(Incorporated in the Cayman Islands with limited liability)

(Stock code 股份代号: 3638)

（于开曼群岛注册成立的有限公司）

ANUAL

REPORT

年报

亨

利

加

集

团

有

限

公

司

年

报

CORPORATE INFORMATION2

公司资料

FINANCIAL SUMARY6

财务概要

CHAIRMAN’S STATEMENT7

主席报告

BIOGRAPHICAL DETAILS OF DIRECTORS AND

SENIOR MANAGEMENT10

董事及高级管理层的履历详情

MANAGEMENT DISCUSION AND ANALYSIS14

管理层讨论及分析

REPORT OF THE DIRECTORS43

董事会报告

CORPORATE GOVERNANCE REPORT62

企业管治报告

INDEPENDENT AUDITOR’S REPORT93

独立核数师报告

CONSOLIDATED INCOME STATEMENT103

合并收益表

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME104

合并综合收益表

CONSOLIDATED STATEMENT OF FINANCIAL POSITION105

合并财务状况表

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY107

合并权益变动表

CONSOLIDATED STATEMENT OF CASH FLOWS109

合并现金流量表

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS111

合并财务报表附注

2025 Principal amount
二零二五年本金额
(HK$’000)
千港元
7,000
40,000
–
20,000
–
–
17,500

2025 Principal amount
二零二五年本金额
(HK$’000)
千港元
40,000
15,000
2,400
9,120
151,020

TO THE SHAREHOLDERS OF HUNLICAR GROUP LIMITED 致亨利加集团有限公司股东 (previously known as Huabang Technology Holdings Limited) （前称华邦科技控股有限公司） (Incorporated in the Cayman Islands with limited liability) （于开曼群岛注册成立之有限公司） OPINION 意见 We have audited the consolidated financial statements of Hunlicar 我们已审计载于第103至280页的亨利加集团 Group Limited (the “Company”) and its subsidiaries (collective 有限公司（「贵公司」）及其附属公司（统称「贵集 referred to as the “Group”) set out on pages 103 to 280, which 团」）的合并财务报表，包括于二零二五年三月 comprise the consolidated statement of financial position as at 31 三十一日的合并财务状况表及截至该日止年度 March 2025, and the consolidated income statement, the 的合并收益表、合并综合收益表、合并权益变 consolidated statement of comprehensive income, the consolidated 动表及合并现金流量表，以及合并财务报表附 statement of changes in equity and the consolidated statement of 注，包括重大会计政策资料。 cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information. In our opinion, the consolidated financial statements give a true and 我们认为，该等合并财务报表已根据香港会计 fair view of the consolidated financial position of the Group as at 31 师公会（「香港会计师公会」）颁布的香港财务报 March 2025, and of its consolidated financial performance and its 告准则会计准则真实而中肯地反映了贵集团 consolidated cash flows for the year then ended in accordance with 于二零二五年三月三十一日的合并财务状况及 HKFRS Accounting Standards as issued by the Hong Kong Institute of 其截至该日止年度的合并财务表现及合并现金 Certified Public Accountants (“HKICPA”) and have been properly 流量，并已遵照香港《公司条例》的披露规定妥 prepared in compliance with the disclosure requirements of the Hong 为拟备。 Kong Companies Ordinance. BASIS FOR OPINION 意见的基础 We conducted our audit in accordance with Hong Kong Standards 我们已根据香港会计师公会颁布的《香港审计 on Auditing (“HKSAs”) as issued by the HKICPA. Our responsibilities 准则》进行审计。我们在该等准则下承担的责 under those standards are further described in the “Auditor’s 任已在本报告「核数师就审计合并财务报表承 responsibilities for the audit of the consolidated financial statements” 担的责任」部分中作进一步阐述。根据香港会 section of our report. We are independent of the Group in 计师公会颁布的《专业会计师道德守则》（以下 accordance with the HKICPA’s Code of Ethics for Professional 简称「守则」），我们独立于贵集团，并已履 Accountants (the “Code”), and we have fulfilled our other ethical 行守则中的其他专业道德责任。我们相信，我 responsibilities in accordance with the Code. We believe that the 们所获得的审计凭证能充足及适当地为我们的 audit evidence we have obtained is sufficient and appropriate to 审计意见提供基础。 provide a basis for our opinion.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

关键审计事项

关键审计事项是根据我们的专业判断，认为对

本期合并财务报表的审计最为重要的事项。该

等事项是在我们审计整体合并财务报表及出具

意见时进行处理的。我们不会对这些事项提供

单独的意见。

KEY AUDIT MATERS

Key audit maters are those maters that, in our profesional

judgement, were of most significance in our audit of the

consolidated financial statements of the curent period. These

maters were adresed in the context of our audit of the

consolidated financial statements as a whole, and in forming our

opinion thereon, and we do not provide a separate opinion on these

maters.

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment on loan receivables

应收贷款之减值评估

Refer to Notes 4(b), 20 and 34.2 to the consolidated

financial statements.

参阅合并财务报表附注4(b)、20及34.2。

As at 31 March 2025, the carying amount of loan

receivables amounted to HK$38.74 milion (net of

impairment alowances amounted to HK$46.49 milion).

于二零二五年三月三十一日，应收贷款的账面值为

38,740,000港元（扣除减值拨备46,490,000港元）。

The management of the Group estimated the amount of

12-month expected credit loses (“ECLs”) of loan

receivables based on information including credit profile

of the borowers, historical setlement records, ageing of

the loan receivables, value of the colaterals and expected

timing and amount of realisation of outstanding

balances. Management also considered forward-loking

information that may impact the ability of the borowers

to repay the outstanding balances in order to estimate

the ECLs for the impairment asesment.

贵集团管理层乃根据包括借款人的信贷状况、过往还款

记录、应收贷款账龄、抵押品价值以及预期变现未偿还

结余的时间及金额等资料，估计应收贷款的十二个月预

期信贷亏损（「预期信贷亏损」）金额。管理层亦已考虑可

能会影响借款人偿还未偿还结余能力的前瞻性资料，以

便就减值评估计预期信贷亏损。

Our procedures to evaluate the Group’s impairment

asesment on loan receivables as at 31 March 2025

included the folowing:

我们评估贵集团于二零二五年三月三十一日应收贷款减

值评估的程序包括以下各项：

• obtaining an understanding of and evaluating the

design and implementation of key internal controls

over the asesment of the expected credit loses of

loan receivables;

了解及评估有关应收贷款预期信贷亏损评估的主要

内部监控的设计及实施；

’s impairment provision policy and

related management judgements with reference to

the requirements of the prevailing acounting

standard;

参考现行会计准则的规定，评估贵集团的减值拨

备政策及相关管理层判断；

• asesing the apropriatenes of the estimated credit

los rates by examining historical default data and

evaluating whether the ECL rates are apropriately

adjusted based on the curent market conditions and

forward-loking information;

审查过往违约数据，并评估预期信贷亏损率有否根

据当前市况及前瞻性资料作出适当调整，以评估

计信贷亏损率的恰当性；

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

KEY AUDIT MATTERS (Continued) 关键审计事项（续） Key audit matter How our audit addressed the key audit matter 关键审计事项我们的审计如何处理关键审计事项 Impairment assessment on loan receivables (Continued) 应收贷款之减值评估（续） Management also assessed whether there has been a • assessing the appropriateness of the Group’s significant increase in credit risk since their initial determination of significant increase in credit risk and recognition at the end of the reporting period. the basis for classification of exposures into the three Management considered reasonable and supportable stages, including review of loan overdue information information that is relevant and available without undue or other relevant information, and the appropriateness cost or effort for this purpose. This included quantitative of the three stages classification determined by the and qualitative information and also, forward-looking Group; analysis. 评估贵集团确定信贷风险显著增加的适当性及将管理层亦已于报告期末评估信贷风险自初步确认以来有风险分为三个阶段的依据，包括审阅贷款逾期资料否显著增加。管理层为此已考虑相关及毋须付出过多成或其他相关资料，以及贵集团确定的三个阶段分本或努力即可取得之合理可靠资料。其中包括定量及定类的适当性；性资料以及前瞻性分析。 • for credit-impaired loan receivables, checking the In assessing the lifetime ECLs on credit-impaired loan valuation of the collateral and other sources of cash receivable, the Group performed an assessment based on flows, and developed a reasonable range of expected the Group’s historical credit loss experience, adjusted for cash shortfall for comparison with the Group’s factors specific to the borrowers, general economic assessment of impairment allowance; and conditions, the current conditions at the reporting date 就信贷减值应收贷款，检查抵押品和其他现金流量 and forward-looking analysis. The Group also reviews the 来源的估值，并制定合理的预期现金缺口范围，以 amount and timing of future cash flows, guarantees, 与贵集团的减值拨备评估进行比较；及 value of the collateral received from the customers in measuring impairment. The methodology and • assessing the adequacy of the disclosures in relation to assumptions used for estimating the impairment amount credit risk in the consolidated financial statements are reviewed regularly to reduce any differences between with reference to the prevailing accounting standards. loss estimates and actual loss experience. 参考现行会计准则评估合并财务报表内有关信贷风于评估信贷减值应收贷款的全期预期信贷亏损时，贵险披露的充足性。集团乃根据其过往信贷亏损经验进行评估，并根据借款人的特定因素、一般经济状况、于报告日期的当前状况及前瞻性分析进行调整。贵集团亦检讨未来现金流量的金额及时间、担保、从客户收取的抵押品的价值，以计量减值。定期审查用于估计减值金额的方法和假设，以减少亏损估计与实际亏损经验之间的任何差异。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment on loan receivables

(Continued)

应收贷款之减值评估（续）

We identified impairment asesment on loan receivables

as a key audit mater due to the significance of these

amounts to the Group’s consolidated financial position

and the involvement of subjective judgement and

management estimates in evaluating the expected credit

loses at the end of the reporting period.

我们将应收贷款的减值评估确定为一项关键审计事项，

此乃由于该等金额对贵集团合并财务状况的重要性，

以及在评估报告期末的预期信贷亏损时涉及主观判断及

管理层估计。

Impairment asesment of godwil

商誉之减值评估

Refer to Notes 4(c) and 16 to the consolidated financial

statements.

参阅合并财务报表附注4(c)及16。

As at 31 March 2025, the carying amount of the

Group’s godwil was mainly alocated to cash-generating

units (“CGUs”) in relation to the fod trading busines in

Hong Kong amounting to HK$14.48 milion (net of

acumulated impairment los of HK$8.03 milion).

于二零二五年三月三十一日，贵集团商誉之账面值主

要分配至有关香港食品贸易业务之现金产生单位（「现金

产生单位」），金额为14,480,000港元（扣除累计减值亏

损8,030,000港元）。

Our procedures to evaluate the Group’s impairment

asesment of godwil as at 31 March 2025 included the

folowing:

我们评估贵集团于二零二五年三月三十一日商誉之减值

评估的程序包括以下各项：

• obtaining an understanding and evaluating the design

and implementation of key internal controls in relation

to the impairment asesment of godwil;

了解及评估有关商誉减值评估的主要内部监控的设

计及实施；

’s cash flow

forecast by comparing the historical cash flow

forecasts with the actual results of the CGUs;

透过将过往现金流量预测与现金产生单位的实际业

绩进行比较，评估管理层现金流量预测的可靠性；

, capabilities and objectivity

of the valuation expert engaged by management to

perform the impairment asesment;

评估由管理层委聘以进行减值评估的估值专家的专

业能力、才干及客观性；

关键审计事项（续）KEY AUDIT MATERS (Continued)

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

KEY AUDIT MATTERS (Continued) 关键审计事项（续） Key audit matter How our audit addressed the key audit matter 关键审计事项我们的审计如何处理关键审计事项 Impairment assessment of goodwill (Continued) 商誉之减值评估（续） Goodwill is tested for impairment annually, or when • with the assistance of our internal valuation expert, there are events or changes in circumstances indicate evaluating the appropriateness of the discount cash that it might be impaired. For the purpose of impairment flow model and pre-tax discount rates as used by assessment, goodwill has been allocated to respective management in determining the value-in-use of the CGU. Management assessed the recoverable amount of CGUs; relevant CGU with the assistance of an independent 在我们内部估值专家的协助下，评估管理层用以厘 external valuer. The recoverable amounts were 定现金产生单位使用价值的贴现现金流量模型及税 determined based on a value-in-use calculation using 前贴现率的恰当性； cash flow projections of the relevant CGU based on financial budgets approved by management. The key • testing the mathematical accuracy of the value-in-use assumptions involved include (i) revenue growth rate, (ii) calculations prepared by the management; terminal growth rate; and (iii) pre-tax discount rates. 测试由管理层编制的使用价值计算的数学准确性；商誉须每年，或于有事件或情况变动显示其可能减值时，进行减值测试。为进行减值评估，商誉已分配至各 • evaluating the management’s future cash flow 现金产生单位。管理层已在独立外部估值师的协助下评 forecast of the CGUs including the reasonableness of 估相关现金产生单位的可收回金额。可收回金额乃按使 the forecast in the context of historical results of the 用价值计算法厘定，当中采用根据管理层批准的财务预 Group’s businesses and production capacity, and 算编制的相关现金产生单位现金流量预测。所涉及的主 comparing the parameters used (including revenue 要假设包括(i)收入增长率、(ii)永久增长率；及(iii)税前 growth rates and gross profit margins) with the 贴现率。 market data and information as obtained from our independent research; Based on the results of the impairment assessment 评估管理层就现金产生单位作出的未来现金流量预 conducted by the Group, an impairment loss of HK$8.03 测，包括根据贵集团业务的过往业绩及产能，评估 million is recognised in the profit or loss for the year 该预测的合理性，并将所用参数（包括收入增长率及 ended 31 March 2025. 毛利率）与我们从独立调查中获得的市场数据及资料根据贵集团的减值评估结果，已于截至二零二五年三进行比较；月三十一日止年度之损益中确认减值亏损8,030,000港元。 • challenging the appropriateness of the discount rates and long-term revenue growth rates used by We identified the impairment of goodwill as a key audit management by reference to those discount rates as matter due to the significant degree of judgement and adopted by comparable companies, market data and estimation made by the management associated with the information as obtained from our independent determination of the recoverable amount of goodwill in research; the impairment assessment. 参考可比较公司所采纳的贴现率以及我们从独立调我们将商誉减值识别为关键审计事项，乃由于在减值评查中获得的市场数据及资料，审视管理层所使用的估中厘定商誉可收回金额时，涉及管理层作出的重大判贴现率及长期收入增长率的适当性；断及估计。

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

Key audit materHow our audit adresed the key audit mater

关键审计事项我们的审计如何处理关键审计事项

Impairment asesment of godwil (Continued)

商誉之减值评估（续）

’s sensitivity analysis to

ascertain the impact of reasonably posible changes of

key asumptions and performing re-calculation

independently for the downside changes in

management’s sensitivity analysis, focusing on the

most sensitive asumptions, including revenue growth

rates, gros profit margins and discount rate; and

评估管理层的敏感度分析，以确定主要假设的合理

可能变动所带来的影响，并就管理层敏感度分析中

的不利变动重新独立计算，当中专注于最敏感的假

设，包括收入增长率、毛利率及贴现率；及

• asesing the suficiency of the disclosures in the

consolidated financial statements in respect of

impairment asesment of godwil with reference to

the requirements of the prevailing acounting

standards.

参考现行会计准则，评估合并财务报表内有关商誉

减值评估披露的充足性。

KEY AUDIT MATERS (Continued)关键审计事项

（续）

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

OTHER INFORMATION 其他信息 The directors of the Company are responsible for the other 贵公司董事须对其他信息负责。其他信息包括 information. The other information comprises the information 年报内的所有信息，但不包括合并财务报表及 included in the Annual Report, but does not include the consolidated 我们的核数师报告。 financial statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not cover 我们对合并财务报表的意见并不涵盖其他信 the other information and we do not express any form of assurance 息，我们亦不对该等其他信息发表任何形式的 conclusion thereon. 鉴证结论。 In connection with our audit of the consolidated financial statements, 结合我们对合并财务报表的审计，我们的责任 our responsibility is to read the other information and, in doing so, 是阅读其他信息，在此过程中，考虑其他信息 consider whether the other information is materially inconsistent with 是否与合并财务报表或我们在审计过程中所了 the consolidated financial statements or our knowledge obtained in 解的情况存在重大抵触或者似乎存在重大错误 the audit or otherwise appears to be materially misstated. If, based 陈述的情况。基于我们已执行的工作，如果我 on the work we have performed, we conclude that there is a material 们认为其他信息存在重大错误陈述，我们需要 misstatement of this other information, we are required to report 报告该事实。在这方面，我们没有任何报告。 that fact. We have nothing to report in this regard. RESPONSIBILITIES OF DIRECTORS AND THOSE 董事及管治层就合并财务报表须承 CHARGED WITH GOVERNANCE FOR THE 担的责任 CONSOLIDATED FINANCIAL STATEMENTS The directors of the Company are responsible for the preparation of 贵公司董事须负责根据香港会计师公会颁布的 the consolidated financial statements that give a true and fair view in 香港财务报告准则会计准则及香港《公司条例》 accordance with HKFRS Accounting Standards as issued by the 的披露规定拟备真实而中肯的合并财务报表， HKICPA and the disclosure requirements of the Hong Kong 并对其认为为使合并财务报表的拟备不存在由 Companies Ordinance, and for such internal control as the directors 于欺诈或错误而导致的重大错误陈述所需的内 determine is necessary to enable the preparation of consolidated 部控制负责。 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors of 在拟备合并财务报表时，贵公司董事负责评 the Company are responsible for assessing the Group’s ability to 估贵集团持续经营的能力，并在适用情况下 continue as a going concern, disclosing, as applicable, matters related 披露与持续经营有关的事项，以及使用持续经 to going concern and using the going concern basis of accounting 营为会计基础，除非董事有意将贵集团清盘 unless the directors either intend to liquidate the Group or to cease 或停止经营，或别无其他实际的替代方案。 operations, or have no realistic alternative but to do so. Those charged with governance are responsible for overseeing the 管治层须负责监督贵集团的财务报告过程。 Group’s financial reporting process.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计合并财务报表承担的

责任

我们的目标，是对合并财务报表整体是否不存

在由于欺诈或错误而导致的重大错误陈述取得

合理保证，并出具包括我们意见的核数师报

告。本报告仅根据我们协定的协议条款向阁

下（作为整体）作出，除此之外，本报告概无其

他目的。我们不会就本报告的内容向任何其他

人士负上或承担任何责任。

合理保证是高水平的保证，但不能保证按照《香

港审计准则》进行的审计，在某一重大错误陈

述存在时总能发现。错误陈述可以由欺诈或错

误引起，如果合理预期它们单独或汇总起来可

能影响合并财务报表使用者依赖合并财务报表

所作出的经济决定，则有关的错误陈述可被视

作重大。

在根据《香港审计准则》进行审计的过程中，我

们运用了专业判断，保持了专业怀疑态度。我

们亦：

• 识别和评估由于欺诈或错误而导致合并

财务报表存在重大错误陈述的风险，设计

及执行审计程序以应对这些风险，以及获

取充足和适当的审计凭证，作为我们意见

的基础。由于欺诈可能涉及串谋、伪造、

蓄意遗漏、虚假陈述，或凌驾于内部控制

之上，因此未能发现因欺诈而导致的重大

错误陈述的风险高于未能发现因错误而

导致的重大错误陈述的风险。

，以设计适当

的审计程序，但目的并非对贵集团内部

控制的有效性发表意见。

• 评价董事所采用会计政策的恰当性及作

出会计估计和相关披露的合理性。

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL

STATEMENTS

Our objectives are to obtain reasonable asurance about whether the

consolidated financial statements as a whole are fre from material

mistatement, whether due to fraud or eror, and to isue an

auditor’s report that includes our opinion. This report is made solely

to you, as a body, in acordance with our agred terms of

agrement, and for no other purpose. We do not asume

responsibility towards or acept liability to any other person for the

contents of this report.

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

guarante that an audit conducted in acordance with HKSAs wil

always detect a material mistatement when it exists. Mistatements

can arise from fraud or eror and are considered material if,

individualy or in the agregate, they could reasonably be expected

to influence the economic decisions of users taken on the basis of

these consolidated financial statements.

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

profesional judgement and maintain profesional skepticism

throughout the audit. We also:

• Identify and ases the risks of material mistatement of the

consolidated financial statements, whether due to fraud or

eror, design and perform audit procedures responsive to those

risks, and obtain audit evidence that is suficient and

apropriate to provide a basis for our opinion. The risk of not

detecting a material mistatement resulting from fraud is higher

than for one resulting from eror, as fraud may involve

colusion, forgery, intentional omisions, misrepresentations, or

the overide of internal control.

• Obtain an understanding of internal control relevant to the

audit in order to design audit procedures that are apropriate

in the circumstances, but not for the purpose of expresing an

opinion on the efectivenes of the Group’s internal control.

• Evaluate the apropriatenes of acounting policies used and

the reasonablenes of acounting estimates and related

disclosures made by the directors.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT 核数师就审计合并财务报表承担的 OF THE CONSOLIDATED FINANCIAL 责任（续） STATEMENTS (Continued) • Conclude on the appropriateness of the directors’ use of the • 对董事采用持续经营会计基础的恰当性 going concern basis of accounting and, based on the audit 作出结论。根据所获取的审计凭证，确定 evidence obtained, whether a material uncertainty exists related 是否存在与事项或情况有关的重大不确 to events or conditions that may cast significant doubt on the 定性，从而可能导致对贵集团的持续经 Group’s ability to continue as a going concern. If we conclude 营能力产生重大疑虑。如果我们认为存在 that a material uncertainty exists, we are required to draw 重大不确定性，则有必要在核数师报告中 attention in our auditor’s report to the related disclosures in 提请使用者注意合并财务报表中的相关 the consolidated financial statements or, if such disclosures are 披露。假若有关的披露不足，则我们应当 inadequate, to modify our opinion. Our conclusions are based 发表非无保留意见。我们的结论是基于核 on the audit evidence obtained up to the date of our auditor’s 数师报告日止所取得的审计凭证。然而， report. However, future events or conditions may cause the 未来事项或情况可能导致贵集团不能持 Group to cease to continue as a going concern. 续经营。 • Evaluate the overall presentation, structure and content of the • 评价合并财务报表的整体列报方式、结构 consolidated financial statements, including the disclosures, 和内容，包括披露，以及合并财务报表是 and whether the consolidated financial statements represent 否中肯反映相关交易和事项。 the underlying transactions and events in a manner that achieves fair presentation. • Plan and perform the group audit to obtain sufficient • 计划及执行集团审计，以就集团内实体或 appropriate audit evidence regarding the financial information 业务单位的财务信息获取充足及适当的 of the entities or business units within the Group as a basis for 审计凭证，作为对合并财务报表形成意见 forming an opinion on the consolidated financial statements. 的基础。我们负责集团审计工作的指导、 We are responsible for the direction, supervision and review of 监督及审阅。我们为审计意见承担全部责 the audit work performed for purposes of the group audit. We 任。 remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, 除其他事项外，我们与治理层沟通了计划的审 among other matters, the planned scope and timing of the audit and 计范围、时间安排、重大审计发现等，包括我 significant audit findings, including any significant deficiencies in 们在审计中识别出内部控制的任何重大缺陷。 internal control that we identify during our audit. We also provide those charged with governance with a statement 我们还向治理层提交声明，说明我们已符合有 that we have complied with relevant ethical requirements regarding 关独立性的相关专业道德要求，并与他们沟通 independence, and to communicate with them all relationships and 有可能合理地被认为会影响我们独立性的所有 other matters that may reasonably be thought to bear on our 关系和其他事项，以及在适用的情况下，为消 independence, and where applicable, actions taken to eliminate 除威胁所采取的行动或应用的防范措施。 threats or safeguards applied.

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

INDEPENDENT AUDITOR’S REPORT

独立核数师报告

核数师就审计合并财务报表承担的

责任（续）

从与治理层沟通的事项中，我们确定哪些事项

对本期合并财务报表的审计最为重要，因而构

成关键审计事项。我们在核数师报告中描述这

些事项，除非法律法规不允许公开披露这些事

项，或在极端罕见的情况下，如果合理预期在

我们报告中沟通某事项造成的负面后果超过产

生的公众利益，我们决定不应在报告中沟通该

事项。

出具本独立核数师报告的审计项目董事是高亚

军。

天职香港会计师事务所有限公司

执业会计师

香港，二零二五年六月三十日

高亚军

执业证书编号P06391

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT

OF THE CONSOLIDATED FINANCIAL

STATEMENTS (Continued)

From the maters comunicated with those charged with

governance, we determine those maters that were of most

significance in the audit of the consolidated financial statements of

the curent period and are therefore the key audit maters. We

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

precludes public disclosure about the mater or when, in extremely

rare circumstances, we determine that a mater should not be

comunicated in our report because the adverse consequences of

doing so would reasonably be expected to outweigh the public

interest benefits of such comunication.

The engagement director on the audit resulting in this independent

auditor’s report is Gao Yajun.

Baker Tily Hong Kong Limited

Certified Public Acountants

Hong Kong, 30 June 2025

Gao Yajun

Practising certificate number P06391

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Revenue 收入 5 238,977 357,111 Cost of sales 销售成本 (141,229) (342,907) Gross profit 毛利 97,748 14,204 Other income and gains, net 其他收入及收益，净额 8 7,706 2,542 Selling expenses 销售费用 (1,176) (1,347) General and administrative expenses 一般及行政费用 (101,774) (47,053) Reversal of expected credit loss on 金融资产预期信贷亏损 financial assets, net 拨回，净额 7 2,152 53,962 Change in fair value upon transfer from 由物业、厂房及设备 property, plant and equipment to 转拨至投资物业后 investment properties 的公平值变动 14 (56,034) – (Loss)/gain on disposal of property, plant 出售物业、厂房及设备 and equipment 的（亏损）╱收益 (2,726) 500 Share of results from associates 应占联营公司业绩 18 (181) – Impairment of goodwill 商誉减值 16 (8,035) – Impairment of other intangible assets 其他无形资产减值 16 (657) – Operating (loss)/profit 经营（亏损）╱利润 (62,977) 22,808 Finance costs 财务成本 9 (9,144) (11,666) (Loss)/profit before income tax 扣除所得税前（亏损）╱利润 10 (72,121) 11,142 Income tax expense 所得税开支 11 (1,689) (115) (Loss)/profit for the year 年度（亏损）╱利润 (73,810) 11,027 (Loss)/profit attributable to: 应占（亏损）╱利润： Owners of the Company 本公司拥有人 (76,094) 14,759 Non-controlling interests 非控股权益 2,284 (3,732) (73,810) 11,027 (Loss)/earnings per share attributable 本公司拥有人应占 to owners of the Company 每股（亏损）╱盈利 12 (Restated) （经重列） Basic 基本 HK(97.00) cent HK27.56 cent (97.00)港仙 27.56港仙 Diluted 摊薄 HK(97.00) cent HK27.56 cent (97.00)港仙 27.56港仙 The notes on pages 111 to 280 are integral parts of these 载于第111至280页的附注为此等合并财务报 consolidated financial statements. 表的一部分。

2025
二零二五年
HK$’000
千港元
238,977
(141,229)
97,748
7,706
(1,176)
(101,774)
2,152
(56,034)
(2,726)
(181)
(8,035)
(657)
(62,977)
(9,144)
(72,121)
(1,689)
(73,810)
(76,094)
2,284
(73,810)
HK(97.00) cent
(97.00)港仙
HK(97.00) cent
(97.00)港仙

For the Year Ended 31 March 2025

截至二零二五年三月三十一日止年度

CONSOLIDATED INCOME STATEMENT

合并收益表

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
(73,810)
(190)
(2,437)
──────
(2,627)
──────
(76,437)
══════
(78,721)
2,284
──────
(76,437)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

合并综合收益表

For the Year Ended 31 March 2025

截至二零二五年三月三十一日止年度

Year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

(Los)/profit for the year年度（亏损）╱利润11,027

Other comprehensive (expense)/income其他综合（支出）╱收入

Item that may be subsequently reclasified to

profit or los:

其后可能会重新分类至

损益的项目：

Exchange diferences arising on translation of

foreign operations

换算海外业务产生的汇兑差额

(95)

Item that wil not be reclasified to

profit or los:

不会重新分类至损益的项目：

Fair value (los)/gain on equity securities

designated at fair value through other

comprehensive income, net of nil tax

指定为按公平值计入其他综合

收入之股本证券之公平值

（亏损）╱收益，扣除零税项34

─

Other comprehensive expense for the

year, net of nil tax

年度其他综合支出，扣除零税项

Total comprehensive (expense)/income

for the year

年度综合（支出）╱收入总额

10,966

═

Total comprehensive (expense)/income

atributable to:

应占综合（支出）╱收入总额：

Owners of the Company本公司拥有人14,689

Non-controling interests非控股权益(3,723)─

10,966

The notes on pages 111 to 280 are integral parts of these

consolidated financial statements.

载于第111至280页的附注为此等合并财务报

表的一部分。

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 ASSETS 资产 Non-current assets 非流动资产 Property, plant and equipment 物业、厂房及设备 13 8,003 198,311 Investment properties 投资物业 14 123,500 – Right-of-use assets 使用权资产 15 6,008 8,999 Intangible assets 无形资产 16 22,937 11,250 Other financial assets 其他金融资产 23 4,887 4,354 Interests in associates 于联营公司之权益 18 479 – Loan receivables 应收贷款 20 12,216 – Deposits, prepayments and 按金、预付款项及 other receivables 其他应收款项 22 3,010 3,156 Deferred tax assets 递延税项资产 30 17,374 17,249 198,414 243,319 Current assets 流动资产 Inventories 存货 19 3,361 8,261 Loan receivables 应收贷款 20 26,520 14,940 Account receivables 应收账款 21 99,086 115,441 Deposits, prepayments and other 按金、预付款项及 receivables 其他应收款项 22 10,021 5,973 Other financial assets 其他金融资产 23 1,031 192 Income tax recoverable 可收回所得税 – 1,016 Bank balances held on behalf of clients 代客户持有之银行结余 24 199,363 6,305 Pledged bank deposits 已抵押银行存款 – 14,982 Cash and cash equivalents 现金及现金等价物 25 21,898 67,730 ──────── ──────── 361,280 234,840 Total assets 资产总额 559,694 478,159 EQUITY 权益 Share capital 股本 26 7,742 7,892 Other reserves 其他储备 28 630,557 644,373 Accumulated losses 累计亏损 (445,385) (369,291) Total equity attributable to owners of 本公司拥有人应占权益总额 the Company 192,914 282,974 Non-controlling interests 非控股权益 5,220 (3,735) Total equity 权益总额 198,134 279,239 The notes on pages 111 to 280 are integral parts of these 载于第111至280页的附注为此等合并财务报 consolidated financial statements. 表的一部分。

2025
二零二五年
HK$’000
千港元
8,003
123,500
6,008
22,937
4,887
479
12,216
3,010
17,374
198,414
3,361
26,520
99,086
10,021
1,031
–
199,363
–
21,898
────────
361,280
559,694
7,742
630,557
(445,385)
192,914
5,220
198,134

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

合并财务状况表

As at 31 March 2025

于二零二五年三月三十一日

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
27,000
4,262
1,727
32,989
251,369
13,379
2,344
60,000
1,479
328,571
361,560
559,694
32,709
231,123

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

合并财务状况表

As at 31 March 2025

于二零二五年三月三十一日

载于第111至280页的附注为此等合并财务报

表的一部分。

第103至280页的此等合并财务报表已于二零

二五年六月三十日获董事会批准刊发，并由下

列董事代表签署︰

As at 31 March

于三月三十一日

二零二四年

NoteHK$’000

附注千港元

LIABILITIES负债

Non-curent liabilities非流动负债

Borowings借贷32–

Lease liabilities租赁负债155,826

Defered tax liabilities递延税项负债30815

6,641

Curent liabilities流动负债

Acount payables应付账款3160,392

Other payables and acrued expenses其他应付款项及应计费用315,057

Lease liabilities租赁负债153,890

Borowings借贷32122,940

Income tax payables 应付所得税 –

192,279

Total liabilities负债总额198,920

Total equity and liabilities权益及负债总额478,159

Net curent asets流动资产净值42,561

Total asets les curent liabilities资产总额减流动负债285,880

These consolidated financial statements on pages 103 to 280 were

aproved for isue by the Board of Directors on 30 June 2025 and

were signed on its behalf by:

Chan Wing SumCheung Lit Wan Keneth

陈永森张烈云

DirectorDirector

董事董事

The notes on pages 111 to 280 are integral parts of these

consolidated financial statements.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

Attributable to owners of the Company 本公司拥有人应占 Other reserves 其他储备 Shares held for share Fair Non- Share Share award Merger Capital Statutory Exchange value Accumulated controlling Total capital premium scheme reserve reserve reserve reserve reserve Sub total losses Total interests equity 为股份奖励计划公平值非控股股本股份溢价持有股份合并储备资本储备法定储备汇兑储备储备小计累计亏损总计权益权益总额 Note 27 Note 28(a) Note 28(b) Note 28(c) 附注27 附注28(a) 附注28(b) 附注28(c) HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元 For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 Balance at 1 April 2024 于二零二四年四月一日的结余 7,892 600,620 (21,554) 50,374 10,149 1,042 3,708 34 644,373 (369,291) 282,974 (3,735) 279,239 (Loss)/profit for the year 年度（亏损）╱利润 – – – – – – – – – (76,094) (76,094) 2,284 (73,810) Other comprehensive expense 其他综合支出 Exchange differences arising on 换算海外业务产生的 translation of foreign operations 汇兑差额 – – – – – – (190) – (190) – (190) – (190) Net change in fair value of equity 指定为按公平值计入其他 securities designated at fair value 综合收入之股本证券之 through other comprehensive income 公平值变动净额 – – – – – – – (2,437) (2,437) – (2,437) – (2,437) Total comprehensive (expense)/income 年度综合（支出）╱ for the year 收入总额 – – – – – – (190) (2,437) (2,627) (76,094) (78,721) 2,284 (76,437) Transactions with owners: 与拥有人的交易： Decrease in non-controlling interests, 非控股权益减少，乃由于 as a result of acquisition of additional 收购附属公司额外权益 interests in subsidiaries without （控制权无变动） change on control (Note 39) （附注39） – – – – (7,332) – – – (7,332) – (7,332) 6,671 (661) Shares repurchased and cancelled 已回购及注销的股份 (Note 26) （附注26） (150) (3,857) – – – – – – (3,857) – (4,007) – (4,007) Total transaction with owners 与拥有人的交易总额 (150) (3,857) – – (7,332) – – – (11,189) – (11,339) 6,671 (4,668) Balance at 31 March 2025 于二零二五年三月三十一日的结余 7,742 596,763 (21,554) 50,374 2,817 1,042 3,518 (2,403) 630,557 (445,385) 192,914 5,220 198,134 The notes on pages 111 to 280 are integral parts of these 载于第111至280页的附注为此等合并财务报 consolidated financial statements. 表的一部分。

Attributable to owners of the Company
本公司拥有人应占
Other reserves
其他储备
Share capital	Share premium	Shares held for share award scheme	Merger reserve	Capital reserve	Statutory reserve	Exchange reserve	Fair value reserve	Sub total	Accumulated losses	Total	Non- controlling interests	Total equity
股本	股份溢价	为股份奖励计划持有股份	合并储备	资本储备	法定储备	汇兑储备	公平值储备	小计	累计亏损	总计	非控股权益	权益总额
		Note 27	Note 28(a)	Note 28(b)	Note 28(c)
		附注27	附注28(a)	附注28(b)	附注28(c)
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元	千港元
7,892	600,620	(21,554)	50,374	10,149	1,042	3,708	34	644,373	(369,291)	282,974	(3,735)	279,239
–	–	–	–	–	–	–	–	–	(76,094)	(76,094)	2,284	(73,810)
–	–	–	–	–	–	(190)	–	(190)	–	(190)	–	(190)
–	–	–	–	–	–	–	(2,437)	(2,437)	–	(2,437)	–	(2,437)
–	–	–	–	–	–	(190)	(2,437)	(2,627)	(76,094)	(78,721)	2,284	(76,437)
–	–	–	–	(7,332)	–	–	–	(7,332)	–	(7,332)	6,671	(661)
(150)	(3,857)	–	–	–	–	–	–	(3,857)	–	(4,007)	–	(4,007)
(150)	(3,857)	–	–	(7,332)	–	–	–	(11,189)	–	(11,339)	6,671	(4,668)
7,742	596,763	(21,554)	50,374	2,817	1,042	3,518	(2,403)	630,557	(445,385)	192,914	5,220	198,134

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

合并权益变动表

For the Year Ended 31 March 2025

截至二零二五年三月三十一日止年度

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

合并权益变动表

For the Year Ended 31 March 2025

截至二零二五年三月三十一日止年度

Atributable to owners of the Company

本公司拥有人应占

Other reserves

其他储备

capital

premium

held for

award

scheme

Merger

reserve

Capital

reserve

Statutory

reserve

Exchange

reserve

Fair

value

reserveSub total

Acumulated

losesTotal

Non-

controling

interests

Total

equity

股本股份溢价

为股份

奖励计划

持有股份合并储备资本储备法定储备汇兑储备

公平值

储备小计累计亏损总计

非控股

权益权益总额

Note 27Note 28(a)Note 28(b)Note 28(c)

附注27附注28(a)附注28(b)附注28(c)

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

千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元

For the year ended 31 March 2024截至二零二四年

三月三十一日止年度

Balance at 1 April 2023于二零二三年四月一日

的结余4,385523,192(21,630) 50,3742,8101,0423,812-559,600(384,050)179,9356,347186,282

Profit/(los) for the year年度利润╱（亏损）–14,75914,759(3,732)11,027

Other comprehensive (expense)/

income

其他综合（支出）╱收入

Exchange diferences arising on

translation of foreign operations

换算海外业务产生的

汇兑差额–(104)–(104)–(104)9(95)

Net change in fair value of equity

securities designated at fair value

through other comprehensive income

指定为按公平值计入其他

综合收入之股本证券之

公平值变动净额–3434–34–34

Total comprehensive (expense)/income

for the year

年度综合（支出）╱

收入总额–(104)34 (70)14,75914,689(3,723)10,966

Transactions with owners:与拥有人的交易：

Isuance of shares upon placement

(Note 26)

配售时发行股份

（附注26）87724,639–24,639–25,516–25,516

Isuance of shares upon rights isue

(Note 26)

供股时发行股份

（附注26）2,63054,194–54,194–56,824–56,824

Transaction costs atributable to shares

isued upon rights isue

供股时发行股份应占

交易成本–(1,405)–(1,405)–(1,405)–(1,405)

Demed partial disposal of subsidiaries

without los of control

视作部分出售附属公司

而不丧失控制权–7,339–7,339–7,339(6,957)382

Contribution from non-controling

shareholders of subsidiaries

附属公司非控股东

出资–598598

Others其他–76–76–76–76

Total transaction with owners与拥有人的交易总额3,50777,42876–7,339–84,843–88,350(6,359)81,991

Balance at 31 March 2024于二零二四年

三月三十一日的结余7,892600,620(21,554)50,37410,1491,0423,70834644,373(369,291)282,974(3,735)279,239

The notes on pages 111 to 280 are integral parts of these

consolidated financial statements.

载于第111至280页的附注为此等合并财务报

表的一部分。

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Cash flows from operating activities 经营活动所得现金流量 Cash generated from operations 经营产生的现金 36(a) 1,089 39,362 Income tax paid 已付所得税 (83) (916) Income tax refunded 已退还所得税 561 586 ─────── ─────── Net cash flows generated from 经营活动产生的 operating activities 现金流量净额 1,567 39,032 ─────── ─────── Cash flows from investing activities 投资活动所得现金流量 Interest received 已收利息 1,619 410 Purchase of property, plant and 购买物业、厂房及设备 equipment 13 (2,147) (864) Proceeds from disposal of property, 出售物业、厂房及设备 plant and equipment 所得款项 36(b) 2 500 Acquisition of financial assets at fair 收购按公平值计入其他 value through other profit or loss 损益之金融资产 (47,876) – Acquisition of financial assets at fair 收购按公平值计入其他 value through other comprehensive 综合收入之金融资产 income (2,970) (4,320) Proceeds from disposal of financial assets 出售按公平值计入损益之 at fair value through profit or loss 金融资产所得款项 48,090 – Payment for acquisition of an associate 收购一间联营公司的付款 (660) Payment for acquisition of a subsidiary, 收购一间附属公司的付款 net of cash and cash equivalents （扣除所收购现金及 acquired 现金等价物） 38 (5,997) – Withdrawal/(placement) of pledged 提取╱（存放）已抵押银行 bank deposits 存款 14,982 (14,982) ─────── ─────── Net cash flows generated from/(used in) 投资活动产生╱（使用） investing activities 的现金流量净额 5,043 (19,256) ─────── ─────── The notes on pages 111 to 280 are integral parts of these 载于第111至280页的附注为此等合并财务报 consolidated financial statements. 表的一部分。

2025
二零二五年
HK$’000
千港元
1,089
(83)
561
───────
1,567
───────
1,619
(2,147)
2
(47,876)
(2,970)
48,090
(660)
(5,997)
14,982
───────
5,043

CONSOLIDATED STATEMENT OF CASH FLOWS

合并现金流量表

For the Year Ended 31 March 2025

截至二零二五年三月三十一日止年度

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
(8,910)
87,000
(122,940)
(3,053)
(234)
–
–
(661)
–
(4,007)
–
(52,805)
(46,195)
67,730
363
21,898

CONSOLIDATED STATEMENT OF CASH FLOWS

合并现金流量表

For the Year Ended 31 March 2025

截至二零二五年三月三十一日止年度

Year ended 31 March

截至三月三十一日止年度

二零二四年

NoteHK$’000

附注千港元

Cash flows from financing activities融资活动所得现金流量

Interest paid已付利息36(c)(11,902)

Drawdown of borowings提取借贷36(c)125,885

Repayments of borowings偿还借贷36(c)(175,477)

Repayment of principal portion of

lease liabilities

偿还租赁负债之本金部分

36(c)(3,669)

Repayment of interest portion of

lease liabilities

偿还租赁负债之利息部分

36(c)(284)

Proceds from share isued upon

placement, net of isue costs

配售时发行股份所得款项，

扣除发行成本2625,516

Proceds from isue of shares upon rights

isue, net of isue costs

供股时发行股份所得款项，

扣除发行成本2655,495

Payment for acquisition of aditional

interests in subsidiaries

收购附属公司额外权益

的付款39–

Demed partial disposal of interest in

subsidiaries without losing control

视作出售于附属公司之部分

权益而不丧失控制权39382

Shares repurchased购回股份26–

Contributions from non-controling

shareholders of subsidiaries

附属公司非控股东出资

Net cash flows (used in)/generated from

financing activities

融资活动（使用）╱产生

的现金流量净额16,544

Net (decrease)/increase in cash and

cash equivalents

现金及现金等价物

（减少）╱增加净额36,320

Cash and cash equivalents

at begining of year

年初的现金及现金等价物

30,959

Efect of foreign exchange rate changes,

net

外汇率变动的影响，净额

Cash and cash equivalents at end of year年末的现金及现金等价物2567,730

The notes on pages 111 to 280 are integral parts of these

consolidated financial statements.

