佳宁娜集团控股有限公司 | 2025年报

2025 二零二五年 HK$’million 百万港元
473 105
578
(135)
(8.60)
2,918
5,578

Financial Highlights

财务概要

FIVE YEAR FINANCIAL SUMARY

五年财务摘要

二零二一年二零二年二零二三年二零二四年

HK$’milionHK$’milionHK$’milionHK$’milion

百万港元百万港元百万港元百万港元

Revenue收益

Restaurant, fod and hotel餐饮、食品及酒店706676574559

Property investment and

development

地产投资及发展

Profit/(Los) Atributable to母公司拥有人

owners of the Parent应占溢利╱（亏损）814(176)(250)

Basic Earnings/(Los) per

Share (HK cents)

每股基本盈利╱

（亏损）（港仙）6.440.25(11.18)(15.93)

Net Asets资产净值3,8314,0783,5853,095

Total Asets总资产6,7727,0826,4896,135

HK$ milion

百万港元

-250

-200

-150

-100

-50

HK$ milion

百万港元

Analysis of Revenue

营业额分析

Analysis of Profit/(Los)

Atributable to Owners of the Parent

母公司拥有人应占溢利╱（亏损）分析

佳宁娜集团控股有限公司 | 2025年报

Corporate Information

公司资料

董事会

执行董事

马介璋，博士，银紫荆星章，铜紫荆星章

（名誉主席）

马介钦，博士，铜紫荆星章（主席）

马鸿铭，博士，铜紫荆星章，太平绅士

（副主席）

梁锐（行政总裁）

陈炳权（于二零二四年十月一日辞任）

马鸿文

独立非执行董事

劳明智（于二零二四年十二月三日辞任）

黄思竞

张华峰

廖玲（于二零二四年十二月三日委任）

审核委员会

劳明智（主席）

（于二零二四年十二月三日辞任主席）

黄思竞

（于二零二四年十二月三日委任主席）

张华峰

廖玲（于二零二四年十二月三日委任）

薪酬委员会

黄思竞（主席）

劳明智（于二零二四年十二月三日辞任）

张华峰

廖玲（于二零二四年十二月三日委任）

提名委员会

马介钦，博士，铜紫荆星章（主席）

劳明智（于二零二四年十二月三日辞任）

黄思竞

张华峰

廖玲（于二零二四年十二月三日委任）

公司秘书

陈炳权（于二零二四年十月一日辞任）

吴建新（于二零二四年十月一日委任）

注册办事处

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10, Bermuda

BOARD OF DIRECTORS

EXECUTIVE DIRECTORS

MA Kai Cheung, PhD, SBS, BS

(Honorary Chairman)

MA Kai Yum, PhD, BS (Chairman)

MA Hung Ming, John, PhD, BS, JP

(Vice-chairman)

LIANG Rui (Chief Executive Oficer)

CHAN Francis Ping Kuen (resigned on 1 October 2024)

MA Hung Man

INDEPENDENT NON-EXECUTIVE

DIRECTORS

LO Ming Chi, Charles (resigned on 3 December 2024)

WONG Se King

CHEUNG Wah Fung, Christopher

Liu Ling Ling, Samantha (apointed on 3 December 2024)

AUDIT COMITE

LO Ming Chi, Charles (Chairman)

(resigned as Chairman on 3 December 2024)

WONG Se King

(apointed as Chairman on 3 December 2024)

CHEUNG Wah Fung, Christopher

Liu, Ling Ling, Samantha (apointed on 3 December 2024)

REMUNERATION COMITE

WONG Se King (Chairman)

LO Ming Chi, Charles (resigned on 3 December 2024)

CHEUNG Wah Fung, Christopher

Liu, Ling Ling, Samantha (apointed on 3 December 2024)

NOMINATION COMITE

MA Kai Yum, PhD, BS (Chairman)

LO Ming Chi, Charles (resigned on 3 December 2024)

WONG Se King

CHEUNG Wah Fung, Christopher

Liu, Ling Ling, Samantha (apointed on 3 December 2024)

COMPANY SECRETARY

CHAN Francis Ping Kuen (resigned on 1 October 2024)

NG, Kin Sun (apointed on 1 October 2024)

REGISTERED OFICE

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10, Bermuda

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Information

公司资料

HEAD OFICE AND PRINCIPAL PLACES

OF BUSINES

26/F Phase I Wyler Centre

200 Tai Lin Pai Road

Kwai Chung, New Teritories

Hong Kong

5/F Cariana Friendship Square

2002 Renminan Road

Lo Wu District, Shenzhen

China

PRINCIPAL SHARE REGISTRAR AND

TRANSFER OFICE

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10, Bermuda

HONG KONG BRANCH SHARE

REGISTRAR AND TRANSFER OFICE

Tricor Investor Services Limited

17/F, Far East Finance Centre

16 Harcourt Road

Hong Kong

SOLICITORS

Michael Li & Co.

Galant

K.C. Ho & Fong

LEGAL ADVISER ON BERMUDA LAW

Apleby

AUDITOR

Ernst & Young

Certified Public Acountants

Registered Public Interest Entity Auditor

PRINCIPAL BANKERS

Hang Seng Bank Limited

Standard Chartered Bank (Hong Kong) Limited

The Hongkong & Shanghai Banking Corporation Limited

Nanyang Comercial Bank, Limited

O-Bank Co., Ltd.

Bank of Comunication (Hong Kong) Limited

The Bank of East Asia, Limited

Dah Sing Bank, Limited

OCBC Bank (Hong Kong) Limited

Bank of China (Hong Kong) Limited

COMPANY WEBSITE

htp:/w.cariana.com

STOCK CODE

总办事处及主要营业地点

香港

新界葵涌

大连排道200号

伟伦中心第二期二十六楼

中国

深圳市罗湖区

人民南路2002号

佳宁娜友谊广场五楼

主要股份过户登记处

Ocorian Management (Bermuda) Limited

Victoria Place, 5th Flor

31 Victoria Stret

Hamilton HM10, Bermuda

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

律师

李智聪律师事务所

何耀棣律师事务所

何君柱律师楼

百慕达法律顾问

Apleby

核数师

安永会计师事务所

执业会计师

注册公众利益实体核数师

主要往来银行

恒生银行有限公司

渣打银行（香港）有限公司

香港上海汇丰银行有限公司

南洋商业银行有限公司

王道商业银行股份有限公司

交通银行（香港）有限公司

东亚银行有限公司

大新银行有限公司

华侨银行（香港）有限公司

中国银行（香港）有限公司

公司网址

htp:/w.cariana.com

股份代号

佳宁娜集团控股有限公司 | 2025年报

Chairman’s Statement

主席报告

本人谨此代表董事会（「董事会」）提呈佳宁娜

集团控股有限公司截至二零二五年三月三十一

日止财务年度的年报。

截至二零二五年三月三十一日止年度，本集团

的营业额为577,521,000港元（二零二四年：

661,856,000港元），较去年减少12.7%。营业

额减少主要由于期内餐饮、食品及酒店业务

营业额减少所致。本集团的股东应占亏损为

135,187,000港元（二零二四年：250,250,000

港元），相对去年减少46.0%。股东应占亏损

减少主要是由于年内以下因素的综合影响：(i)

由于按公平值列账于损益中处理之金融资产

公平值收益增加；商誉减值减少；及赎回可换

股债券选择权之公平值亏损减少导致的其他

开支，净额减少； (i)由于银行借贷之利息减少

导致的财务成本减少；(i)销售及分销开支及

一般及行政开支减少；及(iv)所得税抵免增加。

年内物业投资及发展分部贡献保持稳定，年

内本集团之投资物业组合没有重大变化。本

集团年内录得2.6%租金收入之轻微增加。

针对周边缺少品牌直销购物中心，本集团拥

有50%权益之东莞家汇广场项目其中一个商

场年内改造为奥特莱斯购物中心，本项目可

抓住机会，错位竞争填补空白，引进了新品牌

租户及签订多份新租约，商场的租用率因而

有所提升。

年内位于高铁广州南站楼高13层的优质商业

物业持续为本集团带来租金收入。截至年末，

该物业之办公室大楼出租率达至81%。

在香港，本集团拥有50%权益位于深水埗海坛

街之住宅物业重建项目已完成其建设及取得

入住许可证。该项目之可建楼面积为42,500

平方呎。该住宅大厦由115个住宅单位及两层

商舖组成，截至年末已售出105个住宅单位。

On behalf of the board of directors (the “Board”), I would like

to present the Anual Report of Cariana Group Holdings

Company Limited for the financial year ended 31 March 2025.

For the year ended 31 March 2025, the Group’s turnover

was HK$577,521,000 (2024: HK$661,856,000), decreased

by 12.7% as compared to last year. The decrease in turnover

was mainly atributable to the decrease in the restaurant, fod

and hotel busines turnover during the year. The Group’s los

atributable to shareholders was HK$135,187,000 (2024:

HK$250,250,000), decreased by 46.0% as compared to last

year. The decrease in los atributable to shareholders was

mainly due to the combined efect of (i) the decrease in other

expenses, net mainly due to the increase in fair value gain

of financial asets at fair value through profit and los, the

decrease of impairment of godwil and the decrease of fair

value los on redemption option of convertible bonds; (i) the

decrease in finance cost due to the decrease of interest on

bank borowings; (i) the decrease in seling and distribution

and general and administrative expenses; and (iv) the increase

in income tax credit during the year.

Contribution from property investment and development

segment remained steady during the year. There was no major

change in the investment property portfolio of the Group for

the year. The Group had recorded a slight increase of 2.6% in

rental income from last year.

Due to the lack of brand direct sales shoping centers in

the surounding area, a mal of the Group’s 50% owned

Donguan Home Town project has ben transformed into an

outlet shoping mal during the year. This project can seize the

oportunity and fil the gap through competitive positioning. The

ocupancy has improved during the year as new brand name

shops were introduced to the shoping mal, with new tenancy

contracts signed.

The 13 storeys high grade Guangzhou South Station

comercial property continued to contribute to the Group’s

rental income for the year. The ofice building has achieved

81% ocupancy as at year end date.

In Hong Kong, the Group’s 50% owned residential property

re-development project at Haitan Stret, Sham Shui Po has

completed its construction and obtained the ocupation permit.

The project has a buildable gros flor area of 42,500 sq.ft. The

residential building comprises 115 residential units and 2 flors

of comercial shops. 105 residential units have ben sold as at

year end date.

Cariana Group Holdings Company Limited | Anual Report 2025

Chairman’s Statement

主席报告

The Group’s another 50% owned residential property

redevelopment project at Castle Peak Road, Sham Shui Po,

the project has a buildable gros flor area of 42,400 sq.ft.

Site investigation and demolition works have ben completed.

In response to a slugish property market, the Group is re-

evaluating its future development for the land to maintain

flexibility and competitivenes in this chalenging environment.

The restaurant and fod busines is another core busines

of the Group. The busines segment recorded a decrease of

15.5% in turnover from last year. The decrease was mainly

atributable to the decrease in the restaurant and fod

busines, which was compensated by the increase in the

bakery busines in Hong Kong.

The fod busines (including Hong Kong bakery busines)

turnover recorded a decrease of 12.7% from last year. The

decrease in fod busines turnover mainly came from the

decrease in mon cake sales due to the slump of consumer

sentiment this year. Notwithstanding the dificult chalenges, the

turnover of the bakery busines in Hong Kong stil remained

stable compared to last year. Management wil continue to

strengthen product development and introduce more new

products with the aim to bost sales. At the same time, some

older but promising bakery shops have ben renovated to

atract new customer segments and bost sales.

The Group’s overal restaurant turnover decreased by 16.1%

from last year. The decrease was mainly atributable to (i) the

close of the remaining Hong Kong style “Cha Chan Teng”（茶

餐厅）restaurants before end of 2023; and (i) the high base

efect of a sharp rebounce of busines in both Hong Kong

and the Mainland folowing the lifting of COVID-19 pandemic

restrictions and the re-opening of Hong Kong-Mainland borders

since begining of 2023. In adition, factors such as economic

weaknes, increasingly intense market competition, customers’

pursuit of products with higher value for money and changes

in consumption paterns have also negatively impacted the

Group’s restaurant busines in Hong Kong and the Mainland.

The management has implemented various strategic

adjustments, including developing new dishes, ofering limited

time meal promotions and improving customer service quality,

etc. to adres the chalenges.

本集团另一拥有50%权益位于深水埗青山道

之住宅物业重建项目，该项目之可建楼面

积为42,400平方呎。地盘勘察及拆卸工作已经

完成，为应对地产市道低迷的情况，本集团正

在重新评估土地的未来发展策略，以保持在

这一颇具挑战性环境中的灵活性和竞争力。

食品及餐饮为本集团另一主要业务。该分部

营业额较去年录得15.5%减少，有关减少主要

由于餐饮及食品业务减少，部份被香港的面

包业务增加抵销所致。

食品业务（包括香港面包业务）营业额较去年

录得12.7%减少，食品业务营业额之减少主要

由于今年消费者情绪低迷导致月饼销售减少。

然而，香港的面包业务的营业额在面对艰难

挑战的情况下仍与去年保持稳定。管理层会

继续加强产品研发，推出更多新产品以祈增

加销售。同时，对部份老旧但具潜力的面包门

店进行重新装修，以吸引新的客户群并提高

营业额。

年内本集团餐饮整体营业额较去年减少

16.1%。有关减少主要由于(i)于2023年末前

结束余下的港式「茶餐厅」门店；及(i)随著解

除COVID-19疫情措施限制及中港边境通关，

餐饮业务自二零二三年初出现急剧反弹的高

基数效应。另外，由于经济疲弱，市场竞争愈

趋激烈，顾客追求更高性价比的产品及消费模

式有所改变等因素亦对本集团的香港及国内

餐饮业务造成负面影响。管理层已作出多方

面策略调整，包括研发新菜式、提供限时套餐

优惠及改善顾客服务质素等以应对此挑战。

佳宁娜集团控股有限公司 | 2025年报

Chairman’s Statement

主席报告

随著贸易壁垒大幅上升和政策不确定性增加，

全球增长正在放慢速度，下行风险将加剧。主

要经济体的增速低于预期和地缘政治冲突恶

化也将对全球经济增长蒙上阴影。受经济不

景和消费情绪低迷影响，香港及内地零售、餐

饮及物业市场难免受到不同程度的影响。本

集团对来年经济前景保持审慎乐观态度，集

中资源沉著应对。

管理层将继续聚焦于大湾区的业务发展。管

理层认为，该地区的需求及消费能力会保持

强劲及具持续性。本集团将凭借已建立的「佳

宁娜」潮州菜和「顺意」顺德菜的品牌美誉，

继续于该地区稳步扩展其餐饮业务。

在物业开发方面，内地和香港的投资物业组合

继续为集团提供稳定的收入流。尽管需求回升

和建筑活动增强，香港的住宅物业价格仍呈下

行趋势。随著政府解除市场降温措施，利率持

续逐步下降，集团在深水埗海坛街的50%持股

重建项目截至年末已售出105个住宅单位。管

理层对未来几个月剩余住宅单位的销售持乐

观态度。

佳宁娜品牌食品自推出市场以来，一直以其优

质、时尚和尊贵的形象赢得消费者的青睐。公

司产品线多样化，涵盖多个领域，满足不同消

费者的需求。为确保产品质，本集团拥有自

设的生产线，并在深圳、海南和云南设立了现

代化的生产厂房，采用先进的生产工艺和严

格的品质管制体系。经过去几年的市场低

潮，本集团积极调整战略，专注于创新与提升

品牌价值。今年，我们将重整旗鼓，全面推进

市场拓展，力求在行业中实现谷底反弹，重塑

市场竞争力。管理层坚信，凭借卓越的产品

质和品牌影响力，本集团品牌将迎来新的发

展机遇。

As trade bariers escalate significantly and policy uncertainty

grows, global economic growth is decelerating, with heightened

downside risks. The slower-than-anticipated growth in major

economies, coupled with the deterioration of geopolitical

conflicts, wil further obscure the outlok for global economic

expansion. The retail, catering and property markets in Hong

Kong and the Mainland are likely to experience varying degres

of impact due to economic stagnation and subdued consumer

sentiment. The Group wil adopt a cautiously optimistic

stance regarding the economic outlok for the coming year,

strategicaly alocating resources to respond efectively.

Management wil continue to focus its busines development in

the Greater Bay Area. Management is of the view that demand

and consumer spending wil remain strong and sustainable in

the area. The Group wil leverage on its established branding

and reputation of the “Cariana” Chao Zhou and “Shun Yi”

Shunde cuisine and wil continue to expand its restaurant

busines steadily in the region.

On the property development side, the investment property

portfolio in the Mainland and Hong Kong continues to provide

steady income flow to the Group. Hong Kong’s residential

property prices remain on a downward trend, despite

recovering demand and stronger construction activity. With

the government lifted market coling measures and as interest

rates continue to gradualy decline, the Group’s 50% owned

Haitan Stret re-development project in Shum Shui Po has

sold 105 residential units as at year end date. Management is

optimistic on the sale of the remaining residential units in the

coming months.

Since its market launch, Cariana brand fod has consistently

earned consumer favor with its reputation for quality, style, and

prestige. The Company’s diverse product line spans multiple

categories, catering to a wide range of consumer neds. To

ensure product quality, the Group operates its own production

lines and has established modern manufacturing facilities

in Shenzhen, Hainan, and Yunan, employing advanced

production proceses and rigorous quality management

systems. After experiencing a market downturn in recent

years, the Group is actively adjusting its strategy, focusing

on inovation and enhancing brand value. This year, we wil

regroup and comprehensively advance market expansion,

aiming for a rebound from the botom and to restablish our

competitive edge in the industry. We firmly believe that with our

exceptional product quality and brand influence, the Group is

poised to seize new development oportunities.

Cariana Group Holdings Company Limited | Anual Report 2025

Chairman’s Statement

主席报告

香港和国内经济增速放缓面临多重挑战，包括

贸易壁垒增加、政策不确定性、消费者信心下

降和房地产市场低迷。贸易壁垒影响出口，政

策不确定性使企业投资决策更加谨慎，信心下

降导致消费疲软，房地产低迷则影响家庭财富

和支出。为应对这些挑战，本集团将继续优化

成本管理，提升运营效率和财务控制。同时，

强化客户关系，提升服务品质，并及时调整策

略以应对市场变化。通过这些综合策略，本集

团能够更有效地应对经济波动，保持续增

长。

本人借此机会对董事会，管理层及员工对本

集团的支持及付出深表谢意，并就各股东、客

户、供应商及其他业务伙伴给予的鼎力支持

表示衷心感谢。

主席

马介钦博士

香港，二零二五年六月二十七日

Hong Kong and the Mainland’s domestic economic slowdown

face multiple chalenges, including increasing trade bariers,

policy uncertainty, declining consumer confidence, and a

slugish real estate market. Trade bariers afect exports,

policy uncertainty makes corporate investment decisions more

cautious, declining confidence leads to weak consumption,

and a slugish real estate market impacts household wealth

and spending. To adres these chalenges, the Group wil

continue to optimize cost management, enhance operational

eficiency, and improve financial control. At the same time, we

wil strengthen customer relationships, enhance service quality,

and adjust strategies promptly to respond to market changes.

Through these comprehensive strategies, our group can

more efectively navigate economic fluctuations and maintain

sustained growth.

I would like to take this oportunity to extend my apreciation

to the Board, management team and staf for their suport

and dedication to the Group and to shareholders, customers,

supliers and other busines partners for their unfailing

suport.

Dr. Ma Kai Yum

Chairman

Hong Kong, 27 June 2025

佳宁娜集团控股有限公司 | 2025年报

Director and Senior Management’s Biographies

董事及高级管理人员简历

名誉主席及执行董事

马介璋，博士，银紫荆星章，铜紫荆星章，现年83

岁，本集团的其中一位创办人。自二零一四年

一月一日起，马先生获委任为本集团之名誉主

席及调任为非执行董事。马先生于二零二零

年十二月十日调任为执行董事。马先生拥有

三十多年经营餐饮及物业发展经验。他曾任第

九、十及十一届全国政协委员，现为中国侨联

顾问、深圳市侨商国际联合会永远名誉会长、

香港潮属社团总会永远名誉主席、香港潮州

商会永远名誉会长及香港九龙潮州公会永远

荣誉主席等。马先生为马介钦先生之胞兄。

执行董事

马介钦，博士，铜紫荆星章，现年74岁，本集团的

其中一位创办人，从1984年起出任本集团执

行董事，并于二零一四年一月一日起出任本集

团主席。马先生从制衣服装行业到地产发展、

酒店业及餐饮业等累积多年丰富管理经验，

现时主要负责集团业务发展及重要决策。于

二零二四年七月，马先生获香港特别行政区

政府颁授铜紫荆星章，马先生曾任广东省政

协委员，现任香港九龙潮州公会永远荣誉主

席、港九潮州公会中学校监、香港潮属社团总

会常务副主席、香港中华厂商联合会常务副

会长及香港汕头社团总会监事长等。马先生

为马介璋先生之胞弟。

HONORARY CHAIRMAN AND

EXECUTIVE DIRECTOR

MA Kai Cheung, PhD, SBS, BS, aged 83, is the co-founder

of the Group. Mr. Ma has ben apointed as Honorary

Chairman and re-designated as Non-Executive Director of the

Group since 1 January 2014. Mr. Ma was re-designated as

Executive Director on 10 December 2020. Mr. Ma has over

30 years’ experience in the restaurant busines and property

development. He was a comite member of the 9th,

10th and 11th National Comite of the Chinese People’s

Political Consultative Conference. He is the consultant of the

Al-Chinese Federation of Returned Overseas Chinese, the

permanent honorary president of the Shenzhen Overseas

Chinese International Asociation, the permanent honorary

president of the Federation of Hong Kong Chiu Chow

Comunity Organizations Ltd., the permanent honorary

president of the Hong Kong Chiu Chow Chamber of Comerce

Limited and the permanent honorary president of the Hong

Kong & Kowlon Chiu Chow Public Asociation. Mr. Ma is the

elder brother of Mr. Ma Kai Yum.

EXECUTIVE DIRECTORS

MA Kai Yum, PhD, BS, aged 74, a co-founder of the Group,

has ben an Executive Director of the Group since 1984,

and Chairman of the Group since 1 January 2014. Mr. Ma

acumulated many years of management experience from

garment busines, property development, hotel and catering

busines. Mr. Ma is curently responsible for the important

decision-making and busines development of the Group.

Mr. Ma was awarded the Bronze Bauhinia Star (BS) from

the Government of the Hong Kong Special Administrative

Region in July 2024. Mr. Ma was a former member of

Guangdong Provincial Comite of the Chinese People’s

Political Consultative Conference and also serves as the life

honorary president of Hong Kong & Kowlon Chiu Chow

Public Asociation, the supervisor of Hong Kong & Kowlon

Chiu Chow Public Asociation Secondary Schol, the

vice president of the Federation of Hong Kong Chiu Chow

Comunity Organization, the executive vice-chairman of the

Chinese Manufacturers Asociation of Hong Kong and the chief

supervisor of Federation of Hong Kong Shantou Comunity

Organizations. Mr. Ma is the younger brother of Mr. Ma Kai

Cheung.

Cariana Group Holdings Company Limited | Anual Report 2025

Director and Senior Management’s Biographies

董事及高级管理人员简历

EXECUTIVE DIRECTORS (Continued)

MA Hung Ming, John, PhD, BS, JP, aged 58, is an Executive

Director of the Group since May 2009. Mr. Ma joined the

Group in 1990 and was apointed Vice-chairman on 28

June 2019. He has ben the Managing Director of Cariana

Holdings Limited since April 2002 and is curently responsible

for the Group’s property development operations. He has

extensive experience in the catering industry, as wel as

property management and development. Mr. Ma was awarded

the Bronze Bauhinia Star (BS) from the Government of the

Hong Kong Special Administrative Region in 2003, apointed

Justice of the Peace (JP) in 2015 and a Honorary Doctorate

of Philosophy degre by Morison University in 2004. In

2011, he was awarded the honorary citizen by the Shenzhen

government. He was the chairman of Tung Wah Group of

Hospitals for the year 2002. Formerly served as a member

of the Standing Comite of Shenzhen Comite of the

Chinese People’s Political Consultative Conference and curent

serves as the executive vice chairman of the Federation

of Hong Kong Guangdong Comunity Organisations, the

executive director of China Overseas Friendship Asociation,

the permanent honorary president of the Hong Kong Chiu

Chow Chamber of Comerce and the president of the Hong

Kong & Kowlon Chiu Chow Public Asociation. Mr. Ma is

an independent non-executive director of Liu Chong Hing

Investment Limited, the shares of which are listed on Main

Board of The Stock Exchange of Hong Kong Limited. Mr. Ma is

the son of Mr. Ma Kai Cheung.

执行董事（续）

马鸿铭，博士，铜紫荆星章，太平绅士，现年58

岁，自二零九年五月起出任本集团执行董

事。马先生于一九零年加入本集团，并于二

零一九年六月二十八日被委任为副主席。自

二零二年四月出任佳宁娜集团有限公司的

董事总经理，现时负责本集团地产发展业务。

他在饮食业、物业管理及地产发展方面具有

丰富的经验。于二零三年，马先生获香港特

别行政区政府颁授铜紫荆星章，于二零一五

年获委任为太平绅士及于二零四年获摩利

臣大学颁授荣誉哲学博士学位。在二零一

年，马先生获深圳市政府颁授荣誉市民。他曾

于二零二年出任东华三院主席，曾任深圳

市政协常委，现任香港广东社团总会常务副

主席、中华海外联谊会常务理事、香港潮州商

会永远名誉会长及香港九龙潮州公会主席。

马先生是廖创兴企业有限公司之独立非执行

董事。廖创兴企业有限公司之股份在香港联

合交易所有限公司之主板上市。马先生是马

介璋先生之儿子。

佳宁娜集团控股有限公司 | 2025年报

Director and Senior Management’s Biographies

董事及高级管理人员简历

执行董事（续）

梁锐，现年50岁，自二零二一年一月二日起出

任本集团行政总裁及执行董事。彼为深圳市人

大代表。彼持有重庆大学经济及工商管理学

院技术经济及管理博士学位，及西安交通大学

经济及金融学院应用经济博士后学位。自二

零年起梁先生在深圳罗湖区人民政府工

作了差不多17年，曾先后担任不同高级岗位，

包括区信访局副局长、区委（政府）办公室主

任、区民政局长、以及南湖街道办事处党工

委书记及办事处主任等职。自二零一七年十

月起，彼一直担任深圳水贝珠宝集团总裁。梁

先生目前为酷派集团有限公司（其股份于香

港联合交易所有限公司之主板上市）之非执行

董事。他曾于二零一八年一月至二零二零年

十二月期间出任酷派集团有限公司之执行董

事及于二零一九年九月至二零二零年十二月

期间出任其行政总裁。

马鸿文先生，49岁，自二零二年九月八日起

出任集团执行董事，现时负责本集团食品业务

发展。马先生于二零年毕业于美国戴维

斯加州大学，并拥有土木工程系理学士学位。

他然后在美国加州展开他的结构工程专业实

习，并于二零四年取得美国土木工程师专业

牌照 (BPELSG, USA)。马先生于二零六年

返回香港加入本集团及参与中国内地之地产

发展项目。他于二零一二年获委任为餐饮及食

品业务部董事总经理。马先生在食品和餐饮业

务及地产发展拥有丰富管理经验。他曾任第

十、十一及十二届湖南省政协委员。马先生是

本公司之控股东及执行董事马介璋先生之

儿子，亦是执行董事马鸿铭先生之胞弟。

EXECUTIVE DIRECTORS (Continued)

LIANG Rui, aged 50, is the Chief Executive Oficer and

Executive Director of the Group since 2 January 2021. He is

a representative of Shenzhen Municipal People’s Congres.

He holds a doctoral degre in technical economics and

management from the Schol of Economics and Busines

Administration of Chongqing University and a postdoctoral

degre in aplied economics from the Schol of Economics and

Finance of Xi’an Jiaotong University. Since 2000, Mr. Liang has

worked for the Shenzhen Luohu District People’s Government

for nearly 17 years, serving various senior posts including

deputy director of the Leters and Cals Bureau, director of the

District Comite (Government) Ofice, director of the District

Civil Afairs Bureau, and secretary and director of the Party’s

Working Comite of Nanhu Stret Ofice. He has served

as the chief executive oficer of Shuibei Jewelry Group since

October 2017. Mr. Liang is curently a non-executive director of

Colpad Group Limited, the shares of which are listed on the

Main Board of The Stock Exchange of Hong Kong Limited. He

has served as the executive director of Colpad Group Limited

from January 2018 to December 2020 and also their chief

executive oficer from September 2019 to December 2020.

MA Hung Man, aged 49, is the Executive Director of the

Group since 8 September 2022 and is curently responsible for

the development of Group’s fod busines. Mr. Ma graduated

from the University of California, Davis with a bachelor of

Science degre in Civil Enginering in 2000. He then began his

profesional practice in structural enginering in California and

obtained his profesional license in civil enginering (BPELSG,

USA) in 2004. Mr. Ma returned to Hong Kong to join the

Group in 2006 and participated in the property development

projects in Mainland China. He was apointed Managing

Director of the Group’s restaurant and fod production division

in 2012. Mr. Ma has substantial management experience

in fod and beverage busines and property development.

He was a comite member of the 10th, 11th and 12th

Hunan Provincial Comite of the Chinese People’s Political

Consultative Conference. Mr. Ma is the son of Mr. Ma Kai

Cheung, the controling shareholder and an executive director

of the Company and a brother of Mr. Ma Hung Ming John, an

executive director of the Company.

Cariana Group Holdings Company Limited | Anual Report 2025

Director and Senior Management’s Biographies

董事及高级管理人员简历

独立非执行董事

黄思竞，现年63岁，现任本公司独立非执行董

事。黄先生于二零七年八月加入本集团。黄

先生现任HAGER Asia Limited之首席财务主

管，该公司是HAGER集团之一间附属公司，该

集团在美国销售建筑硬件产品拥有市场领导地

位，现在于中国及香港亦销售建筑硬件产品。

黄先生亦曾于多间澳洲、英国及美国际性公

司担任财务及行政人员。他在香港及中国之企

业融资、建筑硬件、消费品生产及分销业务以

及在澳洲之物业发展业务方面拥有超过20年

工作经验。他持有澳洲Macquarie University之

经济学士学位，并为澳洲会计师公会员。

黄先生已于董事会任职超过九年，彼并无于

本公司及其附属公司担任何行政或管理职

务。黄先生于任期内一直以相关经验及知识为

本公司作出重大贡献，并就本公司事务保持独

立观点。彼拥有多元化的财务经验，并为本公

司带来广泛的经验及见解。彼已获本公司提名

委员会评定为独立。彼与本公司任何董事、高

级管理层、主要或控股东概无任何关系。考

虑到黄先生于过去多年履行其独立非执行董

事职责时的独立及诚信，概无证据显示其服务

年期会对其角色产生任何不利影响。因此，董

事会认为黄先生为独立，并建议彼在即将举

行的股东周年大会上再次膺选连任。

INDEPENDENT NON-EXECUTIVE

DIRECTORS

WONG Se King, aged 63, is an Independent Non-Executive

Director of the Company. Mr. Wong joined the Group in August

2007. Mr. Wong is curently the chief financial oficer of HAGER

Asia Limited, a subsidiary of the HAGER Group which is a

market leader of seling building hardware products in the

US market, being engaging for building hardware busines in

China and Hong Kong. Mr. Wong had also worked as financial

and busines executive in various Australian, UK and US

multi-national companies. He has over 20 years of working

experience in corporate finance, building hardware, consumer

gods manufacturing and distribution busines in Hong Kong

and China and property development busines in Australia.

He holds a bachelor’s degre in Economics from Macquarie

University, Australia and is a member of the CPA Australia.

Mr. Wong has served on the Board for more than nine

years. He does not have any executive or management role

in the Company and its subsidiaries. Mr. Wong has made

considerable contributions to the Company with his relevant

experience and knowledge throughout his years of service

and has maintained an independent view in relation to the

Company’s afairs. He has diversified financial experience and

brings a wide range of experience and insights to the Company.

He has ben asesed by the Nomination Comite of

the Company to be independent. He does not have any

relationship with any Directors, senior management, substantial

or controling Shareholders of the Company. Taking into

consideration of Mr. Wong’s independence and integrity when

performing his duties as Independent Non-Executive Director

over the past years, there is no evidence that the length of

tenure wil have any adverse impact on his role. Therefore, the

Board considers Mr. Wong is independent and recomends

him to be re-elected at the forthcoming anual general meting.

佳宁娜集团控股有限公司 | 2025年报

Director and Senior Management’s Biographies

董事及高级管理人员简历

独立非执行董事（续）

张华峰，银紫荆星章，太平绅士，现年73岁，现任

本公司独立非执行董事。张先生于二零二一

年七月加入本集团。张先生乃前香港特别行

政区金融服务界立法会议员。彼现任恒丰证

券有限公司之董事长。彼于二零七年获得

香港城市大学行政人员工商管理硕士学位。

张先生拥有逾四十年金融市场及证券行业方

面的丰富经验。彼曾任全国政协委员，现任香

港证券学会永远荣誉会长、香港中华总商会选

任会董、香港中国商会长、香港福建社团联

会永远名誉会长、香港友好协进会副秘书长、

及香港江苏社团总会副会长。张先生现任通达

集团控股有限公司（其股份于香港联合交易

所有限公司之主板上市）之独立非执行董事。

INDEPENDENT NON-EXECUTIVE

DIRECTORS (Continued)

CHEUNG Wah Fung, Christopher, SBS, JP, aged 73, is

an Independent Non-Executive Director of the Company.

Mr. Cheung joined the Group in July 2021. Mr. Cheung

was formerly a member of the Legislative Council (Financial

Services) of the Hong Kong Special Administrative Region.

He is curently the Chairman of Christfund Securities Limited.

He obtained an EMBA degre from the City University of

Hong Kong in 2007. Mr. Cheung has extensive experience

in the financial market and securities industry for over 40

years. He was a former member of the National Comite

of the Chinese People’s Political Consultative Conference,

and also serves as the honorary president of the Hong Kong

Securities Profesionals Asociation, an elected director of

the Hong Kong Chinese General Chamber of Comerce, the

president of the Hong Kong China Chamber of Comerce,

the honorary president of the Hong Kong Federation of Fujian

Asociation, the deputy secretary of the Friends of Hong Kong

Asociation, and the vice president of the Federation of HK

Jiangsu Comunity Organization. Mr. Cheung is curently an

independent non-executive director of Tongda Group Holdings

Limited, the shares of which are listed on the Main Board of

The Stock Exchange of Hong Kong Limited.

Cariana Group Holdings Company Limited | Anual Report 2025

Director and Senior Management’s Biographies

董事及高级管理人员简历

独立非执行董事（续）

廖玲，荣誉勋章，39岁，现任本公司独立非执

行董事。于二零二四年十二月加入本集团。廖

小姐目前是亚加比教育中心和亚加比艺术中

心的校长。廖小姐在教育和文化行业工作超

过15年，拥有丰富的企业社会责任和企业公

共关系的经验。她发起并组织了多项慈善活

动，与各私人企业和社会团体合作，特别是在

青少年发展和社区服务方面表现卓越。廖小

姐目前是共创明「Ten」计划团体活动咨询委

员会主席、广东省汕头市政协委员、入境事务

处青少年领袖团的助理总监、环境及自然保

育基金委员、康文署场地伙伴计划委员会委

员、独立监察警方处理投诉委员会观察员、香

港九龙潮州公会副主席及港九潮州公会中学

校董等。

高级管理人员

李楚炯，现年58岁，现任本集团中国食品部、

海南佳宁娜餐饮服务有限公司及海南佳宁娜

食品有限公司董事总经理。他自一九八六年

加入本集团旗下香港佳宁娜潮州菜酒楼。李

先生自一九三年负责全面管理海南佳宁娜

餐饮及食品业务至今。

朱镇峰，现年64岁，利骏食品集团之创办人，

现任利骏食品集团有限公司执行董事，朱先

生拥有超过35年经营饼店经验，现负责利骏

食品集团的业务发展及日常管理工作。

INDEPENDENT NON-EXECUTIVE

DIRECTORS (Continued)

Liu Ling Ling, Samantha, M.H., aged 39, is an Independent

Non-Executive Director of the Company. Mis Liu joined the

Group in December 2024. Mis Liu is curently the principal

of Agape Education Centre and Agape Arts Centre. Mis Liu

has ben in the education and cultural industries for over

15 years. She has extensive experience in corporate social

responsibility and corporate public relations. Mis Liu has

initiated and organized numerous charity activities for those in

ned, colaborating with various private enterprises and social

groups, which, in particular, excel in youth development and

comunity services. Mis Liu is curently the chairman of the

“Strive and Rise Programe” Advisory Comite, member

of the Chinese People’s Political Consultative Conference

of Shantou City Guangdong, asistant comisioner of the

Imigration Department Youth Leaders Corps, member of the

Environment and Conservation Fund, comite member of

the Venue Partnership Scheme, observer of the Independent

Police Complaints Council, vice president of the Hong Kong

and Kowlon Chiu Chow Public Asociation and the schol

management comite of the Hong Kong and Kowlon Chiu

Chow Public Asociation Secondary Schol etc.

SENIOR MANAGEMENT

LE Chor Kwing, aged 58, is the Managing Director of the

China Fod Division of the Group, Cariana (Hainan) Catering

Service Co., Ltd. and Cariana (Hainan) Fod Procesing Co.,

Ltd. He has ben serving the Group’s Cariana (Chiu Chau)

Restaurant in Hong Kong since 1986. Mr. Le has ben in

charge of operation of Hainan Cariana restaurant and fod

busines since 1993.

CHU Chun Fung, aged 64, is the founder of the Profit Smart

group and curently an Executive Director of Profit Smart Group

Limited. Mr. Chu has more than 35 years’ experience in bakery

busines. He is responsible for busines development and daily

operation of the Profit Smart group.

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

企业管治常规

本公司依据自香港联合交易所有限公司（「联

交所」）证券上市规则（「《上市规则》」）附

录C1所载之企业管治守则（「《企业管治守

则》」）之有关规定，致力维持高水平之企业

管治。本公司之企业管治原则强调高素质之

董事会（「董事会」）、良好内部监控、原则及

常规、高透明度及对本公司全体股东问责。除

下文所披露者外，本公司在本年报所指整个

财政年度内一直遵守《企业管治守则》。

根据《企业管治守则》条文第二部分B.2.2

条，非执行董事应按特定任期委任，并须接受

重选。现时，概无独立非执行董事以特定任期

委任。然而，所有董事（主席除外）均须按照本

公司之公司细则条文规定，至少每三年一次

于本公司之股东周年大会上轮席告退，且彼

等之任期将于到期接受重选时作出检讨。

根据香港上市规则第3.09D条发行人的每名董

事均须向有资格就香港法律提供意见的律师

行取得法律意见，明白《上市规则》中所有适

用于其作为上市发行人董事的规定，以及向

联交所作出虚假声明或提供虚假信息所可能

引致的后果。

廖玲小姐已根据上市规则第3.09D条获取所

需法律意见，并确认其已理解作为独立非执

行董事的全部义务。

CORPORATE GOVERNANCE PRACTICES

The Company is comited to maintaining a high standard of

corporate governance as set out in the Corporate Governance

Code (the “CG Code”), in Apendix C1 of the Rules Governing

the Listing of Securities (the “Listing Rules”) on The Stock

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

corporate governance principles of the Company emphasise a

quality board of directors (the “Board”), sound internal control,

principles and practices, transparency and acountability to

al shareholders of the Company. Save as disclosed below,

the Company has complied with the CG Code throughout the

acounting period covered by this report.

In acordance with Code Provision part 2 B.2.2 of the CG

Code, non-executive directors should be apointed for a

specific term, subject to re-election. Curently, the independent

non-executive directors are not apointed for a specific term.

However, al the directors (except Chairman) are subject to

retirement by rotation at least once every thre years at the

anual general meting of the Company in acordance with the

provision of the Bye-laws of the Company and their terms of

apointment are reviewed when they are due for re-election.

Pursuant to Rule 3.09D of the Listing Rules, every director of

listed isuer must obtain legal advice from a firm of solicitors

qualified to advise on Hong Kong laws as regards the

requirements under the Listing Rules that are aplicable to him

as a director of a listed isuer and the posible consequences

of making a false declaration or giving false information to the

Stock Exchange.

Mis Liu Ling Ling, Samantha has obtained legal advice

required under Rule 3.09D of the Listing Rules and has

confirmed her understanding of her obligations as an

Independent Non-executive Director.

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Governance Report

企业管治报告

COMPLIANCE WITH THE MODEL CODE

FOR SECURITIES TRANSACTIONS

The Company has adopted the Model Code for Securities

Transactions by Directors of Listed Isuers (the “Model Code”)

as set out in Apendix C3 of the Listing Rules as the code for

securities transactions by directors of the Company. Folowing

specific enquiry by the Company, the directors of the Company

have confirmed that they have complied with the required

standard under the Model Code throughout the year.

BOARD OF DIRECTORS

As at 31 March 2025, the Board comprised eight directors,

including five executive directors and thre independent non-

executive directors.

The brief biographical details of the directors are set out in the

“Director and Senior Management’s Biographies” on pages 9 to

14 of this report.

The composition of the Board is reviewed regularly to ensure

that it has a god balance of expertise, skils, diversity of

perspectives and experience which can met the requirements

of the busines of the Company.

The directors of the Company have ben apointed for a term

subject to retirement by rotation and re-election at the anual

general meting of the Company in acordance with the Bye-

laws of the Company. Acording to Bye-law 99(B) of the Bye-

laws of the Company, director apointed to fil any casual

vacancy shal hold ofice only until the next folowing anual

general meting after their apointment and shal be subject to

re-election by the shareholders of the Company. Acording to

Bye-law 96 of the Bye-laws of the Company, one-third of the

directors for the time being shal retire from ofice by rotation

(except Chairman or Managing Director) and shal be eligible for

re-election at each anual general meting.

遵守董事进行证券交易之标准守

则

本公司已采纳载列于《上市规则》附录C3

之上市公司董事进行证券交易之标准守则

（「《标准守则》」），作为本公司董事进行证

券交易的守则。因应本公司之特定查询，本公

司各董事确认于整个年度内均已遵守《标准

守则》所规定之标准。

董事会

于二零二五年三月三十一日，董事会由八名

董事组成，包括五名执行董事及三名独立非

执行董事。

有关各董事之简历详情载于本报告第9至14页

「董事及高级管理人员简历」内。

董事会之架构会定期检讨，以确保专业知识、

技术、多元化观点及经验达致良好平衡，并能

符合本公司之业务需要。

本公司董事之任期须按照本公司的公司细则

之规定于本公司股东周年大会上轮值告退及

膺选连任。根据本公司之公司细则第99(B)条

之规定，获委任以填补任何临时空缺之董事，

其任期将于获委任后至下届股东周年大会为

止，及将由本公司股东重选。根据本公司之公

司细则第96条，当时三分之一之董事须于每

届股东周年大会上轮值告退（主席及董事总

经理除外）及合资格膺选连任。

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

董事会（续）

董事之责任

董事会须负责确保领导之延续性、发展健全之

业务策略、具备充裕资金及管理资源，以落实

采纳之业务策略、财务和内部监控系统之完备

性，且业务运作符合适用法律及法规。本公司

全体董事已对董事会事务作出完全及积极贡

献，董事会一直以本集团之最佳利益行事。

本公司执行董事及高级管理层就重要之公司

策略、政策及合约式承诺，按有关之授权级别

接受委托。管理层负责本集团日常运作，而各

部门主管负责不同范畴业务。

董事会负责编制财务报表。本公司在编制财

务报表时已采用香港普遍接纳之会计准则，

并贯彻采纳及应用适当会计政策，及作出合

理及审慎之判断及评估。本集团之财务报表

亦会及时发布。

董事会已审核本集团之财政估算，且董事会

并不知悉与可能会对本集团持续经营能力造

成重大质疑之事件或情况有关之任何重大不

明朗因素。故此，董事会已继续采取持续经营

基准编制财务报表。

本公司外部核数师安永会计师事务所之责任

载于本年报第71至79页之「独立核数师报告」

内。

BOARD OF DIRECTORS (Continued)

RESPONSIBILITIES OF DIRECTORS

The Board is responsible for ensuring continuity of leadership,

development of sound busines strategies, availability of

adequate capital and managerial resources to implement the

busines strategies adopted, adequacy of systems of financial

and internal controls and conduct of busines in conformity

with aplicable laws and regulations. Al directors of the

Company have made ful and active contribution to the afairs of

the Board and the Board has always acted in the best interests

of the Group.

The executive directors and senior management of the

Company are delegated with respective levels of authorities

with regard to key corporate strategy and policy and

contractual comitments. Management is responsible for

the day-to-day operations of the Group with divisional heads

responsible for diferent aspects of the busines.

The Board is responsible for the preparation of the financial

statements. The Company has adopted the generaly acepted

acounting standards in Hong Kong in preparing the financial

statements, apropriate acounting policies have ben

adopted and aplied consistently, and reasonable and prudent

judgement and estimates have ben made. The publication of

the financial statements of the Group is also in a timely maner.

The Board has reviewed the financial projections of the Group

and the Board is not aware of any material uncertainties relating

to events or conditions which may cast significant doubt over

the Group’s ability to continue as a going concern. Acordingly,

the Board has continued to adopt the going concern basis in

preparing the financial statements.

The responsibility of Ernst & Young, the Company’s external

auditors, is set out on pages 71 to 79 of the “Independent

Auditor’s Report” in this anual report.

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Governance Report

企业管治报告

董事会（续）

董事会议

年内，董事会定期会晤，曾举行四次董事会例

会。董事出席董事会议的情况如下：

董事会例会均经事先安排，以便全体董事出

席。董事会例会预定一年举行四次，大约每季

一次。召开董事会议之通告于会议举行最少

十四天前发出予所有董事，以让各董事可在会

议程中加入欲商讨之事项。倘出现涉及主要

股东或董事之潜在利益冲突，有关事宜会在实

际会议中讨论，而不会以书面决议方式处理。

董事根据本公司之公司细则亲身出席或以其

他电子通讯方式参与会议。

BOARD OF DIRECTORS (Continued)

BOARD METINGS

During the year, the Board met regularly and held four regular

board metings. The atendance of the directors at the board

metings was as folows:

Number of

atendance

Directors董事出席次数

Executive Directors执行董事

Mr. Ma Kai Cheung (Honorary Chairman)马介璋先生（名誉主席）4/4

Mr. Ma Kai Yum (Chairman)马介钦先生（主席）4/4

Mr. Ma Hung Ming, John (Vice-chairman)马鸿铭先生（副主席）4/4

Mr. Liang Rui (Chief Executive Oficer)梁锐先生（行政总裁）4/4

Mr. Chan Francis Ping Kuen

(resigned on 1 October 2024)

陈炳权先生

（于二零二四年十月一日辞任）

2/4

Mr. Ma Hung Man马鸿文先生4/4

Independent Non-Executive Directors独立非执行董事

Mr. Lo Ming Chi, Charles

(resigned on 3 December 2024)

劳明智先生

（于二零二四年十二月三日辞任）

2/4

Mr. Wong Se King黄思竞先生4/4

Mr. Cheung Wah Fung, Christopher张华峰先生4/4

Mis Liu, Ling Ling, Samantha

(apointed on 3 December 2024)

廖玲小姐

（于二零二四年十二月三日委任）

1/1

Regular board metings are scheduled in advance to

facilitate al directors’ atendance. Regular board metings

are scheduled to be held four times a year at aproximately

quarterly intervals. At least 14 days’ notice of a board meting

is given to al directors who are given an oportunity to include

maters for discusion in the agenda. If potential conflict of

interest involving a substantial shareholder or a director arises,

the mater is discused in a physical meting, as oposed

to being dealt with by writen resolution. The directors atend

metings in persons or through other means of electronic

comunication in acordance with the Bye-laws of the

Company.

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

董事会（续）

董事会议（续）

董事会之文书会于董事会议前约三天传阅，

让董事对即将提出之事项作出知情决定。公

司秘书协助主席编制会议程，并确保遵守

所有适用规则及规例。公司秘书须出席全部

董事会例会，如有需要，对企业管治、法规、

会计及财务事宜提供意见。董事可查阅本集团

之所有资料，并在董事认为必要时可取得独

立专业意见。公司秘书应编备会议纪录，并记

录于所有董事会议上讨论之事宜及决议。

每位新获委任之董事将会获得一套指导资料，

内载香港上市规则、有关条例及相关规管规

定之董事职责及责任。如有需要，把最新资料

提供予董事，确保董事了解本集团从事业务

所在之商业环境及规管情况之最新变化。

BOARD OF DIRECTORS (Continued)

BOARD METINGS (Continued)

Board papers are circulated aproximately thre days before

the board metings to enable the directors to make informed

decisions on maters to be raised. The Company Secretary

asists the Chairman in preparing the agenda for metings

and ensures that al aplicable rules and regulations are

complied with. The Company Secretary shal atend al regular

board metings to advise on corporate governance, statutory

compliance, acounting and financial maters when necesary.

Directors shal have ful aces to information on the Group and

are able to obtain independent profesional advice whenever

demed necesary by the directors. The Company Secretary

shal prepare minutes and kep records of maters discused

and decisions resolved at al board metings.

Each newly-apointed director wil be provided with a

package of orientation materials seting out the duties and

responsibilities of directors under the Listing Rules, related

ordinances and relevant regulatory requirements of Hong Kong.

Updates are provided to directors when necesary to ensure

that directors are aware of the latest changes in the comercial

and regulatory environment in which the Group conducts its

busines.

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Governance Report

企业管治报告

董事会（续）

董事会议（续）

根据本公司所存记录，于截至二零二五年三

月三十一日止财政年度内，董事已参与以下

培训：

╱研讨会

(2) 阅读材料

BOARD OF DIRECTORS (Continued)

BOARD METINGS (Continued)

Acording to the records of the Company, during the financial

year ended 31 March 2025, the directors participated in the

folowing trainings:

Type of training

Directors董事培训类型

Executive Directors执行董事

Mr. Ma Kai Cheung (Honorary Chairman)马介璋先生（名誉主席）(2)

Mr. Ma Kai Yum (Chairman)马介钦先生（主席）(1),(2)

Mr. Ma Hung Ming, John (Vice-chairman)马鸿铭先生（副主席）(1),(2)

Mr. Liang Rui (Chief Executive Oficer)梁锐先生（行政总裁）(1),(2)

Mr. Chan Francis Ping Kuen

(resigned on 1 October 2024)

陈炳权先生

（于二零二四年十月一日辞任）

(1),(2)

Mr. Ma Hung Man马鸿文先生(1),(2)

Independent Non-Executive Directors独立非执行董事

Mr. Lo Ming Chi, Charles

(resigned on 3 December 2024)

劳明智先生

（于二零二四年十二月三日辞任）

(1),(2)

Mr. Wong Se King黄思竞先生(2)

Mr. Cheung Wah Fung, Christopher 张华峰先生(1),(2)

Mis Liu, Ling Ling, Samantha

(apointed on 3 December 2024)

廖玲小姐

（于二零二四年十二月三日委任）

(1),(2)

/seminars

(2) Reading materials

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

主席及行政总裁

根据《企业管治守则》条文第二部分C.2.1

条，主席及行政总裁之角色应有区分，不应由

一人同时兼任。于截至二零二五年三月三十一

日止年度，马介钦先生为主席及梁锐先生为行

政总裁，因此主席及行政总裁之角色是分开，

并非由一人同时兼任。

主席其中一个重要角色是领导董事会，确保

董事会一直以本集团之最佳利益行事。主席

应确保董事会有效地运作，且履行应有职责，

并及时就所有重要的适当事项进行讨论。全

体董事均就建议载于议程之任何事项获得咨

询。在公司秘书之协助下，主席拟确保全体董

事已获适当简报任何董事会上出现之问题，

并已及时收到充分及可靠之资料。

独立非执行董事

独立非执行董事提供各项专业知识和经验，

并进行检查与平衡，维护本集团及其股东之

利益。彼等参与董事会及各委员会议，为涉

及本集团之策略、表现、利益冲突及管理过程

之问题带来独立判断，确保本公司全体股东

之利益获得妥善考虑。

本公司共有三名独立非执行董事，占董事会人

数三分之一以上。当中一名以上的独立非执行

董事具备适当专业资格或会计或相关之财务

管理专长。董事会确认本公司已接获每名独

立非执行董事有关其独立性之年度确认书，

并认为所有独立非执行董事均属上市规则第

3.13条所载指引下之独立人士。

CHAIRMAN AND CHIEF EXECUTIVE

Acording to the Code Provisions part 2 C.2.1 of the CG Code,

the roles of chairman and chief executive should be separate

and should not be performed by the same individual. For the

year ended 31 March 2025, Mr. Ma Kai Yum was the Chairman

and Mr. Liang Rui was the Chief Executive Oficer, of which the

roles are separated and not performed by the same individual.

One of the important roles of the Chairman is to provide

leadership to the Board to ensure that the Board always acts in

the best interests of the Group. The Chairman shal ensure that

the Board works efectively and performs its responsibilities,

and that al key and apropriate isues are discused by it in

a timely maner. Al directors have ben consulted about any

maters proposed for inclusion in the agenda. With the suport

of the Company Secretary, the Chairman seks to ensure that

al directors are properly briefed on isues arising at any board

meting and have received adequate and reliable information in

a timely maner.

INDEPENDENT NON-EXECUTIVE

DIRECTORS

The independent non-executive directors provide a wide range

of expertise and experience as wel as checks and balances

to safeguard the interests of the Group and its shareholders.

Their participation in the board and comite metings brings

independent judgement on isues relating to the Group’s

strategy, performance, conflicts of interest and management

proces to ensure that the interests of al shareholders of the

Company have ben duly considered.

The Company has thre independent non-executive directors

representing more than one-third of the Board. More than

one of the independent non-executive directors have the

apropriate profesional qualifications or acounting or related

financial management expertise. The Board confirms that the

Company has received from each of the independent non-

executive directors an anual confirmation of his independence

and considers that al the independent non-executive directors

are independent under the guidelines set out in Rules 3.13 of

the Listing Rules.

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Governance Report

企业管治报告

董事委员会

董事会已成立三个委员会，即审核委员会、薪

酬委员会及提名委员会，负责处理董事会及本

公司的特定事务。本公司所有董事委员会均

订有明确界定的书面职权范围，相关职权范

围已上载至联交所及本公司网站。董事委员

会获提供足够资源以履行其职责，并可提出

合理要求于适当情况下咨询独立专业意见。

审核委员会

审核委员会于一九年四月一日成立，由三

名独立非执行董事组成，包括劳明智先生（于

二零二四年十二月三日辞任主席）、黄思竞先

生（于二零二四年十二月三日委任主席）、张

华峰先生及廖玲小姐（于二零二四年十二

月三日委任）。

董事会已于二零四年九月一日采纳一份审

核委员会书面职权范围，并于二零一二年三

月二十六日修改及重述，内载审核委员会之

权限及职责，内容与《企业管治守则》之守则

条文及建议最佳常规相符。

审核委员会对董事会负责，其主要职责包括审

阅并监察本集团之财务报告程序，内部监控及

审阅本集团的财务报表。本公司亦向审核委员

会提供其他资源，让其可完全履行其职责。

年内，审核委员会召开两次会议，当中有外聘

核数师出席。审核委员会议的成员出席情

况如下：

BOARD COMITES

The Board has established thre comites, namely, the

Audit Comite, the Remuneration Comite and the

Nomination Comite, to handle particular responsibilities of

the Board and the Company’s afairs. Al board comites

of the Company were established with defined writen terms

of reference which have ben uploaded to the website of

the Stock Exchange and that of the Company. The board

comites are provided with suficient resources to discharge

their duties and, upon reasonable request, are able to sek

independent profesional advice in apropriate circumstances.

AUDIT COMITE

The Audit Comite was established on 1 April 1999

and comprises thre independent non-executive directors,

including Mr. Lo Ming Chi, Charles (resigned as Chairman on 3

December 2024), Mr. Wong Se King (apointed as Chairman

on 3 December 2024), Mr. Cheung Wah Fung, Christopher,

and Mis Liu Ling Ling, Samantha (apointed on 3 December

2024).

A set of writen terms of reference, which describes the

authority and duties of the Audit Comite, was adopted by

the Board on 1 September 2004, amended and restated on 26

March 2012 and the contents of which are in compliance with

the Code Provisions and Recomended Best Practices of the

CG Code.

The Audit Comite is acountable to the Board and the

principal duties of the Audit Comite include the review and

supervision of the Group’s financial reporting proces, internal

controls and review of the Group’s financial statements. The

Audit Comite is also provided with other resources to

enable it to discharge its duties fuly.

During the year, the Audit Comite held two metings and

the external auditors were in atendance. The atendance

records of the members of the Audit Comite are set out in

the table below:

2025 二零二五年 HK$’000 千港元
2,500 226
2,726

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

审核委员会（续）

审核委员会已联同本公司管理层及本公司之

外聘核数师安永会计师事务所审阅本集团所

采纳之会计政策及惯例，并就审核、内部监控

及财务报告事宜进行磋商，并包括审阅本公

司截至二零二五年三月三十一日止年度之年

度报告。

核数师酬金

就安永会计师事务所提供之服务之酬金如下：

* 非核数服务包括税务合规及提供其他的专业

服务

审核委员会总结其对审核服务之费用、过程

及有效性、独立性及客观性进行检讨之结果

满意。

AUDIT COMITE (Continued)

Number of

metings

atended/Total

number of

metings

Directors董事

出席会议次数╱

总会议次数

Mr. Lo Ming Chi, Charles

(resigned as Chairman on 3 December 2024)

劳明智先生

（于二零二四年十二月三日辞任主席）

2/2

Mr. Wong Se King

(apointed as Chairman on 3 December 2024)

黄思竞先生

（于二零二四年十二月三日委任主席）

2/2

Mr. Cheung Wah Fung, Christopher 张华峰先生2/2

Mis Liu Ling Ling, Samantha

(apointed on 3 December 2024)

廖玲小姐

（于二零二四年十二月三日委任）

0/0

The Audit Comite has reviewed with the management of

the Company and Ernst & Young, the external auditors of the

Company, the acounting principles and practices adopted by

the Group and has discused auditing, internal controls and

financial reporting maters, including the review of the anual

report of the Company for the year ended 31 March 2025.

AUDITOR’S REMUNERATION

The remuneration to Ernst & Young in respect of the services

rendered was as folows:

二零二四年二零二三年

HK$’000HK$’000

千港元千港元

Audit fe核数服务2,8502,850

Non-audit service fes非核数服务21480

Total总计3,0642,930

* Non-audit services include taxation compliance and other

profesional services provided

The Audit Comite had concluded that it was satisfied with

the findings of its review of audit service fe, proces and

efectivenes, independence and objectivity.

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Governance Report

企业管治报告

薪酬委员会

薪酬委员会于二零五年四月一日成立，由

三名独立非执行董事组成，包括黄思竞先生

（主席）、劳明智先生（于二零二四年十二月三

日辞任）、张华峰先生及廖玲小姐（于二零

二四年十二月三日委任）。

董事会已于二零五年四月一日采纳一份书面

职权范围书，并分别于二零一二年三月二十六

日及二零二三年一月十三日修改及重述，内

载薪酬委员会之权限及职责，内容乃符合《企

业管治守则》之守则条文。

薪酬委员会之目的乃制定及维持合适并具竞

争力之薪酬水平，冀能招揽、挽留和推动董事

及各主要行政人员，引领本公司业务步向成

功。薪酬委员会亦确保本集团薪酬政策及制

度能支持本集团之目标和策略。薪酬委员会

获供给充足资源以履行其职责。

REMUNERATION COMITE

The Remuneration Comite was established on 1 April

2005 and comprises thre independent non-executive

directors, including Mr. Wong Se King (Chairman), Mr. Lo

Ming Chi, Charles (resigned on 3 December 2024) Mr. Cheung

Wah Fung, Christopher and Mis Liu Ling Ling, Samantha

(apointed on 3 December 2024).

A set of writen terms of reference, which describes the

authority and duties of the Remuneration Comite, was

adopted by the Board on 1 April 2005, amended and restated

on 26 March 2012 and 13 January 2023 respectively and the

contents of which are in compliance with the Code Provisions

of the CG Code.

The objectives of the Remuneration Comite are to

establish and maintain an apropriate and competitive level of

remuneration to atract, retain and motivate directors and key

executives to run the Company sucesfuly. The Remuneration

Comite also ensures that the remuneration policies and

systems of the Group suport the Group’s objectives and

strategies. The Remuneration Comite is provided with

suficient resources to perform its duties.

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

薪酬委员会（续）

年内，薪酬委员会召开两次会议。薪酬委员会

会议的成员出席情况如下：

年内，薪酬委员会就执行董事之薪酬待遇及

聘用条款向董事会提出建议。薪酬委员会亦

制订及评估本公司董事及高级管理人员之薪

酬政策及结构。

董事及高级管理人员酬金

根据《企业管治守则》之守则条文第二部分

E.1.5条规定，截至二零二五年三月三十一日

止年度按薪酬等级划分之高级管理人员的酬

金载列如下：

其他有关董事酬金及五位薪酬最高之雇员酬

金而根据上市规则附录D2须予披露之进一步

详情分别载列于综合财务报表附注8及9内。

REMUNERATION COMITE (Continued)

During the year, the Remuneration Comite held two

metings. The atendance records of the members of the

Remuneration Comite are set out in the table below:

Number of

metings

atended/Total

number of

metings

Directors董事

出席会议次数╱

总会议次数

Mr. Wong Se King (Chairman)黄思竞先生（主席）2/2

Mr. Lo Ming Chi, Charles (resigned

on 3 December 2024)

劳明智先生（于二零二四年

十二月三日辞任）

2/2

Mr. Cheung Wah Fung, Christopher 张华峰先生2/2

Mis Liu Ling Ling, Samantha (apointed

on 3 December 2024)

廖玲小姐（于二零二四年

十二月三日委任）

0/0

During the year, the Remuneration Comite made

recomendations to the Board on executive directors’

remuneration packages and terms of employment. The

Remuneration Comite also formulated and evaluated the

remuneration policy and structure for the directors and senior

management of the Company.

REMUNERATION OF DIRECTORS AND

SENIOR MANAGEMENT

Pursuant to Code Provision part 2 E.1.5 of the CG Code, the

remuneration of the members of senior management by band

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

Number of

individuals

人数

Up to HK$1,000,000不多于1,000,000港元4

HK$1,000,001 – HK$2,000,0001,000,001港元至2,000,000港元3

HK$2,000,001 – HK$5,000,0002,000,001港元至5,000,000港元2

Further particulars in relation to the remuneration of directors

and the five highest paid employes’ remuneration as required

to be disclosed pursuant to Apendix D2 to the Listing Rules

are set out in notes 8 and 9, respectively, to the consolidated

financial statements.

