2024/25

年报

Anual Report

年

报

–
7.50
7.50
1.65
0.06
0.36
1.23
9.15
0.61
0.0003

–
19.72
19.72
1.31
0.0007

139.38
9.32
0.005

Acute/Chronic 急性╱慢性	Coastal inundation 沿海淹没	Sea water flooding due to high tides and waves can damage coastal land, infrastructure, and buildings. 由于潮汐及海浪引致的海水泛滥可能会损害沿海土地、基础	• Explore business interruption insurance to cover potential losses 物色业务中断保险以弥补潜在损失 • Arrange emergency drill and training 安排紧急演习及培训 • Implement work from home arrangement when necessary 于有需要时实施在家工作安排 • Explore and conduct research on resiliency measures 探索及研究应对措施 • Improve crisis management and transition plans 改善危机管理及转型计划 • Evaluate emergency management procedures 评估紧急管理程序 • Develop a strong supply chain to ensure timely delivery of products 建立强大的供应链以确保产品及时交付 • Carry out electricity saving measures 实施节电措施
Acute 急性	Surface flooding 地面水浸	设施及建筑物。 Flooding can damage low- lying buildings or infrastructure. Changes in precipitation in a catchment may also cause a river to exceed its capacity, inundating nearby areas. 洪水会损坏低洼地区的建筑物或基础设施。集水区的降水变化亦或会导致河流超出其容
Chronic 慢性	Extreme wind 极端风力	量，淹没附近地区。 High wind conditions and typhoons may affect building and infrastructure. 强风情况及台风或会影响建筑
Acute 急性	Forest fire 山火	物及基础设施。 A destructive fire that spreads via trees and forest may damage buildings and infrastructure. 通过树木及森林蔓延的毁灭性火灾可能会损坏建筑物及基础
Acute/Chronic 急性╱慢性	Extreme heat 极端高温	设施。 Electrical and mechanical components can fail under extreme heat. 电气及机械零件在极端高温下可能会失效。	• Modify employees’ work and rest schedules 修改雇员的作息时间表 • Install cooling facilities at operational sites

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

75ANUAL REPORT 2024/25

年报

实体风险

Physical Risks

Risk TypeHazardDescriptionMitigation Measures

风险类型危害描述缓解措施

在营运地点安装空调设施

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

76HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

转型风险

Transition Risks

Type of Risk/

OportunityOverviewDescriptionMitigation Measures

风险／机遇类型概述描述缓解措施

Market/Technology

Risk

市场╱技术风险

Changing Demand

需求变化

Changing demand may be

driven by changing social

atitudes, economic activities, and

governmental policies, reducing

demand for our products due to

ineficient use of energy or GHG

emisions.

需求变化可由社会态度、经济活

动及政府政策的变化所驱动，因

能源使用效率低或温室气体排放

而减少对我们产品的需求。

• Set carbon emision target and

reduction plan

设定碳排放目标及减排计划

• Implement energy management

system

实施能源管理系统

• Investigate the potential of

instaling renewable energy

facilities

研究安装可再生能源设施的潜力

Market Risk

市场风险

Increasing in

Operational Expense

营运开支增加

Operational expenses, e.g.

fosil fuel and labour costs, may

change due to resource scarcity,

changes in market neds,

carbon price implications, and

technological inovation.

营运开支（例如化石燃料及劳工

成本）可能因资源稀缺、市场需

求变化、碳价格影响及技术创新

而改变。

• Explore lower cost alternatives for

gren production

探索绿色生产的较低成本替代方

案

• Provide training to staf to met

new regulations

为员工提供培训以符合新规定

Market Risk

市场风险

Increasing Prices of

Raw Materials

原材料价格上涨

Suply-side disruptions could

significantly impact raw material

costs, which drive up suply chain

costs, and afect our procurement

activities.

供应端中断可能会严重影响原材

料成本，从而推高供应链成本，

并影响我们的采购活动。

• Develop a strong suplier

relationship with supliers

与供应商建立稳固的供应商关系

Market/ Technology

Oportunity

市场╱技术机遇

Increasing Demand

for Gren Energy

对绿色能源需求增加

Increased demand for gren

energy sources wil present new

busines oportunities.

对绿色能源需求增加将带来新的

商机。

• Closely monitor the market trend

and government’s policy direction

密切监察市场趋势及政府的政策

指导

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

77ANUAL REPORT 2024/25

年报

社会

雇佣

我们旨在为我们的同事及社区积极开

辟一个充满机会的世界，而包容性对

实现该目标而言至关重要。其涉及承

诺为我们的雇员及社区消除不必要的

障碍，以发挥彼等的潜力。创造一个

包容性的环境使彼等能够蓬勃发展，

并为建设繁荣社会提供支持。

于报告期间，本集团并不知悉任何严

重违反有关薪酬及解雇、招聘及晋

升、工作时数、假期、平等机会、多元

化、反歧视以及其他待遇及福利的相

关法律及法规而对本集团造成重大不

利影响的情况。有关法律及法规包括

但不限于香港《雇佣条例》、《中华人民

共和国劳动法》及《中华人民共和国劳

动合同法》。

招聘、晋升及罢免

我们非常重视吸引及留住人才。我们

透过多种招聘渠道招募最佳人才，并

于招聘流程中坚持透明及公平的原

则。我们致力于为所有候选人提供平

等机会。在透明友好的招聘流程中，

能力、学历、实际工作要求、职能知识

及语言能力等因素被视为招聘标准。

雇员晋升情况会予以年度审阅。我们

已为年度绩效评定制定客观绩效指

标。主管将通过促进有效的双向沟通

与雇员讨论彼等的表现，促进彼等的

进步。雇员的工作表现及能力获定期

评估以寻求进步及提高团队竞争力，

这为彼等未来晋升及培训奠定了基

础。我们亦鼓励内部晋升，为员工提

供额外机会，以充分发挥彼等潜力。

我们提供具有吸引力及竞争力的薪酬

以及各种福利。我们定期审阅薪酬架

构，确保能够以符合我们文化及价值

观的方式激励同事。我们的方法将为

同事提供明确的绩效期望、可见的发

展机会及资源获取渠道。

B. SOCIAL

Employment

We aim to play an active role in opening up a world of

oportunities for our coleagues and comunities, and inclusion

is instrumental to achieving this goal. It involves a comitment to

remove unecesary bariers for our people and comunities to

realise their potential. Creating an inclusive environment enables

them to flourish and suports the delivery of a thriving society.

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

material non-compliance with any relevant laws and regulations

in relation to compensation and dismisal, recruitment, and

promotion, working hours, rest periods, equal oportunity,

diversity, anti-discrimination, and other benefits and welfare,

that would have a significant impact on the Group. Such laws

and regulations include but are not limited to the Employment

Ordinance of Hong Kong, the Labour Law of the PRC, and the

Labour Contract Law of the PRC.

Recruitment, Promotion and Dismisal

We put great emphasis on atracting and retaining talent. We

recruit the best talent via multiple hiring chanels and adhere

to the principles of transparency and fairnes in the recruitment

proces. We are comited to providing fair oportunities to al

candidates. Factors such as capabilities, academic qualification,

practical working requirements, functional knowledge and

language proficiency are considered recruitment standards under

a transparent and friendly recruitment proces.

Promotions of employes are reviewed anualy. We have

established objective performance indicators for anual

performance evaluation. The supervisor wil discus with the

employe his/her performance by facilitating efective 2-way

comunication for their advancement. Employes are regularly

apraised for their work performance and capabilities to make

progres and enhance team competitivenes, which sets the

basis for their future promotion and training. We also encourage

internal promotion to ofer extra oportunities for employes to

develop their ful potential.

We ofer atractive and competitive remuneration with a wide

range of benefits. We periodicaly review our compensation

structure to ensure we are able to motivate coleagues in a way

that is authentic to our culture and values. Our aproach wil

provide coleagues with clear performance expectations, visible

development oportunities and aces to resources.

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11
4
2
6
7
8
6
1
1
14

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

78HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

本集团对不公平的雇员罢免制定了严

格的政策。为有效处理罢免及转岗事

宜，本集团确保该等程序顺利开展，

对生产效率的影响降至最低。于任何

正式罢免前，我们将遵循公平的罢免

程序，所有问题均将得到明确沟通，

以避免发生冲突。此外，倘有雇员辞

职，人力资源部将进行离职面谈，了

解离职缘由以及任何反馈或改进建

议。

于二零二五年三月三十一日，本集团

于报告期间拥有合共

名全职雇员。

明细列示如下：

The Group has a strict policy against unfair employe dismisals.

To handle dismisals and transitions efectively, the Group ensures

these proceses are caried out smothly and with minimal impact

on productivity. A fair dismisal procedure wil be folowed, and al

isues wil be clearly comunicated before any formal dismisal

to avoid conflicts. Aditionaly, when employes resign, the

Human Resources Department wil conduct an exit interview to

understand their reasons for leaving, as wel as any fedback or

sugestions for improvement.

As at 31 March 2025, the Group had a total of 15 ful-time

employes during the Reporting Period. The breakdown is shown

below:

Breakdown of Employes20252024

雇员明细二零二五年二零二四年

Total15

总计

By Gender

按性别划分

Male10

男性

Female5

女性

By Age

按年龄划分

Age 30 or below4

岁或以下

Age 31 to 504

至

岁

Above 507

岁以上

By Employment Category

按雇佣类别划分

Senior Management Staf8

高级管理人员

Midle Management Staf6

中级管理人员

General Staf1

普通员工

By Geographical Location

按地理位置划分

PRC1

中国

Hong Kong14

香港

20%
0%
75%
50%
33%
0%
0%
21%

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

79ANUAL REPORT 2024/25

年报

于报告期间，本集团的整体雇员流失

率为

20%

。按性别、年龄组别及地理

位置划分的雇员明细如下：

附注：

自本集团离职的雇员百分比的计

算公式为：于报告期间离职雇员

人数／于二零二五年三月三十一日

的雇员总人数

*100%

During the Reporting Period, the Group’s overal employe

turnover rate was 20%. The breakdown of employes acording

to gender group, age group, and geographical location are as

folows:

Employe Turnover Rate

雇员流失率

二零二五年二零二四年

Overal20%

整体

By Gender

按性别划分

Male10%

男性

Female40%

女性

By Age

按年龄划分

Age 30 or below75%

岁或以下

Age 31 to 500%

至

岁

Above 500%

岁以上

By Geographical Location

按地理位置划分

PRC0%

中国

Hong Kong21%

香港

Note:

4. Formula for calculating the percentage of employes leaving the

Group: the number of employes left during the Reporting Period/

total number of employes as at 31 March 2025* 100%

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

80HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

薪酬及福利

本集团重视雇员反馈，并为彼等的辛

勤工作提供丰厚福利。此举使得流失

率（尤其是管理岗位）较低。本集团不

仅遵守所有关雇员福利及福祉的法

律及法规，还制定其自身内部制度。

于报告期间内，概无有关雇佣、薪资、

罢免、晋升、休假、平等机会、多元化

或福利的合规问题。

本集团定期检讨其薪资以维持竞争

力。经过全面市场调查，本集团现根

据三项主要因素（即工作岗位、服务

年限及教育水平）厘定雇员的基本薪

资。此外，本集团旨在提供全面福利

以挽留人才。雇员享受的若干福利包

括免费住宿、家庭免费供暖、经济实

惠的膳食计划、免费使用设备齐全的

健身房，以及针对子女被大学录取的

雇员的一次性补贴。

工作时数及假期

本集团根据《中华人民共和国劳动法》

及香港《雇佣条例》于员工手册及雇

佣协议订明雇员的工作日数及休息时

间。

雇员亦有权享有多种带薪休假，包括

年假、病假、婚假、产假、陪产假、工

伤假、补休及哺乳假。本集团遵循公

平对待所有雇员的原则，不论彼等身

处何等岗位。

平等机会、多元化及反歧视

根据员工手册，雇员在招聘、入职、培

训、晋升及离职方面享有平等机会，

不会因性别、残疾、怀孕、家庭状况、

种族、肤色、宗教、年龄、性取向、国

籍、工会而被取消资格、遭受任何形

式的歧视、骚扰或不公平待遇。本集

团致力于创造一个多元化的工作环

境，鼓励雇员尊重不同文化。

Compensation and Benefits

The Group values employe fedback and provides generous

benefits in return for their hard work. This aproach has led to a

low turnover rate, especialy among management positions. The

Group not only complies with al relevant laws and regulations

regarding employe benefits and welfare but has also created

its own internal policies. During the Reporting Period, there were

no isues with compliance related to hiring, pay, dismisals,

promotions, work breaks, equal oportunities, diversity, or

benefits.

The Group regularly reviews its salaries to stay competitive.

After thorough market research, it now determines employes’

base salaries based on thre main factors: job position, years

of service, and education level. Aditionaly, the Group aims to

provide comprehensive benefits to retain talent. Some of the perks

employes enjoy including fre acomodation, fre heating for

home use, afordable meal plans, fre aces to a wel-equiped

gym, and one-time subsidies for employes whose children get

acepted into universities.

Working Hours and Rest Periods

In the Employe Handbok and Employment Agrement, the

Group stipulates the working days and rest time for employes in

acordance with the provisions of the Labour Law of the PRC and

the Hong Kong Employment Ordinance.

Employes are also entitled to various types of paid leave,

including anual leave, sick leave, mariage leave, maternity

leave, paternity leave, injury leave, compensation leave, and

breastfeding breaks. The Group folows the principle of treating

al employes equaly, regardles of their position.

Equal Oportunity, Diversity and Anti-Discrimination

Acording to the Employe Handbok, employes enjoy equal

oportunities in recruitment, entry, training, promotion, resignation

and wil not be disqualified, subject to any form of discrimination,

harasment or unfair treatment due to gender, disability,

pregnancy, family status, race, skin color, religion, age, sexual

orientation, nationality, trade unions. The Group strives to create

a diversified work environment that encourages employes to

respect diferent cultures.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

81ANUAL REPORT 2024/25

年报

倘任何雇员面临恐吓、羞辱、霸凌或

骚扰（包括性骚扰），彼等拥有多项

选择报告该等事件。彼等可向主管报

告，或直接向部门负责人投诉。本集

团致力于创造一个安全及互相尊重

的工作环境，设计该等报告渠道以确

保及时处理任何不当行为，并采取适

当措施。由于本集团严肃对待该等问

题，并致力于维持一个不存在骚扰及

歧视的工作环境，因此，使员工能够

无负担地报告任何不当待遇极为重

要。

雇员沟通渠道

本集团高度重视雇员的付出，并已成

立工会以有效代表其职员。该工会乃

雇员提出投诉、提供建议及反馈的重

要渠道，确保彼等的需求明确传达至

管理层。这一公开沟通渠道促进了雇

员与本集团之间的深入了解，从而营

造一个更加和谐的工作环境。

本集团认识到有效沟通对加强团队合

作及提高整体效率而言至关重要，因

此采取积极措施鼓励员工协作。为增

强关系及促进社区意识，本集团积极

支持允许雇员建立工作以外联系的举

措。有关举措包括组织本地运动队及

才艺表演，不仅为雇员提供有趣及愉

悦的互动方式，亦有助于同事之间建

立友情及信任。

通过创造机会实现团队凝聚力，本集

团不仅提高了士气，亦培养了积极的

工作文化，使员工感受到更加紧密的

联系，更有动力。这一实现雇员参与

度的整体方法最终有助于打造一个更

具生产力及令人满意的员工队伍，使

雇员及组织双受益。

If any employe faces intimidation, humiliation, bulying, or

harasment, including sexual harasment, they have several

options to report these incidents. They can report it to their

supervisors or file complaints directly with the Department

Head. The Group is dedicated to creating a safe and respectful

workplace, and these reporting chanels are designed to ensure

that any misconduct is promptly adresed, and apropriate

actions are taken. It is important for employes to fel comfortable

reporting any mistreatment, as the Group takes these isues

seriously and is comited to maintaining a workplace fre from

harasment and discrimination.

Employe Comunication Chanels

The Group highly values employe input and has established

a labour union to efectively represent its workers. This union

serves as a vital chanel for employes to voice their complaints,

sugestions, and fedback, ensuring that their neds are clearly

comunicated to management. This open line of comunication

fosters a deper understanding betwen employes and the

Group, leading to a more harmonious workplace.

Recognising that efective comunication is crucial for enhancing

teamwork and overal eficiency, the Group takes proactive

steps to encourage colaboration among staf. To strengthen

relationships and promote a sense of comunity, the Group

actively suports initiatives that alow employes to conect

outside of work. This includes organising local sports teams and

talent shows, which not only provide a fun and engaging way for

employes to interact but also help build camaraderie and trust

among coleagues.

By creating oportunities for team bonding, the Group not only

bosts morale but also cultivates a positive work culture where

employes fel more conected and motivated. This holistic

aproach to employe engagement ultimately contributes to

a more productive and satisfied workforce, benefiting both the

employes and the organisation.

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0
0
0

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

82HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

健康与安全

我们的持续成功依赖于员工的福祉。

为打造安全健康的工作环境，我们已

落实全面的职业健康与安全管理体

系，切实保障我们的雇员及工人。

本集团已连续三年实现工伤死亡事

故零发生及零死亡率。于报告期间，

并无因工伤损失的日数。本集团亦不

知悉任何可能对本集团造成重大影

响的严重违反雇佣相关法律及法规的

情况。有关法律法规包括但不限于香

港《职业安全及健康条例》、《中华人

民共和国劳动法》、《中华人民共和国

职业病防治法》、《山西省危险化学品

从业单位安全生产标准化评审标准》、

《孝义市人民政府安全生产委员会

关于进一步加强职业病预防工作的指

引》。

Health and Safety

Our continued suces depends on the wel-being of our

people. To create a safe and healthy work environment, we have

implemented a comprehensive ocupational health and safety

management system that safeguards our employes and workers.

The Group has achieved zero work-related fatalities with zero

fatality rates for thre consecutive years. During the Reporting

Period, there were no lost days due to work injury. The Group

was also not aware of any material non-compliance with

employment-related laws and regulations that would have a

significant impact on the Group. Such laws and regulations

include but are not limited to the Ocupational Safety and Health

Ordinance of Hong Kong, the Labour Law of the PRC and the

Prevention and Treatment of Ocupational Diseases Law of the

PRC, Requirements and Evaluation Criteria for the Standardised

Production of Hazardous Chemicals in Shanxi Province, Xiaoyi

People’s Government Safe Production Comite’s Guideline on

the Further Strengthening of Ocupational Diseases Prevention

Work.

Health & Safety IndicatorsUnit202520242023

健康与安全指标单位二零二五年二零二四年二零二三年

Work-related fatalities

工伤死亡人数

Numbers

人

Fatality rate

死亡率

%00

Lost days due to work injury

因工伤损失的日数

Days

日

Work-related injury

工伤案例

Cases

起

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

83ANUAL REPORT 2024/25

年报

职业健康与安全

本集团认为，为员工提供一个安全和

无事故的工作环境至关重要。因此，

本集团遵守所有外部及内部的指引及

法规。外部指引及法规涵盖国家级、

省级及地方级别的指令。本集团概述

的内部政策涵盖以下各项：

•

限制及控制大气成分；

•

对若干类别的员工（例如可能患

职业病者）进行强制性和定期的

健康检查；

•

关于安全防范措施和遵守政策

重要性的教育和培训；

•

提供个人保护设备；

•

定期进行消防演习或危险演习，

并就此类演习作出反馈和反思，

不断准备和改进对紧急情况的

反应；及

•

限制怀孕、哺乳或月经期等状况

的女员工超时工作和操作产生

辐射、噪音、刺激性气味等的机

器。

除了采取措施防止雇员出现工伤事

故而受伤外，本集团亦采取了各种措

施，控制和尽量减少雇员受到与工作

无关的危险的机会。例如，由于本集

团为雇员提供住宿、淋浴和洗衣设

施，我们该等设施内的装备和设备（如

淋浴头和供暖系统）定期保养，以确保

其安全使用。

Ocupational Health and Safety

The Group regards providing a safe and acident-fre working

environment for employes as of paramount importance.

Therefore, both external and internal guidelines and regulations

are folowed by the Group. External guidelines and regulations

cover national, provincial, and local level instructions. Internal

policies outlined by the Group cover areas including:

;

• Mandatory and regular health checks for certain types of

staf (such as those who are likely to get ocupational health

diseases);

• Education and training on safety precautions and

importance of adhering to the policies;

;

, and fedback and reflection

on such drils, to constantly prepare for and improve

reactions to emergencies; and

• Restriction on over-time work and operating machines that

produce radiance, noise, pungent odour, etc. for women

who are pregnant, breastfeding, or on mensuration, etc.

Apart from measures preventing employes from geting

injured in work-induced acidents, various measures are also

taken to control and minimise the chances of employes being

endangered by non-work-related hazards. For example, as the

Group provides acomodation, showering, and laundry facilities

for employes, devices and equipment, such as showerheads and

a heating system, within these facilities are regularly upgraded to

ensure they are safe to use.

120.00%
100.00%
175.00%
100.00%
133.33%
200.00%

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

84HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

发展与培训

我们致力于打造充满活力的环境，让

同事们能够发展技能并积累经验，从

而实现自身潜力。我们的人力资本管

理策略重点在于为员工提供继续教育

及个人发展机会。为满足全体雇员的

多元化需求，本集团已强化其内部培

训系统，不仅提供入职培训，亦提供

关键主题的针对性课程。当雇员入职

时，彼等会接受为期两天的培训，然

后由培训公司进行定期培训，通常是

每月一次。本集团向雇员提供内部职

业健康和安全培训等各种主题。

本集团于每年底根据其业务需求制

定下一年的培训计划。本集团亦将根

据培训需求及目标对培训课程作出适

当调整。

于报告期间，本集团取得整体培训百

分比

120%

（二零二四年：

93.33%

），

每名受训员工的平均培训时数约为

13.13

小时（二零二四年：

11.80

小时）。

本集团参加培训的全体员工百分比如

下：

Development and Training

We aim to build a dynamic environment where our coleagues

can develop skils and undertake experiences that help them fulfil

their potential. Our human capital management strategy places

priority on equiping our people with continuing education and

personal development oportunities. To met the diverse neds of

al employes, the Group has enhanced its internal training system

by ofering not just induction training but also targeted sesions on

esential topics. Employes get a 2-day training course when they

get into their positions, folowed by regular trainings conducted by

training companies, usualy monthly. A wide range of topics such

as internal ocupation health and safety trainings were provided to

employes.

The Group formulates the folowing year’s training plan at the end

of each year acording to its busines neds. The Group wil also

make apropriate adjustments to the training courses acording

to the training neds and targets.

During the Reporting Period, the Group achieved an overal

training percentage of 120% (2024: 93.33%) with an average

training hour of aproximately 13.13 hours (2024: 11.80 hours)

per employe trained. The percentage of total employes who

tok part in training in the Group is as folows:

Percentage of Employes

Received Training

受训员工百分比

二零二五年二零二四年

Overal93.33%

整体

By Gender

按性别

Male90.00%

男性

Female100.00%

女性

By Employment Category

按雇佣类别

Senior Management Staf100.00%

高级管理层员工

Midle Management Staf83.33%

中级管理层员工

General Staf100.00%

一般员工

61.11%
38.89%
44.44%
44.44%
11.11%

13.13
14.27
10.00
19.63
5.67
6.00

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

85ANUAL REPORT 2024/25

年报

按性别及雇佣类别划分的员工总数明

细如下：

按性别及雇佣类别划分的每名员工已

完成平均培训时数如下：

The breakdown of total employes by gender and employment

categories is as folows:

Breakdown of

Employe Training

员工培训明细

二零二五年二零二四年

By Gender

按性别

Male64.29%

男性

Female35.71%

女性

By Employment Category

按雇佣类别

Senior Management Staf50.00%

高级管理层员工

Midle Management Staf42.86%

中级管理层员工

General Staf7.14%

一般员工

The average number of training hours completed per employe by

gender and employment category are as folows:

Average Number of

Training Hours (hours)

平均培训时数（小时）

二零二五年二零二四年

Overal11.80

整体

By Gender

按性别

Male15.60

男性

Female4.20

女性

By Employment Category

按雇佣类别

Senior Management Staf18.36

高级管理层员工

Midle Management Staf4.32

中级管理层员工

General Staf4.20

一般员工

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

86HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

附注：

受训员工百分比的计算公式

受训员

工数目／于二零二五年三月三十一

日员工总数

*100%

。相关类别员工百

分比的计算公式

参加培训的指定类

别员工／指定类别员工总数

*100%

。

受训员工明细的计算公式

类别下

受训员工数目／于二零二五年三月

三十一日受训员工总数

*100%

。相关

类别员工明细的计算公式

参加培训

的指定类别员工／参加培训员工总

数

*100%

。

每名员工平均培训时数的计算公式

培训总时数／员工总数。相关类别

员工平均培训时数的计算公式

指定

类别员工培训总时数／指定类别员

工总数。

由于更新计算模型，数据已经重列。

劳工准则

预防童工及强制劳工

本集团坚决禁止在工作场所使用童工

或强制劳工。本集团已制定全面的政

策，明确禁止强制劳工并概述违规的

后果。人力资源部于招聘过程中查阅

求职人士之身份证明文件。透过进行

该等身份核实，本集团采取积极措施

以核实候选人的资格，坚守其道德雇

佣惯例的承诺。

雇员可以直接向人力资源部及高级

管理层报告任何违规行为，以便立即

核实，一旦发现任何违规行为，本集

团将立即展开调查，终止相关雇员劳

动合同并对其进行纪律处分。如有必

要，本集团将进一步完善针对违规行

为的劳动机制。

此外，雇佣协议及职位描述明确列出

工作时间、地点、分配任务及主要职

责，以确保员工不会被迫从事超出彼

等职责范围的工作。倘雇员需于彼等

正常工作时间之外工作，任何加班属

自愿并将根据适用的法律法规予以补

偿。

Note:

5. Formula for calculating the percentage of employes trained =

number of employes trained/total number of employes on 31

March 2025 * 100%. Formula for calculating the percentage of

employes in the relevant categories = Employes in the specified

category who tok part in training/total number of employes in the

specified category * 100%.

6. Formula for calculating the breakdown of employes trained =

number of employes trained under x category/total number

of employes trained on 31 March 2025 * 100%. Formula for

calculating the breakdown of employes in relevant categories =

Employes in the specified category, who tok part in training/

Employes who tok part in training * 100%.

7. Formula for calculating average training hours per employe =

Total number of training hours/Total number of employes. Formula

for calculating average training hours of employes in relevant

categories = Total number of training hours for employes in the

specified category/Number of employes in the specified category.

* The data has ben restated due to an updated calculation model.

Labour Standards

Prevention of Child and Forced Labour

The Group maintains a strong comitment to prohibit the

use of child or forced labour in the workplace. The Group has

established comprehensive policies that explicitly prohibit forced

labor and outline the consequences for violations, the Human

Resources Department checks their identity documents during the

hiring proces. By conducting these identity checks, the Group

takes proactive measures to verify the eligibility of candidates and

uphold its comitment to ethical employment practices.

Employes are instructed to report any violations directly to the

Human Resources Department and senior management for

imediate verification, once any violation is found, the Group

wil imediately investigate, terminate the labour contract and

discipline the employes involved. If necesary, the Group wil

further improve the labour mechanism for violations.

Furthermore, the Employment Agrements and job descriptions

clearly outline the working hours, location, asigned tasks,

and primary responsibilities to ensure that employes are not

compeled to perform tasks that fal outside the scope of their

roles. If employes are required to work beyond their regular

working hours, any overtime work is voluntary and compensated

in acordance with aplicable laws and regulations.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

87ANUAL REPORT 2024/25

年报

本集团亦禁止以任何理由对雇员进行

任何形式的惩罚或涉及辱骂、体罚、

身体虐待、压迫或性骚扰的行为（包括

不恰当语言、手势或身体接触）。若发

现任何雇员违反该等规定，本集团将

立即终止其试用期或雇佣协议，详见

员工手册。

于报告期间，本集团并不知悉任何严

重违反有关童工及强制劳工的法律及

法规而对本集团造成重大影响的情

况。有关法律及法规包括但不限于香

港《雇佣条例》、《中华人民共和国劳动

法》及中国《禁止使用童工规定》。

供应链管理

供应商管理

我们已建立完善的供应链管理体系，

以确保供应商符合我们在法规遵循、

诚信经营与可持续发展方面的严格要

求。为向供应商提供更明确的指引，

我们已制定供应商行为准则。该政策

载列对供应商环境与社会实践的管理

要求，所有供应商及业务伙伴（包含分

包商）均须遵守相关环境与社会法律

法规，并遵循我们的环境与社会政策

行事。

我们根据自身需求与标准评估及选择

供应商，并综合考量供应商的品质、

价格、可靠性与整体价值等因素。我

们会视需要安排供应商审核和实地考

察，以确保其符合本集团所有要求。

我们尤其重视供应商的环境与社会责

任，每年稽核其是否符合相关环境与

社会标准。于报告期间，我们主要与

两家来自中国的供应商合作。

The Group also prohibits any form of punishment or behaviour

that involves verbal abuse, physical punishment, physical abuse,

opresion, or sexual harasment (including inapropriate

language, gestures, or physical contact) against employes for

any reason. If any employe is found to have violated these rules,

the Group wil imediately terminate their probation period or

Employment Agrement, as outlined in the Employe Handbok.