载于第111至280页的附注为此等合并财务报

表的一部分。

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

1. GENERAL INFORMATION 1. 一般资料 Hunlicar Group Limited (the “Company”) was incorporated in 亨利加集团有限公司（「本公司」）于二零 the Cayman Islands on 23 February 2011 as an exempted 一一年二月二十三日在开曼群岛根据开 company with limited liability under the Companies Law, Cap. 曼群岛第22章公司法（一九六一年第3号 22 (Law 3 of 1961, as consolidated and revised) of the Cayman 法例，经综合及修订）注册成立为获豁免 Islands. The address of its registered office is Cricket Square, 有限公司。其注册办事处位于Cricket Hutchins Drive, PO Box 2681, Grand Cayman, KY1–1111, Square, Hutchins Drive, PO Box 2681, Cayman Islands and the principal place of business is 22/F, Sun Grand Cayman, KY1–1111, Cayman Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong. Islands，而主要营业地点为香港湾仔港湾道30号新鸿基中心22楼。 The Company is an investment holding company. The Company 本公司为一间投资控股公司。本公司及其 and its subsidiaries (collectively “the Group”) are principally 附属公司（统称「本集团」）主要从事(i)电 engaged in (i) computer and electronic products trading 脑及电子产品贸易业务（包括电脑及周边 business (including computer and peripheral products and 产品以及电子产品业务），(ii)食品贸易业 electronics products business), (ii) food trading business, (iii) 务，(iii)金融服务业务（包括证券经纪业 financial services business (including securities brokerage 务、咨询服务业务以及信贷业务）及(iv)家 business, advisory services business and money lending 族办公室服务业务。 business) and (iv) family office services business. The Company changed its name from Huabang Technology 本公司自二零二四年十月八日起由华邦 Holdings Limited to Hunlicar Group Limited with effect from 8 科技控股有限公司更名为亨利加集团有 October 2024. As at 31 March 2025, the Company’s 限公司。于二零二五年三月三十一日，本 controlling shareholder is Cheung Lit Wan Kenneth. 公司的控股股东为张烈云。 The Company’s shares are listed on the Main Board of The 本公司股份于香港联合交易所有限公司 Stock Exchange of Hong Kong Limited (the “Stock （「联交所」）主板上市。 Exchange”). The consolidated financial statements are presented in Hong 合并财务报表乃以港元（「港元」）呈列， Kong dollars (“HK$”), which is also the functional currency of 而港元亦为本公司的功能货币。除另有说 the Company. All values are rounded to the nearest thousands, 明外，所有数值已约整至最接近的千位。 unless otherwise stated.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

2 应用新订及经修订香港财务报

告准则会计准则

2.1 于本年度强制生效的经修订香

港财务报告会计准则

于本年度，本集团已首次应用以下

由香港会计师公会（「香港会计师公

会」）颁布的经修订之香港财务报告

准则会计准则，其于本集团二零

二四年四月一日开始的年度期间强

制生效以编制合并财务报表：

香港财务报告

准则第16号

（修订本）

售后租回的租赁

负债

香港会计准则

第1号（修订本）

将负债分类为

流动或非流动

及香港诠释

第5号

（二零二零年）

之相关修订

香港会计准则

第1号（修订本）

附带契约的

非流动负债

香港会计准则

第7号及香港

财务报告准则

第7号（修订本）

供应商融资安排

于本年度应用经修订之香港财务报

告准则会计准则对本集团本年度及

过往年度财务状况及表现以及╱或

载于该等合并财务报表的披露并无

重大影响。

2 APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

2.1 Amendments to HKFRS Acounting

Standards that are mandatorily efective

for the curent year

In the curent year, the Group has aplied the folowing

amendments to HKFRS Acounting Standards as isued

by the Hong Kong Institute of Certified Public

Acountants (“HKICPA”) for the first time, which are

mandatorily efective for the Group’s anual period

begining on 1 April 2024 for the preparation of the

consolidated financial statements:

Amendments to HKFRS 16Lease Liability in a Sale

and Leaseback

Amendments to HKAS 1Clasification of Liabilities

as Curent or Non-

curent and related

amendments to Hong

Kong Interpretation 5

(2020)

Amendments to HKAS 1Non-curent Liabilities

with Covenants

Amendments to HKAS 7

and HKFRS 7

Suplier Finance

Arangements

The aplication of the amendments to HKFRS Acounting

Standards in the curent year has had no material impact

on the Group’s financial positions and performance for

the curent and prior years and/or on the disclosures set

out in these consolidated financial statements.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

2 APPLICATION OF NEW AND AMENDMENTS 2 应用新订及经修订香港财务报 TO HKFRS ACCOUNTING STANDARDS 告准则会计准则（续） (Continued) 2.2 New and amendments to HKFRS Accounting 2.2 已颁布但尚未生效之新订及经 Standards in issue but not yet effective 修订之香港财务报告准则会计准则 The Group has not early applied the following new and 本集团并无提早应用下列已颁布但 amendments to HKFRS Accounting Standards that have 尚未生效的新订及经修订之香港财 been issued but are not yet effective: 务报告准则会计准则： Amendments to HKFRS 9 Amendments to the 香港财务报告准则金融工具分类 and HKFRS 7 Classification and 第9号及香港及计量之 Measurement of 财务报告准则修订3 Financial Instruments3 第7号（修订本） Amendments to HKFRS 9 Contracts Referencing 香港财务报告准则涉及依赖自然 and HKFRS 7 Nature-dependent 第9号及香港能源生产 Electricity3 财务报告准则电力的合同3 第7号（修订本） Amendments to HKFRS 10 Sale or Contribution of 香港财务报告准则投资者与其联 and HKAS 28 Assets between an 第10号及香港营公司或 Investor and its 会计准则合营企业 Associate or Joint 第28号（修订本）之间的资产 Venture1 出售或注资1 Amendments to HKFRS Annual Improvements to 香港财务报告准则香港财务报告 Accounting Standards HKFRS Accounting 会计准则准则会计 Standards — Volume （修订本）准则之年度 113 改进 — 第11册3 Amendments to HKAS 21 Lack of Exchangeability2 香港会计准则缺乏可兑换性2 第21号（修订本） HKFRS 18 Presentation and 香港财务报告准则于财务报表之 Disclosure in Financial 第18号呈列及披露4 Statements4 1 Effective for annual periods beginning on or after a date to be 1 于将予厘定之日期或其后开始之年度 determined. 期间生效。 2 Effective for annual periods beginning on or after 1 January 2025. 2 于二零二五年一月一日或其后开始之年度期间生效。 3 Effective for annual periods beginning on or after 1 January 2026. 3 于二零二六年一月一日或其后开始之年度期间生效。 4 Effective for annual periods beginning on or after 1 January 2027. 4 于二零二七年一月一日或其后开始之年度期间生效。 Except for the new HKFRS Accounting Standard 除下述之新订香港财务报告准则会 mentioned below, the directors of the Company 计准则外，本公司董事预期应用所 anticipate that the application of all other amendments 有其他经修订之香港财务报告准则 to HKFRS Accounting Standards will have no material 会计准则于可见将来不会对合并财 impact on the consolidated financial statements in the 务报表造成重大影响。 foreseeable future.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

2 应用新订及经修订香港财务报

告准则会计准则（续）

2.2 已颁布但尚未生效之新订及经

修订之香港财务报告准则会计

准则（续）

香港财务报告准则第18号「于

财务报表之呈列及披露」（「香港

财务报告准则第18号」）

香港财务报告准则第18号载列财务

报表的呈列及披露规定，将取代香

港会计准则第1号「财务报表的呈列」

（「香港会计准则第1号」）。该新订

香港财务报告会计准则于延续香港

会计准则第1号多项规定的同时引

入新规定，要求于损益表呈列指定

类别及经界定小计；于财务报表附

注提供管理层界定绩效衡量的披

露，并改善财务报表所披露的汇总

及分类资料。此外，香港会计准则

第1号若干段落已移至香港会计准

则第8号「会计政策、会计估计变动

及差错」及香港财务报告准则第7

号。香港会计准则第7号「现金流量

表」及香港会计准则第33号「每股

盈利」亦作出细微修订。

香港财务报告准则第18号及其他准

则的修订本将于二零二七年一月一

日或之后开始的年度期间生效，并

允许提前应用。预期应用新订准则

将会影响未来财务报表中损益表的

呈列及披露。本集团正在评估香港

财务报告准则第18号对本集团合并

财务报表的具体影响。

2 APLICATION OF NEW AND AMENDMENTS

TO HKFRS ACOUNTING STANDARDS

(Continued)

2.2 New and amendments to HKFRS Acounting

Standards in isue but not yet efective

(Continued)

HKFRS 18 “Presentation and Disclosure in

Financial Statements” (“HKFRS 18”)

HKFRS 18 sets out requirements on presentation and

disclosures in financial statements and wil replace HKAS

1 “Presentation of Financial Statements” (“HKAS 1”)

and this new HKFRS Acounting Standard, while carying

forward many of the requirements in HKAS 1, introduces

new requirements to present specified categories and

defined subtotals in the statement of profit or los;

provide disclosures on management-defined performance

measures in the notes to the financial statements and

improve agregation and disagregation of information

to be disclosed in the financial statements. In adition,

some HKAS 1 paragraphs have ben moved to HKAS 8

“Acounting Policies, Changes in Acounting Estimates

and Erors” and HKFRS 7. Minor amendments to HKAS 7

“Statement of Cash Flows” and HKAS 33 “Earnings per

Share” are also made.

HKFRS 18, and amendments to other standards, wil be

efective for anual periods begining on or after 1

January 2027, with early aplication permited. The

aplication of the new standard is expected to afect the

presentation of the statement of profit or los and

disclosures in the future financial statements. The Group

is in the proces of asesing the detailed impact of

HKFRS 18 on the Group’s consolidated financial

statements.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料 ACCOUNTING POLICY INFORMATION 3.1 Basis of preparation 3.1 编制基准 The consolidated financial statements have been 合并财务报表乃根据香港会计师公 prepared in accordance with HKFRS Accounting 会颁布的香港财务报告准则会计准 Standards as issued by the HKICPA. For the purpose of 则而编制。就编制合并财务报表而 preparation of the consolidated financial statements, 言，倘合理预期资料会影响主要使 information is considered material if such information is 用者所作的决策，则该等资料被视 reasonably expected to influence decisions made by 为重大。此外，合并财务报表载有 primary users. In addition, the consolidated financial 香港联合交易所有限公司证券上市 statements include applicable disclosures required by the 规则（「上市规则」）及香港《公司条 Rules Governing the Listing of Securities on The Stock 例》（「公司条例」）所规定的适用披露 Exchange of Hong Kong Limited (“Listing Rules”) and 事项。 by the Hong Kong Companies Ordinance (“CO”). The consolidated financial statements have been 合并财务报表乃按历史成本基准编 prepared on the historical cost basis, except for certain 制，惟于各报告期末按公平值计量 properties and financial instruments that are measured at 之若干物业及金融工具除外，有关 fair values at the end of each reporting period, as 详情阐述于下列会计政策。 explained in the accounting policies set out below. Historical cost is generally based on the fair value of the 历史成本一般按交换货品及服务之 consideration given in exchange for goods and services. 代价公平值计算。 Fair value is the price that would be received to sell an 公平值为市场参与者之间于计量日 asset or paid to transfer a liability in an orderly transaction 期于按有序交易出售一项资产将收 between market participants at the measurement date, 取的价格或转让负债时将支付的价 regardless of whether that price is directly observable or 格，而不论该价格是否可直接观察 estimated using another valuation technique. In 得到，或利用其他估价方法估计得 estimating the fair value of an asset or a liability, the 到。于估计资产或负债的公平值 Group takes into account the characteristics of the asset 时，本集团会考虑市场参与者于计 or liability if market participants would take those 量日期为资产或负债定价时会考虑 characteristics into account when pricing the asset or 的资产或负债的特点。就合并财务 liability at the measurement date. Fair value for 报表计量及╱或披露目的而言之公 measurement and/or disclosure purposes in these 平值乃按此基准厘定，惟属于香港 consolidated financial statements is determined on such 财务报告准则第2号以股份为基础 a basis, except for share-based payment transactions that 的付款（「香港财务报告准则第2号」） are within the scope of HKFRS 2 Share-based Payment 范围内的以股份为基础支付的交 (“HKFRS 2”), leasing transactions that are accounted for 易、根据香港财务报告准则第16号 in accordance with HKFRS 16 Leases (“HKFRS 16”), and 租赁（「香港财务报告准则第16号」） measurements that have some similarities to fair value 入账的租赁交易以及与公平值类似 but are not fair value, such as net realisable value in 但并非公平值之计量（如香港会计 HKAS 2 Inventories or value in use in HKAS 36 准则第2号存货之可变现净值或香 Impairment of Assets. 港会计准则第36号资产减值之使用价值）除外。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.1 编制基准（续）

非金融资产的公平值计量考虑市场

参与者通过将资产用于其最高及最

佳用途或通过将其出售给将资产用

于其最高及最佳用途的另一市场参

与者而产生经济利益的能力。

就按公平值交易的金融工具及投资

物业及于其后期间将使用不可观察

输入数据计量公平值的估值技术而

言，估值技术会予以校准，以使估

值技术的结果于初步确认时相等于

交易价格。

此外，就财务报告而言，公平值计

量可按公平值计量之输入数据可观

察程度及公平值计量之输入数据对

其整体之重要性划分为第一、第二

或第三级，详述如下：

• 第一级输入数据乃实体于计量

日期可于活跃市场就相同资产

或负债获得之报价（未经调

整）；

• 第二级输入数据乃为第一级所

载报价以外之输入数据，而该

等数据乃就有关资产或负债可

直接或间接观察之输入数据；

及

• 第三级输入数据乃资产或负债

之不可观察输入数据。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.1 Basis of preparation (Continued)

A fair value measurement of a non-financial aset takes

into acount a market participant’s ability to generate

economic benefits by using the aset in its highest and

best use or by seling it to another market participant that

would use the aset in its highest and best use.

For financial instruments and investment properties which

are transacted at fair value and a valuation technique

that unobservable inputs are to be used to measure fair

value in subsequent periods, the valuation technique is

calibrated so that at initial recognition the results of the

valuation technique equals the transaction price.

In adition, for financial reporting purposes, fair value

measurements are categorised into Level 1, 2 or 3 based

on the degre to which the inputs to the fair value

measurements are observable and the significance of the

inputs to the fair value measurement in its entirety, which

are described as folows:

• Level 1 inputs are quoted prices (unadjusted) in

active markets for identical asets or liabilities that

the entity can aces at the measurement date;

, other than quoted prices

included within Level 1, that are observable for the

aset or liability, either directly or indirectly; and

• Level 3 inputs are unobservable inputs for the aset

or liability.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.2 Basis of consolidation 3.2 合并基准 The consolidated financial statements incorporate the 合并财务报表合并本公司及本公司 financial statements of the Company and entities 与其附属公司控制的实体之财务报 controlled by the Company and its subsidiaries. Control is 表。倘属以下情况，则本公司获得 achieved when the Company: 控制权： • has power over the investee; • 对被投资方拥有权力； • is exposed, or has rights, to variable returns from its • 因来自参与被投资方的可变回 involvement with the investee; and 报承受风险或享有权利；及 • has the ability to use its power to affect its returns. • 可行使权力以影响其回报。 The Group reassesses whether or not it controls an 倘事实及情况显示以上所列控制权 investee if facts and circumstances indicate that there are 三项因素之一项或多项出现变动， changes to one or more of the three elements of control 本集团会重新评估其是否控制被投 listed above. 资方。 Consolidation of subsidiaries begins when the Group 附属公司于本集团取得附属公司之 obtains control over the subsidiaries and ceases when the 控制权时开始合并入账，并于本集 Group loses control of subsidiaries. Specifically, income 团失去附属公司之控制权时终止入 and expenses of subsidiaries acquired or disposed of 账。具体而言，于年内收购或出售 during the year are included in the consolidated income 附属公司之收入及支出，自本集团 statement from the date the Group gains control until 取得控制权当日起直至本集团失去 the date when the Group ceases to control subsidiaries. 附属公司之控制权当日止计入合并收益表。 Profit or loss and each item of other comprehensive 利润或亏损及其他综合收入之各项 income are attributed to the owners of the Company and 目会分配予本公司拥有人及非控股 to the non-controlling interests. Total comprehensive 权益。附属公司之综合收入总额会 income of subsidiaries is attributed to the owners of the 分配予本公司拥有人及非控股权 Company and to the non-controlling interests even if this 益，即使会导致非控股权益录得亏 results in the non-controlling interests having a deficit 绌结余。 balance. When necessary, adjustments are made to the financial 附属公司之财务报表将作出调整（如 statements of subsidiaries to bring their accounting 需要），使其会计政策与本集团之会 policies in line with the Group’s accounting policies. 计政策贯彻一致。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.2 合并基准（续）

与本集团成员公司间之交易相关之

所有集团内公司间资产及负债、权

益、收入、支出及现金流量已于合

并账目时全部对销。

于附属公司之非控股权益与本集团

的权益独立呈列，其代表于清盘时

赋予其持有人权利按比例分占相关

附属公司资产净值的现时拥有权

益。

本集团于现有附属公司的权益

变动

本集团于附属公司的权益变动不会

导致本集团失去对附属公司的控制

权，则作为权益交易入账。本集团

相关权益部分及非控股权益的账面

值会获调整，以反映于附属公司有

关权益的变动，包括按照本集团与

非控股权益的权益比例，将本集团

与非控股权益之间的相关储备重新

归属。

非控股权益经调整金额与已付或已

收代价之公平值两者间之任何差额

直接于权益确认，并归属于本公司

拥有人。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.2 Basis of consolidation (Continued)

Al intra-group asets, liabilities, equity, income, expenses

and cash flows relating to transactions betwen members

of the Group are eliminated in ful on consolidation.

Non-controling interests in subsidiaries are presented

separately from the Group’s equity therein, which

represent present ownership interests entitling their

holders to a proportionate share of net asets of the

relevant subsidiaries upon liquidation.

Changes in the Group’s interests in existing

subsidiaries

Changes in the Group’s interests in subsidiaries that do

not result in the Group losing control over the subsidiaries

are acounted for as equity transactions. The carying

amounts of the Group’s relevant components of equity

and the non-controling interests are adjusted to reflect

the changes in their relative interests in the subsidiaries,

including re-atribution of relevant reserves betwen the

Group and the non-controling interests acording to the

Group’s and the non-controling interests’ proportionate

interests.

Any diference betwen the amount by which the non-

controling interests are adjusted, and the fair value of

the consideration paid or received is recognised directly in

equity and atributed to owners of the Company.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.2 Basis of consolidation (Continued) 3.2 合并基准（续） Changes in the Group’s interests in existing 本集团于现有附属公司的权益 subsidiaries (Continued) 变动（续） When the Group loses control of a subsidiary, the assets 当本集团失去对一间附属公司的控 and liabilities of that subsidiary and non-controlling 制权时，则终止确认该附属公司的 interests (if any) are derecognised. A gain or loss is 资产及负债以及非控股权益（如 recognised in profit or loss and is calculated as the 有）。收益或亏损于损益内确认，并 difference between (i) the aggregate of the fair value of 按(i)已收代价之公平值与任何保留 the consideration received and the fair value of any 权益之公平值之总和及(ii)本公司拥 retained interest and (ii) the carrying amount of the assets 有人应占附属公司的资产（包括商 (including goodwill), and liabilities of the subsidiary 誉）及负债之账面值之间的差额计 attributable to the owners of the Company. All amounts 算。先前就该附属公司于其他综合 previously recognised in other comprehensive income in 收入确认之所有金额均按犹如本集 relation to that subsidiary are accounted for as if the 团已直接出售附属公司之相关资产 Group had directly disposed of the related assets or 或负债之方式入账（即按适用香港 liabilities of the subsidiary (i.e. reclassified to profit or loss 财务报告准则会计准则的具体规 or transferred to another category of equity as specified/ 定╱许可重新分类至损益或转拨至 permitted by applicable HKFRS Accounting Standards). 其他权益类别）。于前附属公司所保 The fair value of any investment retained in the former 留的任何投资于失去控制权当日的 subsidiary at the date when control is lost is regarded as 公平值被视为根据香港财务报告准 the fair value on initial recognition for subsequent 则第9号金融工具（「香港财务报告 accounting under HKFRS 9 Financial Instruments 准则第9号」）就后续会计处理进行 (“HKFRS 9”) or, when applicable, the cost on initial 初步确认之公平值，或（如适用）视 recognition of an investment in an associate or a joint 为于联营公司或合营公司之投资之 venture. 初步确认成本。 3.3 Business combinations 3.3 业务合并 A business is an integrated set of activities and assets 业务为包含共同对创造产出的能力 which includes an input and a substantive process that 有重大贡献的一项投入及一项实质 together significantly contribute to the ability to create 性程序之一组活动及资产。倘收购 outputs. The acquired processes are considered 过程对继续生产产出的能力至关重 substantive if they are critical to the ability to continue 要，包括具备执行相关过程所必需 producing outputs, including an organised workforce 的技能、知识或经验的组织劳动 with the necessary skills, knowledge, or experience to 力，或对持续生产产出的能力有重 perform the related processes or they significantly 大贡献，则被认为属独特或稀缺， contribute to the ability to continue producing outputs 或在无重大成本、努力或持续生产 and are considered unique or scarce or cannot be 产出能力出现延迟的情况下不可取 replaced without significant cost, effort, or delay in the 代。 ability to continue producing outputs.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.3 业务合并（续）

业务收购按收购法入账。在业务合

并中转让的代价按公平值计量，而

公平值乃按本集团所转让资产、本

集团向被收购方前拥有人承担之负

债及本集团为交换被收购方控制权

所发行股权于收购日期的公平值总

和计算。收购相关成本一般于产生

时于损益确认。

收购之可识别资产及承担之可识别

负债必须符合财务报告概念框架

（「概念框架」）中资产及负债的定

义，不包括在香港会计准则第37号

拨备、或然负债及或然资产（「香港

会计准则第37号」）或香港（国际财

务报告诠释委员会）－诠释第21号

征费（「香港（国际财务报告诠释委

员会）－诠释第21号」）范围内的交

易及事件，本集团对此应用香港会

计准则第37号或香港（国际财务报

告诠释委员会）－诠释第21号而非

概念框架识别其于业务合并中承担

的负债。或然资产不获确认。

于收购日期，已收购可识别资产及

已承担负债按其公平值确认，惟下

列各项除外：

，及与雇

员福利安排有关的资产或负债

分别根据香港会计准则第12

号所得税及香港会计准则第

19号雇员福利确认及计量；

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.3 Busines combinations (Continued)

Acquisitions of busineses are acounted for using the

acquisition method. The consideration transfered in a

busines combination is measured at fair value, which is

calculated as the sum of the acquisition-date fair values

of the asets transfered by the Group, liabilities incured

by the Group to the former owners of the acquire and

the equity interests isued by the Group in exchange for

control of the acquire. Acquisition-related costs are

generaly recognised in profit or los as incured.

The identifiable asets acquired and liabilities asumed

must met the definitions of an aset and a liability in the

Conceptual Framework for Financial Reporting (the

“Conceptual Framework”) except for transactions and

events within the scope of HKAS 37 Provisions,

Contingent Liabilities and Contingent Asets (“HKAS

37”) or HK(IFRIC)-Int 21 Levies (“HK(IFRIC)-Int 21”), in

which the Group aplies HKAS 37 or HK(IFRIC)-Int 21

instead of the Conceptual Framework to identify the

liabilities it has asumed in a busines combination.

Contingent asets are not recognised.

At the acquisition date, the identifiable asets acquired

and the liabilities asumed are recognised at their fair

value, except that:

, and asets or

liabilities related to employe benefit arangements

are recognised and measured in acordance with

HKAS 12 Income Taxes and HKAS 19 Employe

Benefits respectively;

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.3 Business combinations (Continued) 3.3 业务合并（续） • liabilities or equity instruments related to share- • 与被收购方之以股份为基础的 based payment arrangements of the acquiree or 付款安排或本集团所订立以股 share-based payment arrangements of the Group 份为基础的付款安排取代被收 entered into to replace share-based payment 购方之以股份为基础的付款安 arrangements of the acquiree are measured in 排有关之负债或权益工具于收 accordance with HKFRS 2 Share-based Payment at 购日期根据香港财务报告准则 the acquisition date; 第2号以股份为基础的付款计量； • assets (or disposal groups) that are classified as held • 根据香港财务报告准则第5号 for sale in accordance with HKFRS 5 Non-current 持作出售的非流动资产及终止 Assets Held for Sale and Discontinued Operations 经营分类为持作出售的资产 are measured in accordance with that standard; （或出售组合）乃根据该准则 and 计量；及 • lease liabilities are recognised and measured at the • 租赁负债按余下租赁付款（定 present value of the remaining lease payments (as 义见香港财务报告准则第16 defined in HKFRS 16) as if the acquired leases were 号）的现值确认及计量，犹如 new leases at the acquisition date, except for leases 所收购租赁于收购日期为新租 for which (a) the lease term ends within 12 months 赁，惟(a)租赁期于收购日期 of the acquisition date; or (b) the underlying asset 起计12个月内结束的租赁； is of low value. Right-of-use assets are recognised 或(b)相关资产为低价值的租 and measured at the same amount as the relevant 赁除外。使用权资产按与相关 lease liabilities, adjusted to reflect favourable or 租赁负债相同的金额确认及计 unfavourable terms of the lease when compared 量，并作出调整以反映与市场 with market terms. 条款相比的有利或不利租赁条款。 Goodwill is measured as the excess of the sum of the 商誉乃以所转让代价、任何非控股 consideration transferred, the amount of any non- 权益于被收购方中所占金额、及收 controlling interests in the acquiree, and the fair value of 购方以往持有之被收购方股权之公 the acquirer’s previously held equity interest in the 平值（如有）之总和，超出已收购可 acquiree (if any) over the net amount of the identifiable 识别资产及已承担负债于收购日期 assets acquired and the liabilities assumed as at 净额之差额计量。倘经重估后，已 acquisition date. If, after reassessment, the net amount 收购可识别资产及已承担负债于收 of the identifiable assets acquired and liabilities assumed 购日期之净额高于所转让代价、任 exceeds the sum of the consideration transferred, the 何非控股权益于被收购方中所占金 amount of any non-controlling interests in the acquiree 额以及收购方先前持有之被收购方 and the fair value of the acquirer’s previously held interest 权益之公平值（如有）之总和，则差 in the acquiree (if any), the excess is recognised 额即时于损益内确认为议价收购收 immediately in profit or loss as a bargain purchase gain. 益。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.3 业务合并（续）

属现时拥有权益且于清盘时赋予

持有人权利按比例分占相关附属公

司资产净值之非控股权益，初步按

非控股权益分占被收购方可识别资

产净值之已确认金额比例或按公平

值计量。计量基准视乎每项交易而

作出选择。

当本集团于业务合并时转让的代价

包含或然代价安排时，或然代价按

收购日期的公平值计量，并包括业

务合并时所转让代价的一部分。符

合作为计量期间调整的或然代价公

平值变动，需以追溯方式进行调

整。计量期间调整是指于「计量期

间」（不超出收购日期起计一年）取

得与收购日期已存在之事实及情况

相关之额外资料而产生之调整。

或然代价的其后会计处理方式如不

合资格作计量期间调整乃取决于或

然代价如何分类。分类为权益的或

然代价不会于其后报告日期重新计

量，而其后结算于权益内入账。分

类为资产或负债的或然代价乃于其

后报告日期重新计量至公平值，而

相应之收益或亏损于损益中确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.3 Busines combinations (Continued)

Non-controling interests that are present ownership

interests and entitle their holders to a proportionate share

of the relevant subsidiary’s net asets in the event of

liquidation are initialy measured at the non-controling

interests’ proportionate share of the recognised amounts

of the acquire’s identifiable net asets or at fair value.

The choice of measurement basis is made on a

transaction-by-transaction basis.

When the consideration transfered by the Group in a

busines combination includes a contingent consideration

arangement, the contingent consideration is measured

at its acquisition-date fair value and included as part of

the consideration transfered in a busines combination.

Changes in the fair value of the contingent consideration

that qualify as measurement period adjustments are

adjusted retrospectively. Measurement period

adjustments are adjustments that arise from aditional

information obtained during the “measurement period”

(which canot exced one year from the acquisition date)

about facts and circumstances that existed at the

acquisition date.

The subsequent acounting for the contingent

consideration that do not qualify as measurement period

adjustments depends on how the contingent

consideration is clasified. Contingent consideration that

is clasified as equity is not remeasured at subsequent

reporting dates and its subsequent setlement is

acounted for within equity. Contingent consideration

that is clasified as an aset or a liability is remeasured to

fair value at subsequent reporting dates, with the

coresponding gain or los being recognised in profit or

los.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.3 Business combinations (Continued) 3.3 业务合并（续） When a business combination is achieved in stages, the 当业务合并分阶段实现，本集团过 Group’s previously held equity interest in the acquiree is 往持有之被收购方股权须按于收购 remeasured to fair value at the acquisition date (i.e. the 日期（即本集团取得控制权当日）之 date when the Group obtains control), and the resulting 公平值重新计量，而由此产生之收 gain or loss, if any, is recognised in profit or loss or other 益或亏损（如有）须于损益或其他综 comprehensive income, as appropriate. Amounts arising 合收入（视情况而定）中确认。于收 from interests in the acquiree prior to the acquisition date 购日期前由被收购方权益产生且过 that have previously been recognised in other 往已于其他综合收入中确认且根据 comprehensive income and measured under HKFRS 9 香港财务报告准则第9号计量的金 would be accounted for on the same basis as would be 额，须会按犹如本集团已直接出售 required if the Group had disposed directly of the 之前所持股权的所需相同基准入账。 previously held equity interest. If the initial accounting for a business combination is 倘业务合并之初步会计处理方式于 incomplete by the end of the reporting period in which 合并发生之报告期末前尚未完成， the combination occurs, the Group reports provisional 则本集团呈报未完成会计处理方式 amounts for the items for which the accounting is 之项目之临时数额。该等临时数额 incomplete. Those provisional amounts are adjusted 会于计量期间（见上文）内追溯调 retrospectively during the measurement period (see 整，并确认额外资产或负债，以反 above), and additional assets or liabilities are recognised, 映所取得于收购日期已存在而据所 to reflect new information obtained about facts and 知可能影响该日已确认数额之相关 circumstances that existed at the acquisition date that, if 事实与情况之新资料。 known, would have affected the amounts recognised at that date. 3.4 Goodwill 3.4 商誉 Goodwill arising on an acquisition of a business is carried 因收购一项业务所产生之商誉按于 at cost as established at the date of acquisition of the 收购业务之日（见上文附注3.3）确 business (see Note 3.3 above) less accumulated 定之成本减累计减值亏损（如有）入 impairment losses, if any. 账。 For the purposes of impairment testing, goodwill is 就减值测试而言，商誉将分配至预 allocated to each of the Group’s cash-generating units (or 计自合并的协同效应中受惠的本集 group of cash-generating units) that is expected to 团各现金产生单位（或现金产生单 benefit from the synergies of the combination, which 位组别），有关现金产生单位指出于 represent the lowest level at which the goodwill is 内部管理目的而监察商誉的最低层 monitored for internal management purposes and not 级，并不大于一个经营分部。 larger than an operating segment.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.4 商誉（续）

已获分配商誉的现金产生单位（或

现金产生单位组别）每年或倘有迹

象显示有关单位可能出现减值时更

频密地进行减值测试。就于报告期

内的收购所产生的商誉而言，已获

分配商誉的现金产生单位（或现金

产生单位组别）于报告期末前进行

减值测试。倘可收回金额低于其账

面值，减值亏损首先获分配以减少

任何商誉的账面值，其后基於单位

（或现金产生单位组别）各资产的账

面值按比例分配至其他资产。任何

商誉减值亏损直接于损益确认。就

商誉确认的任何减值亏损于以后期

间不会回拨。

于出售相关现金产生单位或现金产

生单位组别中的任何现金产生单位

时，商誉应占金额计入厘定出售利

润或亏损金额。当本集团出售现金

产生单位（或现金产生单位组别中

的一项现金产生单位）内的一项业

务时，所出售商誉金额按所出售业

务（或现金产生单位）与所保留现金

产生单位（或现金产生单位组别）部

分的相对价值计量。

本集团有关因收购联营公司而产生

的商誉政策载述于下文附注3.5。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.4 Godwil (Continued)

A cash-generating unit (or group of cash-generating

units) to which godwil has ben alocated is tested for

impairment anualy or more frequently when there is

indication that the unit may be impaired. For godwil

arising on an acquisition in a reporting period, the cash-

generating unit (or group of cash-generating units) to

which godwil has ben alocated is tested for

impairment before the end of that reporting period. If

the recoverable amount is les than its carying amount,

the impairment los is alocated first to reduce the

carying amount of any godwil and then to the other

asets on a pro-rata basis based on the carying amount

of each aset in the unit (or group of cash-generating

units). Any impairment los for godwil is recognised

directly in profit or los. An impairment los recognised

for godwil is not reversed in subsequent periods.

On disposal of the relevant cash-generating unit or any of

the cash-generating unit within the group of cash-

generating units, the atributable amount of godwil is

included in the determination of the amount of profit or

los on disposal. When the Group disposes of an

operation within the cash-generating unit (or a cash-

generating unit within a group of cash-generating units),

the amount of godwil disposed of is measured on the

basis of the relative values of the operation (or the cash-

generating unit) disposed of and the portion of the cash-

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

retained.

The Group’s policy for godwil arising on the acquisition

of an asociate is described in Note 3.5 below.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.5 Interests in associates 3.5 于联营公司之权益 An associate is an entity over which the Group has 联营公司指本集团对其具有重大影 significant influence. Significant influence is the power to 响的实体。重大影响指参与被投资 participate in the financial and operating policy decisions 方的财务及经营政策决定的权力， of the investee but is not control over those policies. 而非控制该等政策的权力。 The results and assets and liabilities of an associate are 于联营公司之业绩与资产及负债乃 incorporated in the consolidated financial statements 按权益会计法计入该等合并财务报 using the equity method of accounting. The financial 表内。就权益会计法之目的而言， statements of an associate used for equity accounting 编制联营公司之财务报表所用会计 purposes are prepared using uniform accounting policies 政策与本集团于类似情况下进行交 as those of the Group for like transactions and events in 易及事件所用者一致。根据权益 similar circumstances. Under the equity method, an 法，于联营公司之投资初步按成本 investment in an associate is initially recognised in the 于合并财务状况表确认，并于其后 consolidated statement of financial position at cost and 作出调整以确认本集团应占联营公 adjusted thereafter to recognise the Group’s share of the 司之损益及其他综合收入。损益及 profit or loss and other comprehensive income of the 其他综合收入以外的联营公司资产 associate. Changes in net assets of the associate other 净值变动不会入账，除非该等变动 than profit or loss and other comprehensive income are 导致本集团持有的拥有权权益出现 not accounted for unless such changes resulted in 变动。当本集团应占联营公司之亏 changes in ownership interest held by the Group. When 损超出本集团于该联营公司之权益 the Group’s share of losses of an associate exceeds the 时（包括实质上成为本集团于该联 Group’s interest in that associate (which includes any 营公司之投资净额一部分之任何长 long-term interests that, in substance, form part of the 期权益），本集团取消确认其所占进 Group’s net investment in the associate), the Group 一步亏损。仅于本集团已产生法律 discontinues recognising its share of further losses. 或推定责任，或已代表该联营公司 Additional losses are recognised only to the extent that 支付款项之情况下，方会确认额外 the Group has incurred legal or constructive obligations 亏损。 or made payments on behalf of that associate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.5 于联营公司之权益（续）

自被投资方成为一间联营公司当日

起，对联营公司之投资采用权益法

入账。于收购一间联营公司之投资

时，投资成本超过本集团分占该被

投资方可识别资产及负债公平值净

额之任何部分确认为商誉，并计入

投资的账面值。倘本集团所占的可

识别资产及负债于重新评估后的公

平值净额高于投资成本，则会于收

购投资期间即时于损益中确认。

本集团会评估是否存在客观证据证

明于联营公司的权益将会减值。于

存在任何客观证据时，投资（包括

商誉）的全部账面值将会根据香港

会计准则第36号作为单一资产透过

比较可收回金额（使用价值及公平

值减出售成本之较高者）与其账面

值进行减值测试。任何确认之减值

亏损均不会分摊至任何资产（包含

属投资账面值之一部分的商誉）。减

值亏损之任何拨回乃按香港会计准

则第36号确认，惟仅限于投资之可

收回金额随后增加。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.5 Interests in asociates (Continued)

An investment in an asociate is acounted for using the

equity method from the date on which the investe

becomes an asociate. On acquisition of the investment

in an asociate, any exces of the cost of the investment

over the Group’s share of the net fair value of the

identifiable asets and liabilities of the investe is

recognised as godwil, which is included within the

carying amount of the investment. Any exces of the

Group’s share of the net fair value of the identifiable

asets and liabilities over the cost of the investment, after

reasesment, is recognised imediately in profit or los

in the period in which the investment is acquired.

The Group aseses whether there is an objective

evidence that the interest in an asociate may be

impaired. When any objective evidence exists, the entire

carying amount of the investment (including godwil) is

tested for impairment in acordance with HKAS 36 as a

single aset by comparing its recoverable amount (higher

of value in use and fair value les costs of disposal) with

its carying amount. Any impairment los recognised is

not alocated to any aset, including godwil, that forms

part of the carying amount of the investment. Any

reversal of that impairment los is recognised in

acordance with HKAS 36 to the extent that the

recoverable amount of the investment subsequently

increases.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.5 Interests in associates (Continued) 3.5 于联营公司之权益（续） When the Group ceases to have significant influence over 当本集团对联营公司不再有重大影 an associate, it is accounted for as a disposal of the entire 响，则入账列为出售该被投资方之 interest in the investee with a resulting gain or loss being 全数权益，产生之收益或亏损于损 recognised in profit or loss. When the Group retains an 益中确认。当本集团保留于前联营 interest in the former associate and the retained interest 公司的权益及保留权益为一项香港 is a financial asset within the scope of HKFRS 9, the 财务报告准则第9号范围内之金融 Group measures the retained interest at fair value at that 资产，则本集团按于该日的公平值 date and the fair value is regarded as its fair value on 计量该保留权益，而公平值乃视为 initial recognition. The difference between the carrying 其初步确认时的公平值。联营公司 amount of the associate and the fair value of any retained 账面值与任何保留权益的公平值及 interest and any proceeds from disposing of the relevant 出售联营公司相关权益任何所得款 interest in the associate is included in the determination 项之间的差额，乃计入厘定出售联 of the gain or loss on disposal of the associate. In 营公司的收益或亏损。此外，本集 addition, the Group accounts for all amounts previously 团就该联营公司先前确认于其他综 recognised in other comprehensive income in relation to 合收入的所有数额（按相同基准）， that associate on the same basis as would be required if 犹如直接出售该联营公司的相关资 that associate had directly disposed of the related assets 产或负债予以入账。因此，倘该联 or liabilities. Therefore, if a gain or loss previously 营公司先前确认于其他综合收入的 recognised in other comprehensive income by that 收益或亏损会在相关资产或负债出 associate would be reclassified to profit or loss on the 售时重新分类至损益中，则本集团 disposal of the related assets or liabilities, the Group 会于出售或部分出售相关联营公司 reclassifies the gain or loss from equity to profit or loss (as 时将此收益或亏损由权益重新分类 a reclassification adjustment) upon disposal or partial 至损益（作为重新分类的调整）。 disposal of the relevant associates. When a group entity transacts with an associate of the 倘一间集团实体与本集团的联营公 Group, profits and losses resulting from the transactions 司进行交易，与该联营公司交易所 with the associate are recognised in the consolidated 产生的损益仅会在有关联营公司的 financial statements only to the extent of interests in the 权益与本集团无关之情况下，方会 associate that are not related to the Group. 于综合财务报表确认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.6 收入确认

来自客户合约之收入

本集团于完成履约责任时（即当特

定的履约责任涉及的货品或服务的

「控制权」转移至客户时）确认收入。

履约责任指一项明确货品或服务（或

一批明确货品或服务）或一系列大

致相同的明确货品或服务。

倘符合以下标准之一，则控制权随

时间转移，而收入经参考相关履约

责任的完成进度按时间确认：

，客户同时收

取及消耗本集团履约所提供的

利益；

• 本集团的履约创建或提升客户

于本集团履约时控制的资产；

或

• 本集团的履约并未创建对本集

团具有替代用途的资产，而本

集团可强制执行权利以收取至

今已完成履约部分的款项。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.6 Revenue recognition

Revenue from contracts with customers

The Group recognises revenue when (or as) a

performance obligation is satisfied, i.e. when “control”

of the gods or services underlying the particular

performance obligation is transfered to the customer.

A performance obligation represents a god or service (or

a bundle of gods or services) that is distinct or a series

of distinct gods or services that are substantialy the

same.

