审慎管理敏感资讯并全面遵守香港《个人

资料（私隐）条例》及《中华人民共和国网络安全

法》。于报告期间内，我们并无发生资料私隐违

规个案，亦无发生严重侵犯知识产权事件。

ANTI-CORUPTION

The Group’s philosophy places integrity and ethics at its core. As such,

the Group is comited to complying with al laws and regulations

concerning anti-coruption. We are aware of the inherent risk of

coruption in the procurement and quality control procedures and have

taken measures to adres this isue. We have developed a Code of

Conduct to provide guidance on achieving ethical busines operations

and maintaining busines integrity. It is required that al directors,

oficers, and staf adhere to the principles outlined in the Code of

Conduct, as wel as al relevant laws, regulations, and rules relating to

anti-coruption. Moreover, the Group strictly adheres to the Prevention

of Bribery Ordinance provisions. It is strictly prohibited for al staf

members to engage in any form of corupt practices.

During the Reporting Period, there were no confirmed cases regarding

corupt practices of legal procedings, claims or disputes brought

against the Group or its employes. Although the Group did not

organise any anti-coruption training provided to directors and staf

during the Reporting Period, we acknowledge the ned to improve our

training curiculum and strive to enhance our training on anti-coruption

in the future.

PROTECTION OF CUSTOMER DATA PRIVACY AND

INTELECTUAL PROPERTY RIGHTS

While the Group has acknowledged its responsibility and implemented

procedures to protect and enforce intelectual property rights, it has also

put in place specific procedures and safeguards to protect customers’

information from unauthorised aces, usage and leakage and to

maintain their data privacy. We protect our intelectual property rights

by requiring our employes and busines partners to sign confidentiality

agrements to ensure they kep sensitive information confidential.

Meanwhile, we also hire legal advisors to provide legal advice for the

protection of our rights. The Group manages sensitive information with

caution and fuly complies with “Personal Data (Privacy) Ordinance

in Hong Kong” and “Cybersecurity Law of the People’s Republic of

China”. During the Reporting Period, there was no incident of non-

compliance with data privacy reported and no material infringement of

our intelectual property rights.

民商创科控股有限公司

2025年报67

Environmental, Social and Governance Report

环境、社会及管治报告

社区投资

本集团致力促进共融及尊重多元化的社会团体。

于履行企业社会责任过程中，我们致力提升社

区福祉。我们积极参与各类社区活动，并通过参

与社区服务、慈善赞助、教育计划、文体活动以

及环保行动来支持社会发展。未来，本集团将继

续鼓励其雇员贡献时间及精力，以支持本地社

区及为其带来积极影响。

于报告期间，本集团曾向香港理工大学捐赠港

币1,000,000元，以支持香港资讯科技相关研究。

香港理工大学以世界一流的学术与研究优势，

造就不少创新发明，为建设可持续发展的未来

作出贡献。

关键绩效指标

环境绩效

COMUNITY INVESTMENT

The Group is comited to fostering inclusivenes and showing respect

to diverse comunity groups. In our eforts to uphold corporate social

responsibility, we are dedicated to enhancing the wel-being of our

comunity. We actively engage in a variety of comunity activities

and suport social development through participation in comunity

services, charitable sponsorships, educational programs, cultural and

sporting events, and environmental initiatives. Loking ahead, the

Group wil continue to encourage its employes to contribute their time

and energy to suport and bring positivity to our local comunity.

During the Reporting Period, the Group donated HK$1,000,000 to the

Hong Kong Polytechnic University to suport IT-related research in

Hong Kong. With its world-clas academic and research advantages,

the Hong Kong Polytechnic University has made many inovations and

made contributions to building a sustainable future.

KEY PERFORMANCE INDICATORS

ENVIRONMENTAL PERFORMANCE

Unit2023/242024/25

单位2023/24年2024/25年

Exhaust polutant

废气污染物

Nitrogen oxides (“NO

”) emisionsKg–1.28

氮氧化物（「氮氧化物」）排放千克

Sulphur Oxides (“SO

”) emisionsKg–0.002

硫氧化物（「硫氧化物」）排放千克

Particulate mater (“PM”) emisionKg–0.12

颗粒物排放千克

Grenhouse Gas emisions

温室气体排放

Scope 1 emisionsStationary combustionTone of CO

equivalent–

范围1排放固定燃烧吨二氧化碳当量

Mobile combustionTone of CO

equivalent–0.39

移动燃烧吨二氧化碳当量

TotalTone of CO

equivalent–0.39

总量吨二氧化碳当量

Scope 2 emisionsPurchased electricity

3,4,5

Tone of CO

equivalent3.4114.05

范围2排放外购电力

3、4、5

吨二氧化碳当量

TotalTone of CO

equivalent3.4114.05

总量吨二氧化碳当量

Total Grenhouse Gas emisionsTotalTone of CO

equivalent3.4114.44

温室气体总排放量总量吨二氧化碳当量

DensityTone of CO

equivalent/

HK$ milion in revenue

0.42975.60

密度吨二氧化碳当量╱

百万港元收益

Minshang Creative Technology Holdings Limited

Anual Report 202568

Environmental, Social and Governance Report

环境、社会及管治报告

Unit2023/242024/25

单位2023/24年2024/25年

Waste generation

废物产生

Non-hazardous waste generatedOfice paper purchaseKg–26

无害废物产生量办公纸张购买量千克

Resources Consumption

资源消耗

Direct energy consumptionPetrol ²L–166.80

直接能耗汽油

升

Petrol ²MWh–1.58

汽油

兆瓦时

Indirect energy consumptionPurchased electricity

MWh5.1792.62

间接能耗外购电力

兆瓦时

Total energy consumptionTotalMWh5.1794.20

能耗总量总量兆瓦时

DensityMWh/HKD milion revenue0.65493.20

密度兆瓦时╱百万港元收益

Water consumption

Totalm

–

耗水量

总量立方米

Densitym

/HKD milion revenue–

密度立方米╱百万港元收益

Consumption of packaging materialsCartonTone–

包装材料消耗纸箱吨

TotalTone–

总量吨

DensityTone/ HKD milion revenue–

密度吨╱百万港元收益

民商创科控股有限公司

2025年报69

Environmental, Social and Governance Report

环境、社会及管治报告

备注：

《附

录二：环境关键绩效指标汇报指引》计算。

2. 本集团的温室气体排放包括主要包括由车辆所消耗

的汽油所产生的直接温室气体排放。

，该等数字的香港部分乃根据香港电灯

有限公司最新发布的每单位售电的碳排放因子计算。

，该等数字的中国内地部分乃根据中华

人民共和国生态环境局发布的公告，2022年全国电

力平均二氧化碳排放因子每单位售电的碳排放因子

计算。

，办公室数量增加，故范围2排放

及外购电力的间接能源消耗有所增加。

，有害废弃物不被视为本集

团营运的重要议题。因此，并无披露所产生的有害

废弃物数量。

Remarks:

1. The Group’s emisions of exhaust polutants are calculated acording

to Apendix I: Guidelines for Reporting Environmental Key Performance

Indicators published by the Stock Exchange.

2. The Group’s grenhouse gas emisions mainly include direct grenhouse gas

emisions generated by gasoline consumed by vehicles.

3. For this Reporting Period, the Hong Kong portion of these figures is calculated

acording to the latest published carbon emision factor per unit of electricity

sold by the Hongkong Electric Company Limited in 2024.

4. For this Reporting Period, the mainland China part of these figures is calculated

acording to the anouncement isued by People’s Republic of China (PRC)

Bureau of Ecology and Environment, and the national average carbon dioxide

emision factor per unit of electricity sold in 2022.

5. Due to the influence of increasing the number of ofices during this Reporting

Period, the indirect energy consumption of scope 2 emisions and purchased

electricity has increased.

6. Due to the nature of the Group’s busines, hazardous waste is not regarded

as an important isue in the Group’s operation. Therefore, the amount of

hazardous waste generated is not disclosed.

7. The water consumption is mainly ofice water.

Minshang Creative Technology Holdings Limited

Anual Report 202570

Environmental, Social and Governance Report

环境、社会及管治报告

社会绩效SOCIAL PERFORMANCE

Unit2023/20242024/2025

单位2023/2024年2024/2025年

Total number of employes

Number15100%45100%

雇员总数

人数

By GenderMaleNumber and percentage1387%3476%

按性别划分男性人数及百分比

FemaleNumber and percentage213%1124%

女性人数及百分比

By AgeAge 30 or belowNumber and percentage–24%

按年龄划分30岁或以下人数及百分比

Age 31–50Number and percentage1173%3680%

31–50岁人数及百分比

Age 51 or aboveNumber and percentage427%716%

51岁或以上人数及百分比

By Employment typePermanentNumber and percentage15100%45100%

按雇佣类别划分长期人数及百分比

Part-TimeNumber and percentage–

兼职人数及百分比

By Employe categorySenior managementNumber and percentage640%37%

按雇佣类别划分高级管理人员人数及百分比

Midle managementNumber and percentage320%1635%

中级管理人员人数及百分比

Junior stafNumber and percentage340%2658%

前线员工人数及百分比

Employe Turnover Rate

Percentage–13.3%

雇员流失率

百分比

By GenderMalePercentage–8.9%

按性别划分男性百分比

FemalePercentage–4.4%

女性百分比

By AgeAge 30 or belowPercentage–2.2%

按年龄划分30岁或以下百分比

Age 31–50Percentage–8.9%

31–50岁百分比

Age 51 or abovePercentage–2.2%

51岁或以上百分比

民商创科控股有限公司

2025年报71

Environmental, Social and Governance Report

环境、社会及管治报告

Unit2023/20242024/2025

单位2023/2024年2024/2025年

Employe development and training

雇员发展及培训

Percentage of employes trained%–84.4%

受训雇员百分比

Workforce trained by gender

按性别划分的受训雇员

Male%–76.3%

男性

Female%–23.7%

女性

Workforce trained by employment category

按雇佣类别划分的受训雇员

Senior management%–5.3%

高级管理人员

Midle management personel%–28.9%

中级管理人员

Junior staf%–65.8%

前线员工

Average training hours received by employeHours–5.07

雇员接受的平均培训时数小时

Average training hours by gender

按性别划分的平均培训时数

MaleHours–5.12

男性小时

FemaleHours–4.91

女性小时

Average training hours by employment category

按雇佣类别划分的平均培训时数

Senior managementHours–4.00

高级管理人员小时

Midle management personelHours–4.13

中级管理人员小时

Junior stafHours–5.77

前线员工小时

Minshang Creative Technology Holdings Limited

Anual Report 202572

Environmental, Social and Governance Report

环境、社会及管治报告

Unit2023/20242024/2025

单位2023/2024年2024/2025年

Health and Safety

健康与安全

Work-related fatalitiesNumber and ratio–0%–0%

因工作关系死亡人数人数及比率

Lost days due to work-related injuryNumber of calendar day–Not

aplicable

–Not

aplicable

因工伤损失工作天数日历天数不适用不适用

Product and service-related complaintsNumber of cases–Not

aplicable

–Not

aplicable

关于产品及服务的投诉案例数量不适用不适用

Products sold or shiped subject to recals for

safety and health reasons

Number and percentage–0%–0%

因安全与健康理由而须回收的

已售或已运送产品

数量及百分比

Charitable donationHong Kong dolar (HK$)–Not

aplicable

1,000,000Not

aplicable

慈善捐赠港元不适用不适用

Suply Chain Management

Unit2023/242024/25

单位2023/24年2024/25年

Total number of supliersNumber4151

供应商总数目

Number of supliers by geographical region

按地区划分的供应商数目

Hong KongNumber–121

香港数目

Mainland ChinaNumber430

中国大陆数目

8. The number of employes refers to the number of employes at the end of the

financial year of the Group.

9. The calculation method of employe turnover rate is: the total number of

employes (or by category) who left the Group in the fiscal year/the total

number of employes (or by category) at the end of the fiscal year *100.

10. The reporting method adopted for the above employe development

and training data is based on “How to Prepare Environmental, Social and

Governance Reports-Apendix I: Guidelines for Reporting Social Key

Performance Indicators” published by the Stock Exchange.

供应链管理

：财政年度内离开本集团

的员工（或按类别划分）总人数╱财政年度末员工（或

按类别划分）总人数*100。

10. 上述雇员发展及培训数据所采用的报告方法乃基于

联交所刊发的《如何编制环境、社会及管治报告－

附录三：社会关键绩效指标汇报指引》。

民商创科控股有限公司

2025年报73

Environmental, Social and Governance Report

环境、社会及管治报告

联交所环境、社会及管治报告指引内容

索引

HKEX ESG Reporting Guide Content Index

Mandatory Disclosure RequirementReference Chapters and Remarks

强制披露规定章节及附注索引

Governance structureAbout this Report and Our Management to ESG Isues

管治架构关于本报告以及我们对于环境、社会及管治议题之管理

Reporting principlesAbout this Report and Our Management to ESG Isues

报告原则关于本报告以及我们对于环境、社会及管治议题之管理

Reporting BoundaryAbout this Report and Our Management to ESG Isues

报告范围关于本报告以及我们对于环境、社会及管治议题之管理

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

A. Environmental

A.环境

Aspect A1: Emisions

层面A1：排放物

General Disclosure

一般披露

Information on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to air and

grenhouse gas emisions, discharges into water and

land, and generation of hazardous and non-hazardous

waste.

有关废气及温室气体排放、向水及土地的排污、有害及无害

废弃物的产生等的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

Environmental Protection

环境保护

KPI A1.1

关键绩效指标A1.1

The types of emisions and respective emisions data.

排放物种类及相关排放数据。

Key Performance

Indicator

关键绩效指标

KPI A1.2

关键绩效指标A1.2

Direct (Scope 1) and energy indirect (Scope 2) grenhouse gas

emisions (in tones) and, where apropriate, intensity.

直接（范围1）及能源间接（范围2）温室气体排放量（以吨计算）

及（如适用）密度（如以每产量单位、每项设施计算）。

Key Performance

Indicator

关键绩效指标

KPI A1.3

关键绩效指标A1.3

Total hazardous waste produced (in tones) and, where

apropriate, intensity.

所产生有害废弃物总量（以吨计算）及（如适用）密度（如以每

产量单位、每项设施计算）。

Key Performance

Indicator

关键绩效指标

Minshang Creative Technology Holdings Limited

Anual Report 202574

Environmental, Social and Governance Report

环境、社会及管治报告

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

KPI A1.4

关键绩效指标A1.4

Total non-hazardous waste produced (in tones) and, where

apropriate, intensity.

所产生无害废弃物总量（以吨计算）及（如适用）密度（如以每

产量单位、每项设施计算）。

Key Performance

Indicator

关键绩效指标

KPI A1.5

关键绩效指标A1.5

Description of emision target(s) set and steps taken to achieve

them.

描述所订立的排放量目标及为达到这些目标所采取的步骤。

Environmental Protection

环境保护

KPI A1.6

关键绩效指标A1.6

Description of how hazardous and non-hazardous wastes are

handled, and a description of reduction target(s) set and steps

taken to achieve them.

描述处理有害及无害废弃物的方法，及描述所订立的减废目

标及为达到这些目标所采取的步骤。

Environmental Protection

环境保护

Aspect A2: Use of Resources

层面A2：资源使用

General Disclosure

一般披露

Policies on the eficient use of resources, including energy, water

and other raw materials.

有效使用资源（包括能源、水及其他原材料）的政策。

Environmental Protection

环境保护

KPI A2.1

关键绩效指标A2.1

Direct and/or indirect energy consumption by type in total (kWh

in ’000s) and intensity.

按类型划分的直接及╱或间接能源（如电、气或油）总耗量（以

千个千瓦时计算）及密度（如以每产量单位、每项设施计算）。

Key Performance

Indicator

关键绩效指标

KPI A2.2

关键绩效指标A2.2

Water consumption in total and intensity (e.g. calculated per

production unit and per facility).

总耗水量及密度（如以每产量单位、每项设施计算）。

Key Performance

Indicator

关键绩效指标

KPI A2.3

关键绩效指标A2.3

Description of energy use eficiency target(s) set and steps taken

to achieve them.

描述所订立的能源使用效益目标及为达到这些目标所采取的

步骤。

Environmental Protection

环境保护

KPI A2.4

关键绩效指标A2.4

Description of whether there is any isue in sourcing water that

is fit for purpose, water eficiency target(s) set and steps taken to

achieve them.

描述求取适用水源上可有任何问题，以及所订立的用水效益

目标及为达到这些目标所采取的步骤。

Environmental Protection

环境保护

KPI A2.5

关键绩效指标A2.5

Total packaging material used for finished products (in tones)

and, if aplicable, with reference to per unit produced.

制成品所用包装材料的总量（以吨计算）及（如适用）每生产单

位占量。

Key Performance

Indicator

关键绩效指标

民商创科控股有限公司

2025年报75

Environmental, Social and Governance Report

环境、社会及管治报告

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

Aspect A3: The Environment and Natural Resources

层面A3：环境及天然资源

General disclosure

一般披露

Policies to reduce the isuer’s significant impact on the

environment and natural resources.

减低发行人对环境及天然资源造成重大影响的政策。

Environmental Protection

环境保护

KPI A3.1

关键绩效指标A3.1

Description of the significant impacts of activities on the

environment and natural resources and the actions taken to

manage them.

描述业务活动对环境及天然资源的重大影响及已采取管理有

关影响的行动。

Environmental Protection

环境保护

Aspect A4: Climate Change

层面A4：气候变化

General Disclosure

一般披露

Policies on identification and mitigation of significant climate-

related isues which have impacted, and those which may

impact, the isuer.

识别及应对已经及可能会对发行人产生影响的重大气候相关

事宜的政策。

Environmental Protection

环境保护

KPI A4.1

关键绩效指标A4.1

Description of the significant climate-related isues which have

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

actions taken to manage them.

描述已经及可能会对发行人产生影响的重大气候相关事宜，

及应对行动。

Environmental Protection

环境保护

B. Social

B.社会

Aspect B1: Employment

层面B1：雇佣

General Disclosure

一般披露

Information on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a

significant impact on the isuer relating to compensation

and dismisal, recruitment and promotion, working hours,

rest periods, equal oportunity, diversity, antidiscrimination,

and other benefits and welfare.

有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机会、

多元化、反歧视以及其他待遇及福利的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

Human Resources

Management

人力资源管理

Minshang Creative Technology Holdings Limited

Anual Report 202576

Environmental, Social and Governance Report

环境、社会及管治报告

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

KPI B1.1

关键绩效指标B1.1

Total workforce by gender, employment type, age group and

geographical region.

按性别、雇佣类型（如全职或兼职）、年龄组别及地区划分的

雇员总数。

Key Performance

Indicator

关键绩效指标

KPI B1.2

关键绩效指标B1.2

Employe turnover rate by gender, age group and geographical

region.

按性别、年龄组别及地区划分的雇员流失比率。

Key Performance

Indicator

关键绩效指标

Aspect B2: Health and Safety

层面B2：健康与安全

General Disclosure

一般披露

Information on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to providing a

safe working environment and protecting employes from

ocupational hazards.

有关提供安全工作环境及保障雇员避免职业性危害的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

Human Resources

Management

人力资源管理

KPI B2.1

关键绩效指标B2.1

Number and rate of work-related fatalities ocured in each of

the past thre years including the reporting year.

过去三年（包括汇报年度）每年因工亡故的人数及比率。

Key Performance

Indicator

关键绩效指标

KPI B2.2

关键绩效指标B2.2

Lost days due to work injury.

因工伤损失工作日数。

Key Performance

Indicator

关键绩效指标

KPI B2.3

关键绩效指标B2.3

Description of ocupational health and safety measures

adopted, how they are implemented and monitored.

描述所采纳的职业健康与安全措施，以及相关执行及监察方法。

Human Resources

Management

人力资源管理

民商创科控股有限公司

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Environmental, Social and Governance Report

环境、社会及管治报告

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

Aspect B3: Development and Training

层面B3：发展及培训

General Disclosure

一般披露

Policies on improving employes’ knowledge and skils for

discharging duties at work. Description of training activities.

有关提升雇员履行工作职责的知识及技能的政策。描述培训

活动。

Human Resources

Management

人力资源管理

KPI B3.1

关键绩效指标B3.1

The percentage of employes trained by gender and employe

category.

按性别及雇员类别（如高级管理层、中级管理层）划分的受训

雇员百分比。

Key Performance

Indicator

关键绩效指标

KPI B3.2

关键绩效指标B3.2

The average training hours completed per employe by gender

and employe category.

按性别及雇员类别划分，每名雇员完成受训的平均时数。

Key Performance

Indicator

关键绩效指标

Aspect B4: Labour Standards

层面B4：劳工准则

General Disclosure

一般披露

Information on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have a

significant impact on the isuer relating to preventing child

and forced labour.

有关防止童工或强制劳工的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

Human Resources

Management

人力资源管理

KPI B4.1

关键绩效指标B4.1

Description of measures to review employment practices to

avoid child and forced labour.

描述检讨招聘惯例的措施以避免童工及强制劳工。

Human Resources

Management

人力资源管理

KPI B4.2

关键绩效指标B4.2

Description of steps taken to eliminate such practices when

discovered.

描述在发现违规情况时消除有关情况所采取的步骤。

Human Resources

Management

人力资源管理

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Environmental, Social and Governance Report

环境、社会及管治报告

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

Aspect B5: Suply Chain Management

层面B5：供应链管理

General Disclosure

一般披露

Policies on managing environmental and social risks of the

suply chain.

管理供应链的环境及社会风险政策。

Product and Service

Responsibility

产品及服务责任

KPI B5.1

关键绩效指标B5.1

Number of supliers by geographical region.

按地区划分的供应商数目。

Key Performance

Indicator

关键绩效指标

KPI B5.2

关键绩效指标B5.2

Description of practices relating to engaging supliers, number

of supliers where the practices are being implemented, how

they are implemented and monitored.

描述有关聘用供应商的惯例，向其执行有关惯例的供应商数目、

以及相关执行及监察方法。

Product and Service

Responsibility

产品及服务责任

KPI B5.3

关键绩效指标B5.3

Description of practices used to identify environmental and social

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

monitored.

描述有关识别供应链每个环节的环境及社会风险的惯例，以

及相关执行及监察方法。

Product and Service

Responsibility

产品及服务责任

KPI B5.4

关键绩效指标B5.4

Description of practices used to promote environmentaly

preferable products and services when selecting supliers, and

how they are implemented and monitored.

描述在拣选供应商时促使多用环保产品及服务的惯例，以及

Information on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to health and

safety, advertising, labeling and privacy maters relating to

products and services provided and methods of redres.

有关所提供产品和服务的健康与安全、广告、标签及私隐事

宜以及补救方法的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

Product and Service

Responsibility

产品及服务责任

民商创科控股有限公司

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环境、社会及管治报告

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

KPI B6.1

关键绩效指标B6.1

Percentage of total products sold or shiped subject to recals

for safety and health reasons.

已售或已运送产品总数中因安全与健康理由而须回收的百分比。

There has ben

no incident of

noncompliance with

regulations and/

or voluntary codes

concerning the health

and safety impacts of

products and services.

并无有关产品和服务对

健康及安全构成影响的

违规及╱或违反自愿性

守则的事件。

KPI B6.2

关键绩效指标B6.2

Number of products and service related complaints received

and how they are dealt with.

接获关于产品及服务的投诉数目以及应对方法。

Product and Service

Responsibility

产品及服务责任

KPI B6.3

关键绩效指标B6.3

Description of practices relating to observing and protecting

intelectual property rights.

描述与维护及保障知识产权有关的惯例。

Protection of Customer

Data Privacy and

Intelectual Property

Rights

保障客户资料私隐及知

识产权

KPI B6.4

关键绩效指标B6.4

Description of quality asurance proces and recal procedures.

描述质量检定过程及产品回收程序。

Not a material topic to

the Group since majority

of busines is about IT

solution, and there is no

product recal from its

operation.

对本集团并非重大议

题，因业务绝大部分关

于资讯科技解决方案，

而其营运中并无录得产

品回收。

KPI B6.5

关键绩效指标B6.5

Description of consumer data protection and privacy policies,

how they are implemented and monitored.

描述消费者资料保障及私隐政策，以及相关执行及监察方法。

Protection of Customer

Data Privacy and

Intelectual Property

Rights

保障客户资料私隐及知

识产权

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环境、社会及管治报告

Aspects,

General Disclosure, KPIsDescription

Reference Chapters/

Remarks

层面、一般披露、关键绩效指标描述章节╱附注索引

Aspect B7: Anti-coruption

层面B7：反贪污

General Disclosure

一般披露

Information on:

(a) the policies; and

(b) compliance with relevant laws and regulations that have

a significant impact on the isuer relating to bribery,

extortion, fraud and money laundering.

有关防止贿赂、勒索、欺诈及洗黑钱的：

(a) 政策；及

(b) 遵守对发行人有重大影响的相关法律及规例的资料。

Product and Service

Responsibility

产品及服务责任

KPI B7.1

关键绩效指标B7.1

Number of concluded legal cases regarding corupt practices

brought against the isuer or its employes during the Reporting

Period and the outcomes of the cases.

于汇报期内对发行人或其雇员提出并已审结的贪污诉讼案件

的数目及诉讼结果。

There has ben no legal

cases regarding corupt

practices brought

against the Group or its

employes.

并无对本集团或其雇员

提出的贪污诉讼案件。

KPI B7.2

关键绩效指标B7.2

Description of preventive measures and whistleblowing

procedures, how they are implemented and monitored.

描述防范措施及举报程序，以及相关执行及监察方法。

Product and Service

Responsibility

产品及服务责任

KPI B7.3

关键绩效指标B7.3

Description of anti-coruption training provided to directors and

staf.

描述向董事及员工提供的反贪污培训。

Product and Service

Responsibility

产品及服务责任

Aspect B8: Comunity investment

层面B8：社区投资

General Disclosure

一般披露

Policies on comunity engagement to understand the neds

of the comunities where the isuer operates and to ensure its

activities take into consideration the comunities’ interests.

有关以社区参与来了解营运所在社区需要和确保其业务活动

会考虑社区利益的政策。

Comunity Investment

社区投资

KPI B8.1

关键绩效指标B8.1

Focus areas of contribution.

专注贡献范畴（如教育、环境事宜、劳工需求、健康、文化、

体育）。

Comunity Investment

社区投资

KPI B8.2

关键绩效指标B8.2

Resources contributed to the focus area.

在专注范畴所动用资源（如金钱或时间）。

Comunity Investment

社区投资

民商创科控股有限公司

2025年报81

Directors’ Report

董事会报告

The Directors present this report together with the audited consolidated

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

PRINCIPAL ACTIVITIES

The principal activity of the Company is investment holding. The

Group is principaly engaged in (i) information technology (“IT”) solution

busines; (i) trading busines; and (i) renewable energy technology

busines in the People’s Republic of China (the “PRC”) as at 31 March

2025. The principal activities of the subsidiaries of the Company are set

out in Note 23 to the consolidated financial statements. The segment

information of the operations of the Group for the year ended 31 March

2025 is set out in Note 5 to the consolidated financial statements.

BUSINES REVIEW

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

including (i) a discusion of the principal risks and uncertainties facing

by the Group; (i) an indication of likely future developments in the

busines of the Group; (i) an analysis using financial key performance

indicators; (iv) a discusion on the Group’s environmental policies and

performance; and (v) an acount of the Group’s key relationships with

employes, customers and supliers, is set out in the sections headed

“Management Discusion and Analysis” and “Environmental, Social

and Governance Report” of this anual report, respectively. These

discusions form part of this anual report.

Details for the Group’s compliance with the relevant laws and

regulations that have a significant impact on the Group and the

important events afecting the Group that have ocured since the end

of the financial year are set out on page 94 of this anual report.

RESULTS AND APROPRIATIONS

The Group’s results for the year ended 31 March 2025 are set out in

the consolidated statement of profit or los and other comprehensive

income on page 103 of this anual report.

The Board has resolved not to recomend the payment of any final

dividend in respect of the year ended 31 March 2025.

董事兹呈列本报告连同本集团于截至2025年3

月31日止年度的经审核综合财务报表。

主要业务

本公司的主要业务为投资控股。于2025年3月

31日，本集团主要于中华人民共和国（「中国」）

从(i)资讯科技（「资讯科技」）解决方案业务；(i)贸

易业务；及(i)可再生能源科技业务。本公司附

属公司的主要业务载于综合财务报表附注23。

截至2025年3月31日止年度，本集团营运的分

部资料载于综合财务报表附注5。

业务回顾

本集团截至2025年3月31日止年度的业务回顾

（包括(i)有关本集团所面临主要风险及不确定因

素的讨论；(i)本集团未来可能的业务发展动向；

(i)采用财务主要表现指标之分析；(iv)有关本集

团环保政策及表现的讨论；及(v)本集团与雇员、

客户及供应商的主要关系方面的说明）分别载于

本年报「管理层讨论及分析」及「环境、社会及管

治报告」章节。该等讨论构成本年报的一部分。

有关本集团遵守对本集团有重大影响的相关法

律及法规的情况以及于财政年度末起发生影响

本集团的重大事件的详情，载于本年报第94页。

业绩及分派

本集团于截至2025年3月31日止年度的业绩载

于本年报第103页的综合损益及其他全面收益表

内。

董事会已议决不建议就截至2025年3月31日止

年度派付任何末期股息。

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于本年度已发行的股份

于截至2025年3月31日止年度已发行股份的详

情载于综合财务报表附注31。

可分派储备

于2025年3月31日，根据开曼群岛公司法计算

的本公司可供分派储备约为108.3百万港元（包

括股份溢价及累计亏损）。

银行贷款及其他借款

于2025年3月31日，本集团并无任何银行贷款

及其他借贷。

股票挂钩协议

本公司于截至2025年3月31日止年度并无订立

任何股票挂钩协议。

优先购买权

章程项下并无优先购买权的规定且开曼群岛法

律项下并无对该等权利的限制，规定本公司须

按比例向现有股东发售新股份。

财务概要

本集团于过往5个财政年度的业绩以及资产及负

债概要载于本年报第208页。

购买、出售或赎回本公司上市证券

于截至2025年3月31日止年度，本公司及其任

何附属公司概无购买、出售或赎回其任何上市

证券（包括出售库存股份）。

于2025年3月31日，本公司概无持有任何库存

股份。

SHARES ISUED IN THE YEAR

Details of the shares isued during the year ended 31 March 2025 are

set out in Note 31 to the consolidated financial statements.

DISTRIBUTABLE RESERVES

As at 31 March 2025, the Company’s reserves available for distribution,

calculated in acordance with the Companies Law of the Cayman

Islands, was aproximately HK$108.3 milion inclusive of share premium

and acumulated loses.

BANK LOANS AND OTHER BOROWINGS

The Group did not have any bank loan and other borowing as at 31

March 2025.

EQUITY-LINKED AGREMENTS

The Company did not enter into any equity-linked agrement during the

year ended 31 March 2025.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the Articles and

there is no restriction against such rights under the laws of the Cayman

Islands, which would oblige the Company to ofer new Shares on a pro-

rata basis to existing Shareholders.

FINANCIAL SUMARY

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

the last five financial years is set out on page 208 of this anual report.

PURCHASE, SALE OR REDEMPTION OF THE

COMPANY’S LISTED SECURITIES

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

redemed any of its listed securities (including sale of treasury shares)

during the year ended 31 March 2025.

As at 31 March 2025, there were no treasury shares held by the

Company.

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捐赠

于截至2025年3月31日止年度，本集团向香港

一所大学捐赠1,000,000港元以支持资讯科技相

关研究。

购股权计划

本公司于2016年11月8日采纳购股权计划。购

股权计划已于2016年11月29日生效，其主要条

款概述如下：

(1) 目的

购股权计划目的在于使董事会向合资格人

士（定义见下文）授予购股权，作为对其为

本集团所作贡献或潜在贡献的激励或奖励，

以及聘请及挽留优秀的合资格人士及吸引

对本集团有价值的人力资源。

(2) 合资格人士

「合资格人士」指(i)本集团任何成员公司或

投资实体的任何雇员或拟定雇员（不论全

职或兼职，包括任何董事）；及(i)任何产品

或服务供应商、任何客户、提供研究、开

发或其他技术支援的任何人士或实体、任

何股东或其他对本集团或任何投资实体的

发展及增长有所贡献的人士。

(3) 可予发行股份总数

因根据购股权计划将予授出的全部购股

权获行使而可予发行的最高股份数目为

80,000,000股份，即于上市日期已发行

股份以及因进行于2018年8月24日获批准

并于2018年8月27日生效的股份拆细而产

生的本公司拆细股份总数的10%。

DONATION

During the year ended 31 March 2025, the Group donated

HK$1,000,000 to an university in Hong Kong to suport the IT-related

researches.

SHARE OPTION SCHEME

The Company adopted the Share Option Scheme on 8 November

2016. The Share Option Scheme became efective on 29 November

2016 and its principal terms are sumarized below:

(1) PURPOSE

The purpose of the Share Option Scheme is to enable the

Board to grant options to Eligible Persons (as defined below)

as incentives or rewards for their contribution or potential

contribution to the Group and to recruit and retain high calibre

Eligible Persons and atract human resources that are valuable to

the Group.

(2) ELIGIBLE PERSONS

“Eligible Persons” refer to (i) any employe or proposed employe

(whether ful time or part time, including any director) of any

member of the Group or invested entity; and (i) any suplier

of gods or services, any customer, any person or entity that

provides research, development or other technological suport,

any shareholder or other participants who contributes to the

development and growth of the Group or any invested entity.

(3) TOTAL NUMBER OF SHARES AVAILABLE FOR

ISUE

A maximum of 80,000,000 Shares, being 10% of the total number

of Shares in isue on Listing Date and the subdivision of shares of

the Company aproved on 24 August 2018 and become efective

on 27 August 2018, which may be isued upon exercise of al

options to be granted under the Share Option Scheme.

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(4) 每名合资格人士的配额上限

除非获股东于股东大会上批准及于下文段

落之规限下，于任何12个月期间内因根据

购股权计划向任何一名人士授出的购股权

（包括已行使、已注销及尚未行使的购股权）

获行使而发行及将予发行的最高股份数目

不得超过不时已发行股份的1%。

向一名主要股东或一名独立非执行董事或

任何彼等各自的联系人士（定义见上市规则）

授出之购股权，倘于截至授出日期（包括该

日）止任何十二个月期间(a)合计超过已发

行股份总数的0.1%；及(b)按各授出日期的

股份收市价计算的总值超逾5百万港元，

则该等购股权的授出须事先获股东于股东

大会上批准。

(5) 购股权期限

根据购股权计划的规则，承授人可于董事

会将厘定及知会承授人的期间届满前随时

全部或部分行使购股权，惟该期间无论如

何不得超过要约函件日期起计十年，并将

于该十年期最后一日届满。

(6) 最短归属期间

除非董事会就相关购股权要约而另行规定，

概无购股权于可行使前必须持有的最短期间。

(7) 接纳购股权须付款项

购股权计划的参与者须于要约日期起计21

日内向本公司递交正式签署的要约函件，

并向本公司支付每份购股权1港元之款项

作为授出购股权的代价。

(4) MAXIMUM ENTITLEMENT OF EACH ELIGIBLE

PERSON

Unles aproved by the Shareholders in general meting and

subject to the folowing paragraph, the maximum number of

Shares isued and to be isued upon exercise of the options

granted under the Share Option Scheme to any one person

(including exercised, canceled and outstanding options) in any

12-month period shal not exced 1% of the Shares in isue from

time to time.