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

material non-compliance with child and forced labour-related

laws and regulations that would have a significant impact on the

Group. Such laws and regulations include but are not limited to

the Employment Ordinance of Hong Kong, the Labour Law of the

PRC, and the Provisions on the Prohibition of Using Child Labour

of the PRC.

Suply Chain Management

Suplier Management

We have a comprehensive suply chain management system in

place to ensure our supliers met our stringent requirements

in respect of regulatory compliance, integrity, and sustainability.

To provide beter guidance to our supliers, we established a

suplier code of conduct. This policy sets out the management

of environmental and social practices for our supliers. Al our

supliers and busines partners, including subcontractors, are

expected to comply with relevant environmental and social laws

and regulations, as wel as to act acording to our environmental

and social policies.

We evaluate and select our supliers based on our neds and

requirements, and consider supliers on factors like quality,

pricing, reliability, and overal value. Suplier audits and site

visits are aranged as neded to ensure supliers met al the

Group’s requirements. We specificaly ensure that our supliers

are environmentaly and socialy responsible by performing anual

audits of their compliance with our environmental and social

requirements. During the Reporting Period, we worked with 2

major supliers from the PRC.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

88HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

绿色采购

本集团订有采购制度及标准化采购工

作流程，其要求本集团的供应商提供

彼等所获得的与环境方面有关的基

本资质证明，如污水排放许可。本集

团于筛选供应商时亦调查其为减少环

境影响而采取的努力及措施，例如，

本集团优先考虑通过在卡车上覆盖材

料，减少运输过程中的灰尘和污染的

供应商。然后我们对资料进行审核，

接著由本集团对供应商各自的工厂进

行现场考察，以确认彼等执行良好的

操作规范。

除了上述政策外，本集团亦在合同中

规定了详细条款，以确保业务伙伴对

其社会和环境影响实施充足的管理政

策。例如，在环境和能源财产管理合

同中，本集团要求双方遵守安全和环

境保护规定：

•

服务供应商应设立管理委员会，

以确保安全生产；

•

当本集团发现潜在风险时，服务

供应商应服从本集团的监督；

•

服务供应商应安排其员工接受

本集团提供的必要培训；及

•

本集团将会派出指定人员进行

现场调查，以监察服务供应商的

表现。

产品责任

负责任的业务行为是健康业务的关

键。本集团认为优质产品及客户服务

对可持续发展至关重要。为此，本集

团已制定一系列相关政策及指引，以

持续提升其产品及服务质素。基于本

集团的业务性质，本集团并无设立特

定的产品召回程序。

Gren Procurement

The Group has the Procurement Policy and Standardised

Purchasing Procedure in place which requires supliers of the

Group to provide profs of basic qualifications they have acquired

relating to the environmental aspects, such as sewage discharge

permision. The supliers’ efort and means of reducing their

environmental impacts are also investigated when the Group

screns and choses supliers, for example, the Group prioritises

supliers who take steps to reduce dust and polution into the

air during transportation by covering materials on trucks. The

information is then audited, folowed by a site visit conducted by

the Group to respective factories with supliers to confirm that the

practices are wel taken place.

On top of the above policies, the Group specifies detailed clauses

within contracts to ensure busines partners have implemented

adequate management policies regarding their social and

environmental impacts. For example, within the Environmental and

Energy Property Management Contract, the Group requests that

both parties comply with the safety and environmental protection

requirements:

• The service provider shal set up a management comite

to ensure safety production;

’s supervision

whenever the Group observes a potential risk;

• The service provider shal arange its personel to receive

the necesary training ofered by the Group; and

• The Group wil send designated personel to conduct on-

site surveys to monitor the service providers’ performance.

Product Responsibility

Responsible busines practices are critical to a healthy busines.

The Group believes quality products and customer service are

esential for sustainable development. To this end, the Group has

formulated a series of relevant policies and guidelines to improve

the quality of its products and services continuously. Due to

the nature of the Group’s busineses, the Group does not have

specific product recal procedures in place.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

89ANUAL REPORT 2024/25

年报

于报告期间，并无产品因安全及健康

问题而被召回，且本集团并不知悉任

何会对本集团产生重大影响的、违反

有关所提供产品和服务的健康与安

全、广告、标签及私隐事宜以及补救

方法的相关法律法规的事件。有关法

律及法规包括但不限于香港《个人资料

（私隐）条例》、《中华人民共和国消费

者权益保护法》及《中华人民共和国广

告法》。

优质服务

尽管于报告期间并无焦化、供暖或生

产相关业务营运，但本集团持续指导

一般质量保证和质量控制过程。于报

告期间，由于在整个生产过程中采取

了严格的措施，以严格控制产品的质

量，故并无出现不合规的出厂产品。

其中，为了从源头确保产品质量，我

们对所有供应物料在进入工厂之前均

进行检查。实验室紧密监测各业务主

要供应物料的质量参数，如原煤的水

含量、灰分含量、硫含量及挥发物含

量。抽样方法严格遵循

GB482-1995

、

GB481-93

及

GB475-1996

等国家标

准。我们亦在质量保证与质量控制过

程中遵循其他国家标准，包括但不限

于：

/T 4000-2008

焦炭反应性及

反应后强度试验方法；

/T 5447-2014

烟煤粘结指数

测定方法；

/T 214-2007

煤中全硫的测定

方法；

/T 212-2008

煤的工业分析方

法；及

• GB 474-2008

煤样的制备方法。

During the Reporting Period, there were no products that were

subject to recals for safety and health reasons, and the Group

was not aware of any incidents of non-compliance with related

laws and regulations concerning health and safety, advertising,

labeling, and privacy maters relating to products and services

provided and methods of redres that would have a significant

impact on the Group. Such laws and regulations include but are

not limited to the Personal Data (Privacy) Ordinance of Hong

Kong, the Protection of Consumer Rights and Interests of the

PRC, and the Advertising Law of the PRC.

Quality Services

While there was no busines operation related to coking, heating,

or production during the Reporting Period, the Group continues to

guide the general quality asurance and quality control proceses.

No non-compliant outgoing products were reported during the

Reporting Period as strict measures were taken to kep up with

the quality of products during the entire proces of production.

Amongst al, to ensure quality of the production from the

begining, al incoming suplies would be examined before

entering the plant. The laboratory closely monitors parameters

of key suplies of the operations in terms of their quality, such

as water content, ash content, sulphur content, volatile mater

content of the raw coal. Sampling methods strictly folow national

standards such as GB482-1995, GB481-93, and GB475-1996.

Other national standards would also be folowed during quality

asurance and quality control proceses, including but not limited

to:

/T 4000-2008 Coke – Determination of reactivity and

strength after reaction;

/T 5447 – 2014 Determination of caking index of

bituminous coal;

/T 214 – 2007 Determination of sulphur in coal;

/T 212 – 2008 Proximate analysis of coal; and

– 2008 Preparation of coal sample.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

90HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

客户服务

客户体验是我们营运的核心。我们不

断与客户沟通，发现并了解他们的需

求，从而改善客户体验。我们透过对

每项业务的调查来衡量客户满意度，

仔细聆听客户的反馈，以便我们知道

可以在哪些方面采取主动措施并加以

改进。面对投诉时，我们会以创新的

解决方案作出反应，迅速公平地解决

矛盾。

为了改善我们的客户服务，我们必须

接受反馈并承认我们偶尔会犯错误。

我们迅速适应，以支持客户面对新挑

战并采用新的工作方式。我们致力于

在追踪、记录及管理投诉方面保持公

开及一致。如下图所示，我们拥有一

套一致的程序，使我们能在整个投诉

过程中保持以客为本的方针。于报告

期间，本集团并未接获任何重大的产

品及服务相关的投诉。

广告及标签

我们致力于提供透明及准确的资料，

以协助客户作出明智的采购决定。我

们严格遵守所有相关法规及行业指

引。为推广负责任的营销实践，我们

对宣传材料及标签实施严格的内部审

核制度。我们使用能帮助客户了解有

关产品及服务的营销及宣传材料，当

中提供清晰、公平及无误导成分的资

料。我们对于自身产品及服务于报告

期间并无严重不合规情况感到骄傲。

Customer Service

Customer experience is at the heart of our operations. We

constantly engage with our customers to identify and understand

their neds, thereby improving customer experience. We measure

customer satisfaction through surveys of each of our busineses,

listen carefuly to customer fedback so we know where we

can take proactive measures and improve. When faced with

complaints, we react with inovative solutions to resolve conflicts

promptly and fairly.

To improve on how we serve our customers, we must be

open to fedback and acknowledge our ocasional flaws. We

have adapted quickly to suport our customers in facing new

chalenges and adopting new ways of working. We aim to be

open and consistent in how we track, record and manage

complaints. As the diagram below demonstrates, we have a

consistent set of procedures that enable us to remain customer-

focused throughout the complaint proces. During the Reporting

Period, the Group did not receive any material product and

service-related complaints.

Establish

complaint

chanels

建立投诉渠道

Acknowledge

complaints

确认投诉

Kep the

complainant

informed

不时告知

投诉人进展

Ensure

a fair

resolution

确保公平的

解决方案

Provide

remedies

提供补救方法

Undertake

internal

reviews

进行内部审查

Advertising and Labeling

We are comited to providing transparent and acurate

information to asist customers in making informed purchasing

decisions. We strictly adhere to al relevant regulations and

industry guidelines. To promote responsible marketing practices,

we have implemented a strict internal review system for our

promotional materials and labeling. We use marketing and

promotional materials that suport customer understanding and

provide information on products and services that are clear, fair

and not misleading. We are proud to report that there were no

significant cases of non-compliance during the Reporting Period

with respect to our products and services.

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私隐保护

本集团了解保护利益相关方隐私与

保密信息的重要性。为防止资料泄漏

及客户敏感资料的滥用，我们已实施

多项措施。于报告期间，我们并未发

现影响本集团的重大违反私隐法例事

件。

为了防止病毒攻击造成的资料泄漏，

我们采用了多种防病毒措施。例如，

我们定期更新安全系统，并于二零

一九年安装了华为防火墙的最新版

本。本集团亦会监控市场警示，并与

外部合作伙伴进行评估与审核，以找

出我们安全系统中的漏洞、可疑活动

或弱点。此外，部分计算机对其可下

载的应用程序及软件有限制。

资料每六小时备份一次，以防止骇客

入侵事件导致资料丢失。为了降低员

工的不当行为可能导致敏感资料泄漏

或被滥用的风险，只有少数员工可以

存取这些资料。

保障知识产权

由于本集团的业务性质，目前并无保

障知识产权的政策。然而，随著我们

的业务发展，我们可能会制定政策、

控制措施及指导方针，以管理与知识

产权相关的风险。这将有助于我们识

别、维护及保护我们的知识产权，并

确保我们在开展业务时不会侵犯他人

的知识产权。该等政策与控制措施将

有助于我们依照整体风险承受能力，

持续管理知识产权风险。

反贪污

本集团要求所有员工遵守香港的《防

止贿赂条例》、《中华人民共和国反不

正当竞争法》、《中华人民共和国刑法》

以及其他与商业贿赂相关的法律。本

集团亦与所有合作的供应商签订反贪

腐协议。

Privacy Protection

The Group understands the importance of protecting the privacy

and confidentiality of our stakeholders. To prevent data leaks and

misuse of sensitive customer information, we have implemented

various measures. During the Reporting Period, we found no

significant violations of privacy laws that afect the Group.

To protect against data leaks from virus atacks, we use several

antivirus practices. For instance, we regularly update our security

systems and instaled the latest version of the Huawei firewal

in 2019. The Group also monitors market alerts and conducts

asesments and audits with external partners to identify bugs,

suspicious activities, or weakneses in our security systems.

Aditionaly, some computers have restrictions on the aplications

and software they can download.

Data is backed up every six hours to prevent los in case of a

hacking incident. To reduce the risk of employe misconduct

that could lead to sensitive information being leaked or misused,

aces to such data is limited to a smal number of staf

members.

Protection of Intelectual Property Rights

Because of the nature of the Group’s busines, there is curently

no policy for protecting intelectual property rights. However, as

our busines develops, we may create policies, controls, and

guidelines to manage risks related to intelectual property. This

wil help us identify, maintain, and protect our intelectual property

and ensure we do not infringe on the intelectual property rights of

others while conducting busines. These policies and controls wil

help us consistently manage intelectual property risks in line with

our overal risk tolerance.

Anti-coruption

The Group requires al employes to comply with the Prevention

of Bribery Ordinance in Hong Kong, the Law Against Unfair

Competition in China, the Criminal Law in China, and other laws

related to comercial bribery. The Group also has anti-coruption

agrements with al the supliers they work with.

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法律事务部会监督合规情况，以确保

对贪污、贿赂、勒索、欺诈、洗钱及其

他非法活动采取零容忍政策。举报者

可以直接联络法律事务部或使用专门

的举报信箱提出疑虑，同时保持身份

匿名。此外，本集团已采取措施保护

举报者在工作上免受报复或负面影

响。

本集团认同反贪腐培训对于提高员工

意识及维持本集团整个的诚信文化至

关重要。本集团董事及员工均定期获

发最新的反贪腐材料，当中强调在工

作场所建立诚信的重要性，提供遵守

商业道德的指引，并提供行业特定的

案例，以协助员工理解反贪腐。

于报告期间，并无由本集团或其雇员

提出与任何形式的欺诈行为有关的已

审结法律案件。本集团并无发现任何

严重违反有关贿赂、勒索、欺诈及洗

钱的法律及法规而对本集团造成重大

影响的情况。该等法律及法规包括但

不限于香港的《防止贿赂条例》、《中

华人民共和国反洗钱法》、《中华人民

共和国刑法》、《中华人民共和国公司

法》及《中华人民共和国反不正当竞争

法》。

举报机制

我们允许同事及其他利益相关方在遵

守法律及法规的前提下，利用我们的

发声渠道以保密及匿名的方式（如有

需要）提出疑虑。我们提供一系列的

举报渠道，给予同事及利益相关方在

发现不合法或不道德行为时敢于发声

的信心。彼等的疑虑会透过最有效的

途径传达。我们一直聆听每个人的疑

虑，并对报复行为采取零容忍态度。

我们会对疑虑进行相称且独立的调

查，并在适当情况下采取行动。该等

行动包括纪律处分、解雇、以及调整

薪资及绩效评分。我们确保举报者免

受不公平的解雇、伤害或不合理的纪

律处分。于报告期间，并无对本集团

或其雇员提出已审结的贪污诉讼案

件。

The Legal Department monitors compliance to ensure a zero-

tolerance policy for coruption, bribery, extortion, fraud, money

laundering, and other ilegal activities. Whistle-blowers can

contact the Legal Department directly or use a private reporting

mailbox to raise concerns while keping their identity anonymous.

Aditionaly, the Group has measures in place to protect whistle-

blowers from retaliation or negative consequences at work.

The Group recognises that anti-coruption training is pivotal

to raising employes’ awarenes and maintaining a culture

of integrity throughout the Group. The Group’s directors and

employes are regularly provided with the latest anti-coruption

materials, which highlight the importance of embeding integrity

in the workplace, provide guidance on adhering to busines

ethics, and provide industry-specific examples to facilitate the

understanding of anti-coruption by employes.

During the Reporting Period, there were no concluded legal

cases regarding any forms of fraud raised by the Group or its

employes. The Group was not aware of any material non-

compliance with relevant laws and regulations of bribery, extortion,

fraud and money laundering that would have a significant impact

on the Group. Such laws and regulations include but are not

limited to the Prevention of Bribery Ordinance of Hong Kong,

the Anti-Money Laundering Law of the PRC, the Criminal Law of

the PRC, and the Company Law of the PRC and the Anti-Unfair

Competition Law of the PRC.

Whistle-blowing Mechanism

Our whistle-blowing chanel alows our coleagues and other

stakeholders to raise concerns confidentialy and, anonymously

if prefered, subject to laws and regulations. We ofer a range of

speak-up chanels providing coleagues and stakeholders the

confidence to speak up when they observe unlawful or unethical

behaviour. Their concerns are delivered through the most efective

route. We always listen to the concerns of individuals and have a

zero tolerance for acts of retaliation.

Concerns are investigated proportionately and independently,

with actions taken where apropriate. These can include

disciplinary actions, dismisals, and adjustments to variable pay

and performance ratings. We ensure that whistle-blowers are

protected from unfair dismisal, victimisation, or unwaranted

disciplinary action. There were no concluded legal cases regarding

corupt practices brought against the Group or its employes

during the Reporting Period.

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我们力求以勇敢诚信的态度行事，并

从过往事件中汲取经验。我们不仅要

对客户及整个社会负责，亦须对同事

负责，确保彼等为工作的机构感到由

衷的自豪。我们力求使决策基于为客

户做正确的事情，且决不妥协我们的

道德标准或诚信。

社区投资

本集团认为，有能力回馈社区乃本集

团的荣幸。参与社区活动再次印证了

本集团与利益相关方合作以产生深远

影响的承诺。透过参与社区活动，本

集团亦可以培养企业文化、促进人际

交往，并为雇员提供一个积极影响社

区的平台。

我们设想一个我们的努力能支持健

康、教育及福祉的未来。透过鼓励雇

员参与志愿者项目，并与当地组织合

作，我们旨在解决社会问题并促进可

持续发展。我们的目标是激励其他人

加入我们的行列，为每个人建立一个

更强大、更有弹性的社区。透过这些

持续不断的努力，我们希望能创造持

久的影响力，并赋予未来世代力量。

We aim to act with courageous integrity and learn from past

events. We owe this not just to our customers and to society at

large, but to our coleagues to ensure they can be rightly proud

of the organisation they work in . We aim to make decisions

based on doing the right thing for our customers and never

compromising our ethical standards or integrity.

Comunity Investment

The Group considers it a privilege to have the ability to give

back to the comunity. Comunity involvement reafirms the

Group’s comitment to engaging with stakeholders to make

lasting impacts. Through comunity involvement, the Group can

also foster its corporate culture, promote networking and ofer

employes a platform to positively impact the comunity.

We imagine a future where our eforts suport health, education,

and wel-being. By encouraging employes to participate in

volunter projects and working with local organisations, we aim

to tackle social isues and promote sustainable development.

Our goal is to inspire others to join us in this mision, building

a stronger and more resilient comunity for everyone. Through

these ongoing eforts, we hope to create a lasting impact and

empower future generations.

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect A1: Emissions A1
层面：排放物 General Disclosure 一般披露	Information on: 有关废气及温室气体排放、向水及土地的排污、有害及无害废弃物的产生等的： (a) the policies; and 政策；及 (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to Exhaust Gas and GHG emissions, discharges into water and land, and generation of hazardous and non-hazardous waste. 遵守对发行人有重大影响的相关法律及规例的资	Emissions 排放物
KPI A1.1 A1.1	料。 The types of emissions and respective emissions data.	Emissions – Air Emissions
关键绩效指标 KPI A1.2 A1.2 关键绩效指标	排放物种类及相关排放数据。 Direct (Scope 1) and energy indirect (Scope 2) greenhouse gas emissions (in tonnes) and, where appropriate, intensity. 1 2 直接（范围）及能源间接（范围）温室气体排放（以吨计	排放物－大气排放 Emissions – Greenhouse Gas (“GHG”) Emissions 排放物－温室气体（「温室
KPI A1.3 A1.3 关键绩效指标	算）及（如适用）密度。 Total hazardous waste produced (in tonnes) and intensity. 所产生有害废弃物总量（以吨计算）及密度。	气体」）排放 Emissions – Waste Management

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94HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

香港联合交易所有限公司环境、社会及管

治报告指引内容索引

THE ESG REPORTING GUIDE CONTENT INDEX OF THE

STOCK EXCHANGE OF HONG KONG LIMITED

Mandatory Disclosure Requirements Chapter/Statement

强制披露要求章节／声明

Governance StructureBoard Statement and ESG Governance Structure

治理架构董事会声明及环境、社会及管治理架构

Reporting PrinciplesReporting Framework

汇报原则报告框架

Reporting BoundaryReporting Scope

汇报范围报告范围

排放物－废物管理

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标 KPI A1.4 A1.4 关键绩效指标	描述 Total non-hazardous waste produced (in tonnes) and intensity.	章节╱陈述 Emissions – Waste Management
KPI A1.5 A1.5 关键绩效指标	所产生无害废弃物总量（以吨计算）及密度。 Description of emission target(s) set and steps taken to achieve them. 描述所订立的排放量目标及为达到这些目标所采取的步骤。	排放物－废物管理 Environmental Targets; Use of Resources-Energy Management 环境目标；资源使用－
KPI A1.6 A1.6 关键绩效指标	Description of how hazardous and non-hazardous wastes are handled, reduction initiatives and results achieved. 描述处理有害及无害废弃物的方法、减废措施及达致的	能源管理 Emissions – Waste Management 排放物－废物管理
结果。 Aspect A2: Use of Resources A2
层面：资源使用 General Disclosure 一般披露	Policies on the efficient use of resources, including energy, water and other raw materials.	Use of Resources 资源使用
KPI A2.1 A2.1 关键绩效指标	有效使用资源（包括能源、水及其他原材料）的政策。 Direct and/or indirect energy consumption by type in total and intensity.	Use of Resources – Energy Management
KPI A2.2 A2.2 关键绩效指标	按类型划分的直接及╱或间接能源总耗量及密度。 Water consumption in total and intensity. 总耗水量及密度。	资源使用－能源管理 Use of Resources – Water Management
KPI A2.3 A2.3 关键绩效指标	Description of energy use efficiency initiatives and results achieved.	资源使用－水管理 Use of Resources – Energy Management
KPI A2.4 A2.4 关键绩效指标	描述能源使用效益措施及达致的结果。 Description of whether there is any issue in sourcing water that is fit for purpose, water efficiency initiatives and results achieved. 描述求取适用水源上可有任何问题，以及提升用水效益	资源使用－能源管理 Use of Resources – Water Management 资源使用－水管理
KPI A2.5 A2.5 关键绩效指标	措施及达致的结果。 Total packaging material used for finished products (in tonnes) and with reference to per unit produced. 制成品所用包装材料的总量（以吨计算）及每生产单位占	Use of Resources – Use of Packaging Materials 资源使用－包装材料的使

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量。用

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect A3: The Environment and Natural Resources A3
层面：环境及天然资源 General Disclosure 一般披露	Policies on minimising the issuer’s significant impact on the environment and natural resources.	The Environment and Natural Resources
KPI A3.1 A3.1 关键绩效指标	减低发行人对环境及天然资源造成重大影响的政策。 Description of the significant impacts of activities on the environment and natural resources and the actions taken to manage them. 描述业务活动对环境及天然资源的重大影响及已采取管	环境及天然资源 The Environment and Natural Resources 环境及天然资源
理有关影响的行动。 Aspect A4 Climate Change ： A4
层面：气候变化 General Disclosure 一般披露	Policies on identification and mitigation of significant climate related issues which have impacted, and those which may impact, the issuer. 识别及应对已经及可能会对发行人产生影响的重大气候	Climate Change 气候变化
KPI A4.1 A4.1 关键绩效指标	相关事宜的政策。 Description of the significant climate-related issues which have impacted, and those which may impact, the issuer, and the actions taken to manage them. 描述已经及可能会对发行人产生影响的重大气候相关事	Climate Change – Identification of Climate Risks and Opportunities 气候变化－识别气候风

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

96HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

宜，及应对行动。险及机遇

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect B1: Employment B1
层面：雇佣 General Disclosure 一般披露	Information on: 有关薪酬及解雇、招聘及晋升、工作时数、假期、平等机会、多元化、反歧视以及其他待遇及福利的： (a) the policies; and 政策；及 (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to compensation and dismissal, recruitment and promotion, working hours, rest periods, equal opportunity, diversity, anti-discrimination, and other benefits and welfare. 遵守对发行人有重大影响的相关法律及规例的资	Employment 雇佣
KPI B1.1 B1.1 关键绩效指标	料。 Total workforce by gender, employment type, age group and geographical region. 按性别、雇佣类型、年龄组别及地区划分的雇员总数。	Employment – Recruitment, Promotion and Dismissal
KPI B1.2 B1.2 关键绩效指标	Employee turnover rate by gender, age group and geographical region. 按性别、年龄组别及地区划分的雇员流失比率。	雇佣－招聘、晋升及罢免 Employment– Recruitment, Promotion and Dismissal

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雇佣－招聘、晋升及罢免

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect B2: Health and Safety B2
层面：健康与安全 General Disclosure 一般披露	Information on: 有关提供安全工作环境及保障雇员避免职业性危害的： (a) the policies; and 政策；及 (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to providing a safe working environment and protecting employees from occupational hazards. 遵守对发行人有重大影响的相关法律及规例的资	Health and Safety 健康与安全
KPI B2.1 B2.1	料。 Number and rate of work-related fatalities.	Health and Safety
关键绩效指标 KPI B2.2 B2.2	因工亡故的人数及比率。 Lost days due to work injury.	健康与安全 Health and Safety
关键绩效指标 KPI B2.3 B2.3 关键绩效指标	因工伤损失工作日数。 Description of occupational health and safety measures adopted, and how they are implemented and monitored. 描述所采纳的职业健康与安全措施，以及相关执行及监察方法。	健康与安全 Health and Safety – Occupational Health and Safety 健康与安全－职业健康与
安全 Aspect B3: Development and Training B3
层面：发展及培训 General Disclosure 一般披露	Policies on improving employees’ knowledge and skills for discharging duties at work. Description of training activities. 有关提升雇员履行工作职责的知识及技能的政策。描述	Development and Training 发展与培训
KPI B3.1 B3.1 关键绩效指标	培训活动。 The percentage of employees trained by gender and employee category (e.g. senior management, middle management). 按性别及雇员类别（如高级管理层、中级管理层）划分的	Development and Training 发展与培训
KPI B3.2 B3.2 关键绩效指标	受训雇员百分比。 The average training hours completed per employee by gender and employee category.	Development and Training 发展与培训

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

98HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

按性别及雇员类别划分，每名雇员完成受训的平均时数。

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect B4: Labour Standards B4
层面：劳工准则 General Disclosure 一般披露	Information on: 有关防止童工或强制劳工的： (a) the policies; and 政策；及 (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to preventing child and forced labour. 遵守对发行人有重大影响的相关法律及规例的资	Labour Standards – Prevention of Child and Forced Labour 劳工准则－预防童工及强制劳工
KPI B4.1 B4.1 关键绩效指标	料。 Description of measures to review employment practices to avoid child and forced labour. 描述检讨招聘惯例的措施以避免童工及强制劳工。	Labour Standards – Prevention of Child and Forced Labour 劳工准则－预防童工及
KPI B4.2 B4.2 关键绩效指标	Description of steps taken to eliminate such practices when discovered. 描述在发现违规情况时消除有关情况所采取的步骤。	强制劳工 Labour Standards – Prevention of Child and Forced Labour 劳工准则－预防童工及