Control is transfered over time and revenue is recognised

over time by reference to the progres towards complete

satisfaction of the relevant performance obligation if one

of the folowing criteria is met:

• the customer simultaneously receives and consumes

the benefits provided by the Group’s performance

as the Group performs;

’s performance creates or enhances an

aset that the customer controls as the Group

performs; or

’s performance does not create an aset

with an alternative use to the Group and the Group

has an enforceable right to payment for

performance completed to date.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.6 Revenue recognition (Continued) 3.6 收入确认（续） Revenue from contracts with customers 来自客户合约之收入（续） (Continued) Otherwise, revenue is recognised at a point in time when 否则，收入于客户取得明确货品或 the customer obtains control of the distinct good or 服务控制权的时间点确认。 service. (a) Sales of goods (a) 销售货品 Revenue from the sale of goods is recognised at a 来自销售货品之收入应于该资 point in time when control of the asset is 产之控制权转移予客户之时间 transferred to the customer, generally on delivery 点（一般发生在货品交付时） of the goods. 确认。 (b) Provision of underwriting and placing services (b) 提供包销及配售服务 The performance obligation is satisfied at a point in 履约责任于客户自本集团收取 time when the customer has received the service 服务时完成。承销及配售佣金 from the Group. Commission income from 收入于相关证券被承销或配售 underwriting and placing is recognised when the 时确认。 underlying securities are being written or placed. (c) Provision of securities brokerage services (c) 提供证券经纪服务 The performance obligation is satisfied at a point in 履约责任于客户自本集团收取 time when the customer has received the service 服务时完成。证券交易和经纪 from the Group. Commission income on securities 佣金收入通常为交易日后两天 dealing and broking is generally due within two 内到期。 days after trade date. (d) Provision of family office services (d) 提供家族办公室服务 The performance obligation is satisfied at a point in 根据合约的性质及条款，履约 time when the service is completed, according to 责任于服务完成时于某个时间 the nature and terms of the contracts. 点达成。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.6 收入确认（续）

来自客户合约之收入（续）

(e) 提供国际教育规划服务

收入于合约期内按直线法随时

间确认。

来自其他来源的收入

利息收入乃采用将金融工具于其预

计年期或适当的较短期间估计未来

现金收入准确贴现至金融资产账面

净值的利率，使用实际利率法按应

计基准确认。

3.7 租赁

本集团会于合约开始日期根据香港

财务报告准则第16号项下的定义评

估合约是否为租赁或包含租赁。有

关合约将不会被重新评估，除非合

约中的条款与条件随后被改动。

本集团作为承租人

分配代价至合约的组成部分

就包含租赁组成部分以及一项或多

项额外租赁或非租赁组成部分的合

约而言，本集团根据租赁组成部分

的相对独立价格及非租赁组成部分

的合计独立价格基准将合约代价分

配至各项租赁组成部分，包括收购

一项物业（包括租赁土地及非租赁

楼宇组成部分）的拥有权的合约，

除非未能作出可靠分配。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.6 Revenue recognition (Continued)

Revenue from contracts with customers

(Continued)

(e) Provision of international education planing

services

Revenue is recognised over time on a straight-line

basis over the lifetime of the contracts.

Revenue from other sources

Interest income is recognised on an acrual basis using

the efective interest method by aplying the rate that

exactly discounts the estimated future cash receipts over

the expected life of the financial instrument or a shorter

period, when apropriate, to the net carying amount of

the financial aset.

3.7 Leases

The Group aseses whether a contract is or contains a

lease based on the definition under HKFRS 16 at

inception of the contract. Such contract wil not be

reasesed unles the terms and conditions of the

contract are subsequently changed.

The Group as a lese

Alocation of consideration to components of a

contract

For a contract that contains a lease component and one

or more aditional lease or non-lease components, the

Group alocates the consideration in the contract to each

lease component on the basis of the relative stand-alone

price of the lease component and the agregate stand-

alone price of the non-lease components, including

contract for acquisition of ownership interests of a

property which includes both leasehold land and non-

lease building components, unles such alocation canot

be made reliably.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.7 Leases (Continued) 3.7 租赁（续） The Group as a lessee (Continued) 本集团作为承租人（续） Allocation of consideration to components of a 分配代价至合约的组成部分（续） contract (Continued) Non-lease components are separated from lease 非租赁组成部分与租赁组成部分分 component and are accounted for by applying other 开，应用其他适用准则进行入账。 applicable standards. Short-term leases 短期租赁 The Group applies the short-term lease recognition 本集团对自生效日期起计之租期为 exemption to leases that have a lease term of 12 months 十二个月或以下并且不包括购买选 or less from the commencement date and do not contain 择权的租赁采用短期租赁确认豁 a purchase option. Lease payments on short-term leases 免。短期租赁的租赁付款乃于租期 are recognised as expense on a straight-line basis or 内按直线法或另一系统性基准确认 another systematic basis over the lease term. 为开支。 Right-of-use assets 使用权资产 The cost of right-of-use asset includes: 使用权资产之成本包括： • the amount of the initial measurement of the lease • 租赁负债的初步计量金额； liability; • any lease payments made at or before the • 于开始日期或之前作出的任何 commencement date, less any lease incentives 租赁付款，减任何已收租赁优 received; 惠； • any initial direct costs incurred by the Group; and • 本集团产生的任何初始直接成本；及 • an estimate of costs to be incurred by the Group in • 本集团于拆解及搬迁相关资 dismantling and removing the underlying assets, 产、复原相关资产所在场地或 restoring the site on which it is located or restoring 复原相关资产至租赁的条款及 the underlying asset to the condition required by 条件所规定的状况而产生的成 the terms and conditions of the lease. 本估计。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.7 租赁（续）

本集团作为承租人（续）

使用权资产（续）

使用权资产按成本减去任何累计折

旧及减值亏损计量，并经租赁负债

的任何重新计量调整。

本集团于租赁期结束时合理确定获

取相关租赁资产拥有权的使用权资

产自开始日期起至使用年期结束期

间计提折旧。在其他情况下，使用

权资产以直线法于其估计使用年期

及租赁期（以较短者为准）内计提折

旧。

本集团于合并财务状况表中将使用

权资产列作单独项目。

可退还租金按金

已付可退回租金按金根据香港财务

报告准则第9号入账，并初步按公

平值计量。

租赁负债

于租赁开始日期，本集团按当日未

支付的租赁付款现值确认及计量租

赁负债。于计算租赁付款的现值

时，倘租赁内含的利率并不容易确

定，则本集团于租赁开始日期使用

增量借款利率计算。

租赁付款包括固定付款（包括实质

固定付款）减任何应收租赁优惠。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.7 Leases (Continued)

The Group as a lese (Continued)

Right-of-use asets (Continued)

Right-of-use asets are measured at cost, les any

acumulated depreciation and impairment loses, and

adjusted for any remeasurement of lease liabilities.

Right-of-use asets in which the Group is reasonably

certain to obtain ownership of the underlying leased

asets at the end of the lease term are depreciated from

comencement date to the end of the useful life.

Otherwise, right-of-use asets are depreciated on a

straight-line basis over the shorter of its estimated useful

life and the lease term.

The Group presents right-of-use asets as a separate line

item on the consolidated statement of financial position.

Refundable rental deposits

Refundable rental deposits paid are acounted under

HKFRS 9 and initialy measured at fair value.

Lease liabilities

At the comencement date of a lease, the Group

recognises and measures the lease liability at the present

value of lease payments that are unpaid at that date. In

calculating the present value of lease payments, the

Group uses the incremental borowing rate at the lease

comencement date if the interest rate implicit in the

lease is not readily determinable.

The lease payments include fixed payments (including in-

substance fixed payments) les any lease incentives

receivable.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.7 Leases (Continued) 3.7 租赁（续） The Group as a lessee (Continued) 本集团作为承租人（续） Lease liabilities (Continued) 租赁负债（续） After the commencement date, lease liabilities are 于开始日期后，租赁负债就利息增 adjusted by interest accretion and lease payments. 长及租赁付款作出调整。 The Group remeasures lease liabilities (and makes a 当出现下列情况时，本集团重新计 corresponding adjustment to the related right-of-use 量租赁负债（及对有关使用权资产 assets) whenever: 作出相应调整）： • the lease term has changed or there is a change in • 倘租赁期有变或行使购买选择 the assessment of exercise of a purchase option, in 权的评估发生变动，在此情况 which case the related lease liability is remeasured 下，有关租赁负债乃使用重新 by discounting the revised lease payments using a 评估日期经修订贴现率贴现经 revised discount rate at the date of reassessment. 修订租赁付款而重新计量。 • the lease payments change due to changes in • 租赁付款因进行市场租金调查 market rental rates following a market rent review, 后市场租金有变而出现变动， in which cases the related lease liability is 于此情况下，有关租赁负债透 remeasured by discounting the revised lease 过使用初始贴现率贴现经修订 payments using the initial discount rate. 租赁付款而重新计量。 • a lease contract is modified and the lease • 租赁合约已修改且租赁修改不 modification is not accounted for as a separate 作为单独租赁入账。 lease. The Group presents lease liabilities as a separate line item 本集团于合并财务状况表中将租赁 on the consolidated statement of financial position. 负债列作单独项目。 Lease modifications 租赁修改 The Group accounts for a lease modification as a separate 倘出现以下情况，本集团将租赁修 lease if: 改作为一项单独的租赁入账： • the modification increases the scope of the lease by • 该项修改通过增加使用一项或 adding the right to use one or more underlying 多项相关资产的权利扩大了租 assets; and 赁范围；及

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.7 租赁（续）

本集团作为承租人（续）

租赁修改（续）

，增加的金额

相当于范围扩大对应的单独价

格，加上按照特定合约的实际

情况对单独价格进行的任何适

当调整。

对于不按单独租赁入账的租赁修

改，本集团基于经修改租赁的租

期，透过使用修改生效日期的经修

订贴现率贴现经修订租赁付款之方

式重新计量租赁负债（减去任何应

收租赁优惠）。

本集团通过对相关使用权资产进行

相应调整，对租赁负债重新计量。

当经修改合约包含一项租赁部分及

一项或多项额外租赁或非租赁部分

时，本集团根据租赁部分的相对独

立价格及非租赁部分的合计独立价

格，将经修改合约中的代价分配予

各租赁部分。

3.8 外币

于编制各个别集团实体之财务报表

时，以该实体功能货币以外之货币

（外币）进行之交易均按交易日期之

适用汇率确认。于报告期末，以外

币计值之货币项目均按该日之适用

汇率重新换算。按外币过往成本计

量之非货币项目毋须重新换算。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.7 Leases (Continued)

The Group as a lese (Continued)

Lease modifications (Continued)

• the consideration for the leases increases by an

amount comensurate with the stand-alone price

for the increase in scope and any apropriate

adjustments to that stand-alone price to reflect the

circumstances of the particular contract.

For a lease modification that is not acounted for as a

separate lease, the Group remeasures the lease liability,

les any lease incentives receivable, based on the lease

term of the modified lease by discounting the revised

lease payments using a revised discount rate at the

efective date of the modification.

The Group acounts for the remeasurement of lease

liabilities by making coresponding adjustments to the

relevant right-of-use aset. When the modified contract

contains a lease component and one or more aditional

lease or non-lease components, the Group alocates the

consideration in the modified contract to each lease

component on the basis of the relative stand-alone price

of the lease component and the agregate stand-alone

price of the non-lease components.

3.8 Foreign curencies

In preparing the financial statements of each individual

group entity, transactions in curencies other than the

functional curency of that entity (foreign curencies) are

recognised at the rates of exchanges prevailing on the

dates of the transactions. At the end of the reporting

period, monetary items denominated in foreign

curencies are retranslated at the rates prevailing at that

date. Non-monetary items that are measured in terms of

historical cost in a foreign curency are not retranslated.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.8 Foreign currencies (Continued) 3.8 外币（续） Exchange differences arising on the settlement of 货币项目结算及货币项目重新换算 monetary items, and on the retranslation of monetary 的汇兑差异于其产生期间在损益中 items are recognised in profit or loss in the period in 确认。 which they arise. For the purposes of presenting the consolidated financial 就呈列合并财务报表而言，本集团 statements, the assets and liabilities of the Group’s 业务的资产及负债乃按于各报告期 operations are translated into the presentation currency 末之适用汇率换算为本集团之列账 of the Group (i.e. HK$) using exchange rates prevailing at 货币（即港元）。收支项目乃按该期 the end of each reporting period. Income and expenses 间之平均汇率进行换算。汇兑差异 items are translated at the average exchange rates for the （如有）乃于其他综合收入确认，并 period. Exchange differences arising, if any, are 在汇兑储备项下的权益中累计（列 recognised in other comprehensive income and 为非控股权益应占，如适用）。 accumulated in equity under the heading of exchange reserve (attributed to non-controlling interests as appropriate). Goodwill and fair value adjustments on identifiable assets 就收购海外业务所购入的可识别资 acquired arising on an acquisition of a foreign operation 产所产生之商誉及公平值调整均视 are treated as assets and liabilities of that foreign 作该海外业务的资产及负债处理， operation and translated at the rate of exchange 并按各报告期末之适用汇率换算。 prevailing at the end of each reporting period. Exchange 所产生的汇兑差异乃于其他综合收 differences arising are recognised in other comprehensive 入内确认。 income. 3.9 Borrowing costs 3.9 借贷成本 Borrowing costs are recognised in profit or loss in the 借贷成本于其产生期间于损益内确 period in which they are incurred. 认。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.10 退休福利成本及短期雇员福利

(a) 退休金责任

本集团参与多项一般设定供款

退休金计划。设定供款计划为

本集团据此向一间独立实体作

出固定供款的退休金计划。倘

该基金并无足够资产支付所有

雇员于本期间及过往期间有关

雇员服务所得的福利，则本集

团并无进一步供款的法律或推

定责任。

本集团以强制性、合约性或自

愿性方式向公共或私人管理退

休保险计划供款。一旦作出上

述供款，本集团即无其他付款

责任。供款在到期应付时确认

为雇员福利费用。

根据中华人民共和国（「中国」）

的法律法规，本集团的中国雇

员参与中国相关省市政府组织

的多项设定供款退休福利、住

房基金、医疗保险及失业保险

基金计划，相关附属公司及雇

员须根据雇员薪金一定比例计

算的金额每月向该等计划供

款。一旦作出上述供款，本集

团即无其他付款责任。该等供

款于产生时在损益内确认为雇

员福利费用。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.10 Retirement benefits costs and short-term

employe benefits

(a) Pension obligations

The Group participates in general defined

contribution pension schemes. A defined

contribution plan is a pension plan under which the

Group pays fixed contributions into a separate

entity. The Group has no legal or constructive

obligations to pay further contributions if the fund

does not hold suficient asets to pay al employes

the benefits relating to employe service in the

curent and prior periods.

The Group pays contributions to publicly or

privately administered pension insurance plans on a

mandatory, contractual or voluntary basis. The

Group has no further payment obligations once the

contributions have ben paid. The contributions are

recognised as employe benefit expenses when

they are due.

In acordance with the rules and regulations in the

People’s Republic of China (the “PRC”), the

Group’s employes based in the PRC participate in

various defined contribution retirement benefit,

housing fund, medical insurance and

unemployment fund plans organised by the

relevant municipal and provincial governments in

the PRC under which the relevant subsidiaries and

the employes are required to make monthly

contributions to these plans calculated as a

percentage of the employes’ salaries. The Group

has no further payment obligations once the

contributions have ben paid. The contributions are

recognised in profit or los as employe benefit

expenses when they are incured.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.10 Retirement benefits costs and short-term 3.10 退休福利成本及短期雇员福利 employee benefits (Continued) （续） (b) Bonus plans (b) 花红计划 The expected cost of bonus payments are 于本集团因雇员提供服务而负 recognised as a liability when the Group has a 有现时法律或推定责任，且相 present legal or constructive obligation as a result 关责任可作出可靠估计时，支 of services rendered by employees and a reliable 付花红的预期成本会被确认为 estimate of the obligation can be made. 负债。 Liabilities for bonus plans are expected to be settled 预计花红计划的负债将于12 within 12 months and are measured at the 个月内清付，并以结清时预期 amounts expected to be paid when they are 支付的金额计量。 settled. (c) Employee leave entitlements (c) 雇员应享假期 Employee entitlements to annual leave are 雇员应享年假乃于计予雇员时 recognised when they accrue to employees. A 确认。雇员因提供服务而产生 provision is made for the estimated liability for 的应享年假乃按截至报告期末 annual leave as a result of services rendered by 的年假估计负债作出拨备。雇 employees up to the end of the reporting period. 员应享病假及产假仅于使用时 Employee entitlements to sick leave and maternity 方会确认。 leave are not recognised until the time of leave.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.11 以股份为基础的付款

(a) 以股权结算以股份为基础

的付款交易

本集团实行以股份为基础之报

酬计划，在该计划下，本集团

获取雇员提供的服务作为本集

团股本工具（购股权或奖励股

份）的代价。用以交换所授购

股权而获得的雇员服务的公平

值确认为开支。将予支销的总

金额乃参考授出购股权及奖励

股份的公平值厘定：

• 包括任何市场表现条件

（例如公司的股价）；

• 不包括任何服务及非市

场表现归属条件的影响

（例如：盈利能力、销售

增长目标及挽留本集团

雇员至特定时段）；及

• 包括任何非归属条件的

影响（例如特定时期内规

定雇员储蓄或持有股

份）。

非市场表现和服务条件包括在

有关预期归属购股权或奖励股

份数目的假设中。总开支乃在

归属期确认，归属期即符合所

有特定归属条件的期间。在各

报告期末，本集团依据非市场

表现和服务条件修订其对预期

归属购股权或奖励股份数目的

估计，并于合并收益表确认修

订原来估计产生之影响（如有）

及对权益作出相应调整。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.11 Share-based payments

(a) Equity-setled share-based payment

transactions

The Group operates a share-based compensation

plan, under which the Group receives services from

employes as consideration for equity instruments

(options or awarded shares) of the Group. The fair

value of the employe services received in exchange

for the grant of the options is recognised as an

expense. The total amount to be expensed is

determined by reference to the fair value of the

options and awarded shares granted:

• including any market performance conditions

(for example, company’s share price);

• excluding the impact of any service and non-

market performance vesting conditions (for

example, profitability, sales growth targets

and remaining as an employe of the Group

over a specified time period); and

• including the impact of any non-vesting

conditions (for example, the requirement for

employes to save or holdings shares for a

specific period of time).

Non-market performance and service conditions are

included in asumptions about the number of

options or awarded shares that are expected to

vest. The total expense is recognised over the

vesting period, which is the period over which al of

the specified vesting conditions are to be satisfied.

At the end of each reporting period, the Group

revises its estimates of the number of options or

awarded shares that are expected to vest based on

the non-marketing performance and service

conditions. It recognises the impact of the revision

to original estimates, if any, in the consolidated

income statement, with a coresponding

adjustment to equity.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.11 Share-based payments (Continued) 3.11 以股份为基础的付款（续） (a) Equity-settled share-based payment (a) 以股权结算以股份为基础 transactions (Continued) 的付款交易（续） When the options are exercised, the Company 在购股权行使时，本公司发行 issues new shares. The proceeds received, net of 新股份，收取的所得款项扣除 any directly attributable transaction costs, are 任何直接归属交易成本拨入股 credited to share capital (nominal value) and share 本（面值）和股本溢价。 premium. After vesting, when the share options are forfeited 于归属后，当购股权在到期前 before expiry or expired, the amount previously 遭没收或到期，先前在「为股 recognised in “Shares held for share award 份奖励计划持有股份」内确认 scheme” reserve will be transferred to 的金额将转拨至「累计亏损」。 “accumulated losses”. For the share award scheme, the Group may 就股份奖励计划而言，本集团 purchase its own shares through the trustee of the 可透过股份奖励计划的受托人 share award scheme from the open market for the 从股份根据股份奖励计划将予 shares to be vested under the share award scheme. 归属之公开市场购买其自有股 The shares purchased by the Group that are not yet 份。就本股份奖励计划而言， vested for this share award scheme were accounted 本集团已购买但尚未归属的股 for as treasury shares and recognised in “Shares 份作为库存股份入账，且于 held for share award scheme” as a deduction of 「为股份奖励计划持有股份」 equity. Upon vesting of the awarded shares, the 确认为权益扣除项目。待获授 related costs of the purchased shares are reduced 股份归属后，购买股份的相关 from the “Shares held for share award scheme”, 成本于「为股份奖励计划持有 and the related fair value of the awarded shares are 股份」内扣除，而获授股份的 debited to “Shares held for share award scheme” 相关公平值则计入「为股份奖 reserve with the difference charged/credited to 励计划持有股份」储备，差额 equity. 自权益中扣除╱计入。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.11 以股份为基础的付款（续）

(b) 集团内实体间以股份为基

础的付款交易

本公司向为本集团工作的附属

公司雇员所授出其股本工具之

购股权被视为注资。所获得雇

员服务的公平值乃参考授出日

期的公平值计量，于归属期内

确认为增加于附属公司的投

资，而本公司财务报表中之权

益亦会相应增加。

未行使购股权的摊薄效果于计

算每股摊薄盈利╱亏损时反映

为额外股份摊薄。

3.12 税项

所得税开支为当期与递延所得税开

支的总和。

当期应付税项乃按年度应课税利润

计算。由于其他年度课税或可扣税

之收入或开支及永久毋须课税或不

可扣减之项目，故应课税利润有别

于除所得税前利润╱亏损。本集团

之当期税项负债乃按报告期末前已

颁布或实质上已颁布之税率计算。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.11 Share-based payments (Continued)

(b) Share-based payment transactions among

group entities

The grant of options by the Company over its

equity instruments to the employes of subsidiaries

undertakings in the Group is treated as a capital

contribution. The fair value of employe services

received, measured by reference to the grant date

fair value, is recognised over the vesting period as

an increase to investment in subsidiaries

undertakings, with a coresponding increase in

equity in the Company’s financial statements.

The dilutive efect of outstanding options is

reflected as aditional share dilution in the

computation of diluted earnings/los per share.

3.12 Taxation

Income tax expenses represents the sum of curent and

defered income tax expense.

The tax curently payable is based on taxable profit for

the year. Taxable profit difers from profit/los before

income tax because of income or expense that are

taxable or deductible in other years and items that are

never taxable or deductible. The Group’s liability for

curent tax is calculated using tax rates that have ben

enacted or substantively enacted by the end of the

reporting period.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.12 Taxation (Continued) 3.12 税项（续） Deferred tax is recognised on temporary differences 递延税项乃按合并财务报表内资产 between the carrying amounts of assets and liabilities in 及负债账面值与计算应课税利润所 the consolidated financial statements and the 使用相应税基之暂时差额确认。递 corresponding tax bases used in the computation of 延税项负债一般就所有应课税暂时 taxable profit. Deferred tax liabilities are generally 差额确认。递延税项资产一般于可 recognised for all taxable temporary differences. Deferred 能有应课税利润用以抵销可动用可 tax assets are generally recognised for all deductible 扣减暂时差额时就所有可扣减暂时 temporary differences to the extent that it is probable 差额确认。倘暂时差额自不影响应 that taxable profits will be available against which those 课税利润或会计利润之交易项下其 deductible temporary differences can be utilised. Such 他资产及负债之初步确认（业务合 deferred tax assets and liabilities are not recognised if the 并除外）所产生，且于交易发生时 temporary difference arises from the initial recognition 不产生相等的应课税及可扣减暂时 (other than in a business combination) of assets and 差额，则不会确认有关递延税项资 liabilities in a transaction that affects neither the taxable 产及负债。此外，倘暂时差额乃于 profit nor the accounting profit and at the time of the 商誉之初步确认产生，则递延税项 transaction does not give rise to equal taxable and 负债不予确认。 deductible temporary differences. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill. Deferred tax liabilities are recognised for taxable 递延税项负债乃按因于附属公司及 temporary differences associated with investments in 联营公司之投资而引致之应课税暂 subsidiaries and associates, except where the Group is 时差额确认，惟若本集团可控制暂 able to control the reversal of the temporary difference 时差额之拨回，以及暂时差额可能 and it is probable that the temporary difference will not 不会于可见将来拨回则除外。递延 reverse in the foreseeable future. Deferred tax assets 税项资产只会就因该等有关投资及 arising from deductible temporary differences associated 权益所产生之可扣减暂时差额，在 with such investments and interests are only recognised 有足够的应课税利润可能出现以致 to the extent that it is probable that there will be 暂时差额的利益被利用，而在可见 sufficient taxable profits against which to utilise the 未来将预期可被拨回时确认。 benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at 递延税项资产之账面值于各报告期 the end of each reporting period and reduced to the 末审阅，并于不再可能有足够应课 extent that it is no longer probable that sufficient taxable 税利润以收回全部或部分资产之情 profits will be available to allow all or part of the asset to 形下作出相应扣减。 be recovered.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.12 税项（续）

递延税项资产和负债，根据报告期

末前已颁布或实质上已颁布的税率

（和税法）为基础，按预期清偿该负

债或变现该资产当期的税率计量。

递延税项负债和资产的计量反映本

集团在报告期末预期收回或清偿其

资产和负债账面值的方式所导致的

税务后果。

就税项扣减归因于租赁负债之租赁

交易而言，本集团将香港会计准则

第12号的规定分别应用于租赁负债

及相关资产。本集团确认与租赁负

债有关的递延税项资产，惟以可能

有应课税利润可供抵销可扣减暂时

差额为限，并就所有应课税暂时差

额确认递延税项负债。

递延税项资产及负债于具有可将即

期税项资产抵销即期税项负债的合

法强制执行权利以及其与同一税务

机关向同一征税实体征收之所得税

有关时抵销。

当期及递延税项于损益中被确认，

惟倘即期及递延税项有关之项目在

其他综合收入或直接在权益中被确

认之情况下，即期税项及递延税项

亦会于其他综合收入或直接于权益

中各自地被确认。就因对业务合并

进行初步会计处理而产生之当期税

项或递延税项而言，税务影响乃计

入业务合并之会计处理内。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.12 Taxation (Continued)

Defered tax asets and liabilities are measured at the tax

rates that are expected to aply in the period in which

the liability is setled or the aset is realised, based on tax

rate (and tax laws) that have ben enacted or

substantively enacted by the end of the reporting period.

The measurement of defered tax liabilities and asets

reflects the tax consequences that would folow from the

maner in which the Group expects, at the end of the

reporting period, to recover or setle the carying amount

of its asets and liabilities.

For leasing transactions in which the tax deductions are

atributable to the lease liabilities, the Group aplies

HKAS 12 requirements to the lease liabilities, and the

related asets separately. The Group recognises a

defered tax aset related to lease liabilities to the extent

that it is probable that taxable profit wil be available

against which the deductible temporary diference can be

utilised and a defered tax liability for al taxable

temporary diferences.

Defered tax asets and liabilities are ofset when there is

a legaly enforceable right to set of curent tax asets

against curent tax liabilities and when they relate to

income taxes levied to the same taxable entity by the

same taxation authority.

Curent and defered tax are recognised in profit or los,

except when they relate to items that are recognised in

other comprehensive income or directly to equity, in

which case, the curent tax and defered tax are also

recognised in other comprehensive income or directly in

equity respectively. Where curent tax or defered tax

arises from the initial acounting for a busines

combination, the tax efect is included in the acounting

for the busines combination.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.13 Property, plant and equipment 3.13 物业、厂房及设备 Property, plant and equipment are tangible assets that 物业、厂房及设备为生产或供应货 are held for use in the production or supply of goods or 品或服务或进行管理目的而持有之 services, or for administrative purposes. Property, plant 有形资产。物业、厂房及设备乃按 and equipment are stated at in the consolidated 成本减其后累计折旧及其后累计减 statement of financial position at cost less subsequent 值亏损（如有）于合并财务状况表列 accumulated depreciation and subsequent accumulated 账。 impairment losses, if any. When the Group makes payments for ownership interests 当本集团就包括租赁土地及楼宇部 of properties which includes both leasehold land and 分的物业所有权权益付款时，全部 building elements, the entire consideration is allocated 代价按初步确认时的相对公平值比 between the leasehold land and the building elements in 例于租赁土地及楼宇部分之间分 proportion to the relative fair values at initial recognition. 配。倘有关付款能作可靠分配，租 To the extent the allocation of the relevant payments can 赁土地权益会于合并财务状况表内 be made reliably, interest in leasehold land is presented 呈列为「使用权资产」，惟分类为并 as “right-of-use assets” in the consolidated statement of 按公平值模式入账为投资物业者除 financial position except for those that are classified and 外。倘代价不能在相关租赁土地的 accounted for as investment properties under fair value 非租赁楼宇部分及未分割权益两者 model. When the consideration cannot be allocated 间作可靠分配，则整个物业会分类 reliably between non-lease building element and 为物业、厂房及设备。 undivided interest in the underlying leasehold land, the entire properties are classified as property, plant and equipment.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.13 Property, plant and equipment (Continued)

If a property becomes an investment property because its

use has changed as evidenced by end of owner-

ocupation, any resulting decrease betwen the carying

amount and the fair value of that item (including the

relevant leasehold land clasified as right-of-use asets) is

recognised in profit or los and any resulting increase in

the carying amount is recognised in other comprehensive

income and increases the revaluation surplus within

equity. On subsequent disposal of the investment

property, the revaluation surplus included in equity may

be transfered to retained earnings. The transfer from

revaluation surplus to retained earnings is not made

through profit or los.

Depreciation is recognised so as to write of the cost of

asets les their residual values over their estimated useful

lives, using the straight-line method. The estimated useful

lives, residual values and depreciation method are

reviewed at the end of each reporting period, with the

efect of any changes in estimate acounted for on a

prospective basis.

The estimated useful lives by clas of asets are as folows:

Leasehold properties50 years or over the lease

terms, whichever is a

shorter period

Leasehold improvements5 to 10 years or over the

remaining lease terms,

whichever is a shorter

period

Machineries3 to 10 years

Ofice equipment5 years

Furniture and fixtures5 years

Motor vehicles5 years

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.13 物业、厂房及设备（续）

倘一项物业因其用途改变（由结束

业主自用证明）而成为投资物业，

则该项目的账面值与公平值之间的

任何因此产生的减少于损益中确

认，而任何因此产生的账面值增加

则于其他综合收入中确认，并增加

权益内的重估盈余。于其后出售投

资物业时，计入权益的重估盈余可

转拨至留存收益。从重估盈余转拨

至留存收益并非透过损益作出。

折旧乃按资产之估计可使用年期减

去其剩余价值，以直线法确认以撇

销其成本。估计可使用年期、剩余

价值及折旧方法于各报告期末进行

审阅，而任何估计变动之影响则按

前瞻基准入账。

按资产类别划分的估计可使用年期

如下：

租赁物业50年或租赁期内

（以较短期间

为准）

租赁物业装修5至10年或剩余

租赁期（以较短

期间为准）

机器3至10年

办公设备5年

家私及装置5年

汽车5年

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.13 Property, plant and equipment (Continued) 3.13 物业、厂房及设备（续） An item of property, plant and equipment is 物业、厂房及设备项目于出售或预 derecognised upon disposal or when no future economic 期继续使用该资产将不再产生未来 benefits are expected to arise from the continued use of 经济利益时终止确认。出售或废弃 the asset. Any gain or loss arising on the disposal or 物业、厂房及设备项目所产生之任 retirement of an item of property, plant and equipment is 何收益或亏损按出售所得款项与资 determined as the difference between the sales proceeds 产账面值的差额厘定，并于损益内 and the carrying amount of the asset and is recognised in 确认。 profit or loss. 3.14 Investment properties 3.14 投资物业 Investment properties are properties held to earn rentals 投资物业乃指持有作为赚取租金 and/or for capital appreciation. 及╱或为资本增值的物业。 Investment properties are initially measured at cost, 投资物业初步按成本计量，包括任 including any directly attributable expenditure. 何直接相关支出。于初始确认后， Subsequent to initial recognition, investment properties 投资物业乃按公平值计量，并进行 are measured at fair value, adjusted to exclude any 调整以排除任何预付或应计之经营 prepaid or accrued operating lease income. 租赁收入。 Gains or losses arising from changes in the fair value of 投资物业公平值变动产生的收益或 investment properties are included in profit or loss for the 亏损于产生期间计入损益。 period in which they arise. An investment property is derecognised upon disposal or 投资物业于出售时或当投资物业永 when the investment property is permanently withdrawn 久不再使用且预期出售不会产生未 from use and no future economic benefits are expected 来经济利益时终止确认。终止确认 from its disposal. Any gain or loss arising on 物业产生的任何收益或亏损（按出 derecognition of the property (calculated as the 售所得款项净额与资产账面值的差 difference between the net disposal proceeds and the 额计算）于终止确认物业期间计入 carrying amount of the asset) is included in profit or loss 损益。 in the period in which the property is derecognised.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.15 无形资产

分开收购的无形资产

分开收购及具备有限可使用年期之

无形资产按成本减累计摊销及任何

累计减值亏损列账。

具备有限可使用年期之无形资产摊

销于其估计可使用年期以直线法确

认。估计可使用年期及摊销方法于

各报告期末进行审阅，而任何估计

变动之影响则按前瞻基准入账。

分开收购及具备无限可使用年期之

无形资产按成本减任何其后累计减

值亏损列账。

放债人牌照

本集团的放债人牌照设有限可使

用年期，并按成本减累计摊销及累

计减值列账。摊销使用直线法计

算，以在其不超过5年的估计可使

用年期内分配牌照的费用。

业务合并中收购的无形资产

于业务合并中收购的无形资产与商

誉分开确认，并按其于收购日期的

公平值初步确认，而有关公平值则

被视为其成本。

初步确认后，于业务合并中收购具

备有限可使用年期之无形资产乃按

成本减累计摊销及任何累计减值亏

损申报，基准与分开收购的无形资

产基准相同。于业务合并中收购具

备无限可使用年期之无形资产按成

本减任何其后累计减值亏损列账。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.15 Intangible asets

Intangible asets acquired separately

Intangible asets with finite useful lives that are acquired

separately are caried at cost les acumulated

amortisation and any acumulated impairment loses.

Amortisation for intangible asets with finite useful lives

is recognised on a straight-line basis over their estimated

useful lives. The estimated useful life and amortisation

method are reviewed at the end of each reporting period,

with the efect of any changes in estimate being

acounted for on a prospective basis.

Intangible asets with indefinite useful lives that are

acquired separately are caried at cost les any

subsequent acumulated impairment loses.

Money lending license

The Group’s money lending license has a finite useful life

and is caried at cost les acumulated amortisation and

acumulated impairment. Amortisation is calculated using

the straight-line method to alocate the cost of the license

over its estimated useful life of not more than 5 years.

Intangible asets acquired in a busines

combination

Intangible asets acquired in a busines combination are

recognised separately from godwil and are initialy

recognised at their fair value at the acquisition date

(which is regarded as their cost).

Subsequent to initial recognition, intangible asets

acquired in a busines combination with finite useful lives

are reported at cost les acumulated amortisation and

any acumulated impairment loses, on the same basis as

intangible asets that are acquired separately. Intangible

asets acquired in a busines combination with indefinite

useful lives are caried at cost les any subsequent

acumulated impairment loses.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.15 Intangible assets (Continued) 3.15 无形资产（续） Intangible assets acquired in a business 业务合并中收购的无形资产（续） combination (Continued) Customer relationships 客户关系 Customer relationships acquired in a business 客户关系在业务合并过程中获得， combination are recognised at fair value at the acquisition 按收购日期的公平值确认。客户关 date. The customer relations have a finite useful life and 系的可使用年期有限，并按成本减 are carried at cost less accumulated amortisation. 累计摊销列账。摊销乃以直线法按 Amortisation is calculated using the straight-line method 客户关系的预计年期5年计算。 over the expected life of the customer relationship of 5 years. An intangible asset is derecognised on disposal, or when 无形资产于出售或当预期使用或出 no future economic benefits are expected from use or 售时不会带来未来经济利益时终止 disposal. Gains and losses arising from derecognition of 确认。终止确认无形资产产生之收 an intangible asset, measured as the difference between 益及亏损（按出售所得款项净额与 the net disposal proceeds and the carrying amount of the 资产账面值的差额计量）于资产终 asset, are recognised in profit or loss when the asset is 止确认时于损益确认。 derecognised. 3.16 Impairment on property, plant and 3.16 物业、厂房及设备、使用权资产 equipment, right-of-use assets and 及无形资产（商誉除外）的减值 intangible assets other than goodwill At the end of the reporting period, the Group reviews 于报告期末，本集团审阅其具有限 the carrying amounts of its property, plant and 可使用年期的物业、厂房及设备、 equipment, right-of-use assets and intangible assets with 使用权资产及无形资产的账面值， finite useful lives to determine whether there is any 以确定有否任何迹象显示该等资产 indication that these assets have suffered an impairment 已出现减值亏损。倘有任何该等迹 loss. If any such indication exists, the recoverable amount 象存在，须估计相关资产可收回金 of the relevant asset is estimated in order to determine 额以厘定减值亏损程度（如有）。 the extent of the impairment loss, if any. The recoverable amount of property, plant and 物业、厂房及设备、使用权资产及 equipment, right-of-use assets and intangible assets are 无形资产的可收回金额乃个别估 estimated individually. When it is not possible to estimate 计。倘无法个别估计可收回金额， the recoverable amount individually, the Group estimates 本集团会估计该资产所属现金产生 the recoverable amount of the cash-generating unit to 单位的可收回金额。 which the asset belongs.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.16 物业、厂房及设备、使用权资产

及无形资产（商誉除外）的减值

（续）

于测试现金产生单位的减值时，倘

可设立合理一致的分配基准，则企

业资产将分配至相关现金产生单

位，或分配至现金产生单位内可设

立合理一致分配基准的最小组别。

可收回金额乃按企业资产所属现金

产生单位或现金产生单位组别厘

定，并与相关现金产生单位或现金

产生单位组别的账面值比较。

可收回金额乃公平值减去出售成本

与使用价值之较高者。在评估使用

价值时，估计未来现金流量将使用

税前贴现率贴现至其现值，以反映

当前市场对货币时间价值的估量及

未调整未来现金流量估计的资产（或

现金产生单位）有关的风险。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.16 Impairment on property, plant and

equipment, right-of-use asets and

intangible asets other than godwil

(Continued)

In testing a cash-generating unit for impairment,

corporate asets are alocated to the relevant cash-

generating unit when a reasonable and consistent basis

of alocation can be established, or otherwise they are

alocated to the smalest group of cash generating units

for which a reasonable and consistent alocation basis

can be established. The recoverable amount is determined

for the cash-generating unit or group of cash-generating

units to which the corporate aset belongs, and is

compared with the carying amount of the relevant cash-

generating unit or group of cash-generating units.

Recoverable amount is the higher of fair value les costs

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

estimated future cash flows are discounted to their

present value using a pre-tax discount rate that reflects

curent market asesments of the time value of money

and the risks specific to the aset (or a cash-generating

unit) for which the estimates of future cash flows have

not ben adjusted.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.16 Impairment on property, plant and 3.16 物业、厂房及设备、使用权资产 equipment, right-of-use assets and 及无形资产（商誉除外）的减值 intangible assets other than goodwill （续） (Continued) If the recoverable amount of an asset (or a cash- 倘估计资产（或现金产生单位）的可 generating unit) is estimated to be less than its carrying 收回金额低于其账面值，则该资产 amount, the carrying amount of the asset (or a cash- （或现金产生单位）的账面值须扣减 generating unit) is reduced to its recoverable amount. For 至其可收回金额。就未能按合理一 corporate assets or portion of corporate assets which 致基准分配至现金产生单位的企业 cannot be allocated on a reasonable and consistent basis 资产或企业资产部分而言，本集团 to a cash-generating unit, the Group compares the 会将一组现金产生单位的账面值（包 carrying amount of a group of cash-generating units, 括分配至该现金产生单位组别的企 including the carrying amounts of the corporate assets or 业资产或企业资产部分的账面值） portion of corporate assets allocated to that group of 与该组现金产生单位的可收回金额 cash-generating units, with the recoverable amount of 作比较。于分配减值亏损时，减值 the group of cash-generating units. In allocating the 亏损首先获分配以减少任何商誉（如 impairment loss, the impairment loss is allocated first to 适用）的账面值，其后基於单位的 reduce the carrying amount of any goodwill (if applicable) 各资产或现金产生单位组别的账面 and then to the other assets on a pro-rata basis based on 值按比例分配至其他资产。资产账 the carrying amount of each asset in the unit or the 面值不会扣减至低于其公平值减出 group of cash-generating units. The carrying amount of 售成本（倘可以计量）、其使用价值 an asset is not reduced below the highest of its fair value （倘可予厘定）及零三者之中的最高 less costs of disposal (if measurable), its value in use (if 者。因此而导致的未能分配至资产 determinable) and zero. The amount of the impairment 的减值亏损金额将按比例分配至单 loss that would otherwise have been allocated to the 位的其他资产或现金产生单位组 asset is allocated pro-rata to the other assets of the unit 别。减值亏损即时于损益确认。 or the group of cash-generating units. An impairment loss is recognised immediately in profit or loss. Where an impairment loss subsequently reverses, the 于其后拨回减值亏损时，资产（或 carrying amount of the asset (or cash-generating units or 现金产生单位或一组现金产生单位） a group of cash-generating units) is increased to the 的账面值可调高至重新估计的可收 revised estimate of its recoverable amount, but so that 回金额，惟该已增加账面值不可高 the increased carrying amount does not exceed the 于该资产（或现金产生单位或一组 carrying amount that would have been determined had 现金产生单位）于过往年度未确认 no impairment loss been recognised for the asset (or cash 减值亏损前厘定的账面值。减值亏 generating units or a group of cash-generating units) in 损拨回即时于损益确认。 prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.17 现金及等价现金

于合并财务状况表呈列的现金及现

金等价物包括：

(a) 现金，包括手头现金及活期存

款，但不包括受监管限制而导

致该等结余不再符合现金定义

的银行结余；及

(b) 现金等价物，包括短期（一般

指原到期日为三个月或以

下）、可随时转换为已知金额

现金且价值变动风险不大的高

流动性投资。现金等价物乃为

应付短期现金承担而持有，而

非为投资或其他目的而持有。

就合并现金流量表而言，现金及现

金等价物包括上文界定的现金及现

金等价物。

3.18 存货

存货以成本及可变现净值的较低者

列账。存货成本按先入先出法厘

定。可变现净值乃按存货之估计售

价扣除直至完成产生之所有估计成

本及出售所需成本计算。

3.19 拨备

倘本集团因过往事件而须承担现时

（法律或推定）责任，而本集团可能

须履行该等责任，且可就责任金额

作出可靠之估计，则会确认拨备。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.17 Cash and cash equivalents

Cash and cash equivalents presented on the consolidated

statement of financial position include:

(a) cash, which comprises of cash on hand and

demand deposits, excluding bank balances that are

subject to regulatory restrictions that result in such

balances no longer meting the definition of cash;

and

(b) cash equivalents, which comprises of short-term

(generaly with original maturity of thre months or

les), highly liquid investments that are readily

convertible to a known amount of cash and which

are subject to an insignificant risk of changes in

value. Cash equivalents are held for the purpose of

meting short-term cash comitments rather than

for investment or other purposes.

For the purposes of the consolidated statement of cash

flows, cash and cash equivalents consist of cash and cash

equivalents as defined above.

3.18 Inventories

Inventories are stated at the lower of cost and net

realisable value. Cost of inventories are determined on a

first-in, first-out method. Net realisable value represents

the estimated seling price for inventories les al

estimated costs of completion and costs necesary to

make the sale.