Options granted to a substantial Shareholder or an INED or any

of their respective asociates (as defined in the Listing Rules) in

any 12-month period up to and including the date of such grant

(a) representing in agregate over 0.1% of the total number of

Shares in isue; and (b) having an agregate value, based on the

closing price of the Shares at the date of each grant, in exces of

HK$5 milion, must be aproved by the Shareholders in general

meting in advance.

(5) OPTION PERIOD

Subject to the rules of the Share Option Scheme, an option may

be exercised in whole or in part by the grante at any time before

the expiry of the period to be determined and notified by the

Board to the grante which in any event shal not be longer than

ten years comencing on the date of the ofer leter and expiring

on the last day of such ten-year period.

(6) MINIMUM VESTING PERIOD

No minimum period for which an option must be held before the

exercise of any option save as otherwise imposed by the Board in

the relevant ofer of options.

(7) PAYMENT ON ACEPTANCE OF THE OPTION

Participants of the Share Option Scheme are required to submit

to the Company a duly signed ofer leter within 21 days from the

ofer date together with a payment in favour of the Company of

HK$1 per option as the consideration of the grant.

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董事会报告

(8) 厘定行使价之基准

根据购股权计划所授出的任何特定购股权

所涉及的股份认购价将由董事会厘定，最

低价格须为下列三者中的最高者：

(i) 股份于董事会通过决议案，批准向合

资格人士作出授予购股权要约的日期

（「要约日期」，该日须为交易日）于联

交所每日报价表所报的收市价；

(i) 股份于紧接要约日期前五个交易日于

联交所每日报价表所报的平均收市价；

及

(i) 于要约日期一股份的面值。

(9) 剩余年期

除本公司于股东大会或由董事会提早终止

外，购股权计划的有效期为自采纳购股权

计划日期起计十年，其后不会授出进一步

购股权。紧接购股权计划到期前授出及接

纳及尚未行使的所有购股权将继续为有效

并可根据购股权计划的条款行使。

自采纳购股权计划以来，尚无根据购股权计划

授出之购股权。因此于截至2025年3月31日止

年度，概无购股权获行使或注销或失效，及于

2025年3月31日并无尚未行使之购股权。

根据购股权计划可予发行的股份总数为

80,000,000股份，占于本年报日期已发行股份

（不包括库存股份）总数的8.4%。于2024年4月

1日及2025年3月31日根据购股权计划授权可

供授出的购股权数目为80,000,000份。

(8) BASIS OF DETERMINING THE EXERCISE PRICE

The subscription price of a Share in respect of any particular

option granted under the Share Option Scheme shal be such

price as determined by the Board, and shal be at least the

highest of:

(i) the closing price of the Shares as stated in the Stock

Exchange’s daily quotations shet on the date (the “Ofer

Date”), which must be a trading day, on which the Board

pases a resolution aproving the making of an ofer of

grant of an option to an Eligible Person;

(i) the average of the closing prices of the Shares as stated

in the Stock Exchange’s daily quotation shets for the five

trading days imediately preceding the Ofer Date; and

(i) the nominal value of a Share on the Ofer Date.

(9) REMAINING LIFE

Subject to earlier termination by the Company in general meting

or by the Board, the Share Option Scheme shal be valid and

efective for a period of ten years comencing on the date of

adoption of the Share Option Scheme, after which period no

further options shal be granted. Al options granted and acepted

and remaining unexercised imediately prior to the expiry of the

Share Option Scheme shal continue to be valid and exercisable

in acordance with the terms of the Share Option Scheme.

Since the adoption of the Share Option Scheme, no option has ben

granted under the Share Option Scheme. Therefore, no option was

exercised or canceled or lapsed during the year ended 31 March 2025

and there was no outstanding option as at 31 March 2025.

The total number of Shares that may be isued under the Share Option

Scheme was 80,000,000 Shares, representing 8.4% of the total

number of isued Shares (excluding treasury shares) as at the date

of this anual report. The number of share options available for grant

under the mandate of the Share Option Scheme as at 1 April 2024 and

31 March 2025 were 80,000,000.

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董事会报告

董事

于截至2025年3月31日止年度及直至本报告日

期止之董事如下：

执行董事

吴江涛先生（主席）

陶静远先生（行政总裁）

赖晓鹏先生

宁蒙女士（于2024年12月19日获委任）

独立非执行董事

蔡子杰先生

张渺先生

张伯陶先生

根据章程第83(3)条，任何获董事会委任以填补

临时空缺之董事将任职至其获委任后的本公司

首届股东大会，并须于该大会上参与重选，而任

何获董事会委任作为现时董事会之新增成员之

董事仅可任职至下届股东周年大会为止，届时

将符合资格重选连任。

根据章程第84条，三分之一的董事须于本公司

各届股东周年大会上轮值退任及重选连任，惟

每名董事须至少每三年退任一次。

因此，赖晓鹏先生、宁蒙女士、张渺先生及张

伯陶先生须于应届股东周年大会上退任并符合

资格及愿意重选连任。

DIRECTORS

The Directors during the year ended 31 March 2025 and up to the date

of this report are:

EXECUTIVE DIRECTORS

Mr. WU Jiangtao (Chairman)

Mr. TAO Jingyuan (Chief Executive Oficer)

Mr. LAI Xiaopeng Michael

Ms. NING Mengmeng (Apointed on 19 December 2024)

INDEPENDENT NON-EXECUTIVE DIRECTORS

Mr. CHOI Tze Kit, Samy

Mr. CHEUNG Miu

Mr. CHEUNG Pak To

Pursuant to Article 83(3) of the Articles, any Director apointed by the

Board to fil a casual vacancy shal hold ofice until the first general

meting of the Company after his/her apointment and be subject to

re-election at such meting and any Director apointed by the Board

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

folowing AGM and shal then be eligible for re-election.

Pursuant to Article 84 of the Articles, one-third of the Directors shal

retire from ofice by rotation and shal be subject to re-election at each

AGM, provided that every Director shal retire at least once every thre

years.

Acordingly, Mr. LAI Xiaopeng Michael, Ms. NING Mengmeng, Mr.

CHEUNG Miu and Mr. CHEUNG Pak To shal retire from ofice at

the forthcoming AGM and being eligible, wil ofer themselves for re-

election.

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董事会报告

董事及高级管理层之履历

本公司董事及高级管理层之简历详情载于本年

报第23至27页。

董事服务合约

吴江涛先生、陶静远先生、赖晓鹏先生及宁蒙

女士（均为执行董事）各自已与本公司订立服务

合约，为期一年，并将于其后继续生效，除非任

何一方向另一方发出不少于三个月书面通知予

以终止。

蔡子杰先生、张渺先生及张伯陶先生（均为独立

非执行董事）各自已与本公司订立委任函，由

2018年7月6日起计为期一年，可于紧随其当时

任期届满后翌日自动重续一年，且可由独立非

执行董事或本公司向另一方发出不少于一个月

书面通知予以终止。

概无董事（包括建议于应届股东周年大会上重选

连任的董事）与本公司订立本公司未支付赔偿（法

定赔偿除外）则不可于一年内终止之服务合约。

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT

Brief biographical details of the Directors and senior management of the

Company are set out on pages 23 to 27 of this anual report.

DIRECTORS’ SERVICE CONTRACTS

Each of Mr. WU Jiangtao, Mr. TAO Jingyuan, Mr. LAI Xiaopeng Michael

and Ms. NING Mengmeng, being the executive Directors, has entered

into a service contract with the Company for a term of one year, which

wil continue thereafter unles terminated by either party giving to the

other not les than thre months’ notice in writing.

Each of Mr. CHOI Tze Kit, Samy, Mr. CHEUNG Miu and Mr.

CHEUNG Pak To, being the Independent Non-executive Directors, has

entered into a leter of apointment with the Company for a term of one

year comencing on 6 July 2018, which is renewable automaticaly for

sucesive terms of one year comencing from the day imediately

after the expiry of the then curent term of his apointment, and

either the Independent Non-executive Directors or the Company may

terminate the agrement by giving the other party not les than one

month’s notice in writing.

None of the Directors, including those are proposed for re-election at

the forthcoming AGM, has a service contract with the Company which

is not determinable within one year without payment of compensation,

other than statutory compensation.

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董事会报告

董事及最高行政人员于股份、

相关股份及本公司债权证中的权益

及淡仓

于2025年3月31日，董事及最高行政人员于本

公司及其相联法团（定义见香港法例第571章证

券及期货条例（「证券及期货条例」）第XV部）之

股份、相关股份及债权证中拥有须：(a)根据证券

及期货条例第XV部第7及8分部知会本公司及联

交所之权益或淡仓（包括根据证券及期货条例之

有关条文彼等被当作或视为拥有之权益及淡仓）；

或(b)根据证券及期货条例第352条记入该条例

提述之登记册内之权益或淡仓；或(c)根据标准

守则知会本公司及联交所之权益或淡仓如下：

附注：

「L」字代表该人士于相关股份之好仓。

（「中科绿

能」，该公司持有40,000,000股本公司股份）45%的

已发行股份。因此，根据证券及期货条例，宁女士

被视为于中科绿能拥有的全部40,000,000股份中

拥有权益。

INTERESTS AND SHORT POSITIONS OF

DIRECTORS AND CHIEF EXECUTIVES

IN SHARES, UNDERLYING SHARES AND

DEBENTURES OF THE COMPANY

As at 31 March 2025, the interests or short positions of the Directors

and the chief executive 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, Chapter 571 of the

laws of Hong Kong (the “SFO”), which were required: (a) to be 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 are taken or demed to have under such provisions of the SFO);

or (b) pursuant to section 352 of the SFO, to be recorded in the register

refered to therein; or (c) to be notified to the Company and the Stock

Exchange pursuant to the Model Code, were as folows:

Name of Directors/chief executiveCapacity/Nature of interest

Number of

Shares held

Percentage of

the Company’s

Isued

share capital

董事╱最高行政人员姓名身份╱权益性质所持股份数目

占本公司

已发行股本

百分比

Ms. Ning Mengmeng (“Ms. Ning”)Interest in a controled corporation40,000,000 (Note 2)4.19%

宁蒙女士（「宁女士」）受控法团权益40,000,000（附注2）4.19%

Notes:

1. The leter “L” denotes the person’s long position in the relevant shares.

2. Ms. Ning owns 45% of the isued shares of Zhongke Gren Energy

Technology Investment Limited (“Zhongke Gren Energy”) which holds

40,000,000 shares of the Company. Acordingly, Ms. Ning is demed to be

interested in al the 40,000,000 Shares owned by Zhongke Gren Energy by

virtue of the SFO.

民商创科控股有限公司

2025年报89

Directors’ Report

董事会报告

除上文所披露者外，于2025年3月31日，概无

董事或本公司最高行政人员于本公司或任何相

联法团（定义见证券及期货条例第XV部）之股份、

相关股份及债权证中拥有任何须：(a)根据证券

及期货条例第XV部第7及8分部知会本公司及联

交所之权益及淡仓（包括根据证券及期货条例之

有关条文彼被当作或视为拥有之权益及淡仓）；

或(b)根据证券及期货条例第352条记入该条例

提述之登记册内之权益及淡仓；或(c)根据标准

守则知会本公司及联交所之权益及淡仓。

控股东于合约的权益

除综合财务报表附注33所披露者外，于年末或

年内任何时间，概无存续任何由本公司或其任

何附属公司所订立及任何控股东直接或间接

拥有重大权益之有关本集团业务之重要合约（不

论是否向本集团提供服务）。

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

or the chief executive of the Company had any interests and short

positions in the shares, underlying shares and debentures of the

Company or any asociated corporation (within the meaning of Part

XV of the SFO), which were required: (a) to be 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 he/she was

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

(b) pursuant to section 352 of the SFO, to be recorded in the register

refered to therein; or (c) pursuant to the Model Code, to be notified to

the Company and the Stock Exchange.

CONTROLING SHAREHOLDERS’ INTERESTS

IN CONTRACTS

Save as disclosed in Note 33 to the consolidated financial statements,

there was no contract of significance (whether for the provision of

services to the Group or not) in relation to the Group’s busines to

which the Company or any of its subsidiaries was a party and in which

any controling Shareholder had a material interest, whether directly

or indirectly, subsisted at the end of the year or at any time during the

year.

Minshang Creative Technology Holdings Limited

Anual Report 202590

Directors’ Report

董事会报告

本公司主要股东及其他人士

于本公司股份及相关股份的

权益及淡仓

就董事所知悉，于2025年3月31日，以下法团

及人士（并非董事或本公司最高行政人员）于股

份或相关股份中拥有根据证券及期货条例第XV

部第2及3分部的条文须予披露的权益或淡仓，

或记录于本公司根据证券及期货条例第336条之

规定须存置之登记册内的权益或淡仓如下：

INTERESTS AND SHORT POSITIONS OF

THE SUBSTANTIAL SHAREHOLDERS OF

THE COMPANY AND OTHER PERSONS IN

THE SHARES AND UNDERLYING SHARES OF

THE COMPANY

So far as the Directors are aware of as at 31 March 2025, the folowing

corporations and person (not being a Director or the chief executive

of the Company) had an interest or a short position in the Shares or

underlying Shares, which would fal to be disclosed under the provisions

of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in

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

the SFO, as folows:

Name of Substantial ShareholdersCapacity/Nature of interest

Number of

held

Percentage of

the Company’s

Isued

share capital

主要股东名称╱姓名身份╱权益性质所持股份数目

占本公司

已发行股本

百分比

MSEC Holdings Limited (“MSEC Holdings”) (Note 2)Beneficial owner557,444,182 (L)58.48%

MSEC Holdings Limited（「MSEC Holdings」）（附注2）实益拥有人

RUNMING International Limited (“RUNMING”) (Note 2)Interest of controled corporation557,444,182 (L)58.48%

润铭国际有限公司（「润铭」）（附注2）受控法团权益

Shanghai Yingzhao Investment Management Company Limited*

(“Shanghai Yingzhao”) (Note 2)

Interest of controled corporation557,444,182 (L)58.48%

上海盈昭投资管理有限公司（「上海盈昭」）（附注2）受控法团权益

Zhuhai Minshang Hongbo Technology Company Limited*

(“Minshang Hongbo”) (Note 2)

Interest of controled corporation557,444,182 (L)58.48%

珠海民商鸿博科技有限公司（「民商鸿博」）（附注2）受控法团权益

Minsheng E-Comerce (Note 2)Interest of controled corporation557,444,182 (L)58.48%

民生电商（附注2）受控法团权益

民商创科控股有限公司

2025年报91

Directors’ Report

董事会报告

附注：

「L」字代表该人士于相关股份之好仓。

，MSEC Holdings持有

557,444,182股份。MSEC Holdings由润铭全资拥

有，而润铭由上海盈昭全资拥有。上海盈昭由民商

鸿博全资拥有，而民商鸿博由民生电商全资拥有。

因此，民生电商、民商鸿博、上海盈昭及润铭被视

为于MSEC Holdings拥有权益之股份中拥有权益。

除上文所披露者外，就董事及本公司最高行政

人员所知悉，于2025年3月31日，概无法团╱

人士（并非董事或本公司最高行政人员）于股份

及相关股份中拥有任何根据证券及期货条例第

XV部第2及3分部的条文须予披露的权益或淡仓，

或记录于本公司根据证券及期货条例第336条之

规定须存置之登记册内的权益或淡仓。

董事于竞争业务的权益

于截至2025年3月31日止年度，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

争的任何业务（本集团业务除外）中拥有任何权益。

董事收购股份或债权证之安排

本公司或其任何附属公司或同系附属公司或控

股公司并无于年内任何时间或年末参与订立任

何安排，致使董事可藉收购本公司或任何其他

法团之股份或债权证之方式获得利益。

Notes:

1. The leter “L” denotes the person’s long position in the relevant shares.

2. As at 31 March 2025, 557,444,182 Shares were held by MSEC Holdings.

MSEC Holdings is wholy-owned by RUNMING which is in turn wholy-owned

by Shanghai Yingzhao. Shanghai Yingzhao is wholy-owned by Minshang

Hongbo which is in turn wholy-owned by Minsheng E-Comerce. As

such, Minsheng E-Comerce, Minshang Hongbo, Shanghai Yingzhao and

RUNMING were demed to be interested in the Shares interested by MSEC

Holdings.

Save as disclosed above, so far as the Directors and the chief executive

of the Company are aware, as at 31 March 2025, no corporation/

person (not being a Director or the chief executive of the Company)

had any interest or short position in the Shares and underlying Shares,

which would fal to be disclosed under the provisions of Divisions 2 and

3 of Part XV of the SFO, or which was recorded in the register required

to be kept by the Company under section 336 of the SFO.

DIRECTORS’ INTERESTS IN COMPETING

BUSINES

During the year ended 31 March 2025, no Director had interest in any

busines apart from the Group’s busines which directly or indirectly

competed, or was likely to compete with the busines of the Group.

ARANGEMENTS FOR DIRECTORS TO

ACQUIRE SHARES OR DEBENTURES

At no time during the year or at the end of the year was the Company,

or any of its subsidiaries or felow subsidiaries, or the holding company

a party to any arangements to enable the Directors to acquire

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

Company or any other body corporate.

Minshang Creative Technology Holdings Limited

Anual Report 202592

Directors’ Report

董事会报告

关连及关联方交易

于报告期内，本集团进行以下关连交易：

诚如本公司日期为2024年10月7日的公告所披

露，本集团下列交易构成本公司持续关连交易：

提供贷款

于2024年10月7日，本公司与润铭（本公司之中

间控股公司）订立一份贷款协议，据此，本公司

同意向润铭提供信贷额度最多为9,500,000港元，

为期12个月并于2025年10月6日届满，且自提

取日期起按年利率8%计息。

贷款将主要由润铭用作其营运资金及提高其短

期流动资金。鉴于本集团尚未物色具盈利回报

之合适投资机会，提供贷款被视为对本集团有利，

原因为其令本集团能够赚取年利率8%之合理回

报，其较香港之银行提供之定期存款利率为高，

且提供贷款可扩阔本集团之收入来源。因此，董

事（包括独立非执行董事）认为，尽管提供贷款

并非于本公司之日常业务过程中进行，惟其乃

按一般商业条款或更佳条款订立，且贷款协议

及其项下拟进行之交易之条款属公平合理，并

符合本公司及其股东之整体利益。

于2025年3月31日，未偿还本金为9,500,000港

元，及截至2025年3月31日止年度贷款的相关

利息收入为364,000港元。

综合财务报表附注33所载的若干关联方交易构

成符合最低豁免水平之持续关连交易，并获完

全豁免遵守上市规则第14A章之关连交易规定。

CONECTED AND RELATED PARTY

TRANSACTIONS

During the Reporting Period, the Group conducted the folowing

conected transactions:

As disclosed in the Company’s anouncement dated 7 October

2024, the folowing transactions of the Group constituted continuing

conected transactions for the Company:

PROVISION OF LOAN

On 7 October 2024, the Company entered into a loan agrement

with RUNMING, an intermediate holding company of the Company,

pursuant to which, the Company agred to provide a credit line up to

HK$9,500,000 to RUNMING for a term of 12 months, expiring on 6

October 2025 and cary interest of 8% per anum from the drawdown

date.

The Loan wil be used primarily by RUNMING as its working capital

and to enhance its short-term liquidity. Given that the Group has yet

to identify suitable investment oportunities with profitable return, the

provision of the loan is considered to be favorable to the Group as it

enables the Group to earn a reasonable return of 8% per anum which

is higher than the interest rate of fixed deposits ofered by banks in

Hong Kong and that the provision of the Loan can broaden the source

of income of the Group. Acordingly, the Directors (including the

independent non-executive Directors) consider that the provision of the

loan, although not in the ordinary course of busines of the Company,

is on normal comercial terms or beter and the terms of the loan

agrement and the transactions contemplated thereunder are fair and

reasonable and in the interests of the Company and its Shareholders as

a whole.

As at 31 March 2025, the outstanding principal was HK$9,500,000,

and the asociated interest income of the loan for the year ended 31

March 2025 was HK$364,000.

Certain related party transactions set out in Note 33 to the consolidated

financial statements constitute de minimis continuing conected

transactions and are fuly exempted from the conected transaction

requirements of Chapter 14A of the Listing Rules.

民商创科控股有限公司

2025年报93

Directors’ Report

董事会报告

董事于交易、安排或合约之权益

除综合财务报表附注33所披露之关联方交易外，

于年末或年内任何时间，概无订立或存续任何

本公司或其控股公司或其任何附属公司或同系

附属公司为订约方及任何董事或其关连实体直

接或间接拥有重大权益之有关本集团业务之重

要交易、安排或合约。

管理合约

年内概无订立或存续有关本公司全部或任何重

大部分业务之管理及行政的合约。

主要供应商及客户

截至2025年3月31日止年度，本集团五大客

户合计及单一最大客户分别占本集团总收益约

100%及95.6%。

于截至2025年3月31日止年度，本集团并无向

供应商作出任何采购。

概无董事、彼等之紧密联系人士或任何股东（就

董事所知，拥有已发行股份5%以上权益）于上

述任何本集团五大客户及供应商中拥有权益。

公众持股量

根据本公司所得公开资料及就董事所知，于本年

报日期，本公司已维持已发行股份不少于25%

的公众持股量，符合上市规则的规定。

DIRECTORS’ INTERESTS IN TRANSACTIONS,

ARANGEMENTS OR CONTRACTS

Other than the related party transactions disclosed in Note 33 to the

consolidated financial statements, no transaction, arangement or

contract of significance in relation to the Group’s busines to which

the Company or its holding company or any of its subsidiaries or felow

subsidiaries was a party, and in which a Director or his/her conected

entity had a material interest, whether directly or indirectly, was entered

into or subsisted at the end of the year or at any time during the year.

MANAGEMENT CONTRACTS

No contract concerning the management and administration of the

whole or any substantial part of the busines of the Company was

entered into or existed during the year.

MAJOR SUPLIERS AND CUSTOMERS

The five largest customers in agregate and the single largest customer

of the Group acounted for aproximately 100% and 95.6% of the

Group’s total revenue for the year ended 31 March 2025 respectively.

During the year ended 31 March 2025, the Group did not made any

purchase from supliers.

None of the Directors, their close asociates or any Shareholders (which,

to the best knowledge of the Directors, own more than 5% of the

isued Shares) had interest in any of the above five largest customers

and supliers of the Group.

PUBLIC FLOAT

Based on the information that is publicly available to the Company

and to the knowledge of the Directors, the Company has maintained

a public float of no les than 25% of the isued shares as at the date

of this anual report, which was in line with the requirement under the

Listing Rules.

Minshang Creative Technology Holdings Limited

Anual Report 202594

Directors’ Report

董事会报告

遵守相关法律法规

据董事所知，于截至2025年3月31日止年度，

本集团在各重大方面已遵守对本集团业务及营

运有重大影响的相关法律法规。

期后事项

于2025年3月31日后直至本年报日期之重大期

后事项于「管理层讨论及分析」一节之「报告期后

事项」分节内披露。

获许可之弥偿条文

根据章程及在适用法律及法规之限制下，董事

均可就彼等或其中任何人士执行其各自的职务

或假定职务时因作出、发生的作为或不作为而

招致或蒙受的所有诉讼、费用、收费、损失、

损害及开支而从本公司的资产及溢利中获得弥

偿，确保免受损害。该获许可之弥偿条文于截至

2025年3月31日止整个年度持续有效。本公司

已为董事及本集团之高级职员安排适当之董事

及高级职员责任保险。

税务宽免

本公司并不知悉股东因其所持股份而获得任何

税务宽免。股东如对购买、持有、出售、交易或

行使有关股份之任何权利涉及的税务影响有任

何疑问，应咨询彼等的专业顾问。

COMPLIANCE WITH THE RELEVANT LAWS AND

REGULATIONS

To the best of the Directors’ knowledge, during the year ended 31

March 2025, the Group complied in al material respects with the

relevant laws and regulations that had a significant impact on the

busines and operation of the Group.

SUBSEQUENT EVENTS

Material subsequent events after 31 March 2025 and up to the date of

this anual report are disclosed under the sub-section “Events After the

Reporting Period” under the section headed “Management Discusion

and Analysis”.

PERMITED INDEMNITY PROVISIONS

Pursuant to the Articles and subject to the aplicable laws and

regulations, the Directors shal be indemnified and secured harmles

out of the asets and profits of the Company from and against al

actions, costs, charges, loses, damages and expenses which they

or any of them shal or may incur or sustain by or by reason of any act

done, concured in or omited in or about the execution of their duty,

or suposed duty, in their respective ofices. Such permited indemnity

provision has ben in force throughout the year ended 31 March 2025.

The Company has aranged apropriate directors’ and oficers’ liability

insurance coverage for the Directors and oficers of the Group.

TAX RELIEF

The Company is not aware of any relief on taxation available to

the Shareholders by reason of their holding of the Shares. If the

Shareholders are unsure about the taxation implications of purchasing,

holding, disposing of, dealing in, or exercising of any rights in relation to

the Shares, they are advised to consult their profesional advisers.

民商创科控股有限公司

2025年报95

Directors’ Report

董事会报告

独立核数师

由于本公司无法与罗申美会计师事务所就截至

2024年3月31日止财政年度的核数费用达成共

识，罗申美会计师事务所已辞去本公司核数师

职务，自2024年3月19日起生效。于罗申美会

计师事务所前，罗兵咸永道会计师事务所为本

公司核数师。随后，董事在审核委员会的推荐下，

议决委任开元信德会计师事务所有限公司为本

公司的核数师，自2024年3月19日起生效。

由于开元信德会计师事务所有限公司因本公司

日期为2024年8月12日的公告所详述的原因并

无寻求续聘，开元信德会计师事务所有限公司

已退任本公司核数师职务，自2024年8月22日

起生效。董事在审核委员会的推荐下，议决于本

公司于2025年1月24日举行的股东特别大会（「股

东特别大会」）上向股东建议批准委任中兴华郑

郑会计师事务所有限公司为本公司截至2025年

3月31日止年度的核数师。于股东特别大会上，

股东议决委任中兴华郑会计师事务所有限公

司为本公司核数师，自该决议案获采纳之日起

生效，任期至本公司应届股东周年大会（「股东

周年大会」）结束为止。综合财务报表已由中兴

华郑会计师事务所有限公司审计，其将在应

届股东周年大会上退任并合资格且愿意重选连任。

一项决议案将于应届股东周年大会上提呈以重

新委任中兴华郑会计师事务所有限公司为本

公司核数师。

除上述者外，其核数师于过去三年概无任何变动。

代表董事会

主席

吴江涛

香港，2025年6月20日

INDEPENDENT AUDITOR

RSM Hong Kong has resigned as the auditor of the Company with

efect from 19 March 2024 as the Company could not reach a

consensus with RSM Hong Kong on the audit fe for the financial year

ended 31 March 2024. PricewaterhouseCopers had ben the auditor

of the Company before RSM Hong Kong. Subsequently, the Directors,

with the recomendation from the Audit Comite, has resolved to

apoint Elite Partners CPA Limited as the auditor of the Company with

efect from 19 March 2024.

Elite Partners CPA Limited has retired as the auditor of the Company

with efect from 22 August 2024 as Elite Partners CPA Limited did not

sek re-apointment due to the reason as detailed in the Company’s

anouncement dated 12 August 2024. The Directors, with the

recomendation from the Audit Comite, has resolved to propose to

the Shareholders at an extraordinary general meting of the Company

held on 24 January 2025 (the “EGM”) to aprove the apointment

of Cheng & Cheng Zhongxinghua CPA Limited as the auditor of

the Company for the year ended 31 March 2025. At the EGM, the

Shareholder resolved to apoint Cheng & Cheng Zhongxinghua CPA

Limited as the auditor of the Company with efect from the date on

which this resolution is adopted and to hold ofice until the conclusion

of the forthcoming anual general meting of the Company (the “AGM”).

The Consolidated Financial Statements have ben audited by Cheng &

Cheng Zhongxinghua CPA Limited, who wil retire and, being eligible,

ofer itself for reapointment at the upcoming AGM. A resolution wil

be proposed at the upcoming AGM to reapoint Cheng & Cheng

Zhongxinghua CPA Limited as the auditor of the Company.

Save from the above, no any change in its auditors in any of the

preceding thre years.

On behalf of the Board

WU Jiangtao

Chairman

Hong Kong, 20 June 2025

Minshang Creative Technology Holdings Limited

Anual Report 202596

Independent Auditor’s Report

独立核数师报告

TO THE SHAREHOLDERS OF

MINSHANG CREATIVE TECHNOLOGY HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

OPINION

We have audited the consolidated financial statements of Minshang

Creative Technology Holdings Limited (the “Company”) and its

subsidiaries (colectively refered to as the “Group”) set out on pages

103 to 207, which comprise the consolidated statement of financial

position as at 31 March 2025, and consolidated statement of profit

or los and other comprehensive income, consolidated statement of

changes in equity and consolidated statement of cash flows for the

year then ended, and notes to the consolidated financial statements,

including material acounting policy information and other explanatory

information.

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

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

2025, and of its consolidated financial performance and its consolidated

cash flows for the year then ended in acordance with Hong Kong

Financial Reporting 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.

致民商创科控股有限公司股东

（于开曼群岛注册成立的有限公司）

意见

我们已审计列载于第103至207页的民商创科控

股有限公司（以下简称「贵公司」）及其附属公司

（以下统称「贵集团」）的综合财务报表，包括于

2025年3月31日的综合财务状况表及截至该日

止年度的综合损益及其他全面收益表、综合权

益变动表及综合现金流量表及综合财务报表附注，

包括重大会计政策资料及其他解释资料。

我们认为，综合财务报表已根据香港会计师公会

（「香港会计师公会」）颁布的《香港财务报告准则》

（「香港财务报告准则」）真实而中肯地反映了贵

集团于2025年3月31日的综合财务状况及其截

至该日止年度的综合财务表现及综合现金流量，

并已遵照香港《公司条例》的披露规定妥为拟备。

意见的基础

我们已根据香港会计师公会颁布的《香港审计准

则》（「香港审计准则」）进行审计。我们在该等准

则下承担的责任已在本报告「核数师就审计综合

财务报表承担的责任」部分中作进一步阐述。根

据香港会计师公会颁布的《专业会计师道德守则》

（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

意见提供基础。

民商创科控股有限公司

2025年报97

Independent Auditor’s Report

独立核数师报告

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

本年度综合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综合财务报表及出

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。我们识别的关键审计事项为：

KEY AUDIT MATERS

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

were of most significance in our audit of the consolidated financial

statements of the curent year. 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. The key audit maters we identified are:

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of investments in asociates and loan to an asociate

于联营公司的投资及向一间联营公司提供贷款的减值评估

We identified the impairment asesment of investments

in asociates and loan to an asociate as a key audit

mater due to the significance of the Group’s investments

in asociates and loan to an asociate in the context of the

Group’s consolidated financial statements, combined with the

judgements involved in management’s impairment asesment

of the investments in asociates and loan to an asociate.

我们已将于联营公司的投资及向一间联营公司提供贷款的

减值评估确定为关键审计事项，此乃由于贵集团于联营

公司的投资及向一间联营公司提供贷款对于贵集团综合

财务报表而言属重大，加上管理层在对于联营公司的投资

及向一间联营公司提供贷款进行减值评估时须运用判断。

As at 31 March 2025, the carying amounts of investments

in asociates and loan to an asociate were amounted to

HK$50,703,000 and HK$27,917,000 respectively which

represented aproximately 35.6% and 19.6% respectively of

the Group’s total asets.

于2025年3月31日，于联营公司的投资及向一间联营公司

提供贷款账面值分别为50,703,000港元及27,917,000港元，

分别占贵集团总资产约35.6%及19.6%。

Our procedures in relation to the valuation of investments in

asociates included:

我们有关于联营公司的投资估值的程序包括：

• Understanding the nature of the busines of the

asociates and its future plan and budget for the

purpose of impairment asesment;

就减值评估目的了解联营公司业务的性质及其未来

规划及预算；

’s proces for

identifying the existence of impairment indicators in

respect of the interests in asociates and evaluating the

efectivenes of such proces;

了解管理层识别于联营公司之权益是否存在减值迹

象之过程及评价有关过程之有效性；

asesing the reasonablenes of the recoverable

amount of the relevant asociates and obtaining

understanding from the management regarding

the financial position and future prospects of the

performance of the asociate;

倘已识别减值迹象，则评估相关联营公司之可收回

金额之合理性，并向管理层了解联营公司的财务状

况及未来业绩前景；

Minshang Creative Technology Holdings Limited

Anual Report 202598

Independent Auditor’s Report

独立核数师报告

Key Audit MaterHow our audit adresed the Key Audit Mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of investments in asociates and loan to an asociate (Continued)

于联营公司的投资及向一间联营公司提供贷款的减值评估（续）

As disclosed in Note 2.2, Note 2.6 and Note 18 to the

consolidated financial statements, investments in asociates

are caried in the consolidated statement of financial position

at cost and adjusted thereafter to recognise the Group’s

share of profit or los and other comprehensive income of the

asociates, les impairment in the values of investment while

loan to an asociate is subject to impairment asesment

under expected credit los model. As such, the Group

is required to ases at the end of each reporting period

whether there is any indication that the carying amounts of

investments in asociates may be impaired and to estimate

the expected credit los of loan to an asociate.

诚如综合财务报表附注2.2、附注2.6及附注18所披露，于

联营公司的投资按成本于综合财务状况表列账，及其后作

出调整以确认贵集团应占联营公司的损益及其他全面收

益（扣除投资价值的减值），而向一间联营公司提供贷款须

根据预期信贷亏损模式进行减值评估。因此，贵集团须于

各报告期末评估是否存在任何迹象显示于联营公司的投资

之账面值可能出现减值并估计向一间联营公司提供贷款的

预期信贷亏损。

For those asociates in which such indication exists, the

Group asesed the carying amounts for impairment. As

disclosed in Note 3.2(c) and Note 18 to the consolidated

financial statements, impairment of investments in asociates

with an amount of HK$16,446,000 was provided and no

expected credit los of loan to an asociate were considered

to be necesary by the management as at 31 March 2025.