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

99ANUAL REPORT 2024/25

年报

强制劳工

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect B5: Supply Chain Management B5
层面：供应链管理 General Disclosure 一般披露	Policies on managing environmental and social risks of the supply chain.	Supply Chain Management
KPI B5.1 B5.1 关键绩效指标	管理供应链的环境及社会风险政策。 Number of suppliers by geographical region. 按地区划分的供应商数目。	供应链管理 Supply Chain Management
KPI B5.2 B5.2 关键绩效指标	Description of practices relating to engaging suppliers, number of suppliers where the practices are being implemented, and how they are implemented and monitored. 描述有关聘用供应商的惯例，向其执行有关惯例的供应	供应链管理 Supply Chain Management – Supplier Management 供应链管理－供应商管理
KPI B5.3 B5.3 关键绩效指标	商数目，以及相关执行及监察方法。 Description of practices used to identify environmental and social risks along the supply chain, and how they are implemented and monitored. 描述有关识别供应链每个环节的环境及社会风险的惯	Supply Chain Management – Green Procurement 供应链管理－绿色采购
KPI B5.4 B5.4 关键绩效指标	例，以及相关执行及监察方法。 Description of practices used to promote environmentally preferable products and services when selecting suppliers, and how they are implemented and monitored. 描述在拣选供应商时促使多用环保产品及服务的惯例，	Supply Chain Management – Green Procurement 供应链管理－绿色采购

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

100HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

以及相关执行及监察方法。

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect B6: Product Responsibility B6
层面：产品责任 General Disclosure 一般披露	Information on: 有关所提供产品和服务的健康与安全、广告、标签及私隐事宜以及补救方法的： (a) the policies; and 政策；及 (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to health and safety, advertising, labelling and privacy matters relating to products and services provided and methods of redress. 遵守对发行人有重大影响的相关法律及规例的资	Product Responsibility 产品责任
KPI B6.1 B6.1 关键绩效指标	料。 Percentage of total products sold or shipped subject to recalls for safety and health reasons. 已售或已运送产品总数中因安全与健康理由而须回收的	Product Responsibility 产品责任
KPI B6.2 B6.2 关键绩效指标	百分比。 Number of products and service-related complaints received and how they are dealt with.	Product Responsibility – Customer Service
KPI B6.3 B6.3 关键绩效指标	接获关于产品及服务的投诉数目以及应对方法。 Description of practices relating to observing and protecting intellectual property rights. 描述与维护及保障知识产权有关的惯例。	产品责任－客户服务 Product Responsibility – Protection of Intellectual Property Rights 产品责任－保障知识产
KPI B6.4 B6.4 关键绩效指标	Description of quality assurance process and recall procedures.	权 Product Responsibility – Quality Service
KPI B6.5 B6.5 关键绩效指标	描述质量检定过程及产品回收程序。 Description of consumer data protection and privacy policies, and how they are implemented and monitored. 描述消费者资料保障及私隐政策，以及相关执行及监察	产品责任－优质服务 Product Responsibility – Privacy Protection 产品责任－私隐保护

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

101ANUAL REPORT 2024/25

年报

方法。

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect B7: Anti-corruption B7
层面：反贪污 General Disclosure 一般披露	Information on: 有关防止贿赂、勒索、欺诈及洗黑钱的： (a) the policies; and 政策；及 (b) compliance with relevant laws and regulations that have a significant impact on the issuer relating to bribery, extortion, fraud and money laundering. 遵守对发行人有重大影响的相关法律及规例的资	Anti-corruption 反贪污
KPI B7.1 B7.1 关键绩效指标	料。 Number of concluded legal cases regarding corrupt practices brought against the issuer or its employees during the Reporting Period and the outcomes of the cases. 于汇报期内对发行人或其雇员提出并已审结的贪污诉讼	Anti-corruption 反贪污
KPI B7.2 B7.2 关键绩效指标	案件的数目及诉讼结果。 Description of preventive measures and whistle-blowing procedures, and how they are implemented and monitored.	Anti-corruption – Whistle- blowing Mechanism
KPI B7.3 B7.3 关键绩效指标	描述防范措施及举报程序，以及相关执行及监察方法。 Description of anti-corruption training provided to directors and staff.	反贪污－举报机制 Anti-corruption 反贪污

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

102HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

描述向董事及员工提供的反贪污培训。

Subject Areas, Aspects, General Disclosures and KPIs 主要范畴、层面、一般披	Description	Section/Declaration
露及关键绩效指标描述章节╱陈述 Aspect B8: Community Investment B8
层面：社区投资 General Disclosure 一般披露	Policies on community engagement to understand the needs of the communities where the issuer operates and to ensure its activities take into consideration the communities’ interests. 有关以社区参与来了解营运所在社区需要和确保其业务	Community Investment 社区投资
KPI B8.1 B8.1 关键绩效指标	活动会考虑社区利益的政策。 Focus areas of contribution (e.g. education, environmental concerns, labour needs, health, culture, sport). 专注贡献范畴（如教育、环境事宜、劳工需求、健康、文	Community Investment 社区投资
KPI B8.2 B8.2 关键绩效指标	化、体育）。 Resources contributed (e.g. money or time) to the focus area.	Community Investment 社区投资

ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT

环境、社会及管治报告

103ANUAL REPORT 2024/25

年报

在专注范畴所动用资源（如金钱或时间）。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

104HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

致和嘉控股有限公司股东

（于百慕达注册成立的有限公司）

无法表示意见

吾等获委聘审核和嘉控股有限公司（「贵公

司」）及其附属公司（统称「贵集团」）载于第

页至

页之综合财务报表，当中载有

于二零二五年三月三十一日之综合财务状

况表、截至二零二五年三月三十一日止年

度之综合损益及其他全面收益表、综合权

益变动表及综合现金流量表以及综合财务

报表附注（包括重大会计政策资料）。

吾等不对贵集团的综合财务报表发表意

见。鉴于吾等的报告「无法表示意见的基础」

一节所述事宜的重要性，吾等无法取得足够

适当的审核凭证，以为该等综合财务报表的

审核意见提供基础。在所有其他方面，吾等

认为综合财务报表已根据香港公司条例的

披露规定妥为编制。

无法表示意见的基础

与持续经营相关的重大不确定性

吾等提呈注意综合财务报表附注

，当中

提述于截至二零二五年三月三十一日止年

度，贵集团产生贵公司拥有人应占亏

损

29,484,000

港元，并于二零二五年三月

三十一日拥有流动负债净额约

444,496,000

港元。贵集团已于二零二三年十二月十一

日及二零二四年六月十七日接获主要债权

人就未偿还借贷及利息的法定要求偿债

书。此外，贵公司已收到主要债权人针

对贵公司提出的清盘呈请。再者，直至目

前为止，新经营资产未产生收入，对贵集

团之营运带来重大影响。此等情况显示存在

可能令贵集团继续持续经营能力产生重

大疑问的重大不确定性。

TO THE SHAREHOLDERS OF HUSCOKE HOLDINGS LIMITED

(Incorporated in Bermuda with limited liability)

DISCLAIMER OF OPINION

We were engaged to audit the consolidated financial statements

of Huscoke Holdings Limited (the “Company”) and its subsidiaries

(colectively refered to as the “Group”) set out on pages 109 to 180,

which comprise the consolidated statement of financial position as

at 31 March 2025, consolidated statement of profit or los and other

comprehensive income, consolidated statement of changes in equity

and consolidated statement of cash flows for the year ended 31 March

2025, and notes to the consolidated financial statements, including

material acounting policy information.

We do not expres an opinion on the consolidated financial statements

of the Group. Because of the significance of the maters described in

the Basis for Disclaimer of Opinion section of our report, we were not

able to obtain suficient apropriate audit evidence to provide a basis for

an audit opinion on these consolidated financial statements. In al other

respects, in our opinion, the consolidated financial statements have

ben properly prepared in compliance with the disclosure requirements

of the Hong Kong Companies Ordinance.

BASIS FOR DISCLAIMER OF OPINION

Material uncertainty related to going concern

We draw atention to note 2 to the consolidated financial statements

which mentions that the Group incured a los atributable to owners

of the Company of HK$29,484,000 for the year ended 31 March 2025

and had net curent liabilities of aproximately HK$444,496,000 as

at 31 March 2025. Statutory demands from the major creditor for the

outstanding borowing and interest were received on 11 December

2023 and 17 June 2024. Also, the Company has received a winding-

up petition filed against the Company by the major creditor. Further,

no revenue was generated from the new operating asets up to date,

which bring significant impacts on the Group’s operations. These

conditions indicate the existence of a material uncertainty which may

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

concern.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

105ANUAL REPORT 2024/25

年报

The consolidated financial statements have ben prepared on a going

concern basis, the validity of which depends upon the Group’s ability

to make the new operating asets in ful operation on schedule, the

suces in colecting debts from a debtor, the suces in delaying the

payments by persuading its creditors of the Group not to insist on

demanding repayment before the ful operation of the Group’s new

operating asets and the suces in dismising the winding-up petition.

The consolidated financial statements do not include any adjustments

that would result from the failure to make the new operating asets in

ful operation on schedule, to colect the debts, to delay the repayments

and to dismis the winding-up petition.

Given the execution of the plans and measures by the Group are in

progres, there is no feasible operation schedule for the new operating

asets of the Group, writen contractual agrements with its creditors

to delay payment, concrete audit evidence that winding-up petition wil

be dismised, or other relevant documentary suporting evidence are

available to the Group as at the date of aproval of the consolidated

financial statements of the Group for extending the going concern

asesment. Further, as described in the Other Maters section of our

report, we were unable to obtain suficient apropriate audit evidence

to satisfy ourselves as to the recoverability of the debts from a debtor.

Acordingly, we were unable to obtain suficient apropriate audit

evidence we considered necesary to ases the likelihod of suces

of the plans and measures curently undertaken by the Group as

described above.

There were no other satisfactory audit procedures that we could

adopt to satisfy ourselves that the apropriatenes of the Company’s

directors’ use of the going concern basis of acounting and adequacy

of the related disclosures in the consolidated financial statements of the

Group. Because of the significance of the maters above, we disclaim

our opinion as to whether the use of the going concern asumption in

the preparation of the consolidated financial statements is apropriate.

综合财务报表乃按持续经营基准编制，该基

准是否适用取决于贵集团能否使新经营

资产按期全面投入营运、能否成功向债务人

收回债务、贵集团能否透过劝说其债权人

不坚持要求贵集团在其新经营资产全面

投入营运前还款而成功推迟付款，以及能否

成功撤销清盘呈请。综合财务报表并无包括

因未能使新经营资产按期全面投入营运、收

回债务、推迟还款及撤销清盘呈请而可能导

致的任何调整。

鉴于贵集团正在执行该等计划及措施，故

于贵集团综合财务报表获批准之日，贵

集团并无新经营资产的可行经营计划、与其

债权人订立的推迟付款书面合约协议、清

盘呈请将予撤销的确凿审核凭证或其他相

关文件支持凭证，以延长持续经营评估。此

外，诚如吾等的报告「其他事项」一节所述，

吾等无法取得足够适当的审核凭证，以让吾

等信纳可向债务人收回债务。因此，吾等无

法取得吾等认为必要的足够且适当的审核

凭证，以评估贵集团目前实施的上述计划

及措施成功的可能性。

吾等无法采用其他令人信纳的审核程序，以

证实贵公司董事使用持续经营会计基准

的适当性以及贵集团综合财务报表中相

关披露的充足性。鉴于上述事宜的重要性，

吾等无法就编制综合财务报表时所用的持

续经营假设是否适当发表意见。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

106HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

其他事项

倘吾等就上节「无法表示意见的基础」所述

事项无法表示意见，则吾等将就有关下述事

项的审核范围限制保留吾等的意见。

预付款项、按金及其他应收账款

综合财务状况表内包括于二零二五年三

月三十一日及二零二四年三月三十一日

的预付款项、按金及其他应收账款分别约

137,588,000

港元及

119,709,000

港元。

管理层已就清偿上述结余向债务人采取法

律行动。由于当地法院调解下的商定还款时

间表未获履行，且债务人未能就上述结余

的可收回程度向贵集团提供支持性资料，

管理层认为收回上述结余存在不确定性。

管理层已透过山西省中级人民法院及高级

人民法院向债务人申请执行有关结余，法律

程序仍在进行中，故此，截至本报告日期并

无任何行动结果可证明上述结余的可收回

程度。因此，吾等无法取得足够适当审核凭

证，以让吾等信纳可收回于二零二五年三月

三十一日及二零二四年三月三十一日的上

述结余。

就上述结余而言，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，已确认来自该债务人应收赔偿的其

他收入及收益分别约

19,554,000

港元及

22,416,000

港元。有关赔偿收入乃根据贵

集团与债务人之协议按上述未偿还结余计

算及确认。鉴于上述有关债务人可收回性的

情况，吾等亦无法取得足够适当审核凭证，

以让吾等信纳对该等已入账补偿收入的经

济利益是否有相应增加。

OTHER MATERS

Had we not disclaimed our opinion in respect of the maters described

in the Basis of Disclaimer of Opinion section above, we would otherwise

have qualified our opinion in respect of the scope limitations on our audit

relating to the maters detailed below.

Prepayments, deposits and other receivables

Included in the consolidated statement of financial position were

prepayments, deposits and other receivables of aproximately

HK$137,588,000 and HK$119,709,000 as at 31 March 2025 and 31

March 2024, respectively.

The management has taken legal action against the debtor on

setlement of the aforesaid balances. In absence of the fulfilment on

the agred repayment schedules under the mediation of local court and

the debtor is unable to provide suportive information to the Group for

recoverability of the aforesaid balances, the management considered

that there is uncertainty on recovering the aforesaid balances. The

management has aplied execution against the debtor on the balances

through Intermediate People’s Court and High People’s Court in

Shanxi Province, the legal procedure is stil in proces, hence no result

from actions is available up to the date of this report for justifying the

extent of the recoverability of the aforesaid balances. Acordingly, we

were unable to obtain suficient apropriate audit evidence to satisfy

ourselves as to the recoverability of aforesaid balances as at 31 March

2025 and 31 March 2024.

In relation to the aforesaid balances, other income and gains from this

debtor for compensation receivable of aproximately HK$19,554,000

and HK$22,416,000 were recognised for the years ended 31 March

2025 and 31 March 2024, respectively. Such compensation income

was calculated and recognized based on the aforesaid outstanding

balances by the agrements betwen the Group and the debtor. In view

of the above situation on the recoverability for such debtor, we were

also unable to obtain suficient apropriate audit evidence to satisfy

ourselves whether there are corespondingly increase in economic

benefit from these recorded compensation income.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

107ANUAL REPORT 2024/25

年报

吾等无法采用其他令人信纳的审核程序来

确定上述分别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的其

他收入及收益是否妥为确认，以及上述于二

零二五年三月三十一日及二零二四年三月

三十一日的结余是否公允列报。

对上文所述数字的任何调整可能对贵集

团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的财务表现及

现金流量以及贵集团于二零二五年三月

三十一日及二零二四年三月三十一日的财

务状况及其在综合财务报表中的相关披露

产生影响。

董事就综合财务报表须承担之责任

董事须负责根据香港会计师公会（「香港会

计师公会」）颁布之香港财务报告准则会计

准则及香港公司条例之披露规定编制综合

财务报表，使其真实而公允地列报，及制订

董事认为必要之相关内部监控，以使综合

财务报表之编制不会存在由于欺诈或错误

而导致之重大错误陈述。

在编制综合财务报表时，董事须负责评

估贵集团持续经营之能力，并在适用情

况下披露与持续经营有关之事项。除非董

事有意将贵集团清盘或停止经营，或别

无其他实际的替代方案，否则采用持续经

营会计基础。

There were no other satisfactory audit procedures that we could adopt

to determine whether the aforesaid other income and gains for the year

ended 31 March 2025 and 31 March 2024, respectively, were properly

recognised and the aforesaid balances as at 31 March 2025 and 31

March 2024 were fairly stated.

Any adjustments to the figures as described above might have a

consequential efect on the Group’s financial performance and cash

flows for the year ended 31 March 2025 and 31 March 2024 and the

financial position of the Group as at 31 March 2025 and 31 March

2024, and the related disclosures thereof in the consolidated financial

statements.

RESPONSIBILITIES OF DIRECTORS FOR THE

CONSOLIDATED FINANCIAL STATEMENTS

The directors are responsible for the preparation of the consolidated

financial statements that give a true and fair view in acordance with

HKFRS Acounting Standards isued by the Hong Kong Institute

of Certified Public Acountants (the “HKICPA”) and the disclosure

requirements of the Hong Kong Companies Ordinance, and for such

internal control as the directors determine is necesary to enable the

preparation of consolidated financial statements that are fre from

material mistatement, whether due to fraud or eror.

In preparing the consolidated financial statements, the directors are

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

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

using the going concern basis of acounting unles the directors either

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

alternative but to do so.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

108HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

核数师就审核综合财务报表须承担的责

任

吾等的责任，是根据香港会计师公会颁布的

《香港审计准则》对贵集团的综合财务报

表进行审核，并出具核数师报告。然而，基

于本报告「无法表示意见的基础」一节所述

的事项，吾等无法对该等综合财务报表形

成意见。

根据香港会计师公会颁布的《专业会计师道

德守则》（「守则」），我们独立于贵集团，

并已履行守则中的其他道德责任。

中汇安达会计师事务所有限公司

执业会计师

施连灯

审核委聘董事

执业证书号码

P03614

香港，二零二五年六月三十日

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE

CONSOLIDATED FINANCIAL STATEMENTS

Our responsibility is to conduct an audit of the Group’s consolidated

financial statements in acordance with Hong Kong Standards on

Auditing isued by the HKICPA and to isue an auditor’s report.

However, because of the maters described in the Basis for Disclaimer

of Opinion section of our report, it is not posible for us to form an

opinion on these consolidated financial statements.

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.

ZHONGHUI ANDA CPA Limited

Certified Public Acountants

Sze Lin Tang

Audit Engagement Director

Practising Certificate Number P03614

Hong Kong, 30 June 2025

34,230
(34,185)
45
19,554
1
(17,943)
(31,144)
(29,487)
–
(29,487)
(14,386)
(14,386)
(43,873)

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND COMPREHENSIVE INCOME

综合损益及全面收益表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

109ANUAL REPORT 2024/25

年报

Year ended

31 March

Year ended

31 March

截至二零二五年

三月三十一日

止年度

截至二零二四年

三月三十一日

止年度

NotesHK$’000HK$’000

附注千港元千港元

REVENUE

收入

72,403

Cost of sales

销售成本

(2,400)

Gros profit

毛利

Compensation income

补偿收入

722,416

Other income and gains, net

其他收入及收益，净额

Administrative expenses

行政开支

(27,327)

Finance costs

财务成本

8(31,105)

LOS BEFORE TAX

除税前亏损

9(35,739)

Income tax expense

所得税开支

12–

LOS FOR THE YEAR

年度亏损

(35,739)

Other comprehensive expenses

其他全面开支

Items that may be reclasified

subsequently to profit or los

其后可能重新分类

至损益之项目

Exchange diferences on translation of

foreign operations

海外业务折算产生之

汇兑差额

(68,880)

Other comprehensive expenses for the

year, net of tax

年度其他全面开支，

除税后

(68,880)

TOTAL COMPREHENSIVE EXPENSES

FOR THE YEAR

年度全面开支总额

(104,619)

(29,484)
(3)
(29,487)
(41,949)
(1,924)
(43,873)
(HK$0.10 )
港元
(HK$0.10 )
港元

CONSOLIDATED STATEMENT OF PROFIT OR LOS AND COMPREHENSIVE INCOME

综合损益及全面收益表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

110HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

Year ended

31 March

Year ended

31 March

截至二零二五年

三月三十一日

止年度

截至二零二四年

三月三十一日

止年度

NotesHK$’000HK$’000

附注千港元千港元

LOS FOR THE YEAR

ATRIBUTABLE TO:

以下人士应占年度亏损：

Owners of the Company

本公司拥有人

(35,732)

Non-controling interests

非控股权益

(7)

(35,739)

TOTAL COMPREHENSIVE EXPENSES

FOR THE YEAR ATRIBUTABLE TO

以下人士应占年度全面

开支总额

Owners of the Company

本公司拥有人

(95,454)

Non-controling interests

非控股权益

(9,165)

(104,619)

LOS PER SHARE

每股亏损

Basic

基本

13(HK$0.12

港元

)

Diluted

摊薄

港元

(HK$0.12

港元

)

1,666,634
1,508
1,668,142
54
141,028
1,675
142,757
–
152,513
218,188
1,370
215,182
587,253
(444,496)
1,223,646

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025

于二零二五年三月三十一日

111ANUAL REPORT 2024/25

年报

31 March

二零二五年

三月三十一日

二零二四年

三月三十一日

NotesHK$’000HK$’000

附注千港元千港元

Non-Curent Asets

非流动资产

Property, plant and equipments

物业、厂房及设备

151,687,336

Financial asets at fair value through

profit or los

按公允值计入损益之

金融资产

161,508

Total non-curent asets

非流动资产总额

1,688,844

Curent Asets

流动资产

Trade receivables

贸易应收账款

171,719

Prepayments, deposits and other

receivables

预付款项、按金及

其他应收账款

18134,174

Cash and bank balances

现金及银行结存

202,448

Total curent asets

流动资产总额

138,341

Curent Liabilities

流动负债

Trade payables

贸易应付账款

211,715

Other payables, acruals and

deposit received

其他应付账款、应计费用

及已收按金

22109,017

Other borowings

其他借贷

23218,188

Lease liabilities

租赁负债

241,402

Tax payable

应计税项

145,110

Total curent liabilities

流动负债总额

475,432

Net curent liabilities

流动负债净额

(337,091)

Total asets les curent liabilities

资产总额减流动负债

1,351,753

39,002
–
143,454
182,456
1,041,190
29,037
845,627
874,664
166,526
1,041,190

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

综合财务状况表

At 31 March 2025

于二零二五年三月三十一日

112HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

第

页至第

页之综合财务报表已于二

零二五年六月三十日经董事会批准及授权

发布，并由下列董事代表签署：

31 March

二零二五年

三月三十一日

二零二四年

三月三十一日

NotesHK$’000HK$’000

附注千港元千港元

Non-Curent Liabilities

非流动负债

Other payables

其他应付账款

2247,656

Lease liabilities

租赁负债

241,370

Tax payable

应计税项

217,664

Total non-curent liabilities

非流动负债总额

266,690

Net asets

资产净额

1,085,063

Equity

权益

Equity atributable to owners of the

Company

本公司拥有人应占权益

Share capital

股本

2529,037

Reserves

储备

26887,576

Total equity atributable to owners

of the Company

本公司拥有人应占权益总额

916,613

Non-controling interests

非控股权益

27168,450

Total equity

权益总额

1,085,063

The consolidated financial statements on pages 109 to 180 were

aproved and were authorised for isue by the Board of Directors on 30

June 2025 and signed on its behalf by:

Mr. ZHAO Xu GuangMr. WONG Siu Hung, Patrick

赵旭光先生黄少雄先生

DirectorDirector

董事董事

29,037	346,924	1,731,681	18,236	(566)	(79,772)	85	(1,129,012)	916,613	168,450	1,085,063
–	–	–	–	–	–	–	(29,484)	(29,484)	(3)	(29,487)
–	–	–	–	–	(12,465)	–	–	(12,465)	(1,921)	(14,386)
–	–	–	–	–	(12,465)	–	(29,484)	(41,949)	(1,924)	(43,873)
29,037	346,924	1,731,681	18,236	(566)	(92,237)	85	(1,158,496)	874,664	166,526	1,041,190

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

综合权益变动表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

113ANUAL REPORT 2024/25

年报

该等储备账包括于二零二五年三月三十一

日之综合财务状况表内的综合储备。

Atributable to owners of the Company

本公司拥有人应占

capital

premium*

Contributed

surplus*

Special

reserve*

Other

reserve*

Exchange

fluctuation

reserve*

Capital

redemption

reserve*

Acumulated

loses*

Equity

atributable

to owners

of the

Company

Non-

controling

interest

Total

equity

股本股份溢价

缴入盈余

特别储备

其他储备

兑换波动

储备

资本赎回

储备

累计亏损

本公司

拥有人

应占权益非控股权益权益总额

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

28,707346,5541,731,68118,236(566)(20,050)85(1,093,280)1,011,367177,6151,188,982

Los for the year

本年度亏损

–(35,732)(35,732)(7)(35,739)

Other comprehensive expenses

for the year:

年度其他全面开支：

Exchange diferences on

translation of foreign operations

海外业务折算产生之

汇兑差额

–(59,722)–(59,722)(9,158)(68,880)

Total comprehensive expenses

for the year

本年度全面开支总额

–(59,722)–(35,732)(95,454)(9,165)(104,619)

Isuance of new shares (Note 25)

发行新股份（附注

）

330370–700–700

At 31 March 2024

于二零二四年三月三十一日

29,037346,9241,731,68118,236(566)(79,772)85(1,129,012)916,613168,4501,085,063

At 1 April 2024

于二零二四年四月一日

Los for the year

本年度亏损

Other comprehensive expenses

for the year:

本年度其他全面开支：

Exchange diferences on

translation of foreign operations

海外业务折算产生之

汇兑差额

Total comprehensive expenses

for the year

年度全面开支总额

At 31 March 2025

于二零二五年三月三十一日

* These reserve acounts comprise the consolidated reserves in the

consolidated statement of financial position as at 31 March 2025.

(29,487)
31,144
–
(19,554)
(1)
17
1,480
–
(16,401)
1,660
12,700
(1,710)
4,502
751

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

114HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

CASH FLOW FROM

OPERATING ACTIVITIES

经营业务之现金流量

Los before tax

除税前亏损

(35,739)

Adjustments for:

已作下列调整：

Finance costs

财务成本

31,105

Gain on disposal of property, plant

and equipment

出售物业、厂房及设备收益

(270)

Compensation income from contract

with customer

客户合约补偿收入

(22,416)

Interest income

利息收入

(1)

Depreciation of property, plant and

equipments

物业、厂房及设备折旧

Depreciation of right-of-use asets

使用权资产折旧

2,893

Equity-setled share-based payments

以权益结算以股份为基础的

支付

Operating cash flows before working

capital changes

营运资金变动前之经营现金流量

(23,668)

Change in trade receivables

贸易应收账款变动

(1,734)

Change in prepayments, deposits and

other receivables

预付款项、按金及其他应收账款

变动

17,307

Change in trade payables

贸易应付账款变动

1,730

Change in other payables, acruals

and deposits received

其他应付账款、应计费用及

已收按金变动

10,620

Net cash inflow from operating

activities

经营业务之现金流入净额

4,255

(5)
–
1
(4)
(1,518)
(1,518)
(771)
2,448
(2)
1,675
1,675
1,675

CONSOLIDATED STATEMENT OF CASH FLOWS

综合现金流量表

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

115ANUAL REPORT 2024/25

年报

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

CASH FLOW FROM

INVESTING ACTIVITIES

投资业务之现金流量

Purchases of property, plant and

equipment

购买物业、厂房及设备

–

Proceds from disposal of property,

plant and equipment

出售物业、厂房及设备之收益

Interest received

已收利息

Net cash (outflow)/inflow

investing activities

投资业务之现金

（流出）╱流入净额

CASH FLOW FROM

FINANCING ACTIVITIES

融资业务之现金流量

Lease payments

租赁付款

(2,999)

Net cash used in financing activities

融资业务所用之现金净额

(2,999)

NET (DECREASE)/INCREASE IN

CASH AND CASH EQUIVALENTS

现金及现金等价物（减少）╱增加

净额

1,527

Cash and cash equivalents at

begining of year

年初之现金及现金等价物

Efect of exchange rate changes on

cash and cash equivalents

汇率变动对现金及现金等价物之

影响

Cash and cash equivalents at

end of year

年末之现金及现金等价物

2,448

ANALYSIS OF THE BALANCES OF

CASH AND CASH EQUIVALENTS

现金及现金等价物结余分析

Cash and bank balances

现金及银行结存

2,448

Cash and cash equivalents at

end of year

年末之现金及现金等价物

2,448

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

116HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

公司资料

和嘉控股有限公司于百慕达注册成立

为获豁免有限公司，其股份在联交所

上市。于报告期末，注册办事处及主

要办事处分别位于

Victoria Place, 5th

Flor, 31 Victoria Stret, Hamilton HM

10, Bermuda

及香港金钟金钟道

号

力宝中心第

座

楼

3604-05

室。

于二零二五年三月三十一日，本公司

董事（「董事」）认为本集团的直接和

最终控股方分别为顺旺投资有限公司

（该公司为于英属处女群岛注册成

立）及本公司董事赵旭光先生。

于本年度，本公司及其附属公司（统称

「本集团」）涉及以下业务：

(i)

焦炭贸

易业务；

(i)

煤炭相关附属业务；及

(i)

焦

炭生产业务。

除另有订明外，综合财务报表以港元

（「港元」）呈报，所有金额均舍入至最

接近的千位数（「千港元」）。

1. CORPORATE INFORMATION

Huscoke Holdings Limited was incorporated in Bermuda as an

exempted company with limited liability and its shares are listed

on the Stock Exchange. The registered ofice at the end of the

reporting period is located at Victoria Place, 5th Flor, 31 Victoria

Stret, Hamilton HM 10, Bermuda and the principal ofice at the

end of the reporting year is located at Rom 3604-05, 36/F.,

Tower One, Lipo Centre, 89 Quensway, Admiralty, Hong Kong.