3.19 Provisions

Provisions are recognised when the Group has a present

obligation (legal or constructive) as a result of a past

event, it is probable that the Group wil be required to

setle that obligation, and a reliable estimate can be

made of the amount of the obligation.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.19 Provisions (Continued) 3.19 拨备（续） The amount recognised as a provision is the best estimate 已确认为拨备的金额为于报告期末 of the consideration required to settle the present 清偿现时责任所需代价的最佳估 obligation at the end of the reporting period, taking into 计，计及有关责任的风险及不确定 account the risks and uncertainties surrounding the 因素。倘拨备使用估计用以清偿现 obligation. When a provision is measured using the cash 时责任的现金流量计量，则其账面 flows estimated to settle the present obligation, its 值为该等现金流量的现值（倘货币 carrying amount is the present value of those cash flows 时间价值的影响重大）。 (when the effect of the time value of money is material). When some or all of the economic benefits required to 倘预期清偿拨备所需的部分或全部 settle a provision are expected to be recovered from a 经济利益将可自第三方收回，则应 third party, a receivable is recognised as an asset if it is 收款项在几乎确定将获得补偿且应 virtually certain that reimbursement will be received and 收款项金额能可靠计量时确认为资 the amount of the receivable can be measured reliably. 产。 3.20 Financial instruments 3.20 金融工具 Financial assets and financial liabilities are recognised 当集团实体成为工具合约条文的一 when a group entity becomes a party to the contractual 方时，便会确认金融资产及金融负 provisions of the instrument. All regular way purchases or 债。所有正常情况下买卖的金融资 sales of financial assets are recognised and derecognised 产均于交易日确认及终止确认。正 on a trade date basis. Regular way purchases or sales are 常情况下之买卖指在市场法规或惯 purchases or sales of financial assets that require delivery 例所订的时限内交付资产的金融资 of assets within the time frame established by regulation 产买卖。 or convention in the market place. Financial assets and financial liabilities are initially 金融资产及金融负债初步按公平值 measured at fair value except for trade receivables arising 计量，惟根据香港财务报告准则第 from contracts with customers which are initially 15号初步计量的客户合约所产生的 measured in accordance with HKFRS 15. Transaction 应收账款除外。直接归属于收购或 costs that are directly attributable to the acquisition or 发行金融资产及金融负债（按公平 issue of financial assets and financial liabilities (other than 值计入损益（「按公平值计入损益」） financial assets or financial liabilities at fair value through 的金融资产或金融负债除外）的交 profit or loss (“FVTPL”)) are added to or deducted from 易成本，于初步确认时酌情计入或 the fair value of the financial assets or financial liabilities, 扣除自金融资产或金融负债的公平 as appropriate, on initial recognition. Transaction costs 值。直接归属于收购按公平值计入 directly attributable to the acquisition of financial assets 损益的金融资产或金融负债的交易 or financial liabilities at FVTPL are recognised immediately 成本，会即时于损益中确认。 in profit or loss.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

实际利率法乃计算金融资产或金融

负债的摊销成本以及于有关期间摊

分利息收入及利息开支的方法。实

际利率乃将金融资产或金融负债的

预计年期或（如适用）较短期间的估

计未来现金收入及付款（包括构成

实际利率组成部分的所有已付或已

收费用及点数、交易成本及其他溢

价或折让）准确贴现至初步确认时

账面净值的利率。

于本集团日常业务过程中产生的利

息收入呈列为收入。

金融资产

金融资产的分类及后续计量

符合以下条件的金融资产其后按摊

销成本计量：

• 该金融资产按旨在收回合约现

金流量的业务模式持有；及

• 合约条款订明于指定日期产生

的现金流量纯粹为支付本金及

未偿还本金的利息。

符合以下条件的债务工具其后按公

平值计入其他综合收入（「按公平值

计入其他综合收入」）计量：

• 该金融资产按旨在透过收回合

约现金流量及出售金融资产达

致目标的业务模式持有；及

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

The efective interest method is a method of calculating

the amortised cost of a financial aset or financial liability

and of alocating interest income and interest expense

over the relevant period. The efective interest rate is the

rate that exactly discounts estimated future cash receipts

and payments (including al fes and points paid or

received that form an integral part of the efective

interest rate, transaction costs and other premiums or

discounts) through the expected life of the financial aset

or financial liability, or, where apropriate, a shorter

period, to the net carying amount on initial recognition.

Interest income which are derived from the Group’s

ordinary course of busines are presented as revenue.

Financial asets

Clasification and subsequent measurement of

financial asets

Financial asets that met the folowing conditions are

subsequently measured at amortised cost:

• the financial aset is held within a busines model

whose objective is to colect contractual cash flows;

and

• the contractual terms give rise on specified dates to

cash flows that are solely payments of principal and

interest on the principal amount outstanding.

Debt instruments that met the folowing conditions are

subsequently measured at fair value through other

comprehensive income (“FVTOCI”):

• the financial aset is held within a busines model

whose objective is achieved by both colecting

contractual cash flows and seling the financial

asets; and

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.20 Financial instruments (Continued) 3.20 金融工具（续） Financial assets (Continued) 金融资产（续） Classification and subsequent measurement of 金融资产的分类及后续计量（续） financial assets (Continued) • the contractual terms give rise on specified dates to • 合约条款订明于指定日期产生 cash flows that are solely payments of principal and 的现金流量纯粹为支付本金及 interest on the principal amount outstanding. 未偿还本金的利息。 All other financial assets are subsequently measured at 所有其他金融资产其后按公平值计 fair value through profit or loss (“FVTPL”), except that at 入损益（「按公平值计入损益」）计 initial recognition of a financial asset the Group may 量，惟倘股本投资并非持作交易， irrevocably elect to present subsequent changes in fair 则本集团可于初步确认金融资产时 value of an equity investment in other comprehensive 不可撤销地选择于其他综合收入呈 income if that equity investment is not held for trading. 列股本投资的其后公平值变动。 A financial asset is held for trading if: 符合以下条件的金融资产乃持作交易： • it has been acquired principally for the purpose of • 收购金融资产之目的主要为短 selling in the near term; or 期内出售；或 • on initial recognition it is a part of a portfolio of • 于初步确认时，其为本集团共 identified financial instruments that the Group 同管理的可识别金融工具组合 manages together and has a recent actual pattern 的一部分，并具有近期实际短 of short-term profit-taking; or 期获利模式；或 • it is a derivative that is not designated and effective • 其为并非指定及有效的对冲工 as a hedging instrument. 具的衍生工具。 In addition, the Group may irrevocably designate a 此外，倘若能消除或大幅减少会计 financial asset that are required to be measured at the 错配，本集团可不可撤销地将须按 amortised cost or FVTOCI as measured at FVTPL if doing 摊销成本或按公平值计入其他综合 so eliminates or significantly reduces an accounting 收入计量的金融资产指定为按公平 mismatch. 值计入损益计量。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

金融资产（续）

金融资产的分类及后续计量（续）

(i) 摊销成本及利息收入

其后按摊销成本及按公平值计

入其他综合收入计量的金融资

产的利息收入乃采用实际利率

法确认。利息收入按金融资产

账面总值应用实际利率计算，

惟其后已信贷减值的金融资产

除外（见下文）。就其后已信贷

减值的金融资产而言，利息收

入自下一个报告期间起按金融

资产的摊销成本应用实际利率

确认。倘信贷减值金融工具的

信贷风险改善，以致金融资产

不再信贷减值，则利息收入自

厘定该资产不再信贷减值的报

告期间开始起按金融资产的账

面总值应用实际利率确认。

(i) 指定为按公平值计入其他综合

收入的股本工具

按公平值计入其他综合收入的

股本工具投资其后按公平值计

量，公平值变动所产生的收益

及亏损于其他综合收入确认，

并于按公平值计入其他综合收

入储备的金融资产累计；且无

须进行减值评估。累计收益或

亏损不会于出售权益投资时重

新分类至损益，而是转拨至留

存收益。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

Financial asets (Continued)

Clasification and subsequent measurement of

financial asets (Continued)

(i) Amortised cost and interest income

Interest income is recognised using the efective

interest method for financial asets measured

subsequently at amortised cost and at FVTOCI.

Interest income is calculated by aplying the

efective interest rate to the gros carying amount

of a financial aset, except for financial asets that

have subsequently become credit-impaired (se

below). For financial asets that have subsequently

become credit-impaired, interest income is

recognised by aplying the efective interest rate to

the amortised cost of the financial aset from the

next reporting period. If the credit risk on the

credit-impaired financial instrument improves so

that the financial aset is no longer credit-impaired,

interest income is recognised by aplying the

efective interest rate to the gros carying amount

of the financial aset from the begining of the

reporting period folowing the determination that

the aset is no longer credit-impaired.

(i) Equity instruments designated as at FVTOCI

Investments in equity instruments at FVTOCI are

subsequently measured at fair value with gains and

loses arising from changes in fair value recognised

in other comprehensive income and acumulated in

the finance asets at fair value through other

comprehensive income reserve; and are not subject

to impairment asesment. The cumulative gain or

los is not reclasified to profit or los on disposal of

the equity investments, and is transfered to

retained profits.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.20 Financial instruments (Continued) 3.20 金融工具（续） Financial assets (Continued) 金融资产（续） Classification and subsequent measurement of 金融资产的分类及后续计量（续） financial assets (Continued) (ii) Equity instruments designated as at FVTOCI (ii) 指定为按公平值计入其他综合 (Continued) 收入的股本工具（续） Dividends from these investments in equity 该等股本工具投资的股息于本 instruments are recognised in profit or loss when 集团收取股息的权利确立时于 the Group’s right to receive the dividends is 损益确认，除非股息明确代表 established, unless the dividends clearly represent a 收回部分投资成本。股息计入 recovery of part of the cost of the investment. 损益的「其他收入及收益，净 Dividends are included in the “other income and 额」项目。 gains, net” line item in profit or loss. (iii) Financial assets at FVTPL (iii) 按公平值计入损益的金融资产 Financial assets that do not meet the criteria for 不符合按摊销成本或按公平值 being measured at amortised cost or FVTOCI or 计入其他综合收入或指定为按 designated as FVTOCI are measured at FVTPL. 公平值计入其他综合收入计量准则的金融资产，乃按公平值计入损益计量。 Financial assets at FVTPL are measured at fair value 按公平值计入损益的金融资产 at the end of each reporting period, with any fair 于各报告期末按公平值计量， value gains or losses recognised in profit or loss. 任何公平值收益或亏损于损益 The net gain or loss recognised in profit or loss 确认。于损益确认的收益或亏 excludes any dividend or interest earned on the 损净额不包括就该金融资产赚 financial asset and is included in the “other gains 取的任何股息或利息，并计入 and losses, net” line item. 「其他收益及亏损，净额」项目。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须

进行减值评估的金融资产减值

本集团根据预期信贷亏损（「预期信

贷亏损」）模式对根据香港财务报告

准则第9号须予减值的金融资产（包

括应收贷款、应收账款、若干按

金、预付款项及其他应收款项、应

收现金客户款项、应收保证金客户

款项、现金及现金等价物）进行减

值评估。预期信贷亏损的金额于各

报告日期更新，以反映信贷风险自

初步确认以来的变动。

全期预期信贷亏损指相关工具的预

期使用期内所有可能的违约事件产

生的预期信贷亏损。相反，十二个

月之预期信贷亏损（「十二个月之预

期信贷亏损」）指预期于报告日期后

12个月内可能发生的违约事件导致

的部分全期预期信贷亏损。评估乃

根据本集团过往信贷亏损经验进

行，并就债务人的特定因素、一般

经济状况及对报告日期当前状况的

评估以及对未来状况的预测作出调

整。

本集团一直就贸易应收账款确认全

期预期信贷亏损。

就所有其他工具而言，本集团计量

的亏损拨备相等于十二个月之预期

信贷亏损，除非信贷风险自初步确

认以来显著增加，则本集团确认全

期预期信贷亏损。应否确认全期预

期信贷亏损的评估乃基于自初步确

认以来发生违约的可能性或风险有

否显著增加。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9

The Group performs impairment asesment under

expected credit los (“ECL”) model on financial asets

(including loan receivables, trade receivables, certain

deposits, prepayments and other receivables, cash client

receivables, margin client receivables, cash and cash

equivalents) which are subject to impairment under

HKFRS 9. The amount of ECL is updated at each reporting

date to reflect changes in credit risk since initial

recognition.

Lifetime ECL represents the ECL that wil result from al

posible default events over the expected life of the

relevant instrument. In contrast, 12-month ECL (“12m

ECL”) represents the portion of lifetime ECL that is

expected to result from default events that are posible

within 12 months after the reporting date. Asesments

are done based on the Group’s historical credit los

experience, adjusted for factors that are specific to the

debtors, general economic conditions and an asesment

of both the curent conditions at the reporting date as

wel as the forecast of future conditions.

The Group always recognises lifetime ECL for trade

receivables.

For al other instruments, the Group measures the los

alowance equal to 12m ECL, unles there has ben a

significant increase in credit risk since initial recognition,

in which case the Group recognises lifetime ECL. The

asesment of whether lifetime ECL should be recognised

is based on significant increases in the likelihod or risk

of a default ocuring since initial recognition.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.20 Financial instruments (Continued) 3.20 金融工具（续） Financial assets (Continued) 金融资产（续） Impairment of financial assets subject to impairment 根据香港财务报告准则第9号须 assessment under HKFRS 9 (Continued) 进行减值评估的金融资产减值（续） (i) Significant increase in credit risk (i) 信贷风险显著增加 In assessing whether the credit risk has increased 于评估信贷风险自初步确认以 significantly since initial recognition, the Group 来是否显著增加时，本集团将 compares the risk of a default occurring on the 于报告日期金融工具发生的违 financial instrument as at the reporting date with 约风险与于初步确认日期金融 the risk of a default occurring on the financial 工具发生的违约风险进行比 instrument as at the date of initial recognition. In 较。在进行该评估时，本集团 making this assessment, the Group considers both 会考虑合理且可靠的定量及定 quantitative and qualitative information that is 性资料，包括过往经验及毋须 reasonable and supportable, including historical 付出不必要的成本或努力即可 experience and forward-looking information that is 获得的前瞻性资料。 available without undue cost or effort. In particular, the following information is taken into 具体而言，在评估信贷风险是 account when assessing whether credit risk has 否显著增加时会考虑以下资 increased significantly: 料： • an actual or expected significant deterioration • 金融工具外部（如有）或 in the financial instrument’s external (if 内部信贷评级的实际或 available) or internal credit rating; 预期显著恶化； • significant deterioration in external market • 外部市场信贷风险指标 indicators of credit risk, e.g. a significant 显著恶化，如信贷息差 increase in the credit spread, the credit 显著增加、债务人的信 default swap prices for the debtor; 贷违约掉期价格； • existing or forecast adverse changes in • 预期将导致债务人履行 business, financial or economic conditions 其债务责任的能力大幅 that are expected to cause a significant 下降的业务、财务或经 decrease in the debtor’s ability to meet its 济状况的现有或预测不 debt obligations; 利变动； • an actual or expected significant deterioration • 债务人经营业绩的实际 in the operating results of the debtor; 或预期重大恶化；

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须

进行减值评估的金融资产减值（续）

(i) 信贷风险显著增加（续）

• 导致债务人履行其债务

责任能力大幅下降的债

务人监管、经济或技术

环境的实际或预期重大

不利变动。

不论上述评估的结果如何，本

集团假定，除下述应收现金及

保证金客户款项外，当合约付

款逾期超过30天，信贷风险

自初步确认以来已显著增加，

除非本集团有合理可靠资料证

明可予收回则当别论。

就应收现金客户款项而言，本

集团认为当客户无法符合贷款

催缴要求并使用贷款抵押品价

值（「贷款抵押品价值」）进行

评估时，信贷风险已显著增

加。

本集团定期监察用以识别信贷

风险曾否大幅增加的标准的成

效，并适时作出修订，从而确

保有关标准能够于款项逾期前

识别信贷风险的大幅增加。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(i) Significant increase in credit risk (Continued)

• an actual or expected significant adverse

change in the regulatory, economic, or

technological environment of the debtor that

results in a significant decrease in the debtor’s

ability to met its debt obligations.

Irespective of the outcome of the above

asesment, except for cash and margin client

receivables as described below, the Group

presumes that the credit risk has increased

significantly since initial recognition when

contractual payments are more than 30 days past

due, unles the Group has reasonable and

suportable information that demonstrates

otherwise.

For cash client receivables, the Group considers

there has ben a significant increase in credit risk

when clients canot met the loan cal requirement

and uses the loan-to-colateral value (“LTV”) to

make its asesment.

The Group regularly monitors the efectivenes of

the criteria used to identify whether there has ben

a significant increase in credit risk and revises them

as apropriate to ensure that the criteria are

capable of identifying significant increase in credit

risk before the amount becomes past due.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.20 Financial instruments (Continued) 3.20 金融工具（续） Financial assets (Continued) 金融资产（续） Impairment of financial assets subject to impairment 根据香港财务报告准则第9号须 assessment under HKFRS 9 (Continued) 进行减值评估的金融资产减值（续） (ii) Definition of default (ii) 违约的定义 For internal credit risk management, the Group 就内部信贷风险管理而言，本 considers an event of default occurs when 集团认为当内部产生或来自外 information developed internally or obtained from 部来源的资料显示债务人不大 external sources indicates that the debtor is unlikely 可能向债权人（包括本集团） to pay its creditors, including the Group, in full 悉数付款（不考虑本集团所持 (without taking into account any collaterals held by 任何抵押品）时，即构成违约 the Group). 事件。 The Group considers a cash and margin client 本集团认为，当贷款抵押品价 receivable is in default when LTV is larger than a 值超过指定基准时，应收现金 defined benchmark. However, in certain cases, the 及保证金客户款项属违约。然 Group may also consider a cash client receivable to 而，在若干情况下，倘出现重 be in default when there is a significant shortfall 大差额，表示本集团不大可能 which indicates the Group is unlikely to receive the 在计及本集团持有的已抵押证 outstanding contractual amounts in full taking into 券后悉数收取未偿还合约金 account the pledged securities held by the Group. 额，则本集团亦可将应收现金 A cash client receivable is written off when there is 客户款项视为违约。当无法合 no reasonable expectation of recovering the 理预期收回合约现金流量时， contractual cash flows. 应收现金客户款项会被撇销。 Irrespective of the above, the Group considers that 不论上文所述，本集团认为， default has occurred when a financial asset is more 倘逾期超过90天时，金融资 than 90 days past due unless the Group has 产即发生违约，除非本集团有 reasonable and supportable information to 合理可靠资料证明更宽松之违 demonstrate that a more lagging default criterion is 约标准更为合适。 more appropriate.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须

进行减值评估的金融资产减值（续）

(i) 出现信贷减值的金融资产

当发生一项或多项对金融资产

估计未来现金流量有负面影响

之事件时，金融资产即出现信

贷减值。金融资产出现信贷减

值的证据包括有关以下事件之

可观察数据：

(a) 发行人或借款人陷入严

重财政困难；

(b) 违反合约，例如违约或

逾期事件；

借款人财困相关的经济

或合约原因，而向借款

人授予贷款人原本不会

考虑的优惠；

(d) 借款人有可能将会破产

或进行其他财务重组。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(i) Credit-impaired financial asets

A financial aset is credit-impaired when one or

more events that have a detrimental impact on the

estimated future cash flows of that financial aset

have ocured. Evidence that a financial aset is

credit-impaired includes observable data about the

folowing events:

(a) significant financial dificulty of the isuer or

the borower;

(b) a breach of contract, such as a default or past

due event;

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;

(d) it is becoming probable that the borower

wil enter bankruptcy or other financial

reorganisation.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.20 Financial instruments (Continued) 3.20 金融工具（续） Financial assets (Continued) 金融资产（续） Impairment of financial assets subject to impairment 根据香港财务报告准则第9号须 assessment under HKFRS 9 (Continued) 进行减值评估的金融资产减值（续） (iv) Write-off policy (iv) 撇销政策 The Group writes off a financial asset when there is 当有资料显示对手方陷入严重 information indicating that the counterparty is in 财政困难，且并无实际收回的 severe financial difficulty and there is no realistic 可能时（例如对手方已清盘或 prospect of recovery, for example, when the 进入破产程序），本集团会撇 counterparty has been placed under liquidation or 销金融资产。于在适当情况下 has entered into bankruptcy proceedings. Financial 考虑法律意见后，已撇销的金 assets written off may still be subject to 融资产可能仍会根据本集团的 enforcement activities under the Group’s recovery 收回程序予以强制执行。撇销 procedures, taking into account legal advice where 构成终止确认事件。其后所收 appropriate. A write-off constitutes a derecognition 回的任何款项均会于损益确 event. Any subsequent recoveries are recognised in 认。 profit or loss. (v) Measurement and recognition of ECL (v) 预期信贷亏损的计量及确认 The measurement of ECL is a function of the 预期信贷亏损的计量为违约概 probability of default, loss given default (i.e. the 率、违约亏损率（即违约时的 magnitude of the loss if there is a default) and the 亏损程度）及违约风险的函 exposure at default. The assessment of the 数。违约概率及违约亏损率乃 probability of default and loss given default is based 根据过往数据及前瞻性资料评 on historical data and forward-looking information. 估。预期信贷亏损的估计反映 Estimation of ECL reflects an unbiased and 无偏颇及概率加权的金额，有 probability-weighted amount that is determined 关金额以发生相应违约风险作 with the respective risks of default occurring as the 为加权数值厘定。 weights.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须

进行减值评估的金融资产减值（续）

(v) 预期信贷亏损的计量及确认

（续）

一般而言，预期信贷亏损为根

据合约应付本集团的所有合约

现金流量与本集团预计收取的

现金流量（按初步确认时厘定

的实际利率贴现）之间的差额。

贸易应收账款的全期预期信贷

亏损综合考虑逾期资料及相关

信贷资料（如前瞻性宏观经济

资料）。

就集体评估而言，本集团于制

定分组时考虑以下特征：

、规模及

行业；及

（倘有）。

分组经管理层定期检讨，以确

保各组别的组成部分继续具有

类似的信贷风险特征。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(v) Measurement and recognition of ECL (Continued)

Generaly, the ECL is the diference betwen al

contractual cash flows that are due to the Group in

acordance with the contract and the cash flows

that the Group expects to receive, discounted at

the efective interest rate determined at initial

recognition.

Lifetime ECL for trade receivables are considered on

a colective basis taking into consideration past due

information and relevant credit information such as

forward loking macroeconomic information.

For colective asesment, the Group takes into

consideration the folowing characteristics when

formulating the grouping:

;

, size and industry of debtors; and

• External credit ratings where available.

The grouping is regularly reviewed by management

to ensure the constituents of each group continue

to share similar credit risk characteristics.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.20 Financial instruments (Continued) 3.20 金融工具（续） Financial assets (Continued) 金融资产（续） Impairment of financial assets subject to impairment 根据香港财务报告准则第9号须 assessment under HKFRS 9 (Continued) 进行减值评估的金融资产减值（续） (v) Measurement and recognition of ECL (Continued) (v) 预期信贷亏损的计量及确认（续） General approach 一般方法 Financial assets at amortised cost are subject to 按摊销成本计量的金融资产按 impairment under the general approach and they 一般方法计提减值，除贸易应 are classified within the following stages for 收账款采用简化方法外，其分 measurement of ECLs except for trade receivables 类为下列阶段以计量预期信贷 which apply the simplified approach as detailed 亏损，详情如下。 below. Stage 1 — Financial instruments for which credit 第一阶段 — 信贷风险自初步 risk has not increased significantly since 确认以来并无显 initial recognition and for which the 著增加的金融工 impairment allowance is measured at an 具，其减值拨备 amount equal to 12-month ECLs 按相等于十二个月之预期信贷亏损之金额计量 Stage 2 — Financial instruments for which credit 第二阶段 — 信贷风险自初步 risk has increased significantly since 确认以来大幅增 initial recognition but that are not 加但并非信贷减 credit-impaired financial assets and for 值金融资产之金 which the impairment allowance is 融工具，其减值 measured at an amount equal to 拨备按相等于全 lifetime ECLs 期预期信贷亏损之金额计量 Stage 3 — Financial assets that are credit-impaired 第三阶段 — 于报告日期已发 at the reporting date (but that are not 生信贷减值的金 purchased or originated credit-impaired) 融资产（但未购 and for which the impairment allowance 买或产生信贷减 is measured at an amount equal to 值的金融资产）， lifetime ECLs 其减值拨备按相等于全期预期信贷亏损之金额计量

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须

进行减值评估的金融资产减值（续）

(v) 预期信贷亏损的计量及确认

（续）

简化方法

就不包含重大融资成分的贸易

应收账款及合约资产而言或倘

本集团采用不调整重大融资成

分影响的可行权宜方法，本集

团于计算预期信贷亏损时应用

简化方法。根据简化方法，本

集团不追踪信贷风险变化，而

是根据各报告日期的全期预期

信贷亏损确认亏损拨备。本集

团根据其过往信贷亏损经验建

立拨备矩阵，并根据债务人及

经济环境特定的前瞻性因素作

出调整。

利息收入按金融资产的账面总

值计算，除非该金融资产发生

信贷减值，在此情况下，利息

收入按金融资产的摊销成本计

算。

本集团透过调整金融工具的账

面值，于损益确认所有金融工

具的减值收益或亏损，惟应收

贷款、贸易应收账款、应收现

金客户款项及应收保证金客户

款项除外，其相应调整乃透过

亏损拨备账确认。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(v) Measurement and recognition of ECL (Continued)

Simplified aproach

For trade receivables and contract asets that do

not contain a significant financing component or

when the Group aplies the practical expedient of

not adjusting the efect of a significant financing

component, the Group aplies the simplified

aproach in calculating ECLs. Under the simplified

aproach, the Group does not track changes in

credit risk, but instead recognises a los alowance

based on lifetime ECLs at each reporting date. The

Group has established a provision matrix that is

based on its historical credit los experience,

adjusted for forward-loking factors specific to the

debtors and the economic environment.

Interest income is calculated based on the gros

carying amount of the financial aset unles the

financial aset is credit-impaired, in which case

interest income is calculated based on amortised

cost of the financial aset.

The Group recognises an impairment gain or los in

profit or los for al financial instruments by

adjusting their carying amount, with the exception

of loan receivables, trade receivables, cash client

receivables and margin client receivables where the

coresponding adjustment is recognised through a

los alowance acount.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.20 金融工具（续）

金融资产（续）

根据香港财务报告准则第9号须

进行减值评估的金融资产减值（续）

(v) 预期信贷亏损的计量及确认

（续）

终止确认金融资产

本集团仅于资产现金流量的合

约权利届满时，或于其将金融

资产及资产拥有权的绝大部分

风险及回报转让予另一实体

时，方会终止确认金融资产。

于终止确认按摊销成本计量的

金融资产时，资产账面值与已

收及应收代价总和之间的差额

于损益确认。

于终止确认本集团于初步确认

时选择按公平值计入其他综合

收入计量的股本工具投资时，

先前于公平值储备累计的累计

收益或亏损不会重新分类至损

益，而是转拨至累计亏损。

金融负债及权益

分类为债务或权益

债务及股本工具乃根据合约安排的

实质内容以及金融负债及股本工具

的定义，分类为金融负债或权益。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.20 Financial instruments (Continued)

Financial asets (Continued)

Impairment of financial asets subject to impairment

asesment under HKFRS 9 (Continued)

(v) Measurement and recognition of ECL (Continued)

Derecognition of financial asets

The Group derecognises a financial aset only when

the contractual rights to the cash flows from the

aset expire, or when it transfers the financial aset

and substantialy al the risks and rewards of

ownership of the aset to another entity.

On derecognition of a financial aset measured at

amortised cost, the diference betwen the aset’s

carying amount and the sum of the consideration

received and receivable is recognised in profit or

los.

On derecognition of an investment in equity

instrument which the Group has elected on initial

recognition to measure at FVTOCI, the cumulative

gain or los previously acumulated in the Fair value

reserve is not reclasified to profit or los, but is

transfered to acumulated loses.

Financial liabilities and equity

Clasification as debt or equity

Debt and equity instruments are clasified as either

financial liabilities or as equity in acordance with the

substance of the contractual arangements and the

definitions of a financial liability and an equity

instrument.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.20 Financial instruments (Continued) 3.20 金融工具（续） Financial liabilities and equity (Continued) 金融负债及权益（续） Equity instruments 股本工具 An equity instrument is any contract that evidences a 股本工具乃证明于实体资产（经扣 residual interest in the assets of an entity after deducting 除其所有负债后）中拥有剩余权益 all of its liabilities. Equity instruments issued by the 的任何合约。本公司发行的股本工 Company are recognised at the proceeds received, net of 具按已收所得款项扣除直接发行成 direct issue costs. 本确认。 Financial liabilities at amortised cost 按摊销成本计量的金融负债 Financial liabilities including borrowings, account 包括借贷、应付账款、其他应付款 payables, and other payables and accrued expenses are 项及应计费用的金融负债其后采用 subsequently measured at amortised cost, using the 实际利率法按摊销成本计量。 effective interest method. Foreign exchange gains and losses 汇兑收益及亏损 For financial liabilities that are denominated in a foreign 于各报告期末，就以外币计值并按 currency and are measured at amortised cost at the end 摊销成本计量的金融负债而言，汇 of each reporting period, the foreign exchange gains and 兑收益及亏损乃根据该等工具的摊 losses are determined based on the amortised cost of the 销成本厘定。该等汇兑收益及亏损 instruments. These foreign exchange gains and losses are 于损益的「其他收入及收益，净额」 recognised in the “other income and gains, net” line 项目（附注8）中确认，作为不属于 item in profit or loss (note 8) as part of net foreign 指定对冲关系一部分的金融负债的 exchange differences for financial liabilities that are not 外汇差额净额的一部分。 part of a designated hedging relationship. Derecognition of financial liabilities 终止确认金融负债 The Group derecognises financial liabilities when, and 本集团仅于其责任获解除、注销或 only when, the Group’s obligations are discharged, 届满时方终止确认金融负债。已终 cancelled or have expired. The difference between the 止确认的金融负债账面值与已付及 carrying amount of the financial liability derecognised 应付代价之间的差额于损益确认。 and the consideration paid and payable is recognised in profit or loss.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.21 抵销金融资产及金融负债

当且仅当本集团目前拥有合法可强

制执行的权利，可抵销已确认金额；

且拟按净额基准结算，或同时变现

资产及结算负债时，金融资产与金

融负债方可互相抵销，并于合并财

务状况表呈列净额。

3.22 代客户持有之银行结余

本公司附属公司于持牌金融机构设

有信托独立账户，持有来自正常业

务交易的客户存款。由于附属公司

可保留客户款项部分或全部利息收

入，附属公司将客户款项分类为合

并财务状况表内流动资产项下客户

信托银行结余，并因其须为客户款

项任何亏损或挪用负责而就相关客

户于流动负债中确认相应付账

款。根据香港法例第571章香港证

券及期货条例，附属公司不可动用

客户款项结清其自身责任。

3.23 股本

普通股分类为权益。发行新股份或

购股权直接应占增量成本于权益内

作为一项来自所得款项的扣减（扣

除税项）列示。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.21 Ofseting a financial aset and a financial

liability

A financial aset and a financial liability are ofset and the

net amount presented in the consolidated statement of

financial position when, and only when, the Group

curently has a legaly enforceable right to set of the

recognised amounts; and intends either to setle on a net

basis, or to realise the aset and setle the liability

simultaneously.

3.22 Bank balances held on behalf of client

A subsidiary of the Company maintains trust and

segregated acounts with authorised financial institutions

to hold clients’ deposits arising from normal busines

transactions. The subsidiary has clasified the clients’

monies as client trust bank balances under the curent

asets in the consolidated statement of financial position

as the subsidiary is alowed to retain some or al of the

interest income on the clients’ monies and recognised

coresponding acount payables to the respective

customers in the curent liabilities clients on grounds that

it is liable for any los or misapropriation of clients’

monies. Under the Hong Kong Securities and Futures

Ordinance (Cap. 571), the subsidiary is not alowed to

use the clients’ monies to setle its own obligation.

3.23 Share capital

Ordinary shares are clasified as equity. Incremental costs

directly atributable to the isue of new shares or options

are shown in equity as a deduction, net of tax, from the

proceds.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

3 BASIS OF PREPARATION OF CONSOLIDATED 3 编制合并财务报表的基准及重 FINANCIAL STATEMENTS AND MATERIAL 大会计政策资料（续） ACCOUNTING POLICY INFORMATION (Continued) 3.23 Share capital (Continued) 3.23 股本（续） Where any group company purchases the Company’s 倘任何集团公司购买本公司的股本 equity instruments, for example as the result of a share 工具，例如由于股份回购或以股份 buy-back or a share-based payment plan, the 为基础的付款计划，则支付的代 consideration paid, including any directly attributable 价，包括任何直接应占增量成本（扣 incremental costs (net of income taxes) is deducted from 除所得税）将从本公司拥有人应占 equity attributable to the owners of the Company as 权益中以库存股份的形式扣除，直 treasury shares until the shares are cancelled or reissued. 至股份被注销或重新发行为止。若 Where such ordinary shares are subsequently reissued, 该等普通股其后重新发行，所收取 any consideration received, net of any directly attributable 的任何代价（扣除任何直接应占增 incremental transaction costs and the related income tax 量交易成本及有关所得税影响）会 effects, is included in equity attributable to the owners of 计入本公司拥有人应占权益。 the Company. Shares held for share award scheme are disclosed as 持有股份披露为库存股份，并自出 treasury shares and deducted from contributed equity. 资权益中扣除。 3.24 Related parties 3.24 关联方 A party is considered to be related to the Group if: 以下人士被视为与本集团有关： (a) the party is a person or a close member of that (a) 该方为以下各项人士或以下各 person’s family and that person 项人士的近亲，而该人士 (i) has control or joint control over the Group; (i) 控制或共同控制本集团； (ii) has significant influence over the Group; or (ii) 对本集团有重大影响力；或 (iii) is a member of the key management (iii) 为本集团或本集团母公 personnel of the Group or of a parent of the 司的主要管理层成员； Group;

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

3 编制合并财务报表的基准及重

大会计政策资料（续）

3.24 关联方（续）

(b) 该方为适用于以下任何一项条

件的实体：

(i) 实体与本集团属同一集

团的成员公司（即各母公

司、附属公司及同系附

属公司均互相关联）。

(i) 实体为另一实体的联营

公司或合营企业（或另一

实体的母公司、附属公

司或同系附属公司）。

(i) 双方均为同一第三方的

合营企业。

(iv) 实体为一名第三方实体

的合营企业，而另一实

体为该名第三方实体的

联营公司。

(v) 实体为本集团或与本集

团相关实体的雇员福利

而设的退休后福利计划。

(vi) 受(a)段所述人士控制或

共同控制的实体。

(vi) (a)(i)段所述人士对实体

有重大影响力或属实体

（或实体的母公司）的主

要管理层成员。

(vi) 实体或其所属集团的任

何成员公司为本集团或

本集团母公司提供主要

管理层人员服务。

3 BASIS OF PREPARATION OF CONSOLIDATED

FINANCIAL STATEMENTS AND MATERIAL

ACOUNTING POLICY INFORMATION

(Continued)

3.24 Related parties (Continued)

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

conditions aplies:

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

same group (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 of a parent, subsidiary or

felow subsidiary of the other entity).

(i) Both parties are joint ventures of the same

third party.

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

and the other entity is an asociate of the

third entity.

(v) The entity is a post-employment benefit plan

for the benefit of the employes of the Group

or an entity related to the Group.

(vi) The entity is controled or jointly controled by

a person identified in (a).

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

influence over the entity or is a member of

the key management personel of the entity

(or of a parent of the entity).

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

which it is a part, provides key management

personel services to the Group or to the

parent of the Group.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

4 CRITICAL ACCOUNTING JUDGEMENTS AND 4 关键会计判断及估计不明朗因 KEY SOURCES OF ESTIMATION 素的主要来源 UNCERTAINTY In the application of the Group’s accounting policies, which are 于应用附注3所述本集团会计政策的过程 described in Note 3, the directors of the Company are required 中，本公司董事须就不能透过其他来源明 to make judgements, estimates and assumptions about the 显确定的资产及负债的账面值作出判断、 carrying amounts of assets and liabilities that are not readily 估计及假设。估计及相关假设乃基于过往 apparent from other sources. The estimates and underlying 经验及其他被认为相关的因素。实际结果 assumptions are based on historical experience and other 可能不同于该等估计。 factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an 估计及相关假设须持续审阅。倘会计估计 on-going basis. Revisions to accounting estimates are 的修订仅影响修订估计期间，则会在该段 recognised in the period in which the estimate is revised if the 期间确认有关修订，或倘修订影响现行及 revision affects only that period, or in the period of the revision 未来期间，则在修订及未来期间确认有关 and future periods if the revision affects both current and 修订。 future periods. Key sources of estimation uncertainty 估计不明朗因素的主要来源 The following are the key assumptions concerning the future, 下文为于报告期末极有可能会导致在下 and other key sources of estimation uncertainty at the end of 一个财政年度内对资产及负债账面值作 the reporting period, that may have a significant risk of causing 出重大调整之有关未来的主要假设及其 a material adjustment to the carrying amounts of assets and 他导致估计不明朗因素的主要来源。 liabilities within the next financial year. (a) Provision for ECL allowance on trade (a) 就贸易应收账款计提预期信贷 receivables 亏损拨备 Trade receivables with significant balances and credit- 具有重大结余及信贷减值的贸易应 impaired are assessed for ECL individually. 收账款乃个别进行预期信贷亏损评估。 In addition, the Group uses practical expedient in 此外，本集团使用可行权宜方法估 estimating ECL on trade receivables which are not 计未使用拨备矩阵个别评估的贸易 assessed individually using a provision matrix. The 应收账款的预期信贷亏损。拨备矩 provision matrix are based on aging as groupings of 阵乃基于具有类似亏损模式的不同 various customer that have similar loss patterns. 客户分部组合账龄厘定。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

4 关键会计判断及估计不明朗因

素的主要来源（续）

估计不明朗因素的主要来源（续）

(a) 就贸易应收账款计提预期信贷

亏损拨备（续）

拨备率乃基于本集团过往观察所得

违约率及毋须付出过多成本或努力

即可获得的合理可靠前瞻性资料而

厘定。举例而言，倘预测经济环境

（即本地生产总值）预期将于未来一

年恶化，导致违约事件增加，则会

调整拨备率。于各报告日期，过往

观察所得违约率将予重新评估，并

会考虑前瞻性资料变动。

对过往观察所得违约率、预测经济

环境及预期信贷亏损之间的关连性

进行的评估属重大估计。预期信贷

亏损金额对情况变化及预测经济环

境相当敏感。本集团的过往信贷亏

损经验及经济环境预测亦未必能代

表客户日后的实际违约情况。

有关本集团贸易应收账款的预期信

贷亏损的资料于附注21及34.2披露。

4 CRITICAL ACOUNTING JUDGEMENTS AND

KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

(a) Provision for ECL alowance on trade

receivables (Continued)

The provision rates are based on the Group’s historical

observed default rates and forward-loking information

that is reasonable and suportable available without

undue costs or efort. For instance, if forecast economic

conditions (i.e., gros domestic products) are expected to

deteriorate over the next year which can lead to an

increased number of defaults, the provision rates are

adjusted. At each reporting date, the historical observed

default rates are reasesed and changes in the forward-

loking information are considered.

The asesment of the corelation among historical

observed default rates, forecast economic conditions and

ECLs is a significant estimate. The amount of ECLs is

sensitive to changes in circumstances and forecast

economic conditions. The Group’s historical credit los

experience and forecast of economic conditions may also

not be representative of customer’s actual default in the

future.

The information about the ECLs on the Group’s trade

receivables is disclosed in Note 21 and 34.2.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

4 CRITICAL ACCOUNTING JUDGEMENTS AND 4 关键会计判断及估计不明朗因 KEY SOURCES OF ESTIMATION 素的主要来源（续） UNCERTAINTY (Continued) Key sources of estimation uncertainty (Continued) 估计不明朗因素的主要来源（续） (b) Provision for ECL allowance on other financial (b) 就按摊销成本计量的其他金融 assets measured at amortised cost 资产计提预期信贷亏损拨备 The Group calculate ECL allowance for other financial 本集团根据估计具有类似信贷评级 assets measured at amortised cost, including loan 的交易对手违约概率，计算按摊销 receivables, cash client receivables, margin client 成本计量的其他金融资产（包括应 receivables and certain other receivables, based on the 收贷款、应收现金客户款项、应收 estimated probability of default of counterparties with 保证金客户款项及若干其他应收款 similar credit ratings, with adjustment to reflect the 项）的预期信贷亏损拨备，并进行 current conditions and forecasts of future economic 调整以反映当前状况及未来经济状 conditions, as appropriate. At each reporting date, the 况预测（倘适用）。于各报告日期， Group assesses whether the credit risk on a financial 本集团评估自初步确认后金融工具 instrument has increased significantly since initial 的信贷风险是否有大幅增加，或视 recognition or considers a financial asset in default. 金融资产为违约。进一步详情载于 Further details are set out in Note 3.20. 附注3.20。 The information about the ECLs on the Group’s other 有关本集团按摊销成本计量的其他 financial assets measured at amortised cost is disclosed in 金融资产的预期信贷亏损的资料于 Notes 20, 21, 22 and 34.2. 附注20、21、22及34.2披露。 (c) Estimated impairment of goodwill (c) 估计商誉减值 Determining whether goodwill is impaired requires an 厘定商誉是否出现减值时须估计获 estimation of the recoverable amount of the cash- 分配商誉的现金产生单位的可收回 generating unit to which goodwill has been allocated, 金额，亦即使用价值或公平值减出 which is the higher of the value in use or fair value less 售成本两者中的较高者。本集团计 costs of disposal. The value in use calculation requires the 算使用价值时须就预期源自该现金 Group to estimate the future cash flows expected to arise 产生单位的日后现金流量及适当的 from the cash-generating unit and an appropriate 贴现率作出估计，以计算现值。倘 discount rate in order to calculate the present value. 实际未来现金流量低于预期，或导 Where the actual future cash flows are less than 致未来现金流量下调或贴现率上调 expected, or change in facts and circumstances which 的事实及情况变动，则可能产生重 results in downward revision of future cash flows or 大减值亏损或进一步减值亏损。 upward revision of discount rate, a material impairment loss or further impairment loss may arise. As at 31 March 2025, the carrying amount of goodwill is 于二零二五年三月三十一日，商誉 HK$14,475,000 (2024: HK$8,035,000). Details of the 的账面值为14,475,000港元（二零 recoverable amount calculation are disclosed in Note 16. 二四年：8,035,000港元）。计算可收回金额的详情于附注16内披露。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

4 关键会计判断及估计不明朗因

素的主要来源（续）

估计不明朗因素的主要来源（续）

(d) 递延所得税

于二零二五年三月三十一日，有关

若干营运附属公司未动用税项亏损

的递延税项资产17,550,000港元（二

零二四年：17,550,000港元）已于

合并财务状况表内确认。由于难以

预测未来利润流，概无就其他附属

公司的税项亏损394,982,000港元

（二零二四年：365,382,000港元）

确认递延税项资产。

递延税项资产的可变现情况主要取

决于日后是否有足够的未来利润或

应课税暂时差额可供动用，此乃估

计不明朗因素的主要来源。倘所得

实际未来应课税利润少于或多于预

期，或事实及情况变化导致未来应

课税利润估计之修订，则或会产生

递延税项资产重大拨回或进一步确

认，其将于进行有关拨回或进一步

确认期间于损益中确认。

4 CRITICAL ACOUNTING JUDGEMENTS AND

KEY SOURCES OF ESTIMATION

UNCERTAINTY (Continued)

Key sources of estimation uncertainty (Continued)

(d) Defered income tax

As at 31 March 2025, a defered tax aset of

HK$17,550,000 (2024: HK$17,550,000) in relation to

unused tax loses for certain operating subsidiaries has

ben recognised in the consolidated statement of

financial position. No defered tax aset has ben

recognised on the tax loses of HK$394,982,000 (2024:

HK$365,382,000) for other subsidiaries due to the

unpredictability of future profit streams.