就存在有关迹象的该等联营公司而言，贵集团已评估减

值的账面值。诚如综合财务报表附注3.2(c)及附注18所披

露，于2025年3月31日，就于联营公司的投资计提金额为

16,446,000港元的减值及管理层认为毋须对向一间联营公

司提供贷款计提预期信贷亏损。

, key

inputs and asumptions used by management/valuer

involved in their estimation of recoverable amounts,

including projections of cash flows, growth rates and

discount rates aplied; and comparing cash flow

projections to suporting evidence, such as aproved

budgets, and evaluating the reasonablenes of these

budgets with reference to the historical results and

future prospects of the asociates as wel as our

knowledge of the industry and busines;

评估管理层╱参与估值师于估计可收回金额时使用

的方法、主要输入数据及假设的合理性，包括所应用

的现金流量预测、增长率及贴现率；并对比现金流量

预测与支持证据（如经批准之预算），以及参照联营

公司的过往业绩及未来前景及我们对该行业及业务

的认识评价该等预算的合理性；

, key

inputs and asumptions used by management in their

estimation of expected credit los amounts, including

setlement plan;

评估管理层于估计预期信贷亏损金额时使用的方法、

主要输入数据及假设的合理性，包括结算计划；

, capabilities and objectivity

of valuer involved in impairment asesment for the

valuation of the interest in asociate.

评价参与于联营公司的权益估值的减值评估的估值

师的胜任程度、能力及客观性。

民商创科控股有限公司

2025年报99

Independent Auditor’s Report

独立核数师报告

其他事项

贵集团截至2024年3月31日止年度的综合财务

报表已经由另一核数师审计，该核数师于2024

年6月28日对该等报表发表未经修订意见。

其他信息

董事须对其他信息负责。其他信息包括年报内

的所有信息，但不包括综合财务报表及我们的

核数师报告。

我们对综合财务报表的意见并不涵盖其他信息，

我们亦不对该等其他信息发表任何形式的鉴证

结论。

结合我们对综合财务报表的审计，我们的责任

是阅读其他信息，在此过程中，考虑其他信息是

否与综合财务报表或我们在审计过程中所了解

的情况存在重大抵触或者似乎存在重大错误陈

述的情况。基于我们已执行的工作，如果我们认

为其他信息存在重大错误陈述，我们需要报告

该事实。在这方面，我们没有任何报告。

董事及审核委员会就综合财务报表

须承担的责任

董事须负责根据香港会计师公会颁布的香港财

务报告准则及香港《公司条例》的披露规定拟备

真实而中肯的综合财务报表，并对其认为使

综合财务报表的拟备不存在由于欺诈或错误而

导致的重大错误陈述所需的内部控制负责。

在拟备综合财务报表时，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。

审核委员会协助董事履行监督贵集团财务报

告过程的职责。

OTHER MATERS

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 28 June 2024.

OTHER INFORMATION

The directors are responsible for the other information. The other

information comprises al the information included in the anual report

other than the consolidated financial statements and our auditor’s

report thereon.

Our opinion on the consolidated financial statements does not cover

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

conclusion thereon.

In conection with our audit of the consolidated financial statements,

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

consider whether the other information is materialy inconsistent with

the consolidated financial statements or our knowledge obtained in

the audit or otherwise apears to be materialy mistated. If, based

on the work we have performed, we conclude that there is a material

mistatement of this other information, we are required to report that

fact. We have nothing to report in this regard.

RESPONSIBILITIES OF DIRECTORS AND

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 asists the directors in discharging their

responsibilities for overseing the Group’s financial reporting proces.

Minshang Creative Technology Holdings Limited

Anual Report 2025100

Independent Auditor’s Report

独立核数师报告

核数师就审计综合财务报表承担的

责任

我们的目标，是对综合财务报表是否不存在由

于欺诈或错误而导致的重大错误陈述取得合理

保证，并出具包括我们意见的核数师报告。我们

根据我们的协定委聘条款仅向阁下（作为整体）

报告我们的意见，除此之外本报告别无其他目的。

我们不会就本报告的内容向任何其他人士负上

或承担任何责任。

合理保证是高水平的保证，但不能保证按照香港

审计准则进行的审计，在某一重大错误陈述存

在时总能发现。错误陈述可以由欺诈或错误引起，

如果合理预期它们单独或汇总起来可能影响综

合财务报表使用者依赖该等综合财务报表所作

出的经济决定，则有关的错误陈述可被视作重大。

在根据香港审计准则进行审计的过程中，我们

运用了专业判断，保持了专业怀疑态度。我们亦：

• 识别和评估由于欺诈或错误而导致综合财

务报表存在重大错误陈述的风险，设计及

执行审计程序以应对这些风险，以及获取

充足和适当的审计凭证，作为我们意见的

基础。由于欺诈可能涉及串谋、伪造、蓄

意遗漏、虚假陈述，或凌驾于内部控制之上，

因此未能发现因欺诈而导致的重大错误陈

述的风险高于未能发现因错误而导致的重

大错误陈述的风险。

，以设计适当

的审计程序，但目的并非对贵集团内部

控制的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作出

会计估计和相关披露的合理性。

AUDITOR’S RESPONSIBILITIES FOR THE

AUDIT OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements are fre from material mistatement,

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

includes our opinion. We report our opinion solely to you, as a body,

in acordance with our agred terms of engagement, and for no other

purpose. We do not asume responsibility towards or acept liability to

any other person for the contents of this report.

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

guarante that an audit conducted in acordance with HKSAs wil

always detect a material mistatement when it exists. Mistatements

can arise from fraud or eror and are considered material if, individualy

or in the agregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these consolidated

financial statements.

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

judgment and maintain profesional skepticism throughout the audit.

We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or eror,

design and perform audit procedures responsive to those risks,

and obtain audit evidence that is suficient and apropriate to

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

mistatement resulting from fraud is higher than for one resulting

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

omisions, misrepresentations, or the overide of internal control.

• Obtain an understanding of internal control relevant to the audit

in order to design audit procedures that are apropriate in the

circumstances, but not for the purpose of expresing an opinion

on the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and the

reasonablenes of acounting estimates and related disclosures

made by the directors.

民商创科控股有限公司

2025年报101

Independent Auditor’s Report

独立核数师报告

• 对董事采用持续经营会计基础的恰当性作

出结论。根据所获取的审计凭证，确定是

否存在与事项或情况有关的重大不确定性，

从而可能导致对贵集团的持续经营能力

产生重大疑虑。如果我们认为存在重大不

确定性，则有必要在核数师报告中提请使

用者注意综合财务报表中的相关披露。假

若有关的披露不足，则我们应当发表修订

意见。我们的结论是基于截至核数师报告

日止所取得的审计凭证。然而，未来事项

或情况可能导致贵集团不能持续经营。

、结构

和内容，包括披露，以及综合财务报表是

否中肯反映相关交易和事项。

• 计划及执行集团审计以就贵集团内实体

或业务活动的财务信息获取充足、适当的

审计凭证，作为对综合财务报表发表意见

的基础。我们负责集团审计的方向、监督

和执行。我们为审计意见承担全部责任。

除其他事项外，我们与审核委员会沟通了计划

的审计范围、时间安排、重大审计发现等，包括

我们在审计中识别出内部控制的任何重大缺陷。

我们还向审核委员会提交声明，说明我们已符合

有关独立性的相关专业道德要求，并与他们沟

通有可能合理地被认为会影响我们独立性的所

有关系和其他事项，以及在适用的情况下，用以

消除对独立性产生威胁的行动或采取的防范措施。

’ 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 activities within the Group as a basis to forming

an opinion on the consolidated financial statements. We are

responsible for the direction, supervision and performance of the

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

We comunicate with the Audit Comite, 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.

Minshang Creative Technology Holdings Limited

Anual Report 2025102

Independent Auditor’s Report

独立核数师报告

从与审核委员会沟通的事项中，我们确定哪些

事项对本期综合财务报表的审计最为重要，因

而构成关键审计事项。我们在核数师报告中描

述这些事项，除非法律法规不允许公开披露这

些事项，或在极端罕见的情况下，如果合理预期

在我们报告中沟通某事项造成的负面后果超过

产生的公众利益，我们决定不应在报告中沟通

该事项。

中兴华郑会计师事务所有限公司

执业会计师

郑康祥

执业证书编号P01802

香港，2025年6月20日

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.

Cheng & Cheng Zhongxinghua CPA Limited

Certified Public Acountants

Cheng Hong Cheung

Practising Certificate number P01802

Hong Kong, 20 June 2025

2025
2025年
HK$’000
千港元
191
–
(2,529)
397
3,160
(11,295)
(681)
(433)
(31)
(6,626)
(8,796)
–
(31)
(596)
–
–
(16,446)
43
–
(17,813)
(61,486)
746
(60,740)
–
(60,740)

民商创科控股有限公司

2025年报103

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

For the year ended 31 March 2025 截至2025年3月31日止年度

2024年

NoteHK$’000

附注千港元

(Restated)

（经重列）

Continuing operations持续经营业务

Revenue from principal activities:主要业务收益：5

– Information technology (“IT”) solution

busines

－资讯科技（「资讯科技」）解决

方案业务7,952

Cost of IT solution busines资讯科技解决方案业务成本(7,649)

Cost of trading busines贸易业务成本–

Other income and other net gain其他收入及其他净收益61,981

Finance income, net融资收入净额73,716

Employe benefit expenses雇员福利开支9(4,230)

Depreciation and amortisation折旧及摊销(2,315)

Property rentals and related expenses物业租金及相关开支–

Fuel and utility expenses燃油及公用事业开支(35)

Research and development expense研发开支–

Other operating expenses其他经营开支(13,186)

Impairment los of intangible asets无形资产之减值亏损(4,664)

Impairment los of other receivables其他应收款项之减值亏损21–

Impairment los of trade receivables, net贸易应收款项之减值亏损净额20(23,548)

Impairment los of loan to an asociate向一间联营公司提供贷款之减值

亏损(228)

Impairment los of loan to an intermediate

holding company

向一间中间控股公司提供贷款之

减值亏损(18)

Impairment los of investments in

asociates

于联营公司的投资之减值亏损

18–

Reversal of impairment los/(impairment

los) of loan to a related company

向一间关联公司提供贷款之减值

亏损拨回╱（减值亏损）(45)

Impairment of godwil商誉之减值(8,807)

Share of post-tax results of asociates分占联营公司之除税后业绩18(13,183)

Los before income tax from continuing

operations

持续经营业务的除所得税前

亏损8(64,259)

Income tax credit所得税抵免112,829

Los for the year from continuing

operations

持续经营业务的年内亏损

(61,430)

Discontinued operation已终止经营业务

Profit for the year from discontinued

operation

已终止经营业务的年内溢利

1225,643

Los for the year年内亏损(35,787)

2025
2025年
HK$’000
千港元
(368)
(226)
(594)
(61,334)
(56,753)
–
(56,753)
(3,987)
–
(3,987)
(57,369)
–
(57,369)
(3,965)
–
(3,965)
(6.21)
–

Minshang Creative Technology Holdings Limited

Anual Report 2025104

For the year ended 31 March 2025 截至2025年3月31日止年度

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

2024年

NoteHK$’000

附注千港元

(Restated)

（经重列）

Other comprehensive expense:其他全面开支：

Item that may be reclasified to profit or

los:

可能重新分类至损益之项目：

Exchange diferences on translation of

foreign operation

换算海外业务产生的汇兑差额

– Group－本集团(1,830)

– Asociate－联营公司(1,127)

(2,957)

Total comprehensive expense

for the year

年内全面开支总额

(38,744)

(Los)/profit atributable to:以下人士应占（亏损）╱溢利：

Shareholders of the Company本公司股东

– from continuing operations－来自持续经营业务(61,430)

– from discontinued operations－来自已终止经营业务25,643

(35,787)

Los atributable to:以下人士应占亏损：

Non-controling interests非控股权益

– from continuing operations－来自持续经营业务–

– from discontinued operations－来自已终止经营业务–

–

Total comprehensive (expense)/income

atributable to:

以下人士应占全面（开支）╱收益

总额：

Shareholders of the Company本公司股东

– from continuing operations－来自持续经营业务(64,393)

– from discontinued operations－来自已终止经营业务25,643

(38,750)

Total comprehensive (expense)/income

atributable to:

以下人士应占全面（开支）╱收益

总额：

Non-controling interests非控股权益

– from continuing operations－来自持续经营业务6

– from discontinued operations－来自已终止经营业务–

Basic and diluted (los)/earning

per share (HK cents per share)

每股基本及摊薄（亏损）╱盈利

（每股港仙）14

– from continuing operations－来自持续经营业务(6.88)

– from discontinued operations－来自已终止经营业务2.87

2025
2025年
HK$’000
千港元
13,338
5,459
–
50,703
15,000
–
–
84,500
–
–
12,825
12,917
9,846
–
111
22,357
58,056
142,556
2,383
192,809
(91,348)
103,844
(3,965)
99,879

民商创科控股有限公司

2025年报105

Consolidated Statement of Financial Position

综合财务状况表

As at 31 March 2025 于2025年3月31日

2024年

NoteHK$’000

附注千港元

Asets资产

Non-curent asets非流动资产

Property, plant and equipment物业、厂房及设备1528

Right-of-use asets使用权资产16(a)1,098

Intangible asets无形资产17–

Investments in asociates于联营公司的投资1885,188

Loan to an asociate向一间联营公司提供贷款1815,000

Rental and utilities deposits租金及公用事业按金21260

Defered income tax asets递延所得税资产29451

102,025

Curent asets流动资产

Inventories存货192,529

Trade receivables贸易应收款项201,715

Prepayments, deposits and other

receivables

预付款项、按金及其他应收

款项2116,990

Loan to an asociate向一间联营公司提供贷款1812,534

Loan to an intermediate holding company向一间中间控股公司提供贷款229,870

Loan to a related company向一间关联公司提供贷款226,841

Curent income tax aset即期所得税资产111

Cash and cash equivalents现金及现金等价物2510,490

61,080

Total asets总资产163,105

Equity权益

Equity atributable to shareholders of

the Company

本公司股东应占权益

Share capital股本312,233

Other reserves其他储备32166,851

Acumulated loses累计亏损(36,871)

132,213

Non-controling interests非控股权益24(103)

Total equity总权益132,110

2025
2025年
HK$’000
千港元
–
3,196
3,196
16,056
11,402
10,357
438
1,228
39,481
42,677
142,556

Minshang Creative Technology Holdings Limited

Anual Report 2025106

As at 31 March 2025 于2025年3月31日

Consolidated Statement of Financial Position

综合财务状况表

2024年

NoteHK$’000

附注千港元

Liabilities负债

Non-curent liabilities非流动负债

Other payables and acruals其他应付款项及应计费用27300

Defered income tax liabilities递延所得税负债294,001

4,301

Curent liabilities流动负债

Trade payables贸易应付款项2617,699

Other payables and acruals其他应付款项及应计费用276,891

Contract liabilities合约负债30–

Lease liabilities租赁负债16(a)1,051

Curent income tax liabilities即期所得税负债1,053

26,694

Total liabilities总负债30,995

Total equity and liabilities总权益及负债163,105

The consolidated financial statements on pages 103 to 207 were

aproved by the Board of Directors on 20 June 2025 and were signed

on its behalf.

第103至207页的综合财务报表已于2025年6月

20日经董事会批准并由以下代表签署。

Wu JiangtaoTao Jingyuan

吴江涛陶静远

DirectorDirector

董事董事

2,233	170,756	2,276	–	(6,181)	(36,871)	132,213	(103)	132,110
150	28,850	–	–	–	–	29,000	–	29,000
–	–	–	–	–	–	–	103	103
–	–	(2,276)	–	–	2,276	–	–	–
–	–	–	–	–	(56,753)	(56,753)	(3,987)	(60,740)
–	–	–	–	(616)	–	(616)	22	(594)
150	28,850	(2,276)	–	(616)	(54,477)	(28,369)	(3,862)	(32,231)
2,383	199,606	–	–	(6,797)	(91,348)	103,844	(3,965)	99,879

民商创科控股有限公司

2025年报107

Consolidated Statement of Changes in Equity

综合权益变动表

For the year ended 31 March 2025 截至2025年3月31日止年度

Atributable to owners of the Company

本公司拥有人应占

capital

premium

Equity

component

of contingent

consideration

Capital

reserve

Exchange

reserve

Acumulated

losesTotal

Non-

controling

interestsTotal equity

股本股份溢价

或然代价

的股权部分股本储备汇兑储备累计亏损总计非控股权益总权益

(Note)

（附注）

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023于2023年4月1日2,233170,7562,276342(3,218)(1,084)171,305(109)171,196

Los for the year年内亏损–(35,787)(35,787)–(35,787)

Disposal of a subsidiary出售一间附属公司–(342)–(342)–(342)

Other comprehensive expense其他全面开支

Curency translation diference货币换算差额–(2,963)–(2,963)6(2,957)

Changes in equity for the year年内股本变动–(342)(2,963)(35,787)(39,092)6(39,086)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Subscription of shares认购股份

Deregistration of subsidiary注销附属公司

Derecognition of equity component of

contingent consideration

终止确认或然代价的股权部分

Los for the year年内亏损

Other comprehensive expense其他全面开支

Curency translation diference货币换算差额

Changes in equity for the year年内股本变动

At 31 March 2025于2025年3月31日

Note: Capital reserve represents the diference betwen the share capital of the

operating subsidiaries acquired, pursuant to the reorganisation, over nominal

value of the share capital of the Company isued in exchange thereof.

附注：股本储备指根据重组所收购之营运附属公司股本与

本公司为作出交换已发行股本面值之差额。

2025
2025年
HK$’000
千港元
(7,914)
2,822
–
(5,092)
(823)
(12,606)
(5,024)
6,841
–
–
–
(11,612)
29,000
(613)
(18)
28,369
11,665
–
11,665
10,490
202
22,357

Minshang Creative Technology Holdings Limited

Anual Report 2025108

Consolidated Statement of Cash Flows

综合现金流量表

For the year ended 31 March 2025 截至2025年3月31日止年度

2024年

NoteHK$’000

附注千港元

(Restated)

（经重列）

CASH FLOWS FROM OPERATING

ACTIVITIES

经营活动所得现金流量

Cash used in operations经营所用现金34(a)(16,430)

Interest received已收利息502

The PRC profits tax paid已付中国利得税(247)

Net cash flows used in operating activities经营活动所用现金流量净额(16,175)

CASH FLOWS FROM INVESTING

ACTIVITIES

投资活动所得现金流量

Purchase of property, plant and equipment购买物业、厂房及设备(6)

Increase in construction in progres在建工程增加–

Increase in right-of-use aset使用权资产增加–

Loan repayment from a related company来自一间关联公司之贷款还款3,625

Loan advanced to an asociate向一间联营公司提供之贷款(10,859)

Net inflow from disposal of subsidiary出售附属公司流入净额2827,866

Loan advanced to intermediate holding

company

向中间控股公司提供之贷款

(900)

Net cash flows (used in)/generated from

investing activities

投资活动（所用）╱所得现金流量

净额19,726

CASH FLOWS FROM FINANCING

ACTIVITIES

融资活动所得现金流量

Isuance of ordinary shares发行普通股–

Repayment of principal element of lease

liabilities

偿还租赁负债之本金部分

(1,086)

Interest paid for lease liabilities租赁负债之已付利息(30)

Net cash flows generated from/(used in)

financing activities

融资活动所得╱（所用）现金流量

净额(1,116)

Increase in cash and cash equivalents

from continuing operations

持续经营业务的现金及现金等价物

增加2,435

Discontinued Operation已终止经营业务

Decrease in cash and cash equivalents

from discontinued operation

已终止经营业务的现金及现金

等价物减少12(268)

NET INCREASE IN CASH AND CASH

EQUIVALENTS FOR THE YEAR

年内现金及现金等价物增加净额

2,167

CASH AND CASH EQUIVALENTS AT

THE BEGINING OF THE YEAR

年初现金及现金等价物

9,736

EFECT OF EXCHANGE RATE

CHANGES ON CASH AND CASH

EQUIVALENTS

汇率变动对现金及现金等价物之

影响

(1,413)

CASH AND CASH EQUIVALENTS AT

THE END OF THE YEAR

年末现金及现金等价物

2510,490

民商创科控股有限公司

2025年报109

Notes to the Consolidated Financial Statements

综合财务报表附注

For the year ended 31 March 2025 截至2025年3月31日止年度

1. GENERAL INFORMATION

Minshang Creative Technology Holdings Limited (the “Company”)

was incorporated in the Cayman Islands on 14 April 2016 as an

exempted company with limited liability under the Companies

Law (Cap. 22, Law 3 of 1961 as consolidated and revised) of

the Cayman Islands. The adres of the Company’s registered

ofice is Cricket Square, Hutchins Drive, PO Box 2681, Grand

Cayman, KY1-1111, Cayman Islands and its principal place of

busines is located at Unit 4201, 42/F, Tower One Lipo Centre,

89 Quensway, Admiralty, Hong Kong.

The Company is an investment holding company. The Company

and its subsidiaries (colectively, the “Group”) are principaly

engaged in trading busines, information technology (“IT”)

solution busines and renewable energy technology busines,

which was started during the year ended 31 March 2025, in the

People’s Republic of China (the “PRC”).

Minsheng E-comerce Holdings (Shenzhen) Company Limited*

(“民生电商控股(深圳)有限公司”), which is incorporated in the

PRC, is the ultimate holding company of the Company. MSEC

Holdings Limited, which is incorporated in the British Virgin

Islands, is the imediate holding company of the Company.

The Company’s shares were listed on the Main Board of The

Stock Exchange of Hong Kong Limited since 29 November 2016.

The consolidated financial statements are presented in

Hong Kong dolar (“HK$”) and al values are rounded to the

nearest thousand (HK$’000), unles otherwise stated.

2. MATERIAL ACOUNTING POLICY

INFORMATION

This note provides a list of the material acounting policies

adopted in the preparation of these consolidated financial

statements. These policies have ben consistently aplied to al

the years presented, unles otherwise stated. The consolidated

financial statements are for the Group consisting of the Company

and its subsidiaries.

2.1 BASIS OF PREPARATION

The consolidated financial statements of the Group have

ben prepared in acordance with Hong Kong Financial

Reporting Standards (“HKFRSs”) isued by the Hong Kong

Institute of Certified Public Acountants (the “HKICPA”).

HKFRSs comprise Hong Kong Financial Reporting Standard

(“HKFRS”); Hong Kong Acounting Standards (“HKAS”);

and interpretations. These consolidated financial statements

also comply with the aplicable disclosure provision of

the Listing Rules and with the disclosure requirements

of the Hong Kong Companies Ordinance Cap. 622. The

consolidated financial statements have ben prepared

under the historical cost convention.

For identification purpose only 仅供识别

1. 一般资料

民商创科控股有限公司（「本公司」）于2016

年4月14日根据开曼群岛法律第22章《公

司法》（1961年第3号法例，经综合及修订）

在开曼群岛注册成立为获豁免有限公司。

本公司的注册办事处地址为Cricket Square,

Hutchins Drive, PO Box 2681, Grand

Cayman, KY1-1111, Cayman Islands及其主

要营业地点为香港金钟金钟道89号力宝中

心一期42楼4201室。

本公司为一间投资控股公司。本公司及其

附属公司（统称「本集团」）主要在中华人民

共和国（「中国」）从事贸易业务、资讯科技

（「资讯科技」）解决方案业务及于截至2025

年3月31日止年度开始的可再生能源科技

业务。

于中国注册成立的民生电商控股（深圳）有

限公司为本公司最终控股公司。于英属处

女群岛注册成立的MSEC Holdings Limited

为本公司直接控股公司。

本公司股份自2016年11月29日起于香港

联合交易所有限公司主板上市。

除另有订明外，综合财务报表以港元（「港

元」）呈列，且所有数值已约整至最接近的

千位数（千港元）。

2. 重大会计政策资料

本附注提供于编制该等综合财务报表所采

用的主要会计政策清单。除另有订明外，

该等政策已于所有呈列年度贯彻应用。综

合财务报表乃为本集团（由本公司及其附

属公司组成）编制。

2.1 编制基准

本集团综合财务报表乃根据香港会计

师公会（「香港会计师公会」）颁布的

香港财务报告准则（「香港财务报告

准则」）编制。香港财务报告准则包括

香港财务报告准则（「香港财务报告

准则」）；香港会计准则（「香港会计准

则」）及诠释。此等综合财务报表亦遵

守上市规则之适用披露条文及香港《公

司条例》（第622章）之披露规定。综

合财务报表乃按历史成本法编制。

Minshang Creative Technology Holdings Limited

Anual Report 2025110

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.1 编制基准（续）

根据香港财务报告准则编制综合财务

报表须运用若干关键会计估计。此亦

需要管理层在应用本集团的会计政策

过程中作出判断。涉及高度判断或复

杂性之范围或假设及估计对综合财务

报表属重大之范围乃披露于附注4。

应用新订及经修订香港财务报

告准则（「香港财务报告准则」）

(a) 于本年度强制生效的经修订香

港财务报告准则

于本年度，本集团已首次应用

以下由香港会计师公会（「香港

会计师公会」）发布并于本集团

于2024年4月1日或之后开始

的年度期间强制生效的经修订

香港财务报告准则，以编制综

合财务报表：

香港财务报告

准则第16号

（修订本）

于售后租回的

租赁负债

香港会计准则

第1号（经修订）

（修订本）

将负债分类

为流动或非

流动及香港

诠释第5号

（2020年）

之相关修订

香港会计准则第

1号（经修订）

（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

于本年度应用经修订香港财务

报告准则并无对本集团于本期

间及过往期间的财务状况及表

现及╱或此等综合财务报表所

载的披露造成重大影响。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.1 BASIS OF PREPARATION (Continued)

The preparation of consolidated financial statements

in conformity with HKFRSs requires the use of certain

critical acounting estimates. It also requires management

to exercise its judgement in the proces of aplying

the Group’s acounting policies. The areas involving

a higher degre of judgement or complexity, or areas

where asumptions and estimates are significant to the

consolidated financial statements are disclosed in Note 4.

Aplication of new and amendments to the

Hong Kong Financial Reporting Standards

(“HKFRSs”)

(a) Amendments to HKFRSs that are mandatorily

efective for the curent year

In the curent year, the Group has aplied the

folowing amendments to HKFRSs isued by the

Hong Kong Institute of Certified Public Acountants

(“HKICPA”) for the first time, which are mandatorily

efective for the Group’s anual period begining

on or after 1 April 2024 for the preparation of the

consolidated financial statements:

Amendments to HKFRS 16Lease Liability in a Sale

and Leaseback

Amendments to HKAS 1

(Revised)

Clasification of Liabilities

as Curent or Non-

curent and related

amendments to Hong

Kong Interpretation 5

(2020)

Amendments to HKAS 1

(Revised)

Non-curent Liabilities

with Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance

Arangements

The aplication of amendments to HKFRSs in the

curent year has had no material efect on the Group’s

financial positions and performance for the curent

and prior periods and/or on the disclosures set out in

these consolidated financial statements.

民商创科控股有限公司

2025年报111

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.1 编制基准（续）

应用新订及经修订香港财务报

告准则（「香港财务报告准则」）

（续）

(b) 已发布但尚未生效的新订及经

修订香港财务报告准则

本集团并无提早应用下列已颁

布但尚未生效的新订及经修订

香港财务报告准则：

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）

金融工具的分

类及计量之

修订本

香港财务报告

准则第10

号及香港会

计准则第28

号（修订本）

投资者与其联

营公司或合

营公司之间

的资产出售

或注资

香港财务报告

准则会计

准则

（修订本）

香港财务报告

准则会计准

则的年度改

进－第11册

香港会计准则

第21号

（修订本）

缺乏可交换性

香港财务报告

准则第18

号

财务报表的呈

列及披露

于待定日期或之后开始的年度

期间生效。

于2025年1月1日或之后开始

的年度期间生效。

于2026年1月1日或之后开始

的年度期间生效。

于2027年1月1日或之后开始

的年度期间生效。

本公司董事预期应用所有新订

及经修订香港财务报告准则于

可见将来将不会对综合财务报

表造成重大影响，惟香港财务

报告准则第18号将影响损益的

呈列。本集团仍在评估采纳香

港财务报告准则第18号的影响。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.1 BASIS OF PREPARATION (Continued)

Aplication of new and amendments to the

Hong Kong Financial Reporting Standards

(“HKFRSs”) (Continued)

(b) New and amendments to HKFRSs in isue but not yet

efective

The Group has not early aplied the folowing new

and amendments to HKFRSs that have ben isued

but are not yet efective:

Amendments to HKFRS 9

and HKFRS 7

Amendments to the

Clasification and

Measurement of

Financial Instruments

Amendments to HKFRS 10

and HKAS 28

Sale or Contribution

of Asets betwen

an Investor and its

Asociate or Joint

Venture

Amendments to HKFRS

Acounting Standards

Anual Improvements

to HKFRS Acounting

Standards – Volume

Amendments to HKAS 21Lack of Exchangeability

HKFRS 18Presentation and

Disclosure in Financial

Statements

Efective for anual periods begining on or after a date

to be determined.

Efective for anual periods begining on or after

1 January 2025.

Efective for anual periods begining on or after

1 January 2026.

Efective for anual periods begining on or after

1 January 2027.

The directors of the Company anticipate that

the aplication of al the new and amendments

to HKFRSs wil have no material impact on the

consolidated financial statements in the foreseable

future, except for HKFRS 18 which wil impact the

presentation of profit or los. The Group is stil in

the proces of evaluating the impact of adoption of

HKFRS 18.

Minshang Creative Technology Holdings Limited

Anual Report 2025112

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.2 综合及权益会计原则

(i) 附属公司

附属公司乃指本集团对其拥有

控制权的所有实体（包括结构性

实体）。当本集团因参与该实体

而承担可变回报的风险或享有

可变回报的权益，并有能力透

过其主导该实体的活动的权力

影响该等回报时，本集团则对

该实体拥有控制权。附属公司

自控制权转移至本集团之日起

完全综合入账，并自有关控制

权终止之日起终止综合入账。

公司内部交易、结余以及集团

内公司间交易产生的未变现收

益予以对销。除非交易有证据

显示所转让资产出现减值，否

则未变现亏损亦予以对销。附

属公司的会计政策已按需要作

出更改，以确保与本集团所采

用的政策一致。

附属公司业绩及权益内的非控

股权益分别单独呈列于综合损

益及其他全面收益表、综合财

务状况表及综合权益变动表。

倘本集团失去对附属公司之控

制权，则该附属公司的资产及

负债及非控股权益（如有）将终

止确认。收益或亏损于损益中

确认，并按(i)已收代价公允价

值及任何保留权益公允价值总

和与(i)本公司拥有人应占附属

公司资产（包括商誉）及负债账

面值之间之差额计算。先前在

其他全面收益就该附属公司确

认的所有金额将犹如本集团直

接出售该附属公司之相关资产

或负债（即适用香港财务报告准

则规定╱允许重新分类至损益

或拨入另一权益类别）入账。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.2 PRINCIPLES OF CONSOLIDATION AND

EQUITY ACOUNTING

(i) Subsidiaries

Subsidiaries are al entities (including structured

entities) over which the Group has control. The Group

controls an entity when the Group is exposed to, or

has rights to, variable returns from its involvement with

the entity and has the ability to afect those returns

through its power to direct the activities of the entity.

Subsidiaries are fuly consolidated from the date on

which control is transfered to the Group. They are

deconsolidated from the date that control ceases.

Inter-company transactions, balances and unrealised

gains on transactions betwen group companies

are eliminated. Unrealised loses are also eliminated

unles the transaction provides evidence of an

impairment of the transfered asets. Acounting

policies of subsidiaries have ben changed where

necesary to ensure consistency with the policies

adopted by the Group.

Non-controling interests in the results and equity of

subsidiaries are shown separately in the consolidated

statement of profit or los and other comprehensive

income, consolidated statement of financial position

and consolidated statement of changes in equity

respectively.

When the Group loses control of a subsidiary, the

asets and liabilities of that subsidiary and non-

controling interests (if any) are derecognised. A gain

or los is recognised in profit or los and is calculated

as the diference betwen (i) the agregate of the fair

value of the consideration received and the fair value

of any retained interest and (i) the carying amount

of the asets (including godwil), and liabilities of

the subsidiary atributable to the owners of the

Company. Al amounts previously recognised in other

comprehensive income in relation to that subsidiary are

acounted for as if the Group had directly disposed

of the related asets or liabilities of the subsidiary

(i.e. reclasified to profit or los or transfered to

another category of equity as specified/permited by

aplicable HKFRSs).

民商创科控股有限公司

2025年报113

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.2 综合及权益会计原则（续）

(i) 联营公司

联营公司为本集团对其有重大

影响力之实体。重大影响力乃

有权参与被投资公司之财务及

经营政策决定而非控制或共同

控制该等政策。

联营公司之业绩及资产与负债

以权益会计法计入该等综合财

务报表。用于权益会计处理目

的之联营公司财务报表乃采用

本集团在类似情况下就类似交

易及事件所用的统一会计政策

编制。根据权益法，于一间联

营公司的投资初步按成本于综

合财务状况表确认，此后作出

调整以确认本集团分占联营公

司损益及其他全面收益。当本

集团分占一间联营公司亏损超

出其于该联营公司之权益（包括

任何本质上组成本集团于该联

营公司投资净额部分之长期权

益）时，本集团终止确认其分占

进一步亏损。仅于本集团代表

该联营公司产生法定或推定责

任或作出付款时，方会确认额

外亏损。已收或应收联营公司

的股息确认为投资账面值扣减。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.2 PRINCIPLES OF CONSOLIDATION AND

EQUITY ACOUNTING (Continued)

(i) Asociates

An asociate is an entity over which the Group has

significant influence. Significant influence is the power

to participate in the financial and operating policy

decisions of the investe but is not control or joint

control over those policies.

The results and asets and liabilities of asociates

are incorporated in these consolidated financial

statements using the equity method of acounting.

The financial statements of asociates used for equity

acounting purposes are prepared using uniform

acounting policies as those of the Group for like

transactions and events in similar circumstances.

Under the equity method, an investment in an

asociate is initialy recognised in the consolidated

statement of financial position at cost and adjusted

thereafter to recognize the Group’s share of the

profit or los and other comprehensive income of

the asociate. When the Group’s share of loses of

an asociate exceds the Group’s interest in that

asociate (which includes any long-term interests

that, in substance, form part of the Group’s net

investment in the asociate), the Group discontinues

recognising its share of further loses. Aditional

loses are recognised only to the extent that the

Group has incured legal or constructive obligations

or made payments on behalf of the asociate.

Dividends received or receivable from asociates are

recognised as a reduction in the carying amount of

the investment.

Minshang Creative Technology Holdings Limited

Anual Report 2025114

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.2 PRINCIPLES OF CONSOLIDATION AND

EQUITY ACOUNTING (Continued)

(i) Asociates (Continued)

An investment in an asociate is acounted for

using the equity method from the date on which the

investe becomes an asociate. On acquisition of the

investment in an asociate, any exces of the cost

of the investment over the Group’s share of the net

fair value of the identifiable asets and liabilities of the

investe is recognised as godwil, which is included

within the carying amount of the investment. Any

exces of the Group’s share of the net fair value of

the identifiable asets and liabilities over the cost of

the investment, after reasesment, is recognised

imediately in profit or los in the period in which the

investment is acquired.