At 31 March 2025, the directors of the Company (“Directors”)

consider that the imediate and ultimate controling party of

the Group to be Shun Wang Investments Limited, a company

incorporated in the British Virgin Islands and Mr. Zhao Xu Guang,

a director of the Company, respectively.

During the year, the Company and its subsidiaries (colectively,

the “Group”) were involved in the folowing activities: (i) coke

trading busines; (i) coal-related ancilary busines; and (i) coke

production busines.

The consolidated financial statements are presented in Hong

Kong dolars (“HK$”) and al values are rounded to the nearest

thousand (“HK$’000”), unles otherwise stated.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

117ANUAL REPORT 2024/25

年报

公司资料（续）

有关附属公司之资料

本公司主要附属公司之详情如下：

1. CORPORATE INFORMATION (Continued)

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as folows:

Name

Place of incorporation/

registration and busines

Isued

ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

名称注册成立╱注册及业务地点

已发行普通股

╱注册股本

本公司应占权益

百分比主要业务

DirectIndirect

直接间接

Rich Key Enterprises LimitedBritish Virgin Islands/Hong KongUS$1100–Investment holding

富基企业有限公司英属处女群岛╱香港

美元投资控股

Pride Eagle Investments LimitedBritish Virgin Islands/Hong KongUS$1–100Investment holding

傲鹰投资有限公司英属处女群岛╱香港

美元投资控股

Huscoke International Group LimitedHong Kong/Hong KongHK$10,000–100Trading of coke

和嘉国际集团有限公司香港╱香港

10,000

港元买卖焦炭

Herong Resources LimitedHong Kong/Hong KongHK$10,000–100Trading of coke

和融资源有限公司香港╱香港

10,000

港元买卖焦炭

Ocean Signal LimitedHong Kong/Hong KongHK$10,000–100Asets holding

海志有限公司香港╱香港

10,000

港元资产持有

Wealth Guardian Holdings LimitedBritish Virgin Islands/Hong KongUS$1100–Investment holding

富御控股有限公司英属处女群岛╱香港

美元投资控股

God Guardian Investments LimitedBritish Virgin Islands/Hong KongUS$1–100Investment holding

佳衞投资有限公司英属处女群岛╱香港

美元投资控股

Fruitful International Investments

Limited

Hong Kong/Hong KongHK$10,000–100Investments

富丰国际投资有限公司香港╱香港

10,000

港元投资

Joint Blom Enterprises LimitedBritish Virgin Islands/Hong KongUS$1100–Investment holding

合盛企业有限公司英属处女群岛╱香港

美元投资控股

True Tycon LimitedCayman Islands/Hong KongUS$1–100Investment holding

诚亨有限公司开曼群岛╱香港

美元投资控股

Ample Lead Global LimitedBritish Virgin Islands/Hong KongUS$1100–Investment holding

溢领环球有限公司英属处女群岛╱香港

美元投资控股

Tycon Path Investments LimitedBritish Virgin Islands/Hong KongUS$100–100Investment holding

亨途投资有限公司英属处女群岛╱香港

美元投资控股

Huscoke Management LimitedHong Kong/Hong KongHK$1–100Investment holding

和嘉管理有限公司香港╱香港

港元投资控股

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

118HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

附注：

仅供识别

山西和嘉为于中国成立之中外合资

合营公司。

ℓ

能源嘉润为于中国成立之有限责任

公司。

于报告期末或于报告期任何时间，概

无附属公司拥有任何尚未偿还之债务

证券。

上表列出董事认为对本年度业绩有重

大影响及占本集团资产净值绝大部分

之本公司附属公司。董事认为，列出

其他附属公司之详情将会令本节篇幅

过份冗长。

Name

Place of incorporation/

registration and busines

Isued

ordinary/

registered

share capital

Percentage of

equity atributable

to the CompanyPrincipal activities

名称注册成立╱注册及业务地点

已发行普通股

╱注册股本

本公司应占权益

百分比主要业务

DirectIndirect

直接间接

Shanxi Huscoke International Energy

Company Limited * (“Shanxi

Huscoke”)

The PRC/Mainland ChinaRMB10,000,000–100Investment holding

山西和嘉国际能源有限公司

（「山西和嘉」）

@中国╱中国内地人民币

10,000,000

元

投资控股

Shanxi Jinyan Energy Jiarun Co., Ltd *

(“Energy Jiarun”)ℓ

The PRC/Mainland ChinaRMB1,000,000–90Coal-related ancilary

busines; coke

production and

coke trading

山西金岩能源嘉润有限责任公司

（「能源嘉润」）

ℓ

中国╱中国内地人民币

1,000,000

元

煤炭相关附属业务；

焦炭生产及焦炭

贸易

Heroic Global Enterprises LimitedBritish Virgin Islands/Hong KongUS$1–100Investment holding

雄英环球企业有限公司英属处女群岛╱香港

美元投资控股

Blom Wealth Investment LimitedHong Kong/Hong KongHK$1–100Investment holding

兴财投资有限公司香港╱香港

港元投资控股

Notes:

* For identification purposes only

Shanxi Huscoke is a Sino-foreign equity joint venture company

established in the PRC.

ℓ Energy Jiarun is a limited liability company established in the PRC.

None of the subsidiaries had any debt securities outstanding at

the end of the reporting period, or at anytime during the reporting

period.

The above table lists the subsidiaries of the Company which, in

the opinion of the Directors, principaly afected the results for

the year and formed a substantial portion of the net asets of the

Group. To give details of other subsidiaries would, in the opinion of

the Directors, result in particulars of excesive length.

1. CORPORATE INFORMATION (Continued)

Information about subsidiaries (Continued)

公司资料（续）

有关附属公司之资料（续）

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

119ANUAL REPORT 2024/25

年报

呈列及编制基准

该等综合财务报表已按照香港会计师

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）、香港公认之会计原则

及香港公司条例之披露规定编制。该

等综合财务报表乃按历史成本惯例编

制，惟按公允值计入损益之金融资产

按公允值计量。

遵照香港财务报告准则会计准则编制

综合财务报表须使用主要假设及估

计，亦要求董事在应用会计政策过程

中作出判断。涉及关键判断之范畴及

对该等综合财务报表而言属重大之假

设及估计之范畴于附注

中披露。

截至二零二五年三月三十一日止年

度，本集团产生本公司拥有人应占亏

损

29,484,000

港元，并于二零二五年

三月三十一日拥有流动负债净额约

444,496,000

港元。本集团已于二零

二三年十二月十一日及二零二四年六

月十七日接获主要债权人就若干声称

未偿还借贷及利息的法定要求偿债

书。此外，本公司已收到主要债权人

针对本公司提出的清盘呈请。再者，

直至目前为止，新经营资产未产生收

入，对本集团之营运带来重大影响。

此等情况显示存在可能令本集团继续

持续经营能力产生重大疑问的重大不

确定性。综合财务报表乃按持续经营

基准编制，该基准是否适用取决于本

集团能否使新经营资产按期全面投入

营运、能否成功向债务人收回债务、

本集团能否成功劝说其债权人不会坚

持要求本集团在其新经营资产全面投

入营运前还款而推迟付款，以及能否

成功寻求撤销清盘呈请。综合财务报

表并没有包括若因未能使新经营资产

按期全面投入营运、收回债务、推迟

还款及寻求撤销清盘呈请而作出的任

何调整。

董事已审慎考虑本集团的未来流动资

金，并认为本集团能够应付在可见将

来到期的财务责任，因此，彼等信纳

按持续经营基准编制此等综合财务报

表属适当。

2. PRESENTATION AND BASIS OF PREPARATION

These consolidated financial statements have ben prepared in

acordance with HKFRS Acounting Standards (which include

al Hong Kong Financial Reporting Standards (“HKFRS”), Hong

Kong Acounting Standards (“HKAS”) and Interpretations) isued

by the Hong Kong Institute of Certified Public Acountants

(“HKICPA”), acounting principles generaly acepted in Hong

Kong and the disclosure requirements of the Hong Kong

Companies Ordinance. They have ben prepared under the

historical cost convention, except for financial asets at fair value

through profit or los which have ben measured at fair value.

The preparation of these consolidated financial statements in

conformity with HKFRS Acounting Standards requires the use

of key asumptions and estimates. It also requires the Directors

to exercise their judgements in the proces of aplying the

acounting policies. The areas involving critical judgements and

areas where asumptions and estimates are significant to these

consolidated financial statements are disclosed in note 5.

The Group incured a los atributable to owners of the Company

of HK$29,484,000 for the year ended 31 March 2025 and had

net curent liabilities of aproximately HK$444,496,000 as at

31 March 2025. Statutory demands from the major creditor for

certain aleged outstanding borowing and interest were received

on 11 December 2023 and 17 June 2024. Also, the Company

has received a winding-up petition filed against the Company

by the major creditor. Further, no revenue was generated from

the new operating asets up to date, which bring significant

impacts on the Group’s operations. These conditions indicate

the existence of a material uncertainty which may cast significant

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

The consolidated financial statements have ben prepared on

a going concern basis, the validity of which depends upon the

Group’s ability to make the new operating asets in ful operation

on schedule, the suces in colecting debts from a debtor, the

suces in delaying the payments by persuading its creditors of

the Group not to insist on demanding repayment before the ful

operation of the Group’s new operating asets and the suces in

seking the dismisal of the winding-up petition. The consolidated

financial statements do not include any adjustments that would

result from the failure to make the new operating asets in

ful operation on schedule, to colect the debts, to delay the

repayments and to sek the dismisal of the winding-up petition.

The Directors have given careful consideration to the future

liquidity of the Group and are of the opinion that the Group

wil be able to met its financial obligations as they fal due for

the foreseable future, and acordingly, are satisfied that it is

apropriate to prepare these consolidated financial statements on

a going concern basis.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

120HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

呈列及编制基准（续）

有关清盘呈请的详情，请参阅本公司

日期为二零二四年八月二日、二零

二四年八月八日、二零二五年四月九

日、二零二五年五月八日、二零二五

年五月三十日及二零二五年六月九日

的公告。

采纳新订及经修订香港财务报告准

则会计准则

本年度，本集团已采纳与其营运有关

并自二零二四年四月一日起开始的会

计年度生效的所有香港会计师公会颁

布的新订及经修订香港财务报告准则

会计准则。香港财务报告准则会计准

则包括香港财务报告准则、香港会计

准则及诠释。采纳该等新订及经修订

香港财务报告准则会计准则并无导致

本集团于本年度及过往期间╱年度的

会计政策、本集团综合财务报表呈列

方式及所呈报金额产生重大变动。

本集团并未应用已颁布但尚未生效的

新订香港财务报告准则会计准则。本

集团已开始评估该等新订香港财务报

告准则会计准则的影响，但尚不能阐

明该等新订香港财务报告准则会计准

则会否对其经营业绩及财务状况造成

重大影响。

重大会计政策

编制该等综合财务报表所应用的重大

会计政策载于下文。

综合账目

综合财务报表包括本公司及其附属公

司截至三月三十一日止的财务报表。

附属公司指本集团控制的实体。当本

集团承受或享有参与实体所得的可变

回报，且有能力透过其对实体的权力

影响该等回报时，则本集团控制该实

体。当本集团的现有权利赋予其目前

掌控有关业务（即大幅影响实体回报

的业务）时，则本集团对该实体行使权

力。

2. PRESENTATION AND BASIS OF PREPARATION

(Continued)

For details of the winding-up petition, please refer to the

Company’s anouncements dated 2 August 2024, 8 August

2024, 9 April 2025, 8 May 2025, 30 May 2025 and 9 June 2025.

3. ADOPTION OF NEW AND REVISED HKFRS ACOUNTING

STANDARDS

In the curent year, the Group has adopted al the new and

revised HKFRS Acounting Standards isued by the HKICPA

that are relevant to its operations and efective for its acounting

year begining on 1 April 2024. HKFRS Acounting Standards,

comprise HKFRS, HKAS, and Interpretation. The adoption of

these new and revised HKFRS Acounting Standards did not

result in significant changes to the Group’s acounting policies,

presentation of the Group’s consolidated financial statements and

amounts reported for the curent year and prior period/years.

The Group has not aplied the new HKFRS Acounting Standards

that have ben isued but are not yet efective. The Group has

already comenced an asesment of the impact of these new

HKFRS Acounting Standards but is not yet in a position to state

whether these new HKFRS Acounting Standards would have a

material impact on its results of operations and financial position.

4. MATERIAL ACOUNTING POLICIES

The material acounting policies aplied in the preparation of

these consolidated financial statements are set out below.

Consolidation

The consolidated financial statements include the financial

statements of the Company and its subsidiaries made up to 31

March. Subsidiaries are entities over which the Group has control.

The Group controls an entity when it is exposed, or has rights, to

variable returns from its involvement with the entity and has the

ability to afect those returns through its power over the entity.

The Group has power over an entity when the Group has existing

rights that give it the curent ability to direct the relevant activities,

i.e. activities that significantly afect the entity’s returns.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

121ANUAL REPORT 2024/25

年报

重大会计政策（续）

综合账目（续）

在评估控制权时，本集团会考虑其潜

在投票权以及其他人士持有的潜在投

票权，以厘定其是否拥有控制权。在

持有人能实际行使潜在投票权的情况

下，方会考虑该权利。

附属公司自其控制权转移予本集团当

日起综合入账，并于控制权终止当日

不再综合入账。

出售附属公司而导致失去控制权之收

益或亏损乃指

(i)

出售代价之公允值连

同于该附属公司任何保留投资之公允

值与

(i)

本公司应占该附属公司之资产

净值连同与该附属公司有关之任何剩

余商誉以及任何累计兑换波动储备两

者间之差额。

集团内公司间交易、结余和未变现溢

利予以对销。除非交易证明所转让资

产出现减值，否则未变现亏损亦予以

对销。附属公司的会计政策已在必要

时作出变动，以确保其与本集团所采

用的政策一致。

非控股权益指并非直接或间接归属于

本公司之附属公司权益。非控股权益

乃呈列于综合财务状况表及综合权益

变动表之权益中。非控股权益于综合

损益及其他全面收益表内呈列为非控

股东与本公司拥有人之间期间损益

及全面收益总额之分配。

溢利或亏损及其他全面收益的各组成

部分归属予本公司拥有人及非控股

东，即使导致非控股权益产生亏绌结

余亦然。

4. MATERIAL ACOUNTING POLICIES (Continued)

Consolidation (Continued)

When asesing control, the Group considers its potential voting

rights as wel as potential voting rights held by other parties,

to determine whether it has control. A potential voting right is

considered only if the holder has the practical ability to exercise

that right.

Subsidiaries are consolidated from the date on which control is

transfered to the Group. They are de-consolidated from the date

the control ceases.

The gain or los on the disposal of a subsidiary that results in

a los of control represents the diference betwen (i) the fair

value of the consideration of the sale plus the fair value of any

investment retained in that subsidiary and (i) the Company’s share

of the net asets of that subsidiary plus any remaining godwil

relating to that subsidiary and any related acumulated exchange

fluctuation reserve.

Intragroup transactions, balances and unrealised profits are

eliminated. Unrealised loses are also eliminated unles the

transaction provides evidence of an impairment of the aset

transfered. Acounting policies of subsidiaries have ben

changed where necesary to ensure consistency with the policies

adopted by the Group.

Non-controling interests represent the equity in subsidiaries not

atributable, directly or indirectly, to the Company. Non- controling

interests are presented in the consolidated statement of financial

position and consolidated statement of changes in equity within

equity. Non-controling interests are presented in the consolidated

statement of profit or los and other comprehensive income as an

alocation of profit or los and total comprehensive income for the

period betwen the non-controling shareholders and owners of

the Company.

Profit or los and each component of other comprehensive

income are atributed to the owners of the Company and to

the non-controling shareholders even if this results in the non-

controling interests having a deficit balance.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

122HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

外币换算

(a)

功能货币及呈列货币

本集团旗下各实体之财务报表

所列项目，均以该实体营运所在

主要经济环境之货币（「功能货

币」）计量。综合财务报表以港元

呈列，即本集团的呈列货币及本

公司的功能货币。本集团主要营

运附属公司的功能货币为人民币

（「人民币」）。

(b)

各实体财务报表之交易及结余

外币交易于初始确认时使用交

易日期之通行汇率换算为功能

货币。以外币计值之货币资产及

负债按各报告期末之汇率换算。

因此项换算政策产生之盈亏于

损益确认。

以外币计值按公允值计量的非

货币项目采用厘定公允值当日

的汇率换算。

倘非货币项目的收益或亏损于

其他全面收益确认，该收益或亏

损的任何换算部分会于其他全

面收益确认。倘非货币项目的收

益或亏损于损益确认，则有关收

益或亏损的任何换算部分于损

益确认。

(c)

综合账目时之换算

本集团内所有其功能货币与本

集团呈列货币有别之实体，其业

绩及财务状况乃按下列方式换

算为本集团之呈列货币：

—

各财务状况表所呈列之资

产及负债均按财务状况表

日期之收市汇率换算；

4. MATERIAL ACOUNTING POLICIES (Continued)

Foreign curency translation

(a) Functional and presentation curency

Items included in the financial statements of each of the

Group’s entities are measured using the curency of the

primary economic environment in which the entity operates

(the “functional curency”). The consolidated financial

statements are presented in HK$, which is the Group’s

presentation curency and the functional curency of the

Company. The functional curency of the principal operating

subsidiaries of the Group is Renminbi (“RMB”).

(b) Transactions and balances in each entity’s financial

statements

Transactions in foreign curencies are translated into the

functional curency on initial recognition using the exchange

rates prevailing on the transaction dates. Monetary asets

and liabilities in foreign curencies are translated at the

exchange rates at the end of each reporting period.

Gains and loses resulting from this translation policy are

recognised in profit or los.

Non-monetary items that are measured at fair values in

foreign curencies are translated using the exchange rates at

the dates when the fair values are determined.

When a gain or los on a non-monetary item is recognised

in other comprehensive income, any exchange component

of that gain or los is recognised in other comprehensive

income. When a gain or los on a non-monetary item is

recognised in profit or los, any exchange component of

that gain or los is recognised in profit or los.

The results and financial position of al the group entities

that have a functional curency diferent from the Group’s

presentation curency are translated into the Group’s

presentation curency as folows:

– Asets and liabilities for each statement of financial

position presented are translated at the closing rate at

the date of that statement of financial position;

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

123ANUAL REPORT 2024/25

年报

重大会计政策（续）

外币换算（续）

(c)

综合账目时之换算（续）

—

收入及开支按平均汇率换

算（除非该平均汇率并非

交易日期之现行汇率累计

影响之合理约数，在该情

况下，收入及开支按交易

日期之汇率换算）；及

—

所产生之全部汇兑差额于

兑换波动储备内确认。

于综合账目时，换算于海外实体

的投资净额及换算借贷产生之

汇兑差额均于兑换波动储备内

确认。于出售海外业务时，有关

汇兑差额于损益确认为出售之

部分收益或亏损。

收购海外实体产生之商誉及公

允值调整乃作为该海外实体的

资产及负债处理，并按收市汇率

换算。

物业、厂房及设备

物业、厂房及设备按成本减累计折旧

及任何减值亏损列账。物业、厂房及

设备项目之成本包括其购买价及将资

产达至其拟定用途之营运状况及地点

之任何直接应占成本。

其后成本仅在与该项目有关的未来经

济利益很可能流入本集团，而该项目

成本能可靠计量时，方计入资产的账

面值或确认为独立资产（按适用者）。

所有其他维修及保养于其产生期间在

损益确认。

4. MATERIAL ACOUNTING POLICIES (Continued)

Foreign curency translation (Continued)

– Income and expenses are translated at average

exchange rates (unles this average is not a

reasonable aproximation of the cumulative efect of

the rates prevailing on the transaction dates, in which

case income and expenses are translated at the

exchange rates on the transaction dates); and

– Al resulting exchange diferences are recognised in

the exchange fluctuation reserve.

On consolidation, exchange diferences arising from the

translation of the net investment in foreign entities and of

borowings are recognised in the exchange fluctuation

reserve. When a foreign operation is sold, such exchange

diferences are recognised in profit or los as part of the gain

or los on disposal.

Godwil and fair value adjustments arising on the

acquisition of a foreign entity are treated as asets and

liabilities of the foreign entity and translated at the closing

rate.

Property, plant and equipment

Property, plant and equipment are stated at cost les

acumulated depreciation and any impairment loses. 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.

Subsequent costs are included in the aset’s carying amount or

recognised as a separate aset, as apropriate, only when it is

probable that future economic benefits asociated with the item

wil flow to the Group and the cost of the item can be measured

reliably. Al other repairs and maintenance are recognised in profit

or los during the period in which they are incured.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

124HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

物业、厂房及设备（续）

物业、厂房及设备乃于其估计可使用

年期采用足以撇销其成本减剩余价值

之比率以直线法计算折旧。主要可使

用年期如下：

租赁物业改良于租期内

电脑设备

年

家私及装置

年

汽车

年

剩余价值、可使用年期和折旧方法至

少于各财政年度末予以检讨并在适当

情况下予以调整。

出售物业、厂房及设备的收益或亏损

乃销售所得款项净额与有关资产的账

面值之间的差额，并于损益确认。

在建工程乃建筑中的楼宇及等待安装

的厂房及机械，按成本减去减值亏损

列账，不会折旧。成本包括直接建筑

成本及建筑期内相关借贷资金的资本

化借贷成本。当在建工程竣工及可供

使用时，将重新分类至适当的物业、

厂房及设备类别。

租赁

本集团作为承租人

租赁于租赁资产可供本集团使用时

确认为使用权资产及相应租赁负债。

使用权资产乃按成本减累计折旧及减

值亏损列账。使用权资产乃于资产的

可使用年期与租赁期两者中较短者以

直线法采用撇销其成本的比率计算折

旧。主要可使用年期如下：

土地及楼宇

2–10

年

4. MATERIAL ACOUNTING POLICIES (Continued)

Property, plant and equipment (Continued)

Depreciation of property, plant and equipment is calculated at

rates suficient to write of their cost les their residual values over

the estimated useful lives on a straight-line basis. The principal

useful lives are as folows:

Leasehold improvementOver the lease terms

Computer equipment5 years

Furniture and fixtures5 years

Motor vehicles5 years

The residual values, useful lives and depreciation method are

reviewed, and adjusted if apropriate, at least at each financial

year end.

The gain or los on disposal of property, plant and equipment is

the diference betwen the net sales proceds and the carying

amount of the relevant aset, and is recognised in profit or los.

Construction in progres represents buildings under construction

and plant and machinery pending for instalation, and is stated

at cost les any impairment loses, and is not depreciated.

Cost comprises the direct costs of construction and capitalised

borowing costs on related borowed funds during the period

of construction. Construction in progres is reclasified to the

apropriate category of property, plant and equipment when

completed and ready for use.

Leases

The Group as lese

Leases are recognised as right-to-use asets and coresponding

lease liabilities when the leased asets are available for use by the

Group. Right-of-use asets are stated at cost les acumulated

depreciation and impairment loses. Depreciation of right-of-use

asets is calculated at rates to write of their cost over the shorter

of the aset’s useful life and the lease term on a straight-line basis.

The principal useful lives are as folows:

Land and buildings2–10 years

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

125ANUAL REPORT 2024/25

年报

重大会计政策（续）

租赁（续）

本集团作为承租人（续）

使用权资产按成本计量，该成本包括

租赁负债之初始计量金额、预付租赁

付款、初始直接成本及复原成本。租

赁负债包括租赁付款以租赁内含利率

（倘该利率可厘定，否则按本集团之

增量借贷利率）贴现之净现值。每项

租赁付款均会在负债与融资成本之间

分配。融资成本于租赁期内于损益扣

除，以产生租赁负债剩下结余的固定

周期利率。

与短期租赁及低价值资产租赁相关的

付款于租赁期内按直线法在损益确认

为开支。短期租赁为初始租赁期为

个月或以下的租赁。低价值资产为价

值低于

5,000

美元的资产。

存货

存货乃按成本与可变现净值两者中的

较低者列账。成本包括直接材料、直

接人工、适当比例之经常性开支。可

变现净值按估计售价减完成及出售产

生的任何估计成本计算。

确认及终止确认金融工具

金融资产及金融负债于本集团成为工

具合约条文的订约方时，于综合财务

状况表内确认。

于收取资产现金流量之已订约权利届

满；本集团转让资产拥有权之绝大部

分风险及回报；或本集团既无转让亦

不保留资产所有权之绝大部分风险及

回报，但不保留资产之控制权时，终

止确认金融资产。终止确认一项金融

资产时，资产账面值与已收代价总额

之差额于损益确认。

倘相关合约订明之责任解除、取消或

届满，则终止确认金融负债。已终止

确认金融负债账面值与已付代价之差

额于损益确认。

4. MATERIAL ACOUNTING POLICIES (Continued)

Leases (Continued)

The Group as lese (Continued)

Right-of-use asets are measured at cost comprising the amount

of the initial measurement of the lease liabilities, lease payments

prepaid, initial direct costs and the restoration costs. Lease

liabilities include the net present value of the lease payments

discounted using the interest rate implicit in the lease if that

rate can be determined, or otherwise the Group’s incremental

borowing rate. Each lease payment is alocated betwen the

liability and finance cost. The finance cost is charged to profit or

los over the lease term so as to produce a constant periodic rate

of interest on the remaining balance of the lease liability.

Payments asociated with short-term leases and leases of low-

value asets are recognised as expenses in profit or los on a

straight-line basis over the lease terms. Short-term leases are

leases with an initial lease term of 12 months or les. Low-value

asets are asets of value below US$5,000.

Inventories

Inventories are stated at the lower of cost and net realisable

value. Cost comprises direct materials, direct labour and an

apropriate proportion of overheads. Net realisable value is based

on estimated seling prices les any estimated costs to be incured

to completion and disposal.

Recognition and derecognition of financial instruments

Financial asets and financial liabilities are recognised in the

consolidated statement of financial position when the Group

becomes a party to the contractual provisions of the instruments.

Financial asets are derecognised when the contractual rights to

receive cash flows from the asets expire; the Group transfers

substantialy al the risks and rewards of ownership of the asets;

or the Group neither transfers nor retains substantialy al the risks

and rewards of ownership of the asets but has not retained

control on the asets. On derecognition of a financial aset, the

diference betwen the aset’s carying amount and the sum of

the consideration received is recognised in profit or los.

Financial liabilities are derecognised when the obligation specified

in the relevant contract is discharged, canceled or expired. The

diference betwen the carying amount of the financial liability

derecognised and the consideration paid is recognised in profit or

los.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

126HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

金融资产

倘根据合约条款规定须于有关市场所

规定交付资产的期限内购入或出售资

产，则金融资产按交易日基准确认入

账及终止确认，并按公允值加直接交

易成本作初始确认，惟按公允值计入

损益之投资则除外。收购按公允值计

入损益之投资之直接应占交易成本即

时于损益确认。

本集团之金融资产乃按以下类别分

类：

—

按摊销成本计量之金融资产；及

—

按公允值计入损益之投资。

(i)

按摊销成本计量之金融资产

倘金融资产（包括贸易及其他应

收账款）符合以下两项条件则归

入此分类：

—

资产乃按目标为持有资产

以收取合约现金流之业务

模式持有；及

—

资产之合约条款导致于特

定日期产生纯粹为支付本

金及尚未偿还本金额之利

息之现金流。

该等资产其后使用实际利率法

按摊销成本减预期信贷亏损之

亏损拨备计量。

(i)

按公允值计入损益之投资

倘金融资产不符合按摊销成本

计量的条件及按公允值计入其

他全面收益计量的债务投资的

条件，则归入此类别，除非本集

团在初始确认时将并非持作买

卖的股本投资指定为按公允值

计入其他全面收益计量。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial asets

Financial asets are recognised and derecognised on a trade

date basis where the purchase or sale of an aset is under a

contract whose terms require delivery of the aset within the

timeframe established by the market concerned, and are initialy

recognised at fair value, plus directly atributable transaction costs

except in the case of investments at fair value through profit or

los. Transaction costs directly atributable to the acquisition of

investments at fair value through profit or los are recognised

imediately in profit or los.