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Governance Report

企业管治报告

提名委员会

提名委员会于二零一二年三月二十六日成立，

由一名执行董事及三名独立非执行董事组成，

包括马介钦先生（主席）、劳明智先生（于二

零二四年十二月三日辞任）、黄思竞先生、张

华峰先生及廖玲小姐（于二零二四年十二

月三日委任）。

一份提名委员会书面职权范围已于二零一二

年三月二十六日获董事会采纳，其载有提名委

员会之权限及职责，当中具体内容与《企业管

治守则》之守则条文及建议最佳常规相符。

提名委员会负责就董事提名提供建议，以委任

具备相关专业知识及经验的适当人选，以强

化董事会成员架构，为董事会作出贡献。于提

名过程中，提名委员会参考的标准包括候选

人的诚信度、成就及经验、专业及教育背景。

年内，提名委员会召开一次会议。提名委员会

成员之出席记录如下：

NOMINATION COMITE

The Nomination Comite was established on 26 March 2012

and comprises one executive director and thre independent

non-executive directors, including Mr. Ma Kai Yum (Chairman),

Mr. Lo Ming Chi, Charles (resigned on 3 December 2024), Mr.

Wong Se King, Mr. Cheung Wah Fung, Christopher and Mis

Liu, Ling Ling, Samantha (apointed on 3 December 2024).

A set of writen terms of reference, which describes the

authority and duties of the Nomination Comite, was

adopted by the Board on 26 March 2012 and the contents

of which are in compliance with the Code Provisions and

Recomended Best Practices of the CG Code.

The Nomination Comite is responsible for making

recomendations to the nomination of directors with a view

to apointing suitable individuals with relevant expertise and

experience to enhance the constitution of the Board and to

contribute to the Board. In the nomination procedures, the

Nomination Comite makes reference to criteria including

reputation of candidates for integrity, acomplishment and

experience, profesional and educational background.

During the year, the Nomination Comite held one meting.

The atendance records of the members of the Nomination

Comite are set out in the table below:

Number of

metings

atended/Total

number of

metings

Directors董事

出席会议次数╱

总会议次数

Mr. Ma Kai Yum (Chairman)马介钦先生（主席）1/1

Mr. Lo Ming Chi, Charles

(resigned on 3 December 2024)

劳明智先生

（于二零二四年十二月三日辞任）

1/1

Mr. Wong Se King黄思竞先生1/1

Mr. Cheung Wah Fung, Christopher张华峰先生1/1

Mis Liu, Ling Ling, Samantha

(apointed on 3 December 2024)

廖玲小姐

（于二零二四年十二月三日委任）

0/0

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

公司秘书

本公司之公司秘书为吴建新先生，其为本公司

首席财务主管。吴先生毕业于澳洲西悉尼大

学，拥有商学士学位，彼亦拥有英国曼彻斯

特大学工商管理硕士学位。吴先生为香港会

计师公会及澳洲会计师公会员。吴先生已

遵从上市规则第3.29条，年内接受不少于15小

时之相关专业培训。

股息政策

股息宣派、派付及金额将由董事会酌情决定并

须本公司股东批准，及将取决于以下因素：

– 我们的盈利及财务状况；

– 营运规定；

– 资本规定；及

– 董事可能认为相关的其他因素。

本公司派付股息亦须遵守所有适用法律及法

规以及本公司章程细则。

董事会多元化政策

董事会已采纳董事会多元化政策（「董事会多

元化政策」）。本公司肯定及接受董事会成员

多元化的益处。在董事会所有任命将继续奉

行用人唯才原则的同时，本公司将确保董事

会在切合本公司业务所需技能、经验及多元

化观点方面取得平衡。甄选候选人将基于多

种不同观点，包括但不限于性别、年龄、文化

及教育背景、专业或其他经验、技术及知识，

本公司以采纳此方针为实行董事会多元化政

策的可计量目标。董事会已达成董事会多元

化政策项下全部可计量目标。

COMPANY SECRETARY

The Company Secretary of the Company is Mr. Ng Kin Sun,

who is the Chief Financial Oficer of the Company. Mr. Ng

graduated with a bachelor’s degre in comerce from Western

Sydney University in Australia, He also holds a master’s degre

in Busines Administration from the University of Manchester

in the United Kingdom. Mr. Ng is a member of the Hong Kong

Institute of Certified Public Acountants and CPA Australia.

Mr. Ng has complied with Rule 3.29 of the Listing Rules for

taking not les than 15 hours of relevant profesional training

during the year.

DIVIDEND POLICY

The declaration, payment and amount of dividends wil be

subject to the discretion of the Board and the aproval of the

shareholders of the Company, and wil depend on the folowing

factors:

– our earnings and financial condition;

– operating requirements;

– capital requirements; and

– other factors that our Directors may consider relevant.

The payment of dividends by the Company is also subject to al

aplicable laws and regulations and the Company’s Bye-laws.

BOARD DIVERSITY POLICY

The Board adopted a board diversity policy (the “Board

Diversity Policy”). The Company recognises and embraces

the benefits of diversity of Board members. While al Board

apointments wil continue to be made on a merit basis, the

Company wil ensure that the Board has a balance of skils,

experience and diversity of perspectives apropriate to the

neds of the Company’s busines. Selection of candidates wil

be based on a range of diversity perspectives, including but not

limited to gender, age, cultural and educational background,

experience (profesional or otherwise), skils and knowledge,

which have ben adopted by the Company as measurable

objectives for the purpose of implementation of the Board

Diversity Policy. The Board has achieved al of the measurable

objectives under the Board Diversity Policy.

Cariana Group Holdings Company Limited | Anual Report 2025

Corporate Governance Report

企业管治报告

内部监控和风险管理

董事会全权负责维持一套有效的风险管理和

内部监控系统，以保障本集团资产及其股东的

投资。董事会监察本集团旗下所有业务单位的

运作，并持续检讨及改善其风险管理和内部监

控框架。董事会委派适当人员加入所有经营重

点业务的附属公司和联营公司的董事会，以

出席其董事会议及监察该等公司的运作。

每项业务的管理层须为其职责范围内的业务

运作与表现承担问责。董事会均对内部监控

系统之效能、资源充足度、负责会计及财务报

告职能之员工资历及经验，以及彼等之培训

计划及预算进行检讨。

董事会已根据守则对本集团的内部监控及风

险管理系统每半年进行一次检讨，检讨范围

涵盖所有重大监控事宜，包括财务、营运监控

以及风险管理。董事会认为于本年度内本集

团所有重要内部监控及风险管理均为充足及

有效。董事会将不断定期检讨及监察内部监

控及风险管理系统之效能，以确保所设系统

为充足。

通讯渠道

为了发展及维系本公司及其股东间之持续关

系，本公司已设立各种渠道，以促进及加强沟

通：

(i) 股东周年大会为本公司股东提供一个场

合，让彼等提出意见及与董事会交换意

见；

(i) 本集团之最新重要资料可于本公司之网

站w.cariana.com浏览，让本公司股

东及投资者能随时得到本集团之资料；

INTERNAL CONTROLS AND RISK

MANAGEMENT

The Board is overal responsible for maintaining an efective

risk management and internal control systems to safeguard the

Group’s asets and its shareholders’ investments. The Board

overses the operations of al the busineses units within the

Group and continuously reviews and makes improvements in

its risk management and internal control framework. Suitable

candidates are apointed by the Board to join in the boards of

al subsidiaries and asociates operating in key busines areas,

to atend the board metings and to overse the operations

of such companies. The management of each busines area

is acountable for these operation and performance of the

busines under its area of responsibility. The Board conducts

reviews of the efectivenes of the system of internal controls

as wel as the adequacy of resources, qualifications and

experience of staf of the acounting and financial reporting

functions, and their training programes and budget.

The Board conducted semi-anual reviews on the internal

control and risk management systems of the Group covering

al material controls including financial, operational controls

and risk management pursuant to the Codes and considered

that al the material internal controls and risk management in

the Group were adequate and efective during the year. The

Board wil kep reviewing and monitoring the efectivenes of

the internal control and risk management systems on a regular

basis to ensure that the systems in place are adequate.

COMUNICATION CHANELS

In order to develop and maintain continuing relationships

with the shareholders of the Company, the Company has

established various chanels to facilitate and enhance

comunications:

(i) the anual general meting provides a forum for

shareholders of the Company to raise coments and

exchange views with the Board;

(i) updated key information of the Group is available on the

Company’s website at w.cariana.com to enable the

shareholders of the Company and the investor comunity

to have timely aces to information about the Group;

佳宁娜集团控股有限公司 | 2025年报

Corporate Governance Report

企业管治报告

通讯渠道（续）

(i) 本公司之网站为本公司与其股东及投资

者提供沟通渠道；

(iv) 本公司股东的权利载于本公司的公司细

则；及

(v) 股东可将书面要求寄发至本公司的香港

主要营业地点，借此向董事会提交建议

或咨询。

主席及董事于股东周年大会上乐意回答本公

司股东或其他利益相关人士提出之问题。

股东可召开股东特别大会（「股东

特别大会」）

董事会须按于发出书面要求当日持有本公司

已缴足股本合共不少于十分之一，并有权于股

东特别大会投票之股东之要求（「该要求」），

即时正式安排召开股东特别大会。该要求（可

能包括若干形式相同的文件，并各由一名或

多名提出要求者签署）须列明召开股东特别大

会之目的，并送交本公司于香港的总办事处

及主要营业地点。

倘董事会未能于发出该要求当日起计二十一

日内正式召开股东特别大会，则提出要求的

人士或当中任何代表全体要求人士总投票权

一半以上者，均可按尽可能与董事会相同之

方式召开股东特别大会，惟就此召开之任何

会议不应于上述发出该要求日期起计三个月

后举行。

提出要求者因董事会未能召开该股东特别大

会而产生之所有合理开支，均须由本公司向

彼等作出补偿。

COMUNICATION CHANELS (Continued)

(i) the Company’s website ofers a comunication chanel

betwen the Company and its shareholders and

investors;

(iv) the rights of the shareholders of the Company are set out

in the Bye-laws of the Company; and

(v) the shareholders may put forward their proposals or

enquiries to the Board by sending their writen requests to

the Company’s principal place of busines in Hong Kong.

The Chairman and the directors are available at the anual

general metings to answer questions raised by shareholders

of the Company or other interested parties.

CONVENING A SPECIAL GENERAL

METING BY SHAREHOLDERS (“SGM”)

The Board shal on the writen requisition of shareholders of the

Company holding at the date of the deposit of the requisition

in agregate not les than one-tenth of such of the paid-up

capital of the Company carying the right of voting at the SGM,

forthwith proced duly to convene the SGM (“Requisition”). The

Requisition, which may consist of several documents in like

form each signed by one or more requisitionists, must state the

objects of the SGM and be deposited at the Company’s head

ofice and principal place of busines in Hong Kong.

If the Board does not within twenty-one days from the date of

the deposit of the Requisition proced duly to convene a SGM,

the requisitionists, or any of them representing more than one

half of the total voting rights of al of them, may themselves

convene a SGM in the same maner, as nearly as posible,

as that in which SGM may be convened by the Board, but

any meting so convened shal not be held after the expiration

of thre months from the aforesaid date of the deposit of the

Requisition.

Al reasonable expenses incured by the requisitionists as a

result of the failure of the Board to convene such a SGM shal

be reimbursed to them by the Company.

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

地产

截至二零二五年三月三十一日止年度，物业

分部营业额为104,998,000港元（二零二四

年：102,565,000港元），较去年增加2.4%。

增加主要由于年内物业管理服务收入增加及

租金收入增加所致。年内本集团投资物业之

租金收入为102,871,000港元（二零二四年：

100,272,000港元），较去年增加2.6%。年内

本集团之投资物业组合没有重大变化。年内

分部亏损为34,802,000港元（二零二四年：

45,087,000港元），较去年减少10,285,000港

元。分部亏损减少主要由于年内以下因素的

综合影响：(i)物业租赁售业务经营溢利增加

21,481,000港元；(i)海坛街重建项目减值亏损

减少而导致分占联营公司亏损减少8,795,000

港元；及(i)投资物业估值净亏损相对去年增

加19,536,000港元所致。

本集团拥有50%权益之东莞家汇广场项目已

完全投入运作，其中包括总楼面积109,000

平方米的东座家具及建筑材料中心，及面积

共164,000平方米的西座及北座家居生活商

场。西座商场年内改造为奥特莱斯购物中心，

并于2025年6月14日正式开业，作为东莞首个

城市级奥特莱斯，引进了200余家国内外知名

品牌，将成为城市消费的新增长点。同时将

奥莱零售、餐饮、娱乐、文化等多元业态完美

融合，致力于打造大湾区最具特色的「奥莱

生活+」体验中心。

PROPERTY

Turnover of property segment for the year ended 31 March

2025 was HK$104,998,000 (2024: HK$102,565,000), an

increase of 2.4% from last year. The increase was mainly

atributable to the increase in property management service

income and the increase in rental income during the year.

The Group’s rental income from investment properties for

the year was HK$102,871,000 (2024: HK$100,272,000), an

increase of 2.6% from last year. There was no major change

in the investment property portfolio of the Group for the

year. Segment los for the year was HK$34,802,000 (2024:

HK$45,087,000), reduced by HK$10,285,000 from last year.

The decrease in segment los was mainly atributable to the

combined efect of: (i) the increase in operating profit of the

property rental busines of HK$21,481,000; (i) the decrease

in share of asociates’ loses of HK$8,795,000 mainly due

to the decrease in impairment los of the Haitan Stret re-

development project; and (i) the increase in net los on

investment property valuation of HK$19,536,000 from last year.

The Group’s 50% owned Donguan Home Town project is

in ful operation, comprising the east tower of home furniture

and building materials centre with a total flor area of 109,000

sq.m. and the west and north towers of comunity and

shoping mal with a total area of 164,000 sq.m. The west

tower had ben transformed into an outlet shoping mal during

the year and oficialy opened on 14 June 2025. As Donguan’s

first urban-level outlet, it wil introduce over 200 wel-known

domestic and international brands, becoming a new growth

point for urban consumption. At the same time, it wil perfectly

integrate various busines formats, including outlet retail,

dining, entertainment, and culture, aiming to create the most

distinctive “Outlet Life +” experience center in the Greater Bay

Area.

Dongguan Longwan Outlets 东莞龙湾奥特莱斯

China East International Trade City 华东国际商贸城

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

Shenzhen Cariana Friendship Square

深圳佳宁娜友谊广场

Shenzhen Imperial Palace

深圳骏庭名园

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

The Guangzhou South Station Property, a high grade

comercial tower comprising the ground flor loby, al ofice

units from 3rd to 13th flors and 75 car parking spaces at the

basement level with a total gros flor area of the ofice units

of 9,203 sq.m., continued to contribute to the Group in rental

income for the year. The ofice building has achieved 81%

ocupancy to date.

The Group’s 50% owned Haitan Stret re-development project,

which is situated at 223-225A Haitan Stret, Sham Shui Po,

Hong Kong has completed its construction and obtained the

ocupation permit. The project comprises a site area of 4,729

sq.ft., buildable gros flor area of 42,500 sq.ft., and saleable

flor area of aproximately 34,400 sq.ft. The residential building

comprises 115 residential units and 2 flors of comercial

shops. 105 residential units have ben sold as at year end

date.

The Group’s another 50% owned Castle Peak Road

redevelopment project, which is situated at 300-306 Castle

Peak Road, Sham Shui Po, Hong Kong has also comenced

its construction stage of development. The project comprises

a site area of 4,709 sq.ft., buildable gros flor area of 42,400

sq.ft., and saleable flor area of aproximately 34,300 sq.ft.

Site investigation and demolition works have completed in April

2024. In response to a slugish property market, the Group

is re-evaluating its future development strategy for the land

to maintain flexibility and competitivenes in this chalenging

environment.

广州南站物业是一幢优质商业大楼，大楼包

括地面大堂、3至13楼之所有办公室单位及地

库之75个停车位。办公室单位之总楼面积

为9,203平方米。年内该物业持续为本集团带

来租金收入。至今，该物业之办公室大楼出租

率达至81%。

本集团拥有50%权益位于香港深水埗海坛街

223-225A号之海坛街重建项目已完成其建设

及取得入住许可证。该项目占地面积4,729平

方呎，可建楼面积42,500平方呎，可出售面

积34,400平方呎。该住宅大厦由115个住宅单

位及两层商舖组成，截至年末已售出105个住

宅单位。

本集团另一拥有50%权益位于香港深水埗青山

道300-306号之青山道重建项目亦已开始其建

设发展期。该项目占地面积4,709平方呎，可建

楼面积42,400平方呎，可出售面积约34,300

平方呎。地盘勘察及拆卸工作已于二零二四

年四月完成。为应对地产市道低迷的情况，本

集团正在重新评估土地的未来发展策略，以

保持在这一颇具挑战性环境中的灵活性和竞

争力。

The Vim 佳悦

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

Cariana Busines Centre

at Guangzhou South Station

广州南站佳宁娜商业中心

Castle Peak Road re-development

project site at Sham Shui Po

深水埗青山道重建项目地盘

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

餐饮、食品及酒店

餐饮、食品及酒店分部截至二零二五年三月

三十一日止年度之营业额为472,523,000港

元（二零二四年：559,291,000港元），较去年

减少15.5%。有关减少主要由于香港及国内

的餐饮、食品业务及酒店业务减少所致，该

减少仅稍微被香港面包业务增加所抵销。年

内分部亏损为22,539,000港元（二零二四年：

73,781,000港元），减少51,242,000港元。有

关减少主要由于：(i)由于本年没有因为收缩港

式「茶餐厅」业务规模而产生之商誉减值及使

用权资产之减值减少；及(i)由于食品业务之经

营亏损减少所致。

年内本集团餐饮营业额为264,749,000港元

（二零二四年：315,653,000港元），较去年减

少16.1%。有关减少主要由于(i)于2023年末

前结束大部份的港式「茶餐厅」门店；及(i)随

著解除COVID-19疫情措施限制及中港边境通

关，餐饮业务自二零二三年初出现急剧反弹的

高基数效应。另外，由于经济疲弱，市场竞争

愈趋激烈，顾客追求更高性价比的产品及消费

模式有所改变等因素亦对本集团的香港及国

内餐饮业务造成负面影响。管理层已作出多方

面策略调整，包括研发新菜式、提供限时套餐

优惠及改善顾客服务质素等以应对此挑战。

RESTAURANT, FOD AND HOTEL

Turnover of restaurant, fod and hotel segment for the

year ended 31 March 2025 was HK$472,523,000 (2024:

HK$559,291,000), a decrease of 15.5% from last year. The

decrease was mainly atributable to the decrease in restaurant

busineses, fod busines and hotel busines in Hong Kong

and the Mainland, which slightly compensated by the increase

in the Hong Kong bakery busines. Segment los for the year

was HK$22,539,000 (2024: HK$73,781,000), a decrease of

HK$51,242,000. The decrease was mainly due to (i) there was

no impairment of godwil and decrease of impairment of right-

of-use asets due to closure down of the Hong Kong style

“Cha Chan Teng”（茶餐厅） restaurant busines during the

year; and (i) the decrease in the operating los in fod busines

during the year.

Restaurant turnover for the year was HK$264,749,000 (2024:

HK$315,653,000), a decrease of 16.1% from last year. The

decrease was mainly atributable to (i) the close of most of

the Hong Kong style “Cha Chan Teng”（茶餐厅）restaurants

before end of 2023; and (i) the high base efect of a sharp

rebounce of busines in both Hong Kong and the Mainland

folowing the lifting of COVID-19 pandemic restrictions and the

re-opening of Hong Kong-Mainland borders since begining

of 2023. In adition, factors such as economic weaknes,

increasingly intense market competition, customers’ pursuit

of products with higher value for money and changes in

consumption paterns have also negatively impacted the

Group’s restaurant busines in Hong Kong and the Mainland.

Management has implemented various strategic adjustments,

including developing new dishes, ofering limited time meal

promotions and improving customer service quality, etc. to

adres the chalenges.

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

佳宁娜潮州公馆(科技生态园店)

Cariana Chiu Chow Restaurant (Shenzhen Bay Science & Technology

Ecological Park)

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

年内食品业务之营业额为58,260,000港元（二

零二四年：86,110,000港元），较去年减少

32.3%。食品业务的营业额下降主要源于月

饼销售的减少，这受到多种因素的影响，包括

自然灾害和经济状况。2024年9月的海南台风

扰乱了供应链，影响了月饼的生产和分销。此

外，由于消费者情绪低迷，消费者在购买决策

上变得更加谨慎，进一步影响了营业额。先进

的海南食品厂房占地面积29,968平方米，总楼

面积为58,114平方米。先进自动化的月饼生

产线已全面投入运作。此外，厂房亦计划生产

海南特色包装食品及包装中式肉制品。管理

层认为，食品业务将会持续为本集团盈利及

增长作出贡献。

Fod busines turnover for the year was HK$58,260,000

(2024: HK$86,110,000), a decrease of 32.3% from last year.

The decrease in fod busines turnover mainly stemed from

the decrease in mon cake sales, which was influenced by

multiple factors, including natural disasters and economic

conditions. The typhon in Hainan in September 2024

disrupted the suply chain, afecting mon cakes’ production

and distribution. Aditionaly, consumers tended to be more

cautious in their purchasing decisions due to the slump of

consumers’ sentiment, further impacting the turnover. The

advanced Hainan fod factory has a site area of 29,968 sq.m.

and a total flor area of 58,114 sq.m. The advanced automatic

mon cake production line is in ful operation. Besides, the

factory is expected to produce packaged Hainan style fod

and Chinese-style dry meat products. Management believes

that the fod busines wil continue to contribute to the Group’s

profitability and growth.

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

Cariana salty and swet rice

dumplings

佳宁娜咸甜粽

Cariana’s signature souvenir

佳宁娜特色手信

Cariana mon cake

佳宁娜月饼

Cariana’s signature holiday pastries

佳宁娜特色过节糕点

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

Hong Kong Bakery busines turnover for the year was

HK$132,381,000 (2024: HK$132,336,000), remained stable

during the year. Management wil continue to strengthen

product development and introduce more new products with

the aim to bost sales. At the same time, some older but

promising bakery stores are being renovated to atract new

customer segments and increase turnover. Profit Smart group

has undergone a renovation of the production areas and

acquisition of aditional equipment to increase its production

capacity.

期内香港的面包业务的营业额为132,381,000

港元（二零二四年：132,336,000港元），年内

保持平稳。管理层会继续加强产品研发，推出

更多新产品以祈增加销售。同时，对部份老旧

但具潜力的面包门店进行重新装修，以吸引

新的客户群并提高营业额。利骏集团已完成

生产部装修，以及增购设备以扩大其产能。

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

V28 Bakery at Kwong Yuen Estate, Shatin

沙田广源邨V28面包店

Black gold macarons

黑金马卡龙

Buter pastry (pistachio flavor and

black sesame flavor)

奶油酥（开心果味及黑芝麻味）

Red bean toast

红豆吐司

Ice volcano cream puf

冰火山雪糕泡芙

Pak Lok Bakery at Heng On Estate, Ma On Shan

马鞍山恒安邨百乐饼家

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

酒店业务录得营业额17,133,000港元（二零

二四年：25,192,000港元），主要来自国内的

两间酒店，较去年减少32%。该减少主要由于

期内出售益阳佳宁娜国际酒店管理有限公司

（「出售公司」）。经考虑(i)截至二零二三年三月

三十一日止年度及截至二零二四年三月三十一

日止年度出售公司的财务表现不佳及亏损；

及(i)为了提高酒店的竞争力及业务表现，酒店

翻新将需要大量的资本支出，董事会认为出

售公司乃本集团变现其投资及使本集团专注

于其他盈利分部的良机。再加上中国物业市

场及宏观经济环境低迷，董事会认为，此乃本

集团进行出售事项及减少其债务和利息开支

的最佳时机。有关更多详细资讯，请参阅公司

于二零二四年四月二十六日和二零二四年七

月十五日发布的公告，以及公司于二零二四

年六月十八日发布的通函。

Hotel busines has recorded a turnover of HK$17,133,000

(2024: HK$25,192,000), which mainly derived from two

hotels in the Mainland, a decrease of 32% from last year.

The decrease was mainly atributable to the disposal of

益阳佳宁娜国际酒店管理有限公司 (Yiyang Cariana

International Hotel Management Company Limited

) (the

“Disposal Company”) during the year. Having considered (i)

the unsatisfactory financial performance and los position of

the Disposal Company for the year ended 31 March 2023

and the year ended 31 March 2024; and (i) that substantial

capital expenditure wil be required for renovation of the

hotel in order to improve its competitivenes and busines

performance, the Board considers that the disposal of the

Disposal Company is a god oportunity for the Group to

realise its investment and alow the Group to focus on other

profit making segments. Coupled with the slump in the property

market and macroeconomic environment in the PRC, the

Board is of the view that it is an optimal time for the Group

to conduct the Disposal and reduce its debts and interest

expenses. For further details, please refer to the anouncement

of the Company dated 26 April 2024 and 15 July 2024 and the

circular of the Company dated 18 June 2024.

# For identification purpose only

Foshan Cariana Hotel

佛山佳宁娜大酒店

“Carrianna” Chao Zhou cuisine restaurant at Wan Chai, “Carrianna” Chao Zhou cuisine restaurant at Kunming Hong Kong City, Yunnan Province 香港湾仔「佳宁娜」潮州酒楼昆明润城「佳宁娜潮州菜」 “Carrianna” Chao Zhou cuisine restaurant at Crowne Plaza Shenzhen Futian Hotel 深圳福田区好日子「佳宁娜宴会厅」
“Carrianna” Chao Zhou cuisine restaurant at Shenzhen K11 ECOAST 深圳「佳宁娜潮州料理」		“Carrianna” Chao Zhou cuisine restaurant at Shenzhen Science and Technology Ecological Park 深圳「佳宁娜潮州公馆」

“Carrianna” Chao Zhou cuisine restaurant at Crowne Plaza Shenzhen Futian Hotel 深圳福田区好日子「佳宁娜宴会厅」

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

展望

经济不确定性显著，风险主要偏向下行。中国

大陆的复苏缓慢可能对香港的增长产生负面

影响。此外，美国长期保持高利率可能会收紧

香港的金融环境，减少国内需求。房地产市场

的下滑可能会影响家庭和企业的信心，尽管在

政府措施的支援下，复苏迹象正在显现。预计

中国经济将表现出适度增长，受国内和全球

因素的影响。关键考虑因素包括持续的房地

产调整、中美贸易关系的潜在影响以及政府

刺激措施的有效性。尽管面临这些挑战，集团

对未来一年逐渐改善的前景保持谨慎乐观。

管理层将继续聚焦于大湾区的业务发展。管

理层认为，该地区的需求及消费能力会保持

强劲及具持续性。本集团将凭借已建立的「佳

宁娜」潮州菜和「顺意」顺德菜的品牌美誉，

继续于该地区稳步扩展其餐饮业务。

在物业开发方面，内地和香港的投资物业组合

继续为集团提供稳定的收入流。尽管需求回

升和建筑活动增强，香港的住宅物业价格仍

呈下行趋势。随著政府解除市场降温措施，利

率持续逐步下降，管理层认为有限的土地供

应和刚性的终端用户置业需求长远来说会继

续为香港住宅物业市场提供支持。本集团拥

有50%权益的深水埗海坛街重建项目，截至年

末出售单位总数已达至105个。管理层对未来

数月内出售余下的住宅单位保持乐观。

OUTLOK

Economic uncertainty is significant, with risks mainly leaning

downward. A slower recovery in Mainland China could

negatively afect Hong Kong’s growth. Aditionaly, prolonged

high US interest rates may tighten financial conditions in

Hong Kong and reduce domestic demand. The decline in the

property market could hurt sentiment among households and

busineses, though there are signs of recovery suported

by government actions. China’s economy is expected to

show moderate growth, influenced by both domestic and

global factors. Key considerations include ongoing property

adjustments, potential impacts from China-US trade relations,

and the efectivenes of government stimulus. Despite these

chalenges, the Group remains cautiously optimistic about

gradual improvement in the coming year.

Management wil continue to focus its busines development in

the Greater Bay Area. Management is of the view that demand

and consumer spending wil remain strong and sustainable in

the area. The Group wil leverage on its established branding

and reputation of the “Cariana” Chao Zhou and “Shun Yi”

Shunde cuisine and wil continue to expand its restaurant

busines steadily in the region. More “Cariana” Chao Zhou

and “Shun Yi” Shunde cuisine restaurants wil be opened in the

coming year.

On the property development side, the investment property

portfolio in the Mainland and Hong Kong continues to provide

steady income flow to the Group. Hong Kong’s residential

property prices remain on a downward trend, despite

recovering demand and stronger construction activity. With

the government lifted market coling measures and as interest

rates continue to gradualy decline, management believes

that the limited land suply and strong end-user demand wil

continue to provide suport to the residential property market

in the long run. The Group’s 50% owned Haitan Stret re-

development project in Shum Shui Po has sold 105 residential

units as at year end. Management is optimistic on the sale of

the remaining residential units in the coming months.

“Shunyi” Shunde cuisine restaurant at Shenzhen “Shunyi” Shunde cuisine restaurant at Shenzhen Tiley International Elite Building Fame City 深圳福田区国际人才店深圳南山区天利名城店「顺意」顺德菜馆「顺意」顺德菜馆 “Shunyi” Shunde cuisine restaurant at Shenzhen “Shunyi” Shunde cuisine restaurant at Kunming City, Wanxiang Gourmet Yunan Province
“Shunyi” Shunde cuisine restaurant at Shenzhen Wanxiang Gourmet	“Shunyi” Shunde cuisine restaurant at Kunming City, Yunan Province
深圳罗湖区万象食家店「顺意」顺德菜馆	昆明润城第五大道店「顺意」顺德菜馆

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

Cariana Group Holdings Company Limited | Anual Report 2025

Busines Review

业务回顾

佳宁娜品牌食品自上市以来，凭借优质、时尚

和尊贵的形象，赢得了广泛的消费者青睐。我

们的产品线多样，涵盖多个领域，满足不同消

费者的需求。在经历近几年的市场低迷后，我

们积极调整战略，专注于创新和提升品牌价

值。在新的一年，管理层将全力以赴推进市场

扩展，力求实现反弹，重塑竞争力。管理层坚

信，依靠卓越的产品质和品牌影响力，我们

将迎来新的发展机遇。

香港及中国大陆经济增速放缓面临多重挑战，

包括贸易壁垒增加、政策不确定性、消费者信

心下降以及房地产市场低迷。近期，地缘政治

紧张局势、特别是中东战争的爆发，对全球经

济产生了深远影响，进一步加剧了这一局面。

战争导致的能源价格波动和供应链中断，影

响了企业的运营成本和消费者的支出意愿。

贸易壁垒对出口造成影响，而政策不确定性使

企业投资决策趋于谨慎。消费者信心的下降导

致消费疲软，房地产市场的低迷则对家庭财富

和支出产生负面影响。此外，通货膨胀压力压

缩了可支配收入，影响了消费者的支出能力。

为应对上述挑战，本集团将采取一系列措施：

首先，持续优化成本管理，提升运营效率和财

务控制，以降低运营风险；第二，加强市场调

研，及时了解消费者需求变化，调整产品和服

务策略；第三，扩大线上销售管道，提升数位

化转型能力，以适应市场变化；最后但同样重

要，持续提升品牌形象和消费者信任。

通过这些综合应对措施，本集团有望更有效

地应对经济波动，实现集团在香港和内地市

场的持续稳健增长。

Cariana Brand fods has gained widespread consumer

favor with its high-quality, stylish, and prestigious image. Our

diverse product line spans multiple sectors, catering to the

varied neds of consumers. After experiencing recent years

of market downturn, we are proactively adjusting our strategy,

focusing on inovation and enhancing brand value. In the

coming year, management wil fuly comit to expanding

our market presence, striving for a rebound and reshaping

our competitivenes. Management firmly believes that, with

our exceptional product quality and brand influence, we wil

encounter new development oportunities.

Hong Kong and China’s economic growth slowdown faces

multiple chalenges, including increasing trade bariers, policy

uncertainty, declining consumer confidence, and a slugish

real estate market. Recently, geopolitical tensions, particularly

the outbreak of war in the Midle East, have had a profound

impact on the global economy, further exacerbating this

situation. The war has led to fluctuations in energy prices and

disruptions in suply chains, afecting busines operating

costs and consumers’ wilingnes to spend. Trade bariers

negatively impact exports, while policy uncertainty makes

corporate investment decisions more cautious. A decline in

consumer confidence leads to weak consumption, and the

slugish real estate market adversely afects household wealth

and spending. Aditionaly, inflationary presures are squezing

disposable income, impacting consumers’ spending ability.

To adres these chalenges, the Group wil implement a

series of measures: First, we wil continue to optimize cost

management, enhance operational eficiency, and improve

financial control to reduce operational risks. Second, we wil

strengthen market research to timely understand changes

in consumer demand and adjust our product and service

strategies acordingly. Third, we wil expand online sales

chanels and enhance our digital transformation capabilities

to adapt to market changes. Last but not least, we wil further

enhance our brand image and consumer trust.

Through these comprehensive measures, the Group aims

to efectively navigate economic fluctuations and achieve

sustained growth in our operating markets in Hong Kong and

the Mainland.

佳宁娜集团控股有限公司 | 2025年报

Busines Review

业务回顾

Fod factory in Hainan

海南食品厂

Advanced production facilities of the fod factory in Hainan

海南食品厂的先进生产设施

Fod factory in Shenzhen

深圳食品厂

Fod factory in Kunming

昆明食品厂

Cariana Group Holdings Company Limited | Anual Report 2025

Financial Review

财务回顾

整体业绩

截至二零二五年三月三十一日止年度，本集团

的营业额为577,521,000港元（二零二四年：

661,856,000港元），较去年减少12.7%。营业

额减少主要由于期内餐饮、食品及酒店业务

营业额减少所致。本集团的股东应占亏损为

135,187,000港元（二零二四年：250,250,000

港元），相对去年减少46%。股东应占亏损减

少主要是由于年内以下因素的综合影响：(i)由

于按公平值列账于损益中处理之金融资产公

平值收益增加；商誉减值减少；及赎回可换股

债券选择权之公平值亏损减少导致的其他开

支，净额减少；(i)由于银行借贷之利息减少导

致的财务成本减少；(i)销售及分销开支及一

般及行政开支减少；及(iv)所得税抵免增加。

流动资金及财政资源

于二零二五年三月三十一日，本集团的扣除非

控股权益后综合资产净值为2,917,783,000港

元（二零二四年三月三十一日：3,095,292,000

港元），每股扣除非控股权益后综合资产净值

为1.86港元（二零二四年三月三十一日：1.97

港元）。

于二零二五年三月三十一日，本集团的现金及

银行结余为162,534,000港元（二零二四年：

127,369,000港元），其中38,366,000港元、

118,841,000港元及5,327,000港元分别以港

元、人民币及美元计值。本集团的自由现金及

银行结余为162,534,000港元（二零二四年：

127,369,000港元）。

OVERAL RESULTS

For the year ended 31 March 2025, the Group’s turnover

was HK$577,521,000 (2024: HK$661,856,000), decreased

by 12.7% as compared to last year. The decrease in turnover

was mainly atributable to the decrease in the restaurant, fod

and hotel busines turnover during the year. The Group’s los

atributable to shareholders was HK$135,187,000 (2024:

HK$250,250,000), decreased by 46.0% as compared to last

year. The decrease in los atributable to shareholders was

mainly due to the combined efect of (i) the decrease in other

expenses, net mainly due to the increase in fair value gain

of financial asets at fair value through profit and los, the

decrease of impairment of godwil and the decrease of fair

value los on redemption option of convertible bonds; (i) the

decrease in finance cost due to the decrease of interest on

bank borowings; (i) the decrease in seling and distribution

and general and administrative expenses; and (iv) the increase

in income tax credit during the year.

LIQUIDITY AND FINANCIAL RESOURCES

As at 31 March 2025, the Group’s consolidated net asets after

deduction of non-controling interests was HK$2,917,783,000

(31 March 2024: HK$3,095,292,000) and consolidated net

asets after deduction of non-controling interests per share

was HK$1.86 (31 March 2024: HK$1.97).

As at 31 March 2025, the Group’s cash and bank balances

amounted to HK$162,534,000 (2024: HK$127,369,000),

which were denominated in Hong Kong dolars, Renminbi and

United States dolars of HK$38,366,000, HK$118,841,000

and HK$5,327,000, respectively. The Group’s fre cash

and bank balances amounted to HK$162,534,000 (2024:

HK$127,369,000).

佳宁娜集团控股有限公司 | 2025年报

Financial Review

财务回顾

As at 31 March 2025, the Group’s bank borowings

and convertible bonds amounted to HK$1,552,677,000

(2024: HK$1,660,035,000) and HK$69,127,000 (2024:

HK$76,971,000) respectively. Al interest-bearing bank

borowings bear interest at floating rates. The convertible

bonds bear interest at 7% per anum. Neting of cash deposits

pledged for borowings, the Group’s net borowings were

HK$1,588,082,000 (2024: HK$1,702,221,000). Net borowings

les fre cash and bank balances were HK$1,425,548,000

(2024: HK$1,574,852,000).

The Group’s gearing ratio, which was defined as the Group’s

interest-bearing bank borowings and convertible bonds, net

of cash and bank balances, and pledged time deposits as a

percentage of the Group’s total equity net of debit reserves,

was aproximately 40.5% (2024: 42.8%).

The Group adopts a conservative treasury policy in cash and

financial management. The objective of the Group’s treasury

policy is to maintain a sound financial position by holding an

apropriate level of cash to met its operating requirements

and long-term busines development neds.

The Group generaly funds the operations from internal

resources, investment income and bank borowings. The

liquidity neds mainly comprise general working capital,

capital expenditure and investment, and repayment of bank

borowings and interest.

During the year under review, management closely monitored

the cash position of the Group from time to time to ensure

that it was adequate to finance the financial and operational

requirements. With the increase in the level of cash balance,

management wil utilize it for apropriate investments in

acordance with the Group’s strategies and directions from the

Board.

于二零二五年三月三十一日，本集团之银行

借贷及可换股债券金额分别为1,552,677,000

港元（二零二四年：1,660,035,000港元）及

69,127,000港元（二零二四年：76,971,000

港元）。所有附息之银行借贷按浮动利率

计息。可换股债券按年利率7%计息。扣除

借贷的已抵押现金存款后，本集团的借贷

净额为1,588,082,000港元（二零二四年：

1,702,221,000港元）。借贷净额减自由现金

及银行结余为1,425,548,000港元（二零二四

年：1,574,852,000港元）。

本集团之资本负债比率（即本集团附息之银行

借贷及可换股债券减现金及银行结余及已抵

押定期存款后占扣除借方储备之权益总值之

百分比）约为40.5%（二零二四年：42.8%）。

本集团于现金及财务管理方面采取审慎库务

政策。本集团的库务政策目的旨在维持良好

的财务状况，并持有充裕现金水平以应付其

经营需求及长期业务发展需要。

本集团一般以内部资源、投资收入及银行借

贷为其营运提供资金。流动资金需求主要包

括一般营运资金、资本支出及投资，以及偿还

银行借贷及利息。

在回顾年内，管理层紧密监测现金状况，确保

有足够现金应付不时的财务及营运需要。在

现金结余增加的情况下，管理层将会根据董

事会的集团策略及方向动用资金作出适当的

投资。

Cariana Group Holdings Company Limited | Anual Report 2025

Financial Review

财务回顾

或然负债

于报告期末，本集团并无为物业买家就购买

物业所获授按揭贷款融资而向银行提供担保

之或然负债（二零二四年：无）。

本集团资产抵押

于报告期末，本集团已质押总账面值

约2,021,713,000港元（二零二四年：

1,977,504,000港元）之若干物业、厂房及设

备、投资物业、定期存款及按公平值列账及于

损益中处理之金融资产，以作为授予本集团

之一般银行、贸易融资及其他信贷的抵押。此

外，本集团亦转让若干投资物业之租金收益予

银行，以作为授予本集团之贷款融资之抵押。

外汇波动风险

本集团主要于香港及中国大陆营运，而本集

团货币资产，负债及交易于二零二五年三月

三十一日及截至该日止年度分别主要以港元

及人民币计值。本年中，本集团营运单位产生

之大部份销售、采购及支出以该单位之功能

货币计值。因此，本集团预期交易货币风险不

大。本集团并没有采用任何衍生工具对冲其

外币风险。

雇员及酬金政策

本集团之员工包括约270名位于香港之雇员及

约940名位于香港以外地区（中国内地）之雇

员。雇员之薪酬及花红于本集团之一般制度

框架下按表现相关基准厘定。

CONTINGENT LIABILITIES

As at the end of the reporting period, the Group had no

contingent liabilities relating to guarantes given to banks for

mortgage loan facilities granted to purchasers of properties

(2024: Nil).

CHARGES ON THE GROUP’S ASETS

As at the end of the reporting period, certain of the Group’s

property, plant and equipment, investment properties, time

deposits and financial asets at fair value through profit or los

with a total carying value of aproximately HK$2,021,713,000

(2024: HK$1,977,504,000) were pledged to secure general

banking, trade finance and other facilities granted to the Group.

In adition, rental income generated in respect of certain

investment properties of the Group was asigned to banks to

secure loan facilities granted to the Group.

FOREIGN EXCHANGE EXPOSURE

The Group mainly operates in Hong Kong and Mainland China.

Most of the Group’s monetary asets, liabilities and transactions

as at 31 March 2025 and for the year then ended principaly

denominated in Hong Kong dolars and Renminbi. Majority of

the sales, purchases and expenditure incured by the operating

units of the Group during the year were denominated in the

units’ functional curencies and as a result, the Group does

not anticipate significant transactional curency exposures. The

Group has not used any derivative to hedge its exposure to

foreign curency risk.

EMPLOYE AND REMUNERATION

POLICY

The Group’s staf consists of aproximately 270 employes

in Hong Kong and aproximately 940 employes outside

Hong Kong (Mainland China). Employes are rewarded on a

performance-related basis within the general framework of the

Group’s salary and bonus system.

佳宁娜集团控股有限公司 | 2025年报

Financial Review

财务回顾

附属公司、联营公司及合营企业

的重大收购及出售

出售益阳佳宁娜国际酒店管理有限

公司之全部股权

于二零二四年四月二十六日，佳宁娜中式食

品（香港）有限公司（「佳宁娜（香港）」）（本

公司的间接全资附属公司）及佳宁娜（佛山）

企业有限公司（「佳宁娜（佛山）」）（本公司

的直接全资附属公司）（作为卖方）、益阳半

岛酒店管理有限公司（作为买方）、益阳佳宁

娜国际酒店管理有限公司（一间于中国成立

之有限公司，由佳宁娜（香港）及益阳市银湘

国有资产投资运营集团有限公司（「益阳市银

湘」）拥有90%及10%权益）（作为出售公司）

及本公司（作为担保人）就出售事项订立买卖

协议。根据买卖协议，卖方同意出售而买方同

意购买注资后出售公司的全部股权（「销售股

权」），总代价为人民币130,000,000元（相当

于约140,200,000港元），惟须受买卖协议条款

所规限。

MATERIAL ACQUISITIONS AND

DISPOSALS OF SUBSIDIARIES,

ASOCIATES AND JOINT VENTURES

DISPOSAL OF THE ENTIRE EQUITY

INTEREST IN YIYANG CARIANA

INTERNATIONAL HOTEL MANAGEMENT

COMPANY LIMITED

On 26 April 2024, Cariana Chinese Fod (Hong Kong)

Limited (“Cariana (HK)”) (being an indirect wholy-owned

subsidiary of the Company) and 佳宁娜（佛山）企业有限公司

(Cariana (Foshan) Enterprise Co., Ltd.

) (“Cariana (Foshan)”)

(being a direct wholy-owned subsidiary of the Company) (the

“Vendors”), 益阳半岛酒店管理有限公司 (Yiyang Bandao Hotel

Management Company Limited

) (the “Purchaser”), 益阳佳宁

娜国际酒店管理有限公司 (Yiyang Cariana International Hotel

Management Company Limited

), a company established in the

PRC with limited liability and is owned as to 90% by Cariana

(HK) and as to 10% by 益阳市银湘国有资产投资运营集团有

限公司 (Yiyang Shi Yinxiang State Owned Asets Investment

Operating Group Company Limited

), a state-owned enterprise

established in the PRC with limited liability (“Yiyang Shi

Yinxiang”) (the “Disposal Company”) and the Company as

guarantor entered into the Sale and Purchase Agrement in

relation to the disposal of the Disposal Company. Pursuant to

the Sale and Purchase Agrement, the Vendors agred to sel,

and the Purchaser agred to purchase, the entire equity interest

of the Disposal Company after the Capital Injection (the “Sale

Equity Interest”) for an agregate consideration of RMB130

milion (equivalent to aproximately HK$140.2 milion) subject to

the terms of the Sale and Purchase Agrement.

For identification purposes only

Cariana Group Holdings Company Limited | Anual Report 2025

Financial Review

财务回顾

于二零二四年七月十五日，益阳市银湘与佳

宁娜（佛山）就收购事项订立买卖协议（10%

销售股权）。根据买卖协议（10%销售股权），

益阳市银湘同意出售，而佳宁娜（佛山）同

意购买出售公司股权之10%，代价为人民币

15,000,000元（相当于约16,180,000港元），

惟须受买卖协议（10%销售股权）的条款所

规限（「收购事项」）。于二零二四年七月十五

日，佳宁娜（香港）、佳宁娜（佛山）、买方、出

售公司及本公司订立买卖协议之补充协议。

根据补充协议，于收购事项完成后，佳宁娜

（香港）将内部转让出售公司90%股权予佳宁

娜（佛山），从而使出售公司于紧接出售事项

前由佳宁娜（佛山）全资拥有。佳宁娜（佛山）

其后将于出售事项完成时转让所有销售股权

予买方。收购事项已完成及买卖协议项下所

有条件已获达成。因此，根据买卖协议的条款

及条件，出售事项已于二零二四年八月八日

完成。于完成后，出售公司已不再为本集团的

附属公司，而出售公司的财务业绩将不再于

本集团的财务业绩中综合入账。交易的详细

资讯已在本公司于二零二四年四月二十六日

和二零二四年七月十五日发布的公告，以及

本公司于二零二四年六月十八日发布的通函

中列出。

On 15 July 2024, Yiyang Shi Yinxiang and Cariana (Foshan)

entered into the Sale and Purchase Agrement (10% Sale

Equity Interest). Pursuant to the Sale and Purchase Agrement

(10% Sale Equity Interest), Yiyang Shi Yinxiang agred to sel,

and the Cariana (Foshan) agred to purchase, the 10% of the

equity interest of the Disposal Company at the consideration of

RMB15 milion (equivalent to aproximately HK$16.18 milion)

subject to the terms of the Sale and Purchase Agrement

(10% Sale Equity Interest) (the “Acquisition”). On 15 July 2024,

Cariana (HK), Cariana (Foshan), the Purchaser, the Disposal

Company and the Company entered into a suplemental

agrement (the “Suplemental Agrement”) to the Sale

and Purchase Agrement. Pursuant to the Suplemental

Agrement, after completion of the acquisition of 10% of the

equity interest of the Disposal Company by Cariana (Foshan)

(the “Acquisition”), Cariana (HK) shal internaly transfer 90%

of the equity interest of the Disposal Company to Cariana

(Foshan), thereby making the Disposal Company wholy owned

by Cariana (Foshan) imediately prior to the disposal.

Cariana (Foshan) wil then transfer al the Sale Equity Interest

to Purchaser of the disposal at completion of the disposal.

The Acquisition has ben completed and al the conditions

under the Sale and Purchase Agrement have ben fulfiled. As

such, the completion of the disposal tok place on 8 August

2024 in acordance with the terms and conditions of the Sale

and Purchase Agrement. Upon the completion, the Disposal

Company has ceased to be a subsidiary of the Group and

the financial results of the Disposal Company wil no longer be

consolidated into those of the Group. Details of the transaction

are set out in the Company’s anouncements dated 26 April

2024 and 15 July 2024 and the Company’s circular dated

18 June 2024.

For identification purposes only

佳宁娜集团控股有限公司 | 2025年报

Financial Review

财务回顾

出售物业

于二零二五年一月十四日，恩通有限公司（本

公司间接全资附属公司）与买方及代理订立临

时买卖协议，内容有关出售一个位于深水埗之

商舖，代价为20,160,000港元。该物业现时由

租户根据现有租约占用，并将根据所述租约连

同其收益一并出售。临时买卖协议乃作为有关

买卖该物业之框架（包括签立正式协议）。正

式协议将于二零二五年一月二十日或之前签

署。该出售已于二零二五年二月十八日完成。

交易的详细资讯已在本公司于二零二五年一

月十四发布的公告列出。

除上述披露外，于至本年度，本集团概无任何

重大的投资、重要收购和出售附属公司、联营

公司及合营企业。

DISPOSAL OF PROPERTY

On 14 January 2025, Hapy Empire Limited (an indirect wholy-

owned subsidiary of the Company) entered into the Provisional

SP Agrement with the Purchaser and the Agent in relation to

the disposal of a comercial shop located in Sham Shui Po for

a consideration of HK$20,160,000. The Property is curently

ocupied by a tenant under an existing tenancy and wil be

sold subject to and with the benefit of the said tenancy. The

Provisional SP Agrement serves as a framework in respect of

the sale and purchase of the Property including the execution

of the Formal Agrement. The Formal Agrement has ben

signed and the disposal has ben completed on 18 February

2025. Details of the transaction are set out in the Company’s

anouncement dated 14 January 2025.

Save as disclosed above, the Group had no significant

investment, material acquisition and disposal of subsidiaries,

asociates and joint ventures during the year.

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

董事会谨此提呈截至二零二五年三月三十一

日止年度的董事会报告书及经审核财务报表。

主要业务及业务回顾

本公司之主要业务为投资控股。有关主要附属

公司主要业务之详情载于财务报表附注1。于

年内，本集团主要业务之性质并无重大变动。

按香港公司条例附表5所规定有关该等业务的

进一步讨论及分析，包括有关本集团面临的

主要风险及不明朗因素的描述以及本集团业

务的未来可能发展动向，载于本年报第30至

51页的业务及财务回顾中。该讨论构成本董

事会报告书的一部分。

业绩及股息

本集团截至二零二五年三月三十一日止年度

的亏损，以及本集团于该日的财务状况载于

财务报表第80至254页。

董事不建议就截至二零二五年三月三十一日

止年度派付末期股息。

The directors herein present their report and the audited

financial statements for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES AND BUSINES

REVIEW

The principal activity of the Company is investment holding.

Details of the principal activities of the principal subsidiaries

are set out in note 1 to the financial statements. There were

no significant changes in the nature of the Group’s principal

activities during the year.

Further discusion and analysis of these activities as required

by Schedule 5 to the Hong Kong Companies Ordinance,

including a description of the principal risks and uncertainties

that the Group faces and an indication of likely future

development in the Group’s busines, can be found in the

Busines and Financial Review set out on pages 30 to 51 of

this anual report. This discusion forms part of this directors’

report.

RESULTS AND DIVIDENDS

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

Group’s financial position at that date are set out in the financial

statements on pages 80 to 254.

The Board did not recomend the payment of a final dividend

in respect of the year ended 31 March 2025.

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

SUMARY OF FINANCIAL INFORMATION

The table set out below sumarises the results, asets,

liabilities and non-controling interests of the Group for the last

five financial years, as extracted from the published audited

financial statements. This sumary does not form part of the

audited financial statements.

Year ended 31 March/At 31 March

截至三月三十一日止年度╱于三月三十一日

二零二五年二零二四年二零二三年二零二年二零二一年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

RESULTS业绩

REVENUE收入577,521661,856683,482781,170796,026

PROFIT/(LOS) FOR THE YEAR年内溢利╱（亏损）(141,900)(261,089)(169,733)25,111110,537

Atributable to:应占：

Owners of the parent母公司拥有人(135,187)(250,250)(175,680)3,82281,004

Non-controling interests非控股权益(6,713)(10,839)5,94721,28929,533

(141,900)(261,089)(169,733)25,111110,537

ASETS, LIABILITIES AND

NON-CONTROLING

INTERESTS

资产、负债及

非控股权益

TOTAL ASETS总资产5,578,2856,134,9116,489,0717,081,6206,771,712

TOTAL LIABILITIES总负债(2,660,502)(3,039,619)(2,903,869)(3,003,215)(2,940,504)

NON-CONTROLING

INTERESTS

非控股权益

23,12520,9246,7628,2685,738

2,940,9083,116,2163,591,9644,086,6733,836,946

财务资料概要

下表概列本集团过去五个财政年度之已公布

业绩、资产、负债及非控股权益，乃摘录自本

集团之经审核财务报表。此摘要并不构成经

审核财务报表之部分。

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

股本及购股权

本公司的股本及购股权于年内之变动详情分

别载于财务报表附注33及34。

购买、赎回或出售本公司上市证

券

本公司或其任何附属公司于截至二零二五年

三月三十一日止年度内概无购买、赎回或出

售本公司任何上市证券。

优先购股权

本公司的公司细则或百慕达之法例均无优先

购股权的规定，致使本公司须按比例向现有

股东发行新股份。

可分派储备

于二零二五年及二零二四年三月三十一日，

根据百慕达一九八一年公司法的条文计算，

本公司并无可作分派用途的储备。此外，

先前计入本公司的股份溢价账之金额为约

1,505,959,000港元，可以缴足红股的方式分

派。

慈善捐款

年内，本集团并没有捐款（二零二四年：

236,000港元）作慈善用途。

主要客户及供应商

于回顾年度，本集团五大客户及五大供应商分

别占本集团本年度之收入及采购额少于30%。

概无本公司董事、其任何联系人或就董事所

深知拥有本公司已发行股份总数5%以上之任

何股东拥有本集团五大客户及供应商之任何

实益权益。

SHARE CAPITAL AND SHARE OPTIONS

Details of movements in the Company’s share capital and share

options during the year are set out in notes 33 and 34 to the

financial statements, respectively.

PURCHASE, REDEMPTION OR SALE OF

THE COMPANY’S LISTED SECURITIES

Neither the Company, nor any of its subsidiaries purchased,

redemed or sold any of the Company’s listed securities during

the year ended 31 March 2025.

PRE-EMPTIVE RIGHTS

There is no provision for pre-emptive rights under the

Company’s Bye-laws or the laws of Bermuda which would

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

existing shareholders.

DISTRIBUTABLE RESERVES

At 31 March 2025 and 2024, the Company had no reserves

available for distribution, calculated in acordance with the

provision of The Bermuda Companies Act 1981. In adition,

the amount of aproximately HK$1,505,959,000 previously

included in the Company’s share premium acount may be

distributed in the form of fuly-paid bonus shares.

CHARITABLE CONTRIBUTIONS

During the year, the Group has not made charitable

contributions (2024: HK$236,000).

MAJOR CUSTOMERS AND SUPLIERS

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

customers and purchases from the five largest supliers

acounted for les than 30% of the Group’s revenue and

purchases for the year respectively.

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

or any shareholders, which to the best knowledge of the

directors own more than 5% of the Company’s total number

of isued shares, had any beneficial interest in the Group’s five

largest customers and supliers.

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

环境、社会及企业责任

作为一间具社会责任的企业，本集团致力维

持最高要求之环境及社会标准，以确保其业

务可持续发展。本集团已遵守所有与其业务

有关的相关法例及法规，包括健康及安全、工

作环境条件、就业及环境。本集团明白有赖所

有人的参与及贡献才能成就美好将来，亦因

此鼓励雇员、客户、供应商及其他持份者参与

环境及社会活动，惠及整个社区。本集团与其

雇员维持紧密关系，加强与其供应商之间的

合作，并为其客户提供优质产品及服务，以确

保可持续发展。

一份由专业第三方编撰的环境、社会及管治

报告将根据上市规则之规定予以独立刊发。

董事

于本年度及截至本报告日期之本公司董事包

括：

执行董事：

马介璋（名誉主席）

马介钦（主席）

马鸿铭（副主席）

梁锐（行政总裁）

陈炳权（于二零二四年十月一日辞任）

马鸿文

独立非执行董事：

劳明智（于二零二四年十二月三日辞任）

黄思竞

张华峰

廖玲（于二零二四年十二月三日委任）

ENVIRONMENTAL, SOCIAL AND

CORPORATE RESPONSIBILITY

As a responsible corporation, the Group is comited to

maintaining the highest environmental and social standards to

ensure sustainable development of its busines. The Group

has complied with al relevant laws and regulations in relation to

its busines including health and safety, workplace conditions,

employment and the environment. The Group understands

that a beter future depends on everyone’s participation

and contribution. It has encouraged employes, customers,

supliers and other stakeholders to participate in environmental

and social activities which benefit the comunity as a whole.

The Group maintains strong relationships with its employes,

has enhanced coperation with its supliers and has provided

high quality products and services to its customers so as to

ensure sustainable development.

A separate Environmental, Social and Governance Report

conducted by a profesional third party wil be published in

compliance with the requirements of the Listing Rules.

DIRECTORS

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

date of this report were:

Executive Directors:

Ma Kai Cheung (Honorary Chairman)

Ma Kai Yum (Chairman)

Ma Hung Ming, John (Vice-chairman)

Liang Rui (Chief Executive Oficer)

Chan Francis Ping Kuen (resigned on 1 October 2024)

Ma Hung Man

Independent Non-Executive Directors:

Lo Ming Chi, Charles (resigned on 3 December 2024)

Wong Se King

Cheung Wah Fung, Christopher

Liu Ling Ling, Samantha (apointed on 3 December 2024)

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

根据本公司的公司细则第96条规定，梁锐先

生、马鸿文先生及黄思竞先生将轮值告退。梁

先生、马先生及黄先生具备资格并愿意在即

将举行的股东周年大会上候选连任。

根据本公司之公司细则第99(B)条规定，廖玲

玲小姐将退任。廖小姐具备资格并愿意在即

将举行的股东周年大会上候选连任。

董事会已接获各独立非执行董事的年度独立

确认书，而于本报告日期，各独立非执行董事

仍被视为独立人士。

董事及高级管理层履历

本公司董事及高级管理层之履历详情载于本

年报第9至14页。

In acordance with Bye-law 96 of the Company’s Bye-laws,

Mr. Liang Rui, John, Mr. Ma Hung Man and Mr. Wong Se King

wil retire by rotation and, being eligible, wil ofer themselves for

re-election at the forthcoming anual general meting.

In acordance with Bye-law 99(B) of the Company’s Bye-laws,

Mis Liu Ling Ling, Samantha, wil retire and, being eligible, wil

ofer herself for re-election at the forthcoming anual general

meting.

The Board has received an anual confirmation of

independence from each of the independent non-executive

directors, and as at the date of this report stil considers them

to be independent.

BIOGRAPHIES OF DIRECTORS AND

SENIOR MANAGEMENT

The biographical details of the directors and senior

management of the Company are set out on pages 9 to 14 of

the anual report.

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

董事之服务合约

梁锐先生与本公司订有服务合约。该合约并

无特定的任期，但须按照本公司的公司细则

之规定轮值告退，可由任何一方给予三个月

书面通知予以终止。

马介璋先生、马介钦先生、马鸿铭先生及马鸿

文先生与本公司于报告期末并未订有服务合

约。

有关本公司独立非执行董事之任期须按照本

公司的公司细则之规定轮值告退。

除上述者外，拟于即将举行之股东周年大会

上提名连任的董事，概无与本公司订立本公

司不可于一年内终止而毋须作出赔偿（法定

赔偿除外）的服务合约。

董事酬金

董事袍金须待股东于股东大会上批准后方可

作实。其他酬金由本公司董事会经参照董事

之职责、责任及表现以及本集团业绩厘定。

截至二零二五年三月三十一日止年度之董事

酬金详情载于财务报表附注8。

董事购买股份的权利

除「董事及主要行政人员于股份及相关股份

之权益及淡仓」一节所披露者外，本公司或其

任何附属公司于本年度内任何时间并无参与

任何安排，致使本公司董事或彼等各自之配

偶或未成年子女可藉购入本公司或任何其他

法人团体之股份或债券而获取利益。

DIRECTORS’ SERVICE CONTRACTS

Mr. Liang Rui had entered into a service contract with the

Company. The contract has no fixed terms of engagement

and is subject to retirement by rotation as required by the

Company’s Bye-laws and termination by either party giving

thre months’ notice in writing.

Mr. Ma Kai Cheung, Mr. Ma Kai Yum, Mr. Ma Hung Ming,

John and Mr. Ma Hung Man had no service contract with the

Company as at the end of the reporting period.

The independent non-executive directors of the Company have

ben apointed for a term subject to retirement by rotation as

required by the Company’s Bye-laws.

Apart from the foregoing, no director proposed for re-election at

the forthcoming anual general meting has a service contract

with the Company which is not terminable by the Company

within one year without payment of compensation, other than

statutory compensation.

DIRECTORS’ REMUNERATION

The directors’ fes are subject to shareholders’ aproval at

general metings. Other emoluments are determined by the

Company’s board of directors with reference to directors’

duties, responsibilities and performance and the results of the

Group.

Particulars of the directors’ remuneration for the year ended 31

March 2025 are set out in note 8 to the financial statements.

DIRECTORS’ RIGHTS TO ACQUIRE

Save as disclosed under the section headed “Directors’

and chief executive’s interests and short positions in shares

and underlying shares”, at no time during the year was the

Company or any of its subsidiaries a party to any arangement

to enable the Company’s directors, their respective spouses or

minor children to acquire benefits by means of the acquisition

of shares in or debentures of the Company or any other body

corporate.

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

董事及主要行政人员于股份及相

关股份之权益及淡仓

于二零二五年三月三十一日，本公司之董事

及主要行政人员于本公司或其任何相联法团

（定义见《证券及期货条例》（「《证券及期货

条例》」）第XV部）之股份、相关股份及债券中

拥有之权益及淡仓，须登记于本公司根据《证

券及期货条例》第352条规定须予存置之登记

册内；或根据上市规则之标准守则须另行知

会本公司及联交所之权益及淡仓如下：

(a) 本公司

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

SHARES AND UNDERLYING SHARES

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

directors and chief executive of the Company in the shares,

underlying shares and debentures of the Company or any of

its asociated corporations (within the meaning of Part XV of

the Securities and Futures Ordinance (the “SFO”) as recorded

in the register required to be kept by the Company pursuant

to Section 352 of the SFO; or as otherwise notified to the

Company and the Stock Exchange pursuant to the Model

Code under the Listing Rules, were as folows:

(a) The Company

Name of director

Capacity/

nature of interests

Number of ordinary shares held

and nature of interests

Underlying

pursuant to

share options

(note 1)Total

Percentage of

the Company’s

isued share

capital

Personal

interests

Family

interests

Other

interests

董事姓名身份╱权益性质

持有普通股份数目及权益性质

根据购股权之

Notes:

(1) The underlying shares represent interests of options

granted to the directors and senior executive under the

2015 Share Option Scheme to acquire shares of the

Company, further details of which are set out in note 34 to

the financial statements.

, the spouse of

Ma Kai Cheung.

(3) Ma Kai Cheung and his family are the beneficiaries of

a discretionary trust which efectively owns the entire

isued share capital of Regent World Investments Limited

(“Regent World”) and 70% of the entire isued share

capital of Bond Wel Investments Limited (“Bond Wel”).

At the end of the reporting period, Regent World owned

184,121,625 shares and Bond Wel owned 75,007,400

shares of the Company.

, the spouse of

Ma Kai Yum.

(5) Ma Kai Yum and his family are the beneficiaries of a

discretionary trust which efectively owns the entire isued

share capital of Grand Wealth Investments Limited (“Grand

Wealth”) and Peaceful World Limited (“Peaceful World”).

At the end of the reporting period, Grand Wealth owned

74,651,040 shares and Peaceful World owned 19,050,000

shares of the Company.

(6) Peaceful World owns the entire isued share capital of

Real Potential Limited (“Real Potential”). At the end of

the reporting period, Real Potential owned 7,500,000

shares of the Company. The interests of Real Potential in

the Company are therefore demed to be the interests of

Peaceful World in which Ma Kai Yum is also demed to

have interests for the reason as stated in note 5 above.