The Group aseses whether there is an objective

evidence that the interest in an asociate may be

impaired. When any objective evidence exists, the

entire carying amount of the investment (including

godwil) is tested for impairment in acordance

with HKAS 36 as a single aset by comparing its

recoverable amount (higher of value in use and fair

value les costs of disposal) with its carying amount.

Any impairment los recognised is not alocated to

any aset, including godwil, that forms part of the

carying amount of the investment. Any reversal of

that impairment los is recognised in acordance with

HKAS 36 to the extent that the recoverable amount of

the investment subsequently increases.

（续）

2.2 综合及权益会计原则（续）

(i) 联营公司（续）

于一间联营公司的投资自被投

资公司成为联营公司之日起采

用权益法入账。于购入于一间

联营公司的投资时，投资成本

超过本集团分占被投资公司可

识别资产及负债公允价值净额

之任何部分确认为商誉，并计

入投资账面值。本集团分占可

识别资产及负债公允价值净额

超过投资成本之任何部分，经

重新评估后即时于购入投资期

间的损益确认。

本集团评估是否有客观证据显

示于一间联营公司的权益可能

出现减值。如存在任何客观证

据，该项投资的全部账面值（包

括商誉）会根据香港会计准则第

36号作为一项单一资产作减值

测试，方法为比较其可收回金

额（即使用价值与公允价值减出

售成本的较高者）与其账面值。

任何已确认减值亏损均不会被

分配至构成该项投资账面值一

部分之任何资产（包括商誉）。

该减值亏损的任何拨回乃于该

项投资的可收回金额其后增加

的情况下根据香港会计准则第

36号确认。

民商创科控股有限公司

2025年报115

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.3 外币

于编制各个别集团实体之财务报表时，

以该实体功能货币以外之货币（外币）

进行之交易均按交易日期之现行汇率

确认。于报告期末，以外币计值之货

币项目按该日现行汇率重新换算。过

往成本以外币计量之非货币项目并无

重新换算。

结算货币项目及重新换算货币项目产

生之汇兑差额于产生期间于损益确认。

就呈列综合财务报表而言，本集团业

务之资产及负债乃按各报告期末之现

行汇率换算为本集团呈列货币（即港

元）。收入及开支项目按期内平均汇

率进行换算，除非期内汇率大幅波动，

则采用交易当日之汇率。所产生之汇

兑差额（如有）于其他全面收益确认

并于汇兑储备下的权益累计（适当时

归入非控股权益）。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.3 FOREIGN CURENCIES

In preparing the financial statements of each individual

group entity, transactions in curencies other than the

functional curency of that entity (foreign curencies) are

recognised at the rates of exchanges prevailing on the

dates of the transactions. At the end of the Reporting

Period, monetary items denominated in foreign curencies

are retranslated at the rates prevailing at that date. Non-

monetary items that are measured in terms of historical cost

in a foreign curency are not retranslated.

Exchange diferences arising on the setlement of monetary

items, and on the retranslation of monetary items, are

recognised in profit or los in the period in which they arise.

For the purposes of presenting the consolidated financial

statements, the asets and liabilities of the Group’s

operations are translated into the presentation curency

of the Group (i.e. HK$) using exchange rates prevailing at

the end of each reporting period. Income and expenses

items are translated at the average exchange rates for

the period, unles exchange rates fluctuate significantly

during that period, in which case the exchange rates at

the date of transactions are used. Exchange diferences

arising, if any, are recognised in other comprehensive

income and acumulated in equity under the heading of

exchange reserve (atributed to non-controling interests as

apropriate).

Minshang Creative Technology Holdings Limited

Anual Report 2025116

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.4 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are tangible asets that

are held for use in the production or suply of gods

or services, or for administrative purposes (other than

construction in progres as described below). Property,

plant and equipment are stated in the consolidated

statement of financial position at cost les subsequent

acumulated depreciation and subsequent acumulated

impairment loses, if any.

Properties in the course of construction for production,

suply or administrative purposes are caried at cost, les

any recognised impairment los. Costs include any costs

directly atributable to bringing the aset to the location and

condition necesary for it to be capable of operating in the

maner intended by management, including costs of testing

whether the related asets is functioning properly and, for

qualifying asets, borowing costs capitalised in acordance

with the Group’s acounting policy.

Depreciation of these asets, on the same basis as other

property asets, comences when the asets are ready for

their intended use.

（续）

2.4 物业、厂房及设备

物业、厂房及设备指为用于生产或供

应货品或服务或行政目的而持有的有

形资产（下文所述在建工程除外）。物

业、厂房及设备（在建工程除外）乃以

成本减其后累计折旧及其后累计减值

亏损（如有）于综合财务状况表列账。

用于生产、供应或行政目的之在建物

业按成本减任何已确认减值亏损列账。

成本包括直接归属于使资产达到能够

以管理层预期的方式运作所必需的地

点和条件的任何成本，包括测试相关

资产是否正常运作的成本及就合格资

产而言，根据本集团会计政策资本化

的借款成本。

该等资产计提折旧的基准与其他物业

资产相同，即在资产可投入作拟定用

途时开始计提折旧。

民商创科控股有限公司

2025年报117

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.4 物业、厂房及设备（续）

折旧采用直线法按其估计可使用年期

分摊成本（扣除剩余价值）计算如下：

餐厅及厨房设备租期或5年中

的较短者

电脑设备5年

家私及装置5年

租赁物业装修租期或10年中

的较短者

机械10年

汽车4年

资产的剩余价值及可使用年期于各报

告期末进行检讨并于适当时作出调整。

物业、厂房及设备项目于出售时或当

继续使用该资产预期不会产生日后经

济利益时终止确认。出售或报废物业、

厂房及设备项目所产生的任何收益或

亏损以该资产的出售所得款项与其账

面值之间的差额厘定，并于损益确认。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.4 PROPERTY, PLANT AND EQUIPMENT

(Continued)

Depreciation is calculated using the straight-line method to

alocate their costs, net of their residual values, over their

estimated useful lives, as folows:

Restaurants and kitchen

equipment

Shorter of lease term or

5 years

Computer equipment5 years

Furniture and fixtures5 years

Leasehold improvementsShorter of lease term or

10 years

Machinery10 years

Motor vehicles4 years

The asets’ residual values and useful lives are reviewed,

and adjusted if apropriate, at the end of each reporting

period.

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.

Minshang Creative Technology Holdings Limited

Anual Report 2025118

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.5 物业、厂房及设备以及使用权

资产（不包括商誉）之减值

于报告期末，本集团对其物业、厂房

及设备以及使用权资产之账面值进行

检讨，以厘定有否任何迹象显示该等

资产已出现减值亏损。倘有任何该等

迹象存在，则估计相关资产之可收回

金额以确定减值亏损（如有）程度。

物业、厂房及设备以及使用权资产之

可收回金额乃个别估计。倘不大可能

个别估计可收回金额，本集团会估计

该资产所属现金产生单位之可收回金

额。

测试现金产生单位之减值时，倘可确

立合理一致的分配基准，公司资产会

分配至相关现金产生单位，否则有关

资产会分配至可确立合理一致分配基

准的现金产生单位最小组别。可收回

金额乃就公司资产所属之一个或一组

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之账面值

相比。

可收回金额乃公允价值减出售成本与

使用价值两者中之较高者。评估使用

价值时，采用除税前贴现率将估计未

来现金流量贴现至其现值，该贴现率

反映当前市场对货币时间值及未对未

来现金流量之估计作出调整之资产（或

现金产生单位）的特定风险之评估。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.5 IMPAIRMENT ON PROPERTY, PLANT AND

EQUIPMENT AND RIGHT-OF-USE ASETS

OTHER THAN GODWIL

At the end of the Reporting Period, the Group reviews

the carying amounts of its property, plant and equipment

and right-of-use asets to determine whether there is any

indication that these asets have sufered an impairment

los. If any such indication exists, the recoverable amount

of the relevant aset is estimated in order to determine the

extent of the impairment los (if any).

The recoverable amount of property, plant and equipment

and right-of-use asets are estimated individualy. When

it is not posible to estimate the recoverable amount

individualy, the Group estimates the recoverable amount of

the cash-generating unit to which the aset belongs.

In testing a cash-generating unit for impairment, 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.

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.

民商创科控股有限公司

2025年报119

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.5 物业、厂房及设备以及使用权

资产（不包括商誉）之减值（续）

倘资产（或现金产生单位）之可收回

金额估计低于其账面值，则该资产（或

现金产生单位）之账面值将调低至其

可收回金额。对于不能按合理一致基

准分配至现金产生单位之公司资产或

部分公司资产，本集团会按一组现金

产生单位之账面值，包括该公司资产

或部分公司资产分配至该组现金产生

单位之账面值与该组现金产生单位之

可收回金额作比较。于分配减值亏损

时，减值亏损首先拨作减少任何商誉

之账面值（如适用），然后基于该单位

或现金产生单位组别中各资产的账面

值按比例分配至其他资产。资产账面

值不得减至低于其公允价值减出售成

本（如能计算）、其使用价值（如能厘

定）及零之最高者。减值亏损即时于

损益确认。

倘减值亏损其后拨回，则将该资产（或

现金产生单位或现金产生单位组别）

之账面值增至其可收回金额的经修订

估计值，惟增加后的账面值不得超过

该资产（或现金产生单位或现金产生

单位组别）过往年度未确认减值亏损

情况下所应厘定之账面值。减值亏损

拨回金额即时于损益确认。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.5 IMPAIRMENT ON PROPERTY, PLANT AND

EQUIPMENT AND RIGHT-OF-USE ASETS

OTHER THAN GODWIL (Continued)

If the recoverable amount of an aset (or a cash-generating

unit) is estimated to be les than its carying amount, the

carying amount of the aset (or a cash-generating unit) is

reduced to its recoverable amount. For corporate asets

or portion of corporate asets which canot be alocated

on a reasonable and consistent basis to a cash-generating

unit, the Group compares the carying amount of a group of

cash-generating units, including the carying amounts of the

corporate asets or portion of corporate asets alocated

to that group of cash-generating units, with the recoverable

amount of the group of cash-generating units. In alocating

the impairment los, the impairment los is alocated first to

reduce the carying amount of any godwil (if aplicable)

and then to the other asets on a pro-rata basis based on

the carying amount of each aset in the unit or the group

of cash-generating units. The carying amount of an aset

is not reduced below the highest of its fair value les costs

of disposal (if measurable), its value in use (if determinable)

and zero. 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 recognized 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.

Minshang Creative Technology Holdings Limited

Anual Report 2025120

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具

倘集团实体成为工具合约条文之订约

方，则确认金融资产及金融负债。所

有日常买卖的金融资产于交易日确认

及终止确认。日常买卖指须于市场规

则或惯例订立的时间内交付资产的金

融资产买卖。

除客户合约产生的贸易应收款项初步

根据香港财务报告准则第15号计量

外，金融资产及金融负债初步按公允

价值计量。因购入或发行金融资产及

金融负债（按公允价值计入损益（「按

公允价值计入损益」）之金融资产或金

融负债除外）而直接产生之交易成本，

于初步确认时于金融资产或金融负债

（按适用情况而定）之公允价值计入或

扣除。因购入按公允价值计入损益之

金融资产或金融负债而直接产生之交

易成本即时于损益确认。

金融资产

金融资产的分类及其后计量

倘满足以下条件，金融资产其后以摊

销成本计量：

• 于旨在持有金融资产以收取合

约现金流量的业务模式中持有

金融资产；及

• 金融资产的合约条款令于特定

日期产生的现金流量仅为支付

本金和未偿还本金之利息。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 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 derecognized

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.

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.

民商创科控股有限公司

2025年报121

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融资产（续）

金融资产的分类及其后计量（续）

摊销成本及利息收入

就其后以摊销成本计量的债务工具而

言，利息收入采用实际利率法确认。

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（见下文）除外。就其

后出现信贷减值的金融资产而言，从

下一个报告期起利息收入透过对金融

资产的摊销成本应用实际利率确认。

倘信贷减值金融工具的信贷风险得以

改善，使金融资产不再信贷减值，则

从确定该资产不再信贷减值后的报告

期初起，利息收入透过对金融资产的

账面总值应用实际利率确认。

实际利率法为计算金融资产或金融负

债摊销成本以及于相关期间分配利息

收入及利息开支的方法。实际利率为

于金融资产或金融负债之预计年期内

或适用的较短期间内将估计未来现金

收入及付款（包括构成实际利率一部

分之所有已付或已收费用及点差、交

易成本及其他溢价或折让）准确贴现

至初步确认时之账面净值之利率。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of financial

asets (Continued)

Amortised cost and interest income

Interest income is recognised using the efective interest

method for debt instruments measured subsequently at

amortised cost. Interest income is calculated by aplying

the efective interest rate to the gros carying amount

of a financial aset, except for financial asets that have

subsequently become credit-impaired (se below). For

financial asets that have subsequently become credit-

impaired, interest income is recognised by aplying the

efective interest rate to the amortised cost of the financial

aset from the next reporting period. If the credit risk on

the credit-impaired financial instrument improves so that

the financial aset is no longer credit-impaired, interest

income is recognised by aplying the efective interest

rate to the gros carying amount of the financial aset

from the begining of the Reporting Period folowing the

determination that the aset is no longer credit-impaired.

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.

Minshang Creative Technology Holdings Limited

Anual Report 2025122

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估之金融资产减值

本集团就须根据香港财务报告准则第

9号进行减值评估之金融资产（包括

向一间联营公司提供贷款、租金及公

用事业按金、贸易应收款项、按金及

其他应收款项、向一间中间控股公司

提供贷款以及银行结余），根据预期

信贷亏损（「预期信贷亏损」）模型进行

减值评估。预期信贷亏损金额于各报

告日期更新以反映信贷风险自初步确

认以来的变动。

存续期预期信贷亏损指于相关工具之

预计年期内所有可能之违约事件而将

产生的预期信贷亏损。相反，12个月

预期信贷亏损（「12个月预期信贷亏

损」）指于报告日期后12个月内因可

能发生的违约事件而预期产生的部分

存续期预期信贷亏损。评估乃根据本

集团过往信贷亏损经验作出，并就债

务人特定因素、整体经济状况以及对

于报告日期之当前状况及未来状况预

测的评估作出调整。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial asets (Continued)

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 loan to an asociate, rental and utilities deposits,

trade receivables, deposits and other receivables, loan to

an intermediate holding company and bank balances) which

are subject to impairment asesment under HKFRS 9. The

amount of ECL is updated at each reporting date to reflect

changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that wil result from al

posible default events over the expected life of the relevant

instrument. In contrast, 12-month ECL (“12m ECL”)

represents the portion of lifetime ECL that is expected

to result from default events that are posible within 12

months after the reporting date. Asesments are done

based on the Group’s historical credit los experience,

adjusted for factors that are specific to the debtors, general

economic conditions and an asesment of both the curent

conditions at the reporting date as wel as the forecast of

future conditions.

民商创科控股有限公司

2025年报123

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估之金融资产减值（续）

本集团一直就贸易应收款项确认存续

期预期信贷亏损。就所有其他工具而

言，本集团按12个月预期信贷亏损

计量亏损拨备，除非信贷风险自初步

确认以来显著增加，在此情况下本集

团确认存续期预期信贷亏损。应否确

认存续期预期信贷亏损的评估乃视乎

自初步确认以来，出现违约的可能性

或风险有否显著增加。

(i) 信贷风险显著增加

评估信贷风险自初步确认以来

有否显著增加时，本集团会就

金融工具于报告日期发生违约

的风险与金融工具于初步确认

当日发生违约的风险进行比较。

在进行有关评估时，本集团会

考虑合理且可靠的定量和定性

资料，包括过往经验及无须付

出过多成本或努力即可获得的

前瞻性资料。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

The Group always recognises lifetime ECL for trade

receivables. For al other instruments, the Group measures

the los alowance equal to 12m ECL, unles there

has ben a significant increase in credit risk since initial

recognition, in which case the Group recognises lifetime

ECL. The asesment of whether lifetime ECL should be

recognised is based on significant increases in the likelihod

or risk of a default ocuring since initial recognition.

(i) Significant increase in credit risk

In asesing whether the credit risk has increased

significantly since initial recognition, the Group

compares the risk of a default ocuring on the

financial instrument as at the reporting date with the

risk of a default ocuring on the financial instrument

as at the date of initial recognition. In making this

asesment, the Group considers both quantitative

and qualitative information that is reasonable and

suportable, including historical experience and

forward-loking information that is available without

undue cost or efort.

Minshang Creative Technology Holdings Limited

Anual Report 2025124

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估之金融资产减值（续）

(i) 信贷风险显著增加（续）

具体而言，在评估信贷风险是

否显著增加时会考虑以下资料：

（如有）或内

部信贷评级的实际或预期

显著恶化；

• 信贷风险的外部市场指标

显著恶化，例如债务人的

信贷息差、信用违约掉期

价格显著上升；

、金融或经济情况出

现预计会导致债务人偿债

能力显著下降的现有或预

期不利变化；

• 债务人经营业绩实际或预

期显著恶化；

、经济或技

术环境有实际或预期的显

著不利变动，导致债务人

偿还债项的能力显著下降。

无论上述评估之结果如何，本

集团假设，倘合约付款逾期超

过90天，则信贷风险已自初步

确认以来显著上升，除非本集

团有合理及可支持之资料证明

事实并非如此。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

In particular, the folowing information is taken into

acount when asesing whether credit risk has

increased significantly:

• an actual or expected significant deterioration in

the financial instrument’s external (if available) or

internal credit rating;

• significant deterioration in external market

indicators of credit risk, e.g. a significant

increase in the credit spread, the credit default

swap prices for the debtor;

• 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.

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 90 days past due, unles the

Group has reasonable and suportable information

that demonstrates otherwise.

民商创科控股有限公司

2025年报125

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估之金融资产减值（续）

(i) 信贷风险显著增加（续）

本集团定期监察就确定信贷风

险是否显著增加所用标准之成

效，并视适当情况修订有关标

准，以确保其能够于款项逾期

前发现信贷风险显著增加。

(i) 违约之定义

就内部信贷风险管理而言，倘

内部生成或从外部来源所得之

资料显示，债务人不大可能向

其债权人（包括本集团）支付全

数款项（在不计及本集团所持之

任何抵押品下），则本集团认为

发生违约事件。

无论上述情况有否发生，倘金

融资产已逾期超过90天，则本

集团认为已出现违约，除非本

集团有合理及可支持之资料证

明采用更宽松之违约标准更为

合适。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

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.

(i) Definition of default

For internal credit risk management, the Group

considers an event of default ocurs when information

developed internaly or obtained from external

sources indicates that the debtor is unlikely to pay its

creditors, including the Group, in ful (without taking

into acount any colaterals held by the Group).

Irespective of the above, the Group considers

that default has ocured when a financial aset

is more than 90 days past due unles the Group

has reasonable and suportable information to

demonstrate that a more laging default criterion is

more apropriate.

Minshang Creative Technology Holdings Limited

Anual Report 2025126

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估之金融资产减值（续）

(i) 信贷减值金融资产

当一项或多项对金融资产之估

计未来现金流量造成负面影响

之事件发生时，即代表该金融

资产已信贷减值。金融资产信

贷减值之证据包括涉及以下事

件之可观察数据：

(a) 发行人或借款人出现重大

财政困难；

(b) 违反合约，例如发生拖欠

或逾期事件；

款人财政困难有关之经济

或合约原因，给予借款人

贷款人在其他情况下不会

考虑之让步；

(d) 借款人将可能进入破产或

其他财务重组；

(e) 因财政困难而导致该金融

资产失去活跃市场；或

(f) 以反映出已发生信贷亏损

的大幅折扣购买或源生一

项金融资产。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or

more events that have a detrimental impact on the

estimated future cash flows of that financial aset

have ocured. Evidence that a financial aset is

credit-impaired includes observable data about the

folowing events:

(a) significant financial dificulty of the isuer or the

borower;

(b) a breach of contract, such as a default or past

due event;

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;

(d) it is becoming probable that the borower

wil enter bankruptcy or other financial

reorganisation;

(e) the disapearance of an active market for that

financial aset because of financial dificulties; or

(f) the purchase or origination of a financial aset at

a dep discount that reflects the incured credit

loses.

民商创科控股有限公司

2025年报127

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融资产（续）

须根据香港财务报告准则第9号进行

减值评估之金融资产减值（续）

(iv) 撇销政策

当有资料显示交易对手方陷入

严重财政困难，且并无实际收

回款项之可能时（例如交易对手

方被清盘或进入破产程序），本

集团会撇销金融资产。经考虑

在适当情况下之法律意见，已

撇销之金融资产可能仍可于本

集团之收回程序下被强制执行。

撇销构成终止确认事件。其后

收回之任何款项于损益内确认。

(v) 预期信贷亏损的计量及确认

预期信贷亏损之计量乃违约可

能性、违约损失率（即发生违约

时之损失程度）及违约风险承担

之函数。违约可能性及违约损

失率之评估乃基于过往数据及

前瞻性资料进行。预期信贷亏

损之估计反映以各自的违约风

险为权重而确定的无偏颇及概

率加权之数额。

一般而言，预期信贷亏损为按

照合约应付本集团之所有合约

现金流量与本集团预期将收取

之现金流量之间的差额，并按

于初步确认时厘定之实际利率

贴现。

本集团借由调整金融工具的账

面值于损益中确认其减值收益

或亏损，惟相应调整于亏损拨

备账中确认的贸易应收款项除外。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(iv) Write-of policy

The Group writes of a financial aset when there is

information indicating that the counterparty is in severe

financial dificulty and there is no realistic prospect

of recovery, for example, when the counterparty has

ben placed under liquidation or has entered into

bankruptcy procedings. Financial asets writen of

may stil be subject to enforcement activities under

the Group’s recovery procedures, taking into acount

legal advice where apropriate. A write-of constitutes

a derecognition event. Any subsequent recoveries are

recognised in profit or los.

(v) Measurement and recognition of ECL

The measurement of ECL is a function of the

probability of default, los given default (i.e. the

magnitude of the los if there is a default) and the

exposure at default. The asesment of the probability

of default and los given default is based on historical

data and forward-loking information. Estimation of

ECL reflects an unbiased and probability-weighted

amount that is determined with the respective risks of

default ocuring as the weights.

Generaly, the ECL is the diference betwen al

contractual cash flows that are due to the Group in

acordance with the contract and the cash flows

that the Group expects to receive, discounted at the

efective interest rate determined at initial recognition.

The Group recognises an impairment gain or los in

profit or los for al financial instruments by adjusting

their carying amount, with the exception of trade

receivables, where the coresponding adjustment is

recognised through a los alowance acount.

Minshang Creative Technology Holdings Limited

Anual Report 2025128

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.6 金融工具（续）

金融负债及权益

分类为债务或权益

债务及权益工具均按合约安排的内容

及金融负债与权益工具的释义分类为

金融负债或权益。

权益工具

权益工具指任何可证明扣减所有负债

后的实体资产剩余权益的合约。本集

团发行的权益工具按已收所得款项（扣

除直接发行成本）确认。

金融负债

全部金融负债其后使用实际利率法以

摊销成本计量。

以摊销成本列账之金融负债

金融负债包括贸易应付款项、其他应

付款项及应计费用以及租赁负债，其

后以实际利率法以摊销成本计量。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.6 FINANCIAL INSTRUMENTS (Continued)

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either financial

liabilities or as equity in acordance with the substance

of the contractual arangements and the definitions of a

financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a

residual interest in the asets of an entity after deducting

al of its liabilities. Equity instruments isued by the Group

are recognised at the proceds received, net of direct isue

costs.

Financial liabilities

Al financial liabilities are subsequently measured at

amortised cost using the efective interest method.

Financial liabilities at amortised cost

Financial liabilities including trade payables, other payables

and acruals and lease liabilities are subsequently measured

at amortised cost, using the efective interest method.

民商创科控股有限公司

2025年报129

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.7 存货

存货乃按成本及可变现净值两者中较

低者列账。存货成本按先入先出法厘

定。可变现净值指存货估计售价减完

成之全部估计成本及进行销售所需的

成本。进行销售所需的成本包括直接

归属于销售的增量成本及本集团为进

行销售而必须产生的非增量成本。

2.8 现金及现金等价物

于综合财务状况表内呈列的现金及现

金等价物包括：

(a) 现金，其包括手头现金及活期

存款，不包括受监管限制而导

致有关结余不再符合现金定义

的银行结余；

(b) 现金等价物，其包括短期（通常

原到期日为三个月或更短）、可

随时转换为已知数额现金且价

值变动风险不大的高流动性投

资。现金等价物持作满足短期

现金承担，而非用于投资或其

他目的；及

亏损（预期信贷亏损）进行评估。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.7 INVENTORIES

Inventories are stated at the lower of cost and net realisable

value. Costs of inventories are determined on a first-in, first-

out method. Net realisable value represents the estimated

seling price for inventories les al estimated costs of

completion and costs necesary to make the sale. 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.

2.8 CASH AND CASH EQUIVALENTS

Cash and cash equivalents presented on the consolidated

statement of financial position include:

(a) cash, which comprises of cash on hand and demand

deposits, excluding bank balances that are subject to

regulatory restrictions that result in such balances no

longer meting the definition of cash;

(b) cash equivalents, which comprises of short-term

(generaly with original maturity of thre months

or les), highly liquid investments that are readily

convertible to a known amount of cash and which

are subject to an insignificant risk of changes in

value. Cash equivalents are held for the purpose of

meting short-term cash comitments rather than for

investment or other purposes; and

credit loses (ECL).

Minshang Creative Technology Holdings Limited

Anual Report 2025130

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.9 税项

所得税开支指即期及递延所得税开支

总和。

即期应付税项乃按本年度应课税溢利

计算。应课税溢利与除税前亏损不同，

乃由于其他年度的应课税收入或可

扣税开支及无须课税或不可扣税项目。

本集团的即期税项负债以报告期末已

实施或实质上已实施的税率计算。

资产及负债于综合财务报表的账面值

与计算应课税溢利的相应税基间的暂

时差额确认为递延税项。递延税项负

债一般就所有应课税暂时差额确认。

递延税项资产一般就所有可扣减暂时

差额确认，其中以有可能获得可动用

可扣减暂时差额的应课税溢利为限。

倘暂时差额来自初步确认一项交易中

的资产与负债（业务合并除外），而该

交易并不影响应课税溢利或会计溢利，

且交易时不产生相等的应课税及可扣

减暂时差额，则不会确认有关递延税

项资产及负债。此外，倘暂时差额来

自初步确认商誉，则不确认递延税项

负债。递延税项负债就与于附属公司

及联营公司的投资相关的应课税暂时

差额而确认，惟倘本集团可控制暂时

差额的拨回，而该暂时差额于可见将

来不可能拨回则不在此限。与该等投

资及权益相关的可扣税暂时差额所产

生的递延税项资产，仅于可能有足够

应课税溢利可以使用暂时差额的益处

且预计于可见将来可以拨回时确认。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.9 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 defered tax asets and liabilities are

not recognised if the temporary diference arises from the

initial recognition (other than in a busines combination)

of asets and liabilities in a transaction that afects neither

the taxable profit nor the acounting profit and at the time

of the transaction does not give rise to equal taxable and

deductible temporary diferences. In adition, defered tax

liabilities are not recognised if the temporary diference

arises from the initial recognition of godwil. Defered tax

liabilities are recognised for taxable temporary diferences

asociated with investments in subsidiaries and asociates,

except where the Group is able to control the reversal of the

temporary diference and it is probable that the temporary

diference wil not reverse in the foreseable future. Defered

tax asets arising from deductible temporary diferences

asociated with such investments and interests are only

recognised to the extent that it is probable that there wil be

suficient taxable profits against which to utilise the benefits

of the temporary diferences and they are expected to

reverse in the foreseable future.

民商创科控股有限公司

2025年报131

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.9 税项（续）

递延税项资产之账面值于各报告期末

作检讨，并在不大可能有足够应课税

溢利以收回全部或部分资产时作调减。

递延税项资产及负债乃按预期于偿还

负债或变现资产期间适用之税率（以

报告期末已实施或实质上已实施之税

率（及税法）为基准）计量。

递延税项负债及资产之计算，反映本

集团于报告期末预期收回或偿还其资

产及负债账面值的方式所产生之税务

后果。

即期及递延税项于损益中确认，惟倘

有关于其他全面收益或直接于权益确

认的项目，即期及递延税项亦会分别

于其他全面收益或直接于权益确认。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.9 TAXATION (Continued)

The carying amount of defered tax asets is reviewed at

the end of each reporting period and reduced to the extent

that it is no longer probable that suficient taxable profits wil

be available to alow al or part of the aset to be recovered.

Defered tax asets and liabilities are measured at the tax

rates that are expected to aply in the period in which the

liability is setled or the aset is realised, based on tax rate

(and tax laws) that have ben enacted or substantively

enacted by the end of the Reporting Period.

The measurement of defered tax liabilities and asets

reflects the tax consequences that would folow from the

maner in which the Group expects, at the end of the

Reporting Period, to recover or setle the carying amount

of its asets and liabilities.

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.

Minshang Creative Technology Holdings Limited

Anual Report 2025132

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.10 雇员福利

退休福利成本

当雇员提供了使其有权获得供款的服

务时，向界定供款退休福利计划支付

的款项确认为开支。

短期雇员福利

短期雇员福利于雇员提供相关服务时

按预期将支付之未贴现福利金额确认。

除非其他香港财务报告准则规定或允

许将福利列入资产之成本，否则所有

短期雇员福利均确认为开支。

雇员应计之福利（例如工资及薪金、

年假及病假）于扣除已支付任何款项

后确认为负债。

2.11 拨备

当本集团因过往事件而承担现有责任

（法定或推定），而本集团可能须履行

该项责任及可以可靠地估计该项责任

之金额时，则会确认拨备。

确认为拨备之金额为于报告期间末经

计入有关责任之风险及不明朗因素后，

对偿付现有责任之所需代价之最佳估

计。倘拨备使用偿付现有责任之估计

现金流量计量，则其账面值为该等现

金流量之现值（倘有关货币时间价值

之影响属重大）。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.10 EMPLOYE BENEFITS

Retirement benefits costs

Payments to defined contribution retirement benefits

scheme 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 HKFRSs 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.

2.11 PROVISIONS

Provisions are recognised when the Group has a present

obligation (legal or constructive) as a result of a past event,

it is probable that the Group wil be required to setle that

obligation, and a reliable estimate can be made of the

amount of the obligation.

The amount recognised as a provision is the best estimate

of the consideration required to setle the present obligation

at the end of the Reporting Period, taking into acount the

risks and uncertainties surounding the obligation. When

a provision is measured using the cash flows estimated

to setle the present obligation, its carying amount is the

present value of those cash flows (when the efect of the

time value of money is material).

民商创科控股有限公司

2025年报133

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.12 客户合约收益

根据香港财务报告准则第15号，本

集团于达成履约责任时（或就此）确认

收益，即于特定履约责任的相关货品

或服务的「控制权」转移予客户时确认。

履约责任指一项可明确区分的货品或

服务（或一批货品或服务）或一系列

大致相同的可明确区分的货品或服务。

倘满足以下其中一项准则，则控制权

随时间转移，而收益则参照完全达成

相关履约责任的进度而随时间确认：

• 于本集团履约时客户同时取得

并耗用本集团履约所提供的利

益；

• 本集团的履约创建或强化客户

于本集团履约时控制的资产；

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

团具有可强制执行权利就迄今

已完成的履约收取付款。

否则，收益于客户获得可明确区分的

货品或服务控制权的时间点确认。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.12 REVENUE FROM CONTRACTS WITH

CUSTOMERS

Under HKFRS 15, the Group recognises revenue when

(or as) a performance obligation is satisfied, i.e. when

“control” of the gods or services underlying the particular

performance obligation is transfered to the customer.

A performance obligation represents a god or service (or

a bundle of gods or services) that is distinct or a series of

distinct gods or services that are substantialy the same.

Control is transfered over time and revenue is recognised

over time by reference to the progres towards complete

satisfaction of the relevant performance obligation if one of

the folowing criteria is met:

• the customer simultaneously receives and consumes

the benefits provided by the Group’s performance as

the Group performs;

’s performance creates or enhances an

aset that the customer controls as the Group

performs; or

’s performance does not create an aset

with an alternative use to the Group and the Group

has an enforceable right to payment for performance

completed to date.

Otherwise, revenue is recognised at a point in time when

the customer obtains control of the distinct god or service.

Minshang Creative Technology Holdings Limited

Anual Report 2025134

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.12 客户合约收益（续）

下文乃为就本集团主要收益来源之会

计政策的描述。

资讯科技解决方案业务

收益

本集团的资讯科技解决方案业务包

括在中国提供及设计软件即服务

（「SaS」）系统、软件定制服务及资

讯科技解决方案服务。

根据SaS安排，本集团授权客户使

用软件平台，并在整个合约期内向

客户提供数据管理服务。本集团自

SaS安排产生的服务费乃根据获许

可软件平台的交易量厘定，并于服务

期内确认。

根据软件定制服务协议，本集团根据

客户的要求定制软件。收益于定制软

件的控制权转让予客户时予以确认。

于软件交付予客户前，客户不可同时

收取及使用本集团提供的利益，亦不

能控制定制软件。由于合约限制，本

集团通常不可以其他方式使用定制软

件。然而，仅当定制软件转让予客户

后，方会产生可强制执行的付款权。

因此，收益于定制软件转让予客户的

时间点予以确认。

其他资讯科技解决方案服务

增值解决方案（如网上广告）的其他

资讯科技解决方案服务费收益于服务

期内确认。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.12 REVENUE FROM CONTRACTS WITH

CUSTOMERS (Continued)

The folowing is a description of the acounting policy for

the principal revenue streams of the Group.

Revenue from IT solution busines

The Group’s IT solution busines includes provision and

design of Software as a Service (the “SaS”) system,

software customisation services and IT solution services in

the PRC.

Under the SaS arangements, the Group licenses the

software platform for the customers’ use and provides

data management services to the customers throughout

the contract period. Service fe derived by the Group from

the SaS arangements are determined based on the

transaction volume of the software platforms licensed and

are recognised over the service period.

Under the software customisation service agrement, the

Group customises the software based on the requirement

of the customers. Revenue is recognised when control

over the customised software has ben transfered to the

customer. The customers canot receive and consume

the benefits simultaneously from the Group as wel as

control the customised software until the software delivered

to the customer. The customised software generaly

has no alternative use for the Group due to contractual

restrictions. However, an enforceable right to payment does

not arise until customised software transfer to customer.

Therefore, revenue is recognised at a point in time when the

customised software is pased to the customer.

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.13 LEASES

The Group aseses whether a contract is or contains a

lease based on the definition under HKFRS 16 at inception

of the contract. Such contract wil not be reasesed unles

the terms and conditions of the contract are subsequently

changed. As a practical expedient, leases with similar

characteristics are acounted on a portfolio basis when

the Group reasonably expects that the efects on the

consolidated financial statements would not difer materialy

from individual leases within the portfolio.