Financial asets of the Group are clasified under the folowing

categories:

– Financial asets at amortised cost; and

– Investments at fair value through profit or los.

(i) Financial asets at amortised cost

Financial asets (including trade and other receivables)

are clasified under this category if they satisfy both of the

folowing conditions:

– the asets are held within a busines model whose

objective is to hold asets in order to colect

contractual cash flows; and

– the contractual terms of the asets give rise on

specified dates to cash flows that are solely payments

of principal and interest on the principal amount

outstanding.

They are subsequently measured at amortised cost using

the efective interest method les los alowance for

expected credit loses.

(i) Investments at fair value through profit or los

Financial asets are clasified under this category if they do

not met the conditions to be measured at amortised cost

and the conditions of debt investments at fair value through

other comprehensive income unles the Group designates

an equity investment that is not held for trading as at

fair value through other comprehensive income on initial

recognition.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

127ANUAL REPORT 2024/25

年报

重大会计政策（续）

金融资产（续）

(i)

按公允值计入损益之投资（续）

按公允值计入损益之投资其后

按公允值计量，公允值变动产生

的任何收益或亏损在损益确认。

在损益确认的公允值收益或亏

损已扣除任何利息收入及股息

收入。利息收入及股息收入在损

益确认。

金融资产减值

本集团就适用于香港财务报告准则第

号减值规定的金融资产确认预期信

贷亏损（「预期信贷亏损」）亏损拨备。

于各报告日期，如果该金融资产的信

贷风险自初始确认后大幅增加，则本

集团计量金融资产的亏损拨备，其金

额等于全期预期信贷亏损。如果金融

资产的信贷风险自初始确认后未显著

增加，则本集团以等于

个月预期信

贷亏损的金额计量该金融资产的亏损

拨备。

计量预期信贷亏损

预期信贷亏损乃金融工具预期年期之

信贷亏损（即所有现金短欠之现值）之

概率加权估计。

就金融资产而言，信贷亏损为根据合

约应付一间实体之合约现金流量与实

体预期收取之现金流量之间之差额之

现值。

就财务担保合约而言，本集团仅须于

债务人发生违约事件时，根据所担保

工具之条款作出付款。因此，预期信

贷亏损为预期支付予持有人作为发生

信贷亏损之补偿减去任何本集团预期

从持有人、债务人或任何其他人士所

收取之金额的现值。

全期预期信贷亏损指于金融工具于预

计年期内所有可能违约事件产生之预

期信贷亏损，而

个月预期信贷亏损

指预计于报告日期后

个月内可能发

生之金融工具违约事件产生之部分全

期预期信贷亏损。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial asets (Continued)

(i) Investments at fair value through profit or los

(Continued)

Investments at fair value through profit or los are

subsequently measured at fair value with any gains or loses

arising from changes in fair values recognised in profit or

los. The fair value gains or loses recognised in profit or

los are net of any interest income and dividend income.

Interest income and dividend income are recognised in profit

or los.

Impairment of financial asets

The Group recognises los alowances for expected credit loses

(“ECL”) on financial asets that are measured at amortised cost

to which the impairment requirements aply in acordance

with HKFRS 9. At each reporting date, the Group measures a

los alowance for a financial aset at an amount equal to the

lifetime ECL if the credit risk on that financial aset has increased

significantly since initial recognition. If the credit risk on a financial

aset has not increased significantly since initial recognition, the

Group measures the los alowance for that financial aset at an

amount equal to 12-month ECL.

Measurement of ECL

ECL is a probability-weighted estimate of credit loses (i.e. the

present value of al cash shortfals) over the expected life of the

financial instrument.

For financial asets, a credit los is the present value of the

diference betwen the contractual cash flows that are due to

an entity under the contract and the cash flows that the entity

expects to receive.

For a financial guarante contract, the Group is required to

make payments only in the event of a default by the debtor in

acordance with the terms of the instrument that is guaranted.

Acordingly, the ECL is the present value of the expected

payments to reimburse the holder for a credit los that it incurs

les any amounts that the Group expects to receive from the

holder, the debtor or any other party.

Lifetime ECL represents the ECL that wil result from al posible

default events over the expected life of a financial instrument

while 12-month ECL represents the portion of lifetime ECL that

is expected to result from default events on a financial instrument

that are posible within 12 months after the reporting date.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

128HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

金融资产减值（续）

计量预期信贷亏损（续）

倘预期信贷亏损按集体基准计量，则

金融工具按下列一项或多项共同信贷

风险特征基准归类：

—

逾期资料

—

工具性质

—

抵押品性质

—

债务人之行业

—

债务人之地理位置

于各报告日期重新计量亏损拨备以反

映金融工具之信贷风险及亏损自初始

确认以来出现之变动。所得之亏损拨

备之变动于损益中确认为减值盈亏，

并对金融工具之账面值作出相应调

整。

违约定义

倘金融工具符合任何一项下列标准，

本集团认为以下事项构成内部信贷风

险管理违约事件，此乃由于以往经验

显示本集团可能不会悉数收取未偿还

之合约金额。

—

内部制订或得自外界来源之资

料显示债务人不大可能悉数向

债权人（包括本集团）还款（未计

及本集团所持之任何抵押品）；

或

—

交易对手违反财务契诺。

不论上文分析为何，本集团都认为，

已于金融资产逾期超过

日后发生违

约，除非本集团有合理及有理据资料

证明更加滞后之违约标准更为恰当，

则当别论。

4. MATERIAL ACOUNTING POLICIES (Continued)

Impairment of financial asets (Continued)

Measurement of ECL (Continued)

Where ECL is measured on a colective basis, the financial

instruments are grouped based on the folowing one or more

shared credit risk characteristics:

– past due information

– nature of instrument

– nature of colateral

– industry of debtors

– geographical location of debtors

Los alowance is remeasured at each reporting date to reflect

changes in the financial instrument’s credit risk and los since

initial recognition. The resulting changes in the los alowance are

recognised as an impairment gain or los in profit or los with a

coresponding adjustment to the carying amount of the financial

instrument.

Definition of default

The Group considers the folowing as constituting an event

of default for internal credit risk management purposes as

historical experience indicates that the Group may not receive the

outstanding contractual amounts in ful if the financial instrument

that mets any of the folowing criteria.

– Information developed internaly or obtained from external

sources indicates that the debtor is unlikely to pay its

creditors, including the Group, in ful (without taking into

acount any colaterals held by the Group); or

– there is a breach of f inancial covenants by the counterparty.

Irespective of the above analysis, the Group considers that

default has ocured when a financial aset is more than 90

days past due unles the Group has reasonable and suportable

information to demonstrate that a more laging default criterion is

more apropriate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

129ANUAL REPORT 2024/25

年报

重大会计政策（续）

金融资产减值（续）

评估信贷风险大幅增加

于评估金融工具之信贷风险是否自初

始确认起大幅增加时，本集团比较金

融工具于报告日期出现违约之风险与

该金融工具于初始确认日期出现违约

之风险。作此评估时，本集团会考虑

合理及有理据之定量及定性资料，包

括以往经验及毋须花费不必要成本或

精力即可获得之前瞻性资料。

当合约付款逾期超过

日，不论以上

评估结果如何，本集团假设金融资产

之信贷风险自初始确认起已大幅增

加。

尽管如此，本集团假定倘金融工具于

报告日期被厘定为拥有低信贷风险，

则金融工具之信贷风险自初始确认起

并无大幅增加。

低信贷风险

倘出现下列情况，则金融工具被厘定

为拥有低信贷风险：

(i)

拥有低违约风险；

(i)

借款人有强大能力于短期履行

其合约现金流量责任；及

(i)

长远而言经济及业务状况出现

之不利变动可能但不一定会减

弱借款人履行其合约现金流量

责任之能力。

4. MATERIAL ACOUNTING POLICIES (Continued)

Impairment of financial asets (Continued)

Asesment of significant increase in credit risk

In asesing whether the credit risk on a financial instrument

has increased significantly since initial recognition, the Group

compares the risk of a default ocuring on the financial

instrument as at the reporting date with the risk of a default

ocuring on the financial instrument as at the date of initial

recognition. In making this asesment, the Group considers both

quantitative and qualitative information that is reasonable and

suportable, including historical experience and forward-loking

information that is available without undue cost or efort.

Irespective of the outcome of the above asesment, the Group

presumes that the credit risk on a financial asets has increased

significantly since initial recognition when contractual payments

are more than 30 days past due.

Notwithstanding the foregoing, the Group asumes that the credit

risk on a financial instrument has not increased significantly since

initial recognition if the financial instrument is determined to have

low credit risk at the reporting date.

Low credit risk

A financial instrument is determined to have low credit risk if:

(i) it has a low risk of default;

(i) the borower has a strong capacity to met its contractual

cash flow obligations in the near term; and

(i) adverse changes in economic and busines conditions in

the longer term may, but wil not necesarily, reduce the

ability of the borower to fulfil its contractual cash flow

obligations.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

130HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

金融资产减值（续）

信贷减值金融资产

当发生会对金融资产估计未来现金流

量造成不利影响之一项或多项事件，

则该金融资产出现信贷减值。金融资

产出现信贷减值之证据包括有关下列

事件之可观察数据：

(i)

发行人或借款人出现重大财政

困难。

(i)

违反合约（如违约或逾期事件）。

(i)

借款人之贷款人因有关借款人

出现财政困难之经济或合约理

由而向借款人批出贷款人不会

另行考虑之优惠。

(iv)

借款人有可能面临破产或其他

财务重组。

(v)

因财政困难而导致该金融资产

失去活跃市场。

(vi)

以大幅折让购买或产生一项金

融资产，其反映已产生之信贷亏

损。

现金及现金等价物

就综合现金流量表而言，现金及现金

等价物指银行及手头现金、银行及其

他金融机构的活期存款及可转为已知

数额的现金及没有明显价值变动风险

的短期高流动性投资。应要求偿还并

构成本集团现金管理一部分的银行透

支，亦计入为现金及现金等价物的组

成部分。

4. MATERIAL ACOUNTING POLICIES (Continued)

Impairment of financial asets (Continued)

Credit-impaired financial aset

A financial aset is credit-impaired when one or more events that

have a detrimental impact on the estimated future cash flows of

that financial aset have ocured. Evidence that a financial aset

is credit-impaired include observable data about the folowing

events:

(i) significant financial dificulty of the isuer or the borower.

(i) a breach of contract, such as a default or past due event.

(i) the lender(s) of the borower, for economic or contractual

reasons relating to the borower’s financial dificulty, having

granted to the borower a concesion(s) that the lender(s)

would not otherwise consider.

(iv) it is becoming probable that the borower wil enter

bankruptcy or other financial reorganisation.

(v) the disapearance of an active market for that financial

aset because of financial dificulties.

(vi) the purchase or origination of a financial aset at a dep

discount that reflects the incured credit loses.

Cash and cash equivalents

For the purpose of the consolidated statement of cash flows,

cash and cash equivalents represent cash at bank and on hand,

demand deposits with banks and other financial institutions, and

short-term highly liquid investments which are readily convertible

into known amounts of cash and subject to an insignificant risk of

change in value. Bank overdrafts which are repayable on demand

and form an integral part of the Group’s cash management are

also included as a component of cash and cash equivalents.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

131ANUAL REPORT 2024/25

年报

重大会计政策（续）

金融负债及权益工具

金融负债及权益工具乃根据所订立合

约安排的内容及香港财务报告准则项

下金融负债和权益工具的定义分类。

权益工具为可证明于本集团资产（经

扣除其所有负债后）剩余权益的任何

合约。就特定金融负债及权益工具采

纳的会计政策载列如下。

借贷

借贷初始按公允值扣除所产生之交易

成本确认，其后则采用实际利率法按

摊销成本计量。

除非本集团拥有无条件权利将负债之

偿还日期延至报告期后至少

个月，

否则借贷分类为流动负债。

财务担保合约负债

财务担保合约为规定发行人作出指定

付款以补偿持有人因特定债务人未能

按照债务工具条款在到期时付款所招

致之损失之合约。财务担保合约负债

初始按公允值确认，其后按下列之较

高者计量：

—

亏损拨备额；及

—

初始确认的金额减于担保合约

期内损益确认的累计摊销。

贸易及其他应付账款

贸易及其他应付账款初始按公允值确

认，其后则以实际利率法按摊销成本

值计算，贴现影响微少则作别论，在

该情况下，则按成本值列账。

权益工具

本公司发行之权益工具入账列作已收

所得款项（扣除直接发行费用）。

4. MATERIAL ACOUNTING POLICIES (Continued)

Financial liabilities and equity instruments

Financial liabilities and equity instruments are clasified acording

to the substance of the contractual arangements entered into

and the definitions of a financial liability and an equity instrument

under HKFRSs. An equity instrument is any contract that

evidences a residual interest in the asets of the Group after

deducting al of its liabilities. The acounting policies adopted

for specific financial liabilities and equity instruments are set out

below.

Borowings

Borowings are recognised initialy at fair value, net of transaction

costs incured, and subsequently measured at amortised cost

using the efective interest method.

Borowings are clasified as curent liabilities unles the Group has

an unconditional right to defer setlement of the liability for at least

12 months after the reporting period.

Financial guarante contract liabilities

A financial guarante contract is a contract that requires the isuer

to make specified payments to reimburse the holder for a los it

incurs because a specified debtor fails to make payments when

due in acordance with the terms of a debt instrument. Financial

guarante contract liabilities are initialy recognised at fair value

and subsequently measured at the higher of:

– the los alowance; and

– the amount initialy recognised les cumulative amortisation

recognised in profit or los over the terms of the guarante

contracts.

Trade and other payables

Trade and other payables are stated initialy at their fair value and

subsequently measured at amortised cost using the efective

interest method unles the efect of discounting would be

imaterial, in which case they are stated at cost.

Equity instruments

Equity instruments isued by the Company are recorded at the

proceds received, net of direct isue costs.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

132HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

客户合约收入

收入参考常见业务惯例按客户合约列

明之代价计量，且不包括代表第三方

收取之款项。就客户付款与转移承诺

产品或服务之间之期间超过一年的合

约而言，代价须就重大融资组成部分

之影响作出调整。

本集团于透过将某项产品或服务之控

制权转移至客户而达成履约责任时确

认收入。视乎合约条款及该合约适用

之法例，履约责任可随时间或于特定

时间达成，倘符合以下条件，履约责

任须随时间达成：

—

客户同时接受及使用本集团履

约所提供之利益；

—

本集团履约产生或增强一项于

产生或增强时由客户控制之资

产；或

—

本集团履约并无产生对本集团

而言具替代用途之资产，且本集

团对迄今完成之履约付款具有

可执行权利。

倘履约责任随时间达成，收入参考达

成该履约责任之进度确认，否则收入

于客户取得产品或服务之控制权时确

认。

4. MATERIAL ACOUNTING POLICIES (Continued)

Revenue from contracts with customers

Revenue is measured based on the consideration specified in

a contract with a customer with reference to the customary

busines practices and excludes amounts colected on behalf

of third parties. For a contract where the period betwen the

payment by the customer and the transfer of the promised

product or service exceds one year, the consideration is adjusted

for the efect of a significant financing component.

The Group recognises revenue when it satisfies a performance

obligation by transfering control over a product or service to a

customer. Depending on the terms of a contract and the laws

that aply to that contract, a performance obligation can be

satisfied over time or at a point in time. A performance obligation

is satisfied over time if:

– the customer simultaneously receives and consumes the

benefits provided by the Group’s performance;

– the Group’s performance creates or enhances an aset that

the customer controls as the aset is created or enhanced;

– the Group’s performance does not create an aset with

an alternative use to the Group and the Group has an

enforceable right to payment for performance completed to

date.

If a performance obligation is satisfied over time, revenue is

recognised by reference to the progres towards complete

satisfaction of that performance obligation. Otherwise, revenue is

recognised at a point in time when the customer obtains control of

the product or service.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

133ANUAL REPORT 2024/25

年报

重大会计政策（续）

客户合约收入（续）

销售中煤、焦炭及副产品乃于客户取

得承诺资产之控制权之时间点确认，

一般与货物向客户交付及所有权转交

之时间相符。

其他收入

补偿收入于确立收取付款的权利时确

认。

利息收入使用实际利率法确认。

以股份为基础的支付交易

本集团向对本集团成功营运作出贡献

的合资格参与者作出以权益结算以股

份为基础的支付。以权益结算以股份

为基础的支付于授出日以权益工具公

允值（不包括非市场基准归属条件的

影响）计量。以权益结算以股份为基础

的支付于授出日厘定之公允值于归属

期内按直线法支销，此乃基于本集团

对股份最终归属之估计及对非市场基

准归属条件之影响作出调整。

雇员福利

(i)

雇员假期福利

雇员享有之年假及长期服务假

期于赋予雇员时确认。拨备乃就

雇员截至报告期末所提供服务

可享有的年假及长期服务假期

的估计责任作出。雇员可享有的

病假及产假于休假时方予确认。

(i)

退休金计划

本集团向所有雇员参与之定额

供款退休计划作出供款。本集团

及雇员向计划作出之供款按雇

员基本薪金之某一百分比计算。

在损益扣除之退休福利计划成

本指本集团就基金应付之供款。

4. MATERIAL ACOUNTING POLICIES (Continued)

Revenue from contracts with customers (Continued)

Sale of medium coal, coke and by-products are recognised at

a point of time at which the customer obtains the control of the

promised aset, which generaly coincides with the time when the

gods are delivered to customers and the title is pased.

Other revenue

Compensation income is recognised when the right to receive

payment has ben established.

Interest income is recognised using the efective interest method.

Share-based payments transactions

The Group isues equity-setled share-based payments to

eligible participants who contribute to the suces of the Group’s

operations. Equity-setled share-based payments are measured

at the fair value (excluding the efect of non market-based vesting

conditions) of the equity instruments at the date of grant. The fair

value determined at the grant date of the equity-setled share-

based payments is expensed on a straight-line basis over the

vesting period, based on the Group’s estimate of shares that wil

eventualy vest and adjusted for the efect of non market-based

vesting conditions.

Employe benefits

(i) Employe leave entitlements

Employe entitlements to anual leave and long service

leave are recognised when they acrue to employes. A

provision is made for the estimated liability for anual leave

and long service leave as a result of services rendered by

employes up to the end of the reporting period. Employe

entitlements to sick leave and maternity leave are not

recognised until the time of leave.

(i) Pension schemes

The Group contributes to defined contribution retirement

schemes which are available to al employes. Contributions

to the schemes by the Group and employes are calculated

as a percentage of employes’ basic salaries. The

retirement benefit scheme cost charged to profit or los

represents contributions payable by the Group to the funds.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

134HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

雇员福利（续）

(i)

离职福利

离职福利于本集团不能撤回提

供该等福利时及本集团确认重

组成本并涉及支付离职福利时

（以较早日期为准）确认。

借贷成本

直接涉及合资格资产（即需要一段颇

长时间始能投入作拟定用途或出售之

资产）之收购、兴建或生产之借贷成本

当作该等资产之部分成本资本化，直

至该等资产大致上准备好投入作拟定

用途或出售为止。特定借贷于拨作合

资格资产之支出前用作短暂投资所赚

取之投资收入自可拨作资本之借贷成

本中扣除。

如一般性借入资金用于获取合资格资

产，可拨作资本之借贷成本金额采用

资本化率计算该项资产开支之方法

厘定。资本化率为适用于该年度本集

团未偿还借贷之借贷成本加权平均数

（为获得合资格资产之特别借贷除

外）。

所有其他借贷成本于产生期间于损益

内确认。

税项

所得税指即期税项及递延税项的总

额。

目前应缴税项乃按年度内应课税溢利

计算。由于应课税溢利不包括其他年

度的应课税或可扣税的收支项目，亦

不包括毋须课税或不可扣税项目，故

应课税溢利有别于损益中所确认的溢

利。本集团即期税项负债乃采用于报

告年度末已颁布或实质上已颁布的税

率计算。

4. MATERIAL ACOUNTING POLICIES (Continued)

Employe benefits (Continued)

(i) Termination benefits

Termination benefits are recognised at the earlier of the

dates when the Group can no longer withdraw the ofer of

those benefits and when the Group recognises restructuring

costs and involves the payment of termination benefits.

Borowing costs

Borowing costs directly atributable to the acquisition,

construction or production of qualifying asets, which are 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, until such time as the asets are substantialy

ready for their intended use or sale. Investment income earned

on the temporary investment of specific borowings pending their

expenditure on qualifying asets is deducted from the borowing

costs eligible for capitalisation.

To the extent that funds are borowed generaly and used for the

purpose of obtaining a qualifying aset, the amount of borowing

costs eligible for capitalisation is determined by aplying a

capitalisation rate to the expenditures on that aset. The

capitalisation rate is the weighted average of the borowing costs

aplicable to the borowings of the Group that are outstanding

during the year, other than borowings made specificaly for the

purpose of obtaining a qualifying aset.

Al other borowing costs are recognised in profit or los in the

period in which they are incured.

Taxation

Income tax represents the sum of the curent tax and defered

tax.

The tax curently payable is based on taxable profit for the

year. Taxable profit difers from profit recognised in profit or los

because it excludes items of income or expense that are taxable

or deductible in other years and it further excludes items that are

never taxable or deductible. The Group’s liability for curent tax is

calculated using tax rates that have ben enacted or substantively

enacted by the end of the reporting year.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

135ANUAL REPORT 2024/25

年报

重大会计政策（续）

税项（续）

递延税项按综合财务报表内资产及负

债的账面值与计算应课税溢利所采用

的相应税基之间的差额而确认。递延

税项负债通常会就所有应课税暂时差

额确认，而递延税项资产乃按可能出

现可利用可扣减临时差额、未动用税

项亏损或未动用税项抵免的应课税溢

利时确认。倘暂时差额乃因商誉或因

在一项不影响应课税溢利或会计溢利

的交易中初始确认的其他资产及负债

（业务合并除外）而产生，则不会确认

有关资产及负债。

递延税项负债乃按于附属公司的投资

而产生之应课税暂时差额确认入账，

惟倘本集团可控制暂时差额的拨回且

该暂时差额很可能不会在可见将来拨

回者除外。

递延税项资产的账面值会于各报告期

末检讨及进行扣减，直至不再可能有

足够应课税溢利可供收回全部或部分

资产为止。

递延税项乃按预期于负债清偿或资产

变现期间适用的税率计算。有关税率

为于报告年末已颁布或实质上已颁布

的税率。递延税项于损益确认，惟倘

递延税项与在其他全面收益或直接在

权益中确认的项目有关，在此情况下

递延税项亦会于其他全面收益或直接

于权益中确认。

就计量利用公允值模式计量之投资物

业之递延税项而言，该等物业之账面

值乃假设通过销售收回，惟该假设被

推翻则除外。当投资物业可予折旧及

于本集团之业务模式（其业务目标乃

随时间消耗投资物业所包含之绝大部

分经济利益，而非透过销售）内持有

时，有关假设会被推翻。倘假设被推

翻，该等投资物业之递延税项按该等

物业之预期收回方式计量。

4. MATERIAL ACOUNTING POLICIES (Continued)

Taxation (Continued)

Defered tax is recognised on diferences betwen the carying

amounts of asets and liabilities in the consolidated financial

statements and the coresponding tax bases used in the

computation of taxable profit. Defered tax liabilities are generaly

recognised for al taxable temporary diferences and defered

tax asets are recognised to the extent that it is probable

that taxable profits wil be available against which deductible

temporary diferences, unused tax loses or unused tax credits

can be utilised. Such asets and liabilities are not recognised if

the temporary diference arises from godwil or from the initial

recognition (other than in a busines combination) of other asets

and liabilities in a transaction that afects neither the taxable profit

nor the acounting profit.

Defered tax liabilities are recognised for taxable temporary

diferences arising on investments in subsidiaries, except where

the Group is able to control the reversal of the temporary

diference and it is probable that the temporary diference wil not

reverse in the foreseable future.

The carying amount of defered tax asets is reviewed at the end

of each reporting period and reduced to the extent that it is no

longer probable that suficient taxable profits wil be available to

alow al or part of the aset to be recovered.

Defered tax is calculated at the tax rates that are expected

to aply in the period when the liability is setled or the aset

is realised, based on tax rates that have ben enacted or

substantively enacted by the end of the reporting year. Defered

tax is recognised in profit or los, except when it relates to

items recognised in other comprehensive income or directly in

equity, in which case the defered tax is also recognised in other

comprehensive income or directly in equity.

For the purposes of measuring defered tax for investment

properties that are measured using the fair value model, the

carying amounts of such properties are presumed to be

recovered through sale, unles the presumption is rebuted.

The presumption is rebuted when the investment property is

depreciable and is held within a busines model of the Group

whose busines objective is to consume substantialy al of the

economic benefits embodied in the investment property over time,

rather than through sale. If the presumption is rebuted, defered

tax for such investment properties are measured based on the

expected maner as to how the properties wil be recovered.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

136HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

税项（续）

递延税项资产及负债只可在有合法执

行权利将即期税项资产及即期税项负

债抵销，以及其与同一课税机关征收

之所得税有关，而本集团计划以净额

基准处理其即期税项资产及负债时，

方予以抵销。

关联人士

关联人士为与本集团有关联之人士或

实体。

(A)

倘一名人士属下列情况，则该名

人士家族之人士或直系亲属与

本集团有关联：

(i)

对本集团拥有控制权或共

同控制权；

(i)

对本集团拥有重大影响

力；或

(i)

为本公司或本公司母公司

之主要管理层成员。

(B)

倘任何以下条件适用，则一个实

体与本集团有关联：

(i)

该实体及属同一集团之成

员公司之组成本集团实体

（即各母公司、附属公司

及同系附属公司互为关

联）。

(i)

一实体为另一实体之联营

公司或合营企业（或另一

实体属成员公司之集团成

员公司之联营公司或合营

企业）。

(i)

两间实体均为同一第三方

之合营企业。

(iv)

一实体为一第三方实体之

合营企业，而另一实体为

该第三方实体之联营公

司。

4. MATERIAL ACOUNTING POLICIES (Continued)

Taxation (Continued)

Defered tax asets and liabilities are ofset when there is a legaly

enforceable right to set of curent tax asets against curent tax

liabilities and when they relate to income taxes levied by the same

taxation authority and the Group intends to setle its curent tax

asets and liabilities on a net basis.

Related parties

A related party is a person or entity that is related to the Group.

(A) A person or a close member of that person’s family is

related to the Group if 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

Company or of a parent of the Company.

(B) An entity is related to the Group if any of the folowing

conditions aplies:

(i) The entity and the entities comprising the Group are

members of the same group (which means that each

parent, subsidiary and felow subsidiary is related to

the others).

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

entity (or an asociate or joint venture of a member of

a group of which the other entity is a member).

(i) Both entities 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.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

137ANUAL REPORT 2024/25

年报

重大会计政策（续）

关联人士（续）

(B)

（续）

(v)

该实体为本集团或与本集

团有关联之实体之雇员利

益而设之离职后福利计

划。倘本集团本身便是该

计划，提供资助的雇主亦

与本集团有关联。

(vi)

该实体受

(a)

所识别人士控

制或共同控制。

(vi) (a)(i)

所识别之人士对该实

体有重大影响力，或为该

实体（或该实体之母公司）

之主要管理层成员。

(vi)

实体或其所属集团任何成

员公司提供主要管理人员

服务予本公司或本公司之

母公司。

资产减值

于各报告期末，本集团均会审阅其有

形及无形资产（投资、存货及应收款项

除外）之账面值，以厘定有否任何迹象

显示该等资产出现减值亏损。倘存在

任何此类迹象，则会对资产的可收回

金额作出估计，以确定任何减值亏损

的程度。倘无法估计单项资产的可收

回金额，本集团会估计该资产所属的

现金产生单位的可收回金额。

可收回金额指公允值减销售成本与使

用价值两者中之较高者。评估使用价

值时，采用除税前贴现率将估计未来

现金流量贴现至其现值，该贴现率反

映市场现时所评估之金钱时间值及该

资产的特定风险。

4. MATERIAL ACOUNTING POLICIES (Continued)

Related parties (Continued)

(B) (Continued)

(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. If the Group is itself such a plan,

the sponsoring employers are also 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).