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

董事及主要行政人员于股份及相

关股份之权益及淡仓（续）

(b) 附属公司

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

SHARES AND UNDERLYING SHARES

(Continued)

(b) Subsidiaries

Name of subsidiaryName of directorCapacity

Number of

shares held (L)

Type of

Percentage of

the subsidiary’s

isued share

capital (ordinary

shares)

附属公司名称董事姓名身份所持股份数目(L)股份类别

占附属公司

已发行股本百分比

（普通股）

Ginza Development Company

Limited

Ma Kai CheungBeneficial owner15Ordinary0.68

金必多发展有限公司马介璋实益拥有人普通股

Ginza Development Company

Limited

Ma Kai YumBeneficiary of trust66Ordinary3

金必多发展有限公司马介钦信托受益人普通股

Gartrend Development LimitedMa Kai CheungBeneficial owner500,000Non-voting

defered

N/A

嘉坚发展有限公司马介璋实益拥有人无投票权递

延股份

不适用

Gartrend Development LimitedMa Kai YumBeneficial owner500,000Non-voting

defered

N/A

嘉坚发展有限公司马介钦实益拥有人无投票权递

延股份

不适用

Tak Sing Aliance LimitedMa Kai CheungBeneficial owner9,000Non-voting

defered

N/A

马介璋实益拥有人无投票权递

延股份

不适用

Tak Sing Aliance LimitedMa Kai YumBeneficial owner1,000Non-voting

defered

N/A

马介钦实益拥有人无投票权递

延股份

不适用

昆明佳宁娜食品有限公司Ma Kai CheungBeneficial ownerN/AN/A15

马介璋实益拥有人不适用不适用

L – Long position 好仓

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

董事及主要行政人员于股份及相

关股份之权益及淡仓（续）

除以上所述外，马介璋先生及马介钦先生代

本集团持有若干附属公司的非实益个人股本

权益，此乃仅为符合过往年度公司股东数目

的最低规定而持有。

除上文所披露者外，于二零二五年三月三十一

日，根据《证券及期货条例》第352条须予备

存之登记册或根据标准守则向本公司及联交

所发出之通知，本公司之董事及主要行政人

员概无于本公司或其任何相联法团（定义见

《证券及期货条例》第XV部）之股份、相关股

份或债券中拥有任何权益或淡仓。

董事于交易、安排或合约中的权

益

除财务报表附注41所详述者外，董事或董事

之关连实体于年内概无于对本集团业务而言

属重大且由本公司控股公司、或本公司任何

附属公司或同系附属公司订立之任何交易、

安排或合约中直接或间接拥有重大权益。

DIRECTORS’ AND CHIEF EXECUTIVE’S

INTERESTS AND SHORT POSITIONS IN

SHARES AND UNDERLYING SHARES

(Continued)

In adition to the above, Mr. Ma Kai Cheung and Mr. Ma

Kai Yum have non-beneficial personal equity interests in

certain subsidiaries held for the benefit of the Group solely

for the purpose of complying with their minimum company

membership requirements in prior years.

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

directors and chief executive had registered an interest or

short position in the shares, underlying shares or debentures

of the Company, or any of its asociated corporations (within

the meaning of Part XV of the SFO) that was required to be

recorded pursuant to Section 352 of the SFO, or as otherwise

notified to the Company and the Stock Exchange pursuant to

the Model Code.

DIRECTORS’ INTERESTS IN

TRANSACTIONS, ARANGEMENTS OR

CONTRACTS

Save as detailed in note 41 to the financial statements, no

director nor a conected entity of a director had a material

interest, either directly or indirectly, in any transactions,

arangements or contracts of significance to the busines of the

Group to which the holding company of the Company, or any

of the Company’s subsidiaries of felow subsidiaries was a party

during the year.

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

有关购股权计划的资料

二零一五年购股权计划

在二零一五年八月二十四日召开的周年股东

大会上，本公司采纳了一项新的购股权计划

（「二零一五年购股权计划」），有效期为十年。

二零一五年购股权计划之主要条款如下：

1. 购股权计划之目的

二零一五年购股权计划旨在向合资格

参与者授出购股权、确认及承认合资格

参与者对本集团所作出或可能作出之

贡献，及将向合资格参与者提供于本公

司拥有个人权益之机会，借以鼓励合资

格参与者为本集团之利益提升其工作效

率、追踪及挽留或与其贡献对或将对本

集团长远增长有利之合资格参与者维系

关系，而另就行政人员而言，本集团可藉

此吸纳及挽留有经验及能力之个别人士

及对彼等过往所作出之贡献加以奖励。

2. 购股权计划之参与者

合资格参与者符合资格参与二零一五年

购股权计划。于厘定各合资格参与者的

资格基准时，董事会将考虑其可能酌情

认为适当的因素。董事会应可全权酌情

厘定某人士是否合资格为合资格参与

者。

3. 可供发行之股份总数及占二零二五

年三月三十一日已发行股本之百分

比

二零一五年购股权计划中可予发行的股

份数目为125,388,753股份，占本公司

于二零二五年三月三十一日已发行股本

的7.98%。

INFORMATION ON SHARE OPTION

SCHEME

2015 OPTION SCHEME

At the anual general meting of the Company convened on

24 August 2015, the Company adopted a new share option

scheme (the “2015 Option Scheme”) with a validity period of 10

years.

The principal terms of the 2015 Option Scheme are as folows:

1. Purpose of the option scheme

The purpose of the 2015 Option Scheme is to

grant options to eligible participants, recognise

and acknowledge the contributions that the eligible

participants have made or may make to the Group and

wil provide the eligible participants with an oportunity

to have a personal stake in the Company with a view

to motivate the eligible participants to optimise their

performance eficiency for the benefit of the Group,

track and retain or maintain relationships with the eligible

participants whose contributions are or wil be beneficial

to the long-term growth of the Group, and aditionaly in

the case of executives, to enable the Group to atract and

retain individuals with experience and ability and to reward

them for their past contributions.

2. Participants of the option scheme

The eligible participants are eligible to participate in the

2015 Option Scheme. In determining the basis of eligibility

of each eligible participant, the Board would take into

acount such factors as the Board may at its discretion

consider apropriate. The Board shal have absolute

discretion to determine whether a person shal qualify as

an eligible participant.

3. Total number of shares available for isue and

percentage to the isued share capital as at 31

March 2025

The total number of shares available for isue under

the 2015 Option Scheme was 125,388,753 shares

representing 7.98% of the isued share capital of the

Company as at 31 March 2025.

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

有关购股权计划的资料（续）

二零一五年购股权计划（续）

4. 各参与者可获发行之股份数目上限

于任何十二(12)个月期间内，因行使根据

二零一五年购股权计划将予授出之购股

权（包括已行使及未行使购股权）而发行

及可能发行予各合资格参与者之股份总

数，不得超过本公司当时已发行股本之

百分之一(1%)（「个别限额」）。凡于截至

进一步授出日期（包括该日）止任何十二

(12)个月期间内进一步授出超过个别限额

之任何购股权，须向股东刊发通函，并于

本公司股东大会取得股东批准，而有关

合资格参与者及其联系人须放弃投票。

授予有关合资格参与者之购股权之数目

及条款（包括行使价）必须于寻求股东批

准前确定，而根据上市规则第17.03(9)条

附注(1)，就计算行使价而言，建议有关进

一步授出之董事会议日期应被视为授

出日期。

5. 必须根据购股权认购股份之期限

董事可全权酌情决定购股权的行使期，

惟以购股权获授出后十年为限。

6. 接纳购股权之付款

本公司一经于购股权文件所规定之相关

接纳日期或之前收到由承授人正式签署

构成接纳购股权之通知副本，连同付予

本公司之1.00港元款项作为授出购股权

之代价后，购股权将被视作已授出及已

获承授人接纳并生效。该等款项于任何

情况均不获退还，亦不应被视作购股权

行使价之部分付款。

INFORMATION ON SHARE OPTION

SCHEME (Continued)

2015 OPTION SCHEME (Continued)

4. Maximum entitlement of each participant

The total number of shares isued and which may fal

to be isued upon exercise of the options to be granted

under the 2015 Option Scheme (including both exercised

and outstanding options) to each eligible participant in any

twelve (12)-month period shal not exced one per cent.

(1%) of the isued share capital of the Company for the

time being (“Individual Limit”). Any further grant of options

in exces of the Individual Limit in any twelve (12)-month

period up to and including the date of such further

grant shal be subject to the isue of a circular to the

shareholders and the shareholders’ aproval in general

meting of the Company with such eligible participant and

his asociates abstaining from voting. The number and

terms (including the exercise price) of the options to be

granted to such eligible participant must be fixed before

the shareholders’ aproval and the date of board meting

for proposing such further grant should be taken as the

date of grant for the purpose of calculating the exercise

price under note (1) to Rule 17.03(9) of the Listing Rules.

5. The period within which the shares must be taken

up under an option

The period during which a share option may be exercised

wil be determined by the directors at their absolute

discretion, save that no share option may be exercised

more than 10 years after grant.

6. Payment on aceptance of an option

An option shal be demed to have ben granted and

acepted by the grante and to have taken efect when

the duplicate notice of grant constituting aceptance

of the option duly signed by the grante, together with

a remitance in favour of the Company of HK$1.00 by

way of consideration for the grant thereof is received by

the Company on or before the relevant aceptance date

as stipulated in the option documents. Such remitance

shal in no circumstances be refundable and shal not be

demed a part payment of the exercise price of an option.

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

有关购股权计划的资料（续）

二零一五年购股权计划（续）

（续）

就任何授出购股权要约而言，参与者接

纳购股权所涉及之股份数目可少于要约

所涉及之股份数目，惟接纳之股份数目

须为一手买卖单位或其完整倍数，且有

关数目在构成接纳购股权之通知副本中

清楚列明。倘授出购股权之要约未于购

股权文件所规定之接纳日期获接纳，则

将视作已被不可撤销地拒绝。

7. 厘定行使价之基准

有关向合资格参与者授出之各购股权之

行使价将由董事会全权酌情厘定，惟在

任何情况下不得低于以下各项之最高

者：

(a) 于购股权要约日期（「要约日期」）

联交所每日报价单所列股份于联交

所之官方收市价；

(b) 于紧接要约日期前五(5)个营业日联

交所每日报价单所列股份于联交所

之平均官方收市价；及

8. 购股权计划余下之期限

二零一五年购股权计划自二零一五年八

月二十四日（即采纳二零一五年购股权

计划之全部条件达成之日）起计十年内

有效及生效。

于二零二五年三月三十一日止，根据二零一五

年购股权计划，本公司有2,500,000份购股权

尚未行使。

INFORMATION ON SHARE OPTION

SCHEME (Continued)

2015 OPTION SCHEME (Continued)

6. Payment on aceptance of an option (Continued)

Any ofer to grant an option may be acepted in respect

of a leser number of shares for which it is ofered

provided that it must be acepted in respect of a board

lot or an integral multiple thereof and such number is

clearly stated in the duplicate notice of grant constituting

aceptance of the option. To the extent that the ofer to

grant an option is not acepted by the aceptance date

as stipulated in the option documents, it shal be demed

to have ben irevocably declined.

7. The basis of determining the exercise price

The exercise price in relation to each option ofered to an

eligible participant shal be determined by the Board in its

absolute discretion but in any event shal not be les than

the highest of:

(a) the oficial closing price of the shares on the Stock

Exchange as stated in the daily quotation shet

of the Stock Exchange on the date of ofer of the

options (“Ofer Date”);

(b) the average of the oficial closing prices of the

shares on the Stock Exchange as stated in the daily

quotation shets of the Stock Exchange for the five

(5) busines days imediately preceding the Ofer

Date; and

8. The remaining life of the option scheme

The 2015 Option Scheme is valid and efective for a

period of 10 years comencing on 24 August 2015

(being the date of fulfilment of al conditions on the

adoption of the 2015 Option Scheme).

As at 31 March 2025, the Company had 2,500,000 share

options outstanding pursuant to the 2015 Option Scheme.

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

有关购股权计划的资料（续）

下表披露年内本公司根据二零一五年购股权

计划项下尚未行使之购股权变动：

INFORMATION ON SHARE OPTION

SCHEME (Continued)

The folowing table discloses the movements in the Company’s

share options outstanding under the 2015 Option Scheme

during the year:

Number of share options

购股权数目

At 1 April

Granted

during

the period

Exercised

during

the period

Forfeited

during the

period

At 31 March

Date of

grant of

share options

Exercise

period of

share options

Exercise

price of

options

Closing

price

at grant

date of

options

(Note 1)(Note 2)

HK$ per shareHK$ per share

于

二零二四年

四月一日于期内授出于期内行使

于期内

失效

于

二零二五年

三月三十一日

授出

购股权日期

行使

购股权期间

行使

购股权价格

于购股权

授出日期

之收市价

（附注1）（附注2）

每股港元每股港元

Executive Directors

执行董事

Ma Hung Ming, John

马鸿铭

1,000,000–1,000,00020-2-202020-2-2021 to

19-2-2026

0.7140.70

1,000,000–1,000,000

Other continuous contract

employes

其他连续合约雇员

1,500,000–1,500,00020-2-202020-2-2021 to

19-2-2026

0.7140.70

1,500,000–1,500,000

In agregate

总计2,500,000–2,500,000

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

有关购股权计划的资料（续）

附注：

1. 购股权赋予权利的期限是由授出当日起计算

直至行使期的开始日。

2. 购股权的行使价是受到如发行股权股或派送

红股，或本公司股本类同的更动而调整。

除上述所披露者外，于回顾期间，二零一五年

购股权计划项下的购股权并无获行使、注销

或失效。

于二零二五年三月三十一日，根据二零一五

年购股权计划，本公司有2,500,000份购股权

尚未行使。倘彼等获悉数行使，则本公司将收

到约1,785,000港元（除发行开支前）。该等尚

未行使购股权之授出日公平值约285,000港元

乃根据本集团之会计政策计量（财务报表附

注2.4）。

主要股东

于二零二五年三月三十一日，根据本公司按

《证券及期货条例》第336条存置之登记册内

所示，以及就董事所知，下列人士或公司在本

公司之股份及相关股份拥有权益或淡仓，并

须根据《证券及期货条例》第XV部第2分部及

第3分部向本公司作出披露：

INFORMATION ON SHARE OPTION

SCHEME (Continued)

Notes:

1. The vesting period of the share options is from the date of the

grant until the comencement of the exercise period.

2. The exercise price of the share options is subject to adjustment

in the case of rights or bonus isues, or other similar changes in

the Company’s share capital.

Save as disclosed above during the period under review,

no options under the 2015 Option Scheme were exercised,

canceled or lapsed.

As at 31 March 2025, the Company had 2,500,000 share

options outstanding under the 2015 Option Scheme. Should

they be fuly exercised, the Company wil receive aproximately

HK$1,785,000 (before isue expenses). The grant date fair

value of these unexercised options measured in acordance

with the Group’s acounting policies (note 2.4 to the financial

statements) amounted to aproximately HK$285,000.

SUBSTANTIAL SHAREHOLDERS

As at 31 March 2025, acording to the register kept by the

Company under Section 336 of the SFO and so far as was

known to the directors, the folowing persons or corporations

had an interest or short position in the shares and underlying

shares of the Company which was required to be disclosed to

the Company under the provisions of Divisions 2 and 3 of Part

XV of the SFO:

Name of

substantial shareholder

Capacity/

nature of interestsNotes

Number of

ordinary

shares held

Percentage of the

Company’s isued

share capital

主要股东名称身份╱权益性质附注

持有

公司普通股数目

占本公司

已发行股本百份比

Ma Kai Cheung

马介璋

Beneficial owner,

security interest

in shares, interest

of spouse and

beneficiary of trust

a627,463,011 (L)39.93

实益拥有人，抵押股

份权益，配偶权益

及信托受益人

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

附注：

,463,011股份包括：

,283,986股份；

i. 由马介璋的妻子张莲娇拥有的

7,050,000股份之权益；及

i. 由马介璋及其家人为受益人的全权信

托间接持有的259,129,025股份之权

益（为下文(d)所披露的同一批股份）。

Name of

substantial shareholder

Capacity/

nature of interestsNotes

Number of

ordinary

shares held

Percentage of the

Company’s isued

share capital

主要股东名称身份╱权益性质附注

持有

公司普通股数目

占本公司

已发行股本百份比

Ma Kai Yum

马介钦

Beneficial owner,

security interest

in shares, interest

of spouse and

beneficiary of trust

b309,289,754 (L)19.68

实益拥有人，抵押股

份权益，配偶权益

及信托受益人

East Asia International Trustes

Limited

Trustec360,330,065 (L)22.93

信托人

Golden Yield Holdings LimitedInterest in controled

corporations

d259,129,025 (L)16.49

受控公司权益

Regent World Investments LimitedHolding corporationd184,121,625 (L)11.72

直接控股公司

Wealthy Platform LimitedInterest in controled

corporations

e101,201,040 (L)6.44

受控公司权益

Bond Wel Investments LimitedHolding corporationd75,007,400 (L)4.77

直接控股公司

Grand Wealth Investments LimitedHolding corporatione74,651,040 (L)4.75

直接控股公司

L – Long position 好仓

S – Short position 淡仓

Notes:

,463,011 shares comprised:

,283,986 shares owned by Ma Kai Cheung;

i interest in 7,050,000 shares owned by Cheung Lin Kiu, the

spouse of Ma Kai Cheung; and

i interest in 259,129,025 shares indirectly held by a

discretionary trust of which Ma Kai Cheung and his family

are the beneficiaries (same block of shares disclosed in (d)

below).

SUBSTANTIAL SHAREHOLDERS (Continued)

主要股东（续）

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

主要股东（续）

附注：（续）

,289,754股份包括：

,888,714股份；

i. 由马介钦的妻子郭洁薇拥有的

3,200,000股份之权益；及

i. 由马介钦及其家人为受益人的全权信

托间接持有的101,201,040股份之权

益（为下文(e)所披露的同一批股份）。

c. East Asia International Trustes Limited

（「EAIT」）为马介璋及其家族作为受益人

而成立的一项全权信托的信托人，并透

过其全资附属公司Golden Yield Holdings

Limited（「Golden Yield」）而间接拥有本公

司259,129,025股份。此外，EAIT亦同时

为马介钦及其家族作为受益人而成立的

一项全权信托的信托人，并透过其全资附

属公司Wealthy Platform Limited（「Wealthy

Platform」）而间接拥有本公司101,201,040股

股份，于报告期末，EAIT实益拥有本公司合共

360,330,065股份。

d. Golden Yield藉持有Regent World全部已发行

股本及Bond Wel全部已发行股本之70%而

间接拥有本公司合共259,129,025股份。

Regent World及Bond Wel合共持有的股份为

上文「董事及主要行政人员于股份及相关股

份之权益及淡仓」中所述马介璋之「其他权

益」中所披露的同一批股份。

e. Wealthy Platform藉持有Grand Wealth及

Peaceful World全部已发行股本及透过

Peaceful World间接拥有Real Potential全部已

发行股本而间接拥有本公司101,201,040股

股份。Grand Wealth、Peaceful World及Real

Potential合共持有的股份为上文「董事及主要

行政人员于股份及相关股份之权益及淡仓」

中所述马介钦之「其他权益」中所披露的同一

批股份。

除上述披露者外，就本公司董事所知，根据

《证券及期货条例》第336条须予备存之登

记册，并无任何其他人士于二零二五年三月

三十一日拥有本公司股份或相关股份之权益

或淡仓。

SUBSTANTIAL SHAREHOLDERS (Continued)

Notes: (Continued)

,289,754 shares comprised:

,888,714 shares owned by Ma Kai Yum;

i. interest in 3,200,000 shares owned by Kwok Kit Mei, the

spouse of Ma Kai Yum; and

i. interest in 101,201,040 shares indirectly held by a

discretionary trust of which Ma Kai Yum and his family are

the beneficiaries (same block of shares disclosed in (e)

below).

“EAIT”) is the truste

of a discretionary trust of which Ma Kai Cheung and his family

are the objects and through its wholy-owned subsidiary, Golden

Yield Holdings Limited (“Golden Yield”), EAIT was indirectly

interested in 259,129,025 shares of the Company. EAIT is also

the truste of a discretionary trust of which Ma Kai Yum and his

family are the objects and through its wholy-owned subsidiary,

Wealthy Platform Limited (“Wealthy Platform”), EAIT was

indirectly interested in 101,201,040 shares in the Company. As

at the end of the reporting period, EAIT was efectively interested

in a total of 360,330,065 shares of the Company.

d. Golden Yield by owning the entire isued share capital of Regent

World and 70% of the entire isued share capital of Bond Wel,

was indirectly interested in a total of 259,129,025 shares of

the Company. The total shares held by both Regent World

and Bond Wel are the same block of shares as disclosed in

“Other interests” of Ma Kai Cheung under the section headed

“Directors’ and chief executives’ interests and short positions in

shares and underlying shares” set out above.

e. Wealthy Platform by owning the entire isued share capital of

Grand Wealth and Peaceful World and indirectly owning the

entire isued share capital of Real Potential through Peaceful

World, was indirectly interested in 101,201,040 shares of the

Company. The total shares held by Grand Wealth, Peaceful

World and Real Potential are the same block of shares as

disclosed in “Other interests” of Ma Kai Yum under the section

headed “Directors’ and chief executives’ interests and short

positions in shares and underlying shares” set out above.

Save as disclosed above, the directors of the Company are

not aware of any other persons who, as at 31 March 2025,

had registered an interest or short position in the shares or

underlying shares of the Company in the register that was

required to be kept under Section 336 of the SFO.

佳宁娜集团控股有限公司 | 2025年报

Report of the Directors

董事会报告书

上市规则之持续披露责任

贷款协议载有关于控股东须履行

特定责任的条件（第十三章第13.18

条）

下列给予本集团贷款之协议规定本公司之控

股东须履行特定责任：

附注：

本公司之名誉主席及控股东马介璋先生持有本

公司39.93%之股本权益，及本公司之主席马介钦先

生持有本公司19.68%之股本权益，其承诺将保持其

持股量合共不少于本公司股份42%。

关连交易及持续关连交易

在本审阅年度内，根据上市条例之规定没有

任何交易需要披露为关连交易及持续关连交

易。

在各董事作出一切合理查询后，就彼等所深

知，尽悉及确信，除已在此年报所披露外，没

有载刊于此年报综合财务报表附注41之关连

人士交易属于关连交易。

CONTINUING DISCLOSURE

OBLIGATIONS OF THE LISTING RULES

LOAN AGREMENT WITH COVENANTS

RELATING TO SPECIFIC PERFORMANCE

OBLIGATIONS OF THE CONTROLING

SHAREHOLDERS (RULE 13.18 OF CHAPTER

13)

The agrement for the folowing loan to the Group imposes

specific performance obligations on the controling shareholders

of the Company:

Outstanding balance of

banking facilities as at

31 March 2025

Final maturity of

banking facilities

Specific

performance

obligations

HK$’000

于二零二五年三月三十一日

未偿还银行贷款余额

银行贷款最后到期日特定履行责任

千港元

73,80019 May 2027(Note)

二零二七年五月十九日（附注）

Note:

Mr. Ma Kai Cheung, the Honorary Chairman and the controling

shareholder of the Company holding a 39.93% shareholding interest

in the Company, and Mr. Ma Kai Yum, the Chairman of the Company

holding a 19.68% shareholding interest in the Company, undertake to

maintain a total of at least 42% of the shares of the Company.

CONECTED TRANSACTIONS

AND CONTINUING CONECTED

TRANSACTIONS

During the year under review, there were no transactions, which

ned to be disclosed as conected transactions and continuing

conected transactions in acordance with the requirements of

the Listing Rules.

To the best of the directors’ knowledge, information and belief

having made al reasonable enquiries, save as disclosed in

this anual report, none of the related party transactions as

disclosed in note 41 to the consolidated financial statements

contained in this anual report is a conected transaction.

Cariana Group Holdings Company Limited | Anual Report 2025

Report of the Directors

董事会报告书

足够公众持股量

根据本公司从公众获知的资料及据董事所知

悉，截至本报告日期，公众人士持有本公司已

发行股份总数至少25%。

企业管治

本公司致力维持高水平之企业管治。本公司

采纳之企业管治守则资料已载于第15至29页

之「企业管治报告」内。

审核委员会

审核委员会由本公司三名独立非执行董事劳

明智先生（于二零二四年十二月三日的辞任

主席）、黄思竞先生（于二零二四年十二月三

日委任主席）、张华峰先生及廖玲小姐（于

二零二四年十二月三日委任）组成。

审核委员会与管理层已审阅本集团所采用之

会计政策及惯例，并商讨审核、内部监控及财

务申报事宜，包括审阅截至二零二五年三月

三十一日止年度之集团财务报表。

核数师

安永会计师事务所已审核截至二零二五年三

月三十一日止年度的综合财务报表。

安永会计师事务所须于应届股东周年大会上

退任。有关委任本公司独立核数师的决议案

将于应届股东周年大会上获提呈。

展望

本集团将继续发展及增长，并维持良好的财

政状况及稳健的业务基础，以提升长期股东

价值。

代表董事会

主席

马介钦博士

香港，二零二五年六月二十七日

SUFICIENCY OF PUBLIC FLOAT

Based on information that is publicly available to the Company

and within the knowledge of the directors; at least 25% of the

Company’s total number of isued shares were held by public

as at the date of this report.

CORPORATE GOVERNANCE

The Company is comited to maintain a high standard of

corporate governance practices. Information on the corporate

governance practices adopted by the Company is set out in the

“Corporate Governance Report” on pages 15 to 29.

AUDIT COMITE

The Audit Comite comprises thre independent non-

executive directors of the Company, namely Mr. Lo Ming Chi,

Charles (resigned as Chairman on 3 December 2024), Mr.

Wong Se King (apointed as chairman on 3 December 2024)

and Mr. Cheung Wah Fung, Christopher and Mis Liu Ling Ling,

Samantha (apointed on 3 December 2024).

The Audit Comite has reviewed with management the

acounting principles and practices adopted by the Group

and discused auditing, internal control and financial reporting

maters including the review of the Group’s financial statements

for the year ended 31 March 2025.

AUDITORS

The consolidated financial statements for the year ended 31

March 2025 have ben audited by Ernst & Young.

Ernst & Young shal retire in the forthcoming anual general

meting. A resolution for the apointment of independent

auditor of the Company wil be proposed at the forthcoming

anual general meting.

OUTLOK

The Group wil continue to develop and grow while maintaining

its healthy financial position and solid busines foundation to

create long-term shareholders’ value.

ON BEHALF OF THE BOARD

Dr. Ma Kai Yum

Chairman

Hong Kong, 27 June 2025

佳宁娜集团控股有限公司 | 2025年报

Independent Auditor’s Report

独立核数师报告

致佳宁娜集团控股有限公司

列位股东

（于百慕达注册成立之有限公司）

意见

本核数师（以下简称「我们」）已审核列载于第

80至254页之佳宁娜集团控股有限公司（「贵

公司」）及其附属公司（「贵集团」）的综合财务

报表，此综合财务报表包括于二零二五年三

月三十一日的综合财务状况表与截至该日止

年度的综合损益表、综合全面收入报表、综合

权益变动表和综合现金流量表，以及综合财

务报表附注，包括重大会计政策资料。

我们认为，综合财务报表已根据香港会计师

公会颁布之《香港财务报告准则会计准则》

真实而公平地反映贵集团于二零二五年三

月三十一日的综合财务状况以及截至该日止

年度的综合财务表现及综合现金流量，并已按

照香港《公司条例》的披露规定妥为编制。

To the shareholders of

Cariana Group Holdings Company Limited

(Incorporated in Bermuda with limited liability)

OPINION

We have audited the consolidated financial statements of

Cariana Group Holdings Company Limited (the “Company”)

and its subsidiaries (the “Group”) set out on pages 80 to 254,

which comprise the consolidated statement of financial position

as at 31 March 2025, and the consolidated statement of profit

or los, the consolidated statement of comprehensive income,

the consolidated statement of changes in equity and the

consolidated statement of cash flows for the year then ended,

and notes to the consolidated financial statements, including

material acounting policy information.

In our opinion, the consolidated financial statements give a

true and fair view of the consolidated financial position of the

Group as at 31 March 2025, and of its consolidated financial

performance and its consolidated cash flows for the year then

ended in acordance with HKFRS Acounting Standards

as isued by the Hong Kong Institute of Certified Public

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

compliance with the disclosure requirements of the Hong Kong

Companies Ordinance.

Cariana Group Holdings Company Limited | Anual Report 2025

Independent Auditor’s Report

独立核数师报告

BASIS FOR OPINION

We conducted our audit in acordance with Hong Kong

Standards on Auditing (“HKSAs”) as isued by the HKICPA. Our

responsibilities under those standards are further described in

the Auditor’s responsibilities for the audit of the consolidated

financial statements section of our report. We are independent

of the Group in acordance with the HKICPA’s Code of Ethics

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

fulfiled our other ethical responsibilities in acordance with the

Code. We believe that the audit evidence we have obtained is

suficient and apropriate to provide a basis for our opinion.

MATERIAL UNCERTAINTY RELATED TO

GOING CONCERN

We draw atention to note 2.1 to the consolidated financial

statements which indicates that the Group incured a net

los of HK$141,900,000 during the year ended 31 March

2025 and as at 31 March 2025, the Group had cash and

cash equivalents of HK$162,534,000 and interest-bearing

borowings of HK$1,260,478,000 which have ben clasified

as curent liabilities. These conditions, along with other maters

as set forth in note 2.1 to the consolidated financial statements,

indicate that a material uncertainty exists that may cast

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

concern. Our opinion is not modified in respect of this mater.

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the

consolidated financial statements of the curent period. These

maters were adresed in the context of our audit of the

consolidated financial statements as a whole, and in forming

our opinion thereon, and we do not provide a separate opinion

on these maters. For each mater below, our description of

how our audit adresed the mater is provided in that context.

We have fulfiled the responsibilities described in the Auditor’s

responsibilities for the audit of the consolidated financial

statements section of our report, including in relation to these

maters. Acordingly, our audit included the performance of

procedures designed to respond to our asesment of the

risks of material mistatement of the consolidated financial

statements. The results of our audit procedures, including

the procedures performed to adres the maters below,

provide the basis for our audit opinion on the acompanying

consolidated financial statements.

意见基准

我们已根据香港会计师公会颁布之《香港审

核准则》进行审核。我们在该等准则项下须承

担之责任于本报告核数师就审核综合财务报

表须承担之责任一节内进一步阐述。根据香港

会计师公会颁布之专业会计师道德守则（「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

之审核凭证能充足及适当地为我们之意见提

供基础。

与持续经营有关的重要不确定性

我们提请注意综合财务报表附注2.1，当中显

示截至二零二五年三月三十一日止年度，贵

集团产生净亏损141,900,000港元，及于二零

二五年三月三十一日，贵集团之现金及现

金等值项目为162,534,000港元及计息借贷为

1,260,478,000港元（已分类为流动负债）。该

等情况连同综合财务报表附注2.1载列的其他

事项显示存在重要不确定性，可能导致对贵

集团的持续经营能力存在重要疑问。我们不

会就此事宜修改意见。

关键审核事项

关键审核事项乃根据我们的专业判断，认为对

本期综合财务报表之审核最为重要之事项。

这些事项乃在我们审核整体综合财务报表及

出具意见时进行处理的，而我们不会对这些事

项提供单独的意见。就下列各项事项而言，我

们就有关事项作出审核之陈述于文中提述。

我们已履行本报告核数师就审核综合财务报

表须承担之责任一节所述之责任，包括与该等

事项有关之责任。因此，我们之审核包括执行

所设计的程序，以应对我们对综合财务报表中

重大错误陈述风险之评估。我们之审核程序

（包括为处理下列事项而采取之程序）结果，

为我们对随附综合财务报表所发表之审核意

见提供基础。

佳宁娜集团控股有限公司 | 2025年报

Independent Auditor’s Report

独立核数师报告

KEY AUDIT MATERS (Continued)关键审核事项

（续）

Key audit materHow our audit adresed the key audit mater

关键审核事项我们之审核如何处理关键审核事项

Asesment of net realisable values of properties

under development (“PUD”) and properties held for

sale (colectively, the “Properties”)

评估发展中物业及持作出售物业（统称「物业」）之可

变现净值

The Group had properties under development

and properties held for sale of aproximately

HK$312,939,000 and HK$377,523,000, respectively,

as at 31 March 2025.

于二零二五年三月三十一日，贵集团之发展中

物业及持作出售物业分别约为312,939,000港元及

377,523,000港元。

The Properties are stated at the lower of cost and

net realisable value. The determination of the net

realisable values of the Properties of the Group is

highly dependent on management’s judgements and

estimates, including the expected seling prices in

the ordinary course of busines, the estimated seling

expenses and the estimated costs to be incured to

completion.

物业按成本与可变现净值两者中之较低者入账。厘定

贵集团物业之可变现净值高度依赖管理层之判断及

估计，包括于日常业务过程中之估计售价、估计销售

开支及预期完工将予产生之估计成本。

The audit procedures we performed on the

asesment of net realisable values of the Properties

included, among others, the folowing:

我们就评价物业之可变现净值所进行之审核程序包

括（其中包括）以下各项：

, capabilities and

competence of the external valuers;

、能力及胜任

能力；

• we involved our internal valuation specialists to

asist us in evaluating the valuation techniques,

key asumptions and inputs adopted in the

valuations; and

• 我们已邀请我们之内部估值专家协助我们评估

估值采用之估值方法、主要假设及输入数据；及

Cariana Group Holdings Company Limited | Anual Report 2025

Independent Auditor’s Report

独立核数师报告

KEY AUDIT MATERS (Continued)关键审核事项

（续）

Key audit materHow our audit adresed the key audit mater

关键审核事项我们之审核如何处理关键审核事项

Asesment of net realisable values of properties

under development (“PUD”) and properties held for

sale (colectively, the “Properties”) (Continued)

评估发展中物业及持作出售物业（统称「物业」）之可

变现净值（续）

The Group engaged a firm of independent

profesionaly qualified valuers (the “external valuers”)

to perform valuations of the Properties based on

prevailing market conditions and information available

at the time of the valuations, and by aplying

valuation techniques considered as apropriate, so

as to asist management in asesing whether any

write-down of the Properties to their net realisable

values is required.

贵集团委聘一间独立专业合资格估值师公司（「外聘

估值师」）根据现行市况及于估值时可得资料并透过

应用被认为属适当之估值方法对物业进行估值，从而

协助管理层评估是否须对物业之可变现净值作出任

何撇减。

We focused on this mater due to the magnitude of

the balances involved and the significant acounting

judgements and estimates required.

鉴于所涉及结余之金额大小以及所需之重大会计判

断及估计，我们集中于此事项。

Related disclosures are included in notes 3 and 20 to

the consolidated financial statements.

相关披露载于综合财务报表附注3及20。

• we asesed certain key asumptions and

estimates including, among others, (i) the

expected seling prices of the Properties by

comparing the expected seling prices to,

among others, the recent transaction prices for

similar properties or the prices of comparable

properties; (i) the estimated seling expenses

by comparing the historical average seling

expenses to revenue ratio or to other relevant

information; and (i) the estimated costs to be

incured to completion for PUD by checking the

estimated costs against budgets aproved by

management and examined, on a sample basis,

relevant construction contracts and other reliable

evidence available.

，包括（其中

包括）(i)透过将估计售价与（其中包括）近期可资

比较物业之市场交易进行比较而根据现行市况

估计物业售价；(i)透过将历史平均销售开支与收

入比率进行比较而估计销售开支；及(i)透过将估

计预期成本与经管理层批准之预算进行比对而

估计完成发展中物业将予产生之估计成本，并抽

样检查相关可得建造合约及其他可靠凭证。

佳宁娜集团控股有限公司 | 2025年报

Independent Auditor’s Report

独立核数师报告

KEY AUDIT MATERS (Continued)关键审核事项

（续）

Key audit materHow our audit adresed the key audit mater

关键审核事项我们之审核如何处理关键审核事项

Asesment of fair values of investment properties

评估投资物业之公平值

The Group had investment properties of

aproximately HK$2,150,380,000 as at 31 March

2025.

于二零二五年三月三十一日，贵集团之投资物业

约为2,150,380,000港元。

Investment properties of the Group are stated at fair

value and are revalued at the end of each reporting

period by a firm of independent profesionaly

qualified valuers (the “external valuers”) engaged

by the management of the Group. The valuation of

investment properties involves significant estimations

and asumptions, including, among others, the

estimated rental values and capitalisation rates for

the income capitalisation aproach and the estimated

market price for the direct comparison aproach.

贵集团之投资物业按公平值列账及于各报告期末

由贵集团管理层委聘一间独立专业合资格估值师

公司（「外聘估值师」）重新估值。投资物业估值涉及

重大估计及假设，包括（其中包括）收入资本化法之

估计租赁价值及资本化率以及直接比较法之估计市

价。

We focused on this mater due to the magnitude of

the balance involved and the significant acounting

judgements and estimates required.

鉴于所涉及结余之金额大小以及所需之重大会计判

断及估计，我们集中于此事项。

Related disclosures are included in notes 3 and 14 to

the consolidated financial statements.

相关披露载于综合财务报表附注3及14。

The audit procedures we performed on the

asesment of fair values of investment properties

included, among others, the folowing:

我们就评估投资物业之公平值所进行之审核程序包

括（其中包括）以下各项：

, capabilities and

competence of the external valuers; and

、能力及胜任能

力；及

• with the asistance of our internal valuation

specialists, we evaluated the valuation

techniques used and asesed the underlying

key inputs and asumptions through, among

others, enquiry with management and the

external valuers and with reference to relevant

historical, underlying and market information.

• 我们已邀请我们之内部估值专家协助我们透过

向管理层及外聘估值师作出查询及参考有关历

史、基本及市场资料而评估所采用之估值方法及

评估相关主要输入数据及假设。

We also asesed the adequacy of the related

disclosures in the notes to the consolidated financial

statements.

我们亦评估综合财务报表附注中相关披露的充分性。

Cariana Group Holdings Company Limited | Anual Report 2025

Independent Auditor’s Report

独立核数师报告

年报所载的其他资料

贵公司董事须就其他资料负责。其他资料包

括年报所载的资料，惟不包括综合财务报表

及我们就此发出的核数师报告。

我们对综合财务报表的意见并不涵盖其他资

料，我们亦不就其他资料发表任何形式的鉴

证结论。

在我们审核综合财务报表方面，我们的责任为

阅览其他资料，而在此过程中，我们会考虑其

他资料是否与综合财务报表或我们在审核过

程中了解的情况严重不符，或是否似乎存在重

大错误陈述。基于我们已进行的工作，如我们

认为其他资料存在重大错误陈述，则我们须报

告有关事实。就此而言，我们并无任何报告。

董事就综合财务报表须承担的责

任

贵公司董事须负责根据香港会计师公会颁布

的《香港财务报告准则会计准则》及香港《公

司条例》之披露要求，编制真实而公平地反映

情况之综合财务报表，及落实董事厘定对编

制综合财务报表属必要之内部监控，以使该

等综合财务报表不会存在由于欺诈或错误而

导致之重大错误陈述。

于编制综合财务报表时，贵公司董事须负

责评估贵集团是否有能力继续持续经营、

披露（如适用）与持续经营相关事宜，并使用

持续经营会计法，除非贵公司董事拟将贵

集团清盘或终止营运，或除此之外并无实际

替代方案，则另作别论。

贵公司董事在审核委员会协助下履行彼等监

督贵集团财务申报过程的责任。

OTHER INFORMATION INCLUDED IN

THE ANUAL REPORT

The directors of the Company are responsible for the other

information. The other information comprises the information

included in the Anual Report, other than the consolidated

financial statements and our auditor’s report thereon.

Our opinion on the consolidated financial statements does not

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

asurance conclusion thereon.

In conection with our audit of the consolidated financial

statements, our responsibility is to read the other information

and, in doing so, consider whether the other information

is materialy inconsistent with the consolidated financial

statements or our knowledge obtained in the audit or otherwise

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

we have performed, we conclude that there is a material

mistatement of this other information, we are required to

report that fact. We have nothing to report in this regard.

RESPONSIBILITIES OF THE DIRECTORS

FOR THE CONSOLIDATED FINANCIAL

STATEMENTS

The directors of the Company are responsible for the

preparation of the consolidated financial statements that give

a true and fair view in acordance with HKFRS Acounting

Standards as isued by the HKICPA and the disclosure

requirements of the Hong Kong Companies Ordinance, and for

such internal control as the directors determine is necesary to

enable the preparation of consolidated financial statements that

are fre from material mistatement, whether due to fraud or

eror.

In preparing the consolidated financial statements, the directors

of the Company are responsible for asesing the Group’s

ability to continue as a going concern, disclosing, as aplicable,

maters related to going concern and using the going concern

basis of acounting unles the directors of the Company either

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

realistic alternative but to do so.

The directors of the Company are asisted by the Audit

Comite in discharging their responsibilities for overseing

the Group’s financial reporting proces.

佳宁娜集团控股有限公司 | 2025年报

Independent Auditor’s Report

独立核数师报告

核数师就审核综合财务报表须承

担之责任

我们之目标乃就综合财务报表整体是否不存

在由于欺诈或错误而导致之重大错误陈述取

得合理保证，并发出载有我们意见的核数师

报告。我们之报告按照百慕达一九八一年公

司法第90条，仅向整体股东发出。除此之外，

本报告别无其他目的。我们不就本报告之内

容向任何其他人士负责或承担责任。

合理保证属高水平之核证，惟根据《香港审核

准则》进行之审核工作不能保证总能察觉所

存在的重大错误陈述。错误陈述可因欺诈或

错误引起，倘个别或整体在合理预期情况下

可影响使用者根据该等综合财务报表作出经

济决定时，则被视为重大错误陈述。

于根据《香港审核准则》进行审核过程中，我

们运用专业判断及保持专业怀疑态度。我们

亦：

• 识别及评估由于欺诈或错误而导致综合

财务报表存在重大错误陈述之风险，设

计及执行审核程序以应对此等风险，以

及取得充足及适当审核凭证，作为我们

意见之基础。由于欺诈可能涉及串谋、

伪造、蓄意遗漏、虚假陈述，或凌驾于内

部监控之上，因此未能发现因欺诈而导

致重大错误陈述之风险较因错误而导致

重大错误陈述之风险为高。

，以设计于

有关情况下适当之审核程序，但目的并

非对贵集团内部监控有效性发表意

见。

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS

Our objectives are to obtain reasonable asurance about

whether the consolidated financial statements as a whole are

fre from material mistatement, whether due to fraud or eror,

and to isue an auditor’s report that includes our opinion. Our

report is made solely to you, as a body, in acordance with

section 90 of the Bermuda Companies Act 1981, and for no

other purpose. We do not asume responsibility towards or

acept liability to any other person for the contents of this

report.

Reasonable asurance is a high level of asurance, but is

not a guarante that an audit conducted in acordance with

HKSAs wil always detect a material mistatement when it

exists. Mistatements can arise from fraud or eror and are

considered material if, individualy or in the agregate, they

could reasonably be expected to influence the economic

decisions of users taken on the basis of these consolidated

financial statements.

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

profesional judgement and maintain profesional scepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement

of the consolidated financial statements, whether due

to fraud or eror, design and perform audit procedures

responsive to those risks, and obtain audit evidence that

is suficient and apropriate to provide a basis for our

opinion. The risk of not detecting a material mistatement

resulting from fraud is higher than for one resulting from

eror, as fraud may involve colusion, forgery, intentional

omisions, misrepresentations, or the overide of internal

control.

• Obtain an understanding of internal control relevant to

the audit in order to design audit procedures that are

apropriate in the circumstances, but not for the purpose

of expresing an opinion on the efectivenes of the

Group’s internal control.

Cariana Group Holdings Company Limited | Anual Report 2025

Independent Auditor’s Report

独立核数师报告

核数师就审核综合财务报表须承

担之责任（续）

• 评价董事所采用之会计政策恰当性及所

作出之会计估计及相关披露之合理性。

• 就董事采用持续经营基准会计法之恰当

性作出结论。根据所得审核凭证，确定是

否存在与事件或情况有关之重大不确定

性，从而可能对贵集团持续经营能力

产生重大疑虑。倘我们之结论为存在重

大不确定性，则有必要于核数师报告中

提请注意综合财务报表内之相关披露，

或如有关披露不足，则须发出非无保留

意见。我们之结论乃基于截至核数师报

告日期为止所获得之审核凭证。然而，

未来事件或情况可能导致贵集团无法

持续经营。

、结

构及内容，包括披露资料，以及综合财

务报表是否已公平地反映相关交易及事

项。

• 计划并执行集团审核以就贵集团内实

体或业务单位之财务资料获取充分及适

当之审核凭证，以作为形成综合财务报

表意见的基础。我们负责指导、监督及检

讨就集团审核进行之审核工作。我们对

我们之审核意见承担全部责任。

我们与审核委员会沟通（其中包括）审核之计

划范围及时间安排以及重大审核发现，包括

我们在审核过程中识别之内部监控之任何重

大缺失。

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (Continued)

• Evaluate the apropriatenes of acounting policies used

and the reasonablenes of acounting estimates and

related disclosures made by the directors.

’ use of

the going concern basis of acounting and, based on the

audit evidence obtained, whether a material uncertainty

exists related to events or conditions that may cast

significant doubt on the Group’s ability to continue as a

going concern. If we conclude that a material uncertainty

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

report to the related disclosures in the consolidated

financial statements or, if such disclosures are inadequate,

to modify our opinion. Our conclusions are based on the

audit evidence obtained up to the date of our auditor’s

report. However, future events or conditions may cause

the Group to cease to continue as a going concern.

, structure and content

of the consolidated financial statements, including the

disclosures, and whether the consolidated financial

statements represent the underlying transactions and

events in a maner that achieves fair presentation.

‧ Plan and perform the group audit to obtain suficient

apropriate audit evidence regarding the financial

information of the entities or busines units within

the Group as a basis for forming an opinion on the

consolidated financial statements. We are responsible for

the direction, supervision and review of the audit work

performed for purposes of the group audit. We remain

solely responsible for our audit opinion.

We comunicate with the Audit Comite regarding, among

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

significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

佳宁娜集团控股有限公司 | 2025年报

Independent Auditor’s Report

独立核数师报告

核数师就审核综合财务报表须承

担之责任（续）

我们亦向审核委员会作出声明，确认我们已

符合有关独立性之相关道德要求，并与彼等

沟通可能被合理认为会影响我们独立性之所

有关系及其他事项，以及已采取消除威胁的

行动或防范措施（如适用）。

从与审核委员会沟通事项中，我们厘定对本

期间综合财务报表之审核最为重要之事项，

因而构成关键审核事项。我们于核数师报告中

描述该等事项，除非法律或法规不允许对某件

事项作出公开披露，或于极端罕见之情况下，

倘合理预期于我们报告中披露某事项而造成

之负面后果将会超过其产生之公众利益，则

我们决定不应于报告中传达该事项。

出具本独立核数师报告的审核项目合伙人为

王一建（执业证书编号：P06178）。

安永会计师事务所

执业会计师

香港鲗鱼涌

英皇道979号

太古坊一座27楼

二零二五年六月二十七日

AUDITOR’S RESPONSIBILITIES FOR

THE AUDIT OF THE CONSOLIDATED

FINANCIAL STATEMENTS (Continued)

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.

From the maters comunicated with the Audit Comite,

we determine those maters that were of most significance in

the audit of the consolidated financial statements of the curent

period and are therefore the key audit maters. We describe

these maters in our auditor’s report unles law or regulation

precludes public disclosure about the mater or when, in

extremely rare circumstances, we determine that a mater

should not be comunicated in our report because the adverse

consequences of doing so would reasonably be expected to

outweigh the public interest benefits of such comunication.

The engagement partner on the audit resulting in this

independent auditor’s report is Wong Yat Kin (practising

certificate number: P06178).

Ernst & Young

Certified Public Acountants

27/F, One Taiko Place

979 King’s Road

Quary Bay, Hong Kong

27 June 2025

2025 二零二五年 HK$’000 千港元
577,521 (335,426)
242,095 15,845 (125,463) (88,883) (66,579) (107,860) (56,075)
(186,920) 45,020
(141,900)
(135,187) (6,713)
(141,900)
HK cents (8.60)港仙
HK cents (8.60)港仙

Cariana Group Holdings Company Limited | Anual Report 2025

Consolidated Statement of Profit or Los

综合损益表

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

二零二四年

NotesHK$’000

附注千港元

REVENUE收入5661,856

Cost of sales销售成本(398,069)

Gros profit毛利263,787

Other income and gains, net其他收入及收益，净额548,714

Seling and distribution expenses销售及分销开支(141,847)

General and administrative expenses一般及行政开支(119,075)

Other expenses, net其他开支，净额(123,695)

Finance costs财务成本7(127,036)

Share of loses of asociates应占联营公司亏损(64,870)

LOS BEFORE TAX除税前亏损6(264,022)

Income tax credit所得税抵免102,933

LOS FOR THE YEAR本年度亏损(261,089)

Atributable to:应占：

Owners of the parent母公司拥有人(250,250)

Non-controling interests非控股权益(10,839)

(261,089)

LOS PER SHARE

ATRIBUTABLE TO

ORDINARY EQUITY

HOLDERS OF THE PARENT

母公司普通股权持有人

应占每股亏损

– Basic－基本HK cents (15.93)港仙

– Diluted－摊薄HK cents (15.93)港仙

2025 二零二五年 HK$’000 千港元
(141,900)
(26,588) (2,960) (15,907)
(45,455)
26,749
(18,706)
(160,606)
(153,778) (6,828)
(160,606)

佳宁娜集团控股有限公司 | 2025年报

Consolidated Statement of Comprehensive Income

综合全面收入报表

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

二零二四年

HK$’000

千港元

LOS FOR THE YEAR本年度亏损(261,089)

OTHER COMPREHENSIVE

INCOME/(LOS)

其他全面收入╱（亏损）

Other comprehensive los that may be

reclasified to profit or los in subsequent

periods:

将于其后期间可重新分类至

损益之其他全面亏损：

Exchange diferences:汇兑差异：

Exchange diferences on translation of

foreign operations

换算海外业务之汇兑差异

(145,950)

Share of other comprehensive los of

asociates

分占联营公司之其他全面

亏损(15,310)

Release of exchange reserve on

disposal of a subsidiary

出售附属公司时解除汇兑储备

–

(161,260)

Other comprehensive income/(los) that

wil not be reclasified to profit or los in

subsequent periods:

将于其后期间不可重新分类至

损益之其他全面收入╱

（亏损）：

Changes in fair value of equity investments

designated at fair value through other

comprehensive income

指定为按公平值列账及于其他

全面收入中处理之权益投资

的公平值变动(66,414)

OTHER COMPREHENSIVE LOS FOR

THE YEAR

本年度其他全面亏损

(227,674)

TOTAL COMPREHENSIVE LOS FOR

THE YEAR

本年度全面亏损总额

(488,763)

Atributable to:应占：

Owners of the parent母公司拥有人(475,748)

Non-controling interests非控股权益(13,015)

(488,763)

2025 二零二五年 HK$’000 千港元
583,554 2,150,380 96,335 28,162 1,149,140 69,484 312,939 14,836 18,904
4,423,734
377,523 28,976 3,703 26,341 290,188 817 192,556 22,196 15,995 33,722 162,534
1,154,551
–
1,154,551

Cariana Group Holdings Company Limited | Anual Report 2025

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

NON-CURENT ASETS非流动资产

Property, plant and equipment物业、厂房及设备13629,138

Investment properties投资物业142,232,073

Right-of-use asets使用权资产15(a)107,477

Godwil商誉1628,162

Interests in asociates于联营公司之权益171,175,813

Equity investments designated

at fair value through other

comprehensive income

指定为按公平值列账及

于其他全面收入中处理之

权益投资1843,054

Properties under development发展中物业20314,303

Defered tax asets递延税项资产3134,269

Other receivables, deposits and

prepayments

其他应收账款、按金及预付

款项2322,764

Total non-curent asets非流动资产总值4,587,053

CURENT ASETS流动资产

Properties held for sale持作出售物业20408,789

Inventories存货2134,380

Tax recoverable可收回税项3,954

Trade receivables应收贸易账款2231,596

Other receivables, deposits and

prepayments

其他应收账款、按金及预付

款项23316,713

Due from directors应收董事款项245,133

Due from an asociate应收一间联营公司款项17354,064

Financial asets at fair value through

profit or los

按公平值列账及于损益中

处理之金融资产1935,309

Equity investment designated

at fair value through other

comprehensive income

指定为按公平值列账及

于其他全面收入中处理之

权益投资1817,329

Pledged time deposits已抵押定期存款2534,785

Cash and bank balances现金及银行结余25127,369

1,369,421

Asets clasified as held for sale分类为持作出售资产26178,437

Total curent asets流动资产总值1,547,858

2025 二零二五年 HK$’000 千港元
(48,364) (199,267) (69,127) (35,876) (42,485) (1,260,478) (46,480) (27,857) (239,128)
(1,969,062)
–
(1,969,062)
(814,511)
3,609,223
(12,180) (292,199) (54,909) (74,453) (253,485) (4,214)
(691,440)
2,917,783

佳宁娜集团控股有限公司 | 2025年报

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

CURENT LIABILITIES流动负债

Trade payables应付贸易账款27(50,046)

Other payables, acruals and

deposits received

其他应付账款、应计费用及

已收按金28(193,865)

Convertible bonds可换股债券30(76,971)

Due to directors应付董事款项42(660)

Due to non-controling shareholders应付非控股东款项42(38,770)

Interest-bearing bank borowings附息之银行借贷30(1,450,391)

Lease liabilities租赁负债15(b)(34,747)

Defered income递延收入32(28,230)

Tax payable应付税项(291,531)

(2,165,211)

Liabilities directly asociated with the

asets clasified as held for sale

与分类为持作出售资产

直接相关之负债26(226,696)

Total curent liabilities流动负债总额(2,391,907)

NET CURENT LIABILITIES流动负债净值(844,049)

TOTAL ASETS LES

CURENT LIABILITIES

资产总值减流动负债

3,743,004

NON-CURENT LIABILITIES非流动负债

Acruals and deposits received应计费用及已收按金28(12,748)

Interest-bearing bank borowings附息之银行借贷30(209,644)

Lease liabilities租赁负债15(b)(71,062)

Defered income递延收入32(75,085)

Defered tax liabilities递延税项负债31(274,919)

Provisions拨备29(4,254)

Total non-curent liabilities非流动负债总额(647,712)

Net asets资产净值3,095,292

2025 二零二五年 HK$’000 千港元
157,136 2,783,772
2,940,908 (23,125)
2,917,783

Cariana Group Holdings Company Limited | Anual Report 2025

Consolidated Statement of Financial Position

综合财务状况表

31 March 2025 二零二五年三月三十一日

二零二四年

NotesHK$’000

附注千港元

EQUITY股本

Equity atributable to owners of

the parent

母公司拥有人应占权益

Isued capital已发行股本33157,136

Reserves储备352,959,080

3,116,216

Non-controling interests非控股权益(20,924)

Total equity权益总值3,095,292

Ma Kai YumLiang Rui

马介钦梁锐

DirectorDirector

董事董事

Attributable to owners of the parent
母公司拥有人应占
Issued capital	Share premium account	Equity component of convertible bonds	Leasehold land and building revaluation reserve	Share option reserve	Goodwill reserve	Exchange fluctuation reserve	Capital redemption reserve	Reserve funds	Fair value reserve	Capital and other reserves	Retained profits	Total	Non- controlling interests	Total equity
已发行股本	股份溢价账		租赁土地	购股权储备		汇兑波动储备	资本赎回储备		公平值储备	资本及其他储备			非控股权益
已发行股本		可换股债券权益部份	及楼宇重估储备		商誉储备			储备金			保留溢利	总计		权益总值
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’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	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
157,136 1,505,959 16,162 83,278 5,513 (86,230) (65,791) 316 581 (125,848) (62,914) 2,163,802 3,591,964 (6,762) 3,585,202 – – – – – – – – – – – (250,250) (250,250) (10,839) (261,089) – – – – – – – – – (66,414) – – (66,414) – (66,414) – – – – – – (143,774) – – – – – (143,774) (2,176) (145,950) – – – – – – (15,310) – – – – – (15,310) – (15,310)
– – – – – – (159,084) – – (66,414) – (250,250) (475,748) (13,015) (488,763) – – – – – – – – – – – – – (1,147) (1,147) – – – – – – – – 414 – – (414) – – –
157,136 1,505,959* 16,162* 83,278* 5,513* (86,230)* (224,875)* 316* 995* (192,262)* (62,914)* 1,913,138* 3,116,216 (20,924) 3,095,292

佳宁娜集团控股有限公司 | 2025年报

Consolidated Statement of Changes in Equity

综合权益变动表

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

Notes

附注

At 1 April 2023于二零二三年

四月一日

Los for the year本年度亏损

Other comprehensive los

for the year:

本年度其他全面

亏损：

Changes in fair value of

equity investments at

fair value through other

comprehensive income

按公平值列账及

于其他全面

收入中处理之

权益投资公平值

变动

Exchange diferences on

translation of foreign

operations

换算海外业务之

汇兑差异

Share of other comprehensive

los of an asociate

分占一间联营公司之

其他全面亏损

Total comprehensive los

for the year

本年度全面亏损总额

Dividends paid to non-controling

shareholders

已付非控股东之

股息

Transfer from retained profits保留溢利转拨

At 31 March 2024于二零二四年

三月三十一日

Attributable to owners of the parent
母公司拥有人应占
Issued capital	Share premium account	Equity component of convertible bonds	Leasehold land and building revaluation reserve	Share option reserve	Goodwill reserve	Exchange fluctuation reserve	Capital redemption reserve	Reserve funds	Fair value reserve	Capital and other reserves	Retained profits	Total	Non- controlling interests	Total equity
已发行股本	股份溢价账		租赁土地	购股权储备		汇兑波动储备	资本赎回储备		公平值储备	资本及其他储备			非控股权益
已发行股本		可换股债券权益部份	及楼宇重估储备		商誉储备			储备金			保留溢利	总计		权益总值
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’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	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
157,136 1,505,959 16,162 83,278 5,513 (86,230) (224,875) 316 995 (192,262) (62,914) 1,913,138 3,116,216 (20,924) 3,095,292 – – – – – – – – – – – (135,187) (135,187) (6,713) (141,900) – – – – – – – – – 26,749 – – 26,749 – 26,749 – – – – – – (26,473) – – – – – (26,473) (115) (26,588) – – – – – – (2,960) – – – – – (2,960) – (2,960) – – – – – – (15,907) – – – – – (15,907) – (15,907)
– – – – – – (45,340) – – 26,749 – (135,187) (153,778) (6,828) (160,606) – – – – – – – – – – (150) 150 – – – – – – – – – – – 122 – – (122) – – – – – – – – – – – – 6,235 – (6,235) – – – – – – – – – – – – – – (21,530) (21,530) 4,627 (16,903)
157,136 1,505,959* 16,162* 83,278* 5,513* (86,230)* (270,215)* 316* 1,117* (159,278)* (63,064)* 1,750,214* 2,940,908 (23,125) 2,917,783

Cariana Group Holdings Company Limited | Anual Report 2025

Consolidated Statement of Changes in Equity

综合权益变动表

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

,783,772,000港元（二零二四

年：2,959,080,000港元）已包括在综合财务

状况表之综合储备之内。

Notes

附注

At 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

四月一日

Los for the year本年度亏损

Other comprehensive income/

(los) for the year:

本年度其他全面

收入╱（亏损）：

Changes in fair value of

equity investments at

fair value through other

comprehensive income

按公平值列账及

于其他全面

收入中处理之

权益投资公平值

变动

Exchange diferences on

translation of foreign

operations

换算海外业务之

汇兑差异

Share of other comprehensive

los of an asociate

分占一间联营公司之

其他全面亏损

Release of exchange reserve

on disposal of a subsidiary

出售附属公司时解除

汇兑储备37

Total comprehensive income/(los)

for the year

本年度全面收入╱

（亏损）总额

Disposal of subsidiaries出售附属公司

Transfer from retained profits保留溢利转拨

Transfer of fair value reserve

upon the disposal of equity

investments at fair value

through other comprehensive

income

出售按公平值列账及

于其他全面收入中

处理之权益投资后公

平值储备转移

Acquisition of non-controling

interest in a subsidiary

收购于一间附属公司之

非控股权益

At 31 March 2025于二零二五年

三月三十一日

* These reserve acounts comprise the consolidated reserves of

aproximately HK$2,783,772,000 (2024: HK$2,959,080,000) in

the consolidated statement of financial position.