The Group as a lese

Alocation of consideration to components of a contract

For a contract that contains a lease component and one or

more aditional lease or non-lease components, the Group

alocates the consideration in the contract to each lease

component on the basis of the relative stand-alone price of

the lease component and the agregate stand-alone price

of the non-lease components. However, for leases of real

estate for which the Group is a lese, it has elected not

to separate lease and non-lease components and instead

acounts for these as a single lease component.

Short-term leases and leases of low-value asets

The Group aplies the short-term lease recognition

exemption to leases of properties that have a lease term

of 12 months or les from the comencement date and

do not contain a purchase option. It also aplies the

recognition exemption for lease of low-value asets (such

as tablets and personal computers, smal items of ofice

furniture and telephones). Lease payments on short-term

leases and leases of low-value asets are recognised as

expense on a straight-line basis or another systematic basis

over the lease term.

Minshang Creative Technology Holdings Limited

Anual Report 2025136

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.13 租赁（续）

本集团作为承租人（续）

使用权资产

使用权资产的成本包括：

• 于开始日期或之前作出的任何

租赁付款，减任何已收租赁优惠；

• 本集团产生的任何初始直接成

本；及

复原相关资产所在场地或复原

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.13 LEASES (Continued)

The Group as a lese (Continued)

Right-of-use asets

The cost of right-of-use aset includes:

• the amount of the initial measurement of the lease

liability;

• any lease payments made at or before the

comencement date, les any lease incentives

received;

; and

• an estimate of costs to be incured by the Group

in dismantling and removing the underlying asets,

restoring the site on which it is located or restoring

the underlying aset to the condition required by the

terms and conditions of the lease.

Right-of-use asets are measured at cost, les any

acumulated depreciation and impairment loses, and

adjusted for any remeasurement of lease liabilities.

Right-of-use asets 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.

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.

民商创科控股有限公司

2025年报137

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.13 租赁（续）

本集团作为承租人（续）

租赁负债（续）

租赁付款包括：

（包括实质上的固定付

款），减去任何应收租赁优惠；

• 取决于指数或利率的可变租赁

付款，采用于开始日期的指数

或利率初步计量；

• 本集团于剩余价值担保下预计

应付的金额；

• 倘本集团合理确定行使购买选

择权，则包括选择权的行使价；

及

• 倘租期反映本集团行使选择权

终止租赁，则包括支付终止租

赁的罚款。

于开始日期后，租赁负债就利息增量

及租赁付款予以调整。本集团于综合

财务状况表内将租赁负债呈列为单独

项目。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.13 LEASES (Continued)

The Group as a lese (Continued)

Lease liabilities (Continued)

The lease payments include:

• fixed payments (including in-substance fixed

payments) les any lease incentives receivable;

• variable lease payments that depend on an index or

a rate, initialy measured using the index or rate as at

the comencement date;

• amounts expected to be payable by the Group under

residual value guarantes;

• the exercise price of a purchase option if the Group is

reasonably certain to exercise the option; and

, if the

lease term reflects the Group exercising an option to

terminate the lease.

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.

Minshang Creative Technology Holdings Limited

Anual Report 2025138

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

2.14 已终止经营业务

年内出售的经营业绩直至出售日期计

入综合损益及其他全面收益表。

已终止经营业务为本集团业务的组成

部分，为一项独立的主要业务线或地

区性业务或为一间专为转售而收购的

附属公司，该业务已出售、废止或符

合分类为持作待售的标准。

已终止经营业务于综合损益及其他全

面收益表呈列为单独项目，包括已终

止经营业务的除税后损益及重新计量

至公允价值减销售成本时或出售构成

已终止经营业务之资产或出售组别时

确认之除税后收益或亏损。

2. MATERIAL ACOUNTING POLICY

INFORMATION (Continued)

2.14 DISCONTINUED OPERATION

The results of operations disposed during the year are

included in the consolidated statement of profit or los and

other comprehensive income up to the date of disposal.

A discontinued operation is a component of the Group’s

busines that represents a separate major line of busines

or geographical area of operations or is a subsidiary

acquired exclusively with a view to resale, that has ben

disposed of, has ben abandoned or that mets the criteria

to be clasified as held for sale.

Discontinued operations are presented in the consolidated

statement of profit or los and other comprehensive income

as a single line which comprises the post-tax profit or los

of the discontinued operation along with the post-tax gain

or los recognised on the re-measurement to fair value les

costs to sel or on disposal of the asets or disposal groups

constituting discontinued operations.

2025
2025年
HK$’000
千港元
27,917
9,846
–
–
3,605
22,357
63,725
16,056
11,402
438
27,896

民商创科控股有限公司

2025年报139

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. 金融风险管理

3.1 金融工具类别

于各报告期末，本集团各类金融工具

之账面值如下：

3. FINANCIAL RISK MANAGEMENT

3.1 CATEGORIES OF FINANCIAL

INSTRUMENTS

The carying amounts of each of the categories of financial

instrument of the Group as at the end of each reporting

period are as folows:

2024年

HK$’000

千港元

Financial asets at amortised cost:按摊销成本计量之金融资产：

– Loan to an asociate－向一间联营公司提供

贷款27,534

– Loan to an intermediate holding

company

－向一间中间控股公司

提供贷款9,870

– Loan to a related company－向一间关联公司

提供贷款6,841

– Trade receivables－贸易应收款项1,715

– Deposits and other receivables－按金及其他应收款项9,343

– Cash and cash equivalents－现金及现金等价物10,490

Total总计65,793

Financial liabilities at amortised cost:按摊销成本计量之金融负债：

– Trade payables－贸易应付款项17,699

– Other payables and acruals－其他应付款项及

应计费用7,191

– Lease liabilities－租赁负债1,051

Total总计25,941

Minshang Creative Technology Holdings Limited

Anual Report 2025140

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

3.2 金融风险因素

本集团的业务令其面对多项金融风

险：市场风险（包括外汇风险及利率

风险）、信贷风险及流动性风险。本

集团的整体风险管理计划专注于金融

市场的不可预测性并致力于尽量减低

其对本集团财务表现的潜在不利影响。

管理层管理及监察该等风险以确保及

时有效采取妥善措施。由于本集团的

财务结构及现行经营简单，故管理层

未进行对冲活动。

(a) 外汇风险

于截至2025年及2024年3月31

日止年度，本集团主要于香港

及中国营运。外汇风险产生自

未来商业交易、以个别集团公

司功能货币以外货币计值之已

确认资产及负债以及海外经营

业务之投资净额。本集团现时

并无外币对冲政策。然而，管

理层会监察外汇风险，并将考

虑于必要时对冲重大外币风险。

3. FINANCIAL RISK MANAGEMENT (Continued)

3.2 FINANCIAL RISK FACTORS

The Group’s activities expose it to a variety of financial risks:

market risk (including foreign exchange risk and interest rate

risk), credit risk and liquidity risk. The Group’s overal risk

management programe focuses on the unpredictability of

financial markets and seks to minimise potential adverse

efects on the Group’s financial performance. Management

manages and monitors these exposures to ensure

apropriate measures are implemented on a timely and

efective maner. Because of the simplicity of the financial

structure and the curent operations of the Group, no

hedging activities are undertaken by management.

(a) Foreign exchange risk

The Group mainly operates in Hong Kong and the

PRC for the years ended 31 March 2025 and 2024.

Foreign exchange risk arises from future comercial

transactions, recognised asets and liabilities

denominated in curencies other than the functional

curency of the individual group companies and net

investment in foreign operations. The Group curently

does not have a foreign curency hedging policy.

However, management monitors foreign exchange

exposure and wil consider hedging significant foreign

curency exposure should the ned arise.

民商创科控股有限公司

2025年报141

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

3.2 金融风险因素（续）

(a) 外汇风险（续）

于2025年及2024年3月31日，

本集团附属公司之大部分金融

资产及负债均以其功能货币计

值。因此，本公司董事认为，

本集团并无承受任何重大外汇

风险。概无呈列敏感度分析。

(b) 现金流量及公允价值利率

风险

本集团因计息资产及负债的利

率变动影响而承受利率风险。

按固定利率获得的金融资产及

借款令本集团面临公允价值利

率风险。董事认为，因市场利

率变动导致的预期公允价值变

动将不会重大，因此并无呈列

敏感度分析。

现金流量利率风险为浮动利率

金融工具因市场利率变化而产

生的现金流量波动之风险。本

集团按浮动利率计息之资产及

负债主要包括银行存款。

截至2025年3月31日止年度，

倘利率上升╱下降100个基点

而所有其他变量保持不变，除

税后亏损将会减少╱增加约

170,000港元（2024年：除税后

亏损将会减少╱增加约87,000

港元）。本集团定期监察其利率

风险，以确保在出现重大利率

变动时不会承受过高风险。

3. FINANCIAL RISK MANAGEMENT (Continued)

3.2 FINANCIAL RISK FACTORS (Continued)

(a) Foreign exchange risk (Continued)

As at 31 March 2025 and 2024, most of the financial

asets and liabilities of the Group’s subsidiaries are

denominated in their functional curencies. Hence, the

directors of the Company consider the Group does

not have any material foreign exchange risk exposure.

No sensitivity analysis is presented.

(b) Cash flow and fair value interest rate

risk

The Group is exposed to interest rate risk through the

impact of rate changes on interest-bearing asets and

liabilities. Financial asets and borowings obtained

at fixed rates expose the Group to fair value interest

rate risk. In the opinion of the directors, the expected

change in fair values as a result of change in market

interest rates wil not be significant, thus no sensitivity

analysis is presented.

Cash flow interest rate risk is the risk that changes

in market interest rates wil impact cash flows arising

from variable rate financial instruments. The Group’s

asets and liabilities, which bear variable interest

rates, mainly include bank deposits.

For the year ended 31 March 2025, if interest rates

had ben 100 basis-points higher/lower with al other

variables held constant, los after taxation would have

aproximately HK$170,000 lower/higher (2024: los

after taxation would have aproximately HK$87,000

lower/higher). The Group regularly monitors its interest

rate risk to ensure there are no unduly exposures to

significant interest rate movements.

Minshang Creative Technology Holdings Limited

Anual Report 2025142

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

3.2 金融风险因素（续）

本集团的信贷风险主要归属于

综合财务状况表内所载的贸易

应收款项、按金及其他应收款

项、现金及现金等价物、向一

间联营公司提供贷款及向一间

中间控股公司提供贷款，此乃

本集团所面临的有关金融资产

的最大信贷风险。管理层已制

定信贷政策以持续监管该等信

贷风险。

本集团备有信贷政策以监察信

贷风险水平。整体而言，根据

客户或债务人的财务状况、彼

等的信贷记录及其他因素（如当

前市况等），对每名客户或债务

人的信贷记录及信贷期定期进

行评估。本集团应用简化法计

提香港财务报告准则第9号所

指定之预期信贷亏损，该方法

允许就所有来自第三方的贸易

应收款项采用全期预期亏损拨备。

贸易应收款项主要与中国的资

讯科技解决方案业务有关。

(i) 贸易应收款项（资讯科技

解决方案业务）

为计量预期信贷亏损（「预

期信贷亏损」），与资讯科

技解决方案业务有关的

总金额为24,488,000港元

（2024年：26,039,000港

元）的贸易应收款项乃根

据其各自的信贷状况及前

瞻性因素单独评估可收回

性。

3. FINANCIAL RISK MANAGEMENT (Continued)

3.2 FINANCIAL RISK FACTORS (Continued)

The Group’s credit risk is primarily atributable to trade

receivables, deposits and other receivables, cash

and cash equivalents, loan to an asociate and loan

to an intermediate holding company included in the

consolidated statement of financial position, which

represent the Group’s maximum exposure to credit

risk in relation to its financial asets. Management has

a credit policy in place to monitor the exposures to

these credit risks on an ongoing basis.

The Group has credit policy to monitor the level of

credit risk. In general, the credit record and credit

period for each customer or debtor are regularly

asesed based on the customer’s or debtor’s

financial condition, their credit records and other

factors such as curent market condition. The Group

aplies the simplified aproach to providing for

expected credit loses prescribed by HKFRS 9, which

permits the use of the lifetime expected los provision

for al trade receivables from third parties.

Trade receivables are mainly related to the IT solution

busineses in the PRC.

(i) Trade receivables (IT solution busineses)

To measure the expected credit loses

(the “ECL”), trade receivables related to IT

solution busineses, with a gros amount

of HK$24,488,000 (2024: HK$26,039,000),

were individualy asesed for recoverability

based upon their respective credit profiles and

forward-loking factors.

2025
2025年
HK$’000
千港元
24,488
(24,488)
100.0%

民商创科控股有限公司

2025年报143

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

3.2 金融风险因素（续）

(i) 贸易应收款项（资讯科技

解决方案业务）（续）

本集团认为，贸易应收款

项逾期超过90天时属违

约，除非有合理及可支持

资料以证明一个更滞后的

违约标准更为合适，则作

别论。

为计量预期信贷亏损，与资讯

科技解决方案业务有关的贸易

应收款项乃根据其信贷状况及

前瞻性因素单独评估可收回性。

按该基准，与资讯科技解决方

案业务有关的贸易应收款项于

2024年及2025年3月31日的亏

损拨备厘定如下。

于2025年3月31日贸易应收

款项的预期信贷亏损被视为

24,488,000港元（2024年：

24,324,000港元）。

3. FINANCIAL RISK MANAGEMENT (Continued)

3.2 FINANCIAL RISK FACTORS (Continued)

(i) Trade receivables (IT solution busineses)

(continued)

The Group considered that default has ocured

when trade receivables is overdue for more than

90 days unles it is suported by reasonable

and suportable information to demonstrate

that a more laging default criterion is more

apropriate.

To measure the expected credit loses, trade

receivables related to IT solution busines was

asesed individualy on their recoverability

based on their credit profile and forward-loking

factors. On that basis, the los alowance as

at 31 March 2024 and 2025 was determined

as folows for trade receivables related to IT

solution busines.

2024年

HK$’000

千港元

Gros carying amount总账面值26,039

Los alowance亏损拨备(24,324)

Expected los rate预期亏损率100.0%93.4%

The ECL for trade receivables is considered to

be HK$24,488,000 as at 31 March 2025 (2024:

HK$24,324,000).

2025
2025年
Lifetime ECL (not credit-impaired)	Lifetime ECL (credit-impaired)
全期预期信贷亏损（无信贷减值）	全期预期信贷亏损（信贷减值）
HK$’000	HK$’000
千港元	千港元
–	24,324
–	–
596	–
(596)	596
–	(432)
–	24,488

Minshang Creative Technology Holdings Limited

Anual Report 2025144

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

3. FINANCIAL RISK MANAGEMENT (Continued)

3.2 FINANCIAL RISK FACTORS (Continued)

(i) Trade receivables (IT solution busineses)

(continued)

The folowing table shows the movement that

has ben recognised for acounts receivable

from IT solution busines under the simplified

aproach.

The liquidity of some customers has ben

deteriorated due to the curent economic

downturn in the financial market of the PRC

and the Company was unable to recover

the receivables balance with an amount of

HK$24,488,000 (2024: HK$24,324,000) and

those balances were considered as credit-

impaired.

2024年

Lifetime ECL

(not credit-impaired)

Lifetime ECL

(credit-impaired)

全期预期信贷亏损

（无信贷减值）

全期预期信贷亏损

（信贷减值）

HK$’000HK$’000

千港元千港元

Balance at begining of the year年初结余–

Adition for the year年内添置23,548–

Provision for the year年内拨备–

Transfer to credit-impaired转至信贷减值(23,548)23,548

Exchange realignment汇兑调整–776

Balance at end of the year年末结余–24,324

(i) Deposits and other receivables

For deposits and other receivables,

management makes periodic colective

asesments as wel as individual asesment

on the recoverability of deposits and other

receivables based on their credit profile,

historical setlement records, past experience,

and forward-loking factors.

（续）

3.2 金融风险因素（续）

(i) 贸易应收款项（资讯科技

解决方案业务）（续）

下表列示已就资讯科技解

决方案业务应收账款根据

简化法确认的变动。

由于当前中国金融市场经

济低迷，部分客户的流动

性已恶化，本公司无法收

回金额为24,488,000港元

（2024年：24,324,000港

元）的应收款项结余，该

等结余被视为出现信贷减

值。

(i) 按金及其他应收款项

就按金及其他应收款项而

言，管理层基于信用状况、

过往结算记录、过往经验

及前瞻性因素对按金及其

他应收款项的可收回性进

行定期集体评估及单独评

估。

民商创科控股有限公司

2025年报145

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

3.2 金融风险因素（续）

(i) 按金及其他应收款项（续）

于截至2025年3月31日

止年度，资讯科技解决方

案业务的其他应收款项

31,000港元（2024年：零

港元）之可收回性尚不确

定及已计提全额预期信贷

亏损。董事认为，余下按

金及其他应收款项并无重

大信贷风险及于2025年3

月31日及2024年3月31

日的预期信贷亏损并不重

大。

(i) 现金及现金等价物

为管理银行现金产生的风

险，本集团仅与知名银行

（全部为具备高信贷质素

的金融机构）交易。该等

金融机构近期概无拖欠记

录。于2025年3月31日，

12个月预期信贷亏损极低

（2024年：极低）。

(iv) 向一间联营公司及一间中

间控股公司提供贷款

向一间联营公司及一间中

间控股公司提供贷款的信

贷质素，乃参考有关交易

对手方的违约率历史资料

及交易对手方的财务状况

进行评估。

3. FINANCIAL RISK MANAGEMENT (Continued)

3.2 FINANCIAL RISK FACTORS (Continued)

(i) Deposits and other receivables (continued)

During the year ended 31 March 2025, the

recoverability of other receivable with an

amount of HK$31,000 (2024: HK$Nil) for IT

solution busines was uncertain and ful amount

of ECL was provided. The directors believe

that there was no material credit risk in the

remaining deposits and other receivables and

the expected credit los is insignificant as at 31

March 2025 and 31 March 2024.

(i) Cash and cash equivalents

To manage the risk arising from cash at banks,

the Group only transacts with reputable banks

which are al high-credit-quality financial

institutions. There is no recent history of default

in relation to these financial institutions. The

12-month expected credit los was minimal as

at 31 March 2025 (2024: minimal).

(iv) Loans to an asociate and an intermediate

holding company

The credit quality of loans to an asociate and

an intermediate holding company has ben

asesed with reference to historical information

about the counterparties default rates and

financial position of the counterparties.

16,056	–	–	–	16,056
11,402	–	–	–	11,402
–	441	–	–	441
27,458	441	–	–	27,899

Minshang Creative Technology Holdings Limited

Anual Report 2025146

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

3.2 金融风险因素（续）

(iv) 向一间联营公司及一间中

间控股公司提供贷款（续）

于2025年3月31日，向一

间联营公司提供贷款及向

一间中间控股公司提供贷

款的亏损拨备分别为零港

元（2024年：零港元）及零

港元（2024年：零港元）。

(d) 流动性风险

本集团的政策乃维持足够的现

金，以应付其流动资金与营运

资金的需要。管理层根据预期

现金流量监控本集团的流动资

金储备（包括现金及现金等价物）

的滚存预测。本集团的政策乃

定期监察当前与预期的流动资

金需要，确保其维持足够的现

金储备，以应付短期与长期的

流动资金需要。

下表对本集团根据各财务报告

期末至合约到期日的剩余期间

划分至有关到期组别的金融

负债作出分析。表中所披露金

额为合约未贴现金流量。于

十二个月内到期之结余相等于

其账面值。

3. FINANCIAL RISK MANAGEMENT (Continued)

3.2 FINANCIAL RISK FACTORS (Continued)

(iv) Loans to an asociate and an intermediate

holding company (Continued)

As at 31 March 2025, the los alowance

for loans to an asociate and loan to an

intermediate holding company were amounted

to HK$Nil (2024: HK$Nil) and HK$Nil (2024:

HK$Nil) respectively.

(d) Liquidity risk

The Group’s policy is to maintain suficient cash to

met its liquidity and working capital requirements.

Management monitors roling forecasts of the Group’s

liquidity reserve which comprises cash and cash

equivalents on the basis of expected cash flows.

The Group’s policy is to regularly monitor curent

and expected liquidity requirements, to ensure that

it maintains suficient reserves of cash to met its

liquidity requirements in the short and longer term.

The table below analyses the Group’s financial

liabilities into relevant maturity groupings based on

the remaining period at the end of each financial

reporting period to the contractual maturity date. The

amounts disclosed in the table are the contractual

undiscounted cash flows. Balances due within twelve

months equal their carying amounts.

demand

Les than

1 year

Betwen

1 and 2

years

Betwen

2 and 5

yearsTotal

按要求少于一年一至两年两至五年总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 31 March 2025于2025年3月31日

Trade payables贸易应付款项

Other payables and acruals其他应付款项及应计费用

Lease liabilities租赁负债

At 31 March 2024于2024年3月31日

Trade payables贸易应付款项–17,699–17,699

Other payables and acruals其他应付款项及应计费用6,891–300–7,191

Lease liabilities租赁负债–1,073–1,073

6,89118,772300–25,963

民商创科控股有限公司

2025年报147

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

3.3 资本风险管理

本集团管理资本的目标是保障其有能

力持续经营，以为股东提供回报及向

其他持份者提供利益，同时维持最佳

资本架构以降低资金成本。

为维持或调整资本架构，本集团或会

调整支付股东的股息数额、退还股东

的资本、发行新股或出售资产以减少

债务。

本集团根据借款总额对总权益比率（以

综合财务状况表所示之借款总额减现

金及现金等价物占总权益的百分比列

示）监察其资本。

于2025年3月31日，本集团处于净

现金状况（2024年：净现金状况）。

3.4 公允价值估计

由于将于短期内到期，本集团金融资

产（包括向一间联营公司提供贷款、

向一间中间控股公司提供贷款、向一

间关联公司提供贷款、贸易应收款项、

按金及其他应收款项及现金及现金等

价物）及金融负债（包括贸易应付款

项、其他应付款项及应计费用及租赁

负债）的账面值与其公允价值相若。

就披露而言，金融负债的公允价值按

未来合约现金流量以本集团类似金融

工具可得的现行市场利率贴现估算，

除非贴现影响不重大则另当别论。

3.5 抵销金融资产及金融负债

于2025年及2024年3月31日，并无

重大抵销、须执行总体对销的安排及

类似协议。

3. FINANCIAL RISK MANAGEMENT (Continued)

3.3 CAPITAL RISK MANAGEMENT

The Group’s objectives when managing capital are to

safeguard the Group’s ability to continue as a going concern

in order to provide returns for shareholders and benefits

for other stakeholders and to maintain an optimal capital

structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the

Group may adjust the amount of dividends paid to

shareholders, return capital to shareholders, isue new

shares or sel asets to reduce debt.

The Group monitors its capital on the basis of the total

borowing to total equity ratio, which is expresed as

a percentage of total borowings les cash and cash

equivalents over total equity as shown on the consolidated

statement of financial position.

As at 31 March 2025, the Group is in net cash position

(2024: net cash position).

3.4 FAIR VALUE ESTIMATION

The carying values of the Group’s financial asets,

including loan to an asociate, loan to an intermediate

holding company, loan to a related company, trade

receivables, deposits and other receivables and cash and

cash equivalents, and financial liabilities, including trade

payables, other payables and acruals and lease liabilities

aproximate to their fair values due to their short-term

maturities. The fair value of financial liabilities for disclosure

purposes is estimated by discounting the future contractual

cash flows at the curent market interest rate that is

available to the Group for similar financial instruments,

unles the discounting efect is insignificant.

3.5 OFSETING FINANCIAL ASETS AND

FINANCIAL LIABILITIES

There is no material ofseting, enforceable master neting

arangement and similar agrements as at 31 March 2025

and 2024.

Minshang Creative Technology Holdings Limited

Anual Report 2025148

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

4. 重大会计估计及判断

估计及判断乃基于过往经验及其他因素不

断进行评估，该等因素包括对于有关情况

下被视为合理的未来事件的预期。

4.1 重大会计估计及假设

本集团对未来作出估计及假设。顾名

思义，所得会计估计很少会与相关实

际结果相同。下文论述很大可能导致

于下个财政年度内对资产及负债的账

面值作出重大调整的估计及假设。

(a) 物业、厂房及设备以及使

用权资产之减值评估

当事件或情况有变，显示账面

值可能不会收回时，审阅物业、

厂房及设备以及使用权资产的

减值情况。考虑到最新市场资

料及过往经验，物业、厂房及

设备以及使用权资产的可收回

金额按其使用价值或其公允价

值减出售成本（以较高者为准）

而厘定。该等计算及估值须使

用判断及估计。

4. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS

Estimates and judgements are continualy evaluated and are

based on historical experience and other factors, including

expectations of future events that are believed to be reasonable

under the circumstances.

4.1 CRITICAL ACOUNTING ESTIMATES AND

ASUMPTIONS

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 have a significant risk of

causing a material adjustment to the carying amounts

of asets and liabilities within the next financial year are

adresed below.

(a) Impairment asesment of property,

plant and equipment and right-of-use

asets

Property, plant and equipment and right-of-use

asets are reviewed for impairment whenever events

or changes in circumstances indicate that the carying

amount may not be recoverable. The recoverable

amounts of property, plant and equipment and

right-of-use asets have ben determined based

on the higher of its value in use or its fair value les

costs of disposal, taking into acount latest market

information and past experience. These calculations

and valuations require the use of judgements and

estimates.

民商创科控股有限公司

2025年报149

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

4.1 重大会计估计及假设（续）

(a) 物业、厂房及设备以及使

用权资产之减值评估（续）

在资产减值方面，尤其是评估

以下各项时，管理层须作出判

断：(i)是否已发生事件显示有关

资产价值可能无法收回；(i)可

收回金额（即公允价值减出售成

本后的金额与根据继续在业务

中使用资产而估计的未来现金

流量净现值两者中的较高者）可

否支持资产账面值；及(i)编制

现金流量预测时须应用的适当

主要假设，包括有关现金流量

预测是否以适当贴现率贴现。

管理层评估减值时选用的假设

（包括现金流量预测所用的贴现

率或增长率假设）如有变化，可

能会对减值测试所用的净现值

构成影响，因而影响本集团的

综合财务状况及经营业绩。

于2025年3月31日，物业、厂

房及设备及使用权资产的账面

值分别为13,338,000港元（2024

年：28,000港元）及5,459,000

港元（2024年：1,098,000港元）。

4. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

4.1 CRITICAL ACOUNTING ESTIMATES AND

ASUMPTIONS (Continued)

(a) Impairment asesment of property,

plant and equipment and right-of-use

asets (Continued)

Management judgement is required in the area of aset

impairment particularly in asesing: (i) whether an

event has ocured that may indicate that the related

aset values may not be recoverable; (i) whether

the carying value of an aset can be suported

by the recoverable amount, being the higher of fair

value les costs of disposal or net present value of

future cash flows which are estimated based upon

the continued use of the aset in the busines; and

(i) the apropriate key asumptions to be aplied

in preparing cash flow projections including whether

these cash flow projections are discounted using an

apropriate rate. Changing the asumptions selected

by management in asesing impairment, including

the discount rates or the growth rate asumptions in

the cash flow projections, could afect the net present

value used in the impairment test and as a result

afect the Group’s consolidated financial position and

results of operations.

The carying amount of property, plant and

equipment and right-of-use asets as at 31 March

2025 are HK$13,338,000 (2024: HK$28,000) and

HK$5,459,000 (2024: HK$1,098,000) respectively.

Minshang Creative Technology Holdings Limited

Anual Report 2025150

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

4.1 重大会计估计及假设（续）

(b) 贸易应收款项之减值拨备

贸易应收款项之亏损拨备乃根

据有关违约风险及预期亏损率

的假设厘定。本集团于作出该

等假设及选择减值计算输入数

据时，根据本集团的过往经历、

现行市况及于各报告期末之前

瞻性估计而作出判断。有关更

多详情请参阅附注3.2(c)。

于2025年3月31日，贸易应收

款项的账面值为零港元（扣除呆

账拨备24,488,000港元）（2024

年：1,715,000港元（扣除呆账

拨备24,324,000港元）。

本集团于若干司法权区须缴纳

所得税。厘定所得税拨备须作

出重大估计。于日常业务过程

中，许多交易及计算尚无法明

确厘定最终税项。倘有关事宜

之最终税项结果有异于最初记

录之数额，则有关差异将会影

响作出有关厘定期间之所得税

及递延税项拨备。于本年度，

所得税抵免746,000港元（2024

年：2,829,000港元）根据估计

亏损计入损益。

4. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

4.1 CRITICAL ACOUNTING ESTIMATES AND

ASUMPTIONS (Continued)

(b) Impairment alowances for trade

receivables

The los alowances for trade receivables are based

on asumptions about risk of default and expected

los rates. The Group uses judgement in making

these asumptions and selecting the inputs to the

impairment calculation, based on the Group’s past

history, existing market conditions as wel as forward

loking estimates at the end of each reporting period.

Please refer to Note 3.2(c) for more details.

As at 31 March 2025, the carying amount of trade

receivables is HK$Nil (net of alowance for doubtful

debts of HK$24,488,000) (2024: HK$1,715,000 (net

of alowance for doubtful debts of HK$24,324,000).

The Group is subject to income taxes in several

jurisdictions. Significant estimates are required in

determining the provision for income taxes. There

are many transactions and calculations for which

the ultimate tax determination is uncertain during

the ordinary course of busines. Where the final

tax outcome of these maters is diferent from the

amounts that were initialy recorded, such diferences

wil impact the income tax and defered tax provisions

in the period in which such determination is made.

During the year, HK$746,000 (2024: HK$2,829,000)

of income tax credit was credited to profit or los

based on the estimated los.

民商创科控股有限公司

2025年报151

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

4.1 重大会计估计及假设（续）

(d) 中国企业所得税拨备

诚如综合财务报表附注27所

述，本集团于截至2023年3月

31日止年度收购Context Image

Holdings Limited（「Context

Image」）及其附属公司（统称

为「Context Image 集团」）的

100%股权，惟尚未向中国税务

机关报告上述交易，根据中国

4. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

4.1 CRITICAL ACOUNTING ESTIMATES AND

ASUMPTIONS (Continued)

(d) Provision for PRC corporate income tax

As described in Note 27 to the consolidated financial

statements, the Group acquired 100% equity interest

in Context Image Holdings Limited (“Context Image”)

and its subsidiaries (colectively “Context Image

Group”) during the year ended 31 March 2023, but

had not yet reported said transaction to the PRC

tax authority, which, in acordance with the relevant

PRC tax laws and regulations, could enable the tax

authority to impose a penalty of 50% to 3 times of the

unpaid PRC corporate income tax (“CIT”).

As at 31 March 2025, a provision of HK$4,882,000

(31 March 2024: HK$4,882,000) were recognised

in relation to the non-witheld CIT and the relevant

maximum penalty based on the management’s best

estimation. Significant judgements and estimates are

required in determining the aforesaid provision. Where

the final outcome of these maters is diferent from the

amounts that were initialy recorded, such diferences

wil impact the consolidated profit or los in the period

in which such determination is made by the PRC tax

authority.

Minshang Creative Technology Holdings Limited

Anual Report 2025152

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

4.1 重大会计估计及假设（续）

(e) 于联营公司的权益的减值

评估

于联营公司的投资按成本于综

合财务状况表列账，及其后作

出调整以确认本集团应占联营

公司的损益及其他全面收益（扣

除投资价值的减值）。因此，本

集团须于各报告期末评估是否

存在任何迹象显示于联营公司

的投资之账面值可能出现减值。

减值评估过程涉及管理层判断、

估计及假设。

于截至2025年3月31日止年

度，已就于联营公司的权益计

提金额为16,446,000港元（2024

年：零港元）的减值亏损。

(f) 向一间联营公司提供贷款

的减值评估

向一间联营公司提供贷款乃于

综合财务状况表按摊销成本及

扣减累计预期信贷亏损列账。

因此，本集团须于各报告期末

评估联营公司的信贷风险是否

存在任何增加，以致向一间联

营公司提供贷款的账面值可能

出现预期信贷亏损。

于截至2025年3月31日止年

度，并无就向一间联营公司提

供贷款计提减值亏损（2024年：

零港元）。

4. CRITICAL ACOUNTING ESTIMATES AND

JUDGEMENTS (Continued)

4.1 CRITICAL ACOUNTING ESTIMATES AND

ASUMPTIONS (Continued)

(e) Impairment asesment for interests in

asociate

Investments in asociates are caried in the

consolidated statement of financial position at cost

and adjusted thereafter to recognise the Group’s

share of profit or los and other comprehensive

income of the asociates, les impairment in the

values of investment. As such, the Group is required

to ases at the end of each reporting period

whether there is any indication that the carying

amounts of investments in asociates may be

impaired. Management judgement, estimations and

asumptions are involved during the proces of

impairment asesment.

During the year ended 31 March 2025, impairment

loses with an amount of HK$16,446,000 was

provided (2024: HK$Nil) for interests in asociate.

(f) Impairment asesment for loan to an

asociate

Loan to an asociate is caried in the consolidated

statement of financial position at amortised cost and

les acumulated expected credit los. As such,

the Group is required to ases at the end of each

reporting period whether there is any increase in

credit risk of the asociate that the carying amount

of loan to an asociate may be subject to expected

credit los.

During the year ended 31 March 2025, no impairment

loses was provided (2024: HK$Nil) for loan to an

asociate.

民商创科控股有限公司

2025年报153

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

5. REVENUE AND SEGMENT INFORMATION

The executive directors of the Company, who are the chief

operating decision maker (the “CODM”) of the Group, review the

Group’s internal reporting in order to ases performance and

alocate resources. Management has determined the operating

segments based on reports reviewed by the executive directors

of the Company that are used to make strategic decisions.

The Executive Directors ases the performance of the operating

segments based on a measure of los before income tax.

The measurement basis excludes the efects of non-recuring

expenditure from operating segments.

As at 31 March 2025, the Group is organised into the folowing

busines segments:

(i) Trading busines in the PRC;

(i) IT solution busines, including provision and design of SaS

system, software customisation services and IT solution

services in the PRC; and

(i) Renewable energy technology busines in the PRC.

Renewable Energy Technology Busines represents a

strategic initiative for the Group to explore oportunities

in the emerging gren and low-carbon industry, which

facilitates the aceleration of the deployment of renewable

energy. The Group poseses the requisite technology

with a suport of a group of seasoned profesionals. The

CODM believes that the Group wil be wel positioned to

explore oportunities in the Renewable Energy Technology

Busines. During the year ended 31 March 2025, the

Company has setup a new subsidiary, named 旭科氢醇

(海南)科技有限公司, to development the market and

explore oportunities in the Renewable Energy Technology

Busines.