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

part, provides key management personel services to

the Company or to a parent of the Company.

Impairment of asets

At the end of each reporting period, the Group reviews the

carying amounts of its tangible and intangible asets except

investments, inventories and receivables to determine whether

there is any indication that those asets have sufered an

impairment los. If any such indication exists, the recoverable

amount of the aset is estimated in order to determine the extent

of any impairment los. Where it is not posible to estimate the

recoverable amount of an individual aset, the Group estimates

the recoverable amount of the cash generating unit to which the

aset belongs.

Recoverable amount is the higher of fair value les costs of

disposal and value in use. In asesing value in use, the estimated

future cash flows are discounted to their present value using a

pre-tax discount rate that reflects curent market asesments of

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

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

138HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

重大会计政策（续）

资产减值（续）

倘资产（或现金产生单位）之可收回

金额估计低于其账面值，则将资产或

现金产生单位之账面值下调至其可收

回金额。减值亏损即时于损益确认，

除非有关资产乃按重估数额列账，在

该情况下，减值亏损会被视为重估减

值。

倘其后拨回减值亏损，则将资产或现

金产生单位之账面值上调至其经修订

之估计可收回金额，惟增加之账面值

不得超过假设该资产或现金产生单位

于过往年度并无确认减值亏损而厘定

之账面值（扣除摊销或折旧）。减值亏

损拨回即时于损益确认，除非有关资

产乃按重估数额列账，在该情况下，

所拨回之减值亏损会被视为重估增

值。

拨备及或然负债

倘本集团因已发生之事件须对若干负

债（时间或款额无法确定）承担现有法

律或推定责任，并可能引致经济利益

流出以解决有关责任，及可作出可靠

估计，为此等负债作出之拨备将予以

确认。若金钱之时间价值乃属重大因

素，有关拨备须按预期为解决有关责

任之开支现值入账。

在未能肯定是否会导致经济利益流

出，或有关款额未能可靠地估量之情

况下，有关责任则作为或然负债予以

披露，除非导致流出之可能性极低，

则作别论。可能承担之责任（其存在与

否只能藉一项或多项未来事件之发生

与否而确定）亦作为或然负债予以披

露，除非导致流出之可能性极低，则

作别论。

股息

董事建议派付之末期股息在综合财务

状况表内权益项下列作保留溢利之一

项独立分配，直至于股东大会上获股

东批准为止。待此等股息获股东批准

且宣派后，将获确认为一项负债。

4. MATERIAL ACOUNTING POLICIES (Continued)

Impairment of asets (Continued)

If the recoverable amount of an aset or cash-generating unit is

estimated to be les than its carying amount, the carying amount

of the aset or cash-generating unit is reduced to its recoverable

amount. An impairment los is recognised imediately in profit

or los, unles the relevant aset is caried at a revalued amount,

in which case the impairment los is treated as a revaluation

decrease.

Where an impairment los subsequently reverses, the carying

amount of the aset or cash-generating unit is increased to

the revised estimate of its recoverable amount, but so that

the increased carying amount does not exced the carying

amount that would have ben determined (net of amortisation

or depreciation) had no impairment los ben recognised for

the aset or cash-generating unit in prior years. A reversal of an

impairment los is recognised imediately in profit or los, unles

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

the reversal of the impairment los is treated as a revaluation

increase.

Provisions and contingent liabilities

Provisions are recognised for liabilities of uncertain timing or

amount when the Group has a present legal or constructive

obligation arising as a result of a past event, it is probable that

an outflow of economic benefits wil be required to setle the

obligation and a reliable estimate can be made. Where the time

value of money is material, provisions are stated at the present

value of the expenditures expected to setle the obligation.

Where it is not probable that an outflow of economic benefits

wil be required, or the amount canot be estimated reliably,

the obligation is disclosed as a contingent liability, unles the

probability of outflow is remote. Posible obligations, whose

existence wil only be confirmed by the ocurence or non-

ocurence of one or more future events are also disclosed as

contingent liabilities unles the probability of outflow is remote.

Dividends

Final dividends proposed by the Directors are clasified as a

separate alocation of retained earnings within the equity section

of the consolidated statement of financial position, until they have

ben aproved by the shareholders in a general meting. When

these dividends have ben aproved by the shareholders and

declared, they are recognised as a liability.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

139ANUAL REPORT 2024/25

年报

重大会计政策（续）

股息（续）

中期股息乃同时建议及宣派，因为本

公司之组织章程大纲及章程细则授予

董事权利宣派中期股息。因此，中期

股息于建议及宣派时即时确认为一项

负债。

报告期后事项

提供有关本集团于报告期末之状况之

额外资料或显示持续经营假设并不适

当之报告期后事项为调整事项，并反

映于综合财务报表。并非调整事项之

报告期后事项，如属重大时乃于综合

财务报表附注披露。

关键判断及主要估计

编制本集团之财务报表要求管理层作

出可影响收入、开支、资产及负债及

其相关披露事项以及或然负债披露事

项之呈报金额之判断、估计及假设。

此等假设及估计之不确定性可能导致

需要对日后受影响之资产或负债之账

面值作出重大调整之后果。

应用会计政策时的关键判断

应用会计政策过程中，董事已作出以

下对综合财务报表中所确认金额具有

最重大影响的判断。

(a)

持续经营基准

该等综合财务报表已按持续经

营基准编制，其有效性取决于附

注

所载因素。

估计不确定性之主要来源

于报告期末就未来及其他估计不确定

性之主要来源所作之主要假设，存在

重大风险引致须于下一个财政年度就

资产及负债账面值作出重大调整者载

述如下。

4. MATERIAL ACOUNTING POLICIES (Continued)

Dividends (Continued)

Interim dividends are simultaneously proposed and declared,

because the Company’s memorandum and articles of asociation

grant the Directors the authority to declare interim dividends.

Consequently, interim dividends are recognised imediately as a

liability when they are proposed and declared.

Events after the reporting period

Events after the reporting period that provide aditional

information about the Group’s position at the end of the reporting

period or those that indicate the going concern asumption is

not apropriate are adjusting events and are reflected in the

consolidated financial statements. Events after the reporting

period that are not adjusting events are disclosed in the notes to

the consolidated financial statements when material.

5. CRITICAL JUDGEMENTS AND KEY 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.

Critical judgements in aplying acounting policies

In the proces of aplying the acounting policies, the Directors

have made the folowing judgements that have the most

significant efect on the amounts recognised in the consolidated

financial statements.

(a) Going concern basis

These consolidated financial statements have ben

prepared on a going concern basis, the validity of which

depends upon the factors described in note 2.

Key sources of 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 discused below.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

140HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

关键判断及主要估计（续）

估计不确定性之主要来源（续）

(a)

所得税

本集团须在多个司法权区缴纳

所得税。厘定所得税拨备时须作

出重大估计。在日常业务过程中

有许多交易及计算会导致难以

明确作出最终的税务厘定。倘有

关事项最终的税务结果与最初

记入的金额不同，则该等差额会

影响作出厘定期间的所得税及

递延所得税拨备。

(b)

折旧

本集团由物业、厂房及设备可作

拟定用途当日开始按物业、厂房

及设备之估计可使用年期计算

折旧。估计可使用年期反映管理

层对本集团拟自使用物业、厂房

及设备中得到未来经济利益的

估计使用期限。倘可使用年期预

期与估计有所不同，折旧将会改

变，并可能会对估计变动发生期

间之损益造成影响。

(c)

物业、厂房及设备减值

当事件或情况发生变动，显示资

产的账面值超逾其可收回金额

时，本集团即为物业、厂房及设

备作减值检讨。可收回金额乃参

照估计未来现金流量现值厘定。

当未来现金流量少于预期，或当

发生不利事件及事实及情况发

生变动，导致未来估计现金流量

须作出修订时，或会引致重大减

值亏损。

5. CRITICAL JUDGEMENTS AND KEY ESTIMATES

(Continued)

Key sources of estimation uncertainty (Continued)

(a) Income taxes

The Group is subject to income taxes in several jurisdictions.

Significant estimates are required in determining the

provision for income taxes. There are many transactions

and calculations for which the ultimate tax determination

is uncertain during the ordinary course of busines. Where

the final tax outcome of these maters is diferent from the

amounts that were initialy recorded, such diferences wil

impact the income tax and defered tax provisions in the

period in which such determination is made.

(b) Depreciation

The Group depreciates its property, plant and equipment

over their estimated useful lives, comencing from the

date the property, plant and equipment are ready for

their intended use. The estimated useful life reflects the

management’s estimate of the periods that the Group

intends to derive future economic benefits from the use of

the property, plant and equipment. The depreciation wil be

changed when the useful life is expected to be diferent from

the estimate and would afect profit or los for the period in

which such change of estimate takes place.

Property, plant and equipment are reviewed for impairment

whenever events or changes in circumstances indicate that

the carying amount of the asets exceds its recoverable

amount. The recoverable amount is determined with

reference to the present value of estimated future cash

flows. Where the future cash flows are les than expected

or there are unfavourable events and change in facts and

circumstance which result in revision of future estimate cash

flows, a material impairment los may arise.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

141ANUAL REPORT 2024/25

年报

关键判断及主要估计（续）

估计不确定性之主要来源（续）

(d)

预期信贷亏损之亏损拨备

本集团管理层采用若干输入数

据及假设（包括违约风险及预期

亏损率）估计按摊销成本列账之

金融资产之亏损拨备（包括贸易

应收账款、应收非控股东款项

及按金及其他应收账款）。估计

涉及较高之不确定性，其乃基于

各报告期末本集团之过往资料、

抵押品之可收回金额、债务人之

过往收款记录、债务人之集中风

险、本集团之实际亏损经验、现

行市况及前瞻性估计。倘预期与

原本估计有差异，有关差异将影

响按摊销成本列账之金融资产

之账面值。估计预期信贷亏损时

采用之主要假设及输入数据详

情载于综合财务报表附注

34(b)

。

经营分类资料

就管理目的而言，本集团根据产品及

服务组织业务单位，而可呈报经营分

类如下：

(a)

焦炭贸易分类－买卖焦炭及煤

炭；

(b)

煤炭相关附属分类－洗原煤以

产生作销售用途及进一步加工

之精煤，以及销售电能及热能

（与洗原煤过程所产生之副产

品一同产生）；及

(c)

焦炭生产分类－加工精煤以产

生作销售用途之焦炭，以及销售

焦炭生产过程产生之焦炭副产

品。

5. CRITICAL JUDGEMENTS AND KEY ESTIMATES

(Continued)

Key sources of estimation uncertainty (Continued)

(d) Los alowance for ECL

The Group’s management estimates the los alowance

for financial asets at amortised cost including trade

receivables, amount due from non-controling shareholder

and deposits and other receivables, by using various inputs

and asumptions including risk of a default and expected

los rate. The estimation involves high degre of uncertainty

which is based on the Group’s historical information,

recoverable amount of colateral, past colection history

of debtors, concentration risk of debtors, the Group’s

actual los experience, existing market conditions as wel

as forward-loking estimates at the end of each reporting

period. Where the expectation is diferent from the original

estimate, such diference wil impact the carying amount

of the financial asets at amortised cost. Details of the key

asumption and inputs used in estimating ECL are set out in

note 34(b) to the consolidated financial statements.

6. OPERATING SEGMENTS INFORMATION

For management purposes, the Group is organised into busines

units based on their products and services and has the folowing

reportable operating segments:

(a) the coke trading segment – purchases and sales of coke

and coal;

(b) the coal-related ancilary segment – washing of raw coal into

refined coal for sale and for further procesing, and sale of

electricity and heat which are generated as the by-products

during the washing of raw coal; and

into coke for sales, and sale of coke by-products that are

generated during coke production.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

142HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

经营分类资料（续）

管理层独立监察本集团经营分类之业

绩，以作出有关资源分配及表现评估

之决策。分类表现乃根据可呈报分类

亏损（其为经调整除税前溢利之计量

基准）予以评估。经调整除税前溢利乃

贯彻以本集团之除税前溢利计量，惟

利息收入、未分配其他收入、公司及

行政开支、其他经营收入、财务成本

及所得税开支不计入于该计量内。

分类资产不包括现金及银行结存、受

限制银行存款、按公允值计入损益之

金融资产、其他未分配总办事处及公

司资产，此乃由于此等资产乃按集团

基准管理。

分类负债不包括其他借贷、租赁负

债、递延税项负债以及其他未分配总

办事处及公司负债，此乃由于此等负

债乃按集团基准管理。

分类间销售及转让乃参考按成本加若

干百分比之加成进行交易。

6. OPERATING SEGMENTS INFORMATION (Continued)

Management monitors the results of the Group’s operating

segments separately for the purpose of making decisions about

resources alocation and performance asesment. Segment

performance is evaluated based on reportable segment los,

which is a measure of adjusted profit before tax. The adjusted

profit before tax is measured consistently with the Group’s profit

before tax except that interest income, unalocated other income,

corporate and administrative expenses, other operating income,

finance costs and income tax expense are excluded from such

measurement.

Segment asets exclude cash and bank balances, restricted bank

deposits, financial asets at fair value through profit or los, other

unalocated head ofice and corporate asets as these asets are

managed on a group basis.

Segment liabilities exclude other borowings, lease liabilities,

defered tax liabilities and other unalocated head ofice and

corporate liabilities as these liabilities are managed on a group

basis.

Intersegment sales and transfers are transacted at cost plus a

certain percentage of mark-up.

34,230	–	–	–	34,230
34,230	–	–	–	34,230
45	–	–	–	45
				1
				19,554
				(17,943)
				(31,144)
				(29,487)
				–
				(29,487)

54	–	1,665,374	145,471	1,810,899
–	–	–	769,709	769,709
–	–	–	5	5
–	–	–	1,497	1,497

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

143ANUAL REPORT 2024/25

年报

经营分类资料（续）

分类收入及业绩

截至二零二五年三月三十一日止年度

6. OPERATING SEGMENTS INFORMATION (Continued)

Segment revenue and results

For the year ended 31 March 2025

Coke

trading

Coal-related

ancilary

Coke

ProductionEliminations Total

焦炭贸易煤炭相关附属焦炭生产对销总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment revenue:

分类收入：

– external sale

—

对外销售

Total

总计

Segment results

分类业绩

Unalocated other income

未分配其他收入

Compensation income

补偿收入

Corporate administrative expenses (Note)

公司行政开支（附注）

Finance costs

财务成本

Los before tax

除税前亏损

Income tax expense

所得税开支

Los for the year

本年度亏损

Coke

trading

Coal-related

ancilary

Coke

production

Corporate

and

unalocatedTotal

焦炭贸易煤炭相关附属焦炭生产公司及未分配总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment asets

分类资产

Segment liabilities

分类负债

Other segment information:

其他分类资料：

Aditions of property, plant and equipment

添置物业、厂房及设备

Depreciation

折旧

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

144HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

经营分类资料（续）

分类收入及业绩（续）

截至二零二四年三月三十一日止年度

附注：

未分配公司行政开支主要包括公司

的员工成本及董事薪酬、法律及专

业费用、中国地方税项以及未分配

物业、厂房及设备的折旧。

6. OPERATING SEGMENTS INFORMATION (Continued)

Segment revenue and results (Continued)

For the year ended 31 March 2024

Coke

trading

Coal-related

ancilary

Coke

productionEliminationsTotal

焦炭贸易煤炭相关附属焦炭生产对销总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment revenue:

分类收入：

– external sale

—

对外销售

2,403–2,403

Total

总计

2,403 – – – 2,403

Segment results

分类业绩

3–3

Unalocated other income

未分配其他收入

Compensation income

补偿收入

22,416

Corporate administrative expenses (Note)

公司行政开支（附注）

(27,327)

Finance costs

财务成本

(31,105)

Los before tax

除税前亏损

(35,739)

Income tax expense

所得税开支

–

Los for the year

本年度亏损

(35,739)

Coke

trading

Coal-related

ancilary

Coke

production

Corporate

and

unalocatedTotal

焦炭贸易煤炭相关附属焦炭生产公司及未分配总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment asets

分类资产

1,719–1,684,584140,8821,827,185

Segment liabilities

分类负债

–742,122742,122

Other segment information:

其他分类资料：

Aditions of property, plant and equipment

添置物业、厂房及设备

–2,9592,959

Depreciation

折旧

–2,9532,953

Note: Unalocated corporate administrative expenses mainly include

corporate’s staf cost and Directors’ remuneration, legal and

profesional fe, PRC local tax and depreciation of unalocated

property, plant and equipment.

1,260
1,665,374
1,666,634

14,967
14,765
4,498

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

145ANUAL REPORT 2024/25

年报

经营分类资料（续）

地区资料

(a)

来自外部客户之收入

呈列地区资料时，收入全部源自

中国。收入资料乃根据客户所在

地划分。

(b)

非流动资产

有关非流动资产资料乃根据资

产所在地区划分，且不包括金融

工具及递延税项资产。

有关主要客户之资料

来自外部客户之收入个别贡献本集团

总收入的

10%

或以上的情况如下：

6. OPERATING SEGMENTS INFORMATION (Continued)

Geographical information

(a) Revenue from external customers

In presenting the geographical information, revenue is al

derived from the PRC. The revenue information is based on

the locations of the customers.

(b) Non-curent asets

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Hong Kong

香港

2,752

The PRC

中国

1,684,584

1,687,336

The non-curent aset information is based on the locations

of the asets and excludes financial instruments and

defered tax asets.

Information about major customers

Revenues from external customers individualy contributing 10%

or more of the total revenue from the Group are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Customer A

客户

A–

Customer B

客户

B1,533

Customer C

客户

C870

34,230
34,230
19,554
1
–
–
1

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

146HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

收入、补偿收入以及其他收入及收

益，净额

收入指本年度已售出货物之净发票价

值（扣除退货拨备及贸易折扣）及所提

供服务之价值。收入、补偿收入以及

其他收入及收益，净额之分析如下：

附注：

(a)

于二零一九年，本集团就焦炭贸

易业务向山西金岩能源科技有限

公司（「能源科技」）支付贸易按金

22,000,000

美元。然而，由于国际焦

炭价格下跌，双方同意终止计划，能

源科技同意向本集团分期退回有关

贸易按金连同补偿。完成收购一间

新附属公司—山西金岩能源嘉润有

限责任公司（「能源嘉润」）后，能源科

技于二零二三年一月十八日成为本

集团一间附属公司的非控股东。

仅供识别

7. REVENUE, COMPENSATION INCOME AND OTHER

INCOME AND GAINS, NET

Revenue represents the net invoiced value of gods sold, after

alowances for returns and trade discounts, and the value of

services rendered during the year. An analysis of revenue,

compensation income and other income and gains, net are as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue

收入

Sales of medium coal and coke

销售中煤及焦炭

2,403

The revenue is recognised at

a point in time

收入於单一时间点确认

Compensation income (Note a)

补偿收入（附注

）

22,416

Other income and gains, net

其他收入及收益，净额

Interest income from bank deposits

银行存款之利息收入

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备之收益

Sundry income

杂项收入

Note:

(a) In 2019, the Group paid a trade deposit of US$22,000,000 to

Shanxi Jinyan Energy Technology Company Limited*

（山西金

岩能源科技有限公司）

(“Energy Technology”) for the coke

trading busines. However, due to the downtrend of international

coke price, both parties agred to terminate the plan and Energy

Technology agred to refund such trade deposit by instalment with

compensation to the Group. Upon the completion of the acquisition

of a new subsidiary, Shanxi Jinyan Energy Jiarun Co., Ltd*

（山西

金岩能源嘉润有限责任公司）

(“Energy Jiarun”), on 18 January

2023, Energy Technology became a non-controling shareholder of

a subsidiary of the Group.

For identification purpose only

28,275
116
2,753
31,144

950
34,185
17
1,480
9,553
158
9,711
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

147ANUAL REPORT 2024/25

年报

财务成本

除税前亏损

本集团之除税前亏损经扣除／（计入）

下列各项后得出：

附注：

(a)

于二零二五年三月三十一日及二零

二四年三月三十一日，本集团并无

可用作扣减未来年度退休福利计划

供款之已没收供款。

8. FINANCE COSTS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Interest expenses on other borowings

其他借贷之利息开支

28,352

Interest expenses on lease liabilities

租赁负债之利息开支

Imputed interest expenses on amount

due to a former subsidiary

应付一间前附属公司款项之

估算利息开支

2,658

31,105

9. LOS BEFORE TAX

The Group’s los before tax is arived at after charging/(crediting):

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Auditor’s remuneration

核数师酬金

Cost of inventories

存货成本

2,400

Depreciation

折旧

– Owned

—

自有

– Right-of-use asets

—

使用权资产

2,893

Employe benefit expense (including

Director’s remuneration):

雇员福利开支

（包括董事酬金）：

– Wages and salaries

—

工资及薪金

10,036

– Pension scheme contributions

(Note a)

—

退休福利计划供款

（附注

）

Total employe benefit expenses

雇员福利开支总额

10,225

Gain on disposal of property,

plant and equipment

出售物业、厂房及设备之收益

(270)

Note:

(a) As at 31 March 2025 and 31 March 2024, the Group had no

forfeited contributions available to reduce its contributions to the

pension schemes in future years.

3,286
3,096
36
3,132
6,418

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

148HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

10.

董事酬金

根据上市规则、香港公司条例第

383(1)(a)

、

(b)

、

(c)

及

(f)

条及公司（披露董

事利益资料）规例第

部披露之本年度

董事薪酬如下：

10. DIRECTORS’ EMOLUMENTS

Directors’ remuneration for the year, disclosed pursuant to the

Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong

Companies Ordinance and Part 2 of the Companies (Disclosure of

Information about Benefits of Directors) Regulation, is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Fes

袍金

3,446

Other emoluments:

其他酬金：

Salaries, alowances and benefits

in kind

薪金、津贴及实物福利

3,096

Pension scheme contributions

退休福利计划供款

3,132

6,578

780	3,096	18	3,894
984	–	18	1,002
1,764	3,096	36	4,896
276	–	–	276
276	–	–	276
360	–	–	360
70	–	–	70
982	–	–	982
180	–	–	180
180	–	–	180
180	–	–	180
540	–	–	540
3,286	3,096	36	6,418

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

149ANUAL REPORT 2024/25

年报

10.

董事酬金（续）

截至二零二五年三月三十一日止年度

10. DIRECTORS’ EMOLUMENTS (Continued)

For the year ended 31 March 2025

Fes

Salaries and

alowances and

benefit in kind

Pension

scheme

contributions

Total

remuneration

袍金

薪金、津贴及

实物福利

退休福利

计划供款总薪酬

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Executive directors

执行董事

Zhao Xu Guang

赵旭光

Wang Yijun

王义军

Non-executive directors

非执行董事

Wong Siu Hung, Patrick

黄少雄

Huang Man Yem (Note i)

黄文鑫（附注

）

Jiang Jiansheng (Note i)

姜建生（附注

）

Fong Man, Julisa (Note i)

方敏（附注

）

Independent non-executive

directors

独立非执行董事

To Wing Tim, Pady (Note i)

杜永添（附注

）

Lam Hoy Le, Laurie (Note i)

林开利（附注

）

Wang Wei Hsin (Note i)

王维新（附注

）

Total

总计

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

150HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

10.

董事酬金（续）

截至二零二四年三月三十一日止年度

附注：

(i)

于二零二五年六月十六日辞任。

(i)

于二零二五年六月九日辞世。

(i)

于二零二四年十二月三十一日获委

任。

(iv)

于二零二四年一月二十三日辞任。

截至二零二五年及二零二四年三月

三十一日止年度，概无董事放弃或同

意放弃任何酬金，而本集团概无向任

何董事支付任何酬金作为鼓励加入本

集团或加入本集团后之奖励或离职补

偿。

10. DIRECTORS’ EMOLUMENTS (Continued)

For the year ended 31 March 2024

Fes

Salaries and

alowances and

benefit in kind

Pension

scheme

contributions

Total

remuneration

袍金

薪金、津贴及

实物福利

退休福利

计划供款总薪酬

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Executive directors

执行董事

Zhao Xu Guang

赵旭光

7803,096183,894

Wang Yijun

王义军

984–181,002

1,7643,096364,896

Non-executive directors

非执行董事

Wong Siu Hung, Patrick

黄少雄

276–276

Huang Man Yem

黄文鑫

276–276

Jiang Jiansheng

姜建生

360–360

Tang Ching Fai (Note iv)

滕佂辉（附注

）

230–230

1,142–1,142

Independent non-executive

directors

独立非执行董事

To Wing Tim, Pady

杜永添

180–180

Lam Hoy Le, Laurie

林开利

180–180

Wang Wei Hsin

王维新

180–180

540–540

Total

总计

3,4463,096366,578

Notes:

(i) Resigned on 16 June 2025.

(i) Pased away on 9 June 2025.

(i) Apointed on 31 December 2024.

(iv) Resigned on 23 January 2024.

During the years ended 31 March 2025 and 2024, no emolument

of any director was waived or agred to be waived and no

emolument was paid by the Group to any director as an

inducement to join or upon joining the Group or as compensation

for los of ofice.

1,609
47
1,656

3
3

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

151ANUAL REPORT 2024/25

年报

11. FIVE HIGHEST PAID INDIVIDUALS

The five highest paid individuals during the year included two

Directors (2024: two), details of whose remuneration are set

out in note 10 above. Details of the remuneration for the year of

the remaining thre (2024: thre) highest paid individuals are as

folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries, alowances and benefits in kind

薪金、津贴及实物福利

1,442

Pension scheme contributions

退休福利计划供款

1,496

The emoluments of the individual fal with the folowing bands is as

folows:

Number of employes

雇员数目

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Nil to HK$1,000,000

零至

1,000,000

港元

During the years ended 31 March 2025 and 2024, no emolument

was paid by the Group to any of the above thre (2024: thre)

highest paid individual as an inducement to join or upon joining

the Group or as compensation for los of ofice.

11.

五名最高薪人士

本年度之五名最高薪人士包括两名

董事（二零二四年：两名），其薪酬详

情载于上文附注

。本年度余下三名

（二零二四年：三名）最高薪人士之

薪酬详情如下：

薪酬介乎下列范围之人士如下：

截至二零二五年及二零二四年三月

三十一日止年度，本集团概无向任何

上述三名（二零二四年：三名）最高

薪人士支付任何酬金作为鼓励加入本

集团或加入本集团后之奖励或离职补

偿。

(29,457)	(30)	(29,487)
(4,860)	(8)	(4,868)
4,860	8	4,868
–	–	–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

152HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

12. INCOME TAX EXPENSE

No provision for Hong Kong profits tax was made as there were

no asesable profits arising in Hong Kong during the years

ended 31 March 2025 and 2024.

The income tax provision in respect of operations in the PRC is

calculated at the aplicable tax rates of 25% on the estimated

asesable profits for the year based on existing legislation,

interpretations and practices. No provision was made as there

were no asesable profit arising in PRC during the years ended

31 March 2025 and 2024.

For the year ended 31 March 2025

Hong KongThe PRCTotal

香港中国总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Los before tax

除税前亏损

Tax at the statutory tax rate

按法定税率计算之税项

Tax efect of income not taxable and

expenses not deductible

毋须课税的收入及

不可扣税的开支之税务

影响

Tax expense

税项开支

For the year ended 31 March 2024

Hong KongThe PRCTotal

香港中国总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Los before tax

除税前亏损

(35,671)(68)(35,739)

Tax at the statutory tax rate

按法定税率计算之税项

(5,886)(17)(5,903)

Tax efect of income not taxable and

expenses not deductible

毋须课税的收入及

不可扣税的开支之税务

影响

5,886175,903

Tax expense

税项开支

–

12.

所得税开支

由于香港并无应课税溢利，故于截至

二零二五年及二零二四年三月三十一

日止年度并无就香港利得税计提拨

备。

有关中国业务之所得税拨备乃以现行

有关法例、诠释及惯例为基础，按照

本年度估计应课税溢利之

25%

适用税

率计算。由于中国并无应课税溢利，

故于截至二零二五年及二零二四年三

月三十一日止年度并无计提拨备。

截至二零二五年三月三十一日止年度

截至二零二四年三月三十一日止年度

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

153ANUAL REPORT 2024/25

年报

12. INCOME TAX EXPENSE (Continued)

Undistributed profits of a PRC subsidiary

Pursuant to the PRC Corporate Income Tax Law, a 10%

witholding tax is levied on dividends declared to foreign investors

from the foreign investment enterprises established in PRC. The

requirement is efective from 1 January 2008 and aplies to

earnings after 31 December 2007. A lower witholding tax rate

may be aplied if there is a tax treaty betwen the PRC and the

jurisdiction of the foreign investors. For the Group, the aplicable

rate is 10%. The Group is therefore liable for witholding tax on

dividends distributable by the subsidiary established in the PRC in

respect of earnings generated from 1 January 2008.