The realisability of the defered tax aset mainly depends

on whether suficient future profits or taxable temporary

diferences wil be available in the future, which is a key

source of estimation uncertainty. In cases where the

actual future taxable profits generated are les or more

than expected, or change in facts and circumstances

which result in revision of future taxable profits

estimation, a material reversal or further recognition of

defered tax asets may arise, which would be recognised

in profit or los for the period in which such a reversal or

further recognition takes place.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

5 REVENUE 5 收入 (i) Disaggregation of the Group’s revenue (i) 本集团来自客户合约之收入分 from contracts with customers 拆 For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 Computer and electronic Family products Food Financial office trading trading services services Segments business business business business Total 电脑及电子产品食品贸易金融服务家族办公室分部贸易业务业务业务服务业务总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 Types of goods or services 货品或服务类别 Sales of goods 销售货品 90,040 76,972 – – 167,012 Provision of international 提供国际教育规划 education planning services 服务 – – – 4,298 4,298 Provision of family office 提供家族办公室 services 服务 – – – 12,496 12,496 Underwriting income 包销收入 – – 45,841 – 45,841 Provision of securities 提供证券经纪服务 brokerage services – – 5,232 – 5,232 Revenue from contract with 来自客户合约之 customers 收入 90,040 76,972 51,073 16,794 234,879 Interest income calculated 采用实际利率法 using the effective interest 计算的应收贷款 method from loan 利息收入 receivables – – 4,098 – 4,098 Total 总计 90,040 76,972 55,171 16,794 238,977 Timing of revenue 收入确认时间： recognition: A point in time 某一时间点 90,040 76,972 51,073 12,496 230,581 Over time 随时间 – – – 4,298 4,298 Total revenue from 来自客户合约之 contracts with customers 总收入 90,040 76,972 51,073 16,794 234,879

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Computer and electronic products trading business	Food trading business	Financial services business	Family office services business	Total
电脑及电子产品贸易业务	食品贸易业务	金融服务业务	家族办公室服务业务	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
90,040	76,972	–	–	167,012
–	–	–	4,298	4,298
–	–	–	12,496	12,496
–	–	45,841	–	45,841
–	–	5,232	–	5,232
90,040	76,972	51,073	16,794	234,879
–	–	4,098	–	4,098
90,040	76,972	55,171	16,794	238,977
90,040	76,972	51,073	12,496	230,581
–	–	–	4,298	4,298
90,040	76,972	51,073	16,794	234,879

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

5 收入（续）

(i) 本集团来自客户合约之收入分

拆（续）

所有来自客户合约之收入均为一年

或以下期间。根据香港财务报告准

则第15号所允许，并无披露分配至

该等未履行合约的交易价格。

5 REVENUE (Continued)

(i) Disagregation of the Group’s revenue

from contracts with customers (Continued)

For the year ended 31 March 2024

截至二零二四年三月三十一日止年度

Segments

Computer

and

electronic

products

trading

busines

Fod

trading

busines

Financial

services

businesTotal

分部

电脑及

电子产品

贸易业务

食品贸易

业务

金融服务

业务总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Types of gods or services货品或服务类别

Sales of gods

销售货品

248,840107,001–355,841

Provision of securities

brokerage services

提供证券经纪服务

–1313

Revenue from contract with

customers

来自客户合约之收入

248,840107,00113355,854

Interest income calculated

using the efective interest

method from loan

receivables

采用实际利率法计算

的应收贷款利息

收入

–1,2571,257

Total总计248,840107,0011,270357,111

Timing of revenue

recognition:

收入确认时间：

A point in time

某一时间点

248,840107,00113355,854

Over time

随时间

–

Total revenue from

contracts with customers

来自客户合约之

总收入

248,840107,00113355,854

Al the revenue from contracts with customers are for

periods of one year or les. As permited under HKFRS

15, the transaction price alocated to these unsatisfied

contracts is not disclosed.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

6 OPERATING SEGMENTS 6 经营分部 The chief operating decision-maker (“CODM”) has been 本公司执行董事已被确认为主要营运决 identified as the executive directors of the Company. The 策者（「主要营运决策者」）。主要营运决 CODM reviews the Group’s internal reporting in order to assess 策者审阅本集团的内部呈报，以评估表现 performance and allocate resources. Management has 及调配资源。管理层根据该等报告厘定营 determined the operating segment based on these reports. 运分部。 The CODM considers that the Group has four operating and 主要营运决策者认为，本集团拥有四个营 reportable segments which are (i) computer and electronic 运及可呈报分部，即(i)电脑及电子产品贸 products trading business (including computer and peripheral 易业务（包括电脑及周边产品以及电子产 products and electronics products business), (ii) food trading 品业务），(ii)食品贸易业务，(iii)金融服务 business, (iii) financial services business (including securities 业务（包括证券经纪业务、咨询服务业务 brokerage business, advisory services business and money 及借贷业务）及(iv)家族办公室服务业务。 lending business) and (iv) family office services business. The CODM assesses the performance of the operating 主要营运决策者根据分部利润╱亏损评核 segments based on segment profit/loss. Expenses, where 营运分部之表现。开支（如适用）经参考 appropriate, are allocated to operating segments with reference 相关分部的收入贡献而分配至营运分部。 to revenue contributions of the respective segments. 未分配收入及开支并不计入主要营运决 Unallocated income and expenses are not included in the result 策者审阅之各营运分部业绩内。 for each operating segment that is reviewed by the CODM. Segment assets consist primarily of certain property, plant and 分部资产主要包括若干物业、厂房及设 equipment, right-of-use assets, intangible assets, inventories, 备、使用权资产、无形资产、存货、应收 account receivables, loan receivables, certain deposits, 账款、应收贷款、若干按金、预付款项及 prepayments and other receivables, certain other financial 其他应收款项、若干其他金融资产、已抵 assets, pledged bank deposit, certain cash and cash equivalents 押银行存款、若干现金及现金等价物及代 and bank balances held on behalf of clients. They exclude 客户持有之银行结余，但不包括集中管理 deferred tax assets, income tax recoverable and other 之递延税项资产、可收回所得税以及其他 unallocated assets, which are managed centrally. 未分配资产。 Segment liabilities consist primarily of account payables, lease 分部负债主要包括应付账款、租赁负债、 liabilities, certain borrowings, and certain other payables and 若干借贷、若干其他应付款项及应计费 accrued expenses. They exclude deferred tax liabilities, income 用，但不包括集中管理之递延税项负债、 tax payables and other unallocated liabilities, which are 应付所得税及其他未分配负债。 managed centrally.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Computer and electronic products trading business	Food trading business	Financial services business	Family office services business	Total
电脑及电子产品贸易业务	食品贸易业务	金融服务业务	家族办公室服务业务	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
90,040	76,972	55,171	16,794	238,977
(83,798)	(57,431)	–	–	(141,229)
6,242	19,541	55,171	16,794	97,748
(34)	(1,142)	–	–	(1,176)
(4,157)	(8,300)	(41,869)	(4,489)	(58,815)
(783)	158	2,777	–	2,152
–	(2,589)	–	–	(2,589)
(53)	(4,060)	(1,066)	–	(5,179)
–	(474)	(634)	–	(1,108)
665	903	1,912	20	3,500

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

6 经营分部（续）

分部收入及业绩

本集团按可呈报分部划分的收入及业绩

分析如下：

6 OPERATING SEGMENTS (Continued)

Segment revenues and results

The folowing is an analysis of the Group’s revenue and results

by reportable segments:

Revenue from external

customers

来自外部客户的收入

Cost of sales from

external customers

来自外部客户的销售

成本

Seling expenses

销售费用

General and

administrative expenses

一般及行政费用

Reversal of expected

credit los/(expected

credit los) on financial

asets, net

金融资产预期信贷

亏损拨回╱（预期

信贷亏损），净额

Los on disposal of

property, plant and

equipment

出售物业、厂房及

设备的亏损

Depreciation and

amortisation

折旧及摊销

Finance costs

财务成本

Other income and gains,

net

其他收入及收益，

净额

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

6 OPERATING SEGMENTS (Continued) 6 经营分部（续） Segment revenues and results (Continued) 分部收入及业绩（续） The following is an analysis of the Group’s revenue and results 本集团按可呈报分部划分的收入及业绩 by reportable segments: (Continued) 分析如下：（续） For the year ended 31 March 2025 截至二零二五年三月三十一日止年度 Computer and electronic Family products Food Financial office trading trading services services business business business business Total 电脑及电子产品食品贸易金融服务家族办公室贸易业务业务业务服务业务总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 Segment results 分部业绩 1,880 4,037 16,291 12,325 34,533 Reconciliation between 分部业绩与年度亏损 segment results and 对账： loss for the year: Impairment of goodwill 商誉减值 – (8,035) – – (8,035) Impairment of other 其他无形资产减值 intangible assets – (657) – – (657) Change in fair value upon 由物业、厂房及设备转拨至投资物业后 transfer from property, 的公平值变动 plant and equipment to investment properties (56,034) Unallocated finance costs 未分配财务成本 (8,036) Share of results from 应占联营公司业绩 associates (181) Unallocated income and 未分配收入及开支，净额 expenses, net (33,711) Loss before income tax 扣除所得税前亏损 (72,121) Income tax expense 所得税开支 (1,689) Loss for the year 年度亏损 (73,810)

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Computer and electronic products trading business	Food trading business	Financial services business	Family office services business	Total
电脑及电子产品贸易业务	食品贸易业务	金融服务业务	家族办公室服务业务	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
1,880	4,037	16,291	12,325	34,533
–	(8,035)	–	–	(8,035)
–	(657)	–	–	(657)
				(56,034)
				(8,036)
				(181)
				(33,711)
				(72,121)
				(1,689)
				(73,810)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

6 经营分部（续）

分部收入及业绩（续）

本集团按可呈报分部划分的收入及业绩

分析如下：（续）

6 OPERATING SEGMENTS (Continued)

Segment revenues and results (Continued)

The folowing is an analysis of the Group’s revenue and results

by reportable segments: (Continued)

For the year ended 31 March 2024

截至二零二四年三月三十一日止年度

Computer

and

electronic

products

trading

busines

Fod

trading

busines

Financial

services

businesTotal

电脑及

电子产品

贸易业务

食品贸易

业务

金融服务

业务总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

Revenue from external

customers

来自外部客户的收入

248,840107,0011,270357,111

Cost of sales from external

customers

来自外部客户的销售

成本(255,446)(87,461)–(342,907)

(6,606)19,5401,27014,204

Seling expenses销售费用(1)(1,346)–(1,347)

General and administrative

expenses

一般及行政费用

(4,822)(10,089)(3,040)(17,951)

Reversal of expected credit los/

(expected credit los) on

financial asets, net

金融资产预期信贷

亏损拨回╱（预期

信贷亏损），净额(221)4054,14353,962

Depreciation and amortisation折旧及摊销(632)(5,375)(236)(6,243)

Finance costs财务成本(6,652)(1,013)(24)(7,689)

Other (expenses)/income and

(loses)/gains, net

其他（支出）╱收入及

（亏损）╱收益，

净额(3,291)570(1)(2,722)

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

6 OPERATING SEGMENTS (Continued) 6 经营分部（续） Segment revenues and results (Continued) 分部收入及业绩（续） The following is an analysis of the Group’s revenue and results 本集团按可呈报分部划分的收入及业绩 by reportable segments: (Continued) 分析如下：（续） For the year ended 31 March 2024 截至二零二四年三月三十一日止年度 Computer and electronic products Food Financial trading trading services business business business Total 电脑及电子产品食品贸易金融服务贸易业务业务业务总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 Segment results 分部业绩 (22,225) 2,327 52,112 32,214 Reconciliation between 分部业绩与年度利润 segment results and profit 对账： for the year: Unallocated finance costs 未分配财务成本 (3,977) Unallocated income and 未分配收入及开支， expenses, net 净额 (17,095) Profit before income tax 扣除所得税前利润 11,142 Income tax expense 所得税开支 (115) Profit for the year 年度利润 11,027 Interest revenue of HK$4,098,000 (2024: HK$1,257,000) was 利息收入4,098,000港元（二零二四年： included in revenue from other sources, wholly contributed by 1,257,000港元）计入其他来源收入，全 financial services business segment. 部由金融服务业务分部贡献。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

Computer and electronic products trading business	Food trading business	Financial services business	Family office services business	Total
电脑及电子产品贸易业务	食品贸易业务	金融服务业务	家族办公室服务业务	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
85,337	50,267	261,535	1,898	399,037
50,375	6,980	203,728	560	261,643

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

6 经营分部（续）

分部资产及负债

本集团按可呈报分部划分的资产及负债

分析如下：

6 OPERATING SEGMENTS (Continued)

Segment asets and liabilities

The folowing is an analysis of the Group’s asets and liabilities

by reportable segments:

31 March 2025

二零二五年

三月三十一日

Segment asets分部资产

Segment liabilities分部负债

31 March 2024

二零二四年

三月三十一日

Computer

and

electronic

products

trading

busines

Fod

trading

busines

Financial

services

busines

Family

ofice

services

businesTotal

电脑及

电子产品

贸易业务

食品贸易

业务

金融服务

业务

家族办公室

服务业务总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

Segment asets分部资产140,22960,94845,299–246,476

Segment liabilities分部负债51,39021,9349,114–82,438

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

6 OPERATING SEGMENTS (Continued) 6 经营分部（续） Segment assets and liabilities (Continued) 分部资产及负债（续） The reconciliations of segment assets to total assets and 分部资产与资产总额以及分部负债与负 segment liabilities to total liabilities are provided as follows: 债总额的对账载列如下： As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Segment assets 分部资产 399,037 246,476 Cash and cash equivalents 现金及现金等价物 1,473 13,815 Property, plant and equipment 物业、厂房及设备 1,782 192,767 Investment properties 投资物业 123,500 – Deposits, prepayments and other 按金、预付款项及其他应收 receivables 款项 10,272 2,482 Interests in associates 于联营公司之权益 479 – Other financial assets at fair value 按公平值计入其他综合收入之 through other comprehensive income 其他金融资产 4,887 4,354 Deferred tax assets 递延税项资产 17,374 17,249 Other financial assets at fair value 按公平值计入损益之其他金融 through profit or loss 资产 890 1,016 Total assets 资产总额 559,694 478,159 Segment liabilities 分部负债 261,643 82,438 Deferred tax liabilities 递延税项负债 1,727 815 Income tax payables 应付所得税 1,479 – Borrowings 借贷 87,000 113,734 Other payables and accrued expenses 其他应付款项及应计费用 9,711 1,933 Total liabilities 负债总额 361,560 198,920

2025
二零二五年
HK$’000
千港元
399,037
1,473
1,782
123,500
10,272
479
4,887
17,374
890
559,694
261,643
1,727
1,479
87,000
9,711
361,560

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

For the year ended 31 March 2025
截至二零二五年三月三十一日止年度
Computer and electronic products trading business	Food trading business	Financial services business	Family office services business	Total
电脑及电子产品贸易业务	食品贸易业务	金融服务业务	家族办公室服务业务	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
–	96	–	–	96
–	1,068	234	–	1,302
53	2,153	833	–	3,039
–	838	–	–	838

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

6 经营分部（续）

其他分部资料

6 OPERATING SEGMENTS (Continued)

Other segment information

Aditions to property, plant

and equipment

物业、厂房及设备

添置

Depreciation of property,

plant and equipment

物业、厂房及设备

折旧

Depreciation of right-of use

asets

使用权资产折旧

Amortisation of intangible

asets

无形资产摊销

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

6 OPERATING SEGMENTS (Continued) 6 经营分部（续） Other segment information (Continued) 其他分部资料（续） For the year ended 31 March 2024 截至二零二四年三月三十一日止年度 Computer and electronic products Food Financial trading trading services business business business Total 电脑及电子产品食品贸易金融服务贸易业务业务业务总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 Additions to property, plant 物业、厂房及设备 and equipment 添置 – 220 644 864 Depreciation of property, 物业、厂房及设备 plant and equipment 折旧 – 1,388 29 1,417 Depreciation of right-of use 使用权资产折旧 assets 632 3,147 207 3,986 Amortisation of intangible 无形资产摊销 assets – 840 – 840

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
160,448
–
160,448

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

6 经营分部（续）

地区资料

本集团的业务营运位于香港及中国。

本集团的大部分收入均产生自位于香港

的业务营运。

以下本集团之非流动资产总额（不包括金

融工具、于联营公司之权益及递延税项资

产）资料是根据有关资产的地理位置呈列：

6 OPERATING SEGMENTS (Continued)

Geographical information

The Group’s operations are located in Hong Kong and the PRC.

Majority of the Group’s revenue were derived from operations

located in Hong Kong.

Information about the Group’s total non-curent asets

(excluding financial instruments, interests in asociates and

defered tax asets) is presented below based on the

geographical location of the asets:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Hong Kong香港218,393

The PRC中国167

218,560

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

6 OPERATING SEGMENTS (Continued) 6 经营分部（续） Information about major customers 主要客户资料 Revenue from the top five customers for all reportable 来自所有可呈报分部五大客户的收入如 segments is as follows: 下： Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Revenue from top five customers 来自五大客户的收入 179,212 249,642 Total revenue 总收入 238,977 357,111 Percentage 百分比 75% 70% Number of customers that individually 单独占本集团10%以上收入 accounted for more than 10% 的客户数目 of the Group’s revenue 2 1 Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 Customer Segment HK$’000 HK$’000 客户分部千港元千港元 Customer A Computer and electronic products trading business 81,415 155,151 客户A 电脑及电子产品贸易业务 Customer B Food trading business 69,012 N/A1 客户B 食品贸易业务不适用1 1 The corresponding revenue did not contribute over 10% of the total 1 相应收入对本集团总收入的贡献不超过10%。 revenue of the Group.

2025
二零二五年
HK$’000
千港元
179,212
238,977
75%
2

2025
二零二五年
HK$’000
千港元
81,415
69,012

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
1,684
1,093
(625)
2,152

2025
二零二五年
HK$’000
千港元
1,775
531
1,054
2,325
105
1,916
7,706

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

7 金融资产预期信贷亏损拨回，

净额

金融资产预期信贷亏损拨回╱（预期信贷

亏损）净额如下：

8 其他收入及收益，净额

7 REVERSAL OF EXPECTED CREDIT LOS ON

FINANCIAL ASETS, NET

Reversal of expected credit los/(expected credit los) on

financial asets, net are as folows:

Year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

Loan receivables (Note 34.2)应收贷款（附注34.2）58,154

Cash client receivables (Note 34.2)应收现金客户款项（附注34.2）(4,011)

Trade receivables (Note 34.2)贸易应收账款（附注34.2）(181)

53,962

8 OTHER INCOME AND GAINS, NET

Year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

Finance income财务收入410

Exchange gain, net汇兑收益，净额535

Change in fair value of financial asets

at fair value through profit or los

按公平值计入损益之金融资产

之公平值变动(180)

Management fe income管理费收入–

Gain on early termination of leases提早终止租赁之收益–

Others其他1,777

2,542

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

9 FINANCE COSTS 9 财务成本 Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Finance costs 财务成本 — Interest expense on bank and — 银行及其他借贷之利息 other borrowings 费用 8,910 11,382 — Interest expense on lease liabilities — 租赁负债之利息费用 234 284 9,144 11,666 10 (LOSS)/PROFIT BEFORE INCOME TAX 10 扣除所得税前（亏损）╱利润 (Loss)/profit before income tax has been arrived at after 扣除所得税前（亏损）╱利润乃扣除以下 charging: 项目后得出： (a) Employee benefit expenses (including (a) 雇员福利费用（包括董事酬金） directors’ emoluments) Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Short term employee benefits 短期雇员福利 37,880 17,609 Post-employment benefits (Note i) 退休福利（附注i） 1,170 544 Others 其他 70 1,089 39,120 19,242

2025
二零二五年
HK$’000
千港元
8,910
234
9,144

2025
二零二五年
HK$’000
千港元
37,880
1,170
70
39,120

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

10 扣除所得税前（亏损）╱利润（续）

(a) 雇员福利费用（包括董事酬金）

（续）

附注：

该等项目主要指：

• 本集团为在香港工作的雇员向强制性

公积金（强积金）作出的供款。根据强

积金计划，各集团公司（雇主）及其雇

员均须每月向计划作出相等于雇员收

入5%的供款，雇员每月供款（定义见

香港强制性公积金法例）的上限为1,500

港元。计划供款会即时归属，概无已

没收供款可供本集团用以降低现有供

款水平。

• 本集团为在中国工作的雇员向中国界

定供款退休金计划作出的供款。该等

退休金计划由中国相关直辖市及省级

政府筹划。该等中国附属公司须根据

当地适用法规按雇员基本薪金若干百

分比向退休金计划供款。计划供款会

即时归属，概无已没收供款可供本集

团用以降低现有供款水平。

除上文所披露者外，本集团概无有关就雇员

或退休人员支付退休金及其他退休后福利的

其他重大责任。

10 (LOS)/PROFIT BEFORE INCOME TAX

(Continued)

(a) Employe benefit expenses (including

directors’ emoluments) (Continued)

Note:

These mainly represent:

’s contributions to the Mandatory Provident Funds (MPF)

for employes working in Hong Kong. Under the MPF scheme,

each of the group companies (the employer) and its employes

make monthly contributions to the scheme at 5% of the

employes’ earnings with a maximum of HK$1,500 for employe’s

monthly contribution as defined under the Hong Kong Mandatory

Provident Funds legislations. Contributions to the scheme vest

imediately, there is no forfeited contribution that may be used

by the Group to reduce the existing level of contribution.

’s contributions to defined contribution pension plans in

the PRC for employes working in the PRC. These pension plans

are organised by the respective municipal and provincial

government of the PRC. These PRC subsidiaries are required to

contribute certain percentage of the employes’ basic salaries to

the pension plans depending on the aplicable local regulations.

Contributions to the plans vest imediately, there is no forfeited

contribution that may be used by the Group to reduce the existing

level of contribution.

The Group has no other material obligations for the payment of pensions

and other post-retirement benefits of employes or retires other than

those disclosed above.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

10 (LOSS)/PROFIT BEFORE INCOME TAX 10 扣除所得税前（亏损）╱利润（续） (Continued) (b) Other items (b) 其他项目 Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Cost of inventories sold (Note 19) 出售存货成本（附注19） 141,229 342,907 Auditor’s remuneration 核数师酬金 — audit service — 审核服务 980 880 — non-audit service — 非审核服务 – – Depreciation of property, plant and 物业、厂房及设备折旧 equipment (Note 13) （附注13） 10,193 11,066 Depreciation of right-of-use assets 使用权资产折旧（附注15） (Note 15) 3,039 3,986 Short-term lease rentals of premises 物业短期租赁之租金 (Note 15) （附注15） 6,761 18 Amortisation of intangible assets 无形资产摊销（附注16） (Note 16) 838 840

2025
二零二五年
HK$’000
千港元
141,229
980
–
10,193
3,039
6,761
838

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
1,889
126
(326)
1,689

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

11 所得税开支

在香港利得税两级制下，合资格集团实体

的首2,000,000港元应课税利润按8.25%

税率征税，而超过2,000,000港元的应课

税利润则按16.5%税率征税。不符合利

得税两级制资格的集团实体的应课税利

润按16.5%的统一税率征税。

本集团于截至二零二五年及二零二四年

三月三十一日止年度在中国并无应课税

利润，故毋须缴纳任何中国企业所得税。

于截至二零二五年及二零二四年三月

三十一日止年度，适用之中国企业所得税

税率为25%。

11 INCOME TAX EXPENSE

Year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

Curent income tax当期所得税

— Hong Kong Profits Tax— 香港利得税305

Under-provision in prior years过往年度拨备不足–

Defered income tax (Note 30)递延所得税（附注30）(190)

Under the two-tiered Hong Kong Profits Tax rates regime, the

first HK$2 milion of asesable profits of the qualifying group

entity are taxed at 8.25%, and asesable profits above HK$2

milion are taxed at 16.5%. The asesable profits of group

entities not qualifying for the two-tiered profits tax rates regime

are charged at a flat rate of 16.5%.

The Group has no asesable profit in PRC and is not subject to

any PRC corporate income tax during the years ended 31

March 2025 and 2024. The aplicable PRC corporate income

tax rate during the years ended 31 March 2025 and 2024 is

25%.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

11 INCOME TAX EXPENSE (Continued) 11 所得税开支（续） The taxation on the Group’s (loss)/profit before income tax 本集团扣除所得税前（亏损）╱利润的税 differs from the theoretical amount that would arise using the 项与采用适用于各司法权区的综合实体 weighted average tax rate applicable to (loss)/profit of the （亏损）╱利润的加权平均税率计算的理论 consolidated entities in the respective jurisdictions as follows: 金额的差异如下： Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 (Loss)/profit before income tax 扣除所得税前（亏损）╱利润 (72,121) 11,142 Tax calculated at domestic tax rates 按各司法权区（亏损）╱利润 applicable to (loss)/profit in the 适用的当地税率计算的税项 respective jurisdictions (12,681) 1,829 Tax effects of: 下列各项的税务影响： — Expenses not deductible — 不可扣减的费用 11,920 214 — Income not subject to tax — 毋须课税的收入 (391) (66) — Temporary difference not — 未确认暂时差额 recognised 480 951 — Income tax at concession rate — 按优惠利率计算的所得税 (165) (165) — Tax losses not recognised — 未确认税项亏损 5,199 7,153 — Utilisation of tax losses previously — 动用先前未确认之税项 not recognised 亏损 (2,799) (9,801) — Under-provision in prior years — 过往年度拨备不足 126 – Income tax expense 所得税开支 1,689 115

2025
二零二五年
HK$’000
千港元
(72,121)
(12,681)
11,920
(391)
480
(165)
5,199
(2,799)
126
1,689

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
(76,094)
78,447,063
HK(97.00) cent (97.00)港仙

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

12 每股（亏损）╱盈利

(a) 基本

每股基本（亏损）╱盈利乃根据本公

司拥有人应占（亏损）╱利润除以年

内已发行普通股的加权平均数计

算，不包括本公司就股份奖励计划

购买的普通股。

(b) 摊薄

截至二零二五年及二零二四年三月

三十一日止年度每股摊薄（亏

损）╱盈利与每股基本（亏损）╱盈利

相同，乃由于截至二零二五年及二

零二四年三月三十一日止年度并无

存在潜在摊薄普通股。

12 (LOS)/EARNINGS PER SHARE

(a) Basic

Basic (los)/earnings per share is calculated by dividing the

(los)/profit atributable to owners of the Company by

the weighted average number of ordinary shares in isue

during the year excluding ordinary shares purchased by

the Company for share award scheme.

Year ended 31 March

截至三月三十一日止年度

二零二四年

(Los)/profit atributable to owners of

the Company (HK$’000)

本公司拥有人应占

（亏损）╱利润（千港元）14,759

Weighted average number of

ordinary shares in isue (restated)

已发行普通股加权平均数

（经重列）53,550,429

Basic (los)/earnings per share

(restated)

每股基本（亏损）╱盈利

（经重列）

HK27.56 cent

27.56港仙

(b) Diluted

Diluted (los)/earnings per share for the years ended 31

March 2025 and 2024 was the same as the basic (los)/

earnings per share as there were no dilutive potential

ordinary shares in existence during the years ended 31

March 2025 and 2024.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

13 PROPERTY, PLANT AND EQUIPMENT 13 物业、厂房及设备 Leasehold Leasehold Office Furniture Motor properties improvements Machineries equipment and fixtures vehicles Total 租赁物业租赁物业装修机器办公设备家私及装置汽车总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元千港元千港元 Cost 成本 At 1 April 2023 于二零二三年四月一日 241,378 16,532 480 1,703 1,721 1,331 263,145 Additions 添置 – 833 31 – – – 864 Disposals 出售 – – – (143) (132) – (275) At 31 March 2024 and 于二零二四年 1 April 2024 三月三十一日及二零二四年四月一日 241,378 17,365 511 1,560 1,589 1,331 263,734 Additions 添置 – 150 – 802 720 475 2,147 Disposals 出售 – (3,607) (360) (17) – – (3,984) Transfer to investment 转拨至投资物业 properties (Note 14) （附注14） (241,378) – – – – – (241,378) At 31 March 2025 于二零二五年三月三十一日 – 13,908 151 2,345 2,309 1,806 20,519 Accumulated 累计折旧及减值 depreciation and impairment At 1 April 2023 于二零二三年四月一日 46,356 4,833 8 1,371 1,228 825 54,621 Provided for the year 年度拨备 8,081 2,226 103 225 222 209 11,066 Eliminated on disposals 于出售时撇销 – – – (143) (132) – (275) Exchange adjustments 汇兑调整 – 11 – – – – 11 At 31 March 2024 and 于二零二四年 1 April 2024 三月三十一日及二零二四年四月一日 54,437 7,070 111 1,453 1,318 1,034 65,423 Provided for the year 年度拨备 7,407 2,240 – 225 104 217 10,193 Eliminated on disposals 于出售时撇销 – (1,143) – (99) (42) – (1,284) Transfer to investment 转拨至投资物业 property (Note 14) （附注14） (61,844) – – – – – (61,844) Exchange adjustments 汇兑调整 – 47 40 （59） – – 28 At 31 March 2025 于二零二五年三月三十一日 – 8,214 151 1,520 1,380 1,251 12,516 Carrying amounts 账面值 At 31 March 2025 于二零二五年三月三十一日 – 5,694 – 825 929 555 8,003 At 31 March 2024 于二零二四年三月三十一日 186,941 10,295 400 107 271 297 198,311

Leasehold properties	Leasehold improvements	Machineries	Office equipment	Furniture and fixtures	Motor vehicles	Total
租赁物业	租赁物业装修	机器	办公设备	家私及装置	汽车	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元

–	13,908	151	2,345	2,309	1,806	20,519

–	8,214	151	1,520	1,380	1,251	12,516
–	5,694	–	825	929	555	8,003

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

13 PROPERTY, PLANT AND EQUIPMENT

(Continued)

Depreciation of the Group’s property, plant and equipment of

HK$10,193,000 (2024: HK$11,066,000) was included in

general and administrative expenses in the consolidated income

statement.

At 31 March 2024, the Group’s leasehold properties with a net

carying amount of HK$186,941,000 were pledged to secure

general banking facilities granted to the Group (Note 32).

During the year ended 31 March 2025, the leasehold properties

have ben transfered to investment properties (Note 14).

The Group holds several ofice units and parking spaces. The

Group is the registered owner of these property interests,

including the whole or part of undivided share in the underlying

land. Lump sum payments were made upfront to acquire these

property interests from their previous registered owners, and

there are no ongoing payments to be made under the terms of

the land lease, other than payments based on rateable values

set by the relevant government authorities. These payments

vary from time to time and are payable to the relevant

government authorities.

13 物业、厂房及设备（续）

本集团物业、厂房及设备折旧10,193,000

港元（二零二四年：11,066,000港元）已

计入合并收益表中的一般及行政费用。

于二零二四年三月三十一日，本集团已抵

押其账面净值为186,941,000港元的租赁

物业作为本集团获授的一般银行融资（附

注32）的抵押品。于截至二零二五年三月

三十一日止年度，租赁物业已转拨至投资

物业（附注14）。

本集团持有若干办公室单位及泊车位。本

集团为该等物业权益的注册拥有人，包括

相关土地之全部或部分未分割份额。本集

团已预先支付一次性付款以从其过往注

册拥有人收购该等物业权益，除了根据相

关政府机构设定应课租值的差饷外，概无

其他需要按土地租赁条款而进行的持续

付款。该等款项会不时变化，并应支付予

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

14 INVESTMENT PROPERTIES (Continued)

In estimating the fair value of the properties, the highest and

best use of the properties is their curent use.

Valuation

technique

Significant unobservable

inputs

Relationship of unobservable

inputs to fair value

估值技术重大不可观察输入数据

不可观察输入数据与

公平值的关系

Ofice units located in

Hong Kong

Direct comparison

aproach

Market unit rate, taking into

acount the recent transaction

prices for similar properties,

adjusted for nature, location

and conditions of the property,

which ranged from HK$9,000

to HK$13,000 per square meter

(“sqm”)

An increase in the market unit rate

used would result in an increase

in fair value, and vice versa

位于香港的办公室单位直接比较法市场单位费率，经计及类似物业

的近期交易价格，并就物业的

性质、位置及状况作出调整，

介乎每平方米（「平方米」）9,000

港元至13,000港元

所用市场单位费率增加将导致公平

值增加，反之亦然

Car parks located in

Hong Kong

Direct comparison

aproach

Market unit rate, taking into

acount the recent transaction

prices for similar properties,

adjusted for nature, location

and conditions of the property,

which ranged from HK$1.5

milion to HK$2 milion per unit

An increase in the market unit rate

used would result in an increase

in fair value, and vice versa

位于香港的停车场直接比较法市场单位费率，经计及类似物业

的近期成交价，并就物业的性

质、位置及状况作出调整，介

乎每单位1,500,000港元至

2,000,000港元

所用市场单位费率增加将导致公平

值增加，反之亦然

The fair value measurement is categorised into Level 3 fair

value hierarchy.

During the year ended 31 March 2025, there are no transfers

betwen Level 1 and Level 2, or transfers into or out of Level 3.

14 投资物业（续）

于估计物业之公平值时，物业之最高及最

佳用途为其现时用途。

公平值计量分类为第三级公平值层级。

截至二零二五年三月三十一日止年度，第

一级与第二级之间并无转移，亦无转入或

转出第三级。

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

14 INVESTMENT PROPERTIES (Continued) 14 投资物业（续） The Group’s policy is to recognise transfers between levels of 本集团的政策为于发生转移的报告期末 fair value hierarchy as at the end of the reporting period in 确认公平值层级之间的转移。 which they occur. At 31 March 2025, the Group’s investment properties with a 于二零二五年三月三十一日，本集团账面 net carrying amount of HK$123,500,000 (2024: HK$Nil) were 净值为123,500,000港元（二零二四年： pledged to secure other borrowings granted to the Group 零港元）之投资物业已作抵押，作为本集 (Note 32). 团获授其他借贷之担保（附注32）。 15 RIGHT-OF-USE ASSETS 15 使用权资产 This note provides information for leases where the Group is a 本附注提供租赁（当本集团为承租人）之 lessee. 资料。 (i) Amounts recognised in the consolidated (i) 于合并财务状况表确认的金额 statement of financial position The consolidated statement of financial position shows 合并财务状况表列示下列与租赁有 the following amounts relating to leases: 关的金额： 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Right-of-use assets 使用权资产 Leasehold properties 租赁物业 6,008 8,999 Lease liabilities 租赁负债 Current 流动 2,344 3,890 Non-current 非流动 4,262 5,826 6,606 9,716 Additions to the right-of-use assets during the year ended 截至二零二五年三月三十一日止年 31 March 2025 were HK$3,382,000 (2024:HK$1,865,000). 度，使用权资产添置为3,382,000 港元（二零二四年：1,865,000港元）。

2025
二零二五年
HK$’000
千港元
6,008
2,344
4,262
6,606

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
3,039
234
6,761

2025
二零二五年
HK$’000
千港元
14,475
8,462
22,937

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

15 使用权资产（续）

(i) 于合并收益表确认的金额

合并收益表列示下列与租赁有关的

金额：

二零二五年租赁的现金流出总额为

10,048,000港元（二零二四年：

3,971,000港元）。

16 无形资产

15 RIGHT-OF-USE ASETS (Continued)

(i) Amounts recognised in the consolidated

income statement

The consolidated income statement shows the folowing

amounts relating to leases:

二零二四年

NotesHK$’000

附注千港元

Depreciation charge of right-of-

use asets

使用权资产折旧费

Leasehold properties租赁物业3,986

Interest expenses (included in

finance costs)

利息支出（计入财务

成本）9284

Expense relating to short-term

lease (included in general and

administrative expenses)

与短期租赁有关的支出

（计入一般及行政

费用）10(b)18

Total cash outflow for leases in 2025 was HK$10,048,000

(2024: HK$3,971,000).

16 INTANGIBLE ASETS

As at 31 March

于三月三十一日

二零二四年

NoteHK$’000

附注千港元

Godwil商誉(a)8,035

Other intangible asets其他无形资产(b)3,215

11,250

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

16 INTANGIBLE ASSETS (Continued) 16 无形资产（续） (a) Goodwill (a) 商誉 HK$’000 千港元 At 1 April 2023, 31 March 2024 and 于二零二三年四月一日、 1 April 2024 二零二四年三月三十一日及二零二四年四月一日 8,035 Acquisition of subsidiaries (Note 38) 收购附属公司（附注38） 14,475 Impairment 减值 (8,035) At 31 March 2025 于二零二五年三月三十一日 14,475 Impairment tests for goodwill 商誉减值测试 Goodwill acquired through business combinations is 业务合并取得的商誉分配至以下现 allocated to the following CGUs for impairment testing: 金产生单位进行减值测试： As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Food trading 2023 cash-generating unit 食品贸易二零二三年现金 “( CGU”) 产生单位（「现金产生单位」） – 8,035 Food trading 2025 CGU 食品贸易二零二五年现金产生单位 14,475 – 14,475 8,035 Food trading 2023 CGU 食品贸易二零二三年现金产生单位 The Group recognised goodwill of HK$8,035,000 during 本集团于截至二零二三年三月 the year ended 31 March 2023 as a result of acquisition 三十一日止年度确认商誉8,035,000 of the equity interest in Shag Mei International Food 港元，乃由于收购正味国际食品有 Limited (“Shag Mei International”). Shag Mei 限公司（「正味国际」）之股权。正味 International is principally engaged in the food trading 国际主要于香港从事食品贸易业务 business in Hong Kong (the “Food Trading 2023 （「食品贸易二零二三年现金产生单 CGU”). 位」）。

14,475

2025
二零二五年
HK$’000
千港元
–
14,475
14,475

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
2.0%
20.1%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

16 无形资产（续）

(a) 商誉（续）

商誉减值测试（续）

食品贸易二零二三年现金产生单

位（续）

食品贸易二零二三年现金产生单位

的可收回金额乃基于使用价值计算

而厘定。该计算使用管理层批准涵

盖五年期间（二零二四年：五年期

间）的财务预算现金流量预测。其

后，现金流量使用不超过食品贸易

二零二三年现金产生单位所经营业

务的长期平均增长率之永久增长率

推算。

使用价值计算所用的主要假设如下：

根据评估，于二零二五年三月

三十一日，计入食品贸易业务分部

的食品贸易二零二三年现金产生单

位的可收回金额厘定为1,721,000

港元。由于香港餐饮业务低迷，客

户需求减少，导致销售收入及利润

率下降。因此，与食品贸易二零

二三年现金产生单位有关的预期未

来现金流量已减少，食品贸易二零

二三年现金产生单位的账面值已相

应减至可收回金额，而减值亏损

8,692,000港元已于截至二零二五年

三月三十一日止年度的损益中确

认。与食品贸易二零二三年现金产

生单位有关的商誉8,035,000港元

已悉数减值，而余下657,000港元

已分配至收购正味国际后所收购的

客户关系。

16 INTANGIBLE ASETS (Continued)

(a) Godwil (Continued)

Impairment tests for godwil (Continued)

Fod trading 2023 CGU (Continued)

The recoverable amount of the Fod Trading 2023 CGU

is determined based on value-in-use calculations. The

calculations use cash flow projections based on financial

budgets aproved by management covering a 5-year

period (2024: 5-year period). Thereafter, the cash flows

are extrapolated using the terminal growth rate not

exceding the long-term average growth rate for the

busines in which the Fod Trading 2023 CGU operates.

The key asumptions used in value-in-use calculation are

as folows:

As at 31 March

于三月三十一日

二零二四年

Terminal growth rate永久增长率2.2%

Discount rate (pre-tax)贴现率（税前）21.7%

Based on the asesment, as at 31 March 2025, the

recoverable amount of the Fod Trading 2023 CGU, as

included in the fod trading busines segment, was

determined to be HK$1,721,000. Due to the downturn

in the fod and beverage busines in Hong Kong, there

has ben a decrease in customer demand, leading to

lower sales revenue and profit margins. As a result, the

expected future cash flows asociated with the Fod

Trading 2023 CGU have diminished and the carying

amount of the Fod Trading 2023 CGU has ben reduced

to the recoverable amount acordingly and an

impairment los of HK$8,692,000 was recognised in the

profit or los for the year ended 31 March 2025.