5. 收益及分部资料

本公司执行董事为本集团的主要营运决策

者（「主要营运决策者」），审阅本集团的内

部报告以评估表现及分配资源。管理层已

基于经本公司执行董事审阅用于作出战略

决策的报告厘定经营分部。

执行董事根据除所得税前亏损之计量评估

经营分部之表现。计量基础不包括来自经

营分部之非经常性支出之影响。

于2025年3月31日，本集团分为以下业务

分部：

(i) 于中国之贸易业务；

(i) 资讯科技解决方案业务，包括在中国

提供及设计SaS系统、软件定制服

务及资讯科技解决方案服务；及

(i) 于中国之可再生能源科技业务。

可再生能源科技业务乃本集团于新兴

绿色及低碳行业探索机会的战略举措，

有利于加快布局可再生能源。本集团

拥有一批经验丰富的专业人士提供必

要的技术支持。主要营运决策者认为，

本集团将具备在可再生能源科技业务

探索机会之良好条件。截至2025 年

3月31 日止年度，本公司已成立一间

名为旭科氢醇（海南）科技有限公司

的新附属公司，以在可再生能源科技

业务开发市场及探索机会。

Continuing operation 持续经营业务
Trading business	IT solution business	Renewable energy technology business	Total
贸易业务	资讯科技解决方案业务	可再生能源科技业务	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
–	191	–	191
(2,529)	–	–	(2,529)
328	(955)	–	(627)
–	–	(42)	(42)
–	(6,577)	(49)	(6,626)
–	232	34	266
(1,916)	(1,972)	(8,079)	(11,967)
(4,117)	(9,081)	(8,136)	(21,334)
			(17,813)
			43
			2,894
			(16,446)
			(639)
			(8,191)
			(61,486)
18,458	924	33,477	52,859
			89,697
			142,556
1,388	21,153	14,225	36,766
			5,911
			42,677
–	–	18,436	18,436
			17
			18,453

Minshang Creative Technology Holdings Limited

Anual Report 2025154

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(a) 分部收益及业绩

下表显示分部收益及业绩资料，于截

至2025年3月31日止年度，业务分

部之间并无收益或其他交易（2024年：

同上）。

截至2025年3月31日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

(a) SEGMENT REVENUE AND RESULTS

The table below shows the segment information of revenue

and results and there were no revenue or other transactions

betwen the busines segments for the year ended 31

March 2025 (2024: same).

For the year ended 31 March 2025

Segment revenue分部收益

Segment cost of revenue分部收益成本

Reversal of impairment los/(impairment

los) on financial asets, net

金融资产之减值亏损

拨回╱（减值亏损）净额

Depreciation and amortisation折旧及摊销

Research and development expenses研发开支

Finance income, net融资收入净额

Others其他

Segment results分部业绩

Share of post-tax results of asociates分占联营公司之除税后

业绩

Reversal of impairment of financial asets金融资产之减值拨回

Finance income, net 融资收入净额

Impairment los of investments in

asociates

于联营公司的投资之

减值亏损

Depreciation and amortisation折旧及摊销

Unalocated corporate expenses未分配企业开支

Los before income tax除所得税前亏损

Asets and liabilities资产及负债

Segment asets for reportable segments可报告分部之分部资产

Unalocated corporate asets未分配企业资产

Total asets总资产

Segment liabilities for reportable segments可报告分部之分部负债

Unalocated corporate liabilities未分配企业负债

Total liabilities总负债

Other segment information:其他分部资料：

Capital expenditure资本支出

Unalocated capital expenditure未分配资本支出

民商创科控股有限公司

2025年报155

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(a) 分部收益及业绩（续）

截至2024年3月31日止年度

5. REVENUE AND SEGMENT INFORMATION

(Continued)

(a) SEGMENT REVENUE AND RESULTS

(Continued)

For the year ended 31 March 2024

Continuing

operation

Trading

busines

Continuing

operation

IT solution

busines

Discontinued

operation

Vietnamese-

style

restaurant

businesTotal

持续经营业务

贸易业务

持续经营业务

资讯科技解决

方案业务

已终止

经营业务

越式餐厅

业务总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(Restated)(Restated)(Restated)(Restated)

（经重列）（经重列）（经重列）（经重列）

Segment revenue分部收益–7,9522,26610,218

Segment cost of revenue分部收益成本–(7,649)(603)(8,252)

Impairment los on financial asets金融资产之减值亏损–(23,548)–(23,548)

Impairment los of intangible asets无形资产之减值亏损–(4,664)–(4,664)

Impairment los of godwil商誉之减值亏损–(8,807)–(8,807)

Depreciation and amortisation折旧及摊销–(7)(469)(476)

Finance income/(cost), net融资收入╱（成本）净额–4(14)(10)

Gain on disposal of subsidiary 出售附属公司之收益–25,82925,829

Others其他(3,154)(3,376)(1,366)(7,896)

Segment results分部业绩(3,154)(40,095)25,643(17,606)

Share of post-tax results of

asociates

分占联营公司之除税后

业绩(13,183)

Impairment los on financial asets金融资产之减值亏损(291)

Waiver of amount due to a former

executive director

豁免应付一名前执行董事

款项1,787

Finance income, net融资收入净额3,712

Depreciation and amortisation折旧及摊销(2,308)

Unalocated corporate expenses未分配企业开支(10,727)

Los before income tax and profit

from discontinued operation

除所得税前亏损及已终止

经营业务的溢利(38,616)

Asets and liabilities资产及负债

Segment asets for reportable segments可报告分部之分部资产21,9383,428–25,366

Unalocated corporate asets未分配企业资产137,739

Total asets总资产163,105

Segment liabilities for reportable segments可报告分部之分部负债1,30922,557–23,866

Unalocated corporate liabilities未分配企业负债7,129

Total liabilities总负债30,995

Other segment information:其他分部资料：

Capital expenditure资本支出–

Unalocated capital expenditure未分配资本支出1,261

1,261

2025
2025年
HK$’000
千港元
191

Minshang Creative Technology Holdings Limited

Anual Report 2025156

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(a) 分部收益及业绩（续）

经营分部的会计政策与本集团会计

政策相同。分部业绩指各分部产生的

亏损，并无分配中央行政成本、若干

金融资产之减值亏损拨回╱（减值亏

损）、于联营公司的投资之减值亏损、

董事酬金、若干融资收入净额、若干

折旧及摊销、若干其他收入及其他净

收益以及分占联营公司之除税后业绩。

分部资产指各分部录得的资产，并无

分配中央资产、于联营公司的投资、

向一间联营公司提供贷款、向一间中

间控股公司提供贷款及向一间关联公

司提供贷款。分部负债指各分部录得

的负债，并无分配中央负债、租赁负

债及递延所得税负债。此乃就资源分

配及表现评估向主要营运决策者报告

的方法。

(b) 地区资料

按地区划分之收益乃根据客户所在地

厘定。下表呈列截至2025年及2024

年3月31日止年度按地区划分的外部

客户收益及若干非流动资产资料。

(i) 外部客户收益

5. REVENUE AND SEGMENT INFORMATION

(Continued)

(a) SEGMENT REVENUE AND RESULTS

(Continued)

The acounting policies of the operating segments are

the same as the Group’s acounting policies. Segment

results represent the los incured by each segment

without alocation of central administration costs, certain

reversal of impairment los/(impairment los) on financial

asets, impairment los of investments in asociates,

director emoluments, certain finance income, net, certain

depreciation and amortisation, certain other income and

other net gain and share of post-tax results of asociates.

Segment asets represent the asets recorded by each

segment without alocation of central asets, investments

in asociates, loan to an asociate, loan to an intermediate

holding company and loan to a related company. Segment

liabilities represent the liabilities recorded by each segment

without alocation of central liabilities, lease liabilities and

defered income tax liabilities. This is the measure reported

to the CODM for purposes of resources alocation and

performance asesment.

(b) GEOGRAPHICAL INFORMATION

Revenue by geographic areas is determined based on the

location of customers. The folowing tables present revenue

from external customers and certain non-curent asets

information for the years ended 31 March 2025 and 2024,

by geographical area.

(i) Revenue from external customers

2024年

HK$’000

千港元

Continuing operations持续经营业务

The PRC中国7,952

2025
2025年
HK$’000
千港元
499
69,001
69,500

2025
2025年
HK$’000
千港元
191
191
–
191

民商创科控股有限公司

2025年报157

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(b) 地区资料（续）

(i) 非流动资产

上述非流动资产资料乃根据资

产所在地厘定且并不包括递延

所得税资产、向一间联营公司

提供贷款以及租金及公用事业

按金。

附注：

本集团于中国向其客户提供资讯科技解决方

案服务及旨意向其客户提供数字产业升级解

决方案以及数字化营销。

5. REVENUE AND SEGMENT INFORMATION

(Continued)

(b) GEOGRAPHICAL INFORMATION (Continued)

(i) Non-curent asets

2024年

HK$’000

千港元

(Restated)

（经重列）

Hong Kong香港1,122

The PRC中国85,192

86,314

The non-curent asets information above is based

on the locations of the asets and excludes defered

income tax asets, loan to an asociate and rental

and utilities deposits.

CONTRACTS WITH CUSTOMERS

2024年

HK$’000

千港元

(Restated)

（经重列）

Continuing Operations持续经营业务

IT solution busines (Note)资讯科技解决方案业务（附注）7,952

Of which revenue is recognised:其中收益按以下方式确认：

– at a point in time－于时间点7,225

– over time－随时间推移727

7,952

Note:

The Group provided IT solution services to its customers in the PRC

and aimed to provide digital solutions for industrial upgrading and digital

marketing to its customers.

2025
2025年
HK$’000
千港元
182
–
–
–

2025
2025年
HK$’000
千港元
10,357

Minshang Creative Technology Holdings Limited

Anual Report 2025158

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(d) 有关主要客户之资料

年内，资讯科技解决方案业务之若干

客户贡献本集团总收益超过10%。该

等客户之收益金额披露如下：

(e) 分配至客户合约余下履约责任

的交易价

于年末分配至余下履约责任（未履行

或部分未履行）的交易价及确认收益

的预期时间如下：

5. REVENUE AND SEGMENT INFORMATION

(Continued)

(d) INFORMATION ABOUT MAJOR

CUSTOMERS

Certain customers of IT solution busines contributed more

than 10% of the total revenue of the Group during the year.

The amount of revenue of these customers are disclosed as

folows:

2024年

HK$’000

千港元

Customer A客户A–

Customer B客户B3,143

Customer C客户C2,239

Customer D客户D1,232

(e) TRANSACTION PRICE ALOCATED TO THE

REMAINING PERFORMANCE OBLIGATION

FOR CONTRACTS WITH CUSTOMERS

The transaction price alocated to the remaining

performance obligation (unsatisfied or partialy unsatisfied)

as at year end and the expected timing of recognising

revenue as folows:

2024年

HK$’000

千港元

Within 1 year1年内–

2025
2025年
HK$’000
千港元
300
43
–
54
397

2025
2025年
HK$’000
千港元
(18)
(18)
145
2,080
739
214
–
3,178
3,160

民商创科控股有限公司

2025年报159

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

6. 其他收入及其他净收益

7. 融资收入净额

6. OTHER INCOME AND OTHER NET GAIN

2024年

HK$’000

千港元

(Restated)

（经重列）

Continuing Operations持续经营业务

Reversal of provision on

reinstatement costs

复原费用拨备拨回

–

Reversal of over-provision of expenses开支超额拨备拨回–

Waiver of amount due to a former

executive director

豁免应付一名前执行董事款项

1,787

Others其他194

Other income and other net gain其他收入及其他净收益1,981

7. FINANCE INCOME, NET

2024年

HK$’000

千港元

(Restated)

（经重列）

Continuing Operations持续经营业务

Finance cost from来自以下项目之融资成本

– lease liabilities－租赁负债(30)

(30)

Finance income from来自以下各项之融资收入

– bank deposits－银行存款290

– loan to an asociate－向一间联营公司提供贷款1,904

– loan to an intermediate holding

company

－向一间中间控股公司提供

贷款707

– loan to a related company－向一间关联公司提供贷款633

– financial asets at amortised cost－按摊销成本计量之金融资产212

3,746

Finance income, net融资收入净额3,716

2025
2025年
HK$’000
千港元
1,150
250
–
–
2,529
46
635
11,295
1,777
31
596
–
–
(43)
16,446
–
–

Minshang Creative Technology Holdings Limited

Anual Report 2025160

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

8. 持续经营业务的除所得税前

亏损

8. LOS BEFORE INCOME TAX FROM

CONTINUING OPERATIONS

2024年

NotesHK$’000

附注千港元

(Restated)

（经重列）

Continuing Operations持续经营业务

Auditors’ remuneration核数师薪酬

– Audit services－审计服务1,200

– Non-audit services－非审计服务–

Amortisation of intangible asets无形资产摊销171,360

Cost of IT solution busines资讯科技解决方案业务成本7,649

Cost of trading busines贸易业务成本–

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

Depreciation of right-of-use asets使用权资产折旧16941

Employe benefit expenses

(including directors’ emoluments)

雇员福利开支

（包括董事酬金）94,230

Legal and profesional fe法律及专业费4,767

Impairment los of other receivables其他应收款项之减值亏损21–

Impairment los of trade receivables贸易应收款项之减值亏损2023,548

Impairment los of loan to an asociate向一间联营公司提供贷款之

减值亏损228

Impairment los of loan to an

intermediate holding company

向一间中间控股公司提供贷款

之减值亏损18

(Reversal of impairment los)/

impairment los of loan to a

related company

向一间关联公司提供贷款之

（减值亏损拨回）╱减值亏损

Impairment los of investments in

asociates

于联营公司的投资之减值亏损

18–

Impairment los of intangible asets无形资产之减值亏损4,664

Impairment los of godwil商誉之减值亏损8,807

2025
2025年
HK$’000
千港元
11,107
74
114
11,295

2025
2025年
HK$’000
千港元
2,535
54
54
2,643

2025
2025年
2
2

民商创科控股有限公司

2025年报161

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（包括董事酬金）

五名最高薪酬人士

本年度向五名（2024年：五名）本集团最高

薪酬人士（包括一名（2024年：两名）董事）

应付的薪酬如下：

董事以外人士的酬金介乎以下范围：

9. EMPLOYE BENEFIT EXPENSES

(INCLUDING DIRECTORS’ EMOLUMENTS)

2024年

HK$’000

千港元

(Restated)

（经重列）

Continuing Operations持续经营业务

Basic salaries, alowances and other

benefits in kind

基本薪金、津贴及其他

实物福利4,037

Discretionary bonus酌情花红118

Pension costs – defined contribution plans退休金成本－界定供款计划75

4,230

FIVE HIGHEST PAID INDIVIDUALS

The emoluments payable to the five (2024: five) individuals

including one (2024: two) directors whose emoluments are the

highest in the Group during the year are as folows:

2024年

HK$’000

千港元

(Restated)

（经重列）

Continuing Operations持续经营业务

Salaries, bonus, alowances and other

benefits in kind

薪金、花红、津贴及其他

实物福利1,870

Discretionary bonus酌情花红60

Pension costs – defined contribution plans退休金成本－界定供款计划48

1,978

The emoluments of individuals other than directors fel within the

folowing bands:

2024年

Continuing Operations持续经营业务

HK$1 to HK$500,0001港元至500,000港元2

HK$500,001 to HK$1,000,000500,001港元至1,000,000港元1

Fees	Salaries allowances	Allowances and benefit in kind	Discretionary bonuses	Provident fund contributions	Total
袍金	薪金津贴	津贴及实物福利	酌情花红	公积金供款	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
–	120	–	10	7	137
–	120	–	10	7	137
–	648	–	54	18	720
–	34	–	–	2	36
240	–	–	–	–	240
240	–	–	–	–	240
240	–	–	–	–	240
720	922	–	74	34	1,750

Minshang Creative Technology Holdings Limited

Anual Report 2025162

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

10. 董事福利及利益

(a) 董事酬金

年内，各董事之薪酬载列如下：

10. BENEFITS AND INTERESTS OF DIRECTORS

(a) DIRECTORS’ EMOLUMENTS

The remuneration of every director during the years is set

out below:

Year ended 31 March 2025截至2025年3月31日止年度

Executive directors执行董事

Mr. Wu Jiangtao (Chairman)吴江涛先生（主席）

Mr. Tao Jingyuan

(Chief Executive Oficer)

陶静远先生（行政总裁）

Mr. Lai Xiaopeng Michael赖晓鹏先生

Ms. Ning Mengmeng (Note (i)宁蒙女士（附注(i)）

Independent non-executive directors独立非执行董事

Mr. Cheung Miu张渺先生

Mr. Cheung Pak To张伯陶先生

Mr. Choi Tze Kit Samy蔡子杰先生

民商创科控股有限公司

2025年报163

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(a) 董事酬金（续）

附注：

(i) 年内概无董事放弃任何酬金（2024年：

无）。

(i) 概无就有关人士接受董事职务而已付

或应收之酬金将被视作就该人士担任

董事而已付或应收之酬金。

(i) 获委任为本公司执行董事，自2024年

12月19日起生效。

10. BENEFITS AND INTERESTS OF DIRECTORS

(Continued)

(a) DIRECTORS’ EMOLUMENTS (Continued)

Fes

Salaries

alowances

Alowances

and benefit

in kind

Discretionary

bonuses

Provident

fund

contributionsTotal

袍金薪金津贴

津贴及

实物福利酌情花红

公积金

供款总计

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

千港元千港元千港元千港元千港元千港元

Year ended 31 March 2024截至2024年3月31日止年度

Executive directors执行董事

Mr. Wu Jiangtao (Chairman)吴江涛先生（主席）–120–107137

Mr. Tao Jingyuan

(Chief Executive Oficer)

陶静远先生（行政总裁）

–120–107137

Mr. Lai Xiaopeng Michael赖晓鹏先生–120–107137

Independent non-executive directors独立非执行董事

Mr. Cheung Miu张渺先生270–270

Mr. Cheung Pak To张伯陶先生270–270

Mr. Choi Tze Kit Samy蔡子杰先生270–270

810360–30211,221

Notes:

(i) No directors waived any emolument during the year (2024: Nil).

(i) No emoluments paid or receivable in respect of a person

acepting ofice as a director are to be treated as emoluments

paid or receivable in respect of that person’s services as a

director.

(i) Apointed as the executive director of the Company with efect

from 19 December 2024.

Minshang Creative Technology Holdings Limited

Anual Report 2025164

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(b) 董事退休福利及终止福利

截至2025年3月31日止年度，概无

董事就其向本集团提供之服务而已收

取或将收取任何退休福利或终止福利

（2024年：无）。

代价

于截至2025年3月31日止年度，本

公司概无就获取本公司之董事服务向

任何第三方支付任何代价（2024年：

无）。

(d) 以董事、该等董事的受控制法

团及关连实体为受益人的贷

款、准贷款及其他交易的资料

于本年度末或本年度任何时间，本公

司或本公司附属公司（如适用）概无

订立任何以董事或任何该等董事控制

之法团或关连实体为受益人的贷款、

准贷款及其他交易（2024年：无）。

(e) 董事于交易、安排或合约中的

重大利益

除综合财务报表附注33所披露者外，

本公司概无订立与本集团业务有关，

而本公司董事于其中拥有重大利益（不

论直接或间接），且于本年度末或本

年度任何时间仍然存续的任何重大交

易、安排及合约（2024年：无）。

10. BENEFITS AND INTERESTS OF DIRECTORS

(Continued)

(b) DIRECTORS’ RETIREMENT BENEFITS AND

TERMINATION BENEFITS

None of the directors received or wil receive any retirement

benefits or termination benefits in respect of their services

to the Group for the year ended 31 March 2025 (2024: Nil).

PARTIES FOR MAKING AVAILABLE

DIRECTORS’ SERVICES

During the year ended 31 March 2025, the Company did

not pay any consideration to any third parties for making

available directors’ services to the Company (2024: Nil).

(d) INFORMATION ABOUT LOANS,

QUASI-LOANS AND OTHER DEALINGS IN

FAVOUR OF DIRECTORS, CONTROLED

BODIES CORPORATE BY AND CONECTED

ENTITIES WITH SUCH DIRECTORS

There were no loans, quasi-loans and other dealings

entered into by the Company or subsidiary undertaking of

the Company, where aplicable, in favour of the directors,

or body corporate controled by or entities conected with

any of the directors at the end of the year or at any time

during the year (2024: Nil).

(e) DIRECTORS’ MATERIAL INTERESTS IN

TRANSACTIONS, ARANGEMENTS OR

CONTRACTS

Save as disclosed in Note 33 to the consolidated financial

statements, no significant transactions, arangements

and contracts in relation to the Group’s busines to which

the Company was a party and in which a director of the

Company had a material interest, whether directly or

indirectly, subsisted at the end of the year or at any time

during the year (2024: Nil).

2025
2025年
HK$’000
千港元
–
–
(746)
(746)

民商创科控股有限公司

2025年报165

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

11. 所得税抵免

于综合损益及其他全面收益表计入之税项

金额指：

(a) 香港利得税乃就香港合资格实体低于

2,000,000港元之估计应课税溢利按

累进税率8.25%征收，而随后按固定

税率16.5%征收。就其他香港实体而

言，年内估计应课税溢利按固定税率

16.5%征税（2024年：相同）。

(b) 中国企业所得税指年内按本集团于中

国业务所在各个城市现行税率就应课

税溢利征收之税项。适用于中国附属

公司之税率为25%，惟本集团若干附

属公司因属小型微利企业而可按介乎

5%至15%（2024年：5%至15%）之

较低优惠企业所得税率缴税。

国成立的公司向境外投资者派付于

2008年1月1日之后赚取的利润所产

生的股息，通常征收10%的预扣税。

于2025年3月31日，本集团就中国

联营公司之未分派溢利之预扣税确认

递延税项负债3,196,000港元（2024

年：4,001,000港元）。

11. INCOME TAX CREDIT

The amount of tax credited to the consolidated statement of profit

or los and other comprehensive income represents:

2024年

HK$’000

千港元

Continuing operations持续经营业务

Curent income tax expense即期所得税开支

The PRC corporate income tax中国企业所得税

– Provision for curent year－本年度拨备1

– Over-provision in prior year－过往年度超额拨备(784)

Defered income tax expense递延所得税开支

– The PRC－中国(2,046)

(2,829)

(a) Hong Kong profits tax is levied at progresive rate of 8.25%

on the estimate asesable profit below HK$2,000,000 and

thereafter at a fixed rate at 16.5% for a qualifying entity in

Hong Kong. For other Hong Kong entities, the estimated

asesable profit is taxed at a fixed rate of 16.5% for the

year (2024: same).

(b) The PRC corporate income tax represents taxation charged

on asesable profits for the year at the rates of taxation

prevailing in the cities in the PRC in which the Group

operates. The tax rate aplicable to the subsidiaries in the

PRC is 25%, except for certain subsidiaries of the Group

subject to reduced preferential CIT rate ranging from 5% to

15% (2024: 5% to 15%) for Smal Low-profit Enterprises.

PRC, dividends distributed by a company established

in the PRC to a foreign investor with respect to profits

derived after 1 January 2008 are generaly subject

to a 10% witholding tax. As at 31 March 2025, the

Group recognised defered tax liabilities amounting to

HK$3,196,000 (2024: HK$4,001,000) of the witholding tax

on undistributed profits of the PRC asociate.

2025
2025年
HK$’000
千港元
(61,486)
(11,981)
(26)
–
6,510
1,962
3,986
(1,197)
(746)

Minshang Creative Technology Holdings Limited

Anual Report 2025166

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

本集团持续经营业务的除税前亏损缴纳的

税额与采用相关税率所产生的理论金额不

同，如下所示：

11. INCOME TAX CREDIT (Continued)

The tax on the Group’s los before tax from continuing operations

difers from the theoretical amount that would arise using the

respective tax rates as folows:

2024年

HK$’000

千港元

(Restated)

（经重列）

Continuing operations持续经营业务

Los before income tax除所得税前亏损(64,259)

Calculated at respective tax rates按相关税率计算(13,525)

Income not subject to taxation毋须缴税的收入(385)

Over-provision in prior year过往年度超额拨备(49)

Expenses not deductible for taxation

purposes

不可扣税开支

8,696

Unused tax loses for which no defered

tax asets has ben recognised

并无确认递延税项资产的未动用

税项亏损3,708

Temporary diference for which no

defered tax has ben recognised

并无确认递延税项的暂时差额

–

Temporary diference of undistributed

profits of the PRC asociate recognised

确认中国联营公司之未分派溢利

的暂时差额(1,274)

Income tax credit所得税抵免(2,829)

民商创科控股有限公司

2025年报167

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

12. 已终止经营业务

于2023年4月27日，本集团于出售全资附

属公司Prosperity One Limited时出售于香

港经营的越式餐厅业务。相关业务已终止

经营及财务资料概述如下：

13. 股息

董事会不建议就截至2025年3月31日止年

度派付任何股息（2024年：无）。

12. DISCONTINUED OPERATION

On 27 April 2023, the Group sold the Vietnamese-style

restaurants busines operation in Hong Kong at the time of

disposal of a wholy owned subsidiary, Prosperity One Limited.

The coresponding busines was discontinued and the financial

information was sumarized as folows:

1 April to

27 April 2023

2023年

4月1日至

4月27日

HK$’000

千港元

(Restated)

（经重列）

Discontinued operation已终止经营业务

Revenue收益2,266

Cost of fod and beverages食品和饮料成本(603)

Other income and gain其他收入及收益16

Administrative expenses行政开支(1,865)

Los before income tax除所得税前亏损(186)

Income tax expenses所得税开支–

Los for the period期内亏损(186)

Gain on disposal of subsidiaries出售附属公司收益25,829

Profit for the year from discontinued

operation

已终止经营业务的年内溢利

25,643

Net cash generated from operating

activities

经营活动所得现金净额

Net cash used in financing activities融资活动所用现金净额(551)

Net cash outflows现金流出净额(268)

Los before income tax has ben arived

after (charging)/crediting:

除所得税前亏损乃于（扣除）╱

计入以下各项后达致：

Employe costs雇员成本(698)

Depreciation and amortization 折旧及摊销(469)

Gain on disposal of property, plant and

equipment

出售物业、厂房及设备之收益

13. DIVIDENDS

The Board did not recomend the payment of any dividend for

the year ended 31 March 2025 (2024: Nil).

2025
2025年
HK$’000
千港元
(56,753)
–
(56,753)
914,535
(6.21)
–

Minshang Creative Technology Holdings Limited

Anual Report 2025168

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（亏损）╱盈利

本公司股东应占每股基本及摊薄（亏损）╱

盈利乃按以下数据计算。

(a) 每股基本（亏损）╱盈利

每股基本（亏损）╱盈利按本公司股

东应占（亏损）╱溢利除以年内已发

行普通股之加权平均数计算。

(b) 每股摊薄（亏损）╱盈利

每股摊薄（亏损）╱盈利按假设转换

所有潜在摊薄普通股通过调整发行在

外股份之加权平均数计算。

截至2025年3月31日止年度，本公

司并无潜在摊薄普通股，因此呈列的

每股摊薄（亏损）╱盈利与每股基本

（亏损）╱盈利相同（2024年：无）。

/EARNINGS PER SHARE

The calculation of the basic and diluted (los)/earnings per share

atributable to shareholders of the Company is based on the

folowing data.

(a) BASIC (LOS)/EARNINGS PER SHARE

Basic (los)/earnings per share is calculated by dividing the

(los)/profit atributable to shareholders of the Company by

the weighted average number of ordinary shares in isue

during the year.

2024年

HK$’000

千港元

(Restated)

（经重列）

(Los)/profit atributable to:以下人士应占（亏损）╱溢利：

Shareholders of the Company本公司股东

– from continuing operations－来自持续经营业务(61,430)

– from discontinued operations－来自已终止经营业务25,643

(35,787)

Weighted average number of

ordinary shares in isue (thousands)

已发行普通股加权平均数（千股）

893,275

Basic (los)/earnings per share

(HK cents per share)

每股基本（亏损）╱盈利

（每股港仙）

– from continuing operations－来自持续经营业务(6.88)

– from discontinued operations－来自已终止经营业务2.87

(b) DILUTED (LOS)/EARNINGS PER SHARE

Diluted (los)/earnings per share is calculated by adjusting

the weighted average number of shares outstanding to

asume conversion of al dilutive potential ordinary shares.

For the year ended 31 March 2025, the Company had no

dilutive potential ordinary shares, thus the diluted (los)/

earnings per share presented is the same as the basic (los)/

earnings per share (2024: Nil).

–	–	30	–	–	49	–	79
195	–	304	215	56	53	12,606	13,429
(1)	–	(2)	(1)	–	–	(69)	(73)
194	–	332	214	56	102	12,537	13,435

–	–	26	–	–	25	–	51
3	–	25	–	3	15	–	46
3	–	51	–	3	40	–	97

191	–	281	214	53	62	12,537	13,338

民商创科控股有限公司

2025年报169

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

、厂房及设备15. PROPERTY, PLANT AND EQUIPMENT

Leasehold

improvements

Restaurants

and kitchen

equipment

Computer

equipmentMachinery

Motor

vehicles

Furniture

and fixtures

Construction

in progresTotal

租赁

物业装修

餐厅及

厨房设备电脑设备机械汽车家私及装置在建工程总计

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

千港元千港元千港元千港元千港元千港元千港元千港元

Cost成本

At 1 April 2023于2023年4月1日4,1382,174210–1,605–8,127

Aditions添置–6–6

Disposal of subsidiary (Note 28)出售附属公司（附注28）(4,138)(2,174)(179)–(1,562)–(8,053)

Exchange realignment汇兑调整–(1)–(1)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Aditions添置

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

Deduction: acumulated depreciation and

impairment los

扣减：累计折旧及

减值亏损

At 1 April 2023于2023年4月1日3,5892,047187–1,581–7,404

Depreciation折旧29–19–4–52

Disposal of subsidiary (Note 28)出售附属公司（附注28）(3,618)(2,047)(179)–(1,562)–(7,406)

Exchange realignment汇兑调整–(1)–2–1

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Depreciation折旧

At 31 March 2025于2025年3月31日

Net bok value账面净值

At 31 March 2025于2025年3月31日

At 31 March 2024于2024年3月31日–4–24–28

–	1,098	1,098
5,024	–	5,024
(8)	(627)	(635)
(28)	–	(28)
4,988	471	5,459

	1,051	1,051
	18	18
	(631)	(631)
	438	438

Minshang Creative Technology Holdings Limited

Anual Report 2025170

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

16. RIGHT-OF-USE ASETS AND LEASE

LIABILITIES

(a) AMOUNTS RECOGNISED IN THE

CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

The consolidated statement of financial position shows the

folowing amounts relating to the leases:

Land use rightLeased oficeTotal

土地使用权租赁办公室总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Right-of-use asets使用权资产

At 1 April 2023于2023年4月1日–7,9617,961

Adition (Note (i)添置（附注(i)）–1,2551,255

Depreciation折旧–(1,372)(1,372)

Disposal of subsidiary

(Note 28)

出售附属公司

（附注28）–(5,961)(5,961)

Writen of (Note (i)撇销（附注(i)）–(785)(785)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Adition (Note (i)添置（附注(i)）

Depreciation折旧

Exchange汇兑

At 31 March 2025于2025年3月31日

Lease liabilities租赁负债

At 1 April 2023于2023年4月1日8,6048,604

Adition (Note (i)添置（附注(i)）1,2551,255

Disposal of subsidiary

(Note 28)

出售附属公司

（附注28）(6,423)(6,423)

Interest expenses利息开支4444

Payments付款(1,681)(1,681)

Writen of (Note (i)撇销（附注(i)）(748)(748)

At 31 March 2024 and

1 April 2024

于2024年3月31日及

2024年4月1日

Interest expenses利息开支

Payments付款

At 31 March 2025于2025年3月31日

16. 使用权资产及租赁负债

(a) 于综合财务状况表确认之金额

综合财务状况表显示有关租赁之金额

如下：

2025
2025年
HK$’000
千港元
–
438
438

2025
2025年
HK$’000
千港元
635
18
433

民商创科控股有限公司

2025年报171

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(a) 于综合财务状况表确认之金额

（续）

附注：

(i) 于截至2024年3月31日止年度，本公

司订立租期为两年的租赁协议。

(i) 该金额指提前终止租赁协议。

(i) 土地使用权位于中国及于截至2025年

3月31日止年度预先支付。本公司相

应附属公司为土地的登记拥有人，租

期为50年。

(b) 于综合损益及其他全面收益表

确认之金额

综合损益及其他全面收益表显示有关

租赁之金额如下：

16. RIGHT-OF-USE ASETS AND LEASE

LIABILITIES (Continued)

(a) AMOUNTS RECOGNISED IN THE

CONSOLIDATED STATEMENT OF

FINANCIAL POSITION (Continued)

2024年

HK$’000

千港元

Lease liabilities租赁负债

– Non-curent portion－非即期部分–

– Curent portion－即期部分1,051

1,051

Notes:

(i) During the year ended 31 March 2024, the Company has

entered in to an tenancy agrement for a 2-year lease term.

(i) The amount represents the early termination of tenancy

agrement.

(i) The land-use-right was located in the PRC and was prepaid

during the year ended 31 March 2025. The coresponding

subsidiary of the Company was the registered owner of the land

with 50 years of lease term.

(b) AMOUNTS RECOGNISED IN THE

CONSOLIDATED STATEMENT OF PROFIT

OR LOS AND OTHER COMPREHENSIVE

INCOME

The consolidated statement of profit or los and other

comprehensive income shows the folowing amounts

relating to the leases:

2024年

HK$’000

千港元

(Restated)

（经重列）

Continuing operations持续经营业务

Depreciation of right-of-use asets使用权资产折旧941

Interest expenses利息开支30

Expenses relating to short-term

leases

有关短期租赁之开支

–

–	3,247	3,465	6,712

–	3,247	3,465	6,712

–	–	–	–

Minshang Creative Technology Holdings Limited

Anual Report 2025172

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

17. 无形资产17. INTANGIBLE ASETS

TrademarkIT Platform

Non-compete

agrementTotal

商标资讯科技平台不竞争协议总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Cost成本

At 1 April 2023于2023年4月1日253,4293,6597,113

Disposal of subsidiary

(Note 28)

出售附属公司

（附注28）(25)–(25)

Exchange realignment汇兑调整–(182)(194)(376)

At 31 March 2024 and

31 March 2025

于2024年3月31日及

2025年3月31日

Deduction: acumulated

depreciation and

impairment los

扣减：累计折旧及减

值亏损

At 1 April 2023于2023年4月1日255145491,088

Disposal of subsidiary

(Note 28)

出售附属公司

（附注28）(25)–(25)

Amortisation for the year年内摊销–6587021,360

Impairment los for the year年内减值亏损–2,2572,4074,664

Exchange realignment汇兑调整–(182)(193)(375)

At 31 March 2024 and

31 March 2025

于2024年3月31日及

2025年3月31日

Net bok value账面净值

At 31 March 2025于2025年3月31日

At 31 March 2024于2024年3月31日–

民商创科控股有限公司

2025年报173

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

无形资产（包括资讯科技平台及不竞争协议）

乃由Context Image Holdings Limited及其附

属公司（统称「Context Image 集团」）的业

务合并产生。

产生现金流的无形资产计入各自的现金

产生单位（「现金产生单位」）（其为Context

Image 集团），以便进行减值评估。

现金产生单位的可收回金额乃根据使用价

值计算确定。截至2024年3月31日止年

度，该计算采用基于管理层所批核涵盖五

年期之财政预算之现金流量预测及贴现率

23%。超过五年期之现金流量乃采用3%之

稳定增长率推算。该增长率乃基于有关行

业增长预测及未超过相关行业的平均长期

增长率。使用价值计算之其他主要假设与

包括预算销售及毛利率之现金流量之估计

有关。有关估计乃基于Context Image 集团

之过往表现及管理层对市场发展之预期得

出。管理层相信，任何该等假设可能出现

之任何合理变动不会导致Context Image 集

团之账面总值超过Context Image 集团之可

收回总金额。

17. INTANGIBLE ASETS (Continued)

Intangible asets, including IT Platform and non-compete

agrement, were arisen from the busines combination of Context

Image Holdings Limited and its subsidiaries (colectively “Context

Image Group”).