2025 二零二五年 HK$’000 千港元
(186,920) 107,860 56,075 (2,234) (247) (6,180) (1,075) 350 – (7,131) 62,160 57,583 74 (161) 5,264 9,893 35,414 (210) – – 2,763 253

佳宁娜集团控股有限公司 | 2025年报

Consolidated Statement of Cash Flows

综合现金流量表

二零二四年

NotesHK$’000

附注千港元

CASH FLOWS FROM OPERATING

ACTIVITIES

经营业务所得之现金流量

Los before tax除税前亏损(264,022)

Adjustments for:调整于：

Finance costs财务成本7127,036

Share of loses of asociates应占联营公司亏损64,870

Bank interest income银行利息收入5(10,607)

Investment interest income投资利息收入5(3,926)

Other interest income其他利息收入5(17,976)

Dividend income from financial

asets at fair value through

profit or los

按公平值列账及于损益中处

理之金融资产之

股息收入5(1,654)

Los on disposal/write-of of

items of property, plant and

equipment, net

出售╱注销物业、厂房及设

备项目之亏损，净额

Impairment of godwil商誉减值624,419

Fair value (gains)/los, net:公平值（收益）╱亏损，

净额：

Financial asets at fair value

through profit or los

按公平值列账及于损益中

处理之金融资产616,067

Depreciation of property, plant and

equipment

物业、厂房及设备之折旧

668,430

Changes in fair value of investment

properties, net

投资物业公平值

变动，净额6 38,047

Impairment of trade receivables, net应收贸易账款之减值，净额62,943

Reversal of impairment of other

receivables, net

其他应收账款之

减值拨回，净额6(163)

Impairment of property, plant and

equipment and right-of-use asets

物业、厂房及设备，

及使用权资产之减值67,856

Write-of of other receivable 撇销其他应收账款6–

Depreciation of right-of-use asets使用权资产之折旧638,354

Release of defered income递延收入之解除6(401)

Gain on lease modification租赁修订之收益5(215)

Fair value los on redemption option

of convertible bonds

赎回可换股债券选择权之

公平值亏损617,465

Los on modification of

convertible bonds

修订可换股债券之亏损

62,363

Los on disposal of subsidiaries出售附属公司之亏损61,644

2025 二零二五年 HK$’000 千港元
(261) – 5,203 4,996 18,890 4,286 (1,390) (36,709) 42,892 35,220 (30)
206,628 (792)
205,836

Cariana Group Holdings Company Limited | Anual Report 2025

Consolidated Statement of Cash Flows

综合现金流量表

Increase in properties under

development

发展中物业之

增加(6,710)

Decrease in properties held for sale持作出售物业之减少11

Decrease/(increase) in inventories存货减少╱（增加）(6,330)

Decrease/(increase) in trade

receivables

应收贸易账款减少╱

（增加）(5,626)

Decrease in other receivables,

deposits and prepayments

其他应收账款、按金及

预付款项减少69,598

Decrease/(increase) in amounts due

from directors

应收董事款项减少╱

（增加）(2,613)

Decrease in trade payables应付贸易账款减少(3,720)

Increase/(decrease) in other

payables, acruals and deposits

received

其他应付账款、

应计费用及已收按金

增加╱（减少）108,408

Increase in contract liabilities合约负债增加–

Increase/(decrease) in amounts due

to directors

应付董事款项增加╱

（减少）(2,696)

Decrease in provisions拨备减少(330)

Cash generated from operations经营业务所得之现金261,014

Hong Kong profits tax refunded/

(paid)

退还╱（已付）香港利得税款

Net cash flows from operating

activities

经营业务所得之

现金流量净额261,247

二零二四年

NotesHK$’000

附注千港元

2025 二零二五年 HK$’000 千港元
2,234 6,427 1,075 (23,324) 3,858 (3,117) 1,577 23,361 20,160 (191,562) 192,625 – 66,549 140,925 (201,623) (16,903) 60,323 – –
82,585

佳宁娜集团控股有限公司 | 2025年报

Consolidated Statement of Cash Flows

综合现金流量表

CASH FLOWS FROM INVESTING

ACTIVITIES

投资活动之现金流量

Bank interest received已收银行利息10,607

Other interest received其他已收利息21,902

Dividend received from financial

asets at fair value through profit

or los

已收按公平值列账及于损益

中处理之金融资产股息

1,654

Purchases of items of property, plant

and equipment

购入物业、厂房及

设备项目(39,650)

Proceds from disposal of items of

property, plant and equipment

出售物业、厂房及

设备项目所得款项6,362

Purchases of financial asets at fair

value through profit or los

购入按公平值列账及

于损益中处理之

金融资产(11,713)

Proceds from disposal of

equity investments designated

at fair value through other

comprehensive income

指定为按公平值列账及

于其他全面收入中处理之

出售权益投资所得款项

–

Proceds from disposal of financial

asets at fair value through profit

or los

出售按公平值列账及

于损益中处理之

金融资产所得款项84,252

Proceds from disposal of

an investment property

出售投资物业所得款项

17,480

Placement of pledged time deposits存置已抵押定期存款 (99,438)

Withdrawal of pledged time deposits提取已抵押定期存款

98,221

Decrease in restricted cash受限制现金之减少32

Decrease/(increase) in amounts due

from asociates

应收联营公司

款项之减少╱（增加）(349,861)

Disposal of a subsidiary出售一间附属公司37251

Capital injection to a disposal group向一个出售组别注资–

Acquisition of non-controling interest

in a subsidiary

收购一间附属公司之

非控股权益–

Distribution from asociates来自联营公司的分派–

Increase in asets clasified as

held for sale

分类为持作出售资产之

增加(178,437)

Increase in liabilities directly

asociated with the asets

clasified as held for sale

与分类为持作出售资产

直接相关的负债之

增加226,696

Net cash flows from/(used in)

investing activities

投资活动所得╱（所用）之

现金流量净额(211,642)

二零二四年

NotesHK$’000

附注千港元

2025 二零二五年 HK$’000 千港元
499,078 (601,749) (8,000) 2,568 (34,011) – (110,467)
(252,581)
35,840 127,369 (675)
162,534
138,996 23,538
162,534

Cariana Group Holdings Company Limited | Anual Report 2025

Consolidated Statement of Cash Flows

综合现金流量表

CASH FLOWS FROM FINANCING

ACTIVITIES

融资活动所得之现金流量

New bank loans新增银行贷款556,332

Repayment of bank loans偿还银行贷款(588,604)

Redemption of convertible bond赎回可换股债券–

Changes in balances with non-

controling shareholders, net

非控股东余额变动，净额

Principal portion of lease payments租赁付款的资本部分(36,647)

Dividends paid to non-controling

shareholders

已付非控股东股息

(1,147)

Interest paid已付利息(127,881)

Net cash flows used in financing

activities

融资活动所用之

现金流量净额(197,620)

NET INCREASE/(DECREASE)

IN CASH AND CASH

EQUIVALENTS

现金及现金等值项目

增加╱（减少），净额

(148,015)

Cash and cash equivalents

at begining of year

年初之现金及现金等值

项目287,707

Efect of foreign exchange rate

changes, net

外币汇率变动的影响，

净额(12,323)

CASH AND CASH EQUIVALENTS

AT END OF YEAR

年终之现金及

现金等值项目127,369

ANALYSIS OF BALANCES

OF CASH AND CASH

EQUIVALENTS

现金及现金等值

项目结余之分析

Cash and unpledged bank balances现金及未抵押银行结余120,844

Time deposits with original maturity

of les than thre months when

acquired

收购时原到期日少

于三个月之定期存款

6,525

Cash and cash equivalents as stated

in the consolidated statement of

cash flows

综合现金流量表内呈列之

现金及现金等值项目

127,369

二零二四年

NotesHK$’000

附注千港元

2025 二零二五年
100 100 91 100 100 100

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

1. 公司及集团资料

佳宁娜集团控股有限公司（「本公司」）

是一间于百慕达注册成立之有限公司。

本公司注册办事处位于Victoria Place,

5th Flor, 31 Victoria Stret, Hamilton

HM10, Bermuda。

年内，本公司及其附属公司（统称「本集

团」）的主要业务为投资控股、物业投资

及发展以及经营酒店、餐饮及食品业务。

附属公司相关资料

本公司主要附属公司之详情如下：

1. CORPORATE AND GROUP

INFORMATION

Cariana Group Holdings Company Limited (the

“Company”) is a limited liability company incorporated in

Bermuda. The registered ofice of the Company is located

at Victoria Place, 5th Flor, 31 Victoria Stret, Hamilton

HM10, Bermuda.

During the year, the Company and its subsidiaries

(colectively refered to as the “Group”) were principaly

engaged in investment holding, property investment and

development, and the operations of hotel, restaurant and

fod busineses.

INFORMATION ABOUT SUBSIDIARIES

Particulars of the Company’s principal subsidiaries are as

folows:

Name of company

Place of

incorporation/

registration

and busines

Clas of equity

interest held

Isued ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

公司名称

注册成立╱

注册及营业地点所持股权类别

已发行普通╱

注册股本

本公司应占股权

百分比主要业务

二零二四年

Amica Properties LimitedHong KongOrdinary sharesHK$2100Property investment

亚美加置业有限公司香港普通股2港元物业投资

Cariana (BVI) Ltd.*British Virgin IslandsOrdinary sharesUS$1100Investment holding

英属处女群岛普通股1美元投资控股

Cariana (Chiu Chow)

Restaurant Limited

Hong KongOrdinary sharesHK$8,000,00091Restaurant operations

佳宁娜（潮州）酒楼有限公司香港普通股8,000,000港元餐饮经营

Cariana Chinese Fod

(Hong Kong) Limited

Hong KongOrdinary sharesHK$900,000100Investment holding

佳宁娜中式食品（香港）

有限公司

香港普通股900,000港元投资控股

Cariana Holdings LimitedHong KongOrdinary sharesHK$25,000,000100Property investment

and development

佳宁娜集团有限公司香港普通股25,000,000港元物业投资及发展

Cariana (Shenzhen)

Investment Co., Ltd.

(1)

People’s Republic

of China (“PRC”)/

Mainland China

Registered capitalHK$80,000,000100Investment holding

and property

investment and

development

佳宁娜（深圳）投资

有限公司

(1)

中华人民共和国

（「中国」）╱

中国大陆

注册资本80,000,000港元投资控股和物业投资

及发展

2025 二零二五年
100 100 100 100 100 100 100 76 100 – 100 90 100

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

Name of company

Place of

incorporation/

registration

and busines

Clas of equity

interest held

Isued ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

公司名称

注册成立╱

注册及营业地点所持股权类别

已发行普通╱

注册股本

本公司应占股权

百分比主要业务

二零二四年

China East International

Materials City Limited

Hong KongOrdinary sharesHK$1,000,000100Investment holding

华东国际物料城有限公司香港普通股1,000,000港元投资控股

Sunshine Group Dining

Services Limited

Hong KongOrdinary sharesHK$13,733,601100Restaurant operations

阳光集团餐饮服务有限公司香港普通股13,733,601港元餐饮经营

Earn Fame Group LimitedBritish Virgin IslandsOrdinary sharesUS$1100Investment holding

添誉集团有限公司英属处女群岛普通股1美元投资控股

Elite Brave Development

Limited*

British Virgin IslandsOrdinary sharesUS$1100Investment holding

精勇发展有限公司*英属处女群岛普通股1美元投资控股

Goldfield Properties LimitedHong KongOrdinary sharesHK$2100Investment holding

嘉丰置业有限公司香港普通股2港元投资控股

Huge Moral International

Limited*

British Virgin IslandsOrdinary sharesUS$1100Investment holding

浩德国际有限公司*英属处女群岛普通股1美元投资控股

Max Honour Investments

Limited

Hong KongOrdinary sharesHK$1100Investment holding

安浩投资有限公司香港普通股1港元投资控股

Profit Smart Group LimitedHong KongOrdinary sharesHK$5,598,05976Bakery operations

利骏食品集团有限公司香港普通股5,598,059港元面包店经营

Tak Sing Aliance LimitedHong KongOrdinary sharesHK$200100Investment holding

and property

investment

香港普通股200港元投资控股及物业投资

Non-voting

defered

HK$1,000,000–

无投票权

递延股份

1,000,000港元

Tak Sing (Panyu) Fashion

Company Limited

(1)

PRC/Mainland ChinaRegistered capitalHK$51,000,000100Property investment

广州市达升服装有限公司

(1)

中国╱中国大陆注册资本51,000,000港元物业投资

Wealth Mark Group LimitedBritish Virgin IslandsOrdinary sharesUS$1090Investment holding

裕铭集团有限公司英属处女群岛普通股10美元投资控股

佳宁娜（佛山）企业

有限公司*

(2)

PRC/Mainland ChinaRegistered capitalRMB14,700,000100Hotel and restaurant

operations

中国╱中国大陆注册资本人民币14,700,000元酒店及餐饮经营

1. CORPORATE AND GROUP

INFORMATION (Continued)

INFORMATION ABOUT SUBSIDIARIES

(Continued)

1. 公司及集团资料

（续）

附属公司相关资料（续）

2025 二零二五年
65 100 100 100 100 100 65 75 60 100 100 100 100

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

Name of company

Place of

incorporation/

registration

and busines

Clas of equity

interest held

Isued ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

公司名称

注册成立╱

注册及营业地点所持股权类别

已发行普通╱

注册股本

本公司应占股权

百分比主要业务

二零二四年

海南佳宁娜食品有限公司

(2)

PRC/Mainland ChinaRegistered capitalRMB31,000,00065Fod busines

中国╱中国大陆注册资本人民币31,000,000元食品业务

深圳佳宁娜贵宾楼饭店

有限公司

(3)

PRC/Mainland ChinaRegistered capitalRMB5,000,000100Restaurant operations

中国╱中国大陆注册资本人民币5,000,000元餐饮经营

华东国际时尚物料城开发

（连云港）有限公司

(1)

PRC/Mainland China

中国╱中国大陆

Registered capital

注册资本

US$46,000,000

46,000,000美元

100Property investment

and development

物业投资及发展

Cariana Fod

(Shenzhen) Ltd.

(1)

佳宁娜食品（深圳）

有限公司

(1)

PRC/Mainland ChinaRegistered capitalHK$1,000,000100Fod busines

中国╱中国大陆注册资本1,000,000港元食品业务

深圳市佳宁娜餐饮

有限公司

(3)

PRC/Mainland ChinaRegistered capitalRMB6,000,000100Restaurant operations

中国╱中国大陆注册资本人民币6,000,000元餐饮经营

佳宁娜（广州）商业地产经营

管理有限公司

(1)

PRC/Mainland China

中国╱中国大陆

Registered capital

注册资本

RMB40,000,000

人民币40,000,000元

100Property investment

物业投资

海南佳宁娜餐饮服务

有限公司

(1)

PRC/Mainland China

中国╱中国大陆

Registered capital

注册资本

RMB50,000,000

人民币50,000,000元

65Restaurant operations

餐饮经营

昆明佳宁娜食品有限公司

(1)

PRC/Mainland ChinaRegistered capitalUS$2,000,00075Fod busines

中国╱中国大陆注册资本2,000,000美元食品业务

Slek Treasure Ventures

Limited

顺宝创投有限公司

British Virgin IslandsOrdinary sharesUS$77,20060Investment holding

英属处女群岛普通股77,200美元投资控股

深圳市顺意餐饮管理

有限公司

(3)

PRC/Mainland ChinaRegistered capitalRMB6,000,000100Restaurant operations

中国╱中国大陆注册资本人民币6,000,000元餐饮经营

深圳市顺意博今餐饮管理

有限公司

(3)

PRC/Mainland ChinaRegistered capitalRMB1,000,000100Restaurant operations

中国╱中国大陆注册资本人民币1,000,000元餐饮经营

深圳市百荟鲜餐饮管理服务

有限公司

(3)

PRC/Mainland ChinaRegistered capitalRMB1,000,000100Restaurant operations

中国╱中国大陆注册资本人民币1,000,000元餐饮经营

昆明佳宁娜餐饮管理

有限公司

(3)

PRC/Mainland ChinaRegistered capitalRMB1,000,000100Restaurant operations

中国╱中国大陆注册资本人民币1,000,000元餐饮经营

1. CORPORATE AND GROUP

INFORMATION (Continued)

INFORMATION ABOUT SUBSIDIARIES

(Continued)

1. 公司及集团资料

（续）

附属公司相关资料（续）

2025 二零二五年
100 100 95 95

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

* 本公司直接附属公司

(1)

外商独资企业

(2)

中外合资企业

(3)

内资企业

董事认为，以上所列本公司之主要附属

公司为主要影响年度业绩或组成本集团

资产净值之主要部分，以及董事认为，

若干投资控股及其他附属公司对本集团

特别重要或具有特殊目的。董事认为若

详列其他附属公司之资料，将令资料过

于冗长。

Name of company

Place of

incorporation/

registration

and busines

Clas of equity

interest held

Isued ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

公司名称

注册成立╱

注册及营业地点所持股权类别

已发行普通╱

注册股本

本公司应占股权

百分比主要业务

二零二四年

Cariana Land Development

Limited (formerly known as

Tak Sing Asia Inc.)*

佳宁娜地产发展有限公司*

British Virgin IslandsOrdinary sharesUS$1100Investment holding

英属处女群岛普通股1美元投资控股

Max Honour Investments

Limited*

满荣投资有限公司*

British Virgin IslandsOrdinary sharesUS$1100Investment holding

英属处女群岛普通股1美元投资控股

Quantum Data Science

Limited

智慧量子（数据）有限公司

Hong KongOrdinary sharesHK$1,00095Data center

operations

数据中心营运

香港普通股1,000港元

Jade Choice LimitedHong KongOrdinary sharesHK$1,00095Property investment

忠彩有限公司香港普通股1,000港元物业投资

* Direct subsidiaries of the Company

(1)

Wholy-foreign-owned enterprises

(2)

Sino-foreign joint venture companies

(3)

Domestic enterprises

The above table lists the major subsidiaries of the

Company which, in the opinion of the directors, principaly

afected the results for the year or formed a substantial

portion of the net asets of the Group, as wel as certain

investment holding and other subsidiaries which, in the

opinion of the directors, are of specific importance to or

of specific purpose for the Group. To give details of other

subsidiaries would, in the opinion of the directors, result in

particulars of excesive length.

1. CORPORATE AND GROUP

INFORMATION (Continued)

INFORMATION ABOUT SUBSIDIARIES

(Continued)

1. 公司及集团资料

（续）

附属公司相关资料（续）

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

2.1 编制基准

该等财务报表乃按照香港会计师公会

（「香港会计师公会」）颁布之香港财务

报告准则会计准则（包括所有香港财务

报告准则、香港会计准则（「香港会计准

则」）及诠释）、香港公认会计原则及香

港公司条例之披露规定编制。财务报表

采用历史成本法编制，惟以公平值计量

之若干租赁土地及楼宇、投资物业及若

干金融资产除外。该等财务报表乃以港

元呈列，除另有说明，所有价值已调整至

最接近之千元。

综合基准

综合财务报表包括本公司及其附属公司

截至二零二五年三月三十一日止年度之

财务报表。附属公司为本公司直接或间

接控制的实体（包括结构性实体）。当本

集团承受或享有参与投资对象业务所得

的可变回报，且能透过对投资对象的权

力（即赋予本集团现有能力主导投资对

象相关活动的既存权利）影响该等回报

时，即取得控制权。

于一般情况下均存在多数投票权形成控

制权之推定。倘本公司直接或间接拥有

少于投资对象大多数的投票或类似权

利，则本集团于评估其是否拥有对投资

对象的权力时，会考虑所有相关事实及

情况，包括：

(a) 与投资对象其他投票权拥有人的合

约安排；

(b) 自其他合约安排所产生的权利；及

2. ACOUNTING POLICIES

2.1 BASIS OF PREPARATION

The financial statements have ben prepared in

acordance with HKFRS Acounting Standards (which

include al Hong Kong Financial Reporting Standards,

Hong Kong Acounting Standards (“HKASs”) and

Interpretations) as isued by the Hong Kong Institute

of Certified Public Acountants (“HKICPA”) and the

disclosure requirements of the Hong Kong Companies

Ordinance. They have ben prepared under the historical

cost convention, except for certain leasehold land and

buildings, investment properties and certain financial

asets which have ben measured at fair value. The

financial statements are presented in Hong Kong dolars

and al values are rounded to the nearest thousand except

when otherwise indicated.

BASIS OF CONSOLIDATION

The consolidated financial statements include the

financial statements of the Company and its subsidiaries

for the year ended 31 March 2025. A subsidiary is an

entity (including a structured entity), directly or indirectly,

controled by the Company. Control is achieved when the

Group is exposed, or has rights, to variable returns from

its involvement with the investe and has the ability to

afect those returns through its power over the investe

(i.e., existing rights that give the Group the curent ability

to direct the relevant activities of the investe).

Generaly, there is a presumption that a majority of voting

rights results in control. When the Company has les than

a majority of the voting or similar rights of an investe,

the Group considers al relevant facts and circumstances

in asesing whether it has power over an investe,

including:

(a) the contractual arangement with the other vote

holders of the investe;

(b) rights arising from other contractual arangements;

and

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.1 编制基准

（续）

综合基准（续）

附属公司的财务报表的报告期与本公司

相同，并采用一致之会计政策编制。附属

公司之业绩由本集团取得控制权之日起

综合计算，并继续综合入账直至失去有

关控制权之日为止。

损益及其他全面收入各组成部分乃归属

于本集团母公司拥有人及非控股权益，

即使此举引致非控股权益出现亏绌结余

亦然。所有集团内公司间之资产及负债、

权益、收入、开支及本集团成员公司间交

易相关之现金流均于综合账目时全数抵

销。

倘有事实及情况显示上文所述三个控制

权因素其中一项或多项有变，则本集团

将重新评估是否仍控制投资对象。附属

公司之拥有权益变动（并无丧失控制

权）于入账时列作权益交易。

倘本集团失去对一间附属公司之控制

权，则其撤销确认相关资产（包括商誉）

及负债、任何非控制权益及外汇波动储

备；及确认所保留任何投资之公平值及

损益账中任何因此产生之盈余或亏绌。

先前于其他全面收入内确认之本集团应

占部分会视乎情况按倘本集团直接出售

相关资产或负债所要求的相同基准重新

分类至损益或保留溢利。

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (Continued)

BASIS OF CONSOLIDATION (Continued)

The financial statements of the subsidiaries are prepared

for the same reporting period as the Company, using

consistent acounting policies. The results of subsidiaries

are consolidated from the date on which the Group

obtains control, and continue to be consolidated until the

date that such control ceases.

Profit or los and each component of other

comprehensive income are atributed to the owners of the

parent of the Group and to the non-controling interests,

even if this results in the non-controling interests having a

deficit balance. Al intra-group asets and liabilities, equity,

income, expenses and cash flows relating to transactions

betwen members of the Group are eliminated in ful on

consolidation.

The Group reaseses whether or not it controls an

investe if facts and circumstances indicate that there are

changes to one or more of the thre elements of control

described above. A change in the ownership interest of a

subsidiary, without a los of control, is acounted for as

an equity transaction.

If the Group loses control over a subsidiary, it

derecognises the related asets (including godwil),

liabilities, any non-controling interest and the exchange

fluctuation reserve; and recognises the fair value of any

investment retained and any resulting surplus or deficit

in profit or los. The Group’s share of components

previously recognised in other comprehensive income

is reclasified to profit or los or retained profits, as

apropriate, on the same basis as would be required if

the Group had directly disposed of the related asets or

liabilities.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.1 编制基准

（续）

营业周期

本集团的物业投资及发展业务营业周

期为收购资产至资产变现为止之期间。

由于此业务性质，其营业周期可能大于

12个月。本集团物业投资及发展业务的

流动资产包括在一个正常营业周期内出

售、消耗或者变现的资产（例如持作出售

物业），即使预期该等资产不会在报告期

期末后的12个月内变现。

持续经营基准

截至二零二五年三月三十一日止年度，

本集团产生本年度亏损141,900,000港

元。于二零二五年三月三十一日，本集团

之现金及现金等值项目为162,534,000港

元及计息借贷1,260,478,000港元已分类

为流动负债。

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (Continued)

OPERATING CYCLE

The operating cycle of the Group for the property

investment and development busines is the period

betwen the acquisition of asets and their realisation.

Due to the nature of such busines, its normal operating

cycle may be longer than 12 months. The Group’s curent

asets include asets (such as properties held for sale)

which are sold, consumed or realised as part of the

normal operating cycle for the property investment and

development busines even when they are not expected

to be realised within 12 months after the end of the

reporting period.

GOING CONCERN BASIS

The Group incured a los for the year of

HK$141,900,000 during the year ended 31 March

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

equivalents amounted to HK$162,534,000 and interest-

bearing borowings amounted to HK$1,260,478,000 have

ben clasified as curent liabilities.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.1 编制基准

（续）

持续经营基准（续）

以上情况显示有重要不明朗因素可能导

致本集团的持续经营能力存在重大疑

问。鉴于该等情况，本公司董事正实施多

项计划及措施以改善本集团流动资金及

财政状况，其中包括：

(i) 若不考虑任何即期还款条款的因

素，于二零二五年三月三十一日分

类为流动负债的173,948,000港元

附息借款将成为非流动负债，并将

根据银行融资函中所述的到期日偿

还；

(i) 集团一直积极及时与银行磋商，以

便本集团可继续获得融资及银行借

贷。根据本集团与银行之关系以及

并无违反契诺及成功续期银行融资

之历史，本公司董事认为，本集团

已经采取多方面行动降低银行借

贷，同时，本集团亦与银行协商再

融资方案；

(i) 根据目前已签订的买卖协议，本集

团预期会收到出售海檀街重建项目

住宅单位的所得款项净额；

(iv) 本集团继续就可能变现若干物业以

筹集进一步资金物色合适买家；

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (Continued)

GOING CONCERN BASIS (Continued)

The above conditions indicate the existence of a material

uncertainty which may cast significant doubt on the

Group’s ability to continue as a going concern. In view of

such circumstances, the directors of the Company are

undertaking a number of plans and measures to improve

the Group’s liquidity and financial position, including, inter

alia:

(i) Ignoring the efect of any repayment on-

demand clauses, interest-bearing borowings

of HK$173,948,000 which were clasified as

curent liabilities as at 31 March 2025 would have

become non-curent liabilities and wil be setled in

acordance with the maturity dates as set out in the

banking facility leters;

(i) The Group has ben actively negotiating with banks

in a timely maner such that the facilities and bank

borowings wil continue to be made available to the

Group. Based on the Group’s relationship with the

banks and the history of no breach of covenants

and of sucesful renewal of the banking facilities,

the directors of the Company believe that the

Group has taken various actions to reduce bank

borowings and negotiate with banks for refinancing;

(i) Based on the existing signed sale and purchase

agrements to date, the Group expects to receive

net proceds from the sale of the residential units of

the Haitan Stret re-development project;

(iv) The Group continues to identify suitable purchasers

on posible realisation of certain properties to raise

further funds;

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.1 编制基准

（续）

持续经营基准（续）

(v) 本集团已采取措施加快催收未偿还

应收贸易账款及其他应收账款；及

(vi) 为改善当前及未来的财务表现及流

动资金状况，本集团已实施╱考虑

多项财务表现及资源改善计划及措

施，以专注提升本集团的财务表现

及流动资金状况，并使本集团能够

利用未来的任何增长机会。

本公司董事已审阅管理层编制本集团自

二零二五年三月三十一日起计不少于

十二个月期间的现金流量预测。考虑到

预期自本集团经营业务产生的现金流量

及上述计划及措施，董事认为本集团将

具备足够的营运资金以拨付其营运所

需，并于自二零二五年三月三十一日起

不少于十二月期间内能履行其到期财务

责任。因此，本公司董事认为按持续经营

基准编制本集团的该等综合财务报表乃

恰当之举。

尽管如此，本集团能否自其经营业务产

生充足现金流量及达成其上述计划及

措施仍有重要的不确定因素。本集团能

否持续经营业务将取决于以下各项：(a)

能否成功实施上述各项计划及措施；(b)

及时从上文附注(i)所述的贷款中获得资

金；及(c)估计现金流量预测（包括结算应

收贸易账款及其他应收账款所产生的现

金流量、预测收入及预算成本和开支）时

应用的主要假设是否恰当。

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (Continued)

GOING CONCERN BASIS (Continued)

(v) The Group has implemented measures to sped

up the colection of outstanding trade and other

receivables; and

(vi) To improve the curent and future financial

performance and liquidity conditions, various

financial performance and resources improvement

plans and measures have ben implemented/

contemplated by the Group to focus on improving

the financial performance and liquidity of the Group

and to enable the Group to take advantage of any

growth oportunities in the future.

The directors of the Company have reviewed the Group’s

cash flow projections prepared by management, which

cover a period of not les than 12 months from 31 March

2025. They are of the opinion that, taking into acount the

anticipated cash flows to be generated from the Group’s

operations as wel as above-mentioned plans and

measures, the Group wil have suficient working capital

to finance its operations and met its financial obligations

as and when they fal due for a period of not les than 12

months from 31 March 2025. Acordingly, the directors

of the Company consider that it is apropriate to prepare

these consolidated financial statements on a going

concern basis.

Notwithstanding the above, material uncertainties exist

as to whether the Group is able to generate suficient

cash inflows from its operations and achieve its plans and

measures as described above. Whether the Group wil

be able to continue as a going concern would depend

upon the folowing: (a) whether it is able to sucesfuly

implement its various plans and measures as described

above; (b) timely availability of funds from the loan as

mentioned in note (i) above; and (c) the apropriatenes

of key asumptions aplied in estimating the cash flow

projections including cash flows from setlements of trade

and other receivables, forecast revenue and budgeted

costs and expenses.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.1 编制基准

（续）

持续经营基准（续）

倘持续经营假设不适当，则须作出调整，

将本集团资产的账面值撇减至其可收回

金额，以备可能产生的进一步负债，并将

非流动资产及非流动负债分别重新分类

为流动资产及流动负债。该等调整的影

响并无反映于该等合并财务报表中。

2.2 会计政策及披露之变动

本集团已采纳在本年度财务报表首次应

用以下经修订香港财务报告准则会计准

则。

香港财务报告准则

第16号（修订本）

售后租回之租赁负债

香港会计准则第1号

（修订本）

将负债分类为流动或

非流动（「二零二零年

修订本」）

香港会计准则第1号

（修订本）

附带契诺之非流动负债

（「二零二年

修订本」）

香港会计准则第7号及

香港财务报告准则

第7号（修订本）

供应商融资安排

2. ACOUNTING POLICIES (continued)

2.1 BASIS OF PREPARATION (Continued)

GOING CONCERN BASIS (Continued)

Should the going concern asumptions be inapropriate,

adjustments would have to be made to write down the

carying values of the Group’s asets to their recoverable

amounts, to provide for further liabilities which might

arise, and to reclasify non-curent asets and non-

curent liabilities as curent asets and curent liabilities,

respectively. The efects of these adjustments have not

ben reflected in the consolidated financial statements.

2.2 CHANGES IN ACOUNTING POLICIES

AND DISCLOSURES

The Group has adopted the folowing revised HKFRS

Acounting Standards for the first time for the curent

year’s financial statements.

Amendments to HKFRS 16Lease Liability in a

Sale and Leaseback

Amendments to HKAS 1Clasification of Liabilities

as Curent or Non-

curent (the “2020

Amendments”)

Amendments to HKAS 1Non-curent Liabilities

with Covenants (the

“2022 Amendments”)

Amendments to HKAS 7 and

HKFRS 7

Suplier Finance

Arangements

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.2 会计政策及披露之变动

（续）

经修订香港财务报告准则会计准则的性

质及影响载于下文：

(a) 香港财务报告准则第16号修订本订

明卖方－承租人计量售后租回交易

产生之租赁负债时所采用之规定，

以确保卖方－承租人不会确认与所

保留使用权有关之任何收益或亏损

金额。由于本集团自香港财务报告

准则第16号首次应用日期起并无发

生不取决于一项指数或利率的浮动

租赁付款的售后租回交易，该等修

订本并无对本集团财务状况或表现

产生重大影响。

(b) 二零二零年修订本澄清将负债分

类为流动及非流动的规定，包括推

迟清偿权利的含义及在报告期结

束时必须存在的推迟清偿权利。

负债的分类不受实体行使其权利

延迟清偿的可能性之影响。该修订

本亦澄清，负债可以其自有权益工

具清偿，并且只有当可转换负债的

转换选择权本身被作为权益工具

处理时，负债的条款才不会影响其

分类。二零二年修订本进一步阐

明，在该等由贷款安排产生之负债

契诺中，只有实体须于报告日期或

之前遵守之契诺才会影响该负债分

类为流动或非流动。此外，对于报

告期后12个月内视乎该实体遵守未

来契诺情况而定的非流动负债，须

作出额外披露。

2. ACOUNTING POLICIES (continued)

2.2 CHANGES IN ACOUNTING POLICIES

AND DISCLOSURES (Continued)

The nature and the impact of the revised HKFRS

Acounting Standards are described below:

(a) Amendments to HKFRS 16 specify the requirements

that a seler-lese uses in measuring the lease

liability arising in a sale and leaseback transaction

to ensure the seler-lese does not recognise any

amount of the gain or los that relates to the right

of use it retains. Since the Group has no sale and

leaseback transactions with variable lease payments

that do not depend on an index or a rate ocuring

from the date of initial aplication of HKFRS 16,

the amendments did not have any impact on the

financial position or performance of the Group.

(b) The 2020 Amendments clarify the requirements

for clasifying liabilities as curent or non-curent,

including what is meant by a right to defer

setlement and that a right to defer must exist at

the end of the reporting period. Clasification of

a liability is unafected by the likelihod that the

entity wil exercise its right to defer setlement.

The amendments also clarify that a liability can be

setled in its own equity instruments, and that only

if a conversion option in a convertible liability is

itself acounted for as an equity instrument would

the terms of a liability not impact its clasification.

The 2022 Amendments further clarify that,

among covenants of a liability arising from a loan

arangement, only those with which an entity must

comply on or before the reporting date afect the

clasification of that liability as curent or non-

curent. Aditional disclosures are required for

non-curent liabilities that are subject to the entity

complying with future covenants within 12 months

after the reporting period.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.2 会计政策及披露之变动

（续）

(b) （续）

本集团已重新评估其于二零二三年

及二零二四年四月一日的负债条款

及条件，并认为在初始应用该等修

订后，其负债分类为流动或非流动

仍保持不变。因此，该等修订对本

集团的财务状况或表现并无任何影

响。

告准则第7号之修订阐明供应商融

资安排的特点，并规定须就该等安

排作出额外披露。该等修订之披露

规定旨在协助财务报表使用者了解

供应商融资安排对实体的负债、现

金流量及流动资金风险之影响。由

于本集团并无供应商融资安排，因

此该等修订对本集团的财务报表并

无任何影响。

2. ACOUNTING POLICIES (continued)

2.2 CHANGES IN ACOUNTING POLICIES

AND DISCLOSURES (Continued)

(b) (Continued)

The Group has reasesed the terms and conditions

of its liabilities as at 1 April 2023 and 2024 and

concluded that the clasification of its liabilities as

curent or non-curent remained unchanged upon

initial aplication of the amendments. Acordingly,

the amendments did not have any impact on the

financial position or performance of the Group.

characteristics of suplier finance arangements and

require aditional disclosure of such arangements.

The disclosure requirements in the amendments

are intended to asist users of financial statements

in understanding the efects of suplier finance

arangements on an entity’s liabilities, cash flows

and exposure to liquidity risk. As the Group does

not have suplier finance arangements, the

amendments did not have any impact on the

Group’s financial statements.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.3 已颁布但尚未生效之香港财

务报告准则会计准则

本集团尚未于该等财务报表中应用以下

已颁布但尚未生效之新订及经修订香港

财务报告准则会计准则。本集团拟于该

等新订及经修订香港财务报告准则会计

准则生效时予以应用（如适用）。

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╱

报告期间生效

未确定强制生效日期，惟可供采纳

有关预期适用于本集团的香港财务报告

准则会计准则的进一步资料载述如下。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

The Group has not aplied the folowing new and revised

HKFRS Acounting Standards, that have ben isued but

are not yet efective, in these financial statements. The

Group intends to aply these new and revised HKFRS

Acounting Standards, if aplicable, when they become

efective.

HKFRS 18Presentation and Disclosure in Financial Statements

香港财务报告准则第18号财务报表的呈列及披露

HKFRS 19Subsidiaries without Public Acountability: Disclosures

香港财务报告准则第19号非公共受托责任附属公司：披露

Amendments to HKFRS 9 and HKFRS 7Amendments to the Clasification and Measurement of

Financial Instruments

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（修订本）

Amendments to HKFRS 9 and HKFRS 7Contracts Referencing Nature-dependent Electricity

香港财务报告准则第9号及香港财务报告准则

第7号（修订本）

涉及依赖天然资源生产电力的合约

Amendments to HKFRS 10 and HKAS 28Sale or Contribution of Asets betwen an Investor and its

Asociate or Joint Venture

香港财务报告准则第10号及香港会计准则第

28号（修订本）

投资者与联营或合营企业之间的资产出售或注资

Amendments to HKAS 21Lack of Exchangeability

香港会计准则第21号（修订本）缺乏可交换性

Anual Improvements to HKFRS Acounting

Standards – Volume 11

Amendments to HKFRS 1, HKFRS 7, HKFRS 9,

HKFRS 10 and HKAS 7

香港财务报告准则会计准则的年度改进－

第11册

香港财务报告准则第1号、香港财务报告准则第7号、

香港财务报告准则第9号、香港财务报告准则第10号

及香港会计准则第7号（修订本）

Efective for anual periods begining on or after 1

January 2025

Efective for anual periods begining on or after 1

January 2026

Efective for anual/reporting periods begining on or after

1 January 2027

No mandatory efective date yet determined but available

for adoption

Further information about those HKFRS Acounting

Standards that are expected to be aplicable to the

Group is described below.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.3 已颁布但尚未生效之香港财

务报告准则会计准则（续）

香港财务报告准则第18号取代香港会计

准则第1号财务报表的呈列。尽管沿用香

港会计准则第1号的多个章节且变动有

限，香港财务报告准则第18号引入就损

益表内呈列方式的新规定，包括指定的

总计及小计。实体须将损益表内所有收

入及开支分类为以下五个类别之一：经

营、投资、融资、所得税及已终止经营业

务，并呈列两项新界定小计。其亦规定

於单一附注中披露管理层界定的绩效指

标，并对主要财务报表及附注中资料的

组合（合并及分拆）及位置提出更严格的

要求。若干早前已纳入香港会计准则第

1号的规定移至香港会计准则第8号会计

政策、会计估计变更及错误，并更名为香

港会计准则第8号财务报表的编制基准。

由于颁布香港财务报告准则第18号，对

香港会计准则第7号现金流量表、香港会

计准则第33号每股盈利及香港会计准则

第34号中期财务报告作出有限但广泛适

用的修订。此外，其他香港财务报告准则

会计准则亦有轻微的相应修订。香港财

务报告准则第18号及其他香港财务报告

准则会计准则的相应修订于2027年1月1

日或之后开始的年度期间生效，并允许

提早应用。追溯应用属必要。本集团现正

分析新规定并评估香港财务报告准则第

18号对本集团财务报表的呈列及披露的

影响。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

HKFRS 18 replaces HKAS 1 Presentation of Financial

Statements. While a number of sections have ben

brought forward from HKAS 1 with limited changes,

HKFRS 18 introduces new requirements for presentation

within the statement of profit or los, including specified

totals and subtotals. Entities are required to clasify

al income and expenses within the statement of profit

or los into one of the five categories: operating,

investing, financing, income taxes and discontinued

operations and to present two new defined subtotals.

It also requires disclosures about management-defined

performance measures in a single note and introduces

enhanced requirements on the grouping (agregation

and disagregation) and the location of information in

both the primary financial statements and the notes.

Some requirements previously included in HKAS 1 are

moved to HKAS 8 Acounting Policies, Changes in

Acounting Estimates and Erors, which is renamed as

HKAS 8 Basis of Preparation of Financial Statements. As

a consequence of the isuance of HKFRS 18, limited,

but widely aplicable, amendments are made to HKAS 7

Statement of Cash Flows, HKAS 33 Earnings per Share

and HKAS 34 Interim Financial Reporting. In adition,

there are minor consequential amendments to other

HKFRS Acounting Standards. HKFRS 18 and the

consequential amendments to other HKFRS Acounting

Standards are efective for anual periods begining on

or after 1 January 2027 with earlier aplication permited.

Retrospective aplication is required. The Group is

curently analysing the new requirements and asesing

the impact of HKFRS 18 on the presentation and

disclosure of the Group’s financial statements.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.3 已颁布但尚未生效之香港财

务报告准则会计准则（续）

香港财务报告准则第19号允许合资格实

体选择应用经削减的披露规定，同时仍

应用其他香港财务报告准则会计准则的

确认、计量及呈列规定。为符合资格，

于报告期末，实体须为香港财务报告准

则第10号综合财务报表所界定的附属公

司，且毋须作出公众问责，并须拥有一间

编制符合香港财务报告准则会计准则的

综合财务报表供公众使用的母公司（最

终或间接）。允许提早应用。由于本公司

为上市公司，并不符合资格选择应用香

港财务报告准则第19号。本公司部分附

属公司正考虑于其特定财务报表中应用

香港财务报告准则第19号。

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（修订本）澄清终止确认金融资

产或金融负债的日期，并引入一项会计

政策选择，在符合特定标准的情况下，

终止确认于结算日前透过电子付款系统

结算的金融负债。该等修订澄清如何评

估具有环境、社会及管治以及其他类似

或然特征的金融资产的合约现金流量特

征。此外，该等修订澄清具有无追索权

特征的金融资产及合约挂钩工具的分类

规定。该等修订亦包括指定为按公平值

计入其他全面收益的权益工具投资及具

有或然特征的金融工具的额外披露。该

等修订须追溯应用，并于初始应用日期

对年初保留溢利（或权益的其他组成部

分）进行调整。过往期间毋须重列，且仅

可在不作出预知的情况下重列。允许同

时提早应用所有修订，或仅提早应用与

金融资产分类相关的修订。预计该等修

订不会对本集团的财务报表产生任何重

大影响。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

HKFRS 19 alows eligible entities to elect to aply

reduced disclosure requirements while stil aplying the

recognition, measurement and presentation requirements

in other HKFRS Acounting Standards. To be eligible,

at the end of the reporting period, an entity must be a

subsidiary as defined in HKFRS 10 Consolidated Financial

Statements, canot have public acountability and must

have a parent (ultimate or intermediate) that prepares

consolidated financial statements available for public

use which comply with HKFRS Acounting Standards.

Earlier aplication is permited. As the Company is a

listed company, it is not eligible to elect to aply HKFRS

19. Some of the Company’s subsidiaries are considering

the aplication of HKFRS 19 in their specified financial

statements.

Amendments to HKFRS 9 and HKFRS 7 Amendments

to the Clasification and Measurement of Financial

Instruments clarify the date on which a financial aset

or financial liability is derecognised and introduce an

acounting policy option to derecognise a financial liability

that is setled through an electronic payment system

before the setlement date if specified criteria are met.

The amendments clarify how to ases the contractual

cash flow characteristics of financial asets with

environmental, social and governance and other similar

contingent features. Moreover, the amendments clarify

the requirements for clasifying financial asets with non-

recourse features and contractualy linked instruments.

The amendments also include aditional disclosures

for investments in equity instruments designated at fair

value through other comprehensive income and financial

instruments with contingent features. The amendments

shal be aplied retrospectively with an adjustment to

opening retained profits (or other component of equity) at

the initial aplication date. Prior periods are not required

to be restated and can only be restated without the use of

hindsight. Earlier aplication of either al the amendments

at the same time or only the amendments related to

the clasification of financial asets is permited. The

amendments are not expected to have any significant

impact on the Group’s financial statements.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.3 已颁布但尚未生效之香港财

务报告准则会计准则（续）

香港财务报告准则第9号及香港财务报

告准则第7号（修订本）涉及依赖天然资

源生产电力的合约澄清范围内合约「自

用」规定的应用，并修订范围内合约现金

流量对冲关系中指定的被对冲项目的规

定。该等修订本亦包括额外披露，使财务

报表使用者能够了解该等合约对实体财

务表现及未来现金流量的影响。与自用

例外情况相关的修订本应追溯应用。以

往期间无须重述，仅可在不使用后见之

明的情况下重述。与对冲会计相关的修

订本应前瞻性应用于首次应用日期或之

后指定的新对冲关系。允许提早应用。

香港财务报告准则第9号及香港财务报

告准则第7号修订本应同时应用预计该

等修订不会对本集团的财务报表产生任

何重大影响。

香港财务报告准则第10号及香港会计准

则第28号（修订本）处理香港财务报告准

则第10号及香港会计准则第28号有关处

理投资者与其联营公司或合营企业之间

的资产出售或注入时两者规定的不一致

情况。该等修订规定，当资产出售或注入

构成一项业务时，须全数确认由下游交

易产生的收益或亏损。当交易涉及不构

成一项业务的资产时，由该交易产生的

收益或亏损于投资者的损益内确认，惟

仅以非关联投资者于该联营公司或合营

企业的权益为限。该等修订已前瞻应用。

香港会计师公会已取消香港财务报告准

则第10号及香港会计准则第28号（修订

本）的以往强制生效日期。然而，该等修

订现时可供采纳。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

Amendments to HKFRS 9 and HKFRS 7 Contracts

Referencing Nature-dependent Electricity clarify the

aplication of the “own-use” requirements for in-scope

contracts and amend the designation requirements for

a hedged item in a cash flow hedging relationship for in-

scope contracts. The amendments also include aditional

disclosures that enable users of financial statements

to understand the efects these contracts have on an

entity’s financial performance and future cash flows.

The amendments relating to the own-use exception

shal be aplied retrospectively. Prior periods are not

required to be restated and can only be restated without

the use of hindsight. The amendments relating to the

hedge acounting shal be aplied prospectively to new

hedging relationships designated on or after the date

of initial aplication. Earlier aplication is permited. The

amendments to HKFRS 9 and HKFRS 7 shal be aplied

at the same time. The amendments are not expected

to have any significant impact on the Group’s financial

statements.

Amendments to HKFRS 10 and HKAS 28 adres an

inconsistency betwen the requirements in HKFRS 10

and in HKAS 28 in dealing with the sale or contribution

of asets betwen an investor and its asociate or joint

venture. The amendments require a ful recognition of

a gain or los resulting from a downstream transaction

when the sale or contribution of asets constitutes a

busines. For a transaction involving asets that do not

constitute a busines, a gain or los resulting from the

transaction is recognised in the investor’s profit or los

only to the extent of the unrelated investor’s interest in

that asociate or joint venture. The amendments are to be

aplied prospectively. The previous mandatory efective

date of amendments to HKFRS 10 and HKAS 28 was

removed by the HKICPA. However, the amendments are

available for adoption now.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.3 已颁布但尚未生效之香港财

务报告准则会计准则（续）

香港会计准则第21号（修订本）订明，实

体应如何评估一种货币是否可兑换成另

一种货币，以及在缺乏可兑换性的计量

日实体应如何估计即期汇率。修订本要

求披露有关资料，以便财务报表使用者

能够了解货币不可兑换的影响。允许提

早应用。在应用修订本时，实体不能重列

比较资料。首次应用修订本的任何累积

影响应于首次应用日期确认为对保留利

润期初结余的调整，或对权益单独组成

部分中累计的折算差额累积金额的调整

（如适用）。预计该等修订不会对本集团

的财务报表产生任何重大影响。

香港财务报告准则会计准则年度改进－

第11卷载列香港财务报告准则第1号、香

港财务报告准则第7号（及随附实施香港

财务报告准则第7号的指引）、香港财务

报告准则第9号、香港财务报告准则第10

号及香港会计准则第7号（修订本）。预

期适用于本集团的该等修订详情如下：

• 香港财务报告准则第7号金融工

具：披露：该等修订已更新香港财

务报告准则第7号第B38段及实施

香港财务报告准则第7号的指引第

IG1、IG14及IG20B段的若干措辞，

以简化或与准则的其他段落及╱或

其他准则所用的概念及术语达致一

致。此外，该等修订澄清实施香港

财务报告准则第7号的指引未必说

明香港财务报告准则第7号参考段

落的所有规定，亦未必增设额外规

定。允许提早应用。预期该等修订

不会对本集团的财务报表构成任何

重大影响。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

Amendments to HKAS 21 specify how an entity shal

ases whether a curency is exchangeable into another

curency and how it shal estimate a spot exchange rate

at a measurement date when exchangeability is lacking.

The amendments require disclosures of information that

enable users of financial statements to understand the

impact of a curency not being exchangeable. Earlier

aplication is permited. When aplying the amendments,

an entity canot restate comparative information. Any

cumulative efect of initialy aplying the amendments

shal be recognised as an adjustment to the opening

balance of retained profits or to the cumulative amount

of translation diferences acumulated in a separate

component of equity, where apropriate, at the date of

initial aplication. The amendments are not expected

to have any significant impact on the Group’s financial

statements.

Anual Improvements to HKFRS Acounting Standards

– Volume 11 set out amendments to HKFRS 1, HKFRS 7

(and the acompanying Guidance on implementing

HKFRS 7), HKFRS 9, HKFRS 10 and HKAS 7. Details of

the amendments that are expected to be aplicable to the

Group are as folows:

: Disclosures: The

amendments have updated certain wording in

paragraph B38 of HKFRS 7 and paragraphs IG1,

IG14 and IG20B of the Guidance on implementing

HKFRS 7 for the purpose of simplification or

achieving consistency with other paragraphs

in the standard and/or with the concepts and

terminology used in other standards. In adition,

the amendments clarify that the Guidance on

implementing HKFRS 7 does not necesarily

ilustrate al the requirements in the referenced

paragraphs of HKFRS 7 nor does it create

aditional requirements. Earlier aplication is

permited. The amendments are not expected to

have any significant impact on the Group’s financial

statements.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.3 已颁布但尚未生效之香港财

务报告准则会计准则（续）

该等修订澄清当承租人根据香港财

务报告准则第9号厘定租赁负债已终

止时，承租人须应用香港财务报告准

则第9号第3.3.3段，并于损益中确认

所产生的任何收益或亏损。此外，该

等修订已更新香港财务报告准则第9

号第5.1.3段及香港财务报告准则第9

号附录A的若干措辞，以消除潜在混

淆。允许提早应用。预期该等修订不

会对本集团的财务报表构成任何重

大影响。

• 香港财务报告准则第10号综合财务

报表：该等修订澄清香港财务报告准

则第10号第B74段所述的关系仅为投

资者与作为投资者实际代理的其他各

方之间可能存在的各种关系的其中

一个例子，移除与香港财务报告准则

第10号第B73段的规定的不一致性。

允许提早应用。预期该等修订不会对

本集团的财务报表构成任何重大影

响。

：于

先前删除「成本法」的定义后，该等

修订于香港会计准则第7号第37段以

「按成本」一词取代「成本法」。允许

提早应用。预期该等修订不会对本集

团的财务报表构成任何影响。

2. ACOUNTING POLICIES (continued)

2.3 ISUED BUT NOT YET EFECTIVE

HKFRS ACOUNTING STANDARDS

(Continued)

: The amendments

clarify that when a lese has determined that a

lease liability has ben extinguished in acordance

with HKFRS 9, the lese is required to aply

paragraph 3.3.3 of HKFRS 9 and recognise any

resulting gain or los in profit or los. In adition,

the amendments have updated certain wording

in paragraph 5.1.3 of HKFRS 9 and Apendix A

of HKFRS 9 to remove potential confusion. Earlier

aplication is permited. The amendments are not

expected to have any significant impact on the

Group’s financial statements.

The amendments clarify that the relationship

described in paragraph B74 of HKFRS 10 is just

one example of various relationships that might

exist betwen the investor and other parties

acting as de facto agents of the investor, which

removes the inconsistency with the requirement in

paragraph B73 of HKFRS 10. Earlier aplication is

permited. The amendments are not expected to

have any significant impact on the Group’s financial

statements.

: The

amendments replace the term “cost method” with

“at cost” in paragraph 37 of HKAS 7 folowing the

prior deletion of the definition of “cost method”.

Earlier aplication is permited. The amendments

are not expected to have any impact on the Group’s

financial statements.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

于联营公司之权益

联营公司为由本集团持有不少于20%之

附股权投票权的长期权益，并可对其行

使重大影响之实体。重大影响指参与被

投资公司财务及营运政策决策之权力，

但非控制或共同控制该等政策。

本集团于联营公司之权益，乃按本集团

根据权益会计法计算所占资产净值减去

任何减值亏损后于综合财务状况表列

账。对于可能存在不一致的会计政策已

作出调整，以使其一致。

本集团应占联营公司收购后业绩及其他

全面收入分别计入综合损益表及综合其

他全面收入。此外，倘直接于联营公司的

权益确认有关变动，则本集团会视乎情

况于综合权益变动表确认其应占任何变

动。本集团与其联营公司间交易的未变

现收益及亏损将以本集团于联营公司的

权益为限对销，惟倘未变现亏损为所转

让资产减值的凭证则除外。收购联营公

司所产生商誉乃计入作为本集团于联营

公司之权益的部分。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

INTERESTS IN ASOCIATES

An asociate is an entity in which the Group has a long

term interest of generaly not les than 20% of the equity

voting rights and over which it has significant influence.

Significant influence is the power to participate in the

financial and operating policy decisions of the investe,

but is not control or joint control over those policies.

The Group’s interests in asociates are stated in the

consolidated statement of financial position at the

Group’s share of net asets under the equity method of

acounting, les any impairment loses. Adjustments are

made to bring into line any disimilar acounting policies

that may exist.

The Group’s share of the post-acquisition results and

other comprehensive income of asociates is included

in the consolidated statement of profit or los and

consolidated other comprehensive income, respectively.

In adition, when there has ben a change recognised

directly in the equity of the asociate, the Group

recognises its share of any changes, when aplicable,

in the consolidated statement of changes in equity.

Unrealised gains and loses resulting from transactions

betwen the Group and its asociates are eliminated

to the extent of the Group’s interests in the asociates,

except where unrealised loses provide evidence of an

impairment of the asets transfered. Godwil arising

from the acquisition of asociates is included as part of

the Group’s interests in asociates.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

于联营公司之权益（续）

倘本集团失去对联营公司的重大影响

力，本集团按其公平值计量及确认任何

保留投资。于失去重大影响后联营公司

账面值与保留投资及出售所得款项的公

平值之间的任何差额乃于损益确认。

企业合并及商誉

企业合并使用收购法入账。所转让代价

按收购日期公平值计量，而收购日期公

平值即本集团所转让资产之收购日期公

平值、本集团所承担被收购方前拥有人

之负债及本集团所发行为交换被收购方

控制权之股本权益之总和。就每一宗企

业合并，本集团选择是否按公平值或按

比例应占被收购方之可识别资产净值计

量于被收购方之非控权益（为现时之

拥有权益，并于清盘时让其持有人有

权收取按比例应占之资产净值）。所有其

他部分非控权益按公平值计量。收购

有关成本于产生时支销。

当被收购的一系列业务及资产包括投入

及实质性过程，并共同对创造产出能力

有显著贡献，则本集团厘定为其已收购

一项业务。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INTERESTS IN ASOCIATES (Continued)

Upon los of significant influence over the asociate, the

Group measures and recognises any retained investment

at its fair value. Any diference betwen the carying

amount of the asociate upon los of significant influence

and the fair value of the retained investment and proceds

from disposal is recognised in profit or los.

BUSINES COMBINATIONS AND

GODWIL

Busines combinations are acounted for using the

acquisition method. The consideration transfered is

measured at the acquisition date fair value which is

the sum of the acquisition date fair values of asets

transfered by the Group, liabilities asumed by the Group

to the former owners of the acquire and the equity

interests isued by the Group in exchange for control of

the acquire. For each busines combination, the Group

elects whether to measure the non-controling interests

in the acquire at fair value or at the proportionate

share of the acquire’s identifiable net asets. Al other

components of non-controling interests are measured

at fair value. Acquisition-related costs are expensed as

incured.

The Group determines that it has acquired a busines

when the acquired set of activities and asets includes an

input and a substantive proces that together significantly

contribute to the ability to create outputs.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

企业合并及商誉（续）

本集团于收购业务时，会按照合约条款、

于收购日期之经济环境及相关情况评估

所承担之金融资产及负债以作出适当分

类及指定。此包括被收购方区分主合约

的嵌入式衍生工具。

任何将由收购方转让之或然代价乃于收

购日期按公平值确认。分类为一项资产

或负债之或然代价乃按公平值计量，而

公平值变动于损益确认。分类为权益的

或然代价不会重新计量，而其后结算于

权益内入账。

商誉初始按成本计量，即所转让代价、就

非控权益确认之金额及本集团以往于

被收购方所持股本权益之任何公平值之

总和超出所收购可识别资产及所承担可

识别净负债之部分。倘该代价及其他项

目的总和低于所收购净资产之公平值，

则经重新评估后的差额于损益确认为折

让价并购收益。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

BUSINES COMBINATIONS AND

GODWIL (Continued)

When the Group acquires a busines, it aseses the

financial asets and liabilities asumed for apropriate

clasification and designation in acordance with the

contractual terms, economic circumstances and pertinent

conditions as at the acquisition date. This includes the

separation of embeded derivatives in host contracts of

the acquire.

Any contingent consideration to be transfered by the

acquirer is recognised at fair value at the acquisition

date. Contingent consideration clasified as an aset or

liability is measured at fair value with changes in fair value

recognised in profit or los. Contingent consideration that

is clasified as equity is not remeasured and subsequent

setlement is acounted for within equity.

Godwil is initialy measured at cost, being the exces

of the agregate of the consideration transfered, the

amount recognised for non-controling interests and any

fair value of the Group’s previously held equity interests

in the acquire over the identifiable asets acquired

and liabilities asumed. If the sum of this consideration

and other items is lower than the fair value of the net

asets acquired, the diference is, after reasesment,

recognised in profit or los as a gain on bargain purchase.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

企业合并及商誉（续）

于初步确认后，商誉按成本减任何累计

减值亏损计量。商誉乃每年进行减值测

试，或如发生事件或事况转变显示账面

值可能减值时，则会每年或更频密地测

试减值。本集团于三月三十一日进行商

誉之年度减值测试。就减值测试而言，企

业合并所得之商誉自收购当日起分配至

本集团之各个现金产生单位或现金产生

单位组别（预期会产生合并协同效益），

而不论本集团其他资产或负债有否指定

拨往该等单位或单位组别。

减值数额通过评估商誉所属之现金产生

单位（现金产生单位组别）之可收回金额

而厘定。倘现金产生单位（现金产生单位

组别）之可收回金额低于账面值，则确认

减值亏损。就商誉所确认之减值亏损不

会于其后期间拨回。

倘商誉已分配至现金产生单位（或现金

产生单位组别）及所出售单位之业务一

部分，则于厘定出售之盈亏时，有关所出

售业务之商誉将计入业务之账面值。在

此等情况下出售之商誉根据所出售业务

之相关价值及所保留之现金产生单位部

分计量。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

BUSINES COMBINATIONS AND

GODWIL (Continued)

After initial recognition, godwil is measured at cost

les any acumulated impairment loses. Godwil is

tested for impairment anualy or more frequently if

events or changes in circumstances indicate that the

carying value may be impaired. The Group performs its

anual impairment test of godwil as at 31 March. For

the purpose of impairment testing, godwil acquired

in a busines combination is, from the acquisition date,

alocated to each of the Group’s cash-generating units,

or groups of cash-generating units, that are expected to

benefit from the synergies of the combination, irespective

of whether other asets or liabilities of the Group are

asigned to those units or groups of units.

Impairment is determined by asesing the recoverable

amount of the cash-generating unit (group of cash-

generating units) to which the godwil relates. Where the

recoverable amount of the cash-generating unit (group of

cash-generating units) is les than the carying amount,

an impairment los is recognised. An impairment los

recognised for godwil is not reversed in a subsequent

period.

Where godwil has ben alocated to a cash-generating

unit (or group of cash-generating units) and part of the

operation within that unit is disposed of, the godwil

asociated with the operation disposed of is included in

the carying amount of the operation when determining

the gain or los on the disposal. Godwil disposed of in

these circumstances is measured based on the relative

value of the operation disposed of and the portion of the

cash-generating unit retained.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

公平值计量

本集团于各报告期末按公平值计量其若

干租赁土地及楼宇、投资物业及若干金

融资产。公平值为市场参与者于计量日

期在有序交易中出售资产所收取之价格

或转让负债所支付之价格。公平值计量

乃基于假设出售资产或转让负债之交易

于资产或负债主要市场或在无主要市场

情况下，则于资产或负债的最具优势市

场进行。主要及最具优势市场须为本集

团可进入之市场。资产或负债之公平值

乃按假设市场参与者于资产或负债定价

时会以最佳经济利益行事计量。

非金融资产之公平值计量须考虑市场参

与者能自最大限度使用该资产达致最佳

用途，或将该资产出售予其他可最大限

度使用该资产达致最佳用途之市场参与

者所产生之经济效益。

本集团采纳适用于不同情况且具备充分

数据以供计量公平值之估值方法，以尽

量使用相关可观察输入数据及尽量减少

使用不可观察输入数据。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

FAIR VALUE MEASUREMENT

The Group measures its certain leasehold land and

buildings, investment properties and certain financial

asets at fair value at the end of each reporting period.

Fair value is the price that would be received to sel an

aset or paid to transfer a liability in an orderly transaction

betwen market participants at the measurement date.

The fair value measurement is based on the presumption

that the transaction to sel the aset or transfer the liability

takes place either in the principal market for the aset

or liability, or in the absence of a principal market, in the

most advantageous market for the aset or liability. The

principal or the most advantageous market must be

acesible by the Group. The fair value of an aset or a

liability is measured using the asumptions that market

participants would use when pricing the aset or liability,

asuming that market participants act in their economic

best interest.

A fair value measurement of a non-financial aset takes

into acount a market participant’s ability to generate

economic benefits by using the aset in its highest and

best use or by seling it to another market participant that

would use the aset in its highest and best use.

The Group uses valuation techniques that are apropriate

in the circumstances and for which suficient data are

available to measure fair value, maximising the use of

relevant observable inputs and minimising the use of

unobservable inputs.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

公平值计量（续）

所有于财务报表按公平值计量或披露之

资产及负债，乃基于对公平值计量整体

而言属重要之最低层输入数据按以下公

平值等级分类：

第一级－基于相同资产或负债于活

跃市场之未经调整报价

第二级－基于对公平值计量有重大

影响，可直接或间接观察

的最低输入数据之估值方

法

第三级－基于对公平值计量有重大

影响，不可观察的最低层

输入数据之估值方法

对于在财务报表以持续基准确认的资产

及负债，本集团透过于各报告期末基于

对公平值计量整体有重大影响的最低层

输入数据重新评估分类，以确定是否发

生不同等级转移。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

FAIR VALUE MEASUREMENT (Continued)

Al asets and liabilities for which fair value is measured

or disclosed in the financial statements are categorised

within the fair value hierarchy, described as folows, based

on the lowest level input that is significant to the fair value

measurement as a whole:

Level 1–based on quoted prices (unadjusted)

in active markets for identical asets or

liabilities

Level 2–based on valuation techniques for which

the lowest level input that is significant to

the fair value measurement is observable,

either directly or indirectly

Level 3–based on valuation techniques for which

the lowest level input that is significant

to the fair value measurement is

unobservable

For asets and liabilities that are recognised in the

financial statements on a recuring basis, the Group

determines whether transfers have ocured betwen

levels in the hierarchy by reasesing categorisation

(based on the lowest level input that is significant to the

fair value measurement as a whole) at the end of each

reporting period.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

非金融资产减值

倘有出现减值或须就资产进行年度减值

测试（存货、递延税项资产、金融资产、

投资物业及分类为持作出售资产外）的

迹象出现，则会估计资产之可收回数额。

资产之可收回数额为资产或现金产生单

位之使用价值及其公平值减销售成本之

较高者，并就个别资产而确定，除非该项

资产未能产生大部分独立于其他资产或

资产组别之现金流入。在此情况下，可收

回数额就资产所属之现金产生单位而确

定。对现金产生单位进行减值测试时，

公司资产（如：总部大楼）账面金额的一

部分，倘能按合理及一致的基准分配，

则分配至个别现金产生单位，否则分配

至最小的现金产生单位组别。

只有当资产之账面值超出其可收回值

时，减值亏损才予以确认。在评估使用价

值时，估计未来现金流量乃按税前折现

率被折现至彼等的现值，而税前折现率

乃反映现时市场就货币时间价值及资产

特定风险之评估。减值亏损将计入其产

生期间之损益表中，惟倘若资产以重估

金额列账，则减值亏损根据该重估资产

之有关会计政策处理。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

IMPAIRMENT OF NON-FINANCIAL

ASETS

Where an indication of impairment exists, or when

anual impairment testing for an aset is required (other

than inventories, defered tax asets, financial asets,

investment properties and asets clasified as held for

sale), the aset’s recoverable amount is estimated. An

aset’s recoverable amount is the higher of the aset’s

or cash-generating unit’s value in use and its fair value

les costs of disposal, and is determined for an individual

aset, unles the aset does not generate cash inflows

that are largely independent of those from other asets

or groups of asets, in which case the recoverable

amount is determined for the cash-generating unit to

which the aset belongs. In testing a cash-generating

unit for impairment, a portion of the carying amount of a

corporate aset (e.g., a headquarters building) is alocated

to an individual cash-generating unit if it can be alocated

on a reasonable and consistent basis, or otherwise, to the

smalest group of cash-generating units.