Godwil related to Fod trading 2023 CGU amounted to

HK$8,035,000 has ben fuly impaired, and the

remaining HK$657,000 was alocated to the customer

relationships acquired upon the acquisition of Shag Mei

International.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

16 INTANGIBLE ASSETS (Continued) 16 无形资产（续） (a) Goodwill (Continued) (a) 商誉（续） Impairment tests for goodwill (Continued) 商誉减值测试（续） Sensitivity analysis 敏感度分析 An increase in the terminal growth rate used in isolation 单独使用的永久增长率上升将导致 would result in a increase in the recoverable amount of 食品贸易二零二三年现金产生单位 the Food Trading 2023 CGU, and vice versa. A 1% 的可收回金额增加，反之亦然。永 increase/decrease in the terminate growth rate holding all 久增长率上升╱下降1%，而所有 other variables constant would increase/decrease the 其他变量保持不变，则可收回金额 recoverable amount and decrease/increase the 将增加╱减少372,000港元及减值 impairment loss by HK$372,000 and HK$333,000 亏损将减少╱增加333,000港元（二 respectively (2024: nil). 零二四年：无）。 An increase in the discount rate used in isolation would 单独使用的贴现率上升将导致食品 result in a decrease in the recoverable amount of the 贸易二零二三年现金产生单位的可 Food Trading 2023 CGU, and vice versa. A 1% increase/ 收回金额减少，反之亦然。贴现率 decrease in the discount rate holding all other variables 上升╱下降1%，而所有其他变量 constant would decrease/increase the recoverable 保持不变，则可收回金额将减 amount and increase/decrease the impairment loss by 少╱增加574,000港元及减值亏损 HK$574,000 and HK$653,000 respectively (2024: nil). 将增加╱减少653,000港元（二零二四年：无）。 Food trading 2025 CGU 食品贸易二零二五年现金产生单位 The Group recognised goodwill of HK$14,475,000 本集团于截至二零二五年三月 during the year ended 31 March 2025 as a result of 三十一日止年度确认商誉 acquisition of the equity interest in Ocean Fresh Supply 14,475,000港元，乃由于收购食上 Limited (now known as Shag Mei Gourmet Group 鲜品有限公司（现称正味食品集团 Limited) (“Ocean Fresh”). Ocean Fresh is principally 有限公司）（「食上鲜品」）之股权。食 engaged in the food trading business in Hong Kong (the 上鲜品主要于香港从事食品贸易业 “Food Trading 2025 CGU”). 务（「食品贸易二零二五年现金产生单位」）。 The recoverable amount of the Food Trading 2025 CGU 食品贸易二零二五年现金产生单位 is determined based on value-in-use calculations. The 的可收回金额乃基于使用价值计算 calculations use cash flow projections based on financial 而厘定。该计算使用管理层批准涵 budgets approved by management covering a 5-year 盖五年期间的财务预算现金流量预 period. Thereafter, the cash flows are extrapolated using 测。其后，现金流量使用不超过食 the terminal growth rate not exceeding the long-term 品贸易二零二五年现金产生单位所 average growth rate for the business in which the Food 经营业务的长期平均增长率之永久 Trading 2025 CGU operate. 增长率推算。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
2.0%
23.5%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

16 无形资产（续）

(a) 商誉（续）

商誉减值测试（续）

食品贸易二零二五年现金产生单位

（续）

使用价值计算所用的主要假设如下：

管理层按其对市场发展的预期厘定

预算收入，而增长率乃基于行业预

测及管理层的预期而估计。永久增

长率乃基于预期通胀率。贴现率反

映与相关营运分部有关的特定风

险。于二零二五年三月三十一日，

食品贸易二零二五年现金产生单位

的估计可收回金额超过其账面值，

而董事认为商誉于二零二五年三月

三十一日毋须减值。

管理层相信，上述任何假设中的任

何合理可能变动将不会导致减值。

16 INTANGIBLE ASETS (Continued)

(a) Godwil (Continued)

Impairment tests for godwil (Continued)

Fod trading 2025 CGU (Continued)

The key asumptions used in value-in-use calculation are

as folows:

As at 31 March

于三月三十一日

Terminal growth rate永久增长率

Discount rate (pre-tax)贴现率（税前）

Management determined the budgeted revenue based

on their expectations of market developments with the

growth rates being estimated based on the industry

forecasts and management’s expectations. The terminal

growth rate is based on the expected inflation rate. The

discount rates reflect specific risks relating to the relevant

operating segments. As at 31 March 2025, the estimated

recoverable amounts of the Fod Trading 2025 CGU

exceded its carying value and the directors are of the

opinion that there was no impairment of godwil as at

31 March 2025.

Management believes that any reasonable posible

change in any of the above asumptions would not result

in impairment.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

16 INTANGIBLE ASSETS (Continued) 16 无形资产（续） (b) Other intangible assets (b) 其他无形资产 Money lending Customer license relationship Total 放债人牌照客户关系总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元 Cost 成本 As at 1 April 2023, 于二零二三年四月一日、 31 March 2024 and 二零二四年 1 April 2024 三月三十一日及二零二四年四月一日 1,703 6,950 8,653 Addition 添置 – 6,742 6,742 At 31 March 2025 于二零二五年三月三十一日 1,703 13,692 15,395 Amortisation and impairment 摊销及减值 At 1 April 2023 于二零二三年四月一日 1,703 2,895 4,598 Charge for the year 年度支出 – 840 840 At 31 March 2024 and 于二零二四年 1 April 2024 三月三十一日及二零二四年四月一日 1,703 3,735 5,438 Charge for the year 年度支出 – 838 838 Impairment (Note 16(a)) 减值（附注16(a)） – 657 657 At 31 March 2025 于二零二五年三月三十一日 1,703 5,230 6,933 Carrying values 账面值 At 31 March 2025 于二零二五年三月三十一日 – 8,462 8,462 At 31 March 2024 于二零二四年三月三十一日 – 3,215 3,215 For the year ended 31 March 2025, amortisation charge 截至二零二五年三月三十一日止年 of HK$838,000 (2024: HK$840,000) was included in 度，摊销开支838,000港元（二零 general and administrative expenses in the consolidated 二四年：840,000港元）计入合并收 income statement. 益表内一般及行政费用。

1,703	13,692	15,395

1,703	5,230	6,933
–	8,462	8,462

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

16 无形资产（续）

(b) 其他无形资产（续）

放债人牌照

于二零一六年七月，本集团凭借收

购一间于香港注册成立的公司，在

香港取得放债人牌照。放债人牌照

的法定有效期为一年，但可以不高

昂的成本续牌。本公司董事认为，

本集团可以续领放债人牌照，并持

续持有该牌照。于报告期末，放债

人牌照已悉数摊销。

客户关系

客户关系在业务合并过程中获得，

按收购日期的公平值确认。客户关

系的使用年期有限，并按成本减累

计摊销及任何累计减值亏损列账。

摊销乃以直线法按客户关系的估计

可使用年期进行计算。

收购正味国际时确认的客户关系使

用年期为五年。于报告期末，正味

国际的客户关系的余下摊销期为34

（二零二四年：46）个月。

收购食上鲜品时确认的客户关系使

用年期为五年。于报告期末，食上

鲜品的客户关系的余下摊销期为60

（二零二四年：零）个月。

16 INTANGIBLE ASETS (Continued)

(b) Other intangible asets (Continued)

Money lending license

In July 2016, the Group acquired a money lending license

in Hong Kong through acquisition of a Hong Kong

incorporated company. The money lending license has a

legal life of one year but is renewable at insignificant

cost. The directors of the Company are of the opinion

that the Group could renew the money lending license

and maintain the license continuously. At the end of the

reporting period, the money lending license has ben

fuly amortised.

Customer relationships

Customer relationships acquired in a busines

combination are recognised at fair value at the acquisition

date. The customer relations have finite useful lives and

are caried at cost les acumulated amortisation and any

acumulated impairment loses. Amortisation is

calculated using the straight-line method over the

expected useful life of the customer relationship.

The useful life of customer relationships recognised

during acquisition of Shag Mei International was five

years. At the end of the reporting period, the remaining

amortisation period of the customer relationship of Shag

Mei International is 34 (2024: 46) months.

The useful life of customer relationships recognised

during acquisition of Ocean Fresh was five years. At the

end of the reporting period, the remaining amortisation

period of the customer relationship of Ocean Fresh is 60

(2024: nil) months.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

17 PARTICULARS OF PRINCIPAL SUBSIDIARIES 17 主要附属公司的详情 Details of the Company’s principal subsidiaries as at 31 March 于二零二五年及二零二四年三月三十一 2025 and 2024, are as follows: 日的本公司主要附属公司详情载列如下： Place of Particulars of incorporation/ issued, Principal place Principal registered/ Name Legal status of business activities paid up capital Interest held 注册成立地点╱ 已发行、注册╱ 名称╱姓名法律地位主要营业地点主要业务缴足股本详情所持权益 2025 2024 二零二五年二零二四年 Directly owned: 直接拥有： Golden Profit Global Limited liability British Virgin Islands Investment holding US$10,000 100% 100% Trading Limited company “( BVI”) 盈金环球贸易有限公司有限责任公司英属处女群岛投资控股 10,000美元（「英属处女群岛」） Indirectly owned: 间接拥有： Top Harvest Capital Limited Limited liability BVI/Hong Kong Property holding US$100 100% 100% company 拓丰资本有限公司有限责任公司英属处女群岛╱香港物业持有 100美元 Goldenmars Technology Limited liability Hong Kong/ Assembling and trading HK$43,000,000 100% 100% (Hong Kong) Limited company Hong Kong of electronic components and products 晶芯科技（香港）股份有限公司有限责任公司香港╱香港组装及买卖电子元件 43,000,000港元及产品 Goldenmars Components Limited liability Hong Kong/ Assembling and trading US$1,000,000 51% 51% Company Limited company Hong Kong of electronic components and products 晶芯发展科技有限公司有限责任公司香港╱香港组装及买卖电子元件 1,000,000美元及产品 Hunlicar CCIG Financial Limited liability Hong Kong/ Money lending HK$10,000 100% 100% Management Limited company Hong Kong business (Previously known as: Huabang Finance Limited) 亨利加金融管理有限公司有限责任公司香港╱香港借贷业务 10,000港元（前称：华邦财务有限公司）

2025
二零二五年
100%
100%
100%
51%
100%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
100%
100%
100%
100%
100%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

17 主要附属公司的详情（续）

于二零二五年及二零二四年三月三十一

日的本公司主要附属公司详情载列如下：

（续）

上表载列董事认为主要影响本年度业绩

或构成本集团净资产重大部分的本公司

附属公司。

有关本集团各拥有重大非控股权益的附

属公司之财务资料概要载列如下。以下财

务资料概要指集团内公司间对销前的金

额。

NameLegal status

Place of

incorporation/

Principal place

of busines

Principal

activities

Particulars of

isued,

registered/

paid up capitalInterest held

名称╱姓名法律地位

注册成立地点╱

主要营业地点主要业务

已发行、注册╱

缴足股本详情所持权益

二零二四年

Indirectly owned: (Continued)

间接拥有：（续）

Huabang Financial Investments

Limited

Limited liability

company

BVI/Hong KongProperty holdingUS$100100%

华邦金融投资有限公司有限责任公司英属处女群岛╱香港物业持有100美元

Huabang Corporate Finance

Limited

Limited liability

company

Hong Kong/

Hong Kong

Advisory services

busines

HK$15,000,000100%

华邦融资有限公司有限责任公司香港╱香港咨询服务业务15,000,000港元

Wanhai Securities (HK) LimitedLimited liability

company

Hong Kong/

Hong Kong

Securities brokerage

busines

HK$97,500,000100%

万海证券（香港）有限公司有限责任公司香港╱香港证券经纪业务97,500,000港元

Shag Mei International Fod

Limited

Limited liability

company

Hong Kong/

Hong Kong

Fod trading businesHK$10,000100%

正味国际食品有限公司有限责任公司香港╱香港食品贸易业务10,000港元

Ocean Fresh Suply LimitedLimited liability

company

Hong Kong/

Hong Kong

Fod trading businesHK$1100%

食上鲜品有限公司有限责任公司香港╱香港食品贸易业务1港元

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

the opinion of the directors, principaly afected the results for

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

Group.

Sumarised financial information in respect of each of the

Group’s subsidiaries that has material non-controling interests

is set out below. The sumarised financial information below

represents amounts before intragroup eliminations.

17 PARTICULARS OF PRINCIPAL SUBSIDIARIES

(Continued)

Details of the Company’s principal subsidiaries as at 31 March

2025 and 2024, are as folows: (Continued)

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

17 PARTICULARS OF PRINCIPAL SUBSIDIARIES 17 主要附属公司的详情（续） (Continued) Goldenmars Components Company Limited 晶芯发展科技有限公司 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Non-controlling interests percentage 非控股权益百分比 49% 49% Current assets 流动资产 106,545 141,043 Current liabilities 流动负债 95,967 135,459 Equity attributable to owners of 本公司拥有人应占权益 the Company 5,395 2,848 Non-controlling interests 非控股权益 5,183 2,736 Revenue 收入 89,570 225,848 Expenses 开支 (84,577) (233,217) Profit/(loss) and total comprehensive 年度利润╱（亏损）及综合支出 expense for the year 总额 4,993 (7,369) Profit/(loss) and total comprehensive 本公司拥有人应占利润╱（亏损） income/(expense) attributable to 及综合收入╱（支出）总额 owners of the Company 2,546 (3,758) Profit/(loss) and total comprehensive 非控股权益应占利润╱（亏损）及 income/(expense) attributable to 综合收入╱（支出）总额 the non-controlling interests 2,447 (3,611) Profit/(loss) and total comprehensive 年度利润╱（亏损）及综合 income/(expense) for the year 收入╱（支出）总额 4,993 (7,369) Dividends paid to non-controlling interests 已派非控股权益之股息 – – Net cash (outflow)/inflow from 经营活动产生的现金（流出）╱ operating activities 流入净额 (39,814) 46,614 Net cash inflow from investing activities 投资活动产生的现金流入净额 47 – Net cash outflow from financing activities 融资活动产生的现金流出净额 – (18,701) Net cash (outflow)/inflow 现金（流出）╱流入净额 (39,767) 27,913

2025
二零二五年
HK$’000
千港元
49%
106,545
95,967
5,395
5,183
89,570
(84,577)
4,993
2,546
2,447
4,993
–
(39,814)
47
–
(39,767)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
10,581
(4,177)
(6,258)
333
479
(181)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

18 于联营公司之权益

由于累计应占亏损及已确认减值亏损大

于此联营公司的权益，故本集团于年内并

无确认应占联营公司业绩。年内未确认应

占亏损及截至及于二零二五年三月三十一

日的应占累计亏损分别约为零港元及

4,036,000港元（二零二四年：应占亏损

及累计亏损分别为零港元及4,036,000港

元）。

18 INTERESTS IN ASOCIATES

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Costs of interests in asociates于联营公司之权益成本9,921

Share of post-acquisition los and

other comprehensive expense, net of

dividends received

应占收购后亏损及其他综合

支出，扣除已收股息

(3,996)

Impairment los recognised确认减值亏损(6,258)

Exchange adjustments汇兑调整333

–

Share of los of asociates during the year年度应占联营公司亏损–

The Group has not recognised a share of result of the asociate

for the year as the acumulated share of loses and impairment

los recognised are greater than the interest in this asociate.

The unrecognised share of loses for the year and acumulated

share of loses up to and as at 31 March 2025 is aproximately

HK$nil and HK$4,036,000 respectively (2024: share of loses

and acumulated loses of HK$nil and HK$4,036,000

respectively).

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

18 INTERESTS IN ASSOCIATES (Continued) 18 于联营公司之权益（续） Particulars of the Group’s associates are as follows: 本集团的联营公司详情如下： Particulars Place of Percentage of of issued, incorporation 百分比 registered/ and principal paid up Legal place of Ownership Principal Name 名称╱姓名 capital status business interest Voting power Profit sharing activities 已发行、注册╱ 注册成立地点缴足股本详情法律地位及主要营业地点所有权权益投票权应占利润主要业务 2025 2024 2025 2024 2025 2024 二零二五年二零二四年二零二五年二零二四年二零二五年二零二四年 Hong Kong Financial 香港金融服务 HK$1,000,000 Limited liability Hong Kong 30% – 30% – 30% – Provision of Services Holding Limited 控股有限公司 company financial advisory service 1,000,000港元有限责任公司香港提供财务顾问服务 Hangzhou Shierzhangwen 杭州十二章纹文化 RMB11,641,384 Limited liability PRC 40% 40% 40% 40% 40% 40% Publication Wenhua Chuanbo 传播有限公司 company of comic Company Limited （「十二章纹」） books “( Shierzhangwen”) 杭州十二章纹文化传播有限公司人民币有限责任公司中国出版漫画书 11,641,384元

2025		2025		2025
二零二五年		二零二五年		二零二五年
	– 40%		– 40%
30%		30%		30%
40%		40%		40%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
3,361
–
3,361

2025
二零二五年
HK$’000
千港元
1,811
(1,811)
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

19 存货

确认为开支并计入销售成本的存货成本

为141,229,000港元（二零二四年：

342,907,000港元）。

存货减值拨备变动如下：

19 INVENTORIES

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Finished gods制成品10,072

Les: provision for impairment of

inventories

减：存货减值拨备

(1,811)

8,261

The cost of inventories recognised as expenses and included in

cost of sales amounted to HK$141,229,000 (2024:

HK$342,907,000).

Movements in provision for impairment of inventories are as

folows:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Begining of the year年初1,811

Writen-of撇销–

End of the year年末1,811

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

20 LOAN RECEIVABLES 20 应收贷款 As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Loan receivables 应收贷款 85,224 63,112 Less: Impairment 减：减值 — Loss — 亏损 (46,488) (48,172) 38,736 14,940 Analysed as 分析为 — Current — 流动 12,216 – — Non-current — 非流动 26,520 14,940 38,736 14,940 The Group’s loan receivables, which arise from its money 本集团的应收贷款由香港的借贷业务所 lending business in Hong Kong, are denominated in HK$, 产生，以港元计值，无抵押及以固定利率 unsecured, bearing fixed interest rate from 10% to 15% 10%至15%计息（二零二四年：8%至 (2024: 8% to 15%), and recoverable within one to three years 15%），并可自贷款协议开始之日起一至 (2024: one year) from the dates of inception of the loan 三年内收回（二零二四年：一年）。 agreements. A maturity profile of the loan receivables as at the end of the 于报告期末按到期日及扣除减值拨备计 reporting periods, based on the maturity date and net of 算的应收贷款到期情况如下： impairment allowance, is as follows: As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Within one year or recoverable on demand 一年以内或可按要求收回 26,520 14,940 More than two year and not more than 两年以上但不超过五年 five years 12,216 – 38,736 14,940

2025
二零二五年
HK$’000
千港元
85,224
(46,488)
38,736
12,216
26,520
38,736

2025
二零二五年
HK$’000
千港元
26,520
12,216
38,736

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
38,736

2025
二零二五年
HK$’000
千港元
184,916
2,417
923
188,256
(89,170)
99,086

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

20 应收贷款（续）

于报告期末按逾期日期及扣除减值拨备

计算的应收贷款账龄分析如下：

21 应收账款

20 LOAN RECEIVABLES (Continued)

An ageing analysis of the loan receivables as at the end of the

reporting period, based on the due date and net of impairment

alowance, is as folows:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Not past due未逾期14,940

21 ACOUNT RECEIVABLES

As at 31 March

于三月三十一日

二零二四年

NoteHK$’000

附注千港元

Trade receivables贸易应收账款(b)192,128

Cash client receivables应收现金客户款项(a)240,709

Margin client receivables应收保证金客户款项(a)–

432,837

Les: Impairment减：减值(317,396)

115,441

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

21 ACCOUNT RECEIVABLES (Continued) 21 应收账款（续） Account receivables are denominated in the following 应收账款乃以下列货币计值： currencies: As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 7,421 27,711 US$ 美元 91,665 87,730 99,086 115,441 Other than those disclosed in Note (a) below, the Group does 除下文附注(a)所披露者外，本集团并无 not hold any collateral as security for other account receivables. 持有任何抵押品作为其他应收账款的抵押品。 Notes: 附注： (a) Analysis of cash and margin client receivables (a) 应收现金及保证金客户款项分析 The carrying amount of cash and margin client receivables of the Group 本集团应收现金及保证金客户款项账面值如 was as follows: 下： As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Cash client receivables 应收现金客户款项 2,417 240,709 Margin client receivables 应收保证金客户款项 923 – Less: Impairment 减：减值 — Doubtful — 呆账 (10) – — Loss — 亏损 (475) (229,336) 2,855 11,373 (i) As at 31 March 2025, the Group held securities with an aggregate (i) 于二零二五年三月三十一日，本集团 fair value of HK$30,134,000 (2024: HK$23,384,000) as collaterals 持有总公平值为30,134,000港元（二零 over the receivables. The cash and margin client receivables are 二四年：23,384,000港元）的证券，作 interest-bearing and have no fixed repayment terms. 为应收款项的抵押品。应收现金及保证金客户款项为计息且无固定还款期限。 No ageing analysis is disclosed as in the opinion of the directors, 董事认为，鉴于经纪业务的性质，账 the ageing analysis does not give additional value in view of the 龄分析不会带来额外价值，故并无披 nature of brokerage business. 露账龄分析。

2025
二零二五年
HK$’000
千港元
7,421
91,665
99,086

2025
二零二五年
HK$’000
千港元
2,417
923
(10)
(475)
2,855

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
184,916
(88,685)
96,231

2025
二零二五年
HK$’000
千港元
14,912
3,049
889
–
166,066
184,916

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

21 应收账款（续）

附注：（续）

(b) 贸易应收账款分析

本集团贸易应收账款账面值如下：

(i) 本集团授予贸易业务客户的信贷期介

乎1日至90日（二零二四年：1日至60

日）之间。于报告期末按发票日期及于

扣除减值拨备前的相关贸易应收账款

账龄分析如下：

21 ACOUNT RECEIVABLES (Continued)

Notes: (Continued)

(b) Analysis of trade receivables

The carying amount of trade receivables of the Group was as folows:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Trade receivables贸易应收账款192,128

Les: Impairment减：减值(88,060)

104,068

(i) The Group grants credit period ranging from 1 day to 90 days

(2024: from 1 day to 60 days) to the customers of trading

busines. The ageing analysis of relevant trade receivables at the

end of the reporting period based on invoice date and before

impairment alowance is as folows:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

1–30 days1至30日8,325

31–60 days31至60日8,033

61–90 days61至90日–

91–180 days91至180日80,150

Over 180 days超过180日95,620

192,128

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

22 DEPOSITS, PREPAYMENTS AND OTHER 22 按金、预付款项及其他应收款 RECEIVABLES 项 As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Non-current 非流动 Other non-current deposits 其他非流动按金 2,805 3,001 Other assets 其他资产 (1) 205 155 3,010 3,156 Current 流动 Prepayments 预付款项 494 1,576 Deposits and other receivables 按金及其他应收款项 (2) 9,371 4,397 Interest receivables 应收利息 (3) 156 – 10,021 5,973 Total deposits, prepayments and 按金、预付款项及其他应收 other receivables 款项总额 13,031 9,129 Deposits, prepayments and other receivables are denominated 按金、预付款项及其他应收款项乃以下列 in the following currencies: 货币计值： As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 12,651 8,992 RMB 人民币 380 – US$ 美元 – 137 13,031 9,129

2025
二零二五年
HK$’000
千港元
2,805
205
3,010
494
9,371
156
10,021
13,031

2025
二零二五年
HK$’000
千港元
12,651
380
–
13,031

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
50
50
50
50
5
205

2025
二零二五年
HK$’000
千港元
5,343
(5,187)
156

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

22 按金、预付款项及其他应收款

项（续）

附注：

(1) 其他资产

本集团其他资产账面总值如下：

于二零二五年及二零二四年三月三十一日，

所有其他资产并未逾期。

(2) 按金及其他应收款项

本公司董事认为，鉴于业务的性质，账龄分

析不会带来额外价值，故并无就按金及其他

应收款项披露账龄分析。

于二零二五年及二零二四年三月三十一日，

所有按金及其他应收款项并未逾期。

(3) 应收利息

22 DEPOSITS, PREPAYMENTS AND OTHER

RECEIVABLES (Continued)

Notes:

(1) Other asets

The gros carying amount of other asets of the Group was as folows:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Hong Kong Securities Clearing Company Limited香港中央结算有限公司

— guarante fund deposit— 保证基金按金50

— admision fe— 参与费50

The Stock Exchange of Hong Kong Limited香港联合交易所有限公司

— compensation fund deposit— 赔偿基金按金50

— fidelity fund deposit— 互保基金按金–

— stamp duty deposit— 印花税按金5

As at 31 March 2025 and 2024, al other asets were not past due.

(2) Deposits and other receivables

No aging analysis is disclosed for deposits and other receivables as in the

opinion of the directors of the Company, the aging analysis does not give

aditional value in view of the nature of the busines.

As at 31 March 2025 and 2024, al deposits and other receivables were

not past due.

(3) Interest receivables

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Interest receivables应收利息5,187

Les: Impairment减：减值(5,187)

–

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

23 OTHER FINANCIAL ASSETS 23 其他金融资产 As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 Note HK$’000 HK$’000 附注千港元千港元 Investments designated at fair value 指定为按公平值计入 through profit or loss: 损益之投资： Listed equity securities — 上市股本证券 — Hong Kong 香港 (i) 141 192 Other fund investments 其他基金投资 890 – 1,031 192 Equity securities designated at 指定为按公平值计入其他 fair value through other 综合收入之股本证券 comprehensive income Unlisted equity securities 非上市股本证券 (ii) 4,887 4,354 Notes: 附注： (i) The listed equity securities and other fund investments were classified as (i) 由于上市股本证券及其他基金投资乃持作买 financial assets at fair value through profit or loss as they were held for 卖，故分类为按公平值计入损益之金融资产。 trading. (ii) The unlisted equity securities represent ordinary shares of unlisted entities (ii) 未上市股本证券指于香港未上市实体之普通 in Hong Kong. These investments are not held for trading, instead, they 股。该等投资并非持作买卖，而是持作长期 are held for long-term strategic purposes. The directors of the Company 策略用途。本公司董事已选择将该等股本工 have elected to designate these investments in equity instruments as at 具投资指定为按公平值计入其他综合收入， FVTOCI as they believe that recognising short-term fluctuations in these 因为彼等相信，于损益中确认该等投资之公 investments’ fair value in profit or loss would not be consistent with the 平值的短期波动，与本集团为长远目的持有 Group’s strategy of holding these investments for long-term purposes and 该等投资并在长远而言实现其表现潜力之策 realising their performance potential in the long run. 略并不一致。 24 BANK BALANCES HELD ON BEHALF OF 24 代客户持有之银行结余 CLIENTS The Group has classified the clients’ monies as bank balances 本集团将客户款项分类为合并财务状况 held on behalf of clients in current assets of the consolidated 表内流动资产项下代客户持有之银行结 statement of financial position and recognised the 余，并于合并财务状况表内流动负债项下 corresponding account payables to respective clients in current 确认相应应付相关客户账款。本集团可保 liabilities of the consolidated statement of financial position. 留客户款项的利息。本集团根据相关法 The Group is allowed to retain interest on the clients’ monies. 例，于持牌银行设有独立信托账户保存客 The Group maintains segregated trust accounts with licensed 户款项，其中结余为175,940,000港元。 banks to hold clients’ monies in accordance with the relevant 本集团不可使用客户款项清偿其自身的 legislation for HK$175,940,000 among the balance. The Group 责任。余下结余不受任何相关法例规限。 is not allowed to use the clients’ monies to settle its own obligations. The remaining balance are not subject to any relevant legislation. As at 31 March 2025 and 2024, no impairment was made on 于二零二五年及二零二四年三月三十一 bank balances held on behalf of clients. 日，并无就代客户持有之银行结余作出减值。

2025
二零二五年
HK$’000
千港元
141
890
1,031
4,887

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
30
4
34
5,695
8,415
7,754
21,864
21,898

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

25 现金及现金等价物

现金及现金等价物乃以下列货币计值：

银行存款的实际利率为每年0.1%（二零

二四年：0.3%）。

于中国将以人民币计值的银行及现金结

余兑换为外币及将此存款或现金汇出中

国须遵守中国政府制定的外汇管理相关

条例及规定。于二零二五年三月三十一

日，本集团存于中国境内银行的银行存款

约为402,000港元（二零二四年：1,009,000

港元）。

于二零二五年及二零二四年三月三十一

日，并无就现金及现金等价物作出减值。

25 CASH AND CASH EQUIVALENTS

Cash and cash equivalents are denominated in the folowing

curencies:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Cash on hand手头现金

HK$港元32

Israeli Shekel (“ILS”)以色列新谢克尔

（「以色列新谢克尔」）4

Cash at banks银行存款

HK$港元54,996

RMB人民币1,027

US$美元11,671

67,694

67,730

The efective interest rate on cash at bank was 0.1% (2024:

0.3%) per anum.

The conversion of bank and cash balances denominated in

RMB into foreign curencies in the PRC and the remitance of

these deposits or cash out of the PRC are subject to the

relevant rules and regulations of foreign exchange control

promulgated by the PRC government. As at 31 March 2025,

the Group’s cash at banks of aproximately HK$402,000

(2024: HK$1,009,000) was deposited at banks in the PRC.

As at 31 March 2025 and 2024, no impairment was made on

cash and cash equivalents.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

26 SHARE CAPITAL 26 股本 Authorised shares: 法定股份： As at 31 March 2025, the total authorised number of ordinary 于二零二五年三月三十一日，普通股的法 shares is 800 million shares (2024 (restated): 800 million shares) 定总数为800,000,000股（二零二四年（经 with a par value of HK$0.1 per share (2024 (restated): HK$0.1 重列）：800,000,000股），每股面值0.1 per share). 港元（二零二四年（经重列）：每股面值0.1 港元）。 Issued shares: 已发行股份： Number of shares Share capital 股份数目股本 ’000 HK$’000 千港元千港元 As at 1 April 2023 于二零二三年四月一日 526,162 4,385 Issuance of shares upon the placement 配售时发行股份（附注(1)） (Note (1)) 105,228 877 Issuance of shares upon the rights issue 供股时发行股份（附注(2)） (Note (2)) 315,695 2,630 As at 31 March 2024, 1 April 2024 于二零二四年三月三十一日、二零二四年四月一日 947,085 7,892 Consolidation of shares (Note (3)) 股份合并（附注(3)） (868,162) – Cancellation of treasury shares (Note (4)) 注销库存股份（附注(4)） (1,500) (150) As at 31 March 2025 于二零二五年三月三十一日 77,423 7,742 Notes: 附注： (1) On 19 September 2023, the Group completed a placing of new shares (1) 于二零二三年九月十九日，本集团根据一般 under general mandate (the “Placing 2023”), 105,228,000 ordinary 授权完成配售新股份（「二零二三年配售事 shares were issued by the Company. Shares were issued at a price of 项」）。本公司已发行105,228,000股普通股。 HK$0.25 per share giving the gross proceeds of approximately HK$26.3 股份按价格每股0.25港元发行，所得款项总 million. The net proceeds of approximately HK$25.5 million from the 额约为26,300,000港元。二零二三年配售事 Placing 2023 are intended to be used for general working capital of the 项所得款项净额约25,500,000港元拟用于本 Group. As at 31 March 2024, all of the net proceeds of approximately 集团的一般营运资金。于二零二四年三月 HK$25.5 million are used for general working capital of the Group. 三十一日，全部所得款项净额约25,500,000 港元已用作本集团之一般营运资金。 (2) On 18 December 2023, the Company proposed to implement the rights (2) 于二零二三年十二月十八日，本公司建议按 issue on the basis of one rights share for every two existing share held on 于二零二三年十二月一日（即记录日期）每持 1 December 2023 (the “Rights Issue”), being the record date, at the 有两股现有股份获发一股供股股份之基准进 subscription price of HK$0.18 per rights share. The Rights Issue was 行供股（「供股」），认购价为每股供股股份0.18 completed on 22 January 2024. As such, 315,695,100 shares, with par 港元。供股已于二零二四年一月二十二日完 value of HK$0.18 each, were issued and allotted under the Rights Issue 成。因此，已根据供股发行及配发 with proceeds of approximately HK$55.4 million after deducting direct 315,695,100股每股面值0.18港元之股份，所 cost credited to the Company’s equity under “Share premium”. 得款项约55,400,000港元（经扣除直接成本）已计入本公司之权益内「股份溢价」项下。

77,423	7,742

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

26 股本（续）

附注：（续）

，本公司董事建

议按每十二(12)股每股面值0.008333港元的

已发行及未发行股份将合并为一股每股面值

0.1港元的合并股份的基准进行股份合并。

根据于二零二四年九月二十四日通过的普通

决议案，股份合并已获本公司股东批准并于

二零二四年九月二十六日生效。

，本

公司建议注销及购回1,500,000股份。股份

以代价4,077,000港元购入。注销已于二零

二四年十二月六日完成。

27 以股份为基础的付款

股份奖励计划

于二零一九年三月十四日，本公司已采纳

股份奖励计划（「股份奖励计划」），据此

获选雇员（包括董事）及本集团非执行董

事（「获选人士」）可根据股份奖励计划条

款及股份奖励计划信托契据（「信托契据」）

获授予本公司股份（「奖励股份」）。股份

奖励计划自采纳日期起生效，除非另行终

止或修订，其有效期为自该日起计十年，

即至二零二九年三月十三日止。根据股份

奖励计划及信托契据，股份奖励计划受董

事会及股份奖励计划受托人（「受托人」）

管理。

倘董事会授出奖励股份后会导致董事会

根据本计划已授出的股份面值超过本公

司不时已发行股本之10%，则不得进一

步授出任何奖励股份。获选人士根据本计

划可获授的最高股份数目不得超过本公

司不时已发行股本之1%。

26 SHARE CAPITAL (Continued)

Notes: (Continued)

, the director of the Company proposed to implement

a share consolidation on the basis that every twelve (12) isued and

unisued shares of HK$0.008333 each would be consolidated into one

consolidated share of HK$0.1 each.

Pursuant to an ordinary resolution pased on 24 September 2024, the

share consolidation was aproved by the shareholders of the Company

and has become efective on 26 September 2024.

, the Company proposed to cancel

and buy back 1,500,000 shares. Shares were purchased at a consideration

of HK$4,077,000. The cancelation was completed on 6 December 2024.

27 SHARE-BASED PAYMENTS

Share award scheme

On 14 March 2019, the Company adopted the share award

scheme (the “Share Award Scheme”) under which shares of

the Company (the “Awarded Shares”) may be awarded to

selected employes (including directors) and non-executive

directors of the Group (the “Selected Person (s)”) pursuant to

the terms of the Share Award Scheme and trust ded of the

Share Award Scheme (the “Trust Ded”). The share award

scheme became efective on the adoption date and, unles

otherwise terminated or amended, wil remain in force for 10

years from that date, i.e., 13 March 2029. The Share Award

Scheme is subject to the administration of the Board of

Directors and the truste of the Share Award Scheme (the

“Truste”) in acordance with the Share Award Scheme and

the Trust Ded.

The Board of Directors shal not make any further award of

Awarded Shares which wil result in the nominal value of the

Shares awarded by the Board of Directors under the Scheme

exceding 10% of the isued share capital of the Company

from time to time. The maximum number of Shares which may

be awarded to a Selected Person under the Scheme shal not

exced 1% of the isued share capital of the Company from

time to time.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

27 SHARE-BASED PAYMENTS (Continued) 27 以股份为基础的付款（续） Share award scheme (Continued) 股份奖励计划（续） The Board of Directors may contribute funds to the trust 董事会可向信托契据构成的信托（「信托」） constituted by the Trust Deed (the “Trust”) for the purchase or 出资，用于购买或认购本公司股份及股份 subscription of shares of the Company and other purposes set 奖励计划和信托契据所载的其他目的。受 out in the Share Award Scheme and the Trust Deed. The 托人须根据信托契据的条款持有信托基 Trustee shall hold the trust fund in accordance with the terms 金。董事会可指示受托人在香港联合交易 of the Trust Deed. The Board of Directors may instruct the 所有限公司购买本公司股份，并依据股份 Trustee to purchase shares of the Company on The Stock 奖励计划及信托契据的条款和条件，以合 Exchange of Hong Kong Limited and to hold them in trust for 资格享有奖励股份人士（「合资格人士」） the benefit of the persons who are eligible for the Awarded 的利益为依归以信托持有有关股份。受托 Shares on and subject to the terms and conditions of the Share 人不得就根据信托持有的任何股份（包括 Award Scheme and the Trust Deed (the “Eligible Persons”). 但不限于奖励股份、任何由此产生的红利 The Trustee shall not exercise the voting rights in respect of any 股份及以股代息股份）行使投票权。 shares, including but not limited to the Awarded Shares, any bonus shares and scrip shares derived therefrom, held by it under the Trust. Subject to the terms and conditions of the Share Award 受限于股份奖励计划的条款及条件以及 Scheme and the fulfilment of all relevant vesting conditions, 履行所有相关归属条件，受托人根据股份 the respective Awarded Shares held by the Trustee on behalf of 奖励计划条文代表获选人士持有的相应 a Selected Person pursuant to the provision of the Share Award 奖励股份应按照归属时间表（如有）归属 Scheme shall vest in such Selected Person in accordance with 予该获选人士，而受托人应安排于归属日 the vesting schedule (if any) and the Trustee shall cause the 期将奖励股份无偿转让予该获选人士。 Awarded Shares to be transferred to such Selected Person on the vesting date at no consideration. During the years ended 31 March 2025 and 2024, no Awarded 截至二零二五年及二零二四年三月三十一 Shares were granted to any Eligible Persons of the Group. 日止年度，概无授出奖励股份予任何本集团合资格人士。 28 OTHER RESERVES 28 其他储备 (a) Merger reserve (a) 合并储备 The Group’s merger reserve represents the difference 本集团的合并储备指本公司的股本 between the share capital of the Company and the 与本集团旗下其他公司的股本的总 aggregate amount of share capital of other companies 金额（抵销集团内公司间投资后）之 comprising the Group, after elimination of intra-group 间的差额。 investments.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

28 其他储备（续）

(b) 资本储备

本集团的资本储备指i）视作直属控

股公司以其股东身份收购附属公司

余下非控股权益后作出的资本投

入，该资本投入已于二零一年四

月一日前无偿注入本集团；i）就于

二零二年九月十九日配售股份而

支付予本公司一间附属公司之配售

佣金；i）于出售附属公司部分权益

时已收代价超出非控股权益账面值

变动之差额；及iv）于收购附属公司

部分权益时已付代价超出非控股权

益账面值变动之差额。

本公司的中国附属公司须将根据中

国会计准则及法规计算的扣除所得

税后利润的10%转拨至法定储备，

直至余额达至彼等各自注册资本的

50%，而进一步转拨则将由其董事

酌情决定。法定储备可用以抵销过

往年度的亏损（如有），并可透过按

中国附属公司股权持有人的现有股

权比例向彼等发行新股份或透过增

加彼等目前所持股份的面值转增股

本，惟法定储备于发行后的余额不

得少于中国附属公司股本的25%。

29 股息

于截至二零二五年及二零二四年三月

三十一日止年度，并无建议宣派末期股

息。

28 OTHER RESERVES (Continued)

(b) Capital reserve

The Group’s capital reserve represents i) demed

contribution by the imediate holding company as a

shareholder acquired the remaining non-controling

interests of subsidiaries and contributed to the Group at

no cost prior to 1 April 2011; i) placing comision paid

to a subsidiary of the Company for the placing of shares

on 19 September 2022; i) the exces of the

considerations received from over the changes in the

carying amounts of non-controling interests in the

disposal of partial interests in subsidiaries; and iv) the

exces of the considerations paid over the changes in the

carying amounts of non-controling interests in the

acquisition of partial interests in subsidiaries.

The Company’s subsidiary in the PRC is required to

transfer 10% of its profit after income tax calculated in

acordance with the PRC acounting standards and

regulations to the statutory reserve until the balance

reaches 50% of its respective registered capital, where

further transfers wil be at their directors’ discretion. The

statutory reserve can be used to ofset prior years’ loses,

if any, and may be converted into share capital by isuing

new shares to equity holders of the PRC subsidiary in

proportion to their existing shareholding or by increasing

the par value of the shares curently held by them,

provided that the remaining balance of the statutory

reserve after such isue is no les than 25% of share

capital of the PRC subsidiary.

29 DIVIDENDS

No final dividend for the years ended 31 March 2025 and 2024

was proposed.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

30 DEFERRED INCOME TAX 30 递延所得税 Deferred tax assets and liabilities are offset when there is a 倘有法定可执行权利就当期所得税负债 legally enforceable right to set off current tax recoverable 抵销当期可收回税项，及倘递延税项与同 against current income tax liabilities and when the deferred 一税务机关有关时，则递延税项资产及负 taxes relate to the same taxation authority. The deferred tax 债获抵销。递延税项资产及负债将于一年 assets and liabilities are to be utilised and settled after one year 后动用及结清，经适当抵销后厘定的下列 and the following amounts, determined after appropriate 金额载列于合并财务状况表内。 offsetting, are shown in the consolidated statement of financial position. Movements of deferred tax assets: 递延税项资产变动： Decelerated Lease tax liabilities depreciation Tax losses Total 租赁负债减速税项折旧税项亏损总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 At 1 April 2023 于二零二三年四月一日 1,835 – 17,550 19,385 Charged to profit or loss 扣自损益 (350) – – (350) At 31 March 2024 and 于二零二四年 1 April 2024 三月三十一日及二零二四年四月一日 1,485 – 17,550 19,035 Charged to profit or loss 扣自损益 (494) 27 – (467) At 31 March 2025 于二零二五年递延税项资产及负债相互抵销：三月三十一日 991 27 17,550 18,568 Offset between deferred tax assets and liabilities: 递延税项资产及负债相互抵销： Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Balance as at 31 March 于三月三十一日的结余 18,568 19,035 Amount offset between deferred tax 递延税项资产及负债之间于合并 assets and liabilities in the consolidated 财务状况表抵销的金额 statement of financial position (1,194) (1,786) 17,374 17,249

991	递延税项资 27	产及负债相互 17,550	抵销： 18,568

2025
二零二五年
HK$’000
千港元
18,568
(1,194)
17,374

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

991	534	1,396	2,921

2025
二零二五年
HK$’000
千港元
2,921
(1,194)
1,727

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

30 递延所得税（续）

递延税项负债变动：

递延税项资产及负债相互抵销：

30 DEFERED INCOME TAX (Continued)

Movements of defered tax liabilities:

Right-of-use

asets

Acelerated

tax

depreciation

Fair value

adjustments

arising from

subsidiariesTotal

使用权资产加速税项折旧

来自附属公司的

公平值调整总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

At 1 April 2023于二零二三年四月一日1,8356376693,141

Credited to profit or los计入损益(350)(51)(139)(540)

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1,4855865302,601

Acquisition of subsidiary收购附属公司–1,1131,113

Credited to profit or los计入损益(494)(52)(247)(793)

At 31 March 2025于二零二五年三月

三十一日

Ofset betwen defered tax asets and liabilities:

Year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

Balance as at 31 March于三月三十一日的结余2,601

Amount ofset betwen defered tax

asets and liabilities in the consolidated

statement of financial position

递延税项资产及负债之间于合并

财务状况表抵销的金额

(1,786)

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

30 DEFERRED INCOME TAX (Continued) 30 递延所得税（续） Offset between deferred tax assets and liabilities: (Continued) 递延税项资产及负债相互抵销：（续） As at 31 March 2025, the Group has unrecognised tax losses 于二零二五年三月三十一日，本集团于香 of HK$382,399,000 (2024: HK$353,422,000) in Hong Kong, 港有未确认税项亏损382,399,000港元（二 which have no expiry dates, and HK$12,583,000 (2024: 零二四年：353,422,000港元），并无届 HK$11,960,000) in the PRC which will expire within 2025 to 满日期，并于中国有未确认税项亏损 2029. No deferred tax assets have been recognised for these 12,583,000港元（二零二四年：11,960,000 tax losses as the directors considered it is not probable that 港元），将于二零二五年至二零二九年内 taxable profits will be available against which the tax losses can 届满。并无就该等税项亏损确认递延税项 be utilised. 资产，乃由于董事认为应课税利润不可能用以抵销可动用税项亏损。 The analysis of deferred tax assets and deferred tax liabilities is 递延税项资产及递延税项负债分析如下： as follows: As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Deferred tax assets as presented in 合并财务状况表呈列的递延税项 the consolidated statement of 资产 financial position 17,374 17,249 Deferred tax liabilities as presented in 合并财务状况表呈列的递延税项 the consolidated statement of 负债 financial position (1,727) (815) Deferred tax assets, net 递延税项资产，净额 15,647 16,434 The movement on the deferred income tax is as follows: 递延所得税变动情况载列如下： As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 At beginning of the year 年初 16,434 16,244 Acquisition of subsidiary 收购附属公司 (1,113) – Credited to profit or loss (Note 11) 计入损益（附注11） 326 190 At end of the year 年末 15,647 16,434

2025
二零二五年
HK$’000
千港元
17,374
(1,727)
15,647

2025
二零二五年
HK$’000
千港元
16,434
(1,113)
326
15,647

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
52,065
179,746
19,558
251,369
5,843
7,536
13,379
264,748

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

31 ACOUNT PAYABLES, OTHER PAYABLES

AND ACRUED EXPENSES

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Trade payables贸易应付账款54,238

Cash client payables (Note (a)应付现金客户款项（附注(a)）6,154

Margin client payables (Note (a)应付保证金客户款项（附注(a)）–

Total acount payables应付账款总额60,392

Other payables and acrued expenses其他应付款项及应计费用

Acrued expenses应计费用3,951

Other payables其他应付款项1,106

Total other payables and acrued

expenses

其他应付款项及应计费用总额

5,057

Total acount payables, other payables

and acrued expenses

应付账款、其他应付款项及

应计费用总额65,449

Notes:

(a) The setlement terms of payables arising from securities busines are

normaly two to thre days after trade date or specific terms agred. The

majority of the cash and margin client payables are unsecured, non-

interest-bearing and repayable on demand, except where certain balances

represent trades pending setlement or cash received from clients for their

trading activities under the normal course of busines.