Intangible asets that generate cash flows were included in the

respective cash generating units (“CGUs”), which was Context

Image Group, for the purpose of impairment asesment.

The recoverable amount of the CGU has ben determined

based on value in use calculation. During the year ended 31

March 2024, this calculation used cash flow projections based

on financial budgets aproved by management covering a five-

year period and a discount rate of 23%. Cash flows beyond

the five-year period are extrapolated using a steady 3% 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. Other key asumptions for the value

in use calculations relate to the estimation of cash flows which

include budgeted sales and gros margins. Such estimation

was based on past performance of the Context Image Group

and management’s expectations for the market development.

Management believed that any reasonably posible change in any

of these asumptions would not cause the agregate carying

amount of the Context Image Group to exced the agregate

recoverable amount of the Context Image Group.

2025
2025年
HK$’000
千港元
40,418
26,731
(16,446)
10,285
50,703
15,000
12,917
27,917

2025
2025年
HK$’000
千港元
85,188
(17,813)
(16,446)
(226)
50,703

Minshang Creative Technology Holdings Limited

Anual Report 2025174

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

18. INTERESTS IN ASOCIATES

2024年

HK$’000

千港元

(Restated)

（经重列）

Investments in asociates于联营公司的投资

– Share of net aset value－分占资产净值58,457

– Notional godwil and intangible asets－名义商誉及无形资产26,731

Les: Impairment for the year (Note (i)减：年内减值（附注(i)）–

Notional godwil and intangible asets

after impairment

扣除减值后的名义商誉及

无形资产26,731

85,188

Loan to an asociate (Note (i)向一间联营公司提供贷款

（附注(i)）

– Non-curent portion－非即期部分15,000

– Curent portion－即期部分12,534

27,534

2024年

HK$’000

千港元

Movements in the investments in

asociates are as folows:

于联营公司的投资变动如下：

At the begining of the year于年初99,498

Share of post-tax results of asociates分占联营公司之除税后业绩(13,183)

Impairment for the year (Note (i)年内减值（附注(i)）–

Share of other comprehensive expense of

asociates

分占联营公司之其他全面开支

(1,127)

At the end of the year于年末85,188

Set out below is the asociates of the Group as at 31 March

2025 and 2024 which, in the opinion of the directors, is material

to the Group. The asociates as listed below has share capital

consisting solely of ordinary shares, which are held directly by the

Group; the country of incorporation or registration is also their

principal place of busines.

18. 于联营公司的权益

以下载列于2025年及2024年3月31日董

事认为对本集团而言属重大的本集团联营

公司。下文所列联营公司的股本仅包括普

通股，由本集团直接持有；注册成立或注

册所在国家亦为其主要营业地点。

2025
2025年
50%

民商创科控股有限公司

2025年报175

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

附注：

(i) 民商智惠主要从事科技及电子商贸相关业务，

专注于依赖其场景行销系统和供应链管理能

力为多家银行、金融机构及大型企业提供电

子商贸。

本集团持有民商智惠50%股权，并有权于四

名民商智惠董事中委任两名董事。董事会之

投票决定以简单过半数作出。本集团不能行

使超过一半之投票权，亦不可控制任何董事

会决定。因此，民商智惠并非本集团之附属

公司。然而，由于本集团可对民商智惠展示

其重大影响力，故于民商智惠之投资确认为

于联营公司之投资。

(i) 本集团于2019年5月16日向民商智惠授出贷

款15,000,000港元，到期日为2021年5月15

日。贷款为无抵押，按年利率8%计息，并

每年按合约偿付贷款利息。于2021年5月14

日及2023年5月11日，本集团与民商智惠分

别订立两份补充协议，将贷款到期日延长至

2023年5月14日及进一步延长至2026年5月

14日。

于2023年6月12日，本集团与民商智惠订立

本金总额为11,000,000港元的新股东贷款协

议。该贷款为无抵押，按年利率8%计息。贷

款期限为提取日期起12个月，在收到书面通

知后可再延长12个月。

18. INTERESTS IN ASOCIATES (Continued)

Name

Place of

incorporation/

operation

Particulars

of isued

share capital

Interest held directly at

31 March Principal activity

名称

注册成立╱

经营地点已发行股本详情于3月31日直接持有的权益主要业务活动

2024年

北京民商智惠电子商务有限公司

(Beijing Minshang ZhiHui E-comerce

Co., Limited*) (“Minshang Zhihui”)

(Note (i)

The PRCRMB50,000,00050%Providing

e-comerce

related service in

the PRC

北京民商智惠电子商务有限公司

（「民商智惠」）（附注(i)）

中国人民币50,000,000元于中国提供

电子商贸相关服务

* English name is translated for identification purpose only.

Notes:

(i) Minshang Zhihui is principaly engaged in technology and e-comerce

related busines with a focus on its scenario marketing system and

suply chain management capability to provide various banks, financial

institutions and sizable corporations with e-comerce.

The Group holds 50% equity interest in Minshang Zhihui and is entitled

to apoint two out of four directors in Minshang Zhihui. Voting decisions

of the board are made by a simple majority. The Group is not able to

exercise more than half of the voting power and it canot control any

board decisions. Therefore, Minshang Zhihui is not a subsidiary of the

Group. However, since the Group can demonstrate significant influence

over Minshang Zhihui, the investment in Minshang Zhihui is recognised

as an investment in asociate.

(i) The Group granted a loan amounting to HK$15,000,000 to Minshang

Zhihui on 16 May 2019 with an expiry date of 15 May 2021. The

loan is unsecured and interest-bearing at a rate of 8% per anum,

with contractual setlement of the loan’s interest anualy. On 14 May

2021 and 11 May 2023, the Group entered into two suplemental

agrements with Minshang Zhihui respectively for extending the loan

expiry date to 14 May 2023 and further to 14 May 2026.

On 12 June 2023, the Group entered into a new shareholder’s loan

agrement with Minshang Zhihui in an agregate principal amount of

HK$11,000,000. The loan is unsecured and interest-bearing at a rate

of 8% per anum. The loan term is 12 months from the drawdown

date and subject to an extension for a further term of 12 months upon

service of a writen notice.

Minshang Creative Technology Holdings Limited

Anual Report 2025176

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

附注：（续）

(i) （续）

于2024年6月11日，本集团与民商智惠订立

贷款延长协议以将本金额为11,000,000港

元及按年利率8%计息的新股东贷款（为无抵

押）期限延长12个月直至2025年6月11日。

(i) 于联营公司的权益的可收回金额乃根据使用

价值计算确定。截至2025年3月31日止年度，

该计算采用基于管理层所批核涵盖五年期之

财政预算之现金流量预测及贴现率15.5%。

超过五年期之现金流量乃采用2%之稳定增

长率推算。该增长率乃基于有关行业增长预

测及未超过相关行业的平均长期增长率。使

用价值计算之其他主要假设与包括预算销售

及毛利率之现金流量之估计有关。有关估计

乃基于民商智惠之过往表现及管理层对市场

发展之预期得出。管理层相信，任何该等假

设可能出现之任何合理变动不会导致民商智

惠之账面值超过民商智惠之可收回金额。

18. INTERESTS IN ASOCIATES (Continued)

Notes: (Continued)

(i) (Continued)

On 11 June 2024, the Group entered into an loan extension agrement

with Minshang Zhihui to extend the new shareholder’s loan with principal

amount of HK$11,000,000 and interest bearing at 8% per anum (which

is unsecured) for a term of 12 months until 11 June 2025.

(i) The recoverable amount of the interests in asociates has ben

determined based on value in use calculation. During the year ended

31 March 2025, this calculation used cash flow projections based on

financial budgets aproved by management covering a five-year period

and a discount rate of 15.5%. Cash flows beyond the five-year period

are extrapolated using a steady 2% 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. Other key

asumptions for the value in use calculations relate to the estimation

of cash flows which include budgeted sales and gros margins

ratio. Such estimation was based on past performance of Minshang

Zhihui and management’s expectations for the market development.

Management believed that any reasonably posible change in any of

these asumptions would not cause the carying amount of Minshang

Zhihui to exced the recoverable amount of Minshang Zhihui.

2025
2025年
HK$’000
千港元
285,532
(215,291)
10,595
–
80,836
116,914
(35,627)
(451)
80,836
50%
40,418
10,285
50,703
272,401
(35,627)
(451)
(36,078)
17,726
(4,367)
(18,990)
(5,631)

民商创科控股有限公司

2025年报177

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

重大联营公司之概要财务资料

下表提供董事认为对本集团而言属重大之

民商智惠之概要财务资料，其使用权益法

入账。

18. INTERESTS IN ASOCIATES (Continued)

SUMARISED FINANCIAL INFORMATION FOR

MATERIAL ASOCIATE

The table below provides sumarised financial information for

Minshang Zhihui that, in the opinion of director, is material to the

Group and is acounted for using the equity method.

2024年

HK$’000

千港元

(Restated)

（经重列）

Curent流动

Total curent asets流动资产总值329,032

Total curent liabilities流动负债总额(233,933)

Non-curent非流动

Total non-curent asets非流动资产总值21,815

Total non-curent liabilities非流动负债总额–

Net asets资产净值116,914

Opening net asets年初资产净值142,536

Los for the year年内亏损(23,368)

Curency translation diference货币换算差额(2,254)

Closing net asets年末资产净值116,914

Direct equity interest held所持有之直接股权50%

Share of net aset value held by Group本集团所持有之资产净值份额58,457

Intangible asets and notional godwil无形资产及名义商誉26,731

Carying amount账面值85,188

Revenue收益290,524

Los for the year年内亏损(23,368)

Other comprehensive expense其他全面开支(2,254)

Total comprehensive expense全面开支总额(25,622)

Net cash (outflow)/inflow from:来自以下各项的现金（流出）╱

流入净额：

– Operating activities－经营活动20,608

– Investing activities－投资活动(6,445)

– Financing activities－融资活动(8,378)

5,785

2025
2025年
HK$’000
千港元
–

Minshang Creative Technology Holdings Limited

Anual Report 2025178

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

重大联营公司之概要财务资料（续）

以上资料反映民商智惠之综合财务报表所

呈列之金额（并非民商创科控股有限公司

分占有关金额之部分），其已就本集团与

该联营公司会计政策之差异（如有）作出调

整。

19. 存货

截至2025年3月31日止年度，金额为

2,529,000港元（2024年：零港元）的制成

品已全部减值及确认为贸易业务成本。

18. INTERESTS IN ASOCIATES (Continued)

SUMARISED FINANCIAL INFORMATION FOR

MATERIAL ASOCIATE (Continued)

The information above reflects the amounts presented in the

consolidated financial statements of Minshang Zhihui (and not

Minshang Creative Technology Holdings Limited’s share of those

amounts) adjusted for diferences in acounting policies betwen

the Group and the asociate, if any.

19. INVENTORIES

2024年

HK$’000

千港元

Finished gods制成品2,529

During the year ended 31 March 2025, finished gods with an

amount HK$2,529,000 (2024: HK$Nil) were fuly impaired and

recognised as cost of trading busines.

2025
2025年
HK$’000
千港元
24,488
(24,488)
–

2025
2025年
HK$’000
千港元
–
–
–
–
–

民商创科控股有限公司

2025年报179

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

20. 贸易应收款项

贸易应收款项主要指应收资讯科技解决方

案业务款项。给予贸易客户的信贷期为1

至30天内。

在可能无法全数收回款项时作出贸易应收

款项减值估计，并予以扣除。贸易应收款

项为无抵押及免息。有关贸易应收款项减

值评估的详情载于附注3.2(c)(i)。

贸易应收款项基于发票日期的账龄分析如

下：

20. TRADE RECEIVABLES

2024年

HK$’000

千港元

(Restated)

（经重列）

Trade receivables贸易应收款项26,039

Les: impairment los减：减值亏损(24,324)

1,715

Trade receivables mainly represent receivables from IT solution

busines. The credit period granted to trade customers was

within 1–30 days.

An estimate of impairment of trade receivables is made and

deducted when colection of the ful amount is no longer probable.

Trade receivables are unsecured and interest-fre. Details of

impairment asesment of trade receivables are set out in note

3.2(c)(i).

The aging analysis of the trade receivables based on invoice date

was as folows:

2024年

HK$’000

千港元

(Restated)

（经重列）

Les than 30 days少于30天–

31 to 60 days31至60天–

61 to 90 days61至90天–

Over 90 days超过90天1,715

1,715

2025
2025年
HK$’000
千港元
24,324
596
(432)
24,488

2025
2025年
HK$’000
千港元
1,320
567
6,020
3,038
1,880
12,825
–
12,825

Minshang Creative Technology Holdings Limited

Anual Report 2025180

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

下表对贸易应收款项之亏损拨备进行对账：

于2025年及2024年3月31日，贸易应收

款项的账面值与公允价值相若，并以人民

币计值。

、按金及其他应收款

项

20. TRADE RECEIVABLES (Continued)

The table below reconciles the los alowance of trade

receivables:

2024年

HK$’000

千港元

(Restated)

（经重列）

At the begining of the year于年初–

Provision for impairment减值拨备23,548

Exchange realignment汇兑调整776

At the end of the year于年末24,324

The carying amount of trade receivables aproximates to its

fair value as at 31 March 2025 and 2024 and is denominated in

RMB.

21. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES

2024年

HK$’000

千港元

(Restated)

（经重列）

Prepayments预付款项668

Rental and utilities deposits租金及公用事业按金260

Other tax recoverable (Note (i)其他可收回税项（附注(i)）6,281

Other receivables其他应收款项9,083

Value aded tax receivable应收增值税958

17,250

Les: non-curent portion减：非即期部分

– Rental and utilities deposits－租金及公用事业按金(260)

Curent portion即期部分16,990

2025
2025年
HK$’000
千港元
1,091
31
(29)
(6)
1,087

2025
2025年
HK$’000
千港元
757
12,068
12,825

民商创科控股有限公司

2025年报181

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

、按金及其他应收款

项（续）

附注：

(i) 于2025年3月31日，其他可收回税项人民币

5,614,000元（相当于6,020,000港元）（2024

年：人民币5,823,000元（相当于6,281,000

港元）为贸易业务出口销售的应收退税。

下表为按金及其他应收款项的亏损拨备对

账：

于2025年及2024年3月31日，预付款项、

按金及其他应收款项的账面值与其公允价

值相若并以下货币计值：

21. PREPAYMENTS, DEPOSITS AND OTHER

RECEIVABLES (Continued)

Note:

(i) As at 31 March 2025, the other tax recoverable of RMB5,614,000

(equivalent to HK$6,020,000) (2024: RMB5,823,000 (equivalent to

HK$6,281,000) represented the tax refund receivables from export

sales of the trading busines.

The table below reconciles the los alowance of deposits and

other receivables:

2024年

HK$’000

千港元

(Restated)

（经重列）

At the begining of the year于年初1,091

Provision for impairment减值拨备–

Provision writen of撇销拨备–

Exchange realignment汇兑调整–

At the end of the year于年末1,091

The carying amounts of prepayments, deposits and other

receivables aproximate to their fair values as at 31 March 2025

and 2024 and are denominated in the folowing curencies:

2024年

HK$’000

千港元

(Restated)

（经重列）

HK$港元679

RMB人民币16,571

17,250

2025
2025年
HK$’000
千港元
9,864
–

2025
2025年
100%
100%

Minshang Creative Technology Holdings Limited

Anual Report 2025182

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

22. 向中间控股公司及一间关联公

司提供贷款

附注：

(i) 结余指向本公司一间中间控股公司提供的

无抵押贷款。该贷款按年利率8%计息，无

固定还款期限，惟根据于2025年6月13日

（2024年：2024年10月7日）签署的最新贷

款协议不得迟于2026年10月6日还款。

(i) 结余指向本公司一间同系附属公司提供的无

抵押贷款。该贷款按年利率8%计息及已于

本年度悉数偿还。

23. 附属公司

于2025年及2024年3月31日，主要附属

公司之详情连同主要业务如下：

22. LOANS TO INTERMEDIATE HOLDING

COMPANY AND A RELATED COMPANY

2024年

HK$’000

千港元

Curent即期

RUNMING International Limited

(润铭国际有限公司) (Note (i)

润铭国际有限公司（附注(i)）

9,870

深圳泰睿金融服务有限公司 (Note (i)深圳泰睿金融服务有限公司

（附注(i)）6,841

Notes:

(i) The balance represents an unsecured loan to an intermediate holding

company of the Company. The loan bears interest at 8% per anum

and has no fixed repayment term but shal be repaid no later than 6

October 2026 per the latest loan agrement signed on 13 June 2025

(2024: 7 October 2024).

(i) The balance represents an unsecured loan to a felow subsidiary of the

Company. The loan bears interest at 8% per anum and has ben fuly

repaid during the curent year.

23. SUBSIDIARIES

Particulars of the principal subsidiaries with major operations as

at 31 March 2025 and 2024 are shown as folows:

Name

Place of incorporation and

kind of legal entity

Date of

incorporation

Registered

capitalEfective interest held

Principal activities and

place of operation

名称

注册成立地点及

法律实体类别注册成立日期注册股本

于以下年度持有的

实际权益

主要活动及

经营地点

2024年

Directly held subsidiaries:

直接持有的附属公司：

MSCT Management LimitedHong Kong, limited liability company3 October 2018HK$1100%Provision of management

service in Hong Kong

民商创科管理有限公司香港，有限责任公司2018年10月3日1港元在香港提供管理服务

MSCT Investment LimitedBritish Virgin Islands, limited liability

company

5 October 2018US$1100%Investment holding

民商创科投资有限公司英属处女群岛，有限责任公司2018年10月5日1美元投资控股

2025
2025年
100%
100%
100%
100%
–
100%
100%
100%

民商创科控股有限公司

2025年报183

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

Name

Place of incorporation and

kind of legal entity

Date of

incorporation

Registered

capitalEfective interest held

Principal activities and

place of operation

名称

注册成立地点及

法律实体类别注册成立日期注册股本

于以下年度持有的

实际权益

主要活动及

经营地点

2024年

MSC-Tech Investment

Holdings Limited

British Virgin Islands, limited liability

company

8 October 2018US$1100%Investment holding

MSC-Tech Investment

Holdings Limited

英属处女群岛，有限责任公司2018年10月8日1美元投资控股

MSC-Tech Investment

Limited

British Virgin Islands, limited liability

company

8 October 2018US$1100%Investment holding

MSC-Tech Investment

Limited

英属处女群岛，有限责任公司2018年10月8日1美元投资控股

Indirectly held subsidiaries:

间接持有的附属公司：

MSEC Investment (HK)

Limited

Hong Kong, limited liability company30 October 2018HK$1,000100%Investment holding

MSEC Investment (HK)

Limited

香港，有限责任公司2018年10月30日1,000港元投资控股

民商创科(宁波)电子商务

有限公司

The PRC (limited liability company

under the law of the PRC)

21 May 2019RMB10,000,000100%Trading busines in the

PRC

民商创科（宁波）电子商务

有限公司

中国（根据中国法律之有限责任

公司）

2019年5月21日人民币

10,000,000元

中国贸易业务

民商创科(宁波)商贸

有限公司(Note (i)

The PRC (limited liability company

under the law of the PRC)

24 June 2019RMB2,000,00070%Trading busines in the

PRC

民商创科（宁波）商贸

有限公司（附注(i)）

中国（根据中国法律之有限责任

公司）

2019年6月24日人民币

2,000,000元

中国贸易业务

前海民商创科数字科技

(深圳)有限公司

The PRC (limited liability company

under the law of the PRC)

23 December 2020RMB50,000,000100%Trading busines in the

PRC

前海民商创科数字科技

（深圳）有限公司

中国（根据中国法律之有限责任

公司）

2020年12月23日人民币

50,000,000元

中国贸易业务

Context Image Holdings

Limited

Cayman Islands, limited liability

company

6 August 2021US$50,000100%Investment holding

Context Image Holdings

Limited

开曼群岛，有限责任公司2021年8月6日50,000美元投资控股

场景万象(北京)科技

有限公司

The PRC (limited liability company

under the law of the PRC)

23 November 2015RMB3,000,000100%IT solution services in the

PRC

场景万象（北京）科技

有限公司

中国（根据中国法律之有限责任

公司）

2015年11月23日人民币

3,000,000元

中国资讯科技解决方案

服务

23. SUBSIDIARIES (Continued)

2025
2025年
51%
51%
51%
51%
51%

Minshang Creative Technology Holdings Limited

Anual Report 2025184

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

Name

Place of incorporation and

kind of legal entity

Date of

incorporation

Registered

capitalEfective interest held

Principal activities and

place of operation

名称

注册成立地点及

法律实体类别注册成立日期注册股本

于以下年度持有的

实际权益

主要活动及

经营地点

2024年

旭科氢醇（海南）科技

有限公司

The PRC (limited liability company

under the law of the PRC)

23 May 2024RMB25,500,000N/AInvestment holding

旭科氢醇（海南）科技

有限公司

中国（根据中国法律之有限责任

公司）

2024年5月23日人民币

25,500,000元

不适用投资控股

旭科氢醇（抚州）新能源

有限公司

The PRC (limited liability company

under the law of the PRC)

14 August 2024RMB4,270,000N/AInvestment holding

旭科氢醇（抚州）新能源

有限公司

中国（根据中国法律之有限责任

公司）

2024年8月14日人民币

4,270,000元

不适用投资控股

旭科氢醇（抚州）生物质

能源有限公司

The PRC (limited liability company

under the law of the PRC)

29 August 2024RMB30,000,000N/AInvestment holding

旭科氢醇（抚州）生物质

能源有限公司

中国（根据中国法律之有限责任

公司）

2024年8月29日人民币

30,000,000元

不适用投资控股

旭科氢醇（北京）液态阳光

研究院有限公司

The PRC (limited liability company

under the law of the PRC)

24 June 2024RMB6,060,000N/ARenewable energy

technology busines

旭科氢醇（北京）液态阳光

研究院有限公司

中国（根据中国法律之有限责任

公司）

2024年6月24日人民币

6,060,000元

不适用可再生能源科技业务

旭科氢醇（海南）供应链

管理有限公司

The PRC (limited liability company

under the law of the PRC)

8 January 2025RMB20,000N/AInvestment holding

旭科氢醇（海南）供应链

管理有限公司

中国（根据中国法律之有限责任

公司）

2025年1月8日人民币20,000元不适用投资控股

Note:

(i) The subsidiary was deregistered on 21 October 2024.

23. SUBSIDIARIES (Continued)

附注：

(i) 该附属公司已于2024年10月21日注销。

31 March 2025	From 23 May 2024 to 31 March 2025	From 23 May 2024 to 31 March 2025
2025年3月31日	由2024年5月23日至2025年3月31日	由2024年5月23日至2025年3月31日
	HK$’000	HK$’000
	千港元	千港元
49%	(3,987)	(3,965)
49%	(3,987)	(3,965)

As at 31 March 2025
于2025年3月31日
HK$’000
千港元
18,294
15,183
(14,225)
19,252
23,217
(3,965)
19,252

民商创科控股有限公司

2025年报185

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

24. 非控股权益

下文列示本集团拥有重大非控股权益之非

全资附属公司之详情：

有关本集团拥有重大非控股权益的附属公

司各自的财务资料概要载于下文。下文的

财务资料概要为集团内公司间对销前之金额。

24. NON-CONTROLING INTERESTS

The details of non-wholy owned subsidiaries of the Group that

have material non-controling interests are shown as below:

Name of Subsidiary

Place of

incorporation/

principal place

of busines

Proportion

of ownership

interests and

voting rights

held by

non-controling

interests

Los

alocated to

non-controling

interests

for the period

Acumulated

non-controling

interests

附属公司名称

注册成立地点╱

主要营业地点

非控股权益

所持拥有权益及

投票权比例

期内分配予

非控股权益

之亏损累计非控股权益

Xuke Hydrogen Methanol (Hainan)

Technology Co., Ltd. *

PRC/PRC

旭科氢醇（海南）科技有限公司中国╱中国

* For identification purpose only.

Sumarised financial information in respect of each of the

Group’s subsidiaries that has material non-controling interests

are set out below. The sumarised financial information below

represented amounts before intragroup eliminations.

Xuke Hydrogen

Methanol (Hainan)

Technology

Co., Ltd.*

旭科氢醇（海南）科技

有限公司

Non-curent asets非流动资产

Curent asets流动资产

Curent liabilities流动负债

Equity atributable to owners of the Company本公司拥有人应占权益

Non-controling interests非控股权益

For the period from 23 May 2024 to 31 March 2025
由2024年5月23日至2025年3月31日止期间
HK$’000
千港元
34
(8,170)
(8,136)
45
(8,091)
(4,149)
(3,987)
(8,136)
(4,126)
(3,965)
(8,091)
1,182
(18,380)
27,344
10,146

Minshang Creative Technology Holdings Limited

Anual Report 2025186

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）24. NON-CONTROLING INTERESTS (Continued)

Other income其他收入

Expenses开支

Los for the year年内亏损

Other comprehensive income for the year年内其他全面收益

Total comprehensive expenses for the year年内全面开支总额

Los atributable to:以下人士应占亏损：

– Owners of the Company－本公司拥有人

– Non-controling interests－非控股权益

Total comprehensive expenses atributable to:以下人士应占全面开支总额：

– Owners of the Company－本公司拥有人

– Non-controling interests－非控股权益

Net cash inflow from:来自以下各项的现金流入净额：

– Operating activities－经营活动

– Investing activities－投资活动

– Financing activities－融资活动

Net cash inflow现金流入净额

2025
2025年
HK$’000
千港元
–
22,357
22,357

2025
2025年
HK$’000
千港元
2,564
19,793
22,357

民商创科控股有限公司

2025年报187

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

25. 现金及现金等价物

于2025年3月31日，本集团面临的最高信

贷风险为金额约22,357,000港元（2024年：

9,953,000港元）的银行现金。

于2025年3月31日，本集团的现金及现

金等价物约19,793,000港元（2024年：

946,000港元）乃以人民币计值并存放于中

国之银行。兑换人民币计值结余为外币须

遵守中国政府颁布的外汇管制规则及规定。

银行结余乃存放于信誉卓著且近期无违约

记录的银行。

25. CASH AND CASH EQUIVALENTS

2024年

HK$’000

千港元

Cash on hand手头现金537

Cash at banks银行现金9,953

Total总计10,490

At 31 March 2025, the maximum exposure to credit risk of

the Group is cash at banks, amounting to aproximately

HK$22,357,000 (2024: HK$9,953,000).

2024年

HK$’000

千港元

Cash and cash equivalents

denominated in:

以下列货币计值的现金及

现金等价物：

HK$港元9,544

RMB人民币946

10,490

As at 31 March 2025, cash and cash equivalents of

aproximately HK$19,793,000 (2024: HK$946,000) of the Group

were denominated in Renminbi and deposited with banks in the

PRC. The conversion of the Renminbi denominated balance into

foreign curencies is subject to the rules and regulations of foreign

exchange control promulgated by the PRC government.

The bank balances are deposited with creditworthy banks with no

recent history of default.

2025
2025年
HK$’000
千港元
–
–
–
16,056
16,056

Minshang Creative Technology Holdings Limited

Anual Report 2025188

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

26. 贸易应付款项

于报告期末的贸易应付款项基于发票日期

的账龄分析如下：

贸易应付款项为不计息，且付款期一般为

30天。

贸易应付款项之账面值与其公允价值相若，

并按人民币计值。

26. TRADE PAYABLES

An aging analysis of the trade payables at the end of the

Reporting Period, based on the invoice date, is as folows:

2024年

HK$’000

千港元

Les than 30 days少于30天–

31 to 60 days31至60天–

61 to 90 days61至90天–

Over 90 days超过90天17,699

17,699

The trade payables are non-interest bearing with payment terms

of 30 days in general.

The carying amounts of the trade payables aproximate to their

fair values and are denominated in RMB.

2025
2025年
HK$’000
千港元
3,332
1,394
–
5
4,882
1,789
11,402
–
11,402

民商创科控股有限公司

2025年报189

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

27. 其他应付款项及应计费用27. OTHER PAYABLES AND ACRUALS

2024年

HK$’000

千港元

Acrued expenses应计费用1,200

Deposits received for tendering已收投标按金–

Provision for reinstatement costs (Note (i)复原费用拨备（附注(i)）300

Amount due to the imediate holding

company (Note (i)

应付直接控股公司款项

（附注(i)）5

Provision for PRC corporate income tax

and penalty on transfer of equity (Note (i)

中国企业所得税及转让股权的

罚款拨备（附注(i)）4,882

Others其他804

7,191

Les: non-curent portion减：非即期部分

– Provision for reinstatement costs－复原费用拨备(300)

Curent portion即期部分6,891

2025
2025年
HK$’000
千港元
2,276
9,126
11,402

2025
2025年
HK$’000
千港元
300
–
(300)
–

Minshang Creative Technology Holdings Limited

Anual Report 2025190

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

其他应付款项及应计费用结余的账面值与

其公允价值相若，并按以下货币计值：

附注：

(i) 复原费用拨备

本集团的复原费用拨备的变动如下：

(i) 应付直接控股公司款项

有关款项为无抵押、免息及须按要求偿还。

27. OTHER PAYABLES AND ACRUALS

(Continued)

The carying amounts of the other payables and acruals balance

aproximate to their fair values and are denominated in the

folowing curencies:

2024年

HK$’000

千港元

HK$港元2,071

RMB人民币5,120

7,191

Notes:

(i) Provision for reinstatement costs

Movements in the Group’s provision for reinstatement costs are as

folows:

2024年

HK$’000

千港元

At the begining of the year于年初564

Disposal of subsidiaries出售附属公司(264)

Reversal of provision拨备拨回–

At the end of the year于年末300

(i) Amount due to the imediate holding company

The amount is unsecured, interest-fre and repayable on demand.

民商创科控股有限公司

2025年报191

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

附注：（续）

(i) 中国企业所得税及转让股权的罚款拨备

截至2023年3月31日止年度，本集团收购

Context Image 集团的100%股权，导致间接

收购Context Image在中国的附属公司场景万

象（北京）科技有限公司（「场景万象」）。根据

国家税务总局（「国家税务总局」）颁布的[2015]

第7号公告，国家税务总局应将该安排视为

中国居民股权的直接转让，由此产生的任何

相关资本收益都应缴纳企业所得税。因此，

本集团在该情况下应作为企业所得税预缴义

务人，于达成股权转让协议后30天内向中国

税务机关报告上述间接股权转让（并结付企

业所得税，如适用）。

倘本集团未能履行其预缴责任及卖方未有支

付企业所得税，中国税务机关将要求卖方支

付企业所得税，并向本集团处以未付企业所

得税50%至3倍的罚款。倘本集团已自愿向

中国税务机关申报间接转让，则罚款可获减免。

根据本集团（透过其一间全资附属公司）、四

名独立第三方（「卖方」）及两名担保人，即担

保人W及担保人Z（统称为「卖方担保人」）于

2021年12月24日订立的买卖协议，卖方负

责根据相关中国税务法律及法规申报及结算

间接股权转让所产生的企业所得税。卖方担

保人已不可撤回地及无条件地保证卖方及时

妥善履行及遵守彼等于买卖协议项下的所有

责任。

本公司董事认为，上述交易概无涉及现金代

价，因此于初始阶段不应扣留任何款项。在

此情况下，申报及支付企业所得税的责任在

于卖方。于2023年3月31日，本集团尚未向

中国税务机关呈报该交易或缴纳企业所得税。

为谨慎起见，于截至2023年3月31日止年度

已就非预缴部分及相关最高罚款分别确认拨

备1,220,000港元及3,662,000港元。

27. OTHER PAYABLES AND ACRUALS

(Continued)

Notes: (Continued)

(i) Provision for PRC corporate income tax and penalty on transfer of

equity

During the year ended 31 March 2023, the Group acquired 100%

equity interest in Context Image Group, leading to an indirect

acquisition of 场景万象(北京)科技有限公司 (Changjing Wanxiang

(Beijing) Technology Co., Ltd., “Changjing Wanxiang”), a subsidiary

of Context Image in the PRC. Acording to Public Notice [2015] No. 7

promulgated by the State Taxation Administration (the “STA”), the STA

shal dem such arangement to be a direct transfer of equity interest

of the PRC resident and any related capital gain derived therein shal

be subject to the CIT. Therefore, the Group in this event shal act as an

CIT witholding agent and report said indirect equity transfer (and setle

the CIT, if aplicable) to the PRC tax authorities within 30 days after the

equity transfer agrement is concluded.

In case the Group fails to fulfil its witholding obligation and the Vendor

has not paid the CIT, the PRC tax authorities would demand the Vendor

for the payment of CIT and impose penalty of 50% to 3 times of the

unpaid CIT on the Group. The penalty may be relieved if the indirect

transfer has ben voluntarily reported to the PRC tax authorities by the

Group.

Acording to the sale and purchase agrement dated 24 December

2021 entered into among the Group, through one of its wholy-owned

subsidiaries, four independent third parties (the “Vendors”) and two

guarantors, namely Guarantor W and Guarantor Z (colectively refered

as the “Vendors’ Guarantors”), the Vendors are responsible for the

filing and the setlement of the CIT arising from the indirect equity

transfer in acordance with the relevant PRC tax laws and regulations.

The Vendors’ Guarantors irevocably and unconditionaly guaranted

the due and prompt performance and compliance by the Vendors of al

their obligations under the sale and purchase agrement.

The directors of the Company believe no cash consideration was

involved in said transaction, thus no money should be witheld at

the first stage. Under such circumstances, it is the responsibility of

the Vendors to report and pay the CIT. As at 31 March 2023, the

Group has not yet reported the transaction or paid CIT to the PRC

tax authorities. For the sake of prudence for the year ended 31 March

2023, a provision of HK$1,220,000 for the non-witheld portion and

HK$3,662,000 for the relevant maximum penalty were recognised.

Minshang Creative Technology Holdings Limited

Anual Report 2025192

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

28. 出售一间附属公司

于2023年4月27日，本集团于出售全资

附属公司Prosperity One Limited时出售于

香港经营的越式餐厅业务。Prosperity One

Limited于出售日期的净资产如下：

28. DISPOSAL OF A SUBSIDIARY

On 27 April 2023, the Group sold the Vietnamese-style

restaurants busines operation in Hong Kong at the time of

disposal of a wholy owned subsidiary, Prosperity One Limited.