An impairment los is recognised only if the carying

amount of an aset exceds its recoverable amount. In

asesing value in use, the estimated future cash flows

are discounted to their present value using a pre-tax

discount rate that reflects curent market asesments

of the time value of money and the risks specific to the

aset. An impairment los is charged to the statement of

profit or los in the period in which it arises, unles the

aset is caried at a revalued amount, in which case the

impairment los is acounted for in acordance with the

relevant acounting policy for that revalued aset.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

非金融资产减值（续）

在各报告期末会评估有否于过往已确认

之资产减值亏损可能不再存在或可能减

少之迹象。倘出现任何该等迹象，会估

计可收回数额。只有当用以确定资产可

收回数额之估计出现更改时，才可将以

往确认之资产（不包括商誉）减值亏损回

拨，但回拨数额并不可高于假若过往年

度并无就该资产确认任何减值亏损之情

况下，该资产本来确定之账面值（经扣除

任何折旧）。减值亏损之拨回计入其产生

期间之损益表中，除非资产以重估金额

入账，在此情况下，减值亏损拨回根据该

重估资产之相关会计政策列账。

关连人士

在下列情况下，有关方将被视为本集团

的关连人士：

(a) 有关方为一名人士或该人士之直系

亲属，而该人士

(i) 控制或共同控制本集团；

(i) 对本集团发挥重大影响力；或

(i) 为本集团或其母公司的主要

管理人员成员；

或

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

IMPAIRMENT OF NON-FINANCIAL

ASETS (Continued)

An asesment is made at the end of each reporting

period as to whether there is an indication that previously

recognised impairment loses may no longer exist or

may have decreased. If such an indication exists, the

recoverable amount is estimated. A previously recognised

impairment los of an aset other than godwil is

reversed only if there has ben a change in the estimates

used to determine the recoverable amount of that aset,

but not to an amount higher than the carying amount that

would have ben determined (net of any depreciation) had

no impairment los ben recognised for the aset in prior

years. A reversal of such an impairment los is credited

to the statement of profit or los in the period in which it

arises, unles the aset is caried at a revalued amount,

in which case the reversal of the impairment los is

acounted for in acordance with the relevant acounting

policy for that revalued aset.

RELATED PARTIES

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that

person’s family and that person

(i) has control or joint control over the Group;

(i) has significant influence over the Group; or

(i) is a member of the key management personel

of the Group or of a parent of the Group;

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

关连人士（续）

(b) 有关方乃实体，并出现在下列的任

何一项：

(i) 该实体与本集团为同一集团

的成员公司；

(i) 该实体为另一间实体（或该另

一间实体之母公司，附属公司

或同系附属公司）之联营公司

或合营公司；

(i) 该实体及本集团为同一第三

方的合营公司；

(iv) 一间实体为第三方的合营公

司及另一间实体为该第三方

实体的联营公司；

(v) 该实体为以本集团或与本集

团相关之实体的雇员为受益

人的退休供款计划；

(vi) 该实体乃受(a)所确认人士的

控制或共同控制；

(vi) (a)(i)内所确认人士对该实体拥

有重大影响力或为该实体（或

该实体母公司）的主要管理人

员成员；及

(vi) 该实体，或其所属集团之任何

成员向本集团或本集团之母

公司提供主要管理层服务。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

RELATED PARTIES (Continued)

(b) the party is an entity where any of the folowing

conditions aplies:

(i) the entity and the Group are members of the

same group;

(i) one entity is an asociate or joint venture of the

other entity (or of a parent, subsidiary or felow

subsidiary of the other entity);

(i) the entity and the Group are joint ventures of

the same third party;

(iv) one entity is a joint venture of a third entity

and the other entity is an asociate of the third

entity;

(v) the entity is a post-employment benefit plan for

the benefit of employes of either the Group or

an entity related to the Group;

(vi) the entity is controled or jointly controled by a

person identified in (a);

(vi) a person identified in (a)(i) has significant

influence over the entity or is a member of the

key management personel of the entity (or of

a parent of the entity); and

(vi) the entity, or any member of a group of which it

is a part, provides key management personel

services to the Group or to the parent of the

Group.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

物业、厂房及设备以及折旧

除在建工程以外之物业、厂房及设备乃

按成本值或估值减累计折旧及任何减值

亏损列值。当物业、厂房及设备项目属于

分类为持作出售的出售组别时，则不计

提折旧，并根据香港财务报告准则第5号

入账，诚如「持作出售的出售组别」的会

计政策所进一步详述。物业、厂房及设备

项目之成本值包括其购买价及任何令该

资产达至原定营运状况及地点之直接应

占成本。

物业、厂房及设备项目投入运作后产生

之开支（如修理及保养）一般按其产生

之期间在损益表内扣除。倘符合确认条

件，则重大检查之开支会于资产账面值

中资本化作为替换。倘物业、厂房及设备

之重大部分须定期替换，则本集团会将

该等部分确认为有特定可使用年期及折

旧之个别资产。

折旧之计算方法乃按每项物业、厂房及

设备的估残值及估计可使用年期以直线

法撇销其成本值。所采用的主要有关年

率如下：

酒店物业按租约年期

租约土地按租约年期

楼宇2.5%至3%

租赁物业装修按租约年期及

20%之较短者

厂房及机器10%至20%

家私、装置及设备15%至20%

汽车20%至25%

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

PROPERTY, PLANT AND EQUIPMENT

AND DEPRECIATION

Property, plant and equipment, other than construction in

progres, are stated at cost or valuation les acumulated

depreciation and any impairment loses. When an item

of property, plant and equipment is part of a disposal

group clasified as held for sale, it is not depreciated and

is acounted for in acordance with HKFRS 5, as further

explained in the acounting policy for “Disposal groups

held for sale”. The cost of an item of property, plant and

equipment comprises its purchase price and any directly

atributable costs of bringing the aset to its working

condition and location for its intended use.

Expenditure incured after items of property, plant and

equipment have ben put into operation, such as repairs

and maintenance, is normaly charged to the statement

of profit or los in the period in which it is incured. In

situations where the recognition criteria are satisfied, the

expenditure for a major inspection is capitalised in the

carying amount of the aset as a replacement. Where

significant parts of property, plant and equipment are

required to be replaced at intervals, the Group recognises

such parts as individual asets with specific useful lives

and depreciates them acordingly.

Depreciation is calculated on the straight-line basis to

write of the cost of each item of property, plant and

equipment to its residual value over its estimated useful

life. The principal anual rates used for this purpose are

as folows:

Hotel propertiesOver the lease terms

Leasehold landsOver the lease terms

Buildings2.5% to 3%

Leasehold improvementsOver the shorter of the

lease terms and 20%

Plant and machinery10% to 20%

Furniture, fixtures and equipment15% to 20%

Motor vehicles20% to 25%

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

物业、厂房及设备以及折旧

（续）

倘一项物业、厂房及设备项目之部分之

使用年期不同，该项目之成本乃于有关

部分按合理基准分配，而各部分均独立

折旧。估残值、使用年期及折旧方法至少

于各财政年度结算日检讨，并在适当情

况下调整。

物业、厂房及设备项目（包括经初步确认

之任何重要部分），乃于出售后或预期将

来其用途或出售并无经济利益时终止确

认。于资产终止确认之年度内，于损益表

中确认之出售或报废之任何收益或亏损

乃出售所得款项净额与相关资产账面值

之差额。

在建工程指在建楼宇，乃按成本减任何

减值亏损列账，但不会计提折旧。成本包

括建造期间的直接建设成本以及相关借

入资金的资本化借款费用。在建工程于

完工且可供使用时将重新归入物业、厂

房及设备的适当类别。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

PROPERTY, PLANT AND EQUIPMENT

AND DEPRECIATION (Continued)

Where parts of an item of property, plant and equipment

have diferent useful lives, the cost of that item is alocated

on a reasonable basis among the parts and each part is

depreciated separately. Residual values, useful lives and

the depreciation method are reviewed, and adjusted if

apropriate, at least at each financial year end.

An item of property, plant and equipment including

any significant part initialy recognised is derecognised

upon disposal or when no future economic benefits are

expected from its use or disposal. Any gain or los on

disposal or retirement recognised in the statement of

profit or los in the year the aset is derecognised is

the diference betwen the net sales proceds and the

carying amount of the relevant aset.

Construction in progres is stated at cost les any

impairment loses, and is not depreciated. It is reclasified

to the apropriate category of property, plant and

equipment when completed and ready for use.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

投资物业

投资物业是指持有土地及建筑物之权益

（包括使用权资产），以赚取租金收入及

╱或为了资本增值。该等物业首次按成

本（包括交易成本）计量。初始确认后，

于报告期末，投资物业以公平值列账，

以反映市场状况。

投资物业之公平值变动产生之收益或亏

损乃于其产生之年度损益表内列账。

任何报废或出售投资物业之收益或亏损

乃于报废或出售年度内于损益表内确

认。

持作出售的出售组别

若出售组别的账面值将主要通过销售交

易而非通过继续使用来收回，则将其分

类为持作出售。在此情况下，出售组别必

须能够在其当前状态下立即出售，惟须

符合出售该等出售组别常用及惯用之条

款，并且其出售的可能性必须很高。子公

司分类为出售组别的所有资产及负债均

重新分类为持作出售，而不论出售后本

集团是否保留其对前子公司的非控制性

权益。

分类为持作出售的出售组别（投资物业

及金融资产除外）按其账面价值与公允

价值减出售成本两者中的较低者计量。

分类为持作出售的物业、厂房及设备以

及无形资产不计提折旧或摊销。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INVESTMENT PROPERTIES

Investment properties are interests in land and buildings

(including right-of-use asets) held to earn rental income

and/or for capital apreciation. Such properties are

measured initialy at cost, including transaction costs.

Subsequent to initial recognition, investment properties

are stated at fair value, which reflects market conditions at

the end of the reporting period.

Gains or loses arising from changes in the fair values of

investment properties are included in the statement of

profit or los in the year in which they arise.

Any gains or loses on the retirement or disposal of an

investment property are recognised in the statement of

profit or los in the year of the retirement or disposal.

DISPOSAL GROUPS HELD FOR SALE

Disposal groups are clasified as held for sale if their

carying amounts wil be recovered principaly through a

sales transaction rather than through continuing use. For

this to be the case, the disposal group must be available

for imediate sale in its present condition subject only to

terms that are usual and customary for the sale of such

disposal groups and its sale must be highly probable.

Al asets and liabilities of a subsidiary clasified as a

disposal group are reclasified as held for sale regardles

of whether the Group retains a non-controling interest in

its former subsidiary after the sale.

Disposal groups (other than financial asets) clasified as

held for sale are measured at the lower of their carying

amounts and fair values les costs to sel. Property, plant

and equipment and right-of-use asets clasified as held

for sale are not depreciated or amortised.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

租赁

本集团于合约开始时评估合约是否为或

包含租赁。倘合约为换取代价而给予在

一段时间内控制可识别资产使用之权

利，则该合约为或包含租赁。

本集团作为承租人

本集团就所有租赁应用单一确认及计量

方法，惟短期租赁及低价值资产租赁除

外。本集团确认作出租赁付款的租赁负

债，以及代表使用相关资产的权利的使

用权资产。

(a) 使用权资产

使用权资产于租赁开始日期（即相

关资产可供使用日期）确认。使用

权资产按成本减任何累计折旧及任

何减值亏损计量，并可就任何租赁

负债重新计量予以调整。使用权资

产的成本包括已确认租赁负债金

额、已产生初始直接成本以及于开

始日期或之前所作出租赁付款减任

何已收取租赁优惠。倘适用，使用

权资产的成本亦包括清拆及移除相

关资产或复原相关资产或其所处位

置的估计成本。使用权资产按直线

法于租期及资产估计可使用年期

（以较短者为准）内折旧如下：

租赁土地25至70年

物业2至14年

倘租赁资产的所有权于租期结束时

转移至本集团或成本反映购买选择

权的行使，则折旧按资产的估计可

使用年限计算。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

LEASES

The Group aseses at contract inception whether a

contract is, or contains, a lease. A contract is, or contains,

a lease if the contract conveys the right to control the use

of an identified aset for a period of time in exchange for

consideration.

Group as a lese

The Group aplies a single recognition and measurement

aproach for al leases, except for short-term leases. The

Group recognises lease liabilities to make lease payments

and right-of-use asets representing the right to use the

underlying asets.

(a) Right-of-use asets

Right-of-use asets are recognised at the

comencement date of the lease (that is the date

the underlying aset is available for use). Right-of-

use asets are measured at cost, les acumulated

depreciation and any impairment loses, and

adjusted for any remeasurement of lease liabilities.

The cost of right-of-use asets includes the amount

of lease liabilities recognised, initial direct costs

incured, and lease payments made at or before

the comencement date les any lease incentives

received. Where aplicable, the cost of a right-of-

use aset also includes an estimate of costs to

dismantle and remove the underlying aset or to

restore the underlying aset or the site on which it

is located. Right-of-use asets are depreciated on

a straight-line basis over the shorter of the lease

terms and the estimated useful lives of the asets as

folows:

Leasehold lands25 to 70 years

Properties2 to 14 years

If ownership of the leased asets transfers to

the Group by the end of the lease term or the

cost reflects the exercise of a purchase option,

depreciation is calculated using the estimated useful

life of the aset.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

租赁（续）

本集团作为承租人（续）

(b) 租赁负债

租赁负债在租赁开始日按整个租

赁期应付的租赁付款金额的现值

确认。租赁付款金额包括固定付款

（包括实质固定付款）减去任何应

收的租赁优惠，取决于一项指数或

比率的可变租赁付款额，以及余值

担保下预计应付的金额。租赁付款

金额还包括本集团合理确定将会行

使的购买选择权的行使价以及如果

租赁条款允许本集团行使选择权终

止租赁时用于终止租赁而支付的罚

款金额。不取决于指数或比率的可

变租赁付款额在引发付款的事件或

条件发生的期间内确认为开支。

在计算租赁付款金额的现值时，如

果不能可靠确定租赁中的内含利

率，本集团则使用租赁开始日的递

增借款利率。开始日之后，租赁负

债金额就反映租赁负债利息的累积

而增加及因租赁付款而减少。除此

之外，如租赁条款出现修订或变动

（如未来租赁付款因指数或比率变

动而变动）购买相关资产的选择权

的评估出现变动，则重新计量租赁

负债的账面值。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

LEASES (Continued)

Group as a lese (Continued)

(b) Lease liabilities

Lease liabilities are recognised at the comencement

date of the lease at the present value of lease

payments to be made over the lease term. The

lease payments include fixed payments (including in-

substance fixed payments) les any lease incentives

receivable, variable lease payments that depend

on an index or a rate, and amounts expected

to be paid under residual value guarantes. The

lease payments also include the exercise price of a

purchase option reasonably certain to be exercised

by the Group and payments of penalties for

termination of a lease, if the lease term reflects the

Group exercising the option to terminate the lease.

The variable lease payments that do not depend

on an index or a rate are recognised as an expense

in the period in which the event or condition that

trigers the payment ocurs.

In calculating the present value of lease payments,

the Group uses its incremental borowing rate at

the lease comencement date because the interest

rate implicit in the lease is not readily determinable.

After the comencement date, the amount of lease

liabilities is increased to reflect the acretion of

interest and reduced for the lease payments made.

In adition, the carying amount of lease liabilities

is remeasured if there is a modification, a change

in the lease term, a change in lease payments

(e.g., a change to future lease payments resulting

from a change in an index or rate) or a change in

asesment of an option to purchase the underlying

aset.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

租赁（续）

本集团作为承租人（续）

本集团对其办公室物业的短期租赁

（即该等于开始日期的租期为12个

月或以下且不包含购买权的租赁）

应用短期租赁确认豁免。未被资本

化的短期租赁款项按租期以直线法

确认为开支。

本集团作为出租人

当本集团作为出租人时，在租赁开始时

（或存在租赁修改时）将其每个租赁分类

为经营租赁或融资租赁。

倘本集团并未转移资产拥有权的绝大

部份风险及附带回报的租赁，均分类为

经营租赁。如合同包含租赁和非租赁部

份，则本集团按相对独立售价基准将合

同代价分配至各个部份。租金收入于租

期按直线法入账并由于其经营性质于损

益表内计入收益。磋商及安排经营租赁

所产生最初直接成本会加入租赁资产账

面值，并按与租金收入相同的基准于租

赁期内确认。或然租金于赚取期间确认

为收益。

将相关资产附带之绝大部分风险及回报

转移至承租人之租赁作为融资租赁入

账。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

LEASES (Continued)

Group as a lese (Continued)

The Group aplies the short-term lease recognition

exemption to its short-term leases of ofice premises

(that is those leases that have a lease term of 12

months or les from the comencement date and

do not contain a purchase option). Lease payments

on short-term leases are recognised as an expense

on a straight-line basis over the lease term.

Group as a lesor

When the Group acts as a lesor, it clasifies at lease

inception (or when there is a lease modification) each of

its leases as either an operating lease or a finance lease.

Leases in which the Group does not transfer substantialy

al the risks and rewards incidental to ownership of an

aset are clasified as operating leases. When a contract

contains lease and non-lease components, the Group

alocates the consideration in the contract to each

component on a relative stand-alone seling price basis.

Rental income is acounted for on a straight-line basis

over the lease term and is included in revenue in the

statement of profit or los due to its operating nature.

Initial direct costs incured in negotiating and aranging

an operating lease are aded to the carying amount of

the leased aset and recognised over the lease term on

the same basis as rental income. Contingent rents are

recognised as revenue in the period in which they are

earned.

Leases that transfer substantialy al the risks and rewards

incidental of an underlying aset to the lese are

acounted for as finance leases.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

发展中物业

发展中物业按成本及可变现净值之较低

者列账，包括土地成本、建筑成本、适

用之借款成本、专业费用及相关物业于

发展期内产生之其他直接成本。可变现

净值乃经参考于日常业务过程中出售的

发展中物业销售所得款项（扣除适用的

估计销售开支及其他作出销售的估计成

本，及竣工估计需要成本），或管理层根

据现行市况作估计后厘定。

发展中物业列为流动资产，除非预期相

关物业发展项目之兴建比一般营运周期

为长。该等物业于完成时转为持作出售

物业。

投资及其他金融资产

初步确认及计量

金融资产于初步确认时归类为其后按摊

销成本、按公平值列账及于其他全面收

入中处理及按公平值列账及于损益中处

理。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

PROPERTIES UNDER DEVELOPMENT

Properties under development are stated at the lower

of cost and net realisable value and comprise land

costs, construction costs, aplicable borowing costs,

profesional fes and other costs directly atributable

to such properties incured during the development

period. Net realisable value is determined by reference

to the sales proceds of properties sold in the ordinary

course of busines, les aplicable estimated seling

expenses and other estimated costs to make the sale,

and the estimated costs to be incured to completion or

by management estimates based on prevailing market

conditions.

Properties under development are clasified as curent

asets unles the construction of the relevant property

development project is expected to be completed beyond

the normal operating cycle. On completion, the properties

are transfered to properties held for sale.

INVESTMENTS AND OTHER FINANCIAL

ASETS

Initial recognition and measurement

Financial asets are clasified, at initial recognition, as

subsequently measured at amortised cost, fair value

through other comprehensive income, and fair value

through profit or los.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

投资及其他金融资产（续）

初步确认及计量（续）

金融资产的分类在初步确认时取决于金

融资产的合约现金流量特征及本集团管

理该等金融资产的业务模式。除并无重

大融资部分或本集团已应用不就重大融

资部分影响作出调整的可行权宜方法的

应收贸易账款外，本集团按其公平值加

（倘并非按公平值列账及于损益中处理

的金融资产）交易成本初步计量金融资

产。并无重大融资部分或本集团根据下

文「收入确认」所载政策应用可行权宜方

法的应收贸易账款按照香港财务报告准

则第15号厘定的交易价格计量。

为使金融资产按摊销成本或按公平值列

账及于其他全面收入中处理进行分类及

计量，其需存在仅为支付本金及未偿还

本金的利息（「SPI」）的现金流量。不论

任何业务模式，拥有非SPI 现金流量的

金融资产皆分类及计量为按公平值列账

及于损益中处理。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INVESTMENTS AND OTHER FINANCIAL

ASETS (Continued)

Initial recognition and measurement (Continued)

The clasification of financial asets at initial recognition

depends on the financial aset’s contractual cash flow

characteristics and the Group’s busines model for

managing them. With the exception of trade receivables

that do not contain a significant financing component or

for which the Group has aplied the practical expedient

of not adjusting the efect of a significant financing

component, the Group initialy measures a financial aset

at its fair value plus in the case of a financial aset not at

fair value through profit or los, transaction costs. Trade

receivables that do not contain a significant financing

component or for which the Group has aplied the

practical expedient are measured at the transaction price

determined under HKFRS 15 in acordance with the

policies set out for “Revenue recognition” below.

In order for a financial aset to be clasified and

measured at amortised cost or fair value through other

comprehensive income, it neds to give rise to cash flows

that are solely payments of principal and interest (“SPI”)

on the principal amount outstanding. Financial asets with

cash flows that are not SPI are clasified and measured

at fair value through profit or los, irespective of the

busines model.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

投资及其他金融资产（续）

初步确认及计量（续）

本集团管理金融资产的业务模式指其如

何管理其金融资产以产生现金流量。业

务模式厘定现金流量是否来自收集合约

现金流量、出售金融资产，或两者兼具。

以摊销成本分类和计量的金融资产被保

存在一个商业模型中，该模型旨在持有

金融资产以收集合同现金流量。而金融

资产分类和计量为指定为按公平值列账

及于其他全面收入中处理被保存在一个

商业模型中，该模型旨在持有金融资产

以收集合同现金流量及出售。不属于上

述业务模式持有的金融资产皆分类和计

量为按公平值列账及于损益中处理。

购买或出售金融资产需要在一般由法规

或市场惯例确定的期间内移交资产，购

买和出售金融资产于交易日确认，即本

集团承诺购买或出售该资产日期。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INVESTMENTS AND OTHER FINANCIAL

ASETS (Continued)

Initial recognition and measurement (Continued)

The Group’s busines model for managing financial asets

refers to how it manages its financial asets in order to

generate cash flows. The busines model determines

whether cash flows wil result from colecting contractual

cash flows, seling the financial asets, or both. Financial

asets clasified and measured at amortised cost are

held within a busines model with the objective to hold

financial asets in order to colect contractual cash flows,

while financial asets clasified and measured at fair value

through other comprehensive income are held within

a busines model with the objective of both holding to

colect contractual cash flows and seling. Financial asets

which are not held within the aforementioned busines

models are clasified and measured at fair value through

profit or los.

Purchases or sales of financial asets that require

delivery of asets within the period generaly established

by regulation or convention in the marketplace are

recognised on the trade date, that is, the date that the

Group comits to purchase or sel the aset.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

投资及其他金融资产（续）

后续计量

金融资产的后续计量取决于以下分类：

按摊销成本计量的金融资产（债务工具）

按摊销成本计量的金融资产其后使用实

际利率法计量，并可能受减值影响。当资

产终止确认，修订或减值时，收益及亏损

于损益表中确认。

指定为按公平值列账及于其他全面收

入中处理之金融资产（权益投资）

于初步确认时，本集团可选择于权益投

资符合香港会计准则第32号金融工具：

呈报项下的股权定义且并非持作交易

时，将其权益投资不可撤回地分类为指

定为按公平值列账及于其他全面收入中

处理之权益投资。有关分类乃按个别工

具基准厘定。

该等金融资产的收益及亏损概不会结转

至损益表。当确立支付权时，股息在与股

息相关的经济利益可能将流入本集团且

股息金额能可靠计量时于损益表内确认

为其他收入，惟当本集团于作为收回金

融资产一部分成本的所得款项中获益时

则除外，于此等情况下，该等收益于其他

全面收益入账。指定为按公平值列账及

于其他全面收入中处理之权益投资不受

减值评估影响。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INVESTMENTS AND OTHER FINANCIAL

ASETS (Continued)

Subsequent measurement

The subsequent measurement of financial asets

depends on their clasification as folows:

Financial asets at amortised cost (debt instruments)

Financial asets at amortised cost are subsequently

measured using the efective interest method and are

subject to impairment. Gains and loses are recognised

in the statement of profit or los when the aset is

derecognised, modified or impaired.

Financial asets designated at fair value through other

comprehensive income (equity investments)

Upon initial recognition, the Group can elect to clasify

irevocably its equity investments as equity investments

designated at fair value through other comprehensive

income when they met the definition of equity under

HKAS 32 Financial Instruments: Presentation and are not

held for trading. The clasification is determined on an

instrument-by-instrument basis.

Gains and loses on these financial asets are never

recycled to the statement of profit or los. Dividends are

recognised as other income in the statement of profit or

los when the right of payment has ben established,

except when the Group benefits from such proceds as a

recovery of part of the cost of the financial aset, in which

case, such gains are recorded in other comprehensive

income. Equity investments designated at fair value

through other comprehensive income are not subject to

impairment asesment.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

投资及其他金融资产（续）

后续计量（续）

按公平值列账及于损益中处理之金融

资产

按公平值列账及于损益中处理之金融资

产按公平值于财务状况表内列账，而公

平值变动净额于损益表内确认。

此类别包括本集团并无不可撤回地选择

按公平值列账及于其他全面收入中处理

进行分类的权益投资。权益投资股息在

支付权确立时亦于损益表内确认为其他

收入。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INVESTMENTS AND OTHER FINANCIAL

ASETS (Continued)

Subsequent measurement (Continued)

Financial asets at fair value through profit or los

Financial asets at fair value through profit or los are

caried in the statement of financial position at fair value

with net changes in fair value recognised in the statement

of profit or los.

This category includes equity investments which the

Group had not irevocably elected to clasify at fair value

through other comprehensive income. Dividends on the

equity investments are also recognised as other income in

the statement of profit or los when the right of payment

has ben established.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

终止确认金融资产

在下列情况下，将基本终止确认（即从

本集团综合财务状况表中剔除）金融资

产，或（如适当）一项金融资产之一部分

或一组类似金融资产之一部分：

• 可获取资产所得现金流量之权利届

满；或

• 本集团已转让其可获取资产所得现

金流量之权利，或根据「转手」安排

须无重大延迟地向第三方悉数支付

已收取之现金流量；并(a)本集团已

转让资产之绝大部分风险及回报，

或(b)本集团既无转让亦无保留资产

之绝大部分风险及回报，但已转让

资产之控制权。

倘本集团已转让其可获取资产所得现金

流量之权利或已订立转手安排，其将评

估其是否已保留资产所有权之风险及回

报以及保留之程度。倘本集团既无转让

亦无保留资产之绝大部分风险及回报，

亦无转让资产之控制权，则本集团将按

本集团持续参与之程度继续确认该转让

资产。在此情况下，本集团亦确认关连负

债。已转让之资产及关连负债乃按可反

映本集团已保留之权利及责任之基准计

量。

以对已转让资产作出担保之形式持续参

与者乃以该项资产之原账面值与本集团

或须偿还之代价数额上限中两者之较低

者计算。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

DERECOGNITION OF FINANCIAL ASETS

A financial aset (or, where aplicable, a part of a financial

aset or part of a group of similar financial asets) is

primarily derecognised (i.e., removed from the Group’s

consolidated statement of financial position) when:

• the rights to receive cash flows from the aset have

expired; or

• the Group has transfered its rights to receive

cash flows from the aset or has asumed an

obligation to pay the received cash flows in ful

without material delay to a third party under a “pas-

through” arangement; and either (a) the Group has

transfered substantialy al the risks and rewards of

the aset, or (b) the Group has neither transfered

nor retained substantialy al the risks and rewards of

the aset, but has transfered control of the aset.

When the Group has transfered its rights to receive cash

flows from an aset or has entered into a pas-through

arangement, it evaluates if, and to what extent, it has

retained the risk and rewards of ownership of the aset.

When it has neither transfered nor retained substantialy

al the risks and rewards of the aset nor transfered

control of the aset, the Group continues to recognise the

transfered aset to the extent of the Group’s continuing

involvement. In that case, the Group also recognises

an asociated liability. The transfered aset and the

asociated liability are measured on a basis that reflects

the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarante

over the transfered aset is measured at the lower of the

original carying amount of the aset and the maximum

amount of consideration that the Group could be required

to repay.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

金融资产减值

本集团就并非按公平值列账及于损益中

处理而持有的所有债务工具确认预期信

贷亏损（「预期信贷亏损」）拨备。预期信

贷亏损乃基于根据合约到期的合约现金

流量与本集团预期收取的所有现金流量

之间的差额而定，并以原实际利率的近

似值贴现。预期现金流量将包括出售所

持抵押品或组成合约条款的其他加强信

贷措施的现金流量。

一般方法

预期信贷亏损分两个阶段确认。就初步

确认以来并无大幅增加的信贷风险而

言，其会就未来12个月内的可能违约事

件所导致的信贷亏损（12个月预期信贷

亏损）计提预期信贷亏损。就初步确认以

来大幅增加的信贷风险而言，不论违约

何时发生，均须就预期于风险余下年期

内所产生的信贷亏损计提亏损拨备（全

期预期信贷亏损）。

本集团于各报告日期评估金融工具的信

贷风险自初步确认以来是否大幅增加。

于作出评估时，本集团会比较金融工具

于报告日期发生违约的风险及金融工具

于初始确认日期发生违约的风险，并考

虑无需过多成本或努力即可获得的合理

及可靠资料，包括历史及前瞻性资料。

本集团假设倘合约付款逾期超过30天，

则信贷风险已显著增加。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

IMPAIRMENT OF FINANCIAL ASETS

The Group recognises an alowance for expected credit

loses (“ECLs”) for al debt instruments not held at fair

value through profit or los. ECLs are based on the

diference betwen the contractual cash flows due in

acordance with the contract and al the cash flows

that the Group expects to receive, discounted at an

aproximation of the original efective interest rate. The

expected cash flows wil include cash flows from the sale

of colateral held or other credit enhancements that are

integral to the contractual terms.

General aproach

ECLs are recognised in two stages. For credit exposures

for which there has not ben a significant increase in

credit risk since initial recognition, ECLs are provided

for credit loses that result from default events that are

posible within the next 12 months (a 12-month ECL).

For those credit exposures for which there has ben a

significant increase in credit risk since initial recognition,

a los alowance is required for credit loses expected

over the remaining life of the exposure, irespective of the

timing of the default (a lifetime ECL).

At each reporting date, the Group aseses whether

the credit risk on a financial instrument has increased

significantly since initial recognition. When making the

asesment, the Group compares the risk of a default

ocuring on the financial instrument as at the reporting

date with the risk of a default ocuring on the financial

instrument as at the date of initial recognition and

considers reasonable and suportable information that is

available without undue cost or efort, including historical

and forward-loking information. The Group considers

that there has ben a significant increase in credit risk

when contractual payments are more than 30 days past

due.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

金融资产减值（续）

一般方法（续）

倘合约付款逾期12个月，则本集团认为

金融资产违约。本集团已根据合理及可

证明的资料，包括本集团的信贷风险控

制常规及逾期90日以上金融资产的过往

回收率，推翻90日逾期的违约假设。然

而，于若干情况下，倘内部或外部资料显

示在计及本集团所持之任何加强信贷措

施前，本集团不大可能悉数收回尚未偿

还合约款项，则本集团亦可认为金融资

产违约。

金融资产于无法合理预期收回合约现金

流量时撇销。

按摊销成本计量的金融资产按一般方法

进行减值，并分类为以下预期信贷亏损

计量阶段，惟下文所详述应用简化方法

的应收贸易账款则除外。

第一阶段－金融工具的信贷风险自初

步确认以来并无大幅增

加，且其亏损拨备按相等

于12个月预期信贷亏损

的金额计量

第二阶段－金融工具的信贷风险自初

步确认以来已大幅增加惟

并非信贷减值金融资产，

且其亏损拨备按相等于全

期预期信贷亏损的金额计

量

第三阶段－于报告日期出现信贷减值

的金融资产（惟并非购买

或初始信贷减值的金融资

产），且其亏损拨备按相

等于全期预期信贷亏损的

金额计量

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

IMPAIRMENT OF FINANCIAL ASETS

(Continued)

General aproach (Continued)

The Group considers a financial aset in default when

contractual payments are 12 months past due. The

Group has rebuted the 90 days past due presumption of

default based on reasonable and suportable information,

including the Group’s credit risk control practices and

the historical recovery rate of financial asets over 90

days past due. However, the Group may also consider a

financial aset to be in default when internal or external

information indicates that the Group is unlikely to receive

the outstanding contractual amounts in ful before taking

into acount any credit enhancements held by the Group.

A financial aset is writen of when there is no reasonable

expectation of recovering the contractual cash flows.

Financial asets at amortised cost are subject to

impairment under the general aproach and they are

clasified within the folowing stages for measurement

of ECLs except for trade receivables which aply the

simplified aproach as detailed below.

Stage 1–Financial instruments for which credit

risk has not increased significantly since

initial recognition and for which the los

alowance is measured at an amount equal

to 12-month ECLs

Stage 2–Financial instruments for which credit risk

has increased significantly since initial

recognition but that are not credit-impaired

financial asets and for which the los

alowance is measured at an amount equal

to lifetime ECLs

Stage 3–Financial asets that are credit-impaired

at the reporting date (but that are not

purchased or originated credit-impaired)

and for which the los alowance is

measured at an amount equal to lifetime

ECLs

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

金融资产减值（续）

简化方法

对于并无包含重大融资成分的应收贸易

账款，或倘本集团应用可行权宜之计而

不就重大融资成分的影响进行调整，本

集团于计算预期信贷亏损时应用简化方

法。根据简化方法，本集团并无追踪信贷

风险的变化，反而于各报告日期根据全

期预期信贷亏损确认亏损拨备。本集团

已根据其过往信贷亏损经验建立拨备矩

阵，并就债务人及经济环境的特定前瞻

性因素作出调整。

金融负债

初步确认及计量

金融负债于初步确认时列为贷款及借款

或应付款项（如适用）。

所有金融负债初步按公平值确认，如属

贷款及借贷以及应付款项，则直接扣除

应占交易成本确认。

其后计量

金融负债的其后计量按分类进行，该等

金融负债分类如下：

按摊销成本计量的金融负债（应付

贸易账款及其他应付款项及借贷）

于初步确认后，应付贸易账款及其他应

付款项及计息借款其后以实际利率法按

摊销成本计量，除非折现影响为微不足

道，在该情况下则按成本列账。当负债

终止确认及按实际利率法进行摊销程序

时，其盈亏在损益表内确认。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

IMPAIRMENT OF FINANCIAL ASETS

(Continued)

Simplified aproach

For trade receivables that do not contain a significant

financing component or when the Group aplies the

practical expedient of not adjusting the efect of a

significant financing component, the Group aplies

the simplified aproach in calculating ECLs. Under the

simplified aproach, the Group does not track changes

in credit risk, but instead recognises a los alowance

based on lifetime ECLs at each reporting date. The Group

has established a provision matrix that is based on its

historical credit los experience, adjusted for forward-

loking factors specific to the debtors and the economic

environment.

FINANCIAL LIABILITIES

Initial recognition and measurement

Financial liabilities are clasified, at initial recognition, as

loans and borowings or payables, as apropriate.

Al financial liabilities are recognised initialy at fair value

and, in the case of loans and borowings and payables,

net of directly atributable transaction costs.

Subsequent measurement

The subsequent measurement of financial liabilities

depends on their clasification as folows:

Financial liabilities at amortised cost (trade and

other payables, and borowings)

After initial recognition, trade and other payables, and

interest-bearing borowings are subsequently measured

at amortised cost, using the efective interest rate method

unles the efect of discounting would be imaterial, in

which case they are stated at cost. Gains and loses are

recognised in the statement of profit or los when the

liabilities are derecognised as wel as through the efective

interest rate amortisation proces.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

金融负债（续）

按摊销成本计量的金融负债（应付

贸易账款及其他应付款项及借贷）

（续）

摊销成本于计及收购事项任何折让或溢

价及属实际利率不可或缺部分的费用或

成本后计算。实际利率摊销计入损益表

内。

财务担保合约

本集团发行之财务担保合约为要求作出

付款以偿付持有人因特定债务人未能根

据债务工具的条款偿还到期款项而招致

损失的合约。财务担保合约初步以公平

值确认为负债，并按与发出财务担保合

约有直接关系的交易成本予以调整。在

初步确认之后，本集团对财务担保合约

的计量以(i)根据「金融资产之减值」所载

之政策厘定之预期信贷亏损拨备；及(i)

按初步确认金额减（如适用）已确认收入

之累计金额，两者之较高者计算。

可换股债券

可转换债券中表现出负债特征的部分在

扣除交易成本后在财务状况表中确认为

负债。发行可换股债券时，负债部分的公

允价值以不可换股的等值债券的市场利

率确定；该金额按摊余成本计算为长期

负债，直至换股或赎回时终止。扣除交

易成本后的得款余额被分配为换股选择

权，并确认及计入股东权益。换股选择权

的账面值不会在以后年度重新计量。交

易成本在可换股债券的负债部分和权益

部分之间按照首次确认工具时所得款项

分配到负债部分和权益部分的情况进行

分摊。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

FINANCIAL LIABILITIES (Continued)

Financial liabilities at amortised cost (trade and

other payables, and borowings) (Continued)

Amortised cost is calculated by taking into acount any

discount or premium on acquisition and fes or costs

that are an integral part of the efective interest rate.

The efective interest rate amortisation is included in the

statement of profit or los.

Financial guarante contracts

Financial guarante contracts isued by the Group are

those contracts that require a payment to be made to

reimburse the holder for a los it incurs because the

specified debtor fails to make a payment when due

in acordance with the terms of a debt instrument. A

financial guarante contract is recognised initialy as a

liability at its fair value, adjusted for transaction costs that

are directly atributable to the isuance of the guarante.

Subsequent to initial recognition, the Group measures

the financial guarante contracts at the higher of: (i) the

ECL alowance determined in acordance with the policy

as set out in “Impairment of financial asets”; and (i) the

amount initialy recognised les, when apropriate, the

cumulative amount of income recognised.

Convertible bonds

The component of convertible bonds that exhibits

characteristics of a liability is recognised as a liability in

the statement of financial position, net of transaction

costs. On isuance of convertible bonds, the fair value of

the liability component is determined using a market rate

for an equivalent non-convertible bond; and this amount

is caried as a long term liability on the amortised cost

basis until extinguished on conversion or redemption. The

remainder of the proceds is alocated to the conversion

option that is recognised and included in shareholders’

equity, net of transaction costs. The carying amount of

the conversion option is not remeasured in subsequent

years. Transaction costs are aportioned betwen the

liability and equity components of the convertible bonds

based on the alocation of proceds to the liability

and equity components when the instruments are first

recognised.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

终止确认财务负债

金融负债于负债之责任被解除或取消或

到期时终止确认。

倘现有金融负债由同一贷方授予条款迵

异之其他债项取代，或现有负债之条款

经重大修订，则该等变更或修订视作终

止确认原负债及确认新负债，各账面值

之差额于损益表确认。

抵销金融工具

倘有现行可予执行的法定权利抵销已确

认金额并有意按净额基准结算，或变现

资产及偿还负债同时进行时，金融资产

及金融负债才会互相抵销，并在财务状

况表内以净额列示。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

DERECOGNITION OF FINANCIAL

LIABILITIES

A financial liability is derecognised when the obligation

under the liability is discharged or canceled, or expires.

When an existing financial liability is replaced by another

from the same lender on substantialy diferent terms,

or the terms of an existing liability are substantialy

modified, such an exchange or modification is treated as

a derecognition of the original liability and a recognition of

a new liability, and the diference betwen the respective

carying amounts is recognised in the statement of profit

or los.

OFSETING OF FINANCIAL

INSTRUMENTS

Financial asets and financial liabilities are ofset and

the net amount is reported in the statement of financial

position if there is a curently enforceable legal right to

ofset the recognised amounts and there is an intention to

setle on a net basis, or to realise the asets and setle the

liabilities simultaneously.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

存货

存货按成本与可变现净值两者中之较低

者入账。成本按先进先出基准厘定，倘

属在制品及制成品的成本值包括直接材

料、直接工资及适当比例的经营性费用。

可变现净值乃根据估计销售价格减预期

于完工及出售前产生的任何估计成本计

算。

持作出售物业

持作出售物业按成本值及按个别物业之

可变现净值之较低者入账。成本值包括

所有关该物业应占之发展费用、适用

借贷成本及其他直接成本。可变现净值

乃经参考在日常业务过程中出售物业之

出售所得款项，减去适用之估计销售开

支及其他作出销售的估计成本，或管理

层根据现行市况作出估计后厘定。

现金及现金等值项目

财务状况表的现金及现金等值项目乃指

手头现金及银行结存以及于购入后一般

三个月内到期并可随时转换为已知金额

现金的高流动性但价值变动风险不大且

持有目的为满足短期现金承担之短期存

款。

就综合现金流量表而言，现金及现金等

值项目包括手头现金、银行结存及上文

界定之短期存款，减去须按要求偿还并

构成本集团现金管理之一部分之银行透

支。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INVENTORIES

Inventories are stated at the lower of cost and net

realisable value. Cost is determined on the first-in, first-out

basis and, in the case of work in progres and finished

gods, comprises direct materials, direct labour and an

apropriate proportion of overheads. Net realisable value

is based on estimated seling prices les any estimated

costs to be incured to completion and disposal.

PROPERTIES HELD FOR SALE

Properties held for sale are stated at the lower of cost

and net realisable value on an individual property basis.

Cost includes al development expenditure, aplicable

borowing costs and other direct costs atributable to

such properties. Net realisable value is determined with

reference to the sales proceds of properties sold in the

ordinary course of busines, les aplicable estimated

seling expenses and other estimated costs to make the

sale or by management estimates based on prevailing

market conditions.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents in the statement of financial

position comprise cash on hand and at banks, and short-

term highly liquid deposits with a maturity of generaly

within thre months that are readily convertible into

known amounts of cash, subject to an insignificant risk

of changes in value and held for the purpose of meting

short-term cash comitments.

For the purpose of the consolidated statement of cash

flows, cash and cash equivalents comprise cash on hand

and at banks, and short-term deposits as defined above,

les bank overdrafts which are repayable on demand and

form an integral part of the Group’s cash management.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

拨备

倘因为过去之事件导致目前存在责任

（法律或推断责任），且日后很可能需要

付出资源解除有关责任，则确认拨备，

惟必须可对有关责任涉及金额作出可靠

估计。

当贴现的影响属重大时，已确认的拨备

数额为在报告期末就履行责任所需的预

计未来开支的现值。因时间流逝所产生

的贴现值增加数额乃计入损益表内。

所得税

所得税包括即期及递延税项。有关于损

益以外确认之项目之所得税于损益外确

认，不论是否于其他全面收入或直接于

权益内确认。

即期税项资产及负债，乃根据于报告期

末已颁布或实际上已大致颁布之税率

（及税法），经计及本集团拥有营运之司

法权区╱国家其现行之诠释及惯例，预

期自税务机关收回或向税务机关支付之

款额计算。

递延税项乃使用负债法就于报告期末之

资产及负债之税务基础与其用作财务申

报之账面值之间之所有暂时差异作出拨

备。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

PROVISIONS

A provision is recognised when a present obligation (legal

or constructive) has arisen as a result of a past event and

it is probable that a future outflow of resources wil be

required to setle the obligation, provided that a reliable

estimate can be made of the amount of the obligation.

When the efect of discounting is material, the amount

recognised for a provision is the present value at the

end of the reporting period of the future expenditures

expected to be required to setle the obligation. The

increase in the discounted present value amount arising

from the pasage of time is included in the statement of

profit or los.

INCOME TAX

Income tax comprises curent and defered tax. Income

tax relating to items recognised outside profit or los

is recognised outside profit or los, either in other

comprehensive income or directly in equity.

Curent tax asets and liabilities are measured at the

amount expected to be recovered from or paid to the

taxation authorities, based on tax rates (and tax laws)

that have ben enacted or substantively enacted by the

end of the reporting period, taking into consideration

interpretations and practices prevailing in the jurisdictions/

countries in which the Group operates.

Defered tax is provided, using the liability method, on al

temporary diferences at the end of the reporting period

betwen the tax bases of asets and liabilities and their

carying amounts for financial reporting purposes.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

所得税（续）

所有应课税暂时差异均会确认为递延税

项负债，惟以下情况例外：

，是由于

在一宗非属业务合并之交易中初

步确认之资产或负债，与及在交易

时，对会计溢利或应课税溢利或亏

损均无影响，且不会产生相等应课

税及可扣税暂时差额；及

• 就与附属公司及联营公司投资有关

之应课税暂时差异而言，倘暂时差

异拨回之时间可被控制及暂时差异

于可预见将来可能不会拨回者。

递延税项资产乃就所有可扣减暂时差

异、结转的未动用税项抵免及任何未动

用税项亏损而确认，惟以可扣减暂时差

异、结转的未动用税项抵免及未动用税

项亏损可获用作抵销应课税溢利为限，

惟以下情况例外：

• 倘若有关可扣减暂时性差异之递延

税项资产之起因，是由于在一宗非

属业务合并之交易中初步确认资产

或负债，而且在交易时，对会计溢

利或应课税溢利或亏损均无影响，

且不会产生相等应课税及可扣税暂

时差额；及

• 就与附属公司及联营公司投资有关

之可扣减暂时差异而言，递延税项

资产之确认仅以暂时差异于可预见

将来可拨回及暂时差异可获用作抵

销应课税溢利为限。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INCOME TAX (Continued)

Defered tax liabilities are recognised for al taxable

temporary diferences, except:

• when the defered tax liability arises from the initial

recognition of godwil or an aset or liability in

a transaction that is not a busines combination

and, at the time of the transaction, afects neither

the acounting profit nor taxable profit or los and

does not give rise to equal taxable and deductible

temporary diferences; and

• in respect of taxable temporary diferences

asociated with investments in subsidiaries and

asociates, when the timing of the reversal of the

temporary diferences can be controled and it is

probable that the temporary diferences wil not

reverse in the foreseable future.

Defered tax asets are recognised for al deductible

temporary diferences, and the caryforward of unused

tax credits and any unused tax loses. Defered tax

asets are recognised to the extent that it is probable that

taxable profit wil be available against which the deductible

temporary diferences, and the caryforward of unused tax

credits and unused tax loses can be utilised, except:

• when the defered tax aset relating to the

deductible temporary diferences arises from

the initial recognition of an aset or liability in a

transaction that is not a busines combination

and, at the time of the transaction, afects neither

the acounting profit nor taxable profit or los and

does not give rise to equal taxable and deductible

temporary diferences; and

• in respect of deductible temporary diferences

asociated with investments in subsidiaries and

asociates, defered tax asets are only recognised

to the extent that it is probable that the temporary

diferences wil reverse in the foreseable future and

taxable profit wil be available against which the

temporary diferences can be utilised.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

所得税（续）

递延税项资产之账面值会于各报告期末

作出审阅，并扣减至应课税溢利不再足

以供所有或部分递延税项资产可被动

用。以往未被确认之递延税项资产乃于

各报告期末重新评估，并于应课税溢利

足以供所有或部分递延税项资产可被动

用时确认。

递延税项资产及负债乃按预期适用于变

现资产或偿还负债期间之税率，按照于

报告期末已颁布或实际上已大致颁布之

税率（及税法）计算。

倘及仅倘本集团具有法律上可强制执行

之权利，以将与同一税务机关对同一应

课税实体或不同应课税实体施加之所得

税有关之即期税项资产及即期税项负债

以及递延税项资产及递延税项负债互相

抵销，并有意于未来每个具有偿付或收

回重大递延税项负债或资产之期间内，

以净额基准结算即期税项负债及资产，

或同时变现资产及偿还负债时，则可将

递延税项资产及递延税项负债互相抵

销。

政府补助金

政府补助金于可合理确定收取时按公平

值确认，并须遵守其所附之一切条件。倘

补贴与开支项目有关，则有系统地确认

为补贴所补偿之成本支销期间之收入。

倘补助金与资产有关，则其公平值将计

入递延收入内，并会在相关资产之估计

可使用年期按年等额分期付款方式拨至

损益表或自有关资产的账面值中扣除并

以减少折旧费用方式计入损益表。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

INCOME TAX (Continued)

The carying amount of defered tax asets is reviewed

at the end of each reporting period and reduced to the

extent that it is no longer probable that suficient taxable

profit wil be available to alow al or part of the defered

tax aset to be utilised. Unrecognised defered tax asets

are reasesed at the end of each reporting period and

are recognised to the extent that it has become probable

that suficient taxable profit wil be available to alow al or

part of the defered tax aset to be recovered.

Defered tax asets and liabilities are measured at the

tax rates that are expected to aply to the period when

the aset is realised or the liability is setled, based

on tax rates (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period.

Defered tax asets and defered tax liabilities are ofset

if and only if the Group has a legaly enforceable right to

set of curent tax asets and curent tax liabilities and

the defered tax asets and defered tax liabilities relate

to income taxes levied by the same taxation authority on

either the same taxable entity or diferent taxable entities

which intend either to setle curent tax liabilities and

asets on a net basis, or to realise the asets and setle

the liabilities simultaneously, in each future period in which

significant amounts of defered tax liabilities or asets are

expected to be setled or recovered.

GOVERNMENT GRANTS

Government grants are recognised at their fair value

where there is reasonable asurance that the grant wil

be received and al ataching conditions wil be complied

with. When the grant relates to an expense item, it

is recognised as income on a systematic basis over

the periods that the costs, for which it is intended to

compensate, are expensed. Where the grant relates to

an aset, the fair value is credited to a defered income

acount and is released to the statement of profit or los

over the expected useful life of the relevant aset by equal

anual instalments or deducted from the carying amount

of the aset and released to the statement of profit or los

by way of a reduced depreciation charge.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

收入确认

客户合约收入

来自客户合约收入于货品或服务控制权

转让予客户时按反映本集团就换取该等

货品或服务预期有权收取的代价金额确

认。

当合约代价包括可变金额时，估计代价

为本集团就转让货品或服务予客户将有

权收取的代价金额。可变代价于合约开

始时估计且受其限制，直至当与可变代

价有关的不确定因素于其后解除时，已

确认的累计收入金额不大可能会发生重

大收入拨回为止。

倘合约包含融资部分，就向客户转移货

物或商品而为客户提供为期一年以上之

重大融资利益时，收入按应收金额之现

值计量，采用合约开始时本集团与客户

之间的独立融资交易中将反映之贴现率

贴现。倘合约包含为本集团提供为期一

年以上之重大融资利益的融资部分，则

根据该合约确认之收入包括按实际利率

法计算的合约负债所产生之利息开支。

对于承诺货品或服务之客户付款及转移

间隔期为一年或更短之合约，根据香港

财务报告准则第15号规定之实际权宜交

易价格不会就重大融资部分之影响作出

调整。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

REVENUE RECOGNITION

Revenue from contracts with customers

Revenue from contracts with customers is recognised

when control of gods or services is transfered to the

customers at an amount that reflects the consideration to

which the Group expects to be entitled in exchange for

those gods or services.

When the consideration in a contract includes a variable

amount, the amount of consideration is estimated

to which the Group wil be entitled in exchange for

transfering the gods or services to the customer. The

variable consideration is estimated at contract inception

and constrained until it is highly probable that a significant

revenue reversal in the amount of cumulative revenue

recognised wil not ocur when the asociated uncertainty

with the variable consideration is subsequently resolved.

When the contract contains a financing component

which provides the customer with a significant benefit

of financing the transfer of gods or services to the

customer for more than one year, revenue is measured at

the present value of the amount receivable, discounted

using the discount rate that would be reflected in a

separate financing transaction betwen the Group and

the customer at contract inception. When the contract

contains a financing component which provides the

Group with a significant financial benefit for more than one

year, revenue recognised under the contract includes the

interest expense acreted on the contract liability under

the efective interest method. For a contract where the

period betwen the payment by the customer and the

transfer of the promised gods or services is one year or

les, the transaction price is not adjusted for the efects

of a significant financing component, using the practical

expedient in HKFRS 15.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

收入确认（续）

客户合约收入（续）

(i) 餐饮经营

餐饮经营之收入于资产（所承诺之

货品或服务）之控制权转让予客户

之时间点确认。

(i) 面包店经营

面包店经营之收入于资产（所承诺

之货品或服务）之控制权转让予客

户之时间点确认。

(i) 食品销售

食品销售之收入于资产（所承诺之

货品或服务）之控制权已转让予客

户之时间点确认，一般为于交付食

品时。

(iv) 酒店经营

酒店经营之收入参照相关履约责任

之完满达成进度而随时间确认，原

因为客户同时收取及耗用本集团提

供之利益。

(v) 物业管理服务

物业管理服务之收入按直线基准于

预定期间确认，原因为客户同时收

取及耗用本集团提供之利益。

(vi) 物业销售

竣工物业销售之收入于客户取得已

竣工物业之控制权之时间点确认，

即竣工物业之法定所有权转移至客

户并可收回代价时。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

REVENUE RECOGNITION (Continued)

Revenue from contracts with customers (Continued)

(i) Restaurant operations

Revenue from restaurant operations is recognised

at the point in time when/as control of the aset

(a promised god or service) is transfered to the

customer.

(i) Bakery operations

Revenue from bakery operations is recognised

at a point in time when/as control of the aset (a

promised god or service) is transfered to the

customer.

(i) Sale of fod products

Revenue from the sale of fod products is

recognised at a point in time when/as control of the

aset (a promised god or service) is transfered

to the customer, generaly on delivery of the fod

products.

(iv) Hotel operations

Revenue from hotel operations is recognised over

time by reference to the progres towards complete

satisfaction of the relevant performance obligations,

as the customer simultaneously receives and

consumes the benefits provided by the Group.

(v) Property management services

Revenue from property management services is

recognised over the scheduled period on a straight-

line basis because the customer simultaneously

receives and consumes the benefits provided by the

Group.

(vi) Sale of properties

Revenue from the sale of completed properties is

recognised at a point in time when the customer

obtains control of the completed properties, being

the point when the legal title of the completed

property is pased to the customer and the

colection of the consideration is probable.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

收入确认（续）

客户合约收入（续）

(vi) 物业代理服务

物业代理服务之佣金收入乃于提供

服务之时间点确认，其一般为交易

各方首次达成协议之时间。

来自其他来源之收入

租金收入按时间比例于租期内确认。并

非取决于一项指数或利率之可变租赁付

款于其产生之会计期间确认为收入。

其他收入

利息收入乃透过采用于金融工具之预计

年期或更短期间（如适用）将估计未来现

金收款准确贴现至金融资产之账面净值

之利率，使用实际利率法按应计基准确

认。

股息收入乃于股东收取股息付款之权利

确立、股息附带之经济利益很可能流入

本集团及股息金额能可靠地计量时确

认。

合约负债

合约负债在本集团转让相关货品或服务

前收到客户付款或付款到期时（以较早

者为准）确认。合约负债于本集团履行合

约时确认为收入（即转让相关货品或服

务之控制权予客户时）。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

REVENUE RECOGNITION (Continued)

Revenue from contracts with customers (Continued)

(vi) Property agency services

Comision income from property agency services

is recognised at a point in time when the services

are rendered which is generaly the time when the

transacting parties first come into an agrement.

Revenue from other sources

Rental income is recognised on a time proportion basis

over the lease terms. Variable lease payments that do not

depend on an index or a rate are recognised as income in

the acounting period in which they are incured.

OTHER INCOME

Interest income is recognised on an acrual basis using

the efective interest method by aplying the rate that

exactly discounts the estimated future cash receipts over

the expected life of the financial instrument or a shorter

period, when apropriate, to the net carying amount of

the financial aset.

Dividend income is recognised when the shareholders’

right to receive payment has ben established, it is

probable that the economic benefits asociated with the

dividend wil flow to the Group and the amount of the

dividend can be measured reliably.

CONTRACT LIABILITIES

A contract liability is recognised when a payment is

received or a payment is due (whichever is earlier) from

a customer before the Group transfers the related gods

or services. Contract liabilities are recognised as revenue

when the Group performs under the contract (i.e.,

transfers control of the related gods or services to the

customer).

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

以股份为基础支付

本公司实施购股权计划，合资格参与者

以股份为基础支付之方式收取报酬，允

许合资格参与者提供服务作为收取权益

工具之代价（「权益结算交易」）。

与雇员进行权益结算交易之成本，乃参

照授出日期之公平值而计算。

权益结算交易之成本，连同权益相应增

加部分，在绩效及╱或服务条件获得履

行期间于雇员福利开支内确认。在归属

日期前，每届报告期末确认之权益结算

交易之累计开支，反映归属期已到期部

分及本集团对最终将会归属之权益工具

数目之最佳估计。在某一期间内在损益

表内扣除或进账的数额，乃反映累计开

支于期初与期终确认时的变动。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

SHARE-BASED PAYMENTS

The Company operates a share option scheme. Eligible

participants receive remuneration in the form of share-

based payments, whereby eligible participants render

services in exchange for equity instruments (“equity-

setled transactions”).

The cost of equity-setled transactions with employes

is measured by reference to the fair value at the date at

which they are granted.

The cost of equity-setled transactions is recognised in

employe benefit expense, together with a coresponding

increase in equity, over the period in which the

performance and/or service conditions are fulfiled.

The cumulative expense recognised for equity-setled

transactions at the end of each reporting period until the

vesting date reflects the extent to which the vesting period

has expired and the Group’s best estimate of the number

of equity instruments that wil ultimately vest. The charge

or credit to the statement of profit or los for a period

represents the movement in the cumulative expense

recognised as at the begining and end of that period.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

以股份为基础支付（续）

服务及非市场绩效条件非考虑授出奖励

当日公平值之考虑因素，但能否满足该

等条件之可能性则构成本集团对最终归

属之权益工具数量之最佳估计一部分。

市场绩效条件已反映于授出权利当日之

公平值。任何与奖励相关之其他条件，

但不属于相关服务必要条件，均考虑作

非归属条件。除非附带服务及╱或绩效

条件，非归属条件已反映于奖励之公平

值而该奖励立即计入开支内。

由于非市场绩效及╱或服务条件未能获

满足，未最终归属之奖励不会确认为开

支。当奖励包括一个市场或非归属条件

时，只要所有其他绩效及╱或服务条件

已经达成，不论市场或非归属条件是否

达成，有关交易均会被视为已归属。

倘权益结算奖励之条款有所变更，只要

原有条款不变，最少开支可确认为达到

犹如条款并无任何变更之水平。此外，倘

若按变更日期之计量，任何变更导致以

股份为基础支付之总公平值有所增加，

或对雇员带来其他利益，则应就该等变

更确认开支。

倘权益结算奖励被注销，应被视为已于

注销日期归属，任何尚未确认之授予奖

励之开支，均应立刻确认。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

SHARE-BASED PAYMENTS (Continued)

Service and non-market performance conditions are not

taken into acount when determining the grant date fair

value of awards, but the likelihod of the conditions being

met is asesed as part of the Group’s best estimate of

the number of equity instruments that wil ultimately vest.

Market performance conditions are reflected within the

grant date fair value. Any other conditions atached to an

award, but without an asociated service requirement,

are considered to be non-vesting conditions. Non-vesting

conditions are reflected in the fair value of an award and

lead to an imediate expensing of an award unles there

are also service and/or performance conditions.

For awards that do not ultimately vest because

non-market performance and/or service conditions

have not ben met, no expense is recognised. Where

awards include a market or non-vesting condition, the

transactions are treated as vesting irespective of whether

the market or non-vesting condition is satisfied, provided

that al other performance and/or service conditions are

satisfied.

Where the terms of an equity-setled award are modified,

as a minimum an expense is recognised as if the terms

had not ben modified, if the original terms of the award

are met. In adition, an expense is recognised for any

modification that increases the total fair value of the

share-based payments, or is otherwise beneficial to the

employe as measured at the date of modification.

Where an equity-setled award is canceled, it is treated

as if it had vested on the date of cancelation, and any

expense not yet recognised for the award is recognised

imediately.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

以股份为基础支付（续）

计算每股盈利时，尚未行使购股权之摊

薄效应，反映为额外股份摊薄。

其他雇员福利

雇员退休计划

本集团遵从香港强制性公积金计划条例

推行界定供款强制公积金退休计划（「强

积金计划」）予合资格参与之雇员。供款

乃按参与计划之雇员获得之基本薪金之

某百分率而计算，并根据强积金计划之

规则于损益表中扣除。强积金计划之资

产与本集团之资产乃分开保存，由独立

管理基金持有。本集团在强积金计划中

的雇主供款会全数归属雇员。

本集团于中国大陆之附属公司之雇员需

要参与由当地市政府所提供之中央退休

金计划（「中央退休金计划」）。该等附属

公司需要以其工资成本之若干特定份额

支出作为该中央退休金计划之供款。倘

供款根据中央退休金计划之规则应予以

支付时，便会于损益表中扣除。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

SHARE-BASED PAYMENTS (Continued)

The dilutive efect of outstanding options is reflected as

aditional share dilution in the computation of earnings

per share.

OTHER EMPLOYE BENEFITS

Pension schemes

The Group operates a defined contribution Mandatory

Provident Fund retirement benefit scheme (the “MPF

Scheme”) under the Hong Kong Mandatory Provident

Fund Schemes Ordinance for those employes who are

eligible to participate in the MPF Scheme. Contributions

are made based on a percentage of the employes’

basic salaries and are charged to the statement of profit

or los as they become payable in acordance with

the rules of the MPF Scheme. The asets of the MPF

Scheme are held separately from those of the Group

in an independently administered fund. The Group’s

employer contributions vest fuly with the employes when

contributed into the MPF Scheme.

The employes of the Group’s subsidiaries which

operate in Mainland China are required to participate in

central pension schemes (the “CP Schemes”) operated

by the respective local municipal governments. These

subsidiaries are required to contribute a certain specific

percentage of their payrol costs to the CP Schemes. The

contributions are charged to the statement of profit or los

as they become payable in acordance with the rules of

the CP Schemes.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

借贷成本

收购、兴建或生产合资格资产（即需要长

时间方可作拟定用途或出售之资产）直

接应占借贷成本拨充为该等资产的部分

成本。该等借贷成本于资产已大致可作

拟定用途或出售时终止拨充。尚未用于

合资格资产的特定借贷暂时投资所得的

投资收入由拨充借贷成本扣除。所有其

他借贷成本乃于其产生时支销。借贷成

本包括实体于借贷时产生之利息及其他

成本。

股息

当末期股息获股东于股东大会上批准，

末期股息会确认为一项负债。建议末期

股息于财务报表附注内披露。

外币

该等财务报表乃以本公司之功能货币港

元呈报。本集团之每个实体厘定其本身

之功能货币，而载于各实体之财务报表

之项目乃以功能货币计量。外币交易由

本集团内之实体按交易日之功能货币之

汇率初步记录。于报告期末以外币计值

之货币资产及负债乃按报告期末之功能

货币汇率换算。结算或换算货币项目之

差额均于损益表确认。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

BOROWING COSTS

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, i.e.,

asets that necesarily take a substantial period of time

to get ready for their intended use or sale, are capitalised

as part of the cost of those asets. The capitalisation

of such borowing costs ceases when the asets are

substantialy ready for their intended use or sale. Al other

borowing costs are expensed in the period in which

they are incured. Borowing costs consist of interest and

other costs that an entity incurs in conection with the

borowing of funds.

DIVIDENDS

Final dividends are recognised as a liability when they

are aproved by the shareholders in a general meting.

Proposed final dividends are disclosed in the notes to the

financial statements.

FOREIGN CURENCIES

These financial statements are presented in Hong Kong

dolars, which is the Company’s functional curency.