(b) As at 31 March 2025 and 2024, al trade payables were aged within two

months, based on invoice date. No aging analysis is disclosed for cash

client payables as in the opinion of the directors of the Company, the

aging analysis does not give aditional value in view of the nature of the

busines.

31 应付账款、其他应付款项及应

计费用

附注：

(a) 来自证券业务的应付款项结算期限通常为交

易日后两至三日内或协定的特定期限。大部

分应付现金及保证金客户款项为无抵押、不

计息且须按要求偿还，惟待结算交易的若干

结余或就客户于正常业务过程中的交易活动

而收取的现金除外。

(b) 于二零二五年及二零二四年三月三十一日，

所有基于发票日期贸易应付账款的账龄为两

个月内。本公司董事认为，鉴于业务的性质，

账龄分析不会带来额外价值，故并无就应付

现金客户款项披露账龄分析。

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

31 ACCOUNT PAYABLES, OTHER PAYABLES 31 应付账款、其他应付款项及应 AND ACCRUED EXPENSES (Continued) 计费用（续） Account payables, other payables and accrued expenses of the 本集团的应付账款、其他应付款项及应计 Group are denominated in the following currencies: 费用以下列货币计值： As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 HK$ 港元 41,482 15,515 RMB 人民币 96,951 3 US$ 美元 126,315 49,931 264,748 65,449 Other than those disclosed in Note (a) above, account payables 除上文附注(a)所披露者外，应付账款及 and other payables are unsecured, non-interest-bearing and 其他应付款项为无抵押、不计息且须按要 repayable on demand. 求偿还。

2025
二零二五年
HK$’000
千港元
41,482
96,951
126,315
264,748

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
27,000
–
60,000
87,000
60,000
–
27,000
87,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

32 借贷

于二零二五年三月三十一日，本集团其他

借贷60,000,000港元以本集团位于香港

之投资物业123,500,000港元作抵押（附

注14）。

于二零二四年三月三十一日，本集团银行

借贷113,734,000港元以本集团位于香港

的自持物业186,941,000港元作抵押（附

注13）。

32 BOROWINGS

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Non-curent:非流动：

Other borowings其他借贷–

Curent:当期：

Bank borowings银行借贷122,940

Other borowings其他借贷–

122,940

Analysed as:分析为：

— Secured— 有抵押113,734

— Guaranted— 有担保9,206

— Unsecured and unguaranted— 无抵押及无担保–

122,940

As at 31 March 2025, the Group’s other borowings of

HK$60,000,000 is secured by the Group’s investment

properties situated in Hong Kong amounted at

HK$123,500,000 (Note 14).

As at 31 March 2024, the Group’s bank borowings of

HK$113,734,000 is secured by the Group’s owned properties

situated in Hong Kong of HK$186,941,000 (Note 13).

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

32 BORROWINGS (Continued) 32 借贷（续） The maturities of the bank borrowings that contain repayable 包含按要求偿还条款的银行借贷及其他 on demand clause and other borrowings in accordance with 借贷按计划还款日期的到期情况如下： the scheduled repayment dates are as follows: As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 The carrying amounts of other 其他借贷的账面值须于下列时 borrowings that are repayable: 间偿还： — Within one year — 一年以内 60,000 – — After more than five years — 超过五年后 27,000 – 87,000 – The carrying amounts of bank 包含按要求偿还条款的银行 borrowings that contain a repayment 借贷（于流动负债项下呈列） on demand clause (shown under 的账面值而须于下列时间 current liabilities) but repayable: 偿还： — Within one year — 一年以内 – 105,421 — Between one and two years — 一至两年 – 13,910 — Between two and five years — 两至五年 – 3,609 – 122,940 87,000 122,940

2025
二零二五年
HK$’000
千港元
60,000
27,000
87,000
–
–
–
–
87,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
–
87,000
87,000

2025
二零二五年
HK$’000
千港元
87,000
–
87,000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

32 借贷（续）

本集团的借贷风险如下：

本集团的借贷以下列货币计值：

32 BOROWINGS (Continued)

The exposure of the Group’s borowings are as folows:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

Variable-rate borowings浮息借贷120,110

Fixed-rate borowings固定利率借贷2,830

122,940

Borowings of the Group are denominated in the folowing

curencies:

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

HK$港元24,727

US$美元98,213

122,940

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

33 SENIOR MANAGEMENT EMOLUMENTS 33 高级管理层酬金 (a) Five highest paid individuals (a) 五名最高薪酬人士 The five individuals whose remunerations were the 本集团五名最高薪酬人士的薪酬如 highest in the Group are as follows: 下： Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Directors (Note 40) 董事（附注40） 4,008 – Employees 雇员 10,616 4,957 14,624 4,957 The five individuals whose emoluments were the highest 本集团五名最高薪酬人士包括三名 in the Group include three (2024: nil) director whose （二零二四年：零名）董事，其薪酬 emolument was reflected in Note 40. 已反映于附注40。 The emoluments payable to two (2024: five) non-director 年内应付两名（二零二四年：五名） individuals during the year are as follows: 非董事人士的薪酬如下： Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Short term employee benefits 短期雇员福利 1,020 4,122 Discretionary bonus 酌情花红 9,573 746 Post-employment benefits 退休福利 23 89 10,616 4,957

2025
二零二五年
HK$’000
千港元
4,008
10,616
14,624

2025
二零二五年
HK$’000
千港元
1,020
9,573
23
10,616

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
1
–
1

2025
二零二五年
–

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

33 高级管理层酬金（续）

(a) 五名最高薪酬人士（续）

年内两名（二零二四年：五名）非董

事最高薪酬人士薪酬介乎以下范围：

于两个年度内，本集团并无向五名

最高薪酬人士支付酬金，作为加入

或加入本集团时的奖励或作为离职

补偿。

(b) 高级管理层薪酬

年内零名（二零二四年：一名）高级

管理层的薪酬介乎以下范围：

33 SENIOR MANAGEMENT EMOLUMENTS

(Continued)

(a) Five highest paid individuals (Continued)

Remuneration of the two (2024: five) highest paid non-

director individuals during the year fel within the

folowing bands:

Number of individuals

人数

二零二四年

Emolument Bands薪酬范围

HK$500,001 to HK$1,000,000500,001港元至

1,000,000港元4

HK$2,000,001 to HK$2,500,0002,000,001港元至

2,500,000港元1

HK$9,500,001 to HK$10,000,0009,500,001港元至

10,000,000港元–

During both years, no emoluments were paid by the

Group to the five highest paid individuals as an

inducement to join or upon joining the Group or as

compensation for los of ofice.

(b) Senior management’s emoluments

The emoluments of nil (2024: one) senior management

during the year fel within the folowing bands:

Number of individuals

人数

二零二四年

Emolument Bands薪酬范围

HK$2,000,001 to HK$2,500,0002,000,001港元至

2,500,000港元1

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS 34 金融工具 34.1 Categories of financial instruments 34.1 金融工具类别 The carrying amounts of each of the categories of 于报告期末各金融工具分类的账面 financial instruments as at the end of the reporting 值如下： period are as follows: As at 31 March 2025 于二零二五年三月三十一日 Financial assets 金融资产 At fair value At fair value through through profit or loss other At amortised (held for comprehensive cost trading) income Total 按公平值计入按公平值计入按摊销成本损益（持作买卖）其他综合收入总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 Loan receivables 应收贷款 38,736 – – 38,736 Account receivables 应收账款 99,086 – – 99,086 Financial assets included in 计入按金、预付款项 deposits, prepayments and 及其他应收款项的 other receivables 金融资产 12,537 – – 12,537 Financial assets at fair value 按公平值计入损益之 through profit or loss 金融资产 – 1,031 – 1,031 Financial assets at fair value 按公平值计入其他 through other comprehensive 综合收入之金融 income 资产 – – 4,887 4,887 Bank balances held on behalf 代客户持有之银行 of clients 结余 199,363 – – 199,363 Cash and cash equivalents 现金及现金等价物 21,898 – – 21,898 371,620 1,031 4,887 377,538

At amortised cost	At fair value through profit or loss (held for trading)	At fair value through other comprehensive income	Total
按摊销成本	按公平值计入损益（持作买卖）	按公平值计入其他综合收入	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
38,736	–	–	38,736
99,086	–	–	99,086
12,537	–	–	12,537
–	1,031	–	1,031
–	–	4,887	4,887
199,363	–	–	199,363
21,898	–	–	21,898
371,620	1,031	4,887	377,538

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

At amortised cost	Total
按摊销成本	总计
HK$’000	HK$’000
千港元	千港元
251,369	251,369
13,379	13,379
6,605	6,605
87,000	87,000
358,353	358,353

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.1 金融工具类别（续）

于二零二五年三月三十一日（续）

金融负债

34 FINANCIAL INSTRUMENTS (Continued)

34.1 Categories of financial instruments

(Continued)

As at 31 March 2025 (Continued)

Financial liabilities

Acount payables应付账款

Financial liabilities included in other

payables and acrued expenses

计入其他应付款项及应计

费用的金融负债

Lease liabilities租赁负债

Borowings借贷

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.1 Categories of financial instruments 34.1 金融工具类别（续） (Continued) As at 31 March 2024 于二零二四年三月三十一日 Financial assets 金融资产 At fair value At fair value through through profit or loss other At amortised (held for comprehensive cost trading) income Total 按公平值计入按公平值计入按摊销成本损益（持作买卖）其他综合收入总计 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元 Loan receivables 应收贷款 14,940 – – 14,940 Account receivables 应收账款 115,441 – – 115,441 Financial assets included in 计入按金、预付款项 deposits, prepayments and 及其他应收款项的 other receivables 金融资产 7,553 – – 7,553 Financial assets at fair value 按公平值计入损益之 through profit or loss 金融资产 – 192 – 192 Financial assets at fair value 按公平值计入其他 through other comprehensive 综合收入之金融 income 资产 – – 4,354 4,354 Bank balances held on behalf of 代客户持有之银行 clients 结余 6,305 – – 6,305 Pledged bank deposits 已抵押银行存款 14,982 – – 14,982 Cash and cash equivalents 现金及现金等价物 67,730 – – 67,730 226,951 192 4,354 231,497

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.1 金融工具类别（续）

于二零二四年三月三十一日（续）

金融负债

34 FINANCIAL INSTRUMENTS (Continued)

34.1 Categories of financial instruments

(Continued)

As at 31 March 2024 (Continued)

Financial liabilities

At amortised

costTotal

按摊销成本总计

HK$’000HK$’000

千港元千港元

Acount payables应付账款60,39260,392

Financial liabilities included in other

payables and acrued expenses

计入其他应付款项及应计

费用的金融负债5,0575,057

Lease liabilities租赁负债9,7169,716

Borowings借贷122,940122,940

198,105198,105

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策 policies The Group’s major financial instruments include loan 本集团的主要金融工具包括应收贷 receivables, account receivables, deposits, prepayments 款、应收账款、按金、预付款项及 and other receivables, financial assets at fair value 其他应收款项、按公平值计入损益 through profit or loss, financial assets at fair value 之金融资产、按公平值计入其他综 through other comprehensive income, bank balances 合收入之金融资产、代客户持有之 held on behalf of clients, pledged bank deposits, cash 银行结余、已抵押银行存款、现金 and cash equivalents, account payables, other payables 及现金等价物、应付账款、其他应 and accrued expense, lease liabilities and borrowings. 付款项及应计费用、租赁负债及借 Details of the financial instruments are disclosed in 贷。金融工具的详情披露于相关附 respective notes. The risks associated with these financial 注。与该等金融工具有关的风险包 instruments include market risk (currency risk, price risk, 括市场风险（货币风险、价格风险、 interest rate risk), credit risk and liquidity risk. The policies 利率风险）、信贷风险及流动资金风 on how to mitigate these risks are set out below. The 险。减轻该等风险的政策载列如 management of the Group manages and monitors these 下。本集团管理层管理及监控该等 exposures to ensure appropriate measures are 风险，以确保以及时有效的方式实 implemented on a timely and effective manner. 施适当措施。 Market risks 市场风险 (i) Currency risk (i) 货币风险 The Group is exposed to foreign exchange risk 本集团面对因多种货币风险而产生 arising from various currency exposures, primarily 的外汇风险，主要涉及美元（「美 with respect to US Dollars (“US$”) and Renminbi 元」）及人民币（「人民币」）。本集团 (“RMB”). The Group manages its foreign exchange 透过定期审查及监控其外汇风险敞 risks by performing regular review and monitoring 口来管理其外汇风险。本集团目前 its foreign exchange exposure. The Group currently 并无外币对冲政策。然而，管理层 does not have a foreign currency hedging policy. 会监控外汇风险，并将于有需要时 However, management monitors foreign exchange 考虑对冲重大的外汇风险。 exposure and will consider hedging significant foreign currency exposure should the need arise.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

市场风险（续）

(i) 货币风险（续）

本集团于香港及中国内地经营

业务，大部分交易以港元（「港

元」）、人民币（「人民币」）及美

元（「美元」）计值。本集团面

临的外汇风险主要为以集团公

司功能货币以外的货币计值的

开支交易。本集团监察外币收

据及付款水平，借以管理外币

交易的风险。本集团确保所面

临的外汇风险净额不时维持于

可接受水平。由于管理层认为

该外汇风险并非重大，本集团

并无使用任何远期外汇合约对

冲外汇风险。

于二零二五年三月三十一日，

倘港元对人民币升值╱贬值

5%（二零二四年：5%）而所

有其他变数保持不变，则年内

除税前亏损（二零二四年：除

税前利润）将减少╱增加

888,000港元（二零二四年：

增加╱减少51,000港元），主

要是由重估以人民币计值的货

币资产净额时产生的汇兑收

益╱亏损所导致。

由于港元与美元挂钩，本集团

预期美元╱港元汇率不会有任

何重大波动。

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Market risks (Continued)

(i) Curency risk (Continued)

The Group operates in Hong Kong and Mainland

China and most of their transactions are

denominated in Hong Kong dolar (“HK$”),

Renminbi (“RMB”) and United States dolar

(“US$”). The Group is exposed to foreign exchange

risk primarily through expense transactions that are

denominated in curencies other than the

functional curencies of the group companies. The

Group manages its exposures to foreign curency

transactions by monitoring the level of foreign

curency receipts and payments. The Group ensures

that the net exposure to foreign exchange risk is

kept to an aceptable level from time to time. The

Group has not used any forward exchange contract

to hedge against foreign exchange risk as

management considers its exposure as not

significant.

As at 31 March 2025, if Hong Kong dolar had

strengthened/weakened by 5% (2024: 5%) against

RMB with al other variables held constant, pre-tax

los (2024: pre-tax profit) for the year would have

ben HK$888,000 lower/higher (2024: HK$51,000

higher/lower), primarily due to exchange gain/los

arising from revaluation of net RMB denominated

monetary asets.

As the HK$ is peged to the US$, the Group does

not expect any significant movements in the US$/

HK$ exchange rate.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Market risks (Continued) 市场风险（续） (ii) Price risk (ii) 价格风险 The Group is exposed to price risk from equity 本集团因其持有的股本证券及 securities and fund investments held by the Group 基金投资承受价格风险，该等 which are classified in the consolidated statement 证券于合并财务状况表中分类 of finance position as other financial assets. Price 为其他金融资产。价格风险为 risk is the risk of changes in fair value of financial 因波动导致金融工具公平值变 instruments from fluctuations, whether such a 动的风险，不论有关价格变动 change in price is caused by factors specific to the 由个别工具的特定因素或影响 individual instrument or factors affecting all 于市场买卖的所有工具的因素 instruments traded in the markets. The Group 造成。为减轻价格风险，本集 mitigates its price risk by performing detailed due 团对工具进行尽职分析，并委 diligence analysis of investments and dedicated 任专责专业人士监督及监察投 professionals are assigned to oversee and monitor 资表现。 the performance of investments. As at 31 March 2025, if the equity price of the 于二零二五年三月三十一日， equity securities had been 5% higher/lower, with 倘股本证券的股本价格上 all other variables held constant, the Group’s pre- 升╱下降5%，而所有其他变 tax loss (2024: pre-tax profit) for the year ended 31 数保持不变，本集团截至二零 March 2025 would have decreased/increased 二五年三月三十一日止年度的 (2024: increased/decreased) approximately by 除税前亏损（二零二四年：除 HK$52,000 (2024: HK$10,000) and other 税前利润）应减少╱增加（二 comprehensive expense (2024: other 零二四年：增加╱减少）约 comprehensive income) for the year ended 31 52,000港元（二零二四年： March 2025 would have decreased/increased 10,000港元），以及截至二零 (2024: increased/decreased) approximately by 二五年三月三十一日止年度的 HK$244,000 (2024: HK$218,000). 其他综合开支（二零二四年：其他综合收入）应减少╱增加（二零二四年：增加╱减少）约 244,000港元（二零二四年： 218,000港元）。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

市场风险（续）

(i) 利率风险

本集团面对与应收贷款、租赁

负债及固定利率借贷有关的公

平值利率风险。本集团亦面对

与浮动利率银行结余有关的现

金流量利率风险。本集团现金

流量利率风险主要集中于银行

结余利率的波动。本集团目前

并无利率对冲政策。然而，本

集团管理层会监控利率风险，

并将于有需要时考虑对冲重大

的利率风险。

敏感度分析

本公司董事认为，由于报告期

末银行结余的利率较低，本集

团因市场利率变动而承担的浮

动利率银行结余的现金流量利

率风险并不重大，因此并无就

现金流量利率风险编制敏感度

分析。

信贷风险及减值评估

信贷风险指本集团交易对手未能履

行其合约责任而导致本集团蒙受财

务损失的风险。本集团的信贷风险

主要来自应收贷款、贸易应收账

款、按金及其他应收款项、应收利

息、应收现金客户款项、应收保证

金客户款项、代客户持有之银行结

余、已抵押银行存款及现金及现金

等价物。本集团并无持有任何抵押

品或其他信贷增级措施以应对其金

融资产相关的信贷风险，惟与应收

现金客户款项相关的信贷风险因有

每名个别客户的已抵押证券作担保

而得以降低。

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Market risks (Continued)

(i) Interest rate risk

The Group is exposed to fair value interest rate risk

in relation to loan receivables, lease liabilities and

fixed-rate borowings. The Group is also exposed to

cash flow interest rate risk in relation to variable-

rate bank balances. The Group cash flow interest

rate risk is mainly concentrated on the fluctuation

of interest rates on bank balances. The Group

curently does not have an interest rate hedging

policy. However, the management of the Group

monitors interest rate exposure and wil consider

hedging significant interest rate exposure should

the ned arise.

Sensitivity analysis

The directors of the Company considers that the

Group’s exposure to cash flow interest rate risk on

variable-rate bank balances as a result of the

change of market interest rate is insignificant due

to low interest rates on bank balances at the end of

the reporting period, thus no sensitivity analysis is

prepared for cash flow interest rate risk.

Credit risk and impairment asesment

Credit risk refers to the risk that the Group’s

counterparties default on their contractual obligations

resulting in financial loses to the Group. The Group’s

credit risk exposures are primarily atributable to loan

receivables, trade receivables, deposits and other

receivables, interest receivables, cash client receivables,

margin client receivables, bank balances held on behalf

of clients, pledged bank deposit and cash and cash

equivalents. The Group does not hold any colateral or

other credit enhancements to cover its credit risks

asociated with its financial asets, except that the credit

risks asociated with cash client receivables are mitigated

because they are secured over pledged securities of each

individual client.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Credit risk and impairment assessments 信贷风险及减值评估（续） (Continued) In order to monitor the credit risk, the management of 为监控信贷风险，本集团管理层已 the Group has reviewed the recoverable amount of each 于报告期末审阅上述各项个别资产 aforesaid individual assets at the end of the reporting 的可收回金额，以确保就不可收回 period to ensure that adequate impairment losses are 金额作出充足的减值亏损。本集团 made for irrecoverable amounts. The Group’s internal 的内部信贷风险评级评估包括以下 credit risk grading assessment comprises the following 类别： categories: Trade and bills Other financial Internal credit rating Description receivables assets/other items 贸易应收账款及其他金融资产╱ 内部信贷评级描述应收票据其他项目 Low risk The counterparty has a low risk of default Lifetime ECL — not 12m ECL and does not have any past-due credit-impaired amounts 低风险交易对手违约风险低，且无任何逾期全期预期信贷亏损十二个月预期信贷款项 — 非信贷减值亏损 Watch list Debtors frequently repay after due dates Lifetime ECL — not Lifetime ECL — but usually settle in full credit-impaired not credit-impaired 观察名单债务人经常在到期日后还款，但通常全期预期信贷亏损全期预期信贷亏损全额结清 — 非信贷减值 — 非信贷减值 Doubtful There have been significant increases in Lifetime ECL — not Lifetime ECL — credit risk since initial recognition credit-impaired not credit-impaired through information developed from internal or external resources 呆账自内部或外部资源取得的资料显示，全期预期信贷亏损全期预期信贷亏损信贷风险自首次确认以来已显著增加 — 非信贷减值 — 非信贷减值 Loss There is evidence indicating the asset is Lifetime ECL — Lifetime ECL — credit-impaired credit-impaired credit-impaired 亏损有证据显示资产已出现信贷减值全期预期信贷亏损全期预期信贷亏损 — 信贷减值 — 信贷减值 Write-off There is evidence indicating that the Amount is written Amount is written off debtor is in severe financial difficulty off and the Group has no realistic prospect of recovery 撇销有证据显示债务人陷入严重财政困难，金额撇销金额撇销而本集团并无实际收回的可能

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
38,736
46,488
97,240
87,676

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表详列本集团须作预期信贷亏损

评估的金融资产（包括应收贷款、

贸易应收账款、按金及其他应收款

项、应收现金客户款项、应收保证

金客户款项、代客户持有之银行结

余、已抵押银行存款及现金及现金

等价物）的信贷风险：

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Credit risk and impairment asesments

(Continued)

The table below details the credit risk exposures of the

Group’s financial asets, including loan receivables, trade

receivables, deposits and other receivables, cash client

receivables, margin client receivables, bank balances held

on behalf clients, pledged bank deposits and cash and

cash equivalents, which are subject to ECL asesment:

Notes

External

credit rating

Internal

credit rating

12m or

lifetime ECLGros carying amount

附注外部信贷评级内部信贷评级

十二个月或

全期预期信贷亏损账面总值

二零二四年

HK$’000

千港元

Financial asets at amortised cost

按摊销成本计算的金融资产

Loan receivablesN/ALow risk12m ECL–

应收贷款不适用低风险十二个月预期

信贷亏损

LosLifetime ECL

(credit-impaired)

63,112

亏损全期预期信贷亏损

（信贷减值）

Trade receivables included in

acount receivables

(i)N/ANote (i)Lifetime ECL

(colective

asesment)

104,308

计入应收账款的贸易应收账款不适用附注(i)全期预期信贷亏损

（集体评估）

LosLifetime ECL

(credit-impaired)

87,820

亏损全期预期信贷亏损

（信贷减值）

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Credit risk and impairment assessments 信贷风险及减值评估（续） (Continued) External Internal 12m or Notes credit rating credit rating lifetime ECL Gross carrying amount 十二个月或附注外部信贷评级内部信贷评级全期预期信贷亏损账面总值 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Financial assets at amortised cost (Continued) 按摊销成本计算的金融资产（续） Financial assets included in deposits, N/A Low risk 12m ECL 12,537 7,553 prepayments and other receivables 计入按金、预付款项及其他应收不适用低风险十二个月预期信贷款项的金融资产亏损 Loss Lifetime ECL 5,187 5,187 (credit-impaired) 亏损全期预期信贷亏损（信贷减值） Cash client receivables included in N/A Low risk 12m ECL 1,932 – account receivables 计入应收账款的应收现金客户款项不适用低风险十二个月预期信贷亏损 Doubtful Lifetime ECL (not 1,828 – credit-impaired) 呆账全期预期信贷亏损（非信贷减值） Loss Lifetime ECL 485 240,709 (credit-impaired) 亏损全期预期信贷亏损（信贷减值）

2025
二零二五年
HK$’000
千港元
12,537
5,187
1,932
1,828
485

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
923
199,363
–
21,898

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

信贷风险及减值评估（续）

Notes

External

credit rating

Internal

credit rating

12m or

lifetime ECLGros carying amount

附注外部信贷评级内部信贷评级

十二个月或

全期预期信贷亏损账面总值

二零二四年

HK$’000

千港元

Financial asets at amortised cost

(Continued)

按摊销成本计算的金融资产（续）

Margin client receivables included in

acount receivables

N/ALow risk12m ECL–

计入应收账款的应收保证金客户

款项

不适用低风险十二个月预期信贷

亏损

Bank balances held on behalf clientsBa2Low risk12m ECL6,305

代客户持有之银行结余Ba2低风险十二个月预期信贷

亏损

Pledged bank depositsAa1 to Ba3Low risk12m ECL14,982

已抵押银行存款Aa1至Ba3低风险十二个月预期信贷

亏损

Cash and cash equivalentsAa1 to Ba3Low risk12m ECL67,730

现金及现金等价物Aa1至Ba3低风险十二个月预期信贷

亏损

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Credit risk and impairment asesments

(Continued)

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Credit risk and impairment assessments 信贷风险及减值评估（续） (Continued) (i) For trade receivables, the Group has applied the (i) 就贸易应收账款而言，本集团 simplified approach in HKFRS 9 to measure the loss 已应用香港财务报告准则第9 allowance at lifetime ECL. Except for debtors with 号的简化法按全期预期信贷亏 significant outstanding balances or credit-impaired, 损计量亏损拨备。除有重大未 the Group determines the ECL on these items on a 偿付结余或信贷减值的债务人 collective basis, grouped by past due status. 外，本集团按逾期状况分组，以共同基准厘定该等项目的预期信贷亏损。 As part of the Group’s credit risk management, the 作为本集团信贷风险管理的一部 Group uses debtors’ aging to assess the impairment for 分，本集团利用债务人账龄评估与 its customers in relation to its trading operations because 其贸易业务有关的客户的减值，原 these customers consist of a large number of small 因为该等客户包含众多具共同风险 customers with common risk characteristics that are 特征的小客户，有关特征代表客户 representative of the customers’ abilities to pay all 按照合约条款清偿所有到期款项的 amounts due in accordance with the contractual terms. 能力。下表提供有关于全期预期信 The following table provides information about the 贷亏损（非信贷减值）内使用拨备矩 exposure to credit risk for trade and bills receivables 阵按共同基准评估的贸易应收账款 which are assessed on a collective basis by using provision 及应收票据的信贷风险的资料。于 matrix within lifetime ECL (not credit-impaired). Debtors 二零二五年三月三十一日，有重大 with significant outstanding balances or credit-impaired 未偿付结余或信贷减值的债务人， with gross carrying amounts of HK$87,676,000 其账面总值分别为87,676,000港元 respectively as at 31 March 2025 (2024: HK$87,820,000) （二零二四年：87,820,000港元）， was assessed individually. 已作个别评估。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
Average loss rate	Gross amount of trade receivables
平均预亏损率	贸易应收账款总额
	HK$’000
	千港元
0.03%	17,646
0.11%	1,204
0.53%	56,500
3.23%	21,890
3.23%	97,240

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

信贷风险及减值评估（续）

估计亏损率乃随债务人预期年期按

历史观察违约率进行估计，并就在

无需过度成本或努力的情况下即可

获得的前瞻性资料予以调整。分类

经管理层定期检讨，以确保特定交

易的相关资料得以更新。

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Credit risk and impairment asesments

(Continued)

二零二四年

Average

los rate

Gros amount

of trade

receivables

平均预亏损率

贸易应收

账款总额

HK$’000

千港元

Gros carying amount账面总值

Curent (not past due)即期（未逾期）0.03%49,745

1–90 days past due逾期1至90日0.12%18,763

91–180 days past due逾期91至180日0.54%35,800

181–270 days past due逾期181至270日N/A不适用–

104,308

The estimated los rates are estimated based on historical

observed default rates over the expected life of the

debtors and are adjusted for forward-loking information

that is available without undue cost or efort. The

grouping is regularly reviewed by management to ensure

relevant information about specific trades is updated.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Credit risk and impairment assessments 信贷风险及减值评估（续） (Continued) The following table shows the movement in lifetime ECL 下表显示根据简化法就贸易应收账 that has been recognised for trade receivables under 款已确认的全期预期信贷亏损变动。 simplified approach. Lifetime ECL Lifetime ECL (not credit- (credit- impaired) impaired) Total 全期预期全期预期信贷亏损信贷亏损（非信贷减值）（信贷减值）总计 HK$’000 HK$’000 HK$’000 千港元千港元千港元 As at 1 April 2023 于二零二三年四月一日 58 87,821 87,879 Impairment losses recognised/ 已确认╱（拨回）减值 (reversed), net 亏损，净额 182 (1) 181 As at 31 March 2024 and 于二零二四年 1 April 2024 三月三十一日及二零二四年四月一日 240 87,820 88,060 Impairment losses recognised/ 已确认╱（拨回）减值 (reversed), net 亏损，净额 769 (144) 625 As at 31 March 2025 于二零二五年三月三十一日 1,009 87,676 88,685

1,009	87,676	88,685

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

–	10	52,150	52,160

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

信贷风险及减值评估（续）

下表载列已就应收贷款、按金及其

他应收款项、应收现金客户款项及

应收保证金客户款项确认的亏损拨

备对账。

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Credit risk and impairment asesments

(Continued)

The folowing table shows reconciliation of los

alowances that have ben recognised for loan

receivables, deposits and other receivables, cash client

receivables and margin client receivables.

12m ECL

Lifetime

ECL

(not credit-

impaired)

Lifetime

ECL

(credit-

impaired)Total

十二个月预期

信贷亏损

全期预期

信贷亏损

（非信贷减值）

全期预期

信贷亏损

（信贷减值）总计

HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元

As at 1 April 2023于二零二三年四月一日–368,750368,750

Changes due to financial

instruments recognised as at

1 April 2023:

于二零二三年

四月一日确认的

金融工具变动：

— Impairment loses (reversed)/

recognised, net

— 已（拨回）╱确认

减值亏损，净额–(54,143)(54,143)

— Writen-of— 撇销–(31,912)(31,912)

As at 31 March 2024 and

1 April 2024

于二零二四年

三月三十一日及

二零二四年四月一日–282,695282,695

Changes due to financial

instruments recognised as at

1 April 2024:

于二零二四年

四月一日确认的

金融工具变动：

— Impairment loses (reversed)/

recognised, net

— 已（拨回）╱确认

减值亏损，净额–10(2,829)(2,819)

— Writen-of— 撇销–(227,758)(227,758)

New financial asets originated

net of those derecognised

due to setlement

已产生新金融资产，

扣除因结算而终止

确认的金额–4242

As at 31 March 2025于二零二五年

三月三十一日

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Credit risk and impairment assessments 信贷风险及减值评估（续） (Continued) (i) Bank balances held on behalf of clients, pledged (i) 代客户持有之银行结余、已 bank deposits and cash and cash equivalents 抵押银行存款及现金及现金等价物 The credit risk on liquid funds, including bank 流动资金信贷风险（包括代客 balances held on behalf of clients, pledged bank 户持有之银行结余、已抵押银 deposits and cash and cash equivalents, is limited 行存款，以及现金及现金等价 because cash at banks are placed with reputable 物）有限，原因为银行存款乃 financial institutions in Hong Kong and the PRC 存放在管理层认为信贷质素优 which management believes are of sound credit 异且无重大信贷风险的声誉卓 quality and without major credit risk. 著的香港及中国的金融机构。 (ii) Deposits and other receivables (ii) 按金及其他应收款项 For deposits and other receivables (excluding 就按金及其他应收款项（不包 interest receivables), the directors of the Company 括应收利息）而言，本公司董 make periodic individual assessment on the 事根据过往结算记录、以往经 recoverability of deposits and other receivables 验，以及合理且有据的定量及 based on historical settlement records, past 定性前瞻性资料，定期就按金 experience, and also quantitative and qualitative 及其他应收款项的可收回性作 information that is reasonable and supportive 出个别评估。本公司董事相 forward-looking information. The directors of the 信，自初步确认以来，该等金 Company believe that there is no significant 额的信贷风险并无显著增加， increase in credit risk of these amounts since initial 且本集团按十二个月之预期信 recognition and the Group provided impairment 贷亏损计提减值。截至二零 based on 12-month ECL. For the years ended 31 二五年及二零二四年三月 March 2025 and 2024, the Group assessed the ECL 三十一日止年度，本集团就按 for deposits and other receivables were insignificant 金及其他应收款项的预期信贷 and thus no loss allowance was recognised. 亏损评估为并不重大，故并无确认亏损拨备。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

信贷风险及减值评估（续）

(i) 贸易应收账款

本集团存在来自其贸易业务客

户的应收账款的信贷风险集中

情况。于提供标准的付款条款

及条件之前，本集团会管理及

分析其各新客户及现有客户的

信贷风险。倘无独立评级，本

集团则根据客户之财务状况、

以往表现及其他因素评估客户

的信贷质素。于二零二五年三

月三十一日，本集团贸易业务

的前五大应收账款占本集团贸

易业务应收账款总额约97%

（二零二四年：97%）。本集团

与该等客户保持频繁联系，以

确保相关交易高效顺利进行，

且确保结余的对账。本集团管

理层持续紧密监控来自该等客

户的结算，以确保识别任何逾

期债务。并采取跟进措施以收

回逾期债务。

(iv) 应收贷款╱应收利息

对于本集团的借贷业务而言，

本集团与每位借款人展开业务

之前，均参照借款人的财务实

力、借款目的和还款能力，对

信贷风险进行管理和分析。本

集团亦在审视借款人的最新财

务能力时，在任何时间确定是

否存在应收贷款及应收利息的

信贷风险。

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Credit risk and impairment asesments

(Continued)

(i) Trade receivables

The Group has concentrations of credit risk from

acount receivables from its customers of the

trading busines. The Group manages and analyses

the credit risk for each of their new and existing

customers before standard payment terms and

conditions are ofered. If there is no independent

rating, the Group aseses the credit quality of the

customers based on their financial positions, past

experience and other factors. The group’s top five

acount receivables of the trading busines

acounted for aproximately 97% (2024: 97%) of

the Group’s total gros acount receivables of the

trading busines at 31 March 2025. The Group

maintains frequent comunications with these

customers to ensure relevant transactions are

runing efectively and smothly and balances are

reconciled. Setlements from these customers are

closely monitored on an ongoing basis by

management of the Group to ensure any overdue

debts are identified. Folow-up action is taken to

recover the overdue debts.

(iv) Loan receivables/Interest receivables

For the Group’s money lending busines, the Group

manages and analyses the credit risk by making

reference to the financial strength, purpose of

borowing, and repayment ability of each of the

borower before incepting busines with them. The

Group also reviews the latest financial capabilities

of the borowers in determining whether there is

credit risk on the loan receivables and interest

receivables at any point in time.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Credit risk and impairment assessments 信贷风险及减值评估（续） (Continued) (iv) Loan receivables/Interest receivables (Continued) (iv) 应收贷款╱应收利息（续） The Group considers the loan and respective 倘偿还本金和╱或利息已经长 interest receivables as loss if the repayment of 期过期，而且用尽所有收款的 principal and/or interest has been overdue for a 方法，例如开展法律诉讼，收 pro-longed period and the collection of principal 回全部本金和利息会被视为不 and interest in full is considered improbable after 大可能，本集团会视贷款和各 exhausting all collection efforts such as initiation of 自的利息应收款项为亏损。本 legal proceedings. The Group has concentrations of 集团存在来自借贷业务客户的 credit risk from loan receivables from its customers 应收贷款的信贷风险集中情 of the money lending business. The top five loan 况。于二零二五年三月三十一 receivables accounted for approximately 82% 日，首五大应收贷款占应收贷 (2024: 100%) of the gross loan receivables 款结余总额约82%（二零二四 balances as at 31 March 2025. 年：100%）。 (v) Cash and margin client receivables (v) 应收现金及保证金客户款项 The Group has concentrations of credit risk from 本集团存在来自其证券业务客 account receivables from its customers of the 户的应收账款的信贷风险集中 securities business. The Group’s five largest 情况。来自本集团证券业务五 customers (excluding clearing house) of the 大客户（不包括结算所）的应 securities business in aggregate accounted for 90% 收账款总额占本集团于二零 (2024: 90%) of the Group’s total gross account 二五年三月三十一日的证券业 receivables (excluding those are from clearing 务应收账款总额（不包括该等 house) of the securities business at 31 March 2025. 来自结算所的证券业务应收账 The Group maintains frequent communications 款总额）的90%（二零二四年： with these customers and reviews the recoverable 90%）。本集团与该等客户保 amount for each individual account receivable of 持频繁联系，并于各报告日期 the securities business at each reporting date to 审阅各证券业务个别应收账款 ensure that adequate allowance for impairment is 的可收回金额，以确保就不可 made for irrecoverable amounts. 收回金额作出充足减值拨备。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

Weighted average interest rate	On demand	Less than 1 year	Between 1 and 2 years	Between 2 and 5 years	More than 5 years	Total	Carrying amount
加权平均利率	按要求	一年以内	一至两年	两至五年	超过五年	总计	账面值
	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
	千港元	千港元	千港元	千港元	千港元	千港元	千港元
	264,748	–	–	–	–	264,748	264,748
3.05%	–	2,518	2,683	1,690	–	6,891	6,606
8.71%	–	68,852	1,485	4,455	29,478	104,270	87,000
8.71%	264,748	71,370	4,168	6,145	29,478	375,909	358,354

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.2 财务风险管理目标及政策（续）

流动资金风险

在管理流动资金风险方面，本集团

监控并维持本集团管理层认为足够

的现金及现金等价物水平，以为本

集团的营运提供资金及减轻现金流

量波动的影响。本集团管理层监控

借贷的使用情况，并确保遵守贷款

契诺。

下表详述本集团非衍生金融负债基

于协定还款条款的剩余合约到期

日。该表乃根据本集团于可被要求

还款之最早日期之金融负债未贴现

现金流量编制。该表包括利息及本

金的现金流量。

流动资金表

34 FINANCIAL INSTRUMENTS (Continued)

34.2 Financial risk management objectives and

policies (Continued)

Liquidity risk

In the management of the liquidity risk, the Group

monitors and maintains a level of cash and cash

equivalents demed adequate by the management of the

Group to finance the Group’s operations and mitigate

the efects of fluctuations in cash flows. The management

of the Group monitors the utilisation of borowings and

ensures compliance with loan covenants.

The folowing table details the Group’s remaining

contractual maturity for its non-derivative financial

liabilities based on the agred repayment terms. The

tables have ben drawn up based on the undiscounted

cash flows of financial liabilities based on the earliest date

on which the Group can be demanded for repayment.

The table includes both interest and principal cash flows.

Liquidity tables

As at 31 March 2025于二零二五年

三月三十一日

Acount and other payables应付账款及

其他应付款项

Lease liabilities租赁负债

Borowings借贷

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.2 Financial risk management objectives and 34.2 财务风险管理目标及政策（续） policies (Continued) Liquidity risk (Continued) 流动资金风险（续） Liquidity tables (Continued) 流动资金表（续） Weighted average Between Between interest On Less than 1 and 2 2 and 5 More than Carrying rate demand 1 year years years 5 years Total amount 加权平均利率按要求一年以内一至两年两至五年超过五年总计账面值 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元千港元千港元 As at 31 March 2024 于二零二四年三月三十一日 Account and other payables 应付账款及其他应付款项 60,392 5,057 – – – 65,449 65,449 Lease liabilities 租赁负债 3.05% – 4,115 3,058 2,950 – 10,123 9,716 Borrowings 借贷 7.34% 122,940 – – – – 122,940 122,940 183,332 9,172 3,058 2,950 – 198,512 198,105 Bank borrowings with a repayment on demand clause 附有按要求偿还条款的银行借贷计 were included in the “on demand” time band in the 入上文到期日分析「按要求偿还」时 above maturity analysis. As at 31 March 2024, the 间范围内。于二零二四年三月 aggregate carrying amounts of these bank borrowings 三十一日，该等银行借贷之账面总 amounted to HK$122.9 million. Taking into account the 值为122,900,000港元。经计及本 Group’s financial position, the directors did not believe 集团的财务状况，董事认为，银行 that it is probable that the banks would exercise their 不太可能行使其酌情权以要求立即 discretionary rights to demand immediate repayment. 偿还。本公司董事认为，有关银行 The directors of the Company believe that such bank 借贷将根据贷款协议所载的计划还 borrowings would be repaid after the end of the 款日期于报告期末后偿还，详情载 reporting period in accordance with the scheduled 于下表： repayment dates set out in the loan agreements, details of which are set out in the table below: Less than Beyond Carrying 1 year 1–2 years 2–5 years 5 years Total amount 一年以内一至两年两至五年超过五年总计账面值 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元千港元 As at 31 March 2024 于二零二四年三月三十一日 110,455 14,434 3,373 240 128,502 122,940

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

Level 1	Level 2	Level 3	Total
第一级	第二级	第三级	总计
HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元
141	–	–	141
–	890	–	890
141	890	–	1,031
–	–	4,887	4,887

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.3 金融工具的公平值计量

本集团部分金融工具就财务报告目

的按公平值计量。

在估计公平值时，本集团在可获得

的范围内使用市场可观察数据。对

于第三级项下具有重大不可观察输

入数据的工具，本集团聘请第三方

合资格估值师进行估值。

(i) 本集团按经常性基准以公

平值计量的金融资产的公

平值

本集团部分金融资产于各报告

期末按公平值计量。下表提供

有关该等金融资产公平值如何

厘定（特别是所用的估值技术

及输入数据）的资料。

于二零二五年三月三十一日

的公平值层级

34 FINANCIAL INSTRUMENTS (Continued)

34.3 Fair value measurements of financial

instruments

Some of the Group’s financial instruments are measured

at fair value for financial reporting purposes.