No defered tax liability has ben provided as at 31 March 2025

and 31 March 2024.

13. LOS PER SHARE

Basic los per share

The calculation of basic los per share atributable to owners of

the Company is based on the los for the year atributable to

owners of the Company of aproximately HK$29,484,000 (2024:

los for the year of HK$35,732,000) and the weighted average

number of ordinary shares of 290,373,235 (2024: 289,895,093) in

isue during the year.

Diluted los per share

The Company has no dilutive potential ordinary shares in isue

during the years ended 31 March 2025 and 2024 and, therefore,

the diluted los per share is the same as basic los per share for

the year.

14. DIVIDEND

The board of Directors does not recomend the payment of any

dividend for the year ended 31 March 2025 (2024: Nil).

12.

所得税开支（续）

中国附属公司的未分配溢利

根据中国企业所得税法，于中国成立

的外商投资企业向海外投资者所宣派

的股息须缴纳

10%

预扣税。有关规定

于二零八年一月一日起生效，并适

用于二零七年十二月三十一日之

后的盈利。倘中国与海外投资者的司

法权区订立税务条约，则可能享有较

低的预扣税率。本集团的适用税率为

10%

。因此，本集团须就于中国成立

的附属公司于二零八年一月一日起

产生的盈利而分派的股息缴纳预扣

税。

于二零二五年三月三十一日及二零

二四年三月三十一日，并无就递延税

项负债作出拨备。

13.

每股亏损

每股基本亏损

本公司拥有人应占每股基本亏损乃根

据本公司拥有人应占本年度之亏损约

29,484,000

港元（二零二四年：年度

亏损

35,732,000

港元），以及本年度已

发行普通股加权平均数

290,373,235

股

（二零二四年：

289,895,093

股）计算。

每股摊薄亏损

截至二零二五年及二零二四年三月

三十一日止年度，本公司并无潜在摊

薄普通股，故本年度每股摊薄亏损与

每股基本亏损相同。

14.

股息

董事会不建议派付截至二零二五年三

月三十一日止年度之任何股息（二零

二四年：无）。

2,959	1,653	63	410	3,095	1,684,584	1,692,764
–	–	5	–	–	–	5
–	–	–	–	–	(19,210)	(19,210)
2,959	1,653	68	410	3,095	1,665,374	1,673,559

247	1,653	25	408	3,095	–	5,428
1,480	–	15	2	–	–	1,497
1,727	1,653	40	410	3,095	–	6,925
1,232	–	28	–	–	1,665,374	1,666,634

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

154HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

15.

物业、厂房及设备

15. PROPERTY, PLANT AND EQUIPMENT

Other

properties

leased for

own use

caried

at cost

Leasehold

improvement

Computer

equipment

Furniture

and fixtures

Motor

vehicles

Construction

in progresTotal

按成本列账之

租赁作自用之

其他物业租赁物业改良电脑设备家私及装置汽车在建工程总计

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

Cost

成本

At 1 April 2023

于二零二三年四月一日

5,7731,653634103,7391,776,1671,787,805

Aditions

添置

2,959–2,959

Disposal

出售

–(644)–(644)

Transfer

转让

(5,773)–(5,773)

Exchange realignment

汇兑调整

–(91,583)(91,583)

At 31 March 2024 and 1 April 2024

于二零二四年三月三十一日及

二零二四年四月一日

Aditions

添置

Exchange realignment

汇兑调整

At 31 March 2025

于二零二五年三月三十一日

Acumulated depreciation and

impairment

累计折旧及减值

At 1 April 2023

于二零二三年四月一日

3,1271,65364063,700–8,892

Charge for the year

本年度支出

2,893–19239–2,953

Disposal

出售

–(644)–(644)

Transfer

转让

(5,773)–(5,773)

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

Charge for the year

本年度支出

At 31 March 2025

于二零二五年三月三十一日

Carying amount

账面值

At 31 March 2025

于二零二五年三月三十一日

At 31 March 2024

于二零二四年三月三十一日

2,712–382–1,684,5841,687,336

1,232

1,480
116
1,518
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

155ANUAL REPORT 2024/25

年报

15.

物业、厂房及设备（续）

使用权资产

租赁相关项目的披露：

本集团租赁各种土地使用权、土地及

楼宇。租赁协议之固定期限通常为

年。租赁条款经个别磋商厘定，当中

包含各项不同条款及条件。租赁协议

概不施加任何契诺，且租赁资产不得

用作借贷之抵押品。

15. PROPERTY, PLANT AND EQUIPMENT (Continued)

Right-of-use asets

Disclosures of lease-related items:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Land and buildings

土地及楼宇

2,712

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Depreciation charge of right-of-use asets

– Land and buildings

使用权资产之折旧支出

－土地及楼宇

2,893

Lease interests

租赁利息

Total cash outflow for leases

租赁现金流出总额

2,999

Aditions to right-of-use asets

使用权资产添置

2,959

The Group leases various land use rights, land and buildings.

Lease agrements are typicaly made for fixed periods of 2

years. Lease terms are negotiated on an individual basis and

contain a wide range of diferent terms and conditions. The lease

agrements do not impose any covenants and the leased asets

may not be used as security for borowing purposes.

1,508

–
54
54
–
54
(54)
–

–
–
54
54

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

156HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

16.

按公允值计入损益之金融资产

上述项目之公允值计量有关之详细资

料载于综合财务报表附注

。

17.

贸易应收账款

于报告年度末，按发票日期呈列之贸

易应收账款（扣除亏损拨备）之账龄分

析如下：

16. FINANCIAL ASETS AT FAIR VALUE THROUGH PROFIT

OR LOS

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Private club debenture – fair value

measured at quoted price in active

market

私人会所债券

—

按活跃

市场报价计量之公允值

1,508

Detailed information in relation to the fair value measurement

of the items above are set out in note 32 to the consolidated

financial statements.

17. TRADE RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables:

贸易应收账款：

– third parties

－第三方

– non-controling shareholder of a

subsidiary (Note 19)

－一间附属公司非控股东

（附注

）

1,719

Les: Los alowance

减：亏损拨备

–

1,719

Les: Curent portion

减：即期部分

(1,719)

Non-curent portion

非即期部分

–

The ageing analysis of the trade receivables (net of los alowance)

by invoice date at the end of the reporting year is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 3 months

三个月内

1,719

3 to 4 months

三至四个月

–

Over 4 months

四个月以上

–

1,719

25,206
174,136
(58,314)
141,028
(141,028)
–

54
139,820
139,874
(139,874)
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

157ANUAL REPORT 2024/25

年报

17.

贸易应收账款（续）

有关本集团面临的信贷风险及贸易应

收账款亏损拨备的资料载于综合财务

报表附注

33(b)

。

18.

预付款项、按金及其他应收账款

19.

应收一间附属公司非控股东款项

附注：

(a)

结余属交易性质及不计息。

17. TRADE RECEIVABLES (Continued)

Information about the Group’s exposure to credit risks and los

alowance for trade receivables are set out in note 33(b) to the

consolidated financial statements.

18. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Prepayments, deposits and other

receivables due from third parties

应收第三方之预付款项、

按金及其他应收账款

26,090

Trade deposits and other receivables

from Energy Technology (Note 19)

能源科技之贸易按金及

其他应收账款（附注

）

166,398

Les: Los alowance

减：亏损拨备

(58,314)

134,174

Les: Curent portion

减：即期部分

(134,174)

Non-curent portion

非即期部分

–

19. AMOUNT DUE FROM THE NON-CONTROLING

SHAREHOLDER OF A SUBSIDIARY

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade receivables (Note 17) (Note a)

贸易应收账款（附注

）（附注

）

744

Trade deposits and other receivables

from Energy Technology (Note 18)

能源科技之贸易按金及

其他应收账款（附注

）

132,082

132,826

Les: Curent portion

减：即期部分

(132,826)

Non-curent portion

非即期部分

–

Note:

(a) The balances are trade in nature and non-interest-bearing.

1,675

–

27,847
103,478
60,190
191,515
(152,513)
39,002

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

158HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

20.

现金及银行结存

银行现金按基于每日银行存款利率的

浮动利率赚取利息。视乎本集团即时

现金需求，作出介乎一日至三个月不

同期限的短期定期存款，并按各自短

期定期存款利率赚取利息。银行结存

存放在近期并无违约历史且信用可靠

的银行。

21.

贸易应付账款

于报告年度末，按发票日期计算之贸

易应付账款之账龄分析如下：

22.

其他应付账款、应计费用及已收按

金

20. CASH AND BANK BALANCES

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Cash and bank balances

现金及银行结存

2,448

Cash at banks earns interest at floating rates based on daily bank

deposit rates. Short term time deposits are made for varying

periods of betwen one day and thre months depending on the

imediate cash requirements of the Group, and earn interest at

the respective short term time deposit rates. The bank balances

are deposited with creditworthy banks with no recent history of

default.

21. TRADE PAYABLES

An ageing analysis of the trade payables as at the end of the

reporting year, based on the invoice date, is as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Within 3 months

三个月内

1,715

22. OTHER PAYABLES, ACRUALS AND DEPOSITS

RECEIVED

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Other payables and acrued charges

其他应付账款及应计费用

23,347

Interest payable

应付利息

75,203

Amount due to a former subsidiary

应付一间前附属公司款项

58,123

156,673

Les: Curent portion

减：即期部分

(109,017)

Non-curent portion

非即期部分

47,656

12%	On demand	200,000
0%	按要求 2020	18,188
	二零二零年
	218,188
	218,188
	218,188
	218,188

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

159ANUAL REPORT 2024/25

年报

23.

其他借贷

23. OTHER BOROWINGS

二零二五年二零二四年

Efective

interest

rate (%)MaturityHK$’000

Efective

interest

rate (%)MaturityHK$’000

实际利率

(%)

到期千港元实际利率

(%)

到期千港元

Unsecured other borowings

(Note a)

无抵押其他借贷

（附注

）

12%

On demand

按要求

200,000

Unsecured other borowings

(Note b)

无抵押其他借贷

（附注

）

二零二零年

18,188

218,188

Analysed into:

分析为：

Within 12 months

or on demand

十二个月内或

按要求

218,188

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

160HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

23.

其他借贷（续）

附注：

(a)

截至二零二一年十二月三十一日止

年度，贷款人及本集团就拖欠利息

付款订立谅解备忘录。根据谅解备

忘录，违约事件于二零二一年三月

二十三日结清未付利息及违约利息

后被取消。因此，本集团其他借贷

200,000,000

港元于二零二年到

期。贷款人要求立即支付借贷及应

计利息。

兹提述本公司日期为二零二四年六

月十八日之公告，本公司收到债权

人之法律代表发出之第二份法定要

求偿债书，要求本公司于该法定要

求偿债书送达之日起计

日内支付

尚未偿还贷款

200,000,000

港元连同

应计利息，倘未能支付，贷款人可能

会提出针对本公司的清盘呈请。兹

提述本公司日期为二零二四年八月

八日、二零二四年十月十六日、二零

二四年十二月十一日、二零二五年

二月五日、二零二五年二月十二日、

二零二五年四月九日、二零二五年

五月八日及二零二五年六月九日之

公告，本公司接获针对本公司之清

盘呈请（「该呈请」）。该呈请于二零

二四年八月二日由其债权人（「呈请

人」）向香港特别行政区高等法院作

出，要求根据香港法例第

章《公司

（清盘及杂项条文）条例》的条文将

本公司清盘。本公司正与呈请人保

持积极良好的沟通，通过与呈请人

重新协商贷款和解协议的条款并已

取得一定进展，努力促使该呈请尽

快被撤回。

(b)

于二零二五年三月三十一日，其他

借贷包括一名前任董事（于二零一八

年九月七日辞任）之贷款

1,751,000

港

元（二零二四年：

1,751,000

港元）及

山西金岩和嘉能源有限公司一名董

事之贷款

3,195,000

港元（二零二四

年：

3,195,000

港元）。

23. OTHER BOROWINGS (Continued)

Notes:

(a) During the year ended 31 December 2021, the lender and the

Group entered into memorandum of understanding on the default

interest payment. Acording to memorandum of understanding, the

event of default was removed upon the setlement of outstanding

interest and default interest on 23 March 2021. Thus, the maturity

date of the Group’s other borowing of HK$200,000,000 is in 2022.

The lender has requested imediate payment on the borowing and

acrued interest.

With reference to the Company’s anouncement dated 18 June

2024, the Company received a second statutory demand from

the legal representative of a creditor demanding the Company to

pay the outstanding borowing of HK$200,000,000 with acrued

interest, within 21 days after the service of the statutory demand,

failing which a winding-up petition against the Company may

be presented by the lender. With reference to the Company’s

anouncement dated 8 August 2024, 16 October 2024, 11

December 2024, 5 February 2025, 12 February 2025, 9 April 2025,

8 May 2025 and 9 June 2025, the Company received a winding-

up petition (the “Petition”), which was filed against the Company

on 2 August 2024 at the High Court of the Hong Kong Special

Administrative Region by its creditor (the “Petitioner”) for the

winding up of the Company under the provisions of the Companies

(Winding Up and Miscelaneous Provisions) Ordinance (Chapter 32

of the Laws of Hong Kong). The Company has now kept active

and god comunication with the Petitioner, and, making eforts to

procure the withdrawal of the Petition as son as posible, through

renegotiating the terms on loan setlement agrement with the

Petitioner to a certain extent.

(b) At 31 March 2025, included in other borowings were loans

from a former Director, who resigned on 7 September 2018, of

HK$1,751,000 (2024: HK$1,751,000) and a Director of GRG

Huscoke (Shan Xi) Ltd. of HK$3,195,000 (2024: HK$3,195,000).

1,400	(30)	1,370

1,370
–
1,370

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

161ANUAL REPORT 2024/25

年报

24.

租赁负债

下表列示本集团于报告年末之租赁负

债之余下合约到期日：

于综合财务状况表内确认之租赁负债

所应用之加权平均承租人增量借贷利

率为

5.9%

（二零二四年：

5.9%

）。

24. LEASE LIABILITIES

The folowing table shows the remaining contractual maturities of

the Group’s lease liabilities at the end of the reporting year:

At 31 March 2025

于二零二五年三月三十一日

Minimum lease

paymentsInterestPresent value

最低租赁付款利息现值

HK$’000HK$’000HK$’000

千港元千港元千港元

Not later than one year

一年之内

At 31 March 2024

于二零二四年三月三十一日

Minimum lease

paymentsInterestPresent value

最低租赁付款利息现值

HK$’000HK$’000HK$’000

千港元千港元千港元

Not later than one year

一年之内

1,518(116)1,402

Later than one year and

not later than two years

迟于一年但不迟于

两年

1,400(30)1,370

2,918(146)2,772

31 March31 March

二零二五年二零二四年

三月三十一日三月三十一日

HK$’000HK$’000

千港元千港元

Curent liabilities

流动负债

1,402

Non-curent liabilities

非流动负债

1,370

2,772

The weighted average lese’s incremental borowing rate aplied

to lease liabilities recognised in the consolidated statement of

financial position is 5.9% (2024: 5.9%).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

162HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

25.

股本

附注：

于二零二三年五月二十四日，本公司已就

所获得的服务，发行

3,301,886

股每股面

值为

0.1

港元

、每股发行价格为

0.212

港元

的普通股。由发行股票所产生的溢价约为

370,000

港元，已计入本公司的股份溢价

账。

25. SHARE CAPITAL

No. of ordinary

sharesHK$’000

普通股数目千港元

Ordinary shares of HK$0.10 each

每股面值

0.10

港元之普通股

Authorised:

法定：

At 1 April 2023, 31 March 2024,

1 April 2024 and 31 March 2025

于二零二三年四月一日、

二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

4,000,000,000400,000

Isued and fuly paid:

已发行及缴足：

At 1 April 2023

于二零二三年四月一日

287,071,34928,707

Isuance of authorised ordinary

shares on 24 May 2023 (Note)

于二零二三年五月二十四日

发行法定普通股（附注）

3,301,886330

At 31 March 2024, 1 April 2024

and 31 March 2025

于二零二四年三月三十一日、

二零二四年四月一日及

二零二五年三月三十一日

290,373,23529,037

Note:

On 24 May 2023, 3,301,886 ordinary shares of HK$0.1 each have ben

isued by the Company at a price of HK$0.212 per share for service

received. Premium on the isue of shares, amounting to aproximately

HK$370,000, was credited to the Company’s share premium acount.

346,924	1,731,681	17,275	85	(2,431,450)	(335,485)
–	–	–	–	(14,712)	(14,712)
346,924	1,731,681	17,275	85	(2,446,162)	(350,197)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

163ANUAL REPORT 2024/25

年报

26.

储备

本公司储备于本年度之变动详情如

下：

附注：

(a)

根据百慕达一九八一年公司法第

40(1)

条，缴入盈余指兑换二零八

年可换股债券及二零一九年可换股

债券时兑换之股份价值超出已发行

普通股面值之差额及资本重组产生

之进账。

(b)

特别储备指附属公司于本公司收购

股份当日之股份面值与本公司就收

购已发行股份面值之差额。

26. RESERVES

Details of the movements in the reserves of the Company during

the year are as folows:

premium

Contributed

surplus

Special

reserve

Capital

redemption

reserve

Acumulated

losesTotal

股份溢价缴入盈余特别储备股本赎回储备累计亏损总计

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

千港元千港元千港元千港元千港元千港元

Note (a)Note (b)

附注

(a)

附注

(b)

At 1 April 2023

于二零二三年四月一日

346,5541,731,68117,27585(2,414,552)(318,957)

Los for the year and total

comprehensive expense

for the year

本年度亏损及本年度

全面开支总额

–(16,898)(16,898)

Isuance of new shares (Note 25)

发行新股份（附注

）

370–370

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

Los for the year and total

comprehensive expense

for the year

本年度亏损及本年度

全面开支总额

At 31 March 2025

于二零二五年

三月三十一日

Notes:

(a) The contributed surplus represents the exces of the value of

shares converted upon conversion of the 2008 Convertible Bonds

and 2019 Convertible Bonds over the nominal amount of the

ordinary shares isued pursuant to section 40(1) of the Bermuda

Companies Act 1981 and the credit arising from the capital

reorganisation.

(b) The special reserve represents the diference betwen the nominal

value of the shares of the subsidiaries at the date when the shares

were acquired by the Company and the nominal amount of the

Company’s shares isued for the acquisition.

10%

(3)
166,526

34,230
–
(34,259)
(29)
(59,751)
54
1,665,374
(165)
–
(1)
–
–
(1)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

164HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

27.

持有重大非控股权益之非全资附属

公司

持有重大非控股权益之本集团附属公

司之详情载列如下：

能源嘉润

27. PARTLY-OWNED SUBSIDIARIES WITH MATERIAL NON-

CONTROLING INTERESTS

Details of the Group’s subsidiaries that have material non-

controling interests are set out below:

Energy Jiarun

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Percentage of equity interest held by

non-controling interests

at the reporting date

于报告日期之非控股权益

所持股权百分比

10%

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Los for the year alocated

to non-controling interests

分配至非控股权益之

本年度亏损

(7)

Acumulated balances of non-controling

interests at the reporting date

于报告日期之非控股权益

累计结余

168,450

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Revenue

收入

2,403

Other income and gains

其他收入及收益

–

Total expenses

开支总额

(2,469)

Los for the year

本年度亏损

(66)

Total comprehensive expense

for the year

本年度全面开支总额

(59,788)

Curent asets

流动资产

1,719

Non-curent asets

非流动资产

1,684,584

Curent liabilities

流动负债

(1,802)

Non-curent liabilities

非流动负债

–

Net cash flows from operating activities

来自经营业务之现金流量净额

(1)

Net cash flows from investing activities

来自投资业务之现金流量净额

–

Net cash flows from financing activities

来自融资业务之现金流量净额

–

Net increase in cash and cash

equivalents

现金及现金等价物增加净额

(1)

14,765

6,382
36
6,418

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

165ANUAL REPORT 2024/25

年报

28.

或然负债

于二零二五年及二零二四年三月

三十一日，本集团并无未于此财务报

表中拨备之任何重大或然负债。

29.

与关联人士之交易

(a)

除此等综合财务报表其他地方

所详述之交易及结余外，本集

团于本年度与关联人士有下列

交易：

(b)

与关联人士之未偿还结余

于报告期末与非控股东之结

余载于综合财务报表附注

。

(c)

本集团主要管理人员之薪酬：

董事及其他主要管理层人员于

本年度之酬金如下：

董事酬金之进一步详情载于综

合财务报表附注

。

28. CONTINGENT LIABILITIES

As at 31 March 2025 and 2024, the Group did not have any

significant contingent liabilities which have not ben provided for in

these financial statements.

29. RELATED PARTY TRANSACTIONS

(a) In adition to the transactions and balances detailed

elsewhere in these consolidated financial statements,

the Group had the folowing transactions with related

parties during the year:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

With the non-controling

shareholder of a subsidiary:

与附属公司非控股

股东：

Sales

销售

1,533

(b) Outstanding balances with related parties

Balances with the non-controling shareholder at the

end of the reporting period are set out in note 19 to the

consolidated financial statements.

the Group:

The remuneration of directors and other members of key

management during the year was as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Salaries, alowances and

benefits in kind

薪金、津贴及实物福利

6,542

Pension scheme contributions

退休福利计划供款

6,578

Further details of directors’ emoluments are included in note

10 to the consolidated financial statements.

2,772	218,188	220,960
(1,518)	–	(1,518)
116	–	116
1,370	218,188	219,558

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

166HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

30.

综合现金流量表附注

融资活动所产生之负债变动：

30. NOTES TO THE CONSOLIDATED STATEMENT OF CASH

FLOWS

Change in liabilities arising from financing activities:

Lease

liabilities

Other

borowingsTotal

租赁负债其他借贷总计

HK$’000HK$’000HK$’000

千港元千港元千港元

At 1 April 2023

于二零二三年四月一日

2,717218,188220,905

Changes from financing cash flows

融资现金流量变动

(2,999)–(2,999)

Non-cash changes

非现金变动

– new lease entered

－新订租赁

2,959–2,959

– interest acrued

－应计利息

95–95

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

Changes from financing cash flows

融资现金流量变动

Non-cash changes

非现金变动

– new lease entered

－新订租赁

– interest acrued

－应计利息

At 31 March 2025

于二零二五年三月三十一日

142,757
1,508
144,265

411,073

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

167ANUAL REPORT 2024/25

年报

31.

按类别划分之金融工具

于报告年末，各类金融工具之账面值

如下：

31. FINANCIAL INSTRUMENTS BY CATEGORY

The carying amounts of each of the categories of financial

instruments as at the end of the reporting year are as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial asets:

金融资产：

Financial asets at amortised cost

(including cash and cash equivalents)

按摊销成本列账之金融资产

（包括现金及现金等价物）

138,299

Financial asets at fair value through

profit or los

按公允值计入损益之金融

资产

1,508

139,807

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Financial liabilities:

金融负债：

Financial liabilities at amortised cost

按摊销成本列账之金融负债

379,348

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

168HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

32.

公允值计量

公允值等级架构

公允值是于计量日期市场参与者于有

秩序交易中出售资产可收取或转让负

债须支付的价格。下列公允值计量披

露采用的公允值等级架构，会将公允

值计量所使用之估值方法的输入值分

为三个等级：

第一层输入值：本集团于计量日期可

以取得的相同资产或负债于活跃市场

的报价（未经调整）。

第二层输入值：就资产或负债直接或

间接地可观察的输入值（第一级内包

括的报价除外）。

第三层输入值：资产或负债的不可观

察输入值。

本集团的政策为在导致转拨的事宜或

情况变动的日期确认三个等级各级的

转入及转出。

32. FAIR VALUE MEASUREMENT

Fair value hierarchy

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 folowing disclosures of

fair value measurements use a fair value hierarchy that categorises

into thre levels the inputs to valuation techniques used to

measure fair value:

Level 1 inputs: quoted prices (unadjusted) in active markets for

identical asets or liabilities that the Group can aces at the

measurement date.

Level 2 inputs: inputs other than quoted prices included within

level 1 that are observable for the aset or liability, either directly or

indirectly.

Level 3 inputs: unobservable inputs for the aset or liability.

The Group’s policy is to recognise transfers into and transfers out

of any of the thre levels as of the date of the event or change in

circumstances that caused the transfer.

1,508	–	–	1,508

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

169ANUAL REPORT 2024/25

年报

32.

公允值计量（续）

公允值等级架构（续）

于二零二五年及二零二四年三月

三十一日之公允值等级架构层级披

露：

于二零二五年三月三十一日

于二零二四年三月三十一日

于本年度，就金融资产及金融负债而

言，第一层与第二层之间并无公允值

计量转移，及第三层并无转入或转出

之情况（二零二四年：无）。

32. FAIR VALUE MEASUREMENT (Continued)

Fair value hierarchy (Continued)

Disclosures of level in fair value hierarchy at 31 March 2025 and

2024:

At 31 March 2025

Quoted

prices

in active

markets

Significant

observable

inputs

Significant

unobservable

inputsTotal

于活跃市场

之报价

重大可

观察数据

重大不可

观察数据总计

(Level 1)(Level 2)(Level 3)

（第一层）（第二层）（第三层）

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Description

描述

Private club debenture

私人会所债券

At 31 March 2024

Quoted

prices

in active

markets

Significant

observable

inputs

Significant

unobservable

inputsTotal

于活跃市场

之报价

重大可

观察数据

重大不可

观察数据总计

(Level 1)(Level 2)(Level 3)

（第一层）（第二层）（第三层）

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Description

描述

Private club debenture

私人会所债券

1,508–1,508

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 for both financial asets and financial liabilities

(2024: Nil).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

170HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

33.

金融风险管理目标及政策

本集团之金融工具主要为其他借贷。

该等金融工具之主要目的为筹集资金

作本集团经营所需。本集团有若干其

他金融资产及负债，例如贸易应收账

款、按金及其他应收账款、现金及银

行结存、贸易应付账款、其他应付账

款及应计费用，均直接来自其经营业

务。

本集团金融工具之主要风险为外币

风险、信贷风险及流动性风险。董事

会检讨及协定管理各项有关风险之政

策，并概述如下。

(a)

外币风险

本集团之货币资产、负债及交易

均主要以人民币、美元及港元计

值。本集团需承受以各集团实体

功能性货币以外之货币计值的

货币资产及负债所产生之外币

风险。

本集团若干负债以美元计值。

本集团因美元兑港元所产生之

风险而承受外汇风险。本集团认

为，由于港元与美元挂钩，故于

报告年末美元汇率变动对股权

及除税前溢利之影响轻微。

本集团并无任何未行使对冲工

具。本集团将持续检视经济情况

及其外币风险组合，并于日后有

需要时考虑采取适当之对冲措

施。

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES

The Group’s principal financial instruments comprise other

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,

deposits and other receivables, cash and bank balances, trade

payables, other payables and acruals, which arise directly from

its operations.

The main risks arising from the Group’s financial instruments

are foreign curency risk, credit risk and liquidity risk. The Board

reviews and agres policies for managing each of these risks and

they are sumarised below.

(a) Foreign curency risk

The Group’s monetary asets, liabilities and transactions are

principaly denominated in RMB, US$ and HK$. The Group

is exposed to foreign curency risk arising from the monetary

asets and liabilities that are denominated in curencies

other than functional curencies of the respective group

entities.

Certain of the Group’s liabilities are denominated in US$.

The Group is exposed to foreign exchange risk arising from

the exposure of US$ against HK$. The Group considered

the impact on the equity and profit before tax from the

change in US$, exchange rate was nominal at the end of

the reporting year since HK$ is peged to US$.

The Group does not have any hedging instruments

outstanding. The Group wil constantly review the economic

situation and its foreign curency risk profile, and wil

consider apropriate hedging measures in the future as may

be necesary.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

171ANUAL REPORT 2024/25

年报

33.