Each entity in the Group determines its own functional

curency and items included in the financial statements

of each entity are measured using that functional

curency. Foreign curency transactions recorded by

the entities in the Group are initialy recorded using their

respective functional curency rates prevailing at the

dates of the transactions. Monetary asets and liabilities

denominated in foreign curencies are translated at the

functional curency rates of exchange ruling at the end

of the reporting period. Diferences arising on setlement

or translation of monetary items are recognised in the

statement of profit or los.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

外币（续）

按外币历史成本计量的非货币项目采用

首次交易日期的汇率进行换算。按外币

公平值进行计量的非货币项目采用计量

公平值当日的汇率进行换算。换算以公

平值计量的非货币项目所产生的收益或

亏损的确认方法与有关确认项目公平值

变动的收益或亏损的方法一致（即公平

值收益或亏损在其他全面收入或损益中

确认的项目的换算差额亦分别在其他全

面收入或损益中确认）。

若干海外附属公司及联营公司之功能货

币并非港元。于报告期末，该等实体之资

产及负债按报告期末当天之汇率折算为

港元，该等实体之损益表按本年度之平

均汇率折算为港元。

因此而产生的汇兑差额乃于其他全面收

益内确认，并于外汇波动储备中累计，

惟归属于非控股权益的差额除外。出售

海外业务时，与该项特定海外业务有关

之储备累计金额会在损益表中确认。

收购海外业务所产生的任何商誉均视为

海外业务的资产并于结算日期换算。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

FOREIGN CURENCIES (Continued)

Non-monetary items that are measured in terms of

historical cost in a foreign curency are translated using

the exchange rates at the dates of the initial transactions.

Non-monetary items measured at fair value in a foreign

curency are translated using the exchange rates at the

date when the fair value was measured. The gain or los

arising on translation of a non-monetary item measured at

fair value is treated in line with the recognition of the gain

or los on change in fair value of the item (i.e., translation

diference on the item whose fair value gain or los is

recognised in other comprehensive income or profit or

los is also recognised in other comprehensive income or

profit or los, respectively).

The functional curencies of certain overseas subsidiaries

and asociates are curencies other than the Hong Kong

dolar. As at the end of the reporting period, the asets

and liabilities of these entities are translated into Hong

Kong dolars at the exchange rates prevailing at the end

of the reporting period and their statements of profit or

los are translated into Hong Kong dolars at the average

exchange rates for the year.

The resulting exchange diferences are recognised in

other comprehensive income and acumulated in the

exchange fluctuation reserve, except to the extent that the

diferences are atributable to non-controling interests. On

disposal of a foreign operation, the cumulative amount in

the reserve relating to that particular foreign operation is

recognised in the statement of profit or los.

Any godwil arising on the acquisition of a foreign

operation is treated as asets of the foreign operation and

translated at the closing rate.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

2. 会计政策

（续）

2.4 重大会计政策

（续）

外币（续）

就综合现金流量表而言，海外附属公司

之现金流量会按现金流量产生日之汇率

换算为港元。整个年度内经常产生之海

外附属公司之现金流量，会按年内平均

汇率换算为港元。

3. 重大会计判断及估计

本集团编制财务报表时需要管理层对影

响已呈报收入、开支、资产与负债金额及

其相关披露事项，以及所披露的或然负

债作出判断、估计与假设。然而，基于这

些假设与估计的不确定性会导致对未来

受影响资产或负债的账面值作出重大调

整的结果。

判断

于应用本集团会计政策的过程中，管理

层除了作出估计外还作出了以下对财务

报表中所确认之金额具有最大影响的判

断：

企业所得税（「企业所得税」）

本集团须缴纳中国之企业所得税。由于

有关企业所得税之若干事宜尚未被有关

税务局确认╱厘定，于厘定所得税拨备

时要以目前颁布的税务法律、法规及其

他相关政策、及其相关诠释及常规作为

基准作出客观估计及判断。倘该等事宜

之最终税款数额有别于原本记录的数

额，差异会在其实现的期间影响所得税

及税项拨备。

2. ACOUNTING POLICIES (continued)

2.4 MATERIAL ACOUNTING POLICIES

(Continued)

FOREIGN CURENCIES (Continued)

For the purpose of the consolidated statement of

cash flows, the cash flows of overseas subsidiaries

are translated into Hong Kong dolars at the exchange

rate ruling at the dates of the cash flows. Frequently

recuring cash flows of overseas subsidiaries which arise

throughout the year are translated into Hong Kong dolars

at the average exchange rates for the year.

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

The preparation of the Group’s financial statements

requires management to make judgements, estimates

and asumptions that afect the reported amounts of

revenues, expenses, asets and liabilities, and their

acompanying disclosures, and the disclosure of

contingent liabilities. Uncertainty about these asumptions

and estimates could result in outcomes that could require

a material adjustment to the carying amounts of the

asets or liabilities afected in the future.

JUDGEMENTS

In the proces of aplying the Group’s acounting

policies, management has made the folowing

judgements, apart from those involving estimations,

which have the most significant efect on the amounts

recognised in the financial statements:

Corporate income tax (“CIT”)

The Group is subject to CIT in the PRC. As a result of

the fact that certain maters relating to CIT have not ben

confirmed/determined by the relevant tax authorities,

objective estimates and judgements based on curently

enacted tax laws, regulations and other related policies,

and interpretations and practices in respect thereof are

required in determining the provision for income taxes to

be made. Where the final tax outcome of these maters

is diferent from the amounts originaly recorded, the

diferences wil have an impact on the income tax and

tax provisions in the period in which the diferences are

realised.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

3. 重大会计判断及估计

（续）

不确定估计

于报告期末关于未来的主要推测及其他

估计不确定的主要来源，并会导致下一

个财政年度内资产及负债账面值存在重

大调整之重大风险于下文载述。

发展中物业及持作出售物业之可变

现净值估计

本集团根据有关物业的可变现净值（可

变现净值乃基于该等物业之可变现性）

是否低于其成本评估发展中物业及持

作出售物业的账面值，除其他事项外，

并计及管理层根据现行市况作出的销售

价格估计，减去适用之估计销售开支及

其他作出销售所需的估计成本，以及估

计完工成本后厘定。于二零二五年三月

三十一日，本集团发展中物业及持作出

售物业之账面值分别约为312,939,000

港元（二零二四年：314,303,000港元）

及377,523,000港元（二零二四年：

408,789,000港元）。

商誉之减值

本集团最少每年厘定商誉是否需要减

值。因此须估计被分配商誉的现金产

生单位之使用价值。估计使用价值需

要本集团对现金产生单位之预期日后

现金流量作出估计，并选择合适之折

扣率以计算该等现金流量之现值。于

二零二五年三月三十一日，商誉之账面

值约为28,162,00港元（二零二四年：

28,162,000港元）。进一步详情载于财务

报表附注16。

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

(Continued)

ESTIMATION UNCERTAINTY

The key asumptions concerning the future and other

key sources of estimation uncertainty at the end of the

reporting period, that have a significant risk of causing

a material adjustment to the carying amounts of asets

and liabilities within the next financial year, are described

below.

Estimates for net realisable values of properties

under development and properties held for sale

The Group aseses the carying amounts of properties

under development and properties held for sale acording

to whether their net realisable values are lower than

their costs, with their net realisable values based on the

realisability of these properties taking into acount, inter

alia, management’s estimates of the expected seling price

based on prevailing market conditions, les aplicable

estimated seling expenses and other estimated costs to

make the sale, and the estimated costs to be incured

to completion. As at 31 March 2025, the carying

amounts of the Group’s properties under development

and properties held for sale were aproximately

HK$312,939,000 (2024: HK$314,303,000) and

HK$377,523,000 (2024: HK$408,789,000), respectively.

Impairment of godwil

The Group determines whether godwil is impaired at

least on an anual basis. This requires an estimation of

the value in use of the cash-generating units to which

the godwil is alocated. Estimating the value in use

requires the Group to make an estimate of the expected

future cash flows from the cash-generating units and also

to chose a suitable discount rate in order to calculate

the present value of those cash flows. The carying

amount of godwil at 31 March 2025 was aproximately

HK$28,162,000 (2024: HK$28,162,000). Further details

are given in note 16 to the financial statements.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

3. 重大会计判断及估计

（续）

不确定估计（续）

投资物业公平值估计

本集团委任独立专业合资格估值公司，

于报告期末对本集团的投资物业进行估

值。

投资物业估值涉及重大估计及假设，包

括（其中包括）收入资本化法之估计租赁

价值及资本比率以及直接比较法之估计

市价。

于二零二五年三月三十一日，投资物业

账面值约为2,150,380,000港元（二零

二四年：2,232,073,000港元）。有关进一

步详情（包括公平值计量及敏感度分析

所用关键假设）载于财务报表附注14。

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

(Continued)

ESTIMATION UNCERTAINTY (Continued)

Estimation of fair value of investment properties

The Group engaged a firm of independent profesionaly

qualified valuers to perform the valuations of the

investment properties of the Group at the end of the

reporting period.

The valuation of investment properties involves significant

estimations and asumptions, including, among others,

the estimated rental values and capitalisation rates for the

income capitalisation aproach and the estimated market

price for the direct comparison aproach.

The carying amount of investment properties as at 31

March 2025 was aproximately HK$2,150,380,000

(2024: HK$2,232,073,000). Further details, including the

key asumptions used for fair value measurement and a

sensitivity analysis, are given in note 14 to the financial

statements.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

3. 重大会计判断及估计

（续）

不确定估计（续）

非金融资产的减值（不包括商誉）

本集团于各报告期末评估所有非金融资

产（包括使用权资产）有否出现任何减值

迹象。非金融资产在当有迹象显示可能

无法收回账面值时进行减值测试。当该

资产或现金产生单位之账面值超过其可

收回金额时，即公平值减去出售成本及

其使用价值之较高者，则存在减值。公平

值减去出售成本之计算方法，除其他事

项外，为根据有约束力之出售交易公平

交易类似资产可得数据或以有明显的市

场价格减因销售资产而产生之成本。计

算使用价值时，管理层必须估计资产或

现金产生单位的预期未来现金流，并挑

选合适的折现率，以计算有关现金流的

现值。有关进一步详情（包括主要假设的

敏感度分析），于财务报表附注15提供。

按摊销成本计量的金融资产之预期

信贷亏损拨备

本集团使用拨备矩阵计算应收贸易账款

之预期信贷亏损。拨备率根据具有类似

亏损模型（即按地理位置、产品类型及客

户类型划分）的各客户分部组合的逾期

天数。

拨备矩阵最初基于本集团的历史观察违

约率。本集团将通过校准矩阵以调整具

有前瞻性资料的历史信贷亏损经验。于

各报告日期，本集团会对历史观察违约

率进行更新并分析前瞻性估计的变动。

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

(Continued)

ESTIMATION UNCERTAINTY (Continued)

Impairment of non-financial asets (other than

godwil)

The Group aseses whether there are any indicators

of impairment for al non-financial asets (including the

right-of-use asets) at the end of each reporting period.

Non-financial asets are tested for impairment when

there are indicators that the carying amounts may not

be recoverable. An impairment exists when the carying

value of an aset or a cash-generating unit exceds its

recoverable amount, which is the higher of its fair value

les costs of disposal and its value in use. The calculation

of the fair value les costs of disposal is based on, inter

alia, available data from binding sales transactions in an

arm’s length transaction of similar asets or observable

market prices les incremental costs for disposing of the

aset. When value in use calculations are undertaken,

management must estimate the expected future cash

flows from the aset or cash-generating unit and chose

a suitable discount rate in order to calculate the present

value of those cash flows. Further details, including a

sensitivity analysis of key asumptions, are given in note

15 to the financial statements.

Provision for expected credit loses on financial

asets at amortised cost

The Group uses a provision matrix to calculate ECLs for

trade receivables. The provision rates are based on days

past due for groupings of various customer segments that

have similar los paterns.

The provision matrix is initialy based on the Group’s

historical observed default rates. The Group wil calibrate

the matrix to adjust the historical credit los experience

with forward-loking information. At each reporting date,

the historical observed default rates are updated and

changes in the forward-loking estimates are analysed.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

3. 重大会计判断及估计

（续）

不确定估计（续）

按摊销成本计量的金融资产之预期

信贷亏损拨备（续）

评估历史观察违约率、预测经济状况及

预期信贷亏损之间的关联属于重大估

计。预期信贷亏损金额对情况及预测经

济状况变化具有敏感度。本集团的历史

信贷亏损经验及对经济状况的预测亦未

必代表客户未来的实际违约。有关集团

贸易应收款预期信用损失的信息在财务

报表附注22中披露。

本集团使用一般方法计算按摊销成本计

量的金融资产（应收贸易账款除外）之预

期信贷亏损，其乃经参考（其中包括）估

计未来现金流量之金额及时间，以及于

厘定减值亏损及评估信贷风险显著增加

时之抵押品价值后厘定。该等估计乃基

于多项因素而达致，其变动可能导致不

同程度之拨备。

非上市股本投资之公平值

倘于财务状况表入账的财务资产公平值

无法自活跃市场获得，则其公平值使用

估值技术（包括使用近期可比较公平交

易及其他市场参与者通用的其他估值技

术）厘定。该等模型的输入数据来源于可

观察市场（如可能），倘实际不可行，则

于厘定公平值时须加以判断。判断包括

对折现率等输入数据的考量。有关该等

因素的假设的变动将影响财务工具的呈

报公平值。本集团将该等投资公平值列

为第三层。进一步详情载于财务报告书

附注43。

3. SIGNIFICANT ACOUNTING

JUDGEMENTS AND ESTIMATES

(Continued)

ESTIMATION UNCERTAINTY (Continued)

Provision for expected credit loses on financial

asets at amortised cost (Continued)

The asesment of the corelation among historical

observed default rates, forecast economic conditions

and ECLs is a significant estimate. The amount of ECLs

is sensitive to changes in circumstances and forecast

economic conditions. The Group’s historical credit los

experience and forecast of economic conditions may also

not be representative of a customer’s actual default in the

future. The information about the ECLs on the Group’s

trade receivables is disclosed in note 22 to the financial

statements.

The Group uses the general aproach to calculate ECLs

on financial asets at amortised cost other than trade

receivables, which are determined with reference to,

inter alia, the estimation of the amount and timing of

future cash flows and colateral values when determining

impairment loses and the asesment of a significant

increase in credit risk. These estimates are driven by a

number of factors, changes in which can result in diferent

levels of alowances.

Fair value of unlisted equity investments

When the fair values of financial asets recorded in the

statement of financial position canot be derived from

active markets, their fair values are determined using

valuation techniques including the use of comparable

recent arm’s length transactions and other valuation

techniques comonly used by other market participants.

The inputs to these models are taken from observable

markets where posible, but where this is not feasible, a

degre of judgement is required in establishing fair values.

The judgements include considerations of inputs such

as discount rate. Changes in asumptions about these

factors could afect the reported fair value of financial

instruments. The Group clasifies the fair value of these

investments as Level 3. Further details are included in

Note 43 to the financial statements.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

4. 经营分部资料

就管理而言，本集团按产品及服务为基

准分为若干业务单位，并有以下两个可

报告经营分部：

(a) 餐饮、食品及酒店分部从事经营酒

店、酒楼以及食品业务；及

(b) 物业投资及发展分部包括物业发展

及销售物业，以及租赁住宅、商业

及工业物业。

管理层个别监察本集团经营分部之业绩

以决定资源分配及评估表现。分部表现

按可报告分部溢利╱（亏损）而评估，

该溢利╱（亏损）为经调整除税前溢利

╱（亏损）之计量。经调整除税前溢利╱

（亏损）之计量方法与本集团之除税前溢

利╱（亏损）一致，惟有关计量不包括银

行利息收入、未分配其他净收益、财务成

本及企业及未分配支出。

分部间之销售及转让乃参考销售予第三

方之市场现行价格进行交易。

4. OPERATING SEGMENT

INFORMATION

For management purposes, the Group is organised into

busines units based on their products and services and

has two reportable operating segments as folows:

(a) the restaurant, fod and hotel segment which

engages in the operations of hotel, restaurant and

fod busineses; and

(b) the property investment and development segment

which comprises the development and sale of

properties and the leasing of residential, comercial

and industrial properties.

Management monitors the results of the Group’s

operating segments separately for the purpose of making

decisions about resource alocation and performance

asesment. Segment performance is evaluated based

on reportable segment profit/(los), which is a measure

of adjusted profit/(los) before tax. The adjusted profit/

(los) before tax is measured consistently with the Group’s

profit/(los) before tax except that bank interest income,

unalocated other income and gains, net, finance costs as

wel as corporate and unalocated expenses are excluded

from such measurement.

Intersegment sales and transfers are transacted with

reference to the seling prices used for sales made to third

parties at the then prevailing market prices.

Restaurant, Property food and investment and hotel development Total 餐饮、物业投资食品及酒店及发展总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元
472,523 104,998 577,521 1,558 6,307 7,865
474,081 111,305 585,386 (7,865)
577,521
(22,539) (34,802) (57,341) 2,234 8,334 (32,287) (107,860)
(186,920)

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

4. 经营分部资料

（续）

截至二零二五年三月三十一日止年度

4. OPERATING SEGMENT

INFORMATION (Continued)

Year ended 31 March 2025

Segment revenue (note 5)分部收入（附注5）

Revenue from external customers来自外部客户之收入

Intersegment revenue分部间之收入

Reconciliation:调节：

Elimination of intersegment revenue撇销分部间之收入

Total revenue总收入

Segment results分部业绩

Reconciliation:调节：

Bank interest income银行利息收入

Unalocated other income and gains, net未分配其他收入及收益，

净额

Corporate and unalocated expenses企业及未分配支出

Finance costs财务成本

Los before tax除税前亏损

Restaurant, Property food and investment and hotel development Total 餐饮、物业投资食品及酒店及发展总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元
– 57,583 57,583 – 56,075 56,075 – (6,180) (6,180)
74 – 74 – (161) (161) – 9,893 9,893 42,664 17,025 59,689 2,471
62,160
35,414 – 35,414 17,755 5,552 23,307 17
23,324*

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

4. OPERATING SEGMENT

INFORMATION (Continued)

Year ended 31 March 2025 (Continued)

4. 经营分部资料

（续）

截至二零二五年三月三十一日止年度

（续）

、厂房及设备。

Other segment information其他分部资料：

Changes in fair value of investment

properties, net

投资物业之公平值变动，

净额

Share of loses of asociates应占联营公司亏损

Other interest income其他利息收入

Impairment of trade receivables, net应收贸易账款之减值，净额

Reversal of impairment of other

receivables, net

其他应收账款减值拨回，

净额

Write-of of other receivable撇销其他应收账款

Depreciation of property, plant and

equipment

物业、厂房及设备之折旧

– segment－分部

– unalocated－未分配

Depreciation of right-of-use asets使用权资产之折旧

Capital expenditure资本开支

– segment－分部

– unalocated－未分配

, plant

and equipment.

Restaurant, Property food and investment and hotel development Total 餐饮、物业投资食品及酒店及发展总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元
559,291 102,565 661,856 2,751 7,682 10,433
562,042 110,247 672,289 (10,433)
661,856
(73,781) (45,087) (118,868) 10,607 11,762 (40,487) (127,036)
(264,022)

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

4. 经营分部资料

（续）

截至二零二四年三月三十一日止年度

4. OPERATING SEGMENT

INFORMATION (Continued)

Year ended 31 March 2024

Segment revenue (note 5)分部收入（附注5）

Revenue from external customers来自外部客户之收入

Intersegment revenue分部间之收入

Reconciliation:调节：

Elimination of intersegment revenue撇销分部间之收入

Total revenue总收入

Segment results分部业绩

Reconciliation:调节：

Bank interest income银行利息收入

Unalocated other income and gains, net未分配其他收入及收益，

净额

Corporate and unalocated expenses企业及未分配支出

Finance costs财务成本

Los before tax除税前亏损

Restaurant, Property food and investment and hotel development Total 餐饮、物业投资食品及酒店及发展总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元
– 38,047 38,047 – 64,870 64,870 – (17,976) (17,976)
2,943 – 2,943 – (163) (163) 24,419 – 24,419 53,499 12,742 66,241 2,189
68,430
38,354 – 38,354 26,323 10,948 37,271 2,379
39,650*

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

4. OPERATING SEGMENT

INFORMATION (Continued)

Year ended 31 March 2024 (Continued)

4. 经营分部资料

（续）

截至二零二四年三月三十一日止年度

（续）

、厂房及设备。

Other segment information其他分部资料：

Changes in fair value of investment

properties, net

投资物业之公平值变动，

净额

Share of loses of asociates应占联营公司亏损

Other interest income其他利息收入

Impairment of trade receivables, net应收贸易账款之减值，净额

Reversal of impairment of other

receivables, net

其他应收账款减值拨回，

净额

Impairment of godwil商誉减值

Depreciation of property, plant and

equipment

物业、厂房及设备之折旧

– segment－分部

– unalocated－未分配

Depreciation of right-of-use asets使用权资产之折旧

Capital expenditure资本开支

– segment－分部

– unalocated－未分配

, plant

and equipment.

2025 二零二五年 HK$’000 千港元
197,603 379,918
577,521

2025 二零二五年 HK$’000 千港元
769,581 3,565,542
4,335,123

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

4. 经营分部资料

（续）

地区资料

(a) 来自外部客户之收入

上述收入资料乃根据客户所在之地

区而定。

(b) 非流动资产

上述非流动资产资料乃根据资产所

在之地区而定及不包括金融工具及

递延税项资产。

4. OPERATING SEGMENT

INFORMATION (Continued)

GEOGRAPHICAL INFORMATION

(a) Revenue from external customers

二零二四年

HK$’000

千港元

Hong Kong香港229,051

Mainland China中国大陆432,805

661,856

The revenue information above is based on the

locations of the customers.

(b) Non-curent asets

二零二四年

HK$’000

千港元

Hong Kong香港1,055,291

Mainland China中国大陆3,449,834

4,505,125

The non-curent aset information above is based

on the locations of the asets and excludes financial

instruments and defered tax asets.

2025 二零二五年 HK$’000 千港元
472,523 2,127
474,650
102,871
577,521

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

4. 经营分部资料

（续）

有关主要客户之资料

截至二零二五年及二零二四年三月

三十一日止年度，并无来自任何单一外

部客户之收入占本集团总收之10%或以

上。

、其他收入及收益，净额

收入

收入分析如下：

4. OPERATING SEGMENT

INFORMATION (Continued)

INFORMATION ABOUT MAJOR

CUSTOMERS

No revenue from any single external customer acounted

for 10% or more of the Group’s total revenue for the years

ended 31 March 2025 and 2024.

5. REVENUE, OTHER INCOME AND

GAINS, NET

REVENUE

An analysis of revenue is as folows:

二零二四年

HK$’000

千港元

Revenue from contracts with

customers

来自客户合约之收入

Income from restaurant, fod and

hotel busineses

餐饮、食品及酒店业务收入

559,291

Proceds from the sale of properties,

property management service

income and comision income

销售物业所得款项、

物业管理服务收入及

佣金收入2,293

561,584

Revenue from other sources来自其他来源之收入

Gros rental income租金收入总额100,272

661,856

Property investment Restaurant, and food and hotel development Total 餐饮、食品及物业投资及酒店发展总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元
264,749 – 264,749 132,381 – 132,381 58,260 – 58,260 17,133 – 17,133 – 2,127 2,127
472,523 2,127 474,650
179,829 – 179,829 292,694 2,127 294,821
472,523 2,127 474,650
455,390 – 455,390 17,133 2,127 19,260
472,523 2,127 474,650

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、其他收入及收益，净额

（续）

来自客户合约之收入

(i) 收入分类资料

臷至二零二五年三月三十一日止

年度

5. REVENUE, OTHER INCOME AND

GAINS, NET (Continued)

REVENUE FROM CONTRACTS WITH

CUSTOMERS

(i) Disagregated revenue information

For the year ended 31 March 2025

Segments

分部

Types of gods or services货品或服务种类

Restaurant operations餐饮经营

Bakery operations面包店经营

Sale of fod products食品销售

Hotel operations酒店经营

Property management services物业管理服务

Total总计

Geographical markets地理市场

Hong Kong香港

Mainland China中国内地

Total总计

Timing of revenue recognition收入确认时间

At a point in time于某一时间点

Over time随时间

Total总计

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

、其他收入及收益，净额

（续）

来自客户合约之收入（续）

(i) 收入分类资料（续）

臷至二零二四年三月三十一日止年

度

5. REVENUE, OTHER INCOME AND

GAINS, NET (Continued)

REVENUE FROM CONTRACTS WITH

CUSTOMERS (Continued)

(i) Disagregated revenue information

(Continued)

For the year ended 31 March 2024

Restaurant,

fod and hotel

Property

investment

and

developmentTotal

Segments

餐饮、食品及

酒店

物业投资及

发展总计

分部HK$’000HK$’000HK$’000

千港元千港元千港元

Types of gods or services货品或服务种类

Restaurant operations餐饮经营315,653–315,653

Bakery operations面包店经营132,336–132,336

Sale of fod products食品销售86,110–86,110

Hotel operations酒店经营25,192–25,192

Property management services物业管理服务–1,4381,438

Sale of properties物业销售–855855

Total总计559,2912,293561,584

Geographical markets地理市场

Hong Kong香港211,755–211,755

Mainland China中国内地347,5362,293349,829

Total总计559,2912,293561,584

Timing of revenue recognition收入确认时间

At a point in time于某一时间点534,099855534,954

Over time随时间25,1921,43826,630

Total总计559,2912,293561,584

Property investment Restaurant, and food and hotel development Total 餐饮、食品及物业投资及酒店发展总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元
472,523 2,127 474,650 1,558 – 1,558
474,081 2,127 476,208 (1,558) – (1,558)
472,523 2,127 474,650

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、其他收入及收益，净额

（续）

来自客户合约之收入（续）

(i) 收入分类资料（续）

下文载列来自客户合约之收入与分

部资料披露之金额之对账：

截至二零二五年三月三十一日止

年度

5. REVENUE, OTHER INCOME AND

GAINS, NET (Continued)

REVENUE FROM CONTRACTS WITH

CUSTOMERS (Continued)

(i) Disagregated revenue information

(Continued)

Set out below is the reconciliation of the revenue

from contracts with customers to the amounts

disclosed in the segment information:

For the year ended 31 March 2025

Segments

分部

Revenue from contracts with

customers

来自客户合约之收入

External customers外部客户

Intersegment revenue分部间收入

Intersegment adjustments and

eliminations

分部间调整及撇销

Total总计

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

、其他收入及收益，净额

（续）

来自客户合约之收入（续）

(i) 收入分类资料（续）

截至二零二四年三月三十一日止

年度

5. REVENUE, OTHER INCOME AND

GAINS, NET (Continued)

REVENUE FROM CONTRACTS WITH

CUSTOMERS (Continued)

(i) Disagregated revenue information

(Continued)

For the year ended 31 March 2024

Restaurant,

fod and hotel

Property

investment

and

developmentTotal

Segments

餐饮、食品及

酒店

物业投资及

发展总计

分部HK$’000HK$’000HK$’000

千港元千港元千港元

Revenue from contracts with

customers

来自客户合约之收入

External customers外部客户559,2912,293561,584

Intersegment revenue分部间收入2,751–2,751

562,0422,293564,335

Intersegment adjustments and

eliminations

分部间调整及撇销

(2,751)–(2,751)

Total总计559,2912,293561,584

2025 二零二五年 HK$’000 千港元
8,037 4,348
12,385

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、其他收入及收益，净额

（续）

来自客户合约之收入（续）

(i) 收入分类资料（续）

下表显示于本报告期间确认计入于

报告期初之合约负债之收入金额：

(i) 履约责任

有关本集团履约责任之资料概述如

下：

餐饮经营

履约责任一般于货品或服务转让提

供予客户时达成。客户于购买╱取

得所承诺货品或服务之控制权时一

般须支付交易价格。

5. REVENUE, OTHER INCOME AND

GAINS, NET (Continued)

REVENUE FROM CONTRACTS WITH

CUSTOMERS (Continued)

(i) Disagregated revenue information

(Continued)

The folowing table shows the amounts of revenue

recognised in the curent reporting period that were

included in the contract liabilities at the begining of

the reporting period:

二零二四年

HK$’000

千港元

Revenue recognised that was

included in contract liabilities at

the begining of the reporting

period:

计入于报告期初之

合约负债之

已确认收入：

Restaurant, fod and hotel餐饮、食品及酒店14,153

Property investment and

development

物业投资及发展

1,942

Total总计16,095

(i) Performance obligations

Information about the Group’s performance

obligations is sumarised below:

Restaurant operations

The performance obligation is generaly satisfied

at the point in time when/as gods or services are

transfered/provided to a customer. Payment of the

transaction price is generaly due at the point the

customer purchases/obtains control of the promised

gods or services.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

、其他收入及收益，净额

（续）

来自客户合约之收入（续）

(i) 履约责任（续）

面包店经营

履约责任一般于货品或服务转让予

客户时达成。客户于购买╱取得所

承诺货品或服务之控制权时一般须

支付交易价格。

食品销售

履约责任一般于向客户交付产品时

达成，一般于交付当日后30至90日

内付款（主要客户获延长至更长期

限），惟新客户或若干食品除外，其

通常需要预先付款。

酒店经营

履约责任一般于提供服务时随时间

达成，付款一般于已提供服务时到

期。

物业管理服务

履约责任于提供服务时随时间达

成。物业管理服务合约为期一年至

八年，并通常需要事先付款。

物业销售

就竣工物业之销售而言，履约责任

于客户取得已竣工物业之法定所有

权之时间点达成。交易价格一般乃

根据买卖协议各自之条款而支付。

5. REVENUE, OTHER INCOME AND

GAINS, NET (Continued)

REVENUE FROM CONTRACTS WITH

CUSTOMERS (Continued)

(i) Performance obligations (continued)

Bakery operations

The performance obligation is generaly satisfied

at the point in time when/as gods or services are

transfered/provided to a customer. Payment of the

transaction price is generaly due at the point the

customer purchases/obtains control of the promised

gods or services.

Sale of fod products

The performance obligation is generaly satisfied

upon delivery of the products to the customers

and payment is generaly due within 30 to 90 days,

extending to a longer period for major customers,

from the date of delivery, except for new customers

or certain fod products, where payment in advance

is normaly required.

Hotel operations

The performance obligation is generaly satisfied

over time as services are provided and payment

is generaly due when the services have ben

rendered.

Property management services

The performance obligation is satisfied over time as

services are rendered. Property management service

contracts are for periods of one to eight years and

payment in advance is normaly required.

Sale of properties

In respect of the sale of completed properties, the

performance obligation is satisfied at a point in

time when the legal title of the completed property

is obtained by the customer. Payment of the

transaction price is generaly made in acordance

with the terms of the respective sale and purchase

agrements.

2025 二零二五年 HK$’000 千港元
2,234 247 6,180 1,075 – 6,109
15,845

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、其他收入及收益，净额

（续）

来自客户合约之收入（续）

(i) 履约责任（续）

物业代理服务

履约责任于提供服务时达成，付款

一般于协议日期起计30日内到期。

其他收入及收益，净额

其他收入及收益，净额的分析如下：

5. REVENUE, OTHER INCOME AND

GAINS, NET (Continued)

REVENUE FROM CONTRACTS WITH

CUSTOMERS (Continued)

(i) Performance obligations (continued)

Property agency services

The performance obligation is satisfied when the

services have ben rendered and payment is

generaly due within 30 days from the agrement

date.

OTHER INCOME AND GAINS, NET

An analysis of other income and gains, net is as folows:

二零二四年

HK$’000

千港元

Bank interest income银行利息收入10,607

Investment interest income投资利息收入3,926

Other interest income其他利息收入17,976

Dividend income from financial asets

at fair value through profit or los

按公平值列账及于损益中

处理之金融资产之

股息收入1,654

Gain on lease modification租赁修订之收益215

Others其他14,336

Total other income and gains, net其他收入及收益总额，净额48,714

2025 二零二五年 HK$’000 千港元
335,426 62,160 35,414 13,457 3,040 112,596 13,433
126,029
130 74 (161) 5,264 9,893 415 57,583

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

6. 除税前亏损

本集团除税前亏损已扣除╱（计入）以下

各项：

6. LOS BEFORE TAX

The Group’s los before tax is arived at after charging/

(crediting):

二零二四年

NotesHK$’000

附注千港元

Cost of inventories sold and services

provided

已售存货及已提供服务之成本

398,069

Depreciation of property,

plant and equipment

物业、厂房及设备之折旧

1368,430

Depreciation of right-of-use asets使用权资产之折旧15(a)38,354

Lease payments not included in the

measurement of lease liabilities

未计入租赁负债计量之

租赁付款15(c)19,638

Auditor’s remuneration核数师酬金3,831

Employe benefit expense (excluding

directors’ remuneration (note 8)

雇员福利开支（董事薪酬

（附注8）除外）

：

Wages and salaries工资及薪金152,407

Pension scheme contributions*

(defined contribution schemes)

退休金计划供款*

（界定供款计划）13,261

Total总计165,668

Foreign exchange diferences, net外汇差额，净额1,970

Impairment/(reversal of impairment)

以下各项之减值╱

（减值拨回）

– trade receivables, net－应收贸易账款，净额222,943

– other receivables, net－其他应收账款，净额23(163)

– property, plant and equipment

and right-of-use asets*

－物业、厂房及设备，及

使用权资产*7,856

Write-of of other receivables撇销其他应收账款–

Direct operating expenses (including

repairs and maintenance) arising

from rental-earning investment

properties

赚取租金之投资物业产生之

直接营运支出（包括维修

及保养）

Changes in fair value of investment

properties, net*

投资物业公平值变动，净额*

1438,047

2025 二零二五年 HK$’000 千港元
(7,131) – 2,763 350 253 – (210)

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

包括分类为已售存货及已提供服务之

成本82,265,000港元（二零二四年：

93,464,000港元）之金额。

「其他开支，净额」

内。

核数师酬金包括安永会计师事务所之

审计费2,500,000港元（二零二四年：

2,850,000港元），以及就向香港及中国

内地若干附属公司提供审计服务而应

付其他附属公司核数师之审计费。

* 本集团作为雇主并无没收的供款可以

被用以降低现有之供款水平。

递延收入解除分类为销售存货成本和

提供服务成本。

二零二四年

NotesHK$’000

附注千港元

Fair value (gains)/loses, net:*公平值（收益）╱亏损，

净额：*

Financial asets at fair value

through profit or los

按公平值列账及于损益中

处理之金融资产16,067

Fair value los on redemption option

of convertible bonds*

赎回可换股债券选择权之

公平值亏损*30(b)17,465

Los on modification of

convertible bonds*

修订可换股债券之亏损*

30(b)2,363

Los on disposal/write-of of

items of property,

plant and equipment, net*

出售╱注销物业、厂房及

设备项目之亏损，净额*

Los on disposal of subsidiaries出售附属公司之亏损371,644

Impairment of godwil商誉减值1624,419

Release of defered income

递延收入解除

32(401)

Inclusive of an amount of HK$82,265,000 (2024:

HK$93,464,000) clasified under cost of inventories sold

and services provided.

“Other expenses, net”, in the consolidated

statement of profit or los.

The auditors’ remuneration included Ernst & Young’s audit

fe of HK$2,500,000 (2024: HK$2,850,000), and audit

fes payable to other subsidiaries’ auditors in respect of

audit services provided for certain subsidiaries in Hong

Kong and Mainland China.

* There are no forfeited contributions that may be used by

the Group as the employer to reduce the existing level of

contributions.

The release of defered income is clasified under cost of

inventories sold and services provided.

6. LOS BEFORE TAX (Continued)6. 除税前亏损

（续）

2025 二零二五年 HK$’000 千港元
100,773 2,041 5,046
107,860

2025 二零二五年 HK$’000 千港元
667
8,372 176
8,548
9,215

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

7. 财务成本

财务成本分析如下：

8. 董事酬金

根据香港联合交易所有限公司证券上市

规则（「上市规则」）、香港公司条例第

383(1)(a)、(b)、(c)及(f)条及香港公司（披露

董事利益资料）规例第2部披露本年度董

事酬金如下：

7. FINANCE COSTS

An analysis of finance costs is as folows:

二零二四年

HK$’000

千港元

Interest on bank borowings银行借贷之利息119,804

Interest on convertible bonds可换股债券之利息2,193

Interest on lease liabilities租赁负债之利息5,039

Total总计127,036

8. DIRECTORS’ REMUNERATION

Directors’ remuneration for the year, disclosed pursuant

to the Rules Governing the Listing of Securities on The

Stock Exchange of Hong Kong Limited (the “Listing

Rules”), section 383(1)(a), (b), (c) and (f) of the Hong Kong

Companies Ordinance and Part 2 of the Hong Kong

Companies (Disclosure of Information about Benefits of

Directors) Regulation, is as folows:

二零二四年

HK$’000

千港元

Fes袍金900

Other emoluments:其他酬金：

Salaries and alowances薪金及津贴10,223

Pension scheme contributions退休金计划供款185

Subtotal小计10,408

Total总计11,308

2025 二零二五年 Fees 袍金 HK$’000 千港元
202 200 200 65
667

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

8. 董事酬金

（续）

(A) 独立非执行董事

本年度已付独立非执行董事袍金如

下：

* 劳明智先生于二零二四年十二月

三日辞任本公司独立非执行董

事。

廖玲小姐于二零二四年十二月

三日获委任为本公司独立非执行

董事。

本年度并无应付独立非执行董事的

其他薪酬（二零二四年：无）。

8. DIRECTORS’ REMUNERATION

(Continued)

(A) INDEPENDENT NON-EXECUTIVE

DIRECTORS

The fes paid to independent non-executive

directors during the year were as folows:

二零二四年

Fes

袍金

HK$’000

千港元

Mr. Lo Ming Chi, Charles劳明智先生300

Mr. Wong Se King黄思竞先生300

Mr. Cheung Wah Fung,

Christopher

张华峰先生

Mis Liu Ling Ling, Samantha廖玲小姐–

Total总计900

, Charles resigned as an

independent non-executive director of the Company

on 3 December 2024.

Mis Liu Ling Ling, Samantha was apointed as an

independent non-executive director of the Company

on 3 December 2024.

There were no other emoluments payable to the

independent non-executive directors during the year

(2024: Nil).

Salaries Bonuses Pension and paid and scheme Total Fees allowances payable contributions remuneration 薪金已付退休金及及应付计划酬金袍金津贴花红供款总额 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
– 1,108 – 62 1,170 – 1,700 – 70 1,770 – 764 – 17 781 – 833 – 9 842 – 3,066 – – 3,066 – 901 – 18 919
– 8,372 – 176 8,548

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

8. 董事酬金

（续）

(B) 执行董事

* 陈炳权先生于二零二四年十月一

日辞任本公司执行董事。

年内并无董事放弃或同意放弃任何

薪酬的安排。

8. DIRECTORS’ REMUNERATION

(Continued)

(B) EXECUTIVE DIRECTORS

2025二零二五年

Executive directors:执行董事：

Mr. Ma Kai Cheung马介璋先生

Mr. Ma Kai Yum马介钦先生

Mr. Ma Hung Ming, John马鸿铭先生

Mr. Chan Francis Ping Kuen陈炳权先生

Mr. Liang Rui梁锐先生

Mr. Ma Hung Man马鸿文先生

Total总计

Fes

Salaries

and

alowances

Bonuses

paid and

payable

Pension

scheme

contributions

Total

remuneration

薪金已付退休金

及应付计划酬金

袍金津贴花红供款总额

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

2024二零二四年

Executive directors:执行董事：

Mr. Ma Kai Cheung马介璋先生–1,253–621,315

Mr. Ma Kai Yum马介钦先生–2,029–702,099

Mr. Ma Hung Ming, John马鸿铭先生–806–17823

Mr. Chan Francis Ping Kuen陈炳权先生–1,532–181,550

Mr. Liang Rui梁锐先生–3,864–3,864

Mr. Ma Hung Man马鸿文先生–739–18757

Total总计–10,223–18510,408

* Mr. Chan Francis Ping Kuen resigned as an

executive director of the Company on 1 October

2024.

There was no arangement under which a director

waived or agred to waive any remuneration during

the year.

2025 二零二五年 HK$’000 千港元
2,487

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

9. 五位最高薪雇员

于本年度，五位最高薪雇员包括三名（二

零二四年：四名）董事，其薪酬详情载列

于上文附注8。余下两名（二零二四年：

一名）非董事、非主要行政人员之最高薪

雇员之薪酬详情如下：

非董事、非主要行政人员之最高薪雇员

于本年度之薪酬处于1,000,001港元至

1,500,000港元范畴内（二零二四年：

1,000,001港元至1,500,000港元）。

9. FIVE HIGHEST PAID EMPLOYES

The five highest paid employes during the year included

thre (2024: four) directors, details of whose remuneration

are set out in note 8 above. Details of the remuneration

for the year of the remaining two (2024: one) non-director,

non-chief executive highest paid employes are as

folows:

二零二四年

HK$’000

千港元

Salaries薪金1,294

The remuneration of the non-director, non-chief executive

highest paid employes for the year fel within the band of

HK$1,000,001 to HK$1,500,000 (2024: HK$1,000,001 to

HK$1,500,000).

2025 二零二五年 HK$’000 千港元
(43,243) (1,777)
(45,020)

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

10. 所得税

香港利得税乃根据年内于香港产生之估

计应课税溢利按16.5%（二零二四年：

16.5%）之税率计算拨备。惟本集团的

一间附属公司为利得税两级溢利下的

合资格实体。该附属公司的首2,000,000

港元（二零二四年：2,000,000港元）的

应课税利润税率为8.25%（二零二四

年：8.25%），余下的应课税利润税率为

16.5%（二零二四年：16.5%）。集团于

中国大陆营运之应课税溢利之税项乃按

中国大陆之相关现行税率计算。

10. INCOME TAX

Hong Kong profits tax has ben provided at the rate

of 16.5% (2024: 16.5%) on the estimated asesable

profits arising in Hong Kong during the year, except for

one subsidiary of the Group which is a qualifying entity

under the two-tiered profits tax rates regime. The first

HK$2,000,000 (2024: HK$2,000,000) of asesable

profits of this subsidiary are taxed at 8.25% (2024:

8.25%) and the remaining asesable profits are taxed

at 16.5% (2024: 16.5%). Taxes on profits asesable in

Mainland China have ben calculated at the relevant rates

of tax prevailing in Mainland China in which the Group

operates.

二零二四年

HK$’000

千港元

Curent即期4,038

Defered (note 31)递延（附注31）(6,971)

Total tax credit for the year本年度税项抵免总额(2,933)

2025 二零二五年 HK$’000 千港元
(186,920)
(30,842) (4,015) (37,309) 9,252 (645) 6,318 (3) 12,224
(45,020)

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

10. 所得税

（续）

按香港法定税率计算适用于除税前亏损

之税务抵免与按实际税率计算之税务抵

免对账如下：

分占应占联营公司之税项抵免为约

3,866,000港元（二零二四年︰2,962,000

港元）已计入综合损益表「应占联营公司

亏损」内。

10. INCOME TAX (Continued)

A reconciliation of the tax credit aplicable to los before

tax at the Hong Kong statutory rate to the tax credit at the

efective tax rate is as folows:

二零二四年

HK$’000

千港元

Los before tax除税前亏损(264,022)

Tax at the Hong Kong statutory

tax rate of 16.5% (2024: 16.5%)

按香港法定税率16.5%

（二零二四年：16.5%）

计算之税项(43,563)

Efect of higher tax rates

for specific provinces or enacted

by local authorities

特定省份或当地机关颁布之

较高税率之影响

(284)

Adjustments in respect of curent tax

of previous periods

就过往期间之

当期税项调整(19,091)

Loses atributable to asociates应占联营公司亏损10,704

Income not subject to tax毋须课税收入(714)

Expenses not deductible for tax不可扣税开支35,529

Tax loses utilised from previous

periods

动用过往期间之

税项亏损(2,722)

Tax loses not recognised未确认的税项亏损17,208

Tax credit at the Group’s efective rate按本集团实际税率

计算之税项抵免(2,933)

The share of tax credit atributable to asociates

amounting to aproximately HK$3,866,000 (2024:

HK$2,962,000) is included in “Share of loses of

asociates” in the consolidated statement of profit or los.

2025 二零二五年 HK$’000 千港元
(135,187)

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

11. 股息

董事会不建议就截至二零二五年三月

三十一日止年度派付末期股息（二零

二四年：无）。

12. 母公司普通股权持有人应占

每股亏损

每股基本亏损金额乃根据母公司普通股

权持有人应占本年度亏损及年内发行在

外普通股之加权平均数1,571,359,420股

（二零二四年：1,571,359,420股）计算。

由于尚未行使的可换股债券及购股权对

所呈列的每股基本亏损金额具有反摊薄

影响，故并无就摊薄调整截至二零二五

年及二零二四年三月三十一日止年度所

呈列的每股基本亏损金额。

每股基本及摊薄亏损乃根据以下各项计

算：

11. DIVIDEND

The Board does not recomend the payment of a final

dividend in respect of the year ended 31 March 2025

(2024: Nil).

12. LOS PER SHARE ATRIBUTABLE

TO ORDINARY EQUITY HOLDERS OF

THE PARENT

The calculation of the basic los per share amount is

based on the los for the year atributable to ordinary

equity holders of the parent, and the weighted average

number of ordinary shares of 1,571,359,420 (2024:

1,571,359,420) outstanding during the year.

No adjustment has ben made to the basic los per share

amounts presented for the years ended 31 March 2025

and 2024 in respect of a dilution as the impact of the

convertible bonds and share options outstanding had an

anti-dilutive efect on the basic los per share amounts

presented.

The calculations of basic and diluted los per share are

based on:

二零二四年

HK$’000

千港元

Los亏损

Los atributable to ordinary equity

holders of the parent, used in the

basic and diluted los per share

calculation

用于计算每股基本及摊薄亏损

之母公司普通股权

持有人应占亏损

(250,250)

2025 二零二五年
1,571,359,420

Furniture, Hotel Land and Leasehold Plant and fixtures and Motor Construction properties buildingsimprovements machinery equipment vehicles in progress Total 租赁厂房及家私、酒店物业土地及楼宇物业装修机器装置及设备车辆在建工程总额 HK$’000 HK$’000 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千港元千港元
72,351 527,367 298,378 107,451 81,580 25,286 19,128 1,131,541 (20,422) (128,327) (176,836) (80,983) (73,477) (22,358) – (502,403)
51,929 399,040 121,542 26,468 8,103 2,928 19,128 629,138
51,929 399,040 121,542 26,468 8,103 2,928 19,128 629,138 – 1,435 17,633 1,946 1,522 788 – 23,324 (1,793) (18,408) (26,531) (6,150) (7,689) (1,589) – (62,160) – (3,887) (82) (23) (216) – – (4,208) (234) (1,565) (527) (68) (31) (3) (112) (2,540)
49,902 376,615 112,035 22,173 1,689 2,124 19,016 583,554
71,983 526,539 315,715 107,849 82,630 26,057 19,016 1,149,789 (22,081) (149,924) (203,680) (85,676) (80,941) (23,933) – (566,235)
49,902 376,615 112,035 22,173 1,689 2,124 19,016 583,554

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

12. 母公司普通股权持有人应占

每股亏损（续）

、厂房及设备

12. LOS PER SHARE ATRIBUTABLE

TO ORDINARY EQUITY HOLDERS OF

THE PARENT (Continued)

Number of shares

股份数目

二零二四年

Shares股份

Weighted average number of

ordinary shares outstanding during

the year used in the basic and

dilutive los per share calculation

用于计算每股基本及摊薄

亏损之年内发行在外

普通股加权平均数

1,571,359,420

13. PROPERTY, PLANT AND

EQUIPMENT

31 March 2025二零二五年三月三十一日

At 1 April 2024:于二零二四年四月一日：

Cost or valuation按成本值或估值

Acumulated depreciation and

impairment

累计折旧及减值

Net carying amount账面净值

At 1 April 2024于二零二四年四月一日

Aditions添置

Depreciation provided during

the year (note 6)

年内折旧拨备（附注6）

Disposals/write-of出售╱注销

Exchange realignment汇兑调整

At 31 March 2025, net of

acumulated depreciation and

impairment

于二零二五年

三月三十一日，

已扣除累计折旧及减值

At 31 March 2025:于二零二五年

三月三十一日：

Cost or valuation按成本值或估值

Acumulated depreciation and

impairment

累计折旧及减值

Net carying amount账面净值

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

、厂房及设备

（续）

13. PROPERTY, PLANT AND

EQUIPMENT (Continued)

Furniture,

HotelLand andLeaseholdPlant andfixtures andMotorConstruction

propertiesbuildingsimprovementsmachineryequipmentvehiclesin progresTotal

租赁厂房及家私、

酒店物业土地及楼宇物业装修机器装置及设备车辆在建工程总额

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

31 March 2024二零二四年三月三十一日

At 1 April 2023:于二零二三年四月一日：

Cost or valuation按成本值或估值375,543565,595300,337118,278112,03029,09220,2711,521,146

Acumulated depreciation and

impairment

累计折旧及减值

(161,574)(125,092)(177,479)(85,345)(86,295)(27,241)–(663,026)

Net carying amount账面净值213,969440,503122,85832,93325,7351,85120,271858,120

At 1 April 2023于二零二三年四月一日213,969440,503122,85832,93325,7351,85120,271858,120

Aditions添置–32729,9893,8792,4762,979–39,650

Depreciation provided during

the year (note 6)

年内折旧拨备（附注6）

(9,806)(17,912)(21,341)(8,989)(8,690)(1,692)–(68,430)

Disposals/write-of出售╱注销(523)(5,781)(253)–(297)–(6,854)

Impairment减值–(369)–(54)–(423)

Transfer to asets held for sale转拨至持作出售资产(140,457)–(4,162)(32)(10,032)(161)–(154,844)

Exchange realignment汇兑调整(11,254)(18,097)(5,180)(1,323)(1,035)(49)(1,143)(38,081)

At 31 March 2024, net of

acumulated depreciation and

impairment

于二零二四年

三月三十一日，

已扣除累计折旧及减值51,929399,040121,54226,4688,1032,92819,128629,138

At 31 March 2024:于二零二四年

三月三十一日：

Cost or valuation按成本值或估值72,351527,367298,378107,45181,58025,28619,1281,131,541

Acumulated depreciation and

impairment

累计折旧及减值

(20,422)(128,327)(176,836)(80,983)(73,477)(22,358)–(502,403)

Net carying amount账面净值51,929399,040121,54226,4688,1032,92819,128629,138

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、厂房及设备

（续）

独立专业合资格估值师已按当时现有用

途之基准按公开市值于一九五年三月

三十一日对本集团若干租赁土地及楼宇

进行重估。自一九五年起，本集团之租

赁土地及楼宇并无进行进一步重估，原

因为本集团倚赖根据香港会计准则第16

号物业、厂房及设备中第80A段所载之

过渡条文授出之豁免对该等于当时按估

值列账之物业、厂房及设备进行进一步

重估之规定。

倘该等租赁土地及楼宇以历史成本减

累计折旧及任何减值亏损入账，其总账

面值应约为122,000港元（二零二四年：

225,000港元）。

于二零二五年三月三十一日，本集团账

面净值约101,283,000港元（二零二四

年：64,396,000港元）之若干物业、厂房

及设备已作抵押，作为本集团获授若干

银行信贷之担保（附注40）。

13. PROPERTY, PLANT AND

EQUIPMENT (Continued)

Certain of the Group’s leasehold land and buildings were

revalued at 31 March 1995 by independent profesionaly

qualified valuers at open market value based on their

then existing use. Since 1995, no further valuation of the

Group’s leasehold land and buildings has ben caried

out as the Group has relied on the exemption, granted

under the transitional provisions as set out in paragraph

80A of HKAS 16 Property, Plant and Equipment, from

the requirement to cary out further revaluations of its

property, plant and equipment which were stated at

valuation at that time.

Had these leasehold land and buildings ben caried at

historical cost les acumulated depreciation and any

impairment loses, their total carying amount would have

ben aproximately HK$122,000 (2024: HK$225,000).

At 31 March 2025, certain of the Group’s property,

plant and equipment with a net carying amount of

aproximately HK$101,283,000 (2024: HK$64,396,000)

were pledged to secure certain banking facilities granted

to the Group (note 40).

2025 二零二五年 HK$’000 千港元
2,232,073 (20,160) (57,583) (3,950)
2,150,380

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

14. 投资物业

根据各物业之性质、特性及风险，本集

团投资物业由三种资产类别（即住宅、

商业及工业物业）组成。于二零二五年

三月三十一日，本集团之投资物业根

据由独立专业合资格估值师衡汇评估

及顾问有限公司（二零二四年：衡汇评

估及顾问有限公司）进行之估值重估约

为2,150,380,000港元（二零二四年：

2,232,073,000港元）。每年度，本集团之

管理层决定委任外部估值师负责本集团

投资物业之外部估值。甄选准则包括市

场知识、声誉、独立性及能否维持专业

标准。本集团之管理层就财务申报进行

估值时与估值师讨论估值假设及估值结

果。若干投资物业乃按经营租赁租予第

三方，进一步概要详情已载于财务报表

附注15内。

于二零二五年三月三十一日，本集团账

面值约为1,867,553,000港元（二零二四

年：1,850,240,000港元）之投资物业已

作抵押，作为本集团获授若干银行信贷

之担保（附注40）。

本集团主要投资物业之进一步详情载于

第255至260页。

14. INVESTMENT PROPERTIES

二零二四年

NoteHK$’000

附注千港元

Carying amount at begining of

year, at valuation

于年初之账面值，按估值

2,329,752

Disposal出售(17,480)

Net los from fair value

adjustments

公平值调整产生之

亏损净额6(38,047)

Exchange realignment汇兑调整(42,152)

Carying amount at 31 March, at

valuation

于三月三十一日之账面值，

按估值2,232,073

The Group’s investment properties consist of

thre clases of aset, i.e., residential, comercial

and industrial properties, based on the nature,

characteristics and risks of each property. The

Group’s investment properties were revalued on 31

March 2025 based on valuations performed by HG

Apraisal & Consulting Limited (2024: HG Apraisal &

Consulting Limited), independent profesionaly qualified

valuers, at aproximately HK$2,150,380,000 (2024:

HK$2,232,073,000). Each year, the Group’s management

decides to apoint which external valuer to be responsible

for the external valuations of the Group’s investment

properties. Selection criteria include market knowledge,

reputation, independence and whether profesional

standards are maintained. The Group’s management has

discusions with the valuer on the valuation asumptions

and valuation results when the valuation is performed

for financial reporting. Certain investment properties are

leased to third parties under operating leases, further

sumary details of which are included in note 15 to the

financial statements.

At 31 March 2025, the Group’s investment properties with

a carying amount of aproximately HK$1,867,553,000

(2024: HK$1,850,240,000) were pledged to secure

certain banking facilities granted to the Group (note 40).

Further particulars of the Group’s principal investment

properties are included on pages 255 to 260.

Fair value measurement as at 31 March 2025 using 于二零二五年三月三十一日使用以下各项进行之公平值计量 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场重大可观察重大不可观察之报价输入值输入值（第一级）（第二级）（第三级）总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元
– – 81,400 81,400 – – 113,002 113,002 – – 26,600 26,600 – – 1,818,821 1,818,821 – – 110,557 110,557
– – 2,150,380 2,150,380

Fair value measurement as at 31 March 2025 using 于二零二五年三月三十一日使用以下各项进行之公平值计量 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场重大可观察重大不可观察之报价输入值输入值（第一级）（第二级）（第三级）总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元

– – 81,400 81,400 – – 113,002 113,002 – – 26,600 26,600 – – 1,818,821 1,818,821 – – 110,557 110,557

– – 2,150,380 2,150,380

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

14. 投资物业

（续）

公平值层级

下表列示本集团投资物业之公平值计量

层级：

14. INVESTMENT PROPERTIES (Continued)

FAIR VALUE HIERARCHY

The folowing table ilustrates the fair value measurement

hierarchy of the Group’s investment properties:

Hong Kong:香港：

Comercial properties商业物业

Industrial properties工业物业

Residential properties住宅物业

Mainland China:中国大陆：

Comercial properties商业物业

Industrial properties工业物业

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

14. 投资物业

（续）

公平值层级（续）

于年内，概无转拨于任何第一级与第二

级之公平值计量及并无从第三级中转入

或转出（二零二四年：无）。

14. INVESTMENT PROPERTIES (Continued)

FAIR VALUE HIERARCHY (Continued)

Fair value measurement as at

31 March 2024 using

于二零二四年三月三十一日

使用以下各项进行之公平值计量

Quoted

prices

in active

markets

(Level 1)

Significant

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3)Total

于活跃市场

之报价

（第一级）

重大可观察

输入值

（第二级）

重大不可观察

输入值

（第三级）总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Hong Kong:香港：

Comercial properties商业物业–124,400124,400

Industrial properties工业物业–113,309113,309

Residential properties住宅物业–27,60027,600

Mainland China:中国大陆：

Comercial properties商业物业–1,853,9401,853,940

Industrial properties工业物业–112,824112,824

–2,232,0732,232,073

During the year, there were no transfers of fair value

measurements betwen Level 1 and Level 2 and no

transfers into or out of Level 3 (2024: Nil).

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

14. 投资物业

（续）

公平值层级（续）

归类于第三级公平值层级内之公平值计

量对账：

14. INVESTMENT PROPERTIES (Continued)

FAIR VALUE HIERARCHY (Continued)

Reconciliation of fair value measurements categorised

within Level 3 of the fair value hierarchy:

Hong KongMainland China

香港中国大陆

ComercialIndustrialResidentialComercialIndustrial

propertiespropertiespropertiespropertiesproperties

商业物业工业物业住宅物业商业物业工业物业

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Carying amount at 1 April 2023于二零二三年四月一日之

账面值143,100119,19030,2201,917,226120,016

Disposal出售(17,480)–

Fair value gain on sale of an investment

property

出售一项投资物业之

公平值收益1,980–

Unrealised los from fair value adjustments

recognised in profit or los

于损益确认之公平值调整

未实现亏损(3,200)(5,881)(2,620)(27,890)(436)

Exchange realignment汇兑调整–(35,396)(6,756)

Carying amount at 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日之

账面值124,400113,30927,6001,853,940112,824

Disposal出售(20,160)–

Fair value los on sale of an investment

property

出售一项投资物业之

公平值亏损(7,240)–

Unrealised los from fair value adjustments

recognised in profit or los

于损益确认之公平值调整

未实现亏损(15,600)(307)(1,000) (31,819)(1,617)

Exchange realignment汇兑调整–(3,300)(650)

Carying amount at 31 March 2025于二零二五年

三月三十一日

之账面值81,400113,00226,6001,818,821110,557

2025 二零二五年
HK$17,000 to HK$35,500 17,000港元至 35,500港元 HK$77 77港元 4.5% HK$2,200 to HK$3,000 2,200港元至 3,000港元 HK$5,400 to HK$9,300 5,400港元至 9,300港元 HK$32 to HK$480 32港元至 480港元 2.8% to 6.0% 2.8%至6.0% HK$16 to HK$17 16港元至 17港元 7.0%

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

14. 投资物业

（续）

公平值层级（续）

下表概述投实物业估值所用之估值技术

及主要输入值：

14. INVESTMENT PROPERTIES (Continued)

FAIR VALUE HIERARCHY (Continued)

Below is a sumary of the valuation techniques used and

the key inputs to the valuation of investment properties:

Valuation techniques

Significant

unobservable inputsRange

估值技术重大不可观察输入值范围

二零二四年

Hong Kong:

香港：

Comercial propertiesDirect comparison aproachEstimated market price

(per square fot)

HK$17,000 to

HK$44,500

商业物业直接比较法估计市价（每平方英呎）17,000港元至

44,500港元

Income capitalisation aproachEstimated rental value

(per square metre per month)

N/A

收入资本化法估计租值（每平方米每月）不适用

Capitalisation rateN/A

资本化率不适用

Industrial propertiesDirect comparison aproachEstimated market price

(per square fot)

HK$2,200 to

HK$3,000

工业物业直接比较法估计市价（每平方英呎）2,200港元至

3,000港元

Residential propertiesDirect comparison aproachEstimated market price

(per square fot)

HK$5,700 to

HK$9,300

住宅物业直接比较法估计市价（每平方英呎）5,700港元至

9,300港元

Mainland China:

中国大陆：

Comercial propertiesIncome capitalisation aproachEstimated rental value

(per square metre per month)

HK$32 to

HK$464

商业物业收入资本化法估计租值（每平方米每月）32港元至

464港元

Capitalisation rate2.8% to 6.0%

资本化率2.8%至6.0%

Industrial propertiesIncome capitalisation aproachEstimated rental value

(per square metre per month)

HK$16 to

HK$17

工业物业收入资本化法估计租值（每平方米每月）16港元至

17港元

Capitalisation rate7.0%

资本化率

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

14. 投资物业

（续）

公平值层级（续）

根据直接比较法，公平值乃参考邻近类

似物业之近期交易作出估计，并就可资

比较物业与标的物业之交易日期、楼龄、

楼面积等之差异作出调整。

根据收入资本化法，公平值乃考虑该物

业权益之目前租金水平及租赁之复归潜

力估计。

由于年内近期可资比较交易有限，因此

直接比较法被认为不适用，故香港商业

物业的估值方法已由直接比较法改为收

益资本化法。

估计租值及估计市价（每平方呎╱平方

米）单独大幅增加╱减少将导致投资物

业的公平值大幅增加╱减少。资本化率

单独大幅增加╱减少将导致投资物业的

公平值大幅减少╱增加。

15. 租赁

本集团作为承租人

本集团用于营运的多项租赁土地及物

业均订有租赁合约。本集团已提前作出

一次性付款以向业主购租赁土地，租期

为25至70年，而根据该等土地租赁的条

款，将无需在租期内持续支付任何款项。

租赁物业的租期通常介乎1至14年。一般

而言，本集团不可向本集团以外人士转

让及分租赁资产。包含延长权的若干

租赁合约之详情载列如下。

14. INVESTMENT PROPERTIES (Continued)

FAIR VALUE HIERARCHY (Continued)

Under the direct comparison aproach, fair value is

estimated with reference to recent transactions for similar

properties in the proximity with adjustments for the

diferences in transaction dates, building age, flor area,

etc. betwen the comparable properties and the subject

properties.

Under the income capitalisation aproach, fair value is

estimated by taking into acount the curent rent pasing

of the property interests and the reversionary potential of

the tenancy.

The valuation technique of a comercial property in

Hong Kong has ben changed from direct comparison

aproach to income capitalisation aproach due to the

limited availability of recent comparable transactions

during the year, and as such, the direct comparison

aproach is considered not aplicable.

A significant increase/decrease in the estimated rental

value and the estimated market price per square fot/

square metre in isolation would result in a significant

increase/decrease in the fair value of the investment

properties. A significant increase/decrease in the

capitalisation rate in isolation would result in a significant

decrease/increase in the fair value of the investment

properties.