In estimating the fair value, the Group uses market-

observable data to the extent it is available. For

instruments with significant unobservable inputs under

Level 3, the Group engages third party qualified valuers

to perform the valuation.

(i) Fair value of the Group’s financial asets

that are measured at fair value on a

recuring basis

Some of the Group’s financial asets are measured

at fair value at the end of each reporting period.

The folowing table gives information about how

the fair values of these financial asets are

determined (in particular, the valuation technique(s)

and inputs used).

Fair value hierarchy as at 31 March 2025

31 March 2025二零二五年

三月三十一日

Financial asets at fair value

through profit or los

按公平值计入损益之

金融资产

— Listed equity securities in

Hong Kong

— 于香港上市之

股本证券

— Other fund investments— 其他基金投资

Equity securities designated at

fair value through other

comprehensive income

指定为按公平值计入

其他综合收入之

股本证券

— Unlisted equity securities— 非上市股本证券

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.3 金融工具的公平值计量（续）

(i) 本集团按经常性基准以公

平值计量的金融资产的公

平值（续）

第三级公平值计量所用估值技

术及输入数据：

单独使用的市盈率上升将导致

非上市股本投资的公平值计量

上升，反之亦然。倘市盈率上

升╱下降5%，而所有其他变

量保持不变，则非上市股本证

券之账面值将增加╱减少

127,000港元（二零二四年：

127,000港元）。

34 FINANCIAL INSTRUMENTS (Continued)

34.3 Fair value measurements of financial

instruments (Continued)

(i) Fair value of the Group’s financial asets

that are measured at fair value on a

recuring basis (Continued)

Valuation techniques and inputs used in Level 3 fair

value measurements:

Valuation

techniques

Significant

unobservable

inputsRange

估值技术

重大不可观察

输入数据范围

Equity securities designated at

fair value through other

comprehensive income:

unlisted equity securities

指定为按公平值计入

其他综合收入之

股本证券：非上市

股本证券

Market

aproach

Price-to-Earnings

(P/E) ratio

6.12

(2024: 11.10)

市场法市盈率6.12

（二零二四年：

11.10）

Equity securities designated at

fair value through other

comprehensive income:

unlisted equity securities

指定为按公平值计入

其他综合收入之

股本证券：非上市

股本证券

Income

Aproach

Discount rate12.9%

(2024: nil)

收入法贴现率12.9%

（二零二四年：

无）

Terminal

growth rate

1.15%

(2024: nil)

永久增长率1.15%

（二零二四年：

无）

An increase in the P/E ratio used in isolation would

result in a increase in the fair value measurement of

the unlisted equity investments, and vice versa. A

5% increase/decrease in the P/E ratio holding al

other variables constant would increase/decrease

the carying amount of unlisted equity securities by

HK$127,000 (2024: HK$127,000).

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

34 FINANCIAL INSTRUMENTS (Continued) 34 金融工具（续） 34.3 Fair value measurements of financial 34.3 金融工具的公平值计量（续） instruments (Continued) (i) Fair value of the Group’s financial assets (i) 本集团按经常性基准以公 that are measured at fair value on a 平值计量的金融资产的公 recurring basis (Continued) 平值（续） An increase in the discount rate used in isolation 单独使用的贴现率上升将导致 would result in a decrease in the fair value 非上市股本投资的公平值计量 measurement of the unlisted equity investments, 下降，反之亦然。倘贴现率上 and vice versa. A 1% increase/decrease in the 升╱下降1%，而所有其他变 discount rate holding all other variables constant 量保持不变，则非上市股本投 would decrease/increase the carrying amount of 资之账面值将分别减少╱增加 unlisted equity investments by HK$481,000 and 481,000港元及579,000港元 HK$579,000 respectively (2023: HK$205,000 and （二零二三年：分别为205,000 HK$229,000 respectively). 港元及229,000港元）。 An increase in terminal growth used in isolation 单独使用的永久增长率上升将 would result in a increase in the fair value 导致非上市股本投资的公平值 measurement of the unlisted equity investments, 计量上升，反之亦然。倘贴现 and vice versa. A 1% increase/decrease in the 率上升╱下降1%，而所有其 discount rate holding all other variables constant 他变量保持不变，则非上市股 would increase/decrease the carrying amount of 本投资之账面值将分别增 unlisted equity investments by HK$91,000 and 加 ╱ 减少91,000港元及 HK$84,000 respectively (2023: HK$205,000 and 84,000港元（二零二三年：分 HK$229,000 respectively). 别为205,000港元及229,000 港元）。 There were no transfers amongst Level 1, Level 2 于两个年度内，公平值等级中 and Level 3 in the fair value hierarchy during both 的第一级、第二级及第三级之 years. 间概无转移。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
4,354
2,970
(2,437)
4,887

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

34 金融工具（续）

34.3 金融工具的公平值计量（续）

(i) 本集团按经常性基准以公

平值计量的金融资产的公

平值（续）

第三级公平值计量之对账：

(i) 不按公平值计量的金融工

具

本集团的其他金融工具（包括

现金及现金等价物、已抵押银

行存款、代客户持有之银行结

余、应收贷款、应收账款、计

入按金、预付款项及其他应收

款项的金融资产、应付账款以

及计入其他应付款项及应计费

用的借贷及金融负债）的账面

值与其各自的公平值相若。

34 FINANCIAL INSTRUMENTS (Continued)

34.3 Fair value measurements of financial

instruments (Continued)

(i) Fair value of the Group’s financial asets

that are measured at fair value on a

recuring basis (Continued)

Reconciliation of Level 3 fair value measurements:

Year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

At 1 April于四月一日–

Aditions添置4,320

Fair value (los)/gain in other

comprehensive income

其他综合收入中的

公平值（亏损）╱收益34

At 31 March于三月三十一日4,354

(i) Financial instruments not measured at fair

value

The carying amounts of the Group’s other financial

instruments including cash and cash equivalents,

pledged bank deposits, bank balances held on

behalf of clients, loan receivables, acount

receivables, financial asets included in deposits,

prepayments and other receivables, acount

payables, borowings and financial liabilities

included in other payables and acrued expenses

aproximate their respective fair values.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

35 CAPITAL RISK MANAGEMENT 35 资金风险管理 The Group’s objectives when managing capital are to safeguard 本集团管理资本的目的是保障本集团能 the Group’s ability to continue as a going concern in order to 够继续以持续经营方式为股东提供回报 provide returns for shareholders and benefits for other 以及为其他权益持有人带来利益，并维持 stakeholders and to maintain an optimal capital structure to 最佳资本结构以降低资金成本。 reduce the cost of capital. The Group monitors capital on the basis of the gearing ratio. 本集团根据资本负债比率监控资本。如合 This ratio is calculated as net debt divided by total capital (the 并财务状况表所示，该比率乃按负债净额 sum of total equity and net debt), as shown in the consolidated 除以资本总额（即总权益与负债净额之和） statement of financial position. Net debt is calculated as total 计算。负债净额则按借贷总额减现金及现 borrowings less cash and cash equivalents and pledged bank 金等价物以及已抵押银行存款计算。 deposits. The Group’s strategy was to maintain a solid capital base to 本集团的策略是保持稳健的资本基础以 support the operations and development of its business in the 支持长远营运及业务发展。于二零二五年 long term. The gearing ratios as at 31 March 2025 and 2024 及二零二四年三月三十一日，资本负债比 were as follows: 率如下： As at 31 March 于三月三十一日 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Borrowings (Note 32) 借贷（附注32） 87,000 122,940 Less: Cash and cash equivalents (Note 25) 减：现金及现金等价物（附注25） and pledged bank deposits 及已抵押银行存款 (21,898) (82,712) Net debt 负债净额 65,102 40,228 Total equity 权益总额 198,134 279,239 Total capital 资本总额 263,236 319,467 Gearing ratio 资本负债比率 24.73% 12.59%

2025
二零二五年
HK$’000
千港元
87,000
(21,898)
65,102
198,134
263,236
24.73%

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
(72,121)
10,193
3,039
181
838
2,726
(531)
(1,775)
9,144
56,034
(1,054)
8,035
657
(1,684)
(1,093)
625
(105)
8,465
(22,112)
(953)
(193,058)
(3,662)
190,977
8,323
1,089

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

36 合并现金流量表附注

(a) 扣除所得税前（亏损）╱利润与

经营产生的现金对账如下：

36 NOTE TO THE CONSOLIDATED STATEMENT

OF CASH FLOWS

(a) Reconciliation of (los)/profit before

income tax to cash generated from

operations:

Year ended 31 March

截至三月三十一日止年度

二零二四年

HK$’000

千港元

(Los)/profit before income tax扣除所得税前（亏损）╱利润11,142

Adjustments for:已就下列项目作出调整：

Depreciation of property, plant and equipment

(Note 13)

物业、厂房及设备折旧

（附注13）11,066

Depreciation of right-of-use asets (Note 15)使用权资产折旧（附注15）3,986

Share of results from asociates应占联营公司业绩–

Amortisation of intangible asets (Note 16)无形资产摊销（附注16）840

Los/(gain) on disposal of property, plant and

equipment (Note 36(b)

出售物业、厂房及设备的

亏损╱（收益）（附注36(b)）(500)

Exchange gains, net (Note 8)汇兑收益，净额（附注8）(535)

Finance income (Note 8)财务收入（附注8）(410)

Finance costs (Note 9)财务成本（附注9）11,666

Los on change in fair value in transfer of

property, plant and equipment (Note 14)

转让物业、厂房及设备的公平

值变动亏损（附注14）–

Change in fair value of financial asets at fair

value through profit or los (Note 8)

按公平值计入损益之金融

资产的公平值变动（附注8）180

Impairment of godwil (Note 16)商誉减值（附注16）–

Impairment of other intangible asets (Note 16)其他无形资产减值（附注16）–

Impairment loses under expected credit los

model, net of reversal

预期信贷亏损模式项下的

减值亏损，扣除拨回

— Loan receivables (Note 7)— 应收贷款（附注7）(58,154)

— Cash client receivables (Note 7)— 应收现金客户款项

（附注7）4,011

— Trade receivables (Note 7)— 贸易应收账款（附注7）181

Gain on early termination of lease (Note 8)提早终止租赁之收益（附注8）–

Changes in working capital:营运资金变动：

— Inventories— 存货19,411

— Loan receivables— 应收贷款63,576

— Acount receivables— 应收账款(60,690)

— Bank balances held on behalf of clients— 代客户持有之银行结余(3,991)

— Deposits, prepayments and other

receivables

— 按金、预付款项及其他

应收款项38,194

— Acount payables— 应付账款3,744

— Other payables and acrued expenses— 其他应付款项及应计

费用(4,355)

Cash generated from operations经营产生的现金39,362

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

36 NOTE TO THE CONSOLIDATED STATEMENT 36 合并现金流量表附注（续） OF CASH FLOWS (Continued) (b) In the consolidated statement of cash (b) 于合并现金流量表内，出售物 flows, proceeds from disposal of property, 业、厂房及设备所得款项包括： plant and equipment comprise: Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Net book amount of property, plant 已出售物业、厂房及设备 and equipment disposed (Note 13) 的账面净值（附注13） 2,728 – (Loss)/gain on disposal of property, 出售物业、厂房及设备的 plant and equipment （亏损）╱收益 (2,726) 500 Proceeds from disposal of property, 出售物业、厂房及设备 plant and equipment 所得款项 2 500

2025
二零二五年
HK$’000
千港元
2,728
(2,726)
2

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

–	87,000	87,000
–	(122,940)	(122,940)
–	(8,910)	(8,910)
(3,053)	–	(3,053)
(234)	–	(234)
(3,439)	–	(3,439)
3,382	–	3,382
234	8,910	9,144
6,606	87,000	93,606

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

36 合并现金流量表附注（续）

下：

36 NOTE TO THE CONSOLIDATED STATEMENT

OF CASH FLOWS (Continued)

financing activities is as folows:

Lease

liabilitiesBorowingsTotal

租赁负债借贷总计

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11,520173,052184,572

Drawdown of borowings提取借贷–125,885125,885

Repayments of borowings偿还借贷–(175,477)(175,477)

Interest paid已付利息–(11,902)(11,902)

Repayment of principal portion of

lease liabilities

偿还租赁负债之本金

部分(3,669)–(3,669)

Repayment of interest portion of

lease liabilities

偿还租赁负债之利息

部分(284)–(284)

Other changes其他变动

New lease entered订立新租约1,865–1,865

Interest expenses (Note 9)利息支出（附注9）28411,38211,666

At 31 March 2024于二零二四年

三月三十一日9,716122,940132,656

Drawdown of borowings提取借贷

Repayments of borowings偿还借贷

Interest paid已付利息

Repayment of principal portion of

lease liabilities

偿还租赁负债之本金

部分

Repayment of interest portion of

lease liabilities

偿还租赁负债之利息

部分

Other changes其他变动

Early termination of lease提早终止租赁

New lease entered订立新租约

Interest expenses (Note 9)利息支出（附注9）

At 31 March 2025于二零二五年

三月三十一日

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

37 COMMITMENTS 37 承担 (a) Capital commitments (a) 资本承担 The Group did not have any capital commitments for the 截至二零二四年及二零二三年三月 year ended 31 March 2024 and 2023. 三十一日止年度，本集团并无任何资本承担。 (b) Operating lease arrangement — where (b) 经营租赁安排 — 本集团作为出 the Group as a lessor 租人 The Group has contracted with tenants for the following 本集团已就以下未来最低租赁应收 future minimum lease receivables: 款项与租户订立合约： Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Properties 物业 Within one year 一年内 45 – Leases for properties are negotiated for 1 year (2023:nil). 物业租赁协定为一年租期（二零二三年：无）。 38 BUSINESS COMBINATION 38 业务合并 On 21 March 2025, Excel Goal Limited, an indirectly wholly- 于二零二五年三月二十一日，本公司之间 owned subsidiary of the Company, completed the acquisition 接全资附属公司连创有限公司根据日期 of 100% equity interest in Ocean Fresh from an independent 为二零二五年三月二十一日之买卖协议， third party pursuant to a sales and purchase agreement dated 完成向一名独立第三方收购食上鲜品之 21 March 2025 at a consideration of HK$7,078,000, to be 100%股权，代价为7,078,000港元，有 satisfied by cash. Ocean Fresh is principally engaged in trading 关代价将以现金支付。食上鲜品分别主要 of food products and provision of processing and preserving of 于香港从事食品贸易及提供鱼类的加工 fish in Hong Kong respectively. 及腌制。 In accordance with HKFRS 3, “Business Combinations”, the 根据香港财务报告准则第3号「业务合 Group is required to recognise the identifiable assets, liabilities 并」，本集团须按于收购日期的公平值确 and contingent liabilities that satisfy the recognition criteria at 认被收购方符合确认准则的可识别资产、 their fair value at the acquisition date. Accordingly, the Group 负债及或然负债。因此，本集团已经进行 has undertaken a purchase price allocation allocating the 购买价分配，将购买代价分配至收购日期 purchase consideration to the identifiable assets and liabilities 所收购的可识别收购资产和负债。进行分 acquired at the acquisition date. Significant accounting 配时涉及重大会计估计。 estimates have been involved when performing the allocation.

2025
二零二五年
HK$’000
千港元
45

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

38 业务合并（续）

食上鲜品于收购日期的可识别资产及负

债公平值如下：

上表中确认的14,475,000港元商誉包括

配套员工，并未单独确认。因本集团不能

完全控制配套员工产生的预期未来经济

利益，其不符合香港会计准则第38号「无

形资产」项下确认无形资产的条件。概无

已确认商誉预期可就所得税扣减。

合并收益表所包括自收购日起由食上鲜

品贡献的收入为2,184,000港元。截至二

零二五年三月三十一日止年度，所收购业

务亦自收购日起贡献经营溢利80,000港

元。

38 BUSINES COMBINATION (Continued)

The fair values of the identifiable asets and liabilities of Ocean

Fresh as at the date of acquisition were as folows:

HK$’000

千港元

Purchase consideration收购代价7,078

Recognised amounts of identifiable asets acquired

and liabilities asumed at fair value

已收购可识别资产及已承担负债的

已确认金额 — 按公平值

Other financial asets其他金融资产–

Customer relationship (Note 16)客户关系（附注16）6,742

Cash and cash equivalents现金及现金等价物1,081

Inventories存货3,565

Deposits, prepayments and other receivables按金、预付款项及其他应收款项84

Acount receivables应收账款785

Acount payables应付账款(18,541)

Defered tax liabilities递延税项负债(1,113)

Total identifiable net liabilities可识别净负债总额(7,397)

Godwil (Note 16)商誉（附注16）14,475

Net cash outflow arising on acquisition收购产生之现金流出净额

Cash consideration paid已付现金代价(7,078)

Les: Cash and cash equivalents acquired减：收购的现金及现金等价物1,081

(5,997)

Included in the godwil of HK$14,475,000 recognised above

is an asembled workforce, which is not recognised separately.

Because the Group would not have suficient control over the

expected future economic benefits arising from the asembled

workforce, it does not met the criteria for recognition as an

intangible aset under HKAS 38, “Intangible Asets”. None of

the godwil recognised is expected to be deductible for

income tax purposes.

Revenue included in the consolidated income statement since

acquisition date contributed by Ocean Fresh were

HK$2,184,000. This acquired busines contributed operating

profit of HK$80,000 for the year ended 31 March 2025 from

the acquisition date.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

38 BUSINESS COMBINATION (Continued) 38 业务合并（续） Had the combination taken place at the beginning of the 倘合并已于截至二零二五年三月三十一 financial year ended 31 March 2025, the revenue from 日止财政年度年初进行，则截至二零二五 continuing operations of the Group and the loss of the Group 年三月三十一日止年度本集团持续经营 for the year ended 31 March 2025 would have been 收入及本集团亏损将分别为333,645,000 HK$333,645,000 and HK$70,932,000 respectively. 港元及70,932,000港元。 39 TRANSACTIONS WITH NON-CONTROLLING 39 与非控股权益的交易 INTERESTS During the year ended 31 March 2024, the Group entered into 截至二零二四年三月三十一日止年度，本 the capital injection agreement with independent third parties 集团与独立第三方订立注资协议，据此， pursuant to which the independent third parties agreed to 独立第三方同意向Aspire Well Limited注 contribute a total of USD49,000 (equivalent to approximately 资合共49,000美元（相当于约382,000港 HK$382,000) into Aspire Well Limited which resulted in passive 元），导致Aspire Well Limited之股权出现 dilution of equity interests in Aspire Well Limited. The 被动摊薄。该项交易已于二零二四年一月 transaction was completed on 31 January 2024 (“Deemed 三十一日（「视作部分出售完成日期」）完 Partial Disposal Completion Date”). Accordingly, the 成。因此，本集团于Aspire Well Limited Group’s effective equity interest in Aspire Well Limited reduced 之实际股权由100%减少至51%，但并 from 100% to 51% without loss of control in Aspire Well 未失去对Aspire Well Limited之控制权， Limited, and the excess of capital injection recognised of 而已确认之超额注资约7,339,000港元已 approximately HK$7,339,000 was credited to capital reserve. 计入资本储备。 As at the Deemed Partial Disposal Completion Date, the 于视作部分出售完成日期，对本公司拥有 financial effect on the equity attributable to the owners of the 人应占权益之财务影响概述如下： Company is summarized as follows: 2024 二零二四年 HK$’000 千港元 Capital contribution by non-controlling interests 非控股权益出资 382 Carrying amount of equity interests obtained by 非控股权益取得的股权账面价值 non-controlling interests 6,957 Excess of capital injection recognised in 于权益内之非控股权益确认之 non-controlling interests within equity 超额注资 7,339

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
(6,671)
(661)
(7,332)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

39 与非控股权益的交易（续）

截至二零二五年三月三十一日止年度，本

集团与上述独立第三方订立协议，据此，

本集团购买Aspire Wel Limited之股权，

总代价为661,000港元。交易已于二零

二四年十二月五日完成（「视作部分收购

完成日期」）。因此，本集团于Aspire Wel

Limited之实际股权由51%增加至

100%，而已付代价超出已终止确认非控

股权益约7,332,000港元已计入资本储备。

于视作部分收购完成日期，对本公司拥有

人应占权益之财务影响概述如下：

40 重大关联方交易

(a) 与其他关联方进行之交易

除附注40(c)所披露者外，截至二零

二五年及二零二四年三月三十一日

止年度，本集团并无与关联方进行

任何重大交易。

(b) 与关联方的未清结余

于二零二五年及二零二四年三月

三十一日，概无与关联方的重大未

清结余。

39 TRANSACTIONS WITH NON-CONTROLING

INTERESTS (Continued)

During the year ended 31 March 2025, the Group entered into

an agrement with the aforementioned independent third

parties in which the Group purchased the equity interests in

Aspire Wel Limited with consideration amounted to a total of

HK$661,000. The transaction was completed on 5 December

2024 (“Demed Partial Acquisition Completion Date”).

Acordingly, the Group’s efective equity interest in Aspire Wel

Limited increased from 51% to 100%, and the exces of capital

consideration and non-controling interests derecognised of

aproximately HK$7,332,000 was debited to capital reserve.

As at the Demed Partial Acquisition Completion Date, the

financial efect on the equity atributable to the owners of the

Company is sumarized as folows:

Carying amount of non-controling interests

acquired

已收购非控股权益之账面值

Consideration paid to non-controling interests已付非控股权益之代价

Exces of consideration paid recognised within equity于权益内确认之已付代价超出部分

40 MATERIAL RELATED PARTY TRANSACTIONS

(a) Transactions with other related parties

Save as disclosed in Note 40(c), during the years ended

31 March 2025 and 2024, no material transactions were

undertaken by the Group with related parties.

(b) Outstanding balances with related parties

As at 31 March 2025 and 2024, there were no material

outstanding balances with related parties.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

40 MATERIAL RELATED PARTY TRANSACTIONS 40 重大关联方交易（续） (Continued) (c) Compensation of key management (c) 本集团主要管理人员的薪酬 personnel of the Group Year ended 31 March 截至三月三十一日止年度 2025 2024 二零二五年二零二四年 HK$’000 HK$’000 千港元千港元 Short term employee benefits 短期雇员福利 3,913 3,020 Discretionary bonus 酌情花红 60 1,016 Post-employment benefits 退休福利 48 37 4,021 4,073 Further details of directors’ and the chief executive’s 董事及主要行政人员酬金的更多详 emoluments are included in Note 42. 情载于附注42。

2025
二零二五年
HK$’000
千港元
3,913
60
48
4,021

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

2025
二零二五年
HK$’000
千港元
95,214
1,470
96,684
321,792
890
3,555
604
326,841
423,525
7,742
175,946
183,688
2,634
210,203
27,000
239,837
239,837
423,525
87,004
183,688

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

41 本公司之财务状况表及储备

变动

本公司之财务状况表已于二零二五年六

月三十日获董事会批准，并由以下董事代

表签署：

41 STATEMENT OF FINANCIAL POSITION AND

RESERVES MOVEMENT OF THE COMPANY

As at 31 March

于三月三十一日

二零二四年

HK$’000

千港元

ASETS资产

Non-curent asets非流动资产

Interests in subsidiaries于附属公司的权益95,214

Deposits, prepayments and other receivables按金、预付款项及其他应收款项1,470

96,684

Curent asets流动资产

Amounts due from subsidiaries应收附属公司款项82,153

Other financial asets其他金融资产–

Deposits, prepayments and other receivables按金、预付款项及其他应收款项645

Cash and cash equivalents现金及现金等价物12,622

95,420

Total asets资产总额192,104

EQUITY权益

Capital and reserves atributable to equity

holders of the Company

本公司股权持有人应占资本及

储备

Share capital股本7,892

Reserves (Note a)储备（附注a）182,292

Total equity权益总额190,184

LIABILITIES负债

Curent liabilities流动负债

Other payables and acrued expenses其他应付款项及应计费用1,920

Amount due to subsidiaries应付附属公司款项–

Borowing借贷–

1,920

Total liabilities负债总额1,920

Total equity and liabilities权益及负债总额192,104

Net curent asets流动资产净值93,500

Total asets les curent liabilities资产总额减流动负债190,184

The statement of financial position of the Company was

aproved by the Board of Directors on 30 June 2025 and was

signed on its behalf by:

Chan Wing SumCheung Lit Wan Keneth

陈永森张烈云

DirectorDirector

董事董事

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

41 STATEMENT OF FINANCIAL POSITION AND 41 本公司之财务状况表及储备变 RESERVES MOVEMENT OF THE COMPANY 动（续） (Continued) (a) Reserves movement of the Company: (a) 本公司储备变动： Shares held for share Share Contributed award Accumulated premium surplus scheme losses Total 为股份奖励股份溢价实缴盈余计划持有股份累计亏损总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元 (Note) （附注） For the year ended 31 March 截至二零二五年 2025 三月三十一日止年度 Balance at 1 April 2024 于二零二四年四月一日的结余 593,103 95,114 (21,554) (484,371) 182,292 Loss for the year 年度亏损 – – – (2,491) (2,491) Total comprehensive expense 综合支出总额 – – – (2,491) (2,491) Cancellation of treasury shares 注销库存股份 (3,855) – – – (3,855) Balance at 31 March 2025 于二零二五年三月三十一日的结余 589,248 95,114 (21,554) (486,862) 175,946

Share premium	Contributed surplus	Shares held for share award scheme	Accumulated losses	Total
股份溢价	实缴盈余	为股份奖励计划持有股份	累计亏损	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元
	(Note)
	（附注）
593,103	95,114	(21,554)	(484,371)	182,292
–	–	–	(2,491)	(2,491)
–	–	–	(2,491)	(2,491)
(3,855)	–	–	–	(3,855)
589,248	95,114	(21,554)	(486,862)	175,946

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

41 本公司之财务状况表及储备变

动（续）

(a) 本公司储备变动：（续）

附注：实缴盈余指已发行本公司股份面值超

出根据集团重组所收购附属公司资产

净值总额的差额。

41 STATEMENT OF FINANCIAL POSITION AND

RESERVES MOVEMENT OF THE COMPANY

(Continued)

(a) Reserves movement of the Company:

(Continued)

premium

Contributed

surplus

Shares held

for share

award

scheme

Acumulated

losesTotal

股份溢价实缴盈余

为股份奖励

计划持有股份累计亏损总计

HK$’000HK$’000HK$’000HK$’000HK$’000

千港元千港元千港元千港元千港元

(Note)

（附注）

For the year ended 31 March

截至二零二四年

三月三十一日止年度

Balance at 1 April 2023于二零二三年

四月一日的结余515,67595,114(21,630)(478,169)110,990

Los for the year年度亏损–(6,202)(6,202)

Total comprehensive expense综合支出总额–(6,202)(6,202)

Isuance of shares upon placement配售时发行股份24,639–24,639

Isuance of shares upon rights isue供股时发行股份54,194–76–54,270

Transaction costs atributable to

shares isued upon rights isue

供股时发行股份应占

交易成本(1,405)–(1,405)

Balance at 31 March 2024于二零二四年

三月三十一日的结余593,10395,114(21,554)(484,371)182,292

Note: Contributed surplus represents the diference betwen the exces

of the nominal value of the Company shares isued and the

agregate net aset value of the subsidiaries acquired pursuant to

the group reorganisation.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

42 BENEFITS AND INTERESTS OF DIRECTORS 42 董事利益及权益 (a) Directors’ emoluments (a) 董事薪酬 The remuneration of the directors for the year ended 31 于截至二零二五年三月三十一日止 March 2025 is set out below: 年度，董事的酬金载列如下： Executive directors 执行董事 Mr Cheung Ms Kwok Lit Wan Mr Qu Ling Yee Kenneth Hongqing Mr Chan Pearl Elizabeth Ms Luo Ying (Note (i)) (Note (ii)) Wing Sum (Note (iii)) (Note (iv)) Total 张烈云先生瞿洪清先生郭凌而女士罗颖女士（附注(i)）（附注(ii)）陈永森先生（附注(iii)）（附注(iv)）总计 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 千港元千港元千港元千港元千港元千港元 Fee 袍金 2,220 – 990 13 690 3,913 Salaries and other benefits in kind 薪金及其他实物福利 – – – – – – Discretionary bonus 酌情花红 – – – – 60 60 Employer’s contribution to a retirement 雇主对退休福利计划 benefit scheme 的供款 14 – 18 – 16 48 Total emoluments 薪酬总额 2,234 – 1,008 13 766 4,021

Executive directors
执行董事
Mr Cheung Lit Wan Kenneth (Note (i))	Mr Qu Hongqing (Note (ii))	Mr Chan Wing Sum	Ms Kwok Ling Yee Pearl Elizabeth (Note (iii))	Ms Luo Ying (Note (iv))	Total
张烈云先生（附注(i)）	瞿洪清先生（附注(ii)）	陈永森先生	郭凌而女士（附注(iii)）	罗颖女士（附注(iv)）	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元
2,220	–	990	13	690	3,913
–	–	–	–	–	–
–	–	–	–	60	60
14	–	18	–	16	48
2,234	–	1,008	13	766	4,021

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

Independent non-executive directors
独立非执行董事
Mr Loo Hong Shing, Vincent	Mr Zhu Shouzhong (Note (v))	Mr Li Huaqiang (Note (vi))	Mr Leung Wai Kwan (Note (vii))	Mr Lee Ka Leung Daniel (Note (viii))	Mr Mao Shuguang (Note (ix))	Total
卢康成先生	朱守中先生（附注(v)）	李华强先生（附注(vi)）	梁炜堃先生（附注(vii)）	李家梁先生（附注(viii)）	毛曙光先生（附注(ix)）	总计
HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000	HK$’000
千港元	千港元	千港元	千港元	千港元	千港元	千港元
161	81	81	84	27	57	491
–	–	–	–	–	–	–
–	–	–	–	–	–	–
8	–	–	–	–	–	8
169	81	81	84	27	57	499

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

42 董事利益及权益（续）

(a) 董事薪酬（续）

于截至二零二五年三月三十一日止

年度，董事的酬金载列如下：（续）

42 BENEFITS AND INTERESTS OF DIRECTORS

(Continued)

(a) Directors’ emoluments (Continued)

The remuneration of the directors for the year ended 31

March 2025 is set out below: (Continued)

Fe袍金

Salaries and other benefits in kind薪金及其他实物福利

Discretionary bonus酌情花红

Employer’s contribution to a retirement

benefit scheme

雇主对退休福利计划

的供款

Total emoluments薪酬总额

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

42 BENEFITS AND INTERESTS OF DIRECTORS 42 董事利益及权益（续） (Continued) (a) Directors’ emoluments (Continued) (a) 董事薪酬（续） The remuneration of the directors for the year ended 31 于截至二零二四年三月三十一日止 March 2024 is set out below: 年度，董事的酬金载列如下： Executive directors 执行董事 Ms Kwok Mr Qu Ling Yee Hongqing Mr Chan Pearl Elizabeth (Note (ii)) Wing Sum (Note (iii)) Total 瞿洪清先生郭凌而女士（附注(ii)）陈永森先生（附注(iii)）总计 Fee 袍金 – 320 380 700 Salaries and other benefits in kind 薪金及其他实物福利 – – – – Discretionary bonus 酌情花红 454 – – 454 Employer’s contribution to a 雇主对退休福利计划 retirement benefit scheme 的供款 – 11 – 11 Total emoluments 薪酬总额 454 331 380 1,165

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

42 董事利益及权益（续）

(a) 董事薪酬（续）

于截至二零二四年三月三十一日止

年度，董事的酬金载列如下：（续）

42 BENEFITS AND INTERESTS OF DIRECTORS

(Continued)

(a) Directors’ emoluments (Continued)

The remuneration of the directors for the year ended 31

March 2024 is set out below: (Continued)

Independent non-executive directors

独立非执行董事

Mr Lo

Hong Shing,

Vincent

Mr Zhu

Shouzhong

(Note (v)

Mr Li

Huaqiang

(Note (vi)Total

卢康成先生

朱守中先生

（附注(v)）

李华强先生

（附注(vi)）总计

Fe袍金161161161483

Salaries and other benefits in kind薪金及其他实物福利–

Discretionary bonus酌情花红–

Employer’s contribution to a

retirement benefit scheme

雇主对退休福利计划

的供款8–8

Total emoluments薪酬总额169161161491

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

42 BENEFITS AND INTERESTS OF DIRECTORS 42 董事利益及权益（续） (Continued) (a) Directors’ emoluments (Continued) (a) 董事薪酬（续） Notes: 附注： (i) Mr Cheung Lit Wan Kenneth was appointed as the chairman and (i) 张烈云先生获委任为本公司主席兼执 an executive director of the Company with effect from 2 July 行董事，自二零二四年七月二日起生 2024. 效。 (ii) Mr Qu Hongqing has resigned as an executive director of the (ii) 瞿洪清先生已辞任本公司执行董事， Company with effect from 31 March 2025. 自二零二五年三月三十一日起生效。 (iii) Ms Kwok Ling Yee Pearl Elizabeth has resigned as an executive (iii) 郭凌而女士已辞任本公司执行董事， director of the Company with effect from 5 April 2024. 自二零二四年四月五日起生效。 (iv) Ms Luo Ying was appointed as an executive director of the (iv) 罗颖女士已获委任为本公司执行董事， Company with effect from 5 April 2024. 自二零二四年四月五日起生效。 (v) Mr Zhu Shouzhong has retired as an independent non-executive (v) 朱守中先生已退任本公司独立非执行 director of the Company with effect from 24 September 2024. 董事，自二零二四年九月二十四日起生效。 (vi) Mr Li Huaqiang has retired as an independent non-executive (vi) 李华强先生已退任本公司独立非执行 director of the Company with effect from 24 September 2024. 董事，自二零二四年九月二十四日起生效。 (vii) Mr Leung Wai Kwan was appointed as an independent non- (vii) 梁炜堃先生已获委任为本公司独立非 executive director of the Company with effect from 24 September 执行董事，自二零二四年九月二十四 2024. 日起生效。 (viii) Mr Lee Ka Leung Daniel was appointed as an independent non- (viii) 李家梁先生已获委任为本公司独立非 executive director of the Company with effect from 1 February 执行董事，自二零二五年二月一日起 2025. 生效。 (ix) Mr Mao Shuguang was appointed as an independent non- (ix) 毛曙光先生已获委任为本公司独立非 executive director of the Company with effect from 24 September 执行董事，自二零二四年九月二十四 2024, and then he has resigned as an independent non-executive 日起生效，其后已辞任本公司独立非 director of the Company with effect from 1 February 2025. 执行董事，自二零二五年二月一日起生效。 During the years ended 31 March 2025 and 2024, no 截至二零二五年及二零二四年三月 director waived any emoluments. 三十一日止年度，概无董事放弃任何酬金。 (b) Directors’ retirement benefits (b) 董事之退休福利 None of the directors received or will receive any 概无董事于截至二零二五年及二零 retirement benefits during the years ended 31 March 二四年三月三十一日止年度收取或 2025 and 2024. 将收取任何退休福利。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

42 董事利益及权益（续）

概无董事于截至二零二五年及二零

二四年三月三十一日止年度收取或

将收取任何离职福利。

(d) 就获提供董事服务向第三方支

付的代价

截至二零二五年及二零二四年三月

三十一日止年度，本公司概无就获

提供董事服务向第三方支付代价。

(e) 有关向董事、该等董事之受控

制法团及关连实体提供贷款、

实际贷款及其他交易的资料

截至二零二五年及二零二四年三月

三十一日止年度，概无向董事、该

等董事之受控制法团及关连实体提

供贷款、实际贷款及其他交易安排。

(f) 董事于交易、安排或合约之重

大权益

于二零二五年及二零二四年三月

三十一日结束时或截至二零二五年

及二零二四年三月三十一日止年度

内任何时间，概无与本集团业务有

关而本公司为订约方及本公司董事

于其中拥有重大权益（不论直接或

间接）之重大交易、安排及合约。

于两个年度内，本集团并无向本公

司董事支付酬金，作为加入或加入

本集团时的奖励或作为离职补偿。

本公司董事概无于两个年度放弃任

何酬金。

42 BENEFITS AND INTERESTS OF DIRECTORS

(Continued)

None of the directors received or wil receive any

termination benefits during the years ended 31 March

2025 and 2024.

(d) Consideration provided to third parties for

making available directors’ services

During the years ended 31 March 2025 and 2024, no

consideration was paid by the Company to third parties

for making available directors’ services.

(e) Information about loans, quasi-loans and

other dealings in favour of directors,

controled bodies corporate by and

conected entities with such directors

During the years ended 31 March 2025 and 2024, there

are no loans, quasi-loans and other dealing arangements

in favour of directors, controled bodies corporate by and

conected entities with such directors.

(f) Directors’ material interests in

transactions, arangements or contracts

No significant transactions, arangements and contracts

in relation to the Group’s busines to which the Company

was a party and in which a director of the Company has

a material interest, whether directly or indirectly,

subsisted at the end of 31 March 2025 and 2024 or at

any time during the years ended 31 March 2025 and

2024.

During both years, no remuneration was paid by the

Group to the directors of the Company as an inducement

to join or upon joining the Group or as compensation for

los of ofice. None of the directors of the Company has

waived any remuneration during both years.

	Annual Report 年报 2025		Hunlicar Group Limited 亨利加集团有限公司

43 NON-ADJUSTING EVENTS AFTER THE 43 报告期后的非调整事项 REPORTING PERIOD Partial Offer in April 2025 于二零二五年四月的部分要约 On 20 January 2025, Talent Virtue International Limited (才德于二零二五年一月二十日，才德国际有限国际有限公司) (the “Offeror”) and the Company jointly 公司（「要约人」）及本公司联合宣布，要 announce that the Offeror intended to make a preconditional 约人拟作出附先决条件的自愿现金部分 voluntary cash partial offer to acquire a maximum of 要约，按每股要约股份4.50港元的要约 19,439,034 shares in the issued share capital of the Company 价（「要约价」），向合资格股东收购本公 from qualifying shareholders (the “Partial Offer”) at an offer 司已发行股本中最多19,439,034股股份 price of HK$4.50 (the “Offer Price”) per offer share. （「部分要约」）。 The Partial Offer closed on 7 April 2025. As at the date of joint 部分要约于二零二五年四月七日截止。于 announcement, the Offeror has received: (i) valid approval of 联合公告日期，要约人已接获：(i)合共 the Partial Offer in respect of a total of 28,118,499 Shares, 28,118,499股股份的部分要约的有效批 representing approximately 51.80% of the Shares not held by 准，相当于要约人及其一致行动人士未持 the Offeror and parties acting in concert with it. (ii) valid 有股份约51.80%。(ii)合共21,527,700股 acceptances in respect of a total of 21,527,700 Offer Shares, 发售股份（占于本联合公告日期已发行股 representing approximately 27.81% of the Shares in issue as at 份约27.81%）之有效接纳。 the date of this joint announcement. For details of the Partial Offer, please refer to the joint 有关部分要约的详情，请参阅要约人与本 announcement dated 20 February 2025 jointly issued by the 公司联合刊发日期为二零二五年二月二十 Offeror and the Company; the composite document dated 12 日的联合公告；要约人与本公司联合刊发 March 2025 jointly issued by the Offeror and the Company; 日期为二零二五年三月十二日的综合文 the joint announcement dated 24 March 2025 jointly issued by 件；要约人与本公司联合刊发日期为二零 the Offeror and the Company; and the joint announcement 二五年三月二十四日的联合公告；及要约 dated 25 March 2025 jointly issued by the Offeror and the 人与本公司联合刊发日期为二零二五年 Company. 三月二十五日的联合公告。

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

	Hunlicar Group Limited 亨利加集团有限公司		Annual Report 年报 2025

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

合并财务报表附注

43 报告期后的非调整事项（续）

收购维港财富管理有限公司

于二零二五年三月三十一日后，本集团完

成收购维港财富管理有限公司的82%权

益。该收购采用收购法入账列作收购业

务。该交易已于二零二五年五月三十日完

成，收购成本1,400,000港元已根据股份

转让协议于完成日期以其内部资源支付。

该收购的详情载于本集团日期为二零二五

年五月三十日的通函。本公司认为，维港

财富管理有限公司正在进行的业务具有

巨大发展潜力，可为本集团提供新的收入

来源。董事相信，该收购将为本集团于香

港扩展其金融服务业务提供机会，并认为

股份转让协议的条款属公平合理及按一

般商业条款订立，因此订立股份转让协议

符合本集团及股东的整体利益。

43 NON-ADJUSTING EVENTS AFTER THE

REPORTING PERIOD (Continued)

Acquisition of Victoria Wealth Management

Limited

Subsequent to 31 March 2025, the Group completed the

acquisition of 82% of Victoria Wealth Management Limited.

The acquisition has ben acounted for as acquisition of

busines using the acquisition method. The transaction was

completed on 30 May 2025 and the acquisition cost of

HK$1,400,000 was satisfied from its internal resources under

the Share Transfer Agrement on the date of the Completion.

Details of the acquisition are set out in the Group’s circular

dated 30 May 2025. The Company is of the view that the

busines being conducted by Victoria Wealth Management

Limited has great development potential and could provide a

new source of income for the Group. The Directors believe that

the acquisition wil provide an oportunity for the Group to

expand its financial services busines in Hong Kong and are of

the view that the terms of the Share Transfer Agrement are

fair and reasonable and are on normal comercial terms and

the entering into of the Share Transfer Agrement is in the

interest of the Group and the shareholders as a whole.

	HUNLICAR GROUP LIMITED 亨利加集团有限公司 ANNUAL REPORT 2025 年报	(Incorporated in the Cayman Islands with limited liability) （于开曼群岛注册成立的有限公司） (Stock code 股份代号: 3638) ANNUAL REPORT 年报 2025

ANUAL

REPORT

年报

CONTENTS

目 录

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

CORPORATE INFORMATION

公司资料

FINANCIAL SUMARY

财务概要

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

CHAIRMAN’S STATEMENT

主席报告

8036.HK, the Group proudly marks 20 years of foundational

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层的履历详情

2023. He serves as a director of multiple subsidiaries of the Company.

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层的履历详情

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层的履历详情

BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT

董事及高级管理层的履历详情

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

2024. Rising interest rates curtailed the borowing intentions of both

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

1.Borower A

2.Borower B17 April 201940,0008%1An investment holding company,

3.Borower C

4.Borower D

5.Borower E

6.Borower F

7.Borower G22 April 2024 and

MANAGEMENT DISCUSION AND ANALYSIS

管理层讨论及分析

8.Borower H27 May 2024 and

9.Borower I19 August 2024–12%0.5The borower is an investment

10.Borower J

11.Borower K27 February 2025

MANAGEMENT DISCUSION AND ANALYSIS

目录