The net asets of Prosperity One Limited at the date of disposal

were as folows:

Consideration received:已收代价：HK$’000

千港元

Cash现金31,000

Total consideration总代价31,000

Analysis of asets and liabilities over which the

control was lost:

失去控制权的资产及负债分析：

HK$’000

千港元

Property, plant and equipment物业、厂房及设备647

Right of use asets使用权资产5,961

Rental and utilities deposits租金及公用事业按金1,859

Amounts due from former related parties应收前关联方款项2,731

Trade receivables贸易应收款项143

Prepayments, deposits and other receivables预付款项、按金及其他应收款项2,574

Bank balances and cash银行结余及现金3,134

Lease liabilities租赁负债(6,423)

Trade payables贸易应付款项(330)

Other payables and acrued expenses其他应付款项及应计费用(4,783)

Net asets disposed of已出售净资产5,513

Gain on disposal:出售收益：

Consideration received已收代价31,000

Net asets disposed of已出售净资产(5,513)

Derecognition of capital reserve upon disposal of

subsidiary

于出售附属公司后终止确认股本储备

25,829

Net cash inflow arising on disposal:出售产生的现金流入净额：

Cash consideration received已收现金代价31,000

Les: bank balances and cash disposed of减：已出售银行结余及现金(3,134)

27,866

2025
2025年
HK$’000
千港元
–
(3,196)

451
(451)
–

民商创科控股有限公司

2025年报193

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

29. 递延所得税

年内，递延所得税资产及负债的变动如下：

递延所得税资产

29. DEFERED INCOME TAX

2024年

HK$’000

千港元

Defered income tax asets递延所得税资产451

Defered income tax liabilities递延所得税负债(4,001)

The movement in defered income tax asets and liabilities during

the year is as folows:

DEFERED INCOME TAX ASETS

Alowance for

trade receivables

贸易应收款项拨备

HK$’000

千港元

At 1 April 2023于2023年4月1日24

Credited to the consolidated statement of profit or los

and other comprehensive income

计入综合损益及其他全面收益表

At 31 March 2024 and 1 April 2024于2024年3月31日及2024年4月1日

Charged to the consolidated statement of profit or los

and other comprehensive income

于综合损益及其他全面收益表中扣除

At 31 March 2025于2025年3月31日

4,001	–	4,001
(1,197)	–	(1,197)
392	–	392
3,196	–	3,196

Minshang Creative Technology Holdings Limited

Anual Report 2025194

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

递延所得税负债

递延所得税资产乃就已结转之税项亏损

确认，惟以有可能透过未来应课税溢利变

现有关税项利益为限。本集团有可结转以

抵销未来应课税收入的未确认税项亏损

48,325,000港元（2024年：39,630,000港

元）。由于未来变现的不确定性，故并无确

认该等税项亏损。

29. DEFERED INCOME TAX (Continued)

DEFERED INCOME TAX LIABILITIES

Undistributed

profits

of the PRC

asociate

Asets

revaluationTotal

中国

联营公司之

未分配溢利资产重新估值总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于2023年4月1日5,2751,5066,781

Credited to the consolidated

statement of profit or los and other

comprehensive income

计入综合损益及

其他全面收益表

(1,274)(345)(1,619)

Exchange realignment汇兑调整–(1,161)(1,161)

At 31 March 2024 and 1 April 2024于2024年3月31日及

2024年4月1日

Credited to the consolidated

statement of profit or los and other

comprehensive income

计入综合损益及

其他全面收益表

Exchange realignment汇兑调整

At 31 March 2025于2025年3月31日

Defered income tax asets are recognised for tax loses

caried forward to the extent that the realisation of the related

tax benefit through future taxable profits is probable. The

Group has unrecognised tax loses of HK$48,325,000 (2024:

HK$39,630,000) that can be caried forward against future

taxable income. These tax loses have not ben recognised due

to uncertainty of future realisation.

2025
2025年
HK$’000
千港元
10,357
10,357

4,000,000,000	10,000
893,274,910	2,233
60,000,000	150
953,274,910	2,383

民商创科控股有限公司

2025年报195

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

30. 合约负债

下表显示可再生能源业务合约产生之尚未

履行之履约责任。

合约负债主要指就于中国之可再生能源业

务合约向客户收取之预付款。本集团的惯

例为就服务合约收取全额按金。结余指于

2025年3月31日在可再生能源业务下的一

份已签署协议。

31. 股本

附注：于2024年10月30日，本公司订立两份认

购协议，据此本公司已有条件同意按认购

价每股认购股份0.5港元配发及发行合共

60,000,000 股认购股份。该等认购事项已分

别于2024年11月18日及2024年11月25日

完成。

30. CONTRACT LIABILITIES

The folowing table shows unsatisfied performance obligations

resulting from renewable energy busines contract.

2024年

HK$’000

千港元

Contract liabilities relating to renewable

energy busines contract

与可再生能源业务合约相关之

合约负债–

Total contract liabilities合约负债总额–

Contract liabilities mainly represent advance payments received

from customers related to renewable energy busines contract

in the PRC. It is the Group practice to receive ful deposit for a

service contract. The balance represents one signed agrement

as at 31 March 2025 under renewable energy busines.

31. SHARE CAPITAL

Number of sharesNominal value

股份数目面值

HK$’000

千港元

Authorised:法定：

Ordinary shares of HK$0.0025 each每股面值0.0025港元的普通股

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于2023年4月1日、2024年

3月31日、2024年4月1日及

2025年3月31日

Isued and fuly paid:已发行及缴足：

Ordinary shares of HK$0.0025 each每股面值0.0025港元的普通股

At 1 April 2023, 31 March 2024 and

1 April 2024

于2023年4月1日、2024年

3月31日及2024年4月1日

Subscription of shares of

HK$0.0025 per share (Note)

认购每股面值0.0025港元的股份

（附注）

At 31 March 2025于2025年3月31日

Note: On 30 October 2024, the Company entered into the two subscription

agrements that the Company has conditionaly agred to alot

and isue an agregate of 60,000,000 subscription shares at the

subscription price of HK$0.5 per subscription share. The subscriptions

were completed on 18 November 2024 and 25 November 2024

respectively.

2025
2025年
HK$’000
千港元
2,080
739
214
1,945
351
–

Minshang Creative Technology Holdings Limited

Anual Report 2025196

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

32. 其他储备

根据适用于外商独资企业之有关中国法规，

中国附属公司须将一笔不少于除所得税后

溢利10%（根据中国会计准则计算）之款项

拨入储备基金。倘此储备基金之累计总额

达中国附属公司注册资本之50%，则该等

附属公司将毋须再作拨款。储备基金仅可

于取得股东大会批准或类似授权后用于抵

销累计亏损或用于增资。

于截至2025年3月31日止年度，并无保留

盈利转拨至法定储备（2024年：无）。于

2025年3月31日，保留盈利包括法定储备

基金人民币268,000元（2024年：人民币

268,000元）。

33. 关联方交易

(a) 与关联方之交易

除综合财务报表其他部分所披露者外，

本集团于年内之关联方交易如下：

32. OTHER RESERVE

In acordance with the relevant PRC regulations aplicable

to wholy foreign owned enterprises, the PRC subsidiaries are

required to apropriate to reserve fund an amount of not les

than 10% of the profit after income tax, calculated based on the

PRC acounting standards. Should the acumulated total of

this reserve fund reach 50% of the registered capital of the PRC

subsidiaries, the subsidiaries wil not be required to make any

further apropriation. The reserve fund can only be used, upon

aproval by the shareholders’ meting or similar authorities, to

ofset acumulated loses or increase capital.

During the year ended 31 March 2025, no retained earnings had

ben transfered to the statutory reserve (2024: Nil). As at 31

March 2025, retained earnings comprise statutory reserve fund of

RMB268,000 (2024: RMB268,000).

33. RELATED PARTY TRANSACTIONS

(a) TRANSACTIONS WITH RELATED PARTIES

Save as disclosed elsewhere in the consolidated financial

statements, the Group had the folowing related party

transactions during the year:

2024年

HK$’000

千港元

(Restated)

（经重列）

Interest income received/receivables

from (Note (i)

已收╱应收下列各方的利息

收入（附注(i)）

– An asociate －一间联营公司1,904

– An intermediate holding company－一间中间控股公司707

– A related company－一间关联公司633

Management fe to the ultimate

holding company (Note (i)

付予最终控股公司的管理费

（附注(i)）–

Technology service fe charged by

a felow subsidiary (Note (i)

一间同系附属公司收取的技术

服务费（附注(i)）922

Consultation fe charged by felow

subsidiaries (Note (i)

同系附属公司收取的咨询费

（附注(i)）936

2025
2025年
HK$’000
千港元
5
27,917
9,846
–

民商创科控股有限公司

2025年报197

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(a) 与关联方之交易（续）

附注：

(i) 向关联方提供的贷款按年利率8%计

息及贷款进一步详情于附注33(b)披露。

(i) 上述交易乃于日常业务过程中进行及

按有关订约方相互协定的条款或根据

相关协议的条款（如适用）收取费用。

(b) 与关联方之尚未偿还结余

附注：

(i) 应付直接控股公司结余为无抵押、免

息及须按要求偿还。

(i) 结余指付予本集团中间控股公司润铭

国际有限公司的无抵押贷款。该贷款

为于2021年10月8日签署的三年期贷

款融资、按年利率8%计息及于2024

年10月7日届满。

33. RELATED PARTY TRANSACTIONS (Continued)

(a) TRANSACTIONS WITH RELATED PARTIES

(Continued)

Notes:

(i) The loans to related parties were bearing 8% interest rate per

anum and further details of the loans were disclosed in Note

33(b).

(i) The transactions above were conducted in the normal course of

busines and charged at terms mutualy agred by the parties

concerned or in acordance with the terms of the underlying

agrements, where apropriate.

(b) OUTSTANDING BALANCES WITH RELATED

PARTIES

2024年

HK$’000

千港元

Amount due to imediate holding

company (Note (i)

应付直接控股公司款项（附注(i)）

Loan to an asociate (Note 18)向一间联营公司提供贷款

（附注18）27,534

Loan to an intermediate holding

company (Note (i)

向一间中间控股公司提供贷款

（附注(i)）9,870

Loan to a related company (Note (i)向一间关联公司提供贷款（附注(i)）6,841

Notes:

(i) Balance due to imediate holding company was unsecured,

interest fre and repayment on demand.

(i) The balance represented an unsecured loan to RUNMING

International Limited (润铭国际有限公司), which is an

intermediate holding company of the Group. The loan was a

3-year loan facility signed on 8 October 2021, interest bearing at

8% per anum and was expired on 7 October 2024.

2025
2025年
HK$’000
千港元
1,716
34
1,750

Minshang Creative Technology Holdings Limited

Anual Report 2025198

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(b) 与关联方之尚未偿还结余（续）

附注：（续）

(i) （续）

于2024年10月7日，本集团与润铭国

际有限公司订立新贷款协议，据此，

本集团同意向润铭国际有限公司提供

一次性贷款，该贷款本金总额为9.5百

万港元、按年利率8%计息及于2025

年10月6日届满。

该贷款将主要由润铭国际有限公司用

作其营运资金及用于提高其短期流动

资金。鉴于本集团尚未物色具盈利回

报之合适投资机会，提供贷款被视为

对本集团有利，原因为其令本集团能

够赚取年利率8%之合理回报，其较

香港之银行提供之定期存款利率为高，

且提供贷款可扩阔本集团之收入来源。

(i) 结余指付予本集团关联公司深圳泰睿

金融服务有限公司的无抵押贷款。该

贷款为于2021年10月8日签署的三年

期贷款融资，其将于2024年10月7日

届满。该贷款按年利率8%计息。该贷

款已于2025年3月31日悉数结清。

截至2025年3月31日止年度，主要

管理层指本集团所有董事（2024年：

本集团所有董事）。本集团主要管理

层人员的薪酬（包括综合财务报表附

注10所披露的董事薪酬）如下：

33. RELATED PARTY TRANSACTIONS (Continued)

(b) OUTSTANDING BALANCES WITH RELATED

PARTIES (Continued)

Notes: (Continued)

(i) (Continued)

On 7 October 2024, the Group entered into a new loan

agrement with RUNMING International Limited, pursuant to

which the Group agred to provide a one-of loan to RUNMING

International Limited in an agregate principal amount of HK$9.5

milion, interest bearing at 8% per anum and expiring on 6

October 2025.

The loan wil be used primarily by RUNMING International Limited

as its working capital and to enhance its short term liquidity.

Given that the Group has yet to identify suitable investment

oportunities with profitable return, the provision of the loan is

considered to be favorable to the Group as it enables the Group

to earn a reasonable return of 8% per anum which is higher

than the interest rate of fixed deposits ofered by banks in Hong

Kong and that the provision of the loan can broaden the source

of income of the Group.

(i) The balance represented a unsecured loan to 深圳泰睿金融服

务有限公司, which is a related company of the Group. The loan

was under 3-year loan facility signed on 8 October 2021 which

would be expired on 7 October 2024. The loan was interest

bearing at 8% per anum. The loan has ben fuly setled as at

31 March 2025.

For the year ended 31 March 2025, key management

represents al directors of the Group (2024: al directors of

the Group). Compensation of key management personel

of the Group, including directors’ remuneration as disclosed

in Note 10 to the consolidated financial statements, is as

folows:

2024年

HK$’000

千港元

(Restated)

（经重列）

Salaries, bonus, alowances and

other benefits in kind

薪金、花红、津贴及

其他实物福利1,200

Pension costs –

defined contribution plans

退休金成本－界定供款计划

1,221

2025
2025年
HK$’000
千港元
(61,486)
31
596
–
–
–
2,529
16,446
46
635
–
–
–
(3,178)
18
17,813
103
(26,447)
–
1,119
4,306
(1,544)
4,265
10,387
(7,914)

民商创科控股有限公司

2025年报199

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

34. 综合现金流量表附注

(a) 经营所得现金

34. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(a) CASH GENERATED FROM OPERATIONS

2024年

NoteHK$’000

附注千港元

(Restated)

（经重列）

Los before income tax from

continuing operations

持续经营业务的

除所得税前亏损(64,259)

Adjustments for:经以下调整：

Impairment los of other

receivables

其他应收款项之

减值亏损21–

Impairment los of trade

receivables

贸易应收款项之

减值亏损2023,548

Impairment los of loan to an

asociate

向一间联营公司提供

贷款之减值亏损228

Impairment los of loan to an

intermediate holding company

向一间中间控股公司

提供贷款之减值亏损18

Impairment los of loan to a

related company

向一间关联公司提供

贷款之减值亏损45

Impairment los on inventories存货之减值亏损19–

Impairment los on investment in

an asociate

于一间联营公司的投资

之减值亏损18–

Depreciation of property, plant and

equipment

物业、厂房及设备折旧

Depreciation of right-of-use asets使用权资产折旧16941

Amortisation of intangible asets无形资产摊销171,360

Impairment los of intangible

asets

无形资产之减值亏损

174,664

Impairment of godwil商誉之减值8,807

Finance income融资收入7(3,746)

Finance cost融资成本730

Share of post-tax profit from

asociates

分占联营公司之

除税后溢利1813,183

Los on deregistration of a

subsidiary

注销一间附属公司之

亏损–

Operating los before working

capital change

营运资金变动前之

经营亏损(15,167)

Changes in working capital:营运资金变动：

Change in inventories存货变动311

Change in trade receivables贸易应收款项变动2,367

Change in prepayments, deposits

and other receivables

预付款项、按金及

其他应收款项变动1,193

Change in trade payables贸易应付款项变动(2,791)

Change in other payables and

acruals

其他应付款项及

应计费用变动(1,242)

Change in contract liabilities合约负债变动(1,101)

Cash used in continuing

operations

持续经营业务所用现金

(16,430)

2025
2025年
HK$’000
千港元
22,357
(438)
21,919

Lease liabilities	Total
租赁负债	总计
HK$’000	HK$’000
千港元	千港元
1,051	1,051
(613)	(613)
438	438

Minshang Creative Technology Holdings Limited

Anual Report 2025200

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

（续）

(b) 债务净额对账

本节载列各呈报年度之现金╱（债务）

净额及现金╱（债务）净额变动分析。

34. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS (Continued)

(b) NET DEBT RECONCILIATION

This section sets out an analysis of net cash/(debt) and

the movement in net cash/(debt) for each of the years

presented.

2024年

HK$’000

千港元

Cash and cash equivalents现金及现金等价物10,490

Lease liabilities租赁负债(1,051)

Net cash现金净额9,439

For the year ended 31 March 2025截至2025年3月31日止年度

At 1 April 2024于2024年4月1日

Net cash outflows现金流出净额

At 31 March 2025于2025年3月31日

民商创科控股有限公司

2025年报201

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

34. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS (Continued)

(b) NET DEBT RECONCILIATION (Continued)

Lease

liabilitiesTotal

租赁负债总计

HK$’000HK$’000

千港元千港元

For the year ended 31 March 2024截至2024年3月31日止年度

At 1 April 2023于2023年4月1日8,6048,604

Net cash outflows现金流出净额(1,637)(1,637)

Other non-cash movements其他非现金变动

– Disposal of lease liabilities－出售租赁负债(6,423)(6,423)

– Aditions－添置1,2551,255

– Writen-of－撇销(748)(748)

At 31 March 2024于2024年3月31日1,0511,051

35. CAPITAL COMITMENTS

As at

31 March 2025

于2025年3月31日

HK$’000

千港元

Capital comitments

(contracted but not provided for):

资本承担（已订约但未拨备）：

Costs of property, plant and equipment物业、厂房及设备成本19,718

（续）

(b) 债务净额对账（续）

35. 资本承担

2025
2025年
HK$’000
千港元
–
28
–
–
471
499
662
9,846
103,327
2,274
116,109
116,608
2,383
111,511
113,894
2,276
438
2,714
–
2,714
116,608

Minshang Creative Technology Holdings Limited

Anual Report 2025202

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

36. 本公司财务状况表及本公司储

备变动

(a) 本公司财务状况表

36. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY AND RESERVE MOVEMENT

OF THE COMPANY

(a) STATEMENT OF FINANCIAL POSITION OF

THE COMPANY

2024年

HK$’000

千港元

Asets资产

Non-curent asets非流动资产

Investments in subsidiaries于附属公司的投资–

Property, plant and equipment物业、厂房及设备24

Deposits按金260

Investment in an asociate于一间联营公司的投资42

Right-of-use aset使用权资产1,098

1,424

Curent asets流动资产

Prepayments预付款项325

Loan to intermediate holding

company

向中间控股公司提供贷款

9,870

Amounts due from subsidiaries应收附属公司款项62,936

Cash and cash equivalents现金及现金等价物9,003

82,134

Total asets总资产83,558

Equity and liabilities权益及负债

Equity atributable to shareholders

of the Company

本公司股东应占权益

Share capital股本2,233

Reserves储备78,246

Total equity总权益80,479

Curent liabilities流动负债

Other payables and acruals其他应付款项及应计费用1,728

Lease liabilities租赁负债1,051

2,779

Non-curent liabilities非流动负债

Other payables其他应付款项300

Total liabilities总负债3,079

Total equity and liabilities总权益及负债83,558

28,850	–	–	28,850
–	(2,276)	2,276	–
–	–	4,415	4,415
199,606	–	(88,095)	111,511

民商创科控股有限公司

2025年报203

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

36. 本公司财务状况表及本公司储

备变动（续）

(b) 本公司储备变动

36. STATEMENT OF FINANCIAL POSITION OF

THE COMPANY AND RESERVE MOVEMENT

OF THE COMPANY (Continued)

(b) RESERVE MOVEMENT OF THE COMPANY

premium

Equity

component

of contingent

consideration

Acumulated

losesTotal

股份溢价

或然代价的

权益部分累计亏损总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于2023年4月1日170,7562,276(123,537)49,495

Profit and total comprehensive

income for the year

年内溢利及全面收益总额

–28,75128,751

At 31 March 2024于2024年3月31日170,7562,276(94,786)78,246

Subscription of shares认购股份

Recognition of equity component

of contingent consideration

确认或然代价的股权部分

Profit and total comprehensive

income for the year

年内溢利及全面收益总额

At 31 March 2025于2025年3月31日

Minshang Creative Technology Holdings Limited

Anual Report 2025204

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

37. 比较数字

若干比较数字已予重新分类以符合本年度

的呈列方式。

重新分类对截至2024年3月31日止年度的

综合全面收益表的影响如下：

截至2024年3月31日止年度的综

合损益及其他全面收益表

37. COMPARATIVE FIGURES

Certain comparative figures have ben re-clasified to conform

with the curent year’s presentation.

The efects of the reclasification on the consolidated statement

of comprehensive income for the year ended 31 March 2024 as

folows:

CONSOLIDATED STATEMENT OF PROFIT OR

LOS AND OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2024

previously

reported

Reclasified

discontinued

operation

(Note 1)

Reclasified

by nature

(Note 2)

After

reclasification

如先前呈报

重新分类至

已终止经营业务

（附注1）

按性质

重新分类

（附注2）重新分类后

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(Audited)(Audited)

（经审核）（经审核）

(Restated)

（经重列）

Continuing operations持续经营业务

Revenue from principal activities:主要业务收益：

– Information technology (“IT”) solution

busines

－资讯科技（「资讯科技」）解决

方案业务7,9527,952

Cost of IT solution busines资讯科技解决方案业务成本(7,649)(7,649)

Other income and other net gain其他收入及其他净收益27,802(25,829)81,981

Finance income, net融资收入净额3,71243,716

Employe benefit expenses雇员福利开支(4,027)(203)(4,230)

Depreciation and amortisation折旧及摊销(2,311)(4)(2,315)

Fuel and utility expenses燃油及公用事业开支(35)(35)

Other operating expenses其他经营开支(13,383)197(13,186)

Gain on disposal of property, plant and

equipment

出售物业、厂房及设备之收益

2(2)–

Impairment los of intangible asets无形资产之减值亏损(4,664)(4,664)

Impairment los of trade receivables贸易应收款项之减值亏损(23,548)(23,548)

Impairment los of loan to an asociate向一间联营公司提供贷款之

减值亏损(228)(228)

Impairment loses of loan to an intermediate

holding company

向一间中间控股公司提供

贷款之减值亏损(18)(18)

Impairment loses of loan to a related

company

向一间关联公司提供贷款之

减值亏损(45)(45)

Impairment of godwil商誉之减值(8,807)(8,807)

Share of post-tax results of asociates分占联营公司之除税后业绩(13,183)(13,183)

民商创科控股有限公司

2025年报205

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

previously

reported

Reclasified

discontinued

operation

(Note 1)

Reclasified

by nature

(Note 2)

After

reclasification

如先前呈报

重新分类至

已终止经营业务

（附注1）

按性质

重新分类

（附注2）重新分类后

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(Audited)(Audited)

（经审核）（经审核）

(Restated)

（经重列）

(Los)/profit before income tax from

continuing operations

持续经营业务的除所得税前

（亏损）╱溢利(38,430)(64,259)

Income tax credit所得税抵免2,8292,829

(Los)/profit for the year from continuing

operations

持续经营业务的年内

（亏损）╱溢利(35,601)(61,430)

Discontinued operation已终止经营业务

(Los)/profit for the year from discontinued

operation

已终止经营业务的年内

（亏损）╱溢利(186)25,82925,643

Los for the year年内亏损(35,787)(35,787)

Other comprehensive expense:其他全面开支：

Item that may be reclasified to profit or los:可能重新分类至损益之项目：

Exchange diferences on translation of

foreign operation

换算海外业务产生的汇兑差额

– Group－本集团(1,830)(1,830)

– Asociate－联营公司(1,127)(1,127)

Total comprehensive expense for the year年内全面开支总额(38,744)(38,744)

(Los)/profit atributable to:以下人士应占（亏损）╱溢利：

Shareholders of the Company本公司股东

– from continuing operations－来自持续经营业务(35,601)(25,829)(61,430)

– from discontinued operations－来自已终止经营业务(186)25,82925,643

(35,787)(35,787)

37. COMPARATIVE FIGURES (Continued)37. 比较数字（续）

Minshang Creative Technology Holdings Limited

Anual Report 2025206

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

附注：

1 根据香港财务报告准则第5号，出售附属公

司收益应计入已终止经营业务的溢利。项目

间的重新分类仅指截至2024年3月31日止年

度已终止经营业务越式餐厅业务的溢利。

2 项目间的重新分类仅指截至2024年3月31

日止年度按性质重新分类开支以与截至2025

年3月31日止年度按性质分类开支一致。

previously

reported

Reclasified

discontinued

operation

(Note 1)

Reclasified

by nature

(Note 2)

After

reclasification

如先前呈报

重新分类至

已终止经营业务

（附注1）

按性质

重新分类

（附注2）重新分类后

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(Audited)(Audited)

（经审核）（经审核）

(Restated)

（经重列）

Total comprehensive expense

atributable to:

以下人士应占全面开支总额：

Shareholders of the Company本公司股东

– from continuing operations－来自持续经营业务(38,564)(25,829)(64,393)

– from discontinued operations－来自已终止经营业务(186)25,82925,643

(38,750)(38,750)

Total comprehensive income

atributable to:

以下人士应占全面收益总额：

Non-controling interests非控股权益

– from continuing operations－来自持续经营业务66

– from discontinued operations－来自已终止经营业务–

Basic and diluted (los)/earnings per share

(HK cents per share)

每股基本及摊薄（亏损）╱盈利

（每股港仙）

– from continuing operations－来自持续经营业务(3.99)(2.89)(6.88)

– from discontinued operations－来自已终止经营业务(0.02)2.892.87

(4.01)(4.01)

Notes:

1 Acording to HKFRS 5, gain on disposal of subsidiaries should have

ben included in profit from discontinued operation. Reclasification

among items solely represents the profit from discontinued operation of

Vietnamese style restaurant busines during the year ended 31 March

2024.

2 Reclasification among items solely represents the reclasification

of expenses by nature during the year ended 31 March 2024 for

consistent with the clasification of expenses by nature during the year

ended 31 March 2025.

37. COMPARATIVE FIGURES (Continued)37. 比较数字（续）

民商创科控股有限公司

2025年报207

For the year ended 31 March 2025 截至2025年3月31日止年度

Notes to the Consolidated Financial Statements

综合财务报表附注

38. EVENTS AFTER THE DATE OF STATEMENT

OF FINANCIAL POSITION

(A) EXTENSION OF LOAN TO MINSHANG

ZHIHUI

On 19 May 2025, the Group entered into an loan

extension agrement with Minshang Zhihui, to extend the

shareholder’s loan for a further term from 11 June 2025 to

11 June 2026 and to revise the principal amount of the loan

from HK$11,000,000 to HK$9,500,000 with efect from 11

June 2025. Please refer to the Company’s anouncement

dated 19 May 2025 for details.

(B) EXTENSION OF LOAN TO RUNMING

INTERNATIONAL LIMITED (“RUNMING”)

On 13 June 2025, the Group entered into an loan extension

agrement with RUNMING, to extend the loan for a further

term from 6 October 2025 to 6 October 2026 and to revise

the principal amount of the loan from HK$9,500,000 to

HK$9,000,000 with efect from 6 October 2025. Please

refer to the Company’s anouncement dated 13 June 2025

for details.

MINSHANG ZHIHUI

Reference is made to the Company’s anouncement dated

17 June 2025.

It was anounced that a shareholders’ meting of Minshang

Zhihui was held on 17 June 2025 and it was resolved that (i)

the articles of asociation of Minshang Zhihui be amended

with efect from the completion of the relevant registration

procedures with the aplicable government authorities which

wil include amendments to the efect that, among others,

the Company shal have the right to apoint thre out of five

directors to the board of directors of Minshang Zhihui; and

(i) thre directors nominated by the Company be apointed

as directors of Minshang Zhihui, after which thre out of the

five directors on the board of directors of Minshang Zhihui

are nominated by the Company.

The Group shal continue to hold 50% equity interests in

Minshang Zhihui. As a result of the aforementioned change,

with efect from the completion of the relevant registration

procedures with the aplicable government authorities, the

Group is able to exercise control over the board of directors

of Minshang Zhihui and as a result Minshang Zhihui wil

become a subsidiary of the Company and its financial

results wil be consolidated into the Group during the

financial year ending 31 March 2026 and thereafter.

38. 财务状况表日期后事项

(A) 延长提供予民商智惠的贷款

于2025年5月19日，本集团与民商

智惠订立贷款延长协议，将股东贷

款由2025年6月11日进一步延期至

2026年6月11日及将贷款本金额

由11,000,000港元修订为9,500,000

港元，自2025年6月11日起生效。

详情请参阅本公司日期为2025年5月

19日的公告。

(B) 延长提供予润铭国际有限公司

（「润铭」）的贷款

于2025年6月13日，本集团与润铭

订立贷款延长协议，将贷款由2025

年10月6日进一步延期至2026年10

月6日及将贷款本金额由9,500,000

港元修订为9,000,000港元，自2025

年10月6日起生效。详情请参阅本公

司日期为2025年6月13日的公告。

兹提述本公司日期为2025年6月17

日的公告。

该公告宣布，民商智惠于2025年6月

17日举行股东大会并议决(i)修订民商

智惠的组织章程细则，自于相关政府

机关完成相关登记手续起生效，修订

内容将包括（其中包括）本公司将有

权委任民商智惠董事会五名董事中的

三名董事；及(i)委任本公司提名的三

名董事为民商智惠的董事，于此之后

民商智惠董事会五名董事中的三名董

事由本公司提名。

本集团将继续持有民商智惠的50%

股权。由于上述变动，自于相关政府

机关完成相关登记手续起，本集团能

够对民商智惠的董事会行使控制权，

因此民商智惠将成为本公司的附属公

司，且其财务业绩将于截至2026年3

月31日止财政年度及之后综合入账

至本集团。

2025
2025年
HK$’000
千港元
191
(61,486)
746
(60,740)
(594)
(61,334)
(56,753)
(3,987)
(60,740)
(57,369)
(3,965)
(61,334)

2025
2025年
HK$’000
千港元
84,500
58,056
142,556
99,879
3,196
39,481
42,677
142,556

Minshang Creative Technology Holdings Limited

Anual Report 2025208

Five-Year Financial Sumary

五年财务概要

A sumary of the results and of the asets, equity and liabilities of the

Group for the last five financial years is as folows:

RESULTS

2024年2023年2022年2021年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

(Restated)

（经重列）

Revenue收益7,952106,589910,3311,585,536

(Los)/profit before income tax除所得税前（亏损）╱溢利(38,616)(1,370)(4,715)33,403

Income tax credit/(expense)所得税抵免╱（开支）2,829(2)(1,338)(7,896)

(Los)/profit for the year年内（亏损）╱溢利(35,787)(1,372)(6,053)25,507

Exchange diferences on

translation of foreign operation

换算海外业务产生的

汇兑差额(2,957)(6,320)1,0622,584

Total comprehensive (expense)/

income for the year

年内全面（开支）╱

收益总额(38,744)(7,692)(4,991)28,091

(Los)/profit atributable to:以下人士应占（亏损）╱

溢利：

Shareholders of the Company本公司股东(35,787)(1,363)(6,029)25,550

Non-controling interests非控股权益–(9)(24)(43)

(35,787)(1,372)(6,053)25,507

Total comprehensive (expense)/

income atributable to:

以下人士应占全面

（开支）╱收益总额：

Shareholders of the Company本公司股东(38,750)(7,691)(4,962)28,137

Non-controling interests非控股权益6(1)(29)(46)

(38,744)(7,692)(4,991)28,091

ASETS AND LIABILITIES

2024年2023年2022年2021年

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Asets资产

Non-curent asets非流动资产102,025140,583119,201111,436

Curent asets流动资产61,08083,70279,437448,321

Total asets总资产163,105224,285198,638559,757

Equity and liabilities权益及负债

Total equity总权益132,110171,196158,403163,394

Non-curent liabilities非流动负债4,3019,5848,9549,798

Curent liabilities流动负债26,69443,50531,281386,565

Total liabilities总负债30,99553,08940,235396,363

Total equity and liabilities总权益及负债163,105224,285198,638559,757

本集团过去五个财政年度的业绩以及资产、权

益及负债概要如下：

业绩

资产及负债

Anual Report

Contents

目录

Contents

目录

Corporate Information

公司资料

Chairman’s Statement

主席报告

Management Discusion and Analysis

管理层讨论及分析

Biographies of Directors and Senior Management

董事及高级管理层履历

1809.HK) since 10 September 2018. From October 2016 to August

546.HK）之独立非执行董事，并自2016年2月至

2018. He is curently an independent non-executive director of Amase

1236.HK) from 1 January 2017 to 8 November 2019. Mr. P.T. Cheung

2007. Mr. P.T. Cheung has extensive management and administrative

Corporate Governance Report

企业管治报告

Note: Ms. Ning Mengmeng was apointed as an executive Director with efect

Comite metings is as folows:

The specific objectives of the policy are:

Environmental, Social and Governance Report

环境、社会及管治报告

1. Grenhouse Gas

2. Energy and Water

3. Waste Management

4. Climate Change

5. Packaging Materials

6. Product Responsibility

7. Suply Chain

8. Product Related

9. Anti-coruption

10. Intelectual Property

11. Employment

12. Labor Standards

13. Health and Safety

14. Development and

15. Privacy Protection

16. Comunity Investment

Remarks:

1. The Group’s emisions of exhaust polutants are calculated acording

2. The Group’s grenhouse gas emisions mainly include direct grenhouse gas

3. For this Reporting Period, the Hong Kong portion of these figures is calculated

4. For this Reporting Period, the mainland China part of these figures is calculated

5. Due to the influence of increasing the number of ofices during this Reporting

6. Due to the nature of the Group’s busines, hazardous waste is not regarded

7. The water consumption is mainly ofice water.

8. The number of employes refers to the number of employes at the end of the

9. The calculation method of employe turnover rate is: the total number of

10. The reporting method adopted for the above employe development

Information on:

Information on:

Information on:

Information on:

Information on:

Information on:

Directors’ Report

董事会报告

2025. The principal activities of the subsidiaries of the Company are set

2016. The Share Option Scheme became efective on 29 November

Notes:

1. The leter “L” denotes the person’s long position in the relevant shares.

2. Ms. Ning owns 45% of the isued shares of Zhongke Gren Energy

Notes:

1. The leter “L” denotes the person’s long position in the relevant shares.

2. As at 31 March 2025, 557,444,182 Shares were held by MSEC Holdings.

Independent Auditor’s Report

独立核数师报告

We also:

Consolidated Statement of Profit or Los and Other Comprehensive Income

综合损益及其他全面收益表

Revenue from principal activities:主要业务收益：5

Other comprehensive expense:其他全面开支：

Los atributable to:以下人士应占亏损：

Consolidated Statement of Financial Position

综合财务状况表

Consolidated Statement of Changes in Equity

综合权益变动表