15. LEASES

THE GROUP AS A LESE

The Group has lease contracts for various leasehold

lands and properties used in its operations. Lump sum

payments were made upfront to acquire the leased lands

from the owners with lease periods of 25 to 70 years,

and no ongoing payments wil be made under the terms

of these land leases. Leases of properties generaly have

lease terms betwen 1 and 14 years. Generaly, the

Group is restricted from asigning and subleasing the

leased asets outside the Group. There are several lease

contracts that include extension options, which are further

discused below.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

15. 租赁

（续）

本集团作为承租人（续）

(a) 使用权资产

本集团之使用权资产账面值及年内

变动如下︰

15. LEASES (Continued)

THE GROUP AS A LESE (Continued)

(a) Right-of-use asets

The carying amounts of the Group’s right-of-use

asets and the movements during the year are as

folows:

Leasehold

landsPropertiesTotal

租赁土地物业总计

HK$’000HK$’000HK$’000

千港元千港元千港元

As at 1 April 2023于二零二三年四月一日26,005111,582137,587

Aditions添置–9,6509,650

Remeasurement on lease

modifications

重新计量租赁修订

–19,13819,138

Transfer to asets held

for sale

转拨至持作出售资产

(7,803)–(7,803)

Depreciation charge (note 6)折旧（附注6）(1,251)(37,103)(38,354)

Impairment减值–(7,433)(7,433)

Exchange realignment汇兑调整(1,454)(3,854)(5,308)

As at 31 March 2024 and

1 April 2024

于二零二四年三月

三十一日及二零二四年

四月一日15,49791,980107,477

Aditions添置–21,20021,200

Remeasurement on lease

modifications

重新计量租赁修订

–8,7398,739

Depreciation charge (note 6)折旧（附注6）(406)(35,008)(35,414)

Impairment减值–(5,264)(5,264)

Exchange realignment汇兑调整(88)(315)(403)

As at 31 March 2025于二零二五年

三月三十一日15,00381,33296,335

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

15. 租赁

（续）

本集团作为承租人（续）

(a) 使用权资产（续）

物业、厂房及设备，及使用权资

产之减值

于二零二五年三月三十一日及二

零二四年三月三十一日，由于港

式「茶餐厅」业务规模缩减，本集

团对经营香港餐饮业务的现金产

生单位进行减值测试。该现金产

生单位的可收回金额为零（二零

二四年：5,708,000港元），此乃根

据采用10%（二零二四年：10%）

现金流预测率计算的使用价值厘

定。根据减值测试，现金产生单位

所包括的使用权资产的账面值减

值5,264,000港元（二零二四年：

7,433,000港元）。已确认的减值亏

损计入综合损益表「其他开支净额」

内。

计算上述现金产生单位于二零二五

年三月三十一日及二零二四年三月

三十一日的使用价值时已使用假

设。下文阐述管理层基于其现金流

量预测进行减值测试的各项主要假

设：

预算收入╱毛利率 – 用以厘定预算

收入╱毛利率价值的基准为紧接预

算年度前一年所实现的平均收入╱

毛利率，并就预期效率改善及预期

市场发展有所增加。

贴现率 – 所使用的贴现率为除税前

贴现率并反映与相关单位有关的特

定风险。

15. LEASES (Continued)

THE GROUP AS A LESE (Continued)

(a) Right-of-use asets (Continued)

Impairment of property, plant and equipment and

right-of-use asets

As at 31 March 2025 and 31 March 2024, the

Group performed an impairment test on a cash-

generating unit which engaged in Hong Kong

restaurant due to the downsizing of the Hong Kong

style “Cha Chan Teng” restaurant busines. The

recoverable amount of the cash-generating unit was

Nil (2024: HK$5,708,000) which was determined

based on a value in use calculation using cash flow

projections was 10% (2024: 10%). Based on the

impairment test, the carying amount of right-of-

use asets included in the cash-generating unit was

impaired by HK$5,264,000 (2024: HK$7,433,000).

The impairment los recognised was included in

“Other expenses, net” in the consolidated statement

of profit or los.

Asumptions were used in the value in use

calculations of the above cash-generating units

for 31 March 2025 and 31 March 2024. The

folowing describes each key asumption on which

management has based its cash flow projections to

undertake impairment testing:

Budgeted revenue/gros margins – The basis used

to determine the value asigned to the budgeted

revenue/gros margins is the average revenue/gros

margins achieved in the year imediately before

the budget year, increased for expected eficiency

improvements, and expected market development.

Discount rates – The discount rates used are before

tax and reflect specific risks relating to the relevant

units.

2025 二零二五年 HK$’000 千港元
105,809 21,200 8,739 5,046 (34,011) (5,046) (348)
101,389
46,480 54,909

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

15. 租赁

（续）

本集团作为承租人（续）

(b) 租赁负债

本集团之租赁负债账面值及年内变

动如下︰

租赁负债之到期日分析在财务报表

附注44中披露。

15. LEASES (Continued)

THE GROUP AS A LESE (Continued)

(b) Lease liabilities

The carying amount of lease liabilities and the

movements during the year are as folows:

二零二四年

HK$’000

千港元

Carying amount at begining

of year

于年初之账面值

118,148

New leases新租赁9,511

Remeasurement on lease

modifications

重新计量租赁修订

18,923

Acretion of interest recognised

during the year

年内确认之利息增幅

5,039

Principal portion paid已付本金部份(36,647)

Interest paid已付利息(5,039)

Exchange realignment汇兑调整(4,126)

Carying amount at 31 March于三月三十一日之账面值105,809

Analysed into:分析为︰

Curent portion流动部份34,747

Non-curent portion非流动部份71,062

The maturity analysis of lease liabilities is disclosed

in note 44 to the financial statements.

2025 二零二五年 HK$’000 千港元
5,046 35,414 13,457 – 5,264
59,181

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

15. 租赁

（续）

本集团作为承租人（续）

额如下︰

(d) 租赁现金流出总额于财务报表附注

38(c)披露。

15. LEASES (Continued)

THE GROUP AS A LESE (Continued)

relation to leases are as folows:

二零二四年

HK$’000

千港元

Interest on lease liabilities租赁负债之利息5,039

Depreciation of right-of-use

asets

使用权资产之折旧

38,354

Expenses relating to short-term

leases

与短期租赁有关的

费用19,638

Gain on lease modification租赁修订之收益(215)

Impairment of right-of-use

asets

使用权资产之减值

7,433

Total amount recognised in

profit or los

计入损益的总金额

70,249

(d) The total cash outflow for leases is disclosed in note

38(c) to the financial statements.

2025 二零二五年 HK$’000 千港元
85,813 80,250 66,250 57,267 38,302 65,204
393,086

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

15. 租赁

（续）

本集团作为出租人

本集团根据经营租赁安排出租其投资物

业（附注14），包括位于香港及中国大陆

的商用物业、工用物业及住宅物业。租赁

的条款通常要求租户支付担保按金并根

据届时适用市况而定期调整租金。本集

团于年内确认的租金收入为102,871,000

港元（二零二四年：100,272,000港

元），其详情载于财务报表附注5。

于二零二五年及二零二四年三月三十一

日，本集团根据与其租户订立之经营租

赁于未来期间应收之未贴现租金款项如

下：

15. LEASES (Continued)

THE GROUP AS A LESOR

The Group leases its investment properties (note 14)

consisting of comercial properties, industrial properties

and residential properties in Hong Kong and Mainland

China under operating lease arangements. The terms of

the leases generaly require the tenants to pay security

deposits and provide for periodic rent adjustments

acording to the then prevailing market conditions. Rental

income recognised by the Group during the year was

HK$102,871,000 (2024: HK$100,272,000), details of

which are included in note 5 to the financial statements.

At 31 March 2025 and 2024, the undiscounted lease

payments receivable by the Group in future periods under

operating leases with its tenants are as folows:

二零二四年

HK$’000

千港元

Within one year一年内63,182

After one year but within two years一年后但于两年内52,905

After two years but within thre years两年后但于三年内33,802

After thre years but within four years三年后但于四年内28,072

After four years but within five years四年后但于五年内26,129

After five years五年后56,425

260,515

HK$’000 千港元
85,172 (57,010)
28,162
28,162 85,172 (57,010)
28,162

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

16. 商誉

二零二五年三月三十一日

二零二四年三月三十一日

16. GODWIL

31 March 2025

At 1 April 2024:于二零二四年四月一日：

Cost成本

Acumulated impairment累计减值

Net carying amount账面净值

Cost at 1 April 2024 and 31 March 2025, net of

acumulated impairment

于二零二四年四月一日及二零二五年

三月三十一日之成本，扣除累计减值

At 31 March 2025:于二零二五年三月三十一日：

Cost成本

Acumulated impairment累计减值

Net carying amount账面净值

31 March 2024

HK$’000

千港元

At 1 April 2023:于二零二三年四月一日：

Cost成本85,172

Acumulated impairment累计减值(32,591)

Net carying amount账面净值52,581

Cost at 1 April 2023, net of acumulated

impairment

于二零二三年四月一日之成本，

扣除累计减值52,581

Impairment during the year (note 6)年内减值（附注6）(24,419)

Cost at 31 March 2024, net of acumulated

impairment

于二零二四年三月三十一日之成本，

扣除累计减值28,162

At 31 March 2024:于二零二四年三月三十一日：

Cost成本85,172

Acumulated impairment累计减值(57,010)

Net carying amount账面净值28,162

2025 二零二五年 HK$’000 千港元
9,989 18,173
28,162

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

16. 商誉

（续）

商誉之减值测试

由业务合并所收购之商誉已分配至以下

现金产生单位以作减值测试：

；及

分配至各现金产生单位之商誉账面值如

下：

本集团香港餐饮及食品现金产生单位及

中国大陆食品供应业务现金产生单位之

可收回金额已使用根据高级管理人员批

准之五年期之财务预算之现金流量预测

之使用价值计算厘定。现金流量预测适

用之折现率介乎10%至12%（二零二四

年：介乎10%至13%）。超过五年期之中

国大陆食品供应业务现金产生单位以及

香港餐饮及食品现金产生单位之现金流

量以增长率为介乎2%至3%（二零二四

年：2%至3%）进行预测。

16. GODWIL (Continued)

IMPAIRMENT TESTING OF GODWIL

Godwil acquired through busines combinations is

alocated to the folowing cash-generating units for

impairment testing:

; and

• Hong Kong restaurant and fod.

The carying amount of godwil alocated to each of the

cash-generating units is as folows:

二零二四年

HK$’000

千港元

Mainland China fod suply busines中国大陆食品供应业务9,989

Hong Kong restaurant and fod香港餐饮及食品18,173

Carying amount at 31 March于三月三十一日之账面值28,162

The Group’s recoverable amounts of the Hong Kong

restaurant and fod cash-generating unit, and Mainland

China fod suply busines cash-generating unit have

ben determined based on a value in use calculation

using cash flow projections based on financial budgets

covering a five-year period, aproved by senior

management. The discount rates aplied to the cash flow

projections ranged from 10% to 12% (2024: ranged from

10% to 13%). The growth rates used to extrapolate the

cash flows of the Mainland China fod suply busines

cash-generating unit and the Hong Kong restaurant and

fod cash-generating unit beyond the five-year period

ranged from 2% to 3% (2024: 2% to 3%).

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

16. 商誉

（续）

商誉之减值测试（续）

计算二零二五年三月三十一日及二零

二四年三月三十一日之上述现金产生单

位之使用价值时曾使用假设。管理层按

其现金流量预测进行商誉减值测试所依

据之各主要假设载述如下：

预算收入╱边际毛利－用作厘定预算收

入╱边际毛利所指定价值之基准为紧接

预算年度前一年取得之平均收入╱边际

毛利，并已就预期效率提升及╱或预期

市场发展而调高。

折现率－所使用之折现率为未计税项前

及反映与相关单位有关之特定风险。

截至二零二四年三月三十一日止年

度，本集团就分配至香港餐饮及食品

现金产生单位之商誉确认减值亏损约

24,419,000港元，即其无法收回的账面

值（扣除减值亏损前）。减值亏损主要由

于收缩港式「茶餐厅」餐饮业务规模所

致。

16. GODWIL (Continued)

IMPAIRMENT TESTING OF GODWIL

(Continued)

Asumptions were used in the value in use calculations

of the above cash-generating units for 31 March 2025

and 31 March 2024. The folowing describes each key

asumption on which management has based its cash

flow projections to undertake impairment testing of

godwil:

Budgeted revenue/gros margins – The basis used to

determine the value asigned to the budgeted revenue/

gros margins is the average revenue/gros margins

achieved in the year imediately before the budget year,

increased for expected eficiency improvements and/or

expected market development.

Discount rates – The discount rates used are before tax

and reflect specific risks relating to the relevant units.

During the year ended 31 March 2024, the Group

recognised impairment loses of aproximately

HK$24,419,000 relating to the godwil alocated to Hong

Kong restaurant and fod cash-generating unit, being the

carying amount thereof (before deducting the impairment

loses) that could not recover. The impairment loses

arose mainly due to downsizing of the Hong Kong style

“Cha Chan Teng” restaurant busines.

2025 二零二五年 HK$’000 千港元
560,203 741,503 39,990
1,341,696 (192,556)
1,149,140

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

17. 于联营公司之权益

应收联营公司款项及给予一间联营公司

之贷款为无抵押、免息及按要求偿还。

董事认为，除于二零二五年三月三十一

日应收联营公司款项合共约192,556,000

港元（二零二四年：354,064,000港元）

被视为短期垫款，其余应收联营公司款

项及向联营公司提供的贷款（统称「长期

权益」）实质上被视为本集团在联营公司

中的净投资的一部分，在可预见的将来

既未计划也不太可能还款。

应收联营公司及给予联营公司之贷款，

最近没有违约及过期历史。于二零二五

年及二零二四年三月三十一日，亏损拨

备被评估为轻微。

17. INTERESTS IN ASOCIATES

二零二四年

HK$’000

千港元

Share of net asets分占资产净值664,593

Due from asociates应收联营公司之款项825,059

Loans to an asociate给予一间联营公司之贷款40,225

1,529,877

Portion clasified as curent asets分类为流动资产之部分(354,064)

1,175,813

The amounts due from asociates and loans to an

asociate are unsecured, interest-fre and repayable on

demand.

In the opinion of the directors, except for certain

amounts due from asociates totaling aproximately

HK$192,556,000 as at 31 March 2025 (2024:

HK$354,064,000), which are considered as short-term

advances, the remaining amounts due from asociates

and the loans to an asociate (colectively, the “long-

term interests”) are considered, in substance, part of

the Group’s net investments in the asociates, for which

setlement is neither planed nor likely to ocur in the

foreseable future.

There was no recent history of default and past due

amounts for the amounts due from asociates and the

loans to an asociate. As at 31 March 2025 and 2024,

the los alowance was asesed to be minimal.

2025 二零二五年
50

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

17. 于联营公司之权益

（续）

主要联营公司详情如下：

华南国际及其附属公司（统称「华南国际

集团」）主要于中国大陆从事物业投资及

发展业务。华南国际集团被视为本集团

一间主要联营公司，本公司董事认为，

其对本集团之物业投资及发展经营分部

具策略性作用，并于综合财务报表以权

益法入账。

17. INTERESTS IN ASOCIATES (Continued)

Particulars of the material asociate are as folows:

Name

Particulars

of isued shares held

Place of

incorporation

and busines

Percentage of

ownership interest

atributable

to the GroupPrincipal activity

名称持有已发行股份详情

注册成立及

营业地点本集团应占股权百分比主要业务

二零二四年

South China International Purchasing

Exchange Centre Limited (“SCI”)

Ordinary shares (unlisted)Hong Kong50Investment holding

华南国际采购交易中心有限公司

（「华南国际」）

普通股（非上市）香港投资控股

SCI and its subsidiaries (colectively, the “SCI Group”) are

mainly engaged in property investment and development

in Mainland China. The SCI Group is considered a

material asociate of the Group which, in the opinion of

the directors of the Company, is strategic to the Group’s

property investment and development operating segment

and has ben acounted for using the equity method in

the consolidated financial statements.

2025 二零二五年 HK$’000 千港元
108,026 2,968,862 (869,798) (1,536,373)
670,717 (540)
670,177
50% 335,089 507,031
842,120
26,898
(79,206) (5,921)
(85,127)

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

17. 于联营公司之权益

（续）

下表列示华南国际集团之财务资料概要

（已就会计政策之任何差异作出调整）及

与综合财务报表内之账面值对账：

董事认为，该等长期权益实质上为本集

团于联营公司之投资。

17. INTERESTS IN ASOCIATES (Continued)

The folowing table ilustrates the sumarised financial

information in respect of the SCI Group adjusted for any

diferences in acounting policies and reconciled to the

carying amount in the consolidated financial statements:

二零二四年

HK$’000

千港元

Curent asets流动资产112,191

Non-curent asets非流动资产3,082,368

Curent liabilities流动负债(847,997)

Non-curent liabilities非流动负债(1,590,718)

Net asets资产净值755,844

Les: Non-controling interests减：非控股权益(567)

Net asets atributable to owners of

the SCI Group

华南国际集团拥有人

应占资产净值755,277

Reconciliation to the Group’s

interest in the SCI Group included

in non-curent asets:

与计入非流动资产之本集团

于华南国际集团之权益对账：

Proportion of the Group’s ownership本集团所有权之比例50%

Group’s share of net asets of

the SCI Group

本集团应占华南国际集团之

资产净值377,639

Due from the asociate

应收联营公司款项

429,432

Carying amount of the interest therein于当中之权益账面值807,071

Revenue收入32,598

Los for the year本年度亏损(85,175)

Other comprehensive los其他全面亏损(30,198)

Total comprehensive los

for the year

本年度全面亏损总额

(115,373)

In the opinion of the directors, these long-term interests

are, in substance, part of the Group’s net investment in the

asociate.

2025 二零二五年 HK$’000 千港元
16,486 307,202

2025 二零二五年 HK$’000 千港元
20,470 65,009
85,479 (15,995)
69,484

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

17. 于联营公司之权益

（续）

下表列示本集团个别不重大之联营公司

之总财务资料：

18. 指定为按公平值列账及于其

他全面收入中处理之权益投

资

按公平值列账及于其他全面收入中处理

之金融资产被分类为流动资产，因为变

现投资时没有任何限制，且可以转换为

现金及现金等值。

17. INTERESTS IN ASOCIATES (Continued)

The folowing table ilustrates the agregate financial

information of the Group’s asociates that are not

individualy material:

二零二四年

HK$’000

千港元

Share of the asociates’ loses

for the year

年内应占联营公司亏损

22,719

Agregate carying amount of the

Group’s interests in the asociates

本集团于联营公司之权益之

总账面值368,742

18. EQUITY INVESTMENTS DESIGNATED

AT FAIR VALUE THROUGH OTHER

COMPREHENSIVE INCOME

二零二四年

HK$’000

千港元

Equity investments designated

at fair value through other

comprehensive income

指定为按公平值列账及于

其他全面收入中处理之

权益投资

Listed equity investments, at fair value上市权益投资，按公平值19,449

Unlisted equity investments,

at fair value

非上市权益投资，按公平值

40,934

60,383

Portion clasified as curent asets 分类为流动资产之部分(17,329)

43,054

Financial asets at fair value through other comprehensive

income are clasified as curent asets as there are

no restrictions on the investments being realised and

converted to cash and cash equivalents.

2025 二零二五年 HK$’000 千港元
13,277 1,545 7,374
22,196

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

18. 指定为按公平值列账及于其

他全面收入中处理之权益投

资（续）

由于本集团认为上述权益投资具战略性

质，故本集团将不可撤回地指定该等投

资按公平值列账及于其他全面收入中处

理。

截至二零二五年三月三十一日止年度，

本集团于其他全面收入确认之指定为按

公平值列账及于其他全面收入中处理之

权益投资之公平值收益约为26,749,000

港元（二零二四年：亏损66,414,000港

元）。

19. 按公平值列账及于损益中处

理之金融资产

上述上市权益及债务投资因其乃持作买

卖而分类为按公平值计入损益之金融资

产。

上述非上市投资均由银行发行之基金投

资产品及为公司董事提供保险之人寿保

险合约。由于其合约现金流量并非仅为

本金及利息付款，因此被强制分类为按

公平值列账及于损益中处理的金融资

产。

18. EQUITY INVESTMENTS DESIGNATED

AT FAIR VALUE THROUGH OTHER

COMPREHENSIVE INCOME (Continued)

The above equity investments were irevocably

designated at fair value through other comprehensive

income as the Group considers these investments to be

strategic in nature.

During the year ended 31 March 2025, the fair value gains

in respect of the Group’s equity investments designated

at fair value through other comprehensive income

recognised in other comprehensive income amounted

to aproximately HK$26,749,000 (2024: loses of

HK$66,414,000).

19. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS

二零二四年

HK$’000

千港元

Listed equity investments, at fair value上市权益投资，按公平值26,875

Listed debt investments, at fair value上市债务投资，按公平值1,203

Unlisted investments, at fair value非上市投资，按公平值7,231

35,309

The above listed equity and debt investments were

clasified as financial asets at fair value through profit or

los as they were held for trading.

The above unlisted investments were fund investment

products isued by banks, and a life insurance contract

with a bank to insure a director of the Company. They

were mandatorily clasified as financial asets at fair value

through profit or los as their contractual cash flows are

not solely payments of principal and interest.

2025 二零二五年 HK$’000 千港元
314,303 261 (1,625)
312,939
312,939

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

19. 按公平值列账及于损益中处

理之金融资产（续）

根据人寿保险保单，保单受益人及保单

持有人为本公司全资附属公司，投保总

金额为800,000美元（相等于6,218,000

港元），已全额支付为首次保费。

上市及非上市投资之公平值乃按金融机

构提供之市值╱公平值或于报告期末之

市场报价为基准。

于二零二五年三月三十一日，本集团

账面值约为19,155,000港元（二零二四

年：28,083,000港元）之按公平值列账

及于损益中处理之金融资产已作抵押，

作为本集团所获授若干银行信贷之担保

（附注40）。

20. 发展中物业及持作出售物业

发展中物业

* 根据本集团高级管理层作出之现时最

佳估计。

19. FINANCIAL ASETS AT FAIR VALUE

THROUGH PROFIT OR LOS (Continued)

Under the life insurance policies, the beneficiary and

policyholder is a wholy-owned subsidiary of the Company

and the insured sum is US$800,000 (equivalent to

aproximately HK$6,218,000), which has ben fuly paid

as initial premium.

The fair values of the listed and unlisted investments

were based on the market values/fair values provided by

financial institutions or quoted market prices at the end of

the reporting period.

At 31 March 2025, the Group’s financial asets at fair

value through profit or los with a carying amount of

aproximately HK$19,155,000 (2024: HK$28,083,000)

were pledged to secure certain banking facilities granted

to the Group (note 40).

20. PROPERTIES UNDER

DEVELOPMENT AND PROPERTIES

HELD FOR SALE

PROPERTIES UNDER DEVELOPMENT

二零二四年

HK$’000

千港元

At begining of year于年初321,756

Aditions添置6,710

Exchange realignment汇兑调整(14,163)

At 31 March于三月三十一日314,303

Properties under development

expected to be completed:

预期于以下期限竣工之

发展中物业：

Beyond normal operating cycle

included under non-curent asets*

超出包含于非流动资产之

日常经营周期*314,303

’s

senior management.

2025 二零二五年 HK$’000 千港元
28,976

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

20. 发展中物业及持作出售物业

（续）

发展中物业（续）

本集团之发展中物业位于中国大陆及香

港。

计入本集团之发展中物业为于二零

二五年三月三十一日总账面值约

为223,941,000港元（二零二四年：

224,126,000港元）之土地使用权。

持作出售物业

本集团持作出售物业位于中国大陆。

21. 存货

20. PROPERTIES UNDER

DEVELOPMENT AND PROPERTIES

HELD FOR SALE (Continued)

PROPERTIES UNDER DEVELOPMENT

(Continued)

The Group’s properties under development are located in

Mainland China and Hong Kong.

Included in the Group’s properties under development

are land use rights with an agregate carying amount of

aproximately HK$223,941,000 at 31 March 2025 (2024:

HK$224,126,000).

PROPERTIES HELD FOR SALE

The Group’s properties held for sale are located in

Mainland China.

21. INVENTORIES

二零二四年

HK$’000

千港元

Fod, beverages and others食品、饮料及其他34,380

2025 二零二五年 HK$’000 千港元
53,524 (27,183)
26,341

2025 二零二五年 HK$’000 千港元
10,679 3,761 4,389 7,512
26,341

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

22. 应收贸易账款

就餐饮、面包店及酒店业务而言，本集团

与其客户之贸易条款主要为即时或以信

用卡结算。就食品销售而言，客户一般获

授30至90日之信贷期，惟新客户或若干

食品则除外，这些一般须事先付款。本集

团寻求对其尚未偿还应收账款结余实行

严格监控。高级管理层定期对逾期结余

进行审阅。

一般而言，本集团并无就其应收贸易账

款结余持有任何抵押品或其他信贷提

升。应收贸易账款均为不计息。

于报告期末，应收贸易账款按发票日期

及扣除亏损拨备之账龄分析如下：

22. TRADE RECEIVABLES

二零二四年

HK$’000

千港元

Trade receivables应收贸易账款58,809

Impairment减值(27,213)

31,596

For restaurant, bakery and hotel operations, the Group’s

trading terms with its customers are mainly on demand

or credit card setlements. For sale of fod products,

customers are generaly given credit terms of 30 to 90

days, except for new customers or certain fod products,

where payment in advance is normaly required. The

Group seks to maintain strict control over its outstanding

receivables. Overdue balances are reviewed regularly by

senior management.

Generaly, the Group does not hold any colateral or other

credit enhancements over its trade receivable balances.

Trade receivables are non-interest-bearing.

An ageing analysis of the trade receivables as at the end

of the reporting period, based on the invoice date and net

of los alowance, is as folows:

二零二四年

HK$’000

千港元

Within 30 days即期至30日12,038

31 to 60 days31至60日5,481

61 to 90 days61至90日2,863

Over 90 days超过90日11,214

31,596

2025 二零二五年 HK$’000 千港元
27,213 74 (104)
27,183

Expected Gross Expected credit carrying credit loss rate amount losses 预期预期信贷亏损率账面总值信贷亏损 % HK$’000 HK$’000 % 千港元千港元
100.0 18,407 18,407 0.6 18,940 111 44.6 2,935 1,309 55.6 13,242 7,356
50.8 53,524 27,183

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

22. 应收贸易账款

（续）

应收贸易账款之减值亏损拨备变动如

下：

本集团于各报告日期均使拨备矩阵进行

减值分析，以计量预期信贷亏损。拨备

率乃根据拥有类似亏损模式的多个客户

分部组别的逾期日数而定。该计算反映

于报告日期可得的有关过往事件、当前

情况及未来经济状况预测的合理及可靠

资料。一般而言，倘应收贸易账款逾期超

过一年，则予以撇销，且不受执行工作规

限。

下文载列有关使用拨备矩阵计算本集团

之应收贸易账款信贷风险的资料：

于二零二五年三月三十一日

22. TRADE RECEIVABLES (Continued)

The movements in the los alowance for impairment of

trade receivables are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初25,247

Impairment loses, net (note 6)减值亏损，净额（附注6）2,943

Exchange realignment汇兑调整(977)

At 31 March于三月三十一日27,213

An impairment analysis is performed at each reporting

date using a provision matrix to measure expected credit

loses. The provision rates are based on days past

due for groupings of various customer segments with

similar los paterns. The calculation reflects reasonable

and suportable information that is available at the

reporting date about past events, curent conditions and

forecasts of future economic conditions. Generaly, trade

receivables are writen of if past due for more than one

year and are not subject to enforcement activity.

Set out below is the information about the credit risk

exposure on the Group’s trade receivables using a

provision matrix:

As at 31 March 2025

Credit-impaired receivables信贷减值之应收账款

Other trade receivables

aged:

其他应收贸易账款之

账龄︰

Curent to 3 months

past due

即期至逾期三个月

3 to 12 months past due逾期三至十二个月

Over 12 months past due逾期超过十二个月

Total总计

2025 二零二五年 HK$’000 千港元
28,101 316,435
344,536 (35,444)
309,092 (290,188)
18,904

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

22. 应收贸易账款

（续）

于二零二四年三月三十一日

、按金及预付款

项

22. TRADE RECEIVABLES (Continued)

As at 31 March 2024

Expected

credit

los rate

Gros

carying

amount

Expected

credit

loses

预期

信贷亏损率账面总值

预期

信贷亏损

%HK$’000HK$’000

%千港元千港元

Credit-impaired receivables信贷减值之应收账款100.018,44018,440

Other trade receivables

aged:

其他应收贸易账款之

账龄︰

Curent to 3 months

past due

即期至逾期三个月

0.920,574193

3 to 12 months past due逾期三至十二个月25.05,9101,477

Over 12 months past due 逾期超过十二个月51.213,8857,103

Total总计46.358,80927,213

23. OTHER RECEIVABLES, DEPOSITS

AND PREPAYMENTS

二零二四年

HK$’000

千港元

Prepayments预付款项33,493

Other receivables and deposits其他应收账款及按金341,782

375,275

Impairment alowance减值准备(35,798)

339,477

Portion clasified as curent asets分类为流动资产之部分(316,713)

Non-curent portion非流动之部分22,764

Outstanding principal Repayment Initial amount and during the principal interest as at year ended Impairment amount of 31 March 31 March loss as at 31 the loan Interest 2025 2025 March 2025 (’000) rate (HK$’000) (HK$’000) (HK$’000) Purpose 截至于二零二五年二零二五年贷款∕ 三月三十一日三月三十一日于二零二五年投资的初始之未偿还止年度之三月三十一日本金额本金额及利息还款额之减值亏损（千元）利率（千港元）（千港元）（千港元）用途

RMB 14.4% 142,916 1,072 462 Funding for a property 120,000 per annum development project in the PRC 人民币每年14.4% 资金用于中国的一个物业开发 120,000元项目 RMB 5% 9,882 12,439 61 Funding for the acquisition of 93,138 per annum a shopping mall in the PRC 人民币每年5% 资金用于收购位于中国的一个 93,138元购物中心 RMB 16% 32,600 – 32,600 Funding for a property 28,600 per annum re-development project in the PRC 人民币每年16% 资金用于中国的一个物业重建 28,600元项目 RMB 5% 9,907 1,715 160 Funding for a property 15,000 per annum re-development project in the PRC 人民币每年5% 资金用于中国的一个物业重建 15,000元项目 RMB N/A 21,579 – – For potential investment in the 20,124 counterparty 人民币不适用用于对手方的潜在投资 20,124元 HK$2,000 5% per annum 2,161 – 2,161 Bidding for a land for a potential property development project in Hong Kong subsequently not proceeded by the Group 2,000港元每年5% 投标香港一个潜在物业开发项目（随后本集团并无进行该项目）

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

、按金及预付款

项（续）

其他应收账款及按金

计入其他应收账款及按金于二零二五年

三月三十一日包括应收七名（二零二四

年：七名）独立对手方的未偿还贷款本

金及利息金额约219,045,000港元（二零

二四年：247,323,000港元），概要如下：

23. OTHER RECEIVABLES, DEPOSITS

AND PREPAYMENTS (Continued)

Other receivables and deposits

Included in other receivables and deposits as at 31

March 2025 was aproximately HK$219,045,000 (2024:

HK$247,323,000) in respect of the outstanding loan

principal and interest amounts due from seven (2024:

seven) independent counterparties, with details as set out

below.

Party:人士：

Counterparty A对手方A

Counterparty B对手方B

Counterparty C对手方C

Counterparty D对手方D

Counterparty E对手方E

Counterparties F对手方F

2025 二零二五年 HK$’000 千港元
35,798 (161) (193)
35,444

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、按金及预付款

项（续）

减值评估

减值分析乃于各报告日期透过考虑交

易对手违约之可能性进行。于二零二五

年三月三十一日，已应用介乎0.96%至

100%（二零二四年︰0.27%至100%）之

违约可能概率，因违约而产生之亏损则

估计为60.4%（二零二四年︰59.6%）。

预期信贷亏损乃透过应用亏损率方法进

行估计，并参考（其中包括）债务人之信

贷质素或本集团历史亏损记录及╱或其

他可得之合理可靠资料。亏损率已作调

整以反映目前状况及未来经济状况预测

（如适用）。于二零二五年三月三十一日

采用之亏损率为16.2%（二零二四年︰

15.1%）。

其他应收账款及按金之减值亏损拨备变

动如下：

除上文所述之结余外，剩余金融资产近

期并无违约历史及逾期金额。

23. OTHER RECEIVABLES, DEPOSITS

AND PREPAYMENTS (Continued)

Impairment asesment

An impairment analysis is performed at each reporting

date by considering the probability of default of

counterparties. As at 31 March 2025, the probability

of default aplied ranged from 0.96% to 100% (2024:

0.27% to 100%) and the los given default was estimated

to be 60.4% (2024: 59.6%). Expected credit loses are

estimated by aplying a los rate aproach with reference

to, inter alia, credit quality of debtors or historical los

record of the Group and/or other reasonable and

suportable information available. The los rate is

adjusted to reflect the curent conditions and forecasts of

future economic conditions, as apropriate. The los rate

aplied as at 31 March 2025 was 16.2% (2024: 15.1%).

The movements in the los alowance for impairment of

other receivables and deposits are as folows:

二零二四年

HK$’000

千港元

At begining of year于年初38,960

Reversal of impairment, net (note 6)减值拨回，净额（附注6）(163)

Exchange realignment汇兑调整(2,999)

At 31 March于三月三十一日35,798

Except for the balances mentioned above, the remaining

financial asets had no recent history of default and past

due amount.

At 31 March 2025 于二零二五年三月三十一日 HK$’000 千港元
– – 817
817

2025 二零二五年 HK$’000 千港元
138,996 57,260
196,256 (33,722)
162,534

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

24. 应收董事款项

根据香港公司条例第383(1)(d)条及香港

公司（披露董事利益资料）规例第3部之

规定披露之应收董事款项详情披露如

下：

应收董事款项为无抵押、免息及按要求

偿还。

、受限制现金

及已抵押定期存款

24. DUE FROM DIRECTORS

Particulars of amounts due from directors, disclosed

pursuant to section 383(1)(d) of the Hong Kong

Companies Ordinance and Part 3 of the Hong Kong

Companies (Disclosure of Information about Benefits of

Directors) Regulation, are as folows:

Maximum

amount

outstanding

during the year

31 March

and

1 April 2024

Maximum

amount

outstanding

during the

prior year

1 April

于本年度

尚未偿还

之最高金额

于二零二四年

三月三十一日

及二零二四年

四月一日

于上一年度

尚未偿还

之最高金额

于二零二三年

四月一日

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Mr. Ma Kai Cheung马介璋先生2,6662,4192,419–

Mr. Ma Kai Yum马介钦先生4,8351,5904,8471,525

Mr. Ma Hung Ming, John马鸿铭先生1,1241,1241,2401,240

5,1332,765

The amounts due from directors are unsecured, interest-

fre and repayable on demand.

25. CASH AND BANK BALANCES,

RESTRICTED CASH AND PLEDGED

TIME DEPOSITS

二零二四年

HK$’000

千港元

Cash at banks and on hand银行结存及现金120,844

Time deposits定期存款41,310

162,154

Les: Pledged time deposits for short

term bank loans and other

banking facilities (note 40)

减：为短期银行贷款及

其他银行信贷抵押之

定期存款（附注40）(34,785)

Cash and bank balances现金及银行结余127,369

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、受限制现金

及已抵押定期存款（续）

于报告期末，本集团以人民币计值的现

金及银行结余为约113,549,000港元（二

零二四年：90,634,000港元）。人民币并

非可自由兑换为其他货币。然而，根据中

国大陆的《外汇管制条例及结汇，售汇

及付汇管理条例规定》，本集团获准透

过特许进行外汇业务之银行兑换人民币

为其他货币。

若干银行现金按相关银行存款利率之浮

动利率赚取利息。视乎本集团之即时现

金需求，短期定期存款之期限不一，介乎

一日至三个月不等，并按不同之短期定

期存款赚取利息。银行结余及抵押定期

存款存放于具信誉且近期没有违约记录

的银行中。

25. CASH AND BANK BALANCES,

RESTRICTED CASH AND PLEDGED

TIME DEPOSITS (Continued)

At the end of the reporting period, the cash and bank

balances of the Group denominated in Renminbi

amounted to aproximately HK$113,549,000 (2024:

HK$90,634,000). The Renminbi is not frely convertible

into other curencies, however, under Mainland

China’s Foreign Exchange Control Regulations and

Administration of Setlement, and Sale and Payment of

Foreign Exchange Regulations, the Group is permited to

exchange Renminbi for other curencies through banks

authorised to conduct foreign exchange busines.

Certain cash at banks earns interest at floating rates

based on relevant bank deposit rates. Short term time

deposits are made for varying periods of betwen one

day and thre months depending on the imediate

cash requirements of the Group, and earn interest at

the respective short term time deposit rates. The bank

balances and pledged time deposits are deposited with

creditworthy banks with no recent history of default.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

26. 分类为持作出售的出售组别

益阳佳宁娜国际酒店管理有限公司（「益

阳佳宁娜」）为本公司拥有90%权益的

间接附属公司，及一直从事位于中华人

民共和国湖南省益阳市紫山路的益阳

佳宁娜国际酒店的控股及运营业务。于

二零二四年三月三十一日，本集团一直

在就可能出售益阳佳宁娜之事宜与相

关方进行磋商，出售已于二零二四年三

月三十一日后进行。于二零二四年四月

二十六日，本集团就出售其于益阳佳宁

娜的全部权益订立一份买卖协议，总代

价为人民币130,000,000元（相当于约

141,175,000港元）（「出售事项」）。因

此，就分部报告而言，计入本集团的餐

饮、食品及酒店分部的益阳佳宁娜应占

资产及负债已被分类为持作出售资产及

负债，并于二零二四年三月三十一日的

综合财务状况表中单独呈列。出售事项

于二零二四年八月八日完成及进一步详

情于财务报表附注37披露。

26. DISPOSAL GROUP CLASIFIED AS

HELD FOR SALE

益阳佳宁娜国际酒店管理有限公司 (Yiyang Cariana

International Hotel Management Company Limited)

(“Yiyang Cariana”), a 90% indirect subsidiary of

the Company, has ben engaging in the holding and

operations of Yiyang Cariana International Hotel

located at Zishan Road, Yiyang, Hunan Province, the

People’s Republic of China. As at 31 March 2024, the

Group had ben under negotiations with an interested

party on the posible disposal of Yiyang Cariana and

the sale was concluded after 31 March 2024. On 26

April 2024, the Group entered into a sale and purchase

agrement in relation to the disposal of its entire interest

in Yiyang Cariana for an agregate consideration

of RMB130,000,000 (equivalent to aproximately

HK$141,175,000) (the “Disposal”). Acordingly, the

asets and liabilities atributable to Yiyang Cariana,

as included in the Group’s restaurant, fod and hotel

segment for segment reporting purposes, had ben

clasified as asets and liabilities held for sale and are

presented separately in the consolidated statement of

financial position as at 31 March 2024. The Disposal

was completed on 8 August 2024 and further details are

disclosed in note 37 to the financial statements.

HK$’000 千港元
154,844 7,803 164 702 12,909 2,015
178,437
(854) (225,637) (205)
(226,696)

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

26. 分类为持作出售的出售组别

（续）

资产及负债之主要类别分类为持作出售

资产及负债于二零二四年三月三十一日

分析如下：

26. DISPOSAL GROUP CLASIFIED AS

HELD FOR SALE (Continued)

The major clases of asets and liabilities clasified as

held for sale as at 31 March 2024 were as folow:

Asets资产

Property, plant and equipment物业、厂房及设备

Right-of-use asets使用权资产

Inventories存货

Trade receivables应收贸易账款

Other receivables, deposits and prepayments其他应收账款、按金及预付款项

Cash and bank balances现金及银行结余

Asets clasified as held for sale分类为持作出售资产

Liabilities负债

Trade payables应付贸易账款

Other payables, acruals and

deposits received

其他应付账款、应计费用及

已收按金

Tax payable应付税项

Liabilities directly asociated with the asets

clasified as held for sale

与分类为持作出售资产直接相关之

负债

2025 二零二五年 HK$’000 千港元
20,227 6,507 3,876 17,754
48,364

2025 二零二五年 HK$’000 千港元
56,554 7,357 147,536
211,447 (199,267)
12,180

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

27. 应付贸易账款

于报告期末，应付贸易账款按发票日期

之账龄分析如下：

应付贸易账款为免利息及通常须于正常

营运周期内偿还。

、应计费用及已

收按金

27. TRADE PAYABLES

An ageing analysis of the trade payables as at the end

of the reporting period, based on the invoice date, is as

folows:

二零二四年

HK$’000

千港元

Within 30 days即期至30日21,631

31 to 60 days31至60日4,567

61 to 90 days61至90日6,714

Over 90 days超过90日17,134

50,046

The trade payables are non-interest-bearing and are

normaly setled within the normal operating cycle.

28. OTHER PAYABLES, ACRUALS AND

DEPOSITS RECEIVED

二零二四年

NotesHK$’000

附注千港元

Contract liabilities合约负债(a)12,385

Acruals应计费用5,437

Other payables and deposits

received

其他应付账款及已收按金

(b)188,791

At 31 March于三月三十一日206,613

Portion clasified as curent

liabilities

分类为流动负债之部分

(193,865)

Non-curent portion非流动之部分12,748

31 March 2025 二零二五年三月三十一日 HK$’000 千港元
11,143 45,411
56,554

Provision for restoration costs 复原成本拨备 HK$’000 千港元
4,254 (30) (10)
4,214 –
4,214

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

、应计费用及已

收按金（续）

附注：

(a) 合约负债详情如下：

合约负债包括预收客户代价来自本集

团之销售食品及销售物业。合约负债于

本年度增加乃主要由于在年末之预收

客户款项增加所致。

(b) 其他应付账款并不计息，平均期限为三

个月。

29. 拨备

28. OTHER PAYABLES, ACRUALS AND

DEPOSITS RECEIVED (Continued)

Notes:

(a) Details of contract liabilities are as folows:

31 March

1 April

二零二四年

三月三十一日

二零二三年

四月一日

HK$’000HK$’000

千港元千港元

Consideration received

from customers in advance:

预收客户代价：

Restaurant, fod and hotel餐饮、食品及酒店8,03714,153

Property investment and

development

物业投资及发展

4,3481,942

Total总计12,38516,095

Contract liabilities include consideration received from

customers in advance for the Group’s sales of fod

products and sales of properties. The increase in contract

liabilities in the curent year was mainly due to the increase

in consideration received from customers in advance at

the end of the year.

(b) Other payables are non-interest-bearing and have an

average term of thre months.

29. PROVISIONS

At 1 April 2024于二零二四年四月一日

Amount utilised during the year于年内动用金额

Exchange realignment汇兑调整

At 31 March 2025于二零二五年三月三十一日

Portion clasified as curent liabilities分类为流动负债之部分

Non-curent portion非流动之部分

2025 二零二五年 Effective interest rate (%) Maturity HK$’000 实际利率 (%) 到期日千港元
3.5-8.4 On demand 1,114,306 于要求时 2.8-3.9 By 31 March 146,172 2026 于二零二六年三月三十一日前
总计－流动 1,260,478
4.0 2026-2037 292,199 于二零二六年至二零三七年
总计 1,552,677

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

29. 拨备

（续）

复原成本拨备与本集团于有关租期届满

╱终止时将其租赁物业恢复至有关租赁

协议所述之最初状态或状况之责任有

关。

复原成本拨备乃参考过往经验及可获得

资料并根据本公司董事所作出之若干假

设及估计而厘定。该等假设及估计予以

审阅及修订（如适用）。

30. 附息之银行借贷及可换股债

券

(a) 附息之银行借贷

29. PROVISIONS (Continued)

The provision for restoration costs relates to the Group’s

obligations to reinstate its leased properties to their

original state or to a condition, as specified in the

respective tenancy agrements, at the end/upon the

termination of the relevant lease terms.

The provision for reinstatement costs was determined

based on certain asumptions and estimates made by

the directors of the Company with reference to past

experience and available information. The asumptions

and estimates are reviewed and revised where

apropriate.

30. INTEREST-BEARING BANK

BOROWINGS AND CONVERTIBLE

BONDS

(a) Interest-bearing bank borowings

二零二四年

Efective

interest

rate (%)MaturityHK$’000

实际利率

(%)到期日千港元

Curent

流动

Bank loans – secured3.9-9.0On demand1,322,961

银行贷款－有抵押于要求时

Curent portion of long term

bank loans – secured

3.5-6.7By 31 March 2025127,430

长期银行贷款之即期部分

－有抵押

于二零二五年

三月三十一日前

Total – curent1,450,391

Non-curent

非流动

Bank loans – secured6.72025-2037209,644

银行贷款－有抵押于二零二五年至

二零三七年

Total1,660,035

2025 二零二五年 HK$’000 千港元
1,260,478 168,917 101,622 21,660
1,552,677

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

30. 附息之银行借贷及可换股债

券（续）

(a) 附息之银行借贷（续）

于二零二五年三月三十一日，在本

集团附息之银行借贷中总账面值为

约244,635,000港元（二零二四年：

113,538,000港元）之借贷以人民币

计值，其余附息之银行借贷以港元

计值。

此外，本公司于报告期末已为本

集团若干银行贷款提供金额高达

901,445,000港元（二零二四年：

924,793,000港元）之担保。

本集团若干附息之银行借贷乃以抵

押本集团若干资产为担保，进一步

详情载于财务报表附注40内。

(b) 可换股债券

于二零二一年七月十五日，本公司

发行了本金总额为75,425,251.80

港元的3%可换股债券（「可换股债

券」）。可换股债券可由债券持有人

选择自二零二年一月十五日按初

始转换价0.60港元转换为普通股。

发行人可选择按100%本金额加应

计利息赎回可换股债券。

30. INTEREST-BEARING BANK

BOROWINGS AND CONVERTIBLE

BONDS (Continued)

(a) Interest-bearing bank borowings (Continued)

二零二四年

HK$’000

千港元

Analysed into:分析为：

Bank loans repayable:银行贷款还款期：

Within one year or on

demand

一年内或按要求时偿还

1,450,391

In the second year第二年48,000

In the third to fifth years,

inclusive

第三年至第五年

（首尾两年包括在内）140,670

Beyond five years五年后20,974

1,660,035

Included in the Group’s interest-bearing bank

borowings are borowings with an agregate

carying amount of aproximately HK$244,635,000

as at 31 March 2025 (2024: HK$113,538,000)

which are denominated in Renminbi. The remaining

interest-bearing bank borowings are denominated

in Hong Kong dolars.

In adition, the Company has guaranted certain

of the Group’s bank loans up to HK$901,445,000

(2024: HK$924,793,000) as at the end of the

reporting period.

Certain of the Group’s interest-bearing bank

borowings are secured by the pledge of certain

asets of the Group as further detailed in note 40 to

the financial statements.

(b) Convertible bonds

On 15 July 2021, the Company isued 3%

convertible bonds with an agregate principal

amount of HK$75,425,251.80 (the “Convertible

Bonds”). The Convertible Bonds were convertible at

the option of the bondholders into ordinary shares

from 15 January 2022 at the initial conversion

price of HK$0.60. The Convertible Bonds were

redemable at the option of the isuer at 100% of

the principal amount plus interest acrued.

HK$’000 千港元
75,425 (16,162) (1,501)
57,762

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

30. 附息之银行借贷及可换股债

券（续）

(b) 可换股债券（续）

负债部分的公允价值于发行日使用

无换股选择权的类似债券的同等市

场利率估计。剩余金额分配为权益部

分，并计入股东权益。

于过往年度发行的可换股债券分为

负债部分和权益部分如下：

于二零二三年七月三十一日，可换股

债券已延期一年。可换股债券按年利

率6厘计息，于一月三十一日及七月

三十一日每半年支付一次。发行人有

关可换股债券之提早赎回权已失效，

导致于截至二零二四年三月三十一

日止年度内于损益确认公平值亏损

17,465,000港元。

于二零二四年七月三十一日，可换股

债券获进一步延展一年。可换股债

券按年利率7%计息，于每半年（一

月三十一日及七月三十一日）支付一

次。

30. INTEREST-BEARING BANK

BOROWINGS AND CONVERTIBLE

BONDS (Continued)

(b) Convertible bonds (Continued)

The fair value of the liability component was

estimated at the isuance date using an equivalent

market interest rate for a similar bond without

a conversion option. The residual amount was

asigned as the equity component and was

included in shareholders’ equity.

The convertible bonds isued in prior years had

ben split into the liability and equity components as

folows:

Nominal value of convertible bonds isued发行的可换股债券面值

Equity component权益部分

Direct transaction costs atributable to the

liability component

属于负债部分的直接交易成本

Liability component at the isuance date发行日的负债部分

On 31 July 2023, the Convertible Bonds were

extended by one year. The Convertible Bonds

caried interest at a rate of 6% per anum, payable

half-yearly in arears on 31 January and 31 July.

The early redemption option for the isuer on the

Convertible Bonds lapsed, resulting in a fair value

los of HK$17,465,000 recognised in profit or los

during the year ended 31 March 2024.

On 31 July 2024, the Convertible Bonds were

further extended by one year. The Convertible

Bonds caried interest at a rate of 7% per anum,

payable half-yearly in arears on 31 January and 31

July.

2025 二零二五年 HK$’000 千港元
76,971 – 2,763 (8,000) 2,041 (4,648)
69,127

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

30. 附息之银行借贷及可换股债

券（续）

(b) 可换股债券（续）

负债部分之变动如下：

30. INTEREST-BEARING BANK

BOROWINGS AND CONVERTIBLE

BONDS (Continued)

(b) Convertible bonds (Continued)

The movements of the liability component are as

folows:

二零二四年

HK$’000

千港元

At begining of year于年初57,988

Fair value los on redemption

option of convertible bonds

(note 6)

赎回可换股债券选择权之

公平值亏损（附注6）

17,465

Los on modification of

convertible bonds (note 6)

修订可换股债券之亏损

（附注6）2,363

Redemption赎回–

Interest expense利息支出2,193

Interest paid己付利息(3,038)

At end of year于年末76,971

2025 二零二五年 Depreciation Fair value allowance in adjustments excess of arising from Revaluation Right-of-use related acquisition of of investment assets depreciation subsidiaries properties Total 因收购附属超过有关折旧公司产生之投资物业使用权资产的折旧免税额公平值调整重估总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元

13,549 20,830 6,417 234,123 274,919 (88) (198) – (20,837) (21,123) (79) – – (232) (311)

13,382 20,632 6,417 213,054 253,485

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

31. 递延税项

本年度递延税项负债之变动如下：

递延税项负债

31. DEFERED TAX

The movements in defered tax liabilities during the year

are as folows:

DEFERED TAX LIABILITIES

At 1 April 2024于二零二四年四月一日

Defered tax credited to the

statement of profit or los

during the year (note 10)

本年度损益表中之

递延税项抵免（附注10）

Exchange realignment汇兑调整

Gros defered tax liabilities at

31 March 2025

于二零二五年三月三十一日之

递延税项负债总值

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

31. 递延税项

（续）

递延税项负债（续）

31. DEFERED TAX (Continued)

DEFERED TAX LIABILITIES (Continued)

二零二四年

Right-of-use

asets

Depreciation

alowance in

exces of

depreciation

Fair value

adjustments

arising from

acquisition of

subsidiaries

Revaluation

of investment

propertiesTotal

使用权资产

超过有关折旧

的折旧免税额

因收购附属

公司产生之

公平值调整

投资物业

重估总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日17,50720,6596,417244,217288,800

Defered tax charged/(credited) to

the statement of profit or los

during the year (note 10)

本年度损益表中之

递延税项支出╱（抵免）

（附注10）(3,237)171–(7,075)(10,141)

Exchange realignment汇兑调整(721)–(3,019)(3,740)

Gros defered tax liabilities at

31 March 2024

于二零二四年三月三十一日之

递延税项负债总值13,54920,8306,417234,123274,919

2025 二零二五年 Losses available for offsetting against Lease future taxable liabilities profits Total 可用以与未来应课税溢利租赁负债抵销之亏损总额 HK$’000 HK$’000 HK$’000 千港元千港元千港元
14,792 19,477 34,269 131 (19,477) (19,346) (87) – (87)
14,836 – 14,836

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

31. 递延税项

（续）

于本年度之递延税项资产变动如下︰

递延税项资产

31. DEFERED TAX (Continued)

The movements in defered tax asets during the year are

as folows:

DEFERED TAX ASETS

At 1 April 2024于二零二四年四月一日

Defered tax credited/(charged) to

the statement of profit or los

during the year (note 10)

本年度损益表中抵免╱（支出）

之递延税项（附注10）

Exchange realignment汇兑调整

Gros defered tax asets

at 31 March 2025

于二零二五年三月三十一日之

递延税项资产总值

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

31. 递延税项

（续）

递延税项资产（续）

本集团有源自香港之税项亏损约

501,750,000港元（二零二四年：

471,802,000港元），须待香港税务局同

意后，方可作实，而此等亏损可无限期用

以与产生亏损之有关公司之未来应课税

溢利抵销。本集团亦有源自中国大陆之

税项亏损约130,042,000港元（二零二四

年：97,171,000港元）（须待相关税务机

关同意后，方可作实），而此等可用以与

未来应课税溢利抵销之亏损则将于一年

至五年内到期。除上文所披露者外，由

于管理层目前认为不可能产生足够之应

课税溢利用作抵销可动用之此等税项亏

损，故未就此等亏损确认递延税项资产。

31. DEFERED TAX (Continued)

DEFERED TAX ASETS (Continued)

二零二四年

Lease

liabilities

Loses

available for

ofseting

against

future taxable

profitsTotal

租赁负债

可用以与未来

应课税溢利

抵销之亏损总额

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023于二零二三年四月一日18,90119,57038,471

Defered tax charged to

the statement of profit or los

during the year (note 10)

本年度损益表中计入之递延税项

（附注10）

(3,077)(93)(3,170)

Exchange realignment汇兑调整(1,032)–(1,032)

Gros defered tax asets

at 31 March 2024

于二零二四年三月三十一日之

递延税项资产总值14,79219,47734,269

The Group has tax loses arising in Hong Kong of

aproximately HK$501,750,000 (2024: HK$471,802,000),

subject to the agrement by the Hong Kong Inland

Revenue Department, that are available indefinitely for

ofseting against future taxable profits of the companies

in which the loses arose. The Group also has tax

loses arising in Mainland China of aproximately

HK$130,042,000 (2024: HK$97,171,000), subject to

the agrement by relevant tax authorities, that wil expire

in one to five years for ofseting against future taxable

profits. Other than as disclosed above, defered tax

asets have not ben recognised in respect of these

loses as it is curently not considered probable by

management that taxable profits wil be available against

which the tax loses can be utilised.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

31. 递延税项

（续）

递延税项资产（续）

本集团须就该等于中国大陆成立之附属

公司就二零八年一月一日起产生之盈

利而分派之股息缴交预扣税。本集团之

适用比率为5%。

于二零二五年三月三十一日，本集团并

未就于中国大陆成立且须缴交预扣税之

附属公司之未汇出盈利应付之预扣税

确认递延税项。董事认为，该等附属公

司于可见未来分派该等盈利之机会不

大。于二零二五年三月三十一日，与对

中国大陆之附属公司之投资有关之暂时

性总差额合共约1,516,241,000港元尚

未确认为递延税项负债（二零二四年：

1,509,923,000港元）。

本公司向其股东派付股息并无产生所得

税后果。

31. DEFERED TAX (Continued)

DEFERED TAX ASETS (Continued)

The Group is liable for witholding taxes on dividends

distributed by those subsidiaries established in Mainland

China in respect of earnings generated from 1 January

2008. The aplicable rate is 5% for the Group.

At 31 March 2025, no defered tax has ben recognised

for witholding taxes that would be payable on the

unremited earnings that are subject to witholding taxes

of the Group’s subsidiaries established in Mainland China.

In the opinion of the directors, it is not probable that these

subsidiaries wil distribute such earnings in the foreseable

future. The agregate amount of temporary diferences

asociated with investments in subsidiaries in Mainland

China for which defered tax liabilities have not ben

recognised totaled aproximately HK$1,516,241,000 at

31 March 2025 (2024: HK$1,509,923,000).

There are no income tax consequences ataching

to the payment of dividends by the Company to its

shareholders.

2025 二零二五年 HK$’000 千港元
157,136

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

32. 递延收入

本集团的递延收入代表收到政府部门关

于一项中国大陆物业发展计划之现金

补助。截至二零二五年三月三十一日止

年度，递延收入约为210,000港元（二零

二四年：401,000港元）已拨入损益表。

33. 股本

股份

购股权

本公司购股权计划的详情及根据该计划

发行的购股权载于财务报表附注34。

32. DEFERED INCOME

The Group’s defered income represents cash subsidies

received from a government authority in respect of

a property development project in Mainland China.

Defered income of aproximately HK$210,000 (2024:

HK$401,000) was released to the statement of profit or

los during the year ended 31 March 2025.

33. SHARE CAPITAL

二零二四年

HK$’000

千港元

Isued and fuly paid:已发行及缴足股本：

1,571,359,420 (2024: 1,571,359,420)

ordinary shares of HK$0.10 each

每股面值0.10港元之

普通股1,571,359,420股

（二零二四年：

1,571,359,420股）157,136

SHARE OPTIONS

Details of the Company’s share option scheme and the

share options isued under the scheme are included in

note 34 to the financial statements.

2025 二零二五年 Weighted average exercise Number of price options 加权平均行使价购股权数目 HK$ per share 每股港元
0.714 11,000,000 0.714 (8,500,000)
0.714 2,500,000

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

34. 购股权计划

本公司设有一项购股权计划（「二零一五

年购股权计划」），该计划自二零一五年

八月二十四日起生效，有效期为十年。

概无现金结算选择。本集团过往并无以

现金结算该等购股权的惯例。本集团将

该计划作为股本结算计划入账。

购股权并无授予持有人权利获取股息或

于股东大会上投票。

在本年度内，二零一五年购股权计划下

尚未行使之购股权如下：

34. SHARE OPTION SCHEME

The Company operates a share option scheme (“2015

Option Scheme”), which is valid and efective for a period

of 10 years comencing on 24 August 2015.

There are no cash setlement alternatives. The Group

does not have a past practice of cash setlement for these

share options. The Group acounts for the Scheme as an

equity-setled plan.

Share options do not confer rights on the holders to

dividends or to vote at shareholders’ metings.

The folowing share options were outstanding under the

2015 Option Scheme during the year:

二零二四年

Weighted

average

exercise

price

Number of

options

加权平均

行使价购股权数目

HK$

per share

每股港元

At begining of year于年初0.71411,000,000

Lapsed/forfeited during the year于年内失效╱没收–

At 31 March于三月三十一日0.71411,000,000

2025 二零二五年 Number of options 购股权数目
– – 2,500,000 – –
2,500,000

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

34. 购股权计划

（续）

年内并无（二零二四年︰无）购股权获行

使。

于报告期末尚未行使之购股权之行使价

及行使期间如下：

* 购股权行使价须根据供股或红股发行

或本公司股本之其他类似变动作出调

整。

于本年度没有购股权获授出（二零二四

年：无）。

34. SHARE OPTION SCHEME (Continued)

No share options were exercised during the year (2024:

Nil).

The exercise prices and exercise periods of the share

options outstanding as at the end of the reporting period

are as folows:

2024Exercise price*Exercise period

二零二四年行使价*行使期间

Number of

optionsHK$ per share

购股权数目每股港元

2,500,0000.71420-2-2020 to 19-2-2025

二零二零年二月二十日至二零二五年二月十九日

2,000,0000.7143-6-2020 to 2-6-2025

二零二零年六月三日至二零二五年六月二日

2,500,0000.71420-2-2021 to 19-2-2026

二零二一年二月二十日至二零二六年二月十九日

2,000,0000.7143-6-2021 to 2-6-2026

二零二一年六月三日至二零二六年六月二日

2,000,0000.7143-6-2022 to 2-6-2027

二零二年六月三日至二零二七年六月二日

11,000,000

* The exercise price of the share options is subject to

adjustment in the case of rights or bonus isues, or other

similar changes in the Company’s share capital.

No share option was granted during the year (2024: Nil).

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

34. 购股权计划

（续）

于报告期末，根据二零一五年购股权计

划，本公司有2,500,000份购股权尚未行

使。根据本公司现行股本结构，全面行

使尚未行使之购股权将导致本公司额

外发行2,500,000股普通股及额外已发

行股本250,000港元以及额外股份溢价

1,535,000港元（扣除发行开支前且不包

括自购股权储备转拨之相关金额）。

于批准此等财务报表当日，根据二零

一五年购股权计划，本公司有2,500,000

份购股权尚未行使，倘悉数行使则占本

公司当日已发行股份约0.16%。

35. 储备

本集团截至本年度及过往年度之储备款

额及储备变动已呈列于本年报第85及86

页之综合权益变动表。

本集团之储备金为本集团于中国大陆成

立之附属公司不能分派之法定储备。附

属公司之董事会将根据中国相关法律及

法规转至该等储备。此等储备金之用途

受限，惟可与未来之亏损对销或用作增

加附属公司之股本。

34. SHARE OPTION SCHEME (Continued)

At the end of the reporting period, the Company had

2,500,000 share options outstanding under the 2015

Option Scheme. The exercise in ful of the outstanding

share options would, under the present capital structure

of the Company, result in the isue of 2,500,000

aditional ordinary shares of the Company and aditional

isued capital of HK$250,000 and aditional share

premium of HK$1,535,000 (before isue expenses and

excluding the transfer of relevant amount from the share

option reserve).

At the date of aproval of these financial statements,

the Company had 2,500,000 share options outstanding

under the 2015 Option Scheme, which if exercised in ful

would represent aproximately 0.16% of the Company’s

shares in isue as at that date.

35. RESERVES

The amounts of the Group’s reserves and the movements

therein for the curent and prior years are presented in the

consolidated statement of changes in equity on pages 85

and 86 of the anual report.

The reserve funds of the Group represent the non-

distributable statutory reserves of the Group’s subsidiaries

established in the PRC. The transfers to these reserves

are determined by the boards of directors of the

subsidiaries in acordance with the relevant PRC laws

and regulations. The reserve funds are restricted as to

use but can be used to ofset against future loses or to

increase the capital of the subsidiaries.

2025 二零二五年
35% 24%
(6,380) 848
–
(54,051) 8,809

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

36. 具有重大非控股权益之非全

资附属公司

本集团若干附属公司具有重大非控股权

益之详情载列如下：

36. PARTLY-OWNED SUBSIDIARIES WITH

MATERIAL NON-CONTROLING

INTERESTS

Details of the certain subsidiaries of the Group that have

material non-controling interests are set out below:

二零二四年

Percentage of equity interest held by

non-controling interests

非控股权益所持股权之

百分比

– Hainan Cariana Fod Company

Limited (“Hainan Fod”)

－海南佳宁娜食品有限公司

（「海南食品」）35%

– Profit Smart Group Limited and

its subsidiaries (“Profit Smart

Group”)

－利骏食品集团有限公司及

其附属公司

（「利骏集团」）24%

Profit/(los) for the year alocated to

non-controling interests

分配至非控股权益之

本年度溢利╱（亏损）

– Hainan Fod－海南食品(10,122)

– Profit Smart Group－利骏集团1,023

Dividend paid to non-controling

interests

已付非控股权益之股息

– Profit Smart Group－利骏集团160

Acumulated balance of non-

controling interests at the reporting

date

于报告日期之非控股权益之

累计结余

– Hainan Fod－海南食品(47,757)

– Profit Smart Group－利骏集团7,961

Profit Smart Hainan Group Food 利骏集团海南食品 HK$’000 HK$’000 千港元千港元
132,591 31,086 3,698 (18,229) 3,698 (18,229)
34,627 50,097 52,225 135,224 (40,683) (224,566) (8,898) (4,024)
19,481 (1,959) (2,281) 210 (15,013) 602
2,187 (1,147)

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

36. 具有重大非控股权益之非全

资附属公司（续）

下表列示以上附属公司之综合财务资料

概要。所披露之金额为任何公司抵销前

之金额：

36. PARTLY-OWNED SUBSIDIARIES WITH

MATERIAL NON-CONTROLING

INTERESTS (Continued)

The folowing tables ilustrate the sumarised financial

information of the above subsidiaries. The amounts

disclosed are before any inter-company eliminations:

Revenue收入

Profit/(los) for the year本年度溢利╱（亏损）

Total comprehensive income/(los)

for the year

本年度全面收入╱（亏损）

总额

Curent asets流动资产

Non-curent asets, including godwil非流动资产，包括商誉

Curent liabilities流动负债

Non-curent liabilities非流动负债

Net cash flows from/(used in)

operating activities

经营活动所得╱（所用）

现金流量净额

Net cash flows from/(used in)

investing activities

投资活动所得╱（所用）

现金流量净额

Net cash flows from/(used in)

financing activities

融资活动所得╱（所用）

现金流量净额

Net increase/(decrease) in cash and

cash equivalents

现金及现金等值项目

增加╱（减少）净额

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

36. 具有重大非控股权益之非全

资附属公司（续）

以上综合财务资料概要已反映收购事项

之会计影响，包括商誉及公平值调整。

36. PARTLY-OWNED SUBSIDIARIES WITH

MATERIAL NON-CONTROLING

INTERESTS (Continued)

Profit Smart

Group

Hainan

Fod

利骏集团海南食品

HK$’000HK$’000

千港元千港元

Revenue收入132,75945,203

Profit/(los) for the year本年度溢利╱（亏损）4,157(28,919)

Total comprehensive income/(los)

for the year

本年度全面收入╱（亏损）

总额4,157(28,919)

Curent asets流动资产37,90254,918

Non-curent asets, including godwil非流动资产，包括商誉47,515153,532

Curent liabilities流动负债(41,007)(229,420)

Non-curent liabilities非流动负债(10,837)(4,317)

Net cash flows from/(used in)

operating activities

经营活动所得╱（所用）

现金流量净额18,180(23,237)

Net cash flows from/(used in)

investing activities

投资活动所得╱（所用）

现金流量净额(4,532)11,061

Net cash flows from/(used in)

financing activities

融资活动所得╱（所用）

现金流量净额(13,750)609

Net decrease in cash and cash

equivalents

现金及现金等值项目

减少净额(102)(11,567)

The above sumarised consolidated financial information

has reflected the efects of acquisition acounting,

including godwil and fair value adjustments.