金融风险管理目标及政策（续）

(b)

信贷风险

本集团信贷风险主要来自现金

及银行结存及受限制银行存款、

贸易及其他应收账款及按金及

应收非控股东及其联属公司

款项。管理层已设立信贷政策，

并对该等信贷风险持续监察。

于综合财务状况表确认之金融

资产之账面值（扣除亏损拨备）

指本集团面临之信贷风险，并无

考虑所持有之任何抵押品价值

或其他信用增强措施。

现金及银行结存

本集团存放于知名领先之金融

机构之存款之信贷风险有限，该

等金融机构被评估为低信贷风

险。本集团过往并无因该等人士

不履约而蒙受任何重大损失，而

管理层预期未来该状况不会变

动。

贸易应收账款

本集团仅与已确认及信誉良好

之第三方及关联人士进行贸易。

本集团之政策为所有希望以信

贷条款进行贸易之客户均须接

受信贷核证程序。本集团藉设立

最长付款期，以限制其承受来自

贸易应收账款之信贷风险。

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

(b) Credit risk

The Group’s credit risk is primarily atributable to cash and

bank balances and restricted bank deposit, trade and other

receivables and deposits and amount due from the non-

controling shareholder and its afiliates. Management has a

credit policy in place and the exposures to these credit risks

are monitored on an ongoing basis.

The carying amount of financial asets recognised on the

consolidated statement of financial position, which is net of

los alowance, represents the Group’s exposure to credit

risk without taking into acount the value of any colateral

held or other credit enhancements.

Cash and bank balances

The Group has limited credit risk with its deposits in

financial institutions, which are leading and reputable and

are asesed as having low credit risk. The Group has

not sufered any significant loses arising from the non-

performance by these parties in the past and management

does not expect this position to change in the future.

Trade receivables

The Group trades only with recognised and creditworthy

third parties and related parties. It is the Group’s policy

that al customers who wish to trade on credit terms are

subject to credit verification procedures. The Group limits its

exposure to credit risk from trade receivables by establishing

maximum payment period.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

172HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

33.

金融风险管理目标及政策（续）

(b)

信贷风险（续）

贸易应收账款（续）

本集团主要以信贷赊账方式与

其客户进行贸易。信贷期通常为

至

日。我们要求若干客户垫

付款项。董事认为该等安排可使

本集团限制其信贷风险。于二零

二五年三月三十一日，本集团

100%

之贸易应收账款乃分别来

自本集团最大客户及五大客户，

且存在信贷风险重大集中情况。

本集团一直严格控制未收回应

收账款，务求将信贷风险减至最

低。本集团并无就贸易应收账款

结余持有任何抵押品或其他信

用增强措施。高级管理人员定期

检查逾期结余。

本集团之信贷风险主要受各客

户个别特征影响。

本集团之客户基础包含众多客

户，而贸易应收账款按共同风险

特征，即代表客户根据合约条款

支付所有到期款项之能力进行

分类。本集团于计算贸易应收账

款之预期信贷亏损时采用简化

方法，于各报告日期根据全期预

期信贷亏损确认亏损拨备及已

根据其过往信贷亏损经验建立

拨备矩阵，并就债务人之特定前

瞻性因素及经济环境作出调整。

拨备矩阵所采用之预期亏损率

乃基于过去三年就各类别进行

计算，并就当前及前瞻性因素作

出调整以反映收集历史数据期

间之经济状况、当前状况以及本

集团于应收账款预期年期内对

未来经济状况之估计间之差异。

本年度估算技术或作出之重大

假设并无变动。

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

(b) Credit risk (Continued)

Trade receivables (Continued)

The Group’s trading terms with its customers are mainly

due on credit. The credit period is generaly 0 to 30 days.

Advances are required for certain customers. The Directors

consider that these arangements enable the Group to

limit its credit risk exposure. As 31 March 2025, 100% of

the Group’s trade receivables were due from the Group’ s

largest and the five largest customer respectively, there was

a significant concentration of credit risk. The Group seks

to maintain strict control over its outstanding receivables to

minimise credit risk. The Group did not hold any colateral

or other credit enhancements over the trade receivable

balances. Overdue balances are reviewed regularly by senior

management.

The Group’s exposure to credit risk is influenced mainly by

the individual characteristics of each customer.

The Group’s customer base consists of a wide range

of clients and the trade receivables are categorised by

comon risk characteristics that are representative of the

customers’ abilities to pay al amounts due in acordance

with the contractual terms. The Group aplies a simplified

aproach in calculating ECL for trade receivables and

recognises a los alowance based on lifetime ECL at each

reporting date and 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. The expected los rate used in the

provision matrix is calculated for each category based on

the past thre years and adjusted for curent and forward-

loking factors to reflect diferences betwen economic

conditions during the period over which the historical data

has ben colected, curent conditions and the Group’s

estimate on future economic conditions over the expected

lives of the receivables. There was no change in the

estimation techniques or significant asumptions made

during the year.

–	–	–	No
–	54	–	否 No
–	–	–	否 No
	–	–	否
	54	–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

173ANUAL REPORT 2024/25

年报

33.

金融风险管理目标及政策（续）

(b)

信贷风险（续）

贸易应收账款（续）

有关信贷风险及于二零二五年

及二零二四年三月三十一日采

用拨备矩阵就贸易应收账款作

出之预期信贷亏损之资料概述

如下：

于二零二五年三月三十一日

于二零二四年三月三十一日

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

(b) Credit risk (Continued)

Trade receivables (Continued)

The information about the exposure to credit risk and ECL

for trade receivables using a provision matrix as at 31 March

2025 and 2024 are sumarised below:

At 31 March 2025

Expected

los rate

Gros

carying

amount

Los

alowance

Credit-

impaired

预期亏损率总账面值亏损拨备信贷减值

HK$’000HK$’000HK$’000

千港元千港元千港元

Not past due

未逾期

Les than 6 months

past due

逾期少于

个月

More than 6 months

past due

逾期超过

个月

At 31 March 2024

Expected

los rate

Gros

carying

amount

Los

alowance

Credit-

impaired

预期亏损率总账面值亏损拨备信贷减值

HK$’000HK$’000HK$’000

千港元千港元千港元

Not past due

未逾期

–1,719–No

否

Les than 6 months

past due

逾期少于

个月

–No

否

More than 6 months

past due

逾期超过

个月

–No

否

1,719–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

174HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

33.

金融风险管理目标及政策（续）

(b)

信贷风险（续）

贸易应收账款（续）

于二零二五年及二零二四年三

月三十一日，本集团并无就贸易

应收账款确认亏损拨备。

其他应收账款及按金

本集团认为，其他应收账款及按

金拥有低信贷风险，依据为债务

人有强大能力于短期履行其合

约现金流量责任且违约风险低。

其他应收账款之减值乃按十二

个月预期信贷亏损计量并反映

所承受风险之期限短。

于估计预期信贷亏损时及于厘

定信贷风险是否自初始确认起

大幅增加及金融资产是否出现

信贷减值时，本集团已考虑对债

务人之已付按金以往动用模式

之以往实际信贷亏损经验及交

易对手之财务状况，并参考（其

中包括）其管理或经审核账目，

并就债务人特定之前瞻性因素

及交易对手营运所在之行业之

一般经济情况作出调整，以估计

该等金融资产之违约概率以及

各情况下之违约亏损。经考虑交

易对手之财务状况及信贷质素

后，本集团管理层认为，该等金

融资产之预期信贷亏损并不重

大。

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

(b) Credit risk (Continued)

Trade receivables (Continued)

The Group did not recognised los alowance on the trade

receivables as at 31 March 2025 and 2024.

Other receivables and deposits

The Group considers that the other receivables and

deposits have low credit risk based on the debtors’ strong

capacity to met its contractual cash flow obligations in

the near term and low risk of default. Impairment on other

receivables is measured on 12-month ECL and reflects the

short maturities of the exposures.

In estimating the ECL and in determining whether there is a

significant increase in credit risk since initial recognition and

whether the financial aset is credit-impaired, the Group

has taken into acount the historical actual credit los

experience on the debtors historical utilisation patern of

deposits paid and the financial position of the counterparties

by reference to, among others, their management or audited

acounts, and adjusted for forward-loking factors that are

specific to the debtors and general economic conditions

of the industry in which the counterparties operate, in

estimating the probability of default of these financial

asets, as wel as the los upon default in each case. The

management of the Group considers the ECL of these

financial asets to be insignificant after taking into acount

the financial position and credit quality of the counterparties.

58,314
–
–
58,314

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

175ANUAL REPORT 2024/25

年报

33.

金融风险管理目标及政策（续）

(b)

信贷风险（续）

其他应收账款及按金（续）

于二零二五年三月三十一日，本

集团未就结存确认亏损拨备（二

零二四年：零港元）。于本年度，

结存之亏损拨备变动概述如下。

应收附属公司非控股东及其

联属公司款项

于估计预期信贷亏损时及于厘

定信贷风险是否自初始确认起

大幅增加及应收非控股东及

其联属公司款项是否出现信贷

减值时，本集团已考虑非控股

股东及其联属公司之以往实际

信贷亏损经验及其财务状况，

并参考其管理账目、并就前瞻

性因素、担保协议内的担保金额

（如综合财务报表附注

所述）

作出调整，以估计应收非控股

东及其联属公司款项之违约概

率以及违约亏损。本集团管理层

认为，该等金额之信贷风险属重

大，然而，经计及以上因素后，

其预期信贷亏损被认为并不重

大。

于本报告期，估算技术或作出之

重大假设并无变动。

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

(b) Credit risk (Continued)

Other receivables and deposits (Continued)

As at 31 March 2025, the Group did not recognised los

alowance (2024: HK$Nil) on the balances. The movement

in the los alowance for the balances during the year is

sumarised below.

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

At begining of the reporting period

于报告期初

58,314

Increase in alowance

拨备增加

–

Disposal of subsidiaries

出售附属公司

–

Exchange realignment

汇兑调整

–

At end of the reporting period

于报告期末

58,314

Amounts due from the non-controling shareholder of

a subsidiary and its afiliates

In estimating the ECL and in determining whether there

is significant increase in credit risk since initial recognition

and whether the amount due from the non-controling

shareholder and its afiliates is credit impaired, the Group

has taken into acount the historical actual credit los

experience on the non-controling shareholder and its

afiliates and their financial position with reference to their

management acounts and adjusted for forward-loking

factor, guaranted amount in Guarante Agrement

mentioned in note 19 to the consolidated financial

statements, in estimating the probability of default of the

amounts from the non-controling shareholder and its

afiliates, as wel as the los upon default. The management

of the Group considers that the credit risk on the amounts

is significant, however, their ECL is considered to be

insignificant after taking into consideration of the above

factors.

There was no change in the estimation techniques or

significant asumptions made during the reporting period.

152,754	42,861	195,615
218,188	–	218,188
18,016	–	18,016
1,400	–	1,400
390,358	42,861	433,219

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

176HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

33.

金融风险管理目标及政策（续）

(c)

流动资金风险

本集团之目标为透过使用其他

借贷而在集资之持续性与灵活

度两者之间取得平衡。

于报告期末，基于已订约但未贴

现付款之本集团金融负债到期

情况如下：

于二零二五年三月三十一日

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

The Group’s objective is to maintain a balance betwen

continuity of funding and flexibility through the use of other

borowings.

The maturity profile of the financial liabilities of the Group as

at the end of the reporting periods, based on the contractual

undiscounted payments, is as folows:

At 31 March 2025

Within

1 year or

on demand1 to 5 yearsTotal

年内或

按要求

至

年总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Other payables, acruals

and deposit received

其他应付账款、应计费用

及已收按金

Other borowings

其他借贷

Interest portion of

other borowings

其他借贷的利息部分

Lease liabilities

租赁负债

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

177ANUAL REPORT 2024/25

年报

33.

金融风险管理目标及政策（续）

(c)

流动资金风险（续）

于二零二四年三月三十一日

(d)

资本管理

本集团资本管理之首要目标，为

确保本集团具备持续经营之能

力，且维持稳健之资本比率，以

支持其业务运作，争取最大之股

东价值。

本集团根据经济情况之变动及

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

At 31 March 2024

Within

1 year or

on demand1 to 5 yearsTotal

年内或

按要求

至

年总计

HK$’000HK$’000HK$’000

千港元千港元千港元

Trade payables

贸易应付账款

1,715–1,715

Other payables, acruals

and deposit received

其他应付账款、应计费用

及已收按金

105,22854,194159,422

Other borowings

其他借贷

218,188–218,188

Interest portion of

other borowings

其他借贷的利息部分

18,016–18,016

Lease liabilities

租赁负债

1,5181,4002,918

344,66555,594400,259

(d) Capital management

The primary objectives of the Group’s capital management

are to safeguard the Group’s ability to continue as a going

concern and to maintain healthy capital ratios in order to

suport its busines and maximise shareholders’ value.

The Group manages its capital structure and makes

adjustments to it in light of changes in economic conditions

and the risk characteristics of the underlying asets. To

maintain or adjust the capital structure, the Group may

adjust the dividend payment to shareholders, return capital

to shareholders or isue new shares. No changes were

made in the objectives, policies or proceses for managing

capital during the years ended 31 March 2025 and 2024.

–
191,515
218,188
1,370
358,636
(1,675)
768,034
874,664
1,642,698
47%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

178HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

33. FINANCIAL RISK MANAGEMENT OBJECTIVES AND

POLICIES (Continued)

(d) Capital management (Continued)

The Group monitors capital using a gearing ratio, which

is net debt divided by capital plus net debt. Net debt

includes trade payables, other payables, acruals and

deposits received, other borowings, lease liabilities and tax

payable, net of restricted bank deposits and cash and bank

balances. Capital includes equity atributable to owners

of the Company. The gearing ratios as at the end of the

respective reporting periods were as folows:

二零二五年二零二四年

HK$’000HK$’000

千港元千港元

Trade payables

贸易应付账款

1,715

Other payables, acruals and

deposit received

其他应付账款、应计费用

及已收按金

156,673

Other borowings

其他借贷

218,188

Lease liabilities

租赁负债

2,772

Tax payable

应付税项

362,774

Les: Cash and bank balances

减：现金及银行结存

(2,448)

Net debt

债务净额

739,674

Capital – equity atributable to

owners of the Company

资本—本公司拥有人

应占权益

916,613

Capital and net debt

资本及债务净额

1,656,287

Net gearing ratio

净杠杆比率

45%

(e) Fair value

The carying amounts of the Group’s financial asets and

financial liabilities as reflected in the consolidated statement

of financial position aproximate their respective fair value.

33.

金融风险管理目标及政策（续）

(d)

资本管理（续）

本集团采用债务净额除以资金

加负债净额计算之杠杆比率监

察资本状况。债务净额包括经扣

除受限制银行存款以及现金及

银行结存后之贸易应付账款、其

他应付账款、应计费用及已收按

金、其他借贷，租赁负债以及应

付税项。资本包括本公司拥有人

应占股权。于各自之报告期末之

杠杆比率如下：

(e)

公允值

综合财务状况表内所示的本集

团金融资产及金融负债之账面

值与其各自公允值相若。

225
41,937
81
42,243
119,685
43,718
200,000
363,403
(321,160)
(321,160)
(321,160)
29,037
(350,197)
(321,160)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

179ANUAL REPORT 2024/25

年报

34. 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:

31 March

二零二五年

三月三十一日

二零二四年

三月三十一日

HK$’000HK$’000

千港元千港元

Curent asets

流动资产

Prepayment, deposit and

other receivables

预付款项、按金及

其他应收账款

Amount due from subsidiaries

应收附属公司款项

24,240

Cash and bank balances

现金及银行结存

Total curent asets

流动资产总额

24,641

Curent liabilities

流动负债

Other payables, acruals and

deposit received

其他应付账款、应计费用及

已收按金

91,310

Amount due to subsidiaries

应付附属公司款项

39,779

Other borowings

其他借贷

200,000

Total curent liabilities

流动负债总额

331,089

Net curent liabilities

流动负债净额

(306,448)

Total asets les curent liabilities

资产总额减流动负债

(306,448)

NET LIABILITIES

负债净额

(306,448)

Capital and reserves

资本及储备

Isued capital

已发行股本

29,037

Reserves

储备

(335,485)

TOTAL DEFICIT

亏绌总额

(306,448)

Aproved and authorised for isue by the Board of Directors on

30 June 2025 and signed on its behalf by:

Mr. ZHAO Xu GuangMr. WONG Siu Hung, Patrick

赵旭光先生黄少雄先生

DirectorDirector

董事董事

34.

本公司之财务状况表

有关本公司于报告期末之财务状况表

的资料如下：

于二零二五年六月三十日经董事会批

准及授权发布，并由下列董事代表签

署：

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

综合财务报表附注

For the year ended 31 March 2025

截至二零二五年三月三十一日止年度

180HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

35. EVENTS AFTER THE END OF THE REPORTING PERIOD

As disclosed in the Company’s anouncements dated 30 May

2025 and 9 June 2025, the Company actively engaged in

comunication and negotiation with the Petitioner, China Cinda

(Hong Kong) Aset Management Company Limited, and has

reached a consensus on the terms of a setlement agrement

which is pending execution by the parties. However, the Petitioner

has informed the Company that, as a holder of preference

shares in Whole Advance Limited (“Whole Advance”), the

controling shareholder of the Company, it is curently adjusting

and renegotiating the terms of the preference shares with Whole

Advance (the “Adjustment”). While this Adjustment wil not afect

the terms of the setlement agrement betwen the Petitioner and

the Company, nor is it a condition precedent for the efectivenes

of the setlement agrement, the Petitioner has requested that

the formal signing of the setlement agrement with the Company

take place after the completion of this Adjustment.

Curently, the winding-up petition hearing has ben adjourned to

25 August 2025. Further anouncement(s) wil be made by the

Company to inform the Shareholders and potential investors of

the Company of any significant developments in relation to the

Petition as and when apropriate.

36. APROVAL OF FINANCIAL STATEMENTS

These consolidated financial statements were aproved and

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

35.

报告期后事项

诚如本公司日期为二零二五年五月

三十日及二零二五年六月九日的公告

所披露，本公司正与呈请人－中国信达

（香港）资产管理有限公司积极沟通

协商并已就和解协议内容达成共识，

有关和解协议正等待各方签署。惟呈

请人向本公司提出，其作为本公司控

股东合晋有限公司（「合晋」）之优先

股东，正在与合晋就优先股的条款

进行调整和重新约定（「该调整」）。虽

然该调整不会影响呈请人与本公司之

间的和解协议条款，亦非和解协议生

效的先决条件。但是，呈请人要求将

与本公司正式签署和解协议的时间安

排在该调整完成之后。

同时，清盘呈请聆讯已延期至二零

二五年八月二十五日。本公司将就任

何有关该呈请的重大进展知会股东及

本公司的潜在投资者，并适时另行刊

发公告。

36.

批准财务报表

此等综合财务报表已于二零二五年六

月三十日获董事会批准及授权发布。

34,230
(34,185)
45
19,554
1
–
–
(17,943)
(31,144)
–
(29,487)
–
(29,487)
(29,484)
(3)
(29,487)

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

181ANUAL REPORT 2024/25

年报

Period from

1 January

2022 to

31 March

Year ended 31 March

截至三月三十一日止年度

于二零二年

一月一日至

二零二三年

三月三十一日

期间

Year ended 31 December

截至十二月三十一日止年度

202520242022/2320212020

二零二五年二零二四年

二零二╱

二三年二零二一年二零二零年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

CONTINUING OPERATIONS

持续经营业务

Revenue

收入

2,40334,726866,6021,176,982

Cost of sales

销售成本

(2,400)(125,638)(753,868)(1,050,092)

Gros profit/(los)

毛利╱（毛损）

3(90,912)112,734126,890

Compensation income

补偿收入

22,41641,3678,70314,130

Other income and gains, net

其他收入及收益，净额

274299,238226,480284,397

Gain on disposal of subsidiaries

出售附属公司的收益

–1,693,981–

Seling and distribution costs

销售及分销成本

–(1,565)(1,417)(10,953)

Administrative expenses

行政开支

(27,327)(114,007)(99,920)(93,595)

Finance costs

财务成本

(31,105)(157,108)(113,936)(73,351)

Other operating expenses, net

其他经营开支，净额

–(34,316)(154,157)(775,051)

(Los)/profit before tax

除税前（亏损）╱溢利

(35,739)1,638,678(21,513)(527,533)

Income tax

所得税

–(387,817)(9,669)(4,999)

(LOS)/PROFIT FOR THE YEAR

本年度（亏损）╱溢利

(35,739)1,248,861(31,182)(532,532)

Atributable to:

应占：

Owners of the Company

本公司拥有人

(35,732)1,350,163(31,259)(484,675)

Non-controling interests

非控股权益

(7)1,30477(47,857)

(35,739)1,248,861(31,182)(532,532)

1,810,899
(769,709)
1,041,190
874,664
166,526
1,041,190

FIVE-YEAR FINANCIAL SUMARY

五年财务概要

182HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

Year ended 31 MarchYear ended 31 December

截至三月三十一日止年度截至十二月三十一日止年度

二零二五年二零二四年二零二三年二零二一年二零二零年

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

TOTAL ASETS

资产总额

1,827,1851,910,0862,221,4042,064,344

TOTAL LIABILITIES

负债总额

(742,122)(721,104)(2,379,496)2,189,245

NET ASETS/(LIABILITIES)

资产╱（负债）净额

1,085,0631,188,982(158,092)(124,901)

EQUITY ATRIBUTABLE TO

OWNERS OF THE COMPANY

本公司拥有人应占权益

916,6131,011,367(144,233)(111,409)

NON-CONTROLING INTERESTS

非控股权益

168,450177,615(13,859)(13,492)

1,085,0631,188,982(158,092)(124,901)

DEFINITIONS

释义

183ANUAL REPORT 2024/25

年报

In this report, unles the context otherwise requires, the folowing terms shal have the folowing meanings:

于本报告内，除文义另有所指外，下列词汇具有下列涵义：

“AGM”the anual general meting of the Company

「股东周年大会」本公司举行之股东周年大会

“Anual Report”this anual report of the Group prepared for the year ended 31 March 2025

「年报」本集团所编制截至二零二五年三月三十一日止年度之本年报

“asociate(s)”has the meaning ascribed to it under the Listing Rules

「联系人士」具上市规则所赋予之涵义

“Board”board of Directors of the Company

「董事会」本公司董事会

“Bermuda Companies Act 1981”the Companies Act 1981 of Bermuda, as amended, suplemented or otherwise

modified from time to time

「百慕达一九八一年公司法」《百慕达一九八一年公司法》，经不时修订、补充或以其他方式修改

“Bye-Laws”the bye-laws from time to time adopted by the Company

「公司细则」本公司不时采纳之公司细则

“CG Report”the corporate governance report contained in this Anual Report from pages 37 to

「企业管治报告」本年报第

至

页所载之企业管治报告

“Company”Huscoke Holdings Limited, a company incorporated in Bermuda with limited liability,

whose isued Shares are listed on the main board of the Stock Exchange

「本公司」和嘉控股有限公司，于百慕达注册成立之有限公司，其已发行股份于联交所主板

上市

“Companies Ordinance”Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended,

suplemented or otherwise modified from time to time

「公司条例」香港法例第

章《公司条例》，经不时修订、补充或以其他方式修改

“Director(s)”the directors of the Company

「董事」本公司董事

“ESG Report”the environmental, social and governance report contained in this Anual Report

from pages 60 to 103

「环境、社会及管治报告」本年报第

至

页所载之环境、社会及管治报告

“Group”the Company and its subsidiaries

「本集团」本公司及其附属公司

DEFINITIONS

释义

184HUSCOKE HOLDINGS LIMITED

和嘉控股有限公司

“Hong Kong”the Hong Kong Special Administrative Region of the PRC

「香港」中华人民共和国香港特别行政区

“HK$”Hong Kong dolars, the lawful curency of Hong Kong

「港元」香港之法定货币港元

“Listing Rules”the Rules Governing the Listing of Securities on the Stock Exchange (as amended

from time to time)

「上市规则」联交所证券上市规则（经不时修订）

“PRC”the People’s Republic of China, excludes Hong Kong and Macau in this Anual

Report

「中国」中华人民共和国，就本年报而言，不包括香港及澳门

“RMB”Renminbi, the lawful curency of the PRC

「人民币」中国之法定货币人民币

“SFO”Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as

amended, suplemented or otherwise modified from time to time

「证券及期货条例」香港法例第

章《证券及期货条例》，经不时修订、补充或以其他方式修改

“Share(s)”ordinary share(s) of HK$0.10 each in the capital of the Company

「股份」本公司股本中每股面值

0.10

港元之普通股

“Shareholder(s)”holder(s) of the Share(s)

「股东」股份持有人

“Stock Exchange”The Stock Exchange of Hong Kong Limited

「联交所」香港联合交易所有限公司

“subsidiaries”a subsidiary (within the meaning of the Companies Ordinance or section 86 of the

Bermuda Companies Act 1981) for the time being and from time to time of the

Company

「附属公司」本公司当时及不时之附属公司（按公司条例或百慕达一九八一年公司法第

条之

定义）

“US$”United States dolars, the lawful curency of United States

「美元」美国之法定货币美元

“%”per cent

「

」百分比

2024/25

年报

Anual Report

年

报

2024/25

年报

Anual Report

CONTENTS

目录

1. Upon the sucesful securing of financing by Energy Technology,

2. The Company wil actively invest in the fine dep-procesing for

3. Responding proactively to the national “dual-carbon” strategy, we

2010. Mr. Wang holds a profesional qualification in industrial and civil

Code: 8238) betwen 15 April 2019 and 6 November 2019. Mr. Wong

2015. Mr. Wong was the senior vice president of Comodity and

2021. Mr. Yau was an independent non-executive director of Jiayuan

2025. He is also the chairman of the Remuneration Comite and

2025. He is also the member of each of Audit Comite, Nomination

2017. Mr. Choi then joined Beijing Glory Star Centre Automotive Sales

1. Risk arising from fluctuating prices of coke and coal

2. Risks in asociation with changes in the Chinese

3. Risk arising from safety management

1. Customers

2. Supliers

3. Employes

Notes:

Notes:

1. Independence Asesment

2. Composition of Board

3. Board Procedings and Decision Making

4. Remuneration of Independent Non-executive Directors

5. Aces to Profesional Advice and Up-to-date

6. Independent Views and Inputs Treasured and Valued

Note: Mr. Yau Pak Yue, Dr. Chang Sun Bun, Benson and Mr. Choi Wai Hong,

Note: Mr. Yau Pak Yue, Dr. Chang Sun Bun, Benson and Mr. Choi Wai Hong,

Note: Ms. Fong Man, Julisa, Mr. Yau Pak Yue, Dr. Chang Sun Bun, Benson and

Telephone: 2980 1333

Telephone: 2861 0704

Materiality: A high priority is given to isues important to the Group and

Quantitative: Quantitative information is provided so that a measurable

Balance: In this Report, the Group provides an unbiased picture of its

Consistency: This Report’s scope and preparation are substantialy

Adres:Rom 3604-05, 36/F, Tower One, Lipo Centre,

Email:ir@huscoke.com

Website:htps:/huscoke.com/en/

3.Waste and Wastewater

1. Emision Control

14. Privacy Protection

15. Anti-Coruption

12. Product and Service

7. Ocupational Health

5. Climate Risks and

2. Energy Consumption

8. Employe Training and

9. Labour Standards

4. Natural Environment

13. Intelectual Property

16. Comunity

11. Customer Service

6. Employment Practices

10. Suply Chain

Notes:

1. Emision data is presented in terms of carbon dioxide equivalent

2. As at 31 March 2025, the total number of ful-time employes within

3. As at 31 March 2025, the total flor area of the Group within the

Note:

4. Formula for calculating the percentage of employes leaving the

Group: the number of employes left during the Reporting Period/

Note:

5. Formula for calculating the percentage of employes trained =

6. Formula for calculating the breakdown of employes trained =

7. Formula for calculating average training hours per employe =

Adjustments for:

1. CORPORATE INFORMATION

1. CORPORATE INFORMATION (Continued)

Notes:

1. CORPORATE INFORMATION (Continued)

2. PRESENTATION AND BASIS OF PREPARATION

2. PRESENTATION AND BASIS OF PREPARATION

3. ADOPTION OF NEW AND REVISED HKFRS ACOUNTING

4. MATERIAL ACOUNTING POLICIES

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)

4. MATERIAL ACOUNTING POLICIES (Continued)