2025 二零二五年 HK$’000 千港元
151,157 7,133 250 1,473 (294) – (2,384)
157,335 (15,907) (253)
141,175
141,175

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

37. 出售附属公司

截至二零二五年三月三十一日止年

度，根据本集团与独立第三方订立之

买卖协议，本集团以现金代价人民币

130,000,000元（约141,175,000港元）向

独立第三方完成出售其于益阳佳宁娜

之全部100%股权。相关出售亏损约为

253,000港元。

于截至二零二四年三月三十一日止年

度，根据本集团与四名独立第三方订

立的股权转让协议，集团分别以总代价

1,000,000人民币（约1,090,000港元）和

160,000人民币（约175,000港元）完成

出售其于佳宁娜（深圳）预制食品科技有

限公司和嗦粉侠（深圳）餐饮管理有限公

司之全部100%股权。与出售相关的亏损

约1,644,000港元。

37. DISPOSAL OF SUBSIDIARIES

During the year ended 31 March 2025, pursuant to the

sale and purchase agrement entered into betwen

the Group and an independent third party, the Group

completed the disposal of its entire 100% equity interest

in Yiyang Cariana to the independent third party for the

cash consideration of RMB130,000,000 (aproximately

HK$141,175,000). The related los on disposal amounted

to aproximately HK$253,000.

During the year ended 31 March 2024, pursuant to the

sale and purchase agrements entered into betwen

the Group and four independent third parties, the Group

completed the disposal of its entire 100% equity interest

in Cariana (Shenzhen) Ready Meals Co. Ltd. and

Suofenxia (Shenzhen) Restaurant Management Co. Ltd to

the independent third parties for the cash consideration

of RMB1,000,000 (aproximately HK$1,090,000)

and RMB160,000 (aproximately HK$175,000),

respectively. The related loses on disposal amounted to

aproximately HK$1,644,000.

二零二四年

HK$’000

千港元

Net asets disposed of:资产净值出售如下:

Property, plant and equipment物业、厂房及设备 –

Right-of-use asets使用权资产 –

Cash and bank balances现金及银行结余1,014

Other receivables, deposits and

prepayments

其他应收账款、按金及

预付款项2,828

Other payables, acruals and

deposits received

其他应付账款、应计费用及

已收按金(845)

Trade payables应付贸易账款(88)

Tax payable应付税项–

Subtotal小计2,909

Exchange fluctuation reserve外汇波动储备–

Los on disposal of subsidiaries

(note 6)

出售附属公司之亏损（附注6）

(1,644)

Total consideration总代价1,265

Satisfied by:补偿用于：

Cash现金1,265

2025 二零二五年 HK$’000 千港元
141,175 (250)
140,925

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

37. 出售附属公司

（续）

分析有关作为出售附属公司之现金及现

金等值流入净值如下：

38. 综合现金流量表附注

(A) 主要非现金交易

(a) 年内，就租赁物业的租赁安

排而言，本集团使用权资产

及租赁负债的非现金增加分

别为21,200,000港元（二零

二四年：9,650,000港元）及

21,200,000港元（二零二四年

9,511,000港元）。

(b) 年内，本集团就餐厅的租赁

安排对使用权资产和租赁

负债，分别为8,739,000港元

（二零二四年：19,138,000港

元）及8,739,000港元（二零

二四年:18,923,000港元），进

行非现金租赁负债修订。

37. DISPOSAL OF SUBSIDIARIES (Continued)

An analysis of the net inflow of cash and cash equivalents

in respect of the disposal of subsidiaries is as folows:

二零二四年

HK$’000

千港元

Cash consideration现金代价1,265

Cash and bank balances disposed of现金及银行结余出售处理(1,014)

Net inflow of cash and cash

equivalents in respect of the

disposal of subsidiaries

作为出售附属公司之现金及

现金等值流入净值

38. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(A) MAJOR NON-CASH TRANSACTIONS

(a) During the year, the Group had non-

cash aditions to right-of-use asets and

lease liabilities of HK$21,200,000 (2024:

HK$9,650,000) and HK$21,200,000 (2024:

HK$9,511,000), respectively, in respect of

lease arangements for leased properties.

(b) During the year, the Group had non-cash

lease modifications to right-of-use asets

and lease liabilities of HK$8,739,000 (2024:

HK$19,138,000) and HK$8,739,000 (2024:

HK$18,923,000), respectively, in respect of

lease arangements for restaurants.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

38. 综合现金流量表附注

（续）

(B) 融资活动产生之负债变动

38. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

(B) CHANGES IN LIABILITIES ARISING

FROM FINANCING ACTIVITIES

Balances

with non-

controling

shareholders,

net

Convertible

bonds

Interest-

bearing bank

borowings

Lease

liabilities

非控股东

余额，净额可换股债券计息银行借贷租赁负债

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日37,95657,9881,699,047118,148

Changes from financing cash flows融资活动之现金流变化327(3,038)(32,272)(41,686)*

Non-cash items非现金项目

New leases 新租赁–9,511

Remeasurement重新计量–18,923

Fair value los on redemption option of

convertible bonds

赎回可换股债券选择权之

公平值亏损–17,465–

Los on modification of

convertible bonds

修订可换股债券之亏损

–2,363–

Interest expense利息开支–2,193–5,039

Exchange realignment汇兑调整487–(6,740)(4,126)

At 31 March 2024于二零二四年三月三十一日38,77076,9711,660,035105,809

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

,011,000港

元（二零二四年：36,647,000港

元），及已付利息5,046,000港元

（二零二四年：5,039,000港元）。

Balances

with non-

controling

shareholders,

net

Convertible

bonds

Interest-

bearing bank

borowings

Lease

liabilities

非控股东

余额，净额可换股债券计息银行借贷租赁负债

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 31 March 2024 and 1 April 2024于二零二四年三月三十一日及

二零二四年四月一日38,77076,9711,660,035105,809

Changes from financing cash flows融资活动之现金流变化2,568(12,648)(102,671)(39,057)*

Non-cash items非现金项目

New leases 新租赁–21,200

Remeasurement重新计量–8,739

Los on modification of

convertible bonds

修订可换股债券之亏损

–2,763–

Interest expense利息开支–2,041–5,046

Exchange realignment汇兑调整1,147–(4,687)(348)

At 31 March 2025于二零二五年三月三十一日42,48569,1271,552,677101,389

$34,011,000

(2024: HK$36,647,000) and interest paid of

HK$5,046,000 (2024: HK$5,039,000).

38. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS

(Continued)

(B) CHANGES IN LIABILITIES ARISING

FROM FINANCING ACTIVITIES

(Continued)

38. 综合现金流量表附注

（续）

(B) 融资活动产生之负债变动

（续）

2025 二零二五年 HK$’000 千港元
13,457 39,057
52,514

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

38. 综合现金流量表附注

（续）

计入现金流量表之租赁现金流出总

额如下：

38. NOTES TO THE CONSOLIDATED

STATEMENT OF CASH FLOWS (Continued)

LEASES

The total cash outflow for leases included in the

statement of cash flows is as folows:

二零二四年

HK$’000

千港元

Within operating activities经营活动内19,638

Within financing activities融资活动内41,686

61,324

2025 二零二五年 HK$’000 千港元
272 16,344
16,616

2025 二零二五年 HK$’000 千港元
101,283 1,867,553 33,722 19,155
2,021,713

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

39. 承担

于报告期末，本集团有以下资本承担：

40. 资产抵押

于报告期末，本集团之若干资产已作抵

押，作为本集团所获授若干银行信贷之

担保。此外，本集团已转让若干投资物业

之租金收益予若干银行，作为本集团所

获授若干银行融资之担保。

39. COMITMENTS

The Group had the folowing capital comitments at the

end of the reporting period:

二零二四年

HK$’000

千港元

Contracted, but not provided for:已订约惟尚未拨备：

Property, plant and equipment物业、厂房及设备2,412

Properties under development发展中物业14,646

17,058

40. PLEDGE OF ASETS

As at the end of the reporting period, certain of the

Group’s asets were pledged to secure certain banking

facilities granted to the Group. In adition, rental income

generated in respect of certain investment properties of

the Group has ben asigned to certain banks to secure

certain banking facilities granted to the Group.

二零二四年

NotesHK$’000

附注千港元

Property, plant and equipment物业、厂房及设备1364,396

Investment properties投资物业141,850,240

Time deposits定期存款2534,785

Financial asets at fair value

through profit or los

按公平值列账及于损益中

处理之金融资产1928,083

Total carying value at 31 March于三月三十一日总账面值1,977,504

2025 二零二五年 HK$’000 千港元
236

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

41. 关连人士交易

(a) 本集团与关连人士于年内进行下列

交易：

(i) 根据双方同意之条款厘定售

价。关连公司乃由本集团一间

附属公司之一名董事控制。

(b) 与关连人士之未偿还结余：

(i) 应付董事款项为无抵押、免息

及按要求偿还。

(i) 应收╱应付非控股东款项

为无抵押、免息及按要求偿

还。

(i) 于报告期末应收联营公司款

项及给予一间联营公司之贷

款详情载于财务报表附注

17。

41. RELATED PARTY TRANSACTIONS

(a) The Group had the folowing transactions with

related parties during the year:

二零二四年

NoteHK$’000

附注千港元

Sales of gods to related

companies

向关连公司销售货品

(i)228

(i) The seling price was determined based on

mutualy agred terms. The related companies

are controled by a director of a subsidiary of

the Group.

(b) Outstanding balances with related parties:

(i) The amounts due to directors are unsecured,

interest-fre and repayable on demand.

(i) The amounts due from/to non-controling

shareholders are unsecured, interest-fre and

repayable on demand.

(i) Details of the amounts due from asociates

and loans to an asociate as at the end of the

reporting period are included in note 17 to the

financial statements.

2025 二零二五年 HK$’000 千港元
11,072 194
11,266

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

41. 关连人士交易

（续）

董事酬金之进一步详情载于财务报

表附注8。

41. RELATED PARTY TRANSACTIONS

(Continued)

Group:

二零二四年

HK$’000

千港元

Short term employe benefits短期雇员福利13,142

Post-employment benefits退休福利203

Total compensation paid to key

management personel

已支付予主要管理人员

之总报酬13,345

Further details of directors’ emoluments are included

in note 8 to the financial statements.

Financial Financial assets at assets at fair value fair value through through other profit or loss Financial comprehensive – Mandatorily assets at income designated amortised – Equity as such cost investments Total 按公平值列账强制指定及于其他全面按公平值列账收入处理之及于损益中处理以摊销成本计金融资产的金融资产价的金融资产－权益投资总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元

– 741,503 – 741,503 – 39,990 – 39,990 – – 85,479 85,479 22,196 – – 22,196 – 26,341 – 26,341 – 237,636 – 237,636 – 817 – 817 – 33,722 – 33,722 – 162,534 – 162,534

22,196 1,242,543 85,479 1,350,218

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

42. 按种类识别之金融工具

下列为每一种类的金融工具于报告期末

的账面值：

二零二五年

金融资产

42. FINANCIAL INSTRUMENTS BY

CATEGORY (Continued)

The carying amounts of each of the categories of

financial instruments as at the end of the reporting period

are as folows: (Continued)

Financial liabilities

Trade payables应付贸易账款

Financial liabilities included in other payables,

acruals and deposits received

计入其他应付账款、应计费用及

已收按金之金融负债

Due to directors应付董事款项

Due to non-controling shareholders应付非控股东款项

Convertible bonds可换股债券

Interest-bearing bank borowings附息之银行借贷

Lease liabilities租赁负债

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

42. 按种类识别之金融工具

（续）

下列为每一种类的金融工具于报告期末

的账面值：（续）

二零二四年

金融资产

42. FINANCIAL INSTRUMENTS BY

CATEGORY (Continued)

The carying amounts of each of the categories of

financial instruments as at the end of the reporting period

are as folows: (Continued)

Financial asets

Financial

asets at

fair value

through

profit or los

– Mandatorily

designated

as such

Financial

asets at

amortised

cost

Financial

asets at

fair value

through other

comprehensive

income

– Equity

investmentsTotal

强制指定

按公平值列账

及于损益中处理

的金融资产

以摊销成本计

价的金融资产

按公平值列账

及于其他全面

收入处理之

金融资产

－权益投资总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Due from asociates应收联营公司之款项–825,059–825,059

Loans to an asociate给予一间联营公司之贷款–40,225–40,225

Equity investments designated at fair value through

other comprehensive income

指定为按公平值列账及

于其他全面收入中处理之

权益投资–60,38360,383

Financial asets at fair value through profit or los按公平值列账及于损益中

处理的金融资产35,309–35,309

Trade receivables应收贸易账款–31,596–31,596

Financial asets included in other receivables,

deposits and prepayments

计入其他应收账款、按金及

预付款项之金融资产–260,670–260,670

Due from directors应收董事款项–5,133–5,133

Pledged time deposits已抵押定期存款–34,785–34,785

Cash and bank balances 现金及银行结余–127,369–127,369

35,3091,324,83760,3831,420,529

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

42. 按种类识别之金融工具

（续）

下列为每一种类的金融工具于报告期末

的账面值：（续）

二零二四年

金融负债

42. FINANCIAL INSTRUMENTS BY

CATEGORY (Continued)

The carying amounts of each of the categories of

financial instruments as at the end of the reporting period

are as folows: (Continued)

Financial liabilities

Financial

liabilities at

amortised

cost

以摊销

成本计价的

金融负债

HK$’000

千港元

Trade payables应付贸易账款50,046

Financial liabilities included in other payables,

acruals and deposits received

计入其他应付账款、应计费用及

已收按金之金融负债88,446

Due to directors应付董事款项660

Due to non-controling shareholders应付非控股东款项38,770

Convertible bonds可换股债券76,971

Interest-bearing bank borowings附息之银行借贷1,660,035

Lease liabilities租赁负债105,809

2,020,737

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

43. 金融工具之公平值及公平值

层级

本集团管理层负责厘定金融工具公平值

计量之政策及程序。于各报告日期，管理

层分析金融工具之价值变动并厘定估值

中适用之主要输入数据。估值由管理层

审阅及批准。

金融工具的公平值按该工具于当前交易

中双方自愿进行交易（非强制或清算出

售）可交换的金额入账。

管理层已评估贸易应收账款、计入金融

资产之其他应收账款、按金及预付款项、

给予一间联营公司的贷款、应收联营公

司的款项、应收董事款项、已抵押定期存

款、现金及银行结余、应付贸易账款、计

入金融付债之其他应付账款、应计费用

及已收按金、应付董事款项、应付非控股

股东款项、附息之银行借贷，以及租赁

负债的公平值，主要因到期日较短╱该

等工具并无固定还款期限或因并无于该

等工具之账面值反映之折现影响为微不

足道，故公平值与彼等之账面值合理相

若。计入及评估其他应收账款、按金及预

付款项、附息之银行借贷及租赁负债之

非即期部分金融资产之公平值主要透过

使用具有类似条款、信贷风险及余下到

期日（如适用）之工具以当前可得之利率

折现预期未来现金流量计算及评估。

43. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS

The Group’s management is responsible for determining

the policies and procedures for the fair value

measurement of financial instruments. At each reporting

date, management analyses the movements in the values

of financial instruments and determines the major inputs

aplied in the valuation. The valuation is reviewed and

aproved by management.

The fair value of a financial instrument is the amount at

which the instrument could be exchanged in a curent

transaction betwen wiling parties, other than in a forced

or liquidation sale.

Management has asesed that the fair values of

trade receivables, financial asets included in other

receivables, deposits and prepayments, loans to an

asociate, amounts due from asociates, amounts due

from directors, pledged time deposits, cash and bank

balances, trade payables, financial liabilities included

in other payables, acruals and deposits received,

amounts due to directors, amounts due to non-controling

shareholders, interest-bearing bank borowings and

lease liabilities reasonably aproximate to their carying

amounts largely due to the short term maturities/no fixed

terms of repayment of these instruments or because the

efect of discounting not reflected in the carying amounts

of these instruments are not material. The fair values of

the non-curent portion of financial asets included in

other receivables, deposits and prepayments, interest-

bearing bank borowings and lease liabilities have

ben calculated and asesed mainly by discounting

the expected future cash flows using rates curently

available for instruments with similar terms, credit risk and

remaining maturities, as apropriate.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

43. 金融工具之公平值及公平值

层级（续）

分类为指定按公平值列账及于其他全面

收入中处理之上市权益及债劵投资的公

平值╱按公平值列账及于损益中处理的

金融资产的公平值按市场报价计算。分

类为按公平值列账及于损益中处理的金

融资产的非上市投资按市值计算。

指定按公平值列账及于其他全面收入中

处理之非上市投资的公平值乃根据资产

法或市场法估计。资产法以并未获可观

察市价或利率支持的假设为基础。该估

值方法要求董事分析资产之相关市值，

有关价值其后就市埸流通性等考虑因素

作出折让。市场法以经参考可资比较上

市公司及包括因缺乏市场流通性而作出

的适当风险调整而厘定之价格倍数为基

础。

由于年内近期交易有限，因此近期交易

法被认为不适用，故一项非上市投资的

估值方法已由近期交易法改为市场法。

43. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (Continued)

The fair values of listed equity and debt investments

clasified as equity investments designated at fair value

through other comprehensive income/financial asets

at fair value through profit or los are based on quoted

market prices. The fair values of unlisted investments

clasified as financial asets at fair value through profit or

los are based on market values.

The fair value of unlisted investment designated at fair

value through other comprehensive income has ben

estimated based on either the aset-based aproach or

the market aproach. The aset-based aproach is based

on asumptions that are not suported by observable

market prices or rates. The valuation aproach requires

the directors to analyse the value of the underlying aset

which is then discounted for considerations such as

marketability. The market aproach is based on the price

multiple determined with reference to comparable public

companies and includes apropriate risk adjustments for

lack of marketability.

The valuation technique of an unlisted investment has

ben changed from recent transaction aproach to

market aproach due to the limited availability of recent

transaction during the year, and as such, the recent

transaction aproach is considered not aplicable.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

43. 金融工具之公平值及公平值

层级（续）

下文概述金融工具估值的重大不可观察

输入数据连同于二零二五年三月三十一

日及二零二四年三月三十一日的量化敏

感度分析：

43. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (Continued)

Below is a sumary of the significant unobservable input

to the valuation of financial instrument together with a

quantitative sensitivity analysis as at 31 March 2025 and

31 March 2024:

Significant

valuation

technique

Significant

unobservable

inputRange/RateSensitivity of fair value to the input

重大估值技术

重大不可观察

输入数据范围╱比率公平值对输入数据之敏感度

Unlisted investmentAset-based

aproach

Discount for lack

of marketability

25%

(2024: 25%)

When DLOM increases/decreases, the fair value

wil be decreased/increased. Fair value changes

resulting from reasonably posible changes in

DLOM were not significant (2024: not significant).

非上市投资产基础法缺乏市场流通性折让25%

（二零二四年：

25%）

当缺乏市场流通性折让增加╱减少时，公平值将

减少╱增加。缺乏市场流通性折让之合理可能变

动产生之公平值变动并不重大（二零二四年：并

不重大）。

Market aproachEnterprise value

to sales multiple

(“Multiple”)

1.29When Multiple increases/decreases by 0.1,

the fair value wil be increased/decreased by

HK$237,000 and HK$237,000, respectively.

市场法企业价值对销售额倍

数（「倍数」）

当倍数增加╱减少0.1时，公平值将分别增加╱减

少237,000港元及237,000港元。

(2024: Recent

transaction

aproach)

N/AN/AN/A

（二零二四年：

近期交易法）

不适用不适用不适用

Fair value measurement using 公平值计量使用 Quoted prices Significant Significant in active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total 于活跃市场重大可观察重大不可观察之报价输入数据输入数据（第一层）（第二层）（第三层）总额 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元
20,470 – 65,009 85,479 14,822 7,374 – 22,196
35,292 7,374 65,009 107,675

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

43. 金融工具之公平值及公平值

层级（续）

公平值层级

下表阐明本集团金融工具之公平值计量

层级︰

按公平值计量之金融资产：

于二零二五年三月三十一日

于二零二四年三月三十一日

43. FAIR VALUE AND FAIR VALUE

HIERARCHY OF FINANCIAL

INSTRUMENTS (Continued)

FAIR VALUE HIERARCHY

The folowing tables ilustrate the fair value measurement

hierarchy of the Group’s financial instruments:

Financial asets measured at fair value:

As at 31 March 2025

Equity investments designated at fair value

through other comprehensive income

指定按公平值列账及于其他

全面收入处理之权益投资

Financial asets at fair value through

profit or los

按公平值列账及于损益中

处理之金融资产

As at 31 March 2024

Fair value measurement using

公平值计量使用

Quoted prices

in active

markets

(Level 1)

Significant

observable

inputs

(Level 2)

Significant

unobservable

inputs

(Level 3)Total

于活跃市场

之报价

（第一层）

重大可观察

输入数据

（第二层）

重大不可观察

输入数据

（第三层）总额

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Equity investments designated at fair value

through other comprehensive income

指定按公平值列账及于其他

全面收入处理之权益投资19,449–40,93460,383

Financial asets at fair value through

profit or los

按公平值列账及于损益中

处理之金融资产28,0787,231–35,309

47,5277,23140,93495,692

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

本集团之主要金融工具包括附息之银行

借贷。该等金融工具之主要目的是为本

集团业务筹集资金。本集团亦有多项直

接由业务产生之其他金融资产及负债，

例如应收贸易账款及应付贸易账款。

本集团金融工具涉及之主要风险为利率

风险、信贷风险、流动资金风险及股价风

险。董事会审阅及同意管理该等风险之

政策，概述如下。

利率风险

本集团面对之市场利率变动风险主要涉

及本集团按浮动利率计息之银行借贷。

本集团之附息银行借贷之实际利率及归

还条款披露于财务报表附注30。利率风

险乃按持续基准管理，主要目标为限制

利息开支净额受利率不利变动影响之程

度。

假设于报告期末尚未偿还之银行借贷于

整个年度尚未偿还，则利率增加╱减少

100个基点将令本集团于本年度之除税

前亏损增加╱减少约9,550,000港元（二

零二四年：16,600,000港元）。

董事认为，于其他变量维持不变之情况

下，以上所用之利率敏感度乃认为合理。

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES

The Group’s principal financial instruments comprise

interest-bearing bank borowings. The main purpose

of these financial instruments is to raise finance for the

Group’s operations. The Group has various other financial

asets and liabilities such as trade receivables and trade

payables, which arise directly from its operations.

The main risks arising from the Group’s financial

instruments are interest rate risk, credit risk, liquidity risk

and equity price risk. The board of directors reviews and

agres policies for managing each of these risks and they

are sumarised below.

INTEREST RATE RISK

The Group’s exposure to the risk of changes in market

interest rate relates primarily to the Group’s interest-

bearing bank borowings with floating interest rates.

The efective interest rates and terms of repayment of

the interest-bearing bank borowings of the Group are

disclosed in note 30 to the financial statements. Interest

rate risk is managed on an ongoing basis with the primary

objective of limiting the extent to which net interest

expense could be afected by adverse movements in

interest rates.

Asuming the bank borowings outstanding at the end

of the reporting period were outstanding for the whole

year, a 100 basis point increase/decrease in interest rates

would increase/decrease the Group’s los before tax for

the curent year by aproximately HK$9,550,000 (2024:

HK$16,600,000).

In the opinion of the directors, the sensitivity to the interest

rate used above is considered reasonable with the other

variables held constant.

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

信贷风险

本集团主要与知名且信誉良好的第三方

进行交易。根据本集团政策，有意按信贷

期进行交易的客户均须经过适当的信贷

核实程序。此外，本集团持续监察应收结

余。

就发展中物业而言，本集团通常就个别

客户为购买物业而筹资所作出的按揭贷

款相关的借贷向银行提供担保，而担保

金额最高为物业总购买价的80%。如果

买方于担保期间就偿还按揭贷款违约，

则持有按揭贷款的银行可能会要求本集

团偿还贷款项下的未偿还款项及该等款

项的任何应计利息。在此等状况下，本

集团可保留客户的按金并将有关物业出

售以偿还任何由本集团支付予银行的款

项。除非售价下降不少于20%，本集团不

会在销售该物业时承受损失，因此，本

公司董事认为本集团的信贷风险大幅减

低。

风险上限及年末阶级

下表显示于三月三十一日根据本集团的

信贷政策（主要以逾期资料为基准，除非

无需花费过多成本或努力即可获得其他

资料则另作别论）的信贷质素及信贷风

险上限以及年末阶级分类。所示金额为

金融资产之账面总值。

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

CREDIT RISK

The Group trades mainly with recognised and

creditworthy third parties. It is the Group’s policy that

customers who wish to trade on credit terms are

subject to credit verification procedures, as apropriate.

In adition, receivable balances are monitored on an

ongoing basis.

For properties that are stil under development, the Group

typicaly provides guarantes to banks in conection with

individual customers’ borowing of mortgage loans to

finance their purchase of the properties for an amount

up to 80% of the total purchase price of the properties.

If a purchaser defaults on the payment of its mortgage

loan during the term of the guarante, the bank holding

the mortgage loan may demand the Group to repay the

outstanding amount under the loan and any acrued

interest thereon. Under such circumstances, the Group is

able to retain the customer’s deposits and sel the related

property to recover any amounts paid by the Group to the

bank. Unles the seling price drops by no les than 20%,

the Group would not be in a los position in seling the

property and in this regard, the directors of the Company

consider that the Group’s credit risk is largely mitigated.

Maximum exposure and year-end staging

The tables below show the credit quality and the

maximum exposure to credit risk based on the Group’s

credit policy, which is mainly based on past due

information unles other information is available without

undue cost or efort, and year-end staging clasification

as at 31 March. The amounts presented are gros

carying amounts for financial asets.

12-month Lifetime ECLs ECLs 12个月预期全期预期信贷亏损信贷亏损 Simplified Stage 1 Stage 2 Stage 3 approach Total 第一阶段第二阶段第三阶段简化方法合计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元
741,503 – – – 741,503 39,990 – – – 39,990 – – – 53,524 53,524 75,614 162,705 34,761 – 273,080 817 – – – 817 33,722 – – – 33,722 162,534 – – – 162,534
1,054,180 162,705 34,761 53,524 1,305,170

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

信贷风险（续）

风险上限及年末阶级（续）

于二零二五年三月三十一日

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

CREDIT RISK (Continued)

Maximum exposure and year-end staging

(Continued)

As at 31 March 2025

Due from asociates应收联营公司之款项

Loans to an asociate给予一间联营公司之贷款

Trade receivables应收贸易账款

Financial asets included in other

receivables, deposits and prepayments

计入其他应收账款，按金及

预付款项之金融资产

Due from directors应收董事款项

Pledged time deposits

已抵押定期存款

Cash and bank balances

现金及银行结余

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

信贷风险（续）

风险上限及年末阶级（续）

于二零二四年三月三十一日

* 对于本集团采用简化减值方法的应收

贸易账款，相关拨备矩阵的资讯在财务

报表附注22中披露。

金融工具的信用质量被认定为「正

常」，因为他们没有过期，也没有资料

表明该等金融工具自最初确认以来信

用风险显著增加。

尚未逾期

有关本集团面对来自应收贸易账款之信

贷风险之进一步量化数据，于财务报表

附注22内披露。

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

CREDIT RISK (Continued)

Maximum exposure and year-end staging

(Continued)

As at 31 March 2024

12-month

ECLs

Lifetime

ECLs

12个月预期

信贷亏损

全期预期

信贷亏损

Stage 1Stage 2Stage 3

Simplified

aproachTotal

第一阶段第二阶段第三阶段简化方法合计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Due from asociates应收联营公司之款项825,059–825,059

Loans to an asociate给予一间联营公司之贷款40,225–40,225

Trade receivables应收贸易账款–58,80958,809

Financial asets included in other

receivables, deposits and prepayments

计入其他应收账款，按金及

预付款项之金融资产70,850190,66534,953–296,468

Due from directors应收董事款项5,133–5,133

Pledged time deposits

已抵押定期存款

34,785–34,785

Cash and bank balances

现金及银行结余

127,369–127,369

1,103,421190,66534,95358,8091,387,848

* For trade receivables to which the Group aplies the

simplified aproach for impairment, information based on

the provision matrix is disclosed in note 22 to the financial

statements.

The credit quality of the financial instruments is considered

“normal” as they are not past due and there is no

information indicating that the financial instruments had a

significant increase in credit risk since initial recognition.

Not yet past due

Further quantitative data in respect of the Group’s

exposure to credit risk arising from trade receivables are

disclosed in note 22 to the financial statements.

2025 二零二五年 Within 1 year or on demand 1 to 5 years Over 5 years Total 一年以下一年或于要求时至五年五年以上总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元
48,364 – – 48,364 73,422 12,180 – 85,602 35,876 – – 35,876 42,485 – – 42,485 69,127 – – 69,127 1,260,478 292,199 – 1,552,677 19,978 18,372 1,170 39,520 48,694 52,910 2,527 104,131
1,598,424 375,661 3,697 1,977,782

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

流动资金风险

本集团藉考虑金融资产及负债的到期日

以及预计现金流量来监察其资金短缺的

风险。

本集团的目标为透过运用银行及其他借

贷，在资金持续性与灵活性之间取得平

衡。

下表为本集团于报告期末的金融负债，

以合约未折现付款计算的到期情况：

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

LIQUIDITY RISK

The Group monitors its risk to a shortage of funds

by considering the maturity of its financial asets and

liabilities and projected cash flows.

The Group’s objective is to maintain a balance betwen

continuity of funding and flexibility through the use of bank

and other borowings.

The maturity profile of the Group’s financial liabilities as at

the end of the reporting period, based on the contractual

undiscounted payments, is as folows:

Trade payables应付贸易账款

Financial liabilities included in other

payables, acruals and deposits received

计入其他应付账款、应计费用

及已收按金之金融负债

Due to directors应付董事款项

Due to non-controling shareholders应付非控股东款项

Convertible bonds可换股债券

Interest-bearing bank borowings (note 30)附息之银行借贷（附注30）

Interest payments on interest-bearing bank

and other borowings

附息之银行借贷和其他借贷之

利息支付

Lease liabilities租赁负债

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

流动资金风险（续）

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

LIQUIDITY RISK (Continued)

二零二四年

Within 1 year

or on demand1 to 5 yearsOver 5 yearsTotal

一年以下

或于要求时

一年

至五年五年以上总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Trade payables应付贸易账款50,046–50,046

Financial liabilities included in other

payables, acruals and deposits received

计入其他应付账款、应计费用

及已收按金之金融负债75,69812,748–88,446

Due to directors应付董事款项660–660

Due to non-controling shareholders应付非控股东款项38,770–38,770

Convertible bonds可换股债券76,971–76,971

Interest-bearing bank borowings (note 30)附息之银行借贷（附注30）1,450,391209,644–1,660,035

Interest payments on interest-bearing bank

and other borowings

附息之银行借贷和其他借贷之

利息支付83,991–83,991

Lease liabilities租赁负债34,51670,1502,527107,193

1,811,043292,5422,5272,106,112

Within 1 year 1 to 5 years Over 5 years Total 一年以下一年至五年五年以上总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元
425,987 362,519 9,378 797,884
190,696 586,095 23,246 800,037

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

流动资金风险（续）

附注：附息之银行借贷中有总账面值约

739,595,000港元之定期贷款（二零

二四年：798,644,000港元）。贷款协

议包括一项一经要求即时还款条款，

给予银行无条件随时要求还款权利。

因此就上述到期情况而言，全部款项

乃列为「按要求」及已分类为流动负

债。

尽管有以上条款，董事并不认为该项

贷款将于12个月内被要求全数归还。

董事认为该项贷款可根据贷款协议

所载之到期日归还。该评估经考虑本

集团在批准财务报表当日之财务状

况，本集团遵守贷款契约，并无违约

行为；及本集团一直按时履行所有先

前还款安排而作出。

根据包含一项一经要求即时还款条款

的贷款条款，于报告期末，该等贷款

以合约未折现付款计算及忽略要求即

时还款之任何条款之影响的到期情况

如下：

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

LIQUIDITY RISK (Continued)

Note: Included in interest-bearing bank borowings are term

loans with an agregate carying amount of aproximately

HK$739,595,000 (2024: HK$798,644,000). The loan

agrements contain repayment on demand clauses, giving

the banks the unconditional right to cal in the loans at any

time and therefore, for the purpose of the above maturity

profile, the total amount is clasified as “on demand” and

has ben clasified as curent liabilities.

Notwithstanding the above clauses, the directors do not

believe that the loans wil be caled in entirety within 12

months, and they consider that the loans wil be repaid

in acordance with the maturity dates as set out in the

loan agrements. This evaluation was made considering

the financial position of the Group at the date of aproval

of the financial statements, the Group’s compliance with

the loan covenants, the lack of events of default, and the

fact that the Group has made al previously scheduled

repayments on time.

In acordance with the terms of the loans which contain

repayment on demand clauses, the maturity profile of

those loans as at the end of the reporting period, based on

the contractual undiscounted payments and ignoring the

efect of any repayment on demand clauses, is as folows:

As at 31 March 2025于二零二五年三月三十一日

As at 31 March 2024于二零二四年三月三十一日

High/low during the As at year ended 31 March 31 March 2025 2025 于截至二零二五年三月三十一日于二零二五年止年度内三月三十一日之高╱低
23,003 24,602/16,044 10,504 11,864/7,984 3,336 3,674/2,690

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

股价风险

股本价格风险指因股票指数水平及个别

证券价值之变动而导致股本证券之公

平值下跌之风险。于二零二五年及二零

二四年三月三十一日，本集团所面对之

股本价格风险乃来自分类为指定按公平

值列账及于其他全面收入处理之权益投

资（附注18）及分类为按公平值列账及于

损益中处理之金融资产（附注19）中的个

别上市权益投资。

本集团的上市投资在香港、深圳及上海

股票交易所上市及按于报告期末的市场

报价估值。

市场证券指数（于年内至报告期末之最

接近交易日营业时段结束时），及年内之

最高及最低指数如下：

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

EQUITY PRICE RISK

Equity price risk is the risk that the fair values of equity

securities decrease as a result of changes in the levels

of equity indices and the values of individual securities.

The Group was exposed to equity price risk arising

from individual listed equity investments clasified as

equity investments designated at fair value through

other comprehensive income (note 18) and listed equity

investments clasified as financial asets at fair value

through profit or los (note 19) as at 31 March 2025 and

2024.

The Group’s listed investments are listed on the Hong

Kong, Shenzhen and Shanghai stock exchanges and are

valued at quoted market prices at the end of the reporting

period.

The market equity index for the folowing stock

exchanges, at the close of busines of the nearest trading

day in the year to the end of the reporting period, and the

respective highest and lowest points during the year were

as folows:

As at

31 March

High/low

during the

year ended

31 March

于二零二四年

三月三十一日

于截至

二零二四年

三月三十一日

止年度内

之高╱低

Hong Kong – Hang Seng Index香港－恒生指数16,54120,651/14,961

Shenzhen – SZSE Component Index深圳－深证成指数9,40111,968/7,965

Shanghai – SE Composite Index上海－上证综合指数3,0413,395/2,702

Carrying amount Changes of equity in loss Increase investments before tax in equity* 权益投资除税前账面值亏损变动股本增加* HK$’000 HK$’000 HK$’000 千港元千港元千港元
20,470 – 1,024 13,180 659 – 97 5 –

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

股价风险（续）

下表显示所有其他变数保持不变及未计

算任何税项之影响下，根据权益投资于

报告期末之账面值，对权益投资之公平

值每出现5%变动之敏感度。就本分析中

之指定按公平值列账及于其他全面收入

处理之上市权益投资而言，有关变动被

视为对公平值储备构成影响。

* 不包括保留溢利之影响

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

EQUITY PRICE RISK (Continued)

The folowing table demonstrates the sensitivity to every

5% change in the fair values of the equity investments,

with al other variables held constant and before any

impact on tax, based on their carying amounts at the end

of the reporting period. For the purpose of this analysis,

for the listed equity investments designated at fair value

through other comprehensive income, the impact is

demed to be on the fair value reserve.

2025二零二五年

Investments listed in:上市投资于：

Hong Kong – Equity investment at fair value

thought other comprehensive

income (note 18)

香港－于其他全面收入中

处理之权益投资

（附注18）

Hong Kong – Financial asets at fair value

through profit or los (note 19)

香港－于损益中处理之

金融资产（附注19）

Shanghai – Financial asets at fair value

through profit or los (note 19)

上海－于损益中处理之

金融资产（附注19）

2024二零二四年

Investments listed in:上市投资于：

Hong Kong – Equity investment at fair value

thought other comprehensive

income (note 18)

香港－于其他全面收入中

处理之权益投资

（附注18）19,449–972

Hong Kong – Financial asets at fair value

through profit or los (note 19)

香港－于损益中处理之

金融资产（附注19）23,6431,182–

Shanghai – Financial asets at fair value

through profit or los (note 19)

上海－于损益中处理之

金融资产（附注19）3,232162–

* Excluding efect on retained profits

2025 二零二五年 HK$’000 千港元
1,552,677 69,127 (162,534) (33,722)
1,425,548
3,519,695
40.5%

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

44. 财务风险管理目标及政策

（续）

资本管理

本集团资本管理的首要目标，为确保本

集团具备持续发展的能力，且维持稳健

的资本比率，以支持其业务运作，争取最

大的股东价值。

本集团根据经济情况的变动及相关资产

的风险特点，管理其资本结构并作出调

整。为维持或调整资本结构，本集团可

向股东退还资本或发行新股。除本公司

就本集团之一间附属公司获授之银行贷

款确认书而提供之承诺须维持最低综合

有形资产净值3,000,000,000港元（二零

二四年：3,000,000,000港元）（于年内

已遵守）外，本集团并无任何外在施加之

资本需求。截至二零二五年三月三十一

日及二零二四年三月三十一日止年度

内，并无因资本管理更改其目标、政策或

程序。

本集团以资本负债比率监控资本的情

况，负债比率界定为本集团附息之银行

借贷及可换股债券减现金及银行结余、

受限制现金及已抵押定期存款后占本集

团权益（扣除借方储备）总值之百分比。

于报告期末资本负债比率如下：

44. FINANCIAL RISK MANAGEMENT

OBJECTIVES AND POLICIES (Continued)

CAPITAL MANAGEMENT

The primary objectives of the Group’s capital

management are to safeguard the Group’s ability to

continue as a going concern and to maintain healthy

capital ratios in order to suport its busineses and

maximise shareholders’ value.

The Group manages its capital structure and makes

adjustments to it in light of changes in economic

conditions and the risk characteristics of the underlying

asets. To maintain or adjust the capital structure,

the Group may return capital to shareholders or isue

new shares. The Group is not subject to any externaly

imposed capital requirements except for the undertaking

by the Company under a banking facility leter granted

to a subsidiary of the Group to maintain a minimum

consolidated tangible net worth of HK$3,000,000,000

(2024: HK$3,000,000,000), which was complied with

during the year. No changes were made in the objectives,

policies or proceses for managing capital during the

years ended 31 March 2025 and 31 March 2024.

The Group monitors capital using a gearing ratio, which is

defined as the Group’s interest-bearing bank borowings

and convertible bonds, net of cash and bank balances

and pledged time deposits as a percentage of the

Group’s total equity (net of debit reserves). The gearing

ratios as at the end of the reporting periods were as

folows:

二零二四年

NotesHK$’000

附注千港元

Interest-bearing bank borowings附息之银行借贷301,660,035

Convertible bonds可换股债券3076,971

Les: Cash and bank balances 减：现金及银行结余25(127,369)

Pledged time deposits已抵押定期存款25(34,785)

Net debt净负债1,574,852

Total equity net of debit

reserves

扣除借方储备之权益总值

3,682,497

Gearing ratio资本负债比率42.8%

2025 二零二五年 HK$’000 千港元
2,034,145 7,045
2,041,190
339 80,000 1,490
81,829
(69,127) (108,037) (7,371) (4,916)
(189,451)
(107,622)
1,933,568
(174,300) (2)
(174,302)
1,759,266
157,136 1,602,130
1,759,266

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

45. 本公司之财务状况表

于报告期末，本公司之财务状况表之资

料如下：

45. STATEMENT OF FINANCIAL

POSITION OF THE COMPANY

Information about the statement of financial position of the

Company at the end of the reporting period is as folows:

二零二四年

HK$’000

千港元

NON-CURENT ASETS非流动资产

Interests in subsidiaries附属公司权益2,186,623

Due from asociates应收联营公司之款项7,655

Total non-curent asets非流动资产总值2,194,278

CURENT ASETS流动资产

Other receivables, deposits and

prepayments

其他应收账款、

按金及预付款项139

Due from a subsidiary应收一间附属公司款项80,000

Cash and bank balances现金及银行结余987

Total curent asets流动资产总值81,126

CURENT LIABILITIES流动负债

Convertible bonds可换股债券(76,971)

Interest-bearing bank borowings附息之银行借贷(185,308)

Other payables and acruals其他应付账款及应计费用(8,114)

Due to directors应付董事款项(4,916)

Total curent liabilities流动负债总值(275,309)

NET CURENT LIABILITIES流动负债净额(194,183)

TOTAL ASETS LES CURENT

LIABILITIES

资产总值减流动负债

2,000,095

NON-CURENT LIABILITIES非流动负债

Interest-bearing bank borowings附息之银行借贷(207,800)

Due to asociates应付联营公司款项(2)

Total non-curent liabilities非流动负债总额(207,802)

Net asets资产净值1,792,293

EQUITY权益

Isued capital已发行股本157,136

Reserves (note)储备（附注）1,635,157

Total equity权益总值1,792,293

佳宁娜集团控股有限公司 | 2025年报

Notes to Consolidated Financial Statements

综合财务报表附注

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

45. 本公司之财务状况表

（续）

附注：

本公司之储备概要如下：

本公司之实缴盈余乃因一九一年八月

十二日之本集团重组而产生，为本公司

发行股本之面值与根据本集团重组而收

购之附属公司之合并资产净值之差额，

减去过往年度之红股发行之影响。

45. STATEMENT OF FINANCIAL

POSITION OF THE COMPANY (Continued)

Note:

A sumary of the Company’s reserves is as folows:

premium

acount

Equity

component

of convertible

bonds

Contributed

surplus

Capital

redemption

reserve

option

reserve

Retained

profits/

(acumulated

loses)Total

股份溢价账

可换股债券

权益部分实缴盈余资本购回储备购股权储备

保留溢利╱

（累计亏损）总计

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

千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日1,505,95916,16212,6183165,513(24,544)1,516,024

Profit for the year and total

comprehensive income for the year

本年度溢利及本年度

全面收入总额–119,133119,133

At 31 March 2024 and at 1 April 2024于二零二四年三月三十一日及

于二零二四年四月一日1,505,95916,16212,6183165,51394,5891,635,157

Los for the year and total

comprehensive los for the year

本年度亏损及本年度

全面亏损总额– (33,027)(33,027)

At 31 March 2025于二零二五年三月三十一日1,505,95916,16212,6183165,513 61,562 1,602,130

The contributed surplus of the Company arose as a

result of the Group reorganisation on 12 August 1991

and represents the diference betwen the nominal

value of the share capital isued by the Company and

the combined net asets of the subsidiaries acquired

pursuant to the Group reorganisation, les the efects of

the bonus isue of shares in previous years.

Cariana Group Holdings Company Limited | Anual Report 2025

Notes to Consolidated Financial Statements

综合财务报表附注

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

45. 本公司之财务状况表

（续）

根据百慕达一九八一年公司法（经修

订），实缴盈余可按若干指定情况分派予

股东。

购股权储备包括授出但尚未行使之购股

权公平值，详情进一步载于财务报表附

注2.4以股份为基础支付之会计政策。该

金额可于有关购股权获行使时转拨至股

份溢价账或于有关购股权过期或被没收

时转拨至保留溢利╱（累计亏损）。

46. 财务报表之批准

财务报表已于二零二五年六月二十七日

经董事会批准并授权发布。

45. STATEMENT OF FINANCIAL

POSITION OF THE COMPANY (Continued)

Under the Companies Act 1981 of Bermuda (as

amended), the contributed surplus is distributable to

shareholders under certain specific circumstances.

The share option reserve comprises the fair value of

share options granted which are yet to be exercised, as

further explained in the acounting policy for share-based

payments in note 2.4 to the financial statements. The

amount wil either be transfered to the share premium

acount when the related options are exercised, or be

transfered to retained profits/(acumulated los) should

the related options expire or be forfeited.

46. APROVAL OF THE FINANCIAL

STATEMENTS

The financial statements were aproved and authorised

for isue by the board of directors on 27 June 2025.

佳宁娜集团控股有限公司 | 2025年报

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

于二零二五年三月三十一日本集团持有的主

要投资物业详情如下：

Particulars of principal investment properties held by the Group

as at 31 March 2025 are as folows:

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Hong Kong

香港

Unit B, 26th Flor

Wyler Centre, Phase I

200 Tai Lin Pai Road

Kwai Chung, New Teritories

Medium term leaseI1,568100Completed

新界葵涌

大连排道200号

伟伦中心第二期

26楼B室

中期租约工业已落成

Ground Flor and Cockloft

61 South Wal Road

Kowlon City, Kowlon

Medium term leaseC87100Completed

九龙九龙城南道

61号地下及阁楼

中期租约商业已落成

Shop on Ground Flor

No. 188 Hai Tan Stret

Sham Shui Po, Kowlon

Medium term leaseC11460Completed

九龙深水埗

海坛街

188号地舖

中期租约商业已落成

15th Flor and

Car park space No. 5

Young Ya Industrial Building

381-389 Sha Tsui Road

Tsuen Wan, New Teritories

Medium term leaseI2,594100Completed

新界荃湾

沙咀道381-389号

荣亚工业大厦

15楼及

地下第5号车位

中期租约工业已落成

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

Cariana Group Holdings Company Limited | Anual Report 2025

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Hong Kong

香港

Ground Flor

No. 355 Sha Tsui Road

Tsuen Wan, New Teritories

Medium term leaseC5370Completed

新界荃湾

沙咀道355号

地下

中期租约商业已落成

Ground Flor,

No. 102 Main Stret Ap Lei Chau

Ap Lei Chau, Hong Kong

Medium term leaseC102100Completed

香港鸭脷洲

鸭脷洲大街102号

地下

中期租约商业已落成

Shop on Ground and Cockloft

No. 186A Hai Tan Stret

Sham Shui Po, Kowlon

Medium term leaseC89100Completed

九龙深水埗

海坛街186A

地下舖连同阁楼

中期租约商业已落成

Particulars of principal investment properties held by the Group

as at 31 March 2025 are as folows: (Continued)

于二零二五年三月三十一日本集团持有的主

要投资物业详情如下：（续）

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

佳宁娜集团控股有限公司 | 2025年报

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Hong Kong

香港

Flat F on 1st Flor

Gold Reserved Count

No. 16 Tai Main Lane

Tai Po, New Teritories

Medium term leaseR50100Completed

新界大埔

大明里16号

储金阁

一楼F室

中期租约住宅已落成

5/F and main rof

No. 35 Tsing Yuen Stret

Tai Po, New Teritories

Medium term leaseR5090Completed

新界大埔

靖远街35号

五楼及主要天台

中期租约住宅已落成

Lot No. 423 on D.D. 292

No. 18 Ko Tong Ha Yeung

Sai Kung, New Teritories

Medium term leaseR7090Completed

新界西贡

高塘下洋18号

旧屋地丈量约份

第292约地段第423号

中期租约住宅已落成

Particulars of principal investment properties held by the Group

as at 31 March 2025 are as folows: (Continued)

于二零二五年三月三十一日本集团持有的主

要投资物业详情如下：（续）

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

Cariana Group Holdings Company Limited | Anual Report 2025

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Hong Kong

香港

Ground flor & 1st flor

Lot No. 424 on D.D. 292

No.17 Ko Tong Ha Yeung

Sai Kung North, New Teritories

Medium term leaseR8390Completed

新界西贡北

高塘下洋17号

旧屋地丈量约份

第292约地段第424号

地下及一楼

中期租约住宅已落成

Lot No. 1528 on D.D. 244

No. 30 3rd Lane, Ho Chung Vilage

Sai Kung, New Teritories

Medium term leaseR62100Completed

新界西贡

蚝涌新村第3巷30号

旧屋地丈量约份

第244约地段第1528号

中期租约住宅已落成

Lot No. 1582 on D.D. 244

Ho Chung Vilage

Sai Kung, New Teritories

Medium term leaseR31100Completed

新界西贡

蚝涌新村

旧屋地丈量约份

第244约地段第1582号

中期租约住宅已落成

Mainland China

中国大陆

Cariana Friendship Square

Junction Renmin Road South

and Chunfeng Road

Shenzhen Special Economic Zone

Medium term leaseC28,390100Completed

深圳经济特区

人民南路及春风路交界

佳宁娜友谊广场

中期租约商业已落成

Particulars of principal investment properties held by the Group

as at 31 March 2025 are as folows: (Continued)

于二零二五年三月三十一日本集团持有的主

要投资物业详情如下：（续）

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

佳宁娜集团控股有限公司 | 2025年报

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Mainland China

中国大陆

A building at Hua Shan Road

Chaotian Industrial Area

Shilou Town

Panyu District

Guangdong Province

Medium term leaseI4,647100Completed

位于广东省

番禺区

石楼镇

潮田工业区

华山路之一座楼宇

中期租约工业已落成

Imperial Palace

Hong Yi Cun

Baoan South Road

Shenzhen Special Economic Zone

Long term leaseC/R4,899100Completed

深圳经济特区

宝安南路

洪一村

骏庭名园

长期租约商业╱

住宅

已落成

14 Zu Miao Road

Chancheng District

Foshan Municipal

Medium term leaseC6,838100Completed

佛山市

襌城区

祖庙路14号

中期租约商业已落成

A building at Xi Huan Road

Chaotian Industrial Area

Shilou Town

Panyu District

Guangdong Province

Medium term leaseI18,922100Completed

位于广东省

番禺区

石楼镇

潮田工业区

西环路之一座楼宇

中期租约工业已落成

Particulars of principal investment properties held by the Group

as at 31 March 2025 are as folows: (Continued)

于二零二五年三月三十一日本集团持有的主

要投资物业详情如下：（续）

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

Cariana Group Holdings Company Limited | Anual Report 2025

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Mainland China

中国大陆

Cariana Friendship Square

Junction Renmin Road South

and Chunfeng Road

Shenzhen Special Economic Zone

Medium term leaseC/R4,210100Completed

深圳经济特区

人民南路及春风路交界

佳宁娜友谊广场

中期租约商业╱

住宅

已落成

Block 5, Hui Bo Comercial Centre

Guangzhou South Station

Shibi Stret, Panyu District

Guanzhou City

Guangdong Province

Medium term leaseC9,203100Completed

广东省

广州市番禺区石壁街

广州南站

会博商业中心5栋

中期租约商业已落成

An industrial complex at

18 Xingye Road

Xiuying District

Haikou City, Hainan Province

Medium term leaseI15,90765Completed

位于海南省海口市

兴业路18号之一座厂房

中期租约工业已落成

Comercial Ofice Building Units

Block 3 Jiahui Life Plaza

Northern portion of Wandao Road

Quhai Comunity, Wanjiang District

Donguan City, Guangdong Province

Medium term leaseC/R3,682100Completed

广东省东莞市

万江区曲海社区

万道路北侧

家汇生活广场

3号商业办公楼单元

中期租约商业╱

住宅

已落成

Particulars of principal investment properties held by the Group

as at 31 March 2025 are as folows: (Continued)

于二零二五年三月三十一日本集团持有的主

要投资物业详情如下：（续）

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

佳宁娜集团控股有限公司 | 2025年报

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

于二零二五年三月三十一日本集团持有作为

物业、厂房及设备之主要物业详情如下：

Particulars of principal properties held as property, plant and

equipment by the Group as at 31 March 2025 are as folows:

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Hong Kong

香港

Unit A, 26th Flor and

Car park space Nos. 19, 20, 21,

22, 39 and 40 on 2nd Flor and

Lory Parking Space No. L21

on 1st Flor, Wyler Centre, Phase I

200 Tai Lin Pai Road

Kwai Chung, New Teritories

Medium term leaseI812100Completed

新界葵涌

大连排道200号

伟伦中心第二期

26楼A室及2楼第19号、

20号、21号、22号、

39号及40号车位及

1楼L21号货车泊车位

中期租约工业已落成

Unit 18 and 19 on 8th Flor

Wah Sang Industrial Building

Nos. 14-18 Wong Chuk Yeung Stret

Shatin, New teritories

Medium term leaseI29860Completed

新界沙田

黄竹洋街14-18号

华生工业大厦

8楼18室及19室

中期租约工业已落成

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

Cariana Group Holdings Company Limited | Anual Report 2025

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Hong Kong

香港

(i) The 12th flor of Tower Two, and

(i) Flat Rof B2 on the 7th flor of

Tower Two

Ever Gain Plaza

No. 88 Container Port Road

Kwai Chung, New Teritories

Medium term leaseI2,78095%Completed

新界葵涌

货柜码头路88号

永得利广场

(i)二座十二楼，及

(i)二座七楼屋顶平台B2

中期租约工业已落成

Mainland China

中国大陆

Nos. 3-6, 5/F

Cariana Friendship Square

Junction Renmin Road South

and Chunfeng Road

Shenzhen Special Economic Zone

Medium term leaseC1,068100Completed

深圳经济特区

人民南路及春风路交界

佳宁娜友谊广场

五楼3-6号

中期租约商业已落成

Particulars of principal properties held as property, plant and

equipment by the Group as at 31 March 2025 are as folows:

(Continued)

于二零二五年三月三十一日本集团持有作为物

业、厂房及设备之主要物业详情如下：（续）

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

佳宁娜集团控股有限公司 | 2025年报

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Mainland China

中国大陆

Units A, B, C and D

14th Flor and Unit South B on

17th Flor, Lianhua Building

Renmin South Road, Luohu District

Shenzhen Special Economic Zone

Medium term leaseC557100Completed

深圳经济特区

罗湖区人民南路

联华大厦

14楼A、B、C及D室及17楼南B室

中期租约商业已落成

Rom 301-304, 321-326

Shenzhen Centre

Comercial Building, Min Tian West

Road, Futian Centre District

Futian District

Shenzhen Special Economic Zone

Long term leaseC1,570100Completed

深圳经济特区

福田区

福田中心区民田路西

深圳中心商务大厦

301-304室及321-326室

长期租约商业已落成

14 Zu Miao Road

Chancheng District

Foshan Municipal

Medium term leaseC12,954100Completed

佛山市

襌城区

祖庙路14号

中期租约商业已落成

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

Particulars of principal properties held as property, plant and

equipment by the Group as at 31 March 2025 are as folows:

(Continued)

于二零二五年三月三十一日本集团持有作为物

业、厂房及设备之主要物业详情如下：（续）

Cariana Group Holdings Company Limited | Anual Report 2025

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Mainland China

中国大陆

Sales Centre

East of Xin Guang Road/South of

Da Gang Road C section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Medium term leaseC1,739100Completed

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南C段

营销中心

中期租约商业已落成

Comercial Units numbered 8-S113,

8-S212, 8-S301 and 8-S401 of the

4-storey building, and 10 parking

spaces at basement Level 1

No. 8 Building on Land A3-4

Fifth Avenue

Runcheng Apartment Complex

Qianxing Road, Xishan District

Kunming, Yunan Province

Medium term leaseC2,036100Completed

云南省昆明市

西山区前兴路

润城小区第五大道

A3-4地块8栋上之四层楼宇

编号为8-S113、8-S212、

8-S301及8-S401之商业单位

以及于该楼宇地库1层之

10个停车位

中期租约商业已落成

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

Particulars of principal properties held as property, plant and

equipment by the Group as at 31 March 2025 are as folows:

(Continued)

于二零二五年三月三十一日本集团持有作为物

业、厂房及设备之主要物业详情如下：（续）

佳宁娜集团控股有限公司 | 2025年报

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

于二零二五年三月三十一日本集团持有持作

出售主要物业详情如下：

Particulars of principal properties held for sale held by the

Group as at 31 March 2025 are as folows:

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Mainland China

中国大陆

Cariana Friendship Square

Junction Renmin Road South

and Chunfeng Road

Shenzhen Special Economic Zone

Medium term leaseC/R212100Completed

深圳经济特区

人民南路及春风路交界

佳宁娜友谊广场

中期租约商业╱

住宅

已落成

Imperial Palace

Hong Yi Cun

Baoan South Road

Shenzhen Special Economic Zone

Long term leaseC/R153100Completed

深圳经济特区

宝安南路

洪一村

骏庭名园

长期租约商业╱

住宅

已落成

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

Cariana Group Holdings Company Limited | Anual Report 2025

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

Name/locationTenureType

Aprox. gros

flor area

Efective

% held

Stage of

completion

)

名称╱地点占用性质类别

总楼面积约数

（平方米）

实际持有

百分比完成阶段

Mainland China

中国大陆

Leather Trade Centre

East of Xin Guang Road/South of

Da Gang Road B section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Medium term leaseC34,510100Completed

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南B段

皮具服装交易中心

中期租约商业已落成

Building Materials Trade Centre

East of Xin Guang Road/South of

Da Gang Road C section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Medium term leaseC49,157100Completed

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南C段

建材交易中心

中期租约商业已落成

Particulars of principal properties held for sale held by the

Group as at 31 March 2025 are as folows: (Continued)

于二零二五年三月三十一日本集团持有持作

出售主要物业详情如下：（续）

Notes:

Types of properties: I-Industrial, R-Residential, C-Comercial

附注：

物业类别：I－工业，R－住宅，C－商业

佳宁娜集团控股有限公司 | 2025年报

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

于二零二五年三月三十一日本集团持有发展

中之主要物业详情如下：（续）

Particulars of principal properties under development held by

the Group as at 31 March 2025 are as folows: (Continued)

LocationUse

Site

area

Stage of

completion

Efective

% held

Expected

completion

date

)

地点用途

土地面积

完成阶段

实际持有

百分比预计完成日期（平方米）

Mainland China

中国大陆

East of Xin Guang Road/South of

Da Gang Road B section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Comercial/

residential

26,069Foundation work

in progres

100N/A

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南B段

商业╱住宅地基工程进行中不适用

East of Xin Guang Road/South of

Da Gang Road F section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Comercial/

residential

77,757Foundation work

in progres

100N/A

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南F段

商业╱住宅地基工程进行中不适用

East of Xin Guang Road/South of

Da Gang Road C section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Comercial/

residential

22,731Foundation work

in progres

100N/A

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南C段

商业╱住宅地基工程进行中不适用

Cariana Group Holdings Company Limited | Anual Report 2025

Schedule of Principal Properties

主要物业概要

31 March 2025 二零二五年三月三十一日

LocationUse

Site

area

Stage of

completion

Efective

% held

Expected

completion

date

)

地点用途

土地面积

完成阶段

实际持有

百分比预计完成日期（平方米）

Mainland China

中国大陆

East of Xin Guang Road/South of

Da Gang Road E section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Comercial/

residential

93,643Foundation work

in progres

100N/A

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南E段

商业╱住宅地基工程进行中不适用

East of Xin Guang Road/South of

Da Gang Road G section

Lin Gang Industrial Area

Lianyungang Eco & Tech

Development Zone

Lianyungang

Comercial/

residential

122,577Foundation work

in progres

100N/A

连云港

连云港经济技术开发区

临港产业区

新光路东大港路南G段

商业╱住宅地基工程进行中不适用

于二零二五年三月三十一日本集团持有发展

中之主要物业详情如下：（续）

Particulars of principal properties held for sale held by the

Group as at 31 March 2025 are as folows: (Continued)

Contents

目录

Financial Highlights

财务概要

Corporate Information

公司资料

Chairman’s Statement

主席报告

Director and Senior Management’s Biographies

董事及高级管理人员简历

九、十及十一届全国政协委员，现为中国侨联

十、十一及十二届湖南省政协委员。马先生是

2007. Mr. Wong is curently the chief financial oficer of HAGER

Corporate Governance Report

企业管治报告

Comite are set out in the table below:

Busines Review

业务回顾

2024. In response to a slugish property market, the Group

Financial Review

财务回顾

2025. Details of the transaction are set out in the Company’s

Report of the Directors

董事会报告书

Atributable to:应占：

Notes:

1. Purpose of the option scheme

2. Participants of the option scheme

3. Total number of shares available for isue and

4. Maximum entitlement of each participant

5. The period within which the shares must be taken

6. Payment on aceptance of an option

6. Payment on aceptance of an option (Continued)

7. The basis of determining the exercise price

8. The remaining life of the option scheme

Notes:

1. The vesting period of the share options is from the date of the

2. The exercise price of the share options is subject to adjustment

Notes:

Notes: (Continued)

Note:

Independent Auditor’s Report

独立核数师报告

Consolidated Statement of Profit or Los

综合损益表

Atributable to:应占：

Consolidated Statement of Comprehensive Income

综合全面收入报表

Exchange diferences:汇兑差异：

Atributable to:应占：

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

Consolidated Statement of Cash Flows

综合现金流量表

Adjustments for:调整于：

Notes to Consolidated Financial Statements

综合财务报表附注

1. CORPORATE AND GROUP

1. CORPORATE AND GROUP

1. CORPORATE AND GROUP

1. CORPORATE AND GROUP

2. ACOUNTING POLICIES

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

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

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

2025. They are of the opinion that, taking into acount the

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

19. Some of the Company’s subsidiaries are considering

2. ACOUNTING POLICIES (continued)

2. ACOUNTING POLICIES (continued)

Group are as